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, 2026
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 Funds, Inc.
Semi-Annual Financial Statements and Additional Information (Unaudited)
| 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, 2026
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 | 10 |
| Total Equity Fund | 35 |
| Credit Income Fund | 42 |
| Fixed Income Fund | 70 |
| Short-Term Bond Fund | 75 |
| Municipal Bond Fund | 80 |
| California Municipal Bond Fund | 104 |
| New York Municipal Bond Fund | 109 |
| Statements of Assets and Liabilities | 117 |
| Statements of Operations | 120 |
| Statements of Changes in Net Assets | 123 |
| Financial Highlights: | |
| All Cap Core Fund | 133 |
| Large Cap Strategies Fund | 134 |
| Small & Mid Cap Strategies Fund | 135 |
| Total Equity Fund | 136 |
| Credit Income Fund | 137 |
| Fixed Income Fund | 138 |
| Short-Term Bond Fund | 139 |
| Municipal Bond Fund | 140 |
| California Municipal Bond Fund | 141 |
| New York Municipal Bond Fund | 142 |
| Notes to Financial Statements | 143 |
| Additional Information (Unaudited) | 160 |
| Old Westbury Funds, Inc. | |
| All Cap Core Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS — 93.8% | ||||||||
| Banks — 3.4% | ||||||||
| 1,096,014 | Bank of America Corp. | $ | 58,592,908 | |||||
| 200,239 | JP Morgan Chase & Co. | 62,720,862 | ||||||
| 121,313,770 | ||||||||
| Communication Services — 11.1% | ||||||||
| 526,188 | Alphabet, Inc. - Class C | 200,972,245 | ||||||
| 241,376 | Live Nation Entertainment, Inc.(a) | 38,122,925 | ||||||
| 128,617 | Meta Platforms, Inc. - Class A | 78,702,029 | ||||||
| 64,084 | Reddit, Inc. - Class A(a) | 9,435,087 | ||||||
| 57,827 | Spotify Technology SA(a) | 25,822,647 | ||||||
| 176,533 | Take-Two Interactive Software, Inc.(a) | 37,735,694 | ||||||
| 390,790,627 | ||||||||
| Consumer Discretionary — 6.4% | ||||||||
| 507,965 | Amazon.com, Inc.(a) | 134,641,203 | ||||||
| 148,052 | Dollarama, Inc. | 18,921,358 | ||||||
| 100,568 | Hilton Worldwide Holdings, Inc. | 32,591,072 | ||||||
| 5,388 | MercadoLibre, Inc.(a) | 9,658,691 | ||||||
| 270,821 | Moncler SpA | 16,349,910 | ||||||
| 76,984 | Texas Roadhouse, Inc. | 12,393,654 | ||||||
| 224,555,888 | ||||||||
| Consumer Staples — 3.7% | ||||||||
| 184,523 | BJ’s Wholesale Club Holdings, Inc.(a) | 17,324,864 | ||||||
| 35,379 | Costco Wholesale Corp. | 35,893,057 | ||||||
| 307,838 | US Foods Holding Corp.(a) | 28,779,775 | ||||||
| 353,066 | Walmart, Inc. | 46,579,997 | ||||||
| 128,577,693 | ||||||||
| Energy — 2.6% | ||||||||
| 427,954 | Baker Hughes Co. | 29,815,555 | ||||||
| 283,925 | ConocoPhillips | 35,712,087 | ||||||
| 177,251 | Exxon Mobil Corp. | 27,355,147 | ||||||
| 92,882,789 | ||||||||
| Financial Services — 9.2% | ||||||||
| 79,185 | Berkshire Hathaway, Inc. - Class B(a) | 37,502,016 | ||||||
| 664,889 | Brookfield Corp. | 29,999,792 | ||||||
| 168,058 | Capital One Financial Corp. | 32,149,495 | ||||||
| 467,892 | Interactive Brokers Group, Inc. - Class A | 37,197,414 | ||||||
| 228,327 | Intercontinental Exchange, Inc. | 36,096,215 | ||||||
| 45,795 | MSCI, Inc. | 27,083,621 | ||||||
| 259,072 | Nasdaq, Inc. | 23,811,308 | ||||||
| 9,027 | Partners Group Holding AG | 9,814,183 | ||||||
| 174,773 | Tradeweb Markets, Inc. - Class A | 19,793,042 | ||||||
| 210,581 | Visa, Inc. - Class A | 69,458,037 | ||||||
| 322,905,123 | ||||||||
| Health Care — 9.2% | ||||||||
| 257,706 | AbbVie, Inc. | 54,458,432 | ||||||
| 119,957 | Cardinal Health, Inc. | 23,137,306 | ||||||
| 48,352 | Cencora, Inc. | 14,892,900 | ||||||
| 100,386 | Cooper Cos., Inc. (The)(a) | 6,314,279 | ||||||
| Shares | Value | |||||||
| Health Care (continued) | ||||||||
| 40,587 | Eli Lilly & Co. | $ | 37,932,610 | |||||
| 32,860 | IDEXX Laboratories, Inc.(a) | 18,427,888 | ||||||
| 60,700 | Intuitive Surgical, Inc.(a) | 27,776,927 | ||||||
| 73,618 | Labcorp Holdings, Inc. | 18,905,102 | ||||||
| 20,216 | McKesson Corp. | 16,480,083 | ||||||
| 470,789 | Medline, Inc. - Class A(a) | 20,935,987 | ||||||
| 30,513 | Medpace Holdings, Inc.(a) | 12,774,573 | ||||||
| 111,038 | STERIS Plc | 24,081,921 | ||||||
| 106,886 | Straumann Holding AG | 11,600,208 | ||||||
| 40,048 | Thermo Fisher Scientific, Inc. | 19,181,390 | ||||||
| 47,949 | UnitedHealth Group, Inc. | 17,764,146 | ||||||
| 324,663,752 | ||||||||
| Industrials — 14.6% | ||||||||
| 495,068 | API Group Corp.(a) | 22,634,509 | ||||||
| 58,545 | Boeing Co. (The)(a) | 13,408,561 | ||||||
| 67,345 | BWX Technologies, Inc. | 14,572,785 | ||||||
| 46,762 | Carlisle Cos., Inc. | 16,612,668 | ||||||
| 62,676 | Caterpillar, Inc. | 55,788,534 | ||||||
| 99,844 | Clean Harbors, Inc.(a) | 31,219,222 | ||||||
| 278,589 | Core & Main, Inc. - Class A(a) | 14,032,528 | ||||||
| 337,896 | Epiroc AB - Class A | 9,754,858 | ||||||
| 157,323 | Esab Corp. | 15,460,131 | ||||||
| 10,955 | GE Vernova, Inc. | 11,869,304 | ||||||
| 161,986 | Howmet Aerospace, Inc. | 39,369,078 | ||||||
| 64,579 | ITT, Inc. | 13,841,863 | ||||||
| 448,247 | Komatsu Ltd. | 19,193,040 | ||||||
| 192,135 | Leonardo DRS, Inc. | 7,806,445 | ||||||
| 25,277 | MasTec, Inc.(a) | 9,960,402 | ||||||
| 46,333 | Northrop Grumman Corp. | 26,849,047 | ||||||
| 15,085 | Quanta Services, Inc. | 10,978,411 | ||||||
| 107,822 | Regal Rexnord Corp. | 23,184,965 | ||||||
| 153,187 | Republic Services, Inc. | 32,049,784 | ||||||
| 202,397 | Rollins, Inc. | 11,279,585 | ||||||
| 40,082 | Saia, Inc.(a) | 17,989,603 | ||||||
| 661,899 | StandardAero, Inc.(a) | 16,454,809 | ||||||
| 226,637 | TransUnion | 16,091,227 | ||||||
| 243,382 | UL Solutions, Inc. - Class A | 22,023,637 | ||||||
| 183,357 | XPO, Inc.(a) | 40,362,376 | ||||||
| 512,787,372 | ||||||||
| Information Technology — 28.5% | ||||||||
| 578,447 | Apple, Inc. | 156,961,593 | ||||||
| 118,852 | Applied Materials, Inc. | 46,885,925 | ||||||
| 15,166 | ASM International NV | 14,836,543 | ||||||
| 30,374 | ASML Holding NV | 43,907,023 | ||||||
| 276,062 | Bentley Systems, Inc. - Class B | 9,005,142 | ||||||
| 283,697 | Broadcom, Inc. | 118,423,639 | ||||||
| 49,291 | Entegris, Inc. | 6,968,762 | ||||||
| 258,065 | Fortinet, Inc.(a) | 21,757,460 | ||||||
| 286,260 | Intel Corp.(a) | 27,045,845 | ||||||
| 99,018 | Keysight Technologies, Inc.(a) | 34,647,388 | ||||||
| 89,096 | Lam Research Corp. | 22,974,295 | ||||||
| 2 |
| Old Westbury Funds, Inc. | |
| All Cap Core Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Information Technology (continued) | ||||||||
| 57,776 | MACOM Technology Solutions Holdings, Inc.(a) | $ | 16,270,299 | |||||
| 70,957 | Manhattan Associates, Inc.(a) | 9,784,261 | ||||||
| 362,142 | Microsoft Corp. | 147,674,265 | ||||||
| 1,230,704 | NVIDIA Corp. | 245,611,597 | ||||||
| 83,866 | Palo Alto Networks, Inc.(a) | 15,038,851 | ||||||
| 102,372 | Rambus, Inc.(a) | 11,784,041 | ||||||
| 98,831 | ServiceNow, Inc.(a) | 8,727,766 | ||||||
| 668,240 | Taiwan Semiconductor Manufacturing Co. Ltd. | 46,390,470 | ||||||
| 1,004,695,165 | ||||||||
| Insurance — 0.2% | ||||||||
| 252,590 | Ryan Specialty Holdings, Inc. | 8,782,554 | ||||||
| Materials — 2.0% | ||||||||
| 311,582 | CRH Plc | 36,897,540 | ||||||
| 108,550 | Heidelberg Materials AG | 23,950,827 | ||||||
| 101,783 | Holcim AG | 9,458,331 | ||||||
| 70,306,698 | ||||||||
| Utilities — 2.9% | ||||||||
| 323,255 | Ameren Corp. | 36,737,931 | ||||||
| 573,598 | NextEra Energy, Inc. | 56,143,772 | ||||||
| 65,721 | NRG Energy, Inc. | 10,224,873 | ||||||
| 103,106,576 | ||||||||
| Total Common Stocks (Cost $1,813,278,007) | 3,305,368,007 | |||||||
| EXCHANGE-TRADED FUNDS(b) — 3.7% | ||||||||
| 760,125 | iShares MSCI EAFE ETF | 77,775,990 | ||||||
| 192,696 | iShares MSCI Japan ETF | 17,169,214 | ||||||
| 69,512 | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 12,387,733 | ||||||
| 185,606 | State Street SPDR S&P Regional Banking ETF | 12,964,579 | ||||||
| 207,994 | State Street Utilities Select Sector SPDR ETF | 9,744,519 | ||||||
| Total Exchange-Traded Funds (Cost $117,122,288) |
130,042,035 | |||||||
| Shares | Value | |||||||
| INVESTMENT COMPANY — 2.5% | ||||||||
| 88,792,025 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(c) | $ | 88,792,025 | |||||
| Total Investment Company (Cost $88,792,025) | 88,792,025 | |||||||
| TOTAL INVESTMENTS — 100.0% (Cost $2,019,192,320) | $ | 3,524,202,067 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% | (1,501,848 | ) | ||||||
| NET ASSETS — 100.0% | $ | 3,522,700,219 | ||||||
| (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, 2026. |
The following abbreviations are used in the report:
| ETF — Exchange-Traded Fund |
| MSCI — Morgan Stanley Capital International |
| SPDR — Standard & Poor’s Depositary Receipt |
PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)
| Country: | Value | Value as a percentage of Net Assets | ||||||
| United States | $ | 2,978,812,586 | 84.5 | % | ||||
| Netherlands | 58,743,566 | 1.7 | ||||||
| Canada | 48,921,150 | 1.4 | ||||||
| Taiwan | 46,390,470 | 1.3 | ||||||
| Ireland | 36,897,540 | 1.0 | ||||||
| Sweden | 35,577,505 | 1.0 | ||||||
| Switzerland | 30,872,722 | 0.9 | ||||||
| Germany | 23,950,827 | 0.7 | ||||||
| Japan | 19,193,040 | 0.5 | ||||||
| Italy | 16,349,910 | 0.5 | ||||||
| Uruguay | 9,658,691 | 0.3 | ||||||
| Other* | 217,332,212 | 6.2 | ||||||
| $ | 3,522,700,219 | 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. |
| 3 |
| Old Westbury Funds, Inc. | |
| Large Cap Strategies Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS — 98.7% | ||||||||
| Banks — 9.2% | ||||||||
| 63,126 | ANZ Group Holdings Ltd. | $ | 1,676,723 | |||||
| 1,944,989 | Banco Bilbao Vizcaya Argentaria SA | 42,950,040 | ||||||
| 10,130,623 | Banco Bradesco SA - Preference Shares | 39,709,882 | ||||||
| 152,400,395 | Banco de Chile | 28,569,252 | ||||||
| 4,808,484 | Banco Santander SA | 58,674,708 | ||||||
| 120,254,349 | Bank Central Asia Tbk PT | 40,771,064 | ||||||
| 1,973,894 | Bank of America Corp. | 105,524,373 | ||||||
| 38,795 | Bank of Montreal | 5,907,430 | ||||||
| 60,759 | Bank of Nova Scotia (The) | 4,727,067 | ||||||
| 9,847,710 | Barclays Plc | 57,884,040 | ||||||
| 327,292 | BNP Paribas SA | 34,372,702 | ||||||
| 2,449,380 | CaixaBank SA | 31,176,576 | ||||||
| 859,665 | Canadian Imperial Bank of Commerce | 95,924,779 | ||||||
| 84,608 | Capitec Bank Holdings Ltd. | 21,964,205 | ||||||
| 1,337,082 | Citigroup, Inc. | 171,119,754 | ||||||
| 48,885 | Credit Agricole SA | 954,828 | ||||||
| 151,070 | DBS Group Holdings Ltd. | 6,965,939 | ||||||
| 1,085,866 | DNB Bank ASA | 32,883,661 | ||||||
| 10,017,323 | HDFC Bank Ltd. | 81,932,426 | ||||||
| 11,494,872 | HSBC Holdings Plc | 211,503,646 | ||||||
| 6,473,577 | ING Groep NV | 187,354,338 | ||||||
| 6,173,588 | Intesa Sanpaolo SpA | 41,944,794 | ||||||
| 90,203 | Japan Post Bank Co. Ltd. | 1,547,909 | ||||||
| 1,343,645 | JP Morgan Chase & Co. | 420,869,923 | ||||||
| 11,155 | KBC Group NV | 1,484,709 | ||||||
| 23,422,484 | Lloyds Banking Group Plc | 31,838,265 | ||||||
| 10,637,146 | Mitsubishi UFJ Financial Group, Inc. | 191,073,358 | ||||||
| 308,537 | Mizuho Financial Group, Inc. | 13,267,929 | ||||||
| 14,390 | National Bank of Canada | 2,172,139 | ||||||
| 331,720 | NatWest Group Plc | 2,645,758 | ||||||
| 174,520 | Nordea Bank Abp | 3,281,830 | ||||||
| 3,285,705 | Oversea-Chinese Banking Corp. Ltd. | 56,686,990 | ||||||
| 45,869 | Royal Bank of Canada | 8,249,903 | ||||||
| 1,713,129 | Skandinaviska Enskilda Banken AB - Class A | 33,906,559 | ||||||
| 1,253,755 | Standard Chartered Plc | 31,926,657 | ||||||
| 211,850 | Sumitomo Mitsui Financial Group, Inc. | 7,480,223 | ||||||
| 80,655 | Svenska Handelsbanken AB - Class A | 1,146,102 | ||||||
| 925,178 | Swedbank AB - Class A | 32,704,325 | ||||||
| 485,307 | Toronto-Dominion Bank (The) | 52,280,320 | ||||||
| 1,431,270 | Truist Financial Corp. | 73,710,405 | ||||||
| 452,112 | UniCredit SpA | 34,940,294 | ||||||
| 64,835 | United Overseas Bank Ltd. | 1,846,440 | ||||||
| 142,210 | Westpac Banking Corp. | 3,978,561 | ||||||
| 2,311,530,826 | ||||||||
| Communication Services — 10.0% | ||||||||
| 361,275 | Alphabet, Inc. - Class A | 139,018,620 | ||||||
| 3,219,550 | Alphabet, Inc. - Class C | 1,229,674,927 | ||||||
| 1,252,088 | BCE, Inc. | 29,754,776 | ||||||
| 296,673 | CTS Eventim AG & Co. KGaA | 19,581,537 | ||||||
| Shares | Value | |||||||
| Communication Services (continued) | ||||||||
| 1,311,922 | Deutsche Telekom AG | $ | 42,375,928 | |||||
| 1,463,191 | Info Edge India Ltd. | 15,078,318 | ||||||
| 2,091,692 | KDDI Corp. | 34,229,577 | ||||||
| 436,280 | LY Corp. | 1,147,515 | ||||||
| 640,483 | Meta Platforms, Inc. - Class A | 391,917,953 | ||||||
| 1,352,310 | NetEase, Inc. | 31,656,475 | ||||||
| 2,012,226 | Netflix, Inc.(a) | 188,364,476 | ||||||
| 62,982 | Nintendo Co. Ltd. | 3,081,010 | ||||||
| 34,482,495 | NTT, Inc. | 33,588,069 | ||||||
| 81,880 | Orange SA | 1,704,934 | ||||||
| 792,035 | Quebecor, Inc. - Class B | 33,340,863 | ||||||
| 877,850 | Rogers Communications, Inc. - Class B | 31,957,656 | ||||||
| 559,615 | Singapore Telecommunications Ltd. | 2,026,813 | ||||||
| 3,978,017 | SoftBank Corp. | 5,598,937 | ||||||
| 205,796 | SoftBank Group Corp. | 7,029,750 | ||||||
| 93,526 | Spotify Technology SA(a) | 41,764,035 | ||||||
| 36,605 | Swisscom AG | 30,961,547 | ||||||
| 245,625 | Telefonica SA | 1,108,388 | ||||||
| 13,348,070 | Telstra Group Ltd. | 51,263,578 | ||||||
| 2,865,296 | Verizon Communications, Inc. | 137,620,167 | ||||||
| 1,877,470 | Vodafone Group Plc | 2,987,330 | ||||||
| 2,506,833,179 | ||||||||
| Consumer Discretionary — 9.0% | ||||||||
| 2,045,700 | Aisin Corp. | 32,439,525 | ||||||
| 4,189,158 | Alibaba Group Holding Ltd. | 69,041,572 | ||||||
| 33,118 | Amadeus IT Group SA | 1,910,986 | ||||||
| 3,243,595 | Amazon.com, Inc.(a) | 859,747,291 | ||||||
| 17,525 | Aristocrat Leisure Ltd. | 602,956 | ||||||
| 64,321 | Bandai Namco Holdings, Inc. | 1,476,508 | ||||||
| 1,367,922 | Bridgestone Corp. | 28,426,864 | ||||||
| 113,495 | Carvana Co.(a) | 44,921,321 | ||||||
| 87,465 | Denso Corp. | 1,045,037 | ||||||
| 275,187 | Dollarama, Inc. | 35,169,480 | ||||||
| 864,409 | DoorDash, Inc. - Class A(a) | 145,782,578 | ||||||
| 31,120 | Fast Retailing Co. Ltd. | 14,649,595 | ||||||
| 3,410 | Ferrari NV | 1,180,034 | ||||||
| 242,990 | Flutter Entertainment Plc(a) | 26,225,911 | ||||||
| 88,420 | H & M Hennes & Mauritz AB - Class B | 1,586,936 | ||||||
| 8,122,212 | Hangzhou Robam Appliances Co. Ltd. - A Shares | 21,359,794 | ||||||
| 514 | Hermes International SCA | 983,334 | ||||||
| 289,907 | Home Depot, Inc. (The) | 95,321,422 | ||||||
| 151,140 | Honda Motor Co. Ltd. | 1,226,417 | ||||||
| 789,938 | Industria de Diseno Textil SA | 47,278,334 | ||||||
| 16,684 | Isuzu Motors Ltd. | 229,881 | ||||||
| 463,719 | Lowe’s Cos., Inc. | 110,731,460 | ||||||
| 1,157 | LVMH Moet Hennessy Louis Vuitton SE | 618,080 | ||||||
| 517,550 | Magna International, Inc. | 32,938,637 | ||||||
| 843,416 | Mahindra & Mahindra Ltd. | 27,661,729 | ||||||
| 4 |
| Old Westbury Funds, Inc. | |
| Large Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Consumer Discretionary (continued) | ||||||||
| 735,617 | McDonald’s Corp. | $ | 215,969,795 | |||||
| 2,890,928 | Meituan - B Shares(a)(b)(c) | 31,104,036 | ||||||
| 33,860 | MercadoLibre, Inc.(a) | 60,698,452 | ||||||
| 1,046,551 | On Holding AG - Class A(a) | 37,267,681 | ||||||
| 31,095 | Prosus NV | 1,505,403 | ||||||
| 552,756 | Royal Caribbean Cruises Ltd. | 145,794,923 | ||||||
| 111,457 | Sekisui House Ltd. | 2,426,863 | ||||||
| 388,892 | Sony Group Corp. | 7,791,580 | ||||||
| 19,695 | Subaru Corp. | 293,361 | ||||||
| 23,453 | Sumitomo Electric Industries Ltd. | 1,544,011 | ||||||
| 316,597 | Suzuki Motor Corp. | 3,540,643 | ||||||
| 1,268,152 | Titan Co. Ltd. | 58,873,517 | ||||||
| 36,140 | Toyota Motor Corp. | 693,722 | ||||||
| 371,700 | Trip.com Group Ltd.(a) | 20,071,419 | ||||||
| 564,749 | Tube Investments of India Ltd. | 17,585,546 | ||||||
| 840,505 | Wesfarmers Ltd. | 44,649,614 | ||||||
| 2,252,366,248 | ||||||||
| Consumer Staples — 6.0% | ||||||||
| 160,966 | Ajinomoto Co., Inc. | 5,173,515 | ||||||
| 560,182 | Alimentation Couche-Tard, Inc. | 33,140,373 | ||||||
| 12,415 | Anheuser-Busch InBev SA | 938,098 | ||||||
| 291,983 | Asahi Group Holdings Ltd. | 2,874,756 | ||||||
| 1,634,446 | AVI Ltd. | 9,758,867 | ||||||
| 45,680 | British American Tobacco Plc | 2,690,316 | ||||||
| 826,221 | Coca-Cola Co. (The) | 65,073,166 | ||||||
| 1,261,839 | Coca-Cola Europacific Partners Plc | 119,332,114 | ||||||
| 196,999 | Costco Wholesale Corp. | 199,861,395 | ||||||
| 37,365 | Danone SA | 2,927,475 | ||||||
| 59,655 | Diageo Plc | 1,206,188 | ||||||
| 618,070 | Dollar General Corp. | 71,621,952 | ||||||
| 6,166,281 | Fomento Economico Mexicano SAB de CV - Units | 72,833,315 | ||||||
| 8,588,202 | Foshan Haitian Flavouring & Food Co. Ltd. - A Shares | 48,648,840 | ||||||
| 3,079,800 | Foshan Haitian Flavouring & Food Co. Ltd. - H Shares | 13,790,111 | ||||||
| 113,254 | Hershey Co. (The) | 21,035,798 | ||||||
| 72,470 | Imperial Brands Plc | 2,753,329 | ||||||
| 2,516,680 | Japan Tobacco, Inc. | 93,758,250 | ||||||
| 1,355,807 | Jeronimo Martins SGPS SA | 32,556,381 | ||||||
| 65,979 | Kao Corp. | 2,458,633 | ||||||
| 5,398,139 | Kenvue, Inc. | 94,629,377 | ||||||
| 771,090 | Koninklijke Ahold Delhaize NV | 36,170,590 | ||||||
| 760,501 | Loblaw Cos. Ltd. | 35,059,132 | ||||||
| 11,113 | L’Oreal SA | 4,786,249 | ||||||
| 4,125,792 | Marico Ltd. | 33,774,419 | ||||||
| 21,616,222 | Natura Cosmeticos SA(a) | 44,875,553 | ||||||
| 303,864 | PepsiCo, Inc. | 48,159,405 | ||||||
| 479,309 | Philip Morris International, Inc. | 79,119,537 | ||||||
| 391,412 | Procter & Gamble Co. (The) | 57,572,791 | ||||||
| 6,889,190 | Raia Drogasil SA | 30,412,717 | ||||||
| 34,166 | Reckitt Benckiser Group Plc | 2,173,936 | ||||||
| Shares | Value | |||||||
| Consumer Staples (continued) | ||||||||
| 244,055 | Tesco Plc | $ | 1,598,817 | |||||
| 124,297,900 | Unilever Indonesia Tbk PT | 11,039,240 | ||||||
| 1,121,670 | Unilever Plc | 65,410,341 | ||||||
| 27,346,803 | Uni-President Enterprises Corp. | 59,899,531 | ||||||
| 648,348 | Walmart, Inc. | 85,536,552 | ||||||
| 39,275 | Woolworths Group Ltd. | 975,217 | ||||||
| 1,493,626,276 | ||||||||
| Energy — 3.1% | ||||||||
| 41,991 | Aker BP ASA | 1,641,526 | ||||||
| 469,956 | BP Plc | 3,720,094 | ||||||
| 48,436 | Canadian Natural Resources Ltd. | 2,312,063 | ||||||
| 1,725,599 | Chevron Corp. | 333,575,543 | ||||||
| 98,938 | Enbridge, Inc. | 5,487,532 | ||||||
| 79,829 | ENEOS Holdings, Inc. | 670,443 | ||||||
| 58,700 | Eni SpA | 1,659,825 | ||||||
| 44,050 | Equinor ASA | 1,792,714 | ||||||
| 498,875 | Exxon Mobil Corp. | 76,991,379 | ||||||
| 15,785 | Imperial Oil Ltd. | 2,114,506 | ||||||
| 4,230,328 | Kinder Morgan, Inc. | 139,050,881 | ||||||
| 12,755 | Pembina Pipeline Corp. | 593,734 | ||||||
| 967,255 | Shell Plc | 43,977,996 | ||||||
| 57,750 | Suncor Energy, Inc. | 3,957,279 | ||||||
| 615,772 | TC Energy Corp. | 41,288,706 | ||||||
| 1,223,240 | Tenaris SA | 39,047,493 | ||||||
| 79,209 | TotalEnergies SE | 7,364,343 | ||||||
| 928,239 | Williams Cos, Inc. (The) | 70,833,918 | ||||||
| 70,616 | Woodside Energy Group Ltd. | 1,688,262 | ||||||
| 777,768,237 | ||||||||
| Financial Services — 5.5% | ||||||||
| 972,253 | 3i Group Plc | 33,812,780 | ||||||
| 35,555 | Adyen NV(a)(b)(c) | 40,122,255 | ||||||
| 336,111 | American Express Co. | 108,580,658 | ||||||
| 564,286 | Ares Management Corp. - Class A | 66,247,176 | ||||||
| 15,163,940 | B3 SA - Brasil Bolsa Balcao | 55,335,917 | ||||||
| 5,002,734 | Bajaj Finance Ltd. | 49,690,370 | ||||||
| 1,304,350 | Banca Mediolanum SpA | 28,589,268 | ||||||
| 573,303 | Capital One Financial Corp. | 109,672,864 | ||||||
| 523,679 | CME Group, Inc. | 150,725,290 | ||||||
| 108,465 | Deutsche Bank AG | 3,369,903 | ||||||
| 250,643 | Intercontinental Exchange, Inc. | 39,624,152 | ||||||
| 4,059,067 | Investor AB - Class B | 164,739,596 | ||||||
| 714,564 | London Stock Exchange Group Plc | 92,719,539 | ||||||
| 615,195 | Morgan Stanley | 117,250,015 | ||||||
| 1,220,745 | ORIX Corp. | 41,085,993 | ||||||
| 1,759,350 | Singapore Exchange Ltd. | 30,082,682 | ||||||
| 3,292,223 | UBS Group AG | 145,686,798 | ||||||
| 280,762 | Visa, Inc. - Class A | 92,606,538 | ||||||
| 1,369,941,794 | ||||||||
| Health Care — 7.5% | ||||||||
| 572,241 | Abbott Laboratories | 51,953,760 | ||||||
| 565,371 | AbbVie, Inc. | 119,474,200 | ||||||
| 5 |
| Old Westbury Funds, Inc. | |
| Large Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Health Care (continued) | ||||||||
| 651,309 | Agilent Technologies, Inc. | $ | 75,258,755 | |||||
| 83,365 | Argenx SE - ADR(a) | 65,168,088 | ||||||
| 2,271,702 | Astellas Pharma, Inc. | 32,193,978 | ||||||
| 790,121 | AstraZeneca Plc | 149,903,625 | ||||||
| 339,785 | Cencora, Inc. | 104,657,178 | ||||||
| 115,411 | Chugai Pharmaceutical Co. Ltd. | 6,154,800 | ||||||
| 3,109,926 | Dr Reddy’s Laboratories Ltd. | 43,432,852 | ||||||
| 277,026 | Eli Lilly & Co. | 258,908,500 | ||||||
| 369,398 | Galderma Group AG | 77,497,274 | ||||||
| 1,850,979 | GSK Plc | 48,527,996 | ||||||
| 4,248,429 | Guangzhou Kingmed Diagnostics Group Co. Ltd. - A Shares | 17,034,456 | ||||||
| 41,869 | Hoya Corp. | 7,818,776 | ||||||
| 212,546 | Intuitive Surgical, Inc.(a) | 97,263,175 | ||||||
| 194,661 | Johnson & Johnson | 44,742,831 | ||||||
| 1,365,401 | Medtronic Plc | 110,556,519 | ||||||
| 569,028 | Merck & Co., Inc. | 62,126,477 | ||||||
| 219,450 | Merck KGaA | 28,415,964 | ||||||
| 1,276,754 | Novartis AG | 188,691,051 | ||||||
| 19,082 | Ono Pharmaceutical Co. Ltd. | 282,226 | ||||||
| 72,246 | Otsuka Holdings Co. Ltd. | 5,265,449 | ||||||
| 3,128,833 | Pfizer, Inc. | 83,539,841 | ||||||
| 169,133 | Pro Medicus Ltd. | 16,600,009 | ||||||
| 181,550 | Roche Holding AG | 73,981,625 | ||||||
| 4,605 | Roche Holding AG | 1,926,095 | ||||||
| 27,051 | Sanofi SA | 2,531,337 | ||||||
| 170,852 | Shionogi & Co. Ltd. | 3,451,715 | ||||||
| 100,200 | Takeda Pharmaceutical Co. Ltd. | 3,349,966 | ||||||
| 89,105 | Terumo Corp. | 1,133,774 | ||||||
| 3,065,176 | Teva Pharmaceutical Industries Ltd. - ADR(a) | 107,495,722 | ||||||
| 1,889,338,014 | ||||||||
| Industrials — 12.3% | ||||||||
| 862,655 | ABB Ltd. | 87,248,706 | ||||||
| 148,620 | Aena SME SA(b)(c) | 4,059,202 | ||||||
| 575,010 | Airtac International Group | 26,847,174 | ||||||
| 334,179 | AMETEK, Inc. | 78,699,154 | ||||||
| 40,090 | Assa Abloy AB - Class B | 1,542,973 | ||||||
| 1,895,069 | Atlas Copco AB - Class A | 36,418,762 | ||||||
| 131,756 | Axon Enterprise, Inc.(a) | 52,934,290 | ||||||
| 96,945 | BAE Systems Plc | 2,696,386 | ||||||
| 259,410 | Bloom Energy Corp. - Class A(a) | 73,506,418 | ||||||
| 711,262 | Boeing Co. (The)(a) | 162,900,336 | ||||||
| 1,918,498 | Brambles Ltd. | 31,403,795 | ||||||
| 335,452 | Builders FirstSource, Inc.(a) | 26,530,899 | ||||||
| 611,600 | Canadian National Railway Co. | 68,694,970 | ||||||
| 1,619,450 | Canadian Pacific Kansas City Ltd. | 140,848,694 | ||||||
| 117,696 | Carlisle Cos., Inc. | 41,812,681 | ||||||
| 85,834 | Caterpillar, Inc. | 76,401,702 | ||||||
| 1,331,517 | Central Japan Railway Co. | 31,943,722 | ||||||
| 20,764,398 | Centre Testing International Group Co. Ltd. - A Shares | 50,555,848 | ||||||
| Shares | Value | |||||||
| Industrials (continued) | ||||||||
| 9,550 | Cie de Saint-Gobain SA | $ | 874,970 | |||||
| 72,452 | Deere & Co. | 42,737,261 | ||||||
| 1,291,833 | Deutsche Post AG | 76,494,926 | ||||||
| 170,509 | East Japan Railway Co. | 3,722,028 | ||||||
| 269,731 | Eaton Corp. Plc | 116,796,220 | ||||||
| 74,680 | Experian Plc | 2,732,470 | ||||||
| 230,112 | FANUC Corp. | 10,164,762 | ||||||
| 451,250 | Finning International, Inc. | 33,047,705 | ||||||
| 55,348 | GE Vernova, Inc. | 59,967,344 | ||||||
| 48,650 | Geberit AG | 32,875,784 | ||||||
| 697,670 | Hitachi Construction Machinery Co. Ltd. | 24,420,752 | ||||||
| 664,661 | Hitachi Ltd. | 21,135,122 | ||||||
| 486,341 | Howmet Aerospace, Inc. | 118,200,317 | ||||||
| 1,238,015 | ITOCHU Corp. | 15,342,856 | ||||||
| 466,448 | JB Hunt Transport Services, Inc. | 117,325,665 | ||||||
| 2,836,706 | Komatsu Ltd. | 121,462,076 | ||||||
| 284,428 | Kone Oyj - Class B | 18,105,374 | ||||||
| 308,802 | L3Harris Technologies, Inc. | 98,986,481 | ||||||
| 21,140 | Legrand SA | 3,787,519 | ||||||
| 13,456 | Makita Corp. | 499,661 | ||||||
| 177,248 | Mitsubishi Corp. | 5,676,659 | ||||||
| 315,482 | Mitsubishi Electric Corp. | 12,660,605 | ||||||
| 206,002 | Mitsubishi Heavy Industries Ltd. | 6,148,315 | ||||||
| 128,298 | Mitsui & Co. Ltd. | 4,817,069 | ||||||
| 770,219 | Prysmian SpA | 117,157,412 | ||||||
| 156,983 | Quanta Services, Inc. | 114,247,518 | ||||||
| 980,739 | QXO, Inc.(a) | 19,683,432 | ||||||
| 827,002 | Recruit Holdings Co. Ltd. | 38,310,838 | ||||||
| 551,007 | RELX Plc | 20,093,217 | ||||||
| 1,175,868 | Sandvik AB | 49,465,405 | ||||||
| 3,500 | Schindler Holding AG | 1,171,944 | ||||||
| 5,220 | Schindler Holding AG - Participation Certificates | 1,825,009 | ||||||
| 299,464 | Schneider Electric SE | 95,292,086 | ||||||
| 87,011 | Secom Co. Ltd. | 3,168,049 | ||||||
| 42,100 | SG Holdings Co. Ltd. | 394,017 | ||||||
| 222,856 | SGS SA | 24,146,467 | ||||||
| 1,468,847 | Shenzhen Inovance Technology Co. Ltd. - A Shares | 14,810,981 | ||||||
| 45,955 | Siemens AG | 13,656,042 | ||||||
| 1,084,140 | SM Investments Corp. | 10,690,414 | ||||||
| 169,815 | Techtronic Industries Co. Ltd. | 2,462,266 | ||||||
| 849,979 | Tetra Tech, Inc. | 27,471,321 | ||||||
| 238,325 | TFI International, Inc. | 34,100,819 | ||||||
| 3,655 | Thales SA | 1,004,165 | ||||||
| 21,040 | Thomson Reuters Corp. | 2,012,690 | ||||||
| 1,246,582 | Toyota Tsusho Corp. | 48,935,578 | ||||||
| 362,158 | Union Pacific Corp. | 97,594,338 | ||||||
| 33,286 | United Rentals, Inc. | 31,949,234 | ||||||
| 29,455 | Vinci SA | 4,454,255 | ||||||
| 554,470 | Voltronic Power Technology Corp. | 13,778,109 | ||||||
| 37,160 | Volvo AB - Class A | 1,295,828 | ||||||
| 6 |
| Old Westbury Funds, Inc. | |
| Large Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Industrials (continued) | ||||||||
| 941,735 | Volvo AB - Class B | $ | 32,825,833 | |||||
| 704,300 | Wartsila Oyj Abp | 29,578,635 | ||||||
| 223,411 | Waste Management, Inc. | 51,954,228 | ||||||
| 1,634,779 | WEG SA | 14,889,239 | ||||||
| 385,019 | Westinghouse Air Brake Technologies Corp. | 103,912,778 | ||||||
| 3,862 | Wolters Kluwer NV | 301,412 | ||||||
| 571,668 | XPO, Inc.(a) | 125,841,277 | ||||||
| 3,091,502,489 | ||||||||
| Information Technology — 27.8% | ||||||||
| 247,271 | Advanced Micro Devices, Inc.(a) | 87,655,097 | ||||||
| 4,391,900 | Advantech Co. Ltd. | 50,223,360 | ||||||
| 80,356 | Advantest Corp. | 15,003,957 | ||||||
| 3,873,994 | Apple, Inc. | 1,051,208,272 | ||||||
| 70,915 | AppLovin Corp. - Class A(a) | 31,652,910 | ||||||
| 150,270 | ASML Holding NV | 217,222,239 | ||||||
| 62,495 | ASML Holding NV - New York | 89,929,680 | ||||||
| 1,735,740 | Broadcom, Inc. | 724,549,948 | ||||||
| 224,630 | Cadence Design Systems, Inc.(a) | 74,035,802 | ||||||
| 129,435 | Canon, Inc. | 3,329,917 | ||||||
| 1,800 | Capgemini SE | 218,910 | ||||||
| 394,050 | CGI, Inc. | 25,792,311 | ||||||
| 7,388 | Check Point Software Technologies Ltd.(a) | 830,928 | ||||||
| 1,902,312 | Cisco Systems, Inc. | 174,061,548 | ||||||
| 231,088 | Cloudflare, Inc. - Class A(a) | 47,366,107 | ||||||
| 153,292 | Crowdstrike Holdings, Inc. - Class A(a) | 68,329,909 | ||||||
| 190,464 | EPAM Systems, Inc.(a) | 21,670,994 | ||||||
| 1,462,126 | Fujitsu Ltd. | 29,346,846 | ||||||
| 1,567,904 | GLOBALFOUNDRIES, Inc.(a) | 101,286,598 | ||||||
| 80,391 | Hexagon AB - Class B | 878,268 | ||||||
| 2,822,661 | Infosys Ltd. | 35,534,816 | ||||||
| 744,020 | Intel Corp.(a) | 70,295,010 | ||||||
| 435,047 | Keyence Corp. | 199,541,235 | ||||||
| 112,541 | KLA Corp. | 196,986,139 | ||||||
| 232,036 | Micron Technology, Inc. | 119,999,738 | ||||||
| 2,067,735 | Microsoft Corp. | 843,180,978 | ||||||
| 92,933 | Motorola Solutions, Inc. | 40,800,375 | ||||||
| 45,885 | Murata Manufacturing Co. Ltd. | 1,521,742 | ||||||
| 25,934 | NEC Corp. | 689,845 | ||||||
| 119,970 | Nomura Research Institute Ltd. | 3,237,962 | ||||||
| 8,108,887 | NVIDIA Corp. | 1,618,290,579 | ||||||
| 88,614 | Obic Co. Ltd. | 2,354,754 | ||||||
| 1,076,631 | Samsara, Inc. - Class A(a) | 30,942,375 | ||||||
| 1,098,395 | Samsung Electronics Co. Ltd. | 165,404,765 | ||||||
| 65,725 | SAP SE | 11,034,780 | ||||||
| 679,360 | SCREEN Holdings Co. Ltd. | 45,042,291 | ||||||
| 483,307 | Shopify, Inc. - Class A(a) | 58,542,977 | ||||||
| 98,255 | SK hynix, Inc. | 87,620,732 | ||||||
| 314,123 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 124,411,555 | ||||||
| Shares | Value | |||||||
| Information Technology (continued) | ||||||||
| 4,135,113 | Taiwan Semiconductor Manufacturing Co. Ltd. | $ | 287,067,272 | |||||
| 668,463 | TE Connectivity Plc | 141,486,879 | ||||||
| 3,241,206 | Telefonaktiebolaget LM Ericsson - Class B | 38,664,342 | ||||||
| 134,479 | Texas Instruments, Inc. | 37,799,357 | ||||||
| 6,975,044,099 | ||||||||
| Insurance — 1.8% | ||||||||
| 14,288,675 | AIA Group Ltd. | 156,872,073 | ||||||
| 24,545 | Allianz SE | 11,210,500 | ||||||
| 918,804 | AXA SA | 44,291,218 | ||||||
| 608,039 | Daiichi Life Group, Inc. | 5,567,015 | ||||||
| 1,105 | Fairfax Financial Holdings Ltd. | 1,912,239 | ||||||
| 1,261,660 | Generali | 56,537,495 | ||||||
| 32,320 | Great-West Lifeco, Inc. | 1,726,937 | ||||||
| 4,150 | Hannover Rueck SE | 1,253,935 | ||||||
| 3,720 | Intact Financial Corp. | 716,805 | ||||||
| 216,562 | Japan Post Holdings Co. Ltd. | 2,511,483 | ||||||
| 130,350 | Manulife Financial Corp. | 5,125,331 | ||||||
| 1,183,159 | MetLife, Inc. | 94,771,036 | ||||||
| 144,324 | MS&AD Insurance Group Holdings, Inc. | 3,711,160 | ||||||
| 8,455 | Muenchener Rueckversicherungs- Gesellschaft AG | 5,057,546 | ||||||
| 125,129 | Prudential Financial, Inc. | 12,276,406 | ||||||
| 48,065 | Sampo Oyj - Class A | 499,455 | ||||||
| 152,434 | Sompo Holdings, Inc. | 5,672,895 | ||||||
| 46,295 | Sun Life Financial, Inc. | 3,335,585 | ||||||
| 17,600 | Swiss Re AG | 2,835,162 | ||||||
| 250,035 | Tokio Marine Holdings, Inc. | 11,450,796 | ||||||
| 1,126,843 | Unipol Assicurazioni SpA | 29,442,855 | ||||||
| 7,770 | Zurich Insurance Group AG | 5,417,402 | ||||||
| 462,195,329 | ||||||||
| Materials — 2.3% | ||||||||
| 19,640 | Agnico Eagle Mines Ltd. | 3,693,190 | ||||||
| 34,132 | Air Liquide SA | 7,343,173 | ||||||
| 38,520 | Barrick Mining Corp. | 1,513,463 | ||||||
| 1,939,524 | BHP Group Ltd. | 76,765,082 | ||||||
| 311,337 | CRH Plc | 36,868,528 | ||||||
| 47,385 | CRH Plc | 5,667,716 | ||||||
| 1,324,417 | Fortescue Ltd. | 19,088,916 | ||||||
| 8,735 | Franco-Nevada Corp. | 2,015,220 | ||||||
| 683,527 | Freeport-McMoRan, Inc. | 39,494,190 | ||||||
| 15 | Givaudan SA | 53,491 | ||||||
| 40,905 | Holcim AG | 3,801,156 | ||||||
| 2,057,001 | International Paper Co. | 62,573,970 | ||||||
| 19,934 | JFE Holdings, Inc. | 218,922 | ||||||
| 248,716 | Linde Plc | 124,641,536 | ||||||
| 334,655 | Rio Tinto Plc | 33,712,000 | ||||||
| 745,850 | Shin-Etsu Chemical Co. Ltd. | 34,340,576 | ||||||
| 295,700 | Steel Dynamics, Inc. | 67,614,762 | ||||||
| 7 |
| Old Westbury Funds, Inc. | |
| Large Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Materials (continued) | ||||||||
| 3,311,474 | Vale SA | $ | 54,382,056 | |||||
| 573,787,947 | ||||||||
| Real Estate — 1.4% | ||||||||
| 62,846 | American Tower Corp. REIT | 11,482,593 | ||||||
| 13,833,996 | CapitaLand Integrated Commercial Trust REIT | 25,766,046 | ||||||
| 867,838 | Daiwa House Industry Co. Ltd. | 26,478,573 | ||||||
| 141,786 | Mitsubishi Estate Co. Ltd. | 4,040,652 | ||||||
| 311,939 | Mitsui Fudosan Co. Ltd. | 3,416,366 | ||||||
| 350 | Nippon Building Fund, Inc. REIT | 293,920 | ||||||
| 1,009,666 | Prologis, Inc. REIT | 143,392,765 | ||||||
| 478,322 | Simon Property Group, Inc. REIT | 97,438,974 | ||||||
| 2,413,256 | Sun Hung Kai Properties Ltd. | 42,249,077 | ||||||
| 354,558,966 | ||||||||
| Utilities — 2.8% | ||||||||
| 914,012 | American Electric Power Co., Inc. | 125,320,185 | ||||||
| 443,520 | CLP Holdings Ltd. | 4,264,588 | ||||||
| 194,762 | Constellation Energy Corp. | 60,960,506 | ||||||
| 533,491 | Duke Energy Corp. | 69,113,759 | ||||||
| 763,335 | Endesa SA | 34,234,571 | ||||||
| 399,480 | Enel SpA | 4,664,207 | ||||||
| 441,366 | Iberdrola SA | 10,347,486 | ||||||
| 164,705 | National Grid Plc | 2,948,316 | ||||||
| 41,930 | Naturgy Energy Group SA | 1,319,311 | ||||||
| 3,113,216 | NextEra Energy, Inc. | 304,721,582 | ||||||
| 14,250 | Verbund AG | 1,075,209 | ||||||
| 701,614 | WEC Energy Group, Inc. | 82,748,355 | ||||||
| 701,718,075 | ||||||||
| Total Common Stocks (Cost $15,444,663,438) |
24,760,211,479 | |||||||
| RIGHTS/WARRANTS — 0.0% | ||||||||
| Information Technology — 0.0% | ||||||||
| 489 | Constellation Software, Inc. Warrants, Expire 03/31/40(a)(d)(e) | 0 | ||||||
| Total Rights/Warrants (Cost $0) |
0 | |||||||
| EXCHANGE-TRADED FUNDS(f) — 0.4% | ||||||||
| 1,112,299 | iShares Expanded Tech-Software Sector ETF(a) | 93,333,009 | ||||||
| Total Exchange-Traded Funds (Cost $93,027,608) |
93,333,009 | |||||||
| Shares | Value | |||||||
| INVESTMENT COMPANY — 0.8% | ||||||||
| 193,889,805 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(g) | $ | 193,889,805 | |||||
| Total Investment Company (Cost $193,889,805) |
193,889,805 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $15,731,580,851) |
$ | 25,047,434,293 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 36,825,371 | |||||||
| NET ASSETS — 100.0% | $ | 25,084,259,664 | ||||||
| (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 $0 which is 0.00% of net assets and the cost is $0. |
| (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, 2026. |
The following abbreviations are used in the report:
ADR — American Depositary Receipt
ETF — Exchange-Traded Fund
REIT — Real Estate Investment Trust
PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)
| Country: | Value | Value as a percentage of Net Assets | ||||||
| United States | $ | 15,587,327,432 | 62.2 | % | ||||
| Japan | 1,346,073,574 | 5.5 | ||||||
| United Kingdom | 966,062,686 | 3.9 | ||||||
| Canada | 839,455,311 | 3.3 | ||||||
| Switzerland | 715,387,192 | 2.9 | ||||||
| Netherlands | 637,774,005 | 2.5 | ||||||
| Taiwan | 562,227,001 | 2.2 | ||||||
| Sweden | 436,938,964 | 1.7 | ||||||
| Ireland | 414,108,332 | 1.7 | ||||||
| 8 |
| Old Westbury Funds, Inc. | |
| Large Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Country: | Value | Value as a percentage of Net Assets | ||||||
| India | $ | 363,563,993 | 1.4 | % | ||||
| Italy | 316,116,184 | 1.3 | ||||||
| Hong Kong | 274,889,576 | 1.1 | ||||||
| South Korea | 253,025,497 | 1.0 | ||||||
| Australia | 248,692,713 | 1.0 | ||||||
| Brazil | 239,605,364 | 1.0 | ||||||
| Spain | 233,059,602 | 0.9 | ||||||
| China | 228,960,541 | 0.9 | ||||||
| France | 213,509,578 | 0.9 | ||||||
| Germany | 212,451,061 | 0.8 | ||||||
| Singapore | 143,446,329 | 0.6 | ||||||
| Israel | 108,326,650 | 0.4 | ||||||
| Mexico | 72,833,315 | 0.3 | ||||||
| Uruguay | 60,698,452 | 0.2 | ||||||
| Indonesia | 51,810,304 | 0.2 | ||||||
| Finland | 51,465,294 | 0.2 | ||||||
| Luxembourg | 39,047,493 | 0.2 | ||||||
| Norway | 36,317,901 | 0.1 | ||||||
| Portugal | 32,556,381 | 0.1 | ||||||
| South Africa | 31,723,072 | 0.1 | ||||||
| Chile | 28,569,252 | 0.1 | ||||||
| Philippines | 10,690,414 | 0.0 | * | |||||
| Belgium | 2,422,807 | 0.0 | * | |||||
| Austria | 1,075,209 | 0.0 | * | |||||
| Other** | 324,048,185 | 1.3 | ||||||
| $ | 25,084,259,664 | 100.0 | % | |||||
| * | Represents less than 0.05% of net assets. |
| ** | Includes cash and equivalents, rights/warrants, exchange-traded funds, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
| 9 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS — 92.9% | ||||||||
| AUSTRALIA — 2.8% | ||||||||
| 676,965 | 29Metals Ltd.(a) | $ | 120,036 | |||||
| 1,917,819 | Aeris Resources Ltd.(a) | 547,674 | ||||||
| 976,614 | AIC Mines Ltd.(a) | 428,821 | ||||||
| 77,315 | Amplitude Energy Ltd.(a) | 97,526 | ||||||
| 298,182 | Ampol Ltd. | 7,550,143 | ||||||
| 40,887 | Ansell Ltd. | 784,348 | ||||||
| 233,223 | Appen Ltd.(a) | 193,037 | ||||||
| 46,380 | ARB Corp. Ltd. | 627,178 | ||||||
| 291,308 | Aspen Group Ltd. REIT | 1,014,447 | ||||||
| 15,400 | ASX Ltd. | 674,763 | ||||||
| 3,449,732 | Aurelia Metals Ltd.(a) | 735,633 | ||||||
| 2,870,280 | Aurizon Holdings Ltd. | 8,671,174 | ||||||
| 1,817,592 | Beach Energy Ltd. | 1,543,919 | ||||||
| 499,908 | Bega Cheese Ltd. | 1,998,878 | ||||||
| 467,915 | Bendigo & Adelaide Bank Ltd. | 3,617,032 | ||||||
| 256,790 | Brambles Ltd. | 4,203,382 | ||||||
| 554,352 | Bravura Solutions Ltd. | 856,573 | ||||||
| 50,900 | Breville Group Ltd. | 1,112,910 | ||||||
| 13,676 | Calix Ltd.(a) | 5,422 | ||||||
| 201,807 | Capricorn Metals Ltd. | 1,673,241 | ||||||
| 20,504 | Cedar Woods Properties Ltd. | 110,480 | ||||||
| 565,709 | Challenger Ltd. | 3,521,072 | ||||||
| 55,669 | Champion Iron Ltd. | 192,315 | ||||||
| 410,376 | Charter Hall Social Infrastructure REIT | 770,655 | ||||||
| 64,844 | Coast Entertainment Holdings Ltd.(a) | 20,734 | ||||||
| 23,825 | Codan Ltd. | 721,992 | ||||||
| 14,448 | Cogstate Ltd. | 25,845 | ||||||
| 300,656 | Collins Foods Ltd. | 1,783,482 | ||||||
| 74,670 | Computershare Ltd. | 1,640,439 | ||||||
| 419,405 | Core Lithium Ltd.(a) | 98,991 | ||||||
| 1,471,328 | Coronado Global Resources, Inc.(a)(b)(c) | 295,476 | ||||||
| 76,184 | Cuscal Ltd. | 257,891 | ||||||
| 1,605,379 | Downer EDI Ltd. | 8,626,380 | ||||||
| 4,556 | Dragon Mining Ltd.(a)(b) | 4,701 | ||||||
| 3,457 | Duratec Ltd. | 7,049 | ||||||
| 3,027,673 | Dyno Nobel Ltd. | 7,189,215 | ||||||
| 192,426 | Emerald Resources NL(a) | 812,114 | ||||||
| 64,283 | Eureka Group Holdings Ltd. | 26,981 | ||||||
| 325,800 | Evolution Mining Ltd. | 2,880,446 | ||||||
| 81,004 | Fleetwood Ltd. | 98,208 | ||||||
| 35,032 | GenusPlus Group Ltd.(b) | 236,898 | ||||||
| 23,065 | Global Lithium Resources Ltd.(a) | 9,940 | ||||||
| 2,148,487 | GPT Group (The) REIT | 7,409,801 | ||||||
| 6,681 | GR Engineering Services Ltd. | 21,846 | ||||||
| 679,026 | GrainCorp Ltd. - Class A | 3,018,524 | ||||||
| 369,640 | Grange Resources Ltd.(a) | 48,113 | ||||||
| 377,700 | Harvey Norman Holdings Ltd. | 1,234,469 | ||||||
| 926,847 | Helia Group Ltd. | 3,606,925 | ||||||
| 31,483 | Hot Chili Ltd.(a) | 37,871 | ||||||
| 62,230 | HUB24 Ltd. | 3,807,945 | ||||||
| Shares | Value | |||||||
| AUSTRALIA (continued) | ||||||||
| 528,496 | IGO Ltd.(a) | $ | 2,907,940 | |||||
| 190,573 | Imdex Ltd. | 560,585 | ||||||
| 317,639 | Insurance Australia Group Ltd. | 1,727,353 | ||||||
| 32,624 | IPD Group Ltd. | 132,843 | ||||||
| 18,512 | JB Hi-Fi Ltd. | 1,033,838 | ||||||
| 128,087 | Jumbo Interactive Ltd. | 685,145 | ||||||
| 1,339,655 | Karoon Energy Ltd. | 2,111,854 | ||||||
| 300,355 | Kelsian Group Ltd. | 831,523 | ||||||
| 11,894 | Kogan.com Ltd. | 31,751 | ||||||
| 1,033,952 | Macmahon Holdings Ltd. | 544,779 | ||||||
| 66,821 | Mader Group Ltd. | 361,899 | ||||||
| 187,600 | Magellan Financial Group Ltd. | 1,390,920 | ||||||
| 28,242 | Mayfield Group Holdings Ltd. | 52,306 | ||||||
| 1,254,550 | Medibank Pvt Ltd. | 4,265,887 | ||||||
| 3,847,577 | Metals X Ltd.(a) | 3,894,274 | ||||||
| 737,603 | MGX Resources Ltd.(a) | 210,345 | ||||||
| 337,483 | Mineral Resources Ltd.(a) | 15,885,442 | ||||||
| 127,401 | Monadelphous Group Ltd. | 2,587,599 | ||||||
| 668,934 | Nanosonics Ltd.(a) | 1,676,875 | ||||||
| 357,180 | New Hope Corp. Ltd. | 1,415,993 | ||||||
| 108,100 | Nick Scali Ltd. | 1,178,221 | ||||||
| 149,287 | Nickel industries Ltd.(a) | 113,225 | ||||||
| 295,358 | NRW Holdings Ltd. | 1,316,935 | ||||||
| 44,365 | Nufarm Ltd.(a) | 78,741 | ||||||
| 25,374 | Nuix Ltd.(a) | 27,951 | ||||||
| 10,022 | Objective Corp. Ltd. | 83,485 | ||||||
| 889,611 | Orica Ltd. | 13,568,805 | ||||||
| 19,787 | Peet Ltd. | 25,729 | ||||||
| 1,217,932 | Perenti Ltd. | 1,648,457 | ||||||
| 5,328,127 | Perseus Mining Ltd. | 21,353,467 | ||||||
| 1,519 | Playside Studios Ltd.(a) | 290 | ||||||
| 519,604 | PLS Group Ltd.(a) | 2,311,934 | ||||||
| 134,180 | QBE Insurance Group Ltd. | 2,173,431 | ||||||
| 7,926 | REA Group Ltd. | 981,278 | ||||||
| 956,808 | Regis Healthcare Ltd. | 4,568,929 | ||||||
| 964,605 | Regis Resources Ltd. | 4,946,058 | ||||||
| 7,939,280 | Resolute Mining Ltd.(a) | 6,793,849 | ||||||
| 197,519 | Sandfire Resources Ltd.(a) | 2,386,346 | ||||||
| 27,347 | Servcorp Ltd. | 127,957 | ||||||
| 946,872 | Service Stream Ltd. | 1,334,947 | ||||||
| 13,914 | Shape Australia Pty Ltd. | 59,863 | ||||||
| 90,677 | Sims Ltd. | 1,370,409 | ||||||
| 18,430 | SKS Technologies Group Ltd. | 89,191 | ||||||
| 17,998 | Smart Parking Ltd.(a) | 11,213 | ||||||
| 4,297 | SmartGroup Corp. Ltd. | 28,025 | ||||||
| 24,694 | Solvar Ltd. | 28,233 | ||||||
| 6,376,463 | South32 Ltd. | 18,896,955 | ||||||
| 93,335 | Southern Cross Electrical Engineering Ltd. | 255,502 | ||||||
| 420,911 | SRG Global Ltd. | 879,187 | ||||||
| 832 | St. Barbara Ltd.(a) | 375 | ||||||
| 196,995 | Starpharma Holdings Ltd.(a) | 104,516 | ||||||
| 129,912 | Suncorp Group Ltd. | 1,616,675 | ||||||
| 10 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| AUSTRALIA (continued) | ||||||||
| 5,146,040 | Tabcorp Holdings Ltd. | $ | 4,229,604 | |||||
| 83,100 | Technology One Ltd. | 1,712,320 | ||||||
| 435,041 | TPG Telecom Ltd. | 1,315,813 | ||||||
| 967,066 | Vault Minerals Ltd. | 3,226,383 | ||||||
| 1,474,217 | Ventia Services Group Pty Ltd. | 5,675,264 | ||||||
| 253,636 | Virgin Australia Holdings Ltd.(a) | 398,799 | ||||||
| 769,905 | Viva Energy Group Ltd.(b)(c) | 1,368,857 | ||||||
| 106,444 | Vysarn Ltd.(a) | 57,892 | ||||||
| 82,695 | Wagners Holding Co. Ltd. | 272,897 | ||||||
| 678,689 | WEB Travel Group Ltd.(a) | 1,312,113 | ||||||
| 1,737,428 | West African Resources Ltd.(a) | 3,783,100 | ||||||
| 2,937,928 | Whitehaven Coal Ltd. | 17,952,596 | ||||||
| 1,240,876 | Wildcat Resources Ltd.(a) | 534,113 | ||||||
| 440,266 | Yancoal Australia Ltd. | 2,422,472 | ||||||
| 259,904,488 | ||||||||
| AUSTRIA — 0.8% | ||||||||
| 88,673 | ams-OSRAM AG(a) | 1,424,235 | ||||||
| 149,534 | ANDRITZ AG | 12,706,007 | ||||||
| 11,500 | BAWAG Group AG(b)(c) | 1,969,385 | ||||||
| 2,289 | DO & CO AG | 466,802 | ||||||
| 157,003 | Erste Group Bank AG | 17,348,220 | ||||||
| 353 | EVN AG | 11,994 | ||||||
| 6,235 | FACC AG(a) | 96,465 | ||||||
| 4,246 | Mayr Melnhof Karton AG | 398,623 | ||||||
| 181,070 | OMV AG | 12,781,761 | ||||||
| 17,471 | Palfinger AG | 718,932 | ||||||
| 13,950 | Porr AG | 639,730 | ||||||
| 22,722 | Raiffeisen Bank International AG | 1,239,386 | ||||||
| 10,084 | UNIQA Insurance Group AG | 193,491 | ||||||
| 26,550 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,999,096 | ||||||
| 454,305 | voestalpine AG | 23,488,945 | ||||||
| 75,483,072 | ||||||||
| BAHAMAS — 0.2% | ||||||||
| 687,114 | OneSpaWorld Holdings Ltd. | 16,944,231 | ||||||
| BELGIUM — 0.4% | ||||||||
| 8,583 | Ackermans & van Haaren NV | 2,830,785 | ||||||
| 18,900 | Ageas SA | 1,481,093 | ||||||
| 2,523 | Ascencio REIT | 147,734 | ||||||
| 164,473 | Barco NV | 1,840,959 | ||||||
| 179,077 | Bekaert SA | 8,843,020 | ||||||
| 3,608 | Cie d’Entreprises CFE | 48,186 | ||||||
| 20,526 | Deme Group NV | 4,683,948 | ||||||
| 25,354 | EVS Broadcast Equipment SA | 1,118,119 | ||||||
| 67,355 | Fagron | 1,900,080 | ||||||
| 9,250 | Groupe Bruxelles Lambert NV | 864,100 | ||||||
| 83 | Jensen-Group NV | 6,698 | ||||||
| 11,900 | KBC Ancora | 1,086,272 | ||||||
| 18,452 | Retail Estates NV REIT | 1,471,144 | ||||||
| 1,277 | Sipef NV | 152,352 | ||||||
| 25,521 | Tessenderlo Group SA | 640,307 | ||||||
| Shares | Value | |||||||
| BELGIUM (continued) | ||||||||
| 586,511 | Umicore SA | $ | 11,862,339 | |||||
| 1,722 | Wereldhave Belgium Comm VA REIT | 105,909 | ||||||
| 39,083,045 | ||||||||
| BERMUDA — 0.3% | ||||||||
| 236,827 | Essent Group Ltd. | 14,332,770 | ||||||
| 9,973 | Everest Group Ltd. | 3,557,968 | ||||||
| 255,524 | FLEX LNG Ltd. | 8,286,643 | ||||||
| 251,576 | SiriusPoint Ltd.(a) | 5,889,394 | ||||||
| 32,066,775 | ||||||||
| BRAZIL — 0.4% | ||||||||
| 2,129,884 | B3 SA - Brasil Bolsa Balcao | 7,772,326 | ||||||
| 738,178 | Hapvida Participacoes e Investimentos SA(a)(b)(c) | 1,872,352 | ||||||
| 2,156,482 | MBRF Global Foods Co. SA - ADR | 7,439,864 | ||||||
| 3,873,358 | Metalurgica Gerdau SA - Preference Shares | 7,783,010 | ||||||
| 897,435 | Pagseguro Digital Ltd. - Class A | 8,992,299 | ||||||
| 528,100 | StoneCo Ltd. - Class A | 5,798,538 | ||||||
| 39,658,389 | ||||||||
| CANADA — 1.5% | ||||||||
| 10,300 | Aecon Group, Inc. | 378,833 | ||||||
| 21,166 | AGF Management Ltd. - Class B | 252,431 | ||||||
| 9,314 | Agnico Eagle Mines Ltd. | 1,751,377 | ||||||
| 68,478 | Altius Minerals Corp. | 2,483,830 | ||||||
| 17,800 | Altus Group Ltd. | 591,783 | ||||||
| 4,700 | Andrew Peller Ltd. - Class A | 19,411 | ||||||
| 35,802 | ARC Resources Ltd. | 849,222 | ||||||
| 8,100 | Atco Ltd. - Class I | 406,148 | ||||||
| 16,600 | Bausch Health Cos., Inc.(a) | 95,199 | ||||||
| 26,400 | Boardwalk Real Estate Investment Trust REIT | 1,319,271 | ||||||
| 2,692 | Bonterra Energy Corp.(a) | 14,269 | ||||||
| 1,600 | Boston Pizza Royalties Income Fund - Units | 29,153 | ||||||
| 4,100 | BOYD GROUP, Inc. | 506,814 | ||||||
| 43,700 | Canada Goose Holdings, Inc.(a) | 497,691 | ||||||
| 22,500 | Canadian Apartment Properties REIT | 605,919 | ||||||
| 310,140 | Canadian Solar, Inc.(a) | 4,742,041 | ||||||
| 11,400 | Canadian Tire Corp. Ltd. - Class A | 1,585,434 | ||||||
| 21,843 | Cascades, Inc. | 173,027 | ||||||
| 42,485 | CCL Industries, Inc. - Class B | 2,682,934 | ||||||
| 190,307 | Centerra Gold, Inc. | 3,312,002 | ||||||
| 14,800 | Chemtrade Logistics Income Fund - Units | 185,987 | ||||||
| 144,861 | Choice Properties Real Estate Investment Trust REIT | 1,607,138 | ||||||
| 65,100 | Crombie Real Estate Investment Trust REIT | 812,342 | ||||||
| 11,900 | Descartes Systems Group, Inc. (The)(a) | 858,629 | ||||||
| 260,153 | Dollarama, Inc. | 33,248,103 | ||||||
| 108,200 | DPM Metals, Inc. | 3,633,086 | ||||||
| 11 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| CANADA (continued) | ||||||||
| 116,300 | Dream Industrial Real Estate Investment Trust REIT | $ | 1,171,262 | |||||
| 16,824 | DREAM Unlimited Corp. - Class A | 229,134 | ||||||
| 25,760 | Evertz Technologies Ltd. | 303,427 | ||||||
| 15,915 | Exco Technologies Ltd. | 86,467 | ||||||
| 51,400 | Finning International, Inc. | 3,764,326 | ||||||
| 99,480 | FirstService Corp. | 13,311,419 | ||||||
| 3,850 | FirstService Corp. | 515,875 | ||||||
| 32,600 | Fortuna Mining Corp.(a) | 314,396 | ||||||
| 23,760 | Gildan Activewear, Inc. | 1,474,560 | ||||||
| 16,700 | Granite Real Estate Investment Trust REIT | 1,129,480 | ||||||
| 4,600 | Groupe Dynamite, Inc. | 300,548 | ||||||
| 3 | Hammond Power Solutions, Inc. | 639 | ||||||
| 155,500 | Hudbay Minerals, Inc. | 3,596,871 | ||||||
| 7,400 | iA Financial Corp, Inc. | 952,382 | ||||||
| 21,200 | IGM Financial, Inc. | 1,181,931 | ||||||
| 155,200 | Kinross Gold Corp. | 4,701,645 | ||||||
| 246,614 | Knight Therapeutics, Inc.(a) | 1,361,656 | ||||||
| 121,360 | Labrador Iron Ore Royalty Corp. | 2,536,467 | ||||||
| 1,015 | Lululemon Athletica, Inc.(a) | 139,765 | ||||||
| 22,000 | Lundin Gold, Inc. | 1,478,544 | ||||||
| 36,800 | Maple Leaf Foods, Inc. | 777,532 | ||||||
| 208,653 | Martinrea International, Inc. | 1,542,221 | ||||||
| 845 | Morguard Corp. | 74,960 | ||||||
| 9,690 | Morguard North American Residential Real Estate Investment Trust REIT | 120,202 | ||||||
| 81,759 | Mullen Group Ltd. | 1,237,505 | ||||||
| 33,702 | North West Co., Inc. (The) | 1,262,383 | ||||||
| 11,700 | Obsidian Energy Ltd.(a) | 166,927 | ||||||
| 79,600 | OceanaGold Corp. | 2,464,737 | ||||||
| 9,900 | Onex Corp. | 834,141 | ||||||
| 52,200 | Open Text Corp. | 1,183,228 | ||||||
| 55,100 | OR Royalties, Inc. | 2,029,413 | ||||||
| 81,500 | Orla Mining Ltd. | 1,067,987 | ||||||
| 115,590 | Pason Systems, Inc. | 1,188,790 | ||||||
| 3,200 | PHX Energy Services Corp. | 29,000 | ||||||
| 43,300 | Power Corp. of Canada | 2,415,632 | ||||||
| 44,500 | Primaris Real Estate Investment Trust REIT | 618,187 | ||||||
| 8,100 | PRO Real Estate Investment Trust REIT | 38,880 | ||||||
| 42,149 | Quebecor, Inc. - Class B | 1,774,270 | ||||||
| 75,126 | RioCan Real Estate Investment Trust REIT | 1,175,823 | ||||||
| 44,200 | Russel Metals, Inc. | 1,720,362 | ||||||
| 9,000 | Slate Grocery REIT - Class U | 106,939 | ||||||
| 36,500 | SmartCentres Real Estate Investment Trust REIT | 758,026 | ||||||
| 5,161 | Sprott, Inc. | 674,063 | ||||||
| 19,649 | Stella-Jones, Inc. | 1,215,957 | ||||||
| 22,500 | Strathcona Resources Ltd. | 706,961 | ||||||
| Shares | Value | |||||||
| CANADA (continued) | ||||||||
| 3,597 | Surge Energy, Inc. | $ | 26,507 | |||||
| 25,124 | TFI International, Inc. | 3,594,877 | ||||||
| 113,500 | Thor Explorations Ltd. | 107,789 | ||||||
| 18,265 | TMX Group Ltd. | 744,934 | ||||||
| 14,103 | Tourmaline Oil Corp. | 683,165 | ||||||
| 68,300 | TransAlta Corp. | 851,267 | ||||||
| 136,766 | Transcontinental, Inc. - Class A | 534,639 | ||||||
| 18,200 | True North Commercial Real Estate Investment Trust REIT | 112,146 | ||||||
| 9,369 | Wajax Corp. | 233,268 | ||||||
| 15,978 | Westshore Terminals Investment Corp.. | 417,932 | ||||||
| 216,633 | Whitecap Resources, Inc. | 2,556,504 | ||||||
| 16,600 | WSP Global, Inc. | 2,761,880 | ||||||
| 139,001,902 | ||||||||
| CHINA — 5.6% | ||||||||
| 178,900 | Autohome, Inc. - ADR | 3,332,907 | ||||||
| 9,807,890 | BAIC Foton Motor Co. Ltd. - A Shares(a) | 5,080,100 | ||||||
| 52,014 | Baidu, Inc. - ADR(a) | 6,581,331 | ||||||
| 2,851,957 | Baowu Magnesium Technology Co. Ltd. - A Shares | 6,588,291 | ||||||
| 4,225,169 | BOE HC SemiTek Corp. - A Shares(a) | 7,519,470 | ||||||
| 355,600 | Changchun High-Tech Industry Group Co. Ltd. - A Shares | 4,438,966 | ||||||
| 1,133,460 | China National Medicines Corp. Ltd. - A Shares | 4,761,304 | ||||||
| 6,793,810 | China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd. - A Shares | 7,012,786 | ||||||
| 6,243,000 | China Railway Group Ltd. - H Shares | 3,026,491 | ||||||
| 6,812,644 | China Railway Tielong Container Logistics Co. Ltd. - A Shares | 6,128,861 | ||||||
| 4,616,046 | China Tower Corp. Ltd. - H Shares(b) (c) | 6,541,468 | ||||||
| 3,425,671 | CITIC Metal Co. Ltd. - A Shares | 6,979,122 | ||||||
| 953,000 | CNGR Advanced Material Co. Ltd. - A Shares | 8,954,867 | ||||||
| 268,743 | Daqo New Energy Corp. - ADR(a) | 5,165,240 | ||||||
| 5,097,400 | Dongfang Electric Corp. Ltd. - H Shares | 25,534,579 | ||||||
| 3,584,000 | FAW Jiefang Group Co. Ltd. - A Shares | 3,539,763 | ||||||
| 1,911,632 | Fujian Star-net Communication Co. Ltd. - A Shares | 7,447,347 | ||||||
| 569,219 | Full Truck Alliance Co. Ltd. - ADR | 4,923,744 | ||||||
| 6,270,500 | Greentown China Holdings Ltd. | 7,744,906 | ||||||
| 2,776,516 | Guangdong Fenghua Advanced Technology Holding Co. Ltd. - A Shares | 10,311,965 | ||||||
| 4,287,000 | Guangxi Liugong Machinery Co. Ltd. - A Shares | 6,093,301 | ||||||
| 12 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| CHINA (continued) | ||||||||
| 1,663,392 | Hangzhou Oxygen Plant Group Co. Ltd. - A Shares | $ | 7,691,942 | |||||
| 1,769,907 | Han’s Laser Technology Industry Group Co. Ltd. - A Shares | 26,330,525 | ||||||
| 3,651,000 | Henan Mingtai Al Industrial Co. Ltd. - A Shares | 9,534,303 | ||||||
| 3,599,651 | JA Solar Technology Co. Ltd. - A Shares(a) | 5,751,957 | ||||||
| 1,168,463 | JCET Group Co. Ltd. - A Shares | 7,868,312 | ||||||
| 4,265,000 | JD Logistics, Inc.(a)(b)(c) | 8,306,480 | ||||||
| 368,940 | JD.com, Inc. - ADR | 11,186,261 | ||||||
| 1,162,741 | Kuaishou Technology(b)(c) | 6,472,783 | ||||||
| 1,858,000 | Lens Technology Co. Ltd. - A Shares | 7,081,440 | ||||||
| 1,957,290 | Lizhong Sitong Light Alloys Group Co. Ltd. - A Shares | 6,156,564 | ||||||
| 3,986,127 | Longfor Group Holdings Ltd.(b)(c) | 4,127,346 | ||||||
| 530,505 | Meituan - B Shares(a)(b)(c) | 5,707,803 | ||||||
| 3,766,205 | Ming Yang Smart Energy Group Ltd. - A Shares | 8,782,183 | ||||||
| 2,593,800 | MLS Co. Ltd. - A Shares | 3,616,442 | ||||||
| 2,029,734 | MLS Co. Ltd. - A Shares | 2,829,985 | ||||||
| 7,443,100 | ORG Technology Co. Ltd. - A Shares | 6,009,073 | ||||||
| 3,471,200 | Oriental Pearl Group Co. Ltd. - A Shares | 5,103,514 | ||||||
| 3,657,079 | Qingdao Gaoce Technology Co. Ltd. - A Shares | 7,188,861 | ||||||
| 779,435 | Raytron Technology Co. Ltd. - A Shares | 16,737,096 | ||||||
| 3,285,200 | Riyue Heavy Industry Co. Ltd. - A Shares | 6,153,195 | ||||||
| 11,725,300 | Rizhao Port Co. Ltd. - A Shares | 5,087,238 | ||||||
| 2,379,400 | Sany Heavy Industry Co. Ltd. - A Shares | 7,110,217 | ||||||
| 12,362,350 | Shandong Nanshan Aluminum Co. Ltd. - A Shares | 9,789,666 | ||||||
| 8,588,200 | Shanghai Baosteel Packaging Co. Ltd. - A Shares | 6,492,183 | ||||||
| 2,231,300 | Shanghai Mechanical and Electrical Industry Co. Ltd. - A Shares | 7,909,952 | ||||||
| 281,151 | Shanghai United Imaging Healthcare Co. Ltd. - A Shares | 4,533,937 | ||||||
| 10,166,800 | Shanxi Taigang Stainless Steel Co. Ltd. - A Shares(a) | 6,346,664 | ||||||
| 2,179,234 | Shenzhen Click Technology Co. Ltd. - A Shares | 6,187,375 | ||||||
| 3,427,900 | Shenzhen Laibao Hi-tech Co. Ltd. - A Shares | 5,290,647 | ||||||
| 5,452,118 | Shuangliang Eco-Energy Systems Co. Ltd. - A Shares(a) | 4,870,254 | ||||||
| 1,409,565 | Sichuan Kelun Pharmaceutical Co. Ltd. - A Shares | 7,146,044 | ||||||
| 839,748 | Silergy Corp. | 11,492,639 | ||||||
| Shares | Value | |||||||
| CHINA (continued) | ||||||||
| 7,317,500 | Sinopec Engineering Group Co. Ltd. - H Shares | $ | 5,882,012 | |||||
| 1,686,400 | Sinopharm Group Co. Ltd. - H Shares | 4,011,545 | ||||||
| 495,800 | StarPower Semiconductor Ltd. - A Shares | 7,567,964 | ||||||
| 2,455,840 | Tasly Pharmaceutical Group Co. Ltd. - A Shares | 5,446,220 | ||||||
| 8,017,228 | Tianjin Port Co. Ltd. - A Shares | 5,574,128 | ||||||
| 3,228,633 | Tianshan Aluminum Group Co. Ltd. - A Shares | 7,941,654 | ||||||
| 9,903,400 | Tinergy Chemical Co. Ltd. - A Shares | 6,663,309 | ||||||
| 1,986,437 | Triangle Tyre Co. Ltd. - A Shares | 4,277,583 | ||||||
| 2,602,698 | Trina Solar Co. Ltd. - A Shares(a) | 6,640,381 | ||||||
| 3,146,146 | VOYAH Automobile Technology Co. Ltd. - H Shares(a) | 2,410,070 | ||||||
| 494,441 | Weibo Corp. - ADR | 4,158,249 | ||||||
| 2,010,223 | Wingtech Technology Co. Ltd. - A Shares(a) | 8,281,293 | ||||||
| 5,717,760 | Wuxi Taiji Industry Ltd. Co. - A Shares | 8,130,109 | ||||||
| 15,607,954 | Xinyi Solar Holdings Ltd. | 5,745,748 | ||||||
| 11,644,135 | Xinyu Iron & Steel Co. Ltd. - A Shares | 5,284,831 | ||||||
| 1,875,474 | Xuji Electric Co. Ltd. - A Shares | 6,956,767 | ||||||
| 359,800 | Yangzijiang Shipbuilding Holdings Ltd. | 1,227,085 | ||||||
| 2,759,700 | Yifan Pharmaceutical Co. Ltd. - A Shares | 4,536,194 | ||||||
| 3,892,900 | Yunnan Copper Co. Ltd. - A Shares | 11,013,448 | ||||||
| 9,138,557 | Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares | 9,203,348 | ||||||
| 338,947 | ZTO Express Cayman, Inc. | 8,588,528 | ||||||
| 522,140,156 | ||||||||
| DENMARK — 0.7% | ||||||||
| 74,837 | ALK-Abello A/S | 2,803,069 | ||||||
| 267,500 | Alm Brand A/S | 625,741 | ||||||
| 314,757 | Bavarian Nordic A/S(a) | 9,264,808 | ||||||
| 15,250 | Chemometec A/S | 768,938 | ||||||
| 15,416 | D/S Norden A/S | 729,490 | ||||||
| 65,700 | Danske Bank A/S | 3,377,539 | ||||||
| 17,500 | Demant A/S(a) | 554,988 | ||||||
| 3,519 | H Lundbeck A/S | 23,657 | ||||||
| 76,151 | H Lundbeck A/S - Class A | 422,637 | ||||||
| 16,400 | Invisio AB | 475,021 | ||||||
| 585,816 | ISS A/S | 21,490,431 | ||||||
| 21,166 | Jyske Bank A/S | 2,946,607 | ||||||
| 15,500 | Netcompany Group A/S(a)(b)(c) | 885,441 | ||||||
| 7,963 | Pandora A/S | 605,976 | ||||||
| 20,677 | Per Aarsleff Holding A/S | 2,408,125 | ||||||
| 256,246 | ROCKWOOL A/S - Class B | 7,459,448 | ||||||
| 27,037 | Royal Unibrew A/S | 1,808,187 | ||||||
| 6,676 | Schouw & Co. A/S | 688,276 | ||||||
| 3,981 | SJF Bank A/S | 195,289 | ||||||
| 13 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| DENMARK (continued) | ||||||||
| 315,283 | Vestas Wind Systems A/S | $ | 9,694,764 | |||||
| 19,344 | Zealand Pharma A/S(a) | 914,898 | ||||||
| 68,143,330 | ||||||||
| FINLAND — 0.4% | ||||||||
| 309 | Aspo Oyj | 2,214 | ||||||
| 23,500 | Elisa Oyj | 1,141,347 | ||||||
| 1,865 | GRK Infra Oyj | 28,020 | ||||||
| 70,206 | Hiab Oyj - Class B | 4,176,272 | ||||||
| 82,241 | Kalmar Oyj - Class B | 4,410,334 | ||||||
| 33,400 | Kemira Oyj | 692,593 | ||||||
| 30,400 | Kesko Oyj - Class B | 749,273 | ||||||
| 506,133 | Konecranes Oyj | 16,622,927 | ||||||
| 11,505 | Olvi Oyj - Class A | 418,873 | ||||||
| 56,821 | Oriola Oyj - Class B | 61,606 | ||||||
| 64,697 | Orion Oyj - Class B | 5,226,765 | ||||||
| 23,327 | Raisio Oyj - Class V | 69,932 | ||||||
| 10,758 | Sanoma Oyj | 117,001 | ||||||
| 29,800 | Tieto Oyj | 665,760 | ||||||
| 3,008 | Vaisala Oyj - Class A | 175,977 | ||||||
| 38,900 | Valmet Oyj | 1,015,728 | ||||||
| 81,061 | Wartsila Oyj Abp | 3,404,336 | ||||||
| 143,564 | YIT Oyj(a) | 425,812 | ||||||
| 39,404,770 | ||||||||
| FRANCE — 2.0% | ||||||||
| 23,900 | Accor SA | 1,182,781 | ||||||
| 32,843 | Alten SA | 2,188,045 | ||||||
| 14,835 | Amundi SA(b)(c) | 1,433,897 | ||||||
| 1,645 | ARGAN SA REIT | 118,649 | ||||||
| 4,942 | Aubay | 289,969 | ||||||
| 94,600 | BNP Paribas SA | 9,935,035 | ||||||
| 45,000 | Bouygues SA | 2,661,289 | ||||||
| 60,600 | Bureau Veritas SA | 1,856,988 | ||||||
| 1,436 | Caisse Regionale de Credit Agricole Mutuel Brie Picardie | 55,697 | ||||||
| 112 | Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine | 20,230 | ||||||
| 5,828 | Caisse Regionale de Credit Agricole Mutuel Nord de France | 181,690 | ||||||
| 99,220 | Canal+ SA | 309,122 | ||||||
| 52,800 | Capgemini SE | 6,421,349 | ||||||
| 168,676 | Carmila SA REIT | 3,368,996 | ||||||
| 83,800 | Carrefour SA | 1,670,626 | ||||||
| 27,320 | Cie des Alpes | 712,130 | ||||||
| 25,421 | Clariane SE(a) | 120,851 | ||||||
| 63,270 | Coface SA | 1,173,270 | ||||||
| 13,772 | Covivio SA REIT | 910,852 | ||||||
| 2,000 | Dassault Aviation SA | 699,396 | ||||||
| 144,033 | Derichebourg SA | 1,534,471 | ||||||
| 89,124 | Eiffage SA | 14,369,328 | ||||||
| 535 | Electricite de Strasbourg SA | 144,515 | ||||||
| 1,119,616 | Elior Group SA(b)(c) | 3,475,483 | ||||||
| 61,613 | Etablissements Maurel et Prom SA | 719,394 | ||||||
| Shares | Value | |||||||
| FRANCE (continued) | ||||||||
| 52,094 | Euroapi SA(a) | $ | 83,941 | |||||
| 18,600 | FDJ UNITED | 505,308 | ||||||
| 410,473 | Forvia SE(a) | 4,838,873 | ||||||
| 16,054 | Gaztransport Et Technigaz SA | 3,905,847 | ||||||
| 753 | GL Events SACA | 29,643 | ||||||
| 157,470 | Havas NV | 2,997,288 | ||||||
| 1,525 | ID Logistics Group SACA(a) | 647,637 | ||||||
| 8,206 | Ipsen SA | 1,611,674 | ||||||
| 89,382 | IPSOS SA | 3,790,673 | ||||||
| 111,327 | JCDecaux SE | 2,476,267 | ||||||
| 23,447 | Kaufman & Broad SA | 761,721 | ||||||
| 41,199 | Klepierre SA REIT | 1,669,229 | ||||||
| 1,109 | Lagardere SA | 24,146 | ||||||
| 5,278 | LISI SA | 386,377 | ||||||
| 943,673 | Louis Hachette Group | 1,834,475 | ||||||
| 7,791 | Manitou BF SA | 186,911 | ||||||
| 22,204 | Mercialys SA REIT | 325,204 | ||||||
| 1,103 | Neurones | 46,712 | ||||||
| 14,043 | North Atlantic Energies | 1,028,958 | ||||||
| 247,187 | Opmobility | 4,176,725 | ||||||
| 731,365 | Orange SA | 15,228,739 | ||||||
| 11,640 | Publicis Groupe SA | 1,087,611 | ||||||
| 254,423 | Rubis SCA | 10,485,916 | ||||||
| 14,170 | SEB SA | 869,631 | ||||||
| 67,200 | SMCP SA(a)(b)(c) | 409,324 | ||||||
| 30,618 | Societe BIC SA | 2,111,761 | ||||||
| 206,514 | Societe Generale SA | 16,624,389 | ||||||
| 1,580 | Societe LDC SADIR | 207,341 | ||||||
| 19,367 | Sopra Steria Group | 3,021,898 | ||||||
| 40,727 | SPIE SA | 2,363,088 | ||||||
