NPORT-EX/A 1 OldWest.htm
Old Westbury Funds, Inc.  
All Cap Core Fund  
Portfolio of Investments July 31, 2019
(Unaudited)

 

Shares      Value 
COMMON STOCKS — 96.6%
Banks — 4.1%
 1,188,200   Bank of America Corp.  $36,453,976 
 527,915   Citigroup, Inc.   37,566,431 
         74,020,407 
Communication Services — 9.2%
 445,590   Activision Blizzard, Inc.   21,718,057 
 50,575   Alphabet, Inc. - Class C(a)   61,533,591 
 216,265   Facebook, Inc. - Class A(a)   42,005,151 
 322,950   Tencent Holdings Ltd.   15,047,201 
 180,855   Walt Disney Co. (The)   25,864,074 
         166,168,074 
Consumer Discretionary — 11.2%
 39,573   Advance Auto Parts, Inc.   5,961,277 
 136,175   Alibaba Group Holding Ltd. - ADR(a)   23,573,254 
 35,685   Amazon.com, Inc.(a)   66,616,044 
 12,561   Booking Holdings, Inc.(a)   23,697,708 
 137,561   Dollarama, Inc.   5,096,782 
 149,245   Home Depot, Inc. (The)   31,892,164 
 321,440   NIKE, Inc. - Class B   27,653,483 
 2,183,481   Samsonite International SA   4,275,452 
 93,870   Six Flags Entertainment Corp.   4,959,152 
 166,755   Wyndham Hotels & Resorts, Inc.   9,429,995 
         203,155,311 
Consumer Staples — 4.3%
 480,460   Church & Dwight Co., Inc.   36,245,902 
 54,666   Ingredion, Inc.   4,225,135 
 299,535   PepsiCo, Inc.   38,283,568 
         78,754,605 
Diversified Financials — 6.7%
 39,571   BlackRock, Inc.   18,506,565 
 109,945   CME Group, Inc.   21,375,507 
 451,770   Discover Financial Services   40,541,840 
 743,035   Morgan Stanley   33,109,640 
 90,157   Nasdaq, Inc.   8,688,430 
         122,221,982 
Energy — 3.2%
 140,336   Apergy Corp.(a)   4,565,130 
 651,280   ConocoPhillips   38,477,622 
 115,140   Pioneer Natural Resources Co.   15,893,926 
         58,936,678 
Health Care — 15.2%
 612,240   Baxter International, Inc.   51,409,793 
 30,195   Cooper Cos., Inc. (The)   10,187,793 
 264,730   Danaher Corp.   37,194,565 
 32,946   Laboratory Corp of America Holdings(a)   5,519,114 
 889,135   Pfizer, Inc.   34,534,003 
 54,206   STERIS Plc   8,069,105 
Shares      Value 
Health Care (continued)
 26,135   Teleflex, Inc.  $8,879,105 
 128,670   Thermo Fisher Scientific, Inc.   35,729,086 
 104,775   UnitedHealth Group, Inc.   26,090,023 
 19,612   Waters Corp.(a)   4,129,503 
 50,165   West Pharmaceutical Services, Inc.   6,886,150 
 418,850   Zoetis, Inc.   48,121,677 
         276,749,917 
Industrials — 13.6%
 95,525   Allegion Plc   9,890,659 
 124,370   AO Smith Corp.   5,652,617 
 157,675   Cintas Corp.   41,064,877 
 86,147   Dover Corp.   8,343,337 
 44,610   Equifax, Inc.   6,204,805 
 384,129   Fortive Corp.   29,213,010 
 176,566   IAA, Inc.(a)   8,254,461 
 36,005   IDEX Corp.   6,056,761 
 176,566   KAR Auction Services, Inc.   4,721,375 
 36,399   L3Harris Technologies, Inc.   7,556,432 
 94,000   Raytheon Co.   17,135,260 
 788,589   Rentokil Initial Plc   4,166,441 
 297,695   Safran SA   42,737,480 
 166,635   Union Pacific Corp.   29,985,968 
 56,020   Verisk Analytics, Inc.   8,499,354 
 145,355   Waste Management, Inc.   17,006,535 
         246,489,372 
Information Technology — 19.7%
 38,500   ANSYS, Inc.(a)   7,820,120 
 168,840   Apple, Inc.   35,969,674 
 52,725   CDW Corp.   6,229,986 
 121,228   CoreLogic, Inc.(a)   5,524,360 
 265,080   Fidelity National Information Services, Inc.   35,321,910 
 735,205   Microsoft Corp.   100,186,385 
 184,960   salesforce.com, Inc.(a)   28,576,320 
 98,043   ServiceNow, Inc.(a)   27,196,148 
 72,735   Synopsys, Inc.(a)   9,656,299 
 337,660   Texas Instruments, Inc.   42,210,877 
 330,000   Visa, Inc. - Class A   58,740,000 
         357,432,079 
Insurance — 2.2%
 263,475   CHUBB Ltd.   40,269,519 
Materials — 2.1%
 62,168   AptarGroup, Inc.   7,523,571 
 242,845   Axalta Coating Systems Ltd.(a)   7,195,497 
 347,050   Rio Tinto Ltd.   23,227,125 
         37,946,193 
Real Estate — 1.9%
 165,210   American Tower Corp. REIT   34,961,740 
Utilities — 3.2%
 344,105   Ameren Corp.   26,045,307 


1
Old Westbury Funds, Inc.  
All Cap Core Fund  
Portfolio of Investments - (CONTINUED) July 31, 2019
(Unaudited)

 

Shares      Value 
Utilities (continued)
 280,700   American Water Works Co., Inc.  $32,218,746 
         58,264,053 
Total Common Stocks
(Cost $1,232,670,620)		   1,755,369,930 
INVESTMENT COMPANY — 2.9%  
 51,839,999   SEI Daily Income Trust Government II Fund, Class A, 2.06%(b)   51,839,999 
Total Investment Company
(Cost $51,839,999)		   51,839,999 
TOTAL INVESTMENTS — 99.5%
(Cost $1,284,510,619)		  $1,807,209,929 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%   9,149,081 
NET ASSETS — 100.0%  $1,816,359,010 

 

 

 

(a) Non-income producing security.
(b) The rate shown represents the current yield as of July 31, 2019.

The following abbreviations are used in the report:

 

ADR-American Depositary Receipt

REIT-Real Estate Investment Trust

 

Portfolio Diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
Information Technology   19.7%
Health Care   15.2 
Industrials   13.6 
Consumer Discretionary   11.2 
Communication Services   9.2 
Diversified Financials   6.7 
Consumer Staples   4.3 
Banks   4.1 
Energy   3.2 
Utilities   3.2 
Insurance   2.2 
Materials   2.1 
Real Estate   1.9 
Other*   3.4 
    100.0%

 

 

 

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


2
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments July 31, 2019
(Unaudited)

 

Shares      Value 
COMMON STOCKS — 96.5%
ARGENTINA — 0.0%
 47,369   Transportadora de Gas del Sur SA - ADR - Class B  $739,430 
 37,759   YPF SA - ADR   621,136 
         1,360,566 
AUSTRALIA — 1.4%
 455,908   Atlassian Corp. Plc - Class A(a)   63,881,829 
 43,218   Caltex Australia Ltd.   794,911 
 787,360   CSL Ltd.   122,861,450 
 9,871,234   Evolution Mining Ltd.   33,502,738 
 218,339   Oil Search Ltd.   1,057,277 
 259,466   Origin Energy Ltd.   1,404,011 
 327,767   Santos Ltd.   1,614,963 
 45,191   Washington H. Soul Pattinson & Co. Ltd.   699,614 
 174,102   Woodside Petroleum Ltd.   4,105,494 
 66,927   WorleyParsons Ltd.   733,357 
         230,655,644 
AUSTRIA — 0.0%
 29,318   OMV AG   1,466,989 
BELGIUM — 0.5%
 375,762   Galapagos NV - ADR(a)   65,157,131 
 909,962   Proximus SADP   25,944,739 
 5,981   Sofina SA   1,157,606 
         92,259,476 
BRAZIL — 1.0%
 2,651,430   Ambev SA - ADR   13,973,036 
 906,054   B3 SA - Brasil Bolsa Balcao   10,042,602 
 2,591,423   Banco Bradesco SA - ADR   23,426,464 
 326,536   Cia Brasileira de Distribuicao - ADR   7,954,417 
 2,190,274   Itau Unibanco Holding SA - ADR   20,041,007 
 1,415,160   Linx SA   11,999,575 
 713,400   Localiza Rent a Car SA   8,187,645 
 1,218,600   Pagseguro Digital Ltd. - Class A(a)   52,984,728 
 523,463   Petroleo Brasileiro SA   3,948,930 
 225,700   Raia Drogasil SA   4,879,073 
 133,306   Ultrapar Participacoes SA   693,365 
 2,283,860   WEG SA   14,290,769 
         172,421,611 
CANADA — 1.8%
 82,149   Bank of Montreal   6,149,660 
 116,810   Bank of Nova Scotia (The)   6,236,121 
 66,079   Cameco Corp.   606,817 
 510,053   Canadian Apartment Properties REIT   18,824,581 
 79,718   Canadian Imperial Bank of Commerce   6,271,496 
 224,395   Canadian Natural Resources Ltd.   5,683,835 
           
Shares      Value 
CANADA (continued)
 189,389   Cenovus Energy, Inc.  $1,760,724 
 323,671   Choice Properties Real Estate Investment Trust, REIT   3,367,178 
 191,520   Enbridge, Inc.   6,396,576 
 170,794   Enbridge, Inc.   5,702,812 
 275,646   Encana Corp.   1,259,392 
 76,431   Husky Energy, Inc.   593,009 
 48,973   Imperial Oil Ltd.   1,341,025 
 72,239   Inter Pipeline Ltd.   1,215,660 
 33,041   Keyera Corp.   840,670 
 128,578   National Bank of Canada   6,223,339 
 598,770   Open Text Corp.   25,537,781 
 90,552   Pembina Pipeline Corp.   3,285,752 
 51,799   PrairieSky Royalty Ltd.   693,898 
 1,532,055   Restaurant Brands International, Inc.   112,912,454 
 213,522   Shopify, Inc. - Class A(a)   67,874,373 
 296,077   Suncor Energy, Inc.   8,495,557 
 164,968   TC Energy Corp.   8,077,157 
 172,586   TELUS Corp.   6,203,576 
 56,641   Tourmaline Oil Corp.   746,745 
 33,329   Vermilion Energy, Inc.   597,235 
         306,897,423 
CHILE — 0.0%
 206,295   Banco Santander Chile - ADR   5,980,492 
 62,530   Empresas COPEC SA   573,772 
         6,554,264 
CHINA — 4.7%
 215,151   51job, Inc. - ADR(a)   16,684,960 
 1,063,326   AAC Technologies Holdings, Inc.   5,713,827 
 1,718,067   Alibaba Group Holding Ltd. - ADR(a)   297,414,578 
 126,782   Autohome, Inc. - ADR(a)   10,776,470 
 63,136   Baidu, Inc. - ADR(a)   7,052,291 
 4,757,951   China Petroleum & Chemical Corp. - H Shares   3,054,656 
 6,493,529   China Shenhua Energy Co. Ltd. - H Shares   12,828,321 
 3,365,482   CNOOC Ltd.   5,548,890 
 116,432   CNOOC Ltd. - ADR   19,249,703 
 4,974,114   CSPC Pharmaceutical Group Ltd.   8,631,957 
 194,514   Ctrip.com International Ltd. - ADR(a)   7,582,156 
 2,728,058   ENN Energy Holdings Ltd.   28,061,909 
 3,665,167   Hangzhou Hikvision Digital Technology Co. Ltd.   16,179,664 
 177,422   JD.com, Inc. - ADR(a)   5,306,692 
 561,189   Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A   9,375,751 
 2,479,929   Midea Group Co. Ltd.   19,465,537 
 3,792,201   PetroChina Co. Ltd. - H Shares   2,011,399 
 1,715,000   Ping An Insurance Group Co. of China Ltd. - H Shares   20,212,671 


3
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (CONTINUED) July 31, 2019
(Unaudited)

 

Shares      Value 
CHINA (continued)
 1,034,458   Shenzhou International Group Holdings Ltd.  $14,267,984 
 1,175,243   Sunny Optical Technology Group Co. Ltd.   13,589,788 
 5,853,080   Tencent Holdings Ltd.   272,712,400 
 108,084   Weibo Corp. - ADR(a)   4,233,650 
 764,000   Yanzhou Coal Mining Co. Ltd. - H Shares   672,442 
         800,627,696 
COLUMBIA — 0.1%
 318,823   Bancolombia SA - ADR   15,902,891 
 1,105,246   Ecopetrol SA   993,766 
         16,896,657 
CZECH REPUBLIC — 0.1%
 323,870   Komercni Banka AS   12,493,116 
DENMARK — 0.4%
 921,946   Danske Bank A/S   13,684,045 
 236,927   Drilling Co. of 1972 A/S (The)(a)   16,073,440 
 510,152   H. Lundbeck A/S   19,666,200 
 110,652   SimCorp A/S   9,973,341 
 457,532   Tryg A/S   13,964,415 
         73,361,441 
EGYPT — 0.1%
  2,308,522     Commercial International Bank Egypt SAE - GDR     9,901,565  
FINLAND — 0.2%
 76,608   Neste Oyj   2,535,449 
 841,775   Sampo Oyj - A Shares   34,953,574 
         37,489,023 
FRANCE — 1.0%
 45,345   Air Liquide SA   6,259,276 
 40,265   Gecina SA REIT   6,158,767 
 86,620   Legrand SA   6,101,658 
 494,072   L’Oreal SA   132,196,350 
 431,895   TOTAL SA   22,385,254 
         173,101,305 
GEORGIA — 0.0%
 179,060   Bank of Georgia Group Plc   3,040,271 
GERMANY — 1.0%
 1,457,503   Deutsche Telekom AG   23,875,527 
 24,780   MTU Aero Engines AG   6,175,117 
 253,505   Muenchener Rueckversicherungs-Gesellschaft AG   60,412,331 
 49,317   SAP SE   6,028,331 
 55,354   Siemens AG   6,024,376 
 1,314,000   Zalando SE(a)   60,111,175 
         162,626,857 
Shares      Value 
GREECE — 0.0%
 23,893   Motor Oil (Hellas) Corinth Refineries SA  $592,358 
HONG KONG — 1.5%
 11,022,826   AIA Group Ltd.   112,827,093 
 815,809   ASM Pacific Technology Ltd.   9,541,014 
 15,539,000   CITIC Ltd.   20,574,695 
 569,500   CLP Holdings Ltd.   6,191,970 
 2,815,000   Hong Kong & China Gas Co. Ltd.   6,215,805 
 542,632   Hong Kong Exchanges and Clearing Ltd.   18,235,885 
 323,421   Jardine Strategic Holdings Ltd.   11,087,288 
 844,431   Kunlun Energy Co. Ltd.   736,452 
 939,067   MTR Corp. Ltd.   6,162,611 
 37,254,578   Sino Biopharmaceutical Ltd.   45,441,871 
 384,500   Sun Hung Kai Properties Ltd.   6,196,354 
 1,490,500   Techtronic Industries Co. Ltd.   11,084,332 
         254,295,370 
HUNGARY — 0.0%
 79,524   MOL Hungarian Oil & Gas Plc   807,065 
INDIA — 2.7%
 1,542,000   Asian Paints Ltd.   33,968,090 
 283,234   Coal India Ltd.   839,771 
 75,233   Eicher Motors Ltd.   17,785,500 
 1,606,000   HDFC Bank Ltd.   52,387,027 
 6,719,756   Housing Development Finance Corp. Ltd.   206,593,535 
 334,889   Indian Oil Corp. Ltd.   675,502 
 792,931   Kotak Mahindra Bank Ltd.   17,456,495 
 662,682   Maruti Suzuki India Ltd.   52,498,547 
 544,596   Oil & Natural Gas Corp. Ltd.   1,095,759 
 500,542   Reliance Industries Ltd.   8,437,978 
 460,937   Tata Consultancy Services, Ltd.   14,753,692 
 3,209,000   Titan Co. Ltd.   49,108,342 
         455,600,238 
INDONESIA — 0.5%
 7,325,868   Adaro Energy Tbk PT   658,804 
 20,416,749   Astra International Tbk PT   10,119,150 
 6,542,422   Bank Central Asia Tbk PT   14,363,092 
 65,634,068   Bank Rakyat Indonesia Persero Tbk PT   20,797,990 
 3,392,270   Bukit Asam Tbk PT   659,272 
 121,608,123   Telekomunikasi Indonesia Persero Tbk PT   37,112,567 
 423,765   United Tractors Tbk PT   750,599 
         84,461,474 
IRELAND — 0.9%
 179,290   Accenture Plc - Class A   34,527,668 
 637,000   Aptiv PLC   55,833,050 
 631,795   Medtronic Plc   64,405,182 
         154,765,900 


4
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (CONTINUED) July 31, 2019
(Unaudited)

 

Shares      Value 
ISRAEL — 0.0%    
 75,000   Bank Hapoalim BM(a)  $567,192 
ITALY — 0.1%
 462,396   ENI SpA   7,223,245 
 379,013   Snam SpA   1,860,871 
 999,836   Terna Rete Elettrica Nazionale SpA   6,088,891 
         15,173,007 
JAPAN — 4.6%
 748,363   Adastria Co. Ltd.   14,645,040 
 310,199   Bridgestone Corp.   11,645,032 
 67,000   Fast Retailing Co. Ltd.   40,188,249 
 902,765   Fujifilm Holdings Corp.   42,789,648 
 37,203   Idemitsu Kosan Co. Ltd.   1,025,218 
 165,080   Inpex Corp.   1,447,811 
 1,979,458   Japan Airlines Co. Ltd.   61,987,349 
 634,557   JXTG Holdings, Inc.   2,986,118 
 256,567   Keyence Corp.   147,230,754 
 272,146   Morinaga & Co. Ltd.   12,760,050 
 564,812   Nagoya Railroad Co. Ltd.   15,549,066 
 379,816   NH Foods Ltd.   14,086,567 
 854,018   Nippon Telegraph & Telephone Corp.   38,542,762 
 1,104,481   Nomura Research Institute Ltd.   19,555,667 
 3,335,875   NTT Data Corp.   43,801,049 
 911,232   Osaka Gas Co. Ltd.   16,739,880 
 526,000   PeptiDream, Inc.(a)   29,259,946 
 329,224   Sankyo Co. Ltd.   11,334,167 
 263,087   Sawai Pharmaceutical Co. Ltd.   14,515,125 
 842,528   Secom Co. Ltd.   66,029,791 
 2,142,166   Seven & I Holdings Co. Ltd.   73,107,742 
 639,837   Suntory Beverage & Food Ltd.   25,387,721 
 2,470,905   Terumo Corp.   71,916,575 
         776,531,327 
KENYA — 0.1%
 1,565,379   East African Breweries Ltd.   3,058,821 
 49,502,720   Safaricom Plc   13,002,158 
         16,060,979 
LUXEMBOURG — 0.1%
 67,368   Tenaris SA   844,054 
 600,158   Tenaris SA - ADR   14,991,947 
         15,836,001 
MACAU — 0.1%
 5,231,800   Sands China Ltd.   25,111,950 
MEXICO — 0.3%
 141,286   Fomento Economico Mexicano SAB de CV - ADR   12,814,640 
 75,928   Grupo Aeroportuario del Sureste SAB de CV - ADR   11,550,927 
 3,200,072   Grupo Financiero Banorte SAB de CV - Series O   16,008,918 
Shares      Value 
MEXICO (continued)
 5,657,745   Wal-Mart de Mexico SAB de CV  $16,695,348 
         57,069,833 
MOROCCO AND ANTILLES — 0.0%
 24,659   Attijariwafa Bank   1,238,915 
NETHERLANDS — 1.8%
 104,312   Aalberts NV   4,197,107 
 63,270   Adyen NV(a)   47,806,046 
 496,288   ASML Holding NV   110,585,246 
 396,000   ASML Holding NV   88,232,760 
 805,400   Royal Dutch Shell Plc - A Shares   25,366,502 
 680,996   Royal Dutch Shell Plc - B Shares   21,509,302 
         297,696,963 
NORWAY — 0.3%
 28,475   Aker BP ASA   805,811 
 196,982   Equinor ASA   3,531,947 
 335,972   Salmar ASA   15,518,124 
 1,159,461   Telenor ASA   23,494,114 
         43,349,996 
PAKISTAN — 0.0%
 862,775   Oil & Gas Development Co. Ltd.   684,660 
PANAMA — 0.1%
 134,303   Copa Holdings SA - Class A   13,578,033 
PERU — 0.1%
 75,420   Credicorp. Ltd.   16,440,806 
POLAND — 0.0%
 26,872   Grupa Lotos SA   603,606 
 41,253   Polski Koncern Naftowy ORLEN SA   1,033,653 
         1,637,259 
PORTUGAL — 0.0%
 106,639   Galp Energia SGPS SA   1,660,171 
QATAR — 0.0%
 92,208   Qatar Fuel QSC   533,402 
RUSSIA — 0.7%
 412,591   Lukoil PJSC - ADR   33,605,537 
 168,172   NovaTek PJSC - GDR   35,089,272 
 1,761,700   Sberbank of Russia PJSC - ADR   26,284,564 
 596,143   Sberbank of Russia PJSC - ADR   8,849,190 
 224,579   Yandex NV - Class A(a)   8,807,988 
         112,636,551 
SINGAPORE — 0.2%
 4,106,100   CapitaLand Commercial Trust   6,133,132 
 2,364,100   CapitaLand Ltd.   6,193,505 
 4,145,809   Mapletree Commercial Trust, REIT   6,228,323 
 732,800   Oversea-Chinese Banking Corp. Ltd.   6,101,061 


5
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (CONTINUED) July 31, 2019
(Unaudited)

 

Shares      Value 
SINGAPORE (continued)
 797,200   Singapore Airlines Ltd.  $5,581,363 
 320,900   United Overseas Bank Ltd.   6,114,032 
         36,351,416 
SOUTH AFRICA — 0.4%
 838,067   AngloGold Ashanti Ltd.   14,401,926 
 1,341,475   Discovery Ltd.   12,308,430 
 44,077   Exxaro Resources Ltd.   511,112 
 58,475   Naspers Ltd. - Class N   14,253,883 
 430,589   Sasol Ltd.   9,310,875 
 1,357,159   Standard Bank Group Ltd.   16,875,041 
         67,661,267 
SOUTH KOREA — 0.6%
 53,613   Amorepacific Corp.   6,299,550 
 171,492   Coway Co. Ltd.   12,113,367 
 425,908   Hankook Tire & Technology Co. Ltd.   11,101,135 
 23,299   LG Household & Health Care Ltd.   24,669,587 
 47,709   Samsung Electronics Co. Ltd. - GDR   45,718,938 
 8,277   SK Innovation Co. Ltd.   1,189,315 
         101,091,892 
SPAIN — 0.2%
 1,307,460   Enagas SA   28,521,206 
 258,337   Repsol SA   4,097,446 
         32,618,652 
SWEDEN — 0.6%
 3,518,051   Atlas Copco AB - A Shares   107,455,797 
 38,354   Lundin Petroleum AB   1,206,372 
         108,662,169 
SWITZERLAND — 1.4%
 44   Chocoladefabriken Lindt & Spruengli AG   3,639,836 
 23,149   CHUBB Ltd.   3,538,093 
 559,809   Coca-Cola HBC AG - CDI   19,262,629 
 93,870   Helvetia Holding AG   11,951,746 
 41,869   Kuehne + Nagel International AG   6,164,930 
 38,615   PSP Swiss Property AG   4,629,956 
 715,218   Swiss Re AG   69,259,465 
 67,356   Swisscom AG   32,643,570 
 913,437   TE Connectivity Ltd.   84,401,579 
         235,491,804 
TAIWAN — 1.3%
 8,906,016   Chang Hwa Commercial Bank Ltd.   6,224,179 
 10,363,382   Chunghwa Telecom Co. Ltd.   35,851,594 
 1,240,541   Eclat Textile Co. Ltd.   16,234,107 
 7,498,000   First Financial Holding Co. Ltd.   5,629,755 
 2,359,020   Hon Hai Precision Industry Co. Ltd.   5,913,523 
Shares      Value 
TAIWAN (continued)
 8,478,000   Hua Nan Financial Holdings Co. Ltd.  $5,966,244 
 98,000   Largan Precision Co. Ltd.   13,247,497 
 14,468,140   Taiwan Business Bank   6,207,321 
 8,647,000   Taiwan Cement Corp.   12,367,021 
 3,933,000   Taiwan Cooperative Financial Holding Co. Ltd.   2,646,344 
 4,890,000   Taiwan Mobile Co. Ltd.   17,213,867 
 7,563,000   Taiwan Semiconductor Manufacturing Co. Ltd.   62,190,941 
 11,785,373   Uni-President Enterprises Corp.   30,506,060 
         220,198,453 
THAILAND — 1.2%
 16,186,000   Airports of Thailand Public Co. Ltd.   37,716,920 
 48,348,900   CP ALL Public Co. Ltd.   135,626,410 
 4,726,900   Siam Commercial Bank Public Co. Ltd. (The)   21,054,269 
         194,397,599 
TURKEY — 0.0%
 29,759   Tupras Turkiye Petrol Rafinerileri AS   746,237 
UNITED ARAB EMIRATES — 0.1%
 702,242   DP World Ltd.   10,787,038 
UNITED KINGDOM — 2.4%
 1   Abcam Plc   16 
 15,481   Aon Plc   2,929,779 
 3,676,936   BP Plc   24,329,386 
 4,807,038   Compass Group Plc   121,620,715 
 123,153   John Wood Group Plc   793,563 
 4,567,901   RELX Plc   108,499,451 
 1,111,764   Smith & Nephew Plc   25,169,059 
 67,634   TechnipFMC Plc   1,862,640 
 1,684   TechnipFMC Plc   46,768 
 1,952,839   Unilever NV   113,193,941 
         398,445,318 
UNITED STATES — 61.9%
 554,038   3M Co.   96,801,520 
 352,725   Abbott Laboratories   30,722,348 
 847,710   AbbVie, Inc.   56,474,440 
 148,000   ABIOMED, Inc.(a)   41,226,880 
 310,097   ABM Industries, Inc.   13,051,983 
 617,700   Activision Blizzard, Inc.   30,106,698 
 340,732   Aerojet Rocketdyne Holdings, Inc.(a)   14,556,071 
 75,859   Aflac, Inc.   3,993,218 
 226,300   Agilent Technologies, Inc.   15,707,483 
 551,485   Air Products & Chemicals, Inc.   125,887,481 
 201,000   Align Technology, Inc.(a)   42,025,080 
 16,949   Allstate Corp. (The)   1,820,323 
 149,382   Ally Financial Inc.   4,916,162 
 36,500   Alphabet, Inc. - Class A(a)   44,464,300 
 209,233   Alphabet, Inc. - Class C(a)   254,569,606 


6
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (CONTINUED) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)    
 219,493   Amazon.com, Inc.(a)  $409,745,143 
 1,100,426   American Express Co.   136,859,982 
 7,663   American Financial Group, Inc.   784,538 
 56,072   American International Group, Inc.   3,139,471 
 149,325   American Tower Corp. REIT   31,600,157 
 13,675   Ameriprise Financial, Inc.   1,989,849 
 405,906   AMETEK, Inc.   36,373,237 
 296,525   Amgen, Inc.   55,325,635 
 65,836   Amphenol Corp. - Class A   6,143,816 
 90,895   Anadarko Petroleum Corp.   6,695,326 
 1,308,145   Annaly Capital Management, Inc. REIT   12,492,785 
 71,168   Apache Corp.   1,737,923 
 1,588,383   Apollo Commercial Real Estate Finance, Inc. REIT   29,893,368 
 1,209,009   Apple, Inc.   257,567,277 
 231,600   Arthur J Gallagher & Co.   20,943,588 
 116,473   Assurant, Inc.   13,203,379 
 94,949   Athene Holding Ltd. - Class A(a)   3,879,616 
 893,571   Automatic Data Processing, Inc.   148,797,443 
 189,735   AXA Equitable Holdings, Inc.   4,265,243 
 85,613   Baker Hughes a GE Co.   2,173,714 
 3,893,005   Bank of America Corp.   119,437,393 
 87,245   Bank of New York Mellon Corp. (The)   4,093,535 
 384,810   Baxter International, Inc.   32,312,496 
 163,870   BB&T Corp.   8,444,221 
 365,915   Becton Dickinson and Co.   92,503,312 
 871,221   Berkshire Hathaway, Inc. - Class B(a)   178,974,930 
 336,000   BioMarin Pharmaceutical, Inc.(a)   26,651,520 
 21,491   BlackRock, Inc.   10,050,911 
 891,189   Bloomin’ Brands, Inc.   15,176,949 
 295,335   Bluebird Bio, Inc.(a)   38,756,812 
 82,688   Boeing Co. (The)   28,211,492 
 68,287   Booking Holdings, Inc.(a)   128,830,937 
 3,735,700   Boston Scientific Corp.(a)   158,617,822 
 487,079   Brinker International, Inc.   19,410,098 
 43,383   Broadcom, Inc.   12,580,636 
 423,250   Broadridge Financial Solutions, Inc.   53,803,540 
 88,845   Cabot Oil & Gas Corp.   1,702,270 
 85,053   Capital One Financial Corp.   7,860,598 
 1,002,363   Charles Schwab Corp. (The)   43,322,129 
 578,344   Cheesecake Factory, Inc. (The)    24,915,060 
 38,881   Cheniere Energy, Inc.(a)   2,533,097 
 348,711   Chevron Corp.   42,929,811 
 21,694   Cimarex Energy Co.   1,099,235 
 1,391,925   Cisco Systems, Inc.   77,112,645 
 259,493   Citigroup, Inc.   18,465,522 
 143,142   Citizens Financial Group Inc.   5,333,471 
 248,174   Clorox Co. (The)   40,353,092 
 18,873   CME Group, Inc.   3,669,289 
Shares      Value 
UNITED STATES (continued)
 1,314,164   Colgate-Palmolive Co.  $94,278,125 
 63,321   Comerica, Inc.   4,635,097 
 35,822   Concho Resources, Inc.   3,499,093 
 626,370   ConocoPhillips   37,005,940 
 17,694   Continental Resources, Inc.(a)   657,686 
 588,987   Costco Wholesale Corp.   162,342,487 
 362,234   Cracker Barrel Old Country Store, Inc.   62,923,668 
 797,300   Danaher Corp.   112,020,650 
 760,113   Darden Restaurants, Inc.   92,399,336 
 72,622   Deckers Outdoor Corp.(a)   11,349,366 
 86,890   Devon Energy Corp.   2,346,029 
 816,308   Diamondback Energy, Inc.   84,430,736 
 54,791   Discover Financial Services   4,916,944 
 62,441   E*TRADE Financial Corp.   3,046,496 
 88,578   East West Bancorp, Inc.   4,252,630 
 275,800   Eaton Corp. Plc   22,668,002 
 51,310   Eaton Vance Corp.   2,283,295 
 31,141   Ecolab, Inc.   6,282,074 
 503,000   Edwards Lifesciences Corp.(a)   107,063,550 
 3,181,600   Elanco Animal Health, Inc.(a)   104,865,536 
 531,573   Eli Lilly & Co.   57,914,878 
 956,155   EOG Resources, Inc.   82,085,907 
 121,967   EPAM Systems, Inc.(a)   23,635,985 
 938,018   Equity Commonwealth REIT   31,498,644 
 1,312,992   Exelon Corp.   59,163,420 
 779,584   Exxon Mobil Corp.   57,969,866 
 693,590   Facebook, Inc. - Class A(a)   134,715,986 
 3,873   FactSet Research Systems, Inc.   1,073,983 
 27,687   Fidelity National Financial, Inc.   1,187,219 
 203,034   Fifth Third Bancorp   6,028,079 
 1,642,000   Fiserv, Inc.(a)   173,116,060 
 78,844   Franklin Resources, Inc.   2,572,680 
 172,900   Genuine Parts Co.   16,792,048 
 50,258   Goldman Sachs Group, Inc. (The)   11,063,294 
 1,980,459   H&R Block, Inc.   54,838,910 
 162,231   Halliburton Co.   3,731,313 
 65,936   Hartford Financial Services Group, Inc. (The)   3,799,892 
 17,856   Helmerich & Payne, Inc.   887,086 
 521,964   Hershey Co. (The)   79,202,817 
 46,487   Hess Corp.   3,014,217 
 34,948   HollyFrontier Corp.   1,739,362 
 450,795   Home Depot, Inc. (The)   96,330,384 
 35,962   Honeywell International, Inc.   6,202,007 
 4,950,574   Huntington Bancshares, Inc.   70,545,680 
 37,243   IDEX Corp.   6,265,017 
 714,742   Illinois Tool Works, Inc.   110,234,658 
 212,000   Illumina, Inc.(a)   63,468,560 
 564,000   Incyte Corp.(a)   47,894,880 
 693,100   Intel Corp.   35,036,205 
 18,255   Intercontinental Exchange, Inc.   1,603,884 
 849,930   International Business Machines Corp.   125,993,623 
 121,572   Invesco, Ltd.   2,332,967 


7
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (CONTINUED) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)    
 44,708   Jack Henry & Associates, Inc.  $6,245,708 
 3,104,399   JPMorgan Chase & Co.   360,110,284 
 618,990   Juniper Networks, Inc.   16,725,110 
 1,047,100   Kansas City Southern   129,568,154 
 294,008   KeyCorp.   5,400,927 
 154,500   Kimberly-Clark Corp.   20,957,925 
 370,192   Kinder Morgan, Inc.   7,633,359 
 49,511   KKR & Co., Inc. - Class A   1,324,419 
 567,000   Las Vegas Sands Corp.   34,269,480 
 72,958   Lincoln National Corp.   4,767,076 
 635,460   Lockheed Martin Corp.   230,144,548 
 13,311   M&T Bank Corp.   2,186,332 
 151,539   Marathon Oil Corp.   2,132,154 
 123,415   Marathon Petroleum Corp.   6,959,372 
 94,745   Marsh & McLennan Cos., Inc.   9,360,806 
 535,389   Mastercard, Inc. - Class A   145,770,363 
 226,710   McDonald’s Corp.   47,772,331 
 788,685   Merck & Co., Inc.   65,452,968 
 149,796   MetLife, Inc.   7,402,918 
 4,017,004   MFA Financial, Inc. REIT   28,842,089 
 2,903,795   Microsoft Corp.   395,700,145 
 8,744   Moody’s Corp.   1,874,189 
 168,074   Morgan Stanley   7,489,377 
 239,771   Motorola Solutions, Inc.   39,792,395 
 8,473   MSCI, Inc.   1,925,405 
 59,352   National Oilwell Varco, Inc.   1,413,765 
 203,000   Netflix, Inc.(a)   65,566,970 
 3,755,894   New York Community Bancorp, Inc.   43,305,458 
 453,173   Newmont Goldcorp Corp.   16,549,878 
 982,000   NIKE, Inc. - Class B   84,481,460 
 90,857   Noble Energy, Inc.   2,006,123 
 21,197   Northern Trust Corp.   2,077,305 
 1,576,291   Occidental Petroleum Corp.   80,958,306 
 259,000   Okta, Inc.(a)   33,884,970 
 635,147   Omnicom Group, Inc.   50,951,492 
 72,293   ONEOK, Inc.   5,066,293 
 53,360   Parsley Energy, Inc. - Class A(a)   885,242 
 40,365   People’s United Financial, Inc.   662,793 
 893,225   PepsiCo, Inc.   114,163,087 
 2,176,875   Pfizer, Inc.   84,549,825 
 82,657   Phillips 66   8,477,302 
 220,924   Piedmont Office Realty Trust, Inc. REIT - Class A   4,597,428 
 639,665   Pinnacle West Capital Corp.   58,350,241 
 30,067   Pioneer Natural Resources Co.   4,150,449 
 46,380   PNC Financial Services Group, Inc. (The)   6,627,701 
 52,924   PPG Industries, Inc.   6,212,748 
 86,199   Principal Financial Group, Inc.   5,002,990 
 1,463,960   Procter & Gamble Co. (The)   172,805,838 
 515,658   Progressive Corp. (The)   41,757,985 
 969,946   Prudential Financial, Inc.   98,265,229 
 324,910   Public Storage   78,875,152 
 705,809   Quest Diagnostics, Inc.   72,048,983 
Shares      Value 
UNITED STATES (continued)     
 32,750   Raymond James Financial, Inc.  $2,641,943 
 123,000   Regeneron Pharmaceuticals, Inc.(a)   37,485,480 
 217,126   Regions Financial Corp.   3,458,817 
 512,543   Republic Services, Inc.   45,436,937 
 294,900   Roper Technologies, Inc.   107,240,385 
 1,159,600   Ross Stores, Inc.   122,952,388 
 17,698   S&P Global, Inc.   4,335,125 
 218,644   Sarepta Therapeutics, Inc.(a)   32,545,159 
 251,763   Schlumberger Ltd.   10,062,967 
 33,617   Signature Bank   4,284,823 
 289,015   Spire, Inc.   23,817,726 
 2,208,994   Starbucks Corp.   209,169,642 
 2,737,156   Starwood Property Trust, Inc., REIT   63,584,134 
 67,615   State Street Corp.   3,927,755 
 1,698,275   SunTrust Banks, Inc.   113,105,115 
 5,346   SVB Financial Group(a)   1,240,112 
 161,251   Synchrony Financial   5,785,686 
 23,759   T Rowe Price Group, Inc.   2,694,033 
 36,097   Targa Resources Corp.   1,404,534 
 962,162   Target Corp.   83,130,797 
 28,402   TD Ameritrade Holding Corp.   1,451,342 
 1,673,964   Texas Instruments, Inc.   209,262,240 
 15,193   Travelers Cos., Inc. (The)   2,227,598 
 74,804   UniFirst Corp.   14,726,663 
 377,100   Union Pacific Corp.   67,859,145 
 262,065   UnitedHealth Group, Inc.   65,256,806 
 72,820   Unum Group   2,326,599 
 2,901,742   US Bancorp   165,834,555 
 77,489   Valero Energy Corp.   6,605,937 
 432,300   Veeva Systems, Inc. - Class A(a)   71,718,570 
 2,311,240   Verizon Communications, Inc.   127,742,235 
 1,164,150   Visa, Inc. - Class A   207,218,700 
 14,742   Voya Financial, Inc.   828,058 
 1,359,660   Walt Disney Co. (The)   194,444,977 
 423,656   Waste Connections, Inc.   38,434,072 
 323,978   Waste Management, Inc.   37,905,425 
 512,913   Wells Fargo & Co.   24,830,118 
 216,828   Williams Cos., Inc. (The)   5,342,642 
 519,000   Workday, Inc. - Class A(a)   103,789,620 
 289,870   Xilinx, Inc.   33,106,053 
 116,501   Yum! Brands, Inc.   13,108,693 
 93,498   Zions Bancorp NA   4,213,955 
 188,746   Zoom Video Communications, Inc. - Class A(a)   18,027,130 
         10,470,361,695 
Total Common Stocks
(Cost $12,781,100,385)		   16,324,296,894 


8
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (CONTINUED) July 31, 2019
(Unaudited)

 

Shares             Value 
MASTER LIMITED PARTNERSHIPS — 0.0%
UNITED STATES — 0.0%
 37,237   Plains GP Holdings LP - Class A  $899,646 
Total Master Limited Partnerships
(Cost $768,564)		   899,646 
PREFERRED STOCKS — 0.1%
BRAZIL — 0.0%
 755,697   Petroleo Brasileiro SA   5,199,891 
SOUTH KOREA — 0.1%
 11,263   Samsung Electronics Co. Ltd. - GDR   8,805,912 
 2,323   Samsung Electronics Co. Ltd. - GDR   1,810,994 
         10,616,906 
Total Preferred Stocks
(Cost $11,349,492)		   15,816,797 
           
Principal
Amount		         
U.S. GOVERNMENT AGENCIES — 0.1%
Federal Home Loan Bank — 0.1%
$18,750,000   2.26%, 08/27/19(b)   18,721,562 
Total U.S. Government Agencies
(Cost $18,719,417)		   18,721,562 
           
Shares         
EXCHANGE-TRADED FUNDS — 1.7%     
 8,779,175   VanEck Vectors Gold Miners ETF   232,648,138 
 1,608,555   VanEck Vectors Junior Gold Miners ETF   60,385,155 
Total Exchange-Traded Funds
(Cost $260,520,810)		   293,033,293 
INVESTMENT COMPANY — 1.7%     
 281,497,073   Federated Government Obligations Fund, 1.98%(c)   281,497,073 
Total Investment Company
(Cost $281,497,073)		   281,497,073 
TOTAL INVESTMENTS — 100.1%
(Cost $13,353,955,741)		  $16,934,265,265 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%   (15,118,847)
NET ASSETS — 100.0%  $16,919,146,418 

 

 

 

(a) Non-income producing security.
(b) The rate represents the annualized yield at time of purchase.
(c) The rate shown represents the current yield as of July 31, 2019.

 

The following abbreviations are used in the report:

 

ADR-American Depositary Receipt

CDI-Chess Depositary Interests

ETF-Exchange Traded Fund

GDR-Global Depositary Receipt

REIT-Real Estate Investment Trust

 

Portfolio Diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
Information Technology   18.8%
Consumer Discretionary   14.8 
Health Care   11.7 
Banks   9.2 
Industrials   9.2 
Communication Services   8.6 
Consumer Staples   8.0 
Energy   5.0 
Insurance   4.4 
Diversified Financials   2.6 
Materials   1.6 
Utilities   1.4 
Real Estate   1.2 
Other*   3.5 
    100.0%

 

 

 

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


9
Old Westbury Funds, Inc.  
All Cap ESG Fund  
Portfolio of Investments July 31, 2019
(Unaudited)

 

Shares      Value 
COMMON STOCKS — 99.3%     
Banks — 3.3%     
 228,023   Bank of Communications Co. Ltd. - H Shares  $165,898 
 2,593   Bank of Montreal   194,112 
 550,252   China CITIC Bank Corp. Ltd. - H Shares   304,863 
 387,690   China Construction Bank Corp. - H Shares   297,642 
 205,988   China Minsheng Banking Corp. Ltd. - H Shares   141,887 
 98,720   Mizuho Financial Group, Inc.   140,115 
         1,244,517 
Communication Services — 6.0%     
 37,231   China Mobile Ltd.   316,627 
 3,282   Cogeco Communications, Inc.   259,193 
 11,345   Comcast Corp. - Class A   489,764 
 11,326   Deutsche Telekom AG   185,533 
 12,445   NTT DOCOMO, Inc.   298,399 
 442   Swisscom AG   214,212 
 22,308   Telefonica SA   170,068 
 3,477   Verizon Communications, Inc.   192,174 
 64,780   Vodafone Group Plc   117,899 
         2,243,869 
Consumer Discretionary — 9.2%     
 48,031   Barratt Developments Plc   374,990 
 1,251   Cracker Barrel Old Country Store, Inc.   217,311 
 8,361   Electrolux AB - Series B   193,199 
 4,693   General Motors Co.   189,316 
 7,173   Industria de Diseno Textil SA   214,633 
 81,755   Kingfisher Plc   220,730 
 5,662   La-Z-Boy, Inc.   186,789 
 3,967   Nordstrom, Inc.   131,347 
 2,417   Starbucks Corp.   228,866 
 58,651   Super Retail Group Ltd.   360,040 
 2,114   Target Corp.   182,650 
 70,242   Truworths International Ltd.   304,143 
 11,425   Whitbread Plc   627,615 
         3,431,629 
Consumer Staples — 7.7%     
 9,524   Carrefour SA   183,017 
 1,453   Clorox Co. (The)   236,258 
 8,320   Coca-Cola European Partners Plc   459,930 
 31,297   Coca-Cola Femsa SAB de CV   192,547 
 2,495   Danone SA   216,399 
 1,972   Diageo Plc   82,233 
 1,635   Kimberly-Clark Corp.   221,788 
 3,016   Molson Coors Brewing Co. - Class B   162,834 
 8,804   Ontex Group NV   145,045 
 1,610   PepsiCo, Inc.   205,774 
 3,184   Procter & Gamble Co. (The)   375,839 
Shares      Value 
Consumer Staples (continued)     
 9,014   Seven & I Holdings Co. Ltd.  $307,629 
 10,593   Tate & Lyle Plc   97,017 
         2,886,310 
Diversified Financials — 2.9%     
 9,496   Invesco, Ltd.   182,228 
 6,728   Janus Henderson Group Plc   135,031 
 1,982   Morningstar, Inc.   301,224 
 1,165   S&P Global, Inc.   285,367 
 14,720   UBS Group AG   164,302 
         1,068,152 
Energy — 5.8%     
 1,881,787   Adaro Energy Tbk PT   169,226 
 24,937   ARC Resources Ltd.   127,538 
 107,126   CNOOC Ltd.   176,626 
 13,153   Enagas SA   286,922 
 12,267   ENI SpA   191,627 
 3,568   HollyFrontier Corp.   177,579 
 17,026   Husky Energy, Inc.   132,101 
 55,450   MOL Hungarian Oil & Gas Plc   562,745 
 6,173   Murphy Oil Corp.   148,399 
 3,296   TOTAL SA   170,833 
         2,143,596 
Health Care — 14.9%     
 2,847   Abbott Laboratories   247,974 
 3,924   Agilent Technologies, Inc.   272,365 
 1,062   Amgen, Inc.   198,148 
 826   Anthem, Inc.   243,348 
 39,798   Astellas Pharma, Inc.   564,013 
 1,368   AstraZeneca Plc   118,187 
 3,636   Baxter International, Inc.   305,315 
 1,391   Biogen, Inc.(a)   330,808 
 1,061   CSL Ltd.   165,561 
 2,881   Danaher Corp.   404,781 
 4,615   Koninklijke Philips NV   216,493 
 2,850   Medtronic Plc   290,529 
 2,275   Merck & Co., Inc.   188,802 
 2,555   Merck KGaA   260,595 
 8,036   Novo Nordisk A/S - B Shares   385,883 
 11,456   Pfizer, Inc.   444,951 
 1,782   Quest Diagnostics, Inc.   181,907 
 687   Roche Holding AG   183,885 
 4,379   Takeda Pharmaceutical Co. Ltd.   150,707 
 714   Thermo Fisher Scientific, Inc.   198,264 
 1,622   Zimmer Biomet Holdings, Inc.   219,181 
         5,571,697 
Industrials — 14.2%     
 22,126   Brambles Ltd.   197,915 
 1,211   Cummins, Inc.   198,603 
 6,553   Ebara Corp.   176,106 
 13,868   Hino Motors Ltd.   111,253 
 2,036   ManpowerGroup, Inc.   185,989 
 876   MTU Aero Engines AG   218,297 


10
Old Westbury Funds, Inc.  
All Cap ESG Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
Industrials (continued)     
 1,319   Norfolk Southern Corp.  $252,087 
 2,345   Oshkosh Corp.   195,972 
 97,825   QinetiQ Group Plc   343,537 
 2,255   Regal-Beloit Corp.   179,543 
 2,773   Republic Services, Inc.   245,826 
 74,243   Royal Mail Plc   189,604 
 10,477   Russel Metals, Inc.   166,149 
 2,975   Ryder System, Inc.   158,449 
 10,760   Sandvik AB   165,119 
 8,440   Schneider National, Inc. - Class B   162,891 
 6,934   Signify NV   188,250 
 14,508   SKF AB - B Shares   237,972 
 1,201   Snap-on, Inc.   183,285 
 4,035   Societe BIC SA   281,195 
 12,730   Steelcase, Inc. - Class A   215,264 
 4,615   Sumitomo Heavy Industries Ltd.   148,781 
 3,476   Thomson Reuters Corp.   233,454 
 4,897   Toyota Tsusho Corp.   141,748 
 1,484   Union Pacific Corp.   267,046 
 2,177   Waste Management, Inc.   254,709 
         5,299,044 
Information Technology — 18.3%     
 2,013   Accenture Plc - Class A   387,664 
 4,032   Apple, Inc.   858,977 
 1,938   Atos SE   155,837 
 689   Broadcom, Inc.   199,803 
 1,237   CACI International, Inc. - Class A(a)   266,141 
 4,744   Canon, Inc.   128,663 
 3,671   Cisco Systems, Inc.   203,373 
 2,275   Cognizant Technology Solutions Corp. - Class A   148,194 
 1,905   Fidelity National Information Services, Inc.   253,841 
 3,006   Fujitsu Ltd.   234,583 
 8,316   Intel Corp.   420,374 
 1,129   Intuit, Inc.   313,083 
 7,145   Juniper Networks, Inc.   193,058 
 72,181   Konica Minolta, Inc.   598,176 
 2,881   Leidos Holdings, Inc.   236,530 
 4,461   Micron Technology, Inc.(a)   200,254 
 1,684   Microsoft Corp.   229,479 
 1,974   NXP Semiconductor NV   204,092 
 5,301   Oracle Corp.   298,446 
 3,526   SAP SE   431,005 
 4,004   Seagate Technology PLC   185,425 
 2,218   Synopsys, Inc.(a)   294,462 
 2,717   Texas Instruments, Inc.   339,652 
 754   Worldline S.A.(a)   53,880 
         6,834,992 
Insurance — 3.9%     
 9,023   AXA SA   227,274 
Shares      Value 
Insurance (continued)     
 3,924   MetLife, Inc.  $193,924 
 807   Muenchener Rueckversicherungs-Gesellschaft AG   192,315 
 4,272   Prudential Financial, Inc.   432,796 
 2,074   Swiss Re AG   200,840 
 587   Zurich Insurance Group AG   204,177 
         1,451,326 
Materials — 5.6%     
 7,234   Domtar Corp.   307,083 
 117,284   Fortescue Metals Group Ltd.   660,333 
 7,436   Huntsman Corp.   152,810 
 1,692   Lyondellbasell Industries NV - Class A   141,603 
 16,745   Polymetal International PLC   201,659 
 14,865   Teck Resources Ltd. - Class B   304,103 
 3,627   Trinseo SA   140,764 
 4,935   Westrock Co.   177,907 
         2,086,262 
Real Estate — 4.3%     
 20,542   Castellum AB   417,015 
 110,054   Frasers Centrepoint Trust REIT   208,749 
 76,536   Hang Lung Properties Ltd.   180,171 
 26,670   Hongkong Land Holdings Ltd.   162,646 
 48,856   Hyprop Investments Ltd. REIT   236,976 
 21,366   Link REIT (The)   248,512 
 37,739   Swire Properties Ltd.   136,272 
         1,590,341 
Utilities — 3.2%     
 15,309   Cia de Saneamento Basico do Estado de Sao Paulo   213,247 
 4,977   Exelon Corp.   224,264 
 2,563   Orsted A/S   233,630 
 17,443   Red Electrica Corp. SA   328,869 
 30,668   Terna Rete Elettrica Nazionale SpA   186,765 
         1,186,775 
Total Common Stocks
(Cost $36,433,161)		   37,038,510 
INVESTMENT COMPANY — 0.8%     
 287,811   SEI Daily Income Trust Government II Fund, Class A, 2.06%(b)   287,811 
Total Investment Company
(Cost $287,811)		   287,811 


11
Old Westbury Funds, Inc.  
All Cap ESG Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

  Value  
TOTAL INVESTMENTS — 100.1%
(Cost $36,720,972)		  $37,326,321 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%   (21,385)
NET ASSETS — 100.0%  $37,304,936 

 

 
(a) Non-income producing security.
(b) The rate shown represents the current yield as of July 31, 2019.

 

The following abbreviation is used in the report:

 

REIT- Real Estate Investment Trust

 

Portfolio Diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
Information Technology   18.3%
Health Care   14.9 
Industrials   14.2 
Consumer Discretionary   9.9 
Consumer Staples   7.7 
Energy   5.8 
Materials   5.6 
Communication Services   5.3 
Real Estate   4.3 
Insurance   3.9 
Banks   3.3 
Utilities   3.2 
Diversified Financials   2.9 
Other*   0.7 
    100.0%

 

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


12
Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments July 31, 2019
(Unaudited)

 

Shares      Value 
COMMON STOCKS — 88.9%    
ARGENTINA — 0.2%
 19,694   MercadoLibre, Inc.(a)  $12,238,245 
AUSTRALIA — 2.1%
 24,428   A2B Australia Ltd.   29,954 
 810,381   Accent Group Ltd.   836,498 
 150,284   Adairs Ltd.   146,941 
 28,032   Adelaide Brighton Ltd.   67,613 
 69,555   AED Oil Ltd.(a)(b)   0 
 34,185   Ainsworth Game Technology Ltd.   16,445 
 8,091   Alliance Aviation Services Ltd.   15,775 
 9,699   ALS Ltd.   47,549 
 344,289   Altium Ltd.   8,561,685 
 31,470   Alumina Ltd.   49,891 
 20,157   AMA Group Ltd.   20,038 
 153,193   AMP Ltd.   186,343 
 437,825   Ansell Ltd.   8,329,130 
 7,523   AP Eagers Ltd.   57,605 
 12,281   Apollo Tourism & Leisure Ltd.   3,554 
 4,995   Appen Ltd.   103,307 
 2,569   Arb Corp Ltd.   32,413 
 30,727   Asaleo Care Ltd.(a)   20,260 
 4,613   Atlas Arteria Ltd.   25,711 
 5,687   AUB Group Ltd.   46,213 
 4,018,028   Aurelia Metals Ltd.(a)   1,386,731 
 39,288   Aurizon Holdings Ltd.   154,233 
 31,934   Ausdrill Ltd.   42,791 
 21,946   AusNet Services   26,589 
 99,774   Austal Ltd.   275,603 
 974,889   Australian Pharmaceutical Industries Ltd.   959,029 
 32,465   Automotive Holdings Group Ltd.   68,863 
 26,704   Bank of Queensland Ltd.   170,096 
 5,259   Bapcor Ltd.   22,428 
 240,444   Base Resources Ltd.(a)   44,257 
 219,534   Beach Energy Ltd.   316,457 
 6,923   Bega Cheese Ltd.   20,872 
 5,237   Bellamy’s Australia Ltd.(a)   35,828 
 13,928   Bendigo & Adelaide Bank Ltd.   109,028 
 513   Blackmores Ltd.   31,327 
 43,394   BlueScope Steel Ltd.   383,002 
 108,004   Boral Ltd.   378,512 
 1,552,232   Bravura Solutions Ltd.   5,188,173 
 2,824   Breville Group Ltd.   37,001 
 175,248   Brickworks Ltd.   1,998,914 
 30,620   Caltex Australia Ltd.   563,195 
 67,610   Capitol Health Ltd.   10,356 
 6,165   carsales.com Ltd.   61,956 
 96,536   Cash Converters International Ltd.(a)   8,595 
 12,054   Cedar Woods Properties Ltd.   52,811 
 14,474   Challenger Ltd.   69,727 
 200,113   Champion Iron Ltd.(a)   435,207 
Shares      Value 
AUSTRALIA (continued)
 145,323   Charter Hall Group REIT  $1,123,861 
 28,936   Citadel Group Ltd. (The)   89,672 
 24,057   City Chic Collective Ltd.   29,783 
 90,657   Cleanaway Waste Management Ltd.   149,280 
 63,351   Clinuvel Pharmaceuticals Ltd.   1,405,434 
 21,386   Clover Corp. Ltd.   33,748 
 14,750   Coca-Cola Amatil Ltd.   106,755 
 24,934   Codan Ltd.   68,725 
 53,042   Collins Foods Ltd.   313,937 
 37,212   Cooper Energy Ltd.(a)   14,834 
 2,470   Corporate Travel Management Ltd.   38,661 
 13,188   Costa Group Holdings Ltd.   35,635 
 1,759   Credit Corp. Group Ltd.   30,075 
 97,085   CSR Ltd.   265,446 
 100,256   Data#3 Ltd.   173,559 
 24,019   Decmil Group Ltd.   14,900 
 1,566   Domino’s Pizza Enterprises Ltd.   41,222 
 53,191   Downer EDI Ltd.   261,327 
 19,275   DuluxGroup Ltd.   122,913 
 23,388   DWS Ltd.   19,260 
 6,964   Elders Ltd.   34,980 
 21,026   Emeco Holdings Ltd.(a)   32,710 
 64,541   EML Payments Ltd.(a)   142,676 
 122,077   ERM Power Ltd.   150,980 
 323,122   Estia Health Ltd.   595,213 
 23,471   EVENT Hospitality and Entertainment Ltd.   199,395 
 1,038,844   Evolution Mining Ltd.   3,525,812 
 7,724   Fleetwood Corp. Ltd.(a)   9,174 
 1,383   Flight Centre Travel Group Ltd.   43,494 
 4,600   G.U.D. Holdings Ltd.   29,799 
 21,841   G8 Education Ltd.   43,175 
 11,476   Galaxy Resources Ltd.(a)   9,935 
 10,000   Gbst Holdings Ltd.   26,560 
 68,121   GDI Property Group, REIT   66,551 
 21,331   Genworth Mortgage Insurance Australia Ltd.   49,339 
 5,454   GrainCorp Ltd. - Class A   31,955 
 594,535   Grange Resources Ltd.   100,927 
 32,430   GWA Group Ltd.   79,293 
 14,059   Harvey Norman Holdings Ltd.   42,103 
 11,239   Healius Ltd.   22,530 
 172,755   Horizon Oil Ltd.(a)   13,988 
 49,386   HT&E, Ltd.   58,931 
 3,631   Huon Aquaculture Group Ltd.   11,521 
 416,958   IDP Education Ltd.   5,449,725 
 1,543,299   Iluka Resources Ltd.   10,069,808 
 499,720   Imdex Ltd.   455,646 
 1,115,552   Incitec Pivot Ltd.   2,648,582 
 25,575   Independence Group NL   92,615 
 408,050   Infomedia Ltd.   570,570 
 45,277   Integrated Research Ltd.   85,065 


13

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
AUSTRALIA (continued)
 4,429   InvoCare Ltd.  $47,311 
 11,100   IOOF Holdings Ltd.   44,104 
 108,354   IPH Ltd.   615,229 
 5,473   JB Hi-Fi Ltd.   112,268 
 12,685   Johns Lyng Group Ltd.   13,785 
 166,124   Jumbo Interactive Ltd.   2,189,270 
 75,445   Jupiter Mines Ltd.   20,832 
 5,319   Link Administration Holdings Ltd.   18,422 
 2,295   Lovisa Holdings Ltd.   17,388 
 200,879   MACA Ltd.   129,009 
 635,918   Macmahon Holdings Ltd.(a)   78,119 
 10,590   Magellan Financial Group Ltd.   444,739 
 23,600   Mastermyne Group Ltd.(a)   15,462 
 1,112,588   Mayne Pharma Group Ltd.(a)   400,217 
 3,121   McMillan Shakespeare Ltd.   29,551 
 9,895   McPherson’s Ltd.   12,595 
 80,562   Medibank Private Ltd.   198,600 
 63,733   Metcash Ltd.   122,486 
 15,848   Michael Hill International Ltd.   5,528 
 284,548   Mineral Resources Ltd.   3,092,509 
 134,699   MMA Offshore Ltd.(a)   20,270 
 186,000   MMG Ltd.(a)   57,730 
 2,115   Monadelphous Group Ltd.   27,239 
 103,470   Monash IVF Group Ltd.   107,632 
 30,063   Money3 Corp. Ltd.   43,958 
 2,176,736   Mount Gibson Iron Ltd.   1,293,148 
 269,313   Myer Holdings Ltd.(a)   99,062 
 31,145   MyState Ltd.   98,473 
 82,889   Nanosonics Ltd.(a)   309,612 
 450,191   Navigator Global Investments Ltd.   1,061,424 
 1,531,671   New Hope Corp. Ltd.   2,616,662 
 4,576   NEXTDC Ltd.(a)   21,372 
 17,619   NIB Holdings Ltd.   96,027 
 33,543   Nine Entertainment Co. Holdings, Ltd.   46,051 
 676,808   Northern Star Resources Ltd.   5,955,511 
 345,954   NRW Holdings, Ltd.   573,554 
 16,615   Nufarm Ltd/Australia   55,186 
 936,495   OceanaGold Corp.   2,540,273 
 11,277   OFX Group Ltd.   10,500 
 4,884   oOh!media Ltd.   14,859 
 7,627   Orica Ltd.   113,628 
 3,559   Orocobre Ltd.(a)   6,820 
 3,781,495   Orora Ltd.   8,737,989 
 672,779   OZ Minerals Ltd.   4,666,143 
 24,370   Pacific Current Group Ltd.   92,743 
 24,322   Pacific Energy Ltd.   16,192 
 7,527   Pact Group Holdings Ltd.   14,415 
 13,359   Peet Ltd.   10,808 
 5,999   Pendal Group Ltd.   31,901 
 54,932   People Infrastructure Ltd.   128,094 
 963   Perpetual Ltd.   25,907 
 59,333   Perseus Mining Ltd.(a)   27,595 
Shares      Value 
AUSTRALIA (continued)    
 7,756   Platinum Asset Mangement Ltd.  $25,436 
 2,425   Premier Investments Ltd.   26,090 
 186,027   Pro Medicus Ltd.   3,883,917 
 38,429   Qube Holdings Ltd.   82,733 
 111,348   Quintis Ltd.(a)(b)   0 
 565,777   Ramelius Resources Ltd.(a)   386,297 
 65,355   RCR Tomlinson Ltd.(a)(b)   0 
 306,813   Red 5 Ltd.(a)   48,957 
 20,530   Reece Ltd.   147,667 
 841,684   Regis Resources Ltd.   3,177,781 
 6,478   Reject Shop Ltd. (The)   9,304 
 58,503   Resolute Mining Ltd.(b)   71,013 
 182,675   Rhipe Ltd.   346,079 
 53,210   Ridley Corp. Ltd.   40,318 
 4,184   Ruralco Holdings Ltd.   12,150 
 749,961   Sandfire Resources NL   3,421,773 
 1,028,241   Saracen Mineral Holdings Ltd.(a)   2,907,706 
 6,519   SeaLink Travel Group Ltd.   16,674 
 228,703   SEEK Ltd.   3,255,939 
 5,587   Select Harvests Ltd.   28,407 
 10,409   Servcorp Ltd.   28,739 
 604,401   Service Stream Ltd.   1,231,220 
 4,744   Seven Group Holdings Ltd.   58,162 
 367,283   Seven West Media Ltd.(a)   108,639 
 227,173   Sigma Healthcare Ltd.   92,424 
 31,802   Silver Lake Resources Ltd.(a)   28,054 
 4,642   SmartGroup Corp. Ltd.   29,665 
 77,395   Southern Cross Media Group Ltd.   70,637 
 22,188   SpeedCast International Ltd.   28,411 
 1,238,357   St Barbara Ltd.   3,103,500 
 86,421   Stanmore Coal Ltd.   79,993 
 55,755   Star Entertainment Group Ltd. (The)   157,365 
 23,270   Steadfast Group Ltd.   60,354 
 37,756   Sunland Group Ltd.   44,295 
 6,607   Super Retail Group Ltd.   40,558 
 8,547   Superloop Ltd.(a)   5,695 
 7,070   Tassal Group Ltd.   24,883 
 502,704   Technology One Ltd.   2,623,290 
 4,364   Tiger Resources Ltd.(a)   1 
 109,463   TPG Telecom Ltd.   520,906 
 26,484   Villa World Ltd.   42,399 
 12,192   Village Roadshow Ltd.(a)   22,059 
 492,324   Virgin Australia Holdings Ltd.(a)   55,615 
 521,584   Virgin Australia Holdings Ltd. - CVR Shares(a)(b)   0 
 3,261   Virtus Health Ltd.   11,385 
 426,240   Vita Group Ltd.   357,059 
 1,376,963   Vocus Group Ltd.(a)   3,030,480 
 8,558   Webster Ltd.   8,030 
 868,350   Western Areas Ltd.   1,288,836 
 21,219   Westgold Resources Ltd.(a)   27,939 


14

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
AUSTRALIA (continued)    
 56,484   Whitehaven Coal Ltd.  $141,560 
 45,947   WorleyParsons Ltd.   503,467 
 65,654   WPP AUNZ Ltd.   29,059 
         128,751,707 
AUSTRIA — 0.1%    
 1,728   Agrana Beteiligungs AG   33,051 
 14,870   ams AG(a)   776,296 
 2,614   ANDRITZ AG   93,106 
 1,658   AT&S Austria Technologie & Systemtechnik AG   26,434 
 3,286   Austria Technologie & Systemtechnik AG   52,808 
 31,048   CA Immobilien Anlagen AG   1,093,623 
 5,117   DO & CO AG   451,076 
 4,266   EVN AG   67,696 
 1,017   Flughafen Wien AG   44,899 
 146   Kapsch TrafficCom AG   5,160 
 658   Lenzing AG   67,118 
 512   Mayr Melnhof Karton AG   64,694 
 8,665   Oesterreichische Post AG   289,420 
 1,182   Palfinger AG   30,548 
 2,933   POLYTEC Holding AG   28,502 
 1,129   Porr Ag   24,626 
 6,729   Raiffeisen Bank International AG   157,806 
 3,202   Rhi Magnesita NV   177,530 
 491   Rhi Magnesita NV   26,588 
 30,131   S IMMO AG   665,502 
 1,505   S&T AG   35,128 
 586   Schoeller-Bleckmann Oilfield Equipment AG   46,613 
 16,189   Strabag SE   519,502 
 41,528   Telekom Austria AG   306,724 
 962   UBM Development AG   42,685 
 13,842   UNIQA Insurance Group AG   124,026 
 3,226   Vienna Insurance Group AG Wiener Versicherung Gruppe   82,679 
 13,413   voestalpine AG   354,096 
 4,474   Wienerberger AG   102,268 
 18,425   Zumtobel Group AG(a)   154,068 
         5,944,272 
BELGIUM — 0.6%    
 3,476   Ackermans & van Haaren NV   506,325 
 658   Aedifica SA REIT   69,157 
 30,578   Ageas   1,641,629 
 34,424   AGFA - Gevaert NV(a)   138,644 
 6,801   Akka Technologies   480,312 
 659   Atenor   52,817 
 96   Banque Nationale de Belgique   247,316 
 12,329   Barco NV   2,574,741 
 492   Befimmo SA REIT   27,732 
 6,553   Bekaert SA   184,529 
 959   Biocartis NV(a)   11,402 
Shares      Value 
BELGIUM (continued)    
 6,096   bpost SA  $56,682 
 2,322   Cie d’Entreprises CFE   204,058 
 607   Cofinimmo SA REIT   80,116 
 63,956   Colruyt SA   3,332,514 
 40,458   Deceuninck NV   90,303 
 12,200   Deceuninck NV- VVPR Strip(a)(b)   0 
 39,079   D’ieteren SA/NV   1,830,219 
 17,352   Econocom Group SA/NV   57,309 
 1,202   Elia System Operator SA NV   91,516 
 25,257   Euronav NV   212,578 
 16,086   EVS Broadcast Equipment SA   382,336 
 10,770   Exmar NV(a)   70,971 
 2,571   Fagron   42,691 
 90,919   Galapagos NV(a)   15,775,428 
 1,790   Gimv NV   105,067 
 67   Home Invest Belgium SA REIT   7,284 
 1,064   Immobel SA   72,483 
 1,351   Intervest Offices & Warehouses NV REIT   38,678 
 573   Jensen-Group NV   21,844 
 988   Kinepolis Group NV   58,293 
 25   Lotus Bakeries NV   65,159 
 1,139   Melexis NV   77,962 
 447   Montea C.V.A REIT   37,743 
 11,094   Ontex Group NV   182,774 
 72,779   Orange Belgium SA   1,660,394 
 340   Picanol   24,461 
 158,886   Proximus SADP   4,530,141 
 7,898   Recticel SA   63,651 
 436   Resilux   68,860 
 149   Retail Estates NV REIT   13,339 
 422   Roularta Media Group NV   5,833 
 3,103   Sioen Industries NV   85,569 
 1,836   Sipef NV   83,209 
 1,497   Solvay SA   153,286 
 29,280   Telenet Group Holding NV   1,438,088 
 187   TER Beke SA   23,921 
 7,080   Tessenderlo Group SA(a)   221,639 
 1,138   Van de Velde NV   32,601 
 643   Warehouses De Pauw CVA REIT   107,447 
 8   Wereldhave Belgium NV REIT   713 
         37,341,764 
BERMUDA — 0.8%    
 394,526   Argo Group International Holdings Ltd.   27,001,359 
 38,517   Axis Capital Holdings Ltd.   2,452,377 
 7,500   Enstar Group, Ltd.(a)   1,328,625 
 9,297   Everest Re Group Ltd.   2,293,012 
 4,868   Hiscox Ltd.   100,204 
 297,300   James River Group Holdings Ltd.   14,219,859 
         47,395,436 


15

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
BRAZIL — 0.3%
 6,400   Aliansce Shopping Centers SA  $47,107 
 200   Aliansce Sonae Shopping Centers sa   1,860 
 3,600   Alliar Medicos A Frente SA   14,178 
 12,556   Alpargatas SA - Preference Shares   68,598 
 1,700   Arezzo Industria e Comercio SA   22,451 
 15,474   Azul S.A. - Preference Shares(a)   210,356 
 4,519   Banco ABC Brasil SA - Preference Shares   21,255 
 42,100   Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares   260,564 
 18,600   BR Malls Participacoes SA   73,301 
 8,600   BrasilAgro - Co Brasileira de Propriedades Agricolas   37,836 
 14,259   BRF SA(a)   124,306 
 12,171   Camil Alimentos SA   23,568 
 80,321   CCR SA   315,698 
 16,993   Cia Brasileira de Distribuicao - Preference Shares   415,257 
 18,766   Cia de Locacao das Americas   246,650 
 6,200   Cia de Saneamento Basico do Estado de Sao Paulo   86,363 
 1,600   Cia de Saneamento de Minas Gerais-COPASA   28,132 
 1,900   Cia de Saneamento do Parana    42,393 
 5,735   Cia de Saneamento do Parana - Preference Shares   23,743 
 4,800   Cia de Transmissao de Energia Eletrica Paulista - Preference Shares   30,475 
 5,000   Cia Energetica de Minas Gerais   22,299 
 423,100   Cia Energetica de Minas Gerais - ADR   1,548,546 
 20,276   Cia Energetica de Minas Gerais - Preference Shares   75,125 
 5,400   Cia Energetica de Sao Paulo - Class B, Preference Shares   40,553 
 32   Cia Energetica do Ceara - Class A, Preference Shares   503 
 5,800   Cia Ferro Ligas da Bahia-FERBASA - Preference Shares   33,967 
 3,100   Cia Hering   26,099 
 2,700   Cia Paranaense de Energia - Class B, Preference Shares   34,978 
 73,900   Cia Siderurgica Nacional SA   319,507 
 66,700   Cielo SA   126,537 
 16,056   Construtora Tenda SA   106,063 
 5,646   Cosan Logistica SA(a)   27,636 
 24,207   Cosan SA   323,111 
 8,700   CSU Cardsystem SA   14,818 
 6,400   CVC Brasil Operadora e Agencia de Viagens SA   84,990 
Shares      Value 
BRAZIL (continued)    
 14,600   Cyrela Brazil Realty SA Empreendimentos e Participacoes  $93,346 
 11,600   Direcional Engenharia SA   38,207 
 61,795   Duratex SA   204,993 
 10,400   EcoRodovias Infraestrutura e Logistica SA   31,966 
 318,039   EDP - Energias do Brasil SA   1,596,716 
 46,035   Embraer SA   232,446 
 182,785   Embraer SA - ADR   3,692,257 
 5,040   Energisa SA - Units   65,266 
 3,200   Eneva SA(a)   21,625 
 3,700   Engie Brasil Energia SA   46,808 
 1,000   Equatorial Energia SA   24,840 
 4,364   Ez Tec Empreendimentos e Participacoes SA   37,515 
 8,800   Fleury SA   53,565 
 24,400   Gerdau SA   75,124 
 108,000   Gerdau SA - Preference Shares   389,964 
 2,750   Gol-Linhas Aereas Inteligentes SA - Preference Shares(a)   29,551 
 15,400   Grendene SA   30,587 
 12,800   Guararapes Confeccoes SA   65,202 
 5,900   Hapvida Participacoes e Investimentos SA   63,014 
 16,500   Hypera SA   131,391 
 3,700   Industrias Romi SA   14,358 
 2,400   Instituto Hermes Pardini SA   12,401 
 18,072   Iochpe-Maxion SA   103,516 
 3,887   IRB Brasil Resseguros S/A   95,486 
 57,400   Klabin SA - Units   241,100 
 86,913   Kroton Educacional SA   283,307 
 2,004   Light SA   10,166 
 14,622   Localiza Rent a Car SA   167,816 
 468   LOG Commercial Properties e Participacoes SA   2,881 
 5,874   Lojas Americanas SA   21,502 
 14,244   Lojas Americanas SA - Preference Shares   67,742 
 0   Lojas Renner SA   4 
 1,893   M Dias Branco SA   19,533 
 2,100   Magazine Luiza SA   144,719 
 5,732   Mahle-Metal Leve SA   37,234 
 28,099   Marcopolo SA - Preference Shares   28,126 
 14,800   Mills Estruturas e Servicos de Engenharia SA(a)   26,720 
 6,016   Movida Participacoes SA   23,330 
 33,386   MRV Engenharia e Participacoes SA   176,713 
 5,100   Multiplan Empreendimentos Imobiliarios SA   37,979 
 7,700   Natura Cosmeticos SA   123,479 
 11,200   Odontoprev SA   51,945 
 33,800   Petrobras Distribuidora SA   233,195 
 17,855   Porto Seguro SA   243,706 


16

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
BRAZIL (continued)    
 21,600   Portobello SA  $23,149 
 20,068   Qualicorp Consultoria e Corretora de Seguros SA   116,790 
 5,400   Raia Drogasil SA   116,735 
 17,200   Randon Participacoes SA - Preference Shares   44,438 
 19   Restoque Comercio e Confeccoes de Roupas SA   103 
 48,585   Rumo SA(a)   277,276 
 20,350   Santos Brasil Participacoes SA   28,047 
 23,483   Sao Martinho SA   124,111 
 4,800   Schulz SA - Preference Shares    11,093 
 3,900   Ser Educacional SA   26,805 
 15,200   SLC Agricola SA   71,413 
 2,100   Smiles Fidelidade SA   21,543 
 55,012   Sul America SA - Units   604,558 
 5,800   T4F Entretenimento SA   8,556 
 2,900   Tegma Gestao Logistica SA   24,088 
 13,100   TIM Participacoes SA   42,049 
 3,200   TOTVS SA   40,743 
 3,700   Transmissora Alianca de Energia Eletrica SA - Units   26,875 
 9,500   Tupy SA   48,143 
 33,000   Ultrapar Participacoes SA   171,643 
 1,633   Unipar Carbocloro SA   14,402 
 5,740   Unipar Carbocloro SA - Preference Shares   50,687 
 24,600   Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares   56,273 
 9,600   Usinas Siderurgicas de Minas Gerais SA Usiminas   25,256 
 7,097   Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA   28,118 
 73,200   Via Varejo SA(a)   148,650 
 5,500   Vulcabras Azaleia SA(a)   10,218 
 29,000   YDUQS Part   262,465 
         16,394,391 
CAMBODIA — 0.0%    
 28,000   NagaCorp Ltd.   42,088 
CANADA — 1.9%    
 76,215   Absolute Software Corp.   427,908 
 5,636   Advantage Oil & Gas Ltd.(a)   8,071 
 102,436   Aecon Group, Inc.   1,577,133 
 700   Ag Growth International, Inc.   28,630 
 3,600   AGF Management Ltd. - Class B   13,966 
 479,400   Aimia, Inc.(a)   1,358,506 
 2,900   Air Canada(a)   99,780 
 1,200   AirBoss of America Corp.   7,901 
 22,276   Alamos Gold, Inc. - Class A   146,166 
 3,300   Alaris Royalty Corp.   50,758 
 2,170   Alcanna, Inc.   10,391 
Shares      Value 
CANADA (continued)    
 2,881   Algoma Central Corp.  $27,963 
 3,889   Algonquin Power & Utilities Corp.   48,443 
 13,014   AltaGas Canada, Inc.   254,403 
 16,143   AltaGas Ltd.   247,197 
 800   Altus Group Ltd.   20,312 
 13,000   Amerigo Resources Ltd.(a)   6,993 
 1,400   Andrew Peller Ltd. - Class A   14,936 
 7,600   Aphria, Inc.(a)   41,230 
 34,354   ARC Resources Ltd.   175,700 
 2,644   Aritzia, Inc.(a)   36,641 
 26,000   Artis Real Estate Investment Trust, REIT   230,095 
 14,945   Asanko Gold, Inc.(a)   11,663 
 800   Atco Ltd. - Class I   26,665 
 31,800   Athabasca Oil Corp.(a)   17,107 
 92,753   ATS Automation Tooling Systems, Inc.(a)   1,486,381 
 118,354   B2Gold Corp.(a)   377,535 
 2,000   Badger Daylighting Ltd.   72,223 
 15,845   Baytex Energy Corp.(a)   24,131 
 119,495   Birchcliff Energy Ltd.   238,121 
 11,600   Bird Construction, Inc.   47,725 
 13,800   Black Diamond Group Ltd.(a)    19,344 
 6,263   BlackBerry Ltd.(a)   45,698 
 8,200   Boardwalk Real Estate Investment Trust, REIT   260,887 
 6,700   Bombardier, Inc. - Class B(a)   11,524 
 94,557   Bonavista Energy Corp.   38,688 
 2,800   Boralex, Inc. - Class A   42,346 
 16,900   Boyd Group Income Fund - Units   2,175,949 
 900   BRP, Inc.   31,703 
 6,267   CAE, Inc.   168,997 
 500   Calian Group Ltd.   12,737 
 10,200   Cameco Corp.   93,669 
 24,465   Canaccord Genuity Group, Inc.   102,324 
 5,550   Canacol Energy Ltd.(a)   21,152 
 600   Canada Goose Holdings, Inc.(a)   28,100 
 111,315   Canadian Apartment Properties REIT   4,108,315 
 122,945   Canadian Western Bank   2,871,946 
 9,843   Canfor Corp.(a)   71,000 
 20,055   Canfor Pulp Products, Inc.   140,254 
 8,000   CanWel Building Materials Group Ltd.   27,883 
 1,300   Capital Power Corp.   29,176 
 72,367   Capstone Mining Corp.(a)   30,157 
 56,611   Cascades, Inc.   518,584 
 8,470   Celestica, Inc.(a)   60,262 
 14,726   Centerra Gold, Inc.(a)   117,603 
 1,400   Cervus Equipment Corp.   11,764 
 18,544   CES Energy Solutions Corp.   26,696 


17

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CANADA (continued)    
 16,586   China Gold International Resources Corp. Ltd.(a)  $18,851 
 7,500   CI Financial Corp.   116,268 
 8,677   Cineplex, Inc.   155,815 
 128,300   City Office REIT Inc.   1,588,354 
 12,689   Cogeco Communications, Inc.   1,002,102 
 264   Cogeco, Inc.   18,803 
 900   Colliers International Group, Inc.   65,383 
 1,400   Cominar Real Estate Investment Trust REIT   13,228 
 62,361   Computer Modelling Group Ltd.   309,962 
 49,000   Copper Mountain Mining Corp.(a)   29,330 
 1,012   Corby Spirit and Wine Ltd.   13,472 
 12,319   Corus Entertainment, Inc. - Class B   47,323 
 53,535   Crescent Point Energy Corp.   177,666 
 121,000   Crew Energy, Inc.(a)   67,844 
 10,500   Denison Mines Corp.(a)   5,092 
 6,900   Descartes Systems Group, Inc. (The)(a)   250,686 
 12,388   Detour Gold Corp.(a)   189,227 
 552,600   Dollarama, Inc.   20,474,420 
 14,531   Dream Hard Asset Alternatives Trust - Units   84,337 
 3,540   Dream Office Real Estate Investment Trust, REIT   65,956 
 46,007   DREAM Unlimited Corp.   291,770 
 31,275   Dundee Precious Metals, Inc.(a)   105,688 
 52,603   ECN Capital Corp.   188,523 
 464   E-L Financial Corp. Ltd.   263,676 
 11,452   Eldorado Gold Corp.(a)   87,812 
 8,000   Element Fleet Management Corp.   60,858 
 74,769   Empire Co. Ltd. - Class A   1,978,846 
 3,800   Endeavour Silver Corp.(a)   8,753 
 81,197   Enerflex Ltd.   1,021,884 
 19,131   Enerplus Corp.   126,835 
 52,166   Enghouse Systems Ltd.   1,366,008 
 7,349   Ensign Energy Services, Inc.   23,108 
 9,975   Entertainment One Ltd.   53,271 
 14,239   Equitable Group, Inc.   994,723 
 8,300   Evertz Technologies Ltd.   120,117 
 524   Exchange Income Corp.   14,777 
 14,323   Exco Technologies Ltd.   90,509 
 38   EXFO, Inc.(a)   148 
 6,300   Extendicare, Inc.   42,770 
 4,382   Finning International, Inc.   75,767 
 1,734   First Capital Realty, Inc.   28,707 
 2,051   First Majestic Silver Corp.(a)   19,348 
 563   First National Financial Corp.   13,970 
 28,335   First Quantum Minerals Ltd.   261,065 
 1,300   FirstService Corp.   136,422 
 11,963   Fortuna Silver Mines, Inc.(a)   45,049 
Shares      Value 
CANADA (continued)    
 2,300   GDI Integrated Facility Services, Inc.(a)  $49,998 
 16,000   Gear Energy Ltd.(a)   5,940 
 2,921   Genworth MI Canada, Inc.   107,806 
 81,900   Gibson Energy, Inc.   1,419,195 
 1,040   goeasy Ltd.   44,695 
 20,119   Gran Colombia Gold Corp.(a)    75,610 
 54,929   Gran Tierra Energy, Inc.(a)   89,065 
 28,068   Great Canadian Gaming Corp.(a)   931,914 
 132,862   Guyana Goldfields, Inc.(a)   112,748 
 44,600   H&R Real Estate Investment Trust, REIT   766,425 
 23,574   Heroux-Devtek, Inc.(a)   339,374 
 10,400   High Arctic Energy Services, Inc.   25,137 
 16,641   High Liner Foods, Inc.   134,661 
 106,146   Home Capital Group, Inc.(a)   1,910,113 
 8,300   Horizon North Logistics, Inc.   10,565 
 132,513   Hudbay Minerals, Inc.   643,589 
 9,899   Hudson’s Bay Co.   73,654 
 111,427   iA Financial Corp., Inc.   4,471,264 
 18,493   IAMGOLD Corp.(a)   67,257 
 1,000   Indigo Books & Music, Inc.(a)   6,118 
 2,679   Innergex Renewable Energy, Inc.   30,509 
 6,826   Inter Pipeline Ltd.   114,870 
 7,600   Interfor Corp.(a)   68,929 
 28,181   International Petroleum Corp.(a)   121,094 
 2,288   International Petroleum Corp. - Sweden(a)   9,812 
 2,926   Intertape Polymer Group, Inc.   40,305 
 3,000   Just Energy Group, Inc.   10,433 
 51,087   K92 Mining, Inc.(a)   90,964 
 1,300   K-Bro Linen, Inc.   38,858 
 15,600   Kelt Exploration Ltd.(a)   49,407 
 8,066   Keyera Corp.   205,225 
 120,801   Killam Apartment Real Estate Investment Trust, REIT   1,794,899 
 4,921   Kinaxis, Inc.(a)   309,548 
 1,170,742   Kinross Gold Corp.(a)   4,706,383 
 88,445   Kinross Gold Corp.(a)   357,854 
 9,201   Kirkland Lake Gold Ltd.   380,505 
 83,033   Largo Resources Ltd.(a)   117,019 
 3,935   Laurentian Bank of Canada   135,390 
 7,726   Leon’s Furniture Ltd.   90,150 
 32,010   Linamar Corp.   1,084,139 
 24,000   Lucara Diamond Corp.   26,913 
 48,224   Lundin Mining Corp.   233,483 
 3,530   Magellan Aerospace Corp.   43,730 
 6,500   Major Drilling Group International, Inc.(a)   21,719 
 5,799   Maple Leaf Foods, Inc.   135,990 
 15,698   Martinrea International, Inc.   128,577 
 94,419   Medical Facilities Corp.   889,247 
 404,270   MEG Energy Corp.(a)   1,700,029 


