UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number 811-07912  

 

  Old Westbury Funds, Inc.  
  (Exact name of registrant as specified in charter)  

 

  103 Bellevue Parkway
Wilmington, DE 19809
 
  (Address of principal executive offices) (Zip code)  

 

  Nicola R. Knight, Esq.
Bessemer Investment Management LLC
1271 Ave. of the Americas
New York, NY 10020
 
  (Name and address of agent for service)  

 

Registrant’s telephone number, including area code: 800-607-2200

 

Date of fiscal year end: October 31

 

Date of reporting period: April 30, 2025

 

Item 1. Reports to Stockholders.

 

(a)The Report to Shareholders is attached herewith.

 

 

 

Item 1. Reports to Stockholders (cont.).

 

(b)Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a)The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the financial statements filed under Item 7(a) of this form.

 

(b)Not applicable.

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

(a)

 

 

Old Westbury All Cap Core Fund (OWACX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury All Cap Core Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury All Cap Core Fund
$46
0.95%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$3,081,553,026
  • # of Portfolio Holdings95
  • Portfolio Turnover Rate20%

What did the Fund invest in? 

Sector Weightings (as a % of Net Assets) as of 4/30/2025

Information Technology
26.9%
Financial Services
12.4%
Health Care
12.4%
Industrials
10.9%
Communication Services
9.2%
Consumer Discretionary
7.9%
Consumer Staples
5.5%
Banks
4.0%
Other Sectors
8.2%
Other Assets and Liabilities
2.6%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

Microsoft Corp.
5.8%
Apple, Inc.
4.6%
NVIDIA Corp.
3.8%
Amazon.com, Inc.
3.6%
Alphabet, Inc.
3.4%
Visa, Inc.
3.0%
Meta Platforms, Inc.
2.8%
JP Morgan Chase & Co.
2.3%
UnitedHealth Group, Inc.
1.8%
Costco Wholesale Corp.
1.8%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury All Cap Core Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 861014 

Old Westbury California Municipal Bond Fund (OWCAX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury California Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury California Municipal Bond Fund
$28
0.57%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$352,158,947
  • # of Portfolio Holdings95
  • Portfolio Turnover Rate10%

What did the Fund invest in? 

State Diversification (as a % of Net Assets) as of 4/30/2025

California
95.3%
Other Assets and Liabilities
4.7%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

San Francisco City & County Airport Current Refunding Revenue Bonds
9.3%
State of California Current Refunding GO
7.9%
California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds
5.3%
City of San Francisco Public Utilities Commission Water Revenue Bonds
5.0%
State of California Water Utility Improvements GO
4.5%
Los Angeles Community College District University & College Improvements GO
4.2%
Los Angeles Department of Water & Power Water System Revenue Bonds
3.5%
California Educational Facilities Authority University & College Improvements Revenue Bonds
3.3%
University of California Current Refunding Revenue Bonds
3.2%
County of Santa Clara GO
3.0%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury California Municipal Bond Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 861785 

Old Westbury Credit Income Fund (OWCIX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury Credit Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury Credit Income Fund
$42
0.85%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$2,295,422,529
  • # of Portfolio Holdings757
  • Portfolio Turnover Rate10%

What did the Fund invest in? 

Asset Allocations (as a % of Net Assets) as of 4/30/2025

U.S. Government Agencies and Securities
32.0%
Non-Agency Mortgage-Backed Securities
22.5%
Exchange-Traded Funds
19.2%
Asset-Backed Securities
15.3%
Corporate Bonds
5.4%
Preferred Stocks
0.2%
U.S. Government Sponsored Agency Mortgage-Backed Securities
0.2%
Other Assets and Liabilities
5.2%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

U.S. Treasury Bonds
25.5%
iShares JP Morgan USD Emerging Markets Bond ETF
8.1%
U.S. Treasury Notes
6.5%
iShares MBS ETF
5.7%
Ajax Mortgage Loan Trust
4.1%
SPDR Bloomberg Convertible Securities ETF
3.8%
Barclays Mortgage Loan Trust
3.4%
Countrywide Alternative Loan Trust
1.7%
Invesco Preferred ETF
1.7%
Velocity Commercial Capital Loan Trust
1.3%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury Credit Income Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 723092 

Old Westbury Fixed Income Fund (OWFIX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury Fixed Income Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury Fixed Income Fund
$29
0.57%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$1,482,517,254
  • # of Portfolio Holdings156
  • Portfolio Turnover Rate49%

What did the Fund invest in? 

Asset Allocations (as a % of Net Assets) as of 4/30/2025

U.S. Government Agencies and Securities
63.8%
Corporate Bonds
27.0%
Asset-Backed Securities
7.6%
Other Assets and Liabilities
1.6%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

U.S. Treasury Notes
57.3%
U.S. Treasury Bonds
2.8%
U.S. Treasury Inflation Indexed Notes
2.5%
JP Morgan Chase & Co.
0.9%
U.S. Treasury Bills
0.8%
Bank of America Corp.
0.7%
Capital One Financial Corp.
0.5%
CarMax Auto Owner Trust
0.5%
Fiserv, Inc.
0.5%
PayPal Holdings, Inc.
0.4%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury Fixed Income Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 861017 

Old Westbury Large Cap Strategies Fund (OWLSX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury Large Cap Strategies Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury Large Cap Strategies Fund
$55
1.10%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$23,031,555,037
  • # of Portfolio Holdings609
  • Portfolio Turnover Rate26%

What did the Fund invest in? 

Sector Weightings (as a % of Net Assets) as of 4/30/2025

Information Technology
23.0%
Industrials
10.9%
Consumer Discretionary
10.8%
Health Care
8.8%
Banks
8.1%
Communication Services
8.1%
Financial Services
7.8%
Consumer Staples
7.0%
Other Sectors
12.8%
Other Assets and Liabilities
2.7%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

Microsoft Corp.
4.3%
NVIDIA Corp.
4.1%
Apple, Inc.
3.6%
Alphabet, Inc.
2.9%
Amazon.com, Inc.
2.8%
JP Morgan Chase & Co.
2.1%
Broadcom, Inc.
1.9%
Meta Platforms, Inc.
1.7%
Berkshire Hathaway, Inc.
1.2%
Costco Wholesale Corp.
1.2%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury Large Cap Strategies Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 943344 

Old Westbury Municipal Bond Fund (OWMBX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury Municipal Bond Fund
$28
0.57%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$4,171,791,696
  • # of Portfolio Holdings534
  • Portfolio Turnover Rate23%

What did the Fund invest in? 

State Diversification (as a % of Net Assets) as of 4/30/2025

Texas
19.1%
New York
9.3%
California
6.1%
Washington
5.8%
New Jersey
5.4%
Maryland
4.4%
Massachusetts
4.3%
Connecticut
3.8%
Other States
37.8%
Other Assets and Liabilities
4.0%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

State of Washington School Improvements GO
3.0%
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds
2.2%
State of California Current Refunding GO
1.8%
State of Maryland School Improvements GO
1.5%
Board of Regents of the University of Texas System Refunding Revenue Bonds
1.4%
City of New York Public Improvements GO
1.4%
Texas State University System University & College Improvements Revenue Bonds
1.3%
Cypress-Fairbanks Independent School District Current Refunding GO
1.3%
New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds
1.3%
Texas Tech University System University & College Improvements Revenue Bonds
1.3%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury Municipal Bond Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 861016 

Old Westbury New York Municipal Bond Fund (OWNYX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury New York Municipal Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury New York Municipal Bond Fund
$28
0.57%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$590,133,061
  • # of Portfolio Holdings157
  • Portfolio Turnover Rate9%

What did the Fund invest in? 

State Diversification (as a % of Net Assets) as of 4/30/2025

New York
92.3%
Other Assets and Liabilities
7.7%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

County of Westchester Recreation Facilities Improvements GO
8.1%
Utility Debt Securitization Authority Refunding Revenue Bonds
5.7%
New York State Dormitory Authority University & College Improvements Revenue Bonds
5.4%
New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds
4.4%
New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds
4.4%
New York City Transitional Finance Authority Public Improvements Revenue Bonds
4.0%
Long Island Power Authority Current Refunding Revenue Bonds
4.0%
New York Power Authority Electric Light & Power Improvements Revenue Bonds
3.6%
Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds
3.2%
City of New York Current Refunding GO
3.1%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury New York Municipal Bond Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 861786 

Old Westbury Short-Term Bond Fund (OWSBX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury Short-Term Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury Short-Term Bond Fund
$19
0.37%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$93,730,389
  • # of Portfolio Holdings119
  • Portfolio Turnover Rate19%

What did the Fund invest in? 

Asset Allocations (as a % of Net Assets) as of 4/30/2025

U.S. Government Agencies and Securities
55.9%
Corporate Bonds
34.2%
Asset-Backed Securities
8.3%
Other Assets and Liabilities
1.6%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

U.S. Treasury Notes
53.4%
U.S. Treasury Bills
2.5%
PayPal Holdings, Inc.
1.1%
Duke Energy Progress LLC
1.1%
Advanced Micro Devices, Inc.
1.1%
Microchip Technology, Inc.
1.1%
Kubota Credit Owner Trust
1.1%
Uber Technologies, Inc.
1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.0%
Sumitomo Mitsui Financial Group, Inc.
1.0%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury Short-Term Bond Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 727714 

Old Westbury Small & Mid Cap Strategies Fund (OWSMX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury Small & Mid Cap Strategies Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025.You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the last six months? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury Small & Mid Cap Strategies Fund
$55
1.10%Footnote Reference*
FootnoteDescription
Footnote*
Annualized

Fund Statistics as of 4/30/2025

  • Total Net Assets$8,162,046,221
  • # of Portfolio Holdings2,163
  • Portfolio Turnover Rate36%

What did the Fund invest in? 

Country Weightings (as a % of Net Assets) as of 4/30/2025

United States
41.4%
Japan
10.9%
China
5.0%
United Kingdom
4.9%
Australia
2.6%
France
2.3%
Italy
2.0%
Other Countries
21.1%
Other Assets and Liabilities
9.8%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

Utilities Select Sector SPDR Fund
3.9%
VanEck Junior Gold Miners ETF
2.2%
SPDR S&P Biotech ETF
0.8%
BJ's Wholesale Club Holdings, Inc.
0.8%
Dollarama, Inc.
0.7%
MSA Safety, Inc.
0.6%
US Foods Holding Corp.
0.6%
Nasdaq, Inc.
0.6%
STERIS Plc
0.6%
Tradeweb Markets, Inc.
0.6%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury Small & Mid Cap Strategies Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 905637 

Old Westbury Total Equity Fund (OWTEX

Old Westbury Funds, Inc.

Semi-Annual Shareholder Report

April 30, 2025

This semi-annual shareholder report contains important information about the Old Westbury Total Equity Fund (the "Fund") for the period of February 28, 2025, the Fund's inception, to April 30, 2025 (the "reporting period").You can find additional information about the Fund at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200. 

What were the Fund costs for the reporting period? 

(based on a hypothetical $10,000 investment)

Fund
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Old Westbury Total Equity Fund
$16Footnote Reference^
0.98%Footnote Reference*
FootnoteDescription
Footnote*
Annualized
Footnote^
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

Fund Statistics as of 4/30/2025

  • Total Net Assets$635,019,953
  • # of Portfolio Holdings466
  • Portfolio Turnover Rate2%

What did the Fund invest in? 

Sector Weightings (as a % of Net Assets) as of 4/30/2025

Information Technology
22.0%
Industrials
12.3%
Consumer Discretionary
9.7%
Health Care
9.3%
Financial Services
8.4%
Communication Services
7.6%
Banks
7.1%
Consumer Staples
6.9%
Other Sectors
12.0%
Other Assets and Liabilities
4.7%

Top Ten Holdings (as a % of Net Assets) as of 4/30/2025

Microsoft Corp.
4.0%
NVIDIA Corp.
3.3%
Apple, Inc.
3.3%
Amazon.com, Inc.
2.6%
Alphabet, Inc.
2.5%
JP Morgan Chase & Co.
1.8%
Meta Platforms, Inc.
1.8%
Visa, Inc.
1.4%
Broadcom, Inc.
1.3%
Costco Wholesale Corp.
1.2%

Where can I find additional information about the Fund?

You can find the Fund’s prospectus, financial information, holdings, and proxy voting information at www.oldwestburyfunds.com. You can also request this information by contacting us at (800) 607-2200.

Householding

In order to reduce shareholder expenses, we may mail only one copy of the Fund’s prospectus and each annual and semi-annual shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call (800) 607-2200, or if your shares are held through a financial institution, please contact the financial institution directly. We will begin sending your individual copies with the next scheduled mailing.

NOT FDIC INSURED|MAY LOSE VALUE|NO BANK GUARANTEE

 

Old Westbury Funds, Inc.

Old Westbury Total Equity Fund

Semi-Annual Shareholder Report

April 30, 2025

OWF_A21-SA2025 728866 

 

 

Old Westbury Funds, Inc.

 

Semi-Annual Financial Statements and Additional Information

 

  Old Westbury All Cap Core Fund OWACX
  Old Westbury Large Cap Strategies Fund OWLSX
  Old Westbury Small & Mid Cap Strategies Fund OWSMX
  Old Westbury Total Equity Fund OWTEX
  Old Westbury Credit Income Fund OWCIX
  Old Westbury Fixed Income Fund OWFIX
  Old Westbury Short-Term Bond Fund OWSBX
  Old Westbury Municipal Bond Fund OWMBX
  Old Westbury California Municipal Bond Fund OWCAX
  Old Westbury New York Municipal Bond Fund OWNYX

 

April 30, 2025

 

BESSEMER INVESTMENT MANAGEMENT LLC

 

Investment Adviser

 

Old Westbury Funds, Inc.

 

Portfolios of Investments:  
All Cap Core Fund 2
Large Cap Strategies Fund 4
Small & Mid Cap Strategies Fund 12
Total Equity Fund 36
Credit Income Fund 42
Fixed Income Fund 68
Short-Term Bond Fund 74
Municipal Bond Fund 78
California Municipal Bond Fund 100
New York Municipal Bond Fund 105
Statements of Assets and Liabilities 113
Statements of Operations 116
Statements of Changes in Net Assets 119
Financial Highlights:  
All Cap Core Fund 129
Large Cap Strategies Fund 130
Small & Mid Cap Strategies Fund 131
Total Equity Fund 132
Credit Income Fund 133
Fixed Income Fund 134
Short-Term Bond Fund 135
Municipal Bond Fund 136
California Municipal Bond Fund 137
New York Municipal Bond Fund 138
Notes to Financial Statements 139
Additional Information (Unaudited) 157
Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited) 158
Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small & Mid Cap Strategies Fund (Unaudited) 160
 
Old Westbury Funds, Inc.  
All Cap Core Fund  
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 97.4%  
Banks — 4.0%  
 1,348,300   Bank of America Corp.  $53,770,204 
 283,708   JP Morgan Chase & Co.   69,400,651 
         123,170,855 
Communication Services — 9.2%    
 647,492   Alphabet, Inc. - Class C   104,174,988 
 126,428   Live Nation Entertainment, Inc.(a)   16,745,388 
 158,181   Meta Platforms, Inc. - Class A   86,841,369 
 46,459   Spotify Technology SA(a)   28,524,897 
 200,662   Take-Two Interactive Software, Inc.(a)   46,818,458 
         283,105,100 
Consumer Discretionary — 7.9%     
 597,322   Amazon.com, Inc.(a)   110,158,123 
 232,812   Dollarama, Inc.   28,725,752 
 110,184   Hilton Worldwide Holdings, Inc.   24,844,288 
 124,452   Light & Wonder, Inc.(a)   10,625,712 
 56   LVMH Moet Hennessy Louis Vuitton SE   31,020 
 15,140   MercadoLibre, Inc.(a)   35,289,069 
 14,749   O’Reilly Automotive, Inc.(a)   20,872,785 
 141,876   Wyndham Hotels & Resorts, Inc.   12,102,023 
         242,648,772 
Consumer Staples — 5.5%     
 475,112   Alimentation Couche-Tard, Inc.   24,799,840 
 217,741   BJ’s Wholesale Club Holdings, Inc.(a)   25,597,632 
 55,465   Costco Wholesale Corp.   55,159,943 
 387,605   US Foods Holding Corp.(a)   25,450,144 
 386,809   Walmart, Inc.   37,617,175 
         168,624,734 
Energy — 2.3%     
 475,143   ConocoPhillips   42,344,744 
 885,947   Schlumberger NV   29,457,738 
         71,802,482 
Financial Services — 12.4%     
 160,158   Apollo Global Management, Inc.   21,858,364 
 615,035   Brookfield Corp.   33,008,928 
 73,375   Corpay, Inc.(a)   23,874,024 
 130,907   Fiserv, Inc.(a)   24,161,505 
 305,355   Intercontinental Exchange, Inc.   51,290,479 
 76,536   MSCI, Inc.   41,720,539 
 326,790   Nasdaq, Inc.   24,904,666 
 5,796   Partners Group Holding AG   7,594,335 
 76,469   S&P Global, Inc.   38,238,323 
 170,035   Tradeweb Markets, Inc. - Class A   23,515,841 
 264,034   Visa, Inc. - Class A   91,223,747 
         381,390,751 
Health Care — 12.4%     
 227,046   AbbVie, Inc.   44,296,675 
 747,206   Avantor, Inc.(a)   9,706,206 
Shares      Value 
Health Care (continued)     
 314,916   Boston Scientific Corp.(a)  $32,395,409 
 120,208   Cencora, Inc.   35,181,275 
 188,448   Cooper Cos., Inc. (The)(a)   15,390,548 
 152,693   Danaher Corp.   30,436,296 
 38,499   IDEXX Laboratories, Inc.(a)   16,656,592 
 50,087   Intuitive Surgical, Inc.(a)   25,834,875 
 57,966   McKesson Corp.   41,317,585 
 52,817   Medpace Holdings, Inc.(a)   16,288,235 
 108,421   STERIS Plc   24,366,536 
 59,124   Straumann Holding AG   7,209,391 
 66,734   Thermo Fisher Scientific, Inc.   28,628,886 
 135,903   UnitedHealth Group, Inc.   55,915,930 
         383,624,439 
Industrials — 10.9%     
 304,577   API Group Corp.(a)   11,522,148 
 492,309   Ashtead Group Plc   26,354,492 
 178,736   Booz Allen Hamilton Holding Corp.   21,451,895 
 56,470   Builders FirstSource, Inc.(a)   6,755,506 
 107,472   BWX Technologies, Inc.   11,727,345 
 58,738   Carlisle Cos., Inc.   22,289,896 
 105,143   Clean Harbors, Inc.(a)   22,494,293 
 451,457   Copart, Inc.(a)   27,552,421 
 303,608   Core & Main, Inc. - Class A(a)   15,994,069 
 64,731   Eaton Corp. Plc   19,054,865 
 72,857   Equifax, Inc.   18,952,291 
 300,243   Howmet Aerospace, Inc.   41,607,675 
 85,386   Northrop Grumman Corp.   41,540,289 
 35,316   Saia, Inc.(a)   8,617,104 
 347,318   TransUnion   28,813,501 
 199,047   UL Solutions, Inc. - Class A   11,383,498 
         336,111,288 
Information Technology — 26.9%     
 674,107   Apple, Inc.   143,247,738 
 207,107   Applied Materials, Inc.   31,213,096 
 12,169   ASM International NV   5,948,049 
 45,926   ASML Holding NV   30,744,792 
 199,802   Bentley Systems, Inc. - Class B   8,589,488 
 180,026   Broadcom, Inc.   34,649,604 
 1,244,209   CCC Intelligent Solutions Holdings, Inc.(a)   11,521,375 
 118,851   CDW Corp.   19,082,717 
 10,079   Constellation Software, Inc.   36,323,807 
 116,833   Entegris, Inc.   9,243,827 
 414,749   Fortinet, Inc.(a)   43,034,356 
 93,850   Gartner, Inc.(a)   39,518,358 
 147,020   Keysight Technologies, Inc.(a)   21,376,708 
 56,954   Manhattan Associates, Inc.(a)   10,103,070 
 257,939   Marvell Technology, Inc.   15,055,899 
 448,974   Microsoft Corp.   177,461,463 
 111,560   Motorola Solutions, Inc.   49,129,908 
 59,152   Nice Ltd. - ADR(a)   9,219,135 
 1,083,484   NVIDIA Corp.   118,013,077 

2
Old Westbury Funds, Inc.  
All Cap Core Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Information Technology (continued)    
 15,865   ServiceNow, Inc.(a)  $15,151,234 
         828,627,701 
Insurance — 0.6% 
 295,702   Ryan Specialty Holdings, Inc.   19,371,438 
Materials — 1.8%     
 284,101   CRH Plc   27,108,917 
 80,543   Sherwin-Williams Co. (The)   28,425,236 
         55,534,153 
Real Estate — 1.3%     
 145,008   CBRE Group, Inc. - Class A(a)   17,717,077 
 107,234   Prologis, Inc. REIT   10,959,315 
 41,997   SBA Communications Corp. REIT   10,222,070 
         38,898,462 
Utilities — 2.2%     
 354,151   Ameren Corp.   35,145,945 
 492,458   NextEra Energy, Inc.   32,935,591 
         68,081,536 
Total Common Stocks
(Cost $1,863,828,680)
   3,000,991,711 
           
EXCHANGE-TRADED  FUNDS(b) — 0.6%    
 54,048   SPDR S&P Oil & Gas Exploration & Production ETF   5,983,654 
 124,841   SPDR S&P Regional Banking ETF   6,757,644 
 100,668   Utilities Select Sector SPDR Fund   7,942,705 
           
Total Exchange-Traded Funds
(Cost $22,642,480)
   20,684,003 
           
INVESTMENT COMPANY — 1.7%     
 50,956,117   Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(c)   50,956,117 
Total Investment Company
(Cost $50,956,117)
   50,956,117 
           
TOTAL INVESTMENTS — 99.7%
(Cost $1,937,427,277)
  $3,072,631,831 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%   8,921,195 
NET ASSETS — 100.0%  $3,081,553,026 

 

 
(a) Non-income producing security.
(b) A copy of the underlying funds’ financial statements is available upon request.
(c) The rate shown represents the current yield as of April 30, 2025.

The following abbreviations are used in the report:

 

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

 

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:  Market Value  Market Value as
a percentage of
Net Assets
United States  $2,708,163,339           87.9%       
Canada   122,858,327    4.0 
Netherlands   36,692,841    1.2 
Uruguay   35,289,069    1.1 
Sweden   28,524,897    0.9 
United Kingdom   26,354,492    0.9 
Ireland   19,054,865    0.6 
Switzerland   14,803,726    0.5 
Israel   9,219,135    0.3 
France   31,020    0.0*
Other**   80,561,315    2.6 
   $3,081,553,026    100.0%

 

 
   
* Represents less than 0.05% of net assets.
** Includes cash and equivalents, exchange-traded funds, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

3
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 97.3%     
Banks — 8.1%     
 92,591   ANZ Group Holdings Ltd.  $1,770,549 
 442,632   Banco Bilbao Vizcaya Argentaria SA   6,074,700 
 15,319,723   Banco Bradesco SA - Preference Shares   37,036,307 
 263,341,896   Banco de Chile   38,657,630 
 1,174,024   Banco Santander SA   8,266,137 
 77,323,649   Bank Central Asia Tbk PT   41,112,259 
 3,065,120   Bank of America Corp.   122,236,986 
 316,754   Bank of Montreal   30,349,656 
 89,119   Bank of Nova Scotia (The)   4,459,182 
 10,947,522   Barclays Plc   43,611,018 
 75,918   BNP Paribas SA   6,432,493 
 242,000   CaixaBank SA   1,854,738 
 152,500   Canadian Imperial Bank of Commerce   9,618,363 
 145,578   Capitec Bank Holdings Ltd.   27,020,190 
 2,644   Citigroup, Inc.   180,797 
 2,046   Citizens Financial Group, Inc.   75,477 
 3,307,418   Commerzbank AG   87,539,246 
 96,919   Commonwealth Bank of Australia   10,330,513 
 71,700   Credit Agricole SA   1,344,847 
 221,600   DBS Group Holdings Ltd.   7,199,610 
 1,232,736   DNB Bank ASA   30,816,078 
 348,803   Erste Group Bank AG   23,621,511 
 1,666   Fifth Third Bancorp   59,876 
 34   First Citizens BancShares, Inc. - Class A   60,491 
 8,667,182   HDFC Bank Ltd.   196,865,984 
 5,115,813   HSBC Holdings Plc   57,027,890 
 9,643,775   ING Groep NV   187,275,513 
 1,081,800   Intesa Sanpaolo SpA   5,774,960 
 90,203   Japan Post Bank Co. Ltd.   927,463 
 1,964,798   JP Morgan Chase & Co.   480,628,887 
 16,350   KBC Group NV   1,507,613 
 3,794,576   Lloyds Banking Group Plc   3,728,089 
 16,635,609   Mitsubishi UFJ Financial Group, Inc.   209,594,182 
 325,462   Mizuho Financial Group, Inc.   8,137,407 
 21,100   National Bank of Canada   1,853,176 
 4,838,193   NatWest Group Plc   31,120,647 
 256,000   Nordea Bank Abp   3,545,331 
 266,600   Oversea-Chinese Banking Corp. Ltd.   3,299,379 
 695   PNC Financial Services Group, Inc. (The)   111,680 
 19,731,067   Public Bank Bhd   20,454,285 
 2,583   Regions Financial Corp.   52,719 
 67,279   Royal Bank of Canada   8,075,334 
 116,800   Skandinaviska Enskilda Banken AB - Class A   1,853,345 
 71,000   Standard Chartered Plc   1,022,631 
 517,945   Sumitomo Mitsui Financial Group, Inc.   12,356,724 
 118,300   Svenska Handelsbanken AB - Class A   1,548,526 
 1,077,307   Swedbank AB - Class A   26,893,732 
Shares      Value 
Banks (continued)     
 105,520   Toronto-Dominion Bank (The)  $6,742,534 
 1,226,153   Truist Financial Corp.   47,010,706 
 105,000   UniCredit SpA   6,108,990 
 95,100   United Overseas Bank Ltd.   2,525,746 
 4,160   US Bancorp   167,814 
 4,725   Wells Fargo & Co.   335,522 
 208,600   Westpac Banking Corp.   4,377,507 
         1,870,652,970 
Communication Services — 8.1%     
 396,203   Alphabet, Inc. - Class A   62,917,036 
 3,768,459   Alphabet, Inc. - Class C   606,307,369 
 8,465   AT&T, Inc.   234,480 
 266   Charter Communications, Inc. - Class A(a)   104,235 
 1,504,239   Comcast Corp. - Class A   51,444,974 
 184,495   CTS Eventim AG & Co. KGaA   21,860,256 
 5,904,101   Deutsche Telekom AG   212,060,700 
 652   Electronic Arts, Inc.   94,599 
 591,240   KDDI Corp.   10,478,915 
 898,880   LY Corp.   3,399,584 
 2,265   Match Group, Inc.   67,180 
 719,044   Meta Platforms, Inc. - Class A   394,755,156 
 2,416,510   NetEase, Inc.   51,946,148 
 107,814   Netflix, Inc.(a)   122,015,260 
 2,566   News Corp. - Class A   69,590 
 188,382   Nintendo Co. Ltd.   15,639,475 
 5,578,143   Nippon Telegraph & Telephone Corp.   5,830,706 
 2,126,507   Orange SA   30,851,469 
 1,477,473   Quebecor, Inc. - Class B   40,532,445 
 3,350,345   Rightmove Plc   33,088,543 
 820,900   Singapore Telecommunications Ltd.   2,375,025 
 1,862   Sirius XM Holdings, Inc.   39,884 
 4,249,017   SoftBank Corp.   6,429,806 
 110,949   SoftBank Group Corp.   5,610,653 
 100,626   Spotify Technology SA(a)   61,782,351 
 41,695   Swisscom AG   27,805,701 
 360,300   Telefonica SA   1,850,948 
 583,700   Telstra Group Ltd.   1,684,615 
 1,096   T-Mobile US, Inc.   270,657 
 2,285,868   Verizon Communications, Inc.   100,715,344 
 2,754,100   Vodafone Group Plc   2,706,453 
         1,874,969,557 
Consumer Discretionary — 10.8%     
 116,429   Airbnb, Inc. - Class A(a)   14,195,024 
 4,763,359   Alibaba Group Holding Ltd.   71,117,099 
 48,573   Amadeus IT Group SA   3,823,326 
 3,503,125   Amazon.com, Inc.(a)   646,046,313 
 25,700   Aristocrat Leisure Ltd.   1,097,623 
 34   AutoZone, Inc.(a)   127,928 
 4,935,042   B&M European Value Retail SA   22,194,760 
 64,321   Bandai Namco Holdings, Inc.   2,235,319 
 32,813   Booking Holdings, Inc.   167,322,675 

4
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Consumer Discretionary (continued)     
 1,472   BorgWarner, Inc.  $41,775 
 142,632   Bridgestone Corp.   5,964,183 
 251,704   Canadian Tire Corp. Ltd. - Class A   27,547,584 
 1,615   Chipotle Mexican Grill, Inc.(a)   81,590 
 36,000   Cie Financiere Richemont SA - Class A   6,361,388 
 53,619   Compass Group Plc   1,807,755 
 320,281   Denso Corp.   4,135,448 
 344,914   Dollarama, Inc.   42,557,574 
 114   Domino’s Pizza, Inc.   55,902 
 373,185   DoorDash, Inc. - Class A(a)   71,983,655 
 363   DR Horton, Inc.   45,861 
 1,581   eBay, Inc.   107,761 
 1,261   Etsy, Inc.(a)   54,828 
 410   Expedia Group, Inc.   64,341 
 35,925   Fast Retailing Co. Ltd.   11,817,345 
 5,000   Ferrari NV   2,288,903 
 261,190   Flutter Entertainment Plc(a)   62,944,178 
 1,635   General Motors Co.   73,967 
 406,361   Genuine Parts Co.   47,767,736 
 129,700   H & M Hennes & Mauritz AB - Class B   1,879,428 
 8,781,901   Hangzhou Robam Appliances Co. Ltd. - A Shares   23,642,502 
 18,058   Hermes International SCA   49,662,732 
 499   Hilton Worldwide Holdings, Inc.   112,515 
 331,082   Home Depot, Inc. (The)   119,351,750 
 751,339   Honda Motor Co. Ltd.   7,644,681 
 2,069,199   Industria de Diseno Textil SA   111,271,100 
 48,184   Isuzu Motors Ltd.   648,000 
 352   Lennar Corp. - Class A   38,231 
 466,194   Lowe’s Cos., Inc.   104,222,331 
 325   Lululemon Athletica, Inc.(a)   88,000 
 24,414   LVMH Moet Hennessy Louis Vuitton SE   13,523,628 
 1,039,035   Mahindra & Mahindra Ltd.   35,999,667 
 419   Marriott International, Inc. - Class A   99,965 
 302,767   McDonald’s Corp.   96,779,472 
 2,663,928   Meituan - B Shares(a)(b)(c)   44,107,822 
 45,801   MercadoLibre, Inc.(a)   106,755,261 
 677   Mohawk Industries, Inc.(a)   71,999 
 461,120   NIKE, Inc. - Class B   26,007,168 
 12   NVR, Inc.(a)   85,509 
 100,927   O’Reilly Automotive, Inc.(a)   142,831,890 
 99,975   Oriental Land Co. Ltd.   2,117,420 
 673,203   Panasonic Holdings Corp.   7,718,925 
 244,577   Pandora A/S   36,408,466 
 158   Pool Corp.   46,316 
 45,600   Prosus NV   2,137,938 
 459   PulteGroup, Inc.   47,084 
 353   Ralph Lauren Corp.   79,407 
 597   Ross Stores, Inc.   82,983 
 499   Royal Caribbean Cruises Ltd.   107,240 
Shares      Value 
Consumer Discretionary (continued)     
 134,142   Sekisui House Ltd.  $3,083,952 
 2,370,962   Sony Group Corp.   62,552,610 
 1,363   Starbucks Corp.   109,108 
 1,367,695   Subaru Corp.   24,766,111 
 1,923,353   Sumitomo Electric Industries Ltd.   30,914,841 
 378,912   Suzuki Motor Corp.   4,540,756 
 1,314   Tapestry, Inc.   92,834 
 2,196   Tesla, Inc.(a)   619,623 
 1,490,231   Titan Co. Ltd.   59,537,705 
 1,283   TJX Cos., Inc. (The)   165,096 
 937,140   Toyota Motor Corp.   17,898,830 
 1,878,989   Wesfarmers Ltd.   94,130,277 
 546   Yum! Brands, Inc.   82,140 
 1,206,636   Zalando SE(a)(b)(c)   44,061,847 
         2,489,987,001 
Consumer Staples — 7.0%     
 113,355   Aeon Co. Ltd.   3,352,040 
 191,821   Ajinomoto Co., Inc.   3,923,524 
 67,592   Alimentation Couche-Tard, Inc.   3,528,159 
 1,194   Altria Group, Inc.   70,625 
 45,200   Anheuser-Busch InBev SA   2,979,086 
 345,008   Asahi Group Holdings Ltd.   4,768,803 
 5,406,920   AVI Ltd.   26,301,503 
 998,368   BJ’s Wholesale Club Holdings, Inc.(a)   117,368,142 
 67,000   British American Tobacco Plc   2,918,409 
 568,453   Clicks Group Ltd.   12,108,336 
 946,076   Coca-Cola Co. (The)   68,637,814 
 18,000   Coca-Cola Europacific Partners Plc   1,633,320 
 1,319   Colgate-Palmolive Co.   121,599 
 2,374   Conagra Brands, Inc.   58,662 
 277,227   Costco Wholesale Corp.   275,702,251 
 382,775   Danone SA   32,936,417 
 174,300   Diageo Plc   4,894,413 
 5,656,681   Fomento Economico Mexicano SAB de CV - Units   59,475,845 
 9,770,587   Foshan Haitian Flavouring & Food Co. Ltd. - A Shares   56,365,309 
 2,544   General Mills, Inc.   144,347 
 125,473   Hershey Co. (The)   20,977,831 
 106,300   Imperial Brands Plc   4,361,811 
 173,514   Japan Tobacco, Inc.   5,345,627 
 746,901   Jeronimo Martins SGPS SA   18,076,769 
 80,980   Kao Corp.   3,467,688 
 1,491,902   Kenvue, Inc.   35,208,887 
 1,255   Kimberly-Clark Corp.   165,384 
 89,075   Kirin Holdings Co. Ltd.   1,347,409 
 892,690   Koninklijke Ahold Delhaize NV   36,653,016 
 464   Lamb Weston Holdings, Inc.   24,504 
 2,197,600   Lion Corp.   26,935,922 
 25,292   L’Oreal SA   11,175,661 
 5,264,465   Marico Ltd.   44,260,320 
 1,163   Molson Coors Beverage Co. - Class B   66,907 

5
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Consumer Staples (continued)     
 1,633   Mondelez International, Inc. - Class A  $111,256 
 674   Monster Beverage Corp.(a)   40,521 
 16,834,222   Natura & Co. Holding SA(a)   28,268,880 
 120,369   Nestle SA   12,811,762 
 3,795,916   Orkla ASA   42,333,796 
 203,022   PepsiCo, Inc.   27,525,723 
 825,768   Philip Morris International, Inc.   141,503,604 
 434,810   Procter & Gamble Co. (The)   70,687,062 
 6,456,300   Raia Drogasil SA   22,502,597 
 52,200   Reckitt Benckiser Group Plc   3,369,329 
 336,375   Target Corp.   32,527,462 
 358,000   Tesco Plc   1,771,743 
 2,628   The Campbell’s Company   95,817 
 2,516,820   Unicharm Corp.   23,369,032 
 1,810,459   Unilever Plc   115,271,726 
 28,405,923   Uni-President Enterprises Corp.   68,264,066 
 1,269,801   Walmart, Inc.   123,488,147 
 97,326   Woolworths Group Ltd.   1,964,296 
         1,601,263,159 
Energy — 2.8%     
 67,295   Aker BP ASA   1,444,656 
 954,976   BP Plc   4,409,499 
 71,046   Canadian Natural Resources Ltd.   2,038,720 
 304   Cheniere Energy, Inc.   70,258 
 1,878,121   Chevron Corp.   255,537,143 
 1,878   ConocoPhillips   167,367 
 1,970   Coterra Energy, Inc.   48,383 
 1,666   Devon Energy Corp.   50,663 
 145,128   Enbridge, Inc.   6,786,887 
 79,829   ENEOS Holdings, Inc.   384,315 
 86,100   Eni SpA   1,233,084 
 1,171   EOG Resources, Inc.   129,196 
 64,600   Equinor ASA   1,462,262 
 700,870   Exxon Mobil Corp.   74,032,898 
 3,325,000   Idemitsu Kosan Co. Ltd.   20,605,079 
 23,150   Imperial Oil Ltd.   1,561,525 
 4,083,499   Kinder Morgan, Inc.   107,396,024 
 526   Marathon Petroleum Corp.   72,278 
 540,703   OMV AG   27,956,305 
 18,700   Pembina Pipeline Corp.   714,848 
 758   Phillips 66   78,878 
 1,584,915   Shell Plc   51,147,971 
 84,700   Suncor Energy, Inc.   2,991,472 
 80,866   TC Energy Corp.   4,085,534 
 1,363,606   Tenaris SA   22,738,053 
 800,082   TotalEnergies SE   45,568,814 
 388   Valero Energy Corp.   45,043 
 1,448   Williams Cos, Inc. (The)   84,809 
 145,635   Woodside Energy Group Ltd.   1,898,372 
         634,740,336 
Financial Services — 7.8%     
 894,269   3i Group Plc   50,697,040 
Shares      Value 
Financial Services (continued)     
 48,437   Adyen NV(a)(b)(c)  $78,381,396 
 823   American Express Co.   219,255 
 189   Ameriprise Financial, Inc.   89,023 
 585,028   Bajaj Finance Ltd.   59,694,249 
 882   Bank of New York Mellon Corp. (The)   70,922 
 521,479   Berkshire Hathaway, Inc. - Class B(a)   278,078,677 
 457,422   Blackstone, Inc.   60,247,052 
 615,006   Block, Inc.(a)   35,959,401 
 609   Capital One Financial Corp.   109,778 
 559,261   CME Group, Inc.   154,960,038 
 159,100   Deutsche Bank AG   4,171,656 
 16,459   Deutsche Boerse AG   5,301,343 
 774,423   Fiserv, Inc.(a)   142,935,253 
 576   Goldman Sachs Group, Inc. (The)   315,389 
 408,111   Groupe Bruxelles Lambert NV   33,666,748 
 814,889   IGM Financial, Inc.   25,896,045 
 3,732   Invesco Ltd.   51,987 
 3,078,591   Investor AB - Class B   91,213,925 
 650,324   KKR & Co., Inc.   74,312,523 
 966,227   London Stock Exchange Group Plc   150,452,680 
 379,548   Mastercard, Inc. - Class A   208,015,077 
 887,312   Morgan Stanley   102,413,551 
 784   Northern Trust Corp.   73,680 
 258,957   ORIX Corp.   5,194,685 
 766   Raymond James Financial, Inc.   104,973 
 644   State Street Corp.   56,736 
 1,309   Synchrony Financial   68,003 
 675,081   Visa, Inc. - Class A   233,240,485 
         1,795,991,570 
Health Care — 8.8%     
 782,993   Abbott Laboratories   102,376,335 
 649,557   AbbVie, Inc.   126,728,571 
 589,907   Agilent Technologies, Inc.   63,473,993 
 731   Amgen, Inc.   212,662 
 1,388,884   AstraZeneca Plc   198,980,857 
 1,414   Bio-Techne Corp.   71,195 
 2,387   Bristol-Myers Squibb Co.   119,827 
 674   Cardinal Health, Inc.   95,229 
 590,649   Cencora, Inc.   172,865,243 
 310   Charles River Laboratories International, Inc.(a)   36,772 
 793,759   Chugai Pharmaceutical Co. Ltd.   45,728,104 
 438   Cigna Group (The)   148,937 
 1,908   CVS Health Corp.   127,283 
 185,667   Daiichi Sankyo Co. Ltd.   4,749,479 
 629,550   Danaher Corp.   125,488,201 
 459   DaVita, Inc.(a)   64,971 
 619,616   Dexcom, Inc.(a)   44,228,190 
 2,314,983   Dr Reddy’s Laboratories Ltd.   32,495,784 
 725   Edwards Lifesciences Corp.(a)   54,730 
 91,819   Elevance Health, Inc.   38,617,235 
 191,617   Eli Lilly & Co.   172,254,102 

6
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Health Care (continued)     
 1,826   Gilead Sciences, Inc.  $194,542 
 365,775   GSK Plc   7,236,013 
 4,734,829   Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares   18,927,929 
 237   HCA Healthcare, Inc.   81,784 
 41,869   Hoya Corp.   4,926,566 
 283,132   Intuitive Surgical, Inc.(a)   146,039,486 
 370,583   iRhythm Technologies, Inc.(a)   39,611,617 
 418,920   Johnson & Johnson   65,481,385 
 138,161   Lonza Group AG   99,269,959 
 202   McKesson Corp.   143,983 
 685,917   Medtronic Plc   58,138,325 
 955,500   Merck & Co., Inc.   81,408,600 
 140   Mettler-Toledo International, Inc.(a)   149,880 
 603,048   Novartis AG   68,782,033 
 306,414   Olympus Corp.   4,014,942 
 47,282   Ono Pharmaceutical Co. Ltd.   544,260 
 79,581   Otsuka Holdings Co. Ltd.   3,879,636 
 428,433   Recordati Industria Chimica e Farmaceutica SpA   25,281,120 
 160   Regeneron Pharmaceuticals, Inc.   95,802 
 158,661   Repligen Corp.(a)   21,893,631 
 254,415   Roche Holding AG   83,190,275 
 9,950   Roche Holding AG   3,461,374 
 77,859   Sanofi SA   8,517,138 
 201,337   Shionogi & Co. Ltd.   3,382,565 
 403   Stryker Corp.   150,690 
 100,200   Takeda Pharmaceutical Co. Ltd.   3,030,912 
 428   Teleflex, Inc.   58,657 
 383,157   Terumo Corp.   7,333,907 
 459   Thermo Fisher Scientific, Inc.   196,911 
 365,939   UnitedHealth Group, Inc.   150,561,942 
 310   Universal Health Services, Inc. - Class B   54,892 
 371   Waters Corp.(a)   129,008 
 686   Zoetis, Inc.   107,290 
         2,035,194,754 
Industrials — 10.9%     
 657   3M Co.   91,264 
 655   A.O. Smith Corp.   44,448 
 73,500   ABB Ltd.   3,881,590 
 126,973   Aena SME SA(b)(c)   31,897,642 
 313,010   Airtac International Group   8,597,206 
 704   Allegion Plc   97,997 
 4,106,500   Amada Co. Ltd.   41,118,497 
 5,901   American Airlines Group, Inc.(a)   58,715 
 372,337   AMETEK, Inc.   63,140,908 
 51,100   Ashtead Group Plc   2,735,507 
 58,800   Assa Abloy AB - Class B   1,784,814 
 328,059   Atlas Copco AB - Class A   5,077,926 
 289,800   Atlas Copco AB - Class B   4,024,082 
 133,292   Automatic Data Processing, Inc.   40,067,575 
Shares      Value 
Industrials (continued)     
 142,003   Axon Enterprise, Inc.(a)  $87,090,440 
 142,200   BAE Systems Plc   3,296,571 
 379   Booz Allen Hamilton Holding Corp.   45,488 
 634,805   Bouygues SA   27,903,058 
 175   Broadridge Financial Solutions, Inc.   42,420 
 129,842   Builders FirstSource, Inc.(a)   15,532,998 
 42,800   Canadian National Railway Co.   4,144,950 
 806   Caterpillar, Inc.   249,272 
 197,206   Central Japan Railway Co.   4,149,975 
 12,077,399   Centre Testing International Group Co. Ltd. - A Shares   18,551,074 
 655   CH Robinson Worldwide, Inc.   58,439 
 960,162   Cie de Saint-Gobain SA   104,386,909 
 330   Cintas Corp.   69,854 
 3,815   CSX Corp.   107,087 
 2,894   Daikin Industries Ltd.   329,694 
 160,418   Deere & Co.   74,363,368 
 125,539   Deutsche Post AG   5,364,031 
 199,469   East Japan Railway Co.   4,323,864 
 306,600   Eaton Corp. Plc   90,253,842 
 620,939   Experian Plc   30,892,359 
 1,136,248   FANUC Corp.   28,837,591 
 829   Fastenal Co.   67,124 
 446   FedEx Corp.   93,807 
 31,900   Ferrovial SE   1,556,161 
 5,563   Fuji Electric Co. Ltd.   247,369 
 108,200   GE Vernova, Inc.   40,122,724 
 403   General Dynamics Corp.   109,664 
 963,250   Hitachi Construction Machinery Co. Ltd.   28,786,609 
 695,971   Hitachi Ltd.   17,201,282 
 143,256   HOCHTIEF AG   27,103,343 
 377,071   Honeywell International, Inc.   79,373,446 
 827,466   Howmet Aerospace, Inc.   114,670,238 
 246   Huntington Ingalls Industries, Inc.   56,664 
 127,256   Illinois Tool Works, Inc.   30,529,987 
 240,186   IMCD NV   31,940,098 
 297,188   ITOCHU Corp.   15,199,068 
 1,119,092   Komatsu Ltd.   32,363,660 
 10,497   Kone Oyj - Class B   650,098 
 577,766   L3Harris Technologies, Inc.   127,120,075 
 31,000   Legrand SA   3,406,895 
 441   Leidos Holdings, Inc.   64,906 
 505,179   LG Corp.   23,657,000 
 330   Lockheed Martin Corp.   157,658 
 13,456   Makita Corp.   393,508 
 177,248   Mitsubishi Corp.   3,365,334 
 370,992   Mitsubishi Electric Corp.   7,176,991 
 346,002   Mitsubishi Heavy Industries Ltd.   6,820,685 
 188,298   Mitsui & Co. Ltd.   3,807,597 
 192   Nordson Corp.   36,397 
 88,050   Northrop Grumman Corp.   42,836,325 
 655   Old Dominion Freight Line, Inc.   100,398 

7
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Industrials (continued)     
 971   PACCAR, Inc.  $87,594 
 227   Parker-Hannifin Corp.   137,349 
 435   Paychex, Inc.   63,997 
 783,438   Pentair Plc   71,081,330 
 244,348   Quanta Services, Inc.   71,518,216 
 725,292   Recruit Holdings Co. Ltd.   40,192,267 
 669,797   RELX Plc   36,554,272 
 700   Republic Services, Inc.   175,525 
 42,367   Rheinmetall AG   72,153,232 
 1,078   Rollins, Inc.   61,586 
 12,111,446   Rolls-Royce Holdings Plc   122,597,808 
 181,123   Sandvik AB   3,739,181 
 1,165,800   Sanwa Holdings Corp.   38,264,692 
 5,125   Schindler Holding AG   1,817,038 
 89,438   Schindler Holding AG - Participation Certificates   32,711,501 
 16,712   Schneider Electric SE   3,904,688 
 105,656   Secom Co. Ltd.   3,885,016 
 1,447,835   SF Holding Co. Ltd. - A Shares   8,667,096 
 58,482   SG Holdings Co. Ltd.   615,795 
 252,202   SGS SA   24,630,356 
 231,949   Siemens AG   53,408,882 
 648,996   Siemens Energy AG(a)   50,091,901 
 4,306,165   Singapore Airlines Ltd.   22,098,875 
 6,013   SMC Corp.   1,946,053 
 4,705,700   Sohgo Security Services Co. Ltd.   37,192,266 
 165,000   Techtronic Industries Co. Ltd.   1,660,558 
 504,867   Tetra Tech, Inc.   15,746,802 
 5,350   Thales SA   1,498,655 
 30,850   Thomson Reuters Corp.   5,740,571 
 277,726   Toyota Tsusho Corp.   5,519,172 
 526   Trane Technologies Plc   201,621 
 318,156   Union Pacific Corp.   68,613,523 
 1,078   United Parcel Service, Inc. - Class B   102,733 
 108,020   United Rentals, Inc.   68,209,229 
 841,525   Valmet Oyj   25,695,186 
 426   Verisk Analytics, Inc.   126,279 
 43,200   Vinci SA   6,068,186 
 54,500   Volvo AB - Class A   1,486,568 
 144,900   Volvo AB - Class B   3,938,892 
 365,840   Waste Management, Inc.   85,372,422 
 1,275,979   WEG SA   10,124,373 
 708,572   Westinghouse Air Brake Technologies Corp.   130,901,591 
 164,680   Wolters Kluwer NV   29,075,738 
 84   WW Grainger, Inc.   86,042 
         2,499,391,223 
Information Technology — 23.0%     
 950   Accenture Plc - Class A   284,192 
 691   Adobe, Inc.(a)   259,111 
 3,133,930   Advantech Co. Ltd.   32,831,584 
 80,356   Advantest Corp.   3,361,770 
Shares      Value 
Information Technology (continued)     
 830   Analog Devices, Inc.  $161,784 
 3,881,947   Apple, Inc.   824,913,737 
 1,204   Applied Materials, Inc.   181,455 
 1,782   Arista Networks, Inc.(a)   146,605 
 84,450   ASML Holding NV   56,534,375 
 41,874   ASML Holding NV - New York   27,975,182 
 165,734   Atlassian Corp. - Class A(a)   37,838,730 
 347   Autodesk, Inc.(a)   95,165 
 2,212,541   Broadcom, Inc.   425,847,766 
 205,448   Cadence Design Systems, Inc.(a)   61,170,088 
 188,305   Canon, Inc.   5,811,046 
 35,601   Capgemini SE   5,683,783 
 264   CDW Corp.   42,388 
 236,034   CGI, Inc.   25,027,891 
 503,146   Check Point Software Technologies Ltd.(a)   110,470,736 
 4,919   Cisco Systems, Inc.   283,974 
 308,313   Cloudflare, Inc. - Class A(a)   37,238,044 
 2,599   Constellation Software, Inc.   9,366,561 
 99,677   Crowdstrike Holdings, Inc. - Class A(a)   42,748,475 
 58,794   EPAM Systems, Inc.(a)   9,225,367 
 270   F5, Inc.(a)   71,480 
 64   Fair Isaac Corp.(a)   127,340 
 1,071,025   Fortinet, Inc.(a)   111,129,554 
 434,394   Fujitsu Ltd.   9,650,264 
 156   Gartner, Inc.(a)   65,688 
 63,117   Hexagon AB - Class B   614,290 
 437,819   International Business Machines Corp.   105,873,391 
 408   Intuit, Inc.   256,008 
 766   Jabil, Inc.   112,265 
 185,391   Keyence Corp.   77,510,426 
 129,405   KLA Corp.   90,931,599 
 2,351   Lam Research Corp.   168,496 
 263,196   Logitech International SA   20,000,293 
 2,517,809   Microsoft Corp.   995,189,185 
 299,435   Motorola Solutions, Inc.   131,868,180 
 132,222   Murata Manufacturing Co. Ltd.   1,883,708 
 25,934   NEC Corp.   631,307 
 206,045   Nemetschek SE   27,380,241 
 629   NetApp, Inc.   56,453 
 690,700   Nokia Oyj   3,452,928 
 134,237   Nomura Research Institute Ltd.   5,083,214 
 52,092   NTT Data Group Corp.   1,034,568 
 8,593,343   NVIDIA Corp.   935,986,920 
 350   NXP Semiconductors NV   64,508 
 100,144   Obic Co. Ltd.   3,506,191 
 927,940   Oracle Corp.   130,579,717 
 553   Qorvo, Inc.(a)   39,633 
 430,531   QUALCOMM, Inc.   63,916,632 
 167,909   Reply SpA   29,976,703 
 129   Roper Technologies, Inc.   72,250 
 1,350   Salesforce, Inc.   362,758 

8
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Information Technology (continued)     
 857,404   Samsara, Inc. - Class A(a)  $34,004,643 
 3,032,775   Samsung Electronics Co. Ltd.   118,331,415 
 455,704   SAP SE   133,333,813 
 722   Seagate Technology Holdings Plc   65,724 
 184,758   ServiceNow, Inc.(a)   176,445,738 
 16,237   Shimadzu Corp.   415,625 
 497,937   Shopify, Inc. - Class A(a)   47,304,015 
 629   Skyworks Solutions, Inc.   40,432 
 242,403   Taiwan Semiconductor Manufacturing Co. Ltd. - ADR   40,406,156 
 4,470,151   Taiwan Semiconductor Manufacturing Co. Ltd.   126,659,735 
 787,361   Tata Consultancy Services Ltd.   32,140,004 
 297,161   TE Connectivity Plc   43,498,427 
 216,600   Telefonaktiebolaget LM Ericsson - Class B   1,829,703 
 454,789   Texas Instruments, Inc.   72,788,979 
 53,208   Tokyo Electron Ltd.   7,922,586 
 151   Tyler Technologies, Inc.(a)   82,038 
 421   Zebra Technologies Corp. - Class A(a)   105,385 
         5,300,470,417 
Insurance — 3.3%     
 1,105   Aflac, Inc.   120,091 
 436,590   Ageas SA   27,381,279 
 6,758,966   AIA Group Ltd.   50,644,367 
 258,562   Allianz SE   106,935,215 
 405   Aon Plc - Class A   143,690 
 314,805   Arthur J Gallagher & Co.   100,954,815 
 624   Assurant, Inc.   120,270 
 129,500   AXA SA   6,124,819 
 552   Chubb Ltd.   157,916 
 684,299   Dai-ichi Life Holdings, Inc.   4,940,945 
 22,282   Fairfax Financial Holdings Ltd.   34,787,138 
 135,000   Generali   4,933,943 
 399   Globe Life, Inc.   49,213 
 47,400   Great-West Lifeco, Inc.   1,843,257 
 6,075   Hannover Rueck SE   1,950,073 
 566   Hartford Insurance Group, Inc. (The)   69,431 
 5,450   Intact Financial Corp.   1,210,378 
 216,562   Japan Post Holdings Co. Ltd.   2,105,040 
 673   Loews Corp.   58,437 
 1,065,873   Manulife Financial Corp.   32,665,845 
 9,216,479   Mapfre SA   32,810,648 
 589   Marsh & McLennan Cos, Inc.   132,802 
 1,357,491   MetLife, Inc.   102,314,097 
 144,324   MS&AD Insurance Group Holdings, Inc.   3,280,458 
 11,200   Muenchener Rueckversicherungs- Gesellschaft AG   7,667,625 
 2,951,738   Poste Italiane SpA(b)(c)   59,912,009 
 695   Principal Financial Group, Inc.   51,534 
 551,897   Prudential Financial, Inc.   56,685,341 
Shares      Value 
Insurance (continued)     
 70,500   Sampo Oyj - Class A  $706,312 
 170,954   Sompo Holdings, Inc.   5,602,353 
 67,900   Sun Life Financial, Inc.   4,046,123 
 1,716,584   Suncorp Group Ltd.   22,322,609 
 21,100   Swiss Re AG   3,787,541 
 263,125   Tokio Marine Holdings, Inc.   10,546,675 
 276   Travelers Cos, Inc. (The)   72,900 
 1,962,597   Unipol Assicurazioni SpA   35,202,526 
 976   W R Berkley Corp.   69,969 
 57,229   Zurich Insurance Group AG   40,590,860 
         762,998,544 
Materials — 2.7%     
 28,800   Agnico Eagle Mines Ltd.   3,384,930 
 50,067   Air Liquide SA   10,287,677 
 56,500   Barrick Gold Corp.   1,077,459 
 2,488,636   BHP Group Ltd.   59,313,284 
 629   Celanese Corp.   27,997 
 2,203,922   Corteva, Inc.   136,621,125 
 943,567   CRH Plc   90,035,163 
 361,169   CRH Plc   34,257,062 
 562   Eastman Chemical Co.   43,274 
 660   Ecolab, Inc.   165,944 
 1,662,184   Fortescue Ltd.   17,166,512 
 12,800   Franco-Nevada Corp.   2,199,658 
 674   Givaudan SA   3,251,619 
 268,528   Heidelberg Materials AG   53,682,347 
 282,536   Holcim AG   31,572,828 
 1,790,915   International Paper Co.   81,808,997 
 48,334   JFE Holdings, Inc.   562,899 
 770   Linde Plc   348,987 
 553   LyondellBasell Industries NV - Class A.    32,190 
 1,656,500   Nitto Denko Corp.   29,115,991 
 23,500   Novonesis Novozymes B - Class B   1,526,498 
 357   Nucor Corp.   42,615 
 172   Reliance, Inc.   49,576 
 36,500   Rio Tinto Ltd.   2,730,828 
 99,540   Rio Tinto Plc   5,931,530 
 382,195   Shin-Etsu Chemical Co. Ltd.   11,630,765 
 195,254   Sika AG   48,795,459 
 426   Steel Dynamics, Inc.   55,256 
         625,718,470 
Real Estate — 1.5%     
 719,396   American Tower Corp. REIT   162,159,052 
 829   BXP, Inc. REIT   52,832 
 1,586   Camden Property Trust REIT   180,487 
 15,780,105   CapitaLand Integrated Commercial Trust REIT   25,969,334 
 606   CoStar Group, Inc.(a)   44,947 
 1,511   Crown Castle, Inc. REIT   159,803 
 60,496   Daiwa House Industry Co. Ltd.   2,188,922 
 661   Digital Realty Trust, Inc. REIT   106,117 
 60   Equinix, Inc. REIT   51,645 

9
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Real Estate (continued)     
 2,498   Host Hotels & Resorts, Inc. REIT  $35,272 
 1,025   Mid-America Apartment Communities, Inc. REIT   163,641 
 141,786   Mitsubishi Estate Co. Ltd.   2,490,610 
 311,939   Mitsui Fudosan Co. Ltd.   3,091,517 
 601   Nippon Building Fund, Inc. REIT   557,854 
 355   SBA Communications Corp. REIT   86,407 
 676,910   Simon Property Group, Inc. REIT   106,532,096 
 3,789,072   Sun Hung Kai Properties Ltd.   35,944,704 
 1,568   UDR, Inc. REIT   65,668 
 1,650   Weyerhaeuser Co. REIT   42,752 
         339,923,660 
Utilities — 2.5%     
 10,854,891   A2A SpA   27,606,904 
 2,499   Alliant Energy Corp.   152,539 
 1,090,189   American Electric Power Co., Inc.   118,111,076 
 650,600   CLP Holdings Ltd.   5,547,433 
 836,596   Duke Energy Corp.   102,081,444 
 107,800   Endesa SA   3,237,512 
 586,000   Enel SpA   5,080,017 
 79,200   Engie SA   1,636,931 
 2,337,367   Iberdrola SA   42,133,051 
 241,600   National Grid Plc   3,487,279 
 61,500   Naturgy Energy Group SA   1,832,211 
 2,823,911   NextEra Energy, Inc.   188,863,168 
 1,581   Pinnacle West Capital Corp.   150,480 
 2,178   Public Service Enterprise Group, Inc.   174,088 
 1,301   Southern Co. (The)   119,549 
 20,900   Verbund AG   1,606,185 
 618,369   WEC Energy Group, Inc.   67,723,773 
         569,543,640 
Total Common Stocks
(Cost $14,864,691,705)
   22,400,845,301 
           
RIGHTS/WARRANTS  — 0.0%     
Information Technology — 0.0%     
 489   Constellation Software, Inc. Warrants, Expire 03/31/40(a)(d)   0 
Total Rights/Warrants
(Cost $0)
   0 
           
EXCHANGE-TRADED  FUNDS(e) — 0.6%    
 4,025,003   KraneShares CSI China Internet ETF   129,202,596 
Total Exchange-Traded Funds
(Cost $133,978,406)
   129,202,596 
Principal
Amount
       Value 
U.S. GOVERNMENT SECURITIES — 0.7%    
U.S. Treasury Bills — 0.7%     
$80,000,000   4.24%, 05/06/25(f)  $79,953,289 
 80,000,000   4.22%, 05/27/25(f)   79,755,785 
           
Total U.S. Government Securities
(Cost $159,710,139)
   159,709,074 
           
Shares         
INVESTMENT COMPANY — 0.8%     
 193,347,336   Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(g)   193,347,336 
           
Total Investment Company
(Cost $193,347,336)
   193,347,336 
           
TOTAL INVESTMENTS — 99.4%
(Cost $15,351,727,586)
  $22,883,104,307 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%   148,450,730 
NET ASSETS — 100.0%  $23,031,555,037 

 

 

 

(a) Non-income producing security.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c) Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $0 which is 0.00% of net assets and the cost is $0.
(e) A copy of the underlying funds’ financial statements is available upon request.
(f) Zero coupon security. The rate represents the yield at time of purchase.
(g) The rate shown represents the current yield as of April 30, 2025.

10
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Forward Foreign Currency Exchange Contracts Outstanding at April 30, 2025:

 

Currency Purchased   Currency Sold   Counterparty  Settlement
Date
  Unrealized
Appreciation
 
CAD   13,625,000   USD   9,560,766   Barclays Bank Plc  09/08/25  $385,236 
GBP   12,448,133   USD   16,006,832   Barclays Bank Plc  09/08/25   589,731 
EUR   13,987,970   USD   15,186,671   Barclays Bank Plc  09/08/25   787,862 
JPY   7,749,300,000   USD   53,229,572   Barclays Bank Plc  09/08/25   1,746,346 
Total Forward Foreign Currency Exchange Contracts     $3,509,175 

 

The following abbreviations are used in the report:

 

ADR — American Depositary Receipt

CAD — Canadian Dollar

ETF — Exchange-Traded Fund

EUR — Euro

GBP — British Pound

JPY — Japanese Yen

REIT — Real Estate Investment Trust

USD — U.S. Dollar

 

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

Country:  Market Value   Market Value as
a percentage of
Net Assets
United States  $14,250,190,724            61.9%       
Japan   1,155,389,550    5.0 
United Kingdom   1,039,280,584    4.5 
Germany   914,065,751    4.0 
Switzerland   512,879,493    2.2 
India   460,993,713    2.0 
Netherlands   451,593,925    2.0 
Canada   392,225,814    1.7 
France   370,914,800    1.6 
China   293,324,979    1.3 
Taiwan   276,758,747    1.2 
Australia   256,625,715    1.1 
Spain   245,052,013    1.1 
Ireland   223,366,763    1.0 
Sweden   207,666,763    0.9 
Italy   203,399,159    0.9 
South Korea   141,988,415    0.6 
Israel   110,470,736    0.5 
Uruguay   106,755,261    0.5 
Brazil   97,932,157    0.4 
Hong Kong   93,797,062    0.4 
Norway   76,056,792    0.3 
Belgium   65,534,726    0.3 
South Africa   65,430,029    0.3 
Singapore   63,467,969    0.3 
Mexico   59,475,845    0.2 
Austria   53,184,001    0.2 
Indonesia   41,112,259    0.2 
Chile   38,657,630    0.2 
Country:  Market Value  Market Value as
a percentage of
Net Assets
Denmark  $37,934,964           0.1%      
Finland   34,049,855    0.1 
Luxembourg   22,738,053    0.1 
Malaysia   20,454,285    0.1 
Portugal   18,076,769    0.1 
Other*   630,709,736    2.7 
   $23,031,555,037    100.0%

 

 

 

* Includes cash and equivalents, rights/warrants, exchange-traded funds, U.S. Government Securities, investment company, forward foreign currency exchange contracts, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable.

