NPORT-EX 2 BTOW301OWSmlMidCapStratFd.htm
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
1
July
31,
2020
(Unaudited)
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
July
31,
2020
(Unaudited)
ris
Shares
Value
COMMON
STOCKS
—
82.0%
ARGENTINA
—
0.4%
24,149
MercadoLibre,
Inc.(a)
...........
$
27,158,448
AUSTRALIA
—
1.9%
1,077,430
Accent
Group
Ltd.
..............
1,070,172
123,819
Adairs
Ltd.
...................
218,410
608,555
Adelaide
Brighton
Ltd.
..........
955,978
121,540
Altium
Ltd.
...................
2,839,682
569,285
Ansell
Ltd.
...................
15,630,770
3,984,541
Aurelia
Metals
Ltd.
.............
1,562,007
1,131,053
Austal
Ltd.
...................
2,670,810
396,079
Australian
Pharmaceutical
Industries
Ltd.
.....................
313,452
140,436
Base
Resources
Ltd.(a)
...........
20,945
544,689
BlueScope
Steel
Ltd.
............
4,356,082
65,834
Brickworks
Ltd.
................
768,772
1
Castile
Resources
Pty
Ltd.(a)
......
0
186,755
Challenger
Ltd.
................
575,865
457,356
Champion
Iron
Ltd.(a)
..........
917,583
10,062
Citadel
Group
Ltd.
(The)
.........
25,978
1,286
City
Chic
Collective
Ltd.(a)
.......
3,124
125,430
Class
Ltd.
....................
120,385
151,518
Cleanaway
Waste
Management
Ltd.
.
224,802
44,113
Codan
Ltd.
...................
257,423
1,832,840
CSR
Ltd.
....................
4,569,690
1,114,368
Dacian
Gold
Ltd.(a)
............
262,622
134,080
Data#3
Ltd.
..................
541,411
124,899
Decmil
Group
Ltd.
.............
4,855
47,024
Downer
EDI
Ltd.
..............
137,508
83,332
Eclipx
Group
Ltd.(a)
............
81,826
1,063,675
Estia
Health
Ltd.
...............
1,103,794
5,587
EVENT
Hospitality
and
Entertainment
Ltd.
.........
29,627
1,099,683
Evolution
Mining
Ltd.
...........
4,697,850
2,714
Flight
Centre
Travel
Group
Ltd.
....
20,596
1,064,808
Gold
Road
Resources
Ltd.(a)
......
1,433,439
292,168
Harvey
Norman
Holdings
Ltd.
....
772,383
17,072
Healius
Ltd.
..................
39,574
12,182
Hotel
Property
Investments
Trust
REIT
...................
24,875
1,550,146
Iluka
Resources
Ltd.
............
10,058,639
494,636
Imdex
Ltd.
...................
467,865
2,040,477
Independence
Group
NL
.........
6,716,297
479,360
Infomedia
Ltd.
................
632,706
98,519
Integrated
Research
Ltd.
.........
286,078
201,917
IPH
Ltd.
.....................
1,069,997
103,294
Johns
Lyng
Group
Ltd.
..........
177,697
277,152
Jupiter
Mines
Ltd.
..............
58,300
147,434
Kogan.com
Ltd.
...............
1,753,956
364,347
MACA
Ltd.
..................
243,166
1,018,687
Macmahon
Holdings
Ltd.
........
185,161
23,600
Mastermyne
Group
Ltd.
.........
11,272
936,269
Mayne
Pharma
Group
Ltd.(a)
.....
262,204
73,031
McMillan
Shakespeare
Ltd.
.......
461,049
58,898
McPherson's
Ltd.
..............
123,984
Shares
Value
AUSTRALIA
(continued)
71,246
Metcash
Ltd.
..................
$
137,396
374,044
Mineral
Resources
Ltd.
..........
6,887,585
14,378
MNF
Group
Ltd.
..............
55,898
41,696
Monash
IVF
Group
Ltd.
.........
15,592
2,265,708
Mount
Gibson
Iron
Ltd.
.........
1,144,464
876,650
Myer
Holdings
Ltd.(a)
...........
127,507
442,310
Navigator
Global
Investments
Ltd.
..
417,765
109,115
Netwealth
Group
Ltd.
...........
937,072
134,837
Nickel
Mines
Ltd.(a)
............
55,676
4,455,590
Orora
Ltd.
...................
7,284,177
642,243
OZ
Minerals
Ltd.
..............
6,233,521
78,363
People
Infrastructure
Ltd.
........
109,331
2,238,412
Perenti
Global
Ltd.
.............
1,916,503
1,753,469
Perseus
Mining
Ltd.(a)
...........
1,996,103
198,697
Pro
Medicus
Ltd.
...............
3,396,054
42,676
Qube
Holdings
Ltd.
............
82,462
111,348
Quintis
Ltd.(a)(b)
..............
0
4,407
Regional
Express
Holdings
Ltd.
....
3,400
227,682
Regis
Healthcare
Ltd.
............
215,291
1,119,109
Regis
Resources
Ltd.
............
4,560,131
158,059
RPMGlobal
Holdings
Ltd.(a)
......
106,316
845,706
Sandfire
Resources
NL
...........
2,874,254
271,079
SEEK
Ltd.
...................
4,169,339
936,547
Sigma
Healthcare
Ltd.
...........
445,718
1,943,134
South32
Ltd.
..................
2,852,985
58,562
Southern
Cross
Electrical
Engineering
Ltd.
.....................
17,815
260,160
Southern
Cross
Media
Group
Ltd.
..
30,172
9,368
Super
Retail
Group
Ltd.
..........
59,210
1,136,200
Technology
One
Ltd.
............
6,818,317
4,364
Tiger
Resources
Ltd.(a)
..........
1
82,876
TPG
Telecom
Ltd.(a)
............
476,054
6,243
United
Malt
Grp
Ltd.(a)
.........
17,906
12,192
Village
Roadshow
Ltd.
...........
18,942
66,626
Virgin
Australia
Holdings
Ltd.(a)(b)
.
0
521,584
Virgin
Australia
Holdings
Ltd.
-
CVR
Shares(a)(b)
...............
0
84,049
Virtus
Health
Ltd.
..............
174,632
407,833
Vita
Group
Ltd.
...............
298,569
1,497,332
Vocus
Group
Ltd.(a)
............
3,088,142
7,314
Webjet
Ltd.
...................
14,605
1,085,952
Western
Areas
Ltd.
.............
1,862,832
330,627
Westgold
Resources
Ltd.(a)
.......
568,436
178,519
Whitehaven
Coal
Ltd.
...........
176,565
128,407,399
AUSTRIA
—
0.0%
6,366
ANDRITZ
AG
................
213,735
1,515
Fabasoft
AG
..................
47,936
869
Palfinger
AG
..................
23,845
1,254
Rhi
Magnesita
NV
.............
40,860
63,543
S
IMMO
AG(a)
...............
1,111,778
16,189
Strabag
SE
....................
477,307
10,825
Telekom
Austria
AG(a)
..........
81,271
595
UBM
Development
AG
..........
19,651
5,630
UNIQA
Insurance
Group
AG
.....
35,588
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
2
July
31,
2020
(Unaudited)
Shares
Value
AUSTRIA
(continued)
13,053
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe(a)
......
$
290,229
34,360
Zumtobel
Group
AG
............
261,908
2,604,108
BELGIUM
—
0.5%
1,466
Ackermans
&
van
Haaren
NV(a)
...
188,279
217,844
AGFA-Gevaert
NV(a)
...........
883,174
6,754
Akka
Technologies(a)
............
140,620
823
Atenor
......................
56,302
87,997
Barco
NV
....................
1,733,594
8,544
Befimmo
SA
REIT
.............
387,571
9,386
Bekaert
SA
...................
182,746
140,891
bpost
SA(a)
...................
916,420
5,307
Colruyt
S.A.
..................
308,214
12,200
Deceuninck
NV
-
VVPR
Strip(a)(b)
.
0
48,491
D'ieteren
SA
..................
2,617,660
19,889
EVS
Broadcast
Equipment
SA
.....
360,557
263
Financiere
de
Tubize
SA
..........
25,929
108,601
Galapagos
NV(a)
...............
20,169,498
1,289
Gimv
NV
....................
69,458
9,057
Intervest
Offices
&
Warehouses
NV
REIT
...................
233,277
3,505
Ion
Beam
Applications
...........
30,127
78,715
Orange
Belgium
SA
.............
1,317,978
1
Picanol
......................
58
14,890
Proximus
SADP
...............
306,303
2,854
Recticel
SA
...................
28,898
354
Resilux
......................
52,298
372
Roularta
Media
Group
NV(a)
.....
5,113
1,273
Sioen
Industries
NV(a)
..........
26,111
780
Sofina
SA
....................
218,476
3,172
Tessenderlo
Group
SA(a)
.........
94,208
10,715
Warehouses
De
Pauw
CVA
REIT
...
344,838
30,697,707
BERMUDA
—
0.4%
385,000
Argo
Group
International
Holdings
Ltd.
.....................
12,901,350
42,110
DHT
Holdings,
Inc.
............
239,185
4,271
Enstar
Group
Ltd.(a)
............
717,315
273,398
James
River
Group
Holdings
Ltd.
...
12,663,795
1,340,246
Pacific
Andes
International
Holdings
Ltd.(a)(b)
................
4,738
48,000
Peace
Mark
Holdings
Ltd.(a)(b)
....
0
16,024
Third
Point
Reinsurance,
Ltd.(a)
...
124,827
26,651,210
BRAZIL
—
0.1%
117,132
Afya
Ltd.
-
Class
A(a)
............
3,063,002
7,584
Banco
Pan
SA
Preference
Shares
-
Preference
Shares
...........
14,364
423,100
Cia
Energetica
de
Minas
Gerais
-
ADR
981,592
57,444
EDP
-
Energias
do
Brasil
SA
......
203,389
182,785
Embraer
SA
-
ADR(a)
...........
1,056,497
24,400
Gerdau
SA
...................
69,366
Shares
Value
BRAZIL
(continued)
20,461
IRB
Brasil
Resseguros
S/A
........
$
31,457
601
LOG
Commercial
Properties
e
Participacoes
SA
............
4,285
5,930
Lojas
Americanas
SA
............
34,706
19,126
Lojas
Americanas
SA
-
Preference
Shares
...................
125,281
17,799
Magazine
Luiza
SA
.............
274,190
8,931
Marfrig
Global
Foods
SA(a)
.......
24,825
2,800
MRV
Engenharia
e
Participacoes
SA
.
10,273
16,209
Natura
&
Co.
Holding
SA
........
145,263
10,879
Notre
Dame
Intermedica
Participacoes
SA
......................
139,519
6,178,009
CANADA
—
2.4%
76,215
Absolute
Software
Corp.
.........
901,299
77,400
AGF
Management
Ltd.
-
Class
B
...
305,682
4,500
AirBoss
of
America
Corp.
.........
82,679
77,600
Altus
Group
Ltd.
...............
2,471,474
251,100
Artis
Real
Estate
Investment
Trust
REIT
...................
1,475,350
10,605
Atlas
Corp.
...................
75,402
13,800
Black
Diamond
Group
Ltd.(a)
.....
17,824
269,600
BlackBerry
Ltd.(a)
..............
1,278,107
44,600
Boardwalk
Real
Estate
Investment
Trust
REIT
...............
1,019,895
7,600
Boralex,
Inc.
-
Class
A
...........
198,249
11,200
Bridgemarq
Real
Estate
Services
....
105,106
307,469
CAE,
Inc.
....................
4,588,678
110,051
Canaccord
Genuity
Group,
Inc.
....
639,215
9,110
Canadian
Apartment
Properties
REIT
330,339
113,037
Canadian
Western
Bank
..........
1,924,106
13,800
Canfor
Corp.(a)
...............
164,638
9,200
Canfor
Pulp
Products,
Inc.
........
37,914
11,192
CanWel
Building
Materials
Group
Ltd.
.....................
48,797
44,300
Cascades,
Inc.
.................
505,029
334,828
Celestica,
Inc.(a)
...............
2,764,715
33,900
CI
Financial
Corp.
..............
465,937
3,777
Cineplex,
Inc.
.................
22,558
26,670
City
Office,
Inc.
REIT
...........
230,695
48,712
Cogeco
Communications,
Inc.
.....
3,713,088
700
Cogeco,
Inc.
..................
42,597
82,300
Descartes
Systems
Group,
Inc.
(The)(a)
4,633,426
46,600
DIRTT
Environmental
Solutions(a)
.
77,583
1,596,400
Dollarama,
Inc.
................
58,375,954
14,000
Dorel
Industries,
Inc.
-
Class
B
.....
101,280
14,531
Dream
Hard
Asset
Alternatives
Trust
-
Units
....................
50,988
24,315
Dream
Office
Real
Estate
Investment
Trust
REIT
...............
357,432
57,184
DREAM
Unlimited
Corp.
-
Class
A
.
764,616
264
E-L
Financial
Corp.
Ltd.
.........
137,178
16,600
Eldorado
Gold
Corp.(a)
..........
208,577
18,300
Element
Fleet
Management
Corp.
..
153,564
51,800
Empire
Co.
Ltd.
-
Class
A
........
1,330,724
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
3
July
31,
2020
(Unaudited)
Shares
Value
CANADA
(continued)
68,782
Enghouse
Systems
Ltd.
..........
$
3,898,049
22,300
Evertz
Technologies
Ltd.
.........
207,608
30,283
Exco
Technologies
Ltd.
..........
143,790
14,900
Finning
International,
Inc.
........
212,468
486,500
First
Quantum
Minerals
Ltd.
......
4,111,523
100,519
Gran
Colombia
Gold
Corp.(a)
.....
532,819
118,000
H&R
Real
Estate
Investment
Trust
REIT
...................
885,363
38,200
Hardwoods
Distribution,
Inc.
.....
491,956
7,650
Heroux-Devtek,
Inc.(a)
..........
54,257
35,939
High
Liner
Foods,
Inc.
...........
148,645
26,823
iA
Financial
Corp,
Inc.
..........
941,794
934,174
IAMGOLD
Corp.(a)
............
4,652,186
2,288
International
Petroleum
Corp.(a)
...
4,407
52,978
Intertape
Polymer
Group,
Inc.
.....
632,833
30,236
Kinaxis,
Inc.(a)
................
4,591,439
1,052,754
Kinross
Gold
Corp.(a)
...........
9,864,305
700
Lassonde
Industries,
Inc.
-
Class
A
..
85,602
13,444
Leon's
Furniture
Ltd.
............
134,395
43,800
Linamar
Corp.
................
1,308,000
96,972
Medical
Facilities
Corp.
..........
278,004
6,841
Metro,
Inc.
...................
300,106
700
Molson
Coors
Canada,
Inc.
.......
26,235
800
Morguard
Corp.
...............
73,517
72,866
Morguard
North
American
Residential
Real
Estate
Investment
Trust
REIT
...................
848,095
228,692
Mullen
Group
Ltd.
.............
1,639,063
6,100
Neo
Performance
Materials,
Inc.
...
45,404
42,850
Nexus
Real
Estate
Investment
Trust
-
Unit
....................
45,747
88,640
Novagold
Resources,
Inc.(a)
.......
808,397
7,869
Open
Text
Corp.
...............
354,192
19,800
Pizza
Pizza
Royalty
Corp.
.........
127,866
19,408
Polaris
Infrastructure,
Inc.
........
207,345
14,700
Quarterhill,
Inc.
...............
21,730
65,000
Quebecor,
Inc.
-
Class
B
.........
1,482,997
182,514
Real
Matters,
Inc.(a)
............
4,060,560
3,100
Reitmans
Canada
Ltd.
-
Class
A(b)
..
174
1,179
Richards
Packaging
Income
Fund
-
Units
....................
56,994
18,800
Richelieu
Hardware
Ltd.
.........
465,982
350,000
Ritchie
Bros
Auctioneers,
Inc.
.....
16,198,000
91,300
Roxgold,
Inc.(a)
...............
113,149
7,700
Russel
Metals,
Inc.
..............
103,130
85,100
Stantec,
Inc.
..................
2,738,931
9,400
TFI
International,
Inc.
...........
407,875
41,036
Torex
Gold
Resources,
Inc.(a)
.....
719,650
95,870
TransAlta
Corp.
................
626,990
142,990
Transcontinental,
Inc.
-
Class
A
....
1,648,263
38,000
True
North
Commercial
Real
Estate
Investment
Trust
REIT
......
167,666
10,800
Uni-Select,
Inc.
................
61,763
12,800
Uranium
Participation
Corp.(a)
....
46,921
25,200
Wajax
Corp.
..................
179,483
Shares
Value
CANADA
(continued)
22,594
Whitecap
Resources,
Inc.
.........
$
37,279
2,134
Winpak
Ltd.
..................
74,800
60,166
Yamana
Gold,
Inc.
..............
390,790
156,859,232
CAYMAN
ISLANDS
—
0.0%
12,190
Consolidated
Water
Co.
Ltd.
......
149,571
CHILE
—
0.0%
1,953
Empresa
Nacional
de
Telecomunicaciones
SA
......
13,926
15,798
Engie
Energia
Chile
SA
..........
22,641
30,608
Inversiones
Aguas
Metropolitanas
SA
26,684
5,649
Parque
Arauco
SA
..............
9,663
30,939
PAZ
Corp.
SA
.................
25,338
89,506
Sigdo
Koppers
SA
..............
104,632
405,463
Sociedad
Matriz
SAAM
SA
.......
29,457
29,332
Socovesa
SA
..................
8,212
240,553
CHINA
—
2.6%
2,491
58.com,
Inc.
-
ADR(a)
...........
137,927
8,945,000
Agricultural
Bank
of
China
Ltd.
-
H
Shares
...................
3,175,006
9,434,000
Aluminum
Corp.
of
China
Ltd.
-
H
Shares(a)
.................
2,433,437
6,000
BAIC
Motor
Corp.
Ltd.
-
H
Shares(c)
2,926
8,376,770
Bank
of
China
Ltd.
-
H
Shares
.....
2,789,540
4,722,000
Bank
of
Communications
Co.
Ltd.
-
H
Shares
...................
2,621,119
290,195
Baozun,
Inc.
-
ADR(a)
...........
12,205,602
1,444,100
Better
Life
Commercial
Chain
Share
Co.
Ltd.
.................
2,888,073
70,000
China
Animal
Healthcare
Ltd.(a)(b)
.
847
4,312,044
China
Construction
Bank
Corp.
-
H
Shares
...................
3,144,043
2,987,500
China
Galaxy
Securities
Co.
Ltd.
-
H
Shares
...................
1,787,032
79,500
China
Huiyuan
Juice
Group
Ltd.(a)(b)
3,596
217,915
China
Lesso
Group
Holdings
Ltd.
..
421,601
3,819,300
China
Minsheng
Banking
Corp.
Ltd.
-
H
Shares
.................
2,405,589
2,650,500
China
Railway
Construction
Corp.
Ltd.
-
H
Shares
............
2,119,964
4,945,000
China
Railway
Group
Ltd.
-
H
Shares
2,503,261
2,158,500
China
Railway
Tielong
Container
Logistics
Co.
Ltd.
..........
1,804,423
164,000
China
Taifeng
Beddings
Holdings
Ltd.
(a)(b)
....................
0
5,888,000
China
Telecom
Corp.
Ltd.
-
H
Shares
1,748,299
86,400
China
Zhongwang
Holdings
Ltd.
...
18,286
1,473,695
Chongqing
Changan
Automobile
Co.
Ltd.(a)
...................
2,340,819
3,699,000
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
-
H
Shares
.........
1,499,408
19,508
CIFI
Holdings
Group
Co.
Ltd.
....
17,536
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
4
July
31,
2020
(Unaudited)
Shares
Value
CHINA
(continued)
5,052,000
CSG
Holding
Co.
Ltd.
..........
$
4,371,590
302,000
CT
Environmental
Group
Ltd.(a)(b)
2,486
3,379,400
Daqin
Railway
Co.
Ltd.
..........
3,141,138
1,978,905
FAW
Jiefang
Group
Co.
Ltd.(a)
....
3,833,909
646,900
Fujian
Star-net
Communication
Co.
Ltd.
.....................
3,060,206
3,057,500
Greentown
China
Holdings
Ltd.
...
3,564,270
115,376
Greentown
Management
Holdings
Co.
Ltd.(a)(c)
.................
54,634
2,721,500
Guangxi
Liugong
Machinery
Co.
Ltd.
2,800,008
2,806,800
Guangzhou
R&F
Properties
Co.
Ltd.
-
H
Shares
.................
3,239,511
63,000
Harmonicare
Medical
Holdings
Ltd.
(a)
(b)(c)
..................
3,109
68,000
HOSA
International
Ltd.(a)(b)
....
477
128,700
Huishang
Bank
Corp.
Ltd.
-
H
Shares
42,373
34,319
I-Mab
-
ADR(a)
...............
1,096,492
5,202,000
Industrial
&
Commercial
Bank
of
China
Ltd.
-
H
Shares
.......
3,048,068
123,550
JD.com,
Inc.
-
ADR(a)
..........
7,881,255
1,691,938
Jiangxi
Copper
Co.
Ltd.
-
H
Shares
.
2,022,267
6,542,000
Kingdee
International
Software
Group
Co.
Ltd.
.................
18,094,060
1,829,600
MLS
Co.
Ltd.
.................
4,660,505
7,769,715
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
-
H
Shares
........
2,527,956
6,812,000
Postal
Savings
Bank
of
China
Co.
Ltd.
-
H
Shares(c)
..............
3,752,999
261,000
Qunxing
Paper
Holdings
Co.
Ltd.(a)
(b)
......................
0
67,000
Real
Gold
Mining
Ltd.(a)(b)
......
2,274
5,866,600
Shandong
Nanshan
Aluminum
Co.
Ltd.
.....................
1,993,446
41,000
Shengjing
Bank
Co.
Ltd.
-
H
Shares(a)
(c)
......................
37,558
1,346,000
Shenzhen
Laibao
Hi-tech
Co.
Ltd.
..
2,901,821
6,405
SINA
Corp./China(a)
...........
258,442
4,238,500
Sino-Ocean
Group
Holding
Ltd.
...
1,022,483
100,500
SOHO
China
Ltd.(a)
...........
37,358
255,000
Tenwow
International
Holdings
Ltd.
(a)(b)
....................
2,346
1,381,167
Tongkun
Group
Co.
Ltd.
-
Class
A
..
2,858,617
201,000
Trony
Solar
Holdings
Co.
Ltd.(a)(b)
.
0
1,392,100
UBS
Beijing
Hualian
Hypermarket
Co.
Ltd.
-
A
Shares(a)
.......
997,273
4,773,200
UBS
Rizhao
Port
Co.
Ltd.
-
A
Shares(a)
.................
1,921,738
2,024,600
UBS
Shandong
Haihua
Co.
Ltd.
-
A
Shares(a)
.................
1,450,383
991,000
UBS
Triangle
Tyre
Co.
Pnote(a)
....
2,046,038
974,100
UBS
Xiamen
King
Long
Motor
Group
Co.
Ltd.
-
A
Shares(a)
.......
697,826
2,893,700
Wuxi
Taiji
Industry
Co.
Ltd.
......
4,776,846
2,721,200
Xiaomi
Corp.
-
Class
B(a)(c)
......
5,216,707
66,012
Xingda
International
Holdings
Ltd.
.
13,407
Shares
Value
CHINA
(continued)
11,000
Xingfa
Aluminium
Holdings
Ltd.
...
$
12,110
8,217
Xinyuan
Real
Estate
Co.
Ltd.
-
ADR
17,420
1,068,674
Xuji
Electric
Co.
Ltd.
............
2,458,509
104,500
Youyuan
International
Holdings
Ltd.
(a)(b)
....................
658
2,492,200
Yunnan
Aluminium
Co.
Ltd.(a)
....
2,423,718
2,168,800
Yunnan
Copper
Co.
Ltd.(a)
.......
4,588,690
270,553
Zai
Lab
Ltd.
-
ADR(a)
...........
20,591,789
40,000
ZHEJIANG
GLASS
CO
Ltd.(a)(b)
.
0
4,149,400
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.
-
H
Shares(a)
.................
4,278,016
173,871,120
DENMARK
—
1.1%
22,150
ALK-Abello
A/S(a)
.............