18

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CANADA (continued)    
 923   Melcor Developments Ltd.  $9,301 
 2,303   Methanex Corp.   90,651 
 67,776   Metro, Inc.   2,650,854 
 600   Morguard Corp.   83,654 
 33,368   Morguard North American Residential Real Estate Investment Trust, REIT   500,343 
 486   MTY Food Group, Inc.   24,112 
 2,328   Mullen Group Ltd.   17,798 
 6,100   Neo Performance Materials, Inc.   55,833 
 929   NFI Group, Inc.   20,483 
 12,579   Noranda Income Fund   20,015 
 2,202   Norbord, Inc.   51,037 
 4,000   North American Construction Group Ltd.   50,159 
 4,400   North American Palladium Ltd.   50,741 
 1,646   North West Co., Inc. (The)   37,677 
 3,429   Northland Power, Inc.   65,265 
 71,000   Northview Apartment Real Estate Investment Trust REIT   1,463,252 
 406,000   Novagold Resources, Inc.(a)   2,505,020 
 26,500   NuVista Energy Ltd.(a)   54,614 
 688   Onex Corp.   41,563 
 44,689   Open Text Corp.   1,906,004 
 2,443   Osisko Gold Royalties Ltd.   28,821 
 7,400   Painted Pony Energy Ltd.(a)   5,214 
 226,793   Pan American Silver Corp.   3,444,986 
 8,103   Pan American Silver Corp.   123,405 
 5,724   Parex Resources, Inc.(a)   97,843 
 5,688   Parkland Fuel Corp.   185,879 
 2,400   Pason Systems, Inc.   32,259 
 17,152   Peyto Exploration & Development Corp.   51,984 
 18,608   Polaris Infrastructure, Inc.   194,145 
 17,700   Precision Drilling Corp.(a)   30,443 
 936   Premium Brands Holdings Corp.   68,119 
 4,315   Pretium Resources, Inc.(a)   46,786 
 12,900   PRO Real Estate Investment Trust, REIT   71,205 
 21,900   Quarterhill, Inc.   27,047 
 68,800   Quebecor, Inc. - Class B   1,558,660 
 10,943   RB Energy, Inc.(a)(b)   0 
 5,200   Real Matters, Inc.(a)   33,884 
 3,100   Reitmans Canada Ltd. - Class A   6,459 
 1,900   Richelieu Hardware Ltd.   37,516 
 633,580   Ritchie Bros Auctioneers, Inc.   22,865,902 
 1,600   Ritchie Bros. Auctioneers, Inc.   57,766 
 8,854   Rogers Sugar, Inc.   37,836 
 6,803   Russel Metals, Inc.   107,885 
 7,588   Sandstorm Gold Ltd.(a)   46,685 
 7,841   Secure Energy Services, Inc.   41,706 
 8,801   SEMAFO, Inc.(a)   35,276 
Shares      Value 
CANADA (continued)    
 40,478   Seven Generations Energy Ltd. - Class A(a)  $224,810 
 1,282   Sienna Senior Living, Inc.   19,233 
 2,500   Sierra Wireless, Inc.(a)   29,493 
 34,200   Silvercorp Metals, Inc.   105,207 
 1,991   Sleep Country Canada Holdings, Inc.   28,044 
 900   SmartCentres Real Estate Investment Trust REIT   22,087 
 800   Spin Master Corp.(a)   22,731 
 15,500   Sprott, Inc.   45,568 
 49,794   SSR Mining, Inc.(a)   766,828 
 3,143   SSR Mining, Inc.(a)   48,557 
 16,409   Stantec, Inc.   390,892 
 3,015   Stars Group, Inc. (The)(a)   46,922 
 2,160   Stella-Jones, Inc.   67,379 
 4,600   Storm Resources Ltd.(a)   6,099 
 3,500   Stuart Olson, Inc.   9,229 
 86,634   Summit Industrial Income REIT   856,625 
 19,026   SunOpta, Inc.(a)   54,203 
 47,444   Superior Plus Corp.   473,793 
 21,609   Surge Energy, Inc.   20,630 
 41,800   Tamarack Valley Energy Ltd.(a)   68,410 
 13,198   Teranga Gold Corp.(a)   51,299 
 3,064   TFI International, Inc.   96,925 
 1,901   TMX Group Ltd.   141,185 
 13,000   TORC Oil & Gas Ltd.   40,483 
 9,236   Torex Gold Resources, Inc.(a)    118,967 
 1,845   Toromont Industries Ltd.   92,544 
 15,364   Total Energy Services, Inc.   81,022 
 104,764   Tourmaline Oil Corp.   1,381,189 
 84,588   TransAlta Corp.   518,500 
 33,400   TransAlta Renewables, Inc.   346,451 
 7,390   Transcontinental, Inc. - Class A   84,998 
 15,803   TransGlobe Energy Corp.   24,546 
 16,352   Trican Well Service Ltd.(a)   12,018 
 12,100   Tucows, Inc. - Class A(a)   592,053 
 51,300   Turquoise Hill Resources Ltd.(a)   29,152 
 5,297   Uni-Select, Inc.   48,162 
 1,680   Valener, Inc.   32,969 
 11,390   Vermilion Energy, Inc.   204,102 
 3,202   Wajax Corp.   36,877 
 6,600   Wesdome Gold Mines Ltd.(a)   33,605 
 4,100   West Fraser Timber Co. Ltd.   160,266 
 58,838   Western Forest Products, Inc.   63,305 
 6,800   Westjet Airlines Ltd.   158,485 
 1,513   Westshore Terminals Investment Corp.   23,868 
 28,360   Whitecap Resources, Inc.   91,110 
 2,248   Winpak Ltd.   77,431 
 2,314   WSP Global, Inc.   130,515 
 8,466   Yamana Gold, Inc.   25,017 


19

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CANADA (continued)    
 29,694   Yangarra Resources Ltd.(a)  $43,423 
 5,814   Yellow Pages Ltd.(a)   35,154 
         121,555,512 
CHILE — 0.0%    
 43,415   AES Gener SA   10,884 
 21,597   Aguas Andinas SA - Class A   12,088 
 27,560   Besalco SA   23,683 
 8,688   CAP SA   89,098 
 9,672   Cia Cervecerias Unidas SA   135,597 
 1,045,870   Cia Sud Americana de Vapores SA(a)   35,505 
 338   Clinica Las Condes SA   18,340 
 26,113   Coca-Cola Embonor SA - Preference Shares   53,071 
 53,479   Colbún SA   10,042 
 14,858   Embotelladora Andina SA - Class B, Preference Shares   52,234 
 9,395   Empresa Nacional de Telecomunicaciones SA(a)   86,075 
 23,369   Engie Energia Chile SA   41,160 
 724,976   Enjoy SA(a)   43,045 
 113,766   Grupo Security SA   42,524 
 3,218   Hortifrut SA   8,241 
 112,676   Inversiones Aguas Metropolitanas SA   164,529 
 1,754   Inversiones La Construccion SA   27,473 
 8,200,620   Itau CorpBanca   63,600 
 273,781   Masisa SA(a)   16,465 
 6,895   Parque Arauco SA   18,785 
 45,001   PAZ Corp. SA   60,149 
 36,589   Ripley Corp. S.A.   26,999 
 39,651   Salfacorp SA   43,479 
 120,485   Sigdo Koppers SA   210,502 
 525,545   Sociedad Matriz SAAM SA   47,776 
 29,332   Socovesa SA   14,457 
 22,243   SONDA SA   29,383 
 18,421   Vina Concha y Toro SA   37,024 
         1,422,208 
CHINA — 2.4%    
 3,601   21Vianet Group, Inc. - ADR(a)   26,503 
 45,500   3SBio, Inc.(a)   76,839 
 926   51job, Inc. - ADR(a)   71,811 
 2,491   58.Com Inc. - ADR(a)   140,443 
 39,500   AAC Technologies Holdings, Inc.   212,255 
 235,250   Agile Group Holdings Ltd.   302,358 
 8,945,000   Agricultural Bank of China Ltd. - H Shares   3,620,720 
 9,824,000   Aluminum Corp. of China Ltd. - H Shares(a)   3,208,049 
 5,192,200   Angang Steel Co. Ltd. - H Shares   1,969,440 
Shares      Value 
CHINA (continued)    
 410,000   Anton Oilfield Services Group  $47,071 
 144,500   Asia Cement China Holdings Corp.   198,716 
 64,000   AVIC International Holdings Ltd. - H Shares(a)   39,532 
 69,000   AviChina Industry & Technology Co. Ltd. - H Shares   37,036 
 266,500   Baic Motor Corp. Ltd. - H Shares   168,370 
 8,376,770   Bank of China Ltd. - H Shares   3,401,704 
 26,500   Bank of Chongqing Co. Ltd. - H Shares   15,473 
 4,722,000   Bank of Communications Co. Ltd. - H Shares   3,435,485 
 80,000   Baoye Group Co. Ltd. - H Shares(a)   49,571 
 239,848   Baozun, Inc. - ADR(a)   11,898,859 
 308,000   BBMG Corp. - H Shares   89,614 
 208,000   Beijing Capital International Airport Co. Ltd. - H Shares   163,885 
 122,000   Beijing Capital Land Ltd. - H Shares   44,783 
 176,000   Beijing North Star Co. Ltd. - H Shares   65,978 
 2,554   Bitauto Holdings Ltd. - ADR(a)   29,141 
 92,000   BYD Electronic International Co. Ltd.   143,678 
 72,000   Cabbeen Fashion Ltd.   16,363 
 63,000   CAR, Inc.(a)   44,949 
 5,327   Cayman Engley Industrial Co. Ltd.   17,633 
 235,656   Central China Real Estate Ltd.   110,258 
 40,000   Central China Securities Co. Ltd. - H Shares   8,450 
 107,000   Chaowei Power Holdings Ltd.   40,133 
 70,000   China Animal Healthcare Ltd.(a)(b)   3,353 
 97,000   China Aoyuan Group Ltd.   129,747 
 1,049,000   China Cinda Asset Management Co. Ltd. - H Shares   228,839 
 293,000   China Coal Energy Co. Ltd. - H Shares   113,525 
 72,000   China Communications Services Corp. Ltd. - H Shares   50,127 
 42,000   China Conch Venture Holdings Ltd.   144,525 
 4,312,044   China Construction Bank Corp. - H Shares   3,310,489 
 114,800   China Dili Group(a)   33,762 
 1,834   China Distance Education Holdings Ltd. - ADR(a)   9,298 
 176,000   China Eastern Airlines Corp. Ltd. - H Shares(a)   96,700 


20

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CHINA (continued)    
 326,000   China Energy Engineering Corp. Ltd. - H Shares  $34,058 
 149,500   China Galaxy Securities Co. Ltd. - H Shares   79,794 
 124,000   China Greenland Broad Greenstate Group Co. Ltd.(a)   7,779 
 268,500   China Harmony New Energy Auto Holding Ltd.   81,687 
 259,000   China Hongqiao Group Ltd.   189,267 
 79,500   China Huiyuan Juice Group Ltd.(a)(b)   3,847 
 3,135   China Index Holdings Ltd. - ADR(a)   9,029 
 27,200   China International Capital Corp. Ltd.   51,458 
 76,440   China International Marine Containers Group Co. Ltd. - H Shares   72,302 
 3,735,000   China Lesso Group Holdings Ltd.   3,450,926 
 27,000   China Lilang Ltd.   23,886 
 53,000   China Longyuan Power Group Corp. - H Shares   32,409 
 74,000   China Maple Leaf Educational Systems Ltd.   26,537 
 114,000   China Medical System Holdings Ltd.   108,745 
 70,000   China Meidong Auto Holdings Ltd.   51,501 
 3,819,300   China Minsheng Banking Corp. Ltd. - H Shares   2,630,772 
 186,000   China Modern Dairy Holdings Ltd.(a)   29,379 
 114,000   China Molybdenum Co. Ltd. - H Shares   32,423 
 594,834   China National Building Material Co. Ltd. - H Shares   521,506 
 92,000   China Oilfield Services Ltd. - H Shares   103,784 
 164,000   China Oriental Group Co. Ltd.   73,010 
 2,650,500   China Railway Construction Corp. Ltd. - H Shares   3,062,435 
 4,945,000   China Railway Group Ltd. - H Shares   3,462,307 
 56,000   China Railway Signal & Communication Corp. Ltd. - H Shares   37,386 
 199,000   China Reinsurance Group Corp.   34,975 
 18,500   China Resources Medical Holdings Co. Ltd.   13,376 
 68,500   China Resources Pharmaceutical Group Ltd.   74,499 
 165,000   China Sanjiang Fine Chemicals Co. Ltd.   35,593 
 9,076,400   China SCE Group Holdings Ltd.   4,938,495 
 168,000   China Silver Group Ltd.(a)   15,525 
Shares      Value 
CHINA (continued)    
 72,000   China Southern Airlines Co. Ltd. - H Shares  $46,152 
 77,000   China Sunshine Paper Holdings Co. Ltd.   11,571 
 164,000   China Taifeng Beddings Holdings Ltd.(a)(b)   0 
 5,888,000   China Telecom Corp. Ltd. - H Shares   2,626,226 
 31,000   China XLX Fertiliser Ltd.   9,169 
 34,000   China Yuhua Education Corp. Ltd.   16,841 
 209,000   China ZhengTong Auto Services Holdings Ltd.   78,093 
 264,800   China Zhongwang Holdings Ltd.   134,854 
 164,000   Chinasoft International Ltd.   81,537 
 4,094,000   Chongqing Rural Commercial Bank Co. Ltd. - H Shares   2,139,990 
 461,923   CIFI Holdings Group Co. Ltd.   294,466 
 21,000   Colour Life Services Group Co. Ltd.   14,378 
 26,000   Consun Pharmaceutical Group Ltd.   15,723 
 1,015,600   Coolpad Group Ltd.(a)   44,111 
 280,093   COSCO SHIPPING Development Co. Ltd. - H Shares   34,482 
 106,000   COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares   60,369 
 66,500   COSCO SHIPPING Holdings Co. Ltd. - H Shares(a)   24,731 
 127,000   Cosmo Lady China Holdings Co. Ltd.   24,271 
 44,000   Country Garden Services Holdings Co. Ltd.   105,947 
 62,000   CPMC Holdings Ltd.   23,631 
 18,500   CSC Financial Co. Ltd. - H Shares   13,336 
 184,000   CSPC Pharmaceutical Group Ltd.   319,309 
 302,000   CT Environmental Group Ltd.(a)(b)   13,117 
 104,000   Da Ming International Holdings Ltd.(a)   26,116 
 112,000   Dali Foods Group Co. Ltd.   69,801 
 525,000   Dalian Port PDA Co. Ltd. - H Shares   67,640 
 92,000   Datang International Power Generation Co. Ltd. - H Shares   20,672 
 168,000   Dongfeng Motor Group Co. Ltd. - H Shares   149,841 
 9,800   Dongjiang Environmental Co. Ltd. - H Shares   8,824 
 179,000   Dongyue Group Ltd.   96,372 


21

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CHINA (continued)    
 95,000   Dynagreen Environmental Protection Group Co. Ltd. - H Shares  $44,331 
 15,400   ENN Energy Holdings Ltd.   158,411 
 14,200   Everbright Securities Co. Ltd. - H Shares   10,942 
 3,135   Fang Holdings Ltd. - ADR(a)   6,489 
 334,500   Fantasia Holdings Group Co. Ltd.   54,739 
 84,000   FIH Mobile Ltd.(a)   11,786 
 38,000   Fu Shou Yuan International Group Ltd.   32,471 
 227,600   Fufeng Group Ltd.   111,677 
 142,000   Future Land Development Holdings Ltd.   119,300 
 24,400   Fuyao Glass Industry Group Co. Ltd. - H Shares   73,886 
 71,000   Genertec Universal Medical Group Co. Ltd.   53,746 
 32,000   Golden Eagle Retail Group Ltd.   36,951 
 1,007,600   GOME Retail Holdings Ltd.(a)    107,313 
 66,000   Goodbaby International Holdings Ltd.(a)   13,545 
 49,500   Grand Baoxin Auto Group Ltd.(a)   10,674 
 409,500   Great Wall Motor Co. Ltd. - H Shares   277,401 
 73,000   Greatview Aseptic Packaging Co. Ltd.   39,913 
 169,000   Greenland Hong Kong Holdings Ltd.   61,645 
 3,174,500   Greentown China Holdings Ltd.   2,383,633 
 34,000   Greentown Service Group Co. Ltd.   28,642 
 124,000   Guangshen Railway Co. Ltd. - H Shares   40,324 
 6,000   Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares   24,653 
 2,806,800   Guangzhou R&F Properties Co. Ltd. - H Shares   5,078,320 
 204,000   Guorui Properties Ltd.   36,345 
 86,000   Haichang Ocean Park Holdings Ltd.(a)   13,332 
 569   Hailiang Education Group, Inc. - ADR(a)   36,018 
 32,000   Haitian International Holdings Ltd.   64,646 
 42,000   Harbin Electric Co. Ltd. - H Shares(a)   13,756 
 63,000   Harmonicare Medical Holdings Ltd(a)(b)   16,418 
 47,000   HC Group, Inc.(a)   11,972 
Shares      Value 
CHINA (continued)    
 33,000   Hengan International Group Co. Ltd.  $249,600 
 448,000   HengTen Networks Group Ltd.(a)   8,477 
 5,000   Hiroca Holdings Ltd.   10,916 
 36,000   Hisense Home Appliances Group Co. Ltd. - H Shares   39,489 
 337,000   Honghua Group Ltd.(a)   26,488 
 24,500   Honworld Group Ltd.   11,799 
 68,000   HOSA International Ltd.(a)(b)   473 
 23,000   Hua Hong Semiconductor Ltd.   47,399 
 48,000   Huadian Power International Corp. Ltd. - H Shares   20,091 
 138,000   Huan Yue Interactive Holdings Ltd.(a)   10,571 
 762,000   Huaneng Renewables Corp. Ltd. - H Shares   207,108 
 4,773   Huazhu Group Ltd. - ADR   156,363 
 183,700   Huishang Bank Corp. Ltd. - H Shares   71,363 
 5,202,000   Industrial & Commercial Bank of China Ltd. - H Shares   3,493,386 
 11,900   Inner Mongolia Yitai Coal Co. Ltd. - H Shares   8,789 
 90,900   JD.com, Inc. - ADR(a)   2,718,819 
 30,000   Jiangsu Expressway Co. Ltd. - H Shares   40,421 
 77,000   Jiangxi Copper Co. Ltd. - H Shares   95,295 
 63,000   Jingrui Holdings Ltd.   20,624 
 3,567   Jinkosolar Holding Co., Ltd. - ADR(a)   69,878 
 987,000   Kaisa Group Holdings Ltd.   409,356 
 7,000   Kasen International Holdings Ltd.   5,863 
 5,600,000   Kingdee International Software Group Co. Ltd.   5,334,415 
 23,000   Kingsoft Corp. Ltd.(a)   49,555 
 99,500   KWG Property Holding Ltd.   92,510 
 22,200   Legend Holdings Corp. - H Shares   52,281 
 416,000   Lenovo Group Ltd.   334,736 
 312,000   Leoch International Technology Ltd.   25,808 
 1,602   LexinFintech Holdings Ltd. - ADR(a)   16,981 
 80,000   Leyou Technologies Holdings Ltd.(a)   22,808 
 49,000   Li Ning Co. Ltd.   120,805 
 128,000   Lifetech Scientific Corp.(a)   24,010 
 96,000   Logan Property Holdings Co. Ltd.   145,158 
 280,000   Lonking Holdings Ltd.   72,633 
 56,500   Luye Pharma Group Ltd.   43,628 
 10,428,000   Maanshan Iron & Steel Co. Ltd. - H Shares   3,952,822 


22

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CHINA (continued)    
 151,000   Maoye International Holdings Ltd.  $10,570 
 303,000   Metallurgical Corp. of China Ltd. - H Shares   73,963 
 15,000   Microport Scientific Corp.   12,614 
 60,000   Minth Group Ltd.   169,085 
 279,800   Modern Land China Co. Ltd.   40,339 
 6,657   Momo, Inc. - ADR   226,138 
 1,049   Noah Holdings Ltd. - ADR(a)   33,925 
 273,000   NVC Lighting Holdings Ltd.   24,816 
 4,000   On-Bright Electronics, Inc.   21,336 
 54,000   O-Net Technologies Group Ltd.   29,471 
 18,000   Orient Securities Co. Ltd. - China - H Shares   10,971 
 59,000   Ozner Water International Holding Ltd.(a)   9,160 
 7,769,715   People’s Insurance Co. Group of China Ltd. (The) - H Shares   3,259,408 
 6,812,000   Postal Savings Bank of China Co. Ltd. - H Shares   3,961,512 
 486,000   Powerlong Real Estate Holdings Ltd.   294,839 
 113,000   Qingdao Port International Co. Ltd. - H Shares   80,538 
 212,500   Qinhuangdao Port Co. Ltd. - H Shares   40,789 
 432,449   Qudian, Inc. - ADR(a)   3,952,584 
 261,000   Qunxing Paper Holdings Co. Ltd.(a)(b)   12,603 
 67,000   Real Gold Mining Ltd.(a)(b)   2,251 
 32,016   Red Star Macalline Group Corp. Ltd. - H Shares   27,912 
 78,000   Redco Properties Group Ltd.   31,029 
 33,000   Regal International Airport Group Co. Ltd.   22,728 
 87,000   Ronshine China Holdings Ltd.   113,258 
 69,000   Sany Heavy Equipment International Holdings Co. Ltd.   27,129 
 356,580   Semiconductor Manufacturing International Corp.(a)   420,008 
 58,000   Shandong Chenming Paper Holdings Ltd. - H Shares   25,329 
 80,000   Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares   76,269 
 32,000   Shandong Xinhua Pharmaceutical Co. Ltd. - H Shares   15,345 
 52,000   Shanghai Electric Group Co. Ltd. - H Shares   18,061 
Shares      Value 
CHINA (continued)    
 12,000   Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares  $35,524 
 24,000   Shanghai Fudan Microelectronics Group Co., Ltd. - H Shares(a)   23,364 
 25,000   Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares   19,029 
 3,900   Shanghai Haohai Biological Technology Co. Ltd. - H Shares   22,890 
 157,235   Shanghai Jin Jiang Capital Co. Ltd.   27,889 
 54,100   Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares   104,031 
 274,000   Shanghai Prime Machinery Co. Ltd. - H Shares   30,031 
 53,000   Shengjing Bank Co. Ltd. - H Shares   37,896 
 32,000   Shenzhen Expressway Co. Ltd. - H Shares   37,984 
 211,881   Shui On Land Ltd.   45,227 
 206,000   Sihuan Pharmaceutical Holdings Group Ltd.   42,201 
 2,000   Silergy Corp.   40,343 
 5,295   SINA Corp./China(a)   207,140 
 4,675,562   Sino-Ocean Land Holdings Ltd.   1,881,213 
 38,500   Sinopec Engineering Group Co. Ltd. - H Shares   30,161 
 114,000   Sinopec Oilfield Service Corp. - H Shares(a)   13,318 
 272,000   Sinopec Shanghai Petrochemical Co. Ltd. - H Shares   94,896 
 104,400   Sinopharm Group Co. Ltd. - H Shares   385,924 
 54,000   Sinosoft Technology Group Ltd.   14,532 
 319,000   Sinotrans Ltd. - H Shares   109,948 
 93,500   Sinotruk Hong Kong Ltd.   137,105 
 214,000   Skyfame Realty Holdings Ltd.   32,135 
 100,500   SOHO China Ltd.   32,132 
 14,000   Southern Energy Holdings Group Ltd.(a)(b)   17,401 
 230,000   Springland International Holdings Ltd.   45,455 
 20,800   Sunny Optical Technology Group Co. Ltd.   240,518 
 69,000   Sunshine 100 China Holdings Ltd.(a)   12,820 
 3,840   Tarena International, Inc. - ADR(a)   6,106 
 16,000   Tenfu Cayman Holdings Co. Ltd.   10,506 
 255,000   Tenwow International Holdings Ltd.(a)(b)   2,323 


23

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CHINA (continued)    
 56,000   Tian Ge Interactive Holdings Ltd.(a)  $13,121 
 36,000   Tian Shan Development Holdings Ltd.   12,433 
 52,000   Tiangong International Co. Ltd.   16,122 
 100,000   Tianneng Power International Ltd.   79,841 
 110,000   Tingyi Cayman Islands Holding Corp.   164,166 
 31,000   Tong Ren Tang Technologies Co. Ltd. - H Shares   37,041 
 12,800   Tonly Electronics Holdings Ltd.   9,460 
 27,500   TravelSky Technology Ltd. - H Shares   53,828 
 84,000   Trigiant Group Ltd.   15,648 
 201,000   Trony Solar Holdings Co. Ltd.(a)(b)   0 
 12,000   Tsingtao Brewery Co. Ltd. - H Shares   70,185 
 1,225,875   UBS Beijing Capital Retailing Group Co. Ltd. - A Shares(a)   1,171,704 
 1,392,100   UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares(a)   796,741 
 1,444,199   UBS Better Life Commercial Chain Share Co. Ltd. - A Shares(a)   1,619,539 
 2,158,500   UBS China Railway Tielong Container Logistics Co. Ltd - A Shares(a)   2,047,445 
 3,867,455   Ubs Csg Holding Co. Ltd. Note(a)   2,359,496 
 3,379,400   UBS Daqin Railway Co. Ltd. - A Shares(a)   3,878,064 
 646,955   Ubs Fujian Star-Net Communicat (Connect) Pnote(a)   2,476,291 
 2,343,845   UBS Guangxi Liugong Machinery Co. Ltd. - A Shares(a)   2,304,961 
 1,062,294   UBS MLS Co. Ltd. - A Shares(a)   1,777,643 
 2,453,180   UBS Ping An Bank Co. Ltd. - A Shares(a)   5,035,226 
 4,773,200   UBS Rizhao Port Co. Ltd. - A Shares(a)   2,142,451 
 2,024,600   UBS Shandong Haihua Co. Ltd. - A Shares(a)   1,479,294 
 5,113,160   UBS Shandong Nanshan Aluminum Co. Ltd. - A Shares(a)   1,634,013 
 2,141,697   UBS Wuxi Taiji Industry Co. Ltd. - A Shares(a)   2,351,947 
 974,100   UBS Xiamen King Long Motor Group Co. Ltd. - A Shares(a)   1,093,778 
Shares      Value 
CHINA (continued)    
 1,776,023   Ubs Yunnan Copper Co. Ltd. Note(a)  $2,711,419 
 83,400   Uni-President China Holdings Ltd.   98,642 
 32,746   Vipshop Holdings Ltd. - ADR(a)   248,870 
 229,000   Want Want China Holdings Ltd.   178,105 
 1,933   Weibo Corp. - ADR(a)   75,716 
 382,000   West China Cement Ltd.   64,368 
 14,500   Xiabuxiabu Catering Management China Holdings Co. Ltd.   20,154 
 504,000   Xiamen International Port Co. Ltd. - H Shares   62,913 
 120,012   Xingda International Holdings Ltd.   32,230 
 15,000   Xingfa Aluminium Holdings Ltd.   14,619 
 70,257   Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares   78,514 
 189,825   Xinyi Solar Holdings Ltd.   104,213 
 6,226   Xinyuan Real Estate Co. Ltd. - ADR   26,087 
 60,500   Xtep International Holdings Ltd.   43,568 
 34,000   Yadea Group Holdings Ltd.   6,938 
 11,000   Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares   19,985 
 288,000   Yanzhou Coal Mining Co. Ltd. - H Shares   253,486 
 290,000   Yashili International Holdings Ltd.   38,213 
 8,400   YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares   42,306 
 20,000   Yihai International Holding Ltd.   106,124 
 1,342   Yirendai Ltd. - ADR(a)   15,017 
 104,500   Youyuan International Holdings Ltd.(a)   29,203 
 88,086   Yuzhou Properties Co. Ltd.   41,384 
 3,404   YY Inc. - ADR(a)   218,503 
 171,400   Zai Lab Ltd. - ADR(a)   5,505,368 
 43,000   Zhaojin Mining Industry Co. Ltd. - H Shares   49,978 
 28,000   Zhejiang Expressway Co. Ltd. - H Shares   27,102 
 40,000   Zhejiang Glass Co. Ltd. - H Shares(a)(b)   0 
 34,500   Zhongsheng Group Holdings Ltd.   95,889 
 17,900   Zhuzhou CRRC Times Electric Co. Ltd. - H Shares   85,559 


24

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
CHINA (continued)    
 214,000   Zijin Mining Group Co. Ltd. - Class H  $85,645 
 4,015,000   Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares   2,803,065 
         149,267,365 
COLUMBIA — 0.0%    
 4,176   Frontera Energy Corp.   42,336 
CZECH REPUBLIC — 0.0%    
 88,800   Central European Media Enterprises Ltd. - Class A(a)    417,360 
DENMARK — 0.9%    
 18,015   ALK-Abello A/S(a)   4,074,659 
 12,557   Alm Brand A/S   112,262 
 8,231   Amagerbanken A/S(a)(b)   0 
 3,554   Ambu A/S - B Shares   52,044 
 5,012   Bang & Olufsen A/S(a)   32,274 
 1,075   Bavarian Nordic A/S(a)   29,478 
 1,192   Brodrene Hartmann A/S   56,614 
 13,371   Columbus A/S   23,316 
 2,553   D/S Norden A/S   38,201 
 4,589   Demant A/S(a)   135,202 
 5,709   Dfds A/S   210,272 
 5,051   FLSmidth & Co. A/S   206,876 
 44,702   Genmab A/S(a)   8,279,077 
 189,969   GN Store Nord A/S   9,011,251 
 58,727   H. Lundbeck A/S   2,263,908 
 7,846   H+H International A/S - Class B(a)   112,288 
 169   Harboes Bryggeri A/S - Class B   1,940 
 14,183   ISS A/S   397,756 
 84   Jeudan A/S   12,682 
 3,232   Jyske Bank A/S(a)   103,003 
 139,281   Matas A/S   1,436,251 
 3,263   Nilfisk Holding A/S(a)   82,599 
 2,606   NKT A/S(a)   38,264 
 1,294   NNIT A/S   20,118 
 4,279   North Media AS   22,496 
 5,246   Pandora A/S   201,091 
 1,840   Parken Sport & Entertainment A/S   32,201 
 8,246   Per Aarsleff Holding A/S   271,709 
 2,702   Ringkjoebing Landbobank A/S   184,656 
 984   Rockwool International A/S - A Shares   216,133 
 22,538   Rockwool International A/S - B Shares   5,500,881 
 89,926   Royal Unibrew A/S   6,701,509 
 1,258   RTX A/S   29,820 
 5,456   Scandinavian Tobacco Group A/S   57,582 
 930   Schouw & Co.   69,222 
Shares      Value 
DENMARK (continued)    
 113,748   SimCorp A/S  $10,252,392 
 1,395   Solar A/S - Class B   63,977 
 45,482   Spar Nord Bank A/S   401,472 
 3,736   Sydbank A/S   64,995 
 2,492   TCM Group A/S   44,071 
 120   Tivoli A/S   12,226 
 5,663   Topdanmark A/S   290,263 
 179,350   Tryg A/S   5,473,973 
 866   Zealand Pharma AS(a)   19,396 
         56,640,400 
FAEROE ISLANDS — 0.0%    
 1,441   Bakkafrost   83,020 
 662   BankNordik P/F   10,927 
         93,947 
FINLAND — 0.2%    
 7,394   Adapteo Oyj(a)   86,482 
 589   Admicom Oyj   31,688 
 11,652   Afarak Group Oyj(a)   11,023 
 5,569   Aktia Bank Oyj   52,731 
 4,177   Alma Media Oyj   29,629 
 1,171   Asiakastieto Group Oyj   36,742 
 5,440   Aspo Oyj   54,061 
 5,681   Atria Oyj   47,887 
 3,664   Cargotec Oyj - Class B   108,482 
 5,077   Caverion Oyj   33,717 
 1,819   Citycon Oyj   18,544 
 2,890   Digia Oyj   10,463 
 11,781   DNA Oyj   272,348 
 9,841   Elisa Oyj   462,253 
 188,204   Finnair Oyj   1,326,141 
 4,622   Fiskars Oyj Abp   67,593 
 24,454   Huhtamaki Oyj   928,924 
 2,500   Ilkka-Yhtyma Oyj   10,087 
 30,191   Kemira Oyj   445,285 
 2,315   Kesko Oyj - A Shares   130,324 
 6,881   Kesko Oyj - B Shares   416,699 
 8,173   Konecranes Oyj   239,318 
 21,593   Lassila & Tikanoja Oyj   328,446 
 2,690   Marimekko Oyj   82,175 
 8,843   Metsa Board Oyj   44,112 
 6,367   Metso Oyj   244,654 
 6,587   Nokian Renkaat Oyj   188,841 
 1,595   Olvi Oyj - Class A   62,134 
 81,492   Oriola Oyj - Class B   183,736 
 4,633   Orion Oyj - Class A   159,695 
 82,498   Orion Oyj - Class B   2,822,287 
 19,752   Outokumpu Oyj   56,522 
 9,049   Outotec Oyj(a)   56,484 
 5,435   Ponsse Oyj   170,855 
 13,137   Raisio Oyj - V Shares   45,716 
 7,317   Revenio Group Oyj   164,878 
 102,332   Sanoma Oyj   1,013,011 
 57,453   Stora Enso Oyj - Class R   661,654 
 861   Talenom Oyj   33,828 


25

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
FINLAND (continued)    
 1,099   Teleste Oyj  $7,041 
 2,486   Tieto Oyj   63,416 
 2,154   Tikkurila Oyj   33,473 
 149,946   Tokmanni Group Corp.   1,355,819 
 7,022   Uponor Oyj   73,762 
 2,873   Vaisala Oyj - Class A   64,905 
 136,399   Valmet Oyj   2,648,542 
 27,403   Wartsila Oyj Abp   344,284 
 9,140   YIT Oyj   50,577 
         15,781,268 
FRANCE — 0.9%    
 25,020   Air France-KLM(a)   260,821 
 3,647   AKWEL   71,676 
 9,940   Albioma SA   263,880 
 5,333   Alstom SA   229,686 
 151   Altarea SCA REIT   30,840 
 1,291   Alten SA   159,709 
 19,270   Altran Technologies SA   303,992 
 4,312   Amplitude Surgical SAS(a)   6,868 
 3,013   APRIL SA   72,282 
 1,731   ARGAN SA REIT   119,556 
 10,091   Arkema SA   908,249 
 2,563   Assystem SA   108,882 
 302   Aubay   10,623 
 703   Axway Software SA   9,775 
 769   Baikowski SAS(a)   14,142 
 612   Bastide le Confort Medical   24,879 
 3,577   Beneteau SA   37,272 
 9,026   Bigben Interactive   121,049 
 1,783   BioMerieux   150,883 
 1,109   Boiron SA   49,271 
 7,843   Bonduelle SCA   232,041 
 15,583   Bureau Veritas SA   388,286 
 117   Burelle SA   109,751 
 6,600   Casino Guichard Perrachon SA   244,192 
 1,521   Cegedim SA(a)   46,911 
 318,059   Cellectis SA(a)   4,688,829 
 602,331   CGG SA(a)   1,321,298 
 3,995   Cie des Alpes   109,815 
 7,211   Cie Plastic Omnium SA   190,240 
 25,235   Coface SA(a)   312,506 
 1,476   Covivio REIT   150,894 
 191,887   Derichebourg SA   709,555 
 423   Devoteam SA   50,604 
 11,512   Edenred   577,692 
 9,067   Eiffage SA   895,934 
 410   Electricite de Strasbourg SA   47,374 
 4,549   Elior Group SA   59,491 
 34,971   Elis SA   647,111 
 1,613   Eramet   77,143 
 1,646   Esso SA Francaise   45,428 
 93,903   Etablissements Maurel et Prom   302,828 
Shares      Value 
FRANCE (continued)    
 16,807   Europcar Mobility Group  $105,247 
 61,511   Eutelsat Communications SA   1,175,888 
 1,226   Exel Industries SA - Class A   62,392 
 19,399   Faurecia SE   918,013 
 296   Fleury Michon SA   11,620 
 2,980   Fnac Darty SA(a)   209,032 
 86,350   Gaztransport Et Technigaz SA   7,834,126 
 648   Gecina SA REIT   99,115 
 26,478   Getlink SE   382,323 
 9,776   GL Events   265,976 
 1,031   Groupe Crit   69,302 
 1,062   Groupe Guillin   22,058 
 720   Groupe Open   12,513 
 2,256   Guerbet   130,324 
 76   Haulotte Group SA   590 
 848   HEXAOM   31,161 
 895   ICADE REIT   77,768 
 172   ID Logistics Group(a)   32,198 
 3,445   Iliad SA   356,160 
 1,569   Imerys SA   65,592 
 1,448   Infotel SA   64,451 
 2,784   Ingenico Group SA   263,779 
 9,324   Interparfums SA   441,168 
 17,508   IPSOS   478,803 
 3,611   Jacquet Metal Service SA   64,325 
 1,834   JCDecaux SA   52,802 
 6,595   Kaufman & Broad SA   270,805 
 3,552   Klepierre SA REIT   109,568 
 140,114   Korian SA   5,530,426 
 302,216   Lagardere SCA   6,828,701 
 14,432   Latecoere SACA(a)   60,670 
 863   Laurent-Perrier   85,068 
 1,403   Le Belier   42,553 
 15,454   Lectra   316,705 
 1,180   Linedata Services   37,457 
 8,448   LISI   244,905 
 452   LNA Sante SA   24,942 
 2,551   Maisons du Monde SA   51,092 
 1,676   Manitou BF SA   39,583 
 447   Manutan International   36,026 
 14,528   Mersen SA   519,952 
 9,281   METabolic EXplorer SA(a)   15,469 
 19,785   Metropole Television SA   343,223 
 1,975   Mr Bricolage SA(a)   7,505 
 29,365   Neopost SA   590,020 
 10,393   Nexans SA   351,398 
 8,561   Nexity SA   411,044 
 5,130   NRJ Group   37,901 
 3,259   Oeneo SA   37,389 
 3,406   OL Groupe SA(a)   12,256 
 1,714   Orpea   214,144 
 339   Pierre & Vacances SA(a)   6,378 
 3,591   Plastivaloire   24,069 
 30,166   Poxel S.A.(a)   210,606 
 769   PSB Industries SA   21,560 
 3,654   Rallye SA   17,134 


26
Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
FRANCE (continued)      
 472   Remy Cointreau SA  $69,841 
 380,005   Rexel SA   4,243,134 
 163   Robertet SA   115,956 
 16,545   Rothschild & Co.   518,100 
 1,515   Rubis SCA   85,370 
 104   Samse SA   18,151 
 6,167   Sartorius Stedim Biotech   982,803 
 2,365   Savencia SA   174,448 
 13,917   SCOR SE   571,913 
 947   SEB SA   151,475 
 2,052   Seche Environnement SA   79,258 
 2,062   Societe BIC SA   143,699 
 436   Societe pour l’Informatique Industrielle   13,561 
 830   SOITEC(a)   86,133 
 21,152   Solocal Group(a)   17,517 
 2,239   Somfy SA   202,366 
 1,252   Sopra Steria Group   161,121 
 10,239   SPIE SA   189,786 
 1,237   Stef SA   109,729 
 17,568   Suez   257,515 
 3,477   Synergie SA   110,612 
 5,910   Tarkett SA   98,860 
 102,460   Technicolor SA(a)   86,735 
 4,878   Teleperformance   1,021,881 
 124,363   Television Francaise 1   1,245,994 
 876   Thermador Groupe   55,321 
 1,233   Trigano SA   123,706 
 3,300   Ubisoft Entertainment SA(a)   271,441 
 577   Union Financiere de France BQE SA   11,662 
 27,094   Valeo SA   844,318 
 35,511   Vallourec SA(a)   123,376 
 52,235   Valneva SE(a)   177,085 
 602   Vetoquinol SA   39,810 
 1,475   Vicat SA   66,178 
 1,831   VIEL & Cie SA   10,015 
 2,098   Vilmorin & Cie SA   114,974 
 10,773   Virbac SA(a)   1,999,778 
 1,002   Vranken - Pommery Monopole SA   24,305 
 1,412   Worldline S.A.(a)   100,900 
         58,606,360 
GABON — 0.0%      
 311   Total Gabon   45,902 
GEORGIA — 0.0%      
 2,995   Bank of Georgia Group Plc   50,852 
 5,317   Georgia Capital Plc(a)   63,347 
         114,199 
GERMANY — 1.1%      
 6,244   1&1 Drillisch AG   187,522 
 768   2G Energy AG   32,715 
 14,653   7C Solarparken AG   49,838 
Shares      Value 
GERMANY (continued)      
 3,835   Aareal Bank AG  $109,107 
 1,504   ADO Properties SA   64,434 
 40,274   ADVA Optical Networking SE(a)   311,768 
 40,347   AIXTRON SE(a)   450,318 
 378   All for One Group AG   17,492 
 2,114   Allgeier SE   54,865 
 122,888   Alstria Office REIT AG   1,982,613 
 429   Amadeus Fire AG   58,278 
 352   Atoss Software AG   50,630 
 1,859   Aurubis AG   80,739 
 8,322   Axel Springer SE   574,410 
 507   Basler AG   22,041 
 15,773   Bauer AG   364,248 
 2,096   BayWa AG   54,558 
 1,729   Bechtle AG   191,523 
 1,177   Bertrandt AG   78,837 
 2,221   bet-at-home.com AG   139,822 
 2,168   Bijou Brigitte AG   95,504 
 3,351   Bilfinger SE   98,384 
 1,050   Biotest AG - Preference Shares   25,488 
 70,477   Borussia Dortmund GmbH & Co. KGaA   702,203 
 15,068   Brenntag AG   735,946 
 1,385   CANCOM SE   77,430 
 42,850   Carl Zeiss Meditec AG   4,695,050 
 15,457   CECONOMY AG(a)   99,050 
 2,761   CENIT AG   34,778 
 11,092   CENTROTEC Sustainable AG   147,383 
 1,047   Cewe Stiftung & Co. KGaA   96,714 
 3,909   comdirect bank AG   40,342 
 50,197   Commerzbank AG   340,620 
 14,198   CompuGroup Medical SE   1,095,433 
 32,881   Covestro AG   1,482,973 
 5,229   CropEnergies AG   34,879 
 63,557   CTS Eventim AG & Co KGaA   3,169,353 
 3,082   Dermapharm Holding SE   104,610 
 21,727   Deutsche Lufthansa AG   344,331 
 12,324   Deutsche Pfandbriefbank AG   139,910 
 135,864   Deutz AG   937,902 
 7,815   DIC Asset AG   88,106 
 5,735   DMG Mori AG   267,631 
 464   Dr Hoenle AG   29,091 
 551   Draegerwerk AG & Co. KGaA    23,564 
 14,782   Draegerwerk AG & Co. KGaA - Preference Shares   802,128 
 3,940   Duerr AG   117,181 
 1,414   Eckert & Ziegler Strahlen- und Medizintechnik AG   186,658 
 7,918   Elmos Semiconductor AG   172,461 
 9,661   Encavis AG   77,639 
 961   Energiekontor AG   18,381 
 36,468   Evotec SE(a)   1,027,692 
 808   Fielmann AG   56,224 


27

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
GERMANY (continued)      
 763   First Sensor AG  $24,825 
 7,169   Fraport AG Frankfurt Airport Services Worldwide   598,706 
 16,338   Freenet AG   318,782 
 1,136   FUCHS PETROLUB SE   39,897 
 2,915   Fuchs Petrolub SE - Preference Shares   111,700 
 8,712   GEA Group AG   216,233 
 4,747   Gerresheimer AG   369,232 
 3,642   Gesco AG   93,187 
 5,054   GFT Technologies SE   39,091 
 350   Grammer AG   11,839 
 4,785   GRENKE AG   410,709 
 3,242   Hamborner AG REIT   32,173 
 37,309   Hamburger Hafen und Logistik AG   940,528 
 5,298   Hapag-Lloyd AG   222,513 
 291   Hawesko Holding AG   11,415 
 53,051   Heidelberger Druckmaschinen AG(a)   57,801 
 4,049   Hella GmbH & Co. KGaA   190,904 
 1,172   HOCHTIEF AG   132,810 
 1,232   Hornbach Baumarkt AG   22,740 
 214   Hornbach Holding AG & Co KGaA   11,510 
 3,768   HUGO BOSS AG   236,822 
 5,512   Indus Holding AG   218,753 
 1,032   Isra Vision AG   44,700 
 1,149   Jenoptik AG   32,199 
 5,780   Jungheinrich AG - Preference Shares   128,535 
 11,079   K+S AG   178,802 
 7,052   KION Group AG   375,886 
 937   Koenig & Bauer AG   37,615 
 1,347   Krones AG   76,555 
 210   KSB SE & Co. KGaA   69,058 
 2,185   KWS Saat SE & Co. KGaA   152,009 
 18,099   LANXESS AG   1,077,301 
 2,823   LEG Immobilien AG   325,552 
 2,138   Leifheit AG   46,192 
 3,242   Leoni AG(a)   43,475 
 1,329   LPKF Laser & Electronics AG(a)   10,313 
 466   Manz AG(a)   11,456 
 1,297   MasterFlex SE   8,466 
 1,242   Mensch und Maschine Software SE   45,029 
 83,863   METRO AG   1,289,969 
 5,961   MLP SE   29,637 
 115,131   MorphoSys AG(a)   13,892,346 
 1,821   MTU Aero Engines AG   453,789 
 5,868   Nemetschek SE   326,245 
 995   New Work SE   381,086 
 530   Nexus AG   18,658 
 5,156   Nordex SE(a)   60,359 
 2,170   Norma Group SE   77,805 
Shares      Value 
GERMANY (continued)      
 981   OHB SE  $35,983 
 15,988   OSRAM Licht AG   601,791 
 4,429   Patrizia AG   85,558 
 263   Pfeiffer Vacuum Technology AG   36,681 
 18,266   PNE AG   58,042 
 960   Progress-Werk Oberkirch AG   27,481 
 8,839   ProSiebenSat.1 Media SE   114,175 
 1,157   PSI Software AG   21,894 
 3,452   Puma SE   240,490 
 35,476   QSC AG   53,769 
 870   R Stahl AG(a)   25,745 
 158   Rational AG   107,549 
 9,061   Rheinmetall AG   1,028,181 
 1,725   RHOEN-KLINIKUM AG   45,728 
 4,230   RIB Software AG   91,041 
 7,393   SAF-Holland SA   76,179 
 4,579   Salzgitter AG   98,846 
 802   Sartorius AG - Preference Shares   162,229 
 26,151   Schaeffler AG - Preference Shares   192,822 
 1,854   Schaltbau Holding AG(a)   57,782 
 4,609   Scout24 AG(a)   254,912 
 330   Secunet Security Networks AG   44,612 
 5,841   SGL Carbon SE(a)   39,275 
 22,915   Siltronic AG   1,754,311 
 191,451   Sirius Real Estate Ltd.   155,019 
 888   Sixt Leasing SE   10,613 
 1,152   Sixt SE   118,305 
 1,830   Sixt SE - Preference Shares   121,378 
 431   SMA Solar Technology AG(a)   10,336 
 977   Softing AG   7,853 
 42,826   Software AG   1,202,117 
 3,105   Sto Se & Co. KGAA - Preference Shares   317,976 
 148   STRATEC SE   9,651 
 2,297   Stroeer SE & Co. KGaA   180,944 
 4,202   Suedzucker AG   65,256 
 2,504   Suess MicroTec AG(a)   24,752 
 2,878   Surteco Group SE   74,715 
 447,771   TAG Immobilien AG   10,541,128 
 26,517   Takkt AG   362,069 
 6,947   Talanx AG   291,515 
 695   Technotrans SE   14,850 
 82,338   Telefonica Deutschland Holding AG   207,295 
 4,769   TLG Immobilien AG   139,978 
 524   Traffic Systems SE   10,445 
 24,008   TUI AG   238,387 
 10,041   Uniper SE   309,357 
 20,431   United Internet AG   606,024 
 4,509   VERBIO Vereinigte BioEnergie AG   35,876 


28

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
GERMANY (continued)      
 982   VIB Vermoegen AG  $28,883 
 2,097   Villeroy & Boch AG - Preference Shares   31,024 
 2,349   Vossloh AG   92,072 
 2,883   Wacker Chemie AG   213,011 
 3,432   Wacker Neuson SE   68,765 
 841   Washtec AG   44,497 
 6,821   Wuestenrot & Wuerttembergische AG    135,713 
         66,670,884 
GIBRALTAR — 0.0%      
 11,850   888 Holdings Plc   21,919 
GREECE — 0.2%      
 3,578   Aegean Airlines SA   32,358 
 96   Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b)   0 
 1,872,832   Alpha Bank AE(a)   3,635,242 
 1,924   Autohellas SA   12,533 
 10,097   Ellaktor SA(a)   24,235 
 2,818,956   Eurobank Ergasias SA(a)   2,737,568 
 4,916   GEK Terna Holding Real Estate Construction SA(a)   34,820 
 34,185   Intralot SA-Integrated Lottery Systems & Services(a)   21,755 
 2,125   Mytilineos Holdings SA   25,828 
 585,773   National Bank of Greece SA(a)   1,708,308 
 205,619   OPAP SA   2,314,293 
 35,269   Piraeus Bank SA(a)   120,291 
 22,848   Proton Bank SA(a)(b)   0 
 2,633   Sarantis SA   25,210 
 12,534   T Bank SA(a)(b)   0 
 2,904   Terna Energy SA   23,269 
 210   Thessaloniki Port Authority SA   6,963 
 31,091   TT Hellenic Postbank SA(a)(b)   0 
         10,722,673 
HONG KONG — 0.9%      
 215,000   Agritrade Resources Ltd.   30,778 
 430,000   Alibaba Pictures Group Ltd.(a)   86,892 
 1,273,693   Allied Properties HK Ltd.   282,359 
 58,000   AMVIG Holdings Ltd.   13,550 
 435,000   Applied Development Holdings Ltd.(a)   18,044 
 144,250   APT Satellite Holdings Ltd.   56,215 
 144,000   Asia Financial Holdings Ltd.   78,483 
 5,300   ASM Pacific Technology Ltd.   61,984 
 74,000   Associated International Hotels Ltd.   213,715 
 18,000   Ausnutria Dairy Corp. Ltd.   32,483 
 4,400   Bank of East Asia Ltd. (The)   12,688 
Shares      Value 
HONG KONG (continued)      
 29,000   Beijing Enterprises Holdings Ltd.  $141,584 
 228,000   Beijing Enterprises Medical & Health Group Ltd.(a)   7,100 
 330,000   Beijing Enterprises Water Group Ltd.   173,694 
 504,000   Bel Global Resources Holdings Ltd.(a)(b)   0 
 204,000   Bright Smart Securities & Commodities Group Ltd.   36,351 
 289,000   Brightoil Petroleum Holdings Ltd.(a)(b)   41,533 
 108,000   Brilliance China Automotive Holdings Ltd.   117,700 
 1,644,354   Brockman Mining Ltd.(a)   33,485 
 2,266,667   Build King Holdings Ltd.   307,746 
 654,000   Cafe de Coral Holdings Ltd.   2,174,680 
 28,000   Camsing International Holding, Ltd.(b)   4,149 
 92,000   Carrianna Group Holdings Co. Ltd.   9,603 
 55,000   Cathay Pacific Airways Ltd.   77,569 
 166,800   Century City International Holdings Ltd.   13,781 
 564,000   CGN New Energy Holdings Co. Ltd.   72,309 
 6,361,000   Champion REIT   4,715,391 
 137,082   Cheuk Nang Holdings Ltd.   73,481 
 85,873   Chevalier International Holdings Ltd.   122,747 
 88,000   Chiho Environmental Group Ltd.(a)   10,294 
 138,137   China Agri-Industries Holdings Ltd.   42,049 
 344,000   China Beidahuang Industry Group Holdings Ltd.(a)   8,691 
 47,000   China Everbright Greentech Ltd.   29,633 
 56,222   China Everbright International Ltd.   49,510 
 525,600   China Fiber Optic Network System Group Ltd.(a)(b)   14,100 
 66,000   China Flavors & Fragrances Co. Ltd.   13,906 
 98,000   China Foods Ltd.   41,888 
 88,000   China Grand Pharmaceutical and Healthcare Holdings Ltd.   47,065 
 6,603,000   China High Precision Automation Group Ltd.(a)(b)   0 
 29,000   China High Speed Transmission Equipment Group Co. Ltd.   18,606 
 322,000   China Jinmao Holdings Group Ltd.   207,466 


29

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
HONG KONG (continued)    
 24,000   China Merchants Port Holdings Co. Ltd.  $39,719 
 193,200   China Metal Recycling Holdings Ltd.(a)(b)   0 
 1,010,000   China Oil and Gas Group Ltd.   46,147 
 111,000   China Overseas Grand Oceans Group Ltd.   58,095 
 120,000   China Overseas Property Holdings Ltd.   60,682 
 113,333   China Power International Development Ltd.   28,405 
 298,440   China Resources Cement Holdings Ltd.   272,744 
 36,800   China Resources Gas Group Ltd.   186,267 
 44,000   China Resources Power Holdings Co. Ltd.   63,185 
 168,000   China Ruifeng Renewable Energy Holdings Ltd.(a)   9,312 
 892,000   China South City Holdings Ltd.   122,423 
 142,000   China State Construction Development Holdings Ltd.   15,958 
 252,870   China State Construction International Holdings Ltd.   259,756 
 146,000   China Taiping Insurance Holdings Co. Ltd.   403,105 
 152,000   China Traditional Chinese Medicine Holdings Co. Ltd.   69,404 
 192,000   China Travel International Investment Hong Kong Ltd.   35,293 
 2,612,000   China Unicom Hong Kong Ltd.   2,544,755 
 60,000   China Vast Industrial Urban Development Co. Ltd.   23,915 
 34,000   China Water Affairs Group Ltd.   30,250 
 128,000   China Water Industry Group Ltd.(a)   8,937 
 30,000   Chong Hing Bank Ltd.   52,189 
 297,715   Chow Sang Sang Holdings International Ltd.   405,839 
 110,000   Chu Kong Shipping Enterprises Group Co. Ltd.   22,664 
 237,500   Chuang’s Consortium International Ltd.   50,765 
 38,000   CIMC Enric Holdings Ltd.   27,364 
 5,304,000   CITIC Telecom International Holdings Ltd.   2,188,930 
 274,000   Citychamp Watch & Jewellery Group Ltd.(a)   56,960 
 490,000   CK Life Sciences International Holdings, Inc.   24,542 
 47,000   Clear Media Ltd.   27,764 
 233,000   CMIC Ocean En-Tech Holding Co. Ltd.(a)   8,569 
Shares      Value 
HONG KONG (continued)    
 168,000   Comba Telecom Systems Holdings Ltd.(a)  $41,993 
 940,000   Concord New Energy Group Ltd.   46,020 
 2,354,687   COSCO SHIPPING Ports Ltd.   2,052,054 
 2,209,105   Cowell e Holdings, Inc.   381,209 
 1,766,000   CP Pokphand Co. Ltd.   148,484 
 1,359,335   CSI Properties Ltd.   60,522 
 173,614   Dah Chong Hong Holdings Ltd.   55,160 
 155,164   Dah Sing Banking Group Ltd.   269,814 
 124,377   Dah Sing Financial Holdings Ltd.   557,682 
 208,000   Dawnrays Pharmaceutical Holdings Ltd.   39,534 
 244,000   DBA Telecommunication Asia Holdings Ltd.(a)(b)   11,863 
 108,000   Dynasty Fine Wines Group Ltd.(a)   8,002 
 118,000   EcoGreen International Group Ltd.   22,521 
 168,234   EganaGoldpfeil Holdings Ltd.(a)(b)   0 
 198,416   Emperor International Holdings Ltd.   49,738 
 2,900,000   Emperor Watch & Jewellery Ltd.   71,241 
 92,000   EVA Precision Industrial Holdings Ltd.   7,976 
 108,000   Ever Sunshine Lifestyle Services Group Ltd.   54,619 
 56,000   Fairwood Holdings Ltd.   184,633 
 212,893   Far East Consortium International Ltd.   101,025 
 309,000   Far East Horizon Ltd.   287,403 
 2,052,000   First Pacific Co. Ltd.   855,534 
 27,100   Fortune Real Estate Investment Trust REIT   35,072 
 170,000   Fountain SET Holdings Ltd.   25,624 
 127,877   FSE Services Group Ltd.   50,993 
 355,000   Fullshare Holdings Ltd.(a)   12,645 
 554,000   GCL-New Energy Holdings Ltd.(a)   21,100 
 1,770,000   GCL-Poly Energy Holdings Ltd.(a)   100,815 
 500,000   Gemdale Properties & Investment Corp. Ltd.   59,594 
 3,122,000   Get Nice Holdings Ltd.   105,411 
 702,000   Giordano International Ltd.   241,213 
 220,000   Gold Peak Industries Holdings Ltd.   22,981 
 86,000   Goldlion Holdings Ltd.   32,674 
 3,000   Great Eagle Holdings Ltd.   12,160 
 7,050,000   G-Resources Group Ltd.(a)   50,137 
 188,600   Guotai Junan International Holdings Ltd.   29,794 


30

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
HONG KONG (continued)      
 63,000   Haier Electronics Group Co. Ltd.  $148,068 
 22,000   Hang Lung Group Ltd.   56,510 
 133,267   Hanison Construction Holdings Ltd.   22,587 
 114,000   Harbour Centre Development Ltd.   197,202 
 8,500   Health and Happiness H&H International Holdings Ltd.   49,524 
 2,160,000   Hengdeli Holdings Ltd.   115,761 
 24,000   HK Electric Investments & HK Electric Investments Ltd.   24,330 
 45,500   HKBN Ltd.   82,143 
 29,441   HKC Holdings Ltd.   19,124 
 468,000   HKR International Ltd.   237,649 
 90,000   Hon Kwok Land Investment Co. Ltd.   45,273 
 136,151   Hongkong & Shanghai Hotels Ltd. (The)   177,445 
 112,000   Hopson Development Holdings Ltd.   115,932 
 166,000   Hsin Chong Group Holdings Ltd.(a)(b)   5,566 
 220,000   Hua Han Health Industry Holdings Ltd.(a)(b)   2,234 
 8,000   IMAX China Holding, Inc.   18,370 
 208,000   International Housewares Retail Co. Ltd.   56,981 
 175,000   IPE Group Ltd.   16,957 
 5,476,331   IRC Ltd.(a)   118,595 
 396,000   IT Ltd.   144,600 
 66,905   ITC Properties Group Ltd.   13,634 
 100,000   Jiayuan International Group Ltd.   43,265 
 62,877   Johnson Electric Holdings Ltd.   113,171 
 838,000   Joy City Property Ltd.   101,034 
 134,000   Ju Teng International Holdings Ltd.   31,706 
 6,002   K Wah International Holdings Ltd.   3,123 
 1,500,000   Kai Yuan Holdings Ltd.(a)   8,179 
 13,000   Kerry Logistics Network Ltd.   22,289 
 316,000   Kerry Properties Ltd.   1,186,582 
 118,200   Kingboard Holdings Ltd.   290,986 
 125,500   Kingboard Laminates Holdings Ltd.   103,491 
 74,000   Kingmaker Footwear Holdings Ltd.   11,732 
 238,000   Kingston Financial Group Ltd.   44,134 
 249,000   Kowloon Development Co. Ltd.   312,876 
 382,000   Kunlun Energy Co. Ltd.   333,153 
 43,180   Lai Fung Holdings Ltd.   43,345 
 48,900   Lai Sun Development Co. Ltd.   68,963 
 120,640   Lai Sun Garment International Ltd.   146,625 
Shares      Value 
HONG KONG (continued)      
 9,000   Lam Soon Hong Kong Ltd.  $16,293 
 68,000   Landsea Green Group Co. Ltd.   7,968 
 464,500   Langham Hospitality Investments and Langham Hospitality Investments Ltd.   167,552 
 24,000   Lee & Man Chemical Co. Ltd.   12,416 
 292,200   Lee & Man Paper Manufacturing Ltd.   178,359 
 13,500   Lee’s Pharmaceutical Holdings Ltd.   8,531 
 2,696,000   Li & Fung Ltd.   375,759 
 88,000   Lifestyle China Group Ltd.(a)   28,036 
 430,269   Link REIT (The)   5,004,538 
 94,000   Liu Chong Hing Investment Ltd.   142,540 
 21,000   Luk Fook Holdings International Ltd.   63,347 
 38,000   LVGEM China Real Estate Investment Co. Ltd.   13,496 
 1,298,000   Magnificent Hotel Investment Ltd.   29,977 
 19,200   Mandarin Oriental International Ltd.   30,423 
 85,387   Midland Holdings Ltd.   14,532 
 109,000   Ming Fai International Holdings Ltd.   13,500 
 429,000   Mingfa Group International Co. Ltd.(a)(b)   3,085 
 702,000   Minmetals Land Ltd.   108,682 
 36,000   Miramar Hotel & Investment Co. Ltd.   75,800 
 56,000   Modern Dental Group Ltd.   9,039 
 1,150,000   Nan Hai Corp. Ltd.   20,522 
 2,390,000   New Provenance Everlasting Holdings Ltd.(a)   7,565 
 97,000   New World Department Store China Ltd.(a)   17,080 
 176,000   NewOcean Energy Holdings Ltd.(a)   37,216 
 250,000   Nine Dragons Paper Holdings Ltd.   202,356 
 339,000   Nissin Foods Co. Ltd.   246,591 
 40,000   NOVA Group Holdings Ltd.   8,926 
 76,000   NWS Holdings Ltd.   141,110 
 44,788   Oriental Watch Holdings   13,223 
 62,000   Overseas Chinese Town Asia Holdings Ltd.   22,630 
 1,340,246   Pacific Andes International Holdings Ltd.(a)(b)   4,691 
 39,000   Pacific Textile Holdings Ltd.   30,761 
 201,240   Paliburg Holdings Ltd.   76,621 
 334,000   Panda Green Energy Group Ltd.(a)   12,730 
 76,000   PAX Global Technology Ltd.   30,474 
 40,000   PC Partner Group Ltd.   9,448 


31
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
HONG KONG (continued)      
 125,394   PCCW Ltd.  $71,513 
 48,000   Peace Mark Holdings Ltd.(a)(b)   0 
 1,624,000   Perfect Shape Medical Ltd.   767,869 
 368,000   Pico Far East Holdings Ltd.   113,685 
 4,216,000   Poly Property Group Co. Ltd.   1,555,303 
 1,427,800   Polytec Asset Holdings Ltd.   183,724 
 597,000   Pou Sheng International Holdings Ltd.   166,103 
 91,000   Prinx Chengshan Cayman Holding Ltd.   83,403 
 196,000   PT International Development Co. Ltd.(a)   11,374 
 60,000   Public Financial Holdings Ltd.   24,943 
 30,000   Realord Group Holdings Ltd.(a)   17,013 
 160,200   Regal Hotels International Holdings Ltd.   97,138 
 547,000   Regal Real Estate Investment Trust, REIT   157,751 
 46,000   Regina Miracle International Holdings, Ltd.   34,533 
 7,000   Road King Infrastructure Ltd.   14,392 
 275,000   Samson Holding Ltd.(a)   12,798 
 116,000   SAS Dragon Holdings Ltd.   34,478 
 27,095   Seaspan Corp.   275,014 
 57,516   Shanghai Industrial Holdings Ltd.   117,844 
 211,000   Shanghai Industrial Urban Development Group Ltd.   33,985 
 880,000   Shanghai Zendai Property Ltd.(a)   11,555 
 18,000   Shangri-La Asia Ltd.   21,900 
 120,000   Shenwan Hongyuan HK Ltd.   21,301 
 54,175   Shenzhen International Holdings Ltd.   100,068 
 198,659   Shenzhen Investment Ltd.   71,231 
 152,129   Shimao Property Holdings Ltd.   420,150 
 128,000   Shougang Fushan Resources Group Ltd.   26,507 
 1,470,000   Singamas Container Holdings Ltd.   194,318 
 1,919,000   Sino Biopharmaceutical Ltd.   2,340,731 
 148,000   Sinofert Holdings Ltd.   16,556 
 102,000   Sinopec Kantons Holdings Ltd.   41,037 
 21,000   SITC International Holdings Co. Ltd.   23,147 
 24,000   SJM Holdings Ltd.   26,054 
 108,878   Skyworth Group Ltd.   29,563 
 340,500   SmarTone Telecommuni-cations Holding Ltd.   312,919 
 182,386   SMI Holdings Group Ltd.(a)(b)   8,737 
 200,000   SOCAM Development Ltd.(a)   52,666 
 1,740,000   South China Holdings Co. Ltd.(a)   48,964 
Shares      Value 
HONG KONG (continued)      
 71,212   SSY Group Ltd.  $63,142 
 288,923   Stella International Holdings Ltd.   465,815 
 690,000   Summit Ascent Holdings Ltd.(a)   110,532 
 3,093,500   Sun Art Retail Group Ltd.   3,128,680 
 309,801   Sun Hung Kai & Co. Ltd.   142,175 
 920,000   Sunlight Real Estate Investment Trust REIT   674,735 
 144,000   Tang Palace China Holdings Ltd.   22,563 
 66,000   Tao Heung Holdings, Ltd.   12,438 
 86,666   TCL Electronics Holdings Ltd.   39,244 
 43,600   Television Broadcasts Ltd.   70,049 
 42,000   Texhong Textile Group Ltd.   42,179 
 54,000   Texwinca Holdings Ltd.   15,969 
 159,800   Tian An China Investment Co. Ltd.   78,383 
 690,000   Tianjin Port Development Holdings Ltd.   70,982 
 75,000   Tibet Water Resources Ltd.(a)   18,878 
 1,464,000   Time Interconnect Technology Ltd.   107,576 
 447,073   Tomson Group Ltd.   127,996 
 800,000   Tongda Group Holdings Ltd.   58,736 
 62,000   Top Spring International Holdings Ltd.   13,574 
 47,235   Towngas China Co. Ltd.   35,965 
 163,039   TPV Technology Ltd.   51,072 
 30,400   Transport International Holdings Ltd.   87,322 
 497,600   Tsit Wing International Holdings Ltd.   89,930 
 98,000   Tsui Wah Holdings Ltd.   7,486 
 279,000   Union Medical Healthcare Ltd.   244,494 
 774,000   United Energy Group Ltd.(a)   139,514 
 58,500   United Laboratories International Holdings Ltd. (The)   32,041 
 44,000   Up Energy Development Group Ltd.(a)(b)   136 
 27,000   Value Partners Group Ltd.   16,096 
 1,101,300   Valuetronics Holdings Ltd.   521,121 
 101,600   Victory City International Holdings Ltd.   6,343 
 7,000   Vinda International Holdings Ltd.   13,685 
 14,000   Vitasoy International Holdings Ltd.   65,907 
 79,600   VSTECS Holdings Ltd.   43,535 
 231,896   VTech Holdings Ltd.   2,033,803 
 240,000   Wai Kee Holdings Ltd.   157,263 
 18,409,667   Wang On Group Ltd.   243,890 
 68,622   Wasion Holdings Ltd.   24,935 


32
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
HONG KONG (continued)      
 36,000   Wharf Holdings Ltd. (The)  $87,533 
 68,000   Wing On Co. International Ltd.   209,799 
 182,000   Wing Tai Properties Ltd.   122,923 
 60,000   Xinyi Glass Holdings Ltd.   60,482 
 1,469,252   Yue Yuen Industrial Holdings Ltd.   4,116,749 
 518,946   Yuexiu Property Co. Ltd.   117,312 
 2,100,191   Yuexiu Transport Infrastructure Ltd.   1,668,088 
 20,000   Zhongyu Gas Holdings Ltd.   20,802 
 162,000   Zhuguang Holdings Group Co. Ltd.(a)   20,842 
 306,000   Zhuhai Holdings Investment Group Ltd.   31,828 
         57,538,245 
HUNGARY — 0.0%      
 5,186   MOL Hungarian Oil & Gas Plc   52,631 
 33,762   Richter Gedeon Nyrt   593,202 
         645,833 
INDIA — 0.6%      
 116   3M India Ltd.(a)   35,498 
 2,639   5Paisa Capital Ltd.(a)   6,439 
 1,487   Aarti Drugs Ltd.   9,972 
 2,978   Aarti Industries Ltd.   71,844 
 1,662   ABB India Ltd.   32,848 
 2,871   ACC Ltd.   64,832 
 6,979   Adani Enterprises Ltd.   12,997 
 59,679   Adani Gas Ltd.   131,974 
 45,415   Adani Green Energy Ltd.(a)   30,673 
 581,694   Adani Ports & Special Economic Zone Ltd.   3,179,987 
 49,774   Adani Power Ltd.(a)   43,820 
 28,080   Adani Transmission Ltd(a)   84,047 
 7,689   Aditya Birla Capital Ltd.(a)   9,130 
 12,792   Aegis Logistics Ltd.   34,573 
 1,354   AIA Engineering Ltd.   33,425 
 1,948   Ajanta Pharma Ltd.   24,897 
 250   Akzo Nobel India Ltd.   6,337 
 7,855   Alembic Pharmaceuticals Ltd.   59,711 
 2,907   Amara Raja Batteries Ltd.   28,496 
 10,048   Ambuja Cements Ltd.   29,334 
 26,000   Andhra Bank(a)   7,311 
 1,878   Anup Engineering Ltd. (The)   12,550 
 3,061   Apar Industries Ltd.   21,691 
 684   APL Apollo Tubes Ltd.   13,851 
 5,067   Apollo Hospitals Enterprise Ltd.   99,280 
 38,391   Apollo Tyres Ltd.   87,519 
 10,143   Arvind Fashions Ltd.(a)   88,053 
 29,548   Arvind Ltd.   23,543 
 66,084   Ashok Leyland Ltd.   66,723 
 3,306   Ashoka Buildcon Ltd.(a)   5,784 
 2,530   Astral Polytechnik Ltd.   45,660 
Shares      Value 
INDIA (continued)      
 933   Atul Ltd.  $49,244 
 9,727   Aurobindo Pharma Ltd.   80,606 
 3,997   Avanti Feeds Ltd.   17,870 
 4,216   Bajaj Consumer Care Ltd.   15,865 
 11,543   Bajaj Holdings & Investment Ltd.   569,766 
 1,167   Balaji Amines Ltd.   3,962 
 3,655   Balkrishna Industries Ltd.   37,175 
 20,684   Balrampur Chini Mills Ltd.   42,391 
 57,043   Bank of Baroda(a)   87,888 
 1,330   BASF India Ltd.   19,713 
 1,477   Bata India Ltd.   27,965 
 1,085   BEML Ltd.   13,211 
 9,384   Berger Paints India Ltd.   44,978 
 19,283   Bharat Electronics Ltd.   28,636 
 12,322   Bharat Forge Ltd.   75,389 
 1,789,516   Bharat Heavy Electricals Ltd.   1,526,393 
 129   Bharat Rasayan Ltd.   7,554 
 621,722   Bharti Airtel Ltd.   3,040,730 
 2,062   Birla Corp. Ltd.   17,361 
 15,210   Birlasoft Ltd.   16,429 
 4,707   Bliss Gvs Pharma Ltd.   10,074 
 311   Blue Dart Express Ltd.   10,838 
 1,044   Blue Star Ltd.   10,241 
 7,567   Bodal Chemicals Ltd.   8,636 
 12,029   Bombay Dyeing & Manufacturing Co. Ltd.   12,383 
 7,289   Brigade Enterprises Ltd.   27,644 
 2,111   Cadila Healthcare Ltd.   6,971 
 5,574   Can Fin Homes Ltd.   31,237 
 8,528   Canara Bank(a)   29,120 
 7,476   Carborundum Universal Ltd.   35,755 
 1,183   Care Ratings Ltd.   12,950 
 2,644   CCL Products India Ltd.   9,426 
 1,987   Ceat Ltd.   23,511 
 4,533   Century Plyboards India Ltd.   8,277 
 944   Century Textiles & Industries Ltd.   12,168 
 1,713   CESC Ltd.   18,482 
 342   CESC Ventures Ltd.(a)   2,002 
 35,669   CG Power and Industrial Solutions Ltd.(a)   9,426 
 17,449   Chambal Fertilizers and Chemicals Ltd.   37,823 
 56,756   Chennai Super Kings Cricket Ltd.(a)(b)   348 
 7,485   Cholamandalam Financial Holdings Ltd.   49,441 
 13,865   Cholamandalam Investment and Finance Co. Ltd.   52,067 
 14,495   Cipla Ltd.   109,543 
 12,260   City Union Bank Ltd.   34,484 
 4,270   Coffee Day Enterprises Ltd.(a)   7,585 
 5,074   Colgate-Palmolive India Ltd.   87,500 
 7,227   Container Corp. Of India Ltd.   53,617 
 11,412   Coromandel International Ltd.   61,734 


33
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
INDIA (continued)      
 15,702   Cox & Kings Financial Service Ltd.(a)  $386 
 20,123   Cox & Kings Ltd.   3,361 
 887   CRISIL Ltd.   16,753 
 23,809   Crompton Greaves Consumer Electricals Ltd.   79,449 
 2,991   Cummins India Ltd.   30,741 
 14,681   Cyient Ltd.   98,353 
 10,700   Dalmia Bharat Ltd.   143,158 
 16,168   DCB Bank Ltd.   45,761 
 9,427   DCM Shriram Ltd.   54,414 
 4,866   Deepak Nitrite Ltd.   19,566 
 8,598   Delta Corp Ltd.   19,046 
 21,697   Dewan Housing Finance Corp. Ltd.(a)   15,401 
 1,358,249   Dish TV India Ltd.   538,321 
 5,976   Dishman Carbogen Amcis Ltd.(a)   18,006 
 2,682   Divi’s Laboratories Ltd.   63,525 
 1,477,693   DLF Ltd.   3,802,140 
 1,513   Dr Lal PathLabs Ltd.   23,852 
 4,629   Dr Reddys Laboratories Ltd.   172,297 
 2,840   eClerx Services Ltd.   24,630 
 12,047   EID Parry India Ltd.   24,987 
 4,882   EIH Ltd.   11,731 
 3,704   Elgi Equipments Ltd.   13,370 
 3,941   Emami Ltd.   18,290 
 625   Endurance Technologies Ltd.   8,350 
 5,540   Engineers India Ltd.   8,022 
 7,399   Escorts Ltd.   50,287 
 22,601   Essel Propack Ltd.   43,633 
 11,633   Exide Industries Ltd.   30,905 
 4,388   FDC Ltd/India(a)   9,889 
 89,105   Federal Bank Ltd.   119,088 
 4,296   Federal-Mogul Goetze India Ltd.(a)   32,364 
 6,598   Finolex Cables Ltd.   35,863 
 4,610   Finolex Industries Ltd.   35,218 
 21,394   Firstsource Solutions Ltd.   15,243 
 14,906   Fortis Healthcare Ltd.(a)   25,963 
 40,366   Future Enterprises Ltd.(a)   13,880 
 4,129   Future Retail Ltd.(a)   24,644 
 3,252   Gabriel India Ltd.   4,213 
 708   Garware Technical Fibers Ltd.   11,395 
 8,390   Gateway Distriparks Ltd.   13,194 
 10,841   Gayatri Projects Ltd.(a)   22,346 
 7,704   GHCL Ltd.   23,234 
 3,335   GIC Housing Finance Ltd.   11,744 
 220   Gillette India Ltd.   22,867 
 810   GlaxoSmithKline Consumer Healthcare Ltd.   87,030 
 522   GlaxoSmithKline Pharmaceuticals Ltd.   9,145 
 16,245   Glenmark Pharmaceuticals Ltd.   100,324 
 3,122   Godfrey Phillips India Ltd.   31,403 
Shares      Value 
INDIA (continued)      
 1,368   Godrej Industries Ltd.  $9,167 
 10,942   Granules India Ltd.   14,392 
 6,570   Graphite India Ltd.   29,253 
 6,972   Great Eastern Shipping Co. Ltd. (The)   23,855 
 16,172   Greaves Cotton Ltd.   31,393 
 770   Greenlam Industries Ltd.   7,794 
 5,192   Grindwell Norton Ltd.   41,400 
 8,690   GRUH Finance Ltd.   31,090 
 4,027   Gujarat Alkalies & Chemicals Ltd.   24,363 
 6,920   Gujarat Ambuja Exports Ltd.   13,375 
 2,199   Gujarat Flourochemicals Ltd.   28,933 
 8,027   Gujarat Narmada Valley Fertilizers & Chemicals Ltd.   24,502 
 27,992   Gujarat State Fertilizers & Chemicals Ltd.   32,632 
 15,512   Gujarat State Petronet Ltd.   47,731 
 9,482   Havells India Ltd.   88,659 
 610   HEG Ltd.   8,697 
 14,346   HeidelbergCement India Ltd.   40,165 
 5,553   Hikal Ltd.   11,857 
 151,702   Himachal Futuristic Communications Ltd.   42,906 
 8,085   Himadri Speciality Chemical Ltd.   9,471 
 4,003   Himatsingka Seide Ltd.   7,737 
 103,068   Hindalco Industries Ltd.   283,872 
 2,430   Hinduja Global Solutions Ltd.   20,866 
 12,605   Hindustan Petroleum Corp. Ltd.   48,490 
 102   Honeywell Automation India Ltd.   34,243 
 4,443   Huhtamaki PPL Ltd.   14,494 
 1,415   I G Petrochemicals Ltd.   3,932 
 41,116   IDFC First Bank Ltd.   24,934 
 73,673   IDFC Ltd.(a)   38,209 
 65,962   IFCI Ltd.(a)   6,879 
 38,969   IIFL Holdings Ltd.   66,577 
 38,969   IIFL Securities Ltd.(a)(b)   116,627 
 5,567   IIFL Wealth Management Ltd.(a)(b)   7,699 
 17,077   India Cements Ltd. (The)   21,665 
 951   India Glycols Ltd.   2,866 
 31,090   Indiabulls Housing Finance Ltd.   240,272 
 27,666   Indiabulls Real Estate Ltd.(a)   35,288 
 16,070   Indiabulls Ventures Ltd.   55,515 
 2,931   Indian Bank(a)   7,896 
 4,977   Indian Hotels Co. Ltd. (The)   10,339 
 63,408   Indian Overseas Bank(a)   10,259 
 6,915   Indraprastha Gas Ltd.   30,363 
 2,957   IndusInd Bank Ltd.   60,475 
 121   Ingersoll-Rand India Ltd.   1,041 
 2,064   Inox Leisure Ltd.(a)   8,797 
 1,367   Intellect Design Arena Ltd.(a)    4,450 


34
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
INDIA (continued)      
 1,853   InterGlobe Aviation Ltd.  $41,839 
 2,682   International Paper APPM Ltd.(a)   16,829 
 2,764   Ipca Laboratories Ltd.   38,264 
 5,565   ITD Cementation India Ltd.   6,236 
 8,265   Jagran Prakashan Pvt Ltd.   10,074 
 29,744   Jain Irrigation Systems Ltd.   8,815 
 7,106   JB Chemicals & Pharmaceuticals Ltd.   38,153 
 4,727   Jindal Poly Films Ltd.   16,001 
 29,253   Jindal Saw Ltd.   28,541 
 8,127   Jindal Stainless Hisar Ltd.(a)   7,888 
 16,998   Jindal Stainless Ltd.(a)   7,281 
 38,658   Jindal Steel & Power Ltd.(a)   75,313 
 980   JK Cement, Ltd.   13,723 
 21,600   JK Paper Ltd.   34,225 
 53,110   JM Financial Ltd.   51,374 
 63,861   JSW Energy Ltd.   62,935 
 6,931   JTEKT India Ltd.   7,169 
 4,756   Jubilant Foodworks Ltd.   82,543 
 18,044   Jubilant Life Sciences Ltd.   114,909 
 3,247   Just Dial Ltd.(a)   32,766 
 4,040   Jyothy Laboratories Ltd.   8,989 
 1,524   Kajaria Ceramics Ltd.   10,462 
 7,256   Kalpataru Power Transmission Ltd.   50,366 
 3,790   Kansai Nerolac Paints Ltd.   23,464 
 21,127   Karur Vysya Bank Ltd. (The)   19,260 
 2,611   Kaveri Seed Co. Ltd.   16,904 
 8,411   KEC International Ltd.   37,564 
 4,381   KEI Industries Ltd.   27,827 
 1,261   Kiri Industries Ltd.(a)   8,867 
 4,060   Kirloskar Oil Engines Ltd.   9,964 
 4,865   KNR Constructions Ltd.   18,900 
 3,298   Kolte-Patil Developers Ltd.   10,168 
 15,210   KPIT Technologies Ltd.(a)   17,637 
 2,402   KPR Mill Ltd.   19,950 
 4,012   KRBL Ltd.   12,854 
 39,001   L&T Finance Holdings Ltd.   55,788 
 366   Lakshmi Machine Works Ltd.   21,462 
 1,792   Larsen & Toubro Infotech Ltd.   39,334 
 2,599   Laurus Labs Ltd.   12,640 
 34,906   LIC Housing Finance Ltd.   261,804 
 11,263   Lupin Ltd.   125,049 
 21,539   Mahindra & Mahindra Financial Services Ltd.   94,953 
 3,236   Mahindra CIE Automotive Ltd.(a)   8,388 
 77,559   Manappuram Finance Ltd.   127,501 
 16,573   Marksans Pharma Ltd.   3,858 
 3,410   Max Financial Services Ltd.(a)    20,594 
 11,396   Max India Ltd.(a)   10,006 
 16,866   Meghmani Organics Ltd.   12,126 
 6,096   Minda Corp. Ltd.   7,429 
 6,474   Minda Industries Ltd.   27,210 
Shares      Value 
INDIA (continued)      
 67,260   Mindtree Ltd.  $697,928 
 4,129   MOIL Ltd.   8,082 
 19,923   Motherson Sumi Systems Ltd.   30,742 
 1,610   Motilal Oswal Financial Services Ltd.   12,256 
 3,839   Mphasis Ltd.   52,289 
 66   MRF Ltd.   51,246 
 15,818   Muthoot Finance Ltd.   139,195 
 3,534   Natco Pharma Ltd.   26,384 
 62,036   National Aluminium Co. Ltd.   40,978 
 17,565   Nava Bharat Ventures Ltd.   22,742 
 1,175   Navin Fluorine International Ltd.   10,615 
 3,720   Navneet Education Ltd.   5,464 
 28,062   NCC Ltd.   29,682 
 1,485   NESCO Ltd.   11,883 
 35,322   NHPC Ltd.   11,353 
 6,355   NIIT Technologies Ltd.   110,847 
 534   Nilkamal Ltd.   7,228 
 14,212   NOCIL Ltd.   18,393 
 2,785   Oberoi Realty Ltd.   22,173 
 4,635   Oil India Ltd.   10,723 
 3,942   Omaxe Ltd.   11,377 
 1,101   Oracle Financial Sevices Software Ltd.(a)   54,238 
 9,517   Oriental Bank of Commerce(a)   9,382 
 346   Page Industries Ltd.   90,939 
 3,534   Parag Milk Foods Ltd.   11,708 
 19,480   PC Jeweller Ltd.   9,639 
 2,402   Persistent Systems Ltd.   18,126 
 90,350   Petronet LNG Ltd.   309,669 
 765   Pfizer Ltd.   33,638 
 7,356   Phillips Carbon Black Ltd.   12,816 
 4,125   Phoenix Mills Ltd. (The)   38,426 
 4,169   PI Industries Ltd.   66,467 
 55,160   Piramal Enterprises Ltd.   1,444,061 
 759   PNB Housing Finance Ltd.   7,792 
 3,217   Polyplex Corp. Ltd.   21,387 
 63,986   Power Finance Corp. Ltd.(a)   101,669 
 735   Power Mech Projects Ltd.   10,068 
 16,420   Prestige Estates Projects Ltd.   60,571 
 1,013   Procter & Gamble Health Ltd.   69,414 
 839   Procter & Gamble Hygiene & Health Care Ltd.   132,623 
 20,382   PTC India Ltd.   16,525 
 39,797   Punjab National Bank(a)   39,780 
 470   PVR Ltd.   10,338 
 1,816   Radico Khaitan Ltd.   7,828 
 19,040   Rain Industries Ltd.   24,539 
 7,281   Rajesh Exports Ltd.   72,839 
 7,747   Ramco Cements Ltd. (The)   82,589 
 1,209   Ramkrishna Forgings Ltd.   7,981 


35
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
INDIA (continued)
 12,082   Rashtriya Chemicals & Fertilizers Ltd.  $8,644 
 1,420   Ratnamani Metals & Tubes Ltd.   19,085 
 1,973   Raymond Ltd.   18,798 
 1,324   RBL Bank Ltd.   7,747 
 65,007   REC Ltd.   132,004 
 55,478   Redington India Ltd.   86,380 
 320,767   Reliance Capital Ltd.   241,249 
 201,276   Reliance Infrastructure Ltd.   137,020 
 47,774   Reliance Power Ltd.(a)   2,453 
 5,621   Repco Home Finance Ltd.   26,447 
 1,027   RP-SG Retail Ltd.(a)(b)   2,412 
 6,157   Sadbhav Engineering Ltd.   12,566 
 471   Sanofi India Ltd.   41,924 
 2,386   Sharda Cropchem Ltd.   9,164 
 2,147   Shilpa Medicare Ltd.(a)   10,980 
 489   Shriram City Union Finance Ltd.   9,683 
 11,440   Shriram Transport Finance Co. Ltd.   160,540 
 1,578   Siemens Ltd.   26,175 
 2,280   Siyaram Silk Mills Ltd.   8,431 
 1,495   SKF India Ltd.   40,050 
 2,942   Sobha Ltd.   23,305 
 2,749   Sonata Software Ltd.   12,783 
 21,465   South Indian Bank Ltd. (The)   3,806 
 44,552   Srei Infrastructure Finance Ltd.   7,615 
 3,116   SRF Ltd.   122,017 
 1,016,961   State Bank of India(a)   4,887,440 
 3,181,204   Steel Authority of India Ltd.(a)   1,967,099 
 12,228   Sterlite Technologies Ltd.   26,375 
 3,128   Strides Pharma Science Ltd.   17,445 
 5,386   Sun TV Network Ltd.   36,845 
 4,575   Sundram Fasteners Ltd.   29,080 
 5,914   Sunteck Realty Ltd.   33,673 
 2,717   Supreme Industries Ltd.   41,424 
 3,270   Surya Roshni Ltd.   8,877 
 8,752   Suven Life Sciences Ltd.   28,871 
 516   Swaraj Engines Ltd.   7,798 
 600   Symphony Ltd.   10,776 
 42,645   Syndicate Bank(a)   19,814 
 5,348   Syngene International Ltd.   23,404 
 13,420   TAKE Solutions Ltd.   18,558 
 3,870   Tata Chemicals Ltd.   32,351 
 2,835   Tata Communications Ltd.   19,292 
 1,756   Tata Elxsi Ltd.   16,207 
 17,372   Tata Global Beverages Ltd.   63,328 
 1,013   Tata Metaliks Ltd.   7,727 
 9,423   Tata Power Co. Ltd.   8,263 
 25   TCI Express Ltd.   206 
 4,498   Techno Electric & Engineering Co. Ltd.(a)   16,574 
Shares      Value 
INDIA (continued)
 2,619   Thermax Ltd.  $41,765 
 3,081   Thomas Cook India Ltd.   8,344 
 23,253   Time Technoplast Ltd.   26,661 
 970   Timken India Ltd.   9,571 
 4,248   Torrent Pharmaceuticals Ltd.   102,815 
 6,133   Torrent Power Ltd.   27,123 
 3,514   Transport Corp. of India Ltd.   13,402 
 1,040   Trent Ltd.   6,001 
 10,744   Trident Ltd.   8,247 
 5,808   Triveni Turbine Ltd.   8,584 
 413   TTK Prestige Ltd.   32,008 
 15,510   Tube Investments of India Ltd.   77,825 
 5,542   TV Today Network Ltd.   21,673 
 2,513,790   TV18 Broadcast Ltd.(a)   786,208 
 5,078   Uflex Ltd.   16,031 
 20,119   Union Bank of India(a)   19,665 
 3,158   United Breweries Ltd.   64,788 
 3,267   United Spirits Ltd.(a)   28,113 
 36,342   UPL Ltd.   313,366 
 2,826   Vardhman Textiles Ltd.   37,318 
 305   Venky’s India Ltd.   5,432 
 375   Vesuvius India Ltd.   5,440 
 5,959   V-Guard Industries Ltd.   20,072 
 830   Vinati Organics Ltd.   21,816 
 4,598   VIP Industries Ltd.   25,394 
 337,825   Vodafone Idea Ltd.(a)   33,590 
 3,561   Voltas Ltd.   30,017 
 2,640   VRL Logistics Ltd.   9,070 
 629   VST Industries Ltd.   30,561 
 368   WABCO India Ltd.   32,468 
 18,219   Welspun Corp. Ltd.   29,408 
 29,615   Welspun India Ltd.   21,446 
 8,145   West Coast Paper Mills Ltd.   26,041 
 3,755   Wockhardt Ltd.(a)   16,952 
 160,048   Yes Bank Ltd.   210,909 
 6,294   Zee Entertainment Enterprises Ltd.   32,951 
 6,637   Zensar Technologies Ltd.   20,249 
 888   Zydus Wellness Ltd.   19,327 
         35,298,594 
INDONESIA — 0.1%
 267,300   Ace Hardware Indonesia Tbk PT   34,925 
 1,665,700   Adaro Energy Tbk PT   149,794 
 190,300   Adhi Karya Persero Tbk PT   19,995 
 81,400   AKR Corporindo Tbk PT   23,110 
 1,500,100   Alam Sutera Realty Tbk PT(a)   35,398 
 517,329   Aneka Tambang Persero Tbk PT   34,080 
 28,100   Asahimas Flat Glass Tbk PT   10,597 
 45,900   Astra Agro Lestari Tbk PT   32,587 
 9,876,000   Bakrie Telecom Tbk PT(a)(b)   35,229 