11
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Shares      Value
COMMON STOCKS — 90.2%     
AUSTRALIA — 2.6%     
 347,470   Abacus Group REIT  $253,645 
 2,116,509   AGL Energy Ltd.   14,424,022 
 398,542   AIC Mines Ltd.(a)   89,360 
 223,219   Alkane Resources Ltd.(a)   114,862 
 792,500   AMP Ltd.   654,571 
 38,136   Ampol Ltd.   579,065 
 40,887   Ansell Ltd.   793,189 
 46,380   ARB Corp. Ltd.   934,651 
 566,126   Arena REIT   1,348,182 
 15,400   ASX Ltd.   697,342 
 1,769,404   Aurelia Metals Ltd.(a)   333,065 
 879,937   Aurizon Holdings Ltd.   1,722,664 
 40,985   Australian Clinical Labs Ltd.(b)   81,828 
 14,989   Australian Ethical Investment Ltd.   49,733 
 365,892   Bank of Queensland Ltd.   1,747,816 
 1,553,795   Beach Energy Ltd.   1,169,586 
 456,546   Bega Cheese Ltd.   1,651,502 
 1,330,590   Bendigo & Adelaide Bank Ltd.   9,518,817 
 256,790   Brambles Ltd.   3,374,647 
 639,438   Bravura Solutions Ltd.   899,023 
 50,900   Breville Group Ltd.   933,268 
 481,988   Capricorn Metals Ltd.(a)   2,851,664 
 67,412   Catalyst Metals Ltd.(a)   244,879 
 1,258,968   Centuria Industrial REIT   2,371,032 
 1,481,038   Cettire Ltd.(a)   425,843 
 782,956   Challenger Ltd.   3,547,701 
 279,453   Charter Hall Social Infrastructure REIT   523,407 
 38,600   Civmec Australia Ltd.   21,740 
 6,722   Clinuvel Pharmaceuticals Ltd.   48,960 
 74,670   Computershare Ltd.   1,951,232 
 1,067,847   Downer EDI Ltd.   3,899,425 
 7,264,364   Dyno Nobel Ltd.   10,544,962 
 63,300   EBOS Group Ltd.   1,377,625 
 111,108   Emerald Resources NL(a)   285,297 
 2,775,845   Evolution Mining Ltd.   13,920,926 
 207,454   Flight Centre Travel Group Ltd.   1,702,205 
 10,437   GenusPlus Group Ltd.(b)   18,598 
 715,088   GrainCorp Ltd. - Class A   3,044,519 
 377,700   Harvey Norman Holdings Ltd.   1,262,783 
 1,033,653   Helia Group Ltd.   3,203,713 
 116,666   HUB24 Ltd.   5,389,829 
 890,135   Iluka Resources Ltd.   2,358,323 
 526,681   Imdex Ltd.   996,373 
 49,902   Infomedia Ltd.   39,607 
 317,639   Insurance Australia Group Ltd.   1,668,390 
 168,079   JB Hi-Fi Ltd.   11,138,219 
 253,434   Judo Capital Holdings Ltd.(a)   288,944 
 88,927   Jumbo Interactive Ltd.   581,275 
 869,409   Karoon Energy Ltd.   800,333 
 34,501   Kogan.com Ltd.   99,407 
 1,033,952   Macmahon Holdings Ltd.   179,238 
Shares      Value
AUSTRALIA (continued)      
 209,346   Magellan Financial Group Ltd.  $1,026,329 
 2,188   Mayne Pharma Group Ltd.(a)   9,837 
 1,254,550   Medibank Pvt Ltd.   3,731,941 
 3,455,127   Metals X Ltd.(a)   1,249,323 
 96,326   Mineral Resources Ltd.(a)   1,266,782 
 103,087   Monadelphous Group Ltd.   1,065,997 
 737,603   Mount Gibson Iron Ltd.(a)   146,562 
 668,934   Nanosonics Ltd.(a)   2,054,024 
 57,294   Navigator Global Investments Ltd.   64,221 
 321,617   Netwealth Group Ltd.   5,778,510 
 1,512,490   New Hope Corp. Ltd.   3,548,078 
 108,100   Nick Scali Ltd.   1,231,020 
 1,569,198   Nufarm Ltd.   3,874,148 
 30,307   Objective Corp. Ltd.   303,804 
 253,629   OFX Group Ltd.(a)   183,887 
 1,000,759   Orica Ltd.   10,387,730 
 65,580   Origin Energy Ltd.   446,994 
 122,350   Paradigm Biopharmaceuticals Ltd.(a)   22,483 
 1,299,336   Perenti Ltd.   1,136,352 
 5,510,055   Perseus Mining Ltd.   11,809,211 
 1,519   Playside Studios Ltd.(a)   164 
 294,026   PointsBet Holdings Ltd.(a)   206,822 
 9,896   Pro Medicus Ltd.   1,451,054 
 140,400   Qantas Airways Ltd.   793,810 
 134,180   QBE Insurance Group Ltd.   1,854,357 
 595,856   Qube Holdings Ltd.   1,508,534 
 666,796   Ramelius Resources Ltd.   1,122,089 
 7,926   REA Group Ltd.   1,259,281 
 432,631   Regis Healthcare Ltd.   1,892,310 
 878,148   Regis Resources Ltd.(a)   2,538,805 
 6,207,627   Resolute Mining Ltd.(a)   2,026,404 
 4,518   Ricegrowers Ltd.   31,830 
 107,012   SEEK Ltd.   1,456,860 
 495,004   Service Stream Ltd.   592,857 
 18,430   SKS Technologies Group Ltd.   21,514 
 80,636   Solvar Ltd.   83,657 
 2,412,982   South32 Ltd.   4,158,281 
 255,273   Southern Cross Electrical Engineering Ltd.   306,145 
 832   St. Barbara Ltd.(a)   154 
 129,912   Suncorp Group Ltd.   1,689,387 
 7,735   Supply Network Ltd.   188,696 
 937,280   Tabcorp Holdings Ltd.   334,066 
 187,410   Technology One Ltd.   3,617,420 
 291,801   Temple & Webster Group Ltd.(a)   3,329,872 
 201,474   Tuas Ltd.(a)   727,583 
 3,111   Universal Store Holdings Ltd.   15,335 
 3,303,990   Vault Minerals Ltd.(a)   909,159 
 1,250,890   Ventia Services Group Pty Ltd.   3,386,768 
 106,444   Vysarn Ltd.(a)   28,269 
 1,069,482   WEB Travel Group Ltd.(a)   2,940,922 
 1,968,517   West African Resources Ltd.(a)   3,012,643 
 1,249,071   Whitehaven Coal Ltd.   3,995,449 

12
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
AUSTRALIA (continued)     
 25,131   XRF Scientific Ltd.  $24,638 
 223,979   Yancoal Australia Ltd.   714,194 
 142,915   Zip Co. Ltd.(a)   160,103 
         211,873,952 
AUSTRIA — 0.8%     
 212,811   ams-OSRAM AG(a)   1,889,232 
 165,999   ANDRITZ AG   11,928,641 
 71,183   BAWAG Group AG(b)(c)   7,802,225 
 171,347   Erste Group Bank AG   11,603,900 
 353   EVN AG   9,238 
 200,881   OMV AG   10,386,276 
 4,871   Palfinger AG   158,763 
 8,563   Porr AG   299,839 
 457,502   Raiffeisen Bank International AG   12,220,466 
 54,211   UNIQA Insurance Group AG   628,179 
 16,855   Vienna Insurance Group AG Wiener Versicherung Gruppe   801,664 
 172,615   voestalpine AG   4,548,760 
         62,277,183 
BAHAMAS — 0.1%     
 310,000   OneSpaWorld Holdings Ltd.   5,177,000 
BELGIUM — 0.2%     
 10,259   Ackermans & van Haaren NV   2,509,222 
 18,900   Ageas SA   1,185,337 
 2,523   Ascencio REIT   135,042 
 147,683   Barco NV   2,020,722 
 9,512   Care Property Invest NV REIT   144,666 
 3,608   Cie d’Entreprises CFE   31,466 
 15,203   Cofinimmo SA REIT   1,215,620 
 6,310   Colruyt Group NV   303,433 
 12,754   Deme Group NV   1,911,778 
 25,354   EVS Broadcast Equipment SA   1,060,596 
 9,250   Groupe Bruxelles Lambert NV   763,070 
 11,900   KBC Ancora   779,687 
 2,747   Ontex Group NV(a)   22,551 
 7,442   Retail Estates NV REIT   545,635 
 726   Sipef NV   52,793 
 115,362   Umicore SA   1,048,645 
 1,051   Wereldhave Belgium Comm VA REIT   59,352 
         13,789,615 
BRAZIL — 0.5%     
 1,647,415   B3 SA - Brasil Bolsa Balcao   3,869,509 
 2,775,475   BRF SA - ADR   10,990,881 
 12,443,667   Hapvida Participacoes e Investimentos SA(a)(b)(c)   5,086,968 
 736,910   Pagseguro Digital Ltd. - Class A(a)   7,391,207 
 584,800   StoneCo Ltd. - Class A(a)   8,222,288 
 1,729,047   Ultrapar Participacoes SA - ADR   5,446,498 
         41,007,351 
Shares      Value
CANADA — 1.8%     
 1,596   ADENTRA, Inc.  $31,269 
 5,318   Aecon Group, Inc.   62,261 
 21,166   AGF Management Ltd. - Class B   157,524 
 9,314   Agnico Eagle Mines Ltd.   1,094,653 
 61,900   Air Canada(a)   627,262 
 65,640   Allied Properties Real Estate Investment Trust REIT   730,391 
 68,478   Altius Minerals Corp.   1,345,618 
 17,800   Altus Group Ltd.   662,884 
 35,802   ARC Resources Ltd.   662,490 
 43,700   Canada Goose Holdings, Inc.(a)   365,804 
 22,500   Canadian Apartment Properties REIT   687,110 
 11,400   Canadian Tire Corp. Ltd. - Class A   1,247,666 
 42,485   CCL Industries, Inc. - Class B   2,220,092 
 190,307   Centerra Gold, Inc.   1,274,143 
 144,861   Choice Properties Real Estate Investment Trust REIT   1,534,144 
 995   Cogeco, Inc.   46,278 
 36,824   Coveo Solutions, Inc.(a)   164,006 
 65,100   Crombie Real Estate Investment Trust REIT   688,966 
 123,315   Descartes Systems Group, Inc. (The)(a)   12,996,168 
 11,900   Descartes Systems Group, Inc. (The)(a)   1,253,186 
 435,332   Dollarama, Inc.   53,713,893 
 116,300   Dream Industrial Real Estate Investment Trust REIT   894,226 
 11,386   DREAM Unlimited Corp. - Class A   157,006 
 108,200   Dundee Precious Metals, Inc.   1,418,232 
 21,757   Enghouse Systems Ltd.   395,338 
 25,760   Evertz Technologies Ltd.   204,981 
 15,915   Exco Technologies Ltd.   65,803 
 80,300   Finning International, Inc.   2,266,410 
 90,061   FirstService Corp.   15,808,407 
 3,850   FirstService Corp.   675,719 
 23,760   Gildan Activewear, Inc.   1,094,932 
 26,100   Granite Real Estate Investment Trust REIT   1,197,275 
 3   Hammond Power Solutions, Inc.   200 
 7,400   iA Financial Corp, Inc.   718,851 
 21,200   IGM Financial, Inc.   673,707 
 2,000   Information Services Corp.   38,706 
 204,991   Killam Apartment Real Estate Investment Trust REIT   2,590,268 
 155,200   Kinross Gold Corp.   2,290,962 
 253,979   Knight Therapeutics, Inc.(a)   1,120,116 
 121,360   Labrador Iron Ore Royalty Corp.   2,628,616 
 600   Lassonde Industries, Inc. - Class A   90,205 
 1,015   Lululemon Athletica, Inc.(a)   274,832 
 22,000   Lundin Gold, Inc.   897,331 
 36,800   Maple Leaf Foods, Inc.   673,483 
 208,653   Martinrea International, Inc.   1,110,919 
 1,345   Morguard Corp.   113,163 

13
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
CANADA (continued)     
 57,866   Morguard North American Residential Real Estate Investment Trust REIT  $701,393 
 9,931   Mullen Group Ltd.   94,440 
 33,702   North West Co., Inc. (The)   1,351,894 
 238,800   OceanaGold Corp.   845,310 
 9,900   Onex Corp.   700,957 
 52,200   Open Text Corp.   1,413,103 
 81,500   Orla Mining Ltd.(a)   897,410 
 55,100   Osisko Gold Royalties Ltd.   1,320,545 
 910   Parkland Corp.   22,925 
 115,590   Pason Systems, Inc.   920,628 
 11,200   PHX Energy Services Corp.   61,500 
 3,200   Pollard Banknote Ltd.   47,538 
 43,300   Power Corp. of Canada   1,638,905 
 42,149   Quebecor, Inc. - Class B   1,156,300 
 4,857   Reitmans Canada Ltd. - Class A(a)   7,046 
 75,126   RioCan Real Estate Investment Trust REIT   938,394 
 44,200   Russel Metals, Inc.   1,282,460 
 85,520   Secure Waste Infrastructure Corp.   814,506 
 36,500   SmartCentres Real Estate Investment Trust REIT   674,877 
 19,649   Stella-Jones, Inc.   963,494 
 1,900   TECSYS, Inc.   58,408 
 25,124   TFI International, Inc.   2,042,396 
 18,265   TMX Group Ltd.   740,219 
 14,103   Tourmaline Oil Corp.   623,004 
 68,300   TransAlta Corp.   608,884 
 136,766   Transcontinental, Inc. - Class A   1,865,081 
 18,200   True North Commercial Real Estate Investment Trust REIT   126,077 
 15,469   Wajax Corp.   197,823 
 15,978   Westshore Terminals Investment Corp.   295,198 
 216,633   Whitecap Resources, Inc.   1,228,834 
 9,686   Winpak Ltd.   300,079 
 16,600   WSP Global, Inc.   2,942,388 
         145,847,512 
CHILE — 0.1%     
 2,979,098   Cencosud SA   10,193,663 
CHINA — 5.0%     
 6,633,267   3SBio, Inc.(b)(c)   10,227,683 
 15,282,000   Agricultural Bank of China Ltd. - H Shares   9,325,334 
 1,914,439   Aisino Corp. - A Shares   2,167,229 
 277,379   Alibaba Group Holding Ltd. - ADR   33,127,374 
 196,600   Autohome, Inc. - ADR   5,363,248 
 82,263   Baidu, Inc. - ADR(a)   7,224,337 
 8,074,900   Bank of Beijing Co. Ltd. - A Shares   6,666,623 
 4,602,900   Bank of Changsha Co. Ltd. - A Shares   5,737,381 
 2,735,339   Bank of Chengdu Co. Ltd. - A Shares   6,393,289 
 14,962,770   Bank of China Ltd. - H Shares   8,354,817 
Shares      Value
CHINA (continued)     
 8,169,000   Bank of Communications Co. Ltd. - H Shares  $7,143,461 
 2,880,674   Bank of Hangzhou Co. Ltd. - A Shares   5,830,413 
 5,644,251   Bank of Jiangsu Co. Ltd. - A Shares   7,894,517 
 4,313,200   Bank of Nanjing Co. Ltd. - A Shares   6,184,355 
 4,973,900   Beijing Yanjing Brewery Co. Ltd. - A Shares   8,888,826 
 10,953,190   Beiqi Foton Motor Co. Ltd. - A Shares(a)   3,950,607 
 8,509,044   China Construction Bank Corp. - H Shares   6,989,567 
 1,247,600   China National Medicines Corp. Ltd. - A Shares   4,975,771 
 6,863,000   China Railway Group Ltd. - H Shares   2,952,916 
 6,828,944   China Railway Tielong Container Logistics Co. Ltd. - A Shares   5,283,969 
 1,095,600   China Railway Tielong Container Logistics Co. Ltd. - A Shares   847,732 
 5,082,046   China Tower Corp. Ltd. - H Shares(b)(c)   7,361,227 
 5,968,600   Dongfang Electric Corp. Ltd. - H Shares   8,146,752 
 4,636,000   Dongfeng Motor Group Co. Ltd. - H Shares   2,565,995 
 3,961,274   FAW Jiefang Group Co. Ltd. - A Shares   3,924,285 
 36,900   FAW Jiefang Group Co. Ltd. - A Shares   36,555 
 2,073,432   Fujian Star-net Communication Co. Ltd. - A Shares   5,526,536 
 633,219   Full Truck Alliance Co. Ltd. - ADR   7,193,368 
 6,932,500   Greentown China Holdings Ltd.   8,846,443 
 4,675,100   Guangxi Liugong Machinery Co. Ltd. - A Shares   6,399,280 
 45,600   Guangxi Liugong Machinery Co. Ltd. - A Shares   62,417 
 1,475,907   Han’s Laser Technology Industry Group Co. Ltd. - A Shares   4,698,314 
 10,851,000   Industrial & Commercial Bank of China Ltd. - H Shares   7,433,065 
 6,205,500   IRICO Display Devices Co. Ltd. - A Shares(a)   5,717,660 
 1,037,358   JCET Group Co. Ltd. - A Shares   4,774,675 
 4,703,600   JD Logistics, Inc.(a)(b)(c)   7,377,187 
 409,885   JD.com, Inc. - ADR   13,370,449 
 3,317,583   Jilin Sino-Microelectronics Co. Ltd. - A Shares   2,910,064 
 1,032,100   Kuaishou Technology(a)(b)(c)   6,812,161 
 1,453,200   Lens Technology Co. Ltd. - A Shares   4,180,256 
 622,800   Lens Technology Co. Ltd. - A Shares   1,790,023 
 3,165,900   Ming Yang Smart Energy Group Ltd. - A Shares   4,448,260 
 2,593,800   MLS Co. Ltd. - A Shares   2,818,011 

14
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares    Value
CHINA (continued)     
 6,130,000   ORG Technology Co. Ltd. - A Shares  $4,506,423 
 2,038,500   ORG Technology Co. Ltd. - A Shares   1,498,588 
 3,838,600   Oriental Pearl Group Co. Ltd. - A Shares   3,895,523 
 12,203,000   People’s Insurance Co. Group of China Ltd. (The) - H Shares   7,221,937 
 3,890,400   Ping An Bank Co. Ltd. - A Shares   5,843,882 
 938,211   Ping An Insurance Group Co. of China Ltd. - H Shares   5,615,227 
 7,043,600   Postal Savings Bank of China Co. Ltd. - A Shares   4,960,787 
 834,111   Raytron Technology Co. Ltd. - A Shares   6,417,240 
 12,981,400   Rizhao Port Co. Ltd. - A Shares   5,362,164 
 1,779,500   Sany Heavy Industry Co. Ltd. - A Shares   4,632,151 
 13,548,350   Shandong Nanshan Aluminum Co. Ltd. - A Shares   6,807,930 
 2,459,900   Shanghai Mechanical and Electrical Industry Co. Ltd. - A Shares   7,514,248 
 2,166,600   Shenzhen Laibao Hi-tech Co. Ltd. - A Shares   2,822,583 
 840,100   Shenzhen Laibao Hi-tech Co. Ltd. - A Shares   1,094,458 
 1,551,265   Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares   7,732,384 
 8,068,500   Sinopec Engineering Group Co. Ltd. - H Shares   5,741,274 
 1,864,000   Sinopharm Group Co. Ltd. - H Shares   4,392,979 
 2,698,240   Tasly Pharmaceutical Group Co. Ltd. - A Shares   5,650,457 
 8,853,628   Tianjin Port Co. Ltd. - A Shares   5,387,743 
 2,164,637   Triangle Tyre Co. Ltd. - A Shares   4,033,502 
 4,087,200   Wuxi Taiji Industry Ltd. Co. - A Shares   3,559,939 
 12,328,342   Xinyi Solar Holdings Ltd.   4,099,921 
 2,045,674   Xuji Electric Co. Ltd. - A Shares   5,979,152 
 19,900   Xuji Electric Co. Ltd. - A Shares   58,164 
 359,800   Yangzijiang Shipbuilding Holdings Ltd.   616,324 
 1,974,700   Yifan Pharmaceutical Co. Ltd. - A Shares   3,082,086 
 3,030,000   Yunnan Copper Co. Ltd. - A Shares   4,857,156 
 30,300   Yunnan Copper Co. Ltd. - A Shares   48,572 
 2,870,487   Zhejiang Medicine Co. Ltd. - A Shares   5,262,130 
 8,530,400   Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares   6,146,846 
         406,764,202  
DENMARK — 0.7%     
 112,058   ALK-Abello A/S(a)   2,612,128 
 267,500   Alm Brand A/S   633,839 
 8,576   Bang & Olufsen A/S(a)   16,927 
Shares      Value
DENMARK (continued)     
 104,226   Bavarian Nordic A/S(a)  $2,478,110 
 19,633   Chemometec A/S   1,414,519 
 3,565   Columbus A/S   6,378 
 8,934   D/S Norden A/S   243,292 
 65,700   Danske Bank A/S   2,305,253 
 17,500   Demant A/S(a)   637,295 
 1,505,915   H Lundbeck A/S   7,206,576 
 311,227   H Lundbeck A/S - Class A   1,285,466 
 21,719   Invisio AB   872,898 
 544,760   ISS A/S   13,668,824 
 15,500   Netcompany Group A/S(a)(b)(c)   699,730 
 60,796   NKT A/S(a)   4,950,126 
 7,963   Pandora A/S   1,185,396 
 13,529   Per Aarsleff Holding A/S   1,090,048 
 283,630   ROCKWOOL A/S - Class B   12,947,759 
 42,540   Royal Unibrew A/S   3,382,697 
 4,661   Scandinavian Tobacco Group A/S(b) (c)   67,844 
 4,233   Schouw & Co. A/S   385,837 
 5,564   SP Group A/S   228,003 
 5,002   Sparekassen Sjaelland-Fyn A/S   216,176 
         58,535,121 
FINLAND — 0.5%     
 309   Aspo Oyj   1,822 
 23,500   Elisa Oyj   1,253,678 
 124   Fiskars Oyj Abp   2,060 
 70,966   Hiab Oyj - Class B   3,376,758 
 78,134   Kalmar Oyj - Class B   2,475,361 
 33,400   Kemira Oyj   689,178 
 30,400   Kesko Oyj - Class B   697,949 
 179,686   Konecranes Oyj   12,038,607 
 8,808   Marimekko Oyj   121,808 
 2,466,100   Nokia Oyj   12,328,458 
 5,426   Olvi Oyj - Class A   203,450 
 98,725   Oriola Oyj - Class B   122,303 
 64,697   Orion Oyj - Class B   4,050,778 
 83,388   Puuilo Oyj   1,187,487 
 23,327   Raisio Oyj - Class V   65,019 
 10,758   Sanoma Oyj   118,512 
 4,889   Terveystalo Oyj(b)(c)   67,946 
 29,800   TietoEVRY Oyj   533,868 
 9,025   Vaisala Oyj - Class A   480,525 
 38,900   Valmet Oyj   1,187,775 
 81,061   Wartsila Oyj Abp   1,497,709 
         42,501,051 
FRANCE — 2.3%     
 23,900   Accor SA   1,177,610 
 38,196   Alten SA   3,237,619 
 14,835   Amundi SA(b)(c)   1,171,834 
 593   Aubay   30,935 
 105,764   BNP Paribas SA   8,961,329 
 45,000   Bouygues SA   1,977,990 

15
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
FRANCE (continued)     
 60,600   Bureau Veritas SA  $1,923,629 
 40,967   Canal+ SA(a)   93,065 
 107,275   Carmila SA REIT   2,331,899 
 83,800   Carrefour SA   1,292,507 
 63,270   Coface SA   1,296,830 
 13,772   Covivio SA REIT   772,263 
 2,000   Dassault Aviation SA   721,133 
 67,583   Derichebourg SA   464,886 
 98,013   Eiffage SA   13,336,894 
 479,681   Elior Group SA(a)(b)(c)   1,453,117 
 11,478   Esso SA Francaise   1,845,011 
 100,297   Etablissements Maurel et Prom SA   516,290 
 18,600   FDJ UNITED(b)(c)   662,981 
 25,428   Fnac Darty SA   885,360 
 275,516   Forvia SE   2,128,280 
 21,662   Gaztransport Et Technigaz SA   3,530,965 
 10,681   Gecina SA REIT   1,096,496 
 1,755   GL Events SACA   43,763 
 4,744   Guerbet   107,931 
 116,732   Havas NV(a)   194,191 
 1,525   ID Logistics Group SACA(a)   686,886 
 3,615   Imerys SA   120,756 
 8,206   Ipsen SA   954,383 
 89,325   IPSOS SA   4,229,063 
 60,500   JCDecaux SE(a)   1,052,957 
 17,079   Kaufman & Broad SA   670,584 
 41,199   Klepierre SA REIT   1,508,014 
 1,109   Lagardere SA   23,995 
 10,925   Lectra   283,713 
 857,154   Louis Hachette Group   1,351,467 
 28,796   Manitou BF SA   664,038 
 184,480   Mercialys SA REIT   2,469,651 
 304,052   Metropole Television SA   4,777,528 
 171,442   Opmobility   1,921,391 
 817,676   Orange SA   11,862,884 
 82,749   Pluxee NV   1,860,992 
 11,640   Publicis Groupe SA   1,184,335 
 210,193   Rubis SCA   6,841,942 
 97,084   Sanofi SA   10,620,196 
 14,170   SEB SA   1,336,641 
 101,078   Societe BIC SA   6,539,900 
 230,885   Societe Generale SA   12,038,110 
 162   Societe LDC SADIR   14,063 
 21,652   Sopra Steria Group   4,439,503 
 157,003   SPIE SA   7,695,121 
 323,291   Technip Energies NV   11,032,022 
 560,660   Television Francaise 1 SA   5,357,360 
 533,411   Ubisoft Entertainment SA(a)   6,284,818 
 633,550   Valeo SE   6,291,888 
 1,637   Vetoquinol SA   138,316 
 126,157   Vicat SACA   7,063,963 
 86,308   Vinci SA   12,123,449 
 987   Virbac SACA   347,984 
Shares      Value
FRANCE (continued)     
 11,374   Viridien(a)  $674,792 
 209,100   Vivendi SE   652,070 
 8,514   Wendel SE   837,149 
         187,206,732 
GERMANY — 2.0%     
 1,662   AlzChem Group AG   214,480 
 7,015   Atoss Software SE   1,054,537 
 10,111   Bilfinger SE   859,940 
 125,168   Brenntag SE   8,359,200 
 570,904   CECONOMY AG(a)   2,028,928 
 4,381   Cewe Stiftung & Co. KGAA   506,634 
 416,371   Commerzbank AG   11,020,320 
 158,987   Continental AG   12,428,753 
 11,350   CTS Eventim AG & Co. KGaA   1,344,827 
 217,914   Deutsche Post AG   9,311,031 
 20,635   Deutz AG   160,219 
 9,333   Draegerwerk AG & Co. KGaA - Preference Shares   635,953 
 148,647   Duerr AG   3,519,044 
 2,105   Eckert & Ziegler SE   143,892 
 3,283   Einhell Germany AG - Preference Shares   245,083 
 1,724   Elmos Semiconductor SE   117,446 
 155,772   EuroEyes International Eye Clinic Ltd.   56,201 
 8,398   Fielmann Group AG   477,215 
 126,264   flatexDEGIRO AG   3,322,868 
 218,390   Freenet AG   9,081,337 
 256,727   Fresenius SE & Co. KGaA(a)   12,193,746 
 12,093   Friedrich Vorwerk Group SE   825,728 
 107,208   FUCHS SE - Preference Shares   5,375,692 
 10,400   GEA Group AG   678,493 
 16,100   Heidelberg Materials AG   3,218,606 
 219,932   Heidelberger Druckmaschinen AG(a)   302,753 
 105,764   Henkel AG & Co. KGaA - Preference Shares   8,214,306 
 5,426   Hornbach Holding AG & Co. KGaA   610,898 
 257,546   HUGO BOSS AG   10,742,066 
 17,176   Indus Holding AG   483,868 
 232,980   Infineon Technologies AG   7,717,004 
 74,815   IONOS Group SE(a)   2,495,746 
 4,869   JOST Werke SE(b)(c)   274,007 
 44,416   Jungheinrich AG - Preference Shares   1,614,201 
 18,764   KION Group AG   798,520 
 55,469   Kloeckner & Co. SE   446,474 
 9,433   Koenig & Bauer AG(a)   174,549 
 30,446   Krones AG   4,450,235 
 352   KSB SE & Co. KGaA - Preference Shares   320,325 
 14,456   KWS Saat SE & Co. KGaA   912,148 
 583   MBB SE   105,158 
 8,679   MLP SE   78,693 
 5,250   Nemetschek SE   697,645 

16
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares       Value  
GERMANY (continued)     
 8,439   Nordex SE(a)  $158,006 
 99   Paul Hartmann AG   27,814 
 38,100   Porsche Automobil Holding SE - Preference Shares   1,570,895 
 128,419   ProSiebenSat.1 Media SE   896,199 
 1,075   Rational AG   922,386 
 49,756   RENK Group AG   2,997,507 
 49,227   Scout24 SE(b)(c)   5,866,716 
 15,722   Sixt SE   1,494,742 
 1,306   STO SE & Co. KGaA - Preference Shares   186,772 
 1,095   STRATEC SE   29,793 
 46,630   Stroeer SE & Co. KGaA   2,784,344 
 48,189   Suedzucker AG   648,813 
 51,758   SUSS MicroTec SE   1,993,005 
 262,422   TeamViewer SE(a)(b)(c)   4,031,516 
 1,221,996   thyssenkrupp AG   14,014,167 
 87,500   TUI AG(a)   673,268 
 11,334   Wacker Neuson SE   304,780 
 5,146   Washtec AG   247,967 
         166,467,459  
GREECE — 0.1%     
 1,727,178   Piraeus Financial Holdings SA   9,699,888 
HONG KONG — 0.6%     
 98,000   APT Satellite Holdings Ltd.   24,254 
 731,920   Bank of East Asia Ltd. (The)   1,006,347 
 628,263   Bright Smart Securities & Commodities Group Ltd.   555,399 
 66,035   Build King Holdings Ltd.   9,599 
 256,000   Cafe de Coral Holdings Ltd.   235,262 
 219,000   Champion REIT   64,830 
 2,116,500   China Overseas Land & Investment Ltd.   3,754,989 
 3,742,987   China Taiping Insurance Holdings Co. Ltd.   5,183,166 
 462,578   Chow Sang Sang Holdings International Ltd.   453,336 
 1,412,162   Chow Tai Fook Jewellery Group Ltd.   1,887,797 
 422,000   Citychamp Watch & Jewellery Group Ltd.(a)   24,978 
 138,900   CK Asset Holdings Ltd.   567,457 
 98,800   CK Hutchison Holdings Ltd.   557,141 
 3,202,682   COSCO SHIPPING Ports Ltd.   1,657,783 
 570,787   Dah Sing Banking Group Ltd.   615,071 
 70,000   Dah Sing Financial Holdings Ltd.   255,584 
 2,756,045   Emperor Watch & Jewellery Ltd.   76,918 
 341,000   Hang Lung Group Ltd.   489,496 
 787,300   Hong Kong & China Gas Co. Ltd.   708,392 
 235,000   Hong Kong Technology Venture Co. Ltd.(a)   62,868 
 941,700   Hutchison Port Holdings Trust - U Shares- Units   140,193 
Shares      Value
HONG KONG (continued)     
 598,000   Hysan Development Co. Ltd.  $974,798 
 187,000   Impro Precision Industries Ltd.(b)(c)   55,427 
 431,247   International Housewares Retail Co. Ltd.   52,750 
 427,000   Intron Technology Holdings Ltd.   72,750 
 205,918   Jacobson Pharma Corp. Ltd.(b)   32,359 
 33   Jinhui Shipping & Transportation Ltd. (a)   18 
 981,682   Johnson Electric Holdings Ltd.   1,788,427 
 1,124,176   JS Global Lifestyle Co. Ltd.(a)(b)(c)   260,763 
 1,160,777   Kerry Properties Ltd.   2,726,006 
 224,531   KLN Logistics Group Ltd.   181,104 
 122,000   LH GROUP Ltd.(b)   5,984 
 714,374   Luk Fook Holdings International Ltd.   1,558,845 
 1,422,196   Man Wah Holdings Ltd.   755,812 
 5,724,000   Nine Dragons Paper Holdings Ltd.(a)   2,100,734 
 3,163,402   Pacific Basin Shipping Ltd.   709,303 
 156,000   Paradise Entertainment Ltd.   33,113 
 1,138,208   PC Partner Group Ltd.   1,070,205 
 4,778,308   PCCW Ltd.   3,185,481 
 311,496   Prosperity REIT   46,985 
 1,269,477   Shun Tak Holdings Ltd.(a)   91,552 
 1,310,326   Singamas Container Holdings Ltd.   102,710 
 463,399   SITC International Holdings Co. Ltd.   1,283,135 
 200,000   SOCAM Development Ltd.(a)   8,854 
 46,000   Stella International Holdings Ltd.   82,353 
 299,000   Sunlight Real Estate Investment Trust REIT   74,316 
 1,098,612   Tai Hing Group Holdings Ltd.(b)   138,719 
 1,397   Tang Palace China Holdings Ltd.   31 
 549,000   Texhong International Group Ltd.   239,040 
 1,520,000   Truly International Holdings Ltd.   186,604 
 14,555,993   United Energy Group Ltd.   759,937 
 5,648,000   United Laboratories International Holdings Ltd. (The)   10,121,584 
 123,000   VTech Holdings Ltd.   826,335 
 123,676   Wai Kee Holdings Ltd.(a)   9,768 
 150,100   Wharf Real Estate Investment Co. Ltd.   358,972 
 2,008,696   Yue Yuen Industrial Holdings Ltd.   2,883,883 
         51,109,517 
INDIA — 0.4%     
 4,782,665   Bank of India   6,528,486 
 2,184,369   Indus Towers Ltd.(a)   10,526,765 
 458,760   Lupin Ltd.   11,408,032 
 719,909   Sun TV Network Ltd.   5,283,411 
 1,197,601   Zee Entertainment Enterprises Ltd.   1,505,944 
         35,252,638 
INDONESIA — 0.1%     
 35,325,900   Perusahaan Gas Negara Tbk PT   3,584,753 
 10,058,889   Semen Indonesia Persero Tbk PT   1,585,450 
         5,170,203 

17
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
IRELAND — 0.3%     
 18,398   Amarin Corp. Plc - ADR(a)  $197,958 
 296,760   Cairn Homes Plc   653,526 
 125,121   DCC Plc   8,177,643 
 47,348   Dole Plc   719,216 
 445,334   Grafton Group Plc - Units   5,390,798 
 718,354   Greencore Group Plc   1,771,395 
 2,515   Jazz Pharmaceuticals Plc(a)   294,154 
 210,331   Ryanair Holdings Plc - ADR   10,066,442 
         27,271,132 
ISRAEL — 1.3%     
 32   Afcon Holdings Ltd.(a)   1,630 
 1,817   Analyst IMS Investment Management Services Ltd.   45,047 
 7,713   Automatic Bank Services Ltd.   47,687 
 108,575   B Communications Ltd.(a)   604,000 
 124,040   Bank Hapoalim BM   1,819,493 
 215,598   Bank Leumi Le-Israel BM   3,061,715 
 759,806   Bezeq The Israeli Telecommunication Corp. Ltd.   1,155,389 
 50,627   Brainsway Ltd.(a)   227,823 
 17,115   Camtek Ltd.   1,136,515 
 120,481   Cellcom Israel Ltd.(a)   762,939 
 5,680   Delek Group Ltd.   906,157 
 11,552   Delta Galil Ltd.   544,714 
 1,089,225   El Al Israel Airlines(a)   3,329,233 
 52,530   FIBI Holdings Ltd.   3,042,153 
 464,394   First International Bank of Israel Ltd. (The)   25,506,555 
 45,387   Fiverr International Ltd.(a)   1,155,099 
 4,165   FMS Enterprises Migun Ltd.   200,705 
 34,940   Formula Systems 1985 Ltd.   3,084,885 
 31,729   Fox Wizel Ltd.   2,668,656 
 37,700   Harel Insurance Investments & Financial Services Ltd.   626,648 
 196,400   ICL Group Ltd.   1,311,054 
 89,939   Inmode Ltd.(a)   1,268,140 
 247,683   Isracard Ltd.   1,166,403 
 14,187   Israel Corp. Ltd.   4,465,984 
 84,200   Israel Discount Bank Ltd. - Class A   628,931 
 465   Isras Investment Co. Ltd.   100,284 
 377   M Yochananof & Sons Ltd.   25,497 
 137,729   Max Stock Ltd.   526,253 
 958,346   Menivim- The New REIT Ltd.   480,330 
 23,050   Mizrahi Tefahot Bank Ltd.   1,167,194 
 337   Naphtha Israel Petroleum Corp. Ltd.   2,187 
 4,512   Neto Malinda Trading Ltd.   136,479 
 98,345   Nexxen International Ltd.(a)   976,566 
 112,446   Nice Ltd. - ADR(a)   17,525,271 
 12,040   Nova Ltd.(a)   2,324,598 
 40,725   Oddity Tech Ltd. - Class A(a)   2,502,144 
 695,081   Oil Refineries Ltd.   174,517 
 3,602   One Software Technologies Ltd.   68,050 
Shares      Value
ISRAEL (continued)     
 60,737   Partner Communications Co. Ltd.  $403,519 
 243,047   Phoenix Financial Ltd.   4,786,340 
 36,230   Playtika Holding Corp.   190,932 
 311,964   Plus500 Ltd.   12,788,118 
 1,092   RADCOM Ltd.(a)   13,159 
 105,496   Riskified Ltd. - Class A(a)   484,227 
 178,015   Sella Capital Real Estate Ltd. REIT   435,626 
 160,135   Tel Aviv Stock Exchange Ltd.   1,968,905 
 36,826   Tower Semiconductor Ltd.(a)   1,345,944 
 31,300   ZIM Integrated Shipping Services Ltd.   480,455 
         107,674,150 
ITALY — 2.0%     
 5,865,279   A2A SpA   14,916,980 
 101,542   Ascopiave SpA   380,005 
 17,172   Avio SpA(b)   373,194 
 39,856   Azimut Holding SpA   1,107,569 
 11,800   Banca Generali SpA   700,067 
 106,150   Banca IFIS SpA   2,659,713 
 777,641   Banca Mediolanum SpA   11,625,620 
 86,700   Banca Monte dei Paschi di Siena SpA   733,203 
 526,311   Banca Popolare di Sondrio SPA   6,595,137 
 72,167   BFF Bank SpA(a)(b)(c)   683,696 
 1,378,756   BPER Banca SpA   11,198,375 
 5,400   Brunello Cucinelli SpA   609,658 
 118,906   Buzzi SpA   6,231,032 
 24,903   Cairo Communication SpA   81,354 
 70,658   Cementir Holding NV   1,158,480 
 266,900   CIR SpA-Compagnie Industriali(a)   177,077 
 174,238   Credito Emiliano SpA   2,395,390 
 56,048   Danieli & C Officine Meccaniche SpA   1,516,948 
 22,083   Datalogic SpA   106,839 
 192,155   De’ Longhi SpA   5,946,585 
 7,980   DiaSorin SpA   911,929 
 42,115   Digital Value SpA   870,686 
 18,652   El.En. SpA   187,605 
 167,700   Enav SpA(b)(c)   742,606 
 593,276   Eni SpA   8,496,624 
 31,400   ERG SpA   642,374 
 3,563   Fine Foods & Pharmaceuticals NTM   28,678 
 75,712   FNM SpA   34,318 
 252,437   Generali   9,225,999 
 1,251,714   Hera SpA   5,925,901 
 142,429   Immobiliare Grande Distribuzione SIIQ SpA REIT(a)   507,061 
 299,831   Intercos SpA   4,513,113 
 40,700   Interpump Group SpA   1,395,920 
 597,057   Iren SpA   1,704,555 
 308,640   Italgas SpA   2,535,793 
 628,025   Iveco Group NV   10,033,383 
 45,332   Lottomatica Group SpA   1,033,289 
 927   LU-VE SpA   29,989 
 874,488   Maire SpA   9,444,951 

18
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
ITALY (continued)     
 541,904   MFE-MediaForEurope NV - Class A  $1,971,058 
 10,825   MFE-MediaForEurope NV - Class B   52,683 
 13,307   Orsero SpA   197,777 
 510,900   Piaggio & C SpA   1,002,926 
 187,082   Pirelli & C SpA(b)(c)   1,156,634 
 626,174   Poste Italiane SpA(b)(c)   12,709,577 
 15,400   Recordati Industria Chimica e Farmaceutica SpA   908,728 
 58,426   Rizzoli Corriere Della Sera Mediagroup SpA   65,049 
 33,994   Safilo Group SpA(a)   27,796 
 26,116   SOL SpA   1,192,370 
 298,885   Stevanato Group SpA   6,234,741 
 18,515   Technogym SpA(b)(c)   250,190 
 2,169,200   Telecom Italia SpA(a)   859,080 
 267,200   Unipol Assicurazioni SpA   4,792,688 
 1,515,295   Webuild SpA   5,497,589 
         164,380,582 
JAPAN — 10.9%     
 80,600   77 Bank Ltd. (The)   2,526,071 
 4,500   A&A Material Corp.   35,227 
 378,634   ABC-Mart, Inc.   7,041,830 
 4,400   Abist Co. Ltd.   96,080 
 129,800   Adastria Co. Ltd.   2,652,067 
 81,740   ADEKA Corp.   1,473,522 
 24,200   Ad-sol Nissin Corp.   171,131 
 71   Advance Residence Investment Corp. REIT   73,159 
 7,900   Advanced Media, Inc.   48,865 
 17,200   Adways, Inc.   31,881 
 199,400   AEON Financial Service Co. Ltd.   1,650,023 
 1,369   AEON REIT Investment Corp.   1,198,122 
 4,300   AGS Corp.   25,082 
 5,000   Aichi Financial Group, Inc.   95,801 
 36,400   Aida Engineering Ltd.   225,884 
 6,900   Ain Holdings, Inc.   265,956 
 6,600   Aiphone Co. Ltd.   116,178 
 19,900   Airtrip Corp.   131,489 
 97,100   Aisan Industry Co. Ltd.   1,312,318 
 52,900   Aisin Corp.   671,900 
 48,200   Akatsuki, Inc.   1,175,238 
 18,500   Akita Bank Ltd. (The)   316,677 
 322,500   Alfresa Holdings Corp.   4,868,503 
 10,700   Alpha Systems, Inc.   244,805 
 33,200   AlphaPolis Co. Ltd.   296,479 
 245,100   Amada Co. Ltd.   2,454,193 
 19,100   Amano Corp.   556,118 
 1,000   Amiya Corp.(a)   30,247 
 137,700   Amvis Holdings, Inc.   443,394 
 32,300   ANA Holdings, Inc.   620,465 
 77,500   Anest Iwata Corp.   605,732 
 234,900   Anritsu Corp.   2,348,159 
Shares    Value
JAPAN (continued)     
 2,900   AOI Electronics Co. Ltd.  $35,533 
 58,400   AOKI Holdings, Inc.   520,380 
 23,800   Aoyama Trading Co. Ltd.   341,774 
 58,920   ARE Holdings, Inc.   732,027 
 30,200   Artiza Networks, Inc.   127,205 
 87,940   As One Corp.   1,393,730 
 48,400   Asahi Diamond Industrial Co. Ltd.   250,203 
 49,900   Asahi Group Holdings Ltd.   689,733 
 55,200   Asahi Intecc Co. Ltd.   848,689 
 21,300   Asahi Net, Inc.   103,234 
 58,120   Asics Corp.   1,249,234 
 1,500   ASKA Pharmaceutical Holdings Co. Ltd.   24,467 
 55,262   ASKUL Corp.   588,181 
 76,300   Atrae, Inc.   375,473 
 15,400   Aucnet, Inc.   134,025 
 53,996   Avant Group Corp.   673,237 
 66,600   Avex, Inc.   614,516 
 23,900   Awa Bank Ltd. (The)   459,492 
 11,200   Axell Corp.   82,562 
 71,200   Axial Retailing, Inc.   541,623 
 290,600   Azbil Corp.   2,502,442 
 38,700   Bandai Namco Holdings, Inc.   1,344,924 
 35,200   Bando Chemical Industries Ltd.   367,930 
 10,700   Bank of Iwate Ltd. (The)   218,600 
 2,100   Bank of Nagoya Ltd. (The)   110,566 
 13,900   Bank of Saga Ltd. (The)   212,556 
 33,800   BayCurrent, Inc.   1,821,266 
 363,400   BIPROGY, Inc.   11,867,976 
 82,100   BML, Inc.   1,712,467 
 70,600   Brother Industries Ltd.   1,240,695 
 24,200   Buffalo, Inc.   350,236 
 311,000   Bunka Shutter Co. Ltd.   4,452,359 
 7,500   Business Brain Showa-Ota, Inc.   141,842 
 7,600   Business Engineering Corp.   202,542 
 1,700   Canare Electric Co. Ltd.   17,686 
 27,500   Capcom Co. Ltd.   796,140 
 4,300   Career Design Center Co. Ltd.   53,931 
 342,700   Casio Computer Co. Ltd.   2,680,112 
 69,900   Central Glass Co. Ltd.   1,462,455 
 30,152   Central Security Patrols Co. Ltd.   569,103 
 105,300   Chiba Kogyo Bank Ltd. (The)   914,963 
 27,200   Chiyoda Corp.(a)   65,066 
 9,500   Chugoku Marine Paints Ltd.   137,985 
 98,900   Citizen Watch Co. Ltd.   572,092 
 10,500   CKD Corp.   153,050 
 2,390   Cleanup Corp.   10,809 
 245,200   Coca-Cola Bottlers Japan Holdings, Inc.   4,606,526 
 155,500   COLOPL, Inc.   515,878 
 542   Comforia Residential REIT, Inc.   1,053,658 
 209,800   Computer Engineering & Consulting Ltd.   3,125,160 

19
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
JAPAN (continued)     
 21,000   COMSYS Holdings Corp.  $465,446 
 72,240   Concordia Financial Group Ltd.   467,245 
 22,600   Copro-Holdings Co. Ltd.   264,774 
 12,400   Cosmos Initia Co. Ltd.   106,018 
 43,980   Cosmos Pharmaceutical Corp.   2,829,657 
 189,820   Credit Saison Co. Ltd.   4,432,856 
 49,600   Creek & River Co. Ltd.   537,508 
 111,800   Cresco Ltd.   939,548 
 19,400   CTS Co. Ltd.   108,818 
 12,300   Curves Holdings Co. Ltd.   59,586 
 656,900   CyberAgent, Inc.   5,623,080 
 21,800   Cybozu, Inc.   452,160 
 43,000   Dai Nippon Printing Co. Ltd.   599,366 
 70,900   Daicel Corp.   603,512 
 75,000   Daido Steel Co. Ltd.   565,119 
 26,100   Daifuku Co. Ltd.   690,462 
 3,200   Daihen Corp.   141,198 
 5,900   Dai-Ichi Cutter Kogyo KK   57,294 
 862,876   Dai-ichi Life Holdings, Inc.   6,230,351 
 51,100   Daiken Medical Co. Ltd.   170,467 
 44,310   Daito Pharmaceutical Co. Ltd.   645,918 
 6,050   Daito Trust Construction Co. Ltd.   673,589 
 22,200   Daitron Co. Ltd.   496,673 
 4,030   Daiwa House REIT Investment Corp.   6,750,143 
 512   Daiwa Office Investment Corp. REIT   1,096,957 
 18,600   Demae-Can Co. Ltd.(a)   31,117 
 58,200   Denka Co. Ltd.   794,252 
 47,520   Dentsu Soken, Inc.   2,080,998 
 900   Digital Arts, Inc.   44,544 
 9,800   DMG Mori Co. Ltd.   170,341 
 117,700   Doshisha Co. Ltd.   1,844,659 
 7,300   Double Standard, Inc.   76,039 
 41,300   Doutor Nichires Holdings Co. Ltd.   773,572 
 32,180   Dowa Holdings Co. Ltd.   1,032,482 
 22,800   DTS Corp.   648,475 
 58,000   Duskin Co. Ltd.   1,524,572 
 90,200   Ebara Corp.   1,354,966 
 27,900   Ehime Bank Ltd. (The)   203,578 
 67,700   Eiken Chemical Co. Ltd.   1,052,493 
 2,300   Eizo Corp.   32,908 
 163,200   Elecom Co. Ltd.   1,914,885 
 36,900   Electric Power Development Co. Ltd.   647,796 
 123,300   en Japan, Inc.   1,415,782 
 2,900   Endo Lighting Corp.   31,593 
 120,000   ENEOS Holdings, Inc.   577,708 
 40,600   Enigmo, Inc.   83,143 
 4,300   eSOL Co. Ltd.   17,069 
 176,380   EXEO Group, Inc.   2,059,615 
 7,200   FALCO HOLDINGS Co. Ltd.   116,800 
 12,100   Fast Fitness Japan, Inc.   126,149 
 12,843   Ferrotec Holdings Corp.   221,727 
 77,180   Financial Partners Group Co. Ltd.   1,217,987 
 148,400   Food & Life Cos. Ltd.   5,491,575 
Shares      Value
JAPAN (continued)     
 39,000   Forum Engineering, Inc.  $285,602 
 6,200   Foster Electric Co. Ltd.   52,783 
 33,600   Freee KK(a)   949,367 
 2,610   Frontier Real Estate Investment Corp. REIT   1,448,947 
 69,600   Fuji Corp.   1,035,023 
 31,400   Fuji Corp.   424,171 
 6,700   Fuji Seal International, Inc.   119,629 
 74,400   Fujimi, Inc.   973,842 
 3,030   Fujisash Co. Ltd.   14,577 
 37,300   Fujitec Co. Ltd.   1,461,350 
 33,900   Fujitsu General Ltd.   665,457 
 5,500   Fukuda Denshi Co. Ltd.   233,419 
 81,253   Fukui Computer Holdings, Inc.   2,008,215 
 43,000   Fukuoka Financial Group, Inc.   1,136,072 
 39   Fukuoka REIT Corp.   42,671 
 9,800   Fukuyama Transporting Co. Ltd.   243,148 
 148,000   FULLCAST Holdings Co. Ltd.   1,656,790 
 19,920   Furukawa Electric Co. Ltd.   629,106 
 6,300   Furuno Electric Co. Ltd.   112,261 
 23,200   Furyu Corp.   151,597 
 27,400   Fuso Chemical Co. Ltd.   664,868 
 4,400   Fuso Pharmaceutical Industries Ltd.   74,015 
 182,160   Future Corp.   2,296,883 
 17,820   Fuyo General Lease Co. Ltd.   497,258 
 76,500   Gakken Holdings Co. Ltd.   539,485 
 16,100   Gakujo Co. Ltd.   187,782 
 7,000   Galilei Co. Ltd.   140,470 
 11,051   Gecoss Corp.   90,270 
 34,300   Geo Holdings Corp.   466,453 
 1,682   Global One Real Estate Investment Corp. REIT   1,404,469 
 204,300   Glory Ltd.   3,597,254 
 4,426   GLP J-Reit   3,817,633 
 3,700   GMO GlobalSign Holdings KK   57,456 
 18,400   GMO internet group, Inc.   432,681 
 14,200   GMO Payment Gateway, Inc.   889,393 
 4,400   GREE Holdings, Inc.   16,522 
 370,980   GungHo Online Entertainment, Inc.   7,850,148 
 16,500   Gunze Ltd.   296,677 
 55,000   H2O Retailing Corp.   752,275 
 44,600   Hachijuni Bank Ltd. (The)   336,640 
 24,300   Hakuhodo DY Holdings, Inc.   182,698 
 100   Hamakyorex Co. Ltd.   934 
 61,200   Hamamatsu Photonics KK   565,923 
 68,780   Hanwa Co. Ltd.   2,280,392 
 26,000   Happinet Corp.   975,771 
 44,900   Harmonic Drive Systems, Inc.   1,055,494 
 93,700   Heiwa Corp.   1,458,518 
 750   Heiwa Real Estate REIT, Inc.   690,739 
 44,900   Hennge KK   539,441 
 600   Hioki EE Corp.   23,924 
 12,700   Hirose Electric Co. Ltd.   1,436,541 

20
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
JAPAN (continued)     
 103,900   Hisamitsu Pharmaceutical Co., Inc.  $3,152,635 
 23,500   Hitachi Construction Machinery Co. Ltd.   702,295 
 17,411   Hito Communications Holdings, Inc.   114,709 
 67,800   Hokuhoku Financial Group, Inc.   1,215,941 
 161,440   Horiba Ltd.   11,034,728 
 15,400   Hoshizaki Corp.   654,748 
 16,900   Hosokawa Micron Corp.   471,006 
 5,100   House Foods Group, Inc.   99,998 
 13,400   Hyakugo Bank Ltd. (The)   64,956 
 46,800   Hyakujushi Bank Ltd. (The)   1,087,037 
 69,600   IBJ, Inc.   318,080 
 1,800   Ichiken Co. Ltd.   35,706 
 32,300   Ichikoh Industries Ltd.   88,942 
 210,545   Idemitsu Kosan Co. Ltd.   1,304,751 
 16,450   IHI Corp.   1,288,564 
 13,000   IMAGICA GROUP, Inc.   51,937 
 225   Industrial & Infrastructure Fund Investment Corp. REIT   184,065 
 740,283   Inpex Corp.   9,260,570 
 267,400   Internet Initiative Japan, Inc.   4,958,500 
 2,800   Iriso Electronics Co. Ltd.   50,132 
 17,000   ISB Corp.   161,138 
 246,600   Isetan Mitsukoshi Holdings Ltd.   3,169,913 
 85,518   Isuzu Motors Ltd.   1,150,083 
 62,400   Itfor, Inc.   644,864 
 74,800   Ito En Ltd.   1,789,535 
 124,400   Itoki Corp.   1,564,428 
 62,300   Iwatani Corp.   596,516 
 550,762   Iyogin Holdings, Inc.   6,388,405 
 38,400   Izumi Co. Ltd.   884,082 
 98,900   J Trust Co. Ltd.   271,243 
 371,200   JAC Recruitment Co. Ltd.   2,158,035 
 43,500   JAFCO Group Co. Ltd.   732,498 
 21,600   Japan Airport Terminal Co. Ltd.   621,280 
 477,817   Japan Aviation Electronics Industry Ltd.   7,654,187 
 1,386   Japan Excellent, Inc. REIT   1,252,267 
 215,700   Japan Lifeline Co. Ltd.   2,309,504 
 1,075   Japan Logistics Fund, Inc. REIT   703,017 
 18,000   Japan Medical Dynamic Marketing, Inc.   70,412 
 4,396   Japan Metropolitan Fund Invest REIT   2,928,966 
 43,200   Japan Post Insurance Co. Ltd.   868,456 
 1,801   Japan Real Estate Investment Corp. REIT   1,429,297 
 94,700   Japan System Techniques Co. Ltd.   1,243,854 
 161,664   JBCC Holdings, Inc.   1,356,198 
 49,440   JCR Pharmaceuticals Co. Ltd.   172,333 
 3,400   JCU Corp.   75,082 
 113,900   Jeol Ltd.   3,663,166 
 113,580   JFE Holdings, Inc.   1,322,756 
 354,500   JGC Holdings Corp.   2,835,260 
Shares      Value
JAPAN (continued)     
 21,200   JINS Holdings, Inc.  $1,329,524 
 3,200   JK Holdings Co. Ltd.   22,826 
 2,200   J-Oil Mills, Inc.   31,588 
 17,700   JSB Co. Ltd.   450,417 
 30,000   Juroku Financial Group, Inc.   1,014,813 
 84,920   Justsystems Corp.   2,032,373 
 144,400   JVCKenwood Corp.   1,077,668 
 33,780   Kajima Corp.   806,587 
 232,600   Kakaku.com, Inc.   4,113,735 
 23,800   Kamakura Shinsho Ltd.   78,682 
 12,600   Kamei Corp.   169,462 
 138,800   Kamigumi Co. Ltd.   3,397,762 
 6,316   Kanaden Corp.   64,685 
 100,600   Kanadevia Corp.   645,244 
 217,900   Kanamoto Co. Ltd.   4,885,766 
 63,300   Kaneka Corp.   1,547,003 
 39,800   Katitas Co. Ltd.   576,665 
 42,600   Kawasaki Kisen Kaisha Ltd.   584,230 
 1,646   KDX Realty Investment Corp. REIT   1,714,091 
 28,400   Keihan Holdings Co. Ltd.   695,569 
 11,800   Kenko Mayonnaise Co. Ltd.   158,173 
 67,740   Kewpie Corp.   1,540,769 
 64,000   Kikkoman Corp.   626,507 
 18,800   Kimura Unity Co. Ltd.   102,053 
 35,640   Kinden Corp.   922,515 
 57,200   Kissei Pharmaceutical Co. Ltd.   1,501,159 
 2,700   Kitagawa Corp.   23,470 
 1,800   Kita-Nippon Bank Ltd. (The)   38,554 
 116,650   Kitz Corp.   889,645 
 45,500   KNT-CT Holdings Co. Ltd.(a)   375,178 
 10,560   Kobayashi Pharmaceutical Co. Ltd.   402,863 
 74,760   Kobe Steel Ltd.   876,777 
 89,460   Koei Tecmo Holdings Co. Ltd.   1,534,716 
 74,600   Koito Manufacturing Co. Ltd.   903,596 
 14,800   Kokuyo Co. Ltd.   303,287 
 215,719   Komatsu Ltd.   6,238,501 
 14,200   Komeri Co. Ltd.   302,599 
 100,700   Komori Corp.   896,816 
 11,110   Konami Group Corp.   1,586,686 
 909,500   Konica Minolta, Inc.(a)   2,791,535 
 9,500   Konishi Co. Ltd.   74,634 
 6,600   Kose Corp.   284,664 
 46,940   K’s Holdings Corp.   449,546 
 20,400   Kurabo Industries Ltd.   893,723 
 431,437   Kuraray Co. Ltd.   5,039,827 
 50,660   Kurita Water Industries Ltd.   1,677,235 
 8,200   Kuriyama Holdings Corp.   75,433 
 26,000   Kyodo Printing Co. Ltd.   193,660 
 79,600   Kyoto Financial Group, Inc.   1,366,296 
 62,260   Kyowa Kirin Co. Ltd.   972,166 
 25,400   Kyushu Railway Co.   657,386 
 58,200   Life Corp.   843,046 
 203,400   LIFULL Co. Ltd.   215,862 

21
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
JAPAN (continued)     
 28,000   Lintec Corp.  $535,606 
 223,300   Lion Corp.   2,736,982 
 43,500   Lixil Corp.   512,587 
 3,000   Look Holdings, Inc.   51,292 
 80,500   M&A Capital Partners Co. Ltd.   1,548,981 
 53,040   Mabuchi Motor Co. Ltd.   774,871 
 234,119   Makita Corp.   6,846,588 
 54,500   Marui Group Co. Ltd.   1,084,850 
 2,930   Maruwa Co. Ltd.   602,486 
 210,700   Marvelous, Inc.   698,967 
 46,700   Matching Service Japan Co. Ltd.   297,699 
 2,300   Matsuoka Corp.   29,296 
 75,900   Max Co. Ltd.   2,238,442 
 41,400   Maxell Ltd.   507,431 
 2,969,194   Mazda Motor Corp.   17,752,263 
 34,000   McDonald’s Holdings Co. Japan Ltd.   1,437,635 
 237,000   Mebuki Financial Group, Inc.   1,158,012 
 10,300   Media Do Co. Ltd.   126,123 
 97,300   Medipal Holdings Corp.   1,648,815 
 38,100   Megmilk Snow Brand Co. Ltd.   700,571 
 86,600   Meidensha Corp.   2,379,118 
 341,180   MEITEC Group Holdings, Inc.   7,002,920 
 74,000   Micronics Japan Co. Ltd.   1,567,801 
 48,580   Milbon Co. Ltd.   923,746 
 146,780   Mirait one Corp.   2,308,267 
 23,900   Miroku Jyoho Service Co. Ltd.   310,266 
 252,200   MISUMI Group, Inc.   3,533,137 
 6,300   Mitani Sangyo Co. Ltd.   15,448 
 93,400   Mito Securities Co. Ltd.   349,493 
 18,700   Mitsuba Corp.   109,812 
 121,000   Mitsubishi Chemical Group Corp.   588,249 
 42,900   Mitsubishi Estate Co. Ltd.   753,580 
 284,700   Mitsubishi Logistics Corp.   1,964,827 
 7,300   Mitsubishi Pencil Co. Ltd.   113,289 
 24,800   Mitsubishi Research Institute, Inc.   778,752 
 25,100   Mitsubishi Shokuhin Co. Ltd.   939,661 
 27,800   Mitsuboshi Belting Ltd.   697,111 
 22,000   Mitsui Chemicals, Inc.   483,444 
 44,800   Mitsui High-Tec, Inc.   209,259 
 36,960   Mitsui Mining & Smelting Co. Ltd.   1,004,832 
 134,709   Mitsui OSK Lines Ltd.   4,486,324 
 120,780   Miura Co. Ltd.   2,572,668 
 145,400   Mixi, Inc.   3,230,743 
 279,750   Mizuno Corp.   4,992,776 
 6,600   Mochida Pharmaceutical Co. Ltd.   142,869 
 59,400   Monex Group, Inc.   298,981 
 35,500   MonotaRO Co. Ltd.   682,767 
 59,700   Morinaga & Co. Ltd.   1,064,443 
 15,900   Moriroku Co. Ltd.   245,319 
 7,500   Morita Holdings Corp.   111,909 
 11,000   Musashino Bank Ltd. (The)   243,777 
 44,300   Nabtesco Corp.   664,901 
 75,400   Nagase & Co. Ltd.   1,328,066 
Shares      Value
JAPAN (continued)     
 59,160   Nakanishi, Inc.  $772,360 
 3,400   Nanyo Corp.   28,167 
 107,795   NEC Corp.   2,624,035 
 3,000   NEOJAPAN, Inc.   32,441 
 62,500   NGK Insulators Ltd.   771,251 
 56,900   NHK Spring Co. Ltd.   632,345 
 7,000   Nichia Steel Works Ltd.   14,873 
 1,800   Nifco, Inc.   44,633 
 20,300   Nihon Falcom Corp.   173,564 
 166,100   Nihon Kohden Corp.   2,006,416 
 312,700   Nihon M&A Center Holdings, Inc.   1,275,422 
 11,800   Nihon Trim Co. Ltd.   339,764 
 338,000   Nikon Corp.   3,250,022 
 1,185   Nippon Accommodations Fund, Inc. REIT   966,690 
 1,890   Nippon Building Fund, Inc. REIT   1,754,316 
 7,800   Nippon Carbide Industries Co., Inc.   91,987 
 404,900   Nippon Express Holdings, Inc.   7,230,649 
 709,456   Nippon Kayaku Co. Ltd.   6,684,219 
 59,400   Nippon Light Metal Holdings Co. Ltd.   619,300 
 15,300   Nippon Paper Industries Co. Ltd.   118,293 
 3,644   Nippon Prologis REIT, Inc.   6,026,540 
 19,200   Nippon Seiki Co. Ltd.   147,015 
 132,400   Nippon Shinyaku Co. Ltd.   3,413,853 
 115,823   Nippon Steel Corp.   2,437,809 
 29,900   Nippon Television Holdings, Inc.   692,423 
 31,760   Nippon Yusen KK   1,037,692 
 115,360   Nipro Corp.   1,022,286 
 19,900   Nishio Holdings Co. Ltd.   572,607 
 33,200   Nissan Chemical Corp.   971,055 
 7,800   Nissei ASB Machine Co. Ltd.   248,440 
 275,300   Nisshin Seifun Group, Inc.   3,551,841 
 156,700   Nisshinbo Holdings, Inc.   936,706 
 21,400   Nissin Corp.   721,238 
 65,900   Nisso Holdings Co. Ltd.   318,321 
 5,800   Nitta Corp.   149,100 
 81,100   Nitto Boseki Co. Ltd.   2,155,422 
 51,600   Nitto Denko Corp.   906,964 
 133,400   Nitto Kogyo Corp.   2,800,457 
 23,200   Nitto Seiko Co. Ltd.   96,115 
 52,700   Nittoc Construction Co. Ltd.   384,993 
 82,620   NOF Corp.   1,243,667 
 174,140   Nomura Holdings, Inc.   970,581 
 1,480   Nomura Real Estate Master Fund, Inc. REIT   1,473,427 
 26,100   Nomura Research Institute Ltd.   988,341 
 9,400   Noritake Co. Ltd.   244,986 
 70,400   Noritz Corp.   865,663 
 36,800   North Pacific Bank Ltd.   128,663 
 118,800   NS Solutions Corp.   2,818,506 
 32,500   NS Tool Co. Ltd.   161,190 
 274,342   NSD Co. Ltd.   6,458,680 

22
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
JAPAN (continued)     
 2,061   NSW, Inc.  $44,741 
 726   NTT UD REIT Investment Corp.   681,948 
 75,400   OBIC Business Consultants Co. Ltd.   3,624,599 
 21,300   Obic Co. Ltd.   745,745 
 29,800   Ogaki Kyoritsu Bank Ltd. (The)   483,617 
 7,100   Oita Bank Ltd. (The)   169,464 
 150,400   Oji Holdings Corp.   709,968 
 40,300   Okabe Co. Ltd.   250,547 
 156,700   Okamura Corp.   2,175,802 
 102,800   Oki Electric Industry Co. Ltd.   684,676 
 2,000   Okinawa Cellular Telephone Co.   59,304 
 1,600   Okinawa Financial Group, Inc.   27,754 
 56,800   OKUMA Corp.   1,276,100 
 46,500   Olympus Corp.   609,289 
 14,700   Ono Pharmaceutical Co. Ltd.   169,211 
 68,400   Onward Holdings Co. Ltd.   276,961 
 5,300   OpenWork, Inc.(a)   31,908 
 31,100   Optim Corp.(a)   142,433 
 14,340   Oracle Corp. Japan   1,723,975 
 3,600   Oricon, Inc.   20,258 
 799   Orix JREIT, Inc.   1,006,321 
 124,000   Osaki Electric Co. Ltd.   738,009 
 106,640   OSG Corp.   1,267,618 
 28,840   Otsuka Corp.   639,644 
 151,600   PAL GROUP Holdings Co. Ltd.   4,171,248 
 39,500   PALTAC Corp.   1,095,399 
 42,140   Pan Pacific International Holdings Corp.   1,297,383 
 7,200   PAPYLESS Co. Ltd.   43,649 
 10,300   Paramount Bed Holdings Co. Ltd.   165,917 
 10,300   Paris Miki Holdings, Inc.   20,089 
 2,320,600   Persol Holdings Co. Ltd.   4,203,239 
 119,100   Pigeon Corp.   1,442,286 
 42,400   Pilot Corp.   1,183,436 
 59,800   Pole To Win Holdings, Inc.   150,823 
 2,900   PR Times, Corp.   46,190 
 172,200   Prestige International, Inc.   808,588 
 6,300   PROGRIT, Inc.   48,975 
 40,700   Pronexus, Inc.   347,612 
 25,100   Raito Kogyo Co. Ltd.   466,847 
 151,400   Rakus Co. Ltd.   2,300,493 
 43,300   Rakuten Bank Ltd.(a)   1,821,099 
 136,900   Relo Group, Inc.   1,808,897 
 15,300   Resonac Holdings Corp.   278,276 
 398,200   Resorttrust, Inc.   4,098,076 
 8,348   Rheon Automatic Machinery Co. Ltd.   68,008 
 57,000   Ricoh Co. Ltd.   599,533 
 95,800   Riken Technos Corp.   673,261 
 46,500   Riken Vitamin Co. Ltd.   811,217 
 417,138   Rinnai Corp.   9,343,249 
 9,800   Rion Co. Ltd.   163,694 
 204,700   Rohm Co. Ltd.   1,863,792 
 242,900   Rohto Pharmaceutical Co. Ltd.   4,063,037 
Shares      Value
JAPAN (continued)     
 252,800   Ryohin Keikaku Co. Ltd.  $8,544,778 
 1,800   S&B Foods, Inc.   35,648 
 38,200   Sac’s Bar Holdings, Inc.   223,481 
 100   Saison Technology Co. Ltd.   1,257 
 6,000   Sakai Heavy Industries Ltd.   85,256 
 80,846   Sakata Seed Corp.   1,872,489 
 84,500   Sangetsu Corp.   1,718,632 
 4,300   Sanko Metal Industrial Co. Ltd.   178,041 
 462,834   Sankyo Co. Ltd.   7,044,591 
 6,500   Sankyo Tateyama, Inc.   29,041 
 59,840   Sankyu, Inc.   2,618,957 
 214,100   Sansan, Inc.(a)   2,924,907 
 56,500   Sansha Electric Manufacturing Co. Ltd.   319,809 
 827,400   Santen Pharmaceutical Co. Ltd.   8,380,231 
 353,140   Sanwa Holdings Corp.   11,591,005 
 113,800   Sato Corp.   1,646,824 
 31,000   Scroll Corp.   222,954 
 18,000   Secom Co. Ltd.   661,868 
 262,719   Sega Sammy Holdings, Inc.   5,514,074 
 27,000   Seibu Holdings, Inc.   652,555 
 125,200   Seikagaku Corp.   622,177 
 37,100   Seiko Epson Corp.   514,691 
 37,800   Seiko Group Corp.   997,795 
 28,200   Sekisui House Ltd.   648,324 
 4,103   Sekisui House Reit, Inc.   2,213,485 
 32,000   Sekisui Kasei Co. Ltd.   73,384 
 1,000   SEMITEC Corp.   12,486 
 19,200   SERAKU Co. Ltd.   192,356 
 13,800   Seria Co. Ltd.   280,170 
 7,000   Serverworks Co. Ltd.(a)   114,932 
 100,040   SG Holdings Co. Ltd.   1,053,386 
 65,400   Sharp Corp.(a)   387,720 
 41,000   Shibaura Machine Co. Ltd.   1,035,062 
 9,100   Shibaura Mechatronics Corp.   426,811 
 487,800   SHIFT, Inc.(a)   4,463,463 
 26,200   Shikoku Bank Ltd. (The)   217,832 
 77,900   Shikoku Electric Power Co., Inc.   640,185 
 10,300   Shimadaya Corp.   134,906 
 89,700   Shimamura Co. Ltd.   5,968,547 
 49,700   Shindengen Electric Manufacturing Co. Ltd.   718,868 
 15,500   Shin-Etsu Polymer Co. Ltd.   158,817 
 28,600   Shinnihonseiyaku Co. Ltd.   479,910 
 41,000   Shionogi & Co. Ltd.   688,821 
 376,937   Ship Healthcare Holdings, Inc.   5,468,404 
 304,000   Shizuoka Financial Group, Inc.   3,378,212 
 17,200   SHO-BOND Holdings Co. Ltd.   617,418 
 69,940   Shoei Co. Ltd.   821,442 
 28,876   Shofu, Inc.   441,788 
 3,400   Sigma Koki Co. Ltd.   31,408 
 5,900   SIGMAXYZ Holdings, Inc.   43,244 
 24,320   Sinfonia Technology Co. Ltd.   1,039,897 

