NPORT-EX 2 BTOW201OWFCreditInc.htm
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
1
July
31,
2022
(Unaudited)
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
July
31,
2022
(Unaudited)
Shares
Value
PREFERRED
STOCKS
—
0.2%
UNITED
STATES
—
0.2%
27,600
MetLife,
Inc.,
Series
F,
4.75%
.....
$
659,364
38,900
Morgan
Stanley,
Series
K,
5.85%
...
998,952
31,500
Public
Storage,
Series
O,
3.90%
....
618,345
28,500
US
Bancorp,
Series
L,
3.75%
......
536,370
122,100
Wells
Fargo
&
Co.,
Series
Z,
4.75%
.
2,554,332
Total
Preferred
Stocks
(Cost
$6,547,571)
5,367,363
EXCHANGE-TRADED
FUNDS
—
18.9%
UNITED
STATES
—
18.9%
15,645,561
Invesco
Preferred
ETF
...........
204,331,027
1,391,632
iShares
JP
Morgan
USD
Emerging
Markets
Bond
ETF
.........
122,491,449
1,769,837
iShares
Preferred
&
Income
Securities
ETF
....................
61,537,232
1,840,465
SPDR
Bloomberg
Convertible
Securities
ETF
.............
125,096,406
Total
Exchange-Traded
Funds
(Cost
$587,399,442)
513,456,114
Principal
Amount
BANK
LOANS
—
0.3%
UNITED
STATES
—
0.3%
$
5,000,000
Caliber
Home
Loans,
Inc.,
(1
mo.
LIBOR
USD
+
2.875%),
4.56%,
07/24/25(a)
.........
4,987,500
4,330,820
Vaca
Morada,
2.55%,
03/25/24(a)
.........
4,319,992
Total
Bank
Loans
(Cost
$9,330,820)
9,307,492
CORPORATE
BONDS
—
10.0%
AUSTRALIA
—
0.0%
150,000
Mineral
Resources
Ltd.,
8.00%,
11/01/27(b)
.........
151,744
650,000
Mineral
Resources
Ltd.,
8.50%,
05/01/30(b)
.........
658,125
809,869
CANADA
—
0.4%
1,000,000
1011778
BC
ULC/New
Red
Finance,
Inc.,
3.88%,
01/15/28(b)
.........
940,240
400,000
Bombardier,
Inc.,
7.50%,
12/01/24(b)
.........
392,000
Principal
Amount
Value
CANADA
(continued)
$
1,250,000
Brookfield
Residential
Properties,
Inc./
Brookfield
Residential
US
LLC,
6.25%,
09/15/27(b)
.........
$
1,125,000
1,125,000
First
Quantum
Minerals
Ltd.,
6.50%,
03/01/24(b)
.........
1,120,500
1,000,000
First
Quantum
Minerals
Ltd.,
6.88%,
03/01/26(b)
.........
964,051
1,325,000
GFL
Environmental,
Inc.,
3.75%,
08/01/25(b)
.........
1,286,065
1,100,000
goeasy
Ltd.,
5.38%,
12/01/24(b)
.........
1,032,829
500,000
NOVA
Chemicals
Corp.,
4.88%,
06/01/24(b)
.........
487,455
500,000
Telesat
Canada/Telesat
LLC,
4.88%,
06/01/27(b)
.........
294,375
675,000
Vermilion
Energy,
Inc.,
6.88%,
05/01/30(b)
.........
651,375
1,500,000
Videotron
Ltd.,
3.63%,
06/15/29(b)
.........
1,310,625
9,604,515
CAYMAN
ISLANDS
—
0.1%
825,000
Seagate
HDD
Cayman,
3.38%,
07/15/31
...........
662,837
762,952
Spirit
Loyalty
Cayman
Ltd./Spirit
IP
Cayman
Ltd.,
8.00%,
09/20/25(b)
.........
797,277
1,460,114
GERMANY
—
0.0%
500,000
Deutsche
Bank
AG,
(5
yr.
Swap
Semi
30/360
USD
+
2.248%),
4.30%,
05/24/28(c)
.........
467,423
IRELAND
—
0.2%
1,375,000
Avolon
Holdings
Funding
Ltd.,
5.25%,
05/15/24(b)
.........
1,358,534
1,500,000
Castlelake
Aviation
Finance
DAC,
5.00%,
04/15/27(b)
.........
1,259,613
1,103,000
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27(b)
.........
1,070,773
3,688,920
ITALY
—
0.1%
1,500,000
Intesa
Sanpaolo
SpA,
5.71%,
01/15/26(b)
.........
1,449,833
1,525,000
UniCredit
SpA,
(USD
Swap
Rate
11:00
am
NY
5
+
3.703%),
5.86%,
06/19/32(b)(c)
.......
1,358,020
2,807,853
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
2
July
31,
2022
(Unaudited)
Principal
Amount
Value
LUXEMBOURG
—
0.1%
$
525,000
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp./Atlas
Luxco
4
Sarl,
4.63%,
06/01/28(b)
.........
$
467,250
1,650,000
Altice
Financing
SA,
5.00%,
01/15/28(b)
.........
1,456,554
1,000,000
Altice
France
Holding
SA,
6.00%,
02/15/28(b)
.........
773,527
600,000
Telecom
Italia
Capital
SA,
6.38%,
11/15/33
...........
500,340
500,000
Telecom
Italia
Capital
SA,
7.20%,
07/18/36
...........
414,690
3,612,361
MALTA
—
0.0%
825,000
VistaJet
Malta
Finance
Plc/XO
Management
Holding,
Inc.,
6.38%,
02/01/30(b)
.........
719,812
NETHERLANDS
—
0.1%
1,000,000
Alcoa
Nederland
Holding
BV,
5.50%,
12/15/27(b)
.........
992,950
1,075,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
...........
970,456
1,000,000
UPC
Holding
BV,
5.50%,
01/15/28(b)
.........
913,230
2,876,636
UNITED
KINGDOM
—
0.1%
775,000
INEOS
Quattro
Finance
2
Plc,
3.38%,
01/15/26(b)
.........
683,759
1,400,000
Jaguar
Land
Rover
Automotive
Plc,
7.75%,
10/15/25(b)
.........
1,337,000
1,050,000
Jaguar
Land
Rover
Automotive
Plc,
5.50%,
07/15/29(b)
.........
809,897
2,830,656
UNITED
STATES
—
8.9%
1,000,000
Abercrombie
&
Fitch
Management
Co.,
8.75%,
07/15/25(b)
.........
980,614
650,000
AdaptHealth
LLC,
6.13%,
08/01/28(b)
.........
615,145
350,000
AdaptHealth
LLC,
5.13%,
03/01/30(b)
.........
321,034
1,000,000
Adient
Global
Holdings
Ltd.,
4.88%,
08/15/26(b)
.........
935,190
325,000
Advanced
Drainage
Systems,
Inc.,
6.38%,
06/15/30(b)
.........
327,521
375,000
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28(b)
.........
341,250
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,063,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC,
3.50%,
02/15/23(b)
.........
$
1,062,681
750,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC,
7.50%,
03/15/26(b)
.........
774,493
1,175,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC,
5.88%,
02/15/28(b)
.........
1,139,750
1,200,000
Allison
Transmission,
Inc.,
5.88%,
06/01/29(b)
.........
1,181,046
381,965
Ambac
Assurance
Corp.,
5.10%(b)(d)
..............
365,731
1,025,000
American
Airlines,
Inc.,
11.75%,
07/15/25(b)
........
1,133,294
925,000
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.50%,
04/20/26(b)
.........
913,197
1,725,000
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
04/20/29(b)
.........
1,661,960
235,000
American
Axle
&
Manufacturing,
Inc.,
6.25%,
03/15/26
...........
222,187
1,475,000
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29(b)
.........
1,261,125
825,000
AMN
Healthcare,
Inc.,
4.63%,
10/01/27(b)
.........
790,288
725,000
AMN
Healthcare,
Inc.,
4.00%,
04/15/29(b)
.........
657,692
520,000
Antero
Resources
Corp.,
8.38%,
07/15/26(b)
.........
557,128
375,000
Antero
Resources
Corp.,
5.38%,
03/01/30(b)
.........
368,438
1,175,000
Aramark
Services,
Inc.,
6.38%,
05/01/25(b)
.........
1,180,875
975,000
Archrock
Partners
LP/Archrock
Partners
Finance
Corp.,
6.25%,
04/01/28(b)
.........
882,287
1,250,000
Ardagh
Metal
Packaging
Finance
USA
LLC/Ardagh
Metal
Packaging
Finance
Plc,
3.25%,
09/01/28(b)
.........
1,160,387
1,075,000
Ascent
Resources
Utica
Holdings
LLC/
ARU
Finance
Corp.,
8.25%,
12/31/28(b)
.........
1,025,446
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
3
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
750,000
At
Home
Group,
Inc.,
7.13%,
07/15/29(b)
.........
$
499,507
1,300,000
Ball
Corp.,
4.00%,
11/15/23
...........
1,296,750
3,930,000
Bank
of
America
Corp.,
Series
FF,
(3
mo.
LIBOR
USD
+
2.931%),
5.88%(c)(d)
...............
3,732,989
630,000
Bank
of
New
York
Mellon
Corp.
(The),
Series
F,
(3
mo.
LIBOR
USD
+
3.131%),
4.63%(c)(d)
...............
576,225
1,000,000
Bath
&
Body
Works,
Inc.,
6.63%,
10/01/30(b)
.........
954,570
750,000
Bath
&
Body
Works,
Inc.,
6.75%,
07/01/36
...........
680,625
800,000
Bausch
Health
Cos,
Inc.,
6.13%,
02/01/27(b)
.........
682,000
600,000
Bausch
Health
Cos,
Inc.,
7.00%,
01/15/28(b)
.........
333,000
500,000
Bausch
Health
Cos,
Inc.,
5.00%,
01/30/28(b)
.........
266,250
775,000
Bausch
Health
Cos,
Inc.,
6.25%,
02/15/29(b)
.........
414,625
1,000,000
Berry
Global,
Inc.,
5.63%,
07/15/27(b)
.........
1,009,175
1,575,000
Blue
Racer
Midstream
LLC/Blue
Racer
Finance
Corp.,
7.63%,
12/15/25(b)
.........
1,563,920
1,000,000
Blue
Racer
Midstream
LLC/Blue
Racer
Finance
Corp.,
6.63%,
07/15/26(b)
.........
941,138
750,000
Bread
Financial
Holdings,
Inc.,
4.75%,
12/15/24(b)
.........
693,750
1,850,000
Bread
Financial
Holdings,
Inc.,
7.00%,
01/15/26(b)
.........
1,741,937
1,050,000
Brink's
Co.
(The),
5.50%,
07/15/25(b)
.........
1,055,502
625,000
Buckeye
Partners
LP,
4.50%,
03/01/28(b)
.........
571,151
75,000
Builders
FirstSource,
Inc.,
4.25%,
02/01/32(b)
.........
64,183
300,000
Burford
Capital
Global
Finance
LLC,
6.25%,
04/15/28(b)
.........
273,480
325,000
Cablevision
Lightpath
LLC,
3.88%,
09/15/27(b)
.........
288,844
700,000
Cablevision
Lightpath
LLC,
5.63%,
09/15/28(b)
.........
565,362
1,500,000
Caesars
Entertainment,
Inc.,
6.25%,
07/01/25(b)
.........
1,496,250
Principal
Amount
Value
UNITED
STATES
(continued)
$
826,000
Caesars
Entertainment,
Inc.,
8.13%,
07/01/27(b)
.........
$
827,115
625,000
Caesars
Entertainment,
Inc.,
4.63%,
10/15/29(b)
.........
529,875
1,300,000
Caesars
Resort
Collection
LLC/CRC
Finco,
Inc.,
5.75%,
07/01/25(b)
.........
1,300,195
1,350,000
Carnival
Corp.,
10.50%,
02/01/26(b)
........
1,417,527
1,775,000
Carnival
Corp.,
5.75%,
03/01/27(b)
.........
1,422,760
1,250,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
4.50%,
08/15/30(b)
.........
1,111,150
1,925,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
4.25%,
02/01/31(b)
.........
1,669,937
1,000,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
4.50%,
06/01/33(b)
.........
840,090
800,000
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30(b)
.........
784,000
975,000
Centene
Corp.,
4.63%,
12/15/29
...........
961,189
600,000
Centene
Corp.,
3.00%,
10/15/30
...........
535,524
250,000
Century
Communities,
Inc.,
6.75%,
06/01/27
...........
254,065
750,000
Charles
River
Laboratories
International,
Inc.,
4.00%,
03/15/31(b)
.........
686,187
1,670,000
Charles
Schwab
Corp.
(The),
Series
H,
(10
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.079%),
4.00%(c)(d)
...............
1,413,238
650,000
CHS/Community
Health
Systems,
Inc.,
8.00%,
03/15/26(b)
.........
615,543
1,525,000
CHS/Community
Health
Systems,
Inc.,
6.00%,
01/15/29(b)
.........
1,330,562
525,000
CHS/Community
Health
Systems,
Inc.,
5.25%,
05/15/30(b)
.........
441,000
650,000
Churchill
Downs,
Inc.,
4.75%,
01/15/28(b)
.........
616,210
1,175,000
CITGO
Petroleum
Corp.,
7.00%,
06/15/25(b)
.........
1,157,316
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
4
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
750,000
Clarivate
Science
Holdings
Corp.,
3.88%,
07/01/28(b)
.........
$
682,500
1,500,000
Cleveland-Cliffs,
Inc.,
6.75%,
03/15/26(b)
.........
1,545,000
675,000
Cogent
Communications
Group,
Inc.,
7.00%,
06/15/27(b)
.........
677,597
400,000
Commercial
Metals
Co.,
4.13%,
01/15/30
...........
350,760
400,000
Commercial
Metals
Co.,
4.38%,
03/15/32
...........
341,584
234,000
CommScope
Technologies
LLC,
6.00%,
06/15/25(b)
.........
216,450
500,000
CommScope,
Inc.,
6.00%,
03/01/26(b)
.........
486,250
775,000
CommScope,
Inc.,
4.75%,
09/01/29(b)
.........
673,847
425,000
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29(b)
.........
284,750
1,700,000
CrownRock
LP/CrownRock
Finance,
Inc.,
5.63%,
10/15/25(b)
.........
1,697,484
1,900,000
CSC
Holdings
LLC,
6.50%,
02/01/29(b)
.........
1,842,031
1,000,000
CSC
Holdings
LLC,
4.50%,
11/15/31(b)
.........
845,000
1,025,000
Dana,
Inc.,
4.50%,
02/15/32
...........
856,604
200,000
Darling
Ingredients,
Inc.,
6.00%,
06/15/30(b)
.........
