Old
Westbury
Funds,
Inc.
California
Municipal
Bond
Fund
Portfolio
of
Investments
-
(Continued)
1
January
31,
2026
(Unaudited)
Old
Westbury
Funds,
Inc.
California
Municipal
Bond
Fund
Portfolio
of
Investments
January
31,
2026
(Unaudited)
Principal
Amount
Value
MUNICIPAL
BONDS
—
93.0%
California
—
93
.0
%
$
10,000,000
California
Educational
Facilities
Authority
University
&
College
Improvements
Revenue
Bonds,
Series
V-3,
5
.00
%
,
06/01/33
...........
$
12,038,043
1,600,000
California
Health
Facilities
Financing
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
A,
5
.00
%
,
02/01/26
...........
1,600,000
5,000,000
California
Health
Facilities
Financing
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
A,
5
.00
%
,
08/15/33
...........
6,043,768
2,000,000
California
Health
Facilities
Financing
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
A,
5
.00
%
,
11/01/49
...........
2,108,230
2,515,000
California
Health
Facilities
Financing
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
B,
5
.00
%
,
08/15/33
...........
3,038,061
3,000,000
California
Health
Facilities
Financing
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
B,
5
.00
%
,
08/15/35
...........
3,699,487
680,000
California
Infrastructure
&
Economic
Development
Bank
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/26
...........
683,300
1,130,000
California
Infrastructure
&
Economic
Development
Bank
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/27
...........
1,169,184
4,715,000
California
Infrastructure
&
Economic
Development
Bank
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/28
...........
5,032,992
1,020,000
California
Infrastructure
&
Economic
Development
Bank
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/29
...........
1,119,984
1,000,000
California
Infrastructure
&
Economic
Development
Bank
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/32
...........
1,179,719
Principal
Amount
Value
California
(continued)
$
8,200,000
California
Infrastructure
&
Economic
Development
Bank
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/33
...........
$
9,843,032
2,000,000
California
Infrastructure
&
Economic
Development
Bank
Water
Utility
Improvements
Revenue
Bonds,
5
.00
%
,
10/01/35
...........
2,347,871
1,950,000
California
Public
Finance
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
A,
5
.00
%
,
08/01/28
...........
2,097,108
1,500,000
California
Public
Finance
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
A,
5
.00
%
,
08/01/33
...........
1,793,524
3,575,000
California
Public
Finance
Authority
Health
Care
Facilities
Revenue
Bonds,
Series
A,
4
.00
%
,
07/15/42
...........
3,648,548
2,500,000
California
State
Public
Works
Board
Correctional
Facilities
Improvements
Revenue
Bonds,
Series
C,
5
.00
%
,
11/01/32
...........
2,927,160
2,750,000
California
State
Public
Works
Board
Public
Facilities
Revenue
Bonds,
Series
B,
4
.99
%
,
04/01/31
...........
2,843,023
65,000
California
State
University
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
11/01/47
...........
65,057
325,000
City
&
County
of
San
Francisco
Current
Refunding
COP,
Series
R1,
5
.00
%
,
04/01/26
...........
326,578
4,550,000
City
&
County
of
San
Francisco
Current
Refunding
COP,
Series
R1,
5
.00
%
,
04/01/40
...........
5,213,006
1,260,000
City
&
County
of
San
Francisco
Current
Refunding
GO,
Series
R1,
5
.00
%
,
06/15/26
...........
1,274,390
1,100,000
City
&
County
of
San
Francisco
Current
Refunding
GO,
Series
R1,
5
.00
%
,
06/15/27
...........
1,146,508
Old
Westbury
Funds,
Inc.
California
Municipal
Bond
Fund
Portfolio
of
Investments
-
(Continued)
2
January
31,
2026
(Unaudited)
Principal
Amount
Value
California
(continued)
$
2,375,000
City
&
County
of
San
Francisco
Current
Refunding
GO,
Series
R1,
5
.00
%
,
06/15/28
...........
$
2,550,683
3,000,000
City
&
County
of
San
Francisco
Current
Refunding
GO,
Series
R1,
5
.00
%
,
06/15/30
...........
3,401,343
2,590,000
City
of
Los
Angeles
Department
of
Airports
Airport
&
Marina
Improvements
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
05/15/32
...........
2,774,767
2,000,000
City
of
Los
Angeles
Department
of
Airports
Current
Refunding
Revenue
Bonds,
5
.00
%
,
05/15/40
...........
2,150,524
1,220,000
City
of
Los
Angeles
Department
of
Airports
Current
Refunding
Revenue
Bonds,
Series
D,
5
.00
%
,
05/15/28
...........
1,308,379
1,500,000
City
of
Los
Angeles
Department
of
Airports
Current
Refunding
Revenue
Bonds,
Series
F,
5
.00
%
,
05/15/34
...........
