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)
103 Bellevue Parkway
Wilmington, DE 19809
(Address of principal executive offices) (Zip code)
Nicola R. Knight, Esq.
Bessemer Investment Management LLC
1271 Ave. of Americas
New York, NY 10020
(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: October 31, 2024
Item 1. Reports to Stockholders.
| (a) | The Report to Shareholders is attached herewith. |
Old Westbury All Cap Core Fund (OWACX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury All Cap Core Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury All Cap Core Fund | $112 | 0.95% |
What drove Fund performance during the past 12 months?
Global equities overall enjoyed strong performance during the reporting period, bolstered by a resilient economic backdrop along with heightened enthusiasm for advances in information technology and healthcare.
The U.S. continued to lead global markets due primarily to its significant exposure to several large companies with strong fundamentals and earnings growth, such as NVIDIA, Microsoft, and Apple.
International markets modestly underperformed global markets, driven by relatively slower economic growth in Europe and Asia.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, a blended index (90% MSCI USA Index & 10% MSCI ACWI ex USA Index (Net)). The Fund’s overweight to the U.S. helped performance during the reporting period.
Stock selection also proved beneficial.
Within the consumer discretionary sector, Fund holdings Mercardo Libre, Hilton Worldwide, and Amazon were all strong performers. Having no exposure to large-benchmark-weight Tesla, which underperformed during the reporting period, also helped the Fund. Within consumer staples, Fund holdings Walmart, U.S. Foods, and Costco all outperformed, benefiting from consumer trends in their industries, also contributing to performance of the Fund. Within information technology, overweight positions in NVIDIA and Motorola Solutions made positive contributions to performance.
What detracted from performance?
The largest detractor from performance was the Fund holding cash in an up market. Stock selection also played a role. Within the energy sector, Fund holding SLB (formerly Schlumberger) underperformed during the reporting period while large-benchmark-weight Exxon Mobil, which the Fund did not own, proved an outperformer for the sector. Within healthcare, Fund holdings United Health Group and IQVIA lagged, while Eli Lilly, which was not owned by the Fund, saw strong performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury All Cap Core Fund | MSCI ACWI Investable Market Index (Net) | 90% MSCI USA Index & 10% MSCI ACWI ex USA Index (Net) |
|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $9,830 | $10,010 | $10,410 |
2016 | $9,901 | $10,244 | $10,819 |
2017 | $12,061 | $12,653 | $13,368 |
2018 | $12,736 | $12,533 | $14,118 |
2019 | $14,728 | $14,038 | $16,102 |
2020 | $17,279 | $14,644 | $17,729 |
2021 | $24,150 | $20,236 | $25,168 |
2022 | $18,996 | $16,145 | $20,810 |
2023 | $21,022 | $17,667 | $22,959 |
2024 | $28,453 | $23,379 | $31,446 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | 5 Years | 10 Years |
|---|
Old Westbury All Cap Core Fund | 35.35% | 14.08% | 11.02% |
MSCI ACWI Investable Market Index (Net) | 32.33% | 10.74% | 8.86% |
90% MSCI USA Index & 10% MSCI ACWI ex USA Index (Net) | 36.96% | 14.32% | 12.14% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the MSCI ACWI Investable Market Index (Net) and a blended index (90% MSCI USA Index & 10% MSCI ACWI ex USA Index (Net)) over the past 10 fiscal years. Indexes are gross of withholding taxes unless otherwise noted as (Net) of withholding taxes. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. The Fund's total return figures reflect the reinvestment of distributions, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower. Prior to December 30, 2016, the Fund was named the Old Westbury Large Cap Core Fund and operated under a different investment strategy. The performance information shown above before such date represents the Fund's prior investment strategies.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$3,532,016,610
- # of Portfolio Holdings97
- Portfolio Turnover Rate41%
- Total Advisory Fees Paid (Net of Waivers)$22,590,266
What did the Fund invest in?
Sector Weightings (as a % of Net Assets) as of 10/31/2024
Information Technology | 26.6% |
Industrials | 11.9% |
Financial Services | 11.6% |
Consumer Discretionary | 10.4% |
Health Care | 9.4% |
Communication Services | 8.7% |
Consumer Staples | 4.9% |
Banks | 3.8% |
Other Sectors | 7.3% |
Other Assets and Liabilities | 5.4% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
NVIDIA Corp. | 5.2% |
Microsoft Corp. | 5.1% |
Apple, Inc. | 4.5% |
Alphabet, Inc. | 4.0% |
Amazon.com, Inc. | 3.5% |
Visa, Inc. | 3.0% |
Meta Platforms, Inc. | 2.9% |
UnitedHealth Group, Inc. | 2.7% |
JPMorgan Chase & Co. | 2.0% |
Intercontinental Exchange, Inc. | 1.9% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2025 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.
Effective November 1, 2023, Bessemer Investment Management LLC, the Fund's investment adviser, has contractually committed through October 31, 2026 to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and Acquired Fund Fees and Expenses (if any), at 0.95%.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury All Cap Core Fund
Annual Shareholder Report
October 31, 2024
Old Westbury California Municipal Bond Fund (OWCAX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury California Municipal Bond Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury California Municipal Bond Fund | $59 | 0.57% |
What drove Fund performance during the past 12 months?
Throughout the reporting period, U.S. fixed income market performance was driven by an evolution in U.S. Federal Reserve policy from interest rate increases to interest rate cuts, heightened investor demand for bonds amid economic uncertainty, and market volatility influenced by fluctuating economic indicators and the presidential election.
In the municipal bond market, supply and demand garnered much of investors’ focus. Supply surprised significantly to the upside after two years of paltry issuance as issuers looked to front-run election-related volatility, while demand surged as investors looked to capitalize upon particularly attractive tax-exempt yields.
California credits in particular experienced very strong demand throughout the reporting period given the onerous tax burden in the state; new issues tended to price at much tighter spreads than the rest of the market and also tended to be highly oversubscribed.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, the ICE BofA 3-7 Year AAA-AA Municipal Securities Index. Throughout the reporting period, the Fund maintained a longer duration posture compared to its secondary benchmark, reflective of strong municipal fundamentals, a favorable supply/demand mix, attractive tax-adjusted yields, and a high-tax environment conducive to elevated demand for the asset class, which contributed to the performance of the Fund.
Despite broad market volatility, particularly in the run-up to the presidential election, the investment team’s investment thesis remained unchanged: the belief that ultimately, the aggressive U.S. Federal Reserve interest rate hiking cycle would result in lower inflation and slower domestic growth, driving higher demand for municipals with yields at some of the most attractive levels in the past 20 years. As a result, the longer-duration posture of the Fund was the top contributor to performance.
What detracted from performance?
Despite the stronger gains, certain headwinds did inhibit broader outperformance. In particular, the credit rating profile of the Fund’s portfolio holdings (overweights to AAA and A credits, funded by an underweight to AA credits) created a slight performance drag as AA spreads in the intermediate part of the yield curve compressed more than comparable-maturity A spreads, which detracted from performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury California Municipal Bond Fund | ICE BofA U.S. Municipal Securities Index | ICE BofA 3-7 Year AAA-AA Municipal Securities Index |
|---|
12/04/2018 | $10,000 | $10,000 | $10,000 |
2019 | $10,478 | $10,841 | $10,550 |
2020 | $10,823 | $11,221 | $10,957 |
2021 | $10,818 | $11,569 | $10,993 |
2022 | $9,984 | $10,122 | $10,149 |
2023 | $10,168 | $10,381 | $10,312 |
2024 | $10,800 | $11,453 | $10,966 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | 5 Years | Since Inception
(December 4, 2018) |
|---|
Old Westbury California Municipal Bond Fund | 6.21% | 0.61% | 1.31% |
ICE BofA U.S. Municipal Securities Index | 10.33% | 1.10% | 2.32% |
ICE BofA 3-7 Year AAA-AA Municipal Securities Index | 6.35% | 0.78% | 1.57% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Municipal Securities Index and the ICE BofA 3-7 Year AAA-AA Municipal Securities Index since the Fund's inception (December 4, 2018). The Fund has added the ICE BofA U.S. Municipal Securities Index in response to a new Securities and Exchange Commission disclosure requirement. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$368,328,999
- # of Portfolio Holdings96
- Portfolio Turnover Rate35%
- Total Advisory Fees Paid (Net of Waivers)$958,754
What did the Fund invest in?
State Diversification (as a % of Net Assets) as of 10/31/2024
California | 92.7% |
Other Assets and Liabilities | 7.3% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
State of California Current Refunding GO | 7.3% |
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A | 5.1% |
San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series A | 5.1% |
State of California Water Utility Improvements GO | 4.4% |
San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds, Series C | 3.4% |
California Educational Facilities Authority University & College Improvements Revenue Bonds, Series V-3 | 3.2% |
University of California Current Refunding Revenue Bonds, Series BN | 3.1% |
Los Angeles Department of Water & Power Water System Revenue Bonds, Series A | 2.8% |
City & County of San Francisco Current Refunding GO, Series R1 | 2.8% |
County of Santa Clara GO, Series C | 2.8% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury California Municipal Bond Fund
Annual Shareholder Report
October 31, 2024
Old Westbury Credit Income Fund (OWCIX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury Credit Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury Credit Income Fund | $91 | 0.85% |
What drove Fund performance during the past 12 months?
The U.S. fixed income market generally enjoyed strong performance in the reporting period, as inflation continued to subside and the U.S. Federal Reserve paused interest rate hiking and finally began recalibrating the interest rates.
The U.S. economy remained resilient with the labor market exhibiting decent fundamentals and normalizing to trend.
Less volatile macroeconomic data along with interest rate policy supported fixed income spreads as default levels remained low, consumer balance sheets were healthy, and market liquidity contained.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, the ICE BofA 1-10 Year U.S. Corporate Index.
The Fund benefited from steady interest rates for the better part of the reporting period. This interest rate environment helped reduce overall fixed income market volatility relative to prior years. At the same time, inflation continued to decline. The U.S. labor market maintained its resilience, which helped support overall growth and therefore overall company earnings and household balance sheets, which contributed to performance of the Fund.
This backdrop increased confidence that the U.S. would be able to avoid a recession, which helped fixed income assets with decent, and even somewhat overvalued, spread levels continue to generate excess returns, which contributed to performance of the Fund.
What detracted from performance?
Even with the U.S. Federal Reserve holding interest rates steady and ultimately beginning to adjust them downward, the shape of the yield curve remained quite flat. A flat yield curve does not support roll yield — that is, the potential to earn extra returns as a bond approaches its maturity date and its yield declines, which typically occurs with normal or steeper yield curves. Given the Fund’s barbell approach to portfolio construction, a flat yield curve reduced the benefits of roll yield and removed a key source of return from positioning in longer-dated Treasury securities, which detracted from performance of the Fund.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury Credit Income Fund | ICE BofA U.S. Broad Market Index | ICE BofA 1-10 Year U.S. Corporate Index |
|---|
10/01/2020 | $10,000 | $10,000 | $10,000 |
2020 | $9,990 | $9,950 | $10,006 |
2021 | $10,580 | $9,893 | $10,107 |
2022 | $8,697 | $8,331 | $8,837 |
2023 | $8,606 | $8,369 | $9,205 |
2024 | $9,761 | $9,252 | $10,222 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | Since Inception
(October 1, 2020) |
|---|
Old Westbury Credit Income Fund | 13.42% | -0.59% |
ICE BofA U.S. Broad Market Index | 10.55% | -1.88% |
ICE BofA 1-10 Year U.S. Corporate Index | 11.05% | 0.55% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Broad Market Index and the ICE BofA 1-10 Year U.S. Corporate Index since the Fund's inception (October 1, 2020). The Fund has added the ICE BofA U.S. Broad Market Index in response to a new Securities and Exchange Commission disclosure requirement. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$2,379,934,982
- # of Portfolio Holdings758
- Portfolio Turnover Rate20%
- Total Advisory Fees Paid (Net of Waivers)$13,876,765
What did the Fund invest in?
Asset Allocations (as a % of Net Assets) as of 10/31/2024
U.S. Government Agencies and Securities | 33.8% |
Non-Agency Mortgage-Backed Securities | 23.6% |
Asset-Backed Securities | 17.6% |
Exchange-Traded Funds | 16.5% |
Corporate Bonds | 5.6% |
Preferred Stocks | 0.2% |
U.S. Government Sponsored Agency Mortgage-Backed Securities | 0.2% |
Other Assets and Liabilities | 2.5% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
U.S. Treasury Bonds | 25.2% |
U.S. Treasury Notes | 8.6% |
iShares JP Morgan USD Emerging Markets Bond ETF | 7.9% |
Ajax Mortgage Loan Trust | 4.1% |
SPDR Bloomberg Convertible Securities ETF | 3.6% |
iShares MBS ETF | 3.2% |
Barclays Mortgage Loan Trust | 3.0% |
Invesco Preferred ETF | 1.8% |
Progress Residential Trust | 1.8% |
Countrywide Alternative Loan Trust | 1.6% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury Credit Income Fund
Annual Shareholder Report
October 31, 2024
Old Westbury Fixed Income Fund (OWFIX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury Fixed Income Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury Fixed Income Fund | $59 | 0.57% |
What drove Fund performance during the past 12 months?
Yields on U.S. Treasury securities declined across all maturities in response to moderating inflation and expectations that the U.S. Federal Reserve would soon begin to lower interest rates.
Credit spreads tightened throughout the reporting period as a stronger-than-expected U.S. economy, combined with lower inflation, buoyed credit fundamentals.
Demand for fixed income assets was strong throughout the reporting period as investors were attracted to the relatively high yields; strong demand was supportive of fixed-income securities’ prices.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, the ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index.
Relative to the Fund’s secondary benchmark, the Fund was overweight duration during the reporting period. Duration is a measure of portfolio’s price sensitivity to interest rate moves. As interest rates declined, the Fund’s overweight position also contributed to its performance.
Asset allocation also contributed to performance, as credit spreads tightened for investment-grade corporate bonds and structured products. The Fund’s slight overweight position in corporate bonds and its out-of-benchmark exposure to asset-backed securities and collateralized loan obligations contributed to performance.
What detracted from performance?
During the reporting period, the move to lower interest rates was led by securities with maturities between 2 and 3 years. Relative to the Fund’s secondary benchmark, the Fund was underweight shorter-dated securities and was overweight securities with maturities beyond 10 years. That positioning detracted from performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury Fixed Income Fund | ICE BofA U.S. Broad Market Index | ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index |
|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $10,105 | $10,207 | $10,213 |
2016 | $10,315 | $10,653 | $10,487 |
2017 | $10,306 | $10,750 | $10,507 |
2018 | $10,154 | $10,534 | $10,409 |
2019 | $11,008 | $11,768 | $11,256 |
2020 | $11,584 | $12,501 | $11,869 |
2021 | $11,442 | $12,431 | $11,735 |
2022 | $10,253 | $10,468 | $10,630 |
2023 | $10,374 | $10,515 | $10,831 |
2024 | $11,210 | $11,625 | $11,655 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | 5 Years | 10 Years |
|---|
Old Westbury Fixed Income Fund | 8.06% | 0.36% | 1.15% |
ICE BofA U.S. Broad Market Index | 10.55% | -0.24% | 1.52% |
ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index | 7.61% | 0.70% | 1.54% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Broad Market Index and the ICE BofA 1-10 Year AAA-A U.S. Corporate & Government Index over the past 10 fiscal years. The Fund has added the ICE BofA U.S. Broad Market Index in response to a new Securities and Exchange Commission disclosure requirement. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$1,389,484,353
- # of Portfolio Holdings145
- Portfolio Turnover Rate102%
- Total Advisory Fees Paid (Net of Waivers)$4,042,194
What did the Fund invest in?
Asset Allocations (as a % of Net Assets) as of 10/31/2024
U.S. Government Agencies and Securities | 65.6% |
Corporate Bonds | 24.7% |
Asset-Backed Securities | 7.8% |
Other Assets and Liabilities | 1.9% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
U.S. Treasury Notes | 57.4% |
U.S. Treasury Bonds | 4.5% |
U.S. Treasury Inflation Indexed Notes | 2.6% |
JPMorgan Chase & Co. | 0.9% |
CarMax Auto Owner Trust | 0.7% |
U.S. Treasury Bills | 0.7% |
Bank of America Corp. | 0.6% |
Capital One Financial Corp. | 0.5% |
BP Capital Markets America, Inc. | 0.5% |
General Motors Financial Co., Inc. | 0.5% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury Fixed Income Fund
Annual Shareholder Report
October 31, 2024
Old Westbury Large Cap Strategies Fund (OWLSX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury Large Cap Strategies Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury Large Cap Strategies Fund | $128 | 1.09% |
What drove Fund performance during the past 12 months?
Technology and financials were the market’s strongest performing sectors during the reporting period.
Global growth stocks outperformed value during the reporting period.
U.S. markets significantly outperformed emerging markets, which in turn led developed-international markets.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, MSCI ACWI Large Cap Index (Net).
The Fund delivered strong gains during the reporting period. The Fund benefited from exposure to the artificial intelligence and semiconductor theme through U.S. positions in chip manufacturer NVIDIA and semiconductor solutions business Broadcom. Stock selection in the technology and industrials sectors also contributed to the Fund’s performance. From a regional perspective, strong stock selection in the U.S. and developed Europe benefited the Fund as well.
What detracted from performance?
Despite portfolio gains, a few areas detracted from performance during the reporting period. Baillie Gifford Overseas Limited’s dedicated China strategy, which was terminated on February 6, 2024, was a top detractor from the Fund's performance compared to its secondary benchmark.
Underweight positions to top performing benchmark names, such as Taiwanese chip manufacturer TSMC, U.S. consumer electronics business Apple, and U.S. software company Alphabet Class A, hurt performance.
Stock selection in the materials and health care sectors also detracted from performance.
On a regional basis, weak stock selection in emerging Asia Pacific and Asia Pacific ex-Japan hurt performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury Large Cap Strategies Fund | MSCI ACWI Investable Market Index (Net) | MSCI ACWI Large Cap Index (Net) |
|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $10,201 | $10,010 | $9,963 |
2016 | $10,397 | $10,244 | $10,163 |
2017 | $12,136 | $12,653 | $12,548 |
2018 | $12,008 | $12,533 | $12,562 |
2019 | $13,559 | $14,038 | $14,153 |
2020 | $14,506 | $14,644 | $14,956 |
2021 | $19,386 | $20,236 | $20,465 |
2022 | $14,777 | $16,145 | $16,480 |
2023 | $15,872 | $17,667 | $18,434 |
2024 | $21,395 | $23,379 | $24,598 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | 5 Years | 10 Years |
|---|
Old Westbury Large Cap Strategies Fund | 34.80% | 9.55% | 7.90% |
MSCI ACWI Investable Market Index (Net) | 32.33% | 10.74% | 8.86% |
MSCI ACWI Large Cap Index (Net) | 33.44% | 11.69% | 9.42% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the MSCI ACWI Investable Market Index (Net) and the MSCI ACWI Large Cap Index (Net) over the past 10 fiscal years. The Fund has added the MSCI ACWI Investable Market Index (Net) in response to a new Securities and Exchange Commission disclosure requirement. Indexes are gross of withholding taxes unless otherwise noted as (Net) of withholding taxes. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$24,640,062,935
- # of Portfolio Holdings629
- Portfolio Turnover Rate37%
- Total Advisory Fees Paid (Net of Waivers)$188,496,766
What did the Fund invest in?
Sector Weightings (as a % of Net Assets) as of 10/31/2024
Information Technology | 25.3% |
Consumer Discretionary | 11.2% |
Industrials | 11.2% |
Health Care | 10.2% |
Communication Services | 8.3% |
Financial Services | 7.7% |
Banks | 6.3% |
Consumer Staples | 6.1% |
Other Sectors | 12.2% |
Other Assets and Liabilities | 1.5% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
NVIDIA Corp. | 5.4% |
Microsoft Corp. | 5.1% |
Apple, Inc. | 4.6% |
Amazon.com, Inc. | 3.1% |
Alphabet, Inc. | 3.0% |
Broadcom, Inc. | 2.3% |
JPMorgan Chase & Co. | 2.2% |
Meta Platforms, Inc. | 2.2% |
UnitedHealth Group, Inc. | 1.5% |
Oracle Corp. | 1.3% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2025 at www.oldwestburyfunds.com or upon request by calling (800) 607-2200.
Effective February 6, 2024, (i) Aikya Investment Management Limited serves as a sub-adviser to the Fund, and (ii) Baillie Gifford Overseas Limited no longer serves as sub-adviser to the Fund. The Fund removed “Growth Style Investment Risk” and “Value Style Investment Risk” disclosure from its Prospectus’ Principal Risks in connection with these changes.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury Large Cap Strategies Fund
Annual Shareholder Report
October 31, 2024
Old Westbury Municipal Bond Fund (OWMBX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury Municipal Bond Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury Municipal Bond Fund | $59 | 0.57% |
What drove Fund performance during the past 12 months?
Throughout the reporting period, U.S. fixed income market performance was driven by an evolution in U.S. Federal Reserve policy from interest rate increases to interest rate cuts, heightened investor demand for bonds amid economic uncertainty, and market volatility influenced by fluctuating economic indicators and the presidential election.
In the municipal bond market, supply and demand garnered much of investors’ focus. Supply surprised significantly to the upside after two years of paltry issuance as issuers looked to front-run election-related volatility, while demand surged as investors looked to capitalize upon particularly attractive tax-exempt yields.
What contributed to performance?
The above dynamics led to a continued longer duration posture relative to the Fund’s secondary benchmark, the ICE BofA 1-12 Year AAA-AA Municipal Securities Index, which contributed notably to performance during the reporting period. Performance of the Fund’s primary benchmark is provided in the table below.Here, we discuss the Fund’s performance against its secondary benchmark, the ICE BofA 1-12 Year AAA-AA Municipal Securities Index.
Throughout the reporting period, the Fund maintained a longer duration posture compared to its secondary benchmark, reflective of strong municipal fundamentals, a favorable supply/demand mix, attractive tax-adjusted yields, and a high-tax environment conducive to elevated demand for the asset class.
Despite broad market volatility, particularly in the run-up to the presidential election, the investment team’s investment thesis remained unchanged: the belief that ultimately, the aggressive U.S. Federal Reserve interest rate hiking cycle would result in lower inflation and slower domestic growth, driving higher demand for municipals with yields at some of the most attractive levels in the past 20 years. As a result, the longer-duration posture of the Fund contributed significantly to performance, as did credit spread management (spreads compressed as demand for higher-quality municipals increased) and roll down (driven by a steeper curve slope in the intermediate part of the municipal yield curve).
What detracted from performance?
Despite the stronger gains, certain challenges inhibited broader outperformance compared to its secondary benchmark. In particular, the credit rating profile of the Fund’s portfolio holdings (overweights to AAA and A credits, funded by an underweight to AA credits) created a slight performance drag as longer-dated AA spreads compressed more than comparable-maturity A spreads, which detracted from performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury Municipal Bond Fund | ICE BofA U.S. Municipal Securities Index | ICE BofA 1-12 Year AAA-AA Municipal Securities Index |
|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $10,151 | $10,297 | $10,196 |
2016 | $10,359 | $10,754 | $10,409 |
2017 | $10,405 | $10,981 | $10,533 |
2018 | $10,267 | $10,907 | $10,447 |
2019 | $10,978 | $11,960 | $11,158 |
2020 | $11,349 | $12,378 | $11,557 |
2021 | $11,344 | $12,762 | $11,629 |
2022 | $10,426 | $11,167 | $10,805 |
2023 | $10,566 | $11,452 | $11,005 |
2024 | $11,236 | $12,634 | $11,681 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | 5 Years | 10 Years |
|---|
Old Westbury Municipal Bond Fund | 6.35% | 0.47% | 1.17% |
ICE BofA U.S. Municipal Securities Index | 10.33% | 1.10% | 2.37% |
ICE BofA 1-12 Year AAA-AA Municipal Securities Index | 6.15% | 0.92% | 1.57% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Municipal Securities Index and the ICE BofA 1-12 Year AAA-AA Municipal Securities Index over the past 10 fiscal years. The Fund has added the ICE BofA U.S. Municipal Securities Index in response to a new Securities and Exchange Commission disclosure requirement. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$4,146,321,857
- # of Portfolio Holdings571
- Portfolio Turnover Rate39%
- Total Advisory Fees Paid (Net of Waivers)$11,865,624
What did the Fund invest in?
State Diversification (as a % of Net Assets) as of 10/31/2024
Texas | 19.6% |
New York | 11.3% |
California | 6.0% |
Washington | 5.8% |
New Jersey | 5.6% |
Massachusetts | 5.1% |
Maryland | 4.6% |
Colorado | 2.8% |
Other States | 35.1% |
Other Assets and Liabilities | 4.1% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2 | 1.6% |
Texas Tech University System University & College Improvements Revenue Bonds, Series A | 1.5% |
Texas State University System University & College Improvements Revenue Bonds | 1.5% |
State of Maryland School Improvements GO, Series A | 1.3% |
State of California Current Refunding GO | 1.4% |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE | 1.4% |
Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A | 1.3% |
U.S. Treasury Notes | 1.2% |
Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds | 1.2% |
County of Collin Public Facilities GO | 1.2% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury Municipal Bond Fund
Annual Shareholder Report
October 31, 2024
Old Westbury New York Municipal Bond Fund (OWNYX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury New York Municipal Bond Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury New York Municipal Bond Fund | $59 | 0.57% |
What drove Fund performance during the past 12 months?
Throughout the reporting period, U.S. fixed income market performance was driven by an evolution in U.S. Federal Reserve policy from interest rate increases to interest rate cuts, heightened investor demand for bonds amid economic uncertainty, and market volatility influenced by fluctuating economic indicators and the presidential election.
In the municipal bond market, supply and demand garnered much of investors’ focus. Supply rather significantly to the upside after two years of paltry issuance as issuers looked to front-run election-related volatility, while demand surged as investors looked to capitalize upon particularly attractive tax-exempt yields.
New York credits experienced very strong demand throughout the reporting period given the onerous tax burden in the state; in particular, smaller/more unique issuers tended to price at tighter spreads than more generic issuers, and despite the embedded premium, were generally well-oversubscribed given the inherent value of the tax exemption for residents of the state.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, the ICE BofA 3-7 Year AAA-AA Municipal Securities Index. Throughout the reporting period, the Fund maintained a longer duration posture compared to its secondary benchmark, reflective of strong municipal fundamentals, a favorable supply/demand mix, attractive tax-adjusted yields, and a high-tax environment conducive to elevated demand for the asset class. Despite broad market volatility, particularly in the run-up to the presidential election, the investment team’s investment thesis remained unchanged: the belief that ultimately, the aggressive U.S. Federal Reserve interest rate hiking cycle would result in lower inflation and slower domestic growth, driving higher demand for municipals with yields at some of the most attractive levels in the past 20 years. As a result, the longer-duration posture of the Fund was the top contributor to performance.
What detracted from performance?
Despite the stronger gains, certain headwinds did inhibit broader outperformance. In particular, the credit rating profile of the Fund's portfolio holdings (overweights to AAA and A credits, funded by an underweight to AA credits) created a slight performance drag as AA spreads in the intermediate part of the yield curve compressed more than comparable-maturity A spreads, which detracted from performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury New York Municipal Bond Fund | ICE BofA U.S. Municipal Securities Index | ICE BofA 3-7 Year AAA-AA Municipal Securities Index |
|---|
12/04/2018 | $10,000 | $10,000 | $10,000 |
2019 | $10,536 | $10,841 | $10,550 |
2020 | $10,819 | $11,221 | $10,957 |
2021 | $10,879 | $11,569 | $10,993 |
2022 | $10,039 | $10,122 | $10,149 |
2023 | $10,197 | $10,381 | $10,312 |
2024 | $10,833 | $11,453 | $10,966 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | 5 Years | Since Inception
(December 4, 2018) |
|---|
Old Westbury New York Municipal Bond Fund | 6.24% | 0.56% | 1.36% |
ICE BofA U.S. Municipal Securities Index | 10.33% | 1.10% | 2.32% |
ICE BofA 3-7 Year AAA-AA Municipal Securities Index | 6.35% | 0.78% | 1.57% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Municipal Securities Index and the ICE BofA 3-7 Year AAA-AA Municipal Securities Index since the Fund's inception (December 4, 2018). The Fund has added the ICE BofA U.S. Municipal Securities Index in response to a new Securities and Exchange Commission disclosure requirement. The indicies' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$580,149,881
- # of Portfolio Holdings164
- Portfolio Turnover Rate32%
- Total Advisory Fees Paid (Net of Waivers)$1,559,080
What did the Fund invest in?
State Diversification (as a % of Net Assets) as of 10/31/2024
New York | 90.0% |
Other Assets and Liabilities | 10.0% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
County of Westchester NY Recreation Facilities Improvements GO, Series A | 5.8% |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE | 5.5% |
U.S. Treasury Notes | 5.4% |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A | 4.0% |
New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A | 3.7% |
New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds | 3.4% |
Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A | 3.3% |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds | 3.4% |
New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B | 2.8% |
New York State Dormitory Authority Refunding Revenue Bonds, Series A | 2.7% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury New York Municipal Bond Fund
Annual Shareholder Report
October 31, 2024
Old Westbury Short-Term Bond Fund (OWSBX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury Short-Term Bond Fund (the "Fund") for the period of February 29, 2024, the Fund's Inception, to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury Short-Term Bond Fund | $25 | 0.37% |
What drove Fund performance during the past 12 months?
Yields at the front of the yield curve declined since the Fund’s February 29, 2024, inception as the U.S. Federal Reserve began lowering interest rates.
Credit spreads tightened and risk assets outperformed U.S. Treasuries as economic growth continued at a healthy pace.
Investment-grade bond funds have seen increased inflows, driven by the appeal of higher yields currently available in the market.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, the ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index.
Credit performed well during the reporting period as economic data remained resilient, inflation continued to decline, and market fears of a recession diminished. This led credit spreads to tighten across the investment-grade market and credit to outperform U.S. Treasuries. The Fund’s overweight to corporate bonds and asset-backed securities aided performance. Additionally, the Fund was positioned to seek a higher yield than its secondary benchmark, which also enhanced performance.
What detracted from performance?
Interest rates on U.S. Treasury notes maturing within 5 years fell since the Fund’s inception as the U.S. Federal Reserve lowered the federal funds rate by 50 basis points in September and signaled additional easing. While overall duration exposure was neutral to performance, the front of the yield curve steepened as interest rates within 2 years fell further than longer-dated yields, which detracted from performance. The Fund’s overweight to bonds with 3- and 5-year maturities also detracted from performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury Short-Term Bond Fund | ICE BofA U.S. Broad Market Index | ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index |
|---|
02/29/2024 | $10,000 | $10,000 | $10,000 |
03/31/2024 | $10,040 | $10,084 | $10,036 |
04/30/2024 | $10,000 | $9,841 | $10,005 |
05/31/2024 | $10,080 | $10,008 | $10,076 |
06/30/2024 | $10,140 | $10,103 | $10,132 |
07/31/2024 | $10,251 | $10,337 | $10,250 |
08/31/2024 | $10,343 | $10,485 | $10,343 |
09/30/2024 | $10,430 | $10,625 | $10,428 |
10/31/2024 | $10,369 | $10,365 | $10,369 |
Average Annual Total Returns as of 10/31/2024
Fund | Since Inception
(February 29, 2024) |
|---|
Old Westbury Short-Term Bond Fund | 3.69% |
ICE BofA U.S. Broad Market Index | 3.65% |
ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index | 3.69% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the ICE BofA U.S. Broad Market Index and the ICE BofA 1-3 Year AAA-A U.S. Corporate & Government Index since the Fund’s inception (February 29, 2024). The Fund has added the ICE BofA U.S. Broad Market Index in response to a new Securities and Exchange Commission disclosure requirement. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$60,071,688
- # of Portfolio Holdings98
- Portfolio Turnover Rate13%
- Total Advisory Fees Paid (Net of Waivers)$0
What did the Fund invest in?
Asset Allocations (as a % of Net Assets) as of 10/31/2024
U.S. Government Agencies and Securities | 56.3% |
Corporate Bonds | 35.5% |
Asset-Backed Securities | 6.9% |
Other Assets and Liabilities | 1.3% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
U.S. Treasury Notes | 45.8% |
U.S. Treasury Bills | 10.5% |
DTE Energy Co. | 1.6% |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 1.6% |
Sumitomo Mitsui Financial Group, Inc. | 1.5% |
Broadcom, Inc. | 1.5% |
General Motors Financial Co., Inc. | 1.5% |
NextEra Energy Capital Holdings, Inc. | 1.4% |
Air Lease Corp. | 1.2% |
Equinix, Inc. | 1.2% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury Short-Term Bond Fund
Annual Shareholder Report
October 31, 2024
Old Westbury Small & Mid Cap Strategies Fund (OWSMX)
Annual Shareholder Report
October 31, 2024
This annual shareholder report contains important information about the Old Westbury Small & Mid Cap Strategies Fund (the "Fund") for the period of November 1, 2023 to October 31, 2024 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Old Westbury Small & Mid Cap Strategies Fund | $124 | 1.10% |
What drove Fund performance during the past 12 months?
Industrials and financials were the market’s strongest performing sectors during the reporting period.
Global small-to-mid-cap growth stocks narrowly outperformed value during the reporting period.
The U.S outperformed developed-international markets, which in turn led emerging markets.
What contributed to performance?
Performance of the Fund’s primary benchmark is provided in the table below. Here, we discuss the Fund’s performance against its secondary benchmark, the MSCI ACWI SMID Cap Index (Net).
The Fund delivered strong gains during the reporting period due largely to strong performance from the Fund’s small capitalization holdings. Stock selection in the materials and financials sectors also contributed to the Fund’s performance. In terms of sub-industries, health care and industrial equipment companies, specifically U.S. medical device company Globus Medical, also contributed to performance. From a regional perspective, strong stock selection in Japan and developed Europe benefited the Fund.
What detracted from performance?
The Fund faced several challenges in the reporting period. Baillie Gifford Overseas Limited’s international strategy, which was terminated on July 16, 2024, was a top detractor for the Fund.
In addition, no exposure or an underweight position to strong performers, including U.S. software company Fair Isaac, in the Fund’s secondary benchmark, detracted from performance. Stock selection in the technology and energy sectors also detracted from performance. On a regional basis, weak stock selection in the U.S. and Israel hurt performance.
How has the Fund performed?
Cumulative Returns of a Hypothetical $10,000 Investment as of 10/31/2024
| Old Westbury Small & Mid Cap Strategies Fund | MSCI ACWI Investable Market Index (Net) | MSCI ACWI SMID Cap Index (Net) |
|---|
2014 | $10,000 | $10,000 | $10,000 |
2015 | $10,289 | $10,010 | $10,130 |
2016 | $10,817 | $10,244 | $10,451 |
2017 | $12,726 | $12,653 | $12,925 |
2018 | $12,393 | $12,533 | $12,446 |
2019 | $13,563 | $14,038 | $13,721 |
2020 | $14,365 | $14,644 | $13,805 |
2021 | $18,979 | $20,236 | $19,616 |
2022 | $13,778 | $16,145 | $15,252 |
2023 | $13,705 | $17,667 | $15,599 |
2024 | $17,304 | $23,379 | $20,125 |
Average Annual Total Returns as of 10/31/2024
Fund | 1 Year | 5 Years | 10 Years |
|---|
Old Westbury Small & Mid Cap Strategies Fund | 26.26% | 4.99% | 5.64% |
MSCI ACWI Investable Market Index (Net) | 32.33% | 10.74% | 8.86% |
MSCI ACWI SMID Cap Index (Net) | 29.01% | 7.96% | 7.24% |
The above graph compares a hypothetical investment of $10,000 in the Fund to a hypothetical investment of $10,000 in the MSCI ACWI Investable Market Index (Net) and the MSCI ACWI SMID Cap Index (Net) over the past 10 fiscal years. The Fund has added the MSCI ACWI Investable Market Index (Net) in response to a new Securities and Exchange Commission disclosure requirement. Indexes are gross of withholding taxes unless otherwise noted as (Net) of withholding taxes. Prior to December 30, 2016, the Fund was named the Old Westbury Small & Mid Cap Fund and operated under a different investment strategy. The performance information shown above before such date represents the Fund's prior investment strategies. The indices' performance is not illustrative of the Fund's performance and performance of the Fund will differ. Market index returns do not include expenses, which are deducted from Fund returns. The Fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Indexes also include the reinvestment of distributions but do not include fees, expenses, and income taxes associated with an investment in the Fund. Fund performance reflects fees, waivers and/or expense reimbursements for applicable periods. Without such waivers/reimbursements, performance would have been lower.
The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Fund Statistics as of 10/31/2024
- Total Net Assets$8,841,523,403
- # of Portfolio Holdings2,461
- Portfolio Turnover Rate62%
- Total Advisory Fees Paid (Net of Waivers)$68,130,297
What did the Fund invest in?
Country Weightings (as a % of Net Assets) as of 10/31/2024
United States | 49.5% |
Japan | 8.7% |
China | 4.4% |
United Kingdom | 4.3% |
Canada | 2.4% |
Australia | 2.2% |
Israel | 1.9% |
Other Countries | 15.8% |
Other Assets and Liabilities | 10.8% |
Top Ten Holdings (as a % of Net Assets) as of 10/31/2024
Utilities Select Sector SPDR Fund | 4.8% |
VanEck Junior Gold Miners ETF | 1.7% |
SPDR S&P Biotech ETF | 1.0% |
Saia, Inc. | 0.8% |
Dollarama, Inc. | 0.8% |
SPDR S&P Regional Banking ETF | 0.7% |
Booz Allen Hamilton Holding Corp. | 0.7% |
BJ's Wholesale Club Holdings, Inc. | 0.7% |
Clean Harbors, Inc. | 0.6% |
Nice Ltd. | 0.6% |
Where can I find additional information about the Fund?
You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.
In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.
This is a summary of certain changes to the Fund for the reporting period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2025 at www.oldwestburyfunds.com upon request by calling (800) 607-2200.
Effective July 16, 2024, Baillie Gifford Overseas Limited no longer serves as sub-adviser to the Fund.
NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE
Old Westbury Small & Mid Cap Strategies Fund
Annual Shareholder Report
October 31, 2024
Item 1. Reports to Stockholders (cont.).
(b) Not
applicable.
Item 2. Code of Ethics.
| (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that
applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
The Code of Ethics
for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 19(a)(1).
| (c) | There have been no amendments, during the period covered by this report, to a provision of the code of
ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third
party, and that relates to any element of the code of ethics description. |
| (d) | The registrant, during the period covered by this report, has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics to the registrant’s principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The registrant’s board of directors has
determined that the registrant has four audit committee financial experts serving on its audit committee and those persons (Patricia L.
Francy, Alexander Ellis III, Daphne Foster, and R. Keith Walton) are “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by
the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant
in connection with statutory and regulatory filings or engagements for those fiscal years were $765,160 in 2024 and $709,010 in 2023. |
Audit-Related Fees
| (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not
reported under paragraph (a) of this Item were $10,500 in 2024 and $10,150 in 2023. Fees for both 2024 and 2023 relate to the review of
financial statement data incorporated in the Funds’ periodic N-1A filings. |
Tax Fees
| (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning were $315,785 in 2024 and $270,402 in 2023. Fees for both 2024 and
2023 relate to the review of federal income and excise tax returns, review of capital gains distribution calculations and certain global
tax compliance services. |
All Other Fees
| (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $57,200 in 2024 and $50,650 in
2023. Fees for both 2024 and 2023 relate to the review of holdings for the Funds’ affiliated custodian under Rule 17f-2. |
| (e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule
2-01 of Regulation S-X. |
Before an auditor is
engaged by the Funds to render audit services, the Audit Committee reviews and approves the engagement, including all related fees.
The Audit Committee also reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the
Funds employ their auditor to render “permissible non-audit services” to the Funds, including all related fees. In addition,
the Audit Committee reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Adviser,
and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds, employ
the Funds’ Auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting
of the Funds. As a part of its review, the Audit Committee considers whether the provision of such services does not impact the
Auditor’s independence.
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved
by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 0%
(c) 0%
(d) 0%
| (f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial
statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time,
permanent employees was less than fifty percent. |
| (g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant,
and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $386,985 in
2024 and $685,052 in 2023. |
| (h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit
services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management
and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 is included under Item 7 of this form. |
Item 7. Financial Statements and
Financial Highlights for Open-End Management Investment Companies.
Old Westbury Funds, Inc.
Annual Financial Statements and Additional Information
|
| |
|
| |
|
| Old Westbury All Cap Core Fund |
OWACX |
| Old Westbury Large Cap Strategies Fund |
OWLSX |
| Old Westbury Small & Mid Cap Strategies Fund |
OWSMX |
| Old Westbury Credit Income Fund |
OWCIX |
| Old Westbury Fixed Income Fund |
OWFIX |
| Old Westbury Short-Term Bond Fund |
OWSBX |
| Old Westbury Municipal Bond Fund |
OWMBX |
| Old Westbury California Municipal Bond Fund |
OWCAX |
| Old Westbury New York Municipal Bond Fund |
OWNYX |
October 31, 2024
BESSEMER INVESTMENT MANAGEMENT LLC
Investment Adviser
Old Westbury Funds, Inc.
| Old Westbury Funds, Inc. |
|
| All Cap Core Fund |
|
| Portfolio
of Investments |
October 31, 2024
|
| Shares | |
| |
Value |
| COMMON STOCKS — 94.6% | |
| | |
| Banks — 3.8% |
| | 1,520,044 | | |
Bank of America Corp. | |
$ | 63,568,240 | |
| | 318,930 | | |
JPMorgan Chase & Co. | |
| 70,776,946 | |
| | | | |
| |
| 134,345,186 | |
| Communication Services — 8.7% | |
| | |
| | 819,676 | | |
Alphabet, Inc. - Class C | |
| 141,549,848 | |
| | 168,594 | | |
Live Nation Entertainment, Inc.(a) | |
| 19,749,101 | |
| | 178,662 | | |
Meta Platforms, Inc. - Class A | |
| 101,404,978 | |
| | 283,591 | | |
Take-Two Interactive Software, Inc.(a) | |
| 45,862,337 | |
| | | | |
| |
| 308,566,264 | |
| Consumer Discretionary — 10.4% | |
| | |
| | 673,200 | | |
Amazon.com, Inc.(a) | |
| 125,484,480 | |
| | 3,664 | | |
AutoZone, Inc.(a) | |
| 11,024,976 | |
| | 326,929 | | |
Dollarama, Inc. | |
| 34,020,715 | |
| | 159,902 | | |
Hilton Worldwide Holdings, Inc. | |
| 37,552,985 | |
| | 126,744 | | |
Lowe’s Cos., Inc. | |
| 33,185,382 | |
| | 51,629 | | |
LVMH Moet Hennessy Louis Vuitton SE | |
| 34,246,029 | |
| | 20,506 | | |
MercadoLibre, Inc.(a) | |
| 41,774,413 | |
| | 593 | | |
NVR, Inc.(a) | |
| 5,427,616 | |
| | 18,759 | | |
O’Reilly Automotive, Inc.(a) | |
| 21,631,753 | |
| | 16,502 | | |
Pool Corp. | |
| 5,967,783 | |
| | 40,997 | | |
PulteGroup, Inc. | |
| 5,310,342 | |
| | 119,966 | | |
Wyndham Hotels & Resorts, Inc. | |
| 10,595,397 | |
| | | | |
| |
| 366,221,871 | |
| Consumer Staples — 4.9% | |
| | |
| | 764,385 | | |
Alimentation Couche-Tard, Inc. | |
| 39,862,100 | |
| | 282,551 | | |
BJ’s Wholesale Club Holdings, Inc.(a) | |
| 23,940,546 | |
| | 34,249 | | |
Costco Wholesale Corp. | |
| 29,939,791 | |
| | 484,467 | | |
US Foods Holding Corp.(a) | |
| 29,867,390 | |
| | 589,580 | | |
Walmart, Inc. | |
| 48,316,081 | |
| | | | |
| |
| 171,925,908 | |
| Energy — 1.7% | |
| | |
| | 536,877 | | |
ConocoPhillips | |
| 58,809,507 | |
| | 4,578 | | |
Schlumberger NV | |
| 183,440 | |
| | | | |
| |
| 58,992,947 | |
| Financial Services — 11.6% | |
| | |
| | 102,553 | | |
Apollo Global Management, Inc. | |
| 14,691,743 | |
| | 688,114 | | |
Brookfield Corp. | |
| 36,470,042 | |
| | 292,098 | | |
Fiserv, Inc.(a) | |
| 57,806,194 | |
| | 435,421 | | |
Intercontinental Exchange, Inc. | |
| 67,869,071 | |
| | 57,765 | | |
MSCI, Inc. | |
| 32,995,368 | |
| | 351,906 | | |
Nasdaq, Inc. | |
| 26,012,892 | |
| | 56,037 | | |
S&P Global, Inc. | |
| 26,917,933 | |
| | 220,332 | | |
Tradeweb Markets, Inc. - Class A | |
| 27,982,164 | |
| | 360,814 | | |
Visa, Inc. - Class A | |
| 104,581,938 | |
| | 87,196 | | |
WEX, Inc.(a) | |
| 15,050,030 | |
| | | | |
| |
| 410,377,375 | |
| Shares | |
| |
Value |
| Health Care — 9.4% | |
| | |
| | 884,448 | | |
Avantor, Inc.(a) | |
$ | 19,785,102 | |
| | 194,987 | | |
Cencora, Inc. | |
| 44,472,635 | |
| | 202,851 | | |
Cooper Cos., Inc. (The)(a) | |
| 21,234,442 | |
| | 160,774 | | |
Danaher Corp. | |
| 39,495,741 | |
| | 29,083 | | |
McKesson Corp. | |
| 14,558,659 | |
| | 56,644 | | |
Medpace Holdings, Inc.(a) | |
| 17,798,678 | |
| | 127,114 | | |
STERIS Plc | |
| 28,200,241 | |
| | 87,695 | | |
Thermo Fisher Scientific, Inc. | |
| 47,909,532 | |
| | 172,114 | | |
UnitedHealth Group, Inc. | |
| 97,158,353 | |
| | | | |
| |
| 330,613,383 | |
| Industrials — 11.9% | |
| | |
| | 557,589 | | |
Ashtead Group Plc | |
| 41,614,744 | |
| | 167,033 | | |
Booz Allen Hamilton Holding Corp. | |
| 30,343,215 | |
| | 288 | | |
Builders FirstSource, Inc.(a) | |
| 49,363 | |
| | 129,447 | | |
BWX Technologies, Inc. | |
| 15,760,172 | |
| | 51,515 | | |
Carlisle Cos., Inc. | |
| 21,751,178 | |
| | 122,208 | | |
Clean Harbors, Inc.(a) | |
| 28,261,822 | |
| | 381,975 | | |
Copart, Inc.(a) | |
| 19,660,253 | |
| | 378,221 | | |
Core & Main, Inc. - Class A(a) | |
| 16,747,626 | |
| | 72,861 | | |
Eaton Corp. Plc | |
| 24,159,250 | |
| | 78,499 | | |
Equifax, Inc. | |
| 20,803,805 | |
| | 391,137 | | |
Howmet Aerospace, Inc. | |
| 39,004,182 | |
| | 66,753 | | |
Northrop Grumman Corp. | |
| 33,978,612 | |
| | 284 | | |
Old Dominion Freight Line, Inc. | |
| 57,175 | |
| | 135,475 | | |
Rollins, Inc. | |
| 6,386,291 | |
| | 65,719 | | |
Saia, Inc.(a) | |
| 32,110,961 | |
| | 645,059 | | |
TransUnion | |
| 65,344,477 | |
| | 10,100 | | |
United Rentals, Inc. | |
| 8,209,280 | |
| | 300,983 | | |
WillScot Holdings Corp.(a) | |
| 9,974,577 | |
| | 58,005 | | |
XPO, Inc.(a) | |
| 7,571,393 | |
| | | | |
| |
| 421,788,376 | |
| Information Technology — 26.6% | |
| | |
| | 696,797 | | |
Apple, Inc. | |
| 157,413,410 | |
| | 48,109 | | |
Applied Materials, Inc. | |
| 8,735,632 | |
| | 12,329 | | |
ASM International NV | |
| 6,869,048 | |
| | 69,833 | | |
ASML Holding NV | |
| 47,186,877 | |
| | 92,530 | | |
Broadcom, Inc. | |
| 15,708,818 | |
| | 949,601 | | |
CCC Intelligent Solutions Holdings, Inc.(a) | |
| 9,885,346 | |
| | 85,412 | | |
CDW Corp. | |
| 16,077,101 | |
| | 12,216 | | |
Constellation Software, Inc. | |
| 36,840,933 | |
| | 40,057 | | |
Entegris, Inc. | |
| 4,194,368 | |
| | 93,200 | | |
Five9, Inc.(a) | |
| 2,752,196 | |
| | 466,007 | | |
Fortinet, Inc.(a) | |
| 36,656,111 | |
| | 105,147 | | |
Gartner, Inc.(a) | |
| 52,836,368 | |
| | 152,224 | | |
Keysight Technologies, Inc.(a) | |
| 22,682,898 | |
| | 87,419 | | |
Manhattan Associates, Inc.(a) | |
| 23,022,668 | |
| | 609,744 | | |
Marvell Technology, Inc. | |
| 48,846,592 | |
| | 443,094 | | |
Microsoft Corp. | |
| 180,051,247 | |
| | 125,871 | | |
Motorola Solutions, Inc. | |
| 56,560,134 | |
| | 114,742 | | |
Nice Ltd. - ADR(a) | |
| 19,930,685 | |
| | 1,371,020 | | |
NVIDIA Corp. | |
| 182,016,615 | |
| Old Westbury Funds, Inc. |
|
| All Cap Core Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| | | |
| |
| |
| Shares | |
| |
Value |
| Information Technology (continued) | |
| | |
| | 48,375 | | |
NXP Semiconductors NV | |
$ | 11,343,938 | |
| | | | |
| |
| 939,610,985 | |
| Insurance — 0.7% | |
| | |
| | 369,524 | | |
Ryan Specialty Holdings, Inc. | |
| 24,340,546 | |
| Materials — 1.6% | |
| | |
| | 319,367 | | |
CRH Plc | |
| 30,477,193 | |
| | 76,351 | | |
Sherwin-Williams Co. (The) | |
| 27,392,448 | |
| | | | |
| |
| 57,869,641 | |
| Real Estate — 1.4% | |
| | |
| | 162,196 | | |
CBRE Group, Inc. - Class A(a) | |
| 21,242,810 | |
| | 119,155 | | |
Prologis, Inc. REIT | |
| 13,457,366 | |
| | 65,941 | | |
SBA Communications Corp. REIT | |
| 15,131,481 | |
| | | | |
| |
| 49,831,657 | |
| Utilities — 1.9% | |
| | |
| | 399,208 | | |
Ameren Corp. | |
| 34,775,009 | |
| | 413,388 | | |
NextEra Energy, Inc. | |
| 32,760,999 | |
| | | | |
| |
| 67,536,008 | |
Total Common Stocks
(Cost $1,935,091,890) | |
| 3,342,020,147 | |
| | | | |
| |
| | |
| EXCHANGE-TRADED FUNDS(b) — 2.5% |
| | |
| | 473,065 | | |
Energy Select Sector SPDR Fund | |
| 41,908,828 | |
| | 132,000 | | |
Health Care Select Sector SPDR Fund. | |
| 19,386,840 | |
| | 42,450 | | |
iShares Semiconductor ETF | |
| 9,265,137 | |
| | 56,072 | | |
SPDR S&P Oil & Gas Exploration & Production ETF | |
| 7,330,292 | |
| | 108,382 | | |
Utilities Select Sector SPDR Fund | |
| 8,660,806 | |
| | | | |
| |
| | |
Total Exchange-Traded Funds
(Cost $82,279,994) | |
| 86,551,903 | |
| | | | |
| |
| | |
| INVESTMENT COMPANY — 3.0% | |
| | |
| | 106,507,171 | | |
Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.69%(c) | |
| 106,507,171 | |
Total Investment Company
(Cost $106,507,171) | |
| 106,507,171 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS — 100.1%
(Cost $2,123,879,055) | |
$ | 3,535,079,221 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% |
| (3,062,611 | ) |
| NET ASSETS — 100.0% | |
$ | 3,532,016,610 | |
| (a) |
Non-income producing security. |
| (b) |
A copy of the underlying funds’ financial statements is available upon request. |
| (c) |
The rate shown represents the current yield as of October 31, 2024. |
The following abbreviations are used in the report:
ADR — American Depositary Receipt
ETF — Exchange-Traded Fund
REIT — Real Estate Investment Trust
SPDR — Standard & Poor’s Depositary Receipt
PORTFOLIO DIVERSIFICATION BY COUNTRY
| Country: |
|
Market Value |
|
Market Value as
a percentage of
Net Assets |
| United States |
|
$ |
2,991,860,623 |
|
|
84.7% |
| Canada |
|
|
147,193,790 |
|
|
4.1 |
| Netherlands |
|
|
65,399,863 |
|
|
1.9 |
| Uruguay |
|
|
41,774,413 |
|
|
1.2 |
| United Kingdom |
|
|
41,614,744 |
|
|
1.2 |
| France |
|
|
34,246,029 |
|
|
1.0 |
| Israel |
|
|
19,930,685 |
|
|
0.6 |
| Other* |
|
|
189,996,463 |
|
|
5.3 |
| |
|
$ |
3,532,016,610 |
|
|
100.0% |
| |
|
| * |
Includes cash and equivalents, exchange-traded funds, investment company, pending trades and Fund share transactions,
interest and dividends receivable, prepaids and accrued expenses payable. |
| Old
Westbury Funds, Inc. |
|
| Large
Cap Strategies Fund |
|
| Portfolio
of Investments |
October
31, 2024 |
| Shares | |
| |
Value |
| COMMON STOCKS — 98.5% |
| Banks — 6.3% |
| | 92,490 | | |
ANZ Group Holdings Ltd. | |
$ | 1,896,028 | |
| | 187,632 | | |
Banco Bilbao Vizcaya Argentaria SA | |
| 1,867,485 | |
| | 14,598,723 | | |
Banco Bradesco SA - Preference Shares | |
| 36,415,365 | |
| | 306,956,676 | | |
Banco de Chile | |
| 35,758,719 | |
| | 503,024 | | |
Banco Santander SA | |
| 2,457,862 | |
| | 69,336,149 | | |
Bank Central Asia Tbk PT | |
| 45,281,652 | |
| | 3,740,383 | | |
Bank of America Corp. | |
| 156,422,817 | |
| | 22,400 | | |
Bank of Montreal | |
| 2,041,234 | |
| | 37,293 | | |
Bank of Nova Scotia (The) | |
| 1,920,160 | |
| | 6,392,300 | | |
Barclays Plc | |
| 19,576,059 | |
| | 32,518 | | |
BNP Paribas SA | |
| 2,219,559 | |
| | 2,665,903 | | |
CaixaBank SA | |
| 16,210,083 | |
| | 65,200 | | |
Canadian Imperial Bank of Commerce | |
| 4,079,127 | |
| | 189,830 | | |
Capitec Bank Holdings Ltd. | |
| 34,141,082 | |
| | 65,942 | | |
Citigroup, Inc. | |
| 4,231,498 | |
| | 51,046 | | |
Citizens Financial Group, Inc. | |
| 2,150,058 | |
| | 62,419 | | |
Commonwealth Bank of Australia | |
| 5,863,877 | |
| | 92,400 | | |
DBS Group Holdings Ltd. | |
| 2,705,175 | |
| | 726,494 | | |
DNB Bank ASA | |
| 15,005,131 | |
| | 41,554 | | |
Fifth Third Bancorp | |
| 1,815,079 | |
| | 861 | | |
First Citizens BancShares, Inc. - Class A | |
| 1,668,058 | |
| | 4,960,039 | | |
HDFC Bank Ltd. | |
| 102,384,631 | |
| | 665,773 | | |
HSBC Holdings Plc | |
| 6,109,809 | |
| | 7,297,998 | | |
ING Groep NV | |
| 124,426,440 | |
| | 622,200 | | |
Intesa Sanpaolo SpA | |
| 2,664,554 | |
| | 189,900 | | |
Japan Post Bank Co. Ltd. | |
| 1,714,774 | |
| | 2,431,052 | | |
JPMorgan Chase & Co. | |
| 539,499,060 | |
| | 7,650 | | |
KBC Group NV | |
| 554,863 | |
| | 1,989,576 | | |
Lloyds Banking Group Plc | |
| 1,369,955 | |
| | 13,912,570 | | |
Mitsubishi UFJ Financial Group, Inc. | |
| 149,115,574 | |
| | 427,900 | | |
Mizuho Financial Group, Inc. | |
| 9,045,773 | |
| | 96,066 | | |
National Australia Bank Ltd. | |
| 2,452,976 | |
| | 21,100 | | |
National Bank of Canada | |
| 2,012,483 | |
| | 176,000 | | |
NatWest Group Plc | |
| 834,470 | |
| | 143,700 | | |
Nordea Bank Abp | |
| 1,682,674 | |
| | 112,800 | | |
Oversea-Chinese Banking Corp. Ltd. | |
| 1,297,563 | |
| | 17,333 | | |
PNC Financial Services Group, Inc. (The) | |
| 3,263,284 | |
| | 31,606,167 | | |
Public Bank Bhd | |
| 31,902,091 | |
| | 64,443 | | |
Regions Financial Corp. | |
| 1,538,254 | |
| | 412,869 | | |
Royal Bank of Canada | |
| 49,932,137 | |
| | 49,700 | | |
Skandinaviska Enskilda Banken AB - Class A | |
| 701,800 | |
| | 700,395 | | |
Sumitomo Mitsui Financial Group, Inc. | |
| 15,087,487 | |
| | 39,200 | | |
Svenska Handelsbanken AB - Class A | |
| 407,653 | |
| | 39,200 | | |
Swedbank AB - Class A | |
| 795,439 | |
| | 56,256 | | |
Toronto-Dominion Bank (The) | |
| 3,109,868 | |
| | 1,950,048 | | |
Truist Financial Corp. | |
| 83,949,566 | |
| | 55,900 | | |
UniCredit SpA | |
| 2,473,557 | |
| | 39,700 | | |
United Overseas Bank Ltd. | |
| 966,870 | |
| Shares | |
| |
Value |
| Banks (continued) |
| | 103,776 | | |
US Bancorp | |
$ | 5,013,419 | |
| | 117,871 | | |
Wells Fargo & Co. | |
| 7,652,185 | |
| | 108,700 | | |
Westpac Banking Corp. | |
| 2,297,719 | |
| | | | |
| |
| 1,547,983,036 | |
| Communication Services — 8.3% |
| | 594,087 | | |
Alphabet, Inc. - Class A | |
| 101,654,227 | |
| | 3,637,523 | | |
Alphabet, Inc. - Class C | |
| 628,163,847 | |
| | 211,185 | | |
AT&T, Inc. | |
| 4,760,110 | |
| | 1,321,509 | | |
Auto Trader Group Plc(a)(b) | |
| 14,300,134 | |
| | 12,200 | | |
BCE, Inc. | |
| 393,334 | |
| | 6,627 | | |
Charter Communications, Inc. - Class A(c) | |
| 2,171,071 | |
| | 1,315,490 | | |
Comcast Corp. - Class A | |
| 57,447,448 | |
| | 137,833 | | |
CTS Eventim AG & Co. KGaA | |
| 14,460,541 | |
| | 889,443 | | |
Deutsche Telekom AG | |
| 26,915,617 | |
| | 16,238 | | |
Electronic Arts, Inc. | |
| 2,449,502 | |
| | 391,838 | | |
Elisa Oyj | |
| 18,651,465 | |
| | 42,554 | | |
Interpublic Group of Cos., Inc. (The) | |
| 1,251,088 | |
| | 301,975 | | |
KDDI Corp. | |
| 9,496,094 | |
| | 5,029,310 | | |
Koninklijke KPN NV | |
| 19,655,981 | |
| | 580,400 | | |
LY Corp. | |
| 1,602,078 | |
| | 56,495 | | |
Match Group, Inc.(c) | |
| 2,035,515 | |
| | 933,366 | | |
Meta Platforms, Inc. - Class A | |
| 529,759,874 | |
| | 2,423,810 | | |
NetEase, Inc. | |
| 38,598,382 | |
| | 125,925 | | |
Netflix, Inc.(c) | |
| 95,203,078 | |
| | 63,998 | | |
News Corp. - Class A | |
| 1,743,945 | |
| | 213,700 | | |
Nintendo Co. Ltd. | |
| 11,455,749 | |
| | 5,818,001 | | |
Nippon Telegraph & Telephone Corp. | |
| 5,655,645 | |
| | 39,300 | | |
Orange SA | |
| 431,547 | |
| | 893,670 | | |
Quebecor, Inc. - Class B | |
| 22,252,694 | |
| | 2,026,499 | | |
Rightmove Plc | |
| 15,385,751 | |
| | 10,675 | | |
Rogers Communications, Inc. - Class B | |
| 387,715 | |
| | 403,100 | | |
Singapore Telecommunications Ltd. | |
| 955,474 | |
| | 46,432 | | |
Sirius XM Holdings, Inc. | |
| 1,237,877 | |
| | 5,371,390 | | |
SoftBank Corp. | |
| 6,815,875 | |
| | 75,600 | | |
SoftBank Group Corp. | |
| 4,725,871 | |
| | 82,245 | | |
Spotify Technology SA(c) | |
| 31,672,549 | |
| | 24,665 | | |
Swisscom AG | |
| 15,023,785 | |
| | 136,800 | | |
Telefonica SA | |
| 641,941 | |
| | 180,200 | | |
Telstra Group Ltd. | |
| 453,012 | |
| | 3,958,712 | | |
Tencent Holdings Ltd. | |
| 206,029,621 | |
| | 27,332 | | |
T-Mobile US, Inc. | |
| 6,099,409 | |
| | 3,318,915 | | |
Verizon Communications, Inc. | |
| 139,825,889 | |
| | 1,148,000 | | |
Vodafone Group Plc | |
| 1,066,104 | |
| | | | |
| |
| 2,040,829,839 | |
| Consumer Discretionary — 11.2% |
| | 135,353 | | |
Airbnb, Inc. - Class A(c) | |
| 18,244,231 | |
| | 14,273 | | |
Amadeus IT Group SA | |
| 1,033,995 | |
| | 4,139,810 | | |
Amazon.com, Inc.(c) | |
| 771,660,584 | |
| | 25,700 | | |
Aristocrat Leisure Ltd. | |
| 1,040,498 | |
| | 855 | | |
AutoZone, Inc.(c) | |
| 2,572,695 | |
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| Consumer Discretionary (continued) |
| | 2,985,012 | | |
B&M European Value Retail SA | |
$ | 14,918,816 | |
| | 85,568 | | |
Bandai Namco Holdings, Inc. | |
| 1,814,533 | |
| | 20,900 | | |
Bayerische Motoren Werke AG | |
| 1,644,121 | |
| | 15,000 | | |
Bayerische Motoren Werke AG - Preference Shares | |
| 1,102,163 | |
| | 45,837 | | |
Booking Holdings, Inc. | |
| 214,345,271 | |
| | 36,720 | | |
BorgWarner, Inc. | |
| 1,234,894 | |
| | 134,200 | | |
Bridgestone Corp. | |
| 4,846,356 | |
| | 2,422,522 | | |
Chipotle Mexican Grill, Inc.(c) | |
| 135,104,052 | |
| | 20,700 | | |
Cie Generale des Etablissements Michelin SCA | |
| 699,135 | |
| | 53,619 | | |
Compass Group Plc | |
| 1,738,846 | |
| | 285,200 | | |
Denso Corp. | |
| 4,161,435 | |
| | 338,948 | | |
Dollarama, Inc. | |
| 35,271,430 | |
| | 2,838 | | |
Domino’s Pizza, Inc. | |
| 1,174,166 | |
| | 425,516 | | |
DoorDash, Inc. - Class A(c) | |
| 66,678,357 | |
| | 9,055 | | |
DR Horton, Inc. | |
| 1,530,295 | |
| | 39,441 | | |
eBay, Inc. | |
| 2,268,252 | |
| | 31,443 | | |
Etsy, Inc.(c) | |
| 1,617,428 | |
| | 5,700 | | |
Evolution AB(a)(b) | |
| 537,658 | |
| | 10,222 | | |
Expedia Group, Inc.(c) | |
| 1,597,801 | |
| | 33,104 | | |
Fast Retailing Co. Ltd. | |
| 10,789,194 | |
| | 5,000 | | |
Ferrari NV | |
| 2,391,962 | |
| | 274,590 | | |
Flutter Entertainment Plc(c) | |
| 63,916,314 | |
| | 40,777 | | |
General Motors Co. | |
| 2,069,840 | |
| | 462,143 | | |
Genuine Parts Co. | |
| 53,007,802 | |
| | 55,000 | | |
H & M Hennes & Mauritz AB - Class B | |
| 816,904 | |
| | 8,400,091 | | |
Hangzhou Robam Appliances Co. Ltd. - A Shares | |
| 28,662,811 | |
| | 964 | | |
Hermes International SCA | |
| 2,174,778 | |
| | 12,444 | | |
Hilton Worldwide Holdings, Inc. | |
| 2,922,473 | |
| | 407,467 | | |
Home Depot, Inc. (The) | |
| 160,440,131 | |
| | 873,800 | | |
Honda Motor Co. Ltd. | |
| 8,957,111 | |
| | 53,473 | | |
Industria de Diseno Textil SA | |
| 3,042,043 | |
| | 31,500 | | |
Isuzu Motors Ltd. | |
| 413,912 | |
| | 8,769 | | |
Lennar Corp. - Class A | |
| 1,493,361 | |
| | 666,535 | | |
Lowe’s Cos., Inc. | |
| 174,518,859 | |
| | 8,110 | | |
Lululemon Athletica, Inc.(c) | |
| 2,415,969 | |
| | 124,801 | | |
LVMH Moet Hennessy Louis Vuitton SE | |
| 82,781,745 | |
| | 1,246,754 | | |
Mahindra & Mahindra Ltd. | |
| 40,456,444 | |
| | 10,444 | | |
Marriott International, Inc. - Class A | |
| 2,715,649 | |
| | 371,717 | | |
McDonald’s Corp. | |
| 108,582,253 | |
| | 2,538,928 | | |
Meituan - B Shares(a)(b)(c) | |
| 59,602,315 | |
| | 48,126 | | |
MercadoLibre, Inc.(c) | |
| 98,041,325 | |
| | 24,800 | | |
Mercedes-Benz Group AG | |
| 1,502,574 | |
| | 16,867 | | |
Mohawk Industries, Inc.(c) | |
| 2,264,732 | |
| | 127,270 | | |
Next Plc | |
| 16,066,203 | |
| | 543,844 | | |
NIKE, Inc. - Class B | |
| 41,946,688 | |
| | 323 | | |
NVR, Inc.(c) | |
| 2,956,358 | |
| | 149,903 | | |
O’Reilly Automotive, Inc.(c) | |
| 172,859,145 | |
| | 212,200 | | |
Oriental Land Co. Ltd. | |
| 5,174,417 | |
| Shares | |
| |
Value |
| Consumer Discretionary (continued) |
| | 548,892 | | |
Panasonic Holdings Corp. | |
$ | 4,472,346 | |
| | 244,577 | | |
Pandora A/S | |
| 36,876,908 | |
| | 3,944 | | |
Pool Corp. | |
| 1,426,308 | |
| | 45,600 | | |
Prosus NV | |
| 1,921,806 | |
| | 11,444 | | |
PulteGroup, Inc. | |
| 1,482,341 | |
| | 8,777 | | |
Ralph Lauren Corp. | |
| 1,737,232 | |
| | 254,308 | | |
Ross Stores, Inc. | |
| 35,531,914 | |
| | 12,444 | | |
Royal Caribbean Cruises Ltd. | |
| 2,567,819 | |
| | 108,900 | | |
Sekisui House Ltd. | |
| 2,663,370 | |
| | 20,350 | | |
Shimano, Inc. | |
| 3,049,018 | |
| | 1,279,270 | | |
Sony Group Corp. | |
| 22,930,708 | |
| | 33,988 | | |
Starbucks Corp. | |
| 3,320,628 | |
| | 84,900 | | |
Stellantis NV | |
| 1,163,240 | |
| | 1,180,400 | | |
Sumitomo Electric Industries Ltd. | |
| 18,509,300 | |
| | 320,000 | | |
Suzuki Motor Corp. | |
| 3,248,651 | |
| | 32,777 | | |
Tapestry, Inc. | |
| 1,555,269 | |
| | 54,776 | | |
Tesla, Inc.(c) | |
| 13,685,784 | |
| | 1,490,231 | | |
Titan Co. Ltd. | |
| 57,900,777 | |
| | 31,999 | | |
TJX Cos., Inc. (The) | |
| 3,616,847 | |
| | 1,300,215 | | |
Toyota Motor Corp. | |
| 22,955,290 | |
| | 1,095,115 | | |
Wesfarmers Ltd. | |
| 48,488,372 | |
| | 13,613 | | |
Yum! Brands, Inc. | |
| 1,785,481 | |
| | 1,206,636 | | |
Zalando SE(a)(b)(c) | |
| 36,251,756 | |
| | | | |
| |
| 2,766,961,489 | |
| Consumer Staples — 6.1% |
| | 137,590 | | |
Aeon Co. Ltd. | |
| 3,386,775 | |
| | 82,579 | | |
Ajinomoto Co., Inc. | |
| 3,208,809 | |
| | 26,292 | | |
Alimentation Couche-Tard, Inc. | |
| 1,371,108 | |
| | 29,777 | | |
Altria Group, Inc. | |
| 1,621,655 | |
| | 27,000 | | |
Anheuser-Busch InBev SA | |
| 1,614,721 | |
| | 324,618 | | |
Asahi Group Holdings Ltd. | |
| 3,930,070 | |
| | 5,342,455 | | |
AVI Ltd. | |
| 33,342,616 | |
| | 65,554 | | |
Campbell Soup Co. | |
| 3,058,094 | |
| | 541,689 | | |
Clicks Group Ltd. | |
| 11,563,201 | |
| | 1,187,959 | | |
Coca-Cola Co. (The) | |
| 77,585,602 | |
| | 18,000 | | |
Coca-Cola Europacific Partners Plc | |
| 1,368,000 | |
| | 32,890 | | |
Colgate-Palmolive Co. | |
| 3,082,122 | |
| | 59,221 | | |
Conagra Brands, Inc. | |
| 1,713,856 | |
| | 344,595 | | |
Costco Wholesale Corp. | |
| 301,238,057 | |
| | 23,500 | | |
Danone SA | |
| 1,679,432 | |
| | 86,800 | | |
Diageo Plc | |
| 2,685,063 | |
| | 5,166,881 | | |
Fomento Economico Mexicano SAB de CV - Units | |
| 50,056,217 | |
| | 9,596,064 | | |
Foshan Haitian Flavouring & Food Co. Ltd. - A Shares | |
| 58,979,109 | |
| | 63,472 | | |
General Mills, Inc. | |
| 4,317,365 | |
| | 143,187 | | |
Hershey Co. (The) | |
| 25,427,147 | |
| | 46,200 | | |
Imperial Brands Plc | |
| 1,392,211 | |
| | 172,252 | | |
Japan Tobacco, Inc. | |
| 4,853,303 | |
| | 591,556 | | |
Jeronimo Martins SGPS SA | |
| 11,498,720 | |
| | 97,641 | | |
Kao Corp. | |
| 4,357,022 | |
| | 1,684,045 | | |
Kenvue, Inc. | |
| 38,615,152 | |
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| Consumer Staples (continued) |
| | 31,302 | | |
Kimberly-Clark Corp. | |
$ | 4,200,102 | |
| | 118,500 | | |
Kirin Holdings Co. Ltd. | |
| 1,753,245 | |
| | 520,364 | | |
Koninklijke Ahold Delhaize NV | |
| 17,156,246 | |
| | 11,555 | | |
Lamb Weston Holdings, Inc. | |
| 897,708 | |
| | 1,329,300 | | |