23
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
JAPAN (continued)     
 275,700   SKY Perfect JSAT Holdings, Inc.  $2,228,798 
 2,900   SMK Corp.   47,566 
 378,420   SMS Co. Ltd.   3,507,181 
 530,700   Socionext, Inc.   5,707,986 
 122,900   Sodick Co. Ltd.   645,937 
 15,800   Softcreate Holdings Corp.   217,258 
 504,400   Sohgo Security Services Co. Ltd.   3,986,608 
 103,713   Soliton Systems KK   908,190 
 114,900   Square Enix Holdings Co. Ltd.   6,643,864 
 163,600   Star Micronics Co. Ltd.   1,876,138 
 6,100   Startia Holdings, Inc.   90,137 
 124,600   Starts Corp., Inc.   3,388,894 
 6,300   Step Co. Ltd.   100,653 
 9,600   Strike Co. Ltd.   197,468 
 483,057   Subaru Corp.   8,747,157 
 122,240   Sugi Holdings Co. Ltd.   2,567,755 
 53,500   Sumitomo Bakelite Co. Ltd.   1,243,924 
 1,715,200   Sumitomo Chemical Co. Ltd.   4,146,168 
 21,500   Sumitomo Densetsu Co. Ltd.   790,165 
 61,400   Sumitomo Electric Industries Ltd.   986,907 
 88,700   Sumitomo Heavy Industries Ltd.   1,846,896 
 48,000   Sumitomo Mitsui Trust Group, Inc.   1,187,459 
 471,900   Sumitomo Pharma Co. Ltd.(a)   2,604,796 
 17,700   Sumitomo Realty & Development Co. Ltd.   659,260 
 6,900   Sumitomo Riko Co. Ltd.   78,910 
 55,600   Sumitomo Warehouse Co. Ltd. (The)   1,079,986 
 262,900   Sun Frontier Fudousan Co. Ltd.   3,597,756 
 82,800   Sundrug Co. Ltd.   2,759,086 
 227,500   Suzuken Co. Ltd.   8,219,036 
 9,100   System Support Holdings, Inc.   128,109 
 734,100   Systena Corp.   1,920,186 
 75,300   Tadano Ltd.   521,684 
 24,800   Taiheiyo Cement Corp.   667,749 
 14,300   Takaoka Toko Co. Ltd.   229,981 
 27,900   Takara & Co. Ltd.   676,072 
 126,560   Takara Holdings, Inc.   1,021,474 
 101,300   Takara Standard Co. Ltd.   1,280,334 
 14,600   Takasago International Corp.   685,802 
 123,900   Takashimaya Co. Ltd.   955,288 
 49,640   Takeuchi Manufacturing Co. Ltd.   1,553,849 
 233,000   Tamron Co. Ltd.   5,267,770 
 3,300   Tazmo Co. Ltd.   40,466 
 164,200   TDK Corp.   1,752,251 
 116,480   TechMatrix Corp.   1,663,397 
 1,100   Techno Medica Co. Ltd.   13,949 
 159,360   TechnoPro Holdings, Inc.   3,553,667 
 16,900   Temairazu, Inc.   419,516 
 5,000   Terasaki Electric Co. Ltd.   73,436 
 74,048   TIS, Inc.   2,137,261 
 11,500   Toa Corp.   74,696 
 181,500   Tobu Railway Co. Ltd.   3,312,002 
 46,200   TOC Co. Ltd.   204,384 
Shares      Value
JAPAN (continued)     
 5,900   Tocalo Co. Ltd.  $67,956 
 159,965   Tochigi Bank Ltd. (The)   362,326 
 1,200   Toell Co. Ltd.   6,464 
 30,000   Toho Gas Co. Ltd.   897,386 
 96,500   Toho Holdings Co. Ltd.   3,154,722 
 124,400   Tohoku Electric Power Co., Inc.   894,008 
 24,000   Tokai Corp.   352,989 
 430,191   Tokai Rika Co. Ltd.   6,407,092 
 336,659   Tokuyama Corp.   6,872,020 
 2,810,700   Tokyo Electric Power Co. Holdings, Inc.(a)   8,598,367 
 431,537   Tokyo Gas Co. Ltd.   14,336,865 
 4,900   Tokyo Kiraboshi Financial Group, Inc.   193,692 
 880   Tokyo Ohka Kogyo Co. Ltd.   19,360 
 90,100   Tokyo Seimitsu Co. Ltd.   5,027,862 
 64,446   Tokyo Tatemono Co. Ltd.   1,155,409 
 33,360   Tokyotokeiba Co. Ltd.   980,390 
 53,600   Tokyu Corp.   650,064 
 191,986   Tokyu Fudosan Holdings Corp.   1,344,635 
 1,196   Tokyu REIT, Inc.   1,496,637 
 73,900   Toli Corp.   252,679 
 1,200   Tomato Bank Ltd.   9,926 
 104,085   TOMONY Holdings, Inc.   398,845 
 69,290   Tomy Co. Ltd.   1,525,558 
 1,726,051   Toray Industries, Inc.   11,023,456 
 88,100   Tosei Corp.   1,484,826 
 101,455   Toshiba TEC Corp.   1,912,316 
 19,300   Tosho Co. Ltd.   74,249 
 41,280   TOTO Ltd.   1,088,491 
 3,400   Toumei Co. Ltd.   47,278 
 36,400   Towa Bank Ltd. (The)   156,219 
 138,600   Towa Pharmaceutical Co. Ltd.   2,571,841 
 6,600   Toyo Denki Seizo KK   63,759 
 100,900   Toyo Engineering Corp.   476,384 
 121,620   Toyo Seikan Group Holdings Ltd.   2,123,327 
 10,080   Toyo Suisan Kaisha Ltd.   651,630 
 65,140   Toyo Tire Corp.   1,217,909 
 2,200   Toyokumo, Inc.   38,693 
 117,200   Transcosmos, Inc.   2,560,977 
 9,283   Trend Micro, Inc.   666,061 
 2,900   Trinity Industrial Corp.   21,582 
 98,400   Trusco Nakayama Corp.   1,468,031 
 356,100   Tsubakimoto Chain Co.   4,326,019 
 95,720   Tsugami Corp.   1,179,138 
 28,600   Tsuruha Holdings, Inc.   2,300,560 
 12,200   TV Asahi Holdings Corp.   221,904 
 3,700   TYK Corp.   12,740 
 39,400   UACJ Corp.   1,329,291 
 31,600   Ubicom Holdings, Inc.   282,044 
 9,100   Uchida Yoko Co. Ltd.   497,823 
 82,800   Ulvac, Inc.   2,808,133 
 80,000   United Arrows Ltd.   1,262,900 
 59,400   UNITED, Inc.   290,353 

24
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
JAPAN (continued)     
 5,400   Univance Corp.  $13,494 
 932,927   USS Co. Ltd.   9,299,179 
 25,600   Valor Holdings Co. Ltd.   447,912 
 68,100   ValueCommerce Co. Ltd.   386,883 
 84,100   Vector, Inc.   523,027 
 29,200   Visional, Inc.(a)   1,766,563 
 56,200   Vital KSK Holdings, Inc.   517,337 
 467,040   Wacom Co. Ltd.   1,787,891 
 3,100   Wadakohsan Corp.   29,832 
 2,300   Waseda Academy Co. Ltd.   35,664 
 27,800   WDB Holdings Co. Ltd.   354,810 
 5,500   Wealth Management, Inc.   39,132 
 79,200   Welcia Holdings Co. Ltd.   1,396,386 
 30,700   West Japan Railway Co.   645,805 
 3,100   WingArc1st, Inc.   82,848 
 45,720   Workman Co. Ltd.   1,440,677 
 33,800   Wowow, Inc.   243,399 
 103,900   Xebio Holdings Co. Ltd.   947,863 
 30,400   Yakult Honsha Co. Ltd.   624,477 
 3,000   YAKUODO Holdings Co. Ltd.   42,629 
 135,700   YAMABIKO Corp.   2,030,767 
 225,900   Yamaha Corp.   1,651,090 
 9,300   Yamanashi Chuo Bank Ltd. (The)   132,647 
 201,000   Yamato Holdings Co. Ltd.   2,853,751 
 12,000   Yamato Kogyo Co. Ltd.   714,584 
 92,200   Yamazaki Baking Co. Ltd.   2,207,136 
 66,000   Yamazen Corp.   648,940 
 800   Yaoko Co. Ltd.   53,582 
 17,500   Yodogawa Steel Works Ltd.   708,541 
 30,300   Yokogawa Electric Corp.   655,697 
 27,046   Yokohama Rubber Co. Ltd. (The)   591,356 
 3,000   Yokowo Co. Ltd.   25,707 
 11,100   Yossix Holdings Co. Ltd.   216,002 
 20,100   Yushin Co.   89,766 
 3,700   Yutaka Giken Co. Ltd.   56,082 
 18,900   Zacros Corp.   524,087 
 201,880   Zenkoku Hosho Co. Ltd.   4,380,003 
 86,500   Zenrin Co. Ltd.   727,974 
 224,960   Zeon Corp.   2,206,008 
 25,400   ZERIA Pharmaceutical Co. Ltd.   416,526 
 216,500   ZIGExN Co. Ltd.   673,646 
 109,080   ZOZO, Inc.   1,107,761 
 13,100   Zuken, Inc.   473,698 
         887,889,706 
LUXEMBOURG — 0.0%     
 13,140   Befesa SA(b)(c)   399,549 
 31,200   RTL Group SA   1,279,530 
 64,500   Tenaris SA   1,075,534 
         2,754,613 
MACAU — 0.0%     
 265,100   Sands China Ltd.(a)   474,781 
Shares      Value
MALAYSIA — 0.1%     
 21,673,800   Top Glove Corp. Bhd(a)  $4,418,015 
MEXICO — 0.1%     
 250,861   Industrias Penoles SAB de CV(a)   5,027,198 
NETHERLANDS — 1.1%     
 440,118   ABN AMRO Bank NV(b)(c)   9,120,496 
 3,536   Acomo NV   86,905 
 28,363   Alfen NV(a)(b)(c)   498,695 
 20,585   Arcadis NV   998,189 
 22,291   ASM International NV   10,895,551 
 141,040   ASR Nederland NV   8,899,457 
 92,865   Corbion NV   1,985,956 
 28,784   Eurocommercial Properties NV REIT   831,754 
 9,010   Euronext NV(b)(c)   1,505,995 
 85,602   Flow Traders Ltd.   2,534,567 
 34,361   ForFarmers NV   163,979 
 302,026   Koninklijke Ahold Delhaize NV   12,400,905 
 463,732   Koninklijke BAM Groep NV   3,141,225 
 210,823   Koninklijke Heijmans NV   10,798,148 
 213,700   Koninklijke KPN NV   994,101 
 29,320   Koninklijke Vopak NV   1,212,402 
 147,212   NN Group NV   9,027,099 
 27,159   NSI NV REIT   665,159 
 43,183   QIAGEN NV   1,853,241 
 6,135   QIAGEN NV   262,271 
 27,398   Randstad NV   1,099,748 
 246,100   Signify NV(b)(c)   5,101,425 
 94,028   Van Lanschot Kempen NV   5,490,059 
 214,984   Wereldhave NV REIT   4,060,608 
         93,627,935 
NEW ZEALAND — 0.1%     
 2,004,924   a2 Milk Co. Ltd. (The)   10,489,045 
 269,484   Air New Zealand Ltd.   92,864 
 13,488   Gentrack Group Ltd.(a)   93,973 
 39,148   SKY Network Television Ltd.   57,365 
 801,689   Spark New Zealand Ltd.   993,233 
 7,554   Vista Group International Ltd.(a)   15,899 
         11,742,379 
NORWAY — 0.8%     
 240,847   ABG Sundal Collier Holding ASA   152,101 
 37,623   AF Gruppen ASA   539,989 
 520,131   Aker BP ASA   11,165,917 
 1,433,201   Aker Solutions ASA   3,889,860 
 81,341   Atea ASA   1,112,919 
 7,801   Bonheur ASA   180,636 
 23,520   Bouvet ASA   181,516 
 505   BW Offshore Ltd.   1,384 
 2,403,528   DNO ASA   2,741,281 
 1,692,356   Elkem ASA(b)(c)   2,976,985 
 22,516   Elmera Group ASA(b)(c)   80,258 
 1,645   FLEX LNG Ltd.   39,687 
 168,826   Gjensidige Forsikring ASA   3,950,334 

25
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
NORWAY (continued)     
 4,439   Kongsberg Gruppen ASA  $715,162 
 1,028,795   Leroy Seafood Group ASA   4,509,324 
 554,293   Mowi ASA   10,163,781 
 587,079   MPC Container Ships ASA   868,145 
 23,852   NORBIT ASA   327,576 
 404,645   Norconsult Norge AS   1,828,679 
 415,479   Nordic Semiconductor ASA(a)   4,166,169 
 253,384   Norwegian Air Shuttle ASA(a)   334,611 
 140,945   Odfjell Drilling Ltd.   733,658 
 144,295   OKEA ASA(a)   227,258 
 833   Olav Thon Eiendomsselskap ASA   20,722 
 191,433   Orkla ASA   2,134,949 
 211,514   Petronor E&P ASA   255,803 
 150,390   Pexip Holding ASA   571,626 
 154,942   SATS ASA(a)   559,746 
 24,060   Schibsted ASA - Class A   732,214 
 25,380   Schibsted ASA - Class B   732,903 
 2,897   SpareBank 1 Nord Norge   38,726 
 13,386   Sparebank 1 Oestlandet   222,925 
 76,344   SpareBank 1 SMN   1,385,476 
 43,300   SpareBank 1 Sor-Norge ASA   690,949 
 4,705   Sparebanken More   45,224 
 19,660   Sparebanken Norge   264,556 
 54,600   Storebrand ASA   659,219 
 25,920   TGS ASA   193,322 
 56,193   TOMRA Systems ASA   886,573 
 67,324   Veidekke ASA   1,013,024 
 678,723   Wallenius Wilhelmsen ASA   4,919,040 
 13,592   Wilh Wilhelmsen Holding ASA - Class A   506,520 
         66,720,747 
POLAND — 0.3%     
 1,064,885   Allegro.eu SA(a)(b)(c)   9,343,755 
 250,143   KGHM Polska Miedz SA   7,985,186 
 3,276,809   Orange Polska SA   8,419,581 
         25,748,522 
PORTUGAL — 0.1%     
 100,659   Altri SGPS SA   692,645 
 1,330,015   Banco Comercial Portugues SA - Class R   850,675 
 3,621   Ibersol SGPS SA   38,167 
 52,367   Jeronimo Martins SGPS SA   1,267,405 
 284,675   NOS SGPS SA   1,188,067 
 218,800   REN - Redes Energeticas Nacionais SGPS SA   718,140 
 5,970,051   Sonae SGPS SA   7,581,577 
         12,336,676 
PUERTO RICO — 0.0%     
 2,860   Popular, Inc.   272,901 
RUSSIA — 0.0%     
 3,531,360   Alrosa PJSC(d)(e)   0 
Shares      Value
RUSSIA (continued)     
 1,189,126,065   Federal Grid Co. - Rosseti PJSC(a)(d) (e)  $0 
 4,480,742   Gazprom PJSC(a)(d)(e)   0 
 1,073,095   Gazprom PJSC - ADR(a)(d)(e)   0 
 112,793   Magnit PJSC(d)(e)   0 
 532,967   Mobile TeleSystems PJSC(d)(e)   0 
 217,810,135   ROSSETI PJSC(a)(d)(e)   0 
 1,641,600   Rostelecom PJSC(d)(e)   0 
 461,432,194   RusHydro PJSC(a)(d)(e)   0 
 13,369,855   Surgutneftegas PAO(d)(e)   0 
 243,969   VK IPJSC(a)(d)(e)   0 
         0 
SINGAPORE — 0.7%     
 1,731,100   AIMS APAC REIT   1,632,191 
 509,200   ASMPT Ltd.   3,425,633 
 14,900   Bukit Sembawang Estates Ltd.   40,385 
 332,900   CapitaLand Ascendas REIT   678,337 
 1,037,397   CapitaLand Integrated Commercial Trust REIT   1,707,245 
 331,600   Capitaland Investment Ltd.   698,877 
 518,300   Centurion Corp. Ltd.   499,783 
 587,116   ComfortDelGro Corp. Ltd.   688,792 
 1,527,500   CSE Global Ltd.   489,648 
 1,189,200   First Resources Ltd.   1,375,884 
 663,900   Frasers Centrepoint Trust REIT   1,150,142 
 1,271,093   Frasers Logistics & Commercial Trust REIT(b)   871,890 
 1,174,325   Genting Singapore Ltd.   665,922 
 13,400   GuocoLand Ltd.   14,466 
 1,317,764   Hafnia Ltd.   6,074,360 
 186,000   Hour Glass Ltd. (The)   223,623 
 267,500   iFAST Corp. Ltd.   1,274,189 
 491,545   IGG, Inc.   236,812 
 231,000   InnoTek Ltd.   69,748 
 412,400   Keppel DC REIT   682,294 
 6,145,100   Keppel Pacific Oak US REIT(a)(b)   1,224,276 
 957,000   Keppel REIT   626,939 
 91,600   Kimly Ltd.   22,432 
 7,033,800   Manulife US Real Estate Investment Trust REIT(a)(b)   443,277 
 2,559,400   Mapletree Logistics Trust REIT   2,202,446 
 2,245,300   Mapletree Pan Asia Commercial Trust REIT   2,102,767 
 44,300   OUE Ltd.   31,882 
 893,200   OUE Real Estate Investment Trust REIT   191,598 
 299,400   Parkway Life Real Estate Investment Trust REIT   969,892 
 251,900   Propnex Ltd.(b)   202,578 
 81,500   PSC Corp. Ltd.   21,205 
 3,508,100   Raffles Medical Group Ltd.   2,715,883 
 304,400   RHT Health Trust(a)(d)   4,428 

26
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
SINGAPORE (continued)     
 4,484,300   Riverstone Holdings Ltd.  $3,107,591 
 44,276   Samudera Shipping Line Ltd.   28,160 
 742,000   Sasseur Real Estate Investment Trust REIT(b)   361,485 
 19,500   SBS TRANSIT Ltd.   44,268 
 93,720   Sembcorp Industries Ltd.   474,052 
 1,876,839   Sheng Siong Group Ltd.   2,528,720 
 203,100   Singapore Airlines Ltd.   1,042,292 
 214,000   Singapore Exchange Ltd.   2,354,184 
 3,494,100   Starhill Global REIT   1,325,439 
 62,000   Stoneweg European Real Estate Investment Trust REIT(b)   105,328 
 50,016   Super Hi International Holding Ltd. (a)   108,430 
 81,600   UOB-Kay Hian Holdings Ltd.   112,644 
 913,420   UOL Group Ltd.   4,040,679 
 262,600   Wilmar International Ltd.   615,923 
 8,347,600   Yangzijiang Financial Holding Ltd.   4,551,279 
 306,400   Yanlord Land Group Ltd.(a)   110,370 
         54,170,668 
SOUTH AFRICA — 0.8%     
 400,129   African Rainbow Minerals Ltd.   3,354,879 
 232,848   Anglo American Platinum Ltd.   7,973,648 
 560,948   Aspen Pharmacare Holdings Ltd.   3,683,466 
 1,442,651   Impala Platinum Holdings Ltd.(a)   8,579,629 
 162,442   Investec Plc   1,019,999 
 1,050,328   MTN Group Ltd.   6,951,405 
 666,221   Remgro Ltd.   5,740,722 
 2,339,970   Sappi Ltd.   4,387,621 
 8,743,609   Sibanye Stillwater Ltd.(a)   9,989,593 
 730,227   SPAR Group Ltd. (The)(a)   4,499,817 
 1,027,169   Vodacom Group Ltd.   7,600,266 
         63,781,045 
SOUTH KOREA — 1.4%     
 42,263   Green Cross Corp.   3,687,944 
 423,009   GS Engineering & Construction Corp.   5,437,738 
 143,546   Hankook Tire & Technology Co. Ltd.   4,169,414 
 97,412   HD Korea Shipbuilding & Offshore Engineering Co. Ltd.   18,634,593 
 146,412   Hyundai Department Store Co. Ltd.   6,150,376 
 158,884   Hyundai Engineering & Construction Co. Ltd.   4,656,200 
 60,545   Hyundai Glovis Co. Ltd.   4,854,610 
 115,060   KB Financial Group, Inc.   7,271,649 
 71,727   LG Electronics, Inc.   3,600,379 
 51,736   NCSoft Corp.   5,325,447 
 20,191   OCI Co. Ltd.   783,077 
 45,027   OCI Holdings Co. Ltd.   2,050,656 
 458,328   Samsung E&A Co. Ltd.   6,197,221 
 1,541,033   Samsung Heavy Industries Co. Ltd.(a)   15,788,824 
 94,093   Samsung Life Insurance Co. Ltd.   5,713,106 
 50,299   Samsung SDS Co. Ltd.   4,532,778 
Shares      Value
SOUTH KOREA (continued)     
 130,290   Samsung Securities Co. Ltd.  $4,775,986 
 834,883   SK Networks Co. Ltd.   2,479,498 
 189,403   SK Square Co. Ltd.(a)   11,709,807 
         117,819,303 
SPAIN — 1.3%     
 422,857   Acerinox SA   4,778,830 
 18,304   ACS Actividades de Construccion y Servicios SA   1,146,818 
 15,841   Aedas Homes SA(b)(c)   511,238 
 280,049   Atresmedia Corp. de Medios de Comunicacion SA   1,767,923 
 3,309,819   Banco de Sabadell SA   9,657,331 
 1,298,803   Banco Santander SA   9,144,689 
 55,995   Bankinter SA   652,282 
 47,688   CIE Automotive SA   1,260,666 
 26,459   Construcciones y Auxiliar de Ferrocarriles SA   1,293,261 
 3,142   Distribuidora Internacional de Alimentacion SA(a)   81,179 
 387,833   Faes Farma SA   1,883,174 
 45,760   Fluidra SA   1,059,416 
 1,462,838   Gestamp Automocion SA(b)(c)   4,369,720 
 2,931   Grupo Empresarial San Jose SA   19,235 
 220,009   Indra Sistemas SA   7,014,743 
 816,783   Inmobiliaria Colonial Socimi SA REIT   5,293,651 
 251,781   Linea Directa Aseguradora SA Cia de Seguros y Reaseguros   365,732 
 212,019   Logista Integral SA   7,248,571 
 4,621,890   Mapfre SA   16,453,920 
 276,090   Melia Hotels International SA   2,004,198 
 303,770   Merlin Properties Socimi SA REIT   3,444,836 
 171   Metrovacesa SA(b)(c)   2,161 
 24,368   Pharma Mar SA   2,064,248 
 54,290   Tecnicas Reunidas SA(a)   911,156 
 2,131,746   Telefonica SA   10,951,291 
 6,315,228   Unicaja Banco SA(b)(c)   12,037,145 
 14,386   Vidrala SA   1,567,990 
 9,450   Viscofan SA   681,737 
         107,667,141 
SWEDEN — 1.9%     
 20,800   AcadeMedia AB(b)(c)   171,157 
 10,063   AddLife AB - Class B   190,966 
 19,441   AFRY AB   336,804 
 66,164   Alfa Laval AB   2,744,208 
 606,372   Alleima AB   4,767,498 
 2,151   Alligo AB - Class B   24,560 
 36,883   AQ Group AB   593,503 
 732,622   Arjo AB - Class B   2,454,325 
 10,623   Attendo AB(b)(c)   72,315 
 329,838   Avanza Bank Holding AB   10,960,577 
 40,290   Axfood AB   1,126,362 
 20,082   Beijer Alma AB   417,743 

27
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
SWEDEN (continued)     
 488,669   Betsson AB - Class B  $ 8,546,369 
 154,580   BHG Group AB(a)   369,378 
 453,928   Billerud Aktiebolag   4,789,864 
 143,888   BioGaia AB - Class B   1,531,727 
 282,670   Boliden AB(a)   8,661,021 
 34,370   Bonava AB - Class B(a)   45,768 
 140,668   Bravida Holding AB(b)(c)   1,340,399 
 904,175   Bredband2 i Skandinavien AB   203,526 
 44,217   Bufab AB   1,827,619 
 32,500   Bure Equity AB   1,095,019 
 54,051   Byggmax Group AB   266,935 
 10,581   Cellavision AB   220,589 
 47,848   Clas Ohlson AB - Class B   1,355,441 
 542,978   Cloetta AB - Class B   1,579,633 
 131,615   Dometic Group AB(c)   474,504 
 82,092   Dynavox Group AB(a)   743,303 
 180   Elanders AB - Class B   1,002 
 304,636   Electrolux AB - Class B(a)   1,901,824 
 134,631   Electrolux Professional AB - Class B   780,064 
 65,100   Elekta AB - Class B   331,497 
 3,851   Ependion AB   46,047 
 158,956   Fagerhult Group AB   686,991 
 410,870   Getinge AB - Class B   7,940,891 
 49,122   Granges AB   613,565 
 5,088   Green Landscaping Group AB(a)(b)(c)   31,611 
 67,133   Hemnet Group AB   2,304,390 
 88,183   Hexpol AB   766,792 
 32,424   Hoist Finance AB(a)(b)(c)   291,081 
 6,294   Humana AB(a)   26,613 
 409,788   Husqvarna AB - Class B   1,906,029 
 6,160   Instalco AB(b)   17,079 
 115,584   Inwido AB   2,449,537 
 13,070   ITAB Shop Concept AB   34,380 
 77   Kopparbergs Bryggeri AB - Class B   926 
 101,242   Lagercrantz Group AB - Class B   2,306,881 
 238,683   Loomis AB   9,934,329 
 11,500   MEKO AB   150,998 
 15,400   MIPS AB(b)   542,780 
 135,142   Mycronic AB   5,396,357 
 127,341   NCC AB - Class B   2,370,766 
 79   Nederman Holding AB   1,378 
 129,737   Net Insight AB - Class B(a)   39,280 
 130,917   Nolato AB - Class B   735,556 
 20,750   Nordnet AB   549,299 
 54,493   Pandox AB   912,420 
 108,806   Paradox Interactive AB   2,141,341 
 335,151   Peab AB - Class B   2,787,812 
 86,866   Platzer Fastigheter Holding AB - Class B   682,662 
 23,801   Proact IT Group AB   284,721 
 254   QleanAir AB   342 
 100,905   Ratos AB - Class B   344,368 
 1,358   Rejlers AB   25,206 
Shares      Value
SWEDEN (continued)     
 60,645   Rusta AB  $500,127 
 110,223   Rvrc Holding AB   571,937 
 30,451   Scandic Hotels Group AB(b)(c)   237,008 
 134,382   Sectra AB - Class B   4,122,936 
 44,000   Securitas AB - Class B   697,257 
 437,923   SKF AB - Class B   8,583,899 
 28,432   SkiStar AB   492,418 
 10,855   Solid Forsakring AB   86,692 
 1,899,916   SSAB AB - Class A   12,005,260 
 1,646,925   SSAB AB - Class B   10,237,107 
 344,428   Stillfront Group AB(a)   176,587 
 1,076,039   Storskogen Group AB - Class B   1,417,709 
 99,409   Storytel AB(a)   859,747 
 103,842   Systemair AB   889,260 
 50,200   Tele2 AB - Class B   740,652 
 38,799   Trelleborg AB - Class B   1,337,854 
 337,850   Truecaller AB - Class B   2,542,478 
 2,665   Volati AB(b)   32,826 
 1,487,361   Volvo Car AB - Class B(a)   2,537,034 
 52,521   Wihlborgs Fastigheter AB   544,767 
 9,542   Zinzino AB - Class B   167,451 
         155,028,934 
SWITZERLAND — 1.9%     
 203,995   Accelleron Industries AG   10,951,361 
 10,030   Allreal Holding AG   2,210,011 
 928   APG SGA SA   250,379 
 180,681   Aryzta AG(a)   453,177 
 132,687   Ascom Holding AG   520,406 
 2,297   Autoneum Holding AG   344,254 
 228,690   Avolta AG   10,420,892 
 23,284   Basilea Pharmaceutica Ag Allschwil(a)   1,247,811 
 13,263   Belimo Holding AG   11,269,068 
 3,795   BKW AG   760,850 
 20,878   Bucher Industries AG   9,017,718 
 6,784   Burckhardt Compression Holding AG   4,612,380 
 1,336   Burkhalter Holding AG   198,746 
 52   Cham Swiss Properties AG   1,393 
 1,281   Cie Financiere Tradition SA   338,756 
 2,028   Coltene Holding AG   153,843 
 8,292   Comet Holding AG   2,140,813 
 22,484   DKSH Holding AG   1,656,383 
 850   dormakaba Holding AG   717,024 
 1,335   Emmi AG   1,313,194 
 813   EMS-Chemie Holding AG   599,426 
 665,834   Ferrexpo Plc(a)   524,946 
 3,100   Flughafen Zurich AG   781,146 
 2,043   Forbo Holding AG   1,960,162 
 6,779   Galenica AG(b)(c)   710,051 
 1,545   Garmin Ltd.   288,714 
 705   Geberit AG   488,368 
 2   Gurit Holding AG(a)   32 
 5,343   Hiag Immobilien Holding AG   647,541 

28
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
SWITZERLAND (continued)     
 52,335   Huber + Suhner AG  $4,605,118 
 7,543   Implenia AG   426,613 
 44,030   Inficon Holding AG   4,671,929 
 1,793,969   International Workplace Group Plc   4,441,845 
 821   Investis Holding SA(b)   120,910 
 10,294   Kardex Holding AG   2,593,299 
 1,123   Komax Holding AG(a)   139,714 
 21,230   Logitech International SA   1,613,270 
 1,045   Medacta Group SA(b)(c)   169,644 
 19   Orell Fuessli AG   2,255 
 10,839   Partners Group Holding AG   14,202,035 
 99   Phoenix Mecano AG   50,985 
 117,760   PSP Swiss Property AG   20,969,596 
 5,093   Sensirion Holding AG(a)(b)(c)   394,654 
 16,202   SFS Group AG   2,190,117 
 16,400   SGS SA   1,601,644 
 66,800   SIG Group AG   1,288,570 
 2,640   Sonova Holding AG   811,573 
 129,684   Sportradar Group AG - Class A(a)   2,996,997 
 112,117   Straumann Holding AG   13,671,188 
 5,800   Sulzer AG   981,710 
 1,850   Swiss Life Holding AG   1,847,151 
 20,887   Tecan Group AG   4,067,934 
 8,000   Temenos AG   573,043 
 15,185   u-blox Holding AG   1,539,114 
 1,037   Vaudoise Assurances Holding SA   756,585 
 18,874   Zehnder Group AG   1,256,388 
 16   Zug Estates Holding AG - Class B   41,123 
         152,603,849 
TAIWAN — 0.6%     
 3,468,018   Cheng Shin Rubber Industry Co. Ltd.   5,356,408 
 10,290,432   China Petrochemical Development Corp.(a)   2,313,173 
 2,672,000   Ennostar, Inc.   3,021,259 
 3,233,990   Foxconn Technology Co. Ltd.   6,019,401 
 1,875,000   Hon Hai Precision Industry Co. Ltd.   8,353,683 
 3,423,119   HTC Corp.(a)   4,143,823 
 3,024,431   International CSRC Investment Holdings Co.(a)   1,005,279 
 1,991,000   Pegatron Corp.   5,058,680 
 425,000   Phison Electronics Corp.   5,942,626 
 5,368,000   Qisda Corp.   4,496,736 
         45,711,068 
THAILAND — 0.0%     
 457,032   Siam Cement Public Co. Ltd. (The) - FOR   2,183,845 
TURKEY — 0.4%     
 1,338,864   Anadolu Efes Biracilik Ve Malt Sanayii AS   5,568,155 
 2,130,822   Tekfen Holding AS(a)   7,589,989 
 5,546,808   Turk Telekomunikasyon AS(a)   7,577,404 
Shares      Value
TURKEY (continued)     
 3,437,944   Turkcell Iletisim Hizmetleri AS  $8,063,878 
         28,799,426 
UNITED KINGDOM — 4.9%     
 96,228   3i Group Plc   5,455,265 
 38,947   4imprint Group Plc   1,783,918 
 829,685   Aberdeen Group Plc   1,638,635 
 18,252   accesso Technology Group Plc(a)   115,937 
 87,660   AG Barr Plc   811,141 
 752,870   AJ Bell Plc   4,284,763 
 14,166   Alfa Financial Software Holdings Plc(b)(c)   42,117 
 28,732   Alpha Group International Plc(b)   1,051,839 
 204,976   AO World Plc(a)   269,055 
 328,000   Ashmore Group Plc   633,842 
 276,084   Associated British Foods Plc   7,610,295 
 93,800   Auto Trader Group Plc(b)(c)   1,053,829 
 1,229,801   Aviva Plc   9,214,160 
 341,966   B&M European Value Retail SA   1,537,951 
 2,190,925   Balfour Beatty Plc   13,400,521 
 2,502,819   Barclays Plc   9,970,337 
 156,670   Beazley Plc   1,856,330 
 44,030   Bicycle Therapeutics Plc - ADR(a)   376,897 
 191,282   Big Yellow Group Plc REIT   2,575,205 
 63,754   Bloomsbury Publishing Plc   507,293 
 2,065,044   Breedon Group Plc   11,880,678 
 314,000   BT Group Plc   728,781 
 16,440   Burberry Group Plc   160,105 
 319,390   Bytes Technology Group Plc   2,171,897 
 295,555   Central Asia Metals Plc   606,449 
 579,708   Centrica Plc   1,241,173 
 187,121   Ceres Power Holdings Plc(a)   146,055 
 4,171   Cerillion Plc   92,007 
 39,068   Clarkson Plc   1,717,173 
 693,281   CLS Holdings Plc REIT   584,951 
 14,019   CMC Markets Plc(b)(c)   45,513 
 27,650   CNH Industrial NV   319,911 
 12,682   Cohort Plc   233,493 
 22,649   Computacenter Plc   732,550 
 1,629   Costain Group Plc   2,386 
 78,707   Cranswick Plc   5,447,377 
 1,065,634   Currys Plc(a)   1,579,313 
 245,525   dotdigital group Plc   271,604 
 279,317   Dr Martens Plc   205,866 
 204,570   Drax Group Plc   1,687,488 
 294,902   Dunelm Group Plc   4,330,694 
 2,028,740   easyJet Plc   13,450,641 
 1,978   Eco Animal Health Group Plc(a)   1,834 
 32,859   Ecora Resources Plc   23,950 
 63,156   Endava Plc - ADR(a)   1,150,071 
 7,602   Endeavour Mining Plc   204,135 
 52,900   Energean Plc   626,688 
 872,922   EnQuest Plc   158,661 

29
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
UNITED KINGDOM (continued)     
 1,306   Epwin Group Plc  $1,611 
 2,926   Eurocell Plc   5,935 
 293,386   FDM Group Holdings Plc   877,912 
 2,516,060   Firstgroup Plc   5,803,550 
 148,665   Foresight Group Holdings Ltd.   738,058 
 114,519   Forterra Plc(b)(c)   285,495 
 96,627   Foxtons Group Plc   76,348 
 27   Frasers Group Plc(a)   239 
 25,799   Frontier Developments Plc(a)   69,058 
 14,623   Fuller Smith & Turner Plc - Class A   109,794 
 21,075   Galliford Try Holdings Plc   109,634 
 85,786   Games Workshop Group Plc   17,666,975 
 227,623   Gamma Communications Plc   4,063,483 
 162,615   Greggs Plc   4,048,297 
 422,857   GSK Plc   8,365,248 
 5,440   H&T Group Plc   29,644 
 311,556   Halfords Group Plc   644,914 
 19,000   Halma Plc   701,321 
 22,413   Hargreaves Services Plc   183,227 
 23,300   Hikma Pharmaceuticals Plc   617,440 
 96,042   Hill & Smith Plc   2,308,874 
 82,576   Hilton Food Group Plc   982,296 
 106,680   Howden Joinery Group Plc   1,097,044 
 464,310   Hunting Plc   1,602,047 
 572,318   IG Group Holdings Plc   8,157,229 
 57,493   IHS Holding Ltd.(a)   281,716 
 72,370   IMI Plc   1,717,542 
 77,675   Impax Asset Management Group Plc   158,386 
 555,240   Inchcape Plc   4,975,276 
 84,135   Indivior Plc(a)   968,394 
 212,283   IntegraFin Holdings Plc(b)   866,957 
 13,670   InterContinental Hotels Group Plc   1,458,724 
 17,220   Intermediate Capital Group Plc   433,151 
 2,835,677   International Consolidated Airlines Group SA   9,884,124 
 70,731   International Personal Finance Plc   131,823 
 9,900   Intertek Group Plc   608,007 
 5,770,255   ITV Plc   6,219,134 
 459,533   JD Sports Fashion Plc   483,799 
 582,666   JET2 Plc   12,330,073 
 259,820   Johnson Matthey Plc   4,473,443 
 849,325   Johnson Service Group Plc   1,590,495 
 467,431   Jupiter Fund Management Plc   451,824 
 1,168,756   Just Group Plc   2,204,478 
 363,059   Kainos Group Plc   3,534,198 
 416,939   Keller Group Plc   7,939,436 
 1,180,691   Kier Group Plc   2,295,522 
 3,129,939   Kingfisher Plc   12,029,904 
 28,270   Lancashire Holdings Ltd.   212,791 
 79,665   Lion Finance Group Plc   6,390,161 
 90,482   Liontrust Asset Management Plc   398,370 
 9,840,956   Lloyds Banking Group Plc   9,668,527 
 2,352,749   Man Group Plc   5,135,248 
Shares      Value
UNITED KINGDOM (continued)     
 156,549   Marks & Spencer Group Plc  $813,514 
 472,448   Marston’s Plc(a)   227,352 
 15,235   McBride Plc(a)   29,286 
 114,829   ME Group International Plc   310,242 
 72,175   Mears Group Plc   373,613 
 3,711,849   Mitie Group Plc   7,157,809 
 877,214   MONY Group Plc   2,374,156 
 232,000   Morgan Advanced Materials Plc   609,139 
 180,272   Morgan Sindall Group Plc   8,521,329 
 4,120   Mortgage Advice Bureau Holdings Ltd.   44,704 
 21,553   MP Evans Group Plc   290,907 
 1,646,229   NatWest Group Plc   10,589,018 
 234,982   Next 15 Group Plc   814,985 
 10,136   Next Plc   1,672,202 
 78   Nichols Plc   1,275 
 221,961   Ninety One Plc   439,347 
 53,029   Nomad Foods Ltd.   1,060,050 
 15,511   Odfjell Technology Ltd.   61,717 
 113,464   On the Beach Group Plc(b)(c)   400,982 
 1,509,087   OSB Group Plc   9,592,134 
 73,889   Oxford Metrics Plc   51,300 
 275,263   Pagegroup Plc   992,779 
 627,544   Paragon Banking Group Plc   7,089,412 
 41,277   PayPoint Plc   372,666 
 110,796   Pearson Plc   1,776,196 
 3,260   Pentair Plc   295,780 
 54,115   Petershill Partners Plc(b)(c)   157,035 
 374,385   Pets at Home Group Plc   1,185,718 
 73,152   Pharos Energy Plc   18,581 
 401,783   Picton Property Income Ltd. REIT   408,125 
 209,415   Polar Capital Holdings Plc   1,098,545 
 511,173   Primary Health Properties Plc REIT   699,537 
 605,981   QinetiQ Group Plc   3,189,634 
 926,440   Quilter Plc(b)(c)   1,666,981 
 45,860   Rank Group Plc   52,311 
 54,251   Renishaw Plc   1,625,109 
 315,962   Rightmove Plc   3,120,491 
 197,400   Rotork Plc   803,767 
 80,556   RS GROUP Plc   555,434 
 272,323   RWS Holdings Plc   243,336 
 193,051   Safestore Holdings Plc REIT   1,624,828 
 147,008   Savills Plc   1,823,040 
 198,628   Serco Group Plc   455,845 
 25,190   Smiths Group Plc   627,725 
 74,224   Smiths News Plc   52,697 
 136,252   Social Housing Reit Plc(b)(c)   130,055 
 270,106   Softcat Plc   6,032,705 
 20,100   Spectris Plc   538,083 
 507,512   Speedy Hire Plc   132,882 
 859,166   Spirent Communications Plc(a)   2,118,318 
 851,866   Standard Chartered Plc   12,269,641 
 9,947   Stolt-Nielsen Ltd.   223,331 

30
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
UNITED KINGDOM (continued)     
 30,983   Synthomer Plc(a)  $34,074 
 393,209   Target Healthcare REIT Plc   516,727 
 94,500   Tate & Lyle Plc   704,310 
 5,990   Tatton Asset Management Plc   49,559 
 10,665   TechnipFMC Plc   300,433 
 34,014   Telecom Plus Plc   859,993 
 2,461,810   Tesco Plc   12,183,508 
 1,044,644   TP ICAP Group Plc   3,587,245 
 273,402   Trainline Plc(a)(b)(c)   1,070,926 
 676,077   Trustpilot Group Plc(a)(b)(c)   2,027,336 
 765,892   Vesuvius Plc   3,498,285 
 728,396   Vistry Group Plc(a)   6,141,068 
 77,866   Watches of Switzerland Group Plc(a) (c)   370,471 
 154,672   Watkin Jones Plc(a)   65,223 
 458,673   Wickes Group Plc   1,165,881 
 131,570   Workspace Group Plc REIT   779,626 
 340,306   XPS Pensions Group Plc(b)   1,745,112 
 5,924   Zotefoams Plc   19,519 
         401,312,894 
UNITED STATES — 41.4%     
 181,838   Academy Sports & Outdoors, Inc.   6,851,656 
 2,880   AECOM   284,112 
 2,645   Aflac, Inc.   287,459 
 2,010   Agilent Technologies, Inc.   216,276 
 215,000   Albany International Corp. - Class A   14,138,400 
 2,370   Alexandria Real Estate Equities, Inc. REIT   172,204 
 765,000   Alkami Technology, Inc.(a)   20,417,850 
 4,920   Alliant Energy Corp.   300,317 
 2,840   American Electric Power Co., Inc.   307,686 
 84,942   American States Water Co.   6,889,646 
 640   Ameriprise Financial, Inc.   301,453 
 255,000   AMERISAFE, Inc.   11,854,950 
 578,790   API Group Corp.(a)   21,895,626 
 1,215   Appfolio, Inc. - Class A(a)   250,922 
 85,861   Applied Industrial Technologies, Inc.   20,888,264 
 3,105   AppLovin Corp. - Class A(a)   836,208 
 2,135   Arrow Electronics, Inc.(a)   237,754 
 1,470   Assurant, Inc.   283,328 
 2,185   Atmos Energy Corp.   350,977 
 640,000   AtriCure, Inc.(a)   19,142,400 
 1,260   AvalonBay Communities, Inc. REIT   264,575 
 1,420,164   Avantor, Inc.(a)   18,447,930 
 1,310   Avery Dennison Corp.   224,154 
 10,868   Axon Enterprise, Inc.(a)   6,665,344 
 237,016   AZEK Co., Inc. (The)(a)   11,746,513 
 37,837   Badger Meter, Inc.   8,355,166 
 800,000   Baldwin Insurance Group, Inc. (The) (a)   33,296,000 
 100,000   BancFirst Corp.   11,782,000 
 4,270   Bank of New York Mellon Corp. (The)   343,351 
Shares      Value
UNITED STATES (continued)     
 370,000   Bath & Body Works, Inc.  $11,288,700 
 173,911   Bel Fuse, Inc. - Class B   11,438,126 
 379,510   Bentley Systems, Inc. - Class B   16,315,135 
 3,230   Best Buy Co., Inc.   215,409 
 3,980   Bio-Techne Corp.   200,393 
 551,337   BJ’s Wholesale Club Holdings, Inc.(a)   64,815,178 
 124,486   Black Hills Corp.   7,581,197 
 342,129   Booz Allen Hamilton Holding Corp.   41,062,323 
 172,307   Bowhead Specialty Holdings, Inc.(a)   6,925,018 
 200,000   Brady Corp. - Class A   14,058,000 
 775,000   Braze, Inc. - Class A(a)   24,125,750 
 142,570   Bright Horizons Family Solutions, Inc. (a)   17,881,129 
 6,195   Brighthouse Financial, Inc.(a)   360,673 
 1,035,169   BrightView Holdings, Inc.(a)   14,202,519 
 20,400   Brookfield Asset Management Ltd. - Class A   1,088,513 
 12,843   Brookfield Renewable Corp.   366,025 
 4,455   Bruker Corp.   178,467 
 1,005   Burlington Stores, Inc.(a)   226,165 
 204,774   BWX Technologies, Inc.   22,344,939 
 600   CACI International, Inc. - Class A(a)   274,722 
 179,748   Cactus, Inc. - Class A   6,819,639 
 342,190   Cadence Bank   10,012,479 
 414,590   Cargurus, Inc.(a)   11,591,936 
 112,312   Carlisle Cos., Inc.   42,620,158 
 142,715   Casella Waste Systems, Inc. - Class A(a)   16,761,877 
 28,926   Cavco Industries, Inc.(a)   14,285,105 
 236,431   CBIZ, Inc.(a)   16,100,951 
 2,364,827   CCC Intelligent Solutions Holdings, Inc.(a)   21,898,298 
 226,753   CDW Corp.   36,407,462 
 790,000   Celsius Holdings, Inc.(a)   27,618,400 
 445,000   Central Garden & Pet Co. - Class A(a)   13,158,650 
 2,780   CH Robinson Worldwide, Inc.   248,032 
 135,856   Champion Homes, Inc.(a)   11,751,544 
 1,405   Charles River Laboratories International, Inc.(a)   166,661 
 2,600   Cheniere Energy, Inc.   600,886 
 2,115   Cincinnati Financial Corp.   294,429 
 6,735   Citizens Financial Group, Inc.   248,454 
 201,538   Clean Harbors, Inc.(a)   43,117,040 
 4,195   CMS Energy Corp.   308,962 
 7,240   Cognex Corp.   197,652 
 3,715   Cognizant Technology Solutions Corp. - Class A   273,313 
 15,968   Comfort Systems USA, Inc.   6,348,078 
 4,725   Commerce Bancshares, Inc.   286,997 
 95,000   CommVault Systems, Inc.(a)   15,877,350 
 1,245,000   Confluent, Inc. - Class A(a)   29,643,450 
 265,000   CONMED Corp.   13,014,150 

31
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
UNITED STATES (continued)     
 135,764   Construction Partners, Inc. - Class A(a)  $11,151,655 
 358,996   Cooper Cos., Inc. (The)(a)   29,319,203 
 794,905   Core & Main, Inc. - Class A(a)   41,875,595 
 910   Corpay, Inc.(a)   296,087 
 110,357   Crane Co.   17,765,270 
 202,739   Crane NXT Co.   9,512,514 
 2,510   Crown Castle, Inc. REIT   265,458 
 3,125   Crown Holdings, Inc.   301,031 
 85,000   CSW Industrials, Inc.   26,560,800 
 187,535   Cullen/Frost Bankers, Inc.   21,842,201 
 915   Cummins, Inc.   268,864 
 43,724   Curtiss-Wright Corp.   15,079,970 
 451,459   CVB Financial Corp.   8,370,050 
 1,835   DaVita, Inc.(a)   259,744 
 2,020   Deckers Outdoor Corp.(a)   223,877 
 6,350   Devon Energy Corp.   193,103 
 1,870   Digital Realty Trust, Inc. REIT   300,210 
 27,000   Diversified Energy Co. Plc(b)   340,120 
 665   Domino’s Pizza, Inc.   326,096 
 1,550   Dover Corp.   264,508 
 2,735   DR Horton, Inc.   345,540 
 11,740   Dropbox, Inc. - Class A(a)   335,177 
 1,045   Eagle Materials, Inc.   236,578 
 3,440   East West Bancorp, Inc.   294,292 
 4,800   eBay, Inc.   327,168 
 554,599   Element Solutions, Inc.   11,319,366 
 296,855   elf Beauty, Inc.(a)   18,366,419 
 3,085   Encompass Health Corp.   360,914 
 450,000   Enerpac Tool Group Corp.   18,166,500 
 132,177   Ensign Group, Inc. (The)   17,049,511 
 221,259   Entegris, Inc.   17,506,012 
 4,780   Entergy Corp.   397,553 
 139,935   Equifax, Inc.   36,401,292 
 3,915   Equity Residential REIT   275,068 
 275,000   Esab Corp.   33,033,000 
 170,000   ESCO Technologies, Inc.   26,596,500 
 192,288   Essent Group Ltd.   10,946,956 
 935   Essex Property Trust, Inc. REIT   261,005 
 2,730   Euronet Worldwide, Inc.(a)   270,543 
 359,161   ExlService Holdings, Inc.(a)   17,412,125 
 2,045   Expedia Group, Inc.   320,922 
 2,305   Expeditors International of Washington, Inc.   253,343 
 1,605   Extra Space Storage, Inc. REIT   235,165 
 1,415   F5, Inc.(a)   374,607 
 155   Fair Isaac Corp.(a)   308,400 
 4,180   Fastenal Co.   338,455 
 1,320   Ferguson Enterprises, Inc.   223,951 
 4,770   Fidelity National Financial, Inc.   305,519 
 6,770   Fifth Third Bancorp   243,314 
 860,000   First Financial Bankshares, Inc.   28,818,600 
 620,000   First Watch Restaurant Group, Inc.(a)   10,949,200 
Shares      Value
UNITED STATES (continued)     
 164,615   FirstCash Holdings, Inc.  $22,051,825 
 182,507   Fluor Corp.(a)   6,367,669 
 192,288   FormFactor, Inc.(a)   5,410,984 
 6,935   Fox Corp. - Class A   345,294 
 205,000   Freshpet, Inc.(a)   15,075,700 
 575   Gartner, Inc.(a)   242,121 
 10,870   Gen Digital, Inc.   281,207 
 1,790   Generac Holdings, Inc.(a)   204,740 
 3,990   General Mills, Inc.   226,393 
 350,000   German American Bancorp, Inc.   13,268,500 
 265,000   Gitlab, Inc. - Class A(a)   12,367,550 
 85,000   Glaukos Corp.(a)   8,011,250 
 313,955   Globus Medical, Inc. - Class A(a)   22,532,550 
 1,690   GoDaddy, Inc. - Class A(a)   318,278 
 91,046   Guidewire Software, Inc.(a)   18,643,489 
 196,546   Hamilton Lane, Inc. - Class A   30,364,392 
 2,510   Hartford Insurance Group, Inc. (The)   307,902 
 4,160   Hasbro, Inc.   257,504 
 53,757   Hawkins, Inc.   6,546,527 
 15,995   Healthcare Realty Trust, Inc. REIT   248,402 
 223,138   HealthEquity, Inc.(a)   19,127,389 
 12,655   Healthpeak Properties, Inc. REIT   225,765 
 1,460   Hershey Co. (The)   244,097 
 14,870   Hewlett Packard Enterprise Co.   241,191 
 5,920   HF Sinclair Corp.   178,014 
 1,450   Hilton Worldwide Holdings, Inc.   326,946 
 3,545   Hologic, Inc.(a)   206,319 
 8,015   HP, Inc.   204,944 
 19,375   Huntington Bancshares, Inc.   281,519 
 1,005   Huntington Ingalls Industries, Inc.   231,492 
 73,177   IDEXX Laboratories, Inc.(a)   31,660,029 
 4,375   Incyte Corp.(a)   274,137 
 130,000   Inspire Medical Systems, Inc.(a)   20,589,400 
 38,458   Installed Building Products, Inc.   6,377,490 
 1,554   Insulet Corp.(a)   392,059 
 2,260   Interactive Brokers Group, Inc. - Class A   388,381 
 64,876   InterDigital, Inc.   13,040,076 
 5,825   International Paper Co.   266,086 
 99,488   Interparfums, Inc.   10,864,090 
 7,930   Invitation Homes, Inc. REIT   271,127 
 246,000   iRhythm Technologies, Inc.(a)   26,294,940 
 2,530   Iron Mountain, Inc. REIT   226,865 
 105,000   J & J Snack Foods Corp.   13,606,950 
 2,600   Jabil, Inc.   381,056 
 225,000   JBT Marel Corp.   23,683,500 
 710,000   JFrog Ltd.(a)   23,976,700 
 2,365   JM Smucker Co. (The)   274,979 
 1,105   Jones Lang LaSalle, Inc.(a)   251,288 
 60,000   Kadant, Inc.   17,700,000 
 280,237   Keysight Technologies, Inc.(a)   40,746,460 
 22,940   Kinder Morgan, Inc.   603,322 
 26,753   Kinsale Capital Group, Inc.   11,644,511 

32
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
UNITED STATES (continued)     
 77,752   Kirby Corp.(a)  $7,492,960 
 105,000   Lancaster Colony Corp.   17,091,900 
 6,010   Lattice Semiconductor Corp.(a)   294,069 
 1,835   Leidos Holdings, Inc.   270,075 
 1,745   Lennar Corp. - Class A   189,524 
 342,775   Liberty Energy, Inc.   3,941,912 
 412,570   Light & Wonder, Inc.(a)   35,225,227 
 114,557   Limbach Holdings, Inc.(a)   10,967,687 
 1,445   Lincoln Electric Holdings, Inc.   254,609 
 8,910   Lincoln National Corp.   283,962 
 241,407   Live Nation Entertainment, Inc.(a)   31,974,357 
 3,555   Loews Corp.   308,681 
 825,000   Lucky Strike Entertainment Corp.   7,755,000 
 1,700   M&T Bank Corp.   288,592 
 1,325   Madison Square Garden Sports Corp. (a)   255,155 
 464,000   Magnolia Oil & Gas Corp. - Class A   9,525,920 
 109,908   Manhattan Associates, Inc.(a)   19,496,580 
 4,030   Masco Corp.   244,258 
 2,565   MasTec, Inc.(a)   326,576 
 208,173   Matador Resources Co.   8,231,160 
 7,640   Match Group, Inc.   226,602 
 3,590   McCormick & Co, Inc.   275,209 
 101,122   Medpace Holdings, Inc.(a)   31,185,014 
 3,805   MetLife, Inc.   286,783 
 195   Mettler-Toledo International, Inc.(a)   208,761 
 11,445   MGIC Investment Corp.   285,095 
 72,475   MKS Instruments, Inc.   5,083,396 
 155,000   Modine Manufacturing Co.(a)   12,654,200 
 328,771   MSA Safety, Inc.   51,755,131 
 247,550   Mueller Industries, Inc.   18,209,778 
 346,955   Murphy Oil Corp.   7,122,986 
 34,967   Murphy USA, Inc.   17,433,497 
 622,016   Nasdaq, Inc.   47,403,839 
 2,165   NetApp, Inc.   194,309 
 1,860   Neurocrine Biosciences, Inc.(a)   200,303 
 10,110   News Corp. - Class A   274,183 
 8,660   NiSource, Inc.   338,693 
 3,180   Northern Trust Corp.   298,856 
 287,835   Novanta, Inc.(a)   34,212,068 
 3,385   NRG Energy, Inc.   370,928 
 480,000   Nutanix, Inc. - Class A(a)   32,976,000 
 30   NVR, Inc.(a)   213,772 
 2,915   Okta, Inc.(a)   326,946 
 1,415   Old Dominion Freight Line, Inc.   216,891 
 698,089   Old National Bancorp   14,373,653 
 100,000   Ollie’s Bargain Outlet Holdings, Inc. (a)   10,611,000 
 2,875   Omnicom Group, Inc.   218,960 
 1,200,000   Onestream, Inc.(a)   25,680,000 
 44,352   Onto Innovation, Inc.(a)   5,409,613 
 6,510   Ovintiv, Inc.   218,606 
 180,095   Palomar Holdings, Inc.(a)   26,117,377 
Shares       Value
UNITED STATES (continued)     
 969,800   Patterson-UTI Energy, Inc.  $5,469,672 
 2,185   Paychex, Inc.   321,457 
 1,690   Paycom Software, Inc.   382,599 
 1,765   Paylocity Holding Corp.(a)   339,056 
 80,000   Penumbra, Inc.(a)   23,427,200 
 531,133   Perimeter Solutions, Inc.(a)   5,380,377 
 865,000   Phreesia, Inc.(a)   21,590,400 
 108,267   Pinnacle Financial Partners, Inc.   10,852,684 
 3,250   Pinnacle West Capital Corp.   309,335 
 160,000   PJT Partners, Inc. - Class A   22,673,600 
 299,106   Planet Fitness, Inc. - Class A(a)   28,292,437 
 785   Pool Corp.   230,115 
 201,401   Prestige Consumer Healthcare, Inc.(a)   16,359,803 
 3,575   Principal Financial Group, Inc.   265,086 
 290,000   PROCEPT BioRobotics Corp.(a)   15,654,200 
 2,415   Prudential Financial, Inc.   248,045 
 825   Public Storage REIT   247,855 
 684,695   Pure Storage, Inc. - Class A(a)   31,057,765 
 182,674   Q2 Holdings, Inc.(a)   14,476,914 
 2,540   Qorvo, Inc.(a)   182,042 
 1,005   Quanta Services, Inc.   294,153 
 1,815   Quest Diagnostics, Inc.   323,469 
 198,809   RadNet, Inc.(a)   10,413,615 
 275,000   RB Global, Inc.   27,692,500 
 122,586   RBC Bearings, Inc.(a)   40,278,082 
 1,730   Regal Rexnord Corp.   183,103 
 1,330   Reinsurance Group of America, Inc.   249,122 
 980   Reliance, Inc.   282,465 
 215,000   Repligen Corp.(a)   29,667,850 
 1,220   ResMed, Inc.   288,640 
 2,350   Revvity, Inc.   219,560 
 180,000   RLI Corp.   13,321,800 
 4,430   Robert Half, Inc.   196,249 
 5,720   Rollins, Inc.   326,784 
 2,025   Royal Gold, Inc.   369,988 
 235,000   Rubrik, Inc. - Class A(a)   16,574,550 
 563,404   Ryan Specialty Holdings, Inc.   36,908,596 
 140,036   Ryman Hospitality Properties, Inc. REIT   12,316,166 
 90,310   Saia, Inc.(a)   22,035,640 
 81,044   SBA Communications Corp. REIT   19,726,110 
 8,115   Sealed Air Corp.   223,649 
 250,000   Sensient Technologies Corp.   23,487,500 
 1,505,000   SentinelOne, Inc. - Class A(a)   27,842,500 
 405,000   ServisFirst Bancshares, Inc.   28,844,100 
 115,000   Shake Shack, Inc. - Class A(a)   10,090,100 
 196,196   Shift4 Payments, Inc. - Class A(a)   16,048,833 
 780,000   SI-BONE, Inc.(a)   10,647,000 
 1,665   Simon Property Group, Inc. REIT   262,038 
 805,000   Simply Good Foods Co. (The)(a)   29,068,550 
 199,175   Simpson Manufacturing Co., Inc.   30,611,206 
 365,000   Skyward Specialty Insurance Group, Inc.(a)   19,377,850 

33
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value
UNITED STATES (continued)     
 2,645   Skyworks Solutions, Inc.  $170,021 
 13,185   SLM Corp.   381,178 
 145,638   SouthState Corp.   12,638,466 
 135,000   SPX Technologies, Inc.(a)   18,110,250 
 3,850   SS&C Technologies Holdings, Inc.   291,060 
 360,331   STAG Industrial, Inc. REIT   11,901,733 
 174,200   Standex International Corp.   24,635,364 
 2,855   Stanley Black & Decker, Inc.   171,357 
 3,340   State Street Corp.   294,254 
 206,972   STERIS Plc   46,514,887 
 235,000   Stock Yards Bancorp, Inc.   17,105,650 
 130,001   StoneX Group, Inc.(a)   11,513,494 
 415,000   Sweetgreen, Inc. - Class A(a)   8,084,200 
 206,456   Synovus Financial Corp.   8,943,674 
 400,000   Tandem Diabetes Care, Inc.(a)   6,740,000 
 1,190   Teleflex, Inc.   163,089 
 485,000   Tenable Holdings, Inc.(a)   14,826,450 
 10,115   Teradata Corp.(a)   217,472 
 254,740   Terreno Realty Corp. REIT   14,349,504 
 6,040   Tetra Tech, Inc.   188,388 
 137,946   Texas Capital Bancshares, Inc.(a)   9,401,020 
 102,498   Texas Roadhouse, Inc.   17,010,568 
 5,640   The Campbell’s Co.   205,634 
 358,074   Titan Machinery, Inc.(a)   5,940,448 
 2,395   TKO Group Holdings, Inc.   390,169 
 5,240   Tractor Supply Co.   265,249 
 323,173   Tradeweb Markets, Inc. - Class A   44,694,826 
 270,726   Transcat, Inc.(a)   21,476,694 
 4,955   Trimble, Inc.(a)   307,904 
 19,680   TripAdvisor, Inc.(a)   245,016 
 490   Tyler Technologies, Inc.(a)   266,217 
 6,585   UDR, Inc. REIT   275,780 
 48,992   UFP Technologies, Inc.(a)   10,216,792 
 378,317   UL Solutions, Inc. - Class A   21,635,949 
 375   United Rentals, Inc.   236,794 
 815   United Therapeutics Corp.(a)   247,018 
 1,230   Universal Health Services, Inc. - Class B   217,796 
 738,506   US Foods Holding Corp.(a)   48,490,304 
 1,200,000   Utz Brands, Inc.   15,948,000 
 401,895   Valvoline, Inc.(a)   13,768,923 
 2,565   Veralto Corp.   245,984 
 272,100   Vericel Corp.(a)   10,345,242 
 1,530   VeriSign, Inc.(a)   431,644 
 1,065   Verisk Analytics, Inc.   315,698 
 404,828   Verra Mobility Corp.(a)   8,825,250 
 537,721   Vertex, Inc. - Class A(a)   21,524,972 
 24,095   Viatris, Inc.   202,880 
 2,193,315   ViewRay, Inc.(a)   0 
 3,330   Vistra Corp.   431,668 
 434,989   Vontier Corp.   13,837,000 
 4,885   W R Berkley Corp.   350,206 
 815   Waters Corp.(a)   283,400 
Shares      Value
UNITED STATES (continued)     
 125,000   Watts Water Technologies, Inc. - Class A  $25,968,750 
 3,010   Whirlpool Corp.   229,603 
 10,185   Williams Cos, Inc. (The)   596,535 
 7,325   WillScot Holdings Corp.   184,004 
 110,682   Wingstop, Inc.   29,207,873 
 30,264   Winmark Corp.   10,895,343 
 360,000   WSFS Financial Corp.   18,558,000 
 280   WW Grainger, Inc.   286,807 
 269,247   Wyndham Hotels & Resorts, Inc.   22,966,769 
 2,075   Xylem, Inc.   250,183 
 2,910   Yum! Brands, Inc.   437,780 
 815   Zebra Technologies Corp. - Class A(a)   204,011 
         3,376,069,862 
Total Common Stocks
(Cost $6,532,564,120)
   7,368,360,459 
           
RIGHTS/WARRANTS — 0.0%     
ITALY — 0.0%     
 7,980   DiaSorin SpA, Rights, Expire
05/02/25(a)(d)
   0 
           
MALAYSIA — 0.0%     
 1,083,690   Top Glove Corp. Bhd, Warrants, Expire 12/31/30(a)   55,252 
           
UNITED STATES — 0.0%     
 146,063   Aduro Biotech CVR, Rights, Expire 12/31/49(a)(d)(e)   0 
Total Rights/Warrants
(Cost $0)
   55,252 
           
EXCHANGE-TRADED   FUNDS(f) — 7.3%     
 795,906   SPDR S&P Biotech ETF   66,020,403 
 102,937   SPDR S&P Oil & Gas Exploration & Production ETF   11,396,155 
 471,918   SPDR S&P Regional Banking ETF   25,544,921 
 4,077,204   Utilities Select Sector SPDR Fund   321,691,396 
 2,846,650   VanEck Junior Gold Miners ETF   174,784,310 
           
Total Exchange-Traded Funds
(Cost $504,098,466)
   599,437,185 
           
INVESTMENT COMPANY — 0.7%     
 53,236,656   Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(g)   53,236,656 
Total Investment Company
(Cost $53,236,656)
   53,236,656 

34
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
       Value
CASH SWEEP — 1.5%     
$ 119,369,261     Citibank - U.S. Dollars on Deposit in Custody Account, 1.10%(g)  $119,369,261 
Total Cash Sweep
(Cost $119,369,261)
   119,369,261 
              
TOTAL INVESTMENTS — 99.7%
(Cost $7,209,268,503)
  $8,140,458,813 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%   21,587,408 
NET ASSETS — 100.0%  $8,162,046,221 

 

 

(a) Non-income producing security.
(b) Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except as indicated in (e).
(d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $4,428 which is 0.00% of net assets and the cost is $55,664,138.
(e) These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(f) A copy of the underlying funds’ financial statements is available upon request.
(g) The rate shown represents the current yield as of April 30, 2025.