207,704
1,600,000
Delta
Air
Lines,
Inc.,
7.38%,
01/15/26
...........
1,680,167
650,000
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.,
5.88%,
08/15/27(b)
.........
607,243
1,000,000
DISH
DBS
Corp.,
5.00%,
03/15/23
...........
981,250
750,000
DISH
DBS
Corp.,
5.13%,
06/01/29
...........
489,334
550,000
Embarq
Corp.,
8.00%,
06/01/36
...........
452,389
550,000
Embecta
Corp.,
5.00%,
02/15/30(b)
.........
483,518
250,000
Enviva
Partners
LP/Enviva
Partners
Finance
Corp.,
6.50%,
01/15/26(b)
.........
247,883
159,000
EQM
Midstream
Partners
LP,
4.00%,
08/01/24
...........
152,415
1,050,000
EQM
Midstream
Partners
LP,
6.50%,
07/01/27(b)
.........
1,052,173
Principal
Amount
Value
UNITED
STATES
(continued)
$
225,000
EQM
Midstream
Partners
LP,
7.50%,
06/01/30(b)
.........
$
231,553
475,000
EQM
Midstream
Partners
LP,
4.75%,
01/15/31(b)
.........
429,115
925,000
EQM
Midstream
Partners
LP,
6.50%,
07/15/48
...........
776,575
425,000
Ford
Motor
Co.,
6.63%,
10/01/28
...........
447,094
800,000
Ford
Motor
Co.,
3.25%,
02/12/32
...........
668,000
1,600,000
Ford
Motor
Co.,
4.75%,
01/15/43
...........
1,318,000
575,000
Ford
Motor
Co.,
5.29%,
12/08/46
...........
494,500
2,100,000
Ford
Motor
Credit
Co.
LLC,
4.06%,
11/01/24
...........
2,065,875
500,000
Ford
Motor
Credit
Co.
LLC,
4.00%,
11/13/30
...........
442,318
175,000
Frontier
Communications
Holdings
LLC,
8.75%,
05/15/30(b)
.........
186,500
100,000
FXI
Holdings,
Inc.,
7.88%,
11/01/24(b)
.........
86,250
500,000
GCI
LLC,
4.75%,
10/15/28(b)
.........
455,700
625,000
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.,
6.50%,
10/01/25
...........
598,462
722,000
Global
Infrastructure
Solutions,
Inc.,
5.63%,
06/01/29(b)
.........
569,586
1,150,000
Global
Infrastructure
Solutions,
Inc.,
7.50%,
04/15/32(b)
.........
886,937
675,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.,
3.50%,
03/01/29(b)
.........
600,902
1,675,000
GoTo
Group,
Inc.,
5.50%,
09/01/27(b)
.........
1,222,750
975,000
GPD
Cos,
Inc.,
10.13%,
04/01/26(b)
........
899,310
400,000
Gray
Escrow
II,
Inc.,
5.38%,
11/15/31(b)
.........
353,000
750,000
Gray
Television,
Inc.,
7.00%,
05/15/27(b)
.........
751,384
975,000
Gray
Television,
Inc.,
4.75%,
10/15/30(b)
.........
837,900
250,000
Greystar
Real
Estate
Partners
LLC,
5.75%,
12/01/25(b)
.........
249,773
750,000
Griffon
Corp.,
5.75%,
03/01/28
...........
716,025
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
5
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,000,000
Gulfport
Energy
Corp.,
8.00%,
05/17/26(b)
.........
$
1,004,830
1,250,000
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28(b)
.........
1,084,375
2,250,000
Harvest
Midstream
I
LP,
7.50%,
09/01/28(b)
.........
2,145,325
250,000
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
REIT,
6.00%,
04/15/25(b)
.........
242,946
775,000
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
REIT,
3.38%,
06/15/26(b)
.........
679,322
1,175,000
Herbalife
Nutrition
Ltd./HLF
Financing,
Inc.,
7.88%,
09/01/25(b)
.........
1,101,563
1,000,000
Herc
Holdings,
Inc.,
5.50%,
07/15/27(b)
.........
1,001,250
325,000
Hertz
Corp.
(The),
4.63%,
12/01/26(b)
.........
289,250
525,000
Hertz
Corp.
(The),
5.00%,
12/01/29(b)
.........
448,899
725,000
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.00%,
02/01/31(b)
.........
664,057
1,175,000
Hilton
Domestic
Operating
Co.,
Inc.,
5.75%,
05/01/28(b)
.........
1,181,754
1,125,000
Hilton
Domestic
Operating
Co.,
Inc.,
3.63%,
02/15/32(b)
.........
970,549
300,000
Hilton
Grand
Vacations
Borrower
Escrow
LLC/Hilton
Grand
Vacations
Borrower
Esc,
5.00%,
06/01/29(b)
.........
265,448
1,125,000
Hilton
Grand
Vacations
Borrower
Escrow
LLC/Hilton
Grand
Vacations
Borrower
Esc,
4.88%,
07/01/31(b)
.........
945,000
425,000
Howard
Midstream
Energy
Partners
LLC,
6.75%,
01/15/27(b)
.........
367,400
1,200,000
Hughes
Satellite
Systems
Corp.,
6.63%,
08/01/26
...........
1,164,775
500,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.,
6.38%,
12/15/25
...........
498,935
1,350,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.,
4.38%,
02/01/29
...........
1,214,872
350,000
iHeartCommunications,
Inc.,
8.38%,
05/01/27
...........
315,980
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,000,000
International
Game
Technology
Plc,
6.50%,
02/15/25(b)
.........
$
1,016,250
1,250,000
IQVIA,
Inc.,
5.00%,
05/15/27(b)
.........
1,252,019
975,000
IRB
Holding
Corp.,
7.00%,
06/15/25(b)
.........
997,415
1,325,000
iStar,
Inc.
REIT,
4.75%,
10/01/24
...........
1,306,781
750,000
JB
Poindexter
&
Co.,
Inc.,
7.13%,
04/15/26(b)
.........
731,250
4,810,000
JPMorgan
Chase
&
Co.,
Series
HH,
(SOFR
RATE
+
3.125%),
4.60%(c)(d)
...............
4,261,587
1,250,000
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31(b)
.........
1,007,250
1,300,000
KB
Home,
7.63%,
05/15/23
...........
1,310,203
2,075,000
Kennedy-Wilson,
Inc.,
4.75%,
02/01/30
...........
1,768,937
725,000
Kennedy-Wilson,
Inc.,
5.00%,
03/01/31
...........
618,062
650,000
Kinetik
Holdings
LP,
5.88%,
06/15/30(b)
.........
660,263
300,000
Koppers,
Inc.,
6.00%,
02/15/25(b)
.........
285,819
1,575,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
REIT,
4.75%,
06/15/29(b)
.........
1,344,326
1,475,000
Lamar
Media
Corp.,
4.00%,
02/15/30
...........
1,357,959
550,000
LBM
Acquisition
LLC,
6.25%,
01/15/29(b)
.........
415,250
925,000
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29(b)
.........
790,410
1,100,000
Legacy
LifePoint
Health
LLC,
6.75%,
04/15/25(b)
.........
1,084,704
250,000
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27(b)
.........
222,880
1,500,000
Level
3
Financing,
Inc.,
3.75%,
07/15/29(b)
.........
1,241,250
550,000
Live
Nation
Entertainment,
Inc.,
4.88%,
11/01/24(b)
.........
547,992
600,000
Live
Nation
Entertainment,
Inc.,
5.63%,
03/15/26(b)
.........
592,500
1,125,000
LSF9
Atlantis
Holdings
LLC/Victra
Finance
Corp.,
7.75%,
02/15/26(b)
.........
1,019,391
1,000,000
Lumen
Technologies,
Inc.,
5.63%,
04/01/25
...........
989,708
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
6
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,000,000
Lumen
Technologies,
Inc.,
5.13%,
12/15/26(b)
.........
$
912,500
575,000
Lumen
Technologies,
Inc.,
5.38%,
06/15/29(b)
.........
480,125
1,300,000
Lumen
Technologies,
Inc.,
Series
Y,
7.50%,
04/01/24
...........
1,335,880
550,000
Manitowoc
Co.,
Inc.
(The),
9.00%,
04/01/26(b)
.........
511,479
1,425,000
Masonite
International
Corp.,
5.38%,
02/01/28(b)
.........
1,392,937
1,275,000
Match
Group
Holdings
II
LLC,
5.00%,
12/15/27(b)
.........
1,231,969
800,000
Medline
Borrower
LP,
3.88%,
04/01/29(b)
.........
723,000
1,000,000
Meritage
Homes
Corp.,
3.88%,
04/15/29(b)
.........
881,013
600,000
Meritor,
Inc.,
6.25%,
06/01/25(b)
.........
617,958
525,000
Michaels
Cos.,
Inc.
(The),
7.88%,
05/01/29(b)
.........
359,625
825,000
Midcap
Financial
Issuer
Trust,
6.50%,
05/01/28(b)
.........
758,010
500,000
Midcap
Financial
Issuer
Trust,
5.63%,
01/15/30(b)
.........
403,095
750,000
Midcontinent
Communications/
Midcontinent
Finance
Corp.,
5.38%,
08/15/27(b)
.........
708,750
1,350,000
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
06/20/27(b)
.........
1,363,486
400,000
Millennium
Escrow
Corp.,
6.63%,
08/01/26(b)
.........
313,056
425,000
MIWD
Holdco
II
LLC/MIWD
Finance
Corp.,
5.50%,
02/01/30(b)
.........
359,661
325,000
ModivCare
Escrow
Issuer,
Inc.,
5.00%,
10/01/29(b)
.........
297,375
1,150,000
ModivCare,
Inc.,
5.88%,
11/15/25(b)
.........
1,121,900
1,325,000
Molina
Healthcare,
Inc.,
4.38%,
06/15/28(b)
.........
1,275,313
975,000
MPH
Acquisition
Holdings
LLC,
5.75%,
11/01/28(b)
.........
826,315
1,750,000
Navient
Corp.,
5.50%,
01/25/23
...........
1,759,800
1,400,000
Navient
Corp.,
6.75%,
06/25/25
...........
1,361,598
Principal
Amount
Value
UNITED
STATES
(continued)
$
825,000
New
Enterprise
Stone
&
Lime
Co.,
Inc.,
5.25%,
07/15/28(b)
.........
$
719,812
1,000,000
Newell
Brands,
Inc.,
4.45%,
04/01/26
...........
987,160
725,000
Nexstar
Media,
Inc.,
5.63%,
07/15/27(b)
.........
725,000
550,000
Nexstar
Media,
Inc.,
4.75%,
11/01/28(b)
.........
512,875
1,300,000
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28(b)
.........
1,257,750
1,275,000
NortonLifeLock,
Inc.,
5.00%,
04/15/25(b)
.........
1,269,932
1,000,000
Novelis
Corp.,
4.75%,
01/30/30(b)
.........
925,035
775,000
Novelis
Corp.,
3.88%,
08/15/31(b)
.........
662,625
750,000
Occidental
Petroleum
Corp.,
5.50%,
12/01/25
...........
767,002
600,000
Occidental
Petroleum
Corp.,
6.63%,
09/01/30
...........
665,637
1,000,000
Occidental
Petroleum
Corp.,
4.30%,
08/15/39
...........
850,342
575,000
Occidental
Petroleum
Corp.,
6.20%,
03/15/40
...........
586,423
500,000
Occidental
Petroleum
Corp.,
4.40%,
04/15/46
...........
424,897
500,000
OneMain
Finance
Corp.,
6.13%,
03/15/24
...........
493,125
500,000
OneMain
Finance
Corp.,
7.13%,
03/15/26
...........
484,088
600,000
OneMain
Finance
Corp.,
5.38%,
11/15/29
...........
510,082
1,000,000
Open
Text
Holdings,
Inc.,
4.13%,
02/15/30(b)
.........
924,195
1,450,000
Option
Care
Health,
Inc.,
4.38%,
10/31/29(b)
.........
1,323,125
1,675,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV,
4.13%,
04/30/28(b)
.........
1,588,805
425,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV,
5.13%,
04/30/31(b)
.........
402,943
950,000
Outfront
Media
Capital
LLC/Outfront
Media
Capital
Corp.,
6.25%,
06/15/25(b)
.........
937,496
725,000
Pactiv
Evergreen
Group
Issuer
LLC/
Pactiv
Evergreen
Group
Issuer,
Inc.,
4.38%,
10/15/28(b)
.........
641,625
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
7
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
600,000
Patrick
Industries,
Inc.,
4.75%,
05/01/29(b)
.........
$
466,914
1,221,000
Performance
Food
Group,
Inc.,
5.50%,
10/15/27(b)
.........
1,203,186
500,000
PetSmart,
Inc./PetSmart
Finance
Corp.,
4.75%,
02/15/28(b)
.........
473,875
525,000
PetSmart,
Inc./PetSmart
Finance
Corp.,
7.75%,
02/15/29(b)
.........
505,428
700,000
PGT
Innovations,
Inc.,
4.38%,
10/01/29(b)
.........
635,278
625,000
Pilgrim's
Pride
Corp.,
4.25%,
04/15/31(b)
.........
560,156
775,000
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32(b)
.........
654,391
550,000
PRA
Group,
Inc.,
5.00%,
10/01/29(b)
.........
473,687
775,000
Prestige
Brands,
Inc.,
3.75%,
04/01/31(b)
.........
666,500
775,000
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25(b)
.........
680,062
250,000
Radiate
Holdco
LLC/Radiate
Finance,
Inc.,
4.50%,
09/15/26(b)
.........
230,000
525,000
Radiate
Holdco
LLC/Radiate
Finance,
Inc.,
6.50%,
09/15/28(b)
.........
417,611
1,250,000
Range
Resources
Corp.,
8.25%,
01/15/29
...........
1,338,612
253,000
Rayonier
AM
Products,
Inc.,
7.63%,
01/15/26(b)
.........
226,435
250,000
Rent-A-Center,
Inc.,
6.38%,
02/15/29(b)
.........
198,296
675,000
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29(b)
.........
593,058
1,000,000
Rockies
Express
Pipeline
LLC,
4.80%,
05/15/30(b)
.........
840,000
1,500,000
Royal
Caribbean
Cruises
Ltd.,
9.13%,
06/15/23(b)
.........
1,522,665
750,000
Royal
Caribbean
Cruises
Ltd.,
11.50%,
06/01/25(b)
........
803,393
1,050,000
Royal
Caribbean
Cruises
Ltd.,
5.50%,
08/31/26(b)
.........
829,288
1,025,000
Royal
Caribbean
Cruises
Ltd.,
5.38%,
07/15/27(b)
.........
786,616
275,000
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25(b)
.........
