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)
760 Moore Rd.
King of Prussia, PA 19406
(Address of principal executive offices) (Zip code)
Marianna DiBenedetto
BNY Mellon Investment Servicing (US) Inc.
760 Moore Rd.
King of Prussia, PA 19406
(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: October 31, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
Old Westbury Funds, Inc.
Annual Report
October 31, 2018
BESSEMER INVESTMENT MANAGEMENT LLC
Investment Adviser
Old Westbury Funds, Inc.
Old Westbury Funds, Inc. |
A Letter from the President (Unaudited) |
Dear Shareholders:
Fiscal 2018 was defined by several turbulent periods that drove financial market returns. The year started on a positive note, with synchronized global growth, a strong labor market, and expectations of a tax-cut-led fiscal boost. However, a pronounced stock market correction ensued in late January, as investors worried that inflation was rising faster than expected. This led to concern over faster-paced interest-rate tightening from the U.S. Federal Reserve (Fed) and a consequent dampening of economic growth. March saw another global equity downturn, this time driven by worries over a burgeoning U.S.-China trade war and a sell-off of some high-profile technology names. After volatility slowed through the summer, equities had a final tumble in October — this time sparked by worries about stagflation, meaning an environment of lower growth and higher inflation.
The end result was a year of slight losses for global equities, though with a distinct divergence between U.S. and non-U.S. markets. The former posted solid absolute returns, while the latter lost about 8%, on average. U.S. stocks benefited from both economic strength and expectations that the U.S. can better weather a trade war than other major countries, thanks to its well-diversified economy and large number of trading partners. Global sectors that held up well for the year were healthcare, energy, and technology, while materials, financials, and industrials lagged.
U.S. investment-grade bonds also declined slightly for the year as interest rates moved higher and the yield curve steepened. The Fed, with a view that underlying U.S. economic fundamentals were solid, continued its policy of gradual, well-telegraphed rate hikes under the new chair, Jerome Powell. During the fiscal year, the Fed moved its federal funds policy rate upward four times by 25 basis points each. Most other global central banks did not tighten monetary policy to the same degree, given their relatively weaker economies. The European Central Bank, for example, kept its key policy rates unchanged during the year but announced a reduction in asset purchases. One exception was the Bank of England, which hiked rates through the year despite the lingering uncertainty over Brexit.
While the Adviser, Bessemer Investment Management, LLC, has remained moderately optimistic on the global economy and equities, it has maintained some degree of defensive posturing based on the view that we are moving into late stages of the business cycle. The Adviser also remains cognizant of risks related to margin pressures, tightening monetary policy, and geopolitical events.
The Old Westbury All Cap Core Fund significantly outperformed its primary benchmark due to its overweight position in the U.S. and strong selection in the consumer discretionary, industrials, and information technology sectors. The Old Westbury Large Cap Strategies Fund underperformed slightly as its emerging markets and global large-cap strategies detracted from relative performance. The Old Westbury Small & Mid Cap Strategies Fund outperformed, and its results were bolstered by small-and mid-cap global growth, U.S.-small cap, and managed-volatility strategies. The Old Westbury Fixed Income Fund slightly underperformed, mainly due to its overweight position in corporate bonds relative to its benchmark earlier in the year; however, a higher-duration positioning contributed positively. The Old Westbury Municipal Bond Fund also slightly underperformed its primary benchmark, as a modestly higher duration and a weighting in A-rated* securities helped, while higher price volatility during a period of rising rates hurt. The Old Westbury Strategic Opportunities Fund slightly underperformed its primary benchmark (a global equity benchmark) and secondary benchmark. A position in commodities detracted, as this asset class came under heavy pressure during October’s volatility; positive contributors were collateralized loan obligations, non-agency mortgage-backed securities, and quantitative equities.
In early March, we launched the Old Westbury All Cap ESG Fund. This strategy invests in a diversified portfolio of global equities of any market capitalization. The Adviser uses a quantitative approach to invest in companies that, on an overall portfolio level, achieve a higher “ESG” score than the benchmark. ESG refers to environmental, social, and governance factors. From launch to fiscal year-end, the All Cap ESG Fund slightly outperformed its benchmark.
Also during the fiscal year, the Adviser added an external manager with a quantitative non-U.S. small-cap developed-equity strategy to the Old Westbury Small & Mid Cap Strategies Fund.
At year-end, we remain committed to the Adviser’s longstanding investment approach, characterized by independent research, a global orientation, and long-term perspective. We believe these disciplines will continue to reap competitive long-term results for shareholders and position the Adviser to fulfill the central mandate of participating in strong market environments, while preserving capital during difficult times.
Sincerely,
David W. Rossmiller
President
Old Westbury Funds, Inc.
2 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited) | |
The return of the Old Westbury All Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2018, was 5.6%. In comparison, the return of its primary benchmark, the MSCI ACWI Investable Market Index (Net)a, was -1.0%. The Fund’s secondary benchmark, a blend of 90% MSCI USA Index (Gross) and 10% MSCI ACWI ex USA Index (Net)a, returned 5.6%.
The most significant positive contributors to the Fund’s relative performance during the year were an overweight position in the U.S. and stock selection within consumer discretionary, industrials, and information technology. Stocks in these sectors with the greatest relative contribution included Amazon, Microsoft, Nike, and Visa. Amazon appreciated significantly driven by the company’s strong revenue growth and growing margin expansion. Microsoft benefited from continued digital transformation in companies throughout the global economy. Nike benefited from continued strong sales in China and a recovery in the U.S. Finally, Visa advanced as worldwide electronic payments volumes continue to grow, and benefits from the acquisition of Visa Europe added to the bottom line. The Fund also benefited from an overweight position in the information technology sector (21.3% of the Fund during the fiscal year) and healthcare (15.3%) as well as an underweight position in financials (13.6%).
The Fund’s results were held back by negative stock selection in the communication services, financials, and material sectors. Stocks within these sectors with the highest negative relative contributions included BlackRock, Chubb, Citigroup, Comcast, and DowDuPont. BlackRock was pressured by outflows from its equity products. Chubb and Citigroup declined over fears of lower margins as borrowing, credit, and workforce costs look set to rise faster than the ability to raise pricing. Comcast declined after it reported a net loss of subscriptions and after the company made a bid for a large media franchise. DowDuPont shares were negatively affected by falling margins in its commodity chemical business.
At fiscal year-end, versus the primary benchmark, the Fund maintained overweight positions in the technology, healthcare, and industrials sectors and underweight positions in financials, telecom, materials, and energy. Relative to the primary benchmark, the Fund continued to be significantly overweight U.S. stocks (90%) versus non-U.S. stocks (5%); the remainder was cash.
a The Net version of each index reflects no deductions for fees, expenses or income taxes.
*About credit quality: Credit quality ratings are sourced from Standard & Poor’s (the “S&P”), Moody’s and Fitch’s. Ratings values are based on the higher of either S&P, Moody’s or Fitch’s. If none of the rating agencies have assigned a rating the Fund will assign a rating of NR (non-rated security). The ratings represent their (S&P, Moody’s, Fitch’s) opinions as to the quality of the securities they rate. The ratings from AAA (S&P, Fitch’s) or Aaa (Moody’s) (extremely strong capacity to meet its financial commitment) to D (S&P, Fitch’s) or C (Moody’s) (in default). Ratings are relative and subjective and are not absolute standards of quality. The ratings provided relate to the underlying securities within the fund and not the fund itself.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/ reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worthmore or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
3 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) | |
PORTFOLIO DIVERSIFICATION BY SECTOR*
Sector: | ||||
Banks | 6.5 | % | ||
Communication Services | 4.7 | |||
Consumer Discretionary | 12.7 | |||
Consumer Staples | 7.5 | |||
Diversified Financials | 0.9 | |||
Energy | 4.2 | |||
Financials | 3.0 | |||
Health Care | 16.8 | |||
Industrials | 12.0 | |||
Information Technology | 19.6 | |||
Insurance | 2.0 | |||
Materials | 1.9 | |||
Utilities | 2.9 | |||
Other** | 5.3 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
4 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2018
All Cap Core Fund | ||||
One Year | 5.59 | % | ||
Five Year | 6.87 | % | ||
Ten Year | 7.24 | % | ||
MSCI ACWI IMI (Net) | ||||
One Year | -0.95 | % | ||
Five Year | 6.12 | % | ||
Ten Year | 10.07 | % | ||
Blended Index (Net) | ||||
One Year | 5.61 | % | ||
Five Year | 10.22 | % | ||
Ten Year | 12.66 | % |
On December 30, 2016, the Fund changed its name to All Cap Core Fund (formerly Large Cap Core Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to November 16, 2011, the Fund was named the U.S. Large Cap Fund and operated under a different investment strategy. Prior to October 2, 2008, the Fund was named the Large Cap Equity Fund and operated under a different investment strategy. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
The Adviser previously contractually committed through October 31, 2017, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.00%, as disclosed in the Funds’ prospectus dated March 1, 2016. The Board has approved, the termination of this fee waiver agreement. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus date March 1, 2018 as 1.00%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2018 can be found in the Financial Highlights.
5 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited) - (Concluded) | |
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Fund compares its performance to a blended benchmark, as a secondary benchmark, consisting of a 90% weighting in the MSCI USA Index (Gross) and a 10% weighting in the MSCI ACWI ex USA Index (Net) (the“Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.
Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.
6 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) | |
The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2018, was -1.1%. In comparison, the return of the MSCI All Country World Large Cap Index (Net)a (“the Index”) was 0.1%.
During the fiscal year, underperformance relative to the Index was attributable to large-cap emerging-market stocks managed by Harding Loevner (-14.1%) and Bessemer’s large-cap global strategy (-1.5%). Relative outperformance was achieved by U.S. large-cap value-oriented stocks (+8.7%) and large-cap managed-volatility equities (+2.0%), both managed by Bessemer Investment Management LLC, and large-cap global growth stocks managed by Sands Capital (+1.1%).
Stock selection in the consumer staples and healthcare sectors was the largest detractor overall. Individual stocks that detracted from relative performance were food and beverage producer Kraft Heinz (-26.2%), Chinese online advertising and gaming giant Tencent (-23.9%), and Brazilian beverage producer Ambev (-29.3%). In the case of Kraft Heinz, slow category growth in many of the segments Kraft participates in, such as cheese and meats, along with several one-off events (supply chain disruption and raw material inflation), led to weakened performance for the year. The underperformance of Tencent was a result of the Chinese government freezing new game approvals while it reorganizes the bodies responsible for approving games. Consequently, the broader gaming industry in China is struggling as fewer new games are being released. The declines in Ambev shares are largely due to the weak Brazilian economy and slow recovery of disposable incomes since the 2016 recession. Beer consumption in Brazil is correlated to discretionary income growth, which has been stagnant. Moreover, significant depreciation of the Brazilian real has resulted in large translation losses as a sizable portion of Ambev’s costs are linked to the U.S. dollar.
The Fund benefited from a moderate underweight to the financial sector. Individual stocks that contributed the most to relative performance were payment processor Mastercard (+33.6%), enterprise software provider ADP (+26.5%), and telecommunications equipment manufacturer Qualcomm (+27.8%). Mastercard benefited from strong industry-wide and individual volume growth in payment processing, industry-leading margins, and promising developments in the business-to-business payment processing area. ADP’s strong performance was driven by professional employer organization (PEO) industry tail-winds, strong booking growth and cost control, and continued support from tax reform. Additionally, some activist fear has subsided as two additional firms took large positions in the company along with Bill Ackman’s Pershing Square. Qualcomm’s contribution was driven primarily by strong demand for new smartphones, as Qualcomm has emerged as the dominant supplier of baseband antennae and transmission equipment.
At fiscal year-end, the Fund was overweight the following sectors: consumer discretionary (14.7% versus the Index’s 11.3%), consumer staples (12.2% versus 9.1%), technology (22.7% versus 20.6%), and energy (10.1% versus 7.2%).The Fund was underweight the following sectors: financials (13.0% versus the Index’s 18.2%), healthcare (10.1% versus 12.8%), real estate (0.4% versus 2.1%), telecom (2.5% versus 3.3%), materials (2.8% versus 3.8%), utilities (0.7% versus 2.7%), and industrials (8.5% versus 9.0%).
On a regional basis, during the year, the Fund notably increased its U.S. exposure and modestly decreased its exposure to emerging markets and developed Europe. As of fiscal year-end, the Fund was slightly overweight developed Europe, emerging markets, and the U.S., while being underweight Japan and other developed markets.
a The Net version of the index reflects no deductions for fees, expenses or income taxes.
7 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) | |
PORTFOLIO DIVERSIFICATION BY COUNTRY*
Country: | ||||
Argentina | 0.0 | %*** | ||
Australia | 1.4 | |||
Austria | 0.1 | |||
Belgium | 0.5 | |||
Brazil | 1.2 | |||
Canada | 1.6 | |||
Chile | 0.0 | *** | ||
China | 3.4 | |||
Columbia | 0.1 | |||
Czech Republic | 0.1 | |||
Denmark | 0.2 | |||
Egypt | 0.0 | *** | ||
Finland | 2.2 | |||
France | 2.4 | |||
Georgia | 0.0 | *** | ||
Germany | 0.8 | |||
Hong Kong | 0.5 | |||
Hungary | 0.0 | *** | ||
India | 2.2 | |||
Indonesia | 0.2 | |||
Ireland | 0.1 | |||
Italy | 0.3 | |||
Japan | 4.5 | |||
Kenya | 0.1 | |||
Luxembourg | 0.5 | |||
Macau | 0.1 | |||
Malaysia | 0.0 | *** | ||
Mexico | 0.3 | |||
Netherlands | 2.0 | |||
Norway | 0.3 | |||
Pakistan | 0.0 | *** | ||
Panama | 0.0 | *** | ||
Peru | 0.1 | |||
Poland | 0.2 | |||
Portugal | 0.0 | *** | ||
Russia | 0.5 | |||
South Africa | 0.5 | |||
South Korea | 1.7 | |||
Spain | 0.3 | |||
Sweden | 2.3 | |||
Switzerland | 1.6 | |||
Taiwan | 0.9 | |||
Thailand | 0.6 | |||
Turkey | 0.0 | *** | ||
United Arab Emirates | 0.2 | |||
United Kingdom | 6.1 | |||
United States | 48.2 | |||
Other** | 11.7 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
8 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) | |
** | Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
9 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2018
Large Cap Strategies Fund | ||||
One Year | (1.05 | )% | ||
Five Year | 5.71 | % | ||
Ten Year | 7.98 | % | ||
MSCI ACWI Large Cap Index (Net) | ||||
One Year | 0.11 | % | ||
Five Year | 6.30 | % | ||
Ten Year | 9.50 | % |
On November 16, 2011, the Fund changed its name to Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
10 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) - (Concluded) | |
The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.15%, (current net operating expense is 1.11%). The expense ratio including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2018 as 1.12%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2018 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI Large Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI Large Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.
Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.
11 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited) | |
The Old Westbury All Cap ESG Fund (the “Fund”) commenced operations on March 1, 2018. From the launch to the fiscal year-end of October 31, 2018, the Fund’s return was -3.7%. In comparison, the return of its benchmark, the MSCI All Country World Index (Net)a, was -4.0% over the same time period.
The most significant positive contributors to the Fund’s relative performance for the year (since launch) were an overweight position in the healthcare sector and stock selection within the technology, financials, and industrials sectors. On a regional basis, an underweight position and stock selection in Emerging Asia helped, as did stock selection in the U.S. and Japan.
The Fund’s results were held back by negative stock selection in the real estate and telecommunications sectors. By region, an underweight to the U.S. detracted from results, as did an overweight position in Latin America. Stock selection in Canada was also a detractor.
At fiscal-year end, versus the benchmark, the Fund maintained the largest overweight positions in the healthcare, technology, and industrials sectors and the largest underweight positions in the financials, consumer staples, and consumer discretionary sectors. Relative to the benchmark, the Fund continued to be significantly underweight stocks in the U.S. and overweight stocks in developed Europe.
a The Net version of the index reflects no deductions for fees, expenses or income taxes.
12 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) | |
PORTFOLIO DIVERSIFICATION BY SECTOR*
Sector: | ||||
Banks | 7.2 | % | ||
Communication Services | 4.5 | |||
Consumer Discretionary | 7.7 | |||
Consumer Staples | 5.2 | |||
Diversified Financials | 2.2 | |||
Energy | 7.6 | |||
Health Care | 15.4 | |||
Industrials | 12.0 | |||
Information Technology | 22.8 | |||
Insurance | 3.0 | |||
Materials | 3.9 | |||
Real Estate | 3.6 | |||
Utilities | 3.1 | |||
Other** | 1.8 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
13 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2018
All Cap ESG Fund | |||
March 1, 2018 to October 31, 2018 | -3.70% | ||
MSCI ACWI USD (Net) | |||
March 1, 2018 to October 31, 2018 | -3.97% |
The MSCI ACWI Index, MSCI’s flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. 1 As of September 2018, it covers more than 2,700 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. The index is built using MSCI’s Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, market-cap sizes, sectors, style segments and combinations. The ACWI Index suite, which has long been the pillar of MSCI’s Modern Index Strategy, now has over 3.7 trillion in benchmarked assets globally.2
1 The developed markets are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. The emerging markets are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates.
2 As of Dec 31, 2017 as reported on March 31, 2018 by eVestment, Morningstar and Bloomberg.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
14 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited) - (Concluded) | |
The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.00%, as disclosed in the Funds’ prospectus dated March 1, 2018. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2018 as 1.30%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2018 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 8 months, with distributions reinvested. The MSCI ACWI USD Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI USD Index (Net) is unmanaged. Investments cannot be made directly in an index.
15 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) |
The return of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2018, was -2.6%. In comparison, the return of the MSCI All Country World Small Mid Cap Index (Net)a (the “Index”) was -3.7%.
Relative to the Index, outperformance came from small- and mid-cap global growth stocks managed by Baillie Gifford Overseas Ltd. (+19.4%), U.S. small-cap stocks managed by Champlain Investment Partners LLC (+10.4%), managed-volatility U.S. small-cap stocks managed by Martingale Asset Management (+6.1%), small- and mid-cap stocks managed by Bessemer Investment Management LLC (0.0%), and small- and mid-cap managed-volatility stocks managed by Bessemer (-0.1%). Relative underperformance came from non-U.S. value-oriented stocks managed by Dimensional Fund Advisors LP (-11.3%) and emerging-markets small- and mid-cap stocks managed by Polunin Capital Partners Ltd. (-14.6%).
The Fund benefited from strong stock selection in the industrials sector as well as an overweight to the healthcare sector. Individual stocks that contributed most to relative performance were aftermarket automotive supplier Advance Auto Parts (+95.8%), payment processing company WorldPay (+31.2%), and exchange and data provider Nasdaq (+21.6%). Advance Auto Parts benefitted from new management delivering on long-term initiatives centered on improving same-store sales growth and gross margins. WorldPay merged with U.S. payment processing company Vantiv in the first quarter of 2018, and management has delivered strong execution while continuing to integrate the two businesses. Nasdaq performed well, as its information services segment exhibited increasing organic growth and successfully acquired eVestment while at the same time divesting lower-growth businesses. These strategic moves have positioned Nasdaq for higher organic growth going forward, and this was recognized by the market. The company was also bolstered by increased equity trading volumes.
Stock selection in consumer staples sectors was a notable drag on performance for the year. Individual stocks that detracted from relative performance included diversified consumer products holding company Spectrum Brands (-30.7%), remote access and collaboration software provider LogMeIn (-28.1%), and specialty dental supply company Dentsply Sirona (-33.5%). Spectrum Brands suffered from fears surrounding a changing consumer retail landscape, rising input prices, and a delay in the divestiture of its batteries segment, as well as a perceived failure to sell its appliances business. LogMeIn suffered from an unexpected loss of customers in its collaboration segment due to technology issues surrounding the integration of recent acquisition GoToMeeting, and an aggressive shift in billing practices. Dentsply Sirona was hurt by slowing industry growth, increased competition in the specialty dental industry, and a slowdown in adoption of CAD/CAM dentistry equipment.
At fiscal year-end, the Fund was overweight the healthcare, energy, consumer staples, technology, industrials, and materials sectors. The Fund was underweight real estate, utilities, financials, consumer discretionary, and telecom.
The Fund was regionally overweight the U.S. market. Conversely, the Fund was underweight developed Europe, Japan, and emerging markets.
a | The Net version of the index reflects no deductions for fees, expenses or income taxes. |
16 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
PORTFOLIO DIVERSIFICATION BY COUNTRY*
Country: | ||||
Argentina | 0.1 | % | ||
Australia | 2.0 | |||
Austria | 0.2 | |||
Belgium | 0.5 | |||
Bermuda | 0.3 | |||
Brazil | 0.3 | |||
Cambodia | 0.0 | *** | ||
Canada | 2.0 | |||
Cayman Islands | 0.0 | *** | ||
Chile | 0.0 | *** | ||
China | 1.9 | |||
Columbia | 0.0 | *** | ||
Denmark | 1.0 | |||
Egypt | 0.0 | *** | ||
Faeroe Islands | 0.0 | *** | ||
Finland | 0.5 | |||
France | 1.4 | |||
Gabon | 0.0 | *** | ||
Georgia | 0.0 | *** | ||
Germany | 1.8 | |||
Gibraltar | 0.0 | *** | ||
Greece | 0.1 | |||
Hong Kong | 1.0 | |||
Hungary | 0.0 | *** | ||
Iceland | 0.1 | |||
India | 0.6 | |||
Indonesia | 0.1 | |||
Iran | 0.0 | *** | ||
Ireland | 1.7 | |||
Isle of Man | 0.0 | *** | ||
Israel | 1.0 | |||
Italy | 0.7 | |||
Japan | 8.2 | |||
Jersey Channel Islands | 0.1 | |||
Jordan | 0.0 | *** | ||
Liechtenstein | 0.0 | *** | ||
Luxembourg | 0.1 | |||
Macau | 0.0 | *** | ||
Malaysia | 0.1 | |||
Malta | 0.0 | *** | ||
Mexico | 0.1 | |||
Monaco | 0.0 | *** | ||
Mongolia | 0.0 | *** | ||
Netherlands | 0.7 | |||
New Zealand | 0.3 | |||
Niger | 0.0 | *** | ||
Norway | 0.9 | |||
Peru | 0.1 | |||
Philippines | 0.0 | *** | ||
Poland | 0.3 | |||
Portugal | 0.2 | |||
Puerto Rico | 0.0 | *** | ||
Qatar | 0.0 | *** | ||
Russia | 0.3 | |||
Singapore | 0.2 | |||
Slovakia | 0.0 | *** | ||
Slovenia | 0.0 | *** | ||
South Africa | 0.3 | |||
South Korea | 1.1 | |||
Spain | 0.7 | |||
Suriname | 0.0 | *** | ||
Sweden | 1.2 | |||
Switzerland | 1.2 | |||
Taiwan | 1.6 | |||
Thailand | 0.2 | |||
Turkey | 0.4 | |||
United Arab Emirates | 0.0 | *** | ||
United Kingdom | 5.1 | |||
United States | 51.6 | |||
Vietnam | 0.0 | *** | ||
Other** | 7.7 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. Government securities, U.S. Government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
17 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
Average Annual Total Returns
For the Period Ended October 31, 2018
Small & Mid Cap Strategies Fund | ||||
One Year | -2.61 | % | ||
Five Year | 5.54 | % | ||
Ten Year | 10.69 | % | ||
MSCI ACWI SMID Cap Index (Net) | ||||
One Year | -3.70 | % | ||
Five Year | 5.65 | % | ||
Ten Year | 11.70 | % |
On December 30, 2016, the Fund changed its name to Small & Mid Cap Strategies Fund (formerly Small & Mid Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
18 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) - (Concluded) |
The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.11%, as disclosed in the Funds’ prospectus dated March 1, 2018. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.16%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2018 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI SMID Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI SMID Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.
Investments made in small-capitalization and mid-capitalization companies are subject to greater volatility and less liquidity compared to investments made in larger and more established companies. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.
19 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Investment Adviser’s Report (Unaudited) |
The return of the Old Westbury Strategic Opportunities Fund (the “Fund”) for the fiscal year ended October 31, 2018, was -1.3%. In comparison, the return of the Fund’s primary benchmark, the MSCI All Country World Investable Index (IMI) (Net)a, was -1.0%. The return for the Fund’s secondary benchmark, the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (Net)a (40%) and the MSCI All Country World (IMI) (Net)a (60%), was -0.8%.
During the fiscal year, segments of the Fund that outperformed the primary benchmark included Bessemer Investment Management LLC’s (“Bessemer”) quantitative equities (10% of the Fund as of October 31, 2018), non-agency mortgage-backed securities (16%, managed by BlackRock), and collateralized loan obligations (9%, managed by both Bessemer and BlackRock). Collateralized loan obligations benefited from robust investor demand and security selection within the Fund, while quantitative strategies benefited from regional allocations and a higher-volatility environment during October 2018.
Strong performance from the Fund’s credit positions and quantitative equity strategies was offset by the Fund’s overall allocation to commodities (8% of the Fund as of October 31, 2018), which was the largest detractor to relative performance to the primary benchmark, as commodities came under significant selling pressure during October 2018. Additionally, regional allocations within overall equity strategies were both a relative and absolute drag on performance, as international equities significantly underperformed U.S. equities over the period. Other segments of the Fund that underperformed included Bessemer’s derivative strategies (24%), exchange-traded-funds (7%), and closed-end fund positions (1%). Global high yield (4%, managed by Muzinich) experienced losses from currency fluctuations, although did outperform global equities on a relative basis.
The Fund’s primary benchmark consists of global equities, and the Fund’s secondary benchmark consists of equities and U.S. Treasuries. Relative to the benchmarks, therefore, at year-end, the Fund was overweight collateralized loan obligations, non-agency mortgage-backed securities, global high yield, and closed-end credit funds. The investment team views each of these asset classes as having a better risk-adjusted return profile than U.S. Treasuries. The Fund has limited interest-rate risk — despite U.S. Treasuries comprising 40% of the secondary benchmark — as this asset class does not currently fit the Fund’s criteria established for all investments: equity-like returns, facing a market dislocation, and upside potential greater than downside risk (positive asymmetry).
At year-end, the Fund had 68.2% of its assets in the U.S., 13.6% in developed Europe, 9.0% in Japan, and 9.3% in emerging markets. The Fund maintains significant exposure to the U.S. dollar, representing 78.5% of the Fund compared to 53.9% for the primary benchmark and 72.5% for the secondary benchmark.
a | The Net version of each index reflects no deductions for fees, expenses or income taxes. |
20 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
PORTFOLIO DIVERSIFICATION BY COUNTRY*
Country: | ||||
Australia | 0.1 | % | ||
Bermuda | 0.2 | |||
Canada | 1.8 | |||
Cayman Islands | 6.1 | |||
China | 0.3 | |||
Denmark | 0.2 | |||
Dominican Republic | 0.0 | *** | ||
Egypt | 0.1 | |||
Finland | 0.0 | *** | ||
France | 0.4 | |||
Germany | 0.8 | |||
Guernsey | 0.1 | |||
Hong Kong | 0.3 | |||
Hungary | 0.0 | *** | ||
India | 0.0 | *** | ||
Indonesia | 0.0 | *** | ||
Ireland | 0.2 | |||
Isle of Man | 0.0 | *** | ||
Israel | 0.1 | |||
Italy | 0.0 | *** | ||
Japan | 1.1 | |||
Jersey Channel Islands | 0.2 | |||
Kenya | 0.0 | *** | ||
Luxembourg | 0.5 | |||
Netherlands | 0.6 | |||
Norway | 0.3 | |||
Qatar | 0.2 | |||
Singapore | 0.4 | |||
South Korea | 0.1 | |||
Spain | 0.1 | |||
Sweden | 0.1 | |||
Switzerland | 0.1 | |||
Taiwan | 0.6 | |||
Turkey | 0.0 | *** | ||
United Arab Emirates | 0.0 | *** | ||
United Kingdom | 0.6 | |||
United States | 67.9 | |||
Other** | 16.5 | |||
100.0 | % |
* | Value of Investments in Portfolio as a percentage of net assets. |
** | Includes cash and equivalents, closed-end funds, options, exchange traded funds, rights/warrants, structured options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
21 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
Average Annual Total Returns
For the Period Ended October 31, 2018
Strategic Opportunities Fund | ||||
One Year | -1.33 | % | ||
Five Year | 3.80 | % | ||
Ten Year | 7.01 | % | ||
MSCI ACWI IMI Index (Net) | ||||
One Year | -0.95 | % | ||
Five Year | 6.12 | % | ||
Ten Year | 10.07 | % | ||
Blended Index (Net) | ||||
One Year | -0.77 | % | ||
Five Year | 4.27 | % | ||
Ten Year | 7.45 | % |
Effective January 1, 2014, the Board approved changes to the Fund’s name (formerly Global Opportunities Fund), investment strategies and primary benchmark. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.
22 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Investment Adviser’s Report (Unaudited) - (Concluded) |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.20%, as disclosed in the Funds’ prospectus dated March 1, 2018. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.50%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2018 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Fund compares its performance to its primary benchmark, the MSCI ACWI IMI Index (Net) and a blended benchmark consisting of a 60% weighting in the MSCI ACWI IMI Index (Net) and a 40% weighting in the Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (the “Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.
Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility. The Fund may invest in instruments that are volatile, speculative or otherwise risky. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.
23 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited) |
The Old Westbury Fixed Income Fund (the “Fund”) returned -1.5% for the fiscal year ended October 31, 2018. In comparison, the return of the ICE Bank of America Merrill Lynch U.S. Corporate & Government 1-10 Year AAA-A US Corporate & Government Index (the “Index”) was -0.9%.
Shortly after the Fund’s 2018 fiscal year began, the Tax Cuts and Jobs Act was passed in the U.S, providing fiscal stimulus in the form of significantly lower corporate and individual tax rates. The calendar year began with improved levels of consumer and business confidence, a surging stock market, and a run of stronger-than-expected economic data. Treasury yields began an almost steady climb higher during the first few months of the year, pushed by renewed growth and inflation expectations for both domestic and global economies. The U.S. Federal Reserve (Fed) signaled its intention to continue to gradually increase rates, and so far in calendar year 2018 has delivered three of four rate hikes, with the last one expected in December. Short-term yields rose more quickly than longer-term yields in response to the Fed’s rate hikes, resulting in a flatter yield curve. As the year progressed, domestic economic growth increased, but inflation has remained benign, and global economies, particularly emerging economies, have failed to keep up with the U.S. In recent months, economic indicators have been mixed, and financial markets have become more volatile. During the year, credit spreads widened and underperformed Treasury securities.
The Fund maintained a barbell yield-curve exposure throughout the year, meaning that relative to the benchmark, its positioning was underweight bonds with intermediate maturities and overweight bonds with shorter- and longer-term maturities. However, during the year, the investment team made adjustments to the Fund’s exposure in anticipation of the eventual conclusion of the Fed’s rate-hiking cycle. The team has modified the barbell so the largest overweight positions are in bonds maturing within one year and bonds maturing beyond five years. In between these maturities, the Fund is slightly underweight versus the benchmark, particularly with respect to the two- to five-year part of the curve. Typically, as the Fed nears the end of the cycle, the bond market rallies, with the most benefit accruing to the intermediate part of the curve. Longer-dated maturities also benefit as yields decline in response to expected slower growth and inflation. The Fund also has a higher duration (price sensitivity to interest-rate moves) relative to the Index. This positioning had a slight positive effect on performance during the year. Credit spreads widened during the year, and underperformed Treasuries. While the team slowly reduced the credit overweight, the portfolio remains slightly overweight credit, which had a small negative effect on relative performance.
The outlook of the U.S. economy remains generally positive, and the Fed’s rate hikes are expected to remain very gradual; however, there is a wide range of potential market reactions to the continued tightening of economic conditions. Policy decisions could also have a significant impact on inflation and economic growth, particularly with respect to trade. During the coming year, the Fed may reach an inflection point and pause its hiking plans in order to reassess the economy. If this were to happen, yields would likely decline, with the intermediate part of the curve leading the way. The team’s overall outlook for investment-grade fixed income is cautious for 2019. The team’s current strategy is to maintain the portfolio duration slightly higher than the benchmark and to continue to reduce exposure to investment-grade corporate credit but maintain exposure to high-quality asset-backed securities (ABS) and AAA tranches of collateralized loan obligations (CLO). Both ABS and CLOs are low-duration assets, which have shown to be resilient during a downturn. A small exposure will be maintained in U.S. Treasury Inflation-Protected Securities (TIPS), which helps protect against a possible increase in inflation.
At fiscal year-end, the Fund maintained its modified barbell position. Credit represented approximately 33% of market value of the Fund, of which 9.5% was allocated to ABS and CLOs. Credit exposure is limited to investment-grade securities, with an emphasis on liquid shorter-duration bonds.
24 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
PORTFOLIO ASSET ALLOCATION* | ||||
U.S. Government Agencies and Securities | 63.7 | % | ||
Corporate Bonds | 22.7 | |||
Asset Backed Securities | 9.4 | |||
U.S. Government Agencies | 3.0 | |||
Government Bonds | 0.3 | |||
Collateralized Mortgage Obligations | 0.1 | |||
Other** | 0.8 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
25 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
Average Annual Total Returns
For the Period Ended October 31, 2018
Fixed Income Fund | ||||
One Year | -1.47 | % | ||
Five Year | 0.49 | % | ||
Ten Year | 2.47 | % | ||
ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index | ||||
One Year | -0.93 | % | ||
Five Year | 1.20 | % | ||
Ten Year | 2.91 | % |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursement and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.70% (current net operating expense ratio is 0.62%). The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2018 as 0.72%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2018 can be found in the Financial Highlights.
26 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited) - (Concluded) |
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index also includes the reinvestment of distributions but does not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index is unmanaged. Investments cannot be made directly in an index.
The Fund is subject to risks such as credit, prepayment and interest rate risk associated with the underlying bond holdings in the Fund. The value of the Fund can decline as interest rates rise and an investor can lose principal.
27 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited) |
The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2018, was -1.3%. In comparison, the return of the primary benchmark, the ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index (the “Index”), was -0.8%.
U.S. tax reform resulted in stronger economic growth and a fear that inflation would trend higher. These influences also caused interest rates to move higher and the Federal Reserve to push forward with its effort to normalize monetary policy by raising its short-term federal funds rate. The municipal yield curve flattened with short yields advancing at a greater rate than what was experienced in the longer end of the municipal yield curve. Tax reform also eliminated certain types of municipal issuance. Reduced new municipal volume would normally cause prices to increase relative to other fixed-income sectors. However, another feature in the tax bill also reduced corporate tax rates. Banks and insurance companies hold approximately 23% of the outstanding municipal supply and lower federal rates caused municipal securities to become less attractive to these buyers. The negative effect of lower corporate rates was most evident in the shorter end of the municipal yield curve, where the spread between municipal and Treasury yields was the widest and where the municipal underperformance became the greatest.
The Fund held a barbelled maturity structure during the period by underweighting the two- and three-year maturity range. This type of maturity structure provided an advantage when the spread between long- and short-term yields narrowed and the yield curve flattened. The Fund was positioned with a modestly longer duration. Higher price volatility in a period when interest rates rose placed a slight drag on performance. In terms of credit quality, the Fund holds A-rated securities, while the benchmark holds only securities AA-rated or higher quality. Yields between A-rated and the highest-quality municipal securities narrowed over the period, and this provided a slight advantage.
The municipal yield curve will likely flatten further as the Federal Reserve continues to raise short-term rates. The team believes this will occur while generally muted inflationary pressures will inhibit longer-term interest rates from moving higher; yields in shorter maturities will again increase more than longer bonds. As the year progresses, the team also expects to see credit spreads widen modestly. This will cause the Fund to increase credit quality as the year progresses.
28 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
PORTFOLIO DIVERSIFICATION BY STATE*
States: | ||||
Alabama | 0.8 | % | ||
Arizona | 1.5 | |||
California | 3.3 | |||
Colorado | 0.6 | |||
Connecticut | 5.0 | |||
District Of Columbia | 0.3 | |||
Florida | 2.0 | |||
Georgia | 3.8 | |||
Hawaii | 0.7 | |||
Idaho | 0.2 | |||
Illinois | 0.8 | |||
Indiana | 0.1 | |||
Iowa | 1.0 | |||
Kansas | 0.8 | |||
Kentucky | 0.2 | |||
Louisiana | 0.0 | *** | ||
Maine | 0.1 | |||
Maryland | 6.4 | |||
Massachusetts | 8.7 | |||
Michigan | 0.4 | |||
Minnesota | 1.0 | |||
Mississippi | 0.3 | |||
Missouri | 1.2 | |||
Nevada | 0.1 | |||
New Hampshire | 0.5 | |||
New Jersey | 1.4 | |||
New York | 21.2 | |||
North Carolina | 2.1 | |||
Ohio | 2.8 | |||
Oklahoma | 0.8 | |||
Oregon | 0.2 | |||
Pennsylvania | 1.0 | |||
Rhode Island | 0.6 | |||
South Carolina | 1.1 | |||
Tennessee | 0.9 | |||
Texas | 19.9 | |||
Utah | 0.1 | |||
Virginia | 2.8 | |||
Washington | 3.2 | |||
Wisconsin | 0.3 | |||
Other** | 1.8 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, U.S. Government securities, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
29 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited) - (Continued) |
Average Annual Total Returns For the Period Ended October 31, 2018 |
Municipal Bond Fund | ||||
One Year | -1.33 | % | ||
Five Year | 0.93 | % | ||
Ten Year | 2.82 | % | ||
ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index | ||||
One Year | -0.82 | % | ||
Five Year | 1.52 | % | ||
Ten Year | 3.05 | % | ||
Lipper Short-Intermediate Municipal Debt Funds Index | ||||
One Year | -0.39 | % | ||
Five Year | 1.18 | % | ||
Ten Year | 2.59 | % |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
30 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited) - (Concluded) |
The Adviser has contractually committed through October 31, 2019, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.70% (current net operating expense ratio is 0.57%). The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2018 as 0.67%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2018 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index are unmanaged. Investments cannot be made directly in an index.
Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes.
31 |
Old Westbury Funds, Inc. | |
Disclosure of Fund Expenses (Unaudited) | For the Period Ended October 31, 2018 |
As a shareholder of Old Westbury Funds, Inc., you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2018 through October 31, 2018.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Actual Beginning Account Value 05/1/18 | Actual Ending Account Value 10/31/18 | Actual Expenses Paid During Period* 05/1/18-10/31/18 | Actual Expense Ratio During Period** 05/1/18-10/31/18 | |||||||||||||
All Cap Core Fund | $1,000.00 | $1,013.10 | $4.92 | 0.98 | % | |||||||||||
Large Cap Strategies Fund | 1,000.00 | 957.20 | 5.48 | 1.11 | % | |||||||||||
All Cap ESG Fund | 1,000.00 | 967.80 | 4.96 | 1.00 | % | |||||||||||
Small & Mid Cap Strategies Fund | 1,000.00 | 940.60 | 5.43 | 1.11 | % | |||||||||||
Strategic Opportunities Fund | 1,000.00 | 964.50 | 5.94 | 1.20 | % | |||||||||||
Fixed Income Fund | 1,000.00 | 1,002.20 | 3.13 | 0.62 | % | |||||||||||
Municipal Bond Fund | 1,000.00 | 1,004.80 | 2.88 | 0.57 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period. |
** | Expense ratios are annualized and reflect existing expense waivers/reimbursements. |
32 |
Old Westbury Funds, Inc. | |
Disclosure of Fund Expenses (Unaudited) - (Continued) | |
For the Period Ended October 31, 2018 |
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Hypothetical Beginning Account Value 05/1/18 | Hypothetical Ending Account Value 10/31/18 | Hypothetical Expenses Paid During Period* 05/1/18-10/31/18 | Hypothetical Expense Ratio During Period** 05/1/18-10/31/18 | |||||||||||||
All Cap Core Fund | $1,000.00 | $1,020.32 | $4.94 | 0.98 | % | |||||||||||
Large Cap Strategies Fund | 1,000.00 | 1,019.61 | 5.65 | 1.11 | % | |||||||||||
All Cap ESG Fund | 1,000.00 | 1,020.16 | 5.09 | 1.00 | % | |||||||||||
Small & Mid Cap Strategies Fund | 1,000.00 | 1,019.61 | 5.65 | 1.11 | % | |||||||||||
Strategic Opportunities Fund | 1,000.00 | 1,019.16 | 6.11 | 1.20 | % | |||||||||||
Fixed Income Fund | 1,000.00 | 1,022.08 | 3.16 | 0.62 | % | |||||||||||
Municipal Bond Fund | 1,000.00 | 1,022.33 | 2.91 | 0.57 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period. |
** | Expense ratios are annualized and reflect existing expense waivers/reimbursements. |
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, these tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
33 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Portfolio of Investments | October 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 94.7% | ||||||||
Banks — 6.5% | ||||||||
590,480 | Citigroup, Inc. | $ | 38,652,821 | |||||
2,315,300 | KeyCorp | 42,045,848 | ||||||
831,095 | Morgan Stanley | 37,947,798 | ||||||
118,646,467 | ||||||||
Communication Services — 4.7% | ||||||||
198,600 | Activision Blizzard, Inc. | 13,713,330 | ||||||
46,540 | Alphabet, Inc. - Class C(a) | 50,112,876 | ||||||
202,300 | Walt Disney Co. (The) | 23,230,109 | ||||||
87,056,315 | ||||||||
Consumer Discretionary — 12.7% | ||||||||
73,683 | Advance Auto Parts, Inc. | 11,771,596 | ||||||
152,775 | Alibaba Group Holding Ltd. - ADR(a) | 21,736,827 | ||||||
42,953 | Amazon.com, Inc.(a) | 68,639,324 | ||||||
20,035 | Booking Holdings, Inc.(a) | 37,557,210 | ||||||
166,950 | Home Depot, Inc. (The) | 29,363,166 | ||||||
493,965 | NIKE, Inc. - Class B | 37,067,134 | ||||||
1,393,471 | Samsonite International SA | 3,998,125 | ||||||
151,165 | SIX Flags Entertainment Corp. | 8,141,747 | ||||||
136,065 | Wyndham Destinations, Inc. | 4,882,012 | ||||||
217,885 | Wyndham Hotels & Resorts, Inc. | 10,739,552 | ||||||
233,896,693 | ||||||||
Consumer Staples — 7.5% | ||||||||
615,255 | Altria Group, Inc. | 40,016,185 | ||||||
789,400 | Church & Dwight Co., Inc. | 46,866,678 | ||||||
88,031 | Ingredion, Inc. | 8,906,977 | ||||||
47,396 | JM Smucker Co. (The) | 5,133,935 | ||||||
335,045 | PepsiCo, Inc. | 37,652,357 | ||||||
138,576,132 | ||||||||
Diversified Financials — 0.9% | ||||||||
93,500 | CME Group, Inc. | 17,132,940 | ||||||
Energy — 4.2% | ||||||||
183,656 | Apergy Corp.(a) | 7,160,747 | ||||||
728,460 | ConocoPhillips | 50,919,354 | ||||||
128,800 | Pioneer Natural Resources Co. | 18,968,376 | ||||||
77,048,477 | ||||||||
Financials — 3.0% | ||||||||
619,320 | Discover Financial Services | 43,148,024 | ||||||
144,937 | Nasdaq, Inc. | 12,567,487 | ||||||
55,715,511 | ||||||||
Health Care — 16.8% | ||||||||
606,290 | Baxter International, Inc. | 37,899,188 | ||||||
64,099 | Cooper Cos., Inc. (The) | 16,557,413 | ||||||
423,115 | Danaher Corp. | 42,057,631 | ||||||
72,976 | Laboratory Corp of America Holdings(a) | 11,716,297 | ||||||
994,500 | Pfizer, Inc. | 42,823,170 | ||||||
95,761 | STERIS Plc | 10,467,635 |
Shares | Value | |||||||
Health Care (continued) | ||||||||
41,800 | Teleflex, Inc. | $ | 10,062,931 | |||||
205,230 | Thermo Fisher Scientific, Inc. | 47,951,990 | ||||||
117,200 | UnitedHealth Group, Inc. | 30,630,220 | ||||||
38,377 | Waters Corp.(a) | 7,279,733 | ||||||
80,400 | West Pharmaceutical Services, Inc. | 8,515,967 | ||||||
468,500 | Zoetis, Inc. | 42,235,275 | ||||||
308,197,450 | ||||||||
Industrials — 12.0% | ||||||||
156,790 | Allegion Plc | 13,441,607 | ||||||
210,550 | Cintas Corp. | 38,292,729 | ||||||
138,712 | Dover Corp. | 11,490,902 | ||||||
429,654 | Fortive Corp. | 31,901,810 | ||||||
72,999 | Harris Corp. | 10,855,681 | ||||||
57,440 | IDEX Corp. | 7,284,541 | ||||||
221,716 | KAR Auction Services, Inc. | 12,624,509 | ||||||
218,420 | Raytheon Co. | 38,232,237 | ||||||
330,100 | Safran SA | 42,641,671 | ||||||
24,762 | Snap-on, Inc. | 3,811,862 | ||||||
79,800 | Verisk Analytics, Inc.(a) | 9,563,231 | ||||||
220,140,780 | ||||||||
Information Technology — 19.6% | ||||||||
62,865 | ANSYS, Inc.(a) | 9,401,461 | ||||||
319,365 | Apple, Inc. | 69,896,224 | ||||||
54,297 | Check Point Software Technologies Ltd.(a) | 6,026,967 | ||||||
193,978 | CoreLogic, Inc.(a) | 7,879,386 | ||||||
490,970 | Fidelity National Information Services, Inc. | 51,109,977 | ||||||
104,455 | LogMeln, Inc. | 8,995,665 | ||||||
775,250 | Microsoft Corp. | 82,804,453 | ||||||
206,900 | salesforce.com, Inc.(a) | 28,394,956 | ||||||
136,000 | ServiceNow, Inc.(a) | 24,621,440 | ||||||
66,500 | Synopsys, Inc.(a) | 5,953,745 | ||||||
369,125 | Visa, Inc. - Class A | 50,883,881 | ||||||
159,503 | Worldpay, Inc. - Class A(a) | 14,648,756 | ||||||
360,616,911 | ||||||||
Insurance — 2.0% | ||||||||
294,710 | CHUBB Ltd. | 36,812,226 | ||||||
Materials — 1.9% | ||||||||
56,228 | AptarGroup, Inc. | 5,733,007 | ||||||
376,750 | Axalta Coating Systems Ltd.(a) | 9,298,189 | ||||||
384,820 | Rio Tinto Ltd. | 20,819,789 | ||||||
35,850,985 | ||||||||
Utilities — 2.9% | ||||||||
384,900 | Ameren Corp. | 24,856,842 | ||||||
313,985 | American Water Works Co., Inc. | 27,797,092 | ||||||
52,653,934 | ||||||||
Total Common Stocks (Cost $1,389,302,900) | 1,742,344,821 |
34 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
INVESTMENT COMPANY — 4.4% | ||||||||
80,903,939 | SEI Daily Income Trust Government II Fund, Class A, 2.01%(b) | $ | 80,903,939 | |||||
Total Investment Company (Cost $80,903,939) | 80,903,939 | |||||||
EXCHANGE TRADED FUNDS — 0.9% | ||||||||
62,765 | SPDR S&P 500 ETF Trust | 16,986,092 | ||||||
Total Exchange Traded Funds (Cost $16,834,100) | 16,986,092 | |||||||
TOTAL INVESTMENTS — 100.0% (Cost $1,487,040,939) | $ | 1,840,234,852 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0% | (572,122 | ) | ||||||
NET ASSETS — 100.0% | $ | 1,839,662,730 |
(a) | Non-income producing security. |
(b) | The rate shown represents the current yield as of October 31, 2018. |
The following abbreviations are used in the report:
ADR-American Depositary Receipt
ETF-Exchange Traded Fund
35 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments | October 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 87.1% | ||||||||
ARGENTINA — 0.0% | ||||||||
130,005 | Grupo Financiero Galicia SA - ADR | $ | 2,997,915 | |||||
AUSTRALIA — 1.4% | ||||||||
552,000 | Atlassian Corp. Plc - Class A(a) | 41,902,320 | ||||||
112,341 | Caltex Australia Ltd. | 2,248,204 | ||||||
1,195,300 | CSL Ltd. | 159,132,941 | ||||||
532,434 | Oil Search Ltd. | 2,929,626 | ||||||
613,788 | Origin Energy Ltd.(a) | 3,168,628 | ||||||
761,138 | Santos Ltd. | 3,578,960 | ||||||
1,850,859 | St Barbara Ltd. | 5,452,454 | ||||||
351,156 | Woodside Petroleum Ltd. | 8,666,190 | ||||||
227,079,323 | ||||||||
AUSTRIA — 0.1% | ||||||||
32,040 | Erste Group Bank AG | 1,306,437 | ||||||
106,385 | OMV AG | 5,919,984 | ||||||
43,907 | Raiffeisen Bank International AG | 1,198,517 | ||||||
8,424,938 | ||||||||
BELGIUM — 0.5% | ||||||||
26,242 | Ageas | 1,314,047 | ||||||
79,183 | Anheuser-Busch Inbev SA/NV | 5,842,155 | ||||||
372,701 | Colruyt SA | 21,664,098 | ||||||
375,762 | Galapagos NV - ADR(a)(b) | 38,602,030 | ||||||
12,653 | Groupe Bruxelles Lambert SA | 1,177,750 | ||||||
34,814 | KBC Group NV | 2,401,401 | ||||||
68,257 | Proximus SADP | 1,743,360 | ||||||
18,059 | Solvay SA | 2,058,737 | ||||||
34,368 | Telenet Group Holding NV | 1,669,177 | ||||||
21,744 | UCB SA | 1,826,921 | ||||||
78,299,676 | ||||||||
BRAZIL — 1.1% | ||||||||
20,038,000 | Ambev SA(b) | 87,442,461 | ||||||
2,199,683 | Ambev SA - ADR | 9,524,627 | ||||||
1,559,954 | B3 SA - Brasil Bolsa Balcao | 11,187,739 | ||||||
1,582,017 | Banco Bradesco SA - ADR | 14,507,096 | ||||||
264,843 | Cia Brasileira de Distribuicao - ADR | 5,537,867 | ||||||
180,354 | Cosan SA Industria e Comercio | 1,553,230 | ||||||
1,645,485 | Itau Unibanco Holding SA - ADR | 21,671,037 | ||||||
1,105,444 | Petroleo Brasileiro SA | 8,976,627 | ||||||
287,300 | Raia Drogasil SA | 4,858,199 | ||||||
136,594 | Ultrapar Participacoes SA | 1,614,977 | ||||||
2,161,460 | WEG SA | 10,460,270 | ||||||
177,334,130 | ||||||||
CANADA — 1.6% | ||||||||
84,032 | AltaGas Ltd. | 1,056,424 | ||||||
141,953 | ARC Resources Ltd. | 1,321,998 | ||||||
154,289 | Cameco Corp. | 1,652,531 | ||||||
321,721 | Canadian Apartment Properties REIT | 11,439,675 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
489,331 | Canadian Natural Resources Ltd. | $ | 13,425,983 | |||||
378,045 | Cenovus Energy, Inc. | 3,199,074 | ||||||
236,178 | Crescent Point Energy Corp. | 1,115,900 | ||||||
342,005 | Enbridge, Inc. | 10,656,725 | ||||||
295,500 | Enbridge, Inc. | 9,193,005 | ||||||
356,029 | Encana Corp. | 3,634,798 | ||||||
155,276 | Husky Energy, Inc. | 2,195,060 | ||||||
113,059 | Imperial Oil Ltd. | 3,531,457 | ||||||
163,389 | Inter Pipeline Ltd. | 2,649,820 | ||||||
69,274 | Keyera Corp. | 1,725,996 | ||||||
146,225 | Open Text Corp. | 4,936,184 | ||||||
178,574 | Pembina Pipeline Corp. | 5,775,898 | ||||||
1,212,967 | Peyto Exploration & Development Corp. | 9,895,754 | ||||||
87,918 | PrairieSky Royalty Ltd. | 1,335,683 | ||||||
1,529,200 | Restaurant Brands International, Inc. | 83,754,284 | ||||||
157,452 | Seven Generations Energy Ltd. - Class A(a) | 1,687,605 | ||||||
340,000 | Shopify, Inc. - Class A(a) | 46,971,000 | ||||||
637,619 | Suncor Energy, Inc. | 21,388,777 | ||||||
392,522 | Tourmaline Oil Corp. | 5,724,807 | ||||||
329,005 | TransCanada Corp. | 12,405,946 | ||||||
72,149 | Vermilion Energy, Inc. | 1,913,268 | ||||||
262,587,652 | ||||||||
CHILE — 0.0% | ||||||||
210,055 | Banco Santander Chile - ADR | 6,188,220 | ||||||
108,525 | Empresas COPEC SA | 1,521,179 | ||||||
7,709,399 | ||||||||
CHINA — 3.4% | ||||||||
234,703 | 51Job, Inc. - ADR(a) | 14,413,111 | ||||||
1,092,826 | AAC Technologies Holdings, Inc. | 8,312,610 | ||||||
896,486 | Alibaba Group Holding Ltd. - ADR(a) | 127,552,028 | ||||||
122,000 | Baidu, Inc. - ADR(a) | 23,187,320 | ||||||
10,403,170 | China Petroleum & Chemical Corp. - H Shares | 8,437,208 | ||||||
12,459,000 | China SCE Group Holdings Ltd. | 4,241,997 | ||||||
15,525,487 | China Shenhua Energy Co. Ltd. - H Shares | 35,161,235 | ||||||
6,965,766 | CNOOC Ltd. | 11,956,109 | ||||||
96,527 | CNOOC Ltd. - ADR | 16,337,195 | ||||||
5,236,114 | CSPC Pharmaceutical Group Ltd. | 11,043,851 | ||||||
259,347 | Ctrip.com International Ltd. - ADR(a) | 8,631,068 | ||||||
2,209,058 | ENN Energy Holdings Ltd. | 18,775,141 | ||||||
2,578,956 | Haitian International Holdings Ltd. | 5,031,660 | ||||||
161,470 | JD.Com, Inc. - ADR(a) | 3,797,774 | ||||||
8,906,707 | PetroChina Co. Ltd. - H Shares | 6,519,360 | ||||||
1,058,000 | Ping An Insurance Group Co. of China Ltd. - H Shares | 9,963,504 |
36 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
1,676,458 | Shenzhou International Group Holdings Ltd. | $ | 18,513,413 | |||||
709,243 | Sunny Optical Technology Group Co. Ltd. | 6,150,068 | ||||||
6,380,400 | Tencent Holdings Ltd. | 217,237,651 | ||||||
90,034 | Weibo Corp. - ADR(a) | 5,312,906 | ||||||
560,575,209 | ||||||||
COLUMBIA — 0.1% | ||||||||
265,300 | Bancolombia SA - ADR | 9,800,182 | ||||||
2,347,174 | Ecopetrol SA | 2,744,866 | ||||||
12,545,048 | ||||||||
CZECH REPUBLIC — 0.1% | ||||||||
268,503 | Komercni Banka AS | 10,200,056 | ||||||
DENMARK — 0.2% | ||||||||
11,390 | Carlsberg A/S - Class B | 1,256,429 | ||||||
18,822 | Coloplast A/S - Class B | 1,757,356 | ||||||
120,973 | Danske Bank A/S | 2,320,506 | ||||||
28,000 | DSV A/S | 2,251,256 | ||||||
8,590 | Genmab A/S(a) | 1,176,823 | ||||||
218,342 | H. Lundbeck A/S | 10,196,299 | ||||||
212,631 | Novo Nordisk A/S - B Shares | 9,196,826 | ||||||
36,071 | Novozymes A/S - B Shares | 1,782,494 | ||||||
19,103 | Pandora A/S | 1,195,152 | ||||||
31,133,141 | ||||||||
EGYPT — 0.0% | ||||||||
1,509,200 | Commercial International Bank Egypt SAE - GDR | 6,557,474 | ||||||
FINLAND — 2.2% | ||||||||
2,597,261 | Kone Oyj - Class B(b) | 126,555,027 | ||||||
54,173 | Neste Oyj | 4,464,460 | ||||||
465,905 | Nokia Oyj | 2,638,522 | ||||||
2,717,000 | Nokian Renkaat Oyj(b) | 86,413,211 | ||||||
316,341 | Nordea Bank Abp | 2,751,302 | ||||||
62,035 | Orion Oyj - Class B | 2,136,012 | ||||||
3,018,175 | Sampo Oyj - A Shares(b) | 138,996,925 | ||||||
71,906 | UPM-Kymmene Oyj | 2,313,821 | ||||||
366,269,280 | ||||||||
FRANCE — 2.4% | ||||||||
38,546 | Air Liquide SA | 4,671,502 | ||||||
54,746 | Airbus SE | 6,058,775 | ||||||
18,034 | Arkema SA | 1,895,134 | ||||||
19,354 | Atos SE | 1,661,188 | ||||||
255,704 | AXA SA | 6,412,222 | ||||||
139,062 | BNP Paribas SA | 7,265,832 | ||||||
38,503 | Bouygues SA | 1,405,993 | ||||||
16,542 | Capgemini SE | 2,023,509 | ||||||
34,611 | Casino Guichard Perrachon SA | 1,528,876 | ||||||
52,213 | Cie de Saint-Gobain | 1,965,772 | ||||||
28,914 | Cie Generale des Etablissements Michelin | 2,971,668 | ||||||
58,521 | CNP Assurances | 1,305,784 | ||||||
217,928 | Credit Agricole SA | 2,796,145 |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
53,863 | Danone SA | $ | 3,817,856 | |||||
66,448 | Edenred | 2,523,532 | ||||||
14,397 | Eiffage SA | 1,409,223 | ||||||
231,924 | Engie SA | 3,093,143 | ||||||
16,941 | Essilor International SA | 2,316,966 | ||||||
17,605 | Eurazeo SA | 1,287,140 | ||||||
26,219 | Faurecia SA | 1,274,289 | ||||||
4,361 | Hermes International | 2,494,427 | ||||||
8,475 | Ipsen SA | 1,176,857 | ||||||
6,583 | Kering SA | 2,934,758 | ||||||
27,591 | Legrand SA | 1,804,420 | ||||||
903,028 | L’Oreal SA(b) | 203,436,747 | ||||||
28,779 | LVMH Moet Hennessy Louis Vuitton SE | 8,761,901 | ||||||
153,091 | Orange SA | 2,396,355 | ||||||
22,001 | Pernod-Ricard SA | 3,359,122 | ||||||
118,200 | Peugeot SA | 2,815,465 | ||||||
30,656 | Publicis Groupe SA | 1,779,172 | ||||||
20,277 | Renault SA | 1,517,405 | ||||||
40,347 | Safran SA | 5,211,946 | ||||||
110,427 | Sanofi | 9,860,871 | ||||||
55,535 | Schneider Electric SE | 4,023,172 | ||||||
17,077 | Societe BIC SA | 1,636,347 | ||||||
95,925 | Societe Generale SA | 3,528,915 | ||||||
16,016 | Sodexo SA | 1,634,815 | ||||||
102,300 | Suez | 1,481,391 | ||||||
21,168 | Thales SA | 2,709,266 | ||||||
1,170,069 | TOTAL SA | 68,861,110 | ||||||
20,019 | UBISOFT Entertainment SA(a) | 1,802,615 | ||||||
14,412 | Unibail-Rodamco-Westfield REIT(b) | 2,616,357 | ||||||
48,630 | Valeo SA | 1,572,548 | ||||||
62,266 | Veolia Environnement SA | 1,242,654 | ||||||
45,414 | Vinci SA | 4,057,421 | ||||||
400,400,606 | ||||||||
GEORGIA — 0.0% | ||||||||
189,832 | Bank Of Georgia Group Plc | 3,783,780 | ||||||
GERMANY — 0.8% | ||||||||
19,462 | Adidas AG | 4,585,051 | ||||||
42,627 | Allianz SE | 8,904,987 | ||||||
108,272 | BASF SE | 8,342,765 | ||||||
93,694 | Bayer AG | 7,192,945 | ||||||
19,742 | Bayerische Motoren Werke AG | 1,704,553 | ||||||
11,727 | Beiersdorf AG | 1,214,022 | ||||||
14,369 | Continental AG | 2,375,331 | ||||||
34,742 | Covestro AG | 2,247,690 | ||||||
73,980 | Daimler AG | 4,387,401 | ||||||
206,622 | Deutsche Bank AG | 2,024,586 | ||||||
20,027 | Deutsche Boerse AG | 2,537,145 | ||||||
78,385 | Deutsche Lufthansa AG | 1,576,774 | ||||||
122,461 | Deutsche Post AG | 3,876,797 | ||||||
396,381 | Deutsche Telekom AG | 6,507,654 | ||||||
228,939 | E.ON SE | 2,218,625 | ||||||
16,018 | Fresenius Medical Care AG & Co. KGaA | 1,257,651 |
37 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
35,217 | Fresenius SE & Co. KGaA | $ | 2,244,915 | |||||
9,352 | Hochtief AG | 1,387,616 | ||||||
21,192 | HUGO BOSS AG | 1,516,509 | ||||||
168,531 | Infineon Technologies AG | 3,380,584 | ||||||
17,121 | LANXESS AG | 1,061,906 | ||||||
22,389 | Linde AG | 4,838,452 | ||||||
9,823 | Muenchener Rueckversicherungs-Gesellschaft AG | 2,113,376 | ||||||
51,899 | ProSiebenSat.1 Media SE | 1,200,351 | ||||||
95,057 | SAP SE | 10,191,638 | ||||||
75,370 | Siemens AG | 8,683,569 | ||||||
32,053 | Siemens Healthineers AG(a) | 1,328,387 | ||||||
100,482 | ThyssenKrupp AG | 2,114,027 | ||||||
44,957 | Uniper SE | 1,298,976 | ||||||
36,242 | United Internet AG | 1,501,583 | ||||||
726,000 | Zalando SE(a) | 28,122,643 | ||||||
131,938,509 | ||||||||
HONG KONG — 0.5% | ||||||||
2,854,600 | AIA Group Ltd. | 21,604,385 | ||||||
676,409 | ASM Pacific Technology Ltd. | 5,839,477 | ||||||
532,032 | Hong Kong Exchanges and Clearing Ltd. | 14,111,625 | ||||||
184,175 | Jardine Matheson Holdings Ltd. | 10,628,739 | ||||||
162,855 | Jardine Strategic Holdings Ltd. | 5,455,643 | ||||||
28,535,343 | Sino Biopharmaceutical Ltd. | 25,580,814 | ||||||
2,245,465 | Yue Yuen Industrial Holdings Ltd. | 6,141,996 | ||||||
89,362,679 | ||||||||
HUNGARY — 0.0% | ||||||||
200,773 | MOL Hungarian Oil & Gas Plc | 2,105,432 | ||||||
INDIA — 2.2% | ||||||||
1,542,000 | Asian Paints Ltd. | 25,657,946 | ||||||
456,251 | Coal India Ltd. | 1,642,183 | ||||||
75,233 | Eicher Motors Ltd. | 22,245,445 | ||||||
464,514 | Hindustan Petroleum Corp. Ltd. | 1,408,085 | ||||||
7,321,407 | Housing Development Finance Corp. Ltd. | 175,176,135 | ||||||
823,437 | Indian Oil Corp. Ltd. | 1,541,752 | ||||||
745,120 | Infosys Ltd. | 6,916,632 | ||||||
654,127 | Maruti Suzuki India Ltd. | 58,529,527 | ||||||
6,814,500 | Motherson Sumi Systems Ltd. | 15,044,521 | ||||||
796,506 | Oil & Natural Gas Corp. Ltd. | 1,650,748 | ||||||
549,643 | Petronet LNG Ltd.(b) | 1,677,658 | ||||||
1,118,708 | Reliance Industries Ltd. | 16,055,567 | ||||||
3,209,000 | Titan Co. Ltd. | 36,653,207 | ||||||
364,199,406 | ||||||||
INDONESIA — 0.2% | ||||||||
14,186,746 | Adaro Energy Tbk PT | 1,539,755 | ||||||
22,384,849 | Astra International Tbk PT | 11,632,318 | ||||||
5,395,722 | Bank Central Asia Tbk PT | 8,393,937 |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
64,715,668 | Bank Rakyat Indonesia Persero Tbk PT | $ | 13,409,265 | |||||
34,975,275 | ||||||||
IRELAND — 0.1% | ||||||||
117,088 | Paddy Power Betfair Plc | 10,057,281 | ||||||
ITALY — 0.3% | ||||||||
82,295 | Assicurazioni Generali SpA | 1,331,052 | ||||||
52,115 | Atlantia SpA | 1,048,333 | ||||||
1,082,928 | Enel SpA | 5,315,962 | ||||||
1,295,304 | ENI SpA | 23,042,559 | ||||||
12,705 | Ferrari NV | 1,489,390 | ||||||
2,434,327 | Intesa Sanpaolo SpA | 5,384,862 | ||||||
145,109 | Mediobanca Banca di Credito Finanziario SpA | 1,274,094 | ||||||
159,487 | Poste Italiane SpA | 1,147,077 | ||||||
33,464 | Recordati SpA | 1,134,052 | ||||||
813,028 | Snam SpA | 3,364,863 | ||||||
1,911,253 | Telecom Italia SpA/Milano(a) | 1,123,948 | ||||||
267,861 | Terna Rete Elettrica Nazionale SpA | 1,384,981 | ||||||
248,646 | Unicredit SpA | 3,186,895 | ||||||
50,228,068 | ||||||||
JAPAN — 4.5% | ||||||||
663,160 | Asahi Kasei Corp. | 7,975,434 | ||||||
269,408 | Canon Marketing Japan, Inc. | 5,107,136 | ||||||
67,000 | Fast Retailing Co. Ltd. | 33,887,446 | ||||||
1,090,000 | Hoshizaki Corp.(b) | 88,003,722 | ||||||
64,273 | Idemitsu Kosan Co. Ltd. | 2,933,540 | ||||||
319,712 | Inpex Corp. | 3,682,064 | ||||||
147,200 | Japan Airlines Co. Ltd. | 5,240,417 | ||||||
1,260,160 | JXTG Holdings, Inc. | 8,590,553 | ||||||
116,830 | Kaken Pharmaceutical Co. Ltd. | 5,860,396 | ||||||
4,082,000 | KDDI Corp. | 101,819,373 | ||||||
103,800 | Keyence Corp. | 50,871,981 | ||||||
62,381 | Mitsubishi Tanabe Pharma Corp. | 922,156 | ||||||
384,700 | Nippon Kayaku Co. Ltd. | 4,595,875 | ||||||
395,214 | Nippon Telegraph & Telephone Corp. | 16,637,271 | ||||||
4,099,000 | Nomura Research Institute Ltd.(b) | 181,636,903 | ||||||
2,884,998 | NTT Data Corp. | 37,227,430 | ||||||
485,058 | Osaka Gas Co. Ltd. | 8,902,868 | ||||||
414,000 | PeptiDream, Inc.(a) | 13,593,920 | ||||||
406,800 | Sankyo Co. Ltd.(b) | 15,520,663 | ||||||
293,700 | Sanrio Co. Ltd. | 5,898,207 | ||||||
600,000 | Shimano, Inc.(b) | 82,102,185 | ||||||
108,660 | Showa Shell Sekiyu KK | 2,095,486 | ||||||
602,305 | Terumo Corp. | 32,507,976 | ||||||
380,558 | Toyo Suisan Kaisha Ltd. | 13,119,782 | ||||||
342,834 | Zensho Holdings Co. Ltd. | 6,647,944 | ||||||
735,380,728 |
38 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
KENYA — 0.1% | ||||||||
1,297,779 | East African Breweries Ltd. | $ | 2,211,690 | |||||
41,039,720 | Safaricom Plc | 9,345,480 | ||||||
11,557,170 | ||||||||
LUXEMBOURG — 0.5% | ||||||||
91,060 | Arcelormittal | 2,273,174 | ||||||
23,604 | RTL Group SA | 1,515,870 | ||||||
70,780 | SES SA(b) | 1,521,198 | ||||||
396,300 | Spotify Technology SA(a) | 59,322,147 | ||||||
152,834 | Tenaris SA | 2,273,754 | ||||||
497,558 | Tenaris SA - ADR | 14,543,620 | ||||||
81,449,763 | ||||||||
MACAU — 0.1% | ||||||||
3,972,200 | Sands China Ltd. | 15,651,844 | ||||||
MALAYSIA — 0.0% | ||||||||
277,730 | Petronas Dagangan Berhad | 1,725,649 | ||||||
MEXICO — 0.3% | ||||||||
70,869 | Fomento Economico Mexicano SAB de CV - ADR | 6,028,826 | ||||||
63,207 | Grupo Aeroportuario del Sureste SAB de CV - ADR | 10,430,419 | ||||||
2,665,672 | Grupo Financiero Banorte SAB de CV - Series O | 14,696,250 | ||||||
4,719,245 | Wal-Mart de Mexico SAB de CV | 12,066,882 | ||||||
43,222,377 | ||||||||
NETHERLANDS — 2.0% | ||||||||
95,837 | ABN AMRO Group NV | 2,355,518 | ||||||
30,370 | Adyen NV(a) | 19,644,924 | ||||||
409,090 | Aegon NV | 2,515,082 | ||||||
616,329 | ASML Holding NV | 105,354,430 | ||||||
396,000 | ASML Holding NV | 68,254,560 | ||||||
21,384 | EXOR NV | 1,211,992 | ||||||
6,925 | Heineken Holding NV | 600,032 | ||||||
20,179 | Heineken NV | 1,819,308 | ||||||
498,536 | ING Groep NV | 5,917,676 | ||||||
184,249 | Koninklijke Ahold Delhaize NV | 4,221,769 | ||||||
25,092 | Koninklijke DSM NV | 2,199,163 | ||||||
543,083 | Koninklijke KPN NV | 1,436,920 | ||||||
82,073 | Koninklijke Philips NV | 3,060,226 | ||||||
37,680 | Koninklijke Vopak NV | 1,707,121 | ||||||
64,704 | NN Group NV | 2,784,891 | ||||||
29,687 | NXP Semiconductor NV | 2,226,228 | ||||||
36,553 | QIAGEN NV(a) | 1,327,747 | ||||||
23,900 | Randstad NV | 1,205,977 | ||||||
1,812,977 | Royal Dutch Shell Plc - A Shares | 57,945,280 | ||||||
1,479,357 | Royal Dutch Shell Plc - B Shares | 48,501,958 | ||||||
42,144 | Wolters Kluwer NV | 2,394,345 | ||||||
336,685,147 | ||||||||
NORWAY — 0.3% | ||||||||
104,689 | Aker BP ASA | 3,452,459 | ||||||
480,829 | Austevoll Seafood ASA | 7,734,515 |
Shares | Value | |||||||
NORWAY (continued) | ||||||||
611,345 | Equinor ASA | $ | 15,904,050 | |||||
80,616 | Gjensidige Forsikring ASA | 1,248,956 | ||||||
76,171 | Marine Harvest ASA | 1,843,328 | ||||||
353,423 | Norsk Hydro ASA | 1,834,657 | ||||||
391,089 | Salmar ASA(b) | 20,645,164 | ||||||
130,509 | Telenor ASA | 2,394,270 | ||||||
55,057,399 | ||||||||
PAKISTAN — 0.0% | ||||||||
1,338,851 | Oil & Gas Development Co. Ltd. | 1,607,531 | ||||||
PANAMA — 0.0% | ||||||||
111,343 | Copa Holdings SA - Class A | 8,064,573 | ||||||
PERU — 0.1% | ||||||||
62,527 | Credicorp. Ltd. | 14,112,969 | ||||||
POLAND — 0.2% | ||||||||
109,961 | Grupa Lotos SA | 1,985,353 | ||||||
823,716 | Polski Koncern Naftowy ORLEN SA | 19,801,041 | ||||||
4,218,761 | Polskie Gornictwo Naftowe I Gazownictwo SA(a) | 6,882,567 | ||||||
28,668,961 | ||||||||
PORTUGAL — 0.0% | ||||||||
424,620 | EDP - Energias de Portugal SA | 1,492,848 | ||||||
262,258 | Galp Energia SGPS SA | 4,573,007 | ||||||
117,324 | Jeronimo Martins SGPS SA | 1,443,145 | ||||||
7,509,000 | ||||||||
RUSSIA — 0.5% | ||||||||
342,056 | Lukoil PJSC - ADR | 25,531,060 | ||||||
139,423 | NovaTek PJSC - GDR | 23,632,199 | ||||||
1,761,700 | Sberbank of Russia PJSC - ADR | 20,594,273 | ||||||
193,057 | Sberbank of Russia PJSC - ADR | 2,278,073 | ||||||
186,185 | Yandex NV - Class A(a) | 5,609,754 | ||||||
77,645,359 | ||||||||
SOUTH AFRICA — 0.5% | ||||||||
586,255 | Aspen Pharmacare Holdings Ltd. | 6,199,341 | ||||||
1,328,382 | Discovery Ltd. | 14,220,733 | ||||||
97,968 | Exxaro Resources Ltd. | 1,002,093 | ||||||
233,692 | Naspers Ltd. - Class N | 41,070,230 | ||||||
357,978 | Sasol Ltd. | 11,744,542 | ||||||
1,223,434 | Standard Bank Group Ltd. | 13,545,058 | ||||||
87,781,997 | ||||||||
SOUTH KOREA — 0.6% | ||||||||
44,682 | Amorepacific Corp. | 5,999,163 | ||||||
126,953 | Coway Co. Ltd. | 7,831,860 | ||||||
396,819 | Hankook Tire Co. Ltd. | 14,416,486 | ||||||
663,592 | LG Display Co. Ltd. | 9,608,414 | ||||||
19,316 | LG Household & Health Care Ltd. | 17,696,375 | ||||||
38,421 | Samsung Electronics Co. Ltd. - GDR | 35,738,895 |
39 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
24,188 | SK Innovation Co. Ltd. | $ | 4,531,734 | |||||
95,822,927 | ||||||||
SPAIN — 0.3% | ||||||||
60,131 | ACS Actividades de Construccion y Servicios SA | 2,255,023 | ||||||
10,758 | Aena SA | 1,719,910 | ||||||
62,124 | Amadeus IT Holding SA | 5,008,536 | ||||||
599,268 | Banco Bilbao Vizcaya Argentaria SA | 3,315,729 | ||||||
1,374,007 | Banco de Sabadell SA | 1,813,044 | ||||||
1,797,411 | Banco Santander SA | 8,540,293 | ||||||
354,625 | Bankia SA | 1,116,224 | ||||||
373,457 | Criteria Caixacorp SA | 1,514,741 | ||||||
133,798 | Enagas SA | 3,552,226 | ||||||
62,708 | Endesa SA | 1,312,557 | ||||||
76,278 | Grifols SA | 2,176,311 | ||||||
440,954 | Iberdrola SA | 3,124,521 | ||||||
130,090 | Industria de Diseno Textil SA | 3,673,327 | ||||||
77,516 | Red Electrica Corp SA | 1,606,704 | ||||||
625,029 | Repsol SA | 11,203,076 | ||||||
587,414 | Telefonica SA | 4,815,665 | ||||||
56,747,887 | ||||||||
SWEDEN — 2.3% | ||||||||
71,899 | Assa Abloy AB - B Shares | 1,433,871 | ||||||
5,935,059 | Atlas Copco AB - A Shares(b) | 146,963,427 | ||||||
91,396 | Atlas Copco AB - B Shares | 2,094,853 | ||||||
68,214 | Boliden AB | 1,559,034 | ||||||
84,259 | Electrolux AB - Series B | 1,751,262 | ||||||
7,470,055 | Epiroc AB - A Shares(a)(b) | 65,597,616 | ||||||
37,787 | Epiroc AB - B Shares(a) | 311,466 | ||||||
62,599 | Essity AB- Class B | 1,428,993 | ||||||
174,428 | Hennes & Mauritz AB - B Shares | 3,082,890 | ||||||
26,629 | Hexagon AB - B Shares | 1,305,385 | ||||||
139,797 | Husqvarna AB - B Shares | 1,055,908 | ||||||
69,002 | Industrivarden AB - C Shares | 1,434,156 | ||||||
63,102 | Kinnevik AB - Class B | 1,750,774 | ||||||
123,324 | Lundin Petroleum AB | 3,765,289 | ||||||
3,004 | Modern Times Group MTG AB - Class B | 111,019 | ||||||
192,468 | Sandvik AB | 3,047,553 | ||||||
110,042 | SKF AB - B Shares | 1,767,666 | ||||||
11,659,152 | Svenska Handelsbanken AB - A Shares(b) | 126,820,344 | ||||||
93,964 | Swedbank AB - A Shares | 2,116,235 | ||||||
45,592 | Swedish Match AB | 2,323,156 | ||||||
319,642 | Telefonaktiebolaget LM Ericsson - B Shares | 2,786,649 | ||||||
205,163 | Volvo AB - B Shares | 3,066,970 | ||||||
375,574,516 | ||||||||
SWITZERLAND — 1.6% | ||||||||
191,128 | ABB Ltd. | 3,852,354 | ||||||
28,296 | Adecco Group AG | 1,386,213 | ||||||
753 | Barry Callebaut AG | 1,472,131 |
Shares | Value | |||||||
SWITZERLAND (continued) | ||||||||
1,553 | CHUBB Ltd. | $ | 193,985 | |||||
37,777 | Cie Financiere Richemont SA | 2,764,399 | ||||||
381,247 | Coca-Cola HBC AG - CDI | 11,256,862 | ||||||
176,774 | Credit Suisse Group | 2,320,362 | ||||||
10,001 | Dufry AG | 1,127,552 | ||||||
2,039 | EMS-Chemie Holding AG | 1,123,611 | ||||||
3,828 | Geberit AG | 1,498,665 | ||||||
940 | Givaudan SA | 2,281,050 | ||||||
49,676 | LafargeHolcim Ltd. | 2,300,934 | ||||||
1,966,564 | Nestle SA | 166,205,558 | ||||||
223,318 | Novartis AG | 19,565,686 | ||||||
15,709 | Pargesa Holding SA | 1,153,434 | ||||||
2,683 | Partners Group Holding AG | 1,911,386 | ||||||
78,795 | Roche Holding AG | 19,175,549 | ||||||
7,300 | Schindler Holding AG | 1,539,512 | ||||||
805 | SGS SA | 1,911,891 | ||||||
13,143 | Sika AG | 1,686,021 | ||||||
7,458 | Sonova Holding AG | 1,218,502 | ||||||
71,037 | STMicroelectronics NV | 1,079,768 | ||||||
5,466 | Swiss Life Holding AG | 2,063,420 | ||||||
17,250 | Swiss Re AG | 1,557,921 | ||||||
3,834 | Swisscom AG | 1,756,449 | ||||||
10,398 | Temenos Group AG | 1,429,899 | ||||||
316,872 | UBS Group AG | 4,433,030 | ||||||
11,227 | Zurich Financial Services AG | 3,491,333 | ||||||
261,757,477 | ||||||||
TAIWAN — 0.9% | ||||||||
995,740 | Airtac International Group | 8,575,921 | ||||||
7,632,561 | Chunghwa Telecom Co. Ltd. | 27,009,838 | ||||||
1,120,904 | Eclat Textile Co. Ltd. | 13,312,614 | ||||||
556,719 | Formosa Petrochemical Corp. | 2,194,995 | ||||||
2,813,020 | Hon Hai Precision Industry Co. Ltd. | 7,163,687 | ||||||
83,000 | Largan Precision Co. Ltd. | 8,985,877 | ||||||
2,554,540 | Novatek Microelectronics Corp. | 11,268,937 | ||||||
6,163,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 46,606,405 | ||||||
8,657,496 | Uni-President Enterprises Corp. | 20,956,160 | ||||||
3,812,853 | Vanguard International Semiconductor Corp. | 7,023,644 | ||||||
153,098,078 | ||||||||
THAILAND — 0.6% | ||||||||
16,186,000 | Airports of Thailand Public Co. Ltd. | 31,248,989 | ||||||
24,548,000 | CP ALL Public Co. Ltd. | 49,799,487 | ||||||
3,918,900 | Siam Commercial Bank Public Co. Ltd. | 16,254,864 | ||||||
97,303,340 | ||||||||
TURKEY — 0.0% | ||||||||
4,379,553 | Soda Sanayii AS | 5,312,253 | ||||||
UNITED ARAB EMIRATES — 0.2% | ||||||||
18,544,502 | Dana Gas PJSC | 5,805,964 | ||||||
561,515 | DP World Ltd. | 10,101,655 |
40 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED ARAB EMIRATES (continued) | ||||||||
6,401,243 | Emaar Properties PJSC | $ | 8,887,832 | |||||
24,795,451 | ||||||||
UNITED KINGDOM — 6.1% | ||||||||
560,755 | Abcam Plc(b) | 8,601,086 | ||||||
421,768 | ASOS Plc(a) | 29,413,513 | ||||||
7,860,348 | BP Plc | 56,997,193 | ||||||
39,043 | Coca-Cola European Partners Plc | 1,776,066 | ||||||
10,282,346 | Compass Group Plc(b) | 202,400,624 | ||||||
111,658 | Fiat Chrysler Automobiles NV(a) | 1,701,005 | ||||||
212,852 | International Consolidated Airlines Group SA | 1,644,203 | ||||||
268,273 | John Wood Group Plc | 2,449,039 | ||||||
2,536,501 | Reckitt Benckiser Group Plc(b) | 205,325,760 | ||||||
12,502,773 | RELX Plc(b) | 247,395,989 | ||||||
120,779 | TechnipFMC Plc | 3,176,488 | ||||||
45,459 | TechnipFMC Plc | 1,213,078 | ||||||
295,104 | Travelport Worldwide, Ltd. | 4,414,756 | ||||||
459,656 | Ultra Electronics Holdings Plc(b) | 8,448,716 | ||||||
4,149,622 | Unilever NV | 223,369,599 | ||||||
998,327,115 | ||||||||
UNITED STATES — 48.2% | ||||||||
164,503 | Aaron’s, Inc. | 7,753,026 | ||||||
56,000 | ABIOMED, Inc.(a) | 19,107,200 | ||||||
593 | Affiliated Managers Group, Inc. | 67,400 | ||||||
4,975 | Aflac, Inc. | 214,273 | ||||||
1,365,832 | AGNC Investment Corp. REIT | 24,366,443 | ||||||
201,000 | Align Technology, Inc.(a) | 44,461,200 | ||||||
2,314 | Allstate Corp. (The) | 221,496 | ||||||
5,694 | Ally Financial Inc. | 144,685 | ||||||
36,500 | Alphabet, Inc. - Class A(a) | 39,806,170 | ||||||
234,000 | Alphabet, Inc. - Class C(a) | 251,964,180 | ||||||
179,900 | Amazon.com, Inc.(a) | 287,481,999 | ||||||
471,114 | Amdocs Ltd. | 29,807,383 | ||||||
1,380 | American Express Co. | 141,767 | ||||||
2,993 | American International Group, Inc. | 123,581 | ||||||
864 | Ameriprise Financial, Inc. | 109,935 | ||||||
205,894 | Anadarko Petroleum Corp. | 10,953,561 | ||||||
1,246,587 | Annaly Capital Management, Inc. REIT | 12,303,814 | ||||||
82,414 | Antero Resources Corp.(a) | 1,309,558 | ||||||
388,500 | Anthem, Inc. | 107,058,945 | ||||||
150,360 | Apache Corp. | 5,688,119 | ||||||
847,030 | Apollo Commercial Real Estate Finance, Inc. REIT | 15,847,931 | ||||||
1,030,809 | Apple, Inc. | 225,602,858 | ||||||
191,750 | Assurant, Inc. | 18,640,018 | ||||||
2,703 | Athene Holding Ltd. - Class A(a) | 123,581 | ||||||
1,407,000 | Automatic Data Processing, Inc. | 202,720,560 | ||||||
120,880 | AutoZone, Inc.(a) | 88,661,854 | ||||||
166,574 | Baker Hughes a GE Co. | 4,445,860 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
3,041,568 | Ball Corp. | $ | 136,262,246 | |||||
32,117 | Bank of America Corp. | 883,218 | ||||||
2,200,832 | Bank of New York Mellon Corp. (The) | 104,165,379 | ||||||
2,600 | BB&T Corp. | 127,816 | ||||||
922,000 | Becton Dickinson and Co. | 212,521,000 | ||||||
1,247,390 | Berkshire Hathaway, Inc. - Class B(a) | 256,064,219 | ||||||
153,083 | Big Lots, Inc. | 6,356,006 | ||||||
336,000 | BioMarin Pharmaceutical, Inc.(a) | 30,969,120 | ||||||
520 | BlackRock, Inc. | 213,938 | ||||||
111,500 | Booking Holdings, Inc.(a) | 209,015,670 | ||||||
407,168 | Brinker International, Inc. | 17,650,733 | ||||||
191,689 | Brown & Brown, Inc. | 5,401,796 | ||||||
169,991 | Cabot Oil & Gas Corp. | 4,118,882 | ||||||
2,215 | Capital One Financial Corp. | 197,800 | ||||||
375 | CBOE Global Markets, Inc. | 42,319 | ||||||
1,398,756 | Charles Schwab Corp. (The) | 64,678,477 | ||||||
265,067 | Cheesecake Factory, Inc. (The) | 12,813,339 | ||||||
70,617 | Cheniere Energy, Inc.(a) | 4,265,973 | ||||||
1,977,319 | Chevron Corp. | 220,767,666 | ||||||
40,494 | Cimarex Energy Co. | 3,218,058 | ||||||
520 | Cincinnati Financial Corp. | 40,893 | ||||||
1,453,315 | Citigroup, Inc. | 95,134,000 | ||||||
4,537 | Citizens Financial Group Inc. | 169,457 | ||||||
192,591 | Clorox Co. (The) | 28,590,134 | ||||||
1,466 | CME Group, Inc. | 268,630 | ||||||
2,802,400 | Colgate-Palmolive Co. | 166,882,920 | ||||||
56,640 | Concho Resources, Inc.(a) | 7,878,058 | ||||||
467,210 | ConocoPhillips | 32,657,979 | ||||||
41,496 | Continental Resources, Inc.(a) | 2,186,009 | ||||||
505,200 | Costco Wholesale Corp. | 115,503,876 | ||||||
166,197 | Cracker Barrel Old Country Store, Inc. | 26,372,140 | ||||||
390,400 | Cummins, Inc. | 53,363,776 | ||||||
313,980 | Darden Restaurants, Inc. | 33,454,569 | ||||||
207,379 | Devon Energy Corp. | 6,719,080 | ||||||
36,460 | Diamondback Energy, Inc. | 4,096,646 | ||||||
1,901 | Discover Financial Services | 132,443 | ||||||
483 | East West Bancorp, Inc. | 25,329 | ||||||
1,469 | Eaton Vance Corp. | 66,178 | ||||||
503,000 | Edwards Lifesciences Corp.(a) | 74,242,800 | ||||||
230,747 | EOG Resources, Inc. | 24,306,889 | ||||||
107,055 | EPAM Systems, Inc.(a) | 12,789,861 | ||||||
98,936 | EQT Corp. | 3,360,856 | ||||||
600,029 | Equity Commonwealth REIT | 17,868,864 | ||||||
240,220 | Exelon Corp. | 10,524,038 | ||||||
3,536,433 | Exxon Mobil Corp. | 281,782,981 | ||||||
243,000 | Facebook, Inc. - Class A(a) | 36,884,970 | ||||||
6,321 | Fifth Third Bancorp | 170,604 | ||||||
1,081 | Franklin Resources, Inc. | 32,971 | ||||||
173,023 | Fresh Del Monte Produce, Inc. | 5,714,950 | ||||||
108,254 | FTI Consulting, Inc.(a) | 7,481,434 | ||||||
1,196 | Goldman Sachs Group, Inc. (The) | 269,543 |
41 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
314,075 | Guess?, Inc. | $ | 6,670,953 | |||||
357,819 | Halliburton Co. | 12,409,163 | ||||||
33,715 | Helmerich & Payne, Inc. | 2,100,107 | ||||||
102,981 | Hess Corp. | 5,911,109 | ||||||
74,989 | HollyFrontier Corp. | 5,057,258 | ||||||
4,087,600 | HP, Inc. | 98,674,664 | ||||||
3,684 | Huntington Bancshares, Inc. | 52,792 | ||||||
212,000 | Illumina, Inc.(a) | 65,963,800 | ||||||
1,179 | Intercontinental Exchange, Inc. | 90,830 | ||||||
751,700 | International Business Machines Corp. | 86,768,731 | ||||||
6,294 | Invesco, Ltd.(b) | 136,643 | ||||||
217,859 | Jabil, Inc. | 5,387,653 | ||||||
1,034 | Jefferies Financial Group, Inc. | 22,200 | ||||||
1,416,300 | Johnson & Johnson | 198,267,837 | ||||||
1,402,749 | JPMorgan Chase & Co. | 152,927,696 | ||||||
766,037 | Kinder Morgan, Inc. | 13,037,950 | ||||||
2,129,000 | Kraft Heinz Co. (The) | 117,031,130 | ||||||
567,000 | Las Vegas Sands Corp. | 28,934,010 | ||||||
2,395 | Lincoln National Corp. | 144,155 | ||||||
463,300 | Lockheed Martin Corp. | 136,140,705 | ||||||
2,027 | Loews Corp. | 94,377 | ||||||
329,762 | Luminex Corp. | 9,487,253 | ||||||
306,842 | Marathon Oil Corp. | 5,826,930 | ||||||
289,689 | Marathon Petroleum Corp. | 20,408,590 | ||||||
169,000 | Markel Corp.(a)(b) | 184,757,560 | ||||||
1,691 | Marsh & McLennan Cos., Inc. | 143,312 | ||||||
1,301,000 | Mastercard, Inc. - Class A | 257,168,670 | ||||||
5,293 | MetLife, Inc. | 218,019 | ||||||
2,901,021 | MFA Financial, Inc. REIT | 20,104,076 | ||||||
1,715,700 | Mondelez International, Inc. - Class A | 72,025,086 | ||||||
576 | Moody’s Corp. | 83,796 | ||||||
5,636 | Morgan Stanley | 257,340 | ||||||
269,467 | Motorola Solutions, Inc. | 33,025,876 | ||||||
614 | MSCI, Inc. | 92,333 | ||||||
136,332 | National Oilwell Varco, Inc. | 5,017,018 | ||||||
451,000 | Netflix, Inc.(a) | 136,102,780 | ||||||
1,740,317 | New York Community Bancorp, Inc. | 16,672,237 | ||||||
78,727 | Newfield Exploration Co.(a) | 1,590,285 | ||||||
982,000 | NIKE, Inc. - Class B | 73,689,280 | ||||||
339,467 | NiSource, Inc. | 8,608,883 | ||||||
175,269 | Noble Energy, Inc. | 4,355,435 | ||||||
1,976,234 | Occidental Petroleum Corp. | 132,546,014 | ||||||
161,832 | ONEOK, Inc. | 10,616,179 | ||||||
1,498,520 | Oracle Corp. | 73,187,717 | ||||||
300,000 | Parker-Hannifin Corp. | 45,489,000 | ||||||
74,292 | Parsley Energy, Inc. - Class A(a) | 1,739,919 | ||||||
4,450 | People’s United Financial, Inc. | 69,687 | ||||||
1,330,500 | PepsiCo, Inc. | 149,521,590 | ||||||
1,892,300 | Philip Morris International, Inc. | 166,654,861 | ||||||
174,657 | Phillips 66 | 17,958,233 | ||||||
65,567 | Pioneer Natural Resources Co. | 9,656,052 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
1,979 | PNC Financial Services Group, Inc. (The) | $ | 254,282 | |||||
123,933 | Post Holdings, Inc.(a) | 10,958,156 | ||||||
2,878 | Principal Financial Group, Inc. | 135,467 | ||||||
135,006 | Procter & Gamble Co. (The) | 11,972,332 | ||||||
1,941 | Progressive Corp. (The) | 135,288 | ||||||
2,513 | Prudential Financial, Inc. | 235,669 | ||||||
1,730,777 | Quest Diagnostics, Inc.(b) | 162,883,423 | ||||||
123,000 | Regeneron Pharmaceuticals, Inc.(a) | 41,726,520 | ||||||
995 | Reinsurance Group of America, Inc. | 141,658 | ||||||
179,522 | RenaissanceRe Holdings Ltd. | 21,930,408 | ||||||
268,506 | Republic Services, Inc. | 19,515,016 | ||||||
838 | S&P Global, Inc. | 152,784 | ||||||
181,000 | Sarepta Therapeutics, Inc.(a) | 24,210,560 | ||||||
541,147 | Schlumberger Ltd. | 27,766,253 | ||||||
448 | SEI Investments Co. | 23,946 | ||||||
198,508 | Spire, Inc. | 14,407,711 | ||||||
24,151 | Stamps.com, Inc.(a) | 4,882,608 | ||||||
632,000 | Starbucks Corp. | 36,826,640 | ||||||
1,511,196 | Starwood Property Trust, Inc., REIT | 32,823,177 | ||||||
546 | State Street Corp. | 37,538 | ||||||
2,393 | SunTrust Banks, Inc. | 149,945 | ||||||
177 | SVB Financial Group(a) | 41,990 | ||||||
4,203 | Synchrony Financial | 121,383 | ||||||
1,323 | T Rowe Price Group, Inc. | 128,318 | ||||||
74,393 | Targa Resources Corp. | 3,843,886 | ||||||
229,528 | Target Corp. | 19,195,427 | ||||||
1,988,000 | Texas Instruments, Inc. | 184,546,040 | ||||||
337,200 | TJX Cos., Inc. (The) | 37,051,536 | ||||||
1,660 | Torchmark Corp. | 140,536 | ||||||
467,200 | Union Pacific Corp. | 68,313,984 | ||||||
650,101 | UnitedHealth Group, Inc. | 169,903,896 | ||||||
737 | Unum Group | 26,724 | ||||||
4,386,136 | US Bancorp | 229,263,329 | ||||||
43,504 | Vail Resorts, Inc. | 10,933,425 | ||||||
176,042 | Valero Energy Corp. | 16,035,666 | ||||||
3,722,200 | Verizon Communications, Inc. | 212,500,398 | ||||||
741,000 | Visa, Inc. - Class A | 102,146,850 | ||||||
1,438,800 | Wabtec Corp.(b) | 118,010,376 | ||||||
1,230,300 | Walt Disney Co. (The) | 141,275,349 | ||||||
254,867 | Waste Connections, Inc. | 19,482,033 | ||||||
15,432 | Wells Fargo & Co. | 821,445 | ||||||
304,483 | Williams Cos., Inc. (The) | 7,408,071 | ||||||
519,000 | Workday, Inc. - Class A(a) | 69,037,380 | ||||||
657 | Zions Bancorp NA | 30,912 | ||||||
7,952,160,039 | ||||||||
Total Common Stocks (Cost $11,884,876,670) | 14,365,783,827 | |||||||
42 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
MASTER LIMITED PARTNERSHIPS — 0.0% | ||||||||
UNITED STATES — 0.0% | ||||||||
73,590 | Plains GP Holdings LP - Class A | $ | 1,572,618 | |||||
Total Master Limited Partnerships (Cost $1,910,540) | 1,572,618 | |||||||
PREFERRED STOCKS — 1.2% | ||||||||
BRAZIL — 0.1% | ||||||||
1,457,776 | Petroleo Brasileiro SA | 10,815,315 | ||||||
GERMANY — 0.0% | ||||||||
13,291 | Henkel AG & Co. KGaA | 1,453,912 | ||||||
120,471 | Schaeffler AG | 1,273,358 | ||||||
11,377 | Volkswagen AG | 1,916,935 | ||||||
4,644,205 | ||||||||
SOUTH KOREA — 1.1% | ||||||||
5,345,000 | Samsung Electronics Co. Ltd.(b) | 167,683,515 | ||||||
11,263 | Samsung Electronics Co. Ltd. - GDR | 8,833,580 | ||||||
176,517,095 | ||||||||
Total Preferred Stocks (Cost $170,719,576) | 191,976,615 | |||||||
RIGHTS/WARRANTS — 0.0% | ||||||||
SPAIN — 0.0% | ||||||||
1,797,411 | Banco Santander SA(a) | 69,829 | ||||||
Total Rights/Warrants (Cost $72,384) | 69,829 | |||||||
Principal | ||||||||
Amount | ||||||||
U.S. GOVERNMENT AGENCIES — 1.3% | ||||||||
Federal Home Loan Bank — 1.3% | ||||||||
$ | 50,000,000 | 2.18%, 11/26/14(c) | 49,924,300 | |||||
50,000,000 | 2.14%, 11/15/18(c) | 49,957,600 | ||||||
108,000,000 | 2.20%, 12/12/18(c) | 107,725,680 | ||||||
10,000,000 | 2.32%, 01/25/19(c) | 9,945,690 | ||||||
Total U.S. Government Agencies (Cost $217,558,286) | 217,553,270 |
Shares | Value | |||||||
EXCHANGE-TRADED FUNDS — 9.5% | ||||||||
1,560,800 | Communication Services Select Sector SPDR Fund | $ | 71,859,232 | |||||
2,037,700 | Consumer Discretionary Select Sector SPDR Fund | 214,732,826 | ||||||
306,660 | iShares Edge MSCI USA Momentum Factor ETF | 32,895,418 | ||||||
298,000 | iShares Nasdaq Biotechnology ETF | 31,012,860 | ||||||
1,895,925 | iShares S&P 500 Index Fund | 517,132,503 | ||||||
311,200 | iShares US Technology ETF(b) | 55,259,784 | ||||||
2,652,500 | Technology Select Sector SPDR Fund | 183,818,250 | ||||||
8,779,175 | VanEck Vectors Gold Miners ETF | 166,189,783 | ||||||
1,608,555 | VanEck Vectors Junior Gold Miners ETF | 43,945,723 | ||||||
1,337,000 | Vanguard Information Technology ETF(b) | 247,866,430 | ||||||
Total Exchange-Traded Funds (Cost $1,577,119,521) | 1,564,712,809 | |||||||
INVESTMENT COMPANY — 1.0% | ||||||||
168,199,714 | Federated Government Obligations Fund, 1.82%(d) | 168,199,714 | ||||||
Total Investment Company (Cost $168,199,713) | 168,199,714 | |||||||
TOTAL INVESTMENTS — 100.1% (Cost $14,020,456,690) | $ | 16,509,868,682 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (10,720,072 | ) | ||||||
NET ASSETS — 100.0% | $ | 16,499,148,610 |
(a) | Non-income producing security. |
(b) | This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $1,518,328,675 or 9.20% of net assets. |
(c) | The rate represents the annualized yield at time of purchase. |
(d) | The rate shown represents the current yield as of October 31, 2018. |
The following abbreviations are used in the report:
ADR-American Depositary Receipt
CDI-Chess Depositary Interests
ETF-Exchange Traded Fund
GDR-Global Depositary Receipt
REIT-Real Estate Investment Trust
43 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments | October 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
Banks — 7.2% | ||||||||
33,133 | Bancolombia SA | $ | 305,653 | |||||
629,900 | Bank of China Ltd. - H Shares | 268,284 | ||||||
191,493 | Bank of Communications Co. Ltd. - H Shares | 143,584 | ||||||
2,158 | Bank of Montreal | 161,352 | ||||||
462,122 | China CITIC Bank Corp. Ltd. - H Shares | 285,808 | ||||||
325,590 | China Construction Bank Corp. - H Shares | 258,248 | ||||||
172,983 | China Minsheng Banking Corp. Ltd. - H Shares | 127,499 | ||||||
7,579 | DNB ASA | 137,153 | ||||||
212,394 | Industrial & Commercial Bank of China Ltd. - H Shares | 143,547 | ||||||
4,021 | ING Groep NV | 47,730 | ||||||
82,885 | Mizuho Financial Group, Inc. | 142,506 | ||||||
2,600 | Toronto-Dominion Bank (The) | 144,235 | ||||||
2,165,599 | ||||||||
Communication Services — 4.5% | ||||||||
16,090 | China Mobile Ltd. | 150,396 | ||||||
9,505 | Comcast Corp. - Class A | 362,521 | ||||||
10,435 | NTT DOCOMO, Inc. | 263,060 | ||||||
352 | Swisscom AG | 161,260 | ||||||
255,063 | Telecom Italia SpA/Milano(a) | 149,995 | ||||||
2,902 | Verizon Communications, Inc. | 165,675 | ||||||
54,385 | Vodafone Group Plc | 102,757 | ||||||
1,355,664 | ||||||||
Consumer Discretionary — 7.7% | ||||||||
20,545 | Barratt Developments Plc | 134,980 | ||||||
2,742 | Cogeco Communications, Inc. | 134,450 | ||||||
1,026 | Cracker Barrel Old Country Store, Inc. | 162,806 | ||||||
7,006 | Electrolux AB - Series B | 145,615 | ||||||
6,003 | Industria de Diseno Textil SA | 169,506 | ||||||
68,645 | Kingfisher Plc | 223,479 | ||||||
4,732 | La-Z-Boy, Inc. | 131,550 | ||||||
5,691 | Peugeot SA | 135,557 | ||||||
2,012 | Starbucks Corp. | 117,239 | ||||||
49,246 | Super Retail Group Ltd. | 251,787 | ||||||
1,754 | Target Corp. | 146,687 | ||||||
29,088 | Truworths International Ltd. | 159,553 | ||||||
7,132 | Whitbread Plc | 401,109 | ||||||
2,314,318 | ||||||||
Consumer Staples — 5.2% | ||||||||