36
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
INDONESIA (continued)
 1,325,350   Bank Pan Indonesia Tbk PT(a)  $135,643 
 246,200   Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT   27,828 
 611,400   Bank Pembangunan Daerah Jawa Timur Tbk PT   27,872 
 391,900   Bank Permata Tbk PT(a)   26,371 
 242,600   Bank Tabungan Negara Persero Tbk PT   42,156 
 1,314,500   Barito Pacific Tbk PT   362,482 
 166,200   Bukit Asam Tbk PT   32,300 
 456,700   Bumi Serpong Damai Tbk PT(a)   45,842 
 1,062,101   Ciputra Development Tbk PT   93,119 
 644,973   Citra Marga Nusaphala Persada Tbk PT(a)   62,508 
 681,000   Delta Dunia Makmur Tbk PT(a)   23,415 
 858,400   Elnusa Tbk PT   21,932 
 191,500   Erajaya Swasembada Tbk PT   28,514 
 36,600   Fajar Surya Wisesa Tbk PT   20,772 
 591,000   Gajah Tunggal Tbk PT(a)   28,987 
 1,052,900   Global Mediacom Tbk PT   29,088 
 2,616,900   Hanson International Tbk PT(a)   19,227 
 271,700   Indah Kiat Pulp and Paper Corp. Tbk PT   143,384 
 365,600   Indika Energy Tbk PT   38,390 
 47,100   Indo Tambangraya Megah Tbk PT   56,274 
 13,200   Indocement Tunggal Prakarsa Tbk PT   20,970 
 123,500   Indofood Sukses Makmur Tbk PT   62,007 
 354,800   Japfa Comfeed Indonesia Tbk PT   40,328 
 69,709   Jasa Marga Persero Tbk PT   29,605 
 7,473,140   Kawasan Industri Jababeka Tbk PT(a)   164,055 
 883,300   Kresna Graha Investama PT Tbk(a)   36,203 
 3,233,920   Lippo Karawaci Tbk PT(a)   64,444 
 288,300   Malindo Feedmill Tbk PT   22,758 
 66,200   Matahari Department Store Tbk PT   17,466 
 1,490,275   Mayora Indah Tbk PT   264,289 
 1,694,200   Medco Energi Internasional Tbk PT(a)   101,981 
 631,500   Media Nusantara Citra Tbk PT   61,634 
 631,400   Mitra Adiperkasa Tbk PT   42,485 
 2,498,100   MNC Investama Tbk PT(a)   13,871 
 1,155,000   MNC Land Tbk PT(a)   11,033 
 844,100   Modernland Realty Tbk PT(a)   15,841 
 25,000   Pabrik Kertas Tjiwi Kimia Tbk PT   21,244 
 463,800   Pakuwon Jati Tbk PT   24,231 
Shares      Value 
INDONESIA (continued)
 332,600   Pan Brothers Tbk PT  $16,991 
 1,705,900   Panin Financial Tbk PT(a)   42,484 
 17,834,700   Perusahaan Gas Negara Persero Tbk   2,591,089 
 195,800   Perusahaan Perkebunan London Sumatra Indonesia Tbk PT   14,762 
 276,100   PP Persero Tbk PT   41,900 
 995,300   Rimo International Lestari Tbk PT(a)   9,308 
 463,300   Salim Ivomas Pratama Tbk PT(a)   11,088 
 257,900   Sawit Sumbermas Sarana Tbk PT   18,555 
 157,200   Selamat Sempurna Tbk PT   17,308 
 49,400   Siloam International Hospitals Tbk PT(a)   22,143 
 117,500   Sinar Mas Agro Resources & Technology Tbk PT   33,897 
 1,203,400   Sri Rejeki Isman Tbk PT   29,980 
 292,700   Sumber Alfaria Trijaya Tbk PT   20,063 
 523,400   Summarecon Agung Tbk PT   49,199 
 137,100   Surya Citra Media Tbk PT   15,076 
 236,000   Timah Tbk PT   17,321 
 586,900   Tiphone Mobile Indonesia Tbk PT   15,821 
 141,600   Tower Bersama Infrastructure Tbk PT   42,388 
 1,313,000   Trada Alam Minera Tbk PT(a)   11,029 
 4,875,000   Truba Alam Manunggal Engineering PT(a)(b)   0 
 765,600   Tunas Baru Lampung Tbk PT   43,841 
 539,500   Tunas Ridean Tbk PT   39,636 
 156,900   Vale Indonesia Tbk PT(a)   33,580 
 1,429,700   Waskita Beton Precast Tbk PT   36,850 
 439,785   Waskita Karya Persero Tbk PT   63,679 
 440,200   Wijaya Karya Beton Tbk PT   18,294 
 392,700   Wijaya Karya Persero Tbk PT   64,896 
 407,100   XL Axiata Tbk PT(a)   93,286 
         6,070,728 
IRELAND — 1.1%
 576,745   Allegion Plc   59,716,177 
 101,022   Bank of Ireland Group Plc   445,779 
 74,161   C&C Group Plc   337,480 
 43,303   COSMO Pharmaceuticals NV(a)   3,780,631 
 4,646   Datalex Plc(b)   4,711 
 5,572   FBD Holdings Plc   58,492 
 31,774   Glanbia Plc   413,617 
 39,093   Grafton Group Plc - Units   344,032 
 28,329   Greencore Group Plc   73,720 
 28,124   Hibernia REIT plc   46,943 
 16,165   IFG Group Plc(a)   36,766 
 20,975   Irish Continental Group Plc - Units   96,093 
 7,387   Kingspan Group Plc   361,302 


37
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
IRELAND (continued)
 10,380   Paddy Power Betfair Plc  $819,888 
 5,111   Permanent TSB Group Holdings Plc(a)   6,440 
 23,785   Smurfit Kappa Group Plc   748,318 
 4,022   Tarsus Group Plc   20,687 
 7,190   UDG Healthcare Plc   69,614 
         67,380,690 
ISLE OF MAN — 0.0%
 21,481   GVC Holdings Plc   153,888 
 9,939   Playtech Plc   53,354 
         207,242 
ISRAEL — 0.7%
 15,851   AFI Properties Ltd.(a)   485,672 
 98,808   Airport City Ltd.(a)   1,812,021 
 0   Alrov Properties and Lodgings Ltd.   12 
 2,636   Ashtrom Group Ltd.   22,409 
 771   AudioCodes Ltd.   14,891 
 42,780   B Communications Ltd.(a)   59,345 
 25,544   Bezeq The Israeli Telecommunication Corp. Ltd.   17,379 
 984   Blue Square Real Estate Ltd.   44,174 
 1,944   Carasso Motors Ltd.   7,863 
 6,659   Cellcom Israel Ltd.(a)   19,044 
 67,300   CyberArk Software Ltd.(a)   9,346,624 
 58   Danel Adir Yeoshua Ltd.   4,080 
 3,303   Delek Automotive Systems Ltd.   13,991 
 442   Delta-Galil Industries Ltd.   12,861 
 5,250   Direct Insurance Financial Investments Ltd.   59,747 
 59,878   El Al Israel Airlines(a)   15,236 
 111   Electra Ltd/Israel   31,482 
 2,728   Equital Ltd.(a)   89,127 
 10,577   FIBI Holdings Ltd.   317,758 
 1,470   First International Bank Of Israel Ltd.   37,896 
 423   Formula Systems 1985 Ltd.   23,943 
 450   Fox Wizel Ltd.   13,481 
 6,288   Harel Insurance Investments & Financial Services Ltd.   49,097 
 850   Hilan Ltd.   29,538 
 257   IDI Insurance Co. Ltd.   9,231 
 110,161   Industrial Buildings Corp. Ltd.(a)   236,719 
 130,881   Israel Chemicals Ltd.   704,399 
 14,400   Israel Corp. Ltd. (The)(a)   3,504,932 
 1,287,209   Israel Discount Bank Ltd. - Class A   5,555,635 
 834   Israel Land Development - Urban Renewal Ltd.   8,322 
 14,660,184   Isramco Negev 2 LP   2,941,547 
 1,893   Isras Investment Co. Ltd.   316,586 
 822,192   Jerusalem Economy Ltd.(a)   3,338,375 
Shares      Value 
ISRAEL (continued)
 98,782   Kamada Ltd.(a)  $563,519 
 232   Malam - Team Ltd.   28,792 
 1,841   Matrix IT Ltd.   28,918 
 4,865   Meitav DS Investments Ltd.   18,227 
 1   Melisron Ltd.   39 
 1,809   Menora Mivtachim Holdings Ltd.   28,911 
 109,106   Migdal Insurance & Financial Holding Ltd.   132,949 
 453,871   Mizrahi Tefahot Bank Ltd.(a)   10,890,395 
 470   Municipal Bank Ltd.   97,540 
 33,904   Naphtha Israel Petroleum Corp. Ltd.   223,052 
 1,640   Norstar Holdings, Inc.   26,368 
 1,709,546   Oil Refineries Ltd.(a)   917,291 
 246,069   Partner Communications Co. Ltd.(a)   1,004,105 
 17,737   Paz Oil Co. Ltd.   2,512,019 
 5,147   Phoenix Holdings Ltd. (The)   32,089 
 1,644   Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.   86,758 
 700   Scope Metals Group Ltd.   17,032 
 24,020   Shikun & Binui Ltd.   82,596 
 1   Shufersal Ltd.   4 
 16,358   Strauss Group Ltd.   493,574 
 16,262   Summit Real Estate Holdings Ltd.   160,968 
 22,461   Taptica international Ltd.   51,124 
 3,836   Tower Semiconductor Ltd.(a)   75,237 
 6,295   Union Bank of Israel(a)   29,948 
 744   YH Dimri Construction & Development Ltd.   16,329 
         46,661,201 
ITALY — 0.8%
 2,253,045   A2A SpA   3,938,292 
 48,412   ACEA SpA   910,316 
 2,417   Aeffe SpA(a)   4,636 
 4,816   Amplifon SpA   118,702 
 17,168   Anima Holding SpA   63,112 
 918   Aquafil SpA   8,011 
 184,608   Arnoldo Mondadori Editore SpA(a)   300,716 
 25,968   Ascopiave SpA   118,017 
 71,757   Autogrill SpA   758,443 
 258,237   Azimut Holding SpA   4,839,976 
 5,753   Banca Farmafactoring SpA   31,094 
 177,121   Banca Generali SpA   5,156,881 
 259,156   Banca Mediolanum SpA   1,854,302 
 31,291   Banca Popolare di Sondrio SCPA   65,027 
 61,100   Banca Profilo SpA   10,450 
 15,282   Banca Sistema SpA   21,086 
 76,238   Banco BPM SpA(a)   142,132 


38
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
ITALY (continued)
 1,604   Banco di Desio e della Brianza SpA  $3,502 
 32,122   BasicNet SpA   161,051 
 37,142   BE   41,063 
 1,214   Biesse SpA   15,115 
 24,960   BPER Banca   92,868 
 1,238   Brunello Cucinelli SpA   39,209 
 4,215   Buzzi Unicem SpA   85,661 
 9,666   Cairo Communication SpA   27,693 
 40,557   Cementir Holding SpA   284,837 
 14,741   Cerved Group SpA   116,156 
 113,717   CIR-Compagnie Industriali Riunite SpA   125,671 
 52,532   Credito Emiliano SpA   263,088 
 496,813   Credito Valtellinese SpA(a)   29,389 
 1,766   Danieli & C Officine Meccaniche SpA   30,784 
 2,219   Datalogic SpA   39,017 
 40,590   Davide Campari-Milano SpA   377,503 
 5,018   De’ Longhi SpA   100,893 
 62,065   DeA Capital SpA   89,048 
 1,255   DiaSorin SpA   145,546 
 407   El.En. SpA   7,947 
 51,684   Elica SpA(a)   123,177 
 24,133   Emak SpA   26,193 
 5,916   ERG SpA   114,402 
 155,768   Esprinet SpA   523,241 
 169,044   Eurotech SpA(a)   914,357 
 982,958   Falck Renewables SpA   4,541,260 
 132,050   Fiera Milano SpA   574,165 
 1,968   Fila SpA   28,848 
 30,193   Fincantieri SpA   31,187 
 2,400   Fine Foods & Pharmaceuticals NTM   26,552 
 16,174   FinecoBank Banca Fineco SpA   160,899 
 72,956   FNM SpA   41,046 
 13,782   Freni Brembo SpA   140,971 
 21,426   Geox SpA   30,092 
 7,204   Gruppo MutuiOnline SpA   122,802 
 857,976   Hera SpA   3,194,608 
 997   IMA Industria Macchine Automatiche SpA   78,278 
 50,928   Immobiliare Grande Distribuzione SIIQ SpA, REIT   327,483 
 51,250   IMMSI SpA(a)   35,146 
 14,478   Infrastrutture Wireless Italiane SpA   146,462 
 3,528   Interpump Group SpA   99,170 
 525,038   Iren SpA   1,373,774 
 576,728   Italgas SpA   3,644,222 
 42,259   Juventus Football Club SpA(a)   72,643 
 45,078   Leonardo SpA   548,841 
 2,583   LU-VE SpA   32,675 
 11,155   Maire Tecnimont SpA   26,847 
 1,779   Mariella Burani SpA(a)(b)   0 
Shares      Value 
ITALY (continued)
 1,563   MARR SpA  $33,692 
 4,244   Massimo Zanetti Beverage Group SpA   26,853 
 63,364   Mediaset SpA(a)   185,587 
 74,819   Mediobanca Banca di Credito Finanziario SpA   749,392 
 9,829   Moncler SpA   403,582 
 963,345   Piaggio & C SpA   2,893,422 
 10,043   Piquadro SpA   26,882 
 26,809   Pirelli & C SpA   157,910 
 65,530   Poste Italiane SpA   699,353 
 13,200   PRADA SpA   40,521 
 1,015   Prima Industrie SpA   16,986 
 9,272   Prysmian SpA   190,880 
 8,184   RAI Way SpA   48,571 
 8,742   Recordati SpA   391,510 
 88,169   Reno de Medici SpA   67,016 
 971   Reply SpA   64,965 
 15,504   Retelit SpA   25,754 
 31,219   Rizzoli Corriere Della Sera Mediagroup SpA   33,475 
 3,291   Sabaf SpA   53,329 
 18,123   Saipem SpA(a)   89,574 
 9,131   Salini Impregilo SpA(a)   17,458 
 1,495   Salvatore Ferragamo SpA   31,354 
 73,717   Saras SpA   121,342 
 6,627   Servizi Italia SpA   23,443 
 4,133   Sesa SpA   162,812 
 167,508   Societa Cattolica di Assicurazioni SC   1,421,471 
 33,004   Societa Iniziative Autostradali e Servizi SpA   626,022 
 15,060   Sogefi SpA(a)   20,068 
 10,989   SOL SpA   131,209 
 3,996   Technogym SpA   42,924 
 54,970   Tinexta Spa   750,960 
 6,610   Uni Land SpA(a)(b)   0 
 777   Unieuro SpA   10,666 
 61,477   Unione di Banche Italiane SpA   157,835 
 626,773   Unipol Gruppo SpA   3,215,149 
 42,696   UnipolSai Assicurazioni SpA   111,310 
 3,382   Zignago Vetro SpA   38,235 
         50,478,087 
JAPAN — 6.9%
 92,400   77 Bank Ltd. (The)   1,317,304 
 63,000   A&D Co. Ltd.   454,257 
 1,900   Achilles Corp.   35,510 
 43,800   Adastria Co. Ltd.   857,141 
 7,300   ADEKA Corp.   106,771 
 700   Advance Create Co. Ltd.   11,952 
 1,700   Advanex, Inc.   26,371 
 250,300   Advantest Corp.   9,638,772 
 300   Adventure, Inc.   9,213 


39
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)     
 13,900   Aeon Delight Co. Ltd.  $414,169 
 22,300   AEON Financial Service Co. Ltd.   359,751 
 1,900   Aeon Mall Co. Ltd.   29,168 
 20,200   Ahresty Corp.   106,157 
 2,000   Ai Holdings Corp.   31,226 
 1,500   Aica Kogyo Co. Ltd.   43,211 
 4,800   Aichi Bank Ltd. (The)   164,574 
 3,600   Aichi Corp.   22,545 
 2,800   Aichi Steel Corp.   87,342 
 1,000   Aichi Tokei Denki Co. Ltd.   38,541 
 3,500   Aida Engineering Ltd.   27,705 
 15,100   Aiful Corp.(a)   30,778 
 1,200   Ain Holdings, Inc.   65,641 
 6,600   Aiphone Co. Ltd.   100,905 
 29,800   Air Water, Inc.   487,020 
 4,700   Airport Facilities Co. Ltd.   22,191 
 20,300   Aisan Industry Co. Ltd.   135,820 
 300   Akatsuki, Inc.   20,138 
 7,300   Akita Bank Ltd. (The)   133,883 
 300   Albis Co. Ltd.   6,998 
 5,800   Alconix Corp.   69,104 
 3,000   Alinco, Inc.   26,716 
 3,400   Alleanza Holdings Co. Ltd.   25,600 
 1,700   Alpen Co. Ltd.   24,260 
 2,800   Alpha Corp.   32,501 
 4,300   Alps Electric Co. Ltd.   78,279 
 6,600   Alps Logistics Co. Ltd.   45,362 
 32,010   Altech Corp.   493,818 
 8,500   Amada Holdings Co. Ltd.   93,454 
 1,600   Amano Corp.   48,132 
 1,300   Amiyaki Tei Co. Ltd.   41,324 
 700   Anabuki Kosan, Inc.   18,280 
 3,700   Anest Iwata Corp.   31,198 
 500   Anicom Holdings, Inc.   17,417 
 5,900   Anritsu Corp.   108,288 
 38,500   AOI TYO Holdings, Inc.   251,697 
 7,700   AOKI Holdings, Inc.   75,507 
 1,100   Aomori Bank Ltd. (The)   26,954 
 7,400   Aoyama Trading Co. Ltd.   137,807 
 600   Aoyama Zaisan Networks Co. Ltd.   8,137 
 24,400   Aozora Bank Ltd.   559,187 
 1,400   Apaman Co. Ltd.   12,553 
 3,700   Arakawa Chemical Industries Ltd.   50,045 
 9,500   Arata Corp.   307,498 
 5,100   Arcland Sakamoto Co. Ltd.   61,744 
 800   Arcland Service Holdings Co., Ltd.   14,005 
 40,038   Arcs Co. Ltd.   832,819 
 1,200   Arealink Co. Ltd.   14,124 
 1,100   Ariake Japan Co. Ltd.   67,967 
 2,100   Artnature, Inc.   12,636 
 2,090   As One Corp.   173,031 
 43,500   Asahi Co. Ltd.   504,627 
Shares      Value 
JAPAN (continued)      
 73,400   Asahi Diamond Industrial Co. Ltd.  $453,315 
 1,050   Asahi Holdings, Inc.   21,803 
 1,099   Asahi Kogyosha Co. Ltd.   27,215 
 27,600   Asahi Yukizai Corp.   346,777 
 2,900   Asante, Inc.   52,998 
 900   Asanuma Corp.   28,710 
 33,200   Asax Co. Ltd.   178,829 
 1,500   Ashimori Industry Co. Ltd.   21,136 
 82,000   Asia Pile Holdings Corp.   404,810 
 5,000   Asics Corp.   53,575 
 7,600   ASKA Pharmaceutical Co. Ltd.   90,887 
 900   ASKUL Corp.   22,435 
 1,400   Asti Corp.   22,809 
 1,500   Asunaro Aoki Construction Co. Ltd.   11,331 
 13,000   Ateam, Inc.   132,502 
 5,900   Atled Corp.   111,770 
 2,800   Atom Corp.   25,641 
 16,898   Avant Corp.   300,997 
 86,200   Avex, Inc.   1,108,296 
 11,600   Awa Bank Ltd. (The)   263,329 
 1,800   Axial Retailing, Inc.   62,357 
 3,100   Azbil Corp.   74,003 
 13,000   Bando Chemical Industries Ltd.   112,185 
 8,800   Bank of Iwate Ltd. (The)   216,498 
 11,600   Bank of Kyoto Ltd. (The)   450,195 
 700   Bank of Nagoya Ltd. (The)   21,720 
 15,824   Bank of Okinawa Ltd. (The)   486,326 
 9,000   Bank of Saga Ltd. (The)   125,599 
 130,700   Bank of the Ryukyus Ltd.   1,354,964 
 15,200   BayCurrent Consulting, Inc.   694,107 
 600   Belc Co. Ltd.   27,775 
 1,100   Bell System24 Holdings, Inc.   15,664 
 7,400   Belluna Co. Ltd.   47,789 
 4,400   Benefit One, Inc.   75,164 
 1,500   Benesse Holdings, Inc.   35,107 
 400   Bengo4.com, Inc.(a)   17,675 
 4,500   Bic Camera, Inc.   44,363 
 500   Biofermin Pharmaceutical Co. Ltd.   10,018 
 44,300   BML, Inc.   1,215,876 
 1,400   Bookoff Group Holdings Ltd.   16,045 
 700   BP Castrol KK   8,581 
 1,600   Br Holdings Corp.   5,095 
 5,600   Broadleaf Co. Ltd.   29,425 
 900   BRONCO BILLY Co. Ltd.   18,669 
 105,700   Bunka Shutter Co. Ltd.   865,045 
 1,200   C Uyemura & Co. Ltd.   65,652 
 900   Calbee, Inc.   25,390 
 900   Can Do Co. Ltd.   13,454 
 1,800   Canon Electronics, Inc.   29,461 
 40,500   Canon Marketing Japan, Inc.   775,752 
 100,500   Capcom Co. Ltd.   2,098,513 
 2,600   Career Design Center Co. Ltd.   37,842 


40
Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)    
 5,300   Carlit Holdings Co. Ltd.  $29,942 
 7,400   Casio Computer Co. Ltd.   84,421 
 33,000   Central Glass Co. Ltd.   750,160 
 600   Central Sports Co. Ltd.   17,066 
 151,100   Chiba Kogyo Bank Ltd. (The)   424,512 
 4,900   Chilled & Frozen Logistics Holdings Co. Ltd.   59,624 
 2,800   Chino Corp.   36,247 
 1,300   Chiyoda Integre Co. Ltd.   24,823 
 2,500   Chori Co. Ltd.   38,933 
 3,200   Choushimaru Co. Ltd.   34,564 
 4,100   Chubu Shiryo Co. Ltd.   47,175 
 2,700   Chuetsu Pulp & Paper Co. Ltd.   39,016 
 74,600   Chugai Mining Co. Ltd.(a)   13,695 
 57,200   Chugoku Bank Ltd. (The)   500,091 
 3,300   Chugoku Marine Paints Ltd.   24,698 
 19,700   Chukyo Bank Ltd. (The)   398,376 
 8,000   CI Takiron Corp.   51,385 
 42,600   Citizen Watch Co. Ltd.   211,997 
 2,300   CKD Corp.   25,232 
 900   CK-San-Etsu Co. Ltd.   23,572 
 4,800   Cleanup Corp.   22,718 
 12,800   CMIC Holdings Co. Ltd.   218,554 
 7,100   CMK Corp.   40,522 
 690   cocokara fine, Inc.   36,365 
 1,600   Coco’s Japan Co. Ltd.   21,684 
 2,100   Colowide Co. Ltd.   40,929 
 119,500   Computer Engineering & Consulting Ltd.   2,659,106 
 2,800   Computer Institute of Japan Ltd.   25,408 
 3,100   COMSYS Holdings Corp.   78,215 
 700   Comture Corp.   26,809 
 2,400   CONEXIO Corp.   32,384 
 6,500   COOKPAD, Inc.(a)   18,251 
 2,800   Cosel Co. Ltd.   27,765 
 9,600   Cosmo Energy Holdings Co. Ltd.   197,884 
 5,000   Cosmos Initia Co. Ltd.   22,911 
 400   Cosmos Pharmaceutical Corp.   73,656 
 2,059   Cota Co. Ltd.   22,379 
 1,400   Create Medic Co. Ltd.   11,844 
 900   Create Restaurants Holdings, Inc.   13,432 
 700   Create SD Holdings Co. Ltd.   15,681 
 17,900   Credit Saison Co. Ltd.   217,613 
 2,900   Creek & River Co. Ltd.   35,344 
 4,000   Creo Co. Ltd.   64,509 
 400   Cresco Ltd.   14,091 
 5,500   CTI Engineering Co. Ltd.   79,997 
 2,700   CTS Co. Ltd.   16,601 
 15,100   Cube System, Inc.   120,170 
 22,500   Cybernet Systems Co. Ltd.   139,812 
 125,300   Cybozu, Inc.   1,479,309 
 7,300   Dai Nippon Toryo Co. Ltd.   65,834 
Shares      Value 
JAPAN (continued)    
 8,900   Daibiru Corp.  $82,316 
 47,700   Daicel Corp.   403,641 
 2,100   Dai-Dan Co. Ltd.   42,613 
 3,781   Daido Kogyo Co. Ltd.   30,725 
 7,600   Daido Metal Co. Ltd.   45,667 
 3,400   Daido Steel Co. Ltd.   129,088 
 5,500   Daihatsu Diesel Manufacturing Co. Ltd.   32,599 
 5,700   Daihen Corp.   157,819 
 32,100   Daiho Corp.   797,558 
 2,600   Dai-Ichi Cutter Kogyo KK   41,996 
 10,800   Daiichi Jitsugyo Co. Ltd.   296,129 
 3,000   Daiichi Kigenso Kagaku-Kogyo Co. Ltd.   24,153 
 9,200   Daiichikosho Co. Ltd.   380,014 
 2,300   Daiken Corp.   45,593 
 13,200   Daiken Medical Co. Ltd.   75,009 
 6,200   Daiki Aluminium Industry Co. Ltd.   43,437 
 5,100   Daikoku Denki Co. Ltd.   62,512 
 400   Daikokutenbussan Co. Ltd.   12,012 
 6,000   Daikyonishikawa Corp.   49,385 
 4,100   Dainichiseika Color & Chemicals Manufacturing Co. Ltd.   113,167 
 13,300   Daio Paper Corp.   158,850 
 1,600   Daiohs Corp.   21,293 
 1,810   Daiseki Co. Ltd.   43,011 
 4,100   Daiseki Eco. Solution Co. Ltd.   25,655 
 850   Daishi Hokuetsu Financial Group, Inc.   22,594 
 1,200   Daisue Construction Co. Ltd.   10,502 
 5,300   Daito Bank Ltd. (The)   26,660 
 23,100   Daito Electron Co. Ltd.   284,154 
 19,660   Daito Pharmaceutical Co. Ltd.   548,012 
 309   Daiwa Office Investment Corp. REIT   2,283,175 
 33,400   Daiwabo Holdings Co. Ltd.   1,618,578 
 409,311   DCM Holdings Co. Ltd.   3,862,463 
 700   DD Holdings Co. Ltd.   19,409 
 7,100   Denka Co. Ltd.   204,327 
 2,400   Denyo Co. Ltd.   34,613 
 1,000   Descente Ltd.   15,520 
 7,100   Dexerials Corp.   46,836 
 13,700   DIC Corp.   369,621 
 2,500   Digital Arts, Inc.   253,098 
 139,400   Digital Garage, Inc.   4,787,165 
 800   Digital Hearts Holdings Co. Ltd.   7,980 
 37,900   Dip Corp.   777,982 
 1,200   DKS Co. Ltd.   35,454 
 4,400   DMG Mori Co. Ltd.   63,736 
 1,700   DMS, Inc.   30,950 
 5,200   Doshisha Co. Ltd.   81,034 
 2,174   Doutor Nichires Holdings Co. Ltd.   40,023 
 2,900   Dowa Holdings Co. Ltd.   91,587 


41

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)    
 400   DSB Co. Ltd.  $1,914 
 1,400   DTS Corp.   30,603 
 200,900   Duskin Co. Ltd.   5,317,383 
 1,300   DyDo Group Holdings, Inc.   51,074 
 22,600   Dynam Japan Holdings Co. Ltd.   29,248 
 400   Dynic Corp.   2,749 
 6,700   Eagle Industry Co. Ltd.   66,836 
 14,000   Ebara Corp.   376,237 
 17,800   Ebara Jitsugyo Co. Ltd.   329,100 
 1,900   Ebase Co. Ltd.   20,682 
 6,562   eBook Initiative Japan Co. Ltd.(a)   109,402 
 19,400   Eco’s Co Ltd/Japan   264,124 
 130,300   EDION Corp.   1,235,499 
 1,400   EF-ON, Inc.   11,472 
 2,800   eGuarantee, Inc.   30,019 
 800   E-Guardian, Inc.   14,231 
 12,600   Ehime Bank Ltd. (The)   125,815 
 4,800   Eidai Co. Ltd.   15,238 
 900   Eiken Chemical Co. Ltd.   15,123 
 300   Eizo Corp.   11,003 
 1,200   Elan Corp.   19,137 
 42,400   Elecom Co. Ltd.   1,535,258 
 6,400   Elematec Corp.   60,097 
 1,100   EM Systems Co. Ltd.   16,948 
 4,200   Endo Lighting Corp.   29,352 
 1,400   Enigmo, Inc.(a)   14,977 
 1,200   en-japan, Inc.   49,227 
 1,500   Enomoto Co. Ltd.   12,318 
 400   Enplas Corp.   12,776 
 2,700   Enshu Ltd.   29,037 
 4,800   ES-Con Japan Ltd.   30,151 
 1,800   ESCRIT, Inc.   12,511 
 2,600   ESPEC Corp.   53,435 
 1,400   Excel Co. Ltd.   19,462 
 7,100   Exedy Corp.   144,738 
 1,000   Ezaki Glico Co. Ltd.   43,417 
 185,100   F@N Communications, Inc.   933,885 
 1,600   FALCO HOLDINGS Co. Ltd.   23,584 
 1,900   Fancl Corp.   47,749 
 6,300   FCC Co. Ltd.   122,422 
 81,580   Feed One Co. Ltd.   133,275 
 9,100   Ferrotec Holdings Corp.   78,051 
 26,400   FIDEA Holdings Co. Ltd.   29,103 
 28,300   First Bank of Toyama Ltd. (The)   79,410 
 2,400   First Juken Co. Ltd.   27,680 
 800   Fixstars Corp.   13,214 
 24,500   FJ Next Co. Ltd.   238,937 
 43,200   Foster Electric Co. Ltd.   755,752 
 500   FP Corp.   30,825 
 6,400   France Bed Holdings Co. Ltd.   58,505 
 13,100   Freebit Co. Ltd.   131,683 
 700   Freund Corp.   5,170 
Shares      Value 
JAPAN (continued)    
 3,200   Fronteo, Inc.  $11,189 
 6,800   F-Tech, Inc.   46,287 
 1,200   FTGroup Co. Ltd.   16,981 
 72,280   Fudo Tetra Corp.   866,613 
 2,400   Fuji Co. Ltd.   40,601 
 8,700   Fuji Corp.   116,006 
 6,500   Fuji Corp. Ltd.   43,660 
 700   Fuji Corp./Miyagi   13,096 
 1,800   Fuji Die Co. Ltd.   10,297 
 1,400   Fuji Kyuko Co. Ltd.   53,763 
 257,900   Fuji Oil Co. Ltd.   602,351 
 2,100   Fuji Oil Holdings, Inc.   64,647 
 1,300   Fuji Pharma Co. Ltd.   17,420 
 2,100   Fuji Seal International, Inc.   61,524 
 39,200   Fuji Soft, Inc.   1,761,391 
 1,100   Fujibo Holdings, Inc.   26,643 
 1,800   Fujikura Composites, Inc.   7,030 
 7,900   Fujikura Kasei Co. Ltd.   43,085 
 43,200   Fujikura Ltd.   158,028 
 22,800   Fujimi, Inc.   471,136 
 3,800   Fujimori Kogyo Co. Ltd.   102,107 
 1,000   Fujio Food System Co. Ltd.   23,732 
 39,000   Fujisash Co. Ltd.   30,707 
 2,900   Fujitec Co. Ltd.   36,152 
 4,300   Fujitsu Frontech Ltd.   37,790 
 2,100   Fujitsu General Ltd.   33,560 
 7,000   FuKoKu Co. Ltd.   47,052 
 1,600   Fukuda Corp.   67,220 
 1,100   Fukui Bank Ltd. (The)   14,016 
 115,157   Fukui Computer Holdings, Inc.   2,412,738 
 46,192   Fukuoka Financial Group, Inc.   845,888 
 4,400   Fukushima Bank Ltd. (The)   9,943 
 1,100   Fukushima Industries Corp.   34,152 
 1,600   Fukuyama Transporting Co. Ltd.   60,245 
 12,600   Full Speed, Inc.   62,829 
 33,600   FULLCAST Holdings Co. Ltd.   687,030 
 1,000   Funai Soken Holdings, Inc.   22,819 
 4,700   Furukawa Battery Co. Ltd. (The)   28,022 
 14,400   Furukawa Co. Ltd.   187,915 
 10,300   Furukawa Electric Co. Ltd.   276,252 
 115,300   Furuno Electric Co. Ltd.   988,097 
 4,000   Furusato Industries Ltd.   53,440 
 9,700   Furyu Corp.   96,231 
 1,100   Fuso Pharmaceutical Industries Ltd.   19,387 
 22,800   Futaba Industrial Co. Ltd.   158,177 
 65,700   Future Corp.   1,168,525 
 4,200   Fuyo General Lease Co. Ltd.   249,273 
 8,300   Gakken Holdings Co. Ltd.   373,398 
 900   Gakkyusha Co. Ltd.   10,841 
 1,700   Gakujo Co. Ltd.   19,132 


42

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)    
 3,000   GCA Corp.  $19,514 
 6,700   Gecoss Corp.   57,416 
 30,500   Genki Sushi Co. Ltd.   858,898 
 800   Genky DrugStores Co. Ltd.   15,548 
 15,500   Geo Holdings Corp.   203,999 
 6,600   Geostr Corp.   19,479 
 800   Giken Ltd.   23,441 
 900   GL Sciences, Inc.   12,341 
 10,200   GLOBERIDE, Inc.   303,890 
 2,600   Glory Ltd.   68,656 
 2,000   Glosel Co. Ltd.   7,983 
 600   GMO Cloud KK   17,184 
 2,300   GMO internet, Inc.   37,390 
 15,280   Goldcrest Co. Ltd.   275,452 
 300   Goldwin, Inc.   41,260 
 3,200   Grandy House Corp.   14,466 
 412,100   Gree, Inc.   1,934,511 
 11,800   GS Yuasa Corp.   220,697 
 5,200   G-Tekt Corp.   75,807 
 8,370   GungHo Online Entertainment, Inc.   220,842 
 120,500   Gunma Bank Ltd. (The)   415,135 
 1,000   Gunosy, Inc.(a)   14,920 
 27,200   Gunze Ltd.   1,208,673 
 247,200   Gurunavi, Inc.   1,524,777 
 1,700   H.I.S. Co. Ltd.   41,461 
 13,435   H2O Retailing Corp.   151,845 
 173,500   Hachijuni Bank Ltd. (The)   653,807 
 3,200   Hagihara Industries, Inc.   39,805 
 900   Hagiwara Electric Holdings Co. Ltd.   23,574 
 1,700   Hakudo Co. Ltd.   21,795 
 1,400   Hakuto Co. Ltd.   15,764 
 500   Halows Co. Ltd.   10,354 
 6,900   Hamakyorex Co. Ltd.   246,543 
 4,600   Hanwa Co. Ltd.   125,337 
 30,200   Happinet Corp.   362,481 
 1,300   Harada Industry Co. Ltd.   10,122 
 4,500   Harima Chemicals Group, Inc.   47,456 
 1,000   Harmonic Drive Systems, Inc.   37,663 
 1,400   Haruyama Holdings, Inc.   10,411 
 281,400   Haseko Corp.   3,048,320 
 141,260   Hazama Ando Corp.   973,759 
 193,200   Heiwa Corp.   3,964,182 
 1,400   Heiwa Real Estate Co. Ltd.   29,401 
 47,400   Heiwado Co. Ltd.   870,202 
 5,800   Helios Techno Holding Co. Ltd.   34,155 
 50,478   Hiday Hidaka Corp.   975,587 
 700   Hinokiya Group Co. Ltd.   13,284 
 12,600   Hioki EE Corp.   428,482 
 600   Hirata Corp.   36,697 
 176,549   Hiroshima Bank Ltd. (The)   843,777 
 5,400   Hiroshima Gas Co. Ltd.   16,442 
 7,200   Hitachi Capital Corp.   147,451 
Shares      Value 
JAPAN (continued)    
 15,600   Hitachi Chemical Co. Ltd.  $426,587 
 1,900   Hitachi Transport System Ltd.   59,099 
 10,000   Hitachi Zosen Corp.   35,861 
 18,600   Hochiki Corp.   231,697 
 1,600   Hodogaya Chemical Co. Ltd.   41,331 
 1,200   Hogy Medical Co. Ltd.   33,356 
 7,700   Hokkaido Electric Power Co., Inc.   43,593 
 600   Hokkaido Gas Co. Ltd.   8,111 
 7,200   Hokkan Holdings Ltd.   112,727 
 10,000   Hokko Chemical Industry Co. Ltd.   44,310 
 2,900   Hokkoku Bank Ltd. (The)   80,557 
 25,600   Hokuetsu Corp.   127,038 
 47,600   Hokuetsu Industries Co. Ltd.   517,601 
 168,300   Hokuhoku Financial Group, Inc.   1,686,237 
 3,000   Hokuriku Electric Industry Co. Ltd.   28,960 
 3,400   Hokuriku Electrical Construction Co. Ltd.   28,067 
 2,300   Hokuto Corp.   39,206 
 4,200   H-One Co. Ltd.   27,318 
 46,600   Honeys Holdings Co. Ltd.   564,481 
 400   Honshu Chemical Industry Co. Ltd.   4,333 
 2,100   Hoosiers Holdings   11,958 
 1,300   Horiba Ltd.   69,570 
 4,500   Hosiden Corp.   49,956 
 14,100   Hosokawa Micron Corp.   570,512 
 1,200   House Foods Group, Inc.   44,138 
 1,400   HUB Co. Ltd.   15,677 
 62,000   Hyakugo Bank Ltd. (The)   181,804 
 16,900   Hyakujushi Bank Ltd. (The)   336,357 
 13,600   Ibiden Co. Ltd.   242,467 
 7,300   IBJ Leasing Co. Ltd.   183,206 
 400   Ichibanya Co. Ltd.   18,841 
 16,400   Ichigo, Inc.   59,259 
 1,200   Ichiken Co., Ltd.   18,879 
 56,300   Ichikoh Industries Ltd.   360,179 
 7,600   Ichinen Holdings Co. Ltd.   77,539 
 9,800   Ichiyoshi Securities Co. Ltd.   64,700 
 11,000   ID Holdings Corp.   119,397 
 1,700   Idec Corp/Japan   30,531 
 3,100   IDOM, Inc.   11,678 
 900   Ihara Science Corp.   10,468 
 22,100   IHI Corp.   526,611 
 11,800   Iino Kaiun Kaisha Ltd.   39,505 
 6,180   IJTT Co. Ltd.   29,537 
 900   Ikegami Tsushinki Co. Ltd.   8,733 
 12,000   Imagica Robot Holdings, Inc.   59,783 
 19,600   Imasen Electric Industrial   158,873 
 400   Imuraya Group Co. Ltd.   7,619 
 1,400   Inaba Denki Sangyo Co. Ltd.   64,475 
 4,100   Inabata & Co. Ltd.   53,351 
 5,600   Inageya Co. Ltd.   75,896 


43

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)    
 72,700   Ines Corp.  $774,510 
 4,800   I-Net Corp/Kanagawa   64,400 
 130,900   Infocom Corp.   3,244,492 
 783,600   Infomart Corp.   10,569,590 
 9,200   Information Services International-Dentsu Ltd.   319,439 
 2,400   Innotech Corp.   19,905 
 500   Insource Co. Ltd.   14,653 
 3,800   Intage Holdings, Inc.   32,112 
 44,400   Internet Initiative Japan, Inc.   829,818 
 1,600   Inui Global Logistics Co. Ltd.   12,891 
 1,000   I-O Data Device, Inc.   8,591 
 900   Iriso Electronics Co. Ltd.   41,055 
 17,900   ISB Corp.   282,036 
 2,300   Iseki & Co. Ltd.   30,098 
 33,300   Isetan Mitsukoshi Holdings Ltd.   264,732 
 26,000   Ishihara Sangyo Kaisha Ltd.   276,226 
 1,700   Istyle, Inc.(a)   12,821 
 62,000   Itochu Enex Co. Ltd.   501,709 
 700   Itochu-Shokuhin Co. Ltd.   28,667 
 7,600   Itoham Yonekyu Holdings, Inc.   49,788 
 11,400   Itoki Corp.   47,024 
 3,900   IwaiCosmo Holdings, Inc.   39,778 
 20,300   Iwaki & Co. Ltd.   90,416 
 1,800   Iwasaki Electric Co. Ltd.   21,856 
 32,000   Iwatani Corp.   1,056,320 
 91,100   Iyo Bank Ltd. (The)   442,756 
 1,400   Izumi Co. Ltd.   52,514 
 21,400   J. Front Retailing Co. Ltd.   251,231 
 13,800   JAC Recruitment Co. Ltd.   319,037 
 4,800   Jaccs Co. Ltd.   95,466 
 600   Jalux, Inc.   13,866 
 1,900   Janome Sewing Machine Co. Ltd.   8,131 
 1,600   Japan Airport Terminal Co. Ltd.   66,156 
 62,500   Japan Aviation Electronics Industry Ltd.   870,456 
 70,300   Japan Cash Machine Co. Ltd.   699,034 
 142,600   Japan Display, Inc.(a)   97,452 
 1,400   Japan Electronic Materials Corp.   6,792 
 1,403   Japan Excellent, Inc. REIT   2,089,513 
 1,000   Japan Investment Adviser Co. Ltd.   16,882 
 2,200   Japan Lifeline Co. Ltd.   38,721 
 2,800   Japan Material Co. Ltd.   36,454 
 27,900   Japan Medical Dynamic Marketing, Inc.   349,330 
 600   Japan Oil Transportation Co. Ltd.   15,947 
 900   Japan Property Management Center Co., Ltd.   9,382 
Shares      Value 
JAPAN (continued)    
 12,100   Japan Pulp & Paper Co. Ltd.  $407,163 
 2,010   Japan Rental Housing Investments, Inc. REIT   1,687,299 
 6,200   Japan Securities Finance Co. Ltd.   31,431 
 10,500   Japan Steel Works Ltd. (The)   182,823 
 24,200   Japan System Techniques Co. Ltd.   375,636 
 11,300   Japan Transcity Corp.   51,625 
 7,100   Japan Wool Textile Co. Ltd. (The)   58,718 
 20,500   JBCC Holdings, Inc.   301,726 
 500   JCR Pharmaceuticals Co. Ltd.   35,182 
 12,300   JCU Corp.   230,713 
 63,300   Jeol Ltd.   1,422,412 
 5,200   JGC Corp.   67,701 
 23,700   Jimoto Holdings, Inc.   21,284 
 700   JINS Holdings, Inc.   36,849 
 3,600   JK Holdings Co. Ltd.   18,170 
 9,500   JMS Co. Ltd.   69,703 
 1,900   Joban Kosan Co. Ltd.   28,824 
 1,700   J-Oil Mills, Inc.   60,953 
 3,600   Joshin Denki Co. Ltd.   68,686 
 4,300   JP-Holdings, Inc.   11,280 
 1,400   JSP Corp.   24,328 
 9,800   JSR Corp.   161,846 
 75,900   Juki Corp.   685,359 
 51,200   Juroku Bank Ltd. (The)   1,043,898 
 100,600   JVC Kenwood Corp.   224,980 
 120,700   Kadokawa Corp.   1,533,852 
 2,400   Kaga Electronics Co. Ltd.   36,511 
 2,200   Kagome Co. Ltd.   50,967 
 50,800   Kakaku.com, Inc.   1,055,175 
 106,295   Kaken Pharmaceutical Co. Ltd.   5,149,401 
 600   Kakiyasu Honten Co. Ltd.   11,787 
 600   Kameda Seika Co. Ltd.   28,024 
 9,500   Kamei Corp.   96,748 
 2,600   Kamigumi Co. Ltd.   59,772 
 2,300   Kanaden Corp.   29,472 
 1,000   Kanagawa Chuo Kotsu Co. Ltd.   33,830 
 54,100   Kanamoto Co. Ltd.   1,390,618 
 261,700   Kandenko Co. Ltd.   2,281,748 
 9,700   Kaneka Corp.   360,137 
 1,300   Kaneko Seeds Co. Ltd.   15,250 
 22,100   Kanematsu Corp.   253,552 
 1,000   Kanematsu Electronics Ltd.   27,428 
 20,951   Kansai Mirai Financial Group, Inc.   140,707 
 6,500   Kanto Denka Kogyo Co. Ltd.   44,414 
 1,400   Kappa Create Co. Ltd.   17,885 
 7,000   Kasai Kogyo Co. Ltd.   57,435 
 8,800   Kato Sangyo Co. Ltd.   259,689 
 1,000   Kato Works Co. Ltd.   17,851 


44

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)    
 4,700   KAWADA Technologies, Inc.  $322,296 
 500   Kawagishi Bridge Works Co. Ltd.   11,180 
 21,100   Kawai Musical Instruments Manufacturing Co. Ltd.   591,225 
 9,300   Kawasaki Kisen Kaisha Ltd.(a)   118,809 
 900   Kawata Manufacturing Co. Ltd.   8,499 
 28,758   Keihanshin Building Co. Ltd.   316,931 
 133,700   Keihin Corp.   1,855,709 
 103,395   Keiyo Bank Ltd. (The)   629,290 
 1,600   KEL Corp.   11,625 
 30   Kenedix Office Investment Corp. REIT   215,450 
 7,200   Kenedix, Inc.   36,490 
 400   Kenko Mayonnaise Co. Ltd.   9,140 
 7,500   Kewpie Corp.   169,717 
 1,825   Key Coffee, Inc.   35,645 
 700   KFC Holdings Japan Ltd.   13,747 
 400   KH Neochem Co. Ltd.   9,910 
 3,100   Kimura Chemical Plants Co. Ltd.   10,197 
 3,600   Kimura Unity Co. Ltd.   34,461 
 4,900   King Co. Ltd.   29,828 
 1,300   Kinki Sharyo Co. Ltd. (The)(a)   20,144 
 28,200   Kintetsu World Express, Inc.   378,148 
 900   Kirindo Holdings Co. Ltd.   14,611 
 500   Ki-Star Real Estate Co. Ltd.   7,529 
 3,500   Kitagawa Corp.   67,677 
 3,300   Kita-Nippon Bank Ltd. (The)   54,683 
 3,000   Kitano Construction Corp.   72,080 
 30,900   Kito Corp.   457,539 
 11,400   Kitz Corp.   77,457 
 25,600   Kiyo Bank Ltd. (The)   333,409 
 2,900   Koa Corp.   34,910 
 15,400   Koatsu Gas Kogyo Co. Ltd.   117,911 
 1,200   Kobe Bussan Co. Ltd.   67,033 
 300   Kobe Electric Railway Co. Ltd.(a)   10,963 
 49,700   Kobe Steel Ltd.   318,889 
 17,100   Kohnan Shoji Co. Ltd.   372,740 
 1,300   Kohsoku Corp.   14,903 
 300   Koike Sanso Kogyo Co. Ltd.   6,560 
 201,500   Kojima Co. Ltd.(a)   877,966 
 44,200   Kokuyo Co. Ltd.   596,176 
 2,200   Komatsu Matere Co. Ltd.   15,649 
 1,600   Komatsu Wall Industry Co. Ltd.   28,171 
 2,100   KOMEDA Holdings Co. Ltd.   38,889 
 14,700   Komehyo Co. Ltd.   158,626 
 41,600   Komeri Co. Ltd.   854,598 
 5,100   Konaka Co. Ltd.   19,605 
 5,500   Kondotec, Inc.   46,666 
 190,100   Konica Minolta, Inc.   1,575,390 
 21,700   Konishi Co.Ltd.   308,996 
Shares      Value 
JAPAN (continued)    
 16,200   Konoike Transport Co. Ltd.  $250,649 
 1,300   Konoshima Chemical Co. Ltd.   10,124 
 1,400   Kosaido Co. Ltd.(a)   9,185 
 2,000   Koshidaka Holdings Co. Ltd.   28,292 
 800   Kotobuki Spirits Co. Ltd.   47,191 
 8,600   Kourakuen Holdings Corp.   238,299 
 700   Krosaki Harima Corp.   38,389 
 3,100   KRS Corp.   56,014 
 212,312   K’s Holdings Corp.   1,935,877 
 2,000   KU Holdings Co. Ltd.   15,946 
 2,900   Kumagai Gumi Co. Ltd.   77,527 
 4,867   Kumiai Chemical Industry Co. Ltd.   39,981 
 6,600   Kura Sushi, Inc.   270,557 
 17,500   Kurabo Industries Ltd.   337,308 
 1,100   Kureha Corp.   72,869 
 900   Kurimoto Ltd.   12,191 
 4,300   Kurita Water Industries Ltd.   108,555 
 1,800   Kuriyama Holdings Corp.   14,541 
 700   Kusuri no Aoki Holdings Co. Ltd.   46,283 
 1,200   KYB Corp.(a)   34,055 
 2,200   Kyodo Printing Co. Ltd.   57,203 
 700   Kyoei Steel Ltd.   11,856 
 900   Kyokuto Boeki Kaisha Ltd.   14,682 
 61,900   Kyokuto Kaihatsu Kogyo Co. Ltd.   763,801 
 1,400   Kyokuto Securities Co. Ltd.   11,755 
 1,200   Kyokuyo Co. Ltd.   33,608 
 31,100   KYORIN Holdings, Inc.   523,130 
 1,240   Kyoritsu Maintenance Co. Ltd.   53,384 
 14,800   Kyoritsu Printing Co. Ltd.   24,804 
 17,600   Kyosan Electric Manufacturing Co. Ltd.   60,535 
 7,200   Kyowa Electronic Instruments Co. Ltd.   27,677 
 5,032   Kyowa Exeo Corp.   120,855 
 2,700   Kyowa Leather Cloth Co. Ltd.   19,478 
 1,800   Kyudenko Corp.   55,732 
 204,640   Kyushu Financial Group, Inc.   776,646 
 700   LAC Co. Ltd.   10,882 
 1,300   Lasertec Corp.   61,841 
 56,900   Lawson, Inc.   2,843,381 
 2,400   LEC, Inc.   28,165 
 12,300   Legs Co. Ltd.   238,457 
 58,700   Leopalace21 Corp.(a)   122,838 
 8,100   Life Corp.   167,025 
 5,600   LIFULL Co. Ltd.   25,894 
 700   Like Co. Ltd.   11,980 
 500   Linical Co. Ltd.   4,832 
 3,800   Link And Motivation, Inc.   19,499 
 88,600   Lintec Corp.   1,864,218 
 4,800   LIXIL Group Corp.   83,026 
 34,100   LIXIL VIVA Corp.   414,417 
 400   M&A Capital Partners Co. Ltd.(a)   26,723 


45

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)    
 225,300   M3, Inc.  $4,538,784 
 1,400   Mabuchi Motor Co. Ltd.   48,333 
 6,050   Macnica Fuji Electronics Holdings, Inc.   83,939 
 2,000   Macromill, Inc.   23,221 
 22,200   Maeda Corp.   166,324 
 1,200   Maeda Kosen Co. Ltd.   20,069 
 4,500   Maeda Road Construction Co. Ltd.   95,492 
 11,900   Makino Milling Machine Co. Ltd.   496,089 
 41,600   Mamezou Holdings Co. Ltd.   562,769 
 30,000   Mandom Corp.   705,883 
 700   Mani, Inc.   50,305 
 2,200   Mars Group Holdings Corp.   41,112 
 22,800   Marubun Corp.   122,284 
 2,000   Marudai Food Co. Ltd.   37,380 
 400   Marufuji Sheet Piling Co. Ltd.   8,152 
 1,400   Maruha Nichiro Corp.   40,899 
 7,500   Maruka Corp.   132,083 
 1,500   Maruwa Co. Ltd.   92,258 
 2,000   Maruyama Manufacturing Co., Inc.   21,036 
 5,992   Maruzen Showa Unyu Co. Ltd.   178,000 
 51,600   Marvelous, Inc.   366,330 
 3,600   Matsuda Sangyo Co. Ltd.   50,770 
 5,300   Matsumotokiyoshi Holdings Co. Ltd.   176,421 
 2,400   Matsuya Co. Ltd.   17,722 
 51,300   Max Co. Ltd.   809,124 
 1,900   Maxell Holdings Ltd.   24,290 
 2,400   Maxvalu Nishinihon Co. Ltd.   37,043 
 2,900   Maxvalu Tokai Co. Ltd.   51,996 
 34,300   MCJ Co. Ltd.   250,822 
 127,090   Mebuki Financial Group, Inc.   313,591 
 500   Media Do Holdings Co. Ltd.   15,923 
 800   Medical Data Vision Co. Ltd.(a)   8,012 
 19,200   Medical System Network Co. Ltd.   93,760 
 95,700   Medipal Holdings Corp.   2,032,831 
 6,200   Megmilk Snow Brand Co. Ltd.   132,487 
 81,500   Meidensha Corp.   1,256,354 
 1,100   Meiji Electric Industries Co. Ltd.   13,855 
 1,500   Meiko Electronics Co. Ltd.   25,303 
 5,700   Meisei Industrial Co. Ltd.   39,374 
 53,100   Meitec Corp.   2,736,616 
 8,300   Meiwa Corp.   28,822 
 2,000   Meiwa Estate Co. Ltd.   10,373 
 38,500   Menicon Co. Ltd.   1,415,854 
 2,800   Mercuria Investment Co. Ltd.   18,783 
 50,654   METAWATER Co. Ltd.   1,695,154 
 1,400   Michinoku Bank Ltd. (The)   21,746 
Shares      Value 
JAPAN (continued)    
 37,900   Micronics Japan Co. Ltd.  $361,654 
 5,500   Mie Kotsu Group Holdings, Inc.   28,592 
 11,200   Mikuni Corp.   37,710 
 8,474   Milbon Co. Ltd.   413,486 
 4,700   MIMAKI ENGINEERING Co. Ltd.   25,486 
 2,900   Mimasu Semiconductor Industry Co. Ltd.   48,173 
 1,800   Minori Solutions Co. Ltd.   34,188 
 3,800   Miraca Holdings, Inc.   85,918 
 188,030   Mirait Holdings Corp.   2,776,158 
 19,000   Miroku Jyoho Service Co. Ltd.   593,834 
 4,400   Misawa Homes Co. Ltd.   42,956 
 6,400   Mitani Corp.   316,639 
 3,700   Mitani Sangyo Co. Ltd.   9,541 
 500   Mitani Sekisan Co. Ltd.   13,702 
 6,900   Mito Securities Co. Ltd.   12,631 
 5,300   Mitsuba Corp.   31,535 
 18,500   Mitsubishi Gas Chemical Co., Inc.   246,188 
 1,000   Mitsubishi Kakoki Kaisha Ltd.   14,653 
 47,300   Mitsubishi Logisnext Co. Ltd.   483,621 
 1,500   Mitsubishi Logistics Corp.   39,893 
 14,200   Mitsubishi Materials Corp.   390,580 
 14,200   Mitsubishi Paper Mills Ltd.   73,815 
 3,100   Mitsubishi Pencil Co. Ltd.   47,950 
 24,500   Mitsubishi Research Institute, Inc.   897,668 
 6,700   Mitsubishi Shokuhin Co. Ltd.   168,465 
 1,000   Mitsubishi Steel Manufacturing Co. Ltd.   11,177 
 4,000   Mitsuboshi Belting Ltd.   73,335 
 3,700   Mitsui E&S Holdings Co. Ltd.(a)   32,423 
 1,200   Mitsui High-Tec, Inc.   14,108 
 99,500   Mitsui Matsushima Holdings Co. Ltd.   1,183,317 
 7,600   Mitsui Mining & Smelting Co. Ltd.   174,609 
 13,100   Mitsui OSK Lines Ltd.   321,291 
 900   Mitsui Sugar Co. Ltd.   19,200 
 44,049   Mitsui-Soko Holdings Co. Ltd.   624,156 
 1,700   Miura Co. Ltd.   46,991 
 65,100   Mixi, Inc.   1,229,993 
 5,100   Miyaji Engineering Group, Inc.   82,277 
 4,000   Miyazaki Bank Ltd. (The)   96,278 
 45,700   Mizuno Corp.   1,048,972 
 84,152   Mochida Pharmaceutical Co. Ltd.   3,534,656 
 6,400   Modec, Inc.   169,861 
 10,300   Monex Group, Inc.   30,582 
 300   Monogatari Corp. (The)   25,500 
 258,400   MonotaRO Co. Ltd.   5,641,005 
 900   MORESCO Corp.   12,003 
 1,200   Morinaga & Co. Ltd.   56,264 


46
Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)      
 7,100   Morinaga Milk Industry Co. Ltd.  $275,521 
 1,400   Morita Holdings Corp.   22,983 
 2,000   Morito Co. Ltd.   14,886 
 1,106   Mory Industries, Inc.   19,972 
 8,400   MrMax Holdings Ltd.   34,468 
 8,200   Musashi Seimitsu Industry Co. Ltd.   107,296 
 8,700   Musashino Bank Ltd. (The)   168,049 
 300   N Field Co. Ltd.   1,886 
 2,900   Nabtesco Corp.   78,125 
 13,600   NAC Co. Ltd.   123,035 
 2,800   Nachi-Fujikoshi Corp.   117,817 
 1,300   Nadex Co. Ltd.   10,408 
 800   Nafco Co. Ltd.   10,367 
 1,800   Nagaileben Co. Ltd.   37,550 
 2,200   Nagano Bank Ltd. (The)   34,522 
 11,000   Nagano Keiki Co. Ltd.   78,229 
 9,200   Nagase & Co. Ltd.   134,037 
 1,800   Nagatanien Holdings Co. Ltd.   34,260 
 300   Nagawa Co. Ltd.   13,846 
 195,198   Nagoya Railroad Co. Ltd.   5,373,729 
 12,500   Nakabayashi Co. Ltd.   62,897 
 124,064   Nakanishi, Inc.   2,264,752 
 4,300   Nakano Corp.   16,824 
 3,800   Nakayama Steel Works Ltd.   16,740 
 2,000   Nakayamafuku Co. Ltd.   9,699 
 1,700   Nankai Electric Railway Co. Ltd.   40,730 
 55,200   Nanto Bank Ltd. (The)   1,185,323 
 800   Natori Co. Ltd.   11,652 
 4,900   NCS&A Co. Ltd.   22,997 
 2,100   NEC Capital Solutions Ltd.   38,107 
 900   NEC Networks & System Integration Corp.   23,273 
 87,900   NET One Systems Co. Ltd.   2,318,388 
 1,700   Nextage Co. Ltd.   19,210 
 11,800   NH Foods Ltd.   437,637 
 51,400   NHK Spring Co. Ltd.   403,064 
 6,600   Nichias Corp.   118,211 
 600   Nichiban Co. Ltd.   10,408 
 4,400   Nichicon Corp.   36,210 
 1,500   Nichiha Corp.   39,125 
 62,700   Nichii Gakkan Co.   992,157 
 232,450   Nichi-iko Pharmaceutical Co. Ltd.   2,663,528 
 3,800   Nichirei Corp.   87,916 
 2,760   Nichirin Co. Ltd.   39,875 
 4,200   Nifco, Inc.   103,587 
 2,200   Nihon Denkei Co. Ltd.   28,514 
 1,500   Nihon Eslead Corp.   23,520 
 14,900   Nihon Falcom Corp.   190,593 
 10,000   Nihon House Holdings Co. Ltd.   40,491 
 190,700   Nihon Kohden Corp.   5,218,323 
 7,900   Nihon M&A Center, Inc.   212,001 
Shares      Value 
JAPAN (continued)      
 13,000   Nihon Nohyaku Co. Ltd.  $54,866 
 4,900   Nihon Parkerizing Co. Ltd.   54,599 
 6,400   Nihon Plast Co. Ltd.   40,747 
 1,600   Nihon Tokushu Toryo Co. Ltd.   19,168 
 240,200   Nihon Unisys Ltd.   7,883,324 
 9,294   Nihon Yamamura Glass Co. Ltd.   118,529 
 8,500   Nikkiso Co. Ltd.   108,788 
 4,100   Nikkon Holdings Co. Ltd.   95,808 
 400   Nippi, Inc.   12,339 
 138,100   Nippo Corp.   2,630,992 
 6,500   Nippon Air Conditioning Services Co. Ltd.   43,136 
 6,100   Nippon Carbide Industries Co. Inc.   74,164 
 600   Nippon Carbon Co. Ltd.   23,022 
 20,160   Nippon Chemical Industrial Co. Ltd.   390,671 
 2,400   Nippon Chemi-Con Corp.   36,733 
 300   Nippon Chemiphar Co. Ltd.   7,834 
 52,400   Nippon Coke & Engineering Co. Ltd.   45,083 
 1,000   Nippon Commercial Development Co. Ltd.   13,905 
 17,600   Nippon Concrete Industries Co. Ltd.   45,248 
 11,100   Nippon Denko Co. Ltd.   19,066 
 2,100   Nippon Densetsu Kogyo Co. Ltd.   40,235 
 9,100   Nippon Electric Glass Co. Ltd.   203,506 
 2,800   Nippon Filcon Co. Ltd.   12,447 
 2,600   Nippon Fine Chemical Co. Ltd.   28,481 
 151,000   Nippon Flour Mills Co. Ltd.   2,381,395 
 3,500   Nippon Gas Co. Ltd.   98,239 
 15,200   Nippon Kanzai Co. Ltd.   256,034 
 224,235   Nippon Kayaku Co. Ltd.   2,636,559 
 1,600   Nippon Kinzoku Co. Ltd.   12,688 
 2,400   Nippon Koei Co. Ltd.   52,651 
 142,100   Nippon Light Metal Holdings Co. Ltd.   259,771 
 14,500   Nippon Paper Industries Co. Ltd.   255,652 
 21,200   Nippon Parking Development Co. Ltd.   32,993 
 3,400   Nippon Pillar Packing Co. Ltd.   32,793 
 4,500   Nippon Piston Ring Co. Ltd.   57,306 
 4,000   Nippon Rietec Co. Ltd.   49,644 
 1,700   Nippon Road Co. Ltd. (The)   94,575 
 1,400   Nippon Seisen Co. Ltd.   34,139 
 900   Nippon Sharyo Ltd.(a)   20,589 
 13,700   Nippon Sheet Glass Co. Ltd.   85,675 
 1,600   Nippon Shokubai Co. Ltd.   103,848 
 2,700   Nippon Signal Co. Ltd.   29,968 


47

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)      
 34,000   Nippon Soda Co. Ltd.  $855,155 
 3,048   Nippon Steel Trading Corp.   122,329 
 10,900   Nippon Suisan Kaisha Ltd.   68,690 
 3,000   Nippon Systemware Co. Ltd.   76,579 
 7,200   Nippon Thompson Co. Ltd.   32,974 
 23,400   Nippon Yakin Kogyo Co. Ltd.   44,748 
 24,800   Nippon Yusen KK   413,181 
 7,100   Nipro Corp.   78,710 
 6,500   Nishimatsu Construction Co. Ltd.   122,815 
 194,100   Nishi-Nippon Financial Holdings, Inc.   1,371,121 
 98,583   Nishi-Nippon Railroad Co. Ltd.   2,079,607 
 2,300   Nishio Rent All Co. Ltd.   64,298 
 9,600   Nissan Tokyo Sales Holdings Co. Ltd.   24,703 
 13,300   Nissei Plastic Industrial Co. Ltd.   128,215 
 6,200   Nissha Co. Ltd.   71,857 
 5,500   Nisshin Fudosan Co. Ltd/Japan   23,574 
 5,000   Nisshin Oillio Group Ltd. (The)   145,697 
 21,623   Nisshinbo Holdings, Inc.   168,364 
 4,200   Nissin Corp.   67,123 
 48,200   Nissin Electric Co. Ltd.   553,767 
 6,200   Nissin Kogyo Co. Ltd.   85,197 
 33,400   Nisso Corp.   440,975 
 1,100   Nitta Corp.   30,331 
 3,400   Nitta Gelatin, Inc.   22,148 
 3,700   Nittan Valve Co. Ltd.   10,058 
 400   Nittetsu Mining Co. Ltd.   17,333 
 1,400   Nitto Boseki Co. Ltd.   31,465 
 800   Nitto Fuji Flour Milling Co. Ltd.   47,632 
 41,500   Nitto Kogyo Corp.   790,122 
 7,500   Nitto Seiko Co. Ltd.   39,227 
 3,200   Noda Corp.   22,170 
 1,200   Noevir Holdings Co. Ltd.   62,637 
 2,900   NOF Corp.   103,804 
 1,600   Nohmi Bosai Ltd.   32,592 
 26,900   Nojima Corp.   433,116 
 14,400   NOK Corp.   211,408 
 18,900   Nomura Co. Ltd.   255,930 
 26,400   Nomura Real Estate Holdings, Inc.   534,600 
 7,200   Noritake Co. Ltd.   280,486 
 15,200   Noritz Corp.   186,042 
 408,300   North Pacific Bank Ltd.   910,308 
 4,000   Nozawa Corp.   25,158 
 18,600   NS Solutions Corp.   626,589 
 700   NS Tool Co. Ltd.   12,985 
 1,700   NS United Kaiun Kaisha Ltd.   37,687 
 104,711   NSD Co. Ltd.   3,225,281 
 61,800   NTN Corp.   171,496 
 2,000   NTT Data Intramart Corp.   63,191 
Shares      Value 
JAPAN (continued)      
 24,400   NuFlare Technology, Inc.  $1,723,421 
 400   Obara Group, Inc.   13,845 
 32,700   OBIC Business Consultants Ltd.   1,407,444 
 1,800   Odelic Co. Ltd.   66,227 
 9,400   Oenon Holdings, Inc.   33,135 
 26,000   Ogaki Kyoritsu Bank Ltd. (The)   559,237 
 1,500   Ohara, Inc.   19,858 
 50,422   Ohsho Food Service Corp.   3,099,955 
 2,845   Oiles Corp.   40,368 
 1,500   Oisix ra daichi, Inc.(a)   19,857 
 1,900   Oita Bank Ltd. (The)   53,838 
 2,500   Okabe Co. Ltd.   19,228 
 800   Okada Aiyon Corp.   9,270 
 600   Okamoto Industries, Inc.   27,839 
 112,300   Okamura Corp.   1,094,756 
 7,300   Okasan Securities Group, Inc.   26,094 
 275,200   Oki Electric Industry Co. Ltd.   3,660,400 
 2,200   Okinawa Cellular Telephone Co.   73,522 
 1,621   Okinawa Electric Power Co., Inc. (The)   25,210 
 3,800   OKUMA Corp.   197,565 
 1,100   Okumura Corp.   31,341 
 1,500   Okura Industrial Co. Ltd.   24,062 
 29,700   Okuwa Co. Ltd.   293,465 
 4,200   Onoken Co. Ltd.   52,801 
 218,800   Onward Holdings Co. Ltd.   1,122,125 
 300   Open Door, Inc.(a)   7,542 
 3,400   Open House Co. Ltd.   148,128 
 1,700   Optex Group Co. Ltd.   21,471 
 92,300   Orient Corp.   108,016 
 7,000   Origin Co. Ltd.   92,189 
 2,600   Osaka Organic Chemical Industry Ltd.   24,146 
 2,000   Osaka Soda Co. Ltd.   48,745 
 164,500   Osaki Electric Co. Ltd.   988,260 
 3,100   OSG Corp.   61,531 
 286,300   OSJB Holdings Corp.   646,650 
 500   OUG Holdings, Inc.   12,419 
 4,200   Outsourcing Inc.   49,995 
 38,200   Oyo Corp.   386,524 
 7,800   Pacific Industrial Co. Ltd.   109,787 
 900   Pacific Metals Co. Ltd.   17,063 
 1,750   Pack Corp. (The)   52,846 
 400   PAL GROUP Holdings Co. Ltd.   12,472 
 7,350   PALTAC Corp.   358,790 
 26,956   Paramount Bed Holdings Co. Ltd.   1,030,945 
 7,200   Park24 Co. Ltd.   155,616 
 71,900   Pasona Group, Inc.   1,094,637 
 5,600   PCA Corp.   207,596 
 32,700   Pegasus Sewing Machine Manufacturing Co. Ltd.   164,173 


48

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)      
 15,500   Penta-Ocean Construction Co. Ltd.  $75,060 
 183,900   PeptiDream, Inc.(a)   10,229,856 
 700   PIA Corp.   29,578 
 1,000   Pickles Corp.   21,331 
 1,400   Pilot Corp.   52,876 
 1,700   Piolax, Inc.   30,482 
 2,000   Plenus Co. Ltd.   32,860 
 38,300   Poletowin Pitcrew Holdings, Inc.   409,010 
 168   Premier Investment Corp. REIT   226,567 
 36,200   Press Kogyo Co. Ltd.   163,595 
 5,100   Pressance Corp.   70,987 
 2,800   Prestige International, Inc.   42,872 
 29,552   Proto Corp.   307,482 
 15,300   PS Mitsubishi Construction Co. Ltd.   88,210 
 21,300   Punch Industry Co. Ltd.   108,640 
 900   Qol Holdings Co. Ltd.   13,527 
 5,600   Quick Co. Ltd.   83,447 
 2,700   Raito Kogyo Co. Ltd.   35,533 
 5,900   Raiznext Corp.   62,777 
 2,000   Rasa Industries Ltd.   27,110 
 40,600   Raysum Co. Ltd.   384,964 
 100,090   Relia, Inc.   1,182,369 
 16,600   Renaissance, Inc.   245,860 
 21,140   Rengo Co. Ltd.   160,529 
 3,900   Resorttrust, Inc.   56,497 
 1,600   Restar Holdings Corp.   24,052 
 2,000   Retail Partners Co. Ltd.   22,409 
 40,000   Rheon Automatic Machinery Co. Ltd.   671,218 
 1,100   Rhythm Watch Co. Ltd.   12,807 
 7,700   Ricoh Leasing Co. Ltd.   236,490 
 5,478   Ride On Express Holdings Co. Ltd.   70,468 
 1,600   Right On Co. Ltd.   10,494 
 1,900   Riken Corp.   73,954 
 2,000   Riken Keiki Co. Ltd.   35,399 
 42,300   Riken Technos Corp.   197,765 
 700   Riken Vitamin Co. Ltd.   21,975 
 1,000   Rinnai Corp.   67,391 
 8,400   Rion Co. Ltd.   185,108 
 6,300   Riso Kagaku Corp.   99,411 
 32,100   Riso Kyoiku Co. Ltd.   149,970 
 56,300   Rohto Pharmaceutical Co. Ltd.   1,621,706 
 1,400   Rokko Butter Co. Ltd.   23,121 
 47,000   Roland DG Corp.   985,605 
 74,600   Round One Corp.   1,133,874 
 1,400   Royal Holdings Co. Ltd.   34,750 
 400   RS Technologies Co. Ltd.   12,395 
 18,700   Ryobi Ltd.   346,615 
 1,500   Ryoden Corp.   22,428 
 1,600   Ryosan Co. Ltd.   39,072 
 1,100   S Foods, Inc.   33,769 
Shares      Value 
JAPAN (continued)      
 29,100   Sac’s Bar Holdings, Inc.  $251,433 
 1,000   Sagami Rubber Industries Co. Ltd.   15,483 
 1,200   Saibu Gas Co. Ltd.   25,027 
 700   Saison Information Systems Co. Ltd.   13,290 
 17,700   Saizeriya Co. Ltd.   413,688 
 32,200   Sakai Chemical Industry Co. Ltd.   739,993 
 5,500   Sakai Heavy Industries Ltd.   148,279 
 1,800   Sakai Ovex Co. Ltd.   30,397 
 1,400   Sakura Internet, Inc.   8,158 
 13,400   Sala Corp.   71,572 
 3,700   SAMTY Co. Ltd.   58,936 
 1,600   San Holdings, Inc.   33,742 
 1,000   San ju San Financial Group, Inc.   14,855 
 1,000   San-A Co. Ltd.   40,148 
 27,500   San-Ai Oil Co. Ltd.   264,565 
 5,300   Sanden Holdings Corp.(a)   25,196 
 1,400   Sanei Architecture Planning Co. Ltd.   19,507 
 8,050   Sangetsu Corp.   145,899 
 18,700   San-In Godo Bank Ltd. (The)   112,958 
 3,500   Sanken Electric Co. Ltd.   73,160 
 9,000   Sanko Gosei Ltd.   30,553 
 800   Sanko Metal Industrial Co. Ltd.   17,906 
 139,973   Sankyo Co. Ltd.   4,818,839 
 400   Sankyo Frontier Co. Ltd.   12,370 
 3,000   Sankyo Tateyama, Inc.   33,660 
 2,900   Sankyu, Inc.   155,697 
 9,600   Sanoh Industrial Co. Ltd.   44,806 
 4,600   Sanoyas Holdings Corp.   8,395 
 2,200   Sanrio Co. Ltd.   44,381 
 1,000   Sansei Landic Co. Ltd.   6,869 
 4,300   Sansha Electric Manufacturing Co. Ltd.   29,820 
 9,900   Sanwa Holdings Corp.   110,371 
 10,400   Sanyo Chemical Industries Ltd.   494,260 
 1,300   Sanyo Electric Railway Co. Ltd.   25,445 
 800   Sanyo Industries Ltd.   13,350 
 9,800   Sanyo Special Steel Co. Ltd.   134,320 
 1,200   Sanyo Trading Co. Ltd.   26,884 
 8,500   Sapporo Holdings Ltd.   191,721 
 5,400   Sato Holdings Corp.   130,428 
 2,700   Sato Shoji Corp.   21,881 
 1,400   Satori Electric Co. Ltd.   11,335 
 7,800   Sawada Holdings Co. Ltd.   64,114 
 61,622   Sawai Pharmaceutical Co. Ltd.   3,399,830 
 1,300   Saxa Holdings, Inc.   24,598 
 61,500   Scala, Inc.   527,914 
 1,900   SCREEN Holdings Co. Ltd.   102,953 
 2,800   Scroll Corp.   8,726 
 44,500   SCSK Corp.   2,112,712 


49

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)      
 200   SEC Carbon Ltd.  $17,948 
 77,100   Seikagaku Corp.   845,724 
 23,200   Seikitokyu Kogyo Co. Ltd.   142,310 
 114,900   Seiko Holdings Corp.   2,231,922 
 6,600   Seino Holdings Co. Ltd.   82,207 
 2,200   Seiren Co. Ltd.   30,286 
 6,600   Sekisui Plastics Co. Ltd.   46,155 
 22,100   Senko Group Holdings Co. Ltd.   173,145 
 2,000   Senshu Electric Co. Ltd.   49,637 
 13,120   Senshu Ikeda Holdings, Inc.   24,068 
 1,400   Seria Co. Ltd.   32,732 
 31,200   Seven Bank Ltd.   84,410 
 3,000   SFP Holdings Co. Ltd.   59,608 
 1,200   Shibaura Electronics Co. Ltd.   32,232 
 19,000   Shibaura Mechatronics Corp.   538,905 
 3,400   Shibusawa Warehouse Co. Ltd. (The)   56,749 
 1,000   Shibuya Corp.   27,652 
 1,400   Shidax Corp.(a)   2,983 
 500   SHIFT, Inc.(a)   23,179 
 47,502   Shiga Bank Ltd. (The)   1,047,605 
 2,000   Shikibo Ltd.   18,244 
 18,800   Shikoku Bank Ltd. (The)   162,146 
 6,900   Shikoku Chemicals Corp.   72,395 
 3,200   Shikoku Electric Power Co., Inc.   30,100 
 1,000   Shima Seiki Manufacturing Ltd.   29,226 
 3,349   Shimachu Co. Ltd.   73,904 
 1,100   Shimamura Co. Ltd.   77,780 
 17,000   Shimizu Bank Ltd. (The)   289,751 
 1,900   Shimojima Co. Ltd.   19,153 
 1,800   Shin Nippon Air Technologies Co. Ltd.   29,404 
 1,700   Shinagawa Refractories Co. Ltd.   44,888 
 4,700   Shindengen Electric Manufacturing Co. Ltd.   152,567 
 2,200   Shin-Etsu Polymer Co. Ltd.   15,474 
 237,500   Shinko Electric Industries Co. Ltd.   1,909,891 
 2,800   Shinko Shoji Co. Ltd.   49,283 
 110,300   Shinmaywa Industries Ltd.   1,378,698 
 6,600   Shinnihon Corp.   51,882 
 3,600   Shinoken Group Co. Ltd.   26,378 
 74,800   Shinsei Bank Ltd.   1,129,852 
 1,200   Shinsho Corp.   25,111 
 1,700   Shinwa Co. Ltd.   35,398 
 2,500   Ship Healthcare Holdings, Inc.   112,341 
 2,400   Shizuki Electric Co., Inc.   12,827 
 39,300   Shizuoka Bank Ltd. (The)   271,729 
 31,000   Shizuoka Gas Co. Ltd.   239,588 
 1,000   SHO-BOND Holdings Co. Ltd.   34,329 
 800   Shoei Co. Ltd.   33,403 
 2,300   Shofu, Inc.   29,343 
Shares      Value 
 JAPAN (continued)     
 2,300   Shoko Co. Ltd.(a)  $13,789 
 1,000   Showa Aircraft Industry Co. Ltd.   12,083 
 133,800   Showa Corp.   1,799,826 
 3,900   Showa Sangyo Co. Ltd.   109,999 
 1,100   Showa Shinku Co. Ltd.   12,977 
 1,100   Sigma Koki Co. Ltd.   11,950 
 2,400   Sinanen Holdings Co. Ltd.   39,137 
 4,300   Sinfonia Technology Co. Ltd.   49,286 
 19,000   Sinko Industries Ltd.   271,547 
 2,800   Sintokogio Ltd.   23,571 
 41,200   SK-Electronics Co. Ltd.   886,052 
 155,700   SKY Perfect JSAT Holdings, Inc.   614,356 
 131,000   Skylark Holdings Co. Ltd.   2,285,957 
 5,600   SMS Co. Ltd.   124,343 
 19,900   Sodick Co. Ltd.   178,203 
 27,900   Softbrain Co. Ltd.   150,773 
 200   Software Service, Inc.   19,104 
 2,500   Sogo Medical Holdings Co. Ltd.   37,780 
 89,100   Sojitz Corp.   278,374 
 2,900   Soken Chemical & Engineering Co. Ltd.   43,200 
 3,000   Solasto Corp.   32,737 
 6,900   Soliton Systems KK   69,667 
 5,800   Sourcenext Corp.   21,845 
 7,000   Space Value Holdings Co. Ltd.   32,468 
 7,200   Sparx Group Co. Ltd.   14,925 
 700   SPK Corp.   16,827 
 400   S-Pool, Inc.   9,575 
 1,400   Square Enix Holdings Co. Ltd.   47,754 
 400   SRA Holdings, Inc.   8,968 
 5,800   ST Corp.   89,622 
 80,200   St. Marc Holdings Co. Ltd.   1,703,058 
 500   Star Mica Holdings Co. Ltd.   8,278 
 16,400   Star Micronics Co. Ltd.   215,192 
 2,100   Starts Corp., Inc.   49,642 
 900   Starzen Co. Ltd.   34,642 
 2,200   St-Care Holding Corp.   10,299 
 200   Strike Co. Ltd.   4,841 
 48,800   Studio Alice Co. Ltd.   903,187 
 1,600   Sugi Holdings Co. Ltd.   77,018 
 2,700   Sugimoto & Co. Ltd.   47,873 
 12,400   SUMCO Corp.   162,513 
 2,900   Sumida Corp.   30,603 
 4,100   Suminoe Textile Co. Ltd.   110,289 
 23,000   Sumitomo Bakelite Co. Ltd.   782,395 
 5,500   Sumitomo Densetsu Co. Ltd.   97,500 
 23,200   Sumitomo Forestry Co. Ltd.   290,395 
 17,200   Sumitomo Mitsui Construction Co. Ltd.   91,426 
 6,500   Sumitomo Osaka Cement Co. Ltd.   248,241 


50

Old Westbury Funds, Inc.  
SMALL & MID CAP STRATEGIES FUND  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
JAPAN (continued)      
 700   Sumitomo Precision Products Co. Ltd.  $17,649 
 10,600   Sumitomo Riko Co. Ltd.   82,257 
 42,203   Sumitomo Rubber Industries Ltd.   460,666 
 1,400   Sumitomo Seika Chemicals Co. Ltd.   43,733 
 3,700   Sun Frontier Fudousan Co. Ltd.   37,620 
 5,400   Suncall Corp.   24,960 
 5,200   Sundrug Co. Ltd.   143,776 
 56,300   Sushiro Global Holdings Ltd.   3,452,975 
 81,900   Suzuken Co. Ltd.   4,513,266 
 4,700   Suzuki Co. Ltd.   27,502 
 8,500   SWCC Showa Holdings Co. Ltd.   67,623 
 3,000   System Research Co. Ltd.   111,733 
 229,000   Systena Corp.   3,805,543 
 1,100   Syuppin Co. Ltd.   7,467 
 3,800   T&K Toka Co. Ltd.   33,883 
 1,700   T. Hasegawa Co. Ltd.   30,058 
 2,400   T. RAD Co. Ltd.   40,837 
 1,740   Tachibana Eletech Co. Ltd.   26,986 
 1,800   Tachikawa Corp.   22,145 
 5,800   Tachi-S Co. Ltd.   74,323 
 2,600   Tadano Ltd.   23,378 
 1,800   Taihei Dengyo Kaisha Ltd.   37,190 
 5,700   Taiho Kogyo Co. Ltd.   40,512 
 35,700   Taikisha Ltd.   1,064,777 
 5,000   Taiko Pharmaceutical Co. Ltd.   102,820 
 300   Taisei Lamick Co., Ltd.   7,982 
 1,300   Taiyo Holdings Co. Ltd.   39,877 
 5,800   Taiyo Yuden Co. Ltd.   114,724 
 1,100   Takamatsu Construction Group Co. Ltd.   23,108 
 3,500   Takamatsu Machinery Co. Ltd.   27,263 
 3,000   Takamiya Co. Ltd.   21,803 
 1,700   Takaoka Toko Co. Ltd.   18,644 
 1,900   Takara Bio, Inc.   37,319 
 3,400   Takara Holdings, Inc.   35,092 
 9,100   Takara Leben Co. Ltd.   31,762 
 2,100   Takara Standard Co. Ltd.   32,919 
 11,600   Takasago International Corp.   318,376 
 83,500   Takasago Thermal     
     Engineering Co. Ltd.   1,289,096 
 1,300   Takashima & Co. Ltd.   20,018 
 6,800   Takashimaya Co. Ltd.   78,002 
 2,800   Take And Give Needs Co. Ltd.   26,077 
 2,000   Takebishi Corp.   26,427 
 2,800   Takeuchi Manufacturing Co. Ltd.   43,305 
 700   Takihyo Co. Ltd.   11,956 
 1,700   Takisawa Machine Tool Co. Ltd.   22,082 
 27,700   Takuma Co. Ltd.   328,693 
Shares      Value 
JAPAN (continued)      
 87,300   Tama Home Co. Ltd.  $1,208,123 
 120,600   Tamron Co. Ltd.   2,698,507 
 5,500   Tamura Corp.   30,973 
 1,500   Tanabe Engineering Corp.   10,387 
 82,200   Tanseisha Co. Ltd.   974,881 
 600   Taoka Chemical Co. Ltd.   24,456 
 12,700   Tatsuta Electric Wire and Cable Co. Ltd.   56,048 
 5,600   Tayca Corp.   117,782 
 10,700   TBK Co. Ltd.   39,178 
 32,000   TDC Soft, Inc.   256,662 
 68,700   TechMatrix Corp.   1,372,535 
 1,000   Techno Medica Co. Ltd.   20,087 
 1,500   TechnoPro Holdings, Inc.   84,705 
 27,000   Teijin Ltd.   467,118 
 15,400   Teikoku Electric Manufacturing Co. Ltd.   167,529 
 1,100   Tekken Corp.   29,228 
 11,937   T-Gaia Corp.   241,431 
 12,800   THK Co. Ltd.   322,588 
 3,800   Tigers Polymer Corp.   19,637 
 102,800   TIS, Inc.   5,335,923 
 700   TKC Corp.   29,098 
 3,200   Toa Corp.   35,059 
 1,700   Toa Corp.   22,080 
 3,500   Toa Oil Co. Ltd.   60,316 
 5,000   Toa Road Corp.   154,557 
 3,710   Tobishima Corp.   42,909 
 40,300   TOC Co. Ltd.   256,041 
 3,100   Tocalo Co. Ltd.   23,176 
 24,165   Tochigi Bank Ltd. (The)   39,497 
 11,700   Toda Corp.   64,089 
 20,100   Toei Animation Co. Ltd.   840,801 
 200   Toei Co. Ltd.   27,416 
 1,700   Toenec Corp.   49,771 
 163,500   Toho Bank Ltd. (The)   392,389 
 60,300   Toho Co. Ltd.   2,341,273 
 2,200   Toho Co. Ltd.   39,681 
 67,164   Toho Gas Co. Ltd.   2,553,907 
 110,600   Toho Holdings Co. Ltd.   2,459,379 
 2,100   Toho Titanium Co. Ltd.   16,360 
 1,600   Toho Zinc Co. Ltd.   34,228 
 4,300   Tohoku Bank Ltd. (The)   40,962 
 4,100   Tokai Carbon Co. Ltd.   40,176 
 1,500   Tokai Corp.   29,511 
 4,700   TOKAI Holdings Corp.   40,097 
 1,200   Tokai Lease Co. Ltd.   18,942 
 33,100   Tokai Rika Co. Ltd.   542,189 
 12,500   Tokai Tokyo Financial Holdings, Inc.   37,927 
 800   Token Corp.   45,924 
 484   Tokushu Tokai Paper Co. Ltd.   16,636 
 3,800   Tokuyama Corp.   87,469 
 4,900   Tokyo Dome Corp.   45,092 
 5,823   Tokyo Electron Device Ltd.   109,467 