6,284,976
5,957
Alm
Brand
A/S(a)
..............
60,684
8,231
Amagerbanken
A/S(a)(b)
.........
0
137,837
Ambu
A/S
-
Class
B
.............
4,812,387
97
Brodrene
A&O
Johansen
A/S
-
Preference
Shares
...........
7,660
22,092
Carlsberg
A/S
-
Class
B
..........
3,262,758
15,163
D/S
Norden
A/S
...............
228,955
48,572
DSV
PANALPINA
A/S
..........
6,646,378
59,834
FLSmidth
&
Co.
A/S(a)
..........
1,785,630
67,969
Genmab
A/S(a)
................
23,395,371
234,295
GN
Store
Nord
A/S
.............
14,407,973
16,275
H+H
International
A/S
-
Class
B(a)
.
279,162
15,686
INVISIO
AB
.................
291,055
73,026
ISS
A/S(a)
....................
1,126,967
165,902
Matas
A/S(a)
..................
1,664,776
8,805
Nilfisk
Holding
A/S(a)
...........
120,365
4,279
North
Media
AS(a)
.............
37,873
900
Parken
Sport
&
Entertainment
A/S(a)
10,961
5,156
Per
Aarsleff
Holding
A/S
.........
197,460
415
Rockwool
International
A/S
-
A
Shares
121,651
8,111
Rockwool
International
A/S
-
B
Shares
2,616,718
1,548
RTX
A/S
.....................
57,488
4,787
Schouw
&
Co.
A/S
.............
391,726
20,667
SimCorp
A/S
..................
2,413,183
67,873
Spar
Nord
Bank
A/S(a)
..........
559,198
2,492
TCM
Group
A/S(a)
.............
50,847
20,138
Vestas
Wind
Systems
A/S
.........
2,581,389
8,340
Vestjysk
Bank
A/S(a)
............
3,834
73,417,425
FINLAND
—
0.4%
9,335
Aktia
Bank
Oyj(a)
..............
95,444
2,917
Alma
Media
Oyj
...............
25,382
7,013
Altia
Oyj
.....................
66,020
4,578
Atria
Oyj
.....................
45,958
7,792
Cargotec
Oyj
-
B
Shares
..........
232,347
21,137
Caverion
Oyj(a)
...............
157,454
2,662
Elisa
Oyj
.....................
157,880
1,931
eQ
Oyj
......................
29,707
10,333
Fiskars
Oyj
Abp
................
144,379
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
5
July
31,
2020
(Unaudited)
Shares
Value
FINLAND
(continued)
16,592
F-Secure
Oyj(a)
................
$
57,798
14,434
Harvia
Oyj
...................
225,458
48,645
HKScan
Oyj
-
A
Shares(a)
........
112,226
26,440
Kamux
Corp.
.................
265,159
8,571
Kesko
Oyj
-
A
Shares
............
174,567
5,286
Kojamo
Oyj
..................
131,369
20,870
Lassila
&
Tikanoja
Oyj
..........
320,547
6,367
Neles
Oyj
....................
90,800
696
Olvi
Oyj
-
A
Shares
.............
34,702
56,281
Oriola
Oyj
-
Class
B
............
122,338
3,583
Orion
Oyj
-
Class
A
.............
156,036
78,729
Orion
Oyj
-
Class
B
.............
3,434,882
1,442,714
Outotec
Oyj
..................
9,311,140
9,104
QT
Group
Oyj(a)
..............
302,237
9,066
Raisio
Oyj
-
V
Shares
............
33,169
1,052
Remedy
Entertainment
Oyj
.......
29,848
94,541
Sanoma
Oyj
..................
1,059,097
1,890
Tikkurila
Oyj
.................
30,702
3,578
Titanium
Oyj
.................
36,496
100,278
Tokmanni
Group
Corp.
..........
1,881,344
72,779
Uponor
Oyj
..................
1,218,925
52,644
Vaisala
Oyj
-
A
Shares
...........
1,931,951
133,027
Valmet
Oyj
...................
3,726,939
7,589
Verkkokauppa.com
Oyj
..........
46,355
95,617
YIT
Oyj
.....................
555,619
26,244,275
FRANCE
—
0.5%
2,335
AKWEL
.....................
36,902
3,011
Albioma
SA
...................
134,607
646
Altarea
SCA
REIT
..............
88,631
521
Assystem
SA
..................
13,095
72,428
Atos
SE(a)
....................
6,193,273
369
Boiron
SA
....................
14,496
4,368
Bonduelle
SCA
................
104,328
117
Burelle
SA
....................
68,018
410,202
Cellectis
SA(a)
.................
6,463,987
7,085
Coface
SA(a)
..................
56,191
112,559
DBV
Technologies
SA
-
ADR(a)
....
462,618
263,601
Derichebourg
SA
...............
762,165
6,116
Ekinops
SAS(a)
................
41,931
116
Electricite
de
Strasbourg
SA
.......
14,940
685
Eurobio
Scientific
SA(a)
..........
8,721
3,274
Eutelsat
Communications
SA
......
33,109
986
Exel
Industries
-
A
Shares(a)
.......
41,703
3,693
Fnac
Darty
SA(a)
...............
144,587
1,535
GL
Events(a)
..................
19,876
1,062
Groupe
Guillin
................
26,281
5,483
Guerbet
.....................
193,954
954
Iliad
SA
......................
186,576
658
Infotel
SA
....................
29,357
2,784
Ingenico
Group
SA(a)
...........
450,545
73,595
Innate
Pharma
SA(a)
............
448,671
3,913
Ipsen
SA
.....................
375,267
12,723
IPSOS
......................
337,687
4,146
Kaufman
&
Broad
SA
...........
179,000
Shares
Value
FRANCE
(continued)
15,679
Korian
SA(a)
..................
$
642,730
10,392
Lagardere
SCA(a)
..............
158,099
288
Laurent-Perrier
................
25,432
1,403
Le
Belier(a)
...................
62,494
39,783
Lectra
.......................
839,759
5,035
LISI(a)
......................
113,196
2,926
LNA
Sante
SA
.................
176,549
19,885
Mersen
SA(a)
.................
536,448
18,225
Metropole
Television
SA(a)
.......
220,103
39,547
Nexans
SA(a)
.................
2,061,186
3,754
Nexity
SA
....................
127,849
5,662
OSE
Immuno(a)
...............
37,682
392
Plastivaloire(a)
.................
1,657
34,891
Quadient
....................
515,850
405,604
Rexel
SA(a)
...................
4,813,988
11
Robertet
SA
..................
11,989
10,443
Rothschild
&
Co.(a)
............
266,428
1,466
Savencia
SA(a)
.................
84,448
10,652
SCOR
SE(a)
..................
274,151
1,761
Seche
Environnement
SA
.........
66,930
3,130
Somfy
SA
....................
377,408
10,472
Sopra
Steria
Group(a)
...........
1,563,726
5,720
Suez
75,440
1,490
Synergie
SA(a)
.................
35,096
2,721
Tarkett
SA(a)
..................
33,939
73,922
Television
Francaise
1(a)
.........
424,056
71,560
Valneva
SE(a)
.................
398,098
7,245
Virbac
SA(a)
..................
1,581,736
32,456,983
GEORGIA
—
0.0%
5,317
Georgia
Capital
Plc(a)
...........
25,319
29,615
Telefonica
Deutschland
Holding
AG
80,806
106,125
GERMANY
—
1.3%
9,715
7C
Solarparken
AG
.............
40,532
51,859
ADVA
Optical
Networking
SE(a)
...
432,238
382,844
AIXTRON
SE(a)
..............
4,694,572
372,487
alstria
office
AG
REIT(a)
.........
5,572,055
429
Amadeus
Fire
AG(a)
............
49,575
1,930
Atoss
Software
AG
..............
233,950
2,317
Basler
AG
....................
161,019
10,612
Bauer
AG(a)
..................
116,529
979
Bertrandt
AG
.................
36,474
48,978
Borussia
Dortmund
GmbH
&
Co.
KGaA
...................
322,718
21,468
Carl
Zeiss
Meditec
AG
...........
2,246,825
9,690
CENTROTEC
Sustainable
AG(a)
..
160,802
267
Cewe
Stiftung
&
Co.
KGAA(a)
....
30,038
3,909
comdirect
bank
AG(a)
...........
63,294
6,346
Dermapharm
Holding
SE
........
320,979
32,958
Deutsche
EuroShop
AG
(a)
........
488,590
173,571
Deutz
AG(a)
..................
869,672
468
DMG
Mori
AG
................
22,280
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
6
July
31,
2020
(Unaudited)
Shares
Value
GERMANY
(continued)
13,608
Draegerwerk
AG
&
Co.
KGaA
-
Preference
Shares(a)
.........
$
1,282,729
4,916
Duerr
AG
....................
134,668
16,664
Eckert
&
Ziegler
Strahlen-
und
Medizintechnik
AG
.........
882,274
5,730
Elmos
Semiconductor
AG
........
140,442
763
First
Sensor
AG
................
35,498
38,306
Freenet
AG
...................
653,827
1,498
Gerresheimer
AG
..............
172,329
2,284
Gesco
AG
....................
41,284
32,763
GFT
Technologies
SE
...........
406,338
9,793
Hamburger
Hafen
und
Logistik
AG(a)
169,137
2,876
Hapag-Lloyd
AG(c)
.............
158,348
77,436
HelloFresh
SE(a)
...............
4,203,376
12,195
Hornbach
Baumarkt
AG
.........
448,195
4,645
Hornbach
Holding
AG
&
Co.
KGaA
446,972
4,998
Hypoport
SE(a)
................
2,344,811
5,143
Indus
Holding
AG
..............
175,675
3,832
Jenoptik
AG
..................
96,029
1,150
Jungheinrich
AG
-
Preference
Shares(a)
35,125
23,664
KION
Group
AG
..............
1,808,549
29,590
Kloeckner
&
Co.
SE(a)
..........
186,838
10,921
Krones
AG
...................
663,518
239
KSB
SE
&
Co.
KGaA
-
Preference
Shares
...................
62,759
2,685
Mensch
und
Maschine
Software
SE
.
147,306
83,863
METRO
AG
..................
765,117
247,280
MorphoSys
AG(a)
..............
31,744,213
3,171
New
Work
SE
.................
1,043,812
5,156
Nordex
SE(a)
.................
53,377
9,167
Norma
Group
SE
..............
254,984
99
Paul
Hartmann
AG
.............
36,515
18,266
PNE
AG
.....................
108,092
1,761
Rheinmetall
AG
...............
166,497
4,516
SAF-Holland
SE(a)
.............
30,543
9,975
Schaeffler
AG
-
Preference
Shares
...
72,773
907
Schaltbau
Holding
AG(a)
........
28,497
438,227
Sirius
Real
Estate
Ltd.
...........
423,105
8,880
Software
AG
..................
412,799
2,388
STO
SE
&
Co.
KGaA
-
Preference
Shares
...................
273,019
253
SUESS
MicroTec
SE(a)
..........
3,674
39,468
Symrise
AG
...................
4,933,938
470,413
TAG
Immobilien
AG
...........
12,369,246
23,650
Takkt
AG(a)
..................
291,257
751
Traffic
Systems
SE
..............
28,501
8,618
VIB
Vermoegen
AG
.............
282,021
1,269
Villeroy
&
Boch
AG
-
Preference
Shares
...................
16,667
19,733
Wuestenrot
&
Wuerttembergische
AG
332,383
2,671
zooplus
AG(a)
.................
462,131
84,691,330
Shares
Value
GREECE
—
0.1%
96
Alapis
Holding
Industrial
and
Commercial
SA
of
Pharmaceutical
Chemical
Products(a)(b)
.............
$
0
1,872,832
Alpha
Bank
AE(a)
..............
1,177,760
2,818,956
Eurobank
Ergasias
SA(a)
.........
1,204,676
744,117
National
Bank
of
Greece
SA(a)
.....
986,977
282,653
OPAP
SA
....................
2,560,527
22,848
Proton
Bank
SA(a)(b)
...........
0
12,534
T
Bank
SA(a)(b)
...............
0
31,091
TT
Hellenic
Postbank
SA(a)(b)
....
0
5,929,940
HONG
KONG
—
0.6%
1,241,693
Allied
Properties
HK
Ltd.
........
306,150
210,000
Analogue
Holdings
Ltd.
..........
26,580
386,000
APT
Satellite
Holdings
Ltd.
.......
119,624
10,000
Asia
Financial
Holdings
Ltd.
......
4,725
74,000
Associated
International
Hotels
Ltd.
.
139,381
6,000
Beijing
Enterprises
Water
Group
Ltd.
2,550
504,000
Bel
Global
Resources
Holdings
Ltd.
(a)
(b)
......................
0
776,000
Bright
Smart
Securities
&
Commodities
Group
Ltd.
.....
192,496
289,000
Brightoil
Petroleum
Holdings
Ltd.(a)
(b)
......................
10,490
867,571
Build
King
Holdings
Ltd.
........
80,708
28,000
Camsing
International
Holding
Ltd.(a)
(b)
......................
786
7,036,000
Champion
REIT
...............
3,733,157
149,076
Cheuk
Nang
Holdings
Ltd.
.......
69,177
69,873
Chevalier
International
Holdings
Ltd.
87,323
6,000
China
Boton
Group
Co.
Ltd.(a)
....
1,417
525,600
China
Fiber
Optic
Network
System
Group
Ltd.(a)(b)
...........
3,560
6,603,000
China
High
Precision
Automation
Group
Ltd.(a)(b)
...........
0
193,200
China
Metal
Recycling
Holdings
Ltd.
(a)(b)
....................
0
310,000
China
Oil
&
Gas
Group
Ltd.(a)
....
9,219
24,000
China
Overseas
Grand
Oceans
Group
Ltd.
.....................
14,513
142,000
China
State
Construction
Development
Holdings
Ltd.
...
8,898
2,612,000
China
Unicom
Hong
Kong
Ltd.
...
1,452,863
675,322
Chow
Sang
Sang
Holdings
International
Ltd.
..........
719,887
237,500
Chuang's
Consortium
International
Ltd.
.....................
30,016
4,932,000
CITIC
Telecom
International
Holdings
Ltd.
.............
1,565,573
2,451,312
COSCO
SHIPPING
Ports
Ltd.
....
1,278,511
3,008,228
Cowell
e
Holdings,
Inc.
..........
1,305,579
762,000
CP
Pokphand
Co.
Ltd.
..........
72,815
87,840
Dah
Sing
Banking
Group
Ltd.
.....
79,415
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
7
July
31,
2020
(Unaudited)
Shares
Value
HONG
KONG
(continued)
283,299
Dah
Sing
Financial
Holdings
Ltd.
..
$
782,886
244,000
DBA
Telecommunication
Asia
Holdings
Ltd.(a)(b)
.........
11,982
168,234
EganaGoldpfeil
Holdings
Ltd.(a)(b)
.
0
122,416
Emperor
International
Holdings
Ltd.
19,281
2,900,000
Emperor
Watch
&
Jewellery
Ltd.
...
43,489
108,000
Ever
Sunshine
Lifestyle
Services
Group
Ltd.
.....................
207,783
127,877
FSE
Services
Group
Ltd.
.........
49,353
240,000
Giordano
International
Ltd.
.......
35,342
44,000
Great
Eagle
Holdings
Ltd.
........
99,607
7,050,000
G-Resources
Group
Ltd.(a)
.......
44,561
147,065
Guangdong
Investment
Ltd.
......
237,771
56,593
Hang
Lung
Group
Ltd.
..........
136,955
100,000
Harbour
Centre
Development
Ltd.
.
100,947
600,800
HKR
International
Ltd.
..........
239,625
68,000
Hon
Kwok
Land
Investment
Co.
Ltd.
22,816
69,395
Hongkong
&
Shanghai
Hotels
Ltd.
(The)
....................
56,897
166,000
Hsin
Chong
Group
Holdings
Ltd.(a)
(b)
......................
1,405
220,000
Hua
Han
Health
Industry
Holdings
Ltd.(a)(b)
................
5,643
166,000
Hutchison
Telecommunications
Hong
Kong
Holdings
Ltd.
.........
27,197
476,000
Hysan
Development
Co.
Ltd.
.....
1,315,030
323,000
International
Housewares
Retail
Co.
Ltd.
.....................
92,121
135,000
IPE
Group
Ltd.
................
11,511
135,418
IT
Ltd.
......................
17,487
246,000
Jacobson
Pharma
Corp.
Ltd.
......
35,595
526,437
Johnson
Electric
Holdings
Ltd.
....
968,859
637,500
Kerry
Properties
Ltd.
............
1,516,997
119,000
Kowloon
Development
Co.
Ltd.
...
126,788
48,900
Lai
Sun
Development
Co.
Ltd.
.....
52,316
101,540
Lai
Sun
Garment
International
Ltd.
.
105,897
9,000
Lam
Soon
Hong
Kong
Ltd.
.......
15,344
68,000
Liu
Chong
Hing
Investment
Ltd.
...
57,650
107,000
Luk
Fook
Holdings
International
Ltd.
229,524
918,000
Magnificent
Hotel
Investment
Ltd.
.
12,194
420,000
Man
Wah
Holdings
Ltd.
.........
477,024
19,200
Mandarin
Oriental
International
Ltd.
(a)
......................
28,415
108,000
Ming
Fai
International
Holdings
Ltd.
9,197
429,000
Mingfa
Group
International
Co.
Ltd.
(a)(b)
....................
3,116
520,000
Minmetals
Land
Ltd.
............
64,474
29,000
Miramar
Hotel
&
Investment
.....
46,555
114,000
Modern
Dental
Group
Ltd.
.......
19,442
274,000
NewOcean
Energy
Holdings
Ltd.(a)
.
25,132
2,274,000
Nine
Dragons
Paper
Holdings
Ltd.
..
2,388,457
342,319
Nissin
Foods
Co.
Ltd.
...........
331,506
35,000
NWS
Holdings
Ltd.
............
27,130
44,788
Oriental
Watch
Holdings
.........
11,324
201,240
Paliburg
Holdings
Ltd.
..........
47,488
Shares
Value
HONG
KONG
(continued)
2,428,567
Perfect
Shape
Medical
Ltd.
........
$
938,543
3,948,000
Poly
Property
Group
Co.
Ltd.
.....
1,243,419
1,427,800
Polytec
Asset
Holdings
Ltd.
.......
132,787
258,000
Pou
Sheng
International
Holdings
Ltd.
(a)
......................
56,397
304,000
Prosperity
REIT
...............
91,416
90,000
SAS
Dragon
Holdings
Ltd.
.......
27,405
8,516
Shanghai
Industrial
Holdings
Ltd.
..
12,425
34,000
Shangri-La
Asia
Ltd.
............
24,601
313,560
Sino
Biopharmaceutical
Ltd.
......
409,631
89,500
SmarTone
Telecommunications
Holding
Ltd.
..............
46,741
200,000
SOCAM
Development
Ltd.(a)
.....
40,040
1,740,000
South
China
Holdings
Co.
Ltd.(a)
..
29,629
585,923
Stella
International
Holdings
Ltd.
...
569,848
2,975,500
Sun
Art
Retail
Group
Ltd.
........
4,135,349
250,000
Sun
Hung
Kai
&
Co.
Ltd.
........
96,527
1,320,000
Sunlight
Real
Estate
Investment
Trust
REIT
...................
616,842
966,177
Tai
Hing
Group
Holdings
Ltd.
.....
151,015
144,000
Tang
Palace
China
Holdings
Ltd.
...
12,084
1,118,564
Texwinca
Holdings
Ltd.
..........
158,821
21,800
Tian
An
China
Investment
Co.
Ltd.
.
11,542
1,464,000
Time
Interconnect
Technology
Ltd.
.
58,586
92,270
Tomson
Group
Ltd.
.............
19,635
497,600
Tsit
Wing
International
Holdings
Ltd.
68,737
146,000
United
Energy
Group
Ltd.
........
25,637
4,188,000
United
Laboratories
International
Holdings
Ltd.
(The)
.........
3,908,827
44,000
Up
Energy
Development
Group
Ltd.
(a)(b)
....................
137
1,101,300
Valuetronics
Holdings
Ltd.
.......
458,134
292,000
VSTECS
Holdings
Ltd.
..........
171,641
66,228
VTech
Holdings
Ltd.
............
359,300
212,000
Wai
Kee
Holdings
Ltd.
..........
104,640
24,209,667
Wang
On
Group
Ltd.
...........
218,669
15,868,000
Wang
On
Properties
Ltd.
.........
247,830
55,000
Wing
On
Co.
International
Ltd.
...
124,921
156,000
Wing
Tai
Properties
Ltd.
.........
77,573
1,076,640
Yue
Yuen
Industrial
Holdings
Ltd.
..
1,708,782
241,010
Yuexiu
Transport
Infrastructure
Ltd.
.
153,123
37,986,760
HUNGARY
—
0
.0%
13,099
Richter
Gedeon
Nyrt
............
303,076
ICELAND
—
0.0%
162,755
Ossur
HF
....................
1,145,321
INDIA
—
0.2%
5,956
Aarti
Industries
Ltd.
............
78,653
297
Aarti
Surfactants
Ltd.(a)
..........
977
332
Abb
Power
Products
&
Systems
India
Ltd.(a)
...................
3,977
9,693
Adani
Gas
Ltd.
................
19,842
23,075
Adani
Green
Energy
Ltd.(a)
.......
104,899
28,080
Adani
Transmission
Ltd.(a)
.......
88,063
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
8
July
31,
2020
(Unaudited)
Shares
Value
INDIA
(continued)
14
Akzo
Nobel
India
Ltd.
...........
$
355
6,910
Arvind
Fashions
Ltd.(a)
..........
11,320
5,079
Bajaj
Holdings
&
Investment
Ltd.
..
180,160
20,684
Balrampur
Chini
Mills
Ltd.
.......
34,705
1,748,525
Bharat
Heavy
Electricals
Ltd.
......
839,352
8,387
Birlasoft
Ltd.
..................
13,418
4,707
Bliss
Gvs
Pharma
Ltd.
...........
6,763
2,658
Chambal
Fertilizers
and
Chemicals
Ltd.
.....................
5,616
56,756
Chennai
Super
Kings
Cricket
Ltd.(a)
(b)
......................
320
9,401
Coromandel
International
Ltd.
....
97,825
14,681
Cyient
Ltd.
...................
64,718
1,963
DCM
Shriram
Ltd.
.............
8,895
1,453,657
DLF
Ltd.
....................
2,729,719
2,015
Dr
Reddy's
Laboratories
Ltd.
......
122,026
142
Finolex
Industries
Ltd.
...........
873
770
Greenlam
Industries
Ltd.
.........
7,256
15,512
Gujarat
State
Petronet
Ltd.
........
42,389
2,835
Hemisphere
Properties
India
Ltd.(a)(b)
1,185
504
Hexaware
Technologies
Ltd.
.......
2,565
55,588
HFCL
Ltd.
...................
9,290
22,708
IIFL
Finance
Ltd.
..............
20,349
5,567
IIFL
Wealth
Management
Ltd.
.....
79,361
5,639
Indiabulls
Ventures
Ltd.
..........
2,715
5,832
JB
Chemicals
&
Pharmaceuticals
Ltd.
57,333
254
Johnson
Controls-Hitachi
Air
Conditioning
India
Ltd.
......
6,994
3,656
Jubilant
Life
Sciences
Ltd.
........
38,830
3,790
Kansai
Nerolac
Paints
Ltd.
........
21,915
2,510
Kaveri
Seed
Co.
Ltd.
............
20,241
6,067
KEC
International
Ltd.
..........
22,243
11,396
Max
India
Ltd.(a)(b)
............
10,465
9,902
Muthoot
Finance
Ltd.
...........
168,418
2,785
Oberoi
Realty
Ltd.(a)
............
12,956
138
Persistent
Systems
Ltd.
...........
1,693
33,492
Petronet
LNG
Ltd.
.............
110,841
3,726
PI
Industries
Ltd.
..............
87,468
636
Procter
&
Gamble
Health
Ltd.(a)
...
35,335
266
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
.................
36,774
10,944
Punjab
National
Bank(a)
.........
4,659
15,223
Redington
India
Ltd.
............
18,355
1,016,961
State
Bank
of
India(a)
...........