1,203 | Clorox Co. (The) | 178,585 | ||||||
3,708 | Coca-Cola European Partners Plc | 168,677 | ||||||
4,410 | Diageo Plc | 152,674 | ||||||
6,816 | Keurig Dr Pepper, Inc. | 177,215 | ||||||
1,350 | Kimberly-Clark Corp. | 140,805 | ||||||
2,654 | Procter & Gamble Co. (The) | 235,357 | ||||||
3,879 | Seven & I Holdings Co. Ltd. | 168,210 |
Shares | Value | |||||||
Consumer Staples (continued) | ||||||||
8,883 | Tate & Lyle Plc | $ | 76,437 | |||||
80,648 | Wal-Mart de Mexico SAB de CV | 206,213 | ||||||
502 | Walmart, Inc. | 50,341 | ||||||
1,554,514 | ||||||||
Diversified Financials — 2.2% | ||||||||
5,628 | Janus Henderson Group Plc | 138,280 | ||||||
1,647 | Morningstar, Inc. | 205,546 | ||||||
25,085 | Nomura Holdings, Inc. | 121,718 | ||||||
960 | S&P Global, Inc. | 175,027 | ||||||
640,571 | ||||||||
Energy — 7.6% | ||||||||
194,773 | CNOOC Ltd. | 334,310 | ||||||
5,429 | Enagas SA | 144,135 | ||||||
10,277 | ENI SpA | 182,821 | ||||||
46,555 | MOL Hungarian Oil & Gas Plc | 488,205 | ||||||
7,981 | Repsol SA | 143,052 | ||||||
4,652 | Royal Dutch Shell Plc - B Shares | 152,520 | ||||||
14,215 | TOTAL SA | 836,584 | ||||||
2,281,627 | ||||||||
Health Care — 15.4% | ||||||||
2,372 | Abbott Laboratories | 163,526 | ||||||
3,284 | Agilent Technologies, Inc. | 212,770 | ||||||
872 | Amgen, Inc. | 168,113 | ||||||
676 | Anthem, Inc. | 186,285 | ||||||
33,408 | Astellas Pharma, Inc. | 517,249 | ||||||
2,308 | AstraZeneca Plc | 176,710 | ||||||
3,036 | Baxter International, Inc. | 189,780 | ||||||
1,151 | Biogen, Inc.(a) | 350,215 | ||||||
1,470 | Coloplast A/S - Class B | 137,250 | ||||||
1,234 | CSL Ltd. | 164,285 | ||||||
2,401 | Danaher Corp. | 238,659 | ||||||
1,988 | Express Scripts Holding Co.(a) | 192,776 | ||||||
1,931 | Gilead Sciences, Inc. | 131,656 | ||||||
11,181 | Koninklijke Philips NV | 416,902 | ||||||
2,375 | Medtronic Plc | 213,323 | ||||||
6,415 | Novo Nordisk A/S - B Shares | 277,465 | ||||||
9,606 | Pfizer, Inc. | 413,634 | ||||||
1,482 | Quest Diagnostics, Inc. | 139,471 | ||||||
1,647 | ResMed, Inc. | 174,450 | ||||||
1,337 | Zimmer Biomet Holdings, Inc. | 151,870 | ||||||
4,616,389 | ||||||||
Industrials — 12.0% | ||||||||
3,501 | Apogee Enterprises, Inc. | 126,386 | ||||||
1,181 | Brady Corp. - Class A | 47,582 | ||||||
1,252 | Daikin Industries Ltd. | 145,633 | ||||||
1,234 | Dun & Bradstreet Corp. (The) | 175,574 | ||||||
1,486 | Eaton Corp. Plc | 106,502 | ||||||
11,633 | Hino Motors Ltd. | 111,861 | ||||||
2,497 | Implenia AG | 138,839 | ||||||
1,337 | Kansas City Southern | 136,321 | ||||||
1,691 | ManpowerGroup, Inc. | 129,006 |
44 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
Industrials (continued) | ||||||||
1,089 | Norfolk Southern Corp. | $ | 182,767 | |||||
43,792 | QinetiQ Group Plc | 155,442 | ||||||
1,875 | Regal-Beloit Corp. | 134,438 | ||||||
2,308 | Republic Services, Inc. | 167,745 | ||||||
19,899 | Royal Mail Plc | 91,311 | ||||||
9,015 | Sandvik AB | 142,744 | ||||||
12,173 | SKF AB - B Shares | 195,542 | ||||||
991 | Snap-on, Inc. | 152,555 | ||||||
3,210 | Societe BIC SA | 307,588 | ||||||
10,670 | Steelcase, Inc. - Class A | 177,121 | ||||||
3,855 | Sumitomo Heavy Industries Ltd. | 121,798 | ||||||
4,097 | Toyota Tsusho Corp. | 148,325 | ||||||
1,234 | Union Pacific Corp. | 180,435 | ||||||
7,223 | Valmet Oyj | 164,603 | ||||||
1,807 | Waste Management, Inc. | 161,672 | ||||||
3,601,790 | ||||||||
Information Technology — 22.8% | ||||||||
1,673 | Accenture Plc - Class A | 263,698 | ||||||
2,339 | Amdocs Ltd. | 147,989 | ||||||
3,362 | Apple, Inc. | 735,807 | ||||||
8,729 | Atea ASA | 115,147 | ||||||
3,560 | Atos SE | 305,561 | ||||||
372 | Avnet, Inc. | 14,906 | ||||||
1,022 | CACI International, Inc. - Class A(a) | 182,386 | ||||||
3,969 | Canon, Inc. | 113,335 | ||||||
11,116 | Cisco Systems, Inc. | 508,557 | ||||||
1,895 | Cognizant Technology Solutions Corp. - Class A | 130,812 | ||||||
4,103 | CSG Systems International, Inc. | 144,015 | ||||||
1,585 | Fidelity National Information Services, Inc. | 164,999 | ||||||
2,151 | Fujitsu Ltd. | 130,788 | ||||||
17,276 | Intel Corp. | 809,899 | ||||||
1,068 | International Business Machines Corp. | 123,279 | ||||||
934 | Intuit, Inc. | 197,073 | ||||||
5,980 | Juniper Networks, Inc. | 175,035 | ||||||
44,421 | Konica Minolta, Inc. | 441,316 | ||||||
2,401 | Leidos Holdings, Inc. | 155,537 | ||||||
3,656 | Manhattan Associates, Inc.(a) | 174,537 | ||||||
7,846 | Microsoft Corp. | 838,031 | ||||||
4,431 | Oracle Corp. | 216,410 | ||||||
2,946 | SAP SE | 315,859 | ||||||
841 | SYNNEX Corp. | 65,269 | ||||||
1,843 | Synopsys, Inc.(a) | 165,004 | ||||||
2,272 | Texas Instruments, Inc. | 210,910 | ||||||
6,846,159 | ||||||||
Insurance — 3.0% | ||||||||
2,126 | Arthur J Gallagher & Co. | 157,345 | ||||||
7,563 | AXA SA | 189,655 | ||||||
966 | Cincinnati Financial Corp. | 75,966 | ||||||
3,284 | MetLife, Inc. | 135,268 |
Shares | Value | |||||||
Insurance (continued) | ||||||||
1,962 | Prudential Financial, Inc. | $ | 183,996 | |||||
1,724 | Swiss Re AG | 155,702 | ||||||
897,932 | ||||||||
Materials — 3.9% | ||||||||
2,422 | Cabot Corp. | 117,903 | ||||||
3,034 | Domtar Corp. | 140,505 | ||||||
4,320 | Evonik Industries AG | 134,069 | ||||||
98,489 | Fortescue Metals Group Ltd. | 278,980 | ||||||
1,402 | Lyondellbasell Industries NV - Class A | 125,157 | ||||||
2,322 | Minerals Technologies, Inc. | 127,130 | ||||||
20,514 | OZ Minerals Ltd. | 131,179 | ||||||
5,283 | Teck Resources Ltd. - Class B | 109,196 | ||||||
1,164,119 | ||||||||
Real Estate — 3.6% | ||||||||
8,495 | Castellum AB | 146,532 | ||||||
92,409 | Frasers Centrepoint Trust REIT | 144,102 | ||||||
64,261 | Hang Lung Properties Ltd. | 116,362 | ||||||
22,380 | Hongkong Land Holdings Ltd. | 132,490 | ||||||
41,016 | Hyprop Investments Ltd. REIT | 250,975 | ||||||
17,931 | Link REIT | 158,915 | ||||||
40,277 | Swire Properties Ltd. | 137,391 | ||||||
1,086,767 | ||||||||
Utilities — 3.1% | ||||||||
82,575 | Centrica Plc | 155,366 | ||||||
12,839 | Cia de Saneamento Basico do Estado de Sao Paulo | 95,564 | ||||||
21,306 | Electricite de France SA | 354,259 | ||||||
4,157 | Exelon Corp. | 182,118 | ||||||
7,225 | Red Electrica Corp SA | 149,755 | ||||||
937,062 | ||||||||
Total Common Stocks (Cost $30,462,123) | 29,462,511 | |||||||
INVESTMENT COMPANY — 1.6% | ||||||||
477,425 | SEI Daily Income Trust Government II Fund, Class A, 2.01%(b) | 477,425 | ||||||
Total Investment Company (Cost $477,425) | 477,425 | |||||||
TOTAL INVESTMENTS — 99.8% (Cost $30,939,548) | $ | 29,939,936 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | 62,636 | |||||||
NET ASSETS — 100.0% | $ | 30,002,572 |
45 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
(a) | Non-income producing security. |
(b) | The rate shown represents the current yield as of October 31, 2018. |
The following abbreviation is used in the report:
REIT- Real Estate Investment Trust
46 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments | October 31, 2018 |
Shares | Percentage of Net Assets (%) | Value | ||||||||||
COMMON STOCKS — 92.3% | ||||||||||||
ARGENTINA — 0.1% | ||||||||||||
20,874 | Other Securities | 0.1 | $ | 6,773,613 | ||||||||
AUSTRALIA — 2.0% | ||||||||||||
44,262,561 | Other Securities | 2.0 | 121,209,337 | |||||||||
AUSTRIA — 0.2% | ||||||||||||
520,547 | Other Securities | 0.2 | 14,025,987 | |||||||||
BELGIUM — 0.5% | ||||||||||||
855,679 | Other Securities | 0.5 | 30,318,319 | |||||||||
BERMUDA — 0.3% | ||||||||||||
451,339 | Other Securities | 0.3 | 15,260,259 | |||||||||
BRAZIL — 0.3% | ||||||||||||
2,717,321 | Other Securities | 0.3 | 18,203,165 | |||||||||
CAMBODIA — 0.0% | ||||||||||||
320,000 | Other Securities | 0.0 | 292,172 | |||||||||
CANADA — 2.0% | ||||||||||||
800,000 | Ritchie Bros Auctioneers, Inc.(a) | 0.5 | 26,888,000 | |||||||||
8,394,415 | Other Securities | 1.5 | 94,864,190 | |||||||||
121,752,190 | ||||||||||||
CAYMAN ISLANDS — 0.0% | ||||||||||||
625,934 | Other Securities | 0.0 | 55,630 | |||||||||
CHILE — 0.0% | ||||||||||||
27,696,487 | Other Securities | 0.0 | 2,200,631 | |||||||||
CHINA — 1.9% | ||||||||||||
179,971,598 | Other Securities | 1.9 | 116,427,024 | |||||||||
COLUMBIA — 0.0% | ||||||||||||
4,176 | Other Securities | 0.0 | 54,498 | |||||||||
DENMARK — 1.0% | ||||||||||||
1,218,642 | Other Securities | 1.0 | 62,776,725 | |||||||||
EGYPT — 0.0% | ||||||||||||
2,792,455 | Other Securities | 0.0 | 2,454,924 | |||||||||
FAEROE ISLANDS — 0.0% | ||||||||||||
8,144 | Other Securities | 0.0 | 431,481 | |||||||||
FINLAND — 0.5% | ||||||||||||
2,041,211 | Other Securities | 0.5 | 30,403,670 | |||||||||
FRANCE — 1.4% | ||||||||||||
3,179,384 | Other Securities | 1.4 | 85,945,592 | |||||||||
GABON — 0.0% | ||||||||||||
260 | Other Securities | 0.0 | 41,375 | |||||||||
GEORGIA — 0.0% | ||||||||||||
15,781 | Other Securities | 0.0 | 300,763 | |||||||||
GERMANY — 1.8% | ||||||||||||
3,369,815 | Other Securities | 1.8 | 109,162,269 | |||||||||
GIBRALTAR — 0.0% | ||||||||||||
23,380 | Other Securities | 0.0 | 55,376 |
Shares | Percentage of Net Assets (%) | Value | ||||||||||
GREECE — 0.1% | ||||||||||||
4,415,901 | Other Securities | 0.1 | $ | 6,118,744 | ||||||||
HONG KONG — 1.0% | ||||||||||||
136,892,187 | Other Securities | 1.0 | 63,818,063 | |||||||||
HUNGARY — 0.0% | ||||||||||||
25,494 | Other Securities | 0.0 | 114,029 | |||||||||
ICELAND — 0.1% | ||||||||||||
17,538,516 | Other Securities | 0.1 | 5,491,856 | |||||||||
INDIA — 0.6% | ||||||||||||
22,075,899 | Other Securities | 0.6 | 36,000,962 | |||||||||
INDONESIA — 0.1% | ||||||||||||
77,114,678 | Other Securities | 0.1 | 4,566,877 | |||||||||
IRAN — 0.0% | ||||||||||||
5,111 | Other Securities | 0.0 | 10,999 | |||||||||
IRELAND — 1.7% | ||||||||||||
1,067,750 | Allegion Plc(a) | 1.4 | 91,538,208 | |||||||||
1,173,554 | Other Securities | 0.3 | 17,020,075 | |||||||||
108,558,283 | ||||||||||||
ISLE OF MAN — 0.0% | ||||||||||||
60,538 | Other Securities | 0.0 | 725,048 | |||||||||
ISRAEL — 1.0% | ||||||||||||
337,263 | Check Point Software Technologies Ltd.(b) | 0.6 | 37,436,193 | |||||||||
4,426,031 | Other Securities | 0.4 | 24,942,623 | |||||||||
62,378,816 | ||||||||||||
ITALY — 0.7% | ||||||||||||
11,646,393 | Other Securities | 0.7 | 41,802,885 | |||||||||
JAPAN — 8.2% | ||||||||||||
34,215,003 | Other Securities | 8.2 | 511,538,073 | |||||||||
JERSEY CHANNEL ISLANDS — 0.1% | ||||||||||||
652,394 | Other Securities | 0.1 | 8,691,536 | |||||||||
JORDAN — 0.0% | ||||||||||||
29,542 | Other Securities | 0.0 | 718,018 | |||||||||
LIECHTENSTEIN — 0.0% | ||||||||||||
1,192 | Other Securities | 0.0 | 143,521 | |||||||||
LUXEMBOURG — 0.1% | ||||||||||||
275,331 | Other Securities | 0.1 | 6,797,842 | |||||||||
MACAU — 0.0% | ||||||||||||
137,800 | Other Securities | 0.0 | 72,116 | |||||||||
MALAYSIA — 0.1% | ||||||||||||
10,044,571 | Other Securities | 0.1 | 6,473,561 | |||||||||
MALTA — 0.0% | ||||||||||||
54,127 | Other Securities | 0.0 | 577,400 | |||||||||
MEXICO — 0.1% | ||||||||||||
4,374,892 | Other Securities | 0.1 | 8,222,484 | |||||||||
MONACO — 0.0% | ||||||||||||
12,500 | Other Securities | 0.0 | 191,709 |
47 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Percentage of Net Assets (%) | Value | ||||||||||
MONGOLIA — 0.0% | ||||||||||||
714,500 | Other Securities | 0.0 | $ | 15,034 | ||||||||
NETHERLANDS — 0.7% | ||||||||||||
2,588,646 | Other Securities | 0.7 | 41,654,684 | |||||||||
NEW ZEALAND — 0.3% | ||||||||||||
3,810,402 | Other Securities | 0.3 | 17,495,050 | |||||||||
NIGER — 0.0% | ||||||||||||
1,321 | Other Securities | 0.0 | 86,161 | |||||||||
NORWAY — 0.9% | ||||||||||||
12,109,177 | Other Securities | 0.9 | 57,269,539 | |||||||||
PERU — 0.1% | ||||||||||||
277,159 | Other Securities | 0.1 | 3,211,976 | |||||||||
PHILIPPINES — 0.0% | ||||||||||||
10,504,520 | Other Securities | 0.0 | 2,096,391 | |||||||||
POLAND — 0.3% | ||||||||||||
5,535,976 | Other Securities | 0.3 | 15,378,282 | |||||||||
PORTUGAL — 0.2% | ||||||||||||
6,375,358 | Other Securities | 0.2 | 12,283,206 | |||||||||
PUERTO RICO — 0.0% | ||||||||||||
81,900 | Other Securities | 0.0 | 2,039,616 | |||||||||
QATAR — 0.0% | ||||||||||||
86,913 | Other Securities | 0.0 | 1,696,009 | |||||||||
RUSSIA — 0.3% | ||||||||||||
2,293,090,007 | Other Securities | 0.3 | 17,489,644 | |||||||||
SINGAPORE — 0.2% | ||||||||||||
15,228,105 | Other Securities | 0.2 | 13,287,521 | |||||||||
SLOVAKIA — 0.0% | ||||||||||||
7,570 | Other Securities | 0.0 | 63,164 | |||||||||
SLOVENIA — 0.0% | ||||||||||||
1,285 | Other Securities | 0.0 | 20,533 | |||||||||
SOUTH AFRICA — 0.3% | ||||||||||||
6,176,237 | Other Securities | 0.3 | 19,772,981 | |||||||||
SOUTH KOREA — 1.1% | ||||||||||||
4,571,267 | Other Securities | 1.1 | 69,500,273 | |||||||||
SPAIN — 0.7% | ||||||||||||
6,210,832 | Other Securities | 0.7 | 43,694,520 | |||||||||
SURINAME — 0.0% | ||||||||||||
807,611 | Other Securities | 0.0 | 1,978,579 | |||||||||
SWEDEN — 1.2% | ||||||||||||
7,675,693 | Other Securities | 1.2 | 72,747,828 | |||||||||
SWITZERLAND — 1.2% | ||||||||||||
3,582,456 | Other Securities | 1.2 | 73,890,318 | |||||||||
TAIWAN — 1.6% | ||||||||||||
149,902,511 | Other Securities | 1.6 | 96,868,517 | |||||||||
THAILAND — 0.2% | ||||||||||||
52,770,690 | Other Securities | 0.2 | 10,925,078 |
Shares | Percentage of Net Assets (%) | Value | ||||||||||
TURKEY — 0.4% | ||||||||||||
22,573,127 | Other Securities | 0.4 | $ | 25,874,258 | ||||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||||||
5,642,609 | Other Securities | 0.0 | 1,793,879 | |||||||||
UNITED KINGDOM — 5.1% | ||||||||||||
2,343,210 | Ocado Group Plc(b) | 0.4 | 25,614,024 | |||||||||
595,830 | STERIS Plc(a) | 1.1 | 65,130,177 | |||||||||
42,875,669 | Other Securities | 3.6 | 224,498,758 | |||||||||
315,242,959 | ||||||||||||
UNITED STATES — 51.6% | ||||||||||||
455,717 | Advance Auto Parts, Inc. | 1.2 | 72,805,348 | |||||||||
384,022 | ANSYS, Inc.(b) | 0.9 | 57,430,490 | |||||||||
1,143,782 | Apergy Corp.(b) | 0.7 | 44,596,060 | |||||||||
351,087 | AptarGroup, Inc. | 0.6 | 35,796,831 | |||||||||
440,832 | Argo Group International Holdings Ltd.(a) | 0.4 | 27,159,660 | |||||||||
415,000 | Avanos Medical, Inc.(b) | 0.4 | 23,489,000 | |||||||||
2,346,130 | Axalta Coating Systems Ltd.(b) | 0.9 | 57,902,488 | |||||||||
312,870 | Blackbaud, Inc. | 0.4 | 22,439,036 | |||||||||
353,000 | CONMED Corp. | 0.4 | 23,802,790 | |||||||||
397,190 | Cooper Cos., Inc. (The) | 1.6 | 102,598,149 | |||||||||
1,208,740 | CoreLogic, Inc.(a)(b) | 0.8 | 49,099,019 | |||||||||
858,965 | Dover Corp. | 1.1 | 71,156,661 | |||||||||
454,365 | Harris Corp. | 1.1 | 67,568,619 | |||||||||
211,400 | Helen of Troy Ltd.(b) | 0.4 | 26,238,968 | |||||||||
359,260 | IDEX Corp. | 0.7 | 45,561,353 | |||||||||
545,179 | Ingredion, Inc. | 0.9 | 55,161,211 | |||||||||
563,400 | Integra LifeScience Holdings Corp.(b) | 0.5 | 30,181,338 | |||||||||
294,170 | JM Smucker Co. (The) | 0.5 | 31,864,494 | |||||||||
225,000 | John Bean Technologies Corp. | 0.4 | 23,393,250 | |||||||||
450,000 | John Wiley & Sons, Inc. - Class A | 0.4 | 24,408,000 | |||||||||
1,372,790 | KAR Auction Services, Inc.(a) | 1.3 | 78,166,663 | |||||||||
453,930 | Laboratory Corp of America Holdings(b) | 1.2 | 72,878,462 | |||||||||
837,290 | LogMeln, Inc. | 1.2 | 72,107,415 | |||||||||
200,400 | MSA Safety, Inc. | 0.3 | 20,929,776 | |||||||||
903,250 | Nasdaq, Inc. | 1.3 | 78,320,808 | |||||||||
313,400 | Navigators Group, Inc. (The) | 0.3 | 21,671,610 | |||||||||
245,000 | New Relic, Inc.(b) | 0.3 | 21,866,250 | |||||||||
345,000 | Okta, Inc.(b) | 0.3 | 20,134,200 | |||||||||
1,035,000 | Pure Storage, Inc. - Class A(b) | 0.3 | 20,886,300 | |||||||||
8,802,540 | Samsonite International SA(a) | 0.4 | 25,256,110 | |||||||||
400,000 | Sensient Technologies Corp. | 0.4 | 25,944,000 | |||||||||
936,010 | SIX Flags Entertainment Corp. | 0.8 | 50,413,499 | |||||||||
153,857 | Snap-on, Inc. | 0.4 | 23,684,747 |
48 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Percentage of Net Assets (%) | Value | ||||||||||
UNITED STATES (continued) | ||||||||||||
414,500 | Synopsys, Inc.(b) | 0.6 | $ | 37,110,185 | ||||||||
345,701 | Teladoc, Inc.(b) | 0.4 | 23,970,907 | |||||||||
260,673 | Teleflex, Inc. | 1.0 | 62,754,418 | |||||||||
330,000 | UMB Financial Corp. | 0.3 | 21,070,500 | |||||||||
496,600 | Verisk Analytics, Inc.(b) | 1.0 | 59,512,544 | |||||||||
238,191 | Waters Corp.(b) | 0.7 | 45,182,451 | |||||||||
198,150 | Wayfair, Inc. - Class A(b) | 0.3 | 21,853,964 | |||||||||
1,400,000 | Welbilt, Inc.(b) | 0.4 | 26,208,000 | |||||||||
500,300 | West Pharmaceutical Services, Inc.(a) | 0.9 | 52,991,776 | |||||||||
992,960 | Worldpay, Inc. - Class A(b) | 1.5 | 91,193,446 | |||||||||
835,220 | Wyndham Destinations, Inc. | 0.5 | 29,967,694 | |||||||||
1,360,113 | Wyndham Hotels & Resorts, Inc.(a) | 1.1 | 67,039,970 | |||||||||
36,005,016 | Other Securities | 20.1 | 1,249,077,480 | |||||||||
3,212,845,940 | ||||||||||||
VIETNAM — 0.0% | ||||||||||||
1,778,351 | Other Securities | 0.0 | 1,393,278 | |||||||||
Total Common Stocks (Cost $4,939,062,963) | 5,741,773,040 | |||||||||||
INVESTMENT COMPANY — 0.2% | ||||||||||||
11,060,948 | SEI Daily Income Trust Government II Fund, Class A 2.01%(c) | 0.2 | 11,060,948 | |||||||||
Total Investment Company (Cost $11,060,948) | 11,060,948 | |||||||||||
EXCHANGE-TRADED FUNDS — 5.2% | ||||||||||||
163,700 | iShares Edge MSCI USA Momentum Factor ETF | 0.3 | 17,560,099 | |||||||||
1,140,400 | iShares Global Energy ETF(a) | 0.6 | 38,978,872 | |||||||||
2,550,030 | SPDR S&P Oil & Gas Exploration & Production ETF | 1.5 | 91,979,582 | |||||||||
2,178,600 | VanEck Vectors Gold Miners ETF | 0.7 | 41,240,898 | |||||||||
2,606,365 | VanEck Vectors Junior Gold Miners ETF | 1.1 | 71,205,892 | |||||||||
2,104,400 | VanEck Vectors Oil Services ETF | 0.7 | 43,266,464 | |||||||||
242,275 | Vanguard Energy ETF | 0.3 | 22,381,365 | |||||||||
Total Exchange-Traded Funds (Cost $365,062,483) | 326,613,172 | |||||||||||
RIGHTS/WARRANTS — 0.0% | ||||||||||||
AUSTRALIA — 0.0% | ||||||||||||
3,420 | Other Securities | 0.0 | — | |||||||||
AUSTRIA — 0.0% | ||||||||||||
9,812 | Other Securities | 0.0 | — |
Shares | Percentage of Net Assets (%) | Value | ||||||||||
INDIA — 0.0% | ||||||||||||
92 | Other Securities | 0.0 | $ | 78 | ||||||||
INDONESIA — 0.0% | ||||||||||||
796,300 | Other Securities | 0.0 | 16,133 | |||||||||
JAPAN — 0.0% | ||||||||||||
7,700 | Other Securities | 0.0 | 5,323 | |||||||||
NORWAY — 0.0% | ||||||||||||
3,919 | Other Securities | 0.0 | 2,487 | |||||||||
SINGAPORE — 0.0% | ||||||||||||
169,647 | Other Securities | 0.0 | — | |||||||||
SOUTH KOREA — 0.0% | ||||||||||||
10,635 | Other Securities | 0.0 | 1,643 | |||||||||
SPAIN — 0.0% | ||||||||||||
4,430 | Other Securities | 0.0 | 17,813 | |||||||||
SWEDEN — 0.0% | ||||||||||||
10,203 | Other Securities | 0.0 | 1,599 | |||||||||
TAIWAN — 0.0% | ||||||||||||
304,711 | Other Securities | 0.0 | — | |||||||||
198,265 | Other Securities | 0.0 | — | |||||||||
5,243 | Other Securities | 0.0 | — | |||||||||
— | ||||||||||||
THAILAND — 0.0% | ||||||||||||
76,520 | Other Securities | 0.0 | 923 | |||||||||
UNITED KINGDOM — 0.0% | ||||||||||||
128,742 | Other Securities | 0.0 | 17,822 | |||||||||
53,055 | Other Securities | 0.0 | — | |||||||||
17,822 | ||||||||||||
UNITED STATES — 0.0% | ||||||||||||
9,600 | Other Securities | 0.0 | — | |||||||||
Total Rights/Warrants (Cost $13,838) | 63,821 | |||||||||||
Principal Amount | ||||||||||||
U.S. GOVERNMENT AGENCIES — 1.3% | ||||||||||||
Federal Home Loan Bank — 1.3% | ||||||||||||
24,000,000 | 2.05%, 11/01/2018(d) | 0.4 | 24,000,000 | |||||||||
24,000,000 | 2.20%, 12/12/2018(d) | 0.4 | 23,939,040 | |||||||||
35,000,000 | 2.32%, 01/25/2019(d) | 0.5 | 34,809,915 | |||||||||
Total U.S. Government Agencies (Cost $82,749,520) | 82,748,955 |
49 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||||||
CASH SWEEP — 0.6% | ||||||||||||
37,572,292 | Citibank - US Dollars on Deposit in Custody Account, 0.12%0.12%(c) | 0.6 | $ | 37,572,292 | ||||||||
Total Cash Sweep (Cost $37,572,292) | 37,572,292 | |||||||||||
TOTAL INVESTMENTS — 99.6% (Cost $5,435,522,044) | $ | 6,199,832,228 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% | 22,659,830 | |||||||||||
NET ASSETS — 100.0% | $ | 6,222,492,058 |
(a) | This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $175,612,066 or 2.82% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown represents the current yield as of October 31, 2018. |
(d) | The rate represents the annualized yield at time of purchase. |
This Condensed Portfolio of Investments does not reflect the complete portfolio holdings of the Fund. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete Portfolio of Investments is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov.
Level 3 common stocks and rights with a value of $609,629 (cost of $6,013,920) or 0.01% of net assets were fair valued by the Board of Directors.
Portfolio Diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Industrials | 17.9 | % | ||
Health Care | 16.3 | |||
Information Technology | 14.9 | |||
Consumer Discretionary | 12.9 | |||
Materials | 7.5 | |||
Consumer Staples | 5.6 | |||
Banks | 5.0 | |||
Energy | 4.3 | |||
Diversified Financials | 3.3 | |||
Insurance | 2.6 | |||
Real Estate | 2.4 | |||
Utilities | 1.3 | |||
Telecommunication Services | 0.7 | |||
Other* | 5.3 | |||
Total | 100.0 | % |
* | Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
50 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments | October 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 10.0% | ||||||||
AUSTRALIA — 0.1% | ||||||||
863,787 | St Barbara Ltd. | $ | 2,544,634 | |||||
BERMUDA — 0.2% | ||||||||
34,161 | Aspen Insurance Holdings Ltd. | 1,430,663 | ||||||
82,284 | Axis Capital Holdings Ltd. | 4,590,624 | ||||||
31,501 | RenaissanceRe Holdings Ltd. | 3,848,162 | ||||||
9,869,449 | ||||||||
CANADA — 0.2% | ||||||||
77,526 | Canadian Apartment Properties REIT | 2,756,650 | ||||||
297,711 | Peyto Exploration & Development Corp. | 2,428,817 | ||||||
128,689 | Thomson Reuters Corp. | 5,989,422 | ||||||
66,944 | Tourmaline Oil Corp. | 976,357 | ||||||
12,151,246 | ||||||||
CHINA — 0.3% | ||||||||
5,746,000 | China Lesso Group Holdings Ltd. | 3,026,158 | ||||||
8,703,000 | China SCE Group Holdings Ltd. | 2,963,167 | ||||||
3,548,500 | China Shenhua Energy Co. Ltd. - H Shares | 8,036,440 | ||||||
14,025,765 | ||||||||
DENMARK — 0.1% | ||||||||
8,485 | ALK-Abello AS(a) | 1,360,300 | ||||||
44,353 | H. Lundbeck A/S | 2,071,230 | ||||||
3,431,530 | ||||||||
EGYPT — 0.1% | ||||||||
1,932,855 | Eastern Tobacco | 1,735,471 | ||||||
1,509,770 | ElSewedy Electric Co. | 1,278,081 | ||||||
3,013,552 | ||||||||
FRANCE — 0.1% | ||||||||
42,324 | Air Liquide SA | 5,129,368 | ||||||
GERMANY — 0.1% | ||||||||
45,642 | SAP SE | 4,893,556 | ||||||
HONG KONG — 0.3% | ||||||||
4,772,000 | Anxin-China Holdings Ltd.(a),(b),(c) | 43,935 | ||||||
2,619,000 | Hong Kong & China Gas Co. Ltd. | 4,996,237 | ||||||
37,500 | Jardine Matheson Holdings Ltd. | 2,164,125 | ||||||
155,500 | VTech Holdings Ltd. | 1,824,291 | ||||||
1,996,500 | Yue Yuen Industrial Holdings Ltd. | 5,461,005 | ||||||
14,489,593 | ||||||||
INDIA — 0.0% | ||||||||
52,322 | Motherson Sumi Systems Ltd. | 115,512 | ||||||
IRELAND — 0.1% | ||||||||
32,686 | Accenture Plc - Class A | 5,151,967 |
Shares | Value | |||||||
IRELAND (continued) | ||||||||
19,216 | Paddy Power Betfair Plc | $ | 1,650,559 | |||||
6,802,526 | ||||||||
ISRAEL — 0.1% | ||||||||
772,000 | Bank Hapoalim BM | 5,229,888 | ||||||
JAPAN — 1.1% | ||||||||
58,400 | East Japan Railway Co. | 5,111,003 | ||||||
50,500 | Heiwado Co. Ltd. | 1,296,123 | ||||||
25,000 | Kaken Pharmaceutical Co. Ltd. | 1,254,044 | ||||||
26,500 | Kura Corp. | 1,535,960 | ||||||
37,500 | Mochida Pharmaceutical Co. Ltd.(b) | 2,971,153 | ||||||
103,300 | Nagoya Railroad Co. Ltd. | 2,495,642 | ||||||
98,100 | Nakanishi, Inc. | 2,297,854 | ||||||
281,900 | Nippon Kayaku Co. Ltd. | 3,367,760 | ||||||
56,000 | Nippon Telegraph & Telephone Corp. | 2,357,425 | ||||||
198,100 | Nishi-Nippon Railroad Co. Ltd.(b) | 4,900,050 | ||||||
671,700 | NTT Data Corp. | 8,667,481 | ||||||
58,400 | Ohsho Food Service Corp.(b) | 4,026,694 | ||||||
74,000 | Osaka Gas Co. Ltd. | 1,358,213 | ||||||
133,500 | Relia, Inc. | 1,477,746 | ||||||
43,400 | Sankyo Co. Ltd. | 1,655,843 | ||||||
161,300 | Senko Group Holdings Co. Ltd. | 1,250,831 | ||||||
248,000 | Takasago Thermal Engineering Co. Ltd.(b) | 4,241,946 | ||||||
67,400 | Toyo Suisan Kaisha Ltd. | 2,323,623 | ||||||
81,700 | Toyota Motor Corp. | 4,789,697 | ||||||
78,000 | Zensho Holdings Co. Ltd. | 1,512,509 | ||||||
58,891,597 | ||||||||
KENYA — 0.0% | ||||||||
20,000 | Equity Group Holdings Ltd. | 7,689 | ||||||
LUXEMBOURG — 0.0% | ||||||||
1,102,750 | L’Occitane International SA(b) | 2,067,142 | ||||||
NORWAY — 0.2% | ||||||||
499,098 | Austevoll Seafood ASA | 8,028,386 | ||||||
91,652 | Salmar ASA | 4,838,210 | ||||||
12,866,596 | ||||||||
QATAR — 0.2% | ||||||||
119,258 | Ooredoo QSC | 2,256,109 | ||||||
37,124 | Qatar Islamic Bank SAQ | 1,560,003 | ||||||
28,625 | Qatar National Bank QPSC | 1,533,061 | ||||||
136,143 | Qatar Navigation QSC(b) | 2,656,677 | ||||||
8,005,850 | ||||||||
SINGAPORE — 0.4% | ||||||||
2,308,600 | CapitaLand Ltd. | 5,233,371 | ||||||
4,532,200 | Mapletree Commercial Trust, REIT | 5,267,907 | ||||||
6,424,000 | Mapletree North Asia Commercial Trust, REIT | 5,240,674 |
51 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SINGAPORE (continued) | ||||||||
653,700 | Oversea-Chinese Banking Corp. Ltd. | $ | 5,068,576 | |||||
20,810,528 | ||||||||
SOUTH KOREA — 0.1% | ||||||||
146,853 | LG Display Co. Ltd. | 2,126,343 | ||||||
328,547 | LG Uplus Corp. | 4,656,254 | ||||||
6,782,597 | ||||||||
SPAIN — 0.1% | ||||||||
238,072 | Ebro Foods SA | 4,675,745 | ||||||
SWITZERLAND — 0.1% | ||||||||
68 | Chocoladefabriken Lindt & Sprungli AG | 5,428,387 | ||||||
TAIWAN — 0.6% | ||||||||
9,642,100 | Chang Hwa Commercial Bank Ltd.(b) | 5,468,728 | ||||||
7,880,227 | E.Sun Financial Holding Co. Ltd. | 5,220,717 | ||||||
1,817,000 | LCY Chemical Corp. | 3,047,613 | ||||||
1,094,000 | Novatek Microelectronics Corp. | 4,826,003 | ||||||
22,000 | Ruentex Industries Ltd. | 55,101 | ||||||
17,791,280 | Taiwan Business Bank | 5,864,688 | ||||||
9,443,040 | Taiwan Cooperative Financial Holding Co. Ltd. | 5,310,051 | ||||||
29,792,901 | ||||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
390,141 | Emirates Telecommunications Group Co. PJSC | 1,848,129 | ||||||
UNITED STATES — 5.5% | ||||||||
123,820 | Aflac, Inc. | 5,332,927 | ||||||
73,005 | AGNC Investment Corp. REIT | 1,302,409 | ||||||
90,203 | Ameren Corp. | 5,825,310 | ||||||
73,530 | AMETEK, Inc. | 4,932,392 | ||||||
42,670 | Amgen, Inc. | 8,226,349 | ||||||
60,735 | Amphenol Corp. - Class A | 5,435,782 | ||||||
147,455 | Annaly Capital Management, Inc. REIT | 1,455,381 | ||||||
22,900 | Anthem, Inc. | 6,310,553 | ||||||
363,576 | Apollo Commercial Real Estate Finance, Inc. REIT | 6,802,507 | ||||||
132,833 | Apollo Investment Corp. | 686,747 | ||||||
76,573 | Arthur J Gallagher & Co. | 5,667,168 | ||||||
29,815 | Assurant, Inc. | 2,898,316 | ||||||
197,212 | Brinker International, Inc. | 8,549,140 | ||||||
75,430 | Brixmor Property Group, Inc. REIT | 1,221,966 | ||||||
189,353 | Brown & Brown, Inc. | 5,335,968 | ||||||
29,239 | Cal-Maine Foods, Inc. | 1,423,062 | ||||||
53,941 | Cheesecake Factory, Inc. (The) | 2,607,508 | ||||||
95,694 | Clorox Co. (The) | 14,205,774 | ||||||
42,784 | Conagra Brands, Inc. | 1,523,110 | ||||||
24,714 | Costco Wholesale Corp. | 5,650,362 | ||||||
24,259 | Cracker Barrel Old Country Store, Inc. | 3,849,418 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
104,807 | Darden Restaurants, Inc. | $ | 11,167,186 | |||||
73,649 | Discover Financial Services | 5,131,126 | ||||||
38,390 | Ecolab, Inc. | 5,879,429 | ||||||
82,435 | EPR Properties REIT | 5,666,582 | ||||||
48,154 | Equity Commonwealth REIT | 1,434,026 | ||||||
70,151 | Exelon Corp. | 3,073,315 | ||||||
49,735 | Fidelity National Information Services, Inc. | 5,177,414 | ||||||
1,725,000 | General Motors Co., Escrow Shares(a),(b),(c) | 258,750 | ||||||
71,064 | Guess?, Inc. | 1,509,399 | ||||||
36,001 | Harris Corp. | 5,353,709 | ||||||
38,975 | IDEX Corp. | 4,942,810 | ||||||
46,288 | Jabil, Inc. | 1,144,702 | ||||||
39,818 | Jack Henry & Associates, Inc. | 5,965,931 | ||||||
108,041 | KKR Real Estate Finance Trust, Inc. | 2,169,463 | ||||||
108,550 | Loews Corp. | 5,054,088 | ||||||
74,878 | Luminex Corp. | 2,154,240 | ||||||
46,709 | McCormick & Co., Inc. - Non Voting Shares | 6,726,096 | ||||||
34,334 | McDonald’s Corp. | 6,073,685 | ||||||
522,106 | MFA Financial, Inc. REIT | 3,618,195 | ||||||
74,235 | Motorola Solutions, Inc. | 9,098,242 | ||||||
21,139 | National HealthCare Corp. | 1,681,185 | ||||||
149,686 | NIC, Inc. | 1,992,321 | ||||||
299,069 | Northwest Bancshares, Inc. | 4,826,974 | ||||||
45,996 | Northwest Natural Holding Co. | 2,980,081 | ||||||
81,017 | Omnicom Group, Inc. | 6,021,183 | ||||||
21,186 | Park National Corp. | 1,936,400 | ||||||
76,325 | Paychex, Inc. | 4,998,524 | ||||||
144,860 | Pfizer, Inc. | 6,237,672 | ||||||
19,722 | Post Holdings, Inc.(a) | 1,743,819 | ||||||
18,834 | Procter & Gamble Co. (The) | 1,670,199 | ||||||
37,280 | Quest Diagnostics, Inc. | 3,508,421 | ||||||
79,515 | Republic Services, Inc. | 5,779,150 | ||||||
19,051 | Roper Industries, Inc. | 5,389,528 | ||||||
88,186 | RPM International, Inc. | 5,394,338 | ||||||
32,442 | Snap-on, Inc. | 4,994,121 | ||||||
20,703 | Spire, Inc. | 1,502,624 | ||||||
4,961 | Stamps.com, Inc.(a) | 1,002,965 | ||||||
240,508 | Starwood Property Trust, Inc., REIT | 5,223,834 | ||||||
77,007 | Sysco Corp. | 5,492,909 | ||||||
59,237 | Target Corp. | 4,953,990 | ||||||
64,182 | Torchmark Corp. | 5,433,648 | ||||||
48,584 | Walt Disney Co. (The) | 5,578,901 | ||||||
18,336 | Waste Connections, Inc. | 1,401,751 | ||||||
66,496 | Waste Management, Inc. | 5,949,397 | ||||||
83,533 | WP Carey, Inc. REIT | 5,514,013 | ||||||
292,048,485 | ||||||||
Total Common Stocks (Cost $498,873,299) | 524,922,265 |
52 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CLOSED-END FUNDS — 0.4% | ||||||||
UNITED STATES — 0.4% | ||||||||
25,668 | Ares Dynamic Credit Allocation Fund, Inc. | $ | 384,250 | |||||
165,570 | Blackrock Defined Opportunity Credit Trust(a),(b),(c) | 0 | ||||||
377,000 | BlackRock Income Trust, Inc.(b) | 2,126,280 | ||||||
241,175 | Blackrock Limited Duration Income Trust(b) | 3,448,803 | ||||||
156,597 | Blackrock Multi-Sector Income Trust(b) | 2,544,701 | ||||||
197,586 | Blackstone/GSO Strategic Credit Fund(b) | 2,934,152 | ||||||
24,845 | Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 565,472 | ||||||
208,711 | Invesco Dynamic Credit Opportunities Fund | 2,297,908 | ||||||
100,000 | Invesco Value Municipal Income Trust | 1,332,000 | ||||||
101,585 | Nuveen Preferred & Income Term Fund(b) | 2,230,807 | ||||||
316,446 | Pioneer Floating Rate Trust(b) | 3,346,417 | ||||||
131,352 | Pioneer Municipal High Income Advantage Trust(b) | 1,367,374 | ||||||
81,873 | Stone Harbor Emerging Markets Income Fund | 1,002,944 | ||||||
Total Closed-End Funds (Cost $24,196,810) | 23,581,108 | |||||||
EXCHANGE-TRADED FUNDS — 7.5% | ||||||||
UNITED STATES — 7.5% | ||||||||
2,480,000 | Financial Select Sector SPDR Fund | 65,174,400 | ||||||
690,000 | iShares China Large-Cap ETF | 27,110,100 | ||||||
250,000 | iShares JP Morgan USD Emerging Markets Bond ETF | 26,165,000 | ||||||
1,025,000 | iShares MSCI EAFE ETF | 64,021,500 | ||||||
4,300,000 | iShares MSCI Emerging Markets Fund | 168,388,000 | ||||||
400,000 | iShares MSCI Japan ETF | 21,936,000 | ||||||
730,000 | iShares MSCI United Kingdom ETF | 23,221,300 | ||||||
Total Exchange-Traded Funds (Cost $403,370,029) | 396,016,300 | |||||||
Contracts | ||||||||
CALL OPTIONS PURCHASED — 0.2% | ||||||||
52,000 | iShares China Large-Cap ETF, Strike $42.00, Expires 12/21/18, (Notional amount $218,400,000) | 2,340,000 | ||||||
40,000 | iShares MSCI EAFE ETF, Strike $63.05, Expires 11/23/18, (Notional amount $254,000,000) | 2,080,000 |
Contracts | ||||||||
40,000 | iShares MSCI EAFE ETF, Strike $68.00, Expires 16/11/18, (Notional amount $272,000,000) | $ | 40,000 | |||||
30,000 | iShares MSCI Emerging Markets ETF, Strike $43.00, Expires 12/21/18, (Notional amount $129,000,000) | 420,000 | ||||||
12,000 | iShares Russell 2000 ETF, Strike $158.00, Expires 12/21/18, (Notional amount $189,600,000) | 2,160,000 | ||||||
850 | iShares S&P 500 Index Fund, Strike $2,770.00, Expires 12/21/18, (Notional amount $235,450,000) | 3,570,000 | ||||||
1,000 | iShares S&P 500 Index Fund, Strike $2,805.00, Expires 11/05/18, (Notional amount $280,500,000) | 25,000 | ||||||
Total Call Options Purchased (Cost $19,946,072) | 10,635,000 | |||||||
Principal Amount | Value | |||||||
BANK LOANS — 2.4% | ||||||||
CAYMAN ISLANDS — 0.0% | ||||||||
$ | 971,265(d | ) | Richmond Cayman LP First Lien Term Loan B, (LIBOR GBP + 4.250%), 4.97%, 03/03/24(e) | 1,207,331 | ||||
DENMARK — 0.1% | ||||||||
2,951,739 | KMD A/S First Lien Term Loan B4, (EURIBOR + 4.500%), 4.50%, 10/03/20(e) | 3,238,792 | ||||||
1,331,541 | TDS A/S First Lien Term Loan, (EURIBOR + 3.500%), 3.50%, 06/11/25(e) | 1,514,195 | ||||||
4,752,987 | ||||||||
FINLAND — 0.0% | ||||||||
1,200,000 | Terveys- Ja Hoivapalvelu Kyrömedi OY, (EURIBOR +4.25%, 07/04/25(e) | 1,371,487 | ||||||
FRANCE — 0.2% | ||||||||
2,666,667 | Assystem First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 09/30/24(e) | 3,033,613 | ||||||
2,000,000 | Hera SAS First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 09/20/24(e) | 2,253,961 | ||||||
3,157,895 | Les Derives Resiniques et Terpeniques SA First Lien Term Loan B, (EURIBOR + 4.750%), 4.75%, 03/08/25(e) | 3,576,770 |
53 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal | ||||||||
Amount | Value | |||||||
FRANCE (continued) | ||||||||
$ | 1,979,899 | SFR Group SA First Lien Term Loan B11, (EURIBOR + 3.000%), 3.00%, 07/31/25(e) | $ | 2,230,479 | ||||
11,094,823 | ||||||||
GERMANY — 0.6% | ||||||||
2,492,538 | Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e) | 2,792,413 | ||||||
791,504 | Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e) | 886,730 | ||||||
428,590 | Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e) | 480,153 | ||||||
287,368 | Aenova Holding GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 5.00%, 09/29/20(e) | 321,941 | ||||||
3,980,304 | Amedes Holding AG First Lien Term Loan B, (EURIBOR + 4.750%), 4.75%, 08/19/22(e) | 4,513,181 | ||||||
1,500,000 | Atlas Packaging GmbH, 4.50%, 07/19/25 | 1,690,471 | ||||||
987,147 | ColourOz Investment 1 GmbH First Lien Term Loan, (EURIBOR + 3.000%), 3.75%, 09/07/21(e) | 1,075,554 | ||||||
217,567 | Douglas GmbH First Lien Term Loan B1, (EURIBOR + 3.500%), 3.50%, 08/12/22(e) | 199,112 | ||||||
112,636 | Douglas GmbH First Lien Term Loan B2, (EURIBOR + 3.500%), 3.50%, 08/12/22(e) | 103,082 | ||||||
196,836 | Douglas GmbH First Lien Term Loan B3, (EURIBOR + 3.500%), 3.50%, 08/12/22(e) | 180,140 | ||||||
197,402 | Douglas GmbH First Lien Term Loan B4, (EURIBOR + 3.500%), 3.50%, 08/12/22(e) | 180,657 | ||||||
44,013 | Douglas GmbH First Lien Term Loan B5, (EURIBOR + 3.500%), 3.50%, 08/12/22(e) | 40,280 | ||||||
148,613 | Douglas GmbH First Lien Term Loan B6, (EURIBOR + 3.500%), 3.50%, 08/12/22(e) | 136,007 |
Principal | ||||||||
Amount | Value | |||||||
GERMANY (continued) | ||||||||
$ | 82,932 | Douglas GmbH First Lien Term Loan B7, (EURIBOR + 3.500%), 3.50%, 08/12/22(e) | $ | 75,897 | ||||
297,686 | Flint Group GmbH First Lien Term Loan B3, (EURIBOR + 3.000%), 3.00%, 09/07/21(e) | 324,347 | ||||||
735,063 | Flint Group GmbH First Lien Term Loan B4, (EURIBOR + 3.000%), 3.75%, 09/07/21(e) | 800,894 | ||||||
1,731,638 | Flint Group GmbH First Lien Term Loan B5, (EURIBOR + 3.000%), 3.75%, 09/07/21(e) | 1,886,720 | ||||||
208,297 | Flint Group GmbH First Lien Term Loan B7, (EURIBOR + 3.000%), 3.75%, 09/07/21(e) | 226,951 | ||||||
4,000,000 | OEP Trafo BidCo GmbH First Lien Term Loan B, (EURIBOR + 4.000%), 4.00%, 07/18/24(e) | 3,975,580 | ||||||
1,981,621 | Riemser Arzneimittel AG First Lien Term Loan B, (EURIBOR + 5.500%), 5.50%, 06/29/23(e) | 2,240,970 | ||||||
3,117,760 | Rodenstock GmbH First Lien Term Loan B2, 5.25%, 06/30/21 | 3,460,686 | ||||||
4,000,000 | SLV GmbH First Lien Term Loan B, (EURIBOR + 4.250%), 4.25%, 01/03/24(e) | 3,614,765 | ||||||
29,206,531 | ||||||||
JERSEY CHANNEL ISLANDS — 0.1% | ||||||||
2,510,377 | L1R HB Finance Ltd. First Lien Term Loan B1, (LIBOR GBP + 5.250%), 5.89%, 08/26/24(e) | 3,049,674 | ||||||
LUXEMBOURG — 0.1% | ||||||||
3,396,396 | Arvos Bidco Sarl First Lien Term Loan B2 EUR, (EURIBOR + 4.500%), 5.50%, 08/29/21(e) | 3,805,245 | ||||||
1,000,000 | Pi Lux Finco Sarl First Lien Term Loan B2, (EURIBOR + 3.250%), 3.25%, 01/03/25(e) | 1,125,769 | ||||||
1,175,000 | Swissport Financing Sarl First Lien Term Loan, (EURIBOR + 4.750%), 4.75%, 02/09/22(e) | 1,338,509 |
54 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal | ||||||||
Amount | Value | |||||||
LUXEMBOURG (continued) | ||||||||
$ | 1,000,000 | Swissport Financing Sarl First Lien Term Loan B, (EURIBOR + 4.380%), 4.38%, 02/08/22(e) | $ | 1,135,476 | ||||
7,404,999 | ||||||||
NETHERLANDS — 0.2% | ||||||||
1,000,000 | Alpha AB Bidco BV First Lien Term Loan B, (EURIBOR +3.75%, 07/30/25(e) | 1,141,750 | ||||||
1,000,000 | BCPE Max Dutch Bidco BV First Lien Term Loan, (EURIBOR +4.75%, 09/19/25(e) | 1,143,970 | ||||||
1,235,000 | GTT Communications BV First Lien Term Loan, (EURIBOR + 3.250%), 3.25%, 04/27/25(e) | 1,388,912 | ||||||
1,000,000 | Ignition Midco BV, (EURIBOR +3.75%, 07/04/25(e) | 1,140,199 | ||||||
868,139 | Markermeer Finance BV First Lien Term Loan B1, (EURIBOR + 4.750%), 4.75%, 12/31/24(e) | 987,599 | ||||||
2,295,497 | Markermeer Finance BV First Lien Term Loan B2, (EURIBOR + 4.750%), 4.75%, 12/22/24(e) | 2,611,369 | ||||||
2,723,077 | Sigma Bidco BV First Lien Term Loan, (EURIBOR + 3.500%), 3.50%, 07/06/25(e) | 3,081,717 | ||||||
1,000,000 | Sunshine Investments BV First Lien Term Loan B1, (EURIBOR + 3.250%), 3.25%, 03/28/25(e) | 1,130,752 | ||||||
12,626,268 | ||||||||
NORWAY — 0.1% | ||||||||
2,152,672 | Silk Bidco AS First Lien Term Loan B, (EURIBOR + 3.750%), 3.75%, 02/24/25(e) | 2,449,792 | ||||||
SWEDEN — 0.1% | ||||||||
1,981,481 | Itiviti Group AB First Lien Term Loan B, (EURIBOR + 4.500%), 4.50%, 02/23/25(e) | 2,243,370 | ||||||
SWITZERLAND — 0.0% | ||||||||
1,000,000 | Avaloq Group AG First Lien Term Loan B, (EURIBOR + 3.500%), 3.50%, 06/12/24(e) | 1,135,827 |
Principal | ||||||||
Amount | Value | |||||||
UNITED KINGDOM — 0.3% | ||||||||
$ | 2,600,000 | Amphora Finance Ltd. First Lien Term Loan B, (LIBOR + 4.500%), 5.47%, 05/30/25(e) | $ | 3,323,321 | ||||
1,236,264 | Artemis Acquisition UK Ltd. First Lien Term Loan B, (EURIBOR + 4.000%), 4.00%, 07/23/25(e) | 1,400,247 | ||||||
1,680,000 | Camelia Bidco Ltd. First Lien Term Loan B1, (LIBOR GBP + 4.750%), 5.31%, 10/14/24(e) | 2,145,358 | ||||||
1,916,667 | Cd&R Firefly Bidco Ltd. First Lien Term Loan B1, (LIBOR + 4.500%), 4.50%, 05/11/25(e) | 2,446,822 | ||||||
1,000,000 | HNVR Holdco Ltd. First Lien Term Loan B, (EURIBOR + 3.250%), 3.25%, 06/21/25(e) | 1,135,476 | ||||||
1,425,000 | Jackpotjoy Plc First Lien Term Loan B, (LIBOR + 5.250%), 5.97%, 11/27/24(e) | 1,822,947 | ||||||
1,000,000 | Shilton Bidco Ltd. First Lien Term Loan B1, (EURIBOR + 3.250%), 3.25%, 07/13/24(e) | 1,129,812 | ||||||
1,190,476 | Zephyr Bidco Ltd. First Lien Term Loan B, (LIBOR + 3.750%), 3.75%, 07/23/25(e) | 1,352,431 | ||||||
14,756,414 | ||||||||
UNITED STATES — 0.6% | ||||||||
1,590,545 | Avantor, Inc. First Lien Term Loan, (EURIBOR + 4.250%), 4.25%, 11/21/24(e) | 1,818,419 | ||||||
4,145,455 | Caliber Home Loans, Inc., 0.00%, 04/04/21 | 4,145,455 | ||||||
11,053,554 | Chimera Special Holding LLC First Lien Term Loan, 4.26%, 10/06/19(e) | 11,053,554 | ||||||
4,962 | Gates Global LLC First Lien Term Loan B2, (EURIBOR + 3.000%), 3.00%, 03/31/24(e) | 5,624 | ||||||
1,502,835 | Lone Star LPST Future Funding Term Loan, (LIBOR + 3.750%), 0.00%, 09/20/20(b),(e) | 1,502,835 | ||||||
9,207,444 | Lstar 18-1 Securities Financing, 4.26%, 04/01/21 | 9,175,218 |
55 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal | ||||||||
Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 5,284,480 | Roundpoint Mortgage Servicing Corp., 3.38%, 08/08/20 | $ | 5,284,480 | ||||
32,985,585 | ||||||||
Total Bank Loans (Cost $130,688,633) | 124,285,088 | |||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 4.5% | ||||||||
ARGENTINA — 0.0% | ||||||||
$ | 1,580,000 | Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(f) | $ | 1,477,316 | ||||
BERMUDA — 0.0% | ||||||||
1,150,000 | Ooredoo International Finance Ltd., 4.75%, 02/16/21(f) | 1,173,000 | ||||||
CAYMAN ISLANDS — 0.1% | ||||||||
5,333,110 | Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%), 7.40%, 02/12/23(g),(h) | 5,393,107 | ||||||
742,500(i | ) | UPCB Finance IV Ltd., 4.00%, 01/15/27(f) | 870,120 | |||||
6,263,227 | ||||||||
DOMINICAN REPUBLIC — 0.0% | ||||||||
920,000 | Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(f) | 917,700 | ||||||
FRANCE — 0.1% | ||||||||
1,000,000(j | ) | Casino Guichard Perrachon SA, STEP,, 4.50%, 03/07/24(f) | 1,078,448 | |||||
825,000(j | ) | Elis SA, 3.00%, 04/30/22(f) | 948,448 | |||||
575,000(j | ) | Getlink SE, 3.63%, 10/01/23(f) | 655,287 | |||||
375,000(j | ) | Louvre Bidco SAS, 4.25%, 09/30/24(f) | 411,723 | |||||
1,700,000(j | ) | Orano SA, 4.88%, 09/23/24 | 1,992,309 | |||||
5,086,215 | ||||||||
GERMANY — 0.1% | ||||||||
550,000(j | ) | Raffinerie Heide GmbH, 6.38%, 12/01/22(f) | 561,406 | |||||
600,000(j | ) | Senvion Holding GmbH, 3.88%, 10/25/22(f) | 580,978 | |||||
1,600,000(j | ) | Unitymedia GmbH, 3.75%, 01/15/27(f) | 1,905,451 | |||||
3,047,835 |
Principal | ||||||||
Amount | Value | |||||||
GUERNSEY — 0.1% | ||||||||
$ | 1,050,000(j | ) | Globalworth Real Estate Investments, Ltd., REIT, 2.88%, 06/20/22(f) | $ | 1,220,460 | |||
875,000(j | ) | Globalworth Real Estate Investments, Ltd., REIT, 3.00%, 03/29/25(f) | 988,647 | |||||
2,209,107 | ||||||||
HUNGARY — 0.0% | ||||||||
775,000(j | ) | MOL Hungarian Oil & Gas Plc, 2.63%, 04/28/23(f) | 929,554 | |||||
INDIA — 0.0% | ||||||||
600,000 | GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(f) | 497,188 | ||||||
INDONESIA — 0.0% | ||||||||
1,129,000 | Chandra Asri Petrochemical Tbk PT, 4.95%, 11/08/24(f) | 988,017 | ||||||
800,000 | Perusahaan Listrik Negara PT, 5.50%, 11/22/21(f) | 826,000 | ||||||
1,814,017 | ||||||||
IRELAND — 0.1% | ||||||||
775,000(j | ) | Smurfit Kappa Acquisitions ULC, 4.13%, 01/30/20(f) | 916,183 | |||||
1,210,000(d | ) | Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24(f) | 1,537,075 | |||||
2,453,258 | ||||||||
ISLE OF MAN — 0.0% | ||||||||
475,000(i | ) | Playtech Plc, 3.75%, 10/12/23(f) | 527,612 | |||||
ITALY — 0.0% | ||||||||
850,000(j | ) | Almaviva-The Italian Innovation Co. SpA, 7.25%, 10/15/22(f) | 902,576 | |||||
535,000(j | ) | Inter Media Communication Srl, 4.88%, 12/31/22(f) | 608,751 | |||||
1,511,327 | ||||||||
JAPAN — 0.0% | ||||||||
500,000 | SoftBank Group Corp., 4.00%, 04/20/23(f) | 586,851 | ||||||
JERSEY CHANNEL ISLANDS — 0.1% | ||||||||
1,650,000(i | ) | LHC3 Plc, 4.13% cash or 4.88 payment-in-kind interest, 4.13%, 08/15/24(f),(k) | 1,854,360 | |||||
3,350,000(i | ) | Lincoln Finance Ltd., 6.88%, 04/15/21(f) | 3,920,520 | |||||
5,774,880 |
56 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
LUXEMBOURG — 0.4% | ||||||||
$ | 600,000 | Altice Finco SA, 7.63%, 02/15/25(f) | $ | 533,250 | ||||
434,000(d | ) | Cabot Financial Luxembourg SA, 7.50%, 10/01/23(f) | 550,578 | |||||
3,400,000(j | ) | CPI Property Group SA, (5 yr. Euro Swap + 4.148%), 4.38%, 11/09/67(f),(l) | 3,660,750 | |||||
1,280,000(j | ) | Crystal Almond Sarl, 10.00%, 11/01/21(f) | 1,551,269 | |||||
1,200,000(j | ) | Garfunkelux Holdco 3 SA, 7.50%, 08/01/22(f) | 1,321,643 | |||||
125,000(d | ) | Garfunkelux Holdco 3 SA, 8.50%, 11/01/22(f) | 152,585 | |||||
1,500,000(j | ) | Greif Nevada Holdings, Inc. SCS, 7.38%, 07/15/21(f) | 1,960,199 | |||||
1,110,000 | Hidrovias International Finance Sarl, 5.95%, 01/24/25(f) | 1,029,525 | ||||||
390,000(j | ) | Intralot Capital Luxembourg SA, 5.25%, 09/15/24(f) | 341,183 | |||||
1,475,000(m | ) | Matterhorn Telecom SA, 3.63%, 05/01/22(f) | 1,482,396 | |||||
975,000 | Minerva Luxembourg SA, 6.50%, 09/20/26(f) | 900,656 | ||||||
1,000,000 | Nexa Resources SA, 5.38%, 05/04/27(f) | 972,510 | ||||||
1,145,000 | Rede D’or Finance Sarl, 4.95%, 01/17/28(f) | 1,012,478 | ||||||
275,000(j | ) | SES SA, (5 yr. Euro Swap + 4.664%), 4.63%, 01/02/67(f),(l) | 324,559 | |||||
1,050,000(j | ) | SES SA, (5 yr. Euro Swap + 5.401%), 5.63%, 01/29/67(f),(l) | 1,267,921 | |||||
925,000(j | ) | Swissport Financing Sarl, 6.75%, 12/15/21(f) | 1,087,592 | |||||
800,000(j | ) | Swissport Financing Sarl, 9.75%, 12/15/22(f) | 975,161 | |||||
850,000(j | ) | Takko Luxembourg 2 SCA, 5.38%, 11/15/23(f) | 700,399 | |||||
125,000(j | ) | Telecom Italia Finance SA, 7.75%, 01/24/33 | 180,619 | |||||
50,000(j | ) | Telecom Italia Finance SA, 7.75%, 01/24/33 | 72,248 | |||||
900,000 | Ultrapar International SA, 5.25%, 10/06/26(f) | 855,135 | ||||||
20,932,656 | ||||||||
NETHERLANDS — 0.3% | ||||||||
175,000(j | ) | Digi Communications NV, 5.00%, 10/15/23(f) | 207,648 | |||||
750,000(j | ) | Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 5.38%, 05/01/23(f) | 826,122 | |||||
875,000(j | ) | InterXion Holding NV, 4.75%, 06/15/25(f) | 1,033,184 |
Principal Amount | Value | |||||||
NETHERLANDS (continued) | ||||||||
$ | 250,000 | Petrobras Global Finance BV, 6.13%, 01/17/22 | $ | 259,062 | ||||
500,000 | Petrobras Global Finance BV, 7.38%, 01/17/27 | 518,175 | ||||||
690,000 | Petrobras Global Finance BV, 5.75%, 02/01/29 | 636,767 | ||||||
925,000 | Petrobras Global Finance BV, 6.88%, 01/20/40 | 877,594 | ||||||
1,600,000(j | ) | Telefonica Europe BV, (10 yr. Euro Swap + 4.301%), 5.88%, 03/31/67(f),(l) | 1,996,752 | |||||
1,200,000(j | ) | Telefonica Europe BV, (8 yr. Euro Swap + 2.967%), 3.88%, 09/22/67(f),(l) | 1,270,826 | |||||
850,000(j | ) | Teva Pharmaceutical Finance Netherlands II BV, 0.38%, 07/25/20(f) | 946,866 | |||||
1,475,000(j | ) | Teva Pharmaceutical Finance Netherlands II BV, 1.25%, 03/31/23(f) | 1,563,675 | |||||
675,000(j | ) | United Group BV, (3 mo. EURIBOR + 4.375%), 4.38%, 07/01/23(f),(h) | 767,149 | |||||
2,000,000 | VEON Holdings BV, 3.95%, 06/16/21(f) | 1,939,620 | ||||||
12,843,440 | ||||||||
NORWAY — 0.0% | ||||||||
825,000 | B2holding ASA, (3 mo. EURIBOR + 4.250%), 4.25%, 11/14/22(f),(h) | 893,550 | ||||||
SINGAPORE — 0.0% | ||||||||
1,145,000 | ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28(f) | 986,570 | ||||||
1,000,000(i | ) | Mulhacen Pte Ltd., 6.50% cash or 7.25% payment-in-kind interest, 6.50%, 08/01/23(f),(k) | 1,129,124 | |||||
2,115,694 | ||||||||
SOUTH KOREA — 0.0% | ||||||||
550,000 | KDB Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.658%), 7.50%, 05/21/48(f),(l) | 526,653 | ||||||
SPAIN — 0.0% | ||||||||
1,000,000(j | ) | Naviera Armas SA, (3 mo. EURIBOR + 6.500%), 6.50%, 07/31/23(f),(h) | 1,131,704 | |||||
SWEDEN — 0.1% | ||||||||
1,375,000 | Akelius Residential Property AB, (5 yr. Euro Swap + 3.488%), 3.88%, 10/05/78(f),(l) | 1,541,204 |
57 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
SWEDEN (continued) | ||||||||
$ | 375,000(j | ) | Corral Petroleum Holdings AB, 11.75% cash or 13.25% payment- in-kind interest, 11.75%, 05/15/21(f),(k) | $ | 452,537 | |||
775,000(j | ) | Fastighets AB Balder, (5 yr. Euro Swap + 2.895%), 3.00%, 03/07/78(f),(l) | 842,775 | |||||
550,000(j | ) | Intrum Justitia AB, 2.75%, 07/15/22(f) | 607,329 | |||||
810,000(j | ) | Verisure Holding AB, 6.00%, 11/01/22(f) | 944,891 | |||||
4,388,736 | ||||||||
TURKEY — 0.0% | ||||||||
1,100,000 | Turkiye Sise ve Cam Fabrikalari AS, 4.25%, 05/09/20(f) | 1,059,036 | ||||||
UNITED KINGDOM — 0.3% | ||||||||
1,000,000 | Arqiva Broadcast Finance Plc, 6.75%, 09/30/23(f) | 1,310,155 | ||||||
350,000 | Co-operative Group Holdings 2011 Ltd., STEP, 6.88%, 07/08/20(f) | 473,488 | ||||||
1,375,000 | Jaguar Land Rover Automotive Plc, 3.50%, 03/15/20(g) | 1,347,500 | ||||||
600,000 | Kennedy Wilson Europe Real Estate Plc, 3.95%, 06/30/22(f) | 787,521 | ||||||
1,200,000(i | ) | Kennedy Wilson Europe Real Estate Plc, 3.25%, 11/12/25(f) | 1,337,592 | |||||
1,050,000 | OAS Finance Ltd., 8.00%, 07/02/21(g),(n) | 27,562 | ||||||
1,250,000 | Perform Group Financing Plc, 8.50%, 11/15/20(f) | 1,619,576 | ||||||
1,100,000(i | ) | TA Manufacturing Ltd., 3.63%, 04/15/23(f) | 1,266,103 | |||||
1,275,000(i | ) | Titan Global Finance Plc, 3.50%, 06/17/21(f) | 1,491,055 | |||||
1,475,000(i | ) | Travelex Financing Plc, 8.00%, 05/15/22(f) | 1,511,804 | |||||
1,000,000 | Tullow Oil Plc, 6.25%, 04/15/22(f) | 998,000 | ||||||
950,000 | Vedanta Resources Plc, 6.38%, 07/30/22(f) | 888,725 | ||||||
13,059,081 | ||||||||
UNITED STATES — 2.8% | ||||||||
950,000(i | ) | Adient Global Holdings Ltd., 3.50%, 08/15/24(f) | 942,210 | |||||
7,000,000 | Akamai Technologies, Inc., Cnv., 0.00%, 02/15/19(o) | 6,930,126 | ||||||
1,425,000(i | ) | Alliance Data Systems Corp., 4.50%, 03/15/22(f) | 1,634,203 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 775,000(i | ) | Alliance Data Systems Corp., 5.25%, 11/15/23(f) | $ | 902,983 | |||
280,122 | Ambac Assurance Corp., 5.10%, 06/07/20(g) | 379,565 | ||||||
1,125,000 | Belo Corp., 7.75%, 06/01/27 | 1,198,125 | ||||||
4,010,000 | Blackstone Mortgage Trust, Inc., Cnv. REIT, 4.38%, 05/05/22 | 3,945,547 | ||||||
13,000,000 | Cardtronics, Inc., Cnv., 1.00%, 12/01/20 | 12,106,250 | ||||||
13,000,000 | Finisar Corp., Cnv, 0.50%, 12/15/36 | 11,560,029 | ||||||
16,426,000 | Huron Consulting Group, Inc., Cnv., 1.25%, 10/01/19(b) | 16,081,054 | ||||||
225,000(i | ) | Levi Strauss & Co., 3.38%, 03/15/27 | 258,153 | |||||
21,250,310 | Liberty Interactive LLC, Cnv., 3.75%, 02/15/30(b) | 14,556,462 | ||||||
900,000 | MPH Acquisition Holdings LLC, 7.13%, 06/01/24(g) | 914,238 | ||||||
500,000(i | ) | MPT Operating Partnership LP / MPT Finance Corp., REIT, 3.33%, 03/24/25 | 577,532 | |||||
650,000(i | ) | MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.00%, 08/19/22 | 803,016 | |||||
375,000(i | ) | Quintiles IMS, Inc, 3.50%, 10/15/24(f) | 436,020 | |||||
625,000(i | ) | Quintiles IMS, Inc., 3.25%, 03/15/25(f) | 715,270 | |||||
325,000(i | ) | Silgan Holdings, Inc., 3.25%, 03/15/25 | 375,921 | |||||
3,395,000 | Southern Star Central Corp., 5.13%, 07/15/22(g) | 3,339,831 | ||||||
7,000,000 | Starwood Property Trust, Inc., Cnv. REIT, 4.38%, 04/01/23 | 6,970,649 | ||||||
275,000 | Tribune Media Co., 5.88%, 07/15/22 | 278,438 | ||||||
5,000,000 | Twitter, Inc., Cnv, 1.00%, 09/15/21 | 4,657,175 | ||||||
59,000,000 | Twitter, Inc., Cnv., 0.25%, 09/15/19 | 57,033,589 | ||||||
42,119,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 02/04/49(n) | 0 | ||||||
21,131,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 06/16/49(n) | 0 | ||||||
9,840,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 11/06/49(n) | 0 |
58 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 3,000,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(n) | $ | 0 | ||||
900,000 | XPO Logistics, Inc., 6.13%, 09/01/23(g) | 921,780 | ||||||
147,518,166 | ||||||||
Total Corporate Bonds (Cost $244,103,063) | 238,737,803 | |||||||
GOVERNMENT BONDS — 1.6% | ||||||||
CANADA — 1.6% | ||||||||
115,700,000 | Canadian Government Bond, 1.25%, 02/01/20 | 86,851,682 | ||||||
Total Government Bonds (Cost $90,000,219) | 86,851,682 | |||||||
ASSET-BACKED SECURITIES — 14.6% | ||||||||
CAYMAN ISLANDS — 6.0% | ||||||||
Collateralized Loan Obligations — 4.5% | ||||||||
11,750,000 | Adams Mill CLO Ltd., Series 2014-1A, Class F, (3 mo. LIBOR US + 5.690%), 8.13%, 07/15/26(b),(g),(h) | $ | 11,152,792 | |||||
7,500,000 | Adams Mill CLO Ltd., Series 2014-1A, Class SUB, 0.00%, 07/15/26(b),(g),(p) | 2,326,917 | ||||||
5,500,000 | Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class ER, (3 mo. LIBOR US + 6.350%), 8.79%, 07/15/30(g),(h) | 5,537,611 | ||||||
4,940,000 | Anchorage Capital CLO 8 Ltd., Series 2016-8A, Class ER, (3 mo. LIBOR US + 5.750%), 8.26%, 07/28/28(g),(h) | 4,875,867 | ||||||
1,000,000 | Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class E, (3 mo. LIBOR US + 7.250%), 9.69%, 01/15/29(g),(h) | 1,008,379 | ||||||
1,000,000 | Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.700%), 8.17%, 04/20/31(g),(h) | 987,056 | ||||||
4,900,000 | Apidos CLO XVIII, Series 2018-18A, Class E, (3 mo. LIBOR US + 5.700%), 8.17%, 10/22/30(g),(h) | 4,825,538 | ||||||
1,000,000 | Apidos CLO XXII, Series 2015-22A, Class D, (3 mo. LIBOR US + 6.000%), 8.47%, 10/20/27(g),(h) | 1,000,080 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 2,533,500 | Apidos CLO XXIII, Series 2015-23A, Class D2, (3 mo. LIBOR US + 5.950%), 8.39%, 01/15/27(g),(h) | $ | 2,542,916 | ||||
5,250,000 | Ares XXXIII CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 6.230%), 8.55%, 12/05/25(g),(h) | 5,290,439 | ||||||
3,500,000 | Ares XXXIX CLO Ltd., Series 2016-39A, Class E, (3 mo. LIBOR US + 7.250%), 9.69%, 07/18/28(g),(h) | 3,546,758 | ||||||
7,000,000 | Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.150%), 8.59%, 10/15/30(g),(h) | 7,121,268 | ||||||
1,000,000 | Babson CLO Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 6.900%), 9.37%, 07/20/28(g),(h) | 1,005,590 | ||||||
2,100,000 | Benefit Street Partners CLO IX Ltd., Series 2016-9A, Class ER, (3 mo. LIBOR US + 5.700%), 8.17%, 07/20/31(g),(h) | 2,044,314 | ||||||
1,000,000 | BlueMountain CLO Ltd., Series 2015-1A, Class C, (3 mo. LIBOR US + 3.750%), 6.19%, 04/13/27(g),(h) | 1,001,490 | ||||||
1,500,000 | BlueMountain CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 5.450%), 7.89%, 04/13/27(g),(h) | 1,504,760 | ||||||
1,000,000 | BlueMountain CLO Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 7.000%), 9.32%, 08/20/28(g),(h) | 1,000,066 | ||||||
1,000,000 | Burnham Park CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 6.850%), 9.32%, 10/20/29(g),(h) | 1,001,696 | ||||||
1,500,000 | Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class E1, (3 mo. LIBOR US + 5.300%), 7.77%, 04/20/27(g),(h) | 1,506,266 | ||||||
1,000,000 | Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class DR, (3 mo. LIBOR US + 4.350%), 6.86%, 04/27/27(g),(h) | 1,000,512 | ||||||
1,000,000 | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class D, (3 mo. LIBOR US + 6.100%), 8.57%, 10/20/27(g),(h) | 1,003,236 | ||||||
1,516,480 | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR US + 8.500%), 10.97%, 10/20/27(b),(g),(h) | 1,487,809 |
59 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 500,000 | Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.200%), 7.67%, 04/20/27(g),(h) | $ | 500,029 | ||||
1,000,000 | Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 7.000%), 9.47%, 10/20/29(g),(h) | 1,005,923 | ||||||
5,462,500 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class E, (3 mo. LIBOR US + 4.550%), 7.02%, 01/20/31(g),(h) | 5,126,517 | ||||||
9,915,625 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 0.00%, 01/20/31(b),(g),(p) | 9,032,015 | ||||||
2,553,125 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class F, (3 mo. LIBOR US + 6.900%), 9.37%, 01/20/31(g),(h) | 2,359,866 | ||||||
1,000,000 | Cole Park CLO Ltd., Series 2015-1A, Class E, (3 mo. LIBOR US + 6.100%), 8.57%, 10/20/28(g),(h) | 1,000,044 | ||||||
1,000,000 | Cumberland Park CLO Ltd., Series 2015-2A, Class ER, (3 mo. LIBOR US + 5.650%), 8.12%, 07/20/28(g),(h) | 1,001,235 | ||||||
21,500,000 | Jackson Mill CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.000%), 7.44%, 04/15/27(g),(h) | 21,417,378 | ||||||
20,000,000 | Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 1.00%, 04/15/27(b),(g),(p) | 13,430,669 | ||||||
8,000,000 | Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, 7.40%, 10/20/31(b),(p) | 4,713,693 | ||||||
7,400,000 | Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, (3 mo. LIBOR US + 8.150%), 10.59%, 10/20/31(h) | 7,237,833 | ||||||
1,000,000 | Mill Creek CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.750%), 10.22%, 04/20/28(g),(h) | 1,026,746 | ||||||
625,000 | Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 3.650%), 6.12%, 04/22/29(g),(h) | 626,505 | ||||||
1,000,000 | Neuberger Berman CLO XVIII Ltd, Series 2014-18A, Class CR, (3 mo. LIBOR US + 4.250%), 6.57%, 11/14/27(g),(h) | 1,000,253 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 1,000,000 | Neuberger Berman CLO XX Ltd., Series 2015-20A, Class DR, (3 mo. LIBOR US + 2.400%), 4.84%, 01/15/28(g),(h) | $ | 987,018 | ||||
3,250,000 | Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.000%), 7.44%, 01/15/28(g),(h) | 3,233,155 | ||||||
1,000,000 | Rockford Tower CLO Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 6.080%), 8.52%, 10/15/29(g),(h) | 1,005,071 | ||||||
16,000,000 | Romark CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.650%), 9.13%, 10/23/30(g),(h) | 16,177,655 | ||||||
5,000,000 | Romark CLO Ltd., Series 2017-1A, Class SUB, 0.00%, 10/23/30(g),(p) | 4,053,774 | ||||||
15,100,000 | Romark CLO Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 6.250%), 8.51%, 07/25/31(g),(h) | 14,937,524 | ||||||
5,000,000 | Romark CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/25/31(g),(p) | 4,001,054 | ||||||
21,591,392 | Romark WM-R Ltd., Series 2014-1A, Class SUB, 0.00%, 04/20/31(b),(g),(p) | 13,428,377 | ||||||
1,250,000 | Shackleton CLO Ltd., Series 2017-10A, Class E, (3 mo. LIBOR US + 6.215%), 8.68%, 04/20/29(g),(h) | 1,227,459 | ||||||
1,000,000 | Sound Point CLO IX Ltd., Series 2015-2A, Class E, (3 mo. LIBOR US + 5.500%), 7.97%, 07/20/27(g),(h) | 1,001,271 | ||||||
5,000,000 | Sound Point CLO X Ltd., Series 2015-3A, Class ER, (3 mo. LIBOR US + 5.250%), 7.72%, 01/20/28(g),(h) | 4,974,754 | ||||||
3,200,000 | Sound Point CLO XI Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 6.950%), 9.42%, 07/20/28(g),(h) | 3,213,245 | ||||||
2,000,000 | Sound Point CLO XII Ltd., Series 2016-2A,Class E, (3 mo. LIBOR US + 6.400%), 8.87%, 10/20/28(g),(h) | 2,004,960 | ||||||
1,750,000 | Sound Point CLO XIV Ltd., Series 2016-3A, Class E, (3 mo. LIBOR US + 6.650%), 9.13%, 01/23/29(g),(h) | 1,764,119 |
60 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 1,500,000 | Symphony CLO XV Ltd., Series 2014-15A, Class E, (3 mo. LIBOR US + 5.050%), 7.50%, 10/17/26(g),(h) | $ | 1,498,429 | ||||
1,000,000 | TCI-Symphony CLO Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 6.450%), 8.89%, 07/15/30(g),(h) | 1,004,173 | ||||||
1,000,000 | Teacher’s Insurance & Annuity CLO II Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 5.850%), 8.32%, 04/20/29(g),(h) | 972,719 | ||||||
1,740,000 | THL Credit Wind River CLO Ltd., Series 2015-1A, Class E1, (3 mo. LIBOR US + 5.550%), 8.02%, 07/20/27(g),(h) | 1,746,640 | ||||||
7,596,000 | THL Credit Wind River CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/15/30(b),(g),(p) | 6,420,947 | ||||||
1,250,000 | Vibrant CLO IV Ltd., Series 2016-4A, Class D, (3 mo. LIBOR US + 4.500%), 6.97%, 07/20/28(g),(h) | 1,255,603 | ||||||
1,500,000 | Voya CLO Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 6.950%), 9.40%, 07/19/28(g),(h) | 1,506,125 | ||||||
1,000,000 | Westcott Park CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.350%), 6.82%, 07/20/28(g),(h) | 1,012,012 | ||||||
1,000,000 | Westcott Park CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.200%), 9.67%, 07/20/28(g),(h) | 1,013,505 | ||||||
1,750,000 | York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.650%), 8.12%, 01/22/31(g),(h) | 1,744,051 | ||||||
4,500,000 | York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.400%), 8.87%, 10/20/29(g),(h) | 4,512,081 | ||||||
1,647,750 | York CLO-3 Ltd., Series 2016-1A, Class FR, (3 mo. LIBOR US + 7.250%), 9.72%, 10/20/29(g),(h) | 1,532,696 | ||||||
4,000,000 | York CLO-3 Ltd., Series 2016-1A, Class SUB, 2.40%, 10/20/29(b),(g),(p) | 3,247,887 | ||||||
1,125,000 | York CLO-3 Ltd., Series 2018-1A, Class F, (3 mo. LIBOR US + 7.780%), 10.21%, 10/22/31(g),(h) | 1,056,025 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 6,375,000 | York CLO-3 Ltd., Series 2018-1A, Class SUB, 0.00%, 10/22/31(b),(g),(p) | $ | 5,037,941 | ||||
1,000,000 | York CLO-4 Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 6.940%), 9.41%, 01/20/30(g),(h) | 1,026,637 | ||||||
238,846,973 | ||||||||
Other Asset-Backed Securities — 1.5% | ||||||||
2,800,000 | ALM Loan Funding Ltd., Series 2012-6A, Class DR3, (3 mo. LIBOR US + 5.050%), 7.49%, 07/15/26(g),(h) | 2,771,848 | ||||||
1,000,000 | ALM Loan Funding Ltd., Series 2013-7RA, Class DR, (3 mo. LIBOR US + 7.140%), 9.58%, 10/15/28(g),(h) | 1,011,264 | ||||||
2,000,000 | ALM Loan Funding Ltd., Series 2015-16A, Class DR2, (3 mo. LIBOR US + 5.100%), 7.54%, 07/15/27(g),(h) | 2,001,312 | ||||||
1,100,000 | ALM Loan Funding Ltd., Series 2015-17A, Class CR, (3 mo. LIBOR US + 2.800%), 5.24%, 01/18/28(g),(h) | 1,100,973 | ||||||
1,000,000 | Atrium VIII, Series 8A, Class DR, (3 mo. LIBOR US + 4.000%), 6.48%, 10/23/24(g),(h) | 1,002,568 | ||||||
1,750,000 | Atrium VIII, Series 8A, Class ER, (3 mo. LIBOR US + 7.250%), 9.73%, 10/23/24(g),(h) | 1,758,149 | ||||||
5,000,000 | Atrium VIII, Series 8A, Class SUB, 1.00%, 10/23/24(b),(g),(p) | 3,696,586 | ||||||
5,000,000 | Atrium XI, Series 11A, Class E, (3 mo. LIBOR US + 5.100%), 7.58%, 10/23/25(g),(h) | 5,007,674 | ||||||
2,000,000 | Atrium XII, Series 12A, Class ER, (3 mo. LIBOR US + 5.250%), 7.72%, 04/22/27(g),(h) | 1,984,013 | ||||||
6,000,500 | Atrium XIII, Series 13A, Class E, (3 mo. LIBOR US + 6.050%), 8.53%, 11/21/30(g),(h) | 6,020,572 | ||||||
12,131,250 | Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/47(b),(g),(p) | 11,919,419 | ||||||
3,250,000 | CIFC Funding Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 6.750%), 9.22%, 10/21/28(g),(h) | 3,298,675 | ||||||
962,500 | Highbridge Loan Management Ltd., Series 2015-5A, Class ERR, (3 mo. LIBOR US + 6.000%), 0.00%, 10/15/31(g),(h) | 952,875 |
61 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,000,000 | Highbridge Loan Management Ltd., Series 2015-6A, Class DR, (3 mo. LIBOR US + 5.100%), 7.68%, 02/05/31(g),(h) | $ | 967,630 | ||||
1,000,000 | Highbridge Loan Management Ltd., Series 2015-7A, Class DR, (3 mo. LIBOR US + 2.400%), 4.74%, 03/15/27(g),(h) | 979,783 | ||||||
1,000,000 | Highbridge Loan Management Ltd., Series 2015-7A, Class ER, (3 mo. LIBOR US + 5.000%), 7.31%, 03/15/27(g),(h) | 986,689 | ||||||
1,000,000 | Highbridge Loan Management Ltd., Series 2016-8A, Class ER, (3 mo. LIBOR US + 5.500%), 7.85%, 07/20/30(g),(h) | 970,794 | ||||||
1,750,000 | HPS Loan Management Ltd., Series 2016-10A, Class D, (3 mo. LIBOR US + 6.500%), 8.97%, 01/20/28(g),(h) | 1,754,337 | ||||||
750,000 | LCM Ltd. Partnership XVIII LP, Series 18A, Class INC, 4.60%, 04/20/31(b),(g),(p) | 463,373 | ||||||
2,000,000 | Madison Park Funding XVI, Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.500%), 7.97%, 04/20/26(g),(h) | 2,005,435 | ||||||
1,000,000 | Madison Park Funding XX Ltd., Series 2016-20A, Class ER, (3 mo. LIBOR US + 5.300%), 7.81%, 07/27/30(g),(h) | 983,017 | ||||||
2,500,000 | Octagon Investment Partners 27 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 5.950%), 8.29%, 07/15/29(g),(h) | 2,504,945 | ||||||
1,100,000 | Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.650%), 5.97%, 11/14/26(g),(h) | 1,102,662 | ||||||
1,000,000 | Octagon Investment Partners XXI Ltd., Series 2014-1A, Class D, (3 mo. LIBOR US + 6.600%), 8.92%, 11/14/26(g),(h) | 1,000,244 | ||||||
1,375,000 | OHA Credit Partners XI Ltd., Series 2015-11A, Class E, (3 mo. LIBOR US + 6.700%), 9.17%, 10/20/28(g),(h) | 1,379,932 | ||||||
3,750,000 | OZLM IX Ltd., Series 2014-9A, Class CR, (3 mo. LIBOR US + 3.550%), 6.02%, 01/20/27(g),(h) | 3,742,603 | ||||||
1,000,000 | OZLM XI Ltd., Series 2015-11A, Class CR, (3 mo. LIBOR US + 3.600%), 6.12%, 10/30/30(g),(h) | 1,001,866 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,200,000 | OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.000%), 5.44%, 01/15/29(g),(h) | $ | 1,193,014 | ||||
1,500,000 | OZLM XIV Ltd., Series 2015-14A, Class DR, (3 mo. LIBOR US + 5.800%), 8.24%, 01/15/29(g),(h) | 1,491,223 | ||||||
1,000,000 | OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.150%), 9.62%, 01/20/29(g),(h) | 1,010,348 | ||||||
6,750,000 | Romark WM-R Ltd., Series 2018-1A, Class E, (3 mo. LIBOR US + 5.260%), 7.73%, 04/20/31(g),(h) | 6,339,675 | ||||||
7,500,000 | Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR US + 8.100%), 10.57%, 04/20/31(g),(h) | 7,155,869 | ||||||
79,559,367 | ||||||||
318,406,340 | ||||||||
NETHERLANDS — 0.1% | ||||||||
Collateralized Loan Obligations — 0.1% | ||||||||
5,000,000 | Accunia European CLO I BV, Series 1A, Class C, (3 mo. EURIBOR + 3.200%), 3.20%, 07/15/29(g),(h) | 5,683,645 | ||||||
UNITED STATES — 8.5% | ||||||||
Collateralized Loan Obligations — 1.0% | ||||||||
4,205,483 | Ari Investments LLC, 5.18%, 01/06/25 | 4,205,483 | ||||||
42,840 | CBAM Loan Opportunities Funding LLC First Lien Term Loan B, 0.00%,(b),(e),(g) | 42,840,000 | ||||||
3,815,863 | CWHEQ Revolving Home Equity Loan Trust, Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 2.46%, 05/15/36(h) | 3,683,782 | ||||||
50,729,265 | ||||||||
Other Asset-Backed Securities — 7.5% | ||||||||
5,548,610 | Ajax Mortgage Loan Trust, Series 2017-D, Class A, 3.75%, 12/25/57(g) | 5,436,029 | ||||||
1,469,524 | Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(g),(p) | 720,067 | ||||||
2,979,892 | Ajax Mortgage Loan Trust, Series 2018-A, Class A, 3.85%, 04/25/58(g) | 2,954,707 |
62 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 786,233 | Ajax Mortgage Loan Trust, Series 2018-A, Class B, 0.00%, 04/25/58(g) | $ | 471,740 | ||||
8,000,000 | Ajax Mortgage Loan Trust, Series 2018-D, Class A, 3.75%, 08/25/58(b),(g),(p) | 8,000,000 | ||||||
2,000,000 | Ajax Mortgage Loan Trust, Series 2018-D, Class B, 0.00%, 08/25/58(b),(g),(p) | 1,226,177 | ||||||
12,340,054 | Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.240%), 2.52%, 05/25/35(h) | 11,631,439 | ||||||
4,772,883 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1, (1 mo. LIBOR US + 0.460%), 2.74%, 01/25/36(h) | 3,096,949 | ||||||
6,380,000 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. LIBOR US + 0.420%), 2.70%, 01/25/36(h) | 4,030,215 | ||||||
5,740,000 | Bank of America Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(p) | 4,969,026 | ||||||
5,000,000 | Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25(p) | 3,403,268 | ||||||
12,277,751 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 3.29%, 05/28/39(g),(h) | 11,532,285 | ||||||
2,710,998 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 3.59%, 05/28/39(g),(h) | 1,750,529 | ||||||
4,442,660 | Bayview Financial Revolving Asset Trust, Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 3.29%, 02/28/40(g),(h) | 4,309,361 | ||||||
6,029,851 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR US + 0.930%), 3.22%, 12/28/40(g),(h) | 5,839,066 | ||||||
3,169,240 | Bear Stearns Asset Backed Securities I Trust, Series 2006-EC2, Class M2, (1 mo. LIBOR US + 0.630%), 2.91%, 02/25/36(h) | 3,107,088 | ||||||
2,025,797 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 2.96%, 12/25/35(h) | 2,272,271 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 3,087,914 | Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR US + 0.350%), 2.63%, 03/25/36(h) | $ | 743,885 | ||||
3,087,914 | Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR US + 0.350%), 2.63%, 03/25/36(h) | 743,885 | ||||||
6,080,581 | Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR US + 0.140%), 2.42%, 12/25/36(h) | 6,412,632 | ||||||
6,552,330 | Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, (1 mo. LIBOR US + 1.200%), 3.48%, 01/25/36(g),(h) | 6,412,906 | ||||||
3,790,504 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/01/30(p) | 1,342,041 | ||||||
3,553,597 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/01/30(p) | 1,338,787 | ||||||
6,017,424 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/01/30(p) | 2,350,249 | ||||||
6,231,054 | Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, (1 mo. LIBOR US + 0.150%), 2.43%, 04/25/36(h) | 6,018,966 | ||||||
9,097,465 | Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A3, (1 mo. LIBOR US + 0.160%), 2.44%, 10/25/36(h) | 7,057,992 | ||||||
6,501,989 | Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A4, (1 mo. LIBOR US + 0.250%), 2.53%, 10/25/36(h) | 5,085,808 | ||||||
4,884,740 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR US + 0.420%), 2.70%, 02/25/37(h) | 3,683,368 | ||||||
12,415,000 | Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.50%, 10/25/36(h) | 8,548,993 |
63 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 11,335,482 | Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(p) | $ | 5,584,346 | ||||
14,181,579 | Conseco Finance Securitizations Corp., Series 2000-4, Class A5, 7.97%, 05/01/32 | 6,570,048 | ||||||
3,381,965 | Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(p) | 3,423,591 | ||||||
2,821,293 | Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(p) | 2,689,399 | ||||||
4,058,989 | Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(p) | 2,945,790 | ||||||
3,125,286 | Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(p) | 2,194,771 | ||||||
4,593,395 | Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 4.35%, 05/01/36 | 4,501,483 | ||||||
964,603 | Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 2.44%, 09/25/46(h) | 948,601 | ||||||
1,710,124 | Countrywide Asset-Backed Certificates, Series 2006-S4, Class A4, 5.93%, 07/01/34(p) | 1,727,573 | ||||||
11,932,780 | Countrywide Asset-Backed Certificates, Series 2007-S3, Class A3, (1 mo. LIBOR US + 0.380%), 2.66%, 05/25/37(h) | 11,593,299 | ||||||
556,885 | Countrywide Home Equity Loan Trust, Series 2006-S5, Class A4, 5.84%, 06/01/35 | 756,639 | ||||||
1,851,987 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.58%, 12/15/33(g),(h) | 1,726,154 | ||||||
1,481,650 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR US + 0.240%), 2.52%, 02/15/30(g),(h) | 1,436,618 | ||||||
1,313,941 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.47%, 05/15/35(b),(g),(h) | 1,253,290 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,923,743 | Countrywide Revolving Home Equity Loan Resuritization Trust, Series 2006-RES, Class 5F1A, (1 mo. LIBOR US + 0.240%), 2.52%, 12/15/35(g),(h) | $ | 1,863,259 | ||||
2,180,000 | Finance of America Structured Securities Trust, Series 2017-HB1, Class M5, 6.00%, 11/25/27(g),(p) | 2,130,056 | ||||||
3,325,000 | Finance of America Structured Securities Trust, Series 2018-HB1, Class M4, 5.23%, 09/25/28(g),(p) | 3,324,998 | ||||||
4,000,000 | Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28(g),(p) | 3,843,265 | ||||||
5,000,000 | First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR US + 0.360%), 2.76%, 03/25/36(h) | 3,765,079 | ||||||
10,167,197 | First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR US + 0.250%), 2.53%, 07/25/36(h) | 5,278,111 | ||||||
5,012,990 | First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.68%, 01/25/36(h) | 3,013,940 | ||||||
4,951,483 | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR US + 0.150%), 2.43%, 03/25/37(h) | 3,218,128 | ||||||
1,778,820 | GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR US + 0.500%), 2.78%, 02/25/36(h) | 1,757,853 | ||||||
1,039,240 | GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR US + 0.315%), 2.60%, 11/25/36(h) | 1,060,618 | ||||||
2,796,680 | Greenpoint Manufactured Housing, Series 2000-1, Class A4, 8.14%, 03/01/30(p) | 2,841,455 | ||||||
7,479,550 | Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/01/31(p) | 6,478,882 | ||||||
564,254 | GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/01/46(p) | 389,005 | ||||||
6,470,426 | GSAMP Trust, Series 2006-FM2, Class A2B, (1 mo. LIBOR US + 0.120%), 2.40%, 09/25/36(h) | 3,157,095 |
64 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 4,375,000 | Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.43%, 05/25/37(h) | $ | 3,603,432 | ||||
5,855,234 | HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.93%, 12/01/36 | 3,151,213 | ||||||
2,000,000 | Invitation Homes Trust, Series 2018-SFR1, Class F, (1 mo. LIBOR US + 2.500%), 4.79%, 03/17/37(g),(h) | 2,014,227 | ||||||
2,442,464 | Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/01/37(g) | 2,375,469 | ||||||
4,000,000 | JPMorgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1, (1 mo. LIBOR US + 0.270%), 2.55%, 05/25/36(h) | 3,880,489 | ||||||
357,487 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 2.37%, 06/25/37(g),(h) | 260,687 | ||||||
10,833,747 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, (1 mo. LIBOR US + 0.300%), 2.58%, 06/25/37(g),(h) | 8,079,405 | ||||||
7,356,870 | Lehman ABS Mortgage Loan Trust,Series 2007-1,Class 2A2, (1 mo. LIBOR US + 0.200%), 2.48%, 06/25/37(g),(h) | 5,825,800 | ||||||
1,210,597 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR US + 0.110%), 2.39%, 11/25/36(h) | 562,523 | ||||||
16,698,624 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.44%, 11/25/36(h) | 7,812,112 | ||||||
3,282,160 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.50%, 11/25/36(h) | 1,547,795 | ||||||
6,284,968 | Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.44%, 10/25/36(h) | 2,674,427 | ||||||
4,000,000 | Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.53%, 03/25/32(h) | 4,078,654 | ||||||
4,447,654 | Mastr Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR US + 0.320%), 2.60%, 03/25/36(h) | 814,227 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 3,288,681 | Merit Securities Corp., Series 13, Class M2, STEP, 7.94%, 12/01/33. | $ | 2,622,463 | ||||
10,883,860 | Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR US + 0.250%), 2.53%, 10/25/37(h) | 4,649,890 | ||||||
1,480,645 | Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, (1 mo. LIBOR US + 0.240%), 2.52%, 06/25/36(h) | 1,010,384 | ||||||
7,733,235 | Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 2.41%, 11/25/36(h) | 4,782,751 | ||||||
7,928,644 | Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, (1 mo. LIBOR US + 0.140%), 2.42%, 05/25/37(h) | 6,143,905 | ||||||
5,974,373 | Morgan Stanley Capital I, Series 2006-NC2, Class M1, (1 mo. LIBOR US + 0.360%), 2.64%, 02/25/36(h) | 4,472,231 | ||||||
5,347,551 | Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/01/36. | 2,419,264 | ||||||
3,200,000 | Nationstar HECM Loan Trust, Series 2018-2A, Class M4, 5.06%, 07/25/28(g),(p) | 3,186,784 | ||||||
2,795,307 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.68%, 10/25/36(g),(h) | 2,507,357 | ||||||
2,578,105 | Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/01/27. | 2,513,173 | ||||||
10,603,410 | Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/01/30(p) | 5,137,906 | ||||||
8,576,854 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/01/31(p) | 2,220,539 | ||||||
5,950,504 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/01/31(p) | 1,718,979 | ||||||
6,799,736 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/01/31(p) | 2,199,186 | ||||||
877,375 | Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/01/22(p) | 703,394 | ||||||
3,816,804 | Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/01/32(p) | 3,291,116 |
65 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,329,783 | Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/01/32(p) | $ | 1,434,801 | ||||
15,000,000 | OneMain Financial Issuance Trust, Series 2015-1A, Class C, 5.12%, 03/18/26(g) | 15,149,373 | ||||||
3,000,000 | OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(g) | 3,051,934 | ||||||
10,000,000 | OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, 07/18/25(g) | 10,065,140 | ||||||
4,000,000 | OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(g) | 4,135,504 | ||||||
3,713,025 | Option One Mortgage Loan Trust, Series 2007-FXD2, Class 1A1, STEP, 5.82%, 03/01/37 | 3,645,154 | ||||||
1,815,937 | Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP, 4.25%, 01/25/22(g) | 1,813,468 | ||||||
5,000,000 | Progress Residential Trust, Series 2016-SFR2, Class E, (1 mo. LIBOR US + 3.550%), 5.84%, 01/17/34(g),(h) | 5,029,401 | ||||||
3,000,000 | Progress Residential Trust, Series 2018-SFR2, Class E, 4.66%, 08/01/35(g) | 2,970,447 | ||||||
4,000,000 | Residential Asset Securities Corp, Series 2006-KS4, Class M2, (1 mo. LIBOR US + 0.290%), 2.57%, 06/25/36(h) | 3,871,116 | ||||||
3,825,000 | Residential Asset Securities Corp., Class M4, (1 mo. LIBOR US + 0.580%), 2.86%, 11/25/35(h) | 3,034,369 | ||||||
2,983,194 | SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR US + 0.260%), 2.54%, 07/25/36(h) | 3,145,962 | ||||||
5,079,246 | Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR US + 0.320%), 2.60%, 09/25/36(h) | 2,392,269 | ||||||
7,686,404 | Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 2.57%, 01/25/47(h) | 4,745,832 | ||||||
8,169,285 | Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.47%, 11/25/36(h) | 4,995,881 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 7,082,484 | Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A2B, (1 mo. LIBOR US + 0.120%), 2.40%, 11/25/36(h) | $ | 2,903,500 | ||||
3,289,603 | Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR US + 0.270%), 2.55%, 02/25/37(h) | 2,541,856 | ||||||
4,347,008 | Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR US + 0.450%), 2.73%, 11/25/35(h) | 2,397,654 | ||||||
4,831,323 | Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR US + 0.500%), 2.78%, 07/25/35(h) | 2,818,576 | ||||||
1,937,598 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR US + 0.440%), 2.72%, 02/25/37(h) | 1,165,767 | ||||||
913,718 | Wachovia Amortization Controlled Heloc NIM Trust, Series 2006-N1, Class N1, 5.68%, 08/12/47(g) | 894,468 | ||||||
10,166,009 | Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.68%, 06/25/37(g),(h) | 4,416,594 | ||||||
396,841,923 | ||||||||
447,571,188 | ||||||||
Total Asset-Backed Securities (Cost $800,563,576) | 771,661,173 | |||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES — 8.0% | ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 7.2% | ||||||||
1,130,077 | Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 3.87%, 07/01/35(p) | 1,115,126 | ||||||
2,399,374 | Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.02%, 03/01/37(p) | 2,100,734 | ||||||
3,194,703 | Ajax Mortgage Loan Trust, Series 2018-B, Class A, 3.75%, 02/26/57(g) | 3,130,809 | ||||||
1,371,124 | Ajax Mortgage Loan Trust, Series 2018-B, Class B, 0.00%, 06/27/57(b),(g) | 438,760 |
66 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
2,402,727 | American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.91%, 09/01/46(h) | 2,219,908 | ||||||
2,174,140 | American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/01/37 | 1,900,302 | ||||||
11,775,899 | APS Resecuritization Trust, Series 2016-1, Class 1MZ, 4.93%, 07/07/57(g),(p) | 3,480,593 | ||||||
2,491,508 | Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 2.68%, 01/25/37(h) | 2,035,591 | ||||||
373,760 | Banc of America Funding Corp., Series 2005-F, Class 6A1, 4.24%, 09/01/35(p) | 365,116 | ||||||
837,887 | Banc of America Funding Corp., Series 2006-A, Class 3A2, 4.05%, 02/01/36(p) | 786,300 | ||||||
757,348 | Banc of America Funding Corp., Series 2006-E, Class 2A1, 4.18%, 06/01/36(p) | 740,288 | ||||||
2,262,435 | Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/01/37 | 2,129,248 | ||||||
865,874 | Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 4.49%, 10/01/35(p) | 865,640 | ||||||
4,197,638 | BCAP LLC , Series 2012-RR3, Class 1A5, 6.53%, 12/01/37(g),(p) | 3,807,748 | ||||||
2,388,080 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.17%, 02/01/36(p) | 2,245,442 | ||||||
603,638 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 4.28%, 08/01/35(p) | 527,686 | ||||||
619,228 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.95%, 05/01/47(p) | 556,525 | ||||||
2,286,100 | Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 2.72%, 04/25/36(h) | 2,514,529 | ||||||
5,124,664 | Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 2.60%, 11/25/36(h) | 5,397,009 | ||||||
2,659,993 | Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.56%, 08/25/36(h) | 2,662,117 | ||||||
1,806,503 | Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 2.58%, 11/25/36(h) | 1,738,687 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
5,455,972 | Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/01/37 | 4,135,595 | ||||||
2,295,570 | Chase Mortgage Trust, Series 2016-1, Class M4, 3.69%, 04/01/45(g),(p) | 2,191,003 | ||||||
2,520,641 | CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 3.68%, 08/25/35(h) | 2,186,392 | ||||||
4,221,632 | Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/01/37 | 3,734,995 | ||||||
4,531,557 | Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/01/38 | 3,894,055 | ||||||
382,496 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 4.04%, 05/01/35(p) | 385,068 | ||||||
338,052 | Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 4.07%, 06/01/36(p) | 323,761 | ||||||
4,633,881 | Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/01/47(g) | 3,750,731 | ||||||
604,650 | Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/01/35 | 568,138 | ||||||
1,400,121 | Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.58%, 08/25/35(h) | 1,329,739 | ||||||
8,925,454 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 5.500%), 3.22%, 11/25/35(h) | 1,070,904 | ||||||
1,219,876 | Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 3.41%, 12/01/35(p) | 1,101,991 | ||||||
131,693 | Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 2.95%, 12/01/35(h) | 127,681 | ||||||
1,957,868 | Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 2.73%, 05/25/35(h) | 1,805,948 | ||||||
1,122,757 | Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/01/35 | 972,198 | ||||||
3,926,642 | Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 2.63%, 05/25/36(h) | 2,529,203 |
67 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
2,346,634 | Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/01/36 | 1,784,849 | ||||||
4,812,812 | Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/01/36 | 3,568,764 | ||||||
1,621,206 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 2.63%, 06/25/36(h) | 1,026,619 | ||||||
1,621,206 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 7.150%), 4.87%, 06/25/36(h) | 316,773 | ||||||
1,671,236 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 06/01/36 | 1,393,574 | ||||||
1,735,394 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 2.68%, 03/25/36(h) | 1,050,908 | ||||||
4,874,581 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/01/36 | 3,657,852 | ||||||
1,883,437 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/01/37 | 1,571,061 | ||||||
1,363,784 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/01/37 | 1,196,944 | ||||||
1,707,269 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/01/37 | 1,427,645 | ||||||
3,903,807 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/01/37 | 3,264,423 | ||||||
244,973 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/01/36 | 225,564 | ||||||
695,012 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 2.68%, 05/25/36(h) | 599,943 | ||||||
4,273,760 | Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/01/36 | 3,049,618 | ||||||
3,510,348 | Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.52%, 11/01/46(h) | 2,476,748 | ||||||
7,164,917 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 3.68%, 11/01/46(h) | 6,255,569 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
3,840,669 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 2.47%, 11/25/46(h) | 3,403,974 | ||||||
4,787,097 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.850%), 2.80%, 11/01/46(h) | 4,264,647 | ||||||
3,542,495 | Countrywide Alternative Loan Trust, Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.120%), 2.40%, 12/25/46(h) | 3,422,191 | ||||||
5,469,944 | Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.47%, 03/20/47(h) | 4,683,313 | ||||||
1,304,265 | Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.49%, 05/25/36(h) | 1,128,454 | ||||||
6,843,665 | Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 2.49%, 07/25/46(h) | 6,205,331 | ||||||
10,734,404 | Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.47%, 07/25/46(h) | 10,348,369 | ||||||
6,158,365 | Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, (1 mo. LIBOR US + 0.230%), 2.51%, 03/25/36(h) | 5,354,704 | ||||||
4,662,548 | Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.46%, 04/25/46(h) | 4,267,868 | ||||||
2,687,836 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/01/37 | 1,953,314 | ||||||
2,707,307 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/01/37 | 2,021,861 | ||||||
1,375,465 | Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/01/37 | 1,088,676 | ||||||
5,300,861 | Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/01/37 | 3,652,374 | ||||||
5,045,885 | Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/01/37 | 3,732,606 | ||||||
1,353,221 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/01/37 | 973,236 |
68 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
936,673 | Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.50%, 11/01/36 | 748,759 | ||||||
12,794,151 | Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 2.79%, 03/01/47(h) | 10,710,868 | ||||||
985,465 | Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 2.46%, 04/25/47(h) | 244,644 | ||||||
2,912,240 | Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.52%, 08/25/47(h) | 2,241,147 | ||||||
2,124,205 | Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/01/37 | 1,680,233 | ||||||
1,839,568 | Countrywide Alternative Resecuritization, Series 2006-22R, Class 2A1, 6.25%, 05/01/36 | 1,432,586 | ||||||
2,539,982 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.30%, 01/01/36(p) | 2,425,954 | ||||||
665,576 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/01/35 | 636,835 | ||||||
686,836 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.48%, 03/02/36(p) | 680,290 | ||||||
12,447,321 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.91%, 04/01/46(h) | 6,536,828 | ||||||
3,825,692 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.48%, 04/25/46(h) | 3,555,686 | ||||||
1,106,373 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 2.70%, 07/25/36(g),(h) | 1,061,809 | ||||||
2,494,788 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/01/38 | 2,041,248 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
59,319 | Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/01/21 | 56,393 | ||||||
3,169,370 | Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/01/36 | 2,746,160 | ||||||
7,025,598 | Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/01/37(g) | 4,241,760 | ||||||
106,896 | Credit Suisse Mortgage Capital Certificates, Series 2010-20R, Class 9A1, 4.01%, 01/03/36(g),(p) | 107,434 | ||||||
15,340,447 | Credit Suisse Mortgage Trust Mortgage-Backed Trust, 0.00%, 02/01/47(g) | 14,880,234 | ||||||
3,149,324 | Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/01/37(p) | 1,451,334 | ||||||
4,035,910 | Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 4.57%, 04/01/37(g),(p) | 3,328,806 | ||||||
7,000,000 | Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 2.37%, 10/27/36(g),(h) | 4,967,565 | ||||||
1,530,099 | Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.58%, 03/27/36(g),(h) | 1,509,012 | ||||||
12,047,482 | Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.58%, 03/27/36(g),(h) | 6,690,334 | ||||||
56,714,600 | Credit Suisse Mortgage Trust, Series 2017-1, 8.75%, 03/01/21(b),(g) | 32,469,109 | ||||||
7,023,319 | Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.63%, 11/25/35(h) | 2,576,012 | ||||||
2,435,213 | Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA2, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 2.82%, 04/01/47(h) | 2,321,048 | ||||||
738,323 | GMACM Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 3.98%, 11/01/35(p) | 711,138 | ||||||
5,032,146 | GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.63%, 01/25/35(g),(h) | 4,709,576 |
69 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
1,852,418 | GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 2.63%, 01/25/36(g),(h) | 1,645,020 | ||||||
598,351 | GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.18%, 01/01/35(p) | 606,179 | ||||||
148,586 | GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/01/36 | 279,703 | ||||||
390,148 | GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/01/21 | 378,923 | ||||||
926,927 | GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.00%, 01/01/36(p) | 913,169 | ||||||
1,011,765 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/01/37 | 909,896 | ||||||
6,301,116 | HarborView Mortgage Loan Trust, Series 2007-3, Class 2A1B, (1 mo. LIBOR US + 0.230%), 2.51%, 05/19/47(h) | 5,188,989 | ||||||
3,406,434 | HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.53%, 07/19/47(h) | 3,042,266 | ||||||
1,100,987 | Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 3.53%, 04/01/37(p) | 987,202 | ||||||
37,199,368 | IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.37%, 07/01/47(p) | 1,336,871 | ||||||
5,108,281 | IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 3.93%, 01/01/37(p) | 4,709,758 | ||||||
1,496,956 | JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, (1 mo. LIBOR US + 0.150%), 2.43%, 03/25/37(h) | 1,938,507 | ||||||
2,831,065 | JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.46%, 10/01/37(p) | 2,179,888 | ||||||
170,803 | JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/01/37 | 175,452 | ||||||
4,060,036 | Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 3.43%, 12/25/37(h) | 3,772,326 | ||||||
3,619,037 | MASTR Reperforming Loan Trust, Series 2006-2, Class 1A1, 4.40%, 05/01/36(g),(p) | 3,258,808 | ||||||
2,238,401 | MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.55%, 08/25/37(b),(g),(p) | 1,660,888 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
2,816,746 | MCM_18-NPl1, 4.00%, 06/01/57(b),(g) | 2,788,579 | ||||||
3,410,000 | MCM_18-NPl1, 0.00%, 06/01/58(g) | 613,800 | ||||||
3,924,139 | Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.49%, 04/25/37(h) | 3,362,482 | ||||||
2,197,303 | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.79%, 05/01/36(p) | 2,010,860 | ||||||
795,246 | Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/01/36 | 659,287 | ||||||
7,344,991 | Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 3.23%, 05/26/37(g) | 6,427,776 | ||||||
2,870,263 | Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 2.38%, 07/26/45(h) | 2,669,639 | ||||||