51
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 4,000   Tokyo Energy & Systems, Inc.  $34,424 
 2,800   Tokyo Keiki, Inc.   24,740 
 1,700   Tokyo Kiraboshi Financial Group, Inc.   22,733 
 1,100   Tokyo Ohka Kogyo Co. Ltd.   37,200 
 3,700   Tokyo Rope Manufacturing Co. Ltd.   30,986 
 42,000   Tokyo Sangyo Co. Ltd.   190,988 
 2,000   Tokyo Seimitsu Co. Ltd.   56,083 
 3,400   Tokyo Steel Manufacturing Co. Ltd.   25,827 
 44,700   Tokyo Tatemono Co. Ltd.   521,563 
 15,100   Tokyo Tekko Co. Ltd.   192,196 
 1,000   Tokyotokeiba Co. Ltd.   28,541 
 104,200   Tokyu Construction Co. Ltd.   712,716 
 94,300   Tokyu Fudosan Holdings Corp.   545,533 
 183   Tokyu REIT, Inc. REIT   331,641 
 21,300   Toli Corp.   49,742 
 1,400   Tomato Bank Ltd.   13,374 
 1,100   Tomen Devices Corp.   23,363 
 2,900   Tomoe Corp.   10,661 
 3,800   Tomoe Engineering Co. Ltd.   83,485 
 5,700   Tomoku Co. Ltd.   92,119 
 175,100   TOMONY Holdings, Inc.   569,227 
 214,990   Tomy Co. Ltd.   2,745,840 
 2,300   Tonami Holdings Co. Ltd.   119,601 
 4,300   Topcon Corp.   50,203 
 94,300   Toppan Forms Co. Ltd.   821,460 
 6,000   Topre Corp.   90,006 
 2,500   Topy Industries Ltd.   53,288 
 1,500   Torex Semiconductor Ltd.   16,267 
 1,400   Toridoll Holdings Corp.   31,649 
 500   Torikizoku Co. Ltd.   9,748 
 3,900   Torishima Pump Manufacturing Co. Ltd.   36,025 
 49,600   Tosei Corp.   521,582 
 600   Toshiba Machine Co. Ltd.   13,198 
 1,500   Toshiba Plant Systems & Services Corp.   25,099 
 40,400   Toshiba TEC Corp.   1,197,615 
 1,300   Tosho Co. Ltd.   32,310 
 700   Totech Corp.   15,280 
 1,100   Totetsu Kogyo Co. Ltd.   30,083 
 20,500   Towa Bank Ltd. (The)   135,832 
 136,200   Towa Pharmaceutical Co. Ltd.   3,417,881 
 127,700   Toyo Construction Co. Ltd.   502,630 
 600   Toyo Denki Seizo KK   8,397 
 3,800   Toyo Engineering Corp.(a)   19,562 
 3,200   Toyo Ink SC Holdings Co. Ltd.   69,916 
 9,900   Toyo Machinery & Metal Co. Ltd.   52,720 
 16,000   Toyo Securities Co. Ltd.   18,078 
 7,400   Toyo Tanso Co. Ltd.   142,100 
 13,200   Toyo Tire Corp.   172,437 
Shares      Value 
JAPAN (continued)     
 2,000   Toyo Wharf & Warehouse Co. Ltd.  $25,280 
 17,700   Toyobo Co. Ltd.   220,876 
 12,700   Toyoda Gosei Co. Ltd.   233,563 
 14,500   Toyota Boshoku Corp.   203,554 
 4,700   TPR Co. Ltd.   81,395 
 800   Trancom Co. Ltd.   46,099 
 63,600   Transcosmos, Inc.   1,352,770 
 5,600   Treasure Factory Co. Ltd.   63,816 
 1,900   Trusco Nakayama Corp.   39,044 
 4,900   Trust Tech, Inc.   69,699 
 18,800   TS Tech Co. Ltd.   517,549 
 1,900   Tsubaki Nakashima Co. Ltd.   32,760 
 32,400   Tsubakimoto Chain Co.   1,061,427 
 1,900   Tsubakimoto Kogyo Co. Ltd.   58,225 
 2,200   Tsudakoma Corp.   27,950 
 9,400   Tsugami Corp.   75,610 
 32,800   Tsukada Global Holdings, Inc.   165,847 
 11,033   Tsukuba Bank Ltd.   17,101 
 7,700   Tsukui Corp.   35,406 
 39,800   Tsumura & Co.   1,096,737 
 1,200   Tsurumi Manufacturing Co. Ltd.   20,234 
 8,584   UACJ Corp.   140,351 
 22,480   Ube Industries Ltd.   468,044 
 2,000   Uchida Yoko Co. Ltd.   62,215 
 600   Ueki Corp.   12,564 
 16,100   ULS Group, Inc.   342,631 
 1,500   Ulvac, Inc.   62,786 
 600   Umenohana Co. Ltd.(a)   14,069 
 300   Uniden Holdings Corp.   5,201 
 2,200   UNIMAT Retirement Community Co. Ltd.   34,769 
 600   Union Tool Co.   17,901 
 8,400   Unipres Corp.   136,758 
 65,100   United Arrows Ltd.   1,865,657 
 121,500   United Super Markets Holdings, Inc.   1,077,580 
 29,300   UNITED, Inc./Japan   377,274 
 4,800   Unitika Ltd.(a)   18,251 
 1,100   Universal Entertainment Corp.   34,549 
 1,100   Unizo Holdings Co. Ltd.   35,700 
 4,000   Urbanet Corp. Co. Ltd.   12,646 
 12,600   Ushio, Inc.   160,756 
 1,100   UT Group Co. Ltd.   24,137 
 8,800   Utoc Corp.   39,158 
 1,300   V Technology Co. Ltd.   61,154 
 29,600   Valor Holdings Co. Ltd.   611,041 
 37,700   Valqua Ltd.   751,239 
 24,000   ValueCommerce Co. Ltd.   415,525 
 2,200   Vector, Inc.(a)   18,942 
 7,500   Vision, Inc./Tokyo Japan(a)   358,243 
 92,900   Vital KSK Holdings, Inc.   900,495 
 34,400   VT Holdings Co. Ltd.   135,206 


52
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
JAPAN (continued)     
 1,800   Wacoal Holdings Corp.  $43,666 
 8,500   Wacom Co. Ltd.   29,942 
 19,200   Wakachiku Construction Co. Ltd.   256,862 
 2,200   Warabeya Nichiyo Holdings Co. Ltd.   34,574 
 8,400   Waseda Academy Co. Ltd.   56,431 
 300   Watahan & Co. Ltd.   6,298 
 26,200   WATAMI Co. Ltd.   367,038 
 7,100   Watts Co. Ltd.   45,815 
 2,800   Wavelock Holdings Co. Ltd.   17,828 
 900   WDB Holdings Co. Ltd.   22,764 
 600   Weathernews, Inc.   17,197 
 1,400   Weds Co. Ltd.   7,791 
 36,900   West Holdings Corp.   393,226 
 1,000   Will Group, Inc.   8,055 
 1,100   WIN-Partners Co. Ltd.   12,141 
 1,500   World Co. Ltd.   29,638 
 29,200   World Holdings Co. Ltd.   395,840 
 3,000   W-Scope Corp.   32,733 
 2,300   Xebio Holdings Co. Ltd.   25,466 
 4,000   Yachiyo Industry Co. Ltd.   23,225 
 6,000   Yahagi Construction Co. Ltd.   38,664 
 1,000   Yakuodo Co. Ltd.   21,963 
 15,200   YAMABIKO Corp.   128,891 
 900   YAMADA Consulting Group Co. Ltd.   16,282 
 2,800   Yamagata Bank Ltd. (The)   40,896 
 36,500   Yamaguchi Financial Group, Inc.   254,828 
 3,900   Yamaha Motor Robotics Holdings Co. Ltd.(a)   15,638 
 3,100   YA-MAN Ltd.   24,975 
 22,200   Yamanashi Chuo Bank Ltd. (The)   231,167 
 6,100   Yamatane Corp.   77,941 
 2,600   Yamato Corp.   13,456 
 12,500   Yamaya Corp.   260,712 
 4,800   Yamazaki Baking Co. Ltd.   72,890 
 900   Yamazawa Co. Ltd.   13,816 
 8,200   Yamazen Corp.   77,905 
 1,200   Yaoko Co. Ltd.   54,947 
 7,818   Yashima Denki Co. Ltd.   63,698 
 1,400   Yasunaga Corp.   18,291 
 39,100   Yellow Hat Ltd.   499,811 
 4,600   Yokogawa Bridge Holdings Corp.   71,506 
 6,200   Yokohama Reito Co. Ltd.   58,179 
 20,900   Yokohama Rubber Co. Ltd. (The)   384,535 
 600   Yokowo Co. Ltd.   12,600 
 400   Yomiuri Land Co. Ltd.   17,695 
 600   Yondoshi Holdings, Inc.   14,372 
 9,000   Yorozu Corp.   118,184 
 12,600   Yossix Co. Ltd.   296,198 
 3,600   Yotai Refractories Co. Ltd.   18,832 
Shares      Value 
JAPAN (continued)     
 3,700   Yuasa Trading Co. Ltd.  $104,283 
 1,700   Yuken Kogyo Co. Ltd.   26,681 
 1,100   Yume No Machi Souzou Iinkai Co. Ltd.   16,492 
 4,700   Yumeshin Holdings Co. Ltd.   34,410 
 56,600   Yurtec Corp.   375,578 
 900   Yushiro Chemical Industry Co. Ltd.   11,113 
 1,500   Zenrin Co. Ltd.   27,577 
 3,500   Zensho Holdings Co. Ltd.   75,186 
 20,900   Zeon Corp.   241,705 
 48,300   ZERIA Pharmaceutical Co. Ltd.   876,875 
 3,700   ZIGExN Co. Ltd.   26,510 
 4,000   Zojirushi Corp.   48,187 
 129,400   ZOZO, Inc.   2,440,011 
         435,109,485 
JERSEY CHANNEL ISLANDS — 0.4%     
 33,143   Centamin Plc   51,716 
 274,987   Novocure Ltd.(a)   22,884,418 
 225   Sanne Group Plc   1,503 
         22,937,637 
JORDAN — 0.0%     
 3,419   Hikma Pharmaceuticals Plc   76,276 
LIECHTENSTEIN — 0.0%     
 750   Liechtensteinische Landesbank AG   45,725 
 269   VP Bank AG   42,122 
         87,847 
LUXEMBOURG — 0.0%     
 4,299   APERAM SA   106,239 
 1,967   Corestate Capital Holding SA   71,492 
 455   Eurofins Scientific SE   194,632 
 2,321   IVS Group SA   25,931 
 10,000   L’Occitane International SA   20,771 
 1,946   RTL Group SA   95,992 
 319   RTL Group SA   15,663 
 38,208   SES SA   631,024 
 2,210   Stabilus SA   100,717 
 503   Sword Group   17,304 
         1,279,765 
MACAU — 0.0%     
 218,000   Macau Legend Development Ltd.(a)   31,118 
 16,400   MGM China Holdings Ltd.   26,800 
         57,918 
MALAYSIA — 0.1%     
 75,100   Aeon Co. (M) Berhad   31,370 
 9,450   AEON Credit Service M Berhad   37,855 
 300,306   Affin Bank Berhad   146,728 


53
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
MALAYSIA (continued)     
 189,600   AirAsia Group Berhad  $89,740 
 78,500   Alliance Bank Malaysia Berhad   69,828 
 132,500   AMMB Holdings Berhad   135,533 
 20,100   Amway Malaysia Holdings Berhad   29,254 
 27,700   Ann Joo Resources Berhad   10,018 
 28,900   APM Automotive Holdings Berhad   17,574 
 33,000   Astro Malaysia Holdings Berhad   11,554 
 32,700   Batu Kawan Berhad   129,442 
 23,600   Berjaya Sports Toto Berhad   15,015 
 45,700   Bermaz Auto Berhad   28,193 
 64,200   BIMB Holdings Berhad   65,004 
 480,407   Boustead Holdings Berhad   132,488 
 83,160   Boustead Plantation Berhad   14,076 
 3,100   British American Tobacco Malaysia Berhad   16,930 
 234,600   Bumi Armada Berhad(a)   12,948 
 19,850   Bursa Malaysia Berhad   32,416 
 25,500   Cahya Mata Sarawak Berhad   17,528 
 9,100   Carlsberg Brewery-Malaysia Berhad   53,061 
 65,900   Dayang Enterprise Holdings Berhad(a)   22,709 
 83,300   DRB-Hicom Berhad   53,228 
 2,300   Dutch Lady Milk Industries Berhad   35,600 
 184,797   Eastern & Oriental Berhad(a)   35,692 
 127,900   Eco World Development Group Berhad(a)   24,278 
 173,400   Felda Global Ventures Holdings Berhad(a)   47,319 
 5,200   Fraser & Neave Holdings Berhad   43,442 
 84,500   Gamuda Berhad   75,722 
 4,200   Genting Plantations Berhad   9,873 
 54,366   Globetronics Technology Berhad   23,244 
 93,500   Hap Seng Plantations Holdings Berhad   35,183 
 18,600   Hartalega Holdings Berhad   22,269 
 14,200   Heineken Malaysia Berhad   78,205 
 22,300   Hengyuan Refining Co Berhad(a)   26,963 
 126,300   Hiap Teck Venture Berhad   6,833 
 24,700   Hong Leong Industries Berhad   66,167 
 27,600   IGB Berhad   18,265 
 131,780   IJM Corp. Berhad   74,161 
 36,700   IJM Plantations Berhad   12,790 
 139,031   Inari Amertron Berhad   54,984 
 131,300   IOI Properties Group Berhad   39,955 
 94,700   Iskandar Waterfront City Berhad(a)   22,233 
Shares      Value 
MALAYSIA (continued)     
 71,600   JAKS Resources Berhad(a)  $13,442 
 37,100   Kerjaya Prospek Group Berhad   12,811 
 34,300   Kossan Rubber Industries   33,807 
 125,600   KPJ Healthcare Berhad   28,404 
 142,174   KSL Holdings Berhad(a)   28,739 
 155,800   Landmarks Berhad(a)   22,625 
 53,360   LBS Bina Group Berhad   6,840 
 42,600   Lingkaran Trans Kota Holdings Berhad   47,457 
 50,300   Lion Industries Corp. Berhad(a)   6,108 
 12,000   Lotte Chemical Titan Holding Bhd   8,210 
 16,920   LPI Capital Berhad   64,071 
 32,273   Lynas Corp. Ltd.(a)   57,269 
 15,900   Magni-Tech Industries Berhad   18,645 
 25,900   Magnum Berhad   16,785 
 157,873   Mah Sing Group Berhad   35,309 
 48,523   Malaysia Airports Holdings Berhad   98,288 
 208,427   Malaysia Building Society Berhad   43,842 
 7,400   Malaysian Pacific Industries Berhad   16,298 
 71,500   Matrix Concepts Holdings Berhad   32,876 
 36,900   Mega First Corp. Berhad   33,872 
 149,600   MMC Corp. Berhad   39,749 
 63,200   Muhibbah Engineering M Berhad   40,987 
 72,300   My EG Services Berhad   26,940 
 33,800   Padini Holdings Berhad   28,807 
 2,600   Panasonic Manufacturing Malaysia Berhad   25,216 
 63,420   Paramount Corp. Berhad   23,188 
 11,000   Petron Malaysia Refining & Marketing Berhad   15,912 
 32,300   Press Metal Aluminium Holdings Berhad   35,522 
 19,780   QL Resources Berhad   32,901 
 146,200   Sapura Energy Berhad   10,542 
 64,857   Sarawak Oil Palms Berhad   35,730 
 16,600   Scientex Berhad   33,887 
 26,900   Serba Dinamik Holdings Berhad   26,054 
 42,000   Shangri-La Hotels (Malaysia) Berhad   53,489 
 111,600   Sime Darby Berhad   59,020 
 77,800   Sime Darby Property Berhad   18,368 
 30,400   SKP Resources Berhad   9,099 
 69,602   SP Setia Berhad Group   32,944 
 75,773   Sunway Berhad   30,401 
 67,866   Sunway Construction Group Berhad   35,601 


54
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
MALAYSIA (continued)     
 51,000   Supermax Corp. Berhad  $20,389 
 35,000   Syarikat Takaful Malaysia Keluarga Berhad   51,634 
 22,700   Ta Ann Holdings Berhad   12,360 
 269,700   TA Enterprise Berhad   41,780 
 195,360   TA Global Berhad   11,815 
 126,800   Tan Chong Motor Holdings Berhad   44,767 
 36,900   Telekom Malaysia Berhad   36,494 
 18,360   TIME dotCom Berhad   40,017 
 39,740   Top Glove Corp. Berhad   43,607 
 43,600   TSH Resources Berhad   9,604 
 14,700   Uchi Technologies Berhad   9,658 
 19,600   UEM Edgenta Berhad   14,280 
 18,900   UMW Holdings Berhad   23,143 
 23,700   United Malacca Berhad   29,285 
 20,800   United Plantations Berhad   130,082 
 207,100   UOA Development Berhad   104,300 
 6,200   ViTrox Corp. Bhd   10,477 
 78,875   VS Industry Berhad   22,817 
 55,000   Wah Seong Corp. Berhad(a)   9,310 
 42,100   Westports Holdings Berhad   40,728 
 38,200   Yinson Holdings Berhad   64,218 
 43,272   YNH Property Berhad   29,283 
 312,726   YTL Corp. Berhad   77,817 
         4,043,590 
MALTA — 0.0%     
 14,841   Kindred Group Plc - SDR   91,070 
MEXICO — 0.1%     
 10,989   ALEATICA SAB de CV   9,456 
 317,467   Alfa SAB de CV - Series A   274,996 
 50,138   Alpek SAB de CV   54,183 
 6,467   Alsea SAB de CV(a)   13,218 
 40,010   Banco del Bajio SA   75,182 
 14,700   Becle SAB de CV   21,823 
 14,637   Bolsa Mexicana de Valores SAB de CV   24,327 
 42,311   Cemex SAB de CV - CPO - Units   15,058 
 82,556   Consorcio ARA SAB de CV - Series B   17,232 
 15,500   Corp Inmobiliaria Vesta SAB de CV   23,351 
 25,361   Corp. Actinver SAB de CV   16,410 
 61,938   Corp. Interamericana de Entretenimiento SAB de CV - Series B(a)   42,825 
 24,022   Corp. Moctezuma SAB de CV   72,152 
 1,260   Corporativo Fragua SAB de CV   15,648 
 35,363   Credito Real SAB de CV SOFOM ER   40,468 
 35,100   Fibra Uno Administracion SA de CV REIT   45,185 
 12,549   Fresnillo Plc   90,574 
Shares      Value 
MEXICO (continued)     
 39,113   Genomma Lab Internacional SAB de CV - Class B(a)  $35,758 
 25,002   Gentera SAB de CV   20,535 
 5,782   Gruma SAB de CV - Series B   52,966 
 30,292   Grupo Aeromexico SAB de CV(a)   23,710 
 11,618   Grupo Aeroportuario del Centro Norte SAB de CV   71,392 
 13,171   Grupo Aeroportuario del Pacifico SAB de CV - Series B   132,165 
 5,517   Grupo Aeroportuario del Sureste SAB de CV - Series B   83,487 
 37,329   Grupo Bimbo SAB de CV - Series A   71,332 
 11,248   Grupo Carso SAB de CV - Series A1   35,974 
 51,513   Grupo Cementos de Chihuahua SAB de CV   275,148 
 23,503   Grupo Comercial Chedraui SA de CV   35,272 
 739   Grupo Elektra SAB DE CV   49,573 
 45,428   Grupo Famsa SAB de CV - Class A(a)   13,299 
 22,346   Grupo Herdez SAB de CV - Series A   46,875 
 17,079   Grupo KUO SAB De CV - Series B   41,878 
 9,061   Grupo Rotoplas SAB de CV   6,525 
 19,200   Grupo Sanborns SAB de CV   20,539 
 8,920   Grupo Simec SAB de CV - Series B(a)   25,833 
 37,388   Hoteles City Express SAB de CV(a)   37,205 
 256,075   Impulsora del Desarrollo y el Empleo en America Latina SAB de CV(a)   332,725 
 5,874   Industrias Bachoco SAB de CV - Series B   26,603 
 131,489   Industrias CH SAB de CV - Series B(a)   431,921 
 3,486   Industrias Penoles SAB de CV    32,070 
 45,760   Kimberly-Clark de Mexico SAB de CV - Class A   94,941 
 36,269   La Comer SAB de CV(a)   43,529 
 19,599   Macquarie Mexico Real Estate Management SA de CV REIT   22,244 
 90   Medica Sur SAB de CV - Series B   98 
 18,125   Megacable Holdings SAB de CV - CPO Shares   76,884 
 81,014   Mexichem SAB de CV   148,046 
 118,273   Nemak SAB de CV   54,002 


55
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
MEXICO (continued)     
 11,623   Organizacion Cultiba SAB de CV  $8,479 
 84,289   Organizacion Soriana SAB de CV - Series B(a)   88,759 
 8,733   Promotora y Operadora de Infraestructura SAB de CV   78,609 
 1,100   Promotora y Operadora de Infraestructura SAB de CV - Series L   6,715 
 8,043   Qualitas Controladora SAB de CV - Class I   25,060 
 49,541   Regional SAB de CV   236,876 
 21,201   Telesites SAB de CV(a)   12,634 
 11,663   Unifin Financiera SAB de CV SOFOM ENR   24,569 
 13,935   Vitro SAB de CV - Series A   31,249 
         3,707,567 
MONACO — 0.0%     
 1,900   Endeavour Mining Corp.(a)   35,501 
MONGOLIA — 0.0%     
 714,500   Mongolian Mining Corp.(a)   9,005 
NETHERLANDS — 0.4%     
 4,578   Aalberts NV   184,201 
 22,187   Accell Group NV   529,479 
 31,927   Aegon NV   157,334 
 917   AFC Ajax NV(a)   17,708 
 10,937   Altice Europe NV(a)   40,717 
 483   AMG Advanced Metallurgical Group NV   13,828 
 1,283   Amsterdam Commodities NV   27,067 
 6,735   Arcadis NV   137,405 
 53,009   ASM International NV   4,323,868 
 132,875   ASR Nederland NV   4,992,996 
 1,337   Basic-Fit NV(a)   42,105 
 4,924   BE Semiconductor Industries NV   145,730 
 8,190   BinckBank NV(a)   57,413 
 7,881   Boskalis Westminster   177,965 
 0   Brack Capital Properties NV(a)   18 
 1,066   Brunel International NV   15,199 
 7,289   Corbion NV   238,254 
 2,476   Euronext NV   191,139 
 4,336   ForFarmers NV   34,090 
 6,077   Fugro NV - CVA(a)   49,602 
 4,320   GrandVision NV   129,487 
 156,454   Heijmans NV - CVA(a)   1,445,150 
 1,636   Hunter Douglas NV   110,725 
 1,828   IMCD Group NV   161,047 
 7,159   Intertrust NV   136,754 
 8,679   KAS Bank NV - CVA   120,181 
 2,222   Kendrion NV   42,744 
 265,355   Koninklijke BAM Groep NV   887,691 
 275,956   Koninklijke KPN NV   786,876 
Shares      Value 
NETHERLANDS (continued)     
 52,482   Koninklijke Volkerwessels NV  $1,045,883 
 4,105   Koninklijke Vopak NV   202,398 
 392   Lucas Bols NV   5,785 
 2,009   Nederland Apparatenfabriek   107,529 
 3,753   NSI NV REIT   159,368 
 3,894   OCI NV(a)   101,564 
 24,070   Ordina NV   49,249 
 13,620   PostNL NV   23,315 
 4,544   QIAGEN NV(a)   172,478 
 5,961   Randstad NV   299,206 
 10,338   SBM Offshore NV   204,560 
 455   Shop Apotheke Europe NV(a)    17,839 
 13,317   Signify NV   361,541 
 5,632   Sligro Food Group NV   180,309 
 86,230   SNS REAAL NV(a)(b)   0 
 3,279   TKH Group NV   194,541 
 133,800   TomTom NV   1,579,956 
 1,091   Van Lanschot Kempen NV   22,277 
 17,030   Vastned Retail NV REIT   496,965 
 765,391   VEON Ltd. - ADR   2,395,674 
 3,449   Wessanen   43,235 
         22,860,445 
NEW ZEALAND — 0.3%     
 218,861   Air New Zealand Ltd.   389,621 
 6,753   CBL Corp. Ltd.(a)(b)   2,636 
 84,146   Chorus Ltd.   304,717 
 6,578   Contact Energy Ltd.   33,561 
 15,665   EBOS Group Ltd.   256,192 
 6,739   Freightways Ltd.   37,910 
 5,539   Genesis Energy Ltd.   12,455 
 3,881   Hallenstein Glasson Holdings Ltd.   13,659 
 20,946   Infratil Ltd.   63,854 
 23,524   Kathmandu Holdings Ltd.   32,791 
 35,207   Kiwi Property Group Ltd.   37,421 
 12,351   Mainfreight Ltd.   340,424 
 13,684   Metlifecare Ltd.   39,293 
 274,611   New Zealand Refining Co. Ltd. (The)   388,406 
 56,805   NZME Ltd.   20,101 
 39,693   NZX Ltd.   30,970 
 73,491   PGG Wrightson Ltd.   26,567 
 80,140   Pike River Coal Ltd.(a)(b)   0 
 205,771   Port of Tauranga Ltd.   831,882 
 1,119   Restaurant Brands New Zealand Ltd.(a)   7,215 
 15,128   Sanford Ltd.   66,489 
 58,037   Skellerup Holdings Ltd.   88,515 
 18,902   SKY Network Television Ltd.   15,732 
 115,434   SKYCITY Entertainment Group Ltd.   302,824 
 174,379   Stride Property Group   259,582 
 31,804   Summerset Group Holdings Ltd.   117,690 
 64,488   Synlait Milk Ltd.(a)   423,727 


56
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
NEW ZEALAND (continued)     
 4,605   Tourism Holdings, Ltd.  $12,369 
 21,108   Trustpower Ltd.   105,048 
 89,987   Vista Group International Ltd.   365,621 
 296,438   Xero Ltd.(a)   13,049,800 
 944,081   Z Energy Ltd.   4,015,253 
         21,692,325 
NORWAY — 0.3%     
 81,009   ABG Sundal Collier Holding ASA   32,580 
 1,087   AF Gruppen ASA   20,700 
 16,316   Akastor ASA(a)   20,768 
 66,947   Aker ASA - Class A   3,523,278 
 22,495   Aker Solutions ASA(a)   71,954 
 11,928   American Shipping Co. ASA   46,773 
 5,464   Atea ASA   69,514 
 379,221   Austevoll Seafood ASA   3,858,180 
 9,647   Avance Gas Holding Ltd.(a)   28,584 
 445,238   B2Holding ASA   495,449 
 7,044   Bonheur ASA   142,386 
 15,816   Borregaard ASA   165,643 
 21,532   BW Offshore Ltd.(a)   120,885 
 1,680,759   DNO ASA   2,811,202 
 2,877   Entra ASA   41,731 
 12,338   Europris ASA   35,401 
 11,761   Frontline Ltd.(a)   85,827 
 5,496   Grieg Seafood ASA   78,175 
 7,112   Hexagon Composites ASA(a)   27,441 
 8,291   Hoegh LNG Holdings Ltd.   34,099 
 8,021   Itera ASA   6,892 
 40,296   Kongsberg Gruppen ASA   510,751 
 27,615   Kvaerner ASA   38,812 
 5,087   Magnora ASA   3,971 
 16,871   NEL ASA(a)   13,232 
 3,874   Nordic Semiconductor ASA(a)   19,177 
 3,231   Norwegian Air Shuttle ASA(a)   14,427 
 15,576   Norwegian Finans Holding ASA(a)   108,029 
 46,133   Norwegian Property ASA   61,466 
 7,346   Ocean Yield ASA   43,439 
 15,636   Odfjell Drilling Ltd.(a)   46,354 
 8,670   Odfjell SE - Class A(a)   25,291 
 15,813   Olav Thon Eiendomsselskap ASA   258,655 
 8,549   Otello Corp. ASA(a)   15,670 
 49,298   Petroleum Geo-Services ASA(a)   69,892 
 49,441   Salmar ASA   2,283,618 
 6,036   Sbanken ASA   46,367 
 5,320   Scatec Solar ASA   54,796 
 6,581   Selvaag Bolig ASA   34,516 
 5,643   SpareBank 1 BV   24,115 
 17,310   Sparebank 1 Oestlandet   161,888 
 226,120   SpareBank 1 SR-Bank ASA   2,432,890 
 201   Sparebanken More   7,144 
Shares      Value 
NORWAY (continued)     
 33,323   Spectrum ASA(a)  $227,439 
 21,350   Storebrand ASA   144,275 
 7,790   TGS Nopec Geophysical Co. ASA   188,294 
 6,808   Tomra Systems ASA   200,236 
 5,713   Veidekke ASA   51,476 
         18,803,682 
PERU — 0.1%     
 293,300   Cia de Minas Buenaventura SAA - ADR   4,469,892 
 18,863   Hochschild Mining Plc   47,306 
         4,517,198 
PHILIPPINES — 0.0%     
 35,900   Aboitiz Equity Ventures, Inc.   37,223 
 22,500   Aboitiz Power Corp.   15,618 
 390,200   Alliance Global Group, Inc.   119,108 
 150,400   Bloomberry Resorts Corp.   33,837 
 27,890   Cebu Air, Inc.   51,134 
 133,952   China Banking Corp.   70,707 
 225,500   Cosco Capital, Inc.   30,345 
 183,400   DMCI Holdings, Inc.   36,490 
 148,350   East West Banking Corp.(a)   36,133 
 165,200   Emperador, Inc.(a)   24,432 
 44,200   Filinvest Development Corp.   12,127 
 2,062,375   Filinvest Land, Inc.   76,862 
 43,720   First Philippine Holdings Corp.   74,342 
 17,425   Globe Telecom, Inc.   734,428 
 940   GT Capital Holdings, Inc.   17,060 
 63,226   Integrated Micro-Electronics, Inc.   11,777 
 18,820   International Container Terminal Services, Inc.   49,813 
 657,700   Lopez Holdings Corp.   58,579 
 86,600   LT Group, Inc.   23,966 
 11,600   Manila Water Co., Inc.   5,350 
 33,500   Megawide Construction Corp.   12,502 
 1,018,696   Megaworld Corp.   122,330 
 352,300   Metro Pacific Investments Corp.   33,116 
 26,580   Metropolitan Bank & Trust Co.   39,510 
 444,000   Petron Corp.   48,319 
 152,000   Philex Mining Corp.   10,197 
 49,100   Phoenix Petroleum Philippines, Inc.   11,559 
 19,870   Pilipinas Shell Petroleum Corp.   14,984 
 38,600   Puregold Price Club, Inc.   34,385 
 104,253   Rizal Commercial Banking Corp.   62,880 
 210,207   Robinsons Land Corp.   112,958 
 15,190   Robinsons Retail Holdings, Inc.   23,690 
 13,571   Security Bank Corp.   48,605 


57
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
PHILIPPINES (continued)     
 83,440   Semirara Mining & Power Corp.  $37,678 
 6   Top Frontier Investment Holdings, Inc.(a)   31 
 161,290   Union Bank of Philippines, Inc.   190,907 
 583,900   Vista Land & Lifescapes, Inc.   87,652 
         2,410,634 
POLAND — 0.2%     
 3,727   Alior Bank SA(a)   44,885 
 817   Amica SA   24,786 
 348   Apator SA   2,109 
 6,063   Asseco Poland SA   85,683 
 552   Bank Handlowy w Warszawie SA   7,508 
 29,732   Bank Millennium SA(a)   58,059 
 965   Budimex SA   32,085 
 1,070   CCC SA   41,310 
 885   CD Projekt SA   52,317 
 2,430   Ciech SA(a)   24,769 
 14,875   Cyfrowy Polsat SA   115,046 
 1,360   Dino Polska SA(a)   51,116 
 28,255   Enea SA(a)   59,962 
 770,847   Energa SA(a)   1,452,743 
 4,391   Eurocash SA   21,169 
 7,502   Famur SA   8,861 
 119   Grupa Azoty Zaklady Chemiczne Police SA   433 
 1,643   Grupa Kety SA(a)   143,704 
 9,826   Grupa Lotos SA   220,714 
 1,298   Inter Cars SA   66,074 
 2,436   Jastrzebska Spolka Weglowa SA(a)   24,467 
 198,084   KGHM Polska Miedz SA(a)   4,789,271 
 21,659   LC Corp. SA   15,465 
 32   LPP SA   64,658 
 1,552   Lubelski Wegiel Bogdanka SA   14,719 
 256   mBank SA(a)   22,986 
 23,981   Netia SA(a)   28,949 
 17,977   Orange Polska SA(a)   31,257 
 466   Pfleiderer Group SA(a)   3,366 
 943,371   PGE Polska Grupa Energetyczna SA(a)   2,157,309 
 1,888   PKP Cargo SA   16,414 
 4,554   Polnord SA(a)   6,523 
 1,383,131   Polskie Gornictwo Naftowe i Gazownictwo SA   2,005,584 
 2,678,235   Tauron Polska Energia SA(a)   1,089,606 
 1,885   Warsaw Stock Exchange   18,881 
         12,802,788 
PORTUGAL — 0.1%     
 303,691   Altri SGPS SA   1,992,771 
 518,059   Banco Comercial Portugues SA   132,400 
 1,231,589   Banco Espirito Santo SA(a)(b)   0 
Shares           Value 
PORTUGAL (continued)     
 17,811   CTT-Correios de Portugal SA  $37,944 
 8,896   EDP - Energias de Portugal SA   32,565 
 10,031   Jeronimo Martins SGPS SA   161,861 
 16,422   Mota-Engil SGPS SA   32,966 
 165,453   Navigator Co. SA (The)   556,177 
 530,950   NOS SGPS SA   3,296,881 
 20,026   REN - Redes Energeticas Nacionais SGPS SA   54,132 
 6,215   Semapa - Sociedade de Investimento e Gestao   82,101 
 401,904   Sonae SGPS SA   374,807 
         6,754,605 
PUERTO RICO — 0.1%     
 141,000   EVERTEC, Inc.   4,514,820 
QATAR — 0.1%     
 2,655,170   Barwa Real Estate Co.   2,604,904 
 1,830,746   Doha Bank QPSC   1,373,633 
         3,978,537 
ROMANIA — 0.0%     
 3,908   NEPI Rockcastle Plc   35,272 
RUSSIA — 0.6%     
 8,467   Etalon Group Plc   18,711 
 700,030,774   Federal Grid Co. Unified Energy System PJSC   2,020,699 
 3,038,052   Gazprom PJSC   11,260,334 
 1,373,778   Gazprom PJSC - ADR   10,041,504 
 4,316   Globaltrans Investment Plc   37,742 
 66,570   Magnit PJSC   3,951,741 
 14,884   Magnitogorsk Iron & Steel Works PJSC   128,590 
 2,324   Mail.Ru Group Ltd.(a)   59,603 
 2,223   Novolipetsk Steel PJSC   52,216 
 461,351   Petropavlovsk Plc(a)   55,709 
 1,292   Ros Agro Plc   14,970 
 116,079,399   ROSSETI PJSC   2,170,792 
 311,212,468   RusHydro PJSC   2,761,436 
 17,144   RusHydro PJSC - ADR   14,427 
 5,614   TMK PJSC   20,039 
 2,973,081,703   VTB Bank PJSC   1,980,575 
 156,700   Yandex NV - Class A(a)   6,145,774 
         40,734,862 
SAUDI ARABIA — 0.0%     
 963,836   Dar Al Arkan Real Estate Development Co.(a)   2,938,866 
SINGAPORE — 0.2%     
 813,800   Accordia Golf Trust - Units   313,806 
 79,900   Ascendas India Trust - Units   81,898 
 1,837,930   Asian Pay Television Trust - Units   234,772 
 35,000   Banyan Tree Holdings, Ltd.   12,292 
 21,700   Best World International Ltd.(b)   21,477 


58
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SINGAPORE (continued)     
 4,200   BOC Aviation Ltd.  $36,185 
 7,400   Bonvests Holdings Ltd.   6,893 
 25,598   Boustead Projects Ltd.   18,463 
 48,229   Boustead Singapore Ltd.   26,988 
 267,500   BreadTalk Group Ltd.   136,273 
 23,600   Bukit Sembawang Estates Ltd.   94,499 
 9,090   BW LPG Ltd.(a)   41,588 
 292,900   Cache Logistics Trust, REIT   163,842 
 458,500   China Aviation Oil Singapore Corp. Ltd.   420,978 
 1,030,000   China Sunsine Chemical Holdings Ltd.   839,718 
 90,000   Chip Eng Seng Corp. Ltd.   45,954 
 69,300   CITIC Envirotech Ltd.   16,305 
 25,100   ComfortDelGro Corp. Ltd.   49,196 
 1,608,200   CSE Global Ltd.   537,959 
 88,000   CW Group Holdings Ltd.(a)(b)   487 
 41,300   Delfi Ltd.   39,153 
 584,900   Ezion Holdings Ltd.(a)(b)   13,749 
 316,200   Far East Hospitality Trust   156,256 
 130,121   Far East Orchard Ltd.   113,066 
 24,400   First Resources Ltd.   27,639 
 164,000   Fragrance Group Ltd.   15,514 
 121,000   Frasers Property Ltd.   159,326 
 646,400   Frencken Group Ltd.   333,034 
 122,600   GL Ltd.   70,387 
 209,700   Golden Agri-Resources Ltd.   44,790 
 58,000   GP Industries Ltd.   25,933 
 40,466   GuocoLand Ltd.   58,494 
 89,200   Halcyon Agri Corp. Ltd.(a)   30,737 
 32,000   Hiap Hoe Ltd.   18,753 
 622,300   Hi-P International Ltd.   620,979 
 67,539   Ho Bee Land Ltd.   115,701 
 392,640   Hong Fok Corp. Ltd.   244,919 
 232,800   Hong Leong Asia Ltd.(a)   97,038 
 14,700   Hong Leong Finance Ltd.   29,588 
 9,000   Hour Glass Ltd. (The)   5,536 
 76,000   Hyflux Ltd.(a)   1,609 
 129,600   Indofood Agri Resources Ltd.   27,704 
 47,400   Japfa Ltd.   17,501 
 92,950   Jurong Technologies Industrial Corp. Ltd.(a)(b)   0 
 90,757   Keppel Infrastructure Trust - Units   33,619 
 52,400   Koufu Group Ltd.   28,108 
 135,400   Lian Beng Group Ltd.   49,100 
 42,000   Low Keng Huat Singapore Ltd.   14,789 
 75,000   Lum Chang Holdings Ltd.   18,819 
 690,300   Mapletree Commercial Trust, REIT   1,037,050 
 400,600   Midas Holdings Ltd.(a)(b)   10,495 
 147,400   Olam International Ltd.   207,753 
 68,690   OM Holdings Ltd.   37,046 
Shares      Value 
SINGAPORE (continued)     
 28,200   OUE Ltd.  $30,694 
 212,492   Oxley Holdings Ltd.   50,768 
 69,500   Penguin International Ltd.   26,076 
 84,970   QAF Ltd.   45,201 
 39,618   Raffles Medical Group Ltd.   29,607 
 394,700   RHT Health Trust - Units   5,494 
 239,250   Roxy-Pacific Holdings Ltd.   67,653 
 19,500   SATS Ltd.   67,941 
 72,800   Sembcorp Industries Ltd.   123,176 
 160,395   Sheng Siong Group Ltd.   135,244 
 689,100   Silverlake Axis Ltd.   259,875 
 527,100   Sinarmas Land Ltd.   92,893 
 503,200   Singapore Airlines Ltd.   3,523,008 
 54,300   Singapore Medical Group Ltd.(a)   15,181 
 47,900   Singapore Post Ltd.   33,542 
 174,000   Singapore Reinsurance Corp. Ltd.   36,647 
 440,400   Stamford Land Corp. Ltd.   152,204 
 24,100   StarHub Ltd.   26,406 
 36,600   Sunningdale Tech Ltd.   36,566 
 310,298   Tuan Sing Holdings Ltd.   77,496 
 220,554   United Engineers Ltd.   418,597 
 310,992   United Industrial Corp. Ltd.   673,075 
 171,068   UOB-Kay Hian Holdings Ltd.   150,270 
 15,211   UOL Group Ltd.   80,841 
 62,800   Venture Corp. Ltd.   700,814 
 15,900   Wing Tai Holdings Ltd.   24,379 
 26,250   Xinghua Port Holdings Ltd.   3,314 
 446   XP Power Ltd.   11,028 
 620,500   Yanlord Land Group Ltd.   582,392 
         14,284,140 
SOUTH AFRICA — 0.5%     
 3,451   Adcock Ingram Holdings Ltd.   13,723 
 39,276   Advtech Ltd.   34,699 
 16,012   AECI Ltd.   104,223 
 9,268   African Oxygen Ltd.   13,774 
 13,666   African Rainbow Minerals Ltd.   168,343 
 10,747   Afrimat Ltd.   26,133 
 97,498   Alexander Forbes Group Holdings Ltd.   38,174 
 12,771   Allied Electronics Corp. Ltd. - A Shares   24,699 
 38,527   Alviva Holdings Ltd.   43,431 
 190,980   Anglo American Platinum Ltd.   11,337,343 
 53,538   AngloGold Ashanti Ltd.   920,034 
 83,136   ArcelorMittal South Africa Ltd.(a)   13,916 
 2,348   Aspen Pharmacare Holdings Ltd.   14,737 
 1,860   Assore Ltd.   45,356 
 3,359   Astral Foods Ltd.   38,545 
 18,910   AVI Ltd.   114,407 
 36,123   Barloworld Ltd.   302,816 


59
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SOUTH AFRICA (continued)     
 14,066   Bidvest Group Ltd. (The)  $180,124 
 1,314   Cashbuild Ltd.   24,285 
 2,973   City Lodge Hotels Ltd.   23,803 
 11,801   Clicks Group Ltd.   167,603 
 23,729   Clover Industries Ltd.   38,168 
 7,676   Coronation Fund Managers Ltd.   22,411 
 21,103   DataTec Ltd.   49,466 
 3,467   Distell Group Holdings Ltd.   32,213 
 4,981   EOH Holdings Ltd.(a)   6,164 
 7,810   Equites Property Fund Ltd. REIT   11,146 
 15,471   Exxaro Resources Ltd.   179,400 
 3,858   Famous Brands Ltd.   24,529 
 6,653   Foschini Group Ltd. (The)   76,527 
 168,854   Gold Fields Ltd.   862,407 
 166,338   Grindrod Ltd.   69,814 
 43,149   Growthpoint Properties Ltd. REIT   71,603 
 34,961   Harmony Gold Mining Co. Ltd.(a)   86,612 
 6,699   Hudaco Industries Ltd.   54,616 
 1,986   Hulamin Ltd.   354 
 6,285   Hyprop Investments Ltd. REIT   30,485 
 1,144,043   Impala Platinum Holdings Ltd.(a)   6,103,296 
 12,929   Imperial Logistics Ltd.   40,986 
 12,652   Investec Plc   71,986 
 1,926   JSE Ltd.   17,210 
 52,054   KAP Industrial Holdings Ltd.   18,743 
 5,751   Lewis Group Ltd.   13,035 
 10,423   Liberty Holdings Ltd.   78,830 
 114,400   Life Healthcare Group Holdings Ltd.   180,108 
 37,440   Long4Life Ltd.(a)   11,820 
 5,279   Massmart Holdings Ltd.   18,820 
 8,996   Mediclinic International Plc   37,511 
 355,109   Merafe Resources Ltd.   29,984 
 22,537   Metair Investments Ltd.   37,268 
 111,479   Momentum Metropolitan Holdings   131,265 
 13,170   Motus Holdings Ltd.   67,856 
 16,444   Mpact Ltd.   25,980 
 9,464   Mr Price Group Ltd.   116,173 
 4,949   MultiChoice Group Ltd.(a)   46,259 
 171,949   Murray & Roberts Holdings Ltd.   138,143 
 60,253   Nampak Ltd.(a)   41,801 
 60,971   Netcare Ltd.   71,093 
 13,803   Northam Platinum Ltd.(a)   60,610 
 6,814   Oceana Group Ltd.   32,364 
 4,059   Omnia Holdings Ltd.   9,539 
 24,031   Peregrine Holdings Ltd.   30,864 
 16,287   Pick’n Pay Stores Ltd.   75,743 
 5,508   Pioneer Foods Group Ltd.   39,515 
 146,824   PPC Ltd.(a)   49,845 
Shares      Value 
SOUTH AFRICA (continued)     
 5,246   PSG Group Ltd.  $83,482 
 16,317   PSG Konsult Ltd.   10,722 
 12,027   Raubex Group Ltd.   16,037 
 88,504   Redefine Properties Ltd. REIT   54,151 
 3,765   Resilient REIT Ltd. REIT   16,137 
 8,400   Reunert Ltd.   38,124 
 7,777   Royal Bafokeng Platinum Ltd.(a)   18,360 
 2,487   Santam Ltd.   51,198 
 762,495   Sappi Ltd.   2,765,013 
 3,684,870   Sibanye Gold Ltd.(a)   4,557,118 
 8,610   SPAR Group Ltd. (The)   110,054 
 9,522   Sun International Ltd.(a)   30,697 
 81,592   Super Group Ltd.(a)   168,187 
 35,534   Telkom SA SOC Ltd.   212,174 
 5,002   Tiger Brands Ltd.   77,430 
 3,369   Tongaat Hulett Ltd.(a)(b)   3,103 
 24,737   Transaction Capital Ltd.   39,664 
 14,987   Trencor Ltd.(a)   25,772 
 17,772   Truworths International Ltd.   76,952 
 50,361   Tsogo Sun Gaming Ltd.   49,330 
 2,815   Wilson Bayly Holmes-Ovcon Ltd.   22,640 
 44,104   Woolworths Holdings Ltd.   168,455 
         31,457,530 
SOUTH KOREA — 1.1%     
 1,493   Able C&C Co. Ltd.(a)   12,562 
 3,445   Aekyung Petrochemical Co. Ltd.   21,974 
 781   AfreecaTV Co. Ltd.   38,054 
 1,836   AJ Networks Co. Ltd.   7,235 
 3,147   AJ Rent A Car Co. Ltd.(a)   27,341 
 706   AK Holdings, Inc.   24,398 
 4,880   ALUKO Co. Ltd.   9,499 
 1,630   Amotech Co. Ltd.(a)   25,726 
 230   Asia Cement Co. Ltd.   15,708 
 230   ASIA Holdings Co. Ltd.   20,830 
 962   Asia Paper Manufacturing Co. Ltd.   26,547 
 16,835   Asiana Airlines, Inc.(a)   81,873 
 2,350   Autech Corp.   20,326 
 2,934   Baiksan Co. Ltd.   17,441 
 140   BGF retail Co. Ltd.   24,176 
 1,524   BH Co. Ltd.(a)   23,350 
 295   Binggrae Co. Ltd.   16,227 
 32,432   BNK Financial Group, Inc.   191,311 
 1,549   Bookook Securities Co. Ltd.   26,282 
 6,025   Boryung Pharmaceutical Co. Ltd.   59,205 
 1,158   Bukwang Pharmaceutical Co. Ltd.   14,988 
 4,103   Capro Corp.   12,093 
 501   Cell Biotech Co. Ltd.   7,471 


60
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 3,758   Cheil Worldwide, Inc.  $85,667 
 396   Chong Kun Dang Pharmaceutical Corp.   29,058 
 409   Chongkundang Holdings Corp.   35,763 
 1,068   CJ CGV Co. Ltd.   30,530 
 843   CJ CheilJedang Corp.   202,536 
 1,303   CJ Corp.   102,213 
 93   CJ Corp. - Preference Shares(a)(b)   2,882 
 504   CJ ENM Co. Ltd.   70,222 
 804   CJ Freshway Corp.   20,200 
 3,726   CJ Hello Co. Ltd.   18,771 
 333   CJ Logistics Corp.(a)   38,445 
 622   CKD Bio Corp.   15,107 
 400   Com2uSCorp   29,660 
 251   Cosmax, Inc.   21,557 
 1,022   CosmoAM&T Co. Ltd.(a)   9,879 
 426   COSON Co. Ltd.(a)   2,224 
 637   Crown Confectionery Co. Ltd.   4,688 
 1,379   Crown Haitai Holdings Co. Ltd.   13,518 
 1,323   Cymechs, Inc./Korea   8,265 
 4,684   D.I Corp.   12,958 
 4,227   Dae Dong Industrial Co. Ltd.   18,337 
 1,110   Dae Hwa Pharmaceutical Co. Ltd.   12,227 
 14,862   Dae Won Kang Up Co. Ltd.   49,643 
 12,386   Daea TI Co. Ltd.   50,110 
 7,259   Dae-Il Corp.   19,315 
 3,396   Daelim Industrial Co. Ltd.   301,708 
 2,871   Daesang Corp.   57,686 
 4,103   Daesang Holdings Co. Ltd.   23,891 
 2,247   Daesung Industrial Co. Ltd.(a)   7,754 
 1,178   Daewon Pharmaceutical Co. Ltd.   14,570 
 8,194   Daewon San Up Co. Ltd.   41,508 
 354,193   Daewoo Engineering & Construction Co. Ltd.(a)   1,220,891 
 2,186   Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)   53,799 
 7,695   Daewoong Co. Ltd.   100,381 
 183   Daewoong Pharmaceutical Co. Ltd.   24,321 
 639   Daihan Pharmaceutical Co. Ltd.   17,983 
 5,223   Daishin Securities Co. Ltd.   52,172 
 5,636   Danal Co. Ltd.(a)   13,727 
 594   Danawa Co. Ltd.   10,993 
 1,525   Dawonsys Co. Ltd.   17,469 
 6,854   DB Financial Investment Co. Ltd.   26,397 
 6,210   DB HiTek Co. Ltd.   68,942 
 5,784   DB Insurance Co. Ltd.   273,734 
 375   Dentium Co. Ltd.   21,540 
Shares      Value 
SOUTH KOREA (continued)     
 5,479   Deutsch Motors, Inc.(a)  $41,024 
 22,349   DGB Financial Group, Inc.   141,911 
 305   DI Dong Il Corp.   18,489 
 887   DIO Corp.(a)   30,390 
 1,833   DMS Co. Ltd.   7,679 
 2,814   Dong Ah Tire & Rubber Co. Ltd.   28,975 
 215   Dong-A ST Co. Ltd.   16,658 
 1,950   Dong-Ah Geological Engineering Co. Ltd.   35,799 
 3,239   Dongjin Semichem Co. Ltd.   36,937 
 665   DongKook Pharmaceutical Co. Ltd.   37,374 
 10,327   Dongkuk Steel Mill Co. Ltd.(a)   57,790 
 927   Dongsuh Cos., Inc.   13,942 
 54   Dongwon F&B Co. Ltd.   12,136 
 264   Dongwon Industries Co. Ltd.   51,020 
 3,000   Doosan Bobcat, Inc.   90,633 
 816   Doosan Corp.   72,038 
 20,176   Doosan Heavy Industries & Construction Co. Ltd.(a)   103,018 
 354,416   Doosan Infracore Co. Ltd.(a)   1,844,315 
 781   DoubleUGames Co. Ltd.   36,742 
 1,169   Douzone Bizon Co. Ltd.   62,821 
 2,732   DRB Holding Co. Ltd.   12,569 
 412   DTR Automotive Corp.   11,053 
 4,090   DY Corp.   17,662 
 2,154   DY POWER Corp.   21,242 
 174   e Tec E&C Ltd.   11,531 
 153   E1 Corp.   6,926 
 6,197   Eagon Holdings Co. Ltd.   14,228 
 1,587   Eagon Industrial Ltd.   9,862 
 4,965   Easy Bio, Inc.   21,945 
 803   Ecopro Co. Ltd.(a)   14,662 
 2,297   E-MART, Inc.   235,462 
 1,478   EM-Tech Co. Ltd.   14,623 
 998   ENF Technology Co. Ltd.   16,266 
 564   Eo Technics Co. Ltd.   33,692 
 11,176   Eugene Investment & Securities Co. Ltd.   22,173 
 2,306   Eugene Technology Co. Ltd.   21,486 
 4,135   Eusu Holdings Co. Ltd.(a)   23,438 
 936   F&F Co. Ltd.   54,580 
 1,549   Fila Korea Ltd.   87,650 
 1,087   Fine Semitech Corp.   6,508 
 3,565   Foosung Co. Ltd.(a)   26,503 
 779   Genie Music Corp.(a)   2,270 
 667   GOLFZON Co. Ltd.   39,870 
 2,412   Grand Korea Leisure Co. Ltd.   37,691 
 19,172   Green Cross Corp.   1,730,376 
 1,306   Green Cross Holdings Corp.   21,527 
 137,943   GS Engineering & Construction Corp.   3,928,819 
 9,123   GS Global Corp.   18,713 


61
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 7,417   GS Holdings Corp.  $314,234 
 1,932   GS Retail Co. Ltd.   60,772 
 178   Gwangju Shinsegae Co. Ltd.   26,001 
 700   HAESUNG DS Co. Ltd.   7,613 
 2,861   Halla Corp.(a)   7,567 
 546   Halla Holdings Corp.   19,736 
 107,184   Hana Financial Group, Inc.   3,137,287 
 5,944   Hana Micron, Inc.   19,347 
 388   Hana Tour Service, Inc.   14,110 
 1,536   Hancom, Inc.   14,251 
 935   Handok, Inc.   18,584 
 1,011   Handsome Co. Ltd.   31,682 
 2,580   Hanjin Kal Corp.   56,123 
 280   Hanjin Transportation Co. Ltd.   7,325 
 76   Hankook Shell Oil Co. Ltd.   20,514 
 9,880   Hankook Tire & Technology Co. Ltd.   257,519 
 106   Hanmi Pharm Co. Ltd.   25,813 
 335   Hanmi Science Co. Ltd.   13,229 
 3,807   Hanmi Semiconductor Co. Ltd.   20,907 
 978   Hansae Co. Ltd.   15,535 
 1,513   Hansae Yes24 Holdings Co. Ltd.   9,679 
 1,819   Hanshin Construction Co. Ltd.   24,040 
 634   Hansol Chemical Co. Ltd.   43,355 
 3,258   Hansol Holdings Co. Ltd.(a)   11,695 
 16,438   Hansol HomeDeco Co. Ltd.   16,506 
 3,882   Hansol Paper Co. Ltd.   46,213 
 4,396   Hansol Technics Co. Ltd.(a)   25,821 
 524   Hanssem Co. Ltd.   26,755 
 1,369   Hanwha Aerospace Co. Ltd.(a)   37,091 
 12,707   Hanwha Chemical Corp.   198,844 
 6,639   Hanwha Corp.   132,898 
 195   Hanwha Galleria Timeworld Co. Ltd.   2,995 
 12,834   Hanwha General Insurance Co. Ltd.   37,738 
 16,802   Hanwha Investment & Securities Co. Ltd.(a)   30,363 
 47,109   Hanwha Life Insurance Co. Ltd.   104,119 
 2,960   Hanyang Eng Co. Ltd.   28,471 
 2,836   Harim Holdings Co. Ltd.   24,429 
 2,299   HDC Holdings Co. Ltd.   24,115 
 1,738   HDC Hyundai Engineering Plastics Co. Ltd.   7,961 
 7,210   Heungkuk Fire & Marine Insurance Co. Ltd.(a)   23,768 
 3,133   Hite Jinro Co. Ltd.   56,138 
 4,119   HJ Magnolia Yongpyong Hotel & Resort Corp.   22,708 
 1,530   Hotel Shilla Co. Ltd.   100,829 
 5,644   HS Industries Co. Ltd.   40,342 
Shares      Value 
SOUTH KOREA (continued)     
 6,474   HS R&A Co. Ltd.  $10,273 
 1,564   Huchems Fine Chemical Corp.   29,962 
 67   Hugel, Inc.(a)   21,105 
 562   Huons Co. Ltd.   23,229 
 2,944   Huons Global Co. Ltd.   78,812 
 1,576   Huvis Corp.   9,102 
 2,600   Hwangkum Steel & Technology Co. Ltd.   16,749 
 1,316   Hy-Lok Corp.   20,184 
 425   Hyosung Chemical Corp.   58,168 
 562   Hyosung Corp.   38,619 
 2,903   Hyundai BNG Steel Co. Ltd.   20,462 
 40,341   Hyundai Construction Equipment Co. Ltd.   1,054,124 
 870   Hyundai Corp.   14,247 
 39,224   Hyundai Department Store Co. Ltd.   2,446,705 
 26,288   Hyundai Electric & Energy System Co. Ltd.(a)   303,327 
 577   Hyundai Elevator Co. Ltd.   38,742 
 109,514   Hyundai Engineering & Construction Co. Ltd.   3,950,479 
 1,807   Hyundai Glovis Co. Ltd.   234,150 
 3,301   Hyundai Greenfood Co. Ltd.   34,486 
 560   Hyundai Heavy Industries Holdings Co. Ltd.   153,532 
 1,755   Hyundai Livart Furniture Co. Ltd.   22,940 
 7,586   Hyundai Marine & Fire Insurance Co. Ltd.   178,883 
 7,226   Hyundai Merchant Marine Co. Ltd.(a)   20,102 
 2,548   Hyundai Motor Securities Co. Ltd.   21,975 
 897   Hyundai Rotem Co. Ltd.(a)   12,477 
 1,245   Hyundai Wia Corp.   45,300 
 899   HyVision System, Inc.   6,250 
 3,262   ICD Co. Ltd.   31,518 
 6,080   IHQ, Inc.   9,235 
 792   Il Dong Pharmaceutical Co. Ltd.   11,472 
 5,139   Iljin Display Co. Ltd.   17,071 
 2,212   Iljin Electric Co. Ltd.(a)   5,183 
 662   Iljin Materials Co. Ltd.(a)   20,768 
 540   Ilyang Pharmaceutical Co. Ltd.(a)   10,655 
 1,171   InBody Co. Ltd.   24,185 
 245,714   Industrial Bank of Korea   2,721,667 
 2,198   Innox Advanced Materials Co., Ltd.(a)   97,707 
 4,639   Inscobee, Inc.(a)   9,518 
 2,081   IS Dongseo Co. Ltd.   58,388 
 1,144   i-SENS, Inc.   23,883 
 5,112   IsuPetasys Co. Ltd.   20,955 
 1,301   Jahwa Electronics Co. Ltd.   10,646 


62
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 2,946   JASTECH Ltd.  $25,128 
 2,907   JB Financial Group Co. Ltd.   13,505 
 7,377   Jcontentree Corp.(a)(b)   28,807 
 861   Jeju Air Co. Ltd.   19,591 
 3,377   Jusung Engineering Co. Ltd.   17,674 
 1,283   JW Pharmaceutical Corp.   30,466 
 1,661   JYP Entertainment Corp.   28,354 
 2,527   KAON Media Co. Ltd.   21,336 
 81,383   KB Financial Group, Inc.   2,973,883 
 2,623   KC Co. Ltd.   28,240 
 1,052   KEPCO Engineering & Construction Co., Inc.   16,678 
 824   KEPCO Plant Service & Engineering Co. Ltd.   22,132 
 3,003   Keyang Electric Machinery Co. Ltd.   7,942 
 7,117   KEYEAST Co. Ltd.(a)   16,341 
 2,361   KG Chemical Corp.   23,417 
 2,847   Kginicis Co. Ltd.   29,615 
 4,335   KGMobilians Co. Ltd.   21,499 
 1,590   KIWOOM Securities Co. Ltd.   97,272 
 964   Koentec Co. Ltd.   9,559 
 556   Koh Young Technology, Inc.   38,827 
 1,469   Kolmar BNH Co. Ltd.   34,515 
 507   Kolmar Korea Holdings Co. Ltd.   10,070 
 440   Kolon Corp.   6,062 
 2,513   Kolon Industries, Inc.   84,153 
 610   Kolon Life Science, Inc.(a)   10,794 
 5,608   Korea Asset In Trust Co. Ltd.   17,820 
 1,723   Korea Autoglass Corp.   26,641 
 122,296   Korea Electric Power Corp.(a)   2,879,141 
 809   Korea Electric Terminal Co. Ltd.   45,424 
 579   Korea Gas Corp.   20,843 
 536   Korea Information & Communications Co. Ltd.(a)   4,001 
 5,031   Korea Investment Holdings Co. Ltd.   313,870 
 632   Korea Kolmar Co. Ltd.   29,312 
 2,885   Korea Line Corp.(a)   61,469 
 573   Korea Petrochemical Ind Co. Ltd.   57,853 
 17,755   Korea Real Estate Investment & Trust Co. Ltd.   32,774 
 1,041   Korea United Pharm, Inc.   17,788 
 6,053   Korean Air Lines Co. Ltd.   129,991 
 11,209   Korean Reinsurance Co.   75,563 
 2,714   Kortek Corp.   29,423 
 350   KPX Chemical Co. Ltd.   16,700 
 2,891   KT Skylife Co. Ltd.   24,397 
 12,081   KTB Investment & Securities Co. Ltd.(a)   26,637 
 3,749   KTCS Corp.   6,326 
 700   Kukdo Chemical Co. Ltd.   28,661 
 2,347   Kumho Petrochemical Co. Ltd.   160,948 
Shares      Value 
SOUTH KOREA (continued)     
 6,035   Kumho Tire Co., Inc.(a)  $20,390 
 5,317   Kwang Dong Pharmaceutical Co. Ltd.   30,367 
 1,610   Kyeryong Construction Industrial Co. Ltd.   34,579 
 4,479   Kyobo Securities Co. Ltd.   36,835 
 1,118   Kyongbo Pharmaceutical Co. Ltd.   8,079 
 682   Kyung Dong Navien Co. Ltd.   21,406 
 2,747   Kyungbang Co. Ltd.   23,143 
 3,492   Kyungdong Pharm Co. Ltd.   24,802 
 560   L&F Co. Ltd.   13,360 
 3,000   LB Semicon, Inc.(a)   24,960 
 7,239   Leadcorp Inc (The)   39,784 
 682   LEENO Industrial, Inc.   31,802 
 2,818   LF Corp.   58,060 
 53,470   LG Electronics, Inc.   2,927,975 
 210   LG Hausys Ltd.   10,588 
 1,690   LG Innotek Co. Ltd.   159,583 
 4,149   LG International Corp.   64,359 
 1,254   Lock & Lock Co. Ltd.   16,349 
 385   Lotte Chilsung Beverage Co. Ltd.   47,063 
 1,305   Lotte Corp.   37,331 
 2,654   LOTTE Fine Chemical Co. Ltd.   108,497 
 96   Lotte Food Co. Ltd.   39,607 
 1,351   LOTTE Himart Co. Ltd.   41,814 
 9,809   Lotte Non-Life Insurance Co. Ltd.(a)   16,915 
 1,127   Lotte Shopping Co. Ltd.   128,887 
 2,178   LS Corp.   80,871 
 1,913   LS Industrial Systems Co. Ltd.   74,144 
 7,515   Macquarie Korea Infrastructure Fund   73,997 
 3,810   Mando Corp.   108,368 
 1,288   Mcnex Co. Ltd.   22,597 
 220   Medy-Tox, Inc.   77,147 
 377   MegaStudyEdu Co. Ltd.   9,884 
 7,186   Meritz Financial Group, Inc.   84,360 
 3,306   Meritz Fire & Marine Insurance Co. Ltd.   55,555 
 41,376   Meritz Securities Co. Ltd.   175,895 
 2,704   MiCo Ltd.   11,544 
 47,998   Mirae Asset Daewoo Co. Ltd.   303,031 
 15,866   Mirae Asset Life Insurance Co. Ltd.   53,284 
 1,001   Modetour Network, Inc.   13,141 
 5,297   Moorim P&P Co. Ltd.   19,274 
 7,421   Moorim Paper Co. Ltd.   16,855 
 1,740   Namhae Chemical Corp.   13,260 
 434   NeoPharm Co. Ltd.   15,852 
 708   Neowiz(a)   7,610 
 3,085   NEPES Corp.   78,109 
 7,239   Nexen Corp.   36,180 


63
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 2,044   Nexen Tire Corp.  $14,818 
 15,622   NH Investment & Securities Co. Ltd.   171,263 
 1,051   NHN KCP Corp.   16,475 
 2,870   NICE Holdings Co. Ltd.   52,499 
 1,136   Nice Information & Telecommunication, Inc.   29,852 
 3,006   NICE Information Service Co. Ltd.   39,445 
 2,683   NICE Total Cash Management Co. Ltd.   18,454 
 302   NongShim Co. Ltd.   59,835 
 454   Noroo Holdings Co. Ltd.   4,347 
 2,740   NPC   7,748 
 46,130   OCI Co. Ltd.   2,912,560 
 3,642   OPTRON-TEC, Inc.   18,063 
 1,868   Orion Corp.   24,566 
 431   Orion Corp./Republic of Korea   29,307 
 505   Osstem Implant Co. Ltd.(a)   29,246 
 53   Ottogi Corp.   28,860 
 4,424   Paik Kwang Industrial Co. Ltd.   10,004 
 15,220   Pan Ocean Co. Ltd.(a)   61,501 
 5,134   Pan-Pacific Co. Ltd.   12,597 
 1,952   Paradise Co. Ltd.   26,726 
 4,914   Partron Co. Ltd.   59,395 
 162   Pearl Abyss Corp.(a)   23,395 
 2,784   Poongsan Corp.   55,254 
 776   POSCO Chemical Co. Ltd.   31,628 
 4,494   Posco ICT Co. Ltd.   19,060 
 6,913   Posco International Corp.   108,829 
 4,870   Power Logics Co. Ltd.(a)   41,463 
 2,047   Protec Co. Ltd.   32,108 
 1,272   PSK Holdings, Inc.   8,428 
 3,374   PSK, Inc.(a)   48,053 
 1,800   Pulmuone Co. Ltd.   16,376 
 1,772   S&T Motiv Co. Ltd.   74,674 
 36,250   S-1 Corp.   3,201,231 
 393   Sajo Industries Co. Ltd.   14,915 
 851   Sam Chun Dang Pharm Co. Ltd.   23,880 
 1,203   Sam Yung Trading Co. Ltd.   16,736 
 2,523   Sambo Motors Co. Ltd.   11,472 
 5,492   Samick Musical Instruments Co. Ltd.   7,715 
 1,859   Samick THK Co. Ltd.   18,991 
 2,847   Samji Electronics Co. Ltd.   26,149 
 574   Samjin Pharmaceutical Co. Ltd.   13,093 
 1,210   Sammok S-Form Co. Ltd.   10,389 
 3,371   Samsung Card Co. Ltd.   103,293 
 335,177   Samsung Engineering Co. Ltd.(a)   4,624,167 
 26,742   Samsung Heavy Industries Co. Ltd.(a)   158,415 
 26,630   Samsung SDS Co. Ltd.   4,657,868 
Shares      Value 
SOUTH KOREA (continued)     
 7,839   Samsung Securities Co. Ltd.  $240,821 
 15,416   SAMT Co. Ltd.   27,767 
 535   Samwha Capacitor Co. Ltd.   19,597 
 378   Samyang Corp.   17,108 
 426   Samyang Foods Co. Ltd.   22,696 
 580   Samyang Holdings Corp.   34,041 
 10,570   Savezone I&C Corp.   33,015 
 12,045   S-Connect Co. Ltd.(a)   15,015 
 2,543   Seah Besteel Corp.   34,652 
 485   SeAH Holdings Corp.   35,265 
 543   SeAH Steel Holdings Corp.   23,751 
 2,394   Sebang Co. Ltd.   24,197 
 1,617   Sebo Manufacturing Engineer Corp.   12,183 
 1,369   Seegene, Inc.(a)   25,583 
 2,419   Sekonix Co. Ltd.(a)   12,821 
 364   Seobu T&D(a)   2,591 
 12,974   Seohan Co. Ltd.   14,803 
 2,675   Seoul Semiconductor Co. Ltd.   36,102 
 1,713   SFA Engineering Corp.   54,187 
 1,034   SFA Semicon Co. Ltd.(a)   2,207 
 273   Shindaeyang Paper Co. Ltd.   15,824 
 464   Shinsegae Engineering & Construction Co. Ltd.   11,080 
 244   Shinsegae Food Co. Ltd.   15,306 
 139   Shinsegae International, Inc.   19,781 
 940   Shinsegae, Inc.   199,937 
 9,563   Shinsung E&G Energy Co. Ltd.(a)   8,476 
 806   Silicon Works Co. Ltd.   25,742 
 2,858   SIMMTECH Co. Ltd.   12,844 
 642   SK Bioland Co. Ltd.   7,232 
 355   SK Chemicals Co. Ltd.   13,301 
 907   SK Discovery Co. Ltd.   18,511 
 248   SK Gas Ltd.   16,210 
 332   SK Materials Co. Ltd.   49,768 
 500,344   SK Networks Co. Ltd.   2,098,104 
 50,607   SK Securities Co. Ltd.   27,538 
 2,802   SKC Co. Ltd.   99,490 
 1,591   SKCKOLONPI, Inc.   38,433 
 2,440   SL Corp.   45,391 
 602   SM Entertainment Co. Ltd.(a)   17,873 
 4,340   Solid, Inc.(a)   19,902 
 2,175   Songwon Industrial Co. Ltd.   34,404 
 1,433   Soulbrain Co. Ltd.   78,387 
 134   SPC Samlip Co. Ltd.   10,648 
 4,928   Ssangyong Cement Industrial Co. Ltd.   23,374 
 5,404   Ssangyong Motor Co.(a)   15,140 
 1,302   Suheung Co. Ltd.   34,903 
 1,349   Sun Kwang Co. Ltd.   18,766 
 2,270   Sung Kwang Bend Co. Ltd.   17,552 
 5,975   Sungchang Enterprise Holdings Ltd.(a)   9,053 
 2,957   Sungshin Cement Co. Ltd.   18,898 


64
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SOUTH KOREA (continued)     
 10,772   Sungwoo Hitech Co. Ltd.  $34,391 
 67   Suprema, Inc.(a)   1,624 
 2,784   Systems Technology, Inc.   32,359 
 3,467   Tae Kyung Industrial Co. Ltd.   16,515 
 5,742   Taeyoung Engineering & Construction Co. Ltd.   63,949 
 4,737   Tailim Packaging Co. Ltd.   24,571 
 2,118   TechWing, Inc.   18,777 
 2,038   TES Co Ltd.   27,603 
 5,795   TK Chemical Corp.(a)   12,911 
 753   Tokai Carbon Korea Co. Ltd.   35,549 
 8,545   Tongyang Life Insurance Co. Ltd.   27,899 
 4,967   Top Engineering Co. Ltd.   36,569 
 1,855   Toptec Co. Ltd.   15,118 
 4,916   Tovis Co. Ltd.   28,766 
 1,046   Unid Co. Ltd.   41,843 
 4,676   Union Semiconductor Equipment & Materials Co. Ltd.   15,875 
 2,607   UniTest, Inc.   24,778 
 754   Vieworks Co. Ltd.   17,304 
 1,082   Vitzrocell Co. Ltd.(a)   9,458 
 1,434   Webzen Inc(a)   18,410 
 696   Whanin Pharmaceutical Co. Ltd.   9,607 
 2,949   WiSoL Co. Ltd.   42,402 
 8,940   Wonik Holdings Co. Ltd.(a)   27,854 
 3,348   WONIK IPS Co. Ltd.   69,445 
 1,292   Wonik Materials Co. Ltd.   25,306 
 1,325   Wonik QnC Corp.(a)   12,012 
 246,475   Woori Financial Group, Inc.   2,722,845 
 4,070   Y G-1 Co. Ltd.   28,979 
 2,162   Youlchon Chemical Co. Ltd.   28,667 
 49   Young Poong Corp.   28,092 
 3,091   Youngone Corp.   87,628 
 764   Youngone Holdings Co. Ltd.   33,933 
 16,555   Yuanta Securities Korea Co. Ltd.(a)   38,312 
 247   Yuhan Corp.   44,987 
 3,045   Yuyang DNU Co. Ltd.(a)   17,295 
 2,552   Zeus Co. Ltd.   26,008 
         67,635,122 
SPAIN — 0.4%     
 13,957   Acciona SA   1,486,131 
 17,766   Acerinox SA   148,431 
 929   Alantra Partners SA   15,471 
 346,714   Almirall SA   6,284,554 
 3,400   AmRest Holdings SE(a)   35,359 
 351,163   Applus Services SA   4,936,211 
 11,724   Atresmedia Corp. de Medios de Comunicaion SA   45,681 
 2,752   Azkoyen SA   21,619 
 125,949   Banco de Sabadell SA   110,002 
Shares      Value 
SPAIN (continued)     
 58,670   Bankia SA  $116,319 
 37,238   Bankinter SA   241,554 
 6,859   Bolsas y Mercados Espanoles SHMSF SA   161,864 
 20,024   Caja de Ahorros del Mediterraneo(a)(b)   0 
 18,189   Cellnex Telecom SA   680,240 
 38,690   Cia de Distribucion Integral Logista Holdings SA   806,155 
 2,586   CIE Automotive SA   65,388 
 2,513   Construcciones y Auxiliar de Ferrocarriles SA   113,549 
 35,386   Deoleo SA(a)   2,425 
 5,852   Ebro Foods SA   117,592 
 69,192   EDP Renovaveis SA   712,366 
 22,432   eDreams ODIGEO SA(a)   101,487 
 14,311   Elecnor SA   179,328 
 51,843   Enagas SA   1,130,914 
 21,838   Ence Energia y Celulosa SA   78,945 
 16,697   Ercros SA   32,127 
 29,804   Euskaltel SA   260,334 
 13,019   Faes Farma SA   64,452 
 2,298   Fluidra SA(a)   28,746 
 7,912   Fomento de Construcciones y Contratas SA   100,731 
 13,223   Grupo Catalana Occidente SA   472,063 
 47,660   Grupo Ezentis SA(a)   27,671 
 1,924   Iberpapel Gestion SA   60,285 
 9,320   Indra Sistemas SA(a)   79,822 
 5,814   Inmobiliaria Colonial Socimi SA REIT   64,889 
 1,502   Laboratorios Farmaceuticos Rovi SA   34,527 
 937,258   Liberbank SA   349,045 
 50,363   Mapfre SA   138,641 
 2,908   Masmovil Ibercom SA(a)   65,866 
 339,837   Mediaset Espana Comunicacion SA   1,995,021 
 146,569   Melia Hotels International SA   1,291,252 
 2,815   Miquel y Costas & Miquel SA   48,644 
 1,099   Parques Reunidos Servicios Centrales SAU   16,799 
 1,765   Prim SA   21,729 
 15,559   Prosegur Cia de Seguridad SA   72,616 
 13,298   Quabit Inmobiliaria SA(a)   13,906 
 594   Realia Business SA(a)   616 
 13,619   Red Electrica Corp. SA   256,771 
 60,741   Sacyr SA   155,852 
 9,426   Siemens Gamesa Renewable Energy SA   131,895 
 5,619   Talgo SA(a)   30,209 
 1,445   Tecnicas Reunidas SA(a)   34,842 
 25,052   Tubacex SA   79,926 
 16,134   Unicaja Banco SA   12,706 
 4,051   Vidrala SA   366,975 
 2,388   Viscofan SA   116,887 


65
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SPAIN (continued)     
 34,839   Vocento SA  $47,212 
 13,229   Zardoya Otis SA   90,686 
         24,155,328 
SWEDEN — 1.2%     
 8,497   AAK AB   173,830 
 8,404   AcadeMedia AB(a)   43,916 
 1,972   Addlife AB   53,128 
 13,643   AddNode Group AB   218,237 
 6,047   AddTech AB - Class B   158,544 
 16,626   AF POYRY AB   391,811 
 2,380   Alimak Group AB   33,076 
 722,700   Arjo AB - B Shares   2,908,846 
 40,636   Atrium Ljungberg AB - Class B   751,004 
 3,481   Attendo AB   15,822 
 87,895   Avanza Bank Holding AB   784,340 
 28,092   Axfood AB   591,459 
 578   BE Group AB   2,587 
 9,168   Beijer Alma AB   112,745 
 5,582   Beijer Electronics Group AB   25,416 
 2,374   Beijer Ref AB   52,623 
 8,577   Bergman & Beving AB   84,439 
 910   Besqab AB   11,528 
 44,845   Betsson AB   236,731 
 408,565   Bilia AB - A Shares   3,607,012 
 23,063   BillerudKorsnas AB   266,262 
 10,216   BioGaia AB - Class B   424,786 
 3,126   Biotage AB   33,709 
 1,799   Bonava AB   21,894 
 35,514   Bonava AB - Class B   425,170 
 8,615   Bravida Holding AB   71,556 
 9,401   Bufab AB   97,169 
 4,230   Bulten AB   28,383 
 59,041   Bure Equity AB   1,100,037 
 24,413   Byggmax Group AB(a)   83,815 
 47,591   Castellum AB   966,126 
 23,316   Catena AB   728,176 
 18,117   Cellavision AB   732,705 
 12,316   Clas Ohlson AB - Class B   110,858 
 428,925   Cloetta AB - B Shares   1,277,680 
 5,671   Coor Service Management Holding AB   47,829 
 2,886   Corem Property Group AB - Preference Shares   111,106 
 235,118   Dios Fastigheter AB   2,016,789 
 23,359   Dometic Group AB   213,101 
 13,750   Doro AB(a)   51,307 
 5,756   Duni AB   68,255 
 11,660   Dustin Group AB   100,659 
 3,235   Eastnine AB   36,687 
 5,106   Elanders AB - B Shares   44,003 
 692,896   Elekta AB - Class B   9,858,365 
 13,602   Enea AB(a)   231,352 
 25,843   Eolus Vind AB - B Shares   188,491 
Shares      Value 
SWEDEN (continued)     
 5,271   Fagerhult AB  $32,594 
 142,768   Fastighets AB Balder - Class B(a)   4,888,811 
 9   FastPartner AB   80 
 4,622   Ferronordic AB   67,805 
 9,885   Fingerprint Cards AB - Class B(a)   17,794 
 14,580   Fortnox AB   212,786 
 8,541   G5 Entertainment AB   75,708 
 919   GARO AB   29,555 
 579,605   Getinge AB - B Shares   8,504,353 
 38,747   Global Gaming 555 AB   25,403 
 16,539   Granges AB   164,682 
 16,737   Gunnebo AB   43,267 
 6,177   Haldex AB   30,794 
 5,659   Hemfosa Fastigheter AB   50,939 
 9,633   Hexpol AB   73,298 
 19,396   HIQ International AB   102,190 
 2,022   HMS Networks AB   35,103 
 7,642   Hoist Finance AB(a)   45,981 
 5,960   Holmen AB - B Shares   125,841 
 16,962   Hufvudstaden AB - A Shares   298,750 
 43,498   Humana AB   245,276 
 32,916   Husqvarna AB - B Shares   291,466 
 3,044   Husqvarna AB - Class A   26,964 
 6,904   Indutrade AB   195,606 
 109,564   Instalco AB   1,054,967 
 13,804   Intrum AB   361,881 
 50,173   Inwido AB   308,182 
 6,362   JM AB   164,116 
 12,143   KappAhl AB   24,623 
 17,171   Klovern AB - B Shares   28,242 
 9,466   KNOW IT AB   186,012 
 114,715   Kungsleden AB   997,656 
 4,026   Lagercrantz Group AB - B Shares   50,277 
 1,932   Lifco AB - B Shares   98,709 
 2,290   Lime Technologies AB   33,012 
 245,611   Lindab International AB   2,796,688 
 25,109   Loomis AB - Class B   863,658 
 58,971   Maha Energy AB(a)   198,864 
 3,312   Medivir AB - Class B(a)   7,982 
 3,595   Mekonomen AB(a)   26,604 
 34,267   Moberg Pharma AB(a)   239,957 
 8,224   Momentum Group AB - Class B   92,682 
 6,683   Mycronic AB   102,697 
 5,004   Nederman Holding AB   61,990 
 80,317   NetEnt AB   238,289 
 86,344   New Wave Group AB - Class B   576,579 
 21,247   Nobia AB   137,792 
 7,202   Nobina AB   41,974 
 58,709   Nolato AB - B Shares   3,340,753 
 1,900   Nordic Waterproofing Holding AS   16,323 


66
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SWEDEN (continued)     
 2,070   NP3 Fastigheter AB  $18,059 
 72,188   Nyfosa AB(a)   444,143 
 1,084   OEM International AB - B Shares   26,950 
 131,238   Opus Group AB   83,143 
 78,815   Orexo AB(a)   577,133 
 1,247   Pandox AB   22,735 
 27,790   Peab AB   235,137 
 2,570   Platzer Fastigheter Holding AB - Class B   22,691 
 34,575   Pricer AB - B Shares   45,560 
 5,237   Proact IT Group AB   92,115 
 10,308   Ratos AB - B Shares   26,136 
 1,036   RaySearch Laboratories AB(a)   14,824 
 172,470   Recipharm AB - B Shares   2,141,890 
 8,478   Resurs Holding AB   49,074 
 98,800   Rottneros AB   105,540 
 2,524   Saab AB - Class B   79,456 
 2,136   Sagax AB - Class B   20,866 
 49,388   SAS AB(a)   67,353 
 23,431   Scandi Standard AB   149,628 
 9,373   Scandic Hotels Group AB   78,596 
 17,875   Sectra AB - B Shares   600,156 
 11,101   Semcon AB   61,241 
 95,227   SkiStar AB   1,104,076 
 15,987   SSAB AB - Class A   45,288 
 32,183   SSAB AB - Class B   81,584 
 4,673   Sweco AB - Class B   130,320 
 331,429   Swedish Orphan Biovitrum AB(a)   6,397,424 
 3,229   Systemair AB   40,836 
 5,104   Thule Group AB   111,487 
 6,623   Trelleborg AB - B Shares   91,199 
 2,598   Troax Group AB   24,668 
 716   VBG Group AB - B Shares   11,902 
 2,311   Vitec Software Group AB - B Shares   30,909 
 73,322   Vitrolife AB   1,411,010 
 3,733   Wallenstam AB - B Shares   39,001 
 98,504   Wihlborgs Fastigheter AB   1,432,118 
         73,143,167 
SWITZERLAND — 0.7%     
 15,385   Adecco Group AG   839,391 
 2,036   Allreal Holding AG   355,623 
 2,071   ALSO Holding AG   319,137 
 128   APG SGA SA   34,251 
 5,003   Arbonia AG   58,034 
 20,071   Ascom Holding AG   260,607 
 661   Autoneum Holding AG   72,629 
 4,095   Baloise Holding AG   739,625 
 491   Banque Cantonale de Geneve   98,252 
 736   Banque Cantonale Vaudoise   547,373 
 81   Barry Callebaut AG   158,028 
 35   Belimo Holding AG   206,141 
 473   Bell Food Group AG   126,436 
Shares      Value 
SWITZERLAND (continued)     
 1,462   Bellevue Group AG  $31,131 
 818   Berner Kantonalbank AG   185,764 
 1,241   Bobst Group SA   62,053 
 354   Bossard Holding AG - Class A   48,813 
 756   Bucher Industries AG   225,895 
 132   Burckhardt Compression Holding AG   31,936 
 232   Burkhalter Holding AG   17,104 
 1,680   Calida Holding AG   46,691 
 15,139   Cavotec SA(a)   21,820 
 21,323   Cembra Money Bank AG   2,055,037 
 178   Cham Group AG   76,712 
 1,007   Cicor Technologies Ltd.   50,774 
 554   Cie Financiere Tradition SA   57,185 
 11,670   Clariant AG   213,247 
 186   Coltene Holding AG   15,724 
 124   Conzzeta AG   97,445 
 224   Daetwyler Holding AG   34,527 
 1,087   DKSH Holding AG   54,891 
 110   dormakaba Holding AG   80,608 
 4,919   Dufry AG   431,405 
 2,041   EDAG Engineering Group AG   24,574 
 7,762   EFG International AG   50,297 
 554   Emmi AG   460,940 
 2,219   Energiedienst Holding AG   69,034 
 41,190   Evolva Holding SA(a)   7,386 
 473   Feintool International Holding AG   29,648 
 395   Fenix Outdoor International AG   42,140 
 1,122,107   Ferrexpo Plc   3,472,024 
 2,203   Flughafen Zuerich AG   402,304 
 90   Forbo Holding AG   140,383 
 15,174   GAM Holding AG(a)   66,437 
 221   Georg Fischer AG   190,495 
 39   Gurit Holding AG   42,694 
 54,297   Helvetia Holding AG   6,913,220 
 3,758   Highlight Communications AG   17,648 
 283   HOCHDORF Holding AG(a)   21,437 
 14,939   Huber & Suhner AG   1,189,601 
 12   Hypothekarbank Lenzburg AG   54,359 
 43,426   Implenia AG   1,163,200 
 125   Inficon Holding AG   77,975 
 21   Interroll Holding AG   42,710 
 853   Intershop Holding AG   428,547 
 28,196   IWG Plc   129,145 
 11,164   Julius Baer Group Ltd.   477,067 
 719   Jungfraubahn Holding AG   107,826 
 2,436   Kardex AG   350,546 
 135   Komax Holding AG   25,310 
 122,651   Kongsberg Automotive ASA(a)   90,212 
 1,955   Lastminute.com NV(a)   59,078 
 34   LEM Holding SA   46,990 