Lion Corp. | |
| 14,680,567 | |
| | 8,350 | | |
Loblaw Cos. Ltd. | |
| 1,055,722 | |
| | 10,892 | | |
L’Oreal SA | |
| 4,078,596 | |
| | 6,171,262 | | |
Marico Ltd. | |
| 46,970,910 | |
| | 28,999 | | |
Molson Coors Beverage Co. - Class B | |
| 1,579,576 | |
| | 40,720 | | |
Mondelez International, Inc. - Class A | |
| 2,788,506 | |
| | 16,787 | | |
Monster Beverage Corp.(c) | |
| 884,339 | |
| | 14,745,622 | | |
Natura & Co. Holding SA | |
| 34,843,225 | |
| | 82,069 | | |
Nestle SA | |
| 7,753,099 | |
| | 15,500 | | |
Nissin Foods Holdings Co. Ltd. | |
| 420,298 | |
| | 2,296,000 | | |
Orkla ASA | |
| 21,227,178 | |
| | 267,907 | | |
PepsiCo, Inc. | |
| 44,493,995 | |
| | 1,166,361 | | |
Philip Morris International, Inc. | |
| 154,776,105 | |
| | 454,181 | | |
Procter & Gamble Co. (The) | |
| 75,021,618 | |
| | 2,593,800 | | |
Raia Drogasil SA | |
| 10,970,335 | |
| | 22,200 | | |
Reckitt Benckiser Group Plc | |
| 1,340,832 | |
| | 404,362 | | |
Target Corp. | |
| 60,670,474 | |
| | 358,000 | | |
Tesco Plc | |
| 1,579,674 | |
| | 729,893 | | |
Unicharm Corp. | |
| 23,591,579 | |
| | 1,443,561 | | |
Unilever Plc | |
| 88,044,207 | |
| | 28,905,223 | | |
Uni-President Enterprises Corp. | |
| 80,946,166 | |
| | 1,714,046 | | |
Walmart, Inc. | |
| 140,466,070 | |
| | 39,726 | | |
Woolworths Group Ltd. | |
| 783,265 | |
| | 1,011,330 | | |
Yunnan Botanee Bio-Technology Group Co. Ltd. - A Shares | |
| 7,438,526 | |
| | | | |
| |
| 1,502,357,590 | |
| Energy — 3.0% |
| | 18,795 | | |
Aker BP ASA | |
| 400,839 | |
| | 523,776 | | |
BP Plc | |
| 2,543,830 | |
| | 467,620 | | |
Canadian Natural Resources Ltd. | |
| 15,902,472 | |
| | 7,555 | | |
Cheniere Energy, Inc. | |
| 1,445,876 | |
| | 2,008,902 | | |
Chevron Corp. | |
| 298,964,796 | |
| | 46,840 | | |
ConocoPhillips | |
| 5,130,854 | |
| | 49,143 | | |
Coterra Energy, Inc. | |
| 1,175,500 | |
| | 41,554 | | |
Devon Energy Corp. | |
| 1,607,309 | |
| | 611,719 | | |
Diamondback Energy, Inc. | |
| 108,133,568 | |
| | 66,328 | | |
Enbridge, Inc. | |
| 2,679,130 | |
| | 106,200 | | |
ENEOS Holdings, Inc. | |
| 542,673 | |
| | 86,100 | | |
Eni SpA | |
| 1,312,298 | |
| | 29,197 | | |
EOG Resources, Inc. | |
| 3,560,866 | |
| | 21,700 | | |
Equinor ASA | |
| 520,889 | |
| | 914,444 | | |
Exxon Mobil Corp. | |
| 106,788,770 | |
| | 2,011,200 | | |
Idemitsu Kosan Co. Ltd. | |
| 13,858,934 | |
| | 7,450 | | |
Imperial Oil Ltd. | |
| 555,934 | |
| | 4,675,850 | | |
Kinder Morgan, Inc. | |
| 114,605,083 | |
| | 13,110 | | |
Marathon Petroleum Corp. | |
| 1,907,112 | |
| | 18,700 | | |
Pembina Pipeline Corp. | |
| 782,328 | |
| | 18,887 | | |
Phillips 66 | |
| 2,300,814 | |
| Shares | |
| |
Value |
| Energy (continued) |
| | 875,527 | | |
Shell Plc | |
$ | 29,109,932 | |
| | 1 | | |
South Bow Corp.(c) | |
| 5 | |
| | 36,100 | | |
Suncor Energy, Inc. | |
| 1,362,743 | |
| | 32,066 | | |
TC Energy Corp. | |
| 1,491,431 | |
| | 457,253 | | |
TotalEnergies SE | |
| 28,549,437 | |
| | 9,663 | | |
Valero Energy Corp. | |
| 1,253,871 | |
| | 36,110 | | |
Williams Cos, Inc. (The) | |
| 1,891,081 | |
| | 74,635 | | |
Woodside Energy Group Ltd. | |
| 1,168,009 | |
| | | | |
| |
| 749,546,384 | |
| Financial Services — 7.7% |
| | 521,188 | | |
3i Group Plc | |
| 21,317,295 | |
| | 48,437 | | |
Adyen NV(a)(b)(c) | |
| 74,099,484 | |
| | 20,524 | | |
American Express Co. | |
| 5,543,122 | |
| | 4,727 | | |
Ameriprise Financial, Inc. | |
| 2,412,188 | |
| | 304,338 | | |
Bajaj Finance Ltd. | |
| 24,936,452 | |
| | 21,999 | | |
Bank of New York Mellon Corp. (The) | |
| 1,657,845 | |
| | 463,699 | | |
Berkshire Hathaway, Inc. - Class B(c) | |
| 209,091,153 | |
| | 1,508,783 | | |
Blackstone, Inc. | |
| 253,098,348 | |
| | 646,706 | | |
Block, Inc.(c) | |
| 46,769,778 | |
| | 15,165 | | |
Capital One Financial Corp. | |
| 2,468,710 | |
| | 18,888 | | |
CME Group, Inc. | |
| 4,256,600 | |
| | 85,100 | | |
Deutsche Bank AG | |
| 1,446,275 | |
| | 8,459 | | |
Deutsche Boerse AG | |
| 1,966,313 | |
| | 1,150,228 | | |
Fiserv, Inc.(c) | |
| 227,630,121 | |
| | 14,369 | | |
Goldman Sachs Group, Inc. (The) | |
| 7,440,125 | |
| | 246,851 | | |
Groupe Bruxelles Lambert NV | |
| 17,775,506 | |
| | 492,896 | | |
IGM Financial, Inc. | |
| 14,807,943 | |
| | 424,100 | | |
Industrivarden AB - Class A | |
| 14,600,324 | |
| | 93,109 | | |
Invesco Ltd. | |
| 1,614,510 | |
| | 1,770,341 | | |
Investor AB - Class B | |
| 50,088,394 | |
| | 1,062,052 | | |
KKR & Co., Inc. - Class A | |
| 146,818,069 | |
| | 1,321,006 | | |
London Stock Exchange Group Plc | |
| 179,109,480 | |
| | 11,300 | | |
Macquarie Group Ltd. | |
| 1,721,631 | |
| | 416,959 | | |
Mastercard, Inc. - Class A | |
| 208,308,547 | |
| | 889,001 | | |
Morgan Stanley | |
| 103,346,366 | |
| | 19,555 | | |
Northern Trust Corp. | |
| 1,965,669 | |
| | 884,100 | | |
ORIX Corp. | |
| 19,027,294 | |
| | 875 | | |
Partners Group Holding AG | |
| 1,208,818 | |
| | 19,110 | | |
Raymond James Financial, Inc. | |
| 2,832,484 | |
| | 16,048 | | |
State Street Corp. | |
| 1,489,254 | |
| | 32,642 | | |
Synchrony Financial | |
| 1,799,880 | |
| | 834,658 | | |
Visa, Inc. - Class A | |
| 241,925,621 | |
| | | | |
| |
| 1,892,573,599 | |
| Health Care — 10.2% |
| | 959,535 | | |
Abbott Laboratories | |
| 108,782,483 | |
| | 790,339 | | |
AbbVie, Inc. | |
| 161,126,412 | |
| | 688,511 | | |
Agilent Technologies, Inc. | |
| 89,719,868 | |
| | 37,120 | | |
Align Technology, Inc.(c) | |
| 7,610,714 | |
| | 18,238 | | |
Amgen, Inc. | |
| 5,839,078 | |
| | 1,345,751 | | |
AstraZeneca Plc | |
| 191,609,466 | |
| | 35,266 | | |
Bio-Techne Corp. | |
| 2,600,867 | |
| | 59,546 | | |
Bristol-Myers Squibb Co. | |
| 3,320,880 | |
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| Health Care (continued) |
| | 16,787 | | |
Cardinal Health, Inc. | |
$ | 1,821,725 | |
| | 641,183 | | |
Cencora, Inc. | |
| 146,241,019 | |
| | 16,333 | | |
Centene Corp.(c) | |
| 1,016,893 | |
| | 7,722 | | |
Charles River Laboratories International, Inc.(c) | |
| 1,378,995 | |
| | 530,953 | | |
Chugai Pharmaceutical Co. Ltd. | |
| 25,649,566 | |
| | 10,925 | | |
Cigna Group (The) | |
| 3,439,299 | |
| | 741,573 | | |
CSL Ltd. | |
| 140,039,976 | |
| | 47,578 | | |
CVS Health Corp. | |
| 2,686,254 | |
| | 147,800 | | |
Daiichi Sankyo Co. Ltd. | |
| 4,845,280 | |
| | 586,752 | | |
Danaher Corp. | |
| 144,141,496 | |
| | 11,444 | | |
DaVita, Inc.(c) | |
| 1,599,986 | |
| | 651,516 | | |
Dexcom, Inc.(c) | |
| 45,918,848 | |
| | 2,017,501 | | |
Dr Reddy’s Laboratories Ltd. | |
| 30,572,178 | |
| | 267,363 | | |
Edwards Lifesciences Corp.(c) | |
| 17,915,995 | |
| | 110,321 | | |
Elevance Health, Inc. | |
| 44,763,849 | |
| | 198,698 | | |
Eli Lilly & Co. | |
| 164,867,678 | |
| | 45,555 | | |
Gilead Sciences, Inc. | |
| 4,046,195 | |
| | 778,110 | | |
GSK Plc | |
| 13,971,425 | |
| | 4,512,329 | | |
Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares | |
| 21,587,453 | |
| | 5,908 | | |
HCA Healthcare, Inc. | |
| 2,119,436 | |
| | 79,169 | | |
Hoya Corp. | |
| 10,798,852 | |
| | 5,850 | | |
Humana, Inc. | |
| 1,508,305 | |
| | 312,151 | | |
ICON Plc(c) | |
| 69,331,859 | |
| | 672,418 | | |
Illumina, Inc.(c) | |
| 96,922,331 | |
| | 247,565 | | |
Intuitive Surgical, Inc.(c) | |
| 124,733,150 | |
| | 377,434 | | |
iRhythm Technologies, Inc.(c) | |
| 27,341,319 | |
| | 571,380 | | |
Johnson & Johnson | |
| 91,340,807 | |
| | 5,047 | | |
McKesson Corp. | |
| 2,526,478 | |
| | 466,917 | | |
Medtronic Plc | |
| 41,672,342 | |
| | 1,164,263 | | |
Merck & Co., Inc. | |
| 119,127,390 | |
| | 3,505 | | |
Mettler-Toledo International, Inc.(c) | |
| 4,527,584 | |
| | 333,650 | | |
Novartis AG | |
| 36,241,526 | |
| | 101,882 | | |
Novo Nordisk A/S - Class B | |
| 11,336,977 | |
| | 267,500 | | |
Olympus Corp. | |
| 4,772,007 | |
| | 28,200 | | |
Ono Pharmaceutical Co. Ltd. | |
| 354,959 | |
| | 98,254 | | |
Otsuka Holdings Co. Ltd. | |
| 5,995,861 | |
| | 259,143 | | |
Recordati Industria Chimica e Farmaceutica SpA | |
| 14,686,094 | |
| | 3,992 | | |
Regeneron Pharmaceuticals, Inc.(c) | |
| 3,346,094 | |
| | 166,761 | | |
Repligen Corp.(c) | |
| 22,390,999 | |
| | 141,935 | | |
Roche Holding AG | |
| 44,032,640 | |
| | 4,150 | | |
Roche Holding AG | |
| 1,409,044 | |
| | 41,159 | | |
Sanofi SA | |
| 4,347,683 | |
| | 169,200 | | |
Shionogi & Co. Ltd. | |
| 2,437,665 | |
| | 10,055 | | |
Stryker Corp. | |
| 3,582,395 | |
| | 73,500 | | |
Takeda Pharmaceutical Co. Ltd. | |
| 2,062,683 | |
| | 10,666 | | |
Teleflex, Inc. | |
| 2,144,506 | |
| | 315,362 | | |
Terumo Corp. | |
| 6,111,514 | |
| | 11,461 | | |
Thermo Fisher Scientific, Inc. | |
| 6,261,374 | |
| | 636,691 | | |
UnitedHealth Group, Inc. | |
| 359,412,069 | |
| Shares | |
| |
Value |
| Health Care (continued) |
| | 7,722 | | |
Universal Health Services, Inc. - Class B | |
$ | 1,577,682 | |
| | 10,278 | | |
Vertex Pharmaceuticals, Inc.(c) | |
| 4,892,122 | |
| | 9,262 | | |
Waters Corp.(c) | |
| 2,992,645 | |
| | 17,110 | | |
Zoetis, Inc. | |
| 3,058,926 | |
| | | | |
| |
| 2,522,511,196 | |
| Industrials — 11.2% |
| | |
| | 16,375 | | |
3M Co. | |
| 2,103,696 | |
| | 16,326 | | |
A.O. Smith Corp. | |
| 1,226,083 | |
| | 73,500 | | |
ABB Ltd. | |
| 4,076,950 | |
| | 8,000 | | |
Aena SME SA(a)(b) | |
| 1,766,506 | |
| | 17,555 | | |
Allegion Plc | |
| 2,451,205 | |
| | 2,483,900 | | |
Amada Co. Ltd. | |
| 24,799,765 | |
| | 147,219 | | |
American Airlines Group, Inc.(c) | |
| 1,972,735 | |
| | 430,692 | | |
AMETEK, Inc. | |
| 78,963,071 | |
| | 58,800 | | |
Assa Abloy AB - Class B | |
| 1,837,198 | |
| | 111,459 | | |
Atlas Copco AB - Class A | |
| 1,834,888 | |
| | 79,500 | | |
Atlas Copco AB - Class B | |
| 1,153,190 | |
| | 163,221 | | |
Automatic Data Processing, Inc. | |
| 47,210,042 | |
| | 195,969 | | |
Axon Enterprise, Inc.(c) | |
| 82,992,871 | |
| | 84,800 | | |
BAE Systems Plc | |
| 1,366,817 | |
| | 9,444 | | |
Booz Allen Hamilton Holding Corp. | |
| 1,715,597 | |
| | 383,979 | | |
Bouygues SA | |
| 12,292,121 | |
| | 4,344 | | |
Broadridge Financial Solutions, Inc. | |
| 915,976 | |
| | 11,999 | | |
Builders FirstSource, Inc.(c) | |
| 2,056,629 | |
| | 466,901 | | |
Bureau Veritas SA | |
| 14,748,590 | |
| | 30,687 | | |
Canadian National Railway Co. | |
| 3,313,671 | |
| | 268,206 | | |
Caterpillar, Inc. | |
| 100,899,097 | |
| | 157,900 | | |
Central Japan Railway Co. | |
| 3,313,052 | |
| | 7,131,399 | | |
Centre Testing International Group Co. Ltd. - A Shares | |
| 13,809,168 | |
| | 16,333 | | |
CH Robinson Worldwide, Inc. | |
| 1,682,952 | |
| | 14,000 | | |
Cie de Saint-Gobain SA | |
| 1,263,661 | |
| | 8,222 | | |
Cintas Corp. | |
| 1,692,170 | |
| | 95,181 | | |
CSX Corp. | |
| 3,201,889 | |
| | 9,300 | | |
Daikin Industries Ltd. | |
| 1,141,536 | |
| | 90,588 | | |
Deere & Co. | |
| 36,660,058 | |
| | 79,639 | | |
Deutsche Post AG | |
| 3,199,147 | |
| | 172,500 | | |
East Japan Railway Co. | |
| 3,485,422 | |
| | 430,758 | | |
Eaton Corp. Plc | |
| 142,830,738 | |
| | 347,373 | | |
Experian Plc | |
| 16,917,943 | |
| | 215,500 | | |
FANUC Corp. | |
| 5,839,236 | |
| | 20,655 | | |
Fastenal Co. | |
| 1,614,808 | |
| | 11,110 | | |
FedEx Corp. | |
| 3,042,473 | |
| | 16,100 | | |
Ferrovial SE | |
| 645,871 | |
| | 10,051 | | |
General Dynamics Corp. | |
| 2,930,972 | |
| | 32,416 | | |
General Electric Co. | |
| 5,568,420 | |
| | 3,711,015 | | |
Hitachi Ltd. | |
| 95,840,614 | |
| | 456,184 | | |
Honeywell International, Inc. | |
| 93,827,925 | |
| | 1,353,465 | | |
Howden Joinery Group Plc | |
| 14,694,798 | |
| | 944,834 | | |
Howmet Aerospace, Inc. | |
| 94,218,846 | |
| | 6,111 | | |
Huntington Ingalls Industries, Inc. | |
| 1,130,291 | |
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| Industrials (continued) |
| | 144,367 | | |
Illinois Tool Works, Inc. | |
$ | 37,698,555 | |
| | 240,186 | | |
IMCD NV | |
| 38,157,362 | |
| | 241,221 | | |
Intertek Group Plc | |
| 14,457,252 | |
| | 3,129,789 | | |
ITOCHU Corp. | |
| 157,642,985 | |
| | 186,900 | | |
Komatsu Ltd. | |
| 4,933,894 | |
| | 10,497 | | |
Kone Oyj - Class B | |
| 573,874 | |
| | 744,691 | | |
L3Harris Technologies, Inc. | |
| 184,288,682 | |
| | 18,600 | | |
Legrand SA | |
| 2,096,051 | |
| | 10,989 | | |
Leidos Holdings, Inc. | |
| 2,012,745 | |
| | 717,727 | | |
LG Corp. | |
| 39,370,967 | |
| | 8,232 | | |
Lockheed Martin Corp. | |
| 4,495,084 | |
| | 17,900 | | |
Makita Corp. | |
| 595,292 | |
| | 218,800 | | |
Marubeni Corp. | |
| 3,345,218 | |
| | 613,727 | | |
Mitsubishi Corp. | |
| 11,453,356 | |
| | 477,125 | | |
Mitsubishi Electric Corp. | |
| 7,497,275 | |
| | 488,582 | | |
Mitsui & Co. Ltd. | |
| 10,167,805 | |
| | 4,777 | | |
Nordson Corp. | |
| 1,184,171 | |
| | 206,775 | | |
Northrop Grumman Corp. | |
| 105,252,610 | |
| | 16,333 | | |
Old Dominion Freight Line, Inc. | |
| 3,288,160 | |
| | 24,218 | | |
PACCAR, Inc. | |
| 2,525,453 | |
| | 5,667 | | |
Parker-Hannifin Corp. | |
| 3,593,275 | |
| | 10,847 | | |
Paychex, Inc. | |
| 1,511,312 | |
| | 917,005 | | |
Pentair Plc | |
| 90,893,536 | |
| | 483,629 | | |
Quanta Services, Inc. | |
| 145,877,015 | |
| | 15,013 | | |
Rational AG | |
| 14,697,352 | |
| | 548,683 | | |
Recruit Holdings Co. Ltd. | |
| 34,425,398 | |
| | 366,190 | | |
RELX Plc | |
| 16,809,740 | |
| | 17,444 | | |
Republic Services, Inc. | |
| 3,453,912 | |
| | 26,869 | | |
Rollins, Inc. | |
| 1,266,605 | |
| | 18,617,378 | | |
Rolls-Royce Holdings Plc(c) | |
| 128,529,077 | |
| | 77,023 | | |
Sandvik AB | |
| 1,510,886 | |
| | 705,200 | | |
Sanwa Holdings Corp. | |
| 18,221,766 | |
| | 1,775 | | |
Schindler Holding AG | |
| 505,645 | |
| | 2,600 | | |
Schindler Holding AG - Participation Certificates | |
| 756,922 | |
| | 16,712 | | |
Schneider Electric SE | |
| 4,311,935 | |
| | 87,600 | | |
Secom Co. Ltd. | |
| 3,148,503 | |
| | 3,243,935 | | |
SF Holding Co. Ltd. - A Shares | |
| 20,343,205 | |
| | 35,700 | | |
SG Holdings Co. Ltd. | |
| 359,491 | |
| | 23,500 | | |
Siemens AG | |
| 4,560,283 | |
| | 1,599,040 | | |
Siemens Energy AG(c) | |
| 65,278,022 | |
| | 2,604,697 | | |
Singapore Airlines Ltd. | |
| 12,742,403 | |
| | 11,814 | | |
SMC Corp. | |
| 5,147,340 | |
| | 2,846,300 | | |
Sohgo Security Services Co. Ltd. | |
| 19,931,968 | |
| | 204,600 | | |
Sumitomo Corp. | |
| 4,369,666 | |
| | 165,000 | | |
Techtronic Industries Co. Ltd. | |
| 2,381,369 | |
| | 7,650 | | |
Thomson Reuters Corp. | |
| 1,252,208 | |
| | 166,200 | | |
Toyota Tsusho Corp. | |
| 2,891,053 | |
| | 13,111 | | |
Trane Technologies Plc | |
| 4,853,168 | |
| | 1,675,367 | | |
Uber Technologies, Inc.(c) | |
| 120,710,192 | |
| | 386,196 | | |
Union Pacific Corp. | |
| 89,624,506 | |
| | 26,888 | | |
United Parcel Service, Inc. - Class B | |
| 3,604,605 | |
| | 151,714 | | |
United Rentals, Inc. | |
| 123,313,139 | |
| Shares | |
| |
Value |
| Industrials (continued) |
| | 10,609 | | |
Verisk Analytics, Inc. | |
$ | 2,914,504 | |
| | 20,700 | | |
Vinci SA | |
| 2,312,437 | |
| | 54,500 | | |
Volvo AB - Class A | |
| 1,427,137 | |
| | 84,800 | | |
Volvo AB - Class B | |
| 2,202,267 | |
| | 431,540 | | |
Waste Management, Inc. | |
| 93,147,909 | |
| | 1,216,379 | | |
WEG SA | |
| 11,442,282 | |
| | 538,455 | | |
Westinghouse Air Brake Technologies Corp. | |
| 101,218,771 | |
| | 90,223 | | |
Wolters Kluwer NV | |
| 15,182,269 | |
| | 2,106 | | |
WW Grainger, Inc. | |
| 2,336,038 | |
| | | | |
| |
| 2,752,344,590 | |
| Information Technology — 25.3% |
| | 23,695 | | |
Accenture Plc - Class A | |
| 8,170,510 | |
| | 17,235 | | |
Adobe, Inc.(c) | |
| 8,239,709 | |
| | 2,993,000 | | |
Advantech Co. Ltd. | |
| 29,331,603 | |
| | 62,665 | | |
Amphenol Corp. - Class A | |
| 4,199,808 | |
| | 20,680 | | |
Analog Devices, Inc. | |
| 4,613,915 | |
| | 5,002,756 | | |
Apple, Inc. | |
| 1,130,172,608 | |
| | 30,032 | | |
Applied Materials, Inc. | |
| 5,453,211 | |
| | 11,111 | | |
Arista Networks, Inc.(c) | |
| 4,293,735 | |
| | 160,193 | | |
ASML Holding NV | |
| 108,244,060 | |
| | 112,983 | | |
ASML Holding NV - New York | |
| 75,986,717 | |
| | 209,113 | | |
Atlassian Corp. - Class A(c) | |
| 39,426,165 | |
| | 8,644 | | |
Autodesk, Inc.(c) | |
| 2,453,167 | |
| | 3,319,860 | | |
Broadcom, Inc. | |
| 563,612,632 | |
| | 398,142 | | |
Cadence Design Systems, Inc.(c) | |
| 109,934,969 | |
| | 663,900 | | |
Canon, Inc. | |
| 21,864,918 | |
| | 8,401 | | |
Capgemini SE | |
| 1,454,799 | |
| | 6,555 | | |
CDW Corp. | |
| 1,233,848 | |
| | 125,037 | | |
CGI, Inc.(c) | |
| 13,851,192 | |
| | 10,823 | | |
Check Point Software Technologies Ltd.(c) | |
| 1,874,652 | |
| | 122,712 | | |
Cisco Systems, Inc. | |
| 6,720,936 | |
| | 409,363 | | |
Cloudflare, Inc. - Class A(c) | |
| 35,905,229 | |
| | 1,099 | | |
Constellation Software, Inc. | |
| 3,314,357 | |
| | 14,777 | | |
Dell Technologies, Inc. - Class C | |
| 1,826,881 | |
| | 423,830 | | |
Entegris, Inc. | |
| 44,379,239 | |
| | 6,722 | | |
F5, Inc.(c) | |
| 1,572,141 | |
| | 1,603 | | |
Fair Isaac Corp.(c) | |
| 3,194,955 | |
| | 1,083,091 | | |
Fortinet, Inc.(c) | |
| 85,195,938 | |
| | 212,400 | | |
FUJIFILM Holdings Corp. | |
| 5,142,949 | |
| | 454,730 | | |
Fujitsu Ltd. | |
| 8,867,744 | |
| | 3,889 | | |
Gartner, Inc.(c) | |
| 1,954,222 | |
| | 36,884 | | |
Hamamatsu Photonics KK | |
| 494,611 | |
| | 63,117 | | |
Hexagon AB - Class B | |
| 589,907 | |
| | 34,316 | | |
International Business Machines Corp. | |
| 7,093,804 | |
| | 10,194 | | |
Intuit, Inc. | |
| 6,221,398 | |
| | 19,110 | | |
Jabil, Inc. | |
| 2,352,250 | |
| | 197,773 | | |
Keyence Corp. | |
| 90,829,274 | |
| | 186,661 | | |
KLA Corp. | |
| 124,359,158 | |
| | 321,700 | | |
Kyocera Corp. | |
| 3,330,486 | |
| | 58,650 | | |
Lam Research Corp. | |
| 4,360,627 | |
| | | | |
| |
| | |
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| Information Technology (continued) |
| | 1,675 | | |
Lasertec Corp. | |
$ | 258,790 | |
| | 22,124 | | |
Microchip Technology, Inc. | |
| 1,623,238 | |
| | 3,068,510 | | |
Microsoft Corp. | |
| 1,246,889,039 | |
| | 350,776 | | |
Motorola Solutions, Inc. | |
| 157,621,196 | |
| | 371,608 | | |
Murata Manufacturing Co. Ltd. | |
| 6,620,659 | |
| | 214,100 | | |
NEC Corp. | |
| 18,649,556 | |
| | 15,665 | | |
NetApp, Inc. | |
| 1,806,331 | |
| | 108,109 | | |
Nomura Research Institute Ltd. | |
| 3,267,320 | |
| | 95,500 | | |
NTT Data Group Corp. | |
| 1,536,146 | |
| | 10,072,885 | | |
NVIDIA Corp. | |
| 1,337,276,213 | |
| | 8,719 | | |
NXP Semiconductors NV | |
| 2,044,606 | |
| | 132,090 | | |
Obic Co. Ltd. | |
| 4,338,957 | |
| | 513,478 | | |
Okta, Inc.(c) | |
| 36,913,933 | |
| | 1,904,875 | | |
Oracle Corp. | |
| 319,714,220 | |
| | 15,777 | | |
Palo Alto Networks, Inc.(c) | |
| 5,684,926 | |
| | 13,777 | | |
Qorvo, Inc.(c) | |
| 981,749 | |
| | 833,465 | | |
QUALCOMM, Inc. | |
| 135,663,098 | |
| | 315,900 | | |
Renesas Electronics Corp. | |
| 4,386,922 | |
| | 101,562 | | |
Reply SpA | |
| 15,499,511 | |
| | 3,216 | | |
Roper Technologies, Inc. | |
| 1,729,340 | |
| | 33,667 | | |
Salesforce, Inc. | |
| 9,809,554 | |
| | 258,529 | | |
SAP SE | |
| 60,404,965 | |
| | 18,004 | | |
Seagate Technology Holdings Plc | |
| 1,807,061 | |
| | 21,600 | | |
Shimadzu Corp. | |
| 647,119 | |
| | 699,843 | | |
Shopify, Inc. - Class A(c) | |
| 54,734,721 | |
| | 15,678 | | |
Skyworks Solutions, Inc. | |
| 1,373,079 | |
| | 224,506 | | |
Snowflake, Inc. - Class A(c) | |
| 25,777,779 | |
| | 363,551 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | |
| 11,400,773 | |
| | 695,328 | | |
Tata Consultancy Services Ltd. | |
| 32,816,000 | |
| | 350,327 | | |
TE Connectivity Plc | |
| 51,645,206 | |
| | 90,700 | | |
Telefonaktiebolaget LM Ericsson - Class B | |
| 757,468 | |
| | 422,731 | | |
Texas Instruments, Inc. | |
| 85,882,030 | |
| | 92,756 | | |
Tokyo Electron Ltd. | |
| 14,285,181 | |
| | 3,781 | | |
Tyler Technologies, Inc.(c) | |
| 2,289,736 | |
| | 10,502 | | |
Zebra Technologies Corp. - Class A(c) | |
| 4,011,449 | |
| | | | |
| |
| 6,232,266,195 | |
| Insurance — 2.7% |
| | 27,555 | | |
Aflac, Inc. | |
| 2,887,488 | |
| | 6,441,766 | | |
AIA Group Ltd. | |
| 50,918,630 | |
| | 150,364 | | |
Allianz SE | |
| 47,333,813 | |
| | 22,796 | | |
American International Group, Inc. | |
| 1,729,760 | |
| | 10,103 | | |
Aon Plc - Class A | |
| 3,706,488 | |
| | 546,939 | | |
Arthur J Gallagher & Co. | |
| 153,799,247 | |
| | 15,555 | | |
Assurant, Inc. | |
| 2,981,894 | |
| | 55,600 | | |
AXA SA | |
| 2,087,732 | |
| | 13,777 | | |
Chubb Ltd. | |
| 3,891,176 | |
| | 171,900 | | |
Dai-ichi Life Holdings, Inc. | |
| 4,371,605 | |
| | 13,195 | | |
Fairfax Financial Holdings Ltd. | |
| 16,397,205 | |
| | 30,500 | | |
Generali | |
| 847,656 | |
| | 9,944 | | |
Globe Life, Inc. | |
| 1,050,086 | |
| Shares | |
| |
Value |
| Insurance (continued) |
| | 18,200 | | |
Great-West Lifeco, Inc. | |
$ | 610,697 | |
| | 1,775 | | |
Hannover Rueck SE | |
| 466,278 | |
| | 14,110 | | |
Hartford Financial Services Group, Inc. (The) | |
| 1,558,308 | |
| | 84,442 | | |
Intact Financial Corp. | |
| 16,126,066 | |
| | 288,100 | | |
Japan Post Holdings Co. Ltd. | |
| 2,687,783 | |
| | 16,777 | | |
Loews Corp. | |
| 1,324,712 | |
| | 82,500 | | |
Manulife Financial Corp. | |
| 2,409,793 | |
| | 5,574,699 | | |
Mapfre SA | |
| 15,923,746 | |
| | 14,666 | | |
Marsh & McLennan Cos, Inc. | |
| 3,200,708 | |
| | 1,591,236 | | |
MetLife, Inc. | |
| 124,784,727 | |
| | 192,000 | | |
MS&AD Insurance Group Holdings, Inc. | |
| 4,345,715 | |
| | 36,940 | | |
Muenchener Rueckversicherungs- Gesellschaft AG | |
| 18,893,334 | |
| | 1,785,400 | | |
Poste Italiane SpA(a)(b) | |
| 25,130,371 | |
| | 509,294 | | |
Power Corp. of Canada | |
| 16,097,985 | |
| | 17,333 | | |
Principal Financial Group, Inc. | |
| 1,428,239 | |
| | 642,031 | | |
Prudential Financial, Inc. | |
| 78,635,957 | |
| | 14,100 | | |
Sampo Oyj - Class A | |
| 624,227 | |
| | 173,700 | | |
Sompo Holdings, Inc. | |
| 3,800,045 | |
| | 18,100 | | |
Sun Life Financial, Inc. | |
| 1,003,570 | |
| | 1,219,947 | | |
Suncorp Group Ltd. | |
| 14,387,020 | |
| | 9,000 | | |
Swiss Re AG | |
| 1,153,205 | |
| | 336,451 | | |
Tokio Marine Holdings, Inc. | |
| 12,329,598 | |
| | 6,888 | | |
Travelers Cos, Inc. (The) | |
| 1,694,035 | |
| | 1,187,101 | | |
Unipol Gruppo SpA | |
| 14,759,206 | |
| | 24,332 | | |
W R Berkley Corp. | |
| 1,391,060 | |
| | 32,786 | | |
Zurich Insurance Group AG | |
| 19,393,305 | |
| | | | |
| |
| 676,162,470 | |
| Materials — 2.5% |
| | 21,567 | | |
Air Liquide SA | |
| 3,862,842 | |
| | 741,679 | | |
Asian Paints Ltd. | |
| 25,893,769 | |
| | 231,214 | | |
BHP Group Ltd. | |
| 6,488,185 | |
| | 391,871 | | |
Buzzi SpA | |
| 15,336,751 | |
| | 504,079 | | |
CCL Industries, Inc. - Class B | |
| 29,404,458 | |
| | 15,666 | | |
Celanese Corp. | |
| 1,973,446 | |
| | 1,354,945 | | |
Corteva, Inc. | |
| 82,543,249 | |
| | 1,318,419 | | |
CRH Plc | |
| 125,816,725 | |
| | 206,117 | | |
CRH Plc | |
| 19,651,593 | |
| | 13,999 | | |
Eastman Chemical Co. | |
| 1,471,155 | |
| | 16,444 | | |
Ecolab, Inc. | |
| 4,040,784 | |
| | 961,000 | | |
Fortescue Ltd. | |
| 12,123,762 | |
| | 447 | | |
Givaudan SA | |
| 2,120,733 | |
| | 162,425 | | |
Heidelberg Materials AG | |
| 17,879,793 | |
| | 25,500 | | |
Holcim AG | |
| 2,512,350 | |
| | 28,400 | | |
JFE Holdings, Inc. | |
| 345,794 | |
| | 339,683 | | |
Linde Plc | |
| 154,946,401 | |
| | 13,777 | | |
LyondellBasell Industries NV - Class A | |
| 1,196,532 | |
| | 1,002,000 | | |
Nitto Denko Corp. | |
| 16,872,562 | |
| | 8,888 | | |
Nucor Corp. | |
| 1,260,674 | |
| | 4,277 | | |
Reliance, Inc. | |
| 1,224,676 | |
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| Materials (continued) |
| | 36,500 | | |
Rio Tinto Ltd. | |
$ | 2,865,904 | |
| | 52,840 | | |
Rio Tinto Plc | |
| 3,417,628 | |
| | 15,888 | | |
Sherwin-Williams Co. (The) | |
| 5,700,138 | |
| | 370,450 | | |
Shin-Etsu Chemical Co. Ltd. | |
| 14,031,458 | |
| | 195,254 | | |
Sika AG | |
| 54,378,539 | |
| | 10,610 | | |
Steel Dynamics, Inc. | |
| 1,384,605 | |
| | | | |
| |
| 608,744,506 | |
| Real Estate — 1.3% |
| | 325,958 | | |
Alexandria Real Estate Equities, Inc. REIT | |
| 36,360,615 | |
| | 347,282 | | |
American Tower Corp. REIT | |
| 74,158,598 | |
| | 20,666 | | |
BXP, Inc. REIT | |
| 1,664,853 | |
| | 39,554 | | |
Camden Property Trust REIT | |
| 4,579,958 | |
| | 9,544,800 | | |
CapitaLand Integrated Commercial Trust REIT | |
| 14,600,906 | |
| | 15,110 | | |
CoStar Group, Inc.(c) | |
| 1,099,857 | |
| | 37,689 | | |
Crown Castle, Inc. REIT | |
| 4,051,191 | |
| | 80,479 | | |
Daiwa House Industry Co. Ltd. | |
| 2,421,150 | |
| | 16,473 | | |
Digital Realty Trust, Inc. REIT | |
| 2,935,983 | |
| | 1,500 | | |
Equinix, Inc. REIT | |
| 1,362,120 | |
| | 70,800 | | |
Goodman Group REIT | |
| 1,707,185 | |
| | 62,332 | | |
Host Hotels & Resorts, Inc. REIT | |
| 1,074,604 | |
| | 25,555 | | |
Mid-America Apartment Communities, Inc. REIT | |
| 3,867,494 | |
| | 188,623 | | |
Mitsubishi Estate Co. Ltd. | |
| 2,841,014 | |
| | 414,984 | | |
Mitsui Fudosan Co. Ltd. | |
| 3,621,619 | |
| | 800 | | |
Nippon Building Fund, Inc. REIT | |
| 687,113 | |
| | 8,833 | | |
SBA Communications Corp. REIT | |
| 2,026,908 | |
| | 641,724 | | |
Simon Property Group, Inc. REIT | |
| 108,528,363 | |
| | 2,195,136 | | |
Sun Hung Kai Properties Ltd. | |
| 23,761,039 | |
| | 39,110 | | |
UDR, Inc. REIT | |
| 1,650,051 | |
| | 3,995,600 | | |
UOL Group Ltd. | |
| 16,248,672 | |
| | 41,158 | | |
Weyerhaeuser Co. REIT | |
| 1,282,483 | |
| | | | |
| |
| 310,531,776 | |
| Utilities — 2.7% |
| | 62,332 | | |
Alliant Energy Corp. | |
| 3,739,920 | |
| | 282,000 | | |
CLP Holdings Ltd. | |
| 2,395,917 | |
| | 977,850 | | |
Duke Energy Corp. | |
| 112,716,770 | |
| | 47,600 | | |
Endesa SA | |
| 1,025,441 | |
| | 2,330,571 | | |
Enel SpA | |
| 17,669,498 | |
| | 263,092 | | |
Iberdrola SA | |
| 3,904,903 | |
| | 113,700 | | |
National Grid Plc | |
| 1,431,211 | |
| | 23,100 | | |
Naturgy Energy Group SA | |
| 574,404 | |
| | 3,638,806 | | |
NextEra Energy, Inc. | |
| 288,375,375 | |
| | 8,303,255 | | |
PG&E Corp. | |
| 167,891,816 | |
| | 39,443 | | |
Pinnacle West Capital Corp. | |
| 3,463,490 | |
| | 54,332 | | |
Public Service Enterprise Group, Inc. | |
| 4,857,824 | |
| | 32,443 | | |
Southern Co. (The) | |
| 2,953,286 | |
| | 55,800 | | |
SSE Plc | |
| 1,267,063 | |
| | 7,600 | | |
Verbund AG | |
| 621,671 | |
| Shares | | |
| |
Value |
| Utilities (continued) |
| | 698,335 | | |
WEC Energy Group, Inc. | |
$ | 66,711,943 | |
| | | | |
| |
| 679,600,532 | |
Total Common Stocks
(Cost $14,988,786,626) | |
| 24,282,413,202 | |
| | | | |
| |
| | |
| RIGHTS/WARRANTS — 0.0% |
| Information Technology — 0.0% |
| | 489 | | |
Constellation Software, Inc. Warrants, Expire 03/31/40(c)(d) | |
| 0 | |
| | 100,859 | | |
Reply SpA, Rights, Expire 11/28/24(c)(d) | |
| 0 | |
Total Rights/Warrants
(Cost $0) | |
| 0 | |
| | | | |
| |
| | |
Principal
Amount | |
| |
| | |
| U.S. GOVERNMENT SECURITIES — 0.6% |
| U.S. Treasury Bills — 0.6% |
| $ | 50,000,000 | | |
4.72%, 11/05/24(e) | |
| 49,973,903 | |
| | 90,000,000 | | |
4.71%, 11/19/24(e) | |
| 89,791,980 | |
Total U.S. Government Securities
(Cost $139,762,800) | |
| 139,765,883 | |
| | | | |
| |
| | |
| Shares | |
| |
| | |
| INVESTMENT COMPANY — 1.0% |
| | 243,644,780 | | |
Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.69%(f) | |
| 243,644,780 | |
Total Investment Company
(Cost $243,644,780) | |
| 243,644,780 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS — 100.1%
(Cost $15,372,194,206) | |
$ | 24,665,823,865 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS
— (0.1)% | |
| (25,760,930 | ) |
| NET ASSETS — 100.0% | |
$ | 24,640,062,935 | |
| (a) |
Security offered and sold outside of the United States, and thus is exempt from registration
under Regulation S of the Securities Act of 1933. |
| (b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The
security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has
been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. |
| (c) |
Non-income producing security. |
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| (d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value
hierarchy. The aggregate value of fair valued securities is $0 which is 0.00% of net assets and the cost is $0. |
| (e) |
Zero coupon security. The rate represents the yield at time of purchase. |
| (f) |
The rate shown represents the current yield as of October 31, 2024. |
Forward Foreign Currency Exchange Contracts Outstanding at October
31, 2024:
| Currency Purchased | |
Currency Sold | |
Counterparty | |
Settlement
Date | |
Unrealized
Depreciation |
| JPY |
7,749,300,000 | |
USD |
55,781,417 | |
Barclays Bank Plc | |
12/09/24 | |
$ | (4,513,637 | ) |
| GBP |
12,448,133 | |
USD |
16,436,856 | |
Barclays Bank Plc | |
12/09/24 | |
| (386,745 | ) |
| EUR |
13,987,970 | |
USD |
15,620,201 | |
Barclays Bank Plc | |
12/09/24 | |
| (379,460 | ) |
| CAD |
13,625,000 | |
USD |
10,044,653 | |
Barclays Bank Plc | |
12/09/24 | |
| (246,310 | ) |
| Total Forward Foreign Currency Exchange Contracts | |
| |
$ | (5,526,152 | ) |
The following abbreviations are used in the report:
CAD — Canadian Dollar
EUR — Euro
GBP — British Pound
JPY — Japanese Yen
REIT — Real Estate Investment Trust
USD — U.S. Dollar
PORTFOLIO DIVERSIFICATION BY COUNTRY
| Country: | |
Market Value | |
|
Market Value as
a percentage of
Net Assets |
| United States | |
$ | 18,310,462,113 | | |
| 74.3 | % |
| Japan | |
| 1,156,766,240 | | |
| 4.7 | |
| United Kingdom | |
| 898,304,684 | | |
| 3.6 | |
| Netherlands | |
| 478,684,082 | | |
| 1.9 | |
| China | |
| 455,050,590 | | |
| 1.8 | |
| India | |
| 361,931,161 | | |
| 1.5 | |
| Canada | |
| 322,340,890 | | |
| 1.3 | |
| Germany | |
| 318,002,347 | | |
| 1.3 | |
| Australia | |
| 283,203,584 | | |
| 1.1 | |
| Ireland | |
| 195,042,233 | | |
| 0.8 | |
| Switzerland | |
| 194,457,737 | | |
| 0.8 | |
| France | |
| 171,392,080 | | |
| 0.7 | |
| Taiwan | |
| 121,678,542 | | |
| 0.5 | |
| Italy | |
| 112,771,458 | | |
| 0.5 | |
| Sweden | |
| 110,933,662 | | |
| 0.5 | |
| Uruguay | |
| 98,041,325 | | |
| 0.4 | |
| Brazil | |
| 93,671,207 | | |
| 0.4 | |
| Hong Kong | |
| 79,456,955 | | |
| 0.3 | |
| South Africa | |
| 79,046,899 | | |
| 0.3 | |
| Mexico | |
| 50,056,217 | | |
| 0.2 | |
| Singapore | |
| 49,517,063 | | |
| 0.2 | |
| Spain | |
| 48,448,409 | | |
| 0.2 | |
| Denmark | |
| 48,213,885 | | |
| 0.2 | |
| Indonesia | |
| 45,281,652 | | |
| 0.2 | |
| South Korea | |
| 39,370,967 | | |
| 0.2 | |
| Norway | |
| 37,154,037 | | |
| 0.2 | |
| Country: | |
Market Value |
|
Market Value as
a percentage of
Net Assets |
| Chile | |
$ | 35,758,719 | | |
| 0.1 | % |
| Malaysia | |
| 31,902,091 | | |
| 0.1 | |
| Finland | |
| 21,532,240 | | |
| 0.1 | |
| Belgium | |
| 19,945,090 | | |
| 0.1 | |
| Portugal | |
| 11,498,720 | | |
| 0.0 | * |
| Israel | |
| 1,874,652 | | |
| 0.0 | * |
| Austria | |
| 621,671 | | |
| 0.0 | * |
| Other** | |
| 357,649,733 | | |
| 1.5 | |
| | |
$ | 24,640,062,935 | | |
| 100.0 | % |
| * |
Represents less than 0.01% of net assets. |
| ** |
Includes cash and equivalents, rights/warrants, U.S. Government Securities, investment company,
forward foreign currency exchange contracts, pending trades and Fund share transactions, interest and dividends receivable,
prepaids and accrued expenses payable. |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments |
October 31, 2024
|
| Shares | |
| |
Value |
| COMMON STOCKS — 89.2% | |
| | |
| AUSTRALIA — 2.2% | |
| | |
| | 2,010,618 | | |
Abacus Storage King REIT | |
$ | 1,660,601 | |
| | 571,192 | | |
Accent Group Ltd. | |
| 887,127 | |
| | 648,596 | | |
Aeris Resources Ltd.(a) | |
| 96,039 | |
| | 1,639,011 | | |
AGL Energy Ltd. | |
| 11,304,075 | |
| | 398,542 | | |
AIC Mines Ltd.(a) | |
| 93,110 | |
| | 26,016 | | |
AI-Media Technologies Ltd.(a) | |
| 14,724 | |
| | 16,260 | | |
Ampol Ltd. | |
| 298,550 | |
| | 40,887 | | |
Ansell Ltd. | |
| 834,678 | |
| | 32,280 | | |
ARB Corp. Ltd. | |
| 881,604 | |
| | 217,216 | | |
Arena REIT | |
| 573,229 | |
| | 1,769,404 | | |
Aurelia Metals Ltd.(a) | |
| 215,422 | |
| | 563,337 | | |
Aurizon Holdings Ltd. | |
| 1,253,074 | |
| | 103,583 | | |
Bank of Queensland Ltd. | |
| 444,455 | |
| | 579,968 | | |
Bega Cheese Ltd. | |
| 1,965,636 | |
| | 933,876 | | |
Bendigo & Adelaide Bank Ltd. | |
| 7,559,381 | |
| | 40,114 | | |
Bisalloy Steel Group Ltd. | |
| 85,269 | |
| | 174,590 | | |
Brambles Ltd. | |
| 2,109,521 | |
| | 541,933 | | |
Bravura Solutions Ltd.(a) | |
| 542,102 | |
| | 60,828 | | |
Breville Group Ltd. | |
| 1,272,983 | |
| | 17,224 | | |
Brickworks Ltd. | |
| 307,635 | |
| | 460,979 | | |
Capricorn Metals Ltd.(a)(b) | |
| 1,905,165 | |
| | 67,412 | | |
Catalyst Metals Ltd.(a) | |
| 153,943 | |
| | 7,032 | | |
Cedar Woods Properties Ltd. | |
| 26,610 | |
| | 367,381 | | |
Centuria Industrial REIT | |
| 737,409 | |
| | 295,918 | | |
Challenger Ltd. | |
| 1,178,199 | |
| | 293,692 | | |
Charter Hall Social Infrastructure REIT | |
| 504,457 | |
| | 12,665 | | |
Cochlear Ltd. | |
| 2,360,592 | |
| | 492,509 | | |
Codan Ltd. | |
| 5,121,099 | |
| | 48,870 | | |
Computershare Ltd. | |
| 848,416 | |
| | 329,730 | | |
Cooper Energy Ltd.(a) | |
| 37,974 | |
| | 124,383 | | |
Cromwell Property Group REIT | |
| 33,970 | |
| | 795,858 | | |
Downer EDI Ltd. | |
| 2,938,261 | |
| | 83,160 | | |
Elders Ltd. | |
| 466,826 | |
| | 194,179 | | |
Emerald Resources NL(a) | |
| 539,270 | |
| | 14,106 | | |
Enero Group Ltd. | |
| 10,304 | |
| | 2,086,996 | | |
Evolution Mining Ltd. | |
| 7,196,889 | |
| | 183,403 | | |
Fenix Resources Ltd.(a) | |
| 32,588 | |
| | 29,690 | | |
Generation Development Group Ltd. | |
| 67,214 | |
| | 2,163,246 | | |
Gold Road Resources Ltd. | |
| 2,847,264 | |
| | 611,831 | | |
GrainCorp Ltd. - Class A | |
| 3,631,867 | |
| | 567,685 | | |
Grange Resources Ltd. | |
| 93,398 | |
| | 688,400 | | |
Harvey Norman Holdings Ltd. | |
| 2,074,905 | |
| | 863,953 | | |
Helia Group Ltd. | |
| 2,314,070 | |
| | 188,697 | | |
Helloworld Travel Ltd. | |
| 224,148 | |
| | 474,717 | | |
HomeCo Daily Needs REIT(c) | |
| 379,580 | |
| | 138,400 | | |
HUB24 Ltd. | |
| 6,294,611 | |
| | 230,882 | | |
Humm Group Ltd. | |
| 107,880 | |
| | 106,033 | | |
Iluka Resources Ltd. | |
| 409,610 | |
| | 6,066,757 | | |
Incitec Pivot Ltd. | |
| 12,017,524 | |
| | 185,939 | | |
Insurance Australia Group Ltd. | |
| 917,748 | |
| | 35,452 | | |
Integrated Research Ltd. | |
| 14,932 | |
| Shares | |
| |
Value |
| AUSTRALIA (continued) | |
| | |
| | 132,873 | | |
IPH Ltd. | |
$ | 469,573 | |
| | 133,315 | | |
JB Hi-Fi Ltd. | |
| 7,196,869 | |
| | 84,030 | | |
Jumbo Interactive Ltd. | |
| 713,372 | |
| | 1,033,952 | | |
Macmahon Holdings Ltd. | |
| 258,569 | |
| | 342,002 | | |
Magellan Financial Group Ltd. | |
| 2,421,770 | |
| | 862,750 | | |
Medibank Pvt Ltd. | |
| 2,038,315 | |
| | 1,625,445 | | |
Metals X Ltd.(a) | |
| 518,807 | |
| | 267,728 | | |
Metcash Ltd. | |
| 539,147 | |
| | 99,963 | | |
Monadelphous Group Ltd. | |
| 830,215 | |
| | 737,603 | | |
Mount Gibson Iron Ltd.(a) | |
| 148,052 | |
| | 688,376 | | |
Nanosonics Ltd.(a) | |
| 1,449,665 | |
| | 543,223 | | |
National Storage REIT | |
| 897,313 | |
| | 57,294 | | |
Navigator Global Investments Ltd. | |
| 64,853 | |
| | 301,586 | | |
Netwealth Group Ltd. | |
| 5,495,738 | |
| | 1,618,911 | | |
New Hope Corp. Ltd. | |
| 5,188,524 | |
| | 67,149 | | |
nib holdings Ltd. | |
| 255,423 | |
| | 779,323 | | |
NRW Holdings Ltd. | |
| 1,979,688 | |
| | 331,334 | | |
Nuix Ltd.(a) | |
| 1,687,714 | |
| | 30,307 | | |
Objective Corp. Ltd. | |
| 323,110 | |
| | 208,085 | | |
OFX Group Ltd.(a) | |
| 199,933 | |
| | 299,914 | | |
Ora Banda Mining Ltd.(a) | |
| 184,544 | |
| | 65,580 | | |
Origin Energy Ltd. | |
| 415,613 | |
| | 831,452 | | |
Pantoro Ltd.(a) | |
| 68,397 | |
| | 487,736 | | |
Perenti Ltd. | |
| 377,150 | |
| | 4,564,762 | | |
Perseus Mining Ltd. | |
| 8,621,681 | |
| | 85,631 | | |
Pinnacle Investment Management Group Ltd. | |
| 1,134,401 | |
| | 61,263 | | |
Playside Studios Ltd.(a) | |
| 19,957 | |
| | 481,491 | | |
PointsBet Holdings Ltd. | |
| 250,327 | |
| | 30,896 | | |
Pro Medicus Ltd. | |
| 3,961,412 | |
| | 66,780 | | |
QBE Insurance Group Ltd. | |
| 756,344 | |
| | 1,837 | | |
Qualitas Ltd. | |
| 3,312 | |
| | 1,097,733 | | |
Qube Holdings Ltd. | |
| 2,687,395 | |
| | 1,449,403 | | |
Ramelius Resources Ltd. | |
| 2,279,707 | |
| | 24,626 | | |
REA Group Ltd. | |
| 3,677,550 | |
| | 90,565 | | |
Regal Partners Ltd. | |
| 220,523 | |
| | 784,309 | | |
Region RE Ltd. REIT | |
| 1,135,538 | |
| | 232,662 | | |
Regis Healthcare Ltd. | |
| 993,715 | |
| | 381,256 | | |
Regis Resources Ltd.(a) | |
| 679,951 | |
| | 3,206,729 | | |
Resolute Mining Ltd.(a) | |
| 1,730,486 | |
| | 4,518 | | |
Ricegrowers Ltd. | |
| 27,027 | |
| | 62,611 | | |
RPMGlobal Holdings Ltd.(a) | |
| 122,789 | |
| | 156,576 | | |
Santana Minerals Ltd.(a) | |
| 66,978 | |
| | 396,257 | | |
Service Stream Ltd. | |
| 395,077 | |
| | 8,101 | | |
SKS Technologies Group Ltd. | |
| 7,730 | |
| | 122,000 | | |
SmartGroup Corp. Ltd. | |
| 623,839 | |
| | 80,636 | | |
Solvar Ltd. | |
| 70,048 | |
| | 1,950,059 | | |
South32 Ltd. | |
| 4,722,669 | |
| | 295,209 | | |
Southern Cross Electrical Engineering Ltd. | |
| 316,672 | |
| | 305,383 | | |
SRG Global Ltd. | |
| 225,089 | |
| | 277,895 | | |
St. Barbara Ltd.(a) | |
| 84,126 | |
| | 23,257 | | |
Step One Clothing Ltd. | |
| 23,111 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| AUSTRALIA (continued) | |
| | |
| | 37,260 | | |
Suncorp Group Ltd. | |
$ | 439,413 | |
| | 13,185 | | |
Super Retail Group Ltd. | |
| 126,164 | |
| | 11,889 | | |
Supply Network Ltd. | |
| 243,331 | |
| | 34,901 | | |
Tasmea Ltd.(c) | |
| 67,068 | |
| | 670,693 | | |
Technology One Ltd. | |
| 10,782,988 | |
| | 264,036 | | |
Temple & Webster Group Ltd.(a) | |
| 2,006,952 | |
| | 211,633 | | |
Tuas Ltd.(a) | |
| 717,270 | |
| | 3,111 | | |
Universal Store Holdings Ltd. | |
| 16,133 | |
| | 17,419 | | |
Veem Ltd. | |
| 16,622 | |
| | 2,964,299 | | |
Ventia Services Group Pty Ltd. | |
| 8,954,196 | |
| | 2,695,387 | | |
West African Resources Ltd.(a) | |
| 3,254,986 | |
| | 1,067,116 | | |
Westgold Resources Ltd. | |
| 2,261,306 | |
| | 553,727 | | |
Whitehaven Coal Ltd. | |
| 2,481,617 | |
| | 25,131 | | |
XRF Scientific Ltd. | |
| 27,124 | |
| | 223,979 | | |
Yancoal Australia Ltd. | |
| 961,052 | |
| | 3,215,476 | | |
Zip Co. Ltd.(a) | |
| 6,390,636 | |
| | | | |
| |
| 195,192,604 | |
| AUSTRIA — 0.2% | |
| | |
| | 51,291 | | |
ANDRITZ AG | |
| 3,088,075 | |
| | 3,098 | | |
DO & CO AG(a) | |
| 480,540 | |
| | 24,150 | | |
Erste Group Bank AG | |
| 1,359,166 | |
| | 353 | | |
EVN AG | |
| 9,811 | |
| | 56,526 | | |
Kontron AG | |
| 951,191 | |
| | 1,631 | | |
Palfinger AG | |
| 35,926 | |
| | 8,563 | | |
Porr AG | |
| 135,059 | |
| | 489,002 | | |
Raiffeisen Bank International AG | |
| 8,771,228 | |
| | 12,345 | | |
Rhi Magnesita NV | |
| 510,976 | |
| | 12,503 | | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | |
| 397,804 | |
| | | | |
| |
| 15,739,776 | |
| BELGIUM — 0.2% | |
| | |
| | 2,523 | | |
Ascencio REIT | |
| 126,791 | |
| | 366,777 | | |
Azelis Group NV | |
| 7,273,071 | |
| | 39,269 | | |
Barco NV | |
| 484,814 | |
| | 51,330 | | |
bpost SA | |
| 134,281 | |
| | 3,608 | | |
Cie d’Entreprises CFE | |
| 23,901 | |
| | 69,608 | | |
Colruyt Group NV | |
| 3,248,221 | |
| | 9,698 | | |
Deme Group NV | |
| 1,472,640 | |
| | 23,031 | | |
EVS Broadcast Equipment SA | |
| 712,729 | |
| | 3,262 | | |
Home Invest Belgium SA REIT | |
| 60,391 | |
| | 30,238 | | |
Ontex Group NV(a) | |
| 252,935 | |
| | 43,392 | | |
Proximus SADP | |
| 315,766 | |
| | 24,112 | | |
Retail Estates NV REIT | |
| 1,628,748 | |
| | 1,051 | | |
Wereldhave Belgium Comm VA REIT | |
| 54,303 | |
| | | | |
| |
| 15,788,591 | |
| BRAZIL — 0.5% | |
| | |
| | 2,775,475 | | |
BRF SA - ADR(a) | |
| 12,683,921 | |
| | 3,188,229 | | |
Cia Energetica de Minas Gerais - ADR | |
| 6,153,282 | |
| | 2,932,748 | | |
Hapvida Participacoes e Investimentos SA(a)(c)(d) | |
| 1,780,682 | |
| | 736,910 | | |
Pagseguro Digital Ltd. - Class A(a) | |
| 5,924,756 | |
| Shares | |
| |
Value |
| BRAZIL (continued) | |
| | |
| | 949,800 | | |
Rumo SA | |
$ | 3,258,063 | |
| | 584,800 | | |
StoneCo Ltd. - Class A(a) | |
| 6,491,280 | |
| | 1,196,400 | | |
Vibra Energia SA | |
| 4,623,428 | |
| | | | |
| |
| 40,915,412 | |
| CANADA — 2.4% | |
| | |
| | 13,596 | | |
ADENTRA, Inc. | |
| 374,870 | |
| | 179,593 | | |
Aecon Group, Inc. | |
| 2,991,174 | |
| | 21,166 | | |
AGF Management Ltd. - Class B | |
| 158,401 | |
| | 2,964 | | |
Agnico Eagle Mines Ltd. | |
| 255,805 | |
| | 65,640 | | |
Allied Properties Real Estate Investment Trust REIT | |
| 866,023 | |
| | 75,378 | | |
Altius Minerals Corp. | |
| 1,425,975 | |
| | 106,000 | | |
Altus Group Ltd. | |
| 4,010,543 | |
| | 54,300 | | |
Amerigo Resources Ltd. | |
| 66,688 | |
| | 121,802 | | |
ARC Resources Ltd. | |
| 2,017,276 | |
| | 76,000 | | |
Aritzia, Inc.(a) | |
| 2,447,000 | |
| | 4,880 | | |
Bird Construction, Inc. | |
| 106,232 | |
| | 22,100 | | |
Black Diamond Group Ltd. | |
| 143,646 | |
| | 17,400 | | |
Boralex, Inc. - Class A | |
| 418,270 | |
| | 20,400 | | |
Brookfield Asset Management Ltd. - Class A | |
| 1,082,305 | |
| | 520,002 | | |
CAE, Inc.(a) | |
| 9,150,033 | |
| | 16,263 | | |
Canaccord Genuity Group, Inc. | |
| 117,036 | |
| | 21,099 | | |
Capital Power Corp. | |
| 855,719 | |
| | 8,730 | | |
Cargojet, Inc. | |
| 853,281 | |
| | 20,985 | | |
CCL Industries, Inc. - Class B | |
| 1,224,119 | |
| | 381,541 | | |
Centerra Gold, Inc. | |
| 2,696,422 | |
| | 80,224 | | |
CES Energy Solutions Corp. | |
| 459,789 | |
| | 79,461 | | |
Choice Properties Real Estate Investment Trust REIT | |
| 809,248 | |
| | 76,433 | | |
Chorus Aviation, Inc.(a) | |
| 165,234 | |
| | 169,900 | | |
CI Financial Corp. | |
| 2,794,348 | |
| | 3,095 | | |
Cogeco, Inc. | |
| 135,150 | |
| | 24,761 | | |
Coveo Solutions, Inc.(a) | |
| 93,364 | |
| | 141,436 | | |
Descartes Systems Group, Inc. (The)(a) | |
| 14,699,443 | |
| | 36,300 | | |
Descartes Systems Group, Inc. (The)(a) | |
| 3,771,175 | |
| | 15,102 | | |
Docebo, Inc.(a) | |
| 687,879 | |
| | 665,777 | | |
Dollarama, Inc. | |
| 69,281,739 | |
| | 7,526 | | |
DREAM Unlimited Corp. - Class A | |
| 154,860 | |
| | 5,000 | | |
DRI Healthcare Trust - Units | |
| 49,987 | |
| | 55,200 | | |
Dundee Precious Metals, Inc. | |
| 561,376 | |
| | 32,457 | | |
Enghouse Systems Ltd. | |
| 686,974 | |
| | 25,760 | | |
Evertz Technologies Ltd. | |
| 219,053 | |
| | 17,415 | | |
Exco Technologies Ltd. | |
| 104,939 | |
| | 31,200 | | |
Fiera Capital Corp. | |
| 217,583 | |
| | 11,400 | | |
Finning International, Inc. | |
| 332,744 | |
| | 3,300 | | |
Firm Capital Mortgage Investment Corp. | |
| 26,782 | |
| | 198,739 | | |
First Capital Real Estate Investment Trust REIT | |
| 2,537,853 | |
| | 101,385 | | |
FirstService Corp. | |
| 18,773,460 | |
| | 394,663 | | |
Fortuna Mining Corp.(a) | |
| 1,964,315 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| CANADA (continued) | |
| | |
| | 10,560 | | |
Gildan Activewear, Inc. | |
$ | 516,794 | |
| | 134,672 | | |
H&R Real Estate Investment Trust REIT | |
| 1,022,360 | |
| | 1,905 | | |
Hammond Power Solutions, Inc. | |
| 165,100 | |
| | 78,771 | | |
Headwater Exploration, Inc. | |
| 388,099 | |
| | 2,000 | | |
Information Services Corp. | |
| 41,943 | |
| | 25,600 | | |
InPlay Oil Corp. | |
| 34,750 | |
| | 317,275 | | |
Killam Apartment Real Estate Investment Trust REIT | |
| 4,261,172 | |
| | 58,042 | | |
Kinaxis, Inc.(a) | |
| 6,446,378 | |
| | 253,979 | | |
Knight Therapeutics, Inc.(a) | |
| 1,028,794 | |
| | 84,060 | | |
Labrador Iron Ore Royalty Corp. | |
| 1,838,954 | |
| | 700 | | |
Lassonde Industries, Inc. - Class A | |
| 88,705 | |
| | 476,600 | | |
Lightspeed Commerce, Inc.(a) | |
| 7,205,394 | |
| | 11,300 | | |
Lululemon Athletica, Inc.(a) | |
| 3,366,270 | |
| | 85,200 | | |
Lundin Gold, Inc. | |
| 2,060,318 | |
| | 1,350 | | |
Mainstreet Equity Corp. | |
| 201,974 | |
| | 208,653 | | |
Martinrea International, Inc. | |
| 1,543,524 | |
| | 10,788 | | |
Methanex Corp. | |
| 422,269 | |
| | 27,249 | | |
Metro, Inc. | |
| 1,618,286 | |
| | 1,345 | | |
Morguard Corp. | |
| 113,060 | |
| | 66,466 | | |
Morguard North American Residential Real Estate Investment Trust REIT | |
| 872,147 | |
| | 203,523 | | |
Mullen Group Ltd. | |
| 2,201,355 | |
| | 46,651 | | |
Nexus Industrial REIT - Units | |
| 275,413 | |
| | 13,902 | | |
North West Co., Inc. (The) | |
| 523,291 | |
| | 18,957 | | |
Paramount Resources Ltd. - Class A | |
| 365,702 | |
| | 14,610 | | |
Parkland Corp. | |
| 339,975 | |
| | 133,627 | | |
Pason Systems, Inc. | |
| 1,292,747 | |
| | 11,200 | | |
PHX Energy Services Corp. | |
| 75,050 | |
| | 2,600 | | |
Pollard Banknote Ltd. | |
| 44,368 | |
| | 17,049 | | |
Quebecor, Inc. - Class B | |
| 424,526 | |
| | 5,124 | | |
Reitmans Canada Ltd. - Class A(a) | |
| 9,752 | |
| | 59,934 | | |
Richelieu Hardware Ltd. | |
| 1,579,329 | |
| | 75,126 | | |
RioCan Real Estate Investment Trust REIT | |
| 1,025,169 | |
| | 26,357 | | |
Russel Metals, Inc. | |
| 733,911 | |
| | 108,175 | | |
Secure Energy Services, Inc. | |
| 1,205,009 | |
| | 39,553 | | |
Silvercorp Metals, Inc. | |
| 185,784 | |
| | 8 | | |
SIR Royalty Income Fund - Units | |
| 74 | |
| | 1,600 | | |
Softchoice Corp. | |
| 24,132 | |
| | 8,390 | | |
Sprott, Inc. | |
| 371,249 | |
| | 69,149 | | |
Stella-Jones, Inc. | |
| 4,180,675 | |
| | 2,500 | | |
TECSYS, Inc. | |
| 72,001 | |
| | 25,124 | | |
TFI International, Inc. | |
| 3,362,197 | |
| | 55,665 | | |
TMX Group Ltd. | |
| 1,738,694 | |
| | 63,612 | | |
Torex Gold Resources, Inc.(a) | |
| 1,371,974 | |
| | 4,500 | | |
Toromont Industries Ltd. | |
| 397,529 | |
| | 46,803 | | |
Tourmaline Oil Corp. | |
| 2,157,708 | |
| | 84,066 | | |
Transcontinental, Inc. - Class A | |
| 1,038,485 | |
| | 2,100 | | |
True North Commercial Real Estate Investment Trust REIT | |
| 17,873 | |
| Shares | |
| |
Value |
| CANADA (continued) | |
| | |
| | 85,362 | | |
Vermilion Energy, Inc. | |
$ | 795,776 | |
| | 1,700 | | |
VersaBank | |
| 25,555 | |
| | 41,177 | | |
Wajax Corp. | |
| 730,767 | |
| | 22,400 | | |
Westaim Corp. (The)(a) | |
| 79,635 | |
| | 226,742 | | |
Western Forest Products, Inc.(a) | |
| 80,610 | |
| | 15,978 | | |
Westshore Terminals Investment Corp. | |
| 264,053 | |
| | 579,733 | | |
Whitecap Resources, Inc. | |
| 4,326,086 | |
| | 12,986 | | |
Winpak Ltd. | |
| 462,697 | |
| | | | |
| |
| 214,803,555 | |
| CHILE — 0.1% | |
| | |
| | 2,979,098 | | |
Cencosud SA | |
| 6,178,696 | |
| CHINA — 4.4% | |
| | |
| | 5,468,216 | | |
3SBio, Inc.(c)(d) | |
| 4,100,757 | |
| | 15,282,000 | | |
Agricultural Bank of China Ltd. - H Shares | |
| 7,509,196 | |
| | 1,914,439 | | |
Aisino Corp. - A Shares | |
| 2,736,641 | |
| | 89,502 | | |
Alibaba Group Holding Ltd. - ADR | |
| 8,769,406 | |
| | 196,600 | | |
Autohome, Inc. - ADR | |
| 5,524,460 | |
| | 8,074,900 | | |
Bank of Beijing Co. Ltd. - A Shares | |
| 6,406,401 | |
| | 4,602,900 | | |
Bank of Changsha Co. Ltd. - A Shares | |
| 5,506,804 | |
| | 2,735,339 | | |
Bank of Chengdu Co. Ltd. - A Shares | |
| 5,915,077 | |
| | 14,962,770 | | |
Bank of China Ltd. - H Shares | |
| 7,102,124 | |
| | 8,169,000 | | |
Bank of Communications Co. Ltd. - H Shares | |
| 6,189,194 | |
| | 2,880,674 | | |
Bank of Hangzhou Co. Ltd. - A Shares | |
| 5,598,333 | |
| | 5,644,251 | | |
Bank of Jiangsu Co. Ltd. - A Shares | |
| 6,982,497 | |
| | 4,313,200 | | |
Bank of Nanjing Co. Ltd. - A Shares | |
| 6,208,004 | |
| | 1,020,100 | | |
Beibuwan Port Co. Ltd. - A Shares | |
| 1,148,314 | |
| | 2,881,900 | | |
Beibuwan Port Co. Ltd. - A Shares | |
| 3,241,455 | |
| | 38,100 | | |
Beibuwan Port Co. Ltd. - A Shares | |
| 42,853 | |
| | 4,973,900 | | |
Beijing Yanjing Brewery Co. Ltd. - A Shares | |
| 7,089,108 | |
| | 10,953,200 | | |
Beiqi Foton Motor Co. Ltd. - A Shares(a) | |
| 4,140,748 | |
| | 8,509,044 | | |
China Construction Bank Corp. - H Shares | |
| 6,600,061 | |
| | 1,247,600 | | |
China National Medicines Corp. Ltd. - A Shares | |
| 5,533,473 | |
| | 6,863,000 | | |
China Railway Group Ltd. - H Shares | |
| 3,425,276 | |
| | 954,800 | | |
China Railway Tielong Container Logistics Co. Ltd. - A Shares | |
| 822,542 | |
| | 6,828,944 | | |
China Railway Tielong Container Logistics Co. Ltd. - A Shares | |
| 5,878,175 | |
| | 140,800 | | |
China Railway Tielong Container Logistics Co. Ltd. - A Shares | |
| 121,197 | |
| | 38,080,000 | | |
China Tower Corp. Ltd. - H Shares(c)(d) | |
| 5,143,232 | |
| | 512,600 | | |
Chongqing Department Store Co. Ltd. - A Shares | |
| 1,587,861 | |
| | 8,100 | | |
Chongqing Department Store Co. Ltd. - A Shares | |
| 25,091 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| CHINA (continued) | |
| | |
| | 5,968,600 | | |
Dongfang Electric Corp. Ltd. - H Shares | |
$ | 7,846,451 | |
| | 4,636,000 | | |
Dongfeng Motor Group Co. Ltd. - H Shares | |
| 1,431,214 | |
| | 1,623,591 | | |
E-Commodities Holdings Ltd. | |
| 298,650 | |
| | 3,961,274 | | |
FAW Jiefang Group Co. Ltd. - A Shares | |
| 4,789,239 | |
| | 36,900 | | |
FAW Jiefang Group Co. Ltd. - A Shares | |
| 44,613 | |
| | 1,610,730 | | |
Fujian Star-net Communication Co. Ltd. - A Shares | |
| 3,960,385 | |
| | 633,219 | | |
Full Truck Alliance Co. Ltd. - ADR | |
| 5,667,310 | |
| | 6,932,500 | | |
Greentown China Holdings Ltd. | |
| 9,202,789 | |
| | 4,675,100 | | |
Guangxi Liugong Machinery Co. Ltd. - A Shares | |
| 7,871,158 | |
| | 45,600 | | |
Guangxi Liugong Machinery Co. Ltd. - A Shares | |
| 76,774 | |
| | 1,475,907 | | |
Han’s Laser Technology Industry Group Co. Ltd. - A Shares | |
| 5,346,963 | |
| | 10,851,000 | | |
Industrial & Commercial Bank of China Ltd. - H Shares | |
| 6,504,375 | |
| | 6,205,500 | | |
IRICO Display Devices Co. Ltd. - A Shares(a) | |
| 6,654,058 | |
| | 1,037,358 | | |
JCET Group Co. Ltd. - A Shares | |
| 5,814,973 | |
| | 4,703,600 | | |
JD Logistics, Inc.(a)(c)(d) | |
| 9,559,548 | |
| | 409,885 | | |
JD.com, Inc. - ADR | |
| 16,649,529 | |
| | 3,317,583 | | |
Jilin Sino-Microelectronics Co. Ltd. - A Shares | |
| 2,377,811 | |
| | 1,032,100 | | |
Kuaishou Technology(a)(c)(d) | |
| 6,093,746 | |
| | 1,453,200 | | |
Lens Technology Co. Ltd. - A Shares | |
| 4,605,294 | |
| | 622,800 | | |
Lens Technology Co. Ltd. - A Shares | |
| 1,972,076 | |
| | 3,165,900 | | |
Ming Yang Smart Energy Group Ltd. - A Shares | |
| 5,352,445 | |
| | 2,593,800 | | |
MLS Co. Ltd. - A Shares | |
| 3,132,301 | |
| | 6,130,000 | | |
ORG Technology Co. Ltd. - A Shares | |
| 4,364,123 | |
| | 2,038,500 | | |
ORG Technology Co. Ltd. - A Shares | |
| 1,451,267 | |
| | 3,838,600 | | |
Oriental Pearl Group Co. Ltd. - A Shares | |
| 4,263,614 | |
| | 12,203,000 | | |
People’s Insurance Co. Group of China Ltd. (The) - H Shares | |
| 6,168,919 | |
| | 3,890,400 | | |
Ping An Bank Co. Ltd. - A Shares | |
| 6,216,773 | |
| | 938,211 | | |
Ping An Insurance Group Co. of China Ltd. - H Shares | |
| 5,810,944 | |
| | 7,043,600 | | |
Postal Savings Bank of China Co. Ltd. - A Shares | |
| 5,153,009 | |
| | 625,700 | | |
Raytron Technology Co. Ltd. - A Shares | |
| 4,434,330 | |
| | 12,981,400 | | |
Rizhao Port Co. Ltd. - A Shares | |
| 5,764,936 | |
| | 1,779,500 | | |
Sany Heavy Industry Co. Ltd. - A Shares | |
| 4,560,258 | |
| | 13,548,350 | | |
Shandong Nanshan Aluminum Co. Ltd. - A Shares | |
| 7,762,026 | |
| Shares | |
| |
Value |
| CHINA (continued) | |
| | |
| | 2,459,900 | | |
Shanghai Mechanical and Electrical Industry Co. Ltd. - A Shares | |
$ | 6,511,144 | |
| | 840,100 | | |
Shenzhen Laibao Hi-tech Co. Ltd. - A Shares | |
| 1,353,010 | |
| | 2,166,600 | | |
Shenzhen Laibao Hi-tech Co. Ltd. - A Shares | |
| 3,486,518 | |
| | 1,551,265 | | |
Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares | |
| 6,983,579 | |
| | 8,068,500 | | |
Sinopec Engineering Group Co. Ltd. - H Shares | |
| 5,614,873 | |
| | 1,864,000 | | |
Sinopharm Group Co. Ltd. - H Shares | |
| 4,637,162 | |
| | 2,698,240 | | |
Tasly Pharmaceutical Group Co. Ltd. - A Shares | |
| 5,668,142 | |
| | 8,853,686 | | |
Tianjin Port Co. Ltd. - A Shares | |
| 5,972,422 | |
| | 2,164,667 | | |
Triangle Tyre Co. Ltd. - A Shares | |
| 4,417,161 | |
| | 4,087,200 | | |
Wuxi Taiji Industry Ltd. Co. - A Shares | |
| 4,562,696 | |
| | 4,980,200 | | |
Xiaomi Corp. - B Shares(a)(c)(d) | |
| 17,104,403 | |
| | 2,045,674 | | |
Xuji Electric Co. Ltd. - A Shares | |
| 8,715,263 | |
| | 19,900 | | |
Xuji Electric Co. Ltd. - A Shares | |
| 84,781 | |
| | 1,974,700 | | |
Yifan Pharmaceutical Co. Ltd. - A Shares | |
| 3,524,319 | |
| | 3,030,000 | | |
Yunnan Copper Co. Ltd. - A Shares | |
| 5,582,195 | |
| | 30,300 | | |
Yunnan Copper Co. Ltd. - A Shares | |
| 55,822 | |
| | 2,870,487 | | |
Zhejiang Medicine Co. Ltd. - A Shares | |
| 6,646,680 | |
| | 8,530,400 | | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares | |
| 5,815,608 | |
| | | | |
| |
| 391,285,959 | |
| DENMARK — 0.9% | |
| | |
| | 337,997 | | |
ALK-Abello A/S(a) | |
| 7,905,613 | |
| | 797,702 | | |
Ambu A/S - Class B(a) | |
| 14,761,166 | |
| | 32,241 | | |
Bavarian Nordic A/S(a) | |
| 1,009,390 | |
| | 3,565 | | |
Columbus A/S | |
| 5,614 | |
| | 8,934 | | |
D/S Norden A/S | |
| 306,409 | |
| | 26,700 | | |
Danske Bank A/S | |
| 787,246 | |
| | 21,420 | | |
DSV A/S | |
| 4,655,537 | |
| | 181,871 | | |
FLSmidth & Co. A/S | |
| 9,478,429 | |
| | 19,047 | | |
Genmab A/S(a) | |
| 4,261,984 | |
| | 8,965 | | |
GN Store Nord AS(a) | |
| 174,326 | |
| | 1,642,580 | | |
H Lundbeck A/S | |
| 10,697,039 | |
| | 359,810 | | |
H Lundbeck A/S - Class A | |
| 1,878,342 | |
| | 5,319 | | |
Invisio AB | |
| 133,792 | |
| | 58,765 | | |
Matas A/S | |
| 1,052,290 | |
| | 22,271 | | |
Nilfisk Holding A/S(a) | |
| 374,120 | |
| | 130,242 | | |
NKT A/S(a) | |
| 12,154,844 | |
| | 1,151 | | |
North Media A/S | |
| 9,164 | |
| | 3,513 | | |
Pandora A/S | |
| 529,684 | |
| | 13,529 | | |
Per Aarsleff Holding A/S | |
| 797,999 | |
| | 1,020 | | |
ROCKWOOL A/S - Class B | |
| 439,369 | |
| | 5,304 | | |
Royal Unibrew A/S | |
| 396,384 | |
| | 3,149 | | |
Schouw & Co. A/S | |
| 260,819 | |
| | 5,564 | | |
SP Group A/S | |
| 255,168 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| DENMARK (continued) | |
| | |
| | 120,367 | | |
Spar Nord Bank A/S | |
$ | 2,316,860 | |
| | 5,992 | | |
Sparekassen Sjaelland-Fyn A/S | |
| 179,994 | |
| | 6,757 | | |
Svitzer Group A/S(a) | |
| 234,700 | |
| | 18,750 | | |
Sydbank A/S | |
| 891,327 | |
| | 130,255 | | |
Vestas Wind Systems A/S(a) | |
| 2,452,105 | |
| | 6,053 | | |
Zealand Pharma A/S | |
| 697,736 | |
| | | | |
| |
| 79,097,450 | |
| FINLAND — 0.5% | |
| | |
| | 309 | | |
Aspo Oyj | |
| 1,896 | |
| | 116,729 | | |
Cargotec Oyj - Class B | |
| 7,057,102 | |
| | 266,186 | | |
Citycon Oyj | |
| 1,030,197 | |
| | 124 | | |
Fiskars Oyj Abp | |
| 2,066 | |
| | 8,536 | | |
Harvia Oyj(c) | |
| 422,933 | |
| | 135,670 | | |
Huhtamaki Oyj | |
| 5,318,605 | |
| | 2,819 | | |
Incap Oyj(a) | |
| 32,350 | |
| | 56,978 | | |
Kalmar Oyj - Class B(a) | |
| 1,774,115 | |
| | 86,218 | | |
Kemira Oyj | |
| 1,830,656 | |
| | 170,724 | | |
Konecranes Oyj | |
| 11,764,414 | |
| | 8,808 | | |
Marimekko Oyj | |
| 122,444 | |
| | 1,013,063 | | |
Metso Oyj | |
| 9,593,658 | |
| | 1,683 | | |
Olvi Oyj - Class A | |
| 54,371 | |
| | 12,419 | | |
Oriola Oyj - Class A | |
| 12,995 | |
| | 95,894 | | |
Oriola Oyj - Class B | |
| 94,817 | |
| | 44,397 | | |
Orion Oyj - Class B | |
| 2,156,275 | |
| | 65,642 | | |
Puuilo Oyj | |
| 658,684 | |
| | 12,606 | | |
QT Group Oyj(a) | |
| 957,110 | |
| | 23,327 | | |
Raisio Oyj - Class V | |
| 58,868 | |
| | 9,075 | | |
Revenio Group Oyj | |
| 291,204 | |
| | 10,758 | | |
Sanoma Oyj | |
| 84,606 | |
| | 7,681 | | |
Vaisala Oyj - Class A | |
| 373,051 | |
| | 30,861 | | |
Wartsila Oyj Abp | |
| 587,794 | |
| | | | |
| |
| 44,280,211 | |
| FRANCE — 0.6% | |
| | |
| | 2,274 | | |
Alten SA | |
| 192,194 | |
| | 14,835 | | |
Amundi SA(c)(d) | |
| 1,073,095 | |
| | 2,693 | | |
ARGAN SA REIT | |
| 199,193 | |
| | 1,072 | | |
Aubay | |
| 52,473 | |
| | 2,642 | | |
Boiron SA | |
| 93,831 | |
| | 87,700 | | |
Carmila SA REIT | |
| 1,646,529 | |
| | 55,509 | | |
Cie des Alpes | |
| 906,906 | |
| | 63,270 | | |
Coface SA | |
| 1,019,941 | |
| | 45,972 | | |
Covivio SA REIT | |
| 2,615,316 | |
| | 10,340 | | |
Esso SA Francaise | |
| 1,162,975 | |
| | 139,683 | | |
Etablissements Maurel et Prom SA | |
| 729,313 | |
| | 3,780 | | |
Gaztransport Et Technigaz SA | |
| 548,500 | |
| | 23,481 | | |
Gecina SA REIT | |
| 2,504,340 | |
| | 1,755 | | |
GL Events SACA | |
| 36,729 | |
| | 111 | | |
Groupe Guillin | |
| 3,302 | |
| | 1,979 | | |
Guerbet | |
| 68,347 | |
| | 18,906 | | |
Ipsen SA | |
| 2,301,224 | |
| | 57,790 | | |
IPSOS SA | |
| 2,833,777 | |
| | 14,474 | | |
Kaufman & Broad SA | |
| 534,512 | |
| Shares | |
| |
Value |
| FRANCE (continued) | |
| | |
| | 70,899 | | |
Klepierre SA REIT | |
$ | 2,264,255 | |
| | 1,109 | | |
Lagardere SA | |
| 25,634 | |
| | 205,910 | | |
Lectra | |
| 5,711,454 | |
| | 6,719 | | |
Manitou BF SA | |
| 126,731 | |
| | 38,748 | | |
Mercialys SA REIT | |
| 456,043 | |
| | 904 | | |
Neurones | |
| 45,823 | |
| | 37,294 | | |
Nexans SA | |
| 5,172,235 | |
| | 1,536 | | |
Planisware SA(a) | |
| 37,309 | |
| | 81,651 | | |
Pluxee NV(a) | |
| 1,702,600 | |
| | 11,640 | | |
Publicis Groupe SA | |
| 1,237,273 | |
| | 86,231 | | |
Rubis SCA | |
| 2,108,574 | |
| | 6,870 | | |
SEB SA | |
| 720,382 | |
| | 24,627 | | |
Societe BIC SA | |
| 1,797,476 | |
| | 162 | | |
Societe LDC SADIR | |
| 11,819 | |
| | 187,603 | | |
SPIE SA | |
| 6,770,882 | |
| | 163,639 | | |
Technip Energies NV | |
| 4,065,482 | |
| | 59,182 | | |
Television Francaise 1 SA | |
| 488,930 | |
| | 162,878 | | |
Ubisoft Entertainment SA(a) | |
| 2,415,720 | |
| | 35,096 | | |
Valeo SE | |
| 339,611 | |
| | 57,756 | | |
Verallia SA(c)(d) | |
| 1,657,300 | |
| | 795 | | |
Vetoquinol SA | |
| 69,094 | |
| | 15,028 | | |
Vicat SACA | |
| 556,605 | |
| | 3,716 | | |
Virbac SACA | |
| 1,404,623 | |
| | 1,991 | | |
Viridien(a) | |
| 83,001 | |
| | 2,102 | | |
Wendel SE | |
| 208,524 | |
| | | | |
| |
| 57,999,877 | |
| GERMANY — 0.8% | |
| | |
| | 268,210 | | |
AIXTRON SE | |
| 4,250,731 | |
| | 1,076 | | |
AlzChem Group AG | |
| 61,096 | |
| | 267 | | |
Amadeus Fire AG | |
| 22,799 | |
| | 772 | | |
Atoss Software SE | |
| 101,777 | |
| | 39,711 | | |
Bilfinger SE | |
| 1,904,928 | |
| | 71,375 | | |
Brenntag SE | |
| 4,645,867 | |
| | 15,278 | | |
CANCOM SE | |
| 408,154 | |
| | 513,795 | | |
CECONOMY AG(a) | |
| 1,654,286 | |
| | 3,467 | | |
Cewe Stiftung & Co. KGAA | |
| 372,597 | |
| | 48,599 | | |
Deutz AG | |
| 215,683 | |
| | 9,333 | | |
Draegerwerk AG & Co. KGaA - Preference Shares | |
| 453,286 | |
| | 148,647 | | |
Duerr AG | |
| 3,447,247 | |
| | 2,400 | | |
Einhell Germany AG - Preference Shares | |
| 173,083 | |
| | 155,772 | | |
EuroEyes International Eye Clinic Ltd. | |
| 88,164 | |
| | 29,686 | | |
Fielmann Group AG | |
| 1,490,227 | |
| | 150,705 | | |
flatexDEGIRO AG | |
| 2,213,046 | |
| | 90,895 | | |
Freenet AG | |
| 2,699,179 | |
| | 57,244 | | |
Fresenius Medical Care AG | |
| 2,236,014 | |
| | 12,093 | | |
Friedrich Vorwerk Group SE | |
| 393,967 | |
| | 75,558 | | |
FUCHS SE - Preference Shares | |
| 3,519,299 | |
| | 19,438 | | |
Hannover Rueck SE | |
| 5,106,200 | |
| | 219,932 | | |
Heidelberger Druckmaschinen AG(a) | |
| 229,183 | |
| | 205,352 | | |
Hensoldt AG | |
| 6,978,130 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| GERMANY (continued) | |
| | |
| | 26,937 | | |
HOCHTIEF AG | |
$ | 3,293,401 | |
| | 5,426 | | |
Hornbach Holding AG & Co. KGaA | |
| 474,531 | |
| | 1,486 | | |
Hypoport SE(a) | |
| 347,525 | |
| | 63,989 | | |
Immatics NV(a) | |
| 582,300 | |
| | 11,702 | | |
Indus Holding AG | |
| 260,305 | |
| | 40,000 | | |
IONOS Group SE(a) | |
| 1,089,926 | |
| | 4,413 | | |
KION Group AG | |
| 171,081 | |
| | 30,446 | | |
Krones AG | |
| 3,960,869 | |
| | 352 | | |
KSB SE & Co. KGaA - Preference Shares | |
| 222,841 | |
| | 12,167 | | |
KWS Saat SE & Co. KGaA | |
| 839,077 | |
| | 1,610 | | |
M1 Kliniken AG | |
| 29,334 | |
| | 583 | | |
MBB SE | |
| 68,235 | |
| | 8,679 | | |
MLP SE | |
| 56,455 | |
| | 495 | | |
Nexus AG | |
| 25,926 | |
| | 9,334 | | |
Norma Group SE | |
| 129,553 | |
| | 99 | | |
Paul Hartmann AG | |
| 21,968 | |
| | 301,945 | | |
ProSiebenSat.1 Media SE | |
| 1,855,690 | |
| | 100,895 | | |
SAF-Holland SE | |
| 1,560,624 | |
| | 34,427 | | |
Scout24 SE(c)(d) | |
| 2,964,007 | |
| | 416 | | |
Secunet Security Networks AG | |
| 48,599 | |
| | 850 | | |
STO SE & Co. KGaA - Preference Shares | |
| 112,800 | |
| | 52,295 | | |
Stroeer SE & Co. KGaA | |
| 3,100,172 | |
| | 48,189 | | |
Suedzucker AG | |
| 578,166 | |
| | 52,943 | | |
SUSS MicroTec SE | |
| 3,167,381 | |
| | 24,040 | | |
Symrise AG | |
| 2,892,136 | |
| | 40,397 | | |
TAG Immobilien AG(a) | |
| 670,992 | |
| | 2,734 | | |
Vossloh AG | |
| 132,339 | |
| | 5,146 | | |
Washtec AG | |
| 219,984 | |
| | | | |
| |
| 71,541,160 | |
| GREECE — 0.1% | |
| | |
| | 1,727,178 | | |
Piraeus Financial Holdings SA | |
| 6,459,101 | |
| HONG KONG — 0.6% | |
| | |
| | 98,000 | | |
APT Satellite Holdings Ltd. | |
| 26,725 | |
| | 509,200 | | |
ASMPT Ltd. | |
| 5,557,636 | |
| | 731,920 | | |
Bank of East Asia Ltd. (The) | |
| 908,533 | |
| | 1,046,263 | | |
Bright Smart Securities & Commodities Group Ltd. | |
| 301,466 | |
| | 66,035 | | |
Build King Holdings Ltd. | |
| 8,324 | |
| | 208,000 | | |
Cafe de Coral Holdings Ltd. | |
| 222,873 | |
| | 2,116,500 | | |
China Overseas Land & Investment Ltd. | |
| 4,045,637 | |
| | 3,742,987 | | |
China Taiping Insurance Holdings Co. Ltd. | |
| 6,461,312 | |
| | 134,795 | | |
Chow Sang Sang Holdings International Ltd. | |
| 110,970 | |
| | 872,062 | | |
Chow Tai Fook Jewellery Group Ltd. | |
| 825,610 | |
| | 3,111,816 | | |
COSCO SHIPPING Ports Ltd. | |
| 1,777,243 | |
| | 337,187 | | |
Dah Sing Banking Group Ltd. | |
| 317,491 | |
| | 2,756,045 | | |
Emperor Watch & Jewellery Ltd. | |
| 62,040 | |
| Shares | |
| |
Value |
| HONG KONG (continued) | |
| | |
| | 61,000 | | |
Far East Consortium International Ltd. | |
$ | 9,102 | |
| | 386,000 | | |
First Pacific Co. Ltd. | |
| 216,979 | |
| | 140,580 | | |
Henderson Land Development Co. Ltd. | |
| 452,982 | |
| | 1,582,400 | | |
Hutchison Port Holdings Trust - U Shares- Units | |
| 248,437 | |
| | 431,247 | | |
International Housewares Retail Co. Ltd. | |
| 58,801 | |
| | 205,918 | | |
Jacobson Pharma Corp. Ltd.(c) | |
| 16,952 | |
| | 52,354 | | |
JBM Healthcare Ltd.(c) | |
| 6,465 | |
| | 10,234 | | |
Jinhui Shipping & Transportation Ltd.(a) | |
| 5,824 | |
| | 673,882 | | |
Johnson Electric Holdings Ltd. | |
| 1,021,125 | |
| | 107,031 | | |
Kerry Logistics Network Ltd. | |
| 100,366 | |
| | 685,277 | | |
Kerry Properties Ltd. | |
| 1,449,165 | |
| | 122,000 | | |
LH GROUP Ltd.(c) | |
| 6,356 | |
| | 943,374 | | |
Luk Fook Holdings International Ltd. | |
| 1,808,090 | |
| | 2,581,796 | | |
Man Wah Holdings Ltd. | |
| 1,873,057 | |
| | 5,724,000 | | |
Nine Dragons Paper Holdings Ltd.(a) | |
| 2,488,664 | |
| | 120,000 | | |
Nissin Foods Co. Ltd. | |
| 69,307 | |
| | 3,163,402 | | |
Pacific Basin Shipping Ltd. | |
| 870,799 | |
| | 1,138,208 | | |
PC Partner Group Ltd. | |
| 677,879 | |
| | 3,332,308 | | |
PCCW Ltd. | |
| 1,830,303 | |
| | 311,496 | | |
Prosperity REIT | |
| 52,089 | |
| | 1,269,477 | | |
Shun Tak Holdings Ltd.(a) | |
| 109,408 | |
| | 1,310,326 | | |
Singamas Container Holdings Ltd. | |
| 116,300 | |
| | 214,799 | | |
SITC International Holdings Co. Ltd. | |
| 607,862 | |
| | 200,000 | | |
SOCAM Development Ltd.(a) | |
| 13,120 | |
| | 451,500 | | |
Stella International Holdings Ltd. | |
| 846,769 | |
| | 348,000 | | |
SUNeVision Holdings Ltd. | |
| 174,132 | |
| | 299,000 | | |
Sunlight Real Estate Investment Trust REIT | |
| 71,922 | |
| | 93,300 | | |
Swire Pacific Ltd. - A Shares | |
| 784,291 | |
| | 1,098,612 | | |
Tai Hing Group Holdings Ltd.(c) | |
| 93,269 | |
| | 130,000 | | |
Tam Jai International Co. Ltd. | |
| 13,211 | |
| | 1,397 | | |
Tang Palace China Holdings Ltd. | |
| 45 | |
| | 439,500 | | |
Texhong International Group Ltd. | |
| 238,573 | |
| | 1,756,000 | | |
Truly International Holdings Ltd. | |
| 239,431 | |
| | 7,050,000 | | |
United Laboratories International Holdings Ltd. (The) | |
| 9,576,414 | |
| | 123,000 | | |
VTech Holdings Ltd. | |
| 914,498 | |
| | 123,676 | | |
Wai Kee Holdings Ltd.(a) | |
| 12,091 | |
| | 863,815 | | |
WH Group Ltd.(c)(d) | |
| 673,354 | |
| | 1,676,196 | | |
Yue Yuen Industrial Holdings Ltd. | |
| 3,527,427 | |
| | | | |
| |
| 51,900,719 | |
| ICELAND — 0.0% | |
| | |
| | 641,546 | | |
Embla Medical HF(a) | |
| 3,208,782 | |
| INDIA — 0.6% |
| | |
| | 4,782,665 | | |
Bank of India | |
| 6,182,079 | |
| | 2,184,369 | | |
Indus Towers Ltd.(a) | |
| 8,846,713 | |
| | 458,760 | | |
Lupin Ltd. | |
| 11,931,620 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| INDIA (continued) | |
| | |
| | 151,118 | | |
PB Fintech Ltd.(a) | |
$ | 3,057,270 | |
| | 719,909 | | |
Sun TV Network Ltd. | |
| 6,440,001 | |
| | 88,476 | | |
Tech Mahindra Ltd. | |
| 1,692,630 | |
| | 2,939,475 | | |
TV18 Broadcast Ltd.(a)(b) | |
| 1,582,542 | |
| | 214,858 | | |
WNS Holdings Ltd.(a) | |
| 10,311,036 | |
| | 1,197,601 | | |
Zee Entertainment Enterprises Ltd.(a) | |
| 1,739,725 | |
| | | | |
| |
| 51,783,616 | |
| INDONESIA — 0.1% | |
| | |
| | 35,325,900 | | |
Perusahaan Gas Negara Tbk PT | |
| 3,522,461 | |
| | 10,058,889 | | |
Semen Indonesia Persero Tbk PT | |
| 2,531,546 | |
| | | | |
| |
| 6,054,007 | |
| IRELAND — 0.2% | |
| | |
| | 53,955 | | |
AerCap Holdings NV | |
| 5,047,490 | |
| | 194,669 | | |
Alkermes Plc(a) | |
| 5,002,994 | |
| | 550,267 | | |
Cairn Homes Plc | |
| 1,274,337 | |
| | 2,623 | | |
COSMO Pharmaceuticals NV | |
| 203,206 | |
| | 942,920 | | |
Greencore Group Plc(a) | |
| 2,528,964 | |
| | | | |
| |
| 14,056,991 | |
| ISRAEL — 1.9% | |
| | |
| | 32 | | |
Afcon Holdings Ltd.(a) | |
| 837 | |
| | 119,072 | | |
B Communications Ltd.(a) | |
| 428,735 | |
| | 43,140 | | |
Bank Hapoalim BM | |
| 451,096 | |
| | 147,798 | | |
Bank Leumi Le-Israel BM | |
| 1,507,081 | |
| | 363,106 | | |
Bezeq The Israeli Telecommunication Corp. Ltd. | |
| 466,489 | |
| | 56,850 | | |
Brainsway Ltd.(a) | |
| 283,531 | |
| | 7,215 | | |
Camtek Ltd. | |
| 571,529 | |
| | 131,378 | | |
Cellcom Israel Ltd.(a) | |
| 622,168 | |
| | 35,121 | | |
CyberArk Software Ltd.(a) | |
| 9,711,659 | |
| | 3,180 | | |
Delek Group Ltd. | |
| 376,106 | |
| | 17,935 | | |
Delta Galil Ltd. | |
| 801,816 | |
| | 886,508 | | |
El Al Israel Airlines(a) | |
| 1,723,439 | |
| | 52,530 | | |
FIBI Holdings Ltd. | |
| 2,466,574 | |
| | 462,562 | | |
First International Bank of Israel Ltd. (The) | |
| 20,592,984 | |
| | 3,418 | | |
FMS Enterprises Migun Ltd. | |
| 125,998 | |
| | 34,940 | | |
Formula Systems 1985 Ltd. | |
| 2,995,031 | |
| | 25,030 | | |
Fox Wizel Ltd. | |
| 1,839,333 | |
| | 185,961 | | |
Harel Insurance Investments & Financial Services Ltd. | |
| 1,941,030 | |
| | 2,258 | | |
Hiper Global Ltd. | |
| 10,131 | |
| | 751 | | |
IDI Insurance Co. Ltd. | |
| 25,633 | |
| | 13,842 | | |
Israel Corp. Ltd. | |
| 3,042,279 | |
| | 465 | | |
Isras Investment Co. Ltd. | |
| 99,113 | |
| | 450,000 | | |
JFrog Ltd.(a) | |
| 13,131,000 | |
| | 348,566 | | |
Kornit Digital Ltd.(a) | |
| 7,978,676 | |
| | 5,217 | | |
M Yochananof & Sons Ltd. | |
| 310,887 | |
| | 214,476 | | |
Max Stock Ltd. | |
| 567,274 | |
| | 3,071 | | |
Meitav Investment House Ltd. | |
| 16,410 | |
| | 424,706 | | |
Menivim- The New REIT Ltd. | |
| 215,795 | |
| | 34,142 | | |
Menora Mivtachim Holdings Ltd. | |
| 1,063,896 | |
| Shares | |
| |
Value |
| ISRAEL (continued) | |
| | |
| | 337 | | |
Naphtha Israel Petroleum Corp. Ltd.(a) | |
$ | 1,988 | |
| | 54,974 | | |
Next Vision Stabilized Systems Ltd. | |
| 626,348 | |
| | 62,069 | | |
Nexxen International Ltd.(a) | |
| 243,306 | |
| | 311,848 | | |
Nice Ltd. - ADR(a) | |
| 54,167,998 | |
| | 5,940 | | |
Nova Ltd.(a) | |
| 1,116,299 | |
| | 14,699,866 | | |
Oil Refineries Ltd. | |
| 3,754,212 | |
| | 11,688 | | |
One Software Technologies Ltd. | |
| 173,030 | |
| | 6,168 | | |
Partner Communications Co. Ltd.(a) | |
| 26,254 | |
| | 260,031 | | |
Phoenix Financial Ltd. | |
| 3,017,667 | |
| | 390,000 | | |
Playtika Holding Corp. | |
| 3,053,700 | |
| | 277,264 | | |
Plus500 Ltd. | |
| 8,373,073 | |
| | 5,058 | | |
Qualitau Ltd. | |
| 208,118 | |
| | 219,085 | | |
Radware Ltd.(a) | |
| 4,931,603 | |
| | 27,292 | | |
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | |
| 1,651,205 | |
| | 178,015 | | |
Sella Capital Real Estate Ltd. REIT | |
| 377,432 | |
| | 315,869 | | |
Shufersal Ltd. | |
| 2,804,849 | |
| | 715,492 | | |
Tel Aviv Stock Exchange Ltd. | |
| 7,192,366 | |
| | 10,626 | | |
Tower Semiconductor Ltd.(a) | |
| 446,893 | |
| | | | |
| |
| 165,532,871 | |
| ITALY — 1.4% | |
| | |
| | 6,457,499 | | |
A2A SpA | |
| 14,750,703 | |
| | 129,213 | | |
Anima Holding SpA(c)(d) | |
| 784,277 | |
| | 142,980 | | |
Arnoldo Mondadori Editore SpA | |
| 379,485 | |
| | 96,726 | | |
Ascopiave SpA | |
| 297,755 | |
| | 11,561 | | |
Avio SpA(c) | |
| 149,397 | |
| | 18,014 | | |
Azimut Holding SpA | |
| 445,977 | |
| | 34,114 | | |
Banca Generali SpA | |
| 1,511,760 | |
| | 145,193 | | |
Banca IFIS SpA | |
| 3,477,700 | |
| | 797,674 | | |
Banca Mediolanum SpA | |
| 9,874,083 | |
| | 1,033,035 | | |
Banca Monte dei Paschi di Siena SpA | |
| 5,654,377 | |
| | 264,652 | | |
Banca Popolare di Sondrio SPA | |
| 1,976,263 | |
| | 67,020 | | |
Banco BPM SpA | |
| 451,695 | |
| | 170,267 | | |
BFF Bank SpA(c)(d) | |
| 1,662,241 | |
| | 2,134,606 | | |
BPER Banca SpA | |
| 13,002,739 | |
| | 269,374 | | |
Buzzi SpA | |
| 10,542,556 | |
| | 156,257 | | |
Cairo Communication SpA | |
| 373,081 | |
| | 70,658 | | |
Cementir Holding NV | |
| 733,228 | |
| | 610,408 | | |
CIR SpA-Compagnie Industriali(a) | |
| 384,439 | |
| | 125,038 | | |
Credito Emiliano SpA | |
| 1,351,940 | |
| | 6,429 | | |
Danieli & C Officine Meccaniche SpA | |
| 174,129 | |
| | 55,048 | | |
Danieli & C Officine Meccaniche SpA - RSP | |
| 1,112,542 | |
| | 22,083 | | |
Datalogic SpA | |
| 142,443 | |
| | 418,779 | | |
Davide Campari-Milano NV | |
| 2,814,245 | |
| | 128,400 | | |
De’ Longhi SpA | |
| 4,016,826 | |
| | 4,380 | | |
DiaSorin SpA | |
| 476,434 | |
| | 280,923 | | |
Ermenegildo Zegna NV | |
| 2,135,015 | |
| | 66,370 | | |
Esprinet SpA(a) | |
| 410,062 | |
| | 70,133 | | |
Fiera Milano SpA | |
| 315,829 | |
| | 6,184 | | |
Fila SpA | |
| 66,796 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| ITALY (continued) | |
| | |
| | 3,563 | | |
Fine Foods & Pharmaceuticals NTM | |
$ | 33,408 | |
| | 75,712 | | |
FNM SpA | |
| 34,425 | |
| | 1,934,665 | | |
Hera SpA | |
| 7,407,600 | |
| | 118,339 | | |
Immobiliare Grande Distribuzione SIIQ SpA REIT(a) | |
| 317,303 | |
| | 988,469 | | |
Iren SpA | |
| 2,142,888 | |
| | 431,363 | | |
Iveco Group NV | |
| 4,491,327 | |
| | 975,152 | | |
Maire SpA | |
| 7,366,711 | |
| | 341,692 | | |
MFE-MediaForEurope NV - Class A | |
| 1,120,230 | |
| | 16,697 | | |
Moncler SpA | |
| 925,180 | |
| | 11,927 | | |
Orsero SpA | |
| 153,348 | |
| | 6,600 | | |
Prysmian SpA | |
| 465,352 | |
| | 58,426 | | |
Rizzoli Corriere Della Sera Mediagroup SpA | |
| 50,461 | |
| | 749,244 | | |
Saipem SpA(a) | |
| 1,779,939 | |
| | 26,589 | | |
SOL SpA | |
| 1,029,630 | |
| | 1,081,515 | | |
Unipol Gruppo SpA | |
| 13,446,457 | |
| | 1,256,895 | | |
Webuild SpA | |
| 3,568,359 | |
| | | | |
| |
| 123,800,635 | |
| JAPAN — 8.7% |
| | |
| | 69,100 | | |
77 Bank Ltd. (The) | |
| 1,805,041 | |
| | 4,500 | | |
A&A Material Corp. | |
| 34,593 | |
| | 304,634 | | |
ABC-Mart, Inc. | |
| 6,006,868 | |
| | 4,400 | | |
Abist Co. Ltd. | |
| 88,180 | |
| | 162,500 | | |
Adastria Co. Ltd. | |
| 3,780,686 | |
| | 36,540 | | |
ADEKA Corp. | |
| 670,485 | |
| | 12,100 | | |
Ad-sol Nissin Corp. | |
| 144,700 | |
| | 7,900 | | |
Advanced Media, Inc. | |
| 56,206 | |
| | 17,200 | | |
Adways, Inc. | |
| 37,696 | |
| | 43,500 | | |
Aeon Delight Co. Ltd. | |
| 1,243,961 | |
| | 405,720 | | |
AEON Financial Service Co. Ltd. | |
| 3,308,458 | |
| | 32,400 | | |
Aeon Mall Co. Ltd. | |
| 431,709 | |
| | 594 | | |
AEON REIT Investment Corp. | |
| 498,062 | |
| | 4,300 | | |
AGS Corp. | |
| 22,782 | |
| | 81,700 | | |
Ai Holdings Corp. | |
| 1,260,935 | |
| | 10,100 | | |
Aica Kogyo Co. Ltd. | |
| 220,028 | |
| | 9,800 | | |
Aichi Corp. | |
| 77,463 | |
| | 2,200 | | |
Aichi Financial Group, Inc. | |
| 33,303 | |
| | 1,400 | | |
Aichi Tokei Denki Co. Ltd. | |
| 18,345 | |
| | 26,100 | | |
Aida Engineering Ltd. | |
| 136,736 | |
| | 41,300 | | |
Aiful Corp. | |
| 88,069 | |
| | 6,700 | | |
Ain Holdings, Inc. | |
| 222,995 | |
| | 6,600 | | |
Aiphone Co. Ltd. | |
| 129,142 | |
| | 6,200 | | |
Airport Facilities Co. Ltd. | |
| 23,749 | |
| | 3,800 | | |
Airtrip Corp.(a) | |
| 26,035 | |
| | 97,100 | | |
Aisan Industry Co. Ltd. | |
| 874,245 | |
| | 57,000 | | |
Akatsuki, Inc. | |
| 797,190 | |
| | 20,200 | | |
Akita Bank Ltd. (The) | |
| 278,524 | |
| | 186,900 | | |
Alfresa Holdings Corp. | |
| 2,720,346 | |
| | 10,700 | | |
Alpha Systems, Inc. | |
| 226,056 | |
| | 12,300 | | |
AlphaPolis Co. Ltd.(a) | |
| 178,663 | |
| | 216,000 | | |
Alps Alpine Co. Ltd. | |
| 2,162,275 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 111,892 | | |
Altech Corp. | |
$ | 2,047,990 | |
| | 107,900 | | |
Amada Co. Ltd. | |
| 1,077,296 | |
| | 19,100 | | |
Amano Corp. | |
| 558,141 | |
| | 77,500 | | |
Anest Iwata Corp. | |
| 722,259 | |
| | 71,300 | | |
Anicom Holdings, Inc. | |
| 317,223 | |
| | 239,900 | | |
Anritsu Corp. | |
| 1,833,907 | |
| | 2,900 | | |
AOI Electronics Co. Ltd. | |
| 46,972 | |
| | 96,600 | | |
AOKI Holdings, Inc. | |
| 757,211 | |
| | 31,900 | | |
Aoyama Trading Co. Ltd. | |
| 276,506 | |
| | 42,000 | | |
Aoyama Zaisan Networks Co. Ltd. | |
| 370,409 | |
| | 58,920 | | |
ARE Holdings, Inc. | |
| 727,096 | |
| | 2,000 | | |
Arealink Co. Ltd. | |
| 24,102 | |
| | 2,200 | | |
Argo Graphics, Inc. | |
| 76,596 | |
| | 171,700 | | |
Ariake Japan Co. Ltd. | |
| 6,057,075 | |
| | 20,400 | | |
Artience Co. Ltd. | |
| 495,432 | |
| | 30,200 | | |
Artiza Networks, Inc. | |
| 108,922 | |
| | 2,800 | | |
Artner Co. Ltd. | |
| 32,710 | |
| | 48,840 | | |
As One Corp. | |
| 923,987 | |
| | 8,200 | | |
Asahi Co. Ltd. | |
| 82,572 | |
| | 165,800 | | |
Asahi Diamond Industrial Co. Ltd. | |
| 932,993 | |
| | 55,100 | | |
Asahi Intecc Co. Ltd. | |
| 894,822 | |
| | 21,300 | | |
Asahi Net, Inc. | |
| 88,598 | |
| | 42,500 | | |
Asia Pile Holdings Corp. | |
| 224,891 | |
| | 27,720 | | |
Asics Corp. | |
| 495,143 | |
| | 7,600 | | |
ASKA Pharmaceutical Holdings Co. Ltd. | |
| 108,843 | |
| | 118,962 | | |
ASKUL Corp. | |
| 1,509,535 | |
| | 7,200 | | |
Astena Holdings Co. Ltd. | |
| 24,215 | |
| | 21,304 | | |
Ateam, Inc. | |
| 86,371 | |
| | 76,300 | | |
Atrae, Inc. | |
| 393,201 | |
| | 7,700 | | |
Aucnet, Inc. | |
| 121,171 | |
| | 74,096 | | |
Avant Group Corp. | |
| 1,052,871 | |
| | 95,800 | | |
Avex, Inc. | |
| 947,660 | |
| | 21,500 | | |
Awa Bank Ltd. (The) | |
| 347,532 | |
| | 11,200 | | |
Axell Corp. | |
| 105,631 | |
| | 71,200 | | |
Axial Retailing, Inc. | |
| 417,997 | |
| | 1,460,000 | | |
Azbil Corp. | |
| 11,540,476 | |
| | 35,200 | | |
Bando Chemical Industries Ltd. | |
| 422,103 | |
| | 10,700 | | |
Bank of Iwate Ltd. (The) | |
| 162,465 | |
| | 2,100 | | |
Bank of Nagoya Ltd. (The) | |
| 83,619 | |
| | 13,900 | | |
Bank of Saga Ltd. (The) | |
| 189,737 | |
| | 9,700 | | |
Bank of the Ryukyus Ltd. | |
| 64,032 | |
| | 1,300 | | |
Base Co. Ltd. | |
| 25,463 | |
| | 12,200 | | |
baudroie, Inc.(a) | |
| 377,787 | |
| | 48,000 | | |
BayCurrent, Inc. | |
| 1,571,357 | |
| | 7,800 | | |
Beenos, Inc. | |
| 143,536 | |
| | 63,800 | | |
Bic Camera, Inc. | |
| 716,984 | |
| | 363,400 | | |
BIPROGY, Inc. | |
| 11,595,124 | |
| | 27,200 | | |
B-Lot Co. Ltd. | |
| 206,408 | |
| | 85,200 | | |
BML, Inc. | |
| 1,575,701 | |
| | 14,900 | | |
BrainPad, Inc. | |
| 80,315 | |
| | 316,000 | | |
Bunka Shutter Co. Ltd. | |
| 3,860,050 | |
| | 11,000 | | |
Business Brain Showa-Ota, Inc. | |
| 135,165 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 7,600 | | |
Business Engineering Corp. | |
$ | 202,330 | |
| | 1,700 | | |
Canare Electric Co. Ltd. | |
| 15,910 | |
| | 4,300 | | |
Career Design Center Co. Ltd. | |
| 50,347 | |
| | 10,500 | | |
Careerlink Co. Ltd. | |
| 173,249 | |
| | 155,300 | | |
Casio Computer Co. Ltd. | |
| 1,140,679 | |
| | 4,400 | | |
Celsys, Inc. | |
| 35,243 | |
| | 76,900 | | |
Central Glass Co. Ltd. | |
| 1,771,423 | |
| | 30,152 | | |
Central Security Patrols Co. Ltd. | |
| 554,460 | |
| | 112,700 | | |
Chiba Kogyo Bank Ltd. (The) | |
| 840,392 | |
| | 14,800 | | |
Chiyoda Co. Ltd. | |
| 129,649 | |
| | 222,700 | | |
Chiyoda Corp.(a) | |
| 433,850 | |
| | 700 | | |
Chiyoda Integre Co. Ltd. | |
| 15,526 | |
| | 6,200 | | |
Chuetsu Pulp & Paper Co. Ltd. | |
| 50,681 | |
| | 82,900 | | |
Chugoku Marine Paints Ltd. | |
| 1,207,435 | |
| | 14,100 | | |
Citizen Watch Co. Ltd. | |
| 85,097 | |
| | 417,520 | | |
CKD Corp. | |
| 7,284,754 | |
| | 5,200 | | |
Cleanup Corp. | |
| 24,744 | |
| | 37,400 | | |
Coca-Cola Bottlers Japan Holdings, Inc. | |
| 481,961 | |
| | 155,500 | | |
COLOPL, Inc. | |
| 545,488 | |
| | 192 | | |
Comforia Residential REIT, Inc. | |
| 377,707 | |
| | 219,600 | | |
Computer Engineering & Consulting Ltd. | |
| 2,617,452 | |
| | 3,400 | | |
COMSYS Holdings Corp. | |
| 71,920 | |
| | 47,700 | | |
Comture Corp. | |
| 733,049 | |
| | 72,240 | | |
Concordia Financial Group Ltd. | |
| 364,338 | |
| | 27,600 | | |
Copro-Holdings Co. Ltd. | |
| 258,671 | |
| | 3,000 | | |
Core Concept Technologies, Inc.(a) | |
| 25,688 | |
| | 1,800 | | |
Core Corp. | |
| 22,213 | |
| | 35,800 | | |
Cosmo Energy Holdings Co. Ltd. | |
| 1,789,764 | |
| | 12,400 | | |
Cosmos Initia Co. Ltd. | |
| 60,882 | |
| | 7,380 | | |
Cosmos Pharmaceutical Corp. | |
| 353,700 | |
| | 3,000 | | |
CRE, Inc. | |
| 23,970 | |
| | 156,220 | | |
Credit Saison Co. Ltd. | |
| 3,581,113 | |
| | 56,200 | | |
Creek & River Co. Ltd. | |
| 596,251 | |
| | 126,000 | | |
Cresco Ltd. | |
| 1,025,813 | |
| | 6,200 | | |
CrowdWorks, Inc. | |
| 54,435 | |
| | 19,400 | | |
CTS Co. Ltd. | |
| 116,318 | |
| | 22,700 | | |
Curves Holdings Co. Ltd. | |
| 121,612 | |
| | 6,300 | | |
Cyber Security Cloud, Inc.(a) | |
| 75,298 | |
| | 573,200 | | |
CyberAgent, Inc. | |
| 3,797,063 | |
| | 11,600 | | |
Cybozu, Inc. | |
| 161,395 | |
| | 74,000 | | |
Daicel Corp. | |
| 663,341 | |
| | 8,900 | | |
Daido Metal Co. Ltd. | |
| 29,171 | |
| | 5,100 | | |
Daiei Kankyo Co. Ltd. | |
| 106,068 | |
| | 7,400 | | |
Daihatsu Diesel Manufacturing Co. Ltd. | |
| 64,873 | |
| | 2,700 | | |
Daihen Corp. | |
| 114,795 | |
| | 5,900 | | |
Dai-Ichi Cutter Kogyo KK | |
| 56,693 | |
| | 10,000 | | |
Daiichi Jitsugyo Co. Ltd. | |
| 159,010 | |
| | 51,100 | | |
Daiken Medical Co. Ltd. | |
| 168,495 | |
| | 84,459 | | |
Daikokutenbussan Co. Ltd. | |
| 5,864,436 | |
| | 9,000 | | |
Daikyonishikawa Corp. | |
| 37,910 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 4,000 | | |
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | |
$ | 77,636 | |
| | 43,235 | | |
Daiseki Co. Ltd. | |
| 1,114,025 | |
| | 25,300 | | |
Daishinku Corp. | |
| 101,073 | |
| | 17,100 | | |
Daisue Construction Co. Ltd. | |
| 187,499 | |
| | 44,310 | | |
Daito Pharmaceutical Co. Ltd. | |
| 652,372 | |
| | 30,800 | | |
Daitron Co. Ltd. | |
| 573,066 | |
| | 603 | | |
Daiwa House REIT Investment Corp. | |
| 921,129 | |
| | 242 | | |
Daiwa Office Investment Corp. REIT | |
| 479,413 | |
| | 59,640 | | |
Daiwa Securities Group, Inc. | |
| 399,196 | |
| | 207,900 | | |
Dear Life Co. Ltd. | |
| 1,156,216 | |
| | 23,300 | | |
Denka Co. Ltd. | |
| 332,003 | |
| | 3,100 | | |
Densan System Holdings Co. Ltd. | |
| 54,006 | |
| | 33,420 | | |
Dentsu Soken, Inc. | |
| 1,200,956 | |
| | 66,000 | | |
Dexerials Corp. | |
| 1,038,825 | |
| | 3,800 | | |
DIC Corp. | |
| 83,608 | |
| | 27,800 | | |
Digital Arts, Inc. | |
| 962,406 | |
| | 4,800 | | |
Digital Hearts Holdings Co. Ltd. | |
| 25,937 | |
| | 20,100 | | |
Digital Holdings, Inc. | |
| 132,818 | |
| | 2,300 | | |
Digital Information Technologies Corp. | |
| 30,881 | |
| | 126,900 | | |
dip Corp. | |
| 2,255,035 | |
| | 13,685 | | |
Disco Corp. | |
| 4,005,344 | |
| | 392,580 | | |
DMG Mori Co. Ltd. | |
| 7,649,290 | |
| | 117,700 | | |
Doshisha Co. Ltd. | |
| 1,707,324 | |
| | 7,300 | | |
Double Standard, Inc. | |
| 77,785 | |
| | 57,900 | | |
Doutor Nichires Holdings Co. Ltd. | |
| 853,219 | |
| | 12,780 | | |
Dowa Holdings Co. Ltd. | |
| 441,841 | |
| | 58,000 | | |
Duskin Co. Ltd. | |
| 1,540,279 | |
| | 1,800 | | |
Earth Corp. | |
| 61,840 | |
| | 3,400 | | |
Ebara Jitsugyo Co. Ltd. | |
| 92,082 | |
| | 5,000 | | |
Ebase Co. Ltd. | |
| 21,357 | |
| | 1,500 | | |
Eco’s Co. Ltd. | |
| 20,337 | |
| | 13,100 | | |
EDION Corp. | |
| 152,175 | |
| | 2,900 | | |
eGuarantee, Inc. | |
| 29,031 | |
| | 1,100 | | |
E-Guardian, Inc. | |
| 13,386 | |
| | 27,900 | | |
Ehime Bank Ltd. (The) | |
| 191,154 | |
| | 165,400 | | |
Eiken Chemical Co. Ltd. | |
| 2,698,609 | |
| | 19,800 | | |
Eizo Corp. | |
| 294,381 | |
| | 176,800 | | |
Elecom Co. Ltd. | |
| 1,683,754 | |
| | 13,500 | | |
Electric Power Development Co. Ltd. | |
| 226,792 | |
| | 11,900 | | |
Elematec Corp. | |
| 187,577 | |
| | 8,800 | | |
EM Systems Co. Ltd. | |
| 31,044 | |
| | 232,890 | | |
en Japan, Inc. | |
| 3,744,572 | |
| | 2,900 | | |
Endo Lighting Corp. | |
| 24,698 | |
| | 40,600 | | |
Enigmo, Inc. | |
| 81,499 | |
| | 3,500 | | |
Entrust, Inc. | |
| 17,668 | |
| | 3,200 | | |
ERI Holdings Co. Ltd. | |
| 39,110 | |
| | 900 | | |
Eslead Corp. | |
| 27,040 | |
| | 4,300 | | |
eSOL Co. Ltd. | |
| 20,235 | |
| | 6,100 | | |
Eternal Hospitality Group Co. Ltd. | |
| 142,925 | |
| | 131,280 | | |
EXEO Group, Inc. | |
| 1,355,224 | |
| | 7,200 | | |
FALCO HOLDINGS Co. Ltd. | |
| 111,976 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 275,100 | | |
FAN Communications, Inc. | |
$ | 749,581 | |
| | 12,100 | | |
Fast Fitness Japan, Inc. | |
| 105,758 | |
| | 85,000 | | |
FCC Co. Ltd. | |
| 1,340,957 | |
| | 15,000 | | |
Feed One Co. Ltd. | |
| 84,013 | |
| | 47,643 | | |
Ferrotec Holdings Corp. | |
| 813,386 | |
| | 37,080 | | |
Financial Partners Group Co. Ltd. | |
| 579,604 | |
| | 12,800 | | |
FJ Next Holdings Co. Ltd. | |
| 95,617 | |
| | 4,100 | | |
Food & Life Cos. Ltd. | |
| 82,005 | |
| | 73,200 | | |
Forum Engineering, Inc. | |
| 423,957 | |
| | 58,100 | | |
Foster Electric Co. Ltd. | |
| 667,267 | |
| | 5,800 | | |
Fronteo, Inc.(a) | |
| 24,163 | |
| | 282 | | |
Frontier Real Estate Investment Corp. REIT | |
| 749,822 | |
| | 10,800 | | |
Fudo Tetra Corp. | |
| 151,189 | |
| | 60,300 | | |
Fuji Corp. | |
| 904,659 | |
| | 31,400 | | |
Fuji Corp. | |
| 377,569 | |
| | 2,400 | | |
Fuji Kyuko Co. Ltd. | |
| 40,706 | |
| | 10,500 | | |
Fuji Media Holdings, Inc. | |
| 120,037 | |
| | 29,500 | | |
Fuji Seal International, Inc. | |
| 507,134 | |
| | 900 | | |
Fujibo Holdings, Inc. | |
| 27,899 | |
| | 112,600 | | |
Fujikura Ltd. | |
| 4,247,882 | |
| | 87,200 | | |
Fujimi, Inc. | |
| 1,373,368 | |
| | 3,030 | | |
Fujisash Co. Ltd. | |
| 12,563 | |
| | 21,000 | | |
Fujitec Co. Ltd. | |
| 765,697 | |
| | 49,100 | | |
Fujitsu General Ltd. | |
| 619,163 | |
| | 700 | | |
Fukuda Corp. | |
| 26,491 | |
| | 5,500 | | |
Fukuda Denshi Co. Ltd. | |
| 279,090 | |
| | 82,353 | | |
Fukui Computer Holdings, Inc. | |
| 1,465,595 | |
| | 5,700 | | |
Fukushima Galilei Co. Ltd. | |
| 207,832 | |
| | 21,000 | | |
Fukuyama Transporting Co. Ltd. | |
| 537,646 | |
| | 163,600 | | |
FULLCAST Holdings Co. Ltd. | |
| 1,672,178 | |
| | 22,700 | | |
Funai Soken Holdings, Inc. | |
| 364,837 | |
| | 51,420 | | |
Furukawa Electric Co. Ltd. | |
| 1,299,206 | |
| | 96,200 | | |
Furuno Electric Co. Ltd. | |
| 1,582,862 | |
| | 11,300 | | |
Furyu Corp. | |
| 82,329 | |
| | 1,400 | | |
Fuso Chemical Co. Ltd. | |
| 34,783 | |
| | 4,400 | | |
Fuso Pharmaceutical Industries Ltd. | |
| 73,787 | |
| | 2,800 | | |
Futaba Corp. | |
| 9,454 | |
| | 121,200 | | |
Futaba Industrial Co. Ltd. | |
| 527,269 | |
| | 147,860 | | |
Future Corp. | |
| 1,909,315 | |
| | 7,940 | | |
Fuyo General Lease Co. Ltd. | |
| 567,777 | |
| | 5,600 | | |
G-7 Holdings, Inc. | |
| 52,963 | |
| | 92,000 | | |
Gakken Holdings Co. Ltd. | |
| 603,686 | |
| | 44,100 | | |
Gakujo Co. Ltd. | |
| 485,001 | |
| | 12,200 | | |
Gecoss Corp. | |
| 77,886 | |
| | 9,900 | | |
Genki Global Dining Concepts Corp. | |
| 260,303 | |
| | 2,000 | | |
GENOVA, Inc.(a) | |
| 23,285 | |
| | 33,800 | | |
Geo Holdings Corp. | |
| 342,360 | |
| | 1,488 | | |
Global One Real Estate Investment Corp. REIT | |
| 960,727 | |
| | 17,000 | | |
GLOBERIDE, Inc. | |
| 222,654 | |
| | 166,700 | | |
Glory Ltd. | |
| 2,741,762 | |
| | 28 | | |
GLP J-Reit | |
| 24,712 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 39,000 | | |
GMO Financial Gate, Inc. | |
$ | 1,989,272 | |
| | 3,700 | | |
GMO GlobalSign Holdings KK | |
| 68,574 | |
| | 24,100 | | |
GMO internet group, Inc. | |
| 420,965 | |
| | 129,400 | | |
GMO Payment Gateway, Inc. | |
| 7,858,193 | |
| | 4,400 | | |
Gree, Inc. | |
| 13,524 | |
| | 8,100 | | |
GS Yuasa Corp. | |
| 146,044 | |
| | 5,500 | | |
G-Tekt Corp. | |
| 57,266 | |
| | 1,400 | | |
Gun-Ei Chemical Industry Co. Ltd. | |
| 25,431 | |
| | 370,980 | | |
GungHo Online Entertainment, Inc. | |
| 8,338,138 | |
| | 36,400 | | |
Gunze Ltd. | |
| 1,288,877 | |
| | 18,100 | | |
H.U. Group Holdings, Inc. | |
| 313,420 | |
| | 62,300 | | |
Hakuhodo DY Holdings, Inc. | |
| 498,802 | |
| | 500 | | |
Hamakyorex Co. Ltd. | |
| 4,107 | |
| | 87,702 | | |
Hamamatsu Photonics KK | |
| 1,176,075 | |
| | 52,480 | | |
Hanwa Co. Ltd. | |
| 1,764,991 | |
| | 29,100 | | |
Happinet Corp. | |
| 785,244 | |
| | 158,182 | | |
Harmonic Drive Systems, Inc. | |
| 2,941,057 | |
| | 74,600 | | |
Heiwa Corp. | |
| 1,024,191 | |
| | 4,700 | | |
Heiwado Co. Ltd. | |
| 68,270 | |
| | 54,900 | | |
Hennge KK(a) | |
| 403,602 | |
| | 15,700 | | |
Hiday Hidaka Corp. | |
| 283,642 | |
| | 3,900 | | |
Hioki EE Corp. | |
| 212,018 | |
| | 16,700 | | |
Hirano Tecseed Co. Ltd. | |
| 184,872 | |
| | 3,700 | | |
Hirose Electric Co. Ltd. | |
| 447,950 | |
| | 80,900 | | |
Hisamitsu Pharmaceutical Co., Inc. | |
| 2,389,622 | |
| | 17,411 | | |
Hito Communications Holdings, Inc. | |
| 93,965 | |
| | 36,100 | | |
Hochiki Corp. | |
| 507,738 | |
| | 9,700 | | |
Hodogaya Chemical Co. Ltd. | |
| 279,943 | |
| | 4,600 | | |
Hogy Medical Co. Ltd. | |
| 138,206 | |
| | 24,500 | | |
Hokkaido Gas Co. Ltd. | |
| 94,814 | |
| | 2,400 | | |
Hokkan Holdings Ltd. | |
| 27,295 | |
| | 64,800 | | |
Hokuhoku Financial Group, Inc. | |
| 688,985 | |
| | 104,500 | | |
Hokuriku Electric Power Co. | |
| 729,726 | |
| | 71,140 | | |
Horiba Ltd. | |
| 4,484,526 | |
| | 18,200 | | |
Hosokawa Micron Corp. | |
| 482,730 | |
| | 6,500 | | |
Hyakugo Bank Ltd. (The) | |
| 23,786 | |
| | 46,800 | | |
Hyakujushi Bank Ltd. (The) | |
| 787,598 | |
| | 1,300 | | |
ibis, Inc. | |
| 39,999 | |
| | 69,600 | | |
IBJ, Inc. | |
| 298,665 | |
| | 9,500 | | |
Ichigo, Inc. | |
| 25,260 | |
| | 1,800 | | |
Ichiken Co. Ltd. | |
| 29,463 | |
| | 32,300 | | |
Ichikoh Industries Ltd. | |
| 97,151 | |
| | 2,500 | | |
Ichinen Holdings Co. Ltd. | |
| 30,078 | |
| | 2,200 | | |
ID Holdings Corp. | |
| 21,429 | |
| | 1,400 | | |
Idec Corp. | |
| 22,879 | |
| | 141,345 | | |
Idemitsu Kosan Co. Ltd. | |
| 973,991 | |
| | 13,000 | | |
IMAGICA GROUP, Inc. | |
| 46,202 | |
| | 3,000 | | |
I-Net Corp. | |
| 30,644 | |
| | 63,627 | | |
Inpex Corp. | |
| 843,181 | |
| | 29,600 | | |
Insource Co. Ltd. | |
| 189,164 | |
| | 800 | | |
Integrated Design & Engineering Holdings Co. Ltd. | |
| 22,983 | |
| | 4,500 | | |
Intelligent Wave, Inc. | |
| 26,389 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 2,900 | | |
Inter Action Corp. | |
$ | 20,442 | |
| | 279,960 | | |
Internet Initiative Japan, Inc. | |
| 5,420,839 | |
| | 40,500 | | |
I-PEX, Inc. | |
| 428,617 | |
| | 24,600 | | |
Iriso Electronics Co. Ltd. | |
| 442,489 | |
| | 17,000 | | |
ISB Corp. | |
| 156,305 | |
| | 19,620 | | |
Isetan Mitsukoshi Holdings Ltd. | |
| 299,775 | |
| | 1,100 | | |
Ishihara Chemical Co. Ltd. | |
| 17,658 | |
| | 85,518 | | |
Isuzu Motors Ltd. | |
| 1,123,711 | |
| | 75,500 | | |
Itfor, Inc. | |
| 679,271 | |
| | 23,300 | | |
ITmedia, Inc. | |
| 244,900 | |
| | 19,200 | | |
Ito En Ltd. | |
| 423,072 | |
| | 127,600 | | |
Itoki Corp. | |
| 1,235,353 | |
| | 9,000 | | |
IwaiCosmo Holdings, Inc. | |
| 124,095 | |
| | 38,400 | | |
Izumi Co. Ltd. | |
| 816,828 | |
| | 64,100 | | |
J Front Retailing Co. Ltd. | |
| 694,199 | |
| | 89,100 | | |
J Trust Co. Ltd. | |
| 266,233 | |
| | 371,200 | | |
JAC Recruitment Co. Ltd. | |
| 1,798,099 | |
| | 16,200 | | |
JAFCO Group Co. Ltd. | |
| 219,959 | |
| | 14,200 | | |
JANOME Corp. | |
| 85,421 | |
| | 170,080 | | |
Japan Aviation Electronics Industry Ltd. | |
| 3,212,647 | |
| | 4,700 | | |
Japan Cash Machine Co. Ltd. | |
| 28,397 | |
| | 9,400 | | |
Japan Electronic Materials Corp. | |
| 156,770 | |
| | 357,198 | | |
Japan Elevator Service Holdings Co. Ltd. | |
| 6,930,497 | |
| | 636 | | |
Japan Excellent, Inc. REIT | |
| 493,513 | |
| | 35,040 | | |
Japan Exchange Group, Inc. | |
| 418,570 | |
| | 222,400 | | |
Japan Lifeline Co. Ltd. | |
| 1,762,338 | |
| | 18,000 | | |
Japan Medical Dynamic Marketing, Inc. | |
| 74,042 | |
| | 894 | | |
Japan Metropolitan Fund Invest REIT | |
| 549,556 | |
| | 43,200 | | |
Japan Post Insurance Co. Ltd. | |
| 721,043 | |
| | 11,000 | | |
Japan Pulp & Paper Co. Ltd. | |
| 48,651 | |
| | 96,800 | | |
Japan System Techniques Co. Ltd. | |
| 1,179,260 | |
| | 42,091 | | |
JBCC Holdings, Inc. | |
| 1,227,216 | |
| | 49,440 | | |
JCR Pharmaceuticals Co. Ltd. | |
| 224,195 | |
| | 3,400 | | |
JCU Corp. | |
| 79,663 | |
| | 130,500 | | |
Jeol Ltd. | |
| 4,995,314 | |
| | 24,780 | | |
JFE Holdings, Inc. | |
| 301,718 | |
| | 900 | | |
JFE Systems, Inc. | |
| 17,918 | |
| | 251,200 | | |
JGC Holdings Corp. | |
| 2,181,508 | |
| | 21,200 | | |
JINS Holdings, Inc. | |
| 869,264 | |
| | 3,200 | | |
JK Holdings Co. Ltd. | |
| 21,735 | |
| | 2,800 | | |
J-Lease Co. Ltd. | |
| 25,671 | |
| | 5,700 | | |
J-Oil Mills, Inc. | |
| 77,506 | |
| | 27,500 | | |
JSB Co. Ltd. | |
| 492,662 | |
| | 19,900 | | |
JSP Corp. | |
| 257,492 | |
| | 151,600 | | |
JTEKT Corp. | |
| 1,043,659 | |
| | 25,200 | | |
Juroku Financial Group, Inc. | |
| 682,493 | |
| | 64,720 | | |
Justsystems Corp. | |
| 1,463,164 | |
| | 58,400 | | |
JVCKenwood Corp. | |
| 464,502 | |
| | 5,400 | | |
K&O Energy Group, Inc. | |
| 113,907 | |
| | 10,200 | | |
Kaga Electronics Co. Ltd. | |
| 187,768 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 2,700 | | |
Kagome Co. Ltd. | |
$ | 53,897 | |
| | 33,780 | | |
Kajima Corp. | |
| 589,938 | |
| | 280,200 | | |
Kakaku.com, Inc. | |
| 4,348,503 | |
| | 23,800 | | |
Kamakura Shinsho Ltd. | |
| 81,923 | |
| | 12,600 | | |
Kamei Corp. | |
| 164,196 | |
| | 125,100 | | |
Kamigumi Co. Ltd. | |
| 2,629,784 | |
| | 12,000 | | |
Kanaden Corp. | |
| 115,862 | |
| | 217,900 | | |
Kanamoto Co. Ltd. | |
| 3,981,114 | |
| | 42,500 | | |
Kaneka Corp. | |
| 1,053,689 | |
| | 110,700 | | |
Kanematsu Corp. | |
| 1,708,149 | |
| | 68,900 | | |
Kansai Paint Co. Ltd. | |
| 1,133,671 | |
| | 7,500 | | |
Kaonavi, Inc.(a) | |
| 117,974 | |
| | 55,400 | | |
Katitas Co. Ltd. | |
| 710,640 | |
| | 17,400 | | |
Kawada Technologies, Inc. | |
| 275,647 | |
| | 200 | | |
Kawai Musical Instruments Manufacturing Co. Ltd. | |
| 3,615 | |
| | 90,900 | | |
Kawasaki Kisen Kaisha Ltd. | |
| 1,271,607 | |
| | 996 | | |
KDX Realty Investment Corp. REIT | |
| 951,162 | |
| | 11,800 | | |
Kenko Mayonnaise Co. Ltd. | |
| 170,236 | |
| | 26,040 | | |
Kewpie Corp. | |
| 618,694 | |
| | 18,900 | | |
KH Neochem Co. Ltd. | |
| 257,365 | |
| | 800 | | |
Kimoto Co. Ltd. | |
| 1,590 | |
| | 4,900 | | |
Kimura Chemical Plants Co. Ltd. | |
| 24,800 | |
| | 9,400 | | |
Kimura Unity Co. Ltd. | |
| 90,449 | |
| | 35,640 | | |
Kinden Corp. | |
| 748,032 | |
| | 57,200 | | |
Kissei Pharmaceutical Co. Ltd. | |
| 1,407,977 | |
| | 2,700 | | |
Kitagawa Corp. | |
| 21,768 | |
| | 1,800 | | |
Kita-Nippon Bank Ltd. (The) | |
| 29,913 | |
| | 123,050 | | |
Kitz Corp. | |
| 860,880 | |
| | 45,500 | | |
KNT-CT Holdings Co. Ltd.(a) | |
| 384,208 | |
| | 5,100 | | |
Koatsu Gas Kogyo Co. Ltd. | |
| 30,713 | |
| | 10,560 | | |
Kobayashi Pharmaceutical Co. Ltd. | |
| 394,905 | |
| | 74,760 | | |
Kobe Steel Ltd. | |
| 816,534 | |
| | 67,560 | | |
Koei Tecmo Holdings Co. Ltd. | |
| 713,217 | |
| | 700 | | |
Koike Sanso Kogyo Co. Ltd. | |
| 27,919 | |
| | 32,800 | | |
Kojima Co. Ltd. | |
| 230,122 | |
| | 14,800 | | |
Kokuyo Co. Ltd. | |
| 240,157 | |
| | 2,000 | | |
Komatsu Wall Industry Co. Ltd. | |
| 19,929 | |
| | 43,500 | | |
Komeri Co. Ltd. | |
| 947,644 | |
| | 100,700 | | |
Komori Corp. | |
| 740,305 | |
| | 5,610 | | |
Konami Group Corp. | |
| 520,238 | |
| | 500 | | |
Kondotec, Inc. | |
| 4,202 | |
| | 1,182,500 | | |
Konica Minolta, Inc. | |
| 5,016,714 | |
| | 35,400 | | |
Konishi Co. Ltd. | |
| 308,940 | |
| | 37,400 | | |
Konoike Transport Co. Ltd. | |
| 618,082 | |
| | 22,600 | | |
Kose Corp. | |
| 1,248,846 | |
| | 53,400 | | |
Koshidaka Holdings Co. Ltd. | |
| 422,800 | |
| | 32,600 | | |
KPP Group Holdings Co. Ltd. | |
| 141,609 | |
| | 105,140 | | |
K’s Holdings Corp. | |
| 1,009,950 | |
| | 9,900 | | |
KU Holdings Co. Ltd. | |
| 70,044 | |
| | 8,900 | | |
kubell Co. Ltd.(a) | |
| 27,003 | |
| | 31,000 | | |
Kurabo Industries Ltd. | |
| 964,032 | |
| | 3,500 | | |
Kurimoto Ltd. | |
| 88,110 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 10,260 | | |
Kurita Water Industries Ltd. | |
$ | 390,709 | |
| | 8,200 | | |
Kuriyama Holdings Corp. | |
| 66,543 | |
| | 6,800 | | |
Kyodo Printing Co. Ltd. | |
| 153,508 | |
| | 23,500 | | |
Kyokuto Securities Co. Ltd. | |
| 198,437 | |
| | 20,160 | | |
Kyowa Kirin Co. Ltd. | |
| 334,762 | |
| | 6,600 | | |
LAC Co. Ltd. | |
| 32,101 | |
| | 9,800 | | |
Lacto Japan Co. Ltd. | |
| 177,953 | |
| | 6,540 | | |
Lasertec Corp. | |
| 1,010,442 | |
| | 369,500 | | |
Leopalace21 Corp. | |
| 1,354,558 | |
| | 29,100 | | |
Life Corp. | |
| 636,814 | |
| | 228,500 | | |
LIFULL Co. Ltd. | |
| 222,575 | |
| | 11,900 | | |
Link And Motivation, Inc. | |
| 44,094 | |
| | 28,000 | | |
Lintec Corp. | |
| 591,549 | |
| | 170,400 | | |
Lixil Corp. | |
| 2,014,206 | |
| | 4,800 | | |
Loadstar Capital KK | |
| 74,177 | |
| | 4,700 | | |
Look Holdings, Inc. | |
| 78,106 | |
| | 87,100 | | |
M&A Capital Partners Co. Ltd. | |
| 1,254,277 | |
| | 89,740 | | |
Mabuchi Motor Co. Ltd. | |
| 1,297,019 | |
| | 7,500 | | |
Makino Milling Machine Co. Ltd. | |
| 285,804 | |
| | 55,300 | | |
Mandom Corp. | |
| 457,861 | |
| | 31,657 | | |
Mani, Inc. | |
| 381,805 | |
| | 5,100 | | |
MarkLines Co. Ltd. | |
| 92,440 | |
| | 22,500 | | |
Marui Group Co. Ltd. | |
| 356,662 | |
| | 1,900 | | |
MARUKA FURUSATO Corp. | |
| 27,623 | |
| | 6,780 | | |
Maruwa Co. Ltd. | |
| 1,918,337 | |
| | 22,000 | | |
Maruzen Showa Unyu Co. Ltd. | |
| 855,733 | |
| | 210,700 | | |
Marvelous, Inc. | |
| 812,625 | |
| | 51,100 | | |
Matching Service Japan Co. Ltd. | |
| 351,788 | |
| | 434,800 | | |
MatsukiyoCocokara & Co. | |
| 5,980,861 | |
| | 2,300 | | |
Matsuoka Corp. | |
| 27,369 | |
| | 54,300 | | |
Max Co. Ltd. | |
| 1,268,692 | |
| | 91,200 | | |
Maxell Ltd. | |
| 1,127,245 | |
| | 60,100 | | |
MCJ Co. Ltd. | |
| 570,384 | |
| | 4,300 | | |
MEC Co. Ltd. | |
| 103,722 | |
| | 10,300 | | |
Media Do Co. Ltd. | |
| 91,177 | |
| | 7,700 | | |
Medical System Network Co. Ltd. | |
| 21,690 | |
| | 13,900 | | |
Medipal Holdings Corp. | |
| 221,893 | |
| | 59,900 | | |
Megachips Corp. | |
| 2,176,175 | |
| | 27,200 | | |
Megmilk Snow Brand Co. Ltd. | |
| 472,787 | |
| | 105,100 | | |
Meidensha Corp. | |
| 2,818,761 | |
| | 2,400 | | |
Meiji Electric Industries Co. Ltd. | |
| 21,735 | |
| | 6,300 | | |
Meisei Industrial Co. Ltd. | |
| 54,027 | |
| | 277,780 | | |
MEITEC Group Holdings, Inc. | |
| 5,372,229 | |
| | 22,800 | | |
Meiwa Corp. | |
| 96,938 | |
| | 24,200 | | |
Melco Holdings, Inc. | |
| 390,538 | |
| | 178,840 | | |
Menicon Co. Ltd. | |
| 1,995,089 | |
| | 162,179 | | |
Micronics Japan Co. Ltd. | |
| 4,200,174 | |
| | 41,980 | | |
Milbon Co. Ltd. | |
| 892,427 | |
| | 37,000 | | |
Mimaki Engineering Co. Ltd. | |
| 334,106 | |
| | 102,380 | | |
Mirait one Corp. | |
| 1,474,315 | |
| | 373,600 | | |
Mirarth Holdings, Inc. | |
| 1,214,679 | |
| | 23,900 | | |
Miroku Jyoho Service Co. Ltd. | |
| 288,329 | |
| | 29,400 | | |
MISUMI Group, Inc. | |
| 488,581 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 6,300 | | |
Mitani Sangyo Co. Ltd. | |
$ | 13,103 | |
| | 195,300 | | |
Mito Securities Co. Ltd. | |
| 614,410 | |
| | 67,100 | | |
Mitsuba Corp. | |
| 389,952 | |
| | 10,300 | | |
Mitsubishi Kakoki Kaisha Ltd. | |
| 245,061 | |
| | 31,300 | | |
Mitsubishi Logisnext Co. Ltd. | |
| 238,757 | |
| | 190,500 | | |
Mitsubishi Logistics Corp. | |
| 1,291,398 | |
| | 36,340 | | |
Mitsubishi Materials Corp. | |
| 605,946 | |
| | 7,300 | | |
Mitsubishi Pencil Co. Ltd. | |
| 119,104 | |
| | 24,800 | | |
Mitsubishi Research Institute, Inc. | |
| 692,063 | |
| | 25,100 | | |
Mitsubishi Shokuhin Co. Ltd. | |
| 806,986 | |
| | 2,800 | | |
Mitsubishi Steel Manufacturing Co. Ltd. | |
| 24,160 | |
| | 40,400 | | |
Mitsuboshi Belting Ltd. | |
| 1,046,295 | |
| | 12,600 | | |
Mitsui High-Tec, Inc. | |
| 68,747 | |
| | 24,760 | | |
Mitsui Mining & Smelting Co. Ltd. | |
| 803,551 | |
| | 98,909 | | |
Mitsui OSK Lines Ltd. | |
| 3,400,038 | |
| | 4,000 | | |
Mitsui-Soko Holdings Co. Ltd. | |
| 186,916 | |
| | 112,880 | | |
Miura Co. Ltd. | |
| 2,687,159 | |
| | 145,400 | | |
Mixi, Inc. | |
| 2,701,489 | |
| | 1,200 | | |
Miyoshi Oil & Fat Co. Ltd. | |
| 11,412 | |
| | 101,350 | | |
Mizuno Corp. | |
| 5,456,384 | |
| | 15,900 | | |
Mochida Pharmaceutical Co. Ltd. | |
| 367,309 | |
| | 277,800 | | |
Monex Group, Inc. | |
| 1,334,698 | |
| | 114,200 | | |
Money Forward, Inc.(a) | |
| 3,792,637 | |
| | 2,900 | | |
MORESCO Corp. | |
| 23,190 | |
| | 48,200 | | |
Morinaga & Co. Ltd. | |
| 905,217 | |
| | 333,666 | | |
Morinaga Milk Industry Co. Ltd. | |
| 7,780,562 | |
| | 17,500 | | |
Moriroku Holdings Co. Ltd. | |
| 271,587 | |
| | 16,500 | | |
Morita Holdings Corp. | |
| 222,621 | |
| | 27,300 | | |
Morito Co. Ltd. | |
| 257,476 | |
| | 3,000 | | |
Moriya Transportation Engineering & Manufacturing Co. Ltd. | |
| 37,870 | |
| | 500 | | |
Mory Industries, Inc. | |
| 16,618 | |
| | 64,180 | | |
Mugen Estate Co. Ltd. | |
| 665,286 | |
| | 28,800 | | |
m-up Holdings, Inc. | |
| 253,237 | |
| | 1,300 | | |
Murakami Corp. | |
| 43,037 | |
| | 13,700 | | |
Musashino Bank Ltd. (The) | |
| 242,730 | |
| | 14,700 | | |
Nabtesco Corp. | |
| 241,727 | |
| | 3,900 | | |
Nachi-Fujikoshi Corp. | |
| 82,779 | |
| | 97,600 | | |
Nagase & Co. Ltd. | |
| 2,049,125 | |
| | 71,960 | | |
Nakanishi, Inc. | |
| 1,238,485 | |
| | 6,700 | | |
Nankai Electric Railway Co. Ltd. | |
| 105,986 | |
| | 2,600 | | |
Nanto Bank Ltd. (The) | |
| 51,507 | |
| | 3,400 | | |
Nanyo Corp. | |
| 24,503 | |
| | 40,859 | | |
NEC Corp. | |
| 3,559,095 | |
| | 3,000 | | |
NEOJAPAN, Inc. | |
| 37,179 | |
| | 255,500 | | |
NET One Systems Co. Ltd. | |
| 6,247,088 | |
| | 14,940 | | |
Nextage Co. Ltd. | |
| 145,526 | |
| | 4,500 | | |
NexTone, Inc.(a) | |
| 50,645 | |
| | 36,100 | | |
NGK Insulators Ltd. | |
| 452,616 | |
| | 1,800 | | |
Nicca Chemical Co. Ltd. | |
| 15,116 | |
| | 7,000 | | |
Nichia Steel Works Ltd. | |
| 13,637 | |
| | 26,900 | | |
Nichias Corp. | |
| 979,228 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 2,000 | | |
Nichiban Co. Ltd. | |
$ | 25,800 | |
| | 4,500 | | |
Nichiha Corp. | |
| 102,475 | |
| | 15,800 | | |
Nihon Chouzai Co. Ltd. | |
| 145,584 | |
| | 20,300 | | |
Nihon Falcom Corp. | |
| 144,027 | |
| | 3,700 | | |
Nihon Flush Co. Ltd. | |
| 21,722 | |
| | 145,700 | | |
Nihon Kohden Corp. | |
| 2,194,993 | |
| | 392,100 | | |
Nihon M&A Center Holdings, Inc. | |
| 1,722,566 | |
| | 3,400 | | |
Nihon Tokushu Toryo Co. Ltd. | |
| 25,980 | |
| | 14,600 | | |
Nihon Trim Co. Ltd. | |
| 338,719 | |
| | 3,800 | | |
Nikkiso Co. Ltd. | |
| 25,935 | |
| | 32,700 | | |
Nikon Corp. | |
| 410,741 | |
| | 3,300 | | |
Nippn Corp. | |
| 47,825 | |
| | 72 | | |
Nippon Accommodations Fund, Inc. REIT | |
| 289,061 | |
| | 8,100 | | |
Nippon Air Conditioning Services Co. Ltd. | |
| 54,537 | |
| | 4,900 | | |
Nippon Aqua Co. Ltd. | |
| 26,574 | |
| | 1,140 | | |
Nippon Building Fund, Inc. REIT | |
| 979,136 | |
| | 7,800 | | |
Nippon Carbide Industries Co., Inc. | |
| 84,910 | |
| | 24,100 | | |
Nippon Ceramic Co. Ltd. | |
| 410,496 | |
| | 3,100 | | |
Nippon Chemical Industrial Co. Ltd. | |
| 55,496 | |
| | 15,100 | | |
Nippon Concrete Industries Co. Ltd. | |
| 32,895 | |
| | 10,600 | | |
Nippon Densetsu Kogyo Co. Ltd. | |
| 130,878 | |
| | 1,300 | | |
Nippon Dry-Chemical Co. Ltd. | |
| 29,133 | |
| | 14,100 | | |
Nippon Express Holdings, Inc. | |
| 699,061 | |
| | 71,300 | | |
Nippon Kayaku Co. Ltd. | |
| 569,687 | |
| | 22,500 | | |
Nippon Light Metal Holdings Co. Ltd. | |
| 243,599 | |
| | 75,900 | | |
Nippon Paper Industries Co. Ltd. | |
| 446,089 | |
| | 6,300 | | |
Nippon Rietec Co. Ltd. | |
| 43,330 | |
| | 26,600 | | |
Nippon Seiki Co. Ltd. | |
| 211,133 | |
| | 85,200 | | |
Nippon Sheet Glass Co. Ltd.(a) | |
| 209,720 | |
| | 91,400 | | |
Nippon Shinyaku Co. Ltd. | |
| 2,471,782 | |
| | 59,000 | | |
Nippon Shokubai Co. Ltd. | |
| 668,089 | |
| | 88,323 | | |
Nippon Steel Corp. | |
| 1,784,015 | |
| | 42,400 | | |
Nippon Television Holdings, Inc. | |
| 658,715 | |
| | 24,400 | | |
Nippon Thompson Co. Ltd. | |
| 77,244 | |
| | 13,560 | | |
Nippon Yusen KK | |
| 458,545 | |
| | 45,060 | | |
Nipro Corp. | |
| 418,897 | |
| | 4,700 | | |
Nishimatsu Construction Co. Ltd. | |
| 159,028 | |
| | 51,500 | | |
Nishimatsuya Chain Co. Ltd. | |
| 765,687 | |
| | 21,900 | | |
Nishio Holdings Co. Ltd. | |
| 539,789 | |
| | 12,000 | | |
Nissan Tokyo Sales Holdings Co. Ltd. | |
| 34,356 | |
| | 11,900 | | |
Nissei ASB Machine Co. Ltd. | |
| 365,756 | |
| | 2,000 | | |
Nissha Co. Ltd. | |
| 25,010 | |
| | 3,300 | | |
Nisshin Oillio Group Ltd. (The) | |
| 112,939 | |
| | 54,500 | | |
Nisshin Seifun Group, Inc. | |
| 640,628 | |
| | 408,700 | | |
Nisshinbo Holdings, Inc. | |
| 2,622,362 | |
| | 22,400 | | |
Nissin Corp. | |
| 633,934 | |
| | 65,900 | | |
Nisso Holdings Co. Ltd. | |
| 359,557 | |
| | 7,400 | | |
Nitta Corp. | |
| 180,933 | |
| | 4,100 | | |
Nitta Gelatin, Inc. | |
| 24,880 | |
| | 156,000 | | |
Nitto Kogyo Corp. | |
| 3,041,148 | |
| Shares | | |
| |
Value | |
| JAPAN (continued) | |
| | |
| | 39,400 | | |
Nitto Seiko Co. Ltd. | |
$ | 152,476 | |
| | 61,900 | | |
Nittoc Construction Co. Ltd. | |
| 415,953 | |
| | 2,800 | | |
Nittoku Co. Ltd. | |
| 31,328 | |
| | 2,300 | | |
Noda Corp. | |
| 12,806 | |
| | 564,071 | | |
NOF Corp. | |
| 9,308,991 | |
| | 37,700 | | |
Nomura Co. Ltd. | |
| 193,041 | |
| | 72,240 | | |
Nomura Holdings, Inc. | |
| 379,980 | |
| | 14,600 | | |
Noritake Co. Ltd. | |
| 372,831 | |
| | 26,700 | | |
Noritsu Koki Co. Ltd. | |
| 702,909 | |
| | 70,400 | | |
Noritz Corp. | |
| 823,357 | |
| | 128,400 | | |
NS Solutions Corp. | |
| 3,270,423 | |
| | 25,900 | | |
NS Tool Co. Ltd. | |
| 126,142 | |
| | 244,842 | | |
NSD Co. Ltd. | |
| 5,337,085 | |
| | 2,061 | | |
NSW, Inc. | |
| 40,436 | |
| | 1,056,100 | | |
NTN Corp. | |
| 1,772,446 | |
| | 726 | | |
NTT UD REIT Investment Corp. | |
| 521,780 | |
| | 63,000 | | |
OBIC Business Consultants Co. Ltd. | |
| 2,827,827 | |
| | 13,000 | | |
Oenon Holdings, Inc. | |
| 34,566 | |
| | 27,200 | | |
Ogaki Kyoritsu Bank Ltd. (The) | |
| 328,140 | |
| | 2,700 | | |
Oiles Corp. | |
| 35,558 | |
| | 7,100 | | |
Oita Bank Ltd. (The) | |
| 146,262 | |
| | 55,400 | | |
Okabe Co. Ltd. | |
| 283,672 | |
| | 1,900 | | |
Okada Aiyon Corp. | |
| 25,773 | |
| | 4,300 | | |
Okamoto Industries, Inc. | |
| 149,993 | |
| | 156,700 | | |
Okamura Corp. | |
| 1,989,432 | |
| | 220,900 | | |
Oki Electric Industry Co. Ltd. | |
| 1,468,402 | |
| | 1,600 | | |
Okinawa Financial Group, Inc. | |
| 23,841 | |
| | 49,400 | | |
OKUMA Corp. | |
| 1,016,026 | |
| | 14,600 | | |
Okura Industrial Co. Ltd. | |
| 260,886 | |
| | 3,000 | | |
Onamba Co. Ltd. | |
| 23,437 | |
| | 1,400 | | |
One Career, Inc.(a) | |
| 38,653 | |
| | 14,700 | | |
Ono Pharmaceutical Co. Ltd. | |
| 185,032 | |
| | 409,300 | | |
Onward Holdings Co. Ltd. | |
| 1,408,871 | |
| | 13,400 | | |
Open House Group Co. Ltd. | |
| 499,435 | |
| | 47,240 | | |
Open Up Group, Inc. | |
| 630,841 | |
| | 11,400 | | |
Optex Group Co. Ltd. | |
| 122,748 | |
| | 43,500 | | |
Optim Corp.(a) | |
| 171,492 | |
| | 86,400 | | |
Optorun Co. Ltd. | |
| 1,103,741 | |
| | 7,740 | | |
Oracle Corp. Japan | |
| 748,071 | |
| | 22,080 | | |
Organo Corp. | |
| 1,056,480 | |
| | 3,600 | | |
Oricon, Inc. | |
| 19,689 | |
| | 249 | | |
Orix JREIT, Inc. | |
| 257,784 | |
| | 23,300 | | |
Oro Co. Ltd. | |
| 369,113 | |
| | 181,300 | | |
Osaki Electric Co. Ltd. | |
| 949,814 | |
| | 54,240 | | |
OSG Corp. | |
| 645,961 | |
| | 71,040 | | |
Otsuka Corp. | |
| 1,606,512 | |
| | 2,730 | | |
Oyo Corp. | |
| 45,943 | |
| | 111,000 | | |
PAL GROUP Holdings Co. Ltd. | |
| 2,235,488 | |
| | 37,300 | | |
PALTAC Corp. | |
| 1,014,862 | |
| | 18,840 | | |
Pan Pacific International Holdings Corp. | |
| 474,658 | |
| | 7,200 | | |
PAPYLESS Co. Ltd. | |
| 42,885 | |
| | 34,900 | | |
Paramount Bed Holdings Co. Ltd. | |
| 607,546 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 10,300 | | |
Paris Miki Holdings, Inc. | |
$ | 20,744 | |
| | 2,800 | | |
PCA Corp. | |
| 35,751 | |
| | 2,000 | | |
People Dreams & Technologies Group Co. Ltd. | |
| 21,719 | |
| | 1,577,700 | | |
Persol Holdings Co. Ltd. | |
| 2,678,996 | |
| | 29,600 | | |
PILLAR Corp. | |
| 841,595 | |
| | 37,700 | | |
Pilot Corp. | |
| 1,180,327 | |
| | 30,960 | | |
Pola Orbis Holdings, Inc. | |
| 305,545 | |
| | 59,800 | | |
Pole To Win Holdings, Inc. | |
| 180,652 | |
| | 4,800 | | |
PR Times, Corp.(a) | |
| 50,294 | |
| | 172,200 | | |
Prestige International, Inc. | |
| 777,473 | |
| | 44,300 | | |
Pronexus, Inc. | |
| 379,323 | |
| | 86,452 | | |
Proto Corp. | |
| 812,515 | |
| | 4,500 | | |
Quick Co. Ltd. | |
| 59,915 | |
| | 4,100 | | |
R&D Computer Co. Ltd. | |
| 19,914 | |
| | 28,000 | | |
Raito Kogyo Co. Ltd. | |
| 411,873 | |
| | 189,500 | | |
Rakus Co. Ltd. | |
| 2,581,710 | |
| | 69,720 | | |
Rakuten Group, Inc.(a) | |
| 423,395 | |
| | 3,400 | | |
Rasa Industries Ltd. | |
| 62,365 | |
| | 117,400 | | |
Relo Group, Inc. | |
| 1,449,149 | |
| | 164,000 | | |
Resorttrust, Inc. | |
| 3,007,134 | |
| | 4,800 | | |
Retail Partners Co. Ltd. | |
| 41,448 | |
| | 19,448 | | |
Rheon Automatic Machinery Co. Ltd. | |
| 183,421 | |
| | 95,800 | | |
Riken Technos Corp. | |
| 660,777 | |
| | 42,000 | | |
Riken Vitamin Co. Ltd. | |
| 739,437 | |
| | 153,320 | | |
Rinnai Corp. | |
| 3,392,535 | |
| | 9,800 | | |
Rion Co. Ltd. | |
| 160,667 | |
| | 13,200 | | |
Riso Kagaku Corp. | |
| 307,542 | |
| | 282,640 | | |
Rohm Co. Ltd. | |
| 3,193,047 | |
| | 423,438 | | |
Rohto Pharmaceutical Co. Ltd. | |
| 9,595,215 | |
| | 47,100 | | |
Round One Corp. | |
| 301,931 | |
| | 2,000 | | |
Royal Holdings Co. Ltd. | |
| 32,684 | |
| | 22,500 | | |
RS Technologies Co. Ltd. | |
| 595,301 | |
| | 20,500 | | |
Ryobi Ltd. | |
| 257,296 | |
| | 444,400 | | |
Ryohin Keikaku Co. Ltd. | |
| 7,347,195 | |
| | 900 | | |
S&B Foods, Inc. | |
| 29,025 | |
| | 38,200 | | |
Sac’s Bar Holdings, Inc. | |
| 229,039 | |
| | 100 | | |
Saison Technology Co. Ltd. | |
| 1,187 | |
| | 18,120 | | |
Saizeriya Co. Ltd. | |
| 672,613 | |
| | 6,000 | | |
Sakai Heavy Industries Ltd. | |
| 94,261 | |
| | 47,900 | | |
Sakai Moving Service Co. Ltd. | |
| 781,520 | |
| | 37,400 | | |
Sakata INX Corp. | |
| 382,271 | |
| | 49,446 | | |
Sakata Seed Corp. | |
| 1,155,280 | |
| | 3,600 | | |
San Holdings, Inc. | |
| 26,347 | |
| | 5,300 | | |
San ju San Financial Group, Inc. | |
| 58,986 | |
| | 80,100 | | |
Sangetsu Corp. | |
| 1,476,636 | |
| | 4,300 | | |
Sanko Metal Industrial Co. Ltd. | |
| 113,203 | |
| | 346,034 | | |
Sankyo Co. Ltd. | |
| 4,643,697 | |
| | 17,700 | | |
Sankyo Tateyama, Inc. | |
| 87,370 | |
| | 47,340 | | |
Sankyu, Inc. | |
| 1,661,293 | |
| | 101,100 | | |
Sanrio Co. Ltd. | |
| 2,782,679 | |
| | 172,900 | | |
Sansan, Inc.(a) | |
| 2,563,800 | |
| | 4,100 | | |
Sansei Technologies, Inc. | |
| 36,618 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 56,500 | | |
Sansha Electric Manufacturing Co. Ltd. | |
$ | 376,320 | |
| | 562,100 | | |
Santen Pharmaceutical Co. Ltd. | |
| 6,766,361 | |
| | 310,740 | | |
Sanwa Holdings Corp. | |
| 8,029,257 | |
| | 6,100 | | |
Sanyo Chemical Industries Ltd. | |
| 166,612 | |
| | 8,500 | | |
Sanyo Denki Co. Ltd. | |
| 502,369 | |
| | 9,000 | | |
Sanyo Shokai Ltd. | |
| 154,067 | |
| | 2,400 | | |
Sanyo Trading Co. Ltd. | |
| 23,314 | |
| | 113,800 | | |
Sato Holdings Corp. | |
| 1,608,060 | |
| | 220,500 | | |
Sawai Group Holdings Co. Ltd. | |
| 2,973,572 | |
| | 67,300 | | |
SBI RHEOS HIFUMI, Inc. | |
| 77,514 | |
| | 31,000 | | |
Scroll Corp. | |
| 195,255 | |
| | 275,485 | | |
SCSK Corp. | |
| 5,198,206 | |
| | 7,200 | | |
Seed Co. Ltd. | |
| 23,599 | |
| | 88,900 | | |
Sega Sammy Holdings, Inc. | |
| 1,691,230 | |
| | 7,700 | | |
Seika Corp. | |
| 197,390 | |
| | 125,200 | | |
Seikagaku Corp. | |
| 723,480 | |
| | 2,900 | | |
Seiko Electric Co. Ltd. | |
| 24,393 | |
| | 68,100 | | |
Seiko Group Corp. | |
| 1,750,234 | |
| | 127,400 | | |
Seino Holdings Co. Ltd. | |
| 2,063,102 | |
| | 1,169 | | |
Sekisui House Reit, Inc. | |
| 557,802 | |
| | 32,000 | | |
Sekisui Kasei Co. Ltd. | |
| 78,768 | |
| | 1,000 | | |
SEMITEC Corp. | |
| 11,919 | |
| | 19,200 | | |
SERAKU Co. Ltd. | |
| 169,077 | |
| | 35,100 | | |
Seria Co. Ltd. | |
| 731,154 | |
| | 1,300 | | |
Serverworks Co. Ltd.(a) | |
| 20,380 | |
| | 488,340 | | |
SG Holdings Co. Ltd. | |
| 4,917,469 | |
| | 12,900 | | |
Sharingtechnology, Inc. | |
| 67,327 | |
| | 1,100 | | |
Shibaura Electronics Co. Ltd. | |
| 25,773 | |
| | 48,900 | | |
Shibaura Machine Co. Ltd. | |
| 1,206,891 | |
| | 1,500 | | |
Shibuya Corp. | |
| 36,676 | |
| | 26,200 | | |
Shikoku Bank Ltd. (The) | |
| 162,263 | |
| | 78,200 | | |
Shikoku Electric Power Co., Inc. | |
| 706,651 | |
| | 3,200 | | |
Shikoku Kasei Holdings Corp. | |
| 43,723 | |
| | 19,000 | | |
Shima Seiki Manufacturing Ltd. | |
| 143,307 | |
| | 15,715 | | |
Shimadaya Corp.(a) | |
| 152,454 | |
| | 89,700 | | |
Shimamura Co. Ltd. | |
| 4,655,025 | |
| | 3,100 | | |
Shimojima Co. Ltd. | |
| 27,034 | |
| | 63,000 | | |
Shindengen Electric Manufacturing Co. Ltd. | |
| 996,788 | |
| | 26,900 | | |
Shin-Etsu Polymer Co. Ltd. | |
| 282,562 | |
| | 8,600 | | |
Shinmaywa Industries Ltd. | |
| 77,204 | |
| | 27,500 | | |
Shinnihon Corp. | |
| 279,814 | |
| | 28,600 | | |
Shinnihonseiyaku Co. Ltd. | |
| 328,089 | |
| | 77,000 | | |
Shiseido Co. Ltd. | |
| 1,702,777 | |
| | 43,440 | | |
Shizuoka Financial Group, Inc. | |
| 350,945 | |
| | 53,100 | | |
Shizuoka Gas Co. Ltd. | |
| 357,518 | |
| | 13,700 | | |
SHO-BOND Holdings Co. Ltd. | |
| 485,280 | |
| | 18,240 | | |
Shoei Co. Ltd. | |
| 282,952 | |
| | 40,594 | | |
Shofu, Inc. | |
| 607,547 | |
| | 3,400 | | |
Sigma Koki Co. Ltd. | |
| 31,977 | |
| | 44,200 | | |
SIGMAXYZ Holdings, Inc. | |
| 502,974 | |
| | 9,200 | | |
Siix Corp. | |
| 68,301 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 73,500 | | |
Sinfonia Technology Co. Ltd. | |
$ | 2,544,491 | |
| | 75,100 | | |
Sinko Industries Ltd. | |
| 2,184,691 | |
| | 20,900 | | |
SK-Electronics Co. Ltd. | |
| 326,829 | |
| | 349,600 | | |
SKY Perfect JSAT Holdings, Inc. | |
| 2,031,702 | |
| | 45,200 | | |
Skylark Holdings Co. Ltd. | |
| 704,000 | |
| | 2,900 | | |
SMK Corp. | |
| 45,330 | |
| | 238,420 | | |
SMS Co. Ltd. | |
| 2,707,606 | |
| | 143,600 | | |
Socionext, Inc. | |
| 2,761,611 | |
| | 163,500 | | |
Sodick Co. Ltd. | |
| 832,888 | |
| | 21,600 | | |
Softcreate Holdings Corp. | |
| 309,627 | |
| | 385,800 | | |
Sohgo Security Services Co. Ltd. | |
| 2,701,666 | |
| | 1,300 | | |
Soken Chemical & Engineering Co. Ltd. | |
| 27,422 | |
| | 103,713 | | |
Soliton Systems KK | |
| 875,083 | |
| | 23,600 | | |
S-Pool, Inc. | |
| 56,849 | |
| | 5,600 | | |
Sprix, Inc. | |
| 28,896 | |
| | 37,900 | | |
Square Enix Holdings Co. Ltd. | |
| 1,489,659 | |
| | 4,400 | | |
SRA Holdings | |
| 123,799 | |
| | 10,300 | | |
St. Marc Holdings Co. Ltd. | |
| 157,612 | |
| | 6,300 | | |
Star Mica Holdings Co. Ltd. | |
| 26,744 | |
| | 167,300 | | |
Star Micronics Co. Ltd. | |
| 2,176,860 | |
| | 6,100 | | |
Startia Holdings, Inc. | |
| 78,488 | |
| | 124,600 | | |
Starts Corp., Inc. | |
| 2,903,014 | |
| | 4,900 | | |
St-Care Holding Corp. | |
| 23,961 | |
| | 6,300 | | |
Step Co. Ltd. | |
| 84,006 | |
| | 22,600 | | |
Strike Co. Ltd. | |
| 560,017 | |
| | 19,320 | | |
Subaru Corp. | |
| 353,683 | |
| | 44,540 | | |
Sugi Holdings Co. Ltd. | |
| 762,756 | |
| | 47,400 | | |
Sumitomo Bakelite Co. Ltd. | |
| 1,265,643 | |
| | 813,900 | | |
Sumitomo Chemical Co. Ltd. | |
| 2,196,791 | |
| | 24,300 | | |
Sumitomo Electric Industries Ltd. | |
| 381,037 | |
| | 95,920 | | |
Sumitomo Heavy Industries Ltd. | |
| 2,175,466 | |
| | 22,800 | | |
Sumitomo Mitsui Trust Group, Inc. | |
| 506,900 | |
| | 364,700 | | |
Sumitomo Pharma Co. Ltd.(a) | |
| 1,267,353 | |
| | 40,400 | | |
Sumitomo Riko Co. Ltd. | |
| 417,986 | |
| | 112,900 | | |
Sumitomo Rubber Industries Ltd. | |
| 1,172,172 | |
| | 11,300 | | |
Sumitomo Seika Chemicals Co. Ltd. | |
| 378,551 | |
| | 22,800 | | |
Sumitomo Warehouse Co. Ltd. (The) | |
| 402,009 | |
| | 296,000 | | |
Sun Frontier Fudousan Co. Ltd. | |
| 3,570,936 | |
| | 51,500 | | |
Sun*, Inc.(a) | |
| 179,304 | |
| | 176,100 | | |
Suntory Beverage & Food Ltd. | |
| 5,986,287 | |
| | 21,600 | | |
Sun-Wa Technos Corp. | |
| 308,632 | |
| | 178,700 | | |
Suzuken Co. Ltd. | |
| 5,887,667 | |
| | 2,700 | | |
Suzuki Co. Ltd. | |
| 33,639 | |
| | 1,200 | | |
Suzumo Machinery Co. Ltd. | |
| 11,989 | |
| | 5,600 | | |
SWCC Corp. | |
| 200,132 | |
| | 10,300 | | |
Synchro Food Co. Ltd. | |
| 31,997 | |
| | 5,500 | | |
System Research Co. Ltd. | |
| 52,379 | |
| | 9,100 | | |
System Support, Inc. | |
| 110,022 | |
| | 906,700 | | |
Systena Corp. | |
| 2,178,133 | |
| | 11,100 | | |
Syuppin Co. Ltd. | |
| 77,731 | |
| | 75,300 | | |
Tadano Ltd. | |
| 486,521 | |
| | 4,500 | | |
Taiho Kogyo Co. Ltd. | |
| 18,214 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 26,100 | | |
Taikisha Ltd. | |
$ | 839,137 | |
| | 18,600 | | |
Takaoka Toko Co. Ltd. | |
| 240,671 | |
| | 36,900 | | |
Takara & Co. Ltd. | |
| 651,834 | |
| | 3,900 | | |
Takara Bio, Inc. | |
| 26,181 | |
| | 45,960 | | |
Takara Holdings, Inc. | |
| 363,742 | |
| | 101,300 | | |
Takara Standard Co. Ltd. | |
| 1,112,073 | |
| | 14,600 | | |
Takasago International Corp. | |
| 500,632 | |
| | 32,040 | | |
Takeuchi Manufacturing Co. Ltd. | |
| 1,017,461 | |
| | 262,800 | | |
Tamron Co. Ltd. | |
| 7,558,484 | |
| | 50,300 | | |
Tanseisha Co. Ltd. | |
| 269,476 | |
| | 73,800 | | |
TDK Corp. | |
| 894,935 | |
| | 140,280 | | |
TechMatrix Corp. | |
| 2,058,868 | |
| | 1,100 | | |
Techno Medica Co. Ltd. | |
| 13,082 | |
| | 102,660 | | |
TechnoPro Holdings, Inc. | |
| 1,862,799 | |
| | 5,500 | | |
Tecnos Japan, Inc. | |
| 23,384 | |
| | 7,200 | | |
Teijin Ltd. | |
| 65,110 | |
| | 16,900 | | |
Temairazu, Inc. | |
| 359,267 | |
| | 1,700 | | |
Tenma Corp. | |
| 32,861 | |
| | 10,300 | | |
Tera Probe, Inc. | |
| 221,673 | |
| | 5,000 | | |
Terasaki Electric Co. Ltd. | |
| 78,419 | |
| | 17,100 | | |
THK Co. Ltd. | |
| 288,676 | |
| | 51,348 | | |
TIS, Inc. | |
| 1,292,994 | |
| | 13,800 | | |
TKC Corp. | |
| 360,577 | |
| | 11,500 | | |
Toa Corp. | |
| 74,023 | |
| | 3,900 | | |
Toa Corp. | |
| 25,463 | |
| | 45,300 | | |
Toagosei Co. Ltd. | |
| 467,341 | |
| | 65,500 | | |
TOC Co. Ltd. | |
| 263,397 | |
| | 30,500 | | |
Tocalo Co. Ltd. | |
| 361,327 | |
| | 159,965 | | |
Tochigi Bank Ltd. (The) | |
| 274,785 | |
| | 4,700 | | |
Toell Co. Ltd. | |
| 23,880 | |
| | 5,800 | | |
Toenec Corp. | |
| 36,379 | |
| | 59,100 | | |
Toho Gas Co. Ltd. | |
| 1,486,252 | |
| | 117,600 | | |
Toho Holdings Co. Ltd. | |
| 3,527,071 | |
| | 47,520 | | |
Tokai Carbon Co. Ltd. | |
| 271,690 | |
| | 24,000 | | |
Tokai Corp. | |
| 345,136 | |
| | 84,100 | | |
Tokai Tokyo Financial Holdings, Inc. | |
| 261,809 | |
| | 11,500 | | |
Tokyo Base Co. Ltd. | |
| 18,846 | |
| | 4,600 | | |
Tokyo Energy & Systems, Inc. | |
| 34,574 | |
| | 3,800 | | |
Tokyo Kiraboshi Financial Group, Inc. | |
| 103,791 | |
| | 22,680 | | |
Tokyo Ohka Kogyo Co. Ltd. | |
| 539,012 | |
| | 51,700 | | |
Tokyo Seimitsu Co. Ltd. | |
| 2,899,406 | |
| | 3,800 | | |
Tokyo Steel Manufacturing Co. Ltd. | |
| 38,065 | |
| | 25,446 | | |
Tokyo Tatemono Co. Ltd. | |
| 422,286 | |
| | 4,400 | | |
Tokyo Tekko Co. Ltd. | |
| 156,957 | |
| | 11,760 | | |
Tokyotokeiba Co. Ltd. | |
| 323,141 | |
| | 203,286 | | |
Tokyu Fudosan Holdings Corp. | |
| 1,295,390 | |
| | 621 | | |
Tokyu REIT, Inc. | |
| 632,280 | |
| | 87,200 | | |
Toli Corp. | |
| 237,599 | |
| | 1,200 | | |
Tomato Bank Ltd. | |
| 8,735 | |
| | 123,785 | | |
TOMONY Holdings, Inc. | |
| 324,249 | |
| | 311,890 | | |
Tomy Co. Ltd. | |
| 8,340,194 | |
| | 800 | | |
Tonami Holdings Co. Ltd. | |
| 31,012 | |
| | 8,300 | | |
Topre Corp. | |
| 97,563 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 2,000 | | |
Topy Industries Ltd. | |
$ | 25,668 | |
| | 171,900 | | |
Tosei Corp. | |
| 2,716,414 | |
| | 105,055 | | |
Toshiba TEC Corp. | |
| 2,423,442 | |
| | 19,300 | | |
Tosho Co. Ltd. | |
| 86,630 | |
| | 18,100 | | |
Tosoh Corp. | |
| 227,531 | |
| | 54,780 | | |
TOTO Ltd. | |
| 1,546,704 | |
| | 3,400 | | |
Toumei Co. Ltd. | |
| 50,103 | |
| | 36,400 | | |
Towa Bank Ltd. (The) | |
| 138,950 | |
| | 140,300 | | |
Towa Pharmaceutical Co. Ltd. | |
| 2,908,681 | |
| | 6,600 | | |
Toyo Denki Seizo KK | |
| 47,695 | |
| | 109,500 | | |
Toyo Engineering Corp. | |
| 539,789 | |
| | 2,800 | | |
Toyo Kanetsu KK | |
| 82,651 | |
| | 46,920 | | |
Toyo Seikan Group Holdings Ltd. | |
| 707,475 | |
| | 49,568 | | |
Toyo Suisan Kaisha Ltd. | |
| 2,946,546 | |
| | 29,340 | | |
Toyo Tire Corp. | |
| 422,701 | |
| | 11,000 | | |
Toyoda Gosei Co. Ltd. | |
| 190,042 | |
| | 2,200 | | |
Toyokumo, Inc. | |
| 31,218 | |
| | 34,200 | | |
Traders Holdings Co. Ltd. | |
| 183,447 | |
| | 160,480 | | |
Transcosmos, Inc. | |
| 3,527,729 | |
| | 2,100 | | |
TRE Holdings Corp. | |
| 24,906 | |
| | 32,583 | | |
Trend Micro, Inc. | |
| 1,730,798 | |
| | 2,900 | | |
Trinity Industrial Corp. | |
| 18,266 | |
| | 101,600 | | |
Trusco Nakayama Corp. | |
| 1,516,578 | |
| | 356,100 | | |
Tsubakimoto Chain Co. | |
| 4,544,412 | |
| | 9,900 | | |
Tsubakimoto Kogyo Co. Ltd. | |
| 123,408 | |
| | 78,720 | | |
Tsugami Corp. | |
| 742,954 | |
| | 36,300 | | |
Tsukada Global Holdings, Inc. | |
| 94,847 | |
| | 1,000 | | |
Tsuruha Holdings, Inc. | |
| 56,206 | |
| | 15,700 | | |
TV Asahi Holdings Corp. | |
| 206,970 | |
| | 3,700 | | |
TYK Corp. | |
| 10,057 | |
| | 26,000 | | |
UACJ Corp. | |
| 865,868 | |
| | 31,600 | | |
Ubicom Holdings, Inc. | |
| 280,145 | |
| | 9,800 | | |
Uchida Yoko Co. Ltd. | |
| 423,759 | |
| | 500 | | |
ULS Group, Inc. | |
| 17,836 | |
| | 44,300 | | |
Ulvac, Inc. | |
| 2,140,068 | |
| | 2,400 | | |
Union Tool Co. | |
| 114,203 | |
| | 43,000 | | |
Unipres Corp. | |
| 317,816 | |
| | 127,900 | | |
United Arrows Ltd. | |
| 1,840,130 | |
| | 89,700 | | |
UNITED, Inc. | |
| 448,677 | |
| | 5,400 | | |
Univance Corp. | |
| 17,095 | |
| | 2,100 | | |
User Local, Inc. | |
| 25,832 | |
| | 88,320 | | |
Ushio, Inc. | |
| 1,229,121 | |
| | 351,927 | | |
USS Co. Ltd. | |
| 2,971,715 | |
| | 34,400 | | |
UT Group Co. Ltd. | |
| 593,408 | |
| | 25,600 | | |
Valor Holdings Co. Ltd. | |
| 355,172 | |
| | 100,900 | | |
ValueCommerce Co. Ltd. | |
| 727,165 | |
| | 84,100 | | |
Vector, Inc. | |
| 530,814 | |
| | 8,100 | | |
Vertex Corp. | |
| 108,060 | |
| | 2,100 | | |
VisasQ, Inc.(a) | |
| 16,088 | |
| | 43,600 | | |
Vision, Inc. | |
| 303,886 | |
| | 28,700 | | |
Visional, Inc.(a) | |
| 1,555,134 | |
| | 56,200 | | |
Vital KSK Holdings, Inc. | |
| 474,560 | |
| | 297,640 | | |
Wacom Co. Ltd. | |
| 1,398,677 | |
| Shares | |
| |
Value |
| JAPAN (continued) | |
| | |
| | 3,100 | | |
Wadakohsan Corp. | |
$ | 27,585 | |
| | 6,500 | | |
Warabeya Nichiyo Holdings Co. Ltd. | |
| 88,384 | |
| | 2,300 | | |
Waseda Academy Co. Ltd. | |
| 25,416 | |
| | 27,800 | | |
WDB Holdings Co. Ltd. | |
| 315,069 | |
| | 3,600 | | |
Weathernews, Inc. | |
| 143,346 | |
| | 27,100 | | |
Will Group, Inc. | |
| 175,149 | |
| | 26,700 | | |
WingArc1st, Inc. | |
| 574,628 | |
| | 26,520 | | |
Workman Co. Ltd. | |
| 678,098 | |
| | 33,800 | | |
Wowow, Inc. | |
| 225,571 | |
| | 108,300 | | |
Xebio Holdings Co. Ltd. | |
| 824,688 | |
| | 276 | | |
XYMAX Investment Corp. REIT | |
| 202,722 | |
| | 135,700 | | |
YAMABIKO Corp. | |
| 2,238,148 | |
| | 1,500 | | |
YAMADA Consulting Group Co. Ltd. | |
| 20,850 | |
| | 4,500 | | |
Yamagata Bank Ltd. (The) | |
| 28,788 | |
| | 16,200 | | |
Yamaha Corp. | |
| 132,637 | |
| | 84,500 | | |
Yamaichi Electronics Co. Ltd. | |
| 1,455,976 | |
| | 25,500 | | |
Yamanashi Chuo Bank Ltd. (The) | |
| 275,744 | |
| | 43,900 | | |
Yamashin-Filter Corp. | |
| 135,797 | |
| | 44,900 | | |
Yamato Holdings Co. Ltd. | |
| 478,876 | |
| | 132,200 | | |
Yamazen Corp. | |
| 1,157,207 | |
| | 88,446 | | |
Yokohama Rubber Co. Ltd. (The) | |
| 1,840,054 | |
| | 11,500 | | |
Yokowo Co. Ltd. | |
| 116,862 | |
| | 6,100 | | |
Yonex Co. Ltd. | |
| 77,203 | |
| | 4,800 | | |
Yoshinoya Holdings Co. Ltd. | |
| 98,186 | |
| | 29,500 | | |
Yossix Holdings Co. Ltd. | |
| 637,801 | |
| | 4,600 | | |
Yurtec Corp. | |
| 45,019 | |
| | 20,100 | | |
Yushin Precision Equipment Co. Ltd. | |
| 87,972 | |
| | 3,700 | | |
Yutaka Giken Co. Ltd. | |
| 47,145 | |
| | 18,900 | | |
Zacros Corp. | |
| 539,236 | |
| | 105,440 | | |
Zenkoku Hosho Co. Ltd. | |
| 3,846,610 | |
| | 116,300 | | |
Zenrin Co. Ltd. | |
| 620,767 | |
| | 180,460 | | |
Zeon Corp. | |
| 1,700,795 | |
| | 50,600 | | |
ZERIA Pharmaceutical Co. Ltd. | |
| 775,951 | |
| | 262,400 | | |
ZIGExN Co. Ltd. | |
| 1,003,386 | |
| | 12,400 | | |
Zojirushi Corp. | |
| 130,823 | |
| | 36,360 | | |
ZOZO, Inc. | |
| 1,189,585 | |
| | 13,100 | | |
Zuken, Inc. | |
| 314,697 | |
| | | | |
| |
| 770,567,511 | |
| LUXEMBOURG — 0.0% | |
| | |
| | 13,140 | | |
Befesa SA(c)(d) | |
| 305,299 | |
| MALAYSIA — 0.1% | |
| | |
| | 21,673,800 | | |
Top Glove Corp. Behrad(a) | |
| 5,295,950 | |
| MEXICO — 0.0% | |
| | |
| | 423,565 | | |
Qualitas Controladora SAB de CV | |
| 2,943,438 | |
| NETHERLANDS — 0.7% | |
| | |
| | 106,494 | | |
Arcadis NV | |
| 7,373,143 | |
| | 24,622 | | |
ASM International NV | |
| 13,718,038 | |
| | 32,829 | | |
ASR Nederland NV | |
| 1,555,874 | |
| | 12,588 | | |
BE Semiconductor Industries NV | |
| 1,341,053 | |
| | 53,565 | | |
Corbion NV | |
| 1,341,268 | |
| | 21,765 | | |
Eurocommercial Properties NV REIT | |
| 552,808 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| NETHERLANDS (continued) | |
| | |
| | 4,110 | | |
Euronext NV(c)(d) | |
$ | 453,324 | |
| | 19,748 | | |
Flow Traders Ltd. | |
| 451,958 | |
| | 34,361 | | |
ForFarmers NV | |
| 122,407 | |
| | 35,791 | | |
IMCD NV | |
| 5,685,969 | |
| | 468,422 | | |
Koninklijke BAM Groep NV | |
| 2,162,428 | |
| | 187,057 | | |
Koninklijke Heijmans NV | |
| 5,035,913 | |
| | 124,221 | | |
Koninklijke Philips NV(a) | |
| 3,259,128 | |
| | 19,920 | | |
Koninklijke Vopak NV | |
| 915,255 | |
| | 266 | | |
Nedap NV | |
| 15,914 | |
| | 9,120 | | |
NN Group NV | |
| 448,297 | |
| | 18,820 | | |
NSI NV REIT | |
| 405,335 | |
| | 67,500 | | |
QIAGEN NV | |
| 2,841,750 | |
| | 18,600 | | |
QIAGEN NV | |
| 790,065 | |
| | 49,098 | | |
Randstad NV | |
| 2,261,759 | |
| | 28,320 | | |
Signify NV(c)(d) | |
| 693,730 | |
| | 355,044 | | |
TomTom NV(a) | |
| 1,936,789 | |
| | 100,308 | | |
Van Lanschot Kempen NV | |
| 4,588,077 | |
| | 24,205 | | |
Vastned Retail NV REIT | |
| 649,010 | |
| | 214,984 | | |
Wereldhave NV REIT | |
| 3,311,300 | |
| | | | |
| |
| 61,910,592 | |
| NEW ZEALAND — 0.1% | |
| | |
| | 1,724,606 | | |
a2 Milk Co. Ltd. (The)(a) | |
| 6,548,738 | |
| | 35,450 | | |
Argosy Property Ltd. | |
| 22,989 | |
| | 13,488 | | |
Gentrack Group Ltd.(a) | |
| 80,618 | |
| | 112,609 | | |
SKY Network Television Ltd. | |
| 184,420 | |
| | 801,689 | | |
Spark New Zealand Ltd. | |
| 1,394,383 | |
| | 7,554 | | |
Vista Group International Ltd.(a) | |
| 13,003 | |
| | | | |
| |
| 8,244,151 | |
| NORWAY — 0.5% | |
| | |
| | 254,929 | | |
ABG Sundal Collier Holding ASA | |
| 160,139 | |
| | 92,193 | | |
Aker BP ASA | |
| 1,966,190 | |
| | 86,354 | | |
Atea ASA | |
| 1,105,311 | |
| | 44,056 | | |
Austevoll Seafood ASA | |
| 382,079 | |
| | 51,474 | | |
Awilco LNG AS | |
| 28,731 | |
| | 120,977 | | |
Belships ASA | |
| 194,659 | |
| | 9,018 | | |
Bonheur ASA | |
| 227,086 | |
| | 7,674 | | |
Borregaard ASA | |
| 135,339 | |
| | 30,307 | | |
Bouvet ASA | |
| 187,073 | |
| | 2,756,370 | | |
DNO ASA | |
| 2,691,170 | |
| | 189,540 | | |
DOF Group ASA(a) | |
| 1,505,954 | |
| | 89,789 | | |
Elopak ASA | |
| 363,639 | |
| | 21,945 | | |
FLEX LNG Ltd. | |
| 536,645 | |
| | 118,626 | | |
Gjensidige Forsikring ASA | |
| 2,140,621 | |
| | 645,157 | | |
Hoegh Autoliners ASA | |
| 6,721,241 | |
| | 44,339 | | |
Kongsberg Gruppen ASA | |
| 4,615,203 | |
| | 29,999 | | |
Leroy Seafood Group ASA | |
| 137,720 | |
| | 300,099 | | |
LINK Mobility Group Holding ASA(a) | |
| 721,589 | |
| | 184,679 | | |
MPC Container Ships ASA | |
| 364,147 | |
| | 14,100 | | |
NORBIT ASA | |
| 121,386 | |
| | 404,645 | | |
Norconsult Norge AS | |
| 1,423,589 | |
| | 604,363 | | |
Norwegian Air Shuttle ASA(a) | |
| 582,376 | |
| Shares | |
| |
Value |
| NORWAY (continued) | |
| | |
| | 19,345 | | |
Odfjell Drilling Ltd. | |
$ | 89,337 | |
| | 35,908 | | |
Odfjell SE - Class A | |
| 410,649 | |
| | 41,300 | | |
OKEA ASA | |
| 85,978 | |
| | 120 | | |
Olav Thon Eiendomsselskap ASA | |
| 2,454 | |
| | 128,733 | | |
Orkla ASA | |
| 1,190,173 | |
| | 38,782 | | |
Panoro Energy ASA | |
| 94,485 | |
| | 191,948 | | |
Petronor E&P ASA(a) | |
| 168,562 | |
| | 132,209 | | |
Pexip Holding ASA | |
| 513,803 | |
| | 19,968 | | |
Protector Forsikring ASA | |
| 517,343 | |
| | 6,615 | | |
Rana Gruber ASA | |
| 46,906 | |
| | 22,497 | | |
Salmar ASA | |
| 1,141,191 | |
| | 33,496 | | |
SATS ASA(a) | |
| 65,773 | |
| | 24,060 | | |
Schibsted ASA - Class A | |
| 810,151 | |
| | 25,380 | | |
Schibsted ASA - Class B | |
| 789,996 | |
| | 70,532 | | |
Sea1 Offshore, Inc. | |
| 173,121 | |
| | 2,897 | | |
SpareBank 1 Nord Norge | |
| 31,029 | |
| | 2,697 | | |
Sparebank 1 Oestlandet | |
| 38,615 | |
| | 56,038 | | |
SpareBank 1 SMN | |
| 827,106 | |
| | 4,705 | | |
Sparebanken More | |
| 38,084 | |
| | 19,660 | | |
Sparebanken Vest | |
| 241,528 | |
| | 25,920 | | |
TGS ASA | |
| 235,396 | |
| | 67,324 | | |
Veidekke ASA | |
| 766,256 | |
| | 723,974 | | |
Wallenius Wilhelmsen ASA | |
| 7,121,142 | |
| | 9,679 | | |
Wilh Wilhelmsen Holding ASA - Class A | |
| 358,996 | |
| | | | |
| |
| 42,069,961 | |
| POLAND — 0.3% | |
| | |
| | 1,064,885 | | |
Allegro.eu SA(a)(c)(d) | |
| 9,343,267 | |
| | 250,143 | | |
KGHM Polska Miedz SA | |
| 9,339,547 | |
| | 3,276,809 | | |
Orange Polska SA | |
| 6,359,191 | |
| | | | |
| |
| 25,042,005 | |
| PORTUGAL — 0.1% | |
| | |
| | 102,053 | | |
Altri SGPS SA | |
| 552,155 | |
| | 12,801,337 | | |
Banco Comercial Portugues SA - Class R | |
| 6,452,685 | |
| | 3,621 | | |
Ibersol SGPS SA | |
| 28,989 | |
| | 127,367 | | |
Jeronimo Martins SGPS SA | |
| 2,475,771 | |
| | 689,764 | | |
Navigator Co. SA (The) | |
| 2,653,028 | |
| | 154,875 | | |
NOS SGPS SA | |
| 592,998 | |
| | 1,245,467 | | |
Sonae SGPS SA | |
| 1,231,474 | |
| | | | |
| |
| 13,987,100 | |
| PUERTO RICO — 0.0% | |
| | |
| | 30,700 | | |
Popular, Inc. | |
| 2,739,361 | |
| RUSSIA — 0.0% | |
| | |
| | 3,531,360 | | |
Alrosa PJSC(b)(e) | |
| 0 | |
| | 1,189,126,065 | | |
Federal Grid Co. - Rosseti PJSC(a)(b)(e) | |
| 0 | |
| | 4,480,742 | | |
Gazprom PJSC(a)(b)(e) | |
| 0 | |
| | 1,073,095 | | |
Gazprom PJSC - ADR(a)(b)(e) | |
| 0 | |
| | 112,793 | | |
Magnit PJSC(b)(e) | |
| 0 | |
| | 532,967 | | |
Mobile TeleSystems PJSC(b)(e) | |
| 0 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| RUSSIA (continued) | |
| | |
| | 217,810,135 | | |
ROSSETI PJSC(a)(b)(e) | |
$ | 0 | |
| | 1,641,600 | | |
Rostelecom PJSC(b)(e) | |
| 0 | |
| | 461,432,194 | | |
RusHydro PJSC(a)(b)(e) | |
| 0 | |
| | 13,369,855 | | |
Surgutneftegas PJSC(b)(e) | |
| 0 | |
| | 243,969 | | |
VK IPJSC(a)(b)(e) | |
| 0 | |
| | | | |
| |
| 0 | |
| SINGAPORE — 0.6% | |
| | |
| | 1,731,100 | | |
AIMS APAC REIT | |
| 1,664,897 | |
| | 323,718 | | |
Aztech Global Ltd.(c) | |
| 185,087 | |
| | 4,000 | | |
Bukit Sembawang Estates Ltd. | |
| 10,935 | |
| | 622,797 | | |
CapitaLand Integrated Commercial Trust REIT | |
| 952,707 | |
| | 1,381,816 | | |
ComfortDelGro Corp. Ltd. | |
| 1,538,258 | |
| | 62,000 | | |
Cromwell European Real Estate Investment Trust REIT(c) | |
| 109,254 | |
| | 1,527,500 | | |
CSE Global Ltd. | |
| 497,406 | |
| | 95,100 | | |
First Resources Ltd. | |
| 105,146 | |
| | 915,400 | | |
Frasers Hospitality Trust Units | |
| 298,086 | |
| | 1,271,093 | | |
Frasers Logistics & Commercial Trust REIT(c) | |
| 1,029,966 | |
| | 2,514,225 | | |
Genting Singapore Ltd. | |
| 1,589,836 | |
| | 13,400 | | |
GuocoLand Ltd. | |
| 16,033 | |
| | 1,533,186 | | |
Hafnia Ltd. | |
| 8,920,193 | |
| | 186,000 | | |
Hour Glass Ltd. (The) | |
| 219,735 | |
| | 753,100 | | |
iFAST Corp. Ltd. | |
| 4,277,357 | |
| | 793,729 | | |
IGG, Inc. | |
| 420,648 | |
| | 231,000 | | |
InnoTek Ltd. | |
| 83,968 | |
| | 175,600 | | |
Japfa Ltd.(a) | |
| 51,197 | |
| | 6,145,100 | | |
Keppel Pacific Oak US REIT(c) | |
| 1,536,275 | |
| | 2,052,500 | | |
Keppel REIT | |
| 1,398,902 | |
| | 101,700 | | |
Kimly Ltd. | |
| 25,030 | |
| | 194,900 | | |
LHN Ltd. | |
| 50,920 | |
| | 8,167,800 | | |
Manulife US Real Estate Investment Trust REIT(c) | |
| 914,794 | |
| | 1,251,800 | | |
Mapletree Logistics Trust REIT | |
| 1,260,806 | |
| | 2,207,600 | | |
Mapletree Pan Asia Commercial Trust REIT | |
| 2,190,046 | |
| | 44,300 | | |
OUE Ltd. | |
| 34,890 | |
| | 893,200 | | |
OUE Real Estate Investment Trust REIT | |
| 196,159 | |
| | 818,900 | | |
PARAGON REIT | |
| 542,626 | |
| | 320,000 | | |
Parkway Life Real Estate Investment Trust REIT | |
| 916,017 | |
| | 109,200 | | |
Propnex Ltd.(c) | |
| 64,503 | |
| | 81,500 | | |
PSC Corp. Ltd. | |
| 20,676 | |
| | 4,870,449 | | |
Raffles Medical Group Ltd. | |
| 3,245,737 | |
| | 304,400 | | |
RHT Health Trust(b) | |
| 4,380 | |
| | 5,130,000 | | |
Riverstone Holdings Ltd. | |
| 3,515,827 | |
| | 215,276 | | |
Samudera Shipping Line Ltd. | |
| 128,791 | |
| | 742,000 | | |
Sasseur Real Estate Investment Trust REIT(c) | |
| 387,717 | |
| | 93,720 | | |
Sembcorp Industries Ltd. | |
| 357,704 | |
| Shares | |
| |
Value |
| SINGAPORE (continued) | |
| | |
| | 1,294,139 | | |
Sheng Siong Group Ltd. | |
$ | 1,558,259 | |
| | 146,100 | | |
Singapore Exchange Ltd. | |
| 1,255,763 | |
| | 3,494,100 | | |
Starhill Global REIT | |
| 1,349,482 | |
| | 615,700 | | |
StarHub Ltd. | |
| 554,853 | |
| | 961,800 | | |
Suntec Real Estate Investment Trust REIT | |
| 866,749 | |
| | 550,020 | | |
UOL Group Ltd. | |
| 2,236,734 | |
| | 8,347,600 | | |
Yangzijiang Financial Holding Ltd. | |
| 2,528,618 | |
| | 1,057,100 | | |
Yanlord Land Group Ltd.(a) | |
| 560,371 | |
| | | | |
| |
| 49,673,338 | |
| SOUTH AFRICA — 0.7% | |
| | |
| | 400,129 | | |
African Rainbow Minerals Ltd. | |
| 4,030,568 | |
| | 232,848 | | |
Anglo American Platinum Ltd. | |
| 9,099,959 | |
| | 560,948 | | |
Aspen Pharmacare Holdings Ltd. | |
| 5,679,161 | |
| | 1,442,651 | | |
Impala Platinum Holdings Ltd.(a) | |
| 9,439,831 | |
| | 61,242 | | |
Investec Plc | |
| 469,863 | |
| | 974,757 | | |
MTN Group Ltd. | |
| 4,839,505 | |
| | 666,221 | | |
Remgro Ltd. | |
| 5,802,887 | |
| | 2,339,970 | | |
Sappi Ltd. | |
| 6,325,750 | |
| | 7,136,500 | | |
Sibanye Stillwater Ltd.(a) | |
| 8,205,153 | |
| | 730,227 | | |
SPAR Group Ltd. (The)(a) | |
| 5,240,818 | |
| | 820,293 | | |
Vodacom Group Ltd. | |
| 5,118,107 | |
| | | | |
| |
| 64,251,602 | |
| SOUTH KOREA — 1.4% | |
| | |
| | 42,263 | | |
Green Cross Corp. | |
| 4,973,559 | |
| | 372,683 | | |
GS Engineering & Construction Corp. (a) | |
| 4,798,969 | |
| | 143,546 | | |
Hankook Tire & Technology Co. Ltd. | |
| 3,671,865 | |
| | 2,671 | | |
Hanmi Pharm Co. Ltd. | |
| 620,330 | |
| | 97,412 | | |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | |
| 12,945,914 | |
| | 103,568 | | |
Hyundai Department Store Co. Ltd. | |
| 3,534,821 | |
| | 158,884 | | |
Hyundai Engineering & Construction Co. Ltd. | |
| 3,212,220 | |
| | 60,545 | | |
Hyundai Glovis Co. Ltd. | |
| 5,356,916 | |
| | 115,060 | | |
KB Financial Group, Inc. | |
| 7,528,926 | |
| | 108,213 | | |
Kia Corp. | |
| 7,206,358 | |
| | 71,727 | | |
LG Electronics, Inc. | |
| 4,651,860 | |
| | 65,038 | | |
Lotte Chemical Corp. | |
| 4,496,105 | |
| | 20,191 | | |
OCI Co. Ltd. | |
| 1,057,833 | |
| | 45,027 | | |
OCI Holdings Co. Ltd. | |
| 2,244,824 | |
| | 458,328 | | |
Samsung E&A Co. Ltd.(a) | |
| 5,931,694 | |
| | 1,541,033 | | |
Samsung Heavy Industries Co. Ltd.(a). | |
| 10,709,063 | |
| | 94,093 | | |
Samsung Life Insurance Co. Ltd. | |
| 6,920,608 | |
| | 50,299 | | |
Samsung SDS Co. Ltd. | |
| 5,215,788 | |
| | 130,290 | | |
Samsung Securities Co. Ltd. | |
| 4,333,559 | |
| | 181,359 | | |
Shinhan Financial Group Co. Ltd. | |
| 6,741,824 | |
| | 834,883 | | |
SK Networks Co. Ltd. | |
| 3,182,235 | |
| | 189,403 | | |
SK Square Co. Ltd.(a) | |
| 11,638,677 | |
| | | | |
| |
| 120,973,948 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| SPAIN — 0.4% | |
| | |
| | 58,838 | | |
ACS Actividades de Construccion y Servicios SA | |
$ | 2,816,046 | |
| | 286,128 | | |
Atresmedia Corp. de Medios de Comunicacion SA | |
| 1,355,432 | |
| | 333,466 | | |
Audax Renovables SA | |
| 636,950 | |
| | 572,005 | | |
Bankinter SA | |
| 4,660,266 | |
| | 47,688 | | |
CIE Automotive SA | |
| 1,276,067 | |
| | 11,935 | | |
Construcciones y Auxiliar de Ferrocarriles SA | |
| 471,257 | |
| | 274,433 | | |
Faes Farma SA | |
| 1,056,741 | |
| | 165,396 | | |
Fluidra SA | |
| 4,447,363 | |
| | 18,692 | | |
Grupo Catalana Occidente SA | |
| 766,525 | |
| | 191,955 | | |
Indra Sistemas SA | |
| 3,382,545 | |
| | 12,238 | | |
Laboratorios Farmaceuticos Rovi SA | |
| 1,039,658 | |
| | 27,841 | | |
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | |
| 35,129 | |
| | 138,131 | | |
Logista Integral SA | |
| 4,222,081 | |
| | 645,813 | | |
Mapfre SA | |
| 1,844,721 | |
| | 104,462 | | |
Melia Hotels International SA | |
| 776,083 | |
| | 537,861 | | |
Merlin Properties Socimi SA REIT | |
| 6,002,698 | |
| | 12,853 | | |
Pharma Mar SA | |
| 986,349 | |
| | 8,609 | | |
Tecnicas Reunidas SA(a) | |
| 103,945 | |
| | 3,510 | | |
Vidrala SA | |
| 379,509 | |
| | | | |
| |
| 36,259,365 | |
| SWEDEN — 1.5% |
| | |
| | 473,197 | | |
AAK AB | |
| 13,545,864 | |
| | 3,363 | | |
AddLife AB - Class B | |
| 42,738 | |
| | 34,082 | | |
AFRY AB | |
| 510,852 | |
| | 10,164 | | |
Alfa Laval AB | |
| 448,265 | |
| | 594,548 | | |
Alleima AB | |
| 3,624,357 | |
| | 34,043 | | |
Alligo AB - Class B | |
| 402,590 | |
| | 47,169 | | |
AQ Group AB | |
| 595,891 | |
| | 6,535 | | |
Arise AB | |
| 24,994 | |
| | 581,867 | | |
Arjo AB - Class B | |
| 1,916,884 | |
| | 329,838 | | |
Avanza Bank Holding AB | |
| 6,860,177 | |
| | 68,190 | | |
Axfood AB | |
| 1,522,580 | |
| | 41,703 | | |
Bahnhof AB - Class B | |
| 207,447 | |
| | 7,863 | | |
Beijer Alma AB | |
| 126,345 | |
| | 266,719 | | |
Beijer Ref AB | |
| 4,001,580 | |
| | 441,769 | | |
Betsson AB - Class B | |
| 5,876,128 | |
| | 4,592 | | |
Billerud Aktiebolag | |
| 40,664 | |
| | 94,258 | | |
BioGaia AB - Class B | |
| 933,331 | |
| | 21,946 | | |
Biotage AB | |
| 329,358 | |
| | 877,734 | | |
Bredband2 i Skandinavien AB | |
| 161,302 | |
| | 41,526 | | |
Bufab AB | |
| 1,488,062 | |
| | 4,722 | | |
Bure Equity AB | |
| 169,122 | |
| | 26,039 | | |
Byggmax Group AB | |
| 109,195 | |
| | 7,560 | | |
Camurus AB(a) | |
| 424,314 | |
| | 29,051 | | |
Catena AB | |
| 1,327,868 | |
| | 7,615 | | |
Cellavision AB | |
| 166,529 | |
| | 47,848 | | |
Clas Ohlson AB - Class B | |
| 786,348 | |
| | 542,978 | | |
Cloetta AB - Class B | |
| 1,363,745 | |
| Shares | |
| |
Value |
| SWEDEN (continued) | |
| | |
| | 254,919 | | |
Corem Property Group AB - Class B | |
$ | 171,309 | |
| | 68,887 | | |
Dios Fastigheter AB | |
| 512,391 | |
| | 96,819 | | |
Dynavox Group AB(a) | |
| 558,857 | |
| | 180 | | |
Elanders AB - Class B | |
| 1,642 | |
| | 159,523 | | |
Electrolux AB - Class B(a) | |
| 1,335,528 | |
| | 114,813 | | |
Electrolux Professional AB - Class B | |
| 788,800 | |