2,593,612
3,148,952
Steel
Authority
of
India
Ltd.
......
1,437,701
2,256
Sundram
Fasteners
Ltd.
..........
12,529
2,717
Supreme
Industries
Ltd.
..........
46,703
8,752
Suven
Pharma(a)
...............
73,876
25
TCI
Express
Ltd.
...............
235
1,040
Trent
Ltd.
....................
7,735
48
TTK
Prestige
Ltd.
..............
3,710
5,543
Tube
Investments
of
India
Ltd.
.....
37,637
2,467,939
TV18
Broadcast
Ltd.(a)
..........
1,096,764
1,692
Vardhman
Textiles
Ltd.
..........
15,075
5,959
V-Guard
Industries
Ltd.
..........
12,955
Shares
Value
INDIA
(continued)
83,085
WNS
Holdings
Ltd.
-
ADR(a)
.....
$
5,314,117
4,885
Zensar
Technologies
Ltd.
.........
10,405
312
Zydus
Wellness
Ltd.
.............
6,708
15,901,868
INDONESIA
—
0.0%
130,900
Adaro
Energy
Tbk
PT
...........
9,791
28,100
Asahimas
Flat
Glass
Tbk
PT
.......
5,222
9,876,000
Bakrie
Telecom
Tbk
PT(a)(b)
......
6,342
459,400
Barito
Pacific
Tbk
PT(a)
.........
30,058
644,973
Citra
Marga
Nusaphala
Persada
Tbk
PT(a)
...................
43,888
2,616,900
Hanson
International
Tbk
PT(a)(b)
.
6,722
147,900
Indah
Kiat
Pulp
&
Paper
Corp.
Tbk
PT
.....................
79,361
383,000
Intiland
Development
Tbk
PT(a)
...
4,679
7,269,640
Kawasan
Industri
Jababeka
Tbk
PT(a)
78,742
2,143,920
Lippo
Karawaci
Tbk
PT
(a)
........
20,234
812,475
Mayora
Indah
Tbk
PT
...........
131,054
2,498,100
MNC
Investama
Tbk
PT(a)
.......
8,555
1,155,000
MNC
Land
Tbk
PT(a)
..........
8,477
332,600
Pan
Brothers
Tbk
PT
............
5,682
17,675,800
Perusahaan
Gas
Negara
Tbk
PT
....
1,536,548
995,300
Rimo
International
Lestari
Tbk
PT(a)
(b)
......................
2,556
37,700
Siloam
International
Hospitals
Tbk
PT(a)
...................
12,174
117,500
Sinar
Mas
Agro
Resources
&
Technology
Tbk
PT(a)
.......
24,170
56,300
Sumber
Alfaria
Trijaya
Tbk
PT
.....
2,850
1,313,000
Trada
Alam
Minera
Tbk
PT(a)(b)
...
3,372
4,875,000
Truba
Alam
Manunggal
Engineering
PT(a)(b)
.................
0
539,500
Tunas
Ridean
Tbk
PT
...........
51,535
2,072,012
IRELAND
—
0.7%
178,360
Alkermes
Plc(a)
................
3,212,264
357,145
Allegion
Plc
...................
35,521,642
80,357
Amarin
Corp.
Plc
-
ADR(a)
.......
520,713
45,257
C&C
Group
Plc
...............
136,809
52,828
COSMO
Pharmaceuticals
NV(a)
...
5,061,599
4,646
Datalex
Plc(a)
.................
1,368
3,180
Flutter
Entertainment
Plc(a)
......
476,271
45,936
Grafton
Group
Plc
-
Units
........
384,598
184,115
Greencore
Group
Plc
............
307,085
14,600
Prothena
Corp.
Plc(a)
...........
178,704
45,801,053
ISLE
OF
MAN
—
0.0%
21,481
GVC
Holdings
Plc(a)
...........
185,908
ISRAEL
—
1.7%
18,794
Airport
City
Ltd.(a)
.............
217,204
60,984
Alony
Hetz
Properties
&
Investments
Ltd.
.....................
665,189
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
9
July
31,
2020
(Unaudited)
Shares
Value
ISRAEL
(continued)
7,226
Altshuler
Shaham
Provident
Funds
&
Pension
Ltd.
..............
$
31,850
29,665
Ashtrom
Properties
Ltd.
..........
111,885
771
AudioCodes
Ltd.
...............
28,215
1,033
Bayside
Land
Corp.
.............
634,992
1,088,471
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.(a)
..............
1,086,095
6,083
Blue
Square
Real
Estate
Ltd.
......
230,065
15,667
Carasso
Motors
Ltd.
............
45,107
59,568
Compugen
Ltd.(a)
..............
858,375
120,524
CyberArk
Software
Ltd.(a)
........
14,202,548
7,750
Delek
Automotive
Systems
Ltd.
....
36,739
8,555
Delta
Galil
Industries
Ltd.
........
88,791
1,059
Duniec
Brothers
Ltd.
............
28,678
11,421
Electra
Consumer
Products
1970
Ltd.
297,517
111
Electra
Ltd.
...................
51,361
0
Equital
Ltd.(a)
.................
4
13,000
FIBI
Holdings
Ltd.
.............
325,443
13,793
First
International
Bank
Of
Israel
Ltd.
317,394
5,087
Formula
Systems
1985
Ltd.
.......
450,310
4,044
Gazit-Globe
Ltd.
...............
16,829
1,645
Hadera
Paper
Ltd.(a)
............
54,888
8,555
Hagag
Group
Real
Estate
Development(a)
............
21,590
1,998,315
Industrial
Buildings
Corp.
Ltd.(a)
..
3,910,180
4,161
Israel
Corp.
Ltd.
(The)(a)
.........
354,925
1,256,254
Israel
Discount
Bank
Ltd.
-
Class
A
.
3,862,488
2,086,546
Isramco
Negev
2
LP
.............
400,740
1,663
Isras
Investment
Co.
Ltd.
.........
232,484
98,782
Kamada
Ltd.(a)
................
818,218
107,612
Kornit
Digital
Ltd.(a)
...........
5,766,927
653
Malam
-
Team
Ltd.
.............
124,312
1
Mehadrin
Ltd.(a)
...............
24
453,871
Mizrahi
Tefahot
Bank
Ltd.
........
9,513,086
17,392
Naphtha
Israel
Petroleum
Corp.
Ltd.
(a)
......................
64,485
5,503
Nawi
Brothers
Ltd.(a)
...........
20,828
1,016
Neto
ME
Holdings
Ltd.
..........
41,852
261,453
Nice
Ltd.
-
ADR(a)
.............
53,660,614
8,270
Norstar
Holdings,
Inc.
...........
28,075
1,428
One
Software
Technologies
Ltd.
....
108,510
14,516
Partner
Communications
Co.
Ltd.(a)
59,675
13,914
Plus500
Ltd.
..................
215,679
907
Prashkovsky
Investments
and
Construction
Ltd.
..........
13,783
216,513
Radware
Ltd.(a)
................
5,531,907
4,562
Rami
Levy
Chain
Stores
Hashikma
Marketing
2006
Ltd.
........
276,566
3,475
Sapiens
International
Corp.
NV
....
106,196
24,020
Shikun
&
Binui
Ltd.(a)
..........
109,505
17,313
SolarEdge
Technologies,
Inc.(a)
....
3,031,506
49,826
Summit
Real
Estate
Holdings
Ltd.
..
435,748
5,402
Tadiran
Holdings
Ltd.
...........
296,819
162,721
Teva
Pharmaceutical
Industries
Ltd.
-
ADR(a)
..................
1,877,800
Shares
Value
ISRAEL
(continued)
6,295
Union
Bank
of
Israel
............
$
31,777
1,673
Victory
Supermarket
Chain
Ltd.
...
40,625
110,736,403
ITALY
—
0.8%
2,823,970
A2A
SpA
.....................
4,057,634
73,686
ACEA
SpA
...................
1,508,129
199,448
Arnoldo
Mondadori
Editore
SpA(a)
.
250,490
22,967
Avio
SpA(a)
...................
372,086
356,806
Azimut
Holding
SpA
............
6,797,661
1,266
B&C
Speakers
SpA(a)
...........
14,881
289,498
Banca
Generali
SpA(a)
...........
8,660,667
723,178
Banca
Mediolanum
SpA
.........
5,388,252
25,880
BasicNet
SpA
.................
107,570
18,775
Biesse
SpA(a)
..................
269,491
28,043
Buzzi
Unicem
SpA
..............
638,029
49,581
Cairo
Communication
SpA(a)
.....
79,686
12,796
Cementir
Holding
NV
..........
88,896
75,558
Cerved
Group
SpA(a)
...........
626,476
228,571
CIR
SpA-Compagnie
Industriali(a)
.
103,748
178,176
Credito
Emiliano
SpA(a)
.........
911,710
17,124
Danieli
&
C
Officine
Meccaniche
SpA
137,962
407,965
Davide
Campari-Milano
NV
......
4,118,568
28,687
De'
Longhi
SpA(a)
.............
897,990
32,494
DeA
Capital
SpA
...............
43,752
10,855
DiaSorin
SpA
.................
2,141,162
50,202
Digital
Bros
SpA(a)
.............
1,360,839
5,216
El.En.
SpA(a)
.................
138,505
46,369
Elica
SpA(a)
..................
138,593
5,916
ERG
SpA
....................
144,249
56,697
Esprinet
SpA(a)
................
282,921
7,143
Falck
Renewables
SpA
...........
46,723
5,477
Fine
Foods
&
Pharmaceuticals
NTM
72,122
37,981
FNM
SpA(a)
..................
19,963
4,483
Gruppo
MutuiOnline
SpA
........
106,221
630,138
Hera
SpA
....................
2,422,308
12,000
Iervolino
Entertainment
SpA(a)
....
49,054
362,922
Iren
SpA
.....................
916,774
5,614
Italmobiliare
SpA
...............
195,032
3,232
La
Doria
SpA
.................
41,091
57,603
Leonardo
SpA
.................
369,884
1,779
Mariella
Burani
SpA(a)(b)
........
0
1,563
MARR
SpA(a)
.................
23,215
63,364
Mediaset
SpA(a)
...............
112,871
2,236
Pharmanutra
SpA
..............
61,675
33,244
Salvatore
Ferragamo
SpA(a)
.......
447,589
872
Sanlorenzo
SpA(a)
..............
14,700
7,846
Sesa
SpA
.....................
597,562
43,445
Sogefi
SpA(a)
..................
45,239
6,462
SOL
SpA
....................
82,042
4,133
Tinexta
SpA(a)
................
70,710
6,610
Uni
Land
SpA(a)(b)
.............
0
61,477
Unione
di
Banche
Italiane
SpA(a)
...
261,683
1,886,352
Unipol
Gruppo
SpA(a)
..........
7,925,065
53,161,470
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
10
July
31,
2020
(Unaudited)
Shares
Value
JAPAN
—
6.2%
134,000
77
Bank
Ltd.
(The)
.............
$
1,801,689
4,500
A&A
Material
Corp.
............
42,534
83,300
A&D
Co.
Ltd.
................
495,250
117,385
Adastria
Co.
Ltd.
...............
1,609,245
2,000
Ad-sol
Nissin
Corp.
.............
46,082
6,800
Advantage
Risk
Management
Co.
Ltd.
48,744
29,000
Advantest
Corp.
...............
1,583,374
6,100
Aeon
Delight
Co.
Ltd.
...........
184,340
57,200
AEON
Financial
Service
Co.
Ltd.
...
431,904
19,600
Ahresty
Corp.
.................
56,794
700
Aichi
Tokei
Denki
Co.
Ltd.
.......
29,161
6,600
Aiphone
Co.
Ltd.
..............
85,561
11,000
Aisan
Industry
Co.
Ltd.
..........
45,807
1,100
Akatsuki,
Inc.
.................
38,439
6,200
Akita
Bank
Ltd.
(The)
...........
82,362
2,300
Alconix
Corp.
.................
26,425
17,800
Alpen
Co.
Ltd.
................
249,702
1,500
Alpha
Corp.
..................
12,472
5,400
Alps
Logistics
Co.
Ltd.
...........
36,493
80,992
Altech
Corp.
..................
1,352,097
8,900
Anabuki
Kosan,
Inc.
............
117,757
22,200
Anest
Iwata
Corp.
..............
167,225
76,400
AOI
TYO
Holdings,
Inc.
.........
267,043
30,500
AOKI
Holdings,
Inc.
............
156,949
23,500
Aoyama
Trading
Co.
Ltd.
.........
126,325
700
Apaman
Co.
Ltd.
...............
3,438
900
Applied
Co.
Ltd.
...............
32,053
12,300
Arata
Corp.
...................
583,389
13,200
Argo
Graphics,
Inc.
.............
402,805
11,700
Arisawa
Manufacturing
Co.
Ltd.
...
88,000
84,300
Asahi
Co.
Ltd.
.................
1,295,345
95,400
Asahi
Diamond
Industrial
Co.
Ltd.
.
402,297
699
Asahi
Kogyosha
Co.
Ltd.
.........
19,237
21,400
Asahi
Net,
Inc.
................
219,108
3,400
ASAHI
YUKIZAI
CORP
........
42,183
1,800
Asante,
Inc.
...................
23,727
70,100
Asia
Pile
Holdings
Corp.
.........
298,274
7,600
ASKA
Pharmaceutical
Co.
Ltd.
....
79,325
22,600
ASKUL
Corp.
.................
684,805
37,804
Ateam,
Inc.
...................
300,711
8,500
Autobacs
Seven
Co.
Ltd.
.........
99,036
47,596
Avant
Corp.
..................
447,265
122,100
Avex,
Inc.
....................
978,971
191,000
Azbil
Corp.
...................
6,367,128
4,800
Bando
Chemical
Industries
Ltd.
....
27,520
2,019
Bank
of
Nagoya
Ltd.
(The)
........
42,097
800
Bank
of
Okinawa
Ltd.
(The)
......
22,051
9,600
Bank
of
Saga
Ltd.
(The)
..........
105,534
22,400
BayCurrent
Consulting,
Inc.
......
2,713,324
9,500
Beenos,
Inc.
..................
105,691
8,900
Benesse
Holdings,
Inc.
...........
232,113
31,600
BeNEXT
Group,
Inc.
...........
296,825
9,300
Bic
Camera,
Inc.
...............
93,711
58,500
BML,
Inc.
....................
1,456,842
6,800
Broccoli
Co.
Ltd.
...............
93,097
13,700
Brother
Industries
Ltd.
...........
213,230
Shares
Value
JAPAN
(continued)
258,300
Bunka
Shutter
Co.
Ltd.
..........
$
1,698,081
2,200
Business
Brain
Showa-Ota,
Inc.
....
26,927
624
Business
Engineering
Corp.
.......
15,211
800
C
Uyemura
&
Co.
Ltd.
..........
47,064
4,200
CAC
Holdings
Corp.
............
46,151
1,700
Canare
Electric
Co.
Ltd.
.........
24,466
4,500
Canon
Marketing
Japan,
Inc.
......
84,901
223,100
Capcom
Co.
Ltd.
..............
8,768,013
2,600
Career
Design
Center
Co.
Ltd.
.....
18,478
2,100
Cawachi
Ltd.
..................
63,128
196,100
Chiba
Kogyo
Bank
Ltd.
(The)
.....
394,873
2,000
Chilled
&
Frozen
Logistics
Holdings
Co.
Ltd.
.................
29,533
1,800
Chino
Corp.
..................
22,957
1,000
Chuetsu
Pulp
&
Paper
Co.
Ltd.
....
13,567
5,600
CMIC
Holdings
Co.
Ltd.
........
64,539
23,200
COLOPL,
Inc.
................
202,349
182,200
Computer
Engineering
&
Consulting
Ltd.
.....................
2,617,340
2,800
Computer
Institute
of
Japan
Ltd.
...
20,410
31,600
CONEXIO
Corp.
..............
383,679
25,400
COOKPAD,
Inc.(a)
............
83,322
7,000
Copro-Holdings
Co.
Ltd.
........
160,219
3,400
Core
Corp.
...................
38,597
3,300
Cosel
Co.
Ltd.
.................
25,509
6,202
Cota
Co.
Ltd.
.................
65,366
21,000
Creek
&
River
Co.
Ltd.
..........
219,843
6,900
Creo
Co.
Ltd.
.................
76,294
22,400
Cresco
Ltd.
...................
278,553
9,900
CTI
Engineering
Co.
Ltd.
........
155,976
11,800
Cube
System,
Inc.
..............
105,205
20,900
Cybernet
Systems
Co.
Ltd.
........
125,164
197,300
Cybozu,
Inc.
..................
5,847,070
1,000
Dai-Dan
Co.
Ltd.
..............
24,622
2,200
Daido
Steel
Co.
Ltd.
............
62,056
14,300
Daihen
Corp.
.................
527,038
18,600
Daiichikosho
Co.
Ltd.
...........
501,262
61,200
Daiken
Medical
Co.
Ltd.
.........
322,200
13,679
Daikoku
Denki
Co.
Ltd.
.........
152,427
12,400
Daikyonishikawa
Corp.
..........
52,383
1,200
Dainichiseika
Color
&
Chemicals
Manufacturing
Co.
Ltd.
......
25,468
26,000
Daito
Pharmaceutical
Co.
Ltd.
.....
771,209
38,500
Daitron
Co.
Ltd.
...............
503,461
270
Daiwa
Office
Investment
Corp.
REIT
1,415,516
25,100
Daiwabo
Holdings
Co.
Ltd.
.......
1,824,673
179,371
DCM
Holdings
Co.
Ltd.
.........
2,252,964
16,100
DD
Holdings
Co.
Ltd.
..........
88,958
1,000
Descente
Ltd.(a)
...............
16,219
15,700
Dexerials
Corp.
................
142,964
175,300
Digital
Garage,
Inc.
.............
5,867,561
5,300
Digital
Hearts
Holdings
Co.
Ltd.
...
41,264
6,700
Digital
Information
Technologies
Corp.
...................
78,723
154,100
Dip
Corp.
....................
2,900,016
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
11
July
31,
2020
(Unaudited)
Shares
Value
JAPAN
(continued)
1,700
DMS,
Inc.
....................
$
25,847
69,700
Doshisha
Co.
Ltd.
..............
1,102,480
7,100
Doutor
Nichires
Holdings
Co.
Ltd.
.
94,515
4,400
Drecom
Co.
Ltd.(a)
.............
29,706
119,005
Duskin
Co.
Ltd.
...............
2,961,271
22,600
Dynam
Japan
Holdings
Co.
Ltd.
...
19,015
1,000
Earth
Corp.
...................
68,678
15,300
Eco's
Co.
Ltd.
.................
322,776
120,600
EDION
Corp.
................
1,162,001
5,400
E-Guardian,
Inc.
...............
152,444
12,900
Eiken
Chemical
Co.
Ltd.
.........
229,424
4,600
Elematec
Corp.
................
37,130
2,600
en-japan,
Inc.
.................
62,609
45,300
EPS
Holdings
Inc.
..............
389,815
47,200
eSOL
Co.
Ltd.
................
475,639
1,900
ESPEC
Corp.
.................
32,304
290,900
F@N
Communications,
Inc.
......
1,166,236
23,800
Fields
Corp.
..................
72,886
2,800
FINDEX,
Inc.
.................
25,020
28,300
First
Bank
of
Toyama
Ltd.
(The)
....
69,418
112,700
Foster
Electric
Co.
Ltd.
..........
1,080,328
4,095
FP
Corp.
.....................
331,418
4,100
France
Bed
Holdings
Co.
Ltd.
.....
31,396
7,800
Fudo
Tetra
Corp.
...............
96,632
16,800
Fuji
Media
Holdings,
Inc.
........
147,990
66,500
Fuji
Soft,
Inc.
.................
3,000,188
2,100
Fujikura
Kasei
Co.
Ltd.
..........
10,231
7,000
Fujimi,
Inc.
...................
244,545
900
Fujimori
Kogyo
Co.
Ltd.
.........
28,998
30,300
Fujisash
Co.
Ltd.
...............
21,870
66,100
Fujitec
Co.
Ltd.
................
1,132,729
8,100
Fujitsu
General
Ltd.
.............
198,517
400
Fukuda
Corp.
.................
17,683
147,457
Fukui
Computer
Holdings,
Inc.
....
3,408,610
800
Fukushima
Industries
Corp.
.......
25,873
12,600
Full
Speed,
Inc.
................
50,088
96,600
FULLCAST
Holdings
Co.
Ltd.
....
1,113,997
4,100
Funai
Electric
Co.
Ltd.(a)
........
18,886
111,700
Furuno
Electric
Co.
Ltd.
.........
985,383
5,600
Furusato
Industries
Ltd.
..........
69,718
86,918
Furyu
Corp.
..................
752,141
10,200
Futaba
Industrial
Co.
Ltd.
........
39,859
85,300
Future
Corp.
..................
1,429,171
45,900
Gakken
Holdings
Co.
Ltd.
........
586,715
45,500
Gakujo
Co.
Ltd.
...............
383,384
9,100
Geo
Holdings
Corp.
............
124,127
35,800
Glory
Ltd.
....................
780,385
41,600
Goldcrest
Co.
Ltd.
..............
514,562
561,400
Gree,
Inc.
....................
2,314,277
34,600
GS
Yuasa
Corp.
................
538,026
16,800
Gumi,
Inc.
...................
139,740
95,280
GungHo
Online
Entertainment,
Inc.
1,751,757
120,400
Gunma
Bank
Ltd.
(The)
.........
379,475
32,600
Gunze
Ltd.
...................
1,185,874
377,400
Gurunavi,
Inc.
.................
1,623,616
86,800
Hachijuni
Bank
Ltd.
(The)
........
322,465
Shares
Value
JAPAN
(continued)
7,800
Hagihara
Industries,
Inc.
.........
$
98,964
28,100
Hakuhodo
DY
Holdings,
Inc.
.....
308,476
4,600
Hamakyorex
Co.
Ltd.
...........
137,094
10,800
Hanwa
Co.
Ltd.
...............
191,911
29,100
Happinet
Corp.
................
307,827
1,300
Harima
Chemicals
Group,
Inc.
....
11,288
35,700
Harmonic
Drive
Systems,
Inc.
.....
2,000,015
18,175
Heiwa
Corp.
..................
304,516
86,700
Hennge
KK(a)
.................
4,062,834
7,800
HI-LEX
Corp.
.................
80,760
10,300
Hino
Motors
Ltd.
..............
59,393
14,900
Hioki
EE
Corp.
................
484,883
322,849
Hiroshima
Bank
Ltd.
(The)
.......
1,483,778
7,500
Hisamitsu
Pharmaceutical
Co.,
Inc.
.
329,593
281,500
Hitachi
Zosen
Corp.
............
993,258
32,800
Hochiki
Corp.
.................
334,819
600
Hodogaya
Chemical
Co.
Ltd.
......
25,748
16,000
Hokkaido
Electric
Power
Co.,
Inc.
..
61,825
33,900
Hokuetsu
Corp.
...............
113,510
44,600
Hokuetsu
Industries
Co.
Ltd.
......
456,085
255,000
Hokuhoku
Financial
Group,
Inc.
...
2,145,230
98,006
Honeys
Holdings
Co.
Ltd.
........
955,032
3,100
Hosiden
Corp.
................
26,546
18,300
Hosokawa
Micron
Corp.
.........
954,657
15,900
Hyakujushi
Bank
Ltd.
(The)
.......
255,281
12,400
ID
Holdings
Corp.
.............
172,419
15,900
IDOM,
Inc.
..................
73,129
34,000
Imagica
Robot
Holdings,
Inc.
.....
108,272
34,600
Imagineer
Co.
Ltd.
.............
376,880
71,600
Ines
Corp.
....................
958,783
55,230
Infocom
Corp.
................
1,760,125
1,867,000
Infomart
Corp.
................
11,593,572
8,800
Information
Services
International-
Dentsu
Ltd.
...............
462,122
500
Innotech
Corp.
................
4,488
61,800
Intage
Holdings,
Inc.
............
503,887
96,695
Internet
Initiative
Japan,
Inc.
......
3,432,618
30,200
I-O
Data
Device,
Inc.
...........
279,384
4,200
IR
Japan
Holdings
Ltd.
..........
463,862
18,000
ISB
Corp.