247,271
975,000
Sabre
GLBL,
Inc.,
7.38%,
09/01/25(b)
.........
962,515
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,500,000
SBA
Communications
Corp.
REIT,
3.13%,
02/01/29
...........
$
1,312,500
457,181
SCE
Recovery
Funding
LLC,
Series
A-1,
0.86%,
11/15/31
...........
405,545
675,000
SCIL
IV
LLC/SCIL
USA
Holdings
LLC,
5.38%,
11/01/26(b)
.........
564,681
1,350,000
Scotts
Miracle-Gro
Co.
(The),
4.38%,
02/01/32
...........
1,107,000
650,000
Scripps
Escrow,
Inc.,
5.88%,
07/15/27(b)
.........
622,694
2,350,000
Select
Medical
Corp.,
6.25%,
08/15/26(b)
.........
2,353,055
1,475,000
Service
Corp.
International,
4.00%,
05/15/31
...........
1,357,066
1,000,000
Service
Properties
Trust
REIT,
4.35%,
10/01/24
...........
894,745
400,000
Shea
Homes
LP/Shea
Homes
Funding
Corp.,
4.75%,
02/15/28(b)
.........
335,298
1,025,000
Sirius
XM
Radio,
Inc.,
3.13%,
09/01/26(b)
.........
966,134
1,300,000
Sirius
XM
Radio,
Inc.,
4.00%,
07/15/28(b)
.........
1,207,700
4,765,000
Sitka
Holdings
LLC,
(3
mo.
LIBOR
USD
+
4.500%),
6.75%,
07/06/26(b)(e)
.......
4,563,120
1,155,000
Six
Flags
Entertainment
Corp.,
4.88%,
07/31/24(b)
.........
1,139,107
115,000
Southwestern
Energy
Co.,
5.95%,
01/23/25
...........
116,396
875,000
Southwestern
Energy
Co.,
5.38%,
03/15/30
...........
860,943
650,000
Southwestern
Energy
Co.,
4.75%,
02/01/32
...........
606,125
500,000
Spectrum
Brands,
Inc.,
5.50%,
07/15/30(b)
.........
446,422
1,300,000
Spirit
AeroSystems,
Inc.,
7.50%,
04/15/25(b)
.........
1,299,012
1,500,000
Sprint
Capital
Corp.,
6.88%,
11/15/28
...........
1,683,750
1,275,000
Sprint
Corp.,
7.88%,
09/15/23
...........
1,320,881
1,500,000
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28(b)
.........
1,395,000
400,000
Starwood
Property
Trust,
Inc.
REIT,
5.50%,
11/01/23(b)
.........
397,000
725,000
Starwood
Property
Trust,
Inc.
REIT,
3.63%,
07/15/26(b)
.........
654,312
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
8
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
200,000
Stericycle,
Inc.,
5.38%,
07/15/24(b)
.........
$
200,044
650,000
Summit
Materials
LLC/Summit
Materials
Finance
Corp.,
5.25%,
01/15/29(b)
.........
611,998
750,000
Sunnova
Energy
Corp.,
5.88%,
09/01/26(b)
.........
705,000
750,000
Syneos
Health,
Inc.,
3.63%,
01/15/29(b)
.........
671,265
625,000
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.,
7.50%,
10/01/25(b)
.........
626,292
1,225,000
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.,
6.00%,
12/31/30(b)
.........
1,099,870
1,000,000
TEGNA,
Inc.,
4.63%,
03/15/28
...........
976,725
1,500,000
TEGNA,
Inc.,
5.00%,
09/15/29
...........
1,466,340
1,350,000
Tenet
Healthcare
Corp.,
5.13%,
11/01/27(b)
.........
1,329,750
500,000
Tenet
Healthcare
Corp.,
6.13%,
10/01/28(b)
.........
487,500
1,125,000
Tenet
Healthcare
Corp.,
6.13%,
06/15/30(b)
.........
1,136,385
675,000
Tenneco,
Inc.,
7.88%,
01/15/29(b)
.........
666,596
625,000
Tenneco,
Inc.,
5.13%,
04/15/29(b)
.........
614,325
375,000
Thor
Industries,
Inc.,
4.00%,
10/15/29(b)
.........
303,821
300,000
TMS
International
Corp.,
6.25%,
04/15/29(b)
.........
199,980
1,550,000
TransDigm,
Inc.,
8.00%,
12/15/25(b)
.........
1,606,141
650,000
TransDigm,
Inc.,
6.25%,
03/15/26(b)
.........
654,875
1,000,000
Travel
+
Leisure
Co.,
4.63%,
03/01/30(b)
.........
819,224
1,650,000
Truist
Financial
Corp.,
Series
N,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.003%),
4.80%(c)(d)
...............
1,559,718
1,500,000
Uber
Technologies,
Inc.,
8.00%,
11/01/26(b)
.........
1,527,701
1,700,000
Uber
Technologies,
Inc.,
7.50%,
09/15/27(b)
.........
1,721,250
275,000
United
Airlines,
Inc.,
4.63%,
04/15/29(b)
.........
253,344
Principal
Amount
Value
UNITED
STATES
(continued)
$
575,000
United
Rentals
North
America,
Inc.,
3.75%,
01/15/32
...........
$
505,436
1,500,000
Uniti
Group
LP/Uniti
Fiber
Holdings,
Inc./CSL
Capital
LLC
REIT,
7.88%,
02/15/25(b)
.........
1,513,665
950,000
US
Foods,
Inc.,
6.25%,
04/15/25(b)
.........
967,812
675,000
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.,
6.88%,
04/01/26
...........
634,480
825,000
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.,
6.88%,
09/01/27
...........
756,525
275,000
Veritas
US,
Inc./Veritas
Bermuda
Ltd.,
7.50%,
09/01/25(b)
.........
232,141
250,000
Verscend
Escrow
Corp.,
9.75%,
08/15/26(b)
.........
251,114
500,000
Viking
Cruises
Ltd.,
5.88%,
09/15/27(b)
.........
406,905
1,000,000
Vistra
Operations
Co.
LLC,
4.38%,
05/01/29(b)
.........
929,670
800,000
Wabash
National
Corp.,
4.50%,
10/15/28(b)
.........
656,000
1,225,000
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
04/15/26(b)
.........
1,216,633
1,300,000
WESCO
Distribution,
Inc.,
7.13%,
06/15/25(b)
.........
1,343,680
750,000
WESCO
Distribution,
Inc.,
7.25%,
06/15/28(b)
.........
777,178
1,300,000
Western
Midstream
Operating
LP,
3.35%,
02/01/25
...........
1,275,430
725,000
Western
Midstream
Operating
LP,
5.50%,
08/15/48
...........
632,074
1,075,000
Wynn
Las
Vegas
LLC/Wynn
Las
Vegas
Capital
Corp.,
5.50%,
03/01/25(b)
.........
1,059,111
1,250,000
Wynn
Resorts
Finance
LLC/Wynn
Resorts
Capital
Corp.,
7.75%,
04/15/25(b)
.........
1,262,500
1,350,000
Yum!
Brands,
Inc.,
3.88%,
11/01/23
...........
1,346,625
242,607,318
Total
Corporate
Bonds
(Cost
$294,713,431)
271,485,477
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
9
July
31,
2022
(Unaudited)
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
14.5%
CANADA
—
0.0%
Other
Asset-Backed
Securities
—
0.0%
$
1,000,000
Master
Credit
Card
Trust
II,
Series
2020-1A,
Class A,
1.99%,
09/21/24(b)
.........
$
991,453
CAYMAN
ISLANDS
—
1.3%
Collateralized
Loan
Obligations
—
1.3%
1,000,000
Apidos
CLO
XV,
Series
2013-15A,
Class ERR,
(3
mo.
LIBOR
USD
+
5.700%),
8.41%,
04/20/31(b)(e)
.......
849,058
5,000,000
Atrium
VIII,
Series
8A,
Class SUB,
12.51%,
10/23/24(b)(f)(g)(h)
.
11,000
2,000,000
Atrium
XII,
Series
12A,
Class ER,
(3
mo.
LIBOR
USD
+
5.250%),
8.01%,
04/22/27(b)(e)(f)
.....
1,777,984
12,131,250
Atrium
XIII,
Series
13A,
Class SUB,
2.56%,
11/21/47(b)(f)(g)(h)
..
5,849,557
35,958
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2015-4A,
Class SBB1,
(3
mo.
LIBOR
USD
+
8.500%),
11.21%,
07/20/32(b)(e)(f)
....
34,986
17,550,000
CBAM
Ltd.,
Series
2019-10A,
Class SUB,
10.01%,
04/20/32(b)(f)(g)(h)
.
8,196,949
9,915,625
Cedar
Funding
VII
CLO
Ltd.,
Series
2018-7A,
Class SUB,
10.10%,
01/20/31(b)(f)(g)(h)
.
4,601,190
500,000
CIFC
Funding
Ltd.,
Series
2019-5A,
Class A2RS,
(3
mo.
LIBOR
USD
+
1.750%),
4.26%,
01/15/35(b)(e)
.......
467,304
4,500,000
Generate
CLO-3
Ltd.,
Series
3A,
Class ER,
(3
mo.
LIBOR
USD
+
6.400%),
9.11%,
10/20/29(b)(e)
.......
4,080,824
500,000
Golub
Capital
Partners
CLO
Ltd.,
Series
2020-50A,
Class BR,
(3
mo.
Term
SOFR
+
1.950%),
4.43%,
04/20/35(b)(e)
.......
470,982
500,000
Palmer
Square
CLO
Ltd.,
Series
2022-
1A,
Class B,
(3
mo.
Term
SOFR
+
1.800%),
2.27%,
04/20/35(b)(e)
.......
465,769
5,000,000
Romark
CLO
II
Ltd.,
Series
2018-2A,
Class SUB,
10.47%,
07/25/31(b)(g)(h)
...
2,113,269
5,000,000
Romark
CLO
Ltd.,
Series
2017-1A,
Class SUB,
11.97%,
10/23/30(b)(f)(g)(h)
.
1,686,425
Principal
Amount
Value
CAYMAN
ISLANDS
(continued)
Collateralized
Loan
Obligations
(continued)
$
7,500,000
Romark
WM-R
Ltd.,
Series
2018-1A,
Class F,
(3
mo.
LIBOR
USD
+
8.100%),
10.81%,
04/20/31(b)(e)(f)
....
$
5,749,751
36,355,048
UNITED
STATES
—
13.2%
Other
Asset-Backed
Securities
—
13.2%
4,072,109
510
Loan
Acquisition
Trust,
Series
2020-1,
Class A,
STEP,
5.11%,
09/25/60(b)
.........
3,993,970
218,484
Aegis
Asset-Backed
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2003-3,
Class M1,
(1
mo.
LIBOR
USD
+
1.050%),
3.31%,
01/25/34(e)
.........
209,809
5,000,000
Ameriquest
Mortgage
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates,
Series
2005-R3,
Class M7,
(1
mo.
LIBOR
USD
+
1.980%),
4.24%,
05/25/35(e)
.........
4,580,932
6,000,000
AMSR
Trust,
Series
2020-SFR5,
Class F,
2.69%,
11/17/37(b)
.........
5,499,229
8,071,866
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class A2,
(1
mo.
LIBOR
USD
+
0.480%),
2.74%,
05/25/35(e)
.........
7,088,552
4,670,158
Argent
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates,
Series
2005-W5,
Class M1,
(1
mo.
LIBOR
USD
+
0.690%),
2.95%,
01/25/36(e)
.........
3,827,636
6,021,953
Asset
Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-
HE1,
Class M2,
(1
mo.
LIBOR
USD
+
0.630%),
2.89%,
01/25/36(e)
.........
5,149,102
5,740,000
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1997-2,
Class B1,
7.07%,
02/10/22(g)
.........
1,989,380
5,000,000
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1998-2,
Class B1,
7.35%,
12/10/25(g)
.........
1,428,288
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
10
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
6,650,341
Bayview
Financial
Revolving
Asset
Trust,
Series
2004-B,
Class A1,
(1
mo.
LIBOR
USD
+
1.000%),
3.35%,
05/28/39(b)(e)
.......
$
6,271,013
1,468,434
Bayview
Financial
Revolving
Asset
Trust,
Series
2004-B,
Class A2,
(1
mo.
LIBOR
USD
+
1.300%),
3.65%,
05/28/39(b)(e)
.......
1,090,365
1,129,501
Bayview
Financial
Revolving
Asset
Trust,
Series
2005-E,
Class A1,
(1
mo.
LIBOR
USD
+
1.000%),
3.35%,
12/28/40(b)(e)
.......
1,112,922
2,372,206
Bayview
Financial
Revolving
Asset
Trust,
Series
2005-E,
Class A2A,
(1
mo.
LIBOR
USD
+
0.930%),
3.28%,
12/28/40(b)(e)
.......
2,419,944
908,185
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2005-TC1,
Class M4,
(1
mo.
LIBOR
USD
+
1.800%),
4.06%,
05/25/35(e)
.........
878,782
1,809,327
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-HE1,
Class 1M4,
(1
mo.
LIBOR
USD
+
1.020%),
3.28%,
12/25/35(e)
.........
2,589,480
3,255,246
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-HE10,
Class 22A,
(1
mo.
LIBOR
USD
+
0.140%),
2.40%,
12/25/36(e)
.........
4,277,986
4,650,000
Bear
Stearns
Asset
Backed
Securities
Trust,
Series
2006-SD1,
Class M3,
(1
mo.
LIBOR
USD
+
2.250%),
4.51%,
04/25/36(e)
.........
4,495,182
500,000
BMW
Vehicle
Lease
Trust,
Series
2021-1,
Class A4,
0.37%,
07/25/24
...........
486,885
500,000
Capital
One
Prime
Auto
Receivables
Trust,
Series
2021-1,
Class A3,
0.77%,
09/15/26
...........
476,217
500,000
CarMax
Auto
Owner
Trust,
Series
2020-4,
Class B,
0.85%,
06/15/26
...........
467,153
1,000,000
CarMax
Auto
Owner
Trust,
Series
2021-1,
Class B,
0.74%,
10/15/26
...........
933,762
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
4,884,740
Carrington
Mortgage
Loan
Trust,
Series
2007-FRE1,
Class A4,
(1
mo.
LIBOR
USD
+
0.420%),
2.68%,
12/26/36(e)
.........
$
3,960,272
6,951,154
Carrington
Mortgage
Loan
Trust,
Series
2007-FRE1,
Class M1,
(1
mo.
LIBOR
USD
+
0.500%),
2.76%,
02/25/37(e)
.........
5,489,495
5,980,709
Cascade
MH
Asset
Trust,
Series
2019-
MH1,
Class A,
4.00%,
11/25/44(b)(g)
......