 

The following abbreviations are used in the report:

 

ADR — American Depositary Receipt

CVR — Contingent Value Right

ETF — Exchange-Traded Fund

FOR — Foreign Ownership Restrictions

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

35
Old Westbury Funds, Inc.  
Total Equity Fund  
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Shares      Value 
COMMON STOCKS — 95.3%     
Banks — 7.1%     
 21,830   ABN AMRO Bank NV(a)(b)  $452,380 
 486,278   Banco Bradesco SA - Preference Shares   1,175,605 
 6,652,810   Banco de Chile   976,608 
 164,171   Banco de Sabadell SA   479,015 
 64,422   Banco Santander SA   453,586 
 2,053,754   Bank Central Asia Tbk PT   1,091,962 
 124,424   Bank of America Corp.   4,962,029 
 4,886   Bank of Montreal   468,150 
 305,088   Barclays Plc   1,215,362 
 5,246   BNP Paribas SA   444,491 
 60,141   BPER Banca SpA   488,470 
 13,962   Cadence Bank   408,528 
 3,963   Capitec Bank Holdings Ltd.   735,558 
 71,974   Commerzbank AG   1,904,975 
 18,421   CVB Financial Corp.   341,525 
 21,095   DNB Bank ASA   527,335 
 13,299   Erste Group Bank AG   900,630 
 169,300   HDFC Bank Ltd.   3,845,473 
 66,856   HSBC Holdings Plc   745,269 
 146,113   ING Groep NV   2,837,415 
 22,302   Iyogin Holdings, Inc.   258,686 
 46,249   JP Morgan Chase & Co.   11,313,430 
 488,125   Lloyds Banking Group Plc   479,572 
 234,238   Mitsubishi UFJ Financial Group, Inc.   2,951,195 
 163,491   NatWest Group Plc   1,051,621 
 28,484   Old National Bancorp   586,486 
 4,417   Pinnacle Financial Partners, Inc.   442,760 
 11,452   Societe Generale SA   597,096 
 5,942   SouthState Corp.   515,647 
 18,545   Swedbank AB - Class A   462,955 
 8,170   Synovus Financial Corp.   353,924 
 5,628   Texas Capital Bancshares, Inc.(c)   383,548 
 17,116   Truist Financial Corp.   656,227 
 142,014   Unicaja Banco SA(a)(b)   270,686 
         44,778,199 
Communication Services — 7.6%     
 6,588   Alphabet, Inc. - Class A   1,046,174 
 93,654   Alphabet, Inc. - Class C   15,067,992 
 16,916   Cargurus, Inc.(c)   472,971 
 20,949   Comcast Corp. - Class A   716,456 
 2,869   CTS Eventim AG & Co. KGaA   339,939 
 91,306   Deutsche Telekom AG   3,279,486 
 286,213   ITV Plc   308,478 
 9,769   Live Nation Entertainment, Inc.(c)   1,293,904 
 20,196   Meta Platforms, Inc. - Class A   11,087,604 
 15,081   Metropole Television SA   236,966 
 64,155   NetEase, Inc.   1,379,098 
 1,789   Netflix, Inc.(c)   2,024,647 
 78,289   Orange SA   1,135,821 
 27,785   Quebecor, Inc. - Class B   762,243 
 63,006   Rightmove Plc   622,257 
Shares      Value 
Communication Services (continued)     
 4,452   Spotify Technology SA(c)  $2,733,439 
 723   Swisscom AG   482,157 
 12,037   Take-Two Interactive Software, Inc.(c)   2,808,473 
 105,737   Telefonica SA   543,196 
 25,364   Television Francaise 1 SA   242,365 
 32,212   Verizon Communications, Inc.   1,419,261 
         48,002,927 
Consumer Discretionary — 9.7%     
 7,419   Academy Sports & Outdoors, Inc.   279,548 
 1,973   Airbnb, Inc. - Class A(c)   240,548 
 73,915   Alibaba Group Holding Ltd.   1,103,553 
 87,790   Amazon.com, Inc.(c)   16,190,232 
 11,343   Avolta AG   516,875 
 92,808   B&M European Value Retail SA   417,393 
 509   Booking Holdings, Inc.   2,595,534 
 5,833   Bright Horizons Family Solutions, Inc. (c)   731,575 
 4,733   Canadian Tire Corp. Ltd. - Class A   518,000 
 1,181   Cavco Industries, Inc.(c)   583,237 
 5,543   Champion Homes, Inc.(c)   479,469 
 1,471,874   China Meidong Auto Holdings Ltd.   394,066 
 6,958   Continental AG   543,939 
 23,315   Dollarama, Inc.   2,876,746 
 6,374   DoorDash, Inc. - Class A(c)   1,229,481 
 4,355   Flutter Entertainment Plc(c)   1,049,511 
 5,454   Genuine Parts Co.   641,118 
 72,558   Gestamp Automocion SA(a)(b)   216,742 
 282   Hermes International SCA   775,550 
 6,615   Hilton Worldwide Holdings, Inc.   1,491,550 
 4,658   Home Depot, Inc. (The)   1,679,162 
 10,274   HUGO BOSS AG   428,521 
 23,651   Inchcape Plc   211,927 
 30,041   Industria de Diseno Textil SA   1,615,454 
 1,569   Installed Building Products, Inc.   260,187 
 144,157   Kingfisher Plc   554,067 
 8,042   LG Electronics, Inc.   403,673 
 15,863   Light & Wonder, Inc.(c)   1,354,383 
 7,222   Lowe’s Cos., Inc.   1,614,550 
 3   LVMH Moet Hennessy Louis Vuitton SE   1,662 
 29,101   Mahindra & Mahindra Ltd.   1,008,269 
 53,509   Mazda Motor Corp.   319,920 
 4,194   McDonald’s Corp.   1,340,612 
 77,365   Meituan - B Shares(a)(b)(c)   1,280,966 
 1,676   MercadoLibre, Inc.(c)   3,906,505 
 1,433   Murphy USA, Inc.   714,451 
 7,773   NIKE, Inc. - Class B   438,397 
 2,440   O’Reilly Automotive, Inc.(c)   3,453,088 
 3,932   Pandora A/S   585,329 
 7,123   Planet Fitness, Inc. - Class A(c)   673,765 
 10,699   Rinnai Corp.   239,641 
 10,699   Sega Sammy Holdings, Inc.   224,556 

 

 36

 

Old Westbury Funds, Inc.  
Total Equity Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Consumer Discretionary (continued)     
 19,857   Sony Group Corp.  $523,883 
 46,754   Subaru Corp.   846,618 
 35,729   Sumitomo Electric Industries Ltd.   574,287 
 4,182   Texas Roadhouse, Inc.   694,045 
 21,338   Tokai Rika Co. Ltd.   317,800 
 36,129   Vistry Group Plc(c)   304,602 
 31,010   Wesfarmers Ltd.   1,553,484 
 1,252   Wingstop, Inc.   330,390 
 1,235   Winmark Corp.   444,612 
 10,895   Wyndham Hotels & Resorts, Inc.   929,343 
         61,702,816 
Consumer Staples — 6.9%     
 26,242   Alimentation Couche-Tard, Inc.   1,369,777 
 13,694   Associated British Foods Plc   377,477 
 152,370   AVI Ltd.   741,191 
 39,626   Bid Corp. Ltd.   995,803 
 37,898   BJ’s Wholesale Club Holdings, Inc.(c)   4,455,289 
 23,244   Clicks Group Ltd.   495,109 
 12,781   Coca-Cola Co. (The)   927,262 
 7,438   Costco Wholesale Corp.   7,397,091 
 6,168   Danone SA   530,734 
 160,582   Fomento Economico Mexicano SAB de CV - Units   1,688,402 
 5,246   Henkel AG & Co. KGaA - Preference Shares   407,438 
 1,732   Hershey Co. (The)   289,573 
 14,872   Intercos SpA   223,856 
 4,059   Interparfums, Inc.   443,243 
 53,479   Jeronimo Martins SGPS SA   1,294,318 
 19,733   Kenvue, Inc.   465,699 
 29,730   Koninklijke Ahold Delhaize NV   1,220,686 
 51,029   Leroy Seafood Group ASA   223,666 
 41,327   Lion Corp.   506,544 
 24,611   Mowi ASA   451,279 
 71,385   Orkla ASA   796,118 
 2,646   PepsiCo, Inc.   358,745 
 11,359   Philip Morris International, Inc.   1,946,478 
 5,867   Procter & Gamble Co. (The)   953,798 
 280,194   Raia Drogasil SA   976,580 
 241,608   Sonae SGPS SA   306,826 
 4,621   Target Corp.   446,851 
 122,109   Tesco Plc   604,318 
 113,966   Unicharm Corp.   1,058,190 
 45,994   Unilever Plc   2,928,433 
 1,595,199   Uni-President China Holdings Ltd.   1,913,897 
 29,885   US Foods Holding Corp.(c)   1,962,249 
 941,809   Vitasoy International Holdings Ltd.   1,213,441 
 42,296   Walmart, Inc.   4,113,286 
         44,083,647 
Energy — 2.6%     
 19,153   Aker BP ASA   411,167 
 7,334   Cactus, Inc. - Class A   278,252 
Shares      Value  
Energy (continued)     
 28,261   Chevron Corp.  $3,845,192 
 28,530   ConocoPhillips   2,542,594 
 29,427   Eni SpA   421,440 
 9,892   Exxon Mobil Corp.   1,044,892 
 62,529   Idemitsu Kosan Co. Ltd.   387,493 
 32,104   Inpex Corp.   401,605 
 57,865   Kinder Morgan, Inc.   1,521,850 
 13,986   Liberty Energy, Inc.   160,839 
 18,933   Magnolia Oil & Gas Corp. - Class A   388,694 
 8,494   Matador Resources Co.   335,853 
 14,157   Murphy Oil Corp.   290,643 
 19,477   OMV AG   1,007,031 
 39,572   Patterson-UTI Energy, Inc.   223,186 
 53,196   Schlumberger NV   1,768,767 
 20,869   Shell Plc   673,479 
 25,643   Tenaris SA   427,596 
 12,128   TotalEnergies SE   690,752 
         16,821,325 
Financial Services — 8.4%     
 14,672   3i Group Plc   831,771 
 781   Adyen NV(a)(b)(c)   1,263,825 
 9,614   Apollo Global Management, Inc.   1,312,119 
 8,061   Berkshire Hathaway, Inc. - Class B(c)   4,298,528 
 6,324   Blackstone, Inc.   832,934 
 10,233   Block, Inc.(c)   598,323 
 36,927   Brookfield Corp.   1,981,872 
 8,665   CME Group, Inc.   2,400,898 
 4,332   Corpay, Inc.(c)   1,409,503 
 7,846   Essent Group Ltd.   446,673 
 6,717   FirstCash Holdings, Inc.   899,809 
 19,858   Fiserv, Inc.(c)   3,665,191 
 7,674   Groupe Bruxelles Lambert NV   633,060 
 3,735   Hamilton Lane, Inc. - Class A   577,020 
 15,324   IGM Financial, Inc.   486,976 
 18,334   Intercontinental Exchange, Inc.   3,079,562 
 51,003   Investor AB - Class B   1,511,141 
 10,079   KKR & Co., Inc.   1,151,727 
 14,992   London Stock Exchange Group Plc   2,334,427 
 5,883   Mastercard, Inc. - Class A   3,224,237 
 12,479   Morgan Stanley   1,440,326 
 4,595   MSCI, Inc.   2,504,780 
 25,171   Nasdaq, Inc.   1,918,282 
 34,564   OSB Group Plc   219,697 
 494   Partners Group Holding AG   647,274 
 4,512   S&P Global, Inc.   2,256,226 
 7,527   Shift4 Payments, Inc. - Class A(c)   615,709 
 14,231   Tradeweb Markets, Inc. - Class A   1,968,147 
 26,100   Visa, Inc. - Class A   9,017,550 
         53,527,587 
Health Care — 9.3%     
 10,953   Abbott Laboratories   1,432,105 
 22,721   AbbVie, Inc.   4,432,867 

 

 37

 

Old Westbury Funds, Inc.  
Total Equity Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Health Care (continued)     
 8,336   Agilent Technologies, Inc.  $896,954 
 21,017   AstraZeneca Plc   3,011,037 
 75,248   Avantor, Inc.(c)   977,471 
 18,760   Boston Scientific Corp.(c)   1,929,841 
 16,379   Cencora, Inc.   4,793,642 
 11,451   Chugai Pharmaceutical Co. Ltd.   659,687 
 14,527   Cooper Cos., Inc. (The)(c)   1,186,420 
 18,920   Danaher Corp.   3,771,324 
 10,419   Dexcom, Inc.(c)   743,708 
 72,908   Dr Reddy’s Laboratories Ltd.   1,023,421 
 1,282   Elevance Health, Inc.   539,184 
 2,742   Eli Lilly & Co.   2,464,921 
 5,393   Ensign Group, Inc. (The)   695,643 
 12,734   Fresenius SE & Co. KGaA(c)   604,826 
 20,974   GSK Plc   414,922 
 9,105   HealthEquity, Inc.(c)   780,481 
 2,964   IDEXX Laboratories, Inc.(c)   1,282,375 
 7,165   Intuitive Surgical, Inc.(c)   3,695,707 
 6,220   iRhythm Technologies, Inc.(c)   664,856 
 5,749   Johnson & Johnson   898,626 
 2,121   Lonza Group AG   1,523,958 
 3,485   McKesson Corp.   2,484,073 
 4,076   Medpace Holdings, Inc.(c)   1,256,998 
 9,383   Medtronic Plc   795,303 
 13,570   Merck & Co., Inc.   1,156,164 
 8,366   Novartis AG   954,203 
 8,218   Prestige Consumer Healthcare, Inc.(c)   667,548 
 8,112   RadNet, Inc.(c)   424,907 
 8,057   Recordati Industria Chimica e Farmaceutica SpA   475,430 
 2,687   Repligen Corp.(c)   370,779 
 3,587   Roche Holding AG   1,172,901 
 4,815   Sanofi SA   526,722 
 18,423   Ship Healthcare Holdings, Inc.   267,271 
 8,375   STERIS Plc   1,882,197 
 4,536   Straumann Holding AG   553,105 
 4,000   Thermo Fisher Scientific, Inc.   1,716,000 
 1,999   UFP Technologies, Inc.(c)   416,871 
 13,568   UnitedHealth Group, Inc.   5,582,418 
         59,126,866 
Industrials — 12.3%     
 2,036   Aena SME SA(a)(b)   511,476 
 77,226   Amada Co. Ltd.   773,266 
 5,049   AMETEK, Inc.   856,209 
 8,136   ANDRITZ AG   584,651 
 23,422   API Group Corp.(c)   886,054 
 3,504   Applied Industrial Technologies, Inc.   852,453 
 27,191   Ashtead Group Plc   1,455,600 
 1,798   Automatic Data Processing, Inc.   540,479 
 2,807   Axon Enterprise, Inc.(c)   1,721,533 
 9,671   AZEK Co., Inc. (The)(c)   479,295 
 51,123   Balfour Beatty Plc   312,687 
Shares      Value 
Industrials (continued)     
 13,771   Booz Allen Hamilton Holding Corp.  $1,652,795 
 11,937   Bouygues SA   524,695 
 6,208   Brenntag SE   414,594 
 42,344   BrightView Holdings, Inc.(c)   580,960 
 5,552   Builders FirstSource, Inc.(c)   664,186 
 8,286   BWX Technologies, Inc.   904,168 
 4,521   Carlisle Cos., Inc.   1,715,629 
 5,840   Casella Waste Systems, Inc. - Class A(c)   685,908 
 9,647   CBIZ, Inc.(c)   656,961 
 14,681   Cie de Saint-Gobain SA   1,596,089 
 8,108   Clean Harbors, Inc.(c)   1,734,625 
 652   Comfort Systems USA, Inc.   259,203 
 6,918   Construction Partners, Inc. - Class A(c)   568,244 
 26,888   Copart, Inc.(c)   1,640,975 
 32,240   Core & Main, Inc. - Class A(c)   1,698,403 
 4,503   Crane Co.   724,893 
 1,784   Curtiss-Wright Corp.   615,284 
 6,206   DCC Plc   405,611 
 2,248   Deere & Co.   1,042,083 
 10,808   Deutsche Post AG   461,804 
 59,928   easyJet Plc   397,325 
 8,115   Eaton Corp. Plc   2,388,813 
 4,177   Eiffage SA   568,376 
 5,662   Equifax, Inc.   1,472,856 
 14,655   ExlService Holdings, Inc.(c)   710,474 
 9,616   Experian Plc   478,406 
 16,679   FANUC Corp.   423,307 
 7,446   Fluor Corp.(c)   259,791 
 1,678   GE Vernova, Inc.   622,236 
 19,261   Grafton Group Plc - Units   233,156 
 18,115   Hitachi Construction Machinery Co. Ltd.   541,365 
 2,694   HOCHTIEF AG   509,692 
 5,270   Honeywell International, Inc.   1,109,335 
 29,501   Howmet Aerospace, Inc.   4,088,249 
 1,673   Illinois Tool Works, Inc.   401,369 
 3,838   IMCD NV   510,380 
 140,653   International Consolidated Airlines Group SA   490,264 
 12,625   ISS A/S   316,780 
 13,911   Keller Group Plc   264,896 
 3,172   Kirby Corp.(c)   305,686 
 26,743   Komatsu Ltd.   773,396 
 10,134   L3Harris Technologies, Inc.   2,229,683 
 4,684   Limbach Holdings, Inc.(c)   448,446 
 10,699   Makita Corp.   312,882 
 7,918   Morgan Sindall Group Plc   374,278 
 3,418   MSA Safety, Inc.   538,062 
 10,101   Mueller Industries, Inc.   743,030 
 6,335   Northrop Grumman Corp.   3,081,977 
 10,880   Pentair Plc   987,142 

 

 38

 

Old Westbury Funds, Inc.  
Total Equity Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Industrials (continued)     
 3,790   Quanta Services, Inc.  $1,109,295 
 2,146   RBC Bearings, Inc.(c)   705,111 
 8,015   Recruit Holdings Co. Ltd.   444,154 
 9,704   RELX Plc   529,597 
 650   Rheinmetall AG   1,106,984 
 12,868   ROCKWOOL A/S - Class B   587,426 
 212,193   Rolls-Royce Holdings Plc   2,147,918 
 10,432   Ryanair Holdings Plc - ADR   499,275 
 3,662   Saia, Inc.(c)   893,528 
 21,923   Sanwa Holdings Corp.   719,572 
 1,538   Schindler Holding AG   562,516 
 83,172   SF Holding Co. Ltd. - H Shares(c)   415,316 
 11,203   SGS SA   1,094,099 
 2,583   Siemens AG   594,765 
 10,070   Siemens Energy AG(c)   777,240 
 2,211   Simpson Manufacturing Co., Inc.   339,809 
 80,978   Singapore Airlines Ltd.   415,572 
 21,721   SKF AB - Class B   425,762 
 3,315   Societe BIC SA   214,486 
 88,495   Sohgo Security Services Co. Ltd.   699,435 
 7,788   Tetra Tech, Inc.   242,908 
 14,610   Titan Machinery, Inc.(c)   242,380 
 3,906   Transcat, Inc.(c)   309,863 
 20,681   TransUnion   1,715,696 
 12,969   UL Solutions, Inc. - Class A   741,697 
 4,430   Union Pacific Corp.   955,374 
 1,481   United Rentals, Inc.   935,177 
 15,825   Valmet Oyj   483,202 
 16,558   Verra Mobility Corp.(c)   360,964 
 37,989   Vesuvius Plc   173,518 
 4,281   Vinci SA   601,340 
 5,042   Waste Management, Inc.   1,176,601 
 67,912   WEG SA   538,854 
 10,994   Westinghouse Air Brake Technologies Corp.   2,031,032 
 2,630   Wolters Kluwer NV   464,350 
         78,357,281 
Information Technology — 22.0%     
 1,821   Alten SA   154,354 
 97,915   Apple, Inc.   20,806,938 
 12,247   Applied Materials, Inc.   1,845,745 
 933   ASM International NV   456,038 
 5,125   ASML Holding NV   3,430,890 
 2,912   Atlassian Corp. - Class A(c)   664,839 
 1,545   Badger Meter, Inc.   341,167 
 7,112   Bel Fuse, Inc. - Class B   467,756 
 15,358   Bentley Systems, Inc. - Class B   660,240 
 43,219   Broadcom, Inc.   8,318,361 
 3,187   Cadence Design Systems, Inc.(c)   948,897 
 95,809   CCC Intelligent Solutions Holdings, Inc.(c)   887,191 
 9,176   CDW Corp.   1,473,299 
Shares      Value 
Information Technology (continued)     
 3,616   CGI, Inc.  $383,423 
 7,335   Check Point Software Technologies Ltd.(c)   1,610,473 
 5,410   Cloudflare, Inc. - Class A(c)   653,420 
 556   Constellation Software, Inc.   2,003,774 
 8,272   Crane NXT Co.   388,122 
 1,536   Crowdstrike Holdings, Inc. - Class A(c)   658,744 
 72,784   Delta Electronics, Inc.   762,646 
 5,032   Descartes Systems Group, Inc. (The)(c)   530,322 
 8,953   Entegris, Inc.   708,361 
 4,397   EPAM Systems, Inc.(c)   689,933 
 7,846   FormFactor, Inc.(c)   220,786 
 40,676   Fortinet, Inc.(c)   4,220,542 
 5,632   Gartner, Inc.(c)   2,371,523 
 3,650   Guidewire Software, Inc.(c)   747,411 
 4,295   Horiba Ltd.   293,571 
 10,912   Indra Sistemas SA   347,917 
 11,556   Infineon Technologies AG   382,770 
 54,300   Infosys Ltd.   959,912 
 2,647   InterDigital, Inc.   532,047 
 6,619   International Business Machines Corp.   1,600,607 
 14,510   Japan Aviation Electronics Industry Ltd.   232,437 
 2,649   Keyence Corp.   1,107,525 
 11,340   Keysight Technologies, Inc.(c)   1,648,836 
 1,842   KLA Corp.   1,294,355 
 4,949   Logitech International SA   376,075 
 4,402   Manhattan Associates, Inc.(c)   780,871 
 15,485   Marvell Technology, Inc.   903,859 
 64,186   Microsoft Corp.   25,370,158 
 2,858   MKS Instruments, Inc.   200,460 
 10,954   Motorola Solutions, Inc.   4,824,032 
 3,875   Nemetschek SE   514,928 
 4,565   Nice Ltd. - ADR(c)   711,478 
 122,322   Nokia Oyj   611,509 
 3,176   Novanta, Inc.(c)   377,499 
 194,551   NVIDIA Corp.   21,190,495 
 1,753   Onto Innovation, Inc.(c)   213,813 
 14,398   Oracle Corp.   2,026,087 
 7,453   Q2 Holdings, Inc.(c)   590,650 
 6,656   QUALCOMM, Inc.   988,150 
 3,157   Reply SpA   563,618 
 13,772   Samsara, Inc. - Class A(c)   546,198 
 47,060   Samsung Electronics Co. Ltd.   1,836,165 
 6,757   SAP SE   1,977,021 
 3,846   ServiceNow, Inc.(c)   3,672,968 
 7,480   Shopify, Inc. - Class A(c)   710,600 
 1,073   Sopra Steria Group   220,007 
 99,026   Taiwan Semiconductor Manufacturing Co. Ltd.   2,805,858 
 4,142   TE Connectivity Plc   606,306 
 6,376   Texas Instruments, Inc.   1,020,479 

 

 39

 

Old Westbury Funds, Inc.  
Total Equity Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
Information Technology (continued)     
 15,692   Vertex, Inc. - Class A(c)  $628,151 
 17,749   Vontier Corp.   564,596 
         139,637,203 
Insurance — 2.8%     
 8,210   Ageas SA   514,900 
 180,940   AIA Group Ltd.   1,355,768 
 4,212   Allianz SE   1,741,985 
 5,469   Arthur J Gallagher & Co.   1,753,854 
 6,418   ASR Nederland NV   404,968 
 60,999   Aviva Plc   457,029 
 7,030   Bowhead Specialty Holdings, Inc.(c)   282,536 
 42,799   Dai-ichi Life Holdings, Inc.   309,028 
 389   Fairfax Financial Holdings Ltd.   607,315 
 12,521   Generali   457,614 
 1,092   Kinsale Capital Group, Inc.   475,304 
 16,449   Manulife Financial Corp.   504,113 
 309,728   Mapfre SA   1,102,631 
 19,165   MetLife, Inc.   1,444,466 
 6,849   NN Group NV   419,983 
 2,248   Palomar Holdings, Inc.(c)   326,005 
 80,551   Poste Italiane SpA(a)(b)   1,634,960 
 7,680   Prudential Financial, Inc.   788,813 
 22,799   Ryan Specialty Holdings, Inc.   1,493,563 
 32,281   Suncorp Group Ltd.   419,785 
 36,908   Unipol Assicurazioni SpA   662,008 
 883   Zurich Insurance Group AG   626,286 
         17,782,914 
Materials — 2.8%     
 20,974   Acerinox SA   237,033 
 36,814   BHP Group Ltd.   877,412 
 22,515   Billerud Aktiebolag   237,579 
 14,020   Boliden AB(c)   429,573 
 47,838   Breedon Group Plc   275,223 
 34,199   Corteva, Inc.   2,119,996 
 30,179   CRH Plc   2,879,680 
 5,485   CRH Plc   520,255 
 22,685   Element Solutions, Inc.   463,001 
 83,943   Elkem ASA(a)(b)   147,662 
 26,589   Fortescue Ltd.   274,603 
 2,193   Hawkins, Inc.   267,064 
 5,049   Heidelberg Materials AG   1,009,363 
 4,185   Holcim AG   467,665 
 25,342   International Paper Co.   1,157,623 
 34,890   Kansai Paint Co. Ltd.   525,908 
 21,399   Kuraray Co. Ltd.   249,972 
 32,104   Nippon Kayaku Co. Ltd.   302,472 
 31,151   Nitto Denko Corp.   547,535 
 21,672   Perimeter Solutions, Inc.(c)   219,537 
 4,760   Sherwin-Williams Co. (The)   1,679,899 
 3,140   Sika AG   784,710 
 83,367   SSAB AB - Class A   526,783 
 15,032   Tokuyama Corp.   306,839 
Shares      Value 
Materials (continued)     
 85,614   Toray Industries, Inc.  $546,775 
 5,268   Vicat SACA   294,973 
 8,561   voestalpine AG   225,600 
         17,574,735 
Real Estate — 1.6%     
 10,852   American Tower Corp. REIT   2,446,149 
 296,758   CapitaLand Integrated Commercial Trust REIT   488,375 
 8,702   CBRE Group, Inc. - Class A(c)   1,063,210 
 4,305   FirstService Corp.   755,657 
 6,435   Prologis, Inc. REIT   657,657 
 5,714   Ryman Hospitality Properties, Inc. REIT   502,546 
 3,231   SBA Communications Corp. REIT   786,426 
 9,597   Simon Property Group, Inc. REIT   1,510,376 
 14,702   STAG Industrial, Inc. REIT   485,607 
 60,578   Sun Hung Kai Properties Ltd.   574,668 
 10,394   Terreno Realty Corp. REIT   585,494 
         9,856,165 
Utilities — 2.2%     
 204,136   A2A SpA   519,173 
 34,351   AGL Energy Ltd.   234,102 
 21,260   Ameren Corp.   2,109,842 
 16,915   American Electric Power Co., Inc.   1,832,571 
 3,466   American States Water Co.   281,127 
 5,079   Black Hills Corp.   309,311 
 11,654   Duke Energy Corp.   1,422,021 
 32,607   Iberdrola SA   587,769 
 71,620   NextEra Energy, Inc.   4,789,946 
 6,953   Rubis SCA   226,325 
 21,404   Tokyo Gas Co. Ltd.   711,101 
 8,536   WEC Energy Group, Inc.   934,863 
         13,958,151 
Total Common Stocks
(Cost $602,774,138)
   605,209,816 
           
EXCHANGE-TRADED   FUNDS(d) — 1.1%     
 62,458   KraneShares CSI China Internet ETF   2,004,902 
 32,476   SPDR S&P Biotech ETF   2,693,884 
 4,165   SPDR S&P Oil & Gas Exploration & Production ETF   461,107 
 19,176   SPDR S&P Regional Banking ETF   1,037,997 
 7,723   Utilities Select Sector SPDR Fund   609,345 
           
Total Exchange-Traded Funds
(Cost $6,834,725)
   6,807,235 

 

 40

 

Old Westbury Funds, Inc.  
Total Equity Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Shares      Value 
INVESTMENT COMPANY — 6.0%     
 38,344,407   Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(e)  $38,344,407 
           
Total Investment Company
(Cost $38,344,407)
   38,344,407 
      
TOTAL INVESTMENTS — 102.4%     
(Cost $647,953,270)  $650,361,458 
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%   (15,341,505) 
NET ASSETS — 100.0%  $635,019,953 

 

 

(a) Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933.
(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers.

  The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c) Non-income producing security.
(d) A copy of the underlying funds’ financial statements is available upon request.
(e) The rate shown represents the current yield as of April 30, 2025.

 

The following abbreviations are used in the report:

 

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT — Real Estate Investment Trust

SPDR — Standard & Poor’s Depositary Receipt

 

PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)

 

Country:  Market Value    Market Value as
a percentage of
Net Assets
United States  $421,484,782    66.4%
United Kingdom   25,171,586    4.0 
Japan   19,357,916    3.0 
Germany   17,000,270    2.7 
Canada   13,958,968    2.2 
Netherlands   11,460,915    1.8 
Switzerland   9,761,824    1.5 
France   9,582,804    1.5 
India   6,837,075    1.1 
China   6,486,896    1.0 
Spain   6,365,505    1.0 
Sweden   6,327,232    1.0 
Italy   5,446,569    0.9 
Ireland   5,406,870    0.8 
Country:  Market Value    Market Value as
a percentage of
Net Assets
Australia  $4,024,225    0.6%
Uruguay   3,906,505    0.6 
Taiwan   3,568,504    0.5 
Hong Kong   3,143,877    0.5 
South Africa   2,967,661    0.5 
Austria   2,717,912    0.4 
Brazil   2,691,039    0.4 
Norway   2,557,227    0.4 
Israel   2,321,951    0.4 
South Korea   2,239,838    0.3 
Mexico   1,688,402    0.3 
Portugal   1,601,144    0.3 
Denmark   1,489,535    0.2 
Belgium   1,147,960    0.2 
Finland   1,094,711    0.2 
Indonesia   1,091,962    0.2 
Chile   976,608    0.2 
Singapore   903,947    0.1 
Luxembourg   427,596    0.1 
Other*   29,810,137    4.7 
   $635,019,953    100.0%

 

 

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

 

 41

 

Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Shares      Value 
PREFERRED STOCKS — 0.2%     
UNITED STATES — 0.2%     
 27,600   MetLife, Inc., Series F, 4.75%  $540,408 
 38,900   Morgan Stanley, Series K, 5.85%   883,030 
 31,500   Public Storage, Series O, 3.90%   504,315 
 28,500   US Bancorp, Series L, 3.75%   435,480 
 122,100   Wells Fargo & Co., Series Z, 4.75%   2,315,016 
           
Total Preferred Stocks
(Cost $6,547,571)
   4,678,249 
           
EXCHANGE-TRADED FUNDS(a) — 19.2%     
UNITED STATES — 19.2%     
 3,482,215   Invesco Preferred ETF   38,408,832 
 2,061,297   iShares JP Morgan USD Emerging Markets Bond ETF   185,434,278 
 1,400,000   iShares MBS ETF   131,306,000 
 1,115,770   SPDR Bloomberg Convertible Securities ETF   86,505,648 
           
Total Exchange-Traded Funds
(Cost $462,233,071)
   441,654,758 
           
Principal
Amount
         
CORPORATE BONDS — 5.4%     
AUSTRALIA — 0.0%     
$425,000   Mineral Resources Ltd.,
9.25%, 10/01/28(b)
   401,928 
CANADA — 0.2%     
 475,000   Bombardier, Inc.,
7.25%, 07/01/31(b)
   486,331 
 100,000   Capstone Copper Corp.,
6.75%, 03/31/33(b)
   98,256 
 900,000   ERO Copper Corp.,
6.50%, 02/15/30(b)
   867,630 
 550,000   Garda World Security Corp.,
7.75%, 02/15/28(b)
   567,741 
 375,000   Garda World Security Corp.,
8.25%, 08/01/32(b)
   368,397 
 400,000   Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC,
9.00%, 02/15/29(b)
   406,052 
 500,000   NOVA Chemicals Corp.,
5.00%, 05/01/25(b)
   500,000 
 850,000   Ontario Gaming GTA LP/OTG Co- Issuer, Inc.,
8.00%, 08/01/30(b)
   817,879 
         4,112,286 
Principal
Amount
      Value 
CAYMAN ISLANDS — 0.0%     
$450,000   Azorra Finance Ltd.,
7.75%, 04/15/30(b)
  $446,526 
 631,125   Seagate HDD Cayman,
9.63%, 12/01/32
   712,302 
         1,158,828 
FRANCE — 0.0%     
 250,000   Iliad Holding SASU,
7.00%, 04/15/32(b)
   253,408 
IRELAND — 0.1%     
 450,000   Adient Global Holdings Ltd.,
8.25%, 04/15/31(b)
   445,475 
 250,000   Adient Global Holdings Ltd.,
7.50%, 02/15/33(b)
   236,895 
 700,000   Cimpress Plc,
7.38%, 09/15/32(b)
   638,698 
 950,000   Perrigo Finance Unlimited Co., Series USD,
6.13%, 09/30/32
   943,012 
         2,264,080 
LUXEMBOURG — 0.0%     
 500,000   Altice Financing SA,
5.00%, 01/15/28(b)
   383,989 
 525,000   Connect Finco SARL/Connect US Finco LLC,
9.00%, 09/15/29(b)
   491,121 
         875,110 
MALTA — 0.1%     
 650,000   VistaJet Malta Finance Plc/Vista Management Holding, Inc.,
7.88%, 05/01/27(b)
   631,237 
 475,000   VistaJet Malta Finance Plc/Vista Management Holding, Inc.,
9.50%, 06/01/28(b)
   463,976 
 525,000   VistaJet Malta Finance Plc/Vista Management Holding, Inc.,
6.38%, 02/01/30(b)
   453,267 
         1,548,480 
NETHERLANDS — 0.0%     
 250,000   Axalta Coating Systems Dutch Holding B BV,
7.25%, 02/15/31(b)
   258,868 
 260,000   Sigma Holdco BV,
7.88%, 05/15/26(b)
   257,414 
         516,282 

42
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED KINGDOM — 0.1%     
$650,000   California Buyer Ltd./Atlantica Sustainable Infrastructure Plc,
6.38%, 02/15/32(b)
  $638,592 
 675,000   Jaguar Land Rover Automotive Plc,
5.50%, 07/15/29(b)
   647,012 
         1,285,604 
UNITED STATES — 4.9%     
 900,000   Acrisure LLC/Acrisure Finance, Inc.,
6.00%, 08/01/29(b)
   852,644 
 650,000   AdaptHealth LLC,
6.13%, 08/01/28(b)
   630,391 
 650,000   Albertsons Cos., Inc./Safeway, Inc./ New Albertsons LP/Albertsons LLC,
5.88%, 02/15/28(b)
   649,508 
 550,000   Alliant Holdings Intermediate LLC/ Alliant Holdings Co-Issuer,
7.00%, 01/15/31(b)
   558,194 
 925,000   Allied Universal Holdco LLC,
7.88%, 02/15/31(b)
   944,759 
 325,000   Alpha Generation LLC,
6.75%, 10/15/32(b)
   331,211 
 381,965   Ambac Assurance Corp.,
5.10%(b)(c)
   517,563 
 650,000   American Airlines, Inc.,
8.50%, 05/15/29(b)
   662,476 
 200,000   Amsted Industries, Inc.,
6.38%, 03/15/33(b)
   200,901 
 700,000   APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 3 LLC,
7.88%, 11/01/29(b)
   683,193 
 550,000   Apollo Commercial Real Estate Finance, Inc. REIT,
4.63%, 06/15/29(b)
   507,972 
 300,000   Ascent Resources Utica Holdings LLC/ ARU Finance Corp.,
8.25%, 12/31/28(b)
   303,083 
 300,000   Ascent Resources Utica Holdings LLC/ ARU Finance Corp.,
6.63%, 10/15/32(b)
   296,853 
 125,000   Axon Enterprise, Inc.,
6.25%, 03/15/33(b)
   127,403 
 630,000   Bank of New York Mellon Corp. (The), Series F,
(3 mo. Term SOFR + 3.393%),
4.63%(c)(d)
   615,964 
 450,000   Blackstone Mortgage Trust, Inc. REIT,
7.75%, 12/01/29(b)
   467,379 
Principal
Amount
      Value 
UNITED STATES (continued)     
$425,000   Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.00%, 07/15/29(b)
  $432,334 
 325,000   Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.25%, 07/15/32(b)
   333,247 
 575,000   Boost Newco Borrower LLC,
7.50%, 01/15/31(b)
   606,772 
 925,000   Boyd Gaming Corp.,
4.75%, 06/15/31(b)
   862,364 
 850,000   Bread Financial Holdings, Inc.,
9.75%, 03/15/29(b)
   894,220 
 750,000   Brink’s Co. (The),
6.75%, 06/15/32(b)
   767,690 
 325,000   Buckeye Partners LP,
4.50%, 03/01/28(b)
   313,323 
 275,000   Buckeye Partners LP,
6.75%, 02/01/30(b)
   279,814 
 575,000   Builders FirstSource, Inc.,
4.25%, 02/01/32(b)
   517,852 
 700,000   Burford Capital Global Finance LLC,
6.25%, 04/15/28(b)
   694,028 
 975,000   Burford Capital Global Finance LLC,
9.25%, 07/01/31(b)
   1,027,206 
 450,000   Caesars Entertainment, Inc.,
7.00%, 02/15/30(b)
   460,640 
 650,000   Caesars Entertainment, Inc.,
6.50%, 02/15/32(b)
   653,405 
 166,000   Calpine Corp.,
5.13%, 03/15/28(b)
   164,424 
 600,000   Carnival Corp.,
5.75%, 03/15/30(b)
   595,778 
 650,000   Carnival Corp.,
6.13%, 02/15/33(b)
   644,504 
 1,000,000   CCO Holdings LLC/CCO Holdings Capital Corp.,
5.38%, 06/01/29(b)
   978,189 
 1,250,000   CCO Holdings LLC/CCO Holdings Capital Corp.,
4.50%, 08/15/30(b)
   1,160,730 
 500,000   CCO Holdings LLC/CCO Holdings Capital Corp.,
4.25%, 02/01/31(b)
   451,762 
 800,000   CCO Holdings LLC/CCO Holdings Capital Corp.,
4.50%, 06/01/33(b)
   696,054 
 350,000   Celanese US Holdings LLC,
6.42%, 07/15/27
   352,845 

43
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
$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)
  $1,457,226 
 400,000   Chart Industries, Inc.,
7.50%, 01/01/30(b)
   414,995 
 750,000   CHS/Community Health Systems, Inc.,
6.00%, 01/15/29(b)
   698,676 
 650,000   Churchill Downs, Inc.,
5.50%, 04/01/27(b)
   643,708 
 325,000   Civitas Resources, Inc.,
5.00%, 10/15/26(b)
   315,568 
 325,000   Civitas Resources, Inc.,
8.63%, 11/01/30(b)
   313,234 
 125,000   Clarios Global LP/Clarios US Finance Co.,
6.75%, 02/15/30(b)
   127,163 
 450,000   Clear Channel Outdoor Holdings, Inc.,
5.13%, 08/15/27(b)
   437,529 
 425,000   Clear Channel Outdoor Holdings, Inc.,
7.88%, 04/01/30(b)
   425,190 
 875,000   Cloud Software Group, Inc.,
6.50%, 03/31/29(b)
   875,314 
 400,000   Cloud Software Group, Inc.,
8.25%, 06/30/32(b)
   417,247 
 450,000   Clydesdale Acquisition Holdings, Inc.,
8.75%, 04/15/30(b)
   463,645 
 1,025,000   Cogent Communications Group LLC,
7.00%, 06/15/27(b)
   1,030,016 
 750,000   Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC,
6.63%, 07/15/30(b)
   751,826 
 600,000   Crescent Energy Finance LLC,
9.25%, 02/15/28(b)
   606,393 
 800,000   Cushman & Wakefield US Borrower LLC,
8.88%, 09/01/31(b)
   855,846 
 575,000   DaVita, Inc.,
6.88%, 09/01/32(b)
   580,570 
 250,000   Dcli Bidco LLC,
7.75%, 11/15/29(b)
   232,880 
 1,325,000   Directv Financing LLC/Directv Financing Co-Obligor, Inc.,
5.88%, 08/15/27(b)
   1,280,578 
Principal
Amount
      Value 
UNITED STATES (continued)     
$475,000   DISH DBS Corp.,
5.13%, 06/01/29
  $297,404 
 850,000   DISH Network Corp.,
11.75%, 11/15/27(b)
   893,306 
 600,000   EchoStar Corp.,
10.75%, 11/30/29
   634,520 
 500,000   EchoStar Corp.,PIK,
6.75%, 11/30/30
   466,036 
 432,000   Edgewell Personal Care Co.,
4.13%, 04/01/29(b)
   403,773 
 275,000   Endo Finance Holdings, Inc.,
8.50%, 04/15/31(b)
   285,927 
 450,000   Energizer Holdings, Inc.,
4.75%, 06/15/28(b)
   433,561 
 684,000   Evergreen Acqco 1 LP/TVI, Inc.,
9.75%, 04/26/28(b)
   706,199 
 1,000,000   Ford Motor Credit Co. LLC,
5.30%, 09/06/29
   964,141 
 1,050,000   Fortress Intermediate 3, Inc.,
7.50%, 06/01/31(b)
   1,073,338 
 300,000   Fortress Transportation and Infrastructure Investors LLC,
7.00%, 05/01/31(b)
   305,035 
 700,000   Fortress Transportation and Infrastructure Investors LLC,
7.00%, 06/15/32(b)
   709,312 
 175,000   Freedom Mortgage Holdings LLC,
8.38%, 04/01/32(b)
   171,155 
 750,000   Frontier Communications Holdings LLC,
8.63%, 03/15/31(b)
   795,383 
 675,000   GCI LLC,
4.75%, 10/15/28(b)
   638,577 
 125,000   Gen Digital, Inc.,
6.25%, 04/01/33(b)
   124,663 
 722,000   Global Infrastructure Solutions, Inc.,
5.63%, 06/01/29(b)
   686,602 
 700,000   Goodyear Tire & Rubber Co. (The),
5.25%, 07/15/31
   652,101 
 400,000   Gray Media, Inc.,
10.50%, 07/15/29(b)
   410,593 
 750,000   Gray Media, Inc.,
5.38%, 11/15/31(b)
   447,480 
 275,000   Gulfport Energy Operating Corp.,
6.75%, 09/01/29(b)
   271,009 
 450,000   Hanesbrands, Inc.,
9.00%, 02/15/31(b)
   466,198 
 600,000   Harvest Midstream I LP,
7.50%, 09/01/28(b)
   607,316 

44
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
$900,000   HAT Holdings I LLC/HAT Holdings II LLC,
8.00%, 06/15/27(b)
  $924,409 
 650,000   Heartland Dental LLC/Heartland Dental Finance Corp.,
10.50%, 04/30/28(b)
   684,900 
 250,000   Hess Midstream Operations LP,
5.88%, 03/01/28(b)
   250,526 
 475,000   Hilcorp Energy I LP/Hilcorp Finance Co.,
6.00%, 02/01/31(b)
   426,348 
 425,000   HLF Financing SARL LLC/Herbalife International, Inc.,
12.25%, 04/15/29(b)
   450,957 
 600,000   HUB International Ltd.,
7.25%, 06/15/30(b)
   622,346 
 575,000   Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
4.38%, 02/01/29
   479,445 
 350,000   Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
9.00%, 06/15/30
   330,602 
 600,000   Insight Enterprises, Inc.,
6.63%, 05/15/32(b)
   608,702 
 850,000   Iron Mountain, Inc. REIT,
5.25%, 07/15/30(b)
   823,705 
 250,000   Jane Street Group/JSG Finance, Inc.,
6.13%, 11/01/32(b)
   245,720 
 450,000   JELD-WEN, Inc.,
4.88%, 12/15/27(b)
   415,641 
 375,000   KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.,
9.00%, 02/15/29(b)
   383,625 
 675,000   Kennedy-Wilson, Inc.,
4.75%, 02/01/30
   595,215 
 675,000   Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,
4.75%, 06/15/29(b)
   646,120 
 300,000   Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. REIT,
7.00%, 07/15/31(b)
   308,250 
 925,000   LCM Investments Holdings II LLC,
4.88%, 05/01/29(b)
   874,471 
 300,000   LCM Investments Holdings II LLC,
8.25%, 08/01/31(b)
   313,767 
 650,000   Level 3 Financing, Inc.,
10.50%, 04/15/29(b)
   719,703 
Principal
Amount
      Value 
UNITED STATES (continued)     
$275,000   LifePoint Health, Inc.,
9.88%, 08/15/30(b)
  $292,524 
 700,000   LifePoint Health, Inc.,
8.38%, 02/15/32(b)
   713,955 
 550,000   Lightning Power LLC,
7.25%, 08/15/32(b)
   569,817 
 225,000   Long Ridge Energy LLC,
8.75%, 02/15/32(b)
   214,247 
 400,000   Lumen Technologies, Inc.,
10.00%, 10/15/32(b)
   399,000 
 650,000   Magnera Corp.,
7.25%, 11/15/31(b)
   614,660 
 300,000   Mativ Holdings, Inc.,
8.00%, 10/01/29(b)
   249,388 
 850,000   Mauser Packaging Solutions Holding Co.,
9.25%, 04/15/27(b)
   779,888 
 75,000   Mauser Packaging Solutions Holding Co.,
7.88%, 04/15/27(b)
   75,198 
 300,000   Maxim Crane Works Holdings Capital LLC,
11.50%, 09/01/28(b)
   296,250 
 825,000   Midcap Financial Issuer Trust,
6.50%, 05/01/28(b)
   787,569 
 1,050,000   Midcontinent Communications,
8.00%, 08/15/32(b)
   1,070,473 
 1,050,000   Nationstar Mortgage Holdings, Inc.,
5.75%, 11/15/31(b)
   1,053,896 
 450,000   NCL Corp. Ltd.,
6.75%, 02/01/32(b)
   439,398 
 350,000   Neptune Bidco US, Inc.,
9.29%, 04/15/29(b)
   311,500 
 925,000   New Enterprise Stone & Lime Co., Inc.,
5.25%, 07/15/28(b)
   897,923 
 750,000   Nissan Motor Acceptance Co. LLC,
2.75%, 03/09/28(b)
   683,219 
 325,000   Northern Oil & Gas, Inc.,
8.13%, 03/01/28(b)
   320,856 
 150,000   Novelis Corp.,
6.88%, 01/30/30(b)
   152,161 
 750,000   Novelis Corp.,
3.88%, 08/15/31(b)
   647,311 
 475,000   Olin Corp.,
6.63%, 04/01/33(b)
   450,705 
 900,000   Olympus Water US Holding Corp.,
9.75%, 11/15/28(b)
   937,762 
 325,000   OneMain Finance Corp.,
5.38%, 11/15/29
   310,684 

45
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
$650,000   OneSky Flight LLC,
8.88%, 12/15/29(b)
  $656,108 
 1,075,000   Organon & Co./Organon Foreign Debt Co-Issuer BV,
5.13%, 04/30/31(b)
   902,302 
 350,000   Owens-Brockway Glass Container, Inc.,
6.63%, 05/13/27(b)
   349,118 
 925,000   Owens-Brockway Glass Container, Inc.,
7.25%, 05/15/31(b)
   918,568 
 700,000   Park Intermediate Holdings LLC/ PK Domestic Property LLC/PK Finance Co-Issuer REIT,
5.88%, 10/01/28(b)
   683,102 
 400,000   Patrick Industries, Inc.,
6.38%, 11/01/32(b)
   388,331 
 275,000   PennyMac Financial Services, Inc.,
7.88%, 12/15/29(b)
   286,716 
 700,000   PennyMac Financial Services, Inc.,
6.88%, 02/15/33(b)
   699,023 
 325,000   PetSmart, Inc./PetSmart Finance Corp.,
7.75%, 02/15/29(b)
   302,697 
 400,000   Phinia, Inc.,
6.75%, 04/15/29(b)
   404,270 
 725,000   Phinia, Inc.,
6.63%, 10/15/32(b)
   711,394 
 500,000   PM General Purchaser LLC,
9.50%, 10/01/28(b)
   482,713 
 875,000   Post Holdings, Inc.,
4.63%, 04/15/30(b)
   824,779 
 1,000,000   PRA Group, Inc.,
5.00%, 10/01/29(b)
   911,106 
 475,000   Prestige Brands, Inc.,
3.75%, 04/01/31(b)
   428,831 
 800,000   Prime Healthcare Services, Inc.,
9.38%, 09/01/29(b)
   762,705 
 150,000   Quikrete Holdings, Inc.,
6.38%, 03/01/32(b)
   150,845 
 275,000   Quikrete Holdings, Inc.,
6.75%, 03/01/33(b)
   276,029 
 554,000   Raising Cane’s Restaurants LLC,
9.38%, 05/01/29(b)
   587,104 
 525,000   Range Resources Corp.,
8.25%, 01/15/29
   537,649 
 650,000   Raven Acquisition Holdings LLC,
6.88%, 11/15/31(b)
   633,974 
Principal
Amount
      Value 
UNITED STATES (continued)     
$700,000   Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 04/16/29(b)
  $602,225 
 450,000   RHP Hotel Properties LP/RHP Finance Corp. REIT,
6.50%, 04/01/32(b)
   448,498 
 950,000   Rocket Software, Inc.,
9.00%, 11/28/28(b)
   978,825 
 1,050,000   Rocket Software, Inc.,
6.50%, 02/15/29(b)
   998,727 
 500,000   Rockies Express Pipeline LLC,
3.60%, 05/15/25(b)
   499,441 
 175,000   Rockies Express Pipeline LLC,
6.75%, 03/15/33(b)
   177,806 
 650,000   Rockies Express Pipeline LLC,
6.88%, 04/15/40(b)
   613,610 
 275,000   Royal Caribbean Cruises Ltd.,
5.63%, 09/30/31(b)
   272,886 
 300,000   Royal Caribbean Cruises Ltd.,
6.25%, 03/15/32(b)
   304,496 
 407,000   Royal Caribbean Cruises Ltd.,
6.00%, 02/01/33(b)
   408,120 
 350,000   Saks Global Enterprises LLC,
11.00%, 12/15/29(b)
   212,288 
 275,000   Sealed Air Corp.,
7.25%, 02/15/31(b)
   286,371 
 400,000   Service Properties Trust REIT,
5.25%, 02/15/26
   395,021 
 775,000   Service Properties Trust REIT,
5.50%, 12/15/27
   738,283 
 800,000   Service Properties Trust REIT,
4.95%, 10/01/29
   627,859 
 625,000   Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
6.75%, 08/15/32(b)
   633,905 
 525,000   Sinclair Television Group, Inc.,
8.13%, 02/15/33(b)
   519,677 
 675,000   Sirius XM Radio LLC,
4.00%, 07/15/28(b)
   634,991 
 625,000   Six Flags Entertainment Corp.,
7.25%, 05/15/31(b)
   633,583 
 125,000   Snap, Inc.,
6.88%, 03/01/33(b)
   124,842 
 425,000   Spirit AeroSystems, Inc.,
9.38%, 11/30/29(b)
   452,277 
 650,000   SS&C Technologies, Inc.,
5.50%, 09/30/27(b)
   646,795 
 800,000   Standard Building Solutions, Inc.,
6.50%, 08/15/32(b)
   809,963 

46
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
$800,000   Starwood Property Trust, Inc. REIT,
3.63%, 07/15/26(b)
  $780,922 
 250,000   Starwood Property Trust, Inc. REIT,
7.25%, 04/01/29(b)
   259,256 
 675,000   Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,
6.00%, 12/31/30(b)
   628,520 
 1,000,000   TEGNA, Inc.,
5.00%, 09/15/29
   931,476 
 675,000   Tenet Healthcare Corp.,
4.25%, 06/01/29
   642,847 
 225,000   Terex Corp.,
6.25%, 10/15/32(b)
   215,335 
 700,000   TransDigm, Inc.,
7.13%, 12/01/31(b)
   727,571 
 475,000   TransDigm, Inc.,
6.63%, 03/01/32(b)
   486,568 
 400,000   TransDigm, Inc.,
6.00%, 01/15/33(b)
   399,171 
 925,000   TriNet Group, Inc.,
7.13%, 08/15/31(b)
   941,499 
 1,650,000   Truist Financial Corp., Series N, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.003%),
6.67%(c)(d)
   1,620,650 
 925,000   United Wholesale Mortgage LLC,
5.50%, 04/15/29(b)
   895,677 
 741,000   Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT,
10.50%, 02/15/28(b)
   786,783 
 600,000   Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT,
6.50%, 02/15/29(b)
   548,898 
 750,000   Univision Communications, Inc.,
8.00%, 08/15/28(b)
   728,511 
 625,000   US Acute Care Solutions LLC,
9.75%, 05/15/29(b)
   634,488 
 950,000   Venture Global LNG, Inc.,
8.13%, 06/01/28(b)
   943,420 
 675,000   Venture Global LNG, Inc.,
9.50%, 02/01/29(b)
   699,457 
 125,000   Veritiv Operating Co.,
10.50%, 11/30/30(b)
   130,569 
 500,000   Viasat, Inc.,
5.63%, 09/15/25(b)
   499,977 
 600,000   Victra Holdings LLC/Victra Finance Corp.,
8.75%, 09/15/29(b)
   608,890 
Principal
Amount
      Value 
UNITED STATES (continued)     
$325,000   Viking Baked Goods Acquisition Corp.,
8.63%, 11/01/31(b)
  $308,716 
 325,000   Vistra Operations Co. LLC,
6.88%, 04/15/32(b)
   336,628 
 425,000   VOC Escrow Ltd.,
5.00%, 02/15/28(b)
   416,836 
 125,000   Waste Pro USA, Inc.,
7.00%, 02/01/33(b)
   127,535 
 450,000   WESCO Distribution, Inc.,
6.38%, 03/15/33(b)
   455,225 
 325,000   Williams Scotsman, Inc.,
6.63%, 06/15/29(b)
   329,349 
 375,000   Williams Scotsman, Inc.,
6.63%, 04/15/30(b)
   381,791 
 1,175,000   Windstream Services LLC/Windstream Escrow Finance Corp.,
8.25%, 10/01/31(b)
   1,202,870 
 400,000   WR Grace Holdings LLC,
5.63%, 08/15/29(b)
   354,379 
 425,000   Xerox Holdings Corp.,
5.50%, 08/15/28(b)
   272,261 
 450,000   XHR LP REIT,
6.63%, 05/15/30(b)
   443,263 
 100,000   XPLR Infrastructure Operating Partners LP,
8.38%, 01/15/31(b)
   100,367 
 775,000   Zayo Group Holdings, Inc.,
4.00%, 03/01/27(b)
   713,768 
 700,000   ZF North America Capital, Inc.,
7.13%, 04/14/30(b)
   644,004 
         112,096,074 
Total Corporate Bonds
(Cost $125,397,288)
   124,512,080 
           
ASSET-BACKED SECURITIES — 15.3%     
CAYMAN ISLANDS — 0.6%     
Collateralized Loan Obligations — 0.6%     
 1,000,000   Apidos CLO XV, Series 2013-15A, Class ERR,
(3 mo. Term SOFR + 5.962%),
10.23%, 04/20/31(b)(d)
   986,560 
 17,550,000   CBAM Ltd., Series 2019-10A, Class SUB,
7.13%, 04/20/32(b)(d)(e)
   3,785,360 
 9,915,625   Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB,
6.78%, 01/20/31(b)(d)(e)
   683,967 

47
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
CAYMAN ISLANDS (continued)     
Collateralized Loan Obligations (continued)     
$12,131,250   Madison Park Funding XLII Ltd., Series 13A, Class SUB,
2.26%, 11/21/47(b)(d)(e)
  $3,311,346 
 5,000,000   Romark CLO II Ltd., Series 2018-2A, Class SUB,
7.18%, 07/25/31(b)(d)(e)
   291,318 
 5,000,000   Romark CLO Ltd., Series 2017-1A, Class SUB,
7.82%, 10/23/30(b)(d)(e)
   698,400 
 7,500,000   Romark WM-R Ltd., Series 2018-1A, Class F,
(3 mo. Term SOFR + 8.362%),
12.63%, 04/20/31(b)(d)(e)
   4,110,928 
         13,867,879 
UNITED STATES — 14.7%     
Other Asset-Backed Securities — 14.7%     
 2,573,959   510 Loan Acquisition Trust, Series 2020-1, Class A, STEP,
8.11%, 09/25/60(b)
   2,535,350 
 141,911   Aegis Asset-Backed Securities Corp. Mortgage Pass-Through Certificates, Series 2003-3, Class M1,
(1 mo. Term SOFR + 1.164%),
5.49%, 01/25/34(d)
   141,324 
 6,331,916   Ajax Mortgage Loan Trust, Series 2023-B, Class A, STEP,
4.25%, 10/25/62(b)
   6,194,334 
 873,700   Ajax Mortgage Loan Trust, Series 2023-B, Class B, STEP,
4.25%, 10/25/62(b)
   839,588 
 1,965,631   Ajax Mortgage Loan Trust, Series 2023-B, Class C,
3.26%, 10/25/62(b)(f)
   1,202,914 
 184,096   Ajax Mortgage Loan Trust, Series 2023-B, Class SA,
1.14%, 10/25/62(b)(f)
   169,404 
 5,000,000   Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-R3, Class M7,
(1 mo. Term SOFR + 2.094%),
6.42%, 05/25/35(d)
   4,187,663 
 1,800,000   AMSR Trust, Series 2023-SFR2, Class F1,
3.95%, 06/17/40(b)
   1,660,193 
 2,230,000   AMSR Trust, Series 2023-SFR2, Class F2,
3.95%, 06/17/40(b)
   1,969,804 
Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$6,334,442   Argent Mortgage Loan Trust, Series 2005-W1, Class A2,
(1 mo. Term SOFR + 0.594%),
4.92%, 05/25/35(d)
  $5,044,858 
 4,736,146   Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W5, Class M1,
(1 mo. Term SOFR + 0.804%),
5.13%, 01/25/36(d)
   4,731,249 
 6,035,494   Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2,
(1 mo. Term SOFR + 0.744%),
3.68%, 01/25/36(d)
   5,297,154 
 5,740,000   BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1,
7.07%, 02/10/22(d)
   655,509 
 5,000,000   BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1,
7.22%, 12/10/25(d)
   514,348 
 6,923,965   Barclays Mortgage Trust, Series 2021- NPL1, Class A, STEP,
5.00%, 11/25/51(b)
   6,897,838 
 1,182,038   Barclays Mortgage Trust, Series 2021- NPL1, Class B, STEP,
4.63%, 11/25/51(b)
   1,192,421 
 2,432,523   Barclays Mortgage Trust, Series 2021- NPL1, Class C,
0.00%, 11/25/51(b)(f)
   3,143,189 
 4,665,205   Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1,
(1 mo. Term SOFR + 1.114%),
5.43%, 05/28/39(b)(d)
   3,825,188 
 658,238   Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2,
(1 mo. Term SOFR + 1.414%),
5.73%, 05/28/39(b)(d)
   303,402 
 496,056   Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1,
(1 mo. Term SOFR + 1.114%),
5.43%, 12/28/40(b)(d)
   495,778 
 1,041,828   Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A,
(1 mo. Term SOFR + 1.044%),
5.36%, 12/28/40(b)(d)
   1,002,176 

48
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$908,185   Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4,
(1 mo. Term SOFR + 1.914%),
4.90%, 05/25/35(d)
  $905,225 
 2,483,026   Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4,
(1 mo. Term SOFR + 1.134%),
5.08%, 12/25/35(d)
   2,383,025 
 2,446,034   Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A,
(1 mo. Term SOFR + 0.394%),
4.72%, 12/25/36(d)
   2,403,141 
 4,650,000   Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3,
(1 mo. Term SOFR + 2.364%),
6.69%, 04/25/36(d)
   4,849,880 
 4,884,740   Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4,
(1 mo. Term SOFR + 0.534%),
4.86%, 12/26/36(d)
   4,049,441 
 7,735,928   Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1,
(1 mo. Term SOFR + 0.614%),
4.94%, 02/25/37(d)
   5,806,280 
 4,368,445   Cascade MH Asset Trust, Series 2019- MH1, Class A,
4.00%, 11/25/44(b)(d)
   4,152,259 
 3,400,000   CFMT LLC, Series 2023-HB11, Class M2,
4.00%, 02/25/37(b)(d)
   3,259,761 
 1,600,000   CFMT LLC, Series 2024-HB13, Class M2,
3.00%, 05/25/34(b)(d)
   1,506,191 
 2,500,000   CFMT LLC, Series 2024-HB13, Class M3,
3.00%, 05/25/34(b)(d)
   2,314,874 
 2,000,000   CFMT LLC, Series 2024-HB13, Class M4,
3.00%, 05/25/34(b)(d)
   1,710,214 
 6,000,000   CIT Mortgage Loan Trust, Series 2007-1, Class 1M2,
(1 mo. Term SOFR + 2.739%),
7.07%, 10/25/37(b)(d)
   5,709,581 
Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$3,766,500   CIT Mortgage Loan Trust, Series 2007-1, Class 2M2,
(1 mo. Term SOFR + 2.739%),
7.07%, 10/25/37(b)(d)
  $3,473,643 
 2,684,362   Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B,
(1 mo. Term SOFR + 0.314%),
4.64%, 05/25/37(d)
   1,718,060 
 72,131   Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C,
(1 mo. Term SOFR + 0.384%),
4.71%, 05/25/37(d)
   46,154 
 3,156,755   Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B,
(1 mo. Term SOFR + 0.284%),
4.61%, 07/25/45(d)
   2,140,479 
 755,605   Conseco Finance Corp., Series 1998-2, Class M1,
6.94%, 12/01/28(d)
   760,578 
 2,020,741   Conseco Finance Corp., Series 1999-5, Class A5,
7.86%, 03/01/30(d)
   599,012 
 2,279,716   Conseco Finance Corp., Series 1999-5, Class A6,
7.50%, 03/01/30(d)
   645,674 
 11,183,346   Conseco Finance Securitizations Corp., Series 2000-1, Class A5,
8.06%, 09/01/29(d)
   1,597,412 
 2,726,916   Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1,
(1 mo. Term SOFR + 0.614%),
4.93%, 05/25/37(b)(d)
   2,342,746 
 822,356   Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4,
6.30%, 12/25/35(d)
   796,537 
 1,783,708   Countrywide Asset-Backed Certificates Trust, Series 2006-13, Class 1AF4,
3.95%, 01/25/37(d)
   1,753,221 
 9,317,615   Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1,
(1 mo. Term SOFR + 0.564%),
4.89%, 03/25/37(d)
   9,181,511 
 6,356,972   Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1,
(1 mo. Term SOFR + 0.459%),
4.79%, 05/25/47(d)
   5,303,161 

49
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$6,144,717   Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1,
(1 mo. Term SOFR + 0.489%),
4.82%, 06/25/37(d)
  $5,174,043 
 819,998   Countrywide Asset-Backed Certificates Trust, Series 2007-BC2, Class M1,
(1 mo. Term SOFR + 0.624%),
4.95%, 06/25/37(d)
   383,836 
 320,622   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A,
(1 mo. Term SOFR + 0.294%),
4.62%, 05/15/36(d)
   316,099 
 313,409   Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B,
(1 mo. Term SOFR + 0.354%),
4.68%, 02/15/30(b)(d)
   300,964 
 3,014,310   Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT,
0.42%, 02/01/47(b)(f)
   2,636,084 
 1,789,785   Credit-Based Asset Servicing and Securitization LLC, Series 2007- CB6, Class A4,
(1 mo. Term SOFR + 0.454%),
4.78%, 07/25/37(b)(d)
   1,150,842 
 4,710,365   First Frankin Mortgage Loan Trust, Series 2006-FF4, Class M1,
(1 mo. Term SOFR + 0.654%),
4.45%, 03/25/36(d)
   4,460,186 
 1,063,866   First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1,
(1 mo. Term SOFR + 1.914%),
6.24%, 10/25/33(d)
   1,038,629 
 9,145,217   First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1,
(1 mo. Term SOFR + 0.489%),
4.82%, 07/25/36(d)
   7,623,654 
 4,442,689   First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2,
(1 mo. Term SOFR + 0.714%),
5.04%, 01/25/36(d)
   3,943,215 
 3,209,819   First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C,
(1 mo. Term SOFR + 0.414%),
4.74%, 03/25/37(d)
   1,488,380 
Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$2,710,000   FirstKey Homes Trust, Series 2020- SFR2, Class F1,
3.02%, 10/19/37(b)
  $2,664,578 
 4,000,000   FirstKey Homes Trust, Series 2022- SFR1, Class E1,
5.00%, 05/19/39(b)
   3,965,820 
 4,000,000   FirstKey Homes Trust, Series 2022- SFR1, Class E2,
5.00%, 05/19/39(b)
   3,943,262 
 2,553,000   FirstKey Homes Trust, Series 2022- SFR2, Class E1,
4.50%, 07/17/39(b)
   2,482,995 
 1,438,388   Fremont Home Loan Trust, Series 2005-D, Class M1,
(1 mo. Term SOFR + 0.729%),
5.06%, 11/25/35(d)
   1,302,015 
 1,500,000   FRTKL, Series 2021-SFR1, Class F,
3.17%, 09/17/38(b)
   1,415,900 
 266,212   GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3,
(1 mo. Term SOFR + 0.614%),
4.94%, 02/25/36(d)
   258,815 
 4,585,901   Greenpoint Manufactured Housing, Series 2000-3, Class IA,
8.40%, 06/20/31(d)
   1,607,412 
 2,463,906   GSAA Home Equity Trust, Series 2005-14, Class 1A2,
(1 mo. Term SOFR + 0.814%),
5.14%, 12/25/35(d)
   1,076,721 
 7,820,561   GSAA Home Equity Trust, Series 2006-5, Class 1A1,
(1 mo. Term SOFR + 0.474%),
4.80%, 03/25/36(d)
   2,244,877 
 14,406,146   GSAA Home Equity Trust, Series 2007-9, Class A3A,
7.00%, 10/25/37
   5,263,624 
 330,045   GSAA Trust, Series 2006-7, Class AF2,
5.99%, 03/25/46(d)
   118,536 
 3,566,000   GSAMP Trust, Series 2007-HS1, Class M5,
(1 mo. Term SOFR + 3.489%),
7.82%, 02/25/47(d)
   3,523,222 
 2,930,126   Home Equity Asset Trust, Series 2007- 1, Class 2A3,
(1 mo. Term SOFR + 0.414%),
4.74%, 05/25/37(d)(e)
   2,660,082 
 2,880,252   Home Partners of America Trust, Series 2021-2, Class F,
3.80%, 12/17/26(b)
   2,760,393 

50
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$3,615,787   Home Partners of America Trust, Series 2021-3, Class F,
4.24%, 01/17/41(b)
  $3,255,152 
 4,313,344   HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP,
6.23%, 12/25/36
   1,422,599 
 136,554   Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP,
6.53%, 09/25/37(b)
   137,200 
 102,098   JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP,
6.63%, 07/25/36
   26,929 
 204,106   JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3,
(1 mo. Term SOFR + 0.294%),
4.62%, 07/25/36(d)
   85,309 
 679,050   Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1,
6.63%, 04/15/40(d)
   685,368 
 208,051   Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1,
(1 mo. Term SOFR + 0.204%),
4.53%, 06/25/37(b)(d)
   134,787 
 1,251,369   Lehman XS Trust, Series 2007-20N, Class A1,
(1 mo. Term SOFR + 2.414%),
6.74%, 12/25/37(d)
   1,186,380 
 3,927,445   Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A,
(1 mo. Term SOFR + 0.474%),
4.80%, 03/25/46(d)
   3,008,881 
 4,768,844   Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3,
(1 mo. Term SOFR + 0.434%),
4.76%, 10/25/36(d)
   1,489,165 
 1,083,132   Mastr Asset Backed Securities Trust, Series 2007-NCW, Class A1,
(1 mo. Term SOFR + 0.414%),
4.74%, 05/25/37(b)(d)
   954,939 
 3,644,719   MASTR Second Lien Trust, Series 2006-1, Class A,
(1 mo. Term SOFR + 0.434%),
4.76%, 03/25/36(d)
   212,036 
 1,820,293   MERIT Securities Corp., Series 13, Class M2, STEP,
7.88%, 12/28/33
   1,745,124 
Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$6,863,528   Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D,
(1 mo. Term SOFR + 0.614%),
4.94%, 10/25/37(d)
  $1,006,152 
 873,088   Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4,
(1 mo. Term SOFR + 0.594%),
4.92%, 06/25/36(d)
   433,706 
 5,591,684   Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1,
(1 mo. Term SOFR + 0.244%),
4.57%, 11/25/36(d)
   2,391,411 
 1,243,581   Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1,
(1 mo. Term SOFR + 3.914%),
8.24%, 02/25/47(b)(d)
   1,161,850 
 3,574,894   Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1,
(1 mo. Term SOFR + 0.654%),
4.98%, 02/25/36(d)
   3,313,958 
 3,893,051   Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP,
6.51%, 10/25/36
   853,989 
 195,724   Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1,
(1 mo. Term SOFR + 0.414%),
4.74%, 03/25/36(d)
   197,211 
 5,733,185   New Century Home Equity Loan Trust, Series 2005-C, Class M2,
(1 mo. Term SOFR + 0.789%),
5.12%, 12/25/35(d)
   4,768,917 
 6,500,000   New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F,
4.44%, 02/17/39(b)
   6,249,259 
 5,000,000   New Residential Mortgage Loan Trust, Series 2022-SFR2, Class E1,
4.00%, 09/04/39(b)
   4,786,012 
 5,000,000   New Residential Mortgage Loan Trust, Series 2022-SFR2, Class F,
4.00%, 09/04/39(b)
   4,670,353 
 377,436   Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1,
(1 mo. Term SOFR + 0.514%),
4.84%, 10/25/36(b)(d)
   457,464 