5,162,903 | Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/01/35(g) | 4,271,469 | ||||||
2,251,176 | Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/01/35(g) | 1,803,480 | ||||||
990,354 | Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/01/36 | 920,192 | ||||||
178,924 | Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/01/36 | 166,903 | ||||||
4,088,568 | Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 4.89%, 08/01/36(p) | 3,364,067 | ||||||
11,322,172 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/01/56(b),(g),(o) | 1,052,169 | ||||||
19,287,538 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.23%, 07/01/56(b),(g),(p) | 2,252,013 | ||||||
4,895,450 | Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 2.22%, 11/01/57(g) | 2,439,510 | ||||||
9,225,793 | Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 0.05%, 08/01/57(g),(p) | 2,835,021 | ||||||
2,403,716 | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 3.96%, 05/01/35(p) | 2,113,473 | ||||||
3,737,245 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.87%, 04/01/36(p) | 3,145,307 |
70 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
4,425,867 | Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 2.50%, 05/25/46(h) | 2,563,845 | ||||||
2,766,425 | Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 2.46%, 09/25/47(h) | 2,686,232 | ||||||
4,283,123 | Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 2.63%, 06/25/35(g),(h) | 3,857,785 | ||||||
1,427,950 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 3.79%, 04/01/37(p) | 1,204,435 | ||||||
528,270 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 3.82%, 04/01/37(p) | 439,933 | ||||||
1,251,380 | Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 4.28%, 06/25/47(h) | 1,063,927 | ||||||
3,067,390 | Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 0.61%, 04/25/37(g),(h) | 2,984,396 | ||||||
1,481,909 | Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/01/35 | 1,374,238 | ||||||
4,734,539 | Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/01/36 | 1,911,182 | ||||||
110,718 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2005-AR16, Class 1A1, 3.47%, 12/01/35(p) | 111,113 | ||||||
1,409,456 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.54%, 07/01/37(p) | 1,162,097 | ||||||
3,552,373 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 2.72%, 05/01/47(h) | 3,351,372 | ||||||
1,973,345 | Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.91%, 08/01/46(h) | 1,468,137 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
12,608,434 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 6.680%), 4.40%, 03/25/37(h) | 1,353,014 | ||||||
397,824 | Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 4.62%, 04/01/36(p) | 396,869 | ||||||
4,067,596 | Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 3.97%, 03/01/38(p) | 3,533,210 | ||||||
382,337,791 | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8% | ||||||||
1,700,422 | Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 2.75%, 01/25/36(g),(h) | 1,603,592 | ||||||
1,450,612 | Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR US + 0.500%), 2.78%, 01/25/36(g),(h) | 1,361,689 | ||||||
1,935,596 | Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR US + 0.870%), 3.15%, 07/25/36(g),(h) | 1,886,477 | ||||||
7,628,500 | Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 3.78%, 10/25/37(g),(h) | 4,997,591 | ||||||
10,127,000 | Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.78%, 12/25/37(g),(h) | 7,724,594 | ||||||
2,000,000 | Commercial Mortgage Trust, Series 2014-PAT, Class E, (1 mo. LIBOR US + 3.150%), 5.43%, 08/13/27(g),(h) | 2,021,186 | ||||||
4,482,000 | Commercial Mortgage Trust, Series 2014-PAT, Class F, (1 mo. LIBOR US + 2.441%), 4.72%, 08/13/27(g),(h) | 4,500,863 | ||||||
941,000 | GAHR Commercial Mortgage Trust, Series 2015-NRF, Class FFX, 3.38%, 12/01/34(g),(p) | 925,763 | ||||||
4,302,000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.290%), 2.57%, 12/25/36(g),(h) | 3,753,179 | ||||||
3,881,000 | Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 8.10%, 04/01/46(g),(p) | 4,216,740 | ||||||
3,055,000 | Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/01/47(g),(p) | 2,671,720 |
71 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
4,074,671 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/02/48(g),(p) | 4,074,380 | ||||||
993,822 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/02/48(g),(p) | 988,711 | ||||||
40,726,485 | ||||||||
Total Non-Agency Mortgage-Backed Securities (Cost $441,140,849) | 423,064,276 | |||||||
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.9% | ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.9% | ||||||||
3,223,880 | Fannie Mae Connecticut Avenue Securities, Series 2016-C02, Class 1M2, 8.28%, 09/25/28(h) | 3,765,805 | ||||||
6,138,160 | Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 8.03%, 07/25/29(h) | 7,401,315 | ||||||
11,500,000 | Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1M2, 5.83%, 07/25/29(g),(h) | 12,454,560 | ||||||
2,000,000 | Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1B1, 7.13%, 10/25/29(h) | 2,271,665 | ||||||
909,422 | Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, 5.28%, 10/25/29(h) | 972,364 | ||||||
4,750,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 7.23%, 07/25/29(h) | 5,380,896 | ||||||
1,373,333 | Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 12.28%, 07/25/29(h) | 1,390,887 | ||||||
6,000,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class M2, 5.53%, 07/25/29(h) | 6,535,760 | ||||||
3,000,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2018-DNA1, Class B1, 5.43%, 07/25/30(h) | 2,950,931 | ||||||
2,000,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2018-SPI2, Class M2, 3.82%, 05/01/48(g),(p) | 1,832,190 | ||||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $40,851,175) | 44,956,373 |
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCIES — 31.9% | ||||||||
Federal Home Loan Bank — 31.9% | ||||||||
$ | 39,000,000 | 2.05%, 11/01/18(q) | 39,000,000 | |||||
137,000,000 | 2.15%, 11/02/18(q) | 136,991,643 | ||||||
369,100,000 | 2.06%, 11/05/18(q) | 369,010,678 | ||||||
68,000,000 | 2.18%, 11/06/18(q) | 67,979,396 | ||||||
159,000,000 | 2.16%, 11/07/18(q) | 158,942,283 | ||||||
42,125,000 | 2.18%, 11/09/18(q) | 42,104,612 | ||||||
335,000,000 | 2.13%, 11/14/18(q) | 334,736,355 | ||||||
43,000,000 | 2.19%, 11/16/18(q) | 42,960,956 | ||||||
80,000,000 | 2.19%, 11/21/18(q) | 79,903,120 | ||||||
141,000,000 | 2.20%, 12/04/18(q) | 140,711,796 | ||||||
52,000,000 | 2.19%, 12/11/18(q) | 51,871,144 | ||||||
50,000,000 | 2.20%, 12/17/18(q) | 49,857,550 | ||||||
169,000,000 | 2.20%, 12/18/18(q) | 168,508,041 | ||||||
Total U.S. Government Agencies (Cost $1,682,602,882) | 1,682,577,574 | |||||||
U.S. GOVERNMENT SECURITIES — 9.8% | ||||||||
U.S. Treasury Bills — 9.8% | ||||||||
64,400,000 | 2.05%, 11/01/18(q) | 64,400,000 | ||||||
305,000,000 | 2.00%, 11/08/18(q) | 304,876,051 | ||||||
116,000,000 | 2.10%, 11/15/18(q) | 115,904,702 | ||||||
20,000,000 | 2.11%, 11/23/18(q) | 19,973,707 | ||||||
1,000,000 | 2.05%, 11/29/18(q) | 998,319 | ||||||
8,000,000 | 2.14%, 12/18/18(q) | 7,977,649 | ||||||
3,000,000 | 2.18%, 01/31/19(q) | 2,982,653 | ||||||
Total U.S. Government Securities (Cost $517,123,169) | 517,113,081 | |||||||
Shares | ||||||||
CASH SWEEP — 5.1% | ||||||||
UNITED STATES — 5.1% | ||||||||
267,724,183 | Citibank - US Dollars on Deposit in Custody Account, 0.12%(r) | 267,724,183 | ||||||
Total Cash Sweep (Cost $267,724,183) | 267,724,183 | |||||||
TOTAL INVESTMENTS — 96.9% (Cost $5,161,183,959) | 5,112,125,906 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 3.1% | 161,548,004 | |||||||
NET ASSETS — 100.0% | $ | 5,273,673,910 |
72 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Contracts | ||||||||
CALL OPTIONS WRITTEN — (0.1)% | ||||||||
(52,000 | ) | iShares China Large-Cap ETF, Strike $44.00, Expires 12/21/18, (Notional amount $228,800,000) | $ | (884,000 | ) | |||
(30,000 | ) | iShares MSCI Emerging Markets ETF, Strike $45.00, Expires 12/21/18, (Notional amount $135,000,000) | (150,000 | ) | ||||
(12,000 | ) | iShares Russell 2000 ETF, Strike $164.00, Expires 12/21/18, (Notional amount $196,800,000) | (708,000 | ) | ||||
(850 | ) | S&P 500 Index, Strike $2,830.00, Expires 12/21/18, (Notional amount $240,550,000) | (1,836,000 | ) | ||||
Total Call Options Written (Premiums received $(3,774,915)) | (3,578,000 | ) | ||||||
Units | ||||||||
STRUCTURED OPTIONS — (0.2)% | ||||||||
Equity Options — (0.2)% | ||||||||
100,000,000(s | ) | Absolute Dispersion Option on Stock Basket, One purchased call strike of 22.7%, Expires 01/09/19, Broker Societe Generale(Notional amount $100,000,000)(t) | 2,120,000 | |||||
(7,032 | ) | Euro DAKK 50 Index, One purchased call strike 5,745.35 (Notional amount $1,604,000), One written put strike 5,290.28 (Notional amount $936,000), 566 DAXK SHORT PUT 5290.28 12/28/18 Expires 12/28/18, Broker Goldman Sachs International | (1,024,681 | ) | ||||
327,225 | Euro STOXX 50 Dividend Index Option, One purchased put strike 110.00 (Notional amount $36,000,000), Expires 12/20/19, Broker UBS AG | 29,279 | ||||||
660,000 | Euro STOXX 50 Dividend Index Option, One purchased put strike 115.00 (Notional amount $660,000), 579 DEDZ9 OTC EP 115 12/20/19 Expires 12/20/19, Broker BNP Paribas SA | 456,137 | ||||||
5,505 | Euro STOXX 50 Index, One purchased call strike 2,725,10, Expires 12/21/18, Broker Goldman Sachs International(Notional amount $15,000,000) | 2,594,473 |
Units | Value | |||||||
Equity Options (continued) | ||||||||
2,815 | Euro STOXX 50 Index, One purchased call strike 2,797.2047, Expires 12/21/18, Broker JPMorgan Chase Bank N.A.(Notional amount $7,875,000) | $ | 1,128,958 | |||||
46,800 | Euro STOXX 50 Index, One purchased call strike 3,269.2020 Euro STOXX 50 Index, One purchased call strike 3,269.2020 (Notional amount $150,000,000) One written put strike 3,076.8960 (Notional amount $50,000,000), Expires 12/21/18, Broker JPMorgan Chase Bank N.A. | $ | 1,229,688 | |||||
29,672 | Euro STOXX 50 Pr, One purchased call strike 3,437.60 (Notional amount $50,000,000), One written put strike 3,370.20 (Notional amount $50,000,000), Euro STOXX 50 Pr, One purchased call strike 3,437.60 (Notional amount $50,000,000), One written put strike 3,370.20 (Notional amount $50,000,000), Expires 12/21/18, Broker Bank of America N.A. | (2,639,847 | ) | |||||
(5,996 | ) | FTSE MIB Index, One purchased call strike of 20,399.73 and strike of 21,371.14 (Notional amount $ 116,500,000), 583 FTSEMIB OTC EC 21371.14 01/16/19 Expires 1/16/19, Broker JPMorgan Chase Bank N.A. | 896,973 | |||||
6,448 | FTSE MIB Index, One purchased call strike of 21,299.78 (Notional amount $ 133,333,000), Expires 11/30/18, Broker JPMorgan Chase Bank N.A. | 99,532 | ||||||
48,102 | IBEX 35 Index, One purchased call strike 10,498.595 (Notional amount $505,000,000), One written call strike 10,914.381 (Notional amount $525,000,000), One written put strike 10,394.649 with a barrier level strike of 8,523.612 (9,620 contracts) (Notional amount $100,000,000), Expires 02/14/19, Broker Credit Suisse International(u) | (10,124,976 | ) |
73 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Units | Value | |||||||
Equity Options (continued) | ||||||||
18,181 | IBEX 35 Index, One purchased call strike of 9,635 (Notional amount $ 173,000,000), Expires 11/02/18, Broker UBS AG | $ | 0 | |||||
(390,478 | ) | One purchased call strike of the Korea KOSPI 200 Index strike 292.59 (Notional $65,500,000), One written put strike of the iShares MSCI South Korea Index strike 64.024 (Notional $25,000,000), Expires 01/02/19, Broker Societe Generale | (1,764,340 | ) | ||||
(580,967 | ) | One purchased call strike of the Korea KOSPI 200 Index strike 301.07 (Notional $50,000,126), One written put strike of the iShares MSCI South Korea Index strike 62.11 (Notional $46,501,881), Expires 01/02/19, Broker UBS AG | (4,129,646 | ) | ||||
27,656 | S&P 500 Index, One purchased call strike 2,766.12 (Notional amount $75,000,000), One written call strike 2,467.81 (Notional amount $75,000,000), Expires 12/20/18, Broker Goldman Sachs International | 1,233,676 | ||||||
0 | S&P 500 Index, One purchased call strike 2,783.472 (Notional amount $225,000,000), One written put strike 2,567.28 (Notional amount $75,000,000), 584 SPX OTC EC 2567.28 12/14/18 -BNP Expires 12/14/18, Broker BNP Paribas SA | 1,064,951 | ||||||
36,641 | S&P 500 Index, One purchased call strike 2,783.75 (Notional amount $101,000,000), One written put strike 2,510.83 (Notional amount $92,000,000), Expires 06/20/19, Broker UBS AG | 368,269 | ||||||
71,963 | S&P 500 Index, One purchased call strike 2,806,99 (Notional amount $200,000,000), One written put strike 2,556.86 (Notional $200,000,000), Expires 12/31/18, Broker BNP Paribas SA | (168,750 | ) |
Units | Value | |||||||
Equity Options (continued) | ||||||||
363,650 | S&P 500 Index, One purchased call strike 2,960.00 (Notional amount $999,877,000), One written put strike 2,500.00 (Notional amount $99,987,000), 582 SPX OTC EC 2960 01/18/19 Expires 1/18/19, Broker JPMorgan Chase Bank N.A. | $ | 1,782,202 | |||||
(1,000,000 | ) | S&P 500 Index, One written call strike 16.10 (Notional amount $1,000,000), Expires 12/21/18, Broker Societe Generale(Notional amount $1,610,000) | (994,196 | ) | ||||
68,770 | Topix, One purchased call strike 1,744.95 (Notional amount $1,671,600) 569 TPX INDEX Long Call 1744.95 12/20/18. One put strike 1640.25 Expires 12/20/18, Broker Goldman Sachs International | (2,379,414 | ) | |||||
(10,221,712 | ) | |||||||
Foreign Currency Options — 0.0% | ||||||||
250,000,000 | CHF/BRL foreign exchange rate, One written call strike 4.0000 (Notional amount CHF 50,000,000), One purchased call strike 3.3000 (Notional amount CHF 250,000,000), Expires 03/11/20, Broker JPMorgan Chase Bank N.A. | (2,899,717 | ) | |||||
Total Structured Options (Premiums paid $30,530,266) | $ | (13,121,429 | ) | |||||
Unrealized Appreciation/ (Depreciation) | ||||||||
SWAP AGREEMENTS | ||||||||
Total Return Swaps | ||||||||
Total return swap with Barclays Capital, Inc. receiving total return of the Barclays Japan Value Equity ER JPY Index over the initial equity level of 280.802600 and paying fixed interest rate of 0.45% at expiration date expiring 08/08/19 (Notional amount JPY 15,335,983,174) | $ | (5,397,017 | ) |
74 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Unrealized Appreciation/ (Depreciation) | ||||
Total Return Swaps (continued) | ||||
Total return swap with Barclays Capital, Inc. receiving total return of the Barclays Japan Value Equity ER JPY Index over the initial equity level of 289.668000 and paying fixed interest rate of 0.45% at expiration date expiring 08/08/19 (Notional amount JPY 15,853,833,212) | $ | (8,264,997 | ) | |
Total return swap with Barclays Capital, Inc. receiving total return of the Shiller Barclays CAPE US Mid-Month Sector ER Index over the initial equity level of 592.397800 and paying fixed interest rate of 0.45% at expiration date expiring 08/27/19 (Notional amount $357,282,222) | (22,327,206 | ) | ||
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the basket level on valuation date and paying a floating amount of 0.30% with quarterly payments until expiration date, expiring 07/30/19 (Notional amount EUR 100,000,000)(v) | 1,766,766 | |||
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the basket level on valuation date and paying a floating amount of 0.30% with quarterly payments until expiration date, expiring 03/25/19 (Notional amount EUR 100,000,000)(v) | (7,145,536 | ) | ||
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the target spread of 131.2557 and paying an amount if the price return under the target spread of 187.6225 with quarterly payments until expiration date, expiring 10/08/19 (Notional amount EUR 17,000,000) | (1,396,108 | ) | ||
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the target spread of 131.6220 and paying an amount if the price return is under the target spread of 179.4436 with quarterly payments until expiration date, expiring 05/08/19 (Notional amount EUR 16,875,000) | (2,115,148 | ) |
Unrealized Appreciation/ (Depreciation) | ||||
Total Return Swaps (continued) | ||||
Total return swap with BNP Paribas SA based on a basket of indices, receiving an amount if the price return is over the target spread of 131.6220 and paying an amount if the price return is under the target spread of 179.7919 with quarterly payments until expiration date, expiring 02/27/19 (Notional amount EUR 40,651,000)(x) | $ | (7,367,743 | ) | |
Total return swap with Macquarie Bank Ltd. receiving total return of the Macquarie Custom Basket MQCP275 Index over the initial equity level of 329.9732-363.4712 and paying fixed interest rate of 0.15% with monthly payments until expiration, expiring 02/15/19 (Notional amount $450,000,000)(w) | (22,998,352 | ) | ||
(75,245,341 | ) | |||
Variance Swaps | ||||
Conditional Variance swap with Citibank N.A. difference between Russell 2000 Index and S&P 500 Index over the volatility strike price of 1.25 with a condition that knockout level is between 70% and 115% at expiration date, expiring 6/21/19 (Vega notional amount $500,000) | 313,505 | |||
Conditional Variance swap with JPMorgan Chase Bank N.A. difference between Russell 2000 Index and S&P 500 Index over the volatility strike price of 19 with a condition that knockout level is between 70% and 115% and under the volatility strike price of 17.55 with a condition that knockout level is expiring 6/21/19 (Vega notional amount $500,000) | 337,461 | |||
Conditional Variance swap with UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 334.9 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date, expiring 12/13/19 (Vega notional amount $800,000) | 1,949,761 |
75 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Unrealized Appreciation/ (Depreciation) | ||||
Variance Swaps (continued) | ||||
Conditional Variance swap with UBS AG receiving variance of difference between S&P/ASX 200 Index and Nikkei 225 Index over the volatility strike price of 357.21 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date, expiring 12/13/19 (Vega notional amount $500,000) | $ | 1,206,642 | ||
Variance swap with Barclays Capital, Inc. paying variance of Shiller Barclays CAPE US Sector Risk Controlled 10% USD Total Return Index (BXIIC10T) Index over the target volatility of 11 and receiving variance of the BXIIC10T Index under the target volatility of 11 at expiration date, expiring 03/01/19 (Vega notional amount $500,000) | 160,682 | |||
Variance swap with BNP Paribas based on receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 11.10 and paying an amount if the volatility of S&P/ASX 200 Index is under 14.85 at expiration date, expiring 12/20/18 (notional amount AUD 500,000) | 409,922 | |||
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 11.75 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.30 at expiration date, expiring 06/20/19 (Vega notional amount AUD 750,000) | 568,493 | |||
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 13.3675 and paying an amount if the volatility of S&P/ASX 200 Index is under 17.1175 at expiration date, expiring 12/20/18 (Vega notional amount $500,000) | 741,255 | |||
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/JPY Index foreign exchange rate is over 11.25 and paying an amount if the volatility of S&P/ASX 200 Index is under 15.60 at expiration date, expiring 12/20/18 (Vega notional amount AUD 750,000) | 779,608 |
Unrealized Appreciation/ (Depreciation) | ||||
Variance Swaps (continued) | ||||
Variance swap with BNP Paribas receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.95 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.95 at expiration date, expiring 06/21/18 (Vega notional amount AUD 630,000) | $ | 988,130 | ||
Variance swap with BNP Paribas receiving variance of the Barclays Bank Plc over the target volatility of 10.9 and paying variance of the Shiller Barclays Cape US total return Index under the target volatility of 10.9 at expiration date, expiring 07/31/19 (Vega notional amount $500,000) | (412,844 | ) | ||
Variance swap with BNP Paribas receiving variance of the Barclays Bank plc over the target volatility of 408.04 and paying variance of the S&P 500 Index under the target volatility of 20.20 at expiration date, expiring 03/15/19 (Notional amount $50,000,000) | (536,344 | ) | ||
Variance swap with BNP Paribas SA paying variance of the Hang Seng China Enterprises Index over the target volatility of 25.65 and receiving variance of the Hang Seng China Enterprises Index under the target volatility of 25.65 at expiration date, expiring 12/28/18 (Vega notional amount HKD 3,900,000) | 2,254,460 | |||
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.15 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.15 at expiration date, expiring 05/10/19 (Vega notional amount $3,000,000) | 1,053,576 | |||
Variance swap with Goldman Sachs International paying variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index over the target volatility of 6.20 and receiving variance of the Goldman Sachs Momentum Builder Multi Asset 5 Index under the target volatility of 6.20 at expiration date, expiring 11/09/18 (Vega notional amount $3,000,000) | 2,264,256 |
76 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Unrealized Appreciation/ (Depreciation) | ||||
Variance Swaps (continued) | ||||
Variance swap with JPMorgan Chase Bank N.A. paying an amount if the volatility of AUD/USD foreign exchange rate is over 9.69 and receiving an amount if the volatility of S&P/ASX 200 Index is under 15.8 at expiration date, expiring 06/20/19 (Vega notional amount AUD 1,000,000) | $ | 1,289,961 | ||
Variance swap with JPMorgan Chase Bank N.A. paying variance of the NASDAQ 100 Index over the target volatility of 27.15 and receiving variance of the NASDAQ 100 Index under the target volatility of 27.15 at expiration date, expiring 03/15/19 (Notional amount $50,000,000) | 361,755 | |||
Variance swap with JPMorgan Chase Bank N.A. paying variance of the S&P 500 Index over the target volatility of 33.05 and receiving variance of the S&P 500 Index under the target volatility of 33.05 at expiration date, expiring 12/20/19 (Vega notional amount $500,000) | 6,319,668 | |||
Variance swap with JPMorgan Chase Bank N.A. paying variance of the SPX Index over the target volatility of 13.60 and receiving variance of the SPX Index under the target volatility of 13.60 at expiration date, expiring 03/15/19 (Notional amount $100,000,000) | 105,060 | |||
Variance swap with Societe Generale paying variance of the Hang Seng China Enterprises Index over the target volatility of 25.65 and receiving variance of the Hang Seng China Enterprises Index under the target volatility of 25.65 at expiration date, expiring 12/28/18 (Vega notional amount HKD 3,899,275) | 2,243,865 | |||
Variance swap with Societe Generale receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 12.5 and paying an amount if the volatility of S&P 500 Index is under 17.6 at expiration date, expiring 12/21/18 (Vega notional amount AUD 660,000) | (456,940 | ) |
Unrealized Appreciation/ (Depreciation) | ||||
Variance Swaps (continued) | ||||
Variance swap with Societe Generale receiving an amount if the volatility of AUD/USD foreign exchange rate is over 9.8 and paying an amount if the volatility of S&P/ASX 200 Index is under 16.00 at expiration date, expiring 06/21/19 (Vega notional amount $1,288,000) | $ | 907,904 | ||
Variance Swap with Societe Generale receiving an amount if the volatility of the Hang Seng China Enterprises Index (“HSCEI”) over the volatility strike price of 23.35 and paying an amount if the volatility of S&P 500 Index is under 18.35 at expiration date, expiring 12/20/19 (Vega notional amount $500,000) | 65,000 | |||
Variance Swap with Societe Generale receiving an amount if the volatility of the Korea KOSPI 200 Index over the volatility strike price of 19.90 and paying an amount if the volatility of Korea KOSPI 200 Index is under 19.90 at expiration date, expiring 12/13/18 (Vega notional amount KRW 812,250,000) | 2,740,211 | |||
Variance Swap with Societe Generale receiving variance of difference between Hang Seng China Enterprises Index (“HSCEI”) and S&P 500 Index (“SPX”) over the volatility strike price of 4.2 with a condition that knockout level is between 65% and 115% of initial index level at expiration date expiring 12/21/18 (Vega notional amount $1,000,000) | 2,240,000 | |||
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 19.00 and paying variance of the S&P 500 Index under the target volatility of 19.00 at expiration date, expiring 12/21/18 (Vega notional amount $1,000,000) | 3,056,599 | |||
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 19.2 and paying variance of the S&P 500 Index under the target volatility of 19.2 at expiration date, expiring 12/21/18 (Vega notional amount $1,000,000) | 3,183,160 |
77 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Unrealized Appreciation/ (Depreciation) | ||||
Variance Swaps (continued) | ||||
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 21.7 and paying variance of the S&P 500 Index under the target volatility of 21.7 at expiration date, expiring 12/21/18 (Notional amount $50,000,000) | $ | (518,581 | ) | |
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 21.9 and paying variance of the S&P 500 Index under the target volatility of 21.9 at expiration date, expiring 03/15/19 (Notional amount $50,000,000) | 204,256 | |||
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 22.2 and paying variance of the S&P 500 Index under the target volatility of 22.2 at expiration date, expiring 04/18/19 (Notional amount $50,000,000) | (47,021 | ) | ||
Variance swap with Societe Generale receiving variance of the S&P 500 Index over the target volatility of 22.2 and paying variance of the S&P 500 Index under the target volatility of 22.2 at expiration date, expiring 01/18/19 (Notional amount $50,000,000) | (157,418 | ) | ||
Variance swap with UBS AG receiving an amount if the volatility of AUD/USD foreign exchange rate is over 10.90 and paying an amount if the volatility of S&P/ASX Index is under 17.40 at expiration date, expiring 12/19/19 (Notional amount $70,000,000) | (164,114 | ) | ||
Variance swap with UBS AG receiving an amount if the volatility of AUD/USD foreign exchange rate is over 9.375 and paying an amount if the volatility of S&P/ASX Index is under 15.35 at expiration date, expiring 12/20/18 (Vega notional amount $1,000,000) | 1,497,288 | |||
Variance swap with UBS AG receiving receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 12.4 and paying an amount if the volatility of S&P 500 Index is under 17.7 at expiration date, expiring 12/21/18 (Vega notional amount AUD 600,000) | (352,684 | ) |
Unrealized Appreciation/ (Depreciation) | ||||
Variance Swaps (continued) | ||||
Variance swap with UBS AG receiving variance of the Franklin Floating Rate Fund over the target volatility of 4.00 and paying variance of the Franklin Floating Rate Fund under the target volatility of 4.00 at expiration date, expiring 12/28/18 (Vega notional amount $62,500) | $ | 855,526 | ||
Variance Swap with UBS AG receiving variance of the Korean Stock Exchange Index over the initial equity level of 15.20 and paying variance of the S&P 500 Index under the initial equity level of 15.35 at expiration date, expiring 12/13/18 (Vega notional amount $750,000) | (435,957 | ) | ||
Volatility swap with UBS AG receiving an amount if the volatility of the XAUUSD rate is over 11.15 and paying an amount if the volatility of the XAUUSD rate is under 11.15 at expiration, expiring 04/23/18 (Notional amount $500,000) | (99,420 | ) | ||
34,916,681 | ||||
Volatility Swaps | ||||
Volatility swap with BNP Paribas SA based on the Russell 2000 Index receiving an amount if the final realized volatility is over the target strike price of 19.75 and paying an amount if the final realized volatility is under the target strike price of 19.75 at expiration date, expiring 12/21/18 (Notional amount $500,000) | (1,213,115 | ) | ||
Volatility swap with BNP Paribas SA based on the S&P 500 Index receiving an amount if the final realized volatility is over the target strike price of 17.00 and paying an amount if the final realized volatility is under the target strike price of 17.00 at expiration date, expiring 12/21/18 (Notional amount $500,000) | 814,013 | |||
Volatility swap with BNP Paribas SA receiving an amount if the volatility of Russell 2000 Index is over 21.20 and paying an amount if the volatility of S&P 500 Index is under 19 at expiration date, expiring 12/21/18 (Notional amount $5,000,000) | 11,499 |
78 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Unrealized Appreciation/ (Depreciation) | ||||
Volatility Swaps (continued) | ||||
Volatility swap with Citigroup, Inc. receiving an amount if the volatility of the GOLDLNPM index is over 11.3 and paying an amount if the volatility of the GOLDLNPM index is under 11.3 at expiration, expiring 07/26/19 (Notional amount $500,000) | $ | (173,124 | ) | |
Volatility swap with Citigroup, Inc., receiving an amount if the volatility of USD/CHF foreign exchange rate is over 7.65 and paying an amount if the volatility of USD/CHF foreign exchange rate is under 7.65 at expiration date, expiring 4/26/19 (Notional amount $1,000,000) | (1,579,403 | ) | ||
Volatility swap with Citigroup, Inc., receiving an amount if the volatility of USD/EUR foreign exchange rate is over 7.8 and paying an amount if the volatility of USD/EUR foreign exchange rate is under 7.8 at expiration date, expiring 7/1/19 (Notional amount $1,000,000) | (515,221 | ) | ||
Volatility swap with Goldman Sachs International receiving an amount if the volatility of AUD/JPY foreign exchange rate is over 11.20 and paying an amount if the volatility of AUD/JPY foreign exchange rate is under 11.20 at expiration date, expiring 01/23/20 (Vega notional amount AUD 1,250,000) | (155,072 | ) | ||
Volatility swap with JPMorgan Chase Bank N.A. receiving an amount if the volatility of Nikkei 225 Index is over 18.00 and paying an amount if the volatility of S&P 500 Index is under 18 at expiration date, expiring 12/20/19 (Notional amount $500,000) | 529,951 | |||
Volatility swap with Societe Generale receiving an amount if the volatility of HSCEI Index is over 21.30 and paying an amount if the volatility of S&P 500 Index is under 16.85 at expiration date, expiring 12/20/19 (Vega notional amount $1,000,000) | 0 |
Unrealized Appreciation/ (Depreciation) | ||||
Volatility Swaps (continued) | ||||
Volatility swap with Societe Generale receiving an amount if the volatility of HSCEI Index is over 21.35 and paying an amount if the volatility of S&P 500 Index is under 16.40 at expiration date, expiring 06/19/20 (Vega notional amount $1,000,000) | $ | (930,000 | ) | |
Volatility swap with Societe Generale receiving an amount if the volatility of HSCEI Index is over 21.70 and paying an amount if the volatility of S&P 500 Index is under 17.55 at expiration date, expiring 12/20/19 (Vega notional amount $1,000,000) | 80,000 | |||
Volatility swap with Societe Generale receiving an amount if the volatility of HSCEI Index is over 21.70 and paying an amount if the volatility of SPX Index is under 17.00 at expiration date, expiring 12/18/19 (Notional amount $100,000,000) | (1,120,001 | ) | ||
Volatility swap with Societe Generale receiving an amount if the volatility of Nikkei 225 Index is over 17.90 and paying an amount if the volatility of S&P 500 Index is under 17.20 at expiration date, expiring 06/19/20 (Notional amount $1,000,000) | (400,000 | ) | ||
Volatility swap with Societe Generale receiving an amount if the volatility of Nikkei 225 Index is over 17.90 and paying an amount if the volatility of S&P 500 Index is under 17.70 at expiration date, expiring 12/20/19 (Vega notional amount $500,000) | 240,000 | |||
Volatility swap with Societe Generale receiving an amount if the volatility of Nikkei 225 Index is over 18.20 and paying an amount if the volatility of S&P 500 Index is under 17.15 at expiration date, expiring 12/20/19 (Notional amount $1,000,000) | (310,000 | ) | ||
Volatility swap with UBS AG receiving an amount if the volatility of AUD/USD foreign exchange rate is over 8.325 and paying an amount if the volatility of USD/CAD foreign exchange rate is under 7.125 at expiration date, expiring 01/09/19 (Vega notional amount $1,000,000) | (292,273 | ) |
79 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Unrealized Appreciation/ (Depreciation) | ||||
Volatility Swaps (continued) | ||||
Volatility swap with UBS AG receiving an amount if the volatility of HSCEI Index is over 22.60 and paying an amount if the volatility of S&P 500 Index is under 18.00 at expiration date, expiring 12/30/20 (Notional amount $100,000,000) | $ | (949,135 | ) | |
Volatility swap with UBS AG receiving an amount if the volatility of Nikkei 225 Index is over 18.50 and paying an amount if the volatility of S&P 500 Index is under 17.10 at expiration date, expiring 12/13/19 (Notional amount $500,000) | (192,598 | ) | ||
Volatility swap with UBS AG receiving an amount if the volatility of the XAUEUR rate is over 9.3 and paying an amount if the volatility of the XAUEUR rate is under 9.3 at expiration, expiring 01/10/19 (Notional amount EUR 500,000) | (38,807 | ) | ||
Volatility swap with UBS AG receiving an amount if the volatility of the XAUUSD rate is over 10.475 and paying an amount if the volatility of the XAUUSD rate is under 10.475 at expiration, expiring 01/10/19 (Notional amount $500,000) | (216,671 | ) | ||
Volatility swap with UBS AG receiving an amount if the volatility of the XAUUSD rate is over 10.55 and paying an amount if the volatility of the XAUUSD rate is under 10.55 at expiration, expiring 11/26/18 (Notional amount $500,000) | (136,447 | ) | ||
(6,546,404 | ) | |||
$ | (46,875,064 | ) |
(a) | Non-income producing security. |
(b) | This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $222,708,932 or 4.22% of net assets. Included in this amount are securities which are also exempt from registration under Rule 144A of the Securities Act of 1933, as amended (see (f) below) that amount to $169,240,969 or 3.21% of net assets. |
(c) | Level 3 fair valued security under procedures established by the Fund’s Board of Directors. The aggregate value of fair valued securities is $302,685, which is 0.01% of net assets. |
(d) | Principal amount denoted in British Pounds. |
(e) | Variable rate security. Rate shown is the rate in effect as of |
October 31, 2018. | |
(f) | Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Directors except those also included in footnote (c) above. |
(g) | 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 $686,977,844, which is 13.03% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those also included in footnote (b) above. |
(h) | Floating rate security. Rate shown is the rate in effect as of October 31, 2018. |
(i) | Principal amount denoted in Euros. |
(j) | Investment in non-U.S. Dollars. Principal amount reflects local currency. |
(k) | Payment-in-kind (“PIK”) security. Income may be paid in additional securities or cash at the discretion of the issuer. |
(l) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2018 |
(m) | Principal amount denoted in Swiss Francs. |
(n) | Issuer filed for bankruptcy and/or is in default of interest payments. |
(o) | Zero coupon bond. The rate represents the yield at time of purchase. |
(p) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2018. |
(q) | The rate represents the annualized yield at time of purchase. |
(r) | The rate shown represents the current yield as of October 31, 2018. |
(s) | Number of units is not applicable to this derivative and therefore notional amount is disclosed. |
(t) | The following table represents the individual positions underlying the basket structured options with Societe Generale, as of October 31, 2018, expiration date January 09, 2019: |
Reference Entity — Long
Advanced Micro Devices, Inc.
Alexion Pharmaceutical, Inc.
Alibaba Group Holding Ltd- ADR
Alphabet, Inc. - Class C
Amazon.com, Inc.
Bank of America Corp.
Barrick Gold Corp.
ConocoPhillips Co.,
Energen Corp.
Facebook, Inc. - Class A
Incyte Corp.
Morgan Stanley
Mylan N.V.
Symantec Corp.
Transocean Ltd.
80 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Western Digital Corp.
WPX Energy, Inc.
(u) | Number of contracts are shown parenthetically for any leg of Structured Option which has a different number of contracts than the amount shown under contracts column. |
(v) | The following percentage represents the individual long position underlying the basket swap with BNP Paribas SA, as of October 31, 2018, expiration date March 25, 2019 are 40% Base Metals (10% nickel, 10% aluminum, 10% zinc, 10% copper), 40% Oil and 20% Gold. |
(w) | The following percentage represents the individual long position underlying the basket swap with Macquarie Bank Ltd., as of October 31, 2018, expiration date Febru- |
ary 15, 2019 are 60% Base Metals (20% Gold, 10% aluminum, 10% zinc, 10% Nickel, 10% copper), and 40% Brent Crude. | |
(x) | The following table represents the individual long and short positions underlying the basket swap with BNP Paribas SA, as of October 31, 2018, expiration date February 27, 2019: |
Reference Entity — Long
BNP Paribas USD Long-Term Treasury Bond Futures Index
Reference Entity — Short
BNP Paribas EUR 30 Year Futures Index
Futures contracts outstanding at October 31, 2018:
Description | Number of Contracts | Expiration Date | Current Notional Amount | Value/Unrealized Appreciation (Depreciation) | |||||||||||
Long Contracts: | |||||||||||||||
Borsa stanbul 30-year Index | 6,000 | Oct 2018 | $ | 11,995,500 | $ | (1,193,950 | ) | ||||||||
Chicago Board of Trade U.S. Treasury Long Bond | 1,550 | Dec 2018 | 214,093,750 | 15,231 | |||||||||||
S&P500 Emini Fut Dec18 | 3,700 | Dec 2018 | 501,553,500 | 7,250,200 | |||||||||||
Total | $ | 6,071,481 |
81 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Forward foreign currency exchange contracts outstanding at October 31, 2018:
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation/ (Depreciation) | |||||||||||
USD | 10,000,000 | EUR | 8,219,004 | Barclays Bank Plc | 03/29/19 | $ | 563,179 | ||||||||
AUD | 51,048,687 | USD | 36,069,277 | JPMorgan Chase Bank N.A. | 11/30/18 | 92,636 | |||||||||
USD | 14,850,945 | EUR | 12,355,128 | JPMorgan Chase Bank N.A. | 12/28/18 | 780,028 | |||||||||
MXN | 413,722,052 | USD | 20,000,000 | JPMorgan Chase Bank N.A. | 01/11/19 | 124,160 | |||||||||
USD | 19,049,124 | IDR | 277,260,000,000 | JPMorgan Chase Bank N.A. | 01/11/19 | 1,053,860 | |||||||||
USD | 4,589,538 | RUB | 300,500,000 | JPMorgan Chase Bank N.A. | 01/11/19 | 66,682 | |||||||||
USD | 6,942,612 | GBP | 4,800,000 | JPMorgan Chase Bank N.A. | 03/29/19 | 759,660 | |||||||||
USD | 6,129,000 | EUR | 5,000,000 | JPMorgan Chase Bank N.A. | 08/30/19 | 304,763 | |||||||||
3,744,968 | |||||||||||||||
CHF | 29,892,888 | USD | 29,951,832 | Barclays Bank Plc | 11/29/18 | (193,471 | ) | ||||||||
INR | 658,900,000 | USD | 10,000,000 | Barclays Bank Plc | 01/11/19 | (1,187,718 | ) | ||||||||
EUR | 11,219,004 | USD | 12,886,882 | Barclays Bank Plc | 03/29/19 | (5,549 | ) | ||||||||
USD | 3,336,600 | EUR | 3,000,000 | Barclays Bank Plc | 03/29/19 | (107,912 | ) | ||||||||
BRL | 47,022,050 | USD | 13,771,284 | Barclays Bank Plc | 04/30/19 | (1,322,862 | ) | ||||||||
USD | 12,245,326 | BRL | 47,022,050 | Barclays Bank Plc | 04/30/19 | (203,097 | ) | ||||||||
JPY | 8,680,175,000 | USD | 77,353,534 | JPMorgan Chase Bank N.A. | 11/29/18 | (263,360 | ) | ||||||||
USD | 22,438,215 | BRL | 83,800,000 | JPMorgan Chase Bank N.A. | 11/30/18 | (12,323 | ) | ||||||||
Euro | 8,000,000 | USD | 10,168,362 | JPMorgan Chase Bank N.A. | 12/28/18 | (1,057,380 | ) | ||||||||
IDR | 277,260,000,000 | USD | 20,000,000 | JPMorgan Chase Bank N.A. | 01/11/19 | (2,004,736 | ) | ||||||||
RUB | 300,500,000 | USD | 5,000,000 | JPMorgan Chase Bank N.A. | 01/11/19 | (477,144 | ) | ||||||||
USD | 19,225,224 | MXN | 413,722,052 | JPMorgan Chase Bank N.A. | 01/11/19 | (898,936 | ) | ||||||||
Euro | 16,380,224 | USD | 20,111,656 | JPMorgan Chase Bank N.A. | 03/29/19 | (1,304,361 | ) | ||||||||
USD | 18,134,338 | EUR | 16,380,224 | JPMorgan Chase Bank N.A. | 03/29/19 | (672,957 | ) | ||||||||
GBP | 4,800,000 | USD | 6,621,535 | JPMorgan Chase Bank N.A. | 03/29/19 | (438,583 | ) | ||||||||
Euro | 5,000,000 | USD | 6,220,656 | JPMorgan Chase Bank N.A. | 08/30/19 | (396,419 | ) | ||||||||
GBP | 42,660,152 | USD | 54,893,717 | UBS AG | 11/29/18 | (295,339 | ) | ||||||||
INR | 350,374,000 | USD | 5,206,538 | UBS AG | 03/29/19 | (569,115 | ) | ||||||||
(11,411,262 | ) | ||||||||||||||
$ | (7,666,294 | ) |
The following abbreviations are used in the report:
AUD — Australian Dollar
BRL — Brazil Real
CAD - Canadian Dollar
CHF — Swiss Franc
CLO — Collateralized Loan Obligation
Cnv. — Convertible
ETF — Exchange Traded Fund
EUR — Euro
EURIBOR — Euro Interbank Offered Rate
GBP — British Pound
IDR — Indonesian Rupiah
INR — Indian Rupee
JPY — Japanese Yen
LIBOR — London Interbank Offered Rate
MXN - Mexican Peso
REIT — Real Estate Investment Trust
RUB — Russian Ruble
STEP — Step Coupon Bond
USD — U.S. Dollar
ZAR — South African Rand
82 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments - (Continued) | October 31, 2018 |
Portfolio Diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Asset-Backed Securities | 13.8 | % | ||
Banks | 0.1 | |||
Collateralized Mortgage Obligations | 8.2 | |||
Commercial Mortgage-Backed Securities | 0.7 | |||
Communication Services | 0.4 | |||
Consumer Discretionary | 3.6 | |||
Consumer Staples | 1.4 | |||
Diversified Financials | 0.9 | |||
Energy | 0.5 | |||
Financials | 1.9 | |||
Government Bonds | 1.6 | |||
Health Care | 1.2 | |||
Industrials | 2.2 | |||
Information Technology | 3.0 | |||
Insurance | 0.2 | |||
Materials | 0.6 | |||
Real Estate | 0.9 | |||
Telecommunication Services | 0.3 | |||
U.S. Government Agencies and Securities | 41.7 | |||
Utilities | 0.4 | |||
Other* | 16.4 | |||
100.0 | % |
* | Includes cash and equivalents, closed-end funds, options, exchange traded funds, rights/warrants, structured options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
83 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments | October 31, 2018 |
Principal Amount | Value | |||||||
CORPORATE BONDS — 22.7% | ||||||||
Banks — 6.7% | ||||||||
$ | 1,750,000 | Banco Santander Chile, 2.50%, 12/15/20(a) | $ | 1,703,223 | ||||
2,800,000 | Banco Santander SA, 3.50%, 04/11/22 | 2,733,048 | ||||||
6,000,000 | Bank of America Corp., (3 mo. LIBOR US + 0.810%), 3.37%, 01/23/26(b) | 5,719,067 | ||||||
2,000,000 | Bank of Montreal, 3.10%, 04/13/21 | 1,987,322 | ||||||
5,000,000 | BNP Paribas SA, 2.95%, 05/23/22(a) | 4,818,933 | ||||||
3,080,000 | Capital One Financial Corp., 3.75%, 03/09/27 | 2,850,646 | ||||||
2,000,000 | Capital One NA, 1.85%, 09/13/19 | 1,977,044 | ||||||
5,785,000 | Citigroup, Inc., (3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28(b) | 5,422,313 | ||||||
3,000,000 | HSBC Holdings Plc, (3 mo. LIBOR US + 1.550%), 4.04%, 03/13/28(b) | 2,871,134 | ||||||
2,625,000 | JPMorgan Chase & Co., (3 mo. LIBOR US + 0.610%), 3.51%, 06/18/22(b) | 2,620,526 | ||||||
2,885,000 | JPMorgan Chase & Co., (3 mo. LIBOR US + 1.260%), 4.20%, 07/23/29(b) | 2,840,938 | ||||||
2,980,000 | KeyCorp., 2.90%, 09/15/20 | 2,952,551 | ||||||
5,000,000 | Mizuho Financial Group, Inc., 2.63%, 04/12/21(a) | 4,881,517 | ||||||
4,565,000 | Morgan Stanley, 3.13%, 01/23/23 | 4,417,565 | ||||||
4,500,000 | Royal Bank of Canada, 3.35%, 10/22/21(a) | 4,496,464 | ||||||
2,200,000 | Sumitomo Mitsui Banking Corp., 2.45%, 01/16/20 | 2,178,192 | ||||||
2,000,000 | Svenska Handelsbanken AB, 1.88%, 09/07/21 | 1,909,474 | ||||||
1,880,000 | Synchrony Bank, 3.00%, 06/15/22 | 1,794,894 | ||||||
58,174,851 | ||||||||
Communication Services — 3.3% | ||||||||
4,200,000 | Alibaba Group Holding Ltd., 2.50%, 11/28/19 | 4,174,851 | ||||||
2,600,000 | Alibaba Group Holding Ltd., 3.40%, 12/06/27 | 2,373,365 | ||||||
2,160,000 | Amazon.com, Inc., 2.60%, 12/05/19 | 2,152,434 | ||||||
5,720,000 | Comcast Corp., 4.15%, 10/15/28 | 5,673,003 |
Principal Amount | Value | |||||||
Communication Services (continued) | ||||||||
$ | 6,000,000 | Omnicom Group, Inc., 3.65%, 11/01/24 | $ | 5,778,453 | ||||
6,000,000 | Verizon Communications, Inc., 3.50%, 11/01/24 | 5,867,427 | ||||||
2,215,000 | Warner Media LLC, 2.10%, 06/01/19 | 2,203,242 | ||||||
28,222,775 | ||||||||
Consumer Discretionary — 1.8% | ||||||||
1,690,000 | American Honda Finance Corp., 1.50%, 11/19/18 | 1,689,208 | ||||||
3,000,000 | Daimler Finance North America LLC, 2.30%, 02/12/21(a) | 2,915,905 | ||||||
2,911,000 | Ecolab, Inc., 2.25%, 01/12/20 | 2,880,149 | ||||||
1,697,000 | Ford Motor Credit Co. LLC, 2.02%, 05/03/19 | 1,685,169 | ||||||
2,500,000 | Starbucks Corp., 3.80%, 08/15/25 | 2,426,364 | ||||||
3,890,000 | Walmart, Inc., 3.40%, 06/26/23 | 3,876,882 | ||||||
15,473,677 | ||||||||
Consumer Staples — 1.6% | ||||||||
5,870,000 | Costco Wholesale Corp., 2.15%, 05/18/21 | 5,726,635 | ||||||
2,077,000 | Sysco Corp., 1.90%, 04/01/19 | 2,069,253 | ||||||
6,000,000 | Tyson Foods, Inc., 2.25%, 08/23/21 | 5,772,596 | ||||||
13,568,484 | ||||||||
Diversified Financials — 2.2% | ||||||||
3,950,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 05/15/21 | 3,992,637 | ||||||
3,065,000 | Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 1.000%), 3.49%, 07/24/23(c) | 3,085,436 | ||||||
3,125,000 | Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 1.170%), 3.48%, 05/15/26(c) | 3,114,719 | ||||||
3,030,000 | JPMorgan Chase & Co., 3.20%, 06/15/26 | 2,826,767 | ||||||
2,470,000 | National Rural Utilities Cooperative Finance Corp., 2.90%, 03/15/21 | 2,443,136 |
84 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Diversified Financials (continued) | ||||||||
$ | 3,900,000 | Toronto-Dominion Bank (The), (3 mo. LIBOR US + 0.440%), 2.84%, 07/02/19(c) | $ | 3,907,687 | ||||
19,370,382 | ||||||||
Energy — 0.3% | ||||||||
3,075,000 | Energy Transfer Partners LP, 3.60%, 02/01/23 | 2,994,191 | ||||||
Health Care — 2.2% | ||||||||
5,010,000 | AbbVie, Inc., 2.50%, 05/14/20 | 4,944,568 | ||||||
4,000,000 | Amgen, Inc., 2.20%, 05/22/19 | 3,984,166 | ||||||
5,000,000 | Halfmoon Parent, Inc., 3.75%, 07/15/23(a) | 4,956,430 | ||||||
5,000,000 | Kaiser Foundation Hospitals, 3.15%, 05/01/27 | 4,727,393 | ||||||
18,612,557 | ||||||||
Industrials — 1.9% | ||||||||
6,115,000 | Caterpillar Financial Services Corp. MTN, 1.35%, 05/18/19 | 6,062,167 | ||||||
6,000,000 | General Dynamics Corp., 3.00%, 05/11/21 | 5,957,699 | ||||||
1,700,000 | Honeywell International Inc, 1.40%, 10/30/19 | 1,673,660 | ||||||
3,000,000 | Penske Truck Leasing Co., LP / PTL Finance Corp., 2.70%, 03/14/23(a) | 2,833,779 | ||||||
16,527,305 | ||||||||
Information Technology — 1.2% | ||||||||
6,110,000 | Apple, Inc., (3 mo. LIBOR US + 0.350%), 2.69%, 05/11/22(c) | 6,155,832 | ||||||
4,000,000 | CA, Inc., 5.38%, 12/01/19 | 4,078,314 | ||||||
10,234,146 | ||||||||
Insurance — 1.0% | ||||||||
693,000 | American International Group, Inc., 2.30%, 07/16/19 | 689,721 | ||||||
2,830,000 | American International Group, Inc., 3.90%, 04/01/26 | 2,704,066 | ||||||
5,000,000 | Metropolitan Life Global Funding I, 2.40%, 01/08/21(a) | 4,893,216 | ||||||
8,287,003 |
Principal Amount | Value | |||||||
Utilities — 0.5% | ||||||||
$ | 2,390,000 | Berkshire Hathaway Energy Co., 2.38%, 01/15/21 | $ | 2,342,393 | ||||
2,310,000 | NextEra Energy Capital Holdings, Inc., 2.30%, 04/01/19 | 2,302,633 | ||||||
4,645,026 | ||||||||
Total Corporate Bonds (Cost $200,449,327) | 196,110,397 | |||||||
ASSET-BACKED SECURITIES — 9.4% | ||||||||
CANADA — 1.8% | ||||||||
Other Asset-Backed Securities — 1.8% | ||||||||
3,900,000 | Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class A3, 3.00%, 11/19/21(a) | 3,882,797 | ||||||
3,000,000 | Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, 03/15/23(a) | 2,974,556 | ||||||
4,750,000 | Golden Credit Card Trust Series 2017-2A, Class A, 1.98%, 04/15/22(a) | 4,659,978 | ||||||
3,000,000 | Master Credit Card Trust II, Series 2017-1A, Class A, 2.26%, 07/21/21(a) | 2,967,721 | ||||||
754,890 | Securitized Term Auto Receivables Trust Series 2016-1A, Class A3, 1.52%, 03/25/20(a) | 752,006 | ||||||
15,237,058 | ||||||||
CAYMAN ISLANDS — 3.1% | ||||||||
Collateralized Loan Obligations — 3.1% | ||||||||
3,000,000 | Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 3.96%, 04/24/29(a)(c) | 3,005,861 | ||||||
5,000,000 | Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 3.60%, 10/17/26(a)(c) | 5,001,327 | ||||||
4,000,000 | Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 3.77%, 04/20/30(a)(c) | 4,001,611 | ||||||
1,507,203 | OCP CLO Ltd., Series 2012-2A, Class A1R, (3 mo. LIBOR US + 1.400%), 3.71%, 11/22/25(a)(c) | 1,507,252 | ||||||
5,000,000 | Saratoga Investment Corp. CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 4.22%, 10/20/25(a)(c) | 5,005,622 |
85 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 5,000,000 | THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, 3.70%, 07/20/30(a)(c) | $ | 5,000,381 | ||||
3,000,000 | Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.950%), 3.39%, 07/16/27(a)(c) | 2,991,672 | ||||||
26,513,726 | ||||||||
UNITED STATES — 4.5% | ||||||||
Other Asset-Backed Securities — 4.5% | ||||||||
3,000,000 | Ally Auto Receivables Trust, Series 2017-2, Class A3, 1.78%, 08/16/21 | 2,976,725 | ||||||
1,250,000 | CarMax Auto Owner Trust Series 2017-2, Class A3, 1.93%, 03/15/22 | 1,233,796 | ||||||
2,975,000 | Chase Issuance Trust, Series 2012-A4, Class A4, 1.58%, 08/15/21 | 2,943,532 | ||||||
3,714,706 | Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(a) | 3,665,232 | ||||||
2,662,931 | CNH Equipment Trust, Series 2015-A, Class A4, 1.85%, 04/15/21 | 2,656,765 | ||||||
695,738 | Enterprise Fleet Financing LLC Series 2016-2, Class A2, 1.74%, 02/22/22(a) | 693,044 | ||||||
600,873 | Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13%, 07/20/22(a) | 597,453 | ||||||
1,500,000 | Enterprise Fleet Financing LLC, Series 2017-2, Class A3, 2.22%, 01/20/23(a) | 1,466,217 | ||||||
1,250,000 | GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/22 | 1,231,946 | ||||||
2,000,000 | GM Financial Consumer Automobile Series 2017-1A, Class A4, 2.06%, 05/16/23(a) | 1,956,464 | ||||||
5,000,000 | Hertz Vehicle Financing LLC Series 2016-3A, Class A, 2.27%, 07/25/20(a) | 4,966,046 | ||||||
3,000,000 | Sofi Professional Loan Program, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a) | 2,955,356 | ||||||
2,000,000 | Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.10%, 09/15/22 | 1,966,179 | ||||||
2,650,000 | Verizon Owner Trust Series 2017-1A, Class A, 2.06%, 09/20/21(a) | 2,625,994 | ||||||
1,750,000 | Verizon Owner Trust Series 2017-3A, Class A1A, 2.06%, 04/20/22(a) | 1,722,098 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,000,000 | Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3, 3.02%, 11/21/22 | $ | 995,050 | ||||
1,000,000 | Wheels SPV 2 LLC, Class A2, 3.06%, 04/20/27(a) | 996,385 | ||||||
3,100,000 | World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23 | 3,052,689 | ||||||
473,204 | World Omni Automobile Lease Securitization Trust Series 2016-A, Class A3, 1.45%, 08/15/19 | 472,191 | ||||||
39,173,162 | ||||||||
Total Asset-Backed Securities (Cost $81,518,637) | 80,923,946 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1% | ||||||||
1,193,790 | JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A 3.00%, 01/27/38(a) | 1,142,831 | ||||||
Total Collateralized Mortgage Obligations (Cost $1,216,892) | 1,142,831 | |||||||
U.S. GOVERNMENT AGENCIES — 3.0% | ||||||||
Fannie Mae — 1.5% | ||||||||
7,802,000 | 1.88%, 02/19/19 | 7,788,612 | ||||||
5,000,000 | 1.00%, 02/26/19 | 4,976,995 | ||||||
12,765,607 | ||||||||
Federal Home Loan Bank — 1.1% | ||||||||
9,985,000 | 1.14%, 06/21/19(d) | 9,891,950 | ||||||
Overseas Private Investment Corp. — 0.3% | ||||||||
2,206,474 | 5.14%, 12/15/23 | 2,313,107 | ||||||
Small Business Administration — 0.1% | ||||||||
56,754 | 4.73%, 02/10/19 | 57,027 | ||||||
120,931 | 4.11%, 03/10/20 | 121,833 | ||||||
515,062 | 4.08%, 03/10/21 | 519,407 | ||||||
698,267 | ||||||||
Total U.S. Government Agencies (Cost $25,706,773) | 25,668,931 |
86 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
U.S. GOVERNMENT SECURITIES — 63.7% | ||||||||
U.S. Treasury Bonds — 5.2% | ||||||||
$ | 43,811,000 | 3.50%, 02/15/39 | $ | 44,995,266 | ||||
U.S. Treasury Notes — 58.5% | ||||||||
20,000,000 | 1.13%, 01/31/19 | 19,941,403 | ||||||
20,217,000 | 1.38%, 12/15/19 | 19,909,007 | ||||||
37,736,000 | 2.38%, 04/30/20 | 37,482,461 | ||||||
9,664,000 | 1.50%, 06/15/20 | 9,458,263 | ||||||
17,376,000 | 1.38%, 09/15/20 | 16,906,984 | ||||||
14,977,000 | 1.88%, 12/15/20 | 14,666,929 | ||||||
2,500,000 | 2.63%, 05/15/21 | 2,482,031 | ||||||
45,901,000 | 1.88%, 11/30/21 | 44,471,973 | ||||||
26,511,000 | 1.88%, 01/31/22 | 25,632,823 | ||||||
90,663,000 | 1.75%, 01/31/23 | 86,221,929 | ||||||
28,680,186 | 0.63%, 01/15/24(e) | 28,077,253 | ||||||
74,815,000 | 2.38%, 08/15/24 | 72,181,863 | ||||||
39,970,000 | 2.00%, 02/15/25 | 37,546,819 | ||||||
26,735,000 | 2.25%, 11/15/25 | 25,323,058 | ||||||
27,729,000 | 1.63%, 02/15/26 | 25,084,997 | ||||||
27,328,000 | 2.00%, 11/15/26 | 25,163,109 | ||||||
16,634,000 | 2.25%, 11/15/27 | 15,467,671 | ||||||
Total U.S. Government Securities (Cost $566,459,764) | 551,013,839 | |||||||
GOVERNMENT BONDS — 0.3% | ||||||||
JAPAN — 0.3% | ||||||||
3,000,000 | Japan Bank For International Cooperation, 2.25%, 02/24/20 | 2,968,639 | ||||||
Total Government Bonds (Cost $2,996,337) | 2,968,639 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 0.2% | ||||||||
1,685,629 | SEI Daily Income Trust Government II Fund, Class A, 2.01%(f) | 1,685,628 | ||||||
Total Investment Company (Cost $1,685,629) | 1,685,628 | |||||||
TOTAL INVESTMENTS — 99.4% (Cost $880,033,359) | $ | 859,514,211 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6% | 5,515,583 | |||||||
NET ASSETS — 100.0% | $ | 865,029,794 |
(a) | 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. The aggregate value of these securities is $96,037,371 which is 11.10% of net assets. |
(b) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2018 |
(c) | Floating rate security. Rate shown is the rate in effect as of October 31, 2018. |
(d) | The rate represents the annualized yield at time of purchase. |
(e) | Inflation protected security. Principal amount reflects original security face amount. |
(f) | The rate shown represents the current yield as of October 31, 2018. |
The following abbreviations are used in the report:
CLO — Collateralized Loan Obligation
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
87 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments | October 31, 2018 |
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 98.2% | ||||||||
Alabama — 0.8% | ||||||||
$ | 2,000,000 | Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A 5.00%, 09/01/22 | $ | 2,199,160 | ||||
1,750,000 | Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds 5.00%, 09/01/21 | 1,884,208 | ||||||
5,000,000 | Alabama Federal Aid Highway Finance Authority Revenue Bonds 5.00%, 09/01/20 | 5,246,000 | ||||||
3,030,000 | City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/22 | 3,328,243 | ||||||
3,660,000 | City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/26 | 4,138,618 | ||||||
1,500,000 | City of Huntsville Warrants Refunding GO, Series A 5.00%, 08/01/26 | 1,693,545 | ||||||
18,489,774 | ||||||||
Arizona — 1.5% | ||||||||
875,000 | Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds 5.00%, 07/01/25 | 989,826 | ||||||
2,390,000 | Arizona School Facilities Board Advance Refunding COP, Series A 5.00%, 09/01/23 | 2,668,292 | ||||||
150,000 | Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/22 | 163,679 | ||||||
1,715,000 | Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/24 | 1,933,182 | ||||||
2,750,000 | Arizona State Board of Transportation Refunding Revenue Bonds 5.00%, 07/01/22 | 3,012,433 | ||||||
2,405,000 | Arizona State University Refunding Revenue Bonds, Series B 1.53%, 07/01/34(a) | 2,405,000 |
Principal Amount | Value | |||||||
Arizona (continued) | ||||||||
$ | 1,250,000 | Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/26 | $ | 1,419,313 | ||||
5,000,000 | City of Phoenix Advance Refunding GO 5.00%, 07/01/25 | 5,759,450 | ||||||
200,000 | Maricopa County Community College District GO, Series C 5.00%, 07/01/20 | 204,079 | ||||||
2,875,000 | Phoenix Civic Improvement Corp. Refunding Revenue Bonds 5.00%, 07/01/20 | 3,010,556 | ||||||
5,000,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/21 | 5,300,650 | �� | |||||
5,000,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/22 | 5,423,900 | ||||||
2,000,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/27 | 2,336,540 | ||||||
34,626,900 | ||||||||
California — 3.3% | ||||||||
5,000,000 | California Infrastructure & Economic Development Bank Refunding Revenue Bonds 2.05%, 04/01/38(a) | 5,012,200 | ||||||
200,000 | California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation) 5.00%, 05/15/25 | 231,805 | ||||||
325,000 | California Statewide Communities Development Authority Green Bond Marin General Hospital Revenue Bonds 5.00%, 08/01/32 | 369,818 | ||||||
5,000,000 | Los Angeles Department of Water & Power Power System Revenue 5.00%, 01/01/22 | 5,471,000 | ||||||
1,035,000 | Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23 | 1,062,055 |
88 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 800,000 | San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/24 | $ | 924,328 | ||||
2,865,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/21 | 3,130,385 | ||||||
1,620,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/22 | 1,811,533 | ||||||
1,000,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/30 | 1,181,450 | ||||||
7,000,000 | State of California Public Improvements GO 5.00%, 09/01/22 | 7,716,030 | ||||||
3,000,000 | State of California Public Improvements GO 5.00%, 03/01/26 | 3,425,190 | ||||||
4,000,000 | State of California Public Improvements GO 5.00%, 10/01/35 | 4,480,160 | ||||||
10,000,000 | State of California Refunding GO 5.00%, 09/01/22 | 11,022,900 | ||||||
8,000,000 | State of California Refunding GO 5.00%, 03/01/24 | 9,043,200 | ||||||
8,000,000 | State of California Refunding GO 5.00%, 10/01/25 | 9,187,840 | ||||||
3,250,000 | State of California Refunding GO 5.00%, 08/01/26 | 3,781,603 | ||||||
7,430,000 | State of California School Improvements GO 5.00%, 11/01/28 | 8,683,515 | ||||||
76,535,012 | ||||||||
Colorado — 0.6% | ||||||||
500,000 | Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding) 5.00%, 12/01/19 | 516,055 | ||||||
800,000 | City & County of Broomfield Advance Refunding COP 5.00%, 12/01/21 | 864,368 | ||||||
1,525,000 | City of Thornton Co. School Improvement GO COP 5.00%, 12/01/29 | 1,771,303 |
Principal Amount | Value | |||||||
Colorado (continued) | ||||||||
$ | 3,635,000 | Colorado Higher Education Refunding COP, Series A 5.00%, 11/01/24 | $ | 4,088,612 | ||||
2,000,000 | Denver City & County School District No 1 Refunding GO (State Aid Intercept Program) 5.00%, 12/01/24 | 2,282,800 | ||||||
100,000 | Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding) 5.00%, 12/01/23 | 112,465 | ||||||
350,000 | EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding) 5.00%, 12/15/25 | 404,019 | ||||||
1,180,000 | Jefferson County School District GO, Series R-1, (State Aid Withholding) 5.00%, 12/15/22 | 1,304,018 | ||||||
1,630,000 | Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 05/15/26 | 1,872,104 | ||||||
13,215,744 | ||||||||
Connecticut — 5.0% | ||||||||
2,000,000 | Hartford County Metropolitan District Refunding Notes GO 5.00%, 03/01/25 | 2,223,740 | ||||||
325,000 | Hartford County Metropolitan District Refunding Notes GO, Series C (AGM) 5.00%, 11/01/23 | 361,491 | ||||||
5,860,000 | Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/25 | 6,678,056 | ||||||
7,000,000 | State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/24 | 7,701,680 | ||||||
8,000,000 | State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/25 | 8,853,040 | ||||||
1,805,000 | State of Connecticut Advance Refunding GO, Series B 5.00%, 05/15/27 | 1,993,027 | ||||||
2,000,000 | State of Connecticut Public Improvements GO, Series E 5.00%, 09/15/26 | 2,226,540 | ||||||
6,000,000 | State of Connecticut Public Improvements GO, Series F 5.00%, 11/15/26 | 6,631,740 |
89 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Connecticut (continued) | ||||||||
$ | 32,445,000 | State of Connecticut Refunding GO, Series C 5.00%, 06/01/23 | $ | 34,802,778 | ||||
3,100,000 | State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A 5.00%, 08/01/22 | 3,358,106 | ||||||
1,250,000 | State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds 5.00%, 08/01/22 | 1,354,075 | ||||||
8,000,000 | State of Connecticut Special Tax Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/25 | 8,849,680 | ||||||
2,000,000 | State of Connecticut Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/24 | 2,222,600 | ||||||
8,000,000 | State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 10/01/19 | 8,203,600 | ||||||
5,000,000 | State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 09/01/27 | 5,475,050 | ||||||
10,000,000 | State of Connecticut Water & Sewer System Improvements GO, Series E 5.00%, 10/15/23 | 10,938,100 | ||||||
825,000 | Town of New Canaan CT Refunding GO, Series C 5.00%, 04/01/25 | 943,528 | ||||||
1,000,000 | Town of Southington Sewer Improvement GO Bonds 2.75%, 04/29/19 | 1,003,770 | ||||||
113,820,601 | ||||||||
District Of Columbia — 0.3% | ||||||||
5,000,000 | District of Columbia Public Improvement Revenue Bonds, Series C 5.00%, 12/01/19 | 5,161,100 | ||||||
1,000,000 | District of Columbia Refunding Revenue Bonds, Series A 5.00%, 12/01/20 | 1,057,670 | ||||||
6,218,770 | ||||||||
Florida — 2.0% | ||||||||
4,790,000 | County of Miami-Dade Public Improvements GO 5.00%, 07/01/24 | 5,424,004 |
Principal Amount | Value | |||||||
Florida (continued) | ||||||||
$ | 3,970,000 | County of Palm Beach Advance Refunding Revenue Bonds 5.00%, 11/01/26 | $ | 4,493,564 | ||||
1,000,000 | County of Sarasota Refunding Revenue Bonds 5.00%, 10/01/24 | 1,135,450 | ||||||
5,210,000 | JEA Florida Water & Sewer System Refunding Revenue Bonds, Sub-Series B-1 1.63%, 10/01/36 | 5,210,000 | ||||||
1,200,000 | Lee County School Board Refunding COP 5.00%, 08/01/25 | 1,346,652 | ||||||
4,000,000 | Miami-Dade County Refunding GO, Series B 5.00%, 07/01/24 | 4,529,440 | ||||||
2,000,000 | Orlando Utilities Commission Refunding Revenue Bonds, Series A 5.00%, 10/01/20 | 2,107,820 | ||||||
500,000 | Palm Beach County Revenue Bonds, Series 2, OID 5.25%, 11/01/25 | 499,999 | ||||||
10,000,000 | State of Florida Lottery Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 11,357,600 | ||||||
9,800,000 | State of Florida Refunding GO 5.00%, 07/01/24 | 10,713,556 | ||||||
46,818,085 | ||||||||
Georgia — 3.8% | ||||||||
1,295,000 | Americus-Sumter Payroll Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/32 | 1,442,993 | ||||||
1,570,000 | Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/27 | 1,806,882 | ||||||
1,755,000 | Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/28 | 1,998,348 | ||||||
500,000 | Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/26 | 570,255 | ||||||
1,010,000 | Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/33 | 1,129,766 |
90 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Georgia (continued) | ||||||||
$ | 3,090,000 | Bleckley County & Dodge County Joint Development Authority Current Refunding Revenue Bonds 5.00%, 07/01/32 | $ | 3,477,919 | ||||
750,000 | Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding) 5.00%, 02/01/23 | 832,110 | ||||||
260,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/21 | 277,367 | ||||||
2,710,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/23 | 2,991,000 | ||||||
2,100,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/24 | 2,346,561 | ||||||
17,000,000 | County of Cobb GA Cash Flow Management GO Notes 2.25%, 11/30/18 | 17,006,800 | ||||||
5,000,000 | Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 06/01/20 | 5,089,850 | ||||||
2,000,000 | Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B 5.00%, 06/01/21 | 2,140,220 | ||||||
2,025,000 | Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY) 5.00%, 10/01/19 | 2,081,012 | ||||||
1,095,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/25 | 1,241,412 | ||||||
1,555,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26 | 1,780,055 | ||||||
1,100,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26 | 1,259,203 | ||||||
7,650,000 | State of Georgia Advance Refunding GO, Series E 5.00%, 12/01/26 | 8,986,302 |
Principal Amount | Value | |||||||
Georgia (continued) | ||||||||
$ | 1,950,000 | State of Georgia Public Improvements GO, Series A-2 5.00%, 02/01/25 | $ | 2,194,394 | ||||
2,860,000 | State of Georgia Refunding GO, Series E-2 4.00%, 09/01/19 | 2,908,734 | ||||||
18,020,000 | State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/24 | 20,363,861 | ||||||
4,250,000 | State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/25 | 4,879,383 | ||||||
86,804,427 | ||||||||
Hawaii — 0.7% | ||||||||
5,815,000 | State of Hawaii Advance Refunding GO 5.00%, 10/01/23 | 6,514,603 | ||||||
1,000,000 | State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A 5.00%, 07/01/21 | 1,069,620 | ||||||
5,000,000 | State of Hawaii Refunding GO, Series EP 5.00%, 08/01/25 | 5,650,850 | ||||||
1,570,000 | University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/21 | 1,688,786 | ||||||
1,180,000 | University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/22 | 1,294,401 | ||||||
16,218,260 | ||||||||
Idaho — 0.2% | ||||||||
1,000,000 | Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY) 5.00%, 09/15/25 | 1,147,350 | ||||||
1,500,000 | Idaho Board Bank Authority Refunding Revenue Bonds, Series D 5.00%, 09/15/23 | 1,647,330 | ||||||
740,000 | Madison County School District No 321 Rexburg School Improvements GO, (School Board GTY), Series B 5.00%, 09/15/28 | 860,738 | ||||||
3,655,418 |
91 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Illinois — 0.8% | ||||||||
$ | 11,125,000 | Illinois Finance Authority University & College Improvements Revenue Bonds 1.54%, 12/01/46(a) | $ | 11,125,000 | ||||
3,250,000 | Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A 5.00%, 12/01/24 | 3,645,200 | ||||||
2,000,000 | Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D 5.00%, 12/01/22 | 2,187,080 | ||||||
1,400,000 | Peoria Metropolitan Airport Authority Advance Refunding GO, Series D 5.00%, 12/01/26 | 1,587,740 | ||||||
780,000 | University of Illinois College Improvement Refunding Revenue Bonds, Series A 5.00%, 04/01/21 | 827,081 | ||||||
19,372,101 | ||||||||
Indiana — 0.1% | ||||||||
500,000 | Center Grove School Building Corp. First Mortgage Refunding Revenue Bonds, Series A (State Aid Intercept Program) 5.00%, 07/15/20 | 523,255 | ||||||
235,000 | Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22 | 256,343 | ||||||
1,330,000 | GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 01/15/22 | 1,436,799 | ||||||
250,000 | GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22 | 272,705 | ||||||
500,000 | Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1 5.00%, 07/01/19 | 510,029 | ||||||
2,999,131 | ||||||||
Iowa — 1.0% | ||||||||
5,675,000 | County of Polk Current Refunding GO, Series C 5.00%, 06/01/21 | 6,081,727 |
Principal Amount | Value | |||||||
Iowa (continued) | ||||||||
$ | 4,000,000 | County of Polk Current Refunding GO, Series C 5.00%, 06/01/26 | $ | 4,650,600 | ||||
6,110,000 | Iowa Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/01/21 | 6,571,916 | ||||||
1,800,000 | Iowa Finance Authority Water Utilities Improvements Revenue Bonds 5.00%, 08/01/20 | 1,888,398 | ||||||
3,000,000 | State of Iowa Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/28 | 3,425,910 | ||||||
22,618,551 | ||||||||
Kansas — 0.8% | ||||||||
15,000,000 | Johnson County Lease Purchase Revenue Bonds, Series A 5.00%, 09/01/26 | 17,396,850 | ||||||
1,260,000 | Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2 5.00%, 08/01/23 | 1,409,121 | ||||||
18,805,971 | ||||||||
Kentucky — 0.2% | ||||||||
5,000,000 | Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 5,619,600 | ||||||
Louisiana — 0.0% | ||||||||
375,000 | Consolidated Government of The City of Baton Rouge & Parish of East Baton Rouge Advance Refunding Revenue Bonds, Series A-1 5.00%, 08/01/26 | 432,649 | ||||||
Maine — 0.1% | ||||||||
2,250,000 | Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/19 | 2,310,570 | ||||||
165,000 | Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21 | 176,134 |
92 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Maine (continued) | ||||||||
$ | 5,000 | Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21(b) | $ | 5,353 | ||||
2,492,057 | ||||||||
Maryland — 6.4% | ||||||||
1,200,000 | County of Baltimore Refunding GO, (Special Assessment) 5.00%, 02/01/29 | 1,373,724 | ||||||
2,860,000 | County of Charles Public School Improvements GO 5.00%, 10/01/21 | 3,091,517 | ||||||
1,500,000 | County of Frederick Refunding GO, Series A 5.00%, 02/01/25 | 1,718,400 | ||||||
5,000,000 | County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/22 | 5,475,800 | ||||||
4,500,000 | County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/23 | 5,021,145 | ||||||
6,650,000 | County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/22 | 7,328,699 | ||||||
10,000,000 | County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/26 | 11,690,900 | ||||||
1,200,000 | County of Montgomery Refunding GO, Series A 5.00%, 11/01/23 | 1,347,912 | ||||||
12,500,000 | County of Prince George’s Advance Refunding Public Improvements GO, Series B 5.00%, 07/15/23 | 13,978,000 | ||||||
3,180,000 | County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/26 | 3,714,940 | ||||||
3,110,000 | County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/24 | 3,532,214 | ||||||
9,355,000 | County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/25 | 10,782,105 | ||||||
1,000,000 | Maryland State Department of Transportation Highway Improvement Revenue Bonds 5.00%, 10/01/20 | 1,053,720 | ||||||
15,000,000 | State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/22 | 16,456,950 |
Principal Amount | Value | |||||||
Maryland (continued) | ||||||||
$ | 6,000,000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 02/01/25 | $ | 6,613,380 | ||||
10,000,000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 11/01/26 | 11,330,700 | ||||||
3,000,000 | State of Maryland Public Improvements GO, Series A 5.00%, 03/15/25 | 3,440,910 | ||||||
6,700,000 | State of Maryland School Improvements GO 5.00%, 06/01/23 | 7,466,614 | ||||||
20,000,000 | State of Maryland School Improvements GO, Series A 5.00%, 03/15/23 | 22,205,600 | ||||||
7,500,000 | Washington Suburban Sanitary Commission Water & Sewer System Improvements GO 5.00%, 06/01/22 | 8,213,700 | ||||||
145,836,930 | ||||||||
Massachusetts — 8.7% | ||||||||
2,550,000 | Berkshire Regional Transit Authority Cash Flow Management Revenue Notes 3.00%, 08/02/19 | 2,565,657 | ||||||
6,050,000 | Brockton Area Transit Authority Public Improvements GO Notes 2.50%, 08/02/19 | 6,055,748 | ||||||
2,200,000 | Cape Ann Transportation Authority Cash Flow Management Revenue Notes 2.75%, 07/03/19 | 2,205,214 | ||||||
5,450,000 | Cape Cod Regional Transit Authority GO Notes 2.50%, 07/26/19 | 5,453,870 | ||||||
2,000,000 | City of Newton Water Utility Improvements GO Notes 2.75%, 02/28/19 | 2,005,360 | ||||||
7,000,000 | Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/25 | 8,058,610 | ||||||
840,000 | Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/26 | 977,332 | ||||||
6,430,000 | Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/27 | 7,543,740 |
93 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Massachusetts (continued) | ||||||||
$ | 1,500,000 | Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/28 | $ | 1,773,480 | ||||
11,500,000 | Commonwealth of Massachusetts Advance Refunding GO, Series C 5.00%, 10/01/22 | 12,673,690 | ||||||
10,000,000 | Commonwealth of Massachusetts Advance Refunding GO, Series E 5.00%, 11/01/24 | 11,396,300 | ||||||
2,900,000 | Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B 5.00%, 06/15/22 | 3,178,835 | ||||||
9,000,000 | Commonwealth of Massachusetts Public Improvements GO, Series A 5.00%, 05/01/19 | 9,137,880 | ||||||
1,970,000 | Commonwealth of Massachusetts Public Improvements GO, Series D 5.00%, 02/01/33 | 2,222,121 | ||||||
8,000,000 | Commonwealth of Massachusetts Refunding GO, Series C, (AGM) 5.25%, 11/01/26 | 9,490,160 | ||||||
7,470,000 | Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/27 | 8,640,474 | ||||||
3,800,000 | Lowell Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 08/09/19 | 3,805,700 | ||||||
1,500,000 | Marthas Vineyard Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 05/20/19 | 1,499,145 | ||||||
1,000,000 | Massachusetts Bay Transportation Authority Advance Refunding Revenue Bonds, Senior Series A 5.00%, 07/01/33 | 1,116,110 | ||||||
8,500,000 | Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017 5.00%, 08/01/21 | 9,147,360 | ||||||
13,305,000 | Massachusetts Health & Educational Facilities Authority, University and College Improvements Revenue Bonds 1.50%, 07/01/31(a) | 13,305,000 |
Principal Amount | Value | |||||||
Massachusetts (continued) | ||||||||
$ | 7,780,000 | Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B 5.00%, 08/01/20 | $ | 8,168,922 | ||||
500,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/22 | 549,319 | ||||||
8,535,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B 5.25%, 08/01/26 | 10,099,295 | ||||||
2,700,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/22 | 2,966,328 | ||||||
4,800,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/23 | 5,365,776 | ||||||
8,200,000 | Merrimack Valley Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 06/28/19 | 8,209,430 | ||||||
16,500,000 | Montachusett Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 08/02/19 | 16,519,305 | ||||||
11,100,000 | Pioneer Valley Transit Authority Cash Flow Management Revenue Notes 2.50%, 07/19/19 | 11,112,321 | ||||||
4,000,000 | Town of Andover Cash Flow Management GO Notes 2.00%, 11/16/18 | 4,000,320 | ||||||
2,000,000 | Town of Nantucket Refunding GO Notes 2.75%, 11/16/18 | 2,000,780 | ||||||
1,787,000 | Town of Natick School Improvement GO Notes 2.75%, 12/07/18 | 1,788,626 | ||||||
6,000,000 | Worcester Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 06/28/19 | 6,006,540 | ||||||
199,038,748 | ||||||||
Michigan — 0.4% | ||||||||
425,000 | Avondale School District School Improvement GO, (Q-SBLF) 5.00%, 11/01/29 | 485,728 | ||||||
200,000 | Caledonia Community Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/23 | 221,233 |
94 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Michigan (continued) | ||||||||
$ | 1,225,000 | Grand Valley State University & College Advance Refunding Revenue Bonds, Series A 5.00%, 12/01/25 | $ | 1,385,218 | ||||
500,000 | Grand Valley State University & College Improvements Revenue Bonds, Series A 5.00%, 12/01/23 | 558,525 | ||||||
250,000 | Hudsonville Public Schools Improvements GO, (Q-SBLF) 5.00%, 05/01/19 | 253,818 | ||||||
1,000,000 | University of Michigan Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/22 | 1,091,580 | ||||||
4,530,000 | University of Michigan Refunding Revenue Bonds, Series C 4.00%, 04/01/19 | 4,568,958 | ||||||
8,565,060 | ||||||||
Minnesota — 1.0% | ||||||||
1,515,000 | Cambridge Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program) 5.00%, 02/01/24 | 1,700,906 | ||||||
1,000,000 | City of Rochester Advance Refunding GO, Series B 5.00%, 12/01/24 | 1,145,050 | ||||||
1,815,000 | Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B 5.00%, 03/01/27 | 2,097,414 | ||||||
2,200,000 | Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A 5.00%, 02/01/25 | 2,505,272 | ||||||
5,425,000 | St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3 5.00%, 12/01/19 | 5,599,794 | ||||||
785,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/23 | 871,217 | ||||||
1,395,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/24 | 1,572,472 | ||||||
2,740,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/25 | 3,079,486 | ||||||
2,910,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/26 | 3,268,949 |
Principal Amount | Value | |||||||
Minnesota (continued) | ||||||||
$ | 1,000,000 | State of Minnesota Refunding Revenue Bonds, Series B 5.00%, 03/01/21 | $ | 1,063,710 | ||||
1,000,000 | Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24 | 1,123,240 | ||||||
24,027,510 | ||||||||
Mississippi — 0.3% | ||||||||
570,000 | Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program) 5.00%, 01/01/23 | 623,403 | ||||||
4,560,000 | Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A 5.00%, 01/01/25 | 5,115,910 | ||||||
310,000 | Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds 5.00%, 11/01/22 | 339,431 | ||||||
830,000 | University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A 5.00%, 10/01/25 | 946,839 | ||||||
7,025,583 | ||||||||
Missouri — 1.2% | ||||||||
1,000,000 | Belton School District No 124 school Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/28 | 1,172,340 | ||||||
570,000 | County of Jackson Refunding Revenue Bonds 4.00%, 12/01/21 | 597,263 | ||||||
300,000 | County of Jackson Refunding Revenue Bonds 4.00%, 12/01/22 | 317,469 | ||||||
2,300,000 | County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation) 5.00%, 12/01/26 | 2,572,872 | ||||||
4,000,000 | Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25 | 4,500,280 |
95 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Missouri (continued) | ||||||||
$ | 910,000 | Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/25 | $ | 1,041,422 | ||||
2,225,000 | Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/19 | 2,284,096 | ||||||
2,000,000 | Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/21 | 2,158,940 | ||||||
500,000 | North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/24 | 562,269 | ||||||
1,800,000 | North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25 | 2,020,356 | ||||||
11,070,000 | University of Missouri Refunding Revenue Bonds, Series B 1.59%, 11/01/31(a) | 11,070,000 | ||||||
28,297,307 | ||||||||
Nevada — 0.1% | ||||||||
2,605,000 | Clark County Water Reclamation District GO, Series A 5.25%, 07/01/20 | 2,662,414 | ||||||
New Hampshire — 0.5% | ||||||||
2,250,000 | State of New Hampshire Highway Improvements Revenue Bonds 5.00%, 09/01/19 | 2,303,573 | ||||||
3,990,000 | State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/21 | 4,323,404 | ||||||
3,990,000 | State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/22 | 4,410,506 | ||||||
11,037,483 |
Principal Amount | Value | |||||||
New Jersey — 1.4% | ||||||||
$ | 200,000 | Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY) 5.00%, 12/01/22 | $ | 221,325 | ||||
1,300,000 | New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B 5.00%, 01/01/20 | 1,343,849 | ||||||
9,220,000 | New Jersey State Turnpike Authority Refunding Revenue Bonds, Series C 5.00%, 01/01/25 | 10,455,572 | ||||||
8,500,000 | New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds 5.00%, 06/15/23 | 9,220,290 | ||||||
2,000,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.25%, 12/15/21 | 2,141,000 | ||||||
2,000,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.50%, 12/15/21 | 2,155,820 | ||||||
1,500,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A 5.25%, 12/15/22 | 1,626,180 | ||||||
1,575,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/24 | 1,726,484 | ||||||
500,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series B 5.00%, 06/15/19 | 507,745 | ||||||
1,000,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/27 | 1,153,220 | ||||||
2,000,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A 5.00%, 01/01/29 | 2,272,140 | ||||||
32,823,625 | ||||||||
New York — 21.2% | ||||||||
5,500,000 | City of New York Advance Refunding GO, Series 2015-A 5.00%, 08/01/24 | 6,234,800 |
96 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 10,025,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/21 | $ | 10,766,249 | ||||
30,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 32,891,100 | ||||||
8,770,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 9,615,165 | ||||||
10,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/27 | 11,662,200 | ||||||
2,575,000 | City of New York Public Improvements GO, Sub-Series B-3 1.58%, 09/01/27(a) | 2,575,000 | ||||||
2,910,000 | City of New York Public Improvements GO, Sub-Series D-1 5.00%, 08/01/22 | 3,190,437 | ||||||
1,855,000 | City of New York Refunding GO, Series C 5.00%, 08/01/20 | 1,946,433 | ||||||
650,000 | City of New York Refunding GO, Series C 5.00%, 08/01/22 | 712,641 | ||||||
8,170,000 | City of New York Refunding GO, Series D 5.00%, 08/01/22 | 8,957,343 | ||||||
2,500,000 | City of New York Refunding GO, Series G 5.00%, 08/01/21 | 2,684,850 | ||||||
18,500,000 | City of New York Refunding GO, Series G 5.00%, 08/01/22 | 20,282,845 | ||||||
5,000,000 | City of New York Refunding GO, Series I 5.00%, 08/01/25 | 5,544,250 | ||||||
15,000,000 | County of Rockland Cash Flow Management GO Notes 3.00%, 04/02/19 | 15,073,350 | ||||||
5,000,000 | Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/23 | 5,338,350 | ||||||
5,055,000 | Metropolitan Transportation Authority 5.25%, 11/15/31 | 5,834,481 | ||||||
5,000,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B 5.00%, 11/15/34(a)(c) | 5,171,250 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 240,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B 5.00%, 11/15/28 | $ | 272,033 | ||||
875,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series B 5.00%, 11/15/29 | 981,864 | ||||||
3,020,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30 | 3,259,879 | ||||||
20,000,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(a)(c) | 21,843,800 | ||||||
940,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series C-1 5.00%, 11/15/27 | 1,077,409 | ||||||
1,925,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series F 5.00%, 11/15/21 | 2,073,629 | ||||||
1,910,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/21 | 2,057,471 | ||||||
1,245,000 | Nassau County Interim Finance Authority Refunding Revenue Bonds, Series C 1.57%, 11/15/19(a) | 1,245,000 | ||||||
10,500,000 | New York City Transitional Finance Authority Building Aid Revenue 5.00%, 07/15/28 | 12,294,660 | ||||||
2,500,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/24 | 2,828,750 | ||||||
1,500,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Series S-4A, (State Aid Withholding) 5.00%, 07/15/30 | 1,723,620 | ||||||
975,000 | New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-1A, (State Aid Withholding) 5.00%, 07/15/21(b) | 1,045,961 |
97 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,000,000 | New York City Transitional Finance Authority Building Aid School Improvements Revenue Bonds, Series S-3, (State Aid Withholding) 5.00%, 07/15/26 | $ | 1,069,510 | ||||
1,350,000 | New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C 5.00%, 11/01/23 | 1,512,338 | ||||||
2,200,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 05/01/22(b) | 2,234,474 | ||||||
15,920,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21 | 17,220,505 | ||||||
3,025,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/18 | 3,025,000 | ||||||
1,045,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/19 | 1,076,225 | ||||||
2,425,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/21 | 2,623,098 | ||||||
935,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/18 | 935,000 | ||||||
1,535,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/21 | 1,660,394 | ||||||
515,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Sub-Series, F-1 5.00%, 02/01/19 | 518,935 | ||||||
3,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvement Revenue Bonds, Series C-1 5.00%, 05/01/22 | 3,275,970 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 9,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/31 | $ | 10,186,650 | ||||
600,000 | New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/20 | 633,011 | ||||||
5,220,000 | New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24 | 5,952,940 | ||||||
1,525,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series F-2 1.62%, 06/15/33(a) | 1,525,000 | ||||||
5,000,000 | New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 12/01/21 | 5,414,700 | ||||||
9,100,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23 | 10,103,548 | ||||||
7,790,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/22 | 8,483,855 | ||||||
14,000,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24 | 15,778,000 | ||||||
7,500,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1 (State Aid Withholding) 5.00%, 01/15/30 | 8,620,050 | ||||||
1,000,000 | New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue 5.00%, 07/01/25 | 1,141,340 | ||||||
6,725,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series B 5.00%, 02/15/23 | 7,447,332 | ||||||
15,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/20 | 15,880,800 | ||||||
4,160,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26 | 4,654,333 |
98 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 8,000,000 | New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E 5.00%, 03/15/30 | $ | 9,313,200 | ||||
6,000,000 | New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E 5.00%, 03/15/31 | 6,946,140 | ||||||
1,045,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/21 | 1,112,915 | ||||||
7,700,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/25 | 8,682,058 | ||||||
1,000,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 02/15/27 | 1,153,670 | ||||||
6,290,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/27 | 7,341,436 | ||||||
22,680,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series C 5.00%, 03/15/27 | 26,471,189 | ||||||
1,500,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A 5.00%, 07/01/32 | 1,724,205 | ||||||
6,575,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A 1.20%, 09/01/39(a) | 6,575,000 | ||||||
3,000,000 | New York State Environmental Facilities Corp Refunding Revenue Bonds 5.00%, 06/15/29 | 3,347,490 | ||||||
3,750,000 | New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue 5.00%, 06/15/25 | 4,326,000 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,430,000 | New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/20 | $ | 1,487,429 | ||||
5,000,000 | New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/21 | 5,059,650 | ||||||
1,900,000 | New York State Thruway Authority Highway Improvement Revenue Bonds, Series B 5.00%, 04/01/21 | 1,925,232 | ||||||
8,000,000 | New York State Thruway Authority Refunding Revenue Bonds, Series A 5.00%, 03/15/21 | 8,419,920 | ||||||
2,000,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24 | 2,254,000 | ||||||
2,105,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27 | 2,417,424 | ||||||
5,875,000 | New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A 5.00%, 03/15/25 | 6,719,825 | ||||||
5,605,000 | New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/22 | 6,104,237 | ||||||
3,100,000 | New York State Urban Development Corp Refunding Revenue Bonds 1.62%, 03/15/33(a) | 3,100,000 | ||||||
4,705,000 | New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22 | 5,124,074 | ||||||
6,330,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28 | 7,070,927 | ||||||
12,730,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds 5.00%, 11/15/25 | 14,762,726 |
99 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 4,450,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds 5.00%, 11/15/28 | $ | 5,271,426 | ||||
2,125,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/27 | 2,495,366 | ||||||
5,500,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds 5.00%, 11/15/33 | 6,313,505 | ||||||
1,600,000 | Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds 5.00%, 12/15/24 | 1,764,192 | ||||||
487,441,064 | ||||||||
North Carolina — 2.1% | ||||||||
680,000 | Appalachian State University Refunding Revenue Bonds 5.00%, 05/01/20 | 709,124 | ||||||
1,355,000 | Cabarrus County School Improvement COP 5.00%, 01/01/21 | 1,361,924 | ||||||
9,690,000 | City of Charlotte Water & Sewer System Revenue Bonds, Series B 1.56%, 07/01/36(a) | 9,690,000 | ||||||
3,015,000 | County of Mecklenburg Refunding GO, Series A 5.00%, 12/01/22 | 3,336,489 | ||||||
3,325,000 | County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/26 | 3,882,037 | ||||||
675,000 | Dare County Refunding Revenue Bonds, Series D 5.00%, 06/01/21 | 720,569 | ||||||
1,000,000 | Durham Capital Financing Corp Advance Refunding Revenue Bonds 5.00%, 12/01/25 | 1,153,580 | ||||||
325,000 | North Carolina State University At Raleigh Refunding Revenue Bonds, Series A 5.00%, 10/01/21 | 350,734 | ||||||
3,250,000 | State of North Carolina Advance Refunding Revenue Bonds 5.00%, 03/01/22 | 3,527,518 | ||||||
13,000,000 | State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/23 | 14,462,110 |
Principal Amount | Value | |||||||
North Carolina (continued) | ||||||||
$ | 2,010,000 | State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24 | $ | 2,274,315 | ||||
5,270,000 | State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/27 | 6,219,232 | ||||||
47,687,632 | ||||||||
Ohio — 2.8% | ||||||||
1,175,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/23 | 1,318,491 | ||||||
1,000,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/24 | 1,138,980 | ||||||
1,285,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/25 | 1,482,350 | ||||||
3,500,000 | City of Columbus GO, Series A 4.00%, 08/15/25 | 3,796,135 | ||||||
1,300,000 | City of Columbus Public Improvements GO, Series 1 1.59%, 12/01/26(a) | 1,300,000 | ||||||
3,730,000 | City of Columbus Refunding GO, Series 1 5.00%, 07/01/21 | 4,003,707 | ||||||
5,000,000 | City of Columbus Refunding GO, Series 1 5.00%, 07/01/26 | 5,802,400 | ||||||
2,000,000 | City of Columbus Refunding GO, Series 5 5.00%, 08/15/23 | 2,238,520 | ||||||
1,100,000 | County of Cuyahoga Refunding Revenue Bonds 5.00%, 12/01/22 | 1,212,321 | ||||||
1,000,000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/26 | 1,128,760 | ||||||