67
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
SWITZERLAND (continued)     
 3,646   Logitech International SA  $149,941 
 777   Luzerner Kantonalbank AG   343,400 
 679   Meier Tobler Group AG(a)   10,901 
 47   Metall Zug AG - Class B   101,975 
 3,411   Mobilezone Holding AG   31,482 
 1,595   Mobimo Holding AG   425,749 
 11,401   OC Oerlikon Corp AG   122,028 
 939   Orascom Development Holding AG(a)   14,106 
 514   Orior AG   41,766 
 1,092   Panalpina Welttransport Holding AG   245,729 
 220   Phoenix Mecano AG   96,925 
 261   Plazza AG   65,959 
 1,742   PSP Swiss Property AG   208,867 
 1,004   Rieter Holding AG   131,997 
 154   Romande Energie Holding SA   192,957 
 137   Schaffner Holding AG   28,138 
 240,940   Schmolz & Bickenbach AG(a)   79,302 
 153   Schweiter Technologies AG   151,187 
 810   SFS Group AG   62,174 
 3,917   Siegfried Holding AG   1,458,226 
 507   St. Galler Kantonalbank AG   217,014 
 1,266   Sulzer AG   127,570 
 3,811   Sunrise Communications Group AG   281,866 
 2,142   Swiss Life Holding AG   1,035,099 
 703   Swissquote Group Holding SA   28,464 
 424   Tamedia AG   46,592 
 73,360   Temenos AG   12,914,487 
 235   Thurgauer Kantonalbank   25,572 
 142   u-blox Holding AG   11,589 
 11,068   Valiant Holding AG   1,134,587 
 4,078   Valora Holding AG   1,123,640 
 694   VAT Group AG   86,777 
 374   Vaudoise Assurances Holding SA   189,638 
 58   Vetropack Holding AG   118,584 
 1,506   Vifor Pharma AG   222,898 
 6,951   Von Roll Holding AG(a)   7,267 
 1,203   Vontobel Holding AG   63,312 
 154   VZ Holding AG   42,407 
 2,599   Zehnder Group AG   97,941 
 53   Zug Estates Holding AG - B Shares   97,692 
 29   Zuger Kantonalbank AG   179,403 
         45,862,724 
TAIWAN — 1.5%     
 24,000   Accton Technology Corp.   102,165 
 5,536,878   Acer, Inc.   3,344,135 
 5,050   Acter Group Corp. Ltd.   26,532 
 6,000   Actron Technology Corp.   18,747 
 9,998   Adlink Technology, Inc.   15,660 
Shares      Value 
TAIWAN (continued)     
 3,000   Advanced Ceramic X Corp.  $22,899 
 22,000   Advanced International Multitech Co. Ltd.   29,031 
 15,000   Advanced Wireless Semiconductor Co.   33,805 
 24,373   Advancetek Enterprise Co. Ltd.   12,901 
 19,000   Aerospace Industrial Development Corp.   19,468 
 3,916   Airtac International Group   39,986 
 9,000   Alchip Technologies Ltd.   28,870 
 22,000   Ambassador Hotel (The)   15,669 
 22,000   Ampire Co. Ltd.   18,488 
 9,099   Anpec Electronics Corp.   18,329 
 26,000   APCB, Inc.   22,268 
 24,161   Apex International Co. Ltd.   39,724 
 62,872   Ardentec Corp.   60,277 
 100,000   Asia Pacific Telecom Co. Ltd.(a)   22,699 
 30,100   Asia Vital Components Co. Ltd.   38,802 
 2,208   ASMedia Technology, Inc.   37,411 
 2,000   ASPEED Technology, Inc.   43,756 
 11,000   Aten International Co. Ltd.   30,020 
 9,079,000   AU Optronics Corp.   2,397,024 
 24,800   Audix Corp.   29,432 
 55,988   Bank of Kaohsiung Co. Ltd.   17,555 
 88,350   BES Engineering Corp.   21,741 
 10,000   Brighton-Best International Taiwan, Inc.   11,183 
 13,000   C Sun Manufacturing Ltd.   12,118 
 9,900   Capital Futures Corp.   13,891 
 191,955   Capital Securities Corp.   58,408 
 35,479   Career Technology Manufacturing Co. Ltd.(b)   41,304 
 16,000   Casetek Holdings Ltd.   26,218 
 34,300   Cathay Real Estate Development Co. Ltd.   24,002 
 23,062   Center Laboratories, Inc.   58,874 
 20,748   Central Reinsurance Co. Ltd.   11,882 
 29,640   ChainQui Construction Development Co. Ltd.   28,115 
 1,730   Chang Wah Electromaterials, Inc.   8,784 
 21,000   Channel Well Technology Co. Ltd.   17,072 
 13,185   Charoen Pokphand Enterprise   31,228 
 3,000   Chaun-Choung Technology Corp.   23,542 
 14,000   CHC Healthcare Group   21,950 
 50,920   Cheng Loong Corp.   30,647 
 39,797   Cheng Uei Precision Industry Co. Ltd.   43,139 
 25,277   Chicony Electronics Co. Ltd.   64,274 
 12,300   Chicony Power Technology Co. Ltd.   22,135 
 22,961   Chilisin Electronics Corp.   61,429 


68
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)     
 357,744   China Airlines Ltd.  $109,603 
 105,000   China Bills Finance Corp.   49,741 
 21,000   China Chemical & Pharmaceutical Co. Ltd.   12,457 
 78,673   China General Plastics Corp.   53,736 
 128,584   China Life Insurance Co. Ltd/Taiwan(a)   105,966 
 22,077   China Metal Products   23,012 
 3,919,650   China Petrochemical Development Corp.   1,302,026 
 6,114   China Steel Chemical Corp.   24,881 
 31,360   China Wire & Cable Co. Ltd.(b)   20,927 
 21,000   Chinese Maritime Transport Ltd.   24,473 
 42,883   Chin-Poon Industrial Co. Ltd.   46,177 
 54,000   Chipbond Technology Corp.   108,266 
 53,000   ChipMOS Technologies, Inc.   48,403 
 25,000   Chong Hong Construction Co. Ltd.   71,764 
 10,876   Chroma ATE, Inc.   50,658 
 64,000   Chun YU Works & Co. Ltd.   44,645 
 124,779   Chun Yuan Steel   40,690 
 132,000   Chung Hung Steel Corp.   44,434 
 138,779   Chung Hwa Pulp Corp.   45,364 
 22,125   Chung-Hsin Electric & Machinery Manufacturing Corp.   14,939 
 7,000   Cleanaway Co. Ltd.   35,727 
 175,000   CMC Magnetics Corp.(a)   38,248 
 4,687,000   Compal Electronics, Inc.   2,863,603 
 135,000   Compeq Manufacturing Co. Ltd.   115,761 
 3,392   Concraft Holding Co. Ltd.   16,000 
 52,200   Coretronic Corp.   67,031 
 24,000   Co-Tech Development Corp.   25,538 
 47,523   CSBC Corp. Taiwan(a)   39,787 
 18,838   CTCI Corp.   27,500 
 1,649   Cub Elecparts, Inc.   14,902 
 18,000   CviLux Corp.   14,247 
 6,000   CyberPower Systems, Inc.   17,636 
 76,321   Da-Li Development Co. Ltd.   73,197 
 28,000   Darfon Electronics Corp.   37,057 
 47,000   Darwin Precisions Corp.   27,075 
 10,000   Depo Auto Parts Industrial Co. Ltd.   23,094 
 66,904   D-Link Corp.   28,192 
 42,000   Dynamic Electronics Co. Ltd.(a)   13,419 
 13,000   Dynapack International Technology Corp.   19,942 
 41,000   E Ink Holdings, Inc.   44,924 
 7,620   Eclat Textile Co. Ltd.   99,718 
 3,000   Egis Technology, Inc.   21,216 
 9,924   Elan Microelectronics Corp.   25,295 
 7,000   E-LIFE MALL Corp.   14,506 
Shares      Value 
TAIWAN (continued)     
 22,809   Elite Advanced Laser Corp.  $40,858 
 14,967   Elite Material Co. Ltd.   56,949 
 37,000   Elite Semiconductor Memory Technology, Inc.   38,895 
 3,000   eMemory Technology, Inc.   36,066 
 98,000   EnTie Commercial Bank Co. Ltd.   51,210 
 91,015   Epistar Corp.   71,753 
 71,975   Eternal Materials Co. Ltd.   60,482 
 9,398,398   Eva Airways Corp.   4,399,579 
 53,059   Everest Textile Co. Ltd.(a)   19,382 
 84,000   Evergreen International Storage & Transport Corp.   38,529 
 7,255,617   Evergreen Marine Corp. Taiwan Ltd.   3,338,477 
 68,342   Everlight Chemical Industrial Corp.   37,669 
 759,000   Everlight Electronics Co. Ltd.   729,509 
 146,062   Far Eastern Department Stores Ltd.   110,551 
 307,068   Far Eastern International Bank   123,078 
 39,478   Faraday Technology Corp.   78,804 
 12,000   Farglory Land Development Co. Ltd.   14,674 
 69,255   Federal Corp.(a)   26,878 
 46,320   Feng Hsin Steel Co. Ltd.   84,936 
 4,785,660   First Financial Holding Co. Ltd.   3,593,237 
 61,000   First Insurance Co. Ltd. (The)   29,455 
 129,859   First Steamship Co. Ltd.(a)   52,136 
 34,049   FLEXium Interconnect, Inc.   103,626 
 9,955   Flytech Technology Co. Ltd.   24,294 
 24,000   Focaltech Systems Co. Ltd.   17,803 
 9,338   Formosa Laboratories, Inc.   11,416 
 31,203   Formosa Oilseed Processing Co. Ltd.   56,827 
 5,000   Formosa Sumco Technology Corp.   17,742 
 50,791   Formosan Union Chemical   22,165 
 33,000   Fortune Electric Co. Ltd.   26,954 
 7,127   Foxsemicon Integrated Technology, Inc.   26,867 
 21,000   Froch Enterprise Co. Ltd.   8,546 
 12,369   Fulgent Sun International Holding Co. Ltd.   35,718 
 42,000   Fulltech Fiber Glass Corp.   20,383 
 106,466   Fwusow Industry Co. Ltd.   61,929 
 11,000   Gamania Digital Entertainment Co. Ltd.   23,825 
 40,000   Gemtek Technology Corp.(a)   34,479 
 20,000   General Interface Solution Holding Ltd.   73,516 
 25,000   Getac Technology Corp.   36,335 
 13,000   Giant Manufacturing Co. Ltd.   99,229 
 758,981   Gigabyte Technology Co. Ltd.   1,134,234 
 2,000   Ginko International Co. Ltd.   12,944 


69
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
TAIWAN (continued)     
 61,000   Global Brands Manufacture Ltd.  $33,151 
 6,000   Global Unichip Corp.   48,753 
 25,650   Globe Union Industrial Corp.   13,319 
 67,880   Gloria Material Technology Corp.   42,125 
 50,000   Gold Circuit Electronics Ltd.(a)   21,377 
 49,852   Goldsun Building Materials Co. Ltd.   13,303 
 5,783   Gourmet Master Co. Ltd.   34,241 
 18,000   Grand Ocean Retail Group Ltd.   19,546 
 121,000   Grand Pacific Petrochemical(a)   78,999 
 4,000   Grape King Bio Ltd.   24,781 
 25,000   Great China Metal Industry   19,558 
 26,000   Great Taipei Gas Co. Ltd.   24,310 
 41,132   Great Wall Enterprise Co. Ltd.   53,789 
 44,000   Greatek Electonics, Inc.   62,684 
 7,507,000   HannStar Display Corp.   1,593,265 
 125,000   HannsTouch Solution, Inc.(a)   58,371 
 53,000   Hey Song Corp.   53,981 
 28,666   Highwealth Construction Corp.   44,819 
 27,065   Hitron Technology, Inc.   17,684 
 9,505   Hiwin Technologies Corp.   84,296 
 105,530   Ho Tung Chemical Corp.   23,736 
 10,000   Holiday Entertainment Co. Ltd.   21,460 
 13,000   Holtek Semiconductor, Inc.   29,045 
 17,105   Holy Stone Enterprise Co. Ltd.   51,177 
 19,514   Hong Pu Real Estate Development Co. Ltd.   12,899 
 10,624   Hota Industrial Manufacturing Co. Ltd.   37,113 
 51,435   Hsing TA Cement Co.   29,374 
 1,006,000   HTC Corp.(a)   1,243,113 
 13,479   Huaku Development Co. Ltd.   35,308 
 8,000   Huang Hsiang Construction Corp.   8,108 
 89,200   Hung Sheng Construction Ltd.(a)   57,530 
 42,830   Hwa Fong Rubber Industrial Co. Ltd.(a)   15,578 
 131,000   IBF Financial Holdings Co. Ltd.   46,663 
 34,341   Ichia Technologies, Inc.(a)   17,787 
 9,714   Innodisk Corp.   39,277 
 10,620,000   Innolux Corp.   2,455,410 
 1,405,197   International CSRC Investment Holdings Co.   1,710,826 
 3,000   International Games System Co. Ltd.   29,662 
 3,956,155   Inventec Corp.   2,942,199 
 19,000   ITEQ Corp.   82,768 
Shares      Value 
TAIWAN (continued)     
 146,888   Jih Sun Financial Holdings Co. Ltd.  $50,630 
 30,000   KEE TAI Properties Co. Ltd.   11,631 
 66,682   Kenda Rubber Industrial Co. Ltd.   62,088 
 16,000   Kerry TJ Logistics Co. Ltd.   18,620 
 34,000   Kindom Construction Corp.   27,452 
 10,720   King Chou Marine Technology Co. Ltd.   12,274 
 4,000   King Slide Works Co. Ltd.   42,161 
 157,184   King Yuan Electronics Co. Ltd.   163,160 
 108,185   King’s Town Bank Co. Ltd.   110,517 
 13,000   Kinik Co.   24,497 
 181,343   Kinpo Electronics   60,450 
 44,000   Kinsus Interconnect Technology Corp.   55,863 
 15,000   KS Terminals, Inc.   19,493 
 6,000   Kung Long Batteries Industrial Co. Ltd.   32,045 
 60,799   Kwong Fong Industries Corp.   30,285 
 39,000   L&K Engineering Co. Ltd.   35,129 
 3,000   Land Mark Optoelectronics Corp.   23,587 
 56,714   Lealea Enterprise Co. Ltd.   16,608 
 9,000   Lelon Electronics Corp.   12,042 
 20,000   Lextar Electronics Corp.   9,750 
 50,788   Li Peng Enterprise Co. Ltd.   11,770 
 34,904   Lien Hwa Industrial Corp.   43,734 
 50,000   Lingsen Precision Industries Ltd.   14,279 
 12,882   Lite-On Semiconductor Corp.   13,038 
 99,000   Lite-On Technology Corp.   140,143 
 274,169   Longchen Paper & Packaging Co. Ltd.   130,747 
 15,000   Longwell Co.   27,509 
 723   Lotes Co. Ltd.   5,287 
 12,545   Lumax International Corp. Ltd.   35,248 
 8,000   Lung Yen Life Service Corp.   15,997 
 2,000   Machvision, Inc.   23,621 
 250,000   Macronix International   250,152 
 6,524   Makalot Industrial Co. Ltd.   38,089 
 11,000   Materials Analysis Technology, Inc.   26,433 
 550,000   MediaTek, Inc.   5,501,224 
 57,039   Mercuries & Associates Holding Ltd.   32,440 
 65,280   Mercuries Life Insurance Co. Ltd.(a)   22,668 
 5,000   Merida Industry Co. Ltd.   31,149 
 12,285   Merry Electronics Co. Ltd.   59,100 
 36,404   Micro-Star International Co. Ltd.   101,876 
 18,036   Mirle Automation Corp.   25,149 
 9,000   MPI Corp.   19,186 


70
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
TAIWAN (continued)
 4,000   Nak Sealing Technologies Corp.  $9,039 
 10,000   Namchow Holdings Co. Ltd.   17,063 
 21,590   Nan Kang Rubber Tire Co. Ltd.   25,900 
 26,405   Nantex Industry Co. Ltd.   29,366 
 21,000   National Petroleum Co. Ltd.   27,880 
 12,426   Nichidenbo Corp.   19,612 
 13,000   Nien Hsing Textile Co. Ltd.   10,753 
 6,000   Nien Made Enterprise Co. Ltd.   46,069 
 16,000   Novatek Microelectronics Corp.   84,497 
 55,090   OptoTech Corp.   39,109 
 52,000   Orient Semiconductor Electronics Ltd.(a)   25,680 
 64,500   Oriental Union Chemical Corp.   48,897 
 23,095   Paiho Shih Holdings Corp.   35,773 
 36,453   Pan Jit International, Inc.   29,778 
 51,000   Pan-International Industrial Corp.   41,099 
 4,000   Pharmally International Holding Co. Ltd.   29,813 
 6,000   Phison Electronics Corp.   58,744 
 6,000   Pixart Imaging, Inc.   20,804 
 24,000   Plotech Co. Ltd.   14,162 
 145,000   Pou Chen Corp.   178,439 
 1,348,200   Powertech Technology, Inc.   3,681,066 
 3,242   Poya International Co. Ltd.   44,702 
 221,377   President Securities Corp.   90,184 
 28,000   Primax Electronics Ltd.   47,680 
 202,370   Prince Housing & Development Corp.   72,053 
 121,000   Prodisc Technology, Inc.(a)(b)   0 
 26,000   Promate Electronic Co. Ltd.   27,397 
 9,000   Prosperity Dielectrics Co. Ltd.   17,858 
 4,172,520   Qisda Corp.   2,587,351 
 700   Qualipoly Chemical Corp.   615 
 123,309   Quintain Steel Co. Ltd.   28,064 
 879,000   Radiant Opto-Electronics Corp.   3,454,284 
 103,677   Radium Life Tech Co. Ltd.   45,841 
 589,150   Realtek Semiconductor Corp.   3,912,735 
 45,771   Rechi Precision Co. Ltd.   36,409 
 15,000   Rexon Industrial Corp. Ltd.   42,503 
 48,616   Rich Development Co. Ltd.   14,736 
 324,600   Ritek Corp.(a)   89,946 
 48,000   Roo Hsing Co. Ltd.(a)   18,759 
 26,640   Ruentex Development Co. Ltd.   35,332 
 38,000   Ruentex Industries Ltd.   80,824 
 12,000   Run Long Construction Co. Ltd.   24,189 
 60,268   Sampo Corp.   35,763 
 27,113   San Fang Chemical Industry Co. Ltd.   20,231 
Shares      Value 
TAIWAN (continued)
 9,600   San Shing Fastech Corp.  $16,331 
 48,080   Sanyang Motor Co. Ltd.   32,316 
 8,000   SDI Corp.   16,238 
 10,000   Senao International Co. Ltd.   10,466 
 21,000   Sercomm Corp.   49,696 
 28,008   Sesoda Corp.   23,439 
 9,000   Shan-Loong Transportation Co. Ltd.   8,647 
 52,087   Shih Wei Navigation Co. Ltd.(a)   15,522 
 16,104,359   Shin Kong Financial Holding Co. Ltd.   4,654,975 
 11,000   Shin Zu Shing Co. Ltd.   44,164 
 36,742   Shining Building Business Co. Ltd.(a)   11,359 
 42,000   Shinkong Insurance Co. Ltd.   51,229 
 100,314   Shinkong Synthetic Fibers Corp.   42,535 
 33,000   Shinkong Textile Co. Ltd.   43,910 
 5,000   Shiny Chemical Industrial Co. Ltd.   13,077 
 62,000   Sigurd Microelectronics Corp.   57,644 
 9,200   Simplo Technology Co. Ltd.   71,492 
 9,364   Sinbon Electronics Co. Ltd.   39,764 
 19,000   Sinher Technology, Inc.   26,848 
 10,961   Sino-American Electronic Co. Ltd.(a)(b)   241 
 47,000   Sino-American Silicon Products, Inc.   127,861 
 83,000   Sinon Corp.   49,947 
 11,000   Sinyi Realty, Inc.   11,028 
 36,000   Siward Crystal Technology Co. Ltd.   24,458 
 99,616   Solar Applied Materials Technology Co.(a)   75,062 
 117,000   Southeast Cement Co. Ltd.   62,514 
 3,000   St Shine Optical Co. Ltd.   50,038 
 15,762   Standard Foods Corp.   30,380 
 6,000   Sunny Friend Environmental Technology Co. Ltd.   50,979 
 22,000   Sunonwealth Electric Machine Industry Co. Ltd.   24,677 
 46,245   Supreme Electronics Co. Ltd.   41,682 
 79,969   Sweeten Real Estate Development Co. Ltd.   71,491 
 3,750   Syncmold Enterprise Corp.   9,404 
 85,550   Synnex Technology International Corp.   105,025 
 12,000   Systex Corp.   28,319 
 46,088   TA Chen Stainless Pipe Co.   68,097 
 68,000   Ta Ya Electric Wire & Cable   24,308 
 46,262   TA-I Technology Co. Ltd.   58,829 
 4,575,277   Taichung Commercial Bank Co. Ltd.   1,856,920 
 4,500   TaiDoc Technology Corp.   18,677 
 28,580   Taiflex Scientific Co. Ltd.   44,142 
 607,045   Tainan Spinning Co. Ltd.   238,539 


71
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
TAIWAN (continued)
 4,234,862   Taishin Financial Holding Co. Ltd.  $1,981,818 
 236,302   Taiwan Business Bank   101,382 
 2,902,500   Taiwan Cement Corp.   4,151,183 
 25,000   Taiwan Cogeneration Corp.   21,259 
 2,000   Taiwan FamilyMart Co. Ltd/Taiwan   14,527 
 35,320   Taiwan Fire & Marine Insurance Co. Ltd.   22,873 
 24,000   Taiwan FU Hsing Industrial Co. Ltd.   33,112 
 159,919   Taiwan Glass Industrial Corp.   61,947 
 32,081   Taiwan Hon Chuan Enterprise Co. Ltd.   56,495 
 74,324   Taiwan Land Development Corp.(a)   21,869 
 471   Taiwan Line Tek Electronic   474 
 49,544   Taiwan Navigation Co. Ltd.   35,635 
 11,032   Taiwan Paiho Ltd.   32,385 
 36,000   Taiwan PCB Techvest Co. Ltd.   46,732 
 8,000   Taiwan Sakura Corp.   12,019 
 14,408   Taiwan Secom Co. Ltd.   40,180 
 16,000   Taiwan Semiconductor Co. Ltd.   25,393 
 20,010   Taiwan Shin Kong Security Co. Ltd.   23,991 
 26,500   Taiwan Styrene Monomer   20,773 
 23,875   Taiwan Surface Mounting Technology Corp.   58,375 
 51,469   Taiwan TEA Corp.   26,806 
 8,000   Taiwan Union Technology Corp.   32,715 
 7,935   TCI Co. Ltd.   104,962 
 118,000   Teco Electric and Machinery Co. Ltd.   93,964 
 4,400   Tehmag Foods Corp.   30,951 
 18,000   Test Research, Inc.   27,203 
 11,000   Thinking Electronic Industrial Co. Ltd.   27,790 
 56,100   Ton Yi Industrial Corp.   22,435 
 8,000   Tong Hsing Electronic Industries Ltd.   32,910 
 55,834   Tong Yang Industry Co. Ltd.   81,561 
 19,946   Tong-Tai Machine & Tool Co. Ltd.   11,532 
 10,376   TOPBI International Holdings Ltd.   29,034 
 12,160   Topco Scientific Co. Ltd.   32,262 
 5,624   Topco Technologies Corp.   12,546 
 6,000   Topkey Corp.   32,969 
 33,344   Topoint Technology Co. Ltd.   20,393 
 27,000   TPK Holding Co. Ltd.(a)   47,752 
 8,137   Transcend Information, Inc.   17,746 
 29,000   Tripod Technology Corp.   96,403 
 2,200   TSC Auto ID Technology Co. Ltd.   18,002 
Shares      Value 
TAIWAN (continued)
 25,942   TSRC Corp.  $22,506 
 6,000   Ttet Union Corp.   23,422 
 7,000   TTY Biopharm Co. Ltd.   18,171 
 116,315   Tung Ho Steel Enterprise Corp.   80,424 
 35,815   TXC Corp.   44,013 
 56,000   TYC Brother Industrial Co. Ltd.   50,480 
 23,000   U-Ming Marine Transport Corp.   25,806 
 3,099,000   Unimicron Technology Corp.   3,741,412 
 332,666   Union Bank Of Taiwan   128,149 
 94,757   Unitech Printed Circuit Board Corp.   71,747 
 8,000   United Integrated Services Co. Ltd.   40,475 
 13,012,000   United Microelectronics Corp.   5,777,287 
 60,997   United Renewable Energy Co. Ltd/Taiwan(a)   17,491 
 202,780   Universal Cement Corp.   123,084 
 9,588   Universal Microwave Technology, Inc.   31,844 
 130,840   UPC Technology Corp.   47,208 
 200,297   USI Corp.   76,702 
 39,000   Vanguard International Semiconductor Corp.   78,730 
 39,800   Ve Wong Corp.   34,034 
 16,000   Visual Photonics Epitaxy Co. Ltd.   51,073 
 3,000   Voltronic Power Technology Corp.   64,673 
 19,000   Wafer Works Corp.   21,775 
 17,000   Wah Lee Industrial Corp.   29,701 
 322,000   Walsin Lihwa Corp.   154,397 
 15,000   Walsin Technology Corp.   83,463 
 81,000   Walton Advanced Engineering, Inc.   26,955 
 60,300   Wan Hai Lines Ltd.   40,097 
 37,616   Weikeng Industrial Co. Ltd.   24,351 
 11,000   Well Shin Technology Co. Ltd.   18,017 
 24,460   Win Semiconductors Corp.   206,723 
 464,472   Winbond Electronics Corp.   283,164 
 44,673   Wintek Corp.(a)(b)   493 
 83,646   Wisdom Marine Lines Co. Ltd.   87,363 
 4,565,512   Wistron Corp.   3,391,765 
 18,995   Wistron NeWeb Corp.   47,545 
 9,000   Wowprime Corp.   22,857 
 76,235   WPG Holdings Co. Ltd.   100,699 
 30,635   WT Microelectronics Co. Ltd.   39,758 
 7,204   Xxentria Technology Materials Corp.   16,258 
 366,124   Yang Ming Marine Transport Corp.(a)   102,279 
 110,713   YC Co. Ltd.   43,776 
 77,084   YC INOX Co. Ltd.   65,047 


72
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
TAIWAN (continued)
 10,907   YeaShin International Development Co. Ltd.  $5,974 
 12,000   Yeong Guan Energy Technology Group Co. Ltd.(a)   21,765 
 179,624   YFY, Inc.   66,778 
 122,584   Yieh Phui Enterprise Co. Ltd.   35,615 
 13,000   Yonyu Plastics Co. Ltd.   14,078 
 23,110   Youngtek Electronics Corp.   34,037 
 11,000   Yulon Finance Corp.   41,351 
 119,000   Yulon Motor Co. Ltd.   91,359 
 14,000   Yung Chi Paint & Varnish Manufacturing Co. Ltd.   33,337 
 4,000   Zeng Hsing Industrial Co. Ltd.   17,417 
 53,000   Zhen Ding Technology Holding Ltd.   192,811 
 68,000   Zig Sheng Industrial Co. Ltd.   19,212 
 23,000   Zinwell Corp.   16,679 
         93,575,065 
THAILAND — 0.2%
 4,300   AEON Thana Sinsap Thailand Public Co. Ltd. - FOR   33,034 
 47,800   Amata Corp. Public Co. Ltd. - FOR   37,218 
 237,900   Asia Plus Group Holdings Public Co. Ltd. - FOR   21,469 
 55,100   Bangchak Corp. Public Co. Ltd. - FOR   54,035 
 20,425   Bangkok Aviation Fuel Services Public Co. Ltd. - FOR   24,013 
 67,100   Bangkok Chain Hospital Public Co. Ltd. - FOR   33,453 
 26,500   Bangkok Insurance Public Co. Ltd. - FOR   283,729 
 1,118,900   Bangkok Land Public Co. Ltd. - FOR   62,445 
 461,900   Banpu Public Co. Ltd. - FOR   213,285 
 123,600   Beauty Community Public Co. Ltd. - FOR   14,919 
 131,800   BEC World Public Co. Ltd. - FOR(a)   42,426 
 152,700   BTS Group Holdings Public Co. Ltd. - FOR   61,385 
 6,600   Bumrungrad Hospital Public Co. Ltd. - FOR   36,439 
 691,508   Cal-Comp Electronics Thailand Public Co. Ltd. - FOR   39,250 
 17,100   Central Plaza Hotel Public Co. Ltd. - FOR   18,787 
 48,222   CH Karnchang Public Co. Ltd. - FOR   42,175 
 101,400   Chularat Hospital Public Co. Ltd. - FOR   7,812 
 27,700   CK Power Public Co. Ltd. - FOR   6,001 
 19,600   Com7 Public Co. Ltd. - FOR   15,985 
Shares      Value 
THAILAND (continued)
 411,800   Country Group Development Public Co. Ltd. - FOR(a)  $14,010 
 49,000   Dhipaya Insurance Public Co. Ltd. - FOR   39,649 
 376,500   Dynasty Ceramic Public Co. Ltd. - FOR   27,065 
 104,100   Eastern Water Resources Development and Management Public Co. Ltd. - FOR   45,634 
 113,800   Erawan Group Public Co. Ltd. (The) - FOR   20,622 
 117,700   Esso Thailand Public Co. Ltd. - FOR   37,958 
 44,400   Fabrinet(a)   2,383,392 
 31,100   GFPT Public Co. Ltd. - FOR   18,218 
 11,700   Global Power Synergy Public Co. Ltd. - FOR   25,276 
 79,600   Golden Land Property Development Public Co. Ltd. - FOR   21,657 
 5,000   Haad Thip Public Co. Ltd. - FOR   3,486 
 32,500   Hana Microelectronics Public Co. Ltd. - FOR   29,462 
 148,800   Ichitan Group Public Co. Ltd. - FOR   37,673 
 27,675,000   IRPC Public Co. Ltd. - FOR   4,293,684 
 5,256,091   Italian-Thai Development Public Co. Ltd. - FOR   380,741 
 183,800   Jasmine International Public Co. Ltd. - FOR   37,500 
 26,200   KCE Electronics Public Co. Ltd. - FOR   14,573 
 178,900   KGI Securities Thailand Public Co. Ltd. - FOR   27,414 
 450,966   Khon Kaen Sugar Industry Public Co. Ltd. - FOR   40,544 
 18,500   Kiatnakin Bank Public Co. Ltd. - FOR   43,753 
 32,400   Krungthai Card Public Co. Ltd. - FOR   49,970 
 59,000   Land & Houses Public Co. Ltd. - FOR   21,565 
 66,200   Lanna Resources Public Co. Ltd. - FOR   24,008 
 260,300   LH Financial Group Public Co. Ltd. - FOR   12,251 
 73,000   LPN Development Public Co. Ltd. - FOR   17,159 
 51,900   Major Cineplex Group Public Co. Ltd. - FOR   49,198 
 158,600   MBK Public Co. Ltd. - FOR   121,161 
 54,500   MC Group Public Co. Ltd. - FOR   14,225 
 28,500   Mega Lifesciences Public Co. Ltd. - FOR   32,456 
 16,000   MK Restaurants Group Public Co. Ltd. - FOR   40,755 


73
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
THAILAND (continued)
 26,500   Muangthai Capital Public Co. Ltd. - FOR  $51,795 
 10,000   PCS Machine Group Holding Public Co. Ltd. - FOR   2,058 
 82,500   Polyplex Thailand Public Co. Ltd. - FOR   41,471 
 25,450   Precious Shipping Public Co. Ltd. - FOR(a)   7,038 
 519,200   Property Perfect Public Co. Ltd. - FOR   13,145 
 86,300   Pruksa Holding Public Co. Ltd. - FOR   61,529 
 75,400   PTG Energy Public Co. Ltd. - FOR   54,846 
 368,831   Quality Houses Public Co. Ltd. - FOR   36,338 
 13,400   Ratch Group Public Co. Ltd. - FOR   29,350 
 139,969   Ratchthani Leasing Public Co. Ltd. - FOR   33,218 
 11,900   Robinson Public Co. Ltd. - FOR   24,423 
 159,700   Rojana Industrial Park Public Co. Ltd. - FOR   33,059 
 100,000   Samart Telcoms Public Co. Ltd. - FOR   39,573 
 486,000   Sansiri Public Co. Ltd. - FOR   23,478 
 476,076   SC Asset Corp. Public Co. Ltd. - FOR   44,145 
 8,420   Siam City Cement Public Co. Ltd. - FOR   64,944 
 154,369   Siam Future Development Public Co. Ltd. - FOR   32,072 
 38,100   Siam Global House Public Co. Ltd - FOR   20,416 
 60,400   Siamgas & Petrochemicals Public Co. Ltd. - FOR   19,030 
 48,100   Somboon Advance Technology Public Co. Ltd. - FOR   29,620 
 60,800   SPCG Public Co. Ltd. - FOR   37,490 
 62,860   Sri Trang Agro-Industry Public Co. Ltd. - FOR   24,170 
 16,463   Srisawad Corp. Public Co. Ltd. - FOR   29,059 
 719,500   Star Petroleum Refining Public Co. Ltd. - FOR   229,408 
 59,775   Supalai Public Co. Ltd. - FOR   42,639 
 564,700   Super Energy Corp. Public Co. Ltd. - FOR(a)   12,981 
 101,500   Syntec Construction Public Co. Ltd. - FOR   8,393 
 1,547,500   Tata Steel Thailand Public Co. Ltd. - FOR(a)   34,702 
 107,200   Thai Airways International Public Co. Ltd. - FOR(a)   35,724 
 15,000   Thai Central Chemical Public Co. Ltd. - FOR   11,279 
Shares      Value 
THAILAND (continued)
 42,800   Thai Oil Public Co. Ltd. - FOR  $95,453 
 11,900   Thai Stanley Electric Public Co. Ltd. - FOR   83,404 
 101,500   Thai Union Group Public Co. Ltd. - FOR   62,184 
 51,100   Thai Vegetable Oil Public Co. Ltd. - FOR   47,678 
 83,300   Thaicom Public Co. Ltd. - FOR(a)   15,764 
 122,200   Thaifoods Group Public Co. Ltd. - FOR - Class F   17,079 
 95,200   Thanachart Capital Public Co. Ltd. - FOR   181,892 
 17,300   Thitikorn Public Co. Ltd. - FOR   5,599 
 26,000   Tisco Financial Group Public Co. Ltd. - FOR   85,072 
 1,497,800   TMB Bank Public Co. Ltd. - FOR   91,839 
 165,000   TMT Steel Public Co. Ltd. - FOR   28,907 
 42,800   Total Access Communication Public Co. Ltd. - FOR   81,131 
 70,100   TPI Polene Power Public Co. Ltd. - FOR   13,629 
 390,200   TPI Polene Public Co. Ltd. - FOR   24,105 
 71,300   Unique Engineering & Construction Public Co. Ltd. - FOR   25,078 
 145,000   Univentures Public Co. Ltd. - FOR   31,404 
 184,700   Vanachai Group Public Co. Ltd. - FOR   29,837 
 270,200   Vibhavadi Medical Center Public Co. Ltd. - FOR   19,470 
 46,300   Vinythai Public Co. Ltd. - FOR   38,892 
 244,400   WHA Corp Public Co. Ltd. - FOR   37,004 
 36,500   Workpoint Entertainment Public Co. Ltd. - FOR   33,651 
         11,149,384 
TURKEY — 0.4%     
 1   Akbank T.A.S.(a)   1 
 8,854   Akcansa Cimento AS   10,511 
 7,460   Aksa Akrilik Kimya Sanayii AS   12,627 
 13,561   Anadolu Anonim Turk Sigorta Sirketi   9,837 
 22,924   Anadolu Cam Sanayii AS   11,720 
 7,164   Anadolu Efes Biracilik Ve Malt Sanayii AS   27,489 
 1,332,894   Arcelik AS(a)   4,160,348 
 15,974   Cimsa Cimento Sanayi VE Ticaret AS(a)   19,299 
 9,433   Coca-Cola Icecek AS   56,101 


74
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
TURKEY (continued)
 2,824,425   Dogan Sirketler Grubu Holding AS  $656,482 
 7,365,984   Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT   1,605,770 
 893,260   Haci Omer Sabanci Holding AS   1,575,894 
 11,895   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A   4,411 
 65,059   Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D   25,432 
 1,171,005   KOC Holding AS   3,920,938 
 15,694   Kordsa Teknik Tekstil AS   34,910 
 2,624   Koza Altin Isletmeleri AS(a)   26,693 
 10,253   Pegasus Hava Tasimaciligi AS(a)   87,181 
 4,661,434   Petkim Petrokimya Holding AS(a)   3,266,619 
 16,564   Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS   10,715 
 24,259   Selcuk Ecza Deposu Ticaret ve Sanayi AS   20,142 
 3,332,966   Soda Sanayii AS   3,648,240 
 23,218   TAV Havalimanlari Holding AS   104,348 
 7,867   Tekfen Holding AS   33,222 
 7,135   Tofas Turk Otomobil Fabrikasi AS   25,133 
 45,244   Trakya Cam Sanayii AS   22,414 
 146,891   Tupras Turkiye Petrol Rafinerileri AS   3,683,442 
 1,320,318   Turkcell Iletisim Hizmetleri AS   3,076,811 
 49,798   Turkiye Halk Bankasi AS(a)   53,515 
 137,554   Turkiye Sinai Kalkinma Bankasi AS(a)   20,444 
 5,837   Turkiye Sise ve Cam Fabrikalari AS   5,152 
 128,611   Turkiye Vakiflar Bankasi TAO - Class D   116,595 
 7,755   Ulker Biskuvi Sanayi AS(a)   25,746 
 9,082   Vestel Elektonik Sanayi ve Ticaret AS(a)   15,306 
         26,373,488 
UKRAINE — 0.0%
 4,290   Kernel Holding SA   53,539 
UNITED ARAB EMIRATES — 0.0%
 3,873,881   Dana Gas PJSC   1,093,156 
 20,000   Gulf Marine Services Plc(a)   2,280 
 29,465   Lamprell Plc(a)   19,675 
 833   NMC Health Plc   24,876 
         1,139,987 
UNITED KINGDOM — 3.5%
 14,214   4imprint Group Plc   482,444 
Shares      Value 
UNITED KINGDOM (continued)
 2,179   A.G. Barr Plc  $18,215 
 19,388   Acacia Mining Plc(a)   52,737 
 673,862   Adaptimmune Therapeutics Plc - ADR(a)   2,217,006 
 2,138   Admiral Group Plc   56,225 
 129,757   Afren Plc(a)(b)   0 
 147,770   Aggreko Plc   1,490,841 
 61,715   Amerisur Resources Plc(a)   13,777 
 3,987   Anglo-Eastern Plantations Plc   22,119 
 16,782   Arrow Global Group Plc   54,713 
 9,461   Ashmore Group Plc   61,453 
 92,113   ASOS Plc(a)   2,892,573 
 50,831   Assura Plc REIT   39,837 
 20,958   Augean Plc(a)   29,874 
 14,073   Auto Trader Group Plc   92,384 
 986   AVEVA Group Plc   47,633 
 1,724   Avon Rubber Plc   28,115 
 17,779   B&M European Value Retail SA   79,803 
 25,749   Babcock International Group Plc   148,385 
 13,514   Balfour Beatty Plc   33,713 
 22,285   Barratt Developments Plc   173,984 
 43,468   BBA Aviation Plc   168,840 
 6,938   BCA Marketplace Plc   20,375 
 3,432   Beazley Plc   23,969 
 17,652   Bellway Plc   636,278 
 5,393   Berkeley Group Holdings Plc   253,648 
 11,689   Biffa Plc   31,148 
 2,745   Big Yellow Group Plc REIT   32,962 
 26,873   Bloomsbury Publishing Plc   75,245 
 30,075   Bodycote Plc   268,343 
 242,516   Bovis Homes Group Plc   3,097,897 
 5,261   Braemar Shipping Services Plc   12,671 
 13,488   Brewin Dolphin Holdings Plc   52,259 
 17,315   British Land Co. Plc (The), REIT   106,891 
 144,840   Britvic Plc   1,609,214 
 26,025   BTG Plc(a)   264,464 
 29,474   Cairn Energy Plc(a)   56,573 
 26,197   Capita Plc(a)   36,947 
 1,323   Capital & Counties Properties Plc   3,181 
 314,942   Capital & Regional Plc REIT   58,831 
 23,025   Carclo Plc(a)   2,994 
 12,375   Card Factory Plc   24,861 
 3,919   CareTech Holdings Plc   17,760 
 87,391   Carillion Plc(a)(b)   0 
 52,427   Centrica Plc   48,264 
 33,252   Chemring Group Plc   74,124 
 29,929   Chesnara Plc   120,402 
 52,256   Cineworld Group Plc   162,215 
 3,546   City of London Investment Group Plc   18,403 


75
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
UNITED KINGDOM (continued)     
 852   Clarkson Plc  $26,545 
 7,388   Close Brothers Group Plc   119,280 
 14,367   CMC Markets Plc   17,042 
 19,996   Coats Group Plc   19,416 
 124,115   Cobham Plc(a)   248,523 
 8,638   Codemasters Group Holdings Plc(a)   23,415 
 65,383   Computacenter Plc   1,212,782 
 48,594   Concentric AB   598,758 
 5,416   Consort Medical Plc   49,272 
 21,006   ConvaTec Group Plc   39,690 
 18,079   Costain Group Plc   34,491 
 8,952   Countryside Properties Plc   31,921 
 11,704   Craneware Plc   283,077 
 824   Cranswick Plc   26,670 
 12,430   Crest Nicholson Holdings plc   55,275 
 2,267   CVS Group Plc   25,531 
 51,561   CYBG Plc   107,442 
 61,282   D4t4 Solutions Plc   178,683 
 3,863   Daily Mail & General Trust Plc - Class A   37,105 
 160,845   Dart Group Plc   1,475,182 
 49,233   De La Rue Plc   139,764 
 1,000   Derwent London Plc REIT   35,424 
 24,646   Devro Plc   61,556 
 52,504   DFS Furniture Plc   150,449 
 169,043   Dialog Semiconductor Plc(a)   7,566,818 
 1,741   Dignity Plc   11,433 
 3,373   Diploma Plc   62,174 
 30,368   Direct Line Insurance Group Plc   118,791 
 6,699   DiscoverIE Group Plc   36,165 
 50,739   Dixons Carphone Plc   73,534 
 9,492   Domino’s Pizza Group Plc   28,525 
 2,472,657   Drax Group Plc   9,060,269 
 94,693   DS Smith Plc   408,423 
 33,122   Dunelm Group Plc   371,213 
 7,611   easyJet Plc   89,193 
 86,022   EI Group Plc(a)   294,878 
 74,741   Eland Oil & Gas Plc(a)   108,494 
 6,210   Electrocomponents Plc   45,756 
 15,304   Elementis Plc   28,055 
 111,761   EMIS Group Plc   1,653,724 
 202,590   EnQuest Plc(a)   57,108 
 9,857   Equiniti Group Plc   25,194 
 11,331   Essentra Plc   58,750 
 2,697   Euromoney Institutional Investor Plc   45,461 
 104,138   FDM Group Holdings Plc   1,042,538 
 1,761   Fevertree Drinks Plc   49,922 
 745,331   Firstgroup Plc(a)   1,037,425 
 3,059   Fuller Smith & Turner Plc - Class A   39,805 
 12,348   Future Plc   169,976 
 31,752   G4S Plc   73,695 
Shares      Value 
UNITED KINGDOM (continued)     
 5,154   Galliford Try Plc  $36,919 
 2,088   Games Workshop Group Plc   114,594 
 39,947   Gem Diamonds Ltd.(a)   33,334 
 9,045   Genel Energy Plc   21,043 
 208,254   Genus Plc   6,685,228 
 110,914   Go-Ahead Group Plc (The)   2,867,269 
 320   Goodwin Plc   13,317 
 97,377   Great Portland Estates Plc, REIT   782,200 
 529,001   Greene King Plc   4,016,730 
 318,567   Greggs Plc   8,633,858 
 509,289   Gulf Keystone Petroleum Ltd.   1,448,649 
 3,000   H&T Group Plc   11,791 
 300,491   Halfords Group Plc   697,685 
 10,594   Hammerson Plc REIT   27,475 
 31,423   Hansteen Holdings Plc REIT   33,386 
 23,294   Hastings Group Holdings Plc   54,684 
 369,175   Hays Plc   689,462 
 84,186   Headlam Group Plc   453,625 
 3,903   Helical Plc   16,993 
 14,425   Henry Boot Plc   43,002 
 2,763   Hill & Smith Holdings Plc   37,945 
 1,774   Hilton Food Group Plc   20,087 
 34,133   Hollywood Bowl Group Plc   89,216 
 7,188   HomeServe Plc   99,455 
 8,086   Howden Joinery Group Plc   54,319 
 9,063   Hunting Plc   55,849 
 34,584   Huntsworth Plc   42,044 
 22,112   Ibstock Plc   62,056 
 237,195   IG Group Holdings Plc   1,648,737 
 6,461   IMI Plc   81,807 
 258,301   Inchcape Plc   1,956,851 
 243,011   Indivior Plc(a)   160,685 
 57,563   Inmarsat Plc   400,183 
 391,438   IntegraFin Holdings Plc   1,832,867 
 315,033   International Personal Finance Plc   388,384 
 19,507   Intu Properties Plc REIT   11,302 
 60,335   ITE Group Plc   53,514 
 59,524   ITV Plc   79,950 
 152,201   J D Wetherspoon Plc   2,837,901 
 37,524   J Sainsbury Plc   89,541 
 16,600   James Fisher & Sons Plc   439,876 
 533,908   JD Sports Fashion Plc   4,210,618 
 15,332   John Laing Group Plc   71,644 
 3,257   John Menzies Plc   16,409 
 15,410   John Wood Group Plc   99,298 
 3,082   Johnson Matthey Plc   120,173 
 91,588   Johnson Service Group Plc   192,815 
 2,073   JPJ Group Plc(a)   17,330 
 13,491   JRP Group Plc(a)   7,713 
 629   Judges Scientific Plc   26,581 
 12,394   Jupiter Fund Management Plc    56,084 
 4,632   Just Eat Plc(a)   42,615 
 78,951   Kainos Group Plc   538,068 
 27,403   KCOM Group Plc   40,037 


76
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
UNITED KINGDOM (continued)     
 7,187   Keller Group Plc  $57,370 
 8,710   Keystone Law Group Plc   54,759 
 40,275   Kingfisher Plc   108,738 
 4,256   Lancashire Holdings Ltd   35,711 
 7,506   Liontrust Asset Management Plc   73,038 
 20,600   LivaNova Plc(a)   1,587,230 
 19,247   LondonMetric Property Plc REIT   47,480 
 217,373   Lookers Plc   110,551 
 18,531   LSL Property Services Plc   45,768 
 35,034   Man Group Plc - Jersey   72,310 
 83,944   Marks & Spencer Group Plc   210,988 
 109,023   Marshalls Plc   841,390 
 1,195,180   Marston’s Plc   1,551,157 
 38,653   McBride Plc   30,373 
 26,522   McCarthy & Stone Plc   44,887 
 13,685   McColl’s Retail Group Plc   11,309 
 13,005   Mears Group Plc   43,356 
 39,152   Meggitt Plc   282,535 
 91,682   Merlin Entertainments Plc   501,532 
 20,143   Micro Focus International Plc   424,295 
 22,328   Millennium & Copthorne Hotels Plc   184,820 
 2,890   Mitchells & Butlers Plc(a)   10,657 
 38,721   Mitie Group Plc   77,347 
 7,403   MJ Gleeson Plc   75,525 
 279,502   Moneysupermarket.com Group Plc   1,251,190 
 13,096   Morgan Advanced Materials Plc   40,349 
 6,993   Morgan Sindall Group Plc   95,425 
 1,709   Mortgage Advice Bureau Holdings Ltd   12,437 
 39,656   Mothercare Plc(a)   7,977 
 6,132   Motorpoint group Plc   15,992 
 13,475   N Brown Group Plc   19,633 
 7,073   NAHL Group plc   10,420 
 744,743   National Express Group Plc   3,793,611 
 11,757   NCC Group Plc   26,442 
 18,711   Non-Standard Finance Plc   8,610 
 42,689   Northgate Plc   171,560 
 8,620   Numis Corp. Plc   24,943 
 2,830,105   Ocado Group Plc(a)   42,719,019 
 3,866   On the Beach Group Plc   22,200 
 212,399   OneSavings Bank Plc   936,228 
 50,100   Oxford Immunotec Global Plc(a)   646,290 
 8,854   Oxford Instruments Plc   139,145 
 55,394   Oxford Metrics Plc   59,010 
 54,713   Pagegroup Plc   297,682 
 87,634   Paragon Banking Group Plc   445,019 
 5,827   Patisserie Holdings Plc(a)(b)   71 
 10,688   PayPoint Plc   122,401 
 301,929   Pendragon Plc   46,811 
Shares      Value 
UNITED KINGDOM (continued)     
 225,953   Pets at Home Group Plc  $571,055 
 29,456   Phoenix Group Holdings Plc   247,766 
 23,935   Polar Capital Holdings Plc   166,324 
 10,810   Polypipe Group plc   53,706 
 1,318   Porvair Plc   9,395 
 76,105   Premier Foods Plc(a)   31,195 
 51,449   Premier Oil Plc(a)   52,364 
 7,500   Provident Financial Plc   39,506 
 20,721   PZ Cussons Plc   55,110 
 13,856   QinetiQ Group Plc   48,659 
 33,811   Rank Group Plc   62,431 
 103,206   Reach Plc   106,476 
 166,048   Redde Plc   230,205 
 505,204   Redrow Plc   3,437,882 
 21,378   Renewi Plc   7,564 
 113,123   Renishaw Plc   5,266,326 
 51,232   Renold Plc(a)   15,520 
 4,740,000   Rentokil Initial Plc   25,043,375 
 6,636   Ricardo Plc   56,683 
 1,457,879   Rightmove Plc   9,324,346 
 12,337   RM Plc   35,588 
 27,589   Robert Walters Plc   178,694 
 10,584   Rotork Plc   39,520 
 115,465   Royal Mail Plc   294,878 
 178,794   RPS Group Plc   272,415 
 18,460   RSA Insurance Group Plc   125,554 
 45,640   Safestore Holdings Plc REIT   346,353 
 68,642   Saga Plc   37,131 
 3,156   Savills Plc   36,427 
 42,589   SDL Plc   245,446 
 10,897   Senior Plc   26,534 
 955,480   Serco Group Plc(a)   1,712,161 
 58,311   Severfield Plc   47,409 
 1,132   Severn Trent Plc   27,683 
 383   Shaftesbury Plc REIT   3,661 
 20,193   Shield Therapeutics Plc(a)   44,020 
 9,238   Shoe Zone Plc   23,325 
 251,155   SIG Plc   401,496 
 89,090   Smith & Nephew Plc   2,016,895 
 5,851   Smiths Group Plc   116,364 
 108,063   Soco International Plc   80,865 
 76,799   Softcat Plc   891,581 
 16,240   Sopheon Plc   150,672 
 5,099   Sophos Group Plc   26,918 
 1,315   Spectris Plc   40,506 
 155,677   Speedy Hire Plc   98,446 
 2,204   Spirax-Sarco Engineering Plc   240,332 
 5,903   Spire Healthcare Group Plc   8,108 
 342,834   Spirent Communications Plc   659,432 
 15,991   Sportech Plc(a)   6,556 
 10,572   Sports Direct International Plc(a)   29,118 
 355,186   SSP Group Plc   3,038,160 
 16,739   St. James’s Place Plc   199,744 
 158,468   St. Modwen Properties Plc   805,309 


77
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
UNITED KINGDOM (continued)     
 1,140,079   Stagecoach Group Plc  $1,812,462 
 71,021   SThree Plc   243,663 
 12,864   Stock Spirits Group Plc   35,796 
 11,373   Stolt-Nielsen Ltd.   130,251 
 10,432   Subsea 7 SA   111,811 
 564,596   Synthomer Plc   2,077,903 
 15,592   TalkTalk Telecom Group Plc   19,926 
 816,786   Tate & Lyle Plc   7,480,602 
 369,648   Taylor Wimpey Plc   724,266 
 2,195   Ted Baker Plc   24,371 
 1,720   Telecom Plus Plc   27,819 
 3,077   Telford Homes Plc   13,011 
 6,206   Topps Tiles Plc   5,199 
 14,497   TORM Plc(a)   119,449 
 66,222   TP ICAP Plc   252,191 
 6,093   Tracsis Plc   48,049 
 6,117   Travis Perkins Plc   101,268 
 16,317   Trifast Plc   38,445 
 19,598   TT Electronics plc   52,339 
 205,999   Tullow Oil Plc   482,680 
 4,704   Tyman Plc   12,456 
 6,494   U & I Group Plc   11,281 
 4,430   Ultra Electronics Holdings Plc   105,038 
 2,668   UNITE Group Plc (The)   33,457 
 5,216   United Utilities Group Plc   49,852 
 2,718   Urban & Civic Plc   10,117 
 183,667   Vectura Group Plc(a)   178,175 
 60,862   Vertu Motors Plc   26,833 
 10,192   Vesuvius Plc   62,109 
 155,712   Victrex Plc   3,850,451 
 7,903   Vitec Group Plc (The)   108,763 
 4,601   Volution Group Plc   10,130 
 1,472   Vp Plc   13,977 
 41,237   Watkin Jones Plc   106,863 
 5,172   Weir Group Plc (The)   93,504 
 1,683   WH Smith Plc   43,286 
 39,121   William Hill Plc   72,336 
 15,003   Wilmington Plc   35,741 
 8,308   Wincanton Plc   23,765 
 103,000   Wm Morrison Supermarkets Plc   243,218 
 599,920   Xaar Plc   646,565 
 15,974   YouGov Plc   110,322 
 244   Young & Co’s Brewery Plc - Class A   4,816 
 2,806   Zeal Network SE   55,631 
         219,671,367 
UNITED STATES — 53.6%     
 84,900   1-800-FLOWERS.COM, Inc. - Class A(a)   1,662,342 
 8,700   1st Constitution Bancorp   158,427 
 43,400   1st Source Corp.   2,037,630 
 141,900   ACI Worldwide, Inc.(a)   4,762,164 
 15,700   ACNB Corp.   585,610 
Shares      Value 
UNITED STATES (continued)     
 5,600   Acushnet Holdings Corp.  $143,135 
 29,600   Addus HomeCare Corp.(a)   2,385,464 
 730,318   Aduro Biotech, Inc.(a)   964,020 
 238,997   Advance Auto Parts, Inc.   36,002,508 
 124,400   Advanced Disposal Services, Inc.(a)   4,026,828 
 24,900   Advanced Drainage Systems, Inc.   819,957 
 18,800   Aerojet Rocketdyne Holdings, Inc.(a)   803,136 
 131,745   AeroVironment, Inc.(a)   7,226,213 
 91,000   AG Mortgage Investment Trust, Inc. REIT   1,488,760 
 62,900   Agilysys, Inc.(a)   1,542,937 
 16,789   Alacer Gold Corp.(a)   66,785 
 5,408   Alexander’s, Inc. REIT   2,025,296 
 232   Alico, Inc.   7,401 
 62,000   ALLETE, Inc.   5,390,900 
 291,049   Alnylam Pharmaceuticals, Inc.(a)   22,582,492 
 585,000   Altra Industrial Motion Corp.   16,807,050 
 71,526   Ambarella, Inc.(a)   3,572,724 
 90,200   American Assets Trust, Inc., REIT   4,185,280 
 7,700   American National Bankshares, Inc.   284,823 
 14,400   American Public Education, Inc.(a)   475,488 
 102,500   American Software, Inc. - Class A   1,365,300 
 62,900   American States Water Co.   4,872,863 
 8,300   America’s Car-Mart, Inc.(a)   748,328 
 49,400   AMERISAFE, Inc.   3,213,964 
 103,200   Amphastar Pharmaceuticals Inc.(a)   2,079,480 
 103,700   AngioDynamics, Inc.(a)   2,113,406 
 23,000   ANI Pharmaceuticals, Inc.(a)   1,945,570 
 95,966   Annaly Capital Management, Inc. REIT   916,475 
 232,522   ANSYS, Inc.(a)   47,229,869 
 317,300   Anworth Mortgage Asset Corp., REIT   1,221,605 
 752,100   AO Smith Corp.   34,182,945 
 847,282   Apergy Corp.(a)   27,562,083 
 175,925   Apollo Commercial Real Estate Finance, Inc. REIT   3,310,909 
 28,100   Appfolio, Inc. - Class A(a)   2,713,055 
 170,413   Appian Corp.(a)   6,695,527 
 31,900   Applied Industrial Technologies, Inc.   1,940,796 
 375,412   AptarGroup, Inc.   45,432,360 
 41,000   Arbor Realty Trust, Inc. REIT   499,790 
 36,600   Arch Coal, Inc. - Class A   3,263,256 
 91,600   Ares Commercial Real Estate Corp. REIT   1,389,572 


78
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Shares      Value 
UNITED STATES (continued)     
 19,200   Argonaut Gold, Inc.(a)  $33,605 
 151,900   Armada Hoffler Properties, Inc. REIT   2,571,667 
 18,602   Arrow Financial Corp.   618,703 
 18,400   Artesian Resources Corp. - Class A   662,032 
 48,600   Asbury Automotive Group, Inc.(a)   4,475,088 
 13,500   Aspen Technology, Inc.(a)   1,780,245 
 13,500   Astronics Corp.(a)   497,340 
 14,500   ATN International Inc.   815,915 
 93,800   AtriCure, Inc.(a)   3,009,104 
 10,074   Atrion Corp.   7,751,943 
 565,000   Avanos Medical, Inc.(a)   23,006,800 
 1,545,418   Axalta Coating Systems Ltd.(a)   45,790,735 
 215,200   Axogen, Inc.(a)   3,869,296 
 109,192   Axon Enterprise, Inc.(a)   7,667,462 
 713,300   B&G Foods, Inc.   13,039,124 
 50,300   Balchem Corp.   5,162,792 
 34,100   BancFirst Corp.   1,989,394 
 27,000   Bank of Commerce Holdings   290,790 
 22,000   Bank of Marin Bancorp   961,840 
 51,800   BankFinancial Corp.   694,638 
 19,600   Banner Corp.   1,161,496 
 365,000   Barnes Group, Inc.   18,994,600 
 22,400   Barrett Business Services, Inc.   1,960,000 
 27,600   BCB Bancorp, Inc.   354,108 
 169,971   Benefitfocus, Inc.(a)   4,247,575 
 30,100   BG Staffing, Inc.   500,262 
 44,400   BioDelivery Sciences International, Inc.(a)   164,724 
 5,665   Bizlink Holding, Inc.   42,934 
 56,100   BJ’s Restaurants, Inc.   2,227,170 
 68,200   Black Hills Corp.   5,398,030 
 297,200   Blackbaud, Inc.   27,045,200 
 541,795   Blackline, Inc.(a)   24,164,057 
 217,100   Bloomin’ Brands, Inc.   3,697,213 
 57,800   Bluerock Residential Growth REIT, Inc.   681,462 
 33,800   Boston Beer Co., Inc. (The) - Class A(a)   13,260,416 
 17,100   Bottomline Technologies DE, Inc.(a)   719,739 
 92,300   Brinker International, Inc.   3,678,155 
 62,900   Brookline Bancorp, Inc.   932,807 
 7,500   BRT Apartments Corp. REIT   104,699 
 215,000   Bryn Mawr Bank Corp.   7,972,200 
 4,054   Burford Capital Ltd.   73,826 
 900   Business First Bancshares, Inc.   22,445 
 52,100   Byline Bancorp, Inc.(a)   995,631 
 5,440   C&F Financial Corp.   295,392 
 4,400   CACI International, Inc. - Class A(a)   946,660 
 9,500   Calavo Growers, Inc.   840,180 
 64,900   Cal-Maine Foods, Inc.   2,581,073 
 7,300   Cambridge Bancorp   570,860 
Shares      Value 
UNITED STATES (continued)     
 41,800   Camden National Corp.  $1,868,878 
 170,780   Cantel Medical Corp.   15,759,578 
 23,600   Capital City Bank Group, Inc.   609,352 
 95,500   Capstead Mortgage Corp. REIT   805,065 
 480,000   Cardiovascular Systems, Inc.(a)   21,998,400 
 32,400   Carriage Services, Inc.   619,488 
 70,100   Carrols Restaurant Group, Inc.(a)   653,332 
 47,800   Carter Bank & Trust(a)   953,610 
 42,400   Casella Waste Systems, Inc. - Class A(a)   1,848,640 
 46,320   Cass Information Systems, Inc.   2,358,151 
 360,000   Catalent, Inc.(a)   20,336,400 
 20,800   Cato Corp. (The) - Class A   298,896 
 144,200   CBIZ, Inc.(a)   3,369,954 
 319,200   CDW Corp.   37,716,672 
 10,400   Central Garden & Pet Co.(a)   315,952 
 30,300   Central Garden & Pet Co. - Class A(a)   834,765 
 20,900   Central Valley Community Bancorp   433,257 
 8,400   Century Bancorp, Inc. - Class A   703,500 
 85,034   CEVA, Inc.(a)   2,362,245 
 96,600   ChannelAdvisor Corp.(a)   881,958 
 55,100   Chase Corp.   5,707,258 
 140,000   Chatham Lodging Trust REIT   2,500,400 
 188,457   Cheesecake Factory, Inc. (The)   8,118,728 
 432,109   Chegg, Inc.(a)   19,410,336 
 6,200   Chemed Corp.   2,513,418 
 13,200   Chemung Financial Corp.   576,048 
 60,500   Cherry Hill Mortgage Investment Corp. REIT   937,145 
 44,300   Chesapeake Utilities Corp.   4,140,278 
 8,100   Chuy’s Holdings, Inc.(a)   191,565 
 24,400   Cision Ltd.(a)   253,516 
 8,500   Citi Trends, Inc.   130,475 
 3,700   Citizens & Northern Corp.   94,793 
 17,700   City Holding Co.   1,370,865 
 22,100   CNB Financial Corp.   623,662 
 11,800   Coca-Cola Consolidated, Inc.   3,463,654 
 635,690   Codexis, Inc.(a)   11,677,625 
 82,100   Cogent Communications Holdings, Inc.   5,173,121 
 9,600   Columbia Sportswear Co.   1,017,408 
 190,000   Community Bank System, Inc.   12,538,100 
 400   Community Financial Corp. (The)   13,011 
 43,600   Community Trust Bancorp, Inc.   1,843,844 
 35,400   CommVault Systems, Inc.(a)   1,608,576 


79
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)
 52,500   Computer Programs & Systems, Inc.  $1,355,025 
 389,800   CONMED Corp.   34,049,030 
 11,200   Consolidated-Tomoka Land Co.   702,464 
 182,394   Cooper Cos., Inc. (The)   61,539,736 
 731,915   CoreLogic, Inc.(a)   33,353,367 
 92,000   Core-Mark Holding Co., Inc.   3,443,560 
 44,000   Corenergy Infrastructure Trust, Inc. REIT   1,780,680 
 79,000   Cornerstone OnDemand, Inc.(a)   4,676,800 
 26,500   CorVel Corp.(a)   2,257,800 
 4,717   Cott Corp.   60,365 
 185,000   Covanta Holding Corp.   3,185,700 
 12,000   CRA International, Inc.   521,040 
 58,273   Cracker Barrel Old Country Store, Inc.   10,122,603 
 89,400   CryoLife, Inc.(a)   2,576,508 
 86,700   CSG Systems International, Inc.   4,442,508 
 45,950   CSW Industrials, Inc.   3,244,530 
 18,900   CTS Corp.   595,728 
 41,500   Culp, Inc.   745,755 
 525,000   CVB Financial Corp.   11,555,250 
 23,400   CVR Energy, Inc.   1,241,838 
 43,611   Darden Restaurants, Inc.   5,301,353 
 121,500   Darling Ingredients, Inc.(a)   2,470,095 
 35,700   Dave & Buster’s Entertainment, Inc.   1,451,205 
 111,900   Del Taco Restaurants, Inc.(a)   1,356,228 
 201,863   Denny’s Corp.(a)   4,560,085 
 104,499   DexCom, Inc.(a)   16,392,758 
 163,678   Digimarc Corp.(a)   7,394,972 
 15,400   Dine Brands Global, Inc.   1,264,186 
 22,500   Donegal Group, Inc. - Class A   334,125 
 520,120   Dover Corp.   50,373,622 
 36,500   Ducommun, Inc.(a)   1,538,475 
 79,466   Dynex Capital, Inc., REIT   1,295,296 
 6,000   Eastern Co. (The)   151,560 
 26,900   EastGroup Properties, Inc. REIT   3,240,912 
 79,000   El Pollo Loco Holdings, Inc.(a)   777,360 
 750,000   elf Beauty, Inc.(a)   12,442,500 
 14,700   EMC Insurance Group, Inc.   528,318 
 26,100   EMCOR Group, Inc.   2,202,579 
 79,400   Employers Holdings, Inc.   3,485,660 
 27,100   Encompass Health Corp.   1,730,064 
 6,600   Ennis, Inc.   134,177 
 81,100   Ensign Group, Inc. (The)   4,887,086 
 3,800   Enterprise Bancorp, Inc.   116,089 
 32,100   Enterprise Financial Services Corp.   1,337,928 
 180,000   Envestnet, Inc.(a)   12,853,800 
 9,100   EPAM Systems, Inc.(a)   1,763,489 
Shares      Value 
UNITED STATES (continued)
 8,785   Epsilon Energy Ltd.(a)  $33,207 
 178,308   Equifax, Inc.   24,800,860 
 103,680   Equity Commonwealth REIT   3,481,574 
 9,800   ESSA Bancorp, Inc.   150,430 
 107,000   Essent Group Ltd.(a)   4,939,120 
 3,900   Evans Bancorp, Inc.   144,534 
 13,200   Evo Payments, Inc. - Class A(a)   410,784 
 201,240   Evolent Health, Inc. - Class A(a)   1,372,457 
 290,000   Evoqua Water Technologies Corp.(a)   4,123,800 
 123,257   Exact Sciences Corp.(a)   14,188,113 
 100,500   Exantas Capital Corp. REIT   1,124,595 
 8,500   ExlService Holdings, Inc.(a)   584,715 
 25,200   Expedia Group, Inc.   3,345,048 
 51,000   Exponent, Inc.   3,508,800 
 9,400   Fair Isaac Corp.(a)   3,265,748 
 7,700   Farmers National Banc Corp.   112,497 
 89,147   FARO Technologies, Inc.(a)   4,759,558 
 7,200   FedNat Holding Co.   89,927 
 28,500   Fiesta Restaurant Group, Inc.(a)   272,175 
 47,700   Financial Institutions, Inc.   1,468,683 
 77,100   First Bancorp. - Southern Pines NC   2,848,074 
 30,200   First Bancshares, Inc. (The)   1,002,942 
 97,100   First Busey Corp.   2,624,613 
 18,600   First Business Financial Services, Inc.   443,238 
 2,100   First Capital, Inc.   119,175 
 4,400   First Citizens BancShares, Inc. - Class A   2,054,888 
 12,600   First Community Bancshares, Inc.   416,682 
 59,100   First Defiance Financial Corp.   1,697,352 
 21,800   First Financial Corp.   946,338 
 56,900   First Interstate BancSystem, Inc. - Class A   2,277,707 
 11,600   First Mid Bancshares, Inc.   395,328 
 95,700   First Solar, Inc.(a)   6,171,693 
 17,100   FirstCash, Inc.   1,720,944 
 3,000   FONAR Corp.(a)   73,619 
 35,700   Forrester Research, Inc.   1,689,681 
 2,600   Franklin Financial Services Corp.   94,899 
 83,600   Fresh Del Monte Produce, Inc.   2,535,588 
 200,000   Freshpet, Inc.(a)   9,030,000 
 10,700   FS Bancorp, Inc.   527,510 
 55,300   FTI Consulting, Inc.(a)   5,776,085 
 10,000   GCS Holdings, Inc.   19,242 
 250,000   German American Bancorp, Inc.   7,887,500 
 91,200   Getty Realty Corp. REIT   2,734,176 
 97,700   Gladstone Commercial Corp. REIT   2,077,102 


80
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)
 83,000   Global Net Lease, Inc. REIT  $1,620,160 
 84,500   Globus Medical, Inc. - Class A(a)   3,851,510 
 47,500   Gold Resource Corp.   170,525 
 11,600   Great Ajax Corp. REIT   161,356 
 180,900   Great Lakes Dredge & Dock Corp.(a)   1,941,057 
 32,900   Great Southern Bancorp, Inc.   1,972,684 
 209,412   GrubHub, Inc.(a)   14,162,534 
 21,700   Guaranty Bancshares, Inc.   668,794 
 164,951   H&R Block, Inc.   4,567,493 
 88,500   Hackett Group, Inc. (The)   1,453,170 
 41,900   Haemonetics Corp.(a)   5,115,152 
 15,500   Hallador Energy Co.   83,079 
 37,500   Hallmark Financial Services, Inc.(a)   581,250 
 21,500   Hancock Whitney Corp.   892,680 
 61,600   Haverty Furniture Cos., Inc.   1,115,576 
 33,100   Hawkins, Inc.   1,445,477 
 4,300   Hawthorn Bancshares, Inc.   105,049 
 365,000   HB Fuller Co.   17,450,650 
 8,200   HCI Group, Inc.   328,738 
 77,200   HealthStream, Inc.(a)   2,180,128 
 7,100   Heartland Financial USA, Inc.   341,439 
 50,400   Heidrick & Struggles International, Inc.   1,496,880 
 109,110   Helen of Troy Ltd.(a)   16,178,831 
 7,000   Hemisphere Media Group, Inc.(a)   86,169 
 84,100   Heritage Insurance Holdings, Inc.   1,130,304 
 20,400   Heritage-Crystal Clean, Inc.(a)   572,220 
 56,800   Hersha Hospitality Trust REIT   887,216 
 18,800   Heska Corp.(a)   1,506,632 
 83,100   Hillenbrand, Inc.   2,799,639 
 12,000   Home Bancorp, Inc.   448,320 
 48,500   HomeTrust Bancshares, Inc.   1,267,305 
 2,101,200   Hostess Brands, Inc.(a)   29,668,944 
 13,600   Hurco Cos., Inc.   464,984 
 61,200   Huron Consulting Group, Inc.(a)   3,731,364 
 10,600   I3 Verticals, Inc. - Class A(a)   302,842 
 1,068,655   IAA, Inc.(a)   49,959,621 
 3,500   IBERIABANK Corp.   274,995 
 47,300   ICF International, Inc.   4,029,487 
 7,300   ICU Medical, Inc.(a)   1,857,412 
 39,300   IDACORP, Inc.   4,010,958 
 217,530   IDEX Corp.   36,592,897 
 5,200   IES Holdings, Inc.(a)   94,171 
 240,000   Independent Bank Corp.   18,662,400 
 78,700   Independent Bank Corp.   1,710,938 
 46,400   Information Services Group, Inc.(a)   126,207 
 330,109   Ingredion, Inc.   25,514,125 
 150,000   Innospec, Inc.   14,007,000 
 33,400   Inovalon Holdings, Inc. - Class A(a)   501,000 
Shares      Value 
UNITED STATES (continued)
 74,000   Insight Enterprises, Inc.(a)  $4,071,480 
 120,000   Insulet Corp.(a)   14,752,800 
 51,000   Integer Holdings Corp.(a)   4,464,030 
 567,530   Integra LifeScience Holdings Corp.(a)   35,975,727 
 4,900   Inter Parfums, Inc.   339,472 
 8,700   International Speedway Corp. - Class A   392,196 
 252,000   Invesco Mortgage Capital, Inc. REIT   4,152,960 
 37,400   Investors Real Estate Trust REIT   2,384,250 
 1,600   Investors Title Co.   262,560 
 58,509   IPG Photonics Corp.(a)   7,665,264 
 116,929   iRobot Corp.(a)   8,547,510 
 61,500   J & J Snack Foods Corp.   11,429,160 
 24,400   J Alexander’s Holdings, Inc.(a)   262,788 
 86,411   j2 Global, Inc.   7,698,356 
 117,141   Jack in the Box, Inc.   8,414,238 
 28,900   John B. Sanfilippo & Son, Inc.   2,511,699 
 230,000   John Bean Technologies Corp.   27,291,800 
 475,000   John Wiley & Sons, Inc. - Class A   21,617,250 
 47,827   Juniper Networks, Inc.   1,292,286 
 142,273   K12, Inc.(a)   4,246,849 
 44,700   Kaman Corp.   2,833,980 
 1,068,655   KAR Auction Services, Inc.   28,575,835 
 96,700   Kelly Services, Inc. - Class A   2,691,161 
 68,200   Kforce, Inc.   2,324,938 
 3,800   Kimball Electronics, Inc.(a)   60,419 
 1,953   Kingsway Financial Services, Inc.(a)   5,390 
 48,500   Kinsale Capital Group, Inc.   4,358,210 
 179,400   Kite Realty Group Trust REIT   2,854,254 
 313,446   KKR Real Estate Finance Trust, Inc. REIT   6,278,323 
 220,035   L3Harris Technologies, Inc.   45,679,266 
 199,055   Laboratory Corp of America Holdings(a)   33,345,694 
 48,575   Ladder Capital Corp. REIT   817,517 
 23,900   Lakeland Bancorp, Inc.   391,482 
 104,400   Lancaster Colony Corp.   16,267,608 
 74,800   Landec Corp.(a)   835,516 
 147,700   Laureate Education, Inc. - Class A(a)   2,420,803 
 31,100   LCNB Corp.   560,111 
 27,600   LeMaitre Vascular, Inc.   913,284 
 110,579   LendingTree, Inc.(a)   35,666,151 
 7,100   LHC Group, Inc.(a)   898,718 
 44,000   Lifevantage Corp.(a)   510,400 
 7,800   Lithia Motors, Inc. - Class A   1,028,664 
 185,000   LogMein, Inc.   14,054,450 
 50,400   LTC Properties, Inc. REIT   2,322,936 
 74,400   Luminex Corp.   1,616,712 
 242,660   Lydall, Inc.(a)   5,726,776 


81
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)
 52,800   M/I Homes, Inc.(a)  $1,867,536 
 68,600   ManTech International Corp. - Class A   4,718,308 
 60,500   Marcus Corp. (The)   2,116,895 
 92,726   MarketAxess Holdings, Inc.   31,252,371 
 17,200   Marlin Business Services Corp.   399,212 
 91,900   Masimo Corp.(a)   14,506,415 
 51,400   Materion Corp.   3,193,482 
 69,100   MAXIMUS, Inc.   5,079,541 
 61,767   McGrath RentCorp.   4,206,950 
 240,000   Medidata Solutions, Inc.(a)   21,928,800 
 26,300   Mercantile Bank Corp.   883,680 
 16,800   Merchants Bancorp/IN   300,552 
 114,000   Meridian Bancorp, Inc.   2,090,760 
 77,300   Meridian Bioscience, Inc.   923,735 
 42,200   Merit Medical Systems, Inc.(a)   1,665,212 
 10,100   Mesa Laboratories, Inc.   2,541,968 
 618,960   MFA Financial, Inc. REIT   4,444,133 
 270,000   MGP Ingredients, Inc.   13,497,300 
 25,000   MicroStrategy, Inc. - Class A(a)   3,418,250 
 1,200   Middlefield Banc Corp.   52,367 
 48,100   Middlesex Water Co.   3,012,503 
 35,700   MidWestOne Financial Group, Inc.   1,109,199 
 31,300   Miller Industries, Inc.   977,186 
 22,700   Misonix, Inc.(a)   538,671 
 98,900   Model N, Inc.(a)   2,161,954 
 30,900   Monmouth Real Estate Investment Corp. REIT   426,111 
 130,100   Monotype Imaging Holdings, Inc.   2,598,097 
 677   Movie Gallery, Inc.(a)(b)   0 
 250,000   MSA Safety, Inc.   26,337,500 
 59,200   MSG Networks, Inc. - Class A(a)   1,124,208 
 30,000   MTS Systems Corp.   1,728,600 
 54,700   Murphy USA, Inc.(a)   4,833,292 
 7,900   MutualFirst Financial, Inc.   257,461 
 49,600   MYR Group, Inc.(a)   1,791,552 
 2,300   NACCO Industries, Inc. - Class A   122,245 
 544,310   Nasdaq, Inc.   52,455,155 
 11,400   Nathan’s Famous Inc.   804,954 
 241,900   National CineMedia, Inc.   1,722,328 
 160,000   National General Holdings Corp.   3,956,800 
 49,629   National Health Investors, Inc. REIT   3,939,550 
 63,728   National HealthCare Corp.   5,582,573 
 81,781   National Instruments Corp.   3,415,175 
 17,100   National Presto Industries, Inc.   1,572,687 
 15,100   National Research Corp.   1,018,042 
Shares      Value 
UNITED STATES (continued)
 129,100   National Storage Affiliates Trust  $3,910,439 
 157,200   National Vision Holdings, Inc.(a)   4,965,948 
 3,900   National Western Life Group, Inc. - Class A   1,049,100 
 91,300   Natus Medical, Inc.(a)   2,836,691 
 58,722   Nelnet, Inc. - Class A   3,673,648 
 54,066   Neogen Corp.(a)   3,860,312 
 104,900   New Jersey Resources Corp.   5,231,363 
 252,570   New Relic, Inc.(a)   23,531,947 
 15,600   NexPoint Residential Trust, Inc., REIT   673,296 
 57,000   Nexteer Automotive Group Ltd.   59,240 
 138,200   NextGen Healthcare, Inc.(a)   2,260,952 
 5,900   NI Holdings, Inc.(a)   99,179 
 185,500   NIC, Inc.   3,364,970 
 23,500   Nicolet Bankshares, Inc.(a)   1,544,185 
 174,957   NiSource, Inc.   5,194,473 
 13,200   Northeast Bank   289,740 
 20,300   Northrim Bancorp, Inc.   791,091 
 217,100   Northwest Bancshares, Inc.   3,723,265 
 2,700   Northwest Natural Holding Co.   192,834 
 70,700   NorthWestern Corp.   4,943,344 
 4,950   Norwood Financial Corp.   171,369 
 220,000   NuVasive, Inc.(a)   14,652,000 
 10,600   NVE Corp.   712,532 
 119,400   OceanFirst Financial Corp.   2,913,360 
 4,500   Oil-Dri Corp of America   159,435 
 40,000   Okta, Inc.(a)   5,233,200 
 47,600   Old Second Bancorp, Inc.   625,464 
 38,035   Omnicell, Inc.(a)   2,860,612 
 59,500   ONE Gas, Inc.   5,425,210 
 53,000   One Liberty Properties, Inc. REIT   1,518,980 
 56,100   Ormat Technologies, Inc.   3,677,355 
 1,400   Orrstown Financial Services, Inc.   32,017 
 49,400   Orthofix Medical, Inc.(a)   2,640,430 
 14,900   OSI Systems, Inc.(a)   1,677,144 
 66,400   Otter Tail Corp.   3,544,432 
 6,200   Oxford Industries, Inc.   453,778 
 178,369   Pacira BioSciences, Inc.(a)   7,828,615 
 36,690   Palomar Holdings, Inc.(a)   1,051,169 
 103,400   Par Pacific Holdings, Inc.(a)   2,384,404 
 11,040   Parke Bancorp, Inc.   264,629 
 42,200   PC Connection, Inc.   1,380,362 
 900   PCB Bancorp    14,939 
 55,400   PCSB Financial Corp.   1,076,976 
 28,593   PennyMac Financial Services, Inc.(a)   686,518 
 51,600   PennyMac Mortgage Investment Trust REIT   1,136,748 
 74,765   Penumbra, Inc.(a)   12,530,614 


82
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)    
 900   Peoples Bancorp of North Carolina, Inc.  $24,407 
 44,300   Peoples Bancorp, Inc.   1,435,763 
 3,400   Peoples Financial Services Corp.   164,492 
 12,900   People’s Utah Bancorp    390,870 
 94,900   Perficient, Inc.(a)   3,242,733 
 118,500   Performance Food Group Co.(a)   5,196,225 
 20,400   Perspecta, Inc.   475,932 
 58,800   Phibro Animal Health Corp. - Class A   1,830,444 
 129,600   Photronics, Inc.(a)   1,248,048 
 141,000   Piedmont Office Realty Trust, Inc. REIT - Class A   2,934,210 
 46,800   PJT Partners, Inc. - Class A   1,973,088 
 107,000   PNM Resources, Inc.   5,314,690 
 101,200   Portland General Electric Co.   5,550,820 
 9,700   Preferred Bank   525,643 
 21,950   Premier Financial Bancorp Inc.   342,859 
 490,000   Prestige Consumer Healthcare, Inc.(a)   16,954,000 
 4,500   PRGX Global, Inc.(a)   25,245 
 10,700   Primo Water Corp.(a)   158,039 
 106,700   Progress Software Corp.   4,619,043 
 225,000   Prosperity Bancshares, Inc.   15,612,750 
 37,500   Protective Insurance Corp. - Class B   620,625 
 31,200   Providence Service Corp. (The)(a)   1,739,088 
 141,300   Provident Financial Services, Inc.   3,416,634 
 700   Prudential Bancorp, Inc.   12,789 
 29,600   PS Business Parks, Inc. REIT   5,180,000 
 1,600,000   Pure Storage, Inc. - Class A(a)   24,224,000 
 2,711,221   PureTech Health Plc(a)   8,962,394 
 325,000   Q2 Holdings, Inc.(a)   25,957,750 
 38,100   QAD, Inc. - Class A   1,643,634 
 20,700   QCR Holdings, Inc.   791,982 
 145,000   Qualys, Inc.(a)   12,551,200 
 9,600   Quanex Building Products Corp.   178,752 
 47,433   Quest Diagnostics, Inc.   4,841,961 
 9,000   Quidel Corp.(a)   531,270 
 95,700   Quotient Technology, Inc.(a)   1,006,764 
 28,900   R1 RCM, Inc.(a)   363,562 
 24,400   Radian Group, Inc.   556,320 
 15,000   RCI Hospitality Holdings, Inc.   254,250 
 3,900   Reading International, Inc. - Class A(a)   50,895 
 15,700   Ready Capital Corp. REIT   241,309 
 54,800   Recro Pharma, Inc.(a)   526,080 
 23,600   Regional Management Corp.(a)   569,468 
Shares      Value 
UNITED STATES (continued)    
 16,243   Reliance Worldwide Corp. Ltd.  $40,702 
 125,200   Rent-A-Center, Inc.(a)   3,384,156 
 24,000   Republic Bancorp, Inc. - Class A   1,146,480 
 100,800   Resources Connection, Inc.   1,774,080 
 19,300   Rimini Street, Inc.(a)   95,149 
 46,000   Riverview Bancorp, Inc.   391,000 
 18,400   RLI Corp.   1,658,392 
 26,600   RMR Group Inc. (The) - Class A   1,309,784 
 29,100   Rocky Brands, Inc.   917,232 
 67,500   RPT Realty REIT   826,875 
 95,047   Rubius Therapeutics, Inc.(a)   1,264,125 
 72,300   Rush Enterprises, Inc. - Class A   2,722,818 
 89,200   Ruth’s Hospitality Group Inc.   1,986,484 
 24,800   Ryman Hospitality Properties, Inc. REIT   1,860,000 
 3,400   Safehold, Inc. REIT   111,757 
 36,600   Safety Insurance Group, Inc.   3,610,956 
 209,420   SailPoint Technologies Holding, Inc.(a)   4,427,139 
 1,000,000   Sally Beauty Holdings, Inc.(a)   13,740,000 
 12,757,350   Samsonite International SA   24,980,039 
 24,300   Sandy Spring Bancorp, Inc.   885,492 
 38,300   Saul Centers, Inc. REIT   2,098,457 
 13,800   ScanSource, Inc.(a)   468,510 
 60,600   Schnitzer Steel Industries, Inc. - Class A   1,613,778 
 50,400   SeaSpine Holdings Corp.(a)   640,584 
 54,321   Seattle Genetics, Inc.(a)   4,112,643 
 69,900   Selective Insurance Group, Inc.   5,256,480 
 23,300   Seneca Foods Corp. Class A(a)   735,814 
 425,000   Sensient Technologies Corp.   28,972,250 
 102,500   Shenandoah Telecommunications Co.   4,034,400 
 18,500   Shore Bancshares, Inc.   303,400 
 39,200   Sierra Bancorp   1,021,944 
 699,100   Simply Good Foods Co. (The)(a)   19,036,493 
 11,946   Sims Metal Management Ltd.   88,436 
 42,700   Simulations Plus, Inc.   1,657,614 
 566,770   Six Flags Entertainment Corp.   29,942,459 
 4,700   SJW Corp.   304,983 
 14,600   Southern First Bancshares, Inc.(a)   595,388 
 21,800   Southern Missouri Bancorp, Inc.   759,730 
 41,000   Southern National Bancorp of Virginia, Inc.   652,720 
 95,782   Southwest Gas Holdings Inc.   8,515,978 
 69,100   SP Plus Corp.(a)   2,386,023 
 8,500   SpartanNash Co.   100,469 


83

Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)    
 124,863   Spire, Inc.  $10,289,960 
 10,200   Spirit of Texas Bancshares, Inc.(a)   218,688 
 76,067   Splunk, Inc.(a)   10,292,626 
 68,200   Spok Holdings, Inc.   885,918 
 39,400   SPS Commerce, Inc.(a)   4,406,102 
 11,500   SPX Corp.(a)   401,350 
 284,742   STAAR Surgical Co.(a)   8,345,788 
 165,000   Standex International Corp.   11,611,050 
 212,286   Starwood Property Trust, Inc., REIT   4,931,404 
 23,300   Stepan Co.   2,310,195 
 327,780   STERIS Plc   48,793,331 
 19,500   Sterling Construction Co., Inc.(a)   244,140 
 28,400   Stewart Information Services Corp.   1,074,372 
 219,200   Stock Yards Bancorp, Inc.   8,384,400 
 207,635   Stratasys Ltd.(a)   5,790,940 
 15,800   Superior Group of Cos., Inc.   268,916 
 365,000   Supernus Pharmaceuticals, Inc.(a)   12,180,050 
 114,100   Sykes Enterprises, Inc.(a)   3,227,889 
 439,155   Synopsys, Inc.(a)   58,302,218 
 44,600   Systemax, Inc.   967,820 
 155,000   Talend SA - ADR(a)   5,085,550 
 10,200   Tech Data Corp.(a)   1,033,668 
 247,300   TEGNA, Inc.   3,756,487 
 396,556   Teladoc Health, Inc.(a)   27,060,981 
 157,833   Teleflex, Inc.   53,622,183 
 185,000   Tenable Holdings, Inc.(a)   4,636,100 
 227,300   TerraForm Power, Inc. - Class A   3,502,693 
 19,200   Territorial Bancorp Inc.   552,000 
 42,235   Tesla, Inc.(a)   10,204,398 
 69,500   Tetra Tech, Inc.   5,504,400 
 84,000   Texas Roadhouse, Inc.   4,639,320 
 13,100   Timberland Bancorp, Inc.   362,084 
 32,600   Tiptree, Inc.   222,658 
 138,899   Tootsie Roll Industries, Inc.   5,189,267 
 127,500   TPG RE Finance Trust, Inc. REIT   2,518,125 
 65,900   Tredegar Corp.   1,098,553 
 365,000   TreeHouse Foods, Inc.(a)   21,659,100 
 71,500   TriCo Bancshares   2,699,125 
 261,900   TriMas Corp.(a)   7,854,381 
 77,900   TrueBlue, Inc.(a)   1,540,083 
 189,805   Trupanion, Inc.(a)   6,104,129 
 81,200   TrustCo Bank Corp.   657,720 
 40,100   TTEC Holdings, Inc.   1,881,492 
 25,000   UFP Technologies, Inc.(a)   1,089,000 
 355,000   UMB Financial Corp.   24,232,300 
 23,300   UniFirst Corp.   4,587,071 
 151,000   United Community Financial Corp.   1,537,180 
 17,700   United Financial Bancorp, Inc.   253,818 
Shares      Value 
UNITED STATES (continued)    
 56,800   United Fire Group, Inc.  $2,968,936 
 49,600   Unitil Corp.   2,905,072 
 60,400   Universal Corp.   3,593,800 
 31,800   Universal Health Realty Income Trust REIT   2,930,688 
 85,200   Universal Insurance Holdings, Inc.   2,113,812 
 8,500   Universal Logistics Holdings, Inc.   167,365 
 81,600   Univest Financial Corp.   2,240,736 
 246,500   Upwork, Inc.(a)   4,052,460 
 97,500   Urstadt Biddle Properties, Inc. - Class A REIT   2,105,025 
 55,700   US Ecology, Inc.   3,544,191 
 30,300   US Physical Therapy, Inc.   3,911,124 
 21,700   USANA Health Sciences, Inc.(a)   1,476,685 
 12,300   Utah Medical Products Inc.   1,119,177 
 24,600   Varex Imaging Corp.(a)   782,034 
 134,726   Veeco Instruments, Inc.(a)   1,604,587 
 86,200   Verint Systems, Inc.(a)   4,988,394 
 300,695   Verisk Analytics, Inc.   45,621,445 
 53,200   Viad Corp.   3,678,248 
 33,400   Village Super Market, Inc. - Class A   836,002 
 9,100   Virtusa Corp.(a)   406,588 
 35,900   Vishay Precision Group, Inc.(a)   1,462,566 
 178,800   Vonage Holdings Corp.(a)   2,217,120 
 180,200   Washington Trust Bancorp, Inc.   9,051,446 
 13,771   Waste Connections, Inc.   1,249,073 
 118,516   Waters Corp.(a)   24,954,729 
 82,100   Waterstone Financial Inc.   1,387,490 
 149,106   Wayfair, Inc. - Class A(a)   19,556,743 
 25,000   WD-40 Co.   4,539,000 
 18,900   Weis Markets, Inc.   688,905 
 1,500,000   Welbilt, Inc.(a)   24,630,000 
 2,500   West Bancorp, Inc.   52,949 
 302,940   West Pharmaceutical Services, Inc.   41,584,574 
 88,700   Western Asset Mortgage Capital Corp. REIT   901,192 
 29,100   Westwood Holdings Group, Inc.   910,830 
 20,200   Weyco Group, Inc.   555,904 
 6,700   Winmark Corp.   1,132,367 
 555,000   Wolverine World Wide, Inc.   15,068,250 
 1,006,690   Wyndham Hotels & Resorts, Inc.   56,928,319 
 132,200   Xperi Corp.   2,822,470 
 1,577,044   Yext, Inc.(a)   32,818,286 
 1,400   York Water Co. (The)   50,357 
 92,962   Zillow Group, Inc. - Class A(a)   4,633,226 


84

Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Shares      Value 
UNITED STATES (continued)    
 366,676   Zillow Group, Inc. - Class C(a)  $18,319,133 
 198,914   Zuora, Inc. - Class A(a)   2,985,699 
         3,352,386,594 
VIETNAM — 0.0%    
 430,683   PetroVietnam Drilling & Well Services JSC(a)   308,347 
 1,088,845   Saigon - Hanoi Commercial Joint Stock Bank(a)   309,139 
 291,550   Vietnam National Petroleum Group   816,592 
         1,434,078 
Total Common Stocks
(Cost $4,711,742,973)		  5,565,592,064 
INVESTMENT COMPANY — 1.3%    
 79,026,059   SEI Daily Income Trust Government II Fund, Class A 2.06%(c)   79,026,059 
Total Investment Company
(Cost $79,026,059)		  79,026,059 
EXCHANGE-TRADED FUNDS — 6.1%    
 1,287,300   iShares Russell 2000 Index Fund   201,539,688 
 751,000   SPDR S&P Regional Banking ETF   41,410,140 
 1,802,000   VanEck Vectors Gold Miners ETF   47,753,000 
 2,398,000   VanEck Vectors Junior Gold Miners ETF   90,020,920 
Total Exchange-Traded Funds
(Cost $356,300,460)		  380,723,748 
RIGHTS/WARRANTS — 0.0%    
AUSTRALIA — 0.0%    
 1,710   Centrebet Litigation Rights(a)(b)   — 
 1,710   Centrebet Litigation Units(a)(b)   — 
         — 
AUSTRIA — 0.0%
 9,812   Intercell Contigent Value Rights AG(a)(b)   — 
CHINA — 0.0%    
 374   Hortifrut SA Rights, Expire 08/07/19   3 
 618   China International Marine Rights, Expire 12/31/19(a)(b)   — 
         3 
Shares      Value 
HONG KONG — 0.0%    
 600   Legend Holdings Corp. Rights, Expire 12/31/19(a)(b)  $— 
INDIA — 0.0%    
 92   Hatsun Agro Rights, Expire 12/01/19(a)   177 
 2,639   5Paisa Capital Ltd. Rights(a)   3,430 
         3,607 
INDONESIA — 0.0%    
 796,300   Medco Energi Internasional Tbk PT Warrants, Expire 12/11/20(a)   12,157 
MALAYSIA — 0.0%    
 18,120   Paramount Corp. Berhad Warrants, Expire 12/30/21   — 
SINGAPORE — 0.0%    
 169,647   Ezion Holdings Ltd. Warrants, Expire 04/16/23(a)   — 
UNITED KINGDOM — 0.0%    
 128,742   GVC Holdings Plc - CVR Shares, Rights, Expire 12/31/30(a)(b)   — 
UNITED STATES — 0.0%    
 9,600   Ligand Pharmaceuticals Contingent Value Rights(a)(b)   — 
Total Rights/Warrants
(Cost $6,071)		  15,767 
        
Principal
Amount		       
U.S. GOVERNMENT AGENCIES — 0.2%   
Federal Home Loan Bank — 0.2% 
  8,000,000    2.15%, 08/01/2019(d)   8,000,000 
  4,000,000    2.15%, 08/01/2019(d)   4,000,000 
Total U.S. Government Agencies
(Cost $12,000,000)		  12,000,000 
         
Shares        
CASH SWEEP — 1.1% 
69,680,672  Citibank - US Dollars on Deposit in Custody Account,0.12%(a)(c)   69,680,672 
Total Cash Sweep
(Cost $69,680,672)		  69,680,672 
TOTAL INVESTMENTS — 97.6%
(Cost $5,228,756,235)		  6,107,038,310 
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.4%  151,589,962 
NET ASSETS — 100.0% $6,258,628,272 

 

 
(a) Non-income producing security.
(b) Security is valued using significant unobservable inputs and


85

Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

  is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $552,590 which is 0.01% of net assets and the cost is $6,258,272.
(c) The rate shown represents the current yield as of July 31, 2019.
(d) The rate represents the annualized yield at time of purchase.