| 267,438 | Technip Energies NV | 12,651,843 | ||||||
| 406,607 | Ubisoft Entertainment SA(a) | 2,372,069 | ||||||
| 810,053 | Valeo SE | 10,196,419 | ||||||
| 2,520 | Vetoquinol SA | 227,862 | ||||||
| 101,807 | Vicat SACA | 7,189,021 | ||||||
| 3,737 | VIEL & Cie SA | 81,993 | ||||||
| 77,198 | Vinci SA | 11,674,066 | ||||||
| 12,880 | Viridien(a) | 2,190,705 | ||||||
| 7,996 | Wendel SE | 792,354 | ||||||
| 186,667,692 | ||||||||
| GERMANY — 2.0% | ||||||||
| 3,559 | 2G Energy AG | 220,114 | ||||||
| 103,623 | AIXTRON SE | 5,725,577 | ||||||
| 4,682 | Alzchem Group AG | 910,242 | ||||||
| 8,434 | Atoss Software SE | 784,771 | ||||||
| 82,065 | Aumovio SE(a) | 3,559,016 | ||||||
| 14,240 | Aurubis AG | 3,064,305 | ||||||
| 32,961 | Bilfinger SE | 3,801,423 | ||||||
| 111,956 | Brenntag SE | 8,153,195 | ||||||
| 511,124 | CECONOMY AG(a) | 2,490,319 | ||||||
| 372,421 | Commerzbank AG | 15,393,610 | ||||||
| 144,179 | Continental AG | 10,909,035 | ||||||
| 14 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| GERMANY (continued) | ||||||||
| 11,350 | CTS Eventim AG & Co. KGaA | $ | 749,143 | |||||
| 194,912 | Deutsche Post AG | 11,541,568 | ||||||
| 726 | Deutsche Rohstoff AG | 82,853 | ||||||
| 340,490 | Deutz AG | 3,981,507 | ||||||
| 9,333 | Draegerwerk AG & Co. KGaA - Preference Shares | 986,285 | ||||||
| 136,130 | Duerr AG | 3,378,027 | ||||||
| 28,689 | Eckert & Ziegler SE | 514,434 | ||||||
| 94 | Einhell Germany AG - Preference Shares | 8,435 | ||||||
| 1,482 | Elmos Semiconductor SE | 320,556 | ||||||
| 155,772 | EuroEyes International Eye Clinic Ltd. | 53,790 | ||||||
| 33,216 | Freenet AG | 1,057,924 | ||||||
| 229,628 | Fresenius SE & Co. KGaA | 11,120,794 | ||||||
| 192,103 | FUCHS SE - Preference Shares | 9,049,269 | ||||||
| 10,400 | GEA Group AG | 711,169 | ||||||
| 16,100 | Heidelberg Materials AG | 3,552,357 | ||||||
| 22,681 | Heidelberger Druckmaschinen AG(a) | 39,187 | ||||||
| 94,600 | Henkel AG & Co. KGaA - Preference Shares | 6,883,859 | ||||||
| 201,174 | HUGO BOSS AG | 8,531,126 | ||||||
| 46,877 | Indus Holding AG | 1,644,089 | ||||||
| 208,388 | Infineon Technologies AG | 14,015,200 | ||||||
| 8,711 | Jungheinrich AG - Preference Shares | 262,452 | ||||||
| 102,554 | K+S AG | 1,918,663 | ||||||
| 15,775 | KION Group AG | 823,320 | ||||||
| 16,737 | Koenig & Bauer AG(a) | 183,032 | ||||||
| 23,048 | Krones AG | 3,335,652 | ||||||
| 540 | KSB SE & Co. KGaA - Preference Shares | 604,448 | ||||||
| 18,002 | KWS Saat SE & Co. KGaA | 1,624,608 | ||||||
| 583 | MBB SE | 135,910 | ||||||
| 276,510 | Nordex SE(a) | 15,767,277 | ||||||
| 8,250 | Pfisterer Holding SE(a) | 1,004,420 | ||||||
| 1,075 | Rational AG | 786,037 | ||||||
| 83,844 | Salzgitter AG | 4,742,681 | ||||||
| 49,227 | Scout24 SE(b)(c) | 4,098,756 | ||||||
| 61,161 | SMA Solar Technology AG(a) | 3,918,933 | ||||||
| 1,104 | STO SE & Co. KGaA - Preference Shares | 133,233 | ||||||
| 24,600 | Stroeer SE & Co. KGaA | 1,074,232 | ||||||
| 994,233 | thyssenkrupp AG | 11,832,470 | ||||||
| 87,500 | TUI AG | 651,156 | ||||||
| 8,071 | Wacker Neuson SE | 182,210 | ||||||
| 3,215 | Washtec AG | 165,028 | ||||||
| 2,998 | Westwing Group SE(a) | 46,762 | ||||||
| 186,524,459 | ||||||||
| HONG KONG — 1.1% | ||||||||
| 155,959 | Alibaba Group Holding Ltd. - ADR | 20,567,873 | ||||||
| 985,103 | Bank of East Asia Ltd. (The) | 1,723,795 | ||||||
| 66,035 | Build King Holdings Ltd. | 15,303 | ||||||
| 152,000 | Cafe de Coral Holdings Ltd. | 78,022 | ||||||
| Shares | Value | |||||||
| HONG KONG (continued) | ||||||||
| 41,902,036 | China Jinmao Holdings Group Ltd. | $ | 8,940,549 | |||||
| 1,902,500 | China Overseas Land & Investment Ltd. | 3,267,878 | ||||||
| 3,361,787 | China Taiping Insurance Holdings Co. Ltd. | 9,611,008 | ||||||
| 755,452 | Chow Sang Sang Holdings International Ltd. | 1,133,165 | ||||||
| 1,412,162 | Chow Tai Fook Jewellery Group Ltd. | 1,935,843 | ||||||
| 603,000 | CITIC Telecom International Holdings Ltd. | 214,098 | ||||||
| 138,900 | CK Asset Holdings Ltd. | 874,967 | ||||||
| 98,800 | CK Hutchison Holdings Ltd. | 824,999 | ||||||
| 816,000 | Crystal International Group Ltd.(b)(c) | 692,584 | ||||||
| 570,787 | Dah Sing Banking Group Ltd. | 918,616 | ||||||
| 176,000 | Dah Sing Financial Holdings Ltd. | 926,689 | ||||||
| 1,474,400 | DFI Retail Group Holdings Ltd. | 6,174,113 | ||||||
| 710,000 | Emperor Watch & Jewellery Ltd. | 27,371 | ||||||
| 86,000 | Giordano International Ltd. | 16,393 | ||||||
| 165,000 | Great Eagle Holdings Ltd. | 375,777 | ||||||
| 746,000 | Hang Lung Group Ltd. | 1,549,264 | ||||||
| 1,272,639 | Hang Lung Properties Ltd. | 1,496,162 | ||||||
| 787,300 | Hong Kong & China Gas Co. Ltd. | 728,900 | ||||||
| 235,000 | Hong Kong Technology Venture Co. Ltd. | 32,560 | ||||||
| 2,022,700 | Hutchison Port Holdings Trust - U Shares- Units | 425,550 | ||||||
| 811,567 | Hysan Development Co. Ltd. | 2,034,435 | ||||||
| 431,247 | International Housewares Retail Co. Ltd. | 37,464 | ||||||
| 427,000 | Intron Technology Holdings Ltd. | 100,072 | ||||||
| 205,918 | Jacobson Pharma Corp. Ltd.(b) | 29,787 | ||||||
| 1,356,912 | Johnson Electric Holdings Ltd. | 3,682,213 | ||||||
| 5,269,676 | JS Global Lifestyle Co. Ltd.(a)(b)(c) | 1,158,169 | ||||||
| 1,330,277 | Kerry Properties Ltd. | 4,049,030 | ||||||
| 503,531 | KLN Logistics Group Ltd. | 433,692 | ||||||
| 19,733 | Langham Hospitality Investments and Langham Hospitality Investments Ltd. | 1,447 | ||||||
| 122,000 | LH GROUP Ltd.(a)(b) | 5,064 | ||||||
| 1,117,374 | Luk Fook Holdings International Ltd. | 3,204,548 | ||||||
| 730,196 | Man Wah Holdings Ltd. | 397,517 | ||||||
| 280,000 | Midland Holdings Ltd.(a) | 102,111 | ||||||
| 211,000 | Modern Dental Group Ltd. | 161,756 | ||||||
| 8,061,130 | Nine Dragons Paper Holdings Ltd.(a) | 6,546,600 | ||||||
| 3,814,402 | Pacific Basin Shipping Ltd. | 1,492,515 | ||||||
| 156,000 | Paradise Entertainment Ltd. | 13,913 | ||||||
| 20,666 | PAX Global Technology Ltd. | 10,307 | ||||||
| 788,208 | PC Partner Group Ltd.(a)(d) | 561,532 | ||||||
| 4,778,308 | PCCW Ltd. | 3,693,148 | ||||||
| 52,000 | Pico Far East Holdings Ltd. | 16,150 | ||||||
| 121,000 | Plover Bay Technologies Ltd.(b) | 116,960 | ||||||
| 1,269,477 | Shun Tak Holdings Ltd.(a) | 94,318 | ||||||
| 1,310,326 | Singamas Container Holdings Ltd. | 100,006 | ||||||
| 15 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| HONG KONG (continued) | ||||||||
| 463,399 | SITC International Holdings Co. Ltd. | $ | 1,940,239 | |||||
| 414,955 | SmarTone Telecommunications Holdings Ltd. | 265,945 | ||||||
| 200,000 | SOCAM Development Ltd.(a) | 8,275 | ||||||
| 323,000 | Sun Hung Kai & Co. Ltd. | 176,967 | ||||||
| 1,098,612 | Tai Hing Group Holdings Ltd.(b) | 156,203 | ||||||
| 1,397 | Tang Palace China Holdings Ltd. | 26 | ||||||
| 549,000 | Texhong International Group Ltd. | 496,365 | ||||||
| 1,774,000 | Truly International Holdings Ltd. | 227,347 | ||||||
| 1,064,000 | United Laboratories International Holdings Ltd. (The) | 1,279,454 | ||||||
| 255,500 | VTech Holdings Ltd. | 1,967,628 | ||||||
| 123,676 | Wai Kee Holdings Ltd.(a) | 14,527 | ||||||
| 150,100 | Wharf Real Estate Investment Co. Ltd. | 470,037 | ||||||
| 6,111,000 | Xinyi Glass Holdings Ltd. | 7,584,438 | ||||||
| 1,031,696 | Yue Yuen Industrial Holdings Ltd. | 1,918,861 | ||||||
| 107,100,545 | ||||||||
| INDIA — 0.2% | ||||||||
| 4,269,512 | Bank of India | 6,334,667 | ||||||
| 198,760 | Lupin Ltd. | 4,858,314 | ||||||
| 645,012 | Sun TV Network Ltd. | 4,130,567 | ||||||
| 1,088,678 | Zee Entertainment Enterprises Ltd. | 1,034,774 | ||||||
| 16,358,322 | ||||||||
| INDONESIA — 0.1% | ||||||||
| 31,932,000 | Perusahaan Gas Negara Persero Tbk PT | 3,592,305 | ||||||
| 10,058,889 | Semen Indonesia Persero Tbk PT | 1,165,174 | ||||||
| 39,557,357 | Telkom Indonesia Persero Tbk PT | 6,470,910 | ||||||
| 11,228,389 | ||||||||
| IRELAND — 0.3% | ||||||||
| 937,097 | AIB Group Plc | 10,801,499 | ||||||
| 155,135 | Alkermes Plc(a) | 5,229,601 | ||||||
| 55,730 | Amarin Corp. Plc - ADR(a) | 776,313 | ||||||
| 57,000 | Grafton Group Plc - Units | 682,200 | ||||||
| 543,687 | Greencore Group Plc | 1,865,202 | ||||||
| 22,103 | Jazz Pharmaceuticals Plc(a) | 4,487,351 | ||||||
| 23,842,166 | ||||||||
| ISRAEL — 1.7% | ||||||||
| 32 | Afcon Holdings Ltd. | 4,490 | ||||||
| 61,959 | Allot Ltd.(a) | 454,779 | ||||||
| 185,265 | Amot Investments Ltd. | 1,266,339 | ||||||
| 1,817 | Analyst IMS Investment Management Services Ltd. | 88,209 | ||||||
| 118,960 | B Communications Ltd.(a)(d) | 0 | ||||||
| 124,040 | Bank Hapoalim BM | 3,327,998 | ||||||
| 215,598 | Bank Leumi Le-Israel BM | 5,457,789 | ||||||
| 2,186,139 | Bezeq The Israeli Telecommunication Corp. Ltd. | 5,947,218 | ||||||
| 2,293 | Big Shopping Centers Ltd. | 604,914 | ||||||
| 50,627 | Brainsway Ltd.(a) | 843,284 | ||||||
| 17,115 | Camtek Ltd.(a) | 3,272,331 | ||||||
| Shares | Value | |||||||
| ISRAEL (continued) | ||||||||
| 8,862 | Camtek Ltd.(a) | $ | 1,700,795 | |||||
| 189,832 | Cellcom Israel Ltd. | 2,331,827 | ||||||
| 13,460 | Clal Insurance Enterprises Holdings Ltd. | 1,163,093 | ||||||
| 28,054 | Cognyte Software Ltd.(a) | 261,744 | ||||||
| 5,680 | Delek Group Ltd. | 1,952,128 | ||||||
| 463,439 | El Al Israel Airlines | 2,083,218 | ||||||
| 52,530 | FIBI Holdings Ltd. | 5,450,132 | ||||||
| 409,080 | First International Bank of Israel Ltd. (The) | 34,215,333 | ||||||
| 10,953 | Fiverr International Ltd.(a) | 127,493 | ||||||
| 1,965 | FMS Enterprises Migun Ltd. | 155,472 | ||||||
| 34,940 | Formula Systems 1985 Ltd. | 4,901,774 | ||||||
| 469,505 | Generation Capital Ltd. | 372,996 | ||||||
| 14,282 | Gilat Satellite Networks Ltd.(a) | 263,646 | ||||||
| 22,186 | Global-e Online Ltd.(a) | 695,975 | ||||||
| 144,710 | Harel Insurance Investments & Financial Services Ltd. | 8,960,727 | ||||||
| 196,400 | ICL Group Ltd. | 1,051,657 | ||||||
| 376,215 | Inmode Ltd.(a) | 5,443,831 | ||||||
| 84,200 | Israel Discount Bank Ltd. - Class A | 936,713 | ||||||
| 12,084 | Ituran Location and Control Ltd. | 696,038 | ||||||
| 794 | M Yochananof & Sons Ltd. | 91,984 | ||||||
| 142,498 | Max Stock Ltd. | 1,419,244 | ||||||
| 5,906 | Mega Or Holdings Ltd. | 1,208,086 | ||||||
| 5,703 | Menora Mivtachim Holdings Ltd. | 930,852 | ||||||
| 192,797 | Migdal Insurance & Financial Holdings Ltd.(a) | 1,231,847 | ||||||
| 45,510 | Mivne Real Estate KD Ltd. | 219,342 | ||||||
| 23,050 | Mizrahi Tefahot Bank Ltd. | 1,812,498 | ||||||
| 337 | Naphtha Israel Petroleum Corp. Ltd. (a) | 3,225 | ||||||
| 42,309 | Next Vision Stabilized Systems Ltd. | 4,859,616 | ||||||
| 55,608 | Nexxen International Ltd.(a) | 408,163 | ||||||
| 12,040 | Nova Ltd.(a) | 6,012,012 | ||||||
| 143,668 | Oil Refineries Ltd. | 73,456 | ||||||
| 175,293 | Partner Communications Co. Ltd. | 2,332,411 | ||||||
| 26,617 | Perion Network Ltd.(a) | 277,615 | ||||||
| 57,130 | Playtika Holding Corp. | 208,810 | ||||||
| 295,941 | Plus500 Ltd. | 17,976,533 | ||||||
| 4 | Qualitau Ltd. | 755 | ||||||
| 21,250 | RADCOM Ltd.(a) | 339,150 | ||||||
| 11,873 | Radware Ltd.(a) | 318,196 | ||||||
| 6,750 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 834,121 | ||||||
| 110,265 | Reit 1 Ltd. | 967,954 | ||||||
| 105,496 | Riskified Ltd. - Class A(a) | 486,337 | ||||||
| 178,015 | Sella Capital Real Estate Ltd. REIT | 665,497 | ||||||
| 22,390 | SimilarWeb Ltd.(a) | 62,916 | ||||||
| 18,002 | Strauss Group Ltd. | 779,854 | ||||||
| 133,546 | Tel Aviv Stock Exchange Ltd. | 6,719,765 | ||||||
| 36,826 | Tower Semiconductor Ltd.(a) | 7,674,198 | ||||||
| 13,005 | Wix.com Ltd.(a) | 971,343 | ||||||
| 16 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| ISRAEL (continued) | ||||||||
| 75,181 | ZIM Integrated Shipping Services Ltd. | $ | 1,987,786 | |||||
| 154,905,509 | ||||||||
| ITALY — 1.6% | ||||||||
| 4,905,474 | A2A SpA | 13,969,484 | ||||||
| 27,234 | ACEA SpA | 714,585 | ||||||
| 22,768 | Aquafil SpA(a) | 38,377 | ||||||
| 88,435 | Ascopiave SpA | 361,607 | ||||||
| 119,327 | Avio SpA(b) | 4,432,403 | ||||||
| 39,856 | Azimut Holding SpA | 1,692,492 | ||||||
| 228,949 | Banca IFIS SpA | 6,237,392 | ||||||
| 166,260 | BPER Banca SpA | 2,454,294 | ||||||
| 20,642 | Buzzi SpA | 1,130,227 | ||||||
| 8,294 | Carel Industries SpA(b)(c) | 253,121 | ||||||
| 18,469 | Cementir Holding NV | 330,412 | ||||||
| 185,482 | Credito Emiliano SpA | 3,287,094 | ||||||
| 60,914 | Danieli & C Officine Meccaniche SpA | 3,427,861 | ||||||
| 3,504 | Danieli & C Officine Meccaniche SpA | 274,432 | ||||||
| 22,083 | Datalogic SpA | 141,835 | ||||||
| 200,635 | De’ Longhi SpA | 7,801,950 | ||||||
| 7,980 | DiaSorin SpA | 544,437 | ||||||
| 2,730 | Digital Bros SpA(a) | 31,437 | ||||||
| 27,966 | El.En. SpA | 430,995 | ||||||
| 525,972 | Enav SpA(b)(c) | 3,078,983 | ||||||
| 530,652 | Eni SpA | 15,004,936 | ||||||
| 31,400 | ERG SpA | 848,604 | ||||||
| 36,232 | Fiera Milano SpA | 316,495 | ||||||
| 3,563 | Fine Foods & Pharmaceuticals NTM | 38,691 | ||||||
| 2,257,614 | Hera SpA | 10,653,639 | ||||||
| 142,429 | Immobiliare Grande Distribuzione SIIQ SpA REIT | 713,314 | ||||||
| 40,700 | Interpump Group SpA | 1,715,835 | ||||||
| 360,974 | Iren SpA | 1,104,602 | ||||||
| 94,300 | Italgas SpA | 1,139,127 | ||||||
| 1,526 | LU-VE SpA | 98,827 | ||||||
| 914,903 | Maire SpA | 16,919,312 | ||||||
| 180,700 | MFE-MediaForEurope NV - Class A | 616,631 | ||||||
| 447,519 | Moncler SpA | 27,017,459 | ||||||
| 5,017 | Orsero SpA | 95,889 | ||||||
| 109,510 | OVS SpA(b)(c) | 651,713 | ||||||
| 2,070 | Pharmanutra SpA | 191,770 | ||||||
| 510,900 | Piaggio & C SpA | 965,449 | ||||||
| 173,100 | Pirelli & C SpA(b)(c) | 1,190,619 | ||||||
| 121,300 | Poste Italiane SpA(b)(c) | 3,219,781 | ||||||
| 37,812 | Rizzoli Corriere Della Sera Mediagroup SpA | 42,885 | ||||||
| 1,167,993 | Safilo Group SpA(a) | 2,196,598 | ||||||
| 12,236 | Salvatore Ferragamo SpA(a) | 106,687 | ||||||
| 65,837 | Technogym SpA(b)(c) | 1,551,112 | ||||||
| 54,009 | Technoprobe SpA(a) | 1,172,180 | ||||||
| 831,328 | TREVI - Finanziaria Industriale SpA(a) | 302,753 | ||||||
| Shares | Value | |||||||
| ITALY (continued) | ||||||||
| 267,200 | Unipol Assicurazioni SpA | $ | 6,981,568 | |||||
| 145,489,894 | ||||||||
| JAPAN — 11.7% | ||||||||
| 372,300 | 77 Bank Ltd. (The) | 7,167,144 | ||||||
| 4,500 | A&A Material Corp. | 39,176 | ||||||
| 5,100 | A&D HOLON Holdings Co. Ltd. | 93,684 | ||||||
| 216,634 | ABC-Mart, Inc. | 3,679,913 | ||||||
| 4,400 | Abist Co. Ltd. | 95,714 | ||||||
| 5,800 | Achilles Corp. | 51,546 | ||||||
| 66,640 | ADEKA Corp. | 1,669,038 | ||||||
| 7,900 | Advanced Media, Inc. | 54,458 | ||||||
| 17,200 | Adways, Inc. | 29,769 | ||||||
| 122,500 | AEON Financial Service Co. Ltd. | 1,218,215 | ||||||
| 1,369 | AEON REIT Investment Corp. | 1,097,685 | ||||||
| 22,000 | Aichi Financial Group, Inc. | 208,709 | ||||||
| 32,100 | Aida Engineering Ltd. | 243,738 | ||||||
| 4,200 | Aiphone Co. Ltd. | 74,891 | ||||||
| 19,900 | Airtrip Corp. | 86,763 | ||||||
| 34,900 | Aisan Industry Co. Ltd. | 385,598 | ||||||
| 52,900 | Aisin Corp. | 838,858 | ||||||
| 48,200 | Akatsuki, Inc. | 852,910 | ||||||
| 1,400 | Akita Bank Ltd. (The) | 48,890 | ||||||
| 429,100 | Alfresa Holdings Corp. | 6,477,991 | ||||||
| 9,782 | Alpha Systems, Inc. | 206,483 | ||||||
| 468,400 | Alps Alpine Co. Ltd. | 7,028,912 | ||||||
| 307,100 | ALSOK Co. Ltd. | 2,322,858 | ||||||
| 63,100 | Amada Co. Ltd. | 1,066,994 | ||||||
| 49,700 | Amano Corp. | 1,136,134 | ||||||
| 32,300 | ANA Holdings, Inc. | 536,768 | ||||||
| 1,500 | Anabuki Kosan, Inc. | 24,015 | ||||||
| 24,500 | and ST HD Co. Ltd. | 467,827 | ||||||
| 16,026 | Anest Iwata Corp. | 162,201 | ||||||
| 785,145 | Anritsu Corp. | 20,552,844 | ||||||
| 2,900 | AOI Electronics Co. Ltd. | 52,298 | ||||||
| 56,400 | Aozora Bank Ltd. | 909,991 | ||||||
| 58,920 | ARE Holdings, Inc. | 1,348,770 | ||||||
| 3,700 | Artience Co. Ltd. | 92,289 | ||||||
| 30,200 | Artiza Networks, Inc. | 123,522 | ||||||
| 96,740 | As One Corp. | 1,341,500 | ||||||
| 13,600 | Asahi Co. Ltd. | 111,849 | ||||||
| 49,900 | Asahi Group Holdings Ltd. | 491,297 | ||||||
| 243,400 | Asahi Intecc Co. Ltd. | 5,121,766 | ||||||
| 58,120 | Asics Corp. | 1,650,470 | ||||||
| 418,773 | Astellas Pharma, Inc. | 5,934,744 | ||||||
| 76,300 | Atrae, Inc. | 317,105 | ||||||
| 30,800 | Aucnet, Inc. | 237,136 | ||||||
| 1,300 | Aval Data Corp. | 24,480 | ||||||
| 24,296 | Avant Group Corp. | 198,918 | ||||||
| 10,300 | Avex, Inc. | 77,811 | ||||||
| 23,900 | Awa Bank Ltd. (The) | 969,688 | ||||||
| 11,200 | Axell Corp. | 82,088 | ||||||
| 86,400 | Axial Retailing, Inc. | 621,961 | ||||||
| 17 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 332,100 | Azbil Corp. | $ | 2,955,609 | |||||
| 38,700 | Bandai Namco Holdings, Inc. | 888,370 | ||||||
| 35,200 | Bando Chemical Industries Ltd. | 455,699 | ||||||
| 42,800 | Bank of Iwate Ltd. (The) | 538,939 | ||||||
| 18,100 | Bank of Nagoya Ltd. (The) | 675,880 | ||||||
| 11,300 | Bank of Saga Ltd. (The) | 368,623 | ||||||
| 5,300 | Bank of the Ryukyus Ltd. | 85,148 | ||||||
| 2,200 | Bell-Park Co. Ltd. | 42,291 | ||||||
| 403,000 | BIPROGY, Inc. | 11,590,190 | ||||||
| 82,100 | BML, Inc. | 1,996,337 | ||||||
| 338,000 | Brother Industries Ltd. | 6,418,692 | ||||||
| 48,400 | Buffalo, Inc. | 763,288 | ||||||
| 267,000 | Bunka Shutter Co. Ltd. | 3,146,665 | ||||||
| 6,600 | Business Brain Showa-Ota, Inc. | 38,571 | ||||||
| 1,300 | C Uyemura & Co. Ltd. | 194,624 | ||||||
| 1,700 | Canare Electric Co. Ltd. | 19,906 | ||||||
| 27,500 | Capcom Co. Ltd. | 580,624 | ||||||
| 4,300 | Career Design Center Co. Ltd. | 66,318 | ||||||
| 426,500 | Casio Computer Co. Ltd. | 4,327,223 | ||||||
| 39,600 | CCI Group, Inc. | 238,040 | ||||||
| 11,300 | Central Automotive Products Ltd. | 130,298 | ||||||
| 69,900 | Central Glass Co. Ltd. | 1,829,533 | ||||||
| 28,452 | Central Security Patrols Co. Ltd. | 480,745 | ||||||
| 27,200 | Chiyoda Corp.(a) | 176,464 | ||||||
| 45,400 | Chugin Financial Group, Inc. | 844,943 | ||||||
| 102,900 | Citizen Watch Co. Ltd. | 1,192,207 | ||||||
| 392 | Cleanup Corp. | 2,169 | ||||||
| 155,500 | COLOPL, Inc. | 429,391 | ||||||
| 1,626 | Comforia Residential REIT, Inc. | 1,143,693 | ||||||
| 204,500 | Computer Engineering & Consulting Ltd. | 2,532,910 | ||||||
| 198,900 | COMSYS Holdings Corp. | 7,162,697 | ||||||
| 171,900 | Cosmo Energy Holdings Co. Ltd. | 4,394,490 | ||||||
| 28,780 | Cosmos Pharmaceutical Corp. | 1,118,608 | ||||||
| 189,820 | Credit Saison Co. Ltd. | 5,257,792 | ||||||
| 49,600 | Creek & River Co. Ltd. | 422,016 | ||||||
| 61,100 | Cresco Ltd. | 531,460 | ||||||
| 19,400 | CTS Co. Ltd. | 107,329 | ||||||
| 741,500 | CyberAgent, Inc. | 5,938,323 | ||||||
| 3,900 | Cybozu, Inc. | 51,975 | ||||||
| 43,000 | Dai Nippon Printing Co. Ltd. | 814,469 | ||||||
| 149,300 | Daicel Corp. | 1,170,637 | ||||||
| 7,900 | Dai-Dan Co. Ltd. | 141,094 | ||||||
| 75,000 | Daido Steel Co. Ltd. | 876,819 | ||||||
| 26,100 | Daifuku Co. Ltd. | 1,141,135 | ||||||
| 7,500 | Daihatsu Infinearth Mfg Co. Ltd. | 143,052 | ||||||
| 5,900 | Dai-Ichi Cutter Kogyo KK | 53,925 | ||||||
| 771,794 | Daiichi Life Group, Inc. | 7,066,305 | ||||||
| 51,100 | Daiken Medical Co. Ltd. | 144,218 | ||||||
| 4,800 | Daiseki Co. Ltd. | 128,540 | ||||||
| 80,000 | Daishi Hokuetsu Financial Group, Inc. | 997,465 | ||||||
| 88,620 | Daito Pharmaceutical Co. Ltd. | 710,546 | ||||||
| 30,250 | Daito Trust Construction Co. Ltd. | 680,414 | ||||||
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 5,318 | Daiwa House REIT Investment Corp. | $ | 4,276,965 | |||||
| 854,551 | Daiwa Securities Group, Inc. | 8,043,774 | ||||||
| 58,200 | Denka Co. Ltd. | 1,515,732 | ||||||
| 103,400 | Dentsu Group, Inc.(a) | 1,963,133 | ||||||
| 157,060 | Dentsu Soken, Inc. | 2,208,910 | ||||||
| 81,100 | DIC Corp. | 1,856,717 | ||||||
| 6,200 | Digital Hearts Holdings Co. Ltd. | 32,977 | ||||||
| 117,700 | Doshisha Co. Ltd. | 2,457,828 | ||||||
| 2,600 | Doutor Nichires Holdings Co. Ltd. | 45,929 | ||||||
| 66,180 | Dowa Holdings Co. Ltd. | 4,027,155 | ||||||
| 91,200 | DTS Corp. | 594,340 | ||||||
| 2,400 | Earth Corp. | 70,223 | ||||||
| 24,400 | Ehime Bank Ltd. (The) | 276,641 | ||||||
| 21,100 | Elan Corp. | 98,244 | ||||||
| 121,100 | Elecom Co. Ltd. | 1,253,910 | ||||||
| 43,600 | Electric Power Development Co. Ltd. | 1,067,019 | ||||||
| 109,100 | en, Inc. | 762,656 | ||||||
| 2,900 | Endo Lighting Corp. | 52,184 | ||||||
| 120,000 | ENEOS Holdings, Inc. | 1,007,818 | ||||||
| 5,500 | Enplas Corp. | 602,027 | ||||||
| 4,300 | eSOL Co. Ltd. | 14,135 | ||||||
| 176,380 | EXEO Group, Inc. | 3,238,299 | ||||||
| 7,200 | FALCO HOLDINGS Co. Ltd. | 115,813 | ||||||
| 12,843 | Ferrotec Corp. | 619,182 | ||||||
| 77,180 | Financial Partners Group Co. Ltd. | 787,275 | ||||||
| 14,600 | First Bank of Toyama Ltd. (The) | 240,623 | ||||||
| 23,400 | Food & Life Cos. Ltd. | 1,361,202 | ||||||
| 1,900 | Foster Electric Co. Ltd. | 36,182 | ||||||
| 2,610 | Frontier Real Estate Investment Corp. REIT | 1,429,564 | ||||||
| 83,200 | Fuji Corp. | 3,241,288 | ||||||
| 1,500 | Fujibo Holdings, Inc. | 37,818 | ||||||
| 82,500 | Fujimi, Inc. | 1,706,395 | ||||||
| 3,030 | Fujisash Co. Ltd. | 15,817 | ||||||
| 6,300 | Fukuda Denshi Co. Ltd. | 406,615 | ||||||
| 75,053 | Fukui Computer Holdings, Inc. | 1,576,452 | ||||||
| 50,800 | Fukuoka Financial Group, Inc. | 2,073,819 | ||||||
| 2,600 | Fukuyama Transporting Co. Ltd. | 86,375 | ||||||
| 118,700 | FULLCAST Holdings Co. Ltd. | 1,233,336 | ||||||
| 53,000 | Furukawa Electric Co. Ltd. | 14,394,104 | ||||||
| 25,300 | Furuno Electric Co. Ltd. | 1,173,893 | ||||||
| 2,600 | Furuya Metal Co. Ltd. | 123,022 | ||||||
| 15,500 | Furyu Corp. | 127,103 | ||||||
| 82,200 | Fuso Chemical Co. Ltd. | 1,721,007 | ||||||
| 166,160 | Future Corp. | 1,622,267 | ||||||
| 17,820 | Fuyo General Lease Co. Ltd. | 493,387 | ||||||
| 57,600 | Gakken Holdings Co. Ltd. | 354,431 | ||||||
| 11,051 | Gecoss Corp. | 113,693 | ||||||
| 209,300 | Glory Ltd. | 5,324,003 | ||||||
| 417 | GLP J-Reit | 361,389 | ||||||
| 5,300 | GMO GlobalSign Holdings KK | 64,800 | ||||||
| 4,400 | GREE Holdings, Inc. | 10,192 | ||||||
| 2,600 | Greens Co. Ltd. | 38,412 | ||||||
| 18 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 370,980 | GungHo Online Entertainment, Inc. | $ | 5,869,380 | |||||
| 7,300 | H.U. Group Holdings, Inc. | 145,648 | ||||||
| 289,800 | Hachijuni Nagano Bank Ltd. | 3,926,311 | ||||||
| 185,000 | Hakuhodo DY Holdings, Inc. | 1,242,190 | ||||||
| 268,700 | Hamamatsu Photonics KK | 3,463,660 | ||||||
| 395,400 | Hanwa Co. Ltd. | 4,084,059 | ||||||
| 54,400 | Happinet Corp. | 930,841 | ||||||
| 750 | Heiwa Real Estate REIT, Inc. | 704,785 | ||||||
| 28,200 | Hennge KK | 172,420 | ||||||
| 2,000 | Higashi Holdings Co. Ltd. | 22,567 | ||||||
| 185,100 | Hirogin Holdings, Inc. | 2,186,661 | ||||||
| 16,300 | Hirose Electric Co. Ltd. | 2,266,021 | ||||||
| 23,000 | Hisamitsu Pharmaceutical Co., Inc. | 881,960 | ||||||
| 83,700 | Hitachi Construction Machinery Co. Ltd. | 2,929,776 | ||||||
| 8,011 | Hito Communications Holdings, Inc. | 44,370 | ||||||
| 10,200 | Hokkaido Gas Co. Ltd. | 53,879 | ||||||
| 91,400 | Hokuhoku Financial Group, Inc. | 3,484,438 | ||||||
| 79,400 | Hokuriku Electric Power Co. | 442,012 | ||||||
| 159,499 | Horiba Ltd. | 22,208,158 | ||||||
| 21,700 | Hoshizaki Corp. | 705,566 | ||||||
| 11,500 | Hosokawa Micron Corp. | 436,023 | ||||||
| 46,800 | Hyakugo Bank Ltd. (The) | 532,557 | ||||||
| 187,200 | Hyakujushi Bank Ltd. (The) | 2,852,663 | ||||||
| 61,100 | IBJ, Inc. | 281,091 | ||||||
| 2,100 | Ichiken Co. Ltd. | 37,384 | ||||||
| 32,300 | Ichikoh Industries Ltd. | 105,092 | ||||||
| 210,545 | Idemitsu Kosan Co. Ltd. | 1,801,494 | ||||||
| 115,150 | IHI Corp. | 2,103,280 | ||||||
| 4,000 | Inaba Denki Sangyo Co. Ltd. | 67,479 | ||||||
| 4,600 | Inabata & Co. Ltd. | 113,397 | ||||||
| 671,961 | Inpex Corp. | 17,518,145 | ||||||
| 178,300 | Internet Initiative Japan, Inc. | 3,137,391 | ||||||
| 17,000 | ISB Corp. | 232,680 | ||||||
| 10,600 | Iseki & Co. Ltd. | 114,927 | ||||||
| 85,518 | Isuzu Motors Ltd. | 1,178,311 | ||||||
| 45,500 | Ito En Ltd. | 836,799 | ||||||
| 100,900 | Itoki Corp. | 2,049,877 | ||||||
| 62,300 | Iwatani Corp. | 765,889 | ||||||
| 619,307 | Iyogin Holdings, Inc. | 11,934,905 | ||||||
| 152,300 | Izumi Co. Ltd. | 922,168 | ||||||
| 98,900 | J Trust Co. Ltd. | 422,692 | ||||||
| 365,000 | JAC Recruitment Co. Ltd. | 2,014,891 | ||||||
| 43,500 | JAFCO Group Co. Ltd. | 598,081 | ||||||
| 519,582 | Japan Airlines Co. Ltd. | 8,170,880 | ||||||
| 21,600 | Japan Airport Terminal Co. Ltd. | 694,142 | ||||||
| 188,680 | Japan Aviation Electronics Industry Ltd. | 2,884,717 | ||||||
| 12,700 | Japan Electronic Materials Corp. | 585,150 | ||||||
| 1,386 | Japan Excellent, Inc. REIT | 1,267,496 | ||||||
| 200,900 | Japan Lifeline Co. Ltd. | 1,820,230 | ||||||
| 1,075 | Japan Logistics Fund, Inc. REIT | 654,767 | ||||||
| 77,200 | Japan Material Co. Ltd. | 888,844 | ||||||
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 18,000 | Japan Medical Dynamic Marketing, Inc. | $ | 63,176 | |||||
| 1,919 | Japan Metropolitan Fund Invest REIT | 1,422,179 | ||||||
| 129,600 | Japan Post Insurance Co. Ltd. | 1,263,679 | ||||||
| 47,814 | Japan System Techniques Co. Ltd. | 583,276 | ||||||
| 144,364 | JBCC Holdings, Inc. | 1,110,210 | ||||||
| 7,900 | JCU Corp. | 336,007 | ||||||
| 147,400 | Jeol Ltd. | 5,929,414 | ||||||
| 113,580 | JFE Holdings, Inc. | 1,247,375 | ||||||
| 824,500 | JGC Holdings Corp. | 12,527,801 | ||||||
| 3,200 | JK Holdings Co. Ltd. | 27,620 | ||||||
| 6,900 | Joshin Corp. | 128,181 | ||||||
| 45,300 | JTEKT Corp. | 553,266 | ||||||
| 5,600 | Juki Corp. | 27,506 | ||||||
| 161,100 | Juroku Financial Group, Inc. | 2,116,618 | ||||||
| 72,120 | Justsystems Corp. | 1,714,813 | ||||||
| 200,100 | JVCKenwood Corp. | 1,508,230 | ||||||
| 260,511 | Kaga Electronics Co. Ltd. | 6,976,339 | ||||||
| 33,780 | Kajima Corp. | 1,320,260 | ||||||
| 156,500 | Kakaku.com, Inc. | 2,614,975 | ||||||
| 12,600 | Kamei Corp. | 257,915 | ||||||
| 61,700 | Kamigumi Co. Ltd. | 2,039,207 | ||||||
| 3,216 | Kanaden Corp. | 48,117 | ||||||
| 100,600 | Kanadevia Corp. | 775,359 | ||||||
| 216,100 | Kanamoto Co. Ltd. | 6,370,139 | ||||||
| 79,900 | Kaneka Corp. | 2,499,022 | ||||||
| 63,300 | Kanematsu Corp. | 870,698 | ||||||
| 42,600 | Kawasaki Kisen Kaisha Ltd. | 694,525 | ||||||
| 1,646 | KDX Realty Investment Corp. REIT | 1,719,262 | ||||||
| 28,400 | Keihan Holdings Co. Ltd. | 588,714 | ||||||
| 30,700 | Keiyo Bank Ltd. (The) | 425,544 | ||||||
| 11,800 | Kenko Mayonnaise Co. Ltd. | 159,933 | ||||||
| 2,340 | Kewpie Corp. | 62,089 | ||||||
| 64,000 | Kikkoman Corp. | 581,461 | ||||||
| 18,800 | Kimura Unity Co. Ltd. | 108,107 | ||||||
| 35,640 | Kinden Corp. | 1,909,627 | ||||||
| 57,200 | Kissei Pharmaceutical Co. Ltd. | 1,595,868 | ||||||
| 2,062 | Kitagawa Corp. | 20,333 | ||||||
| 1,800 | Kita-Nippon Bank Ltd. (The) | 54,075 | ||||||
| 19,850 | Kitz Corp. | 267,238 | ||||||
| 10,300 | Kiyo Bank Ltd. (The) | 272,769 | ||||||
| 45,500 | KNT-CT Holdings Co. Ltd.(a) | 569,813 | ||||||
| 10,560 | Kobayashi Pharmaceutical Co. Ltd. | 391,232 | ||||||
| 4,500 | Kobe Bussan Co. Ltd. | 78,779 | ||||||
| 120,460 | Kobe Steel Ltd. | 1,484,552 | ||||||
| 89,460 | Koei Tecmo Holdings Co. Ltd. | 886,281 | ||||||
| 195,900 | Koito Manufacturing Co. Ltd. | 3,178,362 | ||||||
| 136,600 | Kokuyo Co. Ltd. | 680,404 | ||||||
| 308,421 | Komatsu Ltd. | 13,205,970 | ||||||
| 8,100 | Komeri Co. Ltd. | 172,807 | ||||||
| 100,700 | Komori Corp. | 965,757 | ||||||
| 907,600 | Konica Minolta, Inc. | 2,886,139 | ||||||
| 8,300 | Konoike Transport Co. Ltd. | 149,753 | ||||||
| 19 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 40,300 | Kose Holdings Corp. | $ | 1,437,584 | |||||
| 40,740 | K’s Holdings Corp. | 470,907 | ||||||
| 53,200 | Kuraray Co. Ltd. | 558,737 | ||||||
| 20,360 | Kurita Water Industries Ltd. | 1,100,403 | ||||||
| 3,000 | Kuriyama Holdings Corp. | 35,097 | ||||||
| 123,900 | Kyoto Financial Group, Inc. | 3,424,738 | ||||||
| 62,260 | Kyowa Kirin Co. Ltd. | 938,003 | ||||||
| 11,800 | Kyushu Electric Power Co., Inc. | 127,581 | ||||||
| 143,800 | Kyushu Financial Group, Inc. | 1,174,350 | ||||||
| 25,400 | Kyushu Railway Co. | 583,031 | ||||||
| 33,500 | Life Corp. | 550,521 | ||||||
| 203,400 | LIFULL Co. Ltd. | 247,360 | ||||||
| 245,600 | Lintec Corp. | 7,947,820 | ||||||
| 277,400 | Lion Corp. | 2,713,606 | ||||||
| 33,300 | Lixil Corp. | 343,855 | ||||||
| 106,080 | Mabuchi Motor Co. Ltd. | 998,369 | ||||||
| 264,032 | Makita Corp. | 9,804,298 | ||||||
| 5,000 | Mani, Inc. | 54,588 | ||||||
| 3,500 | Marufuji Sheet Piling Co. Ltd. | 20,790 | ||||||
| 210,700 | Marvelous, Inc. | 609,629 | ||||||
| 8,400 | Matsuda Sangyo Co. Ltd. | 358,024 | ||||||
| 280,400 | Max Co. Ltd. | 3,002,294 | ||||||
| 36,200 | Maxell Ltd. | 462,548 | ||||||
| 2,737,920 | Mazda Motor Corp. | 17,623,782 | ||||||
| 700,600 | Mebuki Financial Group, Inc. | 5,816,619 | ||||||
| 2,400 | MEC Co. Ltd. | 144,347 | ||||||
| 14,900 | Media Do Co. Ltd. | 118,782 | ||||||
| 177,200 | Medipal Holdings Corp. | 3,166,093 | ||||||
| 79,700 | Meidensha Corp. | 4,354,473 | ||||||
| 299,980 | MEITEC Group Holdings, Inc. | 6,007,927 | ||||||
| 125,600 | Menicon Co. Ltd. | 1,297,419 | ||||||
| 7,200 | Mercari, Inc.(a) | 175,178 | ||||||
| 24,400 | Micronics Japan Co. Ltd. | 2,051,444 | ||||||
| 51,780 | Milbon Co. Ltd. | 844,759 | ||||||
| 305,542 | MINEBEA MITSUMI, Inc. | 6,108,721 | ||||||
| 137,480 | Mirait one Corp. | 3,542,669 | ||||||
| 253,700 | MISUMI Group, Inc. | 5,839,801 | ||||||
| 19,506 | Mito Securities Co. Ltd. | 82,287 | ||||||
| 121,000 | Mitsubishi Chemical Group Corp. | 709,356 | ||||||
| 42,900 | Mitsubishi Estate Co. Ltd. | 1,222,575 | ||||||
| 284,700 | Mitsubishi Logistics Corp. | 2,550,059 | ||||||
| 66,100 | Mitsubishi Materials Corp. | 2,178,176 | ||||||
| 24,800 | Mitsubishi Research Institute, Inc. | 711,934 | ||||||
| 1,185 | Mitsui Fudosan Accommodations Fund, Inc. REIT | 989,928 | ||||||
| 39,460 | Mitsui Kinzoku Co. Ltd. | 10,841,978 | ||||||
| 134,709 | Mitsui OSK Lines Ltd. | 5,088,520 | ||||||
| 90,980 | Miura Co. Ltd. | 1,884,206 | ||||||
| 135,300 | Mixi, Inc. | 2,235,040 | ||||||
| 11,200 | Miyazaki Bank Ltd. (The) | 141,811 | ||||||
| 29,300 | Mizuho Leasing Co Ltd. | 266,406 | ||||||
| 270,711 | Mizuno Corp. | 5,747,226 | ||||||
| 1,272 | Mochida Pharmaceutical Co. Ltd. | 27,364 | ||||||
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 2,800 | Monogatari Corp. (The) | $ | 75,320 | |||||
| 35,500 | MonotaRO Co. Ltd. | 422,119 | ||||||
| 19,400 | Morinaga & Co. Ltd. | 331,043 | ||||||
| 14,300 | Moriroku Co. Ltd. | 221,881 | ||||||
| 5,500 | MTG Co. Ltd. | 206,646 | ||||||
| 25,200 | Musashino Bank Ltd. (The) | 382,801 | ||||||
| 24,500 | Nabtesco Corp. | 810,293 | ||||||
| 440,800 | Nagase & Co. Ltd. | 3,315,473 | ||||||
| 65,360 | Nakanishi, Inc. | 1,154,712 | ||||||
| 62,800 | Nanto Bank Ltd. (The) | 596,035 | ||||||
| 3,400 | Nanyo Corp. | 31,455 | ||||||
| 107,795 | NEC Corp. | 2,867,348 | ||||||
| 99,200 | NGK Corp. | 3,140,727 | ||||||
| 56,900 | NHK Spring Co. Ltd. | 1,039,626 | ||||||
| 13,400 | Nichicon Corp. | 204,963 | ||||||
| 20,300 | Nihon Falcom Corp. | 271,657 | ||||||
| 297,600 | Nihon Kohden Corp. | 2,771,927 | ||||||
| 68,100 | Nihon M&A Center Holdings, Inc. | 285,218 | ||||||
| 30,100 | Nikon Corp. | 333,014 | ||||||
| 1,890 | Nippon Building Fund, Inc. REIT | 1,587,167 | ||||||
| 7,800 | Nippon Carbide Industries Co., Inc. | 133,972 | ||||||
| 234,800 | Nippon Express Holdings, Inc. | 6,166,843 | ||||||
| 641,634 | Nippon Kayaku Co. Ltd. | 7,116,151 | ||||||
| 74,100 | Nippon Light Metal Holdings Co. Ltd. | 1,357,109 | ||||||
| 9,909 | Nippon Prologis REIT, Inc. | 5,674,755 | ||||||
| 141,800 | Nippon Shinyaku Co. Ltd. | 4,347,687 | ||||||
| 10,100 | Nippon Soda Co. Ltd. | 234,072 | ||||||
| 31,760 | Nippon Yusen KK | 1,141,413 | ||||||
| 236,960 | Nipro Corp. | 2,300,311 | ||||||
| 49,600 | Nishi-Nippon Financial Holdings, Inc. | 1,245,413 | ||||||
| 18,600 | Nishio Holdings Co. Ltd. | 513,107 | ||||||
| 20,600 | Nissan Chemical Corp. | 890,735 | ||||||
| 5,100 | Nissha Co. Ltd. | 41,016 | ||||||
| 107,100 | Nisshin Seifun Group, Inc. | 1,368,011 | ||||||
| 356,000 | Nisshinbo Holdings, Inc. | 4,695,978 | ||||||
| 51,600 | Nitto Denko Corp. | 981,446 | ||||||
| 108,600 | Nitto Kogyo Corp. | 3,141,364 | ||||||
| 32,200 | Nittoc Construction Co. Ltd. | 242,658 | ||||||
| 82,620 | NOF Corp. | 1,687,348 | ||||||
| 174,140 | Nomura Holdings, Inc. | 1,394,832 | ||||||
| 675 | Nomura Real Estate Master Fund, Inc. REIT | 695,599 | ||||||
| 26,100 | Nomura Research Institute Ltd. | 704,433 | ||||||
| 62,900 | Noritz Corp. | 944,942 | ||||||
| 260,300 | North Pacific Bank Ltd. | 1,655,077 | ||||||
| 21,300 | NS Tool Co. Ltd. | 118,243 | ||||||
| 275,042 | NSD Co. Ltd. | 4,721,497 | ||||||
| 524,200 | NSK Ltd. | 4,257,743 | ||||||
| 726 | NTT UD REIT Investment Corp. | 637,507 | ||||||
| 63,100 | OBIC Business Consultants Co. Ltd. | 2,480,125 | ||||||
| 21,300 | Obic Co. Ltd. | 566,008 | ||||||
| 33,300 | Ogaki Kyoritsu Bank Ltd. (The) | 1,490,852 | ||||||
| 20 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 31,000 | Oita Bank Ltd. (The) | $ | 422,541 | |||||
| 150,400 | Oji Holdings Corp. | 790,712 | ||||||
| 175,400 | Okamura Corp. | 2,814,503 | ||||||
| 68,100 | Oki Electric Industry Co. Ltd. | 1,473,247 | ||||||
| 5,200 | Okinawa Cellular Telephone Co. | 111,280 | ||||||
| 1,800 | Okinawa Financial Group, Inc. | 64,421 | ||||||
| 47,800 | OKUMA Corp. | 1,371,700 | ||||||
| 46,500 | Olympus Corp. | 457,352 | ||||||
| 126,600 | Omron Corp. | 4,547,455 | ||||||
| 971,200 | Ono Pharmaceutical Co. Ltd. | 14,364,203 | ||||||
| 20,400 | Optim Corp.(a) | 55,770 | ||||||
| 300 | Optorun Co. Ltd. | 7,823 | ||||||
| 14,340 | Oracle Corp. Japan | 797,948 | ||||||
| 3,600 | Oricon, Inc. | 26,664 | ||||||
| 1,598 | Orix JREIT, Inc. | 1,015,185 | ||||||
| 2,200 | Oro Co. Ltd. | 28,184 | ||||||
| 3,500 | Osaka Organic Chemical Industry Ltd. | 104,909 | ||||||
| 32,800 | Osaki Electric Co. Ltd. | 428,438 | ||||||
| 106,640 | OSG Corp. | 2,230,235 | ||||||
| 316,400 | PAL GROUP Holdings Co. Ltd. | 3,041,165 | ||||||
| 32,700 | PALTAC Corp. | 965,886 | ||||||
| 210,700 | Pan Pacific International Holdings Corp. | 1,191,730 | ||||||
| 4,600 | PAPYLESS Co. Ltd. | 29,140 | ||||||
| 1,522,800 | Persol Holdings Co. Ltd. | 2,266,566 | ||||||
| 1,600 | PIA Corp. | 35,721 | ||||||
| 20,600 | Pilot Corp. | 628,364 | ||||||
| 59,800 | Pole To Win Holdings, Inc. | 115,092 | ||||||
| 2,500 | Poppins Corp. | 22,471 | ||||||
| 7,700 | PR Times, Corp. | 103,241 | ||||||
| 1,000 | Premium Water Holdings, Inc. | 21,798 | ||||||
| 165,628 | Prestige International, Inc. | 703,423 | ||||||
| 1,400 | Procrea Holdings, Inc. | 32,155 | ||||||
| 34,900 | Pronexus, Inc. | 239,100 | ||||||
| 26,000 | Raito Kogyo Co. Ltd. | 633,585 | ||||||
| 236,800 | Rakus Co. Ltd. | 1,308,532 | ||||||
| 156,000 | Relo Group, Inc. | 1,952,869 | ||||||
| 449,200 | Resorttrust, Inc. | 5,003,189 | ||||||
| 588,900 | Ricoh Co. Ltd. | 4,966,270 | ||||||
| 95,800 | Riken Technos Corp. | 1,014,905 | ||||||
| 24,500 | Riken Vitamin Co. Ltd. | 433,117 | ||||||
| 260,620 | Rinnai Corp. | 5,923,095 | ||||||
| 9,800 | Rion Co. Ltd. | 212,289 | ||||||
| 170,900 | Rohto Pharmaceutical Co. Ltd. | 2,513,079 | ||||||
| 52,600 | Ryohin Keikaku Co. Ltd. | 1,218,364 | ||||||
| 6,000 | Sakai Heavy Industries Ltd. | 77,999 | ||||||
| 2,800 | Sakai Moving Service Co. Ltd. | 52,001 | ||||||
| 97,046 | Sakata Seed Corp. | 2,544,179 | ||||||
| 5,600 | San ju San Financial Group, Inc. | 57,421 | ||||||
| 48,000 | Sangetsu Corp. | 913,734 | ||||||
| 23,200 | San-In Godo Bank Ltd. (The) | 278,862 | ||||||
| 462,834 | Sankyo Co. Ltd. | 5,475,347 | ||||||
| 6,000 | Sankyo Tateyama, Inc. | 25,193 | ||||||
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 53,540 | Sankyu, Inc. | $ | 2,877,104 | |||||
| 349,900 | Sansan, Inc.(a) | 2,837,256 | ||||||
| 56,500 | Sansha Electric Manufacturing Co. Ltd. | 377,042 | ||||||
| 2,100 | Santec Holdings Corp. | 376,696 | ||||||
| 1,842,207 | Santen Pharmaceutical Co. Ltd. | 18,984,824 | ||||||
| 376,140 | Sanwa Holdings Corp. | 8,603,317 | ||||||
| 113,800 | Sato Corp. | 1,513,020 | ||||||
| 29,100 | Sawai Group Holdings Co. Ltd. | 391,876 | ||||||
| 208,992 | SCREEN Holdings Co. Ltd. | 13,856,392 | ||||||
| 31,900 | Scroll Corp. | 271,292 | ||||||
| 18,000 | Secom Co. Ltd. | 655,376 | ||||||
| 27,000 | Seibu Holdings, Inc. | 635,377 | ||||||
| 101,800 | Seikagaku Corp. | 456,684 | ||||||
| 357,400 | Seiko Epson Corp. | 4,807,293 | ||||||
| 93,500 | Seiko Group Corp. | 3,473,197 | ||||||
| 28,200 | Sekisui House Ltd. | 614,026 | ||||||
| 4,103 | Sekisui House Reit, Inc. | 2,232,159 | ||||||
| 32,000 | Sekisui Kasei Co. Ltd. | 92,786 | ||||||
| 1,000 | SEMITEC Corp. | 15,377 | ||||||
| 87,100 | Senshu Ikeda Holdings, Inc. | 512,470 | ||||||
| 19,200 | SERAKU Co. Ltd. | 163,304 | ||||||
| 25,400 | Seria Co. Ltd. | 555,598 | ||||||
| 100,040 | SG Holdings Co. Ltd. | 936,282 | ||||||
| 209,500 | Sharp Corp.(a) | 750,666 | ||||||
| 23,300 | Shibaura Machine Co. Ltd. | 625,367 | ||||||
| 165,200 | Shibaura Mechatronics Corp. | 5,132,446 | ||||||
| 280,700 | SHIFT, Inc.(a) | 1,186,959 | ||||||
| 9,000 | Shiga Bank Ltd. (The) | 110,959 | ||||||
| 26,200 | Shikoku Bank Ltd. (The) | 428,202 | ||||||
| 163,300 | Shikoku Electric Power Co., Inc. | 1,625,842 | ||||||
| 227,700 | Shimamura Co. Ltd. | 4,768,360 | ||||||
| 35,300 | Shindengen Electric Manufacturing Co. Ltd. | 743,500 | ||||||
| 12,177 | Shinnihonseiyaku Co. Ltd. | 154,764 | ||||||
| 41,000 | Shionogi & Co. Ltd. | 828,321 | ||||||
| 433,327 | Ship Healthcare Holdings, Inc. | 6,448,575 | ||||||
| 524,000 | Shizuoka Financial Group, Inc. | 9,199,143 | ||||||
| 69,940 | Shoei Co. Ltd. | 779,229 | ||||||
| 2,900 | Shofu, Inc. | 30,447 | ||||||
| 3,400 | Sigma Koki Co. Ltd. | 42,556 | ||||||
| 40,700 | SKY Perfect JSAT Corp. | 888,592 | ||||||
| 2,900 | SMK Corp. | 62,095 | ||||||
| 247,220 | SMS Co. Ltd. | 2,816,722 | ||||||
| 548,900 | Socionext, Inc. | 6,679,702 | ||||||
| 116,100 | Sodick Co. Ltd. | 1,147,690 | ||||||
| 10,700 | Softcreate Holdings Corp. | 121,400 | ||||||
| 120,400 | Sojitz Corp. | 4,509,549 | ||||||
| 103,713 | Soliton Systems KK | 1,184,413 | ||||||
| 89,300 | Square Enix Holdings Co. Ltd. | 1,408,602 | ||||||
| 124,600 | Starts Corp., Inc. | 3,804,148 | ||||||
| 255,053 | Subaru Corp. | 3,799,068 | ||||||
| 73,440 | Sugi Holdings Co. Ltd. | 1,469,904 | ||||||
| 21 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 48,900 | Sumitomo Bakelite Co. Ltd. | $ | 1,722,304 | |||||
| 3,482,900 | Sumitomo Chemical Co. Ltd. | 11,365,001 | ||||||
| 61,400 | Sumitomo Electric Industries Ltd. | 4,042,223 | ||||||
| 158,800 | Sumitomo Heavy Industries Ltd. | 5,372,779 | ||||||
| 318,417 | Sumitomo Mitsui Trust Group, Inc. | 10,645,742 | ||||||
| 136,700 | Sumitomo Pharma Co. Ltd.(a) | 1,509,151 | ||||||
| 35,400 | Sumitomo Realty & Development Co. Ltd. | 1,097,386 | ||||||
| 55,600 | Sumitomo Warehouse Co. Ltd. (The) | 1,339,893 | ||||||
| 188,400 | Sun Frontier Fudousan Co. Ltd. | 3,233,645 | ||||||
| 81,600 | Suruga Bank Ltd. | 1,209,881 | ||||||
| 421,788 | Suzuken Co. Ltd. | 14,929,686 | ||||||
| 641,700 | Systena Corp. | 1,755,412 | ||||||
| 75,700 | Tadano Ltd. | 663,640 | ||||||
| 24,800 | Taiheiyo Cement Corp. | 563,054 | ||||||
| 8,100 | Taikisha Ltd. | 179,915 | ||||||
| 1,400 | Taisei Lamick Group Head Quarter & Innovation Co. Ltd. | 20,876 | ||||||
| 76,500 | Taiyo Yuden Co. Ltd. | 3,136,461 | ||||||
| 14,300 | Takaoka Toko Co. Ltd. | 690,449 | ||||||
| 14,800 | Takara & Co. Ltd. | 319,686 | ||||||
| 126,560 | Takara Holdings, Inc. | 1,426,744 | ||||||
| 83,800 | Takara Standard Co. Ltd. | 1,584,707 | ||||||
| 49,640 | Takeuchi Manufacturing Co. Ltd. | 2,237,714 | ||||||
| 4,800 | Takuma Co. Ltd. | 84,613 | ||||||
| 833,800 | Tamron Co. Ltd. | 5,769,280 | ||||||
| 2,400 | Tazmo Co. Ltd. | 45,178 | ||||||
| 164,200 | TDK Corp. | 3,002,299 | ||||||
| 117,080 | TechMatrix Corp. | 1,359,306 | ||||||
| 93,000 | Teijin Ltd. | 936,589 | ||||||
| 16,900 | Temairazu, Inc. | 264,987 | ||||||
| 74,048 | TIS, Inc. | 1,613,878 | ||||||
| 3,100 | TKC Corp. | 71,034 | ||||||
| 2,400 | Toa Corp. | 26,609 | ||||||
| 5,800 | Tocalo Co. Ltd. | 115,716 | ||||||
| 27,665 | Tochigi Bank Ltd. (The) | 169,240 | ||||||
| 110,700 | Toho Bank Ltd. (The) | 472,515 | ||||||
| 93,600 | Toho Gas Co. Ltd. | 702,812 | ||||||
| 82,700 | Toho Holdings Co. Ltd. | 2,359,857 | ||||||
| 173,200 | Tohoku Electric Power Co., Inc. | 1,209,761 | ||||||
| 24,000 | Tokai Corp. | 402,870 | ||||||
| 384,782 | Tokai Rika Co. Ltd. | 7,097,915 | ||||||
| 304,733 | Tokuyama Corp. | 7,828,226 | ||||||
| 713,800 | Tokyo Electric Power Co. Holdings, Inc.(a) | 2,717,542 | ||||||
| 89,142 | Tokyo Gas Co. Ltd. | 3,785,849 | ||||||
| 14,500 | Tokyo Kiraboshi Financial Group, Inc. | 1,079,098 | ||||||
| 880 | Tokyo Ohka Kogyo Co. Ltd. | 51,735 | ||||||
| 78,600 | Tokyo Seimitsu Co. Ltd. | 8,684,958 | ||||||
| 64,446 | Tokyo Tatemono Co. Ltd. | 1,482,953 | ||||||
| 164,396 | Tokyotokeiba Co. Ltd. | 5,825,517 | ||||||
| 53,600 | Tokyu Corp. | 570,010 | ||||||
| 96,886 | Tokyu Fudosan Holdings Corp. | 824,900 | ||||||
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 1,196 | Tokyu REIT, Inc. | $ | 1,475,107 | |||||
| 61,700 | Toli Corp. | 253,220 | ||||||
| 164,385 | TOMONY Holdings, Inc. | 928,269 | ||||||
| 18,400 | Tosei Corp. | 191,175 | ||||||
| 99,655 | Toshiba TEC Corp. | 1,716,099 | ||||||
| 19,300 | Tosho Co. Ltd. | 102,846 | ||||||
| 67,200 | Tosoh Corp. | 1,035,535 | ||||||
| 19,100 | TOTO Ltd. | 670,949 | ||||||
| 25,800 | Towa Bank Ltd. (The) | 172,216 | ||||||
| 126,900 | Towa Pharmaceutical Co. Ltd. | 3,203,090 | ||||||
| 6,600 | Toyo Denki Seizo KK | 105,758 | ||||||
| 150,420 | Toyo Seikan Group Holdings Ltd. | 3,119,813 | ||||||
| 8,880 | Toyo Suisan Kaisha Ltd. | 609,900 | ||||||
| 65,140 | Toyo Tire Corp. | 1,597,111 | ||||||
| 2,700 | Toyobo Co. Ltd. | 24,672 | ||||||
| 10,400 | Toyoda Gosei Co. Ltd. | 306,872 | ||||||
| 112,500 | Transcosmos, Inc. | 2,746,503 | ||||||
| 116,483 | Trend Micro, Inc. | 4,054,538 | ||||||
| 2,900 | Trinity Industrial Corp. | 24,147 | ||||||
| 356,100 | Tsubakimoto Chain Co. | 5,338,151 | ||||||
| 95,720 | Tsugami Corp. | 2,871,032 | ||||||
| 9,200 | Tsukada Global Holdings, Inc. | 36,490 | ||||||
| 17,000 | Tsukuba Bank Ltd. | 63,212 | ||||||
| 11,300 | Tsumura & Co. | 263,560 | ||||||
| 51,000 | Tsuruha Holdings, Inc. | 671,154 | ||||||
| 1,500 | TV Asahi Holdings Corp. | 31,039 | ||||||
| 196,400 | UACJ Corp. | 3,465,269 | ||||||
| 31,600 | Ubicom Holdings, Inc. | 190,691 | ||||||
| 50,000 | Uchida Yoko Co. Ltd. | 646,424 | ||||||
| 266,993 | Ulvac, Inc. | 16,813,214 | ||||||
| 21,000 | U-Next Holdings Co. Ltd. | 205,588 | ||||||
| 500 | Union Tool Co. | 53,718 | ||||||
| 4,600 | United Arrows Ltd. | 72,533 | ||||||
| 5,400 | Univance Corp. | 27,638 | ||||||
| 2,900 | User Local, Inc. | 28,609 | ||||||
| 3,200 | Ushio, Inc. | 64,436 | ||||||
| 1,188,427 | USS Co. Ltd. | 12,835,510 | ||||||
| 6,200 | Valor Holdings Co. Ltd. | 146,090 | ||||||
| 84,100 | Vector, Inc. | 670,208 | ||||||
| 31,800 | Vision, Inc. | 223,099 | ||||||
| 63,200 | Visional, Inc.(a) | 2,984,421 | ||||||
| 56,200 | Vital KSK Holdings, Inc. | 500,562 | ||||||
| 479,940 | Wacom Co. Ltd. | 2,209,028 | ||||||
| 3,100 | Wadakohsan Corp. | 26,636 | ||||||
| 27,800 | WDB Holdings Co. Ltd. | 264,958 | ||||||
| 30,700 | West Japan Railway Co. | 555,719 | ||||||
| 67,820 | Workman Co. Ltd. | 3,088,654 | ||||||
| 45,700 | Xebio Holdings Co. Ltd. | 290,834 | ||||||
| 30,400 | Yakult Honsha Co. Ltd. | 529,389 | ||||||
| 135,700 | YAMABIKO Corp. | 3,379,421 | ||||||
| 114,700 | Yamaguchi Financial Group, Inc. | 1,970,887 | ||||||
| 731,500 | Yamaha Corp. | 5,220,345 | ||||||
| 30,700 | Yamaichi Electronics Co. Ltd. | 2,048,314 | ||||||
| 22 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| 5,600 | Yamanashi Chuo Bank Ltd. (The) | $ | 192,662 | |||||
| 12,000 | Yamato Kogyo Co. Ltd. | 915,981 | ||||||
| 1,200 | Yamaya Corp. | 18,060 | ||||||
| 54,800 | Yaskawa Electric Corp. | 1,943,210 | ||||||
| 87,500 | Yodoko Ltd. | 751,290 | ||||||
| 30,300 | Yokogawa Electric Corp. | 1,054,978 | ||||||
| 72,240 | Yokohama Financial Group, Inc. | 685,746 | ||||||
| 27,046 | Yokohama Rubber Co. Ltd. (The) | 1,100,820 | ||||||
| 3,000 | Yokowo Co. Ltd. | 85,069 | ||||||
| 1,500 | Yossix Holdings Co. Ltd. | 30,950 | ||||||
| 14,200 | Yushin Co. | 60,589 | ||||||
| 47,700 | Zacros Corp. | 418,673 | ||||||
| 192,080 | Zenkoku Hosho Co. Ltd. | 3,867,005 | ||||||
| 57,400 | Zenrin Co. Ltd. | 312,102 | ||||||
| 308,360 | Zeon Corp. | 3,594,229 | ||||||
| 34,000 | ZERIA Pharmaceutical Co. Ltd. | 468,936 | ||||||
| 216,500 | ZIGExN Co. Ltd. | 563,203 | ||||||
| 9,600 | Zojirushi Corp. | 96,685 | ||||||
| 109,080 | ZOZO, Inc. | 732,088 | ||||||
| 13,100 | Zuken, Inc. | 369,821 | ||||||
| 1,095,234,555 | ||||||||
| JERSEY CHANNEL ISLANDS — 0.0% | ||||||||
| 341,966 | B&M European Value Retail Plc | 781,397 | ||||||
| LUXEMBOURG — 0.0% | ||||||||
| 13,140 | Befesa SA(b)(c) | 503,684 | ||||||
| 31,200 | RTL Group SA | 1,198,853 | ||||||
| 64,500 | Tenaris SA | 2,058,928 | ||||||
| 3,761,465 | ||||||||
| MALAYSIA — 0.0% | ||||||||
| 19,549,200 | Top Glove Corp. Bhd | 3,570,118 | ||||||
| NETHERLANDS — 1.5% | ||||||||
| 393,661 | ABN AMRO Bank NV(b) | 13,706,035 | ||||||
| 812,830 | Aegon Ltd. | 6,735,600 | ||||||
| 39,515 | AMG Critical Materials NV | 1,667,893 | ||||||
| 26,831 | ASM International NV | 26,248,140 | ||||||
| 127,380 | ASR Nederland NV | 9,675,719 | ||||||
| 90,948 | Corbion NV | 2,032,458 | ||||||
| 39,503 | Eurocommercial Properties NV REIT | 1,295,929 | ||||||
| 34,361 | ForFarmers NV | 245,500 | ||||||
| 270,146 | Koninklijke Ahold Delhaize NV | 12,672,114 | ||||||
| 581,628 | Koninklijke BAM Groep NV | 6,397,697 | ||||||
| 213,321 | Koninklijke Heijmans NV | 21,583,311 | ||||||
| 213,700 | Koninklijke KPN NV | 1,142,771 | ||||||
| 29,320 | Koninklijke Vopak NV | 1,467,430 | ||||||
| 4,035 | Nedap NV | 400,793 | ||||||
| 132,636 | NN Group NV | 11,610,137 | ||||||
| 1,225,665 | Pharming Group NV(a) | 2,069,896 | ||||||
| 41,024 | QIAGEN NV | 1,399,398 | ||||||
| 5,828 | QIAGEN NV | 201,532 | ||||||
| 27,398 | Randstad NV | 811,841 | ||||||
| 74,741 | SBM Offshore NV | 3,197,526 | ||||||
| Shares | Value | |||||||
| NETHERLANDS (continued) | ||||||||
| 56,220 | Signify NV(b)(c) | $ | 1,278,668 | |||||
| 41,988 | Sligro Food Group NV | 642,109 | ||||||
| 20,266 | TKH Group NV | 1,038,619 | ||||||
| 230,750 | TomTom NV(a) | 1,266,372 | ||||||
| 73,465 | Van Lanschot Kempen NV | 5,628,826 | ||||||
| 211,801 | Wereldhave NV REIT | 5,477,206 | ||||||
| 139,893,520 | ||||||||
| NEW ZEALAND — 0.1% | ||||||||
| 2,228,272 | a2 Milk Co. Ltd. (The) | 11,403,314 | ||||||
| 24,680 | Freightways Group Ltd. | 184,359 | ||||||
| 4,676 | Hallenstein Glasson Holdings Ltd. | 27,057 | ||||||
| 27,922 | Mercury NZ Ltd. | 110,550 | ||||||
| 29,980 | Oceania Healthcare Ltd.(a) | 13,238 | ||||||
| 39,148 | SKY Network Television Ltd. | 74,661 | ||||||
| 801,689 | Spark New Zealand Ltd. | 984,536 | ||||||
| 52,648 | Stride Property Group | 34,602 | ||||||
| 6,430 | Summerset Group Holdings Ltd. | 31,007 | ||||||
| 269,142 | TOWER Ltd. | 322,184 | ||||||
| 13,185,508 | ||||||||
| NORWAY — 1.4% | ||||||||
| 25,764 | 2020 Bulkers Ltd. | 8,382 | ||||||
| 240,847 | ABG Sundal Collier Holding ASA | 186,698 | ||||||
| 37,623 | AF Gruppen ASA | 726,324 | ||||||
| 506,559 | Aker BP ASA | 19,802,568 | ||||||
| 1,433,201 | Aker Solutions ASA | 6,530,536 | ||||||
| 53,660 | Atea ASA | 905,284 | ||||||
| 93,947 | BLUENORD ASA | 5,979,302 | ||||||
| 1,945 | Bonheur ASA | 56,611 | ||||||
| 50,799 | BW Offshore Ltd. | 290,697 | ||||||
| 4,657,418 | DNO ASA | 10,062,467 | ||||||
| 69,564 | DOF Group ASA | 1,030,587 | ||||||
| 1,675 | Endur ASA(a) | 20,854 | ||||||
| 135,391 | Frontline Plc | 4,940,418 | ||||||
| 168,826 | Gjensidige Forsikring ASA | 4,742,504 | ||||||
| 188,422 | Hoegh Autoliners ASA | 2,699,796 | ||||||
| 398,105 | Kitron ASA | 4,297,092 | ||||||
| 1,151,788 | Kongsberg Automotive ASA(a) | 237,593 | ||||||
| 920,199 | Leroy Seafood Group ASA | 4,513,423 | ||||||
| 501,917 | Mowi ASA | 11,136,162 | ||||||
| 1,512,738 | MPC Container Ships ASA | 3,598,186 | ||||||
| 948,822 | Norsk Hydro ASA | 10,504,827 | ||||||
| 14,523 | Norske Skog ASA(a)(c) | 73,625 | ||||||
| 140,945 | Odfjell Drilling Ltd. | 1,517,592 | ||||||
| 61,546 | Odfjell SE - Class A | 768,267 | ||||||
| 191,433 | Orkla ASA | 2,361,139 | ||||||
| 211,514 | Petronor E&P ASA | 332,869 | ||||||
| 20,266 | Pexip Holding ASA | 148,714 | ||||||
| 407,385 | SATS ASA | 1,820,298 | ||||||
| 100,856 | Sea1 Offshore, Inc. | 323,858 | ||||||
| 39,425 | Sentia AS(a) | 336,442 | ||||||
| 761,718 | SFL Corp. Ltd. | 8,782,609 | ||||||
| 63,970 | Solstad Maritime ASA | 197,593 | ||||||
| 23 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| NORWAY (continued) | ||||||||
| 20,218 | Solstad Offshore ASA | $ | 143,601 | |||||
| 94,190 | SpareBank 1 SMN | 2,102,544 | ||||||
| 43,300 | SpareBank 1 Sor-Norge ASA | 935,787 | ||||||
| 3,898 | Sparebanken More | 48,480 | ||||||
| 114,665 | Storebrand ASA | 2,216,585 | ||||||
| 25,920 | TGS ASA | 421,485 | ||||||
| 67,324 | Veidekke ASA | 1,355,315 | ||||||
| 992,074 | Wallenius Wilhelmsen ASA | 12,764,552 | ||||||
| 13,592 | Wilh Wilhelmsen Holding ASA - Class A | 1,016,644 | ||||||
| 55,780 | Zaptec ASA(a) | 220,808 | ||||||
| 130,159,118 | ||||||||
| POLAND — 0.3% | ||||||||
| 949,297 | Allegro.eu SA(a)(b)(c) | 7,817,404 | ||||||
| 137,554 | KGHM Polska Miedz SA(a) | 11,554,533 | ||||||
| 2,950,177 | Orange Polska SA | 12,108,988 | ||||||
| 31,480,925 | ||||||||
| PORTUGAL — 0.2% | ||||||||
| 1,330,015 | Banco Comercial Portugues SA - Class R | 1,421,629 | ||||||
| 88,605 | CTT-Correios de Portugal SA | 667,813 | ||||||
| 5,309 | Ibersol SGPS SA | 74,736 | ||||||
| 52,367 | Jeronimo Martins SGPS SA | 1,257,465 | ||||||
| 284,675 | NOS SGPS SA | 1,879,838 | ||||||
| 218,800 | REN - Redes Energeticas Nacionais SGPS SA | 968,936 | ||||||
| 5,298,279 | Sonae SGPS SA | 12,131,498 | ||||||
| 18,401,915 | ||||||||
| PUERTO RICO — 0.1% | ||||||||
| 153,173 | First BanCorp | 3,719,041 | ||||||
| 76,191 | OFG Bancorp | 3,501,738 | ||||||
| 2,860 | Popular, Inc. | 429,944 | ||||||
| 7,650,723 | ||||||||
| RUSSIA — 0.0% | ||||||||
| 3,531,360 | Alrosa PJSC(a)(d)(e) | 0 | ||||||
| 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(a)(d)(e) | 0 | ||||||
| 532,967 | Mobile TeleSystems PJSC(a)(d)(e) | 0 | ||||||
| 217,810,135 | ROSSETI PJSC(a)(d)(e) | 0 | ||||||
| 1,641,600 | Rostelecom PJSC(a)(d)(e) | 0 | ||||||
| 461,432,194 | RusHydro PJSC(a)(d)(e) | 0 | ||||||
| 13,369,855 | Surgutneftegas PAO(a)(d)(e) | 0 | ||||||
| 243,969 | VK IPJSC(a)(d)(e) | 0 | ||||||
| 0 | ||||||||
| SINGAPORE — 1.1% | ||||||||
| 10,400 | AEM Holdings Ltd.(a) | 60,343 | ||||||
| 1,731,100 | AIMS APAC REIT | 2,053,592 | ||||||
| Shares | Value | |||||||
| SINGAPORE (continued) | ||||||||
| 666,119 | ASMPT Ltd. | $ | 13,953,472 | |||||
| 53,400 | Bukit Sembawang Estates Ltd. | 198,539 | ||||||
| 40,953 | BW LPG Ltd.(b)(c) | 821,810 | ||||||
| 332,900 | CapitaLand Ascendas REIT | 654,304 | ||||||
| 1,047,702 | CapitaLand Integrated Commercial Trust REIT | 1,951,363 | ||||||
| 331,600 | Capitaland Investment Ltd. | 727,239 | ||||||
| 243,800 | CDL Hospitality Trusts | 155,486 | ||||||
| 685,500 | Centurion Corp. Ltd. | 884,297 | ||||||
| 14,062 | China Yuchai International Ltd. | 579,495 | ||||||
| 334,300 | City Developments Ltd. | 2,151,536 | ||||||
| 532,000 | CNMC Goldmine Holdings Ltd. | 569,989 | ||||||
| 587,116 | ComfortDelGro Corp. Ltd. | 683,559 | ||||||
| 1,616,300 | CSE Global Ltd. | 1,750,333 | ||||||
| 99,400 | Delfi Ltd. | 82,840 | ||||||
| 400,000 | Digital Core REIT Management Pte Ltd. | 206,537 | ||||||
| 1,361,200 | First Resources Ltd. | 3,739,222 | ||||||
| 1,271,093 | Frasers Logistics & Commercial Trust REIT(b) | 960,612 | ||||||
| 35,500 | Frasers Property Ltd. | 31,958 | ||||||
| 1,174,325 | Genting Singapore Ltd. | 630,165 | ||||||
| 5,705,400 | Golden Agri-Resources Ltd. | 1,421,890 | ||||||
| 91,600 | GuocoLand Ltd. | 177,060 | ||||||
| 434,434 | Hafnia Ltd. | 3,856,043 | ||||||
| 47,600 | Ho Bee Land Ltd. | 80,239 | ||||||
| 755,100 | Hong Leong Asia Ltd. | 1,725,668 | ||||||
| 207,896 | iFAST Corp. Ltd. | 1,431,097 | ||||||
| 491,545 | IGG, Inc. | 195,472 | ||||||
| 47,600 | InnoTek Ltd. | 32,479 | ||||||
| 1,407 | Karooooo Ltd. | 68,880 | ||||||
| 412,400 | Keppel DC REIT | 763,243 | ||||||
| 91,600 | Kimly Ltd. | 28,478 | ||||||
| 4,265,700 | Kore US REIT(b) | 856,890 | ||||||
| 63,207 | Kulicke & Soffa Industries, Inc. | 5,404,199 | ||||||
| 676,400 | Mapletree Logistics Trust REIT | 651,169 | ||||||
| 704,600 | Mapletree Pan Asia Commercial Trust REIT | 715,956 | ||||||
| 502,600 | Marco Polo Marine Ltd. | 62,024 | ||||||
| 44,300 | OUE Ltd. | 38,602 | ||||||
| 893,200 | OUE Real Estate Investment Trust REIT | 256,400 | ||||||
| 162,700 | Pan-United Corp. Ltd. | 200,821 | ||||||
| 3,629,900 | Raffles Medical Group Ltd. | 2,837,542 | ||||||
| 304,400 | RHT Health Trust(a)(d)(e) | 4,544 | ||||||
| 44,276 | Samudera Shipping Line Ltd. | 39,728 | ||||||
| 641,200 | Sasseur Real Estate Investment Trust REIT(b) | 337,939 | ||||||
| 47,800 | SBS TRANSIT Ltd. | 138,585 | ||||||
| 3,571,339 | Sheng Siong Group Ltd. | 8,513,109 | ||||||
| 295,200 | SIA Engineering Co. Ltd. | 728,896 | ||||||
| 203,100 | Singapore Airlines Ltd. | 1,005,899 | ||||||
| 214,000 | Singapore Exchange Ltd. | 3,659,132 | ||||||
| 24 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| SINGAPORE (continued) | ||||||||
| 54,700 | Singapore Land Group Ltd. | $ | 160,907 | |||||
| 3,494,100 | Starhill Global REIT | 1,513,329 | ||||||
| 125,100 | Stoneweg Europe Stapled Trust | 228,175 | ||||||
| 321,900 | Suntec Real Estate Investment Trust REIT | 378,770 | ||||||
| 2,651,020 | UOL Group Ltd. | 22,177,686 | ||||||
| 168,800 | Valuemax Group Ltd. | 144,557 | ||||||
| 47,800 | Venture Corp. Ltd. | 610,116 | ||||||
| 1,250,600 | Wee Hur Holdings Ltd. | 717,052 | ||||||
| 262,600 | Wilmar International Ltd. | 749,033 | ||||||
| 187,900 | Wing Tai Holdings Ltd. | 238,328 | ||||||
| 8,347,600 | Yangzijiang Financial Holding Ltd.(a) | 1,718,571 | ||||||
| 5,085,330 | Yangzijiang Maritime Development Ltd. | 2,703,895 | ||||||
| 99,419,094 | ||||||||
| SOUTH AFRICA — 1.2% | ||||||||
| 620,377 | African Rainbow Minerals Ltd. | 8,306,565 | ||||||
| 1 | E Media Holdings Ltd. | 0 | ||||||
| 1,279,045 | Impala Platinum Holdings Ltd. | 17,928,437 | ||||||
| 162,442 | Investec Plc | 1,396,465 | ||||||
| 936,805 | MTN Group Ltd. | 11,792,584 | ||||||
| 600,399 | Remgro Ltd. | 7,065,479 | ||||||
| 997,620 | Sasol Ltd.(a) | 13,866,472 | ||||||
| 7,795,883 | Sibanye Stillwater Ltd. | 23,306,409 | ||||||
| 649,239 | SPAR Group Ltd. (The)(a) | 2,520,009 | ||||||
| 206,436 | Valterra Platinum Ltd. | 16,626,977 | ||||||
| 959,834 | Vodacom Group Ltd. | 8,154,118 | ||||||
| 110,963,515 | ||||||||
| SOUTH KOREA — 2.5% | ||||||||
| 118,831 | E-MART, Inc. | 8,606,037 | ||||||
| 65,254 | GC Biopharma Corp. | 6,080,924 | ||||||
| 381,987 | GS Engineering & Construction Corp. | 9,915,169 | ||||||
| 162,324 | Hankook Tire & Technology Co. Ltd. | 6,532,094 | ||||||
| 97,792 | HD Construction Equipment Co. Ltd. | 12,286,089 | ||||||
| 139,289 | Hyundai Department Store Co. Ltd. | 10,300,690 | ||||||
| 54,303 | Hyundai Glovis Co. Ltd. | 8,384,583 | ||||||
| 285,083 | Hyundai Steel Co. | 8,287,160 | ||||||
| 216,450 | Kakao Corp. | 6,968,189 | ||||||
| 134,655 | LG Electronics, Inc. | 12,969,030 | ||||||
| 49,382 | LG Innotek Co. Ltd. | 19,306,181 | ||||||
| 63,656 | NC Corp. | 11,752,819 | ||||||
| 18,617 | OCI Co. Ltd.(a) | 1,903,742 | ||||||
| 76,515 | OCI Holdings Co. Ltd. | 19,295,766 | ||||||
| 40,508 | POSCO Holdings, Inc. | 12,776,265 | ||||||
| 413,593 | Samsung E&A Co. Ltd. | 14,979,090 | ||||||
| 83,319 | Samsung Electronics Co. Ltd. | 12,546,816 | ||||||
| 84,957 | Samsung Life Insurance Co. Ltd. | 14,449,430 | ||||||
| 65,183 | Samsung SDS Co. Ltd. | 7,378,079 | ||||||
| 178,014 | Samsung Securities Co. Ltd. | 13,043,861 | ||||||
| 752,858 | SK Networks Co. Ltd. | 2,990,430 | ||||||
| Shares | Value | |||||||
| SOUTH KOREA (continued) | ||||||||
| 23,909 | SK Square Co. Ltd.(a) | $ | 13,915,060 | |||||
| 234,667,504 | ||||||||
| SPAIN — 1.5% | ||||||||
| 378,222 | Acerinox SA | 6,207,276 | ||||||
| 38,353 | Almirall SA | 567,739 | ||||||
| 1,038 | Arteche Lantegi Elkartea SA | 39,085 | ||||||
| 274,064 | ATALAYA MINING COPPER SA | 2,770,603 | ||||||
| 2,960,445 | Banco de Sabadell SA | 11,477,649 | ||||||
| 1,161,706 | Banco Santander SA | 14,175,520 | ||||||
| 49,500 | Bankinter SA | 823,734 | ||||||
| 47,688 | CIE Automotive SA | 1,625,651 | ||||||
| 34,646 | Construcciones y Auxiliar de Ferrocarriles SA | 2,608,337 | ||||||
| 41,423 | Distribuidora Internacional de Alimentacion SA(a) | 1,913,133 | ||||||
| 36,292 | Elecnor SA | 1,613,030 | ||||||
| 71,810 | Enagas SA | 1,437,755 | ||||||
| 387,833 | Faes Farma SA | 2,211,774 | ||||||
| 45,760 | Fluidra SA | 1,070,861 | ||||||
| 2,513 | Fomento de Construcciones y Contratas SA | 32,914 | ||||||
| 1,768,047 | Gestamp Automocion SA(b)(c) | 6,700,844 | ||||||
| 12,267 | Grupo Empresarial San Jose SA | 120,294 | ||||||
| 304,564 | Logista Integral SA | 11,898,766 | ||||||
| 3,397,954 | Mapfre SA | 16,634,100 | ||||||
| 514,174 | Melia Hotels International SA | 6,706,293 | ||||||
| 360,509 | Merlin Properties Socimi SA REIT | 6,304,295 | ||||||
| 21,788 | Metrovacesa SA(b)(c) | 305,407 | ||||||
| 9,384 | Naturhouse Health SAU | 27,761 | ||||||
| 5,862,575 | Obrascon Huarte Lain SA(a) | 3,040,487 | ||||||
| 22,349 | Pharma Mar SA | 2,520,205 | ||||||
| 703,785 | Repsol SA | 18,904,490 | ||||||
| 481,285 | Sacyr SA | 2,649,453 | ||||||
| 70,412 | Tecnicas Reunidas SA(a) | 2,917,631 | ||||||
| 4,255,310 | Unicaja Banco SA(b)(c) | 13,814,166 | ||||||
| 14,386 | Vidrala SA | 1,297,728 | ||||||
| 9,450 | Viscofan SA | 666,045 | ||||||
| 143,083,026 | ||||||||
| SWEDEN — 1.8% | ||||||||
| 68,713 | AcadeMedia AB(b)(c) | 735,303 | ||||||
| 2,807 | AddLife AB - Class B | 43,768 | ||||||
| 66,164 | Alfa Laval AB | 3,981,700 | ||||||
| 2,408 | Alimak Group AB(b)(c) | 28,524 | ||||||
| 18,915 | Ambea AB(b)(c) | 287,080 | ||||||
| 26,981 | AQ Group AB | 644,217 | ||||||
| 273,505 | Arjo AB - Class B | 721,954 | ||||||
| 46,392 | Attendo AB(b)(c) | 536,732 | ||||||
| 385,158 | Avanza Bank Holding AB | 13,922,789 | ||||||
| 46,911 | Axfood AB | 1,431,315 | ||||||
| 5,709 | Beijer Alma AB | 179,624 | ||||||
| 3,592 | Berner Industrier AB | 30,624 | ||||||
| 155,732 | Betsson AB - Class B | 1,586,496 | ||||||
| 25 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| SWEDEN (continued) | ||||||||
| 65,300 | BioGaia AB - Class B | $ | 842,873 | |||||
| 282,803 | Boliden AB | 14,865,647 | ||||||
| 24,226 | Boozt AB(a)(b)(c) | 312,704 | ||||||
| 290,212 | Bravida Holding AB(b)(c) | 3,007,075 | ||||||
| 9,829 | Bufab AB | 127,180 | ||||||
| 49,707 | Byggmax Group AB | 257,720 | ||||||
| 3,544 | Cellavision AB | 46,353 | ||||||
| 9,817 | Cheffelo AB | 103,485 | ||||||
| 37,579 | Clas Ohlson AB - Class B | 1,626,220 | ||||||
| 542,978 | Cloetta AB - Class B | 2,791,091 | ||||||
| 25,453 | Coor Service Management Holding AB(b)(c) | 150,909 | ||||||
| 180 | Elanders AB - Class B | 948 | ||||||
| 98,405 | Electrolux AB - Class B(a) | 550,167 | ||||||
| 578,421 | Elekta AB - Class B | 3,359,371 | ||||||
| 567,838 | Epiroc AB - Class A | 16,393,148 | ||||||
| 124,606 | Fagerhult Group AB | 300,387 | ||||||
| 61,160 | Hanza AB | 907,901 | ||||||
| 88,183 | Hexpol AB | 719,914 | ||||||
| 7,337 | HMS Networks AB | 427,614 | ||||||
| 49,079 | Hoist Finance AB(b)(c) | 757,970 | ||||||
| 6,294 | Humana AB | 33,224 | ||||||
| 280,841 | Husqvarna AB - Class B | 1,352,916 | ||||||
| 342,485 | Instalco AB(b) | 1,430,960 | ||||||
| 32,000 | Inwido AB | 488,570 | ||||||
| 77 | Kopparbergs Bryggeri AB - Class B | 980 | ||||||