....................
377,954
4,200
Iseki
&
Co.
Ltd.
...............
44,346
6,100
Ishihara
Sangyo
Kaisha
Ltd.
.......
38,448
13,200
Isolite
Insulating
Products
Co.
Ltd.
.
50,104
9,700
ITmedia,
Inc.
..................
165,415
35,200
Itoki
Corp.
...................
116,128
62,300
Iwaki
&
Co.
Ltd.
...............
265,713
3,700
Iwasaki
Electric
Co.
Ltd.
.........
57,574
8,955
Iwatani
Corp.
.................
316,280
14,100
JAC
Recruitment
Co.
Ltd.
........
129,977
7,500
Jaccs
Co.
Ltd.
.................
114,517
90,100
Japan
Aviation
Electronics
Industry
Ltd.
.....................
1,140,448
99,700
Japan
Display,
Inc.(a)
............
44,648
58,200
Japan
Electronic
Materials
Corp.
...
690,210
1,103
Japan
Excellent,
Inc.
REIT
........
1,165,331
130
Japan
Logistics
Fund,
Inc.
REIT
...
390,910
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
12
July
31,
2020
(Unaudited)
Shares
Value
JAPAN
(continued)
19,300
Japan
Medical
Dynamic
Marketing,
Inc.
.....................
$
284,309
11,400
Japan
Pulp
&
Paper
Co.
Ltd.
......
389,385
32
Japan
Real
Estate
Investment
Corp.
REIT
...................
163,275
24,200
Japan
System
Techniques
Co.
Ltd.
..
412,079
8,200
Japan
Systems
Co.
Ltd.
..........
32,453
2,900
Japan
Transcity
Corp.
...........
12,587
9,200
Japan
Wool
Textile
Co.
Ltd.
(The)
..
79,115
40,991
JBCC
Holdings,
Inc.
............
606,040
11,900
JCR
Pharmaceuticals
Co.
Ltd.
.....
1,170,445
144,800
Jeol
Ltd.
.....................
4,050,946
20,900
JMS
Co.
Ltd.
.................
151,224
10,900
Joshin
Denki
Co.
Ltd.
...........
210,281
3,200
Joyful
Honda
Co.
Ltd.
...........
46,208
134,900
Juki
Corp.
....................
539,023
57,900
Juroku
Bank
Ltd.
(The)
..........
991,738
58,400
JVCKenwood
Corp.
............
73,853
145,500
Kadokawa
Corp.
...............
2,977,269
29,600
Kaga
Electronics
Co.
Ltd.
........
560,556
114,510
Kaken
Pharmaceutical
Co.
Ltd.
....
5,204,047
103,400
Kanamoto
Co.
Ltd.
.............
2,089,555
33,210
Kandenko
Co.
Ltd.
.............
260,301
4,600
Kaneka
Corp.
.................
108,702
400
Kaneko
Seeds
Co.
Ltd.
...........
5,316
29,800
Kanematsu
Corp.
..............
324,645
7,900
Kato
Sangyo
Co.
Ltd.
...........
248,520
24,300
Kawai
Musical
Instruments
Manufacturing
Co.
Ltd.
......
551,684
10,300
Keihin
Corp.
..................
246,473
5,200
Keiyo
Co.
Ltd.
................
45,357
190
Kenedix
Retail
Corp.
REIT
.......
330,008
1,800
Kenko
Mayonnaise
Co.
Ltd.
......
29,890
2,500
Kimura
Unity
Co.
Ltd.
..........
23,628
4,900
King
Co.
Ltd.
.................
24,795
2,100
Kirindo
Holdings
Co.
Ltd.
........
54,022
23,400
Kissei
Pharmaceutical
Co.
Ltd.
.....
489,170
1,400
Kita-Nippon
Bank
Ltd.
(The)
......
21,777
41,600
Kito
Corp.
...................
437,275
13,200
Kitz
Corp.
....................
83,447
4,400
Koatsu
Gas
Kogyo
Co.
Ltd.
.......
31,302
97,900
Kobe
Bussan
Co.
Ltd.
...........
6,076,030
39,066
Kohnan
Shoji
Co.
Ltd.
...........
1,457,777
234,500
Kojima
Co.
Ltd.
...............
1,211,190
3,700
Kokusai
Co.
Ltd.
...............
25,632
91,400
Kokuyo
Co.
Ltd.
...............
962,209
13,900
Komehyo
Co.
Ltd.
..............
85,326
52,100
Komeri
Co.
Ltd.
...............
1,639,907
24,800
Komori
Corp.
.................
164,190
208,700
Konica
Minolta,
Inc.
............
552,819
1,400
Kosaido
Co.
Ltd.(a)
.............
10,141
1,000
Krosaki
Harima
Corp.
...........
30,441
171,615
K's
Holdings
Corp.
.............
2,203,179
16,700
Kurabo
Industries
Ltd.
...........
311,294
2,500
Kyodo
Printing
Co.
Ltd.
.........
63,018
Shares
Value
JAPAN
(continued)
1,700
Kyokuto
Boeki
Kaisha
Ltd.
.......
$
20,841
58,700
Kyokuto
Kaihatsu
Kogyo
Co.
Ltd.
..
741,527
69,085
KYORIN
Holdings,
Inc.
.........
1,255,013
9,000
Kyoritsu
Printing
Co.
Ltd.
........
10,913
3,900
Kyowa
Electronic
Instruments
Co.
Ltd.
.....................
15,185
5,850
Kyushu
Railway
Co.
............
115,566
6,020
Lawson,
Inc.
..................
299,777
8,100
Life
Corp.
....................
376,972
11,530
Lintec
Corp.
..................
269,017
266,000
M3,
Inc.
.....................
13,659,786
32,400
Macnica
Fuji
Electronics
Holdings,
Inc.
.....................
488,471
1,800
Maeda
Road
Construction
Co.
Ltd.
.
32,727
18,200
Mandom
Corp.
................
263,799
50,600
Marubun
Corp.
................
233,811
7,810
Maruichi
Steel
Tube
Ltd.
.........
184,938
103,500
Marvelous,
Inc.
................
635,920
54,300
Max
Co.
Ltd.
.................
817,842
17,900
Maxell
Holdings
Ltd.
............
153,807
236,900
Mebuki
Financial
Group,
Inc.
.....
527,000
131,700
Medipal
Holdings
Corp.
.........
2,411,904
51,400
MedPeer,
Inc.(a)
...............
1,631,030
42,200
Megachips
Corp.
...............
813,735
127,600
Meidensha
Corp.
...............
1,902,892
3,300
Meiji
Electric
Industries
Co.
Ltd.
...
41,557
48,200
Meiko
Network
Japan
Co.
Ltd.
....
318,856
67,100
Meitec
Corp.
..................
3,122,969
7,400
Meiwa
Estate
Co.
Ltd.
...........
25,900
4,200
Melco
Holdings,
Inc.
............
104,625
46,700
Menicon
Co.
Ltd.
..............
2,272,125
60,754
METAWATER
Co.
Ltd.
.........
2,641,831
152,100
Micronics
Japan
Co.
Ltd.
.........
1,449,915
52,400
Mimasu
Semiconductor
Industry
Co.
Ltd.
.....................
1,131,639
5,725
Mirait
Holdings
Corp.
...........
78,871
14,000
Miroku
Jyoho
Service
Co.
Ltd.
.....
281,738
5,800
Mitani
Corp.
..................
359,717
15,400
Mito
Securities
Co.
Ltd.
..........
28,217
7,900
Mitsubishi
Paper
Mills
Ltd.
.......
24,045
10,500
Mitsubishi
Pencil
Co.
Ltd.
........
113,191
24,800
Mitsubishi
Research
Institute,
Inc.
..
994,507
8,900
Mitsuboshi
Belting
Ltd.
..........
147,306
112,600
Mitsui
Matsushima
Holdings
Co.
Ltd.
760,896
17,049
Mitsui-Soko
Holdings
Co.
Ltd.
....
232,824
165,700
Mixi,
Inc.
....................
3,236,140
4,000
Miyazaki
Bank
Ltd.
(The)
........
85,176
3,200
Mizuho
Leasing
Co
Ltd
..........
70,830
66,550
Mizuno
Corp.
.................
1,109,165
25,527
Mochida
Pharmaceutical
Co.
Ltd.
..
943,550
313,500
MonotaRO
Co.
Ltd.
............
13,332,840
90,785
Morinaga
&
Co.
Ltd.
............
3,291,334
6
Mory
Industries,
Inc.
............
117
27,800
Mugen
Estate
Co.
Ltd.
...........
123,905
22,100
Musashino
Bank
Ltd.
(The)
.......
298,834
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
13
July
31,
2020
(Unaudited)
Shares
Value
JAPAN
(continued)
3,245
Nagaileben
Co.
Ltd.
............
$
81,346
24,600
Nagano
Keiki
Co.
Ltd.
...........
224,271
11,028
Nagoya
Railroad
Co.
Ltd.
........
279,075
4,400
Nakabayashi
Co.
Ltd.
...........
23,799
8,749
Nakanishi,
Inc.
................
138,267
4,900
NCS&A
Co.
Ltd.
..............
23,508
22,936
NEC
Capital
Solutions
Ltd.
.......
382,917
14,000
Net
Marketing
Co.
Ltd.
..........
67,572
151,100
NET
One
Systems
Co.
Ltd.
.......
5,886,696
1,030
NH
Foods
Ltd.
................
45,270
24,800
NHK
Spring
Co.
Ltd.
...........
139,564
4,300
Nichiban
Co.
Ltd.
..............
59,906
8,700
Nichiha
Corp.
.................
176,658
141,200
NichiiGakkan
Co.
Ltd.
..........
2,064,498
329,500
Nichi-iko
Pharmaceutical
Co.
Ltd.
..
3,741,092
14,000
Nihon
Chouzai
Co.
Ltd.
.........
208,908
21,400
Nihon
Falcom
Corp.
............
266,871
17,100
Nihon
House
Holdings
Co.
Ltd.
...
37,762
8,735
Nihon
Kohden
Corp.
...........
299,649
3,100
Nihon
Tokushu
Toryo
Co.
Ltd.
....
27,746
251,300
Nihon
Unisys
Ltd.
..............
7,604,590
53,500
Nikon
Corp.
..................
374,041
12,820
Nippo
Corp.
..................
339,998
10,073
Nippon
Air
Conditioning
Services
Co.
Ltd.
.....................
69,347
2,300
Nippon
BS
Broadcasting
Corp.
....
22,900
3,800
Nippon
Carbide
Industries
Co.,
Inc.
40,626
4,200
Nippon
Commercial
Development
Co.
Ltd.
.................
56,493
33,760
Nippon
Flour
Mills
Co.
Ltd.
......
532,149
21,000
Nippon
Kanzai
Co.
Ltd.
.........
385,204
20,735
Nippon
Kayaku
Co.
Ltd.
.........
203,405
2,700
Nippon
Paper
Industries
Co.
Ltd.
...
34,002
800
Nippon
Rietec
Co.
Ltd.
..........
22,429
1,700
Nippon
Road
Co.
Ltd.
(The)
......
119,380
21,400
Nippon
Shinyaku
Co.
Ltd.
........
1,655,600
1,600
Nippon
Shokubai
Co.
Ltd.
.......
79,529
12,300
Nippon
Soda
Co.
Ltd.
...........
315,884
15,100
Nippon
Steel
Trading
Corp.
.......
450,224
2,400
Nippon
Systemware
Co.
Ltd.
......
41,669
40,400
Nishimatsuya
Chain
Co.
Ltd.
......
407,467
259,200
Nishi-Nippon
Financial
Holdings,
Inc.
1,618,314
11,073
Nishi-Nippon
Railroad
Co.
Ltd.
....
277,947
18,300
Nishio
Rent
All
Co.
Ltd.
.........
348,484
1,800
Nissin
Corp.
..................
24,879
34,200
Nissin
Electric
Co.
Ltd.
..........
320,427
3,200
Nitta
Corp.
...................
67,822
300
Nitto
Fuji
Flour
Milling
Co.
Ltd.
...
17,063
89,000
Nitto
Kogyo
Corp.
.............
1,447,855
8,700
Nittoc
Construction
Co.
Ltd.
......
59,563
2,800
Noda
Corp.
...................
15,342
43,100
Nojima
Corp.
.................
1,080,586
66,300
Nomura
Co.
Ltd.
..............
423,741
5,300
Nomura
Micro
Science
Co.
Ltd.
...
100,316
11,000
Noritake
Co.
Ltd./Nagoya
Japan
...
330,784
29,500
Noritz
Corp.
..................
358,582
Shares
Value
JAPAN
(continued)
247,722
NSD
Co.
Ltd.
.................
$
4,504,781
74,000
OBIC
Business
Consultants
Co.
Ltd.
4,354,866
38,700
Obic
Co
Ltd.
.................
6,940,051
20,892
Ohsho
Food
Service
Corp.
........
996,279
4,100
Oiles
Corp.
...................
52,505
78,015
Okamura
Corp.
................
507,322
370,000
Oki
Electric
Industry
Co.
Ltd.
.....
3,283,788
1,100
Okinawa
Cellular
Telephone
Co.
...
44,037
58,900
Okuwa
Co.
Ltd.
...............
821,115
213,000
Onward
Holdings
Co.
Ltd.
.......
523,096
51,200
Optorun
Co.
Ltd.
..............
1,136,956
600
Organo
Corp.
.................
30,295
207,200
Orient
Corp.
..................
199,737
5,700
Origin
Co.
Ltd.
................
66,634
1,300
Osaka
Soda
Co.
Ltd.
............
28,069
159,500
Osaki
Electric
Co.
Ltd.
..........
750,032
48,730
Oyo
Corp.
...................
624,470
20,700
PAL
GROUP
Holdings
Co.
Ltd.
...
213,164
16,905
Pan
Pacific
International
Holdings
Corp.
...................
383,152
7,400
PAPYLESS
Co.
Ltd.
............
183,363
2,856
Paramount
Bed
Holdings
Co.
Ltd.
..
121,760
7,900
Pasco
Corp.
...................
96,802
77,400
Pasona
Group,
Inc.
.............
909,878
34,800
PC
Depot
Corp.
...............
208,315
5,600
PCA
Corp.
...................
243,596
28,600
Pegasus
Sewing
Machine
Manufacturing
Co.
Ltd.
......
68,121
222,200
PeptiDream,
Inc.(a)
.............
8,951,613
3,400
Persol
Holdings
Co.
Ltd.
.........
42,984
3,100
Pilot
Corp.
...................
86,145
24,800
Pipedo
HD,
Inc.
...............
309,937
57,900
Poletowin
Pitcrew
Holdings,
Inc.
...
494,372
354
Premier
Investment
Corp.
REIT
...
397,918
3,000
Prima
Meat
Packers
Ltd.
.........
80,146
87,152
Proto
Corp.
...................
860,159
18,000
Punch
Industry
Co.
Ltd.
.........
66,716
4,500
Quick
Co.
Ltd.
................
43,599
24,600
Raccoon
Holdings,
Inc.
..........
272,520
86,500
Rakus
Co.
Ltd.
................
1,997,203
14,700
Ray
Corp.
....................
41,349
219,290
Relia,
Inc.
....................
2,321,149
7,200
Renaissance,
Inc.
...............
51,322
1,100
Rhythm
Watch
Co.
Ltd.
.........
6,173
2,200
Ricoh
Leasing
Co.
Ltd.
..........
55,662
1,000
Riken
Corp.
..................
24,484
72,600
Riken
Technos
Corp.
............
260,493
8,900
Rion
Co.
Ltd.
.................
164,158
42,600
Rohm
Co.
Ltd.
................
2,735,504
38,800
Rohto
Pharmaceutical
Co.
Ltd.
....
1,197,620
57,900
Roland
DG
Corp.
..............
609,103
3,200
Ryobi
Ltd.
....................
30,557
3,600
Ryoden
Corp.
.................
47,451
13,300
Ryosan
Co.
Ltd.
...............
252,864
24,600
Sac's
Bar
Holdings,
Inc.
..........
110,439
4,300
Sagami
Rubber
Industries
Co.
Ltd.
..
66,129
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
14
July
31,
2020
(Unaudited)
Shares
Value
JAPAN
(continued)
100
Saison
Information
Systems
Co.
Ltd.
$
2,025
21,800
Saizeriya
Co.
Ltd.
..............
339,686
4,100
San-Ai
Oil
Co.
Ltd.
.............
33,218
18,100
Sangetsu
Corp.
................
247,577
45,400
Sanken
Electric
Co.
Ltd.
.........
874,182
42,968
Sankyo
Co.
Ltd.
...............
1,074,865
15,200
Sankyo
Tateyama,
Inc.
...........
114,472
33,300
Sanwa
Holdings
Corp.
...........
285,383
800
Sanyo
Chemical
Industries
Ltd.
....
34,101
800
Sanyo
Industries
Ltd.
............
14,282
5,100
Sanyo
Special
Steel
Co.
Ltd.
.......
36,736
4,400
Sanyo
Trading
Co.
Ltd.
..........
37,619
62,800
Sato
Holdings
Corp.
............
1,304,136
14,400
Sawada
Holdings
Co.
Ltd.
........
122,474
73,627
Sawai
Pharmaceutical
Co.
Ltd.
.....
3,497,655
54,800
Scala,
Inc.
....................
296,100
29,100
SCSK
Corp.
..................
1,481,085
1,500
Seika
Corp.
...................
15,953
86,500
Seikagaku
Corp.
...............
820,477
163,600
Seiko
Holdings
Corp.
...........
2,239,446
26,800
Seiren
Co.
Ltd.
................
309,089
1,700
Semba
Corp.
..................
13,830
24,120
Senko
Group
Holdings
Co.
Ltd.
....
180,358
20,600
Seria
Co.
Ltd.
.................
824,224
23,423
SFP
Holdings
Co.
Ltd.
..........
268,569
252,600
SG
Holdings
Co.
Ltd.
...........
9,270,077
20,900
Shibaura
Mechatronics
Corp.
......
514,342
4,500
Shikoku
Chemicals
Corp.
........
46,431
62,600
Shimachu
Co.
Ltd.
.............
1,703,493
38,500
Shimadzu
Corp.
...............
982,493
5,200
Shimamura
Co.
Ltd.
............
361,601
1,100
Shimizu
Bank
Ltd.
(The)
.........
15,593
500
Shin
Nippon
Air
Technologies
Co.
Ltd.
.....................
10,239
14,000
Shindengen
Electric
Manufacturing
Co.
Ltd.
.................
261,624
2,200
Shinko
Electric
Industries
Co.
Ltd.
..
33,125
7,900
Shinmaywa
Industries
Ltd.
........
69,132
19,800
Shinoken
Group
Co.
Ltd.
........
143,527
4,800
Shinwa
Co.
Ltd.
...............
87,606
1,700
Shofu,
Inc.
...................
21,668
9,000
Showa
Corp.
..................
190,212
3,400
Sinfonia
Technology
Co.
Ltd.
......
32,400
45,500
Sinko
Industries
Ltd.
............
601,963
51,800
SK-Electronics
Co.
Ltd.
..........
475,578
243,600
SKY
Perfect
JSAT
Holdings,
Inc.
...
896,414
77,913
Soliton
Systems
KK
.............
1,095,260
12,060
Sotetsu
Holdings,
Inc.
...........
287,627
4,400
Sprix
Ltd.
....................
27,276
5,400
SRA
Holdings
.................
116,731
7,900
ST
Corp.
.....................
153,360
99,200
St.
Marc
Holdings
Co.
Ltd.
.......
1,370,180
9,900
Starts
Corp,
Inc.
...............
180,712
65
Starts
Proceed
Investment
Corp.,
REIT
...................
124,963
Shares
Value
JAPAN
(continued)
3,100
St-Care
Holding
Corp.
..........
$
12,102
3,000
Studio
Alice
Co.
Ltd.
............
40,327
1,500
Sugimoto
&
Co.
Ltd.
............
24,749
7,900
Sumida
Corp.
.................
47,978
900
Suminoe
Textile
Co.
Ltd.
.........
14,063
5,300
Sumitomo
Bakelite
Co.
Ltd.
.......
128,599
30,000
Sumitomo
Forestry
Co.
Ltd.
......
335,413
1,300
Sumitomo
Precision
Products
Co.
Ltd.
(a)
......................
24,866
5,800
Sumitomo
Riko
Co.
Ltd.
.........
27,142
2,400
Sumitomo
Seika
Chemicals
Co.
Ltd.
76,170
5,700
Sun
Frontier
Fudousan
Co.
Ltd.
....
44,146
18,900
Sun-Wa
Technos
Corp.
..........
137,984
258,300
Suruga
Bank
Ltd.
..............
869,384
119,650
Suzuken
Co.
Ltd.
..............
4,256,203
4,400
System
Research
Co.
Ltd.
.........
77,337
2,800
Systems
Engineering
Consultants
Co.
Ltd.
.....................
75,953
253,100
Systena
Corp.
.................
3,797,972
6,800
Tachi-S
Co.
Ltd.
...............
54,197
3,600
Taiho
Kogyo
Co.
Ltd.
...........
17,046
43,700
Taikisha
Ltd.
..................
1,228,262
2,300
Takamatsu
Construction
Group
Co.
Ltd.
.....................
46,732
359
Takano
Co.
Ltd.
...............
2,080
166,700
Takara
Leben
Co.
Ltd.
...........
527,241
2,600
Takara
Standard
Co.
Ltd.
.........
35,108
13,300
Takasago
International
Corp.
......
254,690
1,100
TAKEBISHI
CORP
............
13,871
42,200
Tama
Home
Co.
Ltd.
...........
435,657
126,000
Tamron
Co.
Ltd.
...............
2,002,779
208,600
Tanseisha
Co.
Ltd.
..............
1,159,049
16,800
Tatsuta
Electric
Wire
and
Cable
Co.
Ltd.
.....................
92,059
7,800
TBK
Co.
Ltd.
.................
31,222
29,700
TDC
Soft,
Inc.
................
243,880
231,700
TechMatrix
Corp.
..............
3,996,810
400
Techno
Medica
Co.
Ltd.
.........
6,591
28,700
Teikoku
Electric
Manufacturing
Co.
Ltd.
.....................
319,693
42,400
Temairazu,
Inc.
................
1,384,930
33,587
T-Gaia
Corp.
..................
603,579
335,100
TIS,
Inc.
.....................
7,176,364
8,100
TKC
Corp.
...................
445,824
5,900
Toa
Corp.
....................
86,243
11,500
Toa
Corp.
....................
72,575
800
Toa
Oil
Co.
Ltd.
...............
14,333
78,400
TOC
Co.
Ltd.
.................
468,710
108,365
Tochigi
Bank
Ltd.
(The)
..........
158,999
1,100
Toda
Corp.
...................
7,056
15,800
Toho
Bank
Ltd.
(The)
...........
33,136
5,585
Toho
Co.
Ltd.
.................
166,018
6,394
Toho
Gas
Co.
Ltd.
..............
279,029
111,400
Toho
Holdings
Co.
Ltd.
..........
1,907,626
900
Tokai
Corp.
...................
18,071
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
15
July
31,
2020
(Unaudited)
Shares
Value
JAPAN
(continued)
14,700
TOKAI
Holdings
Corp.
..........
$
137,087
7,900
Tokai
Rika
Co.
Ltd.
.............
98,809
400
Tokyo
Electron
Device
Ltd.
.......
12,328
19,400
Tokyo
Individualized
Educational
Institute,
Inc.
..............
90,264
7,700
Tokyo
Keiki,
Inc.
...............
66,388
19,000
Tokyo
Seimitsu
Co.
Ltd.
.........
607,168
14,100
Tokyo
Tekko
Co.
Ltd.
...........
205,067
7,700
Toli
Corp.
....................
17,622
1,300
Tomen
Devices
Corp.
...........
44,873
2,500
Tomoe
Engineering
Co.
Ltd.
......
45,460
1,600
Tomoku
Co.
Ltd.
..............
25,536
197,585
TOMONY
Holdings,
Inc.
........
602,608
255,490
Tomy
Co.
Ltd.
................
1,916,953
1,100
Tonami
Holdings
Co.
Ltd.
........
58,824
45,200
Tosei
Corp.
...................
349,910
56,655
Toshiba
TEC
Corp.