 

The following abbreviations are used in the report:

 

ADR — American Depositary Receipt

CPO — Certificate of Participation-Common

CVR — Contingent Value Rights

ETF — Exchange Traded Fund

FOR — Foreign Ownership Restrictions

REIT — Real Estate Investment Trust

SDR — Swedish Depositary Receipt

VVPR — Voter Verified Paper Record

 

Portfolio Diversification by Sector (Unaudited)

 

   Percentage
Sector  of Net Assets
Industrials   16.3%
Health Care   15.4 
Information Technology   15.0 
Consumer Discretionary   12.4 
Banks   7.5 
Materials   6.9 
Consumer Staples   5.1 
Diversified Financials   4.0 
Real Estate   3.0 
Utilities   2.3 
Insurance   2.3 
Energy   2.2 
Telecommunication Services   1.5 
Other*   6.1 
Total   100.0%

 

 

 

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


86
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments July 31, 2019
  (Unaudited)

 

Shares      Value 
EXCHANGE-TRADED FUNDS — 1.5%    
UNITED STATES — 1.5%    
 375,000   iShares Short-Term Corporate Bond ETF  $20,013,750 
 741,500   Vanguard Short-Term Corporate Bond ETF   59,757,485 
Total Exchange-Traded Funds
(Cost $79,799,906)		   79,771,235 
           
Contracts         
CALL OPTIONS PURCHASED — 0.2%     
 10,000   Invesco QQQ Trust Series 1, Strike $194.00, Expires 08/09/19, (Notional amount $194,000,000)   940,000 
 10,000   Invesco QQQ Trust Series 1, Strike $196.00, Expires 08/02/19, (Notional amount $196,000,000)   90,000 
 35,000   iShares MSCI Emerging Markets ETF, Strike $44.00, Expires 08/16/19, (Notional amount $154,000,000)   70,000 
 4,000   Russell 2000 Index, Strike $1,620.00, Expires 08/09/19, (Notional amount $648,000,000)   960,000 
 1,500   S&P 500 Index, Strike $2,940.00, Expires 08/05/19, (Notional amount $499,800,000)   900,000 
 2,000   S&P 500 Index, Strike $3,050.00, Expires 08/30/19, (Notional amount $610,000,000)   2,400,000 
 1,500   S&P 500 Index, Strike $3,100.00, Expires 08/09/19, (Notional amount $454,500,000)   930,000 
 75,000   VanEck Vectors Gold Miners ETF, Strike $27.00, Expires 08/16/19, (Notional amount $202,500,000)   3,375,000 
Total Call Options Purchased
(Cost $21,794,919)		   9,665,000 
PUT OPTIONS PURCHASED — 0.0%     
 60,000   iShares MSCI Emerging Markets ETF, Strike $40.00, Expires 08/16/19, (Notional amount $240,000,000)   480,000 
Contracts      Value 
 1,700   S&P 500 Index, Strike $2,940.00, Expires 08/05/19, (Notional amount $499,800,000)  $1,598,000 
Total Put Options Purchased
(Cost $7,857,834) 		   2,078,000 
           
Principal
Amount		         
BANK LOANS — 0.6%     
UNITED STATES — 0.6%     
$3,727,273   Caliber Home Loans, Inc.,
(LIBOR + 3.250%), 0.00%, 04/24/21(a)(b)		   3,717,955 
 9,500,742   Chimera Special Holding LLC First Lien Term Loan,
4.22%, 10/06/19(a)(b)		   9,500,742 
 5,674,111   Lstar 19-1 Securities Financing,
(LIBOR + 2.000%), 4.45%, 05/30/22(a)(b)		   5,674,111 
 8,000,000   Rntr Seer Financing,
(LIBOR + 2.380%), 4.49%, 12/20/21(a)		   8,000,000 
 5,538,605   Roundpoint Mortgage Servicing Corp.,
(LIBOR + 3.380%), 3.38%, 08/27/20(a)(b)		   5,545,805 
Total Bank Loans
(Cost $32,440,731)		   32,438,613 
CORPORATE BONDS — 3.8%     
AUSTRALIA — 0.0%     
 1,000,000   National Australia Bank Ltd.,
3.93%, 08/02/34		   1,004,360 
AUSTRIA — 0.0%     
 850,000(c)  Sappi Papier Holding GmbH,
4.00%, 04/01/23(d)		   962,105 
BELGIUM — 0.0%     
 1,000,000(c)  Anheuser-Busch InBev SA/NV,
1.13%, 07/01/27		   1,180,931 
 400,000(c)  KBC Group NV,
(5 yr. Euro Swap + 1.500%), 1.88%, 03/11/27(e)		   462,277 
         1,643,208 
BERMUDA — 0.0% 
 1,250,000   Ooredoo International Finance Ltd.,
5.00%, 10/19/25(d)		   1,390,363 
BRAZIL — 0.1%     
 500,000(f)  BRF SA,
2.75%, 06/03/22(d)		   569,808 
 1,000,000   BRF SA,
4.75%, 05/22/24(d)		   1,002,950 


87
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
BRAZIL (continued)     
$1,500,000   CSN Resources SA,
6.50%, 07/21/20(d)		   1,534,500 
 1,000,000   Globo Comunicacao e Participacoes SA,
4.84%, 06/08/25(d)		   1,033,010 
 1,500,000   Nexa Resources SA,
5.38%, 05/04/27(d)		   1,576,890 
 1,000,000   Vale Overseas Ltd.,
6.88%, 11/21/36		   1,209,860 
         6,927,018 
CANADA — 0.1%     
 500,000   1011778 BC ULC / New Red Finance, Inc.,
5.00%, 10/15/25(g)		   510,000 
 500,000   First Quantum Minerals Ltd.,
7.25%, 04/01/23(g)		   495,000 
 1,000,000   Mercer International, Inc.,
7.38%, 01/15/25		   1,034,800 
         2,039,800 
CAYMAN ISLANDS — 0.3%     
 5,196,942   Ambac LSNI LLC,
(3 mo. LIBOR US + 5.000%), 7.32%, 02/12/23(g)(h)		   5,281,393 
 1,230,000   Banco do Brasil SA,
4.75%, 03/20/24(d)		   1,288,425 
 1,000,000   Banco do Brasil SA,
(10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 7.782%), 8.50%, 04/20/68(d)(e)		   1,058,250 
 1,000,000(f)  CK Hutchison Europe Finance 18 Ltd.,
1.25%, 04/13/25		   1,163,690 
 1,000,000   DP World Crescent Ltd.,
4.85%, 09/26/28(d)		   1,076,830 
 1,000,000   Emirates Reit Sukuk Ltd., REIT,
5.13%, 12/12/22		   981,332 
 600,000   HPHT Finance 17 Ltd.,
2.75%, 09/11/22		   598,506 
 1,500,000   Itau Unibanco Holding SA,
5.13%, 05/13/23(d)		   1,572,750 
 1,000,000   MAF Global Securities Ltd.,
(5 yr. Swap Semi 30/360 US + 3.476%), 5.50%, 09/07/67(e)		   1,002,020 
 427,082   SPARC EM SPC Panama Metro Line 2 SP,
0.00%, 12/05/22(d)(i)		   403,596 
 875,000(f)  UPCB Finance VII Ltd.,
3.63%, 06/15/29(d)		   1,031,676 
         15,458,468 
CHILE — 0.0%     
 1,000,000(f)  Corp. Nacional del Cobre de Chile,
2.25%, 07/09/24(d)		   1,213,120 
Principal
Amount		      Value 
CHILE (continued)     
$600,000   Inversiones CMPC SA,
4.38%, 04/04/27(d)		   631,472 
         1,844,592 
CHINA — 0.1%     
 800,000   Alibaba Group Holding Ltd.,
3.40%, 12/06/27		   815,705 
 400,000   Baidu, Inc.,
4.88%, 11/14/28		   439,617 
 400,000   Industrial & Commercial Bank of China Ltd.,
4.88%, 09/21/25(d)		   433,603 
 1,000,000   Tencent Holdings Ltd.,
3.98%, 04/11/29(d)		   1,054,236 
         2,743,161 
COLUMBIA — 0.1%     
 500,000   Banco de Bogota SA,
5.38%, 02/19/23(d)		   528,755 
 1,000,000   Bancolombia SA,
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.929%), 4.88%, 10/18/27(e)		   1,022,510 
 850,000   Grupo de Inversiones Suramericana SA,
5.50%, 04/29/26(d)		   936,700 
         2,487,965 
CZECH REPUBLIC — 0.0%     
 765,000(c)  EP Infrastructure AS,
1.70%, 07/30/26		   853,454 
FRANCE — 0.2%     
 900,000(c)  ALD SA,
3.75%, 07/18/23(d)		   1,005,718 
 635,000(c)  BNP Paribas SA, (5 yr. Euro Swap + 1.650%),
2.88%, 03/20/26(e)		   735,104 
 880,000(c)  BPCE SA,
(3 mo. EURIBOR + 13.130%), 12.50%, 09/30/67(e)		   992,264 
 500,000   Constellium NV,
5.88%, 02/15/26(g)		   518,750 
 600,000(c)  Engie SA,
(5 yr. Euro Swap + 1.840%), 1.63%, 07/08/68(e)		   662,541 
 400,000(c)  La Banque Postale SA,
(5 yr. Euro Swap + 1.520%), 2.75%, 04/23/26(e)		   461,744 
 750,000(c)  Loxam SAS,
3.50%, 05/03/23(d)		   844,782 
 650,000(c)  Orano SA,
4.88%, 09/23/24		   842,682 
 700,000(c)  Orano SA,
3.38%, 04/23/26		   829,192 


88
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
FRANCE (continued)     
$750,000(c)  Societe Generale SA,
(3 mo. EURIBOR + 8.901%), 9.38%, 09/04/67(e)		   836,878 
         7,729,655 
GERMANY — 0.0%     
 800,000(c)  Commerzbank AG,
7.75%, 03/16/21		   994,142 
           
HONG KONG — 0.1%     
 1,000,000   Bank of East Asia Ltd. (The),
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.834%), 5.50%, 06/02/68(e)		   1,002,536 
 1,000,000   Health & Happiness H&H International Holdings Ltd.,
7.25%, 06/21/21(d)		   1,015,336 
 1,000,000   Shimao Property Holdings Ltd.,
4.75%, 07/03/22		   1,006,068 
         3,023,940 
HUNGARY — 0.0%     
 1,275,000(c)  MOL Hungarian Oil & Gas Plc,
2.63%, 04/28/23		   1,528,600 
INDIA — 0.1%     
 500,000   Delhi International Airport Ltd.,
6.13%, 02/03/22		   523,173 
 1,100,000   GMR Hyderabad International Airport Ltd.,
4.25%, 10/27/27(d)		   1,014,813 
 600,000   Indian Railway Finance Corp. Ltd.,
3.73%, 03/29/24		   616,523 
 1,000,000   ReNew Power Synthetic, 6.67%, 03/12/24(d)   1,025,574 
         3,180,083 
INDONESIA — 0.0%     
 1,000,000   Saka Energi Indonesia PT,
4.45%, 05/05/24(d)		   1,004,969 
 958,000   Star Energy Geothermal Wayang Windu Ltd.,
6.75%, 04/24/33(d)		   985,630 
         1,990,599 
IRELAND — 0.1%     
 730,000(c)  Allied Irish Banks Plc,
(5 yr. Euro Swap + 3.950%), 4.13%, 11/26/25(e)		   845,487 
 1,000,000   Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.,
7.25%, 05/15/24(g)		   1,055,520 
 775,000(c)  Smurfit Kappa Acquisitions ULC,
4.13%, 01/30/20(d)		   874,142 
         2,775,149 
Principal
Amount		      Value 
ISRAEL — 0.0%    
$1,500,000   Israel Electric Corp. Ltd.,
4.25%, 08/14/28(g)		   1,568,295 
ITALY — 0.1%     
 900,000(c)  Banco BPM SpA,
(5 yr. Euro Swap + 4.179%), 4.38%, 09/21/27(e)		   998,554 
 450,000(c)  Ferrovie dello Stato Italiane SpA,
1.13%, 07/09/26.		   514,931 
 400,000(c)  UniCredit SpA,
(5 yr. Euro ICE Swap + 4.739%), 4.88%, 02/20/29(e)		   495,647 
         2,009,132 
JAPAN — 0.0%     
 800,000(f)  SoftBank Group Corp.,
4.75%, 07/30/25		   1,008,170 
 700,000(f)  SoftBank Group Corp.,
5.00%, 04/15/28		   898,886 
         1,907,056 
JERSEY CHANNEL ISLANDS — 0.0%     
 500,000(j)  HSBC Bank Capital Funding Sterling 2 LP,
(6 mo. LIBOR GBP + 1.850%), 5.86%, 04/07/68(e)		   621,732 
 775,000(f)  LHC3 Plc, 4.13% cash or 4.88% PIK,
4.13%, 08/15/24(d)		   886,754 
         1,508,486 
LUXEMBOURG — 0.2%     
 246,627(c)  Altice Luxembourg SA,
7.25%, 05/15/22(d)		   279,167 
 2,200,000(c)  Gazprom OAO Via Gaz Capital SA,
2.95%, 01/24/24		   2,636,824 
 437,000(c)  HeidelbergCement Finance Luxembourg SA,
1.75%, 04/24/28		   531,799 
 1,475,000   Matterhorn Telecom SA,
3.63%, 05/01/22		   1,491,560 
 450,000   Millicom International Cellular SA,
6.25%, 03/25/29(d)		   485,663 
 1,670,000   Rede D’or Finance Sarl,
4.95%, 01/17/28(d)		   1,670,334 
 276,000   Ultrapar International SA,
5.25%, 10/06/26(d)		   293,253 
         7,388,600 
MEXICO — 0.1%     
 800,000   America Movil SAB de CV,
6.13%, 03/30/40		   1,048,322 
 420,000(f)  Cemex SAB de CV,
3.13%, 03/19/26(d)		   483,925 
 250,000   Grupo Bimbo SAB de CV,
4.70%, 11/10/47(d)		   257,109 


89

Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
MEXICO (continued)     
$1,000,000   Grupo Televisa SAB,
5.25%, 05/24/49		   1,042,204 
 500,000   Sigma Alimentos SA de CV,
4.13%, 05/02/26(d)		   505,630 
         3,337,190 
NETHERLANDS — 0.2%     
 650,000(c)  ABN AMRO Bank NV,
(5 yr. Euro Swap + 2.350%), 2.88%, 06/30/25(e)		   737,017 
 530,000(c)  de Volksbank NV,
(5 yr. Euro Swap + 3.650%), 3.75%, 11/05/25(e)		   612,384 
 400,000(c)  EDP Finance BV,
1.63%, 01/26/26		   481,146 
 400,000(c)  ING Bank NV,
(5 yr. Euro Swap + 2.250%), 3.63%, 02/25/26(e)		   467,711 
 500,000   Lukoil International Finance BV,
4.56%, 04/24/23(d)		   523,930 
 1,000,000   Myriad International Holdings BV,
5.50%, 07/21/25(d)		   1,105,280 
 1,400,000(c)  NE Property BV,
1.75%, 11/23/24		   1,546,341 
 500,000   Petrobras Global Finance BV,
7.38%, 01/17/27		   590,850 
 500,000   Stars Group Holdings BV / Stars Group US Co.-Borrower LLC,
7.00%, 07/15/26(g)		   526,875 
 200,000   Trivium Packaging Finance BV,
5.50%, 08/15/26(g)		   206,250 
 1,500,000   VEON Holdings BV,
4.95%, 06/16/24(d)		   1,578,300 
         8,376,084 
PERU — 0.0%     
 500,000   Southern Copper Corp.,
3.88%, 04/23/25		   515,902 
PORTUGAL — 0.0%     
 900,000(c)  Banco Comercial Portugues SA,
(5 yr. Euro Swap + 4.267%), 4.50%, 12/07/27(e)		   1,030,079 
 400,000(c)  Caixa Geral de Depositos SA,
(5 yr. Euro Swap + 5.500%), 5.75%, 06/28/28(e)		   493,743 
         1,523,822 
ROMANIA — 0.0%     
 175,000(c)  Digi Communications NV,
5.00%, 10/15/23(d)		   200,033 
Principal
Amount		      Value 
ROMANIA (continued)     
$875,000(c)  Globalworth Real Estate Investments, Ltd., REIT,
3.00%, 03/29/25		   1,043,278 
         1,243,311 
SAUDI ARABIA — 0.0%     
 400,000   Saudi Arabian Oil Co.,
3.50%, 04/16/29(d)		   409,214 
SINGAPORE — 0.0%     
 1,000,000   Jubilant Pharma Ltd.,
6.00%, 03/05/24		   1,034,871 
SOUTH AFRICA — 0.0%     
 1,000,000   Standard Bank Group Ltd.,
(5 yr. Swap Semi 30/360 US + 3.754%), 5.95%, 05/31/29(e)		   1,037,000 
SOUTH KOREA — 0.0%     
 550,000   KDB Life Insurance Co. Ltd.,
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.658%), 7.50%, 11/21/67(e)		   542,443 
 200,000   Kia Motors Corp.,
3.50%, 10/25/27(d)		   198,474 
 500,000   Shinhan Bank Co., Ltd.,
4.00%, 04/23/29(d)		   517,006 
         1,257,923 
SPAIN — 0.1%     
 900,000(c)  Abanca Corp. Bancaria SA,
(5 yr. Euro Swap + 5.927%), 6.13%, 01/18/29(e)		   1,062,308 
 300,000(c)  Abertis Infraestructuras SA,
6.25%, 07/15/25		   334,115 
 700,000(c)  Banco de Sabadell SA,
(5 yr. Euro Swap + 5.100%), 5.38%, 12/12/28(e)		   860,140 
 900,000(c)  Bankia SA,
(5 yr. Euro Swap + 3.624%), 3.75%, 02/15/29(e)		   1,071,254 
         3,327,817 
SWEDEN — 0.0%     
 1,000,000   Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB,
4.63%, 09/26/22(d)		   1,052,264 
SWITZERLAND — 0.0%     
 900,000(f)  Credit Suisse AG,
(5 yr. Euro Swap + 4.000%), 5.75%, 09/18/25(e)		   1,056,081 


90
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
SWITZERLAND (continued)     
$650,000(f)  UBS AG,
(5 yr. Euro Swap + 3.400%), 4.75%, 02/12/26(e)		   765,615 
         1,821,696 
UNITED ARAB EMIRATES — 0.0%     
 1,175,000   DAE Funding LLC,
5.00%, 08/01/24(g)		   1,237,804 
 571,420   Emirates Airline,
4.50%, 02/06/25(d)		   582,309 
         1,820,113 
UNITED KINGDOM — 0.2%     
 1,400,000   AngloGold Ashanti Holdings Plc,
6.50%, 04/15/40		   1,520,632 
 450,000(f)  Barclays Plc,
(5 yr. Euro Swap + 2.450%), 2.63%, 11/11/25(e)		   505,459 
 325,000   CYBG Plc,
(5 yr. US Govt bonds Generic Bid Yield + 7.128%), 7.88%, 12/14/28(e)		   423,690 
 1,375,000   Jaguar Land Rover Automotive Plc,
3.50%, 03/15/20(g)		   1,366,406 
 700,000   Jerrold Finco Plc,
6.25%, 09/15/21(d)		   857,655 
 600,000   Kennedy Wilson Europe Real Estate Plc,
3.95%, 06/30/22		   753,022 
 1,200,000(f)  Kennedy Wilson Europe Real Estate Plc,
3.25%, 11/12/25		   1,403,452 
 850,000(f)  Standard Chartered Plc,
(5 yr. Euro Swap + 2.300%), 4.00%, 10/21/25(e)		   983,904 
 500,000   State Bank of India/London,
4.38%, 01/24/24(d)		   524,745 
 1,275,000(f)  Titan Global Finance Plc,
3.50%, 06/17/21		   1,494,277 
 375,000   William Hill Plc,
4.75%, 05/01/26		   459,458 
         10,292,700 
UNITED STATES — 1.7%     
 1,225,000   Aetna, Inc.,
4.50%, 05/15/42		   1,246,847 
 500,000   Allegheny Technologies, Inc.,
7.88%, 08/15/23		   538,750 
 280,122   Ambac Assurance Corp.,
5.10%, 06/07/20(g)		   400,784 
 2,050,000   American Tower Corp., REIT,
3.80%, 08/15/29		   2,121,292 
 275,000   Andeavor Logistics LP / Tesoro Logistics Finance Corp.,
5.25%, 01/15/25		   290,802 
Principal
Amount		      Value 
UNITED STATES (continued)     
$2,175,000   Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.,
4.70%, 02/01/36		   2,423,650 
 700,000   Anheuser-Busch InBev Worldwide, Inc.,
4.75%, 01/23/29		   797,400 
 1,025,000   Anheuser-Busch InBev Worldwide, Inc.,
4.60%, 04/15/48		   1,117,689 
 900,000   Anheuser-Busch InBev Worldwide, Inc.,
5.55%, 01/23/49		   1,117,263 
 850,000   Anheuser-Busch InBev Worldwide, Inc.,
4.75%, 04/15/58		   941,062 
 1,000,000   Aramark Services, Inc.,
5.13%, 01/15/24		   1,025,380 
 750,000   AT&T, Inc.,
4.35%, 03/01/29		   809,958 
 1,350,000   AT&T, Inc.,
4.50%, 05/15/35		   1,437,971 
 600,000   AT&T, Inc.,
4.50%, 03/09/48		   613,640 
 500,000   Avantor, Inc.,
6.00%, 10/01/24(g)		   535,005 
 500,000   Avantor, Inc.,
9.00%, 10/01/25(g)		   554,065 
 1,000,000   Bausch Health Cos, Inc.,
6.13%, 04/15/25(g)		   1,028,750 
 1,000,000   BCD Acquisition, Inc.,
9.63%, 09/15/23(g)		   1,043,750 
 1,000,000   Berry Global, Inc.,
5.50%, 05/15/22		   1,011,250 
 1,025,000   Bristol-Myers Squibb Co.,
3.40%, 07/26/29(g)		   1,071,344 
 2,650,000   Bristol-Myers Squibb Co.,
4.25%, 10/26/49(g)		   2,918,329 
 500,000   Caesars Resort Collection LLC / CRC Finco, Inc.,
5.25%, 10/15/25(g)		   498,900 
 700,000   CCO Holdings LLC / CCO Holdings Capital Corp.,
5.38%, 05/01/25(g)		   722,750 
 325,000   CCO Holdings LLC / CCO Holdings Capital Corp.,
5.38%, 06/01/29(g)		   336,781 
 775,000   CF Industries, Inc.,
3.40%, 12/01/21(g)		   783,417 
 975,000   Charter Communications Operating LLC / Charter Communications Operating Capital,
5.05%, 03/30/29		   1,069,710 


91

Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)     
$725,000   Charter Communications Operating LLC / Charter Communications Operating Capital,
6.38%, 10/23/35		   855,687 
 775,000   Charter Communications Operating LLC / Charter Communications Operating Capital,
5.75%, 04/01/48		   850,415 
 600,000   Charter Communications Operating LLC / Charter Communications Operating Capital,
5.13%, 07/01/49		   611,621 
 1,000,000   Cheniere Energy Partners LP,
5.25%, 10/01/25		   1,036,270 
 700,000   Cigna Corp.,
3.75%, 07/15/23(g)		   727,038 
 430,000   Clearway Energy Operating LLC,
5.38%, 08/15/24		   441,288 
 1,000,000   Clearway Energy Operating LLC,
5.75%, 10/15/25(g)		   1,037,200 
 500,000   Comcast Corp.,
4.15%, 10/15/28		   551,053 
 800,000   Comcast Corp.,
4.70%, 10/15/48		   939,256 
 975,000   Concho Resources, Inc.,
4.38%, 01/15/25		   1,012,360 
 850,000   Constellation Brands, Inc.,
4.75%, 11/15/24		   929,893 
 800,000   Constellation Brands, Inc.,
4.75%, 12/01/25		   889,738 
 625,000   Constellation Brands, Inc.,
4.65%, 11/15/28		   700,130 
 1,775,000   Constellation Brands, Inc.,
3.15%, 08/01/29		   1,772,361 
 775,000   Constellation Brands, Inc.,
4.10%, 02/15/48		   784,138 
 1,200,000   Crown Castle International Corp., REIT,
3.15%, 07/15/23		   1,223,438 
 1,000,000   CrownRock LP / CrownRock Finance, Inc.,
5.63%, 10/15/25(g)		   985,000 
 975,000   CSC Holdings LLC,
5.75%, 01/15/30(g)		   989,625 
 1,325,000   CVS Health Corp.,
3.70%, 03/09/23		   1,367,072 
 1,200,000   CVS Health Corp.,
4.30%, 03/25/28		   1,275,119 
 1,000,000   CVS Health Corp.,
5.05%, 03/25/48		   1,083,869 
 600,000   Dell International LLC / EMC Corp.,
4.90%, 10/01/26(g)		   627,820 
 750,000   Deutsche Bank AG/New York NY,
4.25%, 10/14/21		   758,039 
Principal
Amount		      Value 
UNITED STATES (continued)     
$500,000   Diamond Sports Group LLC / Diamond Sports Finance Co.,
5.38%, 08/15/26(g)		   508,125 
 400,000   Diamond Sports Group LLC / Diamond Sports Finance Co.,
6.63%, 08/15/27(g)		   408,750 
 850,000   Discovery Communications LLC,
2.95%, 03/20/23		   857,875 
 375,000   Discovery Communications LLC,
4.13%, 05/15/29		   391,600 
 1,075,000   Discovery Communications LLC,
5.30%, 05/15/49		   1,160,952 
 500,000   Eagle Holding Co. II LLC, 7.63% cash or 8.38% PIK,
7.63%, 05/15/22(g)		   503,750 
 300,000   Energy Transfer Operating LP,
4.25%, 03/15/23		   312,844 
 650,000   Energy Transfer Operating LP,
6.25%, 04/15/49		   772,917 
 950,000   Equinix, Inc.,
5.88%, 01/15/26		   1,009,090 
 750,000(f)  Equinix, Inc.,
2.88%, 02/01/26		   866,576 
 200,000   Equinix, Inc.,
5.38%, 05/15/27		   214,690 
 200,000   Ford Motor Credit Co. LLC,
3.16%, 08/04/20		   200,791 
 950,000   Fox Corp.,
4.03%, 01/25/24(g)		   1,006,025 
 500,000   Greif, Inc.,
6.50%, 03/01/27(g)		   521,250 
 1,000,000   H&E Equipment Services, Inc.,
5.63%, 09/01/25		   1,027,500 
 775,000   HCA, Inc.,
5.25%, 04/15/25		   854,113 
 1,700,000   HCA, Inc.,
5.25%, 06/15/49		   1,776,767 
 775,000(f)  International Game Technology Plc,
3.50%, 06/15/26(d)		   904,324 
 1,000,000   Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp.,
6.75%, 11/15/21(g)		   1,022,020 
 500,000   JB Poindexter & Co., Inc.,
7.13%, 04/15/26(g)		   510,000 
 1,210,000   JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.,
6.50%, 04/15/29(g)		   1,299,238 
 1,000,000   JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.,
5.50%, 01/15/30(d)		   1,000,000 
 575,000   JPMorgan Chase & Co.,
(3 mo. LIBOR US + 0.945%), 3.51%, 01/23/29(e)		   599,279 
 300,000   Kinder Morgan Energy Partners LP,
4.30%, 05/01/24		   318,548 


92
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal        
Amount      Value 
UNITED STATES (continued)     
$500,000   Level 3 Financing, Inc.,
5.38%, 01/15/24		   506,810 
 1,025,000   Lowe’s Cos, Inc.,
3.70%, 04/15/46		   975,204 
 700,000   Mauser Packaging Solutions Holding Co.,
5.50%, 04/15/24(g)		   698,915 
 325,000   Midcontinent Communications / Midcontinent Finance Corp.,
5.38%, 08/15/27(g)		   333,125 
 650,000   Morgan Stanley,
(3 mo. LIBOR US + 1.140%), 3.77%, 01/24/29(e)		   681,376 
 625,000   MPLX LP,
4.00%, 02/15/25		   653,260 
 575,000   MPT Operating Partnership LP / MPT Finance Corp.,
4.63%, 08/01/29		   582,360 
 500,000(f)  MPT Operating Partnership LP / MPT Finance Corp., REIT,
3.33%, 03/24/25		   614,110 
 650,000(f)  MPT Operating Partnership LP/MPT Finance Corp., REIT,
4.00%, 08/19/22		   795,141 
 150,000(f)  Netflix, Inc.,
3.63%, 05/15/27		   178,089 
 900,000(f)  Netflix, Inc.,
3.88%, 11/15/29(d)		   1,068,092 
 500,000   Nexstar Broadcasting, Inc.,
5.88%, 11/15/22		   511,875 
 125,000   Nexstar Escrow, Inc.,
5.63%, 07/15/27(g)		   129,844 
 1,025,000   NextEra Energy Operating Partners LP,
4.25%, 07/15/24(g)		   1,039,094 
 500,000   Outfront Media Capital LLC / Outfront Media Capital Corp.,
5.00%, 08/15/27(g)		   507,500 
 450,000   Panther BF Aggregator 2 LP / Panther Finance Co., Inc.,
6.25%, 05/15/26(g)		   465,615 
 500,000   Parsley Energy LLC / Parsley Finance Corp.,
5.63%, 10/15/27(g)		   516,250 
 375,000   Plains All American Pipeline LP / PAA Finance Corp.,
5.75%, 01/15/20		   379,734 
 375,000(f)  Quintiles IMS, Inc,
3.50%, 10/15/24(d)		   423,948 
 500,000   Reliance Holding USA, Inc.,
5.40%, 02/14/22(d)		   530,501 
 325,000   Sabine Pass Liquefaction LLC,
5.63%, 04/15/23		   353,098 
 1,125,000   Sherwin-Williams Co. (The),
3.45%, 06/01/27		   1,153,270 
Principal        
Amount      Value 
UNITED STATES (continued)     
$3,395,000   Southern Star Central Corp.,
5.13%, 07/15/22(g)		   3,411,975 
 625,000   Springleaf Finance Corp.,
6.13%, 03/15/24		   677,148 
 500,000   Springleaf Finance Corp.,
7.13%, 03/15/26		   561,563 
 900,000(f)  Verizon Communications, Inc.,
8.75%, 04/08/27		   1,041,652 
 500,000   Verscend Escrow Corp.,
9.75%, 08/15/26(g)		   533,015 
 1,000,000   Wabtec Corp.,
4.40%, 03/15/24		   1,050,518 
 42,119,000   Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow,
0.00%, 02/04/49(b)		   0 
 21,131,000   Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow,
0.00%, 06/16/49(b)		   0 
 9,840,000   Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow,
0.00%, 11/06/49(b)		   0 
 3,000,000   Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow,
0.00%, 12/31/49(b)		   0 
         86,325,075 
VIRGIN ISLANDS — 0.0%     
 500,000(f)  State Grid Overseas Investment 2016 Ltd.,
1.38%, 05/02/25(d)		   578,354 
Total Corporate Bonds
(Cost $194,531,639)		   196,911,567 
GOVERNMENT BONDS — 2.6%     
CANADA — 1.7%     
 115,700,000   Canadian Government Bond,
1.25%, 02/01/20		   87,428,979 
UNITED ARAB EMIRATES — 0.0%     
 1,000,000   Abu Dhabi Government International Bond,
4.13%, 10/11/47(d)		   1,108,220 
UNITED KINGDOM — 0.9%     
 36,000,000   United Kingdom Gilt,
4.75%, 03/07/20		   44,885,516 
Total Government Bonds
(Cost $140,145,625)		   133,422,715 


93
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

     
     
ASSET-BACKED SECURITIES — 13.9%    
CAYMAN ISLANDS — 3.1%    
Collateralized Loan Obligations — 2.4%    
$11,750,000   Adams Mill CLO Ltd., Series 2014-1A, Class F,
(3 mo. LIBOR US + 5.690%), 7.99%, 07/15/26(g)(h)		  $10,662,109 
 1,000,000   Apidos CLO XV, Series 2013-15A, Class ERR,
(3 mo. LIBOR US + 5.700%), 7.98%, 04/20/31(g)(h)		   947,202 
 1,000,000   Apidos CLO XXII, Series 2015-22A, Class D,
(3 mo. LIBOR US + 6.000%), 8.28%, 10/20/27(g)(h)		   994,859 
 2,533,500   Apidos CLO XXIII, Series 2015-23A, Class D2,
(3 mo. LIBOR US + 5.950%), 8.25%, 01/15/27(g)(h)		   2,533,829 
 1,500,000   BlueMountain CLO Ltd., Series 2015-1A, Class D,
(3 mo. LIBOR US + 5.450%), 7.75%, 04/13/27(g)(h)		   1,490,696 
 1,000,000   Burnham Park CLO Ltd., Series 2016-1A, Class ER,
(3 mo. LIBOR US + 5.400%), 7.68%, 10/20/29(g)(h)		   922,613 
 1,000,000   Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class DR,
(3 mo. LIBOR US + 4.350%), 6.61%, 04/27/27(g)(h)		   947,498 
 1,145,619   Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1,
(3 mo. LIBOR US + 8.500%), 10.78%, 07/20/32(g)(h)		   1,060,733 
 500,000   Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class DR,
(3 mo. LIBOR US + 5.200%), 7.48%, 04/20/27(g)(h)		   474,413 
 1,000,000   Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D,
(3 mo. LIBOR US + 7.000%), 9.28%, 10/20/29(g)(h)		   1,000,428 
 17,550,000   CBAM CLO Management, Series 2019-10A, Class SUB,
0.00%, 04/20/32(g)(k)		   15,715,225 
 9,915,625   Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB,
0.00%, 01/20/31(g)(k)		   8,191,105 
 1,000,000   Cumberland Park CLO Ltd., Series 2015-2A, Class ER,
(3 mo. LIBOR US + 5.650%), 7.93%, 07/20/28(g)(h)		   995,077 
 11,500,000   Jackson Mill CLO Ltd., Series 2015-1A, Class ER,
(3 mo. LIBOR US + 5.000%), 7.30%, 04/15/27(g)(h)		   11,177,008 
Principal        
Amount      Value 
CAYMAN ISLANDS (continued)     
Collateralized Loan Obligations (continued)     
$20,000,000   Jackson Mill CLO Ltd., Series 2015-1A, Class SUB,
0.00%, 04/15/27(g)(k)		  $10,212,758 
 7,400,000   Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB,
(3 mo. LIBOR US + 8.150%), 10.43%, 10/20/31(g)(h)		   6,620,791 
 1,250,000   Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER,
(3 mo. LIBOR US + 5.000%), 7.30%, 01/15/28(g)(h)		   1,198,589 
 1,000,000   Rockford Tower CLO Ltd., Series 2017-2A, Class E,
(3 mo. LIBOR US + 6.080%), 8.38%, 10/15/29(g)(h)		   953,633 
 6,000,000   Romark CLO Ltd., Series 2017-1A, Class D,
(3 mo. LIBOR US + 6.650%), 8.91%, 10/23/30(g)(h)		   5,875,363 
 5,000,000   Romark CLO Ltd., Series 2017-1A, Class SUB,
0.00%, 10/23/30(g)(k)		   3,874,732 
 15,100,000   Romark CLO Ltd., Series 2018-2A, Class D,
(3 mo. LIBOR US + 6.250%), 8.53%, 07/25/31(g)(h)		   14,384,479 
 5,000,000   Romark CLO Ltd., Series 2018-2A, Class SUB,
0.00%, 07/25/31(g)(k)		   3,776,620 
 1,250,000   Shackleton CLO Ltd., Series 2017-10A, Class E,
(3 mo. LIBOR US + 6.220%), 8.49%, 04/20/29(g)(h)		   1,173,972 
 500,000   Sound Point CLO XIV Ltd., Series 2016-3A, Class E,
(3 mo. LIBOR US + 6.650%), 8.91%, 01/23/29(g)(h)		   504,081 
 1,000,000   Teacher’s Insurance & Annuity CLO II Ltd., Series 2017-1A, Class E,
(3 mo. LIBOR US + 5.850%), 8.13%, 04/20/29(g)(h)		   945,518 
 6,375,000   THL Credit Wind River CLO Ltd., Series 2018-2A, Class SUB,
0.00%, 07/15/30(g)(k)		   5,194,535 
 1,250,000   Vibrant CLO IV Ltd., Series 2016-4A, Class D,
(3 mo. LIBOR US + 4.500%), 6.78%, 07/20/28(g)(h)		   1,251,395 
 1,500,000   Voya CLO Ltd., Series 2016-2A, Class D,
(3 mo. LIBOR US + 6.950%), 9.25%, 07/19/28(g)(h)		   1,494,486 
 4,500,000   York CLO-3 Ltd., Series 2016-1A, Class ER,
(3 mo. LIBOR US + 6.400%), 8.68%, 10/20/29(g)(h)		   4,379,113 


94
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
CAYMAN ISLANDS (continued)
Collateralized Loan Obligations (continued)
$4,000,000   York CLO-3 Ltd., Series 2016-1A, Class SUB,
0.00%, 10/20/29(g)(i)(k)		  $2,836,662 
 6,375,000   York CLO-3 Ltd., Series 2018-1A, Class SUB,
0.00%, 10/22/31(g)(k)		   4,520,000 
 1,000,000   York CLO-4 Ltd., Series 2016-2A, Class E,
(3 mo. LIBOR US + 6.940%), 9.22%, 01/20/30(g)(h)		   999,775 
         127,309,297 
Other Asset-Backed Securities — 0.7%
 2,800,000   ALM Loan Funding Ltd., Series 2012-6A, Class DR3,
(3 mo. LIBOR US + 5.050%), 7.35%, 07/15/26(g)(h)		   2,705,485 
 1,000,000   ALM Loan Funding Ltd., Series 2013-7RA, Class DR,
(3 mo. LIBOR US + 7.140%), 9.44%, 10/15/28(g)(h)		   1,000,798 
 2,000,000   ALM Loan Funding Ltd., Series 2015-16A, Class DR2,
(3 mo. LIBOR US + 5.100%), 7.40%, 07/15/27(g)(h)		   1,941,508 
 3,594,302   Atrium VIII, Series 8A, Class SUB,
0.00%, 10/23/24(g)(k)		   453,362 
 2,000,000   Atrium XII, Series 12A, Class ER,
(3 mo. LIBOR US + 5.250%), 7.53%, 04/22/27(g)(h)		   1,972,906 
 12,131,250   Atrium XIII, Series 13A, Class SUB,
0.00%, 11/21/47(g)(k)		   10,230,453 
 3,250,000   CIFC Funding Ltd., Series 2016-1A, Class E,
(3 mo. LIBOR US + 6.750%), 9.03%, 10/21/28(g)(h)		   3,259,006 
 1,750,000   HPS Loan Management Ltd., Series 2016-10A, Class D,
(3 mo. LIBOR US + 6.500%), 8.78%, 01/20/28(g)(h)		   1,670,625 
 750,000   LCM Ltd. Partnership XVIII LP, Series 18A, Class INC,
0.00%, 04/20/31(g)(k)		   407,167 
 2,000,000   Madison Park Funding XVI, Ltd., Series 2015-16A, Class D,
(3 mo. LIBOR US + 5.500%), 7.78%, 04/20/26(g)(h)		   2,000,016 
 1,000,000   OZLM XV Ltd., Series 2016-15A, Class D,
(3 mo. LIBOR US + 7.150%), 9.43%, 01/20/29(g)(h)		   1,000,140 
 7,500,000   Romark WM-R Ltd., Series 2018-1A, Class F,
(3 mo. LIBOR US + 8.100%), 10.38%, 04/20/31(g)(h)		   6,711,722 
Principal
Amount		      Value 
CAYMAN ISLANDS (continued)
Other Asset-Backed Securities (continued)
$1,000,000   Westcott Park CLO Ltd.,
(3 mo. LIBOR US + 3.250%), 5.53%, 07/20/28(g)(h)		  $994,623 
 500,000   Westcott Park CLO Ltd.,
(3 mo. LIBOR US + 6.400%), 8.68%, 07/20/28(g)(h)		   499,737 
         34,847,548 
         162,156,845 
UNITED STATES — 10.8%
Collateralized Loan Obligations — 0.2%
 3,910,214   Ari Investments LLC,
5.26%, 01/06/25(b)		   3,910,214 
 3,069,254   CWHEQ Revolving Home Equity Loan Trust, Series 2006-C, Class 2A,
(1 mo. LIBOR US + 0.180%), 2.51%, 05/15/36(h)		   2,980,564 
 1,500,000   RMF Buyout Issuance Trust, Series 2019-1, Class M5,
6.00%, 07/25/29(g)(k)		   1,466,208 
         8,356,986 
Other Asset-Backed Securities — 10.6%
 5,070,632   Ajax Mortgage Loan Trust, Series 2017-D, Class A,
3.75%, 12/25/57(g)		   5,202,964 
 1,447,279   Ajax Mortgage Loan Trust, Series 2017-D, Class B,
0.00%, 12/25/57(b)(g)(k)		   651,276 
 2,672,517   Ajax Mortgage Loan Trust, Series 2018-A, Class A,
3.85%, 04/25/58(g)		   2,695,819 
 775,743   Ajax Mortgage Loan Trust, Series 2018-A, Class B,
0.00%, 04/25/58(b)(g)		   449,931 
 7,346,671   Ajax Mortgage Loan Trust, Series 2018-D, Class A,
3.75%, 08/25/58(b)(g)(k)		   7,354,018 
 1,836,579   Ajax Mortgage Loan Trust, Series 2018-D, Class B,
0.00%, 08/25/58(b)(g)(k)		   1,028,484 
 1,312,500   Ajax Mortgage Loan Trust, Series 2018-E, Class B,
5.25%, 06/25/58(g)(k)		   1,347,883 
 3,324,262   Ajax Mortgage Loan Trust, Series 2018-E, Class C,
0.00%, 06/25/58(b)(g)(k)		   995,949 
 1,498,613   Ajax Mortgage Loan Trust, Series 2018-F, Class B,
5.25%, 11/25/58(b)(g)(k)		   1,481,829 
 3,635,687   Ajax Mortgage Loan Trust, Series 2018-F, Class C,
0.00%, 11/25/58(b)(g)		   1,766,944 


95
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$19,813,075   Ajax Mortgage Loan Trust, Series 2018-G, Class A,
4.38%, 06/25/57(b)(g)(k)		  $19,858,645 
 2,100,000   Ajax Mortgage Loan Trust, Series 2018-G, Class B,
5.25%, 06/25/57(b)(g)(k)		   2,067,030 
 5,374,214   Ajax Mortgage Loan Trust, Series 2018-G, Class C,
0.00%, 06/25/57(b)(g)		   5,011,992 
 20,767,556   Ajax Mortgage Loan Trust, Series 2019-A, Class-A,
3.75%, 08/25/57(g)(k)		   20,753,478 
 2,450,000   Ajax Mortgage Loan Trust, Series 2019-A, Class-B,
5.25%, 08/25/57(b)(g)(k)		   2,405,410 
 6,127,642   Ajax Mortgage Loan Trust, Series 2019-A, Class-C,
0.00%, 08/25/57(g)		   5,055,889 
 21,173,761   Ajax Mortgage Loan Trust, Series 2019-B, Class A,
3.75%, 01/25/59(g)(k)		   21,224,989 
 2,100,000   Ajax Mortgage Loan Trust, Series 2019-B, Class B,
5.25%, 01/25/59(g)(k)		   2,058,917 
 5,386,224   Ajax Mortgage Loan Trust, Series 2019-B, Class C,
0.00%, 01/25/59(g)(i)		   4,344,528 
 7,382,563   Ajax Mortgage Loan Trust, Series 2019-C, Class A,
3.95%, 10/25/58(g)(k)		   7,376,242 
 11,581,768   Argent Mortgage Loan Trust, Series 2005-W1, Class A2,
(1 mo. LIBOR US + 0.480%), 2.75%, 05/25/35(h)		   11,016,535 
 4,740,999   Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1,
(1 mo. LIBOR US + 0.460%), 2.73%, 01/25/36(h)		   3,496,310 
 6,013,412   Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2,
(1 mo. LIBOR US + 0.420%), 2.69%, 01/25/36(h)		   3,781,302 
 5,740,000   Bank of America Manufactured Housing Contract Trust, Series 1997-2, Class B1,
7.07%, 02/10/22(k)		   4,472,256 
 5,000,000   Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1,
7.58%, 12/10/25(k)		   3,050,248 
 11,041,064   Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1,
(1 mo. LIBOR US + 1.000%), 3.24%, 05/28/39(g)(h)		   9,551,630 
Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$2,437,931   Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2,
(1 mo. LIBOR US + 1.300%), 3.54%, 05/28/39(g)(h)		  $2,047,477 
 3,913,597   Bayview Financial Revolving Asset Trust, Series 2005-A, Class A1,
(1 mo. LIBOR US + 1.000%), 3.24%, 02/28/40(g)(h)		   3,754,623 
 5,042,629   Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A,
(1 mo. LIBOR US + 0.930%), 3.17%, 12/28/40(g)(h)		   4,577,260 
 1,827,821   Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4,
(1 mo. LIBOR US + 0.680%), 2.95%, 12/25/35(h)		   2,129,344 
 2,951,529   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1,
(1 mo. LIBOR US + 0.350%), 2.62%, 03/25/36(h)		   658,349 
 2,951,529   Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3,
(1 mo. LIBOR US + 0.350%), 2.62%, 03/25/36(h)		   658,349 
 5,626,719   Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A,
(1 mo. LIBOR US + 0.140%), 2.41%, 12/25/36(h)		   5,933,437 
 3,790,504   Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2,
7.58%, 06/15/30(k)		   1,315,807 
 3,553,597   Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3,
7.83%, 06/15/30(k)		   1,204,259 
 2,534,740   Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4,
8.29%, 06/15/30(k)		   945,382 
 5,530,019   Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3,
(1 mo. LIBOR US + 0.150%), 2.42%, 04/25/36(h)		   5,360,910 
 4,884,740   Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4,
(1 mo. LIBOR US + 0.420%), 2.69%, 02/25/37(h)		   4,129,460 


96
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$12,415,000   Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4,
(1 mo. LIBOR US + 0.220%), 2.49%, 10/25/36(h)		  $8,558,892 
 11,246,378   Conseco Finance Securitizations Corp., Series 2000-1, Class A5,
8.06%, 09/01/29(k)		   4,933,353 
 14,163,848   Conseco Finance Securitizations Corp., Series 2000-4, Class A5,
7.97%, 05/01/32		   5,905,538 
 3,008,521   Conseco Financial Corp., Series 1997-7, Class M1,
7.03%, 07/15/28(k)		   2,985,488 
 2,793,595   Conseco Financial Corp., Series 1998-2, Class M1,
6.94%, 12/01/28(k)		   2,703,356 
 3,870,351   Conseco Financial Corp., Series 1999-5, Class A5,
7.86%, 03/01/30(k)		   2,738,865 
 2,980,041   Conseco Financial Corp., Series 1999-5, Class A6,
7.50%, 03/01/30(k)		   2,037,740 
 4,543,097   Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP,
6.05%, 05/25/36		   4,604,788 
 830,411   Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2,
(1 mo. LIBOR US + 0.160%), 2.43%, 09/25/46(h)		   819,428 
 1,034,307   Countrywide Asset-Backed Certificates, Series 2006-S4, Class A4,
5.93%, 07/25/34(k)		   1,045,519 
 1,563,643   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B,
(1 mo. LIBOR US + 0.300%), 2.63%, 12/15/33(g)(h)		   1,483,701 
 1,207,630   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B,
(1 mo. LIBOR US + 0.240%), 2.57%, 02/15/30(g)(h)		   1,117,248 
 984,540   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B,
(1 mo. LIBOR US + 0.190%), 2.52%, 05/15/35(g)(h)		   899,265 
 1,436,431   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5F1A,
(1 mo. LIBOR US + 0.240%), 2.57%, 12/15/35(g)(h)		   1,392,260 
Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$6,879,000   Finance of America Structured Securities Trust, Series 2019-HB1, Class M5,
6.00%, 04/25/29(g)(k)		  $6,553,550 
 3,325,000   Finance of America Structured Securities Trust, Series 2018-HB1, Class M4,
5.23%, 09/25/28(b)(g)(k)		   3,366,563 
 4,000,000   Finance of America Structured Securities Trust, Series 2018-HB1, Class M5,
6.00%, 09/25/28(b)(g)(k)		   3,970,800 
 2,527,540   First Franklin Mortgage Loan Trust, Series 2003-FF4, Class-M1,
(1 mo. LIBOR US + 1.800%), 4.20%, 10/25/33(h)		   2,548,424 
 10,263,465   First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A1,
(1 mo. LIBOR US + 0.120%), 2.39%, 10/25/36(h)		   8,359,149 
 4,946,990   First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1,
(1 mo. LIBOR US + 0.360%), 2.94%, 03/25/36(h)		   3,790,530 
 9,456,128   First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1,
(1 mo. LIBOR US + 0.250%), 2.52%, 07/25/36(h)		   4,877,749 
 4,331,610   First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2,
(1 mo. LIBOR US + 0.400%), 2.67%, 01/25/36(h)		   2,553,294 
 4,760,775   First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C,
(1 mo. LIBOR US + 0.150%), 2.42%, 03/25/37(h)		   3,127,295 
 1,500,000   Fremont Home Loan Trust, Series 2005-D, Class M1,
(1 mo. LIBOR US + 0.410%), 2.68%, 11/25/35(h)		   1,386,778 
 1,366,802   GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3,
(1 mo. LIBOR US + 0.500%), 2.90%, 02/25/36(h)		   1,354,961 
 849,883   GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A,
(1 mo. LIBOR US + 0.315%), 2.58%, 11/25/36(h)		   832,321 
 7,001,987   Greenpoint Manufactured Housing, Series 2000-3, Class IA,
8.45%, 06/20/31(k)		   5,436,521 
 2,463,906   GSAA Home Equity Trust, Series 2005-14, Class 1A2,
(1 mo. LIBOR US + 0.350%), 2.62%, 12/25/35(h)		   1,055,503 


97
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$11,133,049   GSAA Home Equity Trust, Series 2006-4, Class 1A1,
4.06%, 03/25/36(k)		  $9,622,011 
 11,177,455   GSAA Home Equity Trust, Series 2006-5, Class 1A1,
(1 mo. LIBOR US + 0.180%), 2.45%, 03/25/36(h)		   5,440,054 
 9,084,472   GSAA Home Equity Trust, Series 2007-9, Class A3A,
7.00%, 08/25/47		   4,646,680 
 527,822   GSAA Trust, Series 2006-7, Class AF2,
5.99%, 03/25/46(k)		   340,903 
 20,691,027   GSAMP Trust, Series 2006-FM3, Class A1,
(1 mo. LIBOR US + 0.140%), 2.41%, 11/25/36(h)		   12,095,339 
 3,566,000   GSAMP Trust, Series 2007-HS1, Class M5,
(1 mo. LIBOR US + 2.250%), 4.52%, 02/25/47(h)		   3,687,857 
 4,375,000   Home Equity Asset Trust, Series 2007-1, Class 2A3,
(1 mo. LIBOR US + 0.150%), 2.42%, 05/25/37(h)		   3,641,129 
 5,534,597   HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP,
4.92%, 12/25/36		   2,913,046 
 1,050,000   Invitation Homes Trust, Series 2017-SFR2, Class D,
(1 mo. LIBOR US + 1.800%), 4.11%, 12/17/36(g)(h)		   1,051,034 
 1,880,584   Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP,
6.53%, 09/25/37(g)		   1,859,553 
 4,000,000   JPMorgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1,
(1 mo. LIBOR US + 0.270%), 2.54%, 05/25/36(h)		   3,724,745 
 9,508,360   Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, STEP,
3.75%, 01/25/59(g)		   9,571,425 
 13,336,029   Legacy Mortgage Asset Trust, Series 2019-SL1, Class A,
4.00%, 12/28/54(g)(k)		   13,374,268 
 10,817,252   Legacy Mortgage Asset Trust, Series 2019-SL2, Class A,
3.38%, 02/25/59(b)(g)(k)		   10,492,735 
 2,158,120   Legacy Mortgage Asset Trust, Series 2019-SL2, Class B,
0.00%, 02/25/59(b)(g)		   358,895 
 1,900,000   Legacy Mortgage Asset Trust, Series 2019-SL2, Class M,
4.25%, 02/25/59(b)(g)(k)		   1,425,000 
Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$344,108   Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1,
(1 mo. LIBOR US + 0.090%), 2.36%, 06/25/37(g)(h)		  $249,501 
 10,428,266   Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4,
(1 mo. LIBOR US + 0.300%), 2.57%, 06/25/37(g)(h)		   7,792,594 
 7,081,520   Lehman ABS Mortgage Loan Trust,Series 2007-1,Class 2A2,
(1 mo. LIBOR US + 0.200%), 2.47%, 06/25/37(g)(h)		   5,572,152 
 1,173,973   Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2,
(1 mo. LIBOR US + 0.110%), 2.38%, 11/25/36(h)		   515,755 
 16,193,443   Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3,
(1 mo. LIBOR US + 0.160%), 2.43%, 11/25/36(h)		   7,190,365 
 3,182,866   Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4,
(1 mo. LIBOR US + 0.220%), 2.49%, 11/25/36(h)		   1,431,128 
 6,105,478   Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3,
(1 mo. LIBOR US + 0.160%), 2.43%, 10/25/36(h)		   2,450,768 
 3,734,311   Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2,
(1 mo. LIBOR US + 3.250%), 5.52%, 03/25/32(h)		   3,795,117 
 4,326,509   Mastr Second Lien Trust, Series 2006-1, Class A,
(1 mo. LIBOR US + 0.320%), 2.59%, 03/25/36(h)		   728,043 
 3,209,530   Merit Securities Corp., Series 13, Class M2, STEP,
7.95%, 12/28/33		   2,752,118 
 10,719,293   Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D,
(1 mo. LIBOR US + 0.250%), 2.52%, 10/25/37(h)		   4,365,213 
 1,394,062   Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4,
(1 mo. LIBOR US + 0.240%), 2.51%, 06/25/36(h)		   977,740 
 7,462,887   Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1,
(1 mo. LIBOR US + 0.130%), 2.40%, 11/25/36(h)		   4,531,994 
 7,407,825   Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B,
(1 mo. LIBOR US + 0.140%), 2.41%, 05/25/37(h)		   5,768,766 


98
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$5,960,350   Morgan Stanley Capital I, Series 2006-NC2, Class M1,
(1 mo. LIBOR US + 0.360%), 2.63%, 02/25/36(h)		  $4,920,662 
 5,109,811   Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP,
6.01%, 10/25/36		   2,171,253 
 2,159,054   Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, STEP,
(1 mo. LIBOR US + 0.300%), 2.57%, 03/25/36(h)		   2,178,011 
 3,200,000   Nationstar HECM Loan Trust, Series 2018-2A, Class M4,
5.06%, 07/25/28(b)(g)(k)		   3,253,984 
 8,000,000   Nationstar Home Equity Loan Trust, Series 2007-A, Class M3,
(1 mo. LIBOR US + 0.300%), 2.57%, 03/25/37(h)		   6,780,962 
 5,668,092   New Century Home Equity Loan Trust, Series 2005-C, Class M2,
(1 mo. LIBOR US + 0.450%), 2.72%, 12/25/35(h)		   3,401,200 
 2,439,844   Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1,
(1 mo. LIBOR US + 0.400%), 2.67%, 10/25/36(g)(h)		   2,287,040 
 2,290,335   Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2,
7.48%, 08/15/27		   2,215,008 
 10,376,845   Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4,
7.40%, 07/15/30(k)		   4,503,937 
 8,576,285   Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2,
5.92%, 06/15/31(k)		   2,059,924 
 5,950,110   Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3,
6.61%, 06/15/31(k)		   1,592,333 
 6,799,285   Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4,
7.41%, 06/15/31(k)		   2,036,988 
 809,561   Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3,
5.90%, 09/15/22(k)		   620,172 
 3,824,422   Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1,
7.76%, 03/15/32(k)		   3,785,130 
 1,126,184   Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4,
7.09%, 06/15/32(k)		   1,207,198 
 3,000,000   OneMain Financial Issuance Trust, Series 2015-1A, Class D,
6.63%, 03/18/26(g)		   3,042,430 
Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$4,000,000   OneMain Financial Issuance Trust, Series 2015-3A, Class D,
6.94%, 11/20/28(g)		  $4,150,575 
 3,473,387   Option One Mortgage Loan Trust, Series 2007-FXD2, Class 1A1, STEP,
5.82%, 03/25/37		   3,528,973 
 2,955,985   Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP,
5.25%, 07/25/35		   2,517,609 
 917,271   Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP,
4.25%, 01/25/22(g)		   923,502 
 4,000,000   Residential Asset Securities Corp, Series 2006-KS4, Class M2,
(1 mo. LIBOR US + 0.290%), 2.56%, 06/25/36(h)		   3,583,751 
 3,825,000   Residential Asset Securities Corp., Class M4,
(1 mo. LIBOR US + 0.580%), 2.85%, 11/25/35(h)		   3,034,316 
 2,439,752   SACO I Trust, Series 2006-7, Class A1,
(1 mo. LIBOR US + 0.260%), 2.53%, 07/25/36(h)		   2,423,817 
 4,820,670   Saxon Asset Securities Trust, Series 2006-2, Class M3,
(1 mo. LIBOR US + 0.320%), 2.59%, 09/25/36(h)		   2,347,354 
 8,621,120   Saxon Asset Securities Trust, Series 2007-1, Class M1,
(1 mo. LIBOR US + 0.290%), 2.56%, 01/25/47(h)		   6,295,559 
 7,814,818   Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A1,
(1 mo. LIBOR US + 0.190%), 2.46%, 11/25/36(g)(h)		   4,560,873 
 6,878,659   Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A2B,
(1 mo. LIBOR US + 0.120%), 2.39%, 11/25/36(h)		   2,650,542 
 3,167,364   Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B,
(1 mo. LIBOR US + 0.270%), 2.54%, 02/25/37(h)		   2,308,768 
 11,596,007   Soundview Home Loan Trust, Series 2006-OPT5, Class M1,
(1 mo. LIBOR US + 0.250%), 2.52%, 07/25/36(h)		   6,466,882 


99
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
UNITED STATES (continued)
Other Asset-Backed Securities (continued)
$4,185,875   Structured Asset Investment Loan Trust, Series 2005-9, Class M2,
(1 mo. LIBOR US + 0.450%), 2.72%, 11/25/35(h)		  $2,374,169 
 4,478,386   Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3,
(1 mo. LIBOR US + 0.500%), 2.77%, 07/25/35(h)		   2,588,199 
 1,886,116   Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1,
(1 mo. LIBOR US + 0.440%), 2.71%, 02/25/37(h)		   1,130,943 
 10,000,000   Towd Point Mortgage Trust, Series 2019-SJ2, Class A2,
4.25%, 11/25/58(g)(k)		   10,292,214 
 10,000,000   Towd Point Mortgage Trust, Series 2019-SJ2, Class M1,
4.50%, 11/25/58(g)(k)		   10,304,475 
 9,317,954   Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, STEP,
3.97%, 02/25/49(g)		   9,354,420 
 14,622,997   Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, STEP,
3.97%, 03/25/49(g)		   14,714,309 
 9,990,364   Yale Mortgage Loan Trust, Series 2007-1, Class A,
(1 mo. LIBOR US + 0.400%), 2.67%, 06/25/37(g)(h)		   4,185,484 
         549,812,928 
         558,169,914 
Total Asset-Backed Securities
(Cost $766,619,144)		   720,326,759 
NON-AGENCY MORTGAGE-BACKED SECURITIES — 11.3%
COLLATERALIZED MORTGAGE OBLIGATIONS — 10.1%
 831,708   Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 4.43%, 07/25/35(k)   805,138 
 2,278,613   Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.16%, 03/25/37(k)   1,968,277 
 2,306,660   Ajax Mortgage Loan Trust, Series 2018-B, Class A, 3.75%, 02/26/57(b)(g)   2,304,123 
 1,163,012   Ajax Mortgage Loan Trust, Series 2018-B, Class B, 0.00%, 02/26/57(b)(g)   325,643 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$2,128,073   American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.47%, 09/25/46(h)  $2,020,777 
 1,944,812   American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37   1,761,698 
 10,973,168   Angel Oak Mortgage Trust I LLC, Series 2019-2, Class-A1, 3.63%, 03/25/49(g)(k)   11,103,848 
 12,159,714   APS Resecuritization Trust, Series 2016-1, Class 1MZ, 4.22%, 07/31/57(g)(k)   4,572,053 
 2,226,796   Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 2.67%, 01/25/37(h)   1,794,872 
 319,137   Banc of America Funding Corp., Series 2005-F, Class 6A1, 4.11%, 09/20/35(k)   313,870 
 724,072   Banc of America Funding Corp., Series 2006-A, Class 3A2, 4.33%, 02/20/36(k)   698,748 
 700,750   Banc of America Funding Corp., Series 2006-E, Class 2A1, 4.66%, 06/20/36(k)   693,534 
 2,034,352   Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37   2,019,105 
 3,223,245   Banc of America Funding Corp., Series 2015-R3, Class 1A2, 2.89%, 03/27/36(g)(k)   2,629,820 
 701,695   Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 4.40%, 10/25/35(k)   704,386 
 3,966,795   BCAP LLC, Series 2012-RR3, Class 1A5, 6.62%, 12/26/37(g)(k)   3,733,753 
 1,761,467   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.16%, 02/25/36(k)   1,666,133 
 444,456   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 4.25%, 08/25/35(k)   390,963 
 515,309   Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.38%, 05/25/47(k)   484,438 
 1,997,535   Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 2.71%, 04/25/36(h)   2,301,757 
 4,275,292   Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 2.59%, 11/25/36(h)   4,573,053 


100
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$2,157,805   Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.55%, 08/25/36(h)  $2,152,016 
 1,526,388   Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 2.57%, 11/25/36(h)   1,475,811 
 2,373,044   CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, 5.76%, 07/25/39(g)(k)   1,937,467 
 5,064,468   Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37   3,710,549 
 2,103,525   Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(g)(k)   2,090,494 
 2,439,885   CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 3.67%, 08/25/35(h)   2,070,978 
 8,790,258   CIM Trust, Series 2019-INV1, Class A1, 4.00%, 02/25/49(g)(k)   8,957,182 
 3,914,653   Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37   3,509,746 
 3,942,239   Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38   3,413,848 
 318,143   Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 4.81%, 05/25/35(k)   322,533 
 279,747   Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 4.55%, 06/25/36(k)   271,028 
 4,255,025   Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(g)   3,393,390 
 555,409   Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35   530,256 
 1,209,292   Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.57%, 08/25/35(h)   1,183,073 
 8,116,819   Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 5.500%), 3.10%, 11/25/35(h)   1,485,401 
 812,897   Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 4.10%, 12/25/35(k)   741,267 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$116,396   Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 3.51%, 12/25/35(h)  $112,478 
 9,104,880   Countrywide Alternative Loan Trust, Series 2005-76, Class 1A2, (12 mo. Federal Reserve Cumulative Average US + 2.000%), 4.51%, 01/25/36(h)   7,271,371 
 1,783,942   Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 2.72%, 05/25/35(h)   1,638,420 
 1,034,991   Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35   884,264 
 3,660,107   Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 2.62%, 05/25/36(h)   2,205,502 
 2,203,366   Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36   1,652,188 
 4,399,747   Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36   3,186,112 
 1,498,598   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 2.62%, 08/01/36(h)   937,161 
 1,498,598   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 7.150%), 4.75%, 08/01/36(h)   383,436 
 1,544,845   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/01/36   1,272,841 
 1,553,574   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 2.67%, 03/25/36(h)   804,127 
 4,363,864   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36   3,178,140 
 1,708,257   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37   1,416,176 
 1,236,935   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37   1,074,618 
 1,534,036   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37   1,259,710 


101
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$3,507,694   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37  $2,880,428 
 216,863   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36   202,745 
 615,260   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 2.67%, 05/25/36(h)   517,360 
 3,804,981   Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36   2,599,932 
 3,205,497   Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.64%, 11/20/46(h)   2,286,872 
 6,438,990   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 4.24%, 11/25/46(h)   5,698,574 
 3,400,773   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 2.46%, 11/25/46(h)   3,045,861 
 4,357,447   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.850%), 3.36%, 11/25/46(h)   3,963,540 
 4,855,127   Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.46%, 03/20/47(h)   4,194,402 
 1,105,323   Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.48%, 05/25/36(h)   985,759 
 5,821,732   Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 2.48%, 07/25/46(h)   5,360,278 
 9,702,119   Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.46%, 07/25/46(h)   9,429,229 
 5,073,109   Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, (1 mo. LIBOR US + 0.230%), 2.50%, 03/25/36(h)   4,277,368 
 4,100,898   Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.45%, 04/25/46(h)   3,529,419 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$2,480,841   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37  $1,770,219 
 2,498,812   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37   1,834,701 
 1,276,947   Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37   1,026,788 
 5,068,461   Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37   3,386,684 
 4,738,388   Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37   3,438,479 
 1,176,861   Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37   801,081 
 707,382   Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.38%, 11/25/36   751,341 
 11,479,270   Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 3.35%, 03/25/47(h)   9,814,291 
 729,611   Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 2.45%, 04/25/47(h)   255,972 
 2,465,185   Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.51%, 08/25/47(h)   1,925,101 
 1,972,058   Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37   1,533,456 
 1,655,310   Countrywide Alternative Resecuritization, Series 2006-22R, Class 2A1, 6.25%, 05/25/36   1,256,295 
 1,860,226   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.78%, 01/25/36(k)   1,764,913 
 537,484   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35   522,636 
 361,119   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.81%, 03/20/36(k)   359,083 


102
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$11,946,195   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.47%, 04/25/46(h)  $5,918,223 
 3,497,304   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.47%, 04/25/46(h)   3,316,344 
 960,356   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 2.69%, 07/25/36(g)(h)   915,308 
 2,290,603   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38   1,839,941 
 10,799,130   Credit Suisse Mortgage Capital Certificates, Series 19-RPL4, Class A1, 3.83%, 08/26/58(g)   10,864,479 
 33,604   Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21   32,094 
 2,828,697   Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36   2,461,331 
 7,025,598   Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(g)   3,980,513 
 27,958,786   Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class A1, 4.10%, 09/27/66(g)(k)   28,075,318 
 10,290,979   Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class B3, 0.00%, 09/27/66(g)(i)   8,532,477 
 4,552,831   Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class PT2, 0.00%, 03/25/59(b)(g)(i)(k)   2,003,246 
 11,255,592   Credit Suisse Mortgage Trust Mortgage-Backed Trust, 0.00%, 02/01/47(b)   10,974,202 
 3,011,803   Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(k)   1,333,238 
 4,103,462   Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 5.20%, 04/27/37(g)(k)   3,562,700 
 7,000,000   Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 2.55%, 10/27/36(g)(h)   5,154,983 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		  
$720,893   Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.76%, 03/27/36(g)(h)  $715,659 
 12,047,482   Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.76%, 03/27/36(g)(h)   9,276,561 
 6,622,861   Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.62%, 11/25/35(h)   2,054,499 
 652,802   GMACM Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 4.07%, 11/19/35(k)   629,516 
 4,684,534   GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.62%, 01/25/35(g)(h)   4,326,355 
 1,713,531   GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 2.62%, 01/25/36(g)(h)   1,490,035 
 449,371   GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.64%, 01/25/35(k)   461,582 
 109,820   GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36   245,905 
 4,394,490   GSR Mortgage Loan Trust, Series 2006-5F, Class 2A5, 6.00%, 06/25/36   4,763,077 
 279,742   GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21   270,296 
 741,227   GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.58%, 01/25/36(k)   733,358 
 70,026,376   GSR Mortgage Loan Trust, Series 2006-OA1, Class 1A1, (1 mo. LIBOR US + 0.220%), 2.49%, 08/25/46(h)   28,065,668 
 5,171,542   GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 01/25/37   5,669,808 
 866,500   GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37   761,544 
 2,940,676   HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.55%, 07/19/47(h)   2,682,980 
 5,000,000   Headlands Residential LLC, Series 2019-RPL1, Class NOTE, STEP, 3.97%, 06/25/24(g)   4,985,955 


103
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
 Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		  
$870,672   Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 4.06%, 04/25/37(k)  $783,405 
 32,688,730   IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.27%, 07/25/47(k)   1,150,964 
 4,375,779   IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 4.34%, 01/25/37(k)   4,162,009 
 3,109,966   IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR US + 0.270%), 2.54%, 06/25/37(h)   2,982,417 
 7,489,366   JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37   4,459,654 
 924,120   JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, (1 mo. LIBOR US + 0.150%), 2.42%, 03/25/37(h)   1,351,020 
 2,320,477   JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.62%, 10/25/37(k)   1,776,885 
 143,373   JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37   149,172 
 3,630,120   Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 3.42%, 12/25/37(h)   3,440,086 
 11,200,377   LSTAR Securities Investment Trust, Series 2019-1, Class A1, (1 mo. LIBOR US + 1.700%), 4.10%, 03/01/24(g)(h)   11,227,304 
 5,941,519   MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37   3,489,827 
 7,774,237   MASTR Asset Securitization Trust, Series 2007-2, Class A2, 6.25%, 01/25/38   6,459,268 
 3,480,633   MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(g)   3,534,284 
 2,004,424   MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.84%, 08/25/37(g)(k)   1,307,701 
 2,343,201   MCM Capital LLC Trust, Series 2018-NPL1, Class A, 4.00%, 05/28/58(b)(g)   2,345,310 
 2,901,310   MCM Capital LLC Trust, Series 2018-NPL1, Class B, 0.00%, 05/28/58(b)(g)   406,183 
 13,322,759   MCM Capital LLC Trust, Series 2018-NPL2, Class B, 0.00%, 10/25/28(b)   2,941,665 
Principal
 Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$13,504,356   MCM Trust 2018-Npl2, 4.00%, 10/25/28(b)  $13,530,014 
 3,924,139   Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.48%, 04/25/37(h)   3,436,162 
 1,792,801   Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 4.56%, 05/25/36(k)   1,633,611 
 750,295   Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36   638,646 
 6,319,921   Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 3.15%, 05/26/37(g)   5,246,904 
 2,000,411   Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 2.56%, 07/26/45(g)(h)   1,894,310 
 9,328,922   New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25%, 12/25/57(g)(k)   9,668,398 
 9,642,922   New Residential Mortgage Loan Trust, Series 2019-RPL1, Class A1, STEP, 4.33%, 02/26/24(g)   9,658,678 
 4,707,519   Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(g)   4,005,405 
 2,063,514   Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(g)   1,682,933 
 895,662   Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36   851,449 
 152,998   Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36   152,945 
 3,516,124   Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 5.11%, 08/25/36(k)   2,864,736 
 11,207,551   Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(g)(i)   976,249 
 19,172,916   Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.52%, 07/25/56(g)(k)   2,305,068 
 4,895,450   Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 2.71%, 11/25/57(k)   1,998,918 
 9,196,904   Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 1.74%, 08/25/57(g)(k)   3,020,155 
 2,219,441   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 4.18%, 05/25/35(k)   1,962,421 


104
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)		 
$3,252,735   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.08%, 04/25/36(k)  $2,720,640 
 4,298,901   Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 2.49%, 05/25/46(h)   2,430,692 
 2,481,250   Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 2.45%, 09/25/47(h)   2,380,785 
 3,865,164   Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 2.62%, 06/25/35(g)(h)   3,449,857 
 1,127,220   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 4.71%, 04/25/37(k)   944,391 
 397,774   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 4.87%, 04/25/37(k)   322,950 
 889,862   Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 3.44%, 06/25/47(h)   795,601 
 31,124,837   Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 5.24%, 02/25/38(g)(k)   11,513,746 
 1,953,072   Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 6.10%, 04/26/37(g)(h)   1,916,705 
 4,555,777   WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.980%), 3.49%, 07/25/46(h)   4,424,653 
 10,683,008   WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 2A, (Cost of Funds for the 11th District of San Franciso + 1.250%), 2.39%, 05/25/47(h)   10,048,016 
 1,341,722   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35   1,283,565 
 4,591,121   Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36   1,932,331 
 6,658,171   Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36   5,885,204 
Principal
Amount		      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$1,250,511   Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.59%, 07/25/37(k)  $1,131,686 
 3,145,976   Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 3.28%, 05/25/47(h)   2,987,683 
 1,825,140   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.47%, 08/25/46(h)   1,366,960 
 10,939,635   Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 6.680%), 4.41%, 03/25/37(h)   1,343,809 
 313,941   Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 4.88%, 04/25/36(k)   315,234 
 3,266,512   Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.77%, 03/25/38(k)   2,852,100 
         524,438,338 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.2%    
 7,544,922   Bayview Commercial Asset Trust 2006-1A, Class A1, (1 mo. LIBOR US + 0.270%), 2.54%, 04/25/36(g)(h)   7,255,971 
 1,453,595   Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 2.74%, 01/25/36(g)(h)   1,380,731 
 1,240,046   Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR US + 0.500%), 2.77%, 01/25/36(g)(h)   1,176,512 
 1,942,031   Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR US + 0.870%), 3.14%, 07/25/36(g)(h)   1,888,934 
 9,829,827   Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 2.72%, 09/25/37(g)(h)   9,345,896 
 7,628,500   Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 3.77%, 10/25/37(g)(h)   5,198,496 


105
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
 Amount		      Value 
COMMERCIAL MORTGAGE-BACKED SECURITIES
(continued)
$10,127,000   Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.77%, 12/25/37(g)(h)  $8,690,271 
 4,302,000   Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.290%), 2.69%, 12/25/36(g)(h)   4,210,742 
 3,881,000   Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 9.01%, 04/25/46(g)(k)   4,123,386 
 3,055,000   Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(g)(k)   2,877,864 
 3,997,430   Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(g)(k)   4,117,799 
 980,459   Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(g)(k)   1,015,957 
 1,889,129   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(g)(k)   1,925,162 
 2,803,865   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(g)(k)   2,859,117 
 3,081,268   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(g)(k)   3,136,581 
 1,590,845   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(g)(k)   1,620,655 
 3,827,971   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M6, 6.79%, 03/25/49(g)(k)   3,819,938 
         64,644,012 
Total Non-Agency Mortgage-Backed Securities
(Cost $588,780,571)		   589,082,350 
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.4%      
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%       
 6,138,160   Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 8.02%, 07/25/29(h)   7,323,474 
 4,750,000   Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 7.22%, 07/25/29(h)   5,409,954 
Principal
 Amount		     Value 
COLLATERALIZED MORTGAGE OBLIGATIONS
(continued)
$1,371,211   Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 12.27%, 07/25/29(h)  $1,523,008 
 3,000,000   Freddie Mac Structured Agency Credit Risk Program, Series 2018-DNA1, Class B1, 5.42%, 07/25/30(h)   3,012,502 
 2,000,000   Freddie Mac Structured Agency Credit Risk Program, Series 2018-SPI2, Class M2, 3.82%, 05/25/48(g)(k)   1,917,132 
Total U.S. Government Sponsored Agency Mortgage-Backed Securities    
(Cost $17,184,365)   19,186,070 
U.S. GOVERNMENT AGENCIES — 54.9%    
Federal Home Loan Bank — 54.9%     
 157,000,000   2.14%, 08/22/11(l)   156,807,675 
 150,000,000   2.19%, 08/26/11(l)   149,781,251 
 100,000,000   2.15%, 09/12/11(l)   99,752,667 
 218,000,000   2.16%, 09/16/11(l)   217,409,462 
 130,000,000   2.13%, 09/23/11(l)   129,594,256 
 110,000,000   2.20%, 08/20/15(l)   109,878,084 
 145,000,000   2.15%, 09/11/15(l)   144,649,906 
 103,000,000   2.14%, 09/17/15(l)   102,714,919 
 14,000,000   2.05%, 09/18/15(l)   13,960,427 
 123,000,000   2.14%, 10/01/15(l)   122,562,325 
 98,000,000   2.15%, 08/01/19(l)   98,000,000 
 37,000,000   2.15%, 08/01/19(l)   37,000,000 
 117,000,000   2.28%, 08/02/19(l)   116,993,175 
 3,000,000   2.43%, 08/05/19(l)   2,999,300 
 145,000,000   2.22%, 08/09/19(l)   144,932,333 
 31,000,000   2.21%, 08/12/19(l)   30,980,108 
 20,000,000   2.19%, 08/14/19(l)   19,984,833 
 100,000,000   2.32%, 08/15/19(l)   99,918,333 
 52,000,000   2.22%, 08/16/19(l)   51,954,500 
 85,000,000   2.22%, 08/21/19(l)   84,900,833 
 118,000,000   2.18%, 08/23/19(l)   117,848,567 
 100,000,000   2.14%, 08/27/19(l)   99,848,333 
 126,000,000   2.25%, 08/28/19(l)   125,801,550 
 120,000,000   2.15%, 09/05/19(l)   119,752,667 
 100,000,000   2.20%, 09/06/19(l)   99,788,000 
 100,000,000   2.18%, 09/10/19(l)   99,764,444 
 167,000,000   2.14%, 09/19/19(l)   166,518,111 
 87,000,000   2.13%, 09/20/19(l)   86,743,834 
Total U.S. Government Agencies
(Cost $2,850,753,097)		   2,850,839,893 


106
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
 Amount		     Value 
U.S. GOVERNMENT SECURITIES — 3.0%  
U.S. Treasury Bills — 2.7%    
$112,000,000    2.24%, 08/06/19(l)  $111,968,746 
 20,000,000    2.43%, 08/08/19(l)   19,992,400 
 10,000,000    2.46%, 11/07/19(l)   9,944,460 
         141,905,606 
U.S. Treasury Notes — 0.3%    
 12,350,000    2.05%, 05/15/29(l)   12,735,938 
 3,100,000   2.88%, 05/15/49(l)   3,325,355 
         16,061,293 
Total U.S. Government Securities
(Cost $157,884,167)		  157,966,899 
     
 Shares         
CASH SWEEP — 2.2%    
UNITED STATES — 2.2%  
 112,587,894   Citibank - US Dollars on Deposit in Custody Account,0.12%(m)   112,587,894 
Total Cash Sweep
(Cost $112,587,894)		   112,587,894 
TOTAL INVESTMENTS — 94.4%
(Cost $4,970,379,892)		  4,904,276,995 
OTHER ASSETS IN EXCESS OF LIABILITIES — 5.6%  292,933,377 
NET ASSETS — 100.0%  $5,197,210,372 

 

 
(a) Variable rate security. Rate shown is the rate in effect as of July 31, 2019.
(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 $129,118,703, which is 2.48% of net assets.
(c) Investment in non-U.S. Dollars. Principal amount reflects local currency.
(d) Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Directors except those also included in footnote (c) above.
(e) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of July 31, 2019.
(f) Principal amount denoted in Euros.
(g) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $740,379,148, which is 14.25% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(h) Floating rate security. Rate shown is the rate in effect as of July 31, 2019.
(i) Zero coupon bond. The rate represents the yield at time of purchase.
(j) Principal amount denoted in British Pounds.
(k) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of July 31, 2019.
(l) The rate represents the annualized yield at time of purchase.
(m) The rate shown represents the current yield as of July 31, 2019.