| 254,128 | Loomis AB | 11,834,657 | ||||||
| 1,337 | Medcap AB(a) | 69,470 | ||||||
| 4,595 | Medicover AB - Class B | 102,789 | ||||||
| 14,211 | MEKO AB | 104,580 | ||||||
| 30,629 | Midsona AB - Class B | 40,905 | ||||||
| 274,138 | Mycronic AB | 8,650,355 | ||||||
| 203,393 | NCC AB - Class B | 4,405,959 | ||||||
| 131,790 | Nolato AB - Class B | 709,353 | ||||||
| 72,895 | Nordnet AB | 2,402,689 | ||||||
| 14,908 | Norion Bank AB(a) | 85,313 | ||||||
| 7,512 | NOTE AB | 139,294 | ||||||
| 11,457 | Orexo AB(a) | 23,397 | ||||||
| 328,046 | Ovzon AB(a)(b) | 1,930,810 | ||||||
| 34,600 | Paradox Interactive AB | 507,327 | ||||||
| 1,144,943 | Peab AB - Class B | 11,123,565 | ||||||
| 60,063 | Proact IT Group AB | 740,532 | ||||||
| 254 | QleanAir AB(a) | 724 | ||||||
| 19,773 | RaySearch Laboratories AB | 407,981 | ||||||
| 108,910 | Rusta AB | 1,193,990 | ||||||
| 354,995 | Rvrc Holding AB | 2,138,321 | ||||||
| 9,475 | Scandi Standard AB | 153,795 | ||||||
| 309,426 | Scandic Hotels Group AB(b)(c) | 3,017,655 | ||||||
| 117,076 | Sectra AB - Class B | 3,257,677 | ||||||
| 44,000 | Securitas AB - Class B | 738,451 | ||||||
| 282,058 | Skanska AB - Class B | 7,617,633 | ||||||
| 391,698 | SKF AB - Class B | 9,862,463 | ||||||
| 1,722,501 | SSAB AB - Class A | 15,502,858 | ||||||
| Shares | Value | |||||||
| SWEDEN (continued) | ||||||||
| 409,919 | SSAB AB - Class B | $ | 3,732,228 | |||||
| 208,417 | Storytel AB | 2,181,701 | ||||||
| 54,900 | Synsam AB | 338,290 | ||||||
| 4,330 | Systemair AB | 33,417 | ||||||
| 50,200 | Tele2 AB - Class B | 1,029,317 | ||||||
| 38,799 | Trelleborg AB - Class B | 1,593,050 | ||||||
| 52,521 | Wihlborgs Fastigheter AB | 464,332 | ||||||
| 171,120,331 | ||||||||
| SWITZERLAND — 2.1% | ||||||||
| 145,102 | Accelleron Industries AG | 15,546,205 | ||||||
| 35,859 | Allreal Holding AG | 9,792,761 | ||||||
| 132,687 | Ascom Holding AG | 894,547 | ||||||
| 204,551 | Avolta AG | 11,304,220 | ||||||
| 23,153 | Basilea Pharmaceutica Ag Allschwil(a) | 1,611,562 | ||||||
| 477 | Basler Kantonalbank | 59,403 | ||||||
| 1,000 | Belimo Holding AG | 915,759 | ||||||
| 3,795 | BKW AG | 758,598 | ||||||
| 25,902 | Bucher Industries AG | 10,285,591 | ||||||
| 1,394 | Burckhardt Compression Holding AG | 933,465 | ||||||
| 2,743 | Burkhalter Holding AG | 651,230 | ||||||
| 52 | Cham Swiss Properties AG | 1,771 | ||||||
| 1,162 | Cie Financiere Tradition SA | 437,295 | ||||||
| 2,575 | Comet Holding AG | 1,020,915 | ||||||
| 1,007 | Daetwyler Holding AG | 202,256 | ||||||
| 14,668 | DKSH Holding AG | 1,119,741 | ||||||
| 45,183 | dormakaba Holding AG | 3,008,533 | ||||||
| 123,057 | EFG International AG | 2,647,667 | ||||||
| 700 | Emmi AG | 732,561 | ||||||
| 813 | EMS-Chemie Holding AG | 693,021 | ||||||
| 3,100 | Flughafen Zurich AG | 880,265 | ||||||
| 6,779 | Galenica AG(b)(c) | 722,232 | ||||||
| 1,545 | Garmin Ltd. | 388,011 | ||||||
| 705 | Geberit AG | 476,412 | ||||||
| 2,243,378 | Glencore Plc | 17,435,170 | ||||||
| 2 | Gurit Holding AG(a) | 95 | ||||||
| 4,948 | Hiag Immobilien Holding AG | 863,856 | ||||||
| 52,335 | Huber + Suhner AG | 15,199,607 | ||||||
| 6,760 | Implenia AG | 533,509 | ||||||
| 16,275 | Inficon Holding AG | 3,012,508 | ||||||
| 1,137,874 | International Workplace Group Plc | 2,864,488 | ||||||
| 2,210 | Investis Holding SA(b) | 449,737 | ||||||
| 73 | Jungfraubahn Holding AG | 25,524 | ||||||
| 3,506 | Kardex Holding AG | 1,252,650 | ||||||
| 10,505 | Komax Holding AG(a) | 728,095 | ||||||
| 3,181 | Lastminute.com NV | 48,131 | ||||||
| 870 | LEM Holding SA(a) | 339,731 | ||||||
| 21,230 | Logitech International SA | 2,095,666 | ||||||
| 7,910 | Medacta Group SA(b)(c) | 1,435,233 | ||||||
| 19 | Orell Fuessli AG | 4,016 | ||||||
| 15,379 | Partners Group Holding AG | 16,720,098 | ||||||
| 99 | Phoenix Mecano AG | 53,711 | ||||||
| 101,813 | PSP Swiss Property AG | 20,349,465 | ||||||
| 26 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| SWITZERLAND (continued) | ||||||||
| 254 | Schweiter Technologies AG | $ | 90,009 | |||||
| 29,820 | SFS Group AG | 4,543,215 | ||||||
| 16,400 | SGS SA | 1,776,941 | ||||||
| 66,800 | SIG Group AG(a) | 1,082,448 | ||||||
| 2,640 | Sonova Holding AG | 578,710 | ||||||
| 182,083 | Straumann Holding AG | 19,761,247 | ||||||
| 5,800 | Sulzer AG | 1,104,021 | ||||||
| 1,850 | Swiss Life Holding AG | 2,172,090 | ||||||
| 13,993 | Swissquote Group Holding SA | 7,081,700 | ||||||
| 33,136 | Temenos AG | 3,142,734 | ||||||
| 547,714 | Transocean Ltd.(a) | 3,735,410 | ||||||
| 347 | Valiant Holding AG | 80,613 | ||||||
| 1,037 | Vaudoise Assurances Holding SA | 1,084,978 | ||||||
| 18,534 | Zehnder Group AG | 1,565,462 | ||||||
| 196,294,889 | ||||||||
| TAIWAN — 0.9% | ||||||||
| 15,834,465 | AUO Corp. | 8,707,399 | ||||||
| 9,493,432 | China Petrochemical Development Corp.(a) | 2,233,247 | ||||||
| 2,461,000 | Ennostar, Inc. | 5,804,743 | ||||||
| 6,438,701 | Formosa Chemicals & Fibre Corp. | 10,715,177 | ||||||
| 2,945,990 | Foxconn Technology Co. Ltd. | 4,883,693 | ||||||
| 498,665 | Globalwafers Co. Ltd. | 9,370,289 | ||||||
| 1,720,000 | Hon Hai Precision Industry Co. Ltd. | 12,151,833 | ||||||
| 3,106,119 | HTC Corp.(a) | 3,980,688 | ||||||
| 164,951 | Phison Electronics Corp. | 10,321,963 | ||||||
| 6,893,482 | Walsin Lihwa Corp. | 6,607,462 | ||||||
| 1,333,454 | WT Microelectronics Co. Ltd. | 8,664,010 | ||||||
| 83,440,504 | ||||||||
| THAILAND — 0.2% | ||||||||
| 20,932,050 | Banpu Public Co. Ltd. - FOR | 3,794,677 | ||||||
| 14,652 | Fabrinet(a) | 10,014,202 | ||||||
| 408,200 | Siam Cement Public Co. Ltd. (The) - FOR | 3,016,223 | ||||||
| 16,825,102 | ||||||||
| TURKEY — 0.5% | ||||||||
| 15,433,186 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 6,492,496 | ||||||
| 12,787,859 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 5,833,198 | ||||||
| 1,894,139 | Tekfen Holding AS | 5,968,466 | ||||||
| 4,987,113 | Turk Telekomunikasyon AS(a) | 6,865,367 | ||||||
| 3,076,001 | Turkcell Iletisim Hizmetleri AS | 7,648,077 | ||||||
| 9,869,549 | Turkiye Sise ve Cam Fabrikalari AS | 10,469,532 | ||||||
| 43,277,136 | ||||||||
| UNITED ARAB EMIRATES — 0.1% | ||||||||
| 32,135,134 | Talabat Holding Plc | 7,814,959 | ||||||
| UNITED KINGDOM — 4.1% | ||||||||
| 96,228 | 3i Group Plc | 3,346,594 | ||||||
| 43,660 | 4imprint Group Plc | 2,164,470 | ||||||
| Shares | Value | |||||||
| UNITED KINGDOM (continued) | ||||||||
| 11,516 | AB Dynamics Plc | $ | 152,450 | |||||
| 538,922 | Aberdeen Group Plc | 1,523,040 | ||||||
| 22,327 | accesso Technology Group Plc(a) | 80,082 | ||||||
| 48,787 | Afentra Plc(a) | 51,020 | ||||||
| 42,110 | AG Barr Plc | 368,804 | ||||||
| 118,400 | AJ Bell Plc | 830,850 | ||||||
| 82,377 | Applied Nutrition Plc(a) | 244,619 | ||||||
| 328,000 | Ashmore Group Plc | 928,072 | ||||||
| 93,800 | Autotrader Group PLC(b)(c) | 630,986 | ||||||
| 2,250,034 | Balfour Beatty Plc | 25,001,971 | ||||||
| 2,238,629 | Barclays Plc | 13,158,480 | ||||||
| 265,973 | Bicycle Therapeutics Plc - ADR(a) | 1,255,393 | ||||||
| 14,689 | Big Yellow Group Plc REIT | 180,438 | ||||||
| 943,192 | Breedon Group Plc | 3,937,126 | ||||||
| 314,000 | BT Group Plc | 923,109 | ||||||
| 552,209 | Central Asia Metals Plc | 1,096,298 | ||||||
| 27,650 | CNH Industrial NV | 296,131 | ||||||
| 14,169 | Computacenter Plc | 717,381 | ||||||
| 1,629 | Costain Group Plc | 4,115 | ||||||
| 78,707 | Cranswick Plc | 5,761,724 | ||||||
| 1,627,278 | Currys Plc | 2,770,394 | ||||||
| 50,590 | Custodian Property Income REIT Plc | 57,610 | ||||||
| 473,042 | dotdigital group Plc | 300,265 | ||||||
| 879,374 | Drax Group Plc | 10,580,502 | ||||||
| 244,590 | Dunelm Group Plc | 2,500,937 | ||||||
| 1,241,860 | easyJet Plc | 5,943,969 | ||||||
| 1,978 | Eco Animal Health Group Plc(a) | 2,506 | ||||||
| 177,107 | Endava Plc - ADR(a) | 711,970 | ||||||
| 52,900 | Energean Plc | 641,436 | ||||||
| 989,193 | EnQuest Plc | 282,477 | ||||||
| 293,386 | FDM Group Holdings Plc | 416,746 | ||||||
| 2,555,132 | Firstgroup Plc | 5,661,127 | ||||||
| 27 | Frasers Group Plc(a) | 241 | ||||||
| 14,290 | Frontier Developments Plc(a) | 60,361 | ||||||
| 14,623 | Fuller Smith & Turner Plc - Class A | 128,551 | ||||||
| 84,016 | Future Plc | 383,928 | ||||||
| 92,590 | Galliford Try Holdings Plc | 659,329 | ||||||
| 36,916 | Games Workshop Group Plc | 9,791,111 | ||||||
| 383,485 | Gaming Realms Plc(a) | 176,969 | ||||||
| 50,792 | Global Ship Lease, Inc. - Class A | 2,051,997 | ||||||
| 1,411 | Gooch & Housego Plc | 17,686 | ||||||
| 378,222 | GSK Plc | 9,916,026 | ||||||
| 154,138 | Gulf Keystone Petroleum Ltd. | 416,398 | ||||||
| 303,248 | Halfords Group Plc | 600,981 | ||||||
| 19,000 | Halma Plc | 1,143,376 | ||||||
| 22,413 | Hargreaves Services Plc | 241,651 | ||||||
| 23,300 | Hikma Pharmaceuticals Plc | 443,003 | ||||||
| 106,680 | Howden Joinery Group Plc | 1,125,506 | ||||||
| 469,744 | Hunting Plc | 3,249,568 | ||||||
| 17,220 | ICG Plc | 424,554 | ||||||
| 225,913 | IG Group Holdings Plc | 4,616,558 | ||||||
| 343,343 | IHS Holding Ltd.(a) | 2,818,846 | ||||||
| 19,973 | IMI Plc | 760,733 | ||||||
| 27 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| UNITED KINGDOM (continued) | ||||||||
| 35,496 | Immunocore Holdings Plc - ADR(a) | $ | 990,693 | |||||
| 203,521 | Impax Asset Management Group Plc | 272,123 | ||||||
| 562,056 | Inchcape Plc | 6,341,252 | ||||||
| 442,441 | IntegraFin Holdings Plc(b) | 1,956,714 | ||||||
| 13,670 | InterContinental Hotels Group Plc | 1,954,553 | ||||||
| 2,536,352 | International Consolidated Airlines Group SA | 12,795,167 | ||||||
| 395,873 | Ithaca Energy Plc | 1,448,345 | ||||||
| 5,161,165 | ITV Plc | 5,616,070 | ||||||
| 5,481,208 | JD Sports Fashion Plc | 5,031,787 | ||||||
| 310,657 | JET2 Plc | 4,611,610 | ||||||
| 390,213 | Johnson Matthey Plc | 11,021,270 | ||||||
| 906,422 | Jupiter Fund Management Plc | 1,871,909 | ||||||
| 396,900 | Kainos Group Plc | 4,490,757 | ||||||
| 428,783 | Keller Group Plc | 13,033,773 | ||||||
| 1,180,691 | Kier Group Plc | 3,285,790 | ||||||
| 2,823,157 | Kingfisher Plc | 11,101,518 | ||||||
| 79,665 | Lion Finance Group Plc | 11,939,034 | ||||||
| 8,802,175 | Lloyds Banking Group Plc | 11,964,827 | ||||||
| 2,800,925 | Man Group Plc | 9,678,183 | ||||||
| 1,161,774 | Marston’s Plc(a) | 816,206 | ||||||
| 50,683 | McBride Plc | 107,547 | ||||||
| 72,175 | Mears Group Plc | 389,060 | ||||||
| 2,346,212 | Mitie Group Plc | 5,563,384 | ||||||
| 565,584 | MONY Group Plc | 1,374,015 | ||||||
| 111,632 | Moonpig Group Plc | 323,822 | ||||||
| 232,000 | Morgan Advanced Materials Plc | 689,873 | ||||||
| 168,133 | Morgan Sindall Group Plc | 10,751,249 | ||||||
| 50,010 | MP Evans Group Plc | 1,220,900 | ||||||
| 1,472,459 | NatWest Group Plc | 11,744,152 | ||||||
| 10,136 | Next Plc | 1,788,888 | ||||||
| 34,466 | Ninety One Plc | 101,143 | ||||||
| 556,700 | Nomad Foods Ltd. | 5,411,124 | ||||||
| 2,626 | Odfjell Technology Ltd. | 19,852 | ||||||
| 204,176 | On the Beach Group Plc(b)(c) | 454,628 | ||||||
| 1,535,794 | OSB Group Plc | 11,040,449 | ||||||
| 59,769 | Oxford Metrics Plc | 38,886 | ||||||
| 569,675 | Paragon Banking Group Plc | 5,801,959 | ||||||
| 110,796 | Pearson Plc | 1,635,013 | ||||||
| 3,260 | Pentair Plc | 263,115 | ||||||
| 374,385 | Pets at Home Group Plc | 920,122 | ||||||
| 73,152 | Pharos Energy Plc | 27,730 | ||||||
| 1,077,918 | Picton Property Income Ltd. REIT | 1,134,313 | ||||||
| 307,239 | Polar Capital Holdings Plc | 2,863,538 | ||||||
| 511,173 | Primary Health Properties Plc REIT | 650,342 | ||||||
| 384,978 | QinetiQ Group Plc | 2,332,968 | ||||||
| 926,440 | Quilter Plc(b)(c) | 2,313,413 | ||||||
| 55,870 | Renishaw Plc | 3,598,742 | ||||||
| 898,724 | Rightmove Plc | 5,302,910 | ||||||
| 197,400 | Rotork Plc | 829,768 | ||||||
| 80,556 | RS GROUP Plc | 661,721 | ||||||
| 690,982 | S4 Capital Plc | 408,898 | ||||||
| 209,787 | Sabre Insurance Group Plc(b)(c) | 433,275 | ||||||
| Shares | Value | |||||||
| UNITED KINGDOM (continued) | ||||||||
| 374,024 | Safestore Holdings Plc REIT | $ | 3,419,142 | |||||
| 71,913 | Saga Plc(a) | 575,040 | ||||||
| 82,220 | Savills Plc | 927,373 | ||||||
| 4,878 | Secure Trust Bank Plc | 83,253 | ||||||
| 198,628 | Serco Group Plc | 762,428 | ||||||
| 47,782 | Serica Energy Plc | 186,569 | ||||||
| 74,224 | Smiths News Plc | 68,428 | ||||||
| 316,994 | Softcat Plc | 5,951,935 | ||||||
| 437,519 | Speedy Hire Plc | 118,032 | ||||||
| 266,436 | SSP Group Plc | 576,533 | ||||||
| 8,715 | Stolt-Nielsen Ltd. | 284,277 | ||||||
| 78,200 | TechnipFMC Plc | 5,909,574 | ||||||
| 34,014 | Telecom Plus Plc | 543,622 | ||||||
| 2,201,949 | Tesco Plc | 14,425,082 | ||||||
| 85,894 | TORM Plc - Class A | 2,795,850 | ||||||
| 753,424 | TP ICAP Group Plc | 3,238,036 | ||||||
| 2,050,447 | Trustpilot Group Plc(a)(b)(c) | 7,208,372 | ||||||
| 684,211 | Vesuvius Plc | 4,121,908 | ||||||
| 651,509 | Vistry Group Plc(a) | 2,907,781 | ||||||
| 140,892 | Watkin Jones Plc(a) | 43,290 | ||||||
| 512,115 | Wickes Group Plc | 1,391,877 | ||||||
| 232,779 | XPS Pensions Group Plc(b) | 959,547 | ||||||
| 3,868 | Young & Co’s Brewery Plc - Class A | 40,473 | ||||||
| 16,973 | Zotefoams Plc | 90,567 | ||||||
| 388,597,834 | ||||||||
| UNITED STATES — 39.5% | ||||||||
| 170,736 | A10 Networks, Inc. | 4,555,236 | ||||||
| 304,121 | Academy Sports & Outdoors, Inc. | 16,677,996 | ||||||
| 149,600 | ACADIA Pharmaceuticals, Inc.(a) | 3,358,520 | ||||||
| 127,332 | ACI Worldwide, Inc.(a) | 5,503,289 | ||||||
| 209,138 | ACM Research, Inc. - Class A(a) | 10,810,343 | ||||||
| 8,348 | Acuity, Inc. | 2,419,000 | ||||||
| 480,861 | AdaptHealth Corp.(a) | 6,304,088 | ||||||
| 176,473 | ADMA Biologics, Inc.(a) | 1,808,848 | ||||||
| 56,078 | Advanced Energy Industries, Inc. | 21,528,905 | ||||||
| 2,880 | AECOM | 242,208 | ||||||
| 2,645 | Aflac, Inc. | 300,657 | ||||||
| 25,704 | Agilysys, Inc.(a) | 1,646,598 | ||||||
| 14,340 | Alexander’s, Inc. REIT | 3,613,106 | ||||||
| 4,920 | Alliant Energy Corp. | 361,276 | ||||||
| 1,450 | Allstate Corp. (The) | 315,027 | ||||||
| 150,208 | Amalgamated Financial Corp. | 6,140,503 | ||||||
| 124,000 | Amentum Holdings, Inc.(a) | 3,252,520 | ||||||
| 26,505 | American Airlines Group, Inc.(a) | 310,374 | ||||||
| 374,037 | American Assets Trust, Inc. REIT | 7,757,527 | ||||||
| 224,693 | American Eagle Outfitters, Inc. | 3,914,152 | ||||||
| 43,100 | American States Water Co. | 3,244,999 | ||||||
| 840 | Ameriprise Financial, Inc. | 398,824 | ||||||
| 290,693 | Ameris Bancorp | 24,781,578 | ||||||
| 120,747 | Amphastar Pharmaceuticals, Inc.(a) | 2,651,604 | ||||||
| 57,722 | ANI Pharmaceuticals, Inc.(a) | 4,586,013 | ||||||
| 228,461 | APA Corp. | 9,305,217 | ||||||
| 28 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 860,090 | API Group Corp.(a) | $ | 39,323,315 | |||||
| 80,908 | Apogee Enterprises, Inc. | 2,945,051 | ||||||
| 1,465 | Appfolio, Inc. - Class A(a) | 244,787 | ||||||
| 473,200 | Apple Hospitality REIT, Inc. | 6,374,004 | ||||||
| 57,673 | Applied Industrial Technologies, Inc. | 17,633,520 | ||||||
| 10,839 | Applied Optoelectronics, Inc.(a) | 1,781,498 | ||||||
| 1,755 | AppLovin Corp. - Class A(a) | 783,344 | ||||||
| 64,452 | ArcBest Corp. | 8,222,142 | ||||||
| 40,308 | Arcosa, Inc. | 5,097,753 | ||||||
| 45,792 | Armstrong World Industries, Inc. | 7,802,499 | ||||||
| 2,585 | Arrow Electronics, Inc.(a) | 485,541 | ||||||
| 77,679 | Arrowhead Pharmaceuticals, Inc.(a) | 5,707,853 | ||||||
| 13,025 | Asbury Automotive Group, Inc.(a) | 2,653,062 | ||||||
| 118,393 | Associated Banc-Corp | 3,333,947 | ||||||
| 1,470 | Assurant, Inc. | 347,317 | ||||||
| 107,400 | Atlantic Union Bankshares Corp. | 4,043,610 | ||||||
| 1,535 | AvalonBay Communities, Inc. REIT | 280,905 | ||||||
| 1,635 | Avery Dennison Corp. | 268,026 | ||||||
| 80,571 | Avista Corp. | 3,311,468 | ||||||
| 37,711 | Axcelis Technologies, Inc.(a) | 5,245,977 | ||||||
| 339,259 | Axogen, Inc.(a) | 14,655,989 | ||||||
| 5,710 | Axon Enterprise, Inc.(a) | 2,294,050 | ||||||
| 73,814 | Axos Financial, Inc.(a) | 7,118,622 | ||||||
| 29,273 | AZZ, Inc. | 4,187,210 | ||||||
| 1,088,100 | B&G Foods, Inc. | 6,028,074 | ||||||
| 62,838 | Badger Meter, Inc. | 7,597,743 | ||||||
| 7,500 | Baker Hughes Co. | 522,525 | ||||||
| 21,017 | Balchem Corp. | 3,396,768 | ||||||
| 385,982 | Banc of California, Inc. | 7,229,443 | ||||||
| 52,139 | Bancorp, Inc. (The)(a) | 3,119,476 | ||||||
| 23,764 | Bank First Corp. | 3,453,147 | ||||||
| 5,470 | Bank of New York Mellon Corp. (The) | 735,004 | ||||||
| 120,962 | BankUnited, Inc. | 5,622,314 | ||||||
| 65,954 | Bel Fuse, Inc. - Class B | 18,192,751 | ||||||
| 65,368 | Benchmark Electronics, Inc. | 5,363,444 | ||||||
| 479,605 | Bentley Systems, Inc. - Class B | 15,644,715 | ||||||
| 4,030 | Best Buy Co., Inc. | 243,775 | ||||||
| 85,932 | BioMarin Pharmaceutical, Inc.(a) | 4,632,594 | ||||||
| 58,434 | Bio-Techne Corp. | 3,232,569 | ||||||
| 320,574 | BJ’s Wholesale Club Holdings, Inc.(a) | 30,098,693 | ||||||
| 58,346 | BlackLine, Inc.(a) | 1,823,312 | ||||||
| 45,133 | Bloom Energy Corp. - Class A(a) | 12,788,887 | ||||||
| 23,478 | Boot Barn Holdings, Inc.(a) | 4,025,303 | ||||||
| 2,715 | Booz Allen Hamilton Holding Corp. | 211,146 | ||||||
| 238,618 | BorgWarner, Inc. | 13,594,067 | ||||||
| 122,864 | Box, Inc. - Class A(a) | 2,973,309 | ||||||
| 99,158 | Bread Financial Holdings, Inc. | 8,406,615 | ||||||
| 26,288 | Bridgebio Pharma, Inc.(a) | 1,869,340 | ||||||
| 882,235 | BrightView Holdings, Inc.(a) | 10,498,596 | ||||||
| 67,440 | Brinker International, Inc.(a) | 10,267,066 | ||||||
| 179,130 | Broadstone Net Lease, Inc. REIT | 3,546,774 | ||||||
| 12,843 | Brookfield Renewable Corp. | 466,124 | ||||||
| 43,377 | Brunswick Corp. | 3,446,303 | ||||||
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 120,078 | BWX Technologies, Inc. | $ | 25,983,678 | |||||
| 44,899 | BXP, Inc. REIT | 2,624,796 | ||||||
| 725 | CACI International, Inc. - Class A(a) | 376,666 | ||||||
| 296,357 | Cactus, Inc. - Class A | 16,513,012 | ||||||
| 84,756 | California Resources Corp. | 5,785,445 | ||||||
| 63,886 | Calix, Inc.(a) | 2,782,874 | ||||||
| 57,896 | Cal-Maine Foods, Inc. | 4,473,045 | ||||||
| 8,190 | Campbell’s Co. (The) | 170,270 | ||||||
| 176,515 | CareTrust REIT, Inc. | 6,963,517 | ||||||
| 549,632 | Cargurus, Inc.(a) | 20,039,583 | ||||||
| 82,061 | Carlisle Cos., Inc. | 29,152,991 | ||||||
| 195,055 | CarMax, Inc.(a) | 7,667,612 | ||||||
| 101,915 | Carter’s, Inc. | 3,681,170 | ||||||
| 71,157 | Cathay General Bancorp | 3,986,927 | ||||||
| 31,756 | Cavco Industries, Inc.(a) | 16,100,292 | ||||||
| 1,575 | CDW Corp. | 215,633 | ||||||
| 101,278 | CECO Environmental Corp.(a) | 7,508,751 | ||||||
| 103,653 | Central Garden & Pet Co. - Class A(a) | 3,478,595 | ||||||
| 102,149 | Century Aluminum Co.(a) | 6,071,737 | ||||||
| 3,330 | CH Robinson Worldwide, Inc. | 605,427 | ||||||
| 47,253 | Champion Homes, Inc.(a) | 3,602,096 | ||||||
| 20,523 | Charles River Laboratories International, Inc.(a) | 3,426,725 | ||||||
| 47,944 | Cheesecake Factory, Inc. (The) | 3,014,239 | ||||||
| 53,110 | Chefs’ Warehouse, Inc. (The)(a) | 4,121,336 | ||||||
| 2,600 | Cheniere Energy, Inc. | 714,870 | ||||||
| 39,268 | Churchill Downs, Inc. | 3,965,675 | ||||||
| 25,194 | City Holding Co. | 3,097,854 | ||||||
| 174,871 | Clean Harbors, Inc.(a) | 54,678,664 | ||||||
| 96,137 | Clear Secure, Inc. - Class A | 5,132,754 | ||||||
| 179,389 | Clearway Energy, Inc. - Class C | 7,240,140 | ||||||
| 462,034 | Coeur Mining, Inc.(a) | 8,302,751 | ||||||
| 9,240 | Cognex Corp. | 512,912 | ||||||
| 3,715 | Cognizant Technology Solutions Corp. - Class A | 196,523 | ||||||
| 97,655 | Collegium Pharmaceutical, Inc.(a) | 3,293,903 | ||||||
| 87,125 | Columbia Sportswear Co. | 5,307,655 | ||||||
| 9,362 | Comfort Systems USA, Inc. | 17,228,420 | ||||||
| 4,961 | Commerce Bancshares, Inc. | 258,121 | ||||||
| 116,034 | CONMED Corp. | 4,253,806 | ||||||
| 122,586 | Construction Partners, Inc. - Class A(a) | 15,158,985 | ||||||
| 174,402 | Cooper Cos., Inc. (The)(a) | 10,969,886 | ||||||
| 75,759 | Corcept Therapeutics, Inc.(a) | 3,524,309 | ||||||
| 483,997 | Core & Main, Inc. - Class A(a) | 24,378,929 | ||||||
| 127,404 | Corebridge Financial, Inc. | 3,508,706 | ||||||
| 164,918 | CoreCivic, Inc.(a) | 3,374,222 | ||||||
| 55,917 | CorVel Corp.(a) | 3,212,991 | ||||||
| 53,540 | Covista, Inc.(a) | 6,168,879 | ||||||
| 66,309 | Cracker Barrel Old Country Store, Inc. | 2,076,798 | ||||||
| 91,600 | Crane Co. | 16,280,068 | ||||||
| 62,448 | Credo Technology Group Holding Ltd.(a) | 10,866,576 | ||||||
| 29 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 3,060 | Crown Castle, Inc. REIT | $ | 271,667 | |||||
| 3,125 | Crown Holdings, Inc. | 307,219 | ||||||
| 42,590 | CSW Industrials, Inc. | 12,402,208 | ||||||
| 71,843 | CTS Corp. | 4,102,235 | ||||||
| 120,030 | Cullen/Frost Bankers, Inc. | 17,395,948 | ||||||
| 23,485 | Curtiss-Wright Corp. | 16,913,897 | ||||||
| 686,498 | CVB Financial Corp. | 13,983,964 | ||||||
| 6,575 | Daily Journal Corp.(a) | 3,476,597 | ||||||
| 206,922 | Dana, Inc. | 7,542,307 | ||||||
| 748,335 | Dauch Corporation(a) | 4,272,993 | ||||||
| 2,235 | DaVita, Inc.(a) | 346,738 | ||||||
| 49,092 | Deckers Outdoor Corp.(a) | 5,017,202 | ||||||
| 130,561 | Devon Energy Corp. | 6,706,919 | ||||||
| 66,893 | Digi International, Inc.(a) | 3,748,684 | ||||||
| 1,595 | Digital Realty Trust, Inc. REIT | 320,499 | ||||||
| 70,306 | DigitalOcean Holdings, Inc.(a) | 6,779,608 | ||||||
| 242,009 | Diodes, Inc.(a) | 25,931,264 | ||||||
| 222,019 | DNOW, Inc.(a) | 2,995,036 | ||||||
| 2,450 | Dollar General Corp. | 283,906 | ||||||
| 2,900 | Dollar Tree, Inc.(a) | 281,619 | ||||||
| 665 | Domino’s Pizza, Inc. | 225,714 | ||||||
| 96,300 | Dorman Products, Inc.(a) | 10,834,713 | ||||||
| 286,154 | DoubleVerify Holdings, Inc.(a) | 3,153,417 | ||||||
| 588,969 | Douglas Emmett, Inc. REIT | 6,366,755 | ||||||
| 11,740 | Dropbox, Inc. - Class A(a) | 285,165 | ||||||
| 525 | Duolingo, Inc.(a) | 57,802 | ||||||
| 64,146 | D-Wave Quantum, Inc.(a) | 1,300,881 | ||||||
| 429,800 | DXC Technology Co.(a) | 4,865,336 | ||||||
| 28,542 | Dycom Industries, Inc.(a) | 11,819,242 | ||||||
| 1,395 | Eagle Materials, Inc. | 293,103 | ||||||
| 3,440 | East West Bancorp, Inc. | 435,057 | ||||||
| 254,200 | Easterly Government Properties, Inc. REIT | 5,950,822 | ||||||
| 357,278 | Eastern Bankshares, Inc. | 7,227,734 | ||||||
| 123,899 | Eastman Chemical Co. | 9,055,778 | ||||||
| 4,800 | eBay, Inc. | 496,704 | ||||||
| 22,911 | EchoStar Corp. - Class A(a) | 2,821,261 | ||||||
| 734,751 | Element Solutions, Inc. | 31,293,045 | ||||||
| 712,061 | Empire State Realty Trust, Inc. - Class A REIT | 3,966,180 | ||||||
| 3,085 | Encompass Health Corp. | 308,500 | ||||||
| 135,481 | Encore Capital Group, Inc.(a) | 11,213,762 | ||||||
| 254,935 | Enerpac Tool Group Corp. | 8,948,218 | ||||||
| 113,600 | Enphase Energy, Inc.(a) | 3,744,256 | ||||||
| 68,874 | Enpro, Inc. | 20,080,215 | ||||||
| 117,634 | Ensign Group, Inc. (The) | 21,961,091 | ||||||
| 85,633 | Entegris, Inc. | 12,106,794 | ||||||
| 3,430 | Entergy Corp. | 404,431 | ||||||
| 34,558 | ePlus, Inc. | 2,926,717 | ||||||
| 3,915 | Equity Residential REIT | 255,963 | ||||||
| 265,054 | Esab Corp. | 26,046,857 | ||||||
| 75,170 | ESCO Technologies, Inc. | 24,351,321 | ||||||
| 1,135 | Essex Property Trust, Inc. REIT | 298,743 | ||||||
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 139,921 | Etsy, Inc.(a) | $ | 9,002,517 | |||||
| 2,730 | Euronet Worldwide, Inc.(a) | 197,597 | ||||||
| 128,075 | Everforth, Inc.(a) | 2,702,382 | ||||||
| 60,841 | Everus Construction Group, Inc.(a) | 8,969,789 | ||||||
| 2,045 | Expedia Group, Inc. | 507,917 | ||||||
| 2,805 | Expeditors International of Washington, Inc. | 414,831 | ||||||
| 1,980 | Extra Space Storage, Inc. REIT | 283,793 | ||||||
| 1,415 | F5, Inc.(a) | 458,318 | ||||||
| 8,360 | Fastenal Co. | 375,615 | ||||||
| 180,521 | Federal Signal Corp. | 22,227,551 | ||||||
| 229,351 | First Hawaiian, Inc. | 6,256,695 | ||||||
| 135,721 | First Horizon Corp. | 3,387,596 | ||||||
| 137,160 | First Interstate BancSystem, Inc. - Class A | 4,867,808 | ||||||
| 131,407 | FirstCash Holdings, Inc. | 28,675,636 | ||||||
| 292,461 | Flowers Foods, Inc. | 2,649,697 | ||||||
| 210,307 | FormFactor, Inc.(a) | 28,587,030 | ||||||
| 63,583 | Fortune Brands Innovations, Inc. | 2,577,655 | ||||||
| 6,935 | Fox Corp. - Class A | 440,303 | ||||||
| 107,582 | Frontdoor, Inc.(a) | 7,383,353 | ||||||
| 267,623 | Fulton Financial Corp. | 5,777,981 | ||||||
| 14,202 | Gartner, Inc.(a) | 2,108,855 | ||||||
| 284,710 | Gates Industrial Corp. Plc(a) | 7,291,423 | ||||||
| 10,870 | Gen Digital, Inc. | 209,682 | ||||||
| 2,240 | Generac Holdings, Inc.(a) | 580,675 | ||||||
| 5,090 | General Mills, Inc. | 179,728 | ||||||
| 129,199 | Gentherm, Inc.(a) | 3,888,890 | ||||||
| 1,084,863 | Genworth Financial, Inc.(a) | 9,535,946 | ||||||
| 63,675 | Gibraltar Industries, Inc.(a) | 2,485,235 | ||||||
| 104,391 | Glacier Bancorp, Inc. | 5,120,379 | ||||||
| 374,959 | Global Net Lease, Inc. REIT | 3,584,608 | ||||||
| 175,070 | Globus Medical, Inc. - Class A(a) | 15,787,813 | ||||||
| 1,690 | GoDaddy, Inc. - Class A(a) | 146,675 | ||||||
| 42,310 | Granite Construction, Inc. | 5,799,432 | ||||||
| 48,219 | Green Brick Partners, Inc.(a) | 3,251,889 | ||||||
| 206,003 | Griffon Corp. | 18,781,293 | ||||||
| 7,541 | Group 1 Automotive, Inc. | 2,691,157 | ||||||
| 20,874 | Guardant Health, Inc.(a) | 1,817,708 | ||||||
| 143,609 | Guardian Pharmacy Services, Inc. - Class A(a) | 5,327,894 | ||||||
| 59,259 | Guidewire Software, Inc.(a) | 8,200,853 | ||||||
| 34,543 | Hamilton Lane, Inc. - Class A | 3,177,611 | ||||||
| 226,641 | Hancock Whitney Corp. | 15,300,534 | ||||||
| 17,307 | Hanover Insurance Group, Inc. (The) | 3,248,351 | ||||||
| 261,100 | Harley-Davidson, Inc. | 6,237,679 | ||||||
| 1,710 | Hartford Insurance Group, Inc. (The) | 233,945 | ||||||
| 5,010 | Hasbro, Inc. | 480,158 | ||||||
| 22,242 | Hawkins, Inc. | 3,724,423 | ||||||
| 129,471 | HB Fuller Co. | 7,835,585 | ||||||
| 11,235 | HCI Group, Inc. | 1,725,359 | ||||||
| 200,804 | Healthcare Realty Trust, Inc. REIT | 3,755,035 | ||||||
| 168,232 | Healthcare Services Group, Inc.(a) | 3,601,847 | ||||||
| 30 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 180,670 | HealthEquity, Inc.(a) | $ | 14,820,360 | |||||
| 591,875 | Hecla Mining Co. | 10,665,587 | ||||||
| 1,810 | Hershey Co. (The) | 336,189 | ||||||
| 82,960 | Hexcel Corp. | 7,787,455 | ||||||
| 130,668 | HF Sinclair Corp. | 8,782,196 | ||||||
| 219,615 | Highwoods Properties, Inc. REIT | 5,338,841 | ||||||
| 165,032 | Hilltop Holdings, Inc. | 6,216,755 | ||||||
| 1,125 | Hilton Worldwide Holdings, Inc. | 364,579 | ||||||
| 14,000 | Hingham Institution For Savings The | 3,978,800 | ||||||
| 76,060 | HNI Corp. | 2,779,232 | ||||||
| 69,787 | Horace Mann Educators Corp. | 3,171,121 | ||||||
| 74,810 | Hub Group, Inc. - Class A | 3,278,922 | ||||||
| 725 | Hubbell, Inc. | 368,423 | ||||||
| 17,361 | Hut 8 Corp.(a) | 1,315,617 | ||||||
| 37,247 | ICF International, Inc. | 2,669,120 | ||||||
| 57,088 | IDEXX Laboratories, Inc.(a) | 32,014,950 | ||||||
| 21,909 | Impinj, Inc.(a) | 3,175,052 | ||||||
| 4,375 | Incyte Corp.(a) | 416,806 | ||||||
| 113,400 | Indivior Pharmaceuticals, Inc.(a) | 4,170,852 | ||||||
| 174,736 | Ingevity Corp.(a) | 13,313,136 | ||||||
| 110,969 | Innovative Industrial Properties, Inc. REIT | 6,020,068 | ||||||
| 208,734 | Innovex International, Inc.(a) | 5,796,543 | ||||||
| 63,102 | Insight Enterprises, Inc.(a) | 4,600,136 | ||||||
| 70,554 | Installed Building Products, Inc. | 20,358,357 | ||||||
| 1,554 | Insulet Corp.(a) | 267,506 | ||||||
| 9,040 | Interactive Brokers Group, Inc. - Class A | 718,680 | ||||||
| 84,871 | InterDigital, Inc. | 25,169,344 | ||||||
| 102,512 | International Seaways, Inc. | 8,503,370 | ||||||
| 128,340 | Invitation Homes, Inc. REIT | 3,692,342 | ||||||
| 59,435 | IonQ, Inc.(a) | 2,681,707 | ||||||
| 217,100 | Iridium Communications, Inc. | 8,482,097 | ||||||
| 2,530 | Iron Mountain, Inc. REIT | 318,755 | ||||||
| 45,004 | Itron, Inc.(a) | 3,771,335 | ||||||
| 102,085 | J & J Snack Foods Corp. | 9,010,022 | ||||||
| 2,600 | Jabil, Inc. | 877,474 | ||||||
| 96,359 | Jackson Financial, Inc. - Class A | 11,155,481 | ||||||
| 625 | JB Hunt Transport Services, Inc. | 157,206 | ||||||
| 561,993 | JBG SMITH Properties REIT | 8,429,895 | ||||||
| 113,500 | JBT Marel Corp. | 13,404,350 | ||||||
| 2,865 | JM Smucker Co. (The) | 280,856 | ||||||
| 100,361 | John Wiley & Sons, Inc. - Class A | 4,107,776 | ||||||
| 1,355 | Jones Lang LaSalle, Inc.(a) | 431,066 | ||||||
| 38,200 | Kadant, Inc. | 11,197,566 | ||||||
| 29,809 | Kaiser Aluminum Corp. | 5,080,348 | ||||||
| 175,200 | Kemper Corp. | 5,902,488 | ||||||
| 111,368 | Kennametal, Inc. | 4,311,055 | ||||||
| 143,853 | Keros Therapeutics, Inc.(a) | 1,599,645 | ||||||
| 178,869 | Keysight Technologies, Inc.(a) | 62,588,052 | ||||||
| 104,001 | Kforce, Inc. | 4,701,885 | ||||||
| 194,300 | Kilroy Realty Corp. REIT | 6,462,418 | ||||||
| 22,940 | Kinder Morgan, Inc. | 754,038 | ||||||
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 6,772 | Kinsale Capital Group, Inc. | $ | 2,191,487 | |||||
| 158,321 | Knowles Corp.(a) | 4,938,032 | ||||||
| 208,001 | Kohl’s Corp. | 2,947,374 | ||||||
| 50,093 | Kontoor Brands, Inc. | 3,674,822 | ||||||
| 45,836 | Korn Ferry | 3,045,344 | ||||||
| 69,159 | Kratos Defense & Security Solutions, Inc.(a) | 4,360,475 | ||||||
| 20,067 | Krystal Biotech, Inc.(a) | 5,262,771 | ||||||
| 135,902 | Labcorp Holdings, Inc. | 34,899,634 | ||||||
| 6,010 | Lattice Semiconductor Corp.(a) | 734,903 | ||||||
| 2,235 | Leidos Holdings, Inc. | 333,507 | ||||||
| 83,893 | LeMaitre Vascular, Inc. | 9,207,257 | ||||||
| 323,709 | Leonardo DRS, Inc. | 13,152,297 | ||||||
| 142,267 | Levi Strauss & Co. - Class A | 3,169,709 | ||||||
| 369,590 | Liberty Latin America Ltd. - Class C(a) | 3,071,293 | ||||||
| 63,946 | Ligand Pharmaceuticals, Inc.(a) | 14,672,410 | ||||||
| 95,560 | Limbach Holdings, Inc.(a) | 9,534,021 | ||||||
| 1,445 | Lincoln Electric Holdings, Inc. | 382,925 | ||||||
| 255,234 | Lincoln National Corp. | 9,650,398 | ||||||
| 12,038 | Littelfuse, Inc. | 4,865,398 | ||||||
| 165,472 | Live Nation Entertainment, Inc.(a) | 26,134,648 | ||||||
| 105,059 | LiveRamp Holdings, Inc.(a) | 3,070,875 | ||||||
| 122,000 | LKQ Corp. | 3,852,760 | ||||||
| 3,555 | Loews Corp. | 400,329 | ||||||
| 597,802 | Lumen Technologies, Inc.(a) | 5,284,570 | ||||||
| 87,002 | LXP Industrial Trust REIT | 4,430,142 | ||||||
| 1,700 | M&T Bank Corp. | 371,671 | ||||||
| 24,037 | M/I Homes, Inc.(a) | 3,160,625 | ||||||
| 100,375 | MACOM Technology Solutions Holdings, Inc.(a) | 28,266,604 | ||||||
| 58,470 | Madison Square Garden Entertainment Corp.(a) | 3,912,812 | ||||||
| 15,182 | Madison Square Garden Sports Corp. (a) | 5,199,228 | ||||||
| 816,780 | Magnolia Oil & Gas Corp. - Class A | 24,699,427 | ||||||
| 142,509 | Manhattan Associates, Inc.(a) | 19,650,566 | ||||||
| 4,930 | Masco Corp. | 354,073 | ||||||
| 46,479 | MasTec, Inc.(a) | 18,315,050 | ||||||
| 198,958 | Matador Resources Co. | 12,621,895 | ||||||
| 9,440 | Match Group, Inc. | 353,245 | ||||||
| 28,470 | Materion Corp. | 5,233,071 | ||||||
| 30,334 | Matson, Inc. | 5,291,160 | ||||||
| 4,340 | McCormick & Co, Inc. | 220,646 | ||||||
| 283,462 | MDU Resources Group, Inc. | 6,386,399 | ||||||
| 53,960 | Medpace Holdings, Inc.(a) | 22,590,894 | ||||||
| 237,967 | Mercury Systems, Inc.(a) | 18,777,976 | ||||||
| 111,932 | Merit Medical Systems, Inc.(a) | 7,631,524 | ||||||
| 55,026 | Meritage Homes Corp. | 3,705,451 | ||||||
| 3,805 | MetLife, Inc. | 304,780 | ||||||
| 245 | Mettler-Toledo International, Inc.(a) | 312,769 | ||||||
| 196,556 | Mirion Technologies, Inc.(a) | 3,881,981 | ||||||
| 55,817 | MKS, Inc. | 15,838,074 | ||||||
| 31 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 75,859 | Modine Manufacturing Co.(a) | $ | 19,315,977 | |||||
| 35,200 | Mohawk Industries, Inc.(a) | 3,715,712 | ||||||
| 38,300 | Molina Healthcare, Inc.(a) | 7,453,946 | ||||||
| 178,319 | Monro, Inc. | 3,131,282 | ||||||
| 22,511 | Moog, Inc. - Class A | 6,782,789 | ||||||
| 43,025 | MSA Safety, Inc. | 7,158,930 | ||||||
| 139,291 | Mueller Industries, Inc. | 18,864,180 | ||||||
| 389,013 | Mueller Water Products, Inc. - Class A | 10,849,573 | ||||||
| 331,595 | Murphy Oil Corp. | 13,847,407 | ||||||
| 42,250 | Murphy USA, Inc. | 24,843,000 | ||||||
| 17,849 | MYR Group, Inc.(a) | 7,225,454 | ||||||
| 160,209 | Napco Security Technologies, Inc. | 7,489,771 | ||||||
| 447,664 | Nasdaq, Inc. | 41,144,798 | ||||||
| 143,586 | National Bank Holdings Corp. - Class A | 6,131,122 | ||||||
| 38,283 | National Fuel Gas Co. | 3,230,320 | ||||||
| 23,298 | National HealthCare Corp. | 4,037,310 | ||||||
| 107,428 | National Vision Holdings, Inc.(a) | 2,494,478 | ||||||
| 862,204 | Neogen Corp.(a) | 8,104,718 | ||||||
| 2,715 | NetApp, Inc. | 300,741 | ||||||
| 113,283 | NetScout Systems, Inc.(a) | 3,817,637 | ||||||
| 397,247 | NETSTREIT Corp. | 8,171,371 | ||||||
| 2,310 | Neurocrine Biosciences, Inc.(a) | 304,158 | ||||||
| 10,110 | News Corp. - Class A | 266,095 | ||||||
| 59,716 | Nextpower, Inc. - Class A(a) | 7,113,967 | ||||||
| 24,278 | Nicolet Bankshares, Inc. | 3,556,241 | ||||||
| 8,660 | NiSource, Inc. | 418,105 | ||||||
| 144,110 | Noble Corp. Plc | 7,353,933 | ||||||
| 3,680 | Northern Trust Corp. | 612,131 | ||||||
| 67,227 | Northwest Natural Holding Co. | 3,563,031 | ||||||
| 96,921 | Novanta, Inc.(a) | 12,554,177 | ||||||
| 114,177 | NRG Energy, Inc. | 17,763,658 | ||||||
| 39 | NVR, Inc.(a) | 246,319 | ||||||
| 297,880 | OceanFirst Financial Corp. | 5,680,572 | ||||||
| 2,915 | Okta, Inc.(a) | 214,690 | ||||||
| 1,765 | Old Dominion Freight Line, Inc. | 374,939 | ||||||
| 667,179 | Old National Bancorp | 15,992,281 | ||||||
| 3,975 | Omnicom Group, Inc. | 304,962 | ||||||
| 63,727 | ON Semiconductor Corp.(a) | 6,424,319 | ||||||
| 80,365 | Onto Innovation, Inc.(a) | 23,712,497 | ||||||
| 114,455 | Openlane, Inc.(a) | 3,598,465 | ||||||
| 11,898 | OSI Systems, Inc.(a) | 3,413,774 | ||||||
| 625 | Owens Corning | 77,087 | ||||||
| 29,800 | Palomar Holdings, Inc.(a) | 3,587,324 | ||||||
| 75,614 | Papa John’s International, Inc. | 2,736,471 | ||||||
| 149,973 | Par Pacific Holdings, Inc.(a) | 9,848,727 | ||||||
| 19,472 | Park National Corp. | 3,352,884 | ||||||
| 85,368 | Patrick Industries, Inc. | 7,939,224 | ||||||
| 2,185 | Paychex, Inc. | 202,397 | ||||||
| 1,690 | Paycom Software, Inc. | 214,224 | ||||||
| 1,765 | Paylocity Holding Corp.(a) | 186,190 | ||||||
| 145,955 | Pediatrix Medical Group, Inc.(a) | 3,285,447 | ||||||
| 141,941 | Penguin Solutions, Inc.(a) | 4,316,426 | ||||||
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 458,269 | Perimeter Solutions, Inc.(a) | $ | 13,885,551 | |||||
| 80,908 | Phibro Animal Health Corp. - Class A | 4,302,687 | ||||||
| 187,991 | Phillips Edison & Co., Inc. REIT | 7,550,658 | ||||||
| 81,734 | Phinia, Inc. | 5,897,108 | ||||||
| 120,559 | Photronics, Inc.(a) | 5,965,259 | ||||||
| 32,003 | Pinnacle Financial Partners, Inc. | 3,166,377 | ||||||
| 3,250 | Pinnacle West Capital Corp. | 337,090 | ||||||
| 309,716 | Pitney Bowes, Inc. | 4,788,209 | ||||||
| 81,845 | Planet Fitness, Inc. - Class A(a) | 5,456,606 | ||||||
| 44,801 | Planet Labs PBC(a) | 1,656,293 | ||||||
| 23,498 | Plexus Corp.(a) | 5,888,129 | ||||||
| 69,626 | Polaris, Inc. | 4,614,115 | ||||||
| 960 | Pool Corp. | 204,787 | ||||||
| 33,600 | Powell Industries, Inc. | 9,316,272 | ||||||
| 99,974 | Power Integrations, Inc. | 7,269,110 | ||||||
| 185,666 | Prestige Consumer Healthcare, Inc.(a) | 10,456,709 | ||||||
| 12,250 | Primerica, Inc. | 3,445,557 | ||||||
| 32,200 | Primoris Services Corp. | 5,833,030 | ||||||
| 4,325 | Principal Financial Group, Inc. | 436,436 | ||||||
| 93,349 | Progress Software Corp.(a) | 2,599,770 | ||||||
| 49,762 | Protagonist Therapeutics, Inc.(a) | 4,924,945 | ||||||
| 2,965 | Prudential Financial, Inc. | 290,896 | ||||||
| 84,600 | PTC Therapeutics, Inc.(a) | 5,504,076 | ||||||
| 825 | Public Storage REIT | 249,521 | ||||||
| 121,675 | Q2 Holdings, Inc.(a) | 6,175,006 | ||||||
| 36,364 | QCR Holdings, Inc. | 3,288,033 | ||||||
| 855 | Quanta Services, Inc. | 622,243 | ||||||
| 1,815 | Quest Diagnostics, Inc. | 352,473 | ||||||
| 211,989 | QuinStreet, Inc.(a) | 2,704,980 | ||||||
| 123,277 | Radian Group, Inc. | 4,417,015 | ||||||
| 266,403 | RadNet, Inc.(a) | 15,065,090 | ||||||
| 76,335 | Ralliant Corp. | 3,468,662 | ||||||
| 1,025 | Ralph Lauren Corp. | 367,606 | ||||||
| 213,653 | Rambus, Inc.(a) | 24,593,597 | ||||||
| 36,077 | RBC Bearings, Inc.(a) | 21,613,370 | ||||||
| 81,494 | Red Rock Resorts, Inc. - Class A | 4,397,416 | ||||||
| 110,736 | Reddit, Inc. - Class A(a) | 16,303,661 | ||||||
| 958,700 | Redwood Trust, Inc. REIT | 5,330,372 | ||||||
| 20,807 | Regal Rexnord Corp. | 4,474,129 | ||||||
| 1,605 | Reinsurance Group of America, Inc. | 339,393 | ||||||
| 980 | Reliance, Inc. | 355,250 | ||||||
| 1,220 | ResMed, Inc. | 260,848 | ||||||
| 34,454 | Revvity, Inc. | 2,984,405 | ||||||
| 95,034 | REX American Resources Corp.(a) | 4,609,149 | ||||||
| 62,348 | Riot Platforms, Inc.(a) | 1,074,879 | ||||||
| 371,745 | Robert Half, Inc. | 9,892,134 | ||||||
| 357,347 | Rollins, Inc. | 19,914,948 | ||||||
| 2,025 | Royal Gold, Inc. | 472,594 | ||||||
| 56,404 | Rush Enterprises, Inc. - Class A | 4,175,588 | ||||||
| 438,828 | Ryan Specialty Holdings, Inc. | 15,258,050 | ||||||
| 49,584 | Ryman Hospitality Properties, Inc. REIT | 5,210,783 | ||||||
| 75,836 | S&T Bancorp, Inc. | 3,346,643 | ||||||
| 32 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 104,041 | Saia, Inc.(a) | $ | 46,695,682 | |||||
| 199,688 | Sally Beauty Holdings, Inc.(a) | 2,831,576 | ||||||
| 60,084 | Sanmina Corp.(a) | 13,087,497 | ||||||
| 1,220 | SBA Communications Corp. REIT | 269,864 | ||||||
| 119,581 | Schneider National, Inc. - Class B | 3,717,773 | ||||||
| 112,338 | Scholastic Corp. | 4,533,962 | ||||||
| 707 | Seaboard Corp. | 4,019,952 | ||||||
| 86,140 | Semtech Corp.(a) | 9,049,007 | ||||||
| 90,033 | Sensata Technologies Holding Plc | 3,748,974 | ||||||
| 123,860 | Sensient Technologies Corp. | 14,075,450 | ||||||
| 67,754 | Signet Jewelers Ltd. | 6,032,139 | ||||||
| 1,665 | Simon Property Group, Inc. REIT | 339,177 | ||||||
| 71,268 | Simpson Manufacturing Co., Inc. | 13,592,946 | ||||||
| 9,575 | SiTime Corp.(a) | 5,382,586 | ||||||
| 32,302 | SkyWest, Inc.(a) | 2,652,640 | ||||||
| 5,395 | Skyworks Solutions, Inc. | 378,567 | ||||||
| 260,639 | SLM Corp. | 6,015,548 | ||||||
| 180,000 | SM Energy Co. | 5,585,400 | ||||||
| 67,926 | Solaris Energy Infrastructure, Inc. | 5,015,656 | ||||||
| 161,647 | Sonos, Inc.(a) | 2,397,225 | ||||||
| 77,235 | SOUTHSTATE BANK Corp. | 7,543,542 | ||||||
| 38,714 | Southwest Gas Holdings, Inc. | 3,641,052 | ||||||
| 37,692 | Spire, Inc. | 3,436,757 | ||||||
| 119,490 | SPS Commerce, Inc.(a) | 6,705,779 | ||||||
| 46,754 | SPX Technologies, Inc.(a) | 10,234,918 | ||||||
| 52,175 | St Joe Co. (The) | 3,368,940 | ||||||
| 411,209 | STAG Industrial, Inc. REIT | 15,864,443 | ||||||
| 1,143,731 | StandardAero, Inc.(a) | 28,433,153 | ||||||
| 4,255 | Stanley Black & Decker, Inc. | 332,571 | ||||||
| 3,340 | State Street Corp. | 510,486 | ||||||
| 143,360 | Stepan Co. | 7,172,301 | ||||||
| 56,700 | StepStone Group, Inc. - Class A | 2,999,430 | ||||||
| 192,908 | STERIS Plc | 41,837,887 | ||||||
| 8,016 | Sterling Infrastructure, Inc.(a) | 4,133,210 | ||||||
| 189,960 | StoneX Group, Inc.(a) | 20,141,459 | ||||||
| 39,580 | Strategic Education, Inc. | 3,103,072 | ||||||
| 108,062 | Stride, Inc.(a) | 10,499,304 | ||||||
| 4,250 | Tapestry, Inc. | 616,420 | ||||||
| 46,440 | Teleflex, Inc. | 5,754,380 | ||||||
| 87,497 | Telephone and Data Systems, Inc. | 3,942,615 | ||||||
| 117,856 | Teradata Corp.(a) | 3,105,506 | ||||||
| 363,987 | Terreno Realty Corp. REIT | 23,731,952 | ||||||
| 99,735 | Tetra Tech, Inc. | 3,223,435 | ||||||
| 184,401 | Texas Capital Bancshares, Inc.(a) | 18,569,181 | ||||||
| 215,268 | Texas Roadhouse, Inc. | 34,655,995 | ||||||
| 131,112 | TG Therapeutics, Inc.(a) | 4,428,963 | ||||||
| 87,411 | Tidewater, Inc.(a) | 7,808,425 | ||||||
| 2,395 | TKO Group Holdings, Inc. | 445,686 | ||||||
| 1,075 | Toll Brothers, Inc. | 152,800 | ||||||
| 6,340 | Tractor Supply Co. | 222,534 | ||||||
| 303,635 | Tradeweb Markets, Inc. - Class A | 34,386,664 | ||||||
| 45,525 | TransMedics Group, Inc.(a) | 4,588,465 | ||||||
| 91,686 | TriMas Corp. | 3,394,216 | ||||||
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 4,955 | Trimble, Inc.(a) | $ | 333,571 | |||||
| 203,895 | TripAdvisor, Inc.(a) | 2,269,351 | ||||||
| 78,908 | Trustmark Corp. | 3,501,148 | ||||||
| 107,343 | TTM Technologies, Inc.(a) | 16,983,809 | ||||||
| 2,300 | Twilio, Inc. - Class A(a) | 340,538 | ||||||
| 700 | Ubiquiti, Inc. | 708,407 | ||||||
| 95,329 | UDR, Inc. REIT | 3,464,256 | ||||||
| 14,744 | UFP Technologies, Inc.(a) | 2,825,393 | ||||||
| 422,831 | UL Solutions, Inc. - Class A | 38,261,977 | ||||||
| 131,582 | UMB Financial Corp. | 16,601,701 | ||||||
| 3,943 | United Airlines Holdings, Inc.(a) | 354,870 | ||||||
| 102,975 | United Community Banks, Inc. | 3,432,157 | ||||||
| 990 | United Therapeutics Corp.(a) | 565,636 | ||||||
| 478,696 | Uniti Group, Inc.(a) | 5,662,974 | ||||||
| 1,530 | Universal Health Services, Inc. - Class B | 257,453 | ||||||
| 40,280 | Urban Outfitters, Inc.(a) | 2,833,295 | ||||||
| 534,812 | US Foods Holding Corp.(a) | 49,999,574 | ||||||
| 84,621 | Valaris Ltd.(a) | 8,629,650 | ||||||
| 270,258 | Valley National Bancorp | 3,667,401 | ||||||
| 1,530 | VeriSign, Inc. | 411,050 | ||||||
| 1,065 | Verisk Analytics, Inc. | 196,482 | ||||||
| 101,337 | Viasat, Inc.(a) | 6,679,122 | ||||||
| 309,774 | Viatris, Inc. | 4,628,024 | ||||||
| 267,674 | Viavi Solutions, Inc.(a) | 14,026,118 | ||||||
| 31,190 | Vicor Corp.(a) | 8,398,531 | ||||||
| 94,063 | Victoria’s Secret & Co.(a) | 4,875,285 | ||||||
| 87,490 | Virtu Financial, Inc. - Class A | 4,344,753 | ||||||
| 42,700 | Virtus Investment Partners, Inc. | 6,214,985 | ||||||
| 211,290 | Vontier Corp. | 7,581,085 | ||||||
| 115,430 | Voya Financial, Inc. | 9,460,643 | ||||||
| 4,885 | W R Berkley Corp. | 326,465 | ||||||
| 190,209 | WaFd, Inc. | 6,733,399 | ||||||
| 42,538 | Warrior Met Coal, Inc. | 3,822,039 | ||||||
| 815 | Waters Corp.(a) | 252,022 | ||||||
| 24,322 | WD-40 Co. | 5,106,647 | ||||||
| 379,554 | Wendy’s Co. (The) | 2,641,696 | ||||||
| 121,900 | Werner Enterprises, Inc. | 4,494,453 | ||||||
| 760,129 | Western Union Co. (The) | 6,909,573 | ||||||
| 22,692 | WEX, Inc.(a) | 3,411,288 | ||||||
| 3,010 | Whirlpool Corp. | 168,741 | ||||||
| 10,185 | Williams Cos, Inc. (The) | 777,217 | ||||||
| 358,064 | WillScot Holdings Corp. | 8,106,569 | ||||||
| 29,322 | Wingstop, Inc. | 4,810,567 | ||||||
| 16,734 | Winmark Corp. | 6,367,120 | ||||||
| 100,979 | Wolverine World Wide, Inc. | 1,718,663 | ||||||
| 55,415 | Worthington Enterprises, Inc. | 3,007,372 | ||||||
| 70,400 | WSFS Financial Corp. | 5,066,688 | ||||||
| 280 | WW Grainger, Inc. | 325,178 | ||||||
| 103,549 | Yelp, Inc.(a) | 2,857,952 | ||||||
| 2,910 | Yum! Brands, Inc. | 464,581 | ||||||
| 1,015 | Zebra Technologies Corp. - Class A(a) | 229,654 | ||||||
| 168,615 | Ziff Davis, Inc.(a) | 7,715,822 | ||||||
| 33 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| UNITED STATES (continued) | ||||||||
| 188,731 | Zurn Elkay Water Solutions Corp. | $ | 9,806,463 | |||||
| 3,698,653,867 | ||||||||
| Total Common Stocks (Cost $6,762,131,990) | 8,702,224,139 | |||||||
| RIGHTS/WARRANTS — 0.0% | ||||||||
| MALAYSIA — 0.0% | ||||||||
| 1,083,690 | Top Glove Corp. Bhd, Warrants, Expire 12/31/30(a) | 39,566 | ||||||
| UNITED STATES — 0.0% | ||||||||
| 146,063 | Aduro Biotech CVR, Rights, Expire 12/31/49(a)(d)(e) | 0 | ||||||
| Total Rights/Warrants (Cost $0) | 39,566 | |||||||
| EXCHANGE-TRADED FUNDS(f) — 5.3% | ||||||||
| 33,512 | iShares Russell 2000 ETF | 9,315,331 | ||||||
| 844,571 | State Street SPDR S&P Biotech ETF | 110,917,509 | ||||||
| 120,764 | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 21,521,353 | ||||||
| 432,008 | State Street SPDR S&P Regional Banking ETF | 30,175,759 | ||||||
| 361,351 | State Street Utilities Select Sector SPDR ETF | 16,929,294 | ||||||
| 2,673,565 | VanEck Junior Gold Miners ETF | 311,042,552 | ||||||
| Total Exchange-Traded Funds (Cost $230,513,093) | 499,901,798 | |||||||
| INVESTMENT COMPANY — 0.4% | ||||||||
| 41,901,962 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(g) | 41,901,962 | ||||||
| Total Investment Company (Cost $41,901,962) | 41,901,962 | |||||||
| Principal Amount | ||||||||
| CASH SWEEP — 1.0% | ||||||||
| $ | 90,209,909 | Citibank - U.S. Dollars on Deposit in Custody Account, 0.35%(g) | 90,209,909 | |||||
| Total Cash Sweep (Cost $90,209,909) | 90,209,909 | |||||||
| TOTAL INVESTMENTS — 99.6% (Cost $7,124,756,954) | $ | 9,334,277,374 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% | 39,641,298 | |||||||
| NET ASSETS — 100.0% | $ | 9,373,918,672 | ||||||
| (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 $566,076 which is 0.01% of net assets and the cost is $56,698,374. |
| (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, 2026. |
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
| 34 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS — 95.8% | ||||||||
| Banks — 7.7% | ||||||||
| 30,192 | ABN AMRO Bank NV(a) | $ | 1,051,190 | |||||
| 72,081 | AIB Group Plc | 830,846 | ||||||
| 12,766 | Ameris Bancorp | 1,088,301 | ||||||
| 51,451 | Banco Bilbao Vizcaya Argentaria SA | 1,136,162 | ||||||
| 553,483 | Banco Bradesco SA - Preference Shares | 2,169,535 | ||||||
| 7,585,661 | Banco de Chile | 1,422,022 | ||||||
| 227,051 | Banco de Sabadell SA | 880,277 | ||||||
| 217,773 | Banco Santander SA | 2,657,338 | ||||||
| 5,755,484 | Bank Central Asia Tbk PT | 1,951,341 | ||||||
| 153,579 | Bank of America Corp. | 8,210,333 | ||||||
| 171,691 | Barclays Plc | 1,009,186 | ||||||
| 16,024 | BNP Paribas SA | 1,682,865 | ||||||
| 75,691 | CaixaBank SA | 963,422 | ||||||
| 25,231 | Canadian Imperial Bank of Commerce | 2,815,374 | ||||||
| 4,154 | Capitec Bank Holdings Ltd. | 1,078,377 | ||||||
| 34,958 | Citigroup, Inc. | 4,473,925 | ||||||
| 28,563 | Commerzbank AG | 1,180,620 | ||||||
| 43,144 | CVB Financial Corp. | 878,843 | ||||||
| 32,055 | DNB Bank ASA | 970,733 | ||||||
| 9,323 | Erste Group Bank AG | 1,030,155 | ||||||
| 15,703 | Glacier Bancorp, Inc. | 770,232 | ||||||
| 14,253 | Hancock Whitney Corp. | 962,220 | ||||||
| 429,002 | HDFC Bank Ltd. | 3,508,839 | ||||||
| 293,754 | HSBC Holdings Plc | 5,405,023 | ||||||
| 132,754 | ING Groep NV | 3,842,086 | ||||||
| 177,257 | Intesa Sanpaolo SpA | 1,204,325 | ||||||
| 38,288 | Iyogin Holdings, Inc. | 737,863 | ||||||
| 53,387 | JP Morgan Chase & Co. | 16,722,410 | ||||||
| 1,354,348 | Lloyds Banking Group Plc | 1,840,970 | ||||||
| 236,331 | Mitsubishi UFJ Financial Group, Inc. | 4,245,176 | ||||||
| 112,930 | NatWest Group Plc | 900,716 | ||||||
| 41,788 | Old National Bancorp | 1,001,658 | ||||||
| 100,910 | Oversea-Chinese Banking Corp. Ltd. | 1,740,961 | ||||||
| 53,047 | Skandinaviska Enskilda Banken AB - Class A | 1,049,916 | ||||||
| 15,839 | Societe Generale SA | 1,275,040 | ||||||
| 40,053 | Standard Chartered Plc | 1,019,943 | ||||||
| 20,847 | Sumitomo Mitsui Trust Group, Inc. | 696,985 | ||||||
| 28,069 | Swedbank AB - Class A | 992,217 | ||||||
| 8,495 | Texas Capital Bancshares, Inc.(b) | 855,446 | ||||||
| 13,536 | Toronto-Dominion Bank (The) | 1,458,183 | ||||||
| 32,926 | Truist Financial Corp. | 1,695,689 | ||||||
| 8,265 | UMB Financial Corp. | 1,042,795 | ||||||
| 90,449,538 | ||||||||
| Communication Services — 9.2% | ||||||||
| 11,200 | Alphabet, Inc. - Class A | 4,309,760 | ||||||
| 131,408 | Alphabet, Inc. - Class C | 50,189,972 | ||||||
| 40,596 | BCE, Inc. | 964,728 | ||||||
| 29,281 | Cargurus, Inc.(b) | 1,067,585 | ||||||
| 9,110 | CTS Eventim AG & Co. KGaA | 601,294 | ||||||
| 36,023 | Deutsche Telekom AG | 1,163,566 | ||||||
| Shares | Value | |||||||
| Communication Services (continued) | ||||||||
| 3,483 | EchoStar Corp. - Class A(b) | $ | 428,897 | |||||
| 395,836 | ITV Plc | 430,725 | ||||||
| 51,533 | KDDI Corp. | 843,314 | ||||||
| 25,495 | Live Nation Entertainment, Inc.(b) | 4,026,680 | ||||||
| 28,521 | Meta Platforms, Inc. - Class A | 17,452,285 | ||||||
| 83,640 | NetEase, Inc. | 1,957,944 | ||||||
| 56,276 | Netflix, Inc.(b) | 5,267,996 | ||||||
| 1,112,670 | NTT, Inc. | 1,083,809 | ||||||
| 56,092 | Orange SA | 1,167,967 | ||||||
| 25,634 | Quebecor, Inc. - Class B | 1,079,068 | ||||||
| 7,472 | Reddit, Inc. - Class A(b) | 1,100,103 | ||||||
| 28,699 | Rogers Communications, Inc. - Class B | 1,044,772 | ||||||
| 8,710 | Spotify Technology SA(b) | 3,889,451 | ||||||
| 1,104 | Swisscom AG | 933,794 | ||||||
| 17,368 | Take-Two Interactive Software, Inc.(b) | 3,712,584 | ||||||
| 420,954 | Telstra Group Ltd. | 1,616,684 | ||||||
| 67,668 | Verizon Communications, Inc. | 3,250,094 | ||||||
| 107,583,072 | ||||||||
| Consumer Discretionary — 8.3% | ||||||||
| 13,432 | Academy Sports & Outdoors, Inc. | 736,611 | ||||||
| 66,230 | Aisin Corp. | 1,050,237 | ||||||
| 109,534 | Alibaba Group Holding Ltd. | 1,805,231 | ||||||
| 132,084 | Amazon.com, Inc.(b) | 35,010,185 | ||||||
| 4,812 | Aumovio SE(b) | 208,689 | ||||||
| 15,688 | Avolta AG | 866,975 | ||||||
| 38,060 | Bridgestone Corp. | 790,927 | ||||||
| 3,423 | Carvana Co.(b) | 1,354,823 | ||||||
| 1,512 | Cavco Industries, Inc.(b) | 766,584 | ||||||
| 3,920,961 | China Meidong Auto Holdings Ltd.(c) | 475,441 | ||||||
| 9,624 | Continental AG | 728,182 | ||||||
| 25,525 | Dollarama, Inc. | 3,262,149 | ||||||
| 22,581 | DoorDash, Inc. - Class A(b) | 3,808,286 | ||||||
| 7,523 | Flutter Entertainment Plc(b) | 811,957 | ||||||
| 134,499 | Gestamp Automocion SA(a)(d) | 509,747 | ||||||
| 9,895 | Hilton Worldwide Holdings, Inc. | 3,206,673 | ||||||
| 6,646 | Home Depot, Inc. (The) | 2,185,205 | ||||||
| 14,209 | HUGO BOSS AG | 602,557 | ||||||
| 32,710 | Inchcape Plc | 369,042 | ||||||
| 23,338 | Industria de Diseno Textil SA | 1,396,795 | ||||||
| 3,103 | Installed Building Products, Inc. | 895,371 | ||||||
| 385,698 | JD Sports Fashion Plc | 354,073 | ||||||
| 199,371 | Kingfisher Plc | 783,988 | ||||||
| 12,130 | Lowe’s Cos., Inc. | 2,896,523 | ||||||
| 16,715 | Magna International, Inc. | 1,063,799 | ||||||
| 53,239 | Mahindra & Mahindra Ltd. | 1,746,093 | ||||||
| 23,674 | MakeMyTrip Ltd.(b) | 1,117,650 | ||||||
| 74,004 | Mazda Motor Corp. | 476,358 | ||||||
| 18,169 | McDonald’s Corp. | 5,334,237 | ||||||
| 160,716 | Meituan - B Shares(a)(b)(d) | 1,729,174 | ||||||
| 1,899 | MercadoLibre, Inc.(b) | 3,404,204 | ||||||
| 4,767 | Modine Manufacturing Co.(b) | 1,213,821 | ||||||
| 35 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Consumer Discretionary (continued) | ||||||||
| 30,797 | Moncler SpA | $ | 1,859,266 | |||||
| 2,630 | Murphy USA, Inc. | 1,546,440 | ||||||
| 32,278 | On Holding AG - Class A(b) | 1,149,420 | ||||||
| 43,161 | OneSpaWorld Holdings Ltd. | 1,064,350 | ||||||
| 5,365 | Patrick Industries, Inc. | 498,945 | ||||||
| 13,886 | Royal Caribbean Cruises Ltd. | 3,662,571 | ||||||
| 14,912 | Subaru Corp. | 222,117 | ||||||
| 14,134 | Texas Roadhouse, Inc. | 2,275,433 | ||||||
| 29,510 | Tokai Rika Co. Ltd. | 544,359 | ||||||
| 9,737 | Tokyotokeiba Co. Ltd. | 345,039 | ||||||
| 32,548 | Trip.com Group Ltd.(b) | 1,757,559 | ||||||
| 49,967 | Vistry Group Plc(b) | 223,010 | ||||||
| 22,108 | Wesfarmers Ltd. | 1,174,429 | ||||||
| 1,837 | Wingstop, Inc. | 301,378 | ||||||
| 97,585,903 | ||||||||
| Consumer Staples — 5.5% | ||||||||
| 17,030 | Alimentation Couche-Tard, Inc. | 1,007,495 | ||||||
| 207,546 | AVI Ltd. | 1,239,205 | ||||||
| 90,131 | Bid Corp. Ltd. | 2,213,825 | ||||||
| 22,282 | BJ’s Wholesale Club Holdings, Inc.(b) | 2,092,057 | ||||||
| 18,235 | Coca-Cola Co. (The) | 1,436,189 | ||||||
| 32,661 | Coca-Cola Europacific Partners Plc | 3,088,751 | ||||||
| 8,361 | Costco Wholesale Corp. | 8,482,485 | ||||||
| 16,168 | Dollar General Corp. | 1,873,548 | ||||||
| 309,603 | Fomento Economico Mexicano SAB de CV - Units | 3,656,890 | ||||||
| 585,398 | Foshan Haitian Flavouring & Food Co. Ltd. - H Shares | 2,621,178 | ||||||
| 7,255 | Henkel AG & Co. KGaA - Preference Shares | 527,932 | ||||||
| 2,471 | Hershey Co. (The) | 458,964 | ||||||
| 61,730 | Japan Tobacco, Inc. | 2,299,735 | ||||||
| 101,090 | Jeronimo Martins SGPS SA | 2,427,428 | ||||||
| 125,124 | Kenvue, Inc. | 2,193,424 | ||||||
| 43,161 | Koninklijke Ahold Delhaize NV | 2,024,613 | ||||||
| 70,574 | Leroy Seafood Group ASA | 346,154 | ||||||
| 25,085 | Loblaw Cos. Ltd. | 1,156,420 | ||||||
| 34,038 | Mowi ASA | 755,210 | ||||||
| 6,751 | PepsiCo, Inc. | 1,069,966 | ||||||
| 10,695 | Philip Morris International, Inc. | 1,765,424 | ||||||
| 8,371 | Procter & Gamble Co. (The) | 1,231,290 | ||||||
| 467,391 | Raia Drogasil SA | 2,063,325 | ||||||
| 334,148 | Sonae SGPS SA | 765,100 | ||||||
| 168,878 | Tesco Plc | 1,106,328 | ||||||
| 187,452 | Unicharm Corp. | 1,095,055 | ||||||
| 51,780 | Unilever Plc | 3,019,558 | ||||||
| 2,169,001 | Uni-President China Holdings Ltd. | 1,996,451 | ||||||
| 37,173 | US Foods Holding Corp.(b) | 3,475,304 | ||||||
| 49,239 | Walmart, Inc. | 6,496,101 | ||||||
| 63,985,405 | ||||||||
| Energy — 3.2% | ||||||||
| 28,613 | Aker BP ASA | 1,118,549 | ||||||
| Shares | Value | |||||||
| Energy (continued) | ||||||||
| 42,105 | Baker Hughes Co. | $ | 2,933,455 | |||||
| 16,318 | Cactus, Inc. - Class A | 909,239 | ||||||
| 43,626 | Chevron Corp. | 8,433,342 | ||||||
| 27,934 | ConocoPhillips | 3,513,539 | ||||||
| 40,698 | Eni SpA | 1,150,794 | ||||||
| 29,007 | Exxon Mobil Corp. | 4,476,650 | ||||||
| 44,401 | Inpex Corp. | 1,157,542 | ||||||
| 98,307 | Kinder Morgan, Inc. | 3,231,351 | ||||||
| 27,775 | Magnolia Oil & Gas Corp. - Class A | 839,916 | ||||||
| 12,461 | Matador Resources Co. | 790,526 | ||||||
| 20,769 | Murphy Oil Corp. | 867,313 | ||||||
| 12,875 | OMV AG | 908,848 | ||||||
| 54,131 | Repsol SA | 1,454,022 | ||||||
| 20,815 | Shell Plc | 946,392 | ||||||
| 10,199 | Solaris Energy Infrastructure, Inc. | 753,094 | ||||||
| 39,107 | Tenaris SA | 1,248,349 | ||||||
| 82,391 | Transocean Ltd.(b) | 561,907 | ||||||
| 24,259 | Williams Cos, Inc. (The) | 1,851,204 | ||||||
| 37,146,032 | ||||||||
| Financial Services — 6.1% | ||||||||
| 24,505 | 3i Group Plc | 852,229 | ||||||
| 1,034 | Adyen NV(a)(b)(d) | 1,166,824 | ||||||
| 8,834 | American Express Co. | 2,853,824 | ||||||
| 13,087 | Ares Management Corp. - Class A | 1,536,414 | ||||||
| 397,331 | B3 SA - Brasil Bolsa Balcao | 1,449,932 | ||||||
| 14,159 | Banca IFIS SpA | 385,742 | ||||||
| 43,207 | Banca Mediolanum SpA | 947,028 | ||||||
| 7,792 | Berkshire Hathaway, Inc. - Class B(b) | 3,690,291 | ||||||
| 65,481 | Brookfield Corp. | 2,954,503 | ||||||
| 29,946 | Capital One Financial Corp. | 5,728,670 | ||||||
| 13,683 | CME Group, Inc. | 3,938,241 | ||||||
| 65,607 | Daiwa Securities Group, Inc. | 617,550 | ||||||
| 14,893 | Essent Group Ltd. | 901,324 | ||||||
| 8,268 | FirstCash Holdings, Inc. | 1,804,243 | ||||||
| 4,370 | Hamilton Lane, Inc. - Class A | 401,996 | ||||||
| 46,062 | Interactive Brokers Group, Inc. - Class A | 3,661,929 | ||||||
| 30,232 | Intercontinental Exchange, Inc. | 4,779,377 | ||||||
| 109,929 | Investor AB - Class B | 4,461,532 | ||||||
| 18,789 | London Stock Exchange Group Plc | 2,438,001 | ||||||
| 14,095 | Morgan Stanley | 2,686,366 | ||||||
| 4,506 | MSCI, Inc. | 2,664,893 | ||||||
| 30,207 | Nasdaq, Inc. | 2,776,325 | ||||||
| 32,736 | ORIX Corp. | 1,101,779 | ||||||
| 54,845 | OSB Group Plc | 394,267 | ||||||
| 1,090 | Partners Group Holding AG | 1,185,052 | ||||||
| 58,345 | Singapore Exchange Ltd. | 997,626 | ||||||
| 21,105 | Tradeweb Markets, Inc. - Class A | 2,390,141 | ||||||
| 86,071 | UBS Group AG | 3,808,797 | ||||||
| 28,310 | Visa, Inc. - Class A | 9,337,770 | ||||||
| 71,912,666 | ||||||||
| 36 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Health Care — 8.0% | ||||||||
| 13,050 | Abbott Laboratories | $ | 1,184,810 | |||||
| 38,321 | AbbVie, Inc. | 8,097,994 | ||||||
| 15,015 | Agilent Technologies, Inc. | 1,734,983 | ||||||
| 2,332 | Argenx SE - ADR(b) | 1,822,971 | ||||||
| 109,071 | Astellas Pharma, Inc. | 1,545,726 | ||||||
| 19,694 | AstraZeneca Plc | 3,736,392 | ||||||
| 23,800 | Axogen, Inc.(b) | 1,028,160 | ||||||
| 3,946 | Bridgebio Pharma, Inc.(b) | 280,600 | ||||||
| 11,803 | Cardinal Health, Inc. | 2,276,563 | ||||||
| 13,659 | Cencora, Inc. | 4,207,109 | ||||||
| 12,122 | Cooper Cos., Inc. (The)(b) | 762,474 | ||||||
| 174,963 | Dr Reddy’s Laboratories Ltd. | 2,443,512 | ||||||
| 10,804 | Eli Lilly & Co. | 10,097,418 | ||||||
| 6,273 | Ensign Group, Inc. (The) | 1,171,106 | ||||||
| 17,611 | Fresenius SE & Co. KGaA | 852,894 | ||||||
| 11,592 | Galderma Group AG | 2,431,926 | ||||||
| 82,262 | GSK Plc | 2,156,702 | ||||||
| 3,133 | Guardant Health, Inc.(b) | 272,822 | ||||||
| 21,562 | Guardian Pharmacy Services, Inc. - Class A(b) | 799,950 | ||||||
| 11,360 | HealthEquity, Inc.(b) | 931,861 | ||||||
| 3,968 | IDEXX Laboratories, Inc.(b) | 2,225,254 | ||||||
| 11,758 | Intuitive Surgical, Inc.(b) | 5,380,578 | ||||||
| 4,227 | Johnson & Johnson | 971,576 | ||||||
| 8,371 | Labcorp Holdings, Inc. | 2,149,673 | ||||||
| 6,996 | LeMaitre Vascular, Inc. | 767,811 | ||||||
| 2,902 | Ligand Pharmaceuticals, Inc.(b) | 665,864 | ||||||
| 1,997 | McKesson Corp. | 1,627,954 | ||||||
| 46,345 | Medline, Inc. - Class A(b) | 2,060,962 | ||||||
| 3,685 | Medpace Holdings, Inc.(b) | 1,542,762 | ||||||
| 31,454 | Medtronic Plc | 2,546,830 | ||||||
| 12,998 | Merck & Co., Inc. | 1,419,122 | ||||||
| 7,254 | Merck KGaA | 939,300 | ||||||
| 7,036 | Merit Medical Systems, Inc.(b) | 479,715 | ||||||
| 64,838 | Neogen Corp.(b) | 609,477 | ||||||
| 32,812 | Novartis AG | 4,849,275 | ||||||
| 72,163 | Pfizer, Inc. | 1,926,752 | ||||||
| 5,249 | Pro Medicus Ltd. | 515,177 | ||||||
| 15,588 | RadNet, Inc.(b) | 881,501 | ||||||
| 5,419 | Roche Holding AG | 2,208,243 | ||||||
| 39,765 | Santen Pharmaceutical Co. Ltd. | 409,797 | ||||||
| 31,827 | Ship Healthcare Holdings, Inc. | 473,635 | ||||||
| 13,409 | STERIS Plc | 2,908,144 | ||||||
| 12,907 | Straumann Holding AG | 1,400,781 | ||||||
| 12,128 | Suzuken Co. Ltd. | 429,285 | ||||||
| 79,029 | Teva Pharmaceutical Industries Ltd. - ADR(b) | 2,771,547 | ||||||
| 3,940 | Thermo Fisher Scientific, Inc. | 1,887,102 | ||||||
| 4,717 | UnitedHealth Group, Inc. | 1,747,554 | ||||||
| 93,631,644 | ||||||||
| Industrials — 14.2% | ||||||||
| 26,467 | ABB Ltd. | 2,676,866 | ||||||
| Shares | Value | |||||||
| Industrials (continued) | ||||||||
| 7,204 | AMETEK, Inc. | $ | 1,696,542 | |||||
| 11,253 | ANDRITZ AG | 956,175 | ||||||
| 59,782 | API Group Corp.(b) | 2,733,233 | ||||||
| 3,261 | Applied Industrial Technologies, Inc. | 997,051 | ||||||
| 61,184 | Atlas Copco AB - Class A | 1,175,812 | ||||||
| 4,938 | Axon Enterprise, Inc.(b) | 1,983,891 | ||||||
| 70,704 | Balfour Beatty Plc | 785,650 | ||||||
| 14,531 | Bloom Energy Corp. - Class A(b) | 4,117,504 | ||||||
| 24,347 | Boeing Co. (The)(b) | 5,576,193 | ||||||
| 62,092 | Brambles Ltd. | 1,016,381 | ||||||
| 8,587 | Brenntag SE | 625,348 | ||||||
| 55,511 | BrightView Holdings, Inc.(b) | 660,581 | ||||||
| 10,338 | Builders FirstSource, Inc.(b) | 817,632 | ||||||
| 8,132 | BWX Technologies, Inc. | 1,759,684 | ||||||
| 19,554 | Canadian National Railway Co. | 2,196,307 | ||||||
| 40,932 | Canadian Pacific Kansas City Ltd. | 3,559,986 | ||||||
| 9,294 | Carlisle Cos., Inc. | 3,301,786 | ||||||
| 8,160 | Caterpillar, Inc. | 7,263,298 | ||||||
| 6,361 | CECO Environmental Corp.(b) | 471,605 | ||||||
| 40,287 | Central Japan Railway Co. | 966,504 | ||||||
| 12,057 | Clean Harbors, Inc.(b) | 3,769,983 | ||||||
| 464 | Comfort Systems USA, Inc. | 853,876 | ||||||
| 13,849 | COMSYS Holdings Corp. | 498,724 | ||||||
| 7,701 | Construction Partners, Inc. - Class A(b) | 952,306 | ||||||