5,693,124
3,112,935
Citigroup
Mortgage
Loan
Trust,
Series
2007-AHL2,
Class A3B,
(1
mo.
LIBOR
USD
+
0.200%),
2.46%,
05/25/37(e)
.........
2,278,313
83,647
Citigroup
Mortgage
Loan
Trust,
Series
2007-AHL2,
Class A3C,
(1
mo.
LIBOR
USD
+
0.270%),
2.53%,
05/25/37(e)
.........
61,628
3,843,064
Citigroup
Mortgage
Loan
Trust,
Series
2007-AHL3,
Class A3B,
(1
mo.
LIBOR
USD
+
0.170%),
2.43%,
07/25/45(e)
.........
2,884,617
500,000
CNH
Equipment
Trust,
Series
2021-
C,
Class A4,
1.16%,
10/16/28
...........
459,734
1,515,737
Conseco
Finance
Corp.,
Series
1997-7,
Class M1,
7.03%,
07/15/28(g)
.........
1,435,383
1,591,376
Conseco
Finance
Corp.,
Series
1998-2,
Class M1,
6.94%,
12/01/28(g)
.........
1,510,721
2,209,192
Conseco
Finance
Corp.,
Series
1999-5,
Class A5,
7.86%,
03/01/30(g)
.........
1,020,333
2,492,319
Conseco
Finance
Corp.,
Series
1999-5,
Class A6,
7.50%,
03/01/30(g)
.........
1,108,100
11,183,346
Conseco
Finance
Securitizations
Corp.,
Series
2000-1,
Class A5,
8.06%,
09/01/29(g)
.........
2,795,950
3,691,713
Countrywide
Asset-Backed
Certificates,
Series
2007-QX1,
Class A1,
(1
mo.
LIBOR
USD
+
0.500%),
2.76%,
05/25/37(b)(e)
.......
2,867,828
1,683,487
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-11,
Class 1AF4,
6.30%,
12/25/35(g)
.........
1,584,851
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
11
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
114,986
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-11,
Class 3AV2,
(1
mo.
LIBOR
USD
+
0.160%),
2.42%,
09/25/46(e)
.........
$
114,386
4,128,860
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-12,
Class 1A,
(1
mo.
LIBOR
USD
+
0.260%),
2.52%,
12/25/36(e)
.........
3,733,698
2,656,878
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-13,
Class 1AF4,
4.02%,
01/25/37(g)
.........
2,525,798
9,194,065
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-18,
Class M1,
(1
mo.
LIBOR
USD
+
0.300%),
2.56%,
03/25/37(e)
.........
8,260,872
6,022,682
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-22,
Class M1,
(1
mo.
LIBOR
USD
+
0.230%),
2.49%,
05/25/47(e)
.........
4,949,012
5,835,748
Countrywide
Asset-Backed
Certificates
Trust,
Series
2006-26,
Class M1,
(1
mo.
LIBOR
USD
+
0.250%),
2.51%,
06/25/37(e)
.........
5,429,585
981,085
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-C,
Class 2A,
(1
mo.
LIBOR
USD
+
0.180%),
2.18%,
05/15/36(e)
.........
932,724
561,119
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-RES,
Class 4Q1B,
(1
mo.
LIBOR
USD
+
0.300%),
2.30%,
12/15/33(b)(e)
.......
556,365
550,568
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-RES,
Class 4T1B,
(1
mo.
LIBOR
USD
+
0.240%),
2.24%,
02/15/30(b)(e)
.......
526,953
263,445
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-RES,
Class 5B1A,
(1
mo.
LIBOR
USD
+
0.190%),
2.19%,
05/15/35(b)(e)
.......
258,034
276,836
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-RES,
Class 5B1B,
(1
mo.
LIBOR
USD
+
0.190%),
2.19%,
05/15/35(b)(e)
.......
277,999
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
500,000
Credit
Acceptance
Auto
Loan
Trust,
Series
2021-2A,
Class A,
0.96%,
02/15/30(b)
.........
$
479,112
5,008,225
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2017-2,
Class CERT,
0.45%,
02/01/47(b)(h)
......
3,914,073
2,170,341
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-
CB6,
Class A4,
(1
mo.
LIBOR
USD
+
0.340%),
1.96%,
07/25/37(b)(e)
.......
1,520,355
500,000
Daimler
Trucks
Retail
Trust,
Series
2020-1,
Class A4,
1.37%,
06/15/27
...........
493,877
494,804
Enterprise
Fleet
Financing
LLC,
Series
2021-3,
Class A2,
0.77%,
08/20/27(b)
.........
475,741
4,889,187
First
Frankin
Mortgage
Loan
Trust,
Series
2006-FF4,
Class M1,
(1
mo.
LIBOR
USD
+
0.540%),
2.80%,
03/25/36(e)
.........
4,238,988
1,589,615
First
Franklin
Mortgage
Loan
Trust,
Series
2003-FF4,
Class M1,
(1
mo.
LIBOR
USD
+
1.800%),
3.51%,
10/25/33(e)
.........
1,518,300
9,142,481
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF8,
Class M1,
(1
mo.
LIBOR
USD
+
0.375%),
2.63%,
07/25/36(e)
.........
8,657,620
4,317,231
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class M2,
(1
mo.
LIBOR
USD
+
0.600%),
2.86%,
01/25/36(e)
.........
3,664,770
3,665,259
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class A2C,
(1
mo.
LIBOR
USD
+
0.150%),
2.41%,
03/25/37(e)
.........
1,900,582
2,710,000
FirstKey
Homes
Trust,
Series
2020-
SFR2,
Class F1,
3.02%,
10/19/37(b)
.........
2,468,664
4,000,000
FirstKey
Homes
Trust,
Series
2022-
SFR1,
Class E1,
5.00%,
05/17/39(b)
.........
3,775,524
4,000,000
FirstKey
Homes
Trust,
Series
2022-
SFR1,
Class E2,
5.00%,
05/17/39(b)
.........
3,692,302
2,553,000
FirstKey
Homes
Trust,
Series
2022-
SFR2,
Class E1,
4.50%,
07/17/39(b)
.........
2,348,961
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
12
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
500,000
Ford
Credit
Auto
Owner
Trust,
Series
2022-B,
Class A2A,
3.44%,
02/15/25
...........
$
499,421
1,500,000
Fremont
Home
Loan
Trust,
Series
2005-D,
Class M1,
(1
mo.
LIBOR
USD
+
0.615%),
2.87%,
11/25/35(e)
.........
1,335,440
1,500,000
FRTKL,
Series
2021-SFR1,
Class F,
3.17%,
09/17/38(b)
.........
1,287,544
1,050,000
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2021-1,
Class B,
0.75%,
05/17/27
...........
984,640
484,907
GMACM
Home
Equity
Loan
Trust,
Series
2005-HE3,
Class A3,
(1
mo.
LIBOR
USD
+
0.500%),
2.76%,
02/25/36(e)
.........
473,416
44,205
GMACM
Home
Equity
Loan
Trust,
Series
2006-HE1,
Class A,
(1
mo.
LIBOR
USD
+
0.315%),
2.57%,
11/25/36(e)
.........
62,542
500,000
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
2021-1,
Class B,
0.72%,
12/15/26(b)
.........
458,954
5,483,176
Greenpoint
Manufactured
Housing,
Series
2000-3,
Class IA,
8.45%,
06/20/31(g)
.........
3,087,412
2,463,906
GSAA
Home
Equity
Trust,
Series
2005-14,
Class 1A2,
(1
mo.
LIBOR
USD
+
0.700%),
2.96%,
12/25/35(e)
.........
1,149,808
8,708,041
GSAA
Home
Equity
Trust,
Series
2006-5,
Class 1A1,
(1
mo.
LIBOR
USD
+
0.360%),
2.62%,
03/25/36(e)
.........
3,287,611
369,191
GSAA
Trust,
Series
2006-7,
Class AF2,
5.99%,
03/25/46(g)
.........
167,592
3,566,000
GSAMP
Trust,
Series
2007-HS1,
Class M5,
(1
mo.
LIBOR
USD
+
3.375%),
5.63%,
02/25/47(e)
.........
3,586,758
3,491,197
Home
Equity
Asset
Trust,
Series
2007-
1,
Class 2A3,
(1
mo.
LIBOR
USD
+
0.300%),
2.56%,
05/25/37(e)(f)
.......
2,720,252
2,935,427
Home
Partners
of
America
Trust,
Series
2021-2,
Class F,
3.80%,
12/17/26(b)
.........
2,584,712
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
3,801,977
Home
Partners
of
America
Trust,
Series
2021-3,
Class F,
4.24%,
01/17/41(b)
.........
$
3,371,349
375,000
HPEFS
Equipment
Trust,
Series
2021-
2A,
Class B,
0.61%,
09/20/28(b)
.........
359,434
4,619,968
HSI
Asset
Loan
Obligation
Trust,
Series
2007-WF1,
Class A3,
STEP,
4.58%,
12/25/36
...........
1,727,540
577,653
Irwin
Home
Equity
Loan
Trust,
Series
2006-3,
Class 2A3,
STEP,
6.53%,
09/25/37(b)
.........
542,988
500,000
John
Deere
Owner
Trust,
Series
2021-
A,
Class A3,
0.36%,
09/15/25
...........
482,220
112,086
JP
Morgan
Mortgage
Acquisition
Trust,
Series
2006-WF1,
Class A4,
STEP,
6.63%,
07/25/36
...........
37,661
225,838
JP
Morgan
Mortgage
Acquisition
Trust,
Series
2006-WMC2,
Class A3,
(1
mo.
LIBOR
USD
+
0.180%),
2.44%,
07/25/36(e)
.........
110,074
2,145,425
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class M1,
6.63%,
04/15/40(g)
.........
2,176,469
236,468
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.090%),
2.35%,
06/25/37(b)(e)
.......
166,312
1,741,351
Lehman
XS
Trust,
Series
2007-20N,
Class A1,
(1
mo.
LIBOR
USD
+
2.300%),
4.56%,
12/25/37(e)
.........
1,782,731
4,990,843
Long
Beach
Mortgage
Loan
Trust,
Series
2006-2,
Class 1A,
(1
mo.
LIBOR
USD
+
0.360%),
2.62%,
03/25/46(e)
.........
4,177,841
5,090,148
Long
Beach
Mortgage
Loan
Trust,
Series
2006-9,
Class 2A3,
(1
mo.
LIBOR
USD
+
0.160%),
2.42%,
10/25/36(e)
.........
1,796,504
1,151,851
Madison
Avenue
Manufactured
Housing
Contract
Trust,
Series
2002-A,
Class B2,
(1
mo.
LIBOR
USD
+
3.250%),
5.51%,
03/25/32(e)
.........
1,151,406
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
13
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
3,823,240
MASTR
Second
Lien
Trust,
Series
2006-1,
Class A,
(1
mo.
LIBOR
USD
+
0.320%),
2.58%,
03/25/36(e)
.........
$
234,545
2,154,611
MERIT
Securities
Corp.,
Series
13,
Class M2,
STEP,
7.88%,
12/28/33
...........
1,731,452
7,251,969
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-RM5,
Class A2D,
(1
mo.
LIBOR
USD
+
0.500%),
2.76%,
10/25/37(e)(f)
.......
1,316,757
1,003,171
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2006-HE4,
Class A4,
(1
mo.
LIBOR
USD
+
0.480%),
2.74%,
06/25/36(e)
.........
567,400
6,164,680
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2007-NC1,
Class A1,
(1
mo.
LIBOR
USD
+
0.130%),
2.39%,
11/25/36(e)
.........
2,884,972
2,783,461
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2007-SEA1,
Class 2A1,
(1
mo.
LIBOR
USD
+
1.900%),
4.16%,
02/25/47(b)(e)
.......
2,677,351
3,566,965
Morgan
Stanley
Capital
I,
Inc.
Trust,
Series
2006-NC2,
Class M1,
(1
mo.
LIBOR
USD
+
0.540%),
2.80%,
02/25/36(e)
.........
3,551,381
4,197,923
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-12XS,
Class A4,
STEP,
6.51%,
10/25/36
...........
1,128,010
416,339
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-4SL,
Class A1,
(1
mo.
LIBOR
USD
+
0.300%),
2.56%,
03/25/36(e)
.........
408,535
8,000,000
Nationstar
Home
Equity
Loan
Trust,
Series
2007-A,
Class M3,
(1
mo.
LIBOR
USD
+
0.300%),
2.56%,
03/25/37(e)
.........
6,754,438
538,908
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class A,
1.17%,
09/16/69(b)
.........
504,158
433,390
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class A,
1.31%,
01/15/69(b)
.........
404,157
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
5,698,535
New
Century
Home
Equity
Loan
Trust,
Series
2005-C,
Class M2,
(1
mo.
LIBOR
USD
+
0.675%),
2.93%,
12/25/35(e)
.........
$
4,334,801
6,500,000
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR1,
Class F,
4.44%,
02/17/39(b)
.........
5,929,736
637,794
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2006-S5,
Class A1,
(1
mo.
LIBOR
USD
+
0.400%),
2.66%,
10/25/36(b)(e)
.......
741,793
1,345,334
Oakwood
Mortgage
Investors,
Inc.,
Series
1999-C,
Class A2,
7.48%,
08/15/27
...........
1,182,417
9,804,059
Oakwood
Mortgage
Investors,
Inc.,
Series
2000-D,
Class A4,
7.40%,
07/15/30(g)
.........
2,893,470
8,572,117
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-C,
Class A2,
5.92%,
06/15/31(f)(g)
.......
1,096,150
5,947,218
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-C,
Class A3,
6.61%,
06/15/31(f)(g)
.......
849,133
6,795,981
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-C,
Class A4,
7.41%,
06/15/31(f)(g)
.......
1,087,020
586,612
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class A3,
5.90%,
09/15/22(g)
.........
325,556
238,043
Oakwood
Mortgage
Investors,
Inc.,
Series
2002-B,
Class A4,
7.09%,
06/15/32(g)
.........
238,028
4,000,000
OneMain
Financial
Issuance
Trust,
Series
2015-3A,
Class D,
6.94%,
11/20/28(b)
.........
3,997,404
2,955,985
Popular
ABS
Mortgage
Pass-Through
Trust,
Series
2005-3,
Class M2,
STEP,
3.62%,
07/25/35
...........
2,321,216
3,206,295
PRET
LLC,
Series
2021-NPL6,
Class A1,
STEP,
2.49%,
07/25/51(b)
.........
3,003,600
2,000,000
PRET
LLC,
Series
2021-NPL6,
Class A2,
STEP,
5.07%,
07/25/51(b)
.........