107
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Description  Call/Put  Counterparty  Strike Price  Units   Expiration Date  Notional
Amount
(000)		   Value 
Options Written                             
VanEck Vectors Gold Miners ETF  Call  SG Cowen Securities Corp.   29    75,000   08/16/2019  $217,500   $(750,000)
S&P 500 Index  Put  SG Cowen Securities Corp.   3,100    2,000   08/30/2019   620,000    (620,000)
Russell 2000 Index  Put  SG Cowen Securities Corp.   1,640    4,000   08/09/2019   656,000    (420,000)
                              
Total Options Written                          $(1,790,000)
                              
Description  Call/Put  Counterparty  Strike Price  Units   Expiration Date  Notional
Amount
(000)		   Value 
Structured Options                             
                              
Equity Options                             
Euro STOXX 50 Index  Call  Bank of America N.A.   3,600.00    140,450   09/20/2019   516,154   $1,684,573 
S&P 500 Index  Call  UBS AG   3,050.00    149,711   08/30/2019   450,001    3,089,381 
NIKKEI 225 Index  Call  BNP Paribas SA   21,735.66    18,771   11/08/2019   400,000    8,237,766 
iShares FTSE Xinhua China 25 Index  Call  Citibank N.A.   44.90    8,998,167   08/30/2019   400,000    80,984 
iShares FTSE Xinhua China 25 Index  Call  UBS AG   45.00    9,567,089   08/16/2019   400,000    58,359 
Euro STOXX Bank Index  Call  BNP Paribas SA   97.22    3,895,902   08/29/2019   375,000    7,211,533 
S&P 500 Index  Call  UBS AG   3,075.00    119,782   10/31/2019   360,000    4,378,825 
Euro STOXX 50 Index  Call  Citibank N.A.   3,099.12    97,770   12/18/2019   300,000    37,078,620 
UKX Index  Call  JPMorgan Chase Bank, N.A.   3,625.00    85,162   10/18/2019   300,000    797,547 
S&P 500 Index  Call  UBS AG   61.00    3,721,161   09/30/2019   225,000    9,872,984 
KRE UP Equity  Call  JPMorgan Chase Bank, N.A.   52.22    3,906,601   09/30/2019   200,000    15,076,745 
NKY Index  Call  JPMorgan Chase Bank, N.A.   21,852.05    9,244   09/30/2019   200,000    6,222,852 
iShares MSCI Emerging Markets  Call  UBS AG   43.86    4,534,884   12/20/2019   195,000    3,469,640 
S&P 500 Index  Put  Barclays Bank Plc   2,825.00    (66,611)  08/26/2019   188,176    72,606 
iShares MSCI EAFE ETF  Call  Citibank N.A.   65.43    3,087,082   10/30/2019   188,000    3,768,710 
iShares MSCI EAFE ETF  Call  Credit Suisse International   66.47    2,301,673   09/20/2019   153,000    792,006 
S&P 500 Index  Call  Goldman Sachs International   3,040.00    49,837   09/30/2019   151,504    1,774,633 
UKX Index  Call  JPMorgan Chase Bank, N.A.   7,500.00    20,316   08/16/2019   150,000    1,728,504 
iShares MSCI Emerging Markets  Call  Societe Generale   44.00    2,341,920   09/20/2019   89,000    809,133 
S&P 500 Index  Call  JPMorgan Chase Bank, N.A.   2,931.91    25,836   09/20/2019   75,000    2,406,326 
Euro STOXX 50 Dividend Index  Put  UBS AG   110.00    327,225   12/20/2019   36,000    43 
Euro STOXX 50 Dividend Index  Put  BNP Paribas SA   115.00    660,000   12/20/2019   6,600    12 
S&P 500 Index  Call  Credit Suisse International   3,050.00    66,700   12/20/2019   5,143    4,615,649 
S&P 500 Index  Call  Credit Suisse International   3,025.00    66,500   09/30/2019   3,654    2,724,062 
Euro STOXX 50 Index  Call  Goldman Sachs International   3,625.00    84,841   10/18/2019   3,624    1,460,925 
NKY Index  Call  BNP Paribas SA   22,500.00    18,389   09/13/2019   2,562    1,292,978 
Euro STOXX 50 Index  Put  BNP Paribas SA   11.22    3,564,300   09/20/2019   1,150    4,660,679 
Euro STOXX 50 Index  Call  Bank of America N.A.   3,575.00    89,500   08/16/2019   1,000    237,080 
                            123,603,155 
Euro STOXX 50 Index  Call  Bank of America N.A.   3,675.00    (140,450)  09/20/2019   505,620    (475,023)
S&P 500 Index  Put  UBS AG   3,000.00    (49,904)  08/30/2019   450,001    (814,562)
iShares FTSE Xinhua China 25 Index  Call  Citibank N.A.   46.23    (8,998,167)  08/30/2019   400,000    (21,596)
NIKKEI 225 Index  Call  BNP Paribas SA   23,440.41    (18,771)  11/08/2019   400,000    (921,053)
iShares FTSE Xinhua China 25 Index  Put  Citibank N.A.   44.45    (2,249,542)  08/30/2019   400,000    (1,580,528)
Euro STOXX Bank Index  Put  BNP Paribas SA   96.26    (779,180)  08/29/2019   375,000    (5,001,011)
Euro STOXX Bank Index  Call  BNP Paribas SA   102.99    (3,895,902)  08/29/2019   375,000    (8,012,702)
S&P 500 Index  Put  UBS AG   2,820.00    (39,927)  10/31/2019   360,000    (1,627,638)
S&P 500 Index  Call  UBS AG   3,150.00    (119,782)  10/31/2019   360,000    (1,677,247)
Euro STOXX 50 Index  Put  Citibank N.A.   2,884.33    (24,442)  12/18/2019   300,000    (404,249)
Euro STOXX 50 Index  Call  Citibank N.A.   3,252.54    (97,770)  12/18/2019   300,000    (24,625,194)
S&P 500 Index  Put  UBS AG   60.00    (1,240,387)  09/30/2019   225,000    (377,450)
S&P 500 Index  Call  UBS AG   64.00    (3,721,161)  09/30/2019   225,000    (3,852,890)
S&P 500 Index  Call  Barclays Bank Plc   3,050.00    66,611   08/26/2019   203,164    (609,491)
NKY Index  Call  JPMorgan Chase Bank, N.A.   23,799.26    (9,244)  09/30/2019   200,000    (1,940,000)
NIKKEI 225 Index  Put  BNP Paribas SA   20,243.99    (9,386)  11/08/2019   200,000    (2,626,424)
NKY Index  Put  JPMorgan Chase Bank, N.A.   20,121.19    (4,622)  09/30/2019   200,000    (2,830,000)
KRE UP Equity  Put  JPMorgan Chase Bank, N.A.   51.20    (976,650)  09/30/2019   200,000    (2,871,351)
108
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Description  Call/Put  Counterparty  Strike Price  Units   Expiration Date  Notional
Amount
(000)		   Value 
KRE UP Equity  Call  JPMorgan Chase Bank, N.A.   54.27    (3,906,601)  09/30/2019   200,000    (7,266,278)
iShares MSCI Emerging Markets  Call  UBS AG   46.44    (4,534,884)  12/20/2019   195,000    (917,860)
iShares MSCI Emerging Markets  Put  UBS AG   43.00    (1,511,627)  12/20/2019   195,000    (2,625,243)
iShares MSCI EAFE ETF  Put  Citibank N.A.   60.90    (3,087,082)  10/30/2019   188,000    (1,806,869)
iShares MSCI EAFE ETF  Put  Credit Suisse International   61.26    (2,301,673)  09/20/2019   153,000    (743,210)
S&P 500 Index  Put  Goldman Sachs International   3,010.00    (49,837)  09/30/2019   150,009    (1,856,041)
UKX Index  Put  JPMorgan Chase Bank, N.A.   3,525.00    (28,387)  10/18/2019   100,000    (1,429,162)
iShares MSCI Emerging Markets  Put  Societe Generale   39.00    (2,341,920)  09/20/2019   89,000    (484,309)
S&P 500 Index  Call  JPMorgan Chase Bank, N.A.   20.00    (1,000,000)  12/20/2019   7,400    (6,410,980)
S&P 500 Index  Put  Credit Suisse International   3,000.00    (66,700)  12/20/2019   4,130    (4,222,985)
Euro STOXX 50 Index  Put  BNP Paribas SA   11.22    (3,564,300)  09/20/2019   3,135    (1,727,260)
Euro STOXX 50 Index  Put  Goldman Sachs International   3,625.00    (42,420)  10/18/2019   1,612    (1,927,141)
NKY Index  Call  BNP Paribas SA   23,000.00    (18,389)  09/13/2019   919    (421,294)
SPX Index  Put  JPMorgan Chase Bank, N.A.   18.00    (500,000)  12/20/2019   500    (2,716,823)
S&P 500 Index  Put  Credit Suisse International   3,000.00    (66,500)  09/30/2019   340    (1,546,662)
                            (96,370,526)
                            27,232,629 
Foreign Currency Options                             
XAU/USD Foreign Exchange Rate  Call  UBS AG   1,465.00    328,000   09/20/2019   328,000   $3,877,282 
EUR/USD Foreign Exchange Rate  Put  Citibank N.A.   1.15    200,000,000   09/20/2019   200,000    308,600 
CHF/BRL Foreign Exchange Rate  Put  JPMorgan Chase Bank, N.A.   3.30    250,000,000   03/11/2020   50,000    3,950,028 
                            8,135,910 
XAU/USD Foreign Exchange Rate  Call  UBS AG   1,540.00    (328,000)  09/20/2019   328,000    (1,216,840)
CHF/BRL Foreign Exchange Rate  Call  JPMorgan Chase Bank, N.A.   4.00    (50,000,000)  03/11/2020   50,000    (5,709,969)
                            (6,926,809)
                            1,209,101 
Total Structured Options
(Premium paid $44,569,163)		                          $28,441,730 
                                
Reference Entity  Counterparty  Expiration Date   Notional
Amount
(000)		   Value   Upfront
Premium Paid
(Received)		    Unrealized
Appreciation
(Depreciation)		 
Commodity Basket Swap                          

Macquarie Custom Basket Index

  Macquarie Bank Limited   02/18/2020   25,521   (21,151)   —   $(21,151)
Macquarie Bank Ltd. receiving total return of the Macquarie Custom Basket MQCP275 Index over the initial equity level of 331.2573 and paying fixed interest rate of 0.15% with monthly payments until expiration                          
                           
Total Commodity Basket Swap                       $(21,151)

 

The following table represents the individual long positions and related values of Indices underlying the Commodity Swap with Macquarie Bank Limited, as of period end, termination date 02/18/20:

 

Reference Entity - Long:            
Indexes  Notional Amount
(000)		  Value  % of Basket
Value
S&P GSCI Brent Crude Official Close Index ER   10,208    (8,460)   40%
S&P GSCI Gold Official Close Index ER   5,105    (4,231)   20%
S&P GSCI Aluminum Official Close Index ER   2,552    (2,115)   10%
S&P GSCI Copper Official Close Index ER   2,552    (2,115)   10%
S&P GSCI Nickel Official Close Index ER   2,552    (2,115)   10%
S&P GSCI Zinc Official Close Index ER   2,552    (2,115)   10%
Total Reference Entity - Long   25,521    (21,151)   100%
109
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Reference Entity  Variance/
Volatility
Strike
Prices		  Counterparty  Payment/
Expiration Date		  Notional
Amount
(000)		   Value   Upfront
Premium Paid
(Received)		  Unrealized
Appreciation
(Depreciation)		 
                         
Variance/Volatility Swaps                           
BXIIC 10T  10.90  Barclays Bank Plc  07/31/2019   500*  $114,679   —  $114,679 
BNP Paribas receiving variance of the Barclays Bank Plc over the target volatility of 10.9 and paying variance of the Shiller Barclays Cape US total return Index under the target volatility of 10.9 at expiration date                           
NASDAQ 100 Index  27.80  JPMorgan Chase Bank, N.A  09/20/2019   500*   3,782,159   —   3,782,159 
JPMorgan Chase Bank N.A. receiving an amount if the volatility of NASDAQ 100 Index is over 27.8 and paying an amount if the volatility of NASDAQ 100 Index is under 27.8 at expiration date                           
KOSPI 200 Index  19.25  BNP Paribas SA  12/12/2019   500*   1,974,060   —   1,974,060 
BNP Paribas receiving an amount if the volatility of the Korea KOSPI 200 Index over the volatility strike price of 19.25 and paying an amount if the volatility of Korea KOSPI 200 Index is under 19.25 at expiration date                           
NKY 225/S&P Index  18.20/17.15  UBS AG  12/13/2019   2,000*   2,919,234   —   2,919,234 
UBS AG receiving an amount if the volatility of Nikkei 225 Index is over 18.20 and paying an amount if the volatility of S&P 500 Index is under 17.15 at expiration date                           
NK4 225/S&P/ASX  18.30/15.80  UBS AG  12/13/2019   800*   2,009,512   —   2,009,512 
UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 18.30/15.80 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date                           
NK4 225/S&P/ASX  18.90/16.50  UBS AG  12/13/2019   500*   1,226,031   —   1,226,031 
UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 18.90/16.50 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date                           
AUD/USD/S&P/ASX  10.95/17.75  UBS AG  12/19/2019   1,000*   2,215,230   —   2,215,230 
UBS AG paying an amount if the volatility of AUD/USD foreign exchange rate is over 10.95 and receiving an amount if the volatility of S&P/ASX is under 17.75 at expiration date                           
110
Old Westbury Funds, Inc.  
MULTI-ASSET OPPORTUNITIES FUND  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Reference Entity  Variance/
Volatility
Strike
Prices		  Counterparty  Payment/
Expiration Date		  Notional
Amount
(000)		   Value   Upfront
Premium Paid
(Received)		  Unrealized
Appreciation
(Depreciation)		 
SPX 500 Index/KOSPI12 Index  15.40/18.40  Societe Generale  12/19/2019     1,000*  $1,700,000   —  $1,700,000 
Societe Generale receiving variance of the KOSPI2 Index over the target volatility of 15.40 and paying variance of the S&P 500 Index under the target volatility of 18.40 at expiration date                             
ASX 200 Index/S&P 500  18.75/10.95  Societe Generale  12/19/2019  AUD  705*   1,351,983   —   1,351,983 
Societe Generale receiving variance of the Index under the target volatility of 18.75 and paying variance of the Index over the target volatility of 10.95 at expiration date                             
AUD/JPY S&P/ASX 200 Index  10.90/17.45  UBS AG  12/19/2019     700*   1,210,495   —   1,210,495 
UBS AG paying an amount if the volatility of AUD/JPY foreign exchange rate is over 10.90 and receiving an amount if the volatility of S&P/ASX Index is under 17.45 at expiration date                             
S&P 500 Index  21.10  Societe Generale  12/20/2019     1,000*   2,024,348   —   2,024,348 
Societe Generale receiving variance of the S&P 500 Index over the target volatility of 21.10 and paying variance of the S&P 500 Index under the target volatility of 21.10 at expiration date                             
NKY 225/S&P 500 Index  18.20/17.15  Societe Generale  12/20/2019     1,000*   1,910,000   —   1,910,000 
Societe Generale paying an amount if the volatility of Nikkei 225 Index is over 18.20 and receiving an amount if the volatility of S&P 500 Index is under 17.15 at expiration date                             
S&P 500 Index  33.05  JPMorgan Chase Bank, N.A  12/20/2019     500*   6,613,097   —   6,613,097 
JPMorgan Chase Bank N.A. paying variance of the S&P 500 Index under the target volatility of 33.05 and receiving variance of the S&P 500 Index over the target volatility of 33.05 at expiration date                             
NKY 225/S&P 500 Index  18.00/18.00  JPMorgan Chase Bank, N.A.  12/20/2019     500*   1,381,327   —   1,381,327 
JPMorgan Chase Bank N.A. receiving an amount if the volatility of Nikkei 225 Index is under 18.00 and paying an amount if the volatility of S&P 500 Index is over 18.00 at expiration date                             
NKY 225/S&P 500 Index  17.90/17.70  Societe Generale  12/20/2019     500*   1,310,000   —   1,310,000 
Societe Generale paying an amount if the volatility of Nikkei 225 Index is over 17.90 and receiving an amount if the volatility of S&P 500 Index is under 17.70 at expiration date                             
111
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Reference Entity  Variance/
Volatility
Strike
Prices		  Counterparty  Payment/
Expiration Date		  Notional
Amount
(000)		   Value   Upfront
Premium Paid
(Received)		  Unrealized
Appreciation
(Depreciation)		 
NASDAQ 100 Index  24.80/24.40  BNP Paribas SA  12/20/2019   500*  $1,716,989   —  $1,716,989 
BNP Paribas paying variance of the NASDAQ 100 Index under the target volatility of 24.80 and receiving variance of the NASDAQ 100 Index over the target volatility of 24.40 at expiration date                           
S&P 500 Index  19.90/19.90  BNP Paribas SA  12/20/2019   1,000*   4,091,894   —   4,091,894 
BNP Paribas receiving variance of the over the target volatility of 19.90 and paying variance of the S&P 500 Index under the target volatility of 19.90 at expiration date                           
S&P 500 Index  20.20/20.70  BNP Paribas SA  12/20/2019   1,000*   875,146   —   875,146 
BNP Paribas receiving variance of the S&P 500 Index over the target volatility of 20.20 and paying variance of the S&P 500 Index under the target volatility of 20.70 at expiration date                           
HSCEI Index/S&P 500 Index  25.45/16.85  Societe Generale  12/30/2019   3,920*   3,347,370   —   3,347,370 
Societe Generale receiving an amount if the volatility of HSCEI Index is over 25.45 and paying an amount if the volatility of S&P 500 Index is under 16.85 at expiration date                           
HSCEI Index  26.30  Societe Generale  12/30/2019   4,000*   3,620,581   —   3,620,581 
Societe Generale receiving variance of the HSCEI Index over the target volatility of 26.30 and paying variance of the HSCEI Index under the target volatility of 26.30 at expiration date                           
NKY 225/S&P 500 Index  17.90/17.20  Societe Generale  06/19/2020   1,000*   1,320,000   —   1,320,000 
Societe Generale receiving an amount if the volatility of Nikkei 225 Index is under 17.90 and paying an amount if the volatility of S&P 500 Index is over 17.20 at expiration date                           
                          46,714,135 
AUD/JPY  9.70  Citibank N.A.  04/21/2019   1,000*   (999,177)  —   (999,177)
Citibank N.A. paying an amount if the volatility of AUD/JPY foreign exchange rate is over 9.70 and receiving an amount if the volatility of AUD/JPY foreign exchange rate is under 9.70 at expiration date                           
XAU/USD  12.70  JPMorgan Chase Bank, N.A.  12/06/2019   1,000*   (1,339,636)  —   (1,339,636)
JPMorgan Chase Bank N.A. paying variance of the XAU/USD over the target volatility of 12.70 and receiving variance of the XAU/USD under the target volatility of 12.70 at expiration date                           
112
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Reference Entity  Variance/
Volatility
Strike
Prices		  Counterparty  Payment/
Expiration Date		  Notional
Amount
(000)		   Value   Upfront
Premium Paid
(Received)		  Unrealized
Appreciation
(Depreciation)		 
XAU/EUR  12.33  UBS AG  12/06/2019  EUR 500*   (1,113,810)  —   (1,113,810)
UBS AG paying an amount if the volatility of XAU/EUR foreign exchange rate is over 12.33 and receiving an amount if the volatility of XAU/EUR is under 12.33 at expiration date                            
HSCEI /S&P 500 Index  21.70/17.00  Societe Generale  12/18/2019    1,000*   (2,520,001)  —   (2,520,001)
Societe Generale paying an amount if the volatility of HSCEI Index is over 21.70 and receiving an amount if the volatility of SPX 500 Index is under 17.00 at expiration date                            
HSCEI /S&P 500 Index  21.70/17.55  Societe Generale  12/20/2019    1,000*   (840,000)  —   (840,000)
Societe Generale paying an amount if the volatility of HSCEI Index is over 21.70 and receiving an amount if the volatility of S&P 500 Index is under 17.55 at expiration date                            
HSCEI /S&P 500 Index  21.30/16.85  Societe Generale  12/20/2019    1,000*   (980,000)  —   (980,000)
Societe Generale paying an amount if the volatility of HSCEI Index is over 21.30 and receiving an amount if the volatility of S&P 500 Index is under 16.85 at expiration date                            
HSCEI /S&P 500 Index  23.25/18.35  Societe Generale  12/20/2019    500*   (455,000)  —   (455,000)
Societe Generale paying an amount if the volatility of the HSCEI over the volatility strike price of 23.25 and receiving an amount if the volatility of S&P 500 Index is under 18.35 at expiration date                            
KOSPI 200 Index  17.25/17.25  Societe Generale  12/20/2019    500*   (1,425,001)  —   (1,425,001)
Societe Generale paying variance of the KOSPI2 Index over the target volatility of 17.25 and receiving variance of the S&P 500 Index under the target volatility of 17.25 at expiration date                            
AUD/JPY  11.20  Goldman Sachs International  01/21/2020  AUD 1,250*   (2,107,759)  —   (2,107,759)
Goldman Sachs International receiving an amount if the volatility of AUD/JPY foreign exchange rate is under 11.20 and paying an amount if the volatility of AUD/JPY foreign exchange rate is over 11.20 at expiration date                            
HSCEI /S&P 500 Index  21.35/16.40  Societe Generale  06/19/2020    1,000*   (2,090,001)  —   (2,090,001)
Societe Generale receiving an amount if the volatility of HSCEI Index is under 21.35 and paying an amount if the volatility of S&P 500 Index is over 16.40 at expiration date                            
113
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Reference Entity  Variance/
Volatility
Strike
Prices		  Counterparty  Payment/
Expiration Date		  Notional
Amount
(000)		   Value   Upfront
Premium Paid
(Received)		  Unrealized
Appreciation
(Depreciation)		 
BXIIC 10T  11.00  Barclays Bank Plc  07/27/2020   1,000*   (545,455)  —   (545,455)
BNP Paribas receiving variance of the Shiller Barclays Cape US total return Index over the target volatility of 11.00 and paying variance of the Shiller Barclays Cape US total return Index under the target volatility of 11.00 at expiration date                           
USD/CHF  8.35  JPMorgan Chase Bank, N.A.  12/08/2020   1,000*   (2,128,901)  —   (2,128,901)
JPMorgan Chase Bank N.A. paying variance of the USD/CHF over the target volatility of 8.35 and receiving variance of the USD/CHF under the target volatility of 8.35 at expiration date                           
CHF/USD  8.30  Goldman Sachs International  12/14/2020   1,000*   (2,173,399)  —   (2,173,399)
Goldman Sachs International receiving an amount if the volatility of CHF/USD foreign exchange rate is under 8.30 and paying an amount if the volatility of CHF/USD foreign exchange rate is over 8.30 at expiration date                           
HSCEI /S&P 500 Index  22.60/18.00  UBS AG  12/30/2020   1,000*   (2,430,947)  —   (2,430,947)
UBS AG paying an amount if the volatility of HSCEI Index is over 22.60 and receiving an amount if the volatility of S&P 500 Index is under 18.00 at expiration date                           
USD/JPY  6.70  Citibank N.A.  04/15/2021   2,000*   (1,185,800)  —   (1,185,800)
Citbank N.A. paying an amount if the volatility of USD/JPY foreign exchange rate is over 6.70 and receiving an amount if the volatility of USD/JPY foreign exchange rate is under 6.70 at expiration date                           
                          (22,334,887)
Total Variance/Volatility Swaps                        $24,379,248 
*Vega Notional
114
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Futures contracts outstanding at July 31, 2019: 
                   
Description  Number of
Contracts		  Expiration
Date		  Current
Notional
Amount		  Value/Unrealized
Appreciation
(Depreciation)
Long Contracts:                  
Intercontinental Exchange Brent Crude Oil, July 2019  310  October 2019  $19,879,200     $286,300 
Chicago Board of Trade, 5 Year U.S. Treasury Note  850  September 2019   100,465,750      (544,263)
Short Contracts:                  
Chicago Board of Trade U.S. Treasury Ultra Bond  175  September 2019   (30,647,938)     (425,500)
Chicago Mercantile Exchange NASDAQ 100 E-mini  630  September 2019   (100,387,700)     1,266,650 
                   
Total Futures Contracts               $583,187 

 

Forward foreign currency exchange contracts outstanding at July 31, 2019:

 

Currency Purchased   Currency Sold   Counterparty  Settlement
Date		  Unrealized
Appreciation/
(Depreciation)		 
USD  6,129,000   EUR   5,000,000   JPMorgan Chase Bank N.A.  08/30/19    $579,918 
EUR  5,000,000   USD   6,220,656   JPMorgan Chase Bank N.A.  08/30/19     (671,574)
                          
Total Forward Foreign Currency Exchange Contracts       $(91,656)

 

The following abbreviations are used in the report:

 

AUD — Australian Dollar

BRL — Brazil Real

BRIIC — Shiller Barclay Cape U.S. Sector Return Index

CHF — Swiss Franc

CLO — Collateralized Loan Obligation

ETF — Exchange Traded Fund

EUR — Euro

EURIBOR — Euro Interbank Offered Rate

HKD — Hong Kong Dollar

HSCEI — Hang Seng China Enterprise Index

JPY — Japanese Yen

KOSPI — Korean Composite Stock Index

KRE — SPDR S&P Registered Banking ETF

LIBOR — London Interbank Offered Rate

MSCI — Morgan Stanley Capital International Index

NASDAQ — National Association of Securities Dealrs Automated Quotations Exchange

NKY — NIKKEI

PIK — Pay-in-Kind

REIT — Real Estate Investment Trust

SPX — S&P Index S&P

GSCI — Goldman Sachs Commodity Index

STEP — Step Coupon Bond

USD — U.S. Dollar

XAU — Gold

115
Old Westbury Funds, Inc.  
Multi-Asset Opportunities Fund  
Consolidated Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Portfolio Diversification by Sector (Unaudited)
     
Sector  Percentage
of Net Assets
Asset-Backed Securities   13.9%
Banks   0.1 
Collateralized Mortgage Obligations   10.5 
Commercial Mortgage-Backed Securities   1.2 
Communication Services   0.3 
Consumer Discretionary   0.2 
Consumer Staples   0.4 
Diversified Financials   1.0 
Energy   0.4 
Government Bonds   2.6 
Health Care   0.3 
Industrials   0.3 
Materials   0.2 
Real Estate   0.1 
Telecommunication Services   0.3 
U.S. Government Agencies and Securities   57.9 
Utilities   0.2 
Other*   10.1 
    100.0%

 

 
     
  * Includes cash and equivalents, closed-end funds, options, exchange traded funds, rights/warrants, structured options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
116
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
CORPORATE BONDS — 15.8%     
Banks — 4.5%     
$1,750,000   Banco Santander Chile,
2.50%, 12/15/20(a)		  $1,750,875 
 2,800,000   Banco Santander SA,
3.85%, 04/12/23		   2,903,633 
 6,000,000   Bank of America Corp.,
(3 mo. LIBOR US + 0.810%),
3.37%, 01/23/26(b)		   6,171,442 
 2,000,000   Bank of Montreal,
3.10%, 04/13/21		   2,030,381 
 5,000,000   BNP Paribas SA,
2.95%, 05/23/22(a)		   5,041,258 
 3,080,000   Capital One Financial Corp.,
3.75%, 03/09/27		   3,199,825 
 2,000,000   Capital One NA,
1.85%, 09/13/19		   1,998,367 
 5,785,000   Citigroup, Inc.,
(3 mo. LIBOR US + 1.390%),
3.67%, 07/24/28(b)		   6,036,060 
 2,625,000   JPMorgan Chase & Co.,
(3 mo. LIBOR US + 0.610%),
3.51%, 06/18/22(b)		   2,674,856 
 3,030,000   JPMorgan Chase & Co.,
3.20%, 06/15/26		   3,124,661 
 5,885,000   JPMorgan Chase & Co.,
(3 mo. LIBOR US + 1.260%),
4.20%, 07/23/29(b)		   6,427,888 
 2,980,000   KeyCorp. MTN,
2.90%, 09/15/20		   2,999,736 
 5,000,000   Mizuho Financial Group, Inc.,
(3 mo. LIBOR US + 1.000%),
3.92%, 09/11/24(b)		   5,237,643 
 4,400,000   Morgan Stanley,
3.88%, 04/29/24		   4,647,586 
 4,500,000   Royal Bank of Canada,
3.35%, 10/22/21(a)		   4,615,992 
 2,200,000   Sumitomo Mitsui Banking Corp.,
2.45%, 01/16/20		   2,200,624 
 2,000,000   Svenska Handelsbanken AB,
1.88%, 09/07/21		   1,979,781 
         63,040,608 
Communication Services — 1.9%     
 3,200,000   Alibaba Group Holding Ltd.,
2.50%, 11/28/19		   3,200,563 
 2,600,000   Alibaba Group Holding Ltd.,
3.40%, 12/06/27		   2,651,042 
 2,160,000   Amazon.com, Inc.,
2.60%, 12/05/19		   2,161,442 
 5,720,000   Comcast Corp.,
4.15%, 10/15/28		   6,304,045 
 6,000,000   Omnicom Group, Inc.,
3.65%, 11/01/24		   6,255,044 
Principal
Amount		      Value 
Communication Services (continued)     
$5,930,000   Verizon Communications, Inc.,
4.13%, 03/16/27		  $6,445,564 
         27,017,700 
Consumer Discretionary — 0.8%     
 2,460,000   Carnival Corp.,
3.95%, 10/15/20		   2,504,599 
 5,000,000   Lowe’s Cos, Inc.,
2.50%, 04/15/26		   4,933,261 
 3,890,000   Walmart, Inc.,
3.40%, 06/26/23		   4,066,809 
         11,504,669 
Consumer Staples — 1.9%     
 5,000,000   Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc.,
3.65%, 02/01/26		   5,273,450 
 5,870,000   Costco Wholesale Corp.,
2.15%, 05/18/21		   5,873,767 
 5,000,000   Diageo Capital PLC,
2.63%, 04/29/23		   5,044,595 
 4,000,000   Marriott International, Inc./MD,
3.60%, 04/15/24		   4,170,018 
 6,000,000   Tyson Foods, Inc.,
2.25%, 08/23/21		   5,974,197 
         26,336,027 
Diversified Financials — 1.4%     
 3,950,000   AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
4.50%, 05/15/21		   4,070,785 
 1,760,000   American Express Co.,
3.70%, 08/03/23		   1,838,018 
 5,555,000   General Motors Financial Co., Inc.,
3.55%, 07/08/22		   5,642,493 
 3,070,000   Goldman Sachs Group, Inc. (The),
(3 mo. LIBOR US + 0.780%),
3.04%, 10/31/22(c)		   3,078,662 
 3,065,000   Goldman Sachs Group, Inc. (The),
(3 mo. LIBOR US + 1.000%),
3.28%, 07/24/23(c)		   3,082,566 
 2,470,000   National Rural Utilities Cooperative Finance Corp. MTN,
2.90%, 03/15/21		   2,498,725 
         20,211,249 
Energy — 0.6%     
 3,000,000   Energy Transfer Operating LP,
4.50%, 04/15/24		   3,187,199 


117
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
Energy (continued)     
$5,170,000   Sabine Pass Liquefaction LLC,
5.88%, 06/30/26		  $5,895,145 
         9,082,344 
Health Care — 1.3%     
 5,010,000   AbbVie, Inc.,
2.50%, 05/14/20		   5,009,477 
 3,000,000   Bristol-Myers Squibb Co.,
2.90%, 07/26/24(a)		   3,067,790 
 5,000,000   Celgene Corp.,
2.88%, 08/15/20		   5,019,505 
 5,000,000   Kaiser Foundation Hospitals,
3.15%, 05/01/27		   5,161,690 
         18,258,462 
Industrials — 1.2%     
 1,700,000   Honeywell International Inc,
1.40%, 10/30/19		   1,695,989 
 6,185,000   Northrop Grumman Corp.,
2.55%, 10/15/22		   6,206,572 
 3,000,000   Penske Truck Leasing Co., LP / PTL Finance Corp.,
2.70%, 03/14/23(a)		   2,999,990 
 2,522,000   Precision Castparts Corp.,
3.25%, 06/15/25		   2,622,673 
 3,725,000   Roper Technologies, Inc.,
2.80%, 12/15/21		   3,745,613 
         17,270,837 
Information Technology — 0.7%     
 4,000,000   CA, Inc.,
5.38%, 12/01/19		   4,031,753 
 5,000,000   International Business Machines Corp.,
3.00%, 05/15/24		   5,115,848 
         9,147,601 
Insurance — 0.4%     
 5,000,000   Metropolitan Life Global Funding I,
2.40%, 01/08/21(a)		   5,004,441 
Materials — 0.4%     
 5,000,000   DuPont de Nemours, Inc.,
4.21%, 11/15/23		   5,322,681 
Utilities — 0.7%     
 2,390,000   Berkshire Hathaway Energy Co.,
2.38%, 01/15/21		   2,394,214 
 1,500,000   Duke Energy Corp.,
3.55%, 09/15/21		   1,533,581 
Principal
Amount		      Value 
Utilities (continued)     
$5,000,000   Xcel Energy, Inc.,
3.30%, 06/01/25		  $5,169,809 
         9,097,604 
 Total Corporate Bonds
(Cost $216,168,808)		   221,294,223 
ASSET-BACKED SECURITIES — 4.7%     
CANADA — 1.2%     
Other Asset-Backed Securities — 1.2%     
 3,900,000   Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class A3, 3.00%, 11/19/21(a)   3,915,263 
 2,618,806   Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(a)   2,609,978 
 3,000,000   Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, 03/15/23(a)   3,032,330 
 4,750,000   Golden Credit Card Trust, Series 2017-2A, Class A, 1.98%, 04/15/22(a)   4,738,913 
 3,000,000   Master Credit Card Trust II, Series 2017-1A, Class A, 2.26%, 07/21/21(a)   2,996,986 
         17,293,470 
CAYMAN ISLANDS — 1.7%     
Collateralized Loan Obligations — 1.7%     
 3,000,000   Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 3.75%, 04/24/29(a)(c)   2,999,830 
 5,000,000   Black Diamond CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.450%), 3.75%, 02/06/26(a)(c)   4,997,149 
 3,459,181   Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 3.45%, 10/17/26(a)(c)   3,459,489 
 4,000,000   Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 3.58%, 04/20/30(a)(c)   4,003,348 
 5,000,000   THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.230%), 3.51%, 07/20/30(a)(c)   4,975,218 
 3,000,000   Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.950%), 3.27%, 07/16/27(a)(c)   2,984,999 
         23,420,033 


118
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
UNITED STATES — 1.8%     
Other Asset-Backed Securities — 1.8%     
$1,407,302   Ally Auto Receivables Trust, Series 2017-2, Class A3,
1.78%, 08/16/21		  $1,404,266 
 907,499   CarMax Auto Owner Trust, Series 2017-2, Class A3,
1.93%, 03/15/22		   904,987 
 2,975,000   Chase Issuance Trust, Series 2012-A4, Class A4,
1.58%, 08/15/21		   2,974,034 
 74,828   Enterprise Fleet Financing LLC, Series 2016-2, Class A2,
1.74%, 02/22/22(a)		   74,774 
 266,136   Enterprise Fleet Financing LLC, Series 2017-1, Class A2,
2.13%, 07/20/22(a)		   265,818 
 1,500,000   Enterprise Fleet Financing LLC, Series 2017-2, Class A3,
2.22%, 01/20/23(a)		   1,494,450 
 1,250,000   GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3,
2.32%, 07/18/22		   1,250,238 
 2,000,000   GM Financial Consumer Automobile, Series 2017-1A, Class A4,
2.06%, 05/16/23(a)		   1,994,145 
 3,000,000   Sofi Professional Loan Program, Series 2018-B, Class A2FX,
3.34%, 08/25/47(a)		   3,077,865 
 2,000,000   Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4,
2.10%, 09/15/22		   1,995,785 
 1,650,362   Verizon Owner Trust, Series 2017-1A, Class A,
2.06%, 09/20/21(a)		   1,648,473 
 1,750,000   Verizon Owner Trust, Series 2017-3A, Class A1A,
2.06%, 04/20/22(a)		   1,745,895 
 1,000,000   Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3,
3.02%, 11/21/22		   1,011,885 
 859,561   Wheels SPV 2 LLC, Series 2018-1A, Class A2,
3.06%, 04/20/27(a)		   863,046 
 3,100,000   World Omni Auto Receivables Trust, Series 2018-A, Class A3,
2.50%, 04/17/23		   3,108,917 
 2,150,000   World Omni Auto Receivables Trust, Series 2019-A, Class A3,
3.04%, 05/15/24		   2,190,368 
         26,004,946 
 Total Asset-Backed Securities
(Cost $66,617,399)		   66,718,449 
Principal
Amount		             Value 
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1%
$1,024,205   JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A
3.00%, 01/27/38(a)		  $1,031,950 
Total Collateralized Mortgage Obligations
(Cost $1,042,851)		   1,031,950 
U.S. GOVERNMENT AGENCIES — 0.2%    
Overseas Private Investment Corp. — 0.1%    
 1,816,992   5.14%, 12/15/23   1,945,023 
Small Business Administration — 0.1%    
 120,931   4.11%, 03/10/20   121,857 
 452,055   4.08%, 03/10/21   461,731 
         583,588 
Total U.S. Government Agencies
(Cost $2,389,986)		   2,528,611 
U.S. GOVERNMENT SECURITIES — 77.6%    
U.S. Treasury Bonds — 4.6%    
 54,061,000   3.50%, 02/15/39   64,121,414 
U.S. Treasury Notes — 73.0%    
 46,736,000   2.38%, 04/30/20   46,819,979 
 9,664,000   1.50%, 06/15/20   9,611,528 
 17,376,000   1.38%, 09/15/20   17,250,431 
 14,977,000   1.88%, 12/15/20   14,951,843 
 17,500,000   2.63%, 05/15/21   17,708,496 
 86,376,000   1.88%, 11/30/21   86,365,878 
 97,306,000   1.88%, 01/31/22   97,294,597 
 900,000   1.88%, 05/31/22   900,527 
 15,000,000   1.75%, 06/15/22   14,965,430 
 166,813,000   1.75%, 01/31/23   166,220,032 
 34,616,727   0.63%, 01/15/24(d)   35,137,358 
 126,615,000   2.38%, 08/15/24   129,706,186 
 67,372,000   2.25%, 11/15/24   68,645,752 
 61,933,000   2.00%, 02/15/25   62,298,308 
 68,735,000   2.25%, 11/15/25   70,107,015 
 81,229,000   1.63%, 02/15/26   79,737,686 
 37,328,000   2.00%, 11/15/26   37,467,980 
 67,334,000   2.25%, 11/15/27   68,701,722 
Total U.S. Government Securities
(Cost $1,062,280,890)		   1,088,012,162 


119
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
GOVERNMENT BONDS — 0.2% 
JAPAN — 0.2%     
$3,000,000   Japan Bank For International Cooperation,
2.25%, 02/24/20		  $2,998,061 
Total Government Bonds
(Cost $2,998,413)		   2,998,061 
           
Shares         
INVESTMENT COMPANY — 1.3%    
 19,090,339   SEI Daily Income Trust Government II Fund, Class A,
2.06%(e)		   19,090,339 
Total Investment Company
(Cost $19,090,339)		   19,090,339 
TOTAL INVESTMENTS — 99.9%
(Cost $1,370,588,686)		  $1,401,673,795 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%  710,453 
NET ASSETS — 100.0%  $1,402,384,248 

 

 

 

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $75,390,265 which is 5.38% of net assets.
(b) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of July 31, 2019.
(c) Floating rate security. Rate shown is the rate in effect as of July 31, 2019.
(d) Inflation protected security. Principal amount reflects original security face amount.
(e) The rate shown represents the current yield as of July 31, 2019.

 

The following abbreviations are used in the report:

 

CLO — Collateralized Loan Obligation

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

 

Portfolio diversification by Sector (Unaudited)

 

Sector  Percentage
of Net Assets
U.S. Government Agencies and Securities   77.8%
Corporate Bonds   15.8 
Asset Backed Securities   4.7 
Government Bonds   0.2 
Collateralized Mortgage Obligations   0.1 
Other*   1.4 
    100.0%

 

 

 

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


120
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
MUNICIPAL BONDS — 94.0%     
Alabama — 1.0%     
$2,000,000   Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A
5.00%, 09/01/22		  $2,234,660 
 1,750,000   Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds
5.00%, 09/01/21		   1,890,770 
 5,000,000   Alabama Federal Aid Highway Finance Authority Revenue Bonds
5.00%, 09/01/20		   5,203,300 
 3,030,000   City of Huntsville School Capital Improvements Warrants Refunding GO
5.00%, 09/01/22		   3,383,540 
 3,660,000   City of Huntsville School Capital Improvements Warrants Refunding GO
5.00%, 09/01/26		   4,330,475 
 1,500,000   City of Huntsville Warrants Refunding GO, Series A
5.00%, 08/01/26		   1,771,710 
 7,000,000   State of Alabama Economic Improvements GO, Series A
5.00%, 11/01/31		   8,905,890 
 3,095,000   State of Alabama Economic Improvements GO, Series A
5.00%, 11/01/33		   3,906,014 
 425,000   UAB Medicine Finance Authority Group S Revenue Bonds
5.00%, 09/01/27		   534,127 
 600,000   UAB Medicine Finance Authority Group S Revenue Bonds
5.00%, 09/01/30		   769,871 
 550,000   UAB Medicine Finance Authority Group S Revenue Bonds
5.00%, 09/01/31		   700,926 
         33,631,283 
Arizona — 0.9%     
 875,000   Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds
5.00%, 07/01/25		   1,032,955 
 2,390,000   Arizona School Facilities Board Advance Refunding COP, Series A
5.00%, 09/01/23		   2,757,558 
Principal
Amount		      Value 
Arizona (continued)     
$150,000   Arizona State Board of Regents Advance Refunding COP, Series A
5.00%, 06/01/22		  $165,855 
 1,715,000   Arizona State Board of Regents Advance Refunding COP, Series A
5.00%, 06/01/24		   2,011,609 
 2,750,000   Arizona State Board of Transportation Refunding Revenue Bonds
5.00%, 07/01/22		   3,057,368 
 1,000,000   Arizona Transportation Board Highway Improvements Revenue Bonds, Series A
5.00%, 07/01/31		   1,292,310 
 1,250,000   Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A
5.00%, 10/01/26		   1,477,138 
 5,000,000   City of Phoenix Advance Refunding GO
5.00%, 07/01/25		   6,073,500 
 2,875,000   Phoenix Civic Improvement Corp. Refunding Revenue Bonds
5.00%, 07/01/20		   2,977,724 
 5,000,000   Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds
5.00%, 01/01/21		   5,274,950 
 5,000,000   Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds
5.00%, 01/01/22		   5,466,450 
         31,587,417 
California — 3.1%     
 5,000,000   California Infrastructure & Economic Development Bank Refunding Revenue Bonds
1.95%, 04/01/38(a)		   5,005,450 
 500,000   California Municipal Finance Authority California Armenian Home Project Nursing Homes Revenue Bonds
5.00%, 05/15/36		   609,539 
 200,000   California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation)
5.00%, 05/15/25		   244,155 


121

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$325,000   California Statewide Communities Development Authority Green Bond Marin General Hospital Revenue Bonds
5.00%, 08/01/32		  $401,141 
 1,500,000   County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A
5.00%, 10/01/23		   1,738,425 
 5,000,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B
5.00%, 01/01/22		   5,476,150 
 5,000,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B
5.00%, 07/01/24		   5,962,750 
 1,035,000   Los Rios Community College District 2002 Election GO, Series D
5.25%, 08/01/23(b)		   1,035,000 
 1,200,000   Rio Hondo Community College District Current Refunding GO, Series B
5.00%, 08/01/30		   1,635,492 
 800,000   San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A
5.00%, 10/15/24		   962,984 
 1,000,000   San Francisco Bay Area Rapid Transit District Transit Improvements GO
5.00%, 08/01/24		   1,197,520 
 750,000   State of California Current Refunding GO
5.00%, 04/01/24		   885,623 
 3,250,000   State of California Current Refunding GO
5.00%, 08/01/26		   4,063,313 
 2,000,000   State of California Current Refunding GO
5.00%, 04/01/27		   2,531,200 
 14,500,000   State of California Current Refunding GO
5.00%, 04/01/30		   19,311,390 
 1,620,000   State of California Department of Water Resources Advance Refunding Revenue Bonds
5.00%, 12/01/22		   1,835,217 
 2,865,000   State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX
5.00%, 12/01/21		   3,135,743 
Principal
Amount		      Value 
California (continued)     
$7,000,000   State of California Public Improvements GO
5.00%, 09/01/22		  $7,850,780 
 3,000,000   State of California Public Improvements GO
5.00%, 03/01/26		   3,620,520 
 5,715,000   State of California Public Improvements GO
5.00%, 10/01/27		   7,054,710 
 4,855,000   State of California Refunding GO
5.00%, 12/01/24		   5,671,514 
 8,000,000   State of California Refunding GO
5.00%, 10/01/25		   9,574,640 
 7,430,000   State of California School Improvements GO
5.00%, 11/01/28		   9,494,054 
 6,000,000   State of California Water Utility Improvement Refunding GO
5.00%, 04/01/30		   7,837,020 
         107,134,330 
Colorado — 0.3%     
 500,000   Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding)
5.00%, 12/01/19		   506,509 
 800,000   City & County of Broomfield Advance Refunding COP
5.00%, 12/01/21		   871,719 
 1,525,000   City of Thornton Co. School Improvement COP
5.00%, 12/01/29		   1,952,732 
 2,060,000   Colorado Higher Education Refunding COP, Series A
5.00%, 11/01/24		   2,450,267 
 2,000,000   Denver City & County School District No 1 Refunding GO (State Aid Intercept Program)
5.00%, 12/01/24		   2,393,160 
 100,000   Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding)
5.00%, 12/01/23		   116,401 
 150,000   EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding)
5.00%, 12/15/25		   184,005 
 1,180,000   Jefferson County School District GO, Series R-1, (State Aid Withholding)
5.00%, 12/15/22		   1,332,657 


122

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Colorado (continued)     
$1,630,000   Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program)
5.00%, 05/15/26		  $2,003,123 
         11,810,573 
Connecticut — 3.4%     
 9,000,000   Connecticut State Health & Educational Facilities Authority Refunding Revenue Bonds, Series A
1.45%, 07/01/42(a)(c)		   9,068,850 
 10,000,000   Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series A-4
2.00%, 07/01/49(a)		   10,201,000 
 8,880,000   Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1
5.00%, 07/01/40(a)		   11,308,591 
 12,885,000   Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S
5.00%, 07/01/27		   16,415,361 
 1,000,000   Hartford County Metropolitan District Refunding Notes GO
5.00%, 03/01/25		   1,161,720 
 325,000   Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM)
5.00%, 11/01/23		   376,607 
 5,860,000   Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM)
5.00%, 11/01/25		   7,152,189 
 2,350,000   State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A
5.00%, 03/01/29		   2,802,422 
 1,380,000   State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A
5.00%, 05/01/31		   1,706,108 
 1,000,000   State of Connecticut Refunding GO, Series B
5.00%, 04/15/21		   1,063,490 
Principal
Amount		      Value 
Connecticut (continued)     
$32,445,000   State of Connecticut Refunding GO, Series C
5.00%, 06/01/23		  $35,788,457 
 3,100,000   State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A
5.00%, 08/01/22		   3,445,464 
 1,250,000   State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds
5.00%, 08/01/22		   1,389,300 
 1,900,000   State of Connecticut Transportation Infrastructure Refunding Revenue Bonds
5.00%, 09/01/24		   2,239,853 
 8,000,000   State of Connecticut Transportation Infrastructure Revenue Bonds, Series A
5.00%, 10/01/19		   8,051,040 
 5,000,000   State of Connecticut Transportation Infrastructure Revenue Bonds, Series A
5.00%, 09/01/27		   5,815,750 
 825,000   Town of New Canaan CT Refunding GO, Series C
5.00%, 04/01/25		   1,002,342 
         118,988,544 
Delaware — 1.6%     
 5,010,000   State of Delaware Advance Refunding GO, Series A
5.00%, 01/01/28		   6,438,050 
 10,800,000   State of Delaware Public Facilities GO
5.00%, 02/01/25		   12,992,616 
 9,650,000   State of Delaware Public Facilities GO
5.00%, 02/01/26		   11,886,388 
 15,000,000   State of Delaware Public Facilities GO
5.00%, 02/01/28		   19,309,650 
 2,885,000   State of Delaware Public Improvements GO
5.00%, 03/01/24		   3,386,644 
         54,013,348 
District Of Columbia — 0.3%     
 5,000,000   District of Columbia Public Improvement Revenue Bonds, Series C
5.00%, 12/01/19		   5,064,600 
 1,000,000   District of Columbia Public Improvements GO, Series A
5.00%, 06/01/25		   1,212,770 


123

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
District Of Columbia (continued)     
$3,000,000   District of Columbia Public Improvements GO, Series A
5.00%, 10/15/27		  $3,813,810 
 1,000,000   District of Columbia Refunding Revenue Bonds, Series A
5.00%, 12/01/20		   1,051,770 
         11,142,950 
Florida — 2.6%     
 4,790,000   County of Miami-Dade Public Improvements GO
5.00%, 07/01/24		   5,664,319 
 3,970,000   County of Palm Beach Advance Refunding Revenue Bonds
5.00%, 11/01/26		   4,711,001 
 1,000,000   County of Sarasota Refunding Revenue Bonds
5.00%, 10/01/24		   1,189,620 
 4,620,000   Florida Department of Management Services Current Refunding Revenue Bonds, Series A
5.00%, 09/01/28		   5,832,242 
 1,000,000   Lee County School Board Refunding COP
5.00%, 08/01/25		   1,171,080 
 4,000,000   Miami-Dade County Refunding GO, Series B
5.00%, 07/01/24		   4,730,120 
 2,000,000   Orlando Utilities Commission Refunding Revenue Bonds, Series A
5.00%, 10/01/20		   2,090,880 
 3,990,000   State of Florida Advance Refunding GO, Series B
5.00%, 06/01/27		   4,930,283 
 20,005,000   State of Florida Current Refunding GO
5.00%, 07/01/24		   23,708,926 
 2,845,000   State of Florida Current Refunding GO, Series C
5.00%, 06/01/25		   3,447,287 
 10,865,000   State of Florida Current Refunding GO, Series C
5.00%, 06/01/28		   13,989,774 
 1,750,000   State of Florida Current Refunding GO, Series F
5.00%, 06/01/28		   2,160,393 
 1,100,000   State of Florida Economic Defeasance GO, Series D
5.00%, 06/01/28		   1,357,961 
 9,800,000   State of Florida Refunding GO
5.00%, 07/01/24		   10,886,428 
Principal
Amount		      Value 
Florida (continued)     
$3,895,000   State of Florida Refunding GO, Series C
5.00%, 06/01/24		  $4,458,918 
         90,329,232 
Georgia — 2.8%     
 1,295,000   Americus-Sumter Payroll Development Authority Current Refunding Revenue Bonds
5.00%, 06/01/32		   1,594,922 
 1,570,000   Athens Housing Authority Advance Refunding Revenue Bonds
5.00%, 06/15/27		   1,957,099 
 1,755,000   Athens Housing Authority Advance Refunding Revenue Bonds
5.00%, 06/15/28		   2,172,409 
 500,000   Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds
5.00%, 06/01/26		   610,309 
 1,010,000   Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds
5.00%, 06/01/33		   1,238,947 
 3,090,000   Bleckley County & Dodge County Joint Development Authority Current Refunding Revenue Bonds
5.00%, 07/01/32		   3,771,314 
 1,185,000   Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds
5.00%, 07/01/21		   1,269,099 
 1,950,000   Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds
5.00%, 07/01/23		   2,233,023 
 750,000   Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding)
5.00%, 02/01/23		   849,479 
 260,000   Cobb County Development Authority Advance Refunding Revenue Bonds
5.00%, 07/15/21		   278,225 
 2,710,000   Cobb County Development Authority Advance Refunding Revenue Bonds
5.00%, 07/15/23		   3,082,815 


124

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Georgia (continued)     
$2,100,000   Cobb County Development Authority Advance Refunding Revenue Bonds
5.00%, 07/15/24		  $2,454,123 
 2,000,000   Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B
5.00%, 06/01/21		   2,139,800 
 2,025,000   Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY)
5.00%, 10/01/19		   2,038,061 
 1,095,000   South Regional Joint Development Authority Advance Refunding Revenue Bonds
5.00%, 08/01/25		   1,314,635 
 1,555,000   South Regional Joint Development Authority Advance Refunding Revenue Bonds
5.00%, 08/01/26		   1,906,741 
 1,100,000   South Regional Joint Development Authority Advance Refunding Revenue Bonds
5.00%, 08/01/26		   1,348,006 
 11,295,000   State of Georgia Advance Refunding GO, Series E
5.00%, 12/01/26		   14,201,316 
 1,950,000   State of Georgia Public Improvements GO, Series A-2
5.00%, 02/01/25		   2,279,550 
 2,860,000   State of Georgia Refunding GO, Series E-2
4.00%, 09/01/19		   2,866,721 
 2,500,000   State of Georgia School Improvements GO, Series A (Tranche 1)
5.00%, 07/01/26		   3,114,125 
 16,260,000   State of Georgia School Improvements GO, Series A (Tranche 1)
5.00%, 07/01/27		   20,645,159 
 2,230,000   State of Georgia School Improvements GO, Series A-1
5.00%, 02/01/25		   2,685,388 
 18,020,000   State of Georgia University and College Improvements GO, Series A-1
5.00%, 02/01/24		   21,099,978 
         97,151,244 
Hawaii — 0.9%     
 10,000,000   City & County of Honolulu HI Refunding GO
5.00%, 09/01/25		   12,164,100 
Principal
Amount		      Value 
Hawaii (continued)     
$1,000,000   State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A
5.00%, 07/01/21		  $1,069,110 
 5,000,000   State of Hawaii Public Facilities GO, Series FT
5.00%, 01/01/30		   6,315,650 
 1,300,000   State of Hawaii Public Facilities GO, Series FW
5.00%, 01/01/30		   1,677,065 
 3,085,000   State of Hawaii Public Facilities GO, Series FW
5.00%, 01/01/32		   3,927,112 
 2,515,000   State of Hawaii Public Improvements GO, Series FK
5.00%, 05/01/29		   3,144,027 
 1,570,000   University of Hawaii Advance Refunding Revenue Bonds, Series F
5.00%, 10/01/21		   1,697,720 
 1,180,000   University of Hawaii Advance Refunding Revenue Bonds, Series F
5.00%, 10/01/22		   1,318,544 
         31,313,328 
Idaho — 0.1%     
 900,000   Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY)
5.00%, 09/15/25		   1,093,401 
 1,500,000   Idaho Board Bank Authority Refunding Revenue Bonds, Series D
5.00%, 09/15/23		   1,676,175 
 740,000   Madison County School District No 321 Rexburg School Improvements GO, (School Board GTY), Series B
5.00%, 09/15/28		   934,175 
         3,703,751 
Illinois — 0.8%     
 4,540,000   Du Page Cook & Will Counties Community College District No 502 Refunding GO
5.00%, 01/01/27		   5,631,734 
 5,950,000   Illinois Finance Authority College Improvement Revenue Bonds
1.38%, 12/01/46(a)		   5,950,000 
 5,000,000   Illinois Finance Authority General Revenue Bonds
5.00%, 01/01/27		   6,214,200 


125

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Illinois (continued)     
$1,000,000   Illinois Finance Authority Memorial Health System Current Refunding Revenue Bonds
5.00%, 04/01/29		  $1,270,170 
 1,220,000   Illinois State Toll Highway Authority Current Refunding Revenue Bonds, Series A
5.00%, 01/01/21		   1,283,904 
 3,250,000   Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A
5.00%, 12/01/24		   3,837,275 
 2,000,000   Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D
5.00%, 12/01/22		   2,237,700 
 1,400,000   Peoria Metropolitan Airport Authority Advance Refunding GO, Series D
5.00%, 12/01/26		   1,706,628 
 780,000   University of Illinois College Improvement Refunding Revenue Bonds, Series A
5.00%, 04/01/21		   827,206 
         28,958,817 
Indiana — 0.1%     
 500,000   Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program)
5.00%, 07/15/20		   517,895 
 235,000   Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program)
5.00%, 07/15/22		   260,737 
 1,330,000   GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program)
5.00%, 01/15/22		   1,448,583 
 250,000   GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program)
5.00%, 07/15/22		   276,689 
 2,000,000   Indiana Finance Authority University Health Obligated Group Revenue Bonds
1.65%, 12/01/42(a)		   2,013,980 
         4,517,884 
Principal
Amount		      Value 
Iowa — 0.8%     
$5,675,000   County of Polk Current Refunding GO, Series C
5.00%, 06/01/21		  $6,072,761 
 4,000,000   County of Polk Current Refunding GO, Series C
5.00%, 06/01/26		   4,955,520 
 6,110,000   Iowa Finance Authority Advance Refunding Revenue Bonds
5.00%, 08/01/21		   6,576,926 
 5,000,000   Iowa Finance Authority Unity Point Health Current Refunding Revenue
1.40%, 12/01/41(a)		   5,000,000 
 1,800,000   Iowa Finance Authority Water Utilities Improvements Revenue Bonds
5.00%, 08/01/20		   1,869,426 
 3,000,000   State of Iowa Advance Refunding Revenue Bonds, Series A
5.00%, 06/01/28		   3,670,710 
         28,145,343 
Kansas — 0.6%     
 15,000,000   Johnson County Lease Purchase Revenue Bonds, Series A
5.00%, 09/01/26		   18,720,300 
 1,260,000   Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2
5.00%, 08/01/23		   1,450,046 
         20,170,346 
Kentucky — 0.5%     
 11,030,000   Kentucky Economic Development Finance Authority Owensboro Medical Health System Revenue Bonds, Series A
5.25%, 06/01/23(b)		   11,392,336 
 5,000,000   Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A
5.00%, 07/01/24		   5,824,150 
         17,216,486 
Louisiana — 0.1%     
 250,000   Consolidated Government of The City of Baton Rouge & Parish of East Baton Rouge Advance Refunding Revenue Bonds, Series A-1
5.00%, 08/01/26		   310,103 


126

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Louisiana (continued)     
$2,000,000   State of Louisiana Highway Improvement Revenue Bonds, Series A
5.00%, 09/01/30		  $2,535,760 
         2,845,863 
Maine — 0.1%     
 2,250,000   Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A
5.00%, 10/01/19		   2,264,355 
 165,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A
5.00%, 07/01/21		   176,436 
 5,000   Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A
5.00%, 07/01/21		   5,361 
         2,446,152 
Maryland — 8.0%     
 5,735,000   County of Anne Arundel School Improvements GO
5.00%, 04/01/27		   6,872,136 
 2,410,000   County of Anne Arundel School Improvements GO
5.00%, 10/01/27		   3,074,051 
 2,810,000   County of Anne Arundel School Improvements GO
5.00%, 04/01/28		   3,357,191 
 4,080,000   County of Anne Arundel School Improvements GO
5.00%, 10/01/30		   5,350,675 
 3,575,000   County of Baltimore Refunding GO
5.00%, 03/01/27		   4,507,682 
 1,200,000   County of Baltimore Refunding GO, (Special Assessment)
5.00%, 02/01/29		   1,464,144 
 2,730,000   County of Baltimore Refunding Notes GO
5.00%, 03/01/23		   3,103,491 
 3,835,000   County of Baltimore Refunding Public Notes GO
5.00%, 03/01/23		   4,359,666 
 8,165,000   County of Baltimore Refunding Public Notes GO
5.00%, 03/01/24		   9,576,729 
 5,000,000   County of Baltimore Refunding Public Notes GO
5.00%, 03/01/28		   6,429,100 
Principal
Amount		      Value 
Maryland (continued)     
$2,860,000   County of Charles Public School Improvements GO
5.00%, 10/01/21		  $3,099,697 
 1,500,000   County of Frederick Refunding GO, Series A
5.00%, 02/01/25		   1,805,430 
 3,220,000   County of Howard MD Advance Refunding Public Improvements GO, Series B
5.00%, 02/15/29		   4,019,494 
 5,000,000   County of Montgomery Advance Refunding GO, Series B
5.00%, 06/01/22		   5,544,750 
 4,500,000   County of Montgomery Advance Refunding GO, Series B
5.00%, 06/01/23		   5,156,955 
 6,650,000   County of Montgomery Advance Refunding GO, Series C
5.00%, 10/01/22		   7,457,244 
 19,000,000   County of Montgomery Advance Refunding GO, Series C
5.00%, 10/01/26		   23,771,090 
 2,000,000   County of Montgomery Public Improvements GO, Series A
5.00%, 12/01/27		   2,379,560 
 1,200,000   County of Montgomery Refunding GO, Series A
5.00%, 11/01/23		   1,393,260 
 10,320,000   County of Montgomery Refunding Public Notes GO, Series A
5.00%, 11/01/27		   13,196,184 
 12,500,000   County of Prince George’s Advance Refunding Public Improvements GO, Series B
5.00%, 07/15/23		   14,380,875 
 3,185,000   County of Prince George’s Public School Improvement GO, Series A
5.00%, 09/15/25		   3,894,586 
 3,180,000   County of Prince George’s Public School Improvement GO, Series A
5.00%, 09/15/26		   3,974,523 
 3,110,000   County of Prince George’s Public School Improvements GO, Series A
5.00%, 07/01/24		   3,684,199 
 9,355,000   County of Prince George’s Public School Improvements GO, Series A
5.00%, 07/01/25		   11,381,387 


127

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Maryland (continued)     
$3,435,000   Maryland Health & Higher Educational Facilities Authority Johns Hopkins University and College Improvements Revenue Bonds, Series A
1.28%, 07/01/36(a)		  $3,435,000 
 1,000,000   Maryland State Department of Transportation Highway Improvement Revenue Bonds
5.00%, 10/01/20		   1,045,440 
 7,585,000   State of Maryland Advance Refunding GO, Series B
5.00%, 08/01/24		   9,007,567 
 9,255,000   State of Maryland Advance Refunding GO, Series B
5.00%, 08/01/25		   11,283,511 
 4,830,000   State of Maryland Advance Refunding GO, Series B
5.00%, 08/01/26		   6,020,354 
 6,000,000   State of Maryland Department of Transportation Transit Improvements Revenue Bonds
5.00%, 02/01/25		   6,793,680 
 10,000,000   State of Maryland Department of Transportation Transit Improvements Revenue Bonds
5.00%, 11/01/26		   11,858,700 
 2,750,000   State of Maryland Public Facilities GO, Series 1
5.00%, 03/15/32		   3,535,098 
 8,035,000   State of Maryland Public Improvements GO, Series A
5.00%, 08/01/24(b)		   9,240,170 
 3,000,000   State of Maryland Public Improvements GO, Series A
5.00%, 03/15/25		   3,622,350 
 3,815,000   State of Maryland Public Improvements GO, Series A
5.00%, 03/15/27		   4,814,187 
 5,000,000   State of Maryland Public Improvements GO, Series A
5.00%, 03/15/28		   6,280,850 
 6,700,000   State of Maryland School Improvements GO
5.00%, 06/01/23		   7,678,133 
 20,000,000   State of Maryland School Improvements GO, Series A
5.00%, 03/15/23		   22,764,800 
 7,500,000   Washington Suburban Sanitary Commission Water & Sewer System Improvements GO
5.00%, 06/01/22		   8,317,125 
Principal
Amount		      Value 
Maryland (continued)     
$5,000,000   Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series
5.00%, 06/01/25		  $6,070,150 
         275,001,214 
Massachusetts — 5.8%     
 2,550,000   Berkshire Regional Transit Authority Cash Flow Management Revenue Notes
3.00%, 08/02/19		   2,550,102 
 5,150,000   Berkshire Regional Transit Authority Cash Flow Management Revenue Notes
2.00%, 07/31/20		   5,176,471 
 6,050,000   Brockton Area Transit Authority Public Improvements GO Notes
2.50%, 08/02/19		   6,050,121 
 1,000,000   Cape Ann Transportation Authority Cash Flow Management Revenue Notes
2.00%, 07/02/20		   1,005,180 
 7,000,000   Commonwealth of Massachusetts Advance Refunding GO, Series A
5.00%, 07/01/25		   8,493,940 
 840,000   Commonwealth of Massachusetts Advance Refunding GO, Series A
5.00%, 07/01/26		   1,041,323 
 6,430,000   Commonwealth of Massachusetts Advance Refunding GO, Series B
5.00%, 07/01/27		   8,131,057 
 1,500,000   Commonwealth of Massachusetts Advance Refunding GO, Series B
5.00%, 07/01/28		   1,931,670 
 9,330,000   Commonwealth of Massachusetts Advance Refunding GO, Series C
5.00%, 10/01/26		   11,629,472 
 10,000,000   Commonwealth of Massachusetts Advance Refunding GO, Series E
5.00%, 11/01/24		   11,950,600 
 4,000,000   Commonwealth of Massachusetts Current Refunding GO, Series C
5.00%, 05/01/27		   5,041,120 
 2,900,000   Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B
5.00%, 06/15/22		   3,220,189 


128
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Massachusetts (continued)     
$2,000,000   Commonwealth of Massachusetts Public Improvements GO, Series C
5.00%, 07/01/32		  $2,366,680 
 1,125,000   Commonwealth of Massachusetts Public Improvements GO, Series D
5.00%, 02/01/33		   1,371,038 
 8,325,000   Commonwealth of Massachusetts Public Improvements GO, Series E
5.00%, 11/01/31		   10,378,611 
 8,000,000   Commonwealth of Massachusetts Refunding GO, Series C, (AGM)
5.25%, 11/01/26		   10,127,200 
 7,000,000   Commonwealth of Massachusetts Transit Improvements GO, Series F
5.00%, 05/01/28		   8,984,920 
 4,500,000   Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A
5.00%, 06/01/27		   5,560,470 
 3,800,000   Lowell Regional Transit Authority Cash Flow Management Revenue Notes
2.50%, 08/09/19		   3,800,722 
 1,000,000   Massachusetts Bay Transportation Authority Advance Refunding Revenue Bonds, Senior Series B
5.00%, 07/01/33		   1,181,870 
 8,500,000   Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017
5.00%, 08/01/21		   9,165,380 
 5,000,000   Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A
5.00%, 07/15/33		   6,110,350 
 10,000,000   Massachusetts Development Finance Agency Miscellaneous Purpose Revenue Bonds, Series A
5.25%, 04/01/37(b)		   10,687,400 
 5,000,000   Massachusetts Port Authority Refunding Revenue Bonds, Series B
5.00%, 07/01/49		   6,122,450 
 7,780,000   Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B
5.00%, 08/01/20		   8,093,612 
Principal
Amount		      Value 
Massachusetts (continued)     
$500,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A
5.00%, 08/01/22		  $558,075 
 8,535,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B, (AGM)
5.25%, 08/01/26		   10,800,274 
 2,700,000   Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C
5.00%, 08/01/22		   3,013,605 
 16,500,000   Montachusett Regional Transit Authority Cash Flow Management Revenue Notes
2.50%, 08/02/19		   16,500,495 
 13,050,000   Montachusett Regional Transit Authority Cash Flow Management Revenue Notes
2.00%, 07/30/20		   13,112,901 
 5,000,000   Worcester Regional Transit Authority Cash Flow Management Revenue Notes
2.00%, 06/26/20		   5,025,450 
         199,182,748 
Michigan — 0.5%     
 425,000   Avondale School District School Improvement GO, (Q-SBLF)
5.00%, 11/01/29		   532,117 
 200,000   Caledonia Community Schools Refunding GO, (Q-SBLF)
5.00%, 05/01/23		   227,321 
 800,000   Eastpointe Community Schools Advance Refunding GO, (Q-SBLF)
5.00%, 05/01/27		   985,792 
 1,225,000   Grand Valley State University & College Advance Refunding Revenue Bonds, Series A
5.00%, 12/01/25		   1,485,582 
 500,000   Grand Valley State University & College Improvements Revenue Bonds, Series A
5.00%, 12/01/23		   576,509 
 450,000   Lansing School District School Improvements GO, Series II, (Q-SBLF)
5.00%, 05/01/31		   570,941 
 740,000   Lansing School District School Improvements GO, Series II, (Q-SBLF)
5.00%, 05/01/34		   924,201 


129

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Michigan (continued)     
$1,000,000   Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program)
5.00%, 10/15/21		  $1,084,600 
 1,000,000   Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program)
5.00%, 10/15/23		   1,156,780 
 1,000,000   Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program)
5.00%, 04/15/24		   1,174,190 
 1,000,000   Michigan State University Refunding Revenue Bonds, Series A
5.00%, 08/15/31		   1,179,060 
 400,000   Midland Public School Improvements GO, Series II, (Q-SBLF)
5.00%, 05/01/30		   509,843 
 1,000,000   University of Michigan Advance Refunding Revenue Bonds, Series A
5.00%, 04/01/22		   1,103,530 
 3,000,000   University of Michigan University & College Improvements Revenue Bonds, Series A
5.00%, 04/01/26		   3,713,670 
 1,000,000   Utica Community School Improvements GO, (Q-SBLF) 5.00%, 05/01/31   1,260,660 
 290,000   Wayne-Westland Community Schools Improvements GO, (Q-SBLF)
5.00%, 11/01/22		   323,637 
 935,000   Wayne-Westland Community Schools Improvements GO, (Q-SBLF)
5.00%, 11/01/28		   1,179,848 
         17,988,281 
Minnesota — 0.9%     
 1,515,000   Cambridge-Isanti Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program)
5.00%, 02/01/24		   1,763,081 
 1,000,000   City of Rochester Advance Refunding GO, Series B
5.00%, 12/01/24		   1,197,730 
Principal
Amount		      Value 
Minnesota (continued)     
$1,815,000   Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B
5.00%, 03/01/27		  $2,228,802 
 2,200,000   Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A
5.00%, 02/01/25		   2,634,984 
 5,425,000   St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series
3 5.00%, 12/01/19		   5,495,417 
 785,000   State of Minnesota Public Improvements COP
5.00%, 06/01/23		   898,016 
 1,395,000   State of Minnesota Public Improvements COP
5.00%, 06/01/24		   1,644,872 
 2,740,000   State of Minnesota Public Improvements COP
5.00%, 06/01/25		   3,218,842 
 2,910,000   State of Minnesota Public Improvements COP
5.00%, 06/01/26		   3,409,560 
 1,000,000   State of Minnesota Refunding Revenue Bonds, Series B
5.00%, 03/01/21		   1,060,280 
 3,915,000   State of Minnesota School Improvements GO, Series A
5.00%, 08/01/28		   4,843,129 
 1,505,000   University of Minnesota Current Refunding Revenue Bonds, Series B
5.00%, 10/01/29		   1,987,187 
 1,000,000   Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program)
5.00%, 02/01/24		   1,163,750 
         31,545,650 
Mississippi — 0.5%     
 570,000   Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program)
5.00%, 01/01/23		   640,595 
 3,060,000   Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A
5.00%, 01/01/25		   3,627,232 


130

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Mississippi (continued)     
$310,000   Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds
5.00%, 11/01/22		  $346,692 
 10,000,000   State of Mississippi Public Improvements GO, Series B
5.00%, 12/01/31		   11,421,400 
 830,000   University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A
5.00%, 10/01/25		   1,005,578 
         17,041,497 
Missouri — 0.7%     
 1,000,000   Belton School District No 124 school Improvements Refunding GO, (State Aid Direct Deposit)
5.00%, 03/01/28		   1,277,470 
 570,000   County of Jackson Refunding Revenue Bonds
4.00%, 12/01/21		   605,574 
 300,000   County of Jackson Refunding Revenue Bonds
4.00%, 12/01/22		   326,121 
 2,300,000   County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation)
5.00%, 12/01/26		   2,694,473 
 4,000,000   Hazelwood School District Refunding GO, (State Aid Direct Deposit)
5.00%, 03/01/25		   4,659,640 
 905,000   Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B
5.00%, 01/01/25		   1,086,344 
 2,225,000   Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds
5.00%, 10/01/19		   2,238,840 
 2,000,000   Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds
5.00%, 10/01/21		   2,168,080 
Principal
Amount		      Value 
Missouri (continued)     
$500,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit)
5.00%, 03/01/24		  $584,985 
 1,800,000   North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit)
5.00%, 03/01/25		   2,096,838 
 4,915,000   University of Missouri Refunding Revenue Bonds, Series B
1.31%, 11/01/31(a)		   4,915,000 
         22,653,365 
New Hampshire — 0.3%     
 2,250,000   State of New Hampshire Highway Improvements Revenue Bonds
5.00%, 09/01/19		   2,256,773 
 3,990,000   State of New Hampshire Public Improvements GO, Series B
5.00%, 12/01/21		   4,345,748 
 3,990,000   State of New Hampshire Public Improvements GO, Series B
5.00%, 12/01/22		   4,493,418 
         11,095,939 
New Jersey — 0.7%     
 200,000   Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY)
5.00%, 12/01/22		   226,075 
 1,300,000   New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B
5.00%, 01/01/20		   1,320,592 
 8,500,000   New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds
5.00%, 06/15/23		   9,587,490 
 2,000,000   New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A
5.25%, 12/15/21		   2,173,720 
 3,860,000   New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A
5.50%, 12/15/21		   4,217,668 
 1,500,000   New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A
5.25%, 12/15/22		   1,681,515 


131

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New Jersey (continued)     
$650,000   New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds
5.00%, 06/15/21		  $692,270 
 1,575,000   New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds
5.00%, 06/15/24		   1,824,417 
 1,000,000   New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B
5.00%, 01/01/27		   1,247,610 
 2,000,000   New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A
5.00%, 01/01/29		   2,468,500 
         25,439,857 
New Mexico — 0.3%     
 8,600,000   State of New Mexico University and College Improvements GO
5.00%, 03/01/28		   11,034,058 
New York — 15.5%     
 10,025,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/21		   10,803,542 
 30,000,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/22		   33,446,700 
 10,000,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/27		   12,684,100 
 15,000,000   City of New York Current Refunding GO, Series E
5.00%, 08/01/23		   17,275,200 
 9,400,000   City of New York Current Refunding GO, Series E
5.00%, 08/01/24		   11,147,836 
 3,000,000   City of New York Public Improvements GO, Series B-1
5.00%, 12/01/31		   3,655,110 
 2,910,000   City of New York Public Improvements GO, Sub-Series D-1
5.00%, 08/01/22		   3,244,330 
 1,855,000   City of New York Refunding GO, Series C
5.00%, 08/01/20		   1,928,625 
 650,000   City of New York Refunding GO, Series C
5.00%, 08/01/22		   724,679 
Principal
Amount		      Value 
New York (continued)     
$8,170,000   City of New York Refunding GO, Series D
5.00%, 08/01/22		  $9,108,651 
 3,575,000   City of New York Refunding GO, Series F
5.00%, 08/01/29		   3,904,472 
 2,500,000   City of New York Refunding GO, Series G
5.00%, 08/01/21		   2,694,150 
 18,500,000   City of New York Refunding GO, Series G
5.00%, 08/01/22		   20,625,465 
 5,000,000   City of New York Refunding GO, Series I
5.00%, 08/01/25		   5,741,450 
 9,450,000   City of New York Refunding GO, Series J, Subseries J11
5.00%, 08/01/25(c)		   11,496,776 
 3,000,000   County of Rockland GO Notes
3.00%, 04/02/20		   3,034,260 
 5,000,000   Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding)
5.00%, 05/01/23		   5,334,100 
 2,035,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A
5.00%, 11/15/26		   2,557,690 
 2,055,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A
5.25%, 11/15/31		   2,560,283 
 5,000,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B
5.00%, 11/15/34(a)		   5,095,500 
 240,000   Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D
5.00%, 11/15/28		   295,126 
 1,020,000   Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D
5.00%, 11/15/29		   1,242,890 
 3,020,000   Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F
5.00%, 11/15/30		   3,342,415 
 20,000,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2
5.00%, 11/15/48(a)		   22,332,800 


132

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)     
$940,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series C-1
5.00%, 11/15/27		  $1,183,695 
 1,925,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series F
5.00%, 11/15/21		   2,090,242 
 1,910,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C
5.00%, 11/15/21		   2,073,954 
 11,475,000   New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G
2.00%, 11/01/57(a)		   11,559,571 
 2,500,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/24		   2,975,775 
 10,500,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding)
5.00%, 07/15/28		   13,544,160 
 975,000   New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding)
5.00%, 07/15/21		   1,050,816 
 1,350,000   New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C
5.00%, 11/01/23		   1,571,684 
 15,920,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B
5.00%, 11/01/21		   17,323,189 
 1,045,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G
5.00%, 11/01/19		   1,055,168 
 2,425,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G
5.00%, 11/01/21		   2,638,740 
Principal
Amount		      Value 
New York (continued)     
$1,535,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H
5.00%, 11/01/21		  $1,670,295 
 3,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvement Revenue Bonds, Series C-1
5.00%, 05/01/22		   3,321,780 
 2,210,000   New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds
5.00%, 02/01/29		   2,561,965 
 9,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds
5.00%, 02/01/31		   11,078,010 
 600,000   New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G
5.00%, 11/01/20		   629,357 
 3,545,000   New York City Water & Sewer System Current Refunding Revenue
5.00%, 06/15/24		   4,201,357 
 5,490,000   New York City Water & Sewer System Refunding Revenue Bonds, Series F-2
1.37%, 06/15/33(a)		   5,490,000 
 6,200,000   New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2
5.00%, 06/15/25		   7,211,096 
 1,000,000   New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series DD-2
5.00%, 06/15/24		   1,130,080 
 4,370,000   New York Local Government Assistance Corp. Refunding Revenue Bonds
1.37%, 04/01/24(a)		   4,370,000 
 5,000,000   New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding)
5.00%, 12/01/21		   5,459,150 
 9,100,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/23		   10,386,103 


133

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)     
$7,790,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E
5.00%, 03/15/22		  $8,581,386 
 14,000,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E
5.00%, 03/15/24		   16,468,200 
 2,000,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E
5.00%, 03/15/31		   2,391,420 
 7,500,000   New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1 (State Aid Withholding)
5.00%, 01/15/30		   9,492,975 
 1,000,000   New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue
5.00%, 07/01/25		   1,205,820 
 8,770,000   New York State Dormitory Authority Public Improvement Revenue Bonds, Series A-Group A
5.00%, 03/15/22		   9,668,223 
 5,000,000   New York State Dormitory Authority Public Improvement Revenue Bonds, Series B-Group B
5.00%, 02/15/28		   5,957,450 
 15,000,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 12/15/20		   15,807,600 
 4,160,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 02/15/26		   4,844,653 
 6,600,000   New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E
5.00%, 03/15/30		   8,517,432 
 6,000,000   New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E
5.00%, 03/15/31		   7,679,580 
 1,045,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A
5.00%, 03/15/21		   1,111,274 
Principal
Amount		      Value 
New York (continued)     
$7,700,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A
5.00%, 03/15/25		  $9,015,314 
 1,000,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A
5.00%, 02/15/27		   1,242,490 
 6,290,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A
5.00%, 03/15/27		   7,944,144 
 4,185,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A
5.00%, 03/15/28		   5,343,366 
 22,680,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series C
5.00%, 03/15/27		   28,644,386 
 6,325,000   New York State Dormitory Authority School Improvements Revenue Bonds, Series C
5.00%, 03/15/30		   8,068,423 
 1,500,000   New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A
5.00%, 07/01/32		   1,908,465 
 3,000,000   New York State Environmental Facilities Corp Refunding Revenue Bonds
5.00%, 06/15/29		   3,530,490 
 3,750,000   New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue
5.00%, 06/15/25		   4,590,450 
 1,430,000   New York State Thruway Authority Highway Improvement Revenue Bonds, Series A
5.00%, 03/15/20		   1,464,949 
 8,000,000   New York State Thruway Authority Refunding Revenue Bonds, Series A
5.00%, 03/15/21		   8,347,920 
 2,000,000   New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/24		   2,352,600 


134
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal        
Amount      Value 
New York (continued)    
$2,105,000   New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/27		  $2,588,687 
 5,875,000   New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A
5.00%, 03/15/25		   7,098,351 
 5,605,000   New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C
5.00%, 03/15/22		   6,174,412 
 4,705,000   New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1
5.00%, 03/15/22		   5,182,981 
 4,215,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179
5.00%, 12/01/27		   4,902,467 
 5,880,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179
5.00%, 12/01/28		   6,833,618 
 4,450,000   Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds
5.00%, 11/15/28		   5,871,241 
 120,000   Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series B
5.00%, 11/15/29		   151,381 
 2,125,000   Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A
5.00%, 11/15/27		   2,716,111 
 5,105,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds
5.00%, 11/15/33		   6,466,606 
 1,600,000   Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds
5.00%, 12/15/24		   1,809,840 
         532,827,042 
North Carolina — 2.2%    
 680,000   Appalachian State University Refunding Revenue Bonds
5.00%, 05/01/20		   699,821 
Principal        
Amount      Value 
North Carolina (continued)    
$3,325,000   County of Wake Advance Refunding Revenue, Series A
5.00%, 12/01/26		  $4,156,815 
 1,150,000   County of Wake Advance Refunding Revenue, Series A
5.00%, 12/01/29		   1,427,369 
 7,225,000   County of Wake Refunding Public Notes GO, Series A
5.00%, 03/01/26		   8,931,834 
 675,000   Dare County Refunding Revenue Bonds, Series D
5.00%, 06/01/21		   722,696 
 1,000,000   Durham Capital Financing Corp Advance Refunding Revenue Bonds
5.00%, 12/01/25		   1,225,590 
 325,000   North Carolina State University At Raleigh Refunding Revenue Bonds, Series A
5.00%, 10/01/21		   352,238 
 3,250,000   State of North Carolina Advance Refunding Revenue Bonds
5.00%, 03/01/22		   3,570,125 
 13,000,000   State of North Carolina Advance Refunding Revenue Bonds, Series B
5.00%, 05/01/23		   14,853,020 
 2,010,000   State of North Carolina Advance Refunding Revenue Bonds, Series B
5.00%, 05/01/24		   2,365,247 
 5,000,000   State of North Carolina Highway Improvements Revenue Bonds
5.00%, 03/01/29		   6,429,550 
 6,675,000   State of North Carolina Highway Improvements Revenue Bonds
5.00%, 03/01/30		   8,523,508 
 1,500,000   State of North Carolina Highway Improvements Revenue Bonds, Series A
5.00%, 05/01/22		   1,658,745 
 3,735,000   State of North Carolina Highway Improvements Revenue Bonds, Series A
5.00%, 05/01/28		   4,790,586 
 8,025,000   State of North Carolina Public Improvements GO, Series A
5.00%, 06/01/26		   9,977,563 
 5,270,000   State of North Carolina Public Improvements GO, Series A
5.00%, 06/01/27		   6,693,164 
         76,377,871 


135

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal        
Amount      Value 
Ohio — 5.0% 
$1,175,000   Central Ohio Solid Waste Authority Advance Refunding GO
5.00%, 12/01/23		  $1,363,400 
 1,000,000   Central Ohio Solid Waste Authority Advance Refunding GO
5.00%, 12/01/24		   1,194,870 
 1,285,000   Central Ohio Solid Waste Authority Advance Refunding GO
5.00%, 12/01/25		   1,573,136 
 3,500,000   City of Columbus GO, Series A
4.00%, 08/15/25		   4,061,330 
 1,945,000   City of Columbus Public Improvements GO, Series 1
1.33%, 12/01/26(a)		   1,945,000 
 3,730,000   City of Columbus Refunding GO, Series 1
5.00%, 07/01/21		   4,005,461 
 5,000,000   City of Columbus Refunding GO, Series 1
5.00%, 07/01/26		   6,217,000 
 2,000,000   City of Columbus Refunding GO, Series 5
5.00%, 08/15/23		   2,306,980 
 1,100,000   County of Cuyahoga Refunding Revenue Bonds
5.00%, 12/01/22		   1,239,557 
 1,000,000   County of Hamilton Sewer System Refunding Revenue Bonds, Series A
5.00%, 12/01/26		   1,185,550 
 1,515,000   County of Hamilton Sewer System Refunding Revenue Bonds, Series A
5.00%, 12/01/27		   1,791,366 
 1,250,000   County of Ross OH Adena Health System Obligated Group Refunding Revenue Bonds
5.00%, 12/01/27		   1,551,263 
 1,955,000   County of Ross OH Adena Health System Obligated Group Refunding Revenue Bonds
5.00%, 12/01/28		   2,466,057 
 1,000,000   Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds
5.00%, 12/01/23		   1,161,260 
 3,000,000   Ohio Water Development Authority Revenue Bonds
5.00%, 06/01/26		   3,710,010 
Principal        
Amount      Value 
Ohio (continued)    
$10,285,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds
5.00%, 06/01/28		  $13,164,389 
 10,000,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A
5.00%, 06/01/29		   12,991,600 
 3,045,000   Revere Local School District School Improvements GO, Series A
5.00%, 12/01/42(b)		   3,376,814 
 2,350,000   Revere Local School District School Improvements GO, Series A
5.00%, 12/01/45(b)		   2,606,080 
 320,000   RiverSouth Authority Area Redevelopment Refunding Revenue Bonds
5.00%, 06/01/24		   365,034 
 1,075,000   State of North Carolina Highway capital Improvements GO, Series Q
5.00%, 05/01/21		   1,147,724 
 16,790,000   State of Ohio Advance Refunding GO, Series A
5.00%, 12/15/24		   20,120,800 
 2,500,000   State of Ohio Advance Refunding GO, Series A
5.00%, 09/01/27		   3,172,275 
 4,790,000   State of Ohio Advance Refunding GO, Series U
5.00%, 05/01/27		   6,052,788 
 1,000,000   State of Ohio Advance Refunding Revenue Bonds
5.00%, 10/01/21		   1,083,140 
 1,445,000   State of Ohio Department of Administration Telecommunications Improvements COP
5.00%, 09/01/24		   1,715,981 
 300,000   State of Ohio Department of Administration Telecommunications Improvements COP
5.00%, 09/01/24		   356,259 
 550,000   State of Ohio Facilities Improvements Revenue Bonds
5.00%, 10/01/24		   654,627 
 210,000   State of Ohio Highway Improvements Revenue Bonds
5.00%, 12/15/24		   251,660 


136

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal        
Amount      Value 
Ohio (continued)    
$2,000,000   State of Ohio Highway Improvements Revenue Bonds, Series 2016-1
5.00%, 12/15/20		  $2,106,260 
 2,000,000   State of Ohio Mental Health Facility Improvements Revenue Bonds
5.00%, 06/01/25		   2,418,020 
 2,530,000   State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A
5.00%, 02/01/23(b)		   2,677,297 
 1,415,000   State of Ohio Public Improvements Revenue Bonds, Series A
5.00%, 02/01/24		   1,651,432 
 970,000   State of Ohio Recreation Facilities Improvements Revenue Bonds
5.00%, 04/01/21		   1,032,187 
 775,000   State of Ohio Recreation Facilities Improvements Revenue Bonds
5.00%, 04/01/25		   933,085 
 5,000,000   State of Ohio School Improvements GO, Series B
5.00%, 06/15/23		   5,733,000 
 7,505,000   State of Ohio University and College Improvements GO, Series A
5.00%, 05/01/27		   9,464,706 
 5,445,000   State of Ohio University and College Improvements GO, Series A
5.00%, 05/01/28		   6,515,487 
 2,200,000   State of Ohio University and College Improvements GO, Series A
5.00%, 05/01/28(b)		   2,432,782 
 15,415,000   State of Ohio University and College Improvements GO, Series A
5.00%, 02/01/30		   18,650,917 
 12,365,000   State of Ohio University and College Improvements GO, Series A
5.00%, 05/01/30		   15,365,491 
 1,520,000   University of Cincinnati Advance Refunding Revenue, Series A
5.00%, 06/01/26		   1,866,393 
         173,678,468 
Oklahoma — 0.7%    
 675,000   City of Oklahoma City Current Refunding GO
5.00%, 03/01/24		   789,730 
Principal        
Amount      Value 
Oklahoma (continued)    
$3,650,000   City of Oklahoma City Public Improvements GO
5.00%, 03/01/26		  $4,491,544 
 2,000,000   Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D
4.00%, 01/01/21		   2,081,700 
 5,000,000   Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D
5.00%, 01/01/26		   6,129,550 
 2,985,000   Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D
5.00%, 01/01/28		   3,816,800 
 1,575,000   Tulsa Metropolitan Utility Authority Refunding Revenue Bonds, Series A
5.00%, 04/01/27		   1,980,263 
 2,000,000   University of Oklahoma Advance Refunding Revenue Bonds, Series B
5.00%, 07/01/25		   2,411,640 
 1,250,000   University of Oklahoma Refunding Revenue Bonds, Series A
5.00%, 07/01/25		   1,507,275 
         23,208,502 
Oregon — 1.5%    
 1,390,000   Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY)
5.00%, 06/15/27		   1,745,548 
 1,455,000   Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY)
5.00%, 06/15/28		   1,856,827 
 2,125,000   Jackson County School District No 5 Ashland School Improvement GO, (School Board GTY)
5.00%, 06/15/31		   2,746,626 
 5,000,000   State of Oregon Advance Refunding GO, Series I
5.00%, 08/01/28		   6,310,800 
 10,350,000   State of Oregon Facilities Improvements GO, Series A
5.00%, 05/01/25		   12,512,840 
 4,940,000   State of Oregon Facilities Improvements GO, Series A
5.00%, 05/01/27		   6,225,783 
 9,140,000   State of Oregon Refunding GO, Series G
5.00%, 11/01/30		   10,505,242 