.............
2,178,046
11,200
Tosho
Co.
Ltd.
................
109,973
18,700
Towa
Bank
Ltd.
(The)
...........
112,552
3,900
Towa
Corp.
...................
45,484
150,200
Towa
Pharmaceutical
Co.
Ltd.
.....
2,701,684
6,600
Toyo
Denki
Seizo
KK
...........
64,803
20,700
Toyo
Machinery
&
Metal
Co.
Ltd.
..
75,087
3,100
Transaction
Co.
Ltd.
............
31,125
81,600
Transcosmos,
Inc.
..............
1,974,799
6,221
Trend
Micro,
Inc.
..............
364,855
2,900
Trinity
Industrial
Corp.
..........
16,531
38,300
Tsubakimoto
Chain
Co.
.........
898,944
700
Tsubakimoto
Kogyo
Co.
Ltd.
......
18,986
8,400
Tsukada
Global
Holdings,
Inc.
.....
17,494
6,200
Tsumura
&
Co.
................
154,505
12,500
TV
Asahi
Holdings
Corp.
........
170,938
19,700
ULS
Group,
Inc.
...............
565,547
42,800
United
Arrows
Ltd.
.............
565,030
9,100
UNITED,
Inc.
................
90,895
2,800
Usen-Next
Holdings
Co.
Ltd.
.....
30,398
5,100
Valqua
Ltd.
...................
87,592
138,600
Wacom
Co.
Ltd.
...............
752,597
16,600
Warabeya
Nichiyo
Holdings
Co.
Ltd.
240,475
8,400
Waseda
Academy
Co.
Ltd.
........
73,994
5,000
Watts
Co.
Ltd.
.................
47,305
10,000
Weathernews,
Inc.
..............
364,789
39,900
Will
Group,
Inc.
...............
204,636
2,600
WIN-Partners
Co.
Ltd.
..........
22,521
36,300
World
Holdings
Co.
Ltd.
.........
490,492
8,700
Wowow,
Inc.
..................
202,542
39,600
Xebio
Holdings
Co.
Ltd.
.........
255,177
61,100
YAMABIKO
Corp.
.............
498,188
254,800
Yamada
Denki
Co.
Ltd.
..........
1,105,474
90,300
Yamaguchi
Financial
Group,
Inc.
...
533,210
38,900
Yamaichi
Electronics
Co.
Ltd.
.....
463,113
26,400
Yamanashi
Chuo
Bank
Ltd.
(The)
...
196,926
1,260
Yaoko
Co.
Ltd.
................
100,133
70,700
Yellow
Hat
Ltd.
................
927,967
3,400
Yokohama
Reito
Co.
Ltd.
.........
27,061
52,000
Yurtec
Corp.
..................
298,696
Shares
Value
JAPAN
(continued)
10,000
Zenrin
Co.
Ltd.
................
$
98,147
11,340
Zensho
Holdings
Co.
Ltd.
........
205,290
85,000
ZERIA
Pharmaceutical
Co.
Ltd.
....
1,504,879
414,937,120
JERSEY
CHANNEL
ISLANDS
—
0.3%
244,901
Novocure
Ltd.(a)
...............
18,561,047
LUXEMBOURG
—
0.0%
38,208
SES
SA
......................
270,270
MALAYSIA
—
0.0%
14,600
Batu
Kawan
Berhad
.............
52,736
11,450
Bursa
Malaysia
Berhad
...........
25,100
5,500
Carlsberg
Brewery
Malaysia
Berhad
.
32,843
97
Eastern
&
Oriental
Berhad
........
9
3,100
Heineken
Malaysia
Berhad
........
16,548
141,130
Kossan
Rubber
Industries
.........
588,026
55,374
KSL
Holdings
Berhad(a)
.........
7,352
5,920
LPI
Capital
Berhad
.............
18,709
42,000
Shangri-La
Hotels
Malaysia
Berhad
.
41,179
67,866
Sunway
Construction
Group
Berhad
30,453
21,600
United
Plantations
BHD
.........
71,240
65,200
UOA
Development
Berhad
.......
23,706
6,200
ViTrox
Corp.
Berhad
............
18,035
43,272
YNH
Property
Berhad(a)
.........
28,012
254,626
YTL
Corp.
Berhad
..............
46,920
1,000,868
MEXICO
—
0.0%
157,317
Alfa
SAB
de
CV
-
Class
A
........
85,392
33,895
Alpek
SAB
de
CV
..............
26,501
14,221
Corp.
Moctezuma
SAB
de
CV
.....
30,033
125
Corporativo
Fragua
SAB
de
CV
....
1,239
19,689
Grupo
Cementos
de
Chihuahua
SAB
de
CV
...................
93,513
60,157
Grupo
Financiero
Inbursa
SAB
de
CV(a)
...................
43,384
17,079
Grupo
KUO
SAB
De
CV-
Series
B
.
38,363
19,200
Grupo
Sanborns
SAB
de
CV
......
16,866
128,564
Industrias
CH
SAB
de
CV-
Series
B
.
499,698
1,115
Industrias
Penoles
SAB
de
CV
.....
16,630
70,789
Organizacion
Soriana
SAB
de
CV
-
Class
B
..................
51,593
23,243
Regional
SAB
de
CV(a)
..........
60,533
963,745
NETHERLANDS
—
1.0%
20,974
Aalberts
NV
..................
749,030
8,745
Accell
Group
NV(a)
............
245,348
3,019
Amsterdam
Commodities
NV
.....
67,057
13,104
Argenx
SE(a)
..................
3,023,777
129,750
ASM
International
NV
..........
19,847,697
340,122
ASR
Nederland
NV
.............
10,988,413
94,486
BE
Semiconductor
Industries
NV
..
4,224,644
2,323
Corbion
NV
..................
89,169
44,168
Eurocommercial
Properties
NV
REIT
546,018
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
16
July
31,
2020
(Unaudited)
Shares
Value
NETHERLANDS
(continued)
27,005
ForFarmers
NV
................
$
173,853
4,320
GrandVision
NV(a)(c)
...........
123,913
187,057
Heijmans
NV(a)
...............
1,313,925
728
Hunter
Douglas
NV(a)
..........
39,508
48,379
IMCD
Group
NV
..............
5,002,770
3,204
Intertrust
NV(c)
...............
59,370
21
Kendrion
NV(a)
...............
289
830,550
Koninklijke
BAM
Groep
NV(a)
....
1,294,131
36,904
Koninklijke
DSM
NV
...........
5,648,759
28,149
Merus
NV(a)
..................
385,360
2,695
Nederland
Apparatenfabriek(a)
....
131,857
3,476
NSI
NV
REIT
................
123,747
10,876
Ordina
NV(a)
.................
27,566
1,995,610
Pharming
Group
NV(a)
..........
2,254,372
862,565
PostNL
NV
...................
2,115,656
4,544
QIAGEN
NV(a)
...............
225,296
18,767
Sligro
Food
Group
NV
..........
294,653
86,230
SNS
REAAL
NV(a)(b)
..........
0
36,823
TKH
Group
NV
...............
1,452,241
131,713
TomTom
NV(a)
...............
1,054,663
15,879
Van
Lanschot
Kempen
NV
.......
274,826
3,085
Vastned
Retail
NV
REIT
.........
78,033
724,418
VEON
Ltd.
-
ADR
.............
1,224,266
63,080,207
NEW
ZEALAND
—
0.4%
230,901
Argosy
Property
Ltd.
REIT
.......
194,446
6,753
CBL
Corp.
Ltd.(a)(b)
...........
2,662
68,598
Chorus
Ltd.
..................
338,941
14,539
Chorus
Ltd.
..................
71,726
38,059
EBOS
Group
Ltd.
..............
551,578
225,827
Fletcher
Building
Ltd.
...........
502,076
35,054
Fletcher
Building
Ltd.
...........
78,797
33,376
Heartland
Group
Holdings
Ltd.
....
29,182
22,615
Infratil
Ltd.
...................
72,624
70,565
Kathmandu
Holdings
Ltd.
........
53,361
356,904
Kiwi
Property
Group
Ltd.
REIT
...
254,473
5,735
Mainfreight
Ltd.
...............
179,247
56,805
NZME
Ltd.(a)
................
9,110
38,075
NZX
Ltd.
....................
36,930
138,196
Oceania
Healthcare
Ltd.
.........
92,649
172,372
Port
of
Tauranga
Ltd.
............
884,124
333,008
Pushpay
Holdings
Ltd.(a)
........
1,760,369
23,666
Skellerup
Holdings
Ltd.
..........
38,329
19,478
Summerset
Group
Holdings
Ltd.
...
101,857
55,375
Vista
Group
International
Ltd.
.....
46,955
365,983
Xero
Ltd.(a)
..................
23,457,193
28,756,629
NORWAY
—
0.1%
10,775
Atea
ASA
....................
125,110
11,763
Austevoll
Seafood
ASA
...........
99,426
3,037
Bonheur
ASA
.................
71,583
4,685
Borregaard
ASA
................
62,495
31,052
Kitron
ASA(a)
.................
51,629
3,597
Kongsberg
Gruppen
ASA
.........
54,585
Shares
Value
NORWAY
(continued)
3,684
Medistim
ASA(a)
...............
$
95,432
16,871
NEL
ASA(a)
..................
35,169
122,793
Nordic
Semiconductor
ASA(a)
.....
1,217,790
46,133
Norwegian
Property
ASA
.........
58,409
15,813
Olav
Thon
Eiendomsselskap
ASA(a)
.
266,485
17,316
Otello
Corp.
ASA(a)
............
23,943
37,892
PhotoCure
ASA(a)
..............
306,702
7,966
Salmar
ASA(a)
.................
378,871
5,643
SpareBank
1
BV
...............
21,888
28,061
SpareBank
1
SMN
..............
241,768
201
Sparebanken
More
..............
6,580
11,044
Sparebanken
Vest
...............
76,462
1
TGS
NOPEC
Geophysical
Co.
ASA
15
2,005
Veidekke
ASA(a)
...............
27,271
134,036
Wallenius
Wilhelmsen
ASA(a)
.....
198,796
3,420,409
PERU
—
0.0%
193,500
Cia
de
Minas
Buenaventura
SAA
-
ADR
....................
2,294,910
PHILIPPINES
—
0.0%
4,047
Altus
Property
Ventures,
Inc.(a)
....
1,178
104,252
China
Banking
Corp.
...........
42,452
50
East
West
Banking
Corp.(a)
.......
7
62,300
Emperador,
Inc.
................
11,537
913,375
Filinvest
Land,
Inc.
.............
16,188
33,700
First
Philippine
Holdings
Corp.
....
40,994
4,205
Globe
Telecom,
Inc.
.............
176,470
11,600
Manila
Water
Co.,
Inc.
..........
3,028
166,000
Petron
Corp.
..................
10,511
104,253
Rizal
Commercial
Banking
Corp.
...
33,796
210,207
Robinsons
Land
Corp.
...........
66,040
6
Top
Frontier
Investment
Holdings,
Inc.(a)
...................
15
92,490
Union
Bank
of
the
Philippines
.....
99,602
583,900
Vista
Land
&
Lifescapes,
Inc.
......
37,097
538,915
POLAND
—
0.2%
12,870
Enea
SA(a)
...................
24,412
817
Grupa
Kety
SA
................
95,149
614
Inter
Cars
SA(a)
...............
32,497
4,047
Jastrzebska
Spolka
Weglowa
SA
....
17,889
245,656
KGHM
Polska
Miedz
SA(a)
.......
8,270,222
920,856
PGE
Polska
Grupa
Energetyczna
SA(a)
1,620,089
1,383,131
Polskie
Gornictwo
Naftowe
i
Gazownictwo
SA
...........
1,886,085
2,619,608
Tauron
Polska
Energia
SA
(a)
......
1,813,393
13,759,736
PORTUGAL
—
0.0%
1,231,589
Banco
Espirito
Santo
SA(a)(b)
.....
0
37,629
CTT-Correios
de
Portugal
SA(a)
...
100,476
432,880
NOS
SGPS
SA
................
1,913,031
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
17
July
31,
2020
(Unaudited)
Shares
Value
PORTUGAL
(continued)
5,853
Semapa-Sociedade
de
Investimento
e
Gestao
...................
$
52,653
2,066,160
PUERTO
RICO
—
0.0%
25,900
EVERTEC,
Inc.
...............
804,195
QATAR
—
0.0%
28,625
Qatar
Electricity
&
Water
Co.
QSC
.
133,527
118,295
Qatar
International
Islamic
Bank
QSC
266,751
400,278
RUSSIA
—
0.5%
1,508,650
Alrosa
PJSC
..................
1,391,596
946,376,065
Federal
Grid
Co.
Unified
Energy
System
PJSC
..............
2,538,996
3,038,052
Gazprom
PJSC
................
7,471,792
1,373,778
Gazprom
PJSC
-
ADR
...........
6,641,016
89,739
Magnit
PJSC
..................
5,523,006
5,156
Magnitogorsk
Iron
&
Steel
Works
PJSC
-
GDR
..............
35,935
421,767
Mobile
TeleSystems
PJSC
........
1,857,829
116,079,399
ROSSETI
PJSC
...............
2,498,113
1,322,830
Rostelecom
PJSC
...............
1,604,684
365,562,194
RusHydro
PJSC
...............
3,750,209
17,144
RusHydro
PJSC
-
ADR
..........
16,878
65
Tatneft
PJSC
-
ADR(a)
..........
2,893
33,332,947
SINGAPORE
—
0.2%
31,000
Accordia
Golf
Trust
-
Units
.......
15,017
149,800
AEM
Holdings
Ltd.
.............
400,057
1,837,930
Asian
Pay
Television
Trust
-
Units
...
170,153
21,700
Best
World
International
Ltd.
(b)
...
3,993
7,400
Bonvests
Holdings
Ltd.(a)
........
4,868
15,300
Boustead
Singapore
Ltd.
.........
7,930
458,500
China
Aviation
Oil
Singapore
Corp.
Ltd.
.....................
321,209
1,614,231
China
Sunsine
Chemical
Holdings
Ltd.
.....................
394,631
25,300
Chip
Eng
Seng
Corp.
Ltd.
........
8,227
1,608,200
CSE
Global
Ltd.
...............
562,295
88,000
CW
Group
Holdings
Ltd.(a)(b)
....
492
47,900
Delfi
Ltd.
....................
26,244
584,900
Ezion
Holdings
Ltd.(a)(b)
........
3,448
83,121
Far
East
Orchard
Ltd.
...........
58,654
238,500
Food
Empire
Holdings
Ltd.
.......
90,920
164,000
Fragrance
Group
Ltd.
...........
13,860
646,400
Frencken
Group
Ltd.
............
553,852
84,200
GL
Ltd.
.....................
35,501
58,000
GP
Industries
Ltd.
..............
21,911
51,700
Haw
Par
Corp.
Ltd.
.............
349,597
32,000
Hiap
Hoe
Ltd.
.................
15,512
1,374,000
Hi-P
International
Ltd.
..........
1,288,159
48,034
Ho
Bee
Land
Ltd.
..............
71,355
343,340
Hong
Fok
Corp.
Ltd.
............
164,934
184,700
Hong
Leong
Asia
Ltd.
...........
63,469
Shares
Value
SINGAPORE
(continued)
9,000
Hour
Glass
Ltd.
(The)
...........
$
4,431
76,000
Hyflux
Ltd.(a)
.................
6
200,700
Hyphens
Pharma
International
Ltd.
.
82,665
196,800
Japfa
Ltd.
....................
94,852
92,950
Jurong
Technologies
Industrial
Corp.
Ltd.(a)(b)
................
0
88,000
Lian
Beng
Group
Ltd.
...........
24,302
42,000
Low
Keng
Huat
Singapore
Ltd.
....
11,608
400,600
Midas
Holdings
Ltd.(a)(b)
........
10,496
1,008,100
Moya
Holdings
Asia
Ltd.(a)
.......
43,680
240,100
Olam
International
Ltd.
..........
233,792
68,690
OM
Holdings
Ltd.
.............
16,111
395,300
Penguin
International
Ltd.
........
129,117
304,400
RHT
Health
Trust
-
Units
REIT(a)(b)
4,209
2,200
Riverstone
Holdings
Ltd./Singapore
.
6,051
132,450
Roxy-Pacific
Holdings
Ltd.
.......
30,680
217,595
Sheng
Siong
Group
Ltd.
.........
269,744
55,900
Sinarmas
Land
Ltd.
.............
7,102
160,700
Singapore
Medical
Group
Ltd.
.....
29,835
174,000
Singapore
Reinsurance
Corp.
Ltd.
..
34,864
316,500
Stamford
Land
Corp.
Ltd.
........
78,808
326,100
Starhill
Global
REIT
............
110,910
108,300
Sunningdale
Tech
Ltd.
...........
79,942
319,080
Tuan
Sing
Holdings
Ltd.
.........
64,209
642,900
UMS
Holdings
Ltd.
............
471,846
225,092
United
Industrial
Corp.
Ltd.
......
343,382
165,470
UOB-Kay
Hian
Holdings
Ltd.
.....
142,873
67,798
Venture
Corp.
Ltd.
.............
885,403
37,907
XP
Power
Ltd.
.................
1,885,025
1,118,600
Yanlord
Land
Group
Ltd.
.........
997,126
10,739,357
SOUTH
AFRICA
—
0.0%
5,792
AECI
Ltd.
....................
29,267
25,042
Alviva
Holdings
Ltd.
............
8,099
3,050
Astral
Foods
Ltd.
...............
24,548
27,710
Barloworld
Ltd.
................
106,882
1,860
Caledonia
Mining
Corp.
Plc
......
42,650
1,852
Cashbuild
Ltd.
................
17,270
10,172
Clicks
Group
Ltd.
..............
135,748
4,372
Coronation
Fund
Managers
Ltd.
...
10,036
21,103
DataTec
Ltd.
..................
27,858
5,624
Foschini
Group
Ltd.
(The)
........
23,075
11,849
Impala
Platinum
Holdings
Ltd.
....
105,776
1,897
Lewis
Group
Ltd.
..............
1,549
23,684
Life
Healthcare
Group
Holdings
Ltd.
24,169
39,949
Momentum
Metropolitan
Holdings
.
38,869
99,776
Murray
&
Roberts
Holdings
Ltd.
...
33,673
13,803
Northam
Platinum
Ltd.(a)
........
108,955
9,805
Omnia
Holdings
Ltd.(a)
.........
15,634
24,031
Peregrine
Holdings
Ltd.(a)
........
28,331
6,456
Reunert
Ltd.
..................
11,747
695,568
Sappi
Ltd.(a)
..................
998,169
44,159
Super
Group
Ltd.(a)
............
48,920
20,220
Telkom
SA
SOC
Ltd.
...........
34,474
3,369
Tongaat
Hulett
Ltd.(a)
...........
895
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
18
July
31,
2020
(Unaudited)
Shares
Value
SOUTH
AFRICA
(continued)
3,498
Wilson
Bayly
Holmes-Ovcon
Ltd.
..
$
22,883
1,899,477
SOUTH
KOREA
—
0.7%
337,233
Daewoo
Engineering
&
Construction
Co.
Ltd.(a)
...............
989,642
2,186
Daewoo
Shipbuilding
&
Marine
Engineering
Co.
Ltd.(a)
......
43,552
1,155
Daishin
Securities
Co.
Ltd.
.......
10,058
2,472
Doosan
Fuel
Cell
Co.
Ltd.(a)
......
95,365
1,362
Doosan
Solus
Co.
Ltd.(a)
.........
43,242
195
Easy
Bio,
Inc.(a)
...............
8,593
18,884
Green
Cross
Corp.
..............
3,607,637
130,841
GS
Engineering
&
Construction
Corp.
2,966,837
107,184
Hana
Financial
Group,
Inc.
.......
2,659,794
201
Hugel,
Inc.(a)
.................
26,529
37,438
Hyundai
Department
Store
Co.
Ltd.
1,878,333
109,514
Hyundai
Engineering
&
Construction
Co.
Ltd.
.................
3,163,427
81,383
KB
Financial
Group,
Inc.
.........
2,408,553
541
Kolmar
Korea
Co.
Ltd.
..........
21,291
122,296
Korea
Electric
Power
Corp.(a)
.....
1,962,003
38,142
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.(a)
......
2,864,331
2,125
Korean
Air
Lines
Co.
Ltd.(a)
......
31,130
5,080
Korean
Reinsurance
Co.
.........
30,417
53,470
LG
Electronics,
Inc.
.............
3,179,580
13,703
Lotte
Chemical
Corp.
...........
1,943,360
42,716
OCI
Co.
Ltd.(a)
...............
2,017,629
1,076
PSK,
Inc.
....................
28,041
3,543
S-1
Corp.
....................
269,143
82,805
Samsung
Electronics
Co
Ltd.
......
4,047,000
330,147
Samsung
Engineering
Co.
Ltd.(a)
...
3,311,320
372,391
Samsung
Heavy
Industries
Co.
Ltd.(a)
1,794,574
26,630
Samsung
SDS
Co.
Ltd.
..........
3,732,333
468
SK
Chemicals
Co.
Ltd.
..........
105,891
23,437
SK
Innovation
Co.
Ltd.
..........
2,507,531
500,344
SK
Networks
Co.
Ltd.
...........
2,141,247
1,433
Soulbrain
Co.
Ltd.(b)
...........
115,347
908
Y
G-1
Co.
Ltd.
................
3,466
1,295
Yuhan
Corp.
..................
62,276
3,045
Yuyang
DNU
Co.
Ltd.(a)(b)
......
2,339
48,071,811
SPAIN
—
0.3%
9,475
Acciona
SA
...................
1,051,863
840,687
Almirall
SA(a)
.................
9,304,742
353,740
Applus
Services
SA(a)
...........
2,741,911
20,024
Caja
de
Ahorros
del
Mediterraneo(a)
(b)
......................
0
32,327
Cia
de
Distribucion
Integral
Logista
Holdings
SA
..............
603,581
20,745
eDreams
ODIGEO
SA(a)
........
43,460
8,060
Elecnor
SA
...................
85,434
65,319
Faes
Farma
SA
.................
274,909
Shares
Value
SPAIN
(continued)
3,995
Fomento
de
Construcciones
y
Contratas
SA
..............
$
34,421
1,283
Grupo
Catalana
Occidente
SA
.....
30,293
1,924
Iberpapel
Gestion
SA
............
40,249
3,833
Laboratorios
Farmaceuticos
Rovi
SA
.
132,383
2,908
Masmovil
Ibercom
SA(a)
.........
77,746
320,579
Mediaset
Espana
Comunicacion
SA(a)
1,048,615
59,316
Pharma
Mar
SA
................
6,294,162
645
Prim
SA
.....................
7,052
12,629
Prosegur
Cia
de
Seguridad
SA
.....
33,560
18,730
Red
Electrica
Corp.
S.A.
.........
365,139
3,138
Vidrala
SA
....................
344,120
5,433
Viscofan
SA
..................
398,068
22,911,708
SWEDEN
—
1.3%
9,371
AddNode
Group
AB(a)
..........
209,499
6,244
AF
POYRY
AB(a)
..............
160,282
72,110
Akelius
Residential
Property
AB
....
139,036
37,127
Arise
AB(a)
...................
150,038
700,018
Arjo
AB
-
B
Shares
..............
4,341,034
19,014
Atrium
Ljungberg
AB
-
B
Shares
...
294,155
180,074
Avanza
Bank
Holding
AB
........
3,511,258
19,668
Axfood
AB
...................
442,593
5,582
Beijer
Electronics
Group
AB(a)
....
24,441
2,374
Beijer
Ref
AB
.................
92,577
1,616
Bergman
&
Beving
AB
..........
14,810
135,013
Betsson
AB
...................
1,018,007
41,621
BHG
Group
AB(a)
.............
518,874
369,736
Bilia
AB
-
A
Shares(a)
...........
3,577,566
4,239
BillerudKorsnas
AB
.............
67,723
8,367
BioGaia
AB
-
B
Shares
...........
534,844
26,103
Bonava
AB
-
B
Shares
...........
175,848
248,760
Bredband2
i
Skandinavien
AB
.....
47,877
8,004
Bufab
AB(a)
..................
104,068
37,481
Bure
Equity
AB
................
1,028,251
184,925
Byggmax
Group
AB(a)
...........