1,861,502
6,536,128
PRET
LLC,
Series
2021-RN4,
Class A1,
2.49%,
10/25/51(b)(g)
......
6,449,385
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
14
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
1,000,000
Progress
Residential
Trust,
Series
2019-
SFR3,
Class F,
3.87%,
09/17/36(b)
.........
$
978,498
3,000,000
Progress
Residential
Trust,
Series
2019-
SFR4,
Class F,
3.68%,
10/17/36(b)
.........
2,925,477
750,000
Progress
Residential
Trust,
Series
2020-
SFR1,
Class G,
4.03%,
04/17/37(b)
.........
712,165
3,000,000
Progress
Residential
Trust,
Series
2021-
SFR10,
Class F,
4.61%,
12/17/40(b)
.........
2,577,466
2,500,000
Progress
Residential
Trust,
Series
2021-
SFR11,
Class F,
4.42%,
01/17/39(b)
.........
2,127,269
3,500,000
Progress
Residential
Trust,
Series
2021-
SFR8,
Class F,
3.18%,
10/17/38(b)
.........
3,035,458
2,400,000
Progress
Residential
Trust,
Series
2021-
SFR9,
Class F,
4.05%,
11/17/40(b)
.........
2,017,026
4,000,000
Progress
Residential
Trust,
Series
2022-
SFR1,
Class F,
4.88%,
02/17/41(b)
.........
3,568,334
4,000,000
Progress
Residential
Trust,
Series
2022-
SFR1,
Class G,
5.52%,
02/17/41(b)
.........
3,537,932
1,548,000
Progress
Residential
Trust,
Series
2022-
SFR3,
Class E2,
5.60%,
04/17/39(b)
.........
1,475,517
4,751,000
Progress
Residential
Trust,
Series
2022-
SFR4,
Class E1,
6.12%,
05/17/41(b)
.........
4,676,837
5,000,000
Progress
Residential
Trust,
Series
2022-
SFR5,
Class E1,
6.62%,
06/17/39(b)
.........
5,068,680
6,000,000
Progress
Residential
Trust,
Series
2022-
SFR6,
Class D,
6.04%,
07/20/39(b)
.........
5,999,801
3,825,000
Residential
Asset
Securities
Corp.
Trust,
Series
2005-KS10,
Class M4,
(1
mo.
LIBOR
USD
+
0.870%),
3.13%,
11/25/35(e)
.........
3,098,198
2,000,000
Residential
Asset
Securities
Corp.
Trust,
Series
2006-KS4,
Class M2,
(1
mo.
LIBOR
USD
+
0.290%),
2.69%,
06/25/36(e)
.........
1,873,094
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
19,642
SACO
I
Trust,
Series
2006-7,
Class A1,
(1
mo.
LIBOR
USD
+
0.260%),
2.52%,
07/25/36(e)
.........
$
165,291
263,183
Santander
Drive
Auto
Receivables
Trust,
Series
2020-4,
Class B,
0.73%,
03/17/25
...........
262,802
4,185,118
Saxon
Asset
Securities
Trust,
Series
2006-2,
Class M3,
(1
mo.
LIBOR
USD
+
0.320%),
2.58%,
09/25/36(e)
.........
3,663,780
8,490,066
Saxon
Asset
Securities
Trust,
Series
2007-1,
Class M1,
(1
mo.
LIBOR
USD
+
0.290%),
2.55%,
01/25/47(e)
.........
8,283,519
2,596,594
Securitized
Asset
Backed
Receivables
LLC
Trust,
Series
2007-BR1,
Class A2B,
(1
mo.
LIBOR
USD
+
0.270%),
2.53%,
02/25/37(e)
.........
1,745,166
11,650,028
Soundview
Home
Loan
Trust,
Series
2006-OPT5,
Class M1,
(1
mo.
LIBOR
USD
+
0.250%),
2.51%,
07/25/36(e)
.........
9,320,460
4,226,238
Structured
Asset
Investment
Loan
Trust,
Series
2005-9,
Class M2,
(1
mo.
LIBOR
USD
+
0.675%),
2.93%,
11/25/35(e)
.........
3,687,166
4,363,389
Structured
Asset
Investment
Loan
Trust,
Series
2005-HE1,
Class M3,
(1
mo.
LIBOR
USD
+
0.750%),
3.01%,
07/25/35(e)
.........
3,622,829
2,333,131
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2007-WF1,
Class M1,
(1
mo.
LIBOR
USD
+
0.660%),
2.92%,
02/25/37(e)
.........
5,229,537
1,700,000
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class F,
5.10%,
01/17/36(b)
.........
1,676,154
1,520,000
Tricon
American
Homes
Trust,
Series
2020-SFR1,
Class F,
4.88%,
07/17/38(b)
.........
1,490,710
962,605
Tricon
American
Homes
Trust,
Series
2020-SFR2,
Class A,
1.48%,
11/17/39(b)
.........
860,862
1,500,000
Tricon
Residential
Trust,
Series
2021-
SFR1,
Class F,
3.69%,
07/17/38(b)
.........
1,347,090
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
15
July
31,
2022
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
968,000
Tricon
Residential
Trust,
Series
2021-
SFR1,
Class G,
4.13%,
07/17/38(b)
.........
$
862,433
1,600,000
Tricon
Residential
Trust,
Series
2022-
SFR1,
Class E2,
5.74%,
04/17/39(b)
.........
1,557,511
4,000,000
Tricon
Residential
Trust,
Series
2022-
SFR2,
Class E,
7.51%,
07/17/40(b)
.........
4,108,219
5,918,215
VOLT
CVI
LLC,
Series
2021-NP12,
Class A1,
STEP,
2.73%,
12/26/51(b)
.........
5,568,260
515,990
Volvo
Financial
Equipment
LLC,
Series
2020-1A,
Class A3,
0.51%,
10/15/24(b)
.........
505,798
8,606,866
Yale
Mortgage
Loan
Trust,
Series
2007-
1,
Class A,
(1
mo.
LIBOR
USD
+
0.400%),
2.66%,
06/25/37(b)(e)
.......
3,091,425
357,894,995
Total
Asset-Backed
Securities
(Cost
$438,780,003)
395,241,496
NON-AGENCY
MORTGAGE-BACKED
SECURITIES
—
21.9%
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
19.6%
3,800,000
1Texas
Capital
Bank
CLN,
0.03%,
02/01/26(h)
.........
3,613,669
304,252
Adjustable
Rate
Mortgage
Trust,
Series
2005-3,
Class 2A1,
2.96%,
07/25/35(g)
.........
303,958
1,524,868
Adjustable
Rate
Mortgage
Trust,
Series
2007-1,
Class 4A1,
4.58%,
03/25/37(g)
.........
1,173,039
30,879
Ajax
Mortgage
Loan
Trust,
Series
2017-D,
Class B,
2.40%,
12/25/57(a)(b)(g)(h)
..
28,792
21,846
Ajax
Mortgage
Loan
Trust,
Series
2018-A,
Class B,
2.78%,
04/25/58(b)(h)
......
21,923
62,232
Ajax
Mortgage
Loan
Trust,
Series
2018-B,
Class B,
5.95%,
02/26/57(b)(h)
......
46,358
14,423
Ajax
Mortgage
Loan
Trust,
Series
2018-D,
Class B,
2.74%,
08/25/58(b)(g)(h)
....
9,829
10,634
Ajax
Mortgage
Loan
Trust,
Series
2018-E,
Class C,
1.01%,
06/25/58(b)(g)(h)
....
10,313
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
160,949
Ajax
Mortgage
Loan
Trust,
Series
2018-F,
Class C,
1.91%,
11/25/58(b)(h)
......
$
105,718
4,545,499
Ajax
Mortgage
Loan
Trust,
Series
2019-E,
Class A,
STEP,
3.00%,
09/25/59(b)
.........
4,481,369
3,512,199
Ajax
Mortgage
Loan
Trust,
Series
2019-E,
Class B,
STEP,
4.88%,
09/25/59(b)
.........
3,462,050
7,404,520
Ajax
Mortgage
Loan
Trust,
Series
2019-E,
Class C,
2.60%,
09/25/59(b)(h)
......
7,519,080
10,166,889
Ajax
Mortgage
Loan
Trust,
Series
2019-G,
Class A,
STEP,
3.00%,
09/25/59(b)
.........
9,919,366
2,927,374
Ajax
Mortgage
Loan
Trust,
Series
2019-G,
Class B,
STEP,
4.25%,
09/25/59(b)
.........
2,819,630
7,431,604
Ajax
Mortgage
Loan
Trust,
Series
2019-G,
Class C,
1.04%,
09/25/59(b)(h)
......
6,699,935
19,976,104
Ajax
Mortgage
Loan
Trust,
Series
2020-A,
Class A,
STEP,
2.38%,
12/25/59(b)
.........
19,353,459
4,328,402
Ajax
Mortgage
Loan
Trust,
Series
2020-A,
Class B,
STEP,
3.50%,
12/25/59(b)
.........
4,105,040
10,246,994
Ajax
Mortgage
Loan
Trust,
Series
2020-A,
Class C,
1.89%,
12/25/59(a)(b)(h)
....
6,424,866
1,230,360
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class B,
STEP,
3.72%,
01/25/61(b)
.........
1,207,392
3,109,731
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class C,
1.42%,
01/25/61(b)(h)
......
2,819,903
11,845,581
Ajax
Mortgage
Loan
Trust,
Series
2021-D,
Class A,
STEP,
2.00%,
03/25/60(b)
.........
11,025,269
2,042,300
Ajax
Mortgage
Loan
Trust,
Series
2021-D,
Class B,
4.00%,
03/25/60(b)(g)
......
1,882,437
3,026,594
Ajax
Mortgage
Loan
Trust,
Series
2021-D,
Class C,
0.66%,
03/25/60(a)(b)(g)(h)
..
2,100,456
4,041,340
Ajax
Mortgage
Loan
Trust,
Series
2021-E,
Class B2,
3.77%,
12/25/60(b)(g)
......
3,384,521
4,000,000
Ajax
Mortgage
Loan
Trust,
Series
2021-E,
Class M1,
2.94%,
12/25/60(b)(g)
......
3,331,014
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
16
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,080,800
Ajax
Mortgage
Loan
Trust,
Series
2021-F,
Class B,
STEP,
3.75%,
06/25/61(b)
.........
$
1,009,708
2,017,297
Ajax
Mortgage
Loan
Trust,
Series
2021-F,
Class C,
0.56%,
06/25/61(b)(h)
......
1,424,675
10,760,898
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class A1,
STEP,
3.50%,
10/25/61(b)
.........
10,431,472
532,000
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class A2,
3.00%,
10/25/61(b)(g)
......
481,423
283,800
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class A3,
3.00%,
10/25/61(b)(g)
......
253,038
2,128,000
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class B,
3.00%,
10/25/61(a)(b)
.......
1,372,773
1,059,515
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class C,
3.00%,
10/25/61(a)(b)
.......
1,128,383
310,300
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class M1,
3.00%,
10/25/61(b)
.........
252,139
1,392,000
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class M2,
3.00%,
10/25/61(a)(b)
.......
1,080,192
88,700
Ajax
Mortgage
Loan
Trust,
Series
2022-A,
Class M3,
3.00%,
10/25/61(a)(b)
.......
64,751
13,796,826
Ajax
Mortgage
Loan
Trust,
Series
2022-B,
Class A1,
STEP,
3.50%,
03/27/62(b)
.........
13,072,411
403,400
Ajax
Mortgage
Loan
Trust,
Series
2022-B,
Class A2,
3.00%,
03/27/62(a)(b)(g)
....
365,319
345,800
Ajax
Mortgage
Loan
Trust,
Series
2022-B,
Class A3,
3.00%,
03/27/62(a)(b)(g)
....
310,874
1,921,100
Ajax
Mortgage
Loan
Trust,
Series
2022-B,
Class B,
3.00%,
03/27/62(a)(b)
.......
1,233,538
1,001,207
Ajax
Mortgage
Loan
Trust,
Series
2022-B,
Class C,
3.00%,
03/27/62(a)(b)
.......
966,565
259,300
Ajax
Mortgage
Loan
Trust,
Series
2022-B,
Class M1,
3.00%,
03/27/62(a)(b)
.......
222,739
1,287,100
Ajax
Mortgage
Loan
Trust,
Series
2022-B,
Class M2,
3.00%,
03/27/62(a)(b)
.......
1,025,433
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,325,056
American
Home
Mortgage
Assets
Trust,
Series
2006-2,
Class 1A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.960%),
1.60%,
09/25/46(e)
.........
$
1,220,820
995,361
American
Home
Mortgage
Assets
Trust,
Series
2007-3,
Class 22A1,
STEP,
6.75%,
06/25/37
...........
897,008
3,324,000
Angel
Oak
Mortgage
Trust,
Series
2020-R1,
Class B2,
4.61%,
04/25/53(b)(g)
......
3,220,586
1,000,000
Angel
Oak
Mortgage
Trust
I
LLC,
Series
2019-2,
Class B1,
5.02%,
03/25/49(b)(g)
......
982,481
13,654,944
APS
Resecuritization
Trust,
Series
2016-1,
Class 1MZ,
3.32%,
07/31/57(b)(g)
......
4,946,365
2,899,509
ARI
Investments
LLC,
5.14%,
01/30/25(a)(f)
.......
2,798,026
1,282,427
Banc
of
America
Alternative
Loan
Trust,
Series
2006-9,
Class A2,
(1
mo.
LIBOR
USD
+
0.400%),
2.66%,
01/25/37(e)
.........
986,616
116,231
Banc
of
America
Funding
Corp.
Trust,
Series
2005-F,
Class 6A1,
3.68%,
09/20/35(g)
.........
107,732
344,996
Banc
of
America
Funding
Corp.
Trust,
Series
2006-A,
Class 3A2,
3.16%,
02/20/36(g)
.........
320,392
285,733
Banc
of
America
Funding
Corp.
Trust,
Series
2006-E,
Class 2A1,
3.44%,
06/20/36(g)
.........
265,702
1,220,844
Banc
of
America
Funding
Corp.
Trust,
Series
2007-1,
Class TA5,
STEP,
6.59%,
01/25/37
...........
1,141,660
3,282,363
Banc
of
America
Funding
Corp.
Trust,
Series
2015-R3,
Class 1A2,
2.00%,
03/27/36(b)(g)
......
2,920,992
349,970
Banc
of
America
Mortgage
Trust,
Series
2005-I,
Class 2A5,
2.73%,
10/25/35(g)
.........
335,813
11,350,215
Barclays
Mortgage
Trust,
Series
2021-
NPL1,
Class A,
STEP,
2.00%,
11/25/51(b)
.........
10,805,180
1,177,500
Barclays
Mortgage
Trust,
Series
2021-
NPL1,
Class B,
STEP,
4.63%,
11/25/51(b)
.........