1,515,000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/27 | 1,703,739 | ||||||
1,000,000 | Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds 5.00%, 12/01/23 | 1,121,610 | ||||||
9,200,000 | Ohio State University/The University and College Improvements Revenue Bonds, Series B 1.55%, 06/01/35(a) | 9,200,000 |
100 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Ohio (continued) | ||||||||
$ | 3,000,000 | Ohio Water Development Authority Revenue Bonds 5.00%, 06/01/26 | $ | 3,485,700 | ||||
3,045,000 | Revere Local School District School Improvements GO, Series A 5.00%, 12/01/42 | 3,334,762 | ||||||
2,350,000 | Revere Local School District School Improvements GO, Series A 5.00%, 12/01/45 | 2,573,626 | ||||||
320,000 | RiverSouth Authority Area Redevelopment Refunding Revenue Bonds 5.00%, 06/01/24 | 354,559 | ||||||
1,000,000 | State of Ohio Advance Refunding Revenue Bonds 5.00%, 10/01/21 | 1,075,360 | ||||||
1,445,000 | State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24 | 1,631,448 | ||||||
300,000 | State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24 | 338,709 | ||||||
210,000 | State of Ohio Highway Improvements Revenue Bonds 5.00%, 12/15/24 | 238,720 | ||||||
2,000,000 | State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/20 | 2,114,860 | ||||||
5,000,000 | State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/24 | 5,683,800 | ||||||
2,530,000 | State of Ohio Mental Health Facility Improvements Revenue 5.00%, 02/01/23 | 2,686,126 | ||||||
2,000,000 | State of Ohio Mental Health Facility Improvements Revenue 5.00%, 06/01/25 | 2,280,780 | ||||||
1,415,000 | State of Ohio Public Improvements Revenue Bonds, Series A 5.00%, 02/01/24 | 1,588,635 | ||||||
1,520,000 | University of Cincinnati Advance Refunding Revenue, Series A 5.00%, 06/01/26 | 1,753,670 | ||||||
64,587,768 |
Principal Amount | Value | |||||||
Oklahoma — 0.8% | ||||||||
$ | 3,650,000 | City of Oklahoma City Public Improvements GO 5.00%, 03/01/26 | $ | 4,241,702 | ||||
2,000,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 4.00%, 01/01/21 | 2,075,620 | ||||||
5,000,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/26 | 5,769,000 | ||||||
2,985,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/28 | 3,501,912 | ||||||
2,000,000 | University of Oklahoma Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/25 | 2,281,380 | ||||||
1,250,000 | University of Oklahoma Refunding Revenue Bonds, Series A 5.00%, 07/01/25 | 1,425,863 | ||||||
19,295,477 | ||||||||
Oregon — 0.2% | ||||||||
1,755,000 | Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY) 4.00%, 06/15/19 | 1,777,236 | ||||||
2,000,000 | Washington County School District No 1 West Union School Improvements GO, (School Board GTY) 5.00%, 06/15/28 | 2,318,220 | ||||||
4,095,456 | ||||||||
Pennsylvania — 1.0% | ||||||||
5,000,000 | Commonwealth of Pennsylvania Public Facilities GO, Series 1 5.00%, 03/01/22 | 5,403,550 | ||||||
10,000,000 | Commonwealth of Pennsylvania Public Improvements GO, Series 2 5.00%, 09/15/20 | 10,498,500 | ||||||
1,000,000 | Lancaster County Hospital Authority Advance Refunding Revenue Bonds 5.00%, 08/15/26 | 1,152,910 | ||||||
3,000,000 | Pennsylvania State University Advance Refunding Revenue, Series B 5.00%, 09/01/26 | 3,500,100 |
101 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Pennsylvania (continued) | ||||||||
$ | 1,240,000 | Pennsylvania State University, University and College Improvements Revenue, Series A 5.00%, 09/01/26 | $ | 1,446,708 | ||||
22,001,768 | ||||||||
Rhode Island — 0.6% | ||||||||
6,950,000 | Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue 5.00%, 06/15/23 | 7,709,774 | ||||||
3,000,000 | Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A 5.00%, 05/15/22 | 3,252,300 | ||||||
850,000 | State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D 5.00%, 04/01/24 | 946,934 | ||||||
960,000 | State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/24 | 1,076,822 | ||||||
1,010,000 | State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/25 | 1,144,623 | ||||||
14,130,453 | ||||||||
South Carolina — 1.1% | ||||||||
3,600,000 | Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District) 5.00%, 03/01/22 | 3,919,464 | ||||||
4,010,000 | Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/27 | 4,661,304 | ||||||
3,000,000 | Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/28 | 3,490,140 | ||||||
1,635,000 | Lexington County School District No 2 Refunding GO (South Carolina School District) 5.00%, 03/01/20 | 1,699,697 | ||||||
2,350,000 | Lexington County School District No 2 School Improvements GO (South Carolina School District) 5.00%, 03/01/26 | 2,719,044 |
Principal Amount | Value | |||||||
South Carolina (continued) | ||||||||
$ | 1,500,000 | State of South Carolina Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 04/01/26 | $ | 1,747,890 | ||||
330,000 | State of South Carolina University & College Improvements GO, Series B 5.00%, 03/01/19 | 333,376 | ||||||
1,485,000 | State of South Carolina University & College Improvements GO, Series B (State Aid Withholding) 5.00%, 04/01/22 | 1,621,516 | ||||||
680,000 | State of South Carolina University & College Improvements GO, Series E (State Aid Withholding) 5.00%, 03/01/19 | 686,956 | ||||||
4,680,000 | State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding) 5.00%, 04/01/22 | 5,110,232 | ||||||
25,989,619 | ||||||||
Tennessee — 0.9% | ||||||||
1,000,000 | County of Montgomery Advance Refunding School Improvements GO 5.00%, 04/01/26 | 1,157,940 | ||||||
1,600,000 | Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B 5.00%, 05/15/25 | 1,840,848 | ||||||
400,000 | Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A 5.00%, 05/15/23 | 445,715 | ||||||
7,000,000 | Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/31 | 7,868,350 | ||||||
7,000,000 | Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/32 | 7,849,590 | ||||||
900,000 | Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/25 | 1,024,047 | ||||||
20,186,490 |
102 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Texas — 19.9% | ||||||||
$ | 7,000,000 | Aldine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/28 | $ | 7,868,840 | ||||
2,250,000 | Alief Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/28 | 2,601,090 | ||||||
1,000,000 | Allen Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/22 | 1,084,620 | ||||||
860,000 | Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/25 | 978,955 | ||||||
1,720,000 | Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/26 | 1,977,553 | ||||||
1,100,000 | Amarillo College District Refunding GO 4.00%, 02/15/20 | 1,127,346 | ||||||
235,000 | Anna Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/28 | 272,631 | ||||||
485,000 | Aransas Pass Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/23 | 535,430 | ||||||
1,450,000 | Austin Community College District Refunding GO 5.00%, 08/01/27 | 1,663,107 | ||||||
2,525,000 | Austin Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/27 | 2,899,887 | ||||||
1,000,000 | Austin Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 08/01/21 | 1,072,550 | ||||||
5,310,000 | Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 6,124,076 | ||||||
3,070,000 | Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/28 | 3,522,211 | ||||||
1,075,000 | Bonham Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/01/27 | 1,234,605 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,605,000 | Brock Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | $ | 1,834,579 | ||||
5,000,000 | Burleson Independent School District School Improvement GO, (PSF-GTD) 2.50%, 02/01/47(a)(c) | 4,971,550 | ||||||
1,000,000 | Burleson Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/25 | 1,144,280 | ||||||
1,420,000 | Burleson Independent School District Refunding GO, Series B, (PSF-GTD) 5.50%, 08/01/27 | 1,708,232 | ||||||
5,000,000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds 5.00%, 11/15/29 | 5,694,000 | ||||||
1,000,000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/21 | 1,079,650 | ||||||
2,360,000 | City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/21 | 2,466,766 | ||||||
2,450,000 | City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/22 | 2,593,717 | ||||||
2,535,000 | City of Cedar Park Public Improvements Refunding GO 5.00%, 02/15/20 | 2,630,012 | ||||||
4,020,000 | City of College Station Improvements Advance Refunding GO 5.00%, 02/15/25 | 4,573,554 | ||||||
935,000 | City of Conroe Public Improvements GO 5.00%, 03/01/25 | 1,046,489 | ||||||
2,075,000 | City of Denton Public Improvements GO 5.00%, 02/15/23 | 2,287,190 | ||||||
1,715,000 | City of Denton Public Improvements GO 5.00%, 02/15/24 | 1,919,702 | ||||||
1,290,000 | City of Denton Public Improvements GO 5.00%, 02/15/28 | 1,467,620 | ||||||
830,000 | City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds 5.00%, 03/01/24 | 931,609 |
103 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 350,000 | City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/25 | $ | 391,733 | ||||
1,250,000 | City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/26 | 1,395,088 | ||||||
5,145,000 | City of Fort Worth Water & Sewer System Improvements Revenue 5.00%, 02/15/25 | 5,866,226 | ||||||
1,325,000 | City of Lubbock Prerefunded Public Improvements GO 5.25%, 02/15/20(b) | 1,337,826 | ||||||
450,000 | City of Lubbock Unrefunded Public Improvements GO 5.25%, 02/15/20 | 454,226 | ||||||
2,240,000 | City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/25 | 2,550,800 | ||||||
2,360,000 | City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/26 | 2,715,345 | ||||||
930,000 | City of Pflugerville Advance Refunding GO 5.00%, 08/01/26 | 1,070,867 | ||||||
1,815,000 | City of Plano Advance Refunding GO 5.00%, 09/01/23 | 2,028,081 | ||||||
1,180,000 | City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds 5.00%, 05/01/26 | 1,363,950 | ||||||
1,505,000 | Clint Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,724,294 | ||||||
1,195,000 | Connally Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,365,933 | ||||||
900,000 | Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/21 | 955,854 | ||||||
460,000 | Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22 | 498,925 | ||||||
2,130,000 | County of Bexar Advance Refunding GO 5.00%, 06/15/26 | 2,426,453 | ||||||
7,500,000 | County of Bexar Advance Refunding GO 5.00%, 06/15/29 | 8,520,150 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 2,910,000 | County of Bexar Refunding GO 5.00%, 06/15/22 | $ | 3,176,003 | ||||
24,000,000 | County of Bexar Tax Public Improvements GO, Series B 5.00%, 06/15/43 | 26,756,880 | ||||||
675,000 | County of Collin Advance Refunding GO 5.00%, 02/15/24 | 758,052 | ||||||
3,440,000 | County of Dallas Public Improvements GO 5.00%, 08/15/26 | 3,994,734 | ||||||
1,500,000 | County of Denton Advance Refunding GO 5.00%, 07/15/24 | 1,698,960 | ||||||
1,590,000 | County of Harris Advance Refunding Revenue, Series A 5.00%, 08/15/25 | 1,822,744 | ||||||
1,850,000 | County of Williamson Limited Tax Advance Refunding GO 5.00%, 02/15/24 | 2,078,586 | ||||||
1,000,000 | County of Williamson Limited Tax Refunding GO 5.00%, 02/15/21 | 1,062,290 | ||||||
360,000 | Crystal City Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 408,452 | ||||||
750,000 | Dallas Area Rapid Transit Refunding Revenue Bonds, Series A 5.00%, 12/01/25 | 849,713 | ||||||
1,120,000 | Dayton Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22 | 1,214,405 | ||||||
6,500,000 | Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/29 | 7,367,620 | ||||||
1,085,000 | Denver City Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/25 | 1,233,721 | ||||||
2,665,000 | Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 3,051,532 | ||||||
1,835,000 | Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/27 | 2,088,964 | ||||||
3,000,000 | Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 3,414,960 |
104 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,500,000 | El Paso Independent School District Refunding GO (PSF-GTD) 5.00%, 08/15/25 | $ | 1,702,530 | ||||
6,000,000 | Fort Bend Independent School District Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25 | 6,765,240 | ||||||
4,320,000 | Fort Worth Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/22 | 4,684,133 | ||||||
885,000 | Frenship Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/26 | 996,687 | ||||||
1,385,000 | Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25 | 1,575,715 | ||||||
1,095,000 | Graham Independent School District Refunding GO, Series B (PSF-GTD) 5.00%, 02/15/21 | 1,162,956 | ||||||
4,500,000 | Grand Parkway Transportation Corp Highway Improvements Revenue Bonds, Sub-Tier Series B 5.00%, 10/01/52(a)(c) | 4,979,745 | ||||||
1,000,000 | Harris County Refunding GO, Series C, (AGM) 5.25%, 08/15/19 | 1,025,430 | ||||||
2,040,000 | Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27 | 2,364,850 | ||||||
2,730,000 | Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/27 | 3,137,152 | ||||||
2,030,000 | Houston Community College System University & College Improvements Revenue Bonds (AGM) 5.25%, 04/15/21 | 2,035,197 | ||||||
3,750,000 | Houston Independent School District School Improvement Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25 | 4,268,700 | ||||||
2,455,000 | Irving Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | 2,759,641 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 585,000 | Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | $ | 656,358 | ||||
500,000 | Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 567,605 | ||||||
750,000 | Klein Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/01/23 | 835,545 | ||||||
13,725,000 | Lone Star College System Advance Refunding GO 5.00%, 02/15/29 | 15,528,191 | ||||||
4,455,000 | Lone Star College System Advance Refunding GO, Series B 5.00%, 02/15/23 | 4,925,849 | ||||||
1,835,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/21 | 1,948,880 | ||||||
1,860,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23 | 2,056,583 | ||||||
560,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | 629,194 | ||||||
225,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 259,173 | ||||||
2,670,000 | Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 3,059,046 | ||||||
300,000 | Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/26 | 347,249 | ||||||
3,410,000 | Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/24 | 3,853,880 | ||||||
1,005,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/23 | 1,121,962 | ||||||
1,060,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/24 | 1,200,673 |
105 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,110,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25 | $ | 1,273,969 | ||||
1,435,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/23 | 1,602,005 | ||||||
1,650,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/25 | 1,893,738 | ||||||
585,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/26 | 678,448 | ||||||
580,000 | Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/24 | 656,972 | ||||||
1,170,000 | Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/25 | 1,342,832 | ||||||
1,000,000 | Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/21 | 1,075,520 | ||||||
595,000 | Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/26 | 690,045 | ||||||
1,585,000 | Mesquite Independent School District School Improvements GO, Series B (PSF-GTD) 5.00%, 08/15/26 | 1,838,188 | ||||||
1,000,000 | New Caney Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27 | 1,156,840 | ||||||
250,000 | Northside Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/26 | 289,175 | ||||||
2,525,000 | Northwest Independent School District Refunding GO, Series B 5.00%, 02/15/25 | 2,867,971 | ||||||
1,145,000 | Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23 | 1,264,057 | ||||||
250,000 | Pasadena Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/22 | 271,155 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 4,420,000 | Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | $ | 4,870,089 | ||||
750,000 | Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/01/27 | 843,023 | ||||||
1,525,000 | Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/23 | 1,683,570 | ||||||
5,000,000 | Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26 | 5,748,700 | ||||||
2,595,000 | Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25 | 2,955,549 | ||||||
1,000,000 | Prosper Independent School District School Building School Improvement GO, (PSF-GTD) 5.00%, 02/15/25 | 1,137,700 | ||||||
4,100,000 | Rockwall Independent School District School Building GO, (PSF-GTD) 1.63%, 08/01/37(a) | 4,100,000 | ||||||
925,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/22 | 1,013,273 | ||||||
1,020,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/23 | 1,135,780 | ||||||
1,075,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/24 | 1,215,191 | ||||||
1,000,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,143,040 | ||||||
705,000 | San Elizario Independent School District School Improvements GO, (PSF-GTD) 5.00%, 05/01/25 | 803,742 | ||||||
145,000 | Seagraves Independent School District School Building GO, (PSF-GTD) 4.00%, 02/15/19 | 145,840 |
106 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 450,000 | Spring Independent School District Advance Refunding GO (PSF-GTD) 5.00%, 08/15/27 | $ | 516,776 | ||||
1,000,000 | Spring Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26 | 1,158,970 | ||||||
2,160,000 | Spring Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/22 | 2,366,129 | ||||||
24,500,000 | State of Texas Cash Flow Management Revenue Notes 4.00%, 08/29/19 | 24,887,590 | ||||||
5,000,000 | State of Texas Public Finance Authority Advance Refunding GO 5.00%, 10/01/26 | 5,814,400 | ||||||
2,695,000 | State of Texas Public Finance Authority Refunding GO 5.00%, 10/01/20 | 2,839,263 | ||||||
3,200,000 | State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/25 | 3,678,688 | ||||||
6,500,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/25 | 7,428,330 | ||||||
9,320,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/27 | 10,704,113 | ||||||
12,005,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/30 | 13,009,698 | ||||||
1,000,000 | State of Texas Transportation Commission Highway Improvement GO, Series B-R 1.60%, 04/01/36(a) | 1,000,000 | ||||||
3,500,000 | State of Texas Transportation Commission Refunding GO, Series A 5.00%, 10/01/22 | 3,847,585 | ||||||
1,030,000 | State of Texas Water Utility Improvement Refunding GO, Series B1 5.00%, 08/01/26 | 1,195,346 | ||||||
1,000,000 | State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-2 5.00%, 08/01/28 | 1,122,770 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 3,500,000 | State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-3 5.00%, 08/01/27 | $ | 4,096,540 | ||||
1,000,000 | Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26 | 1,155,180 | ||||||
1,000,000 | Temple Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 02/01/27 | 1,160,170 | ||||||
1,000,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/22 | 1,098,910 | ||||||
5,785,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/24 | 6,565,165 | ||||||
3,225,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/21 | 3,436,109 | ||||||
4,250,000 | Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A 5.00%, 10/01/26 | 4,935,653 | ||||||
1,000,000 | Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds 5.00%, 08/01/24 | 1,132,450 | ||||||
4,850,000 | Tyler Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23 | 5,366,768 | ||||||
500,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/22 | 547,715 | ||||||
1,680,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/23 | 1,872,310 | ||||||
935,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/24 | 1,058,009 | ||||||
2,085,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/25 | 2,391,599 | ||||||
1,635,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/26 | 1,894,916 |
107 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,000,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/27 | $ | 1,168,560 | ||||
220,000 | University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/20 | 228,821 | ||||||
420,000 | University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/21 | 447,615 | ||||||
1,480,000 | University of North Texas Unrefunded Refunding Revenue 5.00%, 04/15/20 | 1,540,428 | ||||||
11,750,000 | University Of Texas System /The Refunding Revenue Bonds, Series B 1.56%, 08/01/25(a) | 11,750,000 | ||||||
29,075,000 | University Of Texas System /The Refunding Revenue Bonds, Series B 1.56%, 08/01/32(a) | 29,075,000 | ||||||
2,000,000 | University of Texas System University and College Improvements Revenue, Series D 5.00%, 08/15/23 | 2,232,760 | ||||||
7,000,000 | University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/26 | 8,118,180 | ||||||
325,000 | Waco Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/27 | 373,961 | ||||||
640,000 | Wall Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27 | 721,402 | ||||||
1,210,000 | Wichita Falls Independent School District School Improvements GO (PSF-GTD) 5.00%, 02/01/23 | 1,334,727 | ||||||
456,372,400 | ||||||||
Utah — 0.1% | ||||||||
1,975,000 | Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21 | 2,026,627 | ||||||
Virginia — 2.8% | ||||||||
3,815,000 | Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/22 | 4,183,567 |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 7,000,000 | Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/22 | $ | 7,722,750 | ||||
5,000,000 | Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/27 | 5,872,600 | ||||||
2,160,000 | County of Fairfax Sewer Improvement Revenue Bonds 5.00%, 07/15/22 | 2,321,330 | ||||||
1,350,000 | Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A 4.50%, 03/01/20 | 1,392,984 | ||||||
2,055,000 | Hampton Roads Sanitation District Refunding Revenue Bonds, Sub-series B 1.60%, 08/01/46(a) | 2,055,000 | ||||||
1,170,000 | Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A 5.00%, 10/01/24 | 1,329,845 | ||||||
1,000,000 | Virginia College Building Authority Advance Refunding Revenue, Series A 5.00%, 09/01/28 | 1,149,900 | ||||||
2,000,000 | Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program) 5.00%, 09/01/21 | 2,099,880 | ||||||
500,000 | Virginia College Building Authority, University and College Improvements Revenue, Series A 5.00%, 02/01/27 | 564,769 | ||||||
2,600,000 | Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/23 | 2,892,422 | ||||||
5,000,000 | Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 03/15/23 | 5,455,550 | ||||||
5,000,000 | Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 05/15/27 | 5,760,950 |
108 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 2,465,000 | Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/21 | $ | 2,649,998 | ||||
1,250,000 | Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation) 5.00%, 08/01/21 | 1,278,575 | ||||||
5,000,000 | Virginia Public School Authority Advance Refunding Revenue Bonds 5.00%, 02/01/24 | 5,631,900 | ||||||
2,450,000 | Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 08/01/24 | 2,781,534 | ||||||
5,000,000 | Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 08/01/25 | 5,754,750 | ||||||
1,500,000 | Virginia Resources Authority Advance Refunding Revenue 5.00%, 11/01/26 | 1,756,065 | ||||||
1,120,000 | Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25 | 1,274,370 | ||||||
30,000 | Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25(b) | 34,261 | ||||||
63,963,000 | ||||||||
Washington — 3.2% | ||||||||
1,025,000 | Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY) 5.00%, 12/01/21 | 1,109,060 | ||||||
1,050,000 | Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY) 5.00%, 12/01/26 | 1,205,999 | ||||||
2,100,000 | City of Seattle Public Improvements GO, Series A 5.00%, 11/01/24 | 2,398,242 | ||||||
1,600,000 | Clark County Public Utility District No 1 Refunding Revenue Bonds 5.00%, 01/01/27 | 1,818,096 | ||||||
825,000 | Clark County School District No 117 Camas School Improvements GO, (School Board GTY) 5.00%, 12/01/24 | 938,165 |
Principal Amount | Value | |||||||
Washington (continued) | ||||||||
$ | 1,000,000 | County of King WA Sewer Advance Refunding Revenue Bonds 5.00%, 07/01/30 | $ | 1,148,270 | ||||
3,900,000 | Energy Northwest Refunding Revenue Bonds, Series A 5.00%, 07/01/28 | 4,237,779 | ||||||
680,000 | King County Public Transportation Sales Tax Refunding GO 4.00%, 12/01/18 | 681,163 | ||||||
1,035,000 | King County Refunding GO 5.00%, 07/01/25 | 1,183,833 | ||||||
9,000,000 | King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/32 | 10,382,670 | ||||||
3,000,000 | King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/33 | 3,448,050 | ||||||
1,500,000 | King County School District No. 414 Lake Washington GO, (School Board GTY) 5.00%, 12/01/20 | 1,503,825 | ||||||
1,180,000 | Nooksack Valley School District No 506 School Improvements GO, (School Board GTY) 5.00%, 12/01/24 | 1,338,309 | ||||||
1,000,000 | Pierce County School District No 402 Franklin Pierce School Improvements GO, (School Board GTY) 5.00%, 12/01/30 | 1,152,770 | ||||||
750,000 | Port of Seattle Inter Lien Refunding Revenue Bonds 5.00%, 02/01/27 | 853,298 | ||||||
5,000,000 | Port of Seattle Refunding GO 5.00%, 06/01/24 | 5,666,750 | ||||||
1,120,000 | Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY) 5.00%, 12/01/23 | 1,256,203 | ||||||
5,000,000 | Snohomish County School District No 201 Refunding GO (School Board GTY) 5.00%, 12/01/25 | 5,630,600 | ||||||
360,000 | Spokane County School District No 354 Mead School Improvement GO, (School Board GTY) 5.00%, 12/01/22 | 396,760 |
109 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Principal Amount | Value | |||||||
Washington (continued) | ||||||||
$ | 1,315,000 | Spokane County School District No 363 West Valley Refunding GO, (School Board GTY) 5.00%, 12/01/18 | $ | 1,318,261 | ||||
15,000,000 | State of Washington Advance Refunding GO, Series R-2018C 5.00%, 08/01/25 | 17,234,100 | ||||||
800,000 | State of Washington Refunding GO, Series R-2012C 5.00%, 07/01/23 | 875,160 | ||||||
3,250,000 | State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds 5.00%, 09/01/19 | 3,328,455 | ||||||
4,435,000 | Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY) 5.00%, 12/01/24 | 5,040,688 | ||||||
74,146,506 | ||||||||
Wisconsin — 0.3% | ||||||||
4,700,000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds 5.00%, 06/01/29 | 5,308,415 | ||||||
1,200,000 | State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/27 | 1,378,296 | ||||||
6,686,711 | ||||||||
Total Municipal Bonds (Cost $2,300,888,840) | 2,256,668,682 | |||||||
U.S. GOVERNMENT SECURITIES — 1.0% | ||||||||
U.S. Treasury Bill — 0.8% | ||||||||
18,000,000 | 0.00%, 01/17/2019 | 17,913,712 | ||||||
U.S. Treasury Notes — 0.2% | ||||||||
6,500,000 | 2.00%, 08/15/2025 | 6,070,137 | ||||||
Total U.S. Government Securities (Cost $24,274,951) | 23,983,849 |
Shares | Value | |||||||
INVESTMENT COMPANY — 0.1% | ||||||||
1,584,787 | SEI Daily Income Trust Government II Fund, Class A, 2.01%(d) | $ | 1,584,787 | |||||
Total Investment Company (Cost $1,584,787) | 1,584,787 | |||||||
TOTAL INVESTMENTS — 99.3% (Cost $2,326,748,578) | $ | 2,282,237,318 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 15,294,890 | |||||||
NET ASSETS — 100.0% | $ | 2,297,532,208 |
(a) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2018. |
(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 security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date. |
(d) | The rate shown represents the current yield at October 31, 2018. |
The following abbreviations are used in the report:
AGM — Assured Guaranty Municipal Corp.
COP — Certificates of Participation
FGIC — Insured by Financial Guaranty Insurance Corp.
GO — General Obligations
GTY — Guaranty
NATL-RE — Insured by National Public Finance Guarantee Corp.
OID — Original Issue Discount
PSF-GTD — Permanent School Fund Guarantee
Q–SBLF — Qualified-School Bond Loan Fund
110 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities | |
October 31, 2018 |
ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | ALL CAP ESG FUND | SMALL & MID CAP STRATEGIES FUND | |||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at fair value | $ | 1,840,234,852 | $ | 16,509,868,682 | $ | 29,939,936 | $ | 6,199,832,228 | ||||||||||||
Foreign currency, at value (Cost $0, $0, $0 and $6,127,223, respectively) | — | — | — | 6,095,107 | ||||||||||||||||
Cash | 2 | 146,893 | 1,127 | 24,810,990 | ||||||||||||||||
Dividends and interest receivable | 756,553 | 24,572,961 | 75,483 | 7,463,100 | ||||||||||||||||
Receivable for Fund shares sold | 683,851 | 1,711,770 | — | 1,594,704 | ||||||||||||||||
Receivable for investments sold | 2,150,853 | 1,007,385 | — | 1,347,838 | ||||||||||||||||
Prepaid expenses | 23,173 | 75,349 | 16,948 | 38,915 | ||||||||||||||||
Total Assets | 1,843,849,284 | 16,537,383,040 | 30,033,494 | 6,241,182,882 | ||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for Fund shares redeemed | 1,126,276 | 4,382,697 | — | 1,391,544 | ||||||||||||||||
Payable for investments purchased | 1,395,303 | 16,908,274 | — | 10,890,966 | ||||||||||||||||
Deferred tax liability (Note 9) | — | 7,471 | — | 13,718 | ||||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||
Investment advisory | 1,111,343 | 11,776,780 | 1,310 | 4,283,154 | ||||||||||||||||
Administration | 98,811 | 858,064 | 5,446 | 328,159 | ||||||||||||||||
Shareholder servicing fee | 322,352 | 2,904,383 | 5,201 | 1,097,650 | ||||||||||||||||
Custody | 24,804 | 433,268 | 979 | 145,422 | ||||||||||||||||
Directors | 13,987 | 126,565 | 225 | 48,340 | ||||||||||||||||
Legal and Audit | 54,730 | 458,936 | 8,289 | 206,790 | ||||||||||||||||
Other | 38,948 | 377,992 | 9,472(a | ) | 285,081 | |||||||||||||||
Total Liabilities | 4,186,554 | 38,234,430 | 30,922 | 18,690,824 | ||||||||||||||||
NET ASSETS | $ | 1,839,662,730 | $ | 16,499,148,610 | $ | 30,002,572 | $ | 6,222,492,058 | ||||||||||||
NET ASSETS consist of: | ||||||||||||||||||||
Capital paid-in | $ | 1,408,130,826 | $ | 13,376,359,032 | $ | 31,266,326 | $ | 4,898,132,402 | ||||||||||||
Total distributable earnings/(accumulated loss)(b) | 431,531,904 | 3,122,789,578 | (1,263,754 | ) | 1,324,359,656 | |||||||||||||||
NET ASSETS | $ | 1,839,662,730 | $ | 16,499,148,610 | $ | 30,002,572 | $ | 6,222,492,058 | ||||||||||||
Net Asset Value, maximum offering price and redemption price per share | $ | 17.08 | $ | 13.87 | $ | 9.63 | $ | 15.85 | ||||||||||||
Number of shares authorized | 2,500,000,000 | 3,000,000,000 | 3,500,000,000 | 3,500,000,000 | ||||||||||||||||
SHARES OF CAPITAL STOCK OUTSTANDING | 107,735,812 | 1,189,721,997 | 3,116,283 | 392,582,692 | ||||||||||||||||
INVESTMENTS, AT COST | $ | 1,487,040,939 | $ | 14,020,456,690 | $ | 30,939,548 | $ | 5,435,522,044 |
(a) | Includes printing payable $4,790, accounting/admin out of pocket $2,496 and SEC fees $1,503. |
(b) | For the period ended October 31, 2018, the Funds have adopted disclosure requirements conforming to amendments to SEC Rule 6-04.17 of Regulation S-X and discloses total distributable earnings/(accumulated loss). |
See Notes to Financial Statements.
111 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities - (Continued) | |
October 31, 2018 |
STRATEGIC OPPORTUNITIES FUNDa | ||||||
ASSETS: | ||||||
Investments, at fair value | $ | 5,112,125,906 | ||||
Foreign currency, at value (Cost $5,779,521) | 4,769,728 | |||||
Cash | 2,352,247 | |||||
Segregated cash for futures contracts (Note 6) | 23,047,441 | |||||
Due from broker for collateral | 136,850,000 | |||||
Structured option contracts, at value (Premium paid $25,017,928) | 13,004,138 | |||||
Dividends and interest receivable | 8,933,972 | |||||
Receivable for Fund shares sold | 477,079 | |||||
Receivable for investments sold | 204,409,873 | |||||
Unrealized appreciation on swap contracts | 41,540,233 | |||||
Unrealized appreciation on forward foreign currency exchange contracts | 3,744,968 | |||||
Variation margin | 3,484,239 | |||||
Prepaid expenses | 35,161 | |||||
Total Assets | 5,554,774,985 | |||||
LIABILITIES: | ||||||
Payable to brokers for collateral | 5,870,000 | |||||
Written option contracts, at value (Premium received $3,774,915) | 3,578,000 | |||||
Structured option contracts, at value (Premium paid $5,512,338) | 26,125,567 | |||||
Payable for Fund shares redeemed | 3,828,779 | |||||
Payable for investments purchased | 125,024,584 | |||||
Unrealized depreciation on swap contracts | 88,415,297 | |||||
Unrealized depreciation on forward foreign currency exchange contracts | 11,411,262 | |||||
Swap Payable | 10,971,161 | |||||
Deferred tax liability payable (Note 9) | 4,535 | |||||
Accrued expenses and other payables: | ||||||
Investment advisory | 4,179,632 | |||||
Administration | 281,578 | |||||
Shareholder servicing fee | 920,952 | |||||
Custody | 39,665 | |||||
Directors | 39,336 | |||||
Legal and Audit | 242,678 | |||||
Other | 168,049 | |||||
Total Liabilities | 281,101,075 | |||||
NET ASSETS | $ | 5,273,673,910 | ||||
NET ASSETS consist of: | ||||||
Capital paid-in | $ | 5,137,830,640 | ||||
Total distributable earnings/(accumulated gain)(a) | 135,843,270 | |||||
NET ASSETS | $ | 5,273,673,910 | ||||
Net Asset Value, maximum offering price and redemption price per share | $ | 7.60 | ||||
Number of shares authorized | 3,500,000,000 | |||||
SHARES OF CAPITAL STOCK OUTSTANDING | 693,808,629 | |||||
INVESTMENTS, AT COST | $ | 5,161,183,959 |
(a) | For the period ended October 31, 2018, the Fund has adopted disclosure requirements conforming to amendments to SEC Rule 6-04.17 of Regulation S-X and discloses total distributable earnings/(accumulated loss) |
a | Consolidated Statement of Assets and Liabilities. |
See Notes to Financial Statements.
112 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities - (Continued) | |
October 31, 2018 |
FIXED INCOME FUND | MUNICIPAL BOND FUND | |||||||
ASSETS: | ||||||||
Investments, at fair value | $ | 859,514,211 | $ | 2,282,237,318 | ||||
Cash | 1 | 1 | ||||||
Dividends and interest receivable | 4,916,102 | 25,827,396 | ||||||
Receivable for Fund shares sold | 568,200 | 47,385 | ||||||
Receivable for investments sold | 4,921,989 | — | ||||||
Prepaid expenses | 19,603 | 24,411 | ||||||
Total Assets | 869,940,106 | 2,308,136,511 | ||||||
LIABILITIES: | ||||||||
Payable for Fund shares redeemed | 463,732 | 1,194,484 | ||||||
Payable for investments purchased | 3,933,300 | 8,162,149 | ||||||
Accrued expenses and other payables: | ||||||||
Investment advisory | 317,703 | 748,318 | ||||||
Administration | 45,661 | 114,063 | ||||||
Shareholder servicing fee | 74,118 | 195,605 | ||||||
Custody | 11,118 | 29,340 | ||||||
Directors | 6,108 | 16,142 | ||||||
Legal and Audit | 31,366 | 68,313 | ||||||
Other | 27,206 | 75,889 | ||||||
Total Liabilities | 4,910,312 | 10,604,303 | ||||||
NET ASSETS | $ | 865,029,794 | $ | 2,297,532,208 | ||||
NET ASSETS consist of: | ||||||||
Capital paid-in | $ | 904,762,404 | $ | 2,346,663,043 | ||||
Total distributable earnings/(accumulated loss)(a) | (39,732,610 | ) | (49,130,835 | ) | ||||
NET ASSETS | $ | 865,029,794 | $ | 2,297,532,208 | ||||
Net Asset Value, maximum offering price and redemption price per share | $ | 10.75 | $ | 11.63 | ||||
Number of shares authorized | 2,000,000,000 | 2,000,000,000 | ||||||
SHARES OF CAPITAL STOCK OUTSTANDING | 80,484,160 | 197,630,300 | ||||||
INVESTMENTS, AT COST | $ | 880,033,359 | $ | 2,326,748,578 |
(a) | For the period ended October 31, 2018, the Funds have adopted disclosure requirements conforming to amendments to SEC Rule 6-04.17 of Regulation S-X and discloses total distributable earnings/(accumulated loss). |
See Notes to Financial Statements.
113 |
Old Westbury Funds, Inc. | |
Statements of Operations | |
For the Year Ended October 31, 2018 |
ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | ALL CAP ESG FUND(a) | SMALL & MID CAP STRATEGIES FUND | |||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Interest | $ | 49,622 | $ | 5,329,771 | $ | — | $ | 1,667,799 | ||||||||||||||||
Dividends | 26,582,237 | 371,785,265 | 645,284 | 111,804,275 | ||||||||||||||||||||
Foreign tax withheld | (277,740 | ) | (29,259,107 | ) | (56,908 | ) | (6,772,668 | ) | ||||||||||||||||
Total investment income | 26,354,119 | 347,855,929 | 588,376 | 106,699,406 | ||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory fees | 12,994,113 | 142,845,671 | 133,817 | 57,095,306 | ||||||||||||||||||||
Shareholder servicing fees | 3,767,419 | 35,242,668 | 35,685 | 13,434,190 | ||||||||||||||||||||
Administration and Accounting fees | 873,041 | 7,958,084 | 24,573 | 3,049,019 | ||||||||||||||||||||
Custodian fees | 321,502 | 6,213,315 | 7,672 | 1,973,332 | ||||||||||||||||||||
Directors fees and expenses | 56,654 | 528,910 | 633 | 201,691 | ||||||||||||||||||||
Insurance premiums | 25,889 | 79,757 | 630 | 42,684 | ||||||||||||||||||||
Legal and Audit fees | 86,823 | 711,206 | 8,662 | 342,240 | ||||||||||||||||||||
Printing and postage fees | 19,134 | 129,064 | 6,110 | 53,084 | ||||||||||||||||||||
Registration fees | 30,885 | 160,604 | 3,515 | 93,607 | ||||||||||||||||||||
Transfer agent fees | 202,018 | 1,777,587 | 9,780 | 687,938 | ||||||||||||||||||||
Offering expenses | — | — | 49,656 | — | ||||||||||||||||||||
Miscellaneous expenses | 16,394 | 137,851 | 11,661 | 455,605 | ||||||||||||||||||||
Total expenses | 18,393,872 | 195,784,717 | 292,394 | 77,428,696 | ||||||||||||||||||||
Expenses waived by Adviser (Note 7) | — | — | (113,967 | ) | (2,868,943 | ) | ||||||||||||||||||
Net expenses | 18,393,872 | 195,784,717 | 178,427 | 74,559,753 | ||||||||||||||||||||
NET INVESTMENT INCOME | 7,960,247 | 152,071,212 | 409,949 | 32,139,653 | ||||||||||||||||||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES: | ||||||||||||||||||||||||
Net realized gains/(loss) on: | ||||||||||||||||||||||||
Investments | 76,060,050 | 545,354,724 | (635,627 | ) | 574,301,067 | |||||||||||||||||||
Foreign capital gains tax | — | — | — | (58,254 | ) | |||||||||||||||||||
Forward foreign currency exchange contracts | (50,713 | ) | (3,059,931 | ) | — | (2,916,668 | ) | |||||||||||||||||
Foreign currency transactions | (41,052 | ) | (487,964 | ) | (37,459 | ) | 835,129 | |||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on: | ||||||||||||||||||||||||
Investments | 14,700,506 | (862,843,106 | ) | (999,612 | ) | (770,250,806 | ) | |||||||||||||||||
Foreign currency transactions | (805 | ) | (199,722 | ) | (1,005 | ) | (64,459 | ) | ||||||||||||||||
Forward foreign currency exchange contracts | — | — | — | (354,673 | ) | |||||||||||||||||||
Foreign deferred taxes on unrealized appreciation | — | 983,389 | — | 1,139,686 | ||||||||||||||||||||
Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, net of foreign taxes | 90,667,986 | (320,252,610 | ) | (1,673,703 | ) | (197,368,978 | ) | |||||||||||||||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 98,628,233 | $ | (168,181,398 | ) | $ | (1,263,754 | ) | $ | (165,229,325 | ) |
(a) | For the period from March 1, 2018 (commencement of operations) to October 31, 2018. |
See Notes to Financial Statements.
114 |
Old Westbury Funds, Inc. | |
Statements of Operations - (Continued) | |
For the Year Ended October 31, 2018 |
STRATEGIC OPPORTUNITIES FUNDa | ||||||
INVESTMENT INCOME: | ||||||
Interest | $ | 200,460,992 | ||||
Dividends | 49,441,077 | |||||
Foreign tax withheld | (1,269,989 | ) | ||||
Total investment income | 248,632,080 | |||||
EXPENSES: | ||||||
Investment advisory fees | 57,004,962 | |||||
Shareholder servicing fees | 11,025,993 | |||||
Administration and Accounting fees | 2,558,442 | |||||
Custodian fees | 560,698 | |||||
Directors fees and expenses | 164,327 | |||||
Insurance premiums | 38,971 | |||||
Interest expense | 33 | |||||
Legal and Audit fees | 532,518 | |||||
Printing and postage fees | 44,188 | |||||
Registration fees | 86,276 | |||||
Transfer agent fees | 563,287 | |||||
Miscellaneous expenses | 176,487 | |||||
Total expenses | 72,756,182 | |||||
Expenses waived by Adviser (Note 7) | (6,600,358 | ) | ||||
Net expenses | 66,155,824 | |||||
NET INVESTMENT INCOME | 182,476,256 | |||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, SECURITIES SOLD SHORT, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES: | ||||||
Net realized gain/(loss) on: | ||||||
Investments | 36,964,412 | |||||
Futures contracts | (20,591,742 | ) | ||||
Swap agreements | 54,458,314 | |||||
Written options and structured options | 114,378,006 | |||||
Forward foreign currency exchange contracts | (14,532,210 | ) | ||||
Foreign currency transactions | (666,154 | ) | ||||
Net change in unrealized appreciation/(depreciation) on: | ||||||
Investments | (207,322,209 | ) | ||||
Futures contracts | 11,734,618 | |||||
Swap agreements | (91,866,243 | ) | ||||
Written options and structured options | (132,766,650 | ) | ||||
Forward foreign currency exchange contracts | 792,678 | |||||
Foreign currency transactions | 24,812 | |||||
Foreign deferred taxes on unrealized depreciation | (4,535 | ) | ||||
Net realized and change in unrealized gain/(loss) on investments, securities sold short, futures contracts, swap agreements, written options, foreign currency transactions, net of foreign taxes | (249,396,903 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (66,920,647 | ) |
a | Consolidated Statement of Operations. |
See Notes to Financial Statements.
115 |
Old Westbury Funds, Inc. | |
Statements of Operations - (Continued) | |
For the Year Ended October 31, 2018 |
FIXED INCOME FUND | MUNICIPAL BOND FUND | |||||||||
INVESTMENT INCOME: | ||||||||||
Interest | $ | 19,629,817 | $ | 44,467,678 | ||||||
Dividends | 88,058 | 365,836 | ||||||||
Total investment income | 19,717,875 | 44,833,514 | ||||||||
EXPENSES: | ||||||||||
Investment advisory fees | 3,642,116 | 8,696,726 | ||||||||
Shareholder servicing fees | 1,696,058 | 4,540,986 | ||||||||
Administration and Accounting fees | 398,486 | 1,024,965 | ||||||||
Custodian fees | 127,204 | 340,574 | ||||||||
Directors fees and expenses | 25,311 | 67,460 | ||||||||
Insurance premiums | 22,640 | 27,561 | ||||||||
Interest expense | 317 | — | ||||||||
Legal and Audit fees | 48,213 | 94,532 | ||||||||
Printing and postage fees | 11,662 | 21,146 | ||||||||
Registration fees | 35,223 | 63,227 | ||||||||
Transfer agent fees | 97,211 | 238,794 | ||||||||
Miscellaneous expenses | 25,918 | 80,329 | ||||||||
Total expenses | 6,130,359 | 15,196,300 | ||||||||
Expenses waived by Shareholder Servicing Agent (Note 7) | (848,029 | ) | (2,270,493 | ) | ||||||
Net expenses | 5,282,330 | 12,925,807 | ||||||||
NET INVESTMENT INCOME | 14,435,545 | 31,907,707 | ||||||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS | ||||||||||
Net realized gain/(loss) on: | ||||||||||
Investments | (7,802,111 | ) | (6,099,436 | ) | ||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||
Investments | (18,998,566 | ) | (57,254,816 | ) | ||||||
Net realized and change in unrealized gain/(loss) on investments | (26,800,677 | ) | (63,354,252 | ) | ||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (12,365,132 | ) | $ | (31,446,545 | ) |
See Notes to Financial Statements.
116 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets | |
ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | |||||||||||||||||||
FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE YEAR ENDED OCTOBER 31, 2017 | FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE YEAR ENDED OCTOBER 31, 2017 | |||||||||||||||||
FROM OPERATIONS: | ||||||||||||||||||||
Net investment income | $ | 7,960,247 | $ | 10,124,869 | $ | 152,071,212 | $ | 121,578,079 | ||||||||||||
Net realized gain/(loss) on investments and foreign currency transactions | 75,968,285 | 51,068,138 | 541,806,829 | 860,254,925 | ||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 14,699,701 | 235,028,950 | (862,059,439 | ) | 1,467,903,301 | |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 98,628,233 | 296,221,957 | (168,181,398 | ) | 2,449,736,305 | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||
Net investment income and net realized gain | (35,549,309 | ) | (13,751,936 | ) | (979,594,946 | ) | (261,128,113 | ) | ||||||||||||
Total distributions to shareholders* | (35,549,309 | ) | (13,751,936 | ) | (979,594,946 | ) | (261,128,113 | ) | ||||||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||||||||||||||
Proceeds from sale of capital stock | 193,877,245 | 410,170,510 | 1,319,775,405 | 1,831,878,570 | ||||||||||||||||
Reinvestment of distributions | 20,786,526 | 4,963,160 | 578,058,719 | 123,183,224 | ||||||||||||||||
Value of capital stock redeemed | (210,447,561 | ) | (171,433,102 | ) | (1,494,387,938 | ) | (1,496,082,470 | ) | ||||||||||||
Net increase/(decrease) in net assets resulting from capital stock transactions | 4,216,210 | 243,700,568 | 403,446,186 | 458,979,324 | ||||||||||||||||
Net increase/(decrease) in net assets | 67,295,134 | 526,170,589 | (744,330,158 | ) | 2,647,587,516 | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of year | 1,772,367,596 | 1,246,197,007 | 17,243,478,768 | 14,595,891,252 | ||||||||||||||||
End of year | $ | 1,839,662,730 | $ | 1,772,367,596 | $ | 16,499,148,610 | $ | 17,243,478,768 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||
Shares sold | 11,199,372 | 27,459,497 | 89,536,508 | 133,829,033 | ||||||||||||||||
Shares issued as reinvestment of distributions | 1,255,225 | 349,518 | 40,480,302 | 9,497,550 | ||||||||||||||||
Shares redeemed | (12,139,680 | ) | (11,396,186 | ) | (101,370,100 | ) | (108,984,517 | ) | ||||||||||||
Net increase in shares outstanding | 314,917 | 16,412,829 | 28,646,710 | 34,342,066 |
(a) | For the period from March 1, 2018 (commencement of operations) to October 31, 2018. |
* | For the period ended October 31, 2018, the Funds have adopted disclosure requirements conforming to amendments to SEC Rule 6-04.17 of Regulation S-X. The prior year amounts have been reclassified to conform to current period presentation. See Note 11 for details on distribution classification for the fiscal year ended October 31, 2017. |
See Notes to Financial Statements.
117 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets - (Continued) | |
ALL CAP ESG FUND | SMALL & MID CAP STRATEGIES FUND | ||||||||||||
FOR THE PERIOD ENDED October 31, 2018(a) | FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE YEAR ENDED OCTOBER 31, 2017 | |||||||||||
$ | 409,949 | $ | 32,139,653 | $ | 35,355,682 | ||||||||
(673,086 | ) | 572,161,274 | 442,321,866 | ||||||||||
(1,000,617 | ) | (769,530,252 | ) | 483,138,972 | |||||||||
(1,263,754 | ) | (165,229,325 | ) | 960,816,520 | |||||||||
— | (464,025,455 | ) | (328,853,054 | ) | |||||||||
— | (464,025,455 | ) | (328,853,054 | ) | |||||||||
31,299,326 | 597,027,116 | 895,995,983 | |||||||||||
— | 279,211,481 | 188,125,990 | |||||||||||
(33,000 | ) | (586,873,029 | ) | (625,327,694 | ) | ||||||||
31,266,326 | 289,365,568 | 458,794,279 | |||||||||||
30,002,572 | (339,889,212 | ) | 1,090,757,745 | ||||||||||
— | 6,562,381,270 | 5,471,623,525 | |||||||||||
$ | 30,002,572 | $ | 6,222,492,058 | $ | 6,562,381,270 | ||||||||
3,119,548 | 34,940,278 | 55,186,332 | |||||||||||
— | 16,749,339 | 12,384,858 | |||||||||||
(3,265 | ) | (34,218,308 | ) | (38,512,284 | ) | ||||||||
3,116,283 | 17,471,309 | 29,058,906 |
See Notes to Financial Statements.
118 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets - (Continued) | |
STRATEGIC OPPORTUNITIES FUND | ||||||||||
FOR THE YEAR ENDED OCTOBER 31, 2018a | FOR THE YEAR ENDED OCTOBER 31, 2017a | |||||||||
FROM OPERATIONS: | ||||||||||
Net investment income | $ | 182,476,256 | $ | 140,253,487 | ||||||
Net realized gain/(loss) on investments, securities sold short, swap agreements, futures contracts, written options, foreign capital gains tax and foreign currency transactions | 170,010,626 | 447,442,215 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, futures contracts, written options, swap agreements, foreign currency transactions, net of foreign deferred taxes | (419,407,529 | ) | 165,827,145 | |||||||
Net increase/(decrease) in net assets resulting from operations | (66,920,647 | ) | 753,522,847 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||
Net investment income and net realized gain | (402,341,102 | ) | (111,738,489 | ) | ||||||
Total distributions to shareholders* | (402,341,102 | ) | (111,738,489 | ) | ||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||||
Proceeds from sale of capital stock | 538,372,473 | 674,275,647 | ||||||||
Reinvestment of distributions | 162,502,177 | 33,139,282 | ||||||||
Value of capital stock redeemed | (507,487,099 | ) | (1,733,704,369 | ) | ||||||
Net increase/(decrease) in net assets resulting from capital stock transactions | 193,387,551 | (1,026,289,440 | ) | |||||||
Net increase/(decrease) in net assets | (275,874,198 | ) | (384,505,082 | ) | ||||||
NET ASSETS: | ||||||||||
Beginning of year | 5,549,548,108 | 5,934,053,190 | ||||||||
End of year | $ | 5,273,673,910 | $ | 5,549,548,108 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Shares sold | 68,091,521 | 87,048,713 | ||||||||
Shares issued as reinvestment of distributions | 20,806,937 | 4,454,204 | ||||||||
Shares redeemed | (64,056,088 | ) | (223,013,057 | ) | ||||||
Net increase/(decrease) in shares outstanding | 24,842,370 | (131,510,140 | ) |
* | For the period ended October 31, 2018, the Funds have adopted disclosure requirements conforming to amendments to SEC Rule 6-04.17 of Regulation S-X. The prior year amounts have been reclassified to conform to current period presentation. See Note 11 for details on distribution classification for the fiscal year ended October 31, 2017. |
a | Consolidated Statement of Changes in Net Assets. |
See Notes to Financial Statements.
119 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets - (Continued) | |
FIXED INCOME FUND | MUNICIPAL BOND FUND | |||||||||||||||||
FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE YEAR ENDED OCTOBER 31, 2017 | FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE YEAR ENDED OCTOBER 31, 2017 | |||||||||||||||
$ | 14,435,545 | $ | 10,133,514 | $ | 31,907,707 | $ | 24,756,100 | |||||||||||
(7,802,111 | ) | (3,474,710 | ) | (6,099,436 | ) | (1,529,655 | ) | |||||||||||
(18,998,566 | ) | (7,223,117 | ) | (57,254,816 | ) | (12,618,806 | ) | |||||||||||
(12,365,132 | ) | (564,313 | ) | (31,446,545 | ) | 10,607,639 | ||||||||||||
(15,309,270 | ) | (11,203,970 | ) | (31,336,777 | ) | (33,426,801 | ) | |||||||||||
(15,309,270 | ) | (11,203,970 | ) | (31,336,777 | ) | (33,426,801 | ) | |||||||||||
154,566,649 | 186,418,308 | 427,388,573 | 516,856,601 | |||||||||||||||
8,843,624 | 6,088,035 | 8,400,843 | 9,250,202 | |||||||||||||||
(96,251,246 | ) | (140,609,434 | ) | (310,977,078 | ) | (322,920,119 | ) | |||||||||||
67,159,027 | 51,896,909 | 124,812,338 | 203,186,684 | |||||||||||||||
39,484,625 | 40,128,626 | 62,029,016 | 180,367,522 | |||||||||||||||
825,545,169 | 785,416,543 | 2,235,503,192 | 2,055,135,670 | |||||||||||||||
$ | 865,029,794 | $ | 825,545,169 | $ | 2,297,532,208 | $ | 2,235,503,192 | |||||||||||
14,184,757 | 16,797,735 | 36,309,706 | 43,464,407 | |||||||||||||||
814,288 | 549,399 | 715,335 | 782,318 | |||||||||||||||
(8,851,955 | ) | (12,660,942 | ) | (26,444,258 | ) | (27,216,140 | ) | |||||||||||
6,147,090 | 4,686,192 | 10,580,783 | 17,030,585 |
See Notes to Financial Statements.
120 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Net asset value, beginning of year | $ | 16.50 | $ | 13.69 | $ | 13.92 | $ | 15.00 | $ | 13.92 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.07 | a | 0.10 | a | 0.14 | a | 0.15 | a | 0.21 | a | ||||||||||
Net realized and unrealized gains/(losses) on investments and foreign currency transactions | 0.84 | 2.86 | (0.05 | ) | (0.41 | ) | 1.08 | |||||||||||||
Total from investment operations | 0.91 | 2.96 | 0.09 | (0.26 | ) | 1.29 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.09 | ) | (0.15 | ) | (0.16 | ) | (0.19 | ) | (0.21 | ) | ||||||||||
Net realized gains | (0.24 | ) | — | (0.16 | ) | (0.63 | ) | — | ||||||||||||
Total distributions | (0.33 | ) | (0.15 | ) | (0.32 | ) | (0.82 | ) | (0.21 | ) | ||||||||||
Net asset value, end of year | $ | 17.08 | $ | 16.50 | $ | 13.69 | $ | 13.92 | $ | 15.00 | ||||||||||
Total return | 5.6 | % | 21.8 | % | 0.7 | % | (1.7 | )% | 9.4 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 1,839,663 | $ | 1,772,368 | $ | 1,246,197 | $ | 1,145,892 | $ | 1,029,373 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 0.98 | %b | 0.99 | %b | 1.00 | %b | 1.01 | % | 1.04 | % | ||||||||||
Ratio of expenses to average net assets after expense waivers | 0.98 | % | 0.99 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||
Ratio of net investment income to average net assets | 0.42 | % | 0.67 | % | 1.07 | % | 1.02 | % | 1.46 | % | ||||||||||
Portfolio turnover rate | 38 | % | 57 | % | 34 | % | 43 | % | 43 | % |
a | Calculated based on the average shares method for the period. |
b | There were no voluntary fee reductions during the period. |
See Notes to Financial Statements.
121 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Net asset value, beginning of year | $ | 14.85 | $ | 12.95 | $ | 13.01 | $ | 13.20 | $ | 12.09 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.13 | a | 0.11 | a | 0.08 | a | 0.12 | a | 0.10 | a | ||||||||||
Net realized and unrealized gains/(losses) on investments, foreign currency transactions and deferred taxes | (0.26 | ) | 2.02 | 0.16 | 0.13 | 1.09 | ||||||||||||||
Total from investment operations | (0.13 | ) | 2.13 | 0.24 | 0.25 | 1.19 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.10 | ) | (0.10 | ) | (0.10 | ) | (0.10 | ) | (0.08 | ) | ||||||||||
Net realized gains | (0.75 | ) | (0.13 | ) | (0.20 | ) | (0.34 | ) | — | |||||||||||
Total distributions | (0.85 | ) | (0.23 | ) | (0.30 | ) | (0.44 | ) | (0.08 | ) | ||||||||||
Net asset value, end of year | $ | 13.87 | $ | 14.85 | $ | 12.95 | $ | 13.01 | $ | 13.20 | ||||||||||
Total return | (1.1 | )% | 16.7 | % | 1.9 | % | 2.0 | % | 9.9 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 16,499,149 | $ | 17,243,479 | $ | 14,595,891 | $ | 14,141,401 | $ | 12,624,586 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 1.11 | %bc | 1.11 | %bc | 1.11 | %bc | 1.11 | %bc | 1.12 | %bc | ||||||||||
Ratio of expenses to average net assets after expense waivers | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | 1.12 | % | ||||||||||
Ratio of net investment income to average net assets | 0.86 | % | 0.77 | % | 0.67 | % | 0.88 | % | 0.82 | % | ||||||||||
Portfolio turnover rate | 38 | % | 61 | % | 50 | % | 61 | % | 51 | % |
a | Calculated based on the average shares method for the period. |
b | There were no voluntary fee reductions during the period. |
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. |
See Notes to Financial Statements.
122 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
PERIOD FROM March 1, 2018a TO OCTOBER 31, 2018 | |||||
Net asset value, beginning of period | $ | 10.00 | |||
Investment operations: | |||||
Net investment income | 0.15 | b | |||
Net realized and unrealized losses on investments | (0.52 | ) | |||
Total from investment operations | (0.37 | ) | |||
Net asset value, end of period | $ | 9.63 | |||
Total return | (3.7 | )%c | |||
Annualized ratios/supplemental data: | |||||
Net assets at end of period (000’s) | $ | 30,003 | |||
Ratio of expenses to average net assets before expense waivers | 1.64 | %d | |||
Ratio of expenses to average net assets after expense waivers | 1.00 | %d | |||
Ratio of net investment income to average net assets | 2.30 | %d | |||
Portfolio turnover rate | 33 | %c |
a | Commencement of operations. |
b | Calculated based on the average shares method for the period. |
c | Not Annualized. |
d | Annualized. |
See Notes to Financial Statements.
123 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Net asset value, beginning of year | $ | 17.49 | $ | 15.81 | $ | 15.86 | $ | 17.09 | $ | 17.30 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.08 | a | 0.10 | a | 0.09 | a | 0.09 | a | 0.12 | a | ||||||||||
Net realized and unrealized gains/(losses) on investments, foreign currency transactions and deferred taxes | (0.47 | ) | 2.54 | 0.66 | 0.40 | 0.83 | ||||||||||||||
Total from investment operations | (0.39 | ) | 2.64 | 0.75 | 0.49 | 0.95 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.11 | ) | (0.09 | ) | (0.12 | ) | (0.13 | ) | (0.13 | ) | ||||||||||
Net realized gains | (1.14 | ) | (0.87 | ) | (0.68 | ) | (1.59 | ) | (1.03 | ) | ||||||||||
Total distributions | (1.25 | ) | (0.96 | ) | (0.80 | ) | (1.72 | ) | (1.16 | ) | ||||||||||
Net asset value, end of year | $ | 15.85 | $ | 17.49 | $ | 15.81 | $ | 15.86 | $ | 17.09 | ||||||||||
Total return | (2.6 | )% | 17.6 | % | 5.1 | % | 2.9 | % | 5.7 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 6,222,492 | $ | 6,562,381 | $ | 5,471,624 | $ | 5,449,609 | $ | 6,385,783 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 1.15 | %b | 1.15 | %b | 1.16 | %b | 1.16 | %b | 1.15 | %b | ||||||||||
Ratio of expenses to average net assets after expense waivers | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | ||||||||||
Ratio of net investment income to average net assets | 0.48 | % | 0.59 | % | 0.61 | % | 0.56 | % | 0.67 | % | ||||||||||
Portfolio turnover rate | 62 | % | 45 | % | 48 | % | 50 | % | 38 | % |
a | Calculated based on the average shares method for the period. |
b | 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. |
See Notes to Financial Statements.
124 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2018a | 2017a | 2016a | 2015a | 2014 | ||||||||||||||||
Net asset value, beginning of year | $ | 8.30 | $ | 7.41 | $ | 7.65 | $ | 8.20 | $ | 8.24 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.26 | b | 0.19 | b | 0.12 | b | 0.09 | b | 0.09 | b | ||||||||||
Net realized and unrealized gains/(losses) on investments, securities sold short, futures contracts, swap agreements, written options, foreign currency transactions and deferred taxes | (0.36 | ) | 0.84 | (0.10 | ) | (0.02 | ) | 0.36 | ||||||||||||
Total from investment operations | (0.10 | ) | 1.03 | 0.02 | 0.07 | 0.45 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.33 | ) | (0.14 | ) | (0.12 | ) | (0.17 | ) | (0.27 | ) | ||||||||||
Net realized gains | (0.27 | ) | — | (0.14 | ) | (0.45 | ) | (0.22 | ) | |||||||||||
Total distributions | (0.60 | ) | (0.14 | ) | (0.26 | ) | (0.62 | ) | (0.49 | ) | ||||||||||
Net asset value, end of year | $ | 7.60 | $ | 8.30 | $ | 7.41 | $ | 7.65 | $ | 8.20 | ||||||||||
Total return | (1.3 | )% | 14.1 | % | 0.2 | % | 0.9 | % | 5.9 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of period (000’s) | $ | 5,273,674 | $ | 5,549,548 | $ | 5,934,053 | $ | 7,095,756 | $ | 5,598,552 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 1.32 | %c | 1.32 | %c | 1.32 | %c | 1.32 | %c | 1.32 | %c | ||||||||||
Ratio of expenses to average net assets after expense waivers | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | ||||||||||
Ratio of net investment income to average net assets | 3.31 | % | 2.45 | % | 1.67 | % | 1.16 | % | 1.14 | % | ||||||||||
Portfolio turnover rate | 92 | % | 111 | % | 114 | % | 70 | % | 82 | % |
a | Consolidated Financial Highlights. |
b | Calculated based on the average shares method for the period. |
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. |
See Notes to Financial Statements.
125 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Net asset value, beginning of year | $ | 11.11 | $ | 11.28 | $ | 11.19 | $ | 11.22 | $ | 11.34 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.19 | a | 0.14 | a | 0.12 | a | 0.12 | a | 0.11 | a | ||||||||||
Net realized and unrealized gains/(losses) on investments | (0.35 | ) | (0.15 | ) | 0.11 | — | b | (0.01 | ) | |||||||||||
Total from investment operations | (0.16 | ) | (0.01 | ) | 0.23 | 0.12 | 0.10 | |||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.20 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | (0.20 | ) | ||||||||||
Net realized gains | — | — | — | — | (0.02 | ) | ||||||||||||||
Total distributions | (0.20 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | (0.22 | ) | ||||||||||
Net asset value, end of year | $ | 10.75 | $ | 11.11 | $ | 11.28 | $ | 11.19 | $ | 11.22 | ||||||||||
Total return | (1.5 | )% | (0.1 | )% | 2.1 | % | 1.1 | % | 0.9 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 865,030 | $ | 825,545 | $ | 785,417 | $ | 583,204 | $ | 563,716 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 0.72 | % | 0.72 | % | 0.74 | % | 0.74 | % | 0.75 | % | ||||||||||
Ratio of expenses to average net assets after expense waivers | 0.62 | % | 0.62 | % | 0.64 | % | 0.64 | % | 0.65 | % | ||||||||||
Ratio of net investment income to average net assets | 1.70 | % | 1.28 | % | 1.07 | % | 1.03 | % | 0.94 | % | ||||||||||
Portfolio turnover rate | 49 | % | 70 | % | 68 | % | 67 | % | 65 | % |
a | Calculated based on the average shares method for the period. |
b | Amount is less than $0.005 per share. |
See Notes to Financial Statements.
126 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||
Net asset value, beginning of year | $ | 11.95 | $ | 12.09 | $ | 12.00 | $ | 12.02 | $ | 11.96 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.17 | a | 0.14 | a | 0.14 | a | 0.15 | a | 0.14 | a | ||||||||||
Net realized and unrealized gains/(losses) on investments | (0.33 | ) | (0.08 | ) | 0.10 | 0.03 | 0.10 | |||||||||||||
Total from investment operations | (0.16 | ) | 0.06 | 0.24 | 0.18 | 0.24 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.16 | ) | (0.14 | ) | (0.14 | ) | (0.15 | ) | (0.15 | ) | ||||||||||
Net realized gains | — | (0.06 | ) | (0.01 | ) | (0.05 | ) | (0.03 | ) | |||||||||||
Total distributions | (0.16 | ) | (0.20 | ) | (0.15 | ) | (0.20 | ) | (0.18 | ) | ||||||||||
Net asset value, end of year | $ | 11.63 | $ | 11.95 | $ | 12.09 | $ | 12.00 | $ | 12.02 | ||||||||||
Total return | (1.4 | )% | 0.5 | % | 2.1 | % | 1.5 | % | 2.0 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 2,297,532 | $ | 2,235,503 | $ | 2,055,136 | $ | 1,375,043 | $ | 1,326,109 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 0.67 | % | 0.67 | % | 0.69 | % | 0.70 | % | 0.70 | % | ||||||||||
Ratio of expenses to average net assets after expense waivers | 0.57 | % | 0.57 | % | 0.59 | % | 0.60 | % | 0.60 | % | ||||||||||
Ratio of net investment income to average net assets | 1.41 | % | 1.17 | % | 1.17 | % | 1.28 | % | 1.20 | % | ||||||||||
Portfolio turnover rate | 51 | % | 31 | % | 44 | % | 31 | % | 55 | % |
a | Calculated based on the average shares method for the period. |
See Notes to Financial Statements.
127 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements | |
October 31, 2018 | |
1. | Organization: |
Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of October 31, 2018, the Corporation consisted of seven 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 All Cap ESG Fund (“All Cap ESG Fund”)* | Long-term capital appreciation. | ||
Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”) | Long-term capital appreciation. | ||
Old Westbury Strategic Opportunities Fund (“Strategic Opportunities Fund”) | Long-term capital appreciation. | ||
Old Westbury Fixed Income Fund (“Fixed Income Fund”) | Total return (consisting of current income and capital appreciation). | ||
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). | ||
* | All Cap ESG Fund commenced operations on March 1, 2018. |
The Corporation has authorized a total of 20 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. | Basis for Consolidation for the Strategic Opportunities Fund: |
The consolidated financial statements of the Strategic Opportunities Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Strategic Opportunities Fund Ltd. (the “Subsidiary”). All material intercompany accounts and transactions have been eliminated. The Subsidiary commenced operations on May 1, 2015. The Strategic Opportunities Fund commenced reporting on a consolidated basis as of such commencement date. The Subsidiary is a commodity pool, as defined in the regulations of the Commodity Futures Trade Commission (the “CFTC”), and is operated by Bessemer Investment Management LLC (“BIM” or the “Adviser”), a commodity pool operator registered with the CFTC effective January 1, 2013. The Strategic Opportunities Fund seeks to gain exposure to commodities through direct investments in commodities-related instruments, derivatives and other investments and through investments in the Subsidiary. The Subsidiary has the same investment goal as the Strategic Opportunities Fund. The Subsidiary pursues its investment goal by investing in commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Strategic Opportunities Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Strategic Opportunities Fund. The portion of the Strategic Opportunities Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time, some exposure could be substantial. To the extent of the Strategic Opportunities Fund’s investment through the Subsidiary, it will be subject to the risks associated with the derivatives and other instruments in which the Subsidiary invests. As of October 31, 2018, the Subsidiary represented $410,326,027 or 7.78% of the Strategic Opportunities Fund’s net assets.
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3. | 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 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.
A. Valuation of Investments. Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. Equity securities traded on more than one national securities exchange are valued at the last sale price on the business day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.
Readily marketable equity securities traded in the over-the-counter market (“OTC”), including listed securities whose primary market is believed by BIM, or a sub-adviser, as applicable, to be over-the-counter, are valued at the mean of the latest bid and asked prices using a broker-dealer or an approved pricing service.
Shares of open-end investment companies are valued at the latest net asset value (“NAV”) reported by the investment company. Shares of investment companies that are traded intra-day on an exchange, such as exchange traded funds and closed-end funds, will be valued at the last sale price as reflected at the close of the regular trading session of such exchange.
Debt instruments are valued on the basis of prices obtained from a broker-dealer or an approved pricing service.
Foreign securities generally are valued in their national currency at the latest available quoted sale price as of the close of trading on the foreign exchange or other principal market on which the security is traded. In the absence of current trade activity, the securities will be valued at the mean of the latest bid/ask quotations. As described below, this value is then converted into its U.S. dollar equivalent using the daily rate of exchange at the time of a Fund’s NAV calculation (normally 4:00 p.m. Eastern Time).
Forward currency contracts are valued at the mean between the bid and the asked prices. Quotations are available for regularly scheduled settlement dates such as on a 1-,2-,3-,4-,5-,6-,9-, and 12-month basis. Over-the-counter derivatives, such as swaps and non-exchange traded options and futures are valued on the basis of counterparty valuation quotations or dealer quotations, subject to review by BIM, or a sub-adviser with BIM’s oversight where appropriate. An approved pricing service may also be used to price these instruments. Exchange-traded swaps, options and futures contracts and options thereon are valued at their last sale or settlement price as of the close of such exchanges or, if no sales are reported, at the mean between the last reported bid and asked prices. Repurchase agreements are valued at the original cost. Contracts for long puts and calls are valued at the bid price and short puts and calls are valued at the offering price of a broker-dealer or an exchange. Generally, options, rights/warrants and other “when-issued” securities follow the same pricing methods as equity securities.
Securities and other investments for which market quotations are not readily available are valued under the general supervision and responsibility of the Board and pursuant to policies and procedures established by the Board, which are designed to reflect, in good faith, the fair value of such investments. A market quotation is considered not readily available if, among other circumstances, the most recent reported price is deemed unreliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds’ Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the
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foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’s fair value.
In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.
In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 42 days during the year ended October 31, 2018. The All Cap ESG Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 28 days during the period from March 1, 2018 (commencement of operations) to October 31, 2018. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of October 31, 2018, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined level. Except for the Small & Mid Cap Strategies Fund, there were no other transfers between Level 1 and Level 2 during the year ended October 31, 2018
The fair value of investments is determined in accordance with the valuation policies and procedures approved by the Board. The Funds’ Pricing Committee established by the Board (the “Pricing Committee”) reviews pricing methodologies on at least a quarterly basis. The Pricing Committee is responsible for (i) establishing valuation processes and (ii) determining the fair value of the Funds’ holdings for which price quotations are not readily available, unreliable or for which an approved valuation method is deemed not to represent fair value. These investments are either categorized as Level 2 or 3 depending on the observability of the inputs used. The Pricing Committee may consider one or more factors in determining an investment’s fair value. The factors to be taken into account, to the extent relevant, typically include, but are not limited to: fundamental analytical data relating to the investment, the nature and duration of any restrictions on disposition of the investments, an evaluation of the forces that influence the market in which the investments are purchased or sold, the type of investment, financial statements and company filings, lack of marketability, the cost at date of purchase, good faith recommendation of BIM or a sub-adviser, as applicable, and any other relevant matters. When the fair valuation of investments use 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.
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The Funds’ 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. Additionally, the pricing of all fair value holdings is subsequently reviewed and approved by the Funds’ Board.
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 identified cost method for maximum tax benefit to shareholders. 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 redesignated 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 year ended October 31, 2018, 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.
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, securities sold short, futures contracts, swap agreements, written options and foreign currency transactions 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. 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. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily. The Funds had no short sales outstanding at October 31, 2018.
F. Collectibles. The Strategic Opportunities Fund may invest in collectibles, which are rare objects collected by investors. They can include stamps, coins, books, oriental rugs, antiques, sports and other memorabilia, photographs, art and wine. Collectibles are generally expected to rise in value during inflationary periods when investors are trying to move to assets viewed as
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an inflation hedge. Generally, collectibles can be expected to drop in value during periods of low inflation. Collectible trading for profit is subject to certain risks and other considerations, including that collectibles: (i) have limited buying and selling markets; (ii) are often bought and sold at auction and subject to buyer and/or seller premiums; (iii) experience periods of high and low demand; (iv) must be insured, physically held and properly maintained; (v) may need to have their authenticity and provenance verified from time to time; and (vi) may not have representative market valuations available. The Strategic Opportunities Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of October 31, 2018, the Strategic Opportunities Fund held no collectibles.
G. Commodities. In order to gain exposure to the commodities markets, the Strategic Opportunities Fund, directly or through its Subsidiary, may invest in commodities-related instruments, derivatives and other investments. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Strategic Opportunities Fund and its Subsidiary’s investments to greater volatility than investments in traditional securities.
H. 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.
I. 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.
J. Loan Participations and Assignments. The Strategic Opportunities Fund and Fixed Income Fund may invest in fixed or floating rate loans to U.S. companies, foreign entities, and U.S. subsidiaries of foreign entities made by one or more financial institutions. The rate of interest on a fixed-rate loan is generally a set amount. The rate of interest payable on floating rate loans is the sum of a base lending rate plus a specified spread. Base lending rates are generally the 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 Strategic Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Strategic Opportunities 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
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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.
K. 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 (i.e., AMBAC and FGIC). 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.
L. 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 intends to limit the purchase of securities which have not been determined by BIM to be liquid, together with other securities considered to be illiquid, including repurchase agreements providing for settlement in more than seven days after notice, to not more than 15% of its net assets.
M. Distributions to Shareholders. Distributions from net investment income, if any, generally are declared and paid quarterly for the Fixed Income Fund and Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund and Strategic Opportunities 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.
N. 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.
4. | Market and Credit Risk: |
In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by a Fund may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; changes or perceived changes in economic conditions; overall market changes; local, regional or global political, social or economic events or instability; and currency and interest rate and price fluctuations. Since 2008, the U.S. government has implemented various measures designed to stabilize the U.S. economy and support U.S. economic recovery, including by keeping the federal funds rate at or near zero percent and purchasing large quantities of securities issued or guaranteed by the U.S. government or its agencies and instrumentalities on the open market (“quantitative easing”). The Board of Governors of the Federal Reserve System has since ended this quantitative easing and has begun to raise the federal funds rate, and as result, there is a risk that interest rates across the U.S. financial markets will rise suddenly and significantly, thereby exposing fixed income and related markets to heightened volatility and reduced liquidity. Such market events may cause a Fund to experience losses and/or high redemption requests, which may result in increased transactions costs and lower a Fund’s performance. Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. In addition, the securities of foreign companies also may be subject to the imposition of economic sanctions or other government restrictions. The risks of foreign investments are increased in emerging markets which may experience hyperinflation and have far lower trading volumes and less liquidity than developed markets. Changes in foreign currency exchange rates can affect the value of a Fund’s portfolio. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an entity with which the 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.
5. | 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:
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• 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 October 31, 2018 is as follows:
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
All Cap Core Fund | ||||||||||||||||||||
Equity Securities | $ | 1,742,344,821(b | ) | $ | — | $ | — | $ | 1,742,344,821 | |||||||||||
Exchange Traded Funds | 16,986,092 | — | — | 16,986,092 | ||||||||||||||||
Investment Company | 80,903,939 | — | — | 80,903,939 | ||||||||||||||||
Total | $ | 1,840,234,852 | $ | — | $ | — | $ | 1,840,234,852 | ||||||||||||
Large Cap Strategies Fund | ||||||||||||||||||||
Equity Securities | $ | 14,268,480,487(b | ) | $ | 97,303,340(d | ) | $ | — | $ | 14,365,783,827 | ||||||||||
Master Limited Partnerships | 1,572,618(b | ) | — | — | 1,572,618 | |||||||||||||||
Preferred Stocks | 191,976,615(b | ) | — | — | 191,976,615 | |||||||||||||||
Exchange Traded Funds | 1,564,712,809(b | ) | — | — | 1,564,712,809 | |||||||||||||||
U.S. Government Agencies | — | 217,553,270 | — | 217,553,270 | ||||||||||||||||
Rights/Warrants | 69,829(b | ) | — | 69,829 | ||||||||||||||||
Investment Company | 168,199,714 | — | — | 168,199,714 | ||||||||||||||||
Total | $ | 16,195,012,072 | $ | 314,856,610 | $ | — | $ | 16,509,868,682 |
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Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
All Cap ESG Fund | ||||||||||||||||||||
Equity Securities | $ | 29,462,511(b | ) | $ | — | $ | — | $ | 29,462,511 | |||||||||||
Investment Company | 477,425 | — | — | 477,425 | ||||||||||||||||
Total | $ | 29,939,936 | $ | — | $ | — | $ | 29,939,936 | ||||||||||||
Small & Mid Cap Strategies Fund | ||||||||||||||||||||
Equity Securities(c) | ||||||||||||||||||||
Argentina | $ | 6,773,613 | $ | — | $ | — | $ | 6,773,613 | ||||||||||||
Australia | 121,135,175 | 5,441 | 68,721 | 121,209,337 | ||||||||||||||||
Austria | 14,025,987 | — | — | 14,025,987 | ||||||||||||||||
Belgium | 30,318,319 | — | — | 30,318,319 | ||||||||||||||||
Bermuda | 15,260,259 | — | — | 15,260,259 | ||||||||||||||||
Brazil | 18,203,165 | — | — | 18,203,165 | ||||||||||||||||
Cambodia | 292,172 | — | — | 292,172 | ||||||||||||||||
Canada | 121,752,179 | 11 | — | 121,752,190 | ||||||||||||||||
Cayman Islands | 43,049 | — | 12,581 | 55,630 | ||||||||||||||||
Chile | 2,200,631 | — | — | 2,200,631 | ||||||||||||||||
China | 93,958,640 | 22,435,381 | 33,003 | 116,427,024 | ||||||||||||||||
Columbia | 54,498 | — | — | 54,498 | ||||||||||||||||
Denmark | 62,776,725 | — | — | 62,776,725 | ||||||||||||||||
Egypt | 2,454,924 | — | — | 2,454,924 | ||||||||||||||||
Faeroe Islands | 431,481 | — | — | 431,481 | ||||||||||||||||
Finland | 30,403,670 | — | — | 30,403,670 | ||||||||||||||||
France | 85,945,592 | — | — | 85,945,592 | ||||||||||||||||
Gabon | 41,375 | — | — | 41,375 | ||||||||||||||||
Georgia | 300,763 | — | — | 300,763 | ||||||||||||||||
Germany | 109,162,269 | — | — | 109,162,269 | ||||||||||||||||
Gibraltar | 55,376 | — | — | 55,376 | ||||||||||||||||
Greece | 6,118,744 | — | — | 6,118,744 | ||||||||||||||||
Hong Kong | 63,576,712 | — | 241,351 | 63,818,063 | ||||||||||||||||
Hungary | 114,029 | — | — | 114,029 | ||||||||||||||||
Iceland | 5,491,856 | — | — | 5,491,856 | ||||||||||||||||
India | 35,892,327 | — | 108,635 | 36,000,962 | ||||||||||||||||
Indonesia | 4,566,877 | — | — | 4,566,877 | ||||||||||||||||
Iran | 10,999 | — | — | 10,999 | ||||||||||||||||
Ireland | 108,558,283 | — | — | 108,558,283 | ||||||||||||||||
Isle of Man | 725,048 | — | — | 725,048 | ||||||||||||||||
Israel | 62,378,816 | — | — | 62,378,816 | ||||||||||||||||
Italy | 41,802,885 | — | — | 41,802,885 | ||||||||||||||||
Japan | 511,538,073 | — | — | 511,538,073 | ||||||||||||||||
Jersey Channel Islands | 8,691,536 | — | — | 8,691,536 | ||||||||||||||||
Jordan | 718,018 | — | — | 718,018 | ||||||||||||||||
Liechtenstein | 143,521 | — | — | 143,521 | ||||||||||||||||
Luxembourg | 6,797,842 | — | — | 6,797,842 | ||||||||||||||||
Macau | 72,116 | — | — | 72,116 | ||||||||||||||||
Malaysia | 6,473,561 | — | — | 6,473,561 | ||||||||||||||||
Malta | 577,400 | — | — | 577,400 | ||||||||||||||||
Mexico | 8,222,484 | — | — | 8,222,484 | ||||||||||||||||
Monaco | 191,709 | — | — | 191,709 | ||||||||||||||||
Mongolia | 15,034 | — | — | 15,034 |
135 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements - (Continued) | |
October 31, 2018 | |
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Netherlands | $ | 41,654,684 | $ | — | $ | — | $ | 41,654,684 | ||||||||||||
New Zealand | 17,435,971 | — | 59,079 | 17,495,050 | ||||||||||||||||
Niger | 86,161 | — | — | 86,161 | ||||||||||||||||
Norway | 57,269,539 | — | — | 57,269,539 | ||||||||||||||||
Peru | 3,211,976 | — | — | 3,211,976 | ||||||||||||||||
Philippines | 2,096,391 | — | — | 2,096,391 | ||||||||||||||||
Poland | 15,378,282 | — | — | 15,378,282 | ||||||||||||||||
Portugal | 12,283,206 | — | — | 12,283,206 | ||||||||||||||||
Puerto Rico | 2,039,616 | — | — | 2,039,616 | ||||||||||||||||
Qatar | 1,696,009 | — | — | 1,696,009 | ||||||||||||||||
Russia | 17,489,644 | — | — | 17,489,644 | ||||||||||||||||
Singapore | 13,263,338 | 768 | 23,415 | 13,287,521 | ||||||||||||||||
Slovakia | 63,164 | — | — | 63,164 | ||||||||||||||||
Slovenia | 20,533 | — | — | 20,533 | ||||||||||||||||
South Africa | 19,772,981 | — | — | 19,772,981 | ||||||||||||||||
South Korea | 69,500,273 | — | — | 69,500,273 | ||||||||||||||||
Spain | 43,693,872 | 648 | — | 43,694,520 | ||||||||||||||||
Suriname | 1,978,579 | — | — | 1,978,579 | ||||||||||||||||
Sweden | 72,747,828 | — | — | 72,747,828 | ||||||||||||||||
Switzerland | 73,890,318 | — | — | 73,890,318 | ||||||||||||||||
Taiwan | 96,859,491 | — | 9,026 | 96,868,517 | ||||||||||||||||
Thailand | 114,777 | 10,806,958 | 3,343 | 10,925,078 | ||||||||||||||||
Turkey | 25,874,258 | — | — | 25,874,258 | ||||||||||||||||
United Arab Emirates | 1,793,879 | — | — | 1,793,879 | ||||||||||||||||
United Kingdom | 315,210,306 | — | 32,653 | 315,242,959 | ||||||||||||||||
United States | 3,212,842,473 | 3,467 | — | 3,212,845,940 | ||||||||||||||||
Vietnam | 1,393,278 | — | — | 1,393,278 | ||||||||||||||||
Total Equities | $ | 5,707,928,559 | $ | 33,252,674 | $ | 591,807 | $ | 5,741,773,040 | ||||||||||||
Exchange Traded Funds | 326,613,172 | — | — | 326,613,172 | ||||||||||||||||
Investment Company | 11,060,948 | — | — | 11,060,948 | ||||||||||||||||
Rights/Warrants | ||||||||||||||||||||
India | — | 78 | — | 78 | ||||||||||||||||
Indonesia | 16,133 | — | — | 16,133 | ||||||||||||||||
Japan | — | 5,323 | — | 5,323 | ||||||||||||||||
Norway | — | 2,487 | — | 2,487 | ||||||||||||||||
South Korea | — | 1,643 | — | 1,643 | ||||||||||||||||
Spain | 17,813 | — | — | 17,813 | ||||||||||||||||
Sweden | 1,599 | — | — | 1,599 | ||||||||||||||||
Thailand | 923 | — | — | 923 | ||||||||||||||||
United Kingdom | — | — | 17,822 | 17,822 | ||||||||||||||||
Total Rights/Warrants | $ | 36,468 | $ | 9,531 | $ | 17,822 | $ | 63,821 | ||||||||||||
U.S. Government Agencies | — | 82,748,955 | — | 82,748,955 | ||||||||||||||||
Cash Sweep | 37,572,292 | — | — | 37,572,292 | ||||||||||||||||
Total | $ | 6,083,211,439 | $ | 116,011,160 | $ | 609,629 | $ | 6,199,832,228 |
136 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements - (Continued) | |
October 31, 2018 | |
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Strategic Opportunities Fund | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
Australia | $ | 2,544,634 | $ | — | $ | — | $ | 2,544,634 | ||||||||||||
Bermuda | 9,869,449 | — | — | 9,869,449 | ||||||||||||||||
Canada | 12,151,246 | — | — | 12,151,246 | ||||||||||||||||
China | 14,025,765 | — | — | 14,025,765 | ||||||||||||||||
Denmark | 3,431,530 | — | — | 3,431,530 | ||||||||||||||||
Egypt | 3,013,552 | — | — | 3,013,552 | ||||||||||||||||
France | 5,129,368 | — | — | 5,129,368 | ||||||||||||||||
Germany | 4,893,556 | — | — | 4,893,556 | ||||||||||||||||
Hong Kong | 14,445,658 | — | 43,935 | 14,489,593 | ||||||||||||||||
India | 115,512 | — | — | 115,512 | ||||||||||||||||
Ireland | 6,802,526 | — | — | 6,802,526 | ||||||||||||||||
Israel | 5,229,888 | — | — | 5,229,888 | ||||||||||||||||
Japan | 58,891,597 | — | — | 58,891,597 | ||||||||||||||||
Kenya | 7,689 | — | — | 7,689 | ||||||||||||||||
Luxembourg | 2,067,142 | — | — | 2,067,142 | ||||||||||||||||
Norway | 12,866,596 | — | — | 12,866,596 | ||||||||||||||||
Qatar | 8,005,850 | — | — | 8,005,850 | ||||||||||||||||
Singapore | 20,810,528 | — | — | 20,810,528 | ||||||||||||||||
South Korea | 6,782,597 | — | — | 6,782,597 | ||||||||||||||||
Spain | 4,675,745 | — | — | 4,675,745 | ||||||||||||||||
Switzerland | 5,428,387 | — | — | 5,428,387 | ||||||||||||||||
Taiwan | 29,792,901 | — | — | 29,792,901 | ||||||||||||||||
United Arab Emirates | 1,848,129 | — | — | 1,848,129 | ||||||||||||||||
United States | 291,789,735 | — | 258,750 | 292,048,485 | ||||||||||||||||
Total Equities | $ | 524,619,580 | $ | — | $ | 302,685 | $ | 524,922,265 | ||||||||||||
Closed-End Funds | 23,581,108(b | ) | — | — | 23,581,108 | |||||||||||||||
Exchange Traded Funds | 396,016,300(b | ) | — | — | 396,016,300 | |||||||||||||||
Bank Loans | — | 93,123,546(b | ) | 31,161,542(b | ) | 124,285,088 | ||||||||||||||
Corporate Bonds | — | 238,737,803(b | ) | — | 238,737,803 | |||||||||||||||
Government Bonds | — | 86,851,682(b | ) | — | 86,851,682 | |||||||||||||||
Asset-Backed Securities | — | 691,754,131(b | ) | 79,907,042(b | ) | 771,661,173 | ||||||||||||||
Non-Agency Mortgage-Backed Securities | — | 368,238,175(b | ) | 54,826,101(b | ) | 423,064,276 | ||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 44,956,373 | — | 44,956,373 | ||||||||||||||||
U.S. Government Agencies | — | 1,682,577,574 | — | 1,682,577,574 | ||||||||||||||||
U.S. Government Securities | — | 517,113,081 | — | 517,113,081 | ||||||||||||||||
Cash Sweep | 267,724,183 | — | — | 267,724,183 | ||||||||||||||||
Other financial instruments - Assets* | ||||||||||||||||||||
Equity contracts | 17,885,200 | 53,588,845 | — | 71,474,045 | ||||||||||||||||
Interest rate contracts | 15,231 | 855,526 | — | 870,757 |
137 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements - (Continued) | |
October 31, 2018 | |
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | 3,744,968 | $ | — | $ | 3,744,968 | ||||||||||||
Other financial instruments - Liabilities* | ||||||||||||||||||||
Commodity contracts | — | (23,662,820 | ) | — | (23,662,820 | ) | ||||||||||||||
Equity contracts | (4,771,950 | ) | (74,557,358 | ) | — | (79,329,308 | ) | |||||||||||||
Interest rate contracts | — | (10,879,000 | ) | — | (10,879,000 | ) | ||||||||||||||
Foreign currency exchange contracts | — | (16,852,948 | ) | — | (16,852,948 | ) | ||||||||||||||
Total | $ | 1,225,069,652 | $ | 3,655,589,578 | $ | 166,197,370 | $ | 5,046,856,600 | ||||||||||||
Fixed Income Fund | ||||||||||||||||||||
Corporate Bonds | $ | — | $ | 196,110,397(b | ) | $ | — | $ | 196,110,397 | |||||||||||
Asset-Backed Securities | — | 80,923,946(b | ) | — | 80,923,946 | |||||||||||||||
Collateralized Mortgage Obligations | — | 1,142,831(b | ) | — | 1,142,831 | |||||||||||||||
U.S. Government Agencies | — | 25,668,931 | — | 25,668,931 | ||||||||||||||||
U.S. Government Securities | — | 551,013,839 | — | 551,013,839 | ||||||||||||||||
Government Bonds | — | 2,968,639(b | ) | — | 2,968,639 | |||||||||||||||
Investment Company | 1,685,628 | — | — | 1,685,628 | ||||||||||||||||
Total | $ | 1,685,628 | $ | 857,828,583 | $ | — | $ | 859,514,211 | ||||||||||||
Municipal Bond Fund | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 2,256,668,682(b | ) | $ | — | $ | 2,256,668,682 | |||||||||||
U.S. Government Securities | — | 23,983,849 | — | 23,983,849 | ||||||||||||||||
Investment Company | 1,584,787 | — | — | 1,584,787 | ||||||||||||||||
Total | $ | 1,584,787 | $ | 2,280,652,531 | $ | — | $ | 2,282,237,318 |
(a) | The Small & Mid Cap Strategies Fund held certain investments categorized as Level 3 that had a combined fair value less than 1% of NAV for the respective Fund for the year ended October 31, 2018. For the Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund there were transfers into Level 3 in the amount of $715,955 and $58,294,671, respectively. For the Small & Mid Cap Strategies Fund there were transfers out of level 3 in the amount of $576,908. In addition, with the exception of the Strategic Opportunities Fund, there were no significant purchases and sales during the period. As of October 31, 2018, the percentage of NAV was 0.01% and 3.15% for the Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund, respectively. The Funds’ instrument types classified as Level 3 investments have no significant unobservable inputs to disclose, as they are valued using 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 footnote 6 for derivatives. |
(c) | At October 31, 2018, the change in the S&P 500 Index did not exceed the Funds’ predetermined level (see footnote 3.A) and no transfers between levels occurred for the Funds for this reason. Certain Investments for reasons other than exceeding the predetermined level for the Small & Mid Cap Strategies Fund were transferred from Level 2 into Level 1 in the amount of $87,624. |
(d) | Represents securities as disclosed in the Thailand section of the Fund’s Portfolio of Investments. |
* Other financial instruments are exchange traded options and futures (Level 1), over-the-counter options (Level 2), forwards (Level 2) and swaps (Level 2). Futures, forwards and swaps are valued at the unrealized appreciation/(depreciation) on the instrument and options are shown at market value.