990,677
18,146
Castellum
AB
.................
390,258
152,625
Clas
Ohlson
AB
-
B
Shares
........
1,717,720
588,742
Cloetta
AB
-
B
Shares(a)
.........
1,627,779
3,242
Contextvision
AB(a)
............
84,279
8,322
Corem
Property
Group
AB
-
B
Shares
15,841
3,910
Corem
Property
Group
AB
-
Preference
Shares
...........
145,735
362,437
Dios
Fastigheter
AB
.............
2,456,192
7,721
Doro
AB(a)
...................
33,673
10,264
Duni
AB(a)
...................
100,684
1,605
Elanders
AB
-
B
Shares(a)
........
11,915
450,723
Elekta
AB
-
B
Shares
............
4,644,961
69,143
Eolus
Vind
AB
-
B
Shares
.........
1,046,849
77,054
Fastighets
AB
Balder(a)
..........
3,191,106
45,188
Fortnox
AB
...................
1,330,376
32,154
G5
Entertainment
AB
...........
738,279
579,275
Getinge
AB
-
B
Shares
...........
13,992,155
20,214
GHP
Specialty
Care
AB(a)
........
45,564
3,609
Granges
AB(a)
.................
29,151
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
19
July
31,
2020
(Unaudited)
Shares
Value
SWEDEN
(continued)
27,524
Gunnebo
AB(a)
................
$
55,409
64,079
Haldex
AB(a)
.................
235,365
61,246
HIQ
International
AB(a)
.........
370,162
3,746
Hufvudstaden
AB
-
A
Shares
......
48,648
40,801
Humana
AB(a)
................
245,906
5,464
Indutrade
AB(a)
...............
276,726
120,422
Instalco
AB
...................
2,190,665
178,191
Inwido
AB(a)
.................
1,669,596
11,149
KNOW
IT
AB(a)
..............
230,417
217,638
Kungsleden
AB
................
1,760,318
3,739
Lime
Technologies
AB
...........
129,076
317,746
Lindab
International
AB
.........
4,965,883
15,790
Loomis
AB(a)
.................
377,293
41,589
MIPS
AB
....................
1,757,439
7,502
Momentum
Group
AB
-
Class
B
...
120,588
99,467
NCC
AB
-
Class
B
.............
1,727,490
3,604
Nederman
Holding
AB(a)
........
47,437
94,824
New
Wave
Group
AB
-
B
Shares(a)
.
393,714
175,411
Nobia
AB(a)
..................
1,040,718
71,080
Nolato
AB
-
B
Shares(a)
..........
5,909,448
15,572
NP3
Fastigheter
AB
.............
163,944
97,818
Nyfosa
AB(a)
..................
732,144
108,350
Oncopeptides
AB(a)(c)
..........
1,523,114
98,398
Orexo
AB(a)
..................
614,186
27,915
Paradox
Interactive
AB
...........
699,802
296,712
Pricer
AB
-
B
Shares
.............
880,700
7,176
Proact
IT
Group
AB(a)
..........
151,045
801,123
Ratos
AB
-
B
Shares(a)
...........
2,866,703
76,901
RaySearch
Laboratories
AB(a)
.....
808,763
201,720
Recipharm
AB
-
B
Shares(a)
.......
3,244,355
167,629
Rottneros
AB
.................
154,777
14,439
Samhallsbyggnadsbolaget
i
Norden
AB
39,364
64,590
Scandi
Standard
AB(a)
...........
481,747
2,810
Sdiptech
AB
-
Class
B(a)
.........
50,571
4,868
Sectra
AB
-
B
Shares
............
334,597
7,103
Semcon
AB(a)
.................
46,393
8,354
Systemair
AB
..................
159,623
22,961
Tethys
Oil
AB
.................
117,580
2,195
Vitec
Software
Group
AB
-
B
Shares
.
68,062
38,222
Vitrolife
AB(a)
................
927,328
3,060
VNV
Global
AB(a)
.............
23,586
1,459
Volati
AB(a)
..................
9,450
145,252
Wihlborgs
Fastigheter
AB
........
2,447,797
89,143,904
SWITZERLAND
—
1.2%
1,913
AEVIS
VICTORIA
SA(a)
........
23,521
98,175
Alcon,
Inc.(a)
.................
5,933,628
3,248
Allreal
Holding
AG
.............
646,208
9,301
ALSO
Holding
AG
.............
2,453,861
16,753
Arbonia
AG(a)
................
191,343
54,055
Ascom
Holding
AG(a)
...........
617,871
35,999
Baloise
Holding
AG
.............
5,492,543
188
Banque
Cantonale
de
Geneve
......
36,552
2,300
Banque
Cantonale
Vaudoise
.......
240,998
13,404
Basilea
Pharmaceutica
AG(a)
......
640,291
Shares
Value
SWITZERLAND
(continued)
419
Belimo
Holding
AG
............
$
3,328,606
161
Bell
Food
Group
AG
............
41,245
226
Berner
Kantonalbank
AG
.........
54,964
1,350
BKW
AG
....................
130,368
740
Bobst
Group
SA
...............
44,157
308
Bossard
Holding
AG
............
52,744
2,500
Bucher
Industries
AG
...........
823,424
3,815
Burckhardt
Compression
Holding
AG
958,510
606
Burkhalter
Holding
AG
..........
39,363
192
Cie
Financiere
Tradition
SA
.......
22,305
1,821
Comet
Holding
AG
.............
281,457
8,079
DKSH
Holding
AG
............
518,890
4,960
dormakaba
Holding
AG
.........
2,777,687
6,372
EFG
International
AG
...........
42,141
121
Emmi
AG
....................
109,285
1,970
Energiedienst
Holding
AG
........
64,514
1,106,226
Ferrexpo
Plc
..................
2,559,763
279
Forbo
Holding
AG
.............
435,138
2,690
Galenica
AG(c)
................
199,162
204
Georg
Fischer
AG
..............
187,435
128
Gurit
Holding
AG
..............
228,401
9,563
Helvetia
Holding
AG
............
866,660
19,066
Huber
+
Suhner
AG
............
1,484,274
12
Hypothekarbank
Lenzburg
AG
....
55,150
63,545
Implenia
AG
..................
2,795,038
10,414
Ina
Invest
Holding
AG(a)
........
216,353
474
Intershop
Holding
AG
...........
289,883
1,339
Investis
Holding
SA
.............
120,474
433
Kardex
AG
...................
75,494
1,955
Lastminute.com
NV(a)
..........
43,431
4,703
Leonteq
AG
..................
188,507
41,591
Logitech
International
S.A.
.......
3,033,996
7,577
Lonza
Group
AG
...............
4,738,167
362
Luzerner
Kantonalbank
AG
.......
150,362
92
Metall
Zug
AG
................
125,843
1,373
Mobimo
Holding
AG
...........
384,600
12,290
Molecular
Partners
AG(a)
........
233,503
478
Orell
Fuessli
AG
...............
46,544
833
Peach
Property
Group
AG(a)
......
34,808
193
Phoenix
Mecano
AG
............
70,284
222
Plazza
AG
....................
68,214
10,274
PSP
Swiss
Property
AG
..........
1,141,328
172,705
Quotient
Ltd.(a)
...............
1,354,007
1,566
Rieter
Holding
AG
.............
128,393
122
Romande
Energie
Holding
SA
.....
139,422
40
Schweiter
Technologies
AG
.......
49,602
10,343
SFS
Group
AG
................
977,013
8,634
Siegfried
Holding
AG
...........
4,511,263
560
Sonova
Holding
AG(a)
..........
126,618
79
St.
Galler
Kantonalbank
AG
......
35,724
3,169
Sulzer
AG
....................
262,778
3,905
Sunrise
Communications
Group
AG(c)
...................
364,226
2,367
Swissquote
Group
Holding
SA
.....
221,429
422
Tamedia
AG
..................
30,956
16,838
Tecan
Group
AG
...............
7,061,760
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
20
July
31,
2020
(Unaudited)
Shares
Value
SWITZERLAND
(continued)
86,248
Temenos
AG
..................
$
12,745,932
132
Thurgauer
Kantonalbank
.........
15,054
10,989
u-blox
Holding
AG
.............
798,354
2,445
Valiant
Holding
AG
............
227,820
273
Vaudoise
Assurances
Holding
SA
...
137,783
4,120
Vetropack
Holding
AG(a)
........
229,368
15,662
Vontobel
Holding
AG
...........
1,145,363
6,530
VZ
Holding
AG
...............
515,537
1,200
V-ZUG
Holding
AG(a)
..........
97,097
11
Warteck
Invest
AG
.............
25,735
2,013
Ypsomed
Holding
AG
...........
295,510
14,789
Zehnder
Group
AG
.............
649,673
37
Zug
Estates
Holding
AG
-
B
Shares
.
79,002
29
Zuger
Kantonalbank
AG
.........
196,615
77,761,322
TAIWAN
—
1.3%
5,391,000
Acer,
Inc.
....................
3,724,224
8,194,000
AU
Optronics
Corp.(a)
..........
2,791,329
35,955
Capital
Securities
Corp.
..........
14,600
33,975
ChainQui
Construction
Development
Co.
Ltd.
.................
24,853
1,328,559
Cheng
Shin
Rubber
Industry
Co.
Ltd.
1,541,101
31,000
China
Bills
Finance
Corp.
........
15,507
40,605
China
General
Plastics
Corp.
......
23,988
3,919,650
China
Petrochemical
Development
Corp.
...................
1,082,307
21,000
Chun
YU
Works
&
Co.
Ltd.
......
11,403
4,740,000
Compal
Electronics,
Inc.
.........
3,010,404
1,682
Cub
Elecparts,
Inc.
.............
6,916
229,425
Eva
Airways
Corp.
..............
85,069
7,115,240
Evergreen
Marine
Corp.
Taiwan
Ltd.
(a)
......................
2,670,728
732,000
Everlight
Electronics
Co.
Ltd.
.....
909,434
92,062
Far
Eastern
Department
Stores
Ltd.
.
74,008
176,205
Far
Eastern
International
Bank
.....
66,167
19,320
Feng
Hsin
Steel
Co.
Ltd.
.........
34,776
32,466
Fwusow
Industry
Co.
Ltd.
........
21,890
716,200
Gigabyte
Technology
Co.
Ltd.
.....
2,051,869
7,507,000
HannStar
Display
Corp.(a)
.......
1,767,859
15,000
Hey
Song
Corp.
...............
16,240
12,065
Hitron
Technology,
Inc.
..........
8,808
10,000
Holiday
Entertainment
Co.
Ltd.
...
22,473
1,006,000
HTC
Corp.
...................
1,025,988
9,574,000
Innolux
Corp.
.................
2,711,619
1,554,431
International
CSRC
Investment
Holdings
Co.
..............
982,143
3,707,000
Inventec
Corp.
................
3,157,295
960,000
Kinsus
Interconnect
Technology
Corp.
2,527,573
12,882
Lite-On
Semiconductor
Corp.
.....
17,781
283,560
Longchen
Paper
&
Packaging
Co.
Ltd.
142,270
2,079
Machvision,
Inc.
...............
19,666
550,000
MediaTek,
Inc.
................
13,132,934
6,590
momo.com,
Inc.
...............
146,263
1,089,000
Pegatron
Corp.
................
2,284,563
91,790
Powertech
Technology,
Inc.
.......
306,640
Shares
Value
TAIWAN
(continued)
3,242
Poya
International
Co.
Ltd.
.......
$
68,078
121,000
Prodisc
Technology,
Inc.(a)(b)
.....
0
4,073,000
Qisda
Corp.
..................
2,325,401
93,105
Radiant
Opto-Electronics
Corp.
....
398,062
70,750
Radium
Life
Tech
Co.
Ltd.
........
23,544
575,325
Realtek
Semiconductor
Corp.
......
7,340,098
68,180
SCI
Pharmtech,
Inc.
............
285,404
30,247
Sesoda
Corp.
..................
22,816
16,193,130
Shin
Kong
Financial
Holding
Co.
Ltd.
4,705,717
6,000
Shiny
Chemical
Industrial
Co.
Ltd.
.
23,242
10,961
Sino-American
Electronic
Co.
Ltd.(a)
(b)
......................
0
117,000
Southeast
Cement
Co.
Ltd.
.......
65,315
95,969
TA
Chen
Stainless
Pipe
..........
76,287
486,710
Taichung
Commercial
Bank
Co.
Ltd.
194,391
47,895
TaiDoc
Technology
Corp.
........
412,663
279,422
Taiwan
Business
Bank
...........
96,390
51,469
Taiwan
TEA
Corp.
.............
29,261
41,000
Tatung
Co.
Ltd.(a)
.............
22,367
55,315
Tung
Ho
Steel
Enterprise
Corp.
....
44,537
2,938,000
Unimicron
Technology
Corp.
......
6,454,371
181,848
Union
Bank
Of
Taiwan
..........
64,569
15,151,646
United
Microelectronics
Corp.
.....
11,489,422
104,767
United
Renewable
Energy
Co.
Ltd.(a)
32,306
27,780
Universal
Cement
Corp.
.........
16,221
49,734
UPC
Technology
Corp.
..........
15,957
44,673
Wintek
Corp.(a)(b)
.............
523
85,622
Wisdom
Marine
Lines
Co.
Ltd.
....
63,211
4,214,696
Wistron
Corp.
.................
4,938,325
21,635
WT
Microelectronics
Co.
Ltd.
.....
31,012
91,124
Yang
Ming
Marine
Transport
Corp.(a)
19,619
78,035
Yieh
Phui
Enterprise
Co.
Ltd.
.....
22,107
85,711,904
THAILAND
—
0.2%
22,900
Bangkok
Insurance
Public
Co.
Ltd.
-
FOR
....................
208,613
708,100
Bangkok
Land
Public
Co.
Ltd.
-
FOR
23,877
14,300
Bumrungrad
Hospital
Public
Co.
Ltd.
-
FOR
...................
52,637
21,921,107
IRPC
Public
Co.
Ltd.
-
FOR
......
1,791,656
5,002,000
Italian-Thai
Development
Public
Co.
Ltd.
-
FOR(a)
.............
168,743
7,378
Minor
International
Public
Co.
Ltd.
-
FOR(a)
..................
4,320
2,658,958
PTT
Global
Chemical
Public
Co.
Ltd.
-
FOR
...................
4,021,296
82,500
Rojana
Industrial
Park
Public
Co.
Ltd.
-
FOR
...................
11,399
700
Samart
Telcoms
Public
Co.
Ltd.
-
FOR
124
2,602,783
Thai
Oil
Public
Co.
Ltd.
-
FOR
....
3,521,028
85,400
Vibhavadi
Medical
Center
Public
Co.
Ltd.
-
FOR
...............
4,221
9,807,914
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
21
July
31,
2020
(Unaudited)
Shares
Value
TURKEY
—
0.4%
1
Anadolu
Anonim
Turk
Sigorta
Sirketi
$
1
1,317,359
Arcelik
AS(a)
..................
4,363,478
2,824,425
Dogan
Sirketler
Grubu
Holding
AS
.
853,193
12,906,677
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
..........
4,141,292
1,930,256
Haci
Omer
Sabanci
Holding
AS
....
2,313,766
44,496
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS
-
Class
A
.......
28,266
1,171,005
KOC
Holding
AS
..............
2,714,046
948
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
.....................
22,881
5,065,583
Petkim
Petrokimya
Holding
AS(a)
..
2,835,426
367,887
Soda
Sanayii
AS
................
344,331
143,713
TAV
Havalimanlari
Holding
AS
....
342,724
196,957
Tupras
Turkiye
Petrol
Rafinerileri
AS(a)
....................
2,334,046
1,358,391
Turkcell
Iletisim
Hizmetleri
AS
....
2,883,460
68,766
Turkiye
Sise
ve
Cam
Fabrikalari
AS
..
56,817
1
Ulker
Biskuvi
Sanayi
AS(a)
.......
3
23,233,730
UKRAINE
—
0.0%
2,796
Kernel
Holding
SA
.............
29,506
UNITED
ARAB
EMIRATES
—
0.0%
833
NMC
Health
Plc(a)
.............
250
UNITED
KINGDOM
—
5.3%
32,437
4imprint
Group
Plc
.............
1,006,542
12,026
accesso
Technology
Group
Plc(a)
...
41,659
944,998
Adaptimmune
Therapeutics
Plc
-
ADR(a)
..................
8,835,731
129,757
Afren
Plc(a)(b)
................
0
262,200
Aggreko
Plc
...................
1,315,685
449
Aptitude
Software
Group
Plc
......
2,436
10,408
Argentex
Group
Plc
.............
23,010
326,031
Ashmore
Group
Plc
.............
1,667,876
247,939
ASOS
Plc(a)
..................
10,845,777
62,552
AVEVA
Group
Plc
..............
3,375,838
877,802
B&M
European
Value
Retail
SA
...
5,277,605
583,287
Balfour
Beatty
Plc
..............
1,830,820
17,569
Bellway
Plc
...................
581,800
27,727
Bloomsbury
Publishing
Plc
.......
74,237
21,344
Bodycote
Plc
..................
155,732
1,997,159
boohoo
Group
Plc(a)
............
6,757,178
336,443
Bovis
Homes
Group
Plc
..........
2,704,991
361,094
Britvic
Plc
....................
3,753,181
87,391
Carillion
Plc(a)(b)
..............
0
25,760
Central
Asia
Metals
Plc
..........
56,089
62,387
Chemring
Group
Plc
............
192,622
32,417
Chesnara
Plc
..................
121,695
39,197
Clinigen
Group
Plc
.............
359,992
25,177
CLS
Holdings
Plc
..............
64,208
156,441
Coats
Group
Plc
...............
115,822
1,187,894
Codemasters
Group
Holdings
Plc(a)
.
5,541,112
63,918
Computacenter
Plc
.............
1,651,062
48,055
Concentric
AB(a)
..............
821,870
Shares
Value
UNITED
KINGDOM
(continued)
2,079,085
ConvaTec
Group
Plc(c)
..........
$
5,525,523
192,027
Crest
Nicholson
Holdings
plc
.....
468,758
3,863
Daily
Mail
&
General
Trust
Plc
-
Class
A
......................
31,814
187,265
Dart
Group
Plc
................
1,578,090
14,869
Derwent
London
Plc
REIT
.......
559,411
318,213
Dialog
Semiconductor
Plc(a)
......
14,916,261
18,588
Dignity
Plc(a)
.................
79,006
3,663
DiscoverIE
Group
Plc
...........
28,433
1,052,220
Dixons
Carphone
Plc
............
1,013,237
2,427,734
Drax
Group
Plc
................
8,835,100
28,901
Dunelm
Group
Plc
.............
463,740
8,000
EKF
Diagnostics
Holdings
Plc(a)
...
5,050
220,699
Electrocomponents
Plc
..........
1,890,539
149,346
Elementis
Plc
.................
124,594
89,121
EMIS
Group
Plc
...............
1,159,252
1,306
Epwin
Group
Plc
...............
1,121
6,355
Ergomed
Plc(a)
................
46,462
117,724
FDM
Group
Holdings
Plc
........
1,425,524
94,671
Fevertree
Drinks
Plc
............
2,697,797
32,008
Firstgroup
Plc(a)
...............
14,871
180,226
G4S
Plc
.....................
334,815
6,558
Games
Workshop
Group
Plc
......
752,724
10,948
Gamma
Communications
Plc
.....
227,136
6,409
Gateley
Holdings
Plc
............
10,282
247,162
Genus
Plc
....................
11,030,251
115,842
Go-Ahead
Group
Plc
(The)
.......
948,926
320
Goodwin
Plc
..................
13,134
399,797
Greggs
Plc
....................
6,217,438
495,269
Gulf
Keystone
Petroleum
Ltd.
.....
595,749
762
H&T
Group
Plc
...............
3,175
201,755
Halfords
Group
Plc
.............
386,546
76,248
Headlam
Group
Plc
.............
275,669
10,646
Henry
Boot
Plc
................
34,909
17,318
Hollywood
Bowl
Group
Plc
.......
30,688
241,666
HomeServe
Plc
................
4,183,712
32,150
Horizon
Discovery
Group
Plc(a)
...
40,876
487,831
Howden
Joinery
Group
Plc
.......
3,113,081
3,022
Hunting
Plc
..................
7,031
74,999
IMI
Plc
......................
1,019,008
494,096
Inchcape
Plc(a)
................
2,767,971
243,011
Indivior
Plc(a)
.................
439,696
604,170
IntegraFin
Holdings
Plc
..........
4,276,071
413,185
International
Personal
Finance
Plc
..
296,018
2,539
iomart
Group
Plc
..............
11,610
126,494
J
D
Wetherspoon
Plc
............
1,401,314
821,262
JD
Sports
Fashion
Plc
...........
6,492,400
127,801
Johnson
Service
Group
Plc
........
153,917
4,044
Judges
Scientific
Plc
.............
270,505
747,709
Just
Group
Plc(a)
...............
438,204
138,183
Kainos
Group
Plc
..............
1,987,337
223,947
KAZ
Minerals
Plc
..............
1,561,446
7,207
Keller
Group
Plc
...............
52,758
360,123
Lookers
Plc(b)
.................
98,994
102,044
M&G
Plc
....................
213,573
98,092
Marshalls
Plc
..................
760,624
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
22
July
31,
2020
(Unaudited)
Shares
Value
UNITED
KINGDOM
(continued)
901,985
Marston's
Plc
.................
$
475,634
20,113
McBride
Plc
..................
15,819
179,814
Micro
Focus
International
Plc
.....
647,346
414,401
Moneysupermarket.com
Group
Plc
.
1,587,587
22,720
Morgan
Advanced
Materials
Plc
....
64,687
14,312
Morgan
Sindall
Group
Plc
........
194,560
296
Mortgage
Advice
Bureau
Holdings
Ltd.
.....................
2,327
6,132
Motorpoint
group
Plc
...........
19,860
670,312
National
Express
Group
Plc
.......
1,333,739
29,888
NCC
Group
Plc
...............
67,246
79,984
Ninety
One
Plc(a)
..............
225,182
484
Norcros
Plc
...................
990
36,582
Northgate
Plc
.................
78,678
3,144,199
Ocado
Group
Plc(a)
............
84,232,862
121,432
OneSavings
Bank
Plc
............
375,407
33,499
Oxford
Biomedica
Plc(a)
.........
358,171
21,547
Oxford
Instruments
Plc
..........
378,301
96,831
Oxford
Metrics
Plc
.............
94,646
47,725
Pagegroup
Plc
.................
218,512
5,827
Patisserie
Holdings
Plc(a)(b)
.......
0
55,569
PayPoint
Plc
..................
438,643
4,424
Pennon
Group
Plc
..............
61,131
497,993
Pets
at
Home
Group
Plc
.........
2,033,388
83,722
Phoenix
Group
Holdings
Plc
......
718,948
36,579
Photo-Me
International
Plc
.......
21,604
40,982
Polar
Capital
Holdings
Plc
........
252,496
40,227
Provident
Financial
Plc(a)
........
86,915
164,245
Rank
Group
Plc
...............
293,285
4,427
Rathbone
Brothers
Plc
...........
93,745
116,843
Reach
Plc
....................
94,213
637,606
Redrow
Plc
...................
3,559,794
137,598
Renishaw
Plc
..................
8,715,060
15,232
Renold
Plc(a)
.................
2,160
6,805,666
Rentokil
Initial
Plc(a)
...........
47,478,852
1,491,777
Rightmove
Plc
.................
10,765,952
12,337
RM
Plc(a)
....................
38,451
23,329
Robert
Walters
Plc
..............
127,313
1,999,718
Rotork
Plc
....................
7,252,447
746,780
Royal
Mail
Plc
.................
1,561,647
140,011
RPS
Group
Plc
................
81,645
81,405
Safestore
Holdings
Plc
REIT
......
818,305
83,815
SDI
Group
PLC(a)
.............
60,332
40,856
SDL
Plc(a)
...................
248,516
185,138
Senior
Plc
....................
125,735
537,479
Serco
Group
Plc(a)
.............
1,116,558
38,825
Severfield
Plc
..................
30,241
23,282
SIG
Plc
......................
8,558
72,855
Softcat
Plc
....................
1,201,089
76,452
Speedy
Hire
Plc
................