1,126,083
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
17
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
2,664,366
Barclays
Mortgage
Trust,
Series
2021-
NPL1,
Class C,
1.12%,
11/25/51(b)(h)
......
$
1,904,020
1,960,919
BCAP
LLC
Trust,
Series
2012-RR3,
Class 1A5,
5.31%,
12/26/37(b)(g)
......
1,654,715
649,377
Bear
Stearns
Adjustable
Rate
Mortgage
Trust,
Series
2005-12,
Class 23A1,
3.61%,
02/25/36(g)
.........
610,712
44,056
Bear
Stearns
Adjustable
Rate
Mortgage
Trust,
Series
2005-6,
Class 5A1,
4.15%,
08/25/35(g)
.........
40,196
248,196
Bear
Stearns
Adjustable
Rate
Mortgage
Trust,
Series
2007-3,
Class 1A1,
3.25%,
05/25/47(g)
.........
230,530
977,880
Bear
Stearns
ALT-A
Trust,
Series
2006-
2,
Class 11A1,
(1
mo.
LIBOR
USD
+
0.440%),
2.70%,
04/25/36(e)
.........
1,480,975
2,654,511
Bear
Stearns
ALT-A
Trust,
Series
2006-
6,
Class 1A1,
(1
mo.
LIBOR
USD
+
0.320%),
2.58%,
11/25/36(e)
.........
2,210,603
2,945,505
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-AC2,
Class 22A1,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
03/25/36(e)
.........
313,782
2,945,505
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-AC2,
Class 22A3,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
03/25/36(e)
.........
313,782
839,226
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class A1,
(1
mo.
LIBOR
USD
+
0.280%),
2.54%,
08/25/36(e)
.........
817,053
249,445
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL4,
Class A,
(1
mo.
LIBOR
USD
+
0.300%),
2.56%,
11/25/36(e)
.........
247,111
2,501,000
BRAVO
Residential
Funding
Trust,
Series
2021-NQM2,
Class M1,
2.29%,
03/25/60(b)(g)
......
2,270,435
3,100,000
CFMT
LLC,
Series
2021-HB7,
Class M3,
3.85%,
10/27/31(b)(g)
......
2,920,943
1,133,694
Chase
Mortgage
Finance
Corp.,
Series
2016-SH1,
Class M4,
3.75%,
04/25/45(b)(g)
......
1,040,032
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
3,663,008
Chase
Mortgage
Finance
Trust,
Series
2007-S6,
Class 1A1,
6.00%,
12/25/37
...........
$
1,866,122
11,138,107
ChaseFlex
Trust,
Series
2007-1,
Class 2A7,
6.00%,
02/25/37
...........
5,254,324
1,513,482
CHNGE
Mortgage
Trust,
Series
2022-
1,
Class A1,
3.01%,
01/25/67(b)(g)
......
1,424,459
2,108,160
Citicorp
Mortgage
Securities
Trust,
Series
2007-9,
Class 1A1,
6.25%,
12/25/37
...........
1,743,231
2,202,536
Citicorp
Mortgage
Securities
Trust,
Series
2008-2,
Class 1A1,
6.50%,
06/25/38
...........
1,806,591
78,769
Citigroup
Mortgage
Loan
Trust,
Series
2006-AR3,
Class 1A2A,
3.42%,
06/25/36(g)
.........
73,275
2,911,141
Citigroup
Mortgage
Loan
Trust,
Series
2007-9,
Class 1A1,
5.75%,
04/25/47(b)
.........
2,216,531
171,909
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-2,
Class 1A1,
2.89%,
05/25/35(g)
.........
166,441
2,354,000
COLT
Mortgage
Loan
Trust,
Series
2022-1,
Class B1,
4.13%,
12/27/66(b)(g)
......
1,886,746
2,077,000
COLT
Mortgage
Loan
Trust,
Series
2022-7,
Class A3,
6.25%,
04/25/67(b)(g)
......
2,063,656
343,042
Countrywide
Alternative
Loan
Trust,
Series
2004-36CB,
Class 1A1,
6.00%,
02/25/35
...........
280,772
643,942
Countrywide
Alternative
Loan
Trust,
Series
2005-31,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.600%),
2.86%,
08/25/35(e)
.........
582,849
3,057,984
Countrywide
Alternative
Loan
Trust,
Series
2005-53T2,
Class 2A6,
(1
mo.
LIBOR
USD
+
0.500%),
2.76%,
11/25/35(e)
.........
1,570,504
5,687,222
Countrywide
Alternative
Loan
Trust,
Series
2005-53T2,
Class 2A7,
(1
mo.
LIBOR
USD
+
5.500%),
3.24%,
11/25/35(e)(f)
.......
769,220
163,600
Countrywide
Alternative
Loan
Trust,
Series
2005-63,
Class 5A1,
3.32%,
12/25/35(g)
.........
153,457
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
18
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
55,217
Countrywide
Alternative
Loan
Trust,
Series
2005-69,
Class A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
1.000%),
1.64%,
12/25/35(e)
.........
$
49,926
926,180
Countrywide
Alternative
Loan
Trust,
Series
2005-9CB,
Class 1A3,
(1
mo.
LIBOR
USD
+
0.450%),
2.71%,
05/25/35(e)
.........
829,877
585,994
Countrywide
Alternative
Loan
Trust,
Series
2005-J14,
Class A3,
5.50%,
12/25/35
...........
421,650
2,579,370
Countrywide
Alternative
Loan
Trust,
Series
2006-12CB,
Class A10,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
05/25/36(e)
.........
1,098,987
1,606,462
Countrywide
Alternative
Loan
Trust,
Series
2006-15CB,
Class A1,
6.50%,
06/25/36
...........
920,277
3,120,386
Countrywide
Alternative
Loan
Trust,
Series
2006-20CB,
Class A9,
6.00%,
07/25/36
...........
1,707,275
1,015,581
Countrywide
Alternative
Loan
Trust,
Series
2006-24CB,
Class A13,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
08/25/36(e)
.........
517,771
1,015,581
Countrywide
Alternative
Loan
Trust,
Series
2006-24CB,
Class A14,
(1
mo.
LIBOR
USD
+
7.150%),
4.89%,
08/25/36(e)
.........
235,585
1,046,922
Countrywide
Alternative
Loan
Trust,
Series
2006-24CB,
Class A15,
5.75%,
08/25/36
...........
666,372
1,079,511
Countrywide
Alternative
Loan
Trust,
Series
2006-2CB,
Class A4,
(1
mo.
LIBOR
USD
+
0.400%),
2.66%,
03/25/36(e)
.........
394,428
1,918,907
Countrywide
Alternative
Loan
Trust,
Series
2006-2CB,
Class A5,
(1
mo.
LIBOR
USD
+
7.100%),
4.84%,
03/25/36(e)
.........
363,102
3,032,258
Countrywide
Alternative
Loan
Trust,
Series
2006-2CB,
Class A6,
5.50%,
03/25/36
...........
1,511,579
1,158,922
Countrywide
Alternative
Loan
Trust,
Series
2006-41CB,
Class 1A10,
6.00%,
01/25/37
...........
754,635
839,075
Countrywide
Alternative
Loan
Trust,
Series
2006-41CB,
Class 1A4,
5.75%,
01/25/37
...........
534,614
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,031,000
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A2,
6.00%,
02/25/37
...........
$
640,703
2,357,463
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A5,
6.00%,
02/25/37
...........
1,465,018
4,493,871
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A7,
(1
mo.
LIBOR
USD
+
0.340%),
2.60%,
02/25/37(e)
.........
1,970,372
2,246,935
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A8,
(1
mo.
LIBOR
USD
+
6.600%),
4.34%,
02/25/37(e)
.........
548,982
120,998
Countrywide
Alternative
Loan
Trust,
Series
2006-6CB,
Class 1A10,
5.50%,
05/25/36
...........
106,469
343,281
Countrywide
Alternative
Loan
Trust,
Series
2006-6CB,
Class 1A2,
(1
mo.
LIBOR
USD
+
0.400%),
2.66%,
05/25/36(e)
.........
271,839
2,462,664
Countrywide
Alternative
Loan
Trust,
Series
2006-7CB,
Class 2A1,
6.50%,
05/25/36
...........
1,394,821
1,994,080
Countrywide
Alternative
Loan
Trust,
Series
2006-J7,
Class 2A1,
(1
mo.
LIBOR
USD
+
1.500%),
3.21%,
11/20/46(e)
.........
1,454,478
3,795,602
Countrywide
Alternative
Loan
Trust,
Series
2006-OA14,
Class 1A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
1.730%),
2.37%,
11/25/46(e)
.........
3,051,349
1,476,946
Countrywide
Alternative
Loan
Trust,
Series
2006-OA14,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.380%),
2.64%,
11/25/46(e)
.........
1,311,383
2,868,921
Countrywide
Alternative
Loan
Trust,
Series
2006-OA21,
Class A1,
(1
mo.
LIBOR
USD
+
0.190%),
2.32%,
03/20/47(e)
.........
2,304,337
627,786
Countrywide
Alternative
Loan
Trust,
Series
2006-OA3,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.420%),
2.68%,
05/25/36(e)
.........
539,381
2,287,397
Countrywide
Alternative
Loan
Trust,
Series
2006-OC3,
Class 1A1,
(1
mo.
LIBOR
USD
+
0.360%),
2.62%,
04/25/46(e)
.........
2,120,052
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
19
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,843,498
Countrywide
Alternative
Loan
Trust,
Series
2007-12T1,
Class A22,
5.75%,
06/25/37
...........
$
997,293
1,856,852
Countrywide
Alternative
Loan
Trust,
Series
2007-12T1,
Class A5,
6.00%,
06/25/37
...........
1,035,973
893,498
Countrywide
Alternative
Loan
Trust,
Series
2007-19,
Class 1A34,
6.00%,
08/25/37
...........
528,828
4,147,275
Countrywide
Alternative
Loan
Trust,
Series
2007-22,
Class 2A16,
6.50%,
09/25/37
...........
1,967,785
3,494,175
Countrywide
Alternative
Loan
Trust,
Series
2007-25,
Class 1A3,
6.50%,
11/25/37
...........
1,905,121
834,042
Countrywide
Alternative
Loan
Trust,
Series
2007-9T1,
Class 1A8,
6.00%,
05/25/37
...........
456,484
175,803
Countrywide
Alternative
Loan
Trust,
Series
2007-J1,
Class 3A4,
STEP,
4.01%,
11/25/36
...........
271,419
6,357,226
Countrywide
Alternative
Loan
Trust,
Series
2007-OA2,
Class 1A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.840%),
1.48%,
03/25/47(e)
.........
5,458,294
175,437
Countrywide
Alternative
Loan
Trust,
Series
2007-OA3,
Class 1A2,
(1
mo.
LIBOR
USD
+
0.360%),
2.62%,
04/25/47(e)
.........
40,905
1,329,375
Countrywide
Alternative
Loan
Trust,
Series
2007-OH2,
Class A2A,
(1
mo.
LIBOR
USD
+
0.480%),
2.74%,
08/25/47(e)
.........
1,098,010
993,648
Countrywide
Alternative
Resecuritization
Loan
Trust,
Series
2006-22R,
Class 2A1,
6.25%,
05/25/36
...........
657,760
1,379,877
Countrywide
Alternative
Resecuritization
Loan
Trust,
Series
2008-1R,
Class 2A3,
6.00%,
08/25/37
...........
824,554
947,713
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-
31,
Class 2A3,
2.45%,
01/25/36(g)
.........
839,069
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,747,929
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-
J2,
Class 2A4,
(1
mo.
LIBOR
USD
+
1.400%),
3.66%,
08/25/35(e)
.........
$
1,412,028
4,581,909
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-
J2,
Class 3A9,
(1
mo.
LIBOR
USD
+
1.400%),
3.66%,
08/25/35(e)
.........
3,243,409
196,029
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-
J3,
Class 2A4,
4.50%,
09/25/35
...........
178,869
9,751,665
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2006-
OA4,
Class A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.960%),
1.60%,
04/25/46(e)
.........
3,298,048
2,089,748
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2006-
OA5,
Class 3A1,
(1
mo.
LIBOR
USD
+
0.400%),
2.46%,
04/25/46(e)
.........
1,831,868
1,388,653
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-
21,
Class 1A1,
6.25%,
02/25/38
...........
811,984
1,393,586
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-
HYB1,
Class 3A1,
3.23%,
03/25/37(g)
.........
1,228,008
1,490,066
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2006-9,
Class 3A1,
6.00%,
11/25/36
...........
1,282,596
2,524,613
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2007-3,
Class 1A1A,
5.84%,
04/25/37(g)
.........
730,986
7,024,569
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2009-
12R,
Class 3A1,
6.50%,
10/27/37(b)
.........
3,099,151
3,123,554
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2014-2R,
Class 17A3,
2.80%,
04/27/37(b)(g)
......
2,724,291
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
20
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
5,642,197
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2015-4R,
Class 1A4,
(1
mo.
LIBOR
USD
+
0.150%),
1.16%,
10/27/36(b)(e)
.......
$
4,181,085
2,400,000
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2020-
SPT1,
Class B2,
3.39%,
04/25/65(b)(g)
......
2,300,063
2,244,775
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2021-
JR1,
Class A2,
3.50%,
09/27/66(b)(g)
......
2,070,495
3,880,407
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2021-
JR1,
Class B2,
0.43%,
09/27/66(b)(h)
......
3,360,848
3,353,071
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2021-
JR1,
Class PT2,
3.18%,
07/26/60(a)(b)(g)(h)
..
1,165,192
3,289,850
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2021-
NQM2,
Class B1,
3.44%,
02/25/66(b)(g)
......
2,669,609
4,606,259
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2021-
RPL9,
Class A1,
2.44%,
02/25/61(b)(g)
......
4,302,148
6,104,039
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class 10A1,
(1
mo.
LIBOR
USD
+
1.350%),
3.61%,
11/25/35(e)
.........
1,209,929
1,626,000
Deephaven
Residential
Mortgage
Trust,
Series
2021-1,
Class B1,
3.10%,
05/25/65(b)(g)
......
1,498,376
3,314,000
Deephaven
Residential
Mortgage
Trust,
Series
2022-1,
Class B1,
4.30%,
01/25/67(b)(g)
......
2,694,973
2,000,000
GCAT
Trust,
Series
2020-NQM2,
Class B1,
4.85%,
04/25/65(b)(g)
......
1,923,779
3,437,000
GCAT
Trust,
Series
2021-NQM7,
Class B1,
4.50%,
08/25/66(b)(g)
......