1,733,150
1,500,000
City
of
Los
Angeles
Solid
Waste
Resources
Revenue
Bonds,
Series
A,
5
.00
%
,
02/01/32
...........
1,756,553
2,500,000
City
of
San
Francisco
Public
Utilities
Commission
Water
Current
Refunding
Revenue
Bonds,
Sub-
Series
F,
5
.00
%
,
11/01/30
...........
2,858,995
3,350,000
City
of
San
Francisco
Public
Utilities
Commission
Water
Current
Refunding
Revenue
Bonds,
Sub-
Series
F,
5
.00
%
,
11/01/32
...........
3,990,071
3,515,000
City
of
San
Francisco
Public
Utilities
Commission
Water
Refunding
Revenue
Bonds,
Sub-Series
S,
5
.00
%
,
11/01/31
...........
4,106,200
1,000,000
City
of
San
Francisco
Public
Utilities
Commission
Water
Revenue
Bonds,
Sub-Series
C,
5
.00
%
,
11/01/29
...........
1,116,032
2,910,000
City
of
San
Francisco
Public
Utilities
Commission
Water
Revenue
Bonds,
Sub-Series
C,
5
.00
%
,
11/01/30
...........
3,327,870
Principal
Amount
Value
California
(continued)
$
3,000,000
City
of
San
Francisco
Public
Utilities
Commission
Water
Revenue
Bonds,
Sub-Series
C,
5
.00
%
,
11/01/31
...........
$
3,504,581
1,000,000
City
of
San
Francisco
Public
Utilities
Commission
Water
Revenue
Bonds,
Sub-Series
C,
5
.00
%
,
11/01/32
...........
1,191,066
2,000,000
County
of
Santa
Clara
Current
Refunding
GO,
Series
2008-D,
5
.00
%
,
08/01/26
...........
2,028,520
1,600,000
County
of
Santa
Clara
Current
Refunding
GO,
Series
2008-D,
5
.00
%
,
08/01/27
...........
1,671,263
1,955,000
County
of
Santa
Clara
Current
Refunding
GO,
Series
2008-D,
5
.00
%
,
08/01/28
...........
2,106,959
1,005,000
County
of
Santa
Clara
Current
Refunding
GO,
Series
2008-D,
5
.00
%
,
08/01/29
...........
1,113,512
5,220,000
County
of
Santa
Clara
GO,
Series
C,
4
.30
%
,
08/01/27
...........
5,275,936
5,220,000
County
of
Santa
Clara
GO,
Series
C,
4
.33
%
,
08/01/29
...........
5,318,654
1,475,000
East
Bay
Municipal
Utility
District
Wastewater
System
Current
Refunding
Revenue
Bonds,
Series
B,
5
.00
%
,
06/01/35
...........
1,831,549
1,700,000
East
Bay
Municipal
Utility
District
Water
System
Revenue
Bonds,
Series
A,
5
.00
%
,
06/01/31
...........
1,972,684
1,500,000
East
Bay
Municipal
Utility
District
Water
System
Revenue
Bonds,
Series
A,
5
.00
%
,
06/01/43
...........
1,664,073
5,000,000
Los
Angeles
Community
College
District
University
&
College
Improvements
GO,
Series
A-1,
5
.00
%
,
08/01/27
...........
5,234,815
3,000,000
Los
Angeles
Community
College
District
University
&
College
Improvements
GO,
Series
B,
4
.78
%
,
08/01/27
...........
3,046,390
2,500,000
Los
Angeles
Department
of
Water
&
Power
Water
System
Current
Refunding
Revenue
Bonds,
Series
B,
5
.00
%
,
07/01/36
...........
2,879,822
Old
Westbury
Funds,
Inc.
California
Municipal
Bond
Fund
Portfolio
of
Investments
-
(Continued)
3
January
31,
2026
(Unaudited)
Principal
Amount
Value
California
(continued)
$
5,000,000
Los
Angeles
Department
of
Water
&
Power
Water
System
Revenue
Bonds,
Series
A,
5
.00
%
,
07/01/26
...........
$
5,055,487
5,000,000
Los
Angeles
Department
of
Water
&
Power
Water
System
Revenue
Bonds,
Series
A,
5
.00
%
,
07/01/27
...........
5,188,992
2,000,000
Los
Angeles
Department
of
Water
&
Power
Water
System
Revenue
Bonds,
Series
D,
5
.00
%
,
07/01/47
...........
2,080,340
3,405,000
Los
Rios
Community
College
District
Current
Refunding
GO,
5
.00
%
,
08/01/27
...........
3,564,909
5,880,000
Los
Rios
Community
College
District
Current
Refunding
GO,
5
.00
%
,
08/01/28
...........
6,336,743
3,000,000
Metropolitan
Water
District
of
Southern
California
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/36
...........