| | 65,100 | | |
Elekta AB - Class B | |
| 391,655 | |
| | 6,695 | | |
Ependion AB | |
| 64,722 | |
| | 101,206 | | |
Fagerhult Group AB | |
| 569,931 | |
| | 81,420 | | |
Fastighets AB Balder - Class B(a) | |
| 629,838 | |
| | 4,572 | | |
Fastighetsbolaget Emilshus AB - Class B(a) | |
| 19,095 | |
| | 4,804 | | |
FastPartner AB - Class A | |
| 32,013 | |
| | 532,602 | | |
Fortnox AB | |
| 3,249,234 | |
| | 181,708 | | |
Granges AB | |
| 2,145,456 | |
| | 92,149 | | |
Heba Fastighets AB - Class B | |
| 282,816 | |
| | 125,409 | | |
Hemnet Group AB | |
| 3,936,043 | |
| | 233,717 | | |
Hexpol AB | |
| 2,213,331 | |
| | 1,780 | | |
HMS Networks AB | |
| 66,091 | |
| | 17,855 | | |
Hufvudstaden AB - Class A | |
| 210,482 | |
| | 6,294 | | |
Humana AB(a) | |
| 22,418 | |
| | 6,740 | | |
Instalco AB(c) | |
| 20,483 | |
| | 12,805 | | |
Investment AB Oresund | |
| 136,288 | |
| | 88,445 | | |
Inwido AB | |
| 1,605,442 | |
| | 24,240 | | |
JM AB | |
| 407,923 | |
| | 13,231 | | |
Karnov Group AB(a) | |
| 98,849 | |
| | 29,017 | | |
Klarabo Sverige AB - Class B(a) | |
| 56,375 | |
| | 77 | | |
Kopparbergs Bryggeri AB - Class B | |
| 856 | |
| | 113,359 | | |
Lagercrantz Group AB - Class B | |
| 2,210,886 | |
| | 640 | | |
Lime Technologies AB | |
| 19,702 | |
| | 133,601 | | |
Lindab International AB | |
| 2,798,780 | |
| | 202,068 | | |
Loomis AB | |
| 6,326,864 | |
| | 2,477 | | |
Medcap AB(a) | |
| 126,238 | |
| | 11,500 | | |
MEKO AB | |
| 154,779 | |
| | 4,715 | | |
MIPS AB(c) | |
| 230,781 | |
| | 1,279 | | |
Momentum Group AB | |
| 21,608 | |
| | 123,938 | | |
Mycronic AB | |
| 4,804,182 | |
| | 112,474 | | |
NCC AB - Class B | |
| 1,673,194 | |
| | 79 | | |
Nederman Holding AB | |
| 1,676 | |
| | 461,806 | | |
Neobo Fastigheter AB(a) | |
| 888,109 | |
| | 245,670 | | |
Net Insight AB - Class B(a) | |
| 181,465 | |
| | 52,075 | | |
Nobia AB(a) | |
| 24,462 | |
| | 121,204 | | |
Nolato AB - Class B | |
| 634,201 | |
| | 7,804 | | |
Norva24 Group AB(a) | |
| 22,816 | |
| | 17,390 | | |
NP3 Fastigheter AB | |
| 404,777 | |
| | 121,777 | | |
Nyfosa AB | |
| 1,228,680 | |
| | 21,735 | | |
OEM International AB - Class B | |
| 254,181 | |
| | 44,077 | | |
Orron Energy AB(a) | |
| 29,447 | |
| | 133,123 | | |
Pandox AB | |
| 2,313,977 | |
| | 190,764 | | |
Peab AB - Class B | |
| 1,452,052 | |
| | 114,151 | | |
Platzer Fastigheter Holding AB - Class B | |
| 964,244 | |
| | 2,355 | | |
Prevas AB - Class B | |
| 24,446 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| SWEDEN (continued) | |
| | |
| | 19,329 | | |
Proact IT Group AB | |
$ | 247,088 | |
| | 254 | | |
QleanAir AB | |
| 546 | |
| | 272,655 | | |
Ratos AB - Class B | |
| 870,076 | |
| | 113,147 | | |
Rusta AB | |
| 758,770 | |
| | 52,245 | | |
Rvrc Holding AB | |
| 227,720 | |
| | 6,609 | | |
Scandi Standard AB | |
| 50,244 | |
| | 7,522 | | |
Sdiptech AB - Class B(a) | |
| 169,296 | |
| | 162,217 | | |
Sectra AB - Class B | |
| 4,308,714 | |
| | 52,646 | | |
SkiStar AB | |
| 810,847 | |
| | 10,855 | | |
Solid Forsakring AB | |
| 87,618 | |
| | 219,164 | | |
SSAB AB - Class A | |
| 1,050,715 | |
| | 267,305 | | |
SSAB AB - Class B | |
| 1,257,428 | |
| | 3,243 | | |
Stendorren Fastigheter AB(a) | |
| 60,328 | |
| | 1,028,560 | | |
Stillfront Group AB(a) | |
| 710,031 | |
| | 547,791 | | |
Storskogen Group AB - Class B | |
| 453,573 | |
| | 99,409 | | |
Storytel AB(a) | |
| 620,924 | |
| | 4,923 | | |
Svedbergs Group AB | |
| 20,746 | |
| | 13,611 | | |
Sweco AB - Class B | |
| 229,564 | |
| | 516,705 | | |
Swedish Orphan Biovitrum AB(a) | |
| 16,149,229 | |
| | 62,445 | | |
Synsam AB | |
| 282,201 | |
| | 90,504 | | |
Systemair AB | |
| 693,143 | |
| | 12,738 | | |
Thule Group AB(c)(d) | |
| 425,853 | |
| | 101,399 | | |
Trelleborg AB - Class B | |
| 3,365,199 | |
| | 46,805 | | |
Truecaller AB - Class B | |
| 208,666 | |
| | 16,017 | | |
VBG Group AB - Class B | |
| 463,017 | |
| | 7,276 | | |
Verve Group SE(a) | |
| 30,273 | |
| | 139,583 | | |
Wihlborgs Fastigheter AB | |
| 1,462,048 | |
| | 13,328 | | |
Xvivo Perfusion AB(a) | |
| 562,914 | |
| | 17,320 | | |
Zinzino AB - Class B | |
| 150,205 | |
| | | | |
| |
| 129,052,921 | |
| SWITZERLAND — 1.5% | |
| | |
| | 220,332 | | |
Accelleron Industries AG | |
| 11,808,193 | |
| | 148,488 | | |
Alcon AG | |
| 13,683,834 | |
| | 6,217 | | |
Allreal Holding AG | |
| 1,105,820 | |
| | 3,983 | | |
ALSO Holding AG | |
| 1,060,842 | |
| | 928 | | |
APG SGA SA | |
| 211,703 | |
| | 22,356 | | |
Arbonia AG(a) | |
| 315,322 | |
| | 119,204 | | |
Ascom Holding AG | |
| 664,660 | |
| | 1,576 | | |
Autoneum Holding AG | |
| 210,973 | |
| | 28,904 | | |
Baloise Holding AG | |
| 5,552,862 | |
| | 12,162 | | |
Banque Cantonale Vaudoise | |
| 1,212,609 | |
| | 882 | | |
Barry Callebaut AG | |
| 1,544,304 | |
| | 23,284 | | |
Basilea Pharmaceutica Ag Allschwil(a) | |
| 1,154,021 | |
| | 10,118 | | |
Belimo Holding AG | |
| 6,701,981 | |
| | 8,595 | | |
BKW AG | |
| 1,508,890 | |
| | 14,826 | | |
Bucher Industries AG | |
| 5,777,255 | |
| | 10,687 | | |
Burckhardt Compression Holding AG | |
| 7,858,543 | |
| | 1,980 | | |
Burkhalter Holding AG | |
| 203,377 | |
| | 1,165 | | |
Cie Financiere Tradition SA | |
| 204,386 | |
| | 1,562 | | |
Coltene Holding AG | |
| 96,591 | |
| | 8,734 | | |
Comet Holding AG | |
| 2,897,679 | |
| | 6,768 | | |
DKSH Holding AG | |
| 483,568 | |
| Shares | |
| |
Value |
| SWITZERLAND (continued) | |
| | |
| | 6,690 | | |
dormakaba Holding AG | |
$ | 5,097,586 | |
| | 3,063 | | |
EMS-Chemie Holding AG | |
| 2,356,972 | |
| | 641,422 | | |
Ferrexpo Plc(a) | |
| 533,468 | |
| | 1,762 | | |
Forbo Holding AG | |
| 1,732,312 | |
| | 28,479 | | |
Galenica AG(c)(d) | |
| 2,480,019 | |
| | 17,000 | | |
Garmin Ltd. | |
| 3,371,950 | |
| | 705 | | |
Geberit AG | |
| 441,508 | |
| | 88,971 | | |
Georg Fischer AG | |
| 6,459,941 | |
| | 2,734 | | |
Gurit Holding AG | |
| 60,154 | |
| | 5,240 | | |
Hiag Immobilien Holding AG | |
| 498,788 | |
| | 61,535 | | |
Huber + Suhner AG | |
| 5,814,667 | |
| | 9,331 | | |
Implenia AG | |
| 329,565 | |
| | 52 | | |
Ina Invest AG(a) | |
| 1,195 | |
| | 4,766 | | |
Inficon Holding AG | |
| 5,717,765 | |
| | 810,315 | | |
International Workplace Group Plc | |
| 1,667,598 | |
| | 821 | | |
Investis Holding SA(c) | |
| 104,580 | |
| | 4,969 | | |
Kardex Holding AG | |
| 1,513,343 | |
| | 8,388 | | |
Kudelski SA(a) | |
| 13,647 | |
| | 17,301 | | |
Landis+Gyr Group AG | |
| 1,392,414 | |
| | 12,930 | | |
Logitech International SA | |
| 1,059,495 | |
| | 40 | | |
Metall Zug AG - Class B | |
| 55,816 | |
| | 57,541 | | |
On Holding AG - Class A(a) | |
| 2,728,594 | |
| | 19 | | |
Orell Fuessli AG | |
| 1,694 | |
| | 99 | | |
Phoenix Mecano AG | |
| 50,558 | |
| | 84,318 | | |
PSP Swiss Property AG | |
| 11,970,803 | |
| | 12,558 | | |
R&S Group Holding AG | |
| 303,934 | |
| | 4,127 | | |
Rieter Holding AG | |
| 436,811 | |
| | 110 | | |
Schweiter Technologies AG | |
| 50,379 | |
| | 25,550 | | |
SFS Group AG | |
| 3,656,974 | |
| | 2,602 | | |
Siegfried Holding AG | |
| 3,404,852 | |
| | 2,640 | | |
Sonova Holding AG | |
| 963,613 | |
| | 17,271 | | |
Stadler Rail AG | |
| 494,000 | |
| | 600 | | |
Swiss Life Holding AG | |
| 489,422 | |
| | 14,388 | | |
Swiss Prime Site AG | |
| 1,560,345 | |
| | 437 | | |
TX Group AG | |
| 74,997 | |
| | 11,442 | | |
u-blox Holding AG | |
| 874,497 | |
| | 368 | | |
Vaudoise Assurances Holding SA | |
| 196,028 | |
| | 8,960 | | |
VZ Holding AG | |
| 1,446,383 | |
| | 1,511 | | |
Ypsomed Holding AG | |
| 671,031 | |
| | 18,874 | | |
Zehnder Group AG | |
| 1,053,473 | |
| | 16 | | |
Zug Estates Holding AG - Class B | |
| 35,111 | |
| | | | |
| |
| 135,423,695 | |
| TAIWAN — 0.7% | |
| | |
| | 3,468,018 | | |
Cheng Shin Rubber Industry Co. Ltd. | |
| 4,980,955 | |
| | 10,290,432 | | |
China Petrochemical Development Corp.(a) | |
| 2,553,176 | |
| | 2,672,000 | | |
Ennostar, Inc. | |
| 3,855,595 | |
| | 3,233,990 | | |
Foxconn Technology Co. Ltd. | |
| 7,998,954 | |
| | 708,000 | | |
Hiwin Technologies Corp. | |
| 5,156,356 | |
| | 1,875,000 | | |
Hon Hai Precision Industry Co. Ltd. | |
| 12,018,233 | |
| | 2,606,000 | | |
HTC Corp.(a) | |
| 3,533,101 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| TAIWAN (continued) |
| | |
| | 3,024,431 | | |
International CSRC Investment Holdings Co.(a) | |
$ | 1,404,318 | |
| | 1,991,000 | | |
Pegatron Corp. | |
| 6,037,044 | |
| | 425,000 | | |
Phison Electronics Corp. | |
| 6,099,346 | |
| | 7,659,000 | | |
Qisda Corp. | |
| 8,521,736 | |
| | | | |
| |
| 62,158,814 | |
| THAILAND — 0.1% |
| | |
| | 40,631 | | |
Fabrinet(a) | |
| 9,790,852 | |
| | 457,032 | | |
Siam Cement Public Co. Ltd. (The) - FOR | |
| 2,844,176 | |
| | | | |
| |
| 12,635,028 | |
| TURKEY — 0.3% |
| | |
| | 1,338,864 | | |
Anadolu Efes Biracilik Ve Malt Sanayii AS | |
| 7,490,449 | |
| | 2,130,822 | | |
Tekfen Holding AS(a) | |
| 4,673,319 | |
| | 5,546,808 | | |
Turk Telekomunikasyon AS(a) | |
| 7,647,197 | |
| | 3,437,944 | | |
Turkcell Iletisim Hizmetleri AS | |
| 8,503,305 | |
| | | | |
| |
| 28,314,270 | |
| UNITED KINGDOM — 4.3% |
| | |
| | 66,728 | | |
3i Group Plc | |
| 2,729,266 | |
| | 36,706 | | |
4imprint Group Plc | |
| 2,418,591 | |
| | 315,422 | | |
abrdn Plc | |
| 537,482 | |
| | 138,734 | | |
Abrdn Property Income Trust Ltd. REIT | |
| 108,944 | |
| | 7,739 | | |
accesso Technology Group Plc(a) | |
| 50,893 | |
| | 100,883 | | |
AG Barr Plc | |
| 810,421 | |
| | 585,621 | | |
AJ Bell Plc | |
| 3,356,548 | |
| | 19,862 | | |
Alpha Group International Plc(c) | |
| 545,515 | |
| | 2,660,004 | | |
Alphawave IP Group Plc(a) | |
| 3,820,956 | |
| | 187,516 | | |
AO World Plc(a) | |
| 262,587 | |
| | 141,300 | | |
Ashmore Group Plc | |
| 384,076 | |
| | 3,437,245 | | |
Assura Plc REIT | |
| 1,783,499 | |
| | 402,159 | | |
Aviva Plc | |
| 2,349,613 | |
| | 8,127 | | |
Avon Technologies Plc | |
| 128,687 | |
| | 49,566 | | |
B&M European Value Retail SA | |
| 247,726 | |
| | 2,325,567 | | |
Balfour Beatty Plc | |
| 13,338,228 | |
| | 54,365 | | |
Bank of Georgia Group Plc | |
| 2,916,199 | |
| | 102,106 | | |
Big Yellow Group Plc REIT | |
| 1,590,460 | |
| | 27,727 | | |
Bloomsbury Publishing Plc | |
| 243,118 | |
| | 1,100,595 | | |
Breedon Group Plc | |
| 6,244,314 | |
| | 36,294 | | |
Bridgepoint Group Plc(c)(d) | |
| 145,827 | |
| | 1,041,551 | | |
British Land Co. Plc (The) REIT | |
| 5,353,309 | |
| | 2,309 | | |
Brooks Macdonald Group Plc | |
| 50,019 | |
| | 16,440 | | |
Burberry Group Plc | |
| 166,069 | |
| | 272,630 | | |
Bytes Technology Group Plc | |
| 1,591,786 | |
| | 133,850 | | |
Care REIT Plc(c) | |
| 149,811 | |
| | 176,183 | | |
Central Asia Metals Plc | |
| 399,835 | |
| | 241,808 | | |
Centrica Plc | |
| 365,741 | |
| | 10,247 | | |
Cerillion Plc | |
| 247,083 | |
| | 1,890,064 | | |
Chemring Group Plc | |
| 8,651,858 | |
| | 16,557 | | |
Chesnara Plc | |
| 53,694 | |
| Shares | |
| |
Value |
| UNITED KINGDOM (continued) |
| | |
| | 41,960 | | |
Clarkson Plc | |
$ | 1,901,802 | |
| | 286,131 | | |
Close Brothers Group Plc(a) | |
| 841,210 | |
| | 535,842 | | |
CLS Holdings Plc REIT | |
| 640,503 | |
| | 298,200 | | |
CNH Industrial NV | |
| 3,348,786 | |
| | 15,437 | | |
Cohort Plc | |
| 176,759 | |
| | 54,027 | | |
Computacenter Plc | |
| 1,525,666 | |
| | 6,694,070 | | |
ConvaTec Group Plc(c)(d) | |
| 18,419,981 | |
| | 1,629 | | |
Costain Group Plc | |
| 2,195 | |
| | 54,707 | | |
Cranswick Plc | |
| 3,576,476 | |
| | 939,649 | | |
Currys Plc(a) | |
| 999,595 | |
| | 886 | | |
Derwent London Plc REIT | |
| 25,020 | |
| | 2,888,090 | | |
Direct Line Insurance Group Plc | |
| 6,118,610 | |
| | 213,961 | | |
dotdigital group Plc | |
| 244,716 | |
| | 117,570 | | |
Drax Group Plc | |
| 944,472 | |
| | 198,873 | | |
Dunelm Group Plc | |
| 2,849,013 | |
| | 60,189 | | |
easyJet Plc | |
| 396,435 | |
| | 1,978 | | |
Eco Animal Health Group Plc(a) | |
| 1,887 | |
| | 71,545 | | |
Ecora Resources Plc | |
| 57,382 | |
| | 599,872 | | |
EnQuest Plc(a) | |
| 95,296 | |
| | 1,306 | | |
Epwin Group Plc | |
| 1,785 | |
| | 2,375 | | |
Eurocell Plc | |
| 5,574 | |
| | 293,386 | | |
FDM Group Holdings Plc | |
| 1,339,205 | |
| | 2,228,960 | | |
Firstgroup Plc | |
| 3,831,219 | |
| | 138,354 | | |
Foresight Group Holdings Ltd. | |
| 829,563 | |
| | 154,108 | | |
Foxtons Group Plc | |
| 116,844 | |
| | 27 | | |
Frasers Group Plc(a) | |
| 265 | |
| | 25,799 | | |
Frontier Developments Plc(a) | |
| 88,156 | |
| | 14,043 | | |
Fuller Smith & Turner Plc - Class A | |
| 128,203 | |
| | 21,075 | | |
Galliford Try Holdings Plc | |
| 105,440 | |
| | 61,767 | | |
Games Workshop Group Plc | |
| 9,525,597 | |
| | 6,136 | | |
Gaming Realms Plc(a) | |
| 2,991 | |
| | 306,638 | | |
Gamma Communications Plc | |
| 6,278,863 | |
| | 172,378 | | |
Greggs Plc | |
| 6,094,720 | |
| | 27,428 | | |
Gulf Keystone Petroleum Ltd. | |
| 45,730 | |
| | 115,860 | | |
Harbour Energy Plc | |
| 412,930 | |
| | 22,413 | | |
Hargreaves Services Plc | |
| 158,374 | |
| | 77,484 | | |
Harworth Group Plc | |
| 178,342 | |
| | 12,805 | | |
Helical Plc REIT | |
| 32,957 | |
| | 90,739 | | |
Hill & Smith Plc | |
| 2,381,019 | |
| | 77,794 | | |
Hilton Food Group Plc | |
| 902,803 | |
| | 573,377 | | |
Howden Joinery Group Plc | |
| 6,225,251 | |
| | 228,752 | | |
Hunting Plc | |
| 889,317 | |
| | 431,167 | | |
IG Group Holdings Plc | |
| 4,975,916 | |
| | 92,590 | | |
IMI Plc | |
| 1,969,938 | |
| | 133,210 | | |
IntegraFin Holdings Plc(c) | |
| 632,105 | |
| | 8,070 | | |
InterContinental Hotels Group Plc | |
| 890,950 | |
| | 17,220 | | |
Intermediate Capital Group Plc | |
| 457,853 | |
| | 54,352 | | |
International Personal Finance Plc | |
| 93,212 | |
| | 38,846 | | |
Intertek Group Plc | |
| 2,328,182 | |
| | 617,453 | | |
ITM Power Plc(a) | |
| 334,393 | |
| | 224,943 | | |
J D Wetherspoon Plc | |
| 1,780,924 | |
| | 11,132 | | |
James Halstead Plc | |
| 27,991 | |
| | 2,870,865 | | |
JD Sports Fashion Plc | |
| 4,590,278 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| UNITED KINGDOM (continued) | |
| | |
| | 1,314,052 | | |
JET2 Plc | |
$ | 24,348,591 | |
| | 144,146 | | |
Johnson Matthey Plc | |
| 2,765,732 | |
| | 873,936 | | |
Johnson Service Group Plc | |
| 1,683,584 | |
| | 685,783 | | |
Jupiter Fund Management Plc | |
| 711,848 | |
| | 1,098,866 | | |
Just Group Plc | |
| 1,898,690 | |
| | 238,000 | | |
Kainos Group Plc | |
| 2,292,462 | |
| | 145,791 | | |
Keller Group Plc | |
| 3,075,520 | |
| | 986,170 | | |
Kier Group Plc | |
| 1,815,869 | |
| | 114,120 | | |
Kingfisher Plc | |
| 430,420 | |
| | 3,475 | | |
Knights Group Holdings Plc(c) | |
| 5,579 | |
| | 138,881 | | |
Lancashire Holdings Ltd. | |
| 1,129,995 | |
| | 80,156 | | |
Liontrust Asset Management Plc | |
| 501,282 | |
| | 730,762 | | |
LondonMetric Property Plc REIT | |
| 1,828,025 | |
| | 28,648 | | |
Macfarlane Group Plc | |
| 41,373 | |
| | 2,119,049 | | |
Man Group Plc | |
| 5,426,562 | |
| | 3,755,559 | | |
Marks & Spencer Group Plc | |
| 18,198,512 | |
| | 426,840 | | |
Marston’s Plc(a) | |
| 211,624 | |
| | 183,328 | | |
ME Group International Plc | |
| 502,334 | |
| | 72,175 | | |
Mears Group Plc | |
| 316,890 | |
| | 3,414,912 | | |
Mitie Group Plc | |
| 5,134,316 | |
| | 7,054 | | |
MJ Gleeson Plc | |
| 54,848 | |
| | 932,146 | | |
MONY Group Plc | |
| 2,259,677 | |
| | 323,322 | | |
Moonpig Group Plc(a) | |
| 1,042,269 | |
| | 24,400 | | |
Morgan Sindall Group Plc | |
| 1,178,274 | |
| | 8,604 | | |
MP Evans Group Plc | |
| 102,291 | |
| | 34,136 | | |
Next Plc | |
| 4,309,231 | |
| | 307,405 | | |
Ninety One Plc | |
| 654,825 | |
| | 306 | | |
Norcros Plc | |
| 1,081 | |
| | 15,511 | | |
Odfjell Technology Ltd. | |
| 71,208 | |
| | 391,073 | | |
OSB Group Plc | |
| 1,784,104 | |
| | 14,039 | | |
Oxford Biomedica Plc(a) | |
| 72,048 | |
| | 89,977 | | |
Oxford Metrics Plc | |
| 66,132 | |
| | 208,024 | | |
Pagegroup Plc | |
| 958,677 | |
| | 558,244 | | |
Paragon Banking Group Plc | |
| 4,938,018 | |
| | 43,268 | | |
PayPoint Plc | |
| 429,598 | |
| | 483,304 | | |
Pearson Plc | |
| 7,101,322 | |
| | 35,200 | | |
Pentair Plc | |
| 3,489,024 | |
| | 165,885 | | |
Pets at Home Group Plc | |
| 633,573 | |
| | 130,093 | | |
Pharos Energy Plc | |
| 36,737 | |
| | 215,350 | | |
Picton Property Income Ltd. (The) REIT | |
| 192,434 | |
| | 198,917 | | |
Polar Capital Holdings Plc | |
| 1,226,039 | |
| | 1,275,473 | | |
Primary Health Properties Plc REIT | |
| 1,568,182 | |
| | 871,613 | | |
QinetiQ Group Plc | |
| 5,158,707 | |
| | 14,183 | | |
Rank Group Plc | |
| 16,094 | |
| | 46,421 | | |
Reach Plc | |
| 55,308 | |
| | 21,194 | | |
Renew Holdings Plc | |
| 298,975 | |
| | 46,426 | | |
Renishaw Plc | |
| 1,885,716 | |
| | 27,326 | | |
Renold Plc | |
| 18,111 | |
| | 20,366 | | |
Rightmove Plc | |
| 154,624 | |
| | 360,547 | | |
Rolls-Royce Holdings Plc(a) | |
| 2,489,114 | |
| | 2,662,558 | | |
Rotork Plc | |
| 10,313,439 | |
| | 174,656 | | |
RS GROUP Plc | |
| 1,565,211 | |
| Shares | |
| |
Value |
| UNITED KINGDOM (continued) |
| | |
| | 260,399 | | |
RWS Holdings Plc | |
$ | 492,913 | |
| | 126,201 | | |
Safestore Holdings Plc REIT | |
| 1,316,485 | |
| | 25,836 | | |
Sanderson Design Group Plc | |
| 22,820 | |
| | 56,229 | | |
Savills Plc | |
| 778,698 | |
| | 753,379 | | |
Serco Group Plc | |
| 1,700,999 | |
| | 90,692 | | |
Shaftesbury Capital Plc REIT | |
| 158,691 | |
| | 573,114 | | |
Smiths Group Plc | |
| 11,299,338 | |
| | 74,224 | | |
Smiths News Plc | |
| 54,362 | |
| | 147,140 | | |
Softcat Plc | |
| 3,215,918 | |
| | 364,112 | | |
Speedy Hire Plc | |
| 155,406 | |
| | 31,099 | | |
Spirax Group Plc | |
| 2,588,494 | |
| | 918,422 | | |
Spirent Communications Plc(a) | |
| 1,989,556 | |
| | 869,808 | | |
St. James’s Place Plc | |
| 9,118,396 | |
| | 851,866 | | |
Standard Chartered Plc | |
| 9,890,341 | |
| | 77,094 | | |
SThree Plc | |
| 351,410 | |
| | 69,854 | | |
Stolt-Nielsen Ltd. | |
| 1,987,628 | |
| | 450,528 | | |
Subsea 7 SA | |
| 6,892,953 | |
| | 393,209 | | |
Target Healthcare REIT Plc | |
| 459,870 | |
| | 5,990 | | |
Tatton Asset Management Plc | |
| 52,676 | |
| | 2,786,716 | | |
Taylor Wimpey Plc | |
| 5,257,043 | |
| | 53,261 | | |
Team Internet Group Plc | |
| 89,418 | |
| | 113,900 | | |
TechnipFMC Plc | |
| 3,039,991 | |
| | 40,091 | | |
Telecom Plus Plc | |
| 868,482 | |
| | 246,372 | | |
TORM Plc - Class A | |
| 6,419,989 | |
| | 1,044,644 | | |
TP ICAP Group Plc | |
| 3,024,051 | |
| | 1,520,605 | | |
Trainline Plc(a)(c)(d) | |
| 7,631,216 | |
| | 29,823 | | |
TT Electronics plc | |
| 30,380 | |
| | 47,401 | | |
Vanquis Banking Group Plc | |
| 27,596 | |
| | 2,133 | | |
Victorian Plumbing Group Plc | |
| 3,067 | |
| | 227,051 | | |
Vistry Group Plc(a) | |
| 2,662,751 | |
| | 24,784 | | |
Volution Group Plc | |
| 184,716 | |
| | 114,875 | | |
Warehouse Reit Plc(c) | |
| 127,684 | |
| | 136,007 | | |
Weir Group Plc (The) | |
| 3,665,321 | |
| | 90,934 | | |
WH Smith Plc | |
| 1,547,764 | |
| | 333,481 | | |
Wickes Group Plc | |
| 688,011 | |
| | 36,149 | | |
Workspace Group Plc REIT | |
| 257,766 | |
| | 273,127 | | |
XPS Pensions Group Plc(c) | |
| 1,260,817 | |
| | 37,624 | | |
Zigup Plc | |
| 171,983 | |
| | | | |
| |
| 376,793,948 | |
| UNITED STATES — 49.5% |
| | |
| | 208,599 | | |
Academy Sports & Outdoors, Inc. | |
| 10,609,345 | |
| | 30,600 | | |
AECOM | |
| 3,268,080 | |
| | 28,400 | | |
Aflac, Inc. | |
| 2,976,036 | |
| | 21,700 | | |
Agilent Technologies, Inc. | |
| 2,827,727 | |
| | 83,173 | | |
Agilysys, Inc.(a) | |
| 8,320,627 | |
| | 40,080 | | |
Agios Pharmaceuticals, Inc.(a) | |
| 1,780,754 | |
| | 305,000 | | |
Albany International Corp. - Class A | |
| 20,715,600 | |
| | 25,100 | | |
Alexandria Real Estate Equities, Inc. REIT | |
| 2,799,905 | |
| | 52,400 | | |
Alliant Energy Corp. | |
| 3,144,000 | |
| | 120,371 | | |
Alphatec Holdings, Inc.(a) | |
| 944,912 | |
| | 30,800 | | |
American Electric Power Co., Inc. | |
| 3,041,500 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 6,950 | | |
Ameriprise Financial, Inc. | |
$ | 3,546,585 | |
| | 255,000 | | |
AMERISAFE, Inc. | |
| 13,782,750 | |
| | 330,775 | | |
Amphastar Pharmaceuticals, Inc.(a) | |
| 16,714,061 | |
| | 13,050 | | |
Appfolio, Inc. - Class A(a) | |
| 2,712,703 | |
| | 100,249 | | |
Applied Industrial Technologies, Inc. | |
| 23,216,666 | |
| | 33,900 | | |
AppLovin Corp. - Class A(a) | |
| 5,742,321 | |
| | 22,900 | | |
Arrow Electronics, Inc.(a) | |
| 2,717,543 | |
| | 15,800 | | |
Assurant, Inc. | |
| 3,028,860 | |
| | 23,400 | | |
Atmos Energy Corp. | |
| 3,247,452 | |
| | 835,000 | | |
AtriCure, Inc.(a) | |
| 27,705,300 | |
| | 13,850 | | |
AvalonBay Communities, Inc. REIT | |
| 3,069,299 | |
| | 1,646,112 | | |
Avantor, Inc.(a) | |
| 36,823,525 | |
| | 14,000 | | |
Avery Dennison Corp. | |
| 2,898,420 | |
| | 135,500 | | |
Avidity Biosciences, Inc.(a) | |
| 5,726,230 | |
| | 39,508 | | |
Axon Enterprise, Inc.(a) | |
| 16,731,638 | |
| | 184,157 | | |
AZEK Co., Inc. (The)(a) | |
| 8,102,908 | |
| | 450,000 | | |
Baldwin Insurance Group, Inc. (The) (a) | |
| 20,817,000 | |
| | 140,000 | | |
BancFirst Corp. | |
| 15,219,400 | |
| | 45,500 | | |
Bank of New York Mellon Corp. (The) | |
| 3,428,880 | |
| | 153,387 | | |
Beacon Roofing Supply, Inc.(a) | |
| 14,122,341 | |
| | 20,220 | | |
BeiGene Ltd. - ADR(a) | |
| 4,097,381 | |
| | 34,300 | | |
Best Buy Co., Inc. | |
| 3,101,749 | |
| | 42,800 | | |
Bio-Techne Corp. | |
| 3,156,500 | |
| | 704,891 | | |
BJ’s Wholesale Club Holdings, Inc.(a) | |
| 59,725,414 | |
| | 331,163 | | |
Booz Allen Hamilton Holding Corp. | |
| 60,159,071 | |
| | 700,000 | | |
Bowlero Corp. - Class A | |
| 7,259,000 | |
| | 775,000 | | |
Braze, Inc. - Class A(a) | |
| 24,381,500 | |
| | 184,498 | | |
Bright Horizons Family Solutions, Inc. (a) | |
| 24,624,948 | |
| | 67,100 | | |
Brighthouse Financial, Inc.(a) | |
| 3,173,830 | |
| | 1,006,646 | | |
BrightView Holdings, Inc.(a) | |
| 16,488,861 | |
| | 12,843 | | |
Brookfield Renewable Corp. - Class A | |
| 393,218 | |
| | 47,700 | | |
Bruker Corp. | |
| 2,700,297 | |
| | 11,100 | | |
Burlington Stores, Inc.(a) | |
| 2,750,247 | |
| | 240,016 | | |
BWX Technologies, Inc. | |
| 29,221,948 | |
| | 6,500 | | |
CACI International, Inc. - Class A(a) | |
| 3,591,640 | |
| | 206,129 | | |
Cactus, Inc. - Class A | |
| 12,221,388 | |
| | 115,779 | | |
Calix, Inc.(a) | |
| 4,096,261 | |
| | 60,500 | | |
Campbell Soup Co. | |
| 2,822,325 | |
| | 105,233 | | |
Carlisle Cos., Inc. | |
| 44,432,530 | |
| | 148,647 | | |
Casella Waste Systems, Inc. - Class A(a) | |
| 14,549,568 | |
| | 33,187 | | |
Cavco Industries, Inc.(a) | |
| 13,599,867 | |
| | 278,111 | | |
CBIZ, Inc.(a) | |
| 19,170,191 | |
| | 1,716,999 | | |
CCC Intelligent Solutions Holdings, Inc.(a) | |
| 17,873,960 | |
| | 158,966 | | |
CDW Corp. | |
| 29,922,170 | |
| | 51,091 | | |
Celcuity, Inc.(a) | |
| 791,910 | |
| | 245,000 | | |
Celsius Holdings, Inc.(a) | |
| 7,369,600 | |
| | 505,000 | | |
Central Garden & Pet Co. - Class A(a) | |
| 14,715,700 | |
| | 29,800 | | |
CH Robinson Worldwide, Inc. | |
| 3,070,592 | |
| | 155,857 | | |
Champion Homes, Inc.(a) | |
| 13,751,263 | |
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 14,950 | | |
Charles River Laboratories International, Inc.(a) | |
$ | 2,669,771 | |
| | 28,100 | | |
Cheniere Energy, Inc. | |
| 5,377,778 | |
| | 23,000 | | |
Cincinnati Financial Corp. | |
| 3,239,090 | |
| | 71,400 | | |
Citizens Financial Group, Inc. | |
| 3,007,368 | |
| | 201,389 | | |
Civitas Resources, Inc. | |
| 9,825,769 | |
| | 240,034 | | |
Clean Harbors, Inc.(a) | |
| 55,510,263 | |
| | 600,000 | | |
Clearwater Analytics Holdings, Inc. - Class A(a) | |
| 15,666,000 | |
| | 45,100 | | |
CMS Energy Corp. | |
| 3,139,411 | |
| | 77,200 | | |
Cognex Corp. | |
| 3,105,756 | |
| | 39,700 | | |
Cognizant Technology Solutions Corp. - Class A | |
| 2,961,223 | |
| | 42,264 | | |
Comfort Systems USA, Inc. | |
| 16,526,915 | |
| | 48,400 | | |
Commerce Bancshares, Inc. | |
| 3,025,000 | |
| | 19,625 | | |
CommVault Systems, Inc.(a) | |
| 3,065,229 | |
| | 975,000 | | |
Confluent, Inc. - Class A(a) | |
| 25,515,750 | |
| | 380,000 | | |
CONMED Corp. | |
| 25,931,200 | |
| | 161,694 | | |
Construction Partners, Inc. - Class A(a) | |
| 12,730,169 | |
| | 374,273 | | |
Cooper Cos., Inc. (The)(a) | |
| 39,178,898 | |
| | 727,934 | | |
Core & Main, Inc. - Class A(a) | |
| 32,232,918 | |
| | 10,150 | | |
Corpay, Inc.(a) | |
| 3,346,658 | |
| | 146,177 | | |
Crane Co. | |
| 22,990,719 | |
| | 232,500 | | |
Crane NXT Co. | |
| 12,617,775 | |
| | 27,000 | | |
Crown Castle, Inc. REIT | |
| 2,902,230 | |
| | 33,800 | | |
Crown Holdings, Inc. | |
| 3,161,990 | |
| | 322,400 | | |
Cullen/Frost Bankers, Inc. | |
| 41,057,640 | |
| | 9,850 | | |
Cummins, Inc. | |
| 3,240,453 | |
| | 50,075 | | |
Curtiss-Wright Corp. | |
| 17,273,872 | |
| | 517,770 | | |
CVB Financial Corp. | |
| 10,060,271 | |
| | 19,700 | | |
DaVita, Inc.(a) | |
| 2,754,257 | |
| | 21,900 | | |
Deckers Outdoor Corp.(a) | |
| 3,523,491 | |
| | 74,675 | | |
Denali Therapeutics, Inc.(a) | |
| 1,938,563 | |
| | 67,600 | | |
Devon Energy Corp. | |
| 2,614,768 | |
| | 15,500 | | |
Diamondback Energy, Inc. | |
| 2,739,935 | |
| | 20,300 | | |
Digital Realty Trust, Inc. REIT | |
| 3,618,069 | |
| | 122,275 | | |
Diodes, Inc.(a) | |
| 7,150,642 | |
| | 7,200 | | |
Domino’s Pizza, Inc. | |
| 2,978,856 | |
| | 16,700 | | |
Dover Corp. | |
| 3,161,811 | |
| | 29,500 | | |
DR Horton, Inc. | |
| 4,985,500 | |
| | 125,700 | | |
Dropbox, Inc. - Class A(a) | |
| 3,249,345 | |
| | 11,550 | | |
Eagle Materials, Inc. | |
| 3,297,063 | |
| | 36,900 | | |
East West Bancorp, Inc. | |
| 3,597,381 | |
| | 51,700 | | |
eBay, Inc. | |
| 2,973,267 | |
| | 100,554 | | |
Edgewise Therapeutics, Inc.(a) | |
| 3,375,598 | |
| | 590,407 | | |
Element Solutions, Inc. | |
| 16,000,030 | |
| | 351,633 | | |
elf Beauty, Inc.(a) | |
| 37,009,373 | |
| | 33,500 | | |
Encompass Health Corp. | |
| 3,331,910 | |
| | 540,000 | | |
Enerpac Tool Group Corp. | |
| 23,824,800 | |
| | 131,794 | | |
Ensign Group, Inc. (The) | |
| 20,426,752 | |
| | 52,457 | | |
Entegris, Inc. | |
| 5,492,772 | |
| | 25,500 | | |
Entergy Corp. | |
| 3,946,890 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 84,028 | | |
ePlus, Inc.(a) | |
$ | 7,474,291 | |
| | 146,706 | | |
Equifax, Inc. | |
| 38,880,024 | |
| | 41,800 | | |
Equity Residential REIT | |
| 2,941,466 | |
| | 300,000 | | |
Esab Corp. | |
| 36,912,000 | |
| | 350,000 | | |
ESCO Technologies, Inc. | |
| 43,939,000 | |
| | 220,550 | | |
Essent Group Ltd. | |
| 13,235,206 | |
| | 10,400 | | |
Essex Property Trust, Inc. REIT | |
| 2,952,144 | |
| | 29,000 | | |
Euronet Worldwide, Inc.(a) | |
| 2,855,630 | |
| | 527,224 | | |
ExlService Holdings, Inc.(a) | |
| 21,969,424 | |
| | 22,300 | | |
Expedia Group, Inc.(a) | |
| 3,485,713 | |
| | 24,900 | | |
Expeditors International of Washington, Inc. | |
| 2,963,100 | |
| | 17,200 | | |
Extra Space Storage, Inc. REIT | |
| 2,808,760 | |
| | 15,300 | | |
F5, Inc.(a) | |
| 3,578,364 | |
| | 1,800 | | |
Fair Isaac Corp.(a) | |
| 3,587,598 | |
| | 44,900 | | |
Fastenal Co. | |
| 3,510,282 | |
| | 80,900 | | |
Ferguson Enterprises, Inc. | |
| 15,916,266 | |
| | 51,600 | | |
Fidelity National Financial, Inc. | |
| 3,104,772 | |
| | 72,800 | | |
Fifth Third Bancorp | |
| 3,179,904 | |
| | 975,000 | | |
First Financial Bankshares, Inc. | |
| 35,236,500 | |
| | 526,590 | | |
First Watch Restaurant Group, Inc.(a) | |
| 8,949,397 | |
| | 188,746 | | |
FirstCash Holdings, Inc. | |
| 19,529,549 | |
| | 442,484 | | |
Five9, Inc.(a) | |
| 13,066,553 | |
| | 388,355 | | |
Fluor Corp.(a) | |
| 20,303,199 | |
| | 220,550 | | |
FormFactor, Inc.(a) | |
| 8,376,489 | |
| | 74,300 | | |
Fox Corp. - Class A | |
| 3,120,600 | |
| | 170,000 | | |
Freshpet, Inc.(a) | |
| 22,531,800 | |
| | 710,000 | | |
Freshworks, Inc. - Class A(a) | |
| 8,307,000 | |
| | 6,350 | | |
Gartner, Inc.(a) | |
| 3,190,875 | |
| | 116,800 | | |
Gen Digital, Inc. | |
| 3,400,048 | |
| | 19,400 | | |
Generac Holdings, Inc.(a) | |
| 3,211,670 | |
| | 43,000 | | |
General Mills, Inc. | |
| 2,924,860 | |
| | 350,000 | | |
German American Bancorp, Inc. | |
| 14,171,500 | |
| | 80,025 | | |
Glaukos Corp.(a) | |
| 10,583,306 | |
| | 422,400 | | |
Globus Medical, Inc. - Class A(a) | |
| 31,063,296 | |
| | 18,600 | | |
GoDaddy, Inc. - Class A(a) | |
| 3,102,480 | |
| | 118,969 | | |
Guidewire Software, Inc.(a) | |
| 22,159,166 | |
| | 104,416 | | |
Hamilton Lane, Inc. - Class A | |
| 18,757,290 | |
| | 27,000 | | |
Hartford Financial Services Group, Inc. (The) | |
| 2,981,880 | |
| | 44,500 | | |
Hasbro, Inc. | |
| 2,920,535 | |
| | 630,000 | | |
Hayward Holdings, Inc.(a) | |
| 10,243,800 | |
| | 171,800 | | |
Healthcare Realty Trust, Inc. REIT | |
| 2,951,524 | |
| | 124,700 | | |
HealthEquity, Inc.(a) | |
| 10,630,675 | |
| | 135,700 | | |
Healthpeak Properties, Inc. REIT | |
| 3,046,465 | |
| | 15,600 | | |
Hershey Co. (The) | |
| 2,770,248 | |
| | 159,200 | | |
Hewlett Packard Enterprise Co. | |
| 3,102,808 | |
| | 63,000 | | |
HF Sinclair Corp. | |
| 2,432,430 | |
| | 15,900 | | |
Hilton Worldwide Holdings, Inc. | |
| 3,734,115 | |
| | 38,200 | | |
Hologic, Inc.(a) | |
| 3,089,234 | |
| | 85,800 | | |
HP, Inc. | |
| 3,047,616 | |
| | 209,000 | | |
Huntington Bancshares, Inc. | |
| 3,258,310 | |
| | 11,100 | | |
Huntington Ingalls Industries, Inc. | |
| 2,053,056 | |
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 46,800 | | |
Incyte Corp.(a) | |
$ | 3,468,816 | |
| | 209,526 | | |
Independent Bank Group, Inc. | |
| 12,227,937 | |
| | 57,990 | | |
Ingersoll Rand, Inc. | |
| 5,567,040 | |
| | 96,892 | | |
Innospec, Inc. | |
| 10,443,020 | |
| | 153,471 | | |
Inspire Medical Systems, Inc.(a) | |
| 29,932,984 | |
| | 44,127 | | |
Installed Building Products, Inc. | |
| 9,571,146 | |
| | 44,202 | | |
Insulet Corp.(a) | |
| 10,234,089 | |
| | 24,600 | | |
Interactive Brokers Group, Inc. - Class A | |
| 3,753,468 | |
| | 62,700 | | |
International Paper Co. | |
| 3,482,358 | |
| | 153,387 | | |
International Seaways, Inc. | |
| 6,678,470 | |
| | 68,051 | | |
Interparfums, Inc. | |
| 8,238,935 | |
| | 85,200 | | |
Invitation Homes, Inc. REIT | |
| 2,676,132 | |
| | 25,697 | | |
Ionis Pharmaceuticals, Inc.(a) | |
| 986,508 | |
| | 185,000 | | |
iRhythm Technologies, Inc.(a) | |
| 13,401,400 | |
| | 26,900 | | |
Iron Mountain, Inc. REIT | |
| 3,328,337 | |
| | 105,000 | | |
J & J Snack Foods Corp. | |
| 17,232,600 | |
| | 28,100 | | |
Jabil, Inc. | |
| 3,458,829 | |
| | 26,700 | | |
Jazz Pharmaceuticals Plc(a) | |
| 2,937,801 | |
| | 25,100 | | |
JM Smucker Co. (The) | |
| 2,849,101 | |
| | 375,000 | | |
John Bean Technologies Corp. | |
| 41,782,500 | |
| | 11,900 | | |
Jones Lang LaSalle, Inc.(a) | |
| 3,224,424 | |
| | 35,000 | | |
Kadant, Inc. | |
| 11,657,100 | |
| | 275,242 | | |
Keysight Technologies, Inc.(a) | |
| 41,013,810 | |
| | 247,100 | | |
Kinder Morgan, Inc. | |
| 6,056,421 | |
| | 38,045 | | |
Kinsale Capital Group, Inc. | |
| 16,287,445 | |
| | 153,881 | | |
Kirby Corp.(a) | |
| 17,659,384 | |
| | 150,000 | | |
Lancaster Colony Corp. | |
| 26,040,000 | |
| | 64,900 | | |
Lattice Semiconductor Corp.(a) | |
| 3,287,834 | |
| | 68,031 | | |
Legend Biotech Corp. - ADR(a) | |
| 3,062,756 | |
| | 19,700 | | |
Leidos Holdings, Inc. | |
| 3,608,252 | |
| | 18,600 | | |
Lennar Corp. - Class A | |
| 3,167,580 | |
| | 393,098 | | |
Liberty Energy, Inc. | |
| 6,710,183 | |
| | 218,273 | | |
Light & Wonder, Inc.(a) | |
| 20,469,642 | |
| | 15,400 | | |
Lincoln Electric Holdings, Inc. | |
| 2,965,424 | |
| | 95,100 | | |
Lincoln National Corp. | |
| 3,304,725 | |
| | 313,782 | | |
Live Nation Entertainment, Inc.(a) | |
| 36,756,423 | |
| | 37,900 | | |
Loews Corp. | |
| 2,992,584 | |
| | 18,300 | | |
M&T Bank Corp. | |
| 3,562,644 | |
| | 14,700 | | |
Madison Square Garden Sports Corp.(a) | |
| 3,273,690 | |
| | 31,175 | | |
Madrigal Pharmaceuticals, Inc.(a) | |
| 8,084,924 | |
| | 532,064 | | |
Magnolia Oil & Gas Corp. - Class A | |
| 13,450,578 | |
| | 174,452 | | |
Manhattan Associates, Inc.(a) | |
| 45,943,679 | |
| | 43,600 | | |
Masco Corp. | |
| 3,484,076 | |
| | 27,500 | | |
MasTec, Inc.(a) | |
| 3,379,475 | |
| | 238,722 | | |
Matador Resources Co. | |
| 12,439,803 | |
| | 81,700 | | |
Match Group, Inc.(a) | |
| 2,943,651 | |
| | 38,500 | | |
McCormick & Co, Inc. | |
| 3,012,240 | |
| | 113,374 | | |
Medpace Holdings, Inc.(a) | |
| 35,624,378 | |
| | 40,800 | | |
MetLife, Inc. | |
| 3,199,536 | |
| | 2,150 | | |
Mettler-Toledo International, Inc.(a) | |
| 2,777,262 | |
| | 122,500 | | |
MGIC Investment Corp. | |
| 3,067,400 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 350,000 | | |
MGP Ingredients, Inc. | |
$ | 16,814,000 | |
| | 42,300 | | |
Microchip Technology, Inc. | |
| 3,103,551 | |
| | 106,298 | | |
MKS Instruments, Inc. | |
| 10,558,580 | |
| | 3,350 | | |
Monolithic Power Systems, Inc. | |
| 2,543,655 | |
| | 265,657 | | |
MSA Safety, Inc. | |
| 44,085,779 | |
| | 162,862 | | |
Mueller Industries, Inc. | |
| 13,349,798 | |
| | 39,704 | | |
Murphy USA, Inc. | |
| 19,393,419 | |
| | 244,362 | | |
Myriad Genetics, Inc.(a) | |
| 5,366,190 | |
| | 654,958 | | |
Nasdaq, Inc. | |
| 48,414,495 | |
| | 2,010,000 | | |
Neogen Corp.(a) | |
| 28,702,800 | |
| | 23,000 | | |
NetApp, Inc. | |
| 2,652,130 | |
| | 20,100 | | |
Neurocrine Biosciences, Inc.(a) | |
| 2,417,427 | |
| | 108,900 | | |
News Corp. - Class A | |
| 2,967,525 | |
| | 93,000 | | |
NiSource, Inc. | |
| 3,269,880 | |
| | 34,300 | | |
Northern Trust Corp. | |
| 3,447,836 | |
| | 222,182 | | |
Novanta, Inc.(a) | |
| 37,824,264 | |
| | 36,400 | | |
NRG Energy, Inc. | |
| 3,290,560 | |
| | 630,000 | | |
Nutanix, Inc. - Class A(a) | |
| 39,123,000 | |
| | 340 | | |
NVR, Inc.(a) | |
| 3,111,955 | |
| | 138,804 | | |
Ocular Therapeutix, Inc.(a) | |
| 1,461,606 | |
| | 31,200 | | |
Okta, Inc.(a) | |
| 2,242,968 | |
| | 15,300 | | |
Old Dominion Freight Line, Inc. | |
| 3,080,196 | |
| | 800,517 | | |
Old National Bancorp | |
| 15,417,957 | |
| | 160,000 | | |
Ollie’s Bargain Outlet Holdings, Inc. (a) | |
| 14,692,800 | |
| | 430,000 | | |
Omnicell, Inc.(a) | |
| 20,915,200 | |
| | 30,900 | | |
Omnicom Group, Inc. | |
| 3,120,900 | |
| | 197,855 | | |
Onestream, Inc.(a) | |
| 5,840,680 | |
| | 90,159 | | |
Onto Innovation, Inc.(a) | |
| 17,881,234 | |
| | 69,400 | | |
Ovintiv, Inc. | |
| 2,720,480 | |
| | 305,000 | | |
Palomar Holdings, Inc.(a) | |
| 27,379,850 | |
| | 23,400 | | |
Paychex, Inc. | |
| 3,260,322 | |
| | 18,600 | | |
Paycom Software, Inc. | |
| 3,887,958 | |
| | 19,000 | | |
Paylocity Holding Corp.(a) | |
| 3,506,830 | |
| | 168,738 | | |
Penumbra, Inc.(a) | |
| 38,619,066 | |
| | 695,000 | | |
Phreesia, Inc.(a) | |
| 12,711,550 | |
| | 124,226 | | |
Pinnacle Financial Partners, Inc. | |
| 13,099,632 | |
| | 35,000 | | |
Pinnacle West Capital Corp. | |
| 3,073,350 | |
| | 165,000 | | |
PJT Partners, Inc. - Class A | |
| 22,928,400 | |
| | 575,290 | | |
Planet Fitness, Inc. - Class A(a) | |
| 45,171,771 | |
| | 39,218 | | |
Pool Corp. | |
| 14,182,798 | |
| | 196,550 | | |
Prestige Consumer Healthcare, Inc.(a) | |
| 14,495,562 | |
| | 38,300 | | |
Principal Financial Group, Inc. | |
| 3,155,920 | |
| | 180,000 | | |
PROCEPT BioRobotics Corp.(a) | |
| 16,200,000 | |
| | 25,900 | | |
Prudential Financial, Inc. | |
| 3,172,232 | |
| | 9,000 | | |
Public Storage REIT | |
| 2,961,540 | |
| | 550,400 | | |
Pure Storage, Inc. - Class A(a) | |
| 27,547,520 | |
| | 164,418 | | |
Q2 Holdings, Inc.(a) | |
| 13,919,628 | |
| | 27,100 | | |
Qorvo, Inc.(a) | |
| 1,931,146 | |
| | 11,250 | | |
Quanta Services, Inc. | |
| 3,393,338 | |
| | 19,800 | | |
Quest Diagnostics, Inc. | |
| 3,065,634 | |
| | 263,712 | | |
RadNet, Inc.(a) | |
| 17,151,828 | |
| | 280,000 | | |
RB Global, Inc. | |
| 23,727,200 | |
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 149,480 | | |
RBC Bearings, Inc.(a) | |
$ | 41,906,718 | |
| | 18,400 | | |
Regal Rexnord Corp. | |
| 3,064,336 | |
| | 14,550 | | |
Reinsurance Group of America, Inc. | |
| 3,071,214 | |
| | 128,280 | | |
Reliance Worldwide Corp. Ltd. | |
| 439,834 | |
| | 10,700 | | |
Reliance, Inc. | |
| 3,063,838 | |
| | 195,000 | | |
Repligen Corp.(a) | |
| 26,182,650 | |
| | 52,600 | | |
Replimune Group, Inc.(a) | |
| 618,576 | |
| | 13,550 | | |
ResMed, Inc. | |
| 3,285,469 | |
| | 300,949 | | |
REV Group, Inc. | |
| 7,975,149 | |
| | 25,200 | | |
Revvity, Inc. | |
| 2,988,468 | |
| | 47,300 | | |
Robert Half, Inc. | |
| 3,221,603 | |
| | 315,900 | | |
Rollins, Inc. | |
| 14,891,526 | |
| | 21,600 | | |
Royal Gold, Inc. | |
| 3,154,896 | |
| | 520,000 | | |
Rubrik, Inc. - Class A(a) | |
| 21,455,200 | |
| | 118,059 | | |
RxSight, Inc.(a) | |
| 5,980,869 | |
| | 687,747 | | |
Ryan Specialty Holdings, Inc. | |
| 45,301,895 | |
| | 161,169 | | |
Ryman Hospitality Properties, Inc. REIT | |
| 17,253,141 | |
| | 147,435 | | |
Saia, Inc.(a) | |
| 72,038,215 | |
| | 135,608 | | |
SBA Communications Corp. REIT | |
| 31,117,968 | |
| | 87,400 | | |
Sealed Air Corp. | |
| 3,162,132 | |
| | 125,000 | | |
Selective Insurance Group, Inc. | |
| 11,352,500 | |
| | 285,000 | | |
Sensient Technologies Corp. | |
| 21,511,800 | |
| | 1,070,000 | | |
SentinelOne, Inc. - Class A(a) | |
| 27,595,300 | |
| | 385,000 | | |
ServisFirst Bancshares, Inc. | |
| 32,008,900 | |
| | 125,000 | | |
Shake Shack, Inc. - Class A(a) | |
| 15,208,750 | |
| | 217,191 | | |
Shift4 Payments, Inc. - Class A(a) | |
| 19,642,754 | |
| | 780,000 | | |
SI-BONE, Inc.(a) | |
| 10,764,000 | |
| | 18,200 | | |
Simon Property Group, Inc. REIT | |
| 3,077,984 | |
| | 1,150,000 | | |
Simply Good Foods Co. (The)(a) | |
| 38,709,000 | |
| | 127,063 | | |
Simpson Manufacturing Co., Inc. | |
| 22,844,657 | |
| | 470,000 | | |
Skyward Specialty Insurance Group, Inc.(a) | |
| 20,778,700 | |
| | 28,400 | | |
Skyworks Solutions, Inc. | |
| 2,487,272 | |
| | 141,900 | | |
SLM Corp. | |
| 3,126,057 | |
| | 610,000 | | |
Smartsheet, Inc. - Class A(a) | |
| 34,416,200 | |
| | 184,551 | | |
SouthState Corp. | |
| 17,999,259 | |
| | 83,360 | | |
SPS Commerce, Inc.(a) | |
| 13,754,400 | |
| | 41,100 | | |
SS&C Technologies Holdings, Inc. | |
| 2,874,123 | |
| | 44,908 | | |
STAAR Surgical Co.(a) | |
| 1,301,883 | |
| | 413,247 | | |
STAG Industrial, Inc. REIT | |
| 15,405,848 | |
| | 164,110 | | |
Standex International Corp. | |
| 30,176,547 | |
| | 30,200 | | |
Stanley Black & Decker, Inc. | |
| 2,806,788 | |
| | 36,100 | | |
State Street Corp. | |
| 3,350,080 | |
| | 236,582 | | |
STERIS Plc | |
| 52,485,717 | |
| | 285,000 | | |
Stock Yards Bancorp, Inc. | |
| 18,376,800 | |
| | 290,477 | | |
Summit Materials, Inc. - Class A(a) | |
| 13,771,515 | |
| | 296,885 | | |
Synovus Financial Corp. | |
| 14,805,655 | |
| | 400,000 | | |
Tandem Diabetes Care, Inc.(a) | |
| 12,548,000 | |
| | 72,905 | | |
Tarsus Pharmaceuticals, Inc.(a) | |
| 3,243,543 | |
| | 12,650 | | |
Teleflex, Inc. | |
| 2,543,409 | |
| | 485,000 | | |
Tenable Holdings, Inc.(a) | |
| 19,210,850 | |
| | 108,600 | | |
Teradata Corp.(a) | |
| 3,500,178 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 22,900 | | |
Teradyne, Inc. | |
$ | 2,432,209 | |
| | 237,340 | | |
Terreno Realty Corp. REIT | |
| 14,228,533 | |
| | 65,000 | | |
Tetra Tech, Inc. | |
| 3,177,200 | |
| | 158,256 | | |
Texas Capital Bancshares, Inc.(a) | |
| 12,177,799 | |
| | 117,573 | | |
Texas Roadhouse, Inc. | |
| 22,470,552 | |
| | 26,000 | | |
TKO Group Holdings, Inc.(a) | |
| 3,036,020 | |
| | 11,200 | | |
Tractor Supply Co. | |
| 2,973,712 | |
| | 410,075 | | |
Tradeweb Markets, Inc. - Class A | |
| 52,079,525 | |
| | 202,800 | | |
Transcat, Inc.(a) | |
| 19,381,596 | |
| | 310,000 | | |
TriMas Corp. | |
| 8,323,500 | |
| | 53,800 | | |
Trimble, Inc.(a) | |
| 3,254,900 | |
| | 211,900 | | |
TripAdvisor, Inc.(a) | |
| 3,398,876 | |
| | 5,350 | | |
Tyler Technologies, Inc.(a) | |
| 3,239,906 | |
| | 70,600 | | |
UDR, Inc. REIT | |
| 2,978,614 | |
| | 72,996 | | |
UFP Technologies, Inc.(a) | |
| 19,489,932 | |
| | 450,741 | | |
UiPath, Inc. - Class A(a) | |
| 5,571,159 | |
| | 38,150 | | |
United Rentals, Inc. | |
| 31,008,320 | |
| | 8,800 | | |
United Therapeutics Corp.(a) | |
| 3,290,936 | |
| | 13,100 | | |
Universal Health Services, Inc. - Class B | |
| 2,676,461 | |
| | 875,975 | | |
US Foods Holding Corp.(a) | |
| 54,003,859 | |
| | 1,515,000 | | |
Utz Brands, Inc. | |
| 26,088,300 | |
| | 73,200 | | |
Valvoline, Inc.(a) | |
| 2,948,496 | |
| | 595,000 | | |
Veracyte, Inc.(a) | |
| 20,075,300 | |
| | 27,500 | | |
Veralto Corp. | |
| 2,810,225 | |
| | 190,000 | | |
Vericel Corp.(a) | |
| 8,367,600 | |
| | 16,800 | | |
VeriSign, Inc.(a) | |
| 2,970,912 | |
| | 11,450 | | |
Verisk Analytics, Inc. | |
| 3,145,544 | |
| | 373,883 | | |
Vertex, Inc. - Class A(a) | |
| 15,519,883 | |
| | 259,800 | | |
Viatris, Inc. | |
| 3,013,680 | |
| | 2,193,315 | | |
ViewRay, Inc.(a) | |
| 0 | |
| | 99,600 | | |
Virtu Financial, Inc. - Class A | |
| 3,083,616 | |
| | 35,900 | | |
Vistra Corp. | |
| 4,486,064 | |
| | 310,000 | | |
Vita Coco Co., Inc. (The)(a) | |
| 9,179,100 | |
| | 421,839 | | |
Vontier Corp. | |
| 15,641,790 | |
| | 52,300 | | |
W R Berkley Corp. | |
| 2,989,991 | |
| | 9,050 | | |
Waters Corp.(a) | |
| 2,924,145 | |
| | 100,000 | | |
Watts Water Technologies, Inc. - Class A | |
| 19,059,000 | |
| | 197,413 | | |
WaVe Life Sciences Ltd.(a) | |
| 2,706,532 | |
| | 162,287 | | |
WEX, Inc.(a) | |
| 28,010,736 | |
| | 32,300 | | |
Whirlpool Corp. | |
| 3,343,373 | |
| | 110,100 | | |
Williams Cos, Inc. (The) | |
| 5,765,937 | |
| | 301,349 | | |
WillScot Holdings Corp.(a) | |
| 9,986,706 | |
| | 44,851 | | |
Wingstop, Inc. | |
| 12,903,184 | |
| | 34,643 | | |
Winmark Corp. | |
| 12,918,028 | |
| | 374,406 | | |
Wolfspeed, Inc.(a) | |
| 4,983,344 | |
| | 360,000 | | |
WSFS Financial Corp. | |
| 17,701,200 | |
| | 3,150 | | |
WW Grainger, Inc. | |
| 3,494,075 | |
| | 216,915 | | |
Wyndham Hotels & Resorts, Inc. | |
| 19,157,933 | |
| | 22,400 | | |
Xylem, Inc. | |
| 2,727,872 | |
| | 31,500 | | |
Yum! Brands, Inc. | |
| 4,131,540 | |
| Shares | |
| |
Value |
| UNITED STATES (continued) | |
| | |
| | 8,800 | | |
Zebra Technologies Corp. - Class A(a) | |
$ | 3,361,336 | |
| | | | |
| |
| 4,381,542,655 | |
Total Common Stocks
(Cost $6,715,920,547) |
| 7,885,804,965 | |
| | | | |
| |
| | |
| RIGHTS/WARRANTS — 0.0% | |
| | |
| ITALY — 0.0% |
| |
| | |
| | 610,408 | | |
CIR SpA-Compagnie Industriali, Rights, Expire 11/08/24(a)(b) | |
| 0 | |
| UNITED STATES — 0.0% | |
| | |
| | 146,063 | | |
Aduro Biotech CVR, Rights, Expire 12/31/49(a)(b)(e) | |
| 0 | |
Total Rights/Warrants
(Cost $0) | |
| 0 | |
| | | | |
| |
| | |
| EXCHANGE-TRADED FUNDS(f) — 8.6% | |
| | |
| | 88,800 | | |
iShares Semiconductor ETF | |
| 19,381,488 | |
| | 874,875 | | |
SPDR S&P Biotech ETF | |
| 84,889,121 | |
| | 101,388 | | |
SPDR S&P Oil & Gas Exploration & Production ETF | |
| 13,254,453 | |
| | 1,116,190 | | |
SPDR S&P Regional Banking ETF | |
| 65,799,401 | |
| | 5,291,467 | | |
Utilities Select Sector SPDR Fund | |
| 422,841,128 | |
| | 2,846,650 | | |
VanEck Junior Gold Miners ETF | |
| 146,830,207 | |
Total Exchange-Traded Funds
(Cost $659,916,476) | |
| 752,995,798 | |
| | | | |
| |
| | |
| INVESTMENT COMPANY — 0.5% | |
| | |
| | 48,587,852 | | |
Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.69%(g) | |
| 48,587,852 | |
Total Investment Company
(Cost $48,587,852) | |
| 48,587,852 | |
| | | | |
| |
| | |
Principal
Amount | |
| |
| | |
| CASH SWEEP — 1.6% |
| | |
| $ | 144,691,697 | | |
Citibank - U.S. Dollars on Deposit in Custody Account, 1.60%(g) | |
| 144,691,697 | |
Total Cash Sweep
(Cost $144,691,697) | |
| 144,691,697 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS — 99.9%
(Cost $7,569,116,572) | |
$ | 8,832,080,312 | |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | |
| 9,443,091 | |
| NET ASSETS — 100.0% | |
$ | 8,841,523,403 | |
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| (a) |
Non-income producing security. |
| (b) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The
aggregate value of fair valued securities is $3,492,087 which is 0.04% of net assets and the cost is $58,700,770. |
| (c) |
Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the
Securities Act of 1933. |
| (d) |
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 except as indicated in (e). |
| (e) |
These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of
Directors. |
| (f) |
A copy of the underlying funds’ financial statements is available upon request. |
| (g) |
The rate shown represents the current yield as of October 31, 2024. |
The following abbreviations are used in the report:
ADR — American Depositary Receipt
CVR — Contingent Value Right
ETF — Exchange-Traded Fund
FOR — Foreign Ownership Restrictions
REIT — Real Estate Investment Trust
SPDR — Standard & Poor’s Depositary Receipt
| Old
Westbury Funds, Inc. |
|
| Credit
Income Fund |
|
| Portfolio
of Investments |
October 31, 2024
|
| Shares | |
| |
Value |
| PREFERRED STOCKS — 0.2% | | |
| UNITED STATES — 0.2% | |
| | 27,600 | | |
MetLife, Inc., Series F, 4.75% | |
$ | 604,992 | |
| | 38,900 | | |
Morgan Stanley, Series K, 5.85% | |
| 979,113 | |
| | 31,500 | | |
Public Storage, Series O, 3.90% | |
| 576,450 | |
| | 28,500 | | |
US Bancorp, Series L, 3.75% | |
| 495,900 | |
| | 122,100 | | |
Wells Fargo & Co., Series Z,
4.75% | |
| 2,559,216 | |
| | | | |
| |
| | |
Total Preferred Stocks
(Cost $6,547,571) | |
| 5,215,671 | |
| | | | |
| |
| | |
| EXCHANGE-TRADED FUNDS(a) — 16.5% |
| | |
| UNITED STATES — 16.5% | |
| | |
| | 3,482,215 | | |
Invesco Preferred ETF | |
| 42,030,335 | |
| | 2,061,297 | | |
iShares JP Morgan USD Emerging Markets Bond ETF | |
| 187,413,123 | |
| | 833,680 | | |
iShares MBS ETF | |
| 77,398,851 | |
| | 1,115,770 | | |
SPDR Bloomberg Convertible Securities ETF | |
| 85,668,821 | |
| | | | |
| |
| | |
Total Exchange-Traded Funds
(Cost $409,822,218) | |
| 392,511,130 | |
| | | | |
| |
| | |
Principal
Amount | |
| |
| | |
| CORPORATE BONDS — 5.6% | |
| | |
| AUSTRALIA — 0.0% |
| | |
| $ | 425,000 | | |
Mineral Resources Ltd.,
9.25%, 10/01/28(b) | |
| 447,430 | |
| AUSTRIA — 0.0% | |
| | |
| | 625,000 | | |
Benteler International AG,
10.50%, 05/15/28(b) | |
| 646,121 | |
| CANADA — 0.2% | |
| | |
| | 450,000 | | |
Bombardier, Inc., 7.50%,
02/01/29(b) | |
| 468,562 | |
| | 475,000 | | |
Bombardier, Inc.,
7.25%, 07/01/31(b) | |
| 490,750 | |
| | 900,000 | | |
ERO Copper Corp.,
6.50%, 02/15/30(b) | |
| 882,128 | |
| | 550,000 | | |
Garda World Security Corp.,
7.75%, 02/15/28(b) | |
| 568,014 | |
| | 375,000 | | |
Garda World Security Corp.,
8.25%, 08/01/32(b) | |
| 373,057 | |
| | 450,000 | | |
Great Canadian Gaming Corp.,
8.75%, 11/15/29(b) | |
| 451,125 | |
| | 400,000 | | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower
LLC,
9.00%, 02/15/29(b) | |
| 411,544 | |
| | 575,000 | | |
Kronos Acquisition Holdings, Inc.,
8.25%, 06/30/31(b) | |
| 569,432 | |
Principal
Amount | |
| |
Value |
| CANADA (continued) |
|
| $ |
500,000 | | |
NOVA Chemicals Corp.,
5.00%, 05/01/25(b) | |
$ |
497,861 |
|
| |
75,000 | | |
NOVA Chemicals Corp.,
4.25%, 05/15/29(b) | |
|
68,326 |
|
| |
850,000 | | |
Ontario Gaming GTA LP/OTG Co- Issuer, Inc.,
8.00%, 08/01/30(b) | |
|
873,650 |
|
| |
| | |
| |
|
5,654,449 |
|
| CAYMAN ISLANDS — 0.1% |
|
| |
450,000 | | |
Azorra Finance Ltd.,
7.75%, 04/15/30(b) | |
|
444,643 |
|
| |
631,125 | | |
Seagate HDD Cayman,
9.63%, 12/01/32 | |
|
719,279 |
|
| |
| | |
| |
|
1,163,922 |
|
| FRANCE — 0.0% |
|
| |
550,000 | | |
Constellium SE,
6.38%, 08/15/32(b) | |
|
541,393 |
|
| IRELAND — 0.1% |
|
| |
450,000 | | |
Adient Global Holdings Ltd.,
8.25%, 04/15/31(b) | |
|
466,166 |
|
| |
475,000 | | |
Cimpress Plc,
7.38%, 09/15/32(b) | |
|
467,635 |
|
| |
325,000 | | |
Perrigo Finance Unlimited Co., Series USD,
6.13%, 09/30/32 | |
|
320,937 |
|
| |
| | |
| |
|
1,254,738 |
|
| ITALY — 0.0% |
|
| |
363,000 | | |
Optics Bidco SpA, Series 2033,
6.38%, 11/15/33(b) | |
|
365,806 |
|
| LUXEMBOURG — 0.1% |
|
| |
300,000 | | |
Altice Financing SA,
5.00%, 01/15/28(b) | |
|
253,694 |
|
| |
525,000 | | |
Connect Finco SARL/Connect US Finco LLC,
9.00%, 09/15/29(b) | |
|
498,670 |
|
| |
650,000 | | |
Intelsat Jackson Holdings SA,
6.50%, 03/15/30(b) | |
|
610,728 |
|
| |
| | |
| |
|
1,363,092 |
|
| MALTA — 0.0% |
|
| |
475,000 | | |
VistaJet Malta Finance Plc/Vista Management Holding, Inc.,
9.50%, 06/01/28(b) | |
|
466,631 |
|
| |
525,000 | | |
VistaJet Malta Finance Plc/Vista Management Holding, Inc.,
6.38%, 02/01/30(b) | |
|
449,398 |
|
| |
| | |
| |
|
916,029 |
|
| Old
Westbury Funds, Inc. |
|
| Credit
Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| NETHERLANDS — 0.1% |
|
| $ |
475,000 | | |
Alcoa Nederland Holding BV,
7.13%, 03/15/31(b) | |
$ |
495,262 |
|
| |
250,000 | | |
Axalta Coating Systems Dutch Holding B BV,
7.25%, 02/15/31(b) | |
|
261,261 |
|
| |
260,000 | | |
Sigma Holdco BV,
7.88%, 05/15/26(b) | |
|
257,496 |
|
| |
| | |
| |
|
1,014,019 |
|
| UNITED KINGDOM — 0.0% |
|
| |
250,000 | | |
California Buyer Ltd./Atlantica Sustainable Infrastructure Plc,
6.38%, 02/15/32(b) | |
|
248,272 |
|
| |
675,000 | | |
Jaguar Land Rover Automotive Plc,
5.50%, 07/15/29(b) | |
|
658,732 |
|
| |
| | |
| |
|
907,004 |
|
| UNITED STATES — 5.0% |
|
| |
900,000 | | |
Acrisure LLC/Acrisure Finance, Inc.,
6.00%, 08/01/29(b) | |
|
851,695 |
|
| |
650,000 | | |
AdaptHealth LLC,
6.13%, 08/01/28(b) | |
|
640,308 |
|
| |
700,000 | | |
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(b) | |
|
704,853 |
|
| |
550,000 | | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer,
7.00%, 01/15/31(b) | |
|
553,703 |
|
| |
625,000 | | |
Allied Universal Holdco LLC,
7.88%, 02/15/31(b) | |
|
636,046 |
|
| |
75,000 | | |
Alpha Generation LLC,
6.75%, 10/15/32(b) | |
|
76,054 |
|
| |
381,965 | | |
Ambac Assurance Corp.,
5.10%(b)(c) | |
|
529,976 |
|
| |
200,000 | | |
Amentum Holdings, Inc.,
7.25%, 08/01/32(b) | |
|
207,153 |
|
| |
900,000 | | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29(b) | |
|
891,214 |
|
| |
575,000 | | |
American Builders & Contractors Supply Co., Inc.,
3.88%, 11/15/29(b) | |
|
522,891 |
|
| |
975,000 | | |
Archrock Partners LP/Archrock Partners Finance Corp.,
6.25%, 04/01/28(b) | |
|
976,806 |
|
| |
875,000 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
8.25%, 12/31/28(b) | |
|
892,816 |
|
| |
800,000 | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
6.63%, 10/15/32(b) | |
|
792,417 |
|
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) |
|
| $ |
50,000 | | |
Avient Corp.,
6.25%, 11/01/31(b) | |
$ |
50,146 |
|
| |
625,000 | | |
Baldwin Insurance Group Holdings LLC,
7.13%,
05/15/31(b) | |
|
637,444 |
|
| |
630,000 | | |
Bank of New York Mellon Corp. (The), Series F,
(3
mo. Term SOFR + 3.393%),
4.63%(c)(d) | |
|
619,817 |
|
| |
650,000 | | |
Bath & Body Works, Inc.,
6.63%, 10/01/30(b) | |
|
650,841 |
|
| |
425,000 | | |
BCPE Empire Holdings, Inc.,
7.63%, 05/01/27(b) | |
|
427,525 |
|
| |
625,000 | | |
Berry Global, Inc.,
5.63%, 07/15/27(b) | |
|
623,948 |
|
| |
425,000 | | |
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.00%, 07/15/29(b) | |
|
435,991 |
|
| |
325,000 | | |
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.25%, 07/15/32(b) | |
|
335,727 |
|
| |
275,000 | | |
Boost Newco Borrower LLC,
7.50%, 01/15/31(b) | |
|
289,910 |
|
| |
925,000 | | |
Boyd Gaming Corp.,
4.75%, 06/15/31(b) | |
|
863,293 |
|
| | 850,000 | | |
Bread Financial Holdings, Inc.,
9.75%,
03/15/29(b) | |
| 897,802 | |
| | 500,000 | | |
Brinker International, Inc.,
8.25%, 07/15/30(b) | |
| 532,244 | |
| | 750,000 | | |
Brink’s Co. (The),
6.75%, 06/15/32(b) | |
| 763,802 | |
| | 625,000 | | |
Buckeye Partners LP,
4.50%, 03/01/28(b) | |
| 595,286 | |
| | 575,000 | | |
Builders FirstSource, Inc.,
4.25%, 02/01/32(b) | |
| 514,388 | |
| | 700,000 | | |
Burford Capital Global Finance LLC,
6.25%,
04/15/28(b) | |
| 698,292 | |
| | 975,000 | | |
Burford Capital Global Finance LLC,
9.25%,
07/01/31(b) | |
| 1,044,272 | |
| | 450,000 | | |
Caesars Entertainment, Inc.,
7.00%, 02/15/30(b) | |
| 461,274 | |
| | 166,000 | | |
Calpine Corp.,
5.25%, 06/01/26(b) | |
| 164,904 | |
| | 750,000 | | |
Camelot Return Merger Sub, Inc.,
8.75%, 08/01/28(b) | |
| 753,459 | |
| | 1,000,000 | | |
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.38%,
06/01/29(b) | |
| 954,551 | |
| Old
Westbury Funds, Inc. |
|
| Credit
Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
1,250,000 | |
| CCO
Holdings LLC/CCO Holdings Capital Corp.,
4.50%, 08/15/30(b) | | $ |
1,116,424 |
|
| |
500,000 | |
| CCO Holdings
LLC/CCO Holdings Capital Corp.,
4.25%, 02/01/31(b) | | |
433,894 |
|
| |
800,000 | |
| CCO Holdings
LLC/CCO Holdings Capital Corp.,
4.50%, 06/01/33(b) | | |
665,275 |
|
| |
425,000 | |
| Champions Financing,
Inc.,
8.75%, 02/15/29(b) | | |
429,052 |
|
| |
1,670,000 | |
| Charles Schwab
Corp. (The), Series H,
(10 yr. US Treasury Yield Curve Rate T Note Constant
Maturity + 3.079%),
4.00%(c)(d) | | |
1,454,935 |
|
| |
400,000 | |
| Chart Industries,
Inc.,
7.50%, 01/01/30(b) | | |
416,032 |
|
| |
100,000 | |
| Chobani Holdco
II LLC, PIK,
8.75%, 10/01/29(b) | | |
103,165 |
|
| |
750,000 | |
| CHS/Community
Health Systems, Inc.,
6.00%, 01/15/29(b) | | |
706,302 |
|
| |
875,000 | |
| Civitas Resources,
Inc.,
8.63%, 11/01/30(b) | | |
919,246 |
|
| |
450,000 | |
| Clear Channel
Outdoor Holdings, Inc.,
5.13%, 08/15/27(b) | | |
436,258 |
|
| |
425,000 | |
| Clear Channel
Outdoor Holdings, Inc.,
7.88%, 04/01/30(b) | | |
433,327 |
|
| |
875,000 | |
| Cloud Software
Group, Inc.,
6.50%, 03/31/29(b) | | |
854,493 |
|
| |
550,000 | |
| Cloud Software
Group, Inc.,
9.00%, 09/30/29(b) | | |
549,950 |
|
| |
400,000 | |
| Cloud Software
Group, Inc.,
8.25%, 06/30/32(b) | | |
411,139 |
|
| |
450,000 | |
| Clydesdale Acquisition
Holdings, Inc.,
8.75%, 04/15/30(b) | | |
456,975 |
|
| |
1,025,000 | |
| Cogent Communications
Group LLC,
7.00%, 06/15/27(b) | | |
1,035,876 |
|
| |
350,000 | |
| Cornerstone Building
Brands, Inc.,
6.13%, 01/15/29(b) | | |
312,820 |
|
| |
425,000 | |
| Coty, Inc./HFC
Prestige Products, Inc./HFC Prestige International US LLC,
6.63%, 07/15/30(b) | | |
433,331 |
|
| |
450,000 | |
| CP Atlas Buyer,
Inc.,
7.00%, 12/01/28(b) | | |
411,844 |
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
800,000 | |
| Crescent
Energy Finance LLC,
9.25%, 02/15/28(b) | | $ |
839,503 |
|
| |
550,000 | |
| Crescent Energy
Finance LLC,
7.63%, 04/01/32(b) | | |
543,046 |
|
| |
800,000 | |
| Cushman &
Wakefield US Borrower LLC,
8.88%, 09/01/31(b) | | |
861,927 |
|
| |
575,000 | |
| DaVita, Inc.,
6.88%, 09/01/32(b) | | |
577,996 |
|
| |
250,000 | |
| Dcli Bidco LLC,
7.75%, 11/15/29(b) | | |
254,225 |
|
| |
1,325,000 | |
| Directv Financing
LLC/Directv Financing Co-Obligor, Inc.,
5.88%, 08/15/27(b) | | |
1,275,746 |
|
| |
475,000 | |
| DISH DBS Corp.,
5.13%, 06/01/29 | | |
315,983 |
|
| |
850,000 | |
| DISH Network
Corp.,
11.75%, 11/15/27(b) | | |
894,727 |
|
| |
432,000 | |
| Edgewell Personal
Care Co.,
4.13%, 04/01/29(b) | | |
403,314 |
|
| |
275,000 | |
| Endo Finance
Holdings, Inc.,
8.50%, 04/15/31(b) | | |
294,036 |
|
| |
450,000 | |
| Energizer Holdings,
Inc.,
4.75%, 06/15/28(b) | | |
431,985 |
|
| |
550,000 | |
| EQM Midstream
Partners LP,
6.50%, 07/15/48 | | |
553,488 |
|
| |
204,000 | |
| Evergreen Acqco
1 LP/TVI, Inc.,
9.75%, 04/26/28(b) | | |
214,647 |
|
| |
650,000 | |
| Expand Energy
Corp.,
4.75%, 02/01/32 | | |
610,877 |
|
| |
675,000 | |
| Fortrea Holdings,
Inc.,
7.50%, 07/01/30(b) | | |
663,766 |
|
| |
1,050,000 | |
| Fortress Intermediate
3, Inc.,
7.50%, 06/01/31(b) | | |
1,091,561 |
|
| |
300,000 | |
| Fortress Transportation
and Infrastructure Investors LLC,
7.00%, 05/01/31(b) | | |
308,524 |
|
| |
700,000 | |
| Fortress Transportation
and Infrastructure Investors LLC,
7.00%, 06/15/32(b) | | |
718,202 |
|
| |
750,000 | |
| Frontier Communications
Holdings LLC,
8.63%, 03/15/31(b) | | |
803,858 |
|
| |
350,000 | |
| Glatfelter Corp.,
7.25%, 11/15/31(b) | | |
347,025 |
|
| |
722,000 | |
| Global Infrastructure
Solutions, Inc.,
5.63%, 06/01/29(b) | | |
703,997 |
|
| |
450,000 | |
| Goodyear Tire
& Rubber Co. (The),
5.25%, 07/15/31 | | |
395,576 |
|
| Old
Westbury Funds, Inc. |
|
| Credit
Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
400,000 | |
| Gray
Television, Inc.,
10.50%, 07/15/29(b) | | $ |
415,492 |
|
| |
750,000 | |
| Gray Television,
Inc.,
5.38%, 11/15/31(b) | | |
452,265 |
|
| |
125,000 | |
| Group 1 Automotive,
Inc.,
6.38%, 01/15/30(b) | | |
125,560 |
|
| |
275,000 | |
| Gulfport Energy
Operating Corp.,
6.75%, 09/01/29(b) | | |
276,422 |
|
| |
450,000 | |
| Hanesbrands,
Inc.,
9.00%, 02/15/31(b) | | |
482,156 |
|
| |
1,075,000 | |
| Harvest Midstream
I LP,
7.50%, 09/01/28(b) | | |
1,087,465 |
|
| |
650,000 | |
| Heartland Dental
LLC/Heartland Dental Finance Corp.,
10.50%, 04/30/28(b) | | |
691,700 |
|
| |
850,000 | |
| Hilcorp Energy
I LP/Hilcorp Finance Co.,
6.00%, 02/01/31(b) | | |
803,638 |
|
| |
675,000 | |
| Hilton Grand
Vacations Borrower Escrow LLC,
4.88%, 07/01/31(b) | | |
603,199 |
|
| |
425,000 | |
| HLF Financing
SARL LLC/Herbalife International, Inc.,
12.25%, 04/15/29(b) | | |
427,488 |
|
| |
575,000 | |
| Icahn Enterprises
LP/Icahn Enterprises Finance Corp.,
4.38%, 02/01/29 | | |
479,663 |
|
| |
1,000,000 | |
| Icahn Enterprises
LP/Icahn Enterprises Finance Corp.,
9.00%, 06/15/30 | | |
965,752 |
|
| |
225,000 | |
| Insight Enterprises,
Inc.,
6.63%, 05/15/32(b) | | |
230,021 |
|
| |
850,000 | |
| Iron Mountain,
Inc. REIT,
5.25%, 07/15/30(b) | | |
821,836 |
|
| |
450,000 | |
| JELD-WEN, Inc.,
4.88%, 12/15/27(b) | | |
435,337 |
|
| |
4,810,000 | |
| JP Morgan Chase
& Co., Series HH,
(3 mo. Term SOFR + 3.125%),
4.60%(c)(d) | | |
4,786,932 |
|
| |
575,000 | |
| Kaiser Aluminum
Corp.,
4.50%, 06/01/31(b) | | |
513,308 |
|
| |
675,000 | |
| Kennedy-Wilson,
Inc.,
4.75%, 02/01/30 | | |
603,776 |
|
| |
575,000 | |
| Ladder Capital
Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,
4.25%, 02/01/27(b) | | |
556,738 |
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
675,000 | |
| Ladder
Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,
4.75%, 06/15/29(b) | | $ |
643,089 |
|
| |
925,000 | |
| LCM Investments
Holdings II LLC,
4.88%, 05/01/29(b) | | |
874,064 |
|
| |
300,000 | |
| LCM Investments
Holdings II LLC,
8.25%, 08/01/31(b) | | |
313,318 |
|
| |
400,000 | |
| Level 3 Financing,
Inc.,
10.50%, 04/15/29(b) | | |
445,341 |
|
| |
275,000 | |
| LifePoint Health,
Inc.,
9.88%, 08/15/30(b) | | |
300,817 |
|
| |
575,000 | |
| Light & Wonder
International, Inc.,
7.00%, 05/15/28(b) | | |
577,441 |
|
| |
550,000 | |
| Lightning Power
LLC,
7.25%, 08/15/32(b) | | |
572,188 |
|
| |
475,000 | |
| LSF11 A5 HoldCo
LLC,
6.63%, 10/15/29(b) | | |
484,273 |
|
| |
400,000 | |
| Lumen Technologies,
Inc.,
10.00%, 10/15/32(b) | | |
398,500 |
|
| |
800,000 | |
| Match Group Holdings
II LLC,
5.00%, 12/15/27(b) | | |
781,089 |
|
| |
125,000 | |
| Mativ Holdings,
Inc.,
8.00%, 10/01/29(b) | | |
127,194 |
|
| |
850,000 | |
| Mauser Packaging
Solutions Holding Co.,
9.25%, 04/15/27(b) | | |
869,266 |
|
| |
300,000 | |
| Maxim Crane Works
Holdings Capital LLC,
11.50%, 09/01/28(b) | | |
321,930 |
|
| | 450,000 | | |
Michaels Cos., Inc. (The),
5.25%, 05/01/28(b) | |
| 323,815 | |
| | 825,000 | | |
Midcap Financial Issuer Trust,
6.50%, 05/01/28(b) | |
| 779,780 | |
| | 1,050,000 | | |
Midcontinent Communications,
8.00%, 08/15/32(b) | |
| 1,068,729 | |
| | 1,050,000 | | |
Nationstar Mortgage Holdings, Inc.,
5.75%, 11/15/31(b) | |
| 1,004,284 | |
| | 350,000 | | |
Neptune Bidco US, Inc.,
9.29%, 04/15/29(b) | |
| 327,085 | |
| | 925,000 | | |
New Enterprise Stone & Lime Co., Inc.,
5.25%, 07/15/28(b) | |
| 895,090 | |
| | 500,000 | | |
Newell Brands, Inc.,
6.38%, 09/15/27 | |
| 505,319 | |
| | 325,000 | | |
Newell Brands, Inc.,
6.63%, 05/15/32 | |
| 325,939 | |
| | 975,000 | | |
Northern Oil & Gas, Inc.,
8.13%, 03/01/28(b) | |
| 984,462 | |
| Old
Westbury Funds, Inc. |
|
| Credit
Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
750,000 | |
| Novelis Corp.,
3.88%, 08/15/31(b) | | $ |
658,665 |
|
| |
900,000 | |
| Olympus Water US Holding Corp.,
9.75%, 11/15/28(b) | | |
954,818 |
|
| |
600,000 | |
| OneMain Finance Corp.,
5.38%, 11/15/29 | | |
575,025 |
|
| |
775,000 | |
| Open Text Holdings, Inc.,
4.13%, 12/01/31(b) | | |
696,031 |
|
| |
1,075,000 | |
| Organon & Co./Organon Foreign Debt Co-Issuer BV,
5.13%, 04/30/31(b) | | |
980,407 |
|
| |
925,000 | |
| Owens-Brockway Glass Container, Inc.,
7.25%,
05/15/31(b) | | |
909,761 |
|
| |
400,000 | |
| Patrick Industries, Inc.,
6.38%, 11/01/32(b) | | |
395,584 |
|
| |
650,000 | |
| Penn Entertainment, Inc.,
5.63%, 01/15/27(b) | | |
637,615 |
|
| |
621,000 | |
| Performance Food Group, Inc.,
5.50%, 10/15/27(b) | | |
615,737 |
|
| |
500,000 | |
| PetSmart, Inc./PetSmart Finance Corp.,
4.75%,
02/15/28(b) | | |
475,319 |
|
| |
400,000 | |
| Phinia, Inc.,
6.75%, 04/15/29(b) | | |
408,323 |
|
| |
725,000 | |
| Phinia, Inc.,
6.63%, 10/15/32(b) | | |
722,614 |
|
| |
500,000 | |
| PM General Purchaser LLC,
9.50%, 10/01/28(b) | | |
507,985 |
|
| |
875,000 | |
| Post Holdings, Inc.,
4.63%, 04/15/30(b) | | |
817,763 |
|
| |
1,000,000 | |
| PRA Group, Inc.,
5.00%, 10/01/29(b) | | |
904,882 |
|
| |
825,000 | |
| Prestige Brands, Inc.,
3.75%, 04/01/31(b) | | |
735,394 |
|
| |
800,000 | |
| Prime Healthcare Services, Inc.,
9.38%, 09/01/29(b) | | |
813,004 |
|
| |
175,000 | |
| Rain Carbon, Inc.,
12.25%, 09/01/29(b) | | |
186,584 |
|
| |
554,000 | |
| Raising Cane’s Restaurants LLC,
9.38%, 05/01/29(b) | | |
595,482 |
|
| |
525,000 | |
| Range Resources Corp.,
8.25%, 01/15/29 | | |
540,903 |
|
| |
1,000,000 | |
| Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 04/16/29(b) | | |
881,042 |
|
| |
850,000 | |
| RHP Hotel Properties LP/RHP Finance Corp. REIT,
6.50%, 04/01/32(b) | | |
860,087 |
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
950,000 | |
| Rocket
Software, Inc.,
9.00%, 11/28/28(b) | | $ |
989,621 |
|
| |
1,050,000 | |
| Rocket Software,
Inc.,
6.50%, 02/15/29(b) | | |
976,365 |
|
| |
500,000 | |
| Rockies Express
Pipeline LLC,
3.60%, 05/15/25(b) | | |
493,113 |
|
| |
650,000 | |
| Rockies Express
Pipeline LLC,
6.88%, 04/15/40(b) | | |
616,285 |
|
| |
275,000 | |
| Royal Caribbean
Cruises Ltd.,
5.63%, 09/30/31(b) | | |
273,877 |
|
| |
300,000 | |
| Royal Caribbean
Cruises Ltd.,
6.25%, 03/15/32(b) | | |
305,856 |
|
| |
407,000 | |
| Royal Caribbean
Cruises Ltd.,
6.00%, 02/01/33(b) | | |
409,499 |
|
| |
875,000 | |
| SCIH Salt Holdings,
Inc.,
4.88%, 05/01/28(b) | | |
837,844 |
|
| |
675,000 | |
| SCIL IV LLC/SCIL
USA Holdings LLC,
5.38%, 11/01/26(b) | | |
666,745 |
|
| |
275,000 | |
| Sealed Air Corp.,
7.25%, 02/15/31(b) | | |
285,513 |
|
| |
400,000 | |
| Service Properties
Trust REIT,
5.25%, 02/15/26 | | |
387,960 |
|
| |
775,000 | |
| Service Properties
Trust REIT,
5.50%, 12/15/27 | | |
733,883 |
|
| | 800,000 | | |
Service Properties Trust REIT,
4.95%, 10/01/29 | |
| 639,399 | |
| | 450,000 | | |
Service Properties Trust REIT,
4.38%, 02/15/30 | |
| 340,581 | |
| | 100,000 | | |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
6.75%, 08/15/32(b) | |
| 102,600 | |
| | 650,000 | | |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,
4.63%,
03/01/29(b) | |
| 602,114 | |
| | 625,000 | | |
Six Flags Entertainment Corp.,
7.25%, 05/15/31(b) | |
| 640,667 | |
| | 425,000 | | |
Spirit AeroSystems, Inc.,
9.38%, 11/30/29(b) | |
| 458,368 | |
| | 250,000 | | |
Standard Industries, Inc.,
6.50%, 08/15/32(b) | |
| 251,555 | |
| | 800,000 | | |
Starwood Property Trust, Inc. REIT,
3.63%, 07/15/26(b) | |
| 766,790 | |
| | 250,000 | | |
Starwood Property Trust, Inc. REIT,
7.25%, 04/01/29(b) | |
| 255,823 | |
| | 1,150,000 | | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
6.00%, 12/31/30(b) | |
| 1,079,292 | |
| Old
Westbury Funds, Inc. |
|
| Credit
Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
1,000,000 | |
| TEGNA, Inc.,
5.00%,
09/15/29 | | $ |
933,555 |
|
| |
225,000 | |
| Terex Corp.,
6.25%, 10/15/32(b) | | |
223,956 |
|
| |
700,000 | |
| TransDigm, Inc.,
7.13%, 12/01/31(b) | | |
724,341 |
|
| |
475,000 | |
| TransDigm, Inc.,
6.63%, 03/01/32(b) | | |
483,041 |
|
| |
400,000 | |
| TransDigm, Inc.,
6.00%, 01/15/33(b) | | |
396,506 |
|
| |
925,000 | |
| TriNet Group, Inc.,
7.13%, 08/15/31(b) | | |
947,312 |
|
| |
1,650,000 | |
| Truist Financial Corp., Series N,
(5 yr. US
Treasury Yield Curve Rate T Note Constant Maturity + 3.003%),
6.67%(c)(d) | | |
1,641,190 |
|
| |
925,000 | |
| United Wholesale Mortgage LLC,
5.50%, 04/15/29(b) | | |
882,173 |
|
| |
775,000 | |
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital
LLC REIT,
10.50%, 02/15/28(b) | | |
825,506 |
|
| |
600,000 | |
| Uniti Group LP/Uniti Group Finance, Inc./CSL Capital
LLC REIT,
6.50%, 02/15/29(b) | | |
516,546 |
|
| |
750,000 | |
| Univision Communications, Inc.,
8.00%, 08/15/28(b) | | |
762,185 |
|
| |
950,000 | |
| Venture Global LNG, Inc.,
8.13%, 06/01/28(b) | | |
985,894 |
|
| |
675,000 | |
| Venture Global LNG, Inc.,
9.50%, 02/01/29(b) | | |
746,081 |
|
| |
725,000 | |
| Venture Global LNG, Inc.,
8.38%, 06/01/31(b) | | |
753,047 |
|
| |
500,000 | |
| Viasat, Inc.,
5.63%, 09/15/25(b) | | |
493,483 |
|
| |
500,000 | |
| Vibrantz Technologies, Inc.,
9.00%, 02/15/30(b) | | |
468,420 |
|
| |
175,000 | |
| Victra Holdings LLC/Victra Finance Corp.,
8.75%,
09/15/29(b) | | |
182,688 |
|
| |
325,000 | |
| Viking Baked Goods Acquisition Corp.,
8.63%,
11/01/31(b) | | |
323,965 |
|
| |
575,000 | |
| Vistra Operations Co. LLC,
4.38%, 05/01/29(b) | | |
547,341 |
|
| |
575,000 | |
| Vistra Operations Co. LLC,
6.88%, 04/15/32(b) | | |
594,581 |
|
| |
950,000 | |
| Vital Energy, Inc.,
9.75%, 10/15/30 | | |
1,002,354 |
|
Principal
Amount |
| | Value |
| UNITED STATES (continued) |
|
| $ |
425,000 | |
| VOC
Escrow Ltd.,
5.00%, 02/15/28(b) | | $ |
413,148 |
|
| |
300,000 | |
| Williams Scotsman,
Inc.,
6.63%, 06/15/29(b) | | |
304,552 |
|
| |
875,000 | |
| Wilsonart LLC,
11.00%, 08/15/32(b) | | |
861,663 |
|
| |
550,000 | |
| Windstream Services
LLC/Windstream Escrow Finance Corp.,
7.75%, 08/15/28(b) | | |
553,044 |
|
| |
100,000 | |
| Windstream Services
LLC/Windstream Escrow Finance Corp.,
8.25%, 10/01/31(b) | | |
101,250 |
|
| |
525,000 | |
| Xerox Holdings
Corp.,
5.50%, 08/15/28(b) | | |
430,532 |
|
| |
775,000 | |
| Zayo Group Holdings,
Inc.,
4.00%, 03/01/27(b) | | |
689,757 |
|
| |
700,000 | |
| ZF North America
Capital, Inc.,
7.13%, 04/14/30(b) | | |
704,011 |
|
| |
| |
| | | |
118,435,853 |
|
Total Corporate Bonds
(Cost $132,039,449) |
|
132,709,856 |
|
| |
| |
| | |
|
|
|
| ASSET-BACKED SECURITIES — 17.6% |
|
|
| CAYMAN ISLANDS — 0.9% |
|
|
| Collateralized Loan Obligations — 0.9% |
|
|
| |
1,000,000 | |
| Apidos CLO XV,
Series 2013-15A, Class ERR,
(3 mo. Term SOFR + 5.962%),
10.58%,
04/20/31(b)(d) | | |
1,002,785 |
|
| |
17,550,000 | |
| CBAM Ltd., Series
2019-10A, Class SUB,
7.51%, 04/20/32(b)(d)(e) | | |
5,888,150 |
|
| |
9,915,625 | |
| Cedar Funding
VII CLO Ltd., Series 2018-7A, Class SUB,
7.28%, 01/20/31(b)(d)(e) | | |
2,103,804 |
|
| |
12,131,250 | |
| Madison Park
Funding XLII Ltd., Series 13A, Class SUB,
2.23%, 11/21/47(b)(d)(e) | | |
4,469,152 |
|
| |
5,000,000 | |
| Romark CLO II
Ltd., Series 2018-2A, Class SUB,
7.66%, 07/25/31(b)(d)(e) | | |
959,492 |
|
| |
5,000,000 | |
| Romark CLO Ltd.,
Series 2017-1A, Class SUB,
8.44%, 10/23/30(b)(d)(e) | | |
1,103,400 |
|
| |
7,500,000 | |
| Romark WM-R Ltd.,
Series 2018-1A, Class F,
(3 mo. Term SOFR + 8.362%),
12.98%,
04/20/31(b)(d)(e) | | |
5,295,328 |
|
| |
| |
| | | |
20,822,111 |
|
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| UNITED STATES — 16.7% | | |
|
|
| Other Asset-Backed Securities — 16.7% | | |
|
|
| $ | 2,841,103 | | |
510 Loan Acquisition Trust, Series 2020-1, Class A, STEP,
8.11%, 09/25/60(b) | |
$ | 2,831,273 | |
| | 149,754 | | |
Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1,
(1 mo. Term SOFR + 1.164%),
5.90%, 01/25/34(d) | |
| 149,168 | |
| | 7,001,092 | | |
Ajax Mortgage Loan Trust, Series 2023-B, Class A, STEP,
4.25%, 10/25/62(b) | |
| 6,779,931 | |
| | 873,700 | | |
Ajax Mortgage Loan Trust, Series 2023-B, Class B, STEP,
4.25%, 10/25/62(b) | |
| 824,400 | |
| | 1,994,428 | | |
Ajax Mortgage Loan Trust, Series 2023-B, Class C,
3.29%, 10/25/62(b)(f) | |
| 970,721 | |
| | 329,242 | | |
Ajax Mortgage Loan Trust, Series 2023-B, Class SA,
1.15%, 10/25/62(b)(f) | |
| 294,316 | |
| | 5,000,000 | | |
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7,
(1 mo. Term SOFR + 2.094%),
6.83%, 05/25/35(d) | |
| 4,251,421 | |
| | 1,750,000 | | |
AMSR Trust, Series 2020-SFR1, Class G,
4.31%, 04/17/37(b) | |
| 1,731,378 | |
| | 6,000,000 | | |
AMSR Trust, Series 2020-SFR5, Class F,