3,046,733
425,711
GMACM
Mortgage
Loan
Trust,
Series
2005-AR6,
Class 2A1,
3.08%,
11/19/35(g)
.........
389,268
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
3,481,244
GSMPS
Mortgage
Loan
Trust,
Series
2004-4,
Class 1AF,
(1
mo.
LIBOR
USD
+
0.400%),
2.66%,
06/25/34(b)(e)
.......
$
2,991,741
3,199,895
GSMPS
Mortgage
Loan
Trust,
Series
2005-RP1,
Class 1AF,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
01/25/35(b)(e)
.......
2,889,353
4,219,939
GSMPS
Mortgage
Loan
Trust,
Series
2005-RP3,
Class 1AF,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
09/25/35(b)(e)
.......
3,659,319
1,197,981
GSMPS
Mortgage
Loan
Trust,
Series
2006-RP1,
Class 1AF1,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
01/25/36(b)(e)
.......
1,002,820
231,316
GSR
Mortgage
Loan
Trust,
Series
2005-AR1,
Class 2A1,
2.51%,
01/25/35(g)
.........
223,080
2,559,987
GSR
Mortgage
Loan
Trust,
Series
2006-7F,
Class 4A2,
6.50%,
08/25/36
...........
1,127,853
39,918
GSR
Mortgage
Loan
Trust,
Series
2006-9F,
Class 9A1,
6.00%,
08/25/21
...........
38,710
104,831
GSR
Mortgage
Loan
Trust,
Series
2006-AR1,
Class 3A1,
2.73%,
01/25/36(g)
.........
102,797
508,641
GSR
Mortgage
Loan
Trust,
Series
2007-4F,
Class 3A1,
6.00%,
07/25/37
...........
379,743
9,181,848
GSR
Mortgage
Loan
Trust,
Series
2007-OA2,
Class 2A1,
2.27%,
06/25/47(g)
.........
6,146,046
1,637,546
HarborView
Mortgage
Loan
Trust,
Series
2007-4,
Class 2A2,
(1
mo.
LIBOR
USD
+
0.250%),
2.37%,
07/19/47(e)
.........
1,482,247
260,498
HomeBanc
Mortgage
Trust,
Series
2006-1,
Class 2A1,
2.60%,
04/25/37(g)
.........
232,327
3,690,000
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class B1,
5.45%,
05/25/65(b)(g)
......
3,564,823
17,309,104
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-HOA1,
Class AXPP,
1.10%,
07/25/47(f)(g)
.......
9,444
1,574,416
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-FLX3,
Class A2,
(1
mo.
LIBOR
USD
+
0.270%),
2.53%,
06/25/37(e)
.........
1,774,918
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
21
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
2,881,261
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-FLX5,
Class 2A2,
(1
mo.
LIBOR
USD
+
0.240%),
2.50%,
08/25/37(e)
.........
$
2,569,046
886,184
JP
Morgan
Mortgage
Trust,
Series
2007-A5,
Class 2A1,
1.74%,
10/25/37(g)
.........
622,941
6,241,951
JP
Morgan
Mortgage
Trust,
Series
2007-S3,
Class 1A10,
6.25%,
08/25/37
...........
2,314,759
40,009
JP
Morgan
Mortgage
Trust,
Series
2017-5,
Class A1B,
3.04%,
10/26/48(b)(g)
......
39,046
102,873,813
JP
Morgan
Mortgage
Trust,
Series
2021-INV5,
Class A2X,
0.50%,
12/25/51(b)(g)
......
2,576,176
6,051,350
JP
Morgan
Mortgage
Trust,
Series
2021-INV5,
Class A5X,
0.50%,
12/25/51(b)(g)
......
169,047
108,925,163
JP
Morgan
Mortgage
Trust,
Series
2021-INV5,
Class AX1,
0.19%,
12/25/51(b)(g)
......
920,178
1,316,248
JP
Morgan
Mortgage
Trust,
Series
2021-INV5,
Class B4,
3.19%,
12/25/51(b)(g)
......
943,201
460,715
JP
Morgan
Mortgage
Trust,
Series
2021-INV5,
Class B5,
3.19%,
12/25/51(b)(g)
......
309,193
1,578,793
JP
Morgan
Mortgage
Trust,
Series
2021-INV5,
Class B6,
2.91%,
12/25/51(b)(g)
......
641,723
34,549,381
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class A2X,
0.50%,
02/25/52(b)(g)
......
881,749
21,532,492
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class A3X,
0.50%,
02/25/52(b)(g)
......
460,658
7,872,776
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class A4X,
0.50%,
02/25/52(b)(g)
......
479,582
3,762,101
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class A5X,
0.50%,
02/25/52(b)(g)
......
96,014
67,716,849
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class AX1,
0.27%,
02/25/52(b)(g)
......
819,631
3,880,677
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class B1,
3.27%,
02/25/52(b)(g)
......
3,303,045
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
910,739
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class B2,
3.27%,
02/25/52(b)(g)
......
$
742,162
1,267,042
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class B3,
3.27%,
02/25/52(b)(g)
......
963,292
673,203
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class B4,
3.27%,
02/25/52(b)(g)
......
482,445
277,125
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class B5,
3.27%,
02/25/52(b)(g)
......
182,053
910,920
JP
Morgan
Mortgage
Trust,
Series
2021-INV7,
Class B6,
3.22%,
02/25/52(b)(g)
......
349,143
1,569,315
Legacy
Mortgage
Asset
Trust,
Series
2019-SL2,
Class B,
9.06%,
02/25/59(a)(b)(h)
....
235,397
1,906,281
Legacy
Mortgage
Asset
Trust,
Series
2019-SL2,
Class M,
4.25%,
02/25/59(b)(g)
......
1,907,165
11,430,000
Loan
Revolving
Advance
Investment
Trust,
Series
2021-2,
Class A1X,
(1
mo.
LIBOR
USD
+
2.750%),
4.72%,
06/30/23(b)(e)
.......
11,343,634
4,559,001
MASTR
Asset
Securitization
Trust,
Series
2007-1,
Class 1A4,
6.50%,
11/25/37
...........
1,387,188
2,515,073
MASTR
Reperforming
Loan
Trust,
Series
2005-2,
Class 1A3,
7.50%,
05/25/35(b)
.........
2,073,563
1,055,808
MASTR
Resecuritization
Trust,
Series
2008-3,
Class A1,
2.17%,
08/25/37(b)(g)
......
629,302
6,746,720
MCM
Trust,
Series
2021-VFN1,
3.00%,
08/25/28(a)(f)
.......
6,603,352
2,798,206
MCM
Trust,
Series
2021-VFN1,
Class CERT,
3.00%,
08/25/28(a)(f)
.......
1,864,445
1,500,000
Mello
Warehouse
Securitization
Trust,
Series
2020-2,
Class F,
(1
mo.
LIBOR
USD
+
3.250%),
5.51%,
11/25/53(b)(e)
.......
1,477,498
4,875,000
Mello
Warehouse
Securitization
Trust,
Series
2021-1,
Class F,
(1
mo.
LIBOR
USD
+
2.750%),
4.37%,
02/25/55(b)(e)
.......
4,719,320
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
22
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,900,801
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class A2,
(1
mo.
LIBOR
USD
+
0.420%),
2.68%,
04/25/37(e)
.........
$
1,629,228
740,096
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-A3,
Class 3A1,
2.79%,
05/25/36(g)
.........
579,375
395,069
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-AF2,
Class AF1,
6.25%,
10/25/36
...........
210,198
3,164,554
Morgan
Stanley
Re-REMIC
Trust,
Series
2010-R5,
Class 7B,
STEP,
2.74%,
05/26/37(b)
.........
3,118,946
2,584,061
Morgan
Stanley
Resecuritization
Trust,
Series
2013-R7,
Class 1B,
(1
mo.
LIBOR
USD
+
0.160%),
1.94%,
12/26/46(b)(e)
.......
2,431,464
786,566
MortgageIT
Trust,
Series
2004-1,
Class B1,
(1
mo.
LIBOR
USD
+
1.800%),
4.06%,
11/25/34(e)
.........
731,473
1,389,000
New
Residential
Mortgage
Loan
Trust,
Series
2020-NQM1,
Class B2,
4.52%,
01/26/60(b)(g)
......
1,207,150
3,302,047
NYMT
Loan
Trust,
Series
2020-SP2,
Class A1,
2.94%,
10/25/60(b)(g)
......
3,200,438
2,880,134
Prime
Mortgage
Trust,
Series
2006-
DR1,
Class 2A1,
5.50%,
05/25/35(b)
.........
2,548,812
1,378,560
Prime
Mortgage
Trust,
Series
2006-
DR1,
Class 2A2,
6.00%,
05/25/35(b)
.........
1,190,460
3,637,310
PRPM
LLC,
Series
2020-4,
Class A1,
STEP,
2.95%,
10/25/25(b)
.........
3,520,859
6,771,479
RCO
VI
Mortgage
LLC,
Series
2022-
1,
Class A1,
STEP,
3.00%,
01/25/27(b)
.........
6,447,626
492,463
Reperforming
Loan
REMIC
Trust,
Series
2006-R2,
Class AF1,
(1
mo.
LIBOR
USD
+
0.420%),
2.68%,
07/25/36(b)(e)
.......
472,790
5,304,945
Residential
Accredit
Loans,
Inc.,
Series
2005-QA10,
Class A21,
3.61%,
09/25/35(g)
.........
2,516,392
1,454,825
Residential
Accredit
Loans,
Inc.,
Series
2005-QA12,
Class NB4,
4.60%,
12/25/35(g)
.........
1,379,228
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
606,877
Residential
Accredit
Loans,
Inc.,
Series
2006-QO5,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.380%),
2.64%,
05/25/46(e)
.........
$
561,082
500,064
Residential
Accredit
Loans,
Inc.,
Series
2006-QS15,
Class A1,
6.50%,
10/25/36
...........
445,622
3,146,328
Residential
Accredit
Loans,
Inc.,
Series
2007-QS1,
Class 1A5,
(1
mo.
LIBOR
USD
+
0.550%),
2.81%,
01/25/37(e)
.........
2,392,954
639,667
Residential
Asset
Securitization
Trust,
Series
2006-A7CB,
Class 2A5,
(1
mo.
LIBOR
USD
+
0.250%),
2.51%,
07/25/36(e)
.........
82,789
2,122,494
Residential
Funding
Mortgage
Securities
I,
Inc.
Trust,
Series
2005-SA4,
Class 2A1,
3.47%,
09/25/35(g)
.........
1,484,530
6,464,772
Residential
Funding
Mortgage
Securities
I,
Inc.
Trust,
Series
2006-SA2,
Class 2A1,
4.76%,
08/25/36(g)
.........
4,674,800
88,056
Residential
Funding
Mortgage
Securities
I,
Inc.
Trust,
Series
2006-SA3,
Class 2A1,
4.64%,
09/25/36(g)
.........
60,375
2,150,000
Residential
Mortgage
Loan
Trust,
Series
2020-1,
Class B2,
4.67%,
01/26/60(b)(g)
......
1,895,964
3,750,000
Residential
Mortgage
Loan
Trust,
Series
2020-2,
Class B2,
5.40%,
05/25/60(b)(g)
......
3,613,870
2,814,000
Residential
Mortgage
Loan
Trust,
Series
2021-1R,
Class B1,
3.42%,
01/25/65(b)(g)
......
2,657,506
3,500,000
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class M4,
4.70%,
11/25/31(b)(g)
......
3,229,526
4,194,249
RMF
Buyout
Issuance
Trust,
Series
2021-HB1,
Class M6,
6.00%,
11/25/31(a)(b)(g)
....
3,417,055
10,712,432
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class B,
13.15%,
07/25/56(b)(h)
.....
2,470,647
17,879,081
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class BIO,
2.13%,
07/25/56(b)(g)
......
1,788,353
4,740,757
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-2,
Class BX,
3.12%,
11/25/57(g)
.........
1,874,998
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
23
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
2,635,152
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-3,
Class BX,
0.29%,
08/25/57(b)(g)
......
$
979,083
4,500,055
Seasoned
Loans
Structured
Transaction
Trust,
Series
2020-3,
Class M1,
4.75%,
04/26/60(b)(g)
......
4,501,834
100,000
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class B1,
4.08%,
09/25/59(b)(g)
......
91,882
175,000
SG
Residential
Mortgage
Trust,
Series
2020-2,
Class B1,
4.25%,
05/25/65(b)(g)
......
155,593
257,000
SG
Residential
Mortgage
Trust,
Series
2020-2,
Class M1,
3.19%,
05/25/65(b)(g)
......
230,254
4,471,000
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class A2,
5.35%,
09/25/67(b)(g)
......
4,389,051
2,425,000
Spruce
Hill
Mortgage
Loan
Trust,
Series
2020-SH1,
Class B2,
4.68%,
01/28/50(b)(g)
......
2,231,622
1,075,493
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2005-11,
Class 1A1,
3.09%,
05/25/35(g)
.........
867,640
1,838,627
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class 4A,
3.11%,
04/25/36(g)
.........
1,228,642
2,960,370
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR5,
Class 4A1,
(1
mo.
LIBOR
USD
+
0.440%),
2.70%,
05/25/46(e)
.........
941,267
1,200,716
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2007-AR4,
Class GA4B,
(1
mo.
LIBOR
USD
+
0.180%),
2.44%,
09/25/47(e)
.........
1,136,181
2,592,562
Structured
Asset
Securities
Corp.,
Series
2005-RF3,
Class 1A,
(1
mo.
LIBOR
USD
+
0.350%),
2.61%,
06/25/35(b)(e)
.......
2,409,679
13,286,637
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-RF3,
Class 1A2,
6.00%,
10/25/36(b)
.........
8,336,939
462,407
Suntrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-2,
Class 3A3,
2.28%,
04/25/37(g)
.........
289,598
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
156,435
Suntrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-2,
Class 4A1,
2.41%,
04/25/37(g)
.........
$
91,827
132,295
Thornburg
Mortgage
Securities
Trust,
Series
2007-3,
Class 4A1,
(12
mo.
LIBOR
USD
+
1.250%),
5.17%,
06/25/47(e)
.........
125,696
4,000,000
TRK
Trust,
Series
2022-INV1,
Class B1,
4.07%,
02/25/57(b)(g)
......
3,267,116
5,290,989
TVC
Holdings
Plc,
Series
2021-1,
Class A,
2.38%,
02/01/51(a)(f)
.......
5,118,502
1,322,747
TVC
Holdings
Plc,
Series
2021-1,
Class CERT,
0.00%,
02/01/51(a)(f)(h)
.....
1,665,736
3,343,000
Verus
Securitization
Trust,
Series
2019-
INV3,
Class M1,
3.28%,
11/25/59(b)(g)
......