The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period.
138 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements - (Continued) | |
October 31, 2018 | |
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Strategic Opportunities Fund | |||||
Balance as of 10/31/17 (value) | $ | 302,914 | |||
Net accrued discounts (premiums) | 26,138 | ||||
Change in unrealized appreciation (depreciation) | 2,592,214 | ||||
Purchases | 123,679,193 | ||||
Sales (paydowns) | (6,541,261 | ) | |||
Net realized gain (loss) | (12,156,499 | ) | |||
Transfers in | 58,294,671(a | ) | |||
Balance as of 10/31/18 (value) | $ | 166,197,370 | |||
Net change in unrealized appreciation (depreciation) on investments still held at October 31, 2018 | $ | (9,473,796 | ) |
(a) | Based on an on-going assessment, management determined that significant inputs had become less transparent to market participants. |
6. | 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 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 ensure that their contracts are always honored. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.
The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the year ended October 31, 2018.
Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as due from brokers for collateral and payable to brokers for collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Portfolio of Investments.
139 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements - (Continued) | |
October 31, 2018 | |
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.
140 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements - (Continued) | |
October 31, 2018 | |
As of October 31, 2018, 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:
Strategic Opportunities Fund | |||||||||||||||||||||||||
Counterparty | Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset (b) | Non-Cash Collateral Received (c) | Cash Collateral Received (c) | Net Amount of Derivative Assets (e) | ||||||||||||||||||||
Barclays Bank Plc | $ | 723,861 | $ | (723,861 | ) | $ | — | $ | — | $ | — | ||||||||||||||
BNP Paribus SA | 9,855,234 | (9,855,234 | ) | — | — | — | |||||||||||||||||||
Citibank N.A. | 313,505 | (313,505 | ) | — | — | — | |||||||||||||||||||
Goldman Sachs International | 7,145,981 | (3,559,167 | ) | — | (830,000 | ) | 2,756,814 | ||||||||||||||||||
JPMorgan Chase Bank, N.A. | 17,262,998 | (10,425,916 | ) | (1,199,602 | ) | — | 5,637,480 | ||||||||||||||||||
Societe Generale | 17,080,995 | (6,698,497 | ) | — | (5,040,000 | ) | 5,342,498 | ||||||||||||||||||
UBS AG | 5,906,765 | (5,906,765 | ) | — | — | — | |||||||||||||||||||
Derivatives not subject to a MNA or similar agreement (a) | 14,119,239 | — | — | — | 14,119,239 | ||||||||||||||||||||
Total | $ | 72,408,578 | |||||||||||||||||||||||
Strategic Opportunities Fund | |||||||||||||||||||||||||
Counterparty | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset (b) | Non-Cash Collateral Pledged (c) | Cash Collateral Pledged (c) | Net Amount of Derivative Liabilities (d) | ||||||||||||||||||||
Barclays Bank Plc | $ | 39,422,673 | $ | (723,861 | ) | $ | — | $ | (38,698,812 | ) | $ | — | |||||||||||||
Bank of America N.A. | 2,639,847 | — | — | (2,639,847 | ) | — | |||||||||||||||||||
BNP Paribus SA | 19,942,744 | (9,855,234 | ) | — | (10,087,510 | ) | — | ||||||||||||||||||
Citibank N.A. | 2,267,748 | (313,505 | ) | — | (1,954,243 | ) | — | ||||||||||||||||||
Credit Suisse International | 10,124,976 | — | — | (10,124,976 | ) | — | |||||||||||||||||||
Goldman Sachs International | 3,559,167 | (3,559,167 | ) | — | — | — | |||||||||||||||||||
JPMorgan Chase Bank, N.A. | 10,425,916 | (10,425,916 | ) | — | — | — | |||||||||||||||||||
Macquarie Bank Limited | 22,998,352 | — | — | (22,998,352 | ) | — | |||||||||||||||||||
Societe Generale | 6,698,497 | (6,698,497 | ) | — | — | — | |||||||||||||||||||
UBS AG | 7,872,206 | (5,906,765 | ) | — | (1,965,441 | ) | — | ||||||||||||||||||
Derivatives not subject to a MNA or similar agreement (a) | 3,578,000 | — | — | — | 3,578,000 | ||||||||||||||||||||
Total | $ | 129,530,126 |
(a) | Includes financial instruments (futures, centrally cleared options and/or forward currency contracts) which are not subject to a MNA, or another similar arrangement. |
(b) | 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. |
(c) | Excess of collateral received from/payable to the individual counterparty is not shown for financial reporting purposes. |
(d) | Represents the net amount payable to counterparty in the event of default. |
(e) | Represents the net amount receivable from counterparty in the event of default. |
The Funds are 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.
141 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements - (Continued) | |
October 31, 2018 | |
For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:
Fair Values of Derivative Instruments as of October 31, 2018 | ||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Strategic Opportunities Fund | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Commodity risk | Unrealized appreciation on swap agreements | $ | — | Unrealized depreciation on swap agreements | $ | 23,662,820 | ||||||
Equity Risk | Unrealized appreciation on swap agreements | 40,684,707 | Unrealized depreciation on swap agreements | 51,331,508 | ||||||||
Written option contracts, at value | — | Written option contracts, at value | 3,578,000 | |||||||||
Purchased option contracts, at value | 10,635,000 | Purchased option contracts, at value | — | |||||||||
Structured option contracts, at value | 13,004,138 | Structured option contracts, at value | 23,225,850 | |||||||||
Foreign Currency Exchange Risk | Unrealized appreciation on swap agreements | — | Unrealized depreciation on swap agreements | 2,541,969 | ||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 3,744,968 | Unrealized depreciation on forward foreign currency exchange contracts | 11,411,262 | |||||||||
Structured options contract, at Value | — | Structured options contract, at Value | 2,899,717 | |||||||||
Interest Rate Risk | Unrealized appreciation on swap agreements | 855,526 | Unrealized depreciation on swap agreements | 10,879,000 | ||||||||
Variation Margin | Variation Margin | 3,484,239 | Variation Margin | — | ||||||||
Total | $ | 72,408,578 | $ | 129,530,126 |
The Effect of Derivative Instruments on the Statements of Operations | ||||||||||||||||||||||||||
For the year Ended October 31, 2018 | ||||||||||||||||||||||||||
Net Realized Gain/(Loss) from Derivatives Recognized in Income | ||||||||||||||||||||||||||
Small & Mid Cap Strategies Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | |||||||||||||||||||||
Foreign Currency Exchange Risk | $ | — | $ | — | $ | — | $ | (2,916,668 | ) | $ | (2,916,668 | ) | ||||||||||||||
All Cap Core Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | |||||||||||||||||||||
Foreign Currency Exchange Risk | $ | — | $ | — | $ | — | $ | (50,713 | ) | $ | (50,713 | ) | ||||||||||||||
Large Cap Strategies Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | |||||||||||||||||||||
Foreign Currency Exchange Risk | $ | — | $ | — | $ | — | $ | (3,059,931 | ) | $ | (3,059,931 | ) | ||||||||||||||
Strategic Opportunities Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | |||||||||||||||||||||
Interest Rate Risk | $ | — | $ | (20,851,394 | ) | $ | (16,903,725 | ) | $ | — | $ | (37,755,119 | ) | |||||||||||||
Equity Risk | 119,849,505 | (4,164,989 | ) | 67,989,576 | — | 183,674,092 | ||||||||||||||||||||
Commodity Risk | (4,016,499 | ) | 4,424,641 | 261,263 | — | 669,405 | ||||||||||||||||||||
Foreign Currency Exchange Risk | (1,455,000 | ) | — | 3,111,200 | (14,532,210 | ) | (12,876,010 | ) | ||||||||||||||||||
Total | $ | 114,378,006 | $ | (20,591,742 | ) | $ | 54,458,314 | $ | (14,532,210 | ) | $ | 133,712,368 |
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Net Change in Unrealized Appreciation/(Depreciation) | ||||||||||||||||||||||||||
on Derivatives Recognized in Income | ||||||||||||||||||||||||||
Small & Mid Cap Strategies Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | |||||||||||||||||||||
Foreign Currency Exchange Risk | $ | — | $ | — | $ | — | $ | (354,673 | ) | $ | (354,673 | ) | ||||||||||||||
Strategic Opportunities Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | |||||||||||||||||||||
Interest Rate Risk | $ | — | $ | 15,231 | $ | (9,252,787 | ) | $ | — | $ | (9,237,556 | ) | ||||||||||||||
Equity Risk | (130,660,461 | ) | 11,719,387 | (56,402,638 | ) | — | (175,343,712 | ) | ||||||||||||||||||
Foreign Currency Exchange Risk | (2,106,189 | ) | — | (2,547,998 | ) | 792,678 | (3,861,509 | ) | ||||||||||||||||||
Commodity Risk | — | — | (23,662,820 | ) | — | (23,662,820 | ) | |||||||||||||||||||
Total | $ | (132,766,650 | ) | $ | 11,734,618 | $ | (91,866,243 | ) | $ | 792,678 | $ | (212,105,597 | ) |
For the year ended October 31,2018, the quarterly average volume of derivative activities were as follows:
Small & Mid Cap Strategies Fund | Strategic Opportunities Fund | |||||||||
Structured Options (Notional Amounts) | $— | $ | 7,771,000,000 | |||||||
Purchased Options (Notional Amounts) | — | 4,939,875 | ||||||||
Written Options (Notional Amounts) | — | 2,002,875 | ||||||||
Futures Long Position (Notional Amounts) | — | 613,232,245 | ||||||||
Futures Short Position (Notional Amounts) | — | 23,595,116 | ||||||||
Forward Currency Contracts Purchased (U.S. Dollar Amounts) | 13,015,020 | 370,957,918 | ||||||||
Forward Currency Contracts Sold (U.S. Dollar Amounts) | — | 242,968,855 | ||||||||
Currency Swaps (Notional Amount in U.S. Dollars) | — | 671,025,825 | ||||||||
Equity Swaps (Notional Amount in U.S. Dollars) | — | 3,530,887,406 | ||||||||
Interest Rate Swaps (Notional Amount in U.S. Dollars) | — | 73,750,000 | ||||||||
Commodity Swaps (Notional Amount in U.S. Dollars) | — | 366,274,855 |
A. Futures Contracts. The Funds purchased or sold 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 meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.
B. Forward Foreign Currency Exchange Contracts. The Funds (except Municipal Bond Fund) 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.
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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 entered 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 purchased and wrote (sold) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.
Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.
A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.
In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.
A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. 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).
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The Strategic Opportunities Fund invests in structured options to increase or decrease its exposure to an underlying index or group of securities (equity risk) or to increase or decrease its exposure to changes in foreign currency exchange rates (foreign currency exchange risk). These structured options may consist of single or multiple OTC options which are priced as a single security. Structured options may only be exercised at the expiration date, but may be transferred/sold prior to the expiration date. The value of a structured option may either increase or decrease with the underlying index or group of securities, depending on the combination of options used. Structured options are issued in units whereby each unit represents a structure based on a specific index with an initial reference strike price. Generally, the basis of the contracts is the premium received or paid which is recorded as an asset on the Statements of Assets and Liabilities. The amount of the asset is subsequently market-to-market to reflect the current market value of the structured option. When a structured option is transferred/sold or exercised, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. One type of structure involves the combination of selling a put while buying a call on a specific index. This option would rise in value as the underlying index increases and fall in value as the underlying index decreases. Alternatively, another structure involves the sale of a call and the purchase of a put. This option structure would rise in value as the underlying index decreases and fall in value as the underlying index increases. Upon the exercise of the structured option, the Fund will receive a payment from, or be required to remit a payment to the counterparty, depending on the value of the underlying index at exercise.
7. | 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 | % | 0.69 | % | ||||||||
All Cap ESG Fund | 0.75 | % | 0.70 | % | 0.65 | % | 0.75 | % | ||||||||
Fixed Income Fund | 0.45 | % | 0.40 | % | 0.35 | % | 0.43 | % | ||||||||
Municipal Bond Fund | 0.45 | % | 0.40 | % | 0.35 | % | 0.38 | % | ||||||||
Average net assets | ||||||||||||||||
Small & Mid Cap Strategies Fund | 0.85% | |||||||||||||||
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 | % | ||||||||
Strategic Opportunities Fund | 1.10 | % | 1.05 | % | 1.00 | % | 1.03 | % |
BIM has retained Harding Loevner LP (“Harding Loevner”) and Sands Capital Management, LLC (“Sands”) as sub-advisers to manage a segment of the Large Cap Strategies Fund. Harding Loevner and Sands are paid for their services directly by BIM.
BIM has retained Acadian Asset Management, LLC (“Acadian”), Baillie Gifford Overseas Limited (“Baillie Gifford”), Dimensional Fund Advisors LP (“Dimensional”), Champlain Investment Partners, LLC (“Champlain”), Martingale Asset Management, L.P. (“Martingale”), and Polunin Capital Partners Limited (“Polunin”) as sub-advisers to each manage segments of the Small & Mid Cap Strategies Fund. Acadian, Baillie Gifford, Dimensional, Champlain, Martingale, and Polunin 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 Strategic Opportunities 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
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its average daily net assets for such services. BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) acts as administrator, fund accounting agent and transfer agent 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 Mellon.
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; however, with respect to the Fixed Income Fund and the Municipal Bond Fund, Bessemer has contractually committed to waive its shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% through October 31, 2019. The shareholder servicing fee commitment arrangements may be changed or terminated at any time with the approval of the Board. Bessemer, however, does not have the ability to recapture fees currently being waived at a later date. For the year ended October 31 , 2018, Bessemer waived shareholder servicing fees in the amount of $848,029 with respect to the Fixed Income Fund and $2,270,493 with respect to the Municipal Bond Fund.
D. Custody Fees. The All Cap Core Fund, All Cap ESG Fund, Large Cap Strategies Fund, Fixed Income Fund and Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian, and the Small & Mid Cap Strategies Fund has retained BTCO to serve as their 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, effective July 2, 2018, 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, All Cap ESG Fund and Large Cap Strategies Fund and 0.015% of the average daily net assets of each of the Fixed Income Fund and Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund, All Cap ESG Fund and Large Cap Strategies Fund. Prior to July 2, 2018, the custodial rate was 0.075% for non-U.S. investments and 0.015% (no change) for U.S. investments. The Strategic Opportunities Fund and the Subsidiary have retained Citibank, N.A. (“Citibank”) to serve as their custodian and the 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 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 may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 2019 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 Large Cap Strategies Fund at 1.15%, the Small & Mid Cap Strategies Fund at 1.11%, the Strategic Opportunities Fund at 1.20%, the Fixed Income Fund at 0.70%, the Municipal Bond Fund at 0.70% and the All Cap ESG Fund at 1.00%. Any waiver amounts are disclosed in the Statements of Operations. For the year ended October 31, 2018, BIM waived $64,311 for the All Cap ESG Fund, $2,868,943 for the Small & Mid Cap Strategies Fund and $6,600,358 for the Strategic Opportunities Fund. The All Cap ESG Fund had offering costs waivers of $49,656. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $848,029 and $2,270,493 respectively. The contractual advisory fee waivers and the shareholder servicing fee waivers may be changed or terminated at any time with the approval of the Board.
F. Board of Directors’ Fees. Effective February 1, 2018, 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 $235,000, plus $30,000 for serving as the Board’s Chairperson and $15,000 as the Audit Committee Chairperson. Prior to February 1, 2018, the fees were as stated below:
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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 $120,000 (plus $50,000 for serving as the Board’s Chairperson, $20,000 as the Audit Committee Chairperson, $10,000 each as the Pricing Committee Liaison, the Nominating Committee Chairperson and the Governance Committee Chairperson) and receives for attendance at Board and committee meetings the following:
Noticed to be In-Person (whether participating by phone or in-person) | Noticed to be Telephonic | |||||||
Regular Board Meeting | $ | 9,000 | $ | 4,500 | ||||
Special Board Meeting | 6,000 | 3,000 | ||||||
Audit Committee Meeting | 5,000 | 2,500 | ||||||
Nominating Committee Meeting | 5,000 | 2,500 | ||||||
Governance Committee Meeting | 5,000 | 2,500 |
Each Independent Director is reimbursed for all out-of-pocket expenses 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 Mellon 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. From time to time the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on valuations obtained in accordance with the valuation procedures followed by the Funds, as described in Note 3, applied on a consistent basis. For the year ended October 31, 2018, the Small & Mid Cap Strategies Fund and the Large Cap Strategies Fund sold investments, at fair value, in the amounts of $23,735,947 and $3,854,226, respectively, to the All Cap Core Fund. These sales resulted in net realized gains of $5,000,018 and $1,382,676 by the Small & Mid Cap Strategies Fund and the Large Cap Strategies Fund, respectively.
8. | Securities Transactions: |
Investment transactions for the year ended October 31, 2018, excluding short-term debt investments and U.S. Government securities, were as follows:
Purchases | Sales | |||||||
All Cap Core Fund | $ | 684,352,458 | $ | 728,981,024 | ||||
Large Cap Strategies Fund | 12,215,350,389 | 12,000,895,991 | ||||||
All Cap ESG Fund | 39,549,402 | 8,451,654 | ||||||
Small & Mid Cap Strategies Fund | 4,078,547,977 | 3,957,943,359 | ||||||
Strategic Opportunities Fund (Consolidated) | 2,976,879,486 | 3,916,416,910 | ||||||
Fixed Income Fund | 177,568,406 | 230,618,496 | ||||||
Municipal Bond Fund | 1,045,698,085 | 634,406,909 |
Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2018 were as follows:
Purchases | Sales | |||||||
Fixed Income Fund | $278,400,486 | $175,140,894 | ||||||
Municipal Bond Fund | 214,178,361 | 434,215,587 |
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
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for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.
As of October 31, 2018, the tax cost of investments and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:
Cost of Investments Federal Income Tax Purposes | Gross Unrealized Appreciation on Investments | Gross Unrealized Depreciation on Investments | Net Unrealized Appreciation (Depreciation) on Investments | |||||||||||||
All Cap Core Fund | $ | 1,487,083,438 | $ | 380,511,630 | $ | (27,360,216 | ) | $ | 353,151,414 | |||||||
Large Cap Strategies Fund | 14,046,338,394 | 3,310,372,622 | (846,842,334 | ) | 2,463,530,288 | |||||||||||
All Cap ESG Fund | 30,941,748 | 1,316,847 | (2,318,659 | ) | (1,001,812 | ) | ||||||||||
Small & Mid Cap Strategies Fund | 5,453,242,375 | 1,220,909,807 | (474,319,954 | ) | 746,589,853 | |||||||||||
Strategic Opportunities Fund | 5,229,403,279 | 158,762,378 | (314,223,446 | ) | (155,461,068 | ) | ||||||||||
Fixed Income Fund | 881,739,491 | 198,761 | (22,424,041 | ) | (22,225,280 | ) | ||||||||||
Municipal Bond Fund | 2,326,788,020 | 2,106,467 | (46,657,169 | ) | (44,550,702 | ) |
Permanent differences as of October 31, 2018, were as follows:
Total Distributable Earnings /(Accumulated Loss) | Increase/ (Decrease) Paid-in-Capital | |||||||
All Cap Core Fund | $ (3,637,547 | ) | $ 3,637,547 | |||||
Large Cap Strategies Fund | (22,671,649 | ) | 22,671,649 | |||||
Small & Mid Cap Strategies Fund | (22,411,978 | ) | 22,411,978 | |||||
Strategic Opportunities Fund | (24,945,718 | ) | 24,945,718 |
By investing in the Subsidiary, the Strategic Opportunities Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code.
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 Funds may accrue a deferred tax liability for unrealized gains on India and Pakistan securities based on existing tax rates and holding periods of the securities. As of October 31, 2018, the Large Cap Strategies Fund, the Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund recorded liabilities of $7,471, $13,718 and $4,535, respectively, in the Statements of Assets and Liabilities as an estimate for potential future India and Pakistan capital gain taxes.
The tax character of distributions from the Funds during the year ended October 31, 2018 was as follows (amounts in thousands):
All Cap Core Fund | Large Cap Strategies Fund | Small & Mid Cap Strategies Fund | Strategic Opportunities Fund | Fixed Income Fund | Municipal Bond Fund | |||||||||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||||||||
Ordinary Income | $ | 10,058,464 | $ | 114,335,758 | $ | 40,658,931 | $ | 321,461,177 | $ | 15,309,270 | $ | 2,434,787 | ||||||||||||||||||
Net Long Term Capital Gains | 25,490,845 | 865,259,188 | 423,366,524 | 80,879,925 | — | — | ||||||||||||||||||||||||
Total Taxable Distributions | 35,549,309 | 979,594,946 | 464,025,455 | 402,341,102 | 15,309,270 | 2,434,787 | ||||||||||||||||||||||||
Tax Exempt Distributions | — | — | — | — | — | 28,901,990 | ||||||||||||||||||||||||
Total Distributions Paid | $ | 35,549,309 | $ | 979,594,946 | $ | 464,025,455 | $ | 402,341,102 | $ | 15,309,270 | $ | 31,336,777 |
The tax character of distributions from the Funds during the year ended October 31, 2017 was as follows (amounts in thousands):
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All Cap Core Fund | Large Cap Strategies Fund | Small & Mid Cap Strategies Fund | Strategic Opportunities Fund | Fixed Income Fund | Municipal Bond Fund | |||||||||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||||||||
Ordinary Income | $ | 13,752 | $ | 109,523 | $ | 30,569 | $ | 111,738 | $ | 11,204 | $ | 8,607 | ||||||||||||||||||
Net Long Term Capital Gains | — | 151,605 | 298,284 | — | — | 2,686 | ||||||||||||||||||||||||
Total Taxable Distributions | 13,752 | 261,128 | 328,853 | 111,738 | 11,204 | 11,293 | ||||||||||||||||||||||||
Tax Exempt Distributions | — | — | — | — | — | 22,134 | ||||||||||||||||||||||||
Total Distributions Paid. | $ | 13,752 | $ | 261,128 | $ | 328,853 | $ | 111,738 | $ | 11,204 | $ | 33,427 |
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, 2018, 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, 2018. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
As of October 31, 2018, the components of accumulated earnings/(deficits) on a tax basis were as follows:
All Cap Core Fund | Large Cap Strategies Fund | All Cap ESG Fund | Small & Mid Cap Strategies Fund | Strategic Opportunities Fund | Fixed Income Fund | Municipal Bond Fund | ||||||||||||||||||||||
Undistributed Tax Exempt Income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,048,958 | ||||||||||||||
Undistributed Ordinary Income | 5,578,392 | 136,003,038 | 378,569 | 24,094,347 | 146,029,011 | 1,430,415 | — | |||||||||||||||||||||
Undistributed Long-Term Capital Gains | 72,802,098 | 523,530,798 | 553,792,236 | 120,487,517 | — | — | ||||||||||||||||||||||
Accumulated Earnings | 78,380,490 | 659,533,836 | 378,569 | 577,886,583 | 266,516,528 | 1,430,415 | 3,048,958 | |||||||||||||||||||||
Other Accumulated Earnings | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred Qualified Late-Year Losses | — | — | — | — | — | — | ||||||||||||||||||||||
Capital Loss Carryforwards | — | — | (639,506 | ) | — | (18,937,746 | ) | (7,629,091 | ) | |||||||||||||||||||
Unrealized Appreciation/(Depreciation) | 353,151,414 | 2,463,255,742 | (1,002,817 | ) | 746,473,073 | (130,652,002 | ) | (22,225,279 | ) | (44,550,702 | ) | |||||||||||||||||
Other Temporary Differences | — | — | — | (21,256 | ) | — | — | |||||||||||||||||||||
Total Accumulated Earnings/(Deficits) | $ | 431,531,904 | $ | 3,122,789,578 | $ | (1,263,754 | ) | $ | 1,324,359,656 | $ | 135,843,270 | $ | (39,732,610 | ) | $ | (49,130,835 | ) |
As of October 31, 2018, the All Cap ESG Fund had a short-term capital loss carryforward of $639,506, the Fixed Income Fund had a short-term capital loss carryforward of $6,706,576, and a long-term capital loss carryforward of $12,231,170 and the Municipal Bond Fund had a short-term capital loss carryforward of $4,968,656 and a long-term capital loss carryforward of $2,660,435 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.
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.
10. | Commitments |
The Strategic Opportunities Fund may invest in loan and other participation interests, which may include financing commitments obligating the Strategic Opportunities Fund to advance additional amounts on demand. As of October 31, 2018, these unfunded commitments totaled $4,040,872. In connection with these investments, the Strategic Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Strategic Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of October 31, 2018, the Strategic
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October 31, 2018 | |
Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Strategic Opportunities 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. | Regulations S-X Amendments |
On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. The Fund has adopted the amendments statement of assets and liabilities pertinent to Regulation S-X in this shareholder report. The amendments impacted certain disclosure presentation on the statement of assets and liabilities, statement of changes in net assets and notes to the financial statements.
Prior year distribution information and undistributed (distributions in excess of) net investment income in the statement of changes in net assets has been modified to conform to the current year presentation in accordance with the Regulations S-X changes.
Distributions for the year ended October 31, 2017 were classified as follows:
Class | Net Investment Income | Net Realized Gain | ||||||||
All Cap Core Fund | Class A | $ | (13,751,936 | ) | $ | — | ||||
Large Cap Strategies Fund | Class A | $ | (109,523,510 | ) | $ | (151,604,603 | ) | |||
Small & Mid Cap Strategies Fund | Class A | $ | (30,569,468 | ) | $ | (298,283,586 | ) | |||
Strategic Opportunities Fund | Class A | $ | (111,738,489 | ) | $ | — | ||||
Fixed Income Fund | Class A | $ | (11,203,970 | ) | $ | — | ||||
Municipal Bond Fund | Class A | $ | (24,052,772 | ) | $ | (9,374,029 | ) |
Undistributed (distributions in excess of) net investment income as of October 31, 2017 is as follows:
All Cap Core Fund | $ | 8,109,244 | ||
Large Cap Strategies Fund | $ | 99,067,585 | ||
Small & Mid Cap Strategies Fund | $ | 24,074,288 | ||
Strategic Opportunities Fund | $ | 163,409,734 | ||
Fixed Income Fund | $ | 1,263,897 | ||
Municipal Bond Fund | $ | 2,478,028 |
12. | 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 except as described below.
On December 1, 2018, the Corporation launched the Old Westbury California Municipal Bond Fund and the Old Westbury New York Municipal Bond Fund.
Effective December 3, 2018, the Board of Directors approved the following changes to certain expense caps for the Fixed Income Fund and the Municipal Bond Fund: (1) the elimination of the 0.10% shareholder servicing expense cap and (2) the lowering of the overall expense cap from 0.70% to 0.57%.
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October 31, 2018 | |
13. | Additional Tax Information (Unaudited) |
Qualified Dividend Income (Unaudited)
The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2018, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:
All Cap Core Fund | 100.00 | % | ||
Large Cap Strategies Fund | 100.00 | % | ||
Small & Mid Cap Strategies Fund | 100.00 | % | ||
Strategic Opportunities Fund | 8.85 | % |
Qualified Interest Income (Unaudited)
The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2018, as Qualified Interest Income as defined in the Code as follows:
All Cap Core Fund | 1.67 | % | ||
Large Cap Strategies Fund | 1.19 | % | ||
Small & Mid Cap Strategies Fund | 1.26 | % | ||
Strategic Opportunities Fund | 51.47 | % | ||
Fixed Income Fund | 96.35 | % | ||
Municipal Bond Fund | 6.71 | % |
Dividends Received Deduction (Unaudited)
For the fiscal year ended October 31, 2018, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:
All Cap Core Fund | 100.00 | % | ||
Large Cap Strategies Fund | 100.00 | % | ||
Small & Mid Cap Strategies Fund | 85.44 | % | ||
Strategic Opportunities Fund | 5.80 | % |
Long Term Capital Gain Dividends (Unaudited)
The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2018 as follows:
All Cap Core Fund | $ | 25,490,845 | ||
Large Cap Strategies Fund | 865,259,188 | |||
Small & Mid Cap Strategies Fund | 423,366,524 | |||
Strategic Opportunities Fund | 80,879,925 |
U.S. Government Income (Unaudited)
The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2018 which were derived from U.S. Treasury securities were as follows:
All Cap Core Fund | 0.08 | % | ||
Large Cap Strategies Fund | 0.81 | % | ||
Small & Mid Cap Strategies Fund | 0.80 | % | ||
Strategic Opportunities Fund | 3.84 | % | ||
Fixed Income Fund | 50.18 | % | ||
Municipal Bond Fund | 72.80 | % |
Tax Exempt Distributions (Unaudited)
The Municipal Bond Fund designates $3,048,958 as tax exempt dividends paid for the fiscal year ended October 31, 2018.
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To the Shareholders and Board of Directors of Old Westbury Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying (consolidated) statements of assets and liabilities of Old Westbury Funds, Inc. (the “Corporation”) (comprising All Cap Core Fund, All Cap ESG Fund, Large Cap Strategies Fund, Small & Mid Cap Strategies Fund, Strategic Opportunities Fund (consolidated), Fixed Income Fund and Municipal Bond Fund (collectively, the “Funds”)), including the (consolidated) portfolios of investments of All Cap Core Fund, All Cap ESG Fund, Large Cap Strategies Fund, Strategic Opportunities Fund (consolidated), Fixed Income Fund and Municipal Bond Fund and the condensed portfolio of investments of Small & Mid Cap Strategies Fund, as of October 31, 2018, and the related (consolidated) statements of operations and changes in net assets, and the (consolidated) financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the (consolidated) financial position of the Funds at October 31, 2018, the (consolidated) results of their operations, changes in their net assets and the financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Funds comprising Old Westbury Funds, Inc. | Statement of operations | Statement of changes in net assets | Financial highlights | |||
All Cap Core Fund Large Cap Strategies Fund Small & Mid Cap Strategies Fund Strategic Opportunities Fund Fixed Income Fund Municipal Bond Fund | For the year ended October 31, 2018 | For each of the two years in the period ended October 31, 2018 | For each of the five years in the period ended October 31, 2018 | |||
All Cap ESG Fund | For the period from March 1, 2018 (commencement of operations) through October 31, 2018 | |||||
Basis for Opinion
These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Corporation’s auditor since 2006.
New York, New York
December 28, 2018
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Directors and Officers of Old Westbury Funds, Inc. (Unaudited) | |
Independent and Interested Directors. The following table sets forth certain information with respect to the Directors of the Corporation, each of which, under current Board policy, may serve until the end of the calendar year during which he or she reaches the applicable mandatory retirement age established by the Board.
Name, Address, and Age | Position(s) Held with the Corporation | Term of Office and Length of Time Served as a Director of the Corporation | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Director- ships1 Held by Director During Past 5 Years | |||||
Interested Director | ||||||||||
George Wilcox2 630 Fifth Avenue New York, NY 10111 Age: 54 | Director | Indefinite term; | President of Bessemer (2013-Present). | 7 | 0 | |||||
Independent Directors | ||||||||||
Alexander Ellis III 630 Fifth Avenue New York, NY 10111 Age: 69 | Chairman & Director | Indefinite term; 5 Years | General Partner, Rockport Capital Partners (2000-Present). | 7 | 13 | |||||
Patricia L. Francy 630 Fifth Avenue New York, NY 10111 Age: 73 | Director | Indefinite term; 14 Years | Director, corporate, and foundation boards. | 7 | 14 | |||||
J. David Officer 630 Fifth Avenue New York, NY 10111 Age: 70 | Director | Indefinite term; 7 Years | Independent Director; Consultant, Fidelity (2011). | 7 | 45 | |||||
R. Keith Walton 630 Fifth Avenue New York, NY 10111 Age: 54 | Director | Indefinite term; 2 Years | Vice President, Strategy, Arizona State University (Since 2013); Vice President, Global Government & Affairs, Alcoa Inc. (commercial manufacturing company) (2010-2012). | 7 | 56 |
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1 | Directorships held during the last five years in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities and Exchange Act of 1934, as amended, or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. |
2 | Directors who are or may be deemed “interested persons” (as defined under the 1940 Act) of the Corporation, BIM (as defined below) or Bessemer (as defined below) are referred to as Interested Directors. Mr. Wilcox is deemed an Interested Director by virtue of his position as President of Bessemer. |
3 | Mr. Ellis has served as Director of Clean Diesel Technologies Inc. |
4 | Ms. Francy has served as Director of Siebert Financial Corp. |
5 | Mr. Officer serves, or has served, as Director of the following entities: DBX ETF Trust (40); Man Long Short Fund; GLG International Small Cap Fund; and Ilex Partners (Asia) LLC. |
6 | Mr. Walton serves as Director of the following entities: Blue Crest Capital Management, LLC Funds, Global Infrastructure Partners, Systematica Investments Limited, Zweig Fund Inc. and Zweig Total Return Fund Inc. |
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Officers. The table below sets forth certain information with respect to the Officers of the Corporation:
Name, Address, and Age | Position(s) Held with the Corporation | Term of Office and Length of Time Served as an Officer of the Corporation | Principal Occupation(s) During Past 5 Years | ||||
David W. Rossmiller 630 Fifth Avenue New York, NY 10111 Age: 60 | President & Chief Executive Officer | Indefinite; 6 Years | Managing Director and Head of Fixed Income, Bessemer Trust Company, N.A. (Since 2010). | ||||
Yvette M. Garcia 630 Fifth Avenue New York, NY 10111 Age: 48 | Chief Legal Officer | Indefinite; Since October 2018 | Managing Director and General Counsel, The Bessemer Group, Incorporated and principal bank subsidiaries (Since July 2018); General Counsel, Rockefeller & Co. (2012-2018). | ||||
Matthew A. Rizzi 630 Fifth Avenue New York, NY 10111 Age: 45 | Vice President & Treasurer | Indefinite; 4 Years | Principal and Head of Fund Accounting, Bessemer Trust Company, N.A. (Since 2015); Senior Vice President and Head of Trust Accounting, Bessemer Trust Company, N.A. (2007-2014). | ||||
Nicola R. Knight 630 Fifth Avenue New York, NY 10111 Age: 55 | Assistant Secretary | Indefinite; 9 Years | Principal and Associate General Counsel of Bessemer Trust Company, N.A. (Since 2007). | ||||
Thomas G. Kennedy 630 Fifth Avenue New York, NY 10111 Age: 48 | Chief Compliance Officer | Indefinite; 2 Years | Chief Compliance Officer of Bessemer Investment Management LLC (Since July 2016); Principal and Director of Investment Management Compliance, Bessemer Trust Company, N.A. (Since July 2016) Head of Alternatives Compliance, Aberdeen Asset Management Inc. (January 2016-April 2016); Managing Director and Chief Compliance Officer, Arden Asset Management LLC (2008-2015). | ||||
Richard Murtagh 630 Fifth Avenue New York, NY 10111 Age: 57 | Vice President & Assitant Treasurer | Indefinite; 4 Years | Principal, Managing Director and Corporate Controller, Bessemer Trust Company, N.A. (Since 2010). |
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Name, Address, and Age | Position(s) Held with the Corporation | Term of Office and Length of Time Served as an Officer of the Corporation | Principal Occupation(s) During Past 5 Years | ||||
David Schwart 801 Brickell Avenue Suite 2250 Miami, FL 33131 Age: 48 | Vice President & Anti-Money Laundering Compliance Officer | Indefinite; 3 Years | Vice President and Associate Director of Bank Compliance, Bessemer Trust Company, N.A. (Since April 2013); Vice President and Internal Audit Manager, BNP Paribas, N.A. (2009-March 2013). | ||||
Marianna DiBenedetto 760 Moore Road King of Prussia, PA 19406 Age: 53 | Vice President and Assistant Treasurer | Indefinite; Since October 2018 | Vice President and Group Manager of Fund Accounting and Administration Client Services, The Bank of New York Mellon (“BNY Mellon”) (Since 2010). | ||||
Jack Jafolla 760 Moore Road King of Prussia, PA 19406 Age: 48 | Assistant Treasurer | Indefinite; 12 Years | Senior Manager of NAV Operations, BNY Mellon (Since 2008). | ||||
Lisa M. King 301 Bellevue Parkway Wilmington, DE 19809 Age: 50 | Secretary | Indefinite; 2 Years | Vice President and Counsel, BNY Mellon (Since 2016); Counsel, Stradley Ronon Stevens & Young LLP (2007-2016). | ||||
William H. Wallace, III 301 Bellevue Parkway Wilmington, DE 19809 Age: 48 | Assistant Secretary | Indefinite; 2 Years | Vice President and Manager of BNY Mellon (Since 2010). |
The Statement of Additional Information (“SAI”) includes additional information about the Corporation’s Directors and Officers and is available upon request, without charge. To obtain a copy of the SAI, please call (800) 607-2200.
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Information on Proxy Voting:
The Funds’ proxy voting guidelines, used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Information on Form N-Q:
The Funds provide a complete list of the Funds’ holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the Schedule of Investments appear in the Funds’ semi-annual and annual reports to shareholders. For the first and third quarters, the Funds file the Schedule of Investments with the SEC on Form N-Q. Shareholders can obtain the Funds’ Form N-Q (i) without charge, upon request, by calling (800) 607-2200; and (ii) on the SEC’s website at http://www.sec.gov. The Fund’s N-Q may be reviewed or copied at the SEC Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
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Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) | |
At a meeting held on July 18, 2018, the Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory agreement between Bessemer Investment Management LLC (“BIM” or the “Adviser”) and the Corporation on behalf of Old Westbury All Cap Core Fund (“All Cap Core Fund”), Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”), Old Westbury All Cap ESG Fund (“All Cap ESG Fund”), Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”), Old Westbury Strategic Opportunities Fund (“Strategic Opportunities Fund”), Old Westbury Fixed Income Fund (“Fixed Income Fund”), and Old Westbury Municipal Bond Fund (“Municipal Bond Fund”) (each, a “Fund” and, collectively, the “Funds”), (2) a sub-advisory agreement among BIM, Dimensional Fund Advisors LP (“Dimensional”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. (“BlackRock”) and the Corporation on behalf of the Strategic Opportunities Fund, (5) a sub-advisory agreement among BIM, Sands Capital Management, LLC (“Sands”) and the Corporation on behalf of the Large Cap Strategies Fund, (6) a sub-advisory agreement among BIM, Muzinich & Co, Inc. (“Muzinich”) and the Corporation on behalf of the Strategic Opportunities Fund, (7) a sub-advisory agreement among BIM, Harding Loevner LP (“Harding Loevner”) and the Corporation on behalf of the Large Cap Strategies Fund, (8) a sub-advisory agreement among BIM, Martingale Asset Management, L.P. (“Martingale”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (9) a sub-advisory agreement among BIM, Baillie Gifford Overseas Limited (“Baillie Gifford”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, and (10) a sub-advisory agreement among BIM, Polunin Capital Partners Limited (“Polunin”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund (Polunin, Dimensional, Champlain, BlackRock, Sands, Muzinich, Harding Loevner Martingale and Baillie Gifford together, the “Sub-Advisers”). At both the meeting of the Board held on July 18, 2018 and the meeting of the Board held on April 25, 2018, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee rates charged and services provided by affiliated service providers. The Directors reviewed detailed due diligence questionnaires from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance, comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective organizations, compliance and regulatory processes and programs and financial conditions. The Directors also discussed and considered economies of scale and how the Adviser shared those economies with the Funds’ shareholders. The Board received and discussed information concerning BIM’s and each Sub-Adviser’s performance, the use of affiliated brokers to execute transactions, the use of soft dollars, best execution, portfolio manager compensation, and whether there are any other direct or indirect benefits received by the Adviser or the Sub-Advisers in managing the Funds. In addition, the Adviser supplied the Directors with additional information concerning its estimated profitability from managing the Funds. Moreover, the Board had received and considered materials and presentations throughout the course of the year relating to the investment management, performance and operation of the Funds.
The Board considered information about BIM and the Sub-Advisers, the performance of the Funds and certain additional factors described above and below that it deemed relevant. The following summary details the materials and factors that the Board considered, among others, and the conclusions they reached, in approving the continuance of the Agreements.
(1) The nature, extent and quality of services provided by the Adviser and Sub-Advisers.
The Board considered the scope and quality of services provided by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the investment, operational, compliance, legal and other personnel who are responsible for providing services to the Funds. The Board also considered the fact that the Adviser and Sub-Advisers pay the costs of all investment and management facilities necessary for the efficient conduct of their respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers for the Funds, including in overseeing the service of, and in monitoring the performance of, each Sub-Adviser, as well as determining the appropriate allocation of assets to Sub-Advisers. The Board also considered the Adviser’s role in making recommendations to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting the necessary searches and due diligence of prospective new sub-advisers. In this regard, the Board noted the information that it had received regarding the Adviser’s on-going due diligence with respect to each Sub-Adviser, including the Adviser’s review of, among other things, each Sub-Adviser’s investment process, compliance program and performance. The Board also took into account the various reports it received throughout the year regarding the activities and operation of various oversight and operations groups within BIM and its affiliates, such as External Managers Solutions Group, Internal Audit, Derivatives, Cybersecurity and Business Continuity, and
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Investment Risk Management. The Board also considered the role of the Pricing Committee in the valuation of the Funds’ portfolio instruments, including its role in determining fair values for securities pursuant to the Corporation’s Valuation Policies, as well as its role in selecting and monitoring pricing service providers and, foreign fair value service providers.
In addition, the Board considered that the Adviser manages the overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds, both in connection with the Board’s annual review of the Advisory and Sub-Advisory Agreements and at each Board meeting. The Board also noted that it received in-person reports from each Sub-Adviser on a rotating schedule. The Board evaluated these factors based on its direct experience with the Adviser, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser’s effectiveness in ensuring that the Funds are in compliance with their respective investment policies and restrictions and the requirements of the 1940 Act and related securities regulations. The Board further noted the Adviser’s and its affiliates’ efforts to oversee the Funds’ other service providers, including those providing administrative, accounting and custodial services.
Based on these factors, as well as other factors discussed herein, the Board concluded that the nature, quality and extent of services provided by the Adviser and Sub-Advisers have been and continue to be satisfactory.
(2) The performance of the Funds and the Adviser and Sub-Advisers.
The Board’s analysis of the Funds’ performance included the discussion and review of the performance data of each of the Funds against securities benchmarks as well as against a competitive group of similar funds, based on, in part, information provided by an independent, third-party mutual fund data provider. The Board considered that for some Funds, like the Strategic Opportunities Fund, the investment strategy employed by the Fund was distinct from any securities benchmark and was different than that employed by other funds, making performance comparisons against benchmarks and industry peers less meaningful. The Board reviewed comparative performance over long-, intermediate- and short-term periods. In reviewing performance, the Board placed greater emphasis on longer-term performance than on shorter-term performance, taking into account that over short periods of time underperformance may be transitory. The Board also considered the performance of the Funds in the context of whether the Funds were meeting the expectations of the clients invested in the Funds. In this regard, the Board considered that the Fixed Income Fund and the Municipal Bond Fund were designed as conservative investment products and that clients were most interested in capital preservation when investing in those particular Funds. As a result, the Board determined that the Fixed Income Fund and Municipal Bond Fund appeared to be meeting their investment objectives even though both Funds may have underperformed their competitive peer groups during certain periods.
The Board considered the performance of the Adviser and each of the Sub-Advisers both against comparative benchmarks as well as against similarly managed accounts, if applicable, managed by the Adviser and Sub-Advisers. When reviewing performance against similarly managed accounts, the Board considered, among other things, differences in the nature of such accounts from a regulatory and tax perspective and differences in the investment mandate from that of the Funds. In evaluating the Funds’ performance, the Board also considered the principal role of the Funds as part of the asset allocation strategy for client accounts maintained by Bessemer and its affiliates.
(3) The cost of the advisory and sub-advisory services and the profits to the Adviser and its affiliates from the relationship with the Funds.
In connection with the Board’s consideration of the level of the advisory and sub-advisory fees, the Board considered a number of factors. The Board’s analysis of each Fund’s advisory fees and expenses included a discussion and review of data concerning the current fee and expense ratios of each Fund compared to a peer group of similar funds and noted that each Fund’s advisory fee and expenses were generally in line with those of their representative group. The Board also noted the applicable advisory fee breakpoints as well as the Adviser’s contractual commitment to waive advisory fees for certain of the Funds. Additionally, the Board considered the Adviser’s profitability. With respect to the Sub-Advisory Agreements with the Sub-Advisers, the Board noted that the Sub-Advisers’ fees were paid entirely by the Adviser so that no additional expenses would be borne by shareholders for the engagement of the Sub-Advisers. The Board noted that Sub-Advisory fee levels were arrived at pursuant to an arms-length negotiation between the Adviser and each Sub-Adviser. The Board also considered fee data from the Sub-Advisers with respect to similarly managed accounts and considered the relevance of differences in the services provided to separate accounts as they relate to differences in the fees charged in connection with the Funds. The Board also took into account the significant costs and risks assumed by BIM in connection with launching and maintaining the Funds, including entrepreneurial risks.
159 |
Old Westbury Funds, Inc. | |
Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) - (Continued) | |
Based on this analysis as well as other factors described herein, including the fact that the Funds are intended principally to satisfy asset allocation requirements of client accounts maintained by Bessemer and its affiliates, the Board concluded that the advisory fee schedule for each Fund was fair and reasonable in light of the quality of services provided by the Adviser and Sub-Advisers.
(4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.
The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to All Cap Core Fund, All Cap ESG Fund, Fixed Income Fund and Municipal Bond Fund, and at $1.25 billion and $2.5 billion for the Strategic Opportunities Fund and Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability analysis. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees charged by third-party service providers based on the combined size of the Funds.
(5) Ancillary benefits and other factors.
In addition to the above factors, the Board also discussed other benefits received by the Adviser, the Sub-Advisers and their affiliates from the management of the Funds (such as soft-dollar credits), including the ability to market their advisory services for similar products in the future. In addition, the Board discussed the compensation payable by the Funds to affiliates of the Adviser for other services including administrative services, shareholder servicing and custody. The Board considered comparative information relating to the fees charged for these services and reviewed reports from the Adviser and its affiliates regarding their capabilities and experience in providing these services. The Board also discussed the use of the Funds as asset allocation investment vehicles for clients of Bessemer and its affiliates, with the resulting expectation that the asset sizes of the Funds would grow as Bessemer’s client base grows. The Board concluded that advisory and sub-advisory fees were reasonable in light of these fall-out benefits.
Conclusion:
The Board, including all of the Independent Directors, concluded that the fees payable under the Advisory Agreement and Sub-Advisory Agreements were fair and reasonable with respect to the services that BIM and each Sub-Adviser provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.
160 |
Old Westbury Funds, Inc. | |
Approval of New Sub-Advisory Agreement with Acadian Asset Management LLC | |
(Unaudited) | |
At a meeting held on July 18, 2018, the Board of Directors, including the Independent Directors, unanimously approved a new Sub-Advisory Agreement among BIM, Acadian Asset Management LLC (“Acadian”), and the Corporation on behalf of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) (the “Sub-Advisory Agreement”). The Board noted that the fees payable to Acadian under the Sub-Advisory Agreement would be paid by the Adviser from the advisory fees that it receives from the Fund.
In approving the Sub-Advisory Agreement with Acadian, the Board considered the overall fairness of the Sub-Advisory Agreement and whether the agreement was in the best interest of the Fund. The Board noted that it had received and reviewed substantial information regarding Acadian, and the services to be provided by Acadian to the Fund under the Sub-Advisory Agreement. This information, which included a detailed due diligence questionnaire from Acadian, as well as information concerning its organization, compliance program and financial condition, formed, in part, the primary (but not exclusive) basis for the Board’s determinations. The Board also noted that the Independent Directors had met in executive session with their Counsel and Counsel to the Corporation, as well as with BIM to discuss BIM’s recommendation regarding Acadian’s appointment. During the executive session, the Independent Directors reviewed their legal responsibilities in approving the Sub-Advisory Agreement and discussed materials and other information provided to them. The Board concluded that they had received adequate information to make a reasonable determination with respect to the approval of the Sub-Advisory Agreement.
The Board’s conclusions are based on the comprehensive consideration of all information presented to it and are not the result of any single controlling factor.
The following summary details the factors considered by the Board and the conclusions that formed the basis for the Board’s approval of the proposed Sub-Advisory Agreement.
(1) The nature, extent and quality of services to be provided by Acadian.
The Board considered the scope and quality of services to be provided by Acadian, including the fact that Acadian pays the costs of all investment and management facilities necessary for the efficient conduct of its services. The Board also considered, among other things, the qualifications and experience of the individual portfolio managers responsible for managing Acadian’s portion of the Fund, as well as the compliance, operational and trading capabilities of Acadian.
Based on these considerations, as well as those discussed below, the Board concluded that the nature, extent and quality of services to be provided by Acadian were satisfactory.
(2) The performance of Acadian.
The Board considered the performance data provided by Acadian with respect to other accounts and determined that Acadian had demonstrated an ability to appropriately manage assets in the style expected to be used by Acadian in connection with the Fund.
(3) The cost of the advisory services and comparative fee rates.
As previously discussed, the Board noted that Acadian’s fee would be paid entirely by BIM. The Directors reviewed the level of the proposed fee against benchmarks and peer comparisons. Based on these considerations, as well as other factors described herein, the Board, including all of the Independent Directors, concluded that Acadian’s sub-advisory fee was fair and reasonable in light of the quality of services to be provided by Acadian.
(4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.
The Board discussed whether any economies of scale would be realized with respect to the management of the Fund and whether the Fund would benefit from any such economies of scale. The Board noted in this regard that BIM would bear Acadian’s sub-advisory fee and that the sub-advisory fee included breakpoints. The Directors undertook to continue to monitor the appropriateness of the sub-advisory fee, taking into account the potential impact of economies of scale, as the mandate grew.
(5) Ancillary benefits and other factors.
In addition to the above factors, the Board also discussed whether there were other benefits received by BIM, Acadian, or their affiliates, from Acadian’s relationship with the Fund, including potential but minimal increase in profitability to the Adviser
161 |
Old Westbury Funds, Inc. | |
Approval of New Sub-Advisory Agreement with Acadian Asset Management LLC | |
(Unaudited) - (Continued) | |
resulting from the Acadian sub-advisory fee schedule. The Board concluded that any such fall-out benefits resulting from the proposed engagement of Acadian were such that it did not affect the Board’s conclusion that the proposed sub-advisory fee was reasonable.
Conclusion:
The Board, including all of the Independent Directors, concluded that the fee to be paid to Acadian under the sub-advisory agreement was fair and reasonable with respect to the services that Acadian would provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.
162 |
Old Westbury Funds, Inc. | |
Approval of Amendment of Advisory Agreement | |
(Unaudited) | |
At a meeting held on October 23, 2018, the Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the amendment defined below (“Independent Directors”), unanimously approved an amendment to the investment advisory agreement (the “Amendment”) between Bessemer Investment Management LLC (“BIM” or the “Adviser”) and the Corporation in connection with the proposed creation of two new funds, of the Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”) and Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”) (each, a “New Fund” and collectively, the “New Funds”). At the meetings of the Board held on July 18, 2018 and October 23, 2018, the Board had requested and received substantial information regarding the Adviser, the New Funds and the Amendment, as well as related matters pertaining to the fee rates proposed to be charged to the New Funds and services provided by affiliated service providers. The Directors reviewed and discussed the detailed information provided, including the quality of the services to be provided to the New Funds by BIM, the level of proposed advisory fees, the anticipated profitability of the New Funds to BIM, comparative fee and expense information as well as the financial condition of BIM. The Board also took into account the detailed information they had previously received concerning the Adviser in connection with its annual review of the investment advisory agreement for the existing funds in the Corporation. In addition, the Board discussed the proposed breakpoint levels to the advisory fee. In determining whether to approve the Amendment, the Board considered information about BIM, its expertise and ability to manage an investment strategy similar to that of the New Funds and certain additional factors described below that the Board deemed relevant.
The Board’s determinations were made on the basis of each Director’s business judgment after consideration of all of the information requested and presented. In reviewing the materials presented, the Board did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the Amendment. Individual Directors may have given different weight to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary details the materials and factors that the Board considered, and the conclusions the Board reached, in approving the Amendment.
(1) The nature, extent and quality of services provided by the Adviser.
The Board considered the nature, extent and quality of services to be provided to the New Funds under the Amendment. The Board took into account the detailed information that had reviewed earlier in the year regarding these matters in connection with its annual review of the investment advisory agreement for the existing funds in the Corporation. The Board considered the experience and skills of the investment personnel, the resources made available to such personnel and the organizational depth of the Adviser. The Directors noted that, in addition to managing the overall investment program of the New Funds, the Adviser will provide direct portfolio management. The Directors also considered that the Adviser and its affiliates will provide, at their expense, personnel responsible for supervising the provision of compliance, administrative services, accounting and related services, including valuation of the New Funds’ portfolios of investments, yield calculations, reports and filings with regulatory authorities and services related to such functions. The Directors evaluated these factors based on their direct experience with the Adviser, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors. In addition, the Board focused on the Adviser’s long-standing relationship with the Corporation. The Board also discussed the Adviser’s effectiveness in ensuring that the Corporation’s portfolios are in compliance with their investment policies and restrictions and the requirements of the 1940 Act and related securities regulations. The Board further discussed the benefits of engaging the Adviser to extend such compliance services to the New Funds. Based on these factors, as well as those discussed below, the Directors concluded that the nature, quality and extent of services to be provided by the Adviser are satisfactory.
(2) The performance of the New Funds and the Adviser.
The Board noted that since the New Funds have not commenced operations, there was no performance information for it to consider at this time but that the Board would monitor the New Funds’ performance going forward. The Board considered the Adviser’s expertise and ability to manage an investment strategy similar to that of the New Funds.
(3) The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the New Funds.
The Board considered each New Fund’s proposed advisory fees, operating expenses and estimated total expense ratio, and compared them to fees and expenses of the peer group presented. The Board considered that each New Fund’s proposed advisory fee was equal to or less than the median for its peer group. The Board also considered that the Adviser provided not only supervisory services, but also direct investment management over the New Funds’ assets and a tax management overlay. The Board also considered that each New Fund’s total anticipated expenses were below the peer group median. The Board also noted the advisory fee breakpoints as well as the Adviser’s contractual commitment to waive its advisory fee to the extent
163 |
Old Westbury Funds, Inc. | |
Approval of Amendment of Advisory Agreement | |
(Unaudited) - (Continued) | |
necessary to ensure that the net annual fund operating expense ratio (excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short, and acquired fund fees and expenses) do not exceed 0.57%. Additionally, the Board considered the Adviser’s anticipated profitability from its relationship to the New Funds.
Based on this analysis as well as other factors, including the fact that the New Funds are intended principally to satisfy asset allocation requirements of client accounts of Bessemer and its affiliates, the Board, including all of the Independent Directors, concluded that the advisory fee schedules for the New Funds were fair and reasonable in light of the quality of services provided by the Adviser.
(4) The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.
The Board considered whether economies of scale are being appropriately shared with the New Funds’ shareholders. In this regard, the Directors noted the advisory fee breakpoint levels with respect to each New Fund. As the New Funds were not yet in existence, the Directors concluded that it was not possible to determine whether economies of scale were currently in existence. The Directors determined to continue to monitor this in the future.
(5) Ancillary benefits and other factors.
In addition to the above factors, the Directors also discussed other benefits received by the Adviser from the management of the New Funds (such as soft-dollar credits). In addition, the Board discussed the compensation to be paid by the New Funds to affiliates of the Adviser for other services including administrative services, shareholder servicing and custody. The Board considered comparative information relating to the fees charged for these services and reviewed reports from the Adviser and its affiliates regarding their capabilities and experience in providing these services. The Board also discussed the use of the New Funds as asset allocation investment vehicles for clients of Bessemer and its affiliated banks and trust companies, with the resulting expectation that the asset size of each New Fund would grow as Bessemer’s client base grows. The Board concluded that proposed advisory fees were reasonable in light of these fall-out benefits and other factors.
Conclusion:
Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Amendment for the New Funds were fair and reasonable and that the Amendment is in the best interests of each New Fund. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Independent Counsel in making this determination.
164 |
Old Westbury Funds, Inc. | |
Results of Special Meeting of Shareholders of Old Westbury Funds, Inc. (Unaudited) | |
A Special Meeting of Shareholders of Old Westbury Funds, Inc. (the “Corporation”) was held on June 11, 2018 (the “Meeting”). The following proposal was submitted for a vote of the Funds’ shareholders at the Meeting:
1. To approve a proposal to elect five Directors to the Board of Directors of the Corporation, each to hold office for an indefinite term.
With respect to the proposal, the following votes were received: | |||
Shares outstanding as of the record date of the Meeting: | 2,675,459,756.827 | ||
Shares represented at the Meeting in person or by proxy: | 2,647,569,240.669 | ||
Shares voted in favor: | |||
Alexander Ellis, III | 2,647,288,449.284 | ||
Patricia L. Francy | 2,647,288,449.284 | ||
J. David Officer | 2,647,288,449.284 | ||
R. Keith Walton | 2,647,566,443.803 | ||
George Wilcox | 2,647,569,240.669 | ||
Shares voted against: | 0 | ||
Shares abstaining: | |||
Alexander Ellis, III | 280,791.385 | ||
Patricia L. Francy | 280,791.385 | ||
J. David Officer | 280,791.385 | ||
R. Keith Walton | 2,796.866 | ||
George Wilcox | 0.000 |
Based on the votes received, the proposal was approved by shareholders of the Corporation.
165 |
Investment Adviser:
Bessemer Investment Management LLC
630 Fifth Avenue
New York, NY 10111
(212) 708-9100
Distributor:
Foreside Funds Distributors LLC
400 Berwyn Park
899 Cassatt Road
Berwyn, PA 19312
Custodians:
Bessemer Trust Company
100 Woodbridge Center Drive
Woodbridge, NJ 07095
Citibank, N.A.
388 Greenwich Street
New York, NY 10013
Administrator:
BNY Mellon Investment Servicing (US) Inc.
760 Moore Road
King of Prussia, PA 19406
Transfer Agent:
BNY Mellon Investment Servicing (US) Inc.
760 Moore Road
King of Prussia, PA 19406
Independent Registered Public Accounting Firm:
Ernst & Young LLP
5 Times Square
New York, NY 10036
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.
Cusip 680414307
Cusip 680414604
Cusip 680414109
Cusip 680414406
Cusip 680414505
Cusip 680414802
Cusip 680414885
(OWF_A21-AR2018)
(12/18)
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 13(a)(1).
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The registrant’s board of directors has determined that the registrant has three audit committee financial experts serving on its audit committee and those persons (Patricia L. Francy and J. David Officer and R. Keith Walton) are “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $718,150 in 2018 and $685,000 in 2017. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $7,200 in 2018 and $7,400 in 2017. Fees for both 2018 and 2017 relate to the review of financial statement data incorporated in the Funds periodic N-1A filings. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $324,405 in 2018 and $192,948 in 2017. Fees for both 2018 and 2017 relate to the review of federal income and excise tax returns, review of capital gains distribution calculations and certain global tax compliance services. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $53,500 in 2018 and $54,000 in 2017. Fees for both 2018 and 2017 relate to the review of holdings for the Funds affiliated custodian under Rule 17f-2 and regulatory reporting for OWF Strategic Opportunities Fund Ltd. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
Before an auditor is engaged by the Funds to render audit services, the Audit Committee reviews and approves the engagement, including all related fees. The Audit Committee also reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Funds employ their auditor to render “permissible non-audit services” to the Funds, including all related fees. In addition, the Audit Committee reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds, employ the Funds’ Auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the Funds. As a part of its review, the Audit Committee considers whether the provision of such services does not impact the Auditor’s independence. |
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 100%
(c) 100%
(d) 100%
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser |
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $377,905 in 2018 and $1,477,912 in 2017.
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
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 reporting period for the Old Westbury Small & Mid Cap Strategies Fund is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury All Cap Core Fund, Old Westbury Large Cap Strategies Fund, Old Westbury All Cap ESG Fund, Old Westbury Strategic Opportunities Fund, Old Westbury Fixed Income Fund and Old Westbury Municipal Bond Fund are included as part of the report to shareholders filed under Item 1 of this form. |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments | October 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 92.3% | ||||||||
ARGENTINA — 0.1% | ||||||||
20,874 | MercadoLibre, Inc. | $ | 6,773,613 | |||||
AUSTRALIA — 2.0% | ||||||||
466,114 | Accent Group Ltd. | 410,948 | ||||||
138,984 | Adairs Ltd. | 172,238 | ||||||
99,433 | Adelaide Brighton Ltd. | 399,244 | ||||||
69,555 | AED Oil Ltd.(a) | 0 | ||||||
34,185 | Ainsworth Game Technology Ltd. | 24,692 | ||||||
195,902 | ALS Ltd. | 1,132,021 | ||||||
290,007 | Altium Ltd. | 4,491,409 | ||||||
475,084 | Alumina Ltd. | 857,898 | ||||||
42,221 | AMA Group Ltd. | 27,208 | ||||||
443,293 | Ansell Ltd. | 7,276,619 | ||||||
14,818 | AP Eagers Ltd. | 77,126 | ||||||
15,163 | APN Outdoor Group Ltd.(a) | 68,721 | ||||||
12,281 | Apollo Tourism & Leisure Ltd. | 12,262 | ||||||
6,868 | Appen Ltd. | 51,748 | ||||||
4,250 | Arb Corp Ltd. | 52,097 | ||||||
11,923 | Arq Group Ltd. | 18,491 | ||||||
176,780 | Artemis Resources Ltd.(b) | 16,900 | ||||||
981,741 | Asaleo Care Ltd. | 486,654 | ||||||
29,947 | Atlas Arteria Ltd. | 144,844 | ||||||
9,691 | AUB Group Ltd. | 92,440 | ||||||
661,679 | Aurelia Metals Ltd.(b) | 344,398 | ||||||
56,014 | Aurizon Holdings Ltd. | 166,599 | ||||||
148,070 | Ausdrill Ltd. | 179,828 | ||||||
173,833 | Ausnet Services | 210,501 | ||||||
39,283 | Austal Ltd. | 49,795 | ||||||
188,262 | Australian Agricultural Co. Ltd.(b) | 175,979 | ||||||
15,312 | Australian Finance Group Ltd. | 15,180 | ||||||
1,347,220 | Australian Pharmaceutical Industries Ltd. | 1,459,672 | ||||||
92,883 | Australis Oil & Gas Ltd.(b) | 25,981 | ||||||
54,981 | Automotive Holdings Group Ltd. | 70,277 | ||||||
11,587 | Aveo Group | 15,139 | ||||||
9,634 | Baby Bunting Group Ltd. | 15,009 | ||||||
94,330 | Bank of Queensland Ltd. | 644,618 | ||||||
240,444 | Base Resources Ltd.(b) | 41,716 | ||||||
1,481,506 | Beach Energy Ltd. | 1,846,466 | ||||||
14,705 | Bega Cheese Ltd. | 62,168 | ||||||
5,237 | Bellamy’s Australia Ltd.(b) | 26,813 | ||||||
162,898 | Bendigo & Adelaide Bank Ltd. | 1,180,094 | ||||||
2,067 | Blackmores Ltd. | 177,655 | ||||||
231,682 | BlueScope Steel Ltd. | 2,357,623 | ||||||
339,952 | Boral Ltd. | 1,350,535 | ||||||
418,659 | Bravura Solutions Ltd. | 1,239,259 | ||||||
15,029 | Breville Group Ltd. | 130,800 | ||||||
92,418 | Brickworks Ltd. | 1,102,762 | ||||||
24,428 | Cabcharge Australia Ltd. | 35,635 | ||||||
47,589 | Caltex Australia Ltd. | 952,366 | ||||||
87,814 | Capitol Health Ltd. | 17,101 | ||||||
18,621 | Cardno Ltd.(b) | 13,384 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
16,047 | carsales.com Ltd. | $ | 138,637 | |||||
96,536 | Cash Converters International Ltd.(b) | 18,116 | ||||||
6,393 | Cedar Woods Properties Ltd. | 23,994 | ||||||
187,629 | Challenger Ltd. | 1,363,241 | ||||||
13,280 | Citadel Group Ltd. (The) | 79,936 | ||||||
750,719 | Cleanaway Waste Management Ltd. | 956,919 | ||||||
13,258 | Clinuvel Pharmaceuticals Ltd. | 150,218 | ||||||
75,240 | Coca-Cola Amatil Ltd. | 528,017 | ||||||
36,451 | Codan Ltd. | 77,438 | ||||||
24,170 | Collins Foods Ltd. | 109,713 | ||||||
193,135 | Cooper Energy Ltd.(b) | 63,597 | ||||||
7,109 | Corporate Travel Management Ltd. | 100,936 | ||||||
21,733 | Costa Group Holdings Ltd. | 93,880 | ||||||
8,836 | Credit Corp. Group Ltd. | 119,200 | ||||||
622,142 | CSR Ltd. | 1,555,212 | ||||||
24,019 | Decmil Group Ltd.(b) | 13,012 | ||||||
71,539 | Domain Holdings Australia Ltd. | 125,638 | ||||||
15,520 | Domino’s Pizza Enterprises Ltd. | 593,596 | ||||||
52,650 | Doray Minerals Ltd.(b) | 13,236 | ||||||
333,327 | Downer EDI Ltd. | 1,633,435 | ||||||
220,138 | DuluxGroup Ltd. | 1,153,592 | ||||||
239,725 | Elders Ltd. | 1,237,560 | ||||||
355,980 | Emeco Holdings Ltd.(b) | 71,845 | ||||||
1,875 | Eqt Holdings Ltd. | 29,769 | ||||||
53,292 | ERM Power Ltd. | 61,703 | ||||||
263,677 | Estia Health Ltd. | 380,915 | ||||||
46,389 | Event Hospitality and Entertainment Ltd. | 440,852 | ||||||