| 33,641 | Core & Main, Inc. - Class A(b) | 1,694,497 | ||||||
| 4,445 | Crane Co. | 790,010 | ||||||
| 1,265 | Curtiss-Wright Corp. | 911,053 | ||||||
| 1,620 | Deere & Co. | 955,589 | ||||||
| 53,426 | Deutsche Post AG | 3,163,581 | ||||||
| 722 | Dycom Industries, Inc.(b) | 298,980 | ||||||
| 82,882 | easyJet Plc | 396,702 | ||||||
| 6,036 | Eaton Corp. Plc | 2,613,648 | ||||||
| 5,777 | Eiffage SA | 931,417 | ||||||
| 3,066 | Enpro, Inc. | 893,892 | ||||||
| 39,406 | Epiroc AB - Class A | 1,137,628 | ||||||
| 17,890 | Esab Corp. | 1,758,050 | ||||||
| 5,680 | Federal Signal Corp. | 699,378 | ||||||
| 14,192 | Finning International, Inc. | 1,039,364 | ||||||
| 2,361 | GE Vernova, Inc. | 2,558,049 | ||||||
| 1,577 | Geberit AG | 1,065,675 | ||||||
| 10,277 | Griffon Corp. | 936,954 | ||||||
| 4,575 | Hexcel Corp. | 429,455 | ||||||
| 23,716 | Hitachi Construction Machinery Co. Ltd. | 830,138 | ||||||
| 27,126 | Howmet Aerospace, Inc. | 6,592,703 | ||||||
| 194,525 | International Consolidated Airlines Group SA | 981,323 | ||||||
| 17,461 | ISS A/S | 640,550 | ||||||
| 6,360 | ITT, Inc. | 1,363,202 | ||||||
| 39,674 | Japan Airlines Co. Ltd. | 623,908 | ||||||
| 11,910 | Jardine Matheson Holdings Ltd. | 811,932 | ||||||
| 12,197 | JB Hunt Transport Services, Inc. | 3,067,911 | ||||||
| 37 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Industrials (continued) | ||||||||
| 26,968 | JGC Holdings Corp. | $ | 409,763 | |||||
| 19,240 | Keller Group Plc | 584,841 | ||||||
| 141,842 | Komatsu Ltd. | 6,073,391 | ||||||
| 9,096 | Kone Oyj - Class B | 579,009 | ||||||
| 4,349 | Kratos Defense & Security Solutions, Inc.(b) | 274,204 | ||||||
| 8,078 | L3Harris Technologies, Inc. | 2,589,403 | ||||||
| 21,849 | Leonardo DRS, Inc. | 887,725 | ||||||
| 6,981 | Limbach Holdings, Inc.(b) | 696,494 | ||||||
| 19,211 | Makita Corp. | 713,362 | ||||||
| 3,052 | MasTec, Inc.(b) | 1,202,641 | ||||||
| 11,806 | Mercury Systems, Inc.(b) | 931,611 | ||||||
| 23,278 | MINEBEA MITSUMI, Inc. | 465,399 | ||||||
| 10,952 | Morgan Sindall Group Plc | 700,325 | ||||||
| 7,319 | Mueller Industries, Inc. | 991,212 | ||||||
| 20,153 | Mueller Water Products, Inc. - Class A | 562,067 | ||||||
| 3,753 | Nextpower, Inc. - Class A(b) | 447,095 | ||||||
| 4,559 | Northrop Grumman Corp. | 2,641,849 | ||||||
| 51,389 | Peab AB - Class B | 499,264 | ||||||
| 6,725 | Planet Labs PBC(b) | 248,623 | ||||||
| 20,126 | Prysmian SpA | 3,061,350 | ||||||
| 5,591 | Quanta Services, Inc. | 4,068,962 | ||||||
| 22,095 | QXO, Inc.(b) | 443,447 | ||||||
| 2,269 | RBC Bearings, Inc.(b) | 1,359,335 | ||||||
| 18,576 | Recruit Holdings Co. Ltd. | 860,533 | ||||||
| 10,601 | Regal Rexnord Corp. | 2,279,533 | ||||||
| 14,904 | RELX Plc | 543,495 | ||||||
| 15,071 | Republic Services, Inc. | 3,153,155 | ||||||
| 17,796 | ROCKWOOL A/S - Class B | 518,050 | ||||||
| 24,440 | Rollins, Inc. | 1,362,041 | ||||||
| 6,623 | Saia, Inc.(b) | 2,972,535 | ||||||
| 33,941 | Sandvik AB | 1,427,801 | ||||||
| 7,281 | Schneider Electric SE | 2,316,878 | ||||||
| 8,816 | SF Holding Co. Ltd. - H Shares | 40,022 | ||||||
| 7,254 | SGS SA | 785,972 | ||||||
| 3,328 | Simpson Manufacturing Co., Inc. | 634,749 | ||||||
| 19,266 | Skanska AB - Class B | 520,323 | ||||||
| 30,041 | SKF AB - Class B | 756,395 | ||||||
| 1,186 | SPX Technologies, Inc.(b) | 259,627 | ||||||
| 77,175 | StandardAero, Inc.(b) | 1,918,571 | ||||||
| 1,205 | Sterling Infrastructure, Inc.(b) | 621,322 | ||||||
| 41,435 | Techtronic Industries Co. Ltd. | 600,795 | ||||||
| 26,472 | Tetra Tech, Inc. | 855,575 | ||||||
| 7,727 | TFI International, Inc. | 1,105,621 | ||||||
| 32,749 | Toyota Tsusho Corp. | 1,285,588 | ||||||
| 22,298 | TransUnion | 1,583,158 | ||||||
| 29,390 | UL Solutions, Inc. - Class A | 2,659,501 | ||||||
| 8,245 | Union Pacific Corp. | 2,221,863 | ||||||
| 673 | United Rentals, Inc. | 645,972 | ||||||
| 24,124 | Vestas Wind Systems A/S | 741,799 | ||||||
| 52,539 | Vesuvius Plc | 316,512 | ||||||
| 5,921 | Vinci SA | 895,388 | ||||||
| 27,438 | Volvo AB - Class B | 956,400 | ||||||
| Shares | Value | |||||||
| Industrials (continued) | ||||||||
| 22,707 | Wartsila Oyj Abp | $ | 953,631 | |||||
| 4,774 | Waste Management, Inc. | 1,110,194 | ||||||
| 124,241 | WEG SA | 1,131,562 | ||||||
| 10,077 | Westinghouse Air Brake Technologies Corp. | 2,719,682 | ||||||
| 31,259 | XPO, Inc.(b) | 6,881,044 | ||||||
| 166,665,166 | ||||||||
| Information Technology — 25.8% | ||||||||
| 970 | Advanced Energy Industries, Inc. | 372,393 | ||||||
| 5,829 | Advanced Micro Devices, Inc.(b) | 2,066,322 | ||||||
| 2,519 | Alten SA | 167,819 | ||||||
| 38,564 | Anritsu Corp. | 1,009,495 | ||||||
| 152,750 | Apple, Inc. | 41,448,713 | ||||||
| 11,705 | Applied Materials, Inc. | 4,617,505 | ||||||
| 1,627 | Applied Optoelectronics, Inc.(b) | 267,414 | ||||||
| 2,189 | AppLovin Corp. - Class A(b) | 977,060 | ||||||
| 1,832 | ASM International NV | 1,792,203 | ||||||
| 9,287 | ASML Holding NV | 13,424,788 | ||||||
| 3,890 | Bel Fuse, Inc. - Class B | 1,073,018 | ||||||
| 33,336 | Bentley Systems, Inc. - Class B | 1,087,420 | ||||||
| 70,496 | Broadcom, Inc. | 29,427,145 | ||||||
| 5,876 | Cadence Design Systems, Inc.(b) | 1,936,671 | ||||||
| 4,033 | Capgemini SE | 490,479 | ||||||
| 12,931 | CGI, Inc. | 846,391 | ||||||
| 49,735 | Cisco Systems, Inc. | 4,550,753 | ||||||
| 7,167 | Cloudflare, Inc. - Class A(b) | 1,469,020 | ||||||
| 3,990 | Credo Technology Group Holding Ltd.(b) | 694,300 | ||||||
| 3,998 | Crowdstrike Holdings, Inc. - Class A(b) | 1,782,108 | ||||||
| 33,269 | Delta Electronics, Inc. | 2,333,004 | ||||||
| 11,295 | Diodes, Inc.(b) | 1,210,259 | ||||||
| 9,649 | D-Wave Quantum, Inc.(b) | 195,682 | ||||||
| 5,952 | Entegris, Inc. | 841,494 | ||||||
| 13,350 | EPAM Systems, Inc.(b) | 1,518,963 | ||||||
| 921 | Fabrinet(b) | 629,476 | ||||||
| 9,353 | FormFactor, Inc.(b) | 1,271,353 | ||||||
| 25,390 | Fortinet, Inc.(b) | 2,140,631 | ||||||
| 36,786 | Fujitsu Ltd. | 738,345 | ||||||
| 40,982 | GLOBALFOUNDRIES, Inc.(b) | 2,647,437 | ||||||
| 3,603 | Guidewire Software, Inc.(b) | 498,619 | ||||||
| 5,941 | Horiba Ltd. | 827,207 | ||||||
| 2,611 | Hut 8 Corp.(b) | 197,862 | ||||||
| 15,982 | Infineon Technologies AG | 1,074,874 | ||||||
| 187,337 | Infosys Ltd. | 2,358,408 | ||||||
| 25,850 | Infosys Ltd. - ADR | 322,091 | ||||||
| 45,703 | Intel Corp.(b) | 4,318,019 | ||||||
| 3,538 | InterDigital, Inc. | 1,049,229 | ||||||
| 8,941 | IonQ, Inc.(b) | 403,418 | ||||||
| 19,291 | Kaga Electronics Co. Ltd. | 516,602 | ||||||
| 11,644 | Keyence Corp. | 5,340,706 | ||||||
| 11,546 | Keysight Technologies, Inc.(b) | 4,040,061 | ||||||
| 38 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Information Technology (continued) | ||||||||
| 2,630 | KLA Corp. | $ | 4,603,421 | |||||
| 8,763 | Lam Research Corp. | 2,259,627 | ||||||
| 6,977 | MACOM Technology Solutions Holdings, Inc.(b) | 1,964,793 | ||||||
| 8,568 | Manhattan Associates, Inc.(b) | 1,181,442 | ||||||
| 5,089 | Micron Technology, Inc. | 2,631,827 | ||||||
| 86,485 | Microsoft Corp. | 35,266,853 | ||||||
| 3,348 | MKS, Inc. | 949,995 | ||||||
| 2,124 | Motorola Solutions, Inc. | 932,500 | ||||||
| 13,680 | Napco Security Technologies, Inc. | 639,540 | ||||||
| 6,087 | Novanta, Inc.(b) | 788,449 | ||||||
| 327,030 | NVIDIA Corp. | 65,265,377 | ||||||
| 4,024 | Onto Innovation, Inc.(b) | 1,187,321 | ||||||
| 8,251 | Palo Alto Networks, Inc.(b) | 1,479,569 | ||||||
| 13,751 | Rambus, Inc.(b) | 1,582,878 | ||||||
| 9,379 | Riot Platforms, Inc.(b) | 161,694 | ||||||
| 33,171 | Samsara, Inc. - Class A(b) | 953,335 | ||||||
| 45,296 | Samsung Electronics Co. Ltd. | 6,821,020 | ||||||
| 45,867 | SCREEN Holdings Co. Ltd. | 3,041,031 | ||||||
| 9,788 | ServiceNow, Inc.(b) | 864,378 | ||||||
| 14,910 | Shopify, Inc. - Class A(b) | 1,806,048 | ||||||
| 551 | SiTime Corp.(b) | 309,745 | ||||||
| 1,486 | Sopra Steria Group | 231,866 | ||||||
| 234,340 | Taiwan Semiconductor Manufacturing Co. Ltd. | 16,268,321 | ||||||
| 15,556 | TE Connectivity Plc | 3,292,583 | ||||||
| 101,332 | Telefonaktiebolaget LM Ericsson - Class B | 1,208,789 | ||||||
| 3,060 | Texas Instruments, Inc. | 860,105 | ||||||
| 85,679 | TOTVS SA | 553,683 | ||||||
| 2,479 | TTM Technologies, Inc.(b) | 392,227 | ||||||
| 10,551 | Ulvac, Inc. | 664,423 | ||||||
| 5,600 | Viavi Solutions, Inc.(b) | 293,440 | ||||||
| 302,431,037 | ||||||||
| Insurance — 1.5% | ||||||||
| 60,950 | Aegon Ltd. | 505,068 | ||||||
| 486,720 | AIA Group Ltd. | 5,343,587 | ||||||
| 8,878 | ASR Nederland NV | 674,368 | ||||||
| 27,154 | AXA SA | 1,308,967 | ||||||
| 59,192 | Daiichi Life Group, Inc. | 541,943 | ||||||
| 37,858 | Generali | 1,696,492 | ||||||
| 1,031 | Kinsale Capital Group, Inc. | 333,642 | ||||||
| 188,650 | Mapfre SA | 923,504 | ||||||
| 27,342 | MetLife, Inc. | 2,190,094 | ||||||
| 9,473 | NN Group NV | 829,208 | ||||||
| 4,529 | Palomar Holdings, Inc.(b) | 545,201 | ||||||
| 2,218 | Prudential Financial, Inc. | 217,608 | ||||||
| 30,502 | Ryan Specialty Holdings, Inc. | 1,060,555 | ||||||
| 36,540 | Unipol Assicurazioni SpA | 954,740 | ||||||
| 17,124,977 | ||||||||
| Materials — 2.8% | ||||||||
| 29,007 | Acerinox SA | 476,055 | ||||||
| Shares | Value | |||||||
| Materials (continued) | ||||||||
| 10,756 | Bekaert SA | $ | 531,143 | |||||
| 56,138 | BHP Group Ltd. | 2,221,905 | ||||||
| 21,561 | Boliden AB | 1,133,362 | ||||||
| 66,160 | Breedon Group Plc | 276,169 | ||||||
| 37,990 | Coeur Mining, Inc.(b) | 682,680 | ||||||
| 37,080 | CRH Plc | 4,391,014 | ||||||
| 23,700 | Element Solutions, Inc. | 1,009,383 | ||||||
| 40,369 | Fortescue Ltd. | 581,841 | ||||||
| 17,978 | Freeport-McMoRan, Inc. | 1,038,769 | ||||||
| 10,689 | Heidelberg Materials AG | 2,358,456 | ||||||
| 9,982 | Holcim AG | 927,592 | ||||||
| 11,102 | Ingevity Corp.(b) | 845,861 | ||||||
| 47,103 | International Paper Co. | 1,432,873 | ||||||
| 6,497 | Linde Plc | 3,255,907 | ||||||
| 16,172 | Lintec Corp. | 523,339 | ||||||
| 44,401 | Nippon Kayaku Co. Ltd. | 492,437 | ||||||
| 65,839 | Norsk Hydro ASA | 728,933 | ||||||
| 33,030 | Perimeter Solutions, Inc.(b) | 1,000,809 | ||||||
| 9,619 | Rio Tinto Plc | 968,985 | ||||||
| 22,707 | Shin-Etsu Chemical Co. Ltd. | 1,045,480 | ||||||
| 256,126 | South32 Ltd. | 759,042 | ||||||
| 115,298 | SSAB AB - Class A | 1,037,705 | ||||||
| 7,726 | Steel Dynamics, Inc. | 1,766,627 | ||||||
| 20,789 | Tokuyama Corp. | 534,044 | ||||||
| 86,571 | Vale SA | 1,421,696 | ||||||
| 7,287 | Vicat SACA | 514,566 | ||||||
| 22,869 | voestalpine AG | 1,182,397 | ||||||
| 33,139,070 | ||||||||
| Real Estate — 1.1% | ||||||||
| 1,339 | American Tower Corp. REIT | 244,649 | ||||||
| 451,628 | CapitaLand Integrated Commercial Trust REIT | 841,164 | ||||||
| 26,553 | CareTrust REIT, Inc. | 1,047,516 | ||||||
| 25,508 | Daiwa House Industry Co. Ltd. | 778,273 | ||||||
| 5,469 | FirstService Corp. | 731,807 | ||||||
| 23,188 | Prologis, Inc. REIT | 3,293,160 | ||||||
| 7,542 | Ryman Hospitality Properties, Inc. REIT | 792,589 | ||||||
| 11,073 | Simon Property Group, Inc. REIT | 2,255,681 | ||||||
| 17,364 | STAG Industrial, Inc. REIT | 669,903 | ||||||
| 67,555 | Sun Hung Kai Properties Ltd. | 1,182,691 | ||||||
| 17,190 | Terreno Realty Corp. REIT | 1,120,788 | ||||||
| 12,958,221 | ||||||||
| Utilities — 2.4% | ||||||||
| 31,804 | Ameren Corp. | 3,614,524 | ||||||
| 23,909 | American Electric Power Co., Inc. | 3,278,163 | ||||||
| 5,079 | Constellation Energy Corp. | 1,589,727 | ||||||
| 11,984 | Duke Energy Corp. | 1,552,527 | ||||||
| 21,761 | Endesa SA | 975,952 | ||||||
| 132,745 | NextEra Energy, Inc. | 12,993,081 | ||||||
| 7,936 | NRG Energy, Inc. | 1,234,683 | ||||||
| 9,617 | Rubis SCA | 396,360 | ||||||
| 39 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| Utilities (continued) | ||||||||
| 6,829 | Tokyo Gas Co. Ltd. | $ | 290,027 | |||||
| 15,953 | WEC Energy Group, Inc. | 1,881,497 | ||||||
| 27,806,541 | ||||||||
| Total Common Stocks (Cost $943,537,021) | 1,122,419,272 | |||||||
| EXCHANGE-TRADED FUNDS(e) — 2.2% | ||||||||
| 29,230 | iShares Expanded Tech-Software Sector ETF(b) | 2,452,689 | ||||||
| 74,859 | iShares MSCI EAFE ETF | 7,659,573 | ||||||
| 18,958 | iShares MSCI Japan ETF | 1,689,158 | ||||||
| 5,031 | iShares Russell 2000 ETF | 1,398,467 | ||||||
| 53,082 | State Street SPDR S&P Biotech ETF | 6,971,259 | ||||||
| 8,394 | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 1,495,895 | ||||||
| 38,159 | State Street SPDR S&P Regional Banking ETF | 2,665,406 | ||||||
| 25,116 | State Street Utilities Select Sector SPDR ETF | 1,176,685 | ||||||
| Total Exchange-Traded Funds (Cost $21,570,595) | 25,509,132 | |||||||
| INVESTMENT COMPANY — 1.9% | ||||||||
| 22,380,220 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(f) | 22,380,220 | ||||||
| Total Investment Company (Cost $22,380,220) | 22,380,220 | |||||||
| TOTAL INVESTMENTS — 99.9% (Cost $987,487,836) | $ | 1,170,308,624 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 1,166,519 | |||||||
| NET ASSETS — 100.0% | $ | 1,171,475,143 | ||||||
| (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) | Non-income producing security. |
| (c) | These securities have been determined to be illiquid in accordance with procedures adopted by the Fund’s Board of Directors. |
| (d) | 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 (c). |
| (e) | A copy of the underlying funds’ financial statements is available upon request. |
| (f) | The rate shown represents the current yield as of April 30, 2026. |
The following abbreviations are used in the report:
ADR — American Depositary Receipt
ETF — Exchange-Traded Fund
MSCI — Morgan Stanley Capital International
REIT — Real Estate Investment Trust
SPDR — Standard & Poor’s Depositary Receipt
PORTFOLIO DIVERSIFICATION BY COUNTRY (UNAUDITED)
| Country: | Value | Value as a percentage of Net Assets | ||||||
| United States | $ | 761,283,323 | 65.0 | % | ||||
| Japan | 49,236,950 | 4.1 | ||||||
| United Kingdom | 35,629,298 | 3.0 | ||||||
| Canada | 28,092,015 | 2.4 | ||||||
| Netherlands | 27,133,319 | 2.3 | ||||||
| Switzerland | 24,852,275 | 2.1 | ||||||
| Sweden | 20,246,595 | 1.7 | ||||||
| Taiwan | 18,601,325 | 1.5 | ||||||
| Germany | 14,027,293 | 1.2 | ||||||
| Ireland | 13,674,921 | 1.2 | ||||||
| India | 11,496,593 | 1.0 | ||||||
| France | 11,379,612 | 1.0 | ||||||
| Spain | 11,373,274 | 1.0 | ||||||
| Italy | 11,259,737 | 1.0 | ||||||
| Hong Kong | 9,744,236 | 0.8 | ||||||
| China | 8,820,210 | 0.8 | ||||||
| Brazil | 8,789,733 | 0.8 | ||||||
| Australia | 7,885,459 | 0.7 | ||||||
| South Korea | 6,821,020 | 0.6 | ||||||
| Singapore | 5,337,310 | 0.5 | ||||||
| South Africa | 4,531,407 | 0.4 | ||||||
| Austria | 4,077,575 | 0.3 | ||||||
| Norway | 3,919,579 | 0.3 | ||||||
| Mexico | 3,656,890 | 0.3 | ||||||
| Uruguay | 3,404,204 | 0.3 | ||||||
| Portugal | 3,192,528 | 0.3 | ||||||
| Israel | 2,771,547 | 0.2 | ||||||
| Indonesia | 1,951,341 | 0.2 | ||||||
| Denmark | 1,900,399 | 0.2 | ||||||
| Finland | 1,532,640 | 0.1 | ||||||
| Chile | 1,422,022 | 0.1 | ||||||
| Luxembourg | 1,248,349 | 0.1 | ||||||
| Bahamas | 1,064,350 | 0.1 | ||||||
| Bermuda | 901,324 | 0.1 | ||||||
| Thailand | 629,476 | 0.1 | ||||||
| Belgium | 531,143 | 0.0 | * | |||||
| Other** | 49,055,871 | 4.2 | ||||||
| $ | 1,171,475,143 | 100.0 | % | |||||
| 40 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| * | 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. |
| 41 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Shares | Value | |||||||
| PREFERRED STOCKS — 0.2% | ||||||||
| UNITED STATES — 0.2% | ||||||||
| 27,600 | MetLife, Inc., Series F, 4.75% | $ | 529,644 | |||||
| 38,900 | Morgan Stanley, Series K, 5.85% | 941,380 | ||||||
| 31,500 | Public Storage, Series O, 3.90% | 482,895 | ||||||
| 28,500 | US Bancorp, Series L, 3.75% | 428,640 | ||||||
| 122,100 | Wells Fargo & Co., Series Z, 4.75% | 2,326,005 | ||||||
| Total Preferred Stocks (Cost $6,547,571) | 4,708,564 | |||||||
| EXCHANGE-TRADED FUNDS(a) — 20.9% | ||||||||
| UNITED STATES — 20.9% | ||||||||
| 1,001,871 | Global X US Preferred ETF | 19,125,718 | ||||||
| 3,482,215 | Invesco Preferred ETF | 38,826,697 | ||||||
| 2,183,194 | iShares J.P. Morgan USD Emerging Markets Bond ETF | 209,149,985 | ||||||
| 1,500,000 | iShares MBS ETF | 142,170,000 | ||||||
| 1,200,303 | State Street SPDR Bloomberg Convertible Securities ETF | 121,278,615 | ||||||
| Total Exchange-Traded Funds (Cost $510,940,804) | 530,551,015 | |||||||
| Principal Amount | ||||||||
| CORPORATE BONDS — 5.8% | ||||||||
| AUSTRALIA — 0.0% | ||||||||
| $ | 291,000 | Mineral Resources Ltd., 9.25%, 10/01/28(b) | 302,026 | |||||
| 475,000 | Mineral Resources Ltd., 7.00%, 04/01/31(b) | 493,035 | ||||||
| 795,061 | ||||||||
| CANADA — 0.3% | ||||||||
| 800,000 | 1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30(b) | 761,087 | ||||||
| 825,000 | 1261229 BC Ltd., 10.00%, 04/15/32(b) | 852,042 | ||||||
| 450,000 | Bausch + Lomb Corp., 8.38%, 10/01/28(b) | 464,625 | ||||||
| 700,000 | Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 6.25%, 09/15/27(b) | 700,167 | ||||||
| 450,000 | Capstone Copper Corp., 6.75%, 03/31/33(b) | 457,957 | ||||||
| 900,000 | ERO Copper Corp., 6.50%, 02/15/30(b) | 895,500 | ||||||
| 400,000 | First Quantum Minerals Ltd., 7.25%, 02/15/34(b) | 411,246 | ||||||
| 125,000 | Garda World Security Corp., 6.50%, 01/15/31(b) | 127,697 | ||||||
| Principal Amount | Value | |||||||
| CANADA (continued) | ||||||||
| $ | 375,000 | Garda World Security Corp., 8.25%, 08/01/32(b) | $ | 383,679 | ||||
| 500,000 | Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29(b) | 487,506 | ||||||
| 575,000 | Open Text Corp., 3.88%, 02/15/28(b) | 556,351 | ||||||
| 6,097,857 | ||||||||
| FRANCE — 0.0% | ||||||||
| 250,000 | Iliad Holding SAS, 7.00%, 04/15/32(b) | 253,814 | ||||||
| IRELAND — 0.1% | ||||||||
| 250,000 | Adient Global Holdings Ltd., 7.50%, 02/15/33(b) | 255,736 | ||||||
| 375,000 | Cimpress Plc, 7.38%, 09/15/32(b) | 379,759 | ||||||
| 950,000 | Perrigo Finance Unlimited Co., Series USD, 6.13%, 09/30/32 | 893,919 | ||||||
| 500,000 | Phoenix Aviation Capital Ltd., 9.25%, 07/15/30(b) | 510,279 | ||||||
| 2,039,693 | ||||||||
| JAPAN — 0.0% | ||||||||
| 400,000 | Nissan Motor Co. Ltd., 4.81%, 09/17/30(b) | 373,568 | ||||||
| 400,000 | Nissan Motor Co. Ltd., 8.13%, 07/17/35(b) | 422,028 | ||||||
| 795,596 | ||||||||
| JERSEY CHANNEL ISLANDS — 0.0% | ||||||||
| 200,000 | A&K Travel Group Holdings Ltd., 7.50%, 05/15/33(b) | 200,986 | ||||||
| 425,000 | Toucan FinCo Ltd., 9.50%, 05/15/30(b) | 372,429 | ||||||
| 573,415 | ||||||||
| LUXEMBOURG — 0.1% | ||||||||
| 1,200,000 | Connect Finco SARL/Connect US Finco LLC, 9.00%, 09/15/29(b) | 1,265,624 | ||||||
| MALTA — 0.1% | ||||||||
| 550,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 7.88%, 05/01/27(b) | 550,034 | ||||||
| 475,000 | VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 06/01/28(b) | 480,166 | ||||||
| 1,030,200 | ||||||||
| 42 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| NETHERLANDS — 0.0% | ||||||||
| $ | 250,000 | Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) | $ | 259,597 | ||||
| SINGAPORE — 0.0% | ||||||||
| 631,125 | Seagate Data Storage Technology Pte Ltd., 9.63%, 12/01/32(b) | 701,888 | ||||||
| UNITED KINGDOM — 0.1% | ||||||||
| 675,000 | California Buyer Ltd./Atlantica Sustainable Infrastructure Plc, 6.38%, 02/15/32(b) | 670,900 | ||||||
| 300,000 | INEOS Finance Plc, 7.50%, 04/15/29(b) | 296,281 | ||||||
| 675,000 | Jaguar Land Rover Automotive Plc, 5.50%, 07/15/29(b) | 667,447 | ||||||
| 650,000 | Virgin Media Finance Plc, 5.00%, 07/15/30(b) | 547,902 | ||||||
| 500,000 | Virgin Media Secured Finance Plc, 5.50%, 05/15/29(b) | 482,433 | ||||||
| 650,000 | Vmed O2 UK Financing I Plc, 6.75%, 01/15/33(b) | 594,157 | ||||||
| 3,259,120 | ||||||||
| UNITED STATES — 5.1% | ||||||||
| 900,000 | Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b) | 849,175 | ||||||
| 225,000 | Acushnet Co., 5.63%, 12/01/33(b) | 226,045 | ||||||
| 650,000 | AdaptHealth LLC, 6.13%, 08/01/28(b) | 649,877 | ||||||
| 350,000 | AdaptHealth LLC, 4.63%, 08/01/29(b) | 338,918 | ||||||
| 400,000 | Advance Auto Parts, Inc., 7.00%, 08/01/30(b) | 412,630 | ||||||
| 375,000 | Advance Auto Parts, Inc., 7.38%, 08/01/33(b) | 386,936 | ||||||
| 450,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.75%, 03/31/34(b) | 438,083 | ||||||
| 325,000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 7.00%, 01/15/31(b) | 331,693 | ||||||
| 925,000 | Allied Universal Holdco LLC, 7.88%, 02/15/31(b) | 970,207 | ||||||
| 1,100,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28(b) | 1,084,371 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 325,000 | Alpha Generation LLC, 6.75%, 10/15/32(b) | $ | 332,867 | ||||
| 350,000 | Alpha Generation LLC, 6.25%, 01/15/34(b) | 347,608 | ||||||
| 381,965 | Ambac Assurance Corp., 5.10%(b)(c) | 504,194 | ||||||
| 625,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(b) | 625,424 | ||||||
| 225,000 | American Axle & Manufacturing, Inc., 6.38%, 10/15/32(b) | 224,598 | ||||||
| 375,000 | American Axle & Manufacturing, Inc., 7.75%, 10/15/33(b) | 366,123 | ||||||
| 250,000 | Amsted Industries, Inc., 6.38%, 03/15/33(b) | 254,328 | ||||||
| 920,000 | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 3 LLC, 7.88%, 11/01/29(b) | 890,698 | ||||||
| 525,000 | APLD ComputeCo 2 LLC, 6.75%, 03/15/31(b) | 519,779 | ||||||
| 700,000 | APLD ComputeCo LLC, 9.25%, 12/15/30(b) | 752,419 | ||||||
| 625,000 | Apollo Commercial Real Estate Finance, Inc. REIT, 4.63%, 06/15/29(b) | 624,860 | ||||||
| 300,000 | Ascent Resources Utica Holdings LLC/ ARU Finance Corp., 6.63%, 10/15/32(b) | 307,850 | ||||||
| 375,000 | Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 08/01/33(b) | 367,943 | ||||||
| 350,000 | Asurion LLC/ Asurion Co-Issuer, Inc., 8.00%, 12/31/32(b) | 365,606 | ||||||
| 750,000 | Asurion LLC/ Asurion Co-Issuer, Inc., 8.38%, 02/01/34(b) | 739,956 | ||||||
| 450,000 | Avantor Funding, Inc., 4.63%, 07/15/28(b) | 443,516 | ||||||
| 225,000 | Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.38%, 06/15/32(b) | 226,208 | ||||||
| 630,000 | Bank of New York Mellon Corp. (The), Series F, (3 mo. Term SOFR + 3.393%), 4.63%(c)(d) | 627,868 | ||||||
| 400,000 | Bath & Body Works, Inc., 6.75%, 07/01/36 | 388,999 | ||||||
| 475,000 | Beacon Mobility Corp., 7.25%, 08/01/30(b) | 494,604 | ||||||
| 43 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 450,000 | Blackstone Mortgage Trust, Inc. REIT, 7.75%, 12/01/29(b) | $ | 477,333 | ||||
| 1,125,000 | Block, Inc., 6.00%, 08/15/33(b) | 1,122,829 | ||||||
| 425,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 07/15/29(b) | 440,183 | ||||||
| 325,000 | Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, 07/15/32(b) | 339,968 | ||||||
| 275,000 | BlueLinx Holdings, Inc., 6.00%, 11/15/29(b) | 267,072 | ||||||
| 925,000 | Boyd Gaming Corp., 4.75%, 06/15/31(b) | 891,493 | ||||||
| 400,000 | Bread Financial Holdings, Inc., 6.75%, 05/15/31(b) | 408,658 | ||||||
| 750,000 | Brink’s Co. (The), 6.75%, 06/15/32(b) | 769,443 | ||||||
| 275,000 | Buckeye Partners LP, 6.75%, 02/01/30(b) | 284,483 | ||||||
| 575,000 | Builders FirstSource, Inc., 4.25%, 02/01/32(b) | 533,391 | ||||||
| 500,000 | Burford Capital Global Finance LLC, 6.25%, 04/15/28(b) | 487,350 | ||||||
| 250,000 | Burford Capital Global Finance LLC, 7.50%, 07/15/33(b) | 205,464 | ||||||
| 375,000 | Caesars Entertainment, Inc., 6.50%, 02/15/32(b) | 364,371 | ||||||
| 650,000 | Carnival Corp., 6.13%, 02/15/33(b) | 659,529 | ||||||
| 216,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27(b) | 215,762 | ||||||
| 1,300,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 08/15/30(b) | 1,212,595 | ||||||
| 800,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 02/01/31(b) | 726,610 | ||||||
| 450,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 06/01/33(b) | 386,598 | ||||||
| 225,000 | CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29(b) | 186,641 | ||||||
| 275,000 | Celanese US Holdings LLC, 7.38%, 02/15/34 | 287,921 | ||||||
| 725,000 | Century Communities, Inc., 6.63%, 09/15/33(b) | 721,360 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 675,000 | Champ Acquisition Corp., 8.38%, 12/01/31(b) | $ | 711,098 | ||||
| 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) | 1,556,510 | ||||||
| 450,000 | CHS/Community Health Systems, Inc., 5.25%, 05/15/30(b) | 424,906 | ||||||
| 650,000 | Churchill Downs, Inc., 5.50%, 04/01/27(b) | 649,394 | ||||||
| 50,000 | Cipher Compute LLC, 7.13%, 11/15/30(b) | 51,825 | ||||||
| 125,000 | Clarios Global LP/Clarios US Finance Co., 6.75%, 02/15/30(b) | 129,149 | ||||||
| 425,000 | Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/30(b) | 442,488 | ||||||
| 350,000 | Clear Channel Outdoor Holdings, Inc., 7.13%, 02/15/31(b) | 363,864 | ||||||
| 450,000 | Clearway Energy Operating LLC, 5.75%, 01/15/34(b) | 450,113 | ||||||
| 650,000 | Cleveland-Cliffs, Inc., 6.88%, 11/01/29(b) | 662,373 | ||||||
| 400,000 | Cleveland-Cliffs, Inc., 7.63%, 01/15/34(b) | 404,054 | ||||||
| 875,000 | Cloud Software Group, Inc., 6.50%, 03/31/29(b) | 851,949 | ||||||
| 400,000 | Cloud Software Group, Inc., 8.25%, 06/30/32(b) | 380,015 | ||||||
| 300,000 | Clue Opco LLC, 9.50%, 10/15/31(b) | 306,571 | ||||||
| 225,000 | Commercial Metals Co., 5.75%, 11/15/33(b) | 225,376 | ||||||
| 275,000 | Compass Minerals International, Inc., 8.00%, 07/01/30(b) | 287,065 | ||||||
| 330,000 | Concentrix Corp., 6.50%, 03/01/29 | 322,286 | ||||||
| 400,000 | CoreWeave, Inc., 9.25%, 06/01/30(b) | 405,043 | ||||||
| 550,000 | CoreWeave, Inc., 9.00%, 02/01/31(b) | 546,513 | ||||||
| 325,000 | CoreWeave, Inc., 9.75%, 10/01/31(b) | 326,882 | ||||||
| 350,000 | Crescent Energy Finance LLC, 7.63%, 04/01/32(b) | 360,387 | ||||||
| 44 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 250,000 | CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/30(b) | $ | 245,614 | ||||
| 375,000 | Cyprium Corp./Cyprium Holdings Luxembourg Sarl, 6.38%, 04/15/34(b) | 374,524 | ||||||
| 625,000 | DaVita, Inc., 6.88%, 09/01/32(b) | 645,119 | ||||||
| 250,000 | Dcli Bidco LLC, 7.75%, 11/15/29(b) | 256,827 | ||||||
| 200,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.63%, 03/15/29(b) | 208,671 | ||||||
| 375,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33(b) | 387,016 | ||||||
| 500,000 | Directv Financing LLC, 8.88%, 02/01/30(b) | 509,236 | ||||||
| 544,000 | Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b) | 544,404 | ||||||
| 275,000 | Discovery Global Holdings, Inc., 4.05%, 03/15/29 | 267,638 | ||||||
| 700,000 | Discovery Global Holdings, Inc., 5.05%, 03/15/42 | 499,471 | ||||||
| 375,000 | DISH DBS Corp., 5.75%, 12/01/28(b) | 368,434 | ||||||
| 475,000 | DISH DBS Corp., 5.13%, 06/01/29 | 437,379 | ||||||
| 850,000 | DISH Network Corp., 11.75%, 11/15/27(b) | 877,455 | ||||||
| 1,075,000 | EchoStar Corp., 10.75%, 11/30/29 | 1,167,184 | ||||||
| 518,563 | EchoStar Corp., PIK, 6.75%, 11/30/30 | 526,142 | ||||||
| 325,000 | Edgewell Personal Care Co., 5.50%, 06/01/28(b) | 324,334 | ||||||
| 782,000 | Edgewell Personal Care Co., 4.13%, 04/01/29(b) | 747,369 | ||||||
| 725,000 | Embecta Corp., 5.00%, 02/15/30(b) | 681,113 | ||||||
| 700,000 | Endo Finance Holdings LP, 8.50%, 04/15/31(b) | 742,035 | ||||||
| 450,000 | Energizer Holdings, Inc., 4.75%, 06/15/28(b) | 443,867 | ||||||
| 700,000 | Energizer Holdings, Inc., 4.38%, 03/31/29(b) | 673,380 | ||||||
| 325,000 | EquipmentShare.com, Inc., 9.00%, 05/15/28(b) | 336,942 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 425,000 | EW Scripps Co. (The), 9.88%, 08/15/30(b) | $ | 426,259 | ||||
| 300,000 | FirstCash, Inc., 6.13%, 05/01/34(b) | 299,287 | ||||||
| 425,000 | FMC Corp., 3.45%, 10/01/29 | 384,591 | ||||||
| 350,000 | Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b) | 353,494 | ||||||
| 450,000 | Freedom Mortgage Holdings LLC, 8.38%, 04/01/32(b) | 456,235 | ||||||
| 300,000 | FTAI Aviation Investors LLC, 7.00%, 05/01/31(b) | 310,477 | ||||||
| 700,000 | FTAI Aviation Investors LLC, 7.00%, 06/15/32(b) | 722,566 | ||||||
| 100,000 | GB AIT Buyer, Inc., 8.75%, 04/30/34(b) | 100,592 | ||||||
| 725,000 | GCI LLC, 4.75%, 10/15/28(b) | 709,342 | ||||||
| 722,000 | Global Infrastructure Solutions, Inc., 5.63%, 06/01/29(b) | 720,810 | ||||||
| 700,000 | Goodyear Tire & Rubber Co. (The), 5.25%, 07/15/31 | 636,279 | ||||||
| 725,000 | Graham Holdings Co., 5.63%, 12/01/33(b) | 717,609 | ||||||
| 350,000 | Graphic Packaging International LLC, 6.38%, 07/15/32(b) | 349,313 | ||||||
| 360,000 | Gray Media, Inc., 10.50%, 07/15/29(b) | 382,206 | ||||||
| 375,000 | Gray Media, Inc., 5.38%, 11/15/31(b) | 292,871 | ||||||
| 175,000 | Gray Media, Inc., 9.63%, 07/15/32(b) | 177,925 | ||||||
| 525,000 | Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) | 538,603 | ||||||
| 600,000 | Harvest Midstream I LP, 7.50%, 09/01/28(b) | 603,953 | ||||||
| 225,000 | Hawaiian Electric Co., Inc., 6.00%, 10/01/33(b) | 225,751 | ||||||
| 150,000 | Herc Holdings, Inc., 7.00%, 06/15/30(b) | 156,056 | ||||||
| 525,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 02/01/31(b) | 518,856 | ||||||
| 450,000 | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 4.88%, 07/01/31(b) | 416,437 | ||||||
| 475,000 | Howard Hughes Corp. (The), 4.13%, 02/01/29(b) | 457,355 | ||||||
| 45 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 350,000 | Howard Hughes Corp. (The), 6.13%, 03/01/34(b) | $ | 342,955 | ||||
| 600,000 | HUB International Ltd., 7.25%, 06/15/30(b) | 620,683 | ||||||
| 575,000 | Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29 | 504,031 | ||||||
| 650,000 | Insight Enterprises, Inc., 6.63%, 05/15/32(b) | 644,731 | ||||||
| 650,000 | Iron Mountain, Inc. REIT, 5.25%, 07/15/30(b) | 643,274 | ||||||
| 400,000 | Jacobs Entertainment, Inc., 6.75%, 02/15/29(b) | 392,000 | ||||||
| 550,000 | JB Poindexter & Co., Inc., 8.75%, 12/15/31(b) | 569,934 | ||||||
| 275,000 | KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 7.13%, 04/30/33(b) | 278,409 | ||||||
| 675,000 | Kennedy-Wilson, Inc., 4.75%, 02/01/30 | 663,984 | ||||||
| 675,000 | Kennedy-Wilson, Inc., 5.00%, 03/01/31 | 672,280 | ||||||
| 925,000 | LCM Investments Holdings II LLC, 4.88%, 05/01/29(b) | 905,621 | ||||||
| 525,000 | Level 3 Financing, Inc., 6.88%, 06/30/33(b) | 541,817 | ||||||
| 525,000 | Level 3 Financing, Inc., 7.00%, 03/31/34(b) | 544,544 | ||||||
| 500,000 | Level 3 Financing, Inc., 8.50%, 01/15/36(b) | 535,505 | ||||||
| 325,000 | LGI Homes, Inc., 7.00%, 11/15/32(b) | 311,468 | ||||||
| 525,000 | LifePoint Health, Inc., 5.38%, 01/15/29(b) | 506,370 | ||||||
| 275,000 | LifePoint Health, Inc., 9.88%, 08/15/30(b) | 291,554 | ||||||
| 375,000 | LifePoint Health, Inc., 8.38%, 02/15/32(b) | 393,448 | ||||||
| 300,000 | LifePoint Health, Inc., 7.00%, 05/01/34(b) | 292,520 | ||||||
| 400,000 | Magnera Corp., 4.75%, 11/15/29(b) | 366,380 | ||||||
| 400,000 | Magnera Corp., 7.25%, 11/15/31(b) | 374,514 | ||||||
| 950,000 | Masterbrand, Inc., 7.00%, 07/15/32(b) | 944,837 | ||||||
| 75,000 | Mauser Packaging Solutions Holding Co., 7.88%, 04/15/30(b) | 75,837 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 850,000 | Mauser Packaging Solutions Holding Co., 9.25%, 04/15/30(b) | $ | 810,102 | ||||
| 300,000 | Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/28(b) | 313,103 | ||||||
| 950,000 | McGraw-Hill Education, Inc., 5.75%, 08/01/28(b) | 942,793 | ||||||
| 125,000 | Meridian Arc Holdco LLC, 6.25%, 04/30/31(b) | 124,972 | ||||||
| 500,000 | Michaels Cos., Inc. (The), 8.50%, 03/15/33(b) | 493,775 | ||||||
| 175,000 | Michaels Cos., Inc. (The), 11.00%, 03/15/34(b) | 168,876 | ||||||
| 700,000 | Midcontinent Communications, 8.00%, 08/15/32(b) | 658,790 | ||||||
| 400,000 | NCL Corp. Ltd., 6.25%, 03/01/30(b) | 399,062 | ||||||
| 750,000 | Neptune Bidco US, Inc., 9.29%, 04/15/29(b) | 758,512 | ||||||
| 1,025,000 | Neptune Bidco US, Inc., 10.38%, 05/15/31(b) | 1,057,770 | ||||||
| 925,000 | New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28(b) | 916,993 | ||||||
| 400,000 | Newell Brands, Inc., 8.50%, 06/01/28(b) | 417,986 | ||||||
| 400,000 | Nexstar Media, Inc., 6.50%, 09/15/33(b) | 403,078 | ||||||
| 750,000 | Nissan Motor Acceptance Co. LLC, 2.75%, 03/09/28(b) | 711,203 | ||||||
| 400,000 | Northern Oil & Gas, Inc., 7.88%, 10/15/33(b) | 414,558 | ||||||
| 500,000 | Novelis Corp., 6.88%, 01/30/30(b) | 512,608 | ||||||
| 425,000 | Novelis Corp., 3.88%, 08/15/31(b) | 386,338 | ||||||
| 625,000 | NRG Energy, Inc., 6.00%, 01/15/36(b) | 620,723 | ||||||
| 125,000 | OAK-Eagle Acquireco, Inc., 7.25%, 07/01/33(b) | 128,802 | ||||||
| 150,000 | OAK-Eagle Acquireco, Inc., 8.75%, 07/01/34(b) | 156,094 | ||||||
| 400,000 | Olympus Water US Holding Corp., 7.25%, 02/15/33(b) | 390,977 | ||||||
| 325,000 | OneMain Finance Corp., 5.38%, 11/15/29 | 320,368 | ||||||
| 550,000 | OneMain Finance Corp., 7.13%, 11/15/31 | 557,727 | ||||||
| 46 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 975,000 | OneSky Flight LLC, 8.88%, 12/15/29(b) | $ | 1,029,740 | ||||
| 500,000 | Open Text Holdings, Inc., 4.13%, 12/01/31(b) | 426,937 | ||||||
| 675,000 | Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(b) | 670,712 | ||||||
| 825,000 | Pagaya US Holdings Co. LLC, 8.88%, 08/01/30(b) | 640,173 | ||||||
| 525,000 | Paradigm Parent LLC and Paradigm Parent Co-Issuer, Inc., 8.75%, 04/17/32(b) | 473,739 | ||||||
| 250,000 | Paramount Global, 4.20%, 05/19/32 | 218,474 | ||||||
| 250,000 | Paramount Global, 5.50%, 05/15/33 | 226,567 | ||||||
| 700,000 | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer REIT, 5.88%, 10/01/28(b) | 698,325 | ||||||
| 800,000 | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer REIT, 4.88%, 05/15/29(b) | 778,194 | ||||||
| 200,000 | Park River Holdings, Inc., 8.00%, 03/15/31(b) | 201,098 | ||||||
| 450,000 | Penn Entertainment, Inc., 4.13%, 07/01/29(b) | 428,291 | ||||||
| 275,000 | PennyMac Financial Services, Inc., 7.88%, 12/15/29(b) | 285,330 | ||||||
| 750,000 | PennyMac Financial Services, Inc., 6.88%, 02/15/33(b) | 737,515 | ||||||
| 775,000 | Phinia, Inc., 6.63%, 10/15/32(b) | 794,011 | ||||||
| 400,000 | Post Holdings, Inc., 4.50%, 09/15/31(b) | 376,055 | ||||||
| 225,000 | Post Holdings, Inc., 6.25%, 10/15/34(b) | 222,111 | ||||||
| 300,000 | PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(b) | 297,364 | ||||||
| 1,050,000 | PRA Group, Inc., 5.00%, 10/01/29(b) | 996,853 | ||||||
| 475,000 | Prestige Brands, Inc., 3.75%, 04/01/31(b) | 438,739 | ||||||
| 700,000 | Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) | 725,882 | ||||||
| 350,000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, 09/15/29(b) | 364,486 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 450,000 | Qnity Electronics, Inc., 5.75%, 08/15/32(b) | $ | 454,329 | ||||
| 250,000 | Qnity Electronics, Inc., 6.25%, 08/15/33(b) | 255,781 | ||||||
| 150,000 | Quikrete Holdings, Inc., 6.38%, 03/01/32(b) | 152,367 | ||||||
| 275,000 | Quikrete Holdings, Inc., 6.75%, 03/01/33(b) | 278,868 | ||||||
| 300,000 | Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) | 296,970 | ||||||
| 700,000 | Resorts World Las Vegas LLC/RWLV Capital, Inc., 4.63%, 04/16/29(b) | 625,720 | ||||||
| 375,000 | RHP Hotel Properties LP/RHP Finance Corp. REIT, 6.50%, 04/01/32(b) | 384,792 | ||||||
| 75,000 | RHP Hotel Properties LP/RHP Finance Corp. REIT, 5.75%, 03/15/34(b) | 74,551 | ||||||
| 125,000 | Rivers Enterprise Borrower LLC, 6.25%, 10/15/30(b) | 127,159 | ||||||
| 575,000 | Rocket Cos., Inc., 6.38%, 08/01/33(b) | 582,012 | ||||||
| 975,000 | Rocket Software, Inc., 9.00%, 11/28/28(b) | 970,175 | ||||||
| 950,000 | Rocket Software, Inc., 6.50%, 02/15/29(b) | 848,255 | ||||||
| 175,000 | Rockies Express Pipeline LLC, 6.75%, 03/15/33(b) | 182,459 | ||||||
| 700,000 | Rockies Express Pipeline LLC, 6.88%, 04/15/40(b) | 706,918 | ||||||
| 175,000 | RXO, Inc., 6.38%, 05/15/31(b) | 173,293 | ||||||
| 175,000 | Sabre GLBL, Inc., 11.13%, 07/15/30(b) | 150,500 | ||||||
| 415,000 | SCIH Salt Holdings, Inc., 4.88%, 05/01/28(b) | 410,935 | ||||||
| 350,000 | SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/29(b) | 338,377 | ||||||
| 675,000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32(b) | 673,666 | ||||||
| 350,000 | Sinclair Television Group, Inc., 4.38%, 12/31/32(b) | 269,759 | ||||||
| 725,000 | Sinclair Television Group, Inc., 8.13%, 02/15/33(b) | 750,788 | ||||||
| 675,000 | Sirius XM Radio LLC, 4.00%, 07/15/28(b) | 655,497 | ||||||
| 47 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 325,000 | SM Energy Co., 5.00%, 10/15/26(b) | $ | 324,734 | ||||
| 375,000 | SM Energy Co., 8.63%, 11/01/30(b) | 396,666 | ||||||
| 350,000 | Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(b) | 349,714 | ||||||
| 275,000 | Snap, Inc., 6.88%, 03/01/33(b) | 267,723 | ||||||
| 175,000 | Snap, Inc., 6.88%, 03/15/34(b) | 169,378 | ||||||
| 650,000 | SS&C Technologies, Inc., 5.50%, 09/30/27(b) | 649,430 | ||||||
| 800,000 | Standard Building Solutions, Inc., 6.50%, 08/15/32(b) | 807,904 | ||||||
| 550,000 | Star Parent, Inc., 9.00%, 10/01/30(b) | 576,155 | ||||||
| 800,000 | Starwood Property Trust, Inc. REIT, 3.63%, 07/15/26(b) | 796,562 | ||||||
| 400,000 | SunCoke Energy, Inc., 4.88%, 06/30/29(b) | 368,775 | ||||||
| 350,000 | Sunoco LP, 5.63%, 03/15/31(b) | 351,299 | ||||||
| 425,000 | Sunoco LP, 5.88%, 03/15/34(b) | 423,475 | ||||||
| 200,000 | Sword Purchaser LLC, 8.25%, 04/15/33(b) | 204,632 | ||||||
| 1,025,000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30(b) | 1,030,437 | ||||||
| 350,000 | TEAM Services Holding, Inc., 9.00%, 02/15/33(b) | 350,150 | ||||||
| 300,000 | Tenneco, Inc., 8.00%, 11/17/28(b) | 303,565 | ||||||
| 325,000 | Terex Corp., 6.25%, 10/15/32(b) | 330,319 | ||||||
| 200,000 | TopBuild Corp., 5.63%, 01/31/34(b) | 202,596 | ||||||
| 700,000 | TransDigm, Inc., 7.13%, 12/01/31(b) | 725,389 | ||||||
| 750,000 | TransDigm, Inc., 6.00%, 01/15/33(b) | 757,170 | ||||||
| 725,000 | TransDigm, Inc., 6.38%, 05/31/33(b) | 730,575 | ||||||
| 975,000 | TriNet Group, Inc., 7.13%, 08/15/31(b) | 967,804 | ||||||
| 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) | 1,650,629 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 700,000 | UKG, Inc., 6.88%, 02/01/31(b) | $ | 681,319 | ||||
| 300,000 | United Airlines Holdings, Inc., 5.38%, 03/01/31 | 295,684 | ||||||
| 975,000 | United Wholesale Mortgage LLC, 5.50%, 04/15/29(b) | 930,301 | ||||||
| 600,000 | Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC REIT, 6.50%, 02/15/29(b) | 589,509 | ||||||
| 500,000 | Uniti Services LLC, 7.50%, 10/15/33(b) | 526,428 | ||||||
| 100,000 | Univision Communications, Inc., 8.88%, 04/15/33(b) | 100,545 | ||||||
| 400,000 | Upbound Group, Inc., 6.38%, 02/15/29(b) | 395,273 | ||||||
| 1,075,000 | US Acute Care Solutions LLC, 9.75%, 05/15/29(b) | 1,015,915 | ||||||
| 850,000 | Venture Global Calcasieu Pass LLC, 3.88%, 11/01/33(b) | 757,501 | ||||||
| 100,000 | Venture Global Calcasieu Pass LLC, 6.00%, 05/01/36(b) | 100,778 | ||||||
| 725,000 | Venture Global LNG, Inc., 9.50%, 02/01/29(b) | 791,241 | ||||||
| 650,000 | Venture Global LNG, Inc., 8.38%, 06/01/31(b) | 677,712 | ||||||
| 200,000 | Venture Global Plaquemines LNG LLC, 6.13%, 12/15/30(b) | 206,256 | ||||||
| 925,000 | Venture Global Plaquemines LNG LLC, 6.75%, 01/15/36(b) | 983,312 | ||||||
| 125,000 | Veritiv Operating Co., 10.50%, 11/30/30(b) | 131,722 | ||||||
| 325,000 | VF Corp., 2.95%, 04/23/30 | 294,876 | ||||||
| 450,000 | Victra Holdings LLC/Victra Finance Corp., 8.75%, 09/15/29(b) | 471,186 | ||||||
| 325,000 | Vistra Operations Co. LLC, 6.88%, 04/15/32(b) | 339,291 | ||||||
| 450,000 | WESCO Distribution, Inc., 6.38%, 03/15/33(b) | 464,802 | ||||||
| 400,000 | Whirlpool Corp., 6.13%, 06/15/30 | 392,254 | ||||||
| 500,000 | Whirlpool Corp., 6.50%, 06/15/33 | 478,881 | ||||||
| 300,000 | White Cap Supply Holdings LLC, 7.38%, 11/15/30(b) | 303,344 | ||||||
| 400,000 | Williams Scotsman, Inc., 4.63%, 08/15/28(b) | 395,972 | ||||||
| 48 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| $ | 375,000 | Williams Scotsman, Inc., 6.63%, 04/15/30(b) | $ | 386,220 | ||||
| 625,000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b) | 661,061 | ||||||
| 700,000 | WR Grace Holdings LLC, 5.63%, 08/15/29(b) | 667,869 | ||||||
| 705,000 | WULF Compute LLC, 7.75%, 10/15/30(b) | 740,952 | ||||||
| 350,000 | XHR LP REIT, 6.63%, 05/15/30(b) | 358,122 | ||||||
| 250,000 | XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/29(b) | 259,983 | ||||||
| 150,000 | XPLR Infrastructure Operating Partners LP, 8.38%, 01/15/31(b) | 160,285 | ||||||
| 451,465 | Zayo Group Holdings, Inc., PIK, 9.25%, 03/09/30(b) | 451,691 | ||||||
| 700,000 | ZF North America Capital, Inc., 7.13%, 04/14/30(b) | 701,863 | ||||||
| 500,000 | ZF North America Capital, Inc., 7.50%, 03/24/31(b) | 500,644 | ||||||
| 600,000 | ZoomInfo Technologies LLC/ ZoomInfo Finance Corp., 3.88%, 02/01/29(b) | 488,130 | ||||||
| 130,072,995 | ||||||||
| Total Corporate Bonds (Cost $146,663,870) | 147,144,860 | |||||||
| ASSET-BACKED SECURITIES — 12.1% | ||||||||
| CAYMAN ISLANDS — 0.2% | ||||||||
| Collateralized Loan Obligations — 0.2% | ||||||||
| 17,550,000 | CBAM Ltd., Series 2019-10A, Class SUB, 6.19%, 04/20/32(b)(d)(e) | 209,196 | ||||||
| 9,915,625 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 5.71%, 01/20/31(b)(d)(e) | 1,095,181 | ||||||
| 12,131,250 | Madison Park Funding XLII Ltd., Series 13A, Class SUB, 2.26%, 11/21/47(b)(d)(e) | 929,132 | ||||||
| 5,000,000 | Romark CLO II Ltd., Series 2018-2A, Class SUB, 6.15%, 07/25/31(b)(d)(e) | 249,566 | ||||||
| 5,000,000 | Romark CLO Ltd., Series 2017-1A, Class SUB, 6.51%, 10/23/30(b)(d)(e) | 539,700 | ||||||
| Principal Amount | Value | |||||||
| CAYMAN ISLANDS (continued) | ||||||||
| Collateralized Loan Obligations (continued) | ||||||||
| $ | 7,500,000 | Romark WM-R Ltd., Series 2018-1A,
Class F, (3 mo. Term SOFR + 8.362%), 12.04%, 04/20/31(b)(d)(e) | $ | 1,452,741 | ||||
| 4,475,516 | ||||||||
| UNITED STATES — 11.9% | ||||||||
| Other Asset-Backed Securities — 11.9% | ||||||||
| 111,571 | Aegis Asset-Backed Securities Corp. Mortgage
Pass-Through Certificates, Series 2003-3, Class M1, (1 mo. Term SOFR + 1.164%), 4.82%, 01/25/34(d) | 110,693 | ||||||
| 5,221,369 | Ajax Mortgage Loan Trust, Series 2023-B, Class A, STEP, 4.25%, 10/25/62(b) | 5,203,675 | ||||||
| 873,700 | Ajax Mortgage Loan Trust, Series 2023-B, Class B, STEP, 4.25%, 10/25/62(b) | 865,899 | ||||||
| 1,898,099 | Ajax Mortgage Loan Trust, Series 2023-B, Class C, 3.16%, 10/25/62(b)(f) | 1,503,680 | ||||||
| 13,340 | Ajax Mortgage Loan Trust, Series 2023-B, Class SA, 1.11%, 10/25/62(b)(f) | 13,101 | ||||||
| 5,000,000 | Ameriquest Mortgage Securities, Inc. Asset-Backed
Pass-Through Certificates, Series 2005-R3, Class M7, (1 mo. Term SOFR + 2.094%), 5.75%, 05/25/35(d) | 4,443,116 | ||||||
| 1,800,000 | AMSR Trust, Series 2023-SFR2, Class F1, 3.95%, 06/17/40(b) | 1,715,360 | ||||||
| 2,230,000 | AMSR Trust, Series 2023-SFR2, Class F2, 3.95%, 06/17/40(b) | 2,111,580 | ||||||
| 5,754,342 | Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. Term SOFR + 0.594%), 4.25%, 05/25/35(d) | 4,892,043 | ||||||
| 4,736,431 | Argent Securities, Inc. Asset-Backed Pass-Through
Certificates, Series 2005-W5, Class M1, (1 mo. Term SOFR + 0.804%), 4.46%, 01/25/36(d) | 5,170,625 | ||||||
| 49 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 6,070,842 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. Term SOFR + 0.744%), 3.28%, 01/25/36(d) | $ | 5,622,726 | ||||
| 5,740,000 | BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(d) | 305,621 | ||||||
| 5,000,000 | BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.17%, 12/10/25(d) | 308,993 | ||||||
| 4,991,619 | Barclays Mortgage Trust, Series 2021- NPL1, Class A, STEP, 6.00%, 11/25/51(b) | 4,995,331 | ||||||
| 1,259,623 | Barclays Mortgage Trust, Series 2021- NPL1, Class B, STEP, 7.63%, 11/25/51(b) | 1,261,164 | ||||||
| 2,427,440 | Barclays Mortgage Trust, Series 2021- NPL1, Class C, 0.00%, 11/25/51(b)(f) | 3,483,377 | ||||||
| 431,677 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. Term SOFR + 1.414%), 5.07%, 05/28/39(b)(d) | 201,039 | ||||||
| 355,999 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. Term SOFR + 1.114%), 4.77%, 12/28/40(b)(d) | 362,407 | ||||||
| 747,679 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. Term SOFR + 1.044%), 4.70%, 12/28/40(b)(d) | 731,977 | ||||||
| 839,440 | Bear Stearns Asset Backed Securities I Trust, Series 2005-TC1, Class M4, (1 mo. Term SOFR + 1.914%), 4.54%, 05/25/35(d) | 842,627 | ||||||
| 2,272,702 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. Term SOFR + 1.134%), 4.70%, 12/25/35(d) | 2,246,961 | ||||||
| 2,196,450 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE10, Class 22A, (1 mo. Term SOFR + 0.394%), 4.05%, 12/25/36(d) | 2,229,396 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 581,740 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class M1, (1 mo. Term SOFR + 0.549%), 4.20%, 11/25/36(d) | $ | 593,843 | ||||
| 4,650,000 | Bear Stearns Asset Backed Securities Trust, Series 2006-SD1, Class M3, (1 mo. Term SOFR + 2.364%), 6.02%, 04/25/36(d) | 4,945,446 | ||||||
| 4,884,740 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. Term SOFR + 0.534%), 4.19%, 12/26/36(d) | 4,209,510 | ||||||
| 7,878,862 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class M1, (1 mo. Term SOFR + 0.614%), 4.27%, 02/25/37(d) | 6,633,753 | ||||||
| 3,828,632 | Cascade MH Asset Trust, Series 2019- MH1, Class A, 4.00%, 11/25/44(b)(d) | 3,681,948 | ||||||
| 1,600,000 | CFMT LLC, Series 2024-HB13, Class M2, 3.00%, 05/25/34(b)(d) | 1,559,890 | ||||||
| 2,500,000 | CFMT LLC, Series 2024-HB13, Class M3, 3.00%, 05/25/34(b)(d) | 2,417,454 | ||||||
| 2,000,000 | CFMT LLC, Series 2024-HB13, Class M4, 3.00%, 05/25/34(b)(d) | 1,926,086 | ||||||
| 6,000,000 | CIT Mortgage Loan Trust, Series 2007-1, Class 1M2, (1 mo. Term SOFR + 2.739%), 5.52%, 10/25/37(b)(d) | 5,921,227 | ||||||
| 3,766,500 | CIT Mortgage Loan Trust, Series 2007-1, Class 2M2, (1 mo. Term SOFR + 2.739%), 5.52%, 10/25/37(b)(d) | 3,656,749 | ||||||
| 2,573,674 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3B, (1 mo. Term SOFR + 0.314%), 3.97%, 05/25/37(d) | 1,753,080 | ||||||
| 69,157 | Citigroup Mortgage Loan Trust, Series 2007-AHL2, Class A3C, (1 mo. Term SOFR + 0.384%), 4.04%, 05/25/37(d) | 47,128 | ||||||
| 3,006,968 | Citigroup Mortgage Loan Trust, Series 2007-AHL3, Class A3B, (1 mo. Term SOFR + 0.284%), 3.94%, 07/25/45(d) | 2,112,386 | ||||||
| 50 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 510,038 | Conseco Finance Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(d) | $ | 513,172 | ||||
| 1,992,703 | Conseco Finance Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(d) | 469,118 | ||||||
| 2,248,085 | Conseco Finance Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(d) | 506,150 | ||||||
| 11,183,346 | Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(d) | 1,231,181 | ||||||
| 2,425,653 | Countrywide Asset-Backed Certificates, Series 2007-QX1, Class A1, (1 mo. Term SOFR + 0.614%), 4.29%, 05/25/37(b)(d) | 2,256,895 | ||||||
| 608,202 | Countrywide Asset-Backed Certificates Trust, Series 2006-11, Class 1AF4, 6.30%, 12/25/35(d) | 593,738 | ||||||
| 9,471,626 | Countrywide Asset-Backed Certificates Trust, Series 2006-18, Class M1, (1 mo. Term SOFR + 0.564%), 4.22%, 03/25/37(d) | 10,052,773 | ||||||
| 6,545,246 | Countrywide Asset-Backed Certificates Trust, Series 2006-22, Class M1, (1 mo. Term SOFR + 0.459%), 4.11%, 05/25/47(d) | 6,381,615 | ||||||
| 6,224,777 | Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class M1, (1 mo. Term SOFR + 0.489%), 4.14%, 06/25/37(d) | 6,047,626 | ||||||
| 838,887 | Countrywide Asset-Backed Certificates Trust, Series 2007-BC2, Class M1, (1 mo. Term SOFR + 0.624%), 4.28%, 06/25/37(d) | 450,495 | ||||||
| 167,793 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-C, Class 2A, (1 mo. Term SOFR + 0.294%), 3.95%, 05/15/36(d) | 167,094 | ||||||
| 249,663 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. Term SOFR + 0.354%), 4.01%, 02/15/30(b)(d) | 244,218 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 290,540 | Credit Suisse Mortgage Capital Certificates Trust, Series 2017-2, Class CERT, 0.42%, 02/01/47(b)(f) | $ | 29,367 | ||||
| 1,678,370 | Credit-Based Asset Servicing and Securitization LLC, Series 2007-CB6, Class A4, (1 mo. Term SOFR + 0.454%), 4.13%, 07/25/37(b)(d) | 1,117,693 | ||||||
| 1,002,849 | Cross Mortgage Trust, Series 2025-CES1, Class A1A, STEP, 5.30%, 11/25/60(b) | 1,001,002 | ||||||
| 2,639,741 | Deephaven Residential Mortgage Trust, Series 2025-CES1, Class A1A, STEP, 5.22%, 10/25/55(b) | 2,634,819 | ||||||
| 901,165 | First Franklin Mortgage Loan Trust, Series 2003-FF4, Class M1, (1 mo. Term SOFR + 1.914%), 5.58%, 10/25/33(d) | 898,267 | ||||||
| 4,342,017 | First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. Term SOFR + 0.654%), 4.00%, 03/25/36(d) | 4,215,523 | ||||||
| 9,145,230 | First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. Term SOFR + 0.489%), 4.14%, 07/25/36(d) | 7,719,599 | ||||||
| 4,480,803 | First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. Term SOFR + 0.714%), 4.37%, 01/25/36(d) | 4,104,829 | ||||||
| 3,097,204 | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. Term SOFR + 0.414%), 4.07%, 03/25/37(d) | 1,456,232 | ||||||
| 4,000,000 | FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39(b) | 3,956,968 | ||||||
| 4,000,000 | FirstKey Homes Trust, Series 2022-SFR1, Class E2, 5.00%, 05/19/39(b) | 3,945,181 | ||||||
| 1,293,604 | Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. Term SOFR + 0.729%), 4.38%, 11/25/35(d) | 1,191,873 | ||||||
| 1,500,000 | FRTKL, Series 2021-SFR1, Class F, 3.17%, 09/17/38(b) | 1,479,741 | ||||||
| 51 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 199,868 | GMACM Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. Term SOFR + 0.614%), 4.27%, 02/25/36(d) | $ | 194,962 | ||||
| 4,395,867 | Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.33%, 06/20/31(d) | 1,205,376 | ||||||
| 2,463,906 | GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. Term SOFR + 0.814%), 4.47%, 12/25/35(d) | 1,097,326 | ||||||
| 7,583,572 | GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. Term SOFR + 0.474%), 4.13%, 03/25/36(d) | 2,094,459 | ||||||
| 14,324,597 | GSAA Home Equity Trust, Series 2007-9, Class A3A, 7.00%, 10/25/37 | 5,390,648 | ||||||
| 314,652 | GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(d) | 106,163 | ||||||
| 3,216,758 | GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. Term SOFR + 3.489%), 7.14%, 02/25/37(d) | 3,214,788 | ||||||
| 2,054,173 | Home Equity Asset Trust, Series 2007- 1, Class 2A3, (1 mo. Term SOFR + 0.414%), 4.07%, 05/25/37(d) | 1,814,056 | ||||||
| 2,878,035 | Home Partners of America Trust, Series 2021-2, Class F, 3.80%, 12/17/26(b) | 2,840,181 | ||||||
| 3,584,798 | Home Partners of America Trust, Series 2021-3, Class F, 4.24%, 01/17/41(b) | 3,321,504 | ||||||
| 4,180,124 | HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 6.23%, 12/25/36 | 1,266,402 | ||||||
| 28,366 | Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(b) | 28,344 | ||||||
| 99,348 | JP Morgan Mortgage Acquisition Trust, Series 2006-WF1, Class A4, STEP, 6.63%, 07/25/36 | 24,612 | ||||||
| 195,932 | JP Morgan Mortgage Acquisition Trust, Series 2006-WMC2, Class A3, (1 mo. Term SOFR + 0.294%), 3.95%, 07/25/36(d) | 91,039 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 262,358 | Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(d) | $ | 263,796 | ||||
| 195,580 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. Term SOFR + 0.204%), 3.86%, 06/25/37(b)(d) | 129,233 | ||||||
| 1,058,439 | Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. Term SOFR + 2.414%), 6.07%, 12/25/37(d) | 1,088,918 | ||||||
| 3,590,386 | Long Beach Mortgage Loan Trust, Series 2006-2, Class 1A, (1 mo. Term SOFR + 0.474%), 4.13%, 03/25/46(d) | 3,160,519 | ||||||
| 4,651,430 | Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. Term SOFR + 0.434%), 4.09%, 10/25/36(d) | 1,399,950 | ||||||
| 1,003,706 | Mastr Asset Backed Securities Trust, Series 2007-NCW, Class A1, (1 mo. Term SOFR + 0.414%), 4.07%, 05/25/37(b)(d) | 909,983 | ||||||
| 3,586,722 | MASTR Second Lien Trust, Series 2006-1, Class A, (1 mo. Term SOFR + 0.434%), 4.09%, 03/25/36(d) | 185,835 | ||||||
| 1,792,199 | MERIT Securities Corp., Series 13, Class M2, STEP, 7.88%, 12/28/33 | 1,707,070 | ||||||
| 6,744,136 | Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. Term SOFR + 0.614%), 4.27%, 10/25/37(d) | 955,740 | ||||||
| 830,112 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-HE4, Class A4, (1 mo. Term SOFR + 0.594%), 4.25%, 06/25/36(d) | 406,540 | ||||||
| 5,338,846 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-NC1, Class A1, (1 mo. Term SOFR + 0.244%), 3.90%, 11/25/36(d) | 2,284,668 | ||||||
| 52 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 452,766 | Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-SEA1, Class 2A1, (1 mo. Term SOFR + 3.914%), 7.57%, 02/25/47(b)(d) | $ | 443,655 | ||||
| 3,576,072 | Morgan Stanley Capital I, Inc. Trust, Series 2006-NC2, Class M1, (1 mo. Term SOFR + 0.654%), 4.31%, 02/25/36(d) | 3,646,706 | ||||||
| 3,822,927 | Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.51%, 10/25/36 | 797,570 | ||||||
| 145,449 | Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, (1 mo. Term SOFR + 0.414%), 4.07%, 03/25/36(d) | 149,092 | ||||||
| 5,733,571 | New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. Term SOFR + 0.789%), 4.44%, 12/25/35(d) | 5,160,698 | ||||||
| 6,500,000 | New Residential Mortgage Loan Trust, Series 2022-SFR1, Class F, 4.44%, 02/17/39(b) | 6,392,449 | ||||||
| 310,317 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. Term SOFR + 0.514%), 4.17%, 10/25/36(b)(d) | 646,076 | ||||||
| 559,534 | Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27 | 380,993 | ||||||
| 9,752,270 | Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(d) | 995,339 | ||||||
| 8,572,117 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(d) | 389,012 | ||||||
| 5,947,218 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(d) | 301,348 | ||||||
| 6,795,981 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(d) | 385,772 | ||||||
| 429,976 | Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(d) | 134,719 | ||||||
| 3,000,000 | Pagaya AI Technology in Housing Trust, Series 2023-1, Class F, 3.60%, 10/25/40(b) | 2,686,042 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 2,955,985 | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 3.35%, 07/25/35 | $ | 2,528,366 | ||||
| 2,485,166 | Progress Residential Trust, Series 2021-SFR10, Class F, 4.61%, 12/17/40(b) | 2,429,522 | ||||||
| 2,500,000 | Progress Residential Trust, Series 2021-SFR11, Class F, 4.42%, 01/17/39(b) | 2,427,266 | ||||||
| 3,500,000 | Progress Residential Trust, Series 2021-SFR8, Class F, 3.18%, 10/17/38(b) | 3,463,401 | ||||||
| 2,400,000 | Progress Residential Trust, Series 2021-SFR9, Class F, 4.05%, 11/17/40(b) | 2,315,414 | ||||||
| 4,000,000 | Progress Residential Trust, Series 2022-SFR1, Class F, 4.88%, 02/17/41(b) | 3,868,288 | ||||||
| 3,000,000 | Progress Residential Trust, Series 2022-SFR1, Class G, 5.52%, 02/17/41(b) | 2,923,707 | ||||||
| 1,548,000 | Progress Residential Trust, Series 2022-SFR3, Class E2, 5.60%, 04/17/39(b) | 1,543,605 | ||||||
| 4,751,000 | Progress Residential Trust, Series 2022-SFR4, Class E1, 6.12%, 05/17/41(b) | 4,729,813 | ||||||
| 925,000 | Progress Residential Trust, Series 2023-SFR1, Class E1, 6.15%, 03/17/40(b) | 917,126 | ||||||
| 1,144,424 | RAAC Trust, Series 2006-SP3, Class M3, (1 mo. Term SOFR + 1.464%), 5.12%, 08/25/36(d) | 1,195,621 | ||||||
| 3,825,000 | Residential Asset Securities Corp. Trust, Series 2005-KS10, Class M4, (1 mo. Term SOFR + 0.984%), 4.64%, 11/25/35(d) | 3,406,211 | ||||||
| 1,180,057 | Residential Asset Securities Corp. Trust, Series 2006-KS4, Class M2, (1 mo. Term SOFR + 0.404%), 4.20%, 06/25/36(d) | 1,163,494 | ||||||
| 3,500,000 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M4, 4.70%, 11/25/31(b)(d) | 3,330,194 | ||||||
| 53 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 3,581,954 | RMF Buyout Issuance Trust, Series 2021-HB1, Class M6, 6.00%, 11/25/31(b)(d) | $ | 3,206,627 | ||||
| 4,218,455 | Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. Term SOFR + 0.594%), 4.25%, 09/25/36(d) | 3,560,744 | ||||||
| 8,528,973 | Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. Term SOFR + 0.404%), 4.06%, 01/25/47(d) | 8,398,013 | ||||||
| 5,395,129 | Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. Term SOFR + 0.654%), 4.31%, 02/25/37(d) | 2,161,533 | ||||||
| 11,889,643 | Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. Term SOFR + 0.489%), 4.14%, 07/25/36(d) | 10,440,137 | ||||||
| 4,561,028 | Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. Term SOFR + 0.789%), 4.44%, 11/25/35(d) | 4,238,631 | ||||||
| 4,397,564 | Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. Term SOFR + 0.864%), 4.52%, 07/25/35(d) | 3,287,867 | ||||||
| 2,528,448 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. Term SOFR + 0.774%), 4.43%, 02/25/37(d) | 4,856,943 | ||||||
| 1,500,000 | Tricon Residential Trust, Series 2021-SFR1, Class F, 3.69%, 07/17/38(b) | 1,491,928 | ||||||
| 968,000 | Tricon Residential Trust, Series 2021-SFR1, Class G, 4.13%, 07/17/38(b) | 962,172 | ||||||
| 1,600,000 | Tricon Residential Trust, Series 2022-SFR1, Class E2, 5.74%, 04/17/39(b) | 1,587,316 | ||||||
| 4,000,000 | Tricon Residential Trust, Series 2022-SFR2, Class E, 7.51%, 07/17/40(b) | 3,985,414 | ||||||
| 2,403,341 | Vista Point Securitization Trust, Series 2025-CES3, Class A1, STEP, 5.30%, 11/25/55(b) | 2,401,240 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 2,139,893 | VOLT CVI LLC, Series 2021-NP12, Class A1, STEP, 6.73%, 12/26/51(b) | $ | 2,141,484 | ||||
| 3,750,225 | Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE1, Class 2A3, (1 mo. Term SOFR + 0.414%), 4.07%, 01/25/37(d) | 1,680,949 | ||||||
| 1,474,725 | Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE1, Class 2A4, (1 mo. Term SOFR + 0.574%), 4.23%, 01/25/37(d) | 660,681 | ||||||
| 4,777,420 | Washington Mutual Asset-Backed Certificates Trust, Series 2007-HE2, Class 2A3, (1 mo. Term SOFR + 0.614%), 4.27%, 04/25/37(d) | 1,696,993 | ||||||
| 7,518,327 | Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. Term SOFR + 0.514%), 4.17%, 06/25/37(b)(d) | 2,282,418 | ||||||
| 303,719,761 | ||||||||
| Total Asset-Backed Securities (Cost $412,430,422) | 308,195,277 | |||||||
| NON-AGENCY MORTGAGE-BACKED SECURITIES — 24.9% | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 23.1% | ||||||||
| 1,579,000 | ACRA Trust, Series 2024-NQM1, Class B1, 8.16%, 10/25/64(b)(d) | 1,603,324 | ||||||
| 2,500,000 | ACRA Trust, Series 2024-NQM1, Class M1B, 7.19%, 10/25/64(b)(d) | 2,542,826 | ||||||
| 2,726 | Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 4.78%, 07/25/35(d) | 2,717 | ||||||
| 1,322,796 | Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.45%, 03/25/37(d) | 838,134 | ||||||
| 1,179 | Ajax Mortgage Loan Trust, Series 2017-D, Class B, 2.15%, 12/25/57(b)(d) | 411 | ||||||
| 1,347,802 | Ajax Mortgage Loan Trust, Series 2021-C, Class B, STEP, 6.72%, 01/25/61(b) | 1,334,616 | ||||||
| 54 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 3,016,912 | Ajax Mortgage Loan Trust, Series 2021-C, Class C, 1.32%, 01/25/61(b)(f) | $ | 3,234,449 | ||||
| 4,574,485 | Ajax Mortgage Loan Trust, Series 2021-D, Class A, STEP, 6.00%, 03/25/60(b) | 4,577,886 | ||||||
| 2,182,726 | Ajax Mortgage Loan Trust, Series 2021-D, Class B, 7.00%, 03/25/60(b)(d) | 2,167,846 | ||||||
| 2,903,734 | Ajax Mortgage Loan Trust, Series 2021-D, Class C, 0.00%, 03/25/60(b)(d) | 3,591,868 | ||||||
| 3,041,340 | Ajax Mortgage Loan Trust, Series 2021-E, Class B2, 3.92%, 12/25/60(b)(d) | 1,853,226 | ||||||
| 4,000,000 | Ajax Mortgage Loan Trust, Series 2021-E, Class M1, 2.94%, 12/25/60(b)(d) | 2,856,721 | ||||||
| 5,788,313 | Ajax Mortgage Loan Trust, Series 2021-F, Class A, STEP, 5.88%, 06/25/61(b) | 5,792,118 | ||||||
| 2,224,434 | Ajax Mortgage Loan Trust, Series 2021-F, Class B, STEP, 6.75%, 06/25/61(b) | 2,212,283 | ||||||