51
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$729,325   Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2,
7.48%, 08/15/27
  $550,337 
 9,752,270   Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4,
7.40%, 07/15/30(d)
   1,435,489 
 8,572,117   Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2,
5.92%, 06/15/31(d)
   544,293 
 5,947,218   Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3,
6.61%, 06/15/31(d)
   421,541 
 6,795,981   Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4,
7.41%, 06/15/31(d)
   539,638 
 461,236   Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3,
5.90%, 09/15/22(d)
   178,576 
 3,000,000   Pagaya AI Technology in Housing Trust, Series 2023-1, Class F,
3.60%, 10/25/40(b)
   2,461,112 
 2,955,985   Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP,
3.45%, 07/25/35
   2,472,336 
 4,637,321   PRET LLC, Series 2024-NPL4, Class A1, STEP,
7.00%, 07/25/54(b)
   4,641,889 
 4,762,358   PRET LLC, Series 2024-RN2, Class A1, STEP,
7.12%, 04/25/54(b)
   4,790,277 
 2,597,147   Progress Residential Trust, Series 2021- SFR10, Class F,
4.61%, 12/17/40(b)
   2,462,074 
 2,500,000   Progress Residential Trust, Series 2021- SFR11, Class F,
4.42%, 01/17/39(b)
   2,403,111 
 3,500,000   Progress Residential Trust, Series 2021- SFR8, Class F,
3.18%, 10/17/38(b)
   3,411,784 
 2,400,000   Progress Residential Trust, Series 2021- SFR9, Class F,
4.05%, 11/17/40(b)
   2,310,117 
 4,000,000   Progress Residential Trust, Series 2022- SFR1, Class F,
4.88%, 02/17/41(b)
   3,728,944 
 3,000,000   Progress Residential Trust, Series 2022- SFR1, Class G,
5.52%, 02/17/41(b)
   2,795,120 
Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$1,548,000   Progress Residential Trust, Series 2022- SFR3, Class E2,
5.60%, 04/17/39(b)
  $1,537,416 
 4,751,000   Progress Residential Trust, Series 2022- SFR4, Class E1,
6.12%, 05/17/41(b)
   4,795,744 
 925,000   Progress Residential Trust, Series 2023- SFR1, Class E1,
6.15%, 03/17/40(b)
   933,088 
 1,144,319   RAAC Trust, Series 2006-SP3, Class M3,
(1 mo. Term SOFR + 1.464%),
5.79%, 08/25/36(d)
   1,084,114 
 1,389,866   RCO VII Mortgage LLC, Series 2024- 1, Class A1, STEP,
7.02%, 01/25/29(b)
   1,396,702 
 3,825,000   Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4,
(1 mo. Term SOFR + 0.984%),
5.31%, 11/25/35(d)
   3,233,579 
 1,420,247   Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2,
(1 mo. Term SOFR + 0.404%),
4.88%, 06/25/36(d)
   1,390,791 
 3,500,000   RMF Buyout Issuance Trust, Series 2021-HB1, Class M4,
4.70%, 11/25/31(b)(d)
   3,259,111 
 3,373,862   RMF Buyout Issuance Trust, Series 2021-HB1, Class M6,
6.00%, 11/25/31(b)(d)
   2,889,407 
 4,213,394   Saxon Asset Securities Trust, Series 2006-2, Class M3,
(1 mo. Term SOFR + 0.594%),
4.92%, 09/25/36(d)
   3,127,795 
 8,521,709   Saxon Asset Securities Trust, Series 2007-1, Class M1,
(1 mo. Term SOFR + 0.404%),
4.73%, 01/25/47(d)
   8,110,228 
 5,572,718   Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B,
(1 mo. Term SOFR + 0.654%),
4.98%, 02/25/37(d)
   2,294,853 
 11,889,029   Soundview Home Loan Trust, Series 2006-OPT5, Class M1,
(1 mo. Term SOFR + 0.489%),
4.82%, 07/25/36(d)
   9,744,434 

52
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$4,524,992   Structured Asset Investment Loan Trust, Series 2005-9, Class M2,
(1 mo. Term SOFR + 0.789%),
5.12%, 11/25/35(d)
  $3,960,074 
 4,394,635   Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3,
(1 mo. Term SOFR + 0.864%),
5.19%, 07/25/35(d)
   3,002,642 
 2,497,982   Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1,
(1 mo. Term SOFR + 0.774%),
5.10%, 02/25/37(d)
   4,537,187 
 1,500,000   Tricon Residential Trust, Series 2021- SFR1, Class F,
3.69%, 07/17/38(b)
   1,458,118 
 968,000   Tricon Residential Trust, Series 2021- SFR1, Class G,
4.13%, 07/17/38(b)
   942,092 
 1,600,000   Tricon Residential Trust, Series 2022- SFR1, Class E2,
5.74%, 04/17/39(b)
   1,596,260 
 4,000,000   Tricon Residential Trust, Series 2022- SFR2, Class E,
7.51%, 07/17/40(b)
   4,084,980 
 2,895,846   VOLT CVI LLC, Series 2021-NP12, Class A1, STEP,
5.73%, 12/26/51(b)
   2,885,369 
 3,857,737   Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE1, Class 2A3,
(1 mo. Term SOFR + 0.414%),
4.74%, 01/25/37(d)
   1,701,903 
 1,517,002   Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE1, Class 2A4,
(1 mo. Term SOFR + 0.574%),
4.90%, 01/25/37(d)
   669,748 
 4,959,489   Washington Mutual Asset-Backed Certificates Trust, Series 2007- HE2, Class 2A3,
(1 mo. Term SOFR + 0.364%),
4.69%, 04/25/37(d)
   1,771,111 
Principal
Amount
      Value 
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$7,829,083   Yale Mortgage Loan Trust, Series 2007- 1, Class A,
(1 mo. Term SOFR + 0.514%),
4.84%, 06/25/37(b)(d)
  $2,405,239 
         337,808,702 
Total Asset-Backed Securities
(Cost $444,578,299)
   351,676,581 
           
NON-AGENCY MORTGAGE-BACKED SECURITIES — 22.5% 
COLLATERALIZED MORTGAGE OBLIGATIONS — 20.4% 
 1,579,000   ACRA Trust, Series 2024-NQM1, Class B1,
8.21%, 10/25/64(b)(d)
   1,600,024 
 2,500,000   ACRA Trust, Series 2024-NQM1, Class M1B,
7.19%, 10/25/64(b)(d)
   2,516,192 
 250,122   Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1,
5.02%, 07/25/35(d)
   230,770 
 1,378,526   Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1,
5.54%, 03/25/37(d)
   897,759 
 1,179   Ajax Mortgage Loan Trust, Series 2017-D, Class B,
2.19%, 12/25/57(b)(d)
   407 
 7,507   Ajax Mortgage Loan Trust, Series 2021, Class F,
0.01%, 06/27/61(b)(g)
   7,282 
 1,260,442   Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP,
6.72%, 01/25/61(b)
   1,241,996 
 3,027,108   Ajax Mortgage Loan Trust, Series 2021-C, Class C,
1.34%, 01/25/61(b)(f)
   3,487,303 
 5,490,556   Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP,
5.00%, 03/25/60(b)
   5,488,250 
 2,055,938   Ajax Mortgage Loan Trust, Series 2021-D, Class B,
4.00%, 03/25/60(b)(d)
   2,012,549 
 2,974,279   Ajax Mortgage Loan Trust, Series 2021-D, Class C,
0.00%, 03/25/60(b)(d)
   3,479,966 
 3,041,340   Ajax Mortgage Loan Trust, Series 2021-E, Class B2,
4.02%, 12/25/60(b)(d)
   1,684,672 

53
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$4,000,000   Ajax Mortgage Loan Trust, Series 2021-E, Class M1,
2.94%, 12/25/60(b)(d)
  $2,844,073 
 7,008,704   Ajax Mortgage Loan Trust, Series 2021-F, Class A, STEP,
4.88%, 06/25/61(b)
   7,001,955 
 2,095,221   Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP,
3.75%, 06/25/61(b)
   2,065,674 
 3,151,368   Ajax Mortgage Loan Trust, Series 2021-F, Class C,
0.36%, 06/25/61(b)(f)
   2,948,315 
 5,343,614   Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP,
3.50%, 10/25/61(b)
   5,161,115 
 532,000   Ajax Mortgage Loan Trust, Series 2022-A, Class A2,
3.00%, 10/25/61(b)(d)
   478,554 
 914,036   Ajax Mortgage Loan Trust, Series 2022-A, Class A3,
3.00%, 10/25/61(b)(d)
   819,225 
 2,128,000   Ajax Mortgage Loan Trust, Series 2022-A, Class B,
3.00%, 10/25/61(b)
   1,614,777 
 1,044,124   Ajax Mortgage Loan Trust, Series 2022-A, Class C,
3.00%, 10/25/61(b)
   1,088,340 
 999,392   Ajax Mortgage Loan Trust, Series 2022-A, Class M1,
3.00%, 10/25/61(b)
   892,477 
 3,453,061   Ajax Mortgage Loan Trust, Series 2022-A, Class M2,
3.00%, 10/25/61(b)
   2,726,049 
 88,700   Ajax Mortgage Loan Trust, Series 2022-A, Class M3,
3.00%, 10/25/61(b)
   69,773 
 7,627,121   Ajax Mortgage Loan Trust, Series 2022-B, Class A1, STEP,
3.50%, 03/27/62(b)
   7,342,084 
 403,400   Ajax Mortgage Loan Trust, Series 2022-B, Class A2,
3.00%, 03/27/62(b)(d)
   362,046 
 345,800   Ajax Mortgage Loan Trust, Series 2022-B, Class A3,
3.00%, 03/27/62(b)(d)
   309,202 
 1,921,100   Ajax Mortgage Loan Trust, Series 2022-B, Class B,
3.00%, 03/27/62(b)
   1,478,517 
 1,804,989   Ajax Mortgage Loan Trust, Series 2022-B, Class C,
3.00%, 03/27/62(b)
   1,378,998 

Principal
Amount
      Value 
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$259,300   Ajax Mortgage Loan Trust, Series 2022-B, Class M1,
3.00%, 03/27/62(b)
  $230,999 
 1,287,100   Ajax Mortgage Loan Trust, Series 2022-B, Class M2,
3.00%, 03/27/62(b)
   1,105,053 
 8,729,191   Ajax Mortgage Loan Trust, Series 2023-A, Class A1, STEP,
3.50%, 07/25/62(b)
   8,245,863 
 481,800   Ajax Mortgage Loan Trust, Series 2023-A, Class A2,
3.00%, 07/25/62(b)(d)
   423,610 
 273,000   Ajax Mortgage Loan Trust, Series 2023-A, Class A3,
2.50%, 07/25/62(b)(d)
   233,287 
 1,605,800   Ajax Mortgage Loan Trust, Series 2023-A, Class B,
2.50%, 07/25/62(b)(d)
   1,178,972 
 1,192,440   Ajax Mortgage Loan Trust, Series 2023-A, Class C,
2.50%, 07/25/62(b)(d)
   1,022,255 
 827,000   Ajax Mortgage Loan Trust, Series 2023-A, Class M1,
2.50%, 07/25/62(b)(d)
   671,249 
 11,282,557   Ajax Mortgage Loan Trust, Series 2023-C, Class A1, STEP,
3.50%, 05/25/63(b)
   10,667,848 
 782,700   Ajax Mortgage Loan Trust, Series 2023-C, Class A2,
3.00%, 05/25/63(b)(d)
   683,227 
 417,400   Ajax Mortgage Loan Trust, Series 2023-C, Class A3,
2.50%, 05/25/63(b)(d)
   351,608 
 3,611,486   Ajax Mortgage Loan Trust, Series 2023-C, Class C,
2.50%, 05/25/63(b)(d)
   2,576,974 
 365,300   Ajax Mortgage Loan Trust, Series 2023-C, Class M1,
2.50%, 05/25/63(b)(d)
   306,268 
 2,264,500   Ajax Mortgage Loan Trust, Series 2023-C, Class M2,
2.50%, 05/25/63(b)(d)
   1,777,554 
 1,034,708   American Home Mortgage Assets Trust, Series 2006-2, Class 1A1,
(12 mo. Federal Reserve Cumulative Average USD + 0.960%),
5.53%, 09/25/46(d)
   876,167 

54
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$765,207   American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP,
6.75%, 06/25/37
  $678,047 
 3,324,000   Angel Oak Mortgage Trust, Series 2020-R1, Class B2,
4.61%, 04/25/53(b)(d)
   2,892,092 
 13,931,180   APS Resecuritization Trust, Series 2016-1, Class 1MZ,
3.20%, 07/31/57(b)(d)
   5,178,869 
 3,485,536   Banc of America Alternative Loan Trust, Series 2006-7, Class A4, STEP,
6.50%, 10/25/36
   951,648 
 867,065   Banc of America Alternative Loan Trust, Series 2006-9, Class A2,
(1 mo. Term SOFR + 0.514%),
4.84%, 01/25/37(d)
   694,533 
 66,646   Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1,
4.42%, 09/20/35(d)
   57,587 
 248,577   Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2,
4.92%, 02/20/36(d)
   216,572 
 174,768   Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1,
5.98%, 06/20/36(d)
   155,495 
 925,612   Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP,
6.59%, 01/25/37
   854,459 
 4,493,208   Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2,
4.50%, 03/27/36(b)(d)
   3,811,377 
 224,812   Banc of America Mortgage Trust, Series 2005-I, Class 2A5,
4.88%, 10/25/35(d)
   207,629 
 2,434,302   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A2, STEP,
7.36%, 10/25/63(b)
   2,473,973 
 1,469,875   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A3, STEP,
7.69%, 10/25/63(b)
   1,495,184 
 963,000   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B1,
8.00%, 10/25/63(b)(d)
   967,623 
 810,100   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B2,
8.00%, 10/25/63(b)(d)
   804,703 
 2,216,500   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B3,
8.00%, 10/25/63(b)(d)
   2,088,233 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$1,605,000   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class M1,
8.00%, 10/25/63(b)(d)
  $1,641,984 
 330   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class SA,
0.04%, 10/25/63(b)(d)
   325 
 24,809,757   Barclays Mortgage Loan Trust, Series 2023-NQM3, Class XS,
0.82%, 10/25/63(b)(d)
   352,534 
 2,276,209   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, STEP,
5.90%, 01/25/64(b)
   2,286,702 
 1,550,606   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A2, STEP,
6.11%, 01/25/64(b)
   1,556,424 
 1,184,271   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A3, STEP,
6.31%, 01/25/64(b)
   1,189,631 
 724,200   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B1,
8.09%, 01/25/64(b)(d)
   730,117 
 663,800   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B2,
8.69%, 01/25/64(b)(d)
   663,060 
 1,424,300   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B3,
8.69%, 01/25/64(b)(d)
   1,352,302 
 1,243,200   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class M1,
6.80%, 01/25/64(b)(d)
   1,255,089 
 3,100   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class SA,
0.15%, 01/25/64(b)(d)
   2,914 
 18,233,563   Barclays Mortgage Loan Trust, Series 2024-NQM1, Class XS,
2.45%, 01/25/64(b)(d)
   1,068,647 
 13,678,252   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A1, STEP,
6.04%, 06/25/64(b)
   13,784,607 
 1,078,510   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A2, STEP,
6.30%, 06/25/64(b)
   1,088,301 
 1,881,861   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A3, STEP,
6.50%, 06/25/64(b)
   1,897,603 
 1,028,100   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B1,
7.50%, 06/25/64(b)(d)
   1,029,386 
 941,400   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B2,
8.04%, 06/25/64(b)(d)
   929,674 

55
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$2,576,400   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B3,
8.04%, 06/25/64(b)(d)
  $2,379,933 
 1,498,700   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class M1,
6.41%, 06/25/64(b)(d)
   1,505,559 
 2,123   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class SA,
0.09%, 06/25/64(b)(d)
   2,051 
 22,683,223   Barclays Mortgage Loan Trust, Series 2024-NQM3, Class XS,
8.45%, 06/25/64(b)(d)
   798,867 
 1,783,964   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A2, STEP,
5.10%, 12/26/64(b)
   1,773,016 
 1,998,384   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A3, STEP,
5.25%, 12/26/64(b)
   1,987,943 
 817,900   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B1,
6.96%, 12/26/64(b)(d)
   806,043 
 623,800   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B2,
7.58%, 12/26/64(b)(d)
   607,223 
 1,427,800   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B3,
7.58%, 12/26/64(b)(d)
   1,369,180 
 1,344,600   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class M1,
6.31%, 12/26/64(b)(d)
   1,344,047 
 2,600   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class SA,
0.18%, 12/26/64(b)(d)
   2,415 
 26,961,985   Barclays Mortgage Loan Trust, Series 2024-NQM4, Class XS,
7.83%, 12/26/64(b)(d)
   1,208,873 
 1,570,205   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A2, STEP,
5.87%, 01/25/65(b)
   1,581,526 
 1,495,433   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A3, STEP,
5.97%, 01/25/65(b)
   1,506,178 
 871,700   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B1,
6.94%, 01/25/65(b)(d)
   856,912 
 757,900   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B2,
7.83%, 01/25/65(b)(d)
   738,976 
 1,680,300   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B3,
7.83%, 01/25/65(b)(d)
   1,560,348 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$1,402,300   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class M1,
6.49%, 01/25/65(b)(d)
  $1,422,334 
 3,404   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class SA,
0.14%, 01/25/65(b)(d)
   3,215 
 24,987,651   Barclays Mortgage Loan Trust, Series 2025-NQM1, Class XS,
7.85%, 01/25/65(b)(d)
   1,115,181 
 2,604   Barclays Mortgage Trust, Series 2021, Class NPL1,
0.01%, 11/27/51(b)(g)
   2,526 
 2,633   Barclays Mortgage Trust, Series 2021, Class RPL1,
0.01%, 02/25/28(b)(g)
   2,554 
 5,395,518   Barclays Mortgage Trust, Series 2022- RPL1, Class A, STEP,
4.25%, 02/25/28(b)
   5,277,980 
 1,187,900   Barclays Mortgage Trust, Series 2022- RPL1, Class B, STEP,
4.25%, 02/25/28(b)
   1,145,115 
 1,995,876   Barclays Mortgage Trust, Series 2022- RPL1, Class C,
10.74%, 02/25/28(b)(f)
   446,499 
 13,185   Barclays Mortgage Trust, Series 2022- RPL1, Class SA,
6.09%, 02/25/28(b)(f)
   10,571 
 1,471,909   BCAP LLC Trust, Series 2012-RR3, Class 1A5,
6.07%, 12/26/37(b)(d)
   1,064,937 
 472,459   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1,
4.52%, 02/25/36(d)
   423,703 
 184,449   Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1,
4.30%, 05/25/47(d)
   162,591 
 716,316   Bear Stearns ALT-A Trust, Series 2006- 2, Class 11A1,
(1 mo. Term SOFR + 0.554%),
4.88%, 04/25/36(d)
   618,865 
 2,169,549   Bear Stearns ALT-A Trust, Series 2006- 6, Class 1A1,
(1 mo. Term SOFR + 0.434%),
4.76%, 11/25/36(d)
   1,823,144 
 2,945,307   Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1, (1 mo. Term SOFR + 0.464%),
4.79%, 03/25/36(d)
   381,904 

56
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$2,945,307   Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3,
(1 mo. Term SOFR + 0.464%),
4.79%, 03/25/36(d)
  $381,904 
 435,209   Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1,
(1 mo. Term SOFR + 0.394%),
4.72%, 08/25/36(d)
   427,140 
 2,501,000   BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1,
2.29%, 03/25/60(b)(d)
   2,307,981 
 1,500,000   BRAVO Residential Funding Trust, Series 2024-NQM7, Class B1,
7.33%, 10/27/64(b)(d)
   1,485,168 
 1,500,000   BRAVO Residential Funding Trust, Series 2024-NQM7, Class B2,
7.76%, 10/27/64(b)(d)
   1,477,787 
 786,795   CFMT LLC, Series 2024-HB14, Class M2,
3.00%, 06/25/34(b)(d)
   741,188 
 1,530,387   CFMT LLC, Series 2024-HB14, Class M3,
3.00%, 06/25/34(b)(d)
   1,421,426 
 2,000,991   Chase Mortgage Finance Corp., Series 2016-SH1, Class M4,
3.75%, 04/25/45(b)(d)
   1,787,437 
 5,311,839   Chase Mortgage Finance Trust, Series 2007-S2, Class 1A9,
6.00%, 03/25/37
   2,861,169 
 3,527,669   Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1,
6.00%, 12/25/37
   1,411,524 
 10,920,792   ChaseFlex Trust, Series 2007-1, Class 2A7,
6.00%, 02/25/37(e)
   3,671,929 
 1,013,096   CHNGE Mortgage Trust, Series 2022- 1, Class A1,
3.01%, 01/25/67(b)(d)
   957,794 
 1,473,149   Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1,
6.25%, 12/25/37
   1,370,192 
 1,744,013   Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1,
6.50%, 06/25/38
   1,441,075 
 5,447   Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A2,
(1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.400%),
6.56%, 10/25/35(d)
   1,909 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$43,955   Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A,
4.82%, 06/25/36(d)
  $41,846 
 2,617,474   Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1,
5.75%, 04/25/47(b)
   1,251,921 
 78,871   Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1,
5.93%, 05/25/35(d)
   74,017 
 4,650,000   COLT Mortgage Loan Trust, Series 2021-2, Class B1,
3.18%, 08/25/66(b)(d)
   3,313,623 
 2,354,000   COLT Mortgage Loan Trust, Series 2022-1, Class B1,
4.18%, 12/27/66(b)(d)
   2,027,937 
 1,500,000   COLT Mortgage Loan Trust, Series 2024-INV4, Class B1,
7.23%, 05/25/69(b)(d)
   1,487,530 
 269,909   Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1,
6.00%, 02/25/35
   192,083 
 485,996   Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1,
(1 mo. Term SOFR + 0.714%),
5.04%, 08/25/35(d)
   448,997 
 4,354,166   Countrywide Alternative Loan Trust, Series 2005-42CB, Class A1,
(1 mo. Term SOFR + 0.794%),
5.12%, 10/25/35(d)
   2,482,191 
 3,372,394   Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6,
(1 mo. Term SOFR + 0.614%),
4.94%, 11/25/35(d)
   1,712,435 
 4,683,373   Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7,
(1 mo. Term SOFR + 5.386%),
1.06%, 11/25/35(d)(e)
   461,355 
 1,388,271   Countrywide Alternative Loan Trust, Series 2005-55CW, Class 2A3,
(1 mo. Term SOFR + 0.464%),
4.78%, 11/25/35(d)
   1,010,557 
 67,959   Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1,
4.88%, 12/25/35(d)
   66,396 
 45,505   Countrywide Alternative Loan Trust, Series 2005-69, Class A1,
(12 mo. Federal Reserve Cumulative Average USD + 1.000%),
5.57%, 12/25/35(d)
   39,684 

57
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$1,698,313   Countrywide Alternative Loan Trust, Series 2005-79CB, Class A1,
(1 mo. Term SOFR + 0.664%),
4.99%, 01/25/36(d)
  $808,217 
 640,986   Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3,
(1 mo. Term SOFR + 0.564%),
4.89%, 05/25/35(d)
   559,633 
 507,232   Countrywide Alternative Loan Trust, Series 2005-J14, Class A3,
5.50%, 12/25/35
   305,650 
 2,390,835   Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10,
(1 mo. Term SOFR + 0.464%),
4.79%, 05/25/36(d)
   912,434 
 1,544,006   Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1,
6.50%, 06/25/36
   685,508 
 2,826,465   Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9,
6.00%, 07/25/36
   1,149,510 
 899,144   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13,
(1 mo. Term SOFR + 0.464%),
4.79%, 08/25/36(d)
   355,572 
 899,144   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14,
(1 mo. Term SOFR + 7.036%),
2.71%, 08/25/36(d)
   171,021 
 926,891   Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15,
5.75%, 08/25/36
   457,411 
 6,820,510   Countrywide Alternative Loan Trust, Series 2006-25CB, Class A1,
6.00%, 10/25/36
   3,536,321 
 999,450   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4,
(1 mo. Term SOFR + 0.514%),
4.84%, 03/25/36(d)
   334,891 
 1,776,595   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5,
(1 mo. Term SOFR + 6.986%),
2.66%, 03/25/36(d)
   333,760 
 2,807,375   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6,
5.50%, 03/25/36
   1,187,001 
 1,034,127   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10,
6.00%, 01/25/37
   515,761 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$748,684   Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4,
5.75%, 01/25/37
  $358,929 
 1,032,165   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2,
6.00%, 02/25/37
   551,504 
 2,360,126   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5,
6.00%, 02/25/37
   1,261,058 
 4,498,949   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7,
(1 mo. Term SOFR + 0.454%),
4.78%, 02/25/37(d)
   1,753,776 
 2,249,474   Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8,
(1 mo. Term SOFR + 6.486%),
2.16%, 02/25/37(d)(e)
   378,071 
 94,763   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10,
5.50%, 05/25/36
   76,844 
 268,851   Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2,
(1 mo. Term SOFR + 0.514%),
4.84%, 05/25/36(d)
   205,758 
 2,199,685   Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1,
6.50%, 05/25/36
   899,310 
 1,389,444   Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1,
(1 mo. Term SOFR + 1.500%),
6.46%, 11/20/46(d)
   1,183,708 
 3,001,474   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1,
(12 mo. Federal Reserve Cumulative Average USD + 1.730%),
6.30%, 11/25/46(d)
   2,402,462 
 709,562   Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1,
(1 mo. Term SOFR + 0.494%),
4.82%, 11/25/46(d)
   644,174 
 2,119,111   Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1,
(1 mo. Term SOFR + 0.304%),
4.62%, 03/20/47(d)
   1,767,615 
 395,367   Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1,
(1 mo. Term SOFR + 0.534%),
4.86%, 05/25/36(d)
   362,433 

58
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$1,542,301   Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1,
(1 mo. Term SOFR + 0.474%),
4.80%, 04/25/46(d)
  $1,402,481 
 1,706,380   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22,
5.75%, 06/25/37
   722,764 
 1,718,741   Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5,
6.00%, 06/25/37
   757,568 
 869,777   Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34,
6.00%, 08/25/37
   404,225 
 3,991,745   Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16,
6.50%, 09/25/37
   1,444,940 
 3,446,098   Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3,
6.50%, 11/25/37
   1,534,987 
 778,713   Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8,
6.00%, 05/25/37
   366,183 
 93,197   Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP,
4.16%, 11/25/36
   149,431 
 4,054,190   Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1,
(12 mo. Federal Reserve Cumulative Average USD + 0.840%),
5.41%, 03/25/47(d)
   3,352,685 
 100,669   Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2,
(1 mo. Term SOFR + 0.474%),
4.80%, 04/25/47(d)
   9,671 
 796,262   Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A,
(1 mo. Term SOFR + 0.594%),
4.92%, 08/25/47(d)
   688,431 
 852,542   Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1,
6.25%, 05/25/36
   434,773 
 1,343,244   Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3,
6.00%, 08/25/37
   613,361 
 729,870   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- 31, Class 2A3,
4.45%, 01/25/36(d)
   635,124 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$3,864,623   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J2, Class 3A9,
(1 mo. Term SOFR + 1.514%),
5.84%, 08/25/35(d)
  $2,466,185 
 109,698   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005- J3, Class 2A4,
4.50%, 09/25/35
   96,121 
 9,718,097   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA4, Class A1,
(12 mo. Federal Reserve Cumulative Average USD + 0.960%),
5.53%, 04/25/46(d)
   2,594,615 
 1,571,376   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA5, Class 3A1,
(1 mo. Term SOFR + 0.514%),
4.84%, 04/25/46(d)
   1,473,302 
 1,299,443   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 21, Class 1A1,
6.25%, 02/25/38
   575,656 
 6,444,520   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 4, Class 1A71,
6.00%, 05/25/37
   2,792,185 
 2,291,514   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- 8, Class 1A12,
5.88%, 01/25/38
   938,039 
 1,138,040   Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007- HYB1, Class 3A1,
4.30%, 03/25/37(d)
   953,536 
 5,612,855   Credit Suisse First Boston Mortgage Securities Corp., Series 2005-12, Class 2A1,
6.50%, 01/25/36
   2,993,601 
 997,664   Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1,
6.00%, 11/25/36
   868,109 
 2,383,175   Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A,
5.84%, 04/25/37(d)
   566,358 

59
Old Westbury Funds, Inc.  
Credit Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$7,024,047   Credit Suisse Mortgage Capital Certificates Trust, Series 2009- 12R, Class 3A1,
6.50%, 10/27/37(b)
  $2,730,362 
 1,827,181   Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3,
6.37%, 04/27/37(b)(d)
   1,632,847 
 4,504,668   Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4,
(1 mo. Term SOFR + 0.264%),
3.85%, 10/27/36(b)(d)
   3,054,853 
 2,400,000   Credit Suisse Mortgage Capital Certificates Trust, Series 2020- SPT1, Class B2,
3.39%, 04/25/65(b)(d)
   1,999,628 
 956,275   Credit Suisse Mortgage Capital Certificates Trust, Series 2021- JR1, Class PT2,
3.16%, 07/26/60(b)(d)
   355,256 
 3,289,850   Credit Suisse Mortgage Capital Certificates Trust, Series 2021- NQM2, Class B1,
3.44%, 02/25/66(b)(d)
   2,497,677 
 6,037,122   CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1,
(1 mo. Term SOFR + 1.464%),
5.79%, 11/25/35(d)
   1,252,425 
 1,626,000   Deephaven Residential Mortgage Trust, Series 2021-1, Class B1,
3.10%, 05/25/65(b)(d)
   1,445,366 
 3,314,000   Deephaven Residential Mortgage Trust, Series 2022-1, Class B1,
4.27%, 01/25/67(b)(d)
   2,607,784 
 3,126,725   Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1, Class CWA1,
6.00%, 06/25/35(b)(d)
   1,654,912 
 2,797,000   Ellington Financial Mortgage Trust, Series 2021-1, Class B1,
3.14%, 02/25/66(b)(d)
   1,982,821 
 2,901,568   Gaea Mortgage Loan Trust, Series 2025-A, Class A,
6.75%, 02/25/30(b)(d)
   2,846,868 
 2,000,000   GCAT Trust, Series 2020-NQM2, Class B1,
4.85%, 04/25/65(b)(d)
   1,862,843 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) 
$3,437,000   GCAT Trust, Series 2021-NQM7, Class B1,
4.50%, 08/25/66(b)(d)
  $2,924,705 
 397,708   GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1,
3.85%, 11/19/35(d)
   305,212 
 2,537,774   GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF,
(1 mo. Term SOFR + 0.514%),
4.84%, 06/25/34(b)(d)
   2,249,234 
 2,416,257   GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF,
(1 mo. Term SOFR + 0.464%),
4.79%, 01/25/35(b)(d)
   2,085,406 
 3,295,989   GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF,
(1 mo. Term SOFR + 0.464%),
4.79%, 09/25/35(b)(d)
   2,804,640 
 908,499   GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1,
(1 mo. Term SOFR + 0.464%),
4.79%, 01/25/36(b)(d)
   727,311 
 3,726,451   GSMSC Resecuritization Trust, Series 2015-5R, Class 1D,
(1 mo. Term SOFR + 0.254%),
3.62%, 04/26/37(b)(d)
   2,104,862 
 140,363   GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1,
6.94%, 01/25/35(d)
   134,526 
 2,485,561   GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2,
6.50%, 08/25/36
   641,383 
 22,753   GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1,
4.68%, 01/25/36(d)
   27,192 
 457,230   GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1,
6.00%, 07/25/37
   292,454 
 7,535,680   GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1,
2.92%, 06/25/47(d)
   4,412,380 
 1,266,551   HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2,
(1 mo. Term SOFR + 0.614%),
4.68%, 07/19/47(d)
   1,158,237 
 131,003   HomeBanc Mortgage Trust, Series 2006-1, Class 2A1,
4.63%, 04/25/37(d)
   120,036 
 723,242   IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A4,
6.00%, 07/25/37
   496,401 

60
Old Westbury Funds, Inc.  
Credit Income Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$13,196,156   IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP,
0.41%, 07/25/47(d)
  $13,265 
 1,242,942   IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2,
(1 mo. Term SOFR + 0.654%),
4.98%, 06/25/37(d)
   1,527,709 
 2,347,420   IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2,
(1 mo. Term SOFR + 0.594%),
4.92%, 08/25/37(d)
   2,087,848 
 662,957   JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1,
3.19%, 10/25/37(d)
   435,998 
 6,171,634   JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10,
6.25%, 08/25/37
   1,661,825 
 7,682   JP Morgan Mortgage Trust, Series 2017-5, Class A1B,
4.95%, 10/26/48(b)(d)
   7,725 
 1,128,235   JP Morgan Mortgage Trust, Series 2019-9, Class B6,
3.60%, 05/25/50(b)(d)
   629,812 
 85,686,345   JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X,
0.50%, 12/25/51(b)(d)
   2,446,731 
 5,040,331   JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X,
0.50%, 12/25/51(b)(d)
   143,924 
 90,726,676   JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1,
0.19%, 12/25/51(b)(d)
   985,410 
 1,221,753   JP Morgan Mortgage Trust, Series 2021-INV5, Class B4,
3.19%, 12/25/51(b)(d)
   1,000,130 
 427,639   JP Morgan Mortgage Trust, Series 2021-INV5, Class B5,
3.19%, 12/25/51(b)(d)
   325,264 
 1,465,787   JP Morgan Mortgage Trust, Series 2021-INV5, Class B6,
3.08%, 12/25/51(b)(d)
   703,150 
 28,584,761   JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X,
0.50%, 02/25/52(b)(d)
   807,105 
 16,455,954   JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X,
0.50%, 02/25/52(b)(d)
   306,846 
 7,872,776   JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X,
0.50%, 02/25/52(b)(d)
   336,941 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$3,112,610   JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X,
0.50%, 02/25/52(b)(d)
  $87,886 
 56,026,183   JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1,
0.27%, 02/25/52(b)(d)
   881,611 
 3,613,591   JP Morgan Mortgage Trust, Series 2021-INV7, Class B1,
3.27%, 02/25/52(b)(d)
   3,070,972 
 848,058   JP Morgan Mortgage Trust, Series 2021-INV7, Class B2,
3.27%, 02/25/52(b)(d)
   712,973 
 1,179,838   JP Morgan Mortgage Trust, Series 2021-INV7, Class B3,
3.27%, 02/25/52(b)(d)
   981,558 
 626,871   JP Morgan Mortgage Trust, Series 2021-INV7, Class B4,
3.27%, 02/25/52(b)(d)
   506,692 
 258,052   JP Morgan Mortgage Trust, Series 2021-INV7, Class B5,
3.27%, 02/25/52(b)(d)
   196,409 
 844,652   JP Morgan Mortgage Trust, Series 2021-INV7, Class B6,
3.14%, 02/25/52(b)(d)
   396,507 
 3,471,913   Legacy Mortgage Asset Trust, Series 2019-SL2, Class B,
8.33%, 02/25/59(b)(f)
   677,673 
 4,058,860   Legacy Mortgage Asset Trust, Series 2019-SL2, Class M,
4.25%, 02/25/59(b)(d)
   3,470,984 
 21,429,135   MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class IM1,
(1 mo. Term SOFR + 0.684%),
5.01%, 01/25/47(d)
   643 
 4,163,747   MASTR Asset Securitization Trust, Series 2007-1, Class 1A4,
6.50%, 11/25/37
   694,660 
 2,124,778   MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3,
7.50%, 05/25/35(b)
   1,476,403 
 937,965   MASTR Resecuritization Trust, Series 2008-3, Class A1,
6.37%, 08/25/37(b)(d)
   292,048 
 3,429,185   MCM Trust, Series 2021-VFN1,
2.50%, 09/25/31(b)(e)(g)
   3,295,159 
 4,258,367   MCM Trust, Series 2021-VFN1, Class CERT,
3.00%, 09/25/31(b)(e)(g)
   2,737,874 

61
Old Westbury Funds, Inc.  
Credit Income Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$1,338,327   Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2,
(1 mo. Term SOFR + 0.534%),
4.86%, 04/25/37(d)
  $1,081,865 
 488,283   Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1,
5.86%, 05/25/36(d)
   315,523 
 330,578   Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1,
6.25%, 10/25/36
   117,826 
 1,859,425   Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP,
7.14%, 05/26/37(b)
   2,159,413 
 2,157,823   Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B,
(1 mo. Term SOFR + 0.274%),
4.75%, 12/26/46(b)(d)
   1,954,475 
 533,019   MortgageIT Trust, Series 2004-1, Class B1,
(1 mo. Term SOFR + 1.914%),
6.24%, 11/25/34(d)
   488,679 
 1,389,000   New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2,
4.52%, 01/26/60(b)(d)
   1,174,264 
 3,732,355   NYMT Trust, Series 2024-RR1, Class A, STEP,
7.38%, 05/25/64(b)
   3,697,252 
 1,862,977   Prime Mortgage Trust, Series 2006- DR1, Class 2A1,
5.50%, 05/25/35(b)
   1,733,454 
 1,005,811   Prime Mortgage Trust, Series 2006- DR1, Class 2A2,
6.00%, 05/25/35(b)
   856,208 
 2,554,037   PRPM LLC, Series 2020-4, Class A1, STEP,
6.61%, 10/25/25(b)
   2,552,530 
 279,554   Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1,
(1 mo. Term SOFR + 0.534%),
4.86%, 07/25/36(b)(d)
   260,559 
 4,961,233   Residential Accredit Loans, Inc., Series 2005-QA10, Class A21,
5.00%, 09/25/35(d)
   1,919,197 
 1,188,987   Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4,
5.52%, 12/25/35(d)
   1,021,303 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$460,192   Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1,
(1 mo. Term SOFR + 0.494%),
4.82%, 05/25/46(d)
  $414,128 
 363,792   Residential Accredit Loans, Inc., Series 2006-QS15, Class A1,
6.50%, 10/25/36
   313,339 
 2,376,358   Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5,
(1 mo. Term SOFR + 0.664%),
4.99%, 01/25/37(d)
   1,735,736 
 642,804   Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5,
(1 mo. Term SOFR + 0.364%),
4.69%, 07/25/36(d)
   104,021 
 1,518,922   Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA3, Class 1A,
4.53%, 08/25/35(d)
   618,049 
 1,706,591   Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1,
5.55%, 09/25/35(d)
   967,946 
 5,283,303   Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1,
5.69%, 08/25/36(d)
   3,674,159 
 71,054   Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1,
6.26%, 09/25/36(d)
   36,764 
 2,150,000   Residential Mortgage Loan Trust, Series 2020-1, Class B2,
4.67%, 01/26/60(b)(d)
   1,970,906 
 3,750,000   Residential Mortgage Loan Trust, Series 2020-2, Class B2,
5.40%, 05/25/60(b)(d)
   3,621,640 
 2,814,000   Residential Mortgage Loan Trust, Series 2021-1R, Class B1,
3.42%, 01/25/65(b)(d)
   2,450,323 
 5,000,000   Saluda Grade Alternative Mortgage Trust, Series 2024-RTL4, Class A1, STEP,
7.50%, 02/25/30(b)
   5,007,195 
 3,000,000   Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1, STEP,
7.76%, 04/25/30(b)
   3,011,448 
 100,000   SG Residential Mortgage Trust, Series 2019-3, Class B1,
4.08%, 09/25/59(b)(d)
   95,225 

62
Old Westbury Funds, Inc.  
Credit Income Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$175,000   SG Residential Mortgage Trust, Series 2020-2, Class B1,
4.25%, 05/25/65(b)(d)
  $156,126 
 257,000   SG Residential Mortgage Trust, Series 2020-2, Class M1,
3.19%, 05/25/65(b)(d)
   227,210 
 2,425,000   Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2,
4.68%, 01/28/50(b)(d)
   2,153,395 
 924,752   Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1,
4.89%, 05/25/35(d)
   742,552 
 1,520,067   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A,
4.12%, 04/25/36(d)
   781,400 
 387,102   Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 4A1,
(1 mo. Term SOFR + 0.474%),
4.80%, 06/25/36(d)
   378,839 
 2,890,322   Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1,
(1 mo. Term SOFR + 0.554%),
4.88%, 05/25/46(d)
   975,126 
 943,656   Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B,
(1 mo. Term SOFR + 0.474%),
4.80%, 09/25/47(d)
   847,361 
 1,884,878   Structured Asset Securities Corp., Series 2005-RF3, Class 1A,
(1 mo. Term SOFR + 0.464%),
4.79%, 06/25/35(b)(d)
   1,593,307 
 13,255,645   Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2,
6.00%, 10/25/36(b)
   7,186,350 
 254,988   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3,
6.24%, 04/25/37(d)
   122,598 
 127,032   Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1,
6.82%, 04/25/37(d)
   48,738 
 3,750,000   TRK Trust, Series 2021-INV1, Class B1,
3.29%, 07/25/56(b)(d)
   2,902,829 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$4,000,000   TRK Trust, Series 2022-INV1, Class B1,
4.00%, 02/25/57(b)(d)
  $3,076,380 
 2,788,293   TVC Holdings Plc, Series 2021-1, Class A,
2.38%, 02/01/51(b)(e)(g)
   2,558,438 
 1,322,747   TVC Holdings Plc, Series 2021-1, Class CERT,
0.50%, 02/01/51(b)(e)(f)(g)
   1,138,231 
 3,463,000   Verus Securitization Trust, Series 2019- INV3, Class M1,
3.28%, 11/25/59(b)(d)
   3,402,468 
 3,162,000   Verus Securitization Trust, Series 2021- 1, Class B1,
2.98%, 01/25/66(b)(d)
   2,371,212 
 5,000,000   Verus Securitization Trust, Series 2022- 1, Class B1,
4.01%, 01/25/67(b)(d)
   3,694,731 
 1,500,000   Verus Securitization Trust, Series 2023- 2, Class B1,
7.50%, 03/25/68(b)(d)
   1,495,114 
 2,680,000   Verus Securitization Trust, Series 2023- INV1, Class M1,
7.50%, 02/25/68(b)(d)
   2,698,295 
 1,000,000   Verus Securitization Trust, Series 2024- 2, Class B2,
8.67%, 02/25/69(b)(d)
   993,960 
 2,000,000   Visio Trust, Series 2022-1, Class B1,
6.01%, 08/25/57(b)(d)
   1,937,139 
 2,000,000   Vista Point Securitization Trust, Series 2020-2, Class B1,
4.90%, 04/25/65(b)(d)
   1,952,130 
 3,300,000   Vista Point Securitization Trust, Series 2020-2, Class B2,
5.16%, 04/25/65(b)(d)
   3,126,694 
 24,458,200   Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7,
2.35%, 02/25/38(b)(d)
   5,280,963 
 1,012,818   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 1CB,
6.50%, 11/25/35
   699,593 
 559,577   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 2A6,
5.50%, 11/25/35
   525,213 
 1,082,210   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A1,
5.75%, 01/25/36
   907,069 

63
Old Westbury Funds, Inc.  
Credit Income Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$2,200,299   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A7,
5.75%, 01/25/36
  $1,842,957 
 1,333,665   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-9, Class 5A3,
(1 mo. Term SOFR + 1.464%),
5.79%, 11/25/35(d)
   1,031,548 
 3,258,602   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-1, Class 4CB,
6.50%, 02/25/36
   2,565,526 
 1,865,979   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-2, Class 2CB,
6.50%, 03/25/36
   1,261,361 
 3,594,986   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-5, Class 3A3, STEP,
6.72%, 07/25/36
   788,371 
 1,043,787   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-AR6, Class 2A,
(12 mo. Federal Reserve Cumulative Average USD + 0.960%),
5.53%, 08/25/46(d)
   561,621 
 3,441,696   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-5, Class A6,
6.00%, 06/25/37
   3,129,484 
 600,957   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-HY7, Class 2A2,
4.15%, 07/25/37(d)
   523,534 
 5,249,933   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-OA4, Class 2A,
(12 mo. Federal Reserve Cumulative Average USD + 0.798%),
5.37%, 05/25/47(d)
   4,191,917 
 1,992,294   Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2007-OA5, Class 2A,
(12 mo. Federal Reserve Cumulative Average USD + 0.798%),
5.37%, 06/25/47(d)
   1,608,478 
Principal
Amount
      Value
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$412,366   Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1,
(1 mo. Term SOFR + 0.434%),
4.76%, 03/25/37(d)
  $336,743 
 3,445,133   Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2,
(1 mo. Term SOFR + 6.566%),
2.24%, 03/25/37(d)(e)
   388,929 
 730,051   Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8,
(1 mo. Term SOFR + 0.654%),
4.98%, 03/25/37(d)
   579,015 
 656,405   Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9,
(1 mo. Term SOFR + 0.604%),
4.93%, 03/25/37(d)
   520,680 
 880,339   Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2,
5.57%, 03/25/38(d)
   726,367 
 1,577,897   Western Alliance Bank, Series 2021- CL2, Class M1,
(SOFR 30A + 3.150%),
7.50%, 07/25/59(b)(d)
   1,635,104 
 2,220,246   Western Alliance Bank, Series 2021- CL2, Class M2,
(SOFR 30A + 3.700%),
8.05%, 07/25/59(b)(d)
   2,304,931 
         468,846,479 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1%
 562,385   Bayview Commercial Asset Trust, Series 2005-4A, Class M2,
(1 mo. Term SOFR + 0.819%),
5.15%, 01/25/36(b)(d)
   528,014 
 479,765   Bayview Commercial Asset Trust, Series 2005-4A, Class M3,
(1 mo. Term SOFR + 0.864%),
5.19%, 01/25/36(b)(d)
   447,137 
 693,630   Bayview Commercial Asset Trust, Series 2006-2A, Class B1,
(1 mo. Term SOFR + 1.419%),
5.75%, 07/25/36(b)(d)
   653,785 
 5,291,772   Bayview Commercial Asset Trust, Series 2007-5A, Class A4,
(1 mo. Term SOFR + 2.364%),
6.69%, 10/25/37(b)(d)
   2,951,044 
 5,957,050   Bayview Commercial Asset Trust, Series 2007-6A, Class A4A,
(1 mo. Term SOFR + 1.614%),
5.94%, 12/25/37(b)(d)
   5,189,422 

64
Old Westbury Funds, Inc.  
Credit Income Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$639,944   CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP,
6.26%, 07/25/39(b)
  $591,867 
 108,444   Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M1,
(1 mo. Term SOFR + 0.514%),
4.84%, 06/25/37(b)(d)
   107,597 
 3,000,000   Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2,
(1 mo. Term SOFR + 0.714%),
5.04%, 06/25/37(b)(d)
   2,564,394 
 3,600,000   Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2,
(1 mo. Term SOFR + 2.114%),
6.44%, 10/25/37(b)(d)
   3,055,827 
 324,287   Velocity Commercial Capital Loan Trust, Series 2018-1, Class M6,
7.26%, 04/25/48(b)
   286,573 
 1,044,577   Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4,
5.32%, 10/26/48(b)(d)
   920,802 
 391,185   Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5,
6.36%, 10/26/48(b)(d)
   339,617 
 755,129   Velocity Commercial Capital Loan Trust, Series 2018-2, Class M6,
7.05%, 10/26/48(b)(d)
   628,052 
 898,414   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2,
4.01%, 03/25/49(b)(d)
   812,004 
 1,021,234   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3,
4.12%, 03/25/49(b)(d)
   900,681 
 1,232,405   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4,
4.61%, 03/25/49(b)(d)
   1,042,215 
 890,301   Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5,
5.70%, 03/25/49(b)(d)
   755,745 
 208,331   Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5,
4.93%, 07/25/49(b)(d)
   167,881 
 754,457   Velocity Commercial Capital Loan Trust, Series 2020-1, Class M5,
4.29%, 02/25/50(b)(d)
   535,163 
Principal
Amount
      Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)
$1,620,122   Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6,
5.69%, 02/25/50(b)(d)
  $1,223,256 
 1,625,034   Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5,
3.97%, 05/25/51(b)(d)
   1,176,237 
 1,241,259   Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5,
4.01%, 08/25/51(b)(d)
   930,509 
 1,142,369   Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6,
4.92%, 08/25/51(b)(d)
   821,124 
 1,863,704   Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7,
6.54%, 08/25/51(b)(d)
   1,320,141 
 3,737,913   Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5,
4.33%, 10/25/51(b)(d)
   3,034,873 
 2,296,430   Velocity Commercial Capital Loan Trust, Series 2021-3, Class M7,
6.54%, 10/25/51(b)(d)
   1,598,648 
 1,819,170   Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5,
5.68%, 12/26/51(b)(d)
   1,515,413 
 2,944,910   Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6,
7.06%, 12/26/51(b)(d)
   2,240,265 
 3,877,229   Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4,
5.20%, 02/25/52(b)(d)
   2,937,993 
 3,493,034   Velocity Commercial Capital Loan Trust, Series 2023-2, Class M2,
8.00%, 05/25/53(b)(d)
   3,508,568 
 2,978,295   Velocity Commercial Capital Loan Trust, Series 2023-4, Class M2,
9.08%, 11/25/53(b)(d)
   3,030,825 
 771,725   Velocity Commercial Capital Loan Trust, Series 2023-4, Class M4,
10.72%, 11/25/53(b)(d)
   739,089 
         46,554,761 
Total Non-Agency Mortgage-Backed Securities
(Cost $596,011,438)
   515,401,240 

65
Old Westbury Funds, Inc.  
Credit Income Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.2%
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%
$10,438,174   Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B,
11.20%, 07/25/56(b)(f)
  $1,443,168 
 15,278,698   Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO,
1.40%, 07/25/56(b)(d)
   1,726,883 
 4,604,505   Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX,
2.32%, 11/25/57(d)
   1,679,516 
 2,582,143   Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX,
2.15%, 08/25/57(b)(d)
   877,879 
 29,416   Freddie Mac STACR Securitized Participation Interests Trust, Series 2018-SPI2, Class M2,
3.85%, 05/25/48(b)(d)
   28,332 
Total U.S. Government Sponsored Agency Mortgage-Backed Securities
(Cost $6,915,933)
   5,755,778 
           
U.S.  GOVERNMENT SECURITIES — 32.0%     
U.S. Treasury Bonds — 25.5%     
 41,315,000   3.63%, 08/15/43   35,885,951 
 42,400,000   3.63%, 02/15/44   36,671,031 
 48,055,000   3.38%, 05/15/44   39,930,702 
 47,350,000   3.13%, 08/15/44   37,700,588 
 47,550,000   3.00%, 02/15/47   36,056,273 
 52,750,000   2.75%, 08/15/47   37,994,424 
 66,000,000   3.00%, 08/15/48   49,309,219 
 46,350,000   3.38%, 11/15/48   37,023,873 
 47,000,000   3.00%, 02/15/49   34,980,117 
 47,300,000   2.88%, 05/15/49   34,283,262 
 81,560,000   1.25%, 05/15/50   39,674,480 
 103,400,000   1.63%, 11/15/50   55,121,086 
 82,250,000   2.38%, 05/15/51   52,729,961 
 78,500,000   3.00%, 08/15/52   57,390,859 
         584,751,826 
U.S. Treasury Notes — 6.5%     
 74,000,000   4.50%, 11/15/25   74,125,742 
 74,000,000   4.13%, 01/31/27   74,575,235 
         148,700,977 
Total U.S. Government Securities
(Cost $1,021,459,478)
   733,452,803 
Principal
Amount
      Value
CASH SWEEP — 4.6%     
UNITED STATES — 4.6%     
$105,417,029   Citibank - U.S. Dollars on Deposit in Custody Account, 1.10%(h)  $105,417,029 
      
Total Cash Sweep
(Cost $105,417,029)
   105,417,029 
           
TOTAL INVESTMENTS — 99.4%
(Cost $2,768,560,107)
  $2,282,548,518 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%   12,874,011 
NET ASSETS — 100.0%  $2,295,422,529 
 
(a) A copy of the underlying funds’ financial statements is available upon request.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The aggregate value is $666,293,147, which is 29.03% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except as indicated in (e).
(c) Perpetual security with no stated maturity date.
(d) Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(e) These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors.
(f) Zero coupon security. The rate represents the yield at time of purchase.
(g) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $9,742,064 which is 0.42% of net assets and the cost is $10,915,666.
(h) The rate shown represents the current yield as of April 30, 2025.

66
Old Westbury Funds, Inc.  
Credit Income Fund 
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Total Return Swap Agreements outstanding at April 30, 2025:

 

Reference Entity  Counterparty  Payment/
Expiration Date
  Notional
Amount
(000)
   Value   Upfront
Premium
Paid
(Received)
   Unrealized
Appreciation
 
Total Return Swap Agreements                          
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,171.29 and paying a (SOFR RATE + 0.750%) at expiration date  Barclays Bank Plc  11/19/2025  $100,000   $1,331,310   $        –   $1,331,310 
Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,182.05 and paying a (SOFR RATE + 0.750%) at expiration date  Barclays Bank Plc  12/11/2025   75,000    694,112        694,112 
Total Return Swap Agreements                    $2,025,422 

 

The following abbreviations are used in the report:

 

CLO — Collateralized Loan Obligation
ETF — Exchange-Traded Fund
PIK — Payment In Kind
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
SOFR 30A — Secured Overnight Financing Rate 30 Day Average USD
SPDR — Standard & Poor’s Depositary Receipt
STEP — Step Coupon Bond
USD — U.S. Dollar

67
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
CORPORATE BONDS — 27.0%    
Banks — 7.1%    
$2,300,000   Banco Santander SA,
5.59%, 08/08/28
  $2,371,996 
 5,032,000   Bank of America Corp.,
(SOFR RATE + 0.960%),
1.73%, 07/22/27(a)
   4,864,921 
 5,000,000   Bank of America Corp.,
(SOFR RATE + 1.650%),
5.47%, 01/23/35(a)
   5,071,565 
 2,479,000   Bank of New York Mellon Corp. (The) MTN,
(SOFR RATE + 1.418%),
4.29%, 06/13/33(a)
   2,383,982 
 4,600,000   Barclays Plc,
(SOFR RATE + 1.880%),
6.50%, 09/13/27(a)
   4,703,598 
 2,000,000   BNP Paribas SA,
(SOFR RATE + 1.450%),
4.79%, 05/09/29(a)(b)
   1,998,485 
 6,000,000   Citigroup, Inc.,
(SOFR RATE + 1.939%),
3.79%, 03/17/33(a)
   5,515,033 
 5,980,000   Fifth Third Bancorp,
(SOFR RATE + 2.340%),
6.34%, 07/27/29(a)
   6,270,830 
 5,000,000   Goldman Sachs Group, Inc. (The),
(SOFR RATE + 1.135%),
4.69%, 10/23/30(a)
   4,987,783 
 5,000,000   Huntington Bancshares, Inc.,
(SOFR RATE + 1.276%),
5.27%, 01/15/31(a)
   5,037,559 
 5,000,000   ING Groep NV,
(SOFR Index + 1.230%),
5.07%, 03/25/31(a)
   5,039,563 
 6,565,000   JP Morgan Chase & Co.,
(SOFR RATE + 1.015%),
2.07%, 06/01/29(a)
   6,124,374 
 3,099,000   JP Morgan Chase & Co.,
(3 mo. Term SOFR + 1.522%),
4.20%, 07/23/29(a)
   3,073,393 
 4,600,000   JP Morgan Chase & Co.,
(SOFR RATE + 2.080%),
4.91%, 07/25/33(a)
   4,576,249 
 3,135,000   KeyCorp GMTN,
(SOFR Index + 1.227%),
5.12%, 04/04/31(a)
   3,130,282 
Principal
Amount
      Value
Banks (continued)    
$4,600,000   Mitsubishi UFJ Financial Group, Inc.,
(1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.750%),
1.54%, 07/20/27(a)
  $4,442,416 
 6,000,000   Morgan Stanley,
(SOFR RATE + 1.730%),
5.47%, 01/18/35(a)
   6,060,964 
 5,000,000   PNC Financial Services Group, Inc. (The),
(SOFR RATE + 1.072%),
5.22%, 01/29/31(a)
   5,112,250 
 4,989,000   Sumitomo Mitsui Financial Group, Inc.,
2.63%, 07/14/26
   4,892,359 
 5,520,000   Toronto-Dominion Bank (The) GMTN,
5.53%, 07/17/26
   5,594,650 
 5,431,000   Truist Financial Corp. MTN,
(SOFR RATE + 2.050%),
6.05%, 06/08/27(a)
   5,519,987 
 3,000,000   UBS AG,
(SOFR RATE + 0.720%),
4.86%, 01/10/28(a)
   3,020,478 
 5,000,000   UBS Group AG,
(SOFR RATE + 3.730%),
4.19%, 04/01/31(a)(b)
   4,848,800 
         104,641,517 
Consumer Discretionary — 1.2%     
 5,736,000   General Motors Financial Co., Inc.,
2.70%, 06/10/31
   4,909,184 
 3,229,000   Southwest Airlines Co.,
5.13%, 06/15/27
   3,237,776 
 3,997,000   Toyota Motor Credit Corp. GMTN,
5.25%, 09/11/28
   4,122,061 
 5,520,000   Warnermedia Holdings, Inc.,
3.76%, 03/15/27
   5,371,773 
         17,640,794 
Consumer Staples — 1.1%     
 5,000,000   Diageo Capital Plc,
5.63%, 10/05/33
   5,194,910 
 5,000,000   Mars, Inc.,
4.80%, 03/01/30(b)
   5,061,035 
 5,635,000   Target Corp.,
5.00%, 04/15/35
   5,574,778 
         15,830,723 
Energy — 1.8%     
 3,174,000   BP Capital Markets America, Inc.,
4.81%, 02/13/33
   3,115,140 

68
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Energy (continued)     
$5,000,000   Cheniere Corpus Christi Holdings LLC,
3.70%, 11/15/29
  $4,778,723 
 5,122,000   Energy Transfer LP,
4.95%, 06/15/28
   5,168,417 
 4,823,000   Pioneer Natural Resources Co.,
2.15%, 01/15/31
   4,232,138 
 4,913,000   Sabine Pass Liquefaction LLC,
5.88%, 06/30/26
   4,955,655 
 4,600,000   Williams Cos., Inc. (The),
3.75%, 06/15/27
   4,531,310 
         26,781,383 
Financial Services — 3.5%     
 2,852,000   AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
6.10%, 01/15/27
   2,912,337 
 2,950,000   AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
4.63%, 09/10/29
   2,927,812 
 4,600,000   Air Lease Corp.,
5.85%, 12/15/27
   4,739,541 
 2,738,000   American Express Co.,
(SOFR RATE + 1.330%),
6.34%, 10/30/26(a)
   2,762,423 
 4,600,000   Athene Global Funding,
1.73%, 10/02/26(b)
   4,420,729 
 4,642,000   Capital One Financial Corp.,
(SOFR RATE + 2.080%),
5.47%, 02/01/29(a)
   4,734,317 
 2,903,000   Capital One Financial Corp.,
(SOFR RATE + 2.640%),
6.31%, 06/08/29(a)
   3,024,937 
 2,291,000   Charles Schwab Corp. (The),
2.45%, 03/03/27
   2,221,938 
 2,976,000   Charles Schwab Corp. (The),
2.00%, 03/20/28
   2,802,460 
 4,600,000   Corebridge Financial, Inc.,
5.75%, 01/15/34
   4,688,489 
 5,000,000   Marsh & McLennan Cos., Inc.,
4.65%, 03/15/30
   5,042,256 
 5,000,000   Metropolitan Life Global Funding I,
5.40%, 09/12/28(b)
   5,178,482 
 6,941,000   PayPal Holdings, Inc.,
2.85%, 10/01/29
   6,526,785 
         51,982,506 
Health Care — 3.1%     
 4,600,000   AbbVie, Inc.,
3.20%, 11/21/29
   4,384,621 
Principal
Amount
      Value
Health Care (continued)     
$2,610,000   Elevance Health, Inc.,
5.38%, 06/15/34
  $2,643,247 
 1,750,000   Eli Lilly & Co.,
4.75%, 02/12/30
   1,794,174 
 4,600,000   Haleon US Capital LLC,
3.38%, 03/24/27
   4,529,474 
 3,038,000   HCA, Inc.,
5.38%, 09/01/26
   3,055,061 
 5,520,000   Kenvue, Inc.,
4.90%, 03/22/33
   5,586,931 
 5,490,000   Laboratory Corp. of America Holdings,
4.55%, 04/01/32
   5,357,522 
 4,600,000   Pfizer Investment Enterprises Pte Ltd.,
4.75%, 05/19/33
   4,542,504 
 5,000,000   Stryker Corp.,
5.20%, 02/10/35
   5,039,057 
 5,645,000   UnitedHealth Group, Inc.,
4.90%, 04/15/31
   5,745,265 
 3,272,000   Zimmer Biomet Holdings, Inc.,
5.35%, 12/01/28
   3,356,287 
         46,034,143 
Industrials — 1.7%     
 5,520,000   BAE Systems Plc,
5.13%, 03/26/29(b)
   5,636,037 
 5,000,000   General Dynamics Corp.,
4.95%, 08/15/35
   5,016,548 
 1,365,000   John Deere Capital Corp. MTN,
4.95%, 07/14/28
   1,401,165 
 6,216,000   L3Harris Technologies, Inc.,
5.25%, 06/01/31
   6,363,152 
 3,000,000   Ryder System, Inc.,
5.00%, 03/15/30
   3,025,422 
 4,600,000   Waste Connections, Inc.,
5.00%, 03/01/34
   4,615,182 
         26,057,506 
Information Technology — 2.2%     
 5,000,000   Broadcom, Inc.,
5.05%, 07/12/29
   5,097,890 
 4,585,000   Fiserv, Inc.,
3.50%, 07/01/29
   4,369,884 
 2,176,000   Fiserv, Inc.,
5.35%, 03/15/31
   2,228,126 
 5,421,000   KLA Corp.,
4.70%, 02/01/34
   5,323,029 
 5,000,000   Leidos, Inc.,
5.40%, 03/15/32
   5,036,617 
 5,000,000   Microchip Technology, Inc.,
4.90%, 03/15/28
   5,011,095 

69
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Information Technology (continued)     
$6,116,000   Texas Instruments, Inc.,
1.75%, 05/04/30
  $5,411,045 
         32,477,686 
Materials — 1.2%     
 5,520,000   BHP Billiton Finance USA Ltd.,
5.10%, 09/08/28
   5,662,679 
 4,965,000   CRH SMW Finance DAC,
5.13%, 01/09/30
   5,060,598 
 4,499,000   Glencore Funding LLC,
5.34%, 04/04/27(b)
   4,561,380 
 2,000,000   Vulcan Materials Co.,
4.95%, 12/01/29
   2,020,701 
         17,305,358 
Real Estate — 1.1%     
 5,000,000   American Tower Corp. REIT,
5.00%, 01/31/30
   5,079,397 
 5,000,000   Brixmor Operating Partnership LP REIT,
3.90%, 03/15/27
   4,932,982 
 6,070,000   Public Storage Operating Co. REIT,
1.85%, 05/01/28
   5,678,190 
         15,690,569 
Telecommunication Services — 0.3%     
 4,600,000   Cisco Systems, Inc.,
4.95%, 02/26/31
   4,732,760 
Utilities — 2.7%     
 4,600,000   DTE Energy Co.,
4.95%, 07/01/27
   4,647,369 
 1,555,000   Duke Energy Corp.,
2.65%, 09/01/26
   1,518,970 
 3,000,000   Florida Power & Light Co.,
5.30%, 06/15/34
   3,076,710 
 5,235,000   Georgia Power Co.,
4.55%, 03/15/30
   5,267,791 
 4,600,000   National Rural Utilities Cooperative Finance Corp. MTN,
5.05%, 09/15/28
   4,705,406 
 4,750,000   NextEra Energy Capital Holdings, Inc.,
5.05%, 03/15/30
   4,825,109 
 4,723,000   Public Service Enterprise Group, Inc.,
5.88%, 10/15/28
   4,933,166 
 3,024,466   SCE Recovery Funding LLC, Series A-1,
0.86%, 11/15/31
   2,713,253 
 5,161,000   Southern California Edison Co.,
5.65%, 10/01/28
   5,303,191 
Principal
Amount
      Value
Utilities (continued)     
$3,520,000   Xcel Energy, Inc.,
4.75%, 03/21/28
  $3,548,190 
         40,539,155 
Total Corporate Bonds
(Cost $397,933,260)
   399,714,100 
           
ASSET-BACKED  SECURITIES — 7.6%     
BERMUDA — 0.3%     
Collateralized Loan Obligations — 0.3%     
 5,000,000   Trinitas CLO XXIII Ltd., Series 2023-23A, Class A,
(3 mo. Term SOFR + 1.800%),
6.07%, 10/20/36(a)(b)
   5,010,024 
CAYMAN ISLANDS — 2.2%     
Collateralized Loan Obligations — 2.2%     
 3,500,000   AGL CLO 10 Ltd., Series 2021-10A, Class B,
(3 mo. Term SOFR + 1.762%),
6.02%, 04/15/34(a)(b)
   3,491,599 
 4,500,000   Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class BR,
(3 mo. Term SOFR + 1.962%),
6.22%, 10/15/34(a)(b)
   4,491,900 
 2,000,000   Flatiron CLO 19 Ltd., Series 2019-1A, Class BR2,
(3 mo. Term SOFR + 1.500%),
5.81%, 11/16/34(a)(b)
   1,997,800 
 3,500,000   Golub Capital Partners CLO Ltd., Series 2020-50A, Class BR,
(3 mo. Term SOFR + 1.950%),
6.22%, 04/20/35(a)(b)
   3,497,551 
 1,500,000   LCM XXIV Ltd., Series 24A, Class BR,
(3 mo. Term SOFR + 1.662%),
5.93%, 03/20/30(a)(b)
   1,491,900 
 4,500,000   Octagon 55 Ltd., Series 2021-1A, Class B,
(3 mo. Term SOFR + 1.912%),
6.18%, 07/20/34(a)(b)
   4,490,550 
 4,500,000   Palmer Square CLO Ltd., Series 2022- 1A, Class B,
(3 mo. Term SOFR + 1.800%),
6.07%, 04/20/35(a)(b)
   4,495,050 
 4,250,000   Regatta XXI Funding Ltd., Series 2021-3A, Class BR,
(3 mo. Term SOFR + 1.750%),
6.01%, 10/15/37(a)(b)
   4,222,800 

70
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
CAYMAN ISLANDS (continued)     
Collateralized Loan Obligations (continued)     
$5,000,000   RRX 7 Ltd., Series 2022-7A, Class A2,
(3 mo. Term SOFR + 2.000%),
6.26%, 07/15/35(a)(b)
  $5,007,999 
         33,187,149 
JERSEY CHANNEL ISLANDS — 0.5%     
Collateralized Loan Obligations — 0.5%     
 2,750,000   Golub Capital Partners CLO Ltd., Series 2024-74A, Class A,
(3 mo. Term SOFR + 1.500%),
5.78%, 07/25/37(a)(b)
   2,753,857 
 4,000,000   OCP Aegis CLO Ltd., Series 2023-29A, Class BR,
(3 mo. Term SOFR + 1.550%),
5.82%, 01/20/36(a)(b)
   3,977,599 
         6,731,456 
UNITED STATES — 4.6%     
Other Asset-Backed Securities — 4.6%     
 1,726,376   Amur Equipment Finance Receivables XIV LLC, Series 2024-2A, Class A2,
5.19%, 07/21/31(b)
   1,741,352 
 3,000,000   Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class A,
6.12%, 04/20/27(b)
   3,030,450 
 3,850,000   Bank of America Auto Trust, Series 2023-2A, Class A3,
5.74%, 06/15/28(b)
   3,896,250 
 2,250,000   BMW Vehicle Owner Trust, Series 2025-A, Class A4,
4.66%, 12/27/32
   2,280,813 
 1,000,000   BofA Auto Trust, Series 2024-1A, Class A3,
5.35%, 11/15/28(b)
   1,010,677 
 199,741   Capital One Prime Auto Receivables Trust, Series 2021-1, Class A3,
0.77%, 09/15/26
   198,941 
 252,625   CarMax Auto Owner Trust, Series 2022-2, Class A3,
3.49%, 02/16/27
   251,759 
 2,799,068   CarMax Auto Owner Trust, Series 2022-4, Class A3,
5.34%, 08/16/27
   2,808,197 
 2,250,000   CarMax Auto Owner Trust, Series 2023-4, Class A3,
6.00%, 07/17/28
   2,286,556 
 2,000,000   CarMax Auto Owner Trust, Series 2024-4, Class A3,
4.60%, 10/15/29
   2,016,165 
Principal
Amount
      Value
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$1,500,000   CNH Equipment Trust, Series 2021- C, Class A4,
1.16%, 10/16/28
  $1,462,811 
 1,500,000   CNH Equipment Trust, Series 2024- B, Class A3,
5.19%, 09/17/29
   1,523,280 
 3,138,748   Daimler Trucks Retail Trust, Series 2023-1, Class A3,
5.90%, 03/15/27
   3,157,574 
 1,175,969   Enterprise Fleet Financing LLC, Series 2024-1, Class A2,
5.23%, 03/20/30(b)
   1,185,122 
 826,831   Enterprise Fleet Financing LLC, Series 2024-2, Class A2,
5.74%, 12/20/26(b)
   830,931 
 4,000,000   Ford Credit Auto Owner Trust, Series 2020-2, Class A,
1.06%, 04/15/33(b)
   3,934,506 
 2,000,000   Honda Auto Receivables Owner Trust, Series 2023-2, Class A3,
4.93%, 11/15/27
   2,006,717 
 3,000,000   Honda Auto Receivables Owner Trust, Series 2025-1, Class A3,
4.57%, 09/21/29
   3,030,046 
 1,000,000   HPEFS Equipment Trust, Series 2024- 2A, Class A3,
5.36%, 10/20/31(b)
   1,009,537 
 2,600,000   John Deere Owner Trust, Series 2024- B, Class A3,
5.20%, 03/15/29
   2,650,059 
 3,000,000   Kubota Credit Owner Trust, Series 2023-2A, Class A3,
5.28%, 01/18/28(b)
   3,028,207 
 932,789   Kubota Credit Owner Trust, Series 2024-2A, Class A2,
5.45%, 04/15/27(b)
   937,500 
 3,750,000   M&T Equipment Notes, Series 2024- 1A, Class A3,
4.76%, 08/18/31(b)
   3,768,052 
 995,838   Navient Private Education Refi Loan Trust, Series 2021-BA, Class A,
0.94%, 07/15/69(b)
   909,630 
 1,643,387   Navient Private Education Refi Loan Trust, Series 2021-CA, Class A,
1.06%, 10/15/69(b)
   1,476,533 
 3,700,000   PFS Financing Corp., Series 2024-B, Class A,
4.95%, 02/15/29(b)
   3,735,306 

71
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$1,250,000   Santander Drive Auto Receivables Trust, Series 2025-1, Class A3,
4.74%, 01/16/29
  $1,254,787 
 800,000   SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3,
5.33%, 11/20/29(b)
   809,752 
 129,547   Sofi Professional Loan Program Trust, Series 2018-B, Class A2FX,
3.34%, 08/25/47(b)
   128,749 
 413,124   Sofi Professional Loan Program Trust, Series 2021-A, Class AFX,
1.03%, 08/17/43(b)
   361,530 
 395,354   Tesla Auto Lease Trust, Series 2023-A, Class A3,
5.89%, 06/22/26(b)
   396,083 
 1,500,000   T-Mobile US Trust, Series 2025-1A, Class A,
4.74%, 11/20/29(b)
   1,518,354 
 3,000,000   Verizon Master Trust, Series 2025-1, Class A,
4.71%, 01/21/31
   3,044,873 
 2,500,000   Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, Class A1,
4.87%, 06/21/39(b)
   2,514,816 
 3,500,000   Wheels Fleet Lease Funding 1 LLC, Series 2025-1A, Class A1,
4.57%, 01/18/40(b)
   3,508,794 
         67,704,709 
Total Asset-Backed Securities
(Cost $112,592,152)
   112,633,338 
           
NON-AGENCY MORTGAGE-BACKED SECURITIES — 0.0% 
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0% 
 386,387   JP Morgan Tax-Exempt Pass-Through Trust, Series 2012-AMT1, Class A,
3.00%, 01/27/38(b)
   358,811 
Total Non-Agency Mortgage-Backed Securities
(Cost $390,225)
   358,811 
Principal
Amount
      Value
U.S. GOVERNMENT AGENCIES — 0.4%     
Federal Farm Credit Banks Funding Corp. — 0.4%     
$5,000,000   5.65%, 07/25/33  $5,002,835 
      
Total U.S. Government Agencies
(Cost $5,000,000)
   5,002,835 
           
U.S.  GOVERNMENT SECURITIES — 63.4%    
U.S. Treasury Bills — 0.8%     
 11,937,000   4.08%, 03/19/26(c)   11,536,660 
U.S. Treasury Bonds — 2.8%     
 8,358,000   2.88%, 05/15/52   5,954,422 
 9,247,000   4.13%, 08/15/53   8,380,816 
 28,899,000   4.50%, 11/15/54   27,973,329 
         42,308,567 
U.S. Treasury Inflation Indexed Notes — 2.5%    
 37,562,425   1.25%, 04/15/28(d)   37,735,882 
U.S. Treasury Notes — 57.3%     
 29,600,000   4.13%, 02/28/27   29,849,750 
 29,809,000   3.88%, 03/15/28   30,053,527 
 128,032,000   4.13%, 07/31/28   130,042,502 
 135,559,000   3.63%, 08/31/29   135,262,465 
 47,419,000   4.00%, 03/31/30   48,008,033 
 132,502,000   4.13%, 08/31/30   134,748,322 
 79,692,000   3.75%, 08/31/31   79,069,406 
 76,195,000   4.38%, 01/31/32   78,224,882 
 79,384,000   4.00%, 02/15/34   78,776,216 
 106,976,000   3.88%, 08/15/34   104,786,335 
         848,821,438 
Total U.S. Government Securities
(Cost $927,274,080)
   940,402,547 
           
Shares         
INVESTMENT COMPANY — 1.4%     
 20,741,443   Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(e)   20,741,443 
Total Investment Company
(Cost $20,741,443)
   20,741,443 
           
TOTAL INVESTMENTS — 99.8%
(Cost $1,463,931,160)
  $1,478,853,074 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%  3,664,180 
NET ASSETS — 100.0%  $1,482,517,254 

72
Old Westbury Funds, Inc.  
Fixed Income Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

 

 

(a) Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c) Zero coupon security. The rate represents the yield at time of purchase.
(d) Inflation protected security.
(e) The rate shown represents the current yield as of April 30, 2025.