2.69%, 11/17/37(b) | |
| 5,808,617 | |
| | 1,800,000 | | |
AMSR Trust, Series 2023-SFR2, Class F1,
3.95%, 06/17/40(b) | |
| 1,563,885 | |
| | 2,230,000 | | |
AMSR Trust, Series 2023-SFR2, Class F2,
3.95%, 06/17/40(b) | |
| 1,867,027 | |
| | 6,624,634 | | |
Argent Mortgage Loan Trust, Series 2005-W1, Class A2,
(1 mo. Term SOFR + 0.594%),
5.33%, 05/25/35(d) | |
| 5,275,835 | |
| | 4,728,117 | | |
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1,
(1 mo. Term SOFR + 0.804%),
5.54%, 01/25/36(d) | |
| 4,717,920 | |
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 6,035,325 | | |
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2,
(1 mo. Term SOFR + 0.744%),
3.93%, 01/25/36(d) | |
$ | 5,364,197 | |
| | 5,740,000 | | |
BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1,
7.07%, 02/10/22(d) | |
| 862,042 | |
| | 5,000,000 | | |
BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1,
7.23%, 12/10/25(d) | |
| 624,455 | |
| | 8,195,488 | | |
Barclays Mortgage Trust, Series 2021-NPL1, Class A, STEP,
2.00%, 11/25/51(b) | |
| 8,014,497 | |
| | 1,177,500 | | |
Barclays Mortgage Trust, Series 2021-NPL1, Class B, STEP,
4.63%, 11/25/51(b) | |
| 1,153,036 | |
| | 2,441,832 | | |
Barclays Mortgage Trust, Series 2021-NPL1, Class C,
0.00%, 11/25/51(b)(f) | |
| 3,087,569 | |
| | 4,982,925 | | |
Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1,
(1 mo. Term SOFR + 1.114%),
5.83%, 05/28/39(b)(d) | |
| 4,003,282 | |
| | 761,431 | | |
Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2,
(1 mo. Term SOFR + 1.414%),
6.13%, 05/28/39(b)(d) | |
| 394,353 | |
| | 590,246 | | |
Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1,
(1 mo. Term SOFR + 1.114%),
5.83%, 12/28/40(b)(d) | |
| 585,530 | |
| | 1,239,649 | | |
Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A,
(1 mo. Term SOFR + 1.044%),
5.76%, 12/28/40(b)(d) | |
| 1,190,571 | |
| | 908,185 | | |
Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4,
(1 mo. Term SOFR + 1.914%),
5.19%, 05/25/35(d) | |
| 907,991 | |
| | 2,620,575 | | |
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4,
(1 mo. Term SOFR + 1.134%),
5.34%, 12/25/35(d) | |
| 2,437,921 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 2,590,197 | | |
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A,
(1 mo. Term SOFR + 0.254%),
4.99%, 12/25/36(d) | |
$ | 2,530,227 | |
| | 4,650,000 | | |
Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3,
(1 mo. Term SOFR + 2.364%),
7.10%, 04/25/36(d) | |
| 4,845,296 | |
| | 4,884,740 | | |
Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4,
(1 mo. Term SOFR + 0.534%),
5.27%, 12/26/36(d) | |
| 4,108,894 | |
| | 7,588,001 | | |
Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1,
(1 mo. Term SOFR + 0.614%),
5.35%, 02/25/37(d) | |
| 5,825,232 | |
| | 4,568,767 | | |
Cascade MH Asset Trust, Series 2019-MH1, Class A,
4.00%, 11/25/44(b)(d) | |
| 4,264,867 | |
| | 3,400,000 | | |
CFMT LLC, Series 2023-HB11, Class M2,
4.00%, 02/25/37(b)(d) | |
| 3,166,193 | |
| | 1,600,000 | | |
CFMT LLC, Series 2024-HB13, Class M2,
3.00%, 05/25/34(b)(d) | |
| 1,421,828 | |
| | 2,500,000 | | |
CFMT LLC, Series 2024-HB13, Class M3,
3.00%, 05/25/34(b)(d) | |
| 2,116,610 | |
| | 2,000,000 | | |
CFMT LLC, Series 2024-HB13, Class M4,
3.00%, 05/25/34(b)(d) | |
| 1,559,069 | |
| | 6,000,000 | | |
CIT Mortgage Loan Trust, Series 2007-1, Class 1M2,
(1 mo. Term SOFR + 1.864%),
6.60%, 10/25/37(b)(d) | |
| 5,815,265 | |
| | 3,766,500 | | |
CIT Mortgage Loan Trust, Series 2007-1, Class 2M2,
(1 mo. Term SOFR + 1.864%),
6.60%, 10/25/37(b)(d) | |
| 3,538,570 | |
| | 2,759,728 | | |
Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B,
(1 mo. Term SOFR + 0.314%),
5.05%, 05/25/37(d) | |
| 1,817,736 | |
| | 74,156 | | |
Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C,
(1 mo. Term SOFR + 0.384%),
5.12%, 05/25/37(d) | |
| 48,840 | |
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 3,235,795 | | |
Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B,
(1 mo. Term SOFR + 0.284%),
5.02%, 07/25/45(d) | |
$ | 2,241,770 | |
| | 897,159 | | |
Conseco Finance Corp., Series 1998-2, Class M1,
6.94%, 12/01/28(d) | |
| 864,538 | |
| | 2,039,548 | | |
Conseco Finance Corp., Series 1999-5, Class A5,
7.86%, 03/01/30(d) | |
| 632,329 | |
| | 2,300,934 | | |
Conseco Finance Corp., Series 1999-5, Class A6,
7.50%, 03/01/30(d) | |
| 682,224 | |
| | 11,183,346 | | |
Conseco Finance Securitizations Corp., Series 2000-1, Class A5,
8.06%, 09/01/29(d) | |
| 1,766,827 | |
| | 2,963,522 | | |
Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1,
(1 mo. Term SOFR + 0.614%),
5.47%, 05/25/37(b)(d) | |
| 2,559,324 | |
| | 929,371 | | |
Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4,
6.30%, 12/25/35(d) | |
| 894,604 | |
| | 2,511,787 | | |
Countrywide Asset-Backed Certificates Trust, Series 2006-13, Class 1AF4,
3.96%, 01/25/37(d) | |
| 2,453,787 | |
| | 9,258,646 | | |
Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1,
(1 mo. Term SOFR + 0.564%),
5.30%, 03/25/37(d) | |
| 10,331,490 | |
| | 6,312,806 | | |
Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1,
(1 mo. Term SOFR + 0.459%),
5.20%, 05/25/47(d) | |
| 5,428,327 | |
| | 6,107,999 | | |
Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1,
(1 mo. Term SOFR + 0.364%),
5.10%, 06/25/37(d) | |
| 5,321,787 | |
| | 381,922 | | |
Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A,
(1 mo. Term SOFR + 0.294%),
5.10%, 05/15/36(d) | |
| 375,979 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 338,468 | | |
Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B,
(1 mo. Term SOFR + 0.354%),
5.16%, 02/15/30(b)(d) | |
$ | 319,192 | |
| | 3,276,009 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT,
0.42%, 02/01/47(b)(f) | |
| 2,960,266 | |
| | 1,902,553 | | |
Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB6, Class A4,
(1 mo. Term SOFR + 0.454%),
5.73%, 07/25/37(b)(d) | |
| 1,239,480 | |
| | 4,897,018 | | |
First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1,
(1 mo. Term SOFR + 0.654%),
4.71%, 03/25/36(d) | |
| 4,661,898 | |
| | 1,126,827 | | |
First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1,
(1 mo. Term SOFR + 1.914%),
6.76%, 10/25/33(d) | |
| 1,091,103 | |
| | 9,145,216 | | |
First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1,
(1 mo. Term SOFR + 0.489%),
5.23%, 07/25/36(d) | |
| 7,874,051 | |
| | 4,438,111 | | |
First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2,
(1 mo. Term SOFR + 0.714%),
5.45%, 01/25/36(d) | |
| 4,020,759 | |
| | 3,297,463 | | |
First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C,
(1 mo. Term SOFR + 0.414%),
5.15%, 03/25/37(d) | |
| 1,565,660 | |
| | 2,710,000 | | |
FirstKey Homes Trust, Series 2020-SFR2, Class F1,
3.02%, 10/19/37(b) | |
| 2,636,732 | |
| | 4,000,000 | | |
FirstKey Homes Trust, Series 2022-SFR1, Class E1,
5.00%, 05/19/39(b) | |
| 3,881,275 | |
| | 4,000,000 | | |
FirstKey Homes Trust, Series 2022-SFR1, Class E2,
5.00%, 05/19/39(b) | |
| 3,858,521 | |
| | 2,553,000 | | |
FirstKey Homes Trust, Series 2022-SFR2, Class E1,
4.50%, 07/17/39(b) | |
| 2,442,189 | |
| | 1,500,000 | | |
Fremont Home Loan Trust, Series 2005-D, Class M1,
(1 mo. Term SOFR + 0.729%),
5.47%, 11/25/35(d) | |
| 1,355,189 | |
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 1,500,000 | | |
FRTKL, Series 2021-SFR1, Class F,
3.17%, 09/17/38(b) | |
$ | 1,399,957 | |
| | 304,900 | | |
GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3,
(1 mo. Term SOFR + 0.614%),
5.35%, 02/25/36(d) | |
| 295,900 | |
| | 4,698,553 | | |
Greenpoint Manufactured Housing, Series 2000-3, Class IA,
8.43%, 06/20/31(d) | |
| 1,833,583 | |
| | 2,463,906 | | |
GSAA Home Equity Trust, Series 2005-14, Class 1A2,
(1 mo. Term SOFR + 0.814%),
5.55%, 12/25/35(d) | |
| 1,087,838 | |
| | 7,934,204 | | |
GSAA Home Equity Trust, Series 2006-5, Class 1A1,
(1 mo. Term SOFR + 0.474%),
5.21%, 03/25/36(d) | |
| 2,331,838 | |
| | 14,460,994 | | |
GSAA Home Equity Trust, Series 2007-9, Class A3A,
7.00%, 10/25/37 | |
| 5,138,827 | |
| | 335,798 | | |
GSAA Trust, Series 2006-7, Class AF2,
5.99%, 03/25/46(d) | |
| 123,326 | |
| | 3,566,000 | | |
GSAMP Trust, Series 2007-HS1, Class M5,
(1 mo. Term SOFR + 3.489%),
8.23%, 02/25/47(d) | |
| 3,538,706 | |
| | 3,027,066 | | |
Home Equity Asset Trust, Series 2007-1, Class 2A3,
(1 mo. Term SOFR + 0.414%),
5.15%, 05/25/37(d)(e) | |
| 2,385,313 | |
| | 2,881,687 | | |
Home Partners of America Trust, Series 2021-2, Class F,
3.80%, 12/17/26(b) | |
| 2,677,584 | |
| | 3,640,111 | | |
Home Partners of America Trust, Series 2021-3, Class F,
4.24%, 01/17/41(b) | |
| 3,217,801 | |
| | 4,367,648 | | |
HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP,
4.49%, 12/25/36 | |
| 1,445,811 | |
| | 243,405 | | |
Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP,
6.53%, 09/25/37(b) | |
| 243,474 | |
| | 103,792 | | |
JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP,
6.63%, 07/25/36 | |
| 28,463 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 206,518 | | |
JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3,
(1 mo. Term SOFR + 0.294%),
5.03%, 07/25/36(d) | |
$ | 87,792 | |
| | 907,367 | | |
Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1,
6.63%, 04/15/40(d) | |
| 915,523 | |
| | 213,180 | | |
Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1,
(1 mo. Term SOFR + 0.204%),
4.94%, 06/25/37(b)(d) | |
| 140,916 | |
| | 1,352,920 | | |
Lehman XS Trust, Series 2007-20N, Class A1,
(1 mo. Term SOFR + 2.414%),
7.15%, 12/25/37(d) | |
| 1,272,709 | |
| | 4,105,974 | | |
Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A,
(1 mo. Term SOFR + 0.474%),
5.21%, 03/25/46(d) | |
| 3,263,030 | |
| | 4,800,002 | | |
Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3,
(1 mo. Term SOFR + 0.434%),
5.17%, 10/25/36(d) | |
| 1,538,264 | |
| | 1,119,999 | | |
Mastr Asset Backed Securities Trust, Series 2007-NCW, Class A1,
(1 mo. Term SOFR + 0.414%),
5.15%, 05/25/37(b)(d) | |
| 990,016 | |
| | 3,685,141 | | |
MASTR Second Lien Trust, Series 2006-1, Class A,
(1 mo. Term SOFR + 0.434%),
5.17%, 03/25/36(d) | |
| 236,219 | |
| | 1,854,357 | | |
MERIT Securities Corp., Series 13, Class M2, STEP,
7.88%, 12/28/33 | |
| 1,733,634 | |
| | 6,939,932 | | |
Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D,
(1 mo. Term SOFR + 0.614%),
5.35%, 10/25/37(d) | |
| 1,066,582 | |
| | 900,112 | | |
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4,
(1 mo. Term SOFR + 0.594%),
5.33%, 06/25/36(d) | |
| 460,583 | |
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 5,652,785 | | |
Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1,
(1 mo. Term SOFR + 0.244%),
4.98%, 11/25/36(d) | |
$ | 2,442,905 | |
| | 1,313,496 | | |
Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1,
(1 mo. Term SOFR + 3.914%),
8.65%, 02/25/47(b)(d) | |
| 1,220,753 | |
| | 3,572,023 | | |
Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1,
(1 mo. Term SOFR + 0.654%),
5.39%, 02/25/36(d) | |
| 3,336,246 | |
| | 3,936,404 | | |
Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP,
6.51%, 10/25/36 | |
| 888,565 | |
| | 220,373 | | |
Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1,
(1 mo. Term SOFR + 0.414%),
5.15%, 03/25/36(d) | |
| 221,690 | |
| | 5,728,707 | | |
New Century Home Equity Loan Trust, Series 2005-C, Class
M2,
(1 mo. Term SOFR + 0.789%),
5.53%, 12/25/35(d) | |
| 4,775,470 | |
| | 6,500,000 | | |
New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F,
4.44%, 02/17/39(b) | |
| 5,883,491 | |
| | 5,000,000 | | |
New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1,
4.00%, 09/04/39(b) | |
| 4,585,090 | |
| | 5,000,000 | | |
New Residential Mortgage Loan Trust, Series 2022-SFR2,
Class F,
4.00%, 09/04/39(b) | |
| 4,420,182 | |
| | 398,455 | | |
Nomura Asset Acceptance Corp. Alternative Loan Trust,
Series 2006-S5, Class A1,
(1 mo. Term SOFR + 0.514%),
5.25%, 10/25/36(b)(d) | |
| 481,979 | |
| | 817,930 | | |
Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2,
7.48%, 08/15/27 | |
| 635,392 | |
| | 9,752,270 | | |
Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4,
7.40%, 07/15/30(d) | |
| 1,617,520 | |
| | 8,572,117 | | |
Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2,
5.92%, 06/15/31(d) | |
| 628,640 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 5,947,218 | | |
Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3,
6.61%, 06/15/31(d) | |
$ | 486,861 | |
| | 6,795,981 | | |
Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4,
7.41%, 06/15/31(d) | |
| 623,256 | |
| | 481,683 | | |
Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3,
5.90%, 09/15/22(d) | |
| 202,271 | |
| | 5,000,000 | | |
Pagaya AI Technology in Housing Trust, Series 2022-1, Class D,
4.25%, 08/25/25(b) | |
| 4,887,730 | |
| | 3,000,000 | | |
Pagaya AI Technology in Housing Trust, Series 2023-1, Class F,
3.60%, 10/25/40(b) | |
| 2,357,146 | |
| | 2,955,985 | | |
Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP,
3.47%, 07/25/35 | |
| 2,413,929 | |
| | 975,040 | | |
PRET LLC, Series 2021-NPL6, Class A1, STEP,
2.49%, 07/25/51(b) | |
| 966,967 | |
| | 2,000,000 | | |
PRET LLC, Series 2021-NPL6, Class A2, STEP,
5.07%, 07/25/51(b) | |
| 1,960,157 | |
| | 4,842,010 | | |
PRET LLC, Series 2021-RN4, Class A1,
2.49%, 10/25/51(b)(d) | |
| 4,816,349 | |
| | 3,064,897 | | |
PRET LLC, Series 2023-RN2, Class A1, STEP,
8.11%, 11/25/53(b) | |
| 3,084,896 | |
| | 2,434,292 | | |
PRET LLC, Series 2024-NPL1, Class A1, STEP,
7.14%, 01/25/54(b) | |
| 2,438,187 | |
| | 3,441,567 | | |
PRET LLC, Series 2024-NPL2, Class A1, STEP,
7.02%, 02/25/54(b) | |
| 3,448,215 | |
| | 4,951,774 | | |
PRET LLC, Series 2024-NPL4, Class A1, STEP,
7.00%, 07/25/54(b) | |
| 4,963,995 | |
| | 4,971,787 | | |
PRET LLC, Series 2024-RN2, Class A1, STEP,
7.12%, 04/25/54(b) | |
| 4,977,872 | |
| | 2,810,055 | | |
Progress Residential Trust, Series 2021-SFR10, Class F,
4.61%, 12/17/40(b) | |
| 2,598,503 | |
| | 2,500,000 | | |
Progress Residential Trust, Series 2021-SFR11, Class F,
4.42%, 01/17/39(b) | |
| 2,273,725 | |
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 3,500,000 | | |
Progress Residential Trust, Series 2021-SFR8, Class F,
3.18%, 10/17/38(b) | |
$ | 3,267,354 | |
| | 2,400,000 | | |
Progress Residential Trust, Series 2021-SFR9, Class F,
4.05%, 11/17/40(b) | |
| 2,159,581 | |
| | 4,000,000 | | |
Progress Residential Trust, Series 2022-SFR1, Class F,
4.88%, 02/17/41(b) | |
| 3,708,032 | |
| | 4,000,000 | | |
Progress Residential Trust, Series 2022-SFR1, Class G,
5.52%, 02/17/41(b) | |
| 3,629,032 | |
| | 1,548,000 | | |
Progress Residential Trust, Series 2022-SFR3, Class E2,
5.60%, 04/17/39(b) | |
| 1,515,552 | |
| | 4,751,000 | | |
Progress Residential Trust, Series 2022-SFR4, Class E1,
6.12%, 05/17/41(b) | |
| 4,740,171 | |
| | 5,000,000 | | |
Progress Residential Trust, Series 2022-SFR5, Class E1,
6.62%, 06/17/39(b) | |
| 4,963,542 | |
| | 6,000,000 | | |
Progress Residential Trust, Series 2022-SFR6, Class D,
6.04%, 07/20/39(b) | |
| 5,972,152 | |
| | 5,000,000 | | |
Progress Residential Trust, Series 2022-SFR7, Class E1,
6.75%, 10/27/39(b) | |
| 4,993,203 | |
| | 925,000 | | |
Progress Residential Trust, Series 2023-SFR1, Class E1,
6.15%, 03/17/40(b) | |
| 914,131 | |
| | 3,466,066 | | |
PRPM LLC, Series 2022-1, Class A1, STEP,
3.72%, 02/25/27(b) | |
| 3,441,970 | |
| | 1,110,925 | | |
RAAC Trust, Series 2006-SP3, Class M3,
(1 mo. Term SOFR + 1.464%),
6.20%, 08/25/36(d) | |
| 1,060,809 | |
| | 571,273 | | |
RCO VI Mortgage LLC, Series 2022-1, Class A1, STEP,
3.00%, 01/25/27(b) | |
| 566,792 | |
| | 1,637,620 | | |
RCO VII Mortgage LLC, Series 2024-1, Class A1, STEP,
7.02%, 01/25/29(b) | |
| 1,640,961 | |
| | 3,825,000 | | |
Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4,
(1 mo. Term SOFR + 0.984%),
5.72%, 11/25/35(d) | |
| 3,303,796 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 1,551,185 | | |
Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2,
(1 mo. Term SOFR + 0.404%),
5.29%, 06/25/36(d) | |
$ | 1,519,492 | |
| | 3,500,000 | | |
RMF Buyout Issuance Trust, Series 2021-HB1, Class M4,
4.70%, 11/25/31(b)(d) | |
| 3,215,598 | |
| | 3,274,394 | | |
RMF Buyout Issuance Trust, Series 2021-HB1, Class M6,
6.00%, 11/25/31(b)(d) | |
| 2,752,535 | |
| | 4,211,982 | | |
Saxon Asset Securities Trust, Series 2006-2, Class M3,
(1 mo. Term SOFR + 0.594%),
5.33%, 09/25/36(d) | |
| 3,185,186 | |
| | 8,519,138 | | |
Saxon Asset Securities Trust, Series 2007-1, Class M1,
(1 mo. Term SOFR + 0.404%),
5.14%, 01/25/47(d) | |
| 8,132,026 | |
| | 5,696,686 | | |
Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B,
(1 mo. Term SOFR + 0.654%),
5.39%, 02/25/37(d) | |
| 2,450,258 | |
| | 11,855,754 | | |
Soundview Home Loan Trust, Series 2006-OPT5, Class M1,
(1 mo. Term SOFR + 0.489%),
5.23%, 07/25/36(d) | |
| 9,849,543 | |
| | 4,470,049 | | |
Structured Asset Investment Loan Trust, Series 2005-9, Class M2,
(1 mo. Term SOFR + 0.789%),
5.53%, 11/25/35(d) | |
| 3,963,747 | |
| | 4,394,169 | | |
Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3,
(1 mo. Term SOFR + 0.864%),
5.60%, 07/25/35(d) | |
| 3,042,370 | |
| | 2,470,020 | | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1,
(1 mo. Term SOFR + 0.774%),
5.51%, 02/25/37(d) | |
| 4,580,261 | |
| | 1,520,000 | | |
Tricon American Homes Trust, Series 2020-SFR1, Class F,
4.88%, 07/17/38(b) | |
| 1,495,580 | |
| | 1,500,000 | | |
Tricon Residential Trust, Series 2021-SFR1, Class F,
3.69%, 07/17/38(b) | |
| 1,406,290 | |
Principal
Amount | |
| |
Value |
| UNITED STATES (continued) | | |
|
|
| Other Asset-Backed Securities (continued) | | |
|
|
| $ | 968,000 | | |
Tricon Residential Trust, Series 2021-SFR1, Class G,
4.13%, 07/17/38(b) | |
$ | 902,581 | |
| | 1,600,000 | | |
Tricon Residential Trust, Series 2022-SFR1, Class E2,
5.74%, 04/17/39(b) | |
| 1,576,595 | |
| | 4,000,000 | | |
Tricon Residential Trust, Series 2022-SFR2, Class E,
7.51%, 07/17/40(b) | |
| 4,048,094 | |
| | 3,401,256 | | |
VOLT CVI LLC, Series 2021-NP12, Class A1, STEP,
2.73%, 12/26/51(b) | |
| 3,371,530 | |
| | 3,933,761 | | |
Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE1, Class 2A3,
(1 mo. Term SOFR + 0.414%),
5.15%, 01/25/37(d) | |
| 1,792,948 | |
| | 1,546,898 | | |
Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE1, Class 2A4,
(1 mo. Term SOFR + 0.574%),
5.31%, 01/25/37(d) | |
| 705,619 | |
| | 5,047,812 | | |
Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE2, Class 2A3,
(1 mo. Term SOFR + 0.364%),
5.10%, 04/25/37(d) | |
| 1,881,028 | |
| | 7,880,249 | | |
Yale Mortgage Loan Trust, Series 2007-1, Class A,
(1 mo. Term SOFR + 0.514%),
5.25%, 06/25/37(b)(d) | |
| 2,457,465 | |
| | | | |
| |
| 397,506,759 | |
Total Asset-Backed Securities
(Cost $497,571,947) | | |
418,328,870 |
|
| | | | |
| |
| | |
| NON-AGENCY MORTGAGE-BACKED SECURITIES — 23.6% |
|
| COLLATERALIZED MORTGAGE OBLIGATIONS — 21.1% |
|
| | 1,579,000 | | |
ACRA Trust, Series 2024-NQM1, Class B1,
8.22%, 10/25/64(b)(d) | |
| 1,559,255 | |
| | 2,500,000 | | |
ACRA Trust, Series 2024-NQM1, Class M1B,
7.19%, 10/25/64(b)(d) | |
| 2,464,953 | |
| | 260,425 | | |
Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1,
4.80%, 07/25/35(d) | |
| 240,067 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 1,394,700 | | |
Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1,
5.71%, 03/25/37(d) | |
$ | 874,122 | |
| | 1,179 | | |
Ajax Mortgage Loan Trust, Series 2017-D, Class B,
2.21%, 12/25/57(b)(d) | |
| 409 | |
| | 7,507 | | |
Ajax Mortgage Loan Trust, Series 2021, Class F,
0.01%, 06/27/61(b)(g) | |
| 7,282 | |
| | 1,234,174 | | |
Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP,
3.72%, 01/25/61(b) | |
| 1,205,425 | |
| | 3,043,324 | | |
Ajax Mortgage Loan Trust, Series 2021-C, Class C,
1.35%, 01/25/61(b)(f) | |
| 3,318,011 | |
| | 6,548,747 | | |
Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP,
2.00%, 03/25/60(b) | |
| 6,469,501 | |
| | 2,042,300 | | |
Ajax Mortgage Loan Trust, Series 2021-D, Class B,
4.00%, 03/25/60(b)(d) | |
| 1,974,323 | |
| | 2,977,420 | | |
Ajax Mortgage Loan Trust, Series 2021-D, Class C,
0.00%, 03/25/60(b)(d) | |
| 3,207,521 | |
| | 3,041,340 | | |
Ajax Mortgage Loan Trust, Series 2021-E, Class B2,
3.81%, 12/25/60(b)(d) | |
| 1,695,439 | |
| | 4,000,000 | | |
Ajax Mortgage Loan Trust, Series 2021-E, Class M1,
2.94%, 12/25/60(b)(d) | |
| 2,730,740 | |
| | 7,746,290 | | |
Ajax Mortgage Loan Trust, Series 2021-F, Class A, STEP,
1.88%, 06/25/61(b) | |
| 7,662,726 | |
| | 2,075,700 | | |
Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP,
3.75%, 06/25/61(b) | |
| 2,049,855 | |
| | 3,155,128 | | |
Ajax Mortgage Loan Trust, Series 2021-F, Class C,
0.36%, 06/25/61(b)(f) | |
| 3,007,745 | |
| | 7,745,464 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP,
3.50%, 10/25/61(b) | |
| 7,367,308 | |
| | 532,000 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class A2,
3.00%, 10/25/61(b)(d) | |
| 457,967 | |
| | 914,036 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class A3,
3.00%, 10/25/61(b)(d) | |
| 755,791 | |
| | 2,128,000 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class B,
3.00%, 10/25/61(b) | |
| 1,553,419 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 1,044,124 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class C,
3.00%, 10/25/61(b) | |
$ | 1,003,676 | |
| | 999,392 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class M1,
3.00%, 10/25/61(b) | |
| 798,742 | |
| | 3,453,061 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class M2,
3.00%, 10/25/61(b) | |
| 2,634,197 | |
| | 88,700 | | |
Ajax Mortgage Loan Trust, Series 2022-A, Class M3,
3.00%, 10/25/61(b) | |
| 67,394 | |
| | 8,443,757 | | |
Ajax Mortgage Loan Trust, Series 2022-B, Class A1, STEP,
3.50%, 03/27/62(b) | |
| 7,978,418 | |
| | 403,400 | | |
Ajax Mortgage Loan Trust, Series 2022-B, Class A2,
3.00%, 03/27/62(b)(d) | |
| 339,825 | |
| | 345,800 | | |
Ajax Mortgage Loan Trust, Series 2022-B, Class A3,
3.00%, 03/27/62(b)(d) | |
| 281,206 | |
| | 1,921,100 | | |
Ajax Mortgage Loan Trust, Series 2022-B, Class B,
3.00%, 03/27/62(b) | |
| 1,340,498 | |
| | 1,662,292 | | |
Ajax Mortgage Loan Trust, Series 2022-B, Class C,
3.00%, 03/27/62(b) | |
| 1,279,251 | |
| | 259,300 | | |
Ajax Mortgage Loan Trust, Series 2022-B, Class M1,
3.00%, 03/27/62(b) | |
| 209,324 | |
| | 1,287,100 | | |
Ajax Mortgage Loan Trust, Series 2022-B, Class M2,
3.00%, 03/27/62(b) | |
| 1,005,764 | |
| | 9,537,828 | | |
Ajax Mortgage Loan Trust, Series 2023-A, Class A1, STEP,
3.50%, 07/25/62(b) | |
| 8,918,251 | |
| | 481,800 | | |
Ajax Mortgage Loan Trust, Series 2023-A, Class A2,
3.00%, 07/25/62(b)(d) | |
| 412,135 | |
| | 273,000 | | |
Ajax Mortgage Loan Trust, Series 2023-A, Class A3,
2.50%, 07/25/62(b)(d) | |
| 222,997 | |
| | 1,605,800 | | |
Ajax Mortgage Loan Trust, Series 2023-A, Class B,
2.50%, 07/25/62(b)(d) | |
| 1,137,040 | |
| | 1,092,386 | | |
Ajax Mortgage Loan Trust, Series 2023-A, Class C,
2.50%, 07/25/62(b)(d) | |
| 978,083 | |
| | 827,000 | | |
Ajax Mortgage Loan Trust, Series 2023-A, Class M1,
2.50%, 07/25/62(b)(d) | |
| 653,195 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 12,043,042 | | |
Ajax Mortgage Loan Trust, Series 2023-C, Class A1, STEP,
3.50%, 05/25/63(b) | |
$ | 11,196,304 | |
| | 782,700 | | |
Ajax Mortgage Loan Trust, Series 2023-C, Class A2,
3.00%, 05/25/63(b)(d) | |
| 661,203 | |
| | 417,400 | | |
Ajax Mortgage Loan Trust, Series 2023-C, Class A3,
2.50%, 05/25/63(b)(d) | |
| 335,613 | |
| | 3,487,532 | | |
Ajax Mortgage Loan Trust, Series 2023-C, Class C,
2.50%, 05/25/63(b)(d) | |
| 2,477,600 | |
| | 365,300 | | |
Ajax Mortgage Loan Trust, Series 2023-C, Class M1,
2.50%, 05/25/63(b)(d) | |
| 282,688 | |
| | 2,264,500 | | |
Ajax Mortgage Loan Trust, Series 2023-C, Class M2,
2.50%, 05/25/63(b)(d) | |
| 1,568,222 | |
| | 1,080,058 | | |
American Home Mortgage Assets Trust, Series 2006-2, Class 1A1,
(12 mo. Federal Reserve Cumulative Average USD + 0.960%),
6.02%, 09/25/46(d) | |
| 933,134 | |
| | 823,712 | | |
American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP,
6.75%, 06/25/37 | |
| 705,722 | |
| | 3,324,000 | | |
Angel Oak Mortgage Trust, Series 2020-R1, Class B2,
4.61%, 04/25/53(b)(d) | |
| 2,848,116 | |
| | 1,000,000 | | |
Angel Oak Mortgage Trust I LLC, Series 2019-2, Class B1,
5.02%, 03/25/49(b)(d) | |
| 994,245 | |
| | 13,968,104 | | |
APS Resecuritization Trust, Series 2016-1, Class 1MZ,
2.45%, 07/31/57(b)(d) | |
| 5,276,550 | |
| | 3,554,054 | | |
Banc of America Alternative Loan Trust, Series 2006-7, Class A4, STEP,
6.50%, 10/25/36 | |
| 1,013,140 | |
| | 954,055 | | |
Banc of America Alternative Loan Trust, Series 2006-9, Class A2,
(1 mo. Term SOFR + 0.514%),
5.25%, 01/25/37(d) | |
| 757,056 | |
| | 67,950 | | |
Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1,
4.43%, 09/20/35(d) | |
| 59,332 | |
| | 261,142 | | |
Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2,
4.97%, 02/20/36(d) | |
| 232,957 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 228,413 | | |
Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1,
6.29%, 06/20/36(d) | |
$ | 204,845 | |
| | 959,893 | | |
Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP,
6.59%, 01/25/37 | |
| 869,988 | |
| | 4,624,347 | | |
Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2,
5.64%, 03/27/36(b)(d) | |
| 3,843,961 | |
| | 242,115 | | |
Banc of America Mortgage Trust, Series 2005-I, Class 2A5,
5.25%, 10/25/35(d) | |
| 224,760 | |
| | 17,963,616 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A1, STEP,
6.90%, 10/25/63(b) | |
| 18,259,375 | |
| | 2,856,047 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A2, STEP,
7.36%, 10/25/63(b) | |
| 2,902,390 | |
| | 1,724,532 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A3, STEP,
7.69%, 10/25/63(b) | |
| 1,751,561 | |
| | 963,000 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B1,
8.02%, 10/25/63(b)(d) | |
| 966,391 | |
| | 810,100 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B2,
8.02%, 10/25/63(b)(d) | |
| 795,123 | |
| | 2,216,500 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B3,
8.02%, 10/25/63(b)(d) | |
| 2,026,316 | |
| | 1,605,000 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class M1,
8.02%, 10/25/63(b)(d) | |
| 1,653,184 | |
| | 335 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class SA,
0.04%, 10/25/63(b)(d) | |
| 330 | |
| | 28,138,797 | | |
Barclays Mortgage Loan Trust, Series 2023-NQM3, Class XS,
0.82%, 10/25/63(b)(d) | |
| 467,492 | |
| | 2,743,384 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, STEP,
5.90%, 01/25/64(b) | |
| 2,750,424 | |
| | 1,868,857 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A2, STEP,
6.11%, 01/25/64(b) | |
| 1,870,994 | |
| | 1,427,334 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A3, STEP,
6.31%, 01/25/64(b) | |
| 1,430,903 | |
| | 724,200 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B1,
8.09%, 01/25/64(b)(d) | |
| 726,174 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | |
| $ | 663,800 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B2,
8.69%, 01/25/64(b)(d) | |
$ | 663,821 | |
| | 1,424,300 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B3,
8.69%, 01/25/64(b)(d) | |
| 1,284,966 | |
| | 1,243,200 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class M1,
6.80%, 01/25/64(b)(d) | |
| 1,248,825 | |
| | 3,100 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class SA,
0.13%, 01/25/64(b)(d) | |
| 2,941 | |
| | 21,143,421 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM1, Class XS,
2.45%, 01/25/64(b)(d) | |
| 1,049,684 | |
| | 14,865,736 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A1, STEP,
6.04%, 06/25/64(b) | |
| 14,967,014 | |
| | 1,172,141 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A2, STEP,
6.30%, 06/25/64(b) | |
| 1,179,646 | |
| | 2,045,236 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A3, STEP,
6.50%, 06/25/64(b) | |
| 2,056,742 | |
| | 1,028,100 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B1,
7.50%, 06/25/64(b)(d) | |
| 1,022,363 | |
| | 941,400 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B2,
8.06%, 06/25/64(b)(d) | |
| 922,356 | |
| | 2,576,400 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B3,
8.06%, 06/25/64(b)(d) | |
| 2,153,413 | |
| | 1,498,700 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class M1,
6.41%, 06/25/64(b)(d) | |
| 1,501,265 | |
| | 2,882 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class SA,
0.02%, 06/25/64(b)(d) | |
| 2,864 | |
| | 24,127,713 | | |
Barclays Mortgage Loan Trust, Series 2024-NQM3, Class XS,
7.96%, 06/25/64(b)(d) | |
| 1,028,176 | |
| | 2,604 | | |
Barclays Mortgage Trust, Series 2021, Class NPL1,
0.01%, 11/27/51(b)(g) | |
| 2,526 | |
| | 2,633 | | |
Barclays Mortgage Trust, Series 2021, Class RPL1,
0.01%, 02/25/28(b)(g) | |
| 2,554 | |
| | 5,872,521 | | |
Barclays Mortgage Trust, Series 2022-RPL1, Class A, STEP,
4.25%, 02/25/28(b) | |
| 5,709,800 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | |
| $ | 1,187,900 | | |
Barclays Mortgage Trust, Series 2022-RPL1, Class B, STEP,
4.25%, 02/25/28(b) | |
$ | 1,127,482 | |
| | 2,018,116 | | |
Barclays Mortgage Trust, Series 2022-RPL1, Class C,
12.76%, 02/25/28(b)(f) | |
| 484,707 | |
| | 23,131 | | |
Barclays Mortgage Trust, Series 2022-RPL1, Class SA,
7.30%, 02/25/28(b)(f) | |
| 16,369 | |
| | 1,764,937 | | |
BCAP LLC Trust, Series 2012-RR3, Class 1A5,
5.29%, 12/26/37(b)(d) | |
| 1,283,954 | |
| | 481,292 | | |
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1,
4.80%, 02/25/36(d) | |
| 436,879 | |
| | 40,685 | | |
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1,
5.99%, 08/25/35(d) | |
| 36,276 | |
| | 190,850 | | |
Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1,
4.30%, 05/25/47(d) | |
| 169,823 | |
| | 765,188 | | |
Bear Stearns ALT-A Trust, Series 2006-2, Class 11A1,
(1 mo. Term SOFR + 0.554%),
5.29%, 04/25/36(d) | |
| 683,863 | |
| | 2,217,746 | | |
Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1,
(1 mo. Term SOFR + 0.434%),
5.17%, 11/25/36(d) | |
| 1,896,097 | |
| | 2,945,505 | | |
Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1,
(1 mo. Term SOFR + 0.464%),
5.20%, 03/25/36(d) | |
| 384,602 | |
| | 2,945,505 | | |
Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3,
(1 mo. Term SOFR + 0.464%),
5.20%, 03/25/36(d) | |
| 384,603 | |
| | 486,576 | | |
Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1,
(1 mo. Term SOFR + 0.394%),
5.13%, 08/25/36(d) | |
| 478,888 | |
| | 2,501,000 | | |
BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1,
2.29%, 03/25/60(b)(d) | |
| 2,257,884 | |
| | 1,500,000 | | |
BRAVO Residential Funding Trust, Series 2024-NQM7, Class B1,
7.33%, 10/27/64(b)(d) | |
| 1,499,951 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 1,500,000 | | |
BRAVO Residential Funding Trust, Series 2024-NQM7, Class B2,
7.75%, 10/27/64(b)(d) | |
$ | 1,451,838 | |
| | 786,795 | | |
CFMT LLC, Series 2024-HB14, Class M2,
3.00%, 06/25/34(b)(d) | |
| 705,601 | |
| | 1,530,387 | | |
CFMT LLC, Series 2024-HB14, Class M3,
3.00%, 06/25/34(b)(d) | |
| 1,333,716 | |
| | 2,133,161 | | |
Chase Mortgage Finance Corp., Series 2016-SH1, Class M4,
3.75%, 04/25/45(b)(d) | |
| 1,865,667 | |
| | 5,324,724 | | |
Chase Mortgage Finance Trust, Series 2007-S2, Class 1A9,
6.00%, 03/25/37 | |
| 2,884,511 | |
| | 3,544,893 | | |
Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1,
6.00%, 12/25/37 | |
| 1,461,975 | |
| | 11,069,868 | | |
ChaseFlex Trust, Series 2007-1, Class 2A7,
6.00%, 02/25/37 | |
| 4,020,902 | |
| | 1,083,527 | | |
CHNGE Mortgage Trust, Series 2022-1, Class A1,
3.01%, 01/25/67(b)(d) | |
| 1,006,394 | |
| | 1,624,606 | | |
Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1,
6.25%, 12/25/37 | |
| 1,464,967 | |
| | 1,909,939 | | |
Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1,
6.50%, 06/25/38 | |
| 1,506,567 | |
| | 8,486 | | |
Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A2,
(1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.400%),
7.20%, 10/25/35(d) | |
| 2,904 | |
| | 45,683 | | |
Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A,
4.83%, 06/25/36(d) | |
| 43,588 | |
| | 2,703,647 | | |
Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1,
5.75%, 04/25/47(b) | |
| 1,351,128 | |
| | 3,429,017 | | |
Citigroup Mortgage Loan Trust, Series 2022-A, Class A1, STEP,
6.17%, 09/25/62(b) | |
| 3,428,591 | |
| | 86,190 | | |
Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1,
5.85%, 05/25/35(d) | |
| 81,253 | |
| | 4,650,000 | | |
COLT Mortgage Loan Trust, Series 2021-2, Class B1,
3.18%, 08/25/66(b)(d) | |
| 3,310,887 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 2,354,000 | | |
COLT Mortgage Loan Trust, Series 2022-1, Class B1,
4.06%, 12/27/66(b)(d) | |
$ | 2,015,477 | |
| | 1,494,581 | | |
COLT Mortgage Loan Trust, Series 2022-7, Class A3,
6.25%, 04/25/67(b)(d) | |
| 1,494,581 | |
| | 279,631 | | |
Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1,
6.00%, 02/25/35 | |
| 198,830 | |
| | 502,609 | | |
Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1,
(1 mo. Term SOFR + 0.714%),
5.45%, 08/25/35(d) | |
| 465,384 | |
| | 4,417,186 | | |
Countrywide Alternative Loan Trust, Series 2005-42CB, Class A1,
(1 mo. Term SOFR + 0.794%),
5.50%, 10/25/35(d) | |
| 2,556,694 | |
| | 3,577,603 | | |
Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6,
(1 mo. Term SOFR + 0.614%),
5.35%, 11/25/35(d) | |
| 1,908,523 | |
| | 4,968,355 | | |
Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7,
(1 mo. Term SOFR + 5.386%),
0.65%, 11/25/35(d)(e) | |
| 379,416 | |
| | 1,414,859 | | |
Countrywide Alternative Loan Trust, Series 2005-55CW, Class 2A3,
(1 mo. Term SOFR + 0.464%),
5.32%, 11/25/35(d) | |
| 987,998 | |
| | 69,828 | | |
Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1,
4.63%, 12/25/35(d) | |
| 67,256 | |
| | 48,691 | | |
Countrywide Alternative Loan Trust, Series 2005-69, Class A1,
(12 mo. Federal Reserve Cumulative Average USD + 1.000%),
6.06%, 12/25/35(d) | |
| 42,428 | |
| | 1,726,320 | | |
Countrywide Alternative Loan Trust, Series 2005-79CB, Class A1,
(1 mo. Term SOFR + 0.664%),
5.40%, 01/25/36(d) | |
| 840,937 | |
| | 681,454 | | |
Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3,
(1 mo. Term SOFR + 0.564%),
5.30%, 05/25/35(d) | |
| 589,154 | |
| | 519,575 | | |
Countrywide Alternative Loan Trust, Series 2005-J14, Class A3,
5.50%, 12/25/35 | |
| 318,370 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 2,395,750 | | |
Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10,
(1 mo. Term SOFR + 0.464%),
5.20%, 05/25/36(d) | |
$ | 929,467 | |
| | 1,542,454 | | |
Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1,
6.50%, 06/25/36 | |
| 706,498 | |
| | 2,825,875 | | |
Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9,
6.00%, 07/25/36 | |
| 1,157,196 | |
| | 917,435 | | |
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13,
(1 mo. Term SOFR + 0.464%),
5.20%, 08/25/36(d) | |
| 363,099 | |
| | 917,435 | | |
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14,
(1 mo. Term SOFR + 7.036%),
2.30%, 08/25/36(d) | |
| 145,393 | |
| | 945,747 | | |
Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15,
5.75%, 08/25/36 | |
| 478,941 | |
| | 6,858,896 | | |
Countrywide Alternative Loan Trust, Series 2006-25CB, Class A1,
6.00%, 10/25/36 | |
| 3,617,719 | |
| | 997,570 | | |
Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4,
(1 mo. Term SOFR + 0.514%),
5.25%, 03/25/36(d) | |
| 314,081 | |
| | 1,773,252 | | |
Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5,
(1 mo. Term SOFR + 6.986%),
2.25%, 03/25/36(d) | |
| 281,572 | |
| | 2,802,093 | | |
Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6,
5.50%, 03/25/36 | |
| 1,121,105 | |
| | 1,041,294 | | |
Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10,
6.00%, 01/25/37 | |
| 533,375 | |
| | 753,873 | | |
Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4,
5.75%, 01/25/37 | |
| 371,408 | |
| | 1,020,966 | | |
Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2,
6.00%, 02/25/37 | |
| 556,527 | |
| | 2,334,520 | | |
Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5,
6.00%, 02/25/37 | |
| 1,272,543 | |
| | 4,450,136 | | |
Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7,
(1 mo. Term SOFR + 0.454%),
5.19%, 02/25/37(d) | |
| 1,765,517 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 2,225,068 | | |
Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8,
(1 mo. Term SOFR + 6.486%),
1.75%, 02/25/37(d) | |
$ | 350,501 | |
| | 98,920 | | |
Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10,
5.50%, 05/25/36 | |
| 80,144 | |
| | 280,645 | | |
Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2,
(1 mo. Term SOFR + 0.514%),
5.25%, 05/25/36(d) | |
| 215,237 | |
| | 2,200,130 | | |
Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1,
6.50%, 05/25/36 | |
| 922,152 | |
| | 1,474,941 | | |
Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1,
(1 mo. LIBOR USD + 1.500%),
6.46%, 11/20/46(d) | |
| 1,233,478 | |
| | 3,158,037 | | |
Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1,
(12 mo. Federal Reserve Cumulative Average USD + 1.730%),
6.79%, 11/25/46(d) | |
| 2,535,504 | |
| | 789,350 | | |
Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1,
(1 mo. Term SOFR + 0.494%),
5.23%, 11/25/46(d) | |
| 717,941 | |
| | 2,227,971 | | |
Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1,
(1 mo. Term SOFR + 0.304%),
5.06%, 03/20/47(d) | |
| 1,854,810 | |
| | 452,251 | | |
Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1,
(1 mo. Term SOFR + 0.534%),
5.27%, 05/25/36(d) | |
| 409,068 | |
| | 1,594,758 | | |
Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1,
(1 mo. Term SOFR + 0.474%),
5.21%, 04/25/46(d) | |
| 1,456,643 | |
| | 1,705,421 | | |
Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22,
5.75%, 06/25/37 | |
| 750,553 | |
| | 1,717,775 | | |
Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5,
6.00%, 06/25/37 | |
| 786,662 | |
| | 879,748 | | |
Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34,
6.00%, 08/25/37 | |
| 420,900 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 4,032,122 | | |
Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16,
6.50%, 09/25/37 | |
$ | 1,489,866 | |
| | 3,446,098 | | |
Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3,
6.50%, 11/25/37 | |
| 1,564,748 | |
| | 778,137 | | |
Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8,
6.00%, 05/25/37 | |
| 376,593 | |
| | 109,311 | | |
Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP,
4.15%, 11/25/36 | |
| 173,195 | |
| | 4,626,676 | | |
Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1,
(12 mo. Federal Reserve Cumulative Average USD + 0.840%),
5.90%, 03/25/47(d) | |
| 3,884,500 | |
| | 122,698 | | |
Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2,
(1 mo. Term SOFR + 0.474%),
5.21%, 04/25/47(d) | |
| 35,992 | |
| | 811,122 | | |
Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A,
(1 mo. Term SOFR + 0.594%),
5.33%, 08/25/47(d) | |
| 692,819 | |
| | 883,256 | | |
Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1,
6.25%, 05/25/36 | |
| 486,572 | |
| | 1,358,642 | | |
Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3,
6.00%, 08/25/37 | |
| 637,827 | |
| | 785,847 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3,
4.15%, 01/25/36(d) | |
| 686,802 | |
| | 3,998,553 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J2, Class 3A9,
(1 mo. Term SOFR + 1.514%),
6.00%, 08/25/35(d) | |
| 2,594,562 | |
| | 121,897 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4,
4.50%, 09/25/35 | |
| 105,825 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 9,718,097 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1,
(12 mo. Federal Reserve Cumulative Average USD + 0.960%),
6.02%, 04/25/46(d) | |
$ | 2,894,971 | |
| | 1,656,823 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1,
(1 mo. Term SOFR + 0.514%),
5.25%, 04/25/46(d) | |
| 1,560,459 | |
| | 1,313,198 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1,
6.25%, 02/25/38 | |
| 614,265 | |
| | 6,462,357 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-4, Class 1A71,
6.00%, 05/25/37 | |
| 2,818,171 | |
| | 2,291,514 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-8, Class 1A12,
5.88%, 01/25/38 | |
| 966,254 | |
| | 1,198,401 | | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1,
4.49%, 03/25/37(d) | |
| 1,014,614 | |
| | 5,699,385 | | |
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-12, Class 2A1,
6.50%, 01/25/36 | |
| 3,155,843 | |
| | 1,054,453 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1,
6.00%, 11/25/36 | |
| 903,533 | |
| | 2,410,010 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A,
5.84%, 04/25/37(d) | |
| 575,870 | |
| | 7,024,088 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2009-12R, Class 3A1,
6.50%, 10/27/37(b) | |
| 2,727,234 | |
| | 1,981,652 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3,
6.32%, 04/27/37(b)(d) | |
| 1,803,202 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 4,628,582 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4,
(1 mo. Term SOFR + 0.264%),
4.01%, 10/27/36(b)(d) | |
$ | 3,139,681 | |
| | 2,400,000 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2020-SPT1, Class B2,
3.39%, 04/25/65(b)(d) | |
| 1,938,800 | |
| | 2,244,775 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class A2,
3.50%, 09/27/66(b)(d) | |
| 2,039,353 | |
| | 3,569,365 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class B2,
0.43%, 09/27/66(b)(f) | |
| 2,610,202 | |
| | 1,694,857 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class PT2,
3.17%, 07/26/60(b)(d) | |
| 803,466 | |
| | 3,289,850 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2021-NQM2, Class B1,
3.44%, 02/25/66(b)(d) | |
| 2,379,319 | |
| | 3,668,780 | | |
Credit Suisse Mortgage Capital Certificates Trust, Series 2021-RPL9, Class A1,
2.44%, 02/25/61(b)(d) | |
| 3,655,786 | |
| | 6,036,132 | | |
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1,
(1 mo. Term SOFR + 1.464%),
6.20%, 11/25/35(d) | |
| 1,271,684 | |
| | 1,626,000 | | |
Deephaven Residential Mortgage Trust, Series 2021-1, Class B1,
3.10%, 05/25/65(b)(d) | |
| 1,444,990 | |
| | 3,314,000 | | |
Deephaven Residential Mortgage Trust, Series 2022-1, Class B1,
4.28%, 01/25/67(b)(d) | |
| 2,687,142 | |
| | 3,149,637 | | |
Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1, Class CWA1,
6.00%, 06/25/35(b)(d) | |
| 1,706,235 | |
| | 2,797,000 | | |
Ellington Financial Mortgage Trust, Series 2021-1, Class B1,
3.14%, 02/25/66(b)(d) | |
| 2,029,097 | |
| | 2,000,000 | | |
GCAT Trust, Series 2020-NQM2, Class B1,
4.85%, 04/25/65(b)(d) | |
| 1,835,562 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 3,437,000 | | |
GCAT Trust, Series 2021-NQM7, Class B1,
4.50%, 08/25/66(b)(d) | |
$ | 2,704,302 | |
| | 405,316 | | |
GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1,
3.74%, 11/19/35(d) | |
| 326,481 | |
| | 2,690,511 | | |
GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF,
(1 mo. Term SOFR + 0.514%),
5.25%, 06/25/34(b)(d) | |
| 2,385,158 | |
| | 2,562,182 | | |
GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF,
(1 mo. Term SOFR + 0.464%),
5.20%, 01/25/35(b)(d) | |
| 2,182,130 | |
| | 3,413,627 | | |
GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF,
(1 mo. Term SOFR + 0.464%),
5.20%, 09/25/35(b)(d) | |
| 2,884,317 | |
| | 952,574 | | |
GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1,
(1 mo. Term SOFR + 0.464%),
5.20%, 01/25/36(b)(d) | |
| 759,217 | |
| | 3,870,078 | | |
GSMSC Resecuritization Trust, Series 2015-5R, Class 1D,
(1 mo. Term SOFR + 0.254%),
3.81%, 04/26/37(b)(d) | |
| 2,227,369 | |
| | 155,299 | | |
GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1,
6.84%, 01/25/35(d) | |
| 149,071 | |
| | 2,498,299 | | |
GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2,
6.50%, 08/25/36 | |
| 761,815 | |
| | 46,870 | | |
GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1,
4.82%, 01/25/36(d) | |
| 47,738 | |
| | 467,002 | | |
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1,
6.00%, 07/25/37 | |
| 301,454 | |
| | 7,907,133 | | |
GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1,
3.04%, 06/25/47(d) | |
| 4,764,986 | |
| | 1,303,116 | | |
HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2,
(1 mo. Term SOFR + 0.614%),
5.12%, 07/19/47(d) | |
| 1,157,982 | |
| | 135,958 | | |
HomeBanc Mortgage Trust, Series 2006-1, Class 2A1,
4.72%, 04/25/37(d) | |
| 124,388 | |
| | 3,690,000 | | |
Homeward Opportunities Fund I Trust, Series 2020-2, Class B1,
5.45%, 05/25/65(b)(d) | |
| 3,569,082 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024 |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
|
| $ | 2,506,978 | | |
Homeward Opportunities Fund Trust, Series 2022-1, Class A2, STEP,
5.08%, 07/25/67(b) | |
$ | 2,490,304 | |
| | 740,033 | | |
IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A4,
6.00%, 07/25/37 | |
| 511,429 | |
| | 13,867,004 | | |
IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP,
0.41%, 07/25/47(d) | |
| 13,709 | |
| | 1,286,370 | | |
IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2,
(1 mo. Term SOFR + 0.654%),
5.39%, 06/25/37(d) | |
| 1,549,972 | |
| | 2,419,265 | | |
IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2,
(1 mo. Term SOFR + 0.594%),
5.33%, 08/25/37(d) | |
| 2,154,801 | |
| | 703,852 | | |
JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1,
3.17%, 10/25/37(d) | |
| 474,451 | |
| | 6,185,330 | | |
JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10,
6.25%, 08/25/37 | |
| 1,754,185 | |
| | 10,792 | | |
JP Morgan Mortgage Trust, Series 2017-5, Class A1B,
5.42%, 10/26/48(b)(d) | |
| 10,880 | |
| | 89,627,457 | | |
JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X,
0.50%, 12/25/51(b)(d) | |
| 2,459,557 | |
| | 5,272,160 | | |
JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X,
0.50%, 12/25/51(b)(d) | |
| 144,679 | |
| | 94,899,617 | | |
JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1,
0.19%, 12/25/51(b)(d) | |
| 950,581 | |
| | 1,237,926 | | |
JP Morgan Mortgage Trust, Series 2021-INV5, Class B4,
3.19%, 12/25/51(b)(d) | |
| 990,795 | |
| | 433,300 | | |
JP Morgan Mortgage Trust, Series 2021-INV5, Class B5,
3.19%, 12/25/51(b)(d) | |
| 330,617 | |
| | 1,481,009 | | |
JP Morgan Mortgage Trust, Series 2021-INV5, Class B6,
2.97%, 12/25/51(b)(d) | |
| 713,731 | |
| | 29,681,110 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X,
0.50%, 02/25/52(b)(d) | |
| 821,950 | |
| | 17,389,066 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X,
0.50%, 02/25/52(b)(d) | |
| 328,133 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
|
| $ | 7,872,776 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X,
0.50%, 02/25/52(b)(d) | |
$ | 341,601 | |
| | 3,231,992 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X,
0.50%, 02/25/52(b)(d) | |
| 89,503 | |
| | 58,175,030 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1,
0.27%, 02/25/52(b)(d) | |
| 833,695 | |
| | 3,664,212 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class B1,
3.27%, 02/25/52(b)(d) | |
| 3,039,249 | |
| | 859,938 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class B2,
3.27%, 02/25/52(b)(d) | |
| 705,885 | |
| | 1,196,366 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class B3,
3.27%, 02/25/52(b)(d) | |
| 967,516 | |
| | 635,652 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class B4,
3.27%, 02/25/52(b)(d) | |
| 502,419 | |
| | 261,666 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class B5,
3.27%, 02/25/52(b)(d) | |
| 200,012 | |
| | 856,484 | | |
JP Morgan Mortgage Trust, Series 2021-INV7, Class B6,
3.27%, 02/25/52(b)(d) | |
| 405,514 | |
| | 160,362 | | |
JP Morgan Mortgage Trust, Series 2024-1, Class A4,
6.00%, 06/25/54(b)(d) | |
| 160,342 | |
| | 3,368,508 | | |
Legacy Mortgage Asset Trust, Series 2019-SL2, Class B,
8.58%, 02/25/59(b)(f) | |
| 657,678 | |
| | 3,973,668 | | |
Legacy Mortgage Asset Trust, Series 2019-SL2, Class M,
4.25%, 02/25/59(b)(d) | |
| 3,323,172 | |
| | 25,798,527 | | |
MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class IM1,
(1 mo. Term SOFR + 0.684%),
5.42%, 01/25/47(d) | |
| 26 | |
| | 4,203,119 | | |
MASTR Asset Securitization Trust, Series 2007-1, Class 1A4,
6.50%, 11/25/37 | |
| 833,105 | |
| | 2,191,752 | | |
MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3,
7.50%, 05/25/35(b) | |
| 1,560,624 | |
| | 949,270 | | |
MASTR Resecuritization Trust, Series 2008-3, Class A1,
6.55%, 08/25/37(b)(d) | |
| 329,309 | |
| | 3,056,411 | | |
MCM Trust, Series 2021-VFN1,
2.50%, 09/25/31(b)(e)(g) | |
| 2,940,839 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| | |
| $ | 3,860,965 | | |
MCM Trust, Series 2021-VFN1, Class CERT,
3.00%, 09/25/31(b)(e)(g) | |
$ | 2,514,464 | |
| | 1,395,514 | | |
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2,
(1 mo. Term SOFR + 0.534%),
5.27%, 04/25/37(d) | |
| 1,137,155 | |
| | 494,120 | | |
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1,
5.53%, 05/25/36(d) | |
| 326,174 | |
| | 354,497 | | |
Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1,
6.25%, 10/25/36 | |
| 139,331 | |
| | 2,124,687 | | |
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP,
3.61%, 05/26/37(b) | |
| 2,314,560 | |
| | 2,283,178 | | |
Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B,
(1 mo. Term SOFR + 0.274%),
5.29%, 12/26/46(b)(d) | |
| 2,109,851 | |
| | 573,935 | | |
MortgageIT Trust, Series 2004-1, Class B1,
(1 mo. Term SOFR + 1.914%),
6.65%, 11/25/34(d) | |
| 525,185 | |
| | 1,389,000 | | |
New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2,
4.52%, 01/26/60(b)(d) | |
| 1,158,151 | |
| | 3,879,649 | | |
NYMT Trust, Series 2024-RR1, Class A, STEP,
7.38%, 05/25/64(b) | |
| 3,851,473 | |
| | 1,996,168 | | |
Prime Mortgage Trust, Series 2006-DR1, Class 2A1,
5.50%, 05/25/35(b) | |
| 1,816,799 | |
| | 1,072,750 | | |
Prime Mortgage Trust, Series 2006-DR1, Class 2A2,
6.00%, 05/25/35(b) | |
| 899,740 | |
| | 2,685,205 | | |
PRPM LLC, Series 2020-4, Class A1, STEP,
6.61%, 10/25/25(b) | |
| 2,685,681 | |
| | 316,601 | | |
Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1,
(1 mo. Term SOFR + 0.534%),
5.27%, 07/25/36(b)(d) | |
| 292,594 | |
| | 4,957,773 | | |
Residential Accredit Loans, Inc., Series 2005-QA10, Class A21,
4.98%, 09/25/35(d) | |
| 1,971,053 | |
| | 1,232,536 | | |
Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4,
5.51%, 12/25/35(d) | |
| 1,073,783 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | |
| $ | 474,482 | | |
Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1,
(1 mo. Term SOFR + 0.494%),
5.23%, 05/25/46(d) | |
$ | 435,244 | |
| | 386,306 | | |
Residential Accredit Loans, Inc., Series 2006-QS15, Class A1,
6.50%, 10/25/36 | |
| 327,215 | |
| | 2,514,137 | | |
Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5,
(1 mo. Term SOFR + 0.664%),
5.40%, 01/25/37(d) | |
| 1,825,196 | |
| | 642,387 | | |
Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5,
(1 mo. Term SOFR + 0.364%),
5.10%, 07/25/36(d) | |
| 100,737 | |
| | 1,637,094 | | |
Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA3, Class 1A,
4.62%, 08/25/35(d) | |
| 739,960 | |
| | 1,777,460 | | |
Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1,
5.64%, 09/25/35(d) | |
| 1,058,227 | |
| | 5,411,799 | | |
Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1,
5.70%, 08/25/36(d) | |
| 3,811,980 | |
| | 76,490 | | |
Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1,
6.39%, 09/25/36(d) | |
| 43,096 | |
| | 2,150,000 | | |
Residential Mortgage Loan Trust, Series 2020-1, Class B2,
4.67%, 01/26/60(b)(d) | |
| 1,950,824 | |
| | 3,750,000 | | |
Residential Mortgage Loan Trust, Series 2020-2, Class B2,
5.40%, 05/25/60(b)(d) | |
| 3,623,247 | |
| | 2,814,000 | | |
Residential Mortgage Loan Trust, Series 2021-1R, Class B1,
3.42%, 01/25/65(b)(d) | |
| 2,381,322 | |
| | 5,000,000 | | |
Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, STEP,
7.50%, 02/25/30(b) | |
| 5,013,929 | |
| | 3,000,000 | | |
Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1, STEP,
7.76%, 04/25/30(b) | |
| 3,010,162 | |
| | 3,994,138 | | |
Seasoned Loans Structured Transaction Trust, Series 2020-3, Class M1,
4.75%, 04/26/60(b)(d) | |
| 3,931,591 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | |
| $ | 100,000 | | |
SG Residential Mortgage Trust, Series 2019-3, Class B1,
4.08%, 09/25/59(b)(d) | |
$ | 93,065 | |
| | 175,000 | | |
SG Residential Mortgage Trust, Series 2020-2, Class B1,
4.25%, 05/25/65(b)(d) | |
| 149,453 | |
| | 257,000 | | |
SG Residential Mortgage Trust, Series 2020-2, Class M1,
3.19%, 05/25/65(b)(d) | |
| 216,886 | |
| | 2,425,000 | | |
Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2,
4.68%, 01/28/50(b)(d) | |
| 2,137,087 | |
| | 971,455 | | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1,
5.11%, 05/25/35(d) | |
| 777,515 | |
| | 1,544,313 | | |
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A,
4.14%, 04/25/36(d) | |
| 811,049 | |
| | 567,691 | | |
Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 4A1,
(1 mo. Term SOFR + 0.474%),
5.21%, 06/25/36(d) | |
| 552,859 | |
| | 2,905,936 | | |
Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1,
(1 mo. Term SOFR + 0.554%),
5.29%, 05/25/46(d) | |
| 1,008,969 | |
| | 976,396 | | |
Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B,
(1 mo. Term SOFR + 0.474%),
5.21%, 09/25/47(d) | |
| 884,933 | |
| | 2,006,459 | | |
Structured Asset Securities Corp., Series 2005-RF3, Class 1A,
(1 mo. Term SOFR + 0.464%),
5.20%, 06/25/35(b)(d) | |
| 1,728,379 | |
| | 13,255,645 | | |
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2,
6.00%, 10/25/36(b) | |
| 7,348,414 | |
| | 337,071 | | |
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3,
5.84%, 04/25/37(d) | |
| 193,840 | |
| | 127,864 | | |
Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1,
6.43%, 04/25/37(d) | |
| 51,705 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | |
| $ | 3,750,000 | | |
TRK Trust, Series 2021-INV1, Class B1,
3.29%, 07/25/56(b)(d) | |
$ | 2,876,419 | |
| | 4,000,000 | | |
TRK Trust, Series 2022-INV1, Class B1,
4.01%, 02/25/57(b)(d) | |
| 3,093,945 | |
| | 3,237,117 | | |
TVC Holdings Plc, Series 2021-1, Class A,
2.38%, 02/01/51(b)(e)(g) | |
| 2,970,591 | |
| | 1,322,747 | | |
TVC Holdings Plc, Series 2021-1, Class CERT,
0.49%, 02/01/51(b)(e)(f)(g) | |
| 1,143,199 | |
| | 3,951,000 | | |
TVC Mortgage Trust, Series 2023-RTL1, Class A1, STEP,
8.25%, 11/25/27(b) | |
| 3,993,813 | |
| | 3,343,000 | | |
Verus Securitization Trust, Series 2019-INV3, Class M1,
3.28%, 11/25/59(b)(d) | |
| 3,150,289 | |
| | 3,162,000 | | |
Verus Securitization Trust, Series 2021-1, Class B1,
2.98%, 01/25/66(b)(d) | |
| 2,352,704 | |
| | 5,000,000 | | |
Verus Securitization Trust, Series 2022-1, Class B1,
4.01%, 01/25/67(b)(d) | |
| 3,738,810 | |
| | 2,680,000 | | |
Verus Securitization Trust, Series 2023-INV1, Class M1,
7.54%, 02/25/68(b)(d) | |
| 2,706,338 | |
| | 2,000,000 | | |
Visio Trust, Series 2022-1, Class B1,
6.17%, 08/25/57(b)(d) | |
| 1,915,627 | |
| | 3,300,000 | | |
Vista Point Securitization Trust, Series 2020-2, Class B2,
5.16%, 04/25/65(b)(d) | |
| 3,112,724 | |
| | 24,790,550 | | |
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7,
5.62%, 02/25/38(b)(d) | |
| 5,480,960 | |
| | 1,072,393 | | |
Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 1CB,
6.50%, 11/25/35 | |
| 720,094 | |
| | 585,886 | | |
Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 2A6,
5.50%, 11/25/35 | |
| 517,477 | |
| | 1,142,876 | | |
Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A1,
5.75%, 01/25/36 | |
| 938,122 | |
| | 2,323,314 | | |
Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A7,
5.75%, 01/25/36 | |
| 1,905,743 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | |
| $ | 1,426,547 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-9, Class 5A3,
(1 mo. Term SOFR + 1.464%),
6.20%, 11/25/35(d) | |
$ | 1,052,861 | |
| | 3,328,594 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB,
6.50%, 02/25/36 | |
| 2,554,198 | |
| | 1,888,294 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-2, Class 2CB,
6.50%, 03/25/36 | |
| 1,224,784 | |
| | 3,651,912 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-5, Class 3A3, STEP,
6.72%, 07/25/36 | |
| 831,917 | |
| | 1,056,866 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-AR6, Class 2A,
(12 mo. Federal Reserve Cumulative Average USD + 0.960%),
6.02%, 08/25/46(d) | |
| 571,801 | |
| | 3,560,934 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-5, Class A6,
6.00%, 06/25/37 | |
| 3,163,023 | |
| | 637,978 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2,
4.15%, 07/25/37(d) | |
| 557,720 | |
| | 5,286,667 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 2A,
(12 mo. Federal Reserve Cumulative Average USD + 0.798%),
5.86%, 05/25/47(d) | |
| 4,237,213 | |
| | 2,031,483 | | |
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA5, Class 2A,
(12 mo. Federal Reserve Cumulative Average USD + 0.798%),
5.86%, 06/25/47(d) | |
| 1,633,820 | |
| | 437,852 | | |
Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1,
(1 mo. Term SOFR + 0.434%),
5.17%, 03/25/37(d) | |
| 353,644 | |
Principal
Amount | | |
| |
Value |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) |
| $ | 3,658,052 | | |
Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2,
(1 mo. Term SOFR + 6.566%),
1.83%, 03/25/37(d)(e) | |
$ | 372,980 | |
| | 775,171 | | |
Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8,
(1 mo. Term SOFR + 0.654%),
5.39%, 03/25/37(d) | |
| 589,993 | |
| | 696,973 | | |
Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9,
(1 mo. Term SOFR + 0.604%),
5.34%, 03/25/37(d) | |
| 530,495 | |
| | 974,556 | | |
Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2,
5.54%, 03/25/38(d) | |
| 802,874 | |
| | 1,633,253 | | |
Western Alliance Bank, Series 2021-CL2, Class M1, (SOFR 30A + 3.150%),
8.01%, 07/25/59(b)(d) | |
| 1,689,378 | |
| | 2,298,137 | | |
Western Alliance Bank, Series 2021-CL2, Class M2, (SOFR 30A + 3.700%),
8.56%, 07/25/59(b)(d) | |
| 2,381,441 | |
| | | | |
| |
| 503,450,515 | |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.5% | |
| | 606,586 | | |
Bayview Commercial Asset Trust, Series 2005-4A, Class M2,
(1 mo. Term SOFR + 0.819%),
5.56%, 01/25/36(b)(d) | |
| 569,826 | |
| | 517,472 | | |
Bayview Commercial Asset Trust, Series 2005-4A, Class M3,
(1 mo. Term SOFR + 0.864%),
5.60%, 01/25/36(b)(d) | |
| 476,658 | |
| | 766,965 | | |
Bayview Commercial Asset Trust, Series 2006-2A, Class B1,
(1 mo. Term SOFR + 1.419%),
6.16%, 07/25/36(b)(d) | |
| 730,075 | |
| | 4,274,964 | | |
Bayview Commercial Asset Trust, Series 2007-4A, Class A1,
(1 mo. Term SOFR + 0.789%),
5.53%, 09/25/37(b)(d) | |
| 4,058,623 | |
| | 5,502,355 | | |
Bayview Commercial Asset Trust, Series 2007-5A, Class A4,
(1 mo. Term SOFR + 1.614%),
6.35%, 10/25/37(b)(d) | |
| 3,141,273 | |
| | 6,614,606 | | |
Bayview Commercial Asset Trust, Series 2007-6A, Class A4A,
(1 mo. Term SOFR + 1.614%),
6.35%, 12/25/37(b)(d) | |
| 5,787,514 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |
| $ | 770,577 | | |
CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP,
6.26%, 07/25/39(b) | |
$ | 711,832 | |
| | 417,409 | | |
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M1,
(1 mo. Term SOFR + 0.514%),
5.25%, 06/25/37(b)(d) | |
| 412,987 | |
| | 3,000,000 | | |
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2,
(1 mo. Term SOFR + 0.714%),
5.45%, 06/25/37(b)(d) | |
| 2,521,573 | |
| | 3,600,000 | | |
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2,
(1 mo. Term SOFR + 2.114%),
6.85%, 10/25/37(b)(d) | |
| 3,008,926 | |
| | 1,197,513 | | |
Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4,
5.32%, 10/26/48(b)(d) | |
| 1,021,666 | |
| | 454,881 | | |
Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5,
6.36%, 10/26/48(b)(d) | |
| 382,485 | |
| | 945,153 | | |
Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2,
4.01%, 03/25/49(b)(d) | |
| 838,275 | |
| | 1,088,437 | | |
Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3,
4.12%, 03/25/49(b)(d) | |
| 949,937 | |
| | 1,307,021 | | |
Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4,
4.61%, 03/25/49(b)(d) | |
| 1,106,245 | |
| | 930,589 | | |
Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5,
5.70%, 03/25/49(b)(d) | |
| 802,818 | |
| | 247,938 | | |
Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5,
4.93%, 07/25/49(b)(d) | |
| 203,739 | |
| | 818,291 | | |
Velocity Commercial Capital Loan Trust, Series 2020-1, Class M5,
4.29%, 02/25/50(b)(d) | |
| 647,310 | |
| | 1,774,010 | | |
Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6,
5.69%, 02/25/50(b)(d) | |
| 1,345,112 | |
| | 1,676,007 | | |
Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5,
3.97%, 05/25/51(b)(d) | |
| 1,216,412 | |
Principal
Amount | | |
| |
Value |
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | |
| $ | 1,241,259 | | |
Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5,
4.01%, 08/25/51(b)(d) | |
$ | 883,267 | |
| | 1,160,940 | | |
Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6,
4.92%, 08/25/51(b)(d) | |
| 817,290 | |
| | 2,117,472 | | |
Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7,
6.54%, 08/25/51(b)(d) | |
| 1,411,684 | |
| | 3,991,997 | | |
Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5,
4.33%, 10/25/51(b)(d) | |
| 3,219,679 | |
| | 2,474,087 | | |
Velocity Commercial Capital Loan Trust, Series 2021-3, Class M7,
6.54%, 10/25/51(b)(d) | |
| 1,731,098 | |
| | 1,819,170 | | |
Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5,
5.68%, 12/26/51(b)(d) | |
| 1,378,545 | |
| | 3,133,407 | | |
Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6,
7.20%, 12/26/51(b)(d) | |
| 2,326,163 | |
| | 4,108,480 | | |
Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4,
5.20%, 02/25/52(b)(d) | |
| 3,173,560 | |
| | 2,283,252 | | |
Velocity Commercial Capital Loan Trust, Series 2022-4, Class M2,
6.97%, 08/25/52(b)(d) | |
| 2,253,755 | |
| | 1,663,197 | | |
Velocity Commercial Capital Loan Trust, Series 2022-4, Class M3,
7.54%, 08/25/52(b)(d) | |
| 1,598,569 | |
| | 3,813,222 | | |
Velocity Commercial Capital Loan Trust, Series 2023-2, Class M2,
8.00%, 05/25/53(b)(d) | |
| 3,849,463 | |
| | 1,239,676 | | |
Velocity Commercial Capital Loan Trust, Series 2023-3, Class M2,
8.27%, 08/25/53(b)(d) | |
| 1,250,749 | |
| | 1,239,676 | | |
Velocity Commercial Capital Loan Trust, Series 2023-3, Class M3,
9.32%, 08/25/53(b)(d) | |
| 1,252,992 | |
| | 2,984,071 | | |
Velocity Commercial Capital Loan Trust, Series 2023-4, Class M2,
9.08%, 11/25/53(b)(d) | |
| 3,077,592 | |
| | 975,097 | | |
Velocity Commercial Capital Loan Trust, Series 2023-4, Class M4,
10.69%, 11/25/53(b)(d) | |
| 925,600 | |
| | | | |
| |
| 59,083,292 | |
Total Non-Agency Mortgage-Backed Securities
(Cost $642,357,540) | |
| 562,533,807 | |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.2% |
| |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2% |
| | |
| $ | 10,523,279 | | |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B,
11.51%, 07/25/56(b)(f) | |
$ | 1,454,864 | |
| | 15,709,500 | | |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO,
0.76%, 07/25/56(b)(d) | |
| 1,768,395 | |
| | 4,649,099 | | |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX,
2.87%, 11/25/57(d) | |
| 1,707,357 | |
| | 2,593,413 | | |
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX,
0.66%, 08/25/57(b)(d) | |
| 885,267 | |
| | 29,416 | | |
Freddie Mac STACR Securitized Participation Interests Trust, Series 2018-SPI2, Class M2,
3.85%, 05/25/48(b)(d) | |
| 28,687 | |
Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $6,939,114) | |
| 5,844,570 | |
| | |
| | |
| U.S. GOVERNMENT SECURITIES — 33.8% | |
| | |
| U.S. Treasury Bonds — 25.2% | |
| | |
| | 41,315,000 | | |
3.63%, 08/15/43 | |
| 36,263,596 | |
| | 42,400,000 | | |
3.63%, 02/15/44 | |
| 37,051,969 | |
| | 48,055,000 | | |
3.38%, 05/15/44 | |
| 40,401,866 | |
| | 47,350,000 | | |
3.13%, 08/15/44 | |
| 38,142,645 | |
| | 47,550,000 | | |
3.00%, 02/15/47 | |
| 36,752,807 | |
| | 52,750,000 | | |
2.75%, 08/15/47 | |
| 38,785,674 | |
| | 66,000,000 | | |
3.00%, 08/15/48 | |
| 50,495,156 | |
| | 46,350,000 | | |
3.38%, 11/15/48 | |
| 37,916,473 | |
| | 47,000,000 | | |
3.00%, 02/15/49 | |
| 35,861,367 | |
| | 47,300,000 | | |
2.88%, 05/15/49 | |
| 35,212,633 | |
| | 81,560,000 | | |
1.25%, 05/15/50 | |
| 40,980,714 | |
| | 103,400,000 | | |
1.63%, 11/15/50 | |
| 57,148,695 | |
| | 82,250,000 | | |
2.38%, 05/15/51 | |
| 54,648,056 | |
| | 78,500,000 | | |
3.00%, 08/15/52 | |
| 59,525,078 | |
| | | | |
| |
| 599,186,729 | |
| U.S. Treasury Notes — 8.6% |
|
| | |
| | 205,000,000 | | |
0.75%, 11/15/24 | |
| 204,691,403 | |
Total U.S. Government Securities
(Cost $1,079,392,539) | |
| 803,878,132 | |
Principal
Amount | |
| | |
Value |
| CASH SWEEP — 2.0% | | |
|
|
| UNITED STATES — 2.0% | | |
|
|
| $ |
47,490,638 | |
| Citibank - U.S. Dollars on Deposit in Custody Account, 1.60%(h) | | $ |
47,490,638 |
|
Total Cash Sweep
(Cost $47,490,638) | | |
47,490,638 |
|
| | | |
|
|
TOTAL INVESTMENTS — 99.5%
(Cost $2,822,161,016) | | $ |
2,368,512,674 |
|
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5% | | |
11,422,308 |
|
| NET ASSETS — 100.0% | | $ |
2,379,934,982 |
|
| (a) |
A copy of the underlying funds’ financial statements is available upon request. |
| (b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $770,862,989, which is 32.39% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except as indicated in (e). |
| (c) |
Perpetual security with no stated maturity date. |
| (d) |
Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect as of October 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (e) |
These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors. |
| (f) |
Zero coupon security. The rate represents the yield at time of purchase. |
| (g) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $9,581,455 which is 0.40% of net assets and the cost is $10,731,961. |
| (h) |
The rate shown represents the current yield as of October 31, 2024. |
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| Reference Entity | |
Counterparty | |
Payment/
Expiration Date | |
Notional
Amount
(000) | | |
Value | | |
Upfront
Premium
Paid
(Received) | | |
Unrealized
Appreciation
(Depreciation) | |
| Total Return Swap Agreements | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 1,945.47 and paying a (SOFR RATE + 0.750%) at expiration date | |
Barclays Bank Plc | |
12/04/2024 | |
$ | 50,000 | | |
$ | 2,396,060 | | |
$ | – | | |
$ | 2,396,060 | |
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,120.01 and paying a (SOFR RATE + 0.750%) at expiration date | |
Barclays Bank Plc | |
11/13/2024 | |
| 80,000 | | |
| (2,401,706) | | |
| – | | |
| (2,401,706) | |
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,105.20 and paying a (SOFR RATE + 0.750%) at expiration date | |
Barclays Bank Plc | |
12/04/2024 | |
| 70,000 | | |
| (1,281,689) | | |
| – | | |
| (1,281,689) | |
| | |
| |
| |
| | | |
| | | |
| | | |
| (3,683,395) | |
| Total Return Swap Agreements | |
| |
| |
| | | |
| | | |
| | | |
$ | (1,287,335) |
|
The following abbreviations are used in the report:
CLO — Collateralized Loan Obligation
ETF — Exchange-Traded Fund
LIBOR — London Interbank Offered Rate
PIK — Payment In Kind
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
SOFR 30A — Secured Overnight Financing Rate 30 Day Average
USD
SPDR — Standard & Poor’s Depositary Receipt
STEP — Step Coupon Bond
USD — U.S. Dollar
| Old Westbury Funds, Inc. |
|
| Fixed Income Fund |
|
| Portfolio of Investments |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| CORPORATE BONDS — 24.7% |
| | |
| Banks — 6.1% |
| | |
| $ | 2,300,000 | | |
Banco Santander SA,
5.59%, 08/08/28 | |
$ | 2,351,919 | |
| | 5,032,000 | | |
Bank of America Corp.,
(SOFR RATE + 0.960%),
1.73%, 07/22/27(a) | |
| 4,776,391 | |
| | 4,600,000 | | |
Bank of America Corp. GMTN,
(SOFR RATE + 1.370%),
1.92%, 10/24/31(a) | |
| 3,855,126 | |
| | 2,479,000 | | |
Bank of New York Mellon Corp. (The) MTN,
(SOFR
RATE + 1.418%),
4.29%, 06/13/33(a) | |
| 2,363,795 | |
| | 4,600,000 | | |
Barclays Plc,
(SOFR RATE + 1.880%),
6.50%,
09/13/27(a) | |
| 4,724,569 | |
| | 6,000,000 | | |
Citigroup, Inc.,
(SOFR RATE + 1.939%),
3.79%, 03/17/33(a) | |
| 5,452,631 | |
| | 5,980,000 | | |
Fifth Third Bancorp,
(SOFR RATE + 2.340%),
6.34%, 07/27/29(a) | |
| 6,239,988 | |
| | 5,000,000 | | |
Goldman Sachs Group, Inc. (The),
(SOFR RATE
+ 1.135%),
4.69%, 10/23/30(a) | |
| 4,934,622 | |
| | 6,565,000 | | |
JPMorgan Chase & Co.,
(SOFR RATE + 1.015%),
2.07%, 06/01/29(a) | |
| 5,966,452 | |
| | 3,099,000 | | |
JPMorgan Chase & Co.,
(3 mo. Term SOFR
+ 1.522%),
4.20%, 07/23/29(a) | |
| 3,029,936 | |
| | 4,600,000 | | |
JPMorgan Chase & Co.,
(SOFR RATE + 2.080%),
4.91%, 07/25/33(a) | |
| 4,554,438 | |
| | 4,600,000 | | |
Mitsubishi UFJ Financial Group, Inc.,
(1 yr.