| 3,146,042 | Ajax Mortgage Loan Trust, Series 2021-F, Class C, 0.35%, 06/25/61(b)(f) | 3,149,094 | ||||||
| 4,381,775 | Ajax Mortgage Loan Trust, Series 2022-A, Class A1, STEP, 3.50%, 10/25/61(b) | 4,259,573 | ||||||
| 532,000 | Ajax Mortgage Loan Trust, Series 2022-A, Class A2, 3.00%, 10/25/61(b)(d) | 497,739 | ||||||
| 914,036 | Ajax Mortgage Loan Trust, Series 2022-A, Class A3, 3.00%, 10/25/61(b)(d) | 850,435 | ||||||
| 2,128,000 | Ajax Mortgage Loan Trust, Series 2022-A, Class B, 3.00%, 10/25/61(b) | 1,730,853 | ||||||
| 1,001,542 | Ajax Mortgage Loan Trust, Series 2022-A, Class C, 3.00%, 10/25/61(b) | 1,327,578 | ||||||
| 999,392 | Ajax Mortgage Loan Trust, Series 2022-A, Class M1, 3.00%, 10/25/61(b) | 924,705 | ||||||
| 3,453,061 | Ajax Mortgage Loan Trust, Series 2022-A, Class M2, 3.00%, 10/25/61(b) | 2,898,814 | ||||||
| 88,700 | Ajax Mortgage Loan Trust, Series 2022-A, Class M3, 3.00%, 10/25/61(b) | 73,850 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 6,352,398 | Ajax Mortgage Loan Trust, Series 2022-B, Class A1, STEP, 3.50%, 03/27/62(b) | $ | 6,151,614 | ||||
| 403,400 | Ajax Mortgage Loan Trust, Series 2022-B, Class A2, 3.00%, 03/27/62(b)(d) | 376,704 | ||||||
| 345,800 | Ajax Mortgage Loan Trust, Series 2022-B, Class A3, 3.00%, 03/27/62(b)(d) | 320,622 | ||||||
| 1,921,100 | Ajax Mortgage Loan Trust, Series 2022-B, Class B, 3.00%, 03/27/62(b) | 1,587,016 | ||||||
| 2,022,238 | Ajax Mortgage Loan Trust, Series 2022-B, Class C, 3.00%, 03/27/62(b) | 1,636,498 | ||||||
| 259,300 | Ajax Mortgage Loan Trust, Series 2022-B, Class M1, 3.00%, 03/27/62(b) | 239,055 | ||||||
| 1,287,100 | Ajax Mortgage Loan Trust, Series 2022-B, Class M2, 3.00%, 03/27/62(b) | 1,150,154 | ||||||
| 7,415,695 | Ajax Mortgage Loan Trust, Series 2023-A, Class A1,
STEP, 3.50%, 07/25/62(b) | 7,055,101 | ||||||
| 481,800 | Ajax Mortgage Loan Trust, Series 2023-A, Class A2, 3.00%, 07/25/62(b)(d) | 443,823 | ||||||
| 273,000 | Ajax Mortgage Loan Trust, Series 2023-A, Class A3, 2.50%, 07/25/62(b)(d) | 245,030 | ||||||
| 1,605,800 | Ajax Mortgage Loan Trust, Series 2023-A, Class B, 2.50%, 07/25/62(b)(d) | 1,236,482 | ||||||
| 1,382,121 | Ajax Mortgage Loan Trust, Series 2023-A, Class C, 2.50%, 07/25/62(b)(d) | 772,984 | ||||||
| 827,000 | Ajax Mortgage Loan Trust, Series 2023-A, Class M1, 2.50%, 07/25/62(b)(d) | 729,280 | ||||||
| 9,583,473 | Ajax Mortgage Loan Trust, Series 2023-C, Class A1,
STEP, 3.50%, 05/25/63(b) | 9,195,054 | ||||||
| 782,700 | Ajax Mortgage Loan Trust, Series 2023-C, Class A2, 3.00%, 05/25/63(b)(d) | 710,230 | ||||||
| 417,400 | Ajax Mortgage Loan Trust, Series 2023-C, Class A3, 2.50%, 05/25/63(b)(d) | 369,432 | ||||||
| 3,807,066 | Ajax Mortgage Loan Trust, Series 2023-C, Class C, 2.50%, 05/25/63(b)(d) | 2,068,180 | ||||||
| 55 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 365,300 | Ajax Mortgage Loan Trust, Series 2023-C, Class M1, 2.50%, 05/25/63(b)(d) | $ | 320,811 | ||||
| 2,264,500 | Ajax Mortgage Loan Trust, Series 2023-C, Class M2, 2.50%, 05/25/63(b)(d) | 1,872,838 | ||||||
| 970,563 | American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 4.47%, 09/25/46(d) | 926,464 | ||||||
| 655,373 | American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.75%, 06/25/37 | 586,556 | ||||||
| 3,324,000 | Angel Oak Mortgage Trust, Series 2020-R1, Class B2, 4.61%, 04/25/53(b)(d) | 2,989,249 | ||||||
| 13,566,714 | APS Resecuritization Trust, Series 2016-1, Class 1MZ, 2.96%, 07/31/57(b)(d) | 4,925,755 | ||||||
| 3,375,628 | Banc of America Alternative Loan Trust, Series 2006-7, Class A4, STEP, 6.50%, 10/25/36 | 836,362 | ||||||
| 760,694 | Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. Term SOFR + 0.514%), 4.17%, 01/25/37(d) | 638,395 | ||||||
| 64,573 | Banc of America Funding Corp. Trust, Series 2005-F, Class 6A1, 4.44%, 09/20/35(d) | 58,493 | ||||||
| 224,612 | Banc of America Funding Corp. Trust, Series 2006-A, Class 3A2, 4.58%, 02/20/36(d) | 203,633 | ||||||
| 155,271 | Banc of America Funding Corp. Trust, Series 2006-E, Class 2A1, 5.40%, 06/20/36(d) | 142,670 | ||||||
| 841,692 | Banc of America Funding Corp. Trust, Series 2007-1, Class TA5, STEP, 6.59%, 01/25/37 | 789,679 | ||||||
| 4,018,706 | Banc of America Funding Corp. Trust, Series 2015-R3, Class 1A2, 3.81%, 03/27/36(b)(d) | 3,404,334 | ||||||
| 208,380 | Banc of America Mortgage Trust, Series 2005-I, Class 2A5, 4.51%, 10/25/35(d) | 197,516 | ||||||
| 1,914,528 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A2, STEP, 7.36%, 10/25/63(b) | 1,929,822 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 1,156,026 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class A3, STEP, 7.69%, 10/25/63(b) | $ | 1,165,659 | ||||
| 963,000 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B1, 7.94%, 10/25/63(b)(d) | 970,766 | ||||||
| 810,100 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B2, 7.94%, 10/25/63(b)(d) | 815,519 | ||||||
| 2,216,500 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class B3, 7.94%, 10/25/63(b)(d) | 2,176,343 | ||||||
| 1,605,000 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class M1, 7.94%, 10/25/63(b)(d) | 1,619,271 | ||||||
| 304 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class SA, 0.00%, 10/25/63(b)(d) | 277 | ||||||
| 20,684,600 | Barclays Mortgage Loan Trust, Series 2023-NQM3, Class XS, 0.82%, 10/25/63(b)(d) | 236,979 | ||||||
| 1,569,226 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A1, STEP, 5.90%, 01/25/64(b) | 1,575,915 | ||||||
| 1,070,259 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A2, STEP, 6.11%, 01/25/64(b) | 1,074,187 | ||||||
| 817,407 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class A3, STEP, 6.31%, 01/25/64(b) | 820,580 | ||||||
| 724,200 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B1, 8.09%, 01/25/64(b)(d) | 731,104 | ||||||
| 663,800 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B2, 8.64%, 01/25/64(b)(d) | 669,949 | ||||||
| 1,424,300 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class B3, 8.64%, 01/25/64(b)(d) | 1,425,560 | ||||||
| 1,243,200 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class M1, 6.80%, 01/25/64(b)(d) | 1,248,984 | ||||||
| 3,100 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class SA, 0.01%, 01/25/64(b)(d) | 1,765 | ||||||
| 13,832,267 | Barclays Mortgage Loan Trust, Series 2024-NQM1, Class XS, 2.45%, 01/25/64(b)(d) | 276,309 | ||||||
| 10,721,199 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A1, STEP, 6.04%, 06/25/64(b) | 10,795,961 | ||||||
| 56 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 845,350 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A2, STEP, 6.30%, 06/25/64(b) | $ | 851,237 | ||||
| 1,475,028 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class A3, STEP, 6.50%, 06/25/64(b) | 1,485,304 | ||||||
| 1,028,100 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B1, 7.50%, 06/25/64(b)(d) | 1,037,515 | ||||||
| 941,400 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B2, 7.98%, 06/25/64(b)(d) | 942,423 | ||||||
| 2,576,400 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class B3, 7.98%, 06/25/64(b)(d) | 2,541,757 | ||||||
| 1,498,700 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class M1, 6.41%, 06/25/64(b)(d) | 1,504,302 | ||||||
| 1,813 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class SA, 0.00%, 06/25/64(b)(d) | 1,513 | ||||||
| 19,086,179 | Barclays Mortgage Loan Trust, Series 2024-NQM3, Class XS, 0.10%, 06/25/64(b)(d) | 359,662 | ||||||
| 1,417,649 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A2, STEP, 5.10%, 12/26/64(b) | 1,414,359 | ||||||
| 1,588,040 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class A3, STEP, 5.25%, 12/26/64(b) | 1,585,232 | ||||||
| 817,900 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B1, 6.96%, 12/26/64(b)(d) | 818,750 | ||||||
| 623,800 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B2, 7.54%, 12/26/64(b)(d) | 621,684 | ||||||
| 1,427,800 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class B3, 7.54%, 12/26/64(b)(d) | 1,392,877 | ||||||
| 1,344,600 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class M1, 6.31%, 12/26/64(b)(d) | 1,350,469 | ||||||
| 2,600 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class SA, 0.01%, 12/26/64(b)(d) | 1,998 | ||||||
| 22,290,986 | Barclays Mortgage Loan Trust, Series 2024-NQM4, Class XS, 0.09%, 12/26/64(b)(d) | 720,050 | ||||||
| 4,548,125 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A1, STEP, 5.66%, 01/25/65(b) | 4,579,772 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 1,215,736 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A2, STEP, 5.87%, 01/25/65(b) | $ | 1,225,721 | ||||
| 1,157,843 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class A3, STEP, 5.97%, 01/25/65(b) | 1,167,307 | ||||||
| 871,700 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B1, 6.94%, 01/25/65(b)(d) | 872,379 | ||||||
| 757,900 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B2, 7.75%, 01/25/65(b)(d) | 757,831 | ||||||
| 1,680,300 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class B3, 7.75%, 01/25/65(b)(d) | 1,649,486 | ||||||
| 1,402,300 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class M1, 6.49%, 01/25/65(b)(d) | 1,412,659 | ||||||
| 2,518 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class SA, 0.00%, 01/25/65(b)(d) | 2,411 | ||||||
| 20,410,544 | Barclays Mortgage Loan Trust, Series 2025-NQM1, Class XS, 0.09%, 01/25/65(b)(d) | 601,748 | ||||||
| 12,405,923 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class A1, STEP, 5.76%, 05/25/65(b) | 12,561,514 | ||||||
| 982,378 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class A2, STEP, 5.94%, 05/25/65(b) | 994,075 | ||||||
| 1,930,038 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class A3, STEP, 6.04%, 05/25/65(b) | 1,953,001 | ||||||
| 720,300 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class B1, 7.66%, 05/25/65(b)(d) | 734,573 | ||||||
| 286,000 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class B2, 7.66%, 05/25/65(b)(d) | 283,761 | ||||||
| 53,000 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class B3, 7.66%, 05/25/65(b)(d) | 47,556 | ||||||
| 1,461,700 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class M1, 6.71%, 05/25/65(b)(d) | 1,474,396 | ||||||
| 88 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class SA, 0.00%, 05/25/65(b)(d) | 87 | ||||||
| 17,839,340 | Barclays Mortgage Loan Trust, Series 2025-NQM2, Class XS2, 0.09%, 05/25/65(b)(d) | 454,220 | ||||||
| 57 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 17,905,975 | Barclays Mortgage Loan Trust, Series 2025-NQM4, Class PT2, 0.00%, 07/25/65(b)(d) | $ | 18,423,088 | ||||
| 18,234,642 | Barclays Mortgage Loan Trust, Series 2025-NQM5, Class PT2, 0.00%, 10/25/55(b)(d) | 18,604,753 | ||||||
| 17,865,030 | Barclays Mortgage Loan Trust, Series 2025-NQM7, Class PT2, 0.00%, 12/25/64(b)(d) | 18,190,558 | ||||||
| 14,041,959 | Barclays Mortgage Loan Trust, Series 2026-NQM3, Class PT2, 0.00%, 01/25/66(b)(d) | 14,236,081 | ||||||
| 18,806,400 | Barclays Mortgage Loan Trust, Series 2026-NQM4, Class PT2, 5.54%, 05/25/56(b)(d)(g) | 19,274,700 | ||||||
| 4,642,948 | Barclays Mortgage Trust, Series 2022-RPL1, Class A, STEP, 7.25%, 02/25/28(b) | 4,644,371 | ||||||
| 1,206,555 | Barclays Mortgage Trust, Series 2022-RPL1, Class B, STEP, 7.25%, 02/25/28(b) | 1,201,874 | ||||||
| 1,987,758 | Barclays Mortgage Trust, Series 2022-RPL1, Class C, 6.88%, 02/25/28(b)(f) | 715,593 | ||||||
| 8,095 | Barclays Mortgage Trust, Series 2022-RPL1, Class SA, 3.85%, 02/25/28(b)(f) | 7,402 | ||||||
| 1,372,505 | BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.53%, 12/26/37(b)(d) | 1,017,871 | ||||||
| 444,254 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.33%, 02/25/36(d) | 413,207 | ||||||
| 163,093 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.05%, 05/25/47(d) | 147,787 | ||||||
| 659,781 | Bear Stearns ALT-A Trust, Series 2006-2, Class 11A1, (1 mo. Term SOFR + 0.554%), 4.21%, 04/25/36(d) | 601,059 | ||||||
| 2,015,686 | Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. Term SOFR + 0.434%), 4.09%, 11/25/36(d) | 1,860,538 | ||||||
| 2,906,527 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A1, (1 mo. Term SOFR + 0.464%), 4.12%, 03/25/36(d) | 292,648 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 2,906,527 | Bear Stearns Asset Backed Securities I Trust, Series 2006-AC2, Class 22A3, (1 mo. Term SOFR + 0.464%), 4.12%, 03/25/36(d) | $ | 292,648 | ||||
| 337,749 | Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. Term SOFR + 0.394%), 4.05%, 08/25/36(d) | 335,867 | ||||||
| 2,627,000 | BRAVO Residential Funding Trust, Series 2021-NQM2, Class M1, 2.29%, 03/25/60(b)(d) | 2,549,273 | ||||||
| 1,500,000 | BRAVO Residential Funding Trust, Series 2024-NQM7, Class B1, 7.33%, 10/27/64(b)(d) | 1,523,549 | ||||||
| 1,500,000 | BRAVO Residential Funding Trust, Series 2024-NQM7, Class B2, 7.78%, 10/27/64(b)(d) | 1,509,178 | ||||||
| 786,795 | CFMT LLC, Series 2024-HB14, Class M2, 3.00%, 06/25/34(b)(d) | 763,318 | ||||||
| 1,530,387 | CFMT LLC, Series 2024-HB14, Class M3, 3.00%, 06/25/34(b)(d) | 1,478,274 | ||||||
| 1,702,094 | Chase Mortgage Finance Corp., Series 2016-SH1, Class M4, 3.75%, 04/25/45(b)(d) | 1,540,814 | ||||||
| 5,213,674 | Chase Mortgage Finance Trust, Series 2007-S2, Class 1A9, 6.00%, 03/25/37 | 2,658,461 | ||||||
| 3,546,731 | Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37 | 1,378,709 | ||||||
| 10,860,984 | ChaseFlex Trust, Series 2007-1, Class 2A7, 6.00%, 02/25/37(e) | 3,294,940 | ||||||
| 912,411 | CHNGE Mortgage Trust, Series 2022- 1, Class A1, 4.01%, 01/25/67(b)(d) | 879,438 | ||||||
| 1,403,922 | Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37 | 1,338,869 | ||||||
| 1,658,570 | Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38 | 1,434,155 | ||||||
| 4,698 | Citigroup Mortgage Loan Trust, Series 2006-AR1, Class 1A2, (1 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.400%), 5.90%, 10/25/35(d) | 1,179 | ||||||
| 58 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 38,696 | Citigroup Mortgage Loan Trust, Series 2006-AR3, Class 1A2A, 4.55%, 06/25/36(d) | $ | 37,578 | ||||
| 2,586,934 | Citigroup Mortgage Loan Trust, Series 2007-9, Class 1A1, 5.75%, 04/25/47(b) | 1,184,995 | ||||||
| 64,456 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 5.36%, 05/25/35(d) | 62,034 | ||||||
| 4,650,000 | COLT Mortgage Loan Trust, Series 2021-2, Class B1, 3.18%, 08/25/66(b)(d) | 3,444,121 | ||||||
| 2,354,000 | COLT Mortgage Loan Trust, Series 2022-1, Class B1, 4.17%, 12/27/66(b)(d) | 2,132,939 | ||||||
| 1,500,000 | COLT Mortgage Loan Trust, Series 2024-INV4, Class B1, 7.17%, 05/25/69(b)(d) | 1,511,065 | ||||||
| 3,635,090 | COLT Mortgage Loan Trust, Series 2025-11, Class A1, 5.05%, 11/25/70(b)(d) | 3,631,047 | ||||||
| 253,287 | Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35 | 175,955 | ||||||
| 380,437 | Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. Term SOFR + 0.714%), 4.37%, 08/25/35(d) | 355,703 | ||||||
| 4,093,593 | Countrywide Alternative Loan Trust, Series 2005-42CB, Class A1, (1 mo. Term SOFR + 0.794%), 4.45%, 10/25/35(d) | 2,222,914 | ||||||
| 3,023,408 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A6, (1 mo. Term SOFR + 0.614%), 4.27%, 11/25/35(d) | 1,494,488 | ||||||
| 4,198,722 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. Term SOFR + 5.386%), 1.73%, 11/25/35(d)(e) | 377,598 | ||||||
| 1,328,788 | Countrywide Alternative Loan Trust, Series 2005-55CW, Class 2A3, (1 mo. Term SOFR + 0.464%), 4.14%, 11/25/35(d) | 973,039 | ||||||
| 59,790 | Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 4.77%, 12/25/35(d) | 61,193 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 37,420 | Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 1.000%), 4.51%, 12/25/35(d) | $ | 34,337 | ||||
| 1,674,776 | Countrywide Alternative Loan Trust, Series 2005-79CB, Class A1, (1 mo. Term SOFR + 0.664%), 4.32%, 01/25/36(d) | 789,650 | ||||||
| 558,445 | Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. Term SOFR + 0.564%), 4.22%, 05/25/35(d) | 497,610 | ||||||
| 485,541 | Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35 | 282,346 | ||||||
| 2,355,978 | Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. Term SOFR + 0.464%), 4.12%, 05/25/36(d) | 847,976 | ||||||
| 1,535,715 | Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36 | 732,075 | ||||||
| 2,800,489 | Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36 | 1,038,772 | ||||||
| 873,183 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. Term SOFR + 0.464%), 4.12%, 08/25/36(d) | 334,971 | ||||||
| 873,183 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. Term SOFR + 7.036%), 3.38%, 08/25/36(d) | 156,132 | ||||||
| 900,130 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36 | 433,220 | ||||||
| 6,561,661 | Countrywide Alternative Loan Trust, Series 2006-25CB, Class A1, 6.00%, 10/25/36 | 3,261,916 | ||||||
| 990,848 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. Term SOFR + 0.514%), 4.17%, 03/25/36(d) | 301,483 | ||||||
| 1,761,303 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A5, (1 mo. Term SOFR + 6.986%), 3.33%, 03/25/36(d) | 309,359 | ||||||
| 59 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 2,783,212 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36 | $ | 1,072,363 | ||||
| 1,008,552 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37 | 487,335 | ||||||
| 730,166 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37 | 339,147 | ||||||
| 1,032,170 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37 | 550,880 | ||||||
| 2,360,139 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37 | 1,259,630 | ||||||
| 4,498,972 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A7, (1 mo. Term SOFR + 0.454%), 4.11%, 02/25/37(d) | 1,758,105 | ||||||
| 2,249,486 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A8, (1 mo. Term SOFR + 6.486%), 2.83%, 02/25/37(d) | 363,368 | ||||||
| 86,246 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36 | 70,119 | ||||||
| 244,688 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. Term SOFR + 0.514%), 4.17%, 05/25/36(d) | 187,389 | ||||||
| 2,200,332 | Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 | 864,012 | ||||||
| 1,353,898 | Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (1 mo. Term SOFR + 1.500%), 2.69%, 11/20/46(d) | 1,280,582 | ||||||
| 2,818,013 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 1.730%), 5.24%, 11/25/46(d) | 2,385,511 | ||||||
| 546,844 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. Term SOFR + 0.494%), 4.15%, 11/25/46(d) | 497,995 | ||||||
| 1,869,530 | Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. Term SOFR + 0.304%), 3.97%, 03/20/47(d) | 1,638,057 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 340,859 | Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. Term SOFR + 0.534%), 4.19%, 05/25/36(d) | $ | 324,537 | ||||
| 1,453,484 | Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. Term SOFR + 0.474%), 4.13%, 04/25/46(d) | 1,394,673 | ||||||
| 1,709,614 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37 | 713,983 | ||||||
| 1,721,999 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37 | 750,422 | ||||||
| 859,337 | Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37 | 411,895 | ||||||
| 3,994,002 | Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37 | 1,488,587 | ||||||
| 3,454,339 | Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37 | 1,441,355 | ||||||
| 777,382 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37 | 364,735 | ||||||
| 68,536 | Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.21%, 11/25/36 | 113,815 | ||||||
| 3,581,918 | Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average USD + 0.840%), 4.35%, 03/25/47(d) | 3,268,063 | ||||||
| 114,054 | Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. Term SOFR + 0.474%), 4.13%, 04/25/47(d) | 122,233 | ||||||
| 734,399 | Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. Term SOFR + 0.594%), 4.25%, 08/25/47(d) | 689,014 | ||||||
| 844,548 | Countrywide Alternative Resecuritization Loan Trust, Series 2006-22R, Class 2A1, 6.25%, 05/25/36 | 415,367 | ||||||
| 1,327,121 | Countrywide Alternative Resecuritization Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37 | 633,429 | ||||||
| 60 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 678,238 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 4.35%, 01/25/36(d) | $ | 634,590 | ||||
| 3,647,085 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J2, Class 3A9, (1 mo. Term SOFR + 1.514%), 5.17%, 08/25/35(d) | 2,258,802 | ||||||
| 97,504 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35 | 85,670 | ||||||
| 9,718,097 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 4.47%, 04/25/46(d) | 2,534,851 | ||||||
| 1,488,730 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. Term SOFR + 0.514%), 4.17%, 04/25/46(d) | 1,373,296 | ||||||
| 1,238,850 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38 | 527,834 | ||||||
| 6,402,219 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-4, Class 1A71, 6.00%, 05/25/37 | 2,620,127 | ||||||
| 2,297,066 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-8, Class 1A12, 5.88%, 01/25/38 | 919,897 | ||||||
| 1,072,491 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1, 4.14%, 03/25/37(d) | 930,555 | ||||||
| 5,116,126 | Credit Suisse First Boston Mortgage Securities Corp., Series 2005-12, Class 2A1, 6.50%, 01/25/36 | 2,444,252 | ||||||
| 6,016,329 | Credit Suisse Mortgage Capital Certificates Trust, Series 2006-6, Class 2A1, (1 mo. Term SOFR + 0.714%), 4.37%, 07/25/36(d) | 741,589 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 880,313 | Credit Suisse Mortgage Capital Certificates Trust, Series 2006-9, Class 3A1, 6.00%, 11/25/36 | $ | 772,431 | ||||
| 2,343,680 | Credit Suisse Mortgage Capital Certificates Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(d) | 559,904 | ||||||
| 7,023,954 | Credit Suisse Mortgage Capital Certificates Trust, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(b) | 2,629,178 | ||||||
| 1,393,233 | Credit Suisse Mortgage Capital Certificates Trust, Series 2014-2R, Class 17A3, 5.75%, 04/27/37(b)(d)(e) | 1,255,893 | ||||||
| 4,292,991 | Credit Suisse Mortgage Capital Certificates Trust, Series 2015-4R, Class 1A4, (1 mo. Term SOFR + 0.264%), 3.42%, 10/27/36(b)(d) | 2,868,147 | ||||||
| 2,400,000 | Credit Suisse Mortgage Capital Certificates Trust, Series 2020-SPT1, Class B2, 3.39%, 04/25/65(b)(d) | 2,174,939 | ||||||
| 357,049 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021-JR1, Class PT2, 3.14%, 07/26/60(b)(d) | 147,672 | ||||||
| 3,289,850 | Credit Suisse Mortgage Capital Certificates Trust, Series 2021-NQM2, Class B1, 3.44%, 02/25/66(b)(d) | 2,598,770 | ||||||
| 4,578,572 | Cross Mortgage Trust, Series 2025-H8, Class A1A, STEP, 5.00%, 11/25/70(b) | 4,565,234 | ||||||
| 6,037,358 | CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. Term SOFR + 1.464%), 5.12%, 11/25/35(d) | 1,166,758 | ||||||
| 1,626,000 | Deephaven Residential Mortgage Trust, Series 2021-1, Class B1, 3.10%, 05/25/65(b)(d) | 1,495,843 | ||||||
| 3,314,000 | Deephaven Residential Mortgage Trust, Series 2022-1, Class B1, 4.26%, 01/25/67(b)(d) | 2,768,241 | ||||||
| 5,495,383 | Deephaven Residential Mortgage Trust, Series 2025-INV1, Class A1, 5.09%, 11/25/60(b)(d) | 5,483,571 | ||||||
| 61 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 2,906,702 | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust, Series 2006-PR1, Class CWA1, 6.00%, 06/25/35(b)(d) | $ | 1,422,403 | ||||
| 2,797,000 | Ellington Financial Mortgage Trust, Series 2021-1, Class B1, 3.14%, 02/25/66(b)(d) | 2,105,350 | ||||||
| 3,845,547 | Ellington Financial Mortgage Trust, Series 2025-NQM5, Class A1, 5.03%, 11/25/70(b)(d) | 3,835,385 | ||||||
| 463,406 | Gaea Mortgage Loan Trust, Series 2025-A, Class A, 6.75%, 02/25/30(b)(d) | 456,509 | ||||||
| 2,000,000 | GCAT Trust, Series 2020-NQM2, Class B1, 4.85%, 04/25/65(b)(d) | 1,889,316 | ||||||
| 3,437,000 | GCAT Trust, Series 2021-NQM7, Class B1, 4.50%, 08/25/66(b)(d) | 2,984,730 | ||||||
| 368,052 | GMACM Mortgage Loan Trust, Series 2005-AR6, Class 2A1, 3.85%, 11/19/35(d) | 142,842 | ||||||
| 3,027,439 | GS Mortgage-Backed Securities Trust, Series 2025-NQM5, Class A1, STEP, 5.01%, 07/25/65(b) | 3,008,500 | ||||||
| 2,252,708 | GSMPS Mortgage Loan Trust, Series 2004-4, Class 1AF, (1 mo. Term SOFR + 0.514%), 4.17%, 06/25/34(b)(d) | 2,054,806 | ||||||
| 2,145,174 | GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. Term SOFR + 0.464%), 4.12%, 01/25/35(b)(d) | 1,881,198 | ||||||
| 2,972,470 | GSMPS Mortgage Loan Trust, Series 2005-RP3, Class 1AF, (1 mo. Term SOFR + 0.464%), 4.12%, 09/25/35(b)(d) | 2,574,601 | ||||||
| 821,181 | GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. Term SOFR + 0.464%), 4.12%, 01/25/36(b)(d) | 664,316 | ||||||
| 3,496,895 | GSMSC Resecuritization Trust, Series 2015-5R, Class 1D, (1 mo. Term SOFR + 0.254%), 3.28%, 04/26/37(b)(d) | 1,988,212 | ||||||
| 111,563 | GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 6.33%, 01/25/35(d) | 110,543 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 2,374,550 | GSR Mortgage Loan Trust, Series 2006-7F, Class 4A2, 6.50%, 08/25/36 | $ | 540,510 | ||||
| 21,479 | GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.38%, 01/25/36(d) | 26,295 | ||||||
| 423,158 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 | 262,406 | ||||||
| 6,963,138 | GSR Mortgage Loan Trust, Series 2007-OA2, Class 2A1, 2.89%, 06/25/47(d) | 3,926,062 | ||||||
| 1,150,381 | HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. Term SOFR + 0.614%), 4.03%, 07/19/37(d) | 1,142,304 | ||||||
| 92,172 | HomeBanc Mortgage Trust, Series 2006-1, Class 2A1, 4.21%, 04/25/37(d) | 90,912 | ||||||
| 5,287,754 | HOMES Trust, Series 2025-NQM5, Class A1, 5.03%, 09/25/70(b)(d) | 5,267,619 | ||||||
| 710,378 | IndyMac IMSC Mortgage Loan Trust, Series 2007-F2, Class 1A4, 6.00%, 07/25/37 | 479,175 | ||||||
| 11,610,177 | IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 0.41%, 07/25/47(d) | 11,184 | ||||||
| 1,123,451 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. Term SOFR + 0.654%), 4.31%, 06/25/37(d) | 1,422,937 | ||||||
| 2,132,573 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX5, Class 2A2, (1 mo. Term SOFR + 0.594%), 4.25%, 08/25/37(d) | 1,989,297 | ||||||
| 553,026 | JP Morgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.60%, 10/25/37(d) | 355,130 | ||||||
| 6,151,805 | JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37 | 1,570,779 | ||||||
| 4,742 | JP Morgan Mortgage Trust, Series 2017-5, Class A1B, 4.72%, 10/26/48(b)(d) | 4,741 | ||||||
| 1,075,375 | JP Morgan Mortgage Trust, Series 2019-9, Class B6, 3.67%, 05/25/50(b)(d) | 616,642 | ||||||
| 64,677,286 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A2X, 0.50%, 12/25/51(b)(d) | 1,807,627 | ||||||
| 62 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 4,714,315 | JP Morgan Mortgage Trust, Series 2021-INV5, Class A5X, 0.50%, 12/25/51(b)(d) | $ | 131,758 | ||||
| 84,858,335 | JP Morgan Mortgage Trust, Series 2021-INV5, Class AX1, 0.19%, 12/25/51(b)(d) | 884,691 | ||||||
| 1,184,169 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B4, 3.19%, 12/25/51(b)(d) | 984,446 | ||||||
| 414,484 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B5, 3.19%, 12/25/51(b)(d) | 337,990 | ||||||
| 1,416,980 | JP Morgan Mortgage Trust, Series 2021-INV5, Class B6, 2.83%, 12/25/51(b)(d) | 742,323 | ||||||
| 26,890,800 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A2X, 0.50%, 02/25/52(b)(d) | 762,255 | ||||||
| 15,014,209 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A3X, 0.50%, 02/25/52(b)(d) | 265,634 | ||||||
| 7,872,776 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A4X, 0.50%, 02/25/52(b)(d) | 325,046 | ||||||
| 2,928,154 | JP Morgan Mortgage Trust, Series 2021-INV7, Class A5X, 0.50%, 02/25/52(b)(d) | 83,002 | ||||||
| 52,706,016 | JP Morgan Mortgage Trust, Series 2021-INV7, Class AX1, 0.27%, 02/25/52(b)(d) | 793,204 | ||||||
| 3,509,146 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B1, 3.27%, 02/25/52(b)(d) | 3,025,434 | ||||||
| 823,546 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B2, 3.27%, 02/25/52(b)(d) | 701,661 | ||||||
| 1,145,737 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B3, 3.27%, 02/25/52(b)(d) | 966,761 | ||||||
| 608,752 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B4, 3.27%, 02/25/52(b)(d) | 509,522 | ||||||
| 250,593 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B5, 3.27%, 02/25/52(b)(d) | 206,937 | ||||||
| 820,238 | JP Morgan Mortgage Trust, Series 2021-INV7, Class B6, 2.93%, 02/25/52(b)(d) | 422,251 | ||||||
| 3,534,568 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 7.75%, 02/25/59(b)(f) | 777,036 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 4,235,757 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(b)(d) | $ | 3,765,071 | ||||
| 16,967,120 | MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class IM1, (1 mo. Term SOFR + 0.684%), 4.34%, 01/25/47(d) | 509 | ||||||
| 4,163,747 | MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37 | 670,103 | ||||||
| 2,023,272 | MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(b) | 1,359,114 | ||||||
| 892,086 | MASTR Resecuritization Trust, Series 2008-3, Class A1, 5.13%, 08/25/37(b)(d) | 281,206 | ||||||
| 7,815,864 | MCM Trust, Series 2021-VFN1, 2.50%, 09/25/31(b)(e)(g) | 7,475,502 | ||||||
| 5,267,489 | MCM Trust, Series 2021-VFN1, Class CERT, 3.00%, 09/25/31(b)(e)(g) | 4,185,597 | ||||||
| 1,218,778 | Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. Term SOFR + 0.534%), 4.19%, 04/25/37(d) | 986,205 | ||||||
| 467,366 | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 5.34%, 05/25/36(d) | 296,122 | ||||||
| 317,199 | Merrill Lynch Mortgage Investors Trust, Series 2006-AF2, Class AF1, 6.25%, 10/25/36 | 107,466 | ||||||
| 1,554,475 | Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 3.62%, 05/26/37(b) | 2,038,486 | ||||||
| 1,867,389 | Morgan Stanley Resecuritization Trust, Series 2013-R7, Class 1B, (1 mo. Term SOFR + 0.274%), 4.11%, 12/26/46(b)(d) | 1,724,819 | ||||||
| 455,286 | MortgageIT Trust, Series 2004-1, Class B1, (1 mo. Term SOFR + 1.914%), 5.57%, 11/25/34(d) | 430,407 | ||||||
| 1,389,000 | New Residential Mortgage Loan Trust, Series 2020-NQM1, Class B2, 4.52%, 01/26/60(b)(d) | 1,177,968 | ||||||
| 3,427,978 | NYMT Trust, Series 2024-RR1, Class A, STEP, 7.38%, 05/25/64(b) | 3,407,344 | ||||||
| 63 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 4,000,000 | OBX Trust, Series 2021-J1, Class A7, 2.50%, 05/25/51(b)(d) | $ | 2,749,416 | ||||
| 1,479,478 | Prime Mortgage Trust, Series 2006- DR1, Class 2A1, 5.50%, 05/25/35(b) | 1,390,475 | ||||||
| 865,514 | Prime Mortgage Trust, Series 2006- DR1, Class 2A2, 6.00%, 05/25/35(b) | 734,987 | ||||||
| 4,920,752 | PRPM Trust, Series 2025-NQM5, Class A1A, STEP, 5.18%, 10/25/70(b) | 4,912,896 | ||||||
| 7,974,888 | RCKT Mortgage Trust, Series 2021-6, Class A5, 2.50%, 12/25/51(b)(d) | 7,122,838 | ||||||
| 219,316 | Reperforming Loan REMIC Trust, Series 2006-R2, Class AF1, (1 mo. Term SOFR + 0.534%), 4.19%, 07/25/36(b)(d) | 209,166 | ||||||
| 4,689,617 | Residential Accredit Loans, Inc., Series 2005-QA10, Class A21, 4.60%, 09/25/35(d) | 1,653,316 | ||||||
| 1,100,297 | Residential Accredit Loans, Inc., Series 2005-QA12, Class NB4, 5.44%, 12/25/35(d) | 972,868 | ||||||
| 421,662 | Residential Accredit Loans, Inc., Series 2006-QO5, Class 2A1, (1 mo. Term SOFR + 0.494%), 4.15%, 05/25/46(d) | 393,102 | ||||||
| 330,196 | Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36 | 290,981 | ||||||
| 2,213,460 | Residential Accredit Loans, Inc., Series 2007-QS1, Class 1A5, (1 mo. Term SOFR + 0.664%), 4.32%, 01/25/37(d) | 1,672,239 | ||||||
| 643,137 | Residential Asset Securitization Trust, Series 2006-A7CB, Class 2A5, (1 mo. Term SOFR + 0.364%), 4.02%, 07/25/36(d) | 101,974 | ||||||
| 3,787,484 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA3, Class 1A, 4.14%, 08/25/35(d) | 1,463,503 | ||||||
| 1,666,132 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA4, Class 2A1, 5.17%, 09/25/35(d) | 910,508 | ||||||
| 404,626 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2005-SA5, Class 3A, 5.69%, 11/25/35(d) | 168,410 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 6,684,471 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA2, Class 2A1, 5.49%, 08/25/36(d) | $ | 4,426,743 | ||||
| 70,232 | Residential Funding Mortgage Securities I, Inc. Trust, Series 2006-SA3, Class 2A1, 6.08%, 09/25/36(d) | 36,597 | ||||||
| 2,150,000 | Residential Mortgage Loan Trust, Series 2020-1, Class B2, 4.67%, 01/26/60(b)(d) | 2,002,542 | ||||||
| 3,750,000 | Residential Mortgage Loan Trust, Series 2020-2, Class B2, 5.40%, 05/25/60(b)(d) | 3,735,583 | ||||||
| 2,814,000 | Residential Mortgage Loan Trust, Series 2021-1R, Class B1, 3.42%, 01/25/65(b)(d) | 2,586,527 | ||||||
| 2,580,198 | Saluda Grade Alternative Mortgage Trust, Series 2024-RTL5, Class A1, STEP, 7.76%, 04/25/30(b) | 2,579,774 | ||||||
| 2,381,311 | Santander Mortgage Asset Receivable Trust, Series 2025-NQM6, Class A1, 5.14%, 11/25/65(b)(d) | 2,377,783 | ||||||
| 100,000 | SG Residential Mortgage Trust, Series 2019-3, Class B1, 4.08%, 09/25/59(b)(d) | 95,878 | ||||||
| 175,000 | SG Residential Mortgage Trust, Series 2020-2, Class B1, 4.25%, 05/25/65(b)(d) | 161,776 | ||||||
| 257,000 | SG Residential Mortgage Trust, Series 2020-2, Class M1, 3.19%, 05/25/65(b)(d) | 234,526 | ||||||
| 2,425,000 | Spruce Hill Mortgage Loan Trust, Series 2020-SH1, Class B2, 4.68%, 01/28/50(b)(d) | 2,301,683 | ||||||
| 741,488 | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 4.49%, 05/25/35(d) | 615,551 | ||||||
| 1,476,474 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.92%, 04/25/36(d) | 751,361 | ||||||
| 161,824 | Structured Asset Mortgage Investments II Trust, Series 2006-AR4, Class 4A1, (1 mo. Term SOFR + 0.474%), 4.13%, 06/25/36(d) | 160,734 | ||||||
| 64 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 2,853,741 | Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. Term SOFR + 0.554%), 4.21%, 05/25/46(d) | $ | 897,954 | ||||
| 877,310 | Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. Term SOFR + 0.474%), 4.13%, 09/25/47(d) | 817,510 | ||||||
| 1,675,781 | Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. Term SOFR + 0.464%), 4.12%, 06/25/35(b)(d) | 1,452,641 | ||||||
| 13,186,781 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36(b) | 7,043,603 | ||||||
| 204,970 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 5.60%, 04/25/37(d) | 82,758 | ||||||
| 126,187 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 6.07%, 04/25/37(d) | 53,155 | ||||||
| 3,750,000 | TRK Trust, Series 2021-INV1, Class B1, 3.29%, 07/25/56(b)(d) | 3,119,640 | ||||||
| 4,000,000 | TRK Trust, Series 2022-INV1, Class B1, 3.99%, 02/25/57(b)(d) | 3,127,541 | ||||||
| 1,939,763 | TVC Holdings Plc, Series 2021-1, Class A, 2.38%, 02/01/51(b)(e)(g) | 1,824,140 | ||||||
| 1,322,747 | TVC Holdings Plc, Series 2021-1, Class CERT, 0.01%, 02/01/51(b)(e)(f)(g) | 1,053,749 | ||||||
| 3,162,000 | Verus Securitization Trust, Series 2021- 1, Class B1, 2.98%, 01/25/66(b)(d) | 2,517,371 | ||||||
| 5,000,000 | Verus Securitization Trust, Series 2022- 1, Class B1, 4.01%, 01/25/67(b)(d) | 3,959,440 | ||||||
| 1,000,000 | Verus Securitization Trust, Series 2024- 2, Class B2, 8.67%, 02/25/69(b)(d) | 1,012,064 | ||||||
| 2,000,000 | Visio Trust, Series 2022-1, Class B1, 5.80%, 08/25/57(b)(d) | 1,992,553 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 1,000,000 | Vista Point Securitization Trust, Series 2020-2, Class B1, 4.90%, 04/25/65(b)(d) | $ | 992,552 | ||||
| 3,300,000 | Vista Point Securitization Trust, Series 2020-2, Class B2, 5.16%, 04/25/65(b)(d) | 3,209,031 | ||||||
| 23,902,473 | Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 4.06%, 02/25/38(b)(d) | 5,051,202 | ||||||
| 934,323 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 1CB, 6.50%, 11/25/35 | 672,575 | ||||||
| 534,904 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-10, Class 2A6, 5.50%, 11/25/35 | 504,036 | ||||||
| 957,117 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A1, 5.75%, 01/25/36 | 834,581 | ||||||
| 1,947,153 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-11, Class A7, 5.75%, 01/25/36 | 1,691,445 | ||||||
| 1,270,004 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2005-9, Class 5A3, (1 mo. Term SOFR + 1.464%), 5.12%, 11/25/35(d) | 1,023,543 | ||||||
| 2,933,990 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36 | 2,397,850 | ||||||
| 1,646,187 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-2, Class 2CB, 6.50%, 03/25/36 | 1,106,574 | ||||||
| 3,537,238 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-5, Class 3A3, STEP, 6.72%, 07/25/36 | 716,613 | ||||||
| 1,011,450 | Washington Mutual Mortgage Pass- Through Certificates Trust, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.960%), 4.47%, 08/25/46(d) | 590,265 | ||||||
| 65 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 3,121,488 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-5, Class A6, 6.00%, 06/25/37 | $ | 2,894,704 | ||||
| 559,167 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.82%, 07/25/37(d) | 504,272 | ||||||
| 4,988,740 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.798%), 4.31%, 05/25/47(d) | 4,294,756 | ||||||
| 1,781,189 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA5, Class 2A, (12 mo. Federal Reserve Cumulative Average USD + 0.798%), 4.31%, 06/25/47(d) | 1,511,406 | ||||||
| 363,494 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A1, (1 mo. Term SOFR + 0.434%), 4.09%, 03/25/37(d) | 307,723 | ||||||
| 3,036,831 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. Term SOFR + 6.566%), 2.91%, 03/25/37(d) | 325,439 | ||||||
| 643,529 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A8, (1 mo. Term SOFR + 0.654%), 4.31%, 03/25/37(d) | 529,501 | ||||||
| 578,611 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A9, (1 mo. Term SOFR + 0.604%), 4.26%, 03/25/37(d) | 476,197 | ||||||
| 711,562 | Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.94%, 03/25/38(d) | 611,213 | ||||||
| 1,455,712 | Western Alliance Bank, Series 2021-CL2, Class M1, (SOFR 30A + 3.150%), 6.80%, 07/25/59(b)(d) | 1,526,809 | ||||||
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 2,048,320 | Western Alliance Bank, Series 2021-CL2, Class M2, (SOFR 30A + 3.700%), 7.35%, 07/25/59(b)(d) | $ | 2,180,140 | ||||
| 585,355,506 | ||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.8% | ||||||||
| 483,370 | Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. Term SOFR + 0.819%), 4.50%, 01/25/36(b)(d) | 458,926 | ||||||
| 412,358 | Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. Term SOFR + 0.864%), 4.54%, 01/25/36(b)(d) | 388,838 | ||||||
| 571,296 | Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. Term SOFR + 1.419%), 5.07%, 07/25/36(b)(d) | 551,970 | ||||||
| 4,764,760 | Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. Term SOFR + 2.364%), 6.02%, 10/25/37(b)(d) | 2,730,636 | ||||||
| 4,717,631 | Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. Term SOFR + 2.364%), 6.02%, 12/25/37(b)(d) | 4,249,476 | ||||||
| 587,806 | CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 6.26%, 07/25/39(b) | 534,785 | ||||||
| 2,655,770 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-2A, Class M2, (1 mo. Term SOFR + 0.714%), 4.37%, 06/25/37(b)(d) | 2,314,481 | ||||||
| 3,600,000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2007-3A, Class M2, (1 mo. Term SOFR + 2.114%), 5.77%, 10/25/37(b)(d) | 3,186,421 | ||||||
| 324,287 | Velocity Commercial Capital Loan Trust, Series 2018-1, Class M6, 7.26%, 04/25/48(b) | 294,529 | ||||||
| 1,044,577 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(b)(d) | 962,486 | ||||||
| 391,185 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(b)(d) | 354,934 | ||||||
| 66 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| $ | 755,129 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M6, 7.05%, 10/26/48(b)(d) | $ | 655,078 | ||||
| 709,393 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(b)(d) | 656,581 | ||||||
| 803,582 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(b)(d) | 732,657 | ||||||
| 971,032 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(b)(d) | 876,500 | ||||||
| 704,182 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(b)(d) | 624,059 | ||||||
| 199,899 | Velocity Commercial Capital Loan Trust, Series 2019-2, Class M5, 4.93%, 07/25/49(b)(d) | 173,499 | ||||||
| 602,151 | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M5, 4.29%, 02/25/50(b)(d) | 456,946 | ||||||
| 1,344,944 | Velocity Commercial Capital Loan Trust, Series 2020-1, Class M6, 5.69%, 02/25/50(b)(d) | 1,035,033 | ||||||
| 1,567,327 | Velocity Commercial Capital Loan Trust, Series 2021-1, Class M5, 3.97%, 05/25/51(b)(d) | 1,190,846 | ||||||
| 1,060,216 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M5, 4.01%, 08/25/51(b)(d) | 796,017 | ||||||
| 858,241 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M6, 4.92%, 08/25/51(b)(d) | 619,323 | ||||||
| 1,583,396 | Velocity Commercial Capital Loan Trust, Series 2021-2, Class M7, 6.54%, 08/25/51(b)(d) | 1,075,249 | ||||||
| 3,606,491 | Velocity Commercial Capital Loan Trust, Series 2021-3, Class M5, 4.33%, 10/25/51(b)(d) | 3,093,550 | ||||||
| 2,159,690 | Velocity Commercial Capital Loan Trust, Series 2021-3, Class M7, 6.54%, 10/25/51(b)(d) | 1,497,563 | ||||||
| 1,596,752 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M5, 5.68%, 12/26/51(b)(d) | 1,292,113 | ||||||
| 2,622,988 | Velocity Commercial Capital Loan Trust, Series 2021-4, Class M6, 6.86%, 12/26/51(b)(d) | 2,106,445 | ||||||
| 3,458,162 | Velocity Commercial Capital Loan Trust, Series 2022-1, Class M4, 5.20%, 02/25/52(b)(d) | 2,889,807 | ||||||
| Principal Amount | Value | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
| $ | 1,962,600 | Velocity Commercial Capital Loan Trust, Series 2023-2, Class M2, 8.00%, 05/25/53(b)(d) | $ | 1,983,714 | ||||
| 1,618,429 | Velocity Commercial Capital Loan Trust, Series 2023-4, Class M2, 9.08%, 11/25/53(b)(d) | 1,653,879 | ||||||
| 454,422 | Velocity Commercial Capital Loan Trust, Series 2023-4, Class M4, 10.69%, 11/25/53(b)(d) | 431,440 | ||||||
| 2,043,428 | Velocity Commercial Capital Loan Trust, Series 2025-MC1, Class A1, STEP, 8.16%, 05/25/55(b) | 2,034,363 | ||||||
| 2,960,832 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class A, 5.46%, 10/25/55(b)(d) | 2,927,361 | ||||||
| 269,930 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M1, 6.04%, 10/25/55(b)(d) | 266,698 | ||||||
| 301,541 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M2, 6.56%, 10/25/55(b)(d) | 297,733 | ||||||
| 527,697 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M3, 6.85%, 10/25/55(b)(d) | 521,063 | ||||||
| 313,705 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M4, 9.45%, 10/25/55(b)(d) | 309,786 | ||||||
| 114,281 | Velocity Commercial Capital Loan Trust, Series 2025-P2, Class M5, 10.21%, 10/25/55(b)(d) | 104,119 | ||||||
| 46,328,904 | ||||||||
| Total Non-Agency Mortgage-Backed Securities (Cost $716,300,366) | 631,684,410 | |||||||
| U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.2% | ||||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2% | ||||||||
| 10,416,697 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 10.63%, 07/25/56(b)(f) | 1,637,890 | ||||||
| 14,501,041 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.54%, 07/25/56(b)(d) | 1,662,076 | ||||||
| 4,601,653 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 1.96%, 11/25/57(d) | 1,719,431 | ||||||
| 67 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
| $ | 2,569,478 | Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 2.22%, 08/25/57(b)(d) | $ | 744,426 | ||||
| 29,416 | Freddie Mac STACR Securitized Participation Interests Trust, Series 2018-SPI2, Class M2, 3.85%, 05/25/48(b)(d) | 28,812 | ||||||
| Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $6,871,948) | 5,792,635 | |||||||
| U.S. GOVERNMENT SECURITIES — 28.8% | ||||||||
| U.S. Treasury Bonds — 23.5% | ||||||||
| 41,315,000 | 3.63%, 08/15/43 | 34,982,185 | ||||||
| 42,400,000 | 3.63%, 02/15/44 | 35,693,844 | ||||||
| 48,055,000 | 3.38%, 05/15/44 | 38,915,164 | ||||||
| 47,350,000 | 3.13%, 08/15/44 | 36,785,031 | ||||||
| 47,550,000 | 3.00%, 02/15/47 | 35,090,414 | ||||||
| 52,750,000 | 2.75%, 08/15/47 | 36,953,848 | ||||||
| 66,000,000 | 3.00%, 08/15/48 | 47,875,781 | ||||||
| 46,350,000 | 3.38%, 11/15/48 | 35,912,197 | ||||||
| 47,000,000 | 3.00%, 02/15/49 | 33,926,289 | ||||||
| 47,300,000 | 2.88%, 05/15/49 | 33,250,422 | ||||||
| 81,560,000 | 1.25%, 05/15/50 | 38,243,994 | ||||||
| 103,400,000 | 1.63%, 11/15/50 | 53,291,390 | ||||||
| 82,250,000 | 2.38%, 05/15/51 | 50,847,207 | ||||||
| 78,500,000 | 3.00%, 08/15/52 | 55,087,988 | ||||||
| 36,500,000 | 4.00%, 11/15/52 | 30,976,524 | ||||||
| 597,832,278 | ||||||||
| U.S. Treasury Notes — 5.3% | ||||||||
| 60,000,000 | 2.00%, 11/15/26 | 59,450,156 | ||||||
| 74,000,000 | 4.13%, 01/31/27 | 74,205,235 | ||||||
| 133,655,391 | ||||||||
| Total U.S. Government Securities (Cost $1,035,579,124) | 731,487,669 | |||||||
| Principal Amount | Value | |||||||
| CASH SWEEP — 6.6% | ||||||||
| $ | 167,978,080 | Citibank - U.S. Dollars on Deposit in Custody Account, 0.35%(h) | $ | 167,978,080 | ||||
| Total Cash Sweep (Cost $167,978,080) | 167,978,080 | |||||||
| TOTAL INVESTMENTS — 99.5% (Cost $3,003,312,185) | $ | 2,527,542,510 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5% | 12,946,854 | |||||||
| NET ASSETS — 100.0% | $ | 2,540,489,364 | ||||||
| (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 $767,256,941, which is 30.20% 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. For securities where the coupon is described as “SOFR + spread” and a single fixed rate is shown, the rate presented reflects the initial fixed rate in effect as of April 30, 2026. On the contractual reset date, these securities convert from the initial fixed rate to a floating rate based on the applicable SOFR reference rate plus the stated spread. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. The Reference Rate is defined below. Interest Rate shown reflects the rate in effect as of April 30, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent 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 current yield as of April 30, 2026. |
| (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 $33,813,688 which is 1.33% of net assets and the cost is $35,204,862. |
| (h) | The rate shown represents the current yield as of April 30, 2026. |
| 68 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
Total Return Swap Agreements outstanding at April 30, 2026:
| Reference Entity | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Depreciation | ||||||||||||||
| 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 2,320.95 and paying a (SOFR RATE + 0.750%) at expiration date | Barclays Bank Plc | 11/19/2026 | $ | 106,893 | $ | (646,000 | ) | $ | – | $ | (646,000) | |||||||||
| Total return swap with Barclays receiving total return of the Barclays US Mortgage Backed Securities Index over the initial level of 2,330.56 and paying a (SOFR RATE + 0.750%) at expiration date | Barclays Bank Plc | 12/11/2026 | 75,000 | (547,300 | ) | – | (547,300) | |||||||||||||
| Total Return Swap Agreements | $ | (1,193,300) | ||||||||||||||||||
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
| 69 |
| Old Westbury Funds, Inc. | |
| Fixed Income Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| CORPORATE BONDS — 27.8% | ||||||||
| Banks — 6.4% | ||||||||
| $ | 5,000,000 | Banco Santander SA, 4.55%, 11/06/30 | $ | 4,932,428 | ||||
| 5,032,000 | Bank of America Corp., (SOFR RATE + 0.960%), 1.73%, 07/22/27(a) | 5,002,146 | ||||||
| 5,000,000 | Bank of America Corp., (SOFR RATE + 1.000%), 5.16%, 01/24/31(a) | 5,093,026 | ||||||
| 4,600,000 | Barclays Plc, (SOFR RATE + 1.880%), 6.50%, 09/13/27(a) | 4,633,453 | ||||||
| 2,000,000 | BNP Paribas SA, (SOFR RATE + 1.450%), 4.79%, 05/09/29(a)(b) | 2,005,806 | ||||||
| 5,000,000 | CaixaBank SA MTN, (SOFR RATE + 1.210%), 4.82%, 04/22/32(a)(b) | 4,967,580 | ||||||
| 5,000,000 | Citigroup, Inc., (SOFR RATE + 1.364%), 5.17%, 02/13/30(a) | 5,076,205 | ||||||
| 5,980,000 | Fifth Third Bancorp, (SOFR RATE + 2.340%), 6.34%, 07/27/29(a) | 6,192,418 | ||||||
| 5,000,000 | Goldman Sachs Group, Inc. (The), (SOFR RATE + 1.135%), 4.69%, 10/23/30(a) | 4,999,898 | ||||||
| 5,000,000 | Huntington Bancshares, Inc., (SOFR RATE + 1.276%), 5.27%, 01/15/31(a) | 5,082,105 | ||||||
| 5,000,000 | ING Groep NV, (SOFR Index + 1.230%), 5.07%, 03/25/31(a) | 5,052,871 | ||||||
| 5,940,000 | JP Morgan Chase & Co., (SOFR RATE + 1.260%), 2.96%, 01/25/33(a) | 5,392,063 | ||||||
| 4,600,000 | JP Morgan Chase & Co., (SOFR RATE + 2.080%), 4.91%, 07/25/33(a) | 4,613,414 | ||||||
| 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) | 4,570,524 | ||||||
| 6,000,000 | Morgan Stanley, (SOFR RATE + 1.730%), 5.47%, 01/18/35(a) | 6,113,755 | ||||||
| Principal Amount | Value | |||||||
| Banks (continued) | ||||||||
| $ | 5,100,000 | Morgan Stanley Private Bank NA, (SOFR RATE + 1.080%), 4.73%, 07/18/31(a) | $ | 5,092,761 | ||||
| 5,335,000 | Royal Bank of Canada GMTN, (SOFR RATE + 1.010%), 4.61%, 05/03/32(a) | 5,303,465 | ||||||
| 5,520,000 | Toronto-Dominion Bank (The) GMTN, 5.53%, 07/17/26 | 5,536,204 | ||||||
| 3,000,000 | UBS AG, (SOFR RATE + 0.720%), 4.86%, 01/10/28(a) | 3,011,442 | ||||||
| 5,000,000 | UBS Group AG, (SOFR RATE + 3.730%), 4.19%, 04/01/31(a)(b) | 4,884,819 | ||||||
| 7,470,000 | US Bancorp, (SOFR RATE + 0.867%), 4.48%, 01/26/32(a) | 7,383,674 | ||||||
| 104,940,057 | ||||||||
| Communication Services — 0.5% | ||||||||
| 8,160,000 | Alphabet, Inc., 4.10%, 02/15/31 | 8,064,254 | ||||||
| Consumer Discretionary — 1.7% | ||||||||
| 5,736,000 | General Motors Financial Co., Inc., 2.70%, 06/10/31 | 5,169,185 | ||||||
| 5,000,000 | Hyundai Capital America, 4.90%, 06/23/28(b) | 5,024,153 | ||||||
| 5,650,000 | Royal Caribbean Cruises Ltd., 4.75%, 05/15/33 | 5,480,377 | ||||||
| 3,229,000 | Southwest Airlines Co., 5.13%, 06/15/27 | 3,243,300 | ||||||
| 3,997,000 | Toyota Motor Credit Corp. GMTN, 5.25%, 09/11/28 | 4,088,872 | ||||||
| 5,655,000 | Verisk Analytics, Inc., 4.45%, 03/15/31 | 5,577,208 | ||||||
| 28,583,095 | ||||||||
| Consumer Staples — 0.6% | ||||||||
| 5,000,000 | Diageo Capital Plc, 5.63%, 10/05/33 | 5,203,686 | ||||||
| 5,000,000 | Mars, Inc., 4.80%, 03/01/30(b) | 5,050,646 | ||||||
| 10,254,332 | ||||||||
| Energy — 1.9% | ||||||||
| 3,174,000 | BP Capital Markets America, Inc., 4.81%, 02/13/33 | 3,183,113 | ||||||
| 5,000,000 | Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 | 4,857,658 | ||||||
| 70 |
| Old Westbury Funds, Inc. | |
| Fixed Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Energy (continued) | ||||||||
| $ | 5,122,000 | Energy Transfer LP, 4.95%, 06/15/28 | $ | 5,169,757 | ||||
| 5,100,000 | MPLX LP, 4.80%, 02/15/31 | 5,105,737 | ||||||
| 4,823,000 | Pioneer Natural Resources Co., 2.15%, 01/15/31 | 4,355,248 | ||||||
| 3,500,000 | Shell Finance US, Inc., 4.13%, 11/06/30 | 3,459,713 | ||||||
| 4,600,000 | Williams Cos., Inc. (The), 3.75%, 06/15/27 | 4,569,394 | ||||||
| 30,700,620 | ||||||||
| Financial Services — 3.7% | ||||||||
| 2,950,000 | AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 4.63%, 09/10/29 | 2,944,613 | ||||||
| 3,000,000 | AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 4.38%, 11/15/30 | 2,944,540 | ||||||
| 5,350,000 | American Express Co., (SOFR RATE + 0.867%), 4.46%, 02/10/32(a) | 5,294,428 | ||||||
| 5,000,000 | American International Group, Inc., 4.85%, 05/07/30 | 5,049,597 | ||||||
| 4,600,000 | Athene Global Funding, 1.73%, 10/02/26(b) | 4,548,847 | ||||||
| 5,000,000 | Blackstone Reg Finance Co. LLC, 4.30%, 11/03/30 | 4,931,141 | ||||||
| 4,440,000 | Capital One Financial Corp., (SOFR RATE + 2.600%), 5.25%, 07/26/30(a) | 4,503,588 | ||||||
| 3,000,000 | Capital One Financial Corp., (SOFR RATE + 1.560%), 5.46%, 07/26/30(a) | 3,063,871 | ||||||
| 5,300,000 | Charles Schwab Corp. (The), (SOFR RATE + 0.940%), 4.34%, 11/14/31(a) | 5,229,763 | ||||||
| 5,000,000 | Marsh & McLennan Cos., Inc., 4.65%, 03/15/30 | 5,025,201 | ||||||
| 5,000,000 | Metropolitan Life Global Funding I, 5.40%, 09/12/28(b) | 5,112,739 | ||||||
| 6,941,000 | PayPal Holdings, Inc., 2.85%, 10/01/29 | 6,580,233 | ||||||
| 5,000,000 | Wynnton Funding Trust, 5.25%, 08/15/35(b) | 4,929,986 | ||||||
| 60,158,547 | ||||||||
| Health Care — 3.3% | ||||||||
| 5,435,000 | AbbVie, Inc., 4.13%, 03/15/31 | 5,348,743 | ||||||
| Principal Amount | Value | |||||||
| Health Care (continued) | ||||||||
| $ | 5,000,000 | Astrazeneca Finance LLC, 4.00%, 03/02/31 | $ | 4,909,031 | ||||
| 5,000,000 | CVS Health Corp., 5.00%, 09/15/32 | 5,015,691 | ||||||
| 1,750,000 | Eli Lilly & Co., 4.75%, 02/12/30 | 1,779,420 | ||||||
| 4,600,000 | Haleon US Capital LLC, 3.38%, 03/24/27 | 4,561,451 | ||||||
| 8,120,000 | HCA, Inc., 4.70%, 05/15/31 | 8,081,914 | ||||||
| 5,490,000 | Laboratory Corp. of America Holdings, 4.55%, 04/01/32 | 5,432,905 | ||||||
| 4,955,000 | McKesson Corp., 4.65%, 05/30/30 | 4,987,754 | ||||||
| 5,000,000 | Merck & Co., Inc., 4.15%, 09/15/30 | 4,973,812 | ||||||
| 5,000,000 | Stryker Corp., 5.20%, 02/10/35 | 5,065,040 | ||||||
| 3,272,000 | Zimmer Biomet Holdings, Inc., 5.35%, 12/01/28 | 3,341,767 | ||||||
| 53,497,528 | ||||||||
| Industrials — 2.4% | ||||||||
| 5,255,000 | Amphenol Corp., 4.40%, 02/15/33 | 5,136,696 | ||||||
| 5,520,000 | BAE Systems Plc, 5.13%, 03/26/29(b) | 5,633,925 | ||||||
| 5,000,000 | General Dynamics Corp., 4.95%, 08/15/35 | 5,028,269 | ||||||
| 1,365,000 | John Deere Capital Corp. MTN, 4.95%, 07/14/28 | 1,388,131 | ||||||
| 6,216,000 | L3Harris Technologies, Inc., 5.25%, 06/01/31 | 6,368,018 | ||||||
| 4,927,000 | Northrop Grumman Corp., 4.90%, 06/01/34 | 4,919,660 | ||||||
| 3,000,000 | Ryder System, Inc., 5.00%, 03/15/30 | 3,049,809 | ||||||
| 3,000,000 | Uber Technologies, Inc., 4.15%, 01/15/31 | 2,940,655 | ||||||
| 4,600,000 | Waste Connections, Inc., 5.00%, 03/01/34 | 4,629,871 | ||||||
| 39,095,034 | ||||||||
| Information Technology — 1.2% | ||||||||
| 5,000,000 | Broadcom, Inc., 5.05%, 07/12/29 | 5,096,957 | ||||||
| 5,421,000 | KLA Corp., 4.70%, 02/01/34 | 5,369,844 | ||||||
| 5,000,000 | Leidos, Inc., 5.40%, 03/15/32 | 5,097,620 | ||||||
| 71 |
| Old Westbury Funds, Inc. | |
| Fixed Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Information Technology (continued) | ||||||||
| $ | 5,000,000 | Roper Technologies, Inc., 4.45%, 09/15/30 | $ | 4,925,900 | ||||
| 20,490,321 | ||||||||
| Materials — 1.1% | ||||||||
| 5,520,000 | BHP Billiton Finance USA Ltd., 5.10%, 09/08/28 | 5,621,556 | ||||||
| 4,965,000 | CRH SMW Finance DAC, 5.13%, 01/09/30 | 5,054,765 | ||||||
| 4,499,000 | Glencore Funding LLC, 5.34%, 04/04/27(b) | 4,546,870 | ||||||
| 2,000,000 | Vulcan Materials Co., 4.95%, 12/01/29 | 2,032,612 | ||||||
| 17,255,803 | ||||||||
| Real Estate — 1.6% | ||||||||
| 5,000,000 | American Tower Corp. REIT, 5.00%, 01/31/30 | 5,064,976 | ||||||
| 5,000,000 | Brixmor Operating Partnership LP REIT, 3.90%, 03/15/27 | 4,985,239 | ||||||
| 5,000,000 | Equinix Europe 2 Financing Corp. LLC REIT, 4.60%, 11/15/30 | 4,965,522 | ||||||
| 5,290,000 | Prologis LP REIT, 4.25%, 06/15/31 | 5,204,792 | ||||||
| 6,070,000 | Public Storage Operating Co. REIT, 1.85%, 05/01/28 | 5,793,231 | ||||||
| 26,013,760 | ||||||||
| Telecommunication Services — 0.6% | ||||||||
| 5,000,000 | AT&T, Inc., 5.38%, 08/15/35 | 5,041,064 | ||||||
| 5,000,000 | T-Mobile USA, Inc., 4.95%, 11/15/35 | 4,884,470 | ||||||
| 9,925,534 | ||||||||
| Utilities — 2.8% | ||||||||
| 5,000,000 | CenterPoint Energy Houston Electric LLC, Series
AR, 4.85%, 04/01/36 | 4,893,762 | ||||||
| 4,600,000 | DTE Energy Co., 4.95%, 07/01/27 | 4,628,388 | ||||||
| 5,000,000 | Duke Energy Carolinas LLC, 5.25%, 03/15/35 | 5,077,275 | ||||||
| 5,235,000 | Georgia Power Co., 4.55%, 03/15/30 | 5,249,840 | ||||||
| 4,600,000 | National Rural Utilities Cooperative Finance Corp.
MTN, 5.05%, 09/15/28 | 4,671,267 | ||||||
| Principal Amount | Value | |||||||
| Utilities (continued) | ||||||||
| $ | 4,750,000 | NextEra Energy Capital Holdings, Inc., 5.05%, 03/15/30 | $ | 4,833,927 | ||||
| 4,723,000 | Public Service Enterprise Group, Inc., 5.88%, 10/15/28 | 4,868,473 | ||||||
| 2,581,802 | SCE Recovery Funding LLC, Series A-1, 0.86%, 11/15/31 | 2,342,942 | ||||||
| 4,820,000 | Southern California Gas Co., 5.45%, 06/15/35 | 4,936,335 | ||||||
| 3,520,000 | Xcel Energy, Inc., 4.75%, 03/21/28 | 3,536,791 | ||||||
| 45,039,000 | ||||||||
| Total Corporate Bonds (Cost $454,111,628) | 454,017,885 | |||||||
| ASSET-BACKED SECURITIES — 4.1% | ||||||||
| CAYMAN ISLANDS — 1.2% | ||||||||
| Collateralized Loan Obligations — 1.2% | ||||||||
| 4,500,000 | Benefit Street Partners CLO XVIII Ltd., Series
2019-18A, Class BR2, (3 mo. Term SOFR + 1.550%), 5.22%, 10/15/38(a)(b) | 4,515,335 | ||||||
| 2,000,000 | Flatiron CLO 19 Ltd., Series 2019-1A,
Class BR2, (3 mo. Term SOFR + 1.500%), 5.15%, 11/16/34(a)(b) | 2,001,980 | ||||||
| 4,500,000 | Palmer Square CLO Ltd., Series 2022- 1A,
Class BR, (3 mo. Term SOFR + 1.600%), 5.28%, 10/20/38(a)(b) | 4,520,014 | ||||||
| 4,250,000 | Regatta XXI Funding Ltd., Series 2021-3A,
Class BR, (3 mo. Term SOFR + 1.750%), 5.42%, 10/15/37(a)(b) | 4,268,646 | ||||||
| 5,000,000 | RR 42 Ltd., Series 2025-42A,
Class A2R, (3 mo. Term SOFR + 1.600%), 5.27%, 10/15/40(a)(b) | 5,021,890 | ||||||
| 20,327,865 | ||||||||
| JERSEY CHANNEL ISLANDS — 0.4% | ||||||||
| Collateralized Loan Obligations — 0.4% | ||||||||
| 2,750,000 | Golub Capital Partners CLO Ltd., Series 2024-74A,
Class A, (3 mo. Term SOFR + 1.500%), 5.17%, 07/25/37(a)(b) | 2,755,174 | ||||||
| 72 |
| Old Westbury Funds, Inc. | |
| Fixed Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| JERSEY CHANNEL ISLANDS (continued) | ||||||||
| Collateralized Loan Obligations (continued) | ||||||||
| $ | 4,000,000 | OCP Aegis CLO Ltd., Series 2023-29A, Class BR, (3 mo. Term SOFR + 1.550%), 5.23%, 01/20/36(a)(b) | $ | 4,005,192 | ||||
| 6,760,366 | ||||||||
| UNITED STATES — 2.5% | ||||||||
| Other Asset-Backed Securities — 2.5% | ||||||||
| 1,097,620 | Amur Equipment Finance Receivables XIV LLC, Series
2024-2A, Class A2, 5.19%, 07/21/31(b) | 1,107,539 | ||||||
| 1,694,952 | Bank of America Auto Trust, Series 2023-2A,
Class A3, 5.74%, 06/15/28(b) | 1,706,175 | ||||||
| 2,250,000 | BMW Vehicle Owner Trust, Series 2025-A,
Class A4, 4.66%, 12/27/32 | 2,267,444 | ||||||
| 596,066 | BofA Auto Trust, Series 2024-1A, Class A3, 5.35%, 11/15/28(b) | 600,145 | ||||||
| 207,766 | CarMax Auto Owner Trust, Series 2022-4,
Class A3, 5.34%, 08/16/27 | 207,890 | ||||||
| 1,183,852 | CarMax Auto Owner Trust, Series 2023-4,
Class A3, 6.00%, 07/17/28 | 1,194,585 | ||||||
| 2,000,000 | CarMax Auto Owner Trust, Series 2024-4,
Class A3, 4.60%, 10/15/29 | 2,010,108 | ||||||
| 1,193,776 | CNH Equipment Trust, Series 2024-B, Class A3, 5.19%, 09/17/29 | 1,205,295 | ||||||
| 489,060 | Daimler Trucks Retail Trust, Series 2023-1,
Class A3, 5.90%, 03/15/27 | 490,114 | ||||||
| 573,663 | Enterprise Fleet Financing LLC, Series 2024-1,
Class A2, 5.23%, 03/20/30(b) | 576,693 | ||||||
| 58,308 | Enterprise Fleet Financing LLC, Series 2024-2,
Class A2, 5.74%, 12/20/26(b) | 58,362 | ||||||
| 618,144 | Honda Auto Receivables Owner Trust, Series 2023-2, Class A3, 4.93%, 11/15/27 | 619,910 | ||||||
| 3,000,000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3, 4.57%, 09/21/29 | 3,016,101 | ||||||
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 603,218 | HPEFS Equipment Trust, Series 2024-2A, Class A3, 5.36%, 10/20/31(b) | $ | 605,290 | ||||
| 2,400,001 | John Deere Owner Trust, Series 2024-B, Class A3, 5.20%, 03/15/29 | 2,421,715 | ||||||
| 1,563,986 | Kubota Credit Owner Trust, Series 2023-2A,
Class A3, 5.28%, 01/18/28(b) | 1,573,190 | ||||||
| 74,976 | Kubota Credit Owner Trust, Series 2024-2A,
Class A2, 5.45%, 04/15/27(b) | 75,034 | ||||||
| 3,750,000 | M&T Equipment Notes, Series 2024-1A, Class A3, 4.76%, 08/18/31(b) | 3,772,366 | ||||||
| 779,920 | Navient Private Education Refi Loan Trust, Series