1,379,133 | Evolution Mining Ltd. | 2,910,367 | ||||||
715,392 | Fairfax Media Ltd. | 324,227 | ||||||
7,724 | Fleetwood Corp. Ltd. | 12,143 | ||||||
55,222 | Flight Centre Travel Group Ltd. | 1,814,494 | ||||||
11,536 | G.U.D. Holdings Ltd. | 100,808 | ||||||
11,476 | Galaxy Resources Ltd.(b) | 17,798 | ||||||
10,000 | GBST Holdings Ltd. | 12,074 | ||||||
128,313 | GDI Property Group, REIT | 117,216 | ||||||
56,916 | Genworth Mortgage Insurance Australia Ltd. | 90,686 | ||||||
24,650 | Global Construction Services Ltd. | 11,172 | ||||||
56,835 | GrainCorp Ltd. - Class A | 331,641 | ||||||
162,913 | Grange Resources Ltd. | 25,381 | ||||||
19,918 | Greencross Ltd. | 63,895 | ||||||
44,143 | GWA Group Ltd. | 85,965 | ||||||
30,383 | Hansen Technologies Ltd. | 74,444 | ||||||
164,992 | Harvey Norman Holdings Ltd. | 372,717 | ||||||
190,054 | Healthscope Ltd. | 283,978 | ||||||
3,976 | Helloworld Travel Ltd. | 15,486 | ||||||
172,755 | Horizon Oil Ltd.(b) | 17,739 | ||||||
39,994 | HT&E, Ltd. | 54,803 | ||||||
3,631 | Huon Aquaculture Group Ltd. | 11,674 | ||||||
270,807 | IDP Education Ltd. | 1,766,220 | ||||||
1,194,263 | Iluka Resources Ltd. | 6,816,483 |
1 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
195,504 | Imdex Ltd.(b) | $ | 159,213 | |||||
13,857 | IMF Bentham Ltd. | 28,948 | ||||||
2,186,486 | Incitec Pivot Ltd. | 6,038,605 | ||||||
128,403 | Independence Group NL | 367,352 | ||||||
275,867 | Infomedia Ltd. | 217,821 | ||||||
14,303 | Inghams Group Ltd. | 39,502 | ||||||
25,307 | Invocare Ltd. | 217,384 | ||||||
61,813 | IOOF Holdings Ltd. | 298,093 | ||||||
22,132 | Iress Ltd. | 170,050 | ||||||
6,284 | IVE Group Ltd. | 9,078 | ||||||
24,489 | JB Hi-Fi Ltd. | 398,863 | ||||||
37,288 | Jumbo Interactive Ltd. | 188,535 | ||||||
770,905 | Jupiter Mines Ltd. | 171,964 | ||||||
71,973 | Kogan.com Ltd. | 144,239 | ||||||
46,482 | Link Administration Holdings Ltd. | 246,872 | ||||||
58,598 | Lovisa Holdings Ltd. | 318,276 | ||||||
28,683 | MACA Ltd. | 24,476 | ||||||
635,918 | Macmahon Holdings Ltd.(b) | 105,826 | ||||||
16,274 | Magellan Financial Group Ltd. | 307,011 | ||||||
23,600 | Mastermyne Group Ltd.(b) | 21,392 | ||||||
475,311 | Mayne Pharma Group Ltd.(b) | 376,983 | ||||||
18,709 | McMillan Shakespeare Ltd. | 218,605 | ||||||
9,895 | McPherson’s Ltd. | 9,740 | ||||||
328,472 | Medibank Private Ltd. | 648,975 | ||||||
23,664 | Mesoblast Ltd.(b) | 33,348 | ||||||
79,729 | Metals X Ltd.(b) | 26,254 | ||||||
237,691 | Metcash Ltd. | 462,882 | ||||||
15,848 | Michael Hill International Ltd. | 7,407 | ||||||
65,626 | Millennium Minerals Ltd.(b) | 9,527 | ||||||
53,989 | Mineral Resources Ltd. | 544,811 | ||||||
54,890 | MMA Offshore Ltd.(b) | 9,329 | ||||||
778,000 | MMG Ltd.(b) | 291,677 | ||||||
5,761 | Mnf Group Ltd. | 16,808 | ||||||
34,246 | Monadelphous Group Ltd. | 348,976 | ||||||
14,867 | Monash Ivf Group Ltd. | 9,528 | ||||||
21,011 | Money3 Corp. Ltd. | 24,253 | ||||||
34,487 | Mortgage Choice Ltd. | 29,428 | ||||||
116,173 | Mount Gibson Iron Ltd. | 44,425 | ||||||
75,800 | MYOB Group Ltd. | 180,894 | ||||||
1,050 | MyState Ltd. | 3,420 | ||||||
410,380 | Navigator Global Investments Ltd. | 1,299,030 | ||||||
24,976 | Navitas Ltd. | 89,672 | ||||||
503,511 | New Hope Corp. Ltd. | 1,180,218 | ||||||
130,310 | NIB Holdings Ltd. | 511,226 | ||||||
26,567 | Nine Entertainment Co. Holdings, Ltd. | 31,795 | ||||||
920,523 | Northern Star Resources Ltd. | 5,723,405 | ||||||
66,141 | NRW Holdings, Ltd. | 86,416 | ||||||
47,220 | Nufarm Ltd. | 190,601 | ||||||
170,332 | OceanaGold Corp. | 490,378 | ||||||
40,257 | OFX Group Ltd. | 61,007 | ||||||
34,103 | oOh!media Ltd. | 114,230 | ||||||
92,294 | Orica Ltd. | 1,121,543 | ||||||
3,559 | Orocobre Ltd.(b) | 8,393 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
3,519,614 | Orora Ltd. | $ | 8,374,514 | |||||
469,797 | OZ Minerals Ltd. | 3,004,162 | ||||||
4,059 | Pacific Current Group Ltd. | 17,677 | ||||||
24,322 | Pacific Energy Ltd. | 9,387 | ||||||
23,618 | Pact Group Holdings Ltd. | 58,371 | ||||||
1,522 | Panoramic Resources Ltd.(b) | 447 | ||||||
29,070 | Paragon Care Ltd. | 14,204 | ||||||
13,359 | Peet Ltd. | 10,454 | ||||||
17,980 | Pendal Group Ltd. | 103,516 | ||||||
6,567 | Perpetual Ltd. | 161,137 | ||||||
190,508 | Perseus Mining Ltd.(b) | 48,567 | ||||||
99,936 | Pinnacle Investment Management Group Ltd. | 389,233 | ||||||
23,749 | Pioneer Credit Ltd. | 51,463 | ||||||
48,159 | Platinum Asset Mangement Ltd. | 167,109 | ||||||
58,151 | PMP Ltd.(b) | 8,030 | ||||||
180,818 | Praemium Ltd.(b) | 98,596 | ||||||
11,475 | Premier Investments Ltd. | 133,429 | ||||||
33,015 | Primary Health Care Ltd. | 61,956 | ||||||
105,110 | Pro Medicus Ltd. | 678,835 | ||||||
21,730 | QMS Media Ltd. | 14,311 | ||||||
243,399 | Qube Holdings Ltd. | 422,289 | ||||||
111,348 | Quintis Ltd.(a)(b) | 5,425 | ||||||
110,936 | Ramelius Resources Ltd.(b) | 32,602 | ||||||
65,355 | RCR Tomlinson Ltd. | 41,884 | ||||||
46,697 | Reece Ltd. | 343,582 | ||||||
768,850 | Regis Resources Ltd. | 2,297,626 | ||||||
7,115 | Reject Shop Ltd. (The) | 11,135 | ||||||
273,867 | Resolute Mining Ltd. | 201,697 | ||||||
101,020 | Ridley Corp. Ltd. | 103,729 | ||||||
16,165 | Ruralco Holdings Ltd. | 33,083 | ||||||
599,812 | Sandfire Resources NL | 2,824,634 | ||||||
920,250 | Saracen Mineral Holdings Ltd.(b) | 1,596,604 | ||||||
6,519 | SeaLink Travel Group Ltd. | 19,481 | ||||||
230,868 | Seek Ltd. | 2,919,917 | ||||||
16,117 | Select Harvests Ltd. | 58,892 | ||||||
136,793 | Senex Energy Ltd.(b) | 39,232 | ||||||
16,377 | Servcorp Ltd. | 40,707 | ||||||
224,887 | Service Stream Ltd. | 253,213 | ||||||
21,331 | Seven Group Holdings Ltd. | 268,124 | ||||||
190,694 | Seven West Media Ltd.(b) | 105,331 | ||||||
10,138 | Shaftesbury Plc, REIT | 20,676 | ||||||
212,165 | Sigma Healthcare Ltd. | 78,127 | ||||||
156,515 | Silver Lake Resources Ltd.(b) | 57,081 | ||||||
4,642 | Smartgroup Corp. Ltd. | 32,774 | ||||||
176,822 | Southern Cross Media Group Ltd. | 142,747 | ||||||
112,599 | Spark Infrastructure Group | 183,395 | ||||||
49,543 | SpeedCast International Ltd. | 126,302 | ||||||
1,380,349 | St Barbara Ltd. | 4,066,376 | ||||||
237,816 | Star Entertainment Group Ltd. | 798,261 | ||||||
97,778 | Steadfast Group Ltd. | 205,647 | ||||||
857,716 | Sundance Energy Australia Ltd.(b) | 51,021 | ||||||
37,756 | Sunland Group Ltd. | 41,309 |
2 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
147,340 | Super Retail Group Ltd. | $ | 753,326 | |||||
7,345 | Superloop Ltd.(b) | 9,050 | ||||||
510,873 | Tabcorp Holdings Ltd. | 1,671,399 | ||||||
70,795 | Tassal Group Ltd. | 207,051 | ||||||
42,660 | Technology One Ltd. | 164,341 | ||||||
45,526 | Thorn Group Ltd. | 18,538 | ||||||
4,364 | Tiger Resources Ltd.(a)(b) | 16 | ||||||
109,463 | TPG Telecom Ltd. | 555,791 | ||||||
26,484 | Villa World Ltd. | 37,697 | ||||||
33,727 | Village Roadshow Ltd.(b) | 54,216 | ||||||
492,324 | Virgin Australia Holdings Ltd.(b) | 69,728 | ||||||
521,584 | Virgin Australia Holdings Ltd. - CVR Shares(a) | 0 | ||||||
12,200 | Virtus Health Ltd. | 43,456 | ||||||
26,944 | Vita Group Ltd. | 19,748 | ||||||
140,220 | Vocus Group Ltd.(b) | 340,588 | ||||||
99,475 | Washington H. Soul Pattinson & Co. Ltd. | 2,034,401 | ||||||
9,912 | Webjet Ltd. | 91,600 | ||||||
8,558 | Webster Ltd. | 9,697 | ||||||
1,271,844 | Western Areas NL | 2,026,477 | ||||||
43,208 | Westgold Resources Ltd.(b) | 33,658 | ||||||
539,739 | Whitehaven Coal Ltd. | 1,853,749 | ||||||
1,807 | Wisetech Global Ltd. | 20,538 | ||||||
45,947 | Worleyparsons Ltd. | 474,720 | ||||||
65,654 | WPP AUNZ Ltd. | 26,036 | ||||||
121,209,337 | ||||||||
AUSTRIA — 0.2% | ||||||||
5,812 | Agrana Beteiligungs AG | 115,860 | ||||||
14,870 | ams AG | 578,471 | ||||||
11,400 | Andritz AG | 590,860 | ||||||
1,658 | AT&S Austria Technologie & Systemtechnik AG | 39,718 | ||||||
17,053 | Austria Technologie & Systemtechnik AG | 404,649 | ||||||
49,723 | CA Immobilien Anlagen AG | 1,618,592 | ||||||
1,194 | DO & CO AG | 108,461 | ||||||
12,268 | EVN AG | 214,543 | ||||||
3,513 | FACC AG | 61,992 | ||||||
1,017 | Flughafen Wien AG | 39,510 | ||||||
924 | Kapsch TrafficCom AG | 32,967 | ||||||
1,397 | Lenzing AG | 126,822 | ||||||
2,210 | Mayr Melnhof Karton AG | 279,851 | ||||||
8,170 | Oesterreichische Post AG | 332,023 | ||||||
1,990 | Palfinger AG | 60,744 | ||||||
5,197 | POLYTEC Holding AG | 53,684 | ||||||
1,766 | Porr Ag | 47,806 | ||||||
49,153 | Raiffeisen Bank International AG | 1,341,716 | ||||||
6,198 | Rhi Magnesita NV | 310,290 | ||||||
516 | Rosenbauer International AG | 26,300 | ||||||
27,804 | S IMMO AG | 475,530 | ||||||
6,015 | S&T AG | 149,747 |
Shares | Value | |||||||
AUSTRIA (continued) | ||||||||
2,128 | Schoeller-Bleckmann Oilfield Equipment AG | $ | 190,893 | |||||
18,977 | Strabag SE | 667,394 | ||||||
30,184 | Telekom Austria AG | 224,271 | ||||||
962 | UBM Development AG | 41,296 | ||||||
45,835 | UNIQA Insurance Group AG | 428,297 | ||||||
21,803 | Verbund AG | 879,143 | ||||||
10,623 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 282,754 | ||||||
54,990 | Voestalpine AG | 1,955,098 | ||||||
437 | Warimpex Finanz- und Beteiligungs AG | 582 | ||||||
100,097 | Wienerberger AG | 2,303,765 | ||||||
4,663 | Zumtobel Group AG(b) | 42,358 | ||||||
14,025,987 | ||||||||
BELGIUM — 0.5% | ||||||||
10,354 | Ackermans & van Haaren NV | 1,631,281 | ||||||
1,443 | Aedifica SA REIT | 120,783 | ||||||
113,113 | Ageas | 5,664,042 | ||||||
81,689 | AGFA - Gevaert NV(b) | 364,917 | ||||||
5,824 | Akka Technologies SA | 384,577 | ||||||
320 | Ascencio REIT | 17,832 | ||||||
785 | Atenor | 44,456 | ||||||
96 | Banque Nationale de Belgique | 280,533 | ||||||
1,888 | Barco NV | 215,126 | ||||||
1,791 | Befimmo SA REIT | 98,284 | ||||||
10,243 | Bekaert SA | 221,128 | ||||||
3,367 | Biocartis NV(b) | 45,687 | ||||||
8,558 | Cie d’Entreprises CFE | 908,250 | ||||||
1,352 | Cie Immobiliere de Belgique SA | 78,711 | ||||||
2,004 | Cofinimmo SA REIT | 239,920 | ||||||
67,228 | Colruyt SA | 3,907,781 | ||||||
40,458 | Deceuninck NV | 94,628 | ||||||
12,200 | Deceuninck NV- VVPR Strip(a) | 0 | ||||||
23,465 | D’ieteren SA/NV | 928,617 | ||||||
17,352 | Econocom Group SA/NV | 54,323 | ||||||
2,685 | Elia System Operator SA NV | 167,871 | ||||||
80,671 | Euronav NV | 751,531 | ||||||
13,559 | Exmar NV(b) | 91,224 | ||||||
6,903 | Fagron NV | 112,432 | ||||||
3,574 | Financiere de Tubize SA | 247,742 | ||||||
78,894 | Galapagos NV(b) | 8,104,844 | ||||||
101 | Home Invest Belgium REIT | 10,479 | ||||||
6,529 | Intervest Offices & Warehouses NV REIT | 169,716 | ||||||
894 | Ion Beam Applications(b) | 15,746 | ||||||
1,125 | Jensen-Group NV | 39,501 | ||||||
3,601 | Kinepolis Group NV | 193,532 | ||||||
47 | Lotus Bakeries | 121,374 | ||||||
4,096 | Melexis NV | 269,544 | ||||||
547 | Montea SCA REIT | 33,208 | ||||||
36,981 | Orange Belgium SA | 664,317 | ||||||
540 | Picanol | 48,563 | ||||||
56,962 | Proximus SADP | 1,454,873 |
3 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
BELGIUM (continued) | ||||||||
22,770 | Recticel SA | $ | 177,437 | |||||
530 | Resilux | 77,439 | ||||||
748 | Retail Estates NV REIT | 59,729 | ||||||
8,142 | Rezidor Hotel Group AB(b) | 31,452 | ||||||
422 | Roularta Media Group NV | 7,289 | ||||||
4,023 | Sioen Industries NV | 97,740 | ||||||
3,058 | Sipef NV | 178,377 | ||||||
4,857 | Telenet Group Holding NV | 235,894 | ||||||
277 | TER Beke SA | 45,179 | ||||||
15,963 | Tessenderlo Chemie NV(b) | 562,300 | ||||||
87,197 | ThromboGenics NV(b) | 468,137 | ||||||
1,167 | TINC Comm VA | 16,258 | ||||||
1,138 | Van de Velde NV | 28,421 | ||||||
4,053 | Warehouses De Pauw CVA REIT | 526,083 | ||||||
95 | Wereldhave Belgium NV REIT | 9,211 | ||||||
30,318,319 | ||||||||
BERMUDA — 0.3% | ||||||||
51,591 | Aspen Insurance Holdings Ltd. | 2,160,631 | ||||||
61,676 | Axis Capital Holdings Ltd. | 3,440,904 | ||||||
26,400 | Bank Of NT Butterfield & Son Ltd. (The) | 1,063,656 | ||||||
87,972 | Hiscox Ltd. | 1,830,618 | ||||||
175,700 | James River Group Holdings Ltd. | 6,764,450 | ||||||
48,000 | Peace Mark Holdings Ltd.(a) | 0 | ||||||
15,260,259 | ||||||||
BRAZIL — 0.3% | ||||||||
6,700 | Alliar Medicos A Frente SA(b) | 21,496 | ||||||
10,045 | Alpargatas SA - Preference Shares | 41,351 | ||||||
1,700 | Arezzo Industria e Comercio SA | 21,543 | ||||||
15,474 | Azul S.A. - Preference Shares(b) | 126,071 | ||||||
30,178 | B2W Cia Digital(b) | 279,602 | ||||||
4,368 | Banco ABC Brasil SA - Preference Shares | 18,956 | ||||||
57,900 | Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares | 304,786 | ||||||
8,600 | Brasilagro - Co Brasileira de Propriedades Agricolas | 32,815 | ||||||
22,259 | BRF - Brasil Foods SA(b) | 130,510 | ||||||
115,221 | CCR SA | 336,545 | ||||||
6,000 | Centrais Eletricas Brasileiras SA(b) | 37,646 | ||||||
39,926 | Cia Brasileira de Distribuicao - Preference Shares | 835,104 | ||||||
14,800 | Cia de Locacao das Americas | 123,085 | ||||||
363,100 | Cia Energetica de Minas Gerais - ADR | 1,052,990 | ||||||
5,976 | Cia Energetica de Minas Gerais - Preference Shares | 17,744 | ||||||
5,400 | Cia Energetica de Sao Paulo - Class B, Preference Shares | 28,947 |
Shares | Value | |||||||
BRAZIL (continued) | ||||||||
32 | Cia Energetica do Ceara - Class A, Preference Shares | $ | 400 | |||||
16,200 | Cia Ferro Ligas da Bahia-FERBASA - Preference Shares | 82,056 | ||||||
104,700 | Cia Siderurgica Nacional SA(b) | 267,834 | ||||||
11,028 | Construtora Tenda SA(b) | 83,892 | ||||||
27,146 | Cosan Logistica SA(b) | 92,857 | ||||||
24,507 | Cosan SA Industria e Comercio | 211,057 | ||||||
8,700 | CSU Cardsystem SA | 17,346 | ||||||
9,600 | CVC Brasil Operadora e Agencia de Viagens SA | 145,799 | ||||||
6,300 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 24,597 | ||||||
11,600 | Direcional Engenharia SA | 22,287 | ||||||
96,095 | Duratex SA | 295,657 | ||||||
134,968 | Embraer SA | 753,630 | ||||||
139,785 | Embraer SA - ADR | 3,113,012 | ||||||
4,800 | Energisa SA - Units | 44,447 | ||||||
3,200 | Eneva SA(b) | 11,849 | ||||||
29,000 | Estacio Participacoes SA | 180,398 | ||||||
175,428 | Fibria Celulose SA | 3,373,271 | ||||||
4,900 | Fleury SA | 27,505 | ||||||
139,000 | Gerdau SA | 603,958 | ||||||
24,400 | Gerdau SA | 84,775 | ||||||
3,100 | Guararapes Confeccoes SA | 112,455 | ||||||
6,900 | Hypera SA | 54,825 | ||||||
39,072 | Iochpe-Maxion SA | 202,631 | ||||||
63,143 | JBS SA | 173,573 | ||||||
65,500 | Klabin SA - Units | 329,128 | ||||||
86,913 | Kroton Educacional SA | 266,239 | ||||||
8,400 | Linx SA | 56,880 | ||||||
44,122 | Localiza Rent a Car SA | 339,081 | ||||||
16,844 | Lojas Americanas SA - Preference Shares | 84,231 | ||||||
53,253 | Lojas Renner SA | 539,184 | ||||||
2,100 | Magazine Luiza SA | 95,032 | ||||||
15,700 | Magnesita Refratarios SA(b) | 236,671 | ||||||
4,000 | Mahle-Metal Leve SA | 23,302 | ||||||
66,100 | Marcopolo SA - Preference Shares | 69,448 | ||||||
10,684 | Marfrig Global Foods SA(b) | 18,402 | ||||||
11,800 | Minerva SA(b) | 17,376 | ||||||
12,300 | MRV Engenharia e Participacoes SA | 41,843 | ||||||
7,700 | Natura Cosmeticos SA | 66,893 | ||||||
21,055 | Porto Seguro SA | 307,607 | ||||||
38,900 | Portobello SA | 54,250 | ||||||
5,400 | Raia Drogasil SA | 91,313 | ||||||
70,700 | Randon Participacoes SA - Preference Shares | 150,462 | ||||||
19 | Restoque Comercio e Confeccoes de Roupas SA | 151 | ||||||
20,190 | Rumo SA(b) | 90,059 | ||||||
42,550 | Santos Brasil Participacoes SA | 40,589 | ||||||
28,283 | Sao Martinho SA | 146,298 |
4 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
BRAZIL (continued) | ||||||||
16,500 | SLC Agricola SA | $ | 250,726 | |||||
200 | Sonae Sierra Brasil SA | 1,230 | ||||||
112,012 | Sul America SA - Units | 744,941 | ||||||
4,635 | Totvs SA | 31,261 | ||||||
32,900 | Tupy SA | 154,886 | ||||||
16,110 | Unipar Carbocloro SA - Preference Shares | 183,069 | ||||||
9,600 | Usinas Siderurgicas de Minas Gerais SA | 32,864 | ||||||
60,700 | Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares | 167,021 | ||||||
40,900 | Via Varejo SA - Units | 183,426 | ||||||
18,203,165 | ||||||||
CAMBODIA — 0.0% | ||||||||
320,000 | NagaCorp Ltd. | 292,172 | ||||||
CANADA — 2.0% | ||||||||
7,150 | Absolute Software Corp. | 41,821 | ||||||
2,408 | Acadian Timber Corp. | 31,206 | ||||||
40,636 | Advantage Oil & Gas Ltd.(b) | 91,060 | ||||||
106,038 | Aecon Group, Inc. | 1,524,782 | ||||||
1,900 | AG Growth International, Inc. | 84,821 | ||||||
4,200 | Agellan Commercial Real Estate Investment Trust, REIT | 41,124 | ||||||
20,000 | AGF Management Ltd. - Class B | 81,887 | ||||||
1,910 | AGT Food & Ingredients, Inc. | 25,448 | ||||||
199,700 | Aimia, Inc.(b) | 599,199 | ||||||
17,500 | Air Canada(b) | 332,067 | ||||||
1,200 | AirBoss of America Corp. | 10,774 | ||||||
59,576 | Alamos Gold, Inc. - Class A | 238,042 | ||||||
5,300 | Alaris Royalty Corp. | 77,460 | ||||||
5,500 | Alcanna, Inc. | 39,272 | ||||||
2,681 | Algoma Central Corp. | 24,276 | ||||||
45,890 | Algonquin Power & Utilities Corp. | 458,046 | ||||||
56,002 | AltaGas Ltd. | 704,040 | ||||||
4,000 | Altus Group Ltd. | 87,538 | ||||||
13,000 | Amerigo Resources Ltd.(b) | 9,678 | ||||||
1,400 | Andrew Peller Ltd. | 15,909 | ||||||
51,745 | ARC Resources Ltd. | 481,897 | ||||||
139,800 | Aritzia, Inc.(b) | 2,056,991 | ||||||
4,540 | Arrow Exploration Ltd. | 0 | ||||||
7,300 | Atco Ltd. - Class I | 212,825 | ||||||
51,400 | Athabasca Oil Corp.(b) | 49,977 | ||||||
81,000 | ATS Automation Tooling Systems, Inc.(b) | 1,191,204 | ||||||
5,354 | AutoCanada, Inc. | 40,629 | ||||||
267,386 | B2Gold Corp.(b) | 660,112 | ||||||
3,500 | Badger Daylighting Ltd. | 70,721 | ||||||
92,208 | Baytex Energy Corp.(b) | 188,415 | ||||||
15,100 | Birchcliff Energy Ltd. | 47,602 | ||||||
21,600 | Black Diamond Group Ltd.(b) | 51,028 | ||||||
33,063 | BlackBerry Ltd.(b) | 305,151 | ||||||
10,400 | BlackPearl Resources, Inc.(b) | 9,480 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
4,800 | Boardwalk Real Estate Investment Trust, REIT | $ | 178,699 | |||||
8,700 | Bonterra Energy Corp. | 97,875 | ||||||
8,200 | Boralex, Inc. - Class A | 105,891 | ||||||
12,700 | Boyd Group Income Fund - Units | 1,160,649 | ||||||
900 | BRP, Inc. | 36,206 | ||||||
46,167 | CAE, Inc. | 814,310 | ||||||
16,500 | Calfrac Well Services Ltd.(b) | 56,652 | ||||||
500 | Calian Group Ltd. | 9,841 | ||||||
51,600 | Cameco Corp. | 552,668 | ||||||
18,300 | Canaccord Genuity Group, Inc. | 95,917 | ||||||
35,750 | Canacol Energy Ltd.(b) | 100,207 | ||||||
600 | Canada Goose Holdings, Inc.(b) | 32,761 | ||||||
98,959 | Canadian Apartment Properties REIT | 3,518,759 | ||||||
30,300 | Canadian Western Bank | 704,764 | ||||||
35,843 | Canfor Corp.(b) | 514,863 | ||||||
19,757 | Canfor Pulp Products, Inc. | 330,471 | ||||||
8,000 | CanWel Building Materials Group Ltd. | 29,412 | ||||||
82,900 | Capital Power Corp. | 1,720,406 | ||||||
72,367 | Capstone Mining Corp.(b) | 26,936 | ||||||
4,862 | Cardinal Energy Ltd. | 14,367 | ||||||
85,952 | Cascades, Inc. | 668,577 | ||||||
31,157 | Celestica, Inc.(b) | 323,297 | ||||||
69,726 | Centerra Gold, Inc.(b) | 272,241 | ||||||
800 | Cervus Equipment Corp. | 7,104 | ||||||
18,544 | CES Energy Solutions Corp. | 49,161 | ||||||
2,700 | Chesswood Group Ltd. | 20,510 | ||||||
35,286 | China Gold International Resources Corp. Ltd.(b) | 48,247 | ||||||
7,128 | Choice Properties Real Estate Investment Trust, REIT | 64,650 | ||||||
21,300 | CI Financial Corp. | 315,022 | ||||||
55,677 | Cineplex, Inc. | 1,534,823 | ||||||
11,400 | Cogeco Communications, Inc. | 558,981 | ||||||
3,464 | Cogeco, Inc. | 162,616 | ||||||
9,700 | Colliers International Group, Inc. | 658,726 | ||||||
6,825 | Computer Modelling Group Ltd. | 40,853 | ||||||
49,000 | Copper Mountain Mining Corp.(b) | 35,360 | ||||||
1,912 | Corby Spirit and Wine Ltd. | 28,031 | ||||||
132,135 | Crescent Point Energy Corp. | 624,315 | ||||||
24,800 | CRH Medical Corp.(b) | 77,238 | ||||||
28,400 | Crius Energy Trust - Units | 136,127 | ||||||
10,500 | Denison Mines Corp.(b) | 6,620 | ||||||
57,600 | Derwent London Plc, REIT | 634,752 | ||||||
13,300 | Descartes Systems Group, Inc. (The)(b) | 406,946 | ||||||
38,300 | Detour Gold Corp.(b) | 282,497 | ||||||
6,161 | Dorel Industries, Inc. - Class B | 100,714 | ||||||
5,000 | Dream Hard Asset Alternatives Trust - Units | 24,232 |
5 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
1,300 | Dream Office Real Estate Investment Trust, REIT | $ | 23,009 | |||||
26,279 | DREAM Unlimited Corp. - Class A(b) | 144,725 | ||||||
20,475 | Dundee Precious Metals, Inc.(b) | 53,503 | ||||||
91,300 | ECN Capital Corp. | 242,043 | ||||||
664 | E-L Financial Corp. Ltd. | 409,663 | ||||||
54,572 | Eldorado Gold Corp.(b) | 36,479 | ||||||
91,300 | Element Fleet Management Corp. | 537,487 | ||||||
118,169 | Empire Co. Ltd. - Class A | 2,149,833 | ||||||
17,837 | Enbridge Income Fund Holdings, Inc. | 412,848 | ||||||
3,800 | Endeavour Silver Corp.(b) | 7,649 | ||||||
41,281 | Enerflex Ltd. | 497,962 | ||||||
55,431 | Enerplus Corp. | 515,804 | ||||||
22,583 | Enghouse Systems Ltd. | 1,249,875 | ||||||
15,417 | Ensign Energy Services, Inc. | 60,078 | ||||||
68,260 | Entertainment One Ltd. | 356,852 | ||||||
3,939 | Equitable Group, Inc. | 181,024 | ||||||
2,800 | Evertz Technologies Ltd. | 34,478 | ||||||
3,224 | Exchange Income Corp. | 74,009 | ||||||
8,800 | Exco Technologies Ltd. | 61,699 | ||||||
38 | EXFO, Inc.(b) | 106 | ||||||
10,800 | Extendicare, Inc. | 60,381 | ||||||
2,700 | Fiera Capital Corp. | 25,412 | ||||||
76,082 | Finning International, Inc. | 1,580,069 | ||||||
7,834 | First Capital Realty Inc. | 116,875 | ||||||
21,951 | First Majestic Silver Corp.(b) | 121,890 | ||||||
1,563 | First National Financial Corp. | 31,985 | ||||||
9,700 | FirstService Corp. - Voting Shares | 711,631 | ||||||
35,000 | Fortuna Silver Mines, Inc.(b) | 132,933 | ||||||
1,000 | GDI Integrated Facility Services, Inc.(b) | 13,331 | ||||||
23,321 | Genworth MI Canada, Inc. | 765,468 | ||||||
36,900 | Gibson Energy, Inc. | 584,144 | ||||||
3,400 | Gluskin Sheff + Associates, Inc. | 28,978 | ||||||
1,040 | goeasy Ltd. | 34,073 | ||||||
92,829 | Gran Tierra Energy, Inc.(b) | 284,174 | ||||||
10,752 | Great Canadian Gaming Corp.(b) | 346,299 | ||||||
8,500 | H&R Real Estate Investment Trust, REIT | 128,554 | ||||||
15,974 | Heroux-Devtek, Inc.(b) | 151,192 | ||||||
8,648 | Home Capital Group, Inc.(b) | 85,728 | ||||||
8,300 | Horizon North Logistics, Inc. | 16,330 | ||||||
24,729 | HudBay Minerals, Inc. | 97,116 | ||||||
9,899 | Hudson’s Bay Co. | 63,690 | ||||||
106,988 | IAMGOLD Corp.(b) | 367,341 | ||||||
1,000 | Indigo Books & Music, Inc.(b) | 10,483 | ||||||
120,500 | Industrial Alliance Insurance and Financial Services, Inc. | 4,259,995 | ||||||
3,600 | Ingenia Communities Group, REIT | 29,889 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
19,579 | Innergex Renewable Energy, Inc. | $ | 181,594 | |||||
27,000 | Interfor Corp.(b) | 298,621 | ||||||
60,920 | International Petroleum Corp.(b) | 262,622 | ||||||
15,926 | Intertape Polymer Group, Inc. | 210,379 | ||||||
32,711 | Intu Properties Plc, REIT | 628,900 | ||||||
1,300 | K-Bro Linen, Inc. | 36,725 | ||||||
8,800 | Kelt Exploration Ltd.(b) | 40,643 | ||||||
20,366 | Keyera Corp. | 507,429 | ||||||
45,800 | Killam Apartment Real Estate Investment Trust, REIT | 562,563 | ||||||
221 | Kinaxis, Inc.(b) | 14,921 | ||||||
3,900 | Kinder Morgan Canada Ltd. | 47,015 | ||||||
1,953 | Kingsway Financial Services, Inc.(b) | 5,178 | ||||||
364,345 | Kinross Gold Corp.(b) | 946,530 | ||||||
36,601 | Kirkland Lake Gold Ltd. | 718,146 | ||||||
14,535 | Laurentian Bank of Canada | 458,866 | ||||||
8,626 | Leon’s Furniture Ltd. | 113,489 | ||||||
66,110 | Linamar Corp. | 2,737,404 | ||||||
70,300 | Lucara Dianmond Corp. | 116,415 | ||||||
231,924 | Lundin Mining Corp. | 953,100 | ||||||
7,130 | Magellan Aerospace Corp. | 102,906 | ||||||
500 | Mainstreet Equity Corp.(b) | 18,132 | ||||||
24,900 | Major Drilling Group International, Inc.(b) | 88,142 | ||||||
19,300 | Maple Leaf Foods, Inc. | 438,940 | ||||||
28,898 | Martinrea International, Inc. | 250,027 | ||||||
2,100 | Mediagrif Interactive Technologies, Inc. | 16,909 | ||||||
137,400 | Medical Facilities Corp. | 1,463,290 | ||||||
30,570 | MEG Energy Corp.(b) | 244,523 | ||||||
2,123 | Melcor Developments Ltd. | 22,577 | ||||||
15,003 | Methanex Corp. | 971,557 | ||||||
6,054 | Mitel Networks Corp.(b) | 66,498 | ||||||
200 | Morguard Corp. | 27,052 | ||||||
5,017 | Morguard North American Residential Real Estate Investment Trust, REIT | 61,929 | ||||||
16,202 | Morneau Shepell, Inc. | 335,744 | ||||||
2,186 | MTY Food Group, Inc. | 112,783 | ||||||
38,700 | Mullen Group Ltd. | 402,742 | ||||||
2,700 | Neo Performance Materials, Inc. | 36,507 | ||||||
14,700 | Nevsun Resources Ltd. | 65,323 | ||||||
7,829 | Nfi Group, Inc. | 264,109 | ||||||
148,902 | Norbord, Inc. | 3,797,060 | ||||||
10,846 | North West Co., Inc. (The) | 236,454 | ||||||
16,129 | Northland Power, Inc. | 248,101 | ||||||
89,600 | NuVista Energy Ltd.(b) | 360,728 | ||||||
17,787 | Obsidian Energy Ltd.(b) | 12,971 | ||||||
25,772 | Open Text Corp. | 869,997 | ||||||
8,600 | Osisko Gold Royalties Ltd. | 65,850 | ||||||
7,400 | Painted Pony Energy Ltd.(b) | 11,748 | ||||||
39,373 | Pan American Silver Corp. | 579,925 |
6 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
9,732 | Paramount Resources Ltd. - Class A(b) | $ | 71,117 | |||||
54,424 | Parex Resources, Inc.(b) | 792,516 | ||||||
112,788 | Parkland Fuel Corp. | 3,787,730 | ||||||
14,000 | Pason Systems, Inc. | 211,311 | ||||||
29,300 | Pengrowth Energy Corp.(b) | 20,254 | ||||||
168,714 | Peyto Exploration & Development Corp. | 1,376,420 | ||||||
36,600 | Photon Control, Inc.(b) | 48,376 | ||||||
3,100 | Polaris Infrastructure, Inc. | 25,173 | ||||||
19,565 | Precision Drilling Corp.(b) | 47,261 | ||||||
6,936 | Premium Brands Holdings Corp. | 466,439 | ||||||
3,002 | Pretium Resources, Inc.(b) | 24,081 | ||||||
6,820 | Pulse Seismic, Inc. | 11,708 | ||||||
127,800 | Quarterhill, Inc. | 159,210 | ||||||
83,800 | Quebecor, Inc. - Class B | 1,643,599 | ||||||
10,943 | RB Energy, Inc.(a) | 11 | ||||||
1,800 | Recipe Unlimited Corp. | 37,136 | ||||||
2,700 | Resilient REIT Ltd., REIT | 21,761 | ||||||
200 | Richards Packaging Income Fund - Units | 5,624 | ||||||
13,200 | Richelieu Hardware Ltd. | 253,281 | ||||||
800,000 | Ritchie Bros Auctioneers, Inc.(a) | 26,888,000 | ||||||
13,900 | Ritchie Bros. Auctioneers, Inc. | 467,539 | ||||||
3,100 | Rocky Mountain Dealerships, Inc. | 24,019 | ||||||
26,754 | Rogers Sugar, Inc. | 107,914 | ||||||
15,500 | Russel Metals, Inc. | 286,581 | ||||||
33,588 | Sandstorm Gold Ltd.(b) | 124,254 | ||||||
1,700 | Savaria Corp. | 21,927 | ||||||
27,414 | Secure Energy Services, Inc. | 178,672 | ||||||
118,801 | SEMAFO, Inc.(b) | 259,901 | ||||||
53,778 | Seven Generations Energy Ltd. - Class A(b) | 576,404 | ||||||
13,400 | ShawCor Ltd. | 243,072 | ||||||
6,082 | Sienna Senior Living, Inc. | 76,692 | ||||||
12,100 | Sierra Wireless, Inc.(b) | 218,112 | ||||||
2,091 | Sleep Country Canada Holdings, Inc. | 42,187 | ||||||
3,400 | SmartCentres Real Estate Investment Trust REIT | 77,688 | ||||||
1,900 | Spin Master Corp.(b) | 67,603 | ||||||
28,100 | Sprott, Inc. | 64,249 | ||||||
48,544 | SSR Mining, Inc.(b) | 475,687 | ||||||
39,894 | SSR Mining, Inc.(b) | 390,562 | ||||||
16,309 | Stantec, Inc. | 424,434 | ||||||
19,615 | Stars Group, Inc. (The)(b) | 407,960 | ||||||
7,060 | Stella-Jones, Inc. | 226,100 | ||||||
4,600 | Storm Resources Ltd.(b) | 8,351 | ||||||
19,026 | SunOpta, Inc.(b) | 145,103 | ||||||
20,300 | Superior Plus Corp. | 182,422 | ||||||
52,409 | Surge Energy, Inc. | 81,214 | ||||||
40,000 | Tamarack Valley Energy Ltd.(b) | 107,866 | ||||||
35,998 | Teranga Gold Corp.(b) | 98,715 | ||||||
91,372 | TFI International, Inc. | 3,040,759 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
2,400 | Theratechnologies, Inc.(b) | $ | 15,569 | |||||
11,801 | TMX Group Ltd. | 742,151 | ||||||
44,000 | TORC Oil & Gas Ltd. | 180,820 | ||||||
5,105 | Torex Gold Resources, Inc.(b) | 46,495 | ||||||
40,745 | Toromont Industries Ltd. | 1,918,322 | ||||||
17,764 | Total Energy Services, Inc. | 128,597 | ||||||
119,122 | Tourmaline Oil Corp. | 1,737,356 | ||||||
65,568 | TransAlta Corp. | 346,156 | ||||||
3,900 | Transalta Renewables, Inc. | 32,143 | ||||||
30,590 | Transcontinental, Inc. - Class A | 503,540 | ||||||
4,500 | TransGlobe Energy Corp. | 10,528 | ||||||
55,852 | Trican Well Service Ltd.(b) | 76,367 | ||||||
22,600 | Trinidad Drilling Ltd.(b) | 28,498 | ||||||
10,500 | Tucows, Inc. - Class A(b) | 526,890 | ||||||
63,600 | Turquoise Hill Resources Ltd.(b) | 107,252 | ||||||
6,497 | Uni-Select, Inc. | 106,947 | ||||||
3,080 | Valener, Inc. | 45,997 | ||||||
13,800 | Vermilion Energy, Inc. | 365,952 | ||||||
3,202 | Wajax Corp. | 56,843 | ||||||
20,400 | Wesdome Gold Mines Ltd.(b) | 58,731 | ||||||
72,200 | West Fraser Timber Co. Ltd. | 3,627,413 | ||||||
148,038 | Western Forest Products, Inc. | 197,916 | ||||||
6,800 | Westjet Airlines Ltd. | 99,073 | ||||||
8,613 | Westshore Terminals Investment Corp. | 157,022 | ||||||
100,760 | Whitecap Resources, Inc. | 492,912 | ||||||
8,848 | Winpak Ltd. | 306,953 | ||||||
11,314 | WSP Global, Inc. | 564,819 | ||||||
294,566 | Yamana Gold, Inc. | 669,036 | ||||||
9,994 | Yangarra Resources Ltd.(b) | 28,545 | ||||||
7,914 | Yellow Pages Ltd.(b) | 47,853 | ||||||
6,007 | ZCL Composites, Inc. | 30,572 | ||||||
121,752,190 | ||||||||
CAYMAN ISLANDS — 0.0% | ||||||||
193,200 | China Metal Recycling Holdings Ltd.(a) | 0 | ||||||
3,500 | Consolidated Water Co. Ltd. | 43,049 | ||||||
168,234 | EganaGoldpfeil Holdings Ltd.(a) | 0 | ||||||
261,000 | Qunxing Paper Holdings Co. Ltd.(a) | 12,581 | ||||||
55,630 | ||||||||
CHILE — 0.0% | ||||||||
111,196 | Aguas Andinas SA - Class A | 57,836 | ||||||
64,693 | Besalco SA | 52,051 | ||||||
36,950 | CAP SA | 359,575 | ||||||
11,509 | Cia Cervecerias Unidas SA | 143,069 | ||||||
2,356,589 | Cia Sud Americana de Vapores SA(b) | 70,629 | ||||||
338 | Clinica Las Condes SA(b) | 18,211 | ||||||
42,301 | Coca-Cola Embonor SA - Class B, Preference Shares | 94,204 | ||||||
9,995 | Embotelladora Andina SA - Class B | 34,549 |
7 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CHILE (continued) | ||||||||
7,477 | Empresa Nacional de Telecomunicaciones SA | $ | 54,328 | |||||
14,305 | Empresas AquaChile SA(b) | 9,940 | ||||||
23,369 | Engie Energia Chile SA | 38,874 | ||||||
724,976 | Enjoy SA(b) | 59,946 | ||||||
152,426 | Grupo Security SA | 62,746 | ||||||
3,218 | Hortifrut SA | 9,338 | ||||||
189,310 | Inversiones Aguas Metropolitanas SA | 261,094 | ||||||
2,755 | Inversiones La Construccion SA | 41,471 | ||||||
22,326,397 | Itau CorpBanca | 206,903 | ||||||
273,781 | Masisa SA | 14,653 | ||||||
6,895 | Parque Arauco SA | 15,641 | ||||||
45,001 | PAZ Corp. SA | 66,531 | ||||||
94,933 | Salfacorp SA | 134,497 | ||||||
120,485 | Sigdo Koppers SA | 186,439 | ||||||
981,739 | Sociedad Matriz SAAM SA | 84,491 | ||||||
29,332 | Socovesa SA | 15,298 | ||||||
36,940 | SONDA SA | 52,623 | ||||||
29,577 | Vina Concha y Toro SA | 55,694 | ||||||
2,200,631 | ||||||||
CHINA — 1.9% | ||||||||
12,701 | 21Vianet Group, Inc. - ADR(b) | 138,123 | ||||||
3,212 | 500.Com Ltd. - Class A - ADR(b) | 23,544 | ||||||
2,280 | 51Job, Inc. - ADR(b) | 140,015 | ||||||
7,783 | 58.Com Inc. - ADR(b) | 510,487 | ||||||
35,000 | AAC Technologies Holdings, Inc. | 266,228 | ||||||
871,250 | Agile Group Holdings Ltd. | 993,245 | ||||||
7,188,000 | Agricultural Bank of China Ltd. - H Shares | 3,153,134 | ||||||
7,964,000 | Aluminum Corp. of China Ltd. - H Shares(b) | 2,884,201 | ||||||
22,000 | Ampire Co. Ltd. | 12,087 | ||||||
3,372,000 | Angang Steel Co. Ltd. - H Shares | 2,868,067 | ||||||
91,000 | ANTA Sports Products Ltd. | 373,657 | ||||||
410,000 | Anton Oilfield Services Group(b) | 58,034 | ||||||
210,000 | Asia Cement China Holdings Corp. | 180,223 | ||||||
122,000 | AVIC International Holdings Ltd. | 58,962 | ||||||
413,000 | AviChina Industry & Technology Co. - H Shares | 274,914 | ||||||
129,000 | Baic Motor Corp. Ltd. | 72,380 | ||||||
6,625,770 | Bank of China Ltd. - H Shares | 2,822,011 | ||||||
3,777,000 | Bank of Communications Co. Ltd. - H Shares | 2,832,046 | ||||||
80,000 | Baoye Group Co. Ltd. - H Shares(b) | 42,744 | ||||||
165,634 | Baozun, Inc. - ADR(b) | 6,593,890 | ||||||
306,000 | Beijing Capital International Airport Co. Ltd. - H Shares | 331,288 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
336,000 | Beijing Capital Land Ltd. - H Shares | $ | 113,543 | |||||
176,000 | Beijing North Star Co. Ltd. - H Shares | 46,458 | ||||||
2,536 | Bitauto Holdings, Ltd. - ADR(b) | 48,438 | ||||||
343,000 | BYD Electronic International Co. Ltd. | 401,963 | ||||||
72,000 | Cabbeen Fashion Ltd. | 19,465 | ||||||
35,000 | CAR, Inc.(b) | 27,761 | ||||||
5,327 | Cayman Engley Industrial Co. Ltd. | 19,023 | ||||||
287,656 | Central China Real Estate Ltd. | 104,910 | ||||||
107,000 | Chaowei Power Holdings Ltd. | 45,982 | ||||||
2,684 | Cheetah Mobile, Inc. - ADR(b) | 25,579 | ||||||
70,000 | China Animal Healthcare Ltd.(a)(b) | 945 | ||||||
909,000 | China Aoyuan Property Group Ltd. | 530,891 | ||||||
226,000 | China BlueChemical Ltd. - H Shares | 77,236 | ||||||
1,049,000 | China Cinda Asset Management Co. Ltd. - H Shares | 256,834 | ||||||
126,000 | China Coal Energy Co. Ltd. - H Shares | 56,397 | ||||||
380,000 | China Communications Services Corp. Ltd. - H Shares | 307,220 | ||||||
33,000 | China Conch Venture Holdings Ltd. | 92,579 | ||||||
3,411,044 | China Construction Bank Corp. - H Shares | 2,705,538 | ||||||
1,834 | China Distance Education Holdings Ltd. - ADR | 13,260 | ||||||
252,000 | China Eastern Airlines Corp. Ltd. - H Shares | 139,144 | ||||||
400,000 | China Electronics Optics Valley Union Holding Co. Ltd. | 22,188 | ||||||
76,000 | China Galaxy Securities Co. Ltd. - H Shares | 38,184 | ||||||
124,000 | China Greenland Broad Greenstate Group Co. Ltd. | 9,804 | ||||||
483,000 | China Harmony New Energy Auto Holding Ltd. | 191,551 | ||||||
259,000 | China Hongqiao Group Ltd. | 173,394 | ||||||
472,000 | China Huishan Dairy Holdings Co. Ltd.(a)(b) | 90 | ||||||
79,500 | China Huiyuan Juice Group Ltd.(a)(b) | 7,679 | ||||||
86,400 | China International Capital Corp. Ltd. | 141,908 | ||||||
3,803,000 | China Lesso Group Holdings Ltd. | 2,002,868 | ||||||
107,000 | China Lilang Ltd. | 88,144 | ||||||
53,000 | China Longyuan Power Group Corp. - H Shares | 40,281 | ||||||
152,000 | China Maple Leaf Educational Systems Ltd. | 65,514 | ||||||
94,000 | China Medical System Holdings Ltd. | 111,837 |
8 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
70,000 | China Meidong Auto Holdings Ltd. | $ | 27,672 | |||||
2,968,800 | China Minsheng Banking Corp. Ltd. - H Shares | 2,188,188 | ||||||
186,000 | China Modern Dairy Holdings Ltd.(b) | 23,244 | ||||||
1,106,834 | China National Building Material Co. Ltd. - H Shares | 790,399 | ||||||
92,000 | China Oilfield Services Ltd. | 86,229 | ||||||
200,000 | China Oriental Group Co. Ltd. | 158,124 | ||||||
2,148,500 | China Railway Construction Corp. Ltd. - H Shares | 2,717,834 | ||||||
4,007,000 | China Railway Group Ltd. - H Shares | 3,576,789 | ||||||
16,000 | China Railway Signal & Communication Corp. Ltd. | 10,732 | ||||||
379,000 | China Resources Pharmaceutical Group Ltd. | 555,793 | ||||||
165,000 | China Sanjiang Fine Chemicals Co. Ltd. | 37,663 | ||||||
8,148,400 | China SCE Group Holdings Ltd. | 2,774,339 | ||||||
242,000 | China Southern Airlines Co. Ltd. - H Shares | 130,845 | ||||||
184,870 | China State Construction International Holdings Ltd. | 131,781 | ||||||
77,000 | China Sunshine Paper Holdings Co. Ltd. | 12,863 | ||||||
111,000 | China Suntien Green Energy Corp. Ltd. - H Shares | 28,309 | ||||||
164,000 | China Taifeng Beddings Holdings Ltd.(a)(b) | 4,235 | ||||||
14,000 | China Unienergy Group Ltd.(b) | 22,494 | ||||||
31,000 | China XLX Fertiliser Ltd. | 11,227 | ||||||
228,500 | China ZhengTong Auto Services Holdings Ltd. | 108,977 | ||||||
376,400 | China Zhongwang Holdings Ltd. | 167,034 | ||||||
358,000 | Chinasoft International Ltd. | 209,999 | ||||||
3,317,000 | Chongqing Rural Commercial Bank Co. Ltd. - H Shares | 1,827,280 | ||||||
1,440,000 | CIFI Holdings Group Co. Ltd. | 602,299 | ||||||
116,000 | Cofco Meat Holdings Ltd.(b) | 16,863 | ||||||
85,000 | Consun Pharmaceutical Group Ltd. | 58,857 | ||||||
1,015,600 | Coolpad Group Ltd.(a)(b) | 2,642 | ||||||
280,093 | COSCO Shipping Development Co. Ltd. - H Shares(b) | 28,574 | ||||||
228,000 | COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares | 124,729 | ||||||
213,000 | Cosmo Lady China Holdings Co. Ltd. | 89,633 | ||||||
31,000 | Country Garden Services Holdings Co. Ltd.(b) | 40,005 | ||||||
4,166 | CSMall Group Ltd.(b) | 637 | ||||||
302,000 | CT Environmental Group Ltd. | 13,671 | ||||||
104,000 | Da Ming International Holdings Ltd. | 33,155 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
190,000 | Dali Foods Group Co. Ltd. | $ | 135,681 | |||||
525,000 | Dalian Port PDA Co. Ltd. - H Shares | 67,617 | ||||||
172,000 | Dongfeng Motor Group Co. Ltd. - H Shares | 169,325 | ||||||
9,800 | Dongjiang Environmental Co. Ltd. - H Shares | 9,610 | ||||||
240,000 | Dongyue Group Ltd. | 127,927 | ||||||
95,000 | Dynagreen Environmental Protection Group Co. Ltd. - H Shares(b) | 36,343 | ||||||
7,659 | Ehi Car Services Ltd. - ADR(b) | 92,444 | ||||||
44,000 | ENN Energy Holdings Ltd. | 373,963 | ||||||
780,000 | Fantasia Holdings Group Co. Ltd. | 77,583 | ||||||
316,000 | FIH Mobile Ltd.(b) | 29,416 | ||||||
38,000 | Fu Shou Yuan International Group Ltd. | 29,123 | ||||||
545,600 | Fufeng Group Ltd. | 230,987 | ||||||
670,000 | Future Land Development Holdings Ltd. | 384,471 | ||||||
24,400 | Fuyao Glass Industry Group Co. Ltd. | 72,031 | ||||||
32,000 | Golden Eagle Retail Group Ltd. | 33,135 | ||||||
10,540,600 | GOME Retail Holdings Ltd.(b) | 1,048,421 | ||||||
434,000 | Goodbaby International Holdings Ltd. | 134,484 | ||||||
208,000 | Great Wall Motor Co. Ltd. - H Shares | 123,071 | ||||||
152,000 | Greatview Aseptic Packaging Co. Ltd. | 100,791 | ||||||
351,000 | Greenland Hong Kong Holdings Ltd. | 80,567 | ||||||
2,508,000 | Greentown China Holdings Ltd. | 1,739,812 | ||||||
124,000 | Guangshen Railway Co. Ltd. - H Shares | 46,330 | ||||||
2,447,200 | Guangzhou R&F Properties Co. Ltd. - H Shares | 3,838,402 | ||||||
204,000 | Guorui Properties Ltd. | 48,906 | ||||||
86,000 | Haichang Ocean Park Holdings Ltd.(b) | 14,037 | ||||||
569 | Hailiang Education Group, Inc. - ADR(b) | 35,397 | ||||||
43,000 | Haitian International Holdings Ltd. | 83,895 | ||||||
63,000 | Harmonicare Medical Holdings Ltd(b) | 18,076 | ||||||
122,500 | HC Group, Inc.(b) | 79,511 | ||||||
72,000 | Hengan International Group Co. Ltd. | 570,164 | ||||||
448,000 | Hengten Networks Group Ltd.(b) | 15,996 | ||||||
11,000 | Hiroca Holdings Ltd. | 25,382 | ||||||
20,000 | Hisense Kelon Electrical Holdings Co. Ltd. - H Shares | 14,435 | ||||||
33,000 | HNA Infrastructure Company Ltd. - H Shares | 29,415 | ||||||
24,500 | Honworld Group Ltd. | 11,216 |
9 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
68,000 | HOSA International Ltd.(a) | $ | 2,515 | |||||
138,000 | Huan Yue Interactive Holdings Ltd.(b) | 15,134 | ||||||
874,000 | Huaneng Renewables Corp. Ltd. - H Shares | 224,018 | ||||||
776 | Huazhu Group Ltd. - ADR | 20,300 | ||||||
304,700 | Huishang Bank Corp. Ltd. - H Shares | 131,330 | ||||||
4,164,000 | Industrial & Commercial Bank of China Ltd. - H Shares | 2,814,249 | ||||||
72,600 | JD.Com, Inc. - ADR(b) | 1,707,552 | ||||||
30,000 | Jiangsu Expressway Co. Ltd. - H Shares | 40,245 | ||||||
987,000 | Kaisa Group Holdings Ltd. | 240,396 | ||||||
7,000 | Kasen International Holdings Ltd. | 2,964 | ||||||
4,708,000 | Kingdee International Software Group Co. Ltd. | 3,842,310 | ||||||
364,500 | KWG Property Holding Ltd. | 278,420 | ||||||
39,900 | Legend Holdings Corp. | 108,375 | ||||||
752,000 | Lenovo Group Ltd. | 478,514 | ||||||
312,000 | Leoch International Technology Ltd.(b) | 26,259 | ||||||
450,000 | Leyou Technologies Holdings Ltd.(b) | 102,717 | ||||||
83,000 | Lianhua Supermarket Holdings Co. Ltd. - H Shares(b) | 19,051 | ||||||
128,000 | Lifetech Scientific Corp.(b) | 27,748 | ||||||
514,000 | Logan Property Holdings Co. Ltd. | 474,545 | ||||||
460,000 | Lonking Holdings Ltd. | 103,240 | ||||||
129,000 | Luye Pharma Group Ltd. | 99,522 | ||||||
8,524,000 | Maanshan Iron & Steel Co. Ltd. - H Shares | 4,565,293 | ||||||
83,000 | Metallurgical Corp. of China Ltd. - H Shares | 20,110 | ||||||
35,000 | Microport Scientific Corp. | 41,775 | ||||||
40,000 | Minth Group Ltd. | 129,560 | ||||||
279,800 | Modern Land China Co. Ltd. | 34,966 | ||||||
8,529 | Momo, Inc. - ADR(b) | 286,319 | ||||||
9,627 | New Oriental Education & Technology Group, Inc. - ADR(b) | 563,276 | ||||||
2,060 | Noah Holdings Ltd. - ADR(b) | 77,683 | ||||||
273,000 | NVC Lighting Holdings Ltd. | 17,755 | ||||||
54,000 | O-Net Technologies Group Ltd.(b) | 23,344 | ||||||
109,000 | Ozner Water International Holding Ltd. | 23,629 | ||||||
456,500 | Parkson Retail Group Ltd.(b) | 40,167 | ||||||
5,957,715 | People’s Insurance Co. Group of China Ltd. (The) - H Shares | 2,431,116 | ||||||
5,419,000 | Postal Savings Bank of China Co. Ltd. - Class H | 3,234,007 | ||||||
616,000 | Powerlong Real Estate Holdings Ltd. | 210,519 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
113,000 | Qingdao Port International Co. Ltd.(b) | $ | 66,285 | |||||
308,000 | Qinhuangdao Port Co. Ltd. | 66,769 | ||||||
67,000 | Real Gold Mining Ltd.(a)(b) | 2,247 | ||||||
120,016 | Red Star Macalline Group Corp. Ltd. - H Shares | 105,906 | ||||||
140,000 | Redco Group Ltd. | 63,377 | ||||||
1,822,000 | Renhe Commercial Holdings Co. Ltd.(b) | 61,570 | ||||||
128,000 | Ronshine China Holdings Ltd.(b) | 144,127 | ||||||
69,000 | Sany Heavy Equipment International Holdings Co. Ltd. | 19,885 | ||||||
728,580 | Semiconductor Manufacturing International Corp.(b) | 601,115 | ||||||
58,000 | Shandong Chenming Paper Holdings Ltd. - H Shares | 32,543 | ||||||
244,000 | Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares | 218,114 | ||||||
22,500 | Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares | 67,426 | ||||||
24,000 | Shanghai Fudan Microelectronics Group Co., Ltd. - H Shares(b) | 26,259 | ||||||
25,000 | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares | 11,477 | ||||||
6,100 | Shanghai Haohai Biological Technology Co. Ltd. | 31,893 | ||||||
349,235 | Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares | 81,498 | ||||||
85,900 | Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares | 189,722 | ||||||
420,000 | Shanghai Prime Machinery Co. Ltd. - H Shares(b) | 58,914 | ||||||
53,000 | Shengjing Bank Co. Ltd. - H Shares | 23,317 | ||||||
56,000 | Shenzhen Expressway Co. Ltd. - H Shares | 51,487 | ||||||
793,881 | Shui On Land Ltd. | 159,952 | ||||||
206,000 | Sihuan Pharmaceutical Holdings Group Ltd. | 41,768 | ||||||
5,830 | SINA Corp./China(b) | 369,097 | ||||||
4,037,562 | Sino-Ocean Land Holdings Ltd. | 1,580,642 | ||||||
119,000 | Sinopec Engineering Group Co. Ltd. - H Shares | 110,624 | ||||||
524,000 | Sinopec Shanghai Petrochemical Co. Ltd. - H Shares | 229,861 | ||||||
82,800 | Sinopharm Group Co. Ltd. - H Shares | 399,115 | ||||||
114,000 | Sinosoft Technology Group Ltd. | 32,563 | ||||||
186,000 | Sinotrans Ltd. - H Shares | 64,752 | ||||||
290,000 | Sinotruk Hong Kong Ltd. | 416,402 | ||||||
294,000 | Springland International Holdings Ltd. | 60,360 |
10 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
18,100 | Sunny Optical Technology Group Co. Ltd. | $ | 156,951 | |||||
69,000 | Sunshine 100 China Holdings Ltd.(b) | 33,436 | ||||||
27,456 | TAL Education Group - ADR(b) | 795,675 | ||||||
3,840 | Tarena International, Inc. - ADR | 33,215 | ||||||
16,000 | Tenfu Cayman Holdings Co. Ltd. | 10,814 | ||||||
255,000 | Tenwow International Holdings Ltd.(a)(b) | 12,357 | ||||||
36,000 | Tian Shan Development Holdings Ltd. | 10,880 | ||||||
52,000 | Tiangong International Co. Ltd. | 11,538 | ||||||
202,000 | Tianneng Power International Ltd. | 161,508 | ||||||
350,000 | Tingyi Cayman Islands Holding Corp. | 517,728 | ||||||
64,000 | Tong Ren Tang Technologies Co. Ltd. - H Shares | 91,569 | ||||||
12,800 | Tonly Electronics Holdings Ltd. | 8,047 | ||||||
78,500 | Travelsky Technology Ltd. - H Shares | 190,195 | ||||||
201,000 | Trony Solar Holdings Co. Ltd.(a) | 3,025 | ||||||
1,225,875 | UBS Beijing Capital Retailing Group Co. Ltd. - A Shares | 1,091,298 | ||||||
1,052,300 | UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares | 518,921 | ||||||
880,099 | UBS Better Life Commercial Chain Share Co. Ltd. - A Shares | 1,004,272 | ||||||
1,753,800 | UBS China Railway Tielong Container Logistics Co. Ltd - A Shares | 1,900,681 | ||||||
2,724,200 | UBS Daqin Railway Co. Ltd. - A Shares | �� | 3,147,595 | |||||
499,255 | Ubs Fujian Star-Net Communicat (Connect) Pnote | 1,180,898 | ||||||
2,343,845 | UBS Guangxi Liugong Machinery Co. Ltd. - A Shares | 2,341,900 | ||||||
828,594 | UBS MLS Co. Ltd. - A Shares | 1,599,982 | ||||||
1,966,580 | UBS Ping An Bank Co. Ltd. - A Shares | 3,075,692 | ||||||
3,869,500 | UBS Rizhao Port Co. Ltd. - A Shares | 1,547,607 | ||||||
1,703,100 | UBS Shandong Haihua Co. Ltd. -A Shares | 1,245,136 | ||||||
3,933,200 | UBS Shandong Nanshan Aluminum Co. Ltd. - A Shares | 1,502,207 | ||||||
1,787,197 | UBS Wuxi Taiji Industry Co. Ltd. - A Shares | 1,388,598 | ||||||
807,500 | UBS Xiamen King Long Motor Group Co. Ltd. - A Shares | 887,862 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
239,400 | Uni-President China Holdings Ltd. | $ | 232,319 | |||||
37,168 | Vipshop Holdings Ltd. - ADR(b) | 180,636 | ||||||
598,000 | Want Want China Holdings Ltd. | 427,037 | ||||||
542,000 | Weichai Power Co. Ltd. - H Shares | 535,645 | ||||||
1,172,000 | West China Cement Ltd. | 173,365 | ||||||
14,500 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 18,139 | ||||||
504,000 | Xiamen International Port Co. Ltd. - H Shares | 66,841 | ||||||
111,101 | Xingda International Holdings Ltd. | 29,893 | ||||||
15,000 | Xingfa Aluminium Holdings Ltd. | 9,908 | ||||||
59,440 | Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares | 44,266 | ||||||
249,803 | Xinyi Solar Holdings Ltd. | 78,044 | ||||||
6,226 | Xinyuan Real Estate Co. Ltd. - ADR | 25,713 | ||||||
170,000 | XTEP International Holdings Ltd. | 93,217 | ||||||
34,000 | Yadea Group Holdings Ltd. | 10,579 | ||||||
18,500 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares | 45,059 | ||||||
468,000 | Yanzhou Coal Mining Co. Ltd. - H Shares | 442,222 | ||||||
290,000 | Yashili International Holdings Ltd.(b) | 49,924 | ||||||
15,000 | Yichang HEC Changjiang Pharmaceutical Co. Ltd. - H Shares | 51,358 | ||||||
20,000 | Yihai International Holding Ltd. | 43,918 | ||||||
1,342 | Yirendai Ltd. - ADR | 20,882 | ||||||
184,500 | Youyuan International Holdings Ltd.(b) | 60,936 | ||||||
203,760 | Yuzhou Properties Co. Ltd. | 72,753 | ||||||
4,979 | YY Inc. - ADR(b) | 318,158 | ||||||
78,500 | Zhaojin Mining Industry Co. Ltd. - H Shares | 69,271 | ||||||
40,000 | Zhejiang Glass Co. Ltd. - H Shares(a) | 0 | ||||||
143,500 | Zhongsheng Group Holdings Ltd. | 261,676 | ||||||
17,900 | Zhuzhou CRRC Times Electric Co. Ltd. - H Shares | 95,641 | ||||||
274,000 | Zijin Mining Group Co. Ltd. - Class H | 101,676 | ||||||
3,926,400 | Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares | 1,256,736 | ||||||
12,125 | ZTO Express Cayman, Inc. - ADR | 196,668 | ||||||
116,427,024 |
11 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
COLUMBIA — 0.0% | ||||||||
4,176 | Frontera Energy Corp.(b) | $ | 54,498 | |||||
DENMARK — 1.0% | ||||||||
24,283 | ALK-Abello AS(b) | 3,893,007 | ||||||
38,493 | Alm Brand A/S | 323,166 | ||||||
8,231 | Amagerbanken A/S(a) | 0 | ||||||
28,870 | Ambu A/S - B Shares | 601,778 | ||||||
21,905 | Bang & Olufsen A/S(b) | 455,599 | ||||||
6,465 | Bavarian Nordic A/S(b) | 149,629 | ||||||
1,472 | Brodrene Hartmann A/S | 69,947 | ||||||
22,416 | Columbus A/S | 53,225 | ||||||
11,507 | D/S Norden A/S(b) | 159,147 | ||||||
20,907 | Dfds A/S | 895,076 | ||||||
22,430 | FLSmidth & Co. A/S | 1,177,874 | ||||||
39,049 | Genmab A/S(b) | 5,349,682 | ||||||
252,928 | GN Store Nord A/S | 10,740,100 | ||||||
74,071 | H. Lundbeck A/S | 3,459,023 | ||||||
9,044 | H+H International A/S - Class B(b) | 148,836 | ||||||
825 | Harboes Bryggeri A/S - Class B | 9,819 | ||||||
72,808 | ISS A/S | 2,394,178 | ||||||
84 | Jeudan A/S | 11,911 | ||||||
26,206 | Jyske Bank A/S | 1,071,411 | ||||||
104,387 | Matas A/S | 1,007,912 | ||||||
5,088 | Nilfisk Holding A/S(b) | 200,063 | ||||||
5,778 | NKT A/S(b) | 108,772 | ||||||
2,056 | NNIT A/S | 58,057 | ||||||
1,840 | Parken Sport & Entertainment A/S | 21,342 | ||||||
12,552 | Per Aarsleff A/S | 410,657 | ||||||
8,759 | Ringkjoebing Landbobank A/S | 445,470 | ||||||
1,095 | Rockwool International A/S - A Shares | 313,361 | ||||||
27,817 | Rockwool International A/S - B Shares | 9,510,374 | ||||||
81,572 | Royal Unibrew A/S | 5,793,223 | ||||||
2,694 | RTX A/S | 70,347 | ||||||
2,230 | Scandinavian Tobacco Group A/S | 33,838 | ||||||
6,565 | Schouw & Co. | 536,710 | ||||||
127,001 | SimCorp A/S | 9,785,029 | ||||||
1,799 | Solar A/S - Class B | 96,274 | ||||||
34,697 | Spar Nord Bank A/S | 287,610 | ||||||
35,027 | Sydbank AS | 809,882 | ||||||
2,492 | TCM Group A/S(b) | 39,270 | ||||||
132 | Tivoli A/S | 12,785 | ||||||
16,542 | Topdanmark A/S | 788,563 | ||||||
35,108 | Tryg A/S | 848,532 | ||||||
17,964 | William Demant Holding A/S(b) | 591,264 | ||||||
3,453 | Zealand Pharma AS(b) | 43,982 | ||||||
62,776,725 | ||||||||
EGYPT — 0.0% | ||||||||
1,772,495 | Eastern Tobacco | 1,591,487 |
Shares | Value | |||||||
EGYPT (continued) | ||||||||
1,019,960 | ElSewedy Electric Co. | $ | 863,437 | |||||
2,454,924 | ||||||||
FAEROE ISLANDS — 0.0% | ||||||||
7,482 | Bakkafrost | 420,174 | ||||||
662 | BankNordik P/F | 11,307 | ||||||
431,481 | ||||||||
FINLAND — 0.5% | ||||||||
22,392 | Afarak Group Oyj(b) | 22,319 | ||||||
8,500 | Aktia Bank Oyj | 82,796 | ||||||
4,177 | Alma Media Oyj | 31,130 | ||||||
20,572 | Amer Sports Oyj | 764,964 | ||||||
1,808 | Asiakastieto Group Oyj | 59,387 | ||||||
5,440 | Aspo Oyj | 56,563 | ||||||
6,463 | Atria Oyj | 61,930 | ||||||
954 | BasWare Oyj(b) | 21,557 | ||||||
12,077 | Bittium Oyj | 80,022 | ||||||
14,711 | Cargotec Oyj - Class B | 611,507 | ||||||
24,833 | Caverion Corp.(b) | 155,401 | ||||||
40,986 | Citycon Oyj | 79,708 | ||||||
25,598 | Cramo Oyj | 487,669 | ||||||
19,474 | DNA Oyj | 381,809 | ||||||
29,832 | Elisa Oyj | 1,187,685 | ||||||
213,166 | Finnair Oyj | 1,601,962 | ||||||
10,364 | Fiskars Oyj Abp | 191,341 | ||||||
12,148 | F-Secure Oyj | 31,715 | ||||||
43,142 | Huhtamaki Oyj | 1,211,352 | ||||||
2,500 | Ilkka-Yhtyma Oyj | 8,608 | ||||||
87,361 | Kemira Oyj | 1,071,617 | ||||||
3,307 | Kesko Oyj - A Shares | 185,784 | ||||||
28,622 | Kesko OYJ - B Shares | 1,673,445 | ||||||
18,403 | Kojamo Oyj(b) | 189,660 | ||||||
35,936 | Konecranes Oyj | 1,288,647 | ||||||
13,015 | Lassila & Tikanoja Oyj | 234,388 | ||||||
1,017 | Lehto Group Oyj | 5,299 | ||||||
202,619 | Metsa Board Oyj | 1,775,145 | ||||||
21,925 | Metso Oyj | 693,095 | ||||||
36,542 | Nokian Renkaat Oyj | 1,162,205 | ||||||
6,512 | Olvi Oyj - Class A | 218,323 | ||||||
85,102 | Oriola Oyj - Class B | 259,772 | ||||||
6,792 | Orion Oyj - Class A | 235,403 | ||||||
72,799 | Orion Oyj - Class B | 2,506,643 | ||||||
58,724 | Outokumpu Oyj | 246,765 | ||||||
25,811 | Outotec Oyj(b) | 99,983 | ||||||
5,435 | Ponsse Oyj | 167,441 | ||||||
5,995 | Poyry Oyj | 50,927 | ||||||
48,416 | Raisio Oyj - V Shares | 148,611 | ||||||
139,201 | Ramirent Oyj | 1,016,940 | ||||||
2,791 | Revenio Group Oyj | 40,463 | ||||||
112,468 | Sanoma Oyj | 1,268,130 | ||||||
1,099 | Teleste Oyj | 7,842 | ||||||
31,590 | Tieto Oyj | 1,018,305 | ||||||
7,655 | Tikkurila Oyj | 104,218 | ||||||
115,563 | Tokmanni Group Corp. | 937,839 | ||||||
11,122 | Uponor Oyj | 120,619 |
12 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
FINLAND (continued) | ||||||||
6,966 | Vaisala Oyj - Class A | $ | 136,497 | |||||
226,265 | Valmet Oyj | 5,156,307 | ||||||
58,742 | Wartsila Oyj Abp | 1,001,666 | ||||||
44,279 | YIT Oyj | 252,266 | ||||||
30,403,670 | ||||||||
FRANCE — 1.4% | ||||||||
4,968 | ABC Arbitrage | 35,900 | ||||||
8,307 | Actia Group | 39,847 | ||||||
148,445 | Air France-KLM(b) | 1,439,238 | ||||||
18,370 | Albioma SA | 357,459 | ||||||
33,754 | Alstom SA | 1,477,638 | ||||||
353 | Altarea SCA REIT | 77,646 | ||||||
12,280 | Alten SA | 1,184,340 | ||||||
37,209 | Altran Technologies SA | 369,608 | ||||||
4,680 | Amplitude Surgical SAS(b) | 17,068 | ||||||
6,577 | Antalis International SAS | 8,388 | ||||||
3,013 | APRIL SA | 54,603 | ||||||
704 | Argan SA REIT | 35,643 | ||||||
50,239 | Arkema SA | 5,279,451 | ||||||
3,814 | Assystem | 111,022 | ||||||
1,986 | AST Groupe SA | 19,795 | ||||||
1,208 | Aubay | 43,099 | ||||||
1,620 | Axway Software SA | 25,688 | ||||||
612 | Bastide le Confort Medical | 24,331 | ||||||
12,712 | Beneteau SA | 211,365 | ||||||
5,297 | Bigben Interactive | 46,737 | ||||||
5,973 | BioMerieux | 455,980 | ||||||
1,783 | Boiron SA | 106,832 | ||||||
10,287 | Bonduelle SCA | 365,275 | ||||||
52,614 | Bureau Veritas SA | 1,188,879 | ||||||
131 | Burelle SA | 139,474 | ||||||
13,624 | Casino Guichard Perrachon SA | 601,815 | ||||||
2,065 | Cegedim SA(b) | 51,690 | ||||||
266,678 | Cellectis SA(a)(b) | 6,675,332 | ||||||
111,710 | CGG SA(b) | 271,528 | ||||||
9,130 | Chargeurs SA | 197,824 | ||||||
5,908 | Cie des Alpes | 180,675 | ||||||
25,748 | Coface SA(b) | 257,804 | ||||||
2,547 | Covivio REIT | 256,030 | ||||||
69,200 | Derichebourg SA | 333,894 | ||||||
2,574 | Devoteam SA | 283,962 | ||||||
19,998 | Edenred | 759,475 | ||||||
35,398 | Eiffage SA | 3,464,866 | ||||||
410 | Electricite de Strasbourg SA | 47,599 | ||||||
11,388 | Elior Group SA | 164,199 | ||||||
49,566 | Elis SA | 1,000,987 | ||||||
3,173 | Eramet | 292,721 | ||||||
471 | Esker SA | 31,582 | ||||||
1,990 | Esso SA Francaise | 78,663 | ||||||
109,691 | Etablissements Maurel et Prom(b) | 508,766 | ||||||
53,791 | Europcar Groupe SA | 510,560 | ||||||
84,618 | Eutelsat Communications SA | 1,716,531 | ||||||
1,226 | Exel Industries SA - Class A | 93,871 | ||||||
43,377 | Faurecia SA | 2,108,198 |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
1,129 | FFP | $ | 132,735 | |||||
590 | Fleury Michon SA | 30,473 | ||||||
8,448 | Fnac Darty SA(b) | 601,863 | ||||||
1,024 | Fnac Darty SA(b) | 73,127 | ||||||
520 | Fountaine Pajot SA | 61,842 | ||||||
59,033 | Gaztransport Et Technigaz SA | 4,372,864 | ||||||
2,777 | Gecina SA REIT | 407,952 | ||||||
68,766 | Getlink SE | 865,718 | ||||||
8,875 | GL Events | 189,987 | ||||||
1,860 | Groupe Crit | 124,296 | ||||||
1,726 | Groupe Open | 42,129 | ||||||
1,572 | Guerbet | 99,531 | ||||||
4,545 | Haulotte Group SA | 51,582 | ||||||
238 | HERIGE SADCS | 6,524 | ||||||
3,255 | ICADE REIT | 276,138 | ||||||
301 | ID Logistics Group(b) | 50,798 | ||||||
18,815 | Imerys SA | 1,161,433 | ||||||
8,383 | Ingenico Group SA | 594,764 | ||||||
1,784 | Interparfums SA | 73,854 | ||||||
20,380 | IPSOS | 543,380 | ||||||
6,851 | Jacquet Metal Service | 142,159 | ||||||
10,725 | JCDecaux SA | 353,009 | ||||||
7,791 | Kaufman & Broad SA | 319,974 | ||||||
11,795 | Klepierre REIT | 400,786 | ||||||
49,254 | Korian SA | 1,943,628 | ||||||
336,004 | Lagardere SCA | 9,206,058 | ||||||
863 | Laurent-Perrier | 88,559 | ||||||
1,403 | Le Belier | 54,029 | ||||||
1,830 | Le Noble Age | 96,901 | ||||||
9,860 | Lectra | 209,063 | ||||||
1,180 | Linedata Services | 40,497 | ||||||
10,143 | LISI | 295,826 | ||||||
10,176 | Maisons du Monde SA | 255,181 | ||||||
848 | Maisons France Confort SA | 31,504 | ||||||
4,701 | Manitou BF SA | 132,848 | ||||||
447 | Manutan International | 29,871 | ||||||
13,391 | Mersen SA | 442,125 | ||||||
17,539 | METabolic EXplorer SA(b) | 36,036 | ||||||
15,189 | Metropole Television SA | 294,356 | ||||||
5,327 | MGI Coutier | 106,312 | ||||||
1,975 | Mr Bricolage | 22,705 | ||||||
20,492 | Neopost SA | 659,168 | ||||||
5,517 | Nexans SA | 159,719 | ||||||
23,462 | Nexity SA | 1,124,616 | ||||||
5,130 | NRJ Group | 45,322 | ||||||
5,684 | Oeneo SA | 57,555 | ||||||
3,406 | OL Groupe SA(b) | 10,609 | ||||||
6,110 | Orpea | 753,291 | ||||||
1,668 | Pierre & Vacances SA(b) | 36,954 | ||||||
17,792 | Plastic Omnium SA | 495,739 | ||||||
5,366 | Plastivaloire | 67,099 | ||||||
769 | PSB Industries SA | 39,979 | ||||||
5,645 | Rallye SA | 62,755 | ||||||
454,752 | Rexel SA | 5,804,862 | ||||||
188 | Robertet SA | 111,579 | ||||||
18,278 | Rothschild & Co. | 729,762 |
13 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
7,881 | Rubis SCA | $ | 407,935 | |||||
68 | Samse SA | 9,473 | ||||||
11,701 | Sartorius Stedim Biotech | 1,452,536 | ||||||
2,786 | Savencia SA | 204,479 | ||||||
54,627 | SCOR SE | 2,528,747 | ||||||
6,771 | SEB SA | 971,679 | ||||||
2,465 | Seche Environnement SA | 72,870 | ||||||
4,331 | Societe BIC SA | 415,004 | ||||||
436 | Societe pour l’Informatique Industrielle | 10,963 | ||||||
1,806 | SOITEC(b) | 129,381 | ||||||
49,337 | Solocal Group(b) | 40,039 | ||||||
2,470 | Somfy SA | 191,078 | ||||||
2,659 | Sopra Steria Group | 295,147 | ||||||
5,168 | SPIE SA | 81,188 | ||||||
38,627 | Ste Industrielle d’Aviation Latecoere SA(b) | 149,408 | ||||||
2,258 | Stef SA | 206,903 | ||||||
32,625 | Suez | 472,438 | ||||||
4,082 | Synergie SA | 124,833 | ||||||
12,389 | Tarkett SA | 273,069 | ||||||
14,768 | Teleperformance SA | 2,435,435 | ||||||
36,528 | Television Francaise 1 | 372,359 | ||||||
509 | Tessi SA(b) | 75,524 | ||||||
332 | TFF Group | 14,797 | ||||||
1,652 | Thermador Groupe | 89,066 | ||||||
1,951 | Trigano SA | 198,329 | ||||||
42,609 | UBISOFT Entertainment(b) | 3,836,736 | ||||||
577 | Union Financiere de France BQE SA | 17,580 | ||||||
106,014 | Vallourec SA(b) | 503,479 | ||||||
45,651 | Valneva SE(b) | 173,733 | ||||||
602 | Vetoquinol SA | 33,752 | ||||||
7,551 | Vicat SA | 406,248 | ||||||
1,831 | VIEL & Cie SA | 9,747 | ||||||
2,719 | Vilmorin & Cie SA | 161,990 | ||||||
11,991 | Virbac SA(b) | 1,925,861 | ||||||
1,002 | Vranken - Pommery Monopole SA | 27,238 | ||||||
3,821 | Worldline SA(b) | 201,244 | ||||||
85,945,592 | ||||||||
GABON — 0.0% | ||||||||
260 | Total Gabon | 41,375 | ||||||
GEORGIA — 0.0% | ||||||||
8,430 | Bank Of Georgia Group Plc | 168,029 | ||||||
180 | Dermapharm Holding SE(b) | 5,131 | ||||||
5,317 | Georgia Capital Plc(b) | 79,515 | ||||||
1,854 | Schaltbau Holding AG(b) | 48,088 | ||||||
300,763 | ||||||||
GERMANY — 1.8% | ||||||||
14,653 | 7C Solarparken Ag | 43,483 | ||||||
19,639 | Aareal Bank AG | 732,050 | ||||||
1,504 | Ado Properties Sa | 88,837 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
27,769 | ADVA Optical Networking SE(b) | $ | 227,244 | |||||
40,347 | AIXTRON SE(b) | 507,485 | ||||||
378 | All for One Steeb AG | 22,520 | ||||||
5,232 | Allgeier SE | 190,817 | ||||||
1,125 | Amadeus Fire AG | 128,697 | ||||||
352 | Atoss Software AG | 30,300 | ||||||
23,296 | Aurubis AG | 1,416,404 | ||||||
24,594 | Axel Springer SE | 1,635,162 | ||||||
310 | Basler AG | 54,915 | ||||||
6,954 | Bauer AG | 116,098 | ||||||
7,302 | BayWa AG | 212,967 | ||||||
24,804 | Bechtle AG | 2,205,387 | ||||||
2,412 | Bertrandt AG | 199,705 | ||||||
234 | bet-at-home.com AG | 13,623 | ||||||
2,764 | Bijou Brigitte AG | 115,051 | ||||||
10,155 | Bilfinger SE | 443,057 | ||||||
256 | Biotest AG - Preference Shares | 6,799 | ||||||
81,281 | Borussia Dortmund GmbH & Co. KGaA | 881,037 | ||||||
74,733 | Brenntag AG | 3,908,100 | ||||||
5,512 | CANCOM SE | 225,252 | ||||||
39,552 | Carl Zeiss Meditec AG | 3,245,639 | ||||||
2,761 | CENIT AG | 47,534 | ||||||
12,405 | CENTROTEC Sustainable AG | 175,069 | ||||||
3,390 | Cewe Stiftung & Co. KGaA | 265,705 | ||||||
6,990 | Comdirect Bank AG | 82,814 | ||||||
4,968 | CompuGroup Medical SE | 281,349 | ||||||
30,063 | CTS Eventim AG & Co KGaA | 1,129,120 | ||||||
183,814 | Deutsche Lufthansa AG | 3,697,558 | ||||||
36,249 | Deutsche Pfandbriefbank AG | 482,422 | ||||||
144,615 | Deutz AG | 1,077,786 | ||||||
3,960 | Dic Asset AG | 42,745 | ||||||
7,379 | DMG Mori AG | 357,295 | ||||||
9,057 | Dr Hoenle AG | 707,827 | ||||||
1,114 | Draegerwerk AG & Co. KGaA | 54,382 | ||||||
14,093 | Draegerwerk AG & Co. KGaA - Preference Shares | 757,573 | ||||||
10,531 | Drillisch AG | 470,435 | ||||||
25,234 | Duerr AG | 900,877 | ||||||
1,927 | Eckert & Ziegler AG | 106,948 | ||||||
7,759 | Elmos Semiconductor AG | 161,703 | ||||||
1,833 | Energiekontor Ag | 29,377 | ||||||
6,361 | Fielmann AG | 395,180 | ||||||
2,636 | First Sensor AG | 50,159 | ||||||
710 | Formycon AG(b) | 22,839 | ||||||
27,736 | Fraport AG Frankfurt Airport Services Worldwide | 2,145,645 | ||||||
77,996 | Freenet AG | 1,757,116 | ||||||
12,034 | Fuchs Petrolub SE | 558,022 | ||||||
7,844 | Fuchs Petrolub SE | 340,275 | ||||||
28,744 | GEA Group AG | 874,473 | ||||||
19,532 | Gerresheimer AG | 1,377,144 | ||||||
6,342 | Gesco AG | 198,257 | ||||||
20,578 | GFT Technologies SE | 236,572 | ||||||
4,785 | GRENKE AG | 459,591 |
14 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
8,905 | Hamborner AG REIT | $ | 89,767 | |||||
34,534 | Hamburger Hafen und Logistik AG | 733,010 | ||||||
6,638 | Hapag-Lloyd AG | 245,704 | ||||||
179,733 | Heidelberger Druckmaschinen AG(b) | 417,733 | ||||||
22,511 | Hella GmbH & Co. KGaA | 1,055,574 | ||||||
3,483 | Hochtief AG | 516,795 | ||||||
48,348 | HolidayCheck Group AG(b) | 164,009 | ||||||
2,152 | Hornbach Baumarkt AG | 57,280 | ||||||
214 | Hornbach Holding AG & Co. KGaA | 14,155 | ||||||
13,464 | HUGO BOSS AG | 963,490 | ||||||
11,302 | Indus Holding AG | 617,655 | ||||||
4,790 | Isra Vision AG | 205,893 | ||||||
49,829 | Jenoptik AG | 1,503,522 | ||||||
22,441 | Jungheinrich AG - Preference Shares | 744,738 | ||||||
66,118 | K+S AG | 1,233,408 | ||||||
37,788 | KION Group AG | 2,212,778 | ||||||
28,513 | Kloeckner & Co. SE | 240,275 | ||||||
4,252 | Koenig & Bauer AG | 208,051 | ||||||
8,718 | Krones AG | 780,571 | ||||||
210 | KSB SE & Co. KGaA | 72,308 | ||||||
629 | KWS Saat SE | 213,730 | ||||||
56,757 | LANXESS AG | 3,520,272 | ||||||
5,043 | Leg Immobilien AG | 552,115 | ||||||
4,065 | Leifheit AG | 72,746 | ||||||
12,765 | Leoni AG | 466,711 | ||||||
1,329 | LPKF Laser & Electronics AG(b) | 9,634 | ||||||
1,170 | Manz AG(b) | 36,973 | ||||||
1,297 | MasterFlex SE | 11,635 | ||||||
1,044 | Mensch und Maschine Software S.E. | 30,863 | ||||||
103,612 | METRO AG | 1,560,828 | ||||||
23,264 | MLP AG | 134,384 | ||||||
97,162 | Morphosys AG(b) | 9,002,086 | ||||||
14,281 | MTU Aero Engines AG | 3,037,719 | ||||||
24,189 | Nemetschek SE | 3,180,853 | ||||||
2,244 | Nexus AG | 61,254 | ||||||
16,453 | Nordex SE(b) | 153,556 | ||||||
15,078 | NORMA Group SE | 814,962 | ||||||
824 | Nynomic AG(b) | 20,066 | ||||||
2,536 | OHB SE | 90,193 | ||||||
27,169 | OSRAM Licht AG | 1,102,282 | ||||||
23,955 | Patrizia Immobilien AG | 411,871 | ||||||
1,780 | Pfeiffer Vacuum Technology AG | 221,772 | ||||||
56,197 | PNE Wind AG | 154,036 | ||||||
1,310 | Progress-Werk Oberkirch AG | 43,623 | ||||||
2,815 | ProSiebenSat.1 Media SE | 65,107 | ||||||
577 | PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie | 10,326 | ||||||
989 | Puma SE | 508,564 | ||||||
55,724 | QSC AG | 98,208 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
870 | R Stahl AG(b) | $ | 22,467 | |||||
811 | Rational AG | 470,310 | ||||||
25,667 | Rheinmetall AG | 2,225,138 | ||||||
10,994 | RHOEN-KLINIKUM AG | 277,935 | ||||||
10,710 | RIB Software AG | 185,356 | ||||||
17,769 | SAF-Holland SA | 259,222 | ||||||
39,243 | Salzgitter AG | 1,572,582 | ||||||
6,413 | Sartorius AG - Preference Shares | 929,747 | ||||||
79,787 | Schaeffler AG | 843,335 | ||||||
2,241 | Scout24 Ag | 93,052 | ||||||
330 | Secunet Security Networks AG | 34,761 | ||||||
5,841 | SGL Carbon SE(b) | 58,649 | ||||||
3,648 | SHW AG | 91,521 | ||||||
31,111 | Siltronic AG | 2,857,072 | ||||||
6,938 | Sixt SE | 707,246 | ||||||
8,410 | Sixt SE - Preference Shares | 579,153 | ||||||
8,180 | SMA Solar Technology AG | 190,860 | ||||||
977 | Softing AG | 8,897 | ||||||
59,136 | Software AG | 2,651,739 | ||||||
1,462 | Sto Se & Co. KGAA - Preference Shares | 151,020 | ||||||
148 | STRATEC Biomedical AG | 9,723 | ||||||
6,642 | Stroeer SE & Co. KGaA | 347,413 | ||||||
26,836 | Suedzucker AG | 414,900 | ||||||
5,516 | Suess MicroTec AG(b) | 70,349 | ||||||
4,187 | Surteco SE | 93,140 | ||||||
18,609 | Symrise AG | 1,563,098 | ||||||
393,190 | TAG Immobilien AG | 8,987,047 | ||||||
34,353 | Takkt AG | 583,646 | ||||||
28,133 | Talanx AG | 1,007,561 | ||||||
695 | Technotrans AG | 24,796 | ||||||
85,244 | Tier REIT, Inc., REIT | 1,228,130 | ||||||
4,769 | TLG Immobilien AG | 121,211 | ||||||
18,378 | Tom Tailor Holding AG(b) | 70,316 | ||||||
524 | Traffic Systems SE | 9,704 | ||||||
67,209 | Uniper SE | 1,941,920 | ||||||
60,748 | United Internet AG | 2,516,918 | ||||||
4,362 | Villeroy & Boch AG - Preference Shares | 71,046 | ||||||
3,798 | Vossloh AG | 175,728 | ||||||
8,913 | VTG AG | 534,039 | ||||||
10,394 | Wacker Chemie AG | 930,750 | ||||||
10,709 | Wacker Neuson SE | 238,223 | ||||||
1,892 | Washtec AG | 145,936 | ||||||
681 | Wincor Nixdorf AG | 44,120 | ||||||
6,076 | Wuestenrot & Wuerttembergische AG | 123,049 | ||||||
472 | XING AG | 141,938 | ||||||
109,162,269 | ||||||||
GIBRALTAR — 0.0% | ||||||||
23,380 | 888 Holdings Plc | 55,376 |
15 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
GREECE — 0.1% | ||||||||
96 | Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a) | $ | 0 | |||||
1,455,313 | Alpha Bank AE(b) | 2,200,549 | ||||||
2,218,429 | Eurobank Ergasias SA(b) | 1,495,051 | ||||||
36,614 | Intralot SA-Integrated Lottery Systems & Services(b) | 24,592 | ||||||
469,899 | National Bank of Greece SA(b) | 814,309 | ||||||
159,050 | OPAP SA | 1,495,220 | ||||||
22,848 | Proton Bank SA(a) | 0 | ||||||
6,476 | Sarantis SA | 51,492 | ||||||
12,534 | T Bank SA(a)(b) | 0 | ||||||
2,904 | Terna Energy SA | 20,163 | ||||||
647 | Thessaloniki Port Authority SA | 17,368 | ||||||
31,091 | TT Hellenic Postbank SA(a)(b) | 0 | ||||||
6,118,744 | ||||||||
HONG KONG — 1.0% | ||||||||
1,500,000 | Agritrade Resources Ltd. | 298,395 | ||||||
580,000 | Alibaba Pictures Group Ltd.(b) | 79,878 | ||||||
1,415,693 | Allied Properties HK Ltd. | 303,287 | ||||||
58,000 | AMVIG Holdings Ltd. | 14,496 | ||||||
520,000 | Anxin-China Holdings Ltd.(a)(b) | 4,788 | ||||||
435,000 | Applied Development Holdings Ltd.(b) | 32,173 | ||||||
144,250 | APT Satellite Holdings Ltd. | 46,355 | ||||||
144,000 | Asia Financial Holdings Ltd. | 77,307 | ||||||
320,000 | Asia Pacific Silk Road Investment Co. Ltd.(b) | 2,652 | ||||||
21,900 | ASM Pacific Technology Ltd. | 189,064 | ||||||
74,000 | Associated International Hotels Ltd.(a) | 207,601 | ||||||
18,000 | Ausnutria Dairy Corp. Ltd. | 16,320 | ||||||
58,500 | Beijing Enterprises Holdings Ltd. | 316,299 | ||||||
774,000 | Beijing Enterprises Medical & Health Group Ltd.(b) | 30,103 | ||||||
106,000 | Beijing Enterprises Water Group Ltd. | 53,933 | ||||||
336,000 | Beijing Gas Blue Sky Holdings Ltd.(b) | 21,852 | ||||||
504,000 | Bel Global Resources Holdings Ltd.(a)(b) | 0 | ||||||
355,000 | Brightoil Petroleum Holdings Ltd.(a)(b) | 67,904 | ||||||
14,000 | Brilliance China Automotive Holdings Ltd. | 12,211 | ||||||
1,644,354 | Brockman Mining Ltd.(b) | 33,340 | ||||||
242,000 | Cafe de Coral Holdings Ltd. | 524,614 | ||||||
28,000 | Camsing International Holding, Ltd.(b) | 21,995 | ||||||
92,000 | Carrianna Group Holdings Co. Ltd. | 9,855 | ||||||
233,000 | Cathay Pacific Airways Ltd. | 295,932 | ||||||
166,800 | Century City International Holdings Ltd. | 14,676 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
564,000 | CGN New Energy Holdings Co. Ltd. | $ | 74,079 | |||||
4,372,000 | Champion REIT | 2,943,676 | ||||||
80,213 | Champion Technology Holdings, Ltd.(b) | 3,631 | ||||||
134,359 | Cheuk Nang Holdings Ltd. | 81,383 | ||||||
85,873 | Chevalier International Holdings Ltd. | 122,426 | ||||||
88,000 | Chiho Environmental Group Ltd.(b) | 25,585 | ||||||
138,137 | China Agri-Industries Holdings Ltd. | 46,152 | ||||||
344,000 | China Beidahuang Industry Group Holdings Ltd.(b) | 8,817 | ||||||
32,222 | China Everbright International Ltd. | 25,681 | ||||||
525,600 | China Fiber Optic Network System Group Ltd.(a)(b) | 18,767 | ||||||
66,000 | China Flavors & Fragrances Co. Ltd. | 22,303 | ||||||
98,000 | China Foods Ltd. | 45,864 | ||||||
144,000 | China Grand Pharmaceutical and Healthcare Holdings Ltd.(b) | 69,779 | ||||||
6,603,000 | China High Precision Automation Group Ltd.(a)(b) | 0 | ||||||
29,000 | China High Speed Transmission Equipment Group Co. Ltd. | 27,033 | ||||||
2,684,000 | China Jinmao Holdings Group Ltd. | 1,126,041 | ||||||
201,000 | China Mengniu Dairy Co. Ltd. | 592,085 | ||||||
292,557 | China New Town Development Co. Ltd. | 7,088 | ||||||
1,010,000 | China Oil and Gas Group Ltd. | 69,549 | ||||||
245,000 | China Overseas Property Holdings Ltd. | 57,486 | ||||||
113,333 | China Power International Development Ltd. | 22,401 | ||||||
197,102 | China Resources Beer Holdings Co. Ltd. | 684,910 | ||||||
428,440 | China Resources Cement Holdings Ltd. | 377,524 | ||||||
90,800 | China Resources Gas Group Ltd. | 347,363 | ||||||
44,000 | China Resources Power Holdings Co. Ltd. | 77,318 | ||||||
168,000 | China Ruifeng Renewable Energy Holdings Ltd.(b) | 11,997 | ||||||
74,920 | China Singyes Solar Technologies Holdings Ltd.(a) | 20,541 | ||||||
1,018,000 | China South City Holdings Ltd. | 149,287 | ||||||
284,000 | China Taiping Insurance Holdings Co. Ltd. | 948,846 | ||||||
458,000 | China Traditional Chinese Medicine Holdings Co. Ltd. | 291,435 | ||||||
290,000 | China Travel International Investment Hong Kong Ltd. | 77,659 |
16 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
2,038,000 | China Unicom Hong Kong Ltd. | $ | 2,115,459 | |||||
28,000 | China Vast Industrial Urban Development Co. Ltd. | 10,854 | ||||||
84,000 | China Water Affairs Group Ltd. | 75,731 | ||||||
128,000 | China Water Industry Group Ltd.(b) | 18,771 | ||||||
153,000 | Chow Sang Sang Holdings International Ltd. | 247,783 | ||||||
110,000 | Chu Kong Shipping Enterprises Group Co. Ltd. | 24,968 | ||||||
237,500 | Chuang’s Consortium International Ltd. | 43,309 | ||||||
90,000 | CIMC Enric Holdings Ltd. | 69,090 | ||||||
1,909,000 | CITIC Telecom International Holdings Ltd. | 598,849 | ||||||
274,000 | Citychamp Watch & Jewellery Group Ltd. | 56,254 | ||||||
490,000 | CK Life Sciences International Holdings, Inc. | 24,681 | ||||||
47,000 | Clear Media Ltd.(a) | 13,103 | ||||||
95,000 | CNQC International Holdings Ltd. | 20,473 | ||||||
940,000 | Concord New Energy Group Ltd. | 37,159 | ||||||
2,305,812 | COSCO Shipping Ports Ltd. | 2,352,284 | ||||||
582,000 | Cowell e Holdings, Inc. | 66,795 | ||||||
1,904,000 | CP Pokphand Co. Ltd. | 165,102 | ||||||
1,359,335 | CSI Properties Ltd. | 52,869 | ||||||
94,000 | Dah Chong Hong Holdings Ltd. | 31,765 | ||||||
141,724 | Dah Sing Banking Group Ltd. | 269,281 | ||||||
96,678 | Dah Sing Financial Holdings Ltd. | 518,405 | ||||||
208,000 | Dawnrays Pharmaceutical Holdings Ltd. | 47,743 | ||||||
244,000 | DBA Telecommunication Asia Holdings Ltd.(a)(b) | 2,041 | ||||||
108,000 | Dynasty Fine Wines Group Ltd.(a)(b) | 3,718 | ||||||
92,000 | Eagle Nice International Holdings Ltd. | 36,955 | ||||||
118,000 | EcoGreen International Group Ltd. | 23,624 | ||||||
386,416 | Emperor International Holdings Ltd. | 94,609 | ||||||
710,000 | Emperor Watch & Jewellery Ltd. | 28,067 | ||||||
261,600 | Esprit Holdings, Ltd.(b) | 59,379 | ||||||
92,000 | EVA Precision Industrial Holdings Ltd. | 7,274 | ||||||
65,500 | Fairwood Holdings Ltd. | 218,418 | ||||||
591,893 | Far East Consortium International Ltd. | 275,494 | ||||||
457,000 | Far East Horizon Ltd. | 442,900 | ||||||
202,000 | First Pacific Co. Ltd. | 90,414 | ||||||
170,000 | Fountain SET Holdings Ltd. | 22,329 | ||||||
35,000 | Fullshare Holdings Ltd. | 13,613 | ||||||
554,000 | GCL-New Energy Holdings Ltd.(b) | 18,368 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
930,000 | Gemdale Properties & Investment Corp. Ltd. | $ | 85,387 | |||||
2,406,000 | Get Nice Holdings Ltd. | 73,635 | ||||||
918,000 | Giordano International Ltd. | 407,378 | ||||||
25,000 | Glorious Property Holdings Ltd.(b) | 1,211 | ||||||
220,000 | Gold Peak Industries Holdings Ltd. | 21,882 | ||||||
86,000 | Goldlion Holdings Ltd. | 33,887 | ||||||
7,050,000 | G-Resources Group Ltd.(b) | 44,951 | ||||||
98,000 | Guangdong Investment Ltd. | 174,956 | ||||||
18,000 | Guoco Group Ltd. | 302,986 | ||||||
535,600 | Guotai Junan International Holdings Ltd. | 96,985 | ||||||
83,000 | Haier Electronics Group Co. Ltd. | 173,368 | ||||||
13,255 | Haitong International Securities Group Ltd. | 4,327 | ||||||
128,000 | Hang Lung Group Ltd. | 314,697 | ||||||
133,267 | Hanison Construction Holdings Ltd. | 22,942 | ||||||
114,000 | Harbour Centre Development Ltd. | 207,300 | ||||||
21,000 | Health and Happiness H&H International Holdings Ltd.(b) | 119,435 | ||||||
75,500 | HKBN Ltd. | 113,222 | ||||||
65,441 | HKC Holdings Ltd. | 46,982 | ||||||
167,200 | HKR International Ltd. | 79,741 | ||||||
90,000 | Hon Kwok Land Investment Co. Ltd. | 42,808 | ||||||
9,600 | Hong Kong Aircraft Engineering Co. Ltd. | 87,590 | ||||||
305,651 | Hongkong & Shanghai Hotels Ltd. (The) | 420,166 | ||||||
135,500 | Hopewell Holdings Ltd. | 418,149 | ||||||
132,000 | Hopson Development Holdings Ltd. | 101,164 | ||||||
188,000 | Hsin Chong Group Holdings Ltd.(a)(b) | 1,573 | ||||||
220,000 | Hua Han Health Industry Holdings Ltd.(a)(b) | 5,948 | ||||||
527,000 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 194,216 | ||||||
44,000 | Hysan Development Co. Ltd. | 206,199 | ||||||
175,000 | IPE Group Ltd. | 23,878 | ||||||
598,000 | IT Ltd. | 273,761 | ||||||
66,905 | ITC Properties Group Ltd. | 19,111 | ||||||
32,000 | Jiayuan International Group Ltd. | 56,149 | ||||||
95,125 | Johnson Electric Holdings Ltd. | 213,008 | ||||||
838,000 | Joy City Property Ltd. | 88,695 | ||||||
330,000 | Ju Teng International Holdings Ltd. | 83,321 | ||||||
6,002 | K Wah International Holdings Ltd. | 2,709 | ||||||
84,000 | Kader Holdings Co. Ltd. | 10,390 | ||||||
1,500,000 | Kai Yuan Holdings Ltd.(b) | 9,564 |
17 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
308,500 | Kerry Logistics Network Ltd. | $ | 488,599 | |||||
497,500 | Kerry Properties Ltd. | 1,563,817 | ||||||
150,200 | Kingboard Chemical Holdings Ltd. | 402,221 | ||||||