 

The following abbreviations are used in the report:

 

CLO — Collateralized Loan Obligation

GMTN — Global Medium Term Note

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

73
Old Westbury Funds, Inc.  
Short-Term Bond Fund  
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
CORPORATE BONDS — 34.2%     
Banks — 10.2%     
$247,000   Bank of America Corp.,
(SOFR RATE + 1.630%),
5.20%, 04/25/29(a)
  $252,301 
 102,000   Bank of Montreal, Series H, MTN,
4.70%, 09/14/27
   102,902 
 137,000   Bank of New York Mellon Corp. (The),
(SOFR RATE + 1.026%),
4.95%, 04/26/27(a)
   137,753 
 500,000   Barclays Plc,
(SOFR RATE + 0.960%),
5.09%, 02/25/29(a)
   503,645 
 500,000   BNP Paribas SA,
(SOFR RATE + 1.450%),
4.79%, 05/09/29(a)(b)
   499,621 
 400,000   Citibank NA,
4.93%, 08/06/26
   403,104 
 672,000   Citigroup, Inc.,
(3 mo. Term SOFR + 1.652%),
3.67%, 07/24/28(a)
   659,537 
 500,000   Fifth Third Bancorp,
(SOFR RATE + 2.340%),
6.34%, 07/27/29(a)
   524,317 
 640,000   Goldman Sachs Bank USA,
(SOFR RATE + 0.750%),
5.41%, 05/21/27(a)
   645,995 
 999,000   JP Morgan Chase & Co.,
(SOFR RATE + 1.015%),
2.07%, 06/01/29(a)
   931,950 
 657,000   Morgan Stanley,
(SOFR RATE + 1.295%),
5.05%, 01/28/27(a)
   659,490 
 800,000   PNC Bank NA,
(SOFR RATE + 0.504%),
4.78%, 01/15/27(a)
   800,450 
 500,000   Royal Bank of Canada GMTN,
(SOFR Index + 0.810%),
4.72%, 03/27/28(a)
   503,066 
 952,000   Sumitomo Mitsui Financial Group, Inc.,
2.63%, 07/14/26
   933,559 
 87,000   Toronto-Dominion Bank (The) GMTN,
5.53%, 07/17/26
   88,176 
 850,000   UBS AG,
(SOFR RATE + 0.720%),
4.86%, 01/10/28(a)
   855,802 
Principal
Amount
      Value
Banks (continued)     
$650,000   US Bank NA,
(SOFR RATE + 0.690%),
4.51%, 10/22/27(a)
  $650,349 
 420,000   Wells Fargo & Co. GMTN,
(SOFR RATE + 1.070%),
5.71%, 04/22/28(a)
   429,318 
         9,581,335 
Consumer Discretionary — 2.4%     
 92,000   American Honda Finance Corp. GMTN,
(SOFR RATE + 0.770%),
5.14%, 03/12/27(a)
   91,814 
 87,000   Clorox Co. (The),
3.90%, 05/15/28
   86,103 
 877,000   General Motors Financial Co., Inc.,
5.40%, 05/08/27
   885,903 
 400,000   Marriott International, Inc.,
5.55%, 10/15/28
   413,268 
 218,000   Southwest Airlines Co.,
5.13%, 06/15/27
   218,592 
 400,000   Toyota Motor Credit Corp. GMTN,
4.55%, 08/07/26
   401,582 
 190,000   Warnermedia Holdings, Inc.,
3.76%, 03/15/27
   184,898 
         2,282,160 
Consumer Staples — 0.6%     
 102,000   Constellation Brands, Inc.,
5.00%, 02/02/26
   101,978 
 117,000   Keurig Dr Pepper, Inc.,
(SOFR Index + 0.880%),
5.25%, 03/15/27(a)
   117,294 
 250,000   Mars, Inc.,
4.45%, 03/01/27(b)
   251,509 
 112,000   Sysco Corp.,
3.75%, 10/01/25
   111,552 
         582,333 
Energy — 1.7%     
 114,000   BP Capital Markets America, Inc.,
3.94%, 09/21/28
   112,605 
 113,000   Enbridge, Inc.,
6.00%, 11/15/28
   118,250 
 627,000   Energy Transfer LP,
4.95%, 06/15/28
   632,682 
 575,000   Pioneer Natural Resources Co.,
1.90%, 08/15/30
   504,877 
 237,000   Williams Cos., Inc. (The),
5.40%, 03/02/26
   238,289 
         1,606,703 

74
Old Westbury Funds, Inc.  
Short-Term Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value 
Financial Services — 5.5%     
$950,000   AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
6.10%, 01/15/27
  $970,098 
 500,000   Air Lease Corp.,
3.38%, 07/01/25
   498,740 
 247,000   Air Lease Corp.,
5.85%, 12/15/27
   254,493 
 152,000   American Express Co.,
(SOFR RATE + 1.000%),
5.10%, 02/16/28(a)
   153,926 
 500,000   Arthur J Gallagher & Co.,
4.60%, 12/15/27
   503,886 
 641,000   Capital One Financial Corp.,
(SOFR RATE + 2.080%),
5.47%, 02/01/29(a)
   653,748 
 151,000   Corebridge Financial, Inc.,
3.65%, 04/05/27
   148,778 
 500,000   Corebridge Global Funding,
4.90%, 01/07/28(b)
   506,647 
 400,000   New York Life Global Funding MTN,
3.90%, 10/01/27(b)
   397,478 
 1,000,000   PayPal Holdings, Inc.,
4.45%, 03/06/28
   1,011,063 
         5,098,857 
Health Care — 1.4%     
 87,000   Cigna Group (The),
4.50%, 02/25/26
   86,918 
 259,000   CVS Health Corp.,
1.30%, 08/21/27
   240,809 
 667,000   HCA, Inc.,
5.38%, 09/01/26
   670,746 
 87,000   Pfizer Investment Enterprises Pte Ltd.,
4.45%, 05/19/28
   87,677 
 92,000   Zimmer Biomet Holdings, Inc.,
3.05%, 01/15/26
   90,972 
 87,000   Zoetis, Inc.,
5.40%, 11/14/25
   87,316 
         1,264,438 
Industrials — 2.8%     
 400,000   Caterpillar Financial Services Corp.,
4.40%, 10/15/27
   402,846 
 627,000   L3Harris Technologies, Inc.,
5.40%, 01/15/27
   636,945 
 87,000   Ryder System, Inc. MTN,
5.30%, 03/15/27
   88,247 
 1,000,000   Uber Technologies, Inc.,
4.50%, 08/15/29(b)
   984,706 
Principal
Amount
      Value
Industrials (continued)     
$500,000   Union Pacific Corp.,
3.95%, 09/10/28
  $497,590 
         2,610,334 
Information Technology — 4.0%     
 1,000,000   Advanced Micro Devices, Inc.,
4.21%, 09/24/26
   1,004,191 
 900,000   Broadcom, Inc.,
5.05%, 07/12/27
   914,299 
 102,000   Fiserv, Inc.,
5.15%, 03/15/27
   103,199 
 1,000,000   Microchip Technology, Inc.,
4.90%, 03/15/28
   1,002,219 
 750,000   Oracle Corp.,
1.65%, 03/25/26
   730,904 
         3,754,812 
Materials — 0.4%     
 170,000   Glencore Funding LLC,
5.34%, 04/04/27(b)
   172,357 
 200,000   Owens Corning,
5.50%, 06/15/27
   203,998 
         376,355 
Real Estate — 1.6%     
 800,000   Brixmor Operating Partnership LP REIT,
3.90%, 03/15/27
   789,277 
 750,000   Equinix, Inc. REIT,
1.00%, 09/15/25
   739,465 
         1,528,742 
Telecommunication Services — 0.2%     
 174,000   T-Mobile USA, Inc.,
3.75%, 04/15/27
   172,115 
Utilities — 3.4%     
 900,000   DTE Energy Co.,
4.95%, 07/01/27
   909,268 
 1,000,000   Duke Energy Progress LLC,
4.35%, 03/06/27
   1,007,665 
 117,000   National Rural Utilities Cooperative Finance Corp. MTN,
5.05%, 09/15/28
   119,681 
 750,000   NextEra Energy Capital Holdings, Inc.,
4.45%, 06/20/25
   749,282 
 87,000   NextEra Energy Capital Holdings, Inc.,
4.95%, 01/29/26
   87,184 
 217,000   Public Service Enterprise Group, Inc.,
5.88%, 10/15/28
   226,656 

75
Old Westbury Funds, Inc.  
Short-Term Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Utilities (continued)     
$97,000   Southern Co. (The),
4.85%, 06/15/28
  $98,612 
         3,198,348 
Total Corporate Bonds
(Cost $31,838,934)
   32,056,532 
           
ASSET-BACKED  SECURITIES — 8.3%     
BERMUDA — 0.3%     
Collateralized Loan Obligations — 0.3%     
 250,000   Rad CLO 25 Ltd., Series 2024-25A, Class A1,
(3 mo. Term SOFR + 1.460%),
5.73%, 07/20/37(a)(b)
   250,216 
CAYMAN ISLANDS — 0.4%     
Collateralized Loan Obligations — 0.4%     
 400,000   Palmer Square CLO Ltd., Series 2024-3A, Class A,
(3 mo. Term SOFR + 1.350%),
5.62%, 07/20/37(a)(b)
   400,000 
JERSEY CHANNEL ISLANDS — 0.3%     
Collateralized Loan Obligations — 0.3%     
 250,000   Golub Capital Partners CLO Ltd., Series 2024-74A, Class A,
(3 mo. Term SOFR + 1.500%),
5.78%, 07/25/37(a)(b)
   250,351 
UNITED STATES — 7.3%     
Other Asset-Backed Securities — 7.3%     
 500,000   BMW Vehicle Owner Trust, Series 2025-A, Class A4,
4.66%, 12/27/32
   506,847 
 118,138   BofA Auto Trust, Series 2024-1A, Class A2,
5.57%, 12/15/26(b)
   118,378 
 500,000   Carmax Auto Owner Trust, Series 2025-1, Class A3,
4.84%, 01/15/30
   506,297 
 130,378   CarMax Auto Owner Trust, Series 2023-1, Class A3,
4.75%, 10/15/27
   130,416 
 500,000   CarMax Auto Owner Trust, Series 2024-4, Class A3,
4.60%, 10/15/29
   504,041 
 138,404   CNH Equipment Trust, Series 2024- B, Class A2A,
5.42%, 10/15/27
   138,714 
 206,708   Enterprise Fleet Financing LLC, Series 2024-2, Class A2,
5.74%, 12/20/26(b)
   207,733 
Principal
Amount
      Value
UNITED STATES (continued)     
Other Asset-Backed Securities (continued)     
$500,000   Honda Auto Receivables Owner Trust, Series 2025-1, Class A3,
4.57%, 09/21/29
  $505,008 
 110,309   Hyundai Auto Receivables Trust, Series 2022-C, Class A3,
5.39%, 06/15/27
   110,683 
 500,000   Hyundai Auto Receivables Trust, Series 2023-C, Class A3,
5.54%, 10/16/28
   506,596 
 300,000   John Deere Owner Trust, Series 2024- B, Class A3,
5.20%, 03/15/29
   305,776 
 750,000   Kubota Credit Owner Trust, Series 2023-2A, Class A3,
5.28%, 01/18/28(b)
   757,052 
 233,197   Kubota Credit Owner Trust, Series 2024-2A, Class A2,
5.45%, 04/15/27(b)
   234,375 
 400,000   M&T Equipment Notes, Series 2024- 1A, Class A2,
4.99%, 08/18/31(b)
   400,892 
 250,000   PFS Financing Corp., Series 2022-D, Class A,
4.27%, 08/15/27(b)
   249,648 
 200,000   SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3,
5.33%, 11/20/29(b)
   202,438 
 500,000   T-Mobile US Trust, Series 2025-1A, Class A,
4.74%, 11/20/29(b)
   506,118 
 500,000   Verizon Master Trust, Series 2025-1, Class A,
4.71%, 01/21/31
   507,479 
 500,000   Wheels Fleet Lease Funding 1 LLC, Series 2025-1A, Class A1,
4.57%, 01/18/40(b)
   501,256 
         6,899,747 
Total Asset-Backed Securities
(Cost $7,745,067)
   7,800,314 
           
U.S.  GOVERNMENT SECURITIES — 55.9%     
U.S. Treasury Bills — 2.5%     
 800,000   4.25%, 05/08/25(c)   799,346 
 584,000   4.38%, 08/07/25(c)   577,352 
 1,000,000   4.12%, 10/30/25(c)   979,601 
         2,356,299 
U.S. Treasury Notes — 53.4%     
 1,131,000   5.00%, 08/31/25   1,133,165 
 1,197,000   4.50%, 11/15/25   1,199,034 

76
Old Westbury Funds, Inc.  
Short-Term Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
U.S. Treasury Notes (continued)     
$2,830,000   4.25%, 01/31/26  $2,834,378 
 2,769,000   3.63%, 05/15/26   2,761,710 
 3,569,000   4.38%, 08/15/26   3,595,210 
 3,201,000   4.63%, 11/15/26   3,244,013 
 2,883,000   4.00%, 01/15/27   2,898,766 
 2,800,000   4.13%, 02/28/27   2,823,625 
 2,547,000   4.50%, 05/15/27   2,590,777 
 2,309,000   4.38%, 07/15/27   2,346,341 
 2,345,000   4.13%, 09/30/27   2,374,954 
 2,388,000   3.88%, 11/30/27   2,404,324 
 2,800,000   4.25%, 01/15/28   2,846,922 
 2,463,000   4.00%, 02/29/28   2,489,554 
 1,000,000   3.75%, 04/15/28   1,004,609 
 2,508,000   4.00%, 06/30/28   2,538,664 
 2,748,000   4.38%, 08/31/28   2,812,514 
 2,687,000   4.00%, 01/31/29   2,719,748 
 2,586,000   4.00%, 07/31/29   2,618,426 
 1,710,000   4.13%, 11/30/29   1,741,060 
 1,050,000   4.25%, 01/31/30   1,074,486 
         50,052,280 
Total U.S. Government Securities
(Cost $51,839,042)
   52,408,579 
           
Shares         
INVESTMENT COMPANY — 0.6%     
 519,451   Federated Hermes U.S. Treasury Cash Reserves, Premier Class,
4.18%(d)
   519,451 
Total Investment Company
(Cost $519,451)
   519,451 
           
TOTAL INVESTMENTS — 99.0%     
(Cost $91,942,494)  $92,784,876 
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%   945,513 
NET ASSETS 100.0%  $93,730,389 

 

 

 

(a) Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors.
(c) Zero coupon security. The rate represents the yield at time of purchase.
(d) The rate shown represents the current yield as of April 30, 2025.

 

The following abbreviations are used in the report:

 

CLO — Collateralized Loan Obligation

GMTN — Global Medium Term Note

MTN — Medium Term Note

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

77
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
MUNICIPAL BONDS — 96.0%     
Alabama — 0.0%     
$1,495,000   City of Huntsville Warrants Refunding GO, Series A,
5.00%, 08/01/26
  $1,497,421 
Arizona — 1.2%     
 5,000,000   Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds,
5.00%, 07/01/32
   5,570,598 
 5,000,000   City of Phoenix Civic Improvement Corp. Current Refunding Revenue Bonds,
5.00%, 07/01/29
   5,257,591 
 2,005,000   City of Phoenix School Improvements GO, Series B,
4.41%, 07/01/28
   2,034,640 
 3,950,000   Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, Series A,
5.00%, 01/01/33
   4,042,373 
 5,850,000   Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,
5.00%, 01/01/35
   6,680,330 
 7,180,000   Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,
5.00%, 01/01/36
   8,149,329 
 7,100,000   Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B,
5.00%, 01/01/37
   7,998,499 
 6,810,000   Salt River Project Agricultural Improvement & Power District Revenue Bonds, Series A,
5.00%, 01/01/43
   7,192,107 
 5,250,000   Town of Gilbert Public Improvements GO,
5.00%, 07/15/25
   5,267,701 
         52,193,168 
California — 6.1%     
 2,500,000   California State Public Works Board Public Facilities Revenue Bonds, Series A,
5.00%, 04/01/33
   2,803,304 
Principal
Amount
      Value
California (continued)     
$4,735,000   City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds,
5.00%, 05/15/32
  $5,012,020 
 1,500,000   City of Los Angeles Department of Airports Current Refunding Revenue Bonds,
5.00%, 05/15/26
   1,520,315 
 2,250,000   City of Los Angeles Department of Airports Current Refunding Revenue Bonds,
5.00%, 05/15/27
   2,307,873 
 2,810,000   City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,
5.00%, 05/15/27
   2,924,380 
 6,150,000   City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,
5.00%, 05/15/29
   6,614,685 
 2,000,000   City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,
5.00%, 05/15/30
   2,179,915 
 10,000,000   County of Santa Clara GO, Series C,
4.30%, 08/01/27
   10,076,393 
 10,000,000   County of Santa Clara GO, Series C,
4.33%, 08/01/29
   10,086,100 
 4,325,000   Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/26
   4,384,423 
 5,000,000   Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/27
   5,149,077 
 4,200,000   San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A,
5.00%, 05/01/34
   4,476,020 
 18,115,000   San Francisco City & County Airport Refunding Revenue Bonds, Series C,
5.00%, 05/01/30
   19,080,700 
 11,000,000   San Francisco City & County Public Utilities Commission Wastewater Revenue Bonds, Series A,
4.66%, 10/01/27
   11,182,845 
 4,415,000   State of California Current Refunding GO,
5.00%, 10/01/25
   4,447,586 

78
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
California (continued)     
$14,000,000   State of California Current Refunding GO,
5.00%, 12/01/25
  $14,152,510 
 2,520,000   State of California Current Refunding GO,
5.00%, 03/01/26
   2,560,816 
 7,500,000   State of California Current Refunding GO,
5.00%, 03/01/27
   7,766,083 
 10,000,000   State of California Current Refunding GO,
5.00%, 12/01/27
   10,495,045 
 7,500,000   State of California Current Refunding GO,
5.00%, 03/01/28
   7,902,304 
 10,000,000   State of California Current Refunding GO,
5.00%, 10/01/37
   10,772,043 
 16,195,000   State of California Current Refunding GO, (AGM),
5.25%, 08/01/32
   18,106,447 
 11,250,000   State of California Public Improvements GO,
5.00%, 09/01/25
   11,314,414 
 8,500,000   State of California Public Improvements GO,
5.00%, 09/01/26
   8,721,386 
 5,000,000   State of California Public Improvements GO,
5.00%, 09/01/31
   5,532,815 
 3,000,000   State of California Public Improvements GO,
5.00%, 03/01/26
   3,001,543 
 6,610,000   State of California Refunding GO,
5.00%, 10/01/25
   6,619,007 
 10,000,000   State of California School Improvements GO,
1.75%, 11/01/30
   8,805,030 
 15,000,000   State of California Water Utility Improvements GO,
5.00%, 09/01/25
   15,085,885 
 15,000,000   State of California Water Utility Improvements GO,
5.00%, 09/01/26
   15,390,681 
 4,100,000   State of California Water Utility Improvements GO,
5.00%, 09/01/27
   4,284,485 
Principal
Amount
      Value
California (continued)     
$10,000,000   University of California University & College Improvements Revenue Bonds, Series BK,
5.00%, 05/15/32
  $11,149,732 
         253,905,862 
Colorado — 3.4%     
 3,000,000   Arapahoe County School District No 5 Cherry Creek School Improvements GO, (State Aid Withholding),
5.00%, 12/15/25
   3,033,137 
 1,700,000   Arapahoe County School District No 5 Cherry Creek School Improvements GO, (State Aid Withholding),
5.00%, 12/15/26
   1,753,254 
 5,000,000   Boulder Larimer & Weld Counties St. Vrain Valley School District School Improvements GO, Series 1J, (State Aid Withholding),
5.00%, 12/15/25
   5,058,014 
 20,000,000   Boulder Larimer & Weld Counties St. Vrain Valley School District School Improvements GO, Series 1J, (State Aid Withholding),
5.00%, 12/15/26
   20,655,440 
 27,720,000   City & County of Denver Co. Airport System & Marina Improvements Refunding Revenue Bonds, Series A,
5.00%, 12/01/28
   28,961,180 
 11,590,000   City & County of Denver Co. Airport System Refunding Revenue Bonds, Series A,
5.00%, 11/15/27
   12,007,378 
 6,175,000   City & County of Denver Co. Airport System Revenue Bonds, Series A,
5.00%, 11/15/36
   6,463,904 
 10,000,000   City & County of Denver Co. Airport System Revenue Bonds, Series A,
5.00%, 12/01/32
   10,274,595 
 2,225,000   City & County of Denver Co. Airport System Revenue Bonds, Series C,
5.00%, 11/15/27
   2,328,838 
 3,500,000   Colorado Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 05/15/37
   3,745,060 

79
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Colorado (continued)     
$1,000,000   Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.33%, 05/01/29
  $1,008,261 
 1,295,000   Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.51%, 05/01/30
   1,307,253 
 2,245,000   Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.63%, 05/01/31
   2,266,228 
 2,935,000   Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.83%, 05/01/32
   2,975,251 
 2,950,000   Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
4.93%, 05/01/33
   2,985,554 
 2,425,000   Colorado Housing and Finance Authority Revenue Bonds, Series G-1,
5.15%, 11/01/36
   2,424,686 
 2,000,000   Denver City & County School District No 1 Current Refunding GO, Series B, (State Aid Withholding),
5.00%, 12/01/26
   2,063,722 
 2,000,000   University of Colorado Current Refunding Revenue Bonds, Series A,
5.00%, 06/01/25
   2,002,471 
 11,330,000   University of Colorado Current Refunding Revenue Bonds, Series A,
5.00%, 06/01/26
   11,574,554 
 7,250,000   University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 11/15/29
   7,774,351 
 10,000,000   University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series B,
5.00%, 11/15/31
   10,950,872 
         141,614,003 
Principal
Amount
      Value
Connecticut — 3.8%    
$5,000,000   Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1,
5.00%, 07/01/40(a)
  $5,254,720 
 11,200,000   Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S,
5.00%, 07/01/27
   11,693,533 
 5,260,000   Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series U,
5.00%, 07/01/33(b)
   5,911,874 
 5,860,000   Metropolitan District Refunding Notes GO, Series C, (AGM),
5.00%, 11/01/25
   5,913,556 
 10,000,000   State of Connecticut GO, Series A,
5.50%, 05/01/25
   10,000,000 
 4,715,000   State of Connecticut GO, Series A,
5.38%, 05/01/27
   4,843,018 
 2,160,000   State of Connecticut GO, Series A,
4.88%, 05/01/34
   2,172,817 
 6,295,000   State of Connecticut GO, Series D,
5.00%, 07/15/26
   6,438,379 
 9,345,000   State of Connecticut Public Improvements GO, Series A,
5.00%, 01/15/26
   9,460,911 
 6,000,000   State of Connecticut Public Improvements GO, Series A,
3.85%, 09/15/27
   5,982,998 
 5,000,000   State of Connecticut Public Improvements GO, Series A,
4.79%, 03/15/31
   5,080,710 
 6,775,000   State of Connecticut Special Tax Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/30
   7,369,726 
 10,000,000   State of Connecticut Special Tax Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/35
   10,319,893 
 11,400,000   State of Connecticut Special Tax Revenue Bonds, Series B,
5.00%, 10/01/35
   11,836,141 

80
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Connecticut (continued)     
$3,385,000   State of Connecticut Special Tax Revenue Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/25
  $3,392,916 
 14,000,000   State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1,
5.00%, 07/01/26
   14,320,208 
 20,000,000   State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1,
5.00%, 07/01/27
   20,811,788 
 6,500,000   State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1,
5.00%, 07/01/28
   6,874,928 
 5,865,000   State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1,
5.00%, 07/01/29
   6,295,631 
 2,555,000   State of Connecticut University & College Improvements GO, Series F,
5.00%, 11/15/35
   2,857,686 
         156,831,433 
Delaware — 1.4%     
 10,000,000   Delaware State Health Facilities Authority Current Refunding Revenue Bonds,
5.00%, 10/01/45
   10,159,769 
 9,430,000   Delaware Transportation Authority Current Refunding Revenue Bonds,
5.00%, 07/01/28
   10,012,346 
 6,780,000   Delaware Transportation Authority Public Improvements Revenue Bonds,
5.00%, 07/01/27
   7,072,758 
 2,240,000   Delaware Transportation Authority Public Improvements Revenue Bonds,
5.00%, 07/01/35
   2,470,715 
 7,895,000   State of Delaware Current Refunding GO,
5.00%, 02/01/31
   8,727,832 
 7,705,000   State of Delaware Current Refunding GO, Series A,
5.00%, 10/01/27
   8,084,861 
Principal
Amount
      Value
Delaware (continued)     
$3,620,000   State of Delaware Current Refunding GO, Series B,
5.00%, 07/01/26
  $3,709,935 
 9,005,000   State of Delaware Public Improvements GO, Series A,
5.00%, 05/01/26
   9,197,649 
         59,435,865 
District of Columbia — 2.7%     
 5,045,000   District of Columbia Cash Flow Management GO, Series B,
5.00%, 08/01/29
   5,419,759 
 3,660,000   District of Columbia Current Refunding Revenue Bonds, Series C,
5.00%, 12/01/26
   3,778,473 
 3,500,000   District of Columbia Income Tax Public Improvements Revenue Bonds, Series B,
5.00%, 10/01/27
   3,661,699 
 4,280,000   District of Columbia Income Tax Revenue Bonds, Series A,
5.00%, 05/01/43
   4,488,528 
 12,675,000   District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A,
5.00%, 07/01/36
   13,691,420 
 10,000,000   District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A,
5.00%, 07/01/47
   10,267,181 
 7,185,000   District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B,
3.81%, 07/01/30
   7,089,101 
 6,000,000   District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B,
3.86%, 07/01/31
   5,877,420 
 7,440,000   District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/26
   7,631,145 
 3,000,000   District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/27
   3,129,553 
 4,150,000   District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/28
   4,397,777 
 5,000,000   District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/29
   5,371,416 

81
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
District of Columbia (continued)     
$3,000,000   District of Columbia Public Improvements GO, Series A,
5.00%, 08/01/30
  $3,262,538 
 2,000,000   District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 10/01/26
   2,058,102 
 2,565,000   District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 10/01/34
   2,896,649 
 5,000,000   Metropolitan Washington Airports Authority Aviation Current Refunding Revenue Bonds,
5.00%, 10/01/25
   5,030,649 
 2,850,000   Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/26
   2,914,789 
 3,000,000   Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/27
   3,103,213 
 3,500,000   Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/28
   3,664,242 
 2,500,000   Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/30
   2,654,439 
 10,000,000   Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A,
5.00%, 10/01/31
   10,696,043 
         111,084,136 
Florida — 2.1%     
 8,800,000   State of Florida Current Refunding GO, Series A,
5.00%, 06/01/26
   8,995,838 
 10,000,000   State of Florida Current Refunding GO, Series A,
5.00%, 06/01/27
   10,405,934 
 10,000,000   State of Florida Current Refunding GO, Series A,
5.00%, 06/01/28
   10,581,780 
Principal
Amount
      Value
Florida (continued)     
$4,170,000   State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A,
5.00%, 07/01/29
  $4,464,559 
 16,010,000   State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/26
   16,385,457 
 15,000,000   State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/35
   17,034,498 
 6,545,000   State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/37
   7,176,175 
 2,545,000   State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/25
   2,551,854 
 7,795,000   State of Florida Department of Transportation Turnpike System Revenue Bonds, Series B,
5.00%, 07/01/37
   8,623,474 
         86,219,569 
Georgia — 1.1%     
 18,480,000   Brookhaven Development Authority Revenue Bonds, Series A,
4.00%, 07/01/44
   16,710,882 
 9,280,000   City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D,
5.00%, 07/01/34
   9,809,726 
 12,890,000   City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D,
5.00%, 07/01/35
   13,555,514 
 5,500,000   City of Atlanta Department of Aviation Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/27
   5,670,946 
         45,747,068 

82
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Hawaii — 1.4%    
$6,015,000   State of Hawaii Airports System Revenue Bonds, Series A,
5.00%, 07/01/34
  $6,260,825 
 10,350,000   State of Hawaii Airports System Revenue Bonds, Series A,
5.00%, 07/01/31
   10,895,516 
 7,330,000   State of Hawaii Harbor System Revenue Bonds, Series A,
5.00%, 07/01/28
   7,651,857 
 3,000,000   State of Hawaii Public Facilities GO, Series GK,
4.93%, 10/01/28
   3,092,098 
 20,000,000   State of Hawaii Public Facilities GO, Series GK,
5.06%, 10/01/29
   20,800,448 
 5,000,000   State of Hawaii Public Facilities GO, Series GK,
5.13%, 10/01/30
   5,227,222 
 4,360,000   State of Hawaii Public Facilities GO, Series GK,
5.15%, 10/01/31
   4,560,193 
 2,000,000   State of Hawaii Public Facilities GO, Series GK,
5.20%, 10/01/32
   2,092,585 
         60,580,744 
Idaho — 1.6%     
 5,000,000   Idaho Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 03/01/33
   5,497,152 
 5,000,000   Idaho Health Facilities Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 03/01/35
   5,514,738 
 2,000,000   Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,
5.00%, 08/15/25
   2,009,765 
 3,600,000   Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,
5.00%, 08/15/35
   4,030,840 
 1,250,000   Idaho Housing & Finance Association Highway Improvements Revenue Bonds, Series A,
5.00%, 08/15/38
   1,359,717 
 10,000,000   Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/26
   10,209,629 
Principal
Amount
      Value
Idaho (continued)     
$8,445,000   Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/27
  $8,793,218 
 5,000,000   Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/28
   5,297,113 
 5,000,000   Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/29
   5,381,288 
 5,500,000   Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/31
   6,069,105 
 5,000,000   Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/33
   5,608,588 
 5,500,000   Idaho State Building Authority School Improvements Revenue Bonds, Series A,
5.00%, 06/01/34
   6,207,485 
         65,978,638 
Illinois — 0.2%     
 2,500,000   Illinois Finance Authority Revenue Bonds, Series A,
5.00%, 01/01/33
   2,786,883 
 5,000,000   Metropolitan Water Reclamation District of Greater Chicago Advance Refunding GO, Series E,
2.53%, 12/01/32
   4,353,914 
         7,140,797 
Indiana — 0.1%     
 5,145,000   Indiana University & College Improvements Revenue Bonds, Series A,
5.00%, 06/01/34
   5,782,514 
Iowa — 0.6%     
 2,250,000   Iowa Finance Authority Green Purpose Revenue Bonds, Series A,
5.00%, 08/01/25
   2,259,470 
 3,185,000   Iowa Finance Authority Green Purpose Revenue Bonds, Series A,
5.00%, 08/01/31
   3,529,988 

83
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Iowa (continued)     
$16,125,000   Iowa Finance Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 08/01/34
  $18,202,068 
         23,991,526 
Kansas — 0.8%     
 6,595,000   Kansas Development Finance Authority Water Utility Improvements Revenue Bonds,
5.00%, 05/01/38
   7,280,197 
 10,510,000   Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,
5.00%, 05/01/30
   11,423,953 
 13,325,000   Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF,
5.00%, 05/01/32
   14,816,980 
         33,521,130 

 Maine — 0.1%

     
 2,000,000   Maine Turnpike Authority Current Refunding Revenue Bonds,
5.00%, 07/01/30
   2,175,669 
 1,000,000   Maine Turnpike Authority Current Refunding Revenue Bonds,
5.00%, 07/01/32
   1,108,644 
 1,000,000   Maine Turnpike Authority Current Refunding Revenue Bonds,
5.00%, 07/01/34
   1,118,069 
         4,402,382 
Maryland — 4.4%     
 10,975,000   County of Baltimore Current Refunding GO,
5.00%, 02/01/26
   11,135,105 
 12,695,000   County of Baltimore Current Refunding GO,
5.00%, 02/01/29
   13,617,354 
 5,685,000   County of Baltimore Current Refunding GO,
5.00%, 02/01/29
   6,098,043 
 9,825,000   County of Howard Advance Refunding GO, Series D,
5.00%, 02/15/27
   10,182,762 
 16,805,000   County of Montgomery Current Refunding GO, Series B,
5.00%, 12/01/30
   18,509,316 
Principal
Amount
      Value
Maryland (continued)     
$13,915,000   County of Montgomery Refunding GO, Series A,
5.00%, 08/01/36
  $15,012,081 
 1,655,000   County of Prince George’s Public Improvements GO, Series A,
5.00%, 08/01/25
   1,661,878 
 5,910,000   County of Prince George’s Public Improvements GO, Series A,
5.00%, 08/01/26
   6,061,837 
 7,810,000   County of Prince George’s Public Improvements GO, Series A,
5.00%, 08/01/29
   8,442,551 
 10,000,000   County of Prince George’s School Improvements GO, Series A,
5.00%, 07/01/30
   10,949,316 
 10,000,000   State of Maryland Department of Transportation Transit Improvements Revenue Bonds,
5.00%, 11/01/26
   10,010,779 
 6,070,000   State of Maryland Public Facilities GO, Series A,
5.00%, 08/01/34
   6,630,737 
 11,000,000   State of Maryland School Improvements GO, Series A,
5.00%, 06/01/27
   11,469,691 
 20,000,000   State of Maryland School Improvements GO, Series A,
5.00%, 06/01/28
   21,231,594 
 15,000,000   State of Maryland School Improvements GO, Series A,
5.00%, 06/01/36
   16,336,668 
 12,875,000   State of Maryland School Improvements GO, Series A,
5.00%, 06/01/38
   14,248,977 
         181,598,689 
Massachusetts — 4.3%     
 10,000,000   Commonwealth of Massachusetts Advance Refunding GO, Series B,
5.00%, 07/01/31
   10,188,666 
 10,000,000   Commonwealth of Massachusetts Current Refunding GO, Series A,
5.00%, 10/01/30
   10,961,753 
 10,000,000   Commonwealth of Massachusetts Current Refunding GO, Series A,
5.00%, 10/01/31
   11,098,778 
 10,000,000   Commonwealth of Massachusetts Public Improvements GO, Series A,
5.00%, 05/01/53
   10,306,867 

84
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Massachusetts (continued)     
$10,000,000   Commonwealth of Massachusetts Public Improvements GO, Series C,
5.00%, 10/01/32
  $11,205,440 
 10,000,000   Commonwealth of Massachusetts Public Improvements GO, Series C,
5.00%, 08/01/33
   11,275,897 
 2,000,000   Commonwealth of Massachusetts Public Improvements GO, Series C,
5.00%, 07/01/32
   2,004,850 
 10,000,000   Commonwealth of Massachusetts Transit Improvements GO, Series A,
5.00%, 02/01/32
   11,137,569 
 2,000,000   Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/26
   2,030,388 
 3,500,000   Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/27
   3,625,439 
 2,500,000   Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/28
   2,636,983 
 2,160,000   Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/29
   2,316,768 
 2,000,000   Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/30
   2,175,812 
 2,500,000   Massachusetts Clean Water Trust Current Refunding Revenue Bonds,
5.00%, 02/01/32
   2,785,834 
 3,500,000   Massachusetts Clean Water Trust Green Revenue Bonds,
5.00%, 02/01/33
   3,929,292 
 2,000,000   Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,
5.00%, 02/01/41
   2,116,831 
 4,900,000   Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds,
5.00%, 02/01/42
   5,158,537 
Principal
Amount
      Value
Massachusetts (continued)     
$10,000,000   Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A,
5.00%, 10/15/27
  $10,452,450 
 17,830,000   Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series T,
5.00%, 03/01/34
   19,887,919 
 7,500,000   Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B,
5.00%, 02/15/33
   8,314,054 
 7,500,000   Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B,
5.00%, 02/15/34
   8,390,490 
 8,575,000   Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, Series A-1,
5.00%, 05/15/55(a)
   9,411,247 
 5,000,000   Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A,
5.00%, 07/01/33
   5,359,921 
 2,500,000   Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,
5.00%, 08/01/27
   2,617,416 
 2,160,000   Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,
5.00%, 08/01/29
   2,341,045 
 5,715,000   Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C,
5.00%, 08/01/37
   6,361,191 
         178,091,437 
Michigan — 0.2%     
 6,270,000   State of Michigan Trunk Line Revenue Bonds,
5.00%, 11/15/36
   6,884,677 
Minnesota — 0.7%     
 4,545,000   County of Hennepin Public Improvements GO, Series A,
5.00%, 12/01/27
   4,774,370 

85
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Minnesota (continued)     
$5,000,000   Osseo Independent School District No 279 School Improvements GO, Series A, (School District Credit Program),
5.00%, 02/01/26
  $5,072,900 
 7,300,000   Rosemount-Apple Valley-Eagan Independent School District No 196 School Improvements GO, Series A, (School District Credit Program),
5.00%, 02/01/26
   7,404,254 
 2,910,000   State of Minnesota Public Improvements COP,
5.00%, 06/01/26
   2,912,151 
 7,360,000   State of Minnesota School Improvements GO, Series A, Group 2,
5.00%, 08/01/38
   7,985,524 
         28,149,199 
Missouri — 0.4%     
 4,000,000   Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,
5.00%, 04/01/30
   4,314,211 
 10,245,000   Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A,
5.00%, 05/01/33
   11,279,404 
         15,593,615 
Nebraska — 0.1%     
 2,345,000   Metropolitan Utilities District of Omaha Water System Revenue Bonds,
5.00%, 12/01/27
   2,457,846 
 2,850,000   Metropolitan Utilities District of Omaha Water System Revenue Bonds,
5.00%, 12/01/31
   3,145,188 
         5,603,034 
Nevada — 0.5%     
 20,915,000   State of Nevada Public Improvements GO, Series A,
5.00%, 05/01/36
   22,981,323 
Principal
Amount
      Value
New Jersey — 5.4%     
$1,000,000   Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),
5.00%, 01/15/27
  $1,034,095 
 1,000,000   Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),
5.00%, 01/15/28
   1,052,606 
 1,000,000   Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY),
5.00%, 01/15/29
   1,069,962 
 7,500,000   Middlesex County Improvement Authority University & College Improvements Revenue Bonds,
5.00%, 08/15/53
   7,835,779 
 1,815,000   New Jersey Educational Facilities Authority Advance Refunding Revenue Bonds, Series I,
5.00%, 07/01/34
   1,873,780 
 5,000,000   New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,
5.00%, 03/01/26
   5,082,181 
 6,665,000   New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,
5.00%, 03/01/27
   6,911,001 
 4,000,000   New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C,
5.00%, 03/01/28
   4,223,289 
 10,000,000   New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 03/01/27
   10,370,910 
 10,000,000   New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 03/01/32
   11,167,143 
 10,000,000   New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,
5.00%, 03/01/30
   10,887,780 

86
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
New Jersey (continued)     
$18,800,000   New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1,
5.00%, 03/01/36
  $21,029,199 
 10,000,000   New Jersey Health Care Facilities Financing Authority Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/34
   11,113,492 
 10,000,000   New Jersey Infrastructure Bank Green Purpose Revenue Bonds, Series A-2,
5.00%, 09/01/47
   10,453,373 
 9,000,000   New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 06/15/33
   9,857,410 
 13,695,000   New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series AA,
4.00%, 06/15/40
   12,987,381 
 5,000,000   New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series BB,
4.61%, 06/15/26
   5,023,426 
 3,210,000   New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,
5.00%, 06/15/31
   3,476,144 
 7,250,000   New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,
5.00%, 06/15/32
   7,864,332 
 5,000,000   New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB,
5.00%, 06/15/33
   5,383,247 
 12,000,000   New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 01/01/34
   13,385,557 
Principal
Amount
      Value
New Jersey (continued)     
$5,410,000   New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,
1.48%, 01/01/28
  $5,059,050 
 1,000,000   New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,
5.00%, 01/01/27
   1,029,080 
 9,000,000   New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,
1.28%, 01/01/27
   8,598,226 
 5,500,000   New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B,
1.81%, 01/01/30
   4,934,599 
 4,250,000   New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series E,
5.00%, 01/01/32
   4,420,889 
 3,755,000   New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,
5.00%, 01/01/29
   3,997,808 
 3,400,000   New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C,
5.00%, 01/01/30
   3,669,762 
 2,775,000   New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/27
   2,855,697 
 2,500,000   New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/29
   2,566,529 
 4,000,000   New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A,
5.00%, 01/01/34
   4,081,350 
 3,750,000   New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,
5.00%, 01/01/42
   3,945,622 
 5,000,000   New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,
5.00%, 01/01/44
   5,228,497 

87
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
New Jersey (continued)     
$12,000,000   New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B,
5.00%, 01/01/46
  $12,439,754 
 2,000,000   Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S,
1.66%, 05/01/28
   1,863,912 
         226,772,862 
New York — 9.3%     
 8,360,000   City of New York Current Refunding GO, Series A-1,
5.00%, 08/01/30
   9,079,850 
 5,000,000   City of New York Current Refunding GO, Series D,
5.00%, 08/01/25
   5,020,148 
 5,000,000   City of New York Public Improvements GO, Series B-2,
5.37%, 10/01/25
   5,020,353 
 12,335,000   City of New York Public Improvements GO, Series B-2,
5.31%, 10/01/27
   12,681,065 
 10,000,000   City of New York Public Improvements GO, Series B-3,
5.00%, 09/01/26(b)
   10,263,099 
 8,890,000   City of New York Public Improvements GO, Subseries D-2,
3.66%, 12/01/26
   8,828,698 
 19,825,000   City of New York Public Improvements GO, Sub-Series E-2,
4.57%, 04/01/28
   20,072,162 
 2,105,000   Empire State Development Corp.  Pre-refunded Advance Refunding Revenue Bonds, Series A,
5.00%, 03/15/26(c)
   2,142,365 
 11,970,000   Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 09/15/28
   12,784,120 
 10,000,000   Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/30
   10,841,650 
 10,000,000   Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/31
   10,939,042 
Principal
Amount
      Value
New York (continued)     
$10,000,000   Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/32
  $11,040,864 
 20,000,000   Empire State Development Corp. Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/36
   22,041,900 
 2,055,000   Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A,
5.25%, 11/15/31
   2,102,611 
 10,000,000   Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/27
   10,569,562 
 15,000,000   New York City Transitional Finance Authority Advance Refunding Revenue Bonds, Series 2,
5.00%, 11/01/25
   15,054,942 
 10,000,000   New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),
5.00%, 07/15/32
   11,056,490 
 10,000,000   New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,
5.00%, 11/01/27
   10,489,708 
 9,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds,
5.00%, 02/01/31
   9,189,419 
 10,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-2,
4.90%, 02/01/32
 10,217,050 
 14,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.00%, 11/01/28
   14,448,267 
 15,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.05%, 11/01/29
   15,508,944 

88
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
New York (continued)     
$15,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.15%, 11/01/30
  $15,586,057 
 10,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.25%, 11/01/31
   10,427,469 
 14,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2,
5.35%, 11/01/32
   14,642,407 
 1,000,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/25
   1,000,000 
 1,785,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B, 5.00%, 05/01/26   1,820,526 
 2,000,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/27
   2,077,285 
 7,000,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/36
   7,691,559 
 2,500,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B,
5.00%, 05/01/37
   2,735,379 
 8,560,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series F-1,
5.00%, 02/01/45
   8,931,850 
 2,000,000   New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E,
5.00%, 03/15/31
   2,007,948 
 10,000,000   New York State Dormitory Authority Public Improvements Revenue Bonds, Series A,
5.00%, 03/15/36
   11,131,093 
 10,000,000   New York State Dormitory Authority School Improvements Revenue Bonds, Series C,
5.00%, 03/15/27
   10,381,101 
Principal
Amount
      Value
New York (continued)     
$10,000,000   New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/39
  $10,671,833 
 5,000,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/27
   5,011,012 
 6,000,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/28
   6,132,868 
 10,000,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/29
   10,405,726 
 6,500,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/30
   6,887,555 
 10,210,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/31
   11,024,170 
 10,000,000   Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/32
   10,902,422 
         388,860,569 
North Carolina — 3.4%     
 11,680,000   City of Charlotte Current Refunding GO, Series B,
5.00%, 07/01/25
   11,711,634 
 3,295,000   City of Charlotte Current Refunding GO, Series B,
5.00%, 07/01/28
   3,500,422 
 2,375,000   City of Charlotte Current Refunding GO, Series B,
5.00%, 07/01/29
   2,563,848 
 3,000,000   City of Charlotte GO, Series A,
4.75%, 06/01/33
   3,032,449 
 1,000,000   City of Charlotte Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/25
   1,002,708 
 1,000,000   City of Charlotte Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/26
   1,024,251 

89
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
North Carolina (continued)    
$1,235,000   City of Charlotte Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/27
  $1,289,092 
 1,250,000   City of Charlotte Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/30
   1,367,841 
 1,375,000   City of Charlotte Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/35
   1,556,149 
 2,000,000   City of Charlotte Water & Sewer System Refunding Revenue Bonds,
5.00%, 07/01/36
   2,247,537 
 10,250,000   County of Cabarrus Current Refunding Revenue Bonds, Series A,
5.00%, 08/01/32
   11,453,965 
 10,200,000   County of Guilford School Improvements GO,
5.00%, 03/01/30
   11,118,776 
 15,000,000   County of Guilford School Improvements GO,
5.00%, 03/01/32
   16,777,349 
 15,000,000   County of Guilford School Improvements GO,
5.00%, 03/01/35
   17,124,990 
 11,285,000   County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,
5.00%, 02/01/27
   11,687,276 
 11,195,000   County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,
5.00%, 02/01/29
   11,990,621 
 11,085,000   County of Mecklenburg Correctional Facilities Improvements Revenue Bonds,
5.00%, 02/01/33
   12,419,546 
 11,645,000   County of Mecklenburg GO,
5.00%, 09/01/26
   11,963,712 
 5,995,000   County of Union School Improvements GO,
5.00%, 09/01/25
   6,029,326 
Principal
Amount
      Value
North Carolina (continued)    
$2,000,000   State of North Carolina Highway Improvements Revenue Bonds, Series A,
5.00%, 05/01/25
  $2,000,000 
         141,861,492 
Ohio — 3.5%     
 2,635,000   City of Columbus Public Improvements GO, Series A,
5.00%, 08/15/25
   2,646,709 
 2,000,000   City of Columbus Public Improvements GO, Series A,
5.00%, 08/15/26
   2,052,435 
 6,480,000   County of Allen Hospital Facilities Health Care Current Refunding Revenue Bonds,
5.00%, 11/01/33
   7,042,597 
 3,750,000   County of Allen Hospital Facilities Health Care Current Refunding Revenue Bonds,
5.00%, 11/01/34
   4,071,069 
 17,050,000   Ohio State University University & College Improvements Revenue Bonds, Series B,
5.00%, 12/01/33
   18,950,431 
 5,125,000   Ohio State University University & College Improvements Revenue Bonds, Series B,
5.00%, 12/01/35
   5,638,537 
 7,640,000   Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue Bonds, Series A,
5.00%, 12/01/47
   7,995,080 
 6,000,000   Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue Bonds, Series D,
5.00%, 12/01/29
   6,504,366 
 3,475,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 06/01/33
   3,916,375 
 8,000,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 12/01/33
   9,003,327 
 3,690,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 06/01/34
   4,186,308 

90
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Ohio (continued)    
$2,400,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 06/01/35
  $2,723,100 
 5,000,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 06/01/36
   5,620,310 
 10,000,000   Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A,
5.00%, 12/01/41
   10,846,300 
 6,500,000   State of Ohio Health Care Facilities Revenue Bonds,
5.00%, 01/01/32
   7,154,245 
 1,200,000   State of Ohio Highway Improvements Revenue Bonds, Series 2022-1,
5.00%, 12/15/25
   1,213,652 
 5,000,000   State of Ohio School Improvements GO, Series A,
5.00%, 06/15/30
   5,468,429 
 8,080,000   State of Ohio School Improvements GO, Series A,
5.00%, 06/15/32
   9,036,966 
 5,000,000   State of Ohio School Improvements GO, Series A,
5.00%, 06/15/34
   5,673,457 
 11,025,000   State of Ohio University & College Improvements GO, Series A,
5.00%, 05/01/33
   12,417,896 
 10,805,000   State of Ohio University & College Improvements GO, Series A,
5.00%, 05/01/34
   12,253,405 
         144,414,994 
Oklahoma 0.8%     
 8,420,000   City of Oklahoma Public Improvements GO,
5.00%, 03/01/29
   9,011,887 
 8,420,000   City of Oklahoma Public Improvements GO,
5.00%, 03/01/30
   9,139,768 
 8,420,000   City of Oklahoma Public Improvements GO,
5.00%, 03/01/34
   9,427,285 
 5,675,000   Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds,
3.68%, 07/01/29
   5,614,462 
         33,193,402 
Principal
Amount
      Value
Oregon — 2.0%    
$4,190,000   City of Portland Sewer System Revenue Sewer Improvements Revenue Bonds, Series A,
5.00%, 10/01/25
  $4,221,058 
 2,500,000   City of Portland Water System Revenue Bonds, Series A,
5.00%, 05/01/26
   2,550,663 
 2,500,000   City of Portland Water System Revenue Bonds, Series A,
5.00%, 05/01/27
   2,598,408 
 2,000,000   City of Portland Water System Revenue Bonds, Series A,
5.00%, 05/01/28
   2,115,984 
 3,350,000   City of Portland Water System Revenue Bonds, Series A,
5.00%, 05/01/30
   3,641,317 
 2,300,000   City of Portland Water System Revenue Bonds, Series A,
5.00%, 05/01/31
   2,533,074 
 15,000,000   Metro Recreational Facilities Improvements GO,
5.00%, 06/01/26
   15,328,403 
 15,000,000   Metro Recreational Facilities Improvements GO,
5.00%, 06/01/27
   15,624,684 
 15,000,000   Metro Recreational Facilities Improvements GO,
5.00%, 06/01/28
   15,900,432 
 9,535,000   Multnomah County School District No 1 Portland School Improvements GO, (School Board GTY),
5.00%, 06/15/30
   10,366,917 
 10,110,000   State of Oregon Public Facilities GO, Series A,
5.00%, 05/01/42
   10,735,515 
         85,616,455 
Pennsylvania 2.3%     
 11,500,000   Commonwealth of Pennsylvania Current Refunding GO,
4.00%, 02/15/34
   11,917,212 
 6,700,000   Commonwealth of Pennsylvania Current Refunding GO, Series D,
5.00%, 09/01/25
   6,738,387 
 10,000,000   Commonwealth of Pennsylvania Current Refunding GO, Series D,
5.00%, 09/01/26
   10,255,311 

91
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Pennsylvania (continued)    
$5,000,000   Pennsylvania Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/35
  $5,659,013 
 12,020,000   Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,
5.00%, 07/01/45
   12,550,168 
 15,000,000   Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A,
4.00%, 07/01/49
   13,372,458 
 7,000,000   Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/26
   7,154,253 
 5,890,000   Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/27
   6,131,588 
 6,275,000   Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/28
   6,640,842 
 8,500,000   Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/29
   9,130,986 
 6,500,000   Philadelphia Authority for Industrial Development Refunding Revenue Bonds,
5.00%, 07/01/30
   7,077,057 
         96,627,275 
South Carolina 0.5%     
 3,695,000   Renewable Water Resources Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/32
   4,124,309 
 3,830,000   Renewable Water Resources Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/33
   4,301,996 
 4,290,000   Renewable Water Resources Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/35
   4,814,882 
Principal
Amount
      Value
South Carolina (continued)    
$2,000,000   South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,
5.00%, 11/01/33
  $2,193,420 
 6,475,000   South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A,
5.00%, 11/01/34
   7,123,377 
         22,557,984 
South Dakota 0.2%     
 7,955,000   South Dakota Health & Educational Facilities Authority Revenue Bonds, Series A,
5.00%, 07/01/31
   8,565,647 
Tennessee 0.3%     
 9,820,000   County of Rutherford School Improvements GO,
5.00%, 04/01/37
   10,806,737 
Texas 19.1%     
 7,250,000   Allen Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/26
   7,360,312 
 10,000,000   Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/29
   10,790,674 
 14,700,000   Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/35
   16,422,852 
 14,775,000   Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/37
   16,301,195 
 7,000,000   Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,
5.00%, 08/15/26
   7,185,216 
 13,000,000   Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,
5.00%, 08/15/27
   13,582,650 
 17,250,000   Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,
5.00%, 08/15/28
   18,330,707 

92
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Texas (continued)    
$10,500,000   Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A,
5.00%, 08/15/34
  $11,557,842 
 5,000,000   Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,
5.00%, 08/15/35
   5,652,390 
 1,820,000   Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B,
5.00%, 08/15/38
   1,993,053 
 2,000,000   City of Austin Airport System Revenue Bonds,
5.00%, 11/15/25
   2,015,622 
 5,000,000   City of Austin Airport System Revenue Bonds,
5.00%, 11/15/28
   5,211,458 
 3,890,000   City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,
5.00%, 11/15/27
   4,076,289 
 5,000,000   City of Austin Water & Wastewater System Advance Refunding Revenue Bonds,
5.00%, 11/15/29
   5,091,873 
 2,185,000   City of Austin Water & Wastewater System Current Refunding Revenue Bonds,
5.00%, 11/15/30
   2,387,392 
 5,000,000   City of El Paso Water & Sewer Refunding Revenue Bonds,
5.00%, 03/01/46
   5,128,997 
 5,720,000   Clear Creek Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/34
   6,358,356 
 8,340,000   Clear Creek Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/37
   9,078,411 
 17,095,000   Comal Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/35
   18,959,252 
 2,000,000   Conroe Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/27
   2,070,615 
Principal
Amount
      Value
Texas (continued)    
$3,690,000   Conroe Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/28
  $3,887,738 
 2,000,000   Conroe Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/30
   2,167,693 
 13,000,000   Conroe Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/41
   13,877,724 
 7,500,000   County of Bexar Advance Refunding GO,
5.00%, 06/15/26(c)
   7,665,313 
 18,695,000   County of Bexar GO,
5.00%, 06/15/49
   19,269,572 
 6,400,000   County of Collin Public Facilities GO,
5.00%, 02/15/26
   6,499,891 
 6,730,000   County of Collin Public Facilities GO,
5.00%, 02/15/27
   6,968,811 
 9,545,000   County of Collin Public Facilities GO,
5.00%, 02/15/40
   10,286,195 
 6,085,000   County of Harris Refunding GO, Series A,
5.00%, 09/15/33
   6,799,991 
 2,225,000   County of Harris Toll Road Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/27
   2,320,638 
 2,100,000   County of Harris Toll Road Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/28
   2,224,695 
 3,500,000   County of Harris Toll Road Current Refunding Revenue Bonds, Series A,
5.00%, 08/15/29
   3,756,162 
 2,500,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/26
   2,563,867 
 2,250,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/27
   2,346,712 
 6,350,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/28
   6,727,054 
 3,250,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/29
   3,487,865 

93
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Texas (continued)    
$2,500,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/30
  $2,713,804 
 5,000,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/31
   5,481,346 
 6,695,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/32
   7,387,969 
 3,000,000   County of Harris Toll Road Revenue Bonds, Series A,
5.00%, 08/15/33
   3,323,595 
 7,300,000   Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/29
   7,802,168 
 9,150,000   Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/30
   9,917,196 
 9,500,000   Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/31
   10,433,577 
 14,020,000   Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/32
   15,565,600 
 10,000,000   Cypress-Fairbanks Independent School District Current Refunding GO, Series A, (PSF-GTD),
5.00%, 02/15/30
   10,838,466 
 5,000,000   Cypress-Fairbanks Independent School District School Improvements GO, Series B, (PSF-GTD),
4.00%, 02/15/44
   4,715,321 
 5,000,000   Deer Park Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/48
   5,168,342 
 5,000,000   Denton Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/34
   5,551,660 
 3,500,000   Denton Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/48
   3,623,915 
Principal
Amount
      Value
Texas (continued)    
$6,800,000   Ector County Independent School District School Improvements GO, Series A, (PSF-GTD),
5.00%, 08/15/25
  $6,830,367 
 5,000,000   Fort Bend Independent School District Current Refunding GO, Series A, (PSF-GTD),
5.00%, 08/15/25
   5,024,071 
 5,000,000   Fort Bend Independent School District School Improvements GO, Series A, (PSF-GTD),
5.00%, 08/15/26
   5,121,088 
 9,850,000   Gregory-Portland Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/37
   10,654,181 
 5,000,000   Houston Independent School District Current Refunding GO, Series B, (PSF-GTD),
5.00%, 02/15/26
   5,072,546 
 2,500,000   Houston Independent School District Current Refunding GO, Series B, (PSF-GTD),
5.00%, 02/15/27
   2,580,315 
 2,500,000   Hurst-Euless-Bedford Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/26
   2,566,427 
 6,205,000   Katy Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/26
   6,299,412 
 5,000,000   Leander Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/27
   5,178,309 
 5,000,000   Leander Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/28
   5,259,712 
 5,000,000   Lewisville Independent School District School Improvements GO, (PSF-GTD),
5.00%, 08/15/28
   5,306,550 
 10,000,000   Lone Star College System Advance Refunding GO,
5.00%, 02/15/29
   10,135,876 

94
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Texas (continued)    
$13,420,000   Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/27
  $13,996,977 
 3,605,000   Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/30
   3,941,672 
 6,000,000   Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/32
   6,721,715 
 13,360,000   Permanent University Fund - Texas A&M University System Refunding Revenue Bonds,
5.50%, 07/01/28
   13,913,234 
 14,110,000   Permanent University Fund - Texas A&M University System University & College Improvements Revenue Bonds,
5.00%, 07/01/36
   15,372,554 
 2,000,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/27
   2,085,131 
 2,550,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/28
   2,704,422 
 7,500,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/40
   8,034,853 
 10,000,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/41
   10,642,801 
 1,245,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/25
   1,248,328 
Principal
Amount
       Value
Texas (continued)     
$1,875,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/26
  $1,920,011 
 6,355,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/30
   6,942,137 
 7,275,000   Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/32
   8,130,264 
 10,000,000   Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/26
   10,241,218 
 6,000,000   Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/27
   6,255,393 
 6,500,000   Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/30
   7,097,284 
 4,425,000   Permanent University Fund - University of Texas System Refunding Revenue Bonds,
5.00%, 07/01/31
   4,895,244 
 4,000,000   Plano Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/29
   4,275,160 
 1,250,000   Plano Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/35
   1,393,311 
 1,250,000   Rankin Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/26(c)
   1,266,257 
 1,250,000   Rankin Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/26(c)
   1,266,257 
 2,435,000   Rankin Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/15/27
   2,469,208 

95
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Texas (continued)
$20,020,000   Richardson Independent School District Current Refunding GO, (PSF-GTD),
5.00%, 02/15/26
  $20,316,756 
 2,000,000   San Antonio Water System Water Utility Improvements Revenue Bonds, Series A,
5.00%, 05/15/25
   2,001,211 
 2,500,000   San Antonio Water System Water Utility Improvements Revenue Bonds, Series A,
5.00%, 05/15/26
   2,553,852 
 9,000,000   Spring Branch Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/01/26
   9,125,088 
 5,750,000   Spring Branch Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/01/27
   5,948,748 
 9,450,000   Spring Branch Independent School District School Improvements GO, (PSF-GTD),
5.00%, 02/01/29
   10,108,103 
 5,000,000   State of Texas Public Finance Authority Advance Refunding GO,
2.18%, 10/01/27
   4,831,120 
 5,000,000   State of Texas Refunding GO, Series B,
1.94%, 10/01/31
   4,397,473 
 3,200,000   State of Texas Transportation Commission Advance Refunding GO, Series A,
5.00%, 10/01/25
   3,222,302 
 18,500,000   Tarrant Regional Water District Water Supply System Revenue Bonds,
5.00%, 03/01/31
   20,226,614 
 15,160,000   Tarrant Regional Water District Water Supply System Revenue Bonds,
5.00%, 03/01/34
   16,962,662 
 7,730,000   Tarrant Regional Water District Water Utility Improvements Revenue Bonds,
5.00%, 09/01/30
   8,399,733 
 3,000,000   Texas A&M University & College Improvements Revenue Bonds,
5.00%, 05/15/30
   3,274,306 
 2,000,000   Texas A&M University & College Improvements Revenue Bonds, Series A,
5.00%, 05/15/33
   2,254,930 
Principal
Amount
      Value
Texas (continued)    
$2,310,000   Texas A&M University & College Improvements Revenue Bonds, Series A,
5.00%, 05/15/35
  $2,577,257 
 10,170,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/28
   10,690,467 
 4,000,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/29
   4,264,112 
 4,100,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/30
   4,427,804 
 1,605,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/31
   1,754,873 
 10,000,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/32
   11,041,330 
 7,500,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/33
   8,334,884 
 7,500,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/34
   8,382,206 
 6,700,000   Texas State University System University & College Improvements Revenue Bonds,
5.00%, 03/15/37
   7,285,684 
 17,185,000   Texas Tech University System University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/30
   18,634,928 
 15,585,000   Texas Tech University System University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/31
   17,100,690 
 15,000,000   Texas Tech University System University & College Improvements Revenue Bonds, Series A,
5.00%, 02/15/32
   16,636,020 

96
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Texas (continued)     
$5,000,000   Texas Water Development Board Water Utility Improvements Revenue Bonds,
5.00%, 08/01/40
  $5,428,452 
         797,951,926 
Utah 0.6%     
 2,950,000   City of Salt Lake City Airport Revenue Bonds, Series A,
5.00%, 07/01/26
   2,997,672 
 2,500,000   City of Salt Lake City Airport Revenue Bonds, Series A,
5.00%, 07/01/30
   2,635,459 
 10,000,000   City of Salt Lake City Airport Revenue Bonds, Series A,
5.00%, 07/01/33
   10,452,452 
 6,000,000   City of Salt Lake City Airport Revenue Bonds, Series A,
5.00%, 07/01/34
   6,357,264 
 3,710,000   Davis School District School Improvements GO, (School Board GTY),
5.00%, 06/01/31
   4,098,215 
         26,541,062 
Virginia 3.1%     
 3,330,000   Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding),
5.00%, 06/01/25
   3,334,347 
 7,430,000   Commonwealth of Virginia Advance Refunding GO, Series B, (State Aid Withholding),
5.00%, 06/01/28
   7,440,123 
 16,640,000   County of Fairfax School Improvements GO, Series A, (State Aid Withholding),
4.00%, 10/01/31
   17,504,791 
 14,745,000   County of Fairfax School Improvements GO, Series A, (State Aid Withholding),
4.00%, 10/01/33
   15,564,953 
 5,795,000   County of Fairfax School Improvements GO, Series A, (State Aid Withholding),
4.00%, 10/01/34
   6,051,370 
 7,555,000   County of Loudoun GO, Series A, (State Aid Withholding),
5.00%, 12/01/25
   7,638,178 
Principal
Amount
      Value
Virginia (continued)    
$17,900,000   Fairfax County Industrial Development Authority Health Care Facilities Revenue Bonds,
5.00%, 05/15/32
  $19,718,135 
 3,000,000   Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series A,
5.00%, 07/01/35
   3,277,174 
 16,330,000   Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A,
5.00%, 07/01/26
   16,694,254 
 2,755,000   Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,
5.00%, 02/01/26
   2,795,190 
 2,750,000   Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B,
5.00%, 02/01/27
   2,845,644 
 6,540,000   Virginia College Building Authority University & College Improvements Revenue Bonds,
5.00%, 02/01/29
   7,000,511 
 5,000,000   Virginia College Building Authority University & College Improvements Revenue Bonds,
5.00%, 02/01/38
   5,380,691 
 10,750,000   Virginia Public School Authority School Improvements Revenue Bonds,
5.00%, 04/15/28
   11,343,858 
 2,645,000   Virginia Public School Authority School Improvements Revenue Bonds, (State Aid Withholding),
5.00%, 08/01/25
   2,655,999 
         129,245,218 
Washington 5.8%     
 2,000,000   County of King Public Improvements GO, Series A,
5.00%, 12/01/34
   2,265,458 
 6,850,000   County of King Public Improvements GO, Series A,
5.00%, 12/01/35
   7,742,306 
 5,630,000   County of King Public Improvements GO, Series A,
5.00%, 12/01/36
   6,316,115 

97
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Washington (continued)    
$9,000,000   County of King School District No 411 Issaquah School Improvements GO, (School Board GTY),
5.00%, 12/01/32
  $9,276,870 
 8,000,000   County of King WA Sewer Revenue Bonds, Series B,
5.00%, 07/01/29
   8,370,730 
 10,000,000   Energy Northwest Advance Refunding Revenue Bonds, Series A,
5.00%, 07/01/27
   10,205,257 
 5,685,000   Pierce County School District No 320 Sumner School Improvements GO, (School Board GTY),
5.00%, 12/01/37
   6,252,539 
 5,100,000   Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),
5.00%, 12/01/25
   5,154,303 
 2,270,000   Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY),
5.00%, 12/01/29
   2,455,765 
 6,000,000   Spokane County School District No 81 Spokane School Improvements GO, (School Board GTY),
5.00%, 12/01/36
   6,544,142 
 7,135,000   State of Washington Current Refunding GO, Series R,
5.00%, 07/01/26
   7,298,192 
 20,000,000   State of Washington Current Refunding GO, Series R-2023A,
5.00%, 08/01/37
   21,842,956 
 11,000,000   State of Washington Current Refunding GO, Series R-2023A,
5.00%, 08/01/38
   11,963,992 
 5,620,000   State of Washington GO, Series T,
4.74%, 08/01/26
   5,676,156 
 6,650,000   State of Washington Highway Improvements GO, Series D,
5.00%, 02/01/43
   6,748,690 
 24,710,000   State of Washington School Improvements GO, Series 2024-A,
5.00%, 08/01/42
   26,171,853 
 15,000,000   State of Washington School Improvements GO, Series A,
5.00%, 08/01/29
   16,152,065 
Principal
Amount
      Value
Washington (continued)    
$15,000,000   State of Washington School Improvements GO, Series A,
5.00%, 08/01/30
  $16,412,196 
 15,000,000   State of Washington School Improvements GO, Series A-2,
5.00%, 08/01/39
   16,099,142 
 10,000,000   State of Washington School Improvements GO, Series B, Group 2,
5.00%, 02/01/39
   10,805,328 
 20,000,000   State of Washington School Improvements GO, Series C,
5.00%, 02/01/35
   22,356,584 
 15,000,000   State of Washington School Improvements GO, Series C,
5.00%, 02/01/46
   15,719,785 
         241,830,424 
Wisconsin 2.5%     
 9,000,000   State of Wisconsin Cash Flow Management GO, Series 3,
5.00%, 05/01/30
   9,803,939 
 5,000,000   State of Wisconsin Cash Flow Management GO, Series 3,
5.00%, 05/01/34
   5,669,827 
 5,780,000   State of Wisconsin Crossover Refunding GO, Series 2,
5.00%, 11/01/27
   6,009,668 
 11,000,000   State of Wisconsin Current Refunding GO, Series 1,
5.00%, 05/01/25
   11,000,000 
 2,000,000   State of Wisconsin Current Refunding GO, Series 2024-2,
5.00%, 05/01/26
   2,040,997 
 10,000,000   State of Wisconsin Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/27(c)
   10,376,774 
 13,780,000   State of Wisconsin GO, Series A,
5.00%, 05/01/38
   14,904,991 
 13,310,000   State of Wisconsin Public Facilities GO, Series A,
5.00%, 05/01/25
   13,310,000 
 8,000,000   State of Wisconsin University & College Improvements GO, Series A,
5.00%, 05/01/32
   8,806,672 
 9,410,000   State of Wisconsin Water Utility Improvements GO, Series A,
5.00%, 05/01/26
   9,602,892 

98
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
  (Unaudited)

 

Principal
Amount
      Value
Wisconsin (continued)    
$10,000,000   State of Wisconsin Water Utility Improvements GO, Series A,
5.00%, 05/01/36
  $11,174,642 
         102,700,402 
Total Municipal Bonds
(Cost $4,052,125,455)
   4,006,374,679 
           
CORPORATE BONDS — 1.4%     
United States — 1.4%     
 8,000,000   Brown University, Series A,
1.91%, 09/01/30
   7,128,501 
 5,000,000   J Paul Getty Trust (The),
4.91%, 04/01/35
   5,001,791 
 5,000,000   Leland Stanford Junior University (The),
1.29%, 06/01/27
   4,725,315 
 6,400,000   Leland Stanford Junior University (The),
4.68%, 03/01/35
   6,298,095 
 9,275,000   Northwestern University,
4.94%, 12/01/35
   9,295,638 
 3,000,000   President and Fellows of Harvard College,
4.89%, 03/15/30
   3,077,381 
 20,000,000   SSM Health Care Corp.,
4.89%, 06/01/28
   20,337,157 
 1,800,000   Trustees of Princeton University (The),
4.65%, 07/01/30
   1,826,967 
Total Corporate Bonds
(Cost $58,499,738)
   57,690,845 
           
U.S. GOVERNMENT SECURITIES — 0.5% 
U.S. Treasury Notes — 0.5%     
 10,000,000   3.50%, 09/30/26   9,966,797 
 10,000,000   4.25%, 03/15/27   10,110,547 
Total U.S. Government Securities
(Cost $19,788,447)
   20,077,344 
Shares      Value
INVESTMENT COMPANY — 2.8%    
 117,788,413   Federated Hermes U.S. Treasury Cash Reserves, Premier Class,
4.18%(d)
  $117,788,413 
           
Total Investment Company
(Cost $117,788,413)
   117,788,413 
           
TOTAL INVESTMENTS — 100.7%
(Cost $4,248,202,053)
  $4,201,931,281 
      
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%   (30,139,585) 
NET ASSETS — 100.0%  $4,171,791,696 

 

 
(a) Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(b) These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date.
(c) These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.
(d) The rate shown represents the current yield as of April 30, 2025.