3,153,052
3,162,000
Verus
Securitization
Trust,
Series
2021-
1,
Class B1,
2.98%,
01/25/66(b)(g)
......
2,586,421
5,000,000
Verus
Securitization
Trust,
Series
2022-
1,
Class B1,
4.01%,
01/25/67(b)(g)
......
4,193,696
3,300,000
Vista
Point
Securitization
Trust,
Series
2020-2,
Class B2,
5.16%,
04/25/65(b)(g)
......
3,130,999
26,558,506
Voyager
OPTONE
Delaware
Trust,
Series
2009-1,
Class SAA7,
4.19%,
02/25/38(b)(g)
......
7,577,832
792,089
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2007-
HY7,
Class 2A2,
3.39%,
07/25/37(g)
.........
752,250
6,160,344
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2007-
OA4,
Class 2A,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.798%),
1.44%,
05/25/47(e)
.........
5,599,342
1,220,192
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2005-10,
Class 1CB,
6.50%,
11/25/35
...........
725,771
735,354
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2005-10,
Class 2A6,
5.50%,
11/25/35
...........
705,960
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
24
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
4,055,141
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2006-1,
Class 4CB,
6.50%,
02/25/36
...........
$
3,507,005
3,892,860
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2006-5,
Class 3A3,
STEP,
6.72%,
07/25/36
...........
1,120,258
1,171,212
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2006-AR6,
Class 2A,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.960%),
1.60%,
08/25/46(e)
.........
749,029
573,026
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A1,
(1
mo.
LIBOR
USD
+
0.320%),
2.58%,
03/25/37(e)
.........
498,448
4,787,373
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A2,
(1
mo.
LIBOR
USD
+
6.680%),
4.42%,
03/25/37(e)(f)
.......
515,508
1,014,483
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A8,
(1
mo.
LIBOR
USD
+
0.540%),
2.80%,
03/25/37(e)
.........
890,998
912,144
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A9,
(1
mo.
LIBOR
USD
+
0.490%),
2.75%,
03/25/37(e)
.........
799,470
1,258,172
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2008-AR1,
Class A2,
2.85%,
03/25/38(g)
.........
1,186,369
13,610,000
Western
Alliance
CLN,
5.63%,
12/28/24
...........
13,594,737
4,182,709
Western
Mortgage
Reference
Notes,
Series
2021-CL2,
Class M1,
(SOFR
30A
+
3.150%),
4.66%,
07/25/59(b)(e)
.......
4,114,369
4,207,387
Western
Mortgage
Reference
Notes,
Series
2021-CL2,
Class M2,
(SOFR
30A
+
3.700%),
5.21%,
07/25/59(b)(e)
.......
4,149,651
531,628,821
Principal
Amount
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
2.3%
$
921,003
Bayview
Commercial
Asset
Trust,
Series
2005-4A,
Class M2,
(1
mo.
LIBOR
USD
+
0.705%),
2.96%,
01/25/36(b)(e)
.......
$
831,697
785,698
Bayview
Commercial
Asset
Trust,
Series
2005-4A,
Class M3,
(1
mo.
LIBOR
USD
+
0.750%),
3.01%,
01/25/36(b)(e)
.......
708,406
1,124,187
Bayview
Commercial
Asset
Trust,
Series
2006-2A,
Class B1,
(1
mo.
LIBOR
USD
+
1.305%),
3.56%,
07/25/36(b)(e)
.......
1,025,595
6,132,929
Bayview
Commercial
Asset
Trust,
Series
2007-4A,
Class A1,
(1
mo.
LIBOR
USD
+
0.450%),
2.71%,
09/25/37(b)(e)
.......
5,565,321
6,731,190
Bayview
Commercial
Asset
Trust,
Series
2007-5A,
Class A4,
(1
mo.
LIBOR
USD
+
1.500%),
3.76%,
10/25/37(b)(e)
.......
4,578,542
9,503,798
Bayview
Commercial
Asset
Trust,
Series
2007-6A,
Class A4A,
(1
mo.
LIBOR
USD
+
1.500%),
3.76%,
12/25/37(b)(e)
.......
8,756,700
4,250,000
BX
Commercial
Mortgage
Trust,
Series
2019-XL,
Class J,
(1
mo.
LIBOR
USD
+
2.650%),
4.65%,
10/15/36(b)(e)
.......
4,039,215
1,266,643
CBA
Commercial
Small
Balance
Commercial
Mortgage,
Series
2007-1A,
Class A,
STEP,
6.26%,
07/25/39(b)
.........
974,353
3,000,000
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-2A,
Class M2,
(1
mo.
LIBOR
USD
+
0.600%),
2.86%,
06/25/37(b)(e)
.......
2,559,468
3,600,000
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-3A,
Class M2,
(1
mo.
LIBOR
USD
+
2.000%),
4.26%,
10/25/37(b)(e)
.......
3,234,303
1,362,461
Velocity
Commercial
Capital
Loan
Trust,
Series
2016-1,
Class M5,
8.59%,
04/25/46(b)(g)
......
1,355,534
1,963,837
Velocity
Commercial
Capital
Loan
Trust,
Series
2018-2,
Class M4,
5.32%,
10/26/48(b)(g)
......
1,788,186
750,052
Velocity
Commercial
Capital
Loan
Trust,
Series
2018-2,
Class M5,
6.36%,
10/26/48(b)(g)
......
693,314
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
25
July
31,
2022
(Unaudited)
Principal
Amount
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(continued)
$
1,355,209
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M2,
4.01%,
03/25/49(b)(g)
......
$
1,291,480
1,633,846
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M3,
4.12%,
03/25/49(b)(g)
......
1,512,385
1,928,686
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M4,
4.61%,
03/25/49(b)(g)
......
1,745,330
1,302,971
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M5,
5.70%,
03/25/49(b)(g)
......
1,190,496
400,356
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-2,
Class M5,
4.93%,
07/25/49(b)(g)
......
364,075
2,000,504
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-1,
Class M5,
3.97%,
05/25/51(b)(g)
......
1,677,010
1,241,259
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-2,
Class M5,
4.01%,
08/25/51(b)(g)
......
1,000,961
1,241,259
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-2,
Class M6,
4.92%,
08/25/51(b)(g)
......
1,009,459
3,292,036
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-2,
Class M7,
6.54%,
08/25/51(b)(h)
......
2,762,073
4,901,786
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-3,
Class M5,
4.33%,
10/25/51(b)(g)
......
4,110,718
1,969,995
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-4,
Class M5,
5.68%,
12/26/51(b)(g)
......
1,650,310
4,198,121
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-4,
Class M6,
6.63%,
12/26/51(b)(g)
......
3,407,291
4,820,800
Velocity
Commercial
Capital
Loan
Trust,
Series
2022-1,
Class M4,
5.20%,
02/25/52(b)(g)
......
4,239,555
62,071,777
Total
Non-Agency
Mortgage-Backed
Securities
(Cost
$639,022,174)
593,700,598
Principal
Amount
Value
U.S.
GOVERNMENT
SPONSORED
AGENCY
MORTGAGE-BACKED
SECURITIES
—
1.0%
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
1.0%
$
5,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2020-DNA5,
Class B1,
(SOFR
30A
+
4.800%),
6.31%,
10/25/50(b)(e)
.......
$
5,119,866
3,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2020-DNA6,
Class B1,
(SOFR
30A
+
3.000%),
4.51%,
12/25/50(b)(e)
.......
2,760,300
2,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2020-DNA6,
Class B2,
(SOFR
30A
+
5.650%),
7.16%,
12/25/50(b)(e)
.......
1,735,868
3,076,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-DNA1,
Class B1,
(SOFR
30A
+
2.650%),
4.16%,
01/25/51(b)(e)
.......
2,656,138
2,947,369
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-DNA5,
Class B2,
(SOFR
30A
+
5.500%),
7.01%,
01/25/34(b)(e)
.......
2,358,112
2,138,965
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-HQA1,
Class B2,
(SOFR
30A
+
5.000%),
6.51%,
08/25/33(b)(e)
.......
1,695,185
1,359,742
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2017-
DNA1,
Class B2,
(1
mo.
LIBOR
USD
+
10.000%),
12.26%,
07/25/29(e)
........
1,342,645
3,000,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2018-
DNA1,
Class B1,
(1
mo.
LIBOR
USD
+
3.150%),
5.41%,
07/25/30(e)
.........
2,906,276
29,416
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2018-
SPI2,
Class M2,
3.84%,
05/25/48(b)(g)
......
28,903
4,000,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2020-
HQA5,
Class B1,
(SOFR
30A
+
4.000%),
5.51%,
11/25/50(b)(e)
.......
3,863,012
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
26
July
31,
2022
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
2,000,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-
DNA2,
Class B1,
(SOFR
30A
+
3.400%),
4.91%,
08/25/33(b)(e)
.......
$
1,803,733
Total
U.S.
Government
Sponsored
Agency
Mortgage-
Backed
Securities
(Cost
$28,186,230)
26,270,038
U.S.
GOVERNMENT
SECURITIES
—
27.8%
U.S.
Treasury
Bonds
—
19.8%
41,315,000
3.63%,
08/15/43
...............
43,795,514
42,400,000
3.63%,
02/15/44
...............
44,907,562
48,055,000
3.38%,
05/15/44
...............
48,974,802
47,350,000
3.13%,
08/15/44
...............
46,282,775
47,550,000
3.00%,
02/15/47
...............
45,768,732
47,000,000
2.75%,
08/15/47
...............
43,331,797
45,400,000
3.00%,
08/15/48
...............
44,328,844
46,350,000
3.38%,
11/15/48
...............
48,712,763
47,000,000
3.00%,
02/15/49
...............
46,348,242
47,300,000
2.88%,
05/15/49
...............
45,657,434
59,560,000
1.25%,
05/15/50
...............
39,418,949
57,000,000
1.63%,
11/15/50
...............
41,630,039
539,157,453
U.S.
Treasury
Notes
—
8.0%
44,000,000
1.50%,
09/15/22
...............
43,967,701
45,000,000
0.88%,
01/31/24
...............
43,625,390
43,000,000
2.75%,
02/15/24
...............
42,865,625
44,000,000
1.50%,
02/29/24
...............
43,018,594
43,000,000
2.50%,
05/15/24
...............
42,677,500
216,154,810
Total
U.S.
Government
Securities
(Cost
$918,574,611)
755,312,263
Shares
Value
CASH
SWEEP
—
5.4%
UNITED
STATES
—
5.4%
147,136,193
Citibank
-
US
Dollars
on
Deposit
in
Custody
Account,
0.10%(i)
...
$
147,136,193
Total
Cash
Sweep
(Cost
$147,136,193)
147,136,193
TOTAL
INVESTMENTS
—
100.0%
(Cost
$3,069,690,475)
$
2,717,277,034
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
—
0.0%
(1,326,251)
NET
ASSETS
—
100.0%
$
2,715,950,783
(a)
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
$48,499,878
which
is
1.79%
of
net
assets
and
the
cost
is
$51,235,317.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
security
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
aggregate
value
is
$817,002,944,
which
is
30.08%
of
net
assets.
These
securities
have
been
determined
to
be
liquid
in
accordance
with
procedures
adopted
by
the
Fund’s
Board
of
Directors.
(c)
Variable
rate
security.
Security
may
be
issued
at
a
fixed
coupon
rate,
which
converts
to
a
variable
rate
at
a
specified
date.
Rate
shown
is
the
rate
in
effect
as
of
July
31,
2022.
(d)
Perpetual
security
with
no
stated
maturity
date.
(e)
Floating
rate
security.
Rate
shown
is
the
rate
in
effect
as
of
July
31,
2022.
(f)
These
securities
have
been
determined
to
be
illiquid
in
accordance
with
procedures
adopted
by
the
Fund’s
Board
of
Directors.
(g)
Variable
or
floating
rate
security,
which
interest
rate
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.
Rate
shown
is
the
rate
in
effect
as
of
July
31,
2022.
(h)
Zero
coupon
security.
The
rate
represents
the
yield
at
time
of
purchase.
(i)
The
rate
shown
represents
the
current
yield
as
of
July
31,
2022.
Reference
Entity
Counterparty
Payment/
Expiration
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Depreciation
Total
Return
Swaps
Total
return
swap
with
Barclays
Barclays
Bank
Plc
09/13/2022
$
40,000
$
(2,638,912)
$
–
$
(2,638,912)
receiving
total
return
of
the
Barclays
US
Mortgage
Backed
Securities
Index
over
the
initial
level
of
2,310.26
and
paying
a
(3
mo.
LIBOR
USD
+
0.650%)
2.371%,
with
quarterly
payments
until
expiration
date
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
27
July
31,
2022
(Unaudited)
The
following
abbreviations
are
used
in
the
report:
Reference
Entity
Counterparty
Payment/
Expiration
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Depreciation
Total
Return
Swaps
Total
return
swap
with
Barclays
Barclays
Bank
Plc
01/04/2023
$
100,000
$
(6,755,753)
$
–
$
(6,755,753)
receiving
total
return
of
the
Barclays
US
Mortgage
Backed
Securities
Index
over
the
initial
level
of
2,301.18
and
paying
a
(SOFR
RATE
+
0.770%)
at
expiration
date
Total
return
swap
with
Barclays
Barclays
Bank
Plc
03/01/2023
120,000
(6,044,920)
–
(6,044,920)
receiving
total
return
of
the
Barclays
US
Mortgage
Backed
Securities
Index
over
the
initial
level
of
2,264.19
and
paying
a
(SOFR
RATE
+
0.680%)
at
expiration
date
Total
Total
Return
Swaps
$
(15,439,585)
CDI
—
Chess
Depositary
Interests
CLO
—
Collateralized
Loan
Obligation
ETF
—
Exchange-Traded
Fund
LIBOR
—
London
Interbank
Offered
Rate
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
SOFR
30A
—
Secured
Overnight
Financing
Rate
30
Day
Average
USD
SPDR
—
Standard
&
Poor's
Depositary
Receipt
STEP
—
Step
Coupon
Bond
USD
—
U.S.
Dollar
Portfolio
Diversification
by
Sector
(Unaudited)
Sector:
Percentage
of
Net
Assets
Asset-Backed
Securities
.........................
14.5
%
Bank
Loans
.................................
0.3
Corporate
Bonds
.............................
10.0
Exchange-Traded
Funds
........................
18.9
Non-Agency
Mortgage-Backed
Securities
............
21.9
Preferred
Stocks
..............................
0.2
U.S.
Government
Agencies
and
Securities
...........
28.8
Other
*
......................................
5.4
100.0%
*
Includes
cash
and
equivalents,
swap
agreements,
pending
trades
and
Fund
share
transactions,
interest
and
dividends
receivable,
prepaids
and
accrued
expenses
payable.