2021-BA, Class A, 0.94%, 07/15/69(b) | 710,601 | ||||||
| 1,295,274 | Navient Private Education Refi Loan Trust, Series
2021-CA, Class A, 1.06%, 10/15/69(b) | 1,179,763 | ||||||
| 3,700,000 | PFS Financing Corp., Series 2024-B, Class A, 4.95%, 02/15/29(b) | 3,723,614 | ||||||
| 870,913 | Santander Drive Auto Receivables Trust, Series 2025-1,
Class A3, 4.74%, 01/16/29 | 872,387 | ||||||
| 581,053 | SFS Auto Receivables Securitization Trust, Series
2024-2A, Class A3, 5.33%, 11/20/29(b) | 585,989 | ||||||
| 332,086 | Sofi Professional Loan Program Trust, Series 2021-A,
Class AFX, 1.03%, 08/17/43(b) | 294,899 | ||||||
| 1,500,000 | T-Mobile US Trust, Series 2025-1A, Class A, 4.74%, 11/20/29(b) | 1,509,784 | ||||||
| 3,000,000 | Verizon Master Trust, Series 2025-1, Class A, 4.71%, 01/21/31 | 3,025,306 | ||||||
| 1,608,218 | Wheels Fleet Lease Funding 1 LLC, Series 2024-2A,
Class A1, 4.87%, 06/21/39(b) | 1,618,960 | ||||||
| 3,088,472 | Wheels Fleet Lease Funding 1 LLC, Series 2025-1A, Class A1, 4.57%, 01/18/40(b) | 3,102,073 | ||||||
| 40,131,332 | ||||||||
| Total Asset-Backed Securities (Cost $67,112,549) | 67,219,563 | |||||||
| 73 |
| Old Westbury Funds, Inc. | |
| Fixed Income Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| U.S. GOVERNMENT SECURITIES — 66.8% | ||||||||
| U.S. Treasury Inflation Indexed Bonds — 4.0% | ||||||||
| $ | 65,477,981 | 1.13%, 10/15/30(c) | $ | 65,329,230 | ||||
| U.S. Treasury Notes — 62.8% | ||||||||
| 16,600,000 | 3.50%, 10/31/27 | 16,509,867 | ||||||
| 13,000,000 | 3.38%, 02/29/28 | 12,886,250 | ||||||
| 70,715,000 | 3.63%, 08/15/28 | 70,300,654 | ||||||
| 80,365,000 | 3.50%, 12/15/28 | 79,561,350 | ||||||
| 121,813,000 | 3.63%, 08/31/29 | 120,609,145 | ||||||
| 155,110,000 | 4.00%, 03/31/30 | 155,255,416 | ||||||
| 149,168,000 | 4.13%, 08/31/30 | 149,873,051 | ||||||
| 89,531,000 | 4.38%, 01/31/32 | 90,737,570 | ||||||
| 114,927,000 | 3.75%, 10/31/32 | 112,152,591 | ||||||
| 110,955,000 | 3.88%, 08/15/34 | 107,669,691 | ||||||
| 29,666,000 | 4.25%, 05/15/35 | 29,444,664 | ||||||
| 79,721,000 | 4.25%, 08/15/35 | 79,023,441 | ||||||
| 1,024,023,690 | ||||||||
| Total U.S. Government Securities (Cost $1,091,069,890) | 1,089,352,920 | |||||||
| Shares | ||||||||
| INVESTMENT COMPANY — 0.5% | ||||||||
| 8,685,710 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(d) | 8,685,710 | ||||||
| Total Investment Company (Cost $8,685,710) | 8,685,710 | |||||||
| TOTAL INVESTMENTS — 99.2% (Cost $1,620,979,777) | $ | 1,619,276,078 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8% | 12,494,839 | |||||||
| NET ASSETS — 100.0% | $ | 1,631,770,917 | ||||||
| (a) | Floating or variable rate security. For securities where the coupon is described as “SOFR + spread” and a single fixed rate is shown, the rate presented reflects the initial fixed rate in effect as of April 30, 2026. On the contractual reset date, these securities convert from the initial fixed rate to a floating rate based on the applicable SOFR reference rate plus the stated spread. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. The Reference Rate is defined below. Interest Rate shown reflects the rate in effect as of April 30, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent 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) | Inflation protected security. |
| (d) | The rate shown represents the current yield as of April 30, 2026. |
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
| 74 |
| Old Westbury Funds, Inc. | |
| Short-Term Bond Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| CORPORATE BONDS — 36.7% | ||||||||
| Banks — 9.9% | ||||||||
| $ | 1,247,000 | Bank of America Corp., (SOFR RATE + 1.630%), 5.20%, 04/25/29(a) | $ | 1,263,684 | ||||
| 102,000 | Bank of Montreal, Series H, MTN, 4.70%, 09/14/27 | 102,531 | ||||||
| 1,000,000 | Bank of New York Mellon Corp. (The), (SOFR RATE + 0.680%), 4.44%, 06/09/28(a) | 1,002,109 | ||||||
| 1,000,000 | Barclays Plc, (SOFR RATE + 0.960%), 5.09%, 02/25/29(a) | 1,008,630 | ||||||
| 500,000 | BNP Paribas SA, (SOFR RATE + 1.450%), 4.79%, 05/09/29(a)(b) | 501,452 | ||||||
| 400,000 | Citibank NA, 4.93%, 08/06/26 | 400,610 | ||||||
| 672,000 | Citigroup, Inc., (3 mo. Term SOFR + 1.652%), 3.67%, 07/24/28(a) | 665,780 | ||||||
| 500,000 | Fifth Third Bancorp, (SOFR RATE + 2.340%), 6.34%, 07/27/29(a) | 517,761 | ||||||
| 640,000 | Goldman Sachs Bank USA, (SOFR RATE + 0.750%), 5.41%, 05/21/27(a) | 640,327 | ||||||
| 1,000,000 | Goldman Sachs Group, Inc. (The), (SOFR RATE + 0.990%), 4.59%, 04/20/30(a) | 997,808 | ||||||
| 999,000 | JP Morgan Chase & Co., (SOFR RATE + 1.015%), 2.07%, 06/01/29(a) | 951,798 | ||||||
| 1,000,000 | JP Morgan Chase & Co., (SOFR RATE + 0.840%), 4.35%, 01/22/32(a) | 984,691 | ||||||
| 1,500,000 | Morgan Stanley Private Bank NA, (SOFR RATE + 1.080%), 4.73%, 07/18/31(a) | 1,497,871 | ||||||
| 500,000 | Royal Bank of Canada GMTN, (SOFR Index + 0.810%), 4.72%, 03/27/28(a) | 501,542 | ||||||
| 952,000 | Sumitomo Mitsui Financial Group, Inc., 2.63%, 07/14/26 | 949,366 | ||||||
| 87,000 | Toronto-Dominion Bank (The) GMTN, 5.53%, 07/17/26 | 87,255 | ||||||
| Principal Amount | Value | |||||||
| Banks (continued) | ||||||||
| $ | 850,000 | UBS AG, (SOFR RATE + 0.720%), 4.86%, 01/10/28(a) | $ | 853,242 | ||||
| 1,000,000 | UBS Group AG, (SOFR RATE + 0.840%), 4.21%, 04/10/30(a)(b) | 987,758 | ||||||
| 1,000,000 | US Bancorp, (SOFR RATE + 0.867%), 4.48%, 01/26/32(a) | 988,444 | ||||||
| 650,000 | US Bank NA, (SOFR RATE + 0.690%), 4.51%, 10/22/27(a) | 650,584 | ||||||
| 420,000 | Wells Fargo & Co. GMTN, (SOFR RATE + 1.070%), 5.71%, 04/22/28(a) | 425,030 | ||||||
| 15,978,273 | ||||||||
| Communication Services — 1.2% | ||||||||
| 1,000,000 | Airbnb, Inc., 4.40%, 03/16/29 | 998,622 | ||||||
| 1,000,000 | Alphabet, Inc., 3.70%, 02/15/29 | 988,648 | ||||||
| 1,987,270 | ||||||||
| Consumer Discretionary — 2.2% | ||||||||
| 92,000 | American Honda Finance Corp. GMTN, (SOFR RATE + 0.770%), 4.42%, 03/12/27(a) | 92,110 | ||||||
| 87,000 | Clorox Co. (The), 3.90%, 05/15/28 | 86,351 | ||||||
| 877,000 | General Motors Financial Co., Inc., 5.40%, 05/08/27 | 885,955 | ||||||
| 1,500,000 | Hyundai Capital America, 4.90%, 06/23/28(b) | 1,507,246 | ||||||
| 400,000 | Marriott International, Inc., 5.55%, 10/15/28 | 410,296 | ||||||
| 218,000 | Southwest Airlines Co., 5.13%, 06/15/27 | 218,965 | ||||||
| 400,000 | Toyota Motor Credit Corp. GMTN, 4.55%, 08/07/26 | 400,682 | ||||||
| 3,601,605 | ||||||||
| Consumer Staples — 0.2% | ||||||||
| 250,000 | Mars, Inc., 4.45%, 03/01/27(b) | 250,886 | ||||||
| Energy — 1.8% | ||||||||
| 114,000 | BP Capital Markets America, Inc., 3.94%, 09/21/28 | 113,196 | ||||||
| 113,000 | Enbridge, Inc., 6.00%, 11/15/28 | 117,246 | ||||||
| 75 |
| Old Westbury Funds, Inc. | |
| Short-Term Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Energy (continued) | ||||||||
| $ | 627,000 | Energy Transfer LP, 4.95%, 06/15/28 | $ | 632,846 | ||||
| 1,075,000 | Pioneer Natural Resources Co., 1.90%, 08/15/30 | 971,085 | ||||||
| 1,000,000 | Williams Cos., Inc. (The), 4.80%, 11/15/29 | 1,009,051 | ||||||
| 2,843,424 | ||||||||
| Financial Services — 4.7% | ||||||||
| 950,000 | AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 6.10%, 01/15/27 | 960,280 | ||||||
| 500,000 | AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 4.38%, 11/15/30 | 490,757 | ||||||
| 247,000 | Air Lease Corp., 5.85%, 12/15/27 | 251,675 | ||||||
| 152,000 | American Express Co., (SOFR RATE + 1.000%), 5.10%, 02/16/28(a) | 152,898 | ||||||
| 1,000,000 | American Express Co., (SOFR RATE + 0.811%), 4.44%, 05/03/30(a) | 998,083 | ||||||
| 500,000 | Arthur J Gallagher & Co., 4.60%, 12/15/27 | 501,421 | ||||||
| 641,000 | Capital One Financial Corp., (SOFR RATE + 2.080%), 5.47%, 02/01/29(a) | 650,994 | ||||||
| 151,000 | Corebridge Financial, Inc., 3.65%, 04/05/27 | 150,064 | ||||||
| 500,000 | Corebridge Global Funding, 4.90%, 01/07/28(b) | 503,290 | ||||||
| 500,000 | Lincoln Financial Global Funding, 4.63%, 05/28/28(b) | 500,489 | ||||||
| 1,000,000 | Metropolitan Life Global Funding I, 4.15%, 08/25/28(b) | 995,554 | ||||||
| 400,000 | New York Life Global Funding MTN, 3.90%, 10/01/27(b) | 397,884 | ||||||
| 1,000,000 | PayPal Holdings, Inc., 4.45%, 03/06/28 | 1,001,541 | ||||||
| 7,554,930 | ||||||||
| Health Care — 2.2% | ||||||||
| 259,000 | CVS Health Corp., 1.30%, 08/21/27 | 248,806 | ||||||
| 1,000,000 | CVS Health Corp., 5.40%, 06/01/29 | 1,023,550 | ||||||
| 667,000 | HCA, Inc., 5.38%, 09/01/26 | 667,515 | ||||||
| 1,000,000 | HCA, Inc., 3.13%, 03/15/27 | 990,506 | ||||||
| Principal Amount | Value | |||||||
| Health Care (continued) | ||||||||
| $ | 545,000 | Merck & Co., Inc., 4.15%, 09/15/30 | $ | 542,146 | ||||
| 87,000 | Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/28 | 87,389 | ||||||
| 3,559,912 | ||||||||
| Industrials — 5.6% | ||||||||
| 1,500,000 | Amphenol Corp., 3.90%, 11/15/28 | 1,487,961 | ||||||
| 400,000 | Caterpillar Financial Services Corp., 4.40%, 10/15/27 | 401,903 | ||||||
| 1,000,000 | Eaton Corp., 3.95%, 03/06/29 | 989,965 | ||||||
| 1,000,000 | Howmet Aerospace, Inc., 3.90%, 04/15/29 | 985,627 | ||||||
| 500,000 | John Deere Capital Corp., Series I, GMTN, 4.13%, 01/18/29 | 499,084 | ||||||
| 627,000 | L3Harris Technologies, Inc., 5.40%, 01/15/27 | 632,069 | ||||||
| 1,000,000 | RTX Corp., 3.13%, 05/04/27 | 989,752 | ||||||
| 87,000 | Ryder System, Inc. MTN, 5.30%, 03/15/27 | 87,697 | ||||||
| 1,000,000 | Uber Technologies, Inc., 4.50%, 08/15/29(b) | 991,292 | ||||||
| 500,000 | Union Pacific Corp., 3.95%, 09/10/28 | 497,417 | ||||||
| 1,500,000 | Waste Management, Inc., 3.88%, 01/15/29 | 1,485,782 | ||||||
| 9,048,549 | ||||||||
| Information Technology — 3.1% | ||||||||
| 1,000,000 | Advanced Micro Devices, Inc., 4.21%, 09/24/26 | 1,000,972 | ||||||
| 354,000 | Broadcom, Inc., 5.05%, 07/12/27 | 357,859 | ||||||
| 102,000 | Fiserv, Inc., 5.15%, 03/15/27 | 102,548 | ||||||
| 1,000,000 | Microchip Technology, Inc., 4.90%, 03/15/28 | 1,005,757 | ||||||
| 1,500,000 | Roper Technologies, Inc., 4.25%, 09/15/28 | 1,488,970 | ||||||
| 1,000,000 | Salesforce, Inc., 4.50%, 03/15/28 | 1,000,939 | ||||||
| 4,957,045 | ||||||||
| Materials — 0.2% | ||||||||
| 170,000 | Glencore Funding LLC, 5.34%, 04/04/27(b) | 171,809 | ||||||
| 76 |
| Old Westbury Funds, Inc. | |
| Short-Term Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Materials (continued) | ||||||||
| $ | 200,000 | Owens Corning, 5.50%, 06/15/27 | $ | 202,431 | ||||
| 374,240 | ||||||||
| Real Estate — 1.1% | ||||||||
| 1,000,000 | American Tower Corp. REIT, 2.75%, 01/15/27 | 990,082 | ||||||
| 800,000 | Brixmor Operating Partnership LP REIT, 3.90%, 03/15/27 | 797,638 | ||||||
| 1,787,720 | ||||||||
| Telecommunication Services — 1.4% | ||||||||
| 1,000,000 | AT&T, Inc., 4.70%, 08/15/30 | 1,007,023 | ||||||
| 1,174,000 | T-Mobile USA, Inc., 3.75%, 04/15/27 | 1,169,193 | ||||||
| 2,176,216 | ||||||||
| Utilities — 3.1% | ||||||||
| 1,200,000 | Constellation Energy Generation LLC, 3.90%, 01/08/28 | 1,190,581 | ||||||
| 900,000 | DTE Energy Co., 4.95%, 07/01/27 | 905,554 | ||||||
| 1,000,000 | Duke Energy Progress LLC, 4.35%, 03/06/27 | 1,002,833 | ||||||
| 1,000,000 | National Rural Utilities Cooperative Finance Corp., 4.40%, 05/11/29 | 1,000,634 | ||||||
| 117,000 | National Rural Utilities Cooperative Finance Corp. MTN, 5.05%, 09/15/28 | 118,813 | ||||||
| 500,000 | NextEra Energy Capital Holdings, Inc., 4.69%, 09/01/27 | 502,192 | ||||||
| 217,000 | Public Service Enterprise Group, Inc., 5.88%, 10/15/28 | 223,684 | ||||||
| 97,000 | Southern Co. (The), 4.85%, 06/15/28 | 97,771 | ||||||
| 5,042,062 | ||||||||
| Total Corporate Bonds (Cost $59,190,448) | 59,162,132 | |||||||
| Principal Amount | Value | |||||||
| ASSET-BACKED SECURITIES — 3.8% | ||||||||
| BERMUDA — 0.1% | ||||||||
| Collateralized Loan Obligations — 0.1% | ||||||||
| $ | 250,000 | Rad CLO 25 Ltd., Series 2024-25A, Class A1, (3 mo. Term SOFR + 1.460%), 5.14%, 07/20/37(a)(b) | $ | 250,375 | ||||
| CAYMAN ISLANDS — 0.6% | ||||||||
| Collateralized Loan Obligations — 0.6% | ||||||||
| 500,000 | Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class AR2, (3 mo. Term SOFR + 1.240%), 4.91%, 10/15/38(a)(b) | 500,809 | ||||||
| 400,000 | Palmer Square CLO Ltd., Series 2024-3A, Class A, (3 mo. Term SOFR + 1.350%), 5.03%, 07/20/37(a)(b) | 400,936 | ||||||
| 901,745 | ||||||||
| JERSEY CHANNEL ISLANDS — 0.2% | ||||||||
| Collateralized Loan Obligations — 0.2% | ||||||||
| 250,000 | Golub Capital Partners CLO Ltd., Series 2024-74A, Class A, (3 mo. Term SOFR + 1.500%), 5.17%, 07/25/37(a)(b) | 250,470 | ||||||
| UNITED STATES — 2.9% | ||||||||
| Other Asset-Backed Securities — 2.9% | ||||||||
| 500,000 | BMW Vehicle Owner Trust, Series 2025-A,
Class A4, 4.66%, 12/27/32 | 503,876 | ||||||
| 20,304 | CarMax Auto Owner Trust, Series 2023-1,
Class A3, 4.75%, 10/15/27 | 20,321 | ||||||
| 500,000 | CarMax Auto Owner Trust, Series 2024-4,
Class A3, 4.60%, 10/15/29 | 502,527 | ||||||
| 500,000 | CarMax Auto Owner Trust, Series 2025-1,
Class A3, 4.84%, 01/15/30 | 503,957 | ||||||
| 14,577 | Enterprise Fleet Financing LLC, Series 2024-2,
Class A2, 5.74%, 12/20/26(b) | 14,591 | ||||||
| 500,000 | Honda Auto Receivables Owner Trust, Series 2025-1,
Class A3, 4.57%, 09/21/29 | 502,683 | ||||||
| 278,707 | Hyundai Auto Receivables Trust, Series 2023-C,
Class A3, 5.54%, 10/16/28 | 280,688 | ||||||
| 77 |
| Old Westbury Funds, Inc. | |
| Short-Term Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| UNITED STATES (continued) | ||||||||
| Other Asset-Backed Securities (continued) | ||||||||
| $ | 276,923 | John Deere Owner Trust, Series 2024- B, Class A3, 5.20%, 03/15/29 | $ | 279,429 | ||||
| 390,996 | Kubota Credit Owner Trust, Series 2023-2A,
Class A3, 5.28%, 01/18/28(b) | 393,298 | ||||||
| 18,744 | Kubota Credit Owner Trust, Series 2024-2A,
Class A2, 5.45%, 04/15/27(b) | 18,759 | ||||||
| 109,126 | M&T Equipment Notes, Series 2024- 1A, Class A2, 4.99%, 08/18/31(b) | 109,314 | ||||||
| 145,263 | SFS Auto Receivables Securitization Trust, Series
2024-2A, Class A3, 5.33%, 11/20/29(b) | 146,497 | ||||||
| 500,000 | T-Mobile US Trust, Series 2025-1A, Class A, 4.74%, 11/20/29(b) | 503,261 | ||||||
| 500,000 | Verizon Master Trust, Series 2025-1, Class A, 4.71%, 01/21/31 | 504,218 | ||||||
| 441,210 | Wheels Fleet Lease Funding 1 LLC, Series 2025-1A,
Class A1, 4.57%, 01/18/40(b) | 443,153 | ||||||
| 4,726,572 | ||||||||
| Total Asset-Backed Securities (Cost $6,098,470) | 6,129,162 | |||||||
| U.S. GOVERNMENT SECURITIES — 58.3% | ||||||||
| U.S. Treasury Bills — 6.1% | ||||||||
| 2,558,000 | 3.54%, 10/01/26(c) | 2,519,009 | ||||||
| 5,046,000 | 3.51%, 12/24/26(c) | 4,928,038 | ||||||
| 2,500,000 | 3.65%, 03/18/27(c) | 2,420,716 | ||||||
| 9,867,763 | ||||||||
| U.S. Treasury Notes — 52.2% | ||||||||
| 2,201,000 | 4.63%, 11/15/26 | 2,211,379 | ||||||
| 2,603,000 | 4.00%, 01/15/27 | 2,607,881 | ||||||
| 2,525,000 | 4.13%, 02/28/27 | 2,532,471 | ||||||
| 1,825,000 | 4.50%, 05/15/27 | 1,837,861 | ||||||
| 2,534,000 | 4.38%, 07/15/27 | 2,549,936 | ||||||
| 3,265,000 | 4.13%, 09/30/27 | 3,276,351 | ||||||
| 5,267,000 | 3.88%, 11/30/27 | 5,266,383 | ||||||
| 7,719,000 | 3.38%, 12/31/27 | 7,655,982 | ||||||
| 6,592,000 | 4.00%, 02/29/28 | 6,605,132 | ||||||
| 4,000,000 | 3.88%, 03/31/28 | 3,999,062 | ||||||
| 5,081,000 | 3.75%, 04/15/28 | 5,067,305 | ||||||
| 4,790,000 | 4.00%, 06/30/28 | 4,800,852 | ||||||
| 3,672,000 | 4.38%, 08/31/28 | 3,710,154 | ||||||
| 5,441,000 | 3.50%, 10/15/28 | 5,389,566 | ||||||
| Principal Amount | Value | |||||||
| U.S. Treasury Notes (continued) | ||||||||
| $ | 6,334,000 | 3.50%, 01/15/29 | $ | 6,268,186 | ||||
| 6,647,000 | 4.00%, 01/31/29 | 6,661,800 | ||||||
| 3,430,000 | 3.50%, 02/15/29 | 3,393,020 | ||||||
| 1,903,000 | 4.00%, 07/31/29 | 1,906,717 | ||||||
| 1,777,000 | 4.13%, 11/30/29 | 1,786,996 | ||||||
| 2,046,000 | 4.25%, 01/31/30 | 2,065,901 | ||||||
| 2,223,000 | 3.88%, 07/31/30 | 2,212,840 | ||||||
| 2,558,000 | 3.63%, 12/31/30 | 2,516,133 | ||||||
| 84,321,908 | ||||||||
| Total U.S. Government Securities (Cost $94,356,812) | 94,189,671 | |||||||
| Shares | ||||||||
| INVESTMENT COMPANY — 1.4% | ||||||||
| 2,213,835 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(d) | 2,213,835 | ||||||
| Total Investment Company (Cost $2,213,835) | 2,213,835 | |||||||
| TOTAL INVESTMENTS — 100.2% (Cost $161,859,565) | $ | 161,694,800 | ||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% | (252,822) | |||||||
| NET ASSETS — 100.0% | $ | 161,441,978 | ||||||
| (a) | Floating or variable rate security. For securities where the coupon is described as “SOFR + spread” and a single fixed rate is shown, the rate presented reflects the initial fixed rate in effect as of April 30, 2026. On the contractual reset date, these securities convert from the initial fixed rate to a floating rate based on the applicable SOFR reference rate plus the stated spread. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. The Reference Rate is defined below. Interest Rate shown reflects the rate in effect as of April 30, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent 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 current yield as of April 30, 2026. |
| (d) | The rate shown represents the current yield as of April 30, 2026. |
| 78 |
| Old Westbury Funds, Inc. | |
| Short-Term Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
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
| 79 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS — 95.9% | ||||||||
| Arizona — 2.6% | ||||||||
| $ | 3,000,000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/28 | $ | 3,155,529 | ||||
| 3,000,000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/29 | 3,220,026 | ||||||
| 3,190,000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/30 | 3,486,037 | ||||||
| 5,000,000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/32 | 5,629,999 | ||||||
| 5,150,000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/34 | 5,928,799 | ||||||
| 5,000,000 | Arizona Board of Regents Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/35 | 5,801,620 | ||||||
| 2,500,000 | Arizona Board of Regents University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/33 | 2,851,688 | ||||||
| 2,960,000 | Arizona Board of Regents University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/34 | 3,409,944 | ||||||
| 6,185,000 | Arizona Department of Transportation State Highway Improvements Revenue Bonds, 5.00%, 07/01/31 | 6,871,645 | ||||||
| 14,975,000 | Arizona Department of Transportation State Highway Improvements Revenue Bonds, 5.00%, 07/01/32 | 16,869,987 | ||||||
| 15,000,000 | Arizona Department of Transportation State Highway Improvements Revenue Bonds, 5.00%, 07/01/35 | 17,364,460 | ||||||
| 15,000,000 | Arizona Department of Transportation State Highway Improvements Revenue Bonds, 5.00%, 07/01/39 | 17,101,536 | ||||||
| Principal Amount | Value | |||||||
| Arizona (continued) | ||||||||
| $ | 5,000,000 | City of Phoenix Civic Improvement Corp. Current Refunding Revenue Bonds, 5.00%, 07/01/29 | $ | 5,309,965 | ||||
| 2,005,000 | City of Phoenix School Improvements GO, Series B, 4.41%, 07/01/28 | 2,021,344 | ||||||
| 3,950,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds, Series A, 5.00%, 01/01/33 | 4,005,222 | ||||||
| 7,180,000 | Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/36 | 8,299,540 | ||||||
| 7,100,000 | Salt River Project Agricultural Improvement & Power District Current Refunding Revenue Bonds, Series B, 5.00%, 01/01/37 | 8,144,384 | ||||||
| 119,471,725 | ||||||||
| California — 2.6% | ||||||||
| 17,500,000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series 3, 5.00%, 08/15/65 | 20,119,943 | ||||||
| 4,000,000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series B, 5.00%, 08/15/33 | 4,648,170 | ||||||
| 4,735,000 | City of Los Angeles Department of Airports Airport & Marina Improvements Revenue Bonds, 5.00%, 05/15/32 | 5,188,174 | ||||||
| 2,250,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/27 | 2,302,538 | ||||||
| 2,810,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D, 5.00%, 05/15/27 | 2,887,292 | ||||||
| 2,000,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D, 5.00%, 05/15/30 | 2,207,448 | ||||||
| 10,000,000 | County of Santa Clara GO, Series C, 4.30%, 08/01/27 | 10,055,882 | ||||||
| 80 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 10,000,000 | County of Santa Clara GO, Series C, 4.33%, 08/01/29 | $ | 10,088,868 | ||||
| 5,000,000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A, 5.00%, 07/01/27 | 5,131,040 | ||||||
| 4,200,000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 05/01/34 | 4,697,484 | ||||||
| 11,000,000 | San Francisco City & County Public Utilities Commission Wastewater Revenue Bonds, Series A, 4.66%, 10/01/27 | 11,092,949 | ||||||
| 10,000,000 | State of California Current Refunding GO, 5.00%, 10/01/37 | 10,928,095 | ||||||
| 16,195,000 | State of California Current Refunding GO, (AGM), 5.25%, 08/01/32 | 18,317,695 | ||||||
| 10,000,000 | University of California University & College Improvements Revenue Bonds, Series BK, 5.00%, 05/15/32 | 11,259,602 | ||||||
| 118,925,180 | ||||||||
| Colorado — 2.9% | ||||||||
| 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 | 20,303,296 | ||||||
| 27,720,000 | City & County of Denver Co. Airport System & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 12/01/28 | 29,146,496 | ||||||
| 11,590,000 | City & County of Denver Co. Airport System Refunding Revenue Bonds, Series A, 5.00%, 11/15/27 | 11,965,281 | ||||||
| 6,175,000 | City & County of Denver Co. Airport System Revenue Bonds, Series A, 5.00%, 11/15/36 | 6,674,552 | ||||||
| 10,000,000 | City & County of Denver Co. Airport System Revenue Bonds, Series A, 5.00%, 12/01/32 | 10,443,611 | ||||||
| 2,225,000 | City & County of Denver Co. Airport System Revenue Bonds, Series C, 5.00%, 11/15/27 | 2,305,567 | ||||||
| Principal Amount | Value | |||||||
| Colorado (continued) | ||||||||
| $ | 4,545,000 | Colorado Health Facilities Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 05/15/37 | $ | 4,958,664 | ||||
| 1,000,000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, 4.33%, 05/01/29 | 1,006,392 | ||||||
| 1,295,000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, 4.51%, 05/01/30 | 1,309,485 | ||||||
| 2,245,000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, 4.63%, 05/01/31 | 2,269,204 | ||||||
| 2,935,000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, 4.83%, 05/01/32 | 2,973,179 | ||||||
| 2,750,000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, 4.93%, 05/01/33 | 2,789,972 | ||||||
| 2,425,000 | Colorado Housing and Finance Authority Revenue Bonds, Series G-1, 5.15%, 11/01/36 | 2,427,104 | ||||||
| 2,000,000 | Denver City & County School District No 1 Current Refunding GO, Series B, (State Aid Withholding), 5.00%, 12/01/26 | 2,028,046 | ||||||
| 11,330,000 | University of Colorado Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/26 | 11,351,580 | ||||||
| 7,250,000 | University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 11/15/29 | 7,806,130 | ||||||
| 10,000,000 | University of Colorado Hospital Authority Health Care Facilities Revenue Bonds, Series B, 5.00%, 11/15/31 | 11,099,319 | ||||||
| 130,857,878 | ||||||||
| 81 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Connecticut — 3.9% | ||||||||
| $ | 12,500,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series 2, 5.00%, 07/01/64 | $ | 13,983,249 | ||||
| 5,000,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1, 5.00%, 07/01/40 | 5,198,181 | ||||||
| 11,000,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S, 5.00%, 07/01/27 | 11,316,887 | ||||||
| 5,260,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series U, 5.00%, 07/01/33(a) | 6,003,617 | ||||||
| 4,715,000 | State of Connecticut GO, Series A, 5.38%, 05/01/27 | 4,785,519 | ||||||
| 6,295,000 | State of Connecticut GO, Series D, 5.00%, 07/15/26 | 6,323,996 | ||||||
| 6,000,000 | State of Connecticut Public Improvements GO, Series A, 3.85%, 09/15/27 | 5,997,853 | ||||||
| 5,000,000 | State of Connecticut Public Improvements GO, Series A, 4.79%, 03/15/31 | 5,134,488 | ||||||
| 10,000,000 | State of Connecticut Public Improvements GO, Series C, 5.00%, 08/15/28 | 10,545,921 | ||||||
| 10,000,000 | State of Connecticut Public Improvements GO, Series C, 5.00%, 08/15/29 | 10,751,771 | ||||||
| 8,000,000 | State of Connecticut Public Improvements GO, Series C, 5.00%, 08/15/30 | 8,756,286 | ||||||
| 10,000,000 | State of Connecticut Public Improvements GO, Series C, 5.00%, 08/15/31 | 11,114,491 | ||||||
| 10,000,000 | State of Connecticut Public Improvements GO, Series C, 5.00%, 08/15/32 | 11,258,113 | ||||||
| Principal Amount | Value | |||||||
| Connecticut (continued) | ||||||||
| $ | 6,775,000 | State of Connecticut Special Tax Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/30 | $ | 7,400,650 | ||||
| 10,000,000 | State of Connecticut Special Tax Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/35 | 10,328,682 | ||||||
| 20,000,000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/27 | 20,545,820 | ||||||
| 6,500,000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/28 | 6,836,838 | ||||||
| 5,865,000 | State of Connecticut Special Tax Revenue Highway Improvements Revenue Bonds, Series A-1, 5.00%, 07/01/29 | 6,291,266 | ||||||
| 6,805,000 | University of Connecticut University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/32 | 7,612,701 | ||||||
| 6,900,000 | University of Connecticut University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/33 | 7,809,574 | ||||||
| 177,995,903 | ||||||||
| Delaware — 1.5% | ||||||||
| 10,000,000 | Delaware State Health Facilities Authority Current Refunding Revenue Bonds, 5.00%, 10/01/45 | 10,302,675 | ||||||
| 6,500,000 | Delaware State Health Facilities Authority Health Care Facilities Revenue Bonds, 5.00%, 10/01/44 | 6,999,522 | ||||||
| 6,780,000 | Delaware Transportation Authority Public Improvements Revenue Bonds, 5.00%, 07/01/27 | 6,976,110 | ||||||
| 7,705,000 | State of Delaware Current Refunding GO, Series A, 5.00%, 10/01/27 | 7,970,052 | ||||||
| 3,620,000 | State of Delaware Current Refunding GO, Series B, 5.00%, 07/01/26 | 3,633,896 | ||||||
| 82 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Delaware (continued) | ||||||||
| $ | 9,005,000 | State of Delaware Public Improvements GO, Series A, 5.00%, 05/01/26 | $ | 9,005,000 | ||||
| 3,375,000 | University of Delaware Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/32 | 3,813,909 | ||||||
| 9,500,000 | University of Delaware Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/34 | 10,950,242 | ||||||
| 7,500,000 | University of Delaware Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/36 | 8,518,955 | ||||||
| 68,170,361 | ||||||||
| District of Columbia — 2.7% | ||||||||
| 5,045,000 | District of Columbia Cash Flow Management GO, Series B, 5.00%, 08/01/29 | 5,425,167 | ||||||
| 3,660,000 | District of Columbia Current Refunding Revenue Bonds, Series C, 5.00%, 12/01/26 | 3,711,175 | ||||||
| 3,500,000 | District of Columbia Income Tax Public Improvements Revenue Bonds, Series B, 5.00%, 10/01/27 | 3,621,392 | ||||||
| 4,280,000 | District of Columbia Income Tax Revenue Bonds, Series A, 5.00%, 05/01/43 | 4,607,592 | ||||||
| 12,675,000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/36 | 13,960,152 | ||||||
| 10,000,000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series A, 5.00%, 07/01/47 | 10,427,600 | ||||||
| 7,185,000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B, 3.81%, 07/01/30 | 7,103,854 | ||||||
| 6,000,000 | District of Columbia Income Tax Transit Improvements Revenue Bonds, Series B, 3.86%, 07/01/31 | 5,902,546 | ||||||
| 7,440,000 | District of Columbia Public Improvements GO, Series A, 5.00%, 08/01/26 | 7,480,728 | ||||||
| Principal Amount | Value | |||||||
| District of Columbia (continued) | ||||||||
| $ | 4,150,000 | District of Columbia Public Improvements GO, Series A, 5.00%, 08/01/28 | $ | 4,375,699 | ||||
| 5,000,000 | District of Columbia Public Improvements GO, Series A, 5.00%, 08/01/29 | 5,376,777 | ||||||
| 2,000,000 | District of Columbia Water & Sewer Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 10/01/26 | 2,018,363 | ||||||
| 10,295,000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/29 | 10,977,308 | ||||||
| 5,000,000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/30 | 5,401,556 | ||||||
| 5,000,000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/31 | 5,454,056 | ||||||
| 5,000,000 | Metropolitan Washington Airports Authority Aviation Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 10/01/33 | 5,551,963 | ||||||
| 2,850,000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, 5.00%, 10/01/26 | 2,874,028 | ||||||
| 3,000,000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, 5.00%, 10/01/27 | 3,085,000 | ||||||
| 2,500,000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, 5.00%, 10/01/30 | 2,700,778 | ||||||
| 10,000,000 | Metropolitan Washington Airports Authority Aviation Revenue Bonds, Series A, 5.00%, 10/01/31 | 10,908,113 | ||||||
| 120,963,847 | ||||||||
| 83 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Florida — 1.0% | ||||||||
| $ | 5,000,000 | Sarasota County Public Hospital District Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/30 | $ | 5,426,544 | ||||
| 8,800,000 | State of Florida Current Refunding GO, Series A, 5.00%, 06/01/26 | 8,816,537 | ||||||
| 10,000,000 | State of Florida Current Refunding GO, Series A, 5.00%, 06/01/28 | 10,503,496 | ||||||
| 4,170,000 | State of Florida Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 07/01/29 | 4,465,194 | ||||||
| 15,000,000 | State of Florida Department of Transportation Turnpike System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/35 | 17,338,458 | ||||||
| 46,550,229 | ||||||||
| Georgia — 1.8% | ||||||||
| 27,680,000 | Brookhaven Development Authority Health Care Facilities Revenue Bonds, Series A, 4.00%, 07/01/44 | 27,019,721 | ||||||
| 9,280,000 | City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, 5.00%, 07/01/34 | 10,154,449 | ||||||
| 12,890,000 | City of Atlanta Airport Passenger Facility Charge Airport & Marina Improvements Revenue Bonds, Sub-Series D, 5.00%, 07/01/35 | 14,036,156 | ||||||
| 5,500,000 | City of Atlanta Department of Aviation Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/27 | 5,634,107 | ||||||
| 3,250,000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1, 5.00%, 07/01/30 | 3,504,686 | ||||||
| 4,350,000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1, 5.00%, 07/01/31 | 4,736,244 | ||||||
| Principal Amount | Value | |||||||
| Georgia (continued) | ||||||||
| $ | 3,460,000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1, 5.00%, 07/01/32 | $ | 3,806,902 | ||||
| 4,000,000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1, 5.00%, 07/01/33 | 4,438,787 | ||||||
| 7,350,000 | City of Atlanta GA Department of Aviation Revenue Bonds, Series B-1, 5.00%, 07/01/34 | 8,188,800 | ||||||
| 81,519,852 | ||||||||
| Hawaii — 1.5% | ||||||||
| 3,000,000 | City & County of Honolulu Current Refunding GO, Series G, 5.00%, 07/01/29 | 3,223,720 | ||||||
| 3,190,000 | City & County of Honolulu Current Refunding GO, Series G, 5.00%, 07/01/30 | 3,492,505 | ||||||
| 6,015,000 | State of Hawaii Airports System Revenue Bonds, Series A, 5.00%, 07/01/34 | 6,400,607 | ||||||
| 10,350,000 | State of Hawaii Airports System Revenue Bonds, Series A, 5.00%, 07/01/31 | 11,110,717 | ||||||
| 3,325,000 | State of Hawaii Department of Budget & Finance Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27 | 3,409,936 | ||||||
| 3,000,000 | State of Hawaii Department of Budget & Finance Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/29 | 3,203,794 | ||||||
| 3,000,000 | State of Hawaii Public Facilities GO, Series GK, 4.93%, 10/01/28 | 3,061,922 | ||||||
| 20,000,000 | State of Hawaii Public Facilities GO, Series GK, 5.06%, 10/01/29 | 20,621,354 | ||||||
| 5,000,000 | State of Hawaii Public Facilities GO, Series GK, 5.13%, 10/01/30 | 5,196,820 | ||||||
| 4,360,000 | State of Hawaii Public Facilities GO, Series GK, 5.15%, 10/01/31 | 4,547,465 | ||||||
| 2,000,000 | State of Hawaii Public Facilities GO, Series GK, 5.20%, 10/01/32 | 2,092,904 | ||||||
| 66,361,744 | ||||||||
| 84 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Idaho — 1.0% | ||||||||
| $ | 5,000,000 | Idaho Health Facilities Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 03/01/33 | $ | 5,559,362 | ||||
| 10,000,000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A, 5.00%, 06/01/26 | 10,019,132 | ||||||
| 5,000,000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A, 5.00%, 06/01/28 | 5,253,831 | ||||||
| 5,000,000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A, 5.00%, 06/01/29 | 5,367,166 | ||||||
| 5,500,000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A, 5.00%, 06/01/31 | 6,103,072 | ||||||
| 5,000,000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A, 5.00%, 06/01/33 | 5,694,439 | ||||||
| 5,500,000 | Idaho State Building Authority School Improvements Revenue Bonds, Series A, 5.00%, 06/01/34 | 6,327,034 | ||||||
| 44,324,036 | ||||||||
| Illinois — 0.2% | ||||||||
| 2,500,000 | Illinois Finance Authority Revenue Bonds, Series A, 5.00%, 01/01/33 | 2,823,777 | ||||||
| 5,000,000 | Metropolitan Water Reclamation District of Greater Chicago Advance Refunding GO, Series E, 2.53%, 12/01/32 | 4,463,653 | ||||||
| 7,287,430 | ||||||||
| Indiana — 0.1% | ||||||||
| 5,000,000 | Indiana Finance Authority Health Care Facilities Revenue Bonds, Series A1, 5.00%, 11/15/36 | 5,651,293 | ||||||
| Iowa — 0.5% | ||||||||
| 3,185,000 | Iowa Finance Authority Green Purpose Revenue Bonds, Series A, 5.00%, 08/01/31 | 3,551,032 | ||||||
| Principal Amount | Value | |||||||
| Iowa (continued) | ||||||||
| $ | 16,125,000 | Iowa Finance Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 08/01/34 | $ | 18,529,717 | ||||
| 22,080,749 | ||||||||
| Kansas — 1.2% | ||||||||
| 6,595,000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, 5.00%, 05/01/38 | 7,378,507 | ||||||
| 10,510,000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF, 5.00%, 05/01/30 | 11,453,454 | ||||||
| 13,325,000 | Kansas Development Finance Authority Water Utility Improvements Revenue Bonds, Series SRF, 5.00%, 05/01/32 | 14,963,637 | ||||||
| 12,000,000 | State of Kansas Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 09/01/26 | 12,094,742 | ||||||
| 2,000,000 | State of Kansas Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 09/01/27 | 2,065,457 | ||||||
| 4,410,000 | State of Kansas Department of Transportation Highway Improvements Revenue Bonds, Series A, 5.00%, 09/01/28 | 4,659,419 | ||||||
| 52,615,216 | ||||||||
| Maine — 0.1% | ||||||||
| 2,000,000 | Maine Turnpike Authority Current Refunding Revenue Bonds, 5.00%, 07/01/30 | 2,185,520 | ||||||
| 1,000,000 | Maine Turnpike Authority Current Refunding Revenue Bonds, 5.00%, 07/01/32 | 1,125,336 | ||||||
| 1,000,000 | Maine Turnpike Authority Current Refunding Revenue Bonds, 5.00%, 07/01/34 | 1,148,011 | ||||||
| 4,458,867 | ||||||||
| 85 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Maryland — 2.4% | ||||||||
| $ | 5,015,000 | County of Anne Arundel Public Improvements GO, 5.00%, 10/01/28 | $ | 5,311,931 | ||||
| 5,685,000 | County of Baltimore Current Refunding GO, 5.00%, 02/01/29 | 6,065,155 | ||||||
| 4,290,000 | County of Howard Refunding GO, Series A, 5.00%, 08/15/40 | 4,835,226 | ||||||
| 13,915,000 | County of Montgomery Refunding GO, Series A, 5.00%, 08/01/36 | 15,241,189 | ||||||
| 4,200,000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A, 5.00%, 06/01/30 | 4,581,555 | ||||||
| 4,310,000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A, 5.00%, 06/01/31 | 4,776,104 | ||||||
| 4,630,000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A, 5.00%, 06/01/32 | 5,202,124 | ||||||
| 4,860,000 | Maryland Economic Development Corp. Public Facilities Revenue Bonds, Series A, 5.00%, 06/01/33 | 5,524,969 | ||||||
| 20,000,000 | State of Maryland School Improvements GO, Series A, 5.00%, 06/01/28 | 21,028,246 | ||||||
| 15,000,000 | State of Maryland School Improvements GO, Series A, 5.00%, 06/01/36 | 16,597,259 | ||||||
| 12,875,000 | State of Maryland School Improvements GO, Series A, 5.00%, 06/01/38 | 14,468,415 | ||||||
| 5,380,000 | Washington Suburban Sanitary Commission Water Utility Improvements Revenue Bonds, (County GTY), 5.00%, 06/01/41 | 6,088,824 | ||||||
| 109,720,997 | ||||||||
| Massachusetts — 3.4% | ||||||||
| 10,000,000 | Commonwealth of Massachusetts Current Refunding GO, Series A, 5.00%, 10/01/31 | 11,156,878 | ||||||
| Principal Amount | Value | |||||||
| Massachusetts (continued) | ||||||||
| $ | 10,000,000 | Commonwealth of Massachusetts Public Improvements GO, Series A, 5.00%, 05/01/53 | $ | 10,307,481 | ||||
| 10,000,000 | Commonwealth of Massachusetts Transit Improvements GO, Series A, 5.00%, 02/01/32 | 11,203,823 | ||||||
| 7,500,000 | Massachusetts Bay Transportation Authority Sales Tax Transit Improvements Revenue Bonds, Series B, 5.00%, 07/01/33 | 8,628,040 | ||||||
| 3,500,000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/27 | 3,563,573 | ||||||
| 2,500,000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/28 | 2,610,592 | ||||||
| 2,160,000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/29 | 2,311,523 | ||||||
| 2,000,000 | Massachusetts Clean Water Trust Current Refunding Revenue Bonds, 5.00%, 02/01/30 | 2,186,065 | ||||||
| 4,900,000 | Massachusetts Clean Water Trust Water Utility Improvements Revenue Bonds, 5.00%, 02/01/42 | 5,299,524 | ||||||
| 10,000,000 | Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A, 5.00%, 10/15/27 | 10,359,546 | ||||||
| 4,500,000 | Massachusetts Development Finance Agency Current Refunding Revenue Bonds, Series A, 5.00%, 02/15/27 | 4,585,789 | ||||||
| 4,000,000 | Massachusetts Development Finance Agency Current Refunding Revenue Bonds, Series A, 5.00%, 02/15/28 | 4,175,972 | ||||||
| 2,400,000 | Massachusetts Development Finance Agency Current Refunding Revenue Bonds, Series A, 5.00%, 02/15/29 | 2,561,274 | ||||||
| 86 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Massachusetts (continued) | ||||||||
| $ | 2,500,000 | Massachusetts Development Finance Agency Current Refunding Revenue Bonds, Series A, 5.00%, 02/15/34 | $ | 2,877,592 | ||||
| 17,830,000 | Massachusetts Development Finance Agency Health Care Facilities Revenue Bonds, Series T, 5.00%, 03/01/34 | 20,494,480 | ||||||
| 15,000,000 | Massachusetts Development Finance Agency Refunding Revenue Bonds, Series B, 5.00%, 02/15/34 | 17,265,555 | ||||||
| 8,575,000 | Massachusetts Development Finance Agency University & College Improvements Revenue Bonds, Series A-1, 5.00%, 05/15/55 | 9,562,457 | ||||||
| 5,000,000 | Massachusetts Port Authority Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 07/01/33 | 5,479,652 | ||||||
| 5,440,000 | Massachusetts School Building Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 02/15/27 | 5,546,288 | ||||||
| 7,300,000 | Massachusetts School Building Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 02/15/31 | 8,133,334 | ||||||
| 3,000,000 | Massachusetts School Building Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 02/15/34 | 3,473,327 | ||||||
| 2,500,000 | Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C, 5.00%, 08/01/27 | 2,576,300 | ||||||
| 2,160,000 | Massachusetts Water Resources Authority Cash Flow Management Revenue Bonds, Series C, 5.00%, 08/01/29 | 2,335,400 | ||||||
| 156,694,465 | ||||||||
| Principal Amount | Value | |||||||
| Michigan — 0.2% | ||||||||
| $ | 6,900,000 | Michigan State Building Authority Refunding Revenue Bonds, Series I, 5.00%, 04/15/31 | $ | 7,648,217 | ||||
| Minnesota — 0.6% | ||||||||
| 5,390,000 | State of Minnesota School Improvements GO, Series A, 5.00%, 08/01/33 | 6,161,748 | ||||||
| 7,360,000 | State of Minnesota School Improvements GO, Series A, Group 2, 5.00%, 08/01/38 | 8,100,817 | ||||||
| 6,570,000 | University of Minnesota Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/35 | 7,583,899 | ||||||
| 6,130,000 | University of Minnesota Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/36 | 7,111,010 | ||||||
| 28,957,474 | ||||||||
| Missouri — 1.0% | ||||||||
| 4,360,000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A, 5.00%, 11/15/29 | 4,643,130 | ||||||
| 2,500,000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A, 5.00%, 11/15/32 | 2,748,345 | ||||||
| 14,500,000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A, 5.00%, 04/01/33 | 16,221,085 | ||||||
| 10,245,000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A, 5.00%, 05/01/33 | 11,470,189 | ||||||
| 10,500,000 | Health & Educational Facilities Authority of the State of Missouri Health Care Facilities Revenue Bonds, Series A, 5.00%, 04/01/36 | 11,957,296 | ||||||
| 47,040,045 | ||||||||
| 87 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Nebraska — 0.1% | ||||||||
| $ | 2,345,000 | Metropolitan Utilities District of Omaha Water System Revenue Bonds, 5.00%, 12/01/27 | $ | 2,435,352 | ||||
| New Hampshire — 0.5% | ||||||||
| 20,000,000 | New Hampshire Health and Education Facilities Authority Act University & College Improvements Revenue Bonds, Series A, 5.00%, 06/01/32 | 22,604,002 | ||||||
| New Jersey — 6.8% | ||||||||
| 1,000,000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY), 5.00%, 01/15/27 | 1,016,916 | ||||||
| 1,000,000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY), 5.00%, 01/15/28 | 1,041,043 | ||||||
| 1,000,000 | Camden County Improvement Authority Current Refunding Revenue Bonds, Series B, (County GTY), 5.00%, 01/15/29 | 1,064,447 | ||||||
| 1,815,000 | New Jersey Educational Facilities Authority Advance Refunding Revenue Bonds, Series I, 5.00%, 07/01/34 | 1,859,479 | ||||||
| 11,450,000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/26 | 11,495,699 | ||||||
| 12,210,000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/28 | 12,861,522 | ||||||
| 7,735,000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/34 | 8,953,426 | ||||||
| 7,585,000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/35 | 8,847,391 | ||||||
| 6,665,000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/27 | 6,803,345 | ||||||
| Principal Amount | Value | |||||||
| New Jersey (continued) | ||||||||
| $ | 4,000,000 | New Jersey Educational Facilities Authority Current Refunding Revenue Bonds, Series C, 5.00%, 03/01/28 | $ | 4,185,584 | ||||
| 10,000,000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 03/01/27 | 10,207,570 | ||||||
| 15,000,000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/64 | 16,481,994 | ||||||
| 10,000,000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1, 5.00%, 03/01/30 | 10,903,000 | ||||||
| 18,800,000 | New Jersey Educational Facilities Authority University & College Improvements Revenue Bonds, Series A1, 5.00%, 03/01/36 | 21,434,624 | ||||||
| 10,000,000 | New Jersey Health Care Facilities Financing Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/34 | 11,339,568 | ||||||
| 15,000,000 | New Jersey Health Care Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 07/01/29 | 15,962,490 | ||||||
| 10,200,000 | New Jersey Health Care Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 07/01/32 | 11,322,377 | ||||||
| 3,815,000 | New Jersey Health Care Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 07/01/36 | 4,396,408 | ||||||
| 10,000,000 | New Jersey Infrastructure Bank Green Purpose Revenue Bonds, Series A-2, 5.00%, 09/01/47 | 10,498,195 | ||||||
| 88 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| New Jersey (continued) | ||||||||
| $ | 9,000,000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 06/15/33 | $ | 10,147,410 | ||||
| 13,695,000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series AA, 4.00%, 06/15/40 | 13,518,254 | ||||||
| 5,000,000 | New Jersey Transportation Trust Fund Authority Cash Flow Management Revenue Bonds, Series BB, 4.61%, 06/15/26 | 5,003,348 | ||||||
| 3,210,000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/31 | 3,542,613 | ||||||
| 7,250,000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/32 | 8,032,941 | ||||||
| 5,000,000 | New Jersey Transportation Trust Fund Authority Highway Improvements Revenue Bonds, Series BB, 5.00%, 06/15/33 | 5,514,159 | ||||||
| 12,000,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 01/01/34 | 13,696,120 | ||||||
| 5,410,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.48%, 01/01/28 | 5,185,111 | ||||||
| 1,000,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 5.00%, 01/01/27 | 1,015,359 | ||||||
| 9,000,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.28%, 01/01/27 | 8,842,555 | ||||||
| 5,500,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B, 1.81%, 01/01/30 | 5,052,004 | ||||||
| Principal Amount | Value | |||||||
| New Jersey (continued) | ||||||||
| $ | 4,250,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series E, 5.00%, 01/01/32 | $ | 4,399,009 | ||||
| 10,000,000 | New Jersey Turnpike Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 01/01/31 | 10,997,234 | ||||||
| 3,755,000 | New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/29 | 3,987,745 | ||||||
| 3,400,000 | New Jersey Turnpike Authority Current Refunding Revenue Bonds, Series C, 5.00%, 01/01/30 | 3,681,327 | ||||||
| 5,500,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/43 | 6,070,484 | ||||||
| 2,500,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/29 | 2,541,284 | ||||||
| 4,000,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series A, 5.00%, 01/01/34 | 4,052,575 | ||||||
| 3,750,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/42 | 4,059,590 | ||||||
| 5,000,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/44 | 5,409,162 | ||||||
| 12,000,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds, Series B, 5.00%, 01/01/46 | 12,704,032 | ||||||
| 2,000,000 | Rutgers The State University of New Jersey Advance Refunding Revenue Bonds, Series S, 1.66%, 05/01/28 | 1,904,087 | ||||||
| 310,031,481 | ||||||||
| New York — 8.1% | ||||||||
| 8,360,000 | City of New York Current Refunding GO, Series A-1, 5.00%, 08/01/30 | 9,110,093 | ||||||
| 89 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 15,000,000 | City of New York Current Refunding GO, Series B-2, 4.06%, 08/01/26 | $ | 15,000,882 | ||||
| 25,000,000 | City of New York Current Refunding GO, Series F-2, 4.12%, 08/01/26 | 25,005,390 | ||||||
| 12,335,000 | City of New York Public Improvements GO, Series B-2, 5.31%, 10/01/27 | 12,544,414 | ||||||
| 10,000,000 | City of New York Public Improvements GO, Series B-3, 5.00%, 09/01/26(a) | 10,091,922 | ||||||
| 8,890,000 | City of New York Public Improvements GO, Subseries D-2, 3.66%, 12/01/26 | 8,872,737 | ||||||
| 19,825,000 | City of New York Public Improvements GO, Sub-Series E-2, 4.57%, 04/01/28 | 19,975,216 | ||||||
| 7,500,000 | City of New York Refunding GO, Subseries F-1, 5.00%, 08/01/31 | 8,281,754 | ||||||
| 8,000,000 | City of New York Refunding GO, Subseries F-1, 5.00%, 08/01/34 | 9,109,616 | ||||||
| 10,000,000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/30 | 10,919,169 | ||||||
| 10,000,000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/31 | 11,105,230 | ||||||
| 20,000,000 | Empire State Development Corp. Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/36 | 22,493,178 | ||||||
| 10,000,000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 11/15/27 | 10,403,683 | ||||||
| 9,000,000 | New York City Municipal Water Finance Authority Water Utility Improvements Revenue Bonds, Series BB, 5.00%, 06/15/47 | 9,555,862 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 15,000,000 | New York City Transitional Finance Authority Current Refunding Revenue Bonds, Series 1, 5.00%, 11/01/29 | $ | 16,182,961 | ||||
| 9,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, 5.00%, 02/01/31 | 9,155,857 | ||||||
| 10,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Series F-2, 4.90%, 02/01/32 | 10,204,787 | ||||||
| 14,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2, 5.00%, 11/01/28 | 14,272,196 | ||||||
| 15,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2, 5.05%, 11/01/29 | 15,398,649 | ||||||
| 15,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2, 5.15%, 11/01/30 | 15,495,423 | ||||||
| 10,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2, 5.25%, 11/01/31 | 10,380,346 | ||||||
| 14,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series D-2, 5.35%, 11/01/32 | 14,607,113 | ||||||
| 1,785,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B, 5.00%, 05/01/26 | 1,785,000 | ||||||
| 2,000,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series B, 5.00%, 05/01/27 | 2,047,744 | ||||||
| 9,335,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series I, 5.27%, 05/01/34 | 9,650,134 | ||||||
| 10,000,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/36 | 11,450,833 | ||||||
| 90 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| 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 | $ | 10,933,577 | ||||
| 6,000,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/28 | 6,017,956 | ||||||
| 10,000,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/29 | 10,663,598 | ||||||
| 6,500,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/30 | 6,970,300 | ||||||
| 10,210,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/31 | 11,252,181 | ||||||
| 10,000,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/32 | 10,928,454 | ||||||
| 369,866,255 | ||||||||
| North Carolina — 2.3% | ||||||||
| 3,000,000 | City of Charlotte GO, Series A, 4.75%, 06/01/33 | 3,066,440 | ||||||
| 1,235,000 | City of Charlotte Water & Sewer System Refunding Revenue Bonds, 5.00%, 07/01/27 | 1,270,145 | ||||||
| 3,575,000 | City of Raleigh NC Combined Enterprise System Current Refunding Revenue Bonds, 5.00%, 12/01/33 | 4,114,347 | ||||||
| 3,535,000 | City of Raleigh NC Combined Enterprise System Current Refunding Revenue Bonds, 5.00%, 12/01/34 | 4,106,117 | ||||||
| 4,305,000 | City of Raleigh NC Combined Enterprise System Current Refunding Revenue Bonds, 5.00%, 12/01/35 | 5,033,586 | ||||||
| 10,250,000 | County of Cabarrus Current Refunding Revenue Bonds, Series A, 5.00%, 08/01/32 | 11,534,761 | ||||||
| Principal Amount | Value | |||||||
| North Carolina (continued) | ||||||||
| $ | 10,200,000 | County of Guilford School Improvements GO, 5.00%, 03/01/30 | $ | 11,124,963 | ||||
| 15,000,000 | County of Guilford School Improvements GO, 5.00%, 03/01/35 | 17,495,000 | ||||||
| 11,285,000 | County of Mecklenburg Correctional Facilities Improvements Revenue Bonds, 5.00%, 02/01/27 | 11,489,131 | ||||||
| 11,195,000 | County of Mecklenburg Correctional Facilities Improvements Revenue Bonds, 5.00%, 02/01/29 | 11,925,148 | ||||||
| 11,645,000 | County of Mecklenburg GO, 5.00%, 09/01/26 | 11,736,548 | ||||||
| 6,000,000 | North Carolina Medical Care Commission Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/32 | 6,687,725 | ||||||
| 6,000,000 | North Carolina Medical Care Commission Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/37 | 6,745,808 | ||||||
| 106,329,719 | ||||||||
| Ohio — 4.7% | ||||||||
| 2,000,000 | City of Columbus Public Improvements GO, Series A, 5.00%, 08/15/26 | 2,013,575 | ||||||
| 5,025,000 | Ohio State University Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/35 | 5,814,918 | ||||||
| 5,500,000 | Ohio Water Development Authority Water Pollution Control Loan Fund Sewer Improvements Revenue Bonds, 5.00%, 06/01/30 | 6,005,897 | ||||||
| 11,735,000 | Ohio Water Development Authority Water Pollution Control Loan Fund Sewer Improvements Revenue Bonds, 5.00%, 06/01/31 | 13,020,560 | ||||||
| 11,885,000 | Ohio Water Development Authority Water Pollution Control Loan Fund Sewer Improvements Revenue Bonds, 5.00%, 06/01/32 | 13,373,444 | ||||||
| 91 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Ohio (continued) | ||||||||
| $ | 14,975,000 | Ohio Water Development Authority Water Pollution Control Loan Fund Sewer Improvements Revenue Bonds, 5.00%, 06/01/33 | $ | 17,052,784 | ||||
| 14,035,000 | Ohio Water Development Authority Water Pollution Control Loan Fund Sewer Improvements Revenue Bonds, 5.00%, 06/01/34 | 16,165,095 | ||||||
| 7,640,000 | Ohio Water Development Authority Water Pollution Control Loan Fund Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/47 | 8,084,251 | ||||||
| 2,500,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/30 | 2,729,953 | ||||||
| 2,500,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/30 | 2,752,506 | ||||||
| 3,000,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/31 | 3,328,648 | ||||||
| 6,825,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/32 | 7,679,744 | ||||||
| 5,360,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/32 | 6,068,779 | ||||||
| 3,475,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/33 | 3,957,157 | ||||||
| 3,700,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/33 | 4,213,376 | ||||||
| 5,940,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/33 | 6,799,885 | ||||||
| 5,930,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/34 | 6,829,997 | ||||||
| Principal Amount | Value | |||||||
| Ohio (continued) | ||||||||
| $ | 6,820,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/34 | $ | 7,886,452 | ||||
| 4,720,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/35 | 5,460,884 | ||||||
| 5,000,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 06/01/36 | 5,759,605 | ||||||
| 10,000,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A, 5.00%, 12/01/41 | 11,145,845 | ||||||
| 5,615,000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A, 5.00%, 10/01/30 | 6,170,462 | ||||||
| 4,000,000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A, 5.00%, 10/01/32 | 4,512,302 | ||||||
| 3,500,000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A, 5.00%, 10/01/33 | 3,992,302 | ||||||
| 2,500,000 | State of Ohio Correctional Facilities Improvements Revenue Bonds, Series A, 5.00%, 10/01/34 | 2,875,158 | ||||||
| 3,825,000 | State of Ohio Health Care Facilities Revenue Bonds, Series A, 5.00%, 01/01/29 | 4,050,918 | ||||||
| 8,080,000 | State of Ohio School Improvements GO, Series A, 5.00%, 06/15/32 | 9,086,599 | ||||||
| 11,025,000 | State of Ohio University & College Improvements GO, Series A, 5.00%, 05/01/33 | 12,520,947 | ||||||
| 10,805,000 | State of Ohio University & College Improvements GO, Series A, 5.00%, 05/01/34 | 12,403,038 | ||||||
| 211,755,081 | ||||||||
| Oklahoma — 0.9% | ||||||||
| 8,420,000 | City of Oklahoma Public Improvements GO, 5.00%, 03/01/29 | 8,980,025 | ||||||
| 92 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Oklahoma (continued) | ||||||||
| $ | 8,420,000 | City of Oklahoma Public Improvements GO, 5.00%, 03/01/30 | $ | 9,141,777 | ||||
| 8,420,000 | City of Oklahoma Public Improvements GO, 5.00%, 03/01/34 | 9,526,252 | ||||||
| 5,675,000 | Oklahoma City Water Utilities Trust Advance Refunding Revenue Bonds, 3.68%, 07/01/29 | 5,627,541 | ||||||
| 2,750,000 | Oklahoma Water Resources Board Water Utility Improvements Revenue Bonds, Series A, 5.00%, 04/01/31 | 3,039,960 | ||||||
| 2,335,000 | Oklahoma Water Resources Board Water Utility Improvements Revenue Bonds, Series A, 5.00%, 04/01/34 | 2,668,099 | ||||||
| 38,983,654 | ||||||||
| Oregon — 1.1% | ||||||||
| 2,000,000 | City of Portland Water System Revenue Bonds, Series A, 5.00%, 05/01/28 | 2,097,772 | ||||||
| 3,350,000 | City of Portland Water System Revenue Bonds, Series A, 5.00%, 05/01/30 | 3,657,282 | ||||||
| 15,000,000 | Metro Recreational Facilities Improvements GO, 5.00%, 06/01/26 | 15,028,659 | ||||||
| 15,000,000 | Metro Recreational Facilities Improvements GO, 5.00%, 06/01/27 | 15,394,008 | ||||||
| 15,000,000 | Metro Recreational Facilities Improvements GO, 5.00%, 06/01/28 | 15,770,871 | ||||||
| 51,948,592 | ||||||||
| Pennsylvania — 2.5% | ||||||||
| 11,500,000 | Commonwealth of Pennsylvania Current Refunding GO, 4.00%, 02/15/34 | 12,212,186 | ||||||
| 10,000,000 | Commonwealth of Pennsylvania Current Refunding GO, Series D, 5.00%, 09/01/26 | 10,076,937 | ||||||
| 5,000,000 | Pennsylvania Higher Educational Facilities Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 02/15/35 | 5,749,735 | ||||||
| Principal Amount | Value | |||||||
| Pennsylvania (continued) | ||||||||
| $ | 7,325,000 | Pennsylvania State University University & College Improvements Revenue Bonds, Series A, 5.00%, 09/01/30 | $ | 8,023,645 | ||||
| 9,105,000 | Pennsylvania State University University & College Improvements Revenue Bonds, Series A, 5.00%, 09/01/31 | 10,126,759 | ||||||
| 2,880,000 | Pennsylvania State University University & College Improvements Revenue Bonds, Series A, 5.00%, 09/01/32 | 3,246,077 | ||||||
| 12,020,000 | Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A, 5.00%, 07/01/45 | 12,795,171 | ||||||
| 15,000,000 | Philadelphia Authority for Industrial Development Health Care Facilities Revenue Bonds, Series A, 4.00%, 07/01/49 | 13,745,608 | ||||||
| 7,000,000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/26 | 7,026,160 | ||||||
| 5,890,000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/27 | 6,052,117 | ||||||
| 6,275,000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/28 | 6,586,477 | ||||||
| 8,500,000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/29 | 9,101,446 | ||||||
| 6,500,000 | Philadelphia Authority for Industrial Development Refunding Revenue Bonds, 5.00%, 07/01/30 | 7,083,896 | ||||||
| 111,826,214 | ||||||||
| 93 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| South Carolina — 0.5% | ||||||||
| $ | 3,695,000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/32 | $ | 4,160,040 | ||||
| 3,830,000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/33 | 4,367,003 | ||||||
| 4,290,000 | Renewable Water Resources Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/35 | 4,892,752 | ||||||
| 2,000,000 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A, 5.00%, 11/01/33 | 2,236,223 | ||||||
| 6,475,000 | South Carolina Jobs-Economic Development Authority Revenue Bonds, Series A, 5.00%, 11/01/34 | 7,261,328 | ||||||
| 22,917,346 | ||||||||
| South Dakota — 0.2% | ||||||||
| 7,955,000 | South Dakota Health & Educational Facilities Authority Revenue Bonds, Series A, 5.00%, 07/01/31 | 8,672,948 | ||||||
| Texas — 26.6% | ||||||||
| 10,000,000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/29 | 10,755,372 | ||||||
| 14,700,000 | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A, 5.00%, 08/15/35 | 16,767,041 | ||||||
| 7,000,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/26 | 7,046,493 | ||||||
| 17,250,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/28 | 18,184,222 | ||||||
| 5,000,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/31 | 5,557,506 | ||||||
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 6,000,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/32 | $ | 6,758,922 | ||||
| 15,520,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series A, 5.00%, 08/15/39 | 17,604,015 | ||||||
| 7,470,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B, 5.00%, 08/15/31 | 8,302,914 | ||||||
| 10,000,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B, 5.00%, 08/15/33 | 11,393,457 | ||||||
| 1,820,000 | Board of Regents of the University of Texas System Refunding Revenue Bonds, Series B, 5.00%, 08/15/38 | 2,033,858 | ||||||
| 5,000,000 | City of Austin Airport System Revenue Bonds, 5.00%, 11/15/28 | 5,244,461 | ||||||
| 125,000 | City of Austin TX Water & Wastewater System Revenue Pre-refunded Advance Refunding Revenue Bonds, 5.00%, 11/15/26(b) | 126,472 | ||||||
| 360,000 | City of Austin TX Water & Wastewater System Revenue Pre-refunded Advance Refunding Revenue Bonds, 5.00%, 11/15/27 | 372,453 | ||||||
| 3,530,000 | City of Austin TX Water & Wastewater System Revenue Advance Refunding Revenue Bonds, 5.00%, 11/15/27 | 3,659,828 | ||||||
| 4,875,000 | City of Austin TX Water & Wastewater System Revenue Advance Refunding Revenue Bonds, 5.00%, 11/15/29 | 4,934,186 | ||||||
| 2,185,000 | City of Austin Water & Wastewater System Current Refunding Revenue Bonds, 5.00%, 11/15/30 | 2,400,681 | ||||||