50,430
15,835
Spirax-Sarco
Engineering
Plc
......
2,116,116
567,901
Spirent
Communications
Plc
......
2,079,249
115,581
Sports
Direct
International
Plc(a)
...
376,569
653,439
SSP
Group
Plc
................
1,754,380
174,991
St.
James's
Place
Plc
.............
2,140,258
140,074
St.
Modwen
Properties
Plc
........
565,576
Shares
Value
UNITED
KINGDOM
(continued)
881,091
Stagecoach
Group
Plc
...........
$
547,292
72,882
SThree
Plc
....................
241,896
16,752
Stock
Spirits
Group
Plc
..........
49,036
444,332
TalkTalk
Telecom
Group
Plc
......
403,528
592,161
Tate
&
Lyle
Plc
................
5,040,111
9,007
Team17
Group
Plc(a)
...........
71,849
45,049
Telit
Communications
Plc(a)
......
79,977
743,029
TP
ICAP
Plc
..................
3,207,200
173,391
Trainline
Plc(a)(c)
..............
932,591
35,989
Travis
Perkins
Plc
...............
520,536
14,655
Trifast
Plc
....................
20,504
8,920
TT
Electronics
plc
..............
19,907
66,272
Tullow
Oil
Plc
.................
22,161
6,494
U
&
I
Group
Plc
...............
5,743
45,570
Ultra
Electronics
Holdings
Plc
.....
1,408,324
392,911
Vectura
Group
Plc
..............
508,723
60,862
Vertu
Motors
Plc
...............
17,741
35,095
Vesuvius
Plc(a)
................
186,747
185,045
Victrex
Plc
...................
4,515,207
1,472
Vp
Plc
......................
14,077
67,225
Watkin
Jones
Plc
...............
121,363
4,842
Wilmington
Plc
................
8,313
46,233
YouGov
Plc
...................
483,479
353,654,201
UNITED
STATES
—
46.7%
18,215
1-800-Flowers.com,
Inc.
-
Class
A(a)
514,574
71
1st
Constitution
Bancorp
.........
878
9,654
1st
Source
Corp.
...............
319,740
32,785
A10
Networks,
Inc.(a)
...........
264,903
81,632
ACADIA
Pharmaceuticals,
Inc.(a)
..
3,393,442
14,800
Acceleron
Pharma,
Inc.(a)
........
1,467,716
16,705
ACI
Worldwide,
Inc.(a)
..........
447,527
385
ACNB
Corp.
..................
7,931
7,149
Addus
HomeCare
Corp.(a)
.......
689,235
730,318
Aduro
Biotech,
Inc.(a)
...........
2,059,497
436,597
Advance
Auto
Parts,
Inc.
.........
65,550,674
26,331
Advanced
Disposal
Services,
Inc.(a)
.
794,143
159,744
AeroVironment,
Inc.(a)
..........
12,228,403
17,156
Agilysys,
Inc.(a)
................
359,590
34,117
Agios
Pharmaceuticals,
Inc.(a)
.....
1,546,182
1,573
Akero
Therapeutics,
Inc.(a)
.......
55,228
16,789
Alacer
Gold
Corp.(a)
............
129,729
40,000
Albany
International
Corp.
-
Class
A
1,923,200
1,408
Alexander's,
Inc.
REIT
..........
354,520
4,766
Alico,
Inc.
....................
143,838
14,031
ALLETE,
Inc.
.................
832,038
372,705
Alnylam
Pharmaceuticals,
Inc.(a)
...
54,325,481
550,000
Altra
Industrial
Motion
Corp.
.....
18,826,500
87,999
Ambarella,
Inc.(a)
..............
3,984,595
7,493
American
Assets
Trust,
Inc.
REIT
...
202,311
494
American
National
Bankshares,
Inc.
.
10,848
21,570
American
Software,
Inc.
-
Class
A
...
355,258
11,084
American
States
Water
Co.
........
852,138
3,810
America's
Car-Mart,
Inc.(a)
.......
362,560
9,690
AMERISAFE,
Inc.
.............
614,927
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
23
July
31,
2020
(Unaudited)
Shares
Value
UNITED
STATES
(continued)
23,514
Amphastar
Pharmaceuticals,
Inc.(a)
.
$
470,750
25,245
AngioDynamics,
Inc.(a)
..........
208,524
5,864
ANI
Pharmaceuticals,
Inc.
(a)
......
173,633
184,702
ANSYS,
Inc.(a)
................
57,368,441
6,758
Anterix,
Inc.(a)
................
294,514
842,800
AO
Smith
Corp.
...............
40,572,392
6,310
Apollo
Medical
Holdings,
Inc.(a)
...
105,692
306,699
Appian
Corp.(a)
...............
15,601,778
6,725
Applied
Industrial
Technologies,
Inc.
424,482
24,006
Applied
Therapeutics,
Inc.(a)
......
619,355
29,811
Aprea
Therapeutics,
Inc.(a)
........
817,716
342,212
AptarGroup,
Inc.
...............
39,422,822
8,398
Arcosa,
Inc.
...................
354,564
18,909
Arcus
Biosciences,
Inc.(a)
.........
372,129
9,778
Armada
Hoffler
Properties,
Inc.
REIT
94,260
6,752
Arrow
Financial
Corp.
...........
184,330
6,723
Asbury
Automotive
Group,
Inc.(a)
..
673,308
2,805
Aspen
Technology,
Inc.(a)
........
272,814
382,955
AtriCure,
Inc.(a)
...............
15,628,394
855
Atrion
Corp.
..................
530,185
710,000
Avanos
Medical,
Inc.(a)
..........
21,775,700
1,438
Avenue
Therapeutics,
Inc.(a)
......
14,567
9,260
Avista
Corp.
..................
343,824
254,575
Axogen,
Inc.(a)
................
2,894,518
134,283
Axon
Enterprise,
Inc.(a)
..........
11,162,946
530,000
B&G
Foods,
Inc.
...............
15,322,300
8,948
Balchem
Corp.
................
897,126
1,015
BancFirst
Corp.
................
44,213
6,783
Bandwidth,
Inc.
-
Class
A(a)
......
982,043
8,898
Bank
of
Commerce
Holdings
......
67,180
2,896
Bank
of
Marin
Bancorp
..........
90,963
411,230
Barnes
Group,
Inc.
.............
15,162,050
5,755
Barrett
Business
Services,
Inc.
......
303,173
5,388
Baycom
Corp.(a)
...............
55,389
8,613
BellRing
Brands,
Inc.
-
Class
A(a)
...
171,140
15,890
Benchmark
Electronics,
Inc.
.......
323,520
207,681
Benefitfocus,
Inc.(a)
.............
2,431,945
46,670
BioDelivery
Sciences
International,
Inc.(a)
...................
195,547
4,292
BioSpecifics
Technologies
Corp.(a)
..
268,937
4,561
BJ's
Wholesale
Club
Holdings,
Inc.(a)
182,668
15,435
Black
Hills
Corp.
...............
893,069
159,286
Blackbaud,
Inc.
................
9,961,746
272,029
Blackline,
Inc.(a)
...............
24,186,098
20,550
Bloomin'
Brands,
Inc.
...........
236,736
1,015
Blueprint
Medicines
Corp.(a)
......
74,278
5,207
Bluerock
Residential
Growth,
Inc.
REIT
...................
37,699
24,100
BMC
Stock
Holdings,
Inc.(a)
......
616,960
2,078
Boise
Cascade
Co.
..............
96,814
18,440
Boston
Beer
Co.,
Inc.
(The)
-
Class
A(a)
....................
14,944,514
19,500
Brightcove,
Inc.(a)
..............
206,310
4,440
Brinker
International,
Inc.
........
119,392
21,120
Brookline
Bancorp,
Inc.
..........
202,646
Shares
Value
UNITED
STATES
(continued)
4,813
BRT
Apartments
Corp.
REIT
.....
$
49,670
215,000
Bryn
Mawr
Bank
Corp.
..........
5,598,600
259,800
Burlington
Stores,
Inc.(a)
.........
48,842,400
373,500
Cabot
Microelectronics
Corp.
.....
56,293,920
6,850
Cabot
Oil
&
Gas
Corp.
..........
128,095
845
CACI
International,
Inc.
-
Class
A(a)
175,608
7,991
Cadiz,
Inc.(a)
.................
84,864
7,118
Calavo
Growers,
Inc.
............
411,207
13,583
Cal-Maine
Foods,
Inc.(a)
.........
596,905
1,809
Cambridge
Bancorp
.............
98,030
8,462
Camden
National
Corp.
.........
268,161
400,000
Cantel
Medical
Corp.
...........
18,900,000
5,244
Capital
City
Bank
Group,
Inc.
.....
98,745
4,367
Capstar
Financial
Holdings,
Inc.
...
44,325
620,000
Cardiovascular
Systems,
Inc.(a)
....
18,897,600
11,388
Carriage
Services,
Inc.
...........
251,789
2,030
Carter
Bank
&
Trust
............
14,311
10,584
Casella
Waste
Systems,
Inc.
-
Class
A(a)
....................
586,459
9,944
Cass
Information
Systems,
Inc.
....
356,294
320,000
Catalent,
Inc.(a)
...............
27,948,800
7,765
CatchMark
Timber
Trust,
Inc.
-
Class
A
REIT
..................
75,786
27,970
CBIZ,
Inc.(a)
.................
676,315
352,400
CDW
Corp.
..................
40,966,500
13,075
Cellular
Biomedicine
Group,
Inc.(a)
.
172,198
2,608
Central
Garden
&
Pet
Co.(a)
......
98,739
21,550
Central
Garden
&
Pet
Co.
-
Class
A(a)
746,708
4,782
Central
Valley
Community
Bancorp
.
62,835
1,019
Century
Bancorp,
Inc.
-
Class
A
....
70,963
105,521
CEVA,
Inc.(a)
.................
4,241,944
27,959
ChannelAdvisor
Corp.(a)
.........
569,525
56,015
Chase
Corp.
..................
5,632,868
13,802
Cheesecake
Factory,
Inc.
(The)
.....
331,248
522,676
Chegg,
Inc.(a)
.................
42,321,076
1,268
Chemed
Corp.
................
624,097
3,211
Chemung
Financial
Corp.
........
86,729
10,896
Chesapeake
Utilities
Corp.
........
920,603
11,543
Chiasma,
Inc.(a)
...............
50,443
24,060
ChromaDex
Corp.(a)
...........
121,744
2,455
Citrix
Systems,
Inc.
.............
350,476
807,294
Cloudera,
Inc.(a)
...............
9,098,203
4,240
CNB
Financial
Corp.
............
69,239
263
Coastal
Financial
Corp.(a)
........
3,516
2,000
Coca-Cola
Consolidated,
Inc.
.....
459,120
1,154,617
Codexis,
Inc.(a)
................
13,659,119
16,090
Cogent
Communications
Holdings,
Inc.
.....................
1,449,870
27,926
Cognex
Corp.
.................
1,867,412
6,799
Collectors
Universe,
Inc.
.........
258,770
2,453
Collegium
Pharmaceutical,
Inc.(a)
..
38,708
17,109
Columbia
Financial,
Inc.(a)
.......
205,821
210,000
Community
Bank
System,
Inc.
....
11,808,300
4,815
Community
Healthcare
Trust
Inc.
REIT
...................
220,190
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
24
July
31,
2020
(Unaudited)
Shares
Value
UNITED
STATES
(continued)
10,419
Computer
Programs
&
Systems,
Inc.
$
257,141
9,796
Concert
Pharmaceuticals,
Inc.(a)
...
90,809
320,633
CONMED
Corp.
..............
26,465,048
200,994
Cooper
Cos,
Inc.
(The)
..........
56,867,232
8,588
Cornerstone
OnDemand,
Inc.(a)
...
304,960
5,340
CorVel
Corp.(a)
...............
424,477
2,927
CRA
International,
Inc.
..........
122,261
3,183
Cracker
Barrel
Old
Country
Store,
Inc.
351,626
146,639
Cree,
Inc.(a)
..................
10,106,360
19,590
CryoLife,
Inc.(a)
...............
380,242
16,330
CSG
Systems
International,
Inc.
....
687,983
109,800
CSW
Industrials,
Inc.
...........
7,333,542
4,200
CTO
Realty
Growth,
Inc.
........
166,488
525,000
CVB
Financial
Corp.
............
9,486,750
32,493
CytomX
Therapeutics,
Inc.(a)
.....
227,776
91
Daily
Journal
Corp.(a)
...........
25,844
11,304
Darling
Ingredients,
Inc.(a)
.......
315,721
21,889
DexCom,
Inc.(a)
...............
9,533,535
194,873
Digimarc
Corp.(a)
..............
2,739,914
2,045
Digital
Realty
Trust,
Inc.
REIT
....
328,304
940
Domino's
Pizza,
Inc.
............
363,413
2,572
Donegal
Group,
Inc.
-
Class
A
.....
35,957
389,420
Dover
Corp.
..................
40,083,001
14,846
DSP
Group,
Inc.(a)
.............
220,463
1,725
Ducommun,
Inc.(a)
.............
62,014
17,856
Dynex
Capital,
Inc.
REIT
........
275,875
7,682
Eagle
Pharmaceuticals,
Inc.(a)
.....
356,368
375
Eastern
Co.
(The)
..............
6,116
7,168
EastGroup
Properties,
Inc.
REIT
...
950,907
9,828
eGain
Corp.(a)
................
97,395
7,119
Eidos
Therapeutics,
Inc.(a)
........
285,472
1,670
Electromed,
Inc.(a)
.............
27,705
750,000
elf
Beauty,
Inc.(a)
..............
13,395,000
5,448
EMCOR
Group,
Inc.
...........
373,188
15,556
Employers
Holdings,
Inc.
.........
505,881
5,084
Encompass
Health
Corp.
.........
346,119
11,520
Ennis,
Inc.
...................
199,296
16,430
Ensign
Group,
Inc.
(The)
.........
755,616
140,000
Envestnet,
Inc.(a)
..............
11,368,000
159,750
Envista
Holdings
Corp.(a)
........
3,493,732
331,008
Equifax,
Inc.
..................
53,808,660
9,295
Equity
Commonwealth
REIT
.....
293,443
1,025
ESSA
Bancorp,
Inc.
.............
12,915
150,112
EverQuote,
Inc.
-
Class
A(a)
.......
8,173,598
7,040
Evo
Payments,
Inc.
-
Class
A(a)
....
159,738
350,000
Evoqua
Water
Technologies
Corp.(a)
6,730,500
202,396
Exact
Sciences
Corp.(a)
..........
19,177,021
8,236
ExlService
Holdings,
Inc.(a)
.......
527,598
9,665
Exponent,
Inc.
................
812,440
1,804
Extra
Space
Storage,
Inc.
REIT
....
186,425
1,800
Fair
Isaac
Corp.(a)
..............
790,542
2,567
Farmers
National
Banc
Corp.
......
27,749
108,967
FARO
Technologies,
Inc.(a)
.......
6,519,496
1,835
Federal
Agricultural
Mortgage
Corp.
-
Class
C
..................
109,201
15,460
First
Bancorp/Southern
Pines
NC
..
319,404
Shares
Value
UNITED
STATES
(continued)
6,435
First
Bancshares,
Inc.
(The)
.......
$
128,121
24,250
First
Busey
Corp.
...............
414,675
1,213
First
Business
Financial
Services,
Inc.
18,037
600
First
Citizens
BancShares,
Inc.
-
Class
A
......................
255,522
9,605
First
Community
Bankshares,
Inc.
..
187,874
8,696
First
Financial
Corp.
............
290,707
5,466
First
Mid
Bancshares,
Inc.
........
133,425
95,700
First
Solar,
Inc.(a)
..............
5,698,935
1,825
Five9,
Inc.(a)
..................
220,497
4,045
Flagstar
Bancorp,
Inc.
...........
126,932
258,527
Flexion
Therapeutics,
Inc.(a)
......
3,508,211
487
Forrester
Research,
Inc.(a)
........
17,099
12,055
Forward
Air
Corp.
..............
626,739
1,708
Foundation
Building
Materials,
Inc.(a)
23,451
523,408
Freeport-McMoRan,
Inc.
.........
6,762,431
15,680
Fresh
Del
Monte
Produce,
Inc.
.....
354,054
250,000
Freshpet,
Inc.(a)
...............
24,012,500
10,259
FTI
Consulting,
Inc.(a)
..........
1,225,335
3,917
Gencor
Industries,
Inc.(a)
........
46,886
75,000
Generac
Holdings,
Inc.(a)
........
11,818,500
250,000
German
American
Bancorp,
Inc.
...
7,110,000
19,480
Getty
Realty
Corp.
REIT
.........
577,192
21,830
Gladstone
Commercial
Corp.
REIT
.
397,306
3,973
Gladstone
Land
Corp.
REIT
......
63,886
39,808
Glaukos
Corp.(a)
...............
1,739,610
10,292
Global
Medical,
Inc.
REIT
.......
122,372
593
Global
Water
Resources,
Inc.
......
6,161
178,090
Globus
Medical,
Inc.
-
Class
A(a)
...
8,580,376
15,603
Gold
Resource
Corp.
............
68,497
19,000
Great
Lakes
Dredge
&
Dock
Corp.(a)
158,840
7,281
Great
Southern
Bancorp,
Inc.
......
262,626
25,140
Gritstone
Oncology,
Inc.(a)
.......
80,574
18,801
H&R
Block,
Inc.
...............
272,614
18,180
Hackett
Group,
Inc.
(The)
........
250,702
9,565
Haemonetics
Corp.(a)
...........
838,468
22,002
Harpoon
Therapeutics,
Inc.(a)
.....
242,242
12,300
Haverty
Furniture
Cos,
Inc.
.......
174,906
8,070
Hawaiian
Electric
Industries,
Inc.
...
292,618
7,687
Hawkins,
Inc.
.................
396,111
195,000
HB
Fuller
Co.
.................
8,841,300
5,162
HCI
Group,
Inc.
...............
230,328
2,978
Healthcare
Realty
Trust,
Inc.
REIT
..
87,255
18,340
HealthStream,
Inc.(a)
...........
402,655
35,043
Heartland
Express,
Inc.
..........
710,847
8,400
Heidrick
&
Struggles
International,
Inc.
.....................
169,932
6,715
Helen
of
Troy
Ltd.(a)
............
1,264,099
14,116
Hemisphere
Media
Group,
Inc.(a)
..
124,221
4,464
Heritage-Crystal
Clean,
Inc.(a)
.....
62,184
112,337
Heron
Therapeutics,
Inc.(a)
.......
1,829,970
1,148
Home
Bancorp,
Inc.
............
26,840
12,740
HomeStreet,
Inc.
...............
336,846
8,618
HomeTrust
Bancshares,
Inc.
.......
124,272
19,807
Homology
Medicines,
Inc.(a)
......
260,462
2,081,218
Hostess
Brands,
Inc.(a)
..........
26,389,844
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
25
July
31,
2020
(Unaudited)
Shares
Value
UNITED
STATES
(continued)
15,010
Hub
Group,
Inc.
-
Class
A(a)
......
$
794,029
11,870
Huron
Consulting
Group,
Inc.(a)
...
566,436
1,371,355
IAA,
Inc.(a)
...................
59,448,239
6,606
ICF
International,
Inc.
...........
446,632
7,017
IDACORP,
Inc.
................
654,335
207,130
IDEX
Corp.
..................
34,139,167
7,072
IES
Holdings,
Inc.(a)
............
168,526
260,000
Independent
Bank
Corp.
.........
16,775,200
15,120
Independent
Bank
Corp.
.........
211,151
146,855
Ingersoll
Rand,
Inc.(a)
...........
4,639,149
8,642
Ingles
Markets,
Inc.
-
Class
A
......
347,841
214,409
Ingredion,
Inc.
................
18,546,378
140,628
Innospec,
Inc.
.................
10,571,007
11,906
Innoviva,
Inc.(a)
...............
161,267
34,610
Inovalon
Holdings,
Inc.
-
Class
A(a)
.
814,373
12,660
Insight
Enterprises,
Inc.(a)
........
630,974
107,127
Insmed,
Inc.(a)
................
2,798,157
221,473
Inspire
Medical
Systems,
Inc.(a)
....
22,005,557
11,329
Integer
Holdings
Corp.(a)
........
745,108
578,160
Integra
LifeScience
Holdings
Corp.(a)
27,607,140
5,100
Intelligent
Systems
Corp.(a)
.......
154,632
14,190
International
Money
Express,
Inc.(a)
191,281
9,040
International
Seaways,
Inc.
........
156,121
194,565
Intersect
ENT,
Inc.
(a)
...........
3,344,572
1,132
Investar
Holding
Corp.
..........
15,090
12,923
Investors
Bancorp
Inc.
...........
104,935
7,684
Investors
Real
Estate
Trust
REIT
...
555,553
70,887
IPG
Photonics
Corp.(a)
..........
12,689,482
1,015
iRadimed
Corp.(a)
..............
22,614
24,225
Iridium
Communications,
Inc.(a)
...
663,523
141,141
iRobot
Corp.(a)
................
10,259,539
3,900
Itron,
Inc.(a)
..................
271,284
62,360
J&J
Snack
Foods
Corp.
..........
7,678,387
13,300
j2
Global,
Inc.(a)
...............
754,376
2,065
Jack
Henry
&
Associates,
Inc.
.....
368,189
5,086
Jack
in
the
Box,
Inc.
............
417,611
6,289
John
B
Sanfilippo
&
Son,
Inc.
.....
554,501
325,000
John
Bean
Technologies
Corp.
.....
30,472,000
475,000
John
Wiley
&
Sons,
Inc.
-
Class
A
..
16,069,250
10,287
Juniper
Networks,
Inc.
...........
261,084
12,743
Kaleido
Biosciences,
Inc.(a)
.......
76,076
5,458
Kelly
Services,
Inc.
-
Class
A
.......
80,833
21,673
Kezar
Life
Sciences,
Inc.(a)
........
94,711
13,420
Kforce,
Inc.
...................
387,033
10,425
Kiniksa
Pharmaceuticals
Ltd.
-
Class
A(a)
....................
203,496
5,763
Kinsale
Capital
Group,
Inc.
.......
1,123,209
8,760
Kite
Realty
Group
Trust
REIT
.....
86,461
28,301
KKR
Real
Estate
Finance
Trust,
Inc.
REIT
...................
471,212
6,765
Krystal
Biotech,
Inc.(a)
..........
279,327
138,935
L3Harris
Technologies,
Inc.
.......
23,386,929
276,155
Laboratory
Corp
of
America
Holdings(a)
...............
53,275,823
206,606
Lancaster
Colony
Corp.
..........
32,765,646
Shares
Value
UNITED
STATES
(continued)
16,900
Landec
Corp.(a)
...............
$
159,536
2,139
LCNB
Corp.
..................
26,780
890
Legacy
Housing
Corp.(a)
.........
12,229
9,567
LeMaitre
Vascular,
Inc.
..........
280,600
134,240
LendingTree,
Inc.(a)
............
46,485,970
3,710
LHC
Group,
Inc.(a)
............
723,858
2,683
Life
Storage,
Inc.
REIT
..........
263,283
4,833
Lithia
Motors,
Inc.
-
Class
A
......
1,107,482
235,350
LivePerson,
Inc.(a)
..............
10,115,343
199,587
LiveRamp
Holdings,
Inc.(a)
.......
9,095,180
11,068
LTC
Properties,
Inc.
REIT
........
411,176
14,671
Luminex
Corp.
................
534,024
9,077
Macatawa
Bank
Corp.
...........
65,354
17,826
Madrigal
Pharmaceuticals,
Inc.(a)
...
1,829,126
13,095
ManTech
International
Corp.
-
Class
A
911,150
113,141
MarketAxess
Holdings,
Inc.
.......
58,459,955
18,368
Marten
Transport
Ltd.
...........
488,956
42,995
Masimo
Corp.(a)
...............
9,464,059
342,656
Match
Group,
Inc.(a)
............
35,190,771
10,020
Materion
Corp.
................
575,348
174,972
MaxCyte,
Inc.(a)
...............
567,598
15,593
MAXIMUS,
Inc.
...............
1,157,157
4,782
McGrath
RentCorp
.............
277,452
765,000
Medallia,
Inc.(a)
...............