 

The following abbreviations are used in the report:

 

AGM Assured Guaranty Municipal Corp.

COP Certificates of Participation

GO General Obligation

GTY Guaranty

PSF-GTD Permanent School Fund Guarantee

99
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
MUNICIPAL BONDS — 95.3%        
California — 95.3%        
$ 10,000,000     California Educational Facilities Authority University & College Improvements Revenue Bonds, Series V-3,
5.00%, 06/01/33
  $ 11,491,939  
  5,000,000     California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 08/15/33
    5,677,570  
  2,000,000     California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 11/01/49
    2,046,634  
  680,000     California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/26
    694,215  
  1,130,000     California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/27
    1,178,953  
  4,715,000     California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/28
    5,019,216  
  1,020,000     California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/29
    1,106,382  
  1,000,000     California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/32
    1,134,217  
  8,200,000     California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/33
    9,396,119  
  2,000,000     California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds,
5.00%, 10/01/35
    2,243,884  
Principal
Amount
        Value
California (continued)        
$ 2,000,000     California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds,
4.00%, 10/01/38
  $ 2,028,548  
  1,950,000     California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 08/01/28
    2,085,700  
  1,500,000     California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,
5.00%, 08/01/33
    1,710,964  
  3,575,000     California Public Finance Authority Health Care Facilities Revenue Bonds, Series A,
4.00%, 07/15/42
    3,518,244  
  2,750,000     California State Public Works Board Public Facilities Revenue Bonds, Series B,
4.99%, 04/01/31
    2,816,525  
  5,000,000     California State University Current Refunding Revenue Bonds, Series A,
5.00%, 11/01/47
    5,005,154  
  325,000     City & County of San Francisco Current Refunding COP, Series R1,
5.00%, 04/01/26
    331,638  
  4,550,000     City & County of San Francisco Current Refunding COP, Series R1,
5.00%, 04/01/40
    4,976,704  
  1,260,000     City & County of San Francisco Current Refunding GO, Series R1,
5.00%, 06/15/26
    1,292,065  
  1,100,000     City & County of San Francisco Current Refunding GO, Series R1,
5.00%, 06/15/27
    1,151,005  
  2,375,000     City & County of San Francisco Current Refunding GO, Series R1,
5.00%, 06/15/28
    2,531,599  
  3,000,000     City & County of San Francisco Current Refunding GO, Series R1,
5.00%, 06/15/30
    3,299,002  

 

100
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
California (continued)        
$ 2,590,000     City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A,
5.00%, 05/15/32
  $ 2,688,130  
  5,000,000     City of Los Angeles Department of Airports Current Refunding Revenue Bonds,
5.00%, 05/15/40
    5,179,884  
  1,220,000     City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D,
5.00%, 05/15/28
    1,291,563  
  1,500,000     City of Los Angeles Solid Waste Resources Revenue Bonds, Series A,
5.00%, 02/01/32
    1,690,086  
  3,515,000     City of San Francisco Public Utilities Commission Water Refunding Revenue Bonds, Sub-Series S,
5.00%, 11/01/31
    3,942,149  
  7,500,000     City of San Francisco Public Utilities Commission Water Revenue Bonds, Series A,
5.00%, 11/01/25
    7,573,301  
  1,000,000     City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/29
    1,088,959  
  2,910,000     City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/30
    3,218,401  
  3,000,000     City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/31
    3,364,566  
  2,000,000     City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C,
5.00%, 11/01/32
    2,269,779  
  1,250,000     County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/25
    1,255,754  
  2,000,000     County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/26
    2,055,804  
  1,600,000     County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/27
    1,680,509  
Principal
Amount
        Value
California (continued)        
$ 1,955,000     County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/28
  $ 2,093,635  
  1,005,000     County of Santa Clara Current Refunding GO, Series 2008-D,
5.00%, 08/01/29
    1,095,961  
  5,220,000     County of Santa Clara GO, Series C,
4.30%, 08/01/27
    5,259,877  
  5,220,000     County of Santa Clara GO, Series C,
4.33%, 08/01/29
    5,264,944  
  1,700,000     East Bay Municipal Utility District Water System Revenue Bonds, Series A,
5.00%, 06/01/31
    1,907,825  
  1,500,000     East Bay Municipal Utility District Water System Revenue Bonds, Series A,
5.00%, 06/01/43
    1,617,712  
  5,485,000     Foothill-De Anza Community College District University & College Improvements GO, Series C,
5.00%, 08/01/25
    5,507,899  
  1,450,000     Fremont Union High School District School Improvements GO, Series 2018,
5.00%, 08/01/25
    1,457,005  
  5,000,000     Los Angeles Community College District University & College Improvements GO, Series A-1,
5.00%, 08/01/27
    5,237,185  
  3,000,000     Los Angeles Community College District University & College Improvements GO, Series B,
4.78%, 08/01/27
    3,040,701  
  6,500,000     Los Angeles Community College District University & College Improvements GO, Series C,
5.00%, 08/01/25
    6,528,611  
  5,000,000     Los Angeles Department of Water & Power Water System Current Refunding Revenue Bonds, Series B,
5.00%, 07/01/36
    5,280,642  
  5,000,000     Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/26
    5,068,698  
  5,000,000     Los Angeles Department of Water & Power Water System Revenue Bonds, Series A,
5.00%, 07/01/27
    5,149,077  

 

101
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
California (continued)        
$ 2,000,000     Los Angeles Department of Water & Power Water System Revenue Bonds, Series D,
5.00%, 07/01/47
  $ 2,007,864  
  1,000,000     Miracosta Community College District University & College Improvements GO, Series 2016-C,
5.00%, 08/01/35
    1,122,645  
  1,000,000     Mount San Antonio Community College District University & College Improvements GO, Series D,
5.00%, 08/01/35
    1,152,037  
  6,750,000     Orange County Local Transportation Authority Sales Tax Current Refunding Revenue Bonds,
5.00%, 02/15/41
    7,504,166  
  1,000,000     Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J,
5.00%, 08/15/30
    1,105,545  
  2,000,000     Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H,
5.00%, 08/15/36
    2,148,136  
  1,000,000     Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,
5.00%, 11/15/38
    1,110,029  
  1,400,000     Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,
5.00%, 11/15/39
    1,544,447  
  1,000,000     Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M,
5.00%, 11/15/40
    1,097,290  
  2,500,000     San Diego Community College District University & College Improvements GO, Series A-1,
5.00%, 08/01/41
    2,781,151  
  1,000,000     San Diego County Regional Transportation Commission Current Refunding Revenue Bonds, Series A,
5.00%, 04/01/28
    1,064,231  
Principal
Amount
        Value
California (continued)        
$ 3,500,000     San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A,
5.00%, 05/01/34
  $ 3,730,017  
  5,000,000     San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series C,
5.00%, 05/01/46
    5,024,720  
  10,000,000     San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/28
    10,390,321  
  3,000,000     San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/29
    3,138,364  
  2,000,000     San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/31
    2,121,725  
  2,500,000     San Francisco City & County Airport Current Refunding Revenue Bonds, Series A,
5.00%, 05/01/32
    2,644,242  
  12,530,000     San Francisco City & County Airport Current Refunding Revenue Bonds, Series C,
5.35%, 05/01/25
    12,530,000  
  2,000,000     San Francisco City & County Airport Current Refunding Revenue Bonds, Series H,
5.00%, 05/01/29
    2,092,242  
  5,700,000     San Francisco City & County Public Utilities Commission Wastewater Advance Refunding Revenue Bonds, Series B,
4.81%, 10/01/32
    5,790,201  
  1,000,000     San Jose Evergreen Community College District University & College Improvements GO, Series C,
5.00%, 09/01/36
    1,114,051  
  1,650,000     San Jose Evergreen Community College District University & College Improvements GO, Series C,
5.00%, 09/01/38
    1,817,629  
  1,000,000     San Jose Financing Authority Refunding Revenue Bonds, Series B,
5.00%, 11/01/36
    1,117,440  

 

102
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
California (continued)        
$ 1,000,000     San Jose Financing Authority Refunding Revenue Bonds, Series B,
5.00%, 11/01/37
  $ 1,110,832  
  1,075,000     San Jose Financing Authority Refunding Revenue Bonds, Series B,
5.00%, 11/01/42
    1,157,373  
  2,000,000     Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A,
5.00%, 06/01/42
    2,163,845  
  2,000,000     Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A,
5.00%, 06/01/43
    2,153,758  
  10,000,000     Santa Clara Valley Water District Refunding Revenue Bonds, Series A-2,
5.00%, 06/01/26
    10,235,433  
  5,000,000     State Center Community College District University & College Improvements GO, Series C,
5.00%, 08/01/47
    5,192,636  
  90,000     State of California Current Refunding GO,
5.00%, 08/01/27
    90,121  
  2,000,000     State of California Current Refunding GO,
5.00%, 11/01/27
    2,096,079  
  10,000,000     State of California Current Refunding GO,
5.00%, 11/01/30
    10,954,400  
  5,000,000     State of California Current Refunding GO,
5.00%, 10/01/36
    5,497,827  
  2,645,000     State of California Current Refunding GO,
5.00%, 10/01/27
    2,768,036  
  5,770,000     State of California Current Refunding GO, (AGM),
5.25%, 08/01/32
    6,451,016  
 
 
  10,140,000     State of California Multi Utility Improvements GO,
5.00%, 10/01/25
    10,214,840  
  7,500,000     State of California Public Improvements GO,
5.00%, 08/01/33
    8,446,565  
  25,000     State of California Refunding GO,
5.00%, 10/01/26
    25,040  
Principal
Amount
        Value
California (continued)        
$ 5,000,000     State of California Water Utility Improvements GO,
6.00%, 03/01/33
  $ 5,438,365  
  10,000,000     State of California Water Utility Improvements GO,
5.00%, 04/01/28
    10,551,107  
  5,000,000     University of California Current Refunding Revenue Bonds, Series BN,
5.00%, 05/15/34
    5,580,091  
  5,000,000     University of California Current Refunding Revenue Bonds, Series BV,
5.00%, 05/15/35
    5,590,574  
  3,000,000     University of California University & College Improvements Revenue Bonds, Series BK,
5.00%, 05/15/32
    3,344,920  
  Total Municipal Bonds
(Cost $340,681,811)
    335,756,285  
           
  CORPORATE BONDS — 2.0%        
  United States — 2.0%        
  5,000,000     J Paul Getty Trust (The),
4.91%, 04/01/35
    5,001,790  
  2,000,000     Stanford Health Care, Series 2020,
3.31%, 08/15/30
    1,892,211  
  Total Corporate Bonds
(Cost $7,000,000)
    6,894,001  
                 
  Shares              
  INVESTMENT COMPANY — 2.9%        
  10,088,962     Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(a)     10,088,962  
                 
  Total Investment Company
(Cost $10,088,962)
    10,088,962  
           
  TOTAL INVESTMENTS — 100.2%
(Cost $357,770,773)
  $ 352,739,248  
           
  LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%   (580,301)  
  NET ASSETS — 100.0%   $ 352,158,947  

 

 

 

(a) The rate shown represents the current yield as of April 30, 2025.

103
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

The following abbreviations are used in the report:

 

AGM Assured Guaranty Municipal Corp.

COP Certificates of Participation

GO General Obligation

104
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
MUNICIPAL BONDS — 92.3%        
New York — 92.3%        
$ 2,500,000     City of New York Current Refunding GO, Series B-1,
5.00%, 08/01/28
  $ 2,647,053  
  1,250,000     City of New York Current Refunding GO, Series C-1,
5.00%, 08/01/25
    1,255,037  
  2,500,000     City of New York Current Refunding GO, Series F,
5.00%, 08/01/28
    2,647,053  
  7,500,000     City of New York Current Refunding GO, Series F,
5.00%, 08/01/31
    8,233,277  
  3,000,000     City of New York Current Refunding GO, Sub-Series F-1,
5.00%, 08/01/30
    3,258,320  
  6,345,000     City of New York Public Improvements GO, Series A-1,
4.00%, 08/01/41
    5,973,663  
  2,445,000     City of New York Public Improvements GO, Series C,
5.00%, 08/01/28
    2,588,818  
  5,000,000     City of New York Public Improvements GO, Sub-Series E-2,
4.57%, 04/01/28
    5,062,336  
  2,860,000     County of Westchester Public Improvements GO, Series A,
5.00%, 10/15/29
    3,121,991  
  2,000,000     County of Westchester Recreation Facilities Improvements GO, Series A,
5.00%, 12/15/30
    2,223,334  
  2,000,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/31
    2,098,118  
  2,300,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/32
    2,402,813  
  2,300,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/33
    2,393,998  
  7,500,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/34
    7,768,436  
Principal
Amount
        Value
New York (continued)        
$ 7,500,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/35
  $ 7,709,699  
  9,565,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 02/15/36
    9,920,896  
  7,500,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 12/15/36
    7,656,261  
  5,380,000     County of Westchester Recreation Facilities Improvements GO, Series A,
4.00%, 02/15/39
    5,406,454  
  1,500,000     Empire State Development Corp. Pre-refunded Advance Refunding Revenue Bonds, Series A,
5.00%, 03/15/27(a)
    1,558,836  
  5,000,000     Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/31
    5,469,521  
  5,000,000     Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds,
5.00%, 03/15/32
    5,520,432  
  4,500,000     Empire State Development Corp. Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/36
    4,959,428  
  1,000,000     Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/25
    1,000,000  
  1,000,000     Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/26
    1,021,383  
  1,025,000     Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/29
    1,098,627  

 

105
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal Amount         Value
New York (continued)        
$ 1,500,000     Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding),
5.00%, 05/01/31
  $ 1,649,422  
  1,750,000     Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding),
5.00%, 05/01/27
    1,817,586  
  2,220,000     Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding),
5.00%, 05/01/28
    2,344,165  
  1,050,000     Long Island Power Authority Current Refunding Revenue Bonds, Series A,
5.00%, 09/01/32
    1,178,672  
  10,960,000     Long Island Power Authority Current Refunding Revenue Bonds, Series A,
4.00%, 09/01/38
    10,967,833  
  1,860,000     Long Island Power Authority Current Refunding Revenue Bonds, Series F,
5.00%, 09/01/28
    1,981,576  
  6,000,000     Long Island Power Authority Current Refunding Revenue Bonds, Series F,
5.00%, 09/01/29
    6,481,106  
  2,500,000     Long Island Power Authority Current Refunding Revenue Bonds, Series F,
5.00%, 09/01/33
    2,828,443  
  1,200,000     Long Island Power Authority Electric Light & Power Improvements Revenue Bonds,
5.00%, 09/01/35
    1,251,838  
  6,000,000     Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
4.00%, 09/01/34
    6,015,211  
  1,915,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/27
    2,005,484  
  1,600,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/28
    1,704,581  
Principal
Amount
        Value
New York (continued)        
$ 1,500,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/29
  $ 1,620,276  
  1,700,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/30
    1,863,092  
  1,400,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/31
    1,554,105  
  1,850,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/32
    2,076,708  
  2,300,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/33
    2,602,168  
  1,500,000     Long Island Power Authority Green Bond Revenue Bonds, Series E,
5.00%, 09/01/34
    1,663,248  
  2,000,000     Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A,
5.00%, 11/15/26
    2,061,877  
  2,500,000     Metropolitan Transportation Authority Dedicated Tax Fund Refunding Revenue Bonds, Series A,
5.00%, 11/15/35
    2,745,960  
  1,000,000     Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/25
    1,010,385  
  7,155,000     Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/28
    7,708,505  
  9,500,000     Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A,
5.00%, 11/15/29
    10,414,677  
  4,000,000     Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A,
5.00%, 11/15/31
    4,465,664  
  6,280,000     Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B,
1.46%, 11/15/29
    5,596,978  

 

106
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
New York (continued)        
$ 6,000,000     New York City Housing Development Corp. Local Multifamily Housing Revenue Bonds, Series A, (Housing Finance Agency),
3.63%, 11/01/63(b)
  $ 6,008,377  
  4,000,000     New York City Housing Development Corp. Local Multifamily Housing, Sustainable Development Revenue Bonds, Series K, (Housing Finance Agency),
0.90%, 11/01/60(b)
    3,912,616  
  1,000,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2,
5.00%, 06/15/28
    1,029,850  
  1,100,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2,
5.00%, 06/15/29
    1,145,183  
  5,000,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-3,
5.00%, 06/15/47
    5,177,199  
  2,750,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series CC,
5.00%, 06/15/25
    2,755,586  
  1,020,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series DD,
5.00%, 06/15/33
    1,150,638  
  3,580,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series HH,
5.00%, 06/15/28
    3,586,656  
  1,420,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series HH,
5.00%, 06/15/28
    1,422,640  
Principal
Amount
        Value
New York (continued)        
$ 1,005,000     New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub-Series EE,
5.00%, 06/15/31
  $ 1,113,579  
  2,000,000     New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series CC-2,
5.00%, 06/15/27
    2,022,153  
  6,400,000     New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series DD-1,
5.00%, 06/15/30
    6,996,410  
  5,600,000     New York City Transitional Finance Authority Advance Refunding Revenue Bonds, Series 2,
4.68%, 11/01/26
    5,657,080  
  1,960,000     New York City Transitional Finance Authority Building Aid , Sub-Series S-3, (State Aid Withholding),
5.00%, 07/15/30
    2,058,345  
  2,300,000     New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),
5.00%, 07/15/31
    2,522,269  
  2,000,000     New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-1A, (State Aid Withholding),
5.00%, 07/15/32
    2,211,298  
  1,035,000     New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-1, (State Aid Withholding),
5.00%, 07/15/26
    1,060,432  
  5,000,000     New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,
5.00%, 11/01/29
    5,394,384  
  5,565,000     New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,
5.00%, 11/01/31
    6,048,108  

 

107
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
New York (continued)     
$13,600,000   New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds,
5.00%, 11/01/27
  $14,266,003 
 7,750,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series B-1,
5.00%, 08/01/25
   7,781,467 
 3,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series E-1,
5.00%, 11/01/36
   3,271,492 
 2,060,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-1,
5.00%, 02/01/38
   2,228,533 
 2,000,000   New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-1,
5.00%, 02/01/40
   2,113,655 
 2,000,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C,
5.00%, 05/01/36
   2,197,588 
 1,500,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-S,
5.00%, 05/01/31
   1,644,269 
 6,000,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series E,
5.00%, 11/01/37
   6,596,014 
 5,000,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series F-1,
5.00%, 02/01/37
   5,491,113 
 7,000,000   New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series G-1,
5.00%, 05/01/38
   7,637,436 
 1,655,000   New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/30
   1,833,211 
 6,000,000   New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/31
   6,732,103 
Principal
Amount
        Value
New York (continued)        
$ 2,575,000     New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/32
  $ 2,917,751  
  2,500,000     New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/33
    2,854,661  
  2,425,000     New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/34
    2,784,770  
  2,500,000     New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
5.00%, 11/15/35
    2,846,560  
  1,350,000     New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A,
4.00%, 11/15/49
    1,229,313  
  3,505,000     New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A,
5.00%, 07/01/30
    3,628,351  
  3,610,000     New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/26
    3,697,591  
  5,170,000     New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/27
    5,390,039  
  2,765,000     New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/28
    2,927,250  
  2,240,000     New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/29
    2,402,847  
  1,770,000     New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B,
5.00%, 07/01/36
    1,922,797  
  2,575,000     New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1,
5.00%, 03/15/28
    2,711,823  

 

108
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
New York (continued)        
$ 2,000,000     New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1,
5.00%, 03/15/37
  $ 2,183,396  
  3,500,000     New York State Dormitory Authority Current Refunding Revenue Bonds, Series A,
5.00%, 07/01/35
    3,787,383  
  1,575,000     New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2,
5.00%, 07/01/30
    1,722,856  
  10,000,000     New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B,
5.00%, 09/15/25(a)
    10,066,407  
  3,000,000     New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 08/01/35
    3,334,418  
  3,000,000     New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/36     3,306,225  
  2,000,000     New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 08/01/37
    2,187,348  
  6,500,000     New York State Dormitory Authority Refunding Revenue Bonds, Series A,
5.00%, 07/01/25(a)
    6,517,629  
  1,005,000     New York State Dormitory Authority Refunding Revenue Bonds, Series B, (American Municipal Bond Assurance Corp.),
5.50%, 03/15/30
    1,108,785  
  2,500,000     New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A,
5.00%, 08/15/26(a)
    2,568,190  
  5,000,000     New York State Dormitory Authority School Improvements Revenue Bonds, Group 1, Series A,
5.00%, 03/15/26
    5,093,859  
  2,175,000     New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A,
5.00%, 03/15/32
    2,303,769  
Principal
Amount
        Value
New York (continued)        
$ 1,575,000     New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 10/01/31
  $ 1,753,874  
  6,655,000     New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 10/01/32
    7,480,618  
  1,250,000     New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 10/01/33
    1,415,088  
  11,125,000     New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 10/01/36
    12,658,259  
  3,750,000     New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.50%, 07/01/54
    4,050,034  
  2,525,000     New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 07/01/25
    2,531,459  
  1,750,000     New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A,
5.00%, 07/01/26
    1,792,055  
  3,500,000     New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,
5.00%, 06/15/28
    3,721,065  
  2,000,000     New York State Environmental Facilities Corp. Current Refunding Revenue Bonds,
5.00%, 06/15/29
    2,160,983  
  3,445,000     New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B,
5.00%, 06/15/30
    3,726,213  
  4,000,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/25
    4,007,728  

 

109
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
New York (continued)        
$ 2,000,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/26
  $ 2,047,397  
  955,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 09/15/26
    982,668  
  1,750,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/27
    1,827,090  
  1,000,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/34
    1,066,554  
  1,000,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 06/15/36
    1,060,195  
  1,000,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 09/15/36
    1,107,489  
  6,250,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds,
5.00%, 09/15/41
    6,695,986  
  4,000,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B,
5.00%, 06/15/27
    4,176,206  
  3,000,000     New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C,
5.00%, 09/15/48
    3,127,548  
  5,000,000     New York State Housing Finance Agency State MF Housing Revenue Bonds, Series F, (State of New York Mortgage Agency),
3.85%, 05/01/62(b)
    5,000,564  
  1,500,000     New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency),
1.10%, 11/01/61(b)
    1,409,544  
Principal
Amount
        Value
New York (continued)        
$ 1,150,000     New York State Thruway Authority Current Refunding Revenue Bonds, Series P,
5.00%, 01/01/38
  $ 1,251,294  
  5,500,000     New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/31
    6,069,075  
  5,000,000     New York State Thruway Authority Transit Improvements Revenue Bonds, Series A,
5.00%, 03/15/39
    5,335,917  
  2,085,000     Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189,
5.00%, 05/01/26
    2,088,577  
  2,500,000     Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 237,
5.00%, 01/15/47
    2,588,198  
  8,195,000     State of New York Current Refunding GO, Series B,
2.55%, 02/15/29
    7,749,354  
  1,000,000     Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),
4.00%, 05/01/33
    1,016,470  
  1,915,000     Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),
4.00%, 05/01/34
    1,941,567  
  1,000,000     Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding),
4.00%, 05/01/35
    1,009,786  
  2,750,000     Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,
5.00%, 11/15/28
    2,941,614  
  1,500,000     Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,
5.00%, 11/15/34
    1,670,542  
  2,000,000     Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A,
4.00%, 11/15/35
    2,058,221  

 

110
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

Principal
Amount
        Value
New York (continued)        
$ 3,000,000     Triborough Bridge & Tunnel Authority Refunding Revenue Bonds,
5.00%, 05/15/27
  $ 3,126,418  
  4,740,000     Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B-2,
5.00%, 05/15/31
    5,193,674  
  1,275,000     Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,
5.00%, 05/15/34
    1,410,693  
  1,000,000     Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A,
5.00%, 05/15/38
    1,085,431  
  1,275,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1,
5.00%, 06/15/29
    1,326,730  
  2,975,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/27
    2,981,552  
  5,000,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/28
    5,110,723  
  5,000,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/29
    5,202,863  
  5,045,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/30
    5,345,802  
  3,630,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/31
    3,919,465  
  4,760,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/32
    5,189,553  
  2,250,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/33
    2,482,633  
Principal
Amount
        Value
New York (continued)        
$ 1,700,000     Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE,
5.00%, 06/15/34
  $ 1,896,838  
Total Municipal Bonds
(Cost $556,458,171)
    544,956,656  
           
CORPORATE BONDS — 1.6%        
United States — 1.6%        
  5,000,000     Andrew W Mellon Foundation (The), Series 2020,
0.95%, 08/01/27
    4,679,419  
  4,500,000     Cornell University,
4.84%, 06/15/34
    4,457,589  
Total Corporate Bonds
(Cost $9,500,000)
    9,137,008  
           
U.S.  GOVERNMENT SECURITIES — 1.8%      
U.S. Treasury Notes — 1.8%        
  5,000,000     4.25%, 10/15/25     5,002,148  
  5,800,000     3.50%, 09/30/26     5,780,742  
Total U.S. Government Securities
(Cost $10,746,414)
    10,782,890  
                 
Shares        
INVESTMENT COMPANY — 3.1%        
  18,004,641     Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 4.18%(c)     18,004,641  
                 
Total Investment Company
(Cost $18,004,641)
    18,004,641  
                 
TOTAL INVESTMENTS — 98.8%
(Cost $594,709,226)
  $ 582,881,195  
         
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%     7,251,866  
NET ASSETS — 100.0%   $ 590,133,061  

 

 
(a) These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date.

 

111
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Portfolio of Investments - (Continued) April 30, 2025
(Unaudited)

 

(b) Floating or variable rate security. The Reference Rate is defined below. Interest rate shown reflects the rate in effect as of April 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(c) The rate shown represents the current yield as of April 30, 2025.

 

The following abbreviation is used in the report:

 

GO — General Obligation

 

112
Old Westbury Funds, Inc.  
Statements of Assets and Liabilities  
  April 30, 2025
(Unaudited)

 

   ALL CAP CORE
FUND
   LARGE CAP
STRATEGIES
FUND
   SMALL & MID
CAP
STRATEGIES
FUND
   TOTAL EQUITY
FUND
 
ASSETS:                    
Investments, at fair value - unaffiliated  $3,072,631,831   $22,883,104,307   $8,140,458,813   $650,361,458 
Foreign currency, at value (Cost $0, $430,040, $5,422,158, and $1,977, respectively)       427,816    5,425,393    1,971 
Cash   2    7,267,282    2    6 
Dividends and interest receivable   806,247    50,734,659    27,810,510    387,491 
Receivable for Fund shares sold   251,602    5,353,522    1,875,580    5,944,087 
Receivable for investments sold   13,669,771    131,033,141    16,627,039    1,409,338 
Unrealized appreciation on forward foreign currency exchange contracts       3,509,175         
Prepaid expenses   9,202    32,300    14,878     
Total Assets   3,087,368,655    23,081,462,202    8,192,212,215    658,104,351 
LIABILITIES:                    
Due to broker for collateral       3,980,000         
Payable for Fund shares redeemed   3,048,899    11,936,272    3,468,621    80,357 
Payable for investments purchased   169,011        17,679,903    22,851,084 
Deferred foreign capital gains tax liability (Note 8)       12,700,794    1,350,284    7,450 
Accrued expenses and other payables:                    
Investment advisory   1,692,983    14,964,413    5,290,743    59,838 
Administration and accounting - unaffiliated   109,336    743,256    336,143    24,280 
Administration and accounting - affiliated   77,131    555,386    198,032    4,011 
Shareholder servicing fee   514,208    3,702,576    1,320,220    26,737 
Custody - unaffiliated           167,846     
Custody - affiliated   64,926    503,475    29,926    11,300 
Directors   20,281    142,125    50,584    1,214 
Legal and audit   52,193    215,411    87,911    3,871 
Other   66,661    463,457    185,781    14,256 
Total Liabilities   5,815,629    49,907,165    30,165,994    23,084,398 
NET ASSETS  $3,081,553,026   $23,031,555,037   $8,162,046,221   $635,019,953 
NET ASSETS consist of:                    
Capital paid-in  $1,765,524,001   $13,827,557,092   $6,979,372,950   $633,145,187 
Total distributable earnings   1,316,029,025    9,203,997,945    1,182,673,271    1,874,766 
NET ASSETS  $3,081,553,026   $23,031,555,037   $8,162,046,221   $635,019,953 
Net Asset Value, maximum offering price and redemption price per share  $23.95   $19.44   $16.05   $9.62 
Number of shares authorized   2,500,000,000    3,000,000,000    3,500,000,000    3,000,000,000 
SHARES OF CAPITAL STOCK OUTSTANDING   128,666,047    1,184,882,997    508,420,678    66,004,457 
INVESTMENTS, AT COST  $1,937,427,277   $15,351,727,586   $7,209,268,503   $647,953,270 

 

See Notes to Financial Statements.

113
Old Westbury Funds, Inc.  
Statements of Assets and Liabilities - (Continued)  
  April 30, 2025
(Unaudited)

 

   CREDIT
INCOME
FUND
   FIXED
INCOME
FUND
   SHORT-TERM
BOND
FUND
   MUNICIPAL
BOND
FUND
 
ASSETS:                    
Investments, at fair value - unaffiliated  $2,282,548,518   $1,478,853,074   $92,784,876   $4,201,931,281 
Cash               1 
Dividends and interest receivable   15,609,401    11,600,897    934,218    51,267,105 
Receivable from Advisor           17,845     
Receivable for Fund shares sold   890,632    84,480    100    3,290,369 
Receivable for investments sold   614,707        599,510     
Unrealized appreciation on swap agreements   2,025,422             
Prepaid expenses   7,988    6,836        9,777 
Total Assets   2,301,696,668    1,490,545,287    94,336,549    4,256,498,533 
LIABILITIES:                    
Due to broker for collateral   2,010,000             
Payable to Custodian       14,202    1,903     
Payable for Fund shares redeemed   2,263,255    249,484    73,000    3,280,427 
Payable for investments purchased   174,500    7,001,420    500,000    79,277,350 
Accrued expenses and other payables:                    
Investment advisory   1,070,066    336,646        993,924 
Administration and accounting - unaffiliated   139,899    54,452    7,704    153,298 
Administration and accounting - affiliated   56,343    36,204    2,186    102,834 
Shareholder servicing fee   375,621    241,361    14,570    685,561 
Custody - unaffiliated   4,910             
Custody - affiliated       18,103    1,093    51,416 
Directors   14,539    8,098    133    24,300 
Legal and audit   103,463    38,010    658    45,868 
Other   61,543    30,053    4,913    91,859 
Total Liabilities   6,274,139    8,028,033    606,160    84,706,837 
NET ASSETS  $2,295,422,529   $1,482,517,254   $93,730,389   $4,171,791,696 
NET ASSETS consist of:                    
Capital paid-in  $2,954,453,815   $1,628,330,802   $92,708,483   $4,428,058,442 
Total distributable earnings/(accumulated loss)   (659,031,286)   (145,813,548)   1,021,906    (256,266,746)
NET ASSETS  $2,295,422,529   $1,482,517,254   $93,730,389   $4,171,791,696 
Net Asset Value, maximum offering price and redemption price per share  $7.90   $10.23   $10.23   $11.34 
Number of shares authorized   3,500,000,000    2,000,000,000    3,000,000,000    2,000,000,000 
SHARES OF CAPITAL STOCK OUTSTANDING   290,467,963    144,935,584    9,160,615    368,011,848 
INVESTMENTS, AT COST  $2,768,560,107   $1,463,931,160   $91,942,494   $4,248,202,053 

 

See Notes to Financial Statements.

114
Old Westbury Funds, Inc.  
Statements of Assets and Liabilities - (Continued)  
  April 30, 2025
(Unaudited)

 

   CALIFORNIA
MUNICIPAL
BOND
FUND
   NEW YORK
MUNICIPAL
BOND
FUND
 
ASSETS:          
Investments, at fair value - unaffiliated  $352,739,248   $582,881,195 
Dividends and interest receivable   4,755,476    7,813,735 
Receivable for Fund shares sold   148,146    13,350 
Prepaid expenses   5,768    5,983 
Total Assets   357,648,638    590,714,263 
LIABILITIES:          
Payable for Fund shares redeemed   281,637    252,484 
Payable for investments purchased   5,000,000     
Accrued expenses and other payables:          
Investment advisory   79,103    134,969 
Administration and accounting - unaffiliated   21,670    30,659 
Administration and accounting - affiliated   8,955    14,634 
Shareholder servicing fee   59,704    97,558 
Custody - affiliated   4,478    7,317 
Directors   2,121    3,368 
Legal and audit   14,531    17,034 
Other   17,492    23,179 
Total Liabilities   5,489,691    581,202 
NET ASSETS  $352,158,947   $590,133,061 
NET ASSETS consist of:          
Capital paid-in  $373,465,201   $622,029,388 
Total accumulated loss   (21,306,254)   (31,896,327)
NET ASSETS  $352,158,947   $590,133,061 
Net Asset Value, maximum offering price and redemption price per share  $9.56   $9.71 
Number of shares authorized   2,000,000,000    2,000,000,000 
SHARES OF CAPITAL STOCK OUTSTANDING   36,836,629    60,745,167 
INVESTMENTS, AT COST  $357,770,773   $594,709,226 

 

See Notes to Financial Statements.

115
Old Westbury Funds, Inc.  
Statements of Operations  
  For the Period Ended April 30, 2025
(Unaudited)

 

   ALL CAP CORE
FUND
   LARGE CAP
STRATEGIES
FUND
   SMALL & MID
CAP
STRATEGIES
FUND
   TOTAL EQUITY
FUND(a)
 
INVESTMENT INCOME:                    
Interest  $1,745,262   $9,531,802   $1,247,222   $104,690 
Dividends - unaffiliated   12,927,340    211,428,950    85,760,697    571,739 
Foreign tax withheld   (183,033)   (11,994,220)   (6,516,841)   (61,042)
Total investment income   14,489,569    208,966,532    80,491,078    615,387 
EXPENSES:                    
Investment advisory fees   11,615,770    97,988,172    36,878,806    160,620 
Shareholder servicing fees   3,459,647    24,264,594    8,677,366    40,239 
Administration and accounting fees - unaffiliated   272,306    1,772,732    666,749    21,852 
Administration and accounting fees - affiliated   518,947    3,639,689    1,301,605    6,036 
Custodian fees - unaffiliated           886,997     
Custodian fees - affiliated   328,188    3,221,522    236,357    13,088 
Directors fees and expenses   39,862    277,652    99,023    1,214 
Insurance premiums   9,538    32,503    15,400     
Legal and audit fees   60,165    372,039    136,138    3,893 
Printing and postage fees   13,383    64,790    25,779    2,595 
Registration fees   18,649    22,242    24,842    13,205 
Transfer agent fees   171,727    1,145,294    415,614    10,381 
Miscellaneous expenses   10,600    86,708    145,355    3,726 
Total expenses   16,518,782    132,887,937    49,510,031    276,849 
Expenses waived by Advisor   (85,460)       (1,784,518)   (79,678)
Net expenses   16,433,322    132,887,937    47,725,513    197,171 
NET INVESTMENT INCOME/(LOSS)   (1,943,753)   76,078,595    32,765,565    418,216 
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES:                    
Net realized gain/(loss) on:                    
Investments   187,708,584    1,720,898,886    295,885,613    (822,826)
Forward foreign currency exchange contracts       (5,229,143)        
Foreign currency transactions   (74,158)   (5,157,336)   (1,299,459)   (152,741)
Foreign capital gains tax       (1,578,939)   (231,030)    
Net change in unrealized appreciation/(depreciation) on:                    
Investments   (275,995,612)   (1,762,252,938)   (331,773,430)   2,408,188 
Forward foreign currency exchange contracts       9,035,327         
Foreign currency transactions   (52,627)   1,755,846    1,315,440    31,379 
Deferred foreign capital gains taxed on unrealized appreciation/(depreciation)       (680,356)   413,071    (7,450)
Net realized and change in unrealized gain/(loss) on investments, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains taxes   (88,413,813)   (43,208,653)   (35,689,795)   1,456,550 
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $(90,357,566)  $32,869,942   $(2,924,230)  $1,874,766 

 

(a) For the period from February 28, 2025 (commencement of operations) to April 30, 2025.

 

See Notes to Financial Statements.

116
Old Westbury Funds, Inc.  
Statements of Operations - (Continued)  
  For the Period Ended April 30, 2025
(Unaudited)

 

   CREDIT
INCOME
FUND
   FIXED
INCOME
FUND
   SHORT-TERM
BOND
FUND
   MUNICIPAL
BOND
FUND
 
INVESTMENT INCOME:                    
Interest  $63,550,763   $31,144,087   $1,700,540   $66,604,837 
Dividends - unaffiliated   10,695,656    1,727    292    45,612 
Total investment income   74,246,419    31,145,814    1,700,832    66,650,449 
EXPENSES:                    
Investment advisory fees   6,622,609    2,849,961    120,493    7,615,621 
Shareholder servicing fees   2,272,979    1,416,025    75,308    4,139,259 
Administration and accounting fees - unaffiliated   205,250    110,704    15,756    304,337 
Administration and accounting fees - affiliated   340,947    212,404    11,296    620,889 
Custodian fees - unaffiliated   30,230             
Custodian fees - affiliated       106,202    5,648    310,444 
Directors fees and expenses   26,137    15,513    596    46,049 
Insurance premiums   8,450    7,249    3,562    10,288 
Legal and audit fees   95,056    31,155    4,865    66,956 
Printing and postage fees   10,868    8,454    5,011    15,042 
Registration fees   13,663    25,240    25,192    35,896 
Transfer agent fees   117,373    70,823    8,297    197,625 
Miscellaneous expenses   83,093    14,594    8,747    41,106 
Total expenses   9,826,655    4,868,324    284,771    13,403,512 
Expenses waived by Advisor   (166,495)   (832,654)   (145,451)   (1,606,623)
Net expenses   9,660,160    4,035,670    139,320    11,796,889 
NET INVESTMENT INCOME   64,586,259    27,110,144    1,561,512    54,853,560 
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND SWAP AGREEMENTS:                    
Net realized loss on:                    
Investments   (328,251)   (11,512,830)   (112,650)   (15,144,233)
Futures contracts   (1,689,872)            
Swap agreements   (714,828)            
Net change in unrealized appreciation/(depreciation) on:                    
Investments   (32,363,254)   29,126,465    838,422    (29,681,868)
Swap agreements   3,312,757             
Net realized and change in unrealized gain/(loss) on investments, futures contracts and swap agreements   (31,783,448)   17,613,635    725,772    (44,826,101)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS  $32,802,811   $44,723,779   $2,287,284   $10,027,459 

 

See Notes to Financial Statements.

117
Old Westbury Funds, Inc.  
Statements of Operations - (Continued)  
  For the Period Ended April 30, 2025
(Unaudited)

 

   CALIFORNIA
MUNICIPAL
BOND
FUND
   NEW YORK
MUNICIPAL
BOND
FUND
 
INVESTMENT INCOME:          
Interest  $6,025,656   $8,463,943 
Dividends - unaffiliated   419    5,115 
Total investment income   6,026,075    8,469,058 
EXPENSES:          
Investment advisory fees   828,809    1,278,108 
Shareholder servicing fees   368,360    577,068 
Administration and accounting fees - unaffiliated   38,661    53,432 
Administration and accounting fees - affiliated   55,254    86,560 
Custodian fees - affiliated   27,627    43,280 
Directors fees and expenses   4,113    6,397 
Insurance premiums   6,089    6,328 
Legal and audit fees   14,166    17,368 
Printing and postage fees   5,842    6,365 
Registration fees   11,258    12,035 
Transfer agent fees   22,997    32,575 
Miscellaneous expenses   9,733    13,600 
Total expenses   1,392,909    2,133,116 
Expenses waived by Advisor   (343,084)   (488,473)
Net expenses   1,049,825    1,644,643 
NET INVESTMENT INCOME   4,976,250    6,824,415 
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS:          
Net realized loss on:          
Investments   (423,905)   (342,138)
Net change in unrealized (depreciation) on:          
Investments   (4,722,227)   (5,702,315)
Net realized and change in unrealized gain/(loss) on investments   (5,146,132)   (6,044,453)
           
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $(169,882)  $779,962 

 

See Notes to Financial Statements.

118
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets  
 

 

   ALL CAP CORE FUND
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment loss  $(1,943,753)  $(725,962)
Net realized gain on investments and foreign currency transactions   187,634,426    372,931,811 
Net realized gain on redemptions in-kind       57,604,732 
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions   (276,048,239)   548,696,010 
Net increase/(decrease) in net assets resulting from operations   (90,357,566)   978,506,591 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (343,469,046)   (251,769,397)
Total distributions to shareholders   (343,469,046)   (251,769,397)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   142,644,170    211,302,539 
Reinvestment of distributions   206,697,000    155,213,606 
Value of capital stock redeemed   (365,978,142)   (448,987,760)
Net decrease in net assets resulting from capital stock transactions   (16,636,972)   (82,471,615)
Net increase/(decrease) in net assets   (450,463,584)   644,265,579 
           
NET ASSETS:          
Beginning of period   3,532,016,610    2,887,751,031 
End of period  $3,081,553,026   $3,532,016,610 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   5,561,663    8,580,992 
Shares issued as reinvestment of distributions   8,192,509    6,804,580 
Shares redeemed in-kind       (934,146)
Shares redeemed   (14,625,703)   (17,014,957)
Net decrease in shares outstanding   (871,531)   (2,563,531)

 

See Notes to Financial Statements.

119
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   LARGE CAP STRATEGIES FUND
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment income  $76,078,595   $133,068,671 
Net realized gain on investments, forward foreign currency exchange contracts, foreign currency transactions and foreign capital gains tax   1,708,933,468    1,423,995,001 
Net change in unrealized appreciation/(depreciation) on investments, forward foreign currency exchange contracts, foreign currency transactions, net of foreign deferred taxes   (1,752,142,121)   5,108,914,830 
Net increase in net assets resulting from operations   32,869,942    6,665,978,502 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (1,364,718,966)   (122,213,975)
Total distributions to shareholders   (1,364,718,966)   (122,213,975)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   528,196,500    1,078,093,056 
Reinvestment of distributions   714,228,783    32,618,866 
Value of capital stock redeemed   (1,519,084,157)   (2,699,329,776)
Net decrease in net assets resulting from capital stock transactions   (276,658,874)   (1,588,617,854)
Net increase/(decrease) in net assets   (1,608,507,898)   4,955,146,673 
           
NET ASSETS:          
Beginning of period   24,640,062,935    19,684,916,262 
End of period  $23,031,555,037   $24,640,062,935 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   26,444,616    58,151,648 
Shares issued as reinvestment of distributions   36,145,182    1,898,035 
Shares redeemed   (76,963,739)   (145,140,531)
Net decrease in shares outstanding   (14,373,941)   (85,090,848)

 

See Notes to Financial Statements.

120
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   SMALL & MID CAP STRATEGIES FUND 
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment income  $32,765,565   $53,737,072 
Net realized gain on investments, foreign currency transactions and foreign capital gains tax   294,355,124    348,634,899 
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes   (330,044,919)   1,468,657,425 
Net increase/(decrease) in net assets resulting from operations   (2,924,230)   1,871,029,396 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (330,387,671)   (52,892,671)
Total distributions to shareholders   (330,387,671)   (52,892,671)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   367,783,066    954,799,857 
Reinvestment of distributions   154,595,814    14,308,234 
Value of capital stock redeemed   (868,544,161)   (1,298,432,985)
Net decrease in net assets resulting from capital stock transactions   (346,165,281)   (329,324,894)
Net increase/(decrease) in net assets   (679,477,182)   1,488,811,831 
           
NET ASSETS:          
Beginning of period   8,841,523,403    7,352,711,572 
End of period  $8,162,046,221   $8,841,523,403 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   22,569,245    60,801,939 
Shares issued as reinvestment of distributions   9,668,281    944,438 
Shares redeemed   (54,305,030)   (84,445,971)
Net decrease in shares outstanding   (22,067,504)   (22,699,594)

 

See Notes to Financial Statements.

121
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   TOTAL EQUITY
FUND
 
   FOR THE PERIOD
ENDED
APRIL 30, 2025(a)
(Unaudited)
 
     
FROM OPERATIONS:     
Net investment income  $418,216 
Net realized (loss) on investments and foreign currency transactions   (975,567)
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes   2,432,117 
Net increase in net assets resulting from operations   1,874,766 
      
DISTRIBUTIONS TO SHAREHOLDERS FROM:     
Net investment income and net realized gains    
Total distributions to shareholders    
      
CAPITAL STOCK TRANSACTIONS (DOLLARS):     
Proceeds from sale of capital stock   634,365,168 
Reinvestment of distributions    
Value of capital stock redeemed   (1,219,981)
Net increase in net assets resulting from capital stock transactions   633,145,187 
Net increase in net assets   635,019,953 
      
NET ASSETS:     
Beginning of period    
End of period  $635,019,953 
      
CAPITAL SHARE TRANSACTIONS:     
Shares sold   66,132,300 
Shares issued as reinvestment of distributions    
Shares redeemed   (127,843)
Net increase in shares outstanding   66,004,457 

 

(a) For the period from February 28, 2025 (commencement of operations) to April 30, 2025.

 

See Notes to Financial Statements.

122
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   CREDIT INCOME FUND 
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment income  $64,586,259   $136,879,023 
Net realized (loss) on investments, futures contracts and swap agreements   (2,732,951)   (22,888,560)
Net change in unrealized appreciation/(depreciation) on investments and swap agreements   (29,050,497)   179,226,338 
Net increase in net assets resulting from operations   32,802,811    293,216,801 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (68,387,363)   (136,598,824)
Total distributions to shareholders   (68,387,363)   (136,598,824)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   272,758,007    586,100,662 
Reinvestment of distributions   18,292,851    44,814,084 
Value of capital stock redeemed   (339,978,759)   (646,042,483)
Net decrease in net assets resulting from capital stock transactions   (48,927,901)   (15,127,737)
Net increase/(decrease) in net assets   (84,512,453)   141,490,240 
           
NET ASSETS:          
Beginning of period   2,379,934,982    2,238,444,742 
End of period  $2,295,422,529   $2,379,934,982 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   34,445,282    73,047,995 
Shares issued as reinvestment of distributions   2,319,967    5,590,623 
Shares redeemed   (42,746,441)   (80,696,913)
Net decrease in shares outstanding   (5,981,192)   (2,058,295)

 

See Notes to Financial Statements.

123
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   FIXED INCOME FUND
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment income  $27,110,144   $52,810,098 
Net realized (loss) on investments   (11,512,830)   (12,863,723)
Net change in unrealized appreciation/(depreciation) on investments   29,126,465    68,254,975 
Net increase in net assets resulting from operations   44,723,779    108,201,350 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (27,222,235)   (54,186,280)
Total distributions to shareholders   (27,222,235)   (54,186,280)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   137,428,847    219,867,269 
Reinvestment of distributions   13,861,902    29,529,938 
Value of capital stock redeemed   (75,759,392)   (300,747,384)
Net increase/(decrease) in net assets resulting from capital stock transactions   75,531,357    (51,350,177)
Net increase in net assets   93,032,901    2,664,893 
           
NET ASSETS:          
Beginning of period   1,389,484,353    1,386,819,460 
End of period  $1,482,517,254   $1,389,484,353 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   13,650,991    21,785,902 
Shares issued as reinvestment of distributions   1,382,701    2,918,415 
Shares redeemed   (7,522,900)   (29,990,162)
Net increase/(decrease) in shares outstanding   7,510,792    (5,285,845)

 

See Notes to Financial Statements.

124
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   SHORT-TERM BOND FUND
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE PERIOD
ENDED
OCTOBER 31,
2024(a)
 
         
FROM OPERATIONS:          
Net investment income  $1,561,512   $718,596 
Net realized gain/(loss) on investments   (112,650)   1,884 
Net change in unrealized appreciation/(depreciation) on investments   838,422    3,960 
Net increase in net assets resulting from operations   2,287,284    724,440 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (1,434,824)   (554,994)
Total distributions to shareholders   (1,434,824)   (554,994)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   46,802,969    63,667,402 
Reinvestment of distributions   295,505    129,606 
Value of capital stock redeemed   (14,292,233)   (3,894,766)
Net increase in net assets resulting from capital stock transactions   32,806,241    59,902,242 
Net increase in net assets   33,658,701    60,071,688 
           
NET ASSETS:          
Beginning of period   60,071,688    —  
End of period  $93,730,389   $60,071,688 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   4,613,092    6,297,201 
Shares issued as reinvestment of distributions   29,248    12,836 
Shares redeemed   (1,408,817)   (382,945)
Net increase in shares outstanding   3,233,523    5,927,092 

 

(a) For the period from February 29, 2024 (commencement of operations) to October 31, 2024.

 

See Notes to Financial Statements.

125
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   MUNICIPAL BOND FUND
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
    
FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment income  $54,853,560   $100,965,438 
Net realized (loss) on investments   (15,144,233)   (28,741,511)
Net change in unrealized appreciation/(depreciation) on investments   (29,681,868)   167,513,967 
Net increase in net assets resulting from operations   10,027,459    239,737,894 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (55,092,181)   (98,794,555)
Total distributions to shareholders   (55,092,181)   (98,794,555)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   443,582,579    762,858,325 
Reinvestment of distributions   11,466,378    20,767,580 
Value of capital stock redeemed   (384,514,396)   (573,657,356)
Net increase in net assets resulting from capital stock transactions   70,534,561    209,968,549 
Net increase in net assets   25,469,839    350,911,888 
           
NET ASSETS:          
Beginning of period   4,146,321,857    3,795,409,969 
End of period  $4,171,791,696   $4,146,321,857 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   38,806,660    66,183,133 
Shares issued as reinvestment of distributions   1,007,581    1,799,014 
Shares redeemed   (33,710,463)   (49,838,558)
Net increase in shares outstanding   6,103,778    18,143,589 

 

See Notes to Financial Statements.

126
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   CALIFORNIA MUNICIPAL BOND FUND
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment income  $4,976,250   $9,137,338 
Net realized (loss) on investments   (423,905)   (917,011)
Net change in unrealized appreciation/(depreciation) on investments   (4,722,227)   12,666,504 
Net increase/(decrease) in net assets resulting from operations   (169,882)   20,886,831 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (4,974,132)   (9,190,192)
Total distributions to shareholders   (4,974,132)   (9,190,192)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   34,021,961    63,752,147 
Reinvestment of distributions   1,419,483    2,972,465 
Value of capital stock redeemed   (46,467,482)   (50,340,743)
Net increase/(decrease) in net assets resulting from capital stock transactions   (11,026,038)   16,383,869 
Net increase/(decrease) in net assets   (16,170,052)   28,080,508 
           
NET ASSETS:          
Beginning of period   368,328,999    340,248,491 
End of period  $352,158,947   $368,328,999 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   3,520,804    6,546,565 
Shares issued as reinvestment of distributions   147,404    304,429 
Shares redeemed   (4,840,779)   (5,188,556)
Net increase/(decrease) in shares outstanding   (1,172,571)   1,662,438 

 

See Notes to Financial Statements.

127
Old Westbury Funds, Inc.  
Statements of Changes in Net Assets - (Continued)  
 

 

   NEW YORK MUNICIPAL BOND FUND
   FOR THE PERIOD
ENDED
APRIL 30, 2025
(Unaudited)
   FOR THE YEAR
ENDED
OCTOBER 31, 2024
 
         
FROM OPERATIONS:          
Net investment income  $6,824,415   $13,417,480 
Net realized (loss) on investments   (342,138)   (1,613,026)
Net change in unrealized appreciation/(depreciation) on investments   (5,702,315)   22,444,531 
Net increase in net assets resulting from operations   779,962    34,248,985 
           
DISTRIBUTIONS TO SHAREHOLDERS FROM:          
Net investment income and net realized gains   (6,831,949)   (13,261,140)
Total distributions to shareholders   (6,831,949)   (13,261,140)
           
CAPITAL STOCK TRANSACTIONS (DOLLARS):          
Proceeds from sale of capital stock   98,025,908    90,280,293 
Reinvestment of distributions   1,690,166    3,487,839 
Value of capital stock redeemed   (83,680,907)   (83,561,528)
Net increase in net assets resulting from capital stock transactions   16,035,167    10,206,604 
Net increase in net assets   9,983,180    31,194,449 
           
NET ASSETS:          
Beginning of period   580,149,881    548,955,432 
End of period  $590,133,061   $580,149,881 
           
CAPITAL SHARE TRANSACTIONS:          
Shares sold   9,999,378    9,147,248 
Shares issued as reinvestment of distributions   173,179    353,062 
Shares redeemed   (8,556,705)   (8,470,637)
Net increase in shares outstanding   1,615,852    1,029,673 

 

See Notes to Financial Statements.

128
Old Westbury Funds, Inc.  
All Cap Core Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  



YEAR ENDED OCTOBER 31,
 
      2024   2023   2022   2021   2020 
Net asset value, beginning of period  $27.27   $21.86   $20.25   $27.31   $20.18   $18.84 
Investment operations:                              
Net investment income/(loss)(a)   (0.01)   (0.01)   0.05    0.03    (0.02)   0.02 
Net realized and unrealized gain/(loss)   (0.62)   7.36    2.06    (5.55)   7.85    3.02 
Total from investment operations   (0.63)   7.35    2.11    (5.52)   7.83    3.04 
Distributions:                              
Net investment income       (0.05)   (0.04)       (0.01)   (0.08)
Net realized gains   (2.69)   (1.89)   (0.46)   (1.54)   (0.69)   (1.62)
Total distributions   (2.69)   (1.94)   (0.50)   (1.54)   (0.70)   (1.70)
Net asset value, end of period  $23.95   $27.27   $21.86   $20.25   $27.31   $20.18 
Total return   (2.8)%(b)   35.3%   10.7%   (21.3)%   39.8%   17.3%
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $3,081,553   $3,532,017   $2,887,751   $2,802,415   $3,648,683   $2,283,906 
Ratio of expenses to average net assets before expense waivers   0.95%(c)   0.95%   0.96%(d)   0.96%(d)   0.96%(d)   0.97%(d)
Ratio of expenses to average net assets after expense waivers   0.95%(c)   0.95%   0.96%   0.96%   0.96%   0.97%
Ratio of net investment income/(loss) to average net assets   (0.11)%(c)   (0.02)%   0.22%   0.12%   (0.10)%   0.10%
Portfolio turnover rate   20%(b)   41%   54%   54%   30%   43%

 

 

 

(a) Calculated based on the average shares method for the period.
(b) Not Annualized.
(c) Annualized.
(d) There were no voluntary fee reductions during the year.

 

See Notes to Financial Statements.

129
Old Westbury Funds, Inc.  
Large Cap Strategies Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  



YEAR ENDED OCTOBER 31,
 
      2024   2023   2022   2021   2020 
Net asset value, beginning of period  $20.55   $15.33   $14.36   $20.11   $15.26   $14.99 
Investment operations:                              
Net investment income(a)   0.06    0.11    0.09    0.05    0.01    0.07 
Net realized and unrealized gain/(loss)   (0.02)   5.21    0.97    (4.56)   5.08    0.94 
Total from investment operations   0.04    5.32    1.06    (4.51)   5.09    1.01 
Distributions:                              
Net investment income   (0.09)   (0.10)   (0.09)   (0.00)(b)   (0.05)   (0.12)
Net realized gains   (1.06)           (1.24)   (0.19)   (0.62)
Total distributions   (1.15)   (0.10)   (0.09)   (1.24)   (0.24)   (0.74)
Net asset value, end of period  $19.44   $20.55   $15.33   $14.36   $20.11   $15.26 
Total return   0.1%(c)   34.8%   7.4%   (23.8)%   33.6%   7.0%
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $23,031,555   $24,640,063   $19,684,916   $19,383,130   $25,742,487   $17,609,533 
Ratio of expenses to average net assets before expense waivers(d)(e)   1.10%(f)   1.09%   1.10%   1.09%   1.09%   1.10%
Ratio of expenses to average net assets after expense waivers   1.10%(f)   1.09%   1.10%   1.09%   1.09%   1.10%
Ratio of net investment income to average net assets   0.63%(f)   0.57%   0.55%   0.29%   0.05%   0.48%
Portfolio turnover rate   26%(c)   37%   23%   52%   43%   76%

 

(a) Calculated based on the average shares method for the period.
(b) Amount is greater than $(0.005) per share.
(c) Not Annualized.
(d) When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(e) There were no voluntary fee reductions during the period.
(f) Annualized.

 

See Notes to Financial Statements.

130
Old Westbury Funds, Inc.  
Small & Mid Cap Strategies Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  



YEAR ENDED OCTOBER 31,
 
      2024   2023   2022   2021   2020 
Net asset value, beginning of period  $16.67   $13.29   $13.43   $19.92   $15.57   $15.39 
Investment operations:                              
Net investment income/(loss)(a)   0.06    0.10    0.07    0.08    (0.02)   0.03 
Net realized and unrealized gain/(loss)   (0.05)   3.38    (0.14)   (5.22)   4.97    0.88 
Total from investment operations   0.01    3.48    (0.07)   (5.14)   4.95    0.91 
Distributions:                              
Net investment income   (0.15)   (0.10)   (0.07)   (0.02)   (0.03)   (0.09)
Net realized gains   (0.48)           (1.33)   (0.57)   (0.64)
Total distributions   (0.63)   (0.10)   (0.07)   (1.35)   (0.60)   (0.73)
Net asset value, end of period  $16.05   $16.67   $13.29   $13.43   $19.92   $15.57 
Total return   0.1%(b)   26.3%   (0.5)%   (27.4)%   32.1%   5.9%
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $8,162,046   $8,841,523   $7,352,712   $7,353,983   $9,746,839   $6,765,243 
Ratio of expenses to average net assets before expense waivers(c)   1.14%(d)   1.14%   1.14%   1.14%   1.14%   1.15%
Ratio of expenses to average net assets after expense waivers   1.10%(d)   1.10%   1.10%   1.10%   1.10%   1.11%
Ratio of net investment income/(loss) to average net assets   0.76%(d)   0.64%   0.51%   0.50%   (0.10)%   0.17%
Portfolio turnover rate   36%(b)   62%   41%   81%   46%   65%

 

 

 

(a) Calculated based on the average shares method for the period.
(b) Not Annualized.
(c) When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(d) Annualized.

 

See Notes to Financial Statements.

131
Old Westbury Funds, Inc.  
Total Equity Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout the Period.

 

   PERIOD
FROM
FEBRUARY
28, 2025(a)
TO
APRIL 30,
2025
(Unaudited)
 
Net asset value, beginning of period  $10.00 
Investment operations:     
Net investment income(b)   0.03 
Net realized and unrealized loss   (0.41)
Total from investment operations   (0.38)
Net asset value, end of period  $9.62 
Total return   (3.7)%(c)
Annualized ratios/supplemental data:     
Net assets at end of period (000’s)  $635,020 
Ratio of expenses to average net assets before expense waivers   1.38%(d)
Ratio of expenses to average net assets after expense waivers   0.98%(d)
Ratio of net investment income to average net assets   2.08%(d)
Portfolio turnover rate   2%(c)

 

 

 

(a) Commencement of Investment Operations.
(b) Calculated based on the average shares method for the period.
(c) Not Annualized.
(d) Annualized.

 

See Notes to Financial Statements.