111,500 | Kingboard Laminates Holdings Ltd. | 85,310 | ||||||
74,000 | Kingmaker Footwear Holdings Ltd. | 15,948 | ||||||
336,000 | Kingston Financial Group Ltd. | 77,552 | ||||||
328,000 | Kowloon Development Co. Ltd. | 337,538 | ||||||
768,000 | Kunlun Energy Co. Ltd. | 871,620 | ||||||
43,180 | Lai Fung Holdings Ltd. | 53,962 | ||||||
41,495 | Lai Sun Development Co. Ltd. | 60,216 | ||||||
120,640 | Lai Sun Garment International Ltd. | 154,147 | ||||||
9,000 | Lam Soon Hong Kong Ltd. | 14,702 | ||||||
67,200 | Landing International Development Ltd.(b) | 13,968 | ||||||
68,000 | Landsea Green Group Co. Ltd. | 7,284 | ||||||
322,500 | Langham Hospitality Investments and Langham Hospitality Investments Ltd. | 114,739 | ||||||
24,000 | Lee & Man Chemical Co. Ltd. | 14,568 | ||||||
545,200 | Lee & Man Paper Manufacturing Ltd. | 466,503 | ||||||
13,500 | Lee’s Pharmaceutical Holdings Ltd. | 10,088 | ||||||
131,000 | Lifestyle China Group Ltd.(b) | 52,955 | ||||||
76,500 | Lifestyle International Holdings Ltd. | 132,086 | ||||||
571,702 | Link REIT | 5,066,761 | ||||||
10,000 | Liu Chong Hing Investment Ltd. | 14,435 | ||||||
106,000 | Luk Fook Holdings International Ltd. | 349,416 | ||||||
1,298,000 | Magnificent Hotel Investment Ltd. | 30,290 | ||||||
260,000 | Man Wah Holdings Ltd. | 119,690 | ||||||
3,700 | Mandarin Oriental International Ltd. | 6,993 | ||||||
2,600,000 | Master Glory Group Ltd.(b) | 5,968 | ||||||
153,000 | Melco International Development Ltd. | 261,440 | ||||||
118,000 | Midland Holdings, Ltd. | 19,862 | ||||||
109,000 | Ming Fai International Holdings Ltd. | 13,761 | ||||||
429,000 | Mingfa Group International Co. Ltd.(a)(b) | 3,080 | ||||||
702,000 | Minmetals Land Ltd. | 107,422 | ||||||
48,000 | Miramar Hotel & Investment Co. Ltd. | 83,000 | ||||||
1,150,000 | Nan Hai Corp. Ltd. | 26,690 | ||||||
2,390,000 | New Provenance Everlasting Holdings Ltd.(b) | 12,800 | ||||||
97,000 | New World Department Store China Ltd.(b) | 19,296 | ||||||
2,426,000 | Newocean Energy Holdings Ltd.(b) | 878,588 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
393,000 | Nine Dragons Paper Holdings Ltd. | $ | 374,861 | |||||
95,164 | NWS Holdings Ltd. | 188,339 | ||||||
62,000 | Overseas Chinese Town Asia Holdings Ltd. | 17,631 | ||||||
1,340,246 | Pacific Andes International Holdings Ltd.(a)(b) | 4,683 | ||||||
614,000 | Pacific Basin Shipping Ltd. | 133,888 | ||||||
105,000 | Pacific Textile Holdings Ltd. | 105,911 | ||||||
201,240 | Paliburg Holdings Ltd. | 73,393 | ||||||
50,000 | PAX Global Technology Ltd. | 24,611 | ||||||
630,000 | PC Partner Group Ltd. | 235,388 | ||||||
6,363,071 | PCCW Ltd. | 3,489,082 | ||||||
616,000 | Perfect Shape Medical Ltd. | 151,605 | ||||||
368,000 | Pico Far East Holdings Ltd. | 124,357 | ||||||
322,000 | Playmates Holdings Ltd. | 41,882 | ||||||
4,216,000 | Poly Property Group Co. Ltd. | 1,258,034 | ||||||
835,000 | Polytec Asset Holdings Ltd. | 70,276 | ||||||
597,000 | Pou Sheng International Holdings Ltd. | 113,432 | ||||||
30,000 | Public Financial Holdings Ltd. | 12,127 | ||||||
862,000 | PYI Corp. Ltd.(b) | 12,751 | ||||||
30,000 | Realord Group Holdings Ltd.(b) | 17,406 | ||||||
314,200 | Regal Hotels International Holdings Ltd. | 169,081 | ||||||
46,000 | Regina Miracle International Holdings, Ltd. | 22,994 | ||||||
21,000 | Road King Infrastructure Ltd. | 32,403 | ||||||
207,484 | SA SA International Holdings Ltd. | 79,639 | ||||||
116,000 | SAS Dragon Holdings Ltd. | 35,353 | ||||||
36,495 | Seaspan Corp. | 326,265 | ||||||
90,516 | Shanghai Industrial Holdings Ltd. | 190,221 | ||||||
211,000 | Shanghai Industrial Urban Development Group Ltd. | 31,481 | ||||||
880,000 | Shanghai Zendai Property Ltd.(b) | 12,344 | ||||||
234,000 | Shangri-La Asia Ltd. | 319,283 | ||||||
120,000 | Shenwan Hongyuan HK Ltd. | 24,331 | ||||||
130,185 | Shenzhen International Holdings Ltd. | 249,017 | ||||||
268,659 | Shenzhen Investment Ltd. | 77,083 | ||||||
643,129 | Shimao Property Holdings Ltd. | 1,258,054 | ||||||
3,840,000 | Shougang Fushan Resources Group Ltd. | 773,685 | ||||||
652,000 | Singamas Container Holdings Ltd. | 104,760 | ||||||
1,956,000 | Sino Biopharmaceutical Ltd. | 1,753,477 | ||||||
61,000 | SITC International Holdings Co. Ltd. | 44,805 | ||||||
246,000 | SJM Holdings Ltd. | 198,571 | ||||||
126,878 | Skyworth Digital Holdings Ltd. | 29,285 | ||||||
261,643 | SmarTone Telecommunications Holding Ltd. | 363,006 | ||||||
182,386 | SMI Holdings Group Ltd.(a)(b) | 54,423 |
18 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
200,000 | SOCAM Development Ltd.(a)(b) | $ | 48,457 | |||||
1,740,000 | South China Holdings Co. Ltd.(b) | 47,705 | ||||||
269,212 | SSY Group Ltd. | 226,233 | ||||||
90,500 | Stella International Holdings Ltd. | 90,593 | ||||||
164,000 | Summi Group Holdings, Ltd. | 4,204 | ||||||
2,467,500 | Sun Art Retail Group Ltd. | 2,696,584 | ||||||
271,801 | Sun Hung Kai & Co. Ltd. | 122,349 | ||||||
844,000 | Sunlight Real Estate Investment Trust REIT | 507,996 | ||||||
66,000 | Tao Heung Holdings, Ltd. | 11,109 | ||||||
114,666 | TCL Multimedia Technology Holdings Ltd. | 46,645 | ||||||
35,500 | Television Broadcasts Ltd. | 74,876 | ||||||
93,500 | Texhong Textile Group Ltd. | 112,434 | ||||||
159,800 | Tian An China Investment Co. Ltd. | 85,178 | ||||||
1,146,000 | Tianjin Port Development Holdings Ltd. | 116,910 | ||||||
47,000 | Tibet Water Resources Ltd.(b) | 13,245 | ||||||
248,270 | Tomson Group Ltd. | 69,334 | ||||||
490,000 | Tongda Group Holdings Ltd. | 63,109 | ||||||
62,000 | Top Spring International Holdings Ltd. | 16,208 | ||||||
81,027 | Towngas China Co. Ltd. | 58,895 | ||||||
58,000 | Tradelink Electronic Commerce Ltd. | 8,432 | ||||||
80,800 | Transport International Holdings Ltd. | 200,919 | ||||||
233,000 | TSC Group Holdings Ltd.(b) | 14,262 | ||||||
100,000 | Tsui Wah Holdings Ltd. | 9,436 | ||||||
144,000 | Union Medical Healthcare Ltd. | 72,533 | ||||||
1,578,000 | United Energy Group Ltd. | 307,875 | ||||||
288,500 | United Laboratories International Holdings Ltd. (The) | 200,502 | ||||||
44,000 | Up Energy Development Group Ltd.(a)(b) | 136 | ||||||
65,000 | Value Partners Group Ltd. | 48,241 | ||||||
253,510 | Valuetronics Holdings Ltd. | 115,303 | ||||||
7,000 | Vinda International Holdings Ltd. | 9,980 | ||||||
152,000 | Vitasoy International Holdings Ltd. | 483,604 | ||||||
677,600 | VSTECS Holdings Ltd. | 320,570 | ||||||
318,700 | VTech Holdings Ltd. | 3,738,917 | ||||||
28,000 | Wai Kee Holdings Ltd. | 13,104 | ||||||
9,280,000 | Wang On Group Ltd.(a) | 86,387 | ||||||
68,622 | Wasion Group Holdings Ltd. | 33,690 | ||||||
68,000 | Wing On Co. International Ltd. | 226,321 | ||||||
220,000 | Wing Tai Properties Ltd. | 146,443 | ||||||
450,000 | Xinyi Glass Holdings Ltd. | 445,297 | ||||||
1,583,372 | Yue Yuen Industrial Holdings Ltd. | 4,330,980 | ||||||
646,946 | Yuexiu Property Co. Ltd. | 102,298 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
32,191 | Yuexiu Transport Infrastructure Ltd. | $ | 25,820 | |||||
20,000 | Zhongyu Gas Holdings Ltd. | 13,517 | ||||||
162,000 | Zhuguang Holdings Group Co. Ltd.(b) | 29,954 | ||||||
306,000 | Zhuhai Holdings Investment Group Ltd. | 31,607 | ||||||
63,818,063 | ||||||||
HUNGARY — 0.0% | ||||||||
18,454 | Magyar Telekom Telecommunications Plc | 25,172 | ||||||
5,186 | MOL Hungarian Oil & Gas Plc | 54,384 | ||||||
1,854 | Richter Gedeon Nyrt | 34,473 | ||||||
114,029 | ||||||||
ICELAND — 0.1% | ||||||||
12,087 | Israel Corp. Ltd. (The) | 3,538,514 | ||||||
17,522,868 | Isramco Negev 2 LP | 1,931,362 | ||||||
3,561 | Maytronics Ltd. | 21,980 | ||||||
5,491,856 | ||||||||
INDIA — 0.6% | ||||||||
293 | 3M India Ltd.(b) | 78,625 | ||||||
2,639 | 5Paisa Capital Ltd.(b) | 6,451 | ||||||
1,487 | Aarti Drugs Ltd. | 11,894 | ||||||
4,102 | Aarti Industries | 72,019 | ||||||
1,662 | ABB India Ltd. | 28,750 | ||||||
2,871 | ACC Ltd. | 53,378 | ||||||
9,626 | Adani Enterprises Ltd. | 22,130 | ||||||
59,679 | Adani Gas Ltd.(a)(b) | 48,868 | ||||||
45,415 | Adani Green Energy Ltd.(b) | 24,352 | ||||||
473,621 | Adani Ports and Special Economic Zone Ltd. | 2,042,248 | ||||||
42,432 | Adani Transmission Ltd(b) | 95,514 | ||||||
12,792 | Aegis Logistics Ltd. | 37,557 | ||||||
2,325 | AIA Engineering Ltd. | 53,858 | ||||||
3,985 | Ajanta Pharma Ltd. | 57,036 | ||||||
250 | Akzo Nobel India Ltd. | 5,176 | ||||||
13,659 | Alembic Pharmaceuticals Ltd. | 110,258 | ||||||
2,907 | Amara Raja Batteries Ltd. | 29,278 | ||||||
4,489 | Apar Industries Ltd. | 33,468 | ||||||
8,379 | Apollo Hospitals Enterprise Ltd. | 129,297 | ||||||
42,987 | Apollo Tyres Ltd. | 127,197 | ||||||
50,716 | Arvind Ltd. | 235,216 | ||||||
152,423 | Ashok Leyland Ltd. | 236,431 | ||||||
3,306 | Ashoka Buildcon Ltd. | 5,088 | ||||||
3,992 | Astral Polytechnik Ltd. | 52,979 | ||||||
2,224 | Atul Ltd. | 99,391 | ||||||
42,094 | Aurobindo Pharma Ltd. | 450,598 | ||||||
6,484 | Bajaj Corp. Ltd. | 31,120 | ||||||
4,605 | Bajaj Electricals Ltd. | 30,179 | ||||||
13,089 | Bajaj Holdings & Investment Ltd. | 497,309 | ||||||
1,167 | Balaji Amines Ltd. | 7,164 | ||||||
10,262 | Balkrishna Industries Ltd. | 151,991 | ||||||
12,833 | Balmer Lawrie & Co. Ltd. | 33,790 |
19 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
33,529 | Bank of Baroda(b) | $ | 50,172 | |||||
600,288 | Bank of India(b) | 698,151 | ||||||
1,330 | BASF India Ltd. | 29,938 | ||||||
5,028 | Bata India Ltd. | 66,263 | ||||||
9,384 | Berger Paints India Ltd. | 35,521 | ||||||
19,283 | Bharat Electronics Ltd. | 24,265 | ||||||
4,628 | Bharat Financial Inclusion Ltd.(b) | 54,973 | ||||||
24,210 | Bharat Forge Ltd. | 191,499 | ||||||
1,441,341 | Bharat Heavy Electricals Ltd. | 1,340,080 | ||||||
129 | Bharat Rasayan Ltd. | 9,204 | ||||||
377,948 | Bharti Airtel Ltd. | 1,494,261 | ||||||
3,536 | Birla Corp. Ltd. | 27,109 | ||||||
4,707 | Bliss Gvs Pharma Ltd. | 10,764 | ||||||
634 | Blue Dart Express Ltd. | 24,016 | ||||||
12,029 | Bombay Dyeing & Manufacturing Co. Ltd. | 17,008 | ||||||
5,035 | Brigade Enterprises Ltd. | 10,895 | ||||||
6,303 | Cadila Healthcare Ltd. | 30,690 | ||||||
399,907 | Canara Bank(b) | 1,416,670 | ||||||
7,476 | Carborundum Universal Ltd. | 36,624 | ||||||
1,183 | Care Ratings Ltd. | 17,182 | ||||||
1,987 | Ceat Ltd. | 30,820 | ||||||
4,533 | Century Plyboards India Ltd. | 10,731 | ||||||
944 | Century Textiles & Industries Ltd. | 10,503 | ||||||
1,713 | CESC Ltd. | 16,099 | ||||||
57,473 | Chambal Fertilizers and Chemicals Ltd. | 111,767 | ||||||
56,756 | Chennai Super Kings Cricket Ltd.(a) | 324 | ||||||
6,538 | Cholamandalam Investment and Finance Co. Ltd. | 112,334 | ||||||
12,260 | City Union Bank Ltd. | 28,202 | ||||||
7,047 | Coffee Day Enterprises Ltd.(b) | 24,783 | ||||||
6,394 | Colgate-Palmolive India Ltd. | 96,630 | ||||||
5,782 | Container Corp. Of India Ltd. | 49,555 | ||||||
14,352 | Coromandel International Ltd. | 81,790 | ||||||
15,702 | Cox & Kings Financial Service Ltd.(a)(b) | 13,824 | ||||||
47,107 | Cox & Kings Ltd. | 130,055 | ||||||
435 | Crisil Ltd. | 8,487 | ||||||
23,809 | Crompton Greaves Consumer Electricals Ltd. | 68,663 | ||||||
2,991 | Cummins India Ltd. | 30,209 | ||||||
14,681 | Cyient Ltd. | 123,343 | ||||||
4,361 | Dalmia Bharat Ltd.(b) | 123,891 | ||||||
27,921 | DCB Bank Ltd. | 59,962 | ||||||
9,427 | DCM Shriram Ltd. | 52,505 | ||||||
9,279 | Deepak Fertilizers & Petrochemicals Corp. Ltd. | 24,714 | ||||||
4,866 | Deepak Nitrite Ltd. | 16,353 | ||||||
8,598 | Delta Corp Ltd. | 27,470 | ||||||
103,279 | Dena Bank(b) | 22,347 | ||||||
66,017 | Dewan Housing Finance Corp. Ltd. | 200,966 | ||||||
1,358,249 | Dish TV India Ltd. | 798,106 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
5,976 | Dishman Carbogen Amcis Ltd.(b) | $ | 18,948 | |||||
9,900 | Divi’s Laboratories Ltd. | 198,750 | ||||||
1,197,476 | DLF Ltd. | 2,667,985 | ||||||
1,513 | Dr Lal Pathlabs Ltd. | 17,997 | ||||||
2,503 | Dr Reddys Laboratories Ltd. | 86,061 | ||||||
5,045 | eClerx Services Ltd. | 72,589 | ||||||
22,258 | EID Parry India Ltd. | 67,275 | ||||||
4,882 | EIH Ltd. | 10,689 | ||||||
3,704 | Elgi Equipments Ltd. | 12,463 | ||||||
12,392 | Emami Ltd. | 66,212 | ||||||
5,540 | Engineers India Ltd. | 8,668 | ||||||
9,996 | Escorts Ltd. | 84,759 | ||||||
41,758 | Essel Propack Ltd. | 49,582 | ||||||
37,997 | Exide Industries Ltd. | 136,711 | ||||||
9,451 | FDC Ltd.(b) | 25,728 | ||||||
89,105 | Federal Bank Ltd. | 99,715 | ||||||
4,296 | Federal-Mogul Goetze India Ltd.(b) | 24,032 | ||||||
11,892 | Finolex Cables Ltd. | 80,395 | ||||||
10,886 | Finolex Industries Ltd. | 80,476 | ||||||
92,745 | Firstsource Solutions Ltd. | 76,634 | ||||||
14,906 | Fortis Healthcare Ltd.(b) | 28,292 | ||||||
40,366 | Future Retail Ltd.(b) | 21,263 | ||||||
14,283 | Future Retail Ltd.(b) | 94,483 | ||||||
11,802 | Gabriel India Ltd. | 21,172 | ||||||
3,840 | GAIL India Ltd. | 19,435 | ||||||
708 | Garware Technical Fibers Ltd. | 11,390 | ||||||
8,390 | Gateway Distriparks Ltd. | 15,119 | ||||||
10,841 | Gayatri Projects Ltd.(b) | 27,650 | ||||||
7,704 | GHCL Ltd. | 23,707 | ||||||
220 | Gillette India Ltd. | 19,449 | ||||||
810 | GlaxoSmithKline Consumer Healthcare Ltd. | 76,701 | ||||||
522 | GlaxoSmithKline Pharmaceuticals Ltd. | 10,026 | ||||||
16,245 | Glenmark Pharmaceuticals Ltd. | 136,538 | ||||||
66,292 | GMR Infrastructure Ltd.(b) | 15,106 | ||||||
3,122 | Godfrey Phillips India Ltd. | 32,603 | ||||||
8,395 | Graphite India Ltd. | 108,041 | ||||||
6,972 | Great Eastern Shipping Co. Ltd. (The) | 29,535 | ||||||
16,172 | Greaves Cotton Ltd. | 25,402 | ||||||
770 | Greenlam Industries Ltd. | 9,546 | ||||||
5,192 | Grindwell Norton Ltd. | 34,900 | ||||||
16,530 | Gruh Finance Ltd. | 64,638 | ||||||
4,027 | Gujarat Alkalies & Chemicals | 29,302 | ||||||
6,920 | Gujarat Ambuja Exports Ltd. | 22,759 | ||||||
8,249 | Gujarat Flourochemicals Ltd. | 98,744 | ||||||
13,800 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 62,053 | ||||||
27,992 | Gujarat State Fertilizers & Chemicals Ltd. | 39,634 | ||||||
30,829 | Gujarat State Petronet Ltd. | 74,628 | ||||||
1,481 | Hatsun Agro Products Ltd. | 12,369 | ||||||
9,482 | Havells India Ltd. | 82,811 |
20 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
3,112 | HEG Ltd. | $ | 179,786 | |||||
14,346 | HeidelbergCement India Ltd. | 27,433 | ||||||
23,347 | Hexaware Technologies Ltd. | 105,897 | ||||||
5,553 | Hikal Ltd. | 12,008 | ||||||
151,702 | Himachal Futuristic Communications Ltd. | 43,288 | ||||||
8,085 | Himadri Speciality Chemical Ltd. | 13,678 | ||||||
2,430 | Hinduja Global Solutions Ltd. | 21,591 | ||||||
6,439 | Hindustan Petroleum Corp. Ltd. | 19,519 | ||||||
207 | Honeywell Automation India Ltd. | 55,492 | ||||||
10,019 | HSIL Ltd. | 32,207 | ||||||
4,443 | Huhtamaki PPL Ltd. | 12,825 | ||||||
1,415 | I G Petrochemicals Ltd. | 8,325 | ||||||
40,703 | IDBI Bank Ltd.(b) | 32,587 | ||||||
41,116 | IDFC Bank Ltd. | 19,239 | ||||||
73,673 | IDFC Ltd. | 36,665 | ||||||
1,838 | IFB Industries Ltd.(b) | 21,997 | ||||||
49,462 | IIFL Holdings Ltd. | 307,695 | ||||||
3,350 | India Glycols Ltd. | 17,277 | ||||||
27,666 | Indiabulls Real Estate Ltd.(b) | 28,042 | ||||||
35,717 | Indiabulls Ventures Ltd. | 207,168 | ||||||
63,408 | Indian Overseas Bank(b) | 12,863 | ||||||
6,915 | Indraprastha Gas Ltd. | 24,997 | ||||||
1,747 | Ingersoll-Rand India Ltd. | 12,210 | ||||||
2,064 | Inox Leisure Ltd.(b) | 6,148 | ||||||
11,904 | Intellect Design Arena Ltd.(b) | 40,423 | ||||||
1,853 | Interglobe Aviation Ltd. | 22,275 | ||||||
2,682 | International Paper APPM Ltd.(b) | 17,653 | ||||||
5,383 | Ipca Laboratories Ltd. | 49,637 | ||||||
5,565 | ITD Cementation India Ltd. | 8,756 | ||||||
29,744 | Jain Irrigation Systems Ltd. - DVR | 28,600 | ||||||
33,310 | Jamna Auto Industries Ltd. | 32,231 | ||||||
133,928 | Jaypee Infratech Ltd.(b) | 4,256 | ||||||
7,369 | JB Chemicals & Pharmaceuticals Ltd. | 30,744 | ||||||
4,727 | Jindal Poly Films Ltd. | 17,260 | ||||||
29,253 | Jindal Saw Ltd. | 33,686 | ||||||
8,127 | Jindal Stainless Hisar Ltd.(b) | 10,732 | ||||||
60,947 | Jindal Steel & Power Ltd.(b) | 141,230 | ||||||
21,600 | JK Paper Ltd. | 49,396 | ||||||
13,585 | JK Tyre & Industries Ltd. | 19,125 | ||||||
103,647 | JM Financial Ltd. | 106,247 | ||||||
148,242 | JSW Energy Ltd.(b) | 130,209 | ||||||
12,134 | Jubilant Foodworks Ltd. | 177,797 | ||||||
22,225 | Jubilant Life Sciences Ltd. | 199,437 | ||||||
6,571 | Just Dial Ltd.(b) | 44,769 | ||||||
4,040 | Jyothy Laboratories Ltd. | 10,342 | ||||||
7,256 | Kalpataru Power Transmission Ltd. | 31,837 | ||||||
7,451 | Kansai Nerolac Paints Ltd. | 38,311 | ||||||
21,127 | Karur Vysya Bank Ltd. (The) | 22,786 | ||||||
2,611 | Kaveri Seed Co. Ltd.(b) | 17,597 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
22,177 | KEC International Ltd. | $ | 85,220 | |||||
1,261 | Kiri Industries Ltd.(b) | 7,884 | ||||||
4,060 | Kirloskar Oil Engines Ltd. | 11,967 | ||||||
7,194 | Kolte-Patil Developers Ltd. | 23,831 | ||||||
40,378 | KPIT Technologies Ltd. | 120,896 | ||||||
2,402 | KPR Mill Ltd. | 19,466 | ||||||
4,012 | KRBL Ltd. | 18,681 | ||||||
39,001 | L&T Finance Holdings Ltd. | 67,380 | ||||||
366 | Lakshmi Machine Works Ltd. | 28,515 | ||||||
1,792 | Larsen & Toubro Infotech Ltd. | 42,809 | ||||||
4,104 | LIC Housing Finance Ltd. | 22,816 | ||||||
39,891 | Mahindra & Mahindra Financial Services Ltd. | 220,643 | ||||||
3,236 | Mahindra CIE Automotive Ltd.(b) | 11,604 | ||||||
1,572 | Maithan Alloys Ltd. | 10,973 | ||||||
77,559 | Manappuram Finance Ltd. | 83,805 | ||||||
41,135 | Marksans Pharma Ltd. | 16,077 | ||||||
1,731 | Max Financial Services Ltd.(b) | 8,830 | ||||||
11,396 | Max Ltd.(b) | 10,549 | ||||||
16,866 | Meghmani Organics Ltd. | 16,457 | ||||||
1,013 | Merck Ltd. | 42,558 | ||||||
6,474 | Minda Industries Ltd. | 27,123 | ||||||
32,437 | MindTree Ltd. | 373,237 | ||||||
1,610 | Motilal Oswal Financial Services Ltd. | 13,557 | ||||||
10,261 | Mphasis Ltd. | 136,954 | ||||||
310 | MRF Ltd. | 270,398 | ||||||
15,818 | Muthoot Finance Ltd. | 87,566 | ||||||
63,997 | National Aluminium Co. Ltd. | 59,025 | ||||||
17,565 | Nava Bharat Ventures Ltd. | 27,484 | ||||||
1,175 | Navin Fluorine International Ltd. | 10,346 | ||||||
3,720 | Navneet Education Ltd. | 5,559 | ||||||
70,325 | NCC Ltd. | 71,328 | ||||||
1,485 | NESCO Ltd. | 8,875 | ||||||
35,322 | NHPC Ltd. | 11,631 | ||||||
11,497 | NIIT Technologies Ltd. | 190,860 | ||||||
534 | Nilkamal Ltd. | 11,503 | ||||||
34,676 | NOCIL Ltd. | 72,733 | ||||||
2,785 | Oberoi Realty Ltd. | 15,945 | ||||||
1,978 | OCL India Ltd.(b) | 24,230 | ||||||
10,701 | OMAXE Ltd. | 30,803 | ||||||
1,101 | Oracle Financial Sevices Software Ltd. | 53,956 | ||||||
9,517 | Oriental Bank of Commerce(b) | 10,341 | ||||||
703 | Page Industries Ltd. | 280,017 | ||||||
7,587 | Persistent Systems Ltd. | 58,115 | ||||||
90,350 | Petronet LNG Ltd. | 275,772 | ||||||
765 | Pfizer Ltd. | 30,190 | ||||||
35,470 | Phillips Carbon Black Ltd. | 108,672 | ||||||
4,125 | Phoenix Mills Ltd. (The) | 30,871 | ||||||
7,720 | PI Industries Ltd. | 80,995 | ||||||
5,161 | Piramal Enterprises Ltd. | 151,651 | ||||||
3,217 | Polyplex Corp. Ltd. | 22,671 | ||||||
63,986 | Power Finance Corp. Ltd. | 82,638 |
21 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
735 | Power Mech Projects Ltd. | $ | 8,708 | |||||
6,135 | Prabhat Dairy, Ltd.(b) | 8,322 | ||||||
15,982 | Prakash Industries Ltd.(b) | 22,672 | ||||||
30,976 | Prestige Estates Projects Ltd. | 81,645 | ||||||
1,144 | Procter & Gamble Hygiene & Health Care Ltd. | 144,944 | ||||||
644,560 | Punjab National Bank(b) | 641,989 | ||||||
11,659 | Radico Khaitan Ltd. | 62,036 | ||||||
66,516 | Rain Industries Ltd. | 165,919 | ||||||
23,629 | Rajesh Exports Ltd. | 181,903 | ||||||
8,005 | Rallis India Ltd. | 18,447 | ||||||
10,488 | Ramco Cements Ltd. (The) | 85,051 | ||||||
1,209 | Ramkrishna Forgings Ltd. | 8,734 | ||||||
2,663 | Ratnamani Metals & Tubes Ltd. | 29,886 | ||||||
1,973 | Raymond Ltd. | 20,080 | ||||||
1,324 | RBL Bank Ltd. | 9,391 | ||||||
56,851 | Redington India Ltd. | 63,736 | ||||||
320,767 | Reliance Capital Ltd. | 1,049,341 | ||||||
196,181 | Reliance Infrastructure Ltd. | 951,522 | ||||||
47,774 | Reliance Power Ltd.(b) | 19,511 | ||||||
342 | RP-SG Business Process Services Ltd.(a)(b) | 2,241 | ||||||
1,027 | RP-SG Retail Ltd.(a) | 2,244 | ||||||
65,007 | Rural Electrification Corp. Ltd. | 102,330 | ||||||
9,678 | Sadbhav Engineering Ltd. | 26,968 | ||||||
17,495 | Sanghi Industries Ltd.(b) | 14,409 | ||||||
816 | Sanofi India Ltd. | 63,907 | ||||||
247 | Schaeffler India Ltd. | 16,801 | ||||||
2,386 | Sharda Cropchem Ltd. | 10,371 | ||||||
2,147 | Shilpa Medicare Ltd. | 11,250 | ||||||
23,618 | Shriram Transport Finance Co. Ltd. | 372,037 | ||||||
4,740 | Simran Wind Project Ltd.(a)(b) | 16,904 | ||||||
2,280 | Siyaram Silk Mills Ltd. | 10,889 | ||||||
15,463 | SJVN Ltd. | 5,866 | ||||||
1,544 | SKF India Ltd. | 37,257 | ||||||
7,855 | Sobha Ltd. | 47,547 | ||||||
965 | Solara Active Pharma Sciences Ltd.(b) | 4,235 | ||||||
6,931 | Sona Koyo Steering Systems Ltd. | 10,423 | ||||||
10,072 | Sonata Software Ltd. | 42,027 | ||||||
195,503 | South Indian Bank Ltd. (The) | 38,733 | ||||||
6,128 | SRF Ltd. | 160,027 | ||||||
2,533,526 | Steel Authority of India Ltd.(b) | 2,208,205 | ||||||
24,084 | Sterlite Technologies Ltd. | 124,174 | ||||||
2,179 | Subros Ltd. | 8,450 | ||||||
4,094 | Sudarshan Chemical Industries | 20,798 | ||||||
10,616 | Sun TV Network Ltd. | 93,426 | ||||||
6,937 | Sundram Fasteners Ltd. | 49,923 | ||||||
8,760 | Sunteck Realty Ltd. | 38,401 | ||||||
4,767 | Supreme Industries Ltd. | 63,493 | ||||||
8,752 | Suven Life Sciences Ltd. | 28,625 | ||||||
516 | Swaraj Engines Ltd. | 9,939 | ||||||
2,674 | Syngene International Ltd. | 20,941 | ||||||
13,420 | TAKE Solutions Ltd. | 29,446 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
13,597 | Tata Chemicals Ltd. | $ | 126,096 | |||||
4,668 | Tata Communications Ltd. | 31,021 | ||||||
1,912 | Tata Elxsi Ltd. | 26,761 | ||||||
70,598 | Tata Global Beverages Ltd. | 207,989 | ||||||
1,013 | Tata Metaliks Ltd. | 8,861 | ||||||
21,136 | Tata Steel Ltd. | 158,309 | ||||||
4,213 | TCI Express Ltd. | 33,624 | ||||||
2,619 | Thermax Ltd. | 35,404 | ||||||
12,901 | Ti Financial Holdings Ltd. | 84,992 | ||||||
31,953 | Time Technoplast Ltd. | 48,635 | ||||||
970 | Timken India Ltd. | 6,869 | ||||||
3,938 | Tinplate Co. of India Ltd. (The) | 8,004 | ||||||
4,248 | Torrent Pharmaceuticals Ltd. | 95,800 | ||||||
6,133 | Torrent Power Ltd. | 21,378 | ||||||
6,820 | Transport Corp. of India Ltd. | 27,148 | ||||||
1,040 | Trent Ltd. | 4,525 | ||||||
5,808 | Triveni Turbine Ltd. | 7,953 | ||||||
344 | TTK Prestige Ltd. | 30,886 | ||||||
23,147 | Tube Investments Of India Ltd. | 91,640 | ||||||
5,542 | TV Today Network Ltd. | 30,635 | ||||||
2,204,686 | TV18 Broadcast Ltd.(b) | 1,115,089 | ||||||
13,016 | TVS Motor Co. Ltd. | 95,871 | ||||||
10,063 | Uflex Ltd. | 38,227 | ||||||
866,899 | Union Bank of India(b) | 898,611 | ||||||
4,097,166 | Unitech Ltd.(b) | 119,128 | ||||||
3,158 | United Breweries Ltd. | 52,099 | ||||||
30,545 | United Spirits Ltd.(b) | 238,263 | ||||||
63,786 | UPL Ltd. | 581,704 | ||||||
5,952 | Vardhman Textiles Ltd. | 81,345 | ||||||
305 | Venky’s India Ltd. | 10,285 | ||||||
1,185 | Vesuvius India Ltd. | 16,852 | ||||||
5,959 | V-Guard Industries Ltd. | 15,130 | ||||||
30,234 | Vijaya Bank | 17,970 | ||||||
830 | Vinati Organics Ltd. | 17,409 | ||||||
8,545 | VIP Industries Ltd. | 51,146 | ||||||
10,224 | Voltas Ltd. | 74,698 | ||||||
2,640 | VRL Logistics Ltd.(b) | 9,092 | ||||||
629 | VST Industries Ltd. | 26,983 | ||||||
420 | VST Tillers Tractors Ltd. | 10,313 | ||||||
368 | WABCO India Ltd. | 31,361 | ||||||
34,344 | Welspun Corp. Ltd. | 63,119 | ||||||
29,615 | Welspun India Ltd. | 23,610 | ||||||
8,145 | West Coast Paper Mills Ltd. | 43,107 | ||||||
17,620 | Zensar Technologies Ltd. | 61,120 | ||||||
888 | Zydus Wellness Ltd. | 14,203 | ||||||
36,000,962 | ||||||||
INDONESIA — 0.1% | ||||||||
890,900 | Ace Hardware Indonesia Tbk PT | 80,285 | ||||||
1,665,700 | Adaro Energy Tbk PT | 180,786 | ||||||
187,800 | AKR Corporindo Tbk PT | 42,742 | ||||||
517,329 | Aneka Tambang Persero Tbk PT | 23,140 | ||||||
28,100 | Asahimas Flat Glass Tbk PT | 8,151 |
22 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
339,200 | Asuransi Kresna Mitra Tbk PT(b) | $ | 15,395 | |||||
9,876,000 | Bakrie Telecom Tbk PT(b) | 32,482 | ||||||
547,016 | Bank Danamon Indonesia Tbk PT | 267,166 | ||||||
1,639,450 | Bank Pan Indonesia Tbk PT(b) | 117,007 | ||||||
646,600 | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 76,133 | ||||||
1,160,500 | Bank Pembangunan Daerah Jawa Timur Tbk PT | 46,565 | ||||||
831,800 | Bank Tabungan Negara Persero Tbk PT | 115,995 | ||||||
60,500 | Bank Tabungan Pensiunan Nasional Tbk PT | 14,605 | ||||||
2,259,900 | Barito Pacific Tbk PT | 278,725 | ||||||
590,500 | Bukit Asam Persero Tbk PT | 165,080 | ||||||
456,700 | Bumi Serpong Damai Tbk PT(b) | 33,045 | ||||||
3,060,801 | Ciputra Development Tbk PT | 165,095 | ||||||
644,973 | Citra Marga Nusaphala Persada Tbk PT(b) | 56,214 | ||||||
2,833,200 | Energi Mega Persada Tbk PT(b) | 18,823 | ||||||
374,800 | Erajaya Swasembada Tbk PT | 41,912 | ||||||
47,800 | Fajar Surya Wisesa Tbk PT | 23,896 | ||||||
870,500 | Gajah Tunggal Tbk PT(b) | 35,501 | ||||||
2,616,900 | Hanson International Tbk PT(b) | 20,828 | ||||||
852,400 | Holcim Indonesia Tbk PT(b) | 102,327 | ||||||
559,700 | Indah Kiat Pulp and Paper Corp. Tbk PT | 468,488 | ||||||
365,600 | Indika Energy Tbk PT | 53,869 | ||||||
101,500 | Indo Tambangraya Megah Tbk PT | 166,246 | ||||||
13,200 | Indocement Tunggal Prakarsa Tbk PT | 15,021 | ||||||
304,900 | Indofood Sukses Makmur Tbk PT | 119,834 | ||||||
1,282,400 | Japfa Comfeed Indonesia Tbk PT | 171,240 | ||||||
69,709 | Jasa Marga Persero Tbk PT | 19,029 | ||||||
8,204,340 | Kawasan Industri Jababeka Tbk PT(b) | 119,807 | ||||||
883,300 | Kresna Graha Investama PT Tbk(b) | 36,314 | ||||||
1,793,275 | Mayora Indah Tbk PT | 300,796 | ||||||
2,726,300 | Medco Energi Internasional Tbk PT(b) | 147,053 | ||||||
310,900 | Media Nusantara Citra Tbk PT | 15,951 | ||||||
1,313,000 | Mitra Adiperkasa Tbk PT | 69,094 | ||||||
2,498,100 | MNC Investama Tbk PT(b) | 12,653 | ||||||
1,155,000 | Mnc Land Tbk PT(b) | 10,408 | ||||||
1,593,400 | Pakuwon Jati Tbk PT | 50,099 | ||||||
332,600 | Pan Brothers Tbk PT | 12,142 | ||||||
1,705,900 | Panin Financial Tbk PT(b) | 30,746 | ||||||
347,200 | Perusahaan Gas Negara Persero Tbk | 50,701 |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
546,000 | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | $ | 46,331 | |||||
139,100 | PP Persero Tbk PT | 12,169 | ||||||
3,409,900 | Rimo International Lestari Tbk PT(b) | 35,215 | ||||||
463,300 | Salim Ivomas Pratama Tbk PT | 14,019 | ||||||
157,200 | Selamat Sempurna Tbk PT | 15,252 | ||||||
164,100 | Semen Indonesia Persero Tbk PT | 97,149 | ||||||
49,400 | Siloam International Hospitals Tbk PT(b) | 7,474 | ||||||
117,500 | Sinar Mas Agro Resources & Technology Tbk PT(a) | 32,307 | ||||||
1,203,400 | Sri Rejeki Isman Tbk PT | 28,655 | ||||||
292,700 | Sumber Alfaria Trijaya Tbk PT | 14,536 | ||||||
523,400 | Summarecon Agung Tbk PT | 20,657 | ||||||
914,900 | Timah Tbk PT | 38,817 | ||||||
586,900 | Tiphone Mobile Indonesia Tbk PT | 24,708 | ||||||
141,600 | Tower Bersama Infrastructure Tbk PT | 43,591 | ||||||
4,875,000 | Truba Alam Manunggal Engineering PT(a)(b) | 0 | ||||||
1,281,200 | Tunas Baru Lampung Tbk PT | 75,005 | ||||||
539,500 | Tunas Ridean Tbk PT | 40,721 | ||||||
156,900 | Vale Indonesia Tbk PT(b) | 30,136 | ||||||
1,429,700 | Waskita Beton Precast Tbk Pt | 29,906 | ||||||
439,785 | Waskita Karya Persero Tbk PT | 41,657 | ||||||
440,200 | Wijaya Karya Beton Tbk PT | 8,687 | ||||||
392,700 | Wijaya Karya Persero Tbk PT | 28,414 | ||||||
290,600 | XL Axiata Tbk PT(b) | 50,082 | ||||||
4,566,877 | ||||||||
IRAN — 0.0% | ||||||||
5,111 | Permanent TSB Group Holdings Plc(b) | 10,999 | ||||||
IRELAND — 1.7% | ||||||||
1,067,750 | Allegion Plc(a) | 91,538,208 | ||||||
549,198 | Bank Of Ireland Group Plc | 3,897,117 | ||||||
99,747 | C&C Group Plc | 370,567 | ||||||
34,410 | COSMO Pharmaceuticals NV(a)(b) | 4,332,213 | ||||||
9,580 | DCC Plc | 822,262 | ||||||
5,572 | FBD Holdings Plc | 67,844 | ||||||
45,106 | Glanbia Plc | 798,011 | ||||||
68,306 | Grafton Group Plc - Units | 632,115 | ||||||
83,881 | Greencore Group Plc | 202,854 | ||||||
16,165 | IFG Group Plc | 30,119 | ||||||
55,324 | Inmobiliaria Colonial SA, REIT | 87,101 | ||||||
25,492 | Irish Continental Group Plc - Units | 150,141 | ||||||
18,418 | Kingspan Group Plc | 801,064 | ||||||
11,560 | Paddy Power Betfair Plc | 997,714 | ||||||
107,299 | Smurfit Kappa Group Plc | 3,497,678 | ||||||
4,022 | Tarsus Group Plc | 14,395 |
23 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
IRELAND (continued) | ||||||||
39,474 | UDG Healthcare Plc | $ | 318,880 | |||||
108,558,283 | ||||||||
ISLE OF MAN — 0.0% | ||||||||
60,538 | GVC Holdings Plc | 725,048 | ||||||
ISRAEL — 1.0% | ||||||||
504 | Africa Israel Properties Ltd.(b) | 13,102 | ||||||
7,252 | Airport City Ltd.(b) | 84,516 | ||||||
931 | Alrov Properties and Lodging Ltd. | 28,642 | ||||||
3,097 | Amot Investments Ltd. | 15,394 | ||||||
20,362 | Arko Holdings Ltd.(b) | 10,482 | ||||||
2,636 | Ashtrom Group Ltd. | 11,189 | ||||||
3,712 | AudioCodes Ltd. | 45,942 | ||||||
9,420 | Azorim-Investment Development & Construction Co. Ltd.(b) | 8,397 | ||||||
28 | Bayside Land Corp. | 12,036 | ||||||
54,210 | Bezeq The Israeli Telecommunication Corp. Ltd. | 62,344 | ||||||
3,304 | Big Shopping Centers Ltd. | 215,479 | ||||||
10,597 | Cellcom Israel Ltd.(b) | 66,946 | ||||||
337,263 | Check Point Software Technologies Ltd.(b) | 37,436,193 | ||||||
7,778 | Clal Insurance Enterprise Holdings Ltd.(b) | 129,220 | ||||||
55,100 | Cyberark Software Ltd.(b) | 3,761,126 | ||||||
310 | Danel Adir Yeoshua Ltd. | 14,784 | ||||||
9,651 | Delek Automotive Systems Ltd. | 54,354 | ||||||
807 | Delek Group Ltd. | 135,568 | ||||||
3,947 | Delta-Galil Industries Ltd. | 110,563 | ||||||
470 | Dexia Israel Bank Ltd. | 86,928 | ||||||
9,680 | Direct Insurance Financial Investments Ltd. | 109,165 | ||||||
2,916 | Dor Alon Energy in Israel 1988 Ltd. | 40,590 | ||||||
134,207 | El Al Israel Airlines(b) | 38,568 | ||||||
905 | Electra Ltd. | 219,325 | ||||||
30,502 | Enlight Renewable Energy Ltd.(b) | 15,153 | ||||||
5,150 | FIBI Holdings Ltd. | 137,311 | ||||||
14,334 | First International Bank of Israel Ltd. | 309,007 | ||||||
3,036 | Formula Systems 1985 Ltd. | 118,099 | ||||||
969 | Fox Wizel Ltd. | 18,347 | ||||||
1,314 | Gilat Satellite Networks Ltd.(b) | 12,505 | ||||||
4,586 | Hadera Paper Ltd. | 335,334 | ||||||
540 | Ham-Let Israel-Canada Ltd. | 13,589 | ||||||
43,055 | Harel Insurance Investments & Financial Services Ltd. | 315,634 | ||||||
20,263 | Hilan Ltd. | 476,908 | ||||||
2,862 | Inrom Construction Industries Ltd. | 9,987 | ||||||
1,477,454 | Israel Discount Bank Ltd. - Class A | 4,833,694 | ||||||
834 | Israel Land Development Co. Ltd. (The)(b) | 6,612 |
Shares | Value | |||||||
ISRAEL (continued) | ||||||||
187,135 | Jerusalem Economy Ltd.(b) | $ | 502,619 | |||||
4,804 | Jerusalem Oil Exploration(b) | 276,757 | ||||||
67,901 | Kamada Ltd.(b) | 365,256 | ||||||
395 | Kerur Holdings Ltd.(b) | 10,140 | ||||||
4,100 | Magic Software Enterprises Ltd. | 33,948 | ||||||
16,429 | Matrix IT Ltd. | 191,194 | ||||||
4,819 | Meitav DS Investments Ltd. | 14,496 | ||||||
1,459 | Melisron Ltd. | 61,882 | ||||||
15,752 | Menora Mivtachim Holdings Ltd. | 175,058 | ||||||
51,728 | Migdal Insurance & Financial Holding Ltd. | 57,334 | ||||||
262,166 | Mizrahi Tefahot Bank Ltd. | 4,417,534 | ||||||
7,596 | Naphtha Israel Petroleum Corp. Ltd.(b) | 47,684 | ||||||
736 | Neto ME Holdings Ltd.(b) | 60,525 | ||||||
5,915 | Norstar Holdings, Inc. | 93,070 | ||||||
7,762 | Nova Measuring Instruments Ltd.(b) | 171,459 | ||||||
1,397,523 | Oil Refineries Ltd. | 664,226 | ||||||
23,322 | Partner Communications Co. Ltd.(b) | 118,245 | ||||||
22,962 | Paz Oil Co. Ltd. | 3,438,266 | ||||||
16,169 | Phoenix Holdings Ltd. (The) | 89,585 | ||||||
1,121 | Plasson Industries Ltd. | 52,918 | ||||||
715 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 36,482 | ||||||
834 | Scope Metals Group Ltd. | 22,488 | ||||||
68,879 | Shikun & Binui Ltd.(b) | 131,264 | ||||||
267,380 | Shufersal Ltd. | 1,699,223 | ||||||
6,039 | Strauss Group Ltd. | 132,522 | ||||||
3,075 | Summit Real Estate Holdings Ltd. | 27,759 | ||||||
22,461 | Taptica international Ltd. | 86,129 | ||||||
3,836 | Tower Semiconductor Ltd.(b) | 59,476 | ||||||
6,295 | Union Bank of Israel(b) | 28,244 | ||||||
62,378,816 | ||||||||
ITALY — 0.7% | ||||||||
898,515 | A2A SpA | 1,449,710 | ||||||
29,106 | ACEA SpA | 382,744 | ||||||
16,206 | Aeffe SpA(b) | 41,484 | ||||||
108,151 | Amplifon SpA | 1,918,296 | ||||||
46,944 | Anima Holding SpA | 196,732 | ||||||
29,684 | Ansaldo STS SpA(b) | 426,992 | ||||||
918 | Aquafil SpA | 10,658 | ||||||
189,750 | Arnoldo Mondadori Editore SpA(b) | 327,967 | ||||||
37,115 | Ascopiave SpA | 121,910 | ||||||
40,350 | Astaldi SpA(b) | 25,593 | ||||||
25,567 | Autogrill SpA | 251,792 | ||||||
1,023 | Avio SpA | 13,302 | ||||||
24,351 | Azimut Holding SpA | 300,219 | ||||||
21,501 | Banca Farmafactoring SpA | 110,806 | ||||||
13,495 | Banca Generali SpA | 260,304 | ||||||
5,378 | Banca IFIS SpA | 94,660 |
24 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
ITALY (continued) | ||||||||
36,629 | Banca Mediolanum SpA | $ | 212,624 | |||||
145,178 | Banca Popolare di Sondrio SCPA | 458,445 | ||||||
90,926 | Banca Profilo SpA | 16,787 | ||||||
41,451 | Banca Sistema SpA | 78,875 | ||||||
539,634 | Banco BPM SpA(b) | 1,015,225 | ||||||
10,567 | Banco di Desio e della Brianza SpA | 21,663 | ||||||
12,854 | BasicNet SpA | 68,573 | ||||||
22,339 | BE | 21,127 | ||||||
4,057 | Biesse SpA | 93,465 | ||||||
225,032 | BPER Banca | 855,891 | ||||||
31,509 | Brembo SpA | 349,033 | ||||||
2,597 | Brunello Cucinelli SpA | 88,980 | ||||||
38,478 | Buzzi Unicem SpA | 739,802 | ||||||
52,954 | Cairo Communication SpA | 167,639 | ||||||
1,027 | Cembre SpA | 23,381 | ||||||
28,463 | Cementir Holding SpA | 175,055 | ||||||
40,991 | Cerved Information Solutions SpA | 327,087 | ||||||
216,670 | CIR-Compagnie Industriali Riunite SpA | 230,685 | ||||||
36,420 | Credito Emiliano SpA | 217,392 | ||||||
1,875,197 | Credito Valtellinese SpA(b) | 196,251 | ||||||
5,049 | Danieli & C Officine Meccaniche SpA | 94,359 | ||||||
4,885 | Datalogic SpA | 143,580 | ||||||
78,394 | Davide Campari-Milano SpA | 603,345 | ||||||
9,415 | De’ Longhi SpA | 249,534 | ||||||
34,112 | DeA Capital SpA | 49,687 | ||||||
20,280 | DiaSorin SpA | 1,924,888 | ||||||
1,857 | Digital Bros SpA | 19,098 | ||||||
407 | El.En. SpA | 7,975 | ||||||
725 | Elica SpA(b) | 1,555 | ||||||
36,933 | Emak SpA | 51,202 | ||||||
34,953 | ERG SpA | 652,828 | ||||||
50,866 | Esprinet SpA | 223,539 | ||||||
109,307 | Eurotech SpA(b) | 466,748 | ||||||
380,854 | Falck Renewables SpA | 771,293 | ||||||
67,542 | Fiera Milano SpA(b) | 292,234 | ||||||
1,599 | Fila SpA | 28,470 | ||||||
774,013 | Fincantieri SpA | 1,130,042 | ||||||
67,104 | FinecoBank Banca Fineco SpA | 702,742 | ||||||
92,532 | FNM SpA | 52,822 | ||||||
1,338 | Gefran SpA | 9,684 | ||||||
21,426 | Geox SpA | 38,756 | ||||||
4,336 | Gruppo Mutuionline SpA | 77,301 | ||||||
445,696 | Hera SpA | 1,231,748 | ||||||
4,618 | Immobiliare Grande Distribuzione SIIQ SpA, REIT | 32,602 | ||||||
172,287 | IMMSI SpA(b) | 82,447 | ||||||
3,035 | Industria Macchine Automatiche SpA | 182,363 | ||||||
22,679 | Infrastrutture Wireless Italiane SPA | 157,976 | ||||||
8,170 | Interpump Group SpA | 235,969 |
Shares | Value | |||||||
ITALY (continued) | ||||||||
61,258 | Iren SpA | $ | 132,731 | |||||
34,122 | Italgas SpA | 176,313 | ||||||
91,700 | Juventus Football Club SpA(b) | 97,268 | ||||||
4,568 | La Doria SpA | 49,721 | ||||||
218,720 | Leonardo SpA | 2,375,749 | ||||||
155,481 | Maire Tecnimont SpA | 681,173 | ||||||
1,779 | Mariella Burani SpA(a) | 0 | ||||||
12,361 | MARR SpA | 299,333 | ||||||
6,123 | Massimo Zanetti Beverage Group SpA | 41,888 | ||||||
462,698 | Mediaset SpA(b) | 1,394,556 | ||||||
185,015 | Mediobanca Banca di Credito Finanziario SpA | 1,624,479 | ||||||
30,228 | Moncler SpA | 1,051,093 | ||||||
4,696 | Mondo TV SpA(b) | 17,925 | ||||||
1,560 | Newron Pharmaceuticals SpA(b) | 13,321 | ||||||
3,949 | Nice SpA | 12,390 | ||||||
48,389 | Parmalat SpA | 149,076 | ||||||
439,177 | Piaggio & C SpA | 940,642 | ||||||
300,306 | Poste Italiane SpA | 2,159,888 | ||||||
1,015 | Prima Industrie SpA | 25,005 | ||||||
42,054 | Prysmian SpA | 817,369 | ||||||
15,155 | RAI Way SpA | 78,531 | ||||||
19,423 | Recordati SpA | 658,220 | ||||||
106,156 | Reno de Medici SpA | 104,245 | ||||||
3,324 | Reply SpA | 184,330 | ||||||
42,269 | Retelit SpA | 67,840 | ||||||
31,219 | Rizzoli Corriere Della Sera Mediagroup SpA(b) | 31,753 | ||||||
5,261 | Sabaf SpA | 77,942 | ||||||
1,494 | SAES Getters SpA | 29,951 | ||||||
134,996 | Saipem SpA(b) | 739,283 | ||||||
18,933 | Salini Impregilo SpA | 41,774 | ||||||
9,274 | Salvatore Ferragamo SpA | 219,642 | ||||||
326,273 | Saras SpA | 636,737 | ||||||
6,627 | Servizi Italia SpA | 25,521 | ||||||
4,505 | Sesa SpA | 122,461 | ||||||
53,713 | Societa Cattolica di Assicurazioni SCRL | 434,685 | ||||||
60,597 | Societa Iniziative Autostradali e Servizi SpA | 855,190 | ||||||
35,965 | Sogefi SpA(b) | 64,118 | ||||||
15,067 | SOL SpA | 181,577 | ||||||
10,456 | Technogym SpA | 114,403 | ||||||
1,379 | Tecnoinvestimenti SpA | 9,918 | ||||||
116,292 | Terna Rete Elettrica Nazionale SpA | 601,290 | ||||||
3,726 | Tod’s SpA | 228,104 | ||||||
6,610 | Uni Land SpA(a) | 0 | ||||||
2,624 | Unieuro SpA | 31,801 | ||||||
348,379 | Unione di Banche Italiane SpA | 1,065,391 | ||||||
328,850 | Unipol Gruppo SpA | 1,325,248 | ||||||
430,033 | UnipolSai Assicurazioni SpA | 940,540 | ||||||
7,155 | Zignago Vetro SpA | 66,534 | ||||||
41,802,885 |
25 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN — 8.2% | ||||||||
52,900 | 77 Bank Ltd. (The) | $ | 1,095,647 | |||||
41,300 | A&D Co. Ltd. | 299,039 | ||||||
4,600 | Achilles Corp. | 91,564 | ||||||
10,200 | Adastria Co. Ltd. | 166,151 | ||||||
93,243 | ADEKA Corp. | 1,385,816 | ||||||
2,500 | Ad-sol Nissin Corp. | 47,437 | ||||||
3,800 | Advan Co. Ltd. | 38,291 | ||||||
700 | Advance Create Co. Ltd. | 13,009 | ||||||
1,800 | Advanex, Inc. | 31,203 | ||||||
274,400 | Advantest Corp. | 5,060,721 | ||||||
300 | Adventure, Inc. | 19,781 | ||||||
13,900 | Aeon Delight Co. Ltd. | 465,653 | ||||||
27,700 | Aeon Fantasy Co. Ltd. | 864,129 | ||||||
4,700 | Aeon Mall Co. Ltd. | 87,015 | ||||||
4,400 | Aeria, Inc. | 25,152 | ||||||
71,300 | Ahresty Corp. | 453,070 | ||||||
3,900 | Ai Holdings Corp. | 74,450 | ||||||
5,900 | Aica Kogyo Co. Ltd. | 175,690 | ||||||
3,700 | Aichi Bank Ltd. (The) | 141,494 | ||||||
11,300 | Aichi Corp. | 67,098 | ||||||
5,500 | Aichi Steel Corp. | 194,488 | ||||||
1,600 | Aichi Tokei Denki Co. Ltd. | 58,705 | ||||||
9,500 | Aida Engineering Ltd. | 78,300 | ||||||
6,500 | Aidma Marketing Communication Corp. | 36,868 | ||||||
23,600 | Aiful Corp.(b) | 62,328 | ||||||
3,800 | Ain Holdings, Inc. | 297,709 | ||||||
6,600 | Aiphone Co. Ltd. | 86,218 | ||||||
41,700 | Air Water, Inc. | 676,676 | ||||||
4,700 | Airport Facilities Co. Ltd. | 25,076 | ||||||
31,900 | Aisan Industry Co. Ltd. | 239,741 | ||||||
7,700 | Akatsuki Corp. | 24,294 | ||||||
300 | Akatsuki, Inc. | 11,752 | ||||||
29,200 | Akebono Brake Industry Co. Ltd.(b) | 58,744 | ||||||
7,800 | Akita Bank Ltd. (The) | 181,252 | ||||||
1,000 | Albis Co. Ltd. | 25,976 | ||||||
7,500 | Alconix Corp. | 85,811 | ||||||
5,900 | Alinco, Inc. | 53,387 | ||||||
12,800 | Alpen Co. Ltd. | 215,309 | ||||||
2,800 | Alpha Corp. | 33,872 | ||||||
8,900 | AlphaPolis Co. Ltd.(b) | 145,132 | ||||||
6,600 | Alps Logistics Co. Ltd. | 50,362 | ||||||
25,700 | Altech Corp. | 513,385 | ||||||
39,700 | Amada Holdings Co. Ltd. | 374,359 | ||||||
10,100 | Amano Corp. | 214,827 | ||||||
500 | Amiyaki Tei Co. Ltd. | 17,614 | ||||||
1,000 | Amuse, Inc. | 25,506 | ||||||
3,700 | Anest Iwata Corp. | 35,382 | ||||||
1,200 | Anicom Holdings, Inc. | 38,339 | ||||||
4,300 | Anritsu Corp. | 65,242 | ||||||
21,000 | AOI TYO Holdings, Inc. | 231,710 | ||||||
20,300 | AOKI Holdings, Inc. | 268,064 | ||||||
5,000 | Aomori Bank Ltd. (The) | 136,482 | ||||||
11,900 | Aoyama Trading Co. Ltd. | 360,686 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
600 | Aoyama Zaisan Networks Co. Ltd. | $ | 8,348 | |||||
5,200 | Aozora Bank Ltd. | 179,501 | ||||||
1,400 | Apaman Co. Ltd. | 14,529 | ||||||
6,100 | Arakawa Chemical Industries Ltd. | 85,849 | ||||||
9,300 | Arata Corp. | 421,997 | ||||||
12,300 | Arcland Sakamoto Co. Ltd. | 161,878 | ||||||
29,200 | Arcland Service Holdings Co., Ltd. | 597,793 | ||||||
35,538 | Arcs Co. Ltd. | 862,348 | ||||||
700 | Arealink Co. Ltd. | 10,342 | ||||||
700 | Ariake Japan Co. Ltd. | 62,037 | ||||||
2,100 | Artnature, Inc. | 12,339 | ||||||
4,090 | As One Corp. | 290,706 | ||||||
2,800 | Asahi Broadcasting Corp. | 19,058 | ||||||
3,100 | Asahi Co. Ltd. | 37,337 | ||||||
32,800 | Asahi Diamond Industrial Co. Ltd. | 207,262 | ||||||
4,350 | Asahi Holdings, Inc. | 93,103 | ||||||
1,800 | Asahi Kogyosha Co. Ltd. | 52,244 | ||||||
29,200 | Asahi Yukizai Corp. | 577,608 | ||||||
2,900 | Asante, Inc. | 57,802 | ||||||
2,400 | Asanuma Corp. | 69,447 | ||||||
6,900 | Asax Co. Ltd. | 36,079 | ||||||
2,700 | Ashimori Industry Co. Ltd. | 44,699 | ||||||
31,900 | Asia Pile Holdings Corp. | 183,764 | ||||||
11,900 | Asics Corp. | 172,961 | ||||||
4,700 | ASKA Pharmaceutical Co. Ltd. | 61,981 | ||||||
900 | ASKUL Corp. | 24,806 | ||||||
1,400 | Asti Corp. | 23,686 | ||||||
1,500 | Asukanet Co. Ltd. | 16,976 | ||||||
6,700 | Asunaro Aoki Construction Co. Ltd. | 59,616 | ||||||
9,800 | Ateam, Inc. | 186,907 | ||||||
10,200 | Atom Corp. | 90,488 | ||||||
15,400 | Autobacs Seven Co. Ltd. | 247,716 | ||||||
5,500 | Avant Corp. | 75,309 | ||||||
63,300 | Avex, Inc. | 852,153 | ||||||
12,700 | Awa Bank Ltd. (The) | 346,103 | ||||||
3,800 | Axial Retailing, Inc. | 124,607 | ||||||
22,400 | Azbil Corp. | 417,289 | ||||||
19,900 | Bando Chemical Industries Ltd. | 230,507 | ||||||
11,700 | Bank of Iwate Ltd. (The) | 446,391 | ||||||
10,600 | Bank of Kyoto Ltd. (The) | 478,167 | ||||||
3,700 | Bank of Nagoya Ltd. (The) | 117,065 | ||||||
11,000 | Bank of Okinawa Ltd. (The) | 368,015 | ||||||
9,500 | Bank of Saga Ltd. (The) | 183,206 | ||||||
96,700 | Bank of the Ryukyus Ltd. | 1,102,964 | ||||||
2,200 | Belc Co. Ltd. | 112,306 | ||||||
34,400 | Bell System24 Holdings, Inc. | 454,866 | ||||||
17,300 | Belluna Co. Ltd. | 171,873 | ||||||
7,700 | Benefit One, Inc. | 198,241 | ||||||
4,700 | Benesse Holdings, Inc. | 131,001 | ||||||
400 | Bengo4.Com, Inc.(b) | 11,114 | ||||||
8,700 | Bic Camera, Inc. | 115,116 |
26 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
500 | Biofermin Pharmaceutical Co. Ltd. | $ | 12,749 | |||||
42,400 | BML, Inc. | 1,166,766 | ||||||
5,300 | Bookoff Group Holdings Ltd. | 34,477 | ||||||
700 | Bp Castrol Kk | 9,008 | ||||||
1,600 | Br Holdings Corp. | 6,055 | ||||||
7,700 | Broadband Tower, Inc. | 20,541 | ||||||
26,000 | Broadleaf Co. Ltd. | 150,237 | ||||||
1,600 | BRONCO BILLY Co. Ltd. | 41,420 | ||||||
17,500 | Brother Industries Ltd. | 321,199 | ||||||
24,100 | Bunka Shutter Co. Ltd. | 168,947 | ||||||
1,200 | C Uyemura & Co. Ltd. | 76,678 | ||||||
900 | Can Do Co. Ltd. | 13,201 | ||||||
3,100 | Canon Electronics, Inc. | 56,871 | ||||||
153,737 | Canon Marketing Japan, Inc. | 2,914,374 | ||||||
100,200 | Capcom Co. Ltd. | 2,081,524 | ||||||
52,000 | CareerIndex, Inc. | 718,926 | ||||||
5,300 | Carlit Holdings Co. Ltd. | 42,180 | ||||||
3,900 | Casa, Inc. | 43,032 | ||||||
68,700 | Casio Computer Co. Ltd. | 1,038,095 | ||||||
3,700 | Cawachi Ltd. | 68,698 | ||||||
57,300 | Central Glass Co. Ltd. | 1,239,084 | ||||||
500 | Central Security Patrols Co. Ltd. | 23,486 | ||||||
1,300 | Central Sports Co. Ltd. | 45,394 | ||||||
97,100 | Chiba Kogyo Bank Ltd. (The) | 384,665 | ||||||
2,900 | Chilled & Frozen Logistics Holdings Co. Ltd. | 33,335 | ||||||
3,100 | Chino Corp. | 35,221 | ||||||
4,000 | Chiyoda Co. Ltd. | 77,210 | ||||||
2,900 | Chiyoda Integre Co. Ltd. | 58,162 | ||||||
3,800 | Chori Co. Ltd. | 62,809 | ||||||
9,900 | Chubu Shiryo Co. Ltd. | 120,729 | ||||||
6,000 | Chuetsu Pulp & Paper Co. Ltd. | 80,241 | ||||||
150,500 | Chugai Mining Co. Ltd.(b) | 26,676 | ||||||
25,600 | Chugoku Bank Ltd. (The) | 230,964 | ||||||
9,700 | Chugoku Electric Power Co., Inc. (The) | 124,823 | ||||||
21,700 | Chugoku Marine Paints Ltd. | 174,431 | ||||||
19,200 | Chukyo Bank Ltd. (The) | 386,944 | ||||||
40,800 | CI Takiron Corp. | 209,361 | ||||||
4,600 | Ci:z Holdings Co. Ltd. | 238,898 | ||||||
224,900 | Citizen Watch Co. Ltd. | 1,293,571 | ||||||
12,600 | CKD Corp. | 145,168 | ||||||
900 | Ck-San-Etsu Co. Ltd. | 24,048 | ||||||
4,200 | Clarion Co. Ltd. | 91,902 | ||||||
7,000 | Cleanup Corp. | 42,620 | ||||||
14,000 | CMIC Holdings Co. Ltd. | 260,557 | ||||||
18,300 | CMK Corp. | 117,745 | ||||||
5,190 | Cocokara Fine, Inc. | 285,637 | ||||||
9,200 | COLOPL Inc. | 56,748 | ||||||
6,400 | Colowide Co. Ltd. | 155,923 | ||||||
95,700 | Computer Engineering & Consulting Ltd. | 2,054,198 | ||||||
15,400 | COMSYS Holdings Corp. | 429,237 | ||||||
12,000 | Comture Corp. | 365,312 | ||||||
27,400 | CONEXIO Corp. | 395,331 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
6,500 | COOKPAD, Inc. | $ | 23,849 | |||||
2,800 | Cosel Co. Ltd. | 28,785 | ||||||
38,800 | Cosmo Energy Holdings Co. Ltd. | 1,442,513 | ||||||
5,000 | Cosmos Initia Co. Ltd. | 27,208 | ||||||
2,100 | Cosmos Pharmaceutical Corp. | 429,361 | ||||||
900 | Cota Co. Ltd. | 11,869 | ||||||
2,200 | CRE, Inc./Japan | 19,420 | ||||||
45,500 | Create Restaurants Holdings, Inc. | 481,473 | ||||||
5,400 | Create SD Holdings Co. Ltd. | 137,016 | ||||||
36,500 | Credit Saison Co. Ltd. | 581,296 | ||||||
2,000 | Creek & River Co. Ltd. | 18,469 | ||||||
400 | Cresco Ltd. | 11,291 | ||||||
4,700 | CTI Engineering Co. Ltd. | 62,939 | ||||||
2,700 | Cts Co. Ltd. | 14,525 | ||||||
15,100 | Cube System, Inc. | 115,222 | ||||||
54,100 | Cybozu, Inc. | 345,692 | ||||||
210 | DA Office Investment Corp. REIT | 1,282,315 | ||||||
9,600 | Dai Nippon Toryo Co. Ltd. | 97,161 | ||||||
9,100 | Daibiru Corp. | 91,940 | ||||||
27,100 | Daicel Corp. | 287,008 | ||||||
3,000 | Dai-Dan Co. Ltd. | 70,643 | ||||||
19,100 | Daido Kogyo Co. Ltd. | 181,461 | ||||||
13,000 | Daido Metal Co. Ltd. | 99,313 | ||||||
14,800 | Daido Steel Co. Ltd. | 609,917 | ||||||
10,000 | Daihatsu Diesel Manufacturing Co. Ltd. | 59,290 | ||||||
6,000 | Daihen Corp. | 140,488 | ||||||
28,200 | Daiho Corp. | 777,259 | ||||||
7,200 | Daiichi Jitsugyo Co. Ltd. | 238,011 | ||||||
5,700 | Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 55,972 | ||||||
3,600 | Dai-ichi Seiko Co. Ltd. | 45,688 | ||||||
6,600 | Daiichikosho Co. Ltd. | 304,161 | ||||||
4,600 | Daiken Corp. | 84,144 | ||||||
13,200 | Daiken Medical Co. Ltd. | 98,267 | ||||||
19,000 | Daiki Aluminium Industry Co. Ltd. | 109,957 | ||||||
19,500 | Daikoku Denki Co. Ltd. | 277,374 | ||||||
700 | Daikokutenbussan Co. Ltd. | 26,180 | ||||||
11,000 | Daikyo, Inc. | 288,758 | ||||||
5,800 | Daikyonishikawa Corp. | 55,515 | ||||||
6,000 | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 177,604 | ||||||
37,000 | Daio Paper Corp. | 480,392 | ||||||
1,600 | Daiohs Corp. | 18,718 | ||||||
4,910 | Daiseki Co. Ltd. | 116,359 | ||||||
9,750 | Daishi Hokuetsu Financial Group, Inc. | 350,822 | ||||||
1,200 | Daisue Construction Co. Ltd. | 12,943 | ||||||
5,700 | Daito Bank Ltd. (The) | 46,677 | ||||||
6,300 | Daito Electron Co. Ltd. | 107,982 | ||||||
20,660 | Daito Pharmaceutical Co. Ltd. | 618,875 | ||||||
31,900 | Daiwabo Holdings Co. Ltd. | 1,885,700 |
27 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,000 | Daiyu Lic Holdings Co. Ltd. | $ | 9,439 | |||||
280,370 | DCM Holdings Co. Ltd. | 2,723,317 | ||||||
700 | Dd Holdings Co. Ltd. | 14,083 | ||||||
29,200 | DeNA Co. Ltd. | 487,551 | ||||||
33,200 | Denka Co. Ltd. | 1,082,785 | ||||||
5,700 | Denyo Co. Ltd. | 85,979 | ||||||
144,545 | Descente Ltd. | 3,786,724 | ||||||
18,900 | Dexerials Corp. | 162,644 | ||||||
37,400 | DIC Corp. | 1,105,411 | ||||||
1,400 | Digital Arts, Inc. | 64,147 | ||||||
154,000 | Digital Garage, Inc. | 4,210,484 | ||||||
37,300 | Dip Corp. | 812,544 | ||||||
4,600 | DKS Co. Ltd. | 100,940 | ||||||
9,000 | DMG Mori Co. Ltd. | 130,412 | ||||||
4,000 | Doshisha Co. Ltd. | 82,421 | ||||||
5,674 | Doutor Nichires Holdings Co. Ltd. | 100,924 | ||||||
16,400 | Dowa Holdings Co. Ltd. | 478,912 | ||||||
800 | Dream Incubator, Inc. | 12,826 | ||||||
400 | DSB Co. Ltd. | 1,829 | ||||||
3,200 | DTS Corp. | 111,171 | ||||||
62,700 | Duskin Co. Ltd. | 1,426,983 | ||||||
3,700 | DyDo Group Holdings, Inc. | 187,894 | ||||||
400 | Dynic Corp. | 2,978 | ||||||
9,400 | Eagle Industry Co. Ltd. | 109,549 | ||||||
35,500 | Ebara Corp. | 1,038,242 | ||||||
1,400 | Ebara Jitsugyo Co. Ltd. | 23,339 | ||||||
18,800 | Ebase Co. Ltd. | 283,245 | ||||||
5,700 | eBook Initiative Japan Co. Ltd.(b) | 94,516 | ||||||
7,400 | Eco’s Co Ltd/Japan | 129,984 | ||||||
227,001 | EDION Corp. | 2,385,990 | ||||||
1,400 | EF-ON, Inc. | 13,413 | ||||||
2,800 | eGuarantee, Inc. | 26,081 | ||||||
800 | E-Guardian, Inc. | 16,966 | ||||||
14,600 | Ehime Bank Ltd. (The) | 150,872 | ||||||
8,000 | Eidai Co. Ltd. | 33,252 | ||||||
4,100 | Eighteenth Bank Ltd. (The) | 111,734 | ||||||
5,200 | Eiken Chemical Co. Ltd. | 116,319 | ||||||
600 | Elan Corp. | 14,724 | ||||||
33,000 | Elecom Co. Ltd. | 783,214 | ||||||
1,200 | Elematec Corp. | 25,652 | ||||||
9,000 | Em Systems Co. Ltd. | 92,126 | ||||||
4,200 | Endo Lighting Corp. | 29,108 | ||||||
700 | Enigmo, Inc.(b) | 12,488 | ||||||
3,000 | en-japan, Inc. | 119,910 | ||||||
2,700 | Enomoto Co. Ltd. | 22,182 | ||||||
2,700 | Enshu Ltd.(b) | 35,080 | ||||||
17,400 | EPS Holdings Inc. | 339,719 | ||||||
2,200 | eRex Co. Ltd. | 18,328 | ||||||
4,800 | Es-Con Japan Ltd. | 28,417 | ||||||
1,800 | Escrit, Inc. | 11,231 | ||||||
4,200 | ESPEC Corp. | 74,445 | ||||||
2,300 | Excel Co. Ltd. | 39,341 | ||||||
39,100 | Exedy Corp. | 965,415 | ||||||
5,200 | Ezaki Glico Co. Ltd. | 258,998 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
131,900 | F@N Communications, Inc. | $ | 731,771 | |||||
3,000 | FALCO HOLDINGS Co. Ltd. | 44,268 | ||||||
43,200 | FCC Co. Ltd. | 1,069,711 | ||||||
95,880 | Feed One Co. Ltd. | 163,149 | ||||||
13,400 | Ferrotec Holdings Corp. | 121,489 | ||||||
26,400 | FIDEA Holdings Co. Ltd. | 35,563 | ||||||
2,400 | Fields Corp. | 17,952 | ||||||
9,300 | Financial Products Group Co. Ltd. | 90,911 | ||||||
19,800 | First Bank of Toyama Ltd. (The) | 74,227 | ||||||
1,100 | First Juken Co. Ltd. | 11,669 | ||||||
800 | Fixstars Corp. | 8,671 | ||||||
13,300 | FJ Next Co. Ltd. | 98,422 | ||||||
20,100 | Foster Electric Co. Ltd. | 292,678 | ||||||
2,200 | FP Corp. | 112,891 | ||||||
8,000 | France Bed Holdings Co. Ltd. | 67,568 | ||||||
1,900 | Freebit Co. Ltd. | 14,953 | ||||||
700 | Freund Corp. | 5,447 | ||||||
185 | Frontier Real Estate Investment Corp. REIT | 709,111 | ||||||
7,100 | F-Tech, Inc. | 69,594 | ||||||
1,200 | Ftgroup Co. Ltd. | 15,144 | ||||||
41,480 | Fudo Tetra Corp. | 631,565 | ||||||
3,700 | Fuji Co. Ltd. | 69,419 | ||||||
10,600 | Fuji Corp. Ltd. | 80,978 | ||||||
1,400 | Fuji Corp./Miyagi | 25,684 | ||||||
1,800 | Fuji Die Co. Ltd. | 13,113 | ||||||
6,000 | Fuji Kyuko Co. Ltd. | 175,212 | ||||||
51,600 | Fuji Media Holdings, Inc. | 837,783 | ||||||
184,700 | Fuji Oil Co. Ltd. | 713,690 | ||||||
9,600 | Fuji Oil Holdings, Inc. | 276,935 | ||||||
4,400 | Fuji Pharma Co. Ltd. | 69,177 | ||||||
5,800 | Fuji Seal International, Inc. | 176,054 | ||||||
21,300 | Fuji Soft, Inc. | 977,835 | ||||||
3,900 | Fujibo Holdings, Inc. | 113,369 | ||||||
2,700 | Fujicco Co. Ltd. | 61,928 | ||||||
10,700 | Fujikura Kasei Co. Ltd. | 60,027 | ||||||
159,300 | Fujikura Ltd. | 687,545 | ||||||
8,800 | Fujikura Rubber Ltd. | 42,193 | ||||||
28,000 | Fujimi, Inc. | 639,979 | ||||||
4,600 | Fujimori Kogyo Co. Ltd. | 133,717 | ||||||
1,000 | Fujio Food System Co. Ltd. | 18,212 | ||||||
39,000 | Fujisash Co. Ltd. | 32,836 | ||||||
2,100 | Fujita Kanko, Inc. | 57,323 | ||||||
14,100 | Fujitec Co. Ltd. | 153,702 | ||||||
6,200 | Fujitsu Frontech Ltd. | 69,069 | ||||||
8,000 | Fujitsu General Ltd. | 119,466 | ||||||
1,200 | Fujiya Co. Ltd. | 25,971 | ||||||
7,000 | FuKoKu Co. Ltd. | 57,199 | ||||||
2,000 | Fukuda Corp. | 82,244 | ||||||
4,300 | Fukui Bank Ltd. (The) | 81,515 | ||||||
49,900 | Fukui Computer Holdings, Inc. | 791,607 | ||||||
17,800 | Fukuoka Financial Group, Inc. | 438,867 | ||||||
7,400 | Fukushima Bank Ltd. (The)(b) | 39,546 | ||||||
3,100 | Fukushima Industries Corp. | 141,215 |
28 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
10,800 | Fukuyama Transporting Co. Ltd. | $ | 417,796 | |||||
12,600 | Full Speed, Inc.(b) | 73,366 | ||||||
23,500 | FULLCAST Holdings Co. Ltd. | 441,113 | ||||||
1,000 | Fumakilla Ltd. | 13,755 | ||||||
5,400 | Funai Soken Holdings, Inc. | 114,523 | ||||||
4,700 | Furukawa Battery Co. Ltd. (The) | 35,364 | ||||||
7,400 | Furukawa Co. Ltd. | 91,815 | ||||||
26,400 | Furukawa Electric Co. Ltd. | 714,778 | ||||||
98,900 | Furuno Electric Co. Ltd. | 1,176,264 | ||||||
4,000 | Furusato Industries Ltd. | 64,306 | ||||||
5,700 | Furyu Corp. | 45,717 | ||||||
3,500 | Fuso Chemical Co. Ltd. | 69,978 | ||||||
1,100 | Fuso Pharmaceutical Industries Ltd. | 26,253 | ||||||
28,500 | Futaba Industrial Co. Ltd. | 156,095 | ||||||
49,500 | Future Corp. | 673,395 | ||||||
8,900 | Fuyo General Lease Co. Ltd. | 494,554 | ||||||
900 | G-7 Holdings, Inc. | 20,411 | ||||||
1,200 | GA technologies Co. Ltd./Japan(b) | 25,811 | ||||||
6,700 | Gakken Holdings Co. Ltd. | 339,053 | ||||||
900 | Gakkyusha Co. Ltd. | 13,751 | ||||||
1,700 | Gakujo Co. Ltd. | 22,358 | ||||||
17,600 | Gecoss Corp. | 167,834 | ||||||
23,400 | Genki Sushi Co. Ltd. | 1,269,181 | ||||||
800 | Genky DrugStores Co. Ltd. | 25,879 | ||||||
25,000 | Geo Holdings Corp. | 382,195 | ||||||
3,800 | Geostr Corp. | 16,906 | ||||||
2,100 | Gfoot Co. Ltd. | 13,996 | ||||||
1,500 | Giken Ltd. | 50,782 | ||||||
900 | Gl Sciences, Inc. | 12,267 | ||||||
3,300 | Global Group Corp.(b) | 41,383 | ||||||
25,700 | GLOBERIDE, Inc. | 617,019 | ||||||
12,100 | Glory Ltd. | 282,246 | ||||||
8,000 | GMO Internet, Inc. | 114,291 | ||||||
3,200 | GMO Payment Gateway, Inc. | 155,413 | ||||||
3,400 | Godo Steel Ltd. | 65,177 | ||||||
3,380 | Goldcrest Co. Ltd. | 52,871 | ||||||
6,100 | Goldwin, Inc. | 434,652 | ||||||
1,500 | Golf Digest Online, Inc. | 12,430 | ||||||
295,400 | Gree, Inc. | 1,238,305 | ||||||
1,600 | gremz, Inc. | 19,100 | ||||||
17,000 | GS Yuasa Corp. | 349,537 | ||||||
2,400 | GSI Creos Corp. | 28,629 | ||||||
8,300 | G-Tekt Corp. | 117,179 | ||||||
3,800 | Gumi, Inc.(b) | 20,207 | ||||||
31,900 | GungHo Online Entertainment, Inc. | 57,391 | ||||||
52,000 | Gunma Bank Ltd. (The) | 235,955 | ||||||
39,583 | Gunze Ltd. | 1,757,529 | ||||||
135,700 | Gurunavi, Inc. | 1,036,677 | ||||||
6,500 | H.I.S. Co. Ltd. | 197,301 | ||||||
31,435 | H2O Retailing Corp. | 488,373 | ||||||
8,600 | HABA Laboratories, Inc. | 617,362 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
70,300 | Hachijuni Bank Ltd. (The) | $ | 297,810 | |||||
3,200 | Hagihara Industries, Inc. | 47,446 | ||||||
1,500 | Hagiwara Electric Co. Ltd. | 39,536 | ||||||
3,500 | Hakudo Co. Ltd. | 55,213 | ||||||
4,800 | Hakuto Co. Ltd. | 54,409 | ||||||
500 | Halows Co. Ltd. | 10,932 | ||||||
8,000 | Hamakyorex Co. Ltd. | 259,139 | ||||||
18,600 | Hanwa Co. Ltd. | 610,741 | ||||||
18,200 | Happinet Corp. | 276,625 | ||||||
3,000 | Harada Industry Co. Ltd. | 21,589 | ||||||
5,000 | Hard Off Corp. Co. Ltd. | 41,875 | ||||||
3,200 | Harima Chemicals Group, Inc. | 27,169 | ||||||
1,600 | Harmonic Drive Systems, Inc. | 48,708 | ||||||
1,400 | Haruyama Trading Co. Ltd. | 11,055 | ||||||
251,600 | Haseko Corp. | 3,190,850 | ||||||
289,260 | Hazama Ando Corp. | 1,994,455 | ||||||
800 | Hearts United Group Co. Ltd. | 9,933 | ||||||
112,293 | Heiwa Corp. | 2,570,593 | ||||||
5,500 | Heiwa Real Estate Co. Ltd. | 101,972 | ||||||
125 | Heiwa Real Estate REIT, Inc. REIT | 122,635 | ||||||
50,200 | Heiwado Co. Ltd. | 1,288,423 | ||||||
2,000 | Helios Techno Holding Co. Ltd. | 13,843 | ||||||
48,944 | Hiday Hidaka Corp. | 953,418 | ||||||
4,700 | HI-LEX Corp. | 98,719 | ||||||
6,600 | Hioki EE Corp. | 233,970 | ||||||
3,200 | Hiramatsu, Inc. | 13,386 | ||||||
1,300 | Hirata Corp. | 80,303 | ||||||
1,200 | Hirose Electric Co. Ltd. | 114,114 | ||||||
119,100 | Hiroshima Bank Ltd. (The) | 737,811 | ||||||
5,400 | Hiroshima Gas Co. Ltd. | 17,324 | ||||||
21,200 | Hitachi Capital Corp. | 520,817 | ||||||
15,100 | Hitachi Chemical Co. Ltd. | 238,340 | ||||||
16,800 | Hitachi Transport System Ltd. | 432,376 | ||||||
63,300 | Hitachi Zosen Corp. | 240,667 | ||||||
17,800 | Hochiki Corp. | 218,172 | ||||||
2,300 | Hodogaya Chemical Co. Ltd. | 56,015 | ||||||
23,435 | Hogy Medical Co. Ltd. | 691,617 | ||||||
12,800 | Hokkaido Electric Power Co., Inc. | 74,870 | ||||||
600 | Hokkaido Gas Co. Ltd. | 7,668 | ||||||
7,200 | Hokkan Holdings Ltd. | 118,814 | ||||||
10,000 | Hokko Chemical Industry Co. Ltd. | 47,237 | ||||||
3,400 | Hokkoku Bank Ltd. (The) | 125,050 | ||||||
39,900 | Hokuetsu Industries Co. Ltd. | 387,914 | ||||||
63,600 | Hokuetsu Kishu Paper Co. Ltd. | 303,810 | ||||||
117,300 | Hokuhoku Financial Group, Inc. | 1,458,518 | ||||||
3,000 | Hokuriku Electric Industry Co. Ltd. | 30,576 | ||||||
6,200 | Hokuriku Electric Power Co.(b) | 57,805 | ||||||
3,400 | Hokuriku Electrical Construction Co. Ltd. | 30,584 | ||||||
5,700 | Hokuto Corp. | 97,345 | ||||||
2,500 | Honda Tsushin Kogyo Co. Ltd. | 13,050 |
29 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
8,300 | H-One Co. Ltd. | $ | 87,756 | |||||
51,320 | Honeys Holdings Co. Ltd. | 407,977 | ||||||
400 | Honshu Chemical Industry Co. Ltd. | 4,151 | ||||||
9,600 | Hoosiers Holdings | 53,260 | ||||||
7,700 | Horiba Ltd. | 361,679 | ||||||
8,800 | Hosokawa Micron Corp. | 428,165 | ||||||
4,600 | House Foods Group, Inc. | 132,494 | ||||||
3,300 | Howa Machinery Ltd. | 23,222 | ||||||
73,200 | Hyakugo Bank Ltd. (The) | 269,874 | ||||||
3,100 | Hyakujushi Bank Ltd. (The) | 79,344 | ||||||
3,500 | I K K, Inc. | 22,240 | ||||||
42,100 | Ibiden Co. Ltd. | 520,117 | ||||||
9,000 | IBJ Leasing Co. Ltd. | 226,206 | ||||||
400 | Ichibanya Co. Ltd. | 15,244 | ||||||
16,000 | Ichigo, Inc. | 52,324 | ||||||
1,200 | Ichiken Co., Ltd. | 23,365 | ||||||
57,500 | Ichikoh Industries Ltd. | 399,012 | ||||||
7,300 | ICHINEN Holdings Co. Ltd. | 88,310 | ||||||
9,800 | Ichiyoshi Securities Co. Ltd. | 82,597 | ||||||
4,300 | Idec Corp. | 78,275 | ||||||
23,600 | IDOM, Inc. | 79,688 | ||||||
900 | Ihara Science Corp. | 15,865 | ||||||
46,400 | Iino Kaiun Kaisha Ltd. | 203,965 | ||||||
6,180 | IJT Technology Holdings Co. Ltd. | 38,230 | ||||||
900 | Ikegami Tsushinki Co. Ltd. | 9,699 | ||||||
3,900 | Imagica Robot Holdings, Inc. | 19,252 | ||||||
22,100 | Imasen Electric Industrial | 203,500 | ||||||
400 | Imuraya Group Co. Ltd. | 10,954 | ||||||
3,500 | Inaba Denki Sangyo Co. Ltd. | 140,980 | ||||||
13,200 | Inabata & Co. Ltd. | 176,647 | ||||||
5,600 | Inageya Co. Ltd. | 70,623 | ||||||
56,500 | Ines Corp. | 660,464 | ||||||
6,780 | I-Net Corp. | 98,123 | ||||||
6,600 | Infocom Corp. | 247,423 | ||||||
738,100 | Infomart Corp. | 7,653,450 | ||||||
6,700 | Information Development Co. | 93,225 | ||||||
4,800 | Information Services International-Dentsu Ltd. | 165,055 | ||||||
2,400 | Innotech Corp. | 26,736 | ||||||
500 | Insource Co. Ltd. | 8,951 | ||||||
2,800 | Intage Holdings, Inc. | 24,095 | ||||||
2,000 | Inter Action Corp. | 37,010 | ||||||
21,800 | Internet Initiative Japan, Inc. | 421,375 | ||||||
1,600 | Inui Global Logistics Co. Ltd. | 14,208 | ||||||
10,400 | I-O Data Device, Inc. | 122,863 | ||||||
26,300 | IR Japan Holdings Ltd. | 315,362 | ||||||
3,000 | Iriso Electronics Co. Ltd. | 126,955 | ||||||
10,000 | ISB Corp. | 210,839 | ||||||
6,900 | Iseki & Co. Ltd. | 118,450 | ||||||
504,400 | Isetan Mitsukoshi Holdings Ltd. | 5,905,193 | ||||||
24,200 | Ishihara Sangyo Kaisha Ltd.(b) | 289,538 | ||||||
1,700 | Istyle, Inc. | 15,277 | ||||||
3,600 | ITbook Holdings Co. Ltd.(b) | 16,463 | ||||||
34,600 | Itfor, Inc. | 258,806 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
11,000 | Ito En Ltd. | $ | 468,915 | |||||
69,600 | Itochu Enex Co. Ltd. | 655,690 | ||||||
52,200 | Itochu Techno-Solutions Corp. | 990,012 | ||||||
1,300 | Itochu-Shokuhin Co. Ltd. | 60,602 | ||||||
22,600 | Itoham Yonekyu Holdings, Inc. | 142,208 | ||||||
27,600 | Itoki Corp. | 143,339 | ||||||
3,900 | IwaiCosmo Holdings, Inc. | 49,910 | ||||||
20,300 | Iwaki & Co. Ltd. | 97,870 | ||||||
2,300 | Iwasaki Electric Co. Ltd. | 30,311 | ||||||
34,600 | Iwatani Corp. | 1,221,970 | ||||||
78,200 | Iyo Bank Ltd. (The) | 465,035 | ||||||
7,500 | Izumi Co. Ltd. | 408,118 | ||||||
42,500 | J. Front Retailing Co. Ltd. | 557,828 | ||||||
1,500 | JAC Recruitment Co. Ltd. | 27,119 | ||||||
7,600 | Jaccs Co. Ltd. | 142,658 | ||||||
1,900 | Jalux, Inc. | 47,334 | ||||||
1,900 | Jamco Corp. | 53,716 | ||||||
6,100 | Janome Sewing Machine Co. Ltd. | 31,301 | ||||||
4,000 | Japan Airport Terminal Co. Ltd. | 153,853 | ||||||
7,400 | Japan Asia Group Ltd. | 25,971 | ||||||
17,900 | Japan Asset Marketing Co. Ltd.(b) | 19,513 | ||||||
47,900 | Japan Aviation Electronics Industry Ltd. | 637,195 | ||||||
9,900 | Japan Best Rescue System Co. Ltd. | 95,109 | ||||||
81,400 | Japan Cash Machine Co. Ltd. | 799,319 | ||||||
55,000 | Japan Display, Inc.(b) | 53,131 | ||||||
1,400 | Japan Electronic Materials Corp. | 9,430 | ||||||
1,596 | Japan Excellent, Inc. REIT | 2,070,762 | ||||||
700 | Japan Investment Adviser Co. Ltd. | 21,930 | ||||||
4,800 | Japan Lifeline Co. Ltd. | 69,723 | ||||||
4,500 | Japan Material Co. Ltd. | 52,763 | ||||||
31,800 | Japan Medical Dynamic Marketing, Inc. | 372,858 | ||||||
1,100 | Japan Oil Transportation Co. Ltd. | 28,418 | ||||||
900 | Japan Property Management Center Co., Ltd. | 9,803 | ||||||
13,100 | Japan Pulp & Paper Co. Ltd. | 481,810 | ||||||
1,635 | Japan Rental Housing Investments, Inc. REIT | 1,282,381 | ||||||
13,700 | Japan Securities Finance Co. Ltd. | 76,978 | ||||||
17,600 | Japan Steel Works Ltd. (The) | 373,572 | ||||||
24,200 | Japan System Techniques Co. Ltd. | 463,904 | ||||||
20,000 | Japan Transcity Corp. | 78,167 | ||||||
23,700 | Japan Wool Textile Co. Ltd. (The) | 187,357 | ||||||
10,500 | JBCC Holdings, Inc. | 137,816 | ||||||
16,900 | JCR Pharmaceuticals Co. Ltd. | 718,177 | ||||||
2,500 | JCU Corp. | 53,618 | ||||||
44,200 | Jeol Ltd. | 727,037 |
30 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
4,000 | JFLA Holdings, Inc. | $ | 14,570 | |||||
41,900 | Jimoto Holdings, Inc. | 54,958 | ||||||
1,500 | JINS, Inc. | 85,213 | ||||||
3,600 | JK Holdings Co. Ltd. | 23,131 | ||||||
3,500 | JMS Co. Ltd. | 17,836 | ||||||
2,800 | Joban Kosan Co. Ltd. | 42,781 | ||||||
3,400 | J-Oil Mills, Inc. | 117,215 | ||||||
7,500 | Joshin Denki Co. Ltd. | 191,762 | ||||||
8,500 | JP-Holdings, Inc. | 22,599 | ||||||
4,900 | JSP Corp. | 96,580 | ||||||
35,100 | JSR Corp. | 524,470 | ||||||
36,600 | Juki Corp. | 410,974 | ||||||
31,200 | Juroku Bank Ltd. (The) | 706,206 | ||||||
3,300 | Justsystems Corp. | 67,559 | ||||||
123,300 | JVC Kenwood Corp. | 303,783 | ||||||
27,900 | kabu.com Securities Co. Ltd. | 100,636 | ||||||
49,800 | Kadokawa Dwango Corp. | 496,963 | ||||||
9,700 | Kaga Electronics Co. Ltd. | 218,096 | ||||||
2,400 | Kagome Co. Ltd. | 64,023 | ||||||
217,100 | Kakaku.com, Inc. | 3,938,527 | ||||||
69,795 | Kaken Pharmaceutical Co. Ltd. | 3,501,039 | ||||||
600 | Kakiyasu Honten Co. Ltd. | 13,225 | ||||||
1,000 | Kameda Seika Co. Ltd. | 47,414 | ||||||
13,800 | Kamei Corp. | 159,482 | ||||||
16,600 | Kamigumi Co. Ltd. | 343,372 | ||||||
3,200 | Kanaden Corp. | 33,380 | ||||||
1,000 | Kanagawa Chuo Kotsu Co. Ltd. | 33,234 | ||||||
46,300 | Kanamoto Co. Ltd. | 1,546,958 | ||||||
18,000 | Kandenko Co. Ltd. | 183,773 | ||||||
34,300 | Kaneka Corp. | 1,434,803 | ||||||
1,300 | Kaneko Seeds Co. Ltd. | 16,752 | ||||||
44,000 | Kanematsu Corp. | 565,817 | ||||||
1,800 | Kanematsu Electronics Ltd. | 55,435 | ||||||
24,051 | Kansai Mirai Financial Group, Inc.(b) | 187,147 | ||||||
10,100 | Kanto Denka Kogyo Co. Ltd. | 91,928 | ||||||
1,400 | Kappa Create Co. Ltd. | 16,452 | ||||||
11,900 | Kasai Kogyo Co. Ltd. | 109,788 | ||||||
1,000 | Katakura & Co-op Agri Corp. | 10,697 | ||||||
10,500 | Kato Sangyo Co. Ltd. | 323,370 | ||||||
12,300 | Kato Works Co. Ltd. | 353,188 | ||||||
2,400 | KAWADA Technologies, Inc. | 137,617 | ||||||
500 | Kawagishi Bridge Works Co. Ltd. | 15,022 | ||||||
9,900 | Kawai Musical Instruments Manufacturing Co. Ltd. | 343,058 | ||||||
4,900 | Kawakin Holdings Co. Ltd. | 16,415 | ||||||
67,000 | Kawasaki Kisen Kaisha Ltd.(b) | 896,025 | ||||||
8,700 | Keihan Holdings Co. Ltd. | 330,004 | ||||||
15,900 | Keihanshin Building Co. Ltd. | 117,240 | ||||||
139,300 | Keihin Corp. | 2,751,803 | ||||||
48,500 | Keiyo Bank Ltd. (The) | 354,611 | ||||||
28,700 | Keiyo Co. Ltd. | 142,184 | ||||||
1,600 | Kel Corp. | 13,712 | ||||||
2,600 | Kenko Mayonnaise Co. Ltd. | 55,763 | ||||||
9,800 | Kewpie Corp. | 226,077 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,825 | KEY Coffee, Inc. | $ | 32,413 | |||||
2,000 | KFC Holdings Japan Ltd. | 35,166 | ||||||
3,100 | Kimura Chemical Plants Co. Ltd. | 10,797 | ||||||
3,600 | Kimura Unity Co. Ltd. | 36,723 | ||||||
1,300 | Kinki Sharyo Co. Ltd. (The)(b) | 26,199 | ||||||
1,400 | Kintetsu Department Store Co. Ltd.(b) | 44,047 | ||||||
26,800 | Kintetsu World Express, Inc. | 416,364 | ||||||
9,600 | Kirindo Holdings Co. Ltd. | 134,341 | ||||||
2,400 | Kisoji Co. Ltd. | 55,238 | ||||||
500 | Ki-Star Real Estate Co. Ltd. | 8,805 | ||||||
5,900 | Kitagawa Iron Works Co. Ltd. | 138,565 | ||||||
2,600 | Kita-Nippon Bank Ltd. (The) | 57,929 | ||||||
2,100 | Kitano Construction Corp. | 70,537 | ||||||
32,200 | Kito Corp. | 487,987 | ||||||
34,300 | Kitz Corp. | 273,281 | ||||||
30,600 | Kiyo Bank Ltd. (The) | 455,332 | ||||||
7,300 | Koa Corp. | 100,667 | ||||||
25,000 | Koatsu Gas Kogyo Co. Ltd. | 182,124 | ||||||
2,000 | Kobe Bussan Co. Ltd. | 50,835 | ||||||
300 | Kobe Electric Railway Co. Ltd.(b) | 10,608 | ||||||
124,100 | Kobe Steel Ltd. | 998,651 | ||||||
12,200 | Kohnan Shoji Co. Ltd. | 305,878 | ||||||
1,300 | Kohsoku Corp. | 12,005 | ||||||
300 | Koike Sanso Kogyo Co. Ltd. | 6,753 | ||||||
144,300 | Kojima Co. Ltd.(b) | 635,593 | ||||||
65,200 | Kokuyo Co. Ltd. | 1,030,857 | ||||||
800 | KOMAIHALTEC, Inc. | 15,357 | ||||||
3,400 | Komatsu Wall Industry Co. Ltd. | 62,465 | ||||||
2,100 | KOMEDA Holdings Co. Ltd. | 41,336 | ||||||
6,900 | Komehyo Co. Ltd. | 94,112 | ||||||
30,600 | Komeri Co. Ltd. | 793,509 | ||||||
5,100 | Konaka Co. Ltd. | 22,509 | ||||||
9,500 | Kondotec, Inc. | 86,046 | ||||||
654,900 | Konica Minolta, Inc. | 6,506,340 | ||||||
31,400 | Konishi Co.Ltd. | 440,521 | ||||||
19,900 | Konoike Transport Co. Ltd. | 301,582 | ||||||
1,300 | Konoshima Chemical Co. Ltd. | 8,261 | ||||||
5,100 | Kosaido Co. Ltd. | 20,701 | ||||||
2,000 | Koshidaka Holdings Co. Ltd. | 23,273 | ||||||
3,400 | Kotobuki Spirits Co. Ltd. | 130,172 | ||||||
2,000 | Kourakuen Holdings Corp.(b) | 32,791 | ||||||
16,100 | Krosaki Harima Corp. | 1,063,012 | ||||||
4,200 | KRS Corp. | 94,359 | ||||||
72,112 | K’s Holdings Corp. | 911,346 | ||||||
2,000 | KU Holdings Co. Ltd. | 16,449 | ||||||
10,800 | Kumagai Gumi Co. Ltd. | 281,976 | ||||||
101,867 | Kumiai Chemical Industry Co. Ltd. | 633,763 | ||||||
32,979 | Kura Corp. | 1,911,487 | ||||||
20,200 | Kurabo Industries Ltd. | 487,478 | ||||||
9,700 | Kureha Corp. | 624,975 | ||||||
2,100 | Kurimoto Ltd. | 31,453 | ||||||
8,100 | Kurita Water Industries Ltd. | 199,781 |
31 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
900 | Kuriyama Holdings Corp. | $ | 13,982 | |||||
2,000 | Kusuri No Aoki Holdings Co. Ltd. | 143,572 | ||||||
11,100 | KYB Corp. | 266,298 | ||||||
3,500 | Kyoden Co. Ltd. | 17,215 | ||||||
3,300 | Kyodo Printing Co. Ltd. | 82,825 | ||||||
6,700 | Kyoei Steel Ltd. | 121,608 | ||||||
65,300 | Kyokuto Kaihatsu Kogyo Co. Ltd. | 933,477 | ||||||
1,400 | Kyokuto Securities Co. Ltd. | 16,924 | ||||||
2,000 | Kyokuyo Co. Ltd. | 54,859 | ||||||
20,200 | KYORIN Holdings, Inc. | 441,648 | ||||||
3,540 | Kyoritsu Maintenance Co. Ltd. | 157,180 | ||||||
9,400 | Kyoritsu Printing Co. Ltd. | 21,493 | ||||||
77,400 | Kyosan Electric Manufacturing Co. Ltd. | 360,128 | ||||||
3,500 | Kyowa Electronic Instruments Co. Ltd. | 12,563 | ||||||
20,832 | Kyowa Exeo Corp. | 561,256 | ||||||
2,700 | Kyowa Leather Cloth Co. Ltd. | 20,268 | ||||||
7,000 | Kyudenko Corp. | 255,284 | ||||||
227,140 | Kyushu Financial Group, Inc. | 1,004,501 | ||||||
46,100 | LAC Co. Ltd. | 723,153 | ||||||
5,700 | Land Business Co. Ltd. | 27,985 | ||||||
7,000 | Lasertec Corp. | 201,001 | ||||||
2,400 | LEC, Inc. | 48,070 | ||||||
8,700 | Legs Co. Ltd. | 87,359 | ||||||
107,800 | Leopalace21 Corp. | 449,983 | ||||||
8,400 | Life Corp. | 207,925 | ||||||
5,600 | Lifull Co. Ltd.(b) | 37,917 | ||||||
700 | Like Co. Ltd. | 10,230 | ||||||
500 | Linical Co. Ltd. | 6,961 | ||||||
3,800 | Link and Motivation, Inc. | 37,315 | ||||||
32,200 | Lintec Corp. | 762,515 | ||||||
7,400 | LIXIL VIVA Corp. | 120,213 | ||||||
400 | M&A Capital Partners Co. Ltd.(b) | 19,710 | ||||||
198,600 | M3, Inc. | 3,199,848 | ||||||
3,700 | Mabuchi Motor Co. Ltd. | 131,821 | ||||||
10,450 | Macnica Fuji Electronics Holdings, Inc. | 151,145 | ||||||
38,400 | Maeda Corp. | 434,248 | ||||||
37,000 | Maeda Kosen Co. Ltd. | 718,456 | ||||||
29,000 | Maeda Road Construction Co. Ltd. | 529,189 | ||||||
6,400 | Makino Milling Machine Co. Ltd. | 244,463 | ||||||
30,100 | Mamezou Holdings Co. Ltd. | 243,820 | ||||||
21,900 | Mandom Corp. | 609,439 | ||||||
11,200 | Mani, Inc. | 515,159 | ||||||
2,200 | Mars Engineering Corp. | 45,468 | ||||||
7,700 | Marubun Corp. | 53,023 | ||||||
7,600 | Marudai Food Co. Ltd. | 123,664 | ||||||
400 | Marufuji Sheet Piling Co. Ltd. | 8,841 | ||||||
46,000 | Maruha Nichiro Corp. | 1,667,390 | ||||||
27,000 | Marui Group Co. Ltd. | 581,469 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
6,900 | Maruichi Steel Tube Ltd. | $ | 199,353 | |||||
2,900 | Maruka Machinery Co. Ltd. | 61,066 | ||||||
7,800 | Marusan Securities Co. Ltd. | 60,072 | ||||||
2,500 | Maruwa Co. Ltd. | 141,135 | ||||||
2,000 | Maruyama Manufacturing Co., Inc. | 29,016 | ||||||
6,200 | Maruzen Showa Unyu Co. Ltd. | 163,524 | ||||||
6,400 | Marvelous, Inc. | 51,161 | ||||||
2,900 | Matsuda Sangyo Co. Ltd. | 35,930 | ||||||
7,700 | Matsui Construction Co. Ltd. | 56,367 | ||||||
16,400 | Matsui Securities Co. Ltd. | 167,292 | ||||||
1,900 | Matsuya Foods Co. Ltd. | 61,293 | ||||||
25,400 | Max Co. Ltd. | 342,388 | ||||||
21,800 | Maxell Holdings Ltd. | 277,439 | ||||||
2,400 | Maxvalu Nishinihon Co. Ltd. | 39,775 | ||||||
3,700 | Maxvalu Tokai Co. Ltd. | 81,552 | ||||||
80,200 | MCJ Co. Ltd. | 638,984 | ||||||
31,590 | Mebuki Financial Group, Inc. | 96,588 | ||||||
2,900 | MEC Co. Ltd. | 38,012 | ||||||
500 | Media Do Holdings Co. Ltd. | 10,732 | ||||||
800 | Medical Data Vision Co. Ltd.(b) | 12,535 | ||||||
21,700 | Medical System Network Co. Ltd. | 103,081 | ||||||
95,700 | Medipal Holdings Corp. | 2,055,046 | ||||||
4,400 | Megachips Corp. | 84,541 | ||||||
46,900 | Megmilk Snow Brand Co. Ltd. | 1,098,150 | ||||||
44,600 | Meidensha Corp. | 630,452 | ||||||
6,300 | Meiko Electronics Co. Ltd. | 157,339 | ||||||
2,600 | Meiko Network Japan Co. Ltd. | 22,835 | ||||||
24,200 | Meisei Industrial Co. Ltd. | 182,516 | ||||||
30,700 | Meitec Corp. | 1,286,932 | ||||||
13,200 | Meiwa Corp. | 50,771 | ||||||
2,000 | Meiwa Estate Co. Ltd. | 11,096 | ||||||
23,400 | Menicon Co. Ltd. | 516,382 | ||||||
42,800 | Metawater Co. Ltd. | 1,097,737 | ||||||
10,700 | Michinoku Bank Ltd. (The) | 169,459 | ||||||
5,300 | Micronics Japan Co. Ltd. | 33,960 | ||||||
9,900 | Mie Kotsu Group Holdings, Inc. | 45,887 | ||||||
14,000 | Mikuni Corp. | 76,802 | ||||||
24,574 | Milbon Co. Ltd. | 882,037 | ||||||
3,200 | MIMAKI ENGINEERING Co. Ltd. | 32,869 | ||||||
6,700 | Mimasu Semiconductor Industry Co. Ltd. | 88,118 | ||||||
2,900 | Ministop Co. Ltd. | 53,536 | ||||||
10,800 | Miraca Holdings, Inc. | 263,216 | ||||||
20,230 | Mirait Holdings Corp. | 326,663 | ||||||
2,300 | Miroku Jyoho Service Co. Ltd. | 43,417 | ||||||
16,800 | Misawa Homes Co. Ltd. | 125,961 | ||||||
6,400 | Mitani Corp. | 305,154 | ||||||
8,200 | Mitani Sangyo Co. Ltd. | 23,401 | ||||||
500 | Mitani Sekisan Co. Ltd. | 11,340 | ||||||
6,900 | Mito Securities Co. Ltd. | 19,996 | ||||||
11,900 | Mitsuba Corp. | 93,968 | ||||||
41,700 | Mitsubishi Logisnext Co. Ltd. | 497,067 |
32 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
7,000 | Mitsubishi Logistics Corp. | $ | 160,243 | |||||
55,400 | Mitsubishi Materials Corp. | 1,536,775 | ||||||
9,600 | Mitsubishi Paper Mills Ltd. | 49,602 | ||||||
4,200 | Mitsubishi Pencil Co. Ltd. | 73,254 | ||||||
25,700 | Mitsubishi Research Institute, Inc. | 801,737 | ||||||
7,100 | Mitsubishi Shokuhin Co. Ltd. | 182,919 | ||||||
8,500 | Mitsuboshi Belting Ltd. | 208,743 | ||||||
4,300 | Mitsui Engineering & Shipbuilding Co. Ltd.(b) | 72,407 | ||||||
5,300 | Mitsui High-Tec, Inc. | 56,976 | ||||||
54,800 | Mitsui Matsushima Co. Ltd. | 859,141 | ||||||
17,300 | Mitsui Mining & Smelting Co. Ltd. | 489,861 | ||||||
42,900 | Mitsui Osk Lines Ltd. | 1,047,074 | ||||||
3,100 | Mitsui Sugar Co. Ltd. | 83,520 | ||||||
24,000 | Mitsui-Soko Holdings Co. Ltd.(b) | 370,098 | ||||||
1,900 | Miura Co. Ltd. | 46,559 | ||||||
4,800 | Mixi, Inc. | 104,904 | ||||||
4,700 | Miyaji Engineering Group, Inc. | 113,423 | ||||||
4,300 | Miyazaki Bank Ltd. (The) | 112,345 | ||||||
1,800 | Miyoshi Oil & Fat Co. Ltd. | 19,797 | ||||||
3,100 | Mizuho Medy Co. Ltd. | 68,849 | ||||||
41,100 | Mizuno Corp. | 961,252 | ||||||
27,076 | Mochida Pharmaceutical Co. Ltd. | 2,145,251 | ||||||
4,300 | Modec, Inc. | 129,570 | ||||||
30,200 | Monex Group, Inc. | 119,103 | ||||||
600 | Monogatari Corp. (The) | 53,600 | ||||||
198,000 | Monotaro Co. Ltd. | 4,371,144 | ||||||
2,600 | Moresco Corp. | 35,923 | ||||||
79 | Mori Trust Sogo Reit, Inc. REIT | 112,022 | ||||||
5,200 | Morinaga & Co. Ltd. | 208,995 | ||||||
17,200 | Morinaga Milk Industry Co. Ltd. | 458,829 | ||||||
7,800 | Moriroku Holdings Co. Ltd. | 200,331 | ||||||
8,400 | Morita Holdings Corp. | 160,131 | ||||||
2,000 | Morito Co. Ltd. | 15,119 | ||||||