| 7,450,000 | City of El Paso TX Water & Sewer Revenue Current Refunding Revenue Bonds, 5.00%, 03/01/34 | 8,404,234 | ||||||
| 94 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 10,000,000 | City of El Paso TX Water & Sewer Revenue Current Refunding Revenue Bonds, 5.00%, 03/01/36 | $ | 11,274,083 | ||||
| 10,520,000 | City of El Paso TX Water & Sewer Revenue Current Refunding Revenue Bonds, 5.00%, 03/01/37 | 11,778,152 | ||||||
| 5,000,000 | City of El Paso TX Water & Sewer Revenue Current Refunding Revenue Bonds, 5.00%, 03/01/39 | 5,524,489 | ||||||
| 5,000,000 | City of El Paso Water & Sewer Refunding Revenue Bonds, 5.00%, 03/01/46 | 5,284,339 | ||||||
| 17,095,000 | Comal Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/35 | 19,450,564 | ||||||
| 2,000,000 | Conroe Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/27 | 2,038,397 | ||||||
| 2,000,000 | Conroe Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/30 | 2,171,035 | ||||||
| 7,500,000 | County of Bexar Pre-refunded Advance Refunding GO, 5.00%, 06/15/26(b) | 7,520,389 | ||||||
| 6,730,000 | County of Collin Public Facilities GO, 5.00%, 02/15/27 | 6,851,239 | ||||||
| 5,145,000 | County of Harris Refunding GO, Series A, 5.00%, 09/15/29 | 5,539,339 | ||||||
| 5,000,000 | County of Harris Refunding GO, Series A, 5.00%, 09/15/30 | 5,478,633 | ||||||
| 7,000,000 | County of Harris Refunding GO, Series A, 5.00%, 09/15/31 | 7,788,716 | ||||||
| 6,085,000 | County of Harris Refunding GO, Series A, 5.00%, 09/15/33 | 6,937,936 | ||||||
| 2,500,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/26 | 2,516,364 | ||||||
| 2,250,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/27 | 2,318,441 | ||||||
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 6,350,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/28 | $ | 6,686,695 | ||||
| 3,250,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/29 | 3,489,374 | ||||||
| 2,500,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/30 | 2,730,248 | ||||||
| 5,000,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/31 | 5,541,099 | ||||||
| 6,695,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/32 | 7,512,335 | ||||||
| 3,000,000 | County of Harris Toll Road Revenue Bonds, Series A, 5.00%, 08/15/33 | 3,402,842 | ||||||
| 10,000,000 | County of Travis Public Improvements GO, 5.00%, 03/01/27 | 10,198,143 | ||||||
| 14,970,000 | County of Travis Public Improvements GO, 5.00%, 03/01/30 | 16,247,688 | ||||||
| 9,500,000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/31 | 10,462,088 | ||||||
| 14,020,000 | Cypress-Fairbanks Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/32 | 15,650,684 | ||||||
| 5,000,000 | Cypress-Fairbanks Independent School District School Improvements GO, Series B, (PSF-GTD), 4.00%, 02/15/44 | 4,905,824 | ||||||
| 5,735,000 | Dallas Independent School District Cash Flow Management GO, Series C, (PSF-GTD), 5.00%, 02/15/33 | 6,471,371 | ||||||
| 5,000,000 | Dallas Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/33 | 5,641,997 | ||||||
| 5,000,000 | Dallas Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/34 | 5,687,000 | ||||||
| 95 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 5,000,000 | Dallas Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 02/15/35 | $ | 5,732,293 | ||||
| 5,000,000 | Denton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/34 | 5,663,400 | ||||||
| 16,460,000 | Denton Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/48 | 17,147,431 | ||||||
| 4,750,000 | Forney Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/30 | 5,200,862 | ||||||
| 3,750,000 | Forney Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/31 | 4,169,692 | ||||||
| 4,500,000 | Forney Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/32 | 5,071,404 | ||||||
| 5,000,000 | Fort Bend Independent School District School Improvements GO, Series A, (PSF-GTD), 5.00%, 08/15/26 | 5,032,728 | ||||||
| 5,000,000 | Frisco Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/30 | 5,416,306 | ||||||
| 5,500,000 | Frisco Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/31 | 6,054,402 | ||||||
| 5,000,000 | Frisco Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/15/32 | 5,578,726 | ||||||
| 10,880,000 | Grapevine-Colleyville Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/29 | 11,715,393 | ||||||
| 6,510,000 | Grapevine-Colleyville Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/15/30 | 7,125,151 | ||||||
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 10,365,000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/29 | $ | 11,011,935 | ||||
| 3,100,000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/30 | 3,352,294 | ||||||
| 9,850,000 | Gregory-Portland Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/37 | 10,729,296 | ||||||
| 9,000,000 | Harris County Flood Control District Refunding GO, 5.00%, 09/15/29 | 9,650,659 | ||||||
| 6,000,000 | Harris County Flood Control District Refunding GO, 5.00%, 09/15/30 | 6,540,697 | ||||||
| 2,500,000 | Houston Independent School District Current Refunding GO, Series B, (PSF-GTD), 5.00%, 02/15/27 | 2,546,812 | ||||||
| 8,635,000 | Judson Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/01/32 | 9,586,132 | ||||||
| 17,090,000 | Judson Independent School District Current Refunding GO, Series A, (PSF-GTD), 5.00%, 02/01/33 | 19,187,541 | ||||||
| 5,000,000 | Katy Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/46 | 5,307,454 | ||||||
| 5,000,000 | Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/30 | 5,460,588 | ||||||
| 11,000,000 | Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/32 | 12,343,904 | ||||||
| 10,000,000 | Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/33 | 11,331,499 | ||||||
| 7,560,000 | Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/34 | 8,642,327 | ||||||
| 96 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 5,000,000 | Klein Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/01/35 | $ | 5,751,105 | ||||
| 5,000,000 | Leander Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/27 | 5,092,440 | ||||||
| 5,000,000 | Leander Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/28 | 5,211,648 | ||||||
| 5,000,000 | Lewisville Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/28 | 5,288,882 | ||||||
| 10,000,000 | Lone Star College System Advance Refunding GO, 5.00%, 02/15/29 | 10,010,204 | ||||||
| 2,500,000 | Mesquite Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/30 | 2,739,422 | ||||||
| 4,000,000 | Mesquite Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/31 | 4,449,756 | ||||||
| 2,500,000 | Mesquite Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/33 | 2,840,968 | ||||||
| 2,500,000 | Mesquite Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/34 | 2,866,583 | ||||||
| 19,010,000 | Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Transit Improvements Revenue Bonds, 5.00%, 11/01/27 | 19,688,471 | ||||||
| 5,140,000 | North East Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/01/30 | 5,617,809 | ||||||
| 6,085,000 | North East Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/01/31 | 6,752,795 | ||||||
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 5,245,000 | North East Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/01/32 | $ | 5,898,580 | ||||
| 2,900,000 | North East Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/01/33 | 3,294,242 | ||||||
| 5,500,000 | North East Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 08/01/34 | 6,287,407 | ||||||
| 4,925,000 | North Texas Municipal Water District Refunding Revenue Bonds, 5.00%, 06/01/29 | 5,273,674 | ||||||
| 5,170,000 | North Texas Municipal Water District Refunding Revenue Bonds, 5.00%, 06/01/30 | 5,629,462 | ||||||
| 5,985,000 | North Texas Municipal Water District Refunding Revenue Bonds, 5.00%, 06/01/33 | 6,779,139 | ||||||
| 4,600,000 | North Texas Municipal Water District Refunding Revenue Bonds, 5.00%, 06/01/35 | 5,286,512 | ||||||
| 5,000,000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds, 5.00%, 09/01/31 | 5,544,573 | ||||||
| 5,000,000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds, 5.00%, 09/01/32 | 5,616,470 | ||||||
| 10,000,000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds, 5.00%, 09/01/33 | 11,333,692 | ||||||
| 5,000,000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds, 5.00%, 09/01/34 | 5,714,584 | ||||||
| 9,500,000 | North Texas Municipal Water District Water System Current Refunding Revenue Bonds, 5.00%, 09/01/37 | 10,704,161 | ||||||
| 13,420,000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/27 | 13,792,504 | ||||||
| 97 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 3,605,000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue
Bonds, Series A, 5.00%, 07/01/30 | $ | 3,942,531 | ||||
| 6,000,000 | Permanent University Fund - Texas A&M University System Current Refunding Revenue Bonds,
Series A, 5.00%, 07/01/32 | 6,748,756 | ||||||
| 14,110,000 | Permanent University Fund - Texas A&M University System University & College Improvements
Revenue Bonds, 5.00%, 07/01/36 | 15,548,317 | ||||||
| 2,000,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/27 | 2,055,748 | ||||||
| 2,550,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/28 | 2,681,648 | ||||||
| 10,000,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/31 | 11,095,400 | ||||||
| 12,500,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/32 | 14,059,907 | ||||||
| 10,610,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/33 | 12,073,047 | ||||||
| 15,000,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/35 | 17,352,754 | ||||||
| 14,995,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/36 | 17,427,414 | ||||||
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 7,500,000 | Permanent University Fund - University of Texas System Current Refunding Revenue
Bonds, Series A, 5.00%, 07/01/40 | $ | 8,226,032 | ||||
| 10,000,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
A, 5.00%, 07/01/41 | 10,924,758 | ||||||
| 1,875,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
B, 5.00%, 07/01/26 | 1,882,103 | ||||||
| 6,355,000 | Permanent University Fund - University of Texas System Current Refunding Revenue Bonds, Series
B, 5.00%, 07/01/30 | 6,944,754 | ||||||
| 10,000,000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/26 | 10,038,896 | ||||||
| 6,000,000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/27 | 6,171,446 | ||||||
| 6,500,000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/30 | 7,092,472 | ||||||
| 4,425,000 | Permanent University Fund - University of Texas System Refunding Revenue Bonds, 5.00%, 07/01/31 | 4,902,960 | ||||||
| 2,500,000 | Richardson Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/31 | 2,754,362 | ||||||
| 2,800,000 | Richardson Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/32 | 3,128,844 | ||||||
| 4,830,000 | Richardson Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/33 | 5,462,882 | ||||||
| 98 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 5,250,000 | Richardson Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/34 | $ | 5,998,768 | ||||
| 5,800,000 | Richardson Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/35 | 6,678,386 | ||||||
| 4,155,000 | Rockwall Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/30 | 4,504,073 | ||||||
| 6,000,000 | Rockwall Independent School District Current Refunding GO, (PSF-GTD), 5.00%, 02/15/37 | 6,829,250 | ||||||
| 3,500,000 | San Angelo Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/35 | 4,015,509 | ||||||
| 9,515,000 | San Angelo Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/37 | 10,770,371 | ||||||
| 5,575,000 | San Angelo Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/38 | 6,273,021 | ||||||
| 2,500,000 | San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/28 | 2,636,423 | ||||||
| 4,600,000 | San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/31 | 5,095,690 | ||||||
| 2,685,000 | San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/32 | 3,007,843 | ||||||
| 3,250,000 | San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/33 | 3,684,128 | ||||||
| 2,500,000 | San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/34 | 2,862,633 | ||||||
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 3,200,000 | San Antonio Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/35 | $ | 3,686,916 | ||||
| 2,500,000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series A, 5.00%, 05/15/26 | 2,502,246 | ||||||
| 5,000,000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series C, 5.00%, 05/15/29 | 5,346,436 | ||||||
| 2,145,000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series C, 5.00%, 05/15/30 | 2,333,061 | ||||||
| 9,450,000 | Spring Branch Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/01/29 | 10,063,225 | ||||||
| 12,935,000 | Spring Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/31 | 14,308,745 | ||||||
| 5,000,000 | Spring Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/33 | 5,657,381 | ||||||
| 3,250,000 | Spring Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/34 | 3,706,069 | ||||||
| 3,500,000 | Spring Independent School District School Improvements GO, (PSF-GTD), 5.00%, 08/15/36 | 3,985,194 | ||||||
| 5,000,000 | State of Texas Public Finance Authority Advance Refunding GO, 2.18%, 10/01/27 | 4,887,040 | ||||||
| 5,000,000 | State of Texas Refunding GO, Series B, 1.94%, 10/01/31 | 4,461,541 | ||||||
| 18,500,000 | Tarrant Regional Water District Water Supply System Revenue Bonds, 5.00%, 03/01/31 | 20,393,991 | ||||||
| 15,160,000 | Tarrant Regional Water District Water Supply System Revenue Bonds, 5.00%, 03/01/34 | 17,327,980 | ||||||
| 7,730,000 | Tarrant Regional Water District Water Utility Improvements Revenue Bonds, 5.00%, 09/01/30 | 8,454,640 | ||||||
| 99 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 3,000,000 | Texas A&M University & College Improvements Revenue Bonds, 5.00%, 05/15/30 | $ | 3,273,850 | ||||
| 2,000,000 | Texas A&M University & College Improvements Revenue Bonds, Series A, 5.00%, 05/15/33 | 2,269,974 | ||||||
| 9,000,000 | Texas A&M University University & College Improvements Revenue Bonds, Series A, 5.00%, 05/15/33 | 10,214,881 | ||||||
| 10,170,000 | Texas State University System University & College Improvements Revenue Bonds, 5.00%, 03/15/28 | 10,608,374 | ||||||
| 4,000,000 | Texas State University System University & College Improvements Revenue Bonds, 5.00%, 03/15/29 | 4,259,178 | ||||||
| 4,100,000 | Texas State University System University & College Improvements Revenue Bonds, 5.00%, 03/15/30 | 4,443,560 | ||||||
| 1,605,000 | Texas State University System University & College Improvements Revenue Bonds, 5.00%, 03/15/31 | 1,766,084 | ||||||
| 7,500,000 | Texas State University System University & College Improvements Revenue Bonds, 5.00%, 03/15/33 | 8,461,855 | ||||||
| 7,500,000 | Texas State University System University & College Improvements Revenue Bonds, 5.00%, 03/15/34 | 8,543,751 | ||||||
| 6,700,000 | Texas State University System University & College Improvements Revenue Bonds, 5.00%, 03/15/37 | 7,524,347 | ||||||
| 17,185,000 | Texas Tech University System University &
College Improvements Revenue Bonds, Series A, 5.00%, 02/15/30 | 18,617,136 | ||||||
| 15,000,000 | Texas Tech University System University & College Improvements Revenue Bonds, Series
A, 5.00%, 02/15/32 | 16,737,876 | ||||||
| Principal Amount | Value | |||||||
| Texas (continued) | ||||||||
| $ | 15,000,000 | Texas Transportation Commission Current Refunding GO, 5.00%, 04/01/32 | $ | 16,733,496 | ||||
| 4,090,000 | Texas Transportation Commission Current Refunding GO, 5.00%, 04/01/33 | 4,616,436 | ||||||
| 5,000,000 | Texas Water Development Board Water Utility Improvements Revenue Bonds, 5.00%, 08/01/40 | 5,604,666 | ||||||
| 2,500,000 | Tomball Independent School District School Improvements GO, (PSF-GTD), 5.00%, 02/15/29 | 2,657,425 | ||||||
| 4,085,000 | Trinity River Authority Central Regional Sewer Improvements Revenue Bonds, Series A, 5.00%, 08/01/36 | 4,729,593 | ||||||
| 8,855,000 | Trinity River Authority Central Regional Sewer Improvements Revenue Bonds, Series A, 5.00%, 08/01/37 | 10,169,461 | ||||||
| 4,480,000 | Trinity River Authority Central Regional Sewer Improvements Revenue Bonds, Series A, 5.00%, 08/01/38 | 5,103,843 | ||||||
| 11,040,000 | Trinity River Authority Central Regional Sewer Improvements Revenue Bonds, Series A, 5.00%, 08/01/39 | 12,506,422 | ||||||
| 8,225,000 | Trinity River Authority Central Regional Sewer Improvements Revenue Bonds, Series A, 5.00%, 08/01/40 | 9,271,352 | ||||||
| 1,211,808,779 | ||||||||
| Utah — 0.5% | ||||||||
| 2,950,000 | City of Salt Lake City Airport Revenue Bonds, Series A, 5.00%, 07/01/26 | 2,959,826 | ||||||
| 2,500,000 | City of Salt Lake City Airport Revenue Bonds, Series A, 5.00%, 07/01/30 | 2,685,762 | ||||||
| 10,000,000 | City of Salt Lake City Airport Revenue Bonds, Series A, 5.00%, 07/01/33 | 10,781,384 | ||||||
| 3,710,000 | Davis School District School Improvements GO, (School Board GTY), 5.00%, 06/01/31 | 4,118,663 | ||||||
| 20,545,635 | ||||||||
| 100 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Virginia — 3.6% | ||||||||
| $ | 6,790,000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/01/31 | $ | 7,579,837 | ||||
| 5,135,000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/01/32 | 5,812,549 | ||||||
| 16,395,000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/01/33 | 18,779,364 | ||||||
| 3,500,000 | City of Norfolk Recreation Facilities Improvements GO, Series A, (State Aid Withholding), 5.00%, 09/01/35 | 4,023,037 | ||||||
| 6,250,000 | County of Fairfax Current Refunding GO, Series B, (State Aid Withholding), 5.00%, 10/01/28 | 6,622,774 | ||||||
| 10,360,000 | County of Fairfax Current Refunding GO, Series B, (State Aid Withholding), 5.00%, 10/01/29 | 11,204,352 | ||||||
| 4,285,000 | County of Fairfax Current Refunding GO, Series B, (State Aid Withholding), 5.00%, 10/01/30 | 4,716,599 | ||||||
| 16,640,000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 4.00%, 10/01/31 | 17,738,495 | ||||||
| 14,745,000 | County of Fairfax School Improvements GO, Series A, (State Aid Withholding), 4.00%, 10/01/33 | 15,831,510 | ||||||
| 10,045,000 | County of Loudoun Public Facilities GO, Series A, 5.00%, 12/01/34 | 11,657,927 | ||||||
| 9,265,000 | County of Loudoun Public Facilities GO, Series A, 5.00%, 12/01/39 | 10,410,458 | ||||||
| 17,900,000 | Fairfax County Industrial Development Authority Health Care Facilities Revenue Bonds, 5.00%, 05/15/32 | 19,983,573 | ||||||
| 3,000,000 | Hampton Roads Transportation Accountability Commission Highway Improvements Revenue Bonds, Series
A, 5.00%, 07/01/35 | 3,328,083 | ||||||
| Principal Amount | Value | |||||||
| Virginia (continued) | ||||||||
| $ | 16,330,000 | Hampton Roads Transportation Accountability Commission Revenue Bonds, Series A, 5.00%, 07/01/26 | $ | 16,389,562 | ||||
| 2,750,000 | Virginia Beach Development Authority Current Refunding Revenue Bonds, Series B, 5.00%, 02/01/27 | 2,799,744 | ||||||
| 8,500,000 | Virginia Resources Authority Clean Water Revolving Fund Current Refunding Revenue Bonds, 5.00%, 10/01/26 | 8,582,303 | ||||||
| 165,460,167 | ||||||||
| Washington — 5.0% | ||||||||
| 2,000,000 | County of King Public Improvements GO, Series A, 5.00%, 12/01/34 | 2,306,509 | ||||||
| 9,000,000 | County of King School District No 411 Issaquah School Improvements GO, (School Board GTY), 5.00%, 12/01/32 | 9,329,446 | ||||||
| 6,250,000 | King & Snohomish Counties School District No 417 Northshore School Improvements GO,
(School Board GTY), 5.00%, 12/01/26 | 6,335,821 | ||||||
| 2,270,000 | Snohomish County School District No 15 Edmonds School Improvements GO, (School Board GTY), 5.00%, 12/01/29 | 2,456,605 | ||||||
| 7,135,000 | State of Washington Current Refunding GO, Series R, 5.00%, 07/01/26 | 7,161,423 | ||||||
| 20,000,000 | State of Washington Current Refunding GO, Series R-2023A, 5.00%, 08/01/37 | 22,294,460 | ||||||
| 5,620,000 | State of Washington GO, Series T, 4.74%, 08/01/26 | 5,632,785 | ||||||
| 15,000,000 | State of Washington Public Improvements GO, Series T, 4.12%, 08/01/26 | 15,011,308 | ||||||
| 24,710,000 | State of Washington School Improvements GO, Series 2024-A, 5.00%, 08/01/42 | 26,869,348 | ||||||
| 15,000,000 | State of Washington School Improvements GO, Series A, 5.00%, 08/01/29 | 16,149,776 | ||||||
| 101 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| Washington (continued) | ||||||||
| $ | 15,000,000 | State of Washington School Improvements GO, Series A, 5.00%, 08/01/30 | $ | 16,451,949 | ||||
| 8,250,000 | State of Washington School Improvements GO, Series A, 5.00%, 08/01/31 | 9,181,429 | ||||||
| 15,000,000 | State of Washington School Improvements GO, Series A, 5.00%, 08/01/32 | 16,897,548 | ||||||
| 15,000,000 | State of Washington School Improvements GO, Series A, 5.00%, 08/01/33 | 17,092,822 | ||||||
| 15,000,000 | State of Washington School Improvements GO, Series A-2, 5.00%, 08/01/39 | 16,342,464 | ||||||
| 20,000,000 | State of Washington School Improvements GO, Series C, 5.00%, 02/01/35 | 22,796,066 | ||||||
| 15,000,000 | State of Washington School Improvements GO, Series C, 5.00%, 02/01/46 | 16,005,526 | ||||||
| 228,315,285 | ||||||||
| Wisconsin — 1.3% | ||||||||
| 5,780,000 | State of Wisconsin Crossover Refunding GO, Series 2, 5.00%, 11/01/27 | 5,922,616 | ||||||
| 13,780,000 | State of Wisconsin GO, Series A, 5.00%, 05/01/38 | 15,044,123 | ||||||
| 10,000,000 | State of Wisconsin Pre-refunded Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/27(b) | 10,238,421 | ||||||
| 8,000,000 | State of Wisconsin University & College Improvements GO, Series A, 5.00%, 05/01/32 | 8,877,886 | ||||||
| 9,410,000 | State of Wisconsin Water Utility Improvements GO, Series A, 5.00%, 05/01/26 | 9,410,000 | ||||||
| 10,000,000 | State of Wisconsin Water Utility Improvements GO, Series A, 5.00%, 05/01/36 | 11,312,845 | ||||||
| 60,805,891 | ||||||||
| Total Municipal Bonds (Cost $4,340,185,486) | 4,361,601,909 | |||||||
| Principal Amount | Value | |||||||
| CORPORATE BONDS — 1.2% | ||||||||
| United States — 1.2% | ||||||||
| $ | 8,000,000 | Brown University, Series A, 1.91%, 09/01/30 | $ | 7,266,605 | ||||
| 5,000,000 | J Paul Getty Trust (The), 4.91%, 04/01/35 | 5,028,668 | ||||||
| 5,000,000 | Leland Stanford Junior University (The), 1.29%, 06/01/27 | 4,856,958 | ||||||
| 6,400,000 | Leland Stanford Junior University (The), 4.68%, 03/01/35 | 6,366,546 | ||||||
| 9,275,000 | Northwestern University, 4.94%, 12/01/35 | 9,309,791 | ||||||
| 3,000,000 | President and Fellows of Harvard College, 4.89%, 03/15/30 | 3,065,354 | ||||||
| 20,000,000 | SSM Health Care Corp., 4.89%, 06/01/28 | 20,108,249 | ||||||
| 1,800,000 | Trustees of Princeton University (The), 4.65%, 07/01/30 | 1,821,340 | ||||||
| Total Corporate Bonds (Cost $58,494,792) | 57,823,511 | |||||||
| Shares | ||||||||
| INVESTMENT COMPANY — 2.7% | ||||||||
| 121,786,498 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(c) | 121,786,498 | ||||||
| Total Investment Company (Cost $121,786,498) | 121,786,498 | |||||||
| TOTAL INVESTMENTS — 99.8% (Cost $4,520,466,776) | $ | 4,541,211,918 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | 6,985,260 | |||||||
| NET ASSETS — 100.0% | $ | 4,548,197,178 | ||||||
| (a) | These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date. |
| (b) | These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
| (c) | The rate shown represents the current yield as of April 30, 2026. |
| 102 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 |
| (Unaudited) |
The following abbreviations are used in the report:
AGM — Assured Guaranty Municipal Corp.
GO — General Obligation
GTY — Guaranty
PSF-GTD — Permanent School Fund Guarantee
| 103 |
| Old Westbury Funds, Inc. | |
| California Municipal Bond Fund | |
| Portfolio of Investments | April 30, 2026 |
| (Unaudited) |
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS — 96.0% | ||||||||
| California — 96.0% | ||||||||
| $ | 10,000,000 | California Educational Facilities Authority University & College Improvements Revenue Bonds, Series V-3, 5.00%, 06/01/33 | $ | 11,661,104 | ||||
| 7,500,000 | California Health Facilities
Financing Authority Health Care Facilities Revenue Bonds, Series 3, 5.00%, 08/15/65 | 8,622,833 | ||||||
| 5,000,000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 08/15/33 | 5,810,213 | ||||||
| 2,000,000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 11/01/49 | 2,106,680 | ||||||
| 2,515,000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series B, 5.00%, 08/15/33 | 2,922,537 | ||||||
| 3,000,000 | California Health Facilities Financing Authority Health Care Facilities Revenue Bonds, Series B, 5.00%, 08/15/35 | 3,554,896 | ||||||
| 1,130,000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/27 | 1,159,220 | ||||||
| 4,715,000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/28 | 4,973,184 | ||||||
| 1,020,000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/29 | 1,100,133 | ||||||
| 1,000,000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/32 | 1,145,220 | ||||||
| 8,200,000 | California Infrastructure & Economic Development Bank Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/33 | 9,534,098 | ||||||
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 2,000,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Revenue Bonds, 5.00%, 10/01/35 | $ | 2,274,167 | ||||
| 1,950,000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 08/01/28 | 2,070,548 | ||||||
| 1,500,000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A, 5.00%, 08/01/33 | 1,747,608 | ||||||
| 3,575,000 | California Public Finance Authority Health Care Facilities Revenue Bonds, Series A, 4.00%, 07/15/42 | 3,631,677 | ||||||
| 2,500,000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series A, 5.00%, 09/01/34 | 2,888,103 | ||||||
| 2,500,000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C, 5.00%, 11/01/32 | 2,833,218 | ||||||
| 2,750,000 | California State Public Works Board Public Facilities Revenue Bonds, Series B, 4.99%, 04/01/31 | 2,818,780 | ||||||
| 50,000 | California State University Current Refunding Revenue Bonds, Series A, 5.00%, 11/01/47 | 50,033 | ||||||
| 3,000,000 | City & County of San Francisco Current Refunding COP, Series R1, 5.00%, 04/01/40 | 3,381,076 | ||||||
| 1,260,000 | City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/26 | 1,263,654 | ||||||
| 1,100,000 | City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/27 | 1,133,778 | ||||||
| 2,375,000 | City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/28 | 2,509,881 | ||||||
| 104 |
| Old Westbury Funds, Inc. | |
| California Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 3,000,000 | City & County of San Francisco Current Refunding GO, Series R1, 5.00%, 06/15/30 | $ | 3,315,514 | ||||
| 2,590,000 | City of Los Angeles Department of Airports Airport & Marina Improvements Refunding Revenue Bonds, Series A, 5.00%, 05/15/32 | 2,731,205 | ||||||
| 2,000,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, 5.00%, 05/15/40 | 2,128,223 | ||||||
| 1,220,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series D, 5.00%, 05/15/28 | 1,289,804 | ||||||
| 1,500,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series F, 5.00%, 05/15/34 | 1,678,000 | ||||||
| 1,500,000 | City of Los Angeles Solid Waste Resources Revenue Bonds, Series A, 5.00%, 02/01/32 | 1,712,295 | ||||||
| 2,500,000 | City of San Francisco Public Utilities Commission Water Current Refunding Revenue Bonds, Sub-Series F, 5.00%, 11/01/30 | 2,786,299 | ||||||
| 3,350,000 | City of San Francisco Public Utilities Commission Water Current Refunding Revenue Bonds, Sub-Series F, 5.00%, 11/01/32 | 3,856,537 | ||||||
| 3,515,000 | City of San Francisco Public Utilities Commission Water Refunding Revenue Bonds, Sub-Series S, 5.00%, 11/01/31 | 3,987,939 | ||||||
| 1,000,000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C, 5.00%, 11/01/29 | 1,092,491 | ||||||
| 2,910,000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C, 5.00%, 11/01/30 | 3,243,252 | ||||||
| 3,000,000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C, 5.00%, 11/01/31 | 3,403,647 | ||||||
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 1,000,000 | City of San Francisco Public Utilities Commission Water Revenue Bonds, Sub-Series C, 5.00%, 11/01/32 | $ | 1,151,205 | ||||
| 5,135,000 | County of San Diego Public Improvements COP, Series A, 5.00%, 10/01/42 | 5,821,514 | ||||||
| 2,000,000 | County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/26 | 2,012,248 | ||||||
| 1,600,000 | County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/27 | 1,653,384 | ||||||
| 1,955,000 | County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/28 | 2,078,122 | ||||||
| 1,005,000 | County of Santa Clara Current Refunding GO, Series 2008-D, 5.00%, 08/01/29 | 1,094,507 | ||||||
| 5,220,000 | County of Santa Clara GO, Series C, 4.30%, 08/01/27 | 5,249,170 | ||||||
| 5,220,000 | County of Santa Clara GO, Series C, 4.33%, 08/01/29 | 5,266,389 | ||||||
| 1,475,000 | East Bay Municipal Utility District Wastewater System Current Refunding Revenue Bonds, Series B, 5.00%, 06/01/35 | 1,746,639 | ||||||
| 1,700,000 | East Bay Municipal Utility District Water System Revenue Bonds, Series A, 5.00%, 06/01/31 | 1,915,683 | ||||||
| 5,000,000 | Los Angeles Community College District University & College Improvements GO, Series A-1, 5.00%, 08/01/27 | 5,162,433 | ||||||
| 3,000,000 | Los Angeles Community College District University & College Improvements GO, Series B, 4.78%, 08/01/27 | 3,028,675 | ||||||
| 2,500,000 | Los Angeles Department of Water & Power Water System Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/36 | 2,778,370 | ||||||
| 5,000,000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A, 5.00%, 07/01/26 | 5,017,729 | ||||||
| 105 |
| Old Westbury Funds, Inc. | |
| California Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 5,000,000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series A, 5.00%, 07/01/27 | $ | 5,131,039 | ||||
| 2,000,000 | Los Angeles Department of Water & Power Water System Revenue Bonds, Series D, 5.00%, 07/01/47 | 2,056,079 | ||||||
| 3,405,000 | Los Rios Community College District Current Refunding GO, 5.00%, 08/01/27 | 3,524,603 | ||||||
| 5,880,000 | Los Rios Community College District Current Refunding GO, 5.00%, 08/01/28 | 6,250,444 | ||||||
| 3,000,000 | Metropolitan Water District of Southern California Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/36 | 3,534,974 | ||||||
| 1,000,000 | Miracosta Community College District University & College Improvements GO, Series 2016-C, 5.00%, 08/01/35 | 1,135,016 | ||||||
| 1,000,000 | Mt San Antonio Community College District University & College Improvements GO, Series D, 5.00%, 08/01/35 | 1,173,448 | ||||||
| 5,000,000 | Orange County Local Transportation Authority Sales Tax Current Refunding Revenue Bonds, 5.00%, 02/15/41 | 5,673,837 | ||||||
| 1,000,000 | Sacramento Municipal Utility District Current Refunding Revenue Bonds, Series J, 5.00%, 08/15/30 | 1,111,303 | ||||||
| 2,000,000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series H, 5.00%, 08/15/36 | 2,184,547 | ||||||
| 1,000,000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, 5.00%, 11/15/38 | 1,139,415 | ||||||
| 1,400,000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, 5.00%, 11/15/39 | 1,580,925 | ||||||
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 1,000,000 | Sacramento Municipal Utility District Electric Light & Power Improvements Revenue Bonds, Series M, 5.00%, 11/15/40 | $ | 1,124,887 | ||||
| 1,350,000 | San Bernardino Community College District University & College Improvements GO, Series F, 5.00%, 08/01/41 | 1,545,254 | ||||||
| 2,500,000 | San Diego Community College District University & College Improvements GO, Series A-1, 5.00%, 08/01/41 | 2,865,680 | ||||||
| 2,600,000 | San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series B, 5.00%, 07/01/31 | 2,841,240 | ||||||
| 2,500,000 | San Diego County Regional Airport Authority Airport & Marina Improvements Revenue Bonds, Series B, 5.00%, 07/01/32 | 2,755,064 | ||||||
| 1,000,000 | San Diego County Regional Transportation Commission Current Refunding Revenue Bonds, Series A, 5.00%, 04/01/28 | 1,055,649 | ||||||
| 3,500,000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series A, 5.00%, 05/01/34 | 3,914,570 | ||||||
| 5,000,000 | San Francisco City & County Airport & Marina Improvements Revenue Bonds, Series C, 5.00%, 05/01/46 | 5,004,864 | ||||||
| 10,000,000 | San Francisco City & County Airport Comm-San Francisco International Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/01/31 | 10,906,136 | ||||||
| 6,000,000 | San Francisco City & County Airport Comm-San Francisco International Airport & Marina Improvements Revenue Bonds, Series D, 5.00%, 05/01/32 | 6,601,658 | ||||||
| 106 |
| Old Westbury Funds, Inc. | |
| California Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 10,000,000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/28 | $ | 10,435,645 | ||||
| 3,000,000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/29 | 3,184,512 | ||||||
| 2,000,000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/31 | 2,181,227 | ||||||
| 2,500,000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series A, 5.00%, 05/01/32 | 2,715,723 | ||||||
| 2,000,000 | San Francisco City & County Airport Current Refunding Revenue Bonds, Series H, 5.00%, 05/01/29 | 2,123,008 | ||||||
| 5,700,000 | San Francisco City & County Public Utilities Commission Wastewater Advance Refunding Revenue Bonds, Series B, 4.81%, 10/01/32 | 5,826,508 | ||||||
| 1,000,000 | San Jose Evergreen Community College District University & College Improvements GO, Series C, 5.00%, 09/01/36 | 1,128,436 | ||||||
| 1,650,000 | San Jose Evergreen Community College District University & College Improvements GO, Series C, 5.00%, 09/01/38 | 1,843,278 | ||||||
| 1,000,000 | San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/36 | 1,131,150 | ||||||
| 1,000,000 | San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/37 | 1,125,766 | ||||||
| 1,075,000 | San Jose Financing Authority Refunding Revenue Bonds, Series B, 5.00%, 11/01/42 | 1,181,723 | ||||||
| 2,000,000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/42 | 2,187,835 | ||||||
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 2,000,000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series A, 5.00%, 06/01/43 | $ | 2,171,514 | ||||
| 1,200,000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series B, 3.79%, 06/01/27 | 1,199,802 | ||||||
| 1,000,000 | Santa Clara Valley Water District Current Refunding Revenue Bonds, Series B, 3.74%, 06/01/28 | 995,342 | ||||||
| 10,000,000 | Santa Clara Valley Water District Refunding Revenue Bonds, Series A-2, 5.00%, 06/01/26 | 10,013,976 | ||||||
| 5,000,000 | State Center Community College District University & College Improvements GO, Series C, 5.00%, 08/01/47 | 5,289,790 | ||||||
| 90,000 | State of California Current Refunding GO, 5.00%, 08/01/27 | 90,177 | ||||||
| 9,500,000 | State of California Current Refunding GO, 5.00%, 08/01/27 | 9,805,526 | ||||||
| 10,000,000 | State of California Current Refunding GO, 5.00%, 11/01/30 | 11,015,184 | ||||||
| 3,180,000 | State of California Current Refunding GO, 5.00%, 03/01/38 | 3,623,190 | ||||||
| 2,645,000 | State of California Current Refunding GO, 5.00%, 10/01/27 | 2,741,654 | ||||||
| 10,435,000 | State of California Current Refunding GO, (AGM), 5.25%, 08/01/32 | 11,802,726 | ||||||
| 6,500,000 | State of California Public Improvements GO, 5.00%, 08/01/33 | 7,426,097 | ||||||
| 25,000 | State of California Refunding GO, 5.00%, 10/01/26 | 25,047 | ||||||
| 4,000,000 | State of California School Improvements GO, 5.00%, 10/01/30 | 4,321,178 | ||||||
| 5,000,000 | State of California Water Utility Improvements GO, 6.00%, 03/01/33 | 5,394,446 | ||||||
| 107 |
| Old Westbury Funds, Inc. | |
| California Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| California (continued) | ||||||||
| $ | 10,000,000 | State of California Water Utility Improvements GO, 5.00%, 04/01/28 | $ | 10,497,405 | ||||
| 5,000,000 | University of California Current Refunding Revenue Bonds, Series BN, 5.00%, 05/15/34 | 5,679,587 | ||||||
| 5,000,000 | University of California Current Refunding Revenue Bonds, Series BV, 5.00%, 05/15/35 | 5,726,973 | ||||||
| 5,000,000 | University of California Current Refunding Revenue Bonds, Series CF, 5.00%, 11/15/27 | 5,195,747 | ||||||
| 5,000,000 | University of California Current Refunding Revenue Bonds, Series CF, 5.00%, 11/15/28 | 5,314,042 | ||||||
| 2,000,000 | University of California University & College Improvements Revenue Bonds, Series BK, 5.00%, 05/15/32 | 2,251,920 | ||||||
| 7,500,000 | University of California University & College Improvements Revenue Bonds, Series CD, 5.00%, 05/15/30 | 8,202,704 | ||||||
| 7,500,000 | University of California University & College Improvements Revenue Bonds, Series CD, 5.00%, 05/15/36 | 8,746,878 | ||||||
| Total Municipal Bonds (Cost $387,680,949) | 390,100,263 | |||||||
| CORPORATE BONDS — 1.7% | ||||||||
| United States — 1.7% | ||||||||
| 5,000,000 | J Paul Getty Trust (The), 4.91%, 04/01/35 | 5,028,668 | ||||||
| 2,000,000 | Stanford Health Care, Series 2020, 3.31%, 08/15/30 | 1,912,634 | ||||||
| Total Corporate Bonds (Cost $7,000,000) | 6,941,302 | |||||||
Shares | Value | |||||||
| INVESTMENT COMPANY — 1.0% | ||||||||
| 4,257,948 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(a) | $ | 4,257,948 | |||||
| Total Investment Company (Cost $4,257,948) | 4,257,948 | |||||||
| TOTAL INVESTMENTS — 98.7% (Cost $398,938,897) | $ | 401,299,513 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3% | 5,170,975 | |||||||
| NET ASSETS — 100.0% | $ | 406,470,488 | ||||||
| (a) | The rate shown represents the current yield as of April 30, 2026. |
The following abbreviations are used in the report:
AGM — Assured Guaranty Municipal Corp.
COP — Certificates of Participation
GO — General Obligation
| 108 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| MUNICIPAL BONDS — 94.6% | ||||||||
| New York — 94.6% | ||||||||
| $ | 2,500,000 | City of New York Current Refunding GO, Series B-1, 5.00%, 08/01/28 | $ | 2,627,656 | ||||
| 10,000,000 | City of New York Current Refunding GO, Series B-2, 4.06%, 08/01/26 | 10,000,588 | ||||||
| 2,500,000 | City of New York Current Refunding GO, Series F, 5.00%, 08/01/28 | 2,627,656 | ||||||
| 7,500,000 | City of New York Current Refunding GO, Series F, 5.00%, 08/01/31 | 8,281,754 | ||||||
| 3,000,000 | City of New York Current Refunding GO, Sub-Series F-1, 5.00%, 08/01/30 | 3,269,172 | ||||||
| 6,345,000 | City of New York Public Improvements GO, Series A-1, 4.00%, 08/01/41 | 6,235,048 | ||||||
| 2,445,000 | City of New York Public Improvements GO, Series C, 5.00%, 08/01/28 | 2,569,848 | ||||||
| 7,500,000 | City of New York Public Improvements GO, Series D, 5.00%, 10/01/34 | 8,549,956 | ||||||
| 5,000,000 | City of New York Public Improvements GO, Sub-Series E-2, 4.57%, 04/01/28 | 5,037,885 | ||||||
| 7,500,000 | City of New York Refunding GO, Subseries F-1, 5.00%, 08/01/32 | 8,385,786 | ||||||
| 2,860,000 | County of Westchester NY Public Improvements GO, Series A, 5.00%, 10/15/29 | 3,110,221 | ||||||
| 2,000,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 5.00%, 12/15/30 | 2,225,444 | ||||||
| 2,000,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/31 | 2,131,713 | ||||||
| 2,300,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/32 | 2,443,563 | ||||||
| 2,300,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/33 | 2,435,152 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 7,500,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/34 | $ | 7,908,288 | ||||
| 7,500,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/35 | 7,869,383 | ||||||
| 9,565,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 02/15/36 | 10,223,205 | ||||||
| 7,500,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 12/15/36 | 7,835,338 | ||||||
| 5,380,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A, 4.00%, 02/15/39 | 5,635,851 | ||||||
| 1,500,000 | Empire State Development Corp. Pre-refunded Advance Refunding Revenue Bonds, Series A, 5.00%, 03/15/27(a) | 1,532,412 | ||||||
| 5,000,000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/31 | 5,552,615 | ||||||
| 5,000,000 | Empire State Development Corp. Correctional Facilities Improvements Revenue Bonds, 5.00%, 03/15/32 | 5,634,713 | ||||||
| 4,500,000 | Empire State Development Corp. Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/36 | 5,060,965 | ||||||
| 1,000,000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/26 | 1,000,000 | ||||||
| 1,025,000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/29 | 1,095,447 | ||||||
| 1,500,000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, (State Aid Withholding), 5.00%, 05/01/31 | 1,657,387 | ||||||
| 109 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 2,475,000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/26 | $ | 2,475,000 | ||||
| 1,750,000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/27 | 1,793,525 | ||||||
| 2,220,000 | Erie County Industrial Development Agency Current Refunding Revenue Bonds, Series A, (State Aid Withholding), 5.00%, 05/01/28 | 2,324,226 | ||||||
| 1,050,000 | Long Island Power Authority Current Refunding Revenue Bonds, Series A, 5.00%, 09/01/32 | 1,189,916 | ||||||
| 10,960,000 | Long Island Power Authority Current Refunding Revenue Bonds, Series A, 4.00%, 09/01/38 | 11,427,240 | ||||||
| 1,860,000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F, 5.00%, 09/01/28 | 1,969,064 | ||||||
| 6,000,000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F, 5.00%, 09/01/29 | 6,486,460 | ||||||
| 2,500,000 | Long Island Power Authority Current Refunding Revenue Bonds, Series F, 5.00%, 09/01/33 | 2,865,544 | ||||||
| 1,200,000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, 5.00%, 09/01/35 | 1,254,205 | ||||||
| 6,000,000 | Long Island Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 4.00%, 09/01/34 | 6,109,773 | ||||||
| 1,915,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/27 | 1,979,721 | ||||||
| 1,600,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/28 | 1,693,819 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 1,500,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/29 | $ | 1,621,615 | ||||
| 1,700,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/30 | 1,871,586 | ||||||
| 1,400,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/31 | 1,565,883 | ||||||
| 1,850,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/32 | 2,096,519 | ||||||
| 2,300,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/33 | 2,636,300 | ||||||
| 1,500,000 | Long Island Power Authority Green Bond Revenue Bonds, Series E, 5.00%, 09/01/34 | 1,707,184 | ||||||
| 2,000,000 | Metropolitan Transportation Authority Dedicated Tax Fund Advance Refunding Revenue Bonds, Series A, 5.00%, 11/15/26 | 2,025,729 | ||||||
| 2,500,000 | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Revenue Bonds, Series A, 5.00%, 11/15/35 | 2,758,660 | ||||||
| 7,155,000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 11/15/28 | 7,630,088 | ||||||
| 9,500,000 | Nassau County Interim Finance Authority Cash Flow Management Revenue Bonds, Series A, 5.00%, 11/15/29 | 10,357,170 | ||||||
| 4,000,000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/31 | 4,487,932 | ||||||
| 6,280,000 | Nassau County Interim Finance Authority Current Refunding Revenue Bonds, Series B, 1.46%, 11/15/29 | 5,754,843 | ||||||
| 6,000,000 | New York City Housing Development Corp. Local Multifamily Housing Revenue Bonds, Series A, (Housing Finance Agency), 3.63%, 11/01/63 | 6,038,634 | ||||||
| 110 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 1,000,000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2, 5.00%, 06/15/28 | $ | 1,014,757 | ||||
| 1,100,000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-2, 5.00%, 06/15/29 | 1,144,334 | ||||||
| 5,000,000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series AA-3, 5.00%, 06/15/47 | 5,237,077 | ||||||
| 1,020,000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Series DD, 5.00%, 06/15/33 | 1,162,985 | ||||||
| 1,005,000 | New York City Municipal Water Finance Authority Current Refunding Revenue Bonds, Sub-Series EE, 5.00%, 06/15/31 | 1,117,458 | ||||||
| 6,400,000 | New York City Municipal Water Finance Authority Improvements Revenue Bonds, Series DD-1, 5.00%, 06/15/30 | 7,009,972 | ||||||
| 1,960,000 | New York City Transitional Finance Authority Building Aid , Sub-Series S-3, (State Aid Withholding), 5.00%, 07/15/30 | 2,061,345 | ||||||
| 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 | 2,565,319 | ||||||
| 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 | 2,261,732 | ||||||
| 2,730,000 | New York City Transitional Finance Authority Building Aid Current Refunding Revenue Bonds, Series S-2, (State Aid Withholding), 5.00%, 07/15/32 | 3,087,264 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 5,600,000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series 2, 4.68%, 11/01/26 | $ | 5,619,667 | ||||
| 3,755,000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series A, 5.00%, 05/01/33 | 4,242,636 | ||||||
| 2,500,000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series A, 5.00%, 05/01/35 | 2,862,192 | ||||||
| 2,060,000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series F-1, 5.00%, 02/01/38 | 2,258,978 | ||||||
| 2,000,000 | New York City Transitional Finance Authority Future Tax Secured Cash Flow Management Revenue Bonds, Series F-1, 5.00%, 02/01/40 | 2,150,595 | ||||||
| 5,000,000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/29 | 5,394,321 | ||||||
| 5,565,000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/31 | 6,086,658 | ||||||
| 13,600,000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, 5.00%, 11/01/27 | 14,083,961 | ||||||
| 6,000,000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, Series 1, 5.00%, 11/01/27 | 6,213,512 | ||||||
| 9,110,000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, Series 1, 5.00%, 11/01/38 | 10,264,261 | ||||||
| 111 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 3,000,000 | New York City Transitional Finance Authority Future Tax Secured Current Refunding Revenue Bonds, Series E-1, 5.00%, 11/01/36 | $ | 3,317,749 | ||||
| 1,500,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series 1, 5.00%, 02/01/28 | 1,563,201 | ||||||
| 1,500,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series 1, 5.00%, 02/01/29 | 1,594,582 | ||||||
| 1,700,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series 1, 5.00%, 02/01/30 | 1,842,379 | ||||||
| 4,655,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series B, 5.00%, 05/01/33 | 5,259,513 | ||||||
| 2,000,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series C, 5.00%, 05/01/36 | 2,231,435 | ||||||
| 7,635,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series C, 5.00%, 11/01/38 | 8,602,374 | ||||||
| 1,500,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series C-S, 5.00%, 05/01/31 | 1,658,864 | ||||||
| 6,000,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series E, 5.00%, 11/01/37 | 6,725,370 | ||||||
| 5,000,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series F-1, 5.00%, 02/01/37 | 5,579,268 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 3,130,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series I, 4.72%, 05/01/30 | $ | 3,179,772 | ||||
| 5,000,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series I, 5.03%, 05/01/32 | 5,133,065 | ||||||
| 3,710,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Series 1, 5.00%, 11/01/37 | 4,155,608 | ||||||
| 1,655,000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 11/15/30 | 1,843,655 | ||||||
| 6,000,000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 11/15/31 | 6,801,947 | ||||||
| 2,575,000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 11/15/32 | 2,964,440 | ||||||
| 2,500,000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 11/15/33 | 2,916,662 | ||||||
| 2,425,000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 11/15/34 | 2,856,171 | ||||||
| 2,500,000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 5.00%, 11/15/35 | 2,917,400 | ||||||
| 1,350,000 | New York Power Authority Electric Light & Power Improvements Revenue Bonds, Series A, 4.00%, 11/15/49 | 1,250,852 | ||||||
| 3,505,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A, 5.00%, 07/01/30 | 3,597,708 | ||||||
| 3,610,000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/26 | 3,623,552 | ||||||
| 112 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 5,170,000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/27 | $ | 5,312,903 | ||||
| 2,765,000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/28 | 2,910,801 | ||||||
| 2,240,000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/29 | 2,408,602 | ||||||
| 1,770,000 | New York State Dormitory Authority Cash Flow Management Revenue Bonds, Series B, 5.00%, 07/01/36 | 1,964,881 | ||||||
| 2,575,000 | New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1, 5.00%, 03/15/28 | 2,691,771 | ||||||
| 2,000,000 | New York State Dormitory Authority Correctional Facilities Improvements Revenue Bonds, Series A-1, 5.00%, 03/15/37 | 2,233,934 | ||||||
| 3,500,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A, 5.00%, 07/01/35 | 3,819,232 | ||||||
| 1,575,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series A-2, 5.00%, 07/01/30 | 1,732,338 | ||||||
| 2,190,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/26 | 2,198,666 | ||||||
| 2,600,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/30 | 2,850,005 | ||||||
| 4,805,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series B, 5.00%, 07/01/32 | 5,425,252 | ||||||
| 2,500,000 | New York State Dormitory Authority Pre-refunded School Improvements Income Tax Revenue Bonds, Series A, 5.00%, 08/15/26(a) | 2,517,345 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 5,000,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A, 5.00%, 03/15/38 | $ | 5,725,180 | ||||
| 3,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/35 | 3,407,023 | ||||||
| 3,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/36 | 3,381,067 | ||||||
| 2,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A, 5.00%, 08/01/37 | 2,240,989 | ||||||
| 1,005,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series B, (American Municipal Bond Assurance Corp.), 5.50%, 03/15/30 | 1,112,286 | ||||||
| 2,175,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Group 2, Series A, 5.00%, 03/15/32 | 2,314,467 | ||||||
| 1,000,000 | New York State Dormitory Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/37 | 1,139,383 | ||||||
| 1,575,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 10/01/31 | 1,779,323 | ||||||
| 6,655,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 10/01/32 | 7,639,521 | ||||||
| 1,250,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 10/01/33 | 1,454,282 | ||||||
| 11,125,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 10/01/36 | 12,876,141 | ||||||
| 113 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 3,750,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.50%, 07/01/54 | $ | 4,051,566 | ||||
| 1,750,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A, 5.00%, 07/01/26 | 1,756,629 | ||||||
| 3,500,000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/28 | 3,690,637 | ||||||
| 2,000,000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, 5.00%, 06/15/29 | 2,156,136 | ||||||
| 5,375,000 | New York State Environmental Facilities Corp. Current Refunding Revenue Bonds, Series A, 5.00%, 06/15/32 | 6,110,745 | ||||||
| 2,000,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series B, 5.00%, 06/15/30 | 2,158,068 | ||||||
| 2,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/26 | 2,005,832 | ||||||
| 955,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/26 | 963,625 | ||||||
| 1,750,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/27 | 1,799,461 | ||||||
| 1,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/34 | 1,069,687 | ||||||
| 1,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 06/15/36 | 1,063,849 | ||||||
| 1,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/36 | 1,111,748 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 6,250,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, 5.00%, 09/15/41 | $ | 6,819,964 | ||||
| 4,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series B, 5.00%, 06/15/27 | 4,113,054 | ||||||
| 1,500,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C, 5.00%, 06/15/26 | 1,504,374 | ||||||
| 1,700,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C, 5.00%, 06/15/29 | 1,832,716 | ||||||
| 1,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C, 5.00%, 06/15/30 | 1,100,247 | ||||||
| 3,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Series C, 5.00%, 09/15/48 | 3,154,810 | ||||||
| 2,755,000 | New York State Housing Finance Agency State MF Housing Revenue Bonds, Series F, (State of New York Mortgage Agency), 3.85%, 05/01/62 | 2,755,780 | ||||||
| 785,000 | New York State Housing Finance Agency State MF Housing Revenue Bonds, Series J, (State of New York Mortgage Agency), 1.10%, 11/01/61 | 764,568 | ||||||
| 1,150,000 | New York State Thruway Authority Current Refunding Revenue Bonds, Series P, 5.00%, 01/01/38 | 1,295,195 | ||||||
| 5,500,000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/31 | 6,094,581 | ||||||
| 5,000,000 | New York State Thruway Authority Transit Improvements Revenue Bonds, Series A, 5.00%, 03/15/39 | 5,466,789 | ||||||
| 114 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 2,500,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 237, 5.00%, 01/15/47 | $ | 2,626,651 | ||||
| 8,195,000 | State of New York Current Refunding GO, Series B, 2.55%, 02/15/29 | 7,880,356 | ||||||
| 1,000,000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/33 | 1,023,488 | ||||||
| 1,915,000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/34 | 1,954,889 | ||||||
| 1,000,000 | Syracuse Industrial Development Agency School Improvements Revenue Bonds, Series A, (State Aid Withholding), 4.00%, 05/01/35 | 1,017,328 | ||||||
| 2,750,000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/28 | 2,920,697 | ||||||
| 1,500,000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 5.00%, 11/15/34 | 1,703,379 | ||||||
| 2,000,000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Series A, 4.00%, 11/15/35 | 2,093,698 | ||||||
| 3,000,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, 5.00%, 05/15/27 | 3,075,341 | ||||||
| 4,740,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B-2, 5.00%, 05/15/31 | 5,239,170 | ||||||
| 1,275,000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A, 5.00%, 05/15/34 | 1,448,300 | ||||||
| 1,000,000 | Triborough Bridge & Tunnel Authority Sales Tax Revenue Bonds, Series A, 5.00%, 05/15/38 | 1,105,868 | ||||||
| Principal Amount | Value | |||||||
| New York (continued) | ||||||||
| $ | 1,275,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series 1, 5.00%, 06/15/29 | $ | 1,308,357 | ||||
| 5,000,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/28 | 5,014,963 | ||||||
| 5,000,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/29 | 5,331,799 | ||||||
| 5,045,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/30 | 5,410,025 | ||||||
| 3,630,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/31 | 4,000,530 | ||||||
| 4,760,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/32 | 5,201,944 | ||||||
| 2,250,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/33 | 2,494,389 | ||||||
| 1,700,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series TE, 5.00%, 06/15/34 | 1,914,877 | ||||||
| Total Municipal Bonds (Cost $592,928,601) | 593,253,775 | |||||||
| CORPORATE BONDS — 1.5% | ||||||||
| United States — 1.5% | ||||||||
| 5,000,000 | Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 | 4,808,698 | ||||||
| 4,500,000 | Cornell University, 4.84%, 06/15/34 | 4,535,535 | ||||||
| Total Corporate Bonds (Cost $9,500,000) | 9,344,233 | |||||||
| 115 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Portfolio of Investments - (Continued) | April 30, 2026 (Unaudited) |
| Shares | Value | |||||||
| INVESTMENT COMPANY — 2.6% | ||||||||
| 16,464,908 | Federated Hermes U.S. Treasury Cash Reserves, Premier Class, 3.56%(b) | $ | 16,464,908 | |||||
| Total Investment Company (Cost $16,464,908) | 16,464,908 | |||||||
| TOTAL INVESTMENTS — 98.7% (Cost $618,893,509) | $ | 619,062,916 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3% | 8,192,712 | |||||||
| NET ASSETS — 100.0% | $ | 627,255,628 | ||||||
| (a) | These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
| (b) | The rate shown represents the current yield as of April 30, 2026. |
The following abbreviation is used in the report:
GO — General Obligation
| 116 |
| Old Westbury Funds, Inc. | |
| Statements of Assets and Liabilities | |
| April 30, 2026 (Unaudited) |
| ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | SMALL & MID CAP STRATEGIES FUND | TOTAL EQUITY FUND | |||||||||||||
| ASSETS: | ||||||||||||||||
| Investments, at fair value - unaffiliated | $ | 3,524,202,067 | $ | 25,047,434,293 | $ | 9,334,277,374 | $ | 1,170,308,624 | ||||||||
| Foreign currency, at value (Cost $0, $1,080,480, $2,154,629 and $28,618, respectively) | — | 1,084,598 | 2,164,643 | 28,764 | ||||||||||||
| Cash | 2,002 | 7 | 1,239,572 | 7 | ||||||||||||
| Dividends and interest receivable | 1,271,981 | 38,983,512 | 31,045,798 | 1,603,662 | ||||||||||||
| Receivable for Fund shares sold | 693,284 | 2,174,681 | 770,686 | 654,034 | ||||||||||||
| Receivable for investments sold | — | 98,777,935 | 39,073,579 | 2,960,245 | ||||||||||||
| Deferred foreign capital gains tax asset | — | — | — | 3,609 | ||||||||||||
| Prepaid expenses | 9,083 | 34,145 | 15,153 | — | ||||||||||||
| Total Assets | 3,526,178,417 | 25,188,489,171 | 9,408,586,805 | 1,175,558,945 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Payable for Fund shares redeemed | 580,330 | 6,961,352 | 1,623,751 | 373,509 | ||||||||||||
| Payable for investments purchased | — | 62,774,134 | 23,792,753 | 2,784,857 | ||||||||||||
| Deferred foreign capital gains tax liability | — | 11,159,869 | 403,624 | — | ||||||||||||
| Accrued expenses and other payables: | ||||||||||||||||
| Investment advisory | 1,876,584 | 16,095,292 | 6,111,453 | 626,819 | ||||||||||||
| Administration and accounting - unaffiliated | 199,923 | 1,226,413 | 569,419 | 57,146 | ||||||||||||
| Administration and accounting - affiliated | 84,125 | 600,553 | 226,741 | 27,956 | ||||||||||||
| Shareholder servicing fee | 560,834 | 4,003,690 | 1,511,610 | 186,371 | ||||||||||||
| Custody - unaffiliated | — | — | 112,453 | — | ||||||||||||
| Custody - affiliated | 52,703 | 621,763 | 13,376 | 22 | ||||||||||||
| Directors | 16,579 | 124,933 | 43,479 | 9,096 | ||||||||||||
| Legal and audit | 52,624 | 184,483 | 73,549 | 601 | ||||||||||||
| Other | 54,496 | 477,025 | 185,925 | 17,425 | ||||||||||||
| Total Liabilities | 3,478,198 | 104,229,507 | 34,668,133 | 4,083,802 | ||||||||||||
| NET ASSETS | $ | 3,522,700,219 | $ | 25,084,259,664 | $ | 9,373,918,672 | $ | 1,171,475,143 | ||||||||
| NET ASSETS consist of: | ||||||||||||||||
| Capital paid-in | $ | 1,839,877,522 | $ | 13,290,020,810 | $ | 6,751,235,763 | $ | 990,582,020 | ||||||||
| Total distributable earnings | 1,682,822,697 | 11,794,238,854 | 2,622,682,909 | 180,893,123 | ||||||||||||
| NET ASSETS | $ | 3,522,700,219 | $ | 25,084,259,664 | $ | 9,373,918,672 | $ | 1,171,475,143 | ||||||||
| Net Asset Value, maximum offering price and redemption price per share | $ | 26.86 | $ | 21.68 | $ | 18.98 | $ | 11.87 | ||||||||
| 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 | 131,150,443 | 1,157,209,837 | 493,764,538 | 98,671,144 | ||||||||||||
| INVESTMENTS, AT COST | $ | 2,019,192,320 | $ | 15,731,580,851 | $ | 7,124,756,954 | $ | 987,487,836 | ||||||||
See Notes to Financial Statements.