US Treasury Yield Curve
Rate T Note Constant Maturity + 0.750%),
1.54%, 07/20/27(a) | |
| 4,358,864 | |
| | 6,000,000 | | |
Morgan Stanley,
(SOFR RATE + 1.730%),
5.47%,
01/18/35(a) | |
| 6,078,270 | |
| | 4,989,000 | | |
Sumitomo Mitsui Financial Group, Inc.,
2.63%,
07/14/26 | |
| 4,827,020 | |
| | 5,520,000 | | |
Toronto-Dominion Bank (The) GMTN,
5.53%, 07/17/26 | |
| 5,594,620 | |
Principal
Amount | | |
| |
Value |
| Banks (continued) |
| | |
| $ | 5,431,000 | | |
Truist Financial Corp. MTN,
(SOFR RATE + 2.050%),
6.05%, 06/08/27(a) | |
$ | 5,532,827 | |
| | 5,959,000 | | |
UBS AG GMTN,
3.70%, 02/21/25 | |
| 5,936,670 | |
| | 5,000,000 | | |
UBS Group AG,
(SOFR RATE + 3.730%),
4.19%, 04/01/31(a)(b) | |
| 4,774,158 | |
| | | | |
| |
| 85,352,296 | |
| Communication Services — 0.4% |
| | |
| | 5,000,000 | | |
Netflix, Inc.,
6.38%, 05/15/29 | |
| 5,342,401 | |
| Consumer Discretionary — 1.7% |
| | |
| | 2,754,000 | | |
General Motors Financial Co., Inc.,
6.00%, 01/09/28 | |
| 2,832,752 | |
| | 3,680,000 | | |
General Motors Financial Co., Inc.,
5.55%, 07/15/29 | |
| 3,727,676 | |
| | 5,000,000 | | |
Marriott International, Inc., Series GG,
3.50%, 10/15/32 | |
| 4,448,757 | |
| | 3,229,000 | | |
Southwest Airlines Co.,
5.13%, 06/15/27 | |
| 3,254,072 | |
| | 3,997,000 | | |
Toyota Motor Credit Corp. GMTN,
5.25%, 09/11/28 | |
| 4,085,660 | |
| | 5,520,000 | | |
Warnermedia Holdings, Inc.,
3.76%, 03/15/27 | |
| 5,316,267 | |
| | | | |
| |
| 23,665,184 | |
| Consumer Staples — 0.3% |
| | |
| | 4,600,000 | | |
Anheuser-Busch InBev Worldwide, Inc.,
5.00%, 06/15/34 | |
| 4,622,977 | |
| Energy — 2.3% |
| | |
| | 7,504,000 | | |
BP Capital Markets America, Inc.,
4.81%, 02/13/33 | |
| 7,349,821 | |
| | 5,000,000 | | |
Cheniere Corpus Christi Holdings LLC,
3.70%, 11/15/29 | |
| 4,709,598 | |
| | 5,000,000 | | |
Diamondback Energy, Inc.,
5.15%, 01/30/30 | |
| 5,029,796 | |
| | 5,122,000 | | |
Energy Transfer LP,
4.95%, 06/15/28 | |
| 5,132,376 | |
| | 4,913,000 | | |
Sabine Pass Liquefaction LLC,
5.88%, 06/30/26 | |
| 4,966,427 | |
| | 4,600,000 | | |
Williams Cos., Inc. (The),
3.75%, 06/15/27 | |
| 4,490,100 | |
| | | | |
| |
| 31,678,118 | |
| Old Westbury Funds, Inc. |
|
| Fixed Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Financial Services — 3.7% |
| | |
| $ | 2,852,000 | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
6.10%, 01/15/27 | |
$ | 2,925,490 | |
| | 2,950,000 | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
4.63%, 09/10/29 | |
| 2,895,509 | |
| | 4,600,000 | | |
Air Lease Corp.,
5.85%, 12/15/27 | |
| 4,734,711 | |
| | 2,738,000 | | |
American Express Co.,
(SOFR RATE + 1.330%),
6.34%, 10/30/26(a) | |
| 2,776,245 | |
| | 4,600,000 | | |
Athene Global Funding,
1.73%, 10/02/26(b) | |
| 4,334,492 | |
| | 4,642,000 | | |
Capital One Financial Corp.,
(SOFR RATE + 2.080%),
5.47%, 02/01/29(a) | |
| 4,697,445 | |
| | 2,903,000 | | |
Capital One Financial Corp.,
(SOFR RATE + 2.640%),
6.31%, 06/08/29(a) | |
| 3,015,074 | |
| | 2,291,000 | | |
Charles Schwab Corp. (The),
2.45%, 03/03/27 | |
| 2,181,390 | |
| | 2,976,000 | | |
Charles Schwab Corp. (The),
2.00%, 03/20/28 | |
| 2,732,368 | |
| | 4,600,000 | | |
Corebridge Financial, Inc.,
5.75%, 01/15/34 | |
| 4,709,093 | |
| | 5,000,000 | | |
Marsh & McLennan Cos., Inc.,
4.65%, 03/15/30 | |
| 4,986,846 | |
| | 5,000,000 | | |
Metropolitan Life Global Funding I,
5.40%, 09/12/28(b) | |
| 5,122,180 | |
| | 6,941,000 | | |
PayPal Holdings, Inc.,
2.85%, 10/01/29 | |
| 6,388,964 | |
| | | | |
| |
| 51,499,807 | |
| Health Care — 3.4% |
| | |
| | 4,600,000 | | |
AbbVie, Inc.,
3.20%, 11/21/29 | |
| 4,299,818 | |
| | 5,742,000 | | |
CVS Health Corp.,
5.25%, 01/30/31 | |
| 5,705,165 | |
| | 5,000,000 | | |
Elevance Health, Inc.,
5.38%, 06/15/34 | |
| 5,047,623 | |
| | 4,600,000 | | |
Haleon US Capital LLC,
3.38%, 03/24/27 | |
| 4,466,486 | |
| | 3,038,000 | | |
HCA, Inc.,
5.38%, 09/01/26 | |
| 3,054,936 | |
| | 3,000,000 | | |
HCA, Inc.,
5.45%, 09/15/34 | |
| 2,978,705 | |
| | 5,520,000 | | |
Kenvue, Inc.,
4.90%, 03/22/33 | |
| 5,521,181 | |
Principal
Amount | | |
| |
Value |
| Health Care (continued) |
| | |
| $ | 5,490,000 | | |
Laboratory Corp. of America Holdings,
4.55%, 04/01/32 | |
$ | 5,272,362 | |
| | 4,600,000 | | |
Pfizer Investment Enterprises Pte Ltd.,
4.75%, 05/19/33 | |
| 4,531,932 | |
| | 3,272,000 | | |
Zimmer Biomet Holdings, Inc.,
5.35%, 12/01/28 | |
| 3,336,579 | |
| | 3,135,000 | | |
Zoetis, Inc.,
5.40%, 11/14/25 | |
| 3,155,150 | |
| | | | |
| |
| 47,369,937 | |
| Industrials — 1.3% |
| | |
| | 5,520,000 | | |
BAE Systems Plc,
5.13%, 03/26/29(b) | |
| 5,571,668 | |
| | 1,365,000 | | |
John Deere Capital Corp. MTN,
4.95%, 07/14/28 | |
| 1,383,370 | |
| | 6,216,000 | | |
L3Harris Technologies, Inc.,
5.25%, 06/01/31 | |
| 6,303,411 | |
| | 4,600,000 | | |
Waste Connections, Inc.,
5.00%, 03/01/34 | |
| 4,565,265 | |
| | | | |
| |
| 17,823,714 | |
| Information Technology — 1.6% |
| | |
| | 5,000,000 | | |
Broadcom, Inc.,
5.05%, 07/12/29 | |
| 5,042,663 | |
| | 4,585,000 | | |
Fiserv, Inc.,
3.50%, 07/01/29 | |
| 4,334,475 | |
| | 2,176,000 | | |
Fiserv, Inc.,
5.35%, 03/15/31 | |
| 2,225,684 | |
| | 5,421,000 | | |
KLA Corp.,
4.70%, 02/01/34 | |
| 5,343,099 | |
| | 6,116,000 | | |
Texas Instruments, Inc.,
1.75%, 05/04/30 | |
| 5,260,682 | |
| | | | |
| |
| 22,206,603 | |
| Materials — 0.7% |
| | |
| | 5,520,000 | | |
BHP Billiton Finance USA Ltd.,
5.10%, 09/08/28 | |
| 5,604,764 | |
| | 4,499,000 | | |
Glencore Funding LLC,
5.34%, 04/04/27(b) | |
| 4,550,986 | |
| | | | |
| |
| 10,155,750 | |
| Real Estate — 0.8% |
| | |
| | 5,000,000 | | |
Equinix Europe 2 Financing Corp. LLC REIT,
5.50%, 06/15/34 | |
| 5,078,508 | |
| | 6,070,000 | | |
Public Storage Operating Co. REIT,
1.85%, 05/01/28 | |
| 5,545,404 | |
| | | | |
| |
| 10,623,912 | |
| Old Westbury Funds, Inc. |
|
| Fixed Income Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Telecommunication Services — 0.3% |
| | |
| $ | 4,600,000 | | |
Cisco Systems, Inc.,
4.95%, 02/26/31 | |
$ | 4,660,315 | |
| Utilities — 2.1% |
| | |
| | 4,600,000 | | |
DTE Energy Co.,
4.95%, 07/01/27 | |
| 4,625,372 | |
| | 1,555,000 | | |
Duke Energy Corp.,
2.65%, 09/01/26 | |
| 1,500,631 | |
| | 4,600,000 | | |
National Rural Utilities Cooperative Finance Corp. MTN,
5.05%, 09/15/28 | |
| 4,665,504 | |
| | 4,600,000 | | |
Pacific Gas and Electric Co.,
5.55%, 05/15/29 | |
| 4,687,535 | |
| | 4,723,000 | | |
Public Service Enterprise Group, Inc.,
5.88%, 10/15/28 | |
| 4,900,902 | |
| | 3,244,375 | | |
SCE Recovery Funding LLC, Series A-1,
0.86%, 11/15/31 | |
| 2,852,319 | |
| | 5,161,000 | | |
Southern California Edison Co.,
5.65%, 10/01/28 | |
| 5,322,226 | |
| | | | |
| |
| 28,554,489 | |
Total Corporate Bonds
(Cost $344,930,900) |
| 343,555,503 | |
| | | | |
| |
| | |
| ASSET-BACKED SECURITIES — 7.8% |
| | |
| BERMUDA — 0.4% |
| | |
| Collateralized Loan Obligations — 0.4% |
| | |
| | 5,000,000 | | |
Trinitas CLO XXIII Ltd., Series 2023- 23A, Class A,
(3 mo. Term SOFR + 1.800%),
6.42%, 10/20/36(a)(b) | |
| 5,026,014 | |
| CAYMAN ISLANDS — 2.6% |
| | |
| Collateralized Loan Obligations — 2.6% |
| | |
| | 3,500,000 | | |
AGL CLO 10 Ltd., Series 2021-10A, Class B,
(3 mo. Term SOFR + 1.762%),
6.42%, 04/15/34(a)(b) | |
| 3,495,501 | |
| | 4,500,000 | | |
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR,
(3 mo. Term SOFR + 1.962%),
6.62%, 10/15/34(a)(b) | |
| 4,511,309 | |
| | 2,000,000 | | |
Flatiron CLO 19 Ltd., Series 2019-1A, Class BR,
(3 mo. Term SOFR + 1.812%),
6.91%, 11/16/34(a)(b) | |
| 2,001,486 | |
| | 3,500,000 | | |
Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR,
(3 mo. Term SOFR + 1.950%),
6.57%, 04/20/35(a)(b) | |
| 3,512,415 | |
Principal
Amount | | |
| |
Value |
| CAYMAN ISLANDS (continued) |
| | |
| Collateralized Loan Obligations (continued) |
| | |
| $ | 1,500,000 | | |
LCM XXIV Ltd., Series 24A, Class BR,
(3 mo. Term SOFR + 1.662%),
6.28%, 03/20/30(a)(b) | |
$ | 1,500,435 | |
| | 4,500,000 | | |
Octagon 55 Ltd., Series 2021-1A, Class B,
(3 mo. Term SOFR + 1.912%),
6.53%, 07/20/34(a)(b) | |
| 4,496,230 | |
| | 4,500,000 | | |
Palmer Square CLO Ltd., Series 2022- 1A, Class B,
(3 mo. Term SOFR + 1.800%),
6.42%, 04/20/35(a)(b) | |
| 4,507,116 | |
| | 4,000,000 | | |
Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2,
(3 mo. Term SOFR + 1.662%),
6.28%, 07/20/29(a)(b) | |
| 4,010,101 | |
| | 3,000,000 | | |
Regatta XXI Funding Ltd., Series 2021-3A, Class B,
(3 mo. Term SOFR + 1.962%),
6.58%, 10/20/34(a)(b) | |
| 3,004,791 | |
| | 5,000,000 | | |
RRX 7 Ltd., Series 2022-7A, Class A2,
(3 mo. Term SOFR + 2.000%),
6.65%, 07/15/35(a)(b) | |
| 5,020,234 | |
| | | | |
| |
| 36,059,618 | |
| JERSEY CHANNEL ISLANDS — 0.5% |
| | |
| Collateralized Loan Obligations — 0.5% |
| | |
| | 2,750,000 | | |
Golub Capital Partners CLO Ltd., Series 2024-74A, Class A,
(3 mo. Term SOFR + 1.500%),
6.81%, 07/25/37(a)(b) | |
| 2,751,114 | |
| | 4,000,000 | | |
OCP Aegis CLO Ltd., Series 2023- 29A, Class B1,
(3 mo. Term SOFR + 2.500%),
7.12%, 01/20/35(a)(b) | |
| 4,008,019 | |
| | | | |
| |
| 6,759,133 | |
| UNITED STATES — 4.3% |
| | |
| Other Asset-Backed Securities — 4.3% |
| | |
| | 1,850,000 | | |
Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2,
5.19%, 07/21/31(b) | |
| 1,863,719 | |
| | 3,000,000 | | |
Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class A,
6.12%, 04/20/27(b) | |
| 3,039,567 | |
| | 3,850,000 | | |
Bank of America Auto Trust, Series 2023-2A, Class A3,
5.74%, 06/15/28(b) | |
| 3,902,742 | |
| Old Westbury Funds, Inc. |
|
| Fixed Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| UNITED STATES (continued) |
| | |
| Other Asset-Backed Securities (continued) |
| | |
| $ | 1,000,000 | | |
BofA Auto Trust, Series 2024-1A, Class A3,
5.35%, 11/15/28(b) | |
$ | 1,011,453 | |
| | 789,098 | | |
Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3,
0.77%, 09/15/26 | |
| 778,119 | |
| | 1,500,000 | | |
CarMax Auto Owner Trust, Series 2021-1, Class B,
0.74%, 10/15/26 | |
| 1,476,249 | |
| | 11,279 | | |
CarMax Auto Owner Trust, Series 2021-2, Class A3,
0.52%, 02/17/26 | |
| 11,258 | |
| | 498,341 | | |
CarMax Auto Owner Trust, Series 2022-2, Class A3,
3.49%, 02/16/27 | |
| 494,826 | |
| | 4,325,757 | | |
CarMax Auto Owner Trust, Series 2022-4, Class A3,
5.34%, 08/16/27 | |
| 4,341,242 | |
| | 2,250,000 | | |
CarMax Auto Owner Trust, Series 2023-4, Class A3,
6.00%, 07/17/28 | |
| 2,296,299 | |
| | 2,000,000 | | |
CarMax Auto Owner Trust, Series 2024-4, Class A3,
4.60%, 10/15/29 | |
| 2,000,938 | |
| | 1,500,000 | | |
CNH Equipment Trust, Series 2021- C, Class A4,
1.16%, 10/16/28 | |
| 1,442,799 | |
| | 1,500,000 | | |
CNH Equipment Trust, Series 2024- B, Class A3,
5.19%, 09/17/29 | |
| 1,519,551 | |
| | 3,750,000 | | |
Daimler Trucks Retail Trust, Series 2023-1, Class A3,
5.90%, 03/15/27 | |
| 3,788,978 | |
| | 85,629 | | |
Enterprise Fleet Financing LLC, Series 2021-3, Class A2,
0.77%, 08/20/27(b) | |
| 85,150 | |
| | 1,491,285 | | |
Enterprise Fleet Financing LLC, Series 2024-1, Class A2,
5.23%, 03/20/30(b) | |
| 1,499,598 | |
| | 1,000,000 | | |
Enterprise Fleet Financing LLC, Series 2024-2, Class A2,
5.74%, 12/20/26(b) | |
| 1,008,206 | |
| | 4,000,000 | | |
Ford Credit Auto Owner Trust, Series 2020-2, Class A,
1.06%, 04/15/33(b) | |
| 3,864,630 | |
| | 2,000,000 | | |
Honda Auto Receivables Owner Trust, Series 2023-2, Class A3,
4.93%, 11/15/27 | |
| 2,008,741 | |
Principal
Amount | | |
| |
Value |
| UNITED STATES (continued) |
| | |
| Other Asset-Backed Securities (continued) |
| | |
| $ | 1,000,000 | | |
HPEFS Equipment Trust, Series 2024- 2A, Class A3,
5.36%, 10/20/31(b) | |
$ | 1,010,542 | |
| | 2,600,000 | | |
John Deere Owner Trust, Series 2024- B, Class A3,
5.20%, 03/15/29 | |
| 2,631,958 | |
| | 1,000,000 | | |
Kubota Credit Owner Trust, Series 2024-2A, Class A2,
5.45%, 04/15/27(b) | |
| 1,007,275 | |
| | 3,750,000 | | |
M&T Equipment Notes, Series 2024- 1A, Class A3,
4.76%, 08/18/31(b) | |
| 3,727,833 | |
| | 1,122,545 | | |
Navient Private Education Refi Loan Trust, Series 2021-BA, Class A,
0.94%, 07/15/69(b) | |
| 1,004,555 | |
| | 1,833,046 | | |
Navient Private Education Refi Loan Trust, Series 2021-CA, Class A,
1.06%, 10/15/69(b) | |
| 1,638,455 | |
| | 3,700,000 | | |
PFS Financing Corp., Series 2024-B, Class A,
4.95%, 02/15/29(b) | |
| 3,714,109 | |
| | 800,000 | | |
SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3,
5.33%, 11/20/29(b) | |
| 810,423 | |
| | 255,133 | | |
Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX,
3.34%, 08/25/47(b) | |
| 252,275 | |
| | 461,027 | | |
Sofi Professional Loan Program Trust, Series 2021-A, Class AFX,
1.03%, 08/17/43(b) | |
| 399,437 | |
| | 1,800,000 | | |
Synchrony Card Funding LLC, Series 2022-A1, Class A,
3.37%, 04/15/28 | |
| 1,788,282 | |
| | 1,000,000 | | |
Tesla Auto Lease Trust, Series 2023-A, Class A3,
5.89%, 06/22/26(b) | |
| 1,003,737 | |
| | 2,457,000 | | |
Verizon Master Trust, Series 2022-7, Class A1A,
5.23%, 11/22/27 | |
| 2,457,043 | |
| | 2,500,000 | | |
Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, Class A1,
4.87%, 06/21/39(b) | |
| 2,502,908 | |
| | | | |
| |
| 60,382,897 | |
Total Asset-Backed Securities
(Cost $108,424,529) |
| 108,227,662 | |
| Old Westbury Funds, Inc. |
|
| Fixed Income Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| NON-AGENCY MORTGAGE-BACKED |
| | |
| SECURITIES — 0.0% |
| | |
| COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0% |
| | |
| $ | 408,584 | | |
JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A,
3.00%, 01/27/38(b) | |
$ | 374,748 | |
Total Non-Agency Mortgage-Backed Securities
(Cost $412,912) |
| 374,748 | |
| | | | |
| |
| | |
| U.S. GOVERNMENT AGENCIES — 0.4% |
| | |
| Federal Farm Credit Banks Funding Corp. — 0.4% |
| | |
| | 5,000,000 | | |
5.65%, 07/25/33 | |
| 4,994,606 | |
Total U.S. Government Agencies
(Cost $5,000,000) | |
| 4,994,606 | |
| | | | |
| |
| | |
| U.S. GOVERNMENT SECURITIES — 65.2% |
| | |
| U.S. Treasury Bills — 0.7% |
| | |
| | 9,400,000 | | |
4.46%, 08/07/25(c) | |
| 9,098,146 | |
| U.S. Treasury Bonds — 4.5% |
| | |
| | 9,902,000 | | |
3.38%, 08/15/42 | |
| 8,463,502 | |
| | 43,863,000 | | |
2.88%, 05/15/52 | |
| 32,400,365 | |
| | 23,049,000 | | |
4.13%, 08/15/53 | |
| 21,658,857 | |
| | | | |
| |
| 62,522,724 | |
| U.S. Treasury Inflation Indexed Notes — 2.6% |
| | |
| | 37,057,845 | | |
1.25%, 04/15/28(d) | |
| 36,290,645 | |
| U.S. Treasury Notes — 57.4% |
| | |
| | 8,631,000 | | |
4.88%, 04/30/26 | |
| 8,711,241 | |
| | 10,185,000 | | |
4.88%, 05/31/26 | |
| 10,284,861 | |
| | 1,500,000 | | |
4.38%, 07/31/26 | |
| 1,504,395 | |
| | 52,522,000 | | |
4.63%, 10/15/26 | |
| 52,967,206 | |
| | 23,680,000 | | |
4.38%, 07/15/27 | |
| 23,824,300 | |
| | 7,512,000 | | |
2.75%, 07/31/27 | |
| 7,243,505 | |
| | 9,645,000 | | |
3.88%, 12/31/27 | |
| 9,571,155 | |
| | 82,883,000 | | |
4.00%, 06/30/28 | |
| 82,458,872 | |
| | 100,994,000 | | |
4.13%, 07/31/28 | |
| 100,859,868 | |
| | 232,077,000 | | |
3.63%, 08/31/29 | |
| 226,800,873 | |
| | 29,074,000 | | |
3.88%, 12/31/29 | |
| 28,669,690 | |
| | 152,763,000 | | |
3.75%, 08/31/31 | |
| 148,442,671 | |
| | 70,654,000 | | |
4.00%, 02/15/34 | |
| 69,130,523 | |
| | 28,368,000 | | |
3.88%, 08/15/34 | |
| 27,446,040 | |
| | | | |
| |
| 797,915,200 | |
Total U.S. Government Securities
(Cost $918,415,444) |
| 905,826,715 | |
| Shares | | |
| |
Value |
| INVESTMENT COMPANY — 1.2% |
| | |
| 17,266,466 | | |
Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.69%(e) | |
$ | 17,266,466 | |
Total Investment Company
(Cost $17,266,466) |
| 17,266,466 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS
— 99.3%
(Cost $1,394,450,251) |
$ | 1,380,245,700 | |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% |
| 9,238,653 | |
| NET ASSETS — 100.0% |
$ | 1,389,484,353 | |
| (a) |
Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects
the rate in effect as of October 31, 2024. For securities based on a published reference rate and spread, the reference rate
and spread are indicated in the description above. Certain variable rate securities are not based on a published reference
rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do
not indicate a reference rate and spread in their description above. |
| (b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold
in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. |
| (c) |
Zero coupon security. The rate represents the yield at time of purchase. |
| (d) |
Inflation protected security. |
| (e) |
The rate shown represents the current yield as of October 31, 2024. |
The following abbreviations are used in the report:
CLO — Collateralized Loan Obligation
GMTN — Global Medium Term Note
MTN — Medium Term Note
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
| Old Westbury Funds, Inc. |
|
| Short-Term
Bond Fund |
|
| Portfolio
of Investments |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| CORPORATE BONDS — 35.5% | |
| |
| Banks — 9.5% | |
| | |
| $ | 247,000 | | |
Bank of America Corp.,
(SOFR RATE + 1.630%),
5.20%, 04/25/29(a) | |
$ | 249,426 | |
| | 102,000 | | |
Bank of Montreal, Series H, MTN,
4.70%, 09/14/27 | |
| 102,311 | |
| | 137,000 | | |
Bank of New York Mellon Corp. (The),
(SOFR RATE + 1.026%),
4.95%, 04/26/27(a) | |
| 137,655 | |
| | 400,000 | | |
Citibank NA,
4.93%, 08/06/26 | |
| 402,576 | |
| | 672,000 | | |
Citigroup, Inc.,
(3 mo. Term SOFR + 1.652%),
3.67%, 07/24/28(a) | |
| 651,383 | |
| | 500,000 | | |
Fifth Third Bancorp,
(SOFR RATE + 2.340%),
6.34%, 07/27/29(a) | |
| 521,738 | |
| | 640,000 | | |
Goldman Sachs Bank USA,
(SOFR RATE + 0.750%),
5.41%, 05/21/27(a) | |
| 646,132 | |
| | 249,000 | | |
JPMorgan Chase & Co.,
(SOFR RATE + 1.015%),
2.07%, 06/01/29(a) | |
| 226,298 | |
| | 657,000 | | |
Morgan Stanley,
(SOFR RATE + 1.295%),
5.05%, 01/28/27(a) | |
| 658,879 | |
| | 952,000 | | |
Sumitomo Mitsui Financial Group, Inc.,
2.63%, 07/14/26 | |
| 921,091 | |
| | 87,000 | | |
Toronto-Dominion Bank (The) GMTN,
5.53%, 07/17/26 | |
| 88,176 | |
| | 650,000 | | |
US Bank NA,
(SOFR RATE + 0.690%),
4.51%, 10/22/27(a) | |
| 647,467 | |
| | 420,000 | | |
Wells Fargo & Co. GMTN,
(SOFR RATE + 1.070%),
5.71%, 04/22/28(a) | |
| 428,150 | |
| | | | |
| |
| 5,681,282 | |
| Consumer Discretionary — 3.8% | |
| | |
| | 92,000 | | |
American Honda Finance Corp. GMTN,
(SOFR RATE + 0.770%),
5.68%, 03/12/27(a) | |
| 92,333 | |
| | 87,000 | | |
Clorox Co. (The),
3.90%, 05/15/28 | |
| 84,979 | |
| | 877,000 | | |
General Motors Financial Co., Inc.,
5.40%, 05/08/27 | |
| 886,696 | |
Principal
Amount | | |
| |
Value |
| Consumer Discretionary (continued) | |
| |
| $ | 400,000 | | |
Marriott International, Inc.,
5.55%, 10/15/28 | |
$ | 411,582 | |
| | 218,000 | | |
Southwest Airlines Co.,
5.13%, 06/15/27 | |
| 219,693 | |
| | 400,000 | | |
Toyota Motor Credit Corp. GMTN,
4.55%, 08/07/26 | |
| 400,760 | |
| | 190,000 | | |
Warnermedia Holdings, Inc.,
3.76%, 03/15/27 | |
| 182,987 | |
| | | | |
| |
| 2,279,030 | |
| Consumer Staples — 0.5% | |
| | |
| | 102,000 | | |
Constellation Brands, Inc.,
5.00%, 02/02/26 | |
| 101,989 | |
| | 117,000 | | |
Keurig Dr Pepper, Inc.,
(SOFRINDX + 0.880%),
5.77%, 03/15/27(a) | |
| 117,924 | |
| | 112,000 | | |
Sysco Corp.,
3.75%, 10/01/25 | |
| 111,093 | |
| | | | |
| |
| 331,006 | |
| Energy — 1.8% |
| | |
| | 114,000 | | |
BP Capital Markets America, Inc.,
3.94%, 09/21/28 | |
| 110,953 | |
| | 113,000 | | |
Enbridge, Inc.,
6.00%, 11/15/28 | |
| 117,833 | |
| | 627,000 | | |
Energy Transfer LP,
4.95%, 06/15/28 | |
| 628,270 | |
| | 237,000 | | |
Williams Cos., Inc. (The),
5.40%, 03/02/26 | |
| 238,603 | |
| | | | |
| |
| 1,095,659 | |
| Financial Services — 5.1% | |
| | |
| | 950,000 | | |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
6.10%, 01/15/27 | |
| 974,479 | |
| | 500,000 | | |
Air Lease Corp.,
3.38%, 07/01/25 | |
| 495,001 | |
| | 247,000 | | |
Air Lease Corp.,
5.85%, 12/15/27 | |
| 254,234 | |
| | 152,000 | | |
American Express Co.,
(SOFR RATE + 1.000%),
5.10%, 02/16/28(a) | |
| 153,203 | |
| | 641,000 | | |
Capital One Financial Corp.,
(SOFR RATE + 2.080%),
5.47%, 02/01/29(a) | |
| 648,656 | |
| | 151,000 | | |
Corebridge Financial, Inc.,
3.65%, 04/05/27 | |
| 147,103 | |
| | 400,000 | | |
New York Life Global Funding MTN,
3.90%, 10/01/27(b) | |
| 393,520 | |
| | | | |
| |
| 3,066,196 | |
| Old Westbury Funds, Inc. |
|
| Short-Term
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Health Care — 2.1% | |
| |
| $ | 87,000 | | |
Cigna Group (The),
4.50%, 02/25/26 | |
$ | 86,742 | |
| | 259,000 | | |
CVS Health Corp.,
1.30%, 08/21/27 | |
| 234,583 | |
| | 667,000 | | |
HCA, Inc.,
5.38%, 09/01/26 | |
| 670,718 | |
| | 87,000 | | |
Pfizer Investment Enterprises Pte Ltd.,
4.45%, 05/19/28 | |
| 86,680 | |
| | 92,000 | | |
Zimmer Biomet Holdings, Inc.,
3.05%, 01/15/26 | |
| 90,169 | |
| | 87,000 | | |
Zoetis, Inc.,
5.40%, 11/14/25 | |
| 87,559 | |
| | | | |
| |
| 1,256,451 | |
| Industrials — 1.9% | |
| | |
| | 400,000 | | |
Caterpillar Financial Services Corp.,
4.40%, 10/15/27 | |
| 399,642 | |
| | 627,000 | | |
L3Harris Technologies, Inc.,
5.40%, 01/15/27 | |
| 637,104 | |
| | 87,000 | | |
Ryder System, Inc. MTN,
5.30%, 03/15/27 | |
| 88,022 | |
| | | | |
| |
| 1,124,768 | |
| Information Technology — 2.9% | |
| | |
| | 900,000 | | |
Broadcom, Inc.,
5.05%, 07/12/27 | |
| 909,006 | |
| | 102,000 | | |
Fiserv, Inc.,
5.15%, 03/15/27 | |
| 103,092 | |
| | 750,000 | | |
Oracle Corp.,
1.65%, 03/25/26 | |
| 718,588 | |
| | | | |
| |
| 1,730,686 | |
| Materials — 0.6% | |
| | |
| | 170,000 | | |
Glencore Funding LLC,
5.34%, 04/04/27(b) | |
| 171,964 | |
| | 200,000 | | |
Owens Corning,
5.50%, 06/15/27 | |
| 203,951 | |
| | | | |
| |
| 375,915 | |
| Real Estate — 1.2% | | |
|
|
| | 750,000 | | |
Equinix, Inc. REIT,
1.00%, 09/15/25 | |
| 724,590 | |
| Telecommunication Services — 0.3% | | |
|
|
| | 174,000 | | |
T-Mobile USA, Inc.,
3.75%, 04/15/27 | |
| 170,362 | |
| Utilities — 5.8% | | |
|
|
| | 900,000 | | |
DTE Energy Co.,
4.95%, 07/01/27 | |
| 904,964 | |
| | 87,000 | | |
DTE Energy Co. , STEP,
4.22%, 11/01/24 | |
| 87,000 | |
| | | | |
| |
| | |
Principal
Amount | | |
| |
Value |
| Utilities (continued) |
| |
| $ | 117,000 | | |
National Rural Utilities Cooperative Finance Corp. MTN,
5.05%, 09/15/28 | |
$ | 118,666 | |
| | 750,000 | | |
NextEra Energy Capital Holdings, Inc.,
4.45%, 06/20/25 | |
| 748,020 | |
| | 87,000 | | |
NextEra Energy Capital Holdings, Inc.,
4.95%, 01/29/26 | |
| 87,287 | |
| | 600,000 | | |
Pacific Gas and Electric Co.,
5.55%, 05/15/29 | |
| 611,418 | |
| | 217,000 | | |
Public Service Enterprise Group, Inc.,
5.88%, 10/15/28 | |
| 225,174 | |
| | 587,000 | | |
Southern California Edison Co.,
5.35%, 03/01/26 | |
| 592,219 | |
| | 97,000 | | |
Southern Co. (The),
4.85%, 06/15/28 | |
| 97,635 | |
| | | | |
| |
| 3,472,383 | |
Total Corporate Bonds
(Cost $21,270,760) | |
| 21,308,328 | |
| | | | |
| |
| | |
| ASSET-BACKED SECURITIES — 6.9% | |
| | |
| BERMUDA — 0.4% | |
| | |
| Collateralized Loan Obligations — 0.4% | | |
| | 250,000 | | |
Rad CLO 25 Ltd., Series 2024-25A, Class A1,
(3 mo. Term SOFR + 1.460%),
6.78%, 07/20/37(a)(b) | |
| 250,126 | |
| CAYMAN ISLANDS — 0.6% | | |
| Collateralized Loan Obligations — 0.6% | |
| | 400,000 | | |
Palmer Square CLO Ltd., Series 2024-3A, Class A,
(3 mo. Term SOFR + 1.350%),
6.53%, 07/20/37(a)(b) | |
| 399,987 | |
| JERSEY CHANNEL ISLANDS — 0.4% | |
| Collateralized Loan Obligations — 0.4% | |
| | 250,000 | | |
Golub Capital Partners CLO Ltd., Series 2024-74A, Class A,
(3 mo. Term SOFR + 1.500%),
6.81%, 07/25/37(a)(b) | |
| 250,101 | |
| UNITED STATES — 5.5% | | |
| Other Asset-Backed Securities — 5.5% | |
| | 250,000 | | |
BofA Auto Trust, Series 2024-1A, Class A2,
5.57%, 12/15/26(b) | |
| 250,851 | |
| | 195,987 | | |
CarMax Auto Owner Trust, Series 2023-1, Class A3,
4.75%, 10/15/27 | |
| 195,945 | |
| Old Westbury Funds, Inc. |
|
| Short-Term
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| UNITED STATES (continued) | |
| Other Asset-Backed Securities (continued) | |
| $ | 500,000 | | |
CarMax Auto Owner Trust, Series 2024-4, Class A3,
4.60%, 10/15/29 | |
$ | 500,234 | |
| | 250,000 | | |
CNH Equipment Trust, Series 2024- B, Class A2A,
5.42%, 10/15/27 | |
| 251,311 | |
| | 250,000 | | |
Enterprise Fleet Financing LLC, Series 2024-2, Class A2,
5.74%, 12/20/26(b) | |
| 252,051 | |
| | 180,889 | | |
Hyundai Auto Receivables Trust, Series 2022-C, Class A3,
5.39%, 06/15/27 | |
| 181,638 | |
| | 300,000 | | |
John Deere Owner Trust, Series 2024- B, Class A3,
5.20%, 03/15/29 | |
| 303,688 | |
| | 250,000 | | |
Kubota Credit Owner Trust, Series 2024-2A, Class A2,
5.45%, 04/15/27(b) | |
| 251,819 | |
| | 400,000 | | |
M&T Equipment Notes, Series 2024- 1A, Class A2,
4.99%, 08/18/31(b) | |
| 400,291 | |
| | 250,000 | | |
PFS Financing Corp., Series 2022-D, Class A,
4.27%, 08/15/27(b) | |
| 248,849 | |
| | 200,000 | | |
SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3,
5.33%, 11/20/29(b) | |
| 202,606 | |
| | 250,000 | | |
Synchrony Card Funding LLC, Series 2022-A1, Class A,
3.37%, 04/15/28 | |
| 248,372 | |
| | | | |
| |
| 3,287,655 | |
Total Asset-Backed Securities
(Cost $4,169,481) | |
| 4,187,869 | |
| | | | |
| |
| | |
| U.S. GOVERNMENT SECURITIES — 56.3% | | |
| U.S. Treasury Bills — 10.5% | | |
| | 860,000 | | |
4.79%, 11/29/24(c) | |
| 856,925 | |
| | 1,320,000 | | |
5.11%, 12/05/24(c) | |
| 1,314,268 | |
| | 790,000 | | |
4.50%, 01/28/25(c) | |
| 781,408 | |
| | 950,000 | | |
4.51%, 02/25/25(c) | |
| 936,447 | |
| | 790,000 | | |
4.36%, 03/27/25(c) | |
| 776,003 | |
| | 1,055,000 | | |
4.35%, 04/03/25(c) | |
| 1,035,452 | |
| | 610,000 | | |
4.39%, 08/07/25(c) | |
| 590,412 | |
| | | | |
| |
| 6,290,915 | |
| U.S. Treasury Notes — 45.8% | | |
| | 805,000 | | |
5.00%, 08/31/25 | |
| 808,767 | |
| | 1,487,000 | | |
4.50%, 11/15/25 | |
| 1,489,684 | |
| | 1,973,000 | | |
4.25%, 01/31/26 | |
| 1,972,538 | |
| | 2,132,000 | | |
3.63%, 05/15/26 | |
| 2,113,012 | |
Principal
Amount | | |
| |
Value |
| U.S. Treasury Notes (continued) | |
| |
| $ | 2,374,000 | | |
4.38%, 08/15/26 | |
$ | 2,381,604 | |
| | 2,419,000 | | |
4.63%, 11/15/26 | |
| 2,440,544 | |
| | 1,794,000 | | |
4.00%, 01/15/27 | |
| 1,788,464 | |
| | 1,760,000 | | |
4.50%, 05/15/27 | |
| 1,775,056 | |
| | 1,645,000 | | |
4.38%, 07/15/27 | |
| 1,655,024 | |
| | 1,780,000 | | |
4.13%, 09/30/27 | |
| 1,780,278 | |
| | 1,665,000 | | |
3.88%, 11/30/27 | |
| 1,652,447 | |
| | 1,622,000 | | |
4.00%, 02/29/28 | |
| 1,614,587 | |
| | 1,890,000 | | |
4.00%, 06/30/28 | |
| 1,880,328 | |
| | 2,024,000 | | |
4.38%, 08/31/28 | |
| 2,038,785 | |
| | 1,567,000 | | |
4.00%, 01/31/29 | |
| 1,556,839 | |
| | 575,000 | | |
4.00%, 07/31/29 | |
| 571,137 | |
| | | | |
| |
| 27,519,094 | |
Total U.S. Government Securities
(Cost $33,862,005) | |
| 33,810,009 | |
| | | | |
| |
| | |
| Shares | | |
| |
| | |
| INVESTMENT COMPANY — 1.6% |
| | |
| | 954,478 | | |
Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.69%(d) | |
| 954,478 | |
Total Investment Company
(Cost $954,478) | |
| 954,478 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS — 100.3%
(Cost $60,256,724) | |
$ | 60,260,684 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% | |
| (188,996) | |
| NET ASSETS — 100.0% | |
$ | 60,071,688 | |
| (a) |
Floating or variable rate security. The Reference Rate is defined below. Interest
rate shown reflects the rate in effect as of October 31, 2024. For securities based on a published reference rate and spread,
the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a
published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
These securities do not indicate a reference rate and spread in their description above. |
| (b) |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security
has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. |
| (c) |
Zero coupon security. The rate represents the yield at time of purchase. |
| (d) |
The rate shown represents the current yield as of October 31, 2024. |
The following abbreviations are used in the report:
CLO — Collateralized Loan Obligation
| Old Westbury Funds, Inc. |
|
| Short-Term
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
GMTN — Global Medium Term Note
MTN — Medium Term Note
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
SOFRINDX — SOFR Index
STEP — Step Coupon Bond
| Old Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio of Investments |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| MUNICIPAL BONDS — 95.9% | |
| | |
| Alabama — 0.0% | |
| | |
| $ | 1,495,000 | | |
City of Huntsville Warrants Refunding GO, Series A,
5.00%, 08/01/26 | |
$ | 1,497,170 | |
| Arizona — 0.8% | |
| | |
| | 5,000,000 | | |
Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds,
5.00%, 07/01/32 | |
| 5,694,902 | |
| | 1,250,000 | | |
Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A,
5.00%, 10/01/26 | |
| 1,252,472 | |
| | 5,000,000 | | |
City of Phoenix Civic Improvement Corp. Current Refunding Revenue Bonds,
5.00%, 07/01/29 | |
| 5,324,430 | |
| | 2,005,000 | | |
City of Phoenix School Improvements GO, Series B,
4.41%, 07/01/28 | |
| 2,011,167 | |
| | 3,950,000 | | |
Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, Series A,
5.00%, 01/01/33 | |
| 4,096,533 | |
| | 6,810,000 | | |
Salt River Project Agricultural Improvement & Power District Revenue Bonds, Series A,
5.00%, 01/01/43 | |
| 7,434,363 | |
| | 2,000,000 | | |
Salt River Project Agricultural Improvement & Power District Revenue Bonds, Series B,
5.00%, 01/01/43 | |
| 2,202,211 | |
| | 5,250,000 | | |
Town of Gilbert Public Improvements GO,
5.00%, 07/15/25 | |
| 5,319,157 | |
| | | | |
| |
| 33,335,235 | |
| California — 6.0% | |
| | |
| | 4,735,000 | | |
City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds,
5.00%, 05/15/32 | |
| 5,147,722 | |
| | 1,500,000 | | |
City of Los Angeles Department of Airports Current Refunding Revenue Bonds,
5.00%, 05/15/26 | |
| 1,534,519 | |
| | 2,250,000 | | |
City of Los Angeles Department of Airports Current Refunding Revenue Bonds,
5.00%, 05/15/27 | |
| 2,337,587 | |
Principal
Amount | | |
| |
Value |
| California (continued) | |
| | |
| $ | 10,000,000 | | |
County of Santa Clara GO, Series C,
4.30%, 08/01/27 | |
$ | 10,006,769 | |
| | 10,000,000 | | |
County of Santa Clara GO, Series C,
4.33%, 08/01/29 | |
| 10,001,124 | |
| | 4,325,000 | | |
Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/26 | |
| 4,485,380 | |
| | 5,000,000 | | |
Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/27 | |
| 5,326,083 | |
| | 6,850,000 | | |
San Bernardino Community College District Advance Refunding GO,
1.61%, 08/01/27 | |
| 6,364,688 | |
| | 18,115,000 | | |
San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series C,
5.00%, 05/01/30 | |
| 19,504,478 | |
| | 11,000,000 | | |
San Francisco City & County Public Utilities Commission Wastewater Revenue Bonds, Series A,
4.66%, 10/01/27 | |
| 11,067,042 | |
| | 10,000,000 | | |
Santa Clara Valley Water District Refunding Revenue Bonds, Series A-2,
5.00%, 06/01/26 | |
| 10,355,641 | |
| | 4,415,000 | | |
State of California Current Refunding GO,
5.00%, 10/01/25 | |
| 4,497,016 | |
| | 1,280,000 | | |
State of California Current Refunding GO,
5.00%, 10/01/25 | |
| 1,282,048 | |
| | 6,720,000 | | |
State of California Current Refunding GO,
5.00%, 10/01/25 | |
| 6,729,274 | |
| | 14,000,000 | | |
State of California Current Refunding GO,
5.00%, 12/01/25 | |
| 14,314,170 | |
| | 10,000,000 | | |
State of California Current Refunding GO,
5.00%, 12/01/27 | |
| 10,687,231 | |
| | 7,435,000 | | |
State of California Current Refunding GO,
5.00%, 08/01/28 | |
| 8,038,425 | |
| | 10,000,000 | | |
State of California Current Refunding GO,
5.00%, 10/01/37 | |
| 11,053,187 | |
| Old Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| California (continued) | |
| | |
| $ | 15,000,000 | | |
State of California Current Refunding GO, (AGM),
5.25%, 08/01/32 | |
$ | 17,116,235 | |
| | 11,250,000 | | |
State of California Public Improvements GO,
5.00%, 09/01/25 | |
| 11,437,175 | |
| | 8,500,000 | | |
State of California Public Improvements GO,
5.00%, 09/01/26 | |
| 8,848,302 | |
| | 5,000,000 | | |
State of California Public Improvements GO,
5.00%, 09/01/31 | |
| 5,656,919 | |
| | 3,000,000 | | |
State of California Public Improvements GO,
5.00%, 03/01/26 | |
| 3,018,483 | |
| | 5,715,000 | | |
State of California Public Improvements GO,
5.00%, 10/01/27 | |
| 5,889,037 | |
| | 10,000,000 | | |
State of California School Improvements GO,
1.75%, 11/01/30 | |
| 8,613,929 | |
| | 15,000,000 | | |
State of California Water Utility Improvements GO,
5.00%, 09/01/25 | |
| 15,249,567 | |
| | 15,000,000 | | |
State of California Water Utility Improvements GO,
5.00%, 09/01/26 | |
| 15,614,650 | |
| | 4,100,000 | | |
State of California Water Utility Improvements GO,
5.00%,
09/01/27 | |
| 4,358,768 | |
| | 10,000,000 | | |
University of California University & College Improvements Revenue Bonds, Series BK,
5.00%, 05/15/32 | |
| 11,547,153 | |
| | | | |
| |
| 250,082,602 | |
| Colorado — 2.8% | |
| | |
| | 3,225,000 | | |
Adams & Arapahoe Joint School District 28J Aurora Current Refunding GO, (State Aid Withholding),
5.00%, 12/01/24 | |
| 3,229,217 | |
| | 27,720,000 | | |
City & County of Denver Co. Airport System & Marina Improvements Refunding Revenue Bonds, Series A,
5.00%, 12/01/28 | |
| 29,237,748 | |
| | 11,590,000 | | |
City & County of Denver Co. Airport System Refunding Revenue Bonds, Series A,
5.00%, 11/15/27 | |
| 12,084,138 | |
Principal
Amount | | |
| |
Value |
| Colorado (continued) | |
| | |
| $ | 6,175,000 | | |
City & County of Denver Co. Airport System Revenue Bonds, Series A,
5.00%, 11/15/36 | |
$ | 6,588,163 | |
| | 10,000,000 | | |
City & County of Denver Co. Airport System Revenue Bonds, Series A,
5.00%, 12/01/32 | |
| 10,425,717 | |
| | 2,225,000 | | |
City & County of Denver Co. Airport System Revenue Bonds, Series C,
5.00%, 11/15/27 | |
| 2,366,083 | |
| | 3,500,000 | | |
Colorado Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 05/15/37 | |
| 3,852,432 | |
| | 2,060,000 | | |
Colorado Higher Education Refunding COP, Series A,
5.00%, 11/01/24 | |
| 2,060,000 | |
| | 1,000,000 | | |
Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.33%, 05/01/29 | |
| 984,766 | |
| | 1,295,000 | | |
Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.51%, 05/01/30 | |
| 1,281,458 | |
| | 2,245,000 | | |
Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.63%, 05/01/31 | |
| 2,222,693 | |
| | 2,935,000 | | |
Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.83%, 05/01/32 | |
| 2,922,254 | |
| | 2,950,000 | | |
Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.93%, 05/01/33 | |
| 2,940,830 | |
| | 2,425,000 | | |
Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
5.15%, 11/01/36 | |
| 2,402,727 | |
| | 2,000,000 | | |
University of Colorado Current Refunding Revenue Bonds, Series A,
5.00%, 06/01/25 | |
| 2,017,299 | |
| | 11,330,000 | | |
University of Colorado Current Refunding Revenue Bonds, Series A,
5.00%, 06/01/26 | |
| 11,681,128 | |
| Old Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Colorado (continued) | |
| | |
| $ | 7,250,000 | | |
University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 11/15/29 | |
$ | 7,968,759 | |
| | 10,000,000 | | |
University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series B,
5.00%, 11/15/31 | |
| 11,229,606 | |
| | | | |
| |
| 115,495,018 | |
| Connecticut
— 2.4% | |
| | |
| | 5,000,000 | | |
Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1,
5.00%, 07/01/40(a) | |
| 5,355,878 | |
| | 11,200,000 | | |
Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S,
5.00%, 07/01/27 | |
| 11,888,770 | |
| | 1,000,000 | | |
Metropolitan District Refunding Notes GO,
5.00%, 03/01/25 | |
| 1,001,320 | |
| | 5,860,000 | | |
Metropolitan District Refunding Notes GO, Series C, (AGM),
5.00%, 11/01/25 | |
| 5,981,949 | |
| | 10,000,000 | | |
State of Connecticut GO, Series A,
5.50%, 05/01/25 | |
| 10,042,322 | |
| | 4,715,000 | | |
State of Connecticut GO, Series A,
5.38%, 05/01/27 | |
| 4,822,754 | |
| | 2,160,000 | | |
State of Connecticut GO, Series A,
4.88%, 05/01/34 | |
| 2,167,278 | |
| | 6,295,000 | | |
State of Connecticut GO, Series D,
5.00%, 07/15/26 | |
| 6,518,935 | |
| | 9,345,000 | | |
State of Connecticut Public Improvements GO, Series A,
5.00%, 01/15/26 | |
| 9,557,520 | |
| | 6,000,000 | | |
State of Connecticut Public Improvements GO, Series A,
3.85%, 09/15/27 | |
| 5,911,616 | |
| | 6,775,000 | | |
State of Connecticut Special Tax Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/30 | |
| 7,489,091 | |
| | 10,000,000 | | |
State of Connecticut Special Tax Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/35 | |
| 10,475,906 | |
Principal
Amount | | |
| |
Value |
| Connecticut (continued) | |
| | |
| $ | 11,400,000 | | |
State of Connecticut Special Tax Revenue Bonds, Series B,
5.00%, 10/01/35 | |
$ | 12,047,790 | |
| | 5,000,000 | | |
State of Connecticut Transportation Infrastructure Revenue Bonds, Series A,
5.00%, 09/01/27 | |
| 5,006,908 | |
| | | | |
| |
| 98,268,037 | |
| Delaware — 2.3% | |
| | |
| | 2,000,000 | | |
Delaware River & Bay Authority Current Refunding Revenue Bonds, Series B,
5.00%, 01/01/25 | |
| 2,004,700 | |
| | 1,665,000 | | |
Delaware River & Bay Authority Current Refunding Revenue Bonds, Series B,
5.00%, 01/01/26 | |
| 1,700,320 | |
| | 10,000,000 | | |
Delaware State Health Facilities Authority Current Refunding Revenue Bonds,
5.00%, 10/01/45 | |
| 10,425,569 | |
| | 9,430,000 | | |
Delaware Transportation Authority Current Refunding Revenue Bonds,
5.00%, 07/01/28 | |
| 10,172,919 | |
| | 6,780,000 | | |
Delaware Transportation Authority Public Improvements Revenue Bonds,
5.00%, 07/01/27 | |
| 7,174,922 | |
| | 2,240,000 | | |
Delaware Transportation Authority Public Improvements Revenue Bonds,
5.00%, 07/01/35 | |
| 2,515,358 | |
| | 7,895,000 | | |
State of Delaware Current Refunding GO,
5.00%, 02/01/31 | |
| 8,874,249 | |
| | 7,705,000 | | |
State of Delaware Current Refunding GO, Series A,
5.00%, 10/01/27 | |
| 8,215,840 | |
| | 3,620,000 | | |
State of Delaware Current Refunding GO, Series B,
5.00%, 07/01/26 | |
| 3,748,912 | |
| | 10,800,000 | | |
State of Delaware Public Facilities GO,
5.00%, 02/01/25 | |
| 10,845,191 | |
| | 9,650,000 | | |
State of Delaware Public Facilities GO,
5.00%, 02/01/26 | |
| 9,896,639 | |
| | 9,005,000 | | |
State of Delaware Public Improvements GO, Series A,
5.00%, 05/01/26 | |
| 9,289,022 | |
| Old Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Delaware (continued) | |
| | |
| $ | 7,500,000 | | |
State of Delaware Public Improvements GO, Series A,
5.00%, 05/01/37 | |
$ | 8,605,912 | |
| | | | |
| |
| 93,469,553 | |
| District of Columbia — 2.6% | |
| | |
| | 3,660,000 | | |
District of Columbia Current Refunding Revenue Bonds, Series C,
5.00%, 12/01/26 | |
| 3,825,024 | |
| | 3,500,000 | | |
District of Columbia Income Tax Public Improvements Revenue Bonds, Series B,
5.00%, 10/01/27 | |
| 3,722,922 | |
| | 4,280,000 | | |
District of Columbia Income Tax Revenue Bonds, Series A,
5.00%, 05/01/43 | |
| 4,673,062 | |
| | 5,000,000 | | |
District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A,
5.00%, 07/01/34 | |
| 5,619,189 | |
| | 4,500,000 | | |
District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A,
5.00%, 07/01/36 | |
| 5,017,101 | |
| | 10,000,000 | | |
District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A,
5.00%, 07/01/47 | |
| 10,687,414 | |
| | 7,185,000 | | |
District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B,
3.81%, 07/01/30 | |
| 6,920,152 | |
| | 6,000,000 | | |
District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B,
3.86%, 07/01/31 | |
| 5,728,964 | |
| | 7,440,000 | | |
District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/26 | |
| 7,706,031 | |
| | 3,000,000 | | |
District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/27 | |
| 3,179,616 | |
| | 4,150,000 | | |
District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/28 | |
| 4,483,619 | |
| | 5,000,000 | | |
District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/29 | |
| 5,496,736 | |
Principal
Amount | | |
| |
Value |
| District of Columbia (continued) | |
| | |
| $ | 3,000,000 | | |
District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/30 | |
$ | 3,341,096 | |
| | 4,150,000 | | |
District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/31 | |
| 4,677,825 | |
| | 2,000,000 | | |
District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 10/01/26 | |
| 2,083,569 | |
| | 2,565,000 | | |
District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 10/01/34 | |
| 2,967,679 | |
| | 5,000,000 | | |
Metropolitan Washington Airports Authority Aviation Current Refunding Revenue Bonds,
5.00%, 10/01/25 | |
| 5,062,230 | |
| | 2,850,000 | | |
Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/26 | |
| 2,936,679 | |
| | 3,000,000 | | |
Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/27 | |
| 3,126,871 | |
| | 3,500,000 | | |
Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/28 | |
| 3,692,766 | |
| | 2,500,000 | | |
Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/30 | |
| 2,678,491 | |
| | 10,000,000 | | |
Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/31 | |
| 10,780,913 | |
| | | | |
| |
| 108,407,949 | |
| Florida — 1.5% | |
| | |
| | 4,170,000 | | |
State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A,
5.00%, 07/01/29 | |
| 4,561,033 | |
| Old Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Florida (continued) | |
| | |
| $ | 5,650,000 | | |
State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/34 | |
$ | 6,465,420 | |
| | 6,545,000 | | |
State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/37 | |
| 7,412,272 | |
| | 2,545,000 | | |
State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/25 | |
| 2,574,932 | |
| | 2,670,000 | | |
State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/26 | |
| 2,760,222 | |
| | 2,805,000 | | |
State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/27 | |
| 2,966,322 | |
| | 2,945,000 | | |
State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/28 | |
| 3,170,835 | |
| | 7,425,000 | | |
State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/36 | |
| 8,462,654 | |
| | 7,795,000 | | |
State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/37 | |
| 8,819,020 | |
| | 8,185,000 | | |
State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/38 | |
| 9,255,320 | |
| | 4,720,000 | | |
State of Florida Lottery Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/27 | |
| 5,003,961 | |
| | | | |
| |
| 61,451,991 | |
| Georgia — 1.4% | |
| | |
| | 18,480,000 | | |
Brookhaven Development Authority Revenue Bonds, Series A,
4.00%, 07/01/44 | |
| 18,134,856 | |
Principal
Amount | | |
| |
Value |
| Georgia (continued) | |
| | |
| $ | 9,280,000 | | |
City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D,
5.00%, 07/01/34 | |
$ | 9,950,594 | |
| | 12,890,000 | | |
City of Atlanta GA Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D,
5.00%, 07/01/35 | |
| 13,775,133 | |
| | 5,500,000 | | |
City of Atlanta GA Department of Aviation Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/27 | |
| 5,711,151 | |
| | 10,000,000 | | |
State of Georgia Current Refunding GO, Series C,
5.00%, 01/01/31 | |
| 11,236,750 | |
| | | | |
| |
| 58,808,484 | |
| Hawaii — 2.0% | |
| | |
| | 10,000,000 | | |
City & County of Honolulu Transit Improvements GO, Series E,
5.00%, 03/01/29 | |
| 10,904,485 | |
| | 2,000,000 | | |
State of Hawaii Airports System Current Refunding Revenue Bonds, Series E,
1.71%, 07/01/26 | |
| 1,912,642 | |
| | 6,015,000 | | |
State of Hawaii Airports System Revenue Bonds, Series A,
5.00%, 07/01/34 | |
| 6,332,663 | |
| | 10,350,000 | | |
State of Hawaii Airports System Revenue Bonds, Series A,
5.00%, 07/01/31 | |
| 11,034,763 | |
| | 6,235,000 | | |
State of Hawaii Airports System Revenue Bonds, Series A,
5.00%, 07/01/32 | |
| 6,615,192 | |
| | 4,165,000 | | |
State of Hawaii Harbor System Revenue Bonds, Series A,
5.00%, 07/01/27 | |
| 4,336,043 | |
| | 7,330,000 | | |
State of Hawaii Harbor System Revenue Bonds, Series A,
5.00%, 07/01/28 | |
| 7,724,993 | |
| | 3,000,000 | | |
State of Hawaii Public Facilities GO, Series GK,
4.93%, 10/01/28 | |
| 3,057,033 | |
| | 20,000,000 | | |
State of Hawaii Public Facilities GO, Series GK,
5.06%, 10/01/29 | |
| 20,532,318 | |
| | 5,000,000 | | |
State of Hawaii Public Facilities GO, Series GK,
5.13%, 10/01/30 | |
| 5,159,874 | |
| Old Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Hawaii (continued) | |
| | |
| $ | 4,360,000 | | |
State of Hawaii Public Facilities GO, Series GK,
5.15%, 10/01/31 | |
$ | 4,504,434 | |
| | 2,000,000 | | |
State of Hawaii Public Facilities GO, Series GK,
5.20%, 10/01/32 | |
| 2,072,217 | |
| | | | |
| |
| 84,186,657 | |
| Idaho — 0.4% | |
| | |
| | 2,000,000 | | |
Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,
5.00%, 08/15/25 | |
| 2,029,646 | |
| | 3,600,000 | | |
Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,
5.00%, 08/15/35 | |
| 4,153,981 | |
| | 1,500,000 | | |
Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,
5.00%, 08/15/37 | |
| 1,704,849 | |
| | 1,250,000 | | |
Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,
5.00%, 08/15/38 | |
| 1,400,907 | |
| | 5,000,000 | | |
Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/33 | |
| 5,735,261 | |
| | 1,500,000 | | |
Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/34 | |
| 1,728,514 | |
| | | | |
| |
| 16,753,158 | |
| Illinois — 0.2% | |
| | |
| | 3,000,000 | | |
Illinois State Toll Highway Authority Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/41 | |
| 3,298,331 | |
| | 5,000,000 | | |
Metropolitan Water Reclamation District of Greater Chicago Advance Refunding GO, Series E,
2.53%, 12/01/32 | |
| 4,208,910 | |
| | | | |
| |
| 7,507,241 | |
| Indiana — 0.1% | |
| | |
| | 5,145,000 | | |
Indiana University & College Improvements Revenue Bonds, Series A,
5.00%, 06/01/34 | |
| 5,952,797 | |
Principal
Amount | | |
| |
Value |
| Iowa — 0.6% | |
| | |
| $ | 2,250,000 | | |
Iowa Finance Authority Green Purpose Revenue Bonds, Series A,
5.00%, 08/01/25 | |
$ | 2,282,804 | |
| | 2,075,000 | | |
Iowa Finance Authority Green Purpose Revenue Bonds, Series A,
5.00%, 08/01/26 | |
| 2,154,686 | |
| | 3,185,000 | | |
Iowa Finance Authority Green Purpose Revenue Bonds, Series A,
5.00%, 08/01/31 | |
| 3,570,992 | |
| | 16,125,000 | | |
Iowa Finance Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 08/01/34 | |
| 18,547,391 | |
| | | | |
| |
| 26,555,873 | |
| Kansas — 0.6% | |
| | |
| | 10,510,000 | | |
Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,
5.00%, 05/01/30 | |
| 11,649,043 | |
| | 13,325,000 | | |
Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,
5.00%, 05/01/32 | |
| 15,059,321 | |
| | | | |
| |
| 26,708,364 | |
| Maryland — 4.6% | |
| | |
| | 5,735,000 | | |
County of Anne Arundel School Improvements GO,
5.00%, 04/01/27 | |
| 5,782,095 | |
| | 9,715,000 | | |
County of Baltimore Current Refunding GO,
5.00%, 02/01/25 | |
| 9,755,351 | |
| | 10,975,000 | | |
County of Baltimore Current Refunding GO,
5.00%, 02/01/26 | |
| 11,253,840 | |
| | 12,695,000 | | |
County of Baltimore Current Refunding GO,
5.00%, 02/01/29 | |
| 13,849,444 | |
| | 5,685,000 | | |
County of Baltimore Current Refunding GO,
5.00%, 02/01/29 | |
| 6,201,976 | |
| | 9,825,000 | | |
County of Howard Advance Refunding GO, Series D,
5.00%, 02/15/27 | |
| 10,322,918 | |
| | 16,805,000 | | |
County of Montgomery Current Refunding GO, Series B,
5.00%, 12/01/30 | |
| 18,851,703 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Maryland
(continued) | |
| | |
| $ | 13,915,000 | | |
County of Montgomery Refunding GO, Series A,
5.00%, 08/01/36 | |
$ | 15,422,234 | |
| | 1,655,000 | | |
County of Prince George's Public Improvements GO, Series A,
5.00%, 08/01/25 | |
| 1,677,250 | |
| | 5,910,000 | | |
County of Prince George's Public Improvements GO, Series A,
5.00%, 08/01/26 | |
| 6,133,648 | |
| | 7,810,000 | | |
County of Prince George's Public Improvements GO, Series A,
5.00%, 08/01/29 | |
| 8,594,364 | |
| | 10,000,000 | | |
County of Prince George's School Improvements GO, Series A,
5.00%, 07/01/30 | |
| 11,161,321 | |
| | 10,000,000 | | |
State of Maryland Department of Transportation Transit Improvements Revenue Bonds,
5.00%, 11/01/26 | |
| 10,010,874 | |
| | 6,070,000 | | |
State of Maryland Public Facilities GO, Series A,
5.00%, 08/01/34 | |
| 6,778,146 | |
| | 11,000,000 | | |
State of Maryland School Improvements GO, Series A,
5.00%, 06/01/27 | |
| 11,632,240 | |
| | 20,000,000 | | |
State of Maryland School Improvements GO, Series A,
5.00%, 06/01/28 | |
| 21,559,954 | |
| | 4,855,000 | | |
State of Maryland School Improvements GO, Series A,
5.00%, 03/15/31 | |
| 5,362,510 | |
| | 15,000,000 | | |
State of Maryland School Improvements GO, Series A,
5.00%, 06/01/36 | |
| 16,843,194 | |
| | | | |
| |
| 191,193,062 | |
| Massachusetts
— 5.1% | |
| | |
| | 3,670,000 | | |
City of Cambridge School Improvements GO,
5.00%, 02/15/25 | |
| 3,690,247 | |
| | 10,000,000 | | |
Commonwealth of Massachusetts Advance Refunding GO, Series B,
5.00%, 07/01/31 | |
| 10,295,490 | |
| | 9,330,000 | | |
Commonwealth of Massachusetts Advance Refunding GO, Series C,
5.00%, 10/01/26 | |
| 9,720,242 | |
| | 10,000,000 | | |
Commonwealth of Massachusetts Current Refunding GO, Series A,
5.00%, 10/01/30 | |
| 11,153,632 | |
Principal
Amount | | |
| |
Value |
| Massachusetts
(continued) | |
| | |
| $ | 10,000,000 | | |
Commonwealth of Massachusetts Current Refunding GO, Series A,
5.00%, 10/01/31 | |
$ | 11,288,589 | |
| | 10,000,000 | | |
Commonwealth of Massachusetts Public Improvements GO, Series C,
5.00%, 10/01/32 | |
| 11,420,381 | |
| | 17,975,000 | | |
Commonwealth of Massachusetts Public Improvements GO, Series C,
5.00%, 08/01/33 | |
| 20,666,904 | |
| | 2,000,000 | | |
Commonwealth of Massachusetts Public Improvements GO, Series C,
5.00%, 07/01/32 | |
| 2,024,241 | |
| | 10,000,000 | | |
Commonwealth of Massachusetts Transit Improvements GO, Series A,
5.00%, 02/01/32 | |
| 11,333,176 | |
| | 9,000,000 | | |
Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds, Subseries A-1,
5.00%, 07/01/43 | |
| 9,904,155 | |
| | 3,500,000 | | |
Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/25 | |
| 3,515,704 | |
| | 2,000,000 | | |
Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/26 | |
| 2,053,853 | |
| | 3,500,000 | | |
Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/27 | |
| 3,678,052 | |
| | 2,500,000 | | |
Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/28 | |
| 2,684,735 | |
| | 2,160,000 | | |
Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/29 | |
| 2,363,598 | |
| | 2,000,000 | | |
Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/30 | |
| 2,222,494 | |
| | 2,500,000 | | |
Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/32 | |
| 2,849,050 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024 |
Principal
Amount | | |
| |
Value |
| Massachusetts
(continued) | |
| | |
| $ | 1,750,000 | | |
Massachusetts Clean Water Trust Green Revenue Bonds,
5.00%, 02/01/29 | |
$ | 1,914,952 | |
| | 3,500,000 | | |
Massachusetts Clean Water Trust Green Revenue Bonds,
5.00%, 02/01/33 | |
| 4,030,221 | |
| | 2,000,000 | | |
Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,
5.00%, 02/01/41 | |
| 2,205,402 | |
| | 4,900,000 | | |
Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,
5.00%, 02/01/42 | |
| 5,385,053 | |
| | 4,000,000 | | |
Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,
5.00%, 02/01/43 | |
| 4,381,746 | |
| | 10,000,000 | | |
Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A,
5.00%, 10/15/27 | |
| 10,702,522 | |
| | 10,000,000 | | |
Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series D,
5.00%, 07/01/47 | |
| 10,782,168 | |
| | 15,000,000 | | |
Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series T,
5.00%, 03/01/34 | |
| 17,303,730 | |
| | 7,500,000 | | |
Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B,
5.00%, 02/15/33 | |
| 8,687,528 | |
| | 7,500,000 | | |
Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B,
5.00%, 02/15/34 | |
| 8,775,943 | |
| | 525,000 | | |
Massachusetts Health & Educational Facilities Authority Current Refunding Revenue Bonds, Series I,
5.00%, 11/01/24 | |
| 525,000 | |
| | 5,000,000 | | |
Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A,
5.00%, 07/01/33 | |
| 5,457,102 | |
Principal
Amount | | |
| |
Value |
| Massachusetts
(continued) | |
| | |
| $ | 2,500,000 | | |
Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,
5.00%, 08/01/27 | |
$ | 2,658,718 | |
| | 2,160,000 | | |
Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,
5.00%, 08/01/29 | |
| 2,392,054 | |
| | 5,715,000 | | |
Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,
5.00%, 08/01/37 | |
| 6,592,438 | |
| | | | |
| |
| 212,659,120 | |
| Michigan
— 0.3% | |
| | |
| | 5,110,000 | | |
Michigan State University & College Improvements Revenue Bonds, Series A,
5.00%, 08/15/32 | |
| 5,801,068 | |
| | 6,270,000 | | |
State of Michigan Trunk Line Revenue Bonds,
5.00%, 11/15/36 | |
| 7,114,137 | |
| | | | |
| |
| 12,915,205 | |
| Minnesota
— 1.8% | |
| | |
| | 4,545,000 | | |
County of Hennepin Public Improvements GO, Series A,
5.00%, 12/01/27 | |
| 4,857,834 | |
| | 5,800,000 | | |
County of Hennepin Public Improvements GO, Series A,
5.00%, 12/01/28 | |
| 6,315,405 | |
| | 7,055,000 | | |
County of Hennepin Public Improvements GO, Series A,
5.00%, 12/01/29 | |
| 7,814,975 | |
| | 8,310,000 | | |
County of Hennepin Public Improvements GO, Series A,
5.00%, 12/01/30 | |
| 9,311,180 | |
| | 8,725,000 | | |
County of Hennepin Public Improvements GO, Series A,
5.00%, 12/01/31 | |
| 9,885,889 | |
| | 2,500,000 | | |
Osseo Independent School District No 279 School Improvements GO, Series A, (School District Credit Program),
5.00%, 02/01/25 | |
| 2,510,384 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| Minnesota
(continued) | |
| | |
| $ | 5,000,000 | | |
Osseo Independent School District No 279 School Improvements GO, Series A, (School District Credit Program),
5.00%, 02/01/26 | |
$ | 5,127,034 | |
| | 7,300,000 | | |
Rosemount-Apple Valley-Eagan Independent School District No 196 School Improvements GO, Series A, (School District Credit Program),
5.00%, 02/01/26 | |
| 7,488,191 | |
| | 2,910,000 | | |
State of Minnesota Public Improvements COP,
5.00%, 06/01/26 | |
| 2,918,484 | |
| | 10,000,000 | | |
State of Minnesota School Improvements GO, Series A,
5.00%, 09/01/25 | |
| 10,161,220 | |
| | 7,360,000 | | |
State of Minnesota School Improvements GO, Series A, Group 2,
5.00%, 08/01/38 | |
| 8,247,415 | |
| | | | |
| |
| 74,638,011 | |
| Missouri
— 0.7% | |
| | |
| | 5,405,000 | | |
Curators of the University of Missouri Current Refunding Revenue Bonds,
5.00%, 11/01/26 | |
| 5,634,002 | |
| | 2,500,000 | | |
Curators of the University of Missouri Current Refunding Revenue Bonds,
5.00%, 11/01/30 | |
| 2,794,034 | |
| | 7,035,000 | | |
Curators of the University of Missouri Current Refunding Revenue Bonds,
5.00%, 11/01/34 | |
| 8,152,668 | |
| | 10,245,000 | | |
Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,
5.00%, 05/01/33 | |
| 11,596,009 | |
| | | | |
| |
| 28,176,713 | |
| Nebraska
— 0.1% | |
| | |
| | 2,345,000 | | |
Metropolitan Utilities District of Omaha Water System Revenue Bonds,
5.00%, 12/01/27 | |
| 2,496,140 | |
Principal
Amount | | |
| |
Value |
| Nebraska
(continued) | |
| | |
| $ | 2,850,000 | | |
Metropolitan Utilities District of Omaha Water System Revenue Bonds,
5.00%, 12/01/31 | |
$ | 3,199,498 | |
| | | | |
| |
| 5,695,638 | |
| Nevada
— 0.6% | |
| | |
| | 20,915,000 | | |
State of Nevada Public Improvements GO, Series A,
5.00%, 05/01/36 | |
| 23,675,523 | |
| New
Jersey — 5.6% | |
| | |
| | 7,500,000 | | |
Middlesex County Improvement Authority University & College Improvements Revenue Bonds,
5.00%, 08/15/53 | |
| 8,065,437 | |
| | 1,650,000 | | |
New Jersey Economic Development Authority Revenue Bonds, Series A,
5.00%, 11/01/24 | |
| 1,650,000 | |
| | 1,815,000 | | |
New Jersey Educational Facilities Authority Advance Refunding Revenue Bonds, Series I,
5.00%, 07/01/34 | |
| 1,897,248 | |
| | 6,535,000 | | |
New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,
5.00%, 03/01/25 | |
| 6,573,156 | |
| | 5,000,000 | | |
New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,
5.00%, 03/01/26 | |
| 5,139,332 | |
| | 6,665,000 | | |
New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,
5.00%, 03/01/27 | |
| 7,021,807 | |
| | 4,000,000 | | |
New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,
5.00%, 03/01/28 | |
| 4,299,866 | |
| | 10,000,000 | | |
New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 03/01/27 | |
| 10,535,345 | |
| | 10,000,000 | | |
New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 03/01/32 | |
| 11,437,125 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New
Jersey (continued) | |
| | |
| $ | 10,000,000 | | |
New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,
5.00%, 03/01/30 | |
$ | 11,114,495 | |
| | 18,800,000 | | |
New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,
5.00%, 03/01/36 | |
| 21,785,517 | |
| | 10,000,000 | | |
New Jersey Health Care Facilities Financing Authority Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/34 | |
| 11,423,808 | |
| | 5,000,000 | | |
New Jersey Health Care Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 07/01/40 | |
| 5,551,655 | |
| | 10,000,000 | | |
New Jersey Infrastructure Bank Green Purpose Revenue Bonds, Series A-2,
5.00%, 09/01/47 | |
| 10,899,629 | |
| | 9,000,000 | | |
New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 06/15/33 | |
| 10,059,778 | |
| | 13,695,000 | | |
New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series AA,
4.00%, 06/15/40 | |
| 13,577,161 | |
| | 5,000,000 | | |
New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series BB,
4.61%, 06/15/26 | |
| 5,003,242 | |
| | 3,210,000 | | |
New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,
5.00%, 06/15/31 | |
| 3,536,325 | |
| | 7,250,000 | | |
New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,
5.00%, 06/15/32 | |
| 7,999,784 | |
Principal
Amount | | |
| |
Value |
| New
Jersey (continued) | |
| | |
| $ | 5,000,000 | | |
New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,
5.00%, 06/15/33 | |
$ | 5,498,559 | |
| | 1,000,000 | | |
New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,
5.00%, 01/01/27 | |
| 1,046,081 | |
| | 9,000,000 | | |
New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,
1.28%, 01/01/27 | |
| 8,419,175 | |
| | 5,500,000 | | |
New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,
1.81%, 01/01/30 | |
| 4,816,320 | |
| | 4,250,000 | | |
New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series E,
5.00%, 01/01/32 | |
| 4,482,968 | |
| | 3,755,000 | | |
New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,
5.00%, 01/01/29 | |
| 4,069,925 | |
| | 3,400,000 | | |
New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,
5.00%, 01/01/30 | |
| 3,735,811 | |
| | 2,775,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/27 | |
| 2,902,875 | |
| | 2,500,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/29 | |
| 2,608,575 | |
| | 4,000,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/34 | |
| 4,139,814 | |
| | 3,750,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,
5.00%, 01/01/42 | |
| 4,098,336 | |
| | 5,000,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,
5.00%, 01/01/44 | |
| 5,477,895 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New
Jersey (continued) | |
| | |
| $ | 12,000,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,
5.00%, 01/01/46 | |
$ | 12,979,206 | |
| | 3,250,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E,
5.00%, 01/01/32 | |
| 3,256,815 | |
| | 3,000,000 | | |
New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series E,
5.00%, 01/01/33 | |
| 3,006,291 | |
| | 2,000,000 | | |
Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S,
1.66%, 05/01/28 | |
| 1,824,526 | |
| | | | |
| |
| 229,933,882 | |
| New
York — 11.3% | |
| | |
| | 8,360,000 | | |
City of New York Current Refunding GO, Series A-1,
5.00%, 08/01/30 | |
| 9,248,253 | |
| | 5,000,000 | | |
City of New York Current Refunding GO, Series B-1,
5.00%, 08/01/26 | |
| 5,180,807 | |
| | 5,000,000 | | |
City of New York Current Refunding GO, Series B-1,
5.00%, 08/01/28 | |
| 5,386,547 | |
| | 5,000,000 | | |
City of New York Current Refunding GO, Series D,
5.00%, 08/01/25 | |
| 5,068,090 | |
| | 5,000,000 | | |
City of New York Public Improvements GO, Series B-2,
5.37%, 10/01/25 | |
| 5,039,041 | |
| | 12,335,000 | | |
City of New York Public Improvements GO, Series B-2,
5.31%, 10/01/27 | |
| 12,625,537 | |
| | 10,000,000 | | |
City of New York Public Improvements GO, Series B-3,
5.00%, 09/01/26(b) | |
| 10,382,231 | |
| | 8,890,000 | | |
City of New York Public Improvements GO, Subseries D-2,
3.66%, 12/01/26 | |
| 8,753,611 | |
| | 19,825,000 | | |
City of New York Public Improvements GO, Sub-Series E-2,
4.57%, 04/01/28 | |
| 19,898,471 | |
Principal
Amount | | |
| |
Value |
| New
York (continued) | |
| | |
| $ | 2,105,000 | | |
Empire State Development Corp. Pre-refunded Advance Refunding Revenue Bonds, Series A,
5.00%, 03/15/27(c) | |
$ | 2,163,150 | |
| | 5,835,000 | | |
Empire State Development Corp. Advance Refunding Revenue Bonds, Series B,
5.00%, 03/15/25 | |
| 5,874,724 | |
| | 11,970,000 | | |
Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 09/15/28 | |
| 13,034,125 | |
| | 10,000,000 | | |
Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/30 | |
| 11,083,964 | |
| | 10,000,000 | | |
Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/31 | |
| 11,211,116 | |
| | 10,000,000 | | |
Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/32 | |
| 11,329,854 | |
| | 20,000,000 | | |
Empire State Development Corp. Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/36 | |
| 22,705,370 | |
| | 2,055,000 | | |
Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A,
5.25%, 11/15/31 | |
| 2,134,328 | |
| | 10,000,000 | | |
Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/27 | |
| 10,731,716 | |
| | 15,000,000 | | |
New York City Transitional Finance Authority Advance Refunding Revenue Bonds, Series 2,
5.00%, 11/01/25 | |
| 15,091,161 | |
| | 10,000,000 | | |
New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),
5.00%, 07/15/32 | |
| 11,409,546 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New
York (continued) | |
| | |
| $ | 10,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,
5.00%, 11/01/27 | |
$ | 10,642,602 | |
| | 9,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,
5.00%, 02/01/31 | |
| 9,325,444 | |
| | 10,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-2,
4.90%, 02/01/32 |
| 10,129,938 | |
| | 14,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.00%, 11/01/28 | |
| 14,320,160 | |
| | 15,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.05%, 11/01/29 | |
| 15,414,609 | |
| | 15,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.15%, 11/01/30 | |
| 15,458,783 | |
| | 10,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.25%, 11/01/31 | |
| 10,342,898 | |
| | 14,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.35%, 11/01/32 | |
| 14,541,433 | |
| | 1,000,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/25 | |
| 1,008,826 | |
| | 1,785,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/26 | |
| 1,839,971 | |
| | 2,000,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/27 | |
| 2,106,238 | |
| | 7,000,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/36 | |
| 7,874,023 | |
Principal
Amount | | |
| |
Value |
| New
York (continued) | |
| | |
| $ | 2,500,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/37 | |
$ | 2,792,572 | |
| | 8,560,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series F-1,
5.00%, 02/01/45 |
| 9,252,470 | |
| | 2,000,000 | | |
New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E,
5.00%, 03/15/31 | |
| 2,027,515 | |
| | 8,000,000 | | |
New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1,
5.00%, 03/15/36 |
| 8,997,763 | |
| | 10,000,000 | | |
New York State Dormitory Authority Public Facilities Revenue Bonds, Series B,
5.11%, 03/15/25 | |
| 9,998,433 | |
| | 5,000,000 | | |
New York State Dormitory Authority Public Improvements Revenue Bonds, Series B,
5.00%, 02/15/28(c) | |
| 5,025,690 | |
| | 10,000,000 | | |
New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A,
5.00%, 03/15/32 | |
| 10,747,820 | |
| | 6,290,000 | | |
New York State Dormitory Authority School Improvements Revenue Bonds, Series A,
5.00%, 03/15/27 | |
| 6,636,132 | |
| | 10,000,000 | | |
New York State Dormitory Authority School Improvements Revenue Bonds, Series C,
5.00%, 03/15/27 | |
| 10,550,290 | |
| | 14,000,000 | | |
New York State Dormitory Authority University & College Improvements Revenue Bonds, Series F,
5.29%, 03/15/25 | |
| 14,009,475 | |
| | 7,850,000 | | |
New York State Thruway Authority Current Refunding Revenue Bonds, Series P,
5.00%, 01/01/25 | |
| 7,870,968 | |
| | 10,000,000 | | |
New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/39 | |
| 10,993,414 | |
| Old
Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio of Investments
- (Continued) |
October
31, 2024 |
| |
|
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 3,500,000 | | |
Triborough Bridge & Tunnel Authority Refunding Revenue Bonds,
5.00%, 05/15/27 | |
$ | 3,702,130 | |
| | 5,000,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/27 | |
| 5,057,570 | |
| | 10,000,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/28 | |
| 10,361,715 | |
| | 10,000,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/29 | |
| 10,496,185 | |
| | 6,500,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/30 | |
| 7,002,643 | |
| | 10,210,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/31 | |
| 11,199,864 | |
| | 10,000,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%,
06/15/32 | |
| 11,154,413 | |
| | | | |
| |
| 469,233,629 | |
| North Carolina — 2.5% | |
| | |
| | 11,680,000 | | |
City of Charlotte Current Refunding GO, Series B,
5.00%, 07/01/25 | |
| 11,829,592 | |
| | 3,295,000 | | |
City of Charlotte Current Refunding GO, Series B,
5.00%, 07/01/28 | |
| 3,561,895 | |
| | 2,375,000 | | |
City of Charlotte Current Refunding GO, Series B,
5.00%, 07/01/29 | |
| 2,613,964 | |
| | 3,000,000 | | |
City of Charlotte GO, Series A,
4.75%, 06/01/33 | |
| 3,003,532 | |
| | 1,000,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/25 | |
| 1,012,807 | |
| | 1,000,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/26 | |
| 1,036,403 | |
Principal
Amount | | |
| |
Value |
| North Carolina (continued) | |
| | |
| $ | 1,235,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/27 | |
$ | 1,308,608 | |
| | 1,250,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/30 | |
| 1,395,714 | |
| | 1,375,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/35 | |
| 1,587,717 | |
| | 2,000,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/36 | |
| 2,306,163 | |
| | 1,750,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/37 | |
| 2,010,850 | |
| | 5,000,000 | | |
City of Charlotte NC Water & Sewer System Refunding Revenue Bonds, Series A,
5.00%, 07/01/30 | |
| 5,582,856 | |
| | 10,000,000 | | |
City of Raleigh NC Combined Enterprise System Current Refunding Revenue Bonds,
5.00%, 09/01/32 | |
| 11,446,456 | |
| | 4,000,000 | | |
County of Cabarrus Current Refunding Revenue Bonds, Series A,
5.00%, 08/01/26 | |
| 4,145,806 | |
| | 4,600,000 | | |
County of Cabarrus Current Refunding Revenue Bonds, Series A,
5.00%, 08/01/30 | |
| 5,105,245 | |
| | 10,250,000 | | |
County of Cabarrus Current Refunding Revenue Bonds, Series A,
5.00%, 08/01/32 | |
| 11,599,727 | |
| | 3,495,000 | | |
County of Cabarrus Current Refunding Revenue Bonds, Series A,
5.00%, 08/01/33 | |
| 3,989,268 | |
| | 11,645,000 | | |
County of Mecklenburg GO,
5.00%, 09/01/26 | |
| 12,102,128 | |
| | 5,995,000 | | |
County of Union School Improvements GO, 5.00%, 09/01/25 | |
| 6,093,530 | |
| Old
Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio of Investments
- (Continued) |
October
31, 2024 |
| |
|
Principal
Amount | | |
| |
Value |
| North Carolina (continued) | |
| | |
| $ | 2,000,000 | | |
State of North Carolina Highway Improvements Revenue Bonds, Series A,
5.00%, 05/01/25 | |
$ | 2,018,050 | |
| | 3,250,000 | | |
State of North Carolina Highway Improvements Revenue Bonds, Series A,
5.00%, 05/01/27 | |
| 3,430,431 | |
| | 7,600,000 | | |
State of North Carolina Highway Improvements Revenue Bonds, Series B,
5.00%, 05/01/28 | |
| 8,179,890 | |
| | | | |
| |
| 105,360,632 | |
| Ohio — 2.7% | |
| | |
| | 2,635,000 | | |
City of Columbus Public Improvements GO, Series A,
5.00%, 08/15/25 | |
| 2,674,634 | |
| | 2,000,000 | | |
City of Columbus Public Improvements GO, Series A,
5.00%, 08/15/26 | |
| 2,079,467 | |
| | 3,000,000 | | |
City of Columbus Public Improvements GO, Series A,
5.00%, 08/15/40 | |
| 3,388,506 | |
| | 1,000,000 | | |
County of Hamilton Sewer System Refunding Revenue Bonds, Series A,
5.00%, 12/01/26 | |
| 1,001,173 | |
| | 1,515,000 | | |
County of Hamilton Sewer System Refunding Revenue Bonds, Series A,
5.00%, 12/01/27 | |
| 1,516,777 | |
| | 17,050,000 | | |
Ohio State University (The) University & College Improvements Revenue Bonds, Series B,
5.00%, 12/01/33 | |
| 19,577,564 | |
| | 5,125,000 | | |
Ohio State University (The) University & College Improvements Revenue Bonds, Series B,
5.00%, 12/01/35 | |
| 5,840,666 | |
| | 10,000,000 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bond, Series 2015-A,
5.00%,
12/01/24 | |
| 10,012,662 | |
| | 5,000,000 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series C,
5.00%, 12/01/33 | |
| 5,733,118 | |
Principal
Amount | | |
| |
Value |
| Ohio (continued) | |
| | |
| $ | 7,640,000 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements
Revenue Bonds, Series A,
5.00%, 12/01/47 | |
$ | 8,334,765 | |
| | 6,000,000 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue
Bonds, Series D,
5.00%, 12/01/29 | |
| 6,632,264 | |
| | 2,000,000 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue
Bonds, Series D,
5.00%, 12/01/30 | |
| 2,242,519 | |
| | 5,450,000 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue
Bonds, Series D,
5.00%, 12/01/31 | |
| 6,153,982 | |
| | 3,100,000 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue
Bonds, Series D,
5.00%, 12/01/32 | |
| 3,539,873 | |
| | 8,000,000 | | |
Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 12/01/33 | |
| 9,172,990 | |
| | 3,575,000 | | |
Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series B,
5.00%, 06/01/26 | |
| 3,692,151 | |
| | 10,000,000 | | |
State of Ohio Advance Refunding GO, Series A,
5.00%, 12/15/24 | |
| 10,019,379 | |
| | 6,500,000 | | |
State of Ohio Health Care Facilities Revenue Bonds,
5.00%, 01/01/32 | |
| 7,291,846 | |
| | 2,250,000 | | |
State of Ohio Highway Improvements Revenue Bonds, Series 2022-1,
5.00%, 12/15/24 | |
| 2,253,801 | |
| | 1,200,000 | | |
State of Ohio Highway Improvements Revenue Bonds, Series 2022-1,
5.00%, 12/15/25 | |
| 1,225,034 | |
| | | | |
| |
| 112,383,171 | |
| Old
Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio of Investments
- (Continued) |
October
31, 2024 |
| |
|
Principal
Amount | | |
| |
Value |
| Oklahoma — 0.2% |
| |
| $ | 5,675,000 | | |
Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds,
3.68%, 07/01/29 | |
$ | 5,493,145 | |
| | 2,985,000 | | |
Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D,
5.00%, 01/01/28 | |
| 3,178,741 | |
| | | | |
| |
| 8,671,886 | |
| Oregon — 1.5% | |
| | |
| | 11,960,000 | | |
City of Portland OR Sewer System Revenue Bonds, Series A,
5.00%, 12/01/24 | |
| 11,975,842 | |
| | 2,500,000 | | |
City of Portland OR Water System Revenue Bonds, Series A,
5.00%, 05/01/26 | |
| 2,579,548 | |
| | 2,500,000 | | |
City of Portland OR Water System Revenue Bonds, Series A,
5.00%, 05/01/27 | |
| 2,635,896 | |
| | 2,000,000 | | |
City of Portland OR Water System Revenue Bonds, Series A,
5.00%, 05/01/28 | |
| 2,151,435 | |
| | 2,380,000 | | |
City of Portland OR Water System Revenue Bonds, Series A,
5.00%, 05/01/29 | |
| 2,605,900 | |
| | 3,350,000 | | |
City of Portland OR Water System Revenue Bonds, Series A,
5.00%, 05/01/30 | |
| 3,713,630 | |
| | 2,300,000 | | |
City of Portland OR Water System Revenue Bonds, Series A,
5.00%, 05/01/31 | |
| 2,576,850 | |
| | 9,535,000 | | |
Multnomah County School District No 1 Portland School Improvements GO, (School Board GTY),
5.00%, 06/15/30 | |
| 10,598,076 | |
| | 10,350,000 | | |
State of Oregon Facilities Improvements GO, Series A,
5.00%, 05/01/25 | |
| 10,443,407 | |
| | 10,110,000 | | |
State of Oregon Public Facilities GO, Series A,
5.00%, 05/01/42 | |
| 11,164,698 | |
| | | | |
| |
| 60,445,282 | |
| Pennsylvania — 2.2% | |
| | |
| | 11,500,000 | | |
Commonwealth of Pennsylvania Current Refunding GO,
4.00%, 02/15/34 | |
| 12,166,603 | |
| | 6,700,000 | | |
Commonwealth of Pennsylvania Current Refunding GO, Series D,
5.00%, 09/01/25 | |
| 6,801,914 | |
Principal
Amount | | |
| |
Value |
| Pennsylvania (continued) | |
| | |
| $ | 10,000,000 | | |
Commonwealth of Pennsylvania Current Refunding GO, Series D,
5.00%, 09/01/26 | |
$ | 10,379,812 | |
| | 10,000,000 | | |
Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,
5.00%,
07/01/45 | |
| 10,811,735 | |
| | 15,000,000 | | |
Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,
4.00%,
07/01/49 | |
| 14,348,472 | |
| | 7,000,000 | | |
Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/26 | |
| 7,228,063 | |
| | 5,890,000 | | |
Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/27 | |
| 6,200,614 | |
| | 6,275,000 | | |
Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/28 | |
| 6,724,248 | |
| | 8,500,000 | | |
Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/29 | |
| 9,253,978 | |
| | 6,500,000 | | |
Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/30 | |
| 7,164,461 | |
| | | | |
| |
| 91,079,900 | |
| South Carolina — 0.7% | |
| | |
| | 4,010,000 | | |
Darlington County School District School Improvements GO, (South Carolina School District Enhancement),
5.00%, 03/01/27 | |
| 4,212,443 | |
| | 3,695,000 | | |
Renewable Water Resources Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/32 | |
| 4,214,126 | |
| | 3,830,000 | | |
Renewable Water Resources Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/33 | |
| 4,417,482 | |
| Old
Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio of Investments
- (Continued) |
October
31, 2024 |
| |
|
Principal
Amount | | |
| |
Value |
| South Carolina (continued) | |
| | |
| $ | 4,290,000 | | |
Renewable Water Resources Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/35 | |
$ | 4,974,149 | |
| | 1,430,000 | | |
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,
5.00%, 11/01/32 | |
| 1,604,241 | |
| | 2,000,000 | | |
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,
5.00%, 11/01/33 | |
| 2,260,836 | |
| | 6,475,000 | | |
South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,
5.00%, 11/01/34 | |
| 7,327,894 | |
| | | | |
| |
| 29,011,171 | |
| South Dakota — 0.3% | |
| | |
| | 1,500,000 | | |
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series A,
5.00%, 07/01/30 | |
| 1,646,781 | |
| | 7,955,000 | | |
South Dakota Health & Educational Facilities Authority Revenue Bonds, Series
A,
5.00%, 07/01/31 | |
| 8,785,728 | |
| | | | |
| |
| 10,432,509 | |
| Tennessee — 0.4% | |
| | |
| | 9,820,000 | | |
County of Rutherford School Improvements GO,
5.00%, 04/01/37 | |
| 11,088,673 | |
| | 3,830,000 | | |
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Refunding
Revenue Bonds,
5.00%, 10/01/35 | |
| 4,410,498 | |
| | 2,165,000 | | |
Tennessee State School Bond Authority Pre-refunded Advance Refunding Revenue Bonds,
Series B, (State Aid Intercept Program),
5.00%, 11/01/30(c) | |
| 2,205,803 | |
| | | | |
| |
| 17,704,974 | |
| Texas — 19.6% | |
| | |
| | 5,500,000 | | |
Aldine Independent School District School Improvements GO, Series B, (PSF-GTD),
5.00%, 02/15/26 | |
| 5,633,914 | |
Principal
Amount | | |
| |
Value |
| Texas (continued) | |
| | |
| $ | 10,000,000 | | |
Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series
A,
5.00%, 08/15/29 | |
$ | 10,973,463 | |
| | 8,035,000 | | |
Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%,
08/15/32 | |
| 8,685,239 | |
| | 14,700,000 | | |
Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%,
08/15/35 | |
| 16,845,272 | |
| | 14,775,000 | | |
Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%,
08/15/37 | |
| 16,809,816 | |
| | 8,620,000 | | |
Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,
5.00%, 08/15/31 | |
| 9,694,034 | |
| | 10,500,000 | | |
Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,
5.00%, 08/15/34 | |
| 11,783,395 | |
| | 5,000,000 | | |
Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,
5.00%, 08/15/29 | |
| 5,486,732 | |
| | 5,000,000 | | |
Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,
5.00%, 08/15/32 | |
| 5,672,482 | |
| | 5,000,000 | | |
Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,
5.00%, 08/15/35 | |
| 5,792,102 | |
| | 2,000,000 | | |
City of Austin TX Airport System Revenue Bonds,
5.00%, 11/15/25 | |
| 2,028,991 | |
| | 5,000,000 | | |
City of Austin TX Airport System Revenue Bonds,
5.00%, 11/15/28 | |
| 5,271,248 | |
| | 3,890,000 | | |
City of Austin TX Water & Wastewater System Advance Refunding Revenue Bonds,
5.00%, 11/15/27 | |
| 4,136,787 | |
| | 2,185,000 | | |
City of Austin TX Water & Wastewater System Current Refunding Revenue Bonds,
5.00%, 11/15/30 | |
| 2,422,638 | |
| Old
Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio of Investments
- (Continued) |
October
31, 2024 |
| |
|
Principal
Amount | | |
| |
Value |
| Texas (continued) | |
| | |
| $ | 5,000,000 | | |
City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,
5.00%, 11/15/29 | |
$ | 5,188,803 | |
| | 5,145,000 | | |
City of Fort Worth Water & Sewer System Improvements Refunding Revenue Bonds,
5.00%, 02/15/25 | |
| 5,171,004 | |
| | 5,720,000 | | |
Clear Creek Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/34 | |
| 6,421,297 | |
| | 8,340,000 | | |
Clear Creek Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/37 | |
| 9,254,062 | |
| | 17,095,000 | | |
Comal Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/35 | |
| 19,474,422 | |
| | 9,500,000 | | |
Conroe Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/25 | |
| 9,543,874 | |
| | 6,725,000 | | |
Conroe Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/41 | |
| 7,440,814 | |
| | 7,500,000 | | |
County of Bexar Advance Refunding GO,
5.00%, 06/15/29(c) | |
| 7,738,344 | |
| | 18,695,000 | | |
County of Bexar GO,
5.00%, 06/15/49 | |
| 19,972,809 | |
| | 20,000,000 | | |
County of Collin Public Facilities GO,
5.00%, 02/15/25 | |
| 20,092,366 | |
| | 6,400,000 | | |
County of Collin Public Facilities GO,
5.00%, 02/15/26 | |
| 6,566,930 | |
| | 6,730,000 | | |
County of Collin Public Facilities GO,
5.00%, 02/15/27 | |
| 7,055,435 | |
| | 9,545,000 | | |
County of Collin Public Facilities GO,
5.00%, 02/15/40 | |
| 10,522,012 | |
| | 6,085,000 | | |
County of Harris Refunding GO, Series A,
5.00%, 09/15/33 | |
| 6,993,198 | |
| | 2,225,000 | | |
County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/27 | |
| 2,357,252 | |
Principal
Amount | | |
| |
Value |
| Texas (continued) | |
| | |
| $ | 2,100,000 | | |
County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/28 | |
$ | 2,266,627 | |
| | 3,500,000 | | |
County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/29 | |
| 3,835,756 | |
| | 6,800,000 | | |
County of Harris TX Toll Road Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/30 | |
| 7,542,797 | |
| | 2,500,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/26 | |
| 2,594,481 | |
| | 2,250,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/27 | |
| 2,383,738 | |
| | 6,350,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/28 | |
| 6,853,850 | |
| | 3,250,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/29 | |
| 3,561,773 | |
| | 2,500,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/30 | |
| 2,773,087 | |
| | 5,000,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/31 | |
| 5,603,180 | |
| | 6,695,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/32 | |
| 7,570,278 | |
| | 3,000,000 | | |
County of Harris TX Toll Road Revenue Bonds, Series A,
5.00%, 08/15/33 | |
| 3,420,659 | |
| | 10,000,000 | | |
Cypress-Fairbanks Independent School District Current Refunding GO, Series A, (PSF-GTD),
5.00%, 02/15/30 | |
| 11,050,961 | |
| | 5,000,000 | | |
Cypress-Fairbanks Independent School District School Improvements GO, Series B, (PSF-GTD),
4.00%, 02/15/44 | |
| 4,934,382 | |
| | 2,500,000 | | |
Dallas Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/25 | |
| 2,511,982 | |
| Old
Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Portfolio of Investments
- (Continued) |
October
31, 2024 |
| |
|
Principal
Amount | | |
| |
Value |
| Texas (continued) | |
| | |
| $ | 2,500,000 | | |
Dallas Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/38 | |
$ | 2,792,094 | |
| | 5,000,000 | | |
Deer Park Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/48 | |
| 5,356,719 | |
| | 7,715,000 | | |
Denton Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 08/15/26(c) | |
| 7,749,931 | |
| | 2,500,000 | | |
Denton Independent School District Advance Refunding GO, (PSF-GTD),
5.00%, 08/15/29 | |
| 2,555,799 | |
| | 5,000,000 | | |
Denton Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/34 | |
| 5,645,886 | |
| | 3,500,000 | | |
Denton Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/48 | |
| 3,755,985 | |
| | 6,800,000 | | |
Ector County Independent School District School Improvements GO, Series A, (PSF-GTD),
5.00%, 08/15/25 | |
| 6,899,129 | |
| | 5,750,000 | | |
Ector County Independent School District School Improvements GO, Series A, (PSF-GTD),
5.00%, 08/15/39 | |
| 6,338,347 | |
| | 1,500,000 | | |
El Paso Independent School District Refunding GO, (PSF-GTD),
5.00%, 08/15/25 | |
| 1,502,239 | |
| | 5,000,000 | | |
Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD),
5.00%, 08/15/25 | |
| 5,071,713 | |
| | 1,525,000 | | |
Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD),
5.00%, 08/15/29 | |
| 1,672,085 | |
| | 2,000,000 | | |
Fort Bend Independent School District Refunding GO, Series A, (PSF-GTD),
5.00%, 08/15/25 | |
| 2,028,685 | |
| | 2,500,000 | | |
Fort Worth Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/25 | |
| 2,512,490 | |
Principal
Amount | | |
| |
Value |
| Texas (continued) | |
| | |
| $ | 9,850,000 | | |
Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/37 | |
$ | 10,848,303 | |
| | 1,500,000 | | |
Harris County Cultural Education Facilities Finance Corp. Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/34 | |
| 1,696,302 | |
| | 2,500,000 | | |
Hurst-Euless-Bedford Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/26 | |
| 2,596,704 | |
| | 5,000,000 | | |
Leander Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/27 | |
| 5,237,492 | |
| | 5,000,000 | | |
Leander Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/28 | |
| 5,334,591 | |
| | 5,000,000 | | |
Lewisville Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/28 | |
| 5,400,670 | |
| | 10,000,000 | | |
Lone Star College System Advance Refunding GO,
5.00%, 02/15/29 | |
| 10,250,755 | |
| | 10,000,000 | | |
Lone Star College System University & College Improvements GO, Series A,
5.00%, 02/15/25 | |
| 10,041,480 | |
| | 13,360,000 | | |
Permanent University Fund - Texas A&M University System Refunding Revenue Bonds,
5.50%, 07/01/28 | |
| 14,139,660 | |
| | 14,110,000 | | |
Permanent University Fund - Texas A&M University System University & College Improvements Revenue
Bonds,
5.00%, 07/01/36 | |
| 15,653,336 | |
| | 2,000,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%,
07/01/27 | |
| 2,112,399 | |
| | 2,550,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%,
07/01/28 | |
| 2,746,457 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| Texas (continued) | |
| |
| $ | 3,500,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/37 | |
$ | 3,978,610 | |
| | 7,500,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/40 | |
| 8,331,678 | |
| | 10,000,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/41 | |
| 11,059,557 | |
| | 1,245,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/25 | |
| 1,259,698 | |
| | 1,875,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/26 | |
| 1,938,566 | |
| | 6,355,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/30 | |
| 7,061,135 | |
| | 7,275,000 | | |
Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/32 | |
| 8,242,708 | |
| | 10,000,000 | | |
Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/26 | |
| 10,350,597 | |
| | 6,000,000 | | |
Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/27 | |
| 6,345,125 | |
| | 6,500,000 | | |
Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/30 | |
| 7,215,064 | |
| | 4,425,000 | | |
Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/31 | |
| 4,969,456 | |
Principal
Amount | |
| |
Value |
| Texas (continued) | |
| |
| $ | 2,385,000 | | |
Prosper Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/40 | |
$ | 2,645,343 | |
| | 2,435,000 | | |
Rankin Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/27 | |
| 2,492,429 | |
| | 1,250,000 | | |
Rankin Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/30(c) | |
| 1,279,570 | |
| | 1,250,000 | | |
Rankin Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/31(c) | |
| 1,279,570 | |
| | 20,020,000 | | |
Richardson Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/26 | |
| 20,503,917 | |
| | 2,000,000 | | |
San Antonio Water System Water Utility Improvements Revenue Bonds, Series A,
5.00%, 05/15/25 | |
| 2,019,692 | |
| | 2,500,000 | | |
San Antonio Water System Water Utility Improvements Revenue Bonds, Series A,
5.00%, 05/15/26 | |
| 2,581,154 | |
| | 9,000,000 | | |
Spring Branch Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/01/26 | |
| 9,217,591 | |
| | 5,750,000 | | |
Spring Branch Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/01/27 | |
| 6,018,242 | |
| | 9,450,000 | | |
Spring Branch Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/01/29 | |
| 10,253,974 | |
| | 7,180,000 | | |
Spring Independent School District Advance Refunding GO, Series A,
5.00%, 08/15/28 | |
| 7,382,330 | |
| | 5,000,000 | | |
State of Texas Public Finance Authority Advance Refunding GO,
5.00%, 10/01/26 | |
| 5,206,276 | |
| | 5,000,000 | | |
State of Texas Public Finance Authority Advance Refunding GO,
2.18%, 10/01/27 | |
| 4,720,272 | |
| | 2,000,000 | | |
State of Texas Refunding GO,
5.00%, 10/01/29 | |
| 2,195,429 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| Texas (continued) | |
| |
| $ | 6,750,000 | | |
State of Texas Refunding GO,
5.00%, 10/01/31 | |
$ | 7,574,880 | |
| | 2,500,000 | | |
State of Texas Refunding GO,
5.00%, 10/01/39 | |
| 2,820,768 | |
| | 5,000,000 | | |
State of Texas Refunding GO, Series B,
1.94%, 10/01/31 | |
| 4,270,247 | |
| | 3,200,000 | | |
State of Texas Transportation Commission Advance Refunding GO, Series A,
5.00%, 10/01/25 | |
| 3,256,465 | |
| | 5,000,000 | | |
State of Texas Transportation Commission Advance Refunding GO, Series A,
5.00%, 10/01/28 | |
| 5,076,432 | |
| | 18,500,000 | | |
Tarrant Regional Water District Water Supply System Revenue Bonds,
5.00%, 03/01/31 | |
| 20,648,941 | |
| | 15,160,000 | | |
Tarrant Regional Water District Water Supply System Revenue Bonds,
5.00%, 03/01/34 | |
| 17,332,993 | |
| | 3,000,000 | | |
Texas A&M University & College Improvements Revenue Bonds,
5.00%, 05/15/30 | |
| 3,321,979 | |
| | 1,500,000 | | |
Texas A&M University & College Improvements Revenue Bonds, Series A,
5.00%, 05/15/29 | |
| 1,639,966 | |
| | 2,000,000 | | |
Texas A&M University & College Improvements Revenue Bonds, Series A,
5.00%, 05/15/33 | |
| 2,287,096 | |
| | 2,310,000 | | |
Texas A&M University & College Improvements Revenue Bonds, Series A,
5.00%, 05/15/35 | |
| 2,634,290 | |
| | 4,565,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/25 | |
| 4,594,108 | |
| | 10,170,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/28 | |
| 10,889,605 | |
| | 4,000,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/29 | |
| 4,347,186 | |
| | 4,100,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/30 | |
| 4,518,286 | |
Principal
Amount | |
| |
Value |
| Texas (continued) | |
| |
| $ | 1,605,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/31 | |
$ | 1,786,404 | |
| | 10,000,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/32 | |
| 11,251,420 | |
| | 7,500,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/33 | |
| 8,516,058 | |
| | 7,500,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/34 | |
| 8,584,301 | |
| | 6,700,000 | | |
Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/37 | |
| 7,513,811 | |
| | 17,185,000 | | |
Texas Tech University System University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/30 | |
| 18,955,095 | |
| | 15,585,000 | | |
Texas Tech University System University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/31 | |
| 17,377,035 | |
| | 16,690,000 | | |
Texas Tech University System University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/32 | |
| 18,819,495 | |
| | 5,000,000 | | |
Texas Tech University System University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/33 | |
| 5,696,601 | |
| | 2,085,000 | | |
United Independent School District GO, (PSF-GTD),
5.00%, 08/15/25 | |
| 2,115,722 | |
| | 4,335,000 | | |
Wylie Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/36 | |
| 4,895,195 | |
| | | | |
| |
| 811,143,899 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| Utah — 1.3% | |
| |
| $ | 2,950,000 | | |
City of Salt Lake City UT Airport Revenue Bonds, Series A,
5.00%, 07/01/26 | |
$ | 3,018,048 | |
| | 2,500,000 | | |
City of Salt Lake City UT Airport Revenue Bonds, Series A,
5.00%, 07/01/30 | |
| 2,673,516 | |
| | 10,000,000 | | |
City of Salt Lake City UT Airport Revenue Bonds, Series A,
5.00%, 07/01/33 | |
| 10,649,516 | |
| | 6,000,000 | | |
City of Salt Lake City UT Airport Revenue Bonds, Series A,
5.00%, 07/01/34 | |
| 6,458,411 | |
| | 10,000,000 | | |
County of Utah Health Care Facilities Revenue Bonds,
4.00%, 05/15/41 | |
| 9,961,687 | |
| | 3,060,000 | | |
Davis School District School Improvements GO, (School Board GTY),
5.00%, 06/01/29 | |
| 3,354,574 | |
| | 2,760,000 | | |
Davis School District School Improvements GO, (School Board GTY),
5.00%, 06/01/30 | |
| 3,061,867 | |
| | 3,710,000 | | |
Davis School District School Improvements GO, (School Board GTY),
5.00%, 06/01/31 | |
| 4,164,234 | |
| | 3,900,000 | | |
Davis School District School Improvements GO, (School Board GTY),
5.00%, 06/01/32 | |
| 4,428,156 | |
| | 4,025,000 | | |
Davis School District School Improvements GO, (School Board GTY),
5.00%, 06/01/33 | |
| 4,600,543 | |
| | | | |
| |
| 52,370,552 | |
| Virginia — 2.7% | |
| | |
| | 3,330,000 | | |
Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding),
5.00%, 06/01/25 | |
| 3,364,650 | |
| | 7,430,000 | | |
Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding),
5.00%, 06/01/28 | |
| 7,517,972 | |
| | 5,000,000 | | |
County of Fairfax School Improvements GO, Series A, (State Aid Withholding),
5.00%, 10/01/27 | |
| 5,273,109 | |
Principal
Amount | |
| |
Value |
| Virginia (continued) | |
| |
| $ | 7,555,000 | | |
County of Loudoun GO, Series A, (State Aid Withholding),
5.00%, 12/01/25 | |
$ | 7,732,328 | |
| | 10,900,000 | | |
Fairfax County Industrial Development Authority Health Care Facilities Revenue Bonds,
5.00%, 05/15/32 | |
| 12,292,418 | |
| | 3,000,000 | | |
Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A,
5.00%, 07/01/35 | |
| 3,357,954 | |
| | 16,330,000 | | |
Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A,
5.00%, 07/01/26 | |
| 16,854,843 | |
| | 4,460,000 | | |
Loudoun County Sanitation Authority Advance Refunding Revenue Bonds,
5.00%, 01/01/29 | |
| 4,470,858 | |
| | 2,755,000 | | |
Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,
5.00%, 02/01/26 | |
| 2,824,996 | |
| | 2,750,000 | | |
Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,
5.00%, 02/01/27 | |
| 2,883,610 | |
| | 5,725,000 | | |
Virginia College Building Authority University & College Improvements Revenue Bonds,
5.00%, 02/01/27 | |
| 6,003,474 | |
| | 5,000,000 | | |
Virginia College Building Authority University & College Improvements Revenue Bonds,
5.00%, 02/01/28 | |
| 5,348,483 | |
| | 6,540,000 | | |
Virginia College Building Authority University & College Improvements Revenue Bonds,
5.00%, 02/01/29 | |
| 7,118,023 | |
| | 5,000,000 | | |
Virginia College Building Authority University & College Improvements Revenue Bonds,
5.00%, 02/01/38 | |
| 5,509,230 | |
| | 5,000,000 | | |
Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds,
5.00%, 05/15/27 | |
| 5,156,082 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| Virginia (continued) | |
| |
| $ | 2,645,000 | | |
Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding),
5.00%, 08/01/25 | |
$ | 2,681,787 | |
| | 2,585,000 | | |
Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding),
5.00%, 08/01/26 | |
| 2,684,272 | |
| | 2,100,000 | | |
Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding),
5.00%, 08/01/27 | |
| 2,230,321 | |
| | 2,280,000 | | |
Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding),
5.00%, 02/01/27 | |
| 2,394,855 | |
| | 3,325,000 | | |
Virginia Public School Authority School Improvements Revenue Bonds, Series 2022, (State Aid Withholding),
5.00%, 02/01/28 | |
| 3,562,956 | |
| | 2,000,000 | | |
Virginia Resources Authority Advance Refunding Revenue Bonds,
5.00%, 11/01/26 | |
| 2,089,636 | |
| | | | |
| |
| 111,351,857 | |
| Washington — 5.8% | |
| | |
| | 4,535,000 | | |
City of Seattle WA Municipal Light & Power Revenue Bonds, Series A,
5.00%, 03/01/30 | |
| 5,017,071 | |
| | 5,395,000 | | |
County of King Refunding GO,
5.00%, 07/01/26 | |
| 5,411,956 | |
| | 9,000,000 | | |
County of King School District No 411 Issaquah School Improvements GO, (School Board GTY),
5.00%, 12/01/32 | |
| 9,517,598 | |
| | 8,000,000 | | |
County of King WA Sewer Revenue Bonds, Series B,
5.00%, 07/01/29 | |
| 8,596,938 | |
| | 10,000,000 | | |
Energy Northwest Advance Refunding Revenue Bonds, Series A,
5.00%, 07/01/27 | |
| 10,333,666 | |
| | 1,500,000 | | |
King & Snohomish Counties School District No 417 Northshore School Improvements GO, (School Board GTY),
5.00%, 12/01/39 | |
| 1,689,343 | |
Principal
Amount | |
| |
Value |
| Washington (continued) | |
| |
| $ | 2,000,000 | | |
King County School District No 403 Renton School Improvements GO, (School Board GTY),
5.00%, 12/01/24 | |
$ | 2,002,445 | |
| | 5,100,000 | | |
Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),
5.00%, 12/01/25 | |
| 5,208,216 | |
| | 2,270,000 | | |
Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),
5.00%, 12/01/29 | |
| 2,501,936 | |
| | 8,560,000 | | |
Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),
5.00%, 12/01/37 | |
| 9,623,755 | |
| | 5,000,000 | | |
Snohomish County School District No 201 Refunding GO, (School Board GTY),
5.00%, 12/01/25 | |
| 5,004,788 | |
| | 6,000,000 | | |
Spokane County School District No 81 Spokane School Improvements GO, (School Board GTY),
5.00%, 12/01/36 | |
| 6,686,657 | |
| | 20,000,000 | | |
State of Washington Current Refunding GO, Series R-2023A,
5.00%, 08/01/37 | |
| 22,484,498 | |
| | 11,000,000 | | |
State of Washington Current Refunding GO, Series R-2023A,
5.00%, 08/01/38 | |
| 12,324,639 | |
| | 5,620,000 | | |
State of Washington GO, Series T,
4.74%, 08/01/26 | |
| 5,659,539 | |
| | 6,650,000 | | |
State of Washington Highway Improvements GO, Series D,
5.00%, 02/01/43 | |
| 6,901,780 | |
| | 24,710,000 | | |
State of Washington School Improvements GO, Series 2024-A,
5.00%, 08/01/42 | |
| 27,098,019 | |
| | 15,000,000 | | |
State of Washington School Improvements GO, Series A,
5.00%, 08/01/29 | |
| 16,420,212 | |
| | 15,000,000 | | |
State of Washington School Improvements GO, Series A,
5.00%, 08/01/30 | |
| 16,629,894 | |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | |
| |
Value |
| Washington (continued) | |
| |
| $ | 10,000,000 | | |
State of Washington School Improvements GO, Series B, Group 2,
5.00%, 02/01/39 | |
$ | 11,094,924 | |
| | 15,000,000 | | |
State of Washington School Improvements GO, Series B, Group 2,
5.00%, 02/01/40 | |
| 16,510,961 | |
| | 8,975,000 | | |
State of Washington School Improvements GO, Series C,
5.00%, 02/01/44 | |
| 9,573,898 | |
| | 20,000,000 | | |
State of Washington School Improvements GO, Series C, Group 1,
5.00%, 02/01/35 | |
| 22,806,742 | |
| | | | |
| |
| 239,099,475 | |
| Wisconsin — 2.2% | |
| | |
| | 5,780,000 | | |
State of Wisconsin Crossover Refunding GO, Series 2,
5.00%, 11/01/27 | |
| 6,092,569 | |
| | 11,000,000 | | |
State of Wisconsin Current Refunding GO, Series 1,
5.00%, 05/01/25 | |
| 11,094,904 | |
| | 2,000,000 | | |
State of Wisconsin Current Refunding GO, Series 2024-2,
5.00%, 05/01/26 | |
| 2,060,402 | |
| | 10,000,000 | | |
State of Wisconsin Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/29(c) | |
| 10,529,830 | |
| | 13,780,000 | | |
State of Wisconsin GO, Series A,
5.00%, 05/01/38 | |
| 15,287,740 | |
| | 13,310,000 | | |
State of Wisconsin Public Facilities GO, Series A,
5.00%, 05/01/25 | |
| 13,424,833 | |
| | 14,975,000 | | |
State of Wisconsin Public Facilities GO, Series A,
5.00%, 05/01/44 | |
| 16,521,823 | |
| | 8,000,000 | | |
State of Wisconsin University & College Improvements GO, Series A,
5.00%, 05/01/32 | |
| 8,983,338 | |
| | 7,250,000 | | |
Wisconsin Health & Educational Facilities Authority Advance Refunding Revenue Bonds,
5.00%, 08/15/54(a) | |
| 7,438,812 | |
| | | | |
| |
| 91,434,251 | |
Total Municipal Bonds
(Cost $3,992,096,067) | |
| 3,977,090,471 | |
Principal
Amount | | |
| |
Value |
| CORPORATE BONDS — 0.9% | |
| | |
| United States — 0.9% | |
| | |
| $ | 1,675,000 | | |
Andrew W Mellon Foundation (The), Series 2020,
0.95%, 08/01/27 | |
$ | 1,525,087 | |
| | 5,000,000 | | |
Baylor Scott & White Holdings, Series 2021,
0.83%, 11/15/25 | |
| 4,793,666 | |
| | 8,000,000 | | |
Brown University, Series A,
1.91%, 09/01/30 | |
| 6,874,293 | |
| | 5,000,000 | | |
Leland Stanford Junior University,
1.29%, 06/01/27 | |
| 4,621,231 | |
| | 20,000,000 | | |
SSM Health Care Corp.,
4.89%, 06/01/28 | |
| 20,016,311 | |
| | | | |
| |
| | |
Total Corporate Bonds
(Cost $39,702,164) | |
| 37,830,588 | |
| | | | |
| |
| | |
| U.S. GOVERNMENT SECURITIES — 1.2% | | |
| U.S. Treasury Notes — 1.2% | |
| | |
| | 18,000,000 | | |
4.25%, 10/15/25 | |
| 17,988,468 | |
| | 15,000,000 | | |
4.63%, 02/28/26 | |
| 15,067,383 | |
| | 15,000,000 | | |
4.25%, 03/15/27 | |
| 15,039,258 | |
| | | | |
| |
| | |
Total U.S. Government Securities
(Cost $47,806,841) | |
| 48,095,109 | |
| | | | |
| |
| | |
| Shares | | |
| |
| | |
| INVESTMENT COMPANY — 2.2% |
| | 89,782,630 | | |
Federated Hermes U.S. Treasury Cash
Reserves, Premier Class, 4.69%(d) | |
| 89,782,630 | |
Total Investment Company
(Cost $89,782,630) | |
| 89,782,630 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS — 100.2%
(Cost $4,169,387,702) | |
$ | 4,152,798,798 | |
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% |
| (6,476,941) | |
| NET ASSETS — 100.0% | |
$ | 4,146,321,857 | |
| (a) |
Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the
rate in effect as of October 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread
are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but
are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate
and spread in their description above. |
| Old Westbury Funds, Inc. |
|
| Municipal
Bond Fund |
|
| Portfolio of Investments - (Continued) |
October 31, 2024
|
| (b) |
These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption
at the stated maturity date. |
| (c) |
These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized
by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire
the bonds in full at the earliest refunding date. |
| (d) |
The rate shown represents the current yield as of October 31, 2024. |
The following abbreviations are used in the report:
AGM — Assured Guaranty Municipal Corp.