3,665,707
1,000,000
Miracosta
Community
College
District
University
&
College
Improvements
GO,
Series
2016-C,
5
.00
%
,
08/01/35
...........
1,166,231
1,000,000
Mt
San
Antonio
Community
College
District
University
&
College
Improvements
GO,
Series
D,
5
.00
%
,
08/01/35
...........
1,212,149
5,000,000
Orange
County
Local
Transportation
Authority
Sales
Tax
Current
Refunding
Revenue
Bonds,
5
.00
%
,
02/15/41
...........
5,758,002
1,000,000
Sacramento
Municipal
Utility
District
Current
Refunding
Revenue
Bonds,
Series
J,
5
.00
%
,
08/15/30
...........
1,136,968
2,000,000
Sacramento
Municipal
Utility
District
Electric
Light
&
Power
Improvements
Revenue
Bonds,
Series
H,
5
.00
%
,
08/15/36
...........
2,224,108
1,000,000
Sacramento
Municipal
Utility
District
Electric
Light
&
Power
Improvements
Revenue
Bonds,
Series
M,
5
.00
%
,
11/15/38
...........
1,173,189
Principal
Amount
Value
California
(continued)
$
1,400,000
Sacramento
Municipal
Utility
District
Electric
Light
&
Power
Improvements
Revenue
Bonds,
Series
M,
5
.00
%
,
11/15/39
...........
$
1,631,435
1,000,000
Sacramento
Municipal
Utility
District
Electric
Light
&
Power
Improvements
Revenue
Bonds,
Series
M,
5
.00
%
,
11/15/40
...........
1,149,452
1,350,000
San
Bernardino
Community
College
District
University
&
College
Improvements
GO,
Series
F,
5
.00
%
,
08/01/41
...........
1,551,449
2,500,000
San
Diego
Community
College
District
University
&
College
Improvements
GO,
Series
A-1,
5
.00
%
,
08/01/41
...........
2,913,642
2,600,000
San
Diego
County
Regional
Airport
Authority
Airport
&
Marina
Improvements
Revenue
Bonds,
Series
B,
5
.00
%
,
07/01/31
...........
2,904,806
2,500,000
San
Diego
County
Regional
Airport
Authority
Airport
&
Marina
Improvements
Revenue
Bonds,
Series
B,
5
.00
%
,
07/01/32
...........
2,832,328
1,000,000
San
Diego
County
Regional
Transportation
Commission
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
04/01/28
...........
1,068,986
3,500,000
San
Francisco
City
&
County
Airport
&
Marina
Improvements
Revenue
Bonds,
Series
A,
5
.00
%
,
05/01/34
...........
4,026,116
5,000,000
San
Francisco
City
&
County
Airport
&
Marina
Improvements
Revenue
Bonds,
Series
C,
5
.00
%
,
05/01/46
...........
5,012,495
10,000,000
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Airport
&
Marina
Improvements
Revenue
Bonds,
Series
D,
5
.00
%
,
05/01/31
...........
11,118,197
Old
Westbury
Funds,
Inc.
California
Municipal
Bond
Fund
Portfolio
of
Investments
-
(Continued)
4
January
31,
2026
(Unaudited)
Principal
Amount
Value
California
(continued)
$
6,000,000
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
Airport
&
Marina
Improvements
Revenue
Bonds,
Series
D,
5
.00
%
,
05/01/32
...........
$
6,762,074
10,000,000
San
Francisco
City
&
County
Airport
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
05/01/28
...........
10,517,345
3,000,000
San
Francisco
City
&
County
Airport
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
05/01/29
...........
3,221,171
2,000,000
San
Francisco
City
&
County
Airport
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
05/01/31
...........
2,223,639
2,500,000
San
Francisco
City
&
County
Airport
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
05/01/32
...........
2,772,863
2,000,000
San
Francisco
City
&
County
Airport
Current
Refunding
Revenue
Bonds,
Series
H,
5
.00
%
,
05/01/29
...........
2,147,447
5,700,000
San
Francisco
City
&
County
Public
Utilities
Commission
Wastewater
Advance
Refunding
Revenue
Bonds,
Series
B,
4
.81
%
,
10/01/32
...........
5,865,860
1,000,000
San
Jose
Evergreen
Community
College
District
University
&
College
Improvements
GO,
Series
C,
5
.00
%
,
09/01/36
...........
1,158,527
1,650,000
San
Jose
Evergreen
Community
College
District
University
&
College
Improvements
GO,
Series
C,
5
.00
%
,
09/01/38
...........
1,884,153
1,000,000
San
Jose
Financing
Authority
Refunding
Revenue
Bonds,
Series
B,
5
.00
%
,
11/01/36
...........
1,160,795
1,000,000
San
Jose
Financing
Authority
Refunding
Revenue
Bonds,
Series
B,
5
.00
%
,
11/01/37
...........