| 117 |
| Old Westbury Funds, Inc. | |
| Statements of Assets and Liabilities - (Continued) | |
| April 30, 2026 (Unaudited) |
| CREDIT INCOME FUND | FIXED INCOME FUND | SHORT-TERM BOND FUND | MUNICIPAL BOND FUND | |||||||||||||
| ASSETS: | ||||||||||||||||
| Investments, at fair value - unaffiliated | $ | 2,527,542,510 | $ | 1,619,276,078 | $ | 161,694,800 | $ | 4,541,211,918 | ||||||||
| Cash | — | 722,171 | — | — | ||||||||||||
| Due from broker for collateral | 1,660,000 | — | — | — | ||||||||||||
| Dividends and interest receivable | 15,040,125 | 12,151,501 | 1,410,519 | 53,548,086 | ||||||||||||
| Receivable for Fund shares sold | 1,206,604 | 732,493 | 100 | 4,586,025 | ||||||||||||
| Receivable for investments sold | — | — | 1,406,937 | — | ||||||||||||
| Prepaid expenses | 7,788 | 6,895 | — | 9,929 | ||||||||||||
| Total Assets | 2,545,457,027 | 1,632,889,138 | 164,512,356 | 4,599,355,958 | ||||||||||||
| LIABILITIES: | ||||||||||||||||
| Payable for Fund shares redeemed | 850,732 | 251,277 | — | 173,071 | ||||||||||||
| Payable for investments purchased | 916,194 | — | 3,006,445 | 48,622,251 | ||||||||||||
| Unrealized depreciation on swap agreements | 1,193,300 | — | — | — | ||||||||||||
| Accrued expenses and other payables: | ||||||||||||||||
| Investment advisory | 1,188,795 | 383,664 | 3,221 | 1,086,872 | ||||||||||||
| Administration and accounting - unaffiliated | 196,707 | 85,078 | 22,929 | 230,738 | ||||||||||||
| Administration and accounting - affiliated | 62,493 | 40,223 | 3,906 | 111,682 | ||||||||||||
| Shareholder servicing fee | 416,617 | 268,154 | 26,042 | 744,545 | ||||||||||||
| Custody - unaffiliated | 5,377 | — | — | — | ||||||||||||
| Custody - affiliated | — | 20,113 | 1,953 | 55,840 | ||||||||||||
| Directors | 11,510 | 7,438 | 468 | 20,980 | ||||||||||||
| Legal and audit | 77,753 | 41,248 | 3,005 | 38,897 | ||||||||||||
| Other | 48,185 | 21,026 | 2,409 | 73,904 | ||||||||||||
| Total Liabilities | 4,967,663 | 1,118,221 | 3,070,378 | 51,158,780 | ||||||||||||
| NET ASSETS | $ | 2,540,489,364 | $ | 1,631,770,917 | $ | 161,441,978 | $ | 4,548,197,178 | ||||||||
| NET ASSETS consist of: | ||||||||||||||||
| Capital paid-in | $ | 3,183,344,420 | $ | 1,789,559,300 | $ | 161,263,743 | $ | 4,734,032,652 | ||||||||
| Total distributable earnings/(accumulated loss) | (642,855,056 | ) | (157,788,383 | ) | 178,235 | (185,835,474 | ) | |||||||||
| NET ASSETS | $ | 2,540,489,364 | $ | 1,631,770,917 | $ | 161,441,978 | $ | 4,548,197,178 | ||||||||
| Net Asset Value, maximum offering price and redemption price per share | $ | 7.96 | $ | 10.16 | $ | 10.18 | $ | 11.53 | ||||||||
| 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 | 318,995,940 | 160,675,204 | 15,860,517 | 394,405,342 | ||||||||||||
| INVESTMENTS, AT COST | $ | 3,003,312,185 | $ | 1,620,979,777 | $ | 161,859,565 | $ | 4,520,466,776 | ||||||||
See Notes to Financial Statements.
| 118 |
| Old Westbury Funds, Inc. | |
| Statements of Assets and Liabilities - (Continued) | |
| April 30, 2026 (Unaudited) |
| CALIFORNIA MUNICIPAL BOND FUND | NEW YORK MUNICIPAL BOND FUND | |||||||
| ASSETS: | ||||||||
| Investments, at fair value - unaffiliated | $ | 401,299,513 | $ | 619,062,916 | ||||
| Cash | 1 | — | ||||||
| Dividends and interest receivable | 5,408,999 | 8,335,660 | ||||||
| Receivable for Fund shares sold | 4,150 | 216,000 | ||||||
| Prepaid expenses | 5,688 | 5,919 | ||||||
| Total Assets | 406,718,351 | 627,620,495 | ||||||
| LIABILITIES: | ||||||||
| Payable for Fund shares redeemed | 15,761 | 19,500 | ||||||
| Accrued expenses and other payables: | ||||||||
| Investment advisory | 89,590 | 141,472 | ||||||
| Administration and accounting - unaffiliated | 37,315 | 48,109 | ||||||
| Administration and accounting - affiliated | 10,029 | 15,341 | ||||||
| Shareholder servicing fee | 66,863 | 102,273 | ||||||
| Custody - affiliated | 5,015 | 7,671 | ||||||
| Directors | 1,797 | 3,011 | ||||||
| Legal and audit | 7,980 | 9,717 | ||||||
| Other | 13,513 | 17,773 | ||||||
| Total Liabilities | 247,863 | 364,867 | ||||||
| NET ASSETS | $ | 406,470,488 | $ | 627,255,628 | ||||
| NET ASSETS consist of: | ||||||||
| Capital paid-in | $ | 420,878,456 | $ | 647,529,210 | ||||
| Total accumulated loss | (14,407,968 | ) | (20,273,582 | ) | ||||
| NET ASSETS | $ | 406,470,488 | $ | 627,255,628 | ||||
| Net Asset Value, maximum offering price and redemption price per share | $ | 9.75 | $ | 9.91 | ||||
| Number of shares authorized | 2,000,000,000 | 2,000,000,000 | ||||||
| SHARES OF CAPITAL STOCK OUTSTANDING | 41,688,452 | 63,320,755 | ||||||
| INVESTMENTS, AT COST | $ | 398,938,897 | $ | 618,893,509 | ||||
See Notes to Financial Statements.
| 119 |
| Old Westbury Funds, Inc. | |
| Statements of Operations | |
| For the Period Ended April 30, 2026 (Unaudited) |
| ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | SMALL & MID CAP STRATEGIES FUND | TOTAL EQUITY FUND | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| Interest | $ | 1,931,123 | $ | 7,057,319 | $ | 1,138,926 | $ | 566,429 | ||||||||
| Dividends - unaffiliated | 12,477,698 | 214,708,767 | 100,752,390 | 7,590,332 | ||||||||||||
| Foreign tax withheld | (136,727 | ) | (12,645,011 | ) | (7,394,850 | ) | (472,283 | ) | ||||||||
| Total investment income | 14,272,094 | 209,121,075 | 94,496,466 | 7,684,478 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Investment advisory fees | 11,349,646 | 99,355,179 | 38,178,610 | 3,992,152 | ||||||||||||
| Shareholder servicing fees | 3,377,763 | 24,606,346 | 8,983,203 | 1,035,911 | ||||||||||||
| Administration and accounting fees - unaffiliated | 253,867 | 1,762,177 | 648,477 | 101,133 | ||||||||||||
| Administration and accounting fees - affiliated | 506,664 | 3,690,952 | 1,347,480 | 155,387 | ||||||||||||
| Custodian fees - unaffiliated | — | — | 992,991 | — | ||||||||||||
| Custodian fees - affiliated | 296,568 | 3,903,190 | 232,716 | 140,973 | ||||||||||||
| Directors fees and expenses | 36,953 | 272,596 | 96,484 | 6,057 | ||||||||||||
| Insurance premiums | 8,142 | 30,182 | 13,575 | 5,591 | ||||||||||||
| Legal and audit fees | 70,795 | 441,730 | 162,591 | 14,016 | ||||||||||||
| Printing and postage fees | 12,425 | 59,528 | 27,605 | 5,737 | ||||||||||||
| Registration fees | 13,162 | 22,339 | 15,082 | 18,281 | ||||||||||||
| Transfer agent fees | 165,433 | 1,192,711 | 418,031 | 44,963 | ||||||||||||
| Miscellaneous expenses | 11,279 | 71,551 | 114,661 | 17,758 | ||||||||||||
| Total expenses | 16,102,697 | 135,408,481 | 51,231,506 | 5,537,959 | ||||||||||||
| Expenses waived by Advisor | (58,325 | ) | (73,578 | ) | (1,823,892 | ) | (461,995 | ) | ||||||||
| Net expenses | 16,044,372 | 135,334,903 | 49,407,614 | 5,075,964 | ||||||||||||
| NET INVESTMENT INCOME/(LOSS) | (1,772,278 | ) | 73,786,172 | 45,088,852 | 2,608,514 | |||||||||||
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS, AND FOREIGN CAPITAL GAINS TAXES: | ||||||||||||||||
| Net realized gain/(loss) on: | ||||||||||||||||
| Investments | 188,214,360 | 2,580,854,359 | 494,236,777 | (877,953 | ) | |||||||||||
| Foreign currency transactions | (123,952 | ) | (8,115,489 | ) | (1,910,734 | ) | (230,294 | ) | ||||||||
| Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||||
| Investments | (43,727,953 | ) | (1,357,589,903 | ) | 546,181,826 | 62,214,412 | ||||||||||
| Foreign currency transactions | (10,049 | ) | 879,683 | 782,966 | 12,085 | |||||||||||
| Deferred foreign capital gains taxed on unrealized appreciation/(depreciation) | — | 10,318,851 | (139,444 | ) | 89,118 | |||||||||||
| Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, and foreign capital gains taxes | 144,352,406 | 1,226,347,501 | 1,039,151,391 | 61,207,368 | ||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 142,580,128 | $ | 1,300,133,673 | $ | 1,084,240,243 | $ | 63,815,882 | ||||||||
See Notes to Financial Statements.
| 120 |
| Old Westbury Funds, Inc. | |
| Statements of Operations - (Continued) | |
| For the Period Ended April 30, 2026 (Unaudited) |
| CREDIT INCOME FUND | FIXED INCOME FUND | SHORT-TERM BOND FUND | MUNICIPAL BOND FUND | |||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||
| Interest | $ | 60,917,494 | $ | 33,239,579 | $ | 2,736,807 | $ | 68,999,430 | ||||||||
| Dividends - unaffiliated | 10,872,090 | — | — | — | ||||||||||||
| Total investment income | 71,789,584 | 33,239,579 | 2,736,807 | 68,999,430 | ||||||||||||
| EXPENSES: | ||||||||||||||||
| Investment advisory fees | 7,124,306 | 3,152,843 | 211,983 | 8,077,780 | ||||||||||||
| Shareholder servicing fees | 2,455,414 | 1,589,100 | 132,489 | 4,403,350 | ||||||||||||
| Administration and accounting fees - unaffiliated | 194,383 | 116,088 | 19,341 | 303,512 | ||||||||||||
| Administration and accounting fees - affiliated | 368,312 | 238,365 | 19,873 | 660,502 | ||||||||||||
| Custodian fees - unaffiliated | 32,192 | — | — | — | ||||||||||||
| Custodian fees - affiliated | — | 119,183 | 9,937 | 330,251 | ||||||||||||
| Directors fees and expenses | 25,833 | 16,684 | 1,208 | 46,559 | ||||||||||||
| Insurance premiums | 7,075 | 6,247 | 4,854 | 8,985 | ||||||||||||
| Legal and audit fees | 102,159 | 37,291 | 11,564 | 77,243 | ||||||||||||
| Printing and postage fees | 10,162 | 10,022 | 5,138 | 14,338 | ||||||||||||
| Registration fees | 15,149 | 14,174 | 12,392 | 17,525 | ||||||||||||
| Transfer agent fees | 116,186 | 77,864 | 11,397 | 205,557 | ||||||||||||
| Miscellaneous expenses | 85,525 | 15,237 | 10,824 | 36,495 | ||||||||||||
| Total expenses | 10,536,696 | 5,393,098 | 451,000 | 14,182,097 | ||||||||||||
| Expenses waived by Advisor | (101,187 | ) | (864,162 | ) | (205,895 | ) | (1,632,550 | ) | ||||||||
| Net expenses | 10,435,509 | 4,528,936 | 245,105 | 12,549,547 | ||||||||||||
| NET INVESTMENT INCOME | 61,354,075 | 28,710,643 | 2,491,702 | 56,449,883 | ||||||||||||
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND SWAP AGREEMENTS: | ||||||||||||||||
| Net realized gain on: | ||||||||||||||||
| Investments | 219,750 | 2,647,203 | 23,278 | 1,835,417 | ||||||||||||
| Swap agreements | 4,586,464 | — | — | — | ||||||||||||
| Net change in unrealized (depreciation) on: | ||||||||||||||||
| Investments | (49,380,945 | ) | (22,019,440 | ) | (1,021,969 | ) | (31,621,700 | ) | ||||||||
| Swap agreements | (6,050,159 | ) | — | — | — | |||||||||||
| Net realized and change in unrealized gain/(loss) on investments and swap agreements | (50,624,890 | ) | (19,372,237 | ) | (998,691 | ) | (29,786,283 | ) | ||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 10,729,185 | $ | 9,338,406 | $ | 1,493,011 | $ | 26,663,600 | ||||||||
See Notes to Financial Statements.
| 121 |
| Old Westbury Funds, Inc. | |
| Statements of Operations - (Continued) | |
| For the Period Ended April 30, 2026 (Unaudited) |
| CALIFORNIA MUNICIPAL BOND FUND | NEW YORK MUNICIPAL BOND FUND | |||||||
| INVESTMENT INCOME: | ||||||||
| Interest | $ | 6,106,310 | $ | 8,914,212 | ||||
| Total investment income | 6,106,310 | 8,914,212 | ||||||
| EXPENSES: | ||||||||
| Investment advisory fees | 895,511 | 1,327,146 | ||||||
| Shareholder servicing fees | 398,005 | 601,587 | ||||||
| Administration and accounting fees - unaffiliated | 38,250 | 53,344 | ||||||
| Administration and accounting fees - affiliated | 59,701 | 90,238 | ||||||
| Custodian fees - affiliated | 29,850 | 45,119 | ||||||
| Directors fees and expenses | 4,232 | 6,410 | ||||||
| Insurance premiums | 5,136 | 5,354 | ||||||
| Legal and audit fees | 11,612 | 15,352 | ||||||
| Printing and postage fees | 5,773 | 6,308 | ||||||
| Registration fees | 12,459 | 11,785 | ||||||
| Transfer agent fees | 23,787 | 33,733 | ||||||
| Miscellaneous expenses | 10,050 | 13,218 | ||||||
| Total expenses | 1,494,366 | 2,209,594 | ||||||
| Expenses waived by Advisor | (360,052 | ) | (495,072 | ) | ||||
| Net expenses | 1,134,314 | 1,714,522 | ||||||
| NET INVESTMENT INCOME | 4,971,996 | 7,199,690 | ||||||
| NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS: | ||||||||
| Net realized gain on: | ||||||||
| Investments | 29,697 | 108,997 | ||||||
| Net change in unrealized (depreciation) on: | ||||||||
| Investments | (3,318,843 | ) | (2,456,007 | ) | ||||
| Net realized and change in unrealized gain/(loss) on investments | (3,289,146 | ) | (2,347,010 | ) | ||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,682,850 | $ | 4,852,680 | ||||
See Notes to Financial Statements.
| 122 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets | |
| |
| ALL CAP CORE FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment loss | $ | (1,772,278 | ) | $ | (3,126,969 | ) | ||
| Net realized gain on investments and foreign currency transactions | 188,090,408 | 277,112,021 | ||||||
| Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions | (43,738,002 | ) | 137,557,754 | |||||
| Net increase in net assets resulting from operations | 142,580,128 | 411,542,806 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (260,262,176 | ) | (343,469,046 | ) | ||||
| Total distributions to shareholders | (260,262,176 | ) | (343,469,046 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 167,422,309 | 199,840,779 | ||||||
| Reinvestment of distributions | 139,986,675 | 206,697,000 | ||||||
| Value of capital stock redeemed | (177,873,117 | ) | (495,781,749 | ) | ||||
| Net increase/(decrease) in net assets resulting from capital stock transactions | 129,535,867 | (89,243,970 | ) | |||||
| Net increase/(decrease) in net assets | 11,853,819 | (21,170,210 | ) | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 3,510,846,400 | 3,532,016,610 | ||||||
| End of period | $ | 3,522,700,219 | $ | 3,510,846,400 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 6,488,660 | 7,725,194 | ||||||
| Shares issued as reinvestment of distributions | 5,500,459 | 8,192,509 | ||||||
| Shares redeemed | (6,719,019 | ) | (19,574,938 | ) | ||||
| Net increase/(decrease) in shares outstanding | 5,270,100 | (3,657,235 | ) | |||||
See Notes to Financial Statements.
| 123 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| LARGE CAP STRATEGIES FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 73,786,172 | $ | 147,694,728 | ||||
| Net realized gain on investments and foreign currency transactions | 2,572,738,870 | 2,836,436,703 | ||||||
| Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | (1,346,391,369 | ) | 1,376,547,890 | |||||
| Net increase in net assets resulting from operations | 1,300,133,673 | 4,360,679,321 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (2,890,118,442 | ) | (1,364,718,966 | ) | ||||
| Total distributions to shareholders | (2,890,118,442 | ) | (1,364,718,966 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 579,681,079 | 832,714,877 | ||||||
| Reinvestment of distributions | 1,145,322,956 | 714,228,783 | ||||||
| Value of capital stock redeemed | (1,440,760,402 | ) | (2,792,966,150 | ) | ||||
| Net increase/(decrease) in net assets resulting from capital stock transactions | 284,243,633 | (1,246,022,490 | ) | |||||
| Net increase/(decrease) in net assets | (1,305,741,136 | ) | 1,749,937,865 | |||||
| NET ASSETS: | ||||||||
| Beginning of period | 26,390,000,800 | 24,640,062,935 | ||||||
| End of period | $ | 25,084,259,664 | $ | 26,390,000,800 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 27,783,822 | 40,583,086 | ||||||
| Shares issued as reinvestment of distributions | 56,143,282 | 36,145,181 | ||||||
| Shares redeemed | (66,816,275 | ) | (135,886,197 | ) | ||||
| Net increase/(decrease) in shares outstanding | 17,110,829 | (59,157,930 | ) | |||||
See Notes to Financial Statements.
| 124 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| SMALL & MID CAP STRATEGIES FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 45,088,852 | $ | 75,917,271 | ||||
| Net realized gain on investments and foreign currency transactions | 492,326,043 | 618,229,958 | ||||||
| Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 546,825,348 | 402,250,036 | ||||||
| Net increase in net assets resulting from operations | 1,084,240,243 | 1,096,397,265 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (703,636,534 | ) | (330,387,670 | ) | ||||
| Total distributions to shareholders | (703,636,534 | ) | (330,387,670 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 284,663,047 | 519,687,266 | ||||||
| Reinvestment of distributions | 268,079,608 | 154,595,814 | ||||||
| Value of capital stock redeemed | (463,465,423 | ) | (1,377,778,347 | ) | ||||
| Net increase/(decrease) in net assets resulting from capital stock transactions | 89,277,232 | (703,495,267 | ) | |||||
| Net increase in net assets | 469,880,941 | 62,514,328 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 8,904,037,731 | 8,841,523,403 | ||||||
| End of period | $ | 9,373,918,672 | $ | 8,904,037,731 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 15,806,865 | 31,159,369 | ||||||
| Shares issued as reinvestment of distributions | 15,504,893 | 9,668,281 | ||||||
| Shares redeemed | (25,367,757 | ) | (83,495,295 | ) | ||||
| Net increase/(decrease) in shares outstanding | 5,944,001 | (42,667,645 | ) | |||||
See Notes to Financial Statements.
| 125 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| TOTAL EQUITY FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE PERIOD ENDED OCTOBER 31, 2025(a) | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 2,608,514 | $ | 2,683,091 | ||||
| Net realized (loss) on investments and foreign currency transactions | (1,108,247 | ) | (669,662 | ) | ||||
| Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 62,315,615 | 120,512,942 | ||||||
| Net increase in net assets resulting from operations | 63,815,882 | 122,526,371 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (5,449,130 | ) | — | |||||
| Total distributions to shareholders | (5,449,130 | ) | — | |||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 279,166,610 | 835,191,039 | ||||||
| Reinvestment of distributions | 4,646,113 | — | ||||||
| Value of capital stock redeemed | (76,328,968 | ) | (52,092,774 | ) | ||||
| Net increase in net assets resulting from capital stock transactions | 207,483,755 | 783,098,265 | ||||||
| Net increase in net assets | 265,850,507 | 905,624,636 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 905,624,636 | — | ||||||
| End of period | $ | 1,171,475,143 | $ | 905,624,636 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 24,647,149 | 85,149,224 | ||||||
| Shares issued as reinvestment of distributions | 415,202 | — | ||||||
| Shares redeemed | (6,686,053 | ) | (4,854,378 | ) | ||||
| Net increase in shares outstanding | 18,376,298 | 80,294,846 | ||||||
| (a) | For the period from February 28, 2025 (commencement of operations) to October 31, 2025. |
See Notes to Financial Statements.
| 126 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| CREDIT INCOME FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 61,354,075 | $ | 131,866,389 | ||||
| Net realized gain/(loss) on investments and swap agreements | 4,806,214 | (2,141,416 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on investments and swap agreements | (55,431,104 | ) | 33,403,799 | |||||
| Net increase in net assets resulting from operations | 10,729,185 | 163,128,772 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (60,669,801 | ) | (132,596,478 | ) | ||||
| Total distributions to shareholders | (60,669,801 | ) | (132,596,478 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 313,649,413 | 449,908,898 | ||||||
| Reinvestment of distributions | 13,994,218 | 36,072,921 | ||||||
| Value of capital stock redeemed | (144,617,717 | ) | (489,045,029 | ) | ||||
| Net increase/(decrease) in net assets resulting from capital stock transactions | 183,025,914 | (3,063,210 | ) | |||||
| Net increase in net assets | 133,085,298 | 27,469,084 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 2,407,404,066 | 2,379,934,982 | ||||||
| End of period | $ | 2,540,489,364 | $ | 2,407,404,066 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 39,061,631 | 56,714,656 | ||||||
| Shares issued as reinvestment of distributions | 1,757,061 | 4,558,081 | ||||||
| Shares redeemed | (18,035,734 | ) | (61,508,910 | ) | ||||
| Net increase/(decrease) in shares outstanding | 22,782,958 | (236,173 | ) | |||||
See Notes to Financial Statements.
| 127 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| FIXED INCOME FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 28,710,643 | $ | 55,664,088 | ||||
| Net realized gain/(loss) on investments | 2,647,203 | (9,096,258 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on investments | (22,019,440 | ) | 34,520,292 | |||||
| Net increase in net assets resulting from operations | 9,338,406 | 81,088,122 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (29,028,559 | ) | (55,871,260 | ) | ||||
| Total distributions to shareholders | (29,028,559 | ) | (55,871,260 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 195,597,937 | 242,931,652 | ||||||
| Reinvestment of distributions | 15,189,098 | 29,081,284 | ||||||
| Value of capital stock redeemed | (106,224,039 | ) | (139,816,077 | ) | ||||
| Net increase in net assets resulting from capital stock transactions | 104,562,996 | 132,196,859 | ||||||
| Net increase in net assets | 84,872,843 | 157,413,721 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 1,546,898,074 | 1,389,484,353 | ||||||
| End of period | $ | 1,631,770,917 | $ | 1,546,898,074 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 19,071,975 | 23,971,647 | ||||||
| Shares issued as reinvestment of distributions | 1,489,109 | 2,876,192 | ||||||
| Shares redeemed | (10,363,631 | ) | (13,794,880 | ) | ||||
| Net increase in shares outstanding | 10,197,453 | 13,052,959 | ||||||
See Notes to Financial Statements.
| 128 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| SHORT-TERM BOND FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 2,491,702 | $ | 3,524,986 | ||||
| Net realized gain/(loss) on investments | 23,278 | (89,687 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on investments | (1,021,969 | ) | 853,244 | |||||
| Net increase in net assets resulting from operations | 1,493,011 | 4,288,543 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (2,411,996 | ) | (3,360,769 | ) | ||||
| Total distributions to shareholders | (2,411,996 | ) | (3,360,769 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 93,423,002 | 66,938,437 | ||||||
| Reinvestment of distributions | 845,087 | 691,081 | ||||||
| Value of capital stock redeemed | (34,956,813 | ) | (25,579,293 | ) | ||||
| Net increase in net assets resulting from capital stock transactions | 59,311,276 | 42,050,225 | ||||||
| Net increase in net assets | 58,392,291 | 42,977,999 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 103,049,687 | 60,071,688 | ||||||
| End of period | $ | 161,441,978 | $ | 103,049,687 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 9,136,910 | 6,584,596 | ||||||
| Shares issued as reinvestment of distributions | 83,121 | 68,141 | ||||||
| Shares redeemed | (3,425,431 | ) | (2,513,912 | ) | ||||
| Net increase in shares outstanding | 5,794,600 | 4,138,825 | ||||||
See Notes to Financial Statements.
| 129 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| MUNICIPAL BOND FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 56,449,883 | $ | 111,880,789 | ||||
| Net realized gain/(loss) on investments | 1,835,417 | (13,918,424 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on investments | (31,621,700 | ) | 68,955,746 | |||||
| Net increase in net assets resulting from operations | 26,663,600 | 166,918,111 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (56,371,888 | ) | (111,843,273 | ) | ||||
| Total distributions to shareholders | (56,371,888 | ) | (111,843,273 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 495,617,817 | 738,215,525 | ||||||
| Reinvestment of distributions | 8,858,322 | 23,459,611 | ||||||
| Value of capital stock redeemed | (259,211,273 | ) | (630,431,231 | ) | ||||
| Net increase in net assets resulting from capital stock transactions | 245,264,866 | 131,243,905 | ||||||
| Net increase in net assets | 215,556,578 | 186,318,743 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 4,332,640,600 | 4,146,321,857 | ||||||
| End of period | $ | 4,548,197,178 | $ | 4,332,640,600 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 42,650,761 | 64,542,031 | ||||||
| Shares issued as reinvestment of distributions | 766,311 | 2,054,888 | ||||||
| Shares redeemed | (22,335,698 | ) | (55,181,021 | ) | ||||
| Net increase in shares outstanding | 21,081,374 | 11,415,898 | ||||||
See Notes to Financial Statements.
| 130 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| CALIFORNIA MUNICIPAL BOND FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 4,971,996 | $ | 9,822,111 | ||||
| Net realized gain/(loss) on investments | 29,697 | (960,942 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on investments | (3,318,843 | ) | 5,988,757 | |||||
| Net increase in net assets resulting from operations | 1,682,850 | 14,849,926 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (5,014,907 | ) | (9,763,597 | ) | ||||
| Total distributions to shareholders | (5,014,907 | ) | (9,763,597 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 38,481,990 | 84,847,569 | ||||||
| Reinvestment of distributions | 1,325,707 | 2,772,811 | ||||||
| Value of capital stock redeemed | (18,761,930 | ) | (72,278,930 | ) | ||||
| Net increase in net assets resulting from capital stock transactions | 21,045,767 | 15,341,450 | ||||||
| Net increase in net assets | 17,713,710 | 20,427,779 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 388,756,778 | 368,328,999 | ||||||
| End of period | $ | 406,470,488 | $ | 388,756,778 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 3,905,823 | 8,769,506 | ||||||
| Shares issued as reinvestment of distributions | 135,347 | 287,327 | ||||||
| Shares redeemed | (1,909,480 | ) | (7,509,271 | ) | ||||
| Net increase in shares outstanding | 2,131,690 | 1,547,562 | ||||||
See Notes to Financial Statements.
| 131 |
| Old Westbury Funds, Inc. | |
| Statements of Changes in Net Assets - (Continued) | |
| |
| NEW YORK MUNICIPAL BOND FUND | ||||||||
| FOR THE PERIOD ENDED APRIL 30, 2026 (Unaudited) | FOR THE YEAR ENDED OCTOBER 31, 2025 | |||||||
| FROM OPERATIONS: | ||||||||
| Net investment income | $ | 7,199,690 | $ | 14,098,209 | ||||
| Net realized gain/(loss) on investments | 108,997 | (897,097 | ) | |||||
| Net change in unrealized appreciation/(depreciation) on investments | (2,456,007 | ) | 8,751,130 | |||||
| Net increase in net assets resulting from operations | 4,852,680 | 21,952,242 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
| Net investment income and net realized gains | (7,215,938 | ) | (14,018,226 | ) | ||||
| Total distributions to shareholders | (7,215,938 | ) | (14,018,226 | ) | ||||
| CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||
| Proceeds from sale of capital stock | 71,320,417 | 129,116,361 | ||||||
| Reinvestment of distributions | 1,453,680 | 3,589,395 | ||||||
| Value of capital stock redeemed | (46,829,273 | ) | (117,115,591 | ) | ||||
| Net increase in net assets resulting from capital stock transactions | 25,944,824 | 15,590,165 | ||||||
| Net increase in net assets | 23,581,566 | 23,524,181 | ||||||
| NET ASSETS: | ||||||||
| Beginning of period | 603,674,062 | 580,149,881 | ||||||
| End of period | $ | 627,255,628 | $ | 603,674,062 | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Shares sold | 7,165,970 | 13,170,380 | ||||||
| Shares issued as reinvestment of distributions | 146,613 | 366,684 | ||||||
| Shares redeemed | (4,707,390 | ) | (11,950,817 | ) | ||||
| Net increase in shares outstanding | 2,605,193 | 1,586,247 | ||||||
See Notes to Financial Statements.
| 132 |
| Old Westbury Funds, Inc. | |
| All Cap Core Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 27.89 | $ | 27.27 | $ | 21.86 | $ | 20.25 | $ | 27.31 | $ | 20.18 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income/(loss)(a) | (0.01 | ) | (0.02 | ) | (0.01 | ) | 0.05 | 0.03 | (0.02 | ) | ||||||||||||||
| Net realized and unrealized gain/(loss) | 1.08 | 3.33 | 7.36 | 2.06 | (5.55 | ) | 7.85 | |||||||||||||||||
| Total from investment operations | 1.07 | 3.31 | 7.35 | 2.11 | (5.52 | ) | 7.83 | |||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.01 | ) | — | (0.05 | ) | (0.04 | ) | — | (0.01 | ) | ||||||||||||||
| Net realized gains | (2.09 | ) | (2.69 | ) | (1.89 | ) | (0.46 | ) | (1.54 | ) | (0.69 | ) | ||||||||||||
| Total distributions | (2.10 | ) | (2.69 | ) | (1.94 | ) | (0.50 | ) | (1.54 | ) | (0.70 | ) | ||||||||||||
| Net asset value, end of period | $ | 26.86 | $ | 27.89 | $ | 27.27 | $ | 21.86 | $ | 20.25 | $ | 27.31 | ||||||||||||
| Total return | 4.3 | %(b) | 13.2 | % | 35.3 | % | 10.7 | % | (21.3 | )% | 39.8 | % | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 3,522,700 | $ | 3,510,846 | $ | 3,532,017 | $ | 2,887,751 | $ | 2,802,415 | $ | 3,648,683 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers | 0.95 | %(c) | 0.95 | % | 0.95 | % | 0.96 | %(d) | 0.96 | %(d) | 0.96 | %(d) | ||||||||||||
| Ratio of expenses to average net assets after expense waivers | 0.95 | %(c) | 0.95 | % | 0.95 | % | 0.96 | % | 0.96 | % | 0.96 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | (0.10 | )%(c) | (0.09 | )% | (0.02 | )% | 0.22 | % | 0.12 | % | (0.10 | )% | ||||||||||||
| Portfolio turnover rate | 25 | %(b) | 38 | % | 41 | % | 54 | % | 54 | % | 30 | % | ||||||||||||
| (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.
| 133 |
| Old Westbury Funds, Inc. | |
| Large Cap Strategies Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 23.15 | $ | 20.55 | $ | 15.33 | $ | 14.36 | $ | 20.11 | $ | 15.26 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.06 | 0.12 | 0.11 | 0.09 | 0.05 | 0.01 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) | 1.06 | 3.63 | 5.21 | 0.97 | (4.56 | ) | 5.08 | |||||||||||||||||
| Total from investment operations | 1.12 | 3.75 | 5.32 | 1.06 | (4.51 | ) | 5.09 | |||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.17 | ) | (0.09 | ) | (0.10 | ) | (0.09 | ) | (0.00 | )(b) | (0.05 | ) | ||||||||||||
| Net realized gains | (2.42 | ) | (1.06 | ) | — | — | (1.24 | ) | (0.19 | ) | ||||||||||||||
| Total distributions | (2.59 | ) | (1.15 | ) | (0.10 | ) | (0.09 | ) | (1.24 | ) | (0.24 | ) | ||||||||||||
| Net asset value, end of period | $ | 21.68 | $ | 23.15 | $ | 20.55 | $ | 15.33 | $ | 14.36 | $ | 20.11 | ||||||||||||
| Total return | 5.5 | %(c) | 19.2 | % | 34.8 | % | 7.4 | % | (23.8 | )% | 33.6 | % | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 25,084,260 | $ | 26,390,001 | $ | 24,640,063 | $ | 19,684,916 | $ | 19,383,130 | $ | 25,742,487 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers(d)(e) | 1.10 | %(f) | 1.10 | % | 1.09 | % | 1.10 | % | 1.09 | % | 1.09 | % | ||||||||||||
| Ratio of expenses to average net assets after expense waivers | 1.10 | %(f) | 1.10 | % | 1.09 | % | 1.10 | % | 1.09 | % | 1.09 | % | ||||||||||||
| Ratio of net investment income to average net assets | 0.60 | %(f) | 0.60 | % | 0.57 | % | 0.55 | % | 0.29 | % | 0.05 | % | ||||||||||||
| Portfolio turnover rate | 36 | %(c) | 48 | % | 37 | % | 23 | % | 52 | % | 43 | % | ||||||||||||
| (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.
| 134 |
| Old Westbury Funds, Inc. | |
| Small & Mid Cap Strategies Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 18.25 | $ | 16.67 | $ | 13.29 | $ | 13.43 | $ | 19.92 | $ | 15.57 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income/(loss)(a) | 0.09 | 0.15 | 0.10 | 0.07 | 0.08 | (0.02 | ) | |||||||||||||||||
| Net realized and unrealized gain/(loss) | 2.10 | 2.06 | 3.38 | (0.14 | ) | (5.22 | ) | 4.97 | ||||||||||||||||
| Total from investment operations | 2.19 | 2.21 | 3.48 | (0.07 | ) | (5.14 | ) | 4.95 | ||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.28 | ) | (0.15 | ) | (0.10 | ) | (0.07 | ) | (0.02 | ) | (0.03 | ) | ||||||||||||
| Net realized gains | (1.18 | ) | (0.48 | ) | — | — | (1.33 | ) | (0.57 | ) | ||||||||||||||
| Total distributions | (1.46 | ) | (0.63 | ) | (0.10 | ) | (0.07 | ) | (1.35 | ) | (0.60 | ) | ||||||||||||
| Net asset value, end of period | $ | 18.98 | $ | 18.25 | $ | 16.67 | $ | 13.29 | $ | 13.43 | $ | 19.92 | ||||||||||||
| Total return | 12.8 | %(b) | 13.8 | % | 26.3 | % | (0.5 | )% | (27.4 | )% | 32.1 | % | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 9,373,919 | $ | 8,904,038 | $ | 8,841,523 | $ | 7,352,712 | $ | 7,353,983 | $ | 9,746,839 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers(c) | 1.14 | %(d) | 1.14 | % | 1.14 | % | 1.14 | % | 1.14 | % | 1.14 | % | ||||||||||||
| Ratio of expenses to average net assets after expense waivers | 1.10 | %(d) | 1.10 | % | 1.10 | % | 1.10 | % | 1.10 | % | 1.10 | % | ||||||||||||
| Ratio of net investment income/(loss) to average net assets | 1.00 | %(d) | 0.87 | % | 0.64 | % | 0.51 | % | 0.50 | % | (0.10 | )% | ||||||||||||
| Portfolio turnover rate | 38 | %(b) | 61 | % | 62 | % | 41 | % | 81 | % | 46 | % | ||||||||||||
| (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.
| 135 |
| Old Westbury Funds, Inc. | |
| Total Equity Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 (Unaudited) | PERIOD FROM FEBRUARY 28, 2025(a) TO OCTOBER 31, 2025 | |||||||
| Net asset value, beginning of period | $ | 11.28 | $ | 10.00 | ||||
| Investment operations: | ||||||||
| Net investment income(b) | 0.03 | 0.04 | ||||||
| Net realized and unrealized gains | 0.63 | 1.24 | ||||||
| Total from investment operations | 0.66 | 1.28 | ||||||
| Distributions: | ||||||||
| Net investment income | (0.04 | ) | — | |||||
| Net realized gains | (0.03 | ) | — | |||||
| Total distributions | (0.07 | ) | — | |||||
| Net asset value, end of period | $ | 11.87 | $ | 11.28 | ||||
| Total return | 5.8 | %(c) | 12.8 | %(c) | ||||
| Annualized ratios/supplemental data: | ||||||||
| Net assets at end of period (000’s) | $ | 1,171,475 | $ | 905,625 | ||||
| Ratio of expenses to average net assets before expense waivers | 1.07 | %(d) | 1.10 | %(d) | ||||
| Ratio of expenses to average net assets after expense waivers | 0.98 | %(d) | 0.98 | %(d) | ||||
| Ratio of net investment income to average net assets | 0.50 | %(d) | 0.63 | %(d) | ||||
| Portfolio turnover rate | 31 | %(c) | 25 | %(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.
| 136 |
| Old Westbury Funds, Inc. | |
| Credit Income Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 8.13 | $ | 8.03 | $ | 7.50 | $ | 7.97 | $ | 10.15 | $ | 9.99 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.20 | 0.45 | 0.46 | 0.43 | 0.40 | 0.43 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) | (0.17 | ) | 0.11 | 0.53 | (0.48 | ) | (2.17 | ) | 0.15 | |||||||||||||||
| Total from investment operations | 0.03 | 0.56 | 0.99 | (0.05 | ) | (1.77 | ) | 0.58 | ||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.20 | ) | (0.46 | ) | (0.46 | ) | (0.42 | ) | (0.41 | ) | (0.42 | ) | ||||||||||||
| Total distributions | (0.20 | ) | (0.46 | ) | (0.46 | ) | (0.42 | ) | (0.41 | ) | (0.42 | ) | ||||||||||||
| Net asset value, end of period | $ | 7.96 | $ | 8.13 | $ | 8.03 | $ | 7.50 | $ | 7.97 | $ | 10.15 | ||||||||||||
| Total return | 0.4 | %(b) | 7.3 | % | 13.4 | % | (1.0 | )% | (17.8 | )% | 5.9 | % | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 2,540,489 | $ | 2,407,404 | $ | 2,379,935 | $ | 2,238,445 | $ | 2,322,013 | $ | 2,950,576 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers(c) | 0.86 | %(d) | 0.86 | % | 0.85 | % | 0.87 | % | 0.86 | % | 0.87 | % | ||||||||||||
| Ratio of expenses to average net assets after expense waivers | 0.85 | %(d) | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | ||||||||||||
| Ratio of net investment income to average net assets | 5.00 | %(d) | 5.71 | % | 5.69 | % | 5.34 | % | 4.36 | % | 4.23 | % | ||||||||||||
| Portfolio turnover rate | 5 | %(b) | 14 | % | 20 | % | 45 | % | 22 | % | 24 | % | ||||||||||||
| (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.
| 137 |
| Old Westbury Funds, Inc. | |
| Fixed Income Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 10.28 | $ | 10.11 | $ | 9.72 | $ | 9.88 | $ | 11.25 | $ | 11.82 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.18 | 0.39 | 0.38 | 0.27 | 0.14 | 0.11 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) | (0.11 | ) | 0.17 | 0.40 | (0.15 | ) | (1.30 | ) | (0.25 | ) | ||||||||||||||
| Total from investment operations | 0.07 | 0.56 | 0.78 | 0.12 | (1.16 | ) | (0.14 | ) | ||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.19 | ) | (0.39 | ) | (0.39 | ) | (0.28 | ) | (0.19 | ) | (0.19 | ) | ||||||||||||
| Net realized gains | — | — | — | — | (0.02 | ) | (0.24 | ) | ||||||||||||||||
| Total distributions | (0.19 | ) | (0.39 | ) | (0.39 | ) | (0.28 | ) | (0.21 | ) | (0.43 | ) | ||||||||||||
| Net asset value, end of period | $ | 10.16 | $ | 10.28 | $ | 10.11 | $ | 9.72 | $ | 9.88 | $ | 11.25 | ||||||||||||
| Total return | 0.7 | %(b) | 5.7 | % | 8.1 | % | 1.2 | % | (10.4 | )% | (1.2 | )% | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 1,631,771 | $ | 1,546,898 | $ | 1,389,484 | $ | 1,368,819 | $ | 1,393,537 | $ | 1,568,691 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers | 0.68 | %(c) | 0.69 | % | 0.69 | % | 0.69 | % | 0.69 | % | 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 | 3.61 | %(c) | 3.80 | % | 3.74 | % | 2.69 | % | 1.33 | % | 0.97 | % | ||||||||||||
| Portfolio turnover rate | 17 | %(b) | 84 | % | 102 | % | 92 | % | 56 | % | 58 | % | ||||||||||||
| (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. | |
| Short-Term Bond Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 (Unaudited) | YEAR ENDED OCTOBER 31, 2025 | PERIOD FROM FEBRUARY 29, 2024(a) TO OCTOBER 31, 2024 | ||||||||||
| Net asset value, beginning of period | $ | 10.24 | $ | 10.14 | $ | 10.00 | ||||||
| Investment operations: | ||||||||||||
| Net investment income(b) | 0.19 | 0.41 | 0.30 | |||||||||
| Net realized and unrealized gain/(loss) | (0.06 | ) | 0.08 | 0.07 | ||||||||
| Total from investment operations | 0.13 | 0.49 | 0.37 | |||||||||
| Distributions: | ||||||||||||
| Net investment income | (0.19 | ) | (0.39 | ) | (0.23 | ) | ||||||
| Net realized gains | — | (0.00 | )(c) | — | ||||||||
| Total distributions | (0.19 | ) | (0.39 | ) | (0.23 | ) | ||||||
| Net asset value, end of period | $ | 10.18 | $ | 10.24 | $ | 10.14 | ||||||
| Total return | 1.2 | %(d) | 5.0 | % | 3.7 | %(d) | ||||||
| Annualized ratios/supplemental data: | ||||||||||||
| Net assets at end of period (000’s) | $ | 161,442 | $ | 103,050 | $ | 60,072 | ||||||
| Ratio of expenses to average net assets before expense waivers | 0.68 | %(e) | 0.74 | % | 0.98 | %(e) | ||||||
| Ratio of expenses to average net assets after expense waivers | 0.37 | %(e) | 0.37 | % | 0.37 | %(e) | ||||||
| Ratio of net investment income to average net assets | 3.76 | %(e) | 4.06 | % | 4.51 | %(e) | ||||||
| Portfolio turnover rate | 31 | %(d) | 28 | % | 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.
| 139 |
| Old Westbury Funds, Inc. | |
| Municipal Bond Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 11.61 | $ | 11.46 | $ | 11.04 | $ | 11.10 | $ | 12.33 | $ | 12.52 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.15 | 0.30 | 0.29 | 0.22 | 0.11 | 0.12 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) | (0.08 | ) | 0.15 | 0.41 | (0.07 | ) | (1.09 | ) | (0.12 | ) | ||||||||||||||
| Total from investment operations | 0.07 | 0.45 | 0.70 | 0.15 | (0.98 | ) | 0.00 | |||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.15 | ) | (0.30 | ) | (0.28 | ) | (0.21 | ) | (0.11 | ) | (0.12 | ) | ||||||||||||
| Net realized gains | — | — | — | — | (0.14 | ) | (0.07 | ) | ||||||||||||||||
| Total distributions | (0.15 | ) | (0.30 | ) | (0.28 | ) | (0.21 | ) | (0.25 | ) | (0.19 | ) | ||||||||||||
| Net asset value, end of period | $ | 11.53 | $ | 11.61 | $ | 11.46 | $ | 11.04 | $ | 11.10 | $ | 12.33 | ||||||||||||
| Total return | 0.6 | %(b) | 4.0 | % | 6.3 | % | 1.3 | % | (8.1 | )% | (0.1 | )% | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 4,548,197 | $ | 4,332,641 | $ | 4,146,322 | $ | 3,795,410 | $ | 3,814,359 | $ | 4,234,247 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers | 0.64 | %(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 | 2.56 | %(c) | 2.66 | % | 2.48 | % | 1.93 | % | 0.97 | % | 0.93 | % | ||||||||||||
| Portfolio turnover rate | 13 | %(b) | 52 | % | 39 | % | 52 | % | 55 | % | 58 | % | ||||||||||||
| (a) | Calculated based on the average shares method for the period. |
| (b) | Not Annualized. |
| (c) | Annualized. |
See Notes to Financial Statements.
| 140 |
| Old Westbury Funds, Inc. | |
| California Municipal Bond Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 9.83 | $ | 9.69 | $ | 9.36 | $ | 9.39 | $ | 10.38 | $ | 10.57 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.12 | 0.26 | 0.25 | 0.22 | 0.12 | 0.11 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) | (0.08 | ) | 0.14 | 0.33 | (0.04 | ) | (0.91 | ) | (0.11 | ) | ||||||||||||||
| Total from investment operations | 0.04 | 0.40 | 0.58 | 0.18 | (0.79 | ) | 0.00 | |||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.12 | ) | (0.26 | ) | (0.25 | ) | (0.21 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
| Net realized gains | — | — | — | — | (0.09 | ) | (0.08 | ) | ||||||||||||||||
| Total distributions | (0.12 | ) | (0.26 | ) | (0.25 | ) | (0.21 | ) | (0.20 | ) | (0.19 | ) | ||||||||||||
| Net asset value, end of period | $ | 9.75 | $ | 9.83 | $ | 9.69 | $ | 9.36 | $ | 9.39 | $ | 10.38 | ||||||||||||
| Total return | 0.4 | %(b) | 4.2 | % | 6.2 | % | 1.9 | % | (7.7 | )% | (0.1 | )% | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 406,470 | $ | 388,757 | $ | 368,329 | $ | 340,248 | $ | 314,887 | $ | 346,155 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers | 0.75 | %(c) | 0.76 | % | 0.76 | % | 0.76 | % | 0.77 | % | 0.76 | % | ||||||||||||
| 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 | 2.50 | %(c) | 2.66 | % | 2.56 | % | 2.28 | % | 1.17 | % | 1.03 | % | ||||||||||||
| Portfolio turnover rate | 11 | %(b) | 24 | % | 35 | % | 75 | % | 60 | % | 25 | % | ||||||||||||
| (a) | Calculated based on the average shares method for the period. |
| (b) | Not Annualized. |
| (c) | Annualized. |
See Notes to Financial Statements.
| 141 |
| Old Westbury Funds, Inc. | |
| New York Municipal Bond Fund | |
| Financial Highlights | |
For a Share Outstanding Throughout Each Period.
| SIX MONTHS ENDED APRIL 30, 2026 | YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||
| (Unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 | |||||||||||||||||||
| Net asset value, beginning of period | $ | 9.94 | $ | 9.81 | $ | 9.45 | $ | 9.48 | $ | 10.43 | $ | 10.55 | ||||||||||||
| Investment operations: | ||||||||||||||||||||||||
| Net investment income(a) | 0.12 | 0.23 | 0.23 | 0.19 | 0.11 | 0.11 | ||||||||||||||||||
| Net realized and unrealized gain/(loss) | (0.03 | ) | 0.13 | 0.36 | (0.04 | ) | (0.91 | ) | (0.05 | ) | ||||||||||||||
| Total from investment operations | 0.09 | 0.36 | 0.59 | 0.15 | (0.80 | ) | 0.06 | |||||||||||||||||
| Distributions: | ||||||||||||||||||||||||
| Net investment income | (0.12 | ) | (0.23 | ) | (0.23 | ) | (0.18 | ) | (0.11 | ) | (0.11 | ) | ||||||||||||
| Net realized gains | — | — | — | — | (0.04 | ) | (0.07 | ) | ||||||||||||||||
| Total distributions | (0.12 | ) | (0.23 | ) | (0.23 | ) | (0.18 | ) | (0.15 | ) | (0.18 | ) | ||||||||||||
| Net asset value, end of period | $ | 9.91 | $ | 9.94 | $ | 9.81 | $ | 9.45 | $ | 9.48 | $ | 10.43 | ||||||||||||
| Total return | 0.9 | %(b) | 3.7 | % | 6.2 | % | 1.6 | % | (7.7 | )% | 0.6 | % | ||||||||||||
| Annualized ratios/supplemental data: | ||||||||||||||||||||||||
| Net assets at end of period (000’s) | $ | 627,256 | $ | 603,674 | $ | 580,150 | $ | 548,955 | $ | 546,067 | $ | 626,544 | ||||||||||||
| Ratio of expenses to average net assets before expense waivers | 0.73 | %(c) | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||
| 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 | 2.39 | %(c) | 2.38 | % | 2.35 | % | 1.93 | % | 1.14 | % | 1.01 | % | ||||||||||||
| Portfolio turnover rate | 7 | %(b) | 19 | % | 32 | % | 48 | % | 45 | % | 23 | % | ||||||||||||
| (a) | Calculated based on the average shares method for the period. |
| (b) | Not Annualized. |
| (c) | Annualized. |
See Notes to Financial Statements.
| 142 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements | |
| April 30, 2026 | |
| (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”) is permitted to create an unlimited number of series, each with one or more separate classes of shares. As of April 30, 2026, 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). |
All investments carry a certain amount of risk and there is no assurance that the Funds will achieve their investment goals. As of April 30, 2026, 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.
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.
| 143 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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 the “Adviser”), 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, or at cost. If the instrument remains unsettled beyond its settlement date, and there is no approved pricing services coverage for it, the Pricing Committee will either select an appropriate source of market quotation for such instrument or determine its fair value.
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). In instances of scheduled market holidays, the most recent local market closing price for the security will be used unless there is a significant event in such market.
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. 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 a 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 or instruments 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 or instruments; (4) securities or instruments that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security or instrument 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 assets, including real assets and 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 or other investment asset reflects a price for which a security or other investment asset has traded or will trade. Accordingly, when a Fund uses fair value to price securities or other investment assets, it may value those securities higher or lower than another fund that uses market quotations to price or fair value the same securities or other investment assets.
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 information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other
| 144 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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, Total Equity Fund and Credit Income Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 24 days during the period ended April 30, 2026. 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, 2026, foreign securities were fair valued as the change in the S&P Index exceeded the Funds’ predetermined levels.
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 Funds’ 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, 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, 2026, 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.
| 145 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (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, 2026.
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, Fixed Income Fund and Short-Term Bond 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
| 146 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (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, 2026, 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: |
Investing in the Funds involves certain risks, including, but not limited to, those described below. Please refer to the Funds’ prospectus and statement of additional information for more information on risks associated with investing in the Funds.
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 its obligations (credit risk). The value of, and income generated by, securities held by a Fund may decline in response to certain events, including but not limited to 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, actual or threatened war, military or other armed conflicts and geopolitical tensions and disputes, terrorist activities, cybersecurity and similar attacks, political and geopolitical 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 uncertainty, U.S. government statutory debt ceiling negotiations and uncertainty 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 and heightened 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 actual or threatened economic sanctions, tariffs 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 subjects each Fund to the risk that economic, political or social issues impacting a particular state could
| 147 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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.
C. Shareholder Concentration Risk.
As of April 30, 2026, 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 | 98.66 | % | |||||
| Large Cap Strategies Fund | 1 | 97.78 | % | |||||
| Small & Mid Cap Strategies Fund | 1 | 98.20 | % | |||||
| Total Equity Fund | 1 | 99.93 | % | |||||
| Credit Income Fund | 1 | 99.29 | % | |||||
| Fixed Income Fund | 1 | 99.48 | % | |||||
| Short-Term Bond Fund | 1 | 99.11 | % | |||||
| Municipal Bond Fund | 1 | 99.38 | % | |||||
| California Municipal Bond Fund | 1 | 99.99 | % | |||||
| New York Municipal Bond Fund | 1 | 99.83 | % | |||||
A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively representing a large percentage of the Fund, purchase or redeem large amounts of shares of the Fund. Such large redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income and/or capital gains to shareholders if sales of the Fund’s investments resulted in gains and may cause the Fund to make taxable distributions to its non-redeeming shareholders earlier than the Fund otherwise would have, and may also increase transaction costs. A large shareholder transaction, particularly a redemption of shares, could result from various circumstances, including changing market and economic conditions and asset allocation or other decisions by the Adviser or its affiliates with respect to client accounts that could result in a Fund needing to sell securities when it otherwise would not have done so, accelerating the realization of taxable income and/or capital gains and increasing transaction costs.
| 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, 2026 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 | $ | 3,100,112,614(b) | $ | 205,255,393(b) | $ | — | $ | 3,305,368,007 | ||||||||
| Exchange-Traded Funds | 130,042,035 | — | — | 130,042,035 | ||||||||||||
| Investment Company | 88,792,025 | — | — | 88,792,025 | ||||||||||||
| Total | $ | 3,318,946,674 | $ | 205,255,393 | $ | — | $ | 3,524,202,067 | ||||||||
| 148 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||
| Large Cap Strategies Fund | ||||||||||||||||
| Common Stocks | $ | 17,826,064,791(b) | $ | 6,934,146,688(b) | $ | — | $ | 24,760,211,479 | ||||||||
| Rights/Warrants | — | — | 0(b) | 0 | ||||||||||||
| Exchange-Traded Funds | 93,333,009 | — | — | 93,333,009 | ||||||||||||
| Investment Company | 193,889,805 | — | — | 193,889,805 | ||||||||||||
| Total | $ | 18,113,287,605 | $ | 6,934,146,688 | $ | 0 | $ | 25,047,434,293 | ||||||||
| Small & Mid Cap Strategies Fund | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Australia | $ | 113,225 | $ | 259,791,263 | $ | — | $ | 259,904,488 | ||||||||
| Austria | — | 75,483,072 | — | 75,483,072 | ||||||||||||
| Bahamas | 16,944,231 | — | — | 16,944,231 | ||||||||||||
| Belgium | — | 39,083,045 | — | 39,083,045 | ||||||||||||
| Bermuda | 32,066,775 | — | — | 32,066,775 | ||||||||||||
| Brazil | 39,658,389 | — | — | 39,658,389 | ||||||||||||
| Canada | 139,001,902 | — | — | 139,001,902 | ||||||||||||
| China | 37,757,802 | 484,382,354 | — | 522,140,156 | ||||||||||||
| Denmark | — | 68,143,330 | — | 68,143,330 | ||||||||||||
| Finland | — | 39,404,770 | — | 39,404,770 | ||||||||||||
| France | 120,851 | 186,546,841 | — | 186,667,692 | ||||||||||||
| Germany | 220,114 | 186,304,345 | — | 186,524,459 | ||||||||||||
| Hong Kong | 20,567,873 | 85,971,140 | 561,532 | 107,100,545 | ||||||||||||
| India | — | 16,358,322 | — | 16,358,322 | ||||||||||||
| Indonesia | — | 11,228,389 | — | 11,228,389 | ||||||||||||
| Ireland | 10,493,265 | 13,348,901 | — | 23,842,166 | ||||||||||||
| Israel | 14,704,617 | 140,200,892 | 0 | 154,905,509 | ||||||||||||
| Italy | — | 145,489,894 | — | 145,489,894 | ||||||||||||
| Japan | 276,704 | 1,094,957,851 | — | 1,095,234,555 | ||||||||||||
| Jersey Channel Islands | — | 781,397 | — | 781,397 | ||||||||||||
| Luxembourg | — | 3,761,465 | — | 3,761,465 | ||||||||||||
| Malaysia | — | 3,570,118 | — | 3,570,118 | ||||||||||||
| Netherlands | 201,532 | 139,691,988 | — | 139,893,520 | ||||||||||||
| New Zealand | — | 13,185,508 | — | 13,185,508 | ||||||||||||
| Norway | 13,723,027 | 116,436,091 | — | 130,159,118 | ||||||||||||
| Poland | — | 31,480,925 | — | 31,480,925 | ||||||||||||
| Portugal | — | 18,401,915 | — | 18,401,915 | ||||||||||||
| Puerto Rico | 7,650,723 | — | — | 7,650,723 | ||||||||||||
| Russia | — | — | 0 | 0 | ||||||||||||
| Singapore | 6,197,131 | 93,217,419 | 4,544 | 99,419,094 | ||||||||||||
| South Africa | — | 110,963,515 | — | 110,963,515 | ||||||||||||
| South Korea | — | 234,667,504 | — | 234,667,504 | ||||||||||||
| Spain | — | 143,083,026 | — | 143,083,026 | ||||||||||||
| Sweden | — | 171,120,331 | — | 171,120,331 | ||||||||||||
| Switzerland | 4,213,430 | 192,081,459 | — | 196,294,889 | ||||||||||||
| Taiwan | — | 83,440,504 | — | 83,440,504 | ||||||||||||
| Thailand | 10,014,202 | 6,810,900 | — | 16,825,102 | ||||||||||||
| Turkey | — | 43,277,136 | — | 43,277,136 | ||||||||||||
| United Arab Emirates | — | 7,814,959 | — | 7,814,959 | ||||||||||||
| United Kingdom | 22,504,693 | 366,093,141 | — | 388,597,834 | ||||||||||||
| United States | 3,698,653,867 | — | — | 3,698,653,867 | ||||||||||||
| Total Common Stocks | $ | 4,075,084,353 | $ | 4,626,573,710 | $ | 566,076 | $ | 8,702,224,139 | ||||||||
| Rights/Warrants | ||||||||||||||||
| Malaysia | 39,566 | — | — | 39,566 | ||||||||||||
| 149 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||
| United States | $ | — | $ | — | $ | 0 | $ | 0 | ||||||||
| Total Rights/Warrants | $ | 39,566 | $ | — | $ | 0 | $ | 39,566 | ||||||||
| Exchange-Traded Funds | 499,901,798 | — | — | 499,901,798 | ||||||||||||
| Investment Company | 41,901,962 | — | — | 41,901,962 | ||||||||||||
| Cash Sweep | 90,209,909 | — | — | 90,209,909 | ||||||||||||
| Total | $ | 4,707,137,588 | $ | 4,626,573,710 | $ | 566,076 | $ | 9,334,277,374 | ||||||||
| Total Equity Fund | ||||||||||||||||
| Common Stocks | $ | 836,811,200(b) | $ | 285,608,072(b) | $ | — | $ | 1,122,419,272 | ||||||||
| Exchange-Traded Funds | 25,509,132 | — | — | 25,509,132 | ||||||||||||
| Investment Company | 22,380,220 | — | — | 22,380,220 | ||||||||||||
| Total | $ | 884,700,552 | $ | 285,608,072 | $ | — | $ | 1,170,308,624 | ||||||||
| Credit Income Fund | ||||||||||||||||
| Preferred Stocks | $ | 4,708,564(b) | $ | — | $ | — | $ | 4,708,564 | ||||||||
| Exchange-Traded Funds | 530,551,015 | — | — | 530,551,015 | ||||||||||||
| Corporate Bonds | — | 147,144,860(b) | — | 147,144,860 | ||||||||||||
| Asset-Backed Securities | — | 308,195,277(b) | — | 308,195,277 | ||||||||||||
| Non-Agency Mortgage-Backed Securities | — | 597,870,722(b) | 33,813,688(b) | 631,684,410 | ||||||||||||
| U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 5,792,635(b) | — | 5,792,635 | ||||||||||||
| U.S. Government Securities | — | 731,487,669 | — | 731,487,669 | ||||||||||||
| Cash Sweep | 167,978,080 | — | — | 167,978,080 | ||||||||||||
| Other financial instruments - Liabilities Interest Rate Risk | — | (1,193,300)(b) | — | (1,193,300) | ||||||||||||
| Total | $ | 703,237,659 | $ | 1,789,297,863 | $ | 33,813,688 | $ | 2,526,349,210 | ||||||||
| Fixed Income Fund | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 454,017,885(b) | $ | — | $ | 454,017,885 | ||||||||
| Asset-Backed Securities | — | 67,219,563(b) | — | 67,219,563 | ||||||||||||
| U.S. Government Securities | — | 1,089,352,920 | — | 1,089,352,920 | ||||||||||||
| Investment Company | 8,685,710 | — | — | 8,685,710 | ||||||||||||
| Total | $ | 8,685,710 | $ | 1,610,590,368 | $ | — | $ | 1,619,276,078 | ||||||||
| Short-Term Bond Fund | ||||||||||||||||
| Corporate Bonds | $ | — | $ | 59,162,132(b) | $ | — | $ | 59,162,132 | ||||||||
| Asset-Backed Securities | — | 6,129,162(b) | — | 6,129,162 | ||||||||||||
| U.S. Government Securities | — | 94,189,671 | — | 94,189,671 | ||||||||||||
| Investment Company | 2,213,835 | — | — | 2,213,835 | ||||||||||||
| Total | $ | 2,213,835 | $ | 159,480,965 | $ | — | $ | 161,694,800 | ||||||||
| Municipal Bond Fund | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 4,361,601,909(b) | $ | — | $ | 4,361,601,909 | ||||||||
| Corporate Bonds | — | 57,823,511(b) | — | 57,823,511 | ||||||||||||
| Investment Company | 121,786,498 | — | — | 121,786,498 | ||||||||||||
| Total | $ | 121,786,498 | $ | 4,419,425,420 | $ | — | $ | 4,541,211,918 | ||||||||
| California Municipal Bond Fund | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 390,100,263(b) | $ | — | $ | 390,100,263 | ||||||||
| Corporate Bonds | — | 6,941,302(b) | — | 6,941,302 | ||||||||||||
| 150 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
| Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||
| Investment Company | $ | 4,257,948 | $ | — | $ | — | $ | 4,257,948 | ||||||||
| Total | $ | 4,257,948 | $ | 397,041,565 | $ | — | $ | 401,299,513 | ||||||||
| New York Municipal Bond Fund | ||||||||||||||||
| Municipal Bonds | $ | — | $ | 593,253,775(b) | $ | — | $ | 593,253,775 | ||||||||
| Corporate Bonds | — | 9,344,233(b) | — | 9,344,233 | ||||||||||||
| Investment Company | 16,464,908 | — | — | 16,464,908 | ||||||||||||
| Total | $ | 16,464,908 | $ | 602,598,008 | $ | — | $ | 619,062,916 | ||||||||
| (a) | The Large Cap Strategies Fund and the Small & Mid Cap Strategies Fund held certain investments categorized as Level 3 that had a fair value less than 1% of NAV for the respective Fund for the period ended April 30, 2026. In addition, with the exception of the Credit Income Fund, there were no significant purchases and sales during the period. As of April 30, 2026, the fair value of Level 3 assets as a percentage of NAV was 0.00%, 0.01% and 1.33% for the Large Cap Strategies Fund, the Small & Mid Cap Strategies Fund and the Credit Income Fund, respectively. For the Small & Mid Cap Strategies Fund there were transfers into Level 3 in the amount of $1,512,599, transfers out of Level 3 in the amount of $3,783,100 and a sale of $1,284,011. The Funds’ instrument types classified as Level 3 investments are valued using either a 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 Derivative Instruments. |
The Fund did not have material transfers into or out of Level 3 during the six months ended April 30, 2026, with the exception of what is mentioned in footnote (a) above and in a rollforward of Level 3 investments table below. The Fund’s policy is to recognize transfers among levels as of the beginning of the reporting period.
The following is a rollforward of Level 3 investments:
| Credit Income Fund | ||||
| Balance as of 10/31/2025 (value) | $ | 16,779,330 | ||
| Net accrued discounts (premiums) | 92,888 | |||
| Realized gain | 7,555 | |||
| Net change in unrealized depreciation | (277,005 | ) | ||
| Purchases | 22,958,552 | |||
| Sales (paydowns) | (1,320,871 | ) | ||
| Transfer out | (4,426,761 | ) | ||
| Balance as of 4/30/2026 (value) | $ | 33,813,688 | ||
| Net change in unrealized depreciation on investments still held at April 30, 2026 | $ | (225,886 | ) | |
| 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.
| 151 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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 over-the-counter 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 over-the-counter 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, 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 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, 2026.
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 due to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.
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, 2026, 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:
Credit Income Fund
| Counterparty | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset (a) | Non-cash Collateral Pledged (b) | Cash Collateral Pledged (b) | Net Amount of Derivative Liabilities (c) | |||||||||||||||
| Barclays Bank Plc | $ | 1,193,300 | $ | — | $ | — | $ | (1,193,300 | ) | $ | — | |||||||||
| (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. |
| 152 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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, 2026 | ||||||||||||
| 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 | $ | — | Unrealized depreciation on swap agreements | $ | 1,193,300 | ||||||
| The
Effect of Derivative Instruments on the Statements of Operations For the Period Ended April 30, 2026 Net Realized Gain/(Loss) from Derivatives Recognized in Income | ||||||||||||||||||||||||
| 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 | $ | — | $ | — | $ | — | $ | 4,586,464 | $ | — | $ | 4,586,464 | ||||||||||||
| Net Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income | ||||||||||||||||||||||||
| 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 | $ | — | $ | — | $ | — | $ | (6,050,159) | $ | — | $ | (6,050,159) | ||||||||||||
For the period ended April 30, 2026, the quarterly average volume of derivative activities was as follows:
| Credit Income Fund | ||||
| Total Return Swaps (Notional Amounts in U.S. Dollars) | $ | 181,892,677 | ||
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
| 153 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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 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.
| 154 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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 the counterparty will be the Options Clearing Corporation (for options on equity securities) or a derivatives clearing organization (for options on futures), which 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 marked-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.
| 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% | 0.77% | ||||
| 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”) and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian and Polunin are paid for their services directly by BIM. Champlain Investment Partners, LLC (“Champlain”) and Artisan Partners Limited Partnership (“Artisan”) previously served as sub-advisers to the Small & Mid Cap Strategies Fund and were terminated effective December 2, 2025 and February 27, 2025, respectively. Champlain and Artisan were paid for their services directly by BIM.
| 155 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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 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 Small & Mid Cap Strategies Fund has retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash and assets of the 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, 2028 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, 2026, BIM waived $58,325 for the All Cap Core Fund, $73,578 for the Large Cap Strategies Fund, $1,823,892 for the Small & Mid Cap Strategies Fund, $461,995 for the Total Equity Fund, $101,187 for the Credit Income Fund, $864,162 for the Fixed Income Fund, $205,895 for the Short-Term Bond Fund, $1,632,550 for the Municipal Bond Fund, $360,052 for the California Municipal Bond Fund, and $495,072 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.
| 156 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
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 trading is the buying or selling of portfolio securities between funds to which BIM 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, 2026, there were no such transactions.
| 7. | Securities Transactions: |
Investment transactions for the period ended April 30, 2026, excluding short-term debt investments and U.S. Government securities, were as follows:
| Purchases | Sales | |||||||
| All Cap Core Fund | $ | 844,118,182 | $ | 980,446,143 | ||||
| Large Cap Strategies Fund | 8,979,152,642 | 11,395,013,362 | ||||||
| Small & Mid Cap Strategies Fund | 3,367,887,634 | 3,890,875,594 | ||||||
| Total Equity Fund | 525,244,971 | 311,856,877 | ||||||
| Credit Income Fund | 201,808,697 | 121,233,163 | ||||||
| Fixed Income Fund | 109,305,760 | 107,532,726 | ||||||
| Short-Term Bond Fund | 25,260,094 | 4,500,451 | ||||||
| Municipal Bond Fund | 773,773,200 | 550,766,301 | ||||||
| California Municipal Bond Fund | 81,184,182 | 15,193,080 | ||||||
| New York Municipal Bond Fund | 57,313,828 | 20,053,206 | ||||||
Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the period ended April 30, 2026 were as follows:
| Purchases | Sales | |||||||
| Credit Income Fund | $ | 31,879,010 | $ | 2,511 | ||||
| Fixed Income Fund | 266,326,049 | 167,123,001 | ||||||
| Short-Term Bond Fund | 61,850,979 | 34,552,017 | ||||||
| California Municipal Bond Fund | — | 28,001,367 | ||||||
| New York Municipal Bond Fund | — | 20,893,668 | ||||||
| 8. | Redemptions in-kind: |
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 six months ended April 30, 2026 and the year ended October 31, 2025, there were no such activities.
| 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.
| 157 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
As of April 30, 2026, 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 | $ | 2,024,633,435 | $ | 1,563,576,932 | $ | (64,008,300 | ) | $ | 1,499,568,632 | |||||||
| Large Cap Strategies Fund | 15,825,518,039 | 9,613,703,894 | (391,787,640 | ) | 9,221,916,254 | |||||||||||
| Small & Mid Cap Strategies Fund | 7,156,592,742 | 2,537,605,825 | (359,921,193 | ) | 2,177,684,632 | |||||||||||
| Total Equity Fund | 992,188,904 | 209,039,037 | (30,919,317 | ) | 178,119,720 | |||||||||||
| Credit Income Fund | 3,012,665,531 | 63,931,060 | (549,054,081 | ) | (485,123,021 | ) | ||||||||||
| Fixed Income Fund | 1,622,779,012 | 7,688,280 | (11,191,214 | ) | (3,502,934 | ) | ||||||||||
| Short-Term Bond Fund | 161,945,296 | 272,895 | (523,391 | ) | (250,496 | ) | ||||||||||
| Municipal Bond Fund | 4,520,743,590 | 40,453,906 | (19,985,578 | ) | 20,468,328 | |||||||||||
| California Municipal Bond Fund | 398,938,897 | 4,134,134 | (1,773,518 | ) | 2,360,616 | |||||||||||
| New York Municipal Bond Fund | 618,893,509 | 4,573,811 | (4,404,404 | ) | 169,407 | |||||||||||
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, 2025 was as follows:
| All Cap Core Fund | Large Cap Strategies Fund | Small & Mid Cap Strategies Fund | Credit Income Fund | |||||||||||||
| Distributions paid from: | ||||||||||||||||
| Ordinary income | $ | — | $ | 102,172,045 | $ | 78,886,206 | $ | 132,596,478 | ||||||||
| Net Long Term Capital Gains | 343,469,046 | 1,262,546,921 | 251,501,464 | — | ||||||||||||
| Total Taxable Distributions | 343,469,046 | 1,364,718,966 | 330,387,670 | 132,596,478 | ||||||||||||
| Tax Exempt Distributions | — | — | — | — | ||||||||||||
| Total Distributions Paid | $ | 343,469,046 | $ | 1,364,718,966 | $ | 330,387,670 | $ | 132,596,478 | ||||||||
| Fixed Income Fund | Short-Term Bond Fund | Municipal Bond Fund | California Municipal Bond Fund | New York Municipal Bond Fund | ||||||||||||||||
| Distributions paid from: | ||||||||||||||||||||
| Ordinary income | $ | 55,871,260 | $ | 3,360,769 | $ | 22,326,187 | $ | 2,527,232 | $ | 2,497,487 | ||||||||||
| Net Long Term Capital Gains | — | — | — | — | — | |||||||||||||||
| Total Taxable Distributions | 55,871,260 | 3,360,769 | 22,326,187 | 2,527,232 | 2,497,487 | |||||||||||||||
| Tax Exempt Distributions | — | — | 89,517,086 | 7,236,365 | 11,520,739 | |||||||||||||||
| Total Distributions Paid | $ | 55,871,260 | $ | 3,360,769 | $ | 111,843,273 | $ | 9,763,597 | $ | 14,018,226 | ||||||||||
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, 2025, 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, 2025. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
| 158 |
| Old Westbury Funds, Inc. | |
| Notes to Financial Statements - (Continued) | |
| April 30, 2026 | |
| (Unaudited) |
As of October 31, 2025, 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 | $ | 82,603,157 | $ | 98,617,773 | ||||
| Fixed Income Fund | 26,080,601 | 134,492,226 | ||||||
| Short-Term Bond Fund | 3,700 | – | ||||||
| Municipal Bond Fund | 77,836,006 | 139,822,856 | ||||||
| California Municipal Bond Fund | 6,558,818 | 11,074,010 | ||||||
| New York Municipal Bond Fund | 6,261,040 | 15,560,997 | ||||||
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 a late year loss deferrals of $3,318,134 in the year ended October 31, 2025.
| 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, 2026, 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.
| 159 |
| Old Westbury Funds, Inc. | |
| Additional Information (Unaudited) | |
| April 30, 2026 |
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 are 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.
| 160 |
(This page intentionally left blank)
Investment Adviser: Bessemer Investment Management LLC
Distributor: Foreside Funds Distributors LLC
Custodians: Bessemer Trust Company
Citibank, N.A. 388 Greenwich Street New York, NY 10013 |
Administrator: The Bank of New York Mellon
Transfer Agent: BNY Mellon Investment Servicing (US) Inc.
Independent Registered Public Accounting Firm: Ernst & Young LLP |
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, 2026
Cusip 680414307
Cusip 680414109
Cusip 680414604
Cusip 680414836
Cusip 680414851
Cusip 680414406
Cusip 680414844
Cusip 680414505
Cusip 680414877
Cusip 680414869
(OWF_A21-SAR2026)
(4/26)
| (b) | The Financial Highlights are included with the Financial Statements under Item 7(a) of this form. |
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.
Not applicable.
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.
Not applicable.
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 2, 2026
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 2, 2026
| By (Signature and Title)* | /s/ Matthew A. Rizzi |
| Matthew A. Rizzi, Treasurer (Principal Financial Officer) |
Date July 2, 2026
* Print the name and title of each signing officer under his or her signature.