COP — Certificates of Participation
GO — General Obligation
GTY — Guaranty
PSF-GTD — Permanent School Fund Guarantee
| Old Westbury Funds, Inc. |
|
| California
Municipal Bond Fund |
|
| Portfolio
of Investments |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| MUNICIPAL BONDS — 92.7% |
| | |
| California — 92.7% |
| | |
| $ | 10,000,000 | | |
California Educational Facilities Authority University & College Improvements
Revenue Bonds, Series V-3,
5.00%, 06/01/33 | |
$ | 11,752,018 | |
| | 5,000,000 | | |
California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 08/15/33 | |
| 5,771,203 | |
| | 2,000,000 | | |
California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 11/01/49 | |
| 2,187,855 | |
| | 680,000 | | |
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series
A,
5.00%, 04/01/26 | |
| 702,772 | |
| | 1,130,000 | | |
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series
A,
5.00%, 04/01/27 | |
| 1,197,347 | |
| | 4,715,000 | | |
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series
A,
5.00%, 04/01/28 | |
| 5,108,574 | |
| | 1,020,000 | | |
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series
A,
5.00%, 04/01/29 | |
| 1,127,571 | |
| | 1,000,000 | | |
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series
A,
5.00%, 04/01/32 | |
| 1,157,846 | |
| | 8,200,000 | | |
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series
A,
5.00%, 04/01/33 | |
| 9,604,535 | |
| | 2,000,000 | | |
California Infrastructure & Economic Development Bank Water Utility Improvements Revenue
Bonds,
5.00%, 10/01/35 | |
| 2,300,618 | |
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 2,000,000 | | |
California Infrastructure & Economic Development Bank Water Utility Improvements
Revenue Bonds,
4.00%, 10/01/38 | |
$ | 2,092,327 | |
| | 1,950,000 | | |
California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,
5.00%,
08/01/28 | |
| 2,117,720 | |
| | 1,500,000 | | |
California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,
5.00%,
08/01/33 | |
| 1,739,507 | |
| | 3,575,000 | | |
California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,
4.00%,
07/15/42 | |
| 3,619,248 | |
| | 2,425,000 | | |
California State Public Works Board Current Refunding Revenue Bonds, Series C,
5.00%, 09/01/30 | |
| 2,705,616 | |
| | 3,825,000 | | |
California State Public Works Board Public Facilities Revenue Bonds, Series B,
5.11%, 04/01/25 | |
| 3,830,461 | |
| | 2,750,000 | | |
California State Public Works Board Public Facilities Revenue Bonds, Series B,
4.99%, 04/01/31 | |
| 2,800,534 | |
| | 5,000,000 | | |
California State University Current Refunding Revenue Bonds, Series A,
5.00%, 11/01/47 | |
| 5,061,750 | |
| | 975,000 | | |
City & County of San Francisco Current Refunding COP, Series R1,
5.00%, 04/01/25 | |
| 982,589 | |
| | 325,000 | | |
City & County of San Francisco Current Refunding COP, Series R1,
5.00%, 04/01/26 | |
| 335,042 | |
| | 4,550,000 | | |
City & County of San Francisco Current Refunding COP, Series R1,
5.00%, 04/01/40 | |
| 5,196,567 | |
| | 1,260,000 | | |
City & County of San Francisco Current Refunding GO, Series R1,
5.00%, 06/15/26 | |
| 1,307,745 | |
| Old Westbury Funds, Inc. |
|
| California Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 1,100,000 | | |
City & County of San Francisco Current
Refunding GO, Series R1,
5.00%, 06/15/27 | |
$ | 1,171,343 | |
| | 2,375,000 | | |
City & County of San Francisco Current Refunding
GO, Series R1,
5.00%, 06/15/28 | |
| 2,584,126 | |
| | 3,000,000 | | |
City & County of San Francisco Current Refunding
GO, Series R1,
5.00%, 06/15/30 | |
| 3,386,192 | |
| | 1,750,000 | | |
City & County of San Francisco Current Refunding
GO, Series R1,
5.00%, 06/15/34 | |
| 2,013,385 | |
| | 2,000,000 | | |
City of Los Angeles CA Solid Waste Resources Revenue
Bonds, Series A,
5.00%, 02/01/31 | |
| 2,275,343 | |
| | 1,500,000 | | |
City of Los Angeles CA Solid Waste Resources Revenue
Bonds, Series A,
5.00%, 02/01/32 | |
| 1,730,660 | |
| | 2,590,000 | | |
City of Los Angeles Department of Airports Airport &
Marina Improvements Refunding Revenue Bonds, Series A,
5.00%, 05/15/32 | |
| 2,730,843 | |
| | 5,000,000 | | |
City of Los Angeles Department of Airports Current Refunding
Revenue Bonds,
5.00%, 05/15/40 | |
| 5,404,137 | |
| | 3,515,000 | | |
City of San Francisco CA Public Utilities Commission
Water Refunding Revenue Bonds, Sub- Series S,
5.00%, 11/01/31 | |
| 4,053,454 | |
| | 1,000,000 | | |
City of San Francisco CA Public Utilities Commission
Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/29 | |
| 1,116,456 | |
| | 2,910,000 | | |
City of San Francisco CA Public Utilities Commission
Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/30 | |
| 3,301,938 | |
| | 3,000,000 | | |
City of San Francisco CA Public Utilities Commission
Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/31 | |
| 3,463,715 | |
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 2,000,000 | | |
City of San Francisco CA Public Utilities Commission Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/32 | |
$ | 2,331,098 | |
| | 3,250,000 | | |
County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/25 | |
| 3,301,239 | |
| | 2,000,000 | | |
County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/26 | |
| 2,082,343 | |
| | 1,600,000 | | |
County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/27 | |
| 1,709,004 | |
| | 1,955,000 | | |
County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/28 | |
| 2,131,928 | |
| | 1,005,000 | | |
County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/29 | |
| 1,118,150 | |
| | 5,220,000 | | |
County of Santa Clara GO, Series C,
4.30%, 08/01/27 | |
| 5,223,533 | |
| | 5,220,000 | | |
County of Santa Clara GO, Series C,
4.33%, 08/01/29 | |
| 5,220,587 | |
| | 1,700,000 | | |
East Bay Municipal Utility District Water System Revenue Bonds, Series A,
5.00%, 06/01/31 | |
| 1,945,444 | |
| | 1,500,000 | | |
East Bay Municipal Utility District Water System Revenue Bonds, Series A,
5.00%, 06/01/43 | |
| 1,682,263 | |
| | 5,485,000 | | |
Foothill-De Anza Community College District University & College Improvements GO, Series C,
5.00%, 08/01/25 | |
| 5,571,475 | |
| | 1,450,000 | | |
Fremont Union High School District School Improvements GO, Series 2018,
5.00%, 08/01/25 | |
| 1,472,210 | |
| | 5,000,000 | | |
Los Angeles Community College District University & College Improvements GO, Series A-1,
5.00%, 08/01/27 | |
| 5,343,395 | |
| | 3,000,000 | | |
Los Angeles Community College District University & College Improvements GO, Series B,
4.78%, 08/01/27 | |
| 3,027,372 | |
| Old Westbury Funds, Inc. |
|
| California Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 930,000 | | |
Los Angeles County Metropolitan Transportation Authority Sales Tax Current Refunding Revenue Bonds, Series A,
5.00%, 06/01/31 | |
$ | 1,065,484 | |
| | 5,000,000 | | |
Los Angeles Department of Water & Power Water System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/36 | |
| 5,852,217 | |
| | 5,000,000 | | |
Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/26 | |
| 5,185,410 | |
| | 5,000,000 | | |
Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/27 | |
| 5,326,084 | |
| | 2,000,000 | | |
Los Angeles Department of Water & Power Water System Revenue Bonds, Series D,
5.00%, 07/01/47 | |
| 2,180,168 | |
| | 1,000,000 | | |
Miracosta Community College District University & College Improvements GO, Series 2016-C,
5.00%, 08/01/35 | |
| 1,145,228 | |
| | 1,000,000 | | |
Mount San Antonio Community College District University & College Improvements GO, Series D,
5.00%, 08/01/35 | |
| 1,179,481 | |
| | 1,000,000 | | |
Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J,
5.00%, 08/15/30 | |
| 1,130,259 | |
| | 2,000,000 | | |
Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H,
5.00%, 08/15/36 | |
| 2,212,714 | |
| | 1,000,000 | | |
Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,
5.00%, 11/15/38 | |
| 1,155,927 | |
| | 1,400,000 | | |
Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,
5.00%, 11/15/39 | |
| 1,610,691 | |
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 1,000,000 | | |
Sacramento Municipal Utility District Electric
Light & Power Improvements Revenue Bonds, Series M,
5.00%, 11/15/40 | |
$ | 1,143,693 | |
| | 1,000,000 | | |
San Diego County Regional Transportation Commission Current
Refunding Revenue Bonds, Series A,
5.00%, 04/01/28 | |
| 1,083,131 | |
| | 10,000,000 | | |
San Francisco City & County Airport Comm-San Francisco
International Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/28 | |
| 10,533,699 | |
| | 3,000,000 | | |
San Francisco City & County Airport Comm-San Francisco
International Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/29 | |
| 3,199,165 | |
| | 2,000,000 | | |
San Francisco City & County Airport Comm-San Francisco
International Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/31 | |
| 2,162,868 | |
| | 2,500,000 | | |
San Francisco City & County Airport Comm-San Francisco
International Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/32 | |
| 2,688,382 | |
| | 12,530,000 | | |
San Francisco City & County Airport Comm-San Francisco
International Airport Current Refunding Revenue Bonds, Series C,
5.35%, 05/01/25 | |
| 12,574,928 | |
| | 2,000,000 | | |
San Francisco City & County Airport Comm-San Francisco
International Airport Current Refunding Revenue Bonds, Series H,
5.00%, 05/01/29 | |
| 2,132,777 | |
| Old Westbury Funds, Inc. |
|
| California Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 5,000,000 | | |
San Francisco City & County Airport Comm-San
Francisco International Airport Port Airport & Marina Improvements Revenue Bonds, Series C,
5.00%, 05/01/46 | |
$ | 5,089,270 | |
| | 5,700,000 | | |
San Francisco City & County Public Utilities Commission
Wastewater Advance Refunding Revenue Bonds, Series B,
4.81%, 10/01/32 | |
| 5,735,611 | |
| | 1,000,000 | | |
San Jose Evergreen Community College District University
& College Improvements GO, Series C,
5.00%, 09/01/36 | |
| 1,142,561 | |
| | 1,650,000 | | |
San Jose Evergreen Community College District University
& College Improvements GO, Series C,
5.00%, 09/01/38 | |
| 1,873,669 | |
| | 1,000,000 | | |
San Jose Financing Authority Refunding Revenue Bonds,
Series B,
5.00%, 11/01/36 | |
| 1,143,169 | |
| | 1,000,000 | | |
San Jose Financing Authority Refunding Revenue Bonds,
Series B,
5.00%, 11/01/37 | |
| 1,139,820 | |
| | 1,075,000 | | |
San Jose Financing Authority Refunding Revenue Bonds,
Series B,
5.00%, 11/01/42 | |
| 1,199,724 | |
| | 2,000,000 | | |
Santa Clara Valley Water District Current Refunding Revenue
Bonds, Series A,
5.00%, 06/01/42 | |
| 2,227,181 | |
| | 2,000,000 | | |
Santa Clara Valley Water District Current Refunding Revenue
Bonds, Series A,
5.00%, 06/01/43 | |
| 2,215,452 | |
| | 10,000,000 | | |
Santa Clara Valley Water District Refunding Revenue Bonds,
Series A-2,
5.00%, 06/01/26 | |
| 10,355,641 | |
| | 5,000,000 | | |
State Center Community College District University &
College Improvements GO, Series C,
5.00%, 08/01/47 | |
| 5,426,506 | |
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 25,000 | | |
State of California Current Refunding GO,
5.00%, 10/01/26 | |
$ | 25,043 | |
| | 4,975,000 | | |
State of California Current Refunding GO,
5.00%,
10/01/26(a) | |
| 4,982,960 | |
| | 2,000,000 | | |
State of California Current Refunding GO,
5.00%,
11/01/27 | |
| 2,134,066 | |
| | 10,000,000 | | |
State of California Current Refunding GO,
5.00%,
11/01/30 | |
| 11,196,131 | |
| | 5,000,000 | | |
State of California Current Refunding GO,
5.00%,
10/01/36 | |
| 5,631,507 | |
| | 2,645,000 | | |
State of California Current Refunding GO,
5.00%,
10/01/27 | |
| 2,817,111 | |
| | 5,770,000 | | |
State of California Current Refunding GO, (AGM),
5.25%, 08/01/32 | |
| 6,584,045 | |
| | 3,000,000 | | |
State of California Current Refunding GO, Group C,
5.00%, 08/01/27 | |
| 3,012,822 | |
| | 10,140,000 | | |
State of California Multi Utility Improvements GO,
5.00%, 10/01/25 | |
| 10,328,367 | |
| | 7,500,000 | | |
State of California Public Improvements GO,
5.00%,
08/01/33 | |
| 8,600,927 | |
| | 5,000,000 | | |
State of California Water Utility Improvements GO,
6.00%, 03/01/33 | |
| 5,439,498 | |
| | 10,000,000 | | |
State of California Water Utility Improvements GO,
5.00%, 04/01/28 | |
| 10,748,199 | |
| | 10,000,000 | | |
University of California Current Refunding Revenue Bonds,
Series BN,
5.00%, 05/15/34 | |
| 11,560,564 | |
| | 5,000,000 | | |
University of California Current Refunding Revenue Bonds,
Series BV,
5.00%, 05/15/35 | |
| 5,835,545 | |
| Old Westbury Funds, Inc. |
|
| California Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| California (continued) |
| | |
| $ | 3,000,000 | | |
University of California University &
College Improvements Revenue Bonds, Series BK,
5.00%, 05/15/32 | |
$ | 3,464,146 | |
| | | | |
| |
| | |
Total Municipal Bonds
(Cost $341,734,132) |
| 341,562,919 | |
| | | | |
| |
| | |
| CORPORATE BONDS — 0.5% |
| | |
| United States — 0.5% |
| | |
| | 2,000,000 | | |
Stanford Health Care, Series 2020,
3.31%,
08/15/30 | |
| 1,859,973 | |
Total Corporate Bonds
(Cost $2,000,000) |
| 1,859,973 | |
| | | | |
| |
| | |
| U.S. GOVERNMENT SECURITIES — 1.4% |
| | |
| U.S. Treasury Notes — 1.4% |
| | |
| | 5,000,000 | | |
4.25%, 10/15/25 | |
| 4,996,797 | |
Total U.S. Government Securities
(Cost $4,994,855) |
| 4,996,797 | |
| | | | |
| |
| | |
| Shares | | |
| |
| | |
| INVESTMENT COMPANY — 4.3% |
| | |
| | 15,857,568 | | |
Federated Hermes U.S. Treasury Cash Reserves, Premier
Class, 4.69%(b) | |
| 15,857,568 | |
Total Investment Company
(Cost $15,857,568) |
| 15,857,568 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS — 98.9%
(Cost $364,586,555) |
$ | 364,277,257 | |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1% |
| 4,051,742 | |
| NET ASSETS — 100.0% |
$ | 368,328,999 | |
| (a) |
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. |
| (b) |
The rate shown represents the current yield as of October 31, 2024. |
The following abbreviations are used in the report:
AGM — Assured Guaranty Municipal Corp.
COP — Certificates of Participation
GO — General Obligation
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| MUNICIPAL BONDS — 90.0% | |
| | |
| New York — 90.0% | |
| | |
| $ | 1,515,000 | | |
City of New York Advance Refunding GO, Series C,
5.00%, 08/01/27 | |
$ | 1,521,188 | |
| | 2,500,000 | | |
City of New York Current Refunding GO, Series B-1,
5.00%, 08/01/28 | |
| 2,693,273 | |
| | 1,250,000 | | |
City of New York Current Refunding GO, Series C-1,
5.00%, 08/01/25 | |
| 1,267,022 | |
| | 3,000,000 | | |
City of New York Current Refunding GO, Sub-Series F-1,
5.00%, 08/01/30 | |
| 3,318,751 | |
| | 6,345,000 | | |
City of New York Public Improvements GO, Series A-1,
4.00%, 08/01/41 | |
| 6,348,940 | |
| | 5,000,000 | | |
City of New York Public Improvements GO, Sub-Series E-2,
4.57%, 04/01/28 | |
| 5,018,530 | |
| | 2,860,000 | | |
County of Westchester NY Public Improvements GO, Series A,
5.00%, 10/15/29 | |
| 3,174,319 | |
| | 2,000,000 | | |
County of Westchester NY Recreation Facilities Improvements GO, Series A,
5.00%, 12/15/30 | |
| 2,253,669 | |
| | 2,000,000 | | |
County of Westchester NY Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/31 | |
| 2,140,073 | |
| | 2,300,000 | | |
County of Westchester NY Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/32 | |
| 2,448,557 | |
| | 2,300,000 | | |
County of Westchester NY Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/33 | |
| 2,438,630 | |
| | 7,500,000 | | |
County of Westchester NY Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/34 | |
| 7,915,280 | |
| | 7,500,000 | | |
County of Westchester NY Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/35 | |
| 7,881,371 | |
| | 7,500,000 | | |
County of Westchester NY Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/36 | |
| 7,848,852 | |
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 1,500,000 | | |
Empire State Development Corp. Pre-refunded
Advance Refunding Revenue Bonds, Series A,
5.00%, 03/15/29(a) | |
$ | 1,582,543 | |
| | 5,000 | | |
Empire State Development Corp. Advance Refunding Revenue Bonds,
Series A,
5.00%, 03/15/25 | |
| 5,033 | |
| | 5,000,000 | | |
Empire State Development Corp. Correctional Facilities Improvements
Revenue Bonds,
5.00%, 03/15/31 | |
| 5,605,558 | |
| | 5,000,000 | | |
Empire State Development Corp. Correctional Facilities Improvements
Revenue Bonds,
5.00%, 03/15/32 | |
| 5,664,927 | |
| | 4,620,000 | | |
Empire State Development Corp. Transit Improvements Revenue
Bonds, Series A,
5.00%, 03/15/36 | |
| 5,244,940 | |
| | 1,000,000 | | |
Erie County Industrial Development Agency Current Refunding
Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/25 | |
| 1,009,362 | |
| | 1,000,000 | | |
Erie County Industrial Development Agency Current Refunding
Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/26 | |
| 1,032,402 | |
| | 1,025,000 | | |
Erie County Industrial Development Agency Current Refunding
Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/29 | |
| 1,118,658 | |
| | 1,500,000 | | |
Erie County Industrial Development Agency Current Refunding
Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/31 | |
| 1,677,732 | |
| | 1,750,000 | | |
Erie County Industrial Development Agency Current Refunding
Revenue Bonds, Series A, (State Aid Withholding),
5.00%, 05/01/27 | |
| 1,842,958 | |
| | 2,220,000 | | |
Erie County Industrial Development Agency Current Refunding
Revenue Bonds, Series A, (State Aid Withholding),
5.00%, 05/01/28 | |
| 2,382,716 | |
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 1,050,000 | | |
Long Island Power Authority Current Refunding Revenue Bonds, Series A,
5.00%, 09/01/32 | |
$ | 1,198,802 | |
| | 1,225,000 | | |
Long Island Power Authority Current Refunding Revenue Bonds, Series A,
5.00%, 09/01/34 | |
| 1,423,507 | |
| | 10,960,000 | | |
Long Island Power Authority Current Refunding Revenue Bonds, Series A,
4.00%, 09/01/38 | |
| 11,232,562 | |
| | 1,860,000 | | |
Long Island Power Authority Current Refunding Revenue Bonds, Series F,
5.00%, 09/01/28 | |
| 2,018,317 | |
| | 6,000,000 | | |
Long Island Power Authority Current Refunding Revenue Bonds, Series F,
5.00%, 09/01/29 | |
| 6,611,662 | |
| | 2,500,000 | | |
Long Island Power Authority Current Refunding Revenue Bonds, Series F,
5.00%, 09/01/33 | |
| 2,882,835 | |
| | 1,200,000 | | |
Long Island Power Authority Electric Light & Power Improvements Revenue Bonds,
5.00%, 09/01/35 | |
| 1,270,707 | |
| | 6,000,000 | | |
Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
4.00%, 09/01/34 | |
| 6,122,053 | |
| | 1,915,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/27 | |
| 2,038,810 | |
| | 1,600,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/28 | |
| 1,736,187 | |
| | 1,500,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/29 | |
| 1,652,916 | |
| | 1,700,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/30 | |
| 1,897,234 | |
| | 1,400,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/31 | |
| 1,580,722 | |
| | 1,850,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/32 | |
| 2,112,176 | |
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 2,300,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/33 | |
$ | 2,652,208 | |
| | 1,675,000 | | |
Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/34 | |
| 1,918,552 | |
| | 2,000,000 | | |
Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A,
5.00%, 11/15/26 | |
| 2,088,037 | |
| | 2,500,000 | | |
Metropolitan Transportation Authority Dedicated Tax Fund Refunding Revenue Bonds, Series A,
5.00%, 11/15/35 | |
| 2,798,519 | |
| | 1,500,000 | | |
Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Sub-Series A1,
5.00%, 11/15/48(b) | |
| 1,500,823 | |
| | 2,000,000 | | |
Metropolitan Transportation Authority Transit Improvements Revenue Bonds,
Sub-Series A-1,
5.00%, 11/15/33 | |
| 2,012,136 | |
| | 1,000,000 | | |
Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/25 | |
| 1,020,669 | |
| | 7,155,000 | | |
Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/28 | |
| 7,834,329 | |
| | 9,500,000 | | |
Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/29 | |
| 10,599,087 | |
| | 4,000,000 | | |
Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A,
5.00%, 11/15/31 | |
| 4,549,828 | |
| | 6,280,000 | | |
Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B,
1.46%, 11/15/29 | |
| 5,432,236 | |
| | 6,000,000 | | |
New York City Housing Development Corp. Local Multifamily Housing Revenue Bonds, Series A, (Housing Finance Agency),
3.63%, 11/01/63(b) | |
| 6,061,918 | |
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 4,000,000 | | |
New York City Housing Development Corp. Local Multifamily Housing, Sustainable Development Revenue Bonds, Series K, (Housing Finance Agency),
0.90%, 11/01/60(b) | |
$ | 3,852,204 | |
| | 1,000,000 | | |
New York City Municipal Water Finance Authority Current Refunding Revenue Bonds,
Series AA-2,
5.00%, 06/15/28 | |
| 1,043,899 | |
| | 1,100,000 | | |
New York City Municipal Water Finance Authority Current Refunding Revenue Bonds,
Series AA-2,
5.00%, 06/15/29 | |
| 1,171,279 | |
| | 5,000,000 | | |
New York City Municipal Water Finance Authority Current Refunding Revenue Bonds,
Series AA-3,
5.00%, 06/15/47 | |
| 5,343,550 | |
| | 2,750,000 | | |
New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series CC,
5.00%, 06/15/25 | |
| 2,782,309 | |
| | 1,020,000 | | |
New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series DD,
5.00%, 06/15/33 | |
| 1,172,393 | |
| | 1,005,000 | | |
New York City Municipal Water Finance Authority Current Refunding Revenue Bonds,
Sub-Series EE,
5.00%, 06/15/31 | |
| 1,132,676 | |
| | 2,000,000 | | |
New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2,
5.00%, 06/15/27 | |
| 2,042,971 | |
| | 6,400,000 | | |
New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series DD-1,
5.00%, 06/15/30 | |
| 7,132,630 | |
| | 5,000,000 | | |
New York City Municipal Water Finance Authority Refunding Revenue Bonds, Series HH,
5.00%, 06/15/28 | |
| 5,056,022 | |
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 5,600,000 | | |
New York City Transitional Finance Authority Advance Refunding Revenue Bonds, Series 2,
4.68%, 11/01/26 | |
$ | 5,638,703 | |
| | 1,960,000 | | |
New York City Transitional Finance Authority Building Aid , Sub-Series S-3, (State Aid Withholding),
5.00%, 07/15/30 | |
| 2,088,077 | |
| | 2,300,000 | | |
New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),
5.00%, 07/15/31 | |
| 2,605,273 | |
| | 2,230,000 | | |
New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),
5.00%, 07/15/32 | |
| 2,544,329 | |
| | 1,035,000 | | |
New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-1, (State Aid Withholding),
5.00%, 07/15/26 | |
| 1,073,749 | |
| | 2,000,000 | | |
New York City Transitional Finance Authority Building Aid Revenue Bonds, Sub-Series S-4A, (State Aid Withholding),
5.00%, 07/15/25 | |
| 2,027,347 | |
| | 5,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,
5.00%, 11/01/29 | |
| 5,496,400 | |
| | 13,600,000 | | |
New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,
5.00%, 11/01/27 | |
| 14,473,939 | |
| | 7,750,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,
Series B-1,
5.00%, 08/01/25 | |
| 7,863,571 | |
| | 3,000,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,
Series E-1,
5.00%, 11/01/36 | |
| 3,351,136 | |
| | 2,060,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,
Series F-1,
5.00%, 02/01/38 | |
| 2,277,150 | |
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 2,500,000 | | |
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-1,
5.00%, 02/01/40 | |
$ | 2,714,056 | |
| | 2,000,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C,
5.00%, 05/01/36 | |
| 2,249,721 | |
| | 1,500,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds,
Series C-S,
5.00%, 05/01/31 | |
| 1,676,793 | |
| | 5,515,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds,
Series F-1,
5.00%, 02/01/37 | |
| 6,180,428 | |
| | 7,000,000 | | |
New York City Transitional Finance Authority Public Improvements Revenue Bonds,
Series G-1,
5.00%, 05/01/38 | |
| 7,823,985 | |
| | 1,655,000 | | |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/30 | |
| 1,864,389 | |
| | 7,715,000 | | |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/31 | |
| 8,791,067 | |
| | 2,575,000 | | |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/32 | |
| 2,968,879 | |
| | 2,680,000 | | |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/33 | |
| 3,119,642 | |
| | 2,425,000 | | |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/34 | |
| 2,841,007 | |
| | 2,500,000 | | |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/35 | |
| 2,912,210 | |
| | 1,350,000 | | |
New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
4.00%, 11/15/49 | |
| 1,312,525 | |
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 5,000 | | |
New York State Dormitory Authority Pre-refunded Refunding Revenue Bonds, Series E,
5.00%, 02/15/30(a) | |
$ | 5,026 | |
| | 3,505,000 | | |
New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 07/01/30 | |
| 3,683,261 | |
| | 475,000 | | |
New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/25 | |
| 480,702 | |
| | 3,610,000 | | |
New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/26 | |
| 3,725,429 | |
| | 5,170,000 | | |
New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/27 | |
| 5,469,007 | |
| | 2,765,000 | | |
New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/28 | |
| 2,976,242 | |
| | 2,240,000 | | |
New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/29 | |
| 2,447,192 | |
| | 1,770,000 | | |
New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/36 | |
| 1,988,429 | |
| | 2,575,000 | | |
New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds,
Series A-1,
5.00%, 03/15/28 | |
| 2,769,436 | |
| | 2,000,000 | | |
New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds,
Series A-1,
5.00%, 03/15/37 | |
| 2,238,089 | |
| | 3,500,000 | | |
New York State Dormitory Authority Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/35 | |
| 3,878,511 | |
| | 1,575,000 | | |
New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2,
5.00%, 07/01/30 | |
| 1,772,955 | |
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 2,500,000 | | |
New York State Dormitory Authority Public Facilities Revenue Bonds, Series B,
5.11%, 03/15/25 | |
$ | 2,499,608 | |
| | 10,000,000 | | |
New York State Dormitory Authority Public Improvements Revenue Bonds,
Series 2015B-B,
5.00%, 03/15/29(a) | |
| 10,177,402 | |
| | 3,000,000 | | |
New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 08/01/35 | |
| 3,429,700 | |
| | 3,000,000 | | |
New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 08/01/36 | |
| 3,417,961 | |
| | 2,000,000 | | |
New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 08/01/37 | |
| 2,261,572 | |
| | 6,500,000 | | |
New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 07/01/29(a) | |
| 6,583,344 | |
| | 1,005,000 | | |
New York State Dormitory Authority Refunding Revenue Bonds, Series B, (American Municipal Bond Assurance Corp.),
5.50%, 03/15/30 | |
| 1,137,223 | |
| | 2,500,000 | | |
New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A,
5.00%, 02/15/28(a) | |
| 2,600,766 | |
| | 2,175,000 | | |
New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A,
5.00%, 03/15/32 | |
| 2,337,651 | |
| | 1,575,000 | | |
New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 10/01/31 | |
| 1,797,226 | |
| | 6,655,000 | | |
New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 10/01/32 | |
| 7,682,517 | |
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 1,250,000 | | |
New York State Dormitory Authority University & College Improvements Revenue Bonds,
Series A,
5.00%, 10/01/33 | |
$ | 1,456,555 | |
| | 6,125,000 | | |
New York State Dormitory Authority University & College Improvements Revenue Bonds,
Series A,
5.00%, 10/01/36 | |
| 7,135,280 | |
| | 3,750,000 | | |
New York State Dormitory Authority University & College Improvements Revenue Bonds,
Series A,
5.50%, 07/01/54 | |
| 4,219,680 | |
| | 2,525,000 | | |
New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A,
5.00%, 07/01/25 | |
| 2,556,370 | |
| | 1,750,000 | | |
New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A,
5.00%, 07/01/26 | |
| 1,813,480 | |
| | 3,755,000 | | |
New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,
5.00%, 06/15/28 | |
| 4,060,303 | |
| | 2,000,000 | | |
New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,
5.00%, 06/15/29 | |
| 2,201,648 | |
| | 3,445,000 | | |
New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B,
5.00%, 06/15/30 | |
| 3,782,033 | |
| | 4,000,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/25 | |
| 4,048,978 | |
| | 2,000,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/26 | |
| 2,072,593 | |
| | 955,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 09/15/26 | |
| 993,987 | |
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 1,750,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/27 | |
$ | 1,853,575 | |
| | 1,000,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/34 | |
| 1,085,832 | |
| | 1,000,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/36 | |
| 1,080,405 | |
| | 1,000,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 09/15/36 | |
| 1,126,807 | |
| | 6,250,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 09/15/41 | |
| 6,880,396 | |
| | 4,240,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B,
5.00%, 06/15/27 | |
| 4,490,947 | |
| | 3,000,000 | | |
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C,
5.00%, 09/15/48 | |
| 3,239,680 | |
| | 5,000,000 | | |
New York State Housing Finance Agency State MF Housing Revenue Bonds, Series F, (State of New York Mortgage Agency),
3.85%, 05/01/62(b) | |
| 5,001,227 | |
| | 1,000,000 | | |
New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency),
1.00%, 11/01/61(b) | |
| 944,037 | |
| | 1,500,000 | | |
New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency),
1.10%, 11/01/61(b) | |
| 1,392,427 | |
| | 1,150,000 | | |
New York State Thruway Authority Current Refunding Revenue Bonds, Series P,
5.00%, 01/01/38 | |
| 1,306,758 | |
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 5,875,000 | | |
New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/31 | |
$ | 6,557,563 | |
| | 5,500,000 | | |
New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/39 | |
| 6,046,378 | |
| | 2,085,000 | | |
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189,
5.00%, 05/01/26 | |
| 2,106,323 | |
| | 2,500,000 | | |
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 237,
5.00%, 01/15/47 | |
| 2,682,274 | |
| | 1,100,000 | | |
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 84,
5.00%, 09/01/34 | |
| 1,100,000 | |
| | 8,195,000 | | |
State of New York Current Refunding GO,
Series B,
2.55%, 02/15/29 | |
| 7,611,824 | |
| | 1,000,000 | | |
Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),
4.00%, 05/01/33 | |
| 1,030,081 | |
| | 1,915,000 | | |
Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),
4.00%, 05/01/34 | |
| 1,966,793 | |
| | 1,000,000 | | |
Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),
4.00%, 05/01/35 | |
| 1,022,933 | |
| | 2,750,000 | | |
Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,
5.00%, 11/15/28 | |
| 2,995,637 | |
| | 1,500,000 | | |
Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,
5.00%, 11/15/34 | |
| 1,705,442 | |
| | 2,000,000 | | |
Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,
4.00%, 11/15/35 | |
| 2,080,824 | |
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 3,000,000 | | |
Triborough Bridge & Tunnel Authority Refunding Revenue Bonds,
5.00%, 05/15/27 | |
$ | 3,173,254 | |
| | 4,740,000 | | |
Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B-2,
5.00%, 05/15/31 | |
| 5,310,109 | |
| | 1,275,000 | | |
Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,
5.00%, 05/15/34 | |
| 1,451,450 | |
| | 1,000,000 | | |
Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,
5.00%, 05/15/38 | |
| 1,119,065 | |
| | 1,275,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1,
5.00%, 06/15/29 | |
| 1,338,264 | |
| | 850,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1,
5.00%, 06/15/32 | |
| 948,125 | |
| | 835,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1,
5.00%, 06/15/33 | |
| 943,836 | |
| | 2,975,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/27 | |
| 3,009,254 | |
| | 5,000,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/28 | |
| 5,180,857 | |
| | 5,000,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/29 | |
| 5,248,092 | |
| | 5,045,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/30 | |
| 5,435,128 | |
| | 3,630,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/31 | |
| 3,981,930 | |
| | 4,760,000 | | |
Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/32 | |
| 5,309,501 | |
Principal
Amount | | |
| |
Value |
| New York (continued) | |
| | |
| $ | 2,250,000 | | |
Utility
Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/33 | |
$ | 2,543,270 | |
| | 1,700,000 | | |
Utility Debt Securitization
Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/34 | |
| 1,943,694 | |
| | | | |
| |
| | |
Total Municipal Bonds
(Cost $528,112,146) | |
| 522,250,573 | |
| | | | |
| |
| | |
| CORPORATE BONDS — 1.6% | |
| | |
| United States — 1.6% | |
| | |
| | 5,000,000 | | |
Andrew W Mellon
Foundation (The), Series 2020,
0.95%, 08/01/27 | |
| 4,552,500 | |
| | 4,500,000 | | |
Cornell University,
4.84%, 06/15/34 | |
| 4,498,667 | |
Total Corporate Bonds
(Cost $9,500,000) | |
| 9,051,167 | |
| | | | |
| |
| | |
| U.S. GOVERNMENT SECURITIES — 5.4% | | |
| U.S. Treasury Notes — 5.4% | |
| | |
| | 10,000,000 | | |
4.25%, 10/15/25 | |
| 9,993,594 | |
| | 6,000,000 | | |
4.25%, 03/15/27 | |
| 6,015,703 | |
| | 5,400,000 | | |
4.13%, 10/31/27 | |
| 5,399,578 | |
| | 5,000,000 | | |
4.25%, 02/28/29 | |
| 5,017,773 | |
| | 5,000,000 | | |
4.25%, 02/28/31 | |
| 5,009,180 | |
Total U.S. Government Securities
(Cost $31,251,138) | |
| 31,435,828 | |
| | | | |
| |
| | |
| Shares | | |
| |
| | |
| INVESTMENT COMPANY — 1.6% | |
| | |
| | 9,491,037 | | |
Federated Hermes
U.S. Treasury Cash Reserves, Premier Class, 4.69%(c) | |
| 9,491,037 | |
Total Investment Company
(Cost $9,491,037) | |
| 9,491,037 | |
| | | | |
| |
| | |
TOTAL INVESTMENTS — 98.6%
(Cost $578,354,321) | |
$ | 572,228,605 | |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4% | |
| 7,921,276 | |
| NET ASSETS — 100.0% | |
$ | 580,149,881 | |
| Old
Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Portfolio
of Investments - (Continued) |
October 31, 2024
|
| (a) |
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. |
| (b) |
Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect as of
October 31, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the
description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by
the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their
description above. |
| (c) |
The rate shown represents the current yield as of October 31, 2024. |
The following abbreviation is used in the report:
GO — General Obligation
| Old
Westbury Funds, Inc. |
|
| Statements
of Assets and Liabilities |
|
| |
October
31, 2024 |
| | |
ALL CAP CORE
FUND | | |
LARGE CAP
STRATEGIES
FUND | | |
SMALL & MID
CAP
STRATEGIES
FUND | | |
CREDIT
INCOME
FUND | |
| ASSETS: | |
| | | |
| | | |
| | | |
| | |
| Investments, at fair value - unaffiliated | |
$ | 3,535,079,221 | | |
$ | 24,665,823,865 | | |
$ | 8,832,080,312 | | |
$ | 2,368,512,674 | |
| Foreign currency, at value (Cost $0, $0, $5,711,015, and $0, respectively) | |
| — | | |
| — | | |
| 5,713,238 | | |
| — | |
| Cash | |
| 21,090 | | |
| 64,391 | | |
| 3 | | |
| — | |
| Due from broker for collateral | |
| — | | |
| 5,920,000 | | |
| — | | |
| 700,000 | |
| Dividends and interest receivable | |
| 807,421 | | |
| 29,504,834 | | |
| 15,790,319 | | |
| 14,850,750 | |
| Receivable for Fund shares sold | |
| 530,608 | | |
| 1,691,350 | | |
| 1,620,207 | | |
| 1,112,313 | |
| Receivable for investments sold | |
| 1,017 | | |
| 16,151,372 | | |
| 4,911,672 | | |
| — | |
| Unrealized appreciation on swap agreements | |
| — | | |
| — | | |
| — | | |
| 2,396,060 | |
| Prepaid expenses | |
| 18,741 | | |
| 64,803 | | |
| 30,278 | | |
| 16,438 | |
| Total Assets | |
| 3,536,458,098 | | |
| 24,719,220,615 | | |
| 8,860,146,029 | | |
| 2,387,588,235 | |
| LIABILITIES: | |
| | | |
| | | |
| | | |
| | |
| Payable for Fund shares redeemed | |
| 1,460,406 | | |
| 16,868,719 | | |
| 4,220,862 | | |
| 554,181 | |
| Payable for investments purchased | |
| — | | |
| 20,786,666 | | |
| 4,039,636 | | |
| 1,441,440 | |
| Unrealized depreciation on swap agreements | |
| — | | |
| — | | |
| — | | |
| 3,683,395 | |
| Unrealized depreciation on forward foreign currency exchange contracts | |
| — | | |
| 5,526,152 | | |
| — | | |
| — | |
| Deferred foreign capital gains tax liability (Note 8) | |
| — | | |
| 12,020,438 | | |
| 1,763,355 | | |
| — | |
| Accrued expenses and other payables: | |
| | | |
| | | |
| | | |
| | |
| Investment advisory | |
| 2,011,858 | | |
| 17,197,282 | | |
| 6,066,508 | | |
| 1,185,781 | |
| Administration and accounting - unaffiliated | |
| 60,863 | | |
| 434,191 | | |
| 203,887 | | |
| 86,820 | |
| Administration and accounting - affiliated | |
| 91,718 | | |
| 638,943 | | |
| 228,305 | | |
| 61,669 | |
| Shareholder servicing fee | |
| 611,450 | | |
| 4,259,617 | | |
| 1,522,037 | | |
| 411,127 | |
| Custody - unaffiliated | |
| — | | |
| — | | |
| 206,412 | | |
| 4,451 | |
| Custody - affiliated | |
| 59,438 | | |
| 572,740 | | |
| 25,712 | | |
| — | |
| Directors | |
| 19,660 | | |
| 137,876 | | |
| 49,033 | | |
| 14,015 | |
| Legal and audit | |
| 80,689 | | |
| 423,309 | | |
| 176,192 | | |
| 174,317 | |
| Other | |
| 45,406 | | |
| 291,747 | | |
| 120,687 | | |
| 36,057 | |
| Total Liabilities | |
| 4,441,488 | | |
| 79,157,680 | | |
| 18,622,626 | | |
| 7,653,253 | |
| NET ASSETS | |
$ | 3,532,016,610 | | |
$ | 24,640,062,935 | | |
$ | 8,841,523,403 | | |
$ | 2,379,934,982 | |
| NET ASSETS consist of: | |
| | | |
| | | |
| | | |
| | |
| Capital paid-in | |
$ | 1,782,160,973 | | |
$ | 14,104,215,966 | | |
$ | 7,325,538,231 | | |
$ | 3,003,381,716 | |
| Total distributable earnings/(accumulated loss) | |
| 1,749,855,637 | | |
| 10,535,846,969 | | |
| 1,515,985,172 | | |
| (623,446,734 | ) |
| NET ASSETS | |
$ | 3,532,016,610 | | |
$ | 24,640,062,935 | | |
$ | 8,841,523,403 | | |
$ | 2,379,934,982 | |
| Net Asset Value, maximum offering price and redemption price per share | |
$ | 27.27 | | |
$ | 20.55 | | |
$ | 16.67 | | |
$ | 8.03 | |
| 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 | |
| 129,537,578 | | |
| 1,199,256,938 | | |
| 530,488,182 | | |
| 296,449,155 | |
| INVESTMENTS, AT COST | |
$ | 2,123,879,055 | | |
$ | 15,372,194,206 | | |
$ | 7,569,116,572 | | |
$ | 2,822,161,016 | |
See Notes to Financial
Statements.
| Old
Westbury Funds, Inc. |
|
| Statements
of Assets and Liabilities
- (Continued) |
|
| |
October
31, 2024 |
| | |
FIXED
INCOME
FUND | | |
SHORT-TERM
BOND
FUND | | |
MUNICIPAL
BOND
FUND | | |
CALIFORNIA
MUNICIPAL
BOND
FUND | | |
NEW YORK
MUNICIPAL
BOND
FUND | |
| ASSETS: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments, at fair value - unaffiliated | |
$ | 1,380,245,700 | | |
$ | 60,260,684 | | |
$ | 4,152,798,798 | | |
$ | 364,277,257 | | |
$ | 572,228,605 | |
| Cash | |
| — | | |
| 1 | | |
| — | | |
| 1 | | |
| 1 | |
| Dividends and interest receivable | |
| 11,945,759 | | |
| 650,626 | | |
| 50,688,864 | | |
| 4,649,482 | | |
| 7,146,769 | |
| Receivable for Fund shares sold | |
| 1,490,505 | | |
| 42,400 | | |
| 2,133,094 | | |
| 147,300 | | |
| 1,099,500 | |
| Receivable for investments sold | |
| 3,927,803 | | |
| 1,643,790 | | |
| 10,047,168 | | |
| — | | |
| — | |
| Prepaid expenses | |
| 14,086 | | |
| 3,562 | | |
| 20,065 | | |
| 11,857 | | |
| 12,311 | |
| Total Assets | |
| 1,397,623,853 | | |
| 62,601,063 | | |
| 4,215,687,989 | | |
| 369,085,897 | | |
| 580,487,186 | |
| LIABILITIES: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Payable for Fund shares redeemed | |
| 406,344 | | |
| — | | |
| 569,004 | | |
| 550,049 | | |
| 35,200 | |
| Payable for investments purchased | |
| 6,980,384 | | |
| 2,486,887 | | |
| 66,629,954 | | |
| — | | |
| — | |
| Accrued expenses and other payables: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investment advisory | |
| 346,684 | | |
| 13,535 | | |
| 1,035,926 | | |
| 85,352 | | |
| 123,103 | |
| Administration and accounting - unaffiliated | |
| 33,451 | | |
| 5,576 | | |
| 92,756 | | |
| 13,872 | | |
| 19,392 | |
| Administration and accounting - affiliated | |
| 35,699 | | |
| 1,131 | | |
| 106,343 | | |
| 9,449 | | |
| 14,886 | |
| Shareholder servicing fee | |
| 237,992 | | |
| 7,538 | | |
| 708,955 | | |
| 62,993 | | |
| 99,242 | |
| Custody - affiliated | |
| 17,850 | | |
| 565 | | |
| 53,171 | | |
| 4,725 | | |
| 7,443 | |
| Directors | |
| 7,811 | | |
| 145 | | |
| 23,495 | | |
| 2,053 | | |
| 3,253 | |
| Legal and audit | |
| 51,749 | | |
| 7,417 | | |
| 82,556 | | |
| 19,205 | | |
| 23,162 | |
| Other | |
| 21,536 | | |
| 6,581 | | |
| 63,972 | | |
| 9,200 | | |
| 11,624 | |
| Total Liabilities | |
| 8,139,500 | | |
| 2,529,375 | | |
| 69,366,132 | | |
| 756,898 | | |
| 337,305 | |
| NET ASSETS | |
$ | 1,389,484,353 | | |
$ | 60,071,688 | | |
$ | 4,146,321,857 | | |
$ | 368,328,999 | | |
$ | 580,149,881 | |
| NET ASSETS consist of: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Capital paid-in | |
$ | 1,552,799,445 | | |
$ | 59,902,242 | | |
$ | 4,357,523,881 | | |
$ | 384,491,239 | | |
$ | 605,994,221 | |
| Total distributable earnings/(accumulated loss) | |
| (163,315,092 | ) | |
| 169,446 | | |
| (211,202,024 | ) | |
| (16,162,240 | ) | |
| (25,844,340 | ) |
| NET ASSETS | |
$ | 1,389,484,353 | | |
$ | 60,071,688 | | |
$ | 4,146,321,857 | | |
$ | 368,328,999 | | |
$ | 580,149,881 | |
| Net Asset Value, maximum offering price and redemption price per share | |
$ | 10.11 | | |
$ | 10.14 | | |
$ | 11.46 | | |
$ | 9.69 | | |
$ | 9.81 | |
| Number of shares authorized | |
| 2,000,000,000 | | |
| 3,000,000,000 | | |
| 2,000,000,000 | | |
| 2,000,000,000 | | |
| 2,000,000,000 | |
| SHARES OF CAPITAL STOCK OUTSTANDING | |
| 137,424,792 | | |
| 5,927,092 | | |
| 361,908,070 | | |
| 38,009,200 | | |
| 59,129,315 | |
| INVESTMENTS, AT COST | |
$ | 1,394,450,251 | | |
$ | 60,256,724 | | |
$ | 4,169,387,702 | | |
$ | 364,586,555 | | |
$ | 578,354,321 | |
See Notes to Financial
Statements.
| Old
Westbury Funds, Inc. |
|
| Statements
of Operations |
|
| |
For
the Year Ended October 31, 2024 |
| | |
ALL CAP CORE
FUND | |
LARGE CAP
STRATEGIES
FUND | |
SMALL & MID
CAP
STRATEGIES
FUND | |
CREDIT
INCOME
FUND |
| INVESTMENT INCOME: | |
| | | |
| | | |
| | | |
| | |
| Interest | |
$ | 3,910,127 | | |
$ | 20,641,409 | | |
$ | 3,359,703 | | |
$ | 139,067,889 | |
| Dividends - unaffiliated | |
| 27,800,302 | | |
| 382,237,312 | | |
| 155,112,865 | | |
| 18,252,130 | |
| Foreign tax withheld | |
| (348,976 | ) | |
| (15,015,513 | ) | |
| (12,335,384 | ) | |
| — | |
| Total investment income | |
| 31,361,453 | | |
| 387,863,208 | | |
| 146,137,184 | | |
| 157,320,019 | |
| EXPENSES: | |
| | | |
| | | |
| | | |
| | |
| Investment advisory fees | |
| 22,702,528 | | |
| 188,496,766 | | |
| 71,396,611 | | |
| 13,972,355 | |
| Shareholder servicing fees | |
| 6,754,624 | | |
| 46,655,442 | | |
| 16,799,203 | | |
| 4,808,129 | |
| Administration and accounting fees - unaffiliated | |
| 483,019 | | |
| 3,154,355 | | |
| 1,177,289 | | |
| 389,539 | |
| Administration and accounting fees - affiliated | |
| 1,013,194 | | |
| 6,998,316 | | |
| 2,519,880 | | |
| 721,220 | |
| Custodian fees - unaffiliated | |
| — | | |
| 45,191 | | |
| 1,914,737 | | |
| 61,906 | |
| Custodian fees - affiliated | |
| 636,918 | | |
| 5,882,586 | | |
| 312,201 | | |
| — | |
| Directors fees and expenses | |
| 72,366 | | |
| 501,807 | | |
| 178,721 | | |
| 51,379 | |
| Insurance premiums | |
| 22,477 | | |
| 71,871 | | |
| 36,108 | | |
| 20,475 | |
| Legal and audit fees | |
| 112,900 | | |
| 527,525 | | |
| 191,593 | | |
| 53,909 | |
| Printing and postage fees | |
| 25,839 | | |
| 119,745 | | |
| 50,701 | | |
| 21,202 | |
| Registration fees | |
| 27,514 | | |
| 31,833 | | |
| 31,457 | | |
| 32,885 | |
| Transfer agent fees | |
| 320,685 | | |
| 2,135,918 | | |
| 775,972 | | |
| 233,068 | |
| Miscellaneous expenses | |
| 27,613 | | |
| 173,182 | | |
| 281,953 | | |
| 170,519 | |
| Total expenses | |
| 32,199,677 | | |
| 254,794,537 | | |
| 95,666,426 | | |
| 20,536,586 | |
| Expenses waived by Advisor | |
| (112,262 | ) | |
| — | | |
| (3,266,314 | ) | |
| (95,590 | ) |
| Net expenses | |
| 32,087,415 | | |
| 254,794,537 | | |
| 92,400,112 | | |
| 20,440,996 | |
| NET INVESTMENT INCOME/(LOSS) | |
| (725,962 | ) | |
| 133,068,671 | | |
| 53,737,072 | | |
| 136,879,023 | |
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, REDEMPTIONS IN-KIND, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: | |
| | | |
| | | |
| | | |
| | |
| Net realized gain/(loss) on: | |
| | | |
| | | |
| | | |
| | |
| Investments | |
| 373,025,751 | | |
| 1,452,344,402 | | |
| 352,724,127 | | |
| (15,787,985 | ) |
| Futures contracts | |
| — | | |
| — | | |
| — | | |
| 2,061,119 | |
| Swap agreements | |
| — | | |
| — | | |
| — | | |
| (9,161,694 | ) |
| Forward foreign currency exchange contracts | |
| — | | |
| (3,602,206 | ) | |
| — | | |
| — | |
| Redemptions in-kind | |
| 57,604,732 | | |
| — | | |
| — | | |
| — | |
| Foreign currency transactions | |
| (93,940 | ) | |
| (6,133,787 | ) | |
| (1,218,482 | ) | |
| — | |
| Foreign capital gains tax | |
| — | | |
| (18,613,408 | ) | |
| (2,870,746 | ) | |
| — | |
| Net change in unrealized appreciation/(depreciation) on: | |
| | | |
| | | |
| | | |
| | |
| Investments | |
| 548,688,103 | | |
| 5,101,949,432 | | |
| 1,469,220,026 | | |
| 159,226,335 | |
| Swap agreements | |
| — | | |
| — | | |
| — | | |
| 20,000,003 | |
| Forward foreign currency exchange contracts | |
| — | | |
| 1,530,938 | | |
| — | | |
| — | |
| Foreign currency transactions | |
| 7,907 | | |
| (553,194 | ) | |
| (85,585 | ) | |
| — | |
| Deferred foreign capital gains taxed on unrealized appreciation/(depreciation) | |
| — | | |
| 5,987,654 | | |
| (477,016 | ) | |
| — | |
| Net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, forward foreign currency exchange contracts, redemptions in-kind, foreign currency transactions, and foreign capital gains taxes | |
| 979,232,553 | | |
| 6,532,909,831 | | |
| 1,817,292,324 | | |
| 156,337,778 | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | |
$ | 978,506,591 | | |
$ | 6,665,978,502 | | |
$ | 1,871,029,396 | | |
$ | 293,216,801 | |
See Notes to Financial
Statements.
| Old
Westbury Funds, Inc. |
|
| Statements
of Operations - (Continued) |
|
| |
For
the Year Ended October 31, 2024 |
| | |
FIXED
INCOME
FUND | |
SHORT-TERM
BOND
FUND(a) | |
MUNICIPAL
BOND
FUND | |
CALIFORNIA
MUNICIPAL
BOND
FUND | |
NEW YORK
MUNICIPAL
BOND
FUND |
| INVESTMENT INCOME: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest | |
$ | 60,850,547 | | |
$ | 776,888 | | |
$ | 124,157,926 | | |
$ | 11,189,214 | | |
$ | 16,671,022 | |
| Dividends - unaffiliated | |
| 187 | | |
| — | | |
| 3,061 | | |
| — | | |
| — | |
| Total investment income | |
| 60,850,734 | | |
| 776,888 | | |
| 124,160,987 | | |
| 11,189,214 | | |
| 16,671,022 | |
| EXPENSES: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investment advisory fees | |
| 5,687,230 | | |
| 50,415 | | |
| 14,992,877 | | |
| 1,608,949 | | |
| 2,533,187 | |
| Shareholder servicing fees | |
| 2,821,274 | | |
| 31,509 | | |
| 8,138,787 | | |
| 715,088 | | |
| 1,141,594 | |
| Administration and accounting fees - unaffiliated | |
| 213,600 | | |
| 17,292 | | |
| 568,844 | | |
| 72,203 | | |
| 100,907 | |
| Administration and accounting fees - affiliated | |
| 423,191 | | |
| 4,726 | | |
| 1,220,818 | | |
| 107,263 | | |
| 171,239 | |
| Custodian fees - affiliated | |
| 211,596 | | |
| 2,363 | | |
| 610,409 | | |
| 53,632 | | |
| 85,620 | |
| Directors fees and expenses | |
| 30,179 | | |
| 375 | | |
| 87,239 | | |
| 7,686 | | |
| 12,161 | |
| Insurance premiums | |
| 17,838 | | |
| 8,330 | | |
| 24,719 | | |
| 14,956 | | |
| 15,555 | |
| Legal and audit fees | |
| 66,370 | | |
| 7,586 | | |
| 109,065 | | |
| 22,901 | | |
| 34,827 | |
| Printing and postage fees | |
| 17,035 | | |
| 6,694 | | |
| 29,725 | | |
| 11,701 | | |
| 12,773 | |
| Registration fees | |
| 24,593 | | |
| 5,801 | | |
| 77,345 | | |
| 22,860 | | |
| 27,344 | |
| Transfer agent fees | |
| 141,652 | | |
| 10,293 | | |
| 385,124 | | |
| 44,698 | | |
| 64,088 | |
| Miscellaneous expenses | |
| 31,114 | | |
| 10,292 | | |
| 77,850 | | |
| 20,134 | | |
| 28,354 | |
| Total expenses | |
| 9,685,672 | | |
| 155,676 | | |
| 26,322,802 | | |
| 2,702,071 | | |
| 4,227,649 | |
| Expenses waived by Advisor | |
| (1,645,036 | ) | |
| (97,384 | ) | |
| (3,127,253 | ) | |
| (650,195 | ) | |
| (974,107 | ) |
| Net expenses | |
| 8,040,636 | | |
| 58,292 | | |
| 23,195,549 | | |
| 2,051,876 | | |
| 3,253,542 | |
| NET INVESTMENT INCOME | |
| 52,810,098 | | |
| 718,596 | | |
| 100,965,438 | | |
| 9,137,338 | | |
| 13,417,480 | |
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net realized gain/(loss) on: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments | |
| (12,863,723 | ) | |
| 1,884 | | |
| (28,741,511 | ) | |
| (917,011 | ) | |
| (1,613,026 | ) |
| Net change in unrealized appreciation on: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investments | |
| 68,254,975 | | |
| 3,960 | | |
| 167,513,967 | | |
| 12,666,504 | | |
| 22,444,531 | |
| Net realized and change in unrealized gain/(loss) on investments | |
| 55,391,252 | | |
| 5,844 | | |
| 138,772,456 | | |
| 11,749,493 | | |
| 20,831,505 | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | |
$ | 108,201,350 | | |
$ | 724,440 | | |
$ | 239,737,894 | | |
$ | 20,886,831 | | |
$ | 34,248,985 | |
| (a) | For the period from February 29, 2024 (commencement of operations)
to October 31, 2024. |
See Notes to Financial
Statements.
|
Old Westbury Funds, Inc. |
|
|
Statements of Changes in Net Assets |
|
| |
|
| | |
ALL CAP CORE FUND |
| | |
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 |
| | |
| |
|
| FROM OPERATIONS: | |
| | | |
| | |
| Net investment income/(loss) | |
$ | (725,962 | ) | |
$ | 6,541,415 | |
| Net realized gain/(loss) on investments, futures contracts, swap agreements, forward foreign currency exchange contracts, foreign currency transactions and foreign capital gains tax | |
| 372,931,811 | | |
| 259,575,751 | |
| Net realized gain on redemptions in-kind | |
| 57,604,732 | | |
| — | |
| Net change in unrealized appreciation/(depreciation) on investments, swap agreements, forward foreign currency exchange contracts, foreign currency transactions, net of foreign deferred taxes | |
| 548,696,010 | | |
| 34,497,245 | |
| Net increase/(decrease) in net assets resulting from operations | |
| 978,506,591 | | |
| 300,614,411 | |
| | |
| | | |
| | |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | |
| | | |
| | |
| Net investment income and net realized gains | |
| (251,769,397 | ) | |
| (68,874,399 | ) |
| Total distributions to shareholders | |
| (251,769,397 | ) | |
| (68,874,399 | ) |
| | |
| | | |
| | |
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | |
| | | |
| | |
| Proceeds from sale of capital stock | |
| 211,302,539 | | |
| 213,290,390 | |
| Reinvestment of distributions | |
| 155,213,606 | | |
| 41,256,915 | |
| Value of capital stock redeemed | |
| (448,987,760 | ) | |
| (400,951,671 | ) |
| Net increase/(decrease) in net assets resulting from capital stock transactions | |
| (82,471,615 | ) | |
| (146,404,366 | ) |
| Net increase/(decrease) in net assets | |
| 644,265,579 | | |
| 85,335,646 | |
| | |
| | | |
| | |
| NET ASSETS: | |
| | | |
| | |
| Beginning of year | |
| 2,887,751,031 | | |
| 2,802,415,385 | |
| End of year | |
$ | 3,532,016,610 | | |
$ | 2,887,751,031 | |
| | |
| | | |
| | |
| CAPITAL SHARE TRANSACTIONS: | |
| | | |
| | |
| Shares sold | |
| 8,580,992 | | |
| 10,032,062 | |
| Shares issued as reinvestment of distributions | |
| 6,804,580 | | |
| 2,056,676 | |
| Shares redeemed in-kind | |
| (934,146 | ) | |
| — | |
| Shares redeemed | |
| (17,014,957 | ) | |
| (18,409,686 | ) |
| Net increase/(decrease) in shares outstanding | |
| (2,563,531 | ) | |
| (6,320,948 | ) |
See Notes to Financial Statements.
|
Old Westbury Funds, Inc. |
|
| Statements
of Changes in Net Assets - (Continued) |
|
| |
|
| |
LARGE CAP STRATEGIES FUND | |
SMALL & MID CAP STRATEGIES FUND | |
CREDIT INCOME
FUND |
| |
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 |
| |
| | |
| | |
| | |
| | |
| | |
|
|
| |
$ | 133,068,671 | | |
$ | 113,103,921 | | |
$ | 53,737,072 | | |
$ | 39,968,089 | | |
$ | 136,879,023 | | |
$122,762,073 |
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
| |
| 1,423,995,001 | | |
| 343,194,752 | | |
| 348,634,899 | | |
| 70,667,920 | | |
| (22,888,560 | ) | |
(120,828,620 |
) |
| |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
— |
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
| |
| 5,108,914,830 | | |
| 988,262,883 | | |
| 1,468,657,425 | | |
| (166,122,137 | ) | |
| 179,226,338 | | |
(28,664,093 |
) |
| |
| 6,665,978,502 | | |
| 1,444,561,556 | | |
| 1,871,029,396 | | |
| (55,486,128 | ) | |
| 293,216,801 | | |
(26,730,640 |
) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
| |
| (122,213,975 | ) | |
| (119,244,027 | ) | |
| (52,892,671 | ) | |
| (38,864,269 | ) | |
| (136,598,824 | ) | |
(119,000,546 |
) |
| |
| (122,213,975 | ) | |
| (119,244,027 | ) | |
| (52,892,671 | ) | |
| (38,864,269 | ) | |
| (136,598,824 | ) | |
(119,000,546 |
) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
| |
| 1,078,093,056 | | |
| 1,380,958,837 | | |
| 954,799,857 | | |
| 1,084,533,794 | | |
| 586,100,662 | | |
719,687,403 |
|
| |
| 32,618,866 | | |
| 37,575,695 | | |
| 14,308,234 | | |
| 12,301,908 | | |
| 44,814,084 | | |
44,540,574 |
|
| |
| (2,699,329,776 | ) | |
| (2,442,065,362 | ) | |
| (1,298,432,985 | ) | |
| (1,003,757,182 | ) | |
| (646,042,483 | ) | |
(702,065,146 |
) |
| |
| (1,588,617,854 | ) | |
| (1,023,530,830 | ) | |
| (329,324,894 | ) | |
| 93,078,520 | | |
| (15,127,737 | ) | |
62,162,831 |
|
| |
| 4,955,146,673 | | |
| 301,786,699 | | |
| 1,488,811,831 | | |
| (1,271,877 | ) | |
| 141,490,240 | | |
(83,568,355 |
) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
| |
| 19,684,916,262 | | |
| 19,383,129,563 | | |
| 7,352,711,572 | | |
| 7,353,983,449 | | |
| 2,238,444,742 | | |
2,322,013,097 |
|
| |
$ | 24,640,062,935 | | |
$ | 19,684,916,262 | | |
$ | 8,841,523,403 | | |
$ | 7,352,711,572 | | |
$ | 2,379,934,982 | | |
$2,238,444,742 |
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
|
|
| |
| 58,151,648 | | |
| 89,816,326 | | |
| 60,801,939 | | |
| 75,136,078 | | |
| 73,047,995 | | |
88,222,439 |
|
| |
| 1,898,035 | | |
| 2,554,432 | | |
| 944,438 | | |
| 882,490 | | |
| 5,590,623 | | |
5,524,317 |
|
| |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
— |
|
| |
| (145,140,531 | ) | |
| (158,213,821 | ) | |
| (84,445,971 | ) | |
| (70,460,452 | ) | |
| (80,696,913 | ) | |
(86,563,629 |
) |
| |
| (85,090,848 | ) | |
| (65,843,063 | ) | |
| (22,699,594 | ) | |
| 5,558,116 | | |
| (2,058,295 | ) | |
7,183,127 |
|
See Notes to Financial Statements.
| Old
Westbury Funds, Inc. |
|
| Statements
of Changes in Net Assets - (Continued) |
|
| |
|
| |
|
FIXED INCOME FUND |
| |
|
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 |
| |
|
| | |
| |
| FROM OPERATIONS: | |
| | | |
| | |
| Net investment income | |
$ | 52,810,098 | | |
$ | 37,633,716 | |
| Net realized gain/(loss) on investments | |
| (12,863,723 | ) | |
| (73,630,029 | ) |
| Net change in unrealized
appreciation/(depreciation) on investments | |
| 68,254,975 | | |
| 52,696,022 | |
| Net increase in net
assets resulting from operations | |
| 108,201,350 | | |
| 16,699,709 | |
| | |
| | | |
| | |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | |
| | | |
| | |
| Net investment income and net realized gains | |
| (54,186,280 | ) | |
| (39,098,317 | ) |
| Total distributions
to shareholders | |
| (54,186,280 | ) | |
| (39,098,317 | ) |
| | |
| | | |
| | |
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | |
| | | |
| | |
| Proceeds from sale of capital stock | |
| 219,867,269 | | |
| 242,013,264 | |
| Reinvestment of distributions | |
| 29,529,938 | | |
| 22,809,811 | |
| Value of capital stock redeemed | |
| (300,747,384 | ) | |
| (249,142,474 | ) |
| Net increase/(decrease)
in net assets resulting from capital stock transactions | |
| (51,350,177 | ) | |
| 15,680,601 | |
| Net increase/(decrease) in net assets | |
| 2,664,893 | | |
| (6,718,007 | ) |
| | |
| | | |
| | |
| NET ASSETS: | |
| | | |
| | |
| Beginning of year | |
| 1,386,819,460 | | |
| 1,393,537,467 | |
| End of year | |
$ | 1,389,484,353 | | |
$ | 1,386,819,460 | |
| | |
| | | |
| | |
| CAPITAL SHARE TRANSACTIONS: | |
| | | |
| | |
| Shares sold | |
| 21,785,902 | | |
| 24,054,143 | |
| Shares issued as reinvestment of distributions | |
| 2,918,415 | | |
| 2,270,545 | |
| Shares redeemed | |
| (29,990,162 | ) | |
| (24,691,147 | ) |
| Net increase/(decrease)
in shares outstanding | |
| (5,285,845 | ) | |
| 1,633,541 | |
| (a) |
For the period from February 29, 2024 (commencement of operations) to October 31, 2024. |
See Notes to Financial Statements.
| Old
Westbury Funds, Inc. |
|
| Statements
of Changes in Net Assets - (Continued) |
|
| |
|
| SHORT-TERM BOND FUND | |
MUNICIPAL BOND FUND | |
CALIFORNIA MUNICIPAL BOND FUND |
FOR THE PERIOD
ENDED
OCTOBER 31, 2024(a) | |
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 |
| | | | |
| | | |
| | | |
| | | |
| | |
| $ | 718,596 | | |
$ | 100,965,438 | | |
$ | 75,209,802 | | |
$ | 9,137,338 | | |
$ | 7,588,745 | |
| | 1,884 | | |
| (28,741,511 | ) | |
| (67,241,188 | ) | |
| (917,011 | ) | |
| (7,420,337 | ) |
| | 3,960 | | |
| 167,513,967 | | |
| 42,199,578 | | |
| 12,666,504 | | |
| 4,358,989 | |
| | 724,440 | | |
| 239,737,894 | | |
| 50,168,192 | | |
| 20,886,831 | | |
| 4,527,397 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | (554,994 | ) | |
| (98,794,555 | ) | |
| (73,169,436 | ) | |
| (9,190,192 | ) | |
| (7,179,822 | ) |
| | (554,994 | ) | |
| (98,794,555 | ) | |
| (73,169,436 | ) | |
| (9,190,192 | ) | |
| (7,179,822 | ) |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 63,667,402 | | |
| 762,858,325 | | |
| 689,395,635 | | |
| 63,752,147 | | |
| 97,257,293 | |
| | 129,606 | | |
| 20,767,580 | | |
| 17,007,585 | | |
| 2,972,465 | | |
| 2,645,310 | |
| | (3,894,766 | ) | |
| (573,657,356 | ) | |
| (702,350,840 | ) | |
| (50,340,743 | ) | |
| (71,889,062 | ) |
| | 59,902,242 | | |
| 209,968,549 | | |
| 4,052,380 | | |
| 16,383,869 | | |
| 28,013,541 | |
| | 60,071,688 | | |
| 350,911,888 | | |
| (18,948,864 | ) | |
| 28,080,508 | | |
| 25,361,116 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | — | | |
| 3,795,409,969 | | |
| 3,814,358,833 | | |
| 340,248,491 | | |
| 314,887,375 | |
| $ | 60,071,688 | | |
$ | 4,146,321,857 | | |
$ | 3,795,409,969 | | |
$ | 368,328,999 | | |
$ | 340,248,491 | |
| | | | |
| | | |
| | | |
| | | |
| | |
| | 6,297,201 | | |
| 66,183,133 | | |
| 60,085,000 | | |
| 6,546,565 | | |
| 10,020,109 | |
| | 12,836 | | |
| 1,799,014 | | |
| 1,488,506 | | |
| 304,429 | | |
| 274,015 | |
| | (382,945 | ) | |
| (49,838,558 | ) | |
| (61,505,530 | ) | |
| (5,188,556 | ) | |
| (7,465,536 | ) |
| | 5,927,092 | | |
| 18,143,589 | | |
| 67,976 | | |
| 1,662,438 | | |
| 2,828,588 | |
See Notes to Financial Statements.