132
Old Westbury Funds, Inc.  
Credit Income Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  


YEAR ENDED OCTOBER 31,
   PERIOD
FROM
OCTOBER 1,
2020(a) TO
OCTOBER
31, 2020
 
      2024   2023   2022   2021    
Net asset value, beginning of period  $8.03   $7.50   $7.97   $10.15   $9.99   $10.00 
Investment operations:                              
Net investment income(b)   0.22    0.46    0.43    0.40    0.43    0.05 
Net realized and unrealized gain/(loss)   (0.11)   0.53    (0.48)   (2.17)   0.15    (0.06)
Total from investment operations   0.11    0.99    (0.05)   (1.77)   0.58    (0.01)
Distributions:                              
Net investment income   (0.24)   (0.46)   (0.42)   (0.41)   (0.42)    
Total distributions   (0.24)   (0.46)   (0.42)   (0.41)   (0.42)    
Net asset value, end of period  $7.90   $8.03   $7.50   $7.97   $10.15   $9.99 
Total return   1.4%(c)   13.4%   (1.0)%   (17.8)%   5.9%   (0.1)%(c)
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $2,295,423   $2,379,935   $2,238,445   $2,322,013   $2,950,576   $1,939,199 
Ratio of expenses to average net assets before expense waivers(d)   0.86%(e)   0.85%   0.87%   0.86%   0.87%   0.94%(e)
Ratio of expenses to average net assets after expense waivers   0.85%(e)   0.85%   0.85%   0.85%   0.85%   0.85%(e)
Ratio of net investment income to average net assets   5.68%(e)   5.69%   5.34%   4.36%   4.23%   5.33%(e)
Portfolio turnover rate   10%(c)   20%   45%   22%   24%   1%(c)

 

 

 

(a) Commencement of Investment Operations.
(b) Calculated based on the average shares method for the period.
(c) Not Annualized.
(d) When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio.
(e) Annualized.

 

See Notes to Financial Statements.

133
Old Westbury Funds, Inc.  
Fixed Income Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  




YEAR ENDED OCTOBER 31,
 
      2024   2023   2022   2021   2020 
Net asset value, beginning of period  $10.11   $9.72   $9.88   $11.25   $11.82   $11.43 
Investment operations:                              
Net investment income(a)   0.19    0.38    0.27    0.14    0.11    0.16 
Net realized and unrealized gain/(loss)   0.12    0.40    (0.15)   (1.30)   (0.25)   0.43 
Total from investment operations   0.31    0.78    0.12    (1.16)   (0.14)   0.59 
Distributions:                              
Net investment income   (0.19)   (0.39)   (0.28)   (0.19)   (0.19)   (0.20)
Net realized gains               (0.02)   (0.24)    
Total distributions   (0.19)   (0.39)   (0.28)   (0.21)   (0.43)   (0.20)
Net asset value, end of period  $10.23   $10.11   $9.72   $9.88   $11.25   $11.82 
Total return   3.1%(b)   8.1%   1.2%   (10.4)%   (1.2)%   5.2%
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $1,482,517   $1,389,484   $1,368,819   $1,393,537   $1,568,691   $1,669,086 
Ratio of expenses to average net assets before expense waivers   0.69%(c)   0.69%   0.69%   0.69%   0.68%   0.68%
Ratio of expenses to average net assets after expense waivers   0.57%(c)   0.57%   0.57%   0.57%   0.57%   0.57%
Ratio of net investment income to average net assets   3.83%(c)   3.74%   2.69%   1.33%   0.97%   1.39%
Portfolio turnover rate   49%(b)   102%   92%   56%   58%   87%

 

 

 

(a) Calculated based on the average shares method for the period.
(b) Not Annualized.
(c) Annualized.

 

See Notes to Financial Statements.

134
Old Westbury Funds, Inc.  
Short-Term Bond Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
   PERIOD
FROM
FEBRUARY
29, 2024(a)
TO
OCTOBER
31, 2024
 
       
Net asset value, beginning of period  $10.14   $10.00 
Investment operations:          
Net investment income(b)   0.21    0.30 
Net realized and unrealized gains   0.07    0.07 
Total from investment operations   0.28    0.37 
Distributions:          
Net investment income   (0.19)   (0.23)
Net realized gains   (0.00)(c)    
Total distributions   (0.19)   (0.23)
Net asset value, end of period  $10.23   $10.14 
Total return   2.8%(d)   3.7%(d)
Annualized ratios/supplemental data:          
Net assets at end of period (000’s)  $93,730   $60,072 
Ratio of expenses to average net assets before expense waivers   0.76%(e)   0.98%(e)
Ratio of expenses to average net assets after expense waivers   0.37%(e)   0.37%(e)
Ratio of net investment income to average net assets   4.15%(e)   4.51%(e)
Portfolio turnover rate   19%(d)   13%(d)

 

 

 

(a) Commencement of Investment Operations.
(b) Calculated based on the average shares method for the period.
(c) Amount is greater than $(0.005) per share.
(d) Not Annualized.
(e) Annualized.

 

See Notes to Financial Statements.

135
Old Westbury Funds, Inc.  
Municipal Bond Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  




YEAR ENDED OCTOBER 31,
 
      2024   2023   2022   2021   2020 
Net asset value, beginning of period  $11.46   $11.04   $11.10   $12.33   $12.52   $12.26 
Investment operations:                              
Net investment income(a)   0.15    0.29    0.22    0.11    0.12    0.15 
Net realized and unrealized gain/(loss)   (0.12)   0.41    (0.07)   (1.09)   (0.12)   0.26 
Total from investment operations   0.03    0.70    0.15    (0.98)   0.00    0.41 
Distributions:                              
Net investment income   (0.15)   (0.28)   (0.21)   (0.11)   (0.12)   (0.15)
Net realized gains               (0.14)   (0.07)    
Total distributions   (0.15)   (0.28)   (0.21)   (0.25)   (0.19)   (0.15)
Net asset value, end of period  $11.34   $11.46   $11.04   $11.10   $12.33   $12.52 
Total return   0.3%(b)   6.3%   1.3%   (8.1)%   (0.1)%   3.4%
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $4,171,792   $4,146,322   $3,795,410   $3,814,359   $4,234,247   $4,201,639 
Ratio of expenses to average net assets before expense waivers   0.65%(c)   0.65%   0.65%   0.65%   0.65%   0.65%
Ratio of expenses to average net assets after expense waivers   0.57%(c)   0.57%   0.57%   0.57%   0.57%   0.57%
Ratio of net investment income to average net assets   2.65%(c)   2.48%   1.93%   0.97%   0.93%   1.21%
Portfolio turnover rate   23%(b)   39%   52%   55%   58%   40%

 

 

 

(a) Calculated based on the average shares method for the period.
(b) Not Annualized.
(c) Annualized.

 

See Notes to Financial Statements.

136
Old Westbury Funds, Inc.  
California Municipal Bond Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  




YEAR ENDED OCTOBER 31,
 
      2024   2023   2022   2021   2020 
Net asset value, beginning of period  $9.69   $9.36   $9.39   $10.38   $10.57   $10.37 
Investment operations:                              
Net investment income(a)   0.13    0.25    0.22    0.12    0.11    0.12 
Net realized and unrealized gain/(loss)   (0.13)   0.33    (0.04)   (0.91)   (0.11)   0.22 
Total from investment operations   0.00    0.58    0.18    (0.79)   0.00    0.34 
Distributions:                              
Net investment income   (0.13)   (0.25)   (0.21)   (0.11)   (0.11)   (0.12)
Net realized gains               (0.09)   (0.08)   (0.02)
Total distributions   (0.13)   (0.25)   (0.21)   (0.20)   (0.19)   (0.14)
Net asset value, end of period  $9.56   $9.69   $9.36   $9.39   $10.38   $10.57 
Total return   (0.0)%(b)(c)   6.2%   1.9%   (7.7)%   (0.1)%   3.3%
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $352,159   $368,329   $340,248   $314,887   $346,155   $400,367 
Ratio of expenses to average net assets before expense waivers   0.76%(d)   0.76%   0.76%   0.77%   0.76%   0.76%
Ratio of expenses to average net assets after expense waivers   0.57%(d)   0.57%   0.57%   0.57%   0.57%   0.57%
Ratio of net investment income to average net assets   2.70%(d)   2.56%   2.28%   1.17%   1.03%   1.13%
Portfolio turnover rate   10%(b)   35%   75%   60%   25%   26%

 

 

 

(a) Calculated based on the average shares method for the period.
(b) Not Annualized.
(c) Amount is greater than (0.05)%.
(d) Annualized.

 

See Notes to Financial Statements.

137
Old Westbury Funds, Inc.  
New York Municipal Bond Fund  
Financial Highlights
 

 

For a Share Outstanding Throughout Each Period.

 

   SIX
MONTHS
ENDED
APRIL 30,
2025
(Unaudited)
  




YEAR ENDED OCTOBER 31,
 
      2024   2023   2022   2021   2020 
Net asset value, beginning of period  $9.81   $9.45   $9.48   $10.43   $10.55   $10.42 
Investment operations:                              
Net investment income(a)   0.11    0.23    0.19    0.11    0.11    0.12 
Net realized and unrealized gain/(loss)   (0.10)   0.36    (0.04)   (0.91)   (0.05)   0.16 
Total from investment operations   0.01    0.59    0.15    (0.80)   0.06    0.28 
Distributions:                              
Net investment income   (0.11)   (0.23)   (0.18)   (0.11)   (0.11)   (0.12)
Net realized gains               (0.04)   (0.07)   (0.03)
Total distributions   (0.11)   (0.23)   (0.18)   (0.15)   (0.18)   (0.15)
Net asset value, end of period  $9.71   $9.81   $9.45   $9.48   $10.43   $10.55 
Total return   0.1%(b)   6.2%   1.6%   (7.7)%   0.6%   2.7%
Annualized ratios/supplemental data:                              
Net assets at end of period (000’s)  $590,133   $580,150   $548,955   $546,067   $626,544   $582,500 
Ratio of expenses to average net assets before expense waivers   0.74%(c)   0.74%   0.74%   0.74%   0.74%   0.75%
Ratio of expenses to average net assets after expense waivers   0.57%(c)   0.57%   0.57%   0.57%   0.57%   0.57%
Ratio of net investment income to average net assets   2.37%(c)   2.35%   1.93%   1.14%   1.01%   1.13%
Portfolio turnover rate   9%(b)   32%   48%   45%   23%   37%

 

 

 

(a) Calculated based on the average shares method for the period.
(b) Not Annualized.
(c) Annualized.

 

See Notes to Financial Statements.

138
Old Westbury Funds, Inc.  
Notes to Financial Statements  
  April 30, 2025
(Unaudited)
   
1. Organization:

 

Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of April 30, 2025, the Corporation consisted of ten separate investment portfolios (each series individually referred to as a “Fund” and collectively as the “Funds”) shown below:

 

Fund Name   Investment Objective
Old Westbury All Cap Core Fund (“All Cap Core Fund”)   Long-term capital appreciation.
Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”)   Long-term capital appreciation.
Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”)   Long-term capital appreciation.
Old Westbury Total Equity Fund (“Total Equity Fund”)*   Long-term capital appreciation.
Old Westbury Credit Income Fund (“Credit Income Fund”)   Income. Capital appreciation is a secondary objective.
Old Westbury Fixed Income Fund (“Fixed Income Fund”)   Total return (consisting of current income and capital appreciation).
Old Westbury Short-Term Bond Fund (“Short-Term Bond Fund”)   Income. Capital appreciation is a secondary objective.
Old Westbury Municipal Bond Fund (“Municipal Bond Fund”)   Total return (consisting of current income that is exempt from regular federal income tax and capital appreciation).
Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”)   Total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation).
Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”)   Total return (consisting of current income that is exempt from regular federal and New York income tax and capital appreciation).
     

 

* Total Equity Fund commenced operations on February 28, 2025.

 

As of April 30, 2025, the Corporation has authorized a total of 26.5 billion shares of common stock (par value $0.001 per share).

 

Under the Corporation’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties for the Corporation. In addition, in the normal course of business, the Corporation enters into contracts with vendors and others that provide for general indemnifications. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation. However, based on experience, the Corporation expects the risk of loss to be remote.

 

2. Significant Accounting Policies:

 

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

 

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative GAAP recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants such as the Corporation.

 

The Corporation qualifies as an investment company and follows accounting and reporting guidance as defined by the FASB in ASC 946, Financial Services - Investment Companies.

139
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
  April 30, 2025
(Unaudited)

 

A. Valuation of Investments. Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

 

Readily marketable equity securities traded in the over-the-counter market (“OTC”), including listed securities whose primary market is believed by Bessemer Investment Management LLC (“BIM”), or a sub-adviser, as applicable, to be over-the-counter, are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.

 

Shares of open-end investment companies are valued at the latest net asset value (“NAV”) reported by the investment company. Shares of investment companies that are traded intra-day on an exchange, such as exchange traded funds and closed-end funds, will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.

 

Debt instruments are valued on the basis of prices obtained from a broker-dealer or an approved pricing service.

 

Foreign securities generally are valued in their national currency at the latest available quoted sale price as of the close of trading on the foreign exchange or other principal market on which the security is traded. In the absence of current trade activity, the securities will be valued at the mean of the latest bid/ask quotations. As described below, this value is then converted into its U.S. dollar equivalent using the daily rate of exchange at the time of a Fund’s NAV calculation (normally 4:00 p.m. Eastern Time).

 

Forward currency contracts are valued at the mean between the bid and the asked prices. Quotations are available for regularly scheduled settlement dates such as on a 1-,2-,3-,4-,5-,6-,9-, and 12-month basis. Over-the-counter derivatives, such as swaps and non-exchange traded options and futures are valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser with BIM’s oversight where appropriate. An approved pricing service may also be used to price these instruments. Exchange-traded swaps, options and futures contracts and options thereon are valued at their last sale or settlement price as of the close of such exchanges or, if no sales are reported, at the mean between the last reported bid and asked prices. Repurchase agreements are valued at the original cost. Contracts for long puts and calls are valued at the bid price and short puts and calls are valued at the offering price of a broker-dealer or an exchange. Generally, options, rights/warrants and other “when-issued” securities follow the same pricing methods as equity securities.

 

Securities and other investments for which market quotations are not readily available are fair valued pursuant to policies and procedures approved by the Board. The Board has designated BIM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, and delegated to BIM the responsibility for making fair value determinations with respect to the Funds’ portfolio holdings. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Pricing Committee (as defined below), with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’s fair value.

 

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

 

In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing service vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment infor-

140
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
  April 30, 2025
(Unaudited)

 

mation, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 38 days and the Total Equity Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 20 days during the period ended April 30, 2025. As a result, on days when the index change exceeded predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level was not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of April 30, 2025, foreign securities were fair valued as the change in the S&P 500 Index exceeded the Funds’ predetermined Level.

 

The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. BIM, as the valuation designee, is responsible for (i) periodically assessing material valuation risks, including material conflicts of interest, and managing identified valuation risks; (ii) establishing and applying fair value methodologies, taking into account each of the Fund’s valuation risks; (iii) testing the appropriateness and accuracy of fair value methodologies selected, including identifying testing methods and minimum frequency for their use; and (iv) overseeing pricing services. BIM has established a pricing committee (the “Pricing Committee”) to fulfill certain functions under the valuation policies and procedures. Investments for which a market quotation is not readily available are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of the portfolio manager and any other relevant matters. When the fair valuation of investments uses significant unobservable inputs, such investments will be categorized as Level 3 in the fair value hierarchy.

 

The significant unobservable inputs used in fair value measurement of the Funds’ Level 3 investments may include, where applicable: (i) an estimation of a normalized earnings level or projected cash flows for the company; (ii) the discounts applied to the last available price of the investment or a selection of comparable investments due to the lack of marketability of the investment; (iii) values or bid offers by dealers or other third parties; and (iv) the value associated with the latest round of financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.

 

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

 

B. Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined using the specific identified cost method. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a reduction of cost of the related investment and/ or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.

 

C. Payment-In-Kind Securities. The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

 

For the period ended April 30, 2025, there were no in-kind payments received by the Funds with respect to PIK securities.

 

D. Foreign Currency Transactions. The books and records of the Funds are maintained in U.S. dollars. Investments and other assets and liabilities of the Funds denominated in a foreign currency, if any, are translated into U.S. dollars at current exchange rates as of the date of the Statements of Assets and Liabilities. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the dates of the transactions.

141
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
  April 30, 2025
(Unaudited)

 

The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, forward foreign currency exchange contracts, foreign currency transactions, and foreign capital gains taxes in the Statements of Operations.

 

Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.

 

E. Securities Sold. The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker to the extent required under applicable law and rules. Short sales by a Fund involve certain risks and special considerations.

 

The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. The Funds had no short sales outstanding at April 30, 2025.

 

F. Inflation-Protected Securities. The Funds may invest in inflation-protected securities, which unlike traditional debt securities that make fixed or variable principal and interest payments, are structured to provide protection against the negative effects of inflation. The value of the debt securities’ principal is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury currently uses the Consumer Price Index for Urban Consumers as a measure of inflation for Treasury Inflation-Protected Securities (“TIPS”). Other inflation-protected securities may not carry a similar guarantee by their issuer. A Fund may buy TIPS that are designed to provide an investment vehicle that is not vulnerable to inflation. The interest rate paid by TIPS is fixed. The principal value rises or falls semi-annually based on the changes in the published Consumer Price Index. If inflation occurs, the principal and interest payments on TIPS are adjusted to protect investors from inflationary loss. If deflation occurs, the principal and interest payments will be adjusted downward, although the principal will not fall below its face amount at maturity.

 

G. When-Issued and Delayed Delivery Securities. The Funds may purchase or sell securities that they are entitled to receive on a when-issued basis. The Funds may also purchase or sell securities on a delayed delivery basis. When-issued and delayed delivery securities involve risk that the security a Fund buys will lose value prior to its delivery. There is also a risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, a Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

 

H. Loan Participations and Assignments. The Credit Income Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the Secured Overnight Financing Rate, the London InterBank Offered Rate, the Certificate of Deposit Rate of a designated U.S. bank, the prime rate of a designated U.S. bank, the Federal Funds rate, or another base lending rate used by commercial lenders. The applicable spread may be fixed at time of issuance or may adjust upward or downward to reflect changes in credit quality of the borrower. A Fund may invest in loans that are investment grade, below investment grade (“junk”), or not rated by any nationally recognized statistical ratings organization. Loans that are rated lower than investment grade typically entail default and other risks greater than those associated with higher-rated loans. Generally, the lower the rating category, the riskier the investment. Typically, a Fund’s investments in loans are expected to take the form of loan participations and assignments of portions of loans from third parties.

 

Currently, the Credit Income Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Credit Income Fund’s investments in loans are expected in most instances to be in the form of assignments. Generally, when a Fund purchases an assignment of a loan from a lender, it will step into the position of the lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.

 

In connection with floating rate loan interests, the Funds may also enter into unfunded loan commitments (“commitments”). In connection with these commitments, the Funds earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which

142
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  April 30, 2025
(Unaudited)

 

is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked- to-market daily, and any unrealized appreciation or depreciation is included in the Statements of Assets and Liabilities and Statements of Operations. As of April 30, 2025, the Funds had no unfunded floating rate loan interests.

 

I. Credit Enhancements. Certain obligations held by the Funds have credit enhancement or liquidity features that may, under certain circumstances, provide for repayment of principal and interest on the obligation upon demand date, interest rate reset date or final maturity. These enhancements may include: letters of credit; liquidity guarantees; and third party insurance. The value of the obligations may be affected by changes in credit worthiness of the entities that provide any supporting letters of credit or other credit enhancements. The value of the obligations also will be affected by the exhaustion, termination or expiration of any credit enhancement.

 

J. Restricted and Illiquid Securities. The Funds may purchase securities which are subject to legal or contractual delays, restrictions, and costs on resale. Because of time limitations, the Funds might not be able to dispose of these securities at reasonable prices or at times advantageous to the Funds. Each Fund limits its illiquid investments to not more than 15% of its net assets. Illiquid investments, in general, are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

 

K. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Credit Income Fund, Fixed Income Fund, Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund and Total Equity Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

 

L. Expenses. Expenses that are directly related to one of the Funds are charged directly to that Fund on an accrual basis. Other operating expenses of the Corporation are prorated to each Fund on an accrual basis utilizing relative net assets or another reasonable basis.

 

3. Principal Risks:

 

A. Market and Credit Risk.

 

In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of, and income generated by, securities held by a Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness, or general market conditions, overall economic trends or events, governmental actions or intervention, armed conflicts, terrorist activities, political developments, actions taken by the Federal Reserve or other central banks, market disruptions caused by trade disputes or other events or circumstances, natural disasters, rapid inflation, supply chain disruptions, international sanctions, a pandemic or other public health crisis, currency and interest rate and price fluctuations, investor sentiment and other factors that may or may not be related to the issuer of the security or other asset. Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Changes in foreign currency exchange rates can affect the value of a Fund’s portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which a Fund has unsettled or open transactions may default. Financial assets, which potentially expose a Fund to credit and counterparty risks, consist principally of investments, receivables for securities sold and cash due from brokers. The Funds’ Adviser and sub-advisers, as applicable, review the creditworthiness of counterparties that they believe entail material credit risk in relation to the investment policies of a Fund. The extent of a Fund’s exposure to credit and counterparty risks with respect to these financial assets is generally represented by their values recorded in the Fund’s Statements of Assets and Liabilities.

 

B. Concentration Risk.

 

California Municipal Bond Fund and New York Municipal Bond Fund invest a substantial amount of their assets in municipal obligations of issuers located in a single state. This may subject each Fund to the risk that economic, political or social issues impacting a particular state could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Portfolios of Investments.

143
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
   
  April 30, 2025
(Unaudited)

 

C. Shareholder Concentration Risk.

 

As of April 30, 2025, the following Funds had omnibus accounts which each owned more than 5% of a Fund’s outstanding shares as shown below:

 

   # of Omnibus Accounts  % of Fund
All Cap Core Fund            1             98.64%
Large Cap Strategies Fund   1    97.95%
Small & Mid Cap Strategies Fund   1    98.57%
Total Equity Fund   1    99.98%
Credit Income Fund    1    99.42%
Fixed Income Fund    1    99.61%
Short-Term Bond Fund    1    99.35%
Municipal Bond Fund   1    99.27%
California Municipal Bond Fund   1    99.99%
New York Municipal Bond Fund   1    99.39%

 

4. Fair Value Measurements:

 

The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

•        Level 1 - quoted prices generally in active markets for identical securities.

 

•        Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit ratings, etc.).

 

•        Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The summary of inputs used to value the Funds’ investments as of April 30, 2025 is as follows:

 

     Level 1
Quoted Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs(a)
   Total 
All Cap Core Fund                      
Common Stocks    $2,923,109,632(b)  $77,882,079(b)  $   $3,000,991,711 
Exchange-Traded Funds     20,684,003            20,684,003 
Investment Company     50,956,117            50,956,117 
Total    $2,994,749,752   $77,882,079   $   $3,072,631,831 
                       
Large Cap Strategies Fund                      
Common Stocks    $15,455,008,692(b)  $6,945,836,609(b)  $   $22,400,845,301 
Rights/Warrants             0(b)   0 
Exchange-Traded Funds     129,202,596            129,202,596 
U.S. Government Securities         159,709,074        159,709,074 
Investment Company     193,347,336            193,347,336 
Other financial instruments - Assets Forward foreign currency exchange contracts         3,509,175(b)       3,509,175 
Total    $15,777,558,624   $7,109,054,858   $0   $22,886,613,482 
                       
Small & Mid Cap Strategies Fund                      
Common Stocks                      
Australia    $2,851,664   $209,022,288   $   $211,873,952 
Austria         62,277,183        62,277,183 
Bahamas     5,177,000            5,177,000 
144
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
   
  April 30, 2025
(Unaudited)

 

     Level 1
Quoted Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs(a)
   Total 
Belgium    $   $13,789,615   $   $13,789,615 
Brazil     41,007,351            41,007,351 
Canada     145,847,512            145,847,512 
Chile     10,193,663            10,193,663 
China     66,278,776    340,485,426        406,764,202 
Denmark         58,535,121        58,535,121 
Finland         42,501,051        42,501,051 
France         187,206,732        187,206,732 
Germany     27,814    166,439,645        166,467,459 
Greece         9,699,888        9,699,888 
Hong Kong         51,109,517        51,109,517 
India         35,252,638        35,252,638 
Indonesia         5,170,203        5,170,203 
Ireland     11,277,770    15,993,362        27,271,132 
Israel     24,595,993    83,078,157        107,674,150 
Italy     6,484,931    157,895,651        164,380,582 
Japan     44,633    887,845,073        887,889,706 
Luxembourg         2,754,613        2,754,613 
Macau         474,781        474,781 
Malaysia         4,418,015        4,418,015 
Mexico     5,027,198            5,027,198 
Netherlands     262,271    93,365,664        93,627,935 
New Zealand         11,742,379        11,742,379 
Norway     334,611    66,386,136        66,720,747 
Poland         25,748,522        25,748,522 
Portugal         12,336,676        12,336,676 
Puerto Rico     272,901            272,901 
Russia             0    0 
Singapore     44,268    54,121,972    4,428    54,170,668 
South Africa         63,781,045        63,781,045 
South Korea     2,050,656    115,768,647        117,819,303 
Spain         107,667,141        107,667,141 
Sweden         155,028,934        155,028,934 
Switzerland     3,285,711    149,318,138        152,603,849 
Taiwan         45,711,068        45,711,068 
Thailand         2,183,845        2,183,845 
Turkey         28,799,426        28,799,426 
United Kingdom     4,787,326    396,525,568        401,312,894 
United States     3,375,729,742    340,120        3,376,069,862 
Total Common Stocks    $3,705,581,791   $3,662,774,240   $4,428   $7,368,360,459 
Rights/Warrants                      
Italy             0    0 
Malaysia     55,252            55,252 
United States             0    0 
Total Rights/Warrants    $55,252   $   $0   $55,252 
Exchange-Traded Funds     599,437,185            599,437,185 
Investment Company     53,236,656            53,236,656 
Cash Sweep     119,369,261            119,369,261 
Total    $4,477,680,145   $3,662,774,240   $4,428   $8,140,458,813 
                       
Total Equity Fund                      
Common Stocks    $455,183,117   $150,026,699   $   $605,209,816 
Exchange-Traded Funds     6,807,235            6,807,235 
145
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
   
  April 30, 2025
(Unaudited)

 

     Level 1
Quoted Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs(a)
   Total 
Investment Company    $38,344,407   $   $   $38,344,407 
Total    $500,334,759   $150,026,699   $   $650,361,458 
                       
Credit Income Fund                      
Preferred Stocks    $4,678,249(b)   $   $   $4,678,249 
Exchange-Traded Funds     441,654,758            441,654,758 
Corporate Bonds         124,512,080(b)       124,512,080 
Asset-Backed Securities         351,676,581(b)       351,676,581 
Non-Agency Mortgage-Backed Securities         505,659,176(b)   9,742,064(b)   515,401,240 
U.S. Government Sponsored Agency Mortgage-Backed Securities         5,755,778(b)       5,755,778 
U.S. Government Securities         733,452,803        733,452,803 
Cash Sweep     105,417,029            105,417,029 
Other financial instruments - Assets Interest Rate Risk         2,025,422(b)       2,025,422 
Total    $551,750,036   $1,723,081,840   $9,742,064   $2,284,573,940 
                       
Fixed Income Fund                      
Corporate Bonds    $   $399,714,100(b)  $   $399,714,100 
Asset-Backed Securities         112,633,338(b)       112,633,338 
Non-Agency Mortgage-Backed Securities         358,811(b)       358,811 
U.S. Government Agencies         5,002,835        5,002,835 
U.S. Government Securities         940,402,547        940,402,547 
Investment Company     20,741,443            20,741,443 
Total    $20,741,443   $1,458,111,631   $   $1,478,853,074 
                       
Short-Term Bond Fund                      
Corporate Bonds    $   $32,056,532(b)  $   $32,056,532 
Asset-Backed Securities         7,800,314(b)       7,800,314 
U.S. Government Securities         52,408,579        52,408,579 
Investment Company     519,451            519,451 
Total    $519,451   $92,265,425   $   $92,784,876 
                       
Municipal Bond Fund                      
Municipal Bonds    $   $4,006,374,679(b)  $   $4,006,374,679 
Corporate Bonds         57,690,845(b)       57,690,845 
U.S. Government Securities         20,077,344        20,077,344 
Investment Company     117,788,413            117,788,413 
Total    $117,788,413   $4,084,142,868   $   $4,201,931,281 
                       
California Municipal Bond Fund                      
Municipal Bonds    $   $335,756,285(b)  $   $335,756,285 
Corporate Bonds         6,894,001(b)       6,894,001 
Investment Company     10,088,962            10,088,962 
Total    $10,088,962   $342,650,286   $   $352,739,248 
                       
New York Municipal Bond Fund                      
Municipal Bonds    $   $544,956,656(b)  $   $544,956,656 
Corporate Bonds         9,137,008(b)       9,137,008 
U.S. Government Securities         10,782,890        10,782,890 
146
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
   
  April 30, 2025
(Unaudited)

 

     Level 1
Quoted Prices
   Level 2
Significant
Observable
Inputs
   Level 3
Significant
Unobservable
Inputs(a)
   Total 
Investment Company    $18,004,641   $   $   $18,004,641 
Total    $18,004,641   $564,876,554   $   $582,881,195 

 

 

 

(a) The Large Cap Strategies Fund, the Small & Mid Cap Strategies Fund, and the Credit Income Fund held certain investments categorized as Level 3 that had a fair value less than 1% of NAV with a percentage of NAV as 0.00%, 0.00%, and 0.42%, respectively, for the period ended April 30, 2025. For the Small & Mid Cap Strategies Fund there were transfers out of Level 3 in the amount of $1,905,165 and for the Credit Income Fund there was a purchase of $788,179. The Funds’ instrument types classified as Level 3 investments are valued using recent transaction price or broker quotes.
(b) The classification of the Fund’s investments into major categories or countries is disclosed in the respective Fund’s Portfolio of Investments and in Note 5 for derivatives.  

 

The Fund did not have material transfers into or out of Level 3 during the six months ended April 30, 2025, with the exception of what is mentioned in footnote (a) above. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.

 

5. Derivative Instruments:

 

The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives. The use of derivatives exposes a Fund to risks in addition to and greater than those associated with investing directly in the instruments underlying those derivatives, including risks relating to leverage, market conditions and market risk, imperfect correlation (imperfect correlations with underlying instruments or the Fund’s other portfolio holdings), high price volatility, lack of availability, counterparty credit, illiquidity, valuation, operational and legal restrictions and risk. There is no guarantee that the use of derivatives will achieve their intended result.

 

The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts, as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges are viewed as presenting lower credit risk than bilateral counterparties. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.

 

The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the six months ended April 30, 2025.

 

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as due from brokers for collateral and payable to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.

147
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
  April 30, 2025
(Unaudited)

 

When counterparties post cash collateral with respect to various derivative transactions, a Fund may invest the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses on the Statements of Operations and expense ratio in the Financial Highlights.

 

As of April 30, 2025, the Funds had transactions subject to enforceable master netting arrangements (“MNA”). For reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements or another similar arrangement in the Statements of Assets and Liabilities. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

 

Large Cap Strategies Fund                    
Counterparty  Gross
Amounts of
Assets
Presented
in the
Statement
of Assets and
Liabilities
  Derivatives
Available
for Offset (a)
  Non-cash
Collateral
Received (b)
  Cash
Collateral
Received (b)
  Net
Amount of
Derivative
Assets (c)
                          
Barclays Bank Plc  $3,509,175   $   $   $(3,509,175)  $ 
                          
Credit Income Fund                         
Counterparty  Gross
Amounts of
Assets
Presented
in the
Statement
of Assets and
Liabilities
  Derivatives
Available
for Offset (a)
  Non-cash
Collateral
Received (b)
  Cash
Collateral
Received (b)
  Net
Amount of
Derivative
Assets (c)
                          
Barclays Bank Plc  $2,025,422   $   $   $(2,010,000)  $15,422 

 

(a) The amount of derivatives available for offset is limited to the amount of assets and/or liabilities that are subject to a MNA or another similar arrangement.
(b) Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes.
(c) Net amount represents the net amount receivable from/payable to counterparty in the event of default.

 

The Funds may be subject to, among other risks, interest rate risk, equity price risk, commodity risk and foreign currency exchange risk in the normal course of pursuing their investment objectives by investing in various derivative financial instruments, as described below.

 

For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:

 

   Fair Values of Derivative Instruments as of April 30, 2025
   Derivative Assets   Derivative Liabilities 
           
Large Cap Strategies Fund  Statements of Assets
and Liabilities
Location
  Value   Statements of Assets
and Liabilities
Location
  Value 
Forward Foreign Currency Exchange Risk  Unrealized appreciation on forward foreign currency exchange contracts  $3,509,175   Unrealized depreciation on forward foreign currency exchange contracts  $ 
                 
148
Old Westbury Funds, Inc.  
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  April 30, 2025
(Unaudited)

 

   Fair Values of Derivative Instruments as of April 30, 2025
   Derivative Assets   Derivative Liabilities 
               
Credit Income Fund  Statements of Assets
and Liabilities
Location
  Value   Statements of Assets
and Liabilities
Location
  Value 
Interest Rate Risk  Unrealized appreciation on swap agreements  $2,025,422   Unrealized depreciation on swap agreements  $ 

 

   The Effect of Derivative Instruments on the Statements of Operations
 For the Period Ended April 30, 2025
 Net Realized Gain/(Loss) from Derivatives Recognized in Income
                        
Large Cap Strategies Fund  Purchased
Options
and
Structured
Options
(Investments)
 Written
Options
and
Structured
Options
  Futures
Contracts
  Swap
Agreements
  Foreign
Currency
Exchange
Contracts
  Total
Forward Foreign Currency Exchange Risk  $   $    $   $   $(5,229,143)  $(5,229,143)
                                 
Credit Income Fund  Purchased
Options
and
Structured
Options
(Investments)
 Written
Options
and
Structured
Options
  Futures
Contracts
  Swap
Agreements
  Foreign
Currency
Exchange
Contracts
  Total
Interest Rate Risk  $   $    $(1,689,872)  $(714,828)  $   $(2,404,700)
                                 

 

   Net Change in Unrealized Appreciation/(Depreciation)
on Derivatives Recognized in Income
                                 
Large Cap Strategies Fund  Purchased
Options
and
Structured
Options
(Investments)
 Written
Options
and
Structured
Options
  Futures
Contracts
  Swap
Agreements
  Foreign Currency
Exchange
Contracts
  Total
Forward Foreign Currency Exchange Risk   $   $    $   $   $9,035,327   $9,035,327 
149
Old Westbury Funds, Inc.  
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  April 30, 2025
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Credit Income Fund  Purchased
Options
and
Structured
Options
(Investments)
  Written
Options
and
Structured
Options
  Futures
Contracts
  Swap
Agreements
  Foreign Currency
Exchange
Contracts
  Total
Interest Rate Risk  $   $   $   $3,312,757   $   $3,312,757 

 

For the period ended April 30, 2025, the quarterly average volume of derivative activities was as follows:

 

   Large Cap Strategies
Fund
   Credit Income Fund 
Forward Foreign Currency Contracts Sold (U.S. Dollar Amounts)  $93,312,843   $ 
Total Return Swaps (Notional Amounts in U.S. Dollars)       137,500,000 

 

A. Futures Contracts. The Funds may purchase and write (sell) futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.

 

Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to a futures commission merchant an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to pursue their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade and exchanges are viewed as presenting lower credit risk than bilateral counterparties.

 

B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund, California Municipal Bond and New York Municipal Bond) may enter into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open. Risks may arise upon entering into these contracts from, for example, the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.

 

In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain on the contract.

 

The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.

 

C. Swap Agreements. The Funds may enter into swap agreements, which are agreements involving two parties to exchange the return generated by a security, currency, commodity, interest rate, index, or other measures for the return generated by another instrument, for example, the agreement to pay interest in exchange for a market-linked return based on a notional amount. The Funds entered into total return, interest rate and other swap agreements. Interest rate swap agreements generally involve the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as

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realized gains or losses, respectively. Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.

 

D. Options. The Funds may purchase and write (sell) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.

 

Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.

 

A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.

 

In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.

 

A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade and exchanges are viewed as presenting lower credit risk than bilateral counterparties. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).

 

The Credit Income Fund may invest in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.

151
Old Westbury Funds, Inc.  
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  April 30, 2025
(Unaudited)

 

6. Investment Advisory Fee, Administration Fee and Other Transactions:

 

A. Investment Advisory Fees. The Funds’ investment adviser is BIM, a wholly-owned subsidiary of Bessemer Trust Company, N.A. (“Bessemer”). Bessemer is a subsidiary of The Bessemer Group, Incorporated (“BGI”). The investment advisory fee paid to BIM for advisory services is computed daily and paid monthly in accordance with the following schedule:

 

    First $500 million of
average net assets
  Next $500 million
to $1 billion of
average net assets
  Average net assets
exceeding $1 billion
  Blended
Advisory Rate
All Cap Core Fund   0.75%   0.70%   0.65%   0.67%
Total Equity Fund   0.80%   0.75%   0.70%   0.80%
Credit Income Fund   0.65%   0.60%   0.55%   0.58%
Fixed Income Fund   0.45%   0.40%   0.35%   0.40%
Municipal Bond Fund   0.45%   0.40%   0.35%   0.37%
California Municipal Bond Fund   0.45%   0.40%   0.35%   0.45%
New York Municipal Bond Fund   0.45%   0.40%   0.35%   0.44%

 

    Average net assets
Small & Mid Cap Strategies Fund   0.85%
Short-Term Bond Fund   0.32%

 

    First $1.25 billion of
average net assets
  Next $1.25 billion
to $2.5 billion of
average net assets
  Average net assets
exceeding $2.5
billion
  Blended
Advisory Rate
Large Cap Strategies Fund   0.90%   0.85%   0.80%   0.81%

 

BIM has retained Acadian Asset Management, LLC (“Acadian”), Champlain Investment Partners, LLC (“Champlain”), and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Champlain, and Polunin are paid for their services directly by BIM. Artisan Partners Limited Partnership (“Artisan”) previously served as a sub-adviser to the Small & Mid Cap Strategies Fund and was terminated effective February 27, 2025. Artisan was paid for its services directly by BIM.

 

BIM has retained Aikya Investment Management Limited (“Aikya”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to each manage a segment of the Large Cap Strategies Fund. Aikya and Sands are paid for their services directly by BIM.

 

BIM has retained Aikya, Polunin and Sands as sub-advisers to each manage a segment of the Total Equity Fund by providing a model portfolio to BIM on an ongoing basis. Aikya, Polunin and Sands are paid for their services directly by BIM.

 

BIM has retained BlackRock Financial Management, Inc. (“BlackRock”) and Muzinich & Co., Inc. (“Muzinich”) as sub-advisers to each manage a segment of the Credit Income Fund. BlackRock and Muzinich are paid for their services directly by BIM.

 

B. Administration, Fund Accounting, Transfer Agent and Underwriting Fees. The Corporation, on behalf of each Fund, has entered into an administrative oversight, supervision and coordination services agreement (the “Administrative Agreement”) with Bessemer, pursuant to which Bessemer and Bessemer Trust Company (“BTCO”), an affiliate of BIM, provide certain non- advisory services to the Funds, such as the maintenance of records, the provision of supervisory personnel and the monitoring of the other non-advisory service providers. Under the Administrative Agreement, each Fund pays an annual fee of 0.03% of its average daily net assets for such services. The Bank of New York Mellon (“BNY”) and BNY Mellon Investment Servicing (US) Inc. act as administrator and fund accounting agent and transfer agent, respectively, for the Funds pursuant to an Administration and Accounting Services Agreement and a Transfer Agency Services Agreement, respectively. Certain Officers of the Funds are also employees of BNY.

 

The Corporation entered into an Underwriting Agreement with Foreside Funds Distributors LLC for the limited purpose of acting as statutory underwriter to facilitate the registration and distribution of shares of the Funds.

 

C. Distribution and Shareholder Servicing Fees. The Funds have adopted a shareholder servicing plan (the “Shareholder Servicing Plan”) with Bessemer, pursuant to which Bessemer serves as a shareholder servicing agent and provides certain shareholder support services. Bessemer may engage shareholder sub-servicing agents, such as broker/dealers, banks, trust companies, investment advisers, and other financial institutions and intermediaries to provide certain shareholder support services and is solely responsible for paying each such shareholder

152
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
April 30, 2025
  (Unaudited)

 

sub-servicing agent from the fee it receives from each of the Funds. Each Fund pays for shareholder support services an annual fee of 0.20% of its average daily net assets.

 

D. Custody Fees. The All Cap Core Fund, Large Cap Strategies Fund, Total Equity Fund, Fixed Income Fund, Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian. The Small & Mid Cap Strategies Fund has retained BTCO to serve as its co-custodian. Pursuant to the Funds’ Custody Agreements, BTCO is responsible for maintaining the custody of these Funds’ securities and cash. BTCO serves as custodian for the Small & Mid Cap Strategies Fund only with respect to equity securities of U.S. companies (other than exchange-traded funds) and securities in the form of depositary receipts directly managed by BIM, income, other payments and distributions issued with respect to such securities, proceeds of the sale of such securities, and cash, cash equivalents and money market instruments received and held by BTCO from time to time on behalf of the Small & Mid Cap Strategies Fund. For providing these services, BTCO receives a fee calculated and paid monthly at the annual rate of 0.065% of the average daily net assets of the non-U.S. investments for All Cap Core Fund, Large Cap Strategies Fund and Total Equity Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund, Short-Term Bond Fund, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund, Large Cap Strategies Fund and Total Equity Fund. The Credit Income Fund has retained Citibank, N.A. (“Citibank”) to serve as its custodian and the Large Cap Strategies Fund and Small & Mid Cap Strategies Fund have retained Citibank to serve as their co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash and assets of the Large Cap Strategies Fund, Small & Mid Cap Strategies Fund and Credit Income Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.

 

E. Fee Waivers. BIM has contractually committed through October 31, 2026 to waive its advisory fees to the extent necessary to maintain the net operating expense ratios, excluding fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses, if any, of the All Cap Core Fund at 0.95%, the Large Cap Strategies Fund at 1.10%, the Small & Mid Cap Strategies Fund at 1.10%, the Total Equity Fund at 0.98%, the Credit Income Fund at 0.85%, the Fixed Income Fund at 0.57%, the Short-Term Bond Fund at 0.37%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57% and the New York Municipal Bond Fund at 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the period ended April 30, 2025, BIM waived $85,460 for the All Cap Core Fund, $1,784,518 for the Small & Mid Cap Strategies Fund, $79,678 for the Total Equity Fund, $166,495 for the Credit Income Fund, $832,654 for the Fixed Income Fund, $145,451 for the Short-Term Bond Fund, $1,606,623 for the Municipal Bond Fund, $343,084 for the California Municipal Bond Fund, and $488,473 for the New York Municipal Bond Fund. The contractual advisory fee waivers may be changed or terminated at any time with the approval of the Board. BIM, however, does not have the ability to recapture fees currently being waived at a later date.

 

F. Board of Directors’ Fees. Each Director who is not an “interested person” of the Corporation (as that term is defined under the 1940 Act) (each, an “Independent Director”) receives from the Funds a total annual retainer of $240,000, plus $30,000 for serving as Board’s Chairperson and $15,000 as the Audit Committee Chairperson.

 

Each Independent Director is reimbursed for all out-of-pocket expense relating to attendance at meetings of the board and any Board committee. Directors who are not independent Directors, officers or employees of BIM and BNY do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.

 

G. Other Transactions. Cross trades for the six months ended April 30, 2025 were executed by the Funds pursuant to Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds to which BTCO serves as investment advisor. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7. For the six months ended April 30, 2025, the purchase and sale transactions with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

 

   Purchases   Sales   Net Realized
Gain
 
All Cap Core Fund  $   $152,109,365   $27,115,454 
Large Cap Strategies Fund       25,955,184    8,202,934 
Small & Mid Cap Strategies Fund       4,893,778    288,177 
Total Equity Fund   182,958,327         
153
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
April 30, 2025
  (Unaudited)

 

7. Securities Transactions:

 

Investment transactions for the period ended April 30, 2025, excluding short-term debt investments and U.S. Government securities, were as follows:

 

   Purchases   Sales 
All Cap Core Fund  $687,083,249   $1,004,353,150 
Large Cap Strategies Fund   6,272,720,035    7,978,713,825 
Small & Mid Cap Strategies Fund   3,091,657,941    3,725,232,100 
Total Equity Fund   618,611,160    8,179,471 
Credit Income Fund   141,999,142    206,204,715 
Fixed Income Fund   153,966,319    97,261,033 
Short-Term Bond Fund   16,079,902    1,875,945 
Municipal Bond Fund   1,041,870,568    888,601,154 
California Municipal Bond Fund   26,695,198    29,282,310 
New York Municipal Bond Fund   53,668,495    20,872,088 

 

Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the period ended April 30, 2025 were as follows:

 

   Purchases   Sales 
Credit Income Fund  $74,138,855   $3,960,893 
Fixed Income Fund   600,225,649    583,358,235 
Short-Term Bond Fund   32,350,123    11,183,922 
Municipal Bond Fund   19,715,625    47,890,898 
California Municipal Bond Fund   7,393,359    12,455,039 
New York Municipal Bond Fund   9,857,813    30,428,516 

 

8. Redemptions in-kind:

 

When considered to be in the best interest of all shareholders, the Fund may distribute portfolio securities as payment for redemptions of Fund shares (redemptions in-kind). Gains and losses realized on redemptions in-kind are not recognized for tax purposes and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended October 31, 2024, the All Cap Core Fund realized a net gain of $57,604,732 on $125,090,580 of redemptions in-kind, including cash of $2,390,404, with affiliates of BIM. During the six months ended April 30, 2025, there was no such activity.

 

9. Federal Income Taxes:

 

It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to make distributions from net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from utilization of earnings and profits on shareholder redemptions. Financial records are not adjusted for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.

154
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
April 30, 2025
  (Unaudited)

 

As of April 30, 2025, the tax cost of investments and the breakdown of unrealized appreciation/(depreciation) for each Fund were as follows:

 

   Cost of
Investments
Federal
Income Tax
Purposes
   Gross
Unrealized
Appreciation
on Investments
   Gross
Unrealized
Depreciation
on Investments
   Net
Unrealized
Appreciation
(Depreciation)
on Investments
 
All Cap Core Fund  $1,943,424,653   $1,177,158,259   $(47,951,081)  $1,129,207,178 
Large Cap Strategies Fund   15,436,712,808    7,889,367,037    (442,975,538)   7,446,391,499 
Small & Mid Cap Strategies Fund   7,245,444,057    1,354,170,482    (459,155,726)   895,014,756 
Total Equity Fund   648,436,954    7,825,773    (5,901,269)   1,924,504 
Credit Income Fund   2,777,914,561    30,143,580    (525,509,623)   (495,366,043)
Fixed Income Fund   1,466,095,298    18,419,513    (5,661,737)   12,757,776 
Short-Term Bond Fund   92,042,311    749,553    (6,988)   742,565 
Municipal Bond Fund   4,248,478,867    14,426,046    (60,973,632)   (46,547,586)
California Municipal Bond Fund   357,770,773    924,487    (5,956,012)   (5,031,525)
New York Municipal Bond Fund   594,709,226    946,675    (12,774,706)   (11,828,031)

 

The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as capital gains and in certain situations, unrealized gains. These taxes are accrued and applied to net investment income, net realized gains and unrealized gains, if applicable, as such income and/or gains are earned.

 

The tax character of distributions from the Funds during the year ended October 31, 2024 was as follows:

 

  

All Cap Core

Fund

 

Large Cap

Strategies Fund

 

Small & Mid Cap

Strategies Fund

 

Credit Income

Fund

Distributions paid from:                    
Ordinary income  $6,016,433   $122,213,975   $52,892,671   $136,598,824 
Net Long Term Capital Gains   245,752,964             
Total Taxable Distributions   251,769,397    122,213,975    52,892,671    136,598,824 
Tax Exempt Distributions                
Total Distributions Paid  $251,769,397   $122,213,975   $52,892,671   $136,598,824 

 

   Fixed Income
Fund
  Short-Term Bond
Fund
  Municipal Bond
Fund
  California
Municipal Bond
Fund
  New York
Municipal Bond
Fund
Distributions paid from:                         
Ordinary income  $54,186,280   $554,994   $22,074,297   $2,342,791   $3,337,459 
Net Long Term Capital Gains                    
Total Taxable Distributions   54,186,280    554,994    22,074,297    2,342,791    3,337,459 
Tax Exempt Distributions           76,720,258    6,847,401    9,923,681 
Total Distributions Paid  $54,186,280   $554,994   $98,794,555   $9,190,192   $13,261,140 

 

 

The difference in classification between the amounts reflected above and the Statements of Changes in Net Assets is primarily due to short-term capital gain distributions.

 

As of and during the year ended October 31, 2024, the Funds did not have any liabilities for any uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The statute of limitation on each Fund’s U.S. federal income tax returns remains open for each of the four years ended October 31, 2024. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

155
Old Westbury Funds, Inc.  
Notes to Financial Statements - (Continued)  
April 30, 2025
  (Unaudited)

 

As of October 31, 2024, the capital loss carryforwards of the below Funds are available to offset future realized capital gains in accordance with the Regulated Investment Company Modernization Act of 2010. This capital loss carryforward is not subject to expiration and must first be utilized to offset future realized gains of the same character.

 

   Short-Term
Capital Loss
Carryforward
  Long-Term
Capital Loss
Carryforward
Credit Income Fund  $77,917,182   $99,701,201 
Fixed Income Fund   20,911,687    131,234,858 
Municipal Bond Fund   73,373,789    130,366,649 
California Municipal Bond Fund   6,318,983    10,324,397 
New York Municipal Bond Fund   6,341,899    14,583,041 

 

The capital loss carryforward will reduce the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax.

 

Under current tax law, ordinary losses incurred after December 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The All Cap Core Fund had late year loss deferrals of $401,804 in the year ended October 31, 2024.

 

10. Commitments:

 

The Credit Income Fund may invest in floating rate loan interests. In connection with these investments, the Credit Income Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Credit Income Fund to furnish temporary financing to a borrower until permanent financing can be arranged.

 

As of April 30, 2025, the Credit Income Fund had no outstanding bridge loan commitments. In connection with these commitments, the Credit Income Fund would earn a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which would be included in interest income in the Statements of Operations, is recognized ratably over the commitment period.

 

11. Subsequent Events:

 

Management has evaluated the impact of all subsequent events on the Funds and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

156
Old Westbury Funds, Inc.  
Additional Information (Unaudited)  
  April 30, 2025

 

Information on Proxy Voting:

 

The Funds’ voting record is available (i) without charge, upon request, by calling (800) 607-2200, (ii) free of charge on our website (https:// www.oldwestburyfunds.com), and (iii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

 

Information on Form N-PORT

 

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. The Funds’ Forms N-PORT is available (i) without charge, upon request, by calling (800) 607-2200, (ii) free of charge on our website (https://www.oldwestburyfunds.com), and (iii) on the SEC’s website at http://www.sec.gov.

157
Old Westbury Funds, Inc.  
Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited)
April 30, 2025

 

At a special meeting held on January 13, 2025, the Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the agreements defined below (“Independent Directors”), unanimously determined to approve the Advisory Agreement Amendment with Bessemer Investment Management LLC (“BIM” or the “Adviser”) and each of the proposed Sub-Advisory Agreements with Aikya Investment Management Limited (“Aikya”), Polunin Capital Partners Limited (“Polunin”), and Sands Capital Management, LLC (“Sands Capital”) (collectively, the “Sub-Advisers”) on behalf of the Old Westbury Total Equity Fund (the “New Fund”).

 

In approving the Advisory Agreement Amendment and each of the proposed Sub-Advisory Agreements the Board considered information about the Adviser and each of the Sub-Advisers, including the 15(c) materials and other information provided in reports and presentations throughout the year, and supplemental information provided with respect to the New Fund. The Board’s conclusions were based on the comprehensive consideration of information presented to it and are not the result of any single controlling factor.

 

The Board noted that its decision with respect to the Advisory Agreement Amendment and each of the Sub-Advisory Agreements may have also been based, in part, on the Board’s knowledge of the Adviser and each Sub-Adviser resulting from, among other things, the Board’s consideration of sub-advisory agreements with the Sub-Advisers in prior years, the sub-advisory agreements for other funds in the Corporation, the Board’s review throughout the year of the performance and operations of funds in the Corporation and each Director’s business judgment and industry experience.

 

The following summarizes the primary materials and factors that the Directors considered and the conclusions they reached in approving the Advisory Agreement Amendment and each of the Sub-Advisory Agreements on behalf of the New Fund. The Board’s decision was made separately with respect to each Sub-Advisory Agreement.

 

(1) The nature, extent and quality of services to be provided by the Adviser and Sub-Advisers.

 

The Board considered the nature, extent and quality of services to be provided to the New Fund under the Advisory Agreement Amendment and each of the Sub-Advisory Agreements. The Board took into account information provided by the Adviser regarding the design, investment objective and strategies and fees and expenses of the New Fund in connection with its meetings on January 13, 2025 and November 21, 2024. The Board also took into account information that it had reviewed earlier in the year as it relates to the Adviser and the Sub-Advisers in connection with its annual review of the Investment Advisory Agreement and Sub-Advisory Agreements for the existing funds in the Corporation. The Board considered the experience and skills of the investment personnel, the resources made available to such personnel and the organizational depth of the Adviser and the Sub-Advisers.

 

The Directors noted that, in addition to managing the overall investment program of the New Fund, the Adviser will provide day-to-day portfolio management for a portion of the Fund and will implement the investment recommendations of the Sub-Advisers pursuant to model portfolios provided by the Sub-Advisers and construct a portfolio for the New Fund that represents the aggregation of the Adviser’s portions of the New Fund’s portfolio and the model portfolios provided by the Sub-Advisers, with the weighting of each Sub-Adviser’s model portfolio in the total portfolio determined by the Adviser. The Directors also considered that the Adviser and its affiliates will provide, at their expense, personnel responsible for supervising the provision of compliance, administrative, accounting and related services, including valuation of the New Fund’s portfolio of investments, reports and filings with regulatory authorities and services related to such functions. In addition, the Board took into account the Adviser’s long-standing relationship with the Corporation. The Board also considered the Adviser’s compliance program.

 

The Board considered the scope and quality of services to be provided to the New Fund by the Sub-Advisers. The Board considered that each Sub-Adviser would manage its allocated portion of the New Fund’s portfolio by providing a model portfolio to the Adviser on an ongoing basis and each Sub-Adviser will use its research and securities selection processes in constructing its model portfolio. The Board considered that the Sub-Advisers serve as sub-advisers to other funds in the Corporation and took into account their history in sub-advising those portfolios as well as their compliance and operational histories with respect to such portfolios.

 

The Directors evaluated these factors based on their direct experience with the Adviser and the Sub-Advisers, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors. Based on these factors, among other considerations, the Directors concluded that they were satisfied with the nature, quality and extent of services anticipated to be provided by the Adviser and the Sub-Advisers.

 

(2) The performance of the New Fund and the Adviser and Sub-Advisers.

 

The Board noted that because the New Fund had not commenced operations, there was no performance information for the New Fund for the Board to consider at this time but that the Board would review the New Fund’s performance going forward. The Board considered the Adviser’s expertise and ability to manage an investment strategy similar to that of the New Fund and it considered Aikya’s, Polunin’s, and Sands Capital’s historical performance for sleeves of another series of the Corporation sub-advised by Aikya, Polunin, and Sands Capital, respectively. Based on these considerations, among others, the Board determined that the Adviser and the Sub-Advisers had demonstrated an ability to

158
Old Westbury Funds, Inc.  
Approval of Advisory Agreement Amendment with Bessemer Investment Management LLC and Sub-Advisory Agreements with Aikya Investment Management Limited, Polunin Capital Partners Limited, and Sands Capital Management, LLC, on behalf of the Old Westbury Total Equity Fund (Unaudited) - (Continued)
  April 30, 2025

 

capably manage assets in the styles expected to be used in connection with the New Fund and concluded that the information considered supported a determination to approve the Advisory Agreement Amendment and each Sub-Advisory Agreement.

 

(3) The cost of the advisory services and the anticipated profits to the Adviser and its affiliates from the relationship with the New Fund.

 

The Board considered the New Fund’s proposed advisory fees, operating expenses and estimated total expense ratio, and compared them to fees and expenses of the peer group presented. The Board considered that the New Fund’s proposed advisory fee was greater than the median for its peer group. The Board also considered that the Adviser provided not only supervisory services, but also direct day-to-day investment management over portions of the New Fund’s assets and would be responsible for implementing the Sub-Advisers’ model portfolios. The Board also considered that the New Fund’s total anticipated net expenses were below the peer group median. The Board also noted the advisory fee breakpoints as well as the Adviser’s contractual commitment to waive its advisory fee to the extent necessary to ensure that the net annual fund operating expense ratio (excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short, and acquired fund fees and expenses) do not exceed 0.98%. The Board considered the proposed sub-advisory fees and noted that Aikya’s, Polunin’s, and Sands Capital’s respective sub-advisory fees would be paid entirely by the Adviser. Additionally, the Board considered the Adviser’s anticipated profitability from its relationship to the New Fund. Based on these considerations as well as other factors, including the fact that the New Fund is intended to be used principally as an asset allocation vehicle for client accounts of Bessemer and its affiliates, the Board, including all of the Independent Directors, concluded that the New Fund’s advisory fee schedule and sub-advisory fees were fair and reasonable in light of the quality of services expected to be provided to the New Fund by the Adviser and the Sub-Advisers.

 

(4) The extent to which economies of scale will be realized as the New Fund grows and whether fee levels reflect those economies of scale.

 

The Board considered whether economies of scale would be realized with respect to the management of the New Fund and whether the New Fund would benefit from any such economies of scale. In this regard, the Directors noted the advisory fee breakpoint levels with respect to the New Fund. The Directors also noted that the Adviser would bear Aikya’s, Polunin’s, and Sands Capital’s sub-advisory fees. As the New Fund had not yet commenced investment operations, the Directors concluded that it was not possible to determine whether economies of scale were currently in existence. The Directors determined to continue to monitor this in the future.

 

(5) Ancillary benefits and other factors.

 

The Directors also considered other benefits expected to be received by the Adviser from the management of the New Fund. The Board considered the compensation to be paid by the New Fund to affiliates of the Adviser for other services, including administrative services, shareholder servicing and custody. The Board considered comparative information relating to the fees charged for certain non-advisory services. The Board also considered the intended principal use of the New Fund as an asset allocation investment vehicle for clients of Bessemer and its affiliated banks and trust companies, with the resulting expectation that the asset size of the New Fund would grow as Bessemer’s client base grows. The Board also considered whether there were other benefits expected to be received by the Adviser, Aikya, Polunin, Sands Capital, or their affiliates, from the Adviser’s, Aikya’s, Polunin’s, and Sands Capital’s relationship with the New Fund, including potential future increases in profitability to the Adviser resulting from the Sub-Advisers’ sub-advisory fee schedules. The Board determined to monitor these matters and concluded that the proposed advisory and sub-advisory fees were reasonable in light of these fall-out benefits and other factors.

 

Conclusion.

 

The Board, including all of the Independent Directors, concluded that the fees payable under the Advisory Agreement Amendment and each of the Sub-Advisory Agreements for the New Fund were fair and reasonable with respect to the services that the Adviser and each Sub-Adviser provide, in light of the factors described above that the Board deemed relevant. The Board, including all of the Independent Directors, unanimously approved the Advisory Agreement Amendment and each of the Sub-Advisory Agreements. The Board based its decision on an evaluation of these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Independent Counsel in making this determination.

159
Old Westbury Funds, Inc.  
Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small & Mid Cap Strategies Fund (Unaudited)
  April 30, 2025

 

At a meeting held on February 20, 2025, the Board of Directors, including the Independent Directors, unanimously determined to approve the amendment to the sub-advisory agreement with Polunin Capital Partners Limited (“Polunin”) on behalf of Small & Mid Cap Strategies Fund (the “Fund”) with respect to the new international value strategy (the “Amendment”).

 

In approving the Amendment, the Board considered the overall fairness of the Amendment and whether the Amendment was in the best interests of the Fund. The Board also considered information about Bessemer Investment Management LLC (“BIM” or the “Adviser”) and Polunin and materials presented in advance of the Meeting as well as other information furnished to the Board throughout the year, including in connection with its contract review meetings held in April and July 2024, as and to the extent deemed relevant by the Directors. In this regard, the Board noted that it had received and reviewed information regarding Polunin, and the services to be provided by Polunin to the Fund under the Amendment. This information, which included Polunin’s response to a due diligence questionnaire, as well as information concerning Polunin’s organization, compliance program and financial condition, formed, in part, the primary (but not exclusive) basis for the Board’s determinations. The Board also noted that the Directors had earlier in the Meeting discussed with the Adviser its recommendation that the Board approve the Amendment and, during executive sessions over the prior year, the Independent Directors had met with their counsel (“Independent Counsel”) and counsel to the Corporation (“Counsel”) and reviewed their legal duties and responsibilities in considering and approving advisory agreements and discussed materials and other information provided to them. The Board concluded that they had received adequate information to make a reasonable determination with respect to the approval of the Amendment.

 

The Board noted that its decision with respect to the Amendment may have also been based, in part, on the Board’s knowledge of Polunin resulting from, among other things, the Board’s consideration of the sub-advisory agreement with Polunin in prior years, the sub-advisory agreements for other funds in the Corporation, the Board’s review throughout the year of the performance and operations of funds in the Corporation and each Director’s business judgment and industry experience.

 

The Board’s conclusions are based on the comprehensive consideration of information presented to it and are not the result of any single controlling factor.

 

The following summarizes the primary factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the Amendment.

 

(1) The nature, extent and quality of services to be provided by Polunin.

 

The Board considered the scope and quality of services to be provided by Polunin under the Amendment. The Board also considered, among other things, the qualifications and experience of the individual portfolio managers that would be responsible for managing Polunin’s applicable portion of the Fund. The Board took into account Polunin’s portfolio management, compliance, operational, and trading history. The Board considered the experience and skills of Polunin’s investment personnel, the resources made available to such personnel and the organizational structure of Polunin.

 

Based on these considerations, among others, the Board concluded that the nature, extent, and quality of services to be provided by Polunin were expected to be satisfactory.

 

(2) The performance of Polunin.

 

The Board considered performance data with respect to other accounts managed or sub-advised by Polunin, including another portion of the Fund, which pursue different investment strategies. In addition, the Board considered discussions between the proposed portfolio management team and the Board that occurred during the Meeting.

 

Based on these considerations, among others, the Board determined that Polunin had demonstrated an ability to appropriately manage assets in the style expected to be used by Polunin in connection with the applicable portion of the Fund and the Board concluded that its review of performance and related information supported a determination to approve the Amendment.

 

(3) The cost of the advisory services and profitability.

 

The Directors noted that the fee payable to Polunin under the Amendment would be paid entirely by the Adviser and the relevance of Polunin’s profitability was considered by the Directors in that context.

 

Based on these considerations, among others, the Board, including all of the Independent Directors, concluded that the sub-advisory fee to be paid to Polunin under the Amendment was fair and reasonable in light of the quality of services to be provided by Polunin.

160
Old Westbury Funds, Inc.  
Approval of Amendment of Sub-Advisory Agreement with Polunin Capital Partners Limited on behalf of the Old Westbury Small & Mid Cap Strategies Fund (Unaudited) - (Continued)
  April 30, 2025

 

(4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

 

The Board considered whether any economies of scale would be realized with respect to the management of the Fund and whether the Fund would benefit from any such economies of scale. The Board noted in this regard that BIM would bear Polunin’s sub-advisory fee. The Directors undertook to continue to review the appropriateness of the sub-advisory fee, taking into account the potential impact of economies of scale, over time.

 

(5) Ancillary benefits and other factors.

 

The Board also considered whether there were other benefits expected to be received by the Adviser, Polunin, or their affiliates, from Polunin’s relationship with the Fund. The Board determined to monitor these matters and concluded that the proposed sub-advisory fee was reasonable in light of these fall-out benefits and other factors.

 

Conclusion

 

The Board, including all of the Independent Directors, concluded that the fee to be paid to Polunin under the Amendment was fair and reasonable with respect to the services that Polunin would provide, in light of the factors described above and others that the Board deemed relevant. The Board based its decision on an evaluation of these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.

161

Investment Adviser:

Bessemer Investment Management LLC
1271 Avenue of the Americas
New York, NY 10020
(212) 708-9100

 

Distributor:

Foreside Funds Distributors LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

 

Custodians:

Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095

 

Citibank, N.A.
388 Greenwich Street
New York, NY 10013

Administrator:

The Bank of New York Mellon
103 Bellevue Parkway
Wilmington, DE 19809

 

Transfer Agent:

BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809

 

Independent Registered Public Accounting Firm:

Ernst & Young LLP
One Manhattan West
New York, NY 10001

 

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risks, including possible loss of principal.

 

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.

 

The information in this report is based on data obtained from recognized services and sources and is believed to be reliable. Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice. Furthermore, Bessemer Investment Management LLC and its affiliates, as agents for their clients, and any of its officers or employees may have a beneficial interest or position in any of the securities mentioned, which may be contrary to any opinion or projection expressed in this report.

 

 

 

 

April 30, 2025

 

 

Cusip 680414307

 

Cusip 680414109

 

Cusip 680414604

 

Cusip 680414836

 

Cusip 680414851

 

Cusip 680414406

 

Cusip 680414844

 

Cusip 680414505

 

Cusip 680414877

 

Cusip 680414869

 

(OWF_A21-SAR2025)

 

(4/25)

 

 

(b)The Financial Highlights are included with the Financial Statements under Item 7(a).

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

A Special Meeting of Shareholders of Old Westbury Funds, Inc. (the “Corporation”) was held on March

 

28, 2025 and adjourned to April 11, 2025 (the “Meeting”) for shareholders of record as of the close of business on February 20, 2025. The following proposal was submitted for a vote of the Funds’ shareholders at the Meeting:

 

1. To approve a proposal to elect six Directors, Alexander Ellis III, Patricia L. Francy, Daphne H. Foster, R. Keith Walton, Patrick Darcy, and Michael Marquez, to the Board of Directors of the Corporation, each to hold office for an indefinite term.

 

With respect to the proposal, the following votes were received:

 

  Shares outstanding as of the record date of the Meeting: 2,813,499,461.292  
       
  Shares represented at the Meeting in person or by proxy: 2,775,505,212.810  
       
  Shares voted in favor:    
       
  Alexander Ellis III 2,775,419,165.983  
  Patricia L. Francy 2,775,419,165.983  
  Daphne H. Foster 2,775,419,165.983  
  R. Keith Walton 2,775,492,432.810  
  Patrick Darcy 2,774,072,316.581  
  Michael Marquez 2,775,419,165.983  
       
  Shares voted against: 0  
       
  Shares withheld:    
       
  Alexander Ellis III 86,046.827  
  Patricia L. Francy 86,046.827  
  Daphne H. Foster 86,046.827  
  R. Keith Walton 12,780.000  
  Patrick Darcy 1,432,896.229  
  Michael Marquez 86,046.827  

 

Based on the votes received, the proposal was approved by shareholders of the Corporation and each of Alexander Ellis III,  Patricia L. Francy,  Daphne H. Foster, R. Keith Walton, Patrick Darcy, and Michael Marquez were elected to the Board of Directors of the Corporation.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Included under Item 7(a) of this form.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

Included under Item 7(a) of this form.

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Disclosure not required for open-end management investment companies.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

Disclosure not required for open-end management investment companies.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Disclosure not required for open-end management investment companies.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

 

Item 16. Controls and Procedures.

 

(a)The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Disclosure not required for open-end management investment companies.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

Not applicable.

 

Item 19. Exhibits.

 

  (a)(1) Not applicable.
     
  (a)(2) Not applicable.
 
(a)(3)Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(4)Not applicable.

 

(a)(5)Not applicable.

 

(b)Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   Old Westbury Funds, Inc.  
       
By (Signature and Title)*         /s/David W. Rossmiller
    David W. Rossmiller, President and Chief Executive Officer
(Principal Executive Officer)

 

Date July 7, 2025

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*   /s/David W. Rossmiller
    David W. Rossmiller, President and Chief Executive Officer
(Principal Executive Officer)

Date July 7, 2025

 

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

 

Date July 7, 2025

 

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

 
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