137

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal        
Amount      Value 
Oregon (continued)    
$4,700,000   State of Oregon School Improvements GO
5.00%, 06/01/28		  $5,911,378 
 2,000,000   Washington County School District No 1 West Union School Improvements GO, (School Board GTY)
5.00%, 06/15/28		   2,515,840 
         50,330,884 
Pennsylvania — 1.1%    
 15,000,000   Commonwealth of Pennsylvania Advance Refunding GO
5.00%, 07/15/26		   18,409,650 
 5,000,000   Commonwealth of Pennsylvania Public Facilities GO, Series 1
5.00%, 03/01/22		   5,492,500 
 10,000,000   Commonwealth of Pennsylvania Public Improvements GO, Series 2
5.00%, 09/15/20		   10,439,500 
 1,000,000   Lancaster County Hospital Authority Advance Refunding Revenue Bonds
5.00%, 08/15/26		   1,236,930 
 1,240,000   Pennsylvania State University, University and College Improvements Revenue, Series A
5.00%, 09/01/26		   1,539,968 
         37,118,548 
Rhode Island — 0.5%    
 6,950,000   Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue
5.00%, 06/15/23		   7,898,050 
 3,000,000   Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A
5.00%, 05/15/22		   3,298,350 
 4,025,000   Rhode Island Health & Educational Building Corp. College Improvements Revenue Bonds
1.28%, 05/01/35(a)		   4,025,000 
 550,000   State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D
5.00%, 04/01/24		   638,556 
 960,000   State of Rhode Island University & College Improvements COP, Series A
5.00%, 06/01/24		   1,119,667 
Principal        
Amount      Value 
Rhode Island (continued)    
$1,010,000   State of Rhode Island University & College Improvements COP, Series A
5.00%, 06/01/25		  $1,205,435 
         18,185,058 
South Carolina — 0.8%    
 3,600,000   Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District)
5.00%, 03/01/22		   3,956,508 
 4,010,000   Darlington County School District School Improvement GO (South Carolina School District)
5.00%, 03/01/27		   5,039,728 
 3,000,000   Darlington County School District School Improvement GO (South Carolina School District)
5.00%, 03/01/28		   3,802,500 
 1,635,000   Lexington County School District No 2 Refunding GO (South Carolina School District)
5.00%, 03/01/20		   1,672,360 
 2,350,000   Lexington County School District No 2 School Improvements GO (South Carolina School District)
5.00%, 03/01/26		   2,893,485 
 1,500,000   State of South Carolina Advance Refunding GO, Series B (State Aid Withholding)
5.00%, 04/01/26		   1,857,915 
 1,485,000   State of South Carolina University & College Improvements GO, Series B (State Aid Withholding)
5.00%, 04/01/22		   1,637,925 
 4,680,000   State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding)
5.00%, 04/01/22		   5,161,946 
         26,022,367 
South Dakota — 0.1%    
 2,455,000   South Dakota Conservancy District Water Utility Improvements Revenue Bonds
5.00%, 08/01/29		   2,873,602 


138

Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal        
Amount      Value 
Tennessee — 0.8%
$1,000,000   County of Montgomery Advance Refunding School Improvements GO
5.00%, 04/01/26		  $1,235,730 
 1,600,000   Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B
5.00%, 05/15/25		   1,936,240 
 400,000   Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A
5.00%, 05/15/23		   457,263 
 2,000,000   State of Tennessee Refunding Notes GO, Series A
5.00%, 08/01/21		   2,156,560 
 2,335,000   State of Tennessee Refunding Notes GO, Series A
5.00%, 08/01/27		   2,901,284 
 7,000,000   Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program)
5.00%, 11/01/31		   8,376,480 
 7,000,000   Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program)
5.00%, 11/01/32		   8,354,150 
 900,000   Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program)
5.00%, 11/01/25		   1,072,521 
         26,490,228 
Texas — 16.1%    
 2,250,000   Alief Independent School District School Improvements GO, (PSF-GTD)
5.00%, 02/15/28		   2,801,205 
 1,000,000   Allen Independent School District Current Refunding GO, Series A (PSF-GTD)
5.00%, 02/15/22		   1,096,840 
 860,000   Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD)
5.00%, 02/15/25		   1,029,506 
 1,720,000   Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD)
5.00%, 02/15/26		   2,105,951 
Principal        
Amount      Value 
Texas (continued)    
$1,100,000   Amarillo College District Refunding GO
4.00%, 02/15/20		  $1,117,237 
 235,000   Anna Independent School District School Improvement GO, (PSF-GTD)
5.00%, 08/15/28		   296,988 
 485,000   Aransas Pass Independent School District Improvements GO, (PSF-GTD)
5.00%, 02/15/23		   547,677 
 1,450,000   Austin Community College District Refunding GO
5.00%, 08/01/27		   1,778,846 
 2,525,000   Austin Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/01/27		   3,124,056 
 1,000,000   Austin Independent School District Refunding GO, Series B, (PSF-GTD)
5.00%, 08/01/21		   1,077,040 
 5,310,000   Beaumont Independent School District Refunding GO, (PSF-GTD)
5.00%, 02/15/26		   6,505,228 
 3,070,000   Beaumont Independent School District Refunding GO, (PSF-GTD)
5.00%, 02/15/28		   3,819,633 
 2,000,000   Bexar County Hospital District Current Refunding GO
5.00%, 02/15/30		   2,511,320 
 1,075,000   Bonham Independent School District Improvements GO, (PSF-GTD)
5.00%, 08/01/27		   1,322,003 
 1,605,000   Brock Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/25		   1,941,986 
 5,000,000   Burleson Independent School District School Improvement GO, (PSF-GTD)
2.50%, 02/01/47(a)		   5,147,000 
 1,000,000   Burleson Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/01/25		   1,208,870 
 1,420,000   Burleson Independent School District Refunding GO, Series B, (PSF-GTD)
5.50%, 08/01/27		   1,839,681 
 5,000,000   City of Austin Water & Wastewater System Advance Refunding Revenue Bonds
5.00%, 11/15/29		   6,154,000 


139
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$1,000,000   City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A
5.00%, 11/15/21		  $1,087,730 
 2,360,000   City of Bryan Waterworks & Sewer Current Refunding Revenue
4.00%, 07/01/21		   2,487,393 
 2,450,000   City of Bryan Waterworks & Sewer Current Refunding Revenue
4.00%, 07/01/22		   2,643,501 
 2,535,000   City of Cedar Park Public Improvements Refunding GO
5.00%, 02/15/20		   2,588,235 
 4,020,000   City of College Station Improvements Advance Refunding GO
5.00%, 02/15/25		   4,817,126 
 935,000   City of Conroe Public Improvements GO
5.00%, 03/01/25		   1,090,285 
 2,075,000   City of Denton Public Improvements GO
5.00%, 02/15/23		   2,348,547 
 1,715,000   City of Denton Public Improvements GO
5.00%, 02/15/24		   1,997,255 
 1,290,000   City of Denton Public Improvements GO
5.00%, 02/15/28		   1,562,603 
 830,000   City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds
5.00%, 03/01/24		   968,253 
 350,000   City of El Paso Water & Sewer Refunding Revenue Bonds
5.00%, 03/01/25		   407,379 
 1,250,000   City of El Paso Water & Sewer Refunding Revenue Bonds
5.00%, 03/01/26		   1,449,025 
 5,145,000   City of Fort Worth Water & Sewer System Improvements Revenue
5.00%, 02/15/25		   6,168,238 
 2,240,000   City of McKinney Waterworks & Sewer System Revenue Sewer Improvements
5.00%, 03/15/25		   2,680,429 
 2,360,000   City of McKinney Waterworks & Sewer System Revenue Sewer Improvements
5.00%, 03/15/26		   2,889,867 
 930,000   City of Pflugerville Advance Refunding GO
5.00%, 08/01/26		   1,145,909 
Principal
Amount		      Value 
Texas (continued)     
$1,815,000   City of Plano Advance Refunding GO
5.00%, 09/01/23		  $2,090,989 
 2,820,000   City of Plano Recreation Facilities Improvements GO
5.00%, 09/01/30		   3,559,940 
 1,180,000   City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds
5.00%, 05/01/26		   1,448,061 
 1,205,000   City of Round Rock TX Utility System Revenue Advance Refunding
5.00%, 08/01/25		   1,456,688 
 1,505,000   Clint Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/25		   1,821,953 
 1,535,000   College of the Mainland University and College Improvements GO
5.00%, 08/15/29		   1,942,328 
 1,195,000   Connally Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/25		   1,443,584 
 900,000   Conroe Independent School District School Improvements GO, (PSF-GTD)
5.00%, 02/15/21		   953,603 
 460,000   Conroe Independent School District School Improvements GO, (PSF-GTD)
5.00%, 02/15/22		   504,910 
 1,400,000   Coppell Independent School District School Improvements GO, (PSF-GTD)
5.00%, 08/15/32		   1,759,926 
 2,130,000   County of Bexar Advance Refunding GO
5.00%, 06/15/26		   2,576,214 
 7,500,000   County of Bexar Advance Refunding GO
5.00%, 06/15/29		   9,141,525 
 2,910,000   County of Bexar Refunding GO
5.00%, 06/15/22		   3,227,801 
 24,000,000   County of Bexar Tax Public Improvements GO, Series B
5.00%, 06/15/43(b)		   27,496,560 
 675,000   County of Collin Advance Refunding GO
5.00%, 02/15/24		   788,366 
 2,800,000   County of Dallas Public Improvements GO
5.00%, 08/15/28		   3,443,412 


140
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$1,500,000   County of Denton Advance Refunding GO
5.00%, 07/15/24		  $1,774,215 
 1,590,000   County of Harris Advance Refunding Revenue, Series A
5.00%, 08/15/25		   1,925,888 
 1,850,000   County of Williamson Limited Tax Advance Refunding GO
5.00%, 02/15/24		   2,153,585 
 1,000,000   County of Williamson Limited Tax Refunding GO
5.00%, 02/15/21		   1,059,560 
 360,000   Crystal City Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/26		   429,101 
 1,500,000   Cuero Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/30		   1,865,655 
 750,000   Dallas Area Rapid Transit Refunding Revenue Bonds, Series A
5.00%, 12/01/25		   890,385 
 1,120,000   Dayton Independent School District School Improvements GO, (PSF-GTD)
5.00%, 02/15/22		   1,228,461 
 8,215,000   Denton Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/26		   9,782,093 
 6,500,000   Denton Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/29		   7,864,415 
 1,085,000   Denver City Independent School District School Building GO, Series A, (PSF-GTD)
5.00%, 02/15/25		   1,295,653 
 2,665,000   Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/25		   3,229,687 
 1,835,000   Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/27		   2,228,644 
 10,000,000   Eagle Mountain & Saginaw Independent School District School Improvements GO, (PSF-GTD), Series 2011
2.00%, 08/01/50(a)(c)		   10,288,900 
Principal
Amount		      Value 
Texas (continued)     
$3,000,000   Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/25		  $3,585,990 
 1,500,000   El Paso Independent School District Refunding GO (PSF-GTD)
5.00%, 08/15/25		   1,773,345 
 2,280,000   Fort Bend Independent School District Refunding Notes GO, Series A, (PSF-GTD)
1.95%, 08/01/49(a)		   2,320,516 
 4,320,000   Fort Worth Independent School District School Building GO, (PSF-GTD)
5.00%, 02/15/22		   4,739,515 
 885,000   Frenship Independent School District Refunding GO (PSF-GTD)
5.00%, 02/15/26		   1,029,379 
 4,890,000   Frisco Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/26		   5,976,900 
 1,385,000   Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A
5.00%, 02/15/25		   1,659,632 
 1,095,000   Graham Independent School District Refunding GO, Series B (PSF-GTD)
5.00%, 02/15/21		   1,160,218 
 4,500,000   Grand Parkway Transportation Corp Highway Improvements Revenue Bonds, Sub-Tier Series B
5.00%, 10/01/52(a)		   5,138,235 
 2,865,000   Harris County Flood Control District Advance Refunding
5.00%, 10/01/28		   3,614,742 
 1,000,000   Harris County Refunding GO, Series C, (AGM)
5.25%, 08/15/19		   1,001,480 
 2,040,000   Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/27		   2,541,616 
 2,730,000   Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/27		   3,362,186 
 4,000,000   Houston Independent School District Improvements GO, (PSF-GTD)
5.00%, 02/15/28		   4,970,280 


141
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$175,000   Hutto Independent School District Advance Refunding GO, (PSF-GTD), Series A
5.00%, 08/01/25		  $208,721 
 2,455,000   Irving Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/24		   2,866,114 
 585,000   Kaufman Independent School District School Building Refunding GO, (PSF-GTD)
5.00%, 02/15/24		   680,156 
 500,000   Kaufman Independent School District School Building Refunding GO, (PSF-GTD)
5.00%, 02/15/25		   596,195 
 750,000   Klein Independent School District School Improvements GO, (PSF-GTD)
5.00%, 08/01/23		   863,123 
 1,645,000   La Joya Independent School District Refunding GO (PSF-GTD)
5.00%, 02/15/31		   2,059,803 
 13,725,000   Lone Star College System Advance Refunding GO
5.00%, 02/15/29		   16,626,328 
 4,455,000   Lone Star College System Advance Refunding GO, Series B
5.00%, 02/15/23		   5,045,599 
 1,835,000   Longview Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/21		   1,944,293 
 1,860,000   Longview Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/23		   2,103,809 
 560,000   Longview Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/24		   651,895 
 225,000   Longview Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/26		   275,330 
 2,670,000   Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/25		   3,235,746 
 300,000   Manor Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/01/26		   370,773 
Principal
Amount		      Value 
Texas (continued)     
$3,410,000   Manor Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/01/24		  $4,029,495 
 1,005,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A
5.00%, 08/15/23		   1,155,820 
 1,060,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A
5.00%, 08/15/24		   1,254,998 
 1,110,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A
5.00%, 08/15/25		   1,345,919 
 1,435,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B
5.00%, 08/15/23		   1,650,350 
 1,650,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B
5.00%, 08/15/25		   2,000,691 
 585,000   Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B
5.00%, 08/15/26		   724,487 
 580,000   Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD)
5.00%, 08/15/24		   686,697 
 1,170,000   Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD)
5.00%, 08/15/25		   1,418,672 
 1,000,000   Mesquite Independent School District Improvements GO, Series C, (PSF-GTD)
5.00%, 08/15/21		   1,078,520 
 595,000   Mesquite Independent School District Improvements GO, Series C, (PSF-GTD)
5.00%, 08/15/26		   736,872 
 1,585,000   Mesquite Independent School District School Improvements GO, Series B (PSF-GTD)
5.00%, 08/15/26		   1,962,927 
 3,000,000   Midlothian Independent School District Refunding GO, Series C (PSF-GTD)
2.00%, 08/01/51(a)(c)		   3,082,260 
 1,000,000   New Caney Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/27		   1,245,890 


142
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$250,000   Northside Independent School District School Improvements GO, (PSF-GTD)
5.00%, 08/15/26		  $309,419 
 2,525,000   Northwest Independent School District Refunding GO, (PSF-GTD), Series B
5.00%, 02/15/25		   3,028,662 
 1,145,000   Palestine Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/23		   1,292,968 
 1,220,000   Palestine Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/28		   1,476,956 
 250,000   Pasadena Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/15/22		   274,209 
 4,420,000   Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD)
5.00%, 02/15/25		   4,996,103 
 26,505,000   Permanent University Fund - Texas A&M University System Refunding Revenue Bonds
5.50%, 07/01/28		   31,773,929 
 750,000   Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 02/01/27		   885,435 
 1,525,000   Plano Independent School District School Improvement GO, (PSF-GTD)
5.00%, 02/15/23		   1,732,858 
 5,000,000   Plano Independent School District School Improvement GO, (PSF-GTD)
5.00%, 02/15/26		   6,142,950 
 2,595,000   Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B
5.00%, 02/15/25		   3,104,943 
 1,000,000   Prosper Independent School District School Building School Improvement GO, (PSF-GTD)
5.00%, 02/15/25		   1,197,690 
 925,000   Roma Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/22		   1,029,664 
Principal
Amount		      Value 
Texas (continued)     
$1,020,000   Roma Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/23		  $1,170,899 
 1,075,000   Roma Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/24		   1,269,296 
 1,000,000   Roma Independent School District Refunding GO, (PSF-GTD)
5.00%, 08/15/25		   1,208,670 
 1,330,000   San Antonio Independent School District School Improvements GO, (PSF-GTD)
5.00%, 08/15/23		   1,532,439 
 7,000,000   San Antonio Water System Water Utility Improvements Revenue Bonds, Series A
2.63%, 05/01/49(a)		   7,375,270 
 705,000   San Elizario Independent School District School Improvements GO, (PSF-GTD)
5.00%, 05/01/25		   845,817 
 1,195,000   Southside Independent School District School Improvement GO, (PSF-GTD)
5.00%, 08/15/29		   1,493,678 
 5,000,000   Spring Branch Independent School District School Improvement GO, (PSF-GTD)
1.55%, 06/15/41(a)(c)		   5,016,250 
 450,000   Spring Independent School District Advance Refunding GO (PSF-GTD)
5.00%, 08/15/27		   553,869 
 1,000,000   Spring Independent School District Advance Refunding GO, (PSF- GTD)
5.00%, 08/15/26		   1,238,440 
 2,160,000   Spring Independent School District Advance Refunding GO, (PSF-GTD)
5.00%, 08/15/22		   2,409,199 
 7,180,000   Spring Independent School District Advance Refunding GO, Series A
5.00%, 08/15/28		   8,797,726 
 500,000   Stafford Municipal School District School Improvement GO, (PSF-GTD)
5.00%, 08/15/30		   636,385 
 24,500,000   State of Texas Cash Flow Management Revenue Notes
4.00%, 08/29/19		   24,549,490 


143
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Texas (continued)     
$9,500,000   State of Texas Housing GO, Series D
1.42%, 06/01/45(a)(c)		  $9,500,000 
 10,000,000   State of Texas Mobility Funds Highway Improvement GO, Series B
1.38%, 04/01/36(a)		   10,000,000 
 5,000,000   State of Texas Public Finance Authority Advance Refunding GO
5.00%, 10/01/26		   6,216,850 
 2,695,000   State of Texas Public Finance Authority Refunding GO
5.00%, 10/01/20		   2,817,784 
 2,500,000   State of Texas Refunding Public Notes GO, Series A
5.00%, 10/01/21		   2,709,525 
 3,200,000   State of Texas Transportation Commission Advance Refunding GO, Series F
5.00%, 10/01/25		   3,895,936 
 5,000,000   State of Texas Transportation Commission Advance Refunding GO, Series F
5.00%, 10/01/28		   6,009,700 
 1,840,000   State of Texas Transportation Commission Advance Refunding GO, Series F
5.00%, 10/01/30		   2,301,380 
 6,500,000   State of Texas Transportation Commission Highway Improvement GO
5.00%, 04/01/25		   7,817,940 
 9,320,000   State of Texas Transportation Commission Highway Improvement GO
5.00%, 04/01/27		   11,419,982 
 12,005,000   State of Texas Transportation Commission Highway Improvement GO
5.00%, 04/01/30		   13,171,286 
 3,500,000   State of Texas Transportation Commission Refunding GO, Series A
5.00%, 10/01/22		   3,924,865 
 2,500,000   State of Texas Water Financial Assistance Refunding GO, Series 2019 C
5.00%, 08/01/22		   2,788,000 
 1,030,000   State of Texas Water Utility Improvement Refunding GO, Series B1
5.00%, 08/01/26		   1,276,077 
 1,000,000   State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-2
5.00%, 08/01/28		   1,174,860 
Principal
Amount		      Value 
Texas (continued)     
$3,500,000   State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-3
5.00%, 08/01/27		  $4,421,305 
 1,000,000   Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD)
5.00%, 08/15/26		   1,238,440 
 1,000,000   Temple Independent School District Advance Refunding GO, (PSF- GTD)
5.00%, 02/01/27		   1,244,150 
 1,000,000   Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds
5.00%, 10/01/22		   1,121,720 
 5,785,000   Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds
5.00%, 10/01/24		   6,897,976 
 3,225,000   Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A
5.00%, 04/01/21		   3,432,851 
 4,250,000   Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A
5.00%, 10/01/26		   5,307,315 
 2,080,000   Texas Water Development Board Water Utility Improvements Revenue Bonds
5.00%, 08/01/31		   2,684,552 
 1,000,000   Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds
5.00%, 08/01/24		   1,183,270 
 500,000   United Independent School District GO, (PSF-GTD)
5.00%, 08/15/22		   557,049 
 1,680,000   United Independent School District GO, (PSF-GTD)
5.00%, 08/15/23		   1,930,690 
 935,000   United Independent School District GO, (PSF-GTD)
5.00%, 08/15/24		   1,107,003 
 2,085,000   United Independent School District GO, (PSF-GTD)
5.00%, 08/15/25		   2,525,456 


144
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Texas (continued)
$1,635,000   United Independent School District GO, (PSF-GTD)
5.00%, 08/15/26		  $2,021,138 
 1,000,000   United Independent School District GO, (PSF-GTD)
5.00%, 08/15/27		   1,258,220 
 220,000   University of North Texas Prerefunded Refunding Revenue
5.00%, 04/15/20		   225,925 
 420,000   University of North Texas Prerefunded Refunding Revenue
5.00%, 04/15/21		   447,035 
 1,480,000   University of North Texas Unrefunded Refunding Revenue
5.00%, 04/15/20		   1,520,167 
 1,065,000   University of Texas System Refunding Revenue Bonds, Series A
5.00%, 08/15/29		   1,238,733 
 2,000,000   University of Texas System University and College Improvements Revenue, Series D
5.00%, 08/15/23		   2,306,980 
 7,000,000   University of Texas System/The Advance Refunding Revenue Bonds, Series C
5.00%, 08/15/26		   8,700,860 
 5,000,000   University of Texas System/The Refunding Revenue Bonds, Series B 1.28%, 08/01/32(a)   5,000,000 
 325,000   Waco Independent School District Advance Refunding GO, (PSF- GTD)
5.00%, 08/15/27		   400,503 
 640,000   Wall Independent School District School Improvements GO, (PSF-GTD)
5.00%, 02/15/27		   758,099 
 1,210,000   Wichita Falls Independent School District School Improvements GO (PSF-GTD)
5.00%, 02/01/23		   1,367,385 
         553,468,682 
Utah — 0.1%
 1,975,000   Alpine School District School Building GO, (School Board GTY)
5.00%, 03/15/21(b)		   1,984,283 
Principal
Amount		      Value 
Utah (continued)
$840,000   Salt Lake County Municipal Building Authority Public Facilities Revenue Bonds
5.00%, 01/15/31		  $1,045,985 
         3,030,268 
Virginia — 5.9%
 4,110,000   City of Suffolk Public Improvements GO
5.00%, 02/01/26(b)		   4,342,955 
 1,600,000   City of Virginia Beach Current Refunding GO, Series B, (State Aid Withholding)
5.00%, 07/15/26		   1,994,752 
 5,175,000   City of Virginia Beach Public Improvements GO, Series A, (State Aid Withholding)
5.00%, 07/15/26		   6,451,776 
 7,430,000   Commonwealth of Virginia Advance Refunding GO, Series B (State Aid Withholding)
5.00%, 06/01/28		   8,987,625 
 3,815,000   Commonwealth of Virginia University and College Improvements GO, Series A
5.00%, 06/01/22		   4,232,933 
 3,865,000   Commonwealth of Virginia University and College Improvements GO, Series A
5.00%, 06/01/27		   4,801,451 
 7,000,000   Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding)
5.00%, 10/01/22		   7,859,040 
 5,000,000   Country of Fairfax School Improvements GO, Series A, (State Aid Withholding)
5.00%, 10/01/27		   6,314,400 
 4,630,000   Country of Fairfax School Improvements GO, Series A, (State Aid Withholding)
5.00%, 10/01/28		   6,048,725 
 2,000,000   Country of Fairfax School Improvements GO, Series A, (State Aid Withholding)
5.00%, 10/01/28		   2,521,200 
 2,660,000   County of Arlington Public Improvements GO
5.00%, 08/15/31		   3,410,093 
 3,270,000   County of Chesterfield School Improvements GO, Series A, (State Aid Withholding)
5.00%, 01/01/27		   4,111,044 
 2,160,000   County of Fairfax Sewer Improvement Revenue Bonds
5.00%, 07/15/22(b)		   2,321,417 


145
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Virginia (continued)
$7,530,000   County of Loudoun Public Facilities GO, Series A, (State Aid Withholding)
5.00%, 12/01/26		  $9,473,493 
 1,350,000   Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A
4.50%, 03/01/20		   1,376,555 
 1,170,000   Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A
5.00%, 10/01/24		   1,393,154 
 10,000,000   Virginia College Building Authority Advance Refunding Revenue Bonds
5.00%, 02/01/27		   12,546,100 
 1,000,000   Virginia College Building Authority Advance Refunding Revenue, Series A
5.00%, 09/01/28		   1,236,940 
 2,000,000   Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program)
5.00%, 09/01/21		   2,084,180 
 10,000,000   Virginia College Building Authority University & College Improvements Revenue Bonds, Series A
5.00%, 02/01/28		   12,781,100 
 18,175,000   Virginia College Building Authority University & College Improvements Revenue Bonds, Series A
5.00%, 02/01/31		   23,421,759 
 500,000   Virginia College Building Authority, University and College Improvements Revenue, Series A
5.00%, 02/01/27(b)		   585,095 
 6,000,000   Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds
5.00%, 09/15/29		   7,561,920 
 2,600,000   Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A
5.00%, 05/15/23		   2,979,496 
Principal
Amount		      Value 
Virginia (continued)
$5,375,000   Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A
5.00%, 05/15/28		  $6,851,566 
 5,000,000   Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds
5.00%, 03/15/23(b)		   5,504,800 
 5,000,000   Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds
5.00%, 05/15/27		   6,168,450 
 6,145,000   Virginia Public Building Authority Advance Refunding Revenue Bonds, Series B
5.00%, 08/01/26		   7,654,827 
 2,465,000   Virginia Public Building Authority Revenue Bonds, Series A
5.00%, 08/01/21		   2,656,432 
 8,805,000   Virginia Public Building Authority Revenue Bonds, Series A
5.00%, 08/01/30		   11,529,091 
 6,500,000   Virginia Public Building Authority Revenue Bonds, Series A
5.00%, 08/01/31		   8,437,455 
 1,250,000   Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation)
5.00%, 08/01/21(b)		   1,250,000 
 500,000   Virginia Public School Authority Advance Refunding Revenue Bonds
5.00%, 02/01/26		   615,525 
 2,450,000   Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding)
5.00%, 08/01/24		   2,912,119 
 5,000,000   Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding)
5.00%, 08/01/25		   6,092,650 
 1,500,000   Virginia Resources Authority Advance Refunding Revenue
5.00%, 11/01/26		   1,876,590 
 1,120,000   Virginia Resources Authority Refunding Revenue Bonds
5.00%, 11/01/25		   1,339,733 


146
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Virginia (continued)
$30,000   Virginia Resources Authority Refunding Revenue Bonds
5.00%, 11/01/25(b)		  $35,696 
         201,762,137 
Washington — 3.9%
 1,025,000   Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY)
5.00%, 12/01/21		   1,117,137 
 1,050,000   Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY)
5.00%, 12/01/26		   1,290,219 
 2,100,000   City of Seattle Public Improvements GO, Series A
5.00%, 11/01/24		   2,509,626 
 1,600,000   Clark County Public Utility District No 1 Refunding Revenue Bonds
5.00%, 01/01/27		   1,935,392 
 825,000   Clark County School District No 117 Camas School Improvements GO, (School Board GTY)
5.00%, 12/01/24		   986,708 
 1,000,000   County of King WA Sewer Advance Refunding Revenue Bonds
5.00%, 07/01/30		   1,243,750 
 7,000,000   County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B
5.00%, 07/01/29		   9,007,600 
 10,000,000   Energy Northwest Advance Refunding Revenue Bonds
5.00%, 07/01/27		   12,320,300 
 3,900,000   Energy Northwest Refunding Revenue Bonds, Series A
5.00%, 07/01/28		   4,312,191 
 1,035,000   King County Refunding GO
5.00%, 07/01/25		   1,239,040 
 5,395,000   King County Refunding GO
5.00%, 07/01/26		   6,433,214 
 9,000,000   King County School District No 411 Issaquah School Improvement GO, (School Board GTY)
5.00%, 12/01/32		   11,191,770 
 3,000,000   King County School District No 411 Issaquah School Improvement GO, (School Board GTY)
5.00%, 12/01/33		   3,718,200 
Principal
Amount		      Value 
Washington (continued)
$1,180,000   Nooksack Valley School District No 506 School Improvements GO, (School Board GTY)
5.00%, 12/01/24		  $1,404,566 
 2,995,000   Pierce County School District No 10 Tacoma Current Refunding GO, (School Board GTY)
5.00%, 12/01/26		   3,650,546 
 1,000,000   Pierce County School District No 402 Franklin Pierce School Improvements GO, (School Board GTY)
5.00%, 12/01/30		   1,248,970 
 750,000   Port of Seattle Inter Lien Refunding Revenue Bonds
5.00%, 02/01/27		   908,858 
 5,000,000   Port of Seattle Refunding GO
5.00%, 06/01/24		   5,898,200 
 4,000,000   Port of Seattle WA Refunding GO, Series A
5.00%, 11/01/21		   4,346,960 
 1,120,000   Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY)
5.00%, 12/01/23		   1,298,550 
 5,000,000   Snohomish County School District No 201 Refunding GO (School Board GTY)
5.00%, 12/01/25		   5,858,600 
 360,000   Spokane County School District No 354 Mead School Improvement GO, (School Board GTY)
5.00%, 12/01/22		   405,421 
 5,000,000   State of Washington Advance Refunding GO, Series R-2017A
5.00%, 08/01/27		   6,186,250 
 15,000,000   State of Washington Advance Refunding GO, Series R-2018C
5.00%, 08/01/25		   18,248,850 
 3,195,000   State of Washington Public Improvements GO, Series B
5.00%, 08/01/27		   3,953,014 
 5,475,000   State of Washington Public Improvements GO, Series C
5.00%, 02/01/30		   6,470,848 
 800,000   State of Washington Refunding GO, Series R-2012C
5.00%, 07/01/23		   889,663 
 2,315,000   State of Washington School Improvements GO, Series C
5.00%, 02/01/27		   2,902,547 


147
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
Washington (continued)
$3,250,000   State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds
5.00%, 09/01/19		  $3,260,075 
 3,100,000   State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, Series C
5.00%, 06/01/29		   3,782,341 
 4,435,000   Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY)
5.00%, 12/01/24		   5,291,665 
         133,311,071 
West Virginia — 0.1%
 5,000,000   West Virginia Commissioner of Highways Improvement Revenue Bonds, Series A
5.00%, 09/01/20		   5,205,000 
Wisconsin — 2.0%
 10,000,000   Public Finance Authority Hospital Revenue Bonds, Series B
1.37%, 10/01/49(a)		   10,000,000 
 9,140,000   State of Wisconsin Advance Refunding GO, Series 3
5.00%, 11/01/28		   11,487,700 
 5,000,000   State of Wisconsin Advance Refunding GO, Series 3
5.00%, 11/01/31		   6,184,000 
 4,700,000   State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds
5.00%, 06/01/29(b)		   5,545,389 
 14,000,000   State of Wisconsin Current Refunding Revenue Bonds, Series A
5.00%, 05/01/29		   17,489,920 
 1,200,000   State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B
5.00%, 05/01/27		   1,474,812 
 3,205,000   State of Wisconsin Public Improvements GO, Series B
5.00%, 05/01/30(b)		   3,544,121 
 1,900,000   State of Wisconsin Refunding Bonds GO, Series 3
5.00%, 11/01/25		   2,131,990 
 2,770,000   State of Wisconsin Refunding GO, Series 2
5.00%, 11/01/26		   3,463,276 
Principal
Amount		      Value 
Wisconsin (continued)
$860,000   State of Wisconsin Refunding Notes GO, Series A
5.00%, 05/01/28		  $1,033,359 
 6,385,000   Wisconsin Department of Transportation Refunding Revenue Bonds, Series 1
5.00%, 07/01/29(b)		   7,338,983 
         69,693,550 
Total Municipal Bonds
(Cost $3,144,147,444)		   3,239,672,778 
U.S. GOVERNMENT SECURITIES — 1.3%
U.S. Treasury Notes — 1.3%
 45,000,000   2.13%, 05/31/2021   45,161,719 
Total U.S. Government Securities
(Cost $45,232,241)		   45,161,719 
           
Shares         
INVESTMENT COMPANY — 5.1%
 175,056,317   SEI Daily Income Trust Government II Fund, Class A, 2.06%(d)   175,056,317 
Total Investment Company
 (Cost $175,056,317)		   175,056,317 
      
TOTAL INVESTMENTS — 100.4%
(Cost $3,364,436,002)		  $3,459,890,814 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%   (13,407,178)
NET ASSETS — 100.0%  $3,446,483,636 

 

 
(a) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of July 31, 2019.
(b) These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(c) These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(d) The rate shown represents the current yield at July 31, 2019.


148
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

The following abbreviations are used in the report:

 

AGM — Assured Guaranty Municipal Corp.

COP — Certificates of Participation

GO — General Obligations

GTY — Guaranty

PSF-GTD — Permanent School Fund Guarantee

Q–SBLF — Qualified-School Bond Loan Fund

Portfolio diversification by State (Unaudited)

 

State  Percentage
of Net Assets
Alabama   1.0%
Arizona   0.9 
California   3.1 
Colorado   0.3 
Connecticut   3.4 
Delaware   1.6 
District Of Columbia   0.3 
Florida   2.6 
Georgia   2.8 
Hawaii   0.9 
Idaho   0.1 
Illinois   0.8 
Indiana   0.1 
Iowa   0.8 
Kansas   0.6 
Kentucky   0.5 
Louisiana   0.1 
Maine   0.1 
Maryland   8.0 
Massachusetts   5.8 
Michigan   0.5 
Minnesota   0.9 
Mississippi   0.5 
Missouri   0.7 
New Hampshire   0.3 
New Jersey   0.7 
New Mexico   0.3 
New York   15.5 
North Carolina   2.2 
Ohio   5.0 
Oklahoma   0.7 
Oregon   1.5 
Pennsylvania   1.1 
Rhode Island   0.5 
South Carolina   0.8 
South Dakota   0.1 
Tennessee   0.8 
Texas   16.1 
Utah   0.1 
Virginia   5.9 
Washington   3.9 
West Virginia   0.1 
Wisconsin   2.0 
Other*   6.0 
    100.0%

 

 

 

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


149
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
MUNICIPAL BONDS — 96.4%     
California — 96.4%     
$1,000,000   Abag Finance Authority for Nonprofit Corps Odd fellows Home CA Refunding Revenue Bonds, Series A
5.00%, 04/01/23		  $1,140,260 
 175,000   Alameda County Joint Powers Authority Refunding Revenue Bonds
5.00%, 12/01/20		   184,587 
 150,000   Allan Hancock Joint Community College District/CA University & College Improvements GO, Series E
5.00%, 08/01/28		   197,162 
 2,040,000   Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4
5.00%, 04/01/38(a)		   2,340,757 
 6,000,000   Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4
5.00%, 04/01/43(a)		   6,884,580 
 24,695,000   Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4
5.25%, 04/01/48(a)		   28,557,792 
 100,000   Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds
5.00%, 04/01/22		   110,687 
 125,000   Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds
5.00%, 04/01/23		   143,213 
 6,000,000   Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds
2.00%, 04/01/53(b)		   6,153,660 
 110,000   Brentwood Infrastructure Financing Authority Refunding Revenue Bonds
5.00%, 07/01/24		   131,064 
 150,000   Cabrillo Community College District Refunding GO
5.00%, 08/01/23		   168,227 
Principal
Amount		      Value 
California (continued)     
$100,000   Cabrillo Community College District Refunding GO
5.00%, 08/01/24		  $112,087 
 930,000   Cabrillo Community College District Refunding GO
5.00%, 08/01/27		   1,037,722 
 500,000   California Educational Facilities Authority Advance Refunding Revenue Bonds
5.00%, 01/01/27		   618,575 
 1,550,000   California Educational Facilities Authority Refunding Revenue Bonds
5.00%, 10/01/23		   1,806,711 
 275,000   California Health Facilities Financing Authority Current Refunding Revenue Bonds
5.00%, 11/15/22		   311,729 
 1,000,000   California Health Facilities Financing Authority Current Refunding Revenue Bonds
5.00%, 11/01/23		   1,167,410 
 100,000   California Health Facilities Financing Authority Current Refunding Revenue Bonds
5.00%, 11/15/25		   123,861 
 125,000   California Infrastructure & Economic Development Bank University & College Improvements Revenue Bonds
5.00%, 05/15/23		   143,698 
 150,000   California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond
5.00%, 10/01/22		   169,109 
 250,000   California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond
5.00%, 10/01/23		   291,515 
 100,000   California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond
5.00%, 10/01/23		   116,605 
 150,000   California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond
5.00%, 10/01/26		   190,365 
 125,000   California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond
5.00%, 10/01/27		   162,236 


150
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$100,000   California Municipal Finance Authority Advance Refunding Anaheim Water System Project Revenue Bonds, Series A
5.00%, 10/01/24		  $120,297 
 100,000   California Municipal Finance Authority Advance Refunding Revenue Bonds
5.00%, 08/15/23		   115,907 
 2,200,000   California Municipal Finance Authority Nursing Homes NCROC-Paradise Valley Estate Revenue Bonds
2.25%, 07/01/25		   2,218,502 
 405,000   California Municipal Finance Authority Pre-refunding Revenue Bonds
6.35%, 12/01/31(a)		   433,897 
 415,000   California Municipal Finance Authority Pre-refunding Revenue Bonds
6.80%, 12/01/36(a)		   447,017 
 160,000   California Municipal Finance Authority Retirement Facilities California Armenian Home Project Revenue Bonds
5.00%, 05/15/22		   177,398 
 100,000   California Municipal Finance Authority Retirement Facilities Revenue Bonds
5.00%, 04/01/23		   114,491 
 125,000   California Municipal Finance Authority Retirement Facilities Revenue Bonds
5.00%, 04/01/24		   147,791 
 645,000   California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds
4.00%, 07/01/23		   714,924 
 670,000   California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds
4.00%, 07/01/24		   759,700 
 4,770,000   California State Current Refunding GO
5.00%, 08/01/27		   5,715,939 
 250,000   California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C
5.00%, 11/01/23		   291,280 
Principal
Amount		      Value 
California (continued)     
$460,000   California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C
5.00%, 11/01/24		  $551,807 
 100,000   California State Public Works Board Correctional Facilities Improvements, Series A
5.00%, 11/01/25		   122,791 
 200,000   California State Public Works Board Correctional Facilities Improvements, Series C
5.00%, 11/01/27		   255,740 
 150,000   California State Public Works Board Public Improvements Revenue Bonds, Series G
5.00%, 11/01/22		   169,238 
 325,000   California State Public Works Board Refunding Revenue Bonds, Series F
5.00%, 05/01/26		   392,714 
 100,000   California State Public Works Board, Advance Refunding Revenue Bonds
5.00%, 11/01/26		   125,419 
 250,000   California State University & College Improvements Current Refunding Revenue Bonds, Series A
5.00%, 11/01/23		   291,848 
 400,000   California State University & College Improvements Refunding Revenue Bonds, Series A
5.00%, 11/01/24		   412,120 
 1,785,000   California State University & College Improvements Revenue Bonds, Series A
5.00%, 11/01/24		   2,150,354 
 135,000   California State University Current Refunding Revenue Bonds, Series A
5.00%, 11/01/19		   136,376 
 1,000,000   California State University Current Refunding Revenue Bonds, Series A
5.00%, 11/01/24		   1,128,930 
 250,000   California State University Current Refunding Revenue Bonds, Series A
5.00%, 11/01/25		   301,028 
 120,000   California State University Current Refunding Revenue Bonds, Series C
5.00%, 11/01/21		   130,830 


151
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$150,000   California Statewide Communities Development Authority
5.00%, 08/15/23		  $173,411 
 150,000   California Statewide Communities Development Authority Advance Refunding Revenue Bonds
5.00%, 08/15/25		   183,147 
 100,000   California Statewide Communities Development Authority Nursing Homes Retirement Facilities Revenue Bonds
5.00%, 07/01/28		   129,163 
 5,000,000   Carlsbad Unified School District School Improvements GO, Series B
6.00%, 05/01/34		   6,103,500 
 1,180,000   City & County of San Francisco CA Current Refunding School Improvements, Series R1
5.00%, 09/01/22		   1,326,096 
 325,000   City & County of San Francisco CA Public Improvements GO, Series B
5.00%, 06/15/22		   362,645 
 100,000   City & County of San Francisco CA Refunding COP
5.00%, 04/01/21		   106,719 
 150,000   City & County of San Francisco CA Refunding COP
5.00%, 04/01/23		   171,914 
 1,475,000   City & County of San Francisco CA Refunding GO, Series R1
5.00%, 06/15/22		   1,617,411 
 2,500,000   City & County of San Francisco CA Refunding Public Improvements COP
5.00%, 04/01/23		   2,862,300 
 100,000   City of Los Angeles CA Wastewater System Revenue Advance Refunding Revenue Bonds, Subseries A
5.00%, 06/01/24		   119,053 
 100,000   City of Los Angeles CA Wastewater System Revenue Green Bond, Subseries A
5.00%, 06/01/27		   128,461 
 2,550,000   City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A
5.00%, 06/01/25		   2,936,810 
Principal
Amount		      Value 
California (continued)     
$1,800,000   City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A
5.00%, 06/01/27		  $2,070,108 
 3,645,000   City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C
5.00%, 05/15/23		   4,187,303 
 1,500,000   City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C
5.00%, 05/15/24		   1,778,670 
 200,000   City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds
5.00%, 05/15/24		   237,156 
 100,000   City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds
5.00%, 05/15/25		   121,953 
 275,000   City of Palo Alto CA Parking Facility Improvement COP, Series A
5.00%, 11/01/23		   321,409 
 150,000   City of Palo Alto CA Parking Facility Improvement COP, Series A
5.00%, 11/01/24		   180,788 
 200,000   City of Palo Alto CA Parking Facility Improvement COP, Series A
5.00%, 11/01/25		   247,484 
 100,000   City of Roseville CA Water Utility Revenue Advance Refunding COP
5.00%, 12/01/23		   117,235 
 150,000   City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds
5.00%, 09/01/25		   185,229 
 165,000   City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds
5.00%, 09/01/26		   208,725 
 100,000   City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Green Bond, Series D
5.00%, 11/01/26		   127,003 
 1,900,000   City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds
5.00%, 11/01/28		   2,313,535 


152
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$200,000   City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A
5.00%, 09/01/20		  $208,908 
 450,000   City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A
5.00%, 09/01/22		   505,715 
 150,000   Compton Community College District University & College Improvements GO, Series 2014-A (BAM)
4.00%, 08/01/19		   150,000 
 275,000   Contra Costa Water District Refunding Revenue Bonds, Series T
5.00%, 10/01/25		   329,434 
 425,000   County of Marin CA Advance Refunding Public Improvements
5.00%, 11/01/26		   523,303 
 150,000   County of Monterey CA Public Improvements COP
5.00%, 10/01/19		   151,016 
 225,000   County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D
5.00%, 07/01/23		   258,910 
 225,000   County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D
5.00%, 07/01/26		   280,946 
 1,500,000   County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A
5.00%, 10/01/23		   1,738,425 
 100,000   County of San Diego CA Refunding COP, Series A
5.00%, 10/15/25		   119,979 
 100,000   Cucamonga Valley Water District Financing Authority Current Refunding Revenue Bonds
5.00%, 09/01/24		   119,955 
 1,445,000   Desert Community College District Refunding GO
5.00%, 08/01/26		   1,823,171 
 200,000   East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A
5.00%, 06/01/22		   222,860 
Principal
Amount		      Value 
California (continued)     
$300,000   East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A
5.00%, 06/01/23		  $346,119 
 225,000   East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A
5.00%, 06/01/24		   268,103 
 150,000   East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A
5.00%, 06/01/25		   184,002 
 115,000   East Bay Municipal Utility District Water System Revenue Pre-refunded Revenue Bonds, Subseries A
5.00%, 06/01/23(a)		   118,911 
 200,000   Los Angeles Community College District/CA Refunding GO, Series A
5.00%, 08/01/25		   239,662 
 1,100,000   Los Angeles Community College District/CA Refunding GO, Series A
5.00%, 08/01/29		   1,303,951 
 1,000,000   Los Angeles Community College District/CA University & College Improvements GO, Series 2008-F
5.00%, 08/01/24		   1,160,190 
 850,000   Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Senior Series B
5.00%, 07/01/25		   980,934 
 3,000,000   Los Angeles County Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B
5.00%, 07/01/23		   3,475,890 
 100,000   Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A
5.00%, 07/01/23		   115,905 
 125,000   Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A
5.00%, 07/01/24		   149,468 


153
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$120,000   Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A
5.00%, 07/01/25		  $142,915 
 800,000   Los Angeles County Metropolitan Transportation Authority Green Bond, Series A
5.00%, 07/01/23		   927,240 
 125,000   Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds
5.00%, 07/01/21		   134,703 
 250,000   Los Angeles County Metropolitan Transportation Authority, Green Bond, Series A
5.00%, 07/01/22		   279,935 
 275,000   Los Angeles County Metropolitan Transportation Authority, Refunding Revenue Bonds
5.00%, 07/01/24		   328,829 
 250,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A
5.00%, 07/01/23		   288,823 
 125,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A
5.00%, 07/01/27		   160,981 
 2,065,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A
5.00%, 07/01/23		   2,345,241 
 150,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B
5.00%, 01/01/22		   164,285 
 450,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B
5.00%, 01/01/23		   511,052 
 600,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B
5.00%, 01/01/24		   703,410 
Principal
Amount		      Value 
California (continued)     
$5,000,000   Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B
5.00%, 07/01/24		  $5,962,750 
 330,000   Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D
5.00%, 07/01/21		   355,549 
 1,425,000   Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D
5.00%, 07/01/22		   1,591,255 
 100,000   Los Angeles Department of Water & Power Power System Revenue Electricity Light & Power Improvements Revenue Bonds, Series C
5.00%, 07/01/22		   111,667 
 195,000   Los Angeles Department of Water & Power Power System Revenue Unrefunded Revenue Bonds, Series A
5.00%, 07/01/22		   210,224 
 200,000   Los Angeles Department of Water Current Refunding Revenue Bonds, Series A
5.00%, 07/01/27		   254,578 
 200,000   Los Angeles Department of Water Water Utility Improvements Current Refunding Revenue Bonds, Series B
5.00%, 07/01/28		   263,602 
 100,000   Los Angeles Department of Water Water Utility Improvements Revenue Bonds Series A
5.00%, 07/01/28		   130,200 
 1,800,000   Los Rios Community College District Refunding GO
5.00%, 08/01/27		   2,010,762 
 175,000   Marin Community College District Advance Refunding GO
5.00%, 08/01/23		   203,033 
 1,100,000   Mount San Antonio Community College District University & College Improvements GO, Series 2014-A
5.00%, 08/01/28		   1,344,651 


154
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$275,000   Mount San Antonio Community College District University & College Improvements GO, Series 2018-A
5.00%, 08/01/27		  $355,297 
 2,000,000   Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A
5.00%, 11/01/24		   2,373,840 
 325,000   Nevada County Finance
Authority Revenue Bonds
4.00%, 10/01/22		   355,648 
 450,000   Northern California Power
Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A
5.00%, 07/01/22		   502,776 
 125,000   Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24   149,201 
 210,000   Northern California Transmission Agency California-Oregon Project Advance Refunding Revenue Bonds 5.00%, 05/01/26   261,834 
 160,000   Ohlone Community College District Advance Refunding GO
5.00%, 08/01/24		   191,470 
 100,000   Orange County Sanitation District Advance Refunding Revenue Bonds
5.00%, 02/01/26		   124,799 
 3,000,000   Orange County Sanitation District Advance Refunding Revenue Bonds, Series A
5.00%, 02/01/34		   3,532,260 
 150,000   Orange County Sanitation District Current Refunding Revenue Bonds, Series A
5.00%, 02/01/27		   191,748 
 100,000   Orange County Water District Advance Refunding Revenue Bonds, Series A
5.00%, 08/15/27		   127,322 
 200,000   Orinda Union School District Current Refunding GO
5.00%, 10/15/19		   201,676 
 100,000   Otay Water District Financing Authority Current Refunding Revenue Bonds, Series A
5.00%, 09/01/27		   129,093 
Principal
Amount		      Value 
California (continued)     
$100,000   Palomar Community College District University & College Improvements GO, Series 2006-D
5.00%, 08/01/22		  $112,055 
 200,000   Placer County Water Agency Current Refunding COP
5.00%, 07/01/22		   223,518 
 150,000   Placer County Water Agency Current Refunding COP
5.00%, 07/01/28		   197,849 
 150,000   Regents of the University of California Medical Center Pooled Revenue Advance Refunding Revenue Bonds, Series L
5.00%, 05/15/23		   172,559 
 1,145,000   Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L
5.00%, 05/15/24		   1,360,077 
 1,320,000   Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J
5.00%, 05/15/24(a)		   1,515,664 
 6,150,000   Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J
5.25%, 05/15/27(a)		   7,118,625 
 1,100,000   Rio Hondo Community College District/CA Current Refunding GO, Series B
5.00%, 08/01/24		   1,316,359 
 675,000   Rio Hondo Community College District/CA Current Refunding GO, Series B
5.00%, 08/01/25		   831,728 
 870,000   Riverside County Transportation Commission Pre-refunding Refunding Notes Highway Improvements, Series A
5.25%, 06/01/24(a)		   1,010,383 
 200,000   Sacramento County Sanitation Districts Financing Authority Current Refunding Revenue Bonds
5.00%, 08/01/25		   246,178 
 3,000,000   Sacramento Municipal Utility District Refunding Revenue Bonds, Series A
5.00%, 08/15/49(b)		   3,430,140 
 275,000   Saddleback Valley Unified School District Refunding GO
5.00%, 08/01/24		   318,582 


155
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$1,000,000   San Diego Community College District Advance Refunding GO
5.00%, 08/01/28		  $1,252,950 
 1,030,000   San Diego Community College District Pre-refunded University & College Improvements GO
5.00%, 08/01/24(a)		   1,114,254 
 100,000   San Diego County Regional Transportation Commission Sales & Use Tax Refunding Revenue Bonds, Series A
5.00%, 04/01/25		   118,685 
 120,000   San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds
5.00%, 05/01/22		   133,321 
 150,000   San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds
5.00%, 05/01/23		   172,574 
 100,000   San Diego County Water Authority Financing Corp. Current Refunding Revenue Bonds, Series A
5.00%, 05/01/24(a)		   101,011 
 300,000   San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B
5.00%, 08/01/25		   368,481 
 1,115,000   San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B
5.00%, 08/01/28		   1,399,581 
 300,000   San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A
5.00%, 08/01/23		   347,415 
 1,000,000   San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Subseries A
5.00%, 08/01/31		   1,112,070 
 175,000   San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A
5.00%, 10/15/22		   197,500 
 100,000   San Diego Regional Building Authority County Operation Centre Current Advance Revenue Bonds, Series A
5.00%, 10/15/23		   116,707 
Principal
Amount		      Value 
California (continued)     
$150,000   San Dieguito Water District Current Refunding Revenue Bonds
4.00%, 10/01/19		  $150,771 
 1,500,000   San Francisco Bay Area Rapid Transit District Transit Improvements GO
5.00%, 08/01/24		   1,796,280 
 500,000   San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A
5.00%, 05/01/23		   573,255 
 3,810,000   San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A
5.00%, 05/01/26		   4,753,204 
 2,400,000   San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds
5.00%, 05/01/24		   2,840,040 
 1,095,000   San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series D
5.00%, 05/01/26		   1,168,365 
 7,000,000   San Francisco City & County Public Utilities Commission Wastewater Revenue Green Bond, Series C
2.13%, 10/01/48(b)		   7,204,820 
 200,000   San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds
5.00%, 03/01/23		   228,652 
 1,290,000   San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds
5.00%, 03/01/28		   1,468,446 
 175,000   San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds
5.00%, 03/01/26		   218,598 
 100,000   San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds
5.00%, 03/01/27		   127,910 


156
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$1,165,000   San Joaquin County Transportation Authority Refunding Revenue Bonds, Series A
5.50%, 03/01/41(a)		  $1,247,948 
 830,000   San Jose Evergreen Community College District Advance Refunding GO
5.00%, 09/01/24		   996,540 
 785,000   San Mateo County Community College District Refunding GO
5.00%, 09/01/24		   882,442 
 100,000   San Mateo Joint Powers Financing Authority Advance Refunding Revenue Bonds, Series A
5.00%, 07/15/24		   119,505 
 100,000   San Mateo Joint Powers Financing Authority Public Facilities Health Improvements Capital Project Refunding Bonds, Series A
5.00%, 07/15/27		   129,071 
 100,000   San Mateo Joint Powers Financing Authority Public Improvements Capital Project Revenue Bonds, Series A
5.00%, 07/15/25		   122,941 
 705,000   San Mateo Joint Powers Financing Authority Refunding Revenue Bonds
5.00%, 06/15/22		   786,449 
 1,000,000   San Mateo Union High School District Refunding GO
5.00%, 09/01/27		   1,196,810 
 275,000   San Mateo Union High School District Refunding GO, Series C
5.00%, 09/01/24		   330,028 
 125,000   San Rafael Joint Powers Financing Authority Green Bonds Public Facilities
5.00%, 06/01/23		   144,114 
 1,000,000   San Ramon Valley Unified School District/CA School Improvements GO
5.00%, 08/01/24		   1,197,230 
 750,000   San Ramon Valley Unified School District/CA School Improvements GO
5.00%, 08/01/25		   923,168 
 100,000   Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A
5.00%, 04/01/22		   110,715 
Principal
Amount		      Value 
California (continued)     
$125,000   Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A
5.00%, 04/01/26		  $156,094 
 300,000   Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A
5.00%, 04/01/27		   383,193 
 250,000   Santa Clara Unified School District Advance Refunding GO
5.00%, 07/01/22		   279,320 
 100,000   Santa Clara Unified School District Advance Refunding GO
5.00%, 07/01/25		   119,627 
 350,000   Santa Clara Unified School District Advance Refunding GO
5.00%, 07/01/23		   404,642 
 245,000   Santa Clara Unified School District School Improvements GO
5.00%, 07/01/27		   307,340 
 175,000   Santa Clara Valley Water District Current Refunding COP, Series A
5.00%, 02/01/23		   199,507 
 1,540,000   Santa Clarita Community College District Refunding GO
5.00%, 08/01/24		   1,788,002 
 100,000   Santa Clarita Community College District University & College Improvements GO
5.00%, 08/01/26		   125,864 
 300,000   Santa Monica Community College District University & College Improvements GO, Series 2004-C
5.25%, 08/01/20(a)		   300,000 
 150,000   Santa Monica Public Financing Authority Current Refunding Revenue Bonds
5.00%, 07/01/25		   184,223 
 100,000   Southern California Public Power Authority Advance Refunding Revenue Bonds, Series C
5.00%, 07/01/25		   121,267 
 225,000   Southern California Public Power Authority Electricity Light & Power Improvements Mead-Pheonix Project Revenue Bonds
5.00%, 07/01/26		   279,095 


157
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		   Value 
California (continued)      
$100,000   State of California (Other Revenue LOC) Advance Refunding GO
5.00%, 09/01/22		  $112,153 
 125,000   State of California Advance Refunding GO
5.00%, 11/01/23		   145,696 
 325,000   State of California Advance Refunding GO
5.00%, 09/01/25		   398,535 
 1,155,000   State of California Advance Refunding GO
5.00%, 08/01/26		   1,444,039 
 200,000   State of California Advance Refunding GO
5.00%, 09/01/26		   250,526 
 1,345,000   State of California Advance Refunding GO, Series B
5.00%, 09/01/23		   1,559,433 
 125,000   State of California Current Refunding GO
5.00%, 02/01/22		   137,380 
 3,310,000   State of California Current Refunding GO
5.00%, 08/01/24		   3,948,532 
 4,855,000   State of California Current Refunding GO
5.00%, 11/01/24		   5,656,658 
 2,000,000   State of California Current Refunding GO
5.00%, 10/01/25		   2,457,580 
 1,000,000   State of California Current Refunding GO
5.00%, 10/01/25		   1,196,830 
 2,355,000   State of California Current Refunding GO
5.00%, 08/01/26		   2,944,339 
 6,065,000   State of California Current Refunding GO
5.00%, 10/01/26		   7,248,645 
 6,000,000   State of California Current Refunding GO
5.00%, 04/01/27		   7,593,600 
 200,000   State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX
5.00%, 12/01/21		   218,900 
 100,000   State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX
5.00%, 12/01/27		   129,736 
           
Principal
Amount		      Value 
California (continued)     
$150,000   State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds
5.00%, 12/01/22		  $169,928 
 100,000   State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds
5.00%, 12/01/24		   120,635 
 1,300,000   State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O
5.00%, 05/01/22		   1,443,195 
 100,000   State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N
5.00%, 05/01/21		   107,053 
 150,000   State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N
5.00%, 05/01/20		   154,568 
 8,880,000   State of California Department of Water Resources Pre-refunded Water Utility Improvements Refunding Revenue Bonds, Series AQ
4.00%, 12/01/30(a)		   9,931,925 
 300,000   State of California Department of Water Resources Refunding Revenue Bonds, Series AS
5.00%, 12/01/25		   362,772 
 125,000   State of California Department of Water Resources Refunding Revenue Bonds, Series AV
5.00%, 12/01/27		   156,405 
 5,000,000   State of California Department of Water Resources Refunding Revenue Bonds, Series BA
5.00%, 12/01/23		   5,852,500 
 1,000,000   State of California Multi Utility Improvements GO
5.00%, 10/01/25		   1,228,790 
 15,000,000   State of California Multi Utility Improvements GO
5.00%, 10/01/26		   18,824,850 
 1,500,000   State of California Refunding GO
5.00%, 04/01/24		   1,771,245 
 100,000   State of California Water Utility Improvements GO
6.00%, 11/01/39		   101,223 


158
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

Principal
Amount		      Value 
California (continued)     
$150,000   State of California Water Utility Improvements GO, OID
5.50%, 11/01/39		  $151,602 
 13,915,000   University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AK
5.00%, 05/15/48(b)		   15,996,406 
 1,955,000   University of California Advance Refunding Revenue Bonds, Series AY
5.00%, 05/15/24		   2,325,257 
 995,000   University of California Current Pre-refunded Refunding Revenue Bonds, Series AF
5.00%, 05/15/24(a)		   1,146,509 
 1,270,000   University of California Current Pre-refunded Refunding Revenue Bonds, Series AF
5.00%, 05/15/26(a)		   1,463,383 
 3,235,000   University of California Current Pre-refunded Refunding Revenue Bonds, Series AF
5.00%, 05/15/30(a)		   3,727,593 
 465,000   University of California Current Refunding Revenue Bonds, Series AF
5.00%, 05/15/20		   480,080 
 1,000,000   University of California Current Revenue Bonds, Series I
5.00%, 05/15/23		   1,150,390 
 1,575,000   University of California Pre-refunded Limited Project Current Refunding Revenue Bonds, Series G
5.00%, 05/15/30(a)		   1,749,951 
 200,000   University of California University & College Improvements Refunding Revenue Bonds, Series BB
5.00%, 05/15/25		   245,038 
 100,000   University of California University & College Improvements Revenue Bonds, Series AM
5.00%, 05/15/26		   118,887 
 275,000   University of California University & College Improvements Unrefunded Revenue Bonds, Series S
5.00%, 05/15/20		   275,916 
 130,000   University of California Unrefunded Limited Project Current Refunding Revenue Bonds, Series G
5.00%, 05/15/23		   144,555 
Principal
Amount		      Value 
California (continued)     
$125,000   Ventura County Community College District Advance Refunding GO
5.00%, 08/01/24		  $149,586 
 425,000   Ventura County Public Financing Authority Advance Refunding Revenue Bonds
5.00%, 11/01/24		   512,231 
 460,000   Ventura County Public Financing Authority Advance Refunding Revenue Bonds
5.00%, 11/01/26		   583,114 
 100,000   Walnut Energy Center Authority Current Refunding Revenue Bonds
5.00%, 01/01/23		   113,715 
 250,000   West Valley-Mission Community College District Current Refunding GO, Series A
5.00%, 08/01/27		   322,778 
 100,000   William S Hart Union High School District Advance Refunding GO
5.00%, 08/01/24		   119,669 
 125,000   Yosemite Community College District Current Refunding GO
5.00%, 08/01/25		   153,698 
Total Municipal Bonds
(Cost $295,726,579)		   303,957,355 
U.S. GOVERNMENT SECURITIES — 1.9%     
U.S. Treasury Notes — 1.9%     
 2,000,000   1.13%, 06/30/2021   1,970,547 
 4,000,000   2.25%, 01/31/2024   4,067,500 
Total U.S. Government Securities
(Cost $6,046,362)		  6,038,047 


159
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
  (Unaudited)

 

  Shares       Value 
  INVESTMENT COMPANY — 1.7%    
  5,354,412    SEI Daily Income Trust Government II Fund, Class A, 2.06%(c)  $5,354,412 
  Total Investment Company
(Cost $5,354,412)		  5,354,412 
TOTAL INVESTMENTS — 100.0%
(Cost $307,127,353)		  $315,349,814 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%  142,775 
NET ASSETS — 100.0%  $315,492,589 

 

 

 

(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) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and
  prepayments on the underlying pool of assets. Rate shown is the rate in effect as of July 31, 2019.
(c) The rate shown represents the current yield as of July 31, 2019.

 

The following abbreviations are used in the report:

 

COP — Certificates of Participation

GO — General Obligations

OID — Original Issue Discount

 

Portfolio Diversification by Sector (Unaudited)

 

State  Percentage
of Net Assets
California   96.4%
Other*   3.6 
    100.0%

 

 

 

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


160
Old Westbury Funds, Inc.  
NEW YORK MUNICIPAL BOND FUND  
Portfolio of Investments July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
MUNICIPAL BONDS — 96.6%
New York — 96.6%
$100,000   Build NYC Resource Corp. Refunding Revenue Bonds, Series A
5.00%, 06/01/24		  $118,325 
 1,110,000   City of New York Public Improvements GO, Series 2018-1
5.00%, 08/01/25		   1,350,415 
 225,000   City of New York Advance Refunding GO, Series 2015-A
5.00%, 08/01/24		   266,837 
 350,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/22		   390,212 
 150,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/22		   167,234 
 875,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/23		   1,007,720 
 200,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/23		   230,336 
 10,000,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/24		   11,859,400 
 5,000,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/25		   6,082,950 
 1,515,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/27		   1,803,017 
 100,000   City of New York Advance Refunding GO, Series C
5.00%, 08/01/28		   124,667 
 125,000   City of New York Advance Refunding GO, Series D
5.00%, 08/01/24		   148,243 
 100,000   City of New York Advance Refunding GO, Series E
5.00%, 08/01/24		   118,593 
 4,500,000   City of New York Current Refunding GO, Series 2019-A
5.00%, 08/01/25		   5,474,655 
 4,250,000   City of New York Current Refunding GO, Series E
5.00%, 08/01/24		   5,040,245 
 225,000   City of New York Public Improvements GO, Series 1
5.00%, 08/01/21		   242,474 
 255,000   City of New York Public Improvements GO, Series 1
5.00%, 08/01/23		   293,678 
Principal
Amount		      Value 
New York (continued)
$200,000   City of New York Public Improvements GO, Sub-Series F-1
5.00%, 04/01/23		  $227,898 
 100,000   City of New York Public Improvements GO, Sub-Series F-1
5.00%, 03/01/24		   113,681 
 4,775,000   City of New York Public Improvements GO, Sub-Series F-1
5.00%, 03/01/28		   5,394,127 
 100,000   City of New York Public Improvements GO, Sub-Series F-3
5.00%, 12/01/23(a)		   116,355 
 1,500,000   City of New York Public Improvements GO, Sub-Series H-A
5.00%, 01/01/25		   1,797,960 
 1,325,000   City of New York Public Improvements GO, Sub-Series I-1
5.00%, 03/01/25		   1,548,925 
 200,000   City of New York Public Improvements GO, Sub-Series F-3
5.00%, 12/01/25(a)		   245,256 
 275,000   City of New York Refunding Cash Flow Management GO Notes, Series 1
5.00%, 08/01/22(a)		   306,595 
 100,000   City of New York Refunding GO, Series B
4.00%, 08/01/19		   99,999 
 1,100,000   City of New York Refunding GO, Series B
5.00%, 08/01/21		   1,185,426 
 300,000   City of New York Refunding GO, Series B
5.00%, 08/01/25		   364,977 
 400,000   City of New York Refunding GO, Series C
5.00%, 08/01/27		   488,704 
 200,000   City of New York Refunding GO, Series D
5.00%, 08/01/22		   222,978 
 1,500,000   City of New York Refunding GO, Series F
5.00%, 08/01/22		   1,645,050 
 100,000   City of New York Refunding GO, Series F
5.00%, 08/01/29		   109,215 
 17,910,000   City of New York Refunding GO, Series F
5.00%, 08/01/30		   19,540,885 


161
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$1,035,000   City of New York Refunding GO, Series H
5.00%, 08/01/22		  $1,153,911 
 150,000   City of New York Refunding GO, Series J
5.00%, 08/01/22		   167,234 
 325,000   City of New York Refunding GO, Series J
5.00%, 08/01/24		   385,431 
 100,000   City of New York Refunding GO, Sub-Series H-3
5.00%, 08/01/23(a)		   115,167 
 350,000   County of Westchester NY Recreation Facilities Improvements GO, Series A
5.00%, 07/01/21		   377,444 
 350,000   County of Westchester NY Recreation Facilities Improvements GO, Series A
5.00%, 07/01/22		   391,048 
 100,000   County of Westchester NY Recreation Facilities Improvements GO, Series A
5.00%, 07/01/23		   115,653 
 110,000   County of Westchester NY Sewer Improvements GO, Series C
5.00%, 07/01/22		   122,901 
 375,000   Erie County Fiscal Stability Authority Advance Refunding Revenue Bonds
5.00%, 09/01/22		   420,454 
 150,000   Erie County Fiscal Stability Authority Public Improvements Revenue Bonds, Series A
5.00%, 03/15/22		   165,524 
 300,000   Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding)
5.00%, 05/01/23		   344,310 
 125,000   Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding)
5.00%, 05/01/24		   148,365 
 100,000   Erie County Industrial Development Agency (The) Refunding Revenue Bonds, (State Aid Withholding)
5.00%, 05/01/21		   107,107 
Principal
Amount		      Value 
New York (continued)
$100,000   Erie County Industrial Development Agency (The) School Improvements City School District of the City of Buffalo Project Revenue Bonds, (State Aid Withholding)
5.00%, 05/01/22		  $106,735 
 500,000   Long Island Power Authority Electric System General Revenue Bonds
5.00%, 09/01/25		   608,205 
 4,000,000   Long Island Power Authority Electric System General Revenue Bonds, Series B
5.00%, 09/01/27		   4,958,360 
 4,000,000   Long Island Power Authority Refunding Revenue Bonds, Series B
5.00%, 09/01/25		   4,454,680 
 2,000,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A
5.00%, 11/15/26		   2,513,700 
 900,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B
5.00%, 11/15/25		   1,090,368 
 125,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D
5.00%, 11/15/24		   147,986 
 100,000   Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F
5.00%, 11/15/23		   115,697 
 700,000   Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D
5.00%, 11/15/23		   780,451 
 2,225,000   Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D
5.00%, 11/15/28		   2,466,034 
 1,500,000   Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F
5.00%, 11/15/30		   1,660,140 
 3,500,000   Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds
5.00%, 11/15/48(b)		   4,124,050 
 150,000   Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2
5.00%, 11/15/25		   181,728 


162
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$2,570,000   Metropolitan Transportation Authority Green Bond Revenue Bonds
5.00%, 11/15/23		  $2,994,487 
 250,000   Metropolitan Transportation Authority Green Bond Revenue Bonds
5.00%, 11/15/27		   320,835 
 3,000,000   Metropolitan Transportation Authority Green Bond Revenue Bonds
5.00%, 11/15/28		   3,844,290 
 250,000   Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1
5.00%, 11/15/23		   289,243 
 375,000   Metropolitan Transportation Authority Green Bond Revenue Bonds, Sub-Series B-2
5.00%, 11/15/26		   471,319 
 150,000   Metropolitan Transportation Authority Prerefunded Transit Improvements Revenue Bonds, Series C
5.00%, 11/15/25(c)		   180,558 
 1,600,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series A
5.00%, 11/15/25		   1,803,696 
 5,000,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series A
5.00%, 11/15/29		   5,615,800 
 525,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2
5.00%, 11/15/48(b)		   586,236 
 2,500,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1
5.00%, 11/15/29(a)		   2,891,300 
 100,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1
5.00%, 11/01/23(a)		   111,361 
 8,000,000   Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1
5.00%, 11/01/27(a)		   8,881,760 
 150,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series B
5.00%, 11/15/20		   157,389 
Principal
Amount		      Value 
New York (continued)
$100,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C
5.00%, 11/15/22		  $112,247 
 150,000   Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1
5.00%, 11/15/25		   180,231 
 375,000   Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds
5.00%, 11/15/22		   420,926 
 600,000   Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds
5.00%, 11/15/23		   694,182 
 100,000   Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds
5.00%, 11/15/26		   123,569 
 100,000   Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding)
5.00%, 05/01/24		   118,283 
 300,000   Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A
5.00%, 10/01/24		   360,387 
 2,500,000   New York City Housing Development Corp. Multi-Family Housing Revenue Bonds
1.75%, 05/01/59(b)		   2,516,025 
 2,000,000   New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G
2.00%, 11/01/57(b)		   2,014,740 
 3,000,000   New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series L
2.75%, 05/01/50(b)		   3,115,170 
 250,000   New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/23		   288,360 


163
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$100,000   New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/25		  $122,055 
 100,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding)
5.00%, 07/15/24		   119,031 
 2,000,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/21		   2,157,560 
 150,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/25		   180,366 
 125,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/26		   154,061 
 8,000,000   New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/28		   8,878,640 
 1,075,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-2A, (State Aid Withholding)
5.00%, 07/15/25		   1,312,102 
 125,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding)
5.00%, 07/15/23		   144,180 
Principal
Amount		      Value 
New York (continued)
$250,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding)
5.00%, 07/15/24		  $297,578 
 100,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding)
5.00%, 07/15/23		   115,343 
 525,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding)
5.00%, 07/15/24		   624,913 
 2,000,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding)
5.00%, 07/15/25		   2,441,120 
 150,000   New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding)
5.00%, 07/15/27		   190,643 
 1,000,000   New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series- S1, (State Aid Withholding)
5.00%, 07/15/22		   1,115,100 
 330,000   New York City Transitional Finance Authority Building Aid Revenue Unrefunded Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding)
5.00%, 07/15/22		   367,983 
 100,000   New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C
5.00%, 11/01/19		   100,973 
 475,000   New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C
5.00%, 11/01/23		   553,000 


164
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$250,000   New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C
5.00%, 11/01/24		  $300,035 
 100,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds
5.00%, 08/01/23		   115,507 
 4,755,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds
5.00%, 08/01/24		   5,667,199 
 4,375,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds
5.00%, 08/01/24		   5,214,300 
 1,000,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series A-1
5.00%, 08/01/21		   1,078,900 
 225,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series B-1
5.00%, 08/01/26		   280,283 
 300,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series E-1
5.00%, 02/01/22		   329,322 
 150,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1
5.00%, 05/01/23		   171,857 
 200,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI
5.00%, 08/01/25		   236,654 
 190,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI
5.00%, 08/01/29		   223,398 
 100,000   New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds
5.00%, 11/01/25		   117,471 
Principal
Amount		      Value 
New York (continued)
$150,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B
5.00%, 11/01/21		  $163,221 
 5,000,000   New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series C
5.00%, 11/01/23		   5,821,050 
 400,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds
5.00%, 11/01/22		   450,476 
 600,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1
5.00%, 05/01/23		   687,426 
 300,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1
5.00%, 05/01/24		   354,852 
 350,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1
5.00%, 08/01/23		   404,275 
 200,000   New York City Water & Sewer System Current Refunding Revenue
5.00%, 06/15/24		   237,030 
 1,825,000   New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA
5.00%, 06/15/26		   2,275,082 
 7,500,000   New York City Water & Sewer System Refunding Revenue Bonds
5.00%, 06/15/28		   9,062,625 
 2,000,000   New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2
5.00%, 06/15/25		   2,326,160 
 150,000   New York City Water & Sewer System Refunding Revenue Bonds, Series FF
5.00%, 06/15/25		   182,568 
 125,000   New York City Water & Sewer System Refunding Revenue Bonds, Series GG
5.00%, 06/15/25		   152,140 
 1,040,000   New York City Water & Sewer System Refunding Revenue Bonds, Series HH
5.00%, 06/15/31		   1,111,656 


165
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$450,000   New York City Water & Sewer System Refunding Revenue Bonds, Sub-Series BB-2
5.00%, 06/15/29		  $566,487 
 4,750,000   New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2
5.00%, 06/15/25		   5,524,630 
 390,000   New York State Dormitory Authority Advance Refunding Revenue Bonds
5.00%, 07/01/23		   447,966 
 255,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/22		   281,117 
 150,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 07/01/22		   166,766 
 625,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 02/15/23		   710,669 
 500,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 07/01/24		   597,870 
 8,170,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 02/15/25		   9,840,030 
 1,000,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 07/01/26		   1,261,490 
 4,215,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 02/15/29		   5,244,556 
 1,600,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A
5.00%, 07/01/29		   1,906,416 
 100,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D
5.00%, 02/15/24		   117,333 
 1,300,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D
5.00%, 02/15/26		   1,597,505 
 6,775,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D
5.00%, 02/15/27		   8,417,870 
Principal
Amount		      Value 
New York (continued)
$600,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D
5.00%, 02/15/28		  $742,266 
 525,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E
5.00%, 03/15/24		   617,558 
 100,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E
5.00%, 03/15/25		   120,701 
 100,000   New York State Dormitory Authority Master BOCES Program Advance Refunding Revenue Bonds, (State Appropriation)
5.00%, 08/15/27		   127,642 
 150,000   New York State Dormitory Authority Mental Health Services Facilities Improvement Refunding Revenue Bonds, Series A, (State Appropriation)
5.00%, 08/15/23		   155,978 
 650,000   New York State Dormitory Authority Public Improvement Revenue Bonds, Series B
5.00%, 02/15/23		   739,096 
 3,765,000   New York State Dormitory Authority Public Improvement Revenue Bonds, Series E
5.00%, 02/15/26		   4,509,905 
 125,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-A
5.00%, 03/15/24		   147,224 
 150,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B
5.00%, 03/15/26		   183,210 
 10,335,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B
5.00%, 03/15/29		   12,469,591 
 675,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series A
5.00%, 03/15/23		   770,398 
 2,100,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series A
5.00%, 03/15/24		   2,473,359 


166
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$100,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series A
5.00%, 03/15/26		  $123,829 
 350,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series B
5.00%, 02/15/25		   421,544 
 100,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series B
5.00%, 02/15/26		   122,885 
 125,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series B
5.00%, 02/15/27		   157,288 
 5,000,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series B
5.00%, 02/15/28		   5,957,450 
 100,000   New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding)
5.00%, 01/15/23		   113,209 
 200,000   New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding)
5.00%, 01/15/25		   240,204 
 3,275,000   New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding)
5.00%, 01/15/27		   4,118,149 
 125,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 12/15/22		   141,219 
 3,000,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 07/01/24		   3,432,240 
 150,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 12/15/24		   169,086 
 1,025,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 02/15/26		   1,193,695 
Principal
Amount		      Value 
New York (continued)
$1,600,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 07/01/26		  $1,824,608 
 5,500,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 07/01/29		   6,539,665 
 4,765,000   New York State Dormitory Authority Refunding Revenue Bonds, Series A
5.00%, 12/15/29		   5,349,427 
 350,000   New York State Dormitory Authority Refunding Revenue Bonds, Series C
5.00%, 03/15/25		   409,444 
 400,000   New York State Dormitory Authority Refunding Revenue Bonds, Series E
5.00%, 02/15/24		   469,332 
 3,000,000   New York State Dormitory Authority School Improvement Revenue Bonds, Series A
5.00%, 03/15/28		   3,830,370 
 350,000   New York State Dormitory Authority School Improvements Bidding Group 1 Revenue Bonds, Series C
5.00%, 03/15/23		   399,466 
 625,000   New York State Dormitory Authority School Improvements Bidding Group 2 Revenue Bonds, Series C
5.00%, 03/15/24		   736,119 
 7,295,000   New York State Dormitory Authority School Improvements Bidding Group 2 Revenue Bonds, Series C
5.00%, 03/15/25		   8,818,415 
 125,000   New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A
5.00%, 03/15/24		   147,224 
 8,770,000   New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A
5.00%, 03/15/25		   10,585,565 
 125,000   New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A
5.00%, 03/15/27		   157,873 


167
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$100,000   New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series E
5.00%, 03/15/23		  $114,133 
 2,500,000   New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A
5.00%, 02/15/28		   3,092,775 
 9,420,000   New York State Dormitory Authority School Improvements Revenue Bonds, Series A
5.00%, 03/15/23		   10,740,496 
 1,305,000   New York State Dormitory Authority School Improvements Revenue Bonds, Series A
5.00%, 03/15/24		   1,535,072 
 425,000   New York State Dormitory Authority School Improvements Revenue Bonds, Series A
5.00%, 02/15/26		   522,261 
 355,000   New York State Dormitory Authority Third Generation Resolution State Universal Refunding Revenue Bonds
5.00%, 05/15/24		   393,397 
 150,000   New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A
5.00%, 07/01/22		   167,363 
 140,000   New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A
5.00%, 07/01/24		   166,957 
 2,525,000   New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A
5.00%, 07/01/25		   3,092,948 
 100,000   New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A
5.00%, 07/01/25		   122,493 
 1,025,000   New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A
5.00%, 03/15/26		   1,197,579 
Principal
Amount		      Value 
New York (continued)
$1,750,000   New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A
5.00%, 07/01/26		  $2,198,315 
 200,000   New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A
5.00%, 07/01/22		   222,354 
 145,000   New York State Dormitory Authority Unrefunded Refunding Revenue Bonds
5.00%, 07/01/21		   150,168 
 100,000   New York State Environmental Facilities Corp. Green Bond Revenue Bonds
5.00%, 03/15/23		   114,475 
 100,000   New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C
5.00%, 02/15/27		   127,363 
 175,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds
5.00%, 06/15/22		   195,006 
 100,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds
5.00%, 06/15/22		   111,431 
 475,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds
5.00%, 06/15/27		   543,467 
 6,250,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds
5.00%, 06/15/28		   7,371,375 
 100,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A
5.00%, 06/15/22		   111,431 
 275,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A
5.00%, 06/15/24		   327,646 
 125,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A
5.00%, 06/15/21		   134,526 
 1,485,000   New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A
5.00%, 06/15/24		   1,651,647 


168
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$3,000,000   New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds
5.00%, 06/15/23		  $3,463,230 
 985,000   New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds
5.00%, 06/15/24		   1,173,568 
 550,000   New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds
5.00%, 06/15/24		   655,292 
 100,000   New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds
5.00%, 06/15/23		   115,441 
 605,000   New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds
5.00%, 06/15/24		   720,821 
 100,000   New York State Housing Finance Agency Refunding Revenue Bonds, Series A
5.00%, 09/15/20		   104,623 
 100,000   New York State Thruway Authority Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/22		   110,241 
 375,000   New York State Thruway Authority Current Refunding Revenue Bonds, Series L
5.00%, 01/01/26		   462,049 
 150,000   New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A
5.00%, 04/01/23		   165,363 
 5,000,000   New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A
5.00%, 04/01/30		   5,489,900 
 150,000   New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A-1
5.00%, 04/01/20		   153,959 
 895,000   New York State Thruway Authority Refunding Revenue Bonds, Series I
5.00%, 01/01/28		   972,605 
Principal
Amount		      Value 
New York (continued)
$375,000   New York State Thruway Authority Refunding Revenue Bonds, Series K
5.00%, 01/01/24		  $438,683 
 300,000   New York State Thruway Authority Refunding Revenue Bonds, Series K
5.00%, 01/01/26		   359,313 
 250,000   New York State Thruway Authority Refunding Revenue Bonds, Series L
5.00%, 01/01/23		   283,205 
 125,000   New York State Thruway Authority Refunding Revenue Bonds, Series L
5.00%, 01/01/24		   146,228 
 200,000   New York State Thruway Authority Refunding Revenue Bonds, Series L
5.00%, 01/01/25		   240,542 
 100,000   New York State Thruway Authority Refunding Revenue Bonds, Series L
5.00%, 01/01/27		   125,881 
 300,000   New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/24		   352,890 
 425,000   New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/22		   468,176 
 100,000   New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/23		   114,017 
 1,050,000   New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/26		   1,295,700 
 1,920,000   New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A
5.00%, 03/15/28		   2,351,674 


169
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$200,000   New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C
5.00%, 03/15/23		  $228,036 
 225,000   New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A
5.00%, 03/15/24		   264,668 
 500,000   New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1
5.00%, 03/15/22		   550,795 
 150,000   New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds
5.00%, 03/15/22		   165,239 
 200,000   New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds
5.00%, 03/15/24		   235,260 
 15,000,000   New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds
5.00%, 03/15/26		   17,507,850 
 100,000   New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds
5.00%, 03/15/26		   123,399 
 100,000   New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds
5.00%, 03/15/27		   125,886 
 150,000   New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A
5.00%, 03/15/23		   159,575 
 400,000   New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A
4.00%, 03/15/24		   418,860 
Principal
Amount		      Value 
New York (continued)
$175,000   New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E
5.00%, 03/15/23		  $199,532 
 5,000,000   New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E
5.00%, 03/15/26		   5,683,550 
 3,000,000   New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E
5.00%, 03/15/28		   3,403,290 
 2,000,000   New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E
5.00%, 03/15/29		   2,265,060 
 2,085,000   Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189
5.00%, 05/01/26		   2,529,793 
 175,000   Port Authority of New York & New Jersey Consolidated Revenue Bonds
5.00%, 12/15/26		   207,128 
 2,250,000   Port Authority of New York & New Jersey Consolidated Revenue Bonds
5.00%, 09/01/34		   2,615,535 
 100,000   Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 175
5.00%, 12/01/22		   113,109 
 150,000   Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189
5.00%, 05/01/24		   177,732 
 375,000   Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189
5.00%, 05/01/25		   457,320 
 125,000   Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 205
5.00%, 11/15/22		   141,174 
 2,885,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179
5.00%, 12/01/25		   3,362,179 


170
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued) 
$800,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179
5.00%, 12/01/27		  $930,480 
 3,500,000   Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179
5.00%, 12/01/28		   4,067,630 
 300,000   Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series
5.00%, 07/15/22		   334,989 
 100,000   Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series
5.00%, 07/15/23		   115,551 
 325,000   Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series
5.00%, 07/15/24		   387,520 
 300,000   Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A
4.00%, 10/15/22		   328,428 
 650,000   Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A
5.00%, 10/15/22		   733,792 
 125,000   Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A
5.00%, 10/15/23		   145,660 
 475,000   Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A
5.00%, 10/15/24		   570,969 
 4,000,000   Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A
5.00%, 10/15/30		   4,727,920 
 425,000   State of New York Green GO, Series A
5.00%, 02/15/22		   468,295 
 100,000   State of New York Green GO, Series A
5.00%, 02/15/26		   124,846 
 250,000   State of New York Public Improvements GO, Series A
5.00%, 03/01/24		   285,965 
 400,000   Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding)
4.00%, 05/01/22		   433,120 
Principal
Amount		      Value 
New York (continued)  
$150,000   Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding)
5.00%, 05/01/23		  $160,349 
 500,000   Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding)
5.00%, 05/01/26		   626,730 
 375,000   Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A
5.00%, 11/15/24		   451,174 
 3,715,000   Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A
5.00%, 11/15/25		   4,245,353 
 475,000   Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A
5.00%, 11/15/26		   542,241 
 1,050,000   Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A
5.00%, 11/15/27		   1,196,958 
 100,000   Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A
5.00%, 11/15/25		   123,519 
 265,000   Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B
5.00%, 11/15/23		   309,377 
 435,000   Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B
5.00%, 11/15/27		   534,180 
 6,340,000   Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C
5.00%, 11/15/29		   7,237,490 
 1,500,000   Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C
5.00%, 11/15/30		   1,708,755 


171
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Principal
Amount		      Value 
New York (continued)
$250,000   Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds
5.00%, 11/15/23		  $291,865 
 125,000   Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series A
5.00%, 11/15/25(c)		   152,175 
 250,000   Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series C
5.00%, 11/15/27(c)		   287,663 
 175,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B
5.00%, 11/15/19		   177,042 
 150,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B
5.00%, 11/15/20		   157,845 
 1,000,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B
5.00%, 11/15/22		   1,129,730 
 150,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B
5.00%, 11/15/24		   180,470 
 100,000   Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B
5.00%, 11/15/24		   112,523 
 1,750,000   Utility Debt Securitization Authority Refunding Revenue Bonds
5.00%, 06/15/25		   2,011,573 
 100,000   Utility Debt Securitization Authority Refunding Revenue Bonds
5.00%, 12/15/26		   119,723 
 1,080,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series E
5.00%, 12/15/28		   1,256,126 
 8,720,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series E
5.00%, 12/15/29		   10,125,926 
Principal
Amount		      Value 
New York (continued) 
$2,750,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/30  $3,187,003 
Total Municipal Bonds
(Cost $437,016,293)		   449,560,187 
           
Shares         
INVESTMENT COMPANY — 2.6%  
 12,166,222   SEI Daily Income Trust Government II Fund, Class A, 2.06%(d)   12,166,222 
Total Investment Company
(Cost $12,166,221)		   12,166,222 
TOTAL INVESTMENTS — 99.2%
(Cost $449,182,514)		  $461,726,409 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%   3,816,090 
NET ASSETS — 100.0%  $465,542,499 

 

 

 

(a) These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(b) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of July 31, 2019.
(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 July 31, 2019.

 

The following abbreviation is used in the report:

 

GO — General Obligations.


172
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) July 31, 2019
(Unaudited)

 

Portfolio diversification by State (Unaudited)
 
State  Percentage
of Net Assets
New York   96.6%
Other*   3.4 
    100.0%

 

 

 

  * Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.
173