23,508,450
4,353
Medpace
Holdings,
Inc.(a)
........
519,531
801
Mercantile
Bank
Corp.
..........
17,053
1,636
Merchants
Bancorp
.............
30,151
16,320
Meridian
Bancorp,
Inc.
..........
186,130
2,822
Mesa
Laboratories,
Inc.
..........
668,645
6,408
Methode
Electronics,
Inc.
........
180,706
290,000
MGP
Ingredients,
Inc.
...........
10,518,300
5,001
MicroStrategy,
Inc.
-
Class
A(a)
....
619,724
3,293
Middlesex
Water
Co.
............
210,950
1,150
Midland
States
Bancorp,
Inc.
......
16,203
8,532
Miller
Industries,
Inc.
...........
241,882
49,335
Mitek
Systems,
Inc.(a)
...........
506,177
146,419
Model
N,
Inc.(a)
...............
5,631,275
33,630
Monmouth
Real
Estate
Investment
Corp.
REIT
...............
485,281
234,588
MSA
Safety,
Inc.
...............
27,805,716
6,380
Murphy
USA,
Inc.(a)
............
844,776
10,472
MYR
Group,
Inc.(a)
............
384,008
1,598
NACCO
Industries,
Inc.
-
Class
A
..
34,900
547,510
Nasdaq,
Inc.
..................
71,893,538
37,130
National
General
Holdings
Corp.
...
1,262,049
5,669
National
Health
Investors,
Inc.
REIT
351,478
3,593
National
HealthCare
Corp.
.......
213,137
100,353
National
Instruments
Corp.
.......
3,562,531
4,078
National
Presto
Industries,
Inc.
....
348,220
2,720
National
Research
Corp.
.........
155,557
25,653
National
Storage
Affiliates
Trust
REIT
790,625
350,000
National
Vision
Holdings,
Inc.(a)
...
11,196,500
845
Natural
Grocers
by
Vitamin
Cottage,
Inc.
.....................
13,376
18,290
Natus
Medical,
Inc.(a)
...........
339,828
6,417
Nelnet,
Inc.
-
Class
A
............
372,186
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
26
July
31,
2020
(Unaudited)
Shares
Value
UNITED
STATES
(continued)
16,568
Neogen
Corp.(a)
...............
$
1,271,925
442,270
New
Relic,
Inc.(a)
..............
31,361,366
5,638
NexPoint
Residential
Trust,
Inc.
REIT
215,541
3,820
NextCure,
Inc.(a)
..............
34,074
17,590
NextGen
Healthcare,
Inc.(a)
......
257,166
323
NGM
Biopharmaceuticals,
Inc.(a)
..
5,908
35,600
NIC,
Inc.
....................
780,352
5,776
Nicolet
Bankshares,
Inc.(a)
........
323,572
3,910
Northrim
BanCorp,
Inc.
.........
90,008
38,290
Northwest
Bancshares,
Inc.
.......
377,157
9,538
Northwest
Natural
Holding
Co.
....
510,188
15,199
NorthWestern
Corp.
............
855,096
12,998
NuVasive,
Inc.(a)
...............
742,706
2,457
NVE
Corp.
...................
133,268
23,840
OceanFirst
Financial
Corp.
.......
365,229
4,462
Odonate
Therapeutics,
Inc.(a)
.....
162,283
8,153
Office
Properties
Income
Trust
REIT
205,048
1,684
Oil-Dri
Corp.
of
America
........
58,553
9,565
Omnicell,
Inc.(a)
...............
672,324
13,140
ONE
Gas,
Inc.
................
994,698
5,858
One
Liberty
Properties,
Inc.
REIT
..
99,416
13,130
Ooma,
Inc.(a)
.................
198,788
13,279
Ormat
Technologies,
Inc.
.........
790,100
53
Orrstown
Financial
Services,
Inc.
...
721
10,450
Orthofix
Medical,
Inc.(a)
.........
320,920
6,258
OrthoPediatrics
Corp.(a)
.........
264,025
7,586
OSI
Systems,
Inc.(a)
............
538,303
10,880
Otter
Tail
Corp.
...............
416,160
271,972
Pacira
BioSciences,
Inc.(a)
........
14,308,447
119,525
Palomar
Holdings,
Inc.(a)
........
10,917,413
7,645
Park
Aerospace
Corp.
............
82,413
6,729
Park
National
Corp.
............
577,079
1,554
Parke
Bancorp,
Inc.
.............
18,166
7,932
PC
Connection,
Inc.
............
346,628
4,385
PCB
Bancorp
.................
40,342
85,000
Penumbra,
Inc.(a)
..............
18,862,350
11,500
Peoples
Bancorp,
Inc.
............
230,805
18,180
Perficient,
Inc.(a)
...............
712,838
17,324
Perspecta,
Inc.
.................
370,734
15,281
Phibro
Animal
Health
Corp.
-
Class
A
354,443
9,520
Photronics,
Inc.(a)
..............
113,098
39,918
Piedmont
Office
Realty
Trust,
Inc.
REIT
...................
647,071
7,322
PJT
Partners,
Inc.
-
Class
A
.......
391,947
18,164
PNM
Resources,
Inc.
............
767,066
21,459
Portland
General
Electric
Co.
......
946,986
6,103
Powell
Industries,
Inc.
...........
162,035
5,765
Power
Integrations,
Inc.
..........
703,503
23,301
Premier
Financial
Corp.
..........
411,962
526,631
Prestige
Consumer
Healthcare,
Inc.(a)
19,585,407
9,964
PriceSmart,
Inc.
................
651,347
4,643
Primoris
Services
Corp.
..........
74,427
20,570
Progress
Software
Corp.
..........
717,070
225,000
Prosperity
Bancshares,
Inc.
........
12,501,000
13,117
Protagonist
Therapeutics,
Inc.(a)
...
206,330
6,812
Providence
Service
Corp.
(The)(a)
..
551,840
Shares
Value
UNITED
STATES
(continued)
7,326
Provident
Financial
Services,
Inc.
...
$
100,000
6,398
PS
Business
Parks,
Inc.
REIT
......
882,604
16,384
Pure
Cycle
Corp.(a)
.............
147,948
1,950,000
Pure
Storage,
Inc.
-
Class
A(a)
.....
34,827,000
3,304,860
PureTech
Health
Plc(a)
..........
11,831,376
469,709
Q2
Holdings,
Inc.(a)
............
44,176,131
8,280
QAD,
Inc.
-
Class
A
............
327,143
9,082
QCR
Holdings,
Inc.
............
271,370
51,913
Qualys,
Inc.(a)
................
6,410,217
4,189
Quanex
Building
Products
Corp.
...
58,855
3,023
Quest
Diagnostics,
Inc.
..........
384,133
4,653
Quidel
Corp.(a)
................
1,314,333
16,235
R1
RCM,
Inc.(a)
...............
221,932
49,200
Rambus,
Inc.(a)
................
726,192
610
Regional
Management
Corp.(a)
....
9,266
24,606
Rent-A-Center,
Inc.
.............
711,606
2,400
Repligen
Corp.(a)
..............
362,184
3,973
Repro-Med
Systems,
Inc.(a)
.......
41,438
28,896
Resources
Connection,
Inc.
.......
326,525
1,352
Retail
Value,
Inc.
REIT
..........
17,116
22,736
Retrophin,
Inc.(a)
..............
451,992
13,593
Revance
Therapeutics,
Inc.(a)
......
319,164
19,118
Rhythm
Pharmaceuticals,
Inc.(a)
...
367,448
21,255
Rimini
Street,
Inc.(a)
............
112,439
11,018
Riverview
Bancorp,
Inc.
..........
53,768
2,958
RLI
Corp.
....................
260,689
9,800
RMR
Group,
Inc.
(The)
-
Class
A
...
281,848
7,492
Rocky
Brands,
Inc.
.............
170,443
17,541
Rosetta
Stone,
Inc.(a)
............
469,573
5,548
RPT
Realty
REIT
..............
34,509
95,047
Rubius
Therapeutics,
Inc.(a)
.......
466,681
13,930
Rush
Enterprises,
Inc.
-
Class
A
....
662,789
2,230
Safehold,
Inc.
REIT
.............
112,459
7,916
Safety
Insurance
Group,
Inc.
......
599,004
3,450
Saia,
Inc.(a)
...................
412,103
775,000
SailPoint
Technologies
Holding,
Inc.
(a)
......................
24,412,500
1,000,000
Sally
Beauty
Holdings,
Inc.(a)
.....
11,610,000
32,000
Samsonite
International
SA(a)(c)
...
29,993
3,230
Sanderson
Farms,
Inc.
...........
360,129
2,013
Sandy
Spring
Bancorp,
Inc.
.......
46,541
4,575
Saul
Centers,
Inc.
REIT
..........
140,498
5,111
SeaSpine
Holdings
Corp.(a)
.......
47,890
48,648
Seattle
Genetics,
Inc.(a)
..........
8,088,703
6,190
Select
Medical
Holdings
Corp.(a)
...
117,858
140,354
Selective
Insurance
Group,
Inc.
....
7,626,836
5,336
Seneca
Foods
Corp.
-
Class
A(a)
....
209,064
440,000
Sensient
Technologies
Corp.
.......
22,972,400
50,000
Shake
Shack,
Inc.
-
Class
A(a)
.....
2,427,500
14,401
Shenandoah
Telecommunications
Co.
723,938
83,304
Shockwave
Medical,
Inc.(a)
.......
4,108,553
6,198
Shore
Bancshares,
Inc.
...........
57,455
7,400
Sierra
Bancorp
.................
130,092
34,383
SIGA
Technologies,
Inc.(a)
.......
220,739
935,000
Simply
Good
Foods
Co.
(The)(a)
...
22,477,400
18,165
Simulations
Plus,
Inc.
...........
1,278,816
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
27
July
31,
2020
(Unaudited)
Shares
Value
UNITED
STATES
(continued)
745
SJW
Group
...................
$
46,533
1,359
SmartFinancial,
Inc.
.............
19,379
5,797
Southern
First
Bancshares,
Inc.(a)
...
141,447
2,536
Southern
Missouri
Bancorp,
Inc.
...
55,310
11,494
Southwest
Gas
Holdings,
Inc.
.....
800,442
11,741
SP
Plus
Corp.(a)
...............
186,564
12,391
Spero
Therapeutics,
Inc.(a)
........
144,975
14,018
Spire,
Inc.
....................
864,350
2,872
Spirit
of
Texas
Bancshares,
Inc.(a)
...
33,459
94,163
Splunk,
Inc.
(a)
................
19,757,281
4,175
Sprouts
Farmers
Market,
Inc.(a)
....
110,136
13,820
SPS
Commerce,
Inc.(a)
..........
1,038,849
399,424
STAAR
Surgical
Co.(a)
..........
23,242,483
1,507
Stamps.com,
Inc.(a)
.............
392,242
5,783
Standard
Motor
Products,
Inc.
.....
263,011
133,448
Standex
International
Corp.
.......
7,146,140
3,633
Stepan
Co.
...................
396,724
312,080
STERIS
Plc
...................
49,817,330
12,302
Stewart
Information
Services
Corp.
.
516,069
180,030
Stock
Yards
Bancorp,
Inc.
.........
7,037,373
247,050
Stratasys
Ltd.(a)
................
3,700,809
628
Superior
Group
of
Cos,
Inc.
.......
12,089
2,518
Surmodics,
Inc.(a)
..............
119,076
12,329
Sutro
Biopharma,
Inc.(a)
.........
95,796
21,880
Sykes
Enterprises,
Inc.(a)
.........
600,825
373,455
Synopsys,
Inc.(a)
...............
74,399,705
25,706
Syros
Pharmaceuticals,
Inc.(a)
.....
243,950
11,040
Systemax,
Inc.
.................
247,406
94,929
Tabula
Rasa
HealthCare,
Inc.(a)
....
5,335,010
155,000
Tactile
Systems
Technology,
Inc.(a)
..
6,351,900
13,080
TechTarget,
Inc.(a)
.............
474,673
228,510
Teladoc
Health,
Inc.(a)
..........
54,300,831
153,133
Teleflex,
Inc.
..................
57,133,922
27,250
Telenav,
Inc.(a)
................
141,291
751,875
Tenable
Holdings,
Inc.(a)
.........
25,511,119
51,769
Tesla,
Inc.(a)
..................
74,069,014
14,515
Tetra
Tech,
Inc.
................
1,286,755
2,096
Textainer
Group
Holdings
Ltd.(a)
..
17,607
3,257
Tiptree,
Inc.
..................
16,448
12,857
Tootsie
Roll
Industries,
Inc.
.......
407,567
9,068
Towne
Bank/Portsmouth
VA
......
159,960
32,471
Translate
Bio,
Inc.(a)
............
493,234
12,100
Tredegar
Corp.
................
192,148
450,000
TreeHouse
Foods,
Inc.(a)
.........
19,719,000
1,150
Tribune
Publishing
Co.
..........
11,213
14,980
TriCo
Bancshares
...............
419,440
450,000
TriMas
Corp.(a)
...............
10,530,000
5,005
TrueBlue,
Inc.(a)
...............
77,227
234,121
Trupanion,
Inc.(a)
..............
11,839,499
14,638
TrustCo
Bank
Corp.
NY
.........
84,754
9,050
TTEC
Holdings,
Inc.
...........
429,513
10,488
Twist
Bioscience
Corp.(a)
.........
587,748
5,174
UFP
Technologies,
Inc.(a)
........
223,206
370,000
UMB
Financial
Corp.
...........
18,426,000
1,320
UMH
Properties,
Inc.
REIT
......
16,236
6,005
UniFirst
Corp.
.................
1,119,812
Shares
Value
UNITED
STATES
(continued)
17,812
United
Fire
Group,
Inc.
..........
$
451,890
31,224
UNITY
Biotechnology,
Inc.(a)
.....
294,442
12,740
Universal
Corp.
................
537,118
7,742
Universal
Health
Realty
Income
Trust
REIT
...................
538,688
11,167
Universal
Insurance
Holdings,
Inc.
..
195,534
16,400
Univest
Financial
Corp.
..........
250,756
3,453
Upland
Software,
Inc.(a)
.........
118,852
457,246
Upwork,
Inc.(a)
................
6,867,835
46,900
UroGen
Pharma
Ltd.(a)
..........
1,036,021
22,855
Urstadt
Biddle
Properties,
Inc.
REIT
-
Class
A
..................
224,208
7,291
US
Ecology,
Inc.
...............
252,852
2,653
US
Physical
Therapy,
Inc.
.........
220,358
5,188
USANA
Health
Sciences,
Inc.(a)
...
421,162
11,967
Vanda
Pharmaceuticals,
Inc.(a)
.....
120,627
17,963
Varex
Imaging
Corp.(a)
..........
281,660
11,420
Vector
Group
Ltd.
..............
100,724
345,580
Veeco
Instruments,
Inc.(a)
........
4,672,242
9,503
Verint
Systems,
Inc.(a)
...........
426,590
221,495
Verisk
Analytics,
Inc.
............
41,798,321
382,514
ViewRay,
Inc.(a)
...............
1,059,564
7,452
Village
Super
Market,
Inc.
-
Class
A
.
188,163
2,715
Vishay
Precision
Group,
Inc.(a)
....
69,097
13,311
Vocera
Communications,
Inc.(a)
...
409,579
160,000
Washington
Trust
Bancorp,
Inc.
....
5,334,400
16,941
Waterstone
Financial,
Inc.
........
258,858
16,850
WaVe
Life
Sciences
Ltd.(a)
........
147,943
121,237
Wayfair,
Inc.
-
Class
A(a)
.........
32,259,953
6,535
WD-40
Co.
..................
1,284,454
12,885
Weis
Markets,
Inc.
..............
641,931
1,635,000
Welbilt,
Inc.(a)
................
9,940,800
18,098
Werner
Enterprises,
Inc.
..........
796,041
137,040
West
Pharmaceutical
Services,
Inc.
..
36,845,945
5,854
Westwood
Holdings
Group,
Inc.
...
66,501
291,700
WEX,
Inc.(a)
.................
46,196,529
2,224
Winmark
Corp.
................
353,572
711,945
Wolverine
World
Wide,
Inc.
......
17,115,158
160,510
Workiva,
Inc.(a)
...............
8,972,509
5,009
WSFS
Financial
Corp.
...........
142,907
661,890
Wyndham
Hotels
&
Resorts,
Inc.
...
29,229,062
3,358
X4
Pharmaceuticals,
Inc.(a)
.......
24,916
11,683
Xperi
Holding
Corp.
............
215,435
2,669,956
Yext,
Inc.(a)
...................
44,908,660
6,274
Y-mAbs
Therapeutics,
Inc.(a)
......
220,406
15,238
York
Water
Co.
(The)
............
705,672
111,597
Zillow
Group,
Inc.
-
Class
A(a)
....
7,598,640
444,250
Zillow
Group,
Inc.
-
Class
C(a)
....
30,382,257
40,990
Zscaler,
Inc.(a)
.................
5,322,551
250,131
Zuora,
Inc.
-
Class
A(a)
..........
2,911,525
3,109,352,225
VIETNAM
—
0.0%
430,683
PetroVietnam
Drilling
&
Well
Services
JSC(a)
...................
167,024
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
28
July
31,
2020
(Unaudited)
The
following
abbreviations
are
used
in
the
report:
Shares
Value
VIETNAM
(continued)
291,550
Vietnam
National
Petroleum
Group
.
$
530,618
697,642
Total
Common
Stocks
(Cost
$4,502,642,928)
5,460,159,693
RIGHTS/WARRANTS
—
0.0%
AUSTRALIA
—
0.0%
1,710
Centrebet
Litigation
Rights,
12/01/49(a)(b)
.............
0
1,710
Centrebet
Litigation
Units
Rights,
Expire
12/01/49(a)(b)
.......
0
0
AUSTRIA
—
0.0%
9,812
Intercell
Contigent
Value
Rights
AG,
Expire
05/22/29(a)(b)
.......
0
CANADA
—
0.0%
160,499
Just
Energy
Group
Rights,
Expire
08/28/20(a)
...............
0
CHILE
—
0.0%
9,023
Grupo
Security
Rights,
Expire
08/19/2020(a)
.............
0
HONG
KONG
—
0.0%
35,000
Cathay
Pacific
Airways
Ltd.
Rights,
Expire
08/06/20(a)
.........
2,032
600
Legend
Holdings
Corp.
Rights,
Expire
12/31/20(a)(b)
.............
0
2,032
INDIA
—
0.0%
35
PVR
Ltd.
Rights,
Expire
07/31/20(a)
(b)
......................
162
ITALY
—
0.0%
6,833
Ascopiave
Spa
Rights,
Expire
09/30/20(a)
...............
0
SINGAPORE
—
0.0%
169,647
Ezion
Holdings
Ltd.
Warrants,
Expire
04/16/23(a)
...............
0
SOUTH
AFRICA
—
0.0%
2,250
Foschini
Group
Ltd.
(The)
Rights,
Expire
08/07/20(a)
.........
3,606
SPAIN
—
0.0%
23,251
Cellnex
Telecom
SA
Rights,
Expire
08/11/20(a)
...............
97,229
UNITED
KINGDOM
—
0.0%
128,742
GVC
Holdings
Plc
-
CVR
Shares,
Rights,
Expire
12/31/30
(a)(b)
..
0
Shares
Value
UNITED
STATES
—
0.0%
9,600
Ligand
Pharmaceuticals
Contingent
Value
Rights(a)(b)
..........
$
0
Total
Rights/Warrants
(Cost
$1,825)
103,029
EXCHANGE-TRADED
FUNDS
—
9.4%
657,300
iShares
Core
S&P
Small-Cap
ETF
..
46,806,333
747,000
iShares
MSCI
Emerging
Markets
ETF
32,337,630
872,000
iShares
MSCI
Japan
ETF
.........
47,375,760
49,805
iShares
Russell
2000
ETF
.........
7,339,265
501,800
iShares
Russell
Mid-Cap
Growth
ETF
85,757,620
1,135,825
Vanguard
Mid-Cap
ETF
.........
197,962,939
974,500
Vanguard
Small-Cap
Growth
ETF
..
205,902,105
Total
Exchange-Traded
Funds
(Cost
$495,817,323)
623,481,652
INVESTMENT
COMPANY
—
0.5%
32,851,067
SEI
Daily
Income
Trust
Government
II
Fund
-
Class
A,
0.07%(d)
...
32,851,067
Total
Investment
Company
(Cost
$32,851,067)
32,851,067
CASH
SWEEP
—
1.7%
114,312,688
Citibank
-
US
Dollars
on
Deposit
in
Custody
Account,
0.12%(a)
(d)
.
114,312,688
Total
Cash
Sweep
(Cost
$114,312,688)
114,312,688
TOTAL
INVESTMENTS
—
93.6%
(Cost
$5,145,625,831)
$
6,230,908,129
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
—
6.4%
429,130,350
NET
ASSETS
—
100.0%
$
6,660,038,479
(a)
Non-income
producing
security.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
The
aggregate
value
of
fair
valued
securities
is
$331,451
which
is
0.00%
of
net
assets
and
the
cost
is
$6,493,478.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
security
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
security
has
been
determined
to
be
liquid
in
accordance
with
procedures
adopted
by
the
Fund’s
Board
of
Directors.
(d)
The
rate
shown
represents
the
current
yield
as
of
July
31,
2020.
Old
Westbury
Funds,
Inc.
Small
&
Mid
Cap
Strategies
Fund
Portfolio
of
Investments
-
(Continued)
29
July
31,
2020
(Unaudited)
ADR
—
American
Depositary
Receipt
CVR
—
Contingent
Value
Right
ETF
—
Exchange
Traded
Fund
FOR
—
Foreign
Ownership
Restrictions
GDR
—
Global
Depositary
Receipt
MSCI
—
Morgan
Stanley
Capital
International
Index
REIT
—
Real
Estate
Investment
Trust
VVPR
—
Voter
Verified
Paper
Record
Portfolio
Diversification
by
Country
(Unaudited)
Country
Percentage
of
Net
Assets
Argentina
...................................
0.4
%
Australia
....................................
1.9
Austria
.....................................
0.0
*
Belgium
....................................
0.5
Bermuda
....................................
0.4
Brazil
......................................
0.1
Canada
.....................................
2.4
Cayman
Islands
...............................
0.0
*
Chile
......................................
0.0
*
China
......................................
2.6
Denmark
...................................
1.1
Finland
.....................................
0.4
France
......................................
0.5
Georgia
.....................................
0.0
*
Germany
....................................
1.3
Greece
.....................................
0.1
Hong
Kong
..................................
0.6
Hungary
....................................
0.0
*
Iceland
.....................................
0.0
*
India
.......................................
0.2
Indonesia
...................................
0.0
*
Ireland
.....................................
0.7
Isle
of
Man
..................................
0.0
*
Israel
.......................................
1.7
Italy
.......................................
0.8
Japan
......................................
6.2
Jersey
Channel
Islands
..........................
0.3
Luxembourg
.................................
0.0
*
Malaysia
....................................
0.0
*
Mexico
.....................................
0.0
*
Netherlands
..................................
1.0
New
Zealand
.................................
0.4
Norway
.....................................
0.1
Peru
.......................................
0.0
*
Philippines
..................................
0.0
*
Poland
.....................................
0.2
Portugal
....................................
0.0
*
Puerto
Rico
..................................
0.0
*
Qatar
......................................
0.0
*
Russia
......................................
0.5
Singapore
...................................
0.2
South
Africa
.................................
0.0
*
South
Korea
.................................
0.7
Spain
......................................
0.3
Sweden
.....................................
1.3
Switzerland
..................................
1.2
Country
Percentage
of
Net
Assets
Taiwan
.....................................
1.3
%
Thailand
....................................
0.2
Turkey
.....................................
0.4
Ukraine
.....................................
0.0
*
United
Arab
Emirates
..........................
0.0
*
United
Kingdom
..............................
5.3
United
States
.................................
46.7
Vietnam
....................................
0.0
*
Others**
....................................
18.0
100.0%
*
Represents
less
than
0.01%
of
net
assets.
**
Includes
cash
and
equivalents,
exchange
traded
funds,
rights/warrants,
investment
company,
pending
trades
and
Fund
share
transactions,
interest
and
dividends
receivable,
prepaids
and
accrued
expenses
payable.