1,153,144
Principal
Amount
Value
California
(continued)
$
1,075,000
San
Jose
Financing
Authority
Refunding
Revenue
Bonds,
Series
B,
5
.00
%
,
11/01/42
...........
$
1,191,225
2,000,000
Santa
Clara
Valley
Water
District
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
06/01/42
...........
2,207,634
2,000,000
Santa
Clara
Valley
Water
District
Current
Refunding
Revenue
Bonds,
Series
A,
5
.00
%
,
06/01/43
...........
2,180,857
1,200,000
Santa
Clara
Valley
Water
District
Current
Refunding
Revenue
Bonds,
Series
B,
3
.79
%
,
06/01/27
...........
1,200,953
1,000,000
Santa
Clara
Valley
Water
District
Current
Refunding
Revenue
Bonds,
Series
B,
3
.74
%
,
06/01/28
...........
998,351
10,000,000
Santa
Clara
Valley
Water
District
Refunding
Revenue
Bonds,
Series
A-2,
5
.00
%
,
06/01/26
...........
10,076,780
5,000,000
State
Center
Community
College
District
University
&
College
Improvements
GO,
Series
C,
5
.00
%
,
08/01/47
...........
5,282,840
90,000
State
of
California
Current
Refunding
GO,
5
.00
%
,
08/01/27
...........
90,211
9,500,000
State
of
California
Current
Refunding
GO,
5
.00
%
,
08/01/27
...........
9,920,110
10,000,000
State
of
California
Current
Refunding
GO,
5
.00
%
,
11/01/30
...........
11,322,535
3,180,000
State
of
California
Current
Refunding
GO,
5
.00
%
,
03/01/38
...........
3,726,604
2,645,000
State
of
California
Current
Refunding
GO,
5
.00
%
,
10/01/27
...........
2,774,747
10,435,000
State
of
California
Current
Refunding
GO,
(AGM),
5
.25
%
,
08/01/32
...........
12,063,339
6,500,000
State
of
California
Public
Improvements
GO,
5
.00
%
,
08/01/33
...........
7,724,914
25,000
State
of
California
Refunding
GO,
5
.00
%
,
10/01/26
...........
25,059
Old
Westbury
Funds,
Inc.
California
Municipal
Bond
Fund
Portfolio
of
Investments
-
(Continued)
5
January
31,
2026
(Unaudited)
The
following
abbreviations
are
used
in
the
report:
Principal
Amount
Value
California
(continued)
$
4,000,000
State
of
California
School
Improvements
GO,
5
.00
%
,
10/01/30
...........
$
4,412,993
5,000,000
State
of
California
Water
Utility
Improvements
GO,
6
.00
%
,
03/01/33
...........
5,469,831
10,000,000
State
of
California
Water
Utility
Improvements
GO,
5
.00
%
,
04/01/28
...........
10,625,010
5,000,000
University
of
California
Current
Refunding
Revenue
Bonds,
Series
BN,
5
.00
%
,
05/15/34
...........
5,920,344
5,000,000
University
of
California
Current
Refunding
Revenue
Bonds,
Series
BV,
5
.00
%
,
05/15/35
...........
5,959,171
2,000,000
University
of
California
University
&
College
Improvements
Revenue
Bonds,
Series
BK,
5
.00
%
,
05/15/32
...........
2,345,766
7,500,000
University
of
California
University
&
College
Improvements
Revenue
Bonds,
Series
CD,
5
.00
%
,
05/15/30
...........
8,435,238
10,000,000
University
of
California
University
&
College
Improvements
Revenue
Bonds,
Series
CD,
5
.00
%
,
05/15/36
...........
12,101,594
Total
Municipal
Bonds
(Cost
$370,215,944)
378,847,819
CORPORATE
BONDS
—
1.7%
United
States
—
1
.7
%
5,000,000
J
Paul
Getty
Trust
(The),
4
.91
%
,
04/01/35
...........
5,080,145
2,000,000
Stanford
Health
Care,
Series
2020,
3
.31
%
,
08/15/30
...........
1,927,645
Total
Corporate
Bonds
(Cost
$7,000,000)
7,007,790
Shares
Value
INVESTMENT
COMPANY
—
4.0%
16,424,076
Federated
Hermes
U.S.
Treasury
Cash
Reserves,
Premier
Class
,
3
.56
%
(a)
$
16,424,076
Total
Investment
Company
(Cost
$16,424,076)
16,424,076
TOTAL
INVESTMENTS
—
98.7%
(Cost
$393,640,020)
$
402,279,685
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
—
1.3%
5,170,721
NET
ASSETS
—
100.0%
$
407,450,406
(a)
The
rate
shown
represents
the
current
yield
as
of
January
31,
2026.
AGM
—
Assured
Guaranty
Municipal
Corp.
COP
—
Certificates
of
Participation
GO
—
General
Obligation