| Old
Westbury Funds, Inc. |
|
| Statements
of Changes in Net Assets - (Continued) |
|
| |
|
| | |
NEW YORK MUNICIPAL BOND FUND |
| | |
FOR THE YEAR
ENDED
OCTOBER 31, 2024 | |
FOR THE YEAR
ENDED
OCTOBER 31, 2023 |
| | |
| |
|
| FROM OPERATIONS: | |
| | | |
| | |
| Net investment income | |
$ | 13,417,480 | | |
$ | 10,757,055 | |
| Net realized (loss) on investments | |
| (1,613,026 | ) | |
| (8,651,877 | ) |
| Net change in unrealized
appreciation/(depreciation) on investments | |
| 22,444,531 | | |
| 5,703,911 | |
| Net increase in net
assets resulting from operations | |
| 34,248,985 | | |
| 7,809,089 | |
| | |
| | | |
| | |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | |
| | | |
| | |
| Net investment income
and net realized gains | |
| (13,261,140 | ) | |
| (10,482,292 | ) |
| Total distributions
to shareholders | |
| (13,261,140 | ) | |
| (10,482,292 | ) |
| | |
| | | |
| | |
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | |
| | | |
| | |
| Proceeds from sale of capital stock | |
| 90,280,293 | | |
| 122,123,822 | |
| Reinvestment of distributions | |
| 3,487,839 | | |
| 3,077,173 | |
| Value of capital stock redeemed | |
| (83,561,528 | ) | |
| (119,639,555 | ) |
| Net increase in net
assets resulting from capital stock transactions | |
| 10,206,604 | | |
| 5,561,440 | |
| Net increase in net assets | |
| 31,194,449 | | |
| 2,888,237 | |
| | |
| | | |
| | |
| NET ASSETS: | |
| | | |
| | |
| Beginning of year | |
| 548,955,432 | | |
| 546,067,195 | |
| End of year | |
$ | 580,149,881 | | |
$ | 548,955,432 | |
| | |
| | | |
| | |
| CAPITAL SHARE TRANSACTIONS: | |
| | | |
| | |
| Shares sold | |
| 9,147,248 | | |
| 12,471,957 | |
| Shares issued as reinvestment of distributions | |
| 353,062 | | |
| 315,134 | |
| Shares redeemed | |
| (8,470,637 | ) | |
| (12,261,781 | ) |
| Net increase in shares
outstanding | |
| 1,029,673 | | |
| 525,310 | |
See Notes to Financial Statements.
| Old
Westbury Funds, Inc. |
|
| All Cap Core Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Year.
| | |
YEAR ENDED OCTOBER 31, | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
| Net asset value, beginning of year | |
$ | 21.86 | | |
$ | 20.25 | | |
$ | 27.31 | | |
$ | 20.18 | | |
$ | 18.84 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income/(loss)(a) | |
| (0.01 | ) | |
| 0.05 | | |
| 0.03 | | |
| (0.02 | ) | |
| 0.02 | |
| Net realized and unrealized gain/(loss) | |
| 7.36 | | |
| 2.06 | | |
| (5.55 | ) | |
| 7.85 | | |
| 3.02 | |
| Total from investment operations | |
| 7.35 | | |
| 2.11 | | |
| (5.52 | ) | |
| 7.83 | | |
| 3.04 | |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.05 | ) | |
| (0.04 | ) | |
| — | | |
| (0.01 | ) | |
| (0.08 | ) |
| Net realized gains | |
| (1.89 | ) | |
| (0.46 | ) | |
| (1.54 | ) | |
| (0.69 | ) | |
| (1.62 | ) |
| Total distributions | |
| (1.94 | ) | |
| (0.50 | ) | |
| (1.54 | ) | |
| (0.70 | ) | |
| (1.70 | ) |
| Net asset value, end of year | |
$ | 27.27 | | |
$ | 21.86 | | |
$ | 20.25 | | |
$ | 27.31 | | |
$ | 20.18 | |
| Total return | |
| 35.3 | % | |
| 10.7 | % | |
| (21.3 | )% | |
| 39.8 | % | |
| 17.3 | % |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of year (000’s) | |
$ | 3,532,017 | | |
$ | 2,887,751 | | |
$ | 2,802,415 | | |
$ | 3,648,683 | | |
$ | 2,283,906 | |
| Ratio of expenses to average net assets before expense waivers | |
| 0.95 | % | |
| 0.96 | %(b) | |
| 0.96 | %(b) | |
| 0.96 | %(b) | |
| 0.97 | %(b) |
| Ratio of expenses to average net assets after expense waivers | |
| 0.95 | % | |
| 0.96 | % | |
| 0.96 | % | |
| 0.96 | % | |
| 0.97 | % |
| Ratio of net investment income/(loss) to average net assets | |
| (0.02 | )% | |
| 0.22 | % | |
| 0.12 | % | |
| (0.10 | )% | |
| 0.10 | % |
| Portfolio turnover rate | |
| 41 | % | |
| 54 | % | |
| 54 | % | |
| 30 | % | |
| 43 | % |
| (a) |
Calculated based on the average shares method for the year. |
| (b) |
There were no voluntary
fee reductions during the year. |
See Notes to Financial Statements.
| Old Westbury Funds, Inc. |
|
| Large Cap Strategies Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Year.
| | |
YEAR ENDED OCTOBER 31, | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
| Net asset value, beginning of year | |
$ | 15.33 | | |
$ | 14.36 | | |
$ | 20.11 | | |
$ | 15.26 | | |
$ | 14.99 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income(a) | |
| 0.11 | | |
| 0.09 | | |
| 0.05 | | |
| 0.01 | | |
| 0.07 | |
| Net realized and unrealized gain/(loss) | |
| 5.21 | | |
| 0.97 | | |
| (4.56 | ) | |
| 5.08 | | |
| 0.94 | |
| Total from investment operations | |
| 5.32 | | |
| 1.06 | | |
| (4.51 | ) | |
| 5.09 | | |
| 1.01 | |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.10 | ) | |
| (0.09 | ) | |
| (0.00 | )(b) | |
| (0.05 | ) | |
| (0.12 | ) |
| Net realized gains | |
| — | | |
| — | | |
| (1.24 | ) | |
| (0.19 | ) | |
| (0.62 | ) |
| Total distributions | |
| (0.10 | ) | |
| (0.09 | ) | |
| (1.24 | ) | |
| (0.24 | ) | |
| (0.74 | ) |
| Net asset value, end of year | |
$ | 20.55 | | |
$ | 15.33 | | |
$ | 14.36 | | |
$ | 20.11 | | |
$ | 15.26 | |
| Total return | |
| 34.8 | % | |
| 7.4 | % | |
| (23.8 | )% | |
| 33.6 | % | |
| 7.0 | % |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of year (000’s) | |
$ | 24,640,063 | | |
$ | 19,684,916 | | |
$ | 19,383,130 | | |
$ | 25,742,487 | | |
$ | 17,609,533 | |
| Ratio of expenses to average net assets before expense waivers(c)(d) |
| 1.09 | % | |
| 1.10 | % | |
| 1.09 | % | |
| 1.09 | % | |
| 1.10 | % |
| Ratio of expenses to average net assets after expense waivers | |
| 1.09 | % | |
| 1.10 | % | |
| 1.09 | % | |
| 1.09 | % | |
| 1.10 | % |
| Ratio of net investment income to average net assets | |
| 0.57 | % | |
| 0.55 | % | |
| 0.29 | % | |
| 0.05 | % | |
| 0.48 | % |
| Portfolio turnover rate | |
| 37 | % | |
| 23 | % | |
| 52 | % | |
| 43 | % | |
| 76 | % |
| |
|
| (a) |
Calculated based on the average shares method for the year. |
| (b) |
Amount is greater than $(0.005) per share. |
| (c) |
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. |
| (d) |
There were no voluntary fee reductions during the year. |
See Notes to Financial Statements.
| Old Westbury Funds, Inc. |
|
| Small & Mid Cap Strategies Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Year.
| | |
YEAR ENDED OCTOBER 31, | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
| Net asset value, beginning of year | |
$ | 13.29 | | |
$ | 13.43 | | |
$ | 19.92 | | |
$ | 15.57 | | |
$ | 15.39 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income/(loss)(a) | |
| 0.10 | | |
| 0.07 | | |
| 0.08 | | |
| (0.02 | ) | |
| 0.03 | |
| Net realized and unrealized gain/(loss) | |
| 3.38 | | |
| (0.14 | ) | |
| (5.22 | ) | |
| 4.97 | | |
| 0.88 | |
| Total from investment operations | |
| 3.48 | | |
| (0.07 | ) | |
| (5.14 | ) | |
| 4.95 | | |
| 0.91 | |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.10 | ) | |
| (0.07 | ) | |
| (0.02 | ) | |
| (0.03 | ) | |
| (0.09 | ) |
| Net realized gains | |
| — | | |
| — | | |
| (1.33 | ) | |
| (0.57 | ) | |
| (0.64 | ) |
| Total distributions | |
| (0.10 | ) | |
| (0.07 | ) | |
| (1.35 | ) | |
| (0.60 | ) | |
| (0.73 | ) |
| Net asset value, end of year | |
$ | 16.67 | | |
$ | 13.29 | | |
$ | 13.43 | | |
$ | 19.92 | | |
$ | 15.57 | |
| Total return | |
| 26.3 | % | |
| (0.5 | )% | |
| (27.4 | )% | |
| 32.1 | % | |
| 5.9 | % |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of year (000’s) | |
$ | 8,841,523 | | |
$ | 7,352,712 | | |
$ | 7,353,983 | | |
$ | 9,746,839 | | |
$ | 6,765,243 | |
| Ratio of expenses to average net assets before expense waivers(b) | |
| 1.14 | % | |
| 1.14 | % | |
| 1.14 | % | |
| 1.14 | % | |
| 1.15 | % |
| Ratio of expenses to average net assets after expense waivers | |
| 1.10 | % | |
| 1.10 | % | |
| 1.10 | % | |
| 1.10 | % | |
| 1.11 | % |
| Ratio of net investment income/(loss) to average net assets | |
| 0.64 | % | |
| 0.51 | % | |
| 0.50 | % | |
| (0.10 | )% | |
| 0.17 | % |
| Portfolio turnover rate | |
| 62 | % | |
| 41 | % | |
| 81 | % | |
| 46 | % | |
| 65 | % |
| (a) |
Calculated based on the average shares method for the year. |
| (b) |
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.
| Old Westbury Funds, Inc. |
|
| Credit Income Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Period.
| | |
YEAR ENDED OCTOBER 31, | | |
PERIOD
FROM
OCTOBER 1,
2020(a) TO
OCTOBER | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
31, 2020 | |
| Net asset value, beginning of period | |
$ | 7.50 | | |
$ | 7.97 | | |
$ | 10.15 | | |
$ | 9.99 | | |
$ | 10.00 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income(b) | |
| 0.46 | | |
| 0.43 | | |
| 0.40 | | |
| 0.43 | | |
| 0.05 | |
| Net realized and unrealized gain/(loss) | |
| 0.53 | | |
| (0.48 | ) | |
| (2.17 | ) | |
| 0.15 | | |
| (0.06 | ) |
| Total from investment operations | |
| 0.99 | | |
| (0.05 | ) | |
| (1.77 | ) | |
| 0.58 | | |
| (0.01 | ) |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.46 | ) | |
| (0.42 | ) | |
| (0.41 | ) | |
| (0.42 | ) | |
| — | |
| Total distributions | |
| (0.46 | ) | |
| (0.42 | ) | |
| (0.41 | ) | |
| (0.42 | ) | |
| — | |
| Net asset value, end of period | |
$ | 8.03 | | |
$ | 7.50 | | |
$ | 7.97 | | |
$ | 10.15 | | |
$ | 9.99 | |
| Total return | |
| 13.4 | % | |
| (1.0 | )% | |
| (17.8 | )% | |
| 5.9 | % | |
| (0.1 | )%(c) |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of period (000’s) | |
$ | 2,379,935 | | |
$ | 2,238,445 | | |
$ | 2,322,013 | | |
$ | 2,950,576 | | |
$ | 1,939,199 | |
| Ratio of expenses to average net assets before expense waivers(d) | |
| 0.85 | % | |
| 0.87 | % | |
| 0.86 | % | |
| 0.87 | % | |
| 0.94 | %(e) |
| Ratio of expenses to average net assets after expense waivers | |
| 0.85 | % | |
| 0.85 | % | |
| 0.85 | % | |
| 0.85 | % | |
| 0.85 | %(e) |
| Ratio of net investment income to average net assets | |
| 5.69 | % | |
| 5.34 | % | |
| 4.36 | % | |
| 4.23 | % | |
| 5.33 | %(e) |
| Portfolio turnover rate | |
| 20 | % | |
| 45 | % | |
| 22 | % | |
| 24 | % | |
| 1 | %(c) |
| (a) |
Commencement of Investment Operations. |
| (b) |
Calculated based on the average shares method for the period. |
| (c) |
Not 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. |
| (e) |
Annualized. |
See Notes to Financial Statements.
| Old Westbury Funds, Inc. |
|
| Fixed Income Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Year.
| | |
YEAR ENDED OCTOBER 31, | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
| Net asset value, beginning of year | |
$ | 9.72 | | |
$ | 9.88 | | |
$ | 11.25 | | |
$ | 11.82 | | |
$ | 11.43 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income(a) | |
| 0.38 | | |
| 0.27 | | |
| 0.14 | | |
| 0.11 | | |
| 0.16 | |
| Net realized and unrealized gain/(loss) | |
| 0.40 | | |
| (0.15 | ) | |
| (1.30 | ) | |
| (0.25 | ) | |
| 0.43 | |
| Total from investment operations | |
| 0.78 | | |
| 0.12 | | |
| (1.16 | ) | |
| (0.14 | ) | |
| 0.59 | |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.39 | ) | |
| (0.28 | ) | |
| (0.19 | ) | |
| (0.19 | ) | |
| (0.20 | ) |
| Net realized gains | |
| — | | |
| — | | |
| (0.02 | ) | |
| (0.24 | ) | |
| — | |
| Total distributions | |
| (0.39 | ) | |
| (0.28 | ) | |
| (0.21 | ) | |
| (0.43 | ) | |
| (0.20 | ) |
| Net asset value, end of year | |
$ | 10.11 | | |
$ | 9.72 | | |
$ | 9.88 | | |
$ | 11.25 | | |
$ | 11.82 | |
| Total return | |
| 8.1 | % | |
| 1.2 | % | |
| (10.4 | )% | |
| (1.2 | )% | |
| 5.2 | % |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of year (000’s) | |
$ | 1,389,484 | | |
$ | 1,368,819 | | |
$ | 1,393,537 | | |
$ | 1,568,691 | | |
$ | 1,669,086 | |
| Ratio of expenses to average net assets before expense waivers | |
| 0.69 | % | |
| 0.69 | % | |
| 0.69 | % | |
| 0.68 | % | |
| 0.68 | % |
| Ratio of expenses to average net assets after expense waivers | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % |
| Ratio of net investment income to average net assets | |
| 3.74 | % | |
| 2.69 | % | |
| 1.33 | % | |
| 0.97 | % | |
| 1.39 | % |
| Portfolio turnover rate | |
| 102 | % | |
| 92 | % | |
| 56 | % | |
| 58 | % | |
| 87 | % |
| (a) |
Calculated based on the average shares method for the year. |
See Notes to Financial Statements.
| Old
Westbury Funds, Inc. |
|
| Short-Term Bond Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout the Period.
| | |
PERIOD FROM
FEBRUARY 29,
2024(a) TO
OCTOBER 31,
2024 | |
| Net asset value, beginning of period | |
$ | 10.00 | |
| Investment operations: | |
| | |
| Net investment income(b) | |
| 0.30 | |
| Net realized and unrealized gains | |
| 0.07 | |
| Total from investment operations | |
| 0.37 | |
| Distributions: | |
| | |
| Net investment income | |
| (0.23 | ) |
| Total distributions | |
| (0.23 | ) |
| Net asset value, end of period | |
$ | 10.14 | |
| Total return | |
| 3.7 | %(c) |
| Annualized ratios/supplemental data: | |
| | |
| Net assets at end of period (000’s) | |
$ | 60,072 | |
| Ratio of expenses to average net assets before expense waivers | |
| 0.98 | %(d) |
| Ratio of expenses to average net assets after expense waivers | |
| 0.37 | %(d) |
| Ratio of net investment income to average net assets | |
| 4.51 | %(d) |
| Portfolio turnover rate | |
| 13 | %(c) |
| (a) |
Commencement of Investment Operations. |
| (b) |
Calculated based on the average shares method for the period. |
| (c) |
Not Annualized. |
| (d) |
Annualized. |
See Notes to Financial Statements.
| Old
Westbury Funds, Inc. |
|
| Municipal Bond Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Year.
| | |
YEAR ENDED OCTOBER 31, | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
| Net asset value, beginning of year | |
$ | 11.04 | | |
$ | 11.10 | | |
$ | 12.33 | | |
$ | 12.52 | | |
$ | 12.26 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income(a) | |
| 0.29 | | |
| 0.22 | | |
| 0.11 | | |
| 0.12 | | |
| 0.15 | |
| Net realized and unrealized gain/(loss) | |
| 0.41 | | |
| (0.07 | ) | |
| (1.09 | ) | |
| (0.12 | ) | |
| 0.26 | |
| Total from investment operations | |
| 0.70 | | |
| 0.15 | | |
| (0.98 | ) | |
| 0.00 | | |
| 0.41 | |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.28 | ) | |
| (0.21 | ) | |
| (0.11 | ) | |
| (0.12 | ) | |
| (0.15 | ) |
| Net realized gains | |
| — | | |
| — | | |
| (0.14 | ) | |
| (0.07 | ) | |
| — | |
| Total distributions | |
| (0.28 | ) | |
| (0.21 | ) | |
| (0.25 | ) | |
| (0.19 | ) | |
| (0.15 | ) |
| Net asset value, end of year | |
$ | 11.46 | | |
$ | 11.04 | | |
$ | 11.10 | | |
$ | 12.33 | | |
$ | 12.52 | |
| Total return | |
| 6.3 | % | |
| 1.3 | % | |
| (8.1 | )% | |
| (0.1 | )% | |
| 3.4 | % |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of year (000’s) | |
$ | 4,146,322 | | |
$ | 3,795,410 | | |
$ | 3,814,359 | | |
$ | 4,234,247 | | |
$ | 4,201,639 | |
| Ratio of expenses to average net assets before expense waivers | |
| 0.65 | % | |
| 0.65 | % | |
| 0.65 | % | |
| 0.65 | % | |
| 0.65 | % |
| Ratio of expenses to average net assets after expense waivers | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % |
| Ratio of net investment income to average net assets | |
| 2.48 | % | |
| 1.93 | % | |
| 0.97 | % | |
| 0.93 | % | |
| 1.21 | % |
| Portfolio turnover rate | |
| 39 | % | |
| 52 | % | |
| 55 | % | |
| 58 | % | |
| 40 | % |
| (a) |
Calculated based on the average shares method for the year. |
See Notes to Financial Statements.
| Old Westbury Funds, Inc. |
|
| California Municipal Bond Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Year.
| | |
YEAR ENDED OCTOBER 31, | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
| Net asset value, beginning of year | |
$ | 9.36 | | |
$ | 9.39 | | |
$ | 10.38 | | |
$ | 10.57 | | |
$ | 10.37 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income(a) | |
| 0.25 | | |
| 0.22 | | |
| 0.12 | | |
| 0.11 | | |
| 0.12 | |
| Net realized and unrealized gain/(loss) | |
| 0.33 | | |
| (0.04 | ) | |
| (0.91 | ) | |
| (0.11 | ) | |
| 0.22 | |
| Total from investment operations | |
| 0.58 | | |
| 0.18 | | |
| (0.79 | ) | |
| 0.00 | | |
| 0.34 | |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.25 | ) | |
| (0.21 | ) | |
| (0.11 | ) | |
| (0.11 | ) | |
| (0.12 | ) |
| Net realized gains | |
| — | | |
| — | | |
| (0.09 | ) | |
| (0.08 | ) | |
| (0.02 | ) |
| Total distributions | |
| (0.25 | ) | |
| (0.21 | ) | |
| (0.20 | ) | |
| (0.19 | ) | |
| (0.14 | ) |
| Net asset value, end of year | |
$ | 9.69 | | |
$ | 9.36 | | |
$ | 9.39 | | |
$ | 10.38 | | |
$ | 10.57 | |
| Total return | |
| 6.2 | % | |
| 1.9 | % | |
| (7.7 | )% | |
| (0.1 | )% | |
| 3.3 | % |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of year (000’s) | |
$ | 368,329 | | |
$ | 340,248 | | |
$ | 314,887 | | |
$ | 346,155 | | |
$ | 400,367 | |
| Ratio of expenses to average net assets before expense waivers | |
| 0.76 | % | |
| 0.76 | % | |
| 0.77 | % | |
| 0.76 | % | |
| 0.76 | % |
| Ratio of expenses to average net assets after expense waivers | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % |
| Ratio of net investment income to average net assets | |
| 2.56 | % | |
| 2.28 | % | |
| 1.17 | % | |
| 1.03 | % | |
| 1.13 | % |
| Portfolio turnover rate | |
| 35 | % | |
| 75 | % | |
| 60 | % | |
| 25 | % | |
| 26 | % |
| (a) |
Calculated based on the average shares method for the year. |
See Notes to Financial Statements.
| Old Westbury Funds, Inc. |
|
| New York Municipal Bond Fund |
|
| Financial Highlights |
|
| |
|
For a Share Outstanding Throughout Each Year.
| | |
YEAR ENDED OCTOBER 31, | |
| | |
2024 | | |
2023 | | |
2022 | | |
2021 | | |
2020 | |
| Net asset value, beginning of year | |
$ | 9.45 | | |
$ | 9.48 | | |
$ | 10.43 | | |
$ | 10.55 | | |
$ | 10.42 | |
| Investment operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income(a) | |
| 0.23 | | |
| 0.19 | | |
| 0.11 | | |
| 0.11 | | |
| 0.12 | |
| Net realized and unrealized gain/(loss) | |
| 0.36 | | |
| (0.04 | ) | |
| (0.91 | ) | |
| (0.05 | ) | |
| 0.16 | |
| Total from investment operations | |
| 0.59 | | |
| 0.15 | | |
| (0.80 | ) | |
| 0.06 | | |
| 0.28 | |
| Distributions: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net investment income | |
| (0.23 | ) | |
| (0.18 | ) | |
| (0.11 | ) | |
| (0.11 | ) | |
| (0.12 | ) |
| Net realized gains | |
| — | | |
| — | | |
| (0.04 | ) | |
| (0.07 | ) | |
| (0.03 | ) |
| Total distributions | |
| (0.23 | ) | |
| (0.18 | ) | |
| (0.15 | ) | |
| (0.18 | ) | |
| (0.15 | ) |
| Net asset value, end of year | |
$ | 9.81 | | |
$ | 9.45 | | |
$ | 9.48 | | |
$ | 10.43 | | |
$ | 10.55 | |
| Total return | |
| 6.2 | % | |
| 1.6 | % | |
| (7.7 | )% | |
| 0.6 | % | |
| 2.7 | % |
| Annualized ratios/supplemental data: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net assets at end of year (000’s) | |
$ | 580,150 | | |
$ | 548,955 | | |
$ | 546,067 | | |
$ | 626,544 | | |
$ | 582,500 | |
| Ratio of expenses to average net assets before expense waivers | |
| 0.74 | % | |
| 0.74 | % | |
| 0.74 | % | |
| 0.74 | % | |
| 0.75 | % |
| Ratio of expenses to average net assets after expense waivers | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % | |
| 0.57 | % |
| Ratio of net investment income to average net assets | |
| 2.35 | % | |
| 1.93 | % | |
| 1.14 | % | |
| 1.01 | % | |
| 1.13 | % |
| Portfolio turnover rate | |
| 32 | % | |
| 48 | % | |
| 45 | % | |
| 23 | % | |
| 37 | % |
| (a) |
Calculated based on the average shares method for the year. |
See Notes to Financial Statements.
| Old Westbury Funds, Inc. |
|
| Notes to Financial Statements |
|
| |
October 31, 2024
|
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 October 31, 2024, the Corporation consisted of nine 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 Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”) |
|
Long-term capital appreciation. |
| Old Westbury Credit Income Fund (“Credit Income Fund”) |
|
Income. Capital appreciation is a secondary objective. |
| Old Westbury Fixed Income Fund (“Fixed Income Fund”) |
|
Total return (consisting of current income and capital appreciation). |
| Old Westbury Short-Term Bond Fund (“Short-Term Bond Fund”)* |
|
Income. Capital appreciation is a secondary objective. |
| 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). |
| Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”) |
|
Total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation). |
| Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”) |
|
Total return (consisting of current income that is exempt from regular federal and New York income tax and capital appreciation). |
| * |
Short-Term Bond Fund commenced operations on
February 29, 2024. |
As of October 31, 2024, the Corporation has authorized
a total of 23.5 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. |
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 (“ASC”) is the exclusive reference of authoritative GAAP recognized by the FASB
to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”)
under authority of federal laws are also sources of authoritative GAAP for SEC registrants such as the Corporation.
The Corporation qualifies as an investment company
and follows accounting and reporting guidance as defined by the FASB in ASC 946, Financial Services - Investment Companies.
| Old Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October 31, 2024
|
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 Bessemer Investment
Management LLC (“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 fair valued pursuant to policies and procedures approved by the Board. The Board has
designated BIM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to BIM the responsibility for
making fair value determinations with respect to the Funds' portfolio holdings. A market quotation is readily available only when
that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement
date, provided that a quotation will not be readily available if it is not reliable. 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 Pricing Committee (as
defined below), with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent
a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not
generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event
has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign
exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days
a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to
a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts
affecting a country or 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 infor-
| Old Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October 31, 2024
|
mation, 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 Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor
to fair value certain securities 56 days during the year ended October 31, 2024. 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.
The fair value of investments is determined in
accordance with the valuation policies and procedures approved by the Board. BIM, as the valuation designee, is responsible for
(i) periodically assessing material valuation risks, including material conflicts of interest, and managing identified valuation
risks; (ii) establishing and applying fair value methodologies, taking into account each of the Fund’s valuation risks;
(iii) testing the appropriateness and accuracy of fair value methodologies selected, including identifying testing methods and
minimum frequency for their use; and (iv) overseeing pricing services. BIM has established a pricing committee (the “Pricing
Committee”) to fulfill certain functions under the valuation policies and procedures. Investments for which a market quotation
is not readily available 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 the portfolio manager and any other relevant matters. When the fair
valuation of investments uses significant unobservable inputs, such investments will be categorized as Level 3 in the fair value
hierarchy.
The significant unobservable inputs used in fair
value measurement of the Funds’ Level 3 investments may include, where applicable: (i) an estimation of a normalized earnings
level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection
of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third
parties; and (iv) the value associated with the latest round of financing. Significant changes in any of those inputs in isolation
may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized
earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.
The 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.
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 specific identified cost method. 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 re-designated 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 year ended October 31, 2024, 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.
| Old Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October 31, 2024
|
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, futures contracts,
swap agreements, forward foreign currency exchange contracts, redemptions in-kind, foreign currency transactions, and foreign
capital gains taxes 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. 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 to the extent required under applicable law and rules. 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. The Funds had no short sales
outstanding at October 31, 2024.
F. 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.
G. 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.
H. Loan Participations and Assignments.
The Credit Income 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 Secured Overnight Financing Rate, 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 Credit Income Fund intends to invest
in loans that are below investment grade and, to a lesser extent, unrated loans. The Credit Income Fund’s investments in
loans are expected in most instances to be in the form of assignments. Generally, when a Fund purchases an assignment of a loan
from a lender, it will step into the position of the lender and acquire direct rights against the borrower on the loan. Because
assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights
and obligations acquired by a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by
the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature
of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest
and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations
and other factors.
In connection with floating rate loan interests,
the Funds may also enter into unfunded loan commitments (“commitments”). In connection with these commitments, the
Funds earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which
| Old Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October 31, 2024
|
is included in interest income in the Statements
of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked- to-market daily,
and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations.
As of October 31, 2024, the Funds had no unfunded floating rate loan interests.
I. 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. 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.
J. 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 limits its illiquid investments to not more than 15% of its net assets. Illiquid investments, in general,
are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may
not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale
or disposition significantly changing the market value of the investment.
K. Distributions to Shareholders. Distributions
from net investment income, if any, generally are declared and paid quarterly for the Credit Income Fund, Fixed Income Fund, Short-Term
Bond Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the
All Cap Core Fund, Large Cap Strategies Fund and Small & Mid Cap Strategies 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.
L. 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.
A. 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, and income generated by, 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 in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness, or general
market conditions, overall economic trends or events, governmental actions or intervention, armed conflicts, terrorist activities,
political developments, actions taken by the Federal Reserve or other central banks, market disruptions caused by trade disputes
or other events or circumstances, natural disasters, rapid inflation, supply chain disruptions, international sanctions, a pandemic
or other public health crisis, currency and interest rate and price fluctuations, investor sentiment and other factors that may
or may not be related to the issuer of the security or other asset. 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
a 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.
B. Concentration Risk.
California Municipal Bond Fund and New York Municipal
Bond Fund invest a substantial amount of their assets in municipal obligations of issuers located in a single state. This may
subject each Fund to the risk that economic, political or social issues impacting a particular state could have an adverse and
disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment
percentages in specific states or U.S. territories are presented in the Portfolios of Investments.
| Old Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October 31, 2024
|
C. Shareholder Concentration Risk.
As of October 31, 2024, the following Funds had
omnibus accounts which each owned more than 5% of a Fund’s outstanding shares as shown below:
| | |
# of Omnibus Accounts | |
% of Fund |
| All Cap Core Fund | |
| 1 | | |
| 98.73 | % |
| Large Cap Strategies Fund | |
| 1 | | |
| 97.93 | % |
| Small & Mid Cap Strategies Fund | |
| 1 | | |
| 98.58 | % |
| Credit Income Fund | |
| 1 | | |
| 99.42 | % |
| Fixed Income Fund | |
| 1 | | |
| 99.46 | % |
| Short-Term Bond Fund | |
| 1 | | |
| 99.91 | % |
| Municipal Bond Fund | |
| 1 | | |
| 99.28 | % |
| California Municipal Bond Fund | |
| 1 | | |
| 99.94 | % |
| New York Municipal Bond Fund | |
| 1 | | |
| 99.99 | % |
| 4. |
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 October 31, 2024 is as follows:
| |
| |
Level 1
Quoted
Prices | | |
Level 2
Significant
Observable
Inputs | | |
Level 3
Significant
Unobservable
Inputs(a) | | |
Total | |
| All Cap Core Fund |
| |
| | | |
| | | |
| | | |
| | |
| Common Stocks |
| |
$ | 3,342,020,147(b) | | |
$ | — | | |
$ | — | | |
$ | 3,342,020,147 | |
| Exchange-Traded Funds |
| |
| 86,551,903 | | |
| — | | |
| — | | |
| 86,551,903 | |
| Investment Company |
| |
| 106,507,171 | | |
| — | | |
| — | | |
| 106,507,171 | |
| Total |
| |
$ | 3,535,079,221 | | |
$ | — | | |
$ | — | | |
$ | 3,535,079,221 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Large Cap Strategies Fund |
| |
| | | |
| | | |
| | | |
| | |
| Common Stocks |
| |
$ | 24,009,914,388(b) | | |
$ | 272,498,814(b) | | |
$ | — | | |
$ | 24,282,413,202 | |
| Rights/Warrants |
| |
| — | | |
| — | | |
| 0(b) | | |
| — | |
| U.S. Government Securities |
| |
| — | | |
| 139,765,883 | | |
| — | | |
| 139,765,883 | |
| Investment Company |
| |
| 243,644,780 | | |
| — | | |
| — | | |
| 243,644,780 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Other financial instruments - Liabilities
Forward foreign currency exchange |
| |
| — | | |
| (5,526,152)(b) | | |
| — | | |
| (5,526,152) | |
| Total |
| |
$ | 24,253,559,168 | | |
$ | 406,738,545 | | |
$ | 0 | | |
$ | 24,660,297,713 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Small & Mid Cap Strategies Fund |
| |
| | | |
| | | |
| | | |
| | |
| Common Stocks |
| |
| | | |
| | | |
| | | |
| | |
| Australia |
| |
$ | 192,607,488 | | |
$ | 679,951 | | |
$ | 1,905,165 | | |
$ | 195,192,604 | |
| Austria |
| |
| 15,739,776 | | |
| — | | |
| — | | |
| 15,739,776 | |
| Belgium |
| |
| 15,788,591 | | |
| — | | |
| — | | |
| 15,788,591 | |
| Brazil |
| |
| 40,915,412 | | |
| — | | |
| — | | |
| 40,915,412 | |
| Old Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October 31, 2024
|
| |
| |
Level 1
Quoted Prices | | |
|
Level 2
Significant
Observable
Inputs | | |
|
Level 3
Significant
Unobservable
Inputs(a) | | |
Total | |
| Canada |
| |
$ | 214,803,555 | | |
$ | — | | |
$ | — | | |
$ | 214,803,555 | |
| Chile |
| |
| 6,178,696 | | |
| — | | |
| — | | |
| 6,178,696 | |
| China |
| |
| 167,374,521 | | |
| 223,911,438 | | |
| — | | |
| 391,285,959 | |
| Denmark |
| |
| 78,399,714 | | |
| 697,736 | | |
| — | | |
| 79,097,450 | |
| Finland |
| |
| 44,280,211 | | |
| — | | |
| — | | |
| 44,280,211 | |
| France |
| |
| 57,999,877 | | |
| — | | |
| — | | |
| 57,999,877 | |
| Germany |
| |
| 71,541,160 | | |
| — | | |
| — | | |
| 71,541,160 | |
| Greece |
| |
| 6,459,101 | | |
| — | | |
| — | | |
| 6,459,101 | |
| Hong Kong |
| |
| 51,900,719 | | |
| — | | |
| — | | |
| 51,900,719 | |
| Iceland |
| |
| 3,208,782 | | |
| — | | |
| — | | |
| 3,208,782 | |
| India |
| |
| 50,201,074 | | |
| — | | |
| 1,582,542 | | |
| 51,783,616 | |
| Indonesia |
| |
| 6,054,007 | | |
| — | | |
| — | | |
| 6,054,007 | |
| Ireland |
| |
| 14,056,991 | | |
| — | | |
| — | | |
| 14,056,991 | |
| Israel |
| |
| 165,532,871 | | |
| — | | |
| — | | |
| 165,532,871 | |
| Italy |
| |
| 123,800,635 | | |
| — | | |
| — | | |
| 123,800,635 | |
| Japan |
| |
| 770,567,511 | | |
| — | | |
| — | | |
| 770,567,511 | |
| Luxembourg |
| |
| 305,299 | | |
| — | | |
| — | | |
| 305,299 | |
| Malaysia |
| |
| 5,295,950 | | |
| — | | |
| — | | |
| 5,295,950 | |
| Mexico |
| |
| 2,943,438 | | |
| — | | |
| — | | |
| 2,943,438 | |
| Netherlands |
| |
| 61,910,592 | | |
| — | | |
| — | | |
| 61,910,592 | |
| New Zealand |
| |
| 8,244,151 | | |
| — | | |
| — | | |
| 8,244,151 | |
| Norway |
| |
| 42,069,961 | | |
| — | | |
| — | | |
| 42,069,961 | |
| Poland |
| |
| 25,042,005 | | |
| — | | |
| — | | |
| 25,042,005 | |
| Portugal |
| |
| 13,987,100 | | |
| — | | |
| — | | |
| 13,987,100 | |
| Puerto Rico |
| |
| 2,739,361 | | |
| — | | |
| — | | |
| 2,739,361 | |
| Russia |
| |
| — | | |
| — | | |
| 0 | | |
| 0 | |
| Singapore |
| |
| 49,668,958 | | |
| — | | |
| 4,380 | | |
| 49,673,338 | |
| South Africa |
| |
| 64,251,602 | | |
| — | | |
| — | | |
| 64,251,602 | |
| South Korea |
| |
| 120,973,948 | | |
| — | | |
| — | | |
| 120,973,948 | |
| Spain |
| |
| 36,259,365 | | |
| — | | |
| — | | |
| 36,259,365 | |
| Sweden |
| |
| 129,052,921 | | |
| — | | |
| — | | |
| 129,052,921 | |
| Switzerland |
| |
| 135,423,695 | | |
| — | | |
| — | | |
| 135,423,695 | |
| Taiwan |
| |
| — | | |
| 62,158,814 | | |
| — | | |
| 62,158,814 | |
| Thailand |
| |
| 9,790,852 | | |
| 2,844,176 | | |
| — | | |
| 12,635,028 | |
| Turkey |
| |
| 28,314,270 | | |
| — | | |
| — | | |
| 28,314,270 | |
| United Kingdom |
| |
| 376,793,948 | | |
| — | | |
| — | | |
| 376,793,948 | |
| United States |
| |
| 4,381,542,655 | | |
| 0 | | |
| — | | |
| 4,381,542,655 | |
| Total Common Stocks |
| |
$ | 7,592,020,763 | | |
$ | 290,292,115 | | |
$ | 3,492,087 | | |
$ | 7,885,804,965 | |
| Rights/Warrants |
| |
| | | |
| | | |
| | | |
| | |
| Italy |
| |
| — | | |
| — | | |
| 0 | | |
| 0 | |
| United States |
| |
| — | | |
| — | | |
| 0 | | |
| 0 | |
| Total Rights/Warrants |
| |
$ | — | | |
$ | — | | |
$ | 0 | | |
$ | 0 | |
| Exchange-Traded Funds |
| |
| 752,995,798 | | |
| — | | |
| — | | |
| 752,995,798 | |
| Investment Company |
| |
| 48,587,852 | | |
| — | | |
| — | | |
| 48,587,852 | |
| Cash Sweep |
| |
| 144,691,697 | | |
| — | | |
| — | | |
| 144,691,697 | |
| Total |
| |
$ | 8,538,296,110 | | |
$ | 290,292,115 | | |
$ | 3,492,087 | | |
$ | 8,832,080,312 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Credit Income Fund |
| |
| | | |
| | | |
| | | |
| | |
| Preferred Stocks |
| |
$ | 5,215,671(b) | | |
$ | — | | |
$ | — | | |
$ | 5,215,671 | |
| Exchange-Traded Funds |
| |
| 392,511,130 | | |
| — | | |
| — | | |
| 392,511,130 | |
| Corporate Bonds |
| |
| — | | |
| 132,709,856(b) | | |
| — | | |
| 132,709,856 | |
| Asset-Backed Securities |
| |
| — | | |
| 418,328,870(b) | | |
| — | | |
| 418,328,870 | |
| Non-Agency Mortgage-Backed Securities |
| |
| — | | |
| 552,952,352(b) | | |
| 9,581,455(b) | | |
| 562,533,807 | |
| Old Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October 31, 2024
|
| |
| |
Level 1
Quoted
Prices | | |
Level 2
Significant
Observable
Inputs | | |
Level 3
Significant
Unobservable
Inputs(a) | | |
Total | |
| U.S. Government Sponsored Agency Mortgage-Backed Securities |
| |
$ | — | | |
$ | 5,844,570(b) | | |
$ | — | | |
$ | 5,844,570 | |
| U.S. Government Securities |
| |
| — | | |
| 803,878,132 | | |
| — | | |
| 803,878,132 | |
| Cash Sweep |
| |
| 47,490,638 | | |
| — | | |
| — | | |
| 47,490,638 | |
| Other financial instruments - Assets Interest Rate Risk |
| |
| — | | |
| 2,396,060(b) | | |
| — | | |
| 2,396,060 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Other financial instruments - Liabilities Interest Rate
Risk |
| |
| — | | |
| (3,683,395)(b) | | |
| — | | |
| (3,683,395) | |
| Total |
| |
$ | 445,217,439 | | |
$ | 1,912,426,445 | | |
$ | 9,581,455 | | |
$ | 2,367,225,339 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Fixed Income Fund |
| |
| | | |
| | | |
| | | |
| | |
| Corporate Bonds |
| |
$ | — | | |
$ | 343,555,503(b) | | |
$ | — | | |
$ | 343,555,503 | |
| Asset-Backed Securities |
| |
| — | | |
| 108,227,662(b) | | |
| — | | |
| 108,227,662 | |
| Non-Agency Mortgage-Backed Securities |
| |
| — | | |
| 374,748(b) | | |
| — | | |
| 374,748 | |
| U.S. Government Agencies |
| |
| — | | |
| 4,994,606 | | |
| — | | |
| 4,994,606 | |
| U.S. Government Securities |
| |
| — | | |
| 905,826,715 | | |
| — | | |
| 905,826,715 | |
| Investment Company |
| |
| 17,266,466 | | |
| — | | |
| — | | |
| 17,266,466 | |
| Total |
| |
$ | 17,266,466 | | |
$ | 1,362,979,234 | | |
$ | — | | |
$ | 1,380,245,700 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Short-Term Bond Fund |
| |
| | | |
| | | |
| | | |
| | |
| Corporate Bonds |
| |
$ | — | | |
$ | 21,308,328(b) | | |
$ | — | | |
$ | 21,308,328 | |
| Asset-Backed Securities |
| |
| — | | |
| 4,187,869(b) | | |
| — | | |
| 4,187,869 | |
| U.S. Government Securities |
| |
| — | | |
| 33,810,009 | | |
| — | | |
| 33,810,009 | |
| Investment Company |
| |
| 954,478 | | |
| — | | |
| — | | |
| 954,478 | |
| Total |
| |
$ | 954,478 | | |
$ | 59,306,206 | | |
$ | — | | |
$ | 60,260,684 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| Municipal Bond Fund |
| |
| | | |
| | | |
| | | |
| | |
| Municipal Bonds |
| |
$ | — | | |
$ | 3,977,090,471(b) | | |
$ | — | | |
$ | 3,977,090,471 | |
| Corporate Bonds |
| |
| — | | |
| 37,830,588(b) | | |
| — | | |
| 37,830,588 | |
| U.S. Government Securities |
| |
| — | | |
| 48,095,109 | | |
| — | | |
| 48,095,109 | |
| Investment Company |
| |
| 89,782,630 | | |
| — | | |
| — | | |
| 89,782,630 | |
| Total |
| |
$ | 89,782,630 | | |
$ | 4,063,016,168 | | |
$ | — | | |
$ | 4,152,798,798 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| California Municipal Bond Fund |
| |
| | | |
| | | |
| | | |
| | |
| Municipal Bonds |
| |
$ | — | | |
$ | 341,562,919(b) | | |
$ | — | | |
$ | 341,562,919 | |
| Corporate Bonds |
| |
| — | | |
| 1,859,973(b) | | |
| — | | |
| 1,859,973 | |
| U.S. Government Securities |
| |
| — | | |
| 4,996,797 | | |
| — | | |
| 4,996,797 | |
| Investment Company |
| |
| 15,857,568 | | |
| — | | |
| — | | |
| 15,857,568 | |
| Total |
| |
$ | 15,857,568 | | |
$ | 348,419,689 | | |
$ | — | | |
$ | 364,277,257 | |
| |
| |
| | | |
| | | |
| | | |
| | |
| New York Municipal Bond Fund |
| |
| | | |
| | | |
| | | |
| | |
| Municipal Bonds |
| |
$ | — | | |
$ | 522,250,573(b) | | |
$ | — | | |
$ | 522,250,573 | |
| Corporate Bonds |
| |
| — | | |
| 9,051,167(b) | | |
| — | | |
| 9,051,167 | |
| U.S. Government Securities |
| |
| — | | |
| 31,435,828 | | |
| — | | |
| 31,435,828 | |
| Investment Company |
| |
| 9,491,037 | | |
| — | | |
| — | | |
| 9,491,037 | |
| Total |
| |
$ | 9,491,037 | | |
$ | 562,737,568 | | |
$ | — | | |
$ | 572,228,605 | |
| Old
Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
| |
October
31, 2024 |
| |
|
| (a) |
The Large Cap Strategies Fund, the Small & Mid Cap Strategies
Fund, and the Credit Income Fund held certain investments categorized as Level 3 that had a fair value less than 1% of NAV
with a percentage of NAV as 0.00%, 0.04%, and 0.40%, respectively, for the year ended October 31, 2024.For the Small &
Mid Cap Strategies Fund there were transfers into Level 3 in the amount of $2,886,288 and a purchase of $1,576,197. The Funds’
instrument types classified as Level 3 investments are valued using recent transaction price or broker quotes. |
| (b) |
The classification of the Fund’s investments into major categories
or countries is disclosed in the respective Fund’s Portfolio of Investments and in Note 5 for derivatives. |
The Fund did not have material transfers into or out of Level
3 during the year ended October 31, 2024, with the exception of what is mentioned in footnote (a) above. The Fund’s policy
is to recognize transfers among levels as of the beginning of the reporting period.
| 5. |
Derivative Instruments: |
The Funds engage in various portfolio
investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect,
their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value
fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities,
credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates.
The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market
movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse
events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under
the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of
the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain
features of the derivatives. The use of derivatives exposes a Fund to risks in addition to and greater than those associated with
investing directly in the instruments underlying those derivatives, including risks relating to leverage, market conditions and
market risk, imperfect correlation (imperfect correlations with underlying instruments or the Fund’s other portfolio holdings),
high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and
risk. There is no guarantee that the use of derivatives will achieve their intended result.
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 are viewed as presenting lower credit risk than bilateral
counterparties. 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 year ended
October 31, 2024.
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.
| Old
Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
|
October
31, 2024 |
| |
|
As of October 31, 2024, 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:
| Large Cap Strategies Fund | |
| | |
| | |
| | |
| | |
| |
| Counterparty | |
Gross Amounts
of
Liabilities
Presented
in the
Statement
of Assets and
Liabilities | |
Derivatives
Available
for Offset (a) | |
Non-cash
Collateral
Pledged (b) | |
Cash Collateral
Pledged (b) | |
Net
Amount of
Derivative
Liabilities (c) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Barclays Bank Plc | |
$ | 5,526,152 | | |
$ | — | | |
$ | — | | |
$ | (5,526,152) | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Credit Income Fund | |
| | |
| | |
| | |
| | |
| |
| Counterparty | |
Gross
Amounts of
Assets
Presented
in the
Statement
of Assets and
Liabilities | |
Derivatives
Available
for Offset (a) | |
Non-cash
Collateral
Received (b) | |
Cash
Collateral
Received (b) | |
Net
Amount of
Derivative
Assets (c) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Barclays Bank Plc | |
$ | 2,396,060 | | |
$ | (2,396,060 | ) | |
$ | — | | |
$ | — | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Credit Income Fund | |
| | |
| | |
| | |
| | |
| |
| Counterparty | |
Gross Amounts
of
Liabilities
Presented
in the
Statement
of Assets and
Liabilities | |
Derivatives
Available
for Offset (a) | |
Non-cash
Collateral
Pledged (b) | |
Cash Collateral
Pledged (b) | |
Net
Amount of
Derivative
Liabilities (c) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Barclays Bank Plc | |
$ | 3,683,395 | | |
$ | (2,396,060 | ) | |
$ | — | | |
$ | (700,000 | ) | |
$ | 587,335 | |
| (a) |
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. |
| (b) |
Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes. |
| (c) |
Net amount represents the net amount receivable from/payable to counterparty in the event of default. |
| Old
Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
|
October
31, 2024 |
| |
|
The Funds may be subject to, among other
risks, interest rate risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing
their investment objectives by investing in various derivative financial instruments, as described below.
For open derivative instruments, please see the respective Fund’s
Portfolio of Investments or details below:
| | |
Fair Values of Derivative Instruments as of October 31, 2024 |
| | |
Derivative Assets | |
Derivative Liabilities |
| | |
| |
|
| Large Cap Strategies Fund | |
Statements of Assets
and Liabilities
Location | |
Value | |
Statements of Assets
and Liabilities
Location | |
Value |
| Forward Foreign Currency Exchange Risk | |
Unrealized appreciation on forward foreign currency exchange contracts | |
$ | — | |
Unrealized depreciation on forward foreign currency exchange contracts | |
$ | 5,526,152 |
| | |
| |
| | | |
| |
| | |
| | |
Fair Values of Derivative Instruments as of October 31, 2024 |
| | |
Derivative Assets | |
Derivative Liabilities |
| | |
| |
|
| Credit Income Fund | |
Statements of Assets
and Liabilities
Location | |
Value | |
Statements of Assets
and Liabilities
Location | |
Value |
| Interest Rate Risk | |
Unrealized appreciation on swap agreements | |
$ | 2,396,060 | |
Unrealized depreciation on swap agreements | |
$ | 3,683,395 |
| | |
The Effect of Derivative Instruments on
the Statements of Operations
For the Year Ended October 31, 2024
Net Realized Gain/(Loss) from Derivatives Recognized
in Income |
| | |
|
| Large Cap Strategies
Fund | |
Purchased
Options
and
Structured
Options
(Investments) | |
Written
Options
and
Structured
Options | |
Futures
Contracts | |
Swap
Agreements | |
Foreign
Currency
Exchange
Contracts | |
Total |
| Forward Foreign Currency Exchange Risk | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | (3,602,206) | | |
$ | (3,602,206) | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Credit Income Fund | |
Purchased
Options
and
Structured
Options
(Investments) | |
Written
Options
and
Structured
Options | | |
Futures
Contracts | |
Swap
Agreements | |
Foreign
Currency
Exchange
Contracts | |
Total |
| Interest Rate Risk | |
$ | — | | |
$ | — | | |
$ | 2,061,119 | | |
$ | (9,161,694) | | |
$ | — | | |
$ | (7,100,575) | |
| Old
Westbury Funds, Inc. |
|
| Notes
to Financial Statements - (Continued) |
|
|
October
31, 2024 |
| |
|
| | |
Net Change in Unrealized Appreciation/(Depreciation)
on Derivatives Recognized in Income |
| | |
| | |
| | |
| |
| Large Cap Strategies Fund | |
Purchased
Options
and
Structured
Options
(Investments) | |
Written
Options
and
Structured
Options | |
Futures
Contracts | |
Swap
Agreements | |
Foreign Currency
Exchange
Contracts | |
Total |
| Forward Foreign Currency Exchange Risk | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 1,530,938 | | |
$ | 1,530,938 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Credit Income Fund | |
Purchased
Options
and
Structured
Options
(Investments) | |
Written
Options
and
Structured
Options | |
Futures
Contracts | |
Swap
Agreements | |
Foreign Currency
Exchange
Contracts | |
Total |
| Interest Rate Risk | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | 20,000,003 | | |
$ | — | | |
$ | 20,000,003 | |
For the year ended October 31, 2024, the quarterly average volume
of derivative activities was as follows:
| | |
Large Cap Strategies
Fund | |
Credit Income Fund |
| Forward Foreign Currency Contracts Sold (U.S. Dollar Amounts) | |
$ | 96,408,909 | | |
$ | — | |
| Total Return Swaps (Notional Amounts in U.S. Dollars) | |
| — | | |
| 182,500,000 | |
A. Futures Contracts. The
Funds may purchase and write (sell) 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 pursue 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 and exchanges are viewed as presenting lower credit risk than bilateral counterparties.
B. Forward Foreign Currency Exchange
Contracts. The Funds (except Municipal Bond Fund, California Municipal Bond and New York Municipal Bond) 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.
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
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 may enter into swap agreements, which are agreements involving two parties to exchange the return generated by a security,
currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the
agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return,
interest rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty
a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may
also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally
made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity.
Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security,
index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total
return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based
obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or
other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively.
Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic
amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed
amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments,
failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the
swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption
“Swap Agreements”.
D. Options. The Funds may
purchase and write (sell) 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 and exchanges are viewed as presenting lower credit risk than bilateral counterparties.
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 Credit Income Fund may invest 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 where-
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
by each unit represents a structure based
on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid
which is recorded as an asset on the Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market
to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund
will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and
the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a
call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying
index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure
would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of
the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending
on the value of the underlying index at exercise.
| 6. |
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% |
|
0.67% |
| Credit Income Fund |
|
0.65% |
|
0.60% |
|
0.55% |
|
0.58% |
| Fixed Income Fund |
|
0.45% |
|
0.40% |
|
0.35% |
|
0.40% |
| Municipal Bond Fund |
|
0.45% |
|
0.40% |
|
0.35% |
|
0.37% |
| California Municipal Bond Fund |
|
0.45% |
|
0.40% |
|
0.35% |
|
0.45% |
| New York Municipal Bond Fund |
|
0.45% |
|
0.40% |
|
0.35% |
|
0.44% |
| |
|
Average net assets |
| Small & Mid Cap Strategies Fund |
|
0.85% |
| Short-Term Bond Fund |
|
0.32% |
| |
|
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% |
BIM has retained Acadian Asset Management,
LLC (“Acadian”), Artisan Partners Limited Partnership ("Artisan"), Champlain Investment Partners, LLC (“Champlain”),
and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid
Cap Strategies Fund. Acadian, Artisan, Champlain, and Polunin are paid for their services directly by BIM. Ballie Gifford previously
served as sub-adviser to the Small & Mid Cap Strategies Fund and was terminated effective July 16, 2024.
BIM has retained Aikya Investment Management
Limited (“Aikya”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to each manage a segment
of the Large Cap Strategies Fund. Aikya and Sands are paid for their services directly by BIM. Baillie Gifford previously served
as sub-adviser to the Large Cap Strategies Fund and was terminated effective February 6, 2024, and Aikya was added as sub-adviser
to the Large Cap Strategies Fund, effective February 6, 2024.
BIM has retained BlackRock Financial Management,
Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment
of the Credit Income 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. The Bank of New York Mellon ("BNY") and BNY Mellon Investment Servicing (US) Inc. act as administrator and
fund accounting agent and transfer agent, respectively, 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.
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
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.
D. Custody Fees. The All
Cap Core Fund, Large Cap Strategies Fund, Fixed Income Fund, Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond
Fund, and New York Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian.
The Small & Mid Cap Strategies Fund has retained BTCO to serve as its 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 0.065% of the average daily net assets of the non-U.S. investments
for All Cap Core Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund,
Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund or portion thereof
for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund and Large Cap Strategies Fund. The
Credit Income Fund has retained Citibank, N.A. (“Citibank”) to serve as its 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 has
contractually committed through October 31, 2026 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 All Cap Core Fund at 0.95%, the Large Cap Strategies Fund at 1.10%,
the Small & Mid Cap Strategies Fund at 1.10%, the Credit Income Fund at 0.85%, the Fixed Income Fund at 0.57%, the Short-Term
Bond Fund at 0.37%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57% and the New York Municipal Bond
Fund at 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the year ended October 31, 2024, BIM waived
$112,262 for the All Cap Core Fund, $3,266,314 for the Small & Mid Cap Strategies Fund, $95,590 for the Credit Income
Fund, $1,645,036 for the Fixed Income Fund, $97,384 for the Short-Term Bond Fund, $3,127,253 for the Municipal Bond Fund, $650,195
for the California Municipal Bond Fund, and $974,107 for the New York Municipal Bond Fund. The contractual advisory fee waivers
may be changed or terminated at any time with the approval of the Board. BIM, however, does not have the ability to recapture
fees currently being waived at a later date.
F. Board of Directors’ Fees.
Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940
Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $240,000, plus $30,000 for
serving as Board’s Chairperson and $15,000 as the Audit Committee Chairperson.
Each Independent Director is reimbursed
for all out-of-pocket expense 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 do not receive compensation from the Funds. Fees paid are allocated to the Funds
on a pro rata basis based on net assets.
G. Other Transactions. From
time to time, the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on
valuations obtained in accordance with the valuation procedures followed by the Funds, as described in Note 2, applied on a consistent
basis. For the year ended October 31, 2024, there were no such transactions.
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
| 7. |
Securities Transactions: |
Investment transactions for the year ended
October 31, 2024, excluding short-term debt investments and U.S. Government securities, were as follows:
| | |
Purchases | |
Sales |
| All Cap Core Fund | |
$ | 1,349,319,999 | | |
$ | 1,583,986,565 | |
| Large Cap Strategies Fund | |
| 8,437,351,081 | | |
| 10,102,376,649 | |
| Small & Mid Cap Strategies Fund | |
| 5,038,468,330 | | |
| 5,184,565,088 | |
| Credit Income Fund | |
| 427,902,318 | | |
| 408,503,358 | |
| Fixed Income Fund | |
| 252,103,496 | | |
| 286,050,417 | |
| Short-Term Bond Fund | |
| 23,385,528 | | |
| 23,125 | |
| Municipal Bond Fund | |
| 1,814,561,425 | | |
| 1,350,204,360 | |
| California Municipal Bond Fund | |
| 128,149,214 | | |
| 87,873,025 | |
| New York Municipal Bond Fund | |
| 164,274,464 | | |
| 132,563,030 | |
Purchase and sales of U.S. Government Securities,
excluding those with maturity of one year or less during the year ended October 31, 2024 were as follows:
| | |
Purchases | |
Sales |
| Credit Income Fund | |
$ | 4,291,174 | | |
$ | 171,967,229 | |
| Fixed Income Fund | |
| 1,147,311,333 | | |
| 1,179,416,455 | |
| Short-Term Bond Fund | |
| 29,978,918 | | |
| 2,616,416 | |
| Municipal Bond Fund | |
| 43,940,625 | | |
| 140,237,656 | |
| California Municipal Bond Fund | |
| — | | |
| 24,443,223 | |
| New York Municipal Bond Fund | |
| 24,565,117 | | |
| 43,754,187 | |
When considered to be in the best interest
of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions in-kind).
Gains and losses realized on redemptions in-kind are not recognized for tax purposes and are reclassified from undistributed realized
gain (loss) to paid-in capital. During the year ended October 31, 2024, the All Cap Core Fund realized a net gain of $57,604,732
on $125,090,580 of redemptions in-kind, including cash of $2,390,404, with affiliates of BIM.
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.
Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of
net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from utilization of earnings
and profits on shareholder redemptions. Financial records are not adjusted for temporary differences. Temporary differences primarily
arise from the tax treatment of wash sales, passive foreign investment companies, and index options.
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
As of October 31, 2024, 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 | |
$ | 2,128,289,807 | | |
$ | 1,425,619,901 | | |
$ | (18,830,487 | ) | |
$ | 1,406,789,414 | |
| Large Cap Strategies Fund | |
| 15,466,159,603 | | |
| 9,693,395,565 | | |
| (499,257,455 | ) | |
| 9,194,138,110 | |
| Small & Mid Cap Strategies Fund | |
| 7,636,561,726 | | |
| 1,725,513,597 | | |
| (529,995,011 | ) | |
| 1,195,518,586 | |
| Credit Income Fund | |
| 2,826,923,116 | | |
| 32,662,669 | | |
| (492,360,446 | ) | |
| (459,697,777) | |
| Fixed Income Fund | |
| 1,395,904,361 | | |
| 7,769,602 | | |
| (23,428,263 | ) | |
| (15,658,661) | |
| Short-Term Bond Fund | |
| 60,265,504 | | |
| 94,958 | | |
| (99,778 | ) | |
| (4,820) | |
| Municipal Bond Fund | |
| 4,169,664,516 | | |
| 26,075,781 | | |
| (42,941,499 | ) | |
| (16,865,718) | |
| California Municipal Bond Fund | |
| 364,615,061 | | |
| 2,049,722 | | |
| (2,387,526 | ) | |
| (337,804) | |
| New York Municipal Bond Fund | |
| 578,354,321 | | |
| 2,821,192 | | |
| (8,946,908 | ) | |
| (6,125,716) | |
Permanent differences as of October 31, 2024, were as follows:
| |
|
Total Distributable
Earnings
/(Accumulated Loss) |
|
Increase/
(Decrease)
Paid-in-Capital |
| All Cap Core Fund |
|
|
$(77,330,223) |
|
|
|
$77,330,223 |
|
| Large Cap Strategies Fund |
|
|
(47,679,227) |
|
|
|
47,679,227 |
|
| Small & Mid Cap Strategies Fund |
|
|
(7,338,153) |
|
|
|
7,338,153 |
|
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 tax character of distributions from the Funds during the
year ended October 31, 2024 was as follows:
| | |
All Cap Core
Fund | |
Large Cap
Strategies Fund | |
Small & Mid Cap
Strategies Fund | |
Credit Income
Fund |
| Distributions paid from: | |
| | | |
| | | |
| | | |
| | |
| Ordinary income | |
$ | 6,016,433 | | |
$ | 122,213,975 | | |
$ | 52,892,671 | | |
$ | 136,598,824 | |
| Net Long Term Capital Gains | |
| 245,752,964 | | |
| — | | |
| — | | |
| — | |
| Total Taxable Distributions | |
| 251,769,397 | | |
| 122,213,975 | | |
| 52,892,671 | | |
| 136,598,824 | |
| Tax Exempt Distributions | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Distributions Paid | |
$ | 251,769,397 | | |
$ | 122,213,975 | | |
$ | 52,892,671 | | |
$ | 136,598,824 | |
| | |
Fixed Income
Fund | |
Short-Term Bond
Fund | |
Municipal Bond
Fund | |
California
Municipal Bond
Fund | |
New York
Municipal Bond
Fund |
| Distributions paid from: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Ordinary income | |
$ | 54,186,280 | | |
$ | 554,994 | | |
$ | 22,074,297 | | |
$ | 2,342,791 | | |
$ | 3,337,459 | |
| Net Long Term Capital Gains | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Taxable Distributions | |
| 54,186,280 | | |
| 554,994 | | |
| 22,074,297 | | |
| 2,342,791 | | |
| 3,337,459 | |
| Tax Exempt Distributions | |
| — | | |
| — | | |
| 76,720,258 | | |
| 6,847,401 | | |
| 9,923,681 | |
| Total Distributions Paid | |
$ | 54,186,280 | | |
$ | 554,994 | | |
$ | 98,794,555 | | |
$ | 9,190,192 | | |
$ | 13,261,140 | |
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
The tax character of distributions from the Funds during the
year ended October 31, 2023 was as follows:
| | |
All Cap Core
Fund | |
Large Cap
Strategies Fund | |
Small & Mid Cap
Strategies Fund | |
Credit Income
Fund |
| Distributions paid from: | |
| | | |
| | | |
| | | |
| | |
| Ordinary income | |
$ | 5,321,700 | | |
$ | 119,244,027 | | |
$ | 38,864,269 | | |
$ | 119,000,546 | |
| Net Long Term Capital Gains | |
| 63,552,699 | | |
| — | | |
| — | | |
| — | |
| Total Taxable Distributions | |
| 68,874,399 | | |
| 119,244,027 | | |
| 38,864,269 | | |
| 119,000,546 | |
| Tax Exempt Distributions | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Distributions Paid | |
$ | 68,874,399 | | |
$ | 119,244,027 | | |
$ | 38,864,269 | | |
$ | 119,000,546 | |
| | |
Fixed Income
Fund | |
Municipal Bond
Fund | |
California
Municipal Bond
Fund | |
New York
Municipal Bond
Fund |
| Distributions paid from: | |
| | | |
| | | |
| | | |
| | |
| Ordinary income | |
$ | 39,098,317 | | |
$ | 15,941,024 | | |
$ | 1,947,214 | | |
$ | 2,565,990 | |
| Net Long Term Capital Gains | |
| — | | |
| — | | |
| — | | |
| — | |
| Total Taxable Distributions | |
| 39,098,317 | | |
| 15,941,024 | | |
| 1,947,214 | | |
| 2,565,990 | |
| Tax Exempt Distributions | |
| — | | |
| 57,228,412 | | |
| 5,232,608 | | |
| 7,916,302 | |
| Total Distributions Paid | |
$ | 39,098,317 | | |
$ | 73,169,436 | | |
$ | 7,179,822 | | |
$ | 10,482,292 | |
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 year ended October
31, 2024, 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, 2024. 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, 2024, the components
of distributable earnings/(accumulated loss) on a tax basis were as follows:
| | |
All Cap Core
Fund | |
Large Cap
Strategies Fund | |
Small & Mid Cap
Strategies Fund | |
Credit Income
Fund |
| Undistributed Tax Exempt Income | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| Undistributed ordinary income | |
| — | | |
| 91,846,427 | | |
| 70,941,056 | | |
| 13,869,419 | |
| Undistributed long-term capital gains | |
| 343,468,941 | | |
| 1,262,536,779 | | |
| 251,500,353 | | |
| — | |
| Accumulated Earnings | |
| 343,468,941 | | |
| 1,354,383,206 | | |
| 322,441,409 | | |
| 13,869,419 | |
| Deferred Qualified Late-Year Losses* | |
| (401,804 | ) | |
| — | | |
| — | | |
| — | |
| Capital Loss Carryforwards | |
| — | | |
| — | | |
| — | | |
| (177,618,383 | ) |
| Unrealized Appreciation/(Depreciation) | |
| 1,406,788,500 | | |
| 9,181,463,763 | | |
| 1,193,543,763 | | |
| (459,697,770 | ) |
| Total Accumulated Earnings/(Deficits) | |
$ | 1,749,855,637 | | |
$ | 10,535,846,969 | | |
$ | 1,515,985,172 | | |
$ | (623,446,734 | ) |
| | |
Fixed Income
Fund | |
Short-Term
Bond
Fund | |
Municipal Bond
Fund | |
California
Municipal Bond
Fund | |
New York
Municipal Bond
Fund |
| Undistributed Tax Exempt Income | |
$ | — | | |
$ | — | | |
$ | 9,404,132 | | |
$ | 818,944 | | |
$ | 1,206,316 | |
| Undistributed ordinary income | |
| 4,490,114 | | |
| 174,266 | | |
| — | | |
| — | | |
| — | |
| Accumulated Earnings | |
| 4,490,114 | | |
| 174,266 | | |
| 9,404,132 | | |
| 818,944 | | |
| 1,206,316 | |
| Capital Loss Carryforwards | |
| (152,146,545 | ) | |
| — | | |
| (203,740,438 | ) | |
| (16,643,380 | ) | |
| (20,924,940 | ) |
| Unrealized Appreciation/(Depreciation) | |
| (15,658,661 | ) | |
| (4,820 | ) | |
| (16,865,718 | ) | |
| (337,804 | ) | |
| (6,125,716 | ) |
| Total Accumulated Earnings/(Deficits) | |
$ | (163,315,092 | ) | |
$ | 169,446 | | |
$ | (211,202,024 | ) | |
$ | (16,162,240 | ) | |
$ | (25,844,340 | ) |
* 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.
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
As of October 31, 2024, the capital loss
carryforwards of the below Funds are 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.
| | |
Short-Term
Capital Loss
Carryforward | |
Long-Term
Capital Loss
Carryforward |
| Credit Income Fund | |
$ | 77,917,182 | | |
$ | 99,701,201 | |
| Fixed Income Fund | |
| 20,911,687 | | |
| 131,234,858 | |
| Municipal Bond Fund | |
| 73,373,789 | | |
| 130,366,649 | |
| California Municipal Bond Fund | |
| 6,318,983 | | |
| 10,324,397 | |
| New York Municipal Bond Fund | |
| 6,341,899 | | |
| 14,583,041 | |
The capital loss carryforward will reduce
the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted
by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve
the Funds of any liability for federal tax.
The following Funds utilized capital loss carryforwards during
the year ended October 31, 2024:
| |
|
Utilized Capital Loss
Carryforwards |
| Large Cap Strategies Fund |
|
$146,154,982 |
| Small & Mid Cap Strategies Fund |
|
46,285,363 |
| Fixed Income Fund* |
|
8,161,536 |
* Relating to the short-term capital loss carryforward.
Under current tax law, ordinary losses
incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of
the following fiscal year for tax purposes. The All Cap Core Fund had a late year loss deferrals of $401,804 in the current year.
The Credit Income Fund may invest in floating
rate loan interests. In connection with these investments, the Credit Income Fund may also enter into bridge loan commitments
(“commitments”). Bridge loan commitments may obligate the Credit Income Fund to furnish temporary financing to a borrower
until permanent financing can be arranged.
As of October 31, 2024, the Credit Income
Fund had no outstanding bridge loan commitments. In connection with these commitments, the Credit Income 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.
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.
| 12. |
Additional Tax Information (Unaudited) |
Qualified Dividend Income (Unaudited)
The Funds designate a portion of the income dividends distributed
during the fiscal year ended October 31, 2024, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:
| All Cap Core Fund |
100.00% |
| Large Cap Strategies Fund |
100.00% |
| Small & Mid Cap Strategies Fund |
100.00% |
| Credit Income Fund |
0.81% |
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024
|
Qualified Interest Income (Unaudited)
The Funds designate a portion of the income dividends distributed
during the fiscal year ended October 31, 2024, as Qualified Interest Income as defined in the Code as follows:
| All Cap Core Fund |
12.70% |
| Large Cap Strategies Fund |
5.69% |
| Small & Mid Cap Strategies Fund |
4.62% |
| Credit Income Fund |
80.43% |
| Fixed Income Fund |
88.26% |
| Short-Term Bond Fund |
94.87% |
| Municipal Bond Fund |
20.46% |
| California Municipal Bond Fund |
24.61% |
| New York Municipal Bond Fund |
23.59% |
Qualified Short Term Gain (Unaudited)
The Funds designate a portion of the income
dividends distributed during the fiscal year ended October 31, 2024, as Qualified Short-Term Gain as defined in the Code as follows:
| All Cap Core Fund |
100.00% |
| Large Cap Strategies Fund |
0.00% |
| Small & Mid Cap Strategies Fund |
0.00% |
| Credit Income Fund |
0.00% |
| Fixed Income Fund |
0.00% |
| Short-Term Bond Fund |
0.00% |
| Municipal Bond Fund |
0.00% |
| California Municipal Bond Fund |
0.00% |
| New York Municipal Bond Fund |
0.00% |
Dividends Received Deduction (Unaudited)
For the fiscal year ended October 31,
2024, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available
to corporations:
| All Cap Core Fund |
100.00% |
| Large Cap Strategies Fund |
100.00% |
| Small & Mid Cap Strategies Fund |
27.61% |
| Credit Income Fund |
0.20% |
Long Term Capital Gain Dividends (Unaudited)
The Fund designates Long-Term Capital
Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2024 as follows:
| All Cap Core Fund |
$245,752,964 |
| Old
Westbury Funds, Inc. |
|
| Notes to
Financial Statements - (Continued) |
|
|
October
31, 2024 |
U.S. Government Income (Unaudited)
The percentages of the ordinary income dividends paid by the
Funds during the fiscal year ended October 31, 2024 which were derived from U.S. Treasury securities were as follows:
| All Cap Core Fund |
0.00% |
| Large Cap Strategies Fund |
1.13% |
| Small & Mid Cap Strategies Fund |
1.32% |
| Credit Income Fund |
17.39% |
| Fixed Income Fund |
58.49% |
| Short-Term Bond Fund |
53.66% |
| Municipal Bond Fund |
2.77% |
| California Municipal Bond Fund |
9.42% |
| New York Municipal Bond Fund |
10.48% |
Tax Exempt Distributions (Unaudited)
The distributions designated as tax exempt dividends paid for
the fiscal year ended October 31, 2024 were as follows:
| Municipal Bond Fund |
$76,720,258 |
| California Municipal Bond Fund |
6,847,401 |
| New York Municipal Bond Fund |
9,923,681 |
| Old
Westbury Funds, Inc. |
|
| Report
of Independent Registered Public Accounting Firm |
| |
October
31, 2024 |
To the Shareholders and the Board of Directors of Old Westbury
Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities
of Old Westbury Funds, Inc. (the “Corporation”) (comprising All Cap Core Fund, Large Cap Strategies Fund, Small &
Mid Cap Strategies Fund, Credit Income Fund, Fixed Income Fund, Short-Term Bond Fund, Municipal Bond Fund, California Municipal
Bond Fund and New York Municipal Bond Fund (collectively referred to as the “Funds”)), including the portfolios of
investments, as of October 31, 2024, and the related statements of operations, statements of changes in net assets, and the financial
highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial
statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of
each of the Funds comprising the Corporation at October 31, 2024, the results of their operations, changes in net assets and financial
highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Funds comprising
the
Corporation |
|
Statement of
operations |
|
Statement of changes
in net assets |
|
Financial
highlights |
All Cap Core Fund
Large Cap Strategies Fund
Small & Mid Cap Strategies Fund
Fixed Income Fund
Municipal Bond Fund
California Municipal Bond Fund
New York Municipal Bond Fund |
|
For the year ended
October 31, 2024 |
|
For each of the two
years in the period ended October 31, 2024 |
|
For each of the five
years in the period ended October 31, 2024 |
| Credit Income Fund |
|
For the year ended October 31, 2024 |
|
For each of the two years in the period
ended October 31, 2024 |
|
For each of the four years in the period ended October 31, 2024 and the period from October 1, 2020 (commencement of operations) through October 31, 2020 |
| Short-Term Bond Fund |
|
For the period from February
29, 2024 (commencement of operations) through October 31, 2024 |
Basis for Opinion
These financial statements are the responsibility of the Corporation’s
management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were
we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of October 31, 2024, by correspondence with the custodians,
brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Corporation’s auditor since 2006.
New York, NY
December 23, 2024
| Old
Westbury Funds, Inc. |
|
| Additional
Information (Unaudited) |
| |
October
31, 2024 |
Information on Proxy Voting:
The Funds' voting record is available
(i) without charge, upon request, by calling (800) 607-2200, (ii) free of charge on our website (https://www.oldwestburyfunds.com),
and (iii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Information on Form N-PORT
Each Fund files a complete schedule of its fund holdings for
the first and third quarters of its fiscal year with the SEC on Form N-PORT. The Funds’ Forms N-PORT is available (i) without
charge, upon request, by calling (800) 607-2200, (ii) free of charge on our website (https://www.oldwestburyfunds.com), and (iii)
on the SEC’s website at http://www.sec.gov.
| Old
Westbury Funds, Inc. |
|
| Approval
of Sub-Advisory Agreement with Aikya Investment Management Limited (Unaudited) |
| |
October
31, 2024 |
At a special meeting held on January 22, 2024, the Board of
Directors, including the Independent Directors, unanimously approved a new Sub-Advisory Agreement among BIM, Aikya Investment Management
Limited (“Aikya”), and the Corporation on behalf of the Old Westbury Large Cap Strategies Fund (the “Fund”)
(the “Sub-Advisory Agreement”). The Board noted that the fees payable to Aikya under the Sub-Advisory Agreement would
be paid by the Adviser from the advisory fees that it receives from the Fund.
In approving the Sub-Advisory Agreement with Aikya, the Board
considered the overall fairness of the Sub-Advisory Agreement and whether the agreement was in the best interests of the Fund.
The Board noted that it had received and reviewed substantial information regarding Aikya, and the services to be provided by Aikya
to the Fund under the Sub-Advisory Agreement. This information, which included a detailed due diligence questionnaire from Aikya,
as well as information concerning their organization, compliance program and financial condition, formed, in part, the primary
(but not exclusive) basis for the Board’s determinations. The Board considered information about BIM and Aikya, and the materials
presented in advance of the January 22, 2024 special meeting. The Board also noted that the Independent Directors had met in executive
session with their Counsel and Counsel to the Corporation and had met with the Adviser to discuss the Adviser’s recommendation
regarding Aikya’s appointment. During the executive session, the Independent Directors reviewed their legal responsibilities
in approving the Sub-Advisory Agreement and discussed materials and information provided to them. The Board concluded that they
had received adequate information to make a reasonable determination with respect to the approval of the Sub-Advisory Agreement.
The Board’s conclusions are based on the comprehensive
consideration of all information presented to it and are not the result of any single controlling factor.
The following summary details certain of the materials and factors
that the Board considered, among others, and the conclusions they reached, in approving the Sub-Advisory Agreement with Aikya.
(1) The nature, extent and quality of services to be provided
by Aikya.
The Board considered the scope and quality of services to be
provided by Aikya, including the fact that Aikya pays the costs of all investment and management facilities necessary for the efficient
conduct of its services. The Board also considered, among other things, the qualifications and experience of the individual portfolio
managers responsible for managing Aikya’s portion of the Fund. The Board took into account Aikya’s portfolio management
history as well as its compliance, operational, and trading capabilities. The Board considered the experience and skills of Aikya’s
investment personnel, the resources made available to such personnel and the organizational structure of Aikya, including its affiliation
with Pinnacle Investments, LLC.
Based on these considerations, as well as those discussed below,
the Board concluded that the nature, extent and quality of services to be provided by Aikya were satisfactory.
(2) The performance of Aikya.
The Board considered the performance data provided by Aikya
with respect to other accounts and determined that Aikya had demonstrated an ability to appropriately manage assets in the style
expected to be used by Aikya in connection with the Fund.
(3) The cost of the advisory services and comparative fee
rates.
The Directors noted that the fee payable to Aikya under the
Sub-Advisory Agreement would be paid entirely by the Adviser. The Directors reviewed the level of the proposed fee against benchmarks
and peer comparisons. Based on these considerations, as well as other factors described herein, the Board, including all of the
Independent Directors, concluded that Aikya’s sub-advisory fee was fair and reasonable in light of the quality of services
to be provided by Aikya.
(4) The extent to which economies of scale will be realized
as the Fund grows and whether fee levels reflect those economies of scale.
The Board discussed whether any economies of scale would be
realized with respect to the management of the Fund and whether the Fund would benefit from any such economies of scale. The Board
noted in this regard that BIM would bear Aikya’s sub-advisory fee. The Directors undertook to continue to monitor the appropriateness
of the sub-advisory fee, taking into account the potential impact of economies of scale, as the mandate grew.
(5) Ancillary benefits and other factors.
In addition to the above factors, the Board also discussed whether
there were other benefits received by the Adviser, Aikya, or their affiliates, from Aikya’s relationship with the Fund, including
those discussed earlier during the meeting. The Board determined to monitor these matters and concluded that the proposed sub-advisory
fee was reasonable in light of these fall-out benefits and other factors.
| Old
Westbury Funds, Inc. |
|
| Approval
of Sub-Advisory Agreement with Aikya Investment Management Limited (Unaudited) - (Continued) |
| |
October
31, 2024 |
Conclusion
The Board, including all of the Independent Directors, concluded
that the fee to be paid to Aikya under the Sub-Advisory Agreement was fair and reasonable with respect to the services that Aikya
would provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation
of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors
were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this
determination.
| Old
Westbury Funds, Inc. |
|
| Renewal
of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) |
| |
October
31, 2024 |
At a meeting held on July 16, 2024, the Board of Directors (the
“Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the
Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”))
of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the
following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory
agreement between Bessemer Investment Management LLC (“BIM” or the “Adviser”) and the Corporation on behalf
of Old Westbury All Cap Core Fund (“All Cap Core Fund”), Old Westbury Large Cap Strategies Fund (“Large Cap Strategies
Fund”), Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”), Old Westbury
Credit-Income Fund (“Credit Income Fund”), Old Westbury Fixed Income Fund (“Fixed Income Fund”), Old Westbury
Municipal Bond Fund (“Municipal Bond Fund”), Old Westbury California Municipal Bond Fund (“California Municipal
Bond Fund”), Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”), and Old Westbury Short-Term
Bond Fund (“Short-Term Bond Fund”) (each, a “Fund” and, collectively, the “Funds”), (2) a sub-advisory
agreement among BIM, Artisan Partners Limited Partnership (“Artisan”) and the Corporation on behalf of the Small &
Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and
the Corporation on behalf of the Small & Mid Cap Strategies Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial
Management, Inc. (“BlackRock”) and the Corporation on behalf of the Credit Income Fund, (5) a sub-advisory agreement
among BIM, Sands Capital Management, LLC (“Sands”) and the Corporation on behalf of the Large Cap Strategies Fund,
(6) a sub-advisory agreement among BIM, Muzinich & Co, Inc. (“Muzinich”) and the Corporation on behalf of the Credit
Income Fund, (7) a sub-advisory agreement among BIM, Polunin Capital Partners Limited (“Polunin”) and the Corporation
on behalf of the Small & Mid Cap Strategies Fund, (8) a sub-advisory agreement among BIM, Acadian Asset Management LLC (“Acadian”)
and the Corporation on behalf of the Small & Mid Cap Strategies Fund, and (9) a sub-advisory agreement among BIM, Aikya Investment
Management Limited (“Aikya”), and the Corporation on behalf of the Old Westbury Large Cap Strategies Fund (Polunin,
Artisan, Champlain, BlackRock, Sands, Muzinich, Acadian and Aikya together, the “Sub-Advisers”). At both the meeting
of the Board held on July 16, 2024 and the meeting of the Board held on April 16, 2024, the Board had requested and received substantial
information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee
rates charged and services provided by affiliated service providers.
The Directors reviewed detailed due diligence questionnaires
from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance,
comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective
organizations, compliance and regulatory processes and programs and financial conditions. The Directors also discussed and considered
economies of scale and how the Adviser shared those economies with the Funds’ shareholders. The Board received and discussed
information concerning BIM’s and each Sub-Adviser’s performance, the use of affiliated brokers to execute transactions,
the use of soft dollars, best execution, portfolio manager compensation, and whether there are any other direct or indirect benefits
received by the Adviser or the Sub-Advisers in managing the Funds. In addition, the Adviser supplied the Directors with additional
information concerning its estimated profitability from managing the Funds. Moreover, the Board had received and considered materials
and presentations throughout the course of the year relating to the investment management, performance and operation of the Funds.
The Directors determined that they had received adequate information
to make a reasonable determination with respect to the approval of the Agreements. The Board considered information about BIM and
the Sub-Advisers, the performance of the Funds and certain additional factors described above and below that it deemed relevant.
The following summary details the materials and factors that the Board considered, among others, and the conclusions they reached,
in approving the continuance of the Agreements.
(1) The nature, extent and quality of services provided by
the Adviser and Sub-Advisers.
The Board considered the scope and quality of services provided
by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the investment, operational, compliance,
legal and other personnel who are responsible for providing services to the Funds. The Board also considered the fact that the
Adviser and Sub-Advisers pay the costs of all investment and management facilities necessary for the efficient conduct of their
respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers
for the Funds, including in overseeing the service of, and in monitoring the performance of, each Sub-Adviser, as well as determining
the appropriate allocation of assets to Sub-Advisers. The Board also considered the Adviser’s role in making recommendations
to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting searches for and due diligence of
prospective new sub-advisers. In this regard, the Board noted the information that it had received regarding the Adviser’s
on-going due diligence with respect to each Sub-Adviser, including the Adviser’s review of, among other things, each Sub-Adviser’s
investment process, compliance program and performance. The Board also took into account various reports it received throughout
the year regarding the activities and operation of various oversight and operations groups within the Adviser and its affiliates,
such as External Managers Solutions Group, Internal Audit, Cybersecurity and Business Continuity, and Investment Risk Management.
| Old
Westbury Funds, Inc. |
|
| Renewal
of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued) |
| |
October
31, 2024 |
In addition, the Board considered that the Adviser manages the
overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds,
both in connection with the Board’s annual review of the Investment Advisory Agreement and Sub-Advisory Agreements and at
each Board meeting. The Board also noted that it received in-person reports from each Sub-Adviser on a rotating schedule. The Board
evaluated these factors based on its direct experience with the Adviser, and in consultation with Counsel to the Corporation and
Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser’s
effectiveness in ensuring that the Funds are in compliance with their respective investment policies and restrictions and the requirements
of the 1940 Act and related securities regulations.
Based on these factors, as well as other factors discussed herein,
the Board concluded that the nature, quality and extent of services provided by the Adviser and Sub-Advisers have been and continue
to be satisfactory.
(2) The performance of the Funds and the Adviser and Sub-Advisers.
The Board’s analysis of the Funds’ performance included
the discussion and review of the performance data of each of the Funds against securities benchmarks as well as against a competitive
group of similar funds, based on, in part, information provided by an independent, third-party mutual fund data provider. The Board
considered that for some Funds the investment strategy employed by the Fund was distinct from any securities benchmark and was
different than that employed by other funds, making performance comparisons against benchmarks and industry peers less meaningful.
The Board reviewed comparative performance over long-, intermediate- and short-term periods. In reviewing performance, the Board
generally placed greater emphasis on longer-term performance than on shorter-term performance, taking into account that over short
periods of time underperformance may be transitory. The Board also considered the performance of the Funds in the context of whether
the Funds were meeting the expectations of Bessemer clients invested in the Funds. In this regard, the Board considered that the
Fixed Income Fund, the Municipal Bond Fund, the New York Municipal Bond Fund and the California Municipal Bond Fund were designed
as conservative investment products and that Bessemer clients were most interested in capital preservation when investing in those
particular Funds. As a result, the Board determined that the Fixed Income Fund, the Municipal Bond Fund, the New York Municipal
Bond Fund and the California Municipal Bond Fund appeared to be meeting their investment objectives even though some Funds may
have underperformed their competitive peer groups during certain periods.
The Board considered the performance of the Adviser and each
of the Sub-Advisers both against comparative benchmarks as well as against similarly managed accounts, if applicable, managed by
the Adviser and Sub-Advisers. When reviewing performance against similarly managed accounts, the Board considered, among other
things, differences in the nature of such accounts from a regulatory and tax perspective and differences in the investment mandate
from that of the Funds. In evaluating the Funds’ performance, the Board also considered the principal role of the Funds as
part of the asset allocation strategy for client accounts maintained by Bessemer and its affiliates.
Based on these considerations, among others, the Board concluded
that its review of each Fund’s investment performance and related information supported a determination to approve the continuation
of the Investment Advisory Agreement and each Sub-Advisory Agreement.
(3) The cost of the advisory and sub-advisory services and
the profits to the Adviser and its affiliates from the relationship with the Funds.
In connection with the Board’s consideration of the level
of the advisory and sub-advisory fees, the Board considered a number of factors. The Board’s analysis of each Fund’s
advisory fees and expenses included a discussion and review of data concerning the current fee and expense ratios of each Fund
compared to a peer group of similar funds and noted that each Fund’s advisory fee and expenses were generally in line with
those of their representative group. The Board also noted the applicable advisory fee breakpoints as well as the Adviser’s
contractual commitment to waive advisory fees for certain of the Funds. Additionally, the Board considered the Adviser’s
profitability. With respect to the Sub-Advisory Agreements with the Sub-Advisers, the Board noted that the Sub-Advisers’
fees were paid entirely by the Adviser so that no additional expenses would be borne by shareholders for the engagement of the
Sub-Advisers. The Board noted that Sub-Advisory fee levels were arrived at pursuant to an arms-length negotiation between the Adviser
and each Sub-Adviser. The Board also considered fee data from the Sub-Advisers with respect to similarly managed accounts and considered
the relevance of differences in the services provided to separate accounts as they relate to differences in the fees charged in
connection with the Funds. The Board also took into account the significant costs and risks assumed by the Adviser in connection
with launching and maintaining the Funds, including entrepreneurial risks.
Based on this analysis as well as other factors described herein,
including the fact that the Funds are intended principally to satisfy asset allocation requirements of client accounts maintained
by Bessemer and its affiliates, the Board concluded that the advisory fee schedule for each Fund was fair and reasonable in light
of the quality of services provided by the Adviser and Sub-Advisers.
| Old
Westbury Funds, Inc. |
|
| Renewal
of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued) |
| |
October
31, 2024 |
(4) The extent to which economies of scale will be realized
as the Funds grow and whether fee levels reflect those economies of scale.
The Board considered the information provided by the Adviser
relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and
$1 billion with respect to the All Cap Core Fund, the Fixed Income Fund, the California Municipal Bond Fund, the New York Municipal
Bond Fund, the Municipal Bond Fund and the Credit Income Fund, and at $1.25 billion and $2.5 billion for the Large Cap Strategies
Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability
analysis. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees
charged by third-party service providers based on the combined size of the Funds.
Based on this information, the Board concluded that economies
of scale are appropriately shared for the benefit of each Fund’s shareholders through the Fund’s advisory fee and expense
structure and other methods to share benefits from economies of scale.
(5) Ancillary benefits and other factors.
In addition to the above factors, the Board also discussed other
benefits received by the Adviser, the Sub-Advisers and their affiliates from the management of the Funds (such as soft-dollar credits),
including the ability to market their advisory services for similar products in the future. In addition, the Board discussed the
compensation payable by the Funds to affiliates of the Adviser for other services including administrative services, shareholder
servicing and custody of the Funds’ assets. The Board considered comparative information relating to the fees charged for
these services and reviewed reports from the Adviser and its affiliates regarding their capabilities and experience in providing
these services. The Board also discussed the use of the Funds as asset allocation investment vehicles for clients of Bessemer and
its affiliates, with the resulting expectation that the asset sizes of the Funds would grow as Bessemer’s client base grows.
The Board concluded that the advisory and sub-advisory fees were reasonable in light of these fall-out benefits.
Conclusion
The Board, including all of the Independent Directors, concluded
that the fees payable under the Investment Advisory Agreement for each Fund and each Sub-Advisory Agreement were fair and reasonable
with respect to the services that the Adviser and each Sub-Adviser provide, in light of the factors described above that the Board
deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor
as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors,
as well as Counsel to the Corporation, in making this determination.
(This page intentionally left blank)
Investment Adviser:
Bessemer Investment Management LLC
1271 Avenue of the Americas
New York, NY 10020
(212) 708-9100
Distributor:
Foreside Funds Distributors LLC
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodians:
Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095
Citibank, N.A.
388 Greenwich Street
New York, NY 10013 |
|
Administrator:
The Bank of New York Mellon
103 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent:
BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809
Independent Registered Public Accounting Firm:
Ernst & Young LLP
One Manhattan West
New York, NY 10001 |
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.
October 31, 2024
Cusip 680414307
Cusip 680414109
Cusip 680414604
Cusip 680414851
Cusip 680414406
Cusip 680414844
Cusip 680414505
Cusip 680414877
Cusip 680414869
(OWF_A21-AR2024)
(10/24)
| (b) | The Financial Highlights are included with the Financial Statements under Item 7(a). |
Item 8. Changes in and Disagreements
with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End
Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers,
and Others of Open-End Management Investment Companies.
Included under Item 7 of this form.
Item 11. Statement Regarding Basis for Approval
of Investment Advisory Contract.
Included under Item 7 of this form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment
Companies.
Not applicable.
Item 14. Purchases of Equity Securities
by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 16. 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 period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
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 and Chief Executive Officer
(Principal Executive Officer) |
Date January 6, 2025
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 and Chief Executive Officer
(Principal Executive Officer) |
Date January 6, 2025
| By (Signature and Title)* |
|
/s/ Matthew A. Rizzi |
| |
|
Matthew A. Rizzi, Treasurer
(Principal Financial Officer) |
Date January 6, 2025
* Print the name and title of each signing officer under
his or her signature.
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