3,500 | Mory Industries, Inc. | 86,449 | ||||||
8,400 | MrMax Holdings Ltd. | 38,935 | ||||||
6,200 | MTI Ltd. | 29,891 | ||||||
5,300 | Mugen Estate Co. Ltd. | 30,390 | ||||||
17,200 | Musashi Seimitsu Industry Co. Ltd. | 251,060 | ||||||
11,600 | Musashino Bank Ltd. (The) | 314,583 | ||||||
300 | N Field Co. Ltd. | 4,586 | ||||||
10,800 | Nabtesco Corp. | 238,139 | ||||||
13,400 | NAC Co. Ltd. | 130,039 | ||||||
5,200 | Nachi-Fujikoshi Corp. | 212,221 | ||||||
1,300 | Nadex Co. Ltd. | 12,259 | ||||||
800 | Nafco Co. Ltd. | 12,833 | ||||||
1,800 | Nagaileben Co. Ltd. | 40,424 | ||||||
3,500 | Nagano Bank Ltd. | 53,228 | ||||||
8,400 | Nagano Keiki Co. Ltd. | 69,829 | ||||||
34,600 | Nagase & Co. Ltd. | 543,984 | ||||||
2,500 | Nagatanien Holdings Co. Ltd. | 61,063 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
149,414 | Nagoya Railroad Co. Ltd. | $ | 3,609,718 | |||||
15,400 | Nakabayashi Co. Ltd. | 85,984 | ||||||
6,200 | Nakamoto Packs Co. Ltd. | 101,268 | ||||||
132,829 | Nakanishi, Inc. | 3,111,331 | ||||||
4,300 | Nakano Corp. | 24,733 | ||||||
3,800 | Nakayama Steel Works Ltd. | 20,038 | ||||||
2,000 | Nakayamafuku Co. Ltd. | 10,936 | ||||||
8,000 | Nankai Electric Railway Co. Ltd. | 195,755 | ||||||
29,800 | Nanto Bank Ltd. (The) | 682,705 | ||||||
1,800 | Natori Co. Ltd. | 28,475 | ||||||
4,700 | NEC Capital Solutions Ltd. | 73,769 | ||||||
9,300 | NEC Networks & System Integration Corp. | 202,921 | ||||||
11,000 | NET One Systems Co. Ltd. | 230,265 | ||||||
3,100 | Neturen Co. Ltd. | 27,391 | ||||||
1,700 | Nextage Co. Ltd. | 15,624 | ||||||
1,200 | Nexyz Group Corp. | 20,717 | ||||||
11,400 | NH Foods Ltd. | 394,027 | ||||||
86,500 | NHK Spring Co. Ltd. | 743,608 | ||||||
1,800 | Nice Holdings, Inc. | 18,553 | ||||||
15,500 | Nichias Corp. | 338,477 | ||||||
3,000 | Nichiban Co. Ltd. | 58,173 | ||||||
1,500 | Nichiden Corp. | 24,261 | ||||||
5,900 | Nichiha Corp. | 130,147 | ||||||
59,300 | Nichii Gakkan Co. | 553,926 | ||||||
219,950 | Nichi-Iko Pharmaceutical Co. Ltd. | 3,003,881 | ||||||
24,000 | Nichirei Corp. | 579,607 | ||||||
2,760 | Nichirin Co. Ltd. | 58,289 | ||||||
13,400 | Nifco, Inc. | 305,325 | ||||||
2,000 | Nihon Chouzai Co. Ltd. | 62,126 | ||||||
700 | Nihon Denkei Co. Ltd. | 10,199 | ||||||
2,300 | Nihon Falcom Corp. | 20,404 | ||||||
16,600 | Nihon House Holdings Co. Ltd. | 75,618 | ||||||
86,200 | Nihon Kohden Corp. | 2,574,503 | ||||||
14,500 | Nihon Nohyaku Co. Ltd. | 80,316 | ||||||
12,000 | Nihon Parkerizing Co. Ltd. | 144,955 | ||||||
6,400 | Nihon Plast Co. Ltd. | 51,729 | ||||||
1,600 | Nihon Tokushu Toryo Co. Ltd. | 30,671 | ||||||
600 | Nihon Trim Co. Ltd. | 33,288 | ||||||
198,700 | Nihon Unisys Ltd. | 4,354,900 | ||||||
19,000 | Nihon Yamamura Glass Co. Ltd. | 282,723 | ||||||
19,300 | Nikkiso Co. Ltd. | 224,242 | ||||||
1,200 | Nikko Co. Ltd. | 26,311 | ||||||
17,000 | Nikkon Holdings Co. Ltd. | 411,309 | ||||||
400 | Nippi, Inc. | 10,848 | ||||||
28,000 | Nippo Corp. | 461,063 | ||||||
4,000 | Nippon Air Conditioning Services Co. Ltd. | 27,367 | ||||||
2,400 | Nippon BS Broadcasting Corp. | 26,034 | ||||||
2,300 | Nippon Carbide Industries Co. Inc. | 38,016 | ||||||
200 | Nippon Carbon Co. Ltd. | 11,343 |
33 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
22,800 | Nippon Chemical Industrial Co. Ltd. | $ | 620,339 | |||||
19,100 | Nippon Chemi-Con Corp. | 433,341 | ||||||
300 | Nippon Chemiphar Co. Ltd. | 11,060 | ||||||
77,600 | Nippon Coke & Engineering Co. Ltd. | 71,524 | ||||||
7,500 | Nippon Concrete Industries Co. Ltd. | 20,207 | ||||||
38,000 | Nippon Denko Co. Ltd. | 90,256 | ||||||
8,000 | Nippon Densetsu Kogyo Co. Ltd. | 162,219 | ||||||
21,400 | Nippon Electric Glass Co. Ltd. | 540,334 | ||||||
56,800 | Nippon Express Co. Ltd. | 3,599,238 | ||||||
2,800 | Nippon Filcon Co. Ltd. | 14,418 | ||||||
2,600 | Nippon Fine Chemical Co. Ltd. | 25,162 | ||||||
50,400 | Nippon Flour Mills Co. Ltd. | 833,933 | ||||||
5,400 | Nippon Gas Co. Ltd. | 163,433 | ||||||
7,500 | Nippon Hume Corp. | 60,221 | ||||||
14,400 | Nippon Kanzai Co. Ltd. | 262,770 | ||||||
180,135 | Nippon Kayaku Co. Ltd. | 2,152,009 | ||||||
2,700 | Nippon Kinzoku Co. Ltd. | 34,673 | ||||||
1,300 | Nippon Kodoshi Corp. | 29,322 | ||||||
8,700 | Nippon Koei Co. Ltd. | 195,843 | ||||||
2,100 | Nippon Koshuha Steel Co. Ltd. | 12,730 | ||||||
336,100 | Nippon Light Metal Holdings Co. Ltd. | 708,927 | ||||||
56,500 | Nippon Paper Industries Co. Ltd. | 1,025,998 | ||||||
37,600 | Nippon Parking Development Co. Ltd. | 52,650 | ||||||
4,700 | Nippon Pillar Packing Co. Ltd. | 62,897 | ||||||
7,000 | Nippon Piston Ring Co. Ltd. | 131,706 | ||||||
33 | Nippon Prologis REIT, Inc. REIT | 66,564 | ||||||
4,000 | Nippon Rietec Co. Ltd. | 51,934 | ||||||
3,000 | Nippon Road Co. Ltd. (The) | 165,640 | ||||||
800 | Nippon Seisen Co. Ltd. | 24,638 | ||||||
900 | Nippon Sharyo Ltd.(b) | 23,658 | ||||||
49,100 | Nippon Sheet Glass Co. Ltd. | 415,567 | ||||||
24,700 | Nippon Shokubai Co. Ltd. | 1,593,619 | ||||||
11,400 | Nippon Signal Co. Ltd. | 104,367 | ||||||
40,800 | Nippon Soda Co. Ltd. | 1,064,521 | ||||||
8,748 | Nippon Steel & Sumikin Bussan Corp. | 382,219 | ||||||
85,800 | Nippon Suisan Kaisha Ltd. | 548,250 | ||||||
3,000 | Nippon Systemware Co. Ltd. | 62,215 | ||||||
26,900 | Nippon Thompson Co. Ltd. | 155,914 | ||||||
37,900 | Nippon Valqua Industries Ltd. | 925,373 | ||||||
7,700 | Nippon Yakin Kogyo Co. Ltd. | 20,472 | ||||||
64,000 | Nippon Yusen KK | 1,035,140 | ||||||
42,200 | Nipro Corp. | 537,808 | ||||||
14,600 | Nishimatsu Construction Co. Ltd. | 339,914 | ||||||
3,500 | Nishimatsuya Chain Co. Ltd. | 31,205 | ||||||
86,800 | Nishi-Nippon Financial Holdings, Inc. | 827,729 | ||||||
127,740 | Nishi-Nippon Railroad Co. Ltd. | 3,159,679 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
4,700 | Nishio Rent All Co. Ltd. | $ | 151,203 | |||||
9,600 | Nissan Tokyo Sales Holdings Co. Ltd. | 29,523 | ||||||
1,200 | Nissei ASB Machine Co. Ltd. | 40,307 | ||||||
9,200 | Nissei Plastic Industrial Co. Ltd. | 85,530 | ||||||
5,700 | Nissha Co. Ltd. | 92,849 | ||||||
10,500 | Nisshin Fudosan Co. Ltd. | 49,041 | ||||||
8,000 | Nisshin Oillio Group Ltd. (The) | 239,996 | ||||||
15,124 | Nisshin Steel Co. Ltd. | 197,838 | ||||||
57,323 | Nisshinbo Holdings, Inc. | 633,507 | ||||||
5,600 | Nissin Corp. | 107,598 | ||||||
14,200 | Nissin Electric Co. Ltd. | 116,157 | ||||||
19,400 | Nissin Kogyo Co. Ltd. | 282,485 | ||||||
8,600 | Nisso Corp. | 182,693 | ||||||
3,200 | Nitta Corp. | 116,418 | ||||||
11,600 | Nitta Gelatin, Inc. | 78,440 | ||||||
3,700 | Nittan Valve Co. Ltd. | 11,182 | ||||||
14,400 | Nitto Boseki Co. Ltd. | 285,614 | ||||||
27,000 | Nitto Kogyo Corp. | 469,482 | ||||||
2,600 | Nitto Kohki Co. Ltd. | 54,196 | ||||||
12,000 | Nitto Seiko Co. Ltd. | 66,256 | ||||||
13,100 | Nittoc Construction Co. Ltd. | 85,565 | ||||||
1,300 | Nittoku Engineering Co. Ltd. | 34,437 | ||||||
3,200 | Noda Corp. | 29,353 | ||||||
1,200 | Noevir Holdings Co. Ltd. | 51,154 | ||||||
38,100 | NOF Corp. | 1,082,204 | ||||||
2,700 | Nohmi Bosai Ltd. | 56,735 | ||||||
32,100 | Nojima Corp. | 758,156 | ||||||
43,900 | NOK Corp. | 631,839 | ||||||
5,000 | Nomura Co. Ltd. | 113,662 | ||||||
58,300 | Nomura Real Estate Holdings, Inc. | 1,094,853 | ||||||
7,300 | Noritake Co. Ltd. | 364,887 | ||||||
3,800 | Noritsu Koki Co. Ltd. | 85,372 | ||||||
6,600 | Noritz Corp. | 95,869 | ||||||
338,400 | North Pacific Bank Ltd. | 1,016,685 | ||||||
2,000 | Nozawa Corp. | 20,791 | ||||||
22,100 | NS Solutions Corp. | 661,032 | ||||||
700 | NS Tool Co. Ltd. | 16,465 | ||||||
4,600 | NS United Kaiun Kaisha Ltd. | 112,111 | ||||||
76,400 | NSD Co. Ltd. | 1,620,965 | ||||||
190,200 | NTN Corp. | 697,858 | ||||||
12,500 | NTT Urban Development Corp. | 186,002 | ||||||
6,000 | Nuflare Technology, Inc. | 302,566 | ||||||
2,200 | Obara Group, Inc. | 86,666 | ||||||
14,000 | OBIC Business Consultants Ltd. | 1,116,675 | ||||||
1,800 | Odelic Co. Ltd. | 66,362 | ||||||
27,000 | Oenon Holdings, Inc. | 93,801 | ||||||
27,400 | Ogaki Kyoritsu Bank Ltd. (The) | 608,295 | ||||||
4,100 | Ohba Co. Ltd. | 24,890 | ||||||
49,222 | Ohsho Food Service Corp. | 3,393,869 | ||||||
7,245 | Oiles Corp. | 133,233 | ||||||
16,200 | Oisix ra daichi, Inc.(b) | 278,818 | ||||||
4,600 | Oita Bank Ltd. (The) | 152,878 | ||||||
66,500 | Okabe Co. Ltd. | 591,124 | ||||||
800 | Okada Aiyon Corp. | 11,479 |
34 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,600 | Okamoto Industries, Inc. | $ | 72,034 | |||||
900 | Okamoto Machine Tool Works Ltd. | 24,886 | ||||||
40,400 | Okamura Corp. | 549,957 | ||||||
47,000 | Okasan Securities Group, Inc. | 225,347 | ||||||
240,600 | Oki Electric Industry Co. Ltd. | 3,300,827 | ||||||
3,200 | Okinawa Cellular Telephone Co. | 117,836 | ||||||
2,921 | Okinawa Electric Power Co., Inc. (The) | 54,545 | ||||||
1,800 | OKK Corp. | 16,894 | ||||||
43,200 | OKUMA Corp. | 2,163,159 | ||||||
4,800 | Okumura Corp. | 151,230 | ||||||
5,200 | Okura Industrial Co. Ltd. | 94,935 | ||||||
18,200 | Okuwa Co. Ltd. | 182,266 | ||||||
2,600 | Olympic Corp. | 18,365 | ||||||
158 | One REIT, Inc. | 351,609 | ||||||
2,600 | ONO Sokki Co. Ltd. | 17,190 | ||||||
4,200 | Onoken Co. Ltd. | 61,343 | ||||||
251,100 | Onward Holdings Co. Ltd. | 1,513,254 | ||||||
300 | Open Door, Inc.(b) | 7,059 | ||||||
4,800 | Open House Co. Ltd. | 188,665 | ||||||
3,600 | Optex Group Co. Ltd. | 65,692 | ||||||
1,800 | Organo Corp. | 50,091 | ||||||
108,000 | Orient Corp. | 169,416 | ||||||
2,000 | Origin Electric Co. Ltd. | 28,590 | ||||||
6,400 | Osaka Organic Chemical Industry Ltd. | 78,330 | ||||||
22,900 | Osaka Soda Co. Ltd. | 539,241 | ||||||
2,700 | OSAKA Titanium Technologies Co. Ltd. | 42,330 | ||||||
121,100 | Osaki Electric Co. Ltd. | 774,885 | ||||||
12,500 | OSG Corp. | 258,563 | ||||||
142,500 | OSJB Holdings Corp. | 359,928 | ||||||
500 | OUG Holdings, Inc. | 11,699 | ||||||
8,000 | Outsourcing Inc. | 101,387 | ||||||
35,200 | Oyo Corp. | 400,869 | ||||||
24,900 | Pacific Industrial Co. Ltd. | 364,336 | ||||||
3,100 | Pacific Metals Co. Ltd. | 86,954 | ||||||
2,450 | Pack Corp. (The) | 70,242 | ||||||
1,400 | PAL Group Holdings Co. Ltd. | 41,131 | ||||||
12,550 | PALTAC Corp. | 640,652 | ||||||
20,356 | Paramount Bed Holdings Co. Ltd. | 857,826 | ||||||
4,500 | Parco Co. Ltd. | 47,738 | ||||||
10,500 | Park24 Co. Ltd. | 276,470 | ||||||
600 | Pasco Corp.(b) | 6,216 | ||||||
84,300 | Pasona Group, Inc. | 1,025,780 | ||||||
9,100 | PC Depot Corp. | 45,647 | ||||||
700 | Pca Corp. | 12,321 | ||||||
32,700 | Pegasus Sewing Machine Manufacturing Co. Ltd. | 230,394 | ||||||
57,100 | Penta-Ocean Construction Co. Ltd. | 342,089 | ||||||
1,300 | Pepper Food Service Co. Ltd. | 36,695 | ||||||
152,500 | PeptiDream, Inc.(b) | 5,007,422 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
700 | PIA Corp. | $ | 33,500 | |||||
1,100 | Pickles Corp. | 21,827 | ||||||
6,200 | Pilot Corp. | 342,872 | ||||||
6,600 | Piolax, Inc. | 144,009 | ||||||
3,500 | Plenus Co. Ltd. | 55,989 | ||||||
16,400 | Poletowin Pitcrew Holdings, Inc. | 367,723 | ||||||
197 | Premier Investment Corp. REIT | 203,748 | ||||||
6,600 | Premium Group Co. Ltd. | 255,905 | ||||||
62,000 | Press Kogyo Co. Ltd. | 283,529 | ||||||
8,000 | Pressance Corp. | 91,036 | ||||||
6,000 | Prestige International, Inc. | 68,277 | ||||||
3,000 | Prima Meat Packers Ltd. | 56,605 | ||||||
63,000 | Prospect Co. Ltd. | 21,217 | ||||||
8,100 | Proto Corp. | 107,320 | ||||||
14,400 | PS Mitsubishi Construction Co. Ltd. | 80,145 | ||||||
3,300 | Punch Industry Co. Ltd. | 18,835 | ||||||
8,600 | QB Net Holdings Co. Ltd. | 155,407 | ||||||
3,700 | Qol Co. Ltd. | 78,010 | ||||||
5,600 | Quick Co. Ltd. | 90,029 | ||||||
21,400 | Raito Kogyo Co. Ltd. | 289,228 | ||||||
3,400 | Rasa Corp. | 28,204 | ||||||
2,000 | Rasa Industries Ltd. | 32,898 | ||||||
3,800 | Raysum Co. Ltd. | 46,711 | ||||||
7,800 | Recomm Co. Ltd. | 15,001 | ||||||
74,700 | Relia, Inc. | 826,874 | ||||||
19,000 | Relo Group, Inc. | 448,921 | ||||||
13,600 | Renaissance, Inc. | 274,688 | ||||||
2,000 | Renesas Easton Co. Ltd. | 8,543 | ||||||
111,840 | Rengo Co. Ltd. | 974,332 | ||||||
3,600 | RENOVA, Inc.(b) | 39,179 | ||||||
14,700 | Renown, Inc.(b) | 14,982 | ||||||
9,900 | Resorttrust, Inc. | 152,402 | ||||||
2,000 | Retail Partners Co. Ltd. | 22,830 | ||||||
42,500 | Rheon Automatic Machinery Co. Ltd. | 729,206 | ||||||
1,100 | Rhythm Watch Co. Ltd. | 19,477 | ||||||
11,600 | Ricoh Leasing Co. Ltd. | 380,892 | ||||||
28,000 | Ride On Express Holdings Co. Ltd. | 344,928 | ||||||
4,800 | Right On Co. Ltd. | 39,860 | ||||||
2,900 | Riken Corp. | 138,787 | ||||||
6,500 | Riken Keiki Co. Ltd. | 128,231 | ||||||
52,900 | Riken Technos Corp. | 238,633 | ||||||
1,400 | Riken Vitamin Co. Ltd. | 43,178 | ||||||
3,000 | Ringer Hut Co. Ltd. | 60,194 | ||||||
700 | Rinnai Corp. | 50,995 | ||||||
8,400 | Rion Co. Ltd. | 167,576 | ||||||
15,600 | Riso Kagaku Corp. | 329,738 | ||||||
8,500 | Riso Kyoiku Co. Ltd. | 90,096 | ||||||
8,300 | Rock Field Co. Ltd. | 120,342 | ||||||
58,600 | Rohto Pharmaceutical Co. Ltd. | 1,859,246 | ||||||
1,400 | Rokko Butter Co. Ltd. | 30,249 | ||||||
27,600 | Roland DG Corp. | 589,009 | ||||||
1,700 | Rorze Corp. | 29,123 |
35 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
95,900 | Round One Corp. | $ | 1,135,485 | |||||
26,300 | Royal Holdings Co. Ltd. | 651,003 | ||||||
400 | RS Technologies Co. Ltd. | 16,112 | ||||||
22,900 | Ryobi Ltd. | 668,724 | ||||||
3,000 | Ryoden Corp. | 41,769 | ||||||
7,500 | Ryosan Co. Ltd. | 216,356 | ||||||
1,800 | S Foods, Inc. | 72,664 | ||||||
5,100 | Sac’s Bar Holdings, Inc. | 45,199 | ||||||
1,000 | Sagami Rubber Industries Co. Ltd. | 21,784 | ||||||
2,200 | Saibu Gas Co. Ltd. | 49,134 | ||||||
8,000 | Saizeriya Co. Ltd. | 151,584 | ||||||
31,900 | Sakai Chemical Industry Co. Ltd. | 735,338 | ||||||
3,000 | Sakai Heavy Industries Ltd. | 88,403 | ||||||
1,800 | Sakai Moving Service Co. Ltd. | 93,003 | ||||||
1,800 | Sakai Ovex Co. Ltd. | 35,670 | ||||||
9,300 | Sakata INX Corp. | 92,394 | ||||||
1,400 | Sakura Internet, Inc. | 6,812 | ||||||
20,500 | Sala Corp. | 117,366 | ||||||
5,100 | SAMTY Co. Ltd. | 66,804 | ||||||
1,100 | San Holdings, Inc./Japan | 25,756 | ||||||
1,000 | San ju San Financial Group, Inc. | 17,752 | ||||||
2,300 | San-A Co. Ltd. | 97,129 | ||||||
31,000 | San-Ai Oil Co. Ltd. | 334,905 | ||||||
8,400 | Sanden Holdings Corp.(b) | 91,642 | ||||||
2,600 | Sanei Architecture Planning Co. Ltd. | 37,859 | ||||||
22,750 | Sangetsu Corp. | 437,519 | ||||||
40,800 | San-In Godo Bank Ltd. (The) | 310,244 | ||||||
3,300 | Sanix, Inc.(b) | 7,048 | ||||||
9,400 | Sanken Electric Co. Ltd. | 208,435 | ||||||
9,000 | Sanko Gosei Ltd. | 31,267 | ||||||
800 | Sanko Metal Industrial Co. Ltd. | 21,554 | ||||||
147,859 | Sankyo Co. Ltd. | 5,641,273 | ||||||
400 | Sankyo Frontier Co. Ltd. | 12,372 | ||||||
12,300 | Sankyo Tateyama, Inc. | 138,332 | ||||||
10,400 | Sankyu, Inc. | 492,188 | ||||||
14,600 | Sanoh Industrial Co. Ltd. | 83,329 | ||||||
4,600 | Sanoyas Holdings Corp. | 9,132 | ||||||
83,274 | Sanrio Co. Ltd. | 1,672,344 | ||||||
1,000 | Sansei Landic Co. Ltd. | 9,908 | ||||||
4,300 | Sansha Electric Manufacturing Co. Ltd. | 41,767 | ||||||
6,800 | Sanshin Electronics Co. Ltd. | 114,383 | ||||||
30,800 | Sanwa Holdings Corp. | 361,679 | ||||||
500 | Sanyei Corp. | 13,936 | ||||||
10,400 | Sanyo Chemical Industries Ltd. | 477,441 | ||||||
11,500 | Sanyo Denki Co. Ltd. | 471,374 | ||||||
1,300 | Sanyo Electric Railway Co. Ltd. | 28,665 | ||||||
2,400 | Sanyo Housing Nagoya Co. Ltd. | 21,269 | ||||||
800 | Sanyo Industries Ltd. | 14,513 | ||||||
9,200 | Sanyo Shokai Ltd. | 155,161 | ||||||
12,000 | Sanyo Special Steel Co. Ltd. | 275,978 | ||||||
2,100 | Sanyo Trading Co. Ltd. | 32,979 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
19,800 | Sapporo Holdings Ltd. | $ | 368,678 | |||||
4,700 | SATO Holdings Corp. | 139,124 | ||||||
2,700 | Sato Shoji Corp. | 25,915 | ||||||
4,100 | Satori Electric Co. Ltd. | 37,172 | ||||||
7,800 | Sawada Holdings Co. Ltd. | 70,095 | ||||||
66,522 | Sawai Pharmaceutical Co. Ltd. | 3,378,128 | ||||||
3,500 | SAXA Holdings, Inc. | 63,278 | ||||||
8,500 | SBS Holdings, Inc. | 107,724 | ||||||
1,900 | Scala, Inc. | 16,165 | ||||||
4,800 | SCREEN Holdings Co. Ltd. | 261,621 | ||||||
8,200 | Scroll Corp. | 34,737 | ||||||
85,600 | SCSK Corp. | 3,630,044 | ||||||
600 | Seed Co. Ltd./Tokyo | 9,247 | ||||||
57,700 | Sega Sammy Holdings, Inc. | 743,015 | ||||||
3,200 | Seika Corp. | 50,594 | ||||||
50,400 | Seikagaku Corp. | 747,279 | ||||||
27,200 | Seikitokyu Kogyo Co. Ltd.(b) | 155,243 | ||||||
94,900 | Seiko Holdings Corp. | 2,277,566 | ||||||
38,300 | Seino Holdings Co. Ltd. | 530,874 | ||||||
12,300 | Seiren Co. Ltd. | 175,395 | ||||||
11,400 | Sekisui Plastics Co. Ltd. | 88,707 | ||||||
256,558 | Senko Group Holdings Co. Ltd. | 1,989,527 | ||||||
2,000 | Senshu Electric Co. Ltd. | 46,245 | ||||||
83,320 | Senshu Ikeda Holdings, Inc. | 256,233 | ||||||
4,000 | Seria Co. Ltd. | 134,887 | ||||||
79,700 | Seven Bank Ltd. | 249,338 | ||||||
2,100 | SFP Holdings Co. Ltd. | 31,062 | ||||||
1,200 | Shibaura Electronics Co. Ltd. | 51,899 | ||||||
12,200 | Shibaura Mechatronics Corp. | 370,860 | ||||||
3,400 | Shibusawa Warehouse Co. Ltd. (The) | 47,941 | ||||||
4,400 | Shibuya Corp. | 147,791 | ||||||
1,400 | Shidax Corp. | 4,504 | ||||||
500 | SHIFT, Inc.(b) | 16,484 | ||||||
28,600 | Shiga Bank Ltd. (The) | 666,112 | ||||||
4,400 | Shikibo Ltd. | 44,064 | ||||||
8,700 | Shikoku Bank Ltd. (The) | 98,076 | ||||||
14,000 | Shikoku Chemicals Corp. | 143,431 | ||||||
8,100 | Shikoku Electric Power Co., Inc. | 101,936 | ||||||
3,600 | Shima Seiki Manufacturing Ltd. | 97,310 | ||||||
37,449 | Shimachu Co. Ltd. | 981,404 | ||||||
3,000 | Shimamura Co. Ltd. | 252,315 | ||||||
11,900 | Shimizu Bank Ltd. (The) | 201,752 | ||||||
3,100 | Shin Nippon Air Technologies Co. Ltd. | 48,958 | ||||||
3,400 | Shin Nippon Biomedical Laboratories Ltd.(b) | 15,127 | ||||||
3,200 | Shinagawa Refractories Co. Ltd. | 122,941 | ||||||
2,900 | Shindengen Electric Manufacturing Co. Ltd. | 126,322 | ||||||
7,400 | Shin-Etsu Polymer Co. Ltd. | 54,171 | ||||||
242,600 | Shinko Electric Industries Co. Ltd. | 1,687,783 | ||||||
12,700 | Shinko Plantech Co. Ltd. | 118,294 | ||||||
146,200 | Shinmaywa Industries Ltd. | 1,798,428 |
36 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
8,400 | Shinnihon Corp. | $ | 79,656 | |||||
6,700 | Shinoken Group Co. Ltd. | 55,460 | ||||||
20,800 | Shinsei Bank Ltd. | 317,249 | ||||||
2,200 | Shinsho Corp. | 54,145 | ||||||
900 | Shinwa Co. Ltd. | 17,699 | ||||||
48,900 | Ship Healthcare Holdings, Inc. | 1,770,342 | ||||||
3,000 | Shizuki Electric Co., Inc. | 18,611 | ||||||
27,900 | Shizuoka Gas Co. Ltd. | 241,329 | ||||||
800 | Shoei Co. Ltd. | 31,231 | ||||||
2,400 | Shoei Foods Corp. | 92,099 | ||||||
700 | Shofu, Inc. | 8,009 | ||||||
2,300 | Shoko Co. Ltd.(b) | 16,552 | ||||||
1,000 | Showa Aircraft Industry Co. Ltd. | 11,645 | ||||||
115,500 | Showa Corp. | 1,599,916 | ||||||
6,400 | Showa Sangyo Co. Ltd. | 160,177 | ||||||
1,100 | Showa Shinku Co. Ltd. | 13,151 | ||||||
5,200 | Siix Corp. | 70,556 | ||||||
3,000 | Sinanen Holdings Co. Ltd. | 71,414 | ||||||
6,200 | Sinfonia Technology Co. Ltd. | 81,157 | ||||||
2,600 | Sinko Industries Ltd. | 37,098 | ||||||
11,200 | SK-Electronics Co. Ltd. | 184,524 | ||||||
221,800 | SKY Perfect JSAT Holdings, Inc. | 986,782 | ||||||
15,500 | Skylark Co. Ltd. | 241,494 | ||||||
1,700 | SMK Corp. | 34,939 | ||||||
5,600 | SMS Co. Ltd. | 93,850 | ||||||
16,400 | Sodick Co. Ltd. | 123,543 | ||||||
2,400 | Softbank Technology Corp. | 45,263 | ||||||
3,500 | Softbrain Co. Ltd. | 16,719 | ||||||
1,000 | Softcreate Holdings Corp. | 14,198 | ||||||
200 | Software Service, Inc. | 15,066 | ||||||
5,400 | Sogo Medical Holdings Co. Ltd. | 116,054 | ||||||
2,400 | Sohgo Security Services Co. Ltd. | 106,988 | ||||||
1,214,100 | Sojitz Corp. | 4,088,785 | ||||||
1,700 | Soken Chemical & Engineering Co. Ltd. | 26,532 | ||||||
3,000 | Solasto Corp. | 31,559 | ||||||
6,000 | Sotetsu Holdings, Inc. | 183,720 | ||||||
2,900 | Sourcenext Corp. | 35,622 | ||||||
8,700 | Space Value Holdings Co. Ltd. | 77,643 | ||||||
18,500 | Sparx Group Co. Ltd. | 39,677 | ||||||
700 | SPK Corp. | 15,032 | ||||||
400 | S-Pool, Inc. | 5,371 | ||||||
400 | SRA Holdings, Inc. | 11,273 | ||||||
11,300 | ST Corp. | 200,292 | ||||||
72,000 | St. Marc Holdings Co. Ltd. | 1,711,384 | ||||||
500 | Star Mica Co. Ltd. | 6,815 | ||||||
92,500 | Star Micronics Co. Ltd. | 1,317,388 | ||||||
111,700 | Start Today Co. Ltd. | 2,691,650 | ||||||
4,900 | Starts Corp., Inc. | 101,878 | ||||||
122 | Starts Proceed Investment Corp. REIT | 176,348 | ||||||
2,200 | Starzen Co. Ltd. | 89,201 | ||||||
2,200 | St-Care Holding Corp. | 11,717 | ||||||
3,200 | Stella Chemifa Corp. | 97,558 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,400 | Step Co. Ltd. | $ | 19,480 | |||||
200 | Strike Co. Ltd. | 5,796 | ||||||
48,800 | Studio Alice Co. Ltd. | 1,118,851 | ||||||
9,900 | Sugi Holdings Co. Ltd. | 453,609 | ||||||
2,700 | Sugimoto & Co. Ltd. | 46,709 | ||||||
6,900 | Sumco Corp. | 93,317 | ||||||
7,200 | Sumida Corp. | 89,334 | ||||||
4,100 | Suminoe Textile Co. Ltd. | 98,399 | ||||||
67,300 | Sumitomo Bakelite Co. Ltd. | 2,436,482 | ||||||
6,900 | Sumitomo Densetsu Co. Ltd. | 109,155 | ||||||
67,800 | Sumitomo Forestry Co. Ltd. | 1,008,873 | ||||||
27,400 | Sumitomo Heavy Industries Ltd. | 865,698 | ||||||
280,800 | Sumitomo Mitsui Construction Co. Ltd. | 1,764,410 | ||||||
60,947 | Sumitomo Osaka Cement Co. Ltd. | 2,268,599 | ||||||
700 | Sumitomo Precision Products Co. Ltd. | 22,706 | ||||||
19,100 | Sumitomo Riko Co. Ltd. | 157,932 | ||||||
64,503 | Sumitomo Rubber Industries Ltd. | 928,944 | ||||||
3,800 | Sumitomo Seika Chemicals Co. Ltd. | 189,941 | ||||||
9,400 | Sun Frontier Fudousan Co. Ltd. | 96,054 | ||||||
5,400 | Suncall Corp. | 34,936 | ||||||
3,600 | Sun-Wa Technos Corp. | 40,998 | ||||||
40,200 | Sushiro Global Holdings Ltd. | 2,116,258 | ||||||
81,900 | Suzuken Co. Ltd. | 4,151,797 | ||||||
4,700 | Suzuki Co. Ltd. | 31,532 | ||||||
7,400 | SWCC Showa Holdings Co. Ltd. | 46,039 | ||||||
4,200 | System Integrator Corp. | 87,622 | ||||||
1,700 | System Research Co. Ltd. | 56,950 | ||||||
9,300 | Systems Engineering Consultants Co. Ltd. | 412,106 | ||||||
126,800 | Systena Corp. | 1,531,691 | ||||||
1,100 | Syuppin Co. Ltd. | 13,697 | ||||||
7,000 | T&K Toka Co. Ltd. | 67,000 | ||||||
3,200 | T. Hasegawa Co. Ltd. | 56,947 | ||||||
3,900 | T. RAD Co. Ltd. | 93,322 | ||||||
3,240 | Tachibana Eletech Co. Ltd. | 49,188 | ||||||
1,800 | Tachikawa Corp. | 18,058 | ||||||
8,500 | Tachi-S Co. Ltd. | 119,927 | ||||||
36,700 | Tadano Ltd. | 396,159 | ||||||
3,000 | Taihei Dengyo Kaisha Ltd. | 70,829 | ||||||
33,430 | Taiheiyo Cement Corp. | 988,072 | ||||||
9,600 | Taiho Kogyo Co. Ltd. | 86,782 | ||||||
43,600 | Taikisha Ltd. | 1,232,632 | ||||||
300 | Taisei Lamick Co., Ltd. | 8,481 | ||||||
3,000 | Taiyo Holdings Co. Ltd. | 107,281 | ||||||
38,500 | Taiyo Yuden Co. Ltd. | 777,609 | ||||||
1,300 | Takamatsu Machinery Co. Ltd. | 11,487 | ||||||
3,300 | Takaoka Toko Co. Ltd. | 47,379 | ||||||
17,700 | Takara Holdings, Inc. | 248,633 | ||||||
30,600 | Takara Leben Co. Ltd. | 88,138 | ||||||
11,000 | Takara Standard Co. Ltd. | 170,213 |
37 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
11,200 | Takasago International Corp. | $ | 356,840 | |||||
233,092 | Takasago Thermal Engineering Co. Ltd. | 3,986,951 | ||||||
1,800 | Takashima & Co. Ltd. | 31,075 | ||||||
133,300 | Takashimaya Co. Ltd. | 2,102,840 | ||||||
3,100 | Take And Give Needs Co. Ltd. | 48,738 | ||||||
2,900 | Takebishi Corp. | 40,300 | ||||||
6,800 | Takeei Corp. | 43,209 | ||||||
1,700 | Takemoto Yohki Co. Ltd. | 40,438 | ||||||
37,500 | Takeuchi Manufacturing Co. Ltd. | 776,687 | ||||||
2,200 | Takihyo Co. Ltd. | 38,352 | ||||||
3,300 | Takisawa Machine Tool Co. Ltd. | 45,975 | ||||||
22,500 | Takuma Co. Ltd. | 285,949 | ||||||
67,900 | Tama Home Co. Ltd. | 696,241 | ||||||
89,400 | Tamron Co. Ltd. | 1,597,292 | ||||||
29,000 | Tamura Corp. | 148,296 | ||||||
1,500 | Tanabe Engineering Corp. | 10,741 | ||||||
1,950 | Tanseisha Co. Ltd. | 19,788 | ||||||
16,300 | Tatsuta Electric Wire and Cable Co. Ltd. | 71,796 | ||||||
9,000 | Tayca Corp. | 188,878 | ||||||
1,000 | Tazmo Co. Ltd. | 8,845 | ||||||
10,700 | TBK Co. Ltd. | 43,716 | ||||||
18,900 | TDC Soft, Inc. | 174,201 | ||||||
31,400 | Techmatrix Corp. | 577,993 | ||||||
600 | Techno Medica Co. Ltd. | 11,028 | ||||||
20,000 | TechnoPro Holdings, Inc. | 1,045,775 | ||||||
125,500 | Teijin Ltd. | 2,179,997 | ||||||
5,300 | Teikoku Electric Manufacturing Co. Ltd. | 75,999 | ||||||
2,000 | Tekken Corp. | 49,984 | ||||||
700 | Tenpos Holdings Co. Ltd. | 12,984 | ||||||
900 | T-Gaia Corp. | 20,419 | ||||||
32,300 | THK Co. Ltd. | 715,933 | ||||||
3,800 | Tigers Polymer Corp. | 23,305 | ||||||
98,366 | TIS, Inc. | 4,411,149 | ||||||
6,000 | Toa Corp. | 64,395 | ||||||
5,200 | Toa Corp. | 87,608 | ||||||
5,800 | Toa Oil Co. Ltd. | 134,572 | ||||||
2,200 | Toa Road Corp. | 70,386 | ||||||
39,450 | Toagosei Co. Ltd. | 405,566 | ||||||
5,610 | Tobishima Corp. | 85,417 | ||||||
35,500 | TOC Co. Ltd. | 241,942 | ||||||
8,800 | Tocalo Co. Ltd. | 76,508 | ||||||
55,100 | Tochigi Bank Ltd. (The) | 160,658 | ||||||
34,000 | Toda Corp. | 229,308 | ||||||
1,100 | Toda Kogyo Corp. | 26,010 | ||||||
6,100 | Toei Animation Co. Ltd. | 205,433 | ||||||
2,000 | Toei Co. Ltd. | 218,726 | ||||||
4,200 | Toenec Corp. | 121,345 | ||||||
159,800 | Toho Bank Ltd. (The) | 567,907 | ||||||
4,000 | Toho Co. Ltd. | 79,337 | ||||||
71,289 | Toho Gas Co. Ltd. | 2,464,015 | ||||||
116,500 | Toho Holdings Co. Ltd. | 3,062,339 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
5,000 | Toho Titanium Co. Ltd. | $ | 51,004 | |||||
6,800 | Toho Zinc Co. Ltd. | 217,557 | ||||||
4,300 | Tohoku Bank Ltd. (The) | 48,322 | ||||||
15,000 | Tokai Carbon Co. Ltd. | 234,768 | ||||||
4,800 | Tokai Corp. | 96,864 | ||||||
19,000 | TOKAI Holdings Corp. | 158,789 | ||||||
1,200 | Tokai Lease Co. Ltd. | 21,057 | ||||||
46,300 | Tokai Rika Co. Ltd. | 846,108 | ||||||
20,000 | Tokai Tokyo Financial Holdings, Inc. | 103,337 | ||||||
3,084 | Tokushu Tokai Paper Co. Ltd. | 119,031 | ||||||
10,800 | Tokuyama Corp. | 242,542 | ||||||
28,100 | Tokyo Dome Corp. | 247,542 | ||||||
2,100 | Tokyo Electron Device Ltd. | 37,185 | ||||||
7,000 | Tokyo Energy & Systems, Inc. | 60,859 | ||||||
2,600 | Tokyo Individualized Educational Institute, Inc. | 33,596 | ||||||
5,000 | Tokyo Keiki, Inc. | 46,661 | ||||||
8,800 | Tokyo Ohka Kogyo Co. Ltd. | 236,310 | ||||||
400 | Tokyo Rakutenchi Co. Ltd. | 17,477 | ||||||
5,300 | Tokyo Rope Manufacturing Co. Ltd. | 54,252 | ||||||
36,300 | Tokyo Sangyo Co. Ltd. | 199,781 | ||||||
10,400 | Tokyo Seimitsu Co. Ltd. | 250,242 | ||||||
27,500 | Tokyo Steel Manufacturing Co. Ltd. | 216,666 | ||||||
90,700 | Tokyo Tatemono Co. Ltd. | 978,259 | ||||||
18,500 | Tokyo Tekko Co. Ltd. | 239,868 | ||||||
1,700 | Tokyotokeiba Co. Ltd. | 60,114 | ||||||
26,200 | Tokyu Construction Co. Ltd. | 237,306 | ||||||
197,600 | Tokyu Fudosan Holdings Corp. | 1,113,782 | ||||||
705 | Tokyu REIT, Inc. REIT | 992,817 | ||||||
27,000 | Toli Corp. | 70,590 | ||||||
1,100 | Tomen Devices Corp. | 24,791 | ||||||
7,300 | Tomoe Corp. | 28,402 | ||||||
3,800 | Tomoe Engineering Co. Ltd. | 73,451 | ||||||
8,200 | Tomoku Co. Ltd. | 141,057 | ||||||
88,700 | TOMONY Holdings, Inc. | 345,099 | ||||||
179,700 | Tomy Co. Ltd. | 2,097,442 | ||||||
2,800 | Tonami Holdings Co. Ltd. | 155,094 | ||||||
10,300 | Topcon Corp. | 149,888 | ||||||
74,000 | Toppan Forms Co. Ltd. | 674,188 | ||||||
8,600 | Topre Corp. | 179,111 | ||||||
9,300 | Topy Industries Ltd. | 250,561 | ||||||
1,500 | Torex Semiconductor Ltd. | 19,063 | ||||||
4,000 | TORIDOLL Holdings Corp. | 67,745 | ||||||
2,500 | Torii Pharmaceutical Co. Ltd. | 55,103 | ||||||
500 | Torikizoku Co. Ltd. | 9,146 | ||||||
5,000 | Torishima Pump Manufacturing Co. Ltd. | 41,166 | ||||||
13,000 | Tosei Corp. | 118,899 | ||||||
5,200 | Toshiba Machine Co. Ltd. | 98,714 | ||||||
9,300 | Toshiba Plant Systems & Services Corp. | 190,228 | ||||||
47,000 | Toshiba TEC Corp. | 1,403,731 | ||||||
2,000 | Tosho Co. Ltd. | 77,724 |
38 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
5,900 | Totetsu Kogyo Co. Ltd. | $ | 145,729 | |||||
600 | Toukei Computer Co. Ltd. | 16,670 | ||||||
21,000 | Towa Bank Ltd. (The) | 171,410 | ||||||
5,500 | Towa Corp. | 40,262 | ||||||
38,800 | Towa Pharmaceutical Co. Ltd. | 2,998,502 | ||||||
66,800 | Toyo Construction Co. Ltd. | 273,511 | ||||||
600 | Toyo Denki Seizo KK | 8,492 | ||||||
6,500 | Toyo Engineering Corp.(b) | 52,422 | ||||||
17,800 | Toyo Ink SC Holdings Co. Ltd. | 414,731 | ||||||
1,200 | TOYO KANETSU K.K. | 26,843 | ||||||
4,000 | Toyo Machinery & Metal Co. Ltd. | 21,873 | ||||||
16,000 | Toyo Securities Co. Ltd. | 31,621 | ||||||
62,500 | Toyo Seikan Group Holdings Ltd. | 1,280,077 | ||||||
108,374 | Toyo Suisan Kaisha Ltd. | 3,736,207 | ||||||
9,700 | Toyo Tanso Co. Ltd. | 251,451 | ||||||
30,900 | Toyo Tire & Rubber Co. Ltd. | 517,579 | ||||||
2,000 | Toyo Wharf & Warehouse Co. Ltd. | 27,598 | ||||||
112,500 | Toyobo Co. Ltd. | 1,601,232 | ||||||
36,000 | Toyoda Gosei Co. Ltd. | 776,887 | ||||||
9,200 | Toyota Boshoku Corp. | 153,857 | ||||||
8,900 | TPR Co. Ltd. | 216,989 | ||||||
1,200 | Trancom Co. Ltd. | 68,596 | ||||||
52,600 | Transcosmos, Inc. | 1,191,990 | ||||||
500 | Tri Chemical Laboratories, Inc. | 20,339 | ||||||
5,200 | Trusco Nakayama Corp. | 131,112 | ||||||
12,600 | Trust Tech, Inc. | 383,578 | ||||||
38,900 | TS Tech Co. Ltd. | 1,120,441 | ||||||
6,000 | TSI Holdings Co. Ltd. | 40,892 | ||||||
37,000 | Tsubakimoto Chain Co. | 1,426,419 | ||||||
1,600 | Tsubakimoto Kogyo Co. Ltd. | 44,951 | ||||||
700 | Tsudakoma Corp.(b) | 12,829 | ||||||
4,000 | Tsugami Corp. | 35,982 | ||||||
32,800 | Tsukada Global Holdings, Inc. | 175,286 | ||||||
20,833 | Tsukuba Bank Ltd. | 46,711 | ||||||
28,000 | Tsukui Corp. | 240,954 | ||||||
49,800 | Tsumura & Co. | 1,553,561 | ||||||
1,200 | Tsurumi Manufacturing Co. Ltd. | 21,440 | ||||||
3,900 | Tv Tokyo Holdings Corp. | 90,039 | ||||||
13,184 | UACJ Corp. | 288,953 | ||||||
38,580 | Ube Industries Ltd. | 843,847 | ||||||
4,200 | Uchida Yoko Co. Ltd. | 102,362 | ||||||
600 | Ueki Corp. | 12,980 | ||||||
2,500 | UKC Holdings Corp. | 48,877 | ||||||
12,700 | ULS Group, Inc. | 258,986 | ||||||
7,200 | Ulvac, Inc. | 235,140 | ||||||
600 | Umenohana Co. Ltd. | 14,017 | ||||||
1,200 | Uniden Holdings Corp. | 27,130 | ||||||
2,200 | UNIMAT Retirement Community Co. Ltd. | 34,842 | ||||||
18,500 | Unipres Corp. | 331,847 | ||||||
54,900 | United Arrows Ltd. | 2,067,842 | ||||||
101,100 | United Super Markets Holdings, Inc. | 1,109,246 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
20,000 | United, Inc./Japan | $ | 418,842 | |||||
6,200 | Unitika Ltd.(b) | 31,650 | ||||||
3,900 | Universal Entertainment Corp.(b) | 118,208 | ||||||
4,000 | Urbanet Corp. Co. Ltd. | 11,876 | ||||||
8,600 | U-Shin Ltd.(b) | 58,002 | ||||||
2,100 | UT Group Co. Ltd.(b) | 63,185 | ||||||
8,800 | Utoc Corp. | 42,349 | ||||||
45,200 | UUUM, Inc.(b) | 1,247,822 | ||||||
800 | Uzabase, Inc.(b) | 17,207 | ||||||
600 | V Technology Co. Ltd. | 77,529 | ||||||
18,900 | Valor Holdings Co. Ltd. | 406,190 | ||||||
13,200 | ValueCommerce Co. Ltd. | 186,357 | ||||||
2,200 | Vector, Inc. | 37,708 | ||||||
1,960 | Vertex Corp./Japan | 21,140 | ||||||
2,800 | VIA Holdings, Inc.(b) | 17,743 | ||||||
1,400 | Village Vanguard Co. Ltd. | 13,152 | ||||||
400 | Vision, Inc./Tokyo Japan(b) | 13,701 | ||||||
101,100 | Vital KSK Holdings, Inc. | 1,057,278 | ||||||
600 | Vitec Holdings Co. Ltd. | 11,667 | ||||||
35,900 | Voyage Group, Inc. | 425,385 | ||||||
16,200 | VT Holdings Co. Ltd. | 67,479 | ||||||
11,500 | Wacoal Holdings Corp. | 316,967 | ||||||
8,500 | Wacom Co. Ltd. | 39,700 | ||||||
13,900 | Wakachiku Construction Co. Ltd. | 182,935 | ||||||
35,900 | Wakita & Co. Ltd. | 387,523 | ||||||
7,600 | Warabeya Nichiyo Holdings Co. Ltd. | 123,529 | ||||||
300 | Watahan & Co. Ltd. | 6,445 | ||||||
2,700 | WATAMI Co. Ltd. | 30,940 | ||||||
14,500 | Watts Co. Ltd. | 112,443 | ||||||
2,800 | Wavelock Holdings Co. Ltd. | 20,770 | ||||||
900 | Wdb Holdings Co. Ltd. | 25,085 | ||||||
600 | Weathernews, Inc. | 17,654 | ||||||
1,400 | Weds Co. Ltd. | 8,177 | ||||||
13,200 | West Holdings Corp. | 133,480 | ||||||
1,000 | Will Group, Inc. | 8,552 | ||||||
1,100 | WIN-Partners Co. Ltd. | 11,094 | ||||||
3,100 | World Holdings Co. Ltd. | 74,838 | ||||||
1,000 | Wowow, Inc. | 29,025 | ||||||
3,000 | W-Scope Corp. | 29,805 | ||||||
8,700 | Xebio Holdings Co. Ltd. | 120,744 | ||||||
4,000 | Yachiyo Industry Co. Ltd. | 31,834 | ||||||
6,000 | Yahagi Construction Co. Ltd. | 43,125 | ||||||
1,000 | Yakuodo Co. Ltd. | 30,930 | ||||||
11,000 | YAMABIKO Corp. | 118,545 | ||||||
900 | Yamada Consulting Group Co. Ltd. | 20,746 | ||||||
236,438 | Yamada Denki Co. Ltd. | 1,114,770 | ||||||
8,400 | Yamagata Bank Ltd. (The) | 170,479 | ||||||
51,000 | Yamaguchi Financial Group, Inc. | 539,221 | ||||||
5,400 | Yamaichi Electronics Co. Ltd. | 59,583 | ||||||
15,000 | Yamanashi Chuo Bank Ltd. (The) | 214,827 |
39 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
8,900 | Yamatane Corp. | $ | 147,262 | |||||
2,600 | Yamato Corp. | 15,070 | ||||||
8,400 | Yamaya Corp. | 195,790 | ||||||
4,200 | Yamazaki Baking Co. Ltd. | 75,785 | ||||||
100 | Yamazawa Co. Ltd. | 1,478 | ||||||
10,300 | Yamazen Corp. | 112,918 | ||||||
1,200 | Yaoko Co. Ltd. | 65,512 | ||||||
9,900 | Yashima Denki Co. Ltd. | 73,876 | ||||||
1,400 | Yasunaga Corp. | 21,601 | ||||||
17,800 | Yellow Hat Ltd. | 437,605 | ||||||
10,100 | Yokogawa Bridge Holdings Corp. | 163,985 | ||||||
22,300 | Yokohama Reito Co. Ltd. | 177,080 | ||||||
42,500 | Yokohama Rubber Co. Ltd. (The) | 825,630 | ||||||
4,500 | Yokowo Co. Ltd. | 49,971 | ||||||
2,300 | Yomiuri Land Co. Ltd. | 87,141 | ||||||
2,000 | Yondoshi Holdings, Inc. | 42,505 | ||||||
9,700 | Yorozu Corp. | 136,944 | ||||||
2,700 | Yoshinoya Holdings Co. Ltd. | 44,364 | ||||||
6,100 | Yossix Co. Ltd. | 141,586 | ||||||
3,600 | Yotai Refractories Co. Ltd. | 24,950 | ||||||
6,800 | Yuasa Trading Co. Ltd. | 223,282 | ||||||
2,700 | Yuken Kogyo Co. Ltd. | 50,490 | ||||||
1,100 | Yume No Machi Souzou Iinkai Co. Ltd. | 22,910 | ||||||
4,700 | Yumeshin Holdings Co. Ltd. | 40,071 | ||||||
57,000 | Yurtec Corp. | 430,398 | ||||||
900 | Yushiro Chemical Industry Co. Ltd. | 11,302 | ||||||
1,500 | Zaoh Co. Ltd. | 18,970 | ||||||
21,600 | Zenrin Co. Ltd. | 537,344 | ||||||
14,300 | Zensho Holdings Co. Ltd. | 277,293 | ||||||
52,000 | Zeon Corp. | 503,709 | ||||||
28,900 | ZERIA Pharmaceutical Co. Ltd. | 540,682 | ||||||
3,700 | ZIGExN Co., Ltd.(b) | 22,856 | ||||||
4,000 | Zojirushi Corp. | 43,603 | ||||||
511,538,073 | ||||||||
JERSEY CHANNEL ISLANDS — 0.1% | ||||||||
416,743 | Centamin Plc | 530,018 | ||||||
227,555 | Novocure Ltd.(b) | 7,541,173 | ||||||
7,871 | Randgold Resources Ltd. | 618,734 | ||||||
225 | Sanne Group PLC | 1,611 | ||||||
8,691,536 | ||||||||
JORDAN — 0.0% | ||||||||
29,542 | Hikma Pharmaceuticals Plc | 718,018 | ||||||
LIECHTENSTEIN — 0.0% | ||||||||
502 | Liechtensteinische Landesbank AG | 32,398 | ||||||
690 | VP Bank AG | 111,123 | ||||||
143,521 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
19,503 | APERAM SA | 664,908 |
Shares | Value | |||||||
LUXEMBOURG (continued) | ||||||||
294 | Corestate Capital Holding SA | $ | 12,687 | |||||
1,249 | Eurofins Scientific SE | 631,510 | ||||||
2,321 | IVS Group SA | 27,971 | ||||||
22,500 | L’Occitane International SA | 42,177 | ||||||
5,551 | RTL Group SA | 358,062 | ||||||
319 | RTL Group SA | 20,486 | ||||||
217,574 | SES SA | 4,676,083 | ||||||
4,631 | Stabilus SA | 310,782 | ||||||
1,389 | Sword Group | 53,176 | ||||||
6,797,842 | ||||||||
MACAU — 0.0% | ||||||||
99,000 | Macau Legend Development Ltd. | 17,295 | ||||||
38,800 | MGM China Holdings Ltd. | 54,821 | ||||||
72,116 | ||||||||
MALAYSIA — 0.1% | ||||||||
75,100 | Aeon Co. (M) Berhad | 30,331 | ||||||
9,450 | Aeon Credit Service M Berhad | 34,101 | ||||||
293,290 | Affin Holdings Berhad | 158,403 | ||||||
465,700 | AirAsia Group Berhad | 292,697 | ||||||
168,700 | Alliance Bank Malaysia Berhad | 159,649 | ||||||
499,200 | Ammb Holdings Berhad | 453,330 | ||||||
20,100 | Amway Malaysia Holdings Berhad | 32,135 | ||||||
28,900 | APM Automotive Holdings Berhad | 22,653 | ||||||
32,700 | Batu Kawan Berhad | 131,910 | ||||||
95,200 | Bermaz Auto Berhad | 43,226 | ||||||
61,300 | BIMB Holdings Berhad | 53,616 | ||||||
�� | 480,407 | Boustead Holdings Berhad | 180,246 | |||||
83,160 | Boustead Plantation Berhad | 18,780 | ||||||
1,800 | British American Tobacco Malaysia Berhad | 13,378 | ||||||
71,550 | Bursa Malaysia Berhad | 125,163 | ||||||
60,400 | Cahya Mata Sarawak Berhad | 41,859 | ||||||
19,400 | Carlsberg Brewery-Malaysia Berhad | 82,524 | ||||||
121,160 | Dialog Group Berhad | 98,156 | ||||||
151,900 | DRB-Hicom Berhad | 68,245 | ||||||
2,300 | Dutch Lady Milk Industries Berhad | 35,166 | ||||||
184,797 | Eastern & Oriental Berhad(b) | 52,111 | ||||||
127,900 | Eco World Development Group Berhad(b) | 30,565 | ||||||
88,400 | Felda Global Ventures Holdings Berhad | 29,576 | ||||||
2,200 | Fraser & Neave Holdings Berhad | 17,718 | ||||||
31,000 | Genting Plantations Berhad | 71,490 | ||||||
115,950 | George Kent Malaysia Berhad | 30,203 | ||||||
54,366 | Globetronics Technology Berhad | 28,713 | ||||||
27,600 | Goldis Berhad | 16,687 | ||||||
41,100 | GuocoLand Malaysia Berhad | 7,858 | ||||||
28,500 | Hai-O Enterprise Berhad | 23,429 |
40 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
MALAYSIA (continued) | ||||||||
114,180 | HAP Seng Consolidated Berhad | $ | 268,771 | |||||
93,500 | Hap Seng Plantations Holdings Berhad | 41,337 | ||||||
119,600 | Hartalega Holdings Berhad | 178,921 | ||||||
26,100 | Heineken Malaysia Berhad | 112,271 | ||||||
44,500 | Hengyuan Refining Co Berhad | 62,424 | ||||||
126,300 | Hiap Teck Venture Bhd(b) | 10,262 | ||||||
24,700 | Hong Leong Industries Berhad | 62,333 | ||||||
567,280 | IJM Corp. Berhad | 220,974 | ||||||
36,700 | IJM Plantations Berhad | 16,664 | ||||||
79,131 | Inari Amertron Berhad | 37,065 | ||||||
153,500 | Ioi Properties Group Berhad | 48,055 | ||||||
45,100 | Kian JOO CAN Factory Berhad | 23,711 | ||||||
66,600 | Kossan Rubber Industries | 65,892 | ||||||
262,100 | KPJ Healthcare Berhad | 65,141 | ||||||
142,174 | KSL Holdings Berhad(b) | 24,123 | ||||||
155,800 | Landmarks Berhad(b) | 20,850 | ||||||
219,860 | LBS Bina Group Berhad | 35,728 | ||||||
17,600 | Lii Hen Industries BHD | 12,155 | ||||||
42,600 | Lingkaran Trans Kota Holdings Berhad | 39,907 | ||||||
50,300 | Lion Industries Corp. Berhad(b) | 8,535 | ||||||
16,920 | LPI Capital Berhad | 66,232 | ||||||
50,599 | Lynas Corp. Ltd.(b) | 74,530 | ||||||
15,900 | Magni-Tech Industries Berhad | 16,909 | ||||||
157,873 | Mah Sing Group Berhad | 36,219 | ||||||
137,923 | Malaysia Airports Holdings Berhad | 273,572 | ||||||
128,467 | Malaysia Building Society Berhad | 28,859 | ||||||
27,400 | Malaysian Pacific Industries Berhad | 70,980 | ||||||
71,500 | Matrix Concepts Holdings Berhad | 31,611 | ||||||
36,900 | Mega First Corp. Berhad | 26,719 | ||||||
275,000 | MMC Corp. Berhad | 70,319 | ||||||
54,100 | Muda Holdings Bhd | 20,557 | ||||||
63,200 | Muhibbah Engineering M Berhad | 41,836 | ||||||
72,300 | My EG Services Berhad | 20,734 | ||||||
33,800 | Padini Holdings Berhad | 45,395 | ||||||
2,600 | Panasonic Manufacturing Malaysia Berhad | 23,648 | ||||||
45,300 | Paramount Corp. Berhad | 22,193 | ||||||
23,600 | Petron Malaysia Refining & Marketing Berhad | 40,776 | ||||||
63,700 | Pie Industrial Berhad | 23,291 | ||||||
60,000 | POS Malaysia Berhad | 42,442 | ||||||
32,300 | Press Metal Aluminium Holdings Berhad | 37,360 | ||||||
57,980 | QL Resources Berhad | 97,684 | ||||||
64,857 | Sarawak Oil Palms Berhad | 40,298 | ||||||
26,600 | Scientex Berhad | 54,605 | ||||||
26,900 | Serba Dinamik Holdings Berhad | 25,971 | ||||||
51,400 | Shangri-La Hotels (Malaysia) Berhad | 67,805 |
Shares | Value | |||||||
MALAYSIA (continued) | ||||||||
71,700 | Sime Darby Berhad | $ | 37,696 | |||||
124,600 | SKP Resources Berhad | 37,816 | ||||||
37,839 | SP Setia Berhad | 18,990 | ||||||
112,223 | Sunway Berhad | 36,742 | ||||||
88,466 | Sunway Construction Group Berhad | 30,655 | ||||||
129,900 | Supermax Corp. Berhad | 99,028 | ||||||
35,000 | Syarikat Takaful Malaysia Berhad | 32,537 | ||||||
52,236 | Ta Ann Holdings Berhad | 28,711 | ||||||
269,700 | TA Enterprise Berhad | 38,671 | ||||||
195,360 | TA Global Berhad | 12,372 | ||||||
126,800 | TAN Chong Motor Holdings Berhad | 44,847 | ||||||
33,400 | TH Plantations Berhad | 4,989 | ||||||
34,760 | Time dotCom Berhad | 64,793 | ||||||
76,500 | Tiong NAM Logistics Holdings(b) | 15,814 | ||||||
158,440 | Top Glove Corp. Berhad | 224,909 | ||||||
43,600 | TSH Resources Berhad | 10,524 | ||||||
14,700 | Uchi Technologies Berhad | 10,188 | ||||||
41,800 | UEM Edgenta Berhad | 25,572 | ||||||
122,900 | Unisem M Berhad | 84,880 | ||||||
23,700 | United Malacca Berhad | 32,397 | ||||||
20,800 | United Plantations Berhad | 133,116 | ||||||
193,500 | UOA Development Berhad | 90,172 | ||||||
78,875 | VS Industry Berhad | 30,159 | ||||||
86,300 | Westports Holdings Berhad | 70,327 | ||||||
126,900 | Yinson Holdings Berhad | 134,952 | ||||||
43,272 | YNH Property Berhad | 13,960 | ||||||
273,026 | YTL Corp. Berhad | 69,162 | ||||||
6,473,561 | ||||||||
MALTA — 0.0% | ||||||||
54,127 | Kindred Group Plc - SDR | 577,400 | ||||||
MEXICO — 0.1% | ||||||||
768,341 | Alfa SAB de CV - Series A | 812,473 | ||||||
68,438 | Alpek SAB de CV(b) | 90,798 | ||||||
55,388 | Alsea SAB de CV | 141,843 | ||||||
22,983 | Banco del Bajio SA | 45,099 | ||||||
14,700 | Becle Sab De Cv | 18,084 | ||||||
51,537 | Bolsa Mexicana de Valores SAB de CV | 77,686 | ||||||
939,286 | Cemex SAB de CV - CPO - Units(b) | 470,724 | ||||||
17,900 | Concentradora Fibra Danhos SA de CV REIT | 23,704 | ||||||
146,484 | Consorcio ARA SAB de CV | 38,724 | ||||||
21,600 | Corp Inmobiliaria Vesta SAB de CV | 26,318 | ||||||
25,361 | Corp. Actinver SAB de CV | 16,230 | ||||||
61,938 | Corp. Interamericana de Entretenimiento SAB de CV - Series B(b) | 57,751 | ||||||
27,300 | Corp. Moctezuma SAB de CV | 100,783 | ||||||
1,260 | Corporativo Fragua SAB de CV | 15,709 |
41 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
MEXICO (continued) | ||||||||
35,363 | Credito Real SAB de CV SOFOM ER | $ | 40,249 | |||||
25,600 | Fibra Uno Administracion SA de CV REIT | 27,411 | ||||||
129,006 | Genomma Lab Internacional SAB de CV - Class B(b) | 82,053 | ||||||
15,205 | Gruma SAB de CV - Series B | 159,062 | ||||||
45,853 | Grupo Aeromexico SAB de CV(b) | 50,541 | ||||||
16,818 | Grupo Aeroportuario del Centro Norte SAB de CV | 88,084 | ||||||
83,462 | Grupo Aeroportuario del Pacifico SAB de CV - Series B | 694,132 | ||||||
51,052 | Grupo Aeroportuario del Sureste SAB de CV - Series B | 842,211 | ||||||
119,545 | Grupo Bimbo SAB de CV - Series A | 223,515 | ||||||
4,880 | Grupo Carso SAB de CV - Series A1 | 14,292 | ||||||
90,896 | Grupo Cementos de Chihuahua SAB de CV | 492,219 | ||||||
32,100 | Grupo Comercial Chedraui SA de CV | 56,684 | ||||||
9,143 | Grupo Elektra SAB de CV | 387,086 | ||||||
45,428 | Grupo Famsa SAB de CV - Class A(b) | 22,543 | ||||||
60,683 | Grupo Herdez SAB de CV | 112,474 | ||||||
17,079 | Grupo KUO SAB de CV - Series B | 40,358 | ||||||
9,061 | Grupo Rotoplas SAB de CV | 8,832 | ||||||
19,200 | Grupo Sanborns SAB de CV | 17,458 | ||||||
15,920 | Grupo Simec SAB de CV - Series B(b) | 43,222 | ||||||
51,350 | Hoteles City Express SAB de CV(b) | 56,878 | ||||||
256,075 | Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(b) | 424,832 | ||||||
25,822 | Industrias Bachoco SAB de CV - Series B | 94,437 | ||||||
140,613 | Industrias CH SAB de CV - Series B(b) | 505,184 | ||||||
9,300 | Infraestructura Energetica Nova SAB de CV | 36,265 | ||||||
19,360 | Kimberly-Clark de Mexico SAB de CV - Class A | 27,896 | ||||||
91,327 | La Comer SAB de CV(b) | 95,314 | ||||||
50,900 | Macquarie Mexico Real Estate Management SA de CV REIT | 49,990 | ||||||
90 | Medica Sur SAB de CV - Series B | 142 | ||||||
44,125 | Megacable Holdings SAB de CV - CPO Shares | 196,174 | ||||||
160,659 | Mexichem SAB de CV | 420,209 | ||||||
118,273 | Nemak SAB de CV | 85,415 | ||||||
10,989 | OHL Mexico SAB de CV | 15,109 |
Shares | Value | |||||||
MEXICO (continued) | ||||||||
11,623 | Organizacion Cultiba SAB de CV | $ | 9,533 | |||||
110,909 | Organizacion Soriana SAB de CV - Series B(b) | 144,797 | ||||||
24,222 | Prologis Property Mexico SA de CV REIT | 42,689 | ||||||
12,558 | Promotora y Operadora de Infraestructura SAB de CV | 114,030 | ||||||
1,100 | Promotora y Operadora de Infraestructura SAB de CV - Series L | 7,554 | ||||||
19,043 | Qualitas Controladora SAB de CV - Class I | 38,296 | ||||||
6,011 | Rassini SAB de CV | 20,025 | ||||||
16,731 | Rassini SAB de CV - Series A | 26,645 | ||||||
72,102 | Regional SAB de CV | 355,199 | ||||||
21,201 | Telesites Sab De Cv(b) | 13,130 | ||||||
37,764 | Unifin Financiera SAB de CV SOFOM ENR | 70,775 | ||||||
13,935 | Vitro SAB de CV - Series A | 33,614 | ||||||
8,222,484 | ||||||||
MONACO — 0.0% | ||||||||
12,500 | Endeavour Mining Corp.(b) | 191,709 | ||||||
MONGOLIA — 0.0% | ||||||||
714,500 | Mongolian Mining Corp.(b) | 15,034 | ||||||
NETHERLANDS — 0.7% | ||||||||
28,432 | Aalberts Industries NV | 1,044,998 | ||||||
9,560 | Accell Group NV | 166,319 | ||||||
487,373 | Aegon NV | 2,996,365 | ||||||
26,639 | ALTICE EUROPE NV(b) | 63,573 | ||||||
6,845 | AMG Advanced Metallurgical Group NV | 327,795 | ||||||
4,136 | Amsterdam Commodities NV | 86,759 | ||||||
36,737 | Arcadis NV | 497,239 | ||||||
8,704 | ASM International NV | 374,526 | ||||||
153,199 | ASR Nederland NV | 6,968,560 | ||||||
9,157 | Atrium European Real Estate Ltd. | 38,168 | ||||||
12,018 | BE Semiconductor Industries NV | 257,677 | ||||||
22,362 | BinckBank NV | 108,405 | ||||||
89,180 | Boskalis Westminster | 2,571,694 | ||||||
48 | Brack Capital Properties NV(b) | 5,129 | ||||||
3,196 | Brunel International NV | 39,638 | ||||||
9,766 | Corbion NV | 296,888 | ||||||
11,506 | Euronext NV | 709,603 | ||||||
4,963 | Forfarmers Nv | 56,044 | ||||||
18,436 | Fugro NV - CVA(b) | 238,048 | ||||||
8,133 | Funcom Nv(b) | 17,297 | ||||||
8,519 | Gemalto NV(b) | 485,923 | ||||||
11,509 | GrandVision NV | 291,215 | ||||||
77,733 | Heijmans NV - CVA(b) | 840,818 | ||||||
2,073 | Hunter Douglas NV | 138,530 | ||||||
61,247 | IMCD Group NV | 4,158,794 | ||||||
19,284 | Intertrust Nv | 311,247 |
42 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
NETHERLANDS (continued) | ||||||||
8,679 | KAS Bank NV - CVA | $ | 62,913 | |||||
4,211 | Kendrion NV | 127,586 | ||||||
54,679 | Koninklijke BAM Groep NV | 188,335 | ||||||
275,956 | Koninklijke KPN NV | 730,140 | ||||||
9,055 | Koninklijke Volkerwessels NV | 161,021 | ||||||
32,497 | Koninklijke Vopak NV | 1,472,301 | ||||||
669 | Nederland Apparatenfabriek | 32,431 | ||||||
23,223 | Nostrum Oil & Gas Plc(b) | 61,148 | ||||||
5,990 | NSI NV REIT | 236,441 | ||||||
15,773 | OCI NV(b) | 449,131 | ||||||
20,929 | Ordina NV | 39,825 | ||||||
20,025 | Philips Lighting NV | 494,450 | ||||||
30,539 | PostNL NV | 90,487 | ||||||
33,388 | QIAGEN NV(b) | 1,212,782 | ||||||
50,751 | Randstad NV | 2,560,859 | ||||||
290,949 | SBM Offshore NV | 5,035,396 | ||||||
455 | Shop Apotheke Europe NV(b) | 23,191 | ||||||
10,300 | Sligro Food Group NV | 456,733 | ||||||
86,230 | SNS REAAL NV(a) | 0 | ||||||
8,477 | TKH Group NV | 428,800 | ||||||
438,045 | TomTom NV(b) | 3,669,518 | ||||||
4,395 | Van Lanschot Kempen NV | 107,773 | ||||||
19,878 | VastNed Retail NV REIT | 788,014 | ||||||
12,798 | Wessanen | 134,157 | ||||||
41,654,684 | ||||||||
NEW ZEALAND — 0.3% | ||||||||
320,760 | Air New Zealand Ltd. | 586,073 | ||||||
6,753 | CBL Corp. Ltd.(a)(b) | 5,239 | ||||||
114,369 | Chorus Ltd. | 354,499 | ||||||
105,881 | Contact Energy Ltd. | 386,228 | ||||||
19,426 | Ebos Group Ltd. | 264,177 | ||||||
23,408 | Freightways Ltd. | 112,729 | ||||||
34,123 | Genesis Energy Ltd. | 52,105 | ||||||
8,469 | Hallenstein Glasson Holdings Ltd. | 32,551 | ||||||
53,576 | Heartland Bank Ltd. | 53,840 | ||||||
36,913 | Infratil Ltd. | 82,380 | ||||||
72,405 | Kathmandu Holdings Ltd. | 131,260 | ||||||
15,798 | Kathmandu Holdings Ltd. | 27,628 | ||||||
76,737 | Kiwi Property Group Ltd. | 65,848 | ||||||
22,834 | Mainfreight Ltd. | 423,169 | ||||||
66,972 | Metlifecare Ltd. | 254,349 | ||||||
275,813 | New Zealand Refining Co. Ltd. (The) | 422,957 | ||||||
56,805 | NZME Ltd. | 24,136 | ||||||
45,243 | NZX Ltd. | 30,999 | ||||||
250,453 | Oceania Healthcare Ltd. | 187,948 | ||||||
73,491 | PGG Wrightson Ltd. | 27,815 | ||||||
80,140 | Pike River Coal Ltd.(a) | 0 | ||||||
226,520 | Port of Tauranga Ltd. | 749,425 | ||||||
23,490 | Restaurant Brands New Zealand Ltd. | 131,518 | ||||||
15,128 | Sanford Ltd. | 73,545 | ||||||
7,012 | Scales Corp. Ltd. | 21,140 | ||||||
15,896 | Serko Ltd.(b) | 33,505 |
Shares | Value | |||||||
NEW ZEALAND (continued) | ||||||||
139,819 | Skellerup Holdings Ltd. | $ | 186,127 | |||||
18,902 | SKY Network Television Ltd. | 27,629 | ||||||
229,886 | SKYCITY Entertainment Group Ltd. | 574,546 | ||||||
36,471 | Stride Property Group | 44,742 | ||||||
55,636 | Summerset Group Holdings Ltd. | 241,793 | ||||||
60,916 | Synlait Milk Ltd.(b) | 344,639 | ||||||
29,035 | Tilt Renewables Ltd. | 43,388 | ||||||
8,994 | Tourism Holdings, Ltd. | 29,345 | ||||||
166,819 | Trade Me Group Ltd. | 526,873 | ||||||
82,337 | Trade Me Group Ltd. | 260,586 | ||||||
29,035 | TrustPower Ltd. | 115,765 | ||||||
25,065 | Vector Ltd. | 55,611 | ||||||
21,943 | Vista Group International Ltd. | 53,696 | ||||||
291,174 | Xero Ltd.(b) | 8,202,433 | ||||||
565,955 | Z Energy Ltd. | 2,252,814 | ||||||
17,495,050 | ||||||||
NIGER — 0.0% | ||||||||
821 | Basic-Fit NV(b) | 23,666 | ||||||
500 | Cimpress NV(b) | 62,495 | ||||||
86,161 | ||||||||
NORWAY — 0.9% | ||||||||
102,757 | ABG Sundal Collier Holding ASA | 61,558 | ||||||
3,022 | AF Gruppen ASA | 45,707 | ||||||
84,460 | Akastor ASA(b) | 164,716 | ||||||
117,550 | Aker ASA - Class A | 8,938,474 | ||||||
57,652 | Aker Solutions ASA(b) | 380,252 | ||||||
26,420 | American Shipping Co. ASA | 109,694 | ||||||
18,135 | Atea ASA | 239,224 | ||||||
562,816 | Austevoll Seafood ASA | 9,053,340 | ||||||
17,720 | Avance Gas Holding Ltd.(b) | 44,354 | ||||||
16,972 | Axactor Ab(b) | 44,495 | ||||||
515,511 | B2Holding ASA | 869,601 | ||||||
25,012 | Blom ASA | 237,367 | ||||||
12,020 | Bonheur ASA | 142,589 | ||||||
31,966 | Borregaard ASA | 288,194 | ||||||
114,319 | BW Offshore Ltd.(b) | 733,666 | ||||||
1,366,593 | DNO ASA | 2,631,119 | ||||||
59,488 | DOF ASA(b) | 44,105 | ||||||
9,266 | Entra ASA | 125,528 | ||||||
76,830 | Europris ASA | 204,611 | ||||||
35,356 | Frontline Ltd.(b) | 256,054 | ||||||
119,140 | Grieg Seafood ASA | 1,736,970 | ||||||
14,061 | Hexagon Composites ASA | 42,034 | ||||||
15,318 | Hoegh LNG Holdings, Ltd. | 71,322 | ||||||
8,021 | Itera ASA | 9,173 | ||||||
194,372 | Kongsberg Automotive ASA(b) | 182,156 | ||||||
105,240 | Kongsberg Gruppen ASA | 1,730,321 | ||||||
66,705 | Kvaerner ASA(b) | 116,005 | ||||||
163,151 | Leroy Seafood Group ASA | 1,503,425 | ||||||
90,454 | NEL ASA(b) | 46,355 | ||||||
16,893 | Nordic Semiconductor ASA(b) | 72,143 |
43 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
NORWAY (continued) | ||||||||
27,950 | Norway Royal Salmon ASA | $ | 822,273 | |||||
3,959 | Norwegian Air Shuttle ASA(b) | 100,973 | ||||||
44,353 | Norwegian Finans Holding ASA(b) | 396,451 | ||||||
19,361 | Ocean Yield ASA | 146,991 | ||||||
35,279 | Odfjell Drilling Ltd.(b) | 129,318 | ||||||
8,670 | Odfjell SE - Class A | 31,369 | ||||||
15,813 | Olav Thon Eiendomsselskap ASA | 274,249 | ||||||
1,199,980 | Petroleum Geo-Services ASA(b) | 3,749,493 | ||||||
12,026 | Prosafe SE(b) | 35,522 | ||||||
7,752 | Protector Forsikring ASA(b) | 35,864 | ||||||
88,774 | Salmar ASA | 4,686,283 | ||||||
17,362 | Sbanken ASA | 173,006 | ||||||
16,987 | Scatec Solar ASA | 115,667 | ||||||
17,324 | Selvaag Bolig ASA | 77,580 | ||||||
5,087 | Sevan Marine ASA | 4,134 | ||||||
53,300 | Ship Finance International Ltd. | 666,250 | ||||||
35,891 | Solstad Farstad ASA(b) | 12,794 | ||||||
2,657 | Sparebank 1 Oestlandet | 27,611 | ||||||
296,707 | SpareBank 1 SR-Bank ASA | 3,301,516 | ||||||
201 | Sparebanken More | 6,652 | ||||||
6,861 | Spectrum ASA | 45,416 | ||||||
116,544 | Storebrand ASA | 969,979 | ||||||
276,884 | TGS Nopec Geophysical Co. ASA | 9,292,093 | ||||||
5,672,301 | Thin Film Electronics ASA(b) | 621,075 | ||||||
37,815 | Tomra Systems ASA | 937,547 | ||||||
37,473 | Veidekke ASA | 391,187 | ||||||
4,646 | Wilh Wilhelmsen Holding ASA | 93,694 | ||||||
57,269,539 | ||||||||
PERU — 0.1% | ||||||||
224,400 | Cia de Minas Buenaventura SAA - ADR | 3,105,696 | ||||||
52,759 | Hochschild Mining Plc | 106,280 | ||||||
3,211,976 | ||||||||
PHILIPPINES — 0.0% | ||||||||
35,900 | Aboitiz Equity Ventures, Inc. | 31,535 | ||||||
22,500 | Aboitiz Power Corp. | 14,172 | ||||||
437,800 | Alliance Global Group, Inc.(b) | 92,952 | ||||||
300,300 | Bloomberry Resorts Corp. | 47,146 | ||||||
47,790 | Cebu Air, Inc. | 57,163 | ||||||
133,952 | China Banking Corp. | 70,099 | ||||||
334,400 | DMCI Holdings, Inc. | 80,249 | ||||||
148,350 | East West Banking Corp.(b) | 31,386 | ||||||
165,200 | Emperador, Inc. | 21,489 | ||||||
294,454 | Energy Development Corp.(b) | 37,808 | ||||||
2,062,375 | Filinvest Land, Inc. | 53,964 | ||||||
86,000 | First Gen Corp. | 25,106 | ||||||
88,100 | First Philippine Holdings Corp. | 104,887 | ||||||
730 | Globe Telecom, Inc. | 28,515 | ||||||
205,426 | Integrated Micro-Electronics, Inc. | 41,312 |
Shares | Value | |||||||
PHILIPPINES (continued) | ||||||||
34,430 | International Container Terminal Services, Inc. | $ | 58,236 | |||||
1,024,700 | Lopez Holdings Corp. | 81,011 | ||||||
158,000 | LT Group, Inc. | 42,818 | ||||||
11,600 | Manila Water Co., Inc. | 5,420 | ||||||
93,000 | Megawide Construction Corp. | 31,183 | ||||||
1,778,696 | Megaworld Corp. | 146,604 | ||||||
352,300 | Metro Pacific Investments Corp. | 31,605 | ||||||
56,330 | Metropolitan Bank & Trust Co. | 69,011 | ||||||
718,800 | Petron Corp. | 108,817 | ||||||
99,100 | Phoenix Petroleum Philippines, Inc. | 20,374 | ||||||
19,870 | Pilipinas Shell Petroleum Corp. | 18,030 | ||||||
72,700 | Puregold Price Club, Inc. | 55,097 | ||||||
104,253 | Rizal Commercial Banking Corp. | 56,506 | ||||||
409,407 | Robinsons Land Corp. | 160,304 | ||||||
15,190 | Robinsons Retail Holdings, Inc. | 21,520 | ||||||
35,031 | Security Bank Corp. | 94,542 | ||||||
136,040 | Semirara Mining & Power Corp. | 71,065 | ||||||
6 | Top Frontier Investment Holdings, Inc.(b) | 31 | ||||||
161,290 | Union Bank of Philippines, Inc. | 201,518 | ||||||
860,500 | Vista Land & Lifescapes, Inc. | 84,916 | ||||||
2,096,391 | ||||||||
POLAND — 0.3% | ||||||||
1,475 | Alior Bank SA(b) | 22,199 | ||||||
817 | Amica SA | 22,569 | ||||||
348 | Apator SA | 2,168 | ||||||
15,640 | Asseco Poland SA | 196,868 | ||||||
76,172 | Bank Millennium SA(b) | 175,286 | ||||||
1,938 | Budimex SA | 62,628 | ||||||
1,070 | CCC SA | 46,568 | ||||||
10,845 | CD Projekt SA(b) | 447,406 | ||||||
5,613 | Ciech SA | 62,081 | ||||||
14,875 | Cyfrowy Polsat SA(b) | 85,672 | ||||||
1,360 | Dino Polska SA(b) | 29,949 | ||||||
990 | Dom Development SA | 17,493 | ||||||
45,107 | Enea SA(b) | 94,513 | ||||||
672,923 | Energa SA(b) | 1,367,890 | ||||||
7,502 | Famur SA | 10,909 | ||||||
8,283 | Globe Trade Centre SA | 17,420 | ||||||
119 | Grupa Azoty Zaklady Chemiczne Police SA | 400 | ||||||
1,643 | Grupa Kety SA | 146,010 | ||||||
170,514 | Grupa Lotos SA | 3,078,642 | ||||||
49,265 | Impexmetal SA(b) | 40,058 | ||||||
1,298 | Inter Cars SA | 81,185 | ||||||
1,838 | Jastrzebska Spolka Weglowa SA(b) | 35,446 | ||||||
172,568 | KGHM Polska Miedz SA(b) | 3,907,251 | ||||||
38,430 | Lc Corp. SA | 24,037 | ||||||
37 | LPP SA | 75,694 | ||||||
23,981 | Netia SA(b) | 29,311 | ||||||
17,977 | Orange Polska SA(b) | 20,333 |
44 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
POLAND (continued) | ||||||||
9,252 | Orbis SA | $ | 162,512 | |||||
466 | Pfleiderer Group SA | 3,449 | ||||||
775,627 | PGE Polska Grupa Energetyczna SA(b) | 2,124,452 | ||||||
1,888 | PKP Cargo SA(b) | 19,780 | ||||||
4,554 | Polnord SA(b) | 11,026 | ||||||
1,139,573 | Polskie Gornictwo Naftowe I Gazownictwo SA(b) | 1,859,121 | ||||||
17,342 | Stalexport Autostrady SA | 14,779 | ||||||
165 | Stalprodukt SA | 15,867 | ||||||
2,228,092 | Tauron Polska Energia SA(b) | 1,033,581 | ||||||
14,504 | Vistula Group SA(b) | 14,742 | ||||||
1,885 | Warsaw Stock Exchange | 18,987 | ||||||
15,378,282 | ||||||||
PORTUGAL — 0.2% | ||||||||
209,470 | Altri SGPS SA | 1,838,726 | ||||||
1,754,743 | Banco Comercial Portugues SA(b) | 473,422 | ||||||
1,231,589 | Banco Espirito Santo SA(a) | 0 | ||||||
289,912 | CTT-Correios de Portugal SA | 1,113,164 | ||||||
8,896 | EDP - Energias de Portugal SA | 31,276 | ||||||
47,201 | Jeronimo Martins SGPS SA | 580,597 | ||||||
324,906 | Mota-Engil SGPS SA(b) | 646,949 | ||||||
814,900 | Navigator Co. SA (The) | 4,061,163 | ||||||
329,247 | NOS SGPS SA | 1,849,681 | ||||||
41,764 | REN - Redes Energeticas Nacionais SGPS SA | 111,353 | ||||||
14,181 | Semapa - Sociedade de Investimento e Gestao | 271,127 | ||||||
39,997 | Sonae Capital SGPS SA | 34,883 | ||||||
1,268,552 | Sonae SGPS SA | 1,270,865 | ||||||
12,283,206 | ||||||||
PUERTO RICO — 0.0% | ||||||||
71,100 | Evertec, Inc. | 1,854,288 | ||||||
10,800 | Triple-S Management Corp. - Class B(b) | 185,328 | ||||||
2,039,616 | ||||||||
QATAR — 0.0% | ||||||||
86,913 | Qatar Navigation QSC | 1,696,009 | ||||||
RUSSIA — 0.3% | ||||||||
19,818 | Evraz Plc | 137,549 | ||||||
1,737,461 | Gazprom PJSC | 4,100,618 | ||||||
1,373,778 | Gazprom PJSC - ADR | 6,508,960 | ||||||
753,438 | Petropavlovsk Plc(b) | 63,561 | ||||||
3,821,152 | Surgutneftegas OJSC | 1,541,251 | ||||||
2,285,255,960 | VTB Bank PJSC | 1,269,013 | ||||||
128,400 | Yandex NV - Class A(b) | 3,868,692 | ||||||
17,489,644 | ||||||||
SINGAPORE — 0.2% | ||||||||
545,100 | Accordia Golf Trust - Units | 194,798 | ||||||
179,800 | AIMS AMP Capital Industrial REIT | 173,939 |
Shares | Value | |||||||
SINGAPORE (continued) | ||||||||
410,700 | Ascendas Hospitality Trust | $ | 234,237 | |||||
459,300 | Ascendas India Trust - Units | 358,116 | ||||||
544,500 | Asian Pay Television Trust - Units | 123,826 | ||||||
65,000 | ASL Marine Holdings Ltd.(b) | 3,519 | ||||||
35,000 | Banyan Tree Holdings, Ltd. | 12,634 | ||||||
21,700 | Best World International Ltd. | 28,199 | ||||||
36,100 | BOC Aviation Ltd. | 258,023 | ||||||
7,400 | Bonvests Holdings Ltd. | 6,945 | ||||||
25,598 | Boustead Projects Ltd. | 15,061 | ||||||
48,229 | Boustead Singapore Ltd. | 27,159 | ||||||
299,500 | Breadtalk Group Ltd. | 185,951 | ||||||
40,000 | Bukit Sembawang Estates Ltd. | 154,496 | ||||||
33,692 | BW LPG Ltd.(b) | 159,431 | ||||||
263,800 | China Aviation Oil Singapore Corp. Ltd. | 262,819 | ||||||
359,700 | China Sunsine Chemical Holdings Ltd. | 267,474 | ||||||
116,500 | Chip Eng Seng Corp. Ltd. | 56,351 | ||||||
64,400 | CITIC Envirotech Ltd. | 18,597 | ||||||
72,800 | ComfortDelGro Corp. Ltd. | 118,254 | ||||||
82,600 | COSCO Shipping International Singapore Co. Ltd.(b) | 21,170 | ||||||
30,950 | Creative Technology Ltd.(b) | 137,193 | ||||||
493,000 | CSE Global Ltd. | 160,163 | ||||||
88,000 | CW Group Holdings Ltd.(a) | 2,592 | ||||||
41,300 | Delfi Ltd. | 38,165 | ||||||
130,121 | Far East Orchard Ltd. | 118,364 | ||||||
73,900 | First Resources Ltd. | 84,296 | ||||||
164,000 | Fragrance Group Ltd.(b) | 16,813 | ||||||
381,900 | Frasers Centrepoint Trust REIT | 595,534 | ||||||
15,000 | Frasers Property Ltd. | 17,110 | ||||||
50,100 | Frencken Group Ltd. | 15,010 | ||||||
123,200 | Geo Energy Resources Ltd. | 20,457 | ||||||
59,100 | GL Ltd. | 31,147 | ||||||
802,500 | Golden Agri-Resources Ltd. | 147,737 | ||||||
58,000 | GP Industries Ltd. | 28,264 | ||||||
118,666 | Guocoland Ltd. | 143,069 | ||||||
89,200 | Halcyon Agri Corp. Ltd. | 30,911 | ||||||
32,000 | Hiap Hoe Ltd. | 19,464 | ||||||
184,700 | Ho Bee Land Ltd.(a) | 324,023 | ||||||
285,340 | Hong Fok Corp. Ltd. | 136,990 | ||||||
91,800 | Hong Leong Asia Ltd.(b) | 38,108 | ||||||
5,500 | Hong Leong Finance Ltd. | 10,046 | ||||||
9,000 | Hour Glass Ltd. (The) | 4,126 | ||||||
76,000 | Hyflux Ltd.(b) | 768 | ||||||
59,000 | IGG, Inc. | 62,145 | ||||||
129,600 | Indofood Agri Resources Ltd. | 18,713 | ||||||
346,600 | Japfa Ltd. | 166,400 | ||||||
92,950 | Jurong Technologies Industrial Corp. Ltd.(a) | 0 | ||||||
81,178 | Keppel Infrastructure Trust - Units | 26,959 | ||||||
1,521,800 | KrisEnergy Ltd.(b) | 97,780 | ||||||
166,600 | Lian Beng Group Ltd. | 55,928 | ||||||
42,000 | Low Keng Huat Singapore Ltd. | 16,677 |
45 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SINGAPORE (continued) | ||||||||
75,000 | Lum Chang Holdings Ltd. | $ | 18,680 | |||||
39,000 | M1 Ltd. | 59,409 | ||||||
400,600 | Midas Holdings Ltd.(a)(b) | 20,823 | ||||||
214,300 | Olam International Ltd. | 278,482 | ||||||
68,690 | OM Holdings Ltd. | 65,911 | ||||||
40,600 | OUE Ltd. | 41,035 | ||||||
45,408 | Oxley Holdings Ltd. | 9,835 | ||||||
37,100 | PCI Ltd. | 23,838 | ||||||
69,500 | Penguin International Ltd. | 15,554 | ||||||
100,770 | QAF Ltd. | 53,471 | ||||||
66,275 | Raffles Medical Group Ltd. | 50,239 | ||||||
483,400 | RHT Health Trust - Units | 258,251 | ||||||
18,700 | Riverstone Holdings Ltd./Singapore | 16,065 | ||||||
239,250 | Roxy-Pacific Holdings Ltd. | 65,635 | ||||||
67,700 | SATS Ltd. | 243,400 | ||||||
259,600 | Sembcorp Industries Ltd. | 528,515 | ||||||
41,500 | Sembcorp Marine Ltd. | 47,937 | ||||||
270,700 | Sheng Siong Group Ltd. | 211,065 | ||||||
14,500 | SIA Engineering Co. Ltd. | 29,625 | ||||||
527,100 | Sinarmas Land Ltd. | 97,037 | ||||||
385,000 | Singapore Airlines Ltd. | 2,634,949 | ||||||
29,400 | Singapore Exchange Ltd. | 145,180 | ||||||
106,200 | Singapore Post Ltd. | 79,737 | ||||||
174,000 | Singapore Reinsurance Corp. Ltd. | 38,314 | ||||||
440,400 | Stamford Land Corp. Ltd. | 155,793 | ||||||
24,100 | StarHub Ltd. | 32,710 | ||||||
36,600 | Sunningdale Tech Ltd. | 36,464 | ||||||
384,287 | Tuan Sing Holdings Ltd. | 95,715 | ||||||
53,187 | UMS Holdings Ltd. | 25,919 | ||||||
220,554 | United Engineers Ltd. | 418,768 | ||||||
345,792 | United Industrial Corp. Ltd. | 698,998 | ||||||
164,136 | UOB-Kay Hian Holdings Ltd. | 145,751 | ||||||
87,611 | UOL Group Ltd. | 381,399 | ||||||
85,300 | Venture Corp. Ltd. | 943,433 | ||||||
30,300 | Wing Tai Holdings Ltd. | 42,219 | ||||||
26,250 | Xinghua Port Holdings Ltd. | 3,247 | ||||||
871 | XP Power Ltd. | 28,167 | ||||||
13,287,521 | ||||||||
SLOVAKIA — 0.0% | ||||||||
594 | Danawa Co. Ltd. | 9,461 | ||||||
6,197 | Eagon Holdings Co. Ltd. | 12,644 | ||||||
292 | Meerecompany, Inc. | 15,887 | ||||||
487 | SeAH Steel Corp./New(b) | 25,172 | ||||||
63,164 | ||||||||
SLOVENIA — 0.0% | ||||||||
1,285 | Kenon Holdings Ltd./Singapore | 20,533 | ||||||
SOUTH AFRICA — 0.3% | ||||||||
18,506 | Advtech Ltd. | 17,938 | ||||||
17,463 | Aeci Ltd. | 111,863 | ||||||
9,268 | African Oxygen Ltd. | 18,256 | ||||||
25,572 | African Rainbow Minerals Ltd. | 216,484 | ||||||
10,747 | Afrimat Ltd. | 19,669 |
Shares | Value | |||||||
SOUTH AFRICA (continued) | ||||||||
276,028 | Alexander Forbes Group Holdings Ltd. | $ | 97,295 | |||||
12,771 | Allied Electronics Corp. Ltd. - A Shares(b) | 15,158 | ||||||
38,527 | Alviva Holdings Ltd. | 46,094 | ||||||
182,737 | Anglo American Platinum Ltd. | 5,969,594 | ||||||
53,538 | AngloGold Ashanti Ltd. | 518,269 | ||||||
3,371 | Assore Ltd. | 70,411 | ||||||
3,359 | Astral Foods Ltd. | 45,078 | ||||||
20,436 | AVI Ltd. | 138,526 | ||||||
72,214 | Barloworld Ltd. | 587,404 | ||||||
43,441 | Bidvest Group Ltd. (The) | 541,139 | ||||||
5,038 | City Lodge Hotels Ltd. | 44,737 | ||||||
38,180 | Clicks Group Ltd. | 486,551 | ||||||
10,684 | Clover Industries Ltd. | 11,899 | ||||||
21,103 | DataTec Ltd. | 33,487 | ||||||
3,467 | Distell Group Holdings Ltd. | 25,804 | ||||||
26,183 | Exxaro Resources Ltd. | 267,820 | ||||||
6,242 | Foschini Group Ltd. (The) | 68,215 | ||||||
141,895 | Gold Fields Ltd. | 376,944 | ||||||
166,338 | Grindrod Ltd.(b) | 74,642 | ||||||
28,122 | Harmony Gold Mining Co. Ltd. | 53,242 | ||||||
1,317 | Howden Africa Holdings Ltd.(b) | 3,723 | ||||||
8,133 | Hudaco Industries Ltd. | 77,490 | ||||||
37,285 | Hulamin Ltd. | 12,510 | ||||||
646,611 | Impala Platinum Holdings Ltd.(b) | 1,192,192 | ||||||
10,486 | Imperial Holdings Ltd. | 115,796 | ||||||
213,673 | Investec Plc | 1,321,886 | ||||||
3,851 | JSE Ltd. | 42,808 | ||||||
52,054 | KAP Industrial Holdings Ltd. | 27,522 | ||||||
5,751 | Lewis Group Ltd. | 12,260 | ||||||
10,263 | Liberty Holdings Ltd. | 75,126 | ||||||
107,771 | Life Healthcare Group Holdings Ltd. | 178,979 | ||||||
560,963 | Merafe Resources Ltd. | 59,319 | ||||||
22,537 | Metair Investments Ltd. | 22,151 | ||||||
111,479 | MMI Holdings, Ltd.(b) | 134,886 | ||||||
16,444 | Mpact Ltd. | 23,285 | ||||||
12,113 | Mr Price Group Ltd. | 189,645 | ||||||
171,949 | Murray & Roberts Holdings Ltd. | 198,028 | ||||||
57,469 | Nampak Ltd.(b) | 57,849 | ||||||
1,304 | Net 1 UEPS Technologies, Inc.(b) | 8,926 | ||||||
48,706 | Netcare Ltd. | 81,977 | ||||||
5,521 | Oceana Group Ltd. | 32,559 | ||||||
47,650 | Peregrine Holdings Ltd. | 66,343 | ||||||
5,508 | Pioneer Foods Group Ltd. | 30,235 | ||||||
283,209 | PPC Ltd.(b) | 114,032 | ||||||
2,537 | PSG Group Ltd. | 37,832 | ||||||
21,743 | Reunert Ltd. | 117,540 | ||||||
3,432 | Santam Ltd. | 72,237 | ||||||
687,075 | Sappi Ltd. | 3,862,803 | ||||||
1,550,391 | Sibanye Gold Ltd.(b) | 1,076,157 | ||||||
5,247 | Spar Group Ltd. (The) | 62,537 |
46 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SOUTH AFRICA (continued) | ||||||||
133,904 | Super Group Ltd.(b) | $ | 363,068 | |||||
12,688 | Transaction Capital Ltd. | 15,275 | ||||||
6,418 | Truworths International Ltd. | 35,204 | ||||||
31,902 | Tsogo Sun Holdings Ltd. | 43,682 | ||||||
43,623 | Woolworths Holdings Ltd. | 150,600 | ||||||
19,772,981 | ||||||||
SOUTH KOREA — 1.1% | ||||||||
1,493 | Able C&C Co. Ltd.(b) | 11,543 | ||||||
3,252 | Ace Technologies Corp.(b) | 10,131 | ||||||
3,445 | Aekyung Petrochemical Co. Ltd. | 24,790 | ||||||
781 | AfreecaTV Co. Ltd. | 23,576 | ||||||
462 | Ahnlab, Inc. | 16,460 | ||||||
1,836 | Aj Networks Co. Ltd. | 7,339 | ||||||
5,334 | AJ Rent A Car Co. Ltd.(b) | 50,085 | ||||||
1,433 | AK Holdings, Inc. | 56,085 | ||||||
12,123 | ALUKO Co. Ltd. | 27,819 | ||||||
1,630 | Amotech Co. Ltd.(b) | 28,965 | ||||||
6,930 | Anam Electronics Co. Ltd.(b) | 14,078 | ||||||
2,744 | Aprogen Kic Inc.(b) | 19,432 | ||||||
953 | Asia Cement Co. Ltd. | 92,829 | ||||||
564 | ASIA Holdings Co. Ltd. | 57,165 | ||||||
962 | Asia Paper Manufacturing Co. Ltd. | 30,433 | ||||||
22,386 | Asiana Airlines, Inc.(b) | 71,703 | ||||||
2,348 | Aurora World Corp. | 16,422 | ||||||
2,350 | Autech Corp. | 18,972 | ||||||
2,934 | Baiksan Co. Ltd. | 12,925 | ||||||
1,112 | BH Co. Ltd.(b) | 15,564 | ||||||
735 | Binggrae Co. Ltd. | 45,665 | ||||||
45,846 | BNK Financial Group, Inc. | 305,358 | ||||||
1,549 | Bookook Securities Co. Ltd. | 29,837 | ||||||
6,025 | Boryung Pharmaceutical Co. Ltd. | 51,709 | ||||||
4,103 | Capro Corp. | 15,428 | ||||||
430 | Caregen Co. Ltd. | 26,791 | ||||||
1,826 | Chabiotech Co. Ltd.(b) | 29,404 | ||||||
4,893 | Cheil Worldwide, Inc. | 97,469 | ||||||
659 | Chong Kun Dang Pharmaceutical Corp. | 50,138 | ||||||
1,209 | Chongkundang Holdings Corp. | 59,519 | ||||||
1,274 | Chungdahm Learning, Inc. | 22,695 | ||||||
1,068 | CJ CGV Co. Ltd. | 37,817 | ||||||
1,367 | CJ CheilJedang Corp. | 388,669 | ||||||
6,287 | CJ Hello Co. Ltd. | 50,150 | ||||||
1,012 | CJ Logistics Corp.(b) | 140,759 | ||||||
1,413 | CKD Bio Corp. | 22,505 | ||||||
400 | Com2uSCorp. | 44,965 | ||||||
524 | Cosmax, Inc. | 52,881 | ||||||
1,022 | Cosmoam&T Co. Ltd.(b) | 15,471 | ||||||
426 | Coson Co. Ltd.(b) | 3,551 | ||||||
637 | Crown Confectionery Co. Ltd. | 5,232 | ||||||
1,379 | Crown Haitai Holdings Co. Ltd. | 11,859 | ||||||
1,788 | CTC BIO, Inc.(b) | 13,133 | ||||||
12,082 | CUROCOM Co. Ltd.(b) | 16,169 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
1,323 | Cymechs, Inc./Korea | $ | 9,659 | |||||
4,684 | D.I Corp. | 14,304 | ||||||
4,227 | Dae Dong Industrial Co. Ltd. | 20,847 | ||||||
1,110 | Dae Hwa Pharmaceutical Co. Ltd. | 19,627 | ||||||
14,862 | Dae Won Kang Up Co. Ltd. | 42,126 | ||||||
12,386 | Daea TI Co. Ltd. | 63,367 | ||||||
5,021 | Daeduck GDS Co. Ltd. | 56,398 | ||||||
4,839 | Dae-Il Corp. | 23,992 | ||||||
5,786 | Daelim Industrial Co. Ltd. | 385,886 | ||||||
6,325 | Daesang Corp. | 125,162 | ||||||
8,133 | Daesang Holdings Co. Ltd. | 51,672 | ||||||
2,247 | Daesung Industrial Co. Ltd.(b) | 7,414 | ||||||
2,147 | Daewon Media Co. Ltd.(b) | 14,789 | ||||||
1,144 | Daewon Pharmaceutical Co. Ltd. | 16,213 | ||||||
8,194 | Daewon San Up Co. Ltd. | 41,058 | ||||||
292,112 | Daewoo Engineering & Construction Co. Ltd.(b) | 1,159,938 | ||||||
81,649 | Daewoo Securities Co. Ltd. | 460,711 | ||||||
10,673 | Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b) | 273,955 | ||||||
7,695 | Daewoong Co. Ltd. | 93,862 | ||||||
513 | Daewoong Pharmaceutical Co. Ltd. | 63,475 | ||||||
902 | Daihan Pharmaceutical Co. Ltd. | 33,997 | ||||||
9,921 | Daishin Securities Co. Ltd. | 96,202 | ||||||
1,763 | Dawonsys Co. Ltd. | 24,754 | ||||||
8,511 | DB HiTek Co Ltd. | 84,770 | ||||||
11,850 | DB Insurance Co. Ltd. | 746,637 | ||||||
5,479 | Deutsch Motors, Inc.(b) | 24,136 | ||||||
28,216 | DGB Financial Group, Inc. | 232,750 | ||||||
1,712 | DHP Korea Co. Ltd. | 13,446 | ||||||
887 | Dio Corp(b) | 20,238 | ||||||
1,833 | DMS Co. Ltd. | 7,254 | ||||||
2,814 | Dong Ah Tire & Rubber Co. Ltd.(b) | 33,213 | ||||||
585 | Dong-A ST Co. Ltd. | 42,814 | ||||||
4,103 | Dong-Ah Geological Engineering Co. Ltd. | 47,347 | ||||||
10,340 | Dongbu Securities Co. Ltd. | 33,709 | ||||||
605 | Dongbu Steel Co. Ltd.(b) | 3,775 | ||||||
830 | Dong-IL Corp. | 44,357 | ||||||
3,239 | Dongjin Semichem Co. Ltd. | 24,501 | ||||||
665 | DongKook Pharmaceutical Co. Ltd. | 32,388 | ||||||
10,327 | Dongkuk Steel Mill Co. Ltd. | 64,071 | ||||||
2,706 | Dongsuh Cos., Inc. | 44,287 | ||||||
1,553 | Dongwha Enterprise Co. Ltd. | 34,070 | ||||||
17,479 | Dongwon Development Co. Ltd. | 54,298 | ||||||
287 | Dongwon F&B Co. Ltd. | 66,489 | ||||||
392 | Dongwon Industries Co. Ltd. | 83,075 | ||||||
4,752 | Doosan Bobcat, Inc. | 146,786 | ||||||
2,226 | Doosan Corp. | 233,432 | ||||||
10,689 | Doosan Heavy Industries & Construction Co. Ltd.(b) | 102,711 |
47 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
297,159 | Doosan Infracore Co. Ltd.(b) | $ | 2,007,919 | |||||
1,300 | Doubleugames Co. Ltd. | 74,380 | ||||||
2,669 | DRB Holding Co. Ltd. | 15,107 | ||||||
2,814 | Duozone Bizon Co. Ltd. | 107,048 | ||||||
4,090 | DY Corp. | 19,022 | ||||||
2,154 | DY POWER Corp. | 21,927 | ||||||
153 | E1 Corp. | 8,136 | ||||||
14,440 | Easy Bio, Inc. | 73,496 | ||||||
488 | E-Mart Co. Ltd. | 87,575 | ||||||
4,220 | EM-Tech Co. Ltd. | 49,253 | ||||||
2,649 | Esmo Corp.(b) | 15,761 | ||||||
21,310 | Eugene Investment & Securities Co. Ltd.(b) | 43,385 | ||||||
2,306 | Eugene Technology Co. Ltd. | 26,003 | ||||||
4,135 | Eusu Holdings Co. Ltd.(b) | 22,425 | ||||||
3,297 | EVERDIGM Corp. | 17,273 | ||||||
936 | F&F Co. Ltd. | 42,876 | ||||||
5,900 | Fila Korea Ltd. | 217,713 | ||||||
3,868 | Fine Semitech Corp. | 13,934 | ||||||
7,435 | Foosung Co. Ltd.(b) | 56,959 | ||||||
1,890 | Gabia, Inc. | 10,598 | ||||||
3,835 | Genie Music Corp.(b) | 14,976 | ||||||
14,838 | GNCO Co. Ltd.(b) | 18,164 | ||||||
696 | Golfzon Co. Ltd. | 19,972 | ||||||
3,647 | Grand Korea Leisure Co. Ltd. | 71,209 | ||||||
15,368 | Green Cross Corp. | 1,611,580 | ||||||
2,348 | Green Cross Holdings Corp. | 42,755 | ||||||
118,127 | GS Engineering & Construction Corp. | 4,327,851 | ||||||
9,123 | GS Global Corp. | 19,294 | ||||||
4,569 | GS Holdings Corp. | 194,460 | ||||||
3,508 | GS Retail Co. Ltd. | 110,515 | ||||||
700 | Haesung Ds Co. Ltd. | 9,644 | ||||||
546 | Halla Holdings Corp. | 19,597 | ||||||
5,493 | Han Kuk Carbon Co. Ltd. | 32,729 | ||||||
86,418 | Hana Financial Group, Inc. | 2,904,488 | ||||||
1,536 | Hancom, Inc. | 17,321 | ||||||
717 | Handok, Inc. | 14,440 | ||||||
3,932 | Handsome Co. Ltd. | 125,598 | ||||||
873 | Hanil Cement Co. Ltd./New(b) | 90,016 | ||||||
7,983 | Hanjin Kal Corp. | 135,204 | ||||||
975 | Hanjin Transportation Co. Ltd. | 32,042 | ||||||
5,566 | Hankook Tire Co. Ltd. | 202,214 | ||||||
857 | Hanmi Pharm Co. Ltd. | 292,924 | ||||||
874 | Hanmi Science Co. Ltd. | 51,157 | ||||||
3,807 | Hanmi Semiconductor Co. Ltd. | 30,702 | ||||||
2,383 | Hanmiglobal Co. Ltd. | 18,507 | ||||||
12,488 | Hanon Systems | 119,998 | ||||||
1,441 | Hans Biomed Corp.(b) | 30,791 | ||||||
2,224 | Hansae Co. Ltd. | 36,203 | ||||||
2,777 | Hansae Yes24 Holdings Co. Ltd. | 21,518 | ||||||
1,819 | Hanshin Construction Co. Ltd. | 25,141 | ||||||
966 | Hansol Chemical Co. Ltd. | 67,138 | ||||||
7,234 | Hansol Holdings Co. Ltd. | 26,345 | ||||||
16,438 | Hansol HomeDeco Co. Ltd. | 18,248 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
6,087 | Hansol Paper Co. Ltd. | $ | 92,944 | |||||
524 | Hanssem Co. Ltd. | 22,463 | ||||||
19,885 | Hanwha Chemical Corp. | 281,815 | ||||||
11,766 | Hanwha Corp. | 290,136 | ||||||
195 | Hanwha Galleria Timeworld Co. Ltd.(b) | 4,346 | ||||||
20,514 | Hanwha General Insurance Co. Ltd. | 106,751 | ||||||
28,818 | Hanwha Investment & Securities Co. Ltd.(b) | 51,589 | ||||||
47,109 | Hanwha Life Insurance Co. Ltd. | 185,410 | ||||||
1,369 | Hanwha Techwin Co. Ltd.(b) | 34,178 | ||||||
2,960 | Hanyang Eng Co. Ltd. | 30,910 | ||||||
1,738 | HDC Hyundai Engineering Plastics Co. Ltd. | 6,726 | ||||||
7,210 | Heungkuk Fire & Marine Insurance Co., Ltd.(b) | 30,528 | ||||||
3,170 | Homecast CO Ltd(b) | 15,662 | ||||||
2,579 | Hotel Shilla Co. Ltd. | 161,364 | ||||||
5,644 | HS Industries Co. Ltd. | 30,460 | ||||||
2,585 | Huchems Fine Chemical Corp. | 49,452 | ||||||
67 | Hugel, Inc.(b) | 16,133 | ||||||
904 | Humedix Co. Ltd. | 20,626 | ||||||
853 | Huons Co. Ltd. | 50,527 | ||||||
2,804 | Huons Global Co. Ltd. | 95,964 | ||||||
2,600 | Hwangkum Steel & Technology Co. Ltd. | 17,089 | ||||||
1,316 | Hy-Lok Corp. | 26,388 | ||||||
425 | Hyosung Chemical Corp.(b) | 48,484 | ||||||
2,860 | Hyundai Bioscience Co. Ltd.(b) | 15,460 | ||||||
2,903 | Hyundai BNG Steel Co. Ltd. | 23,208 | ||||||
15,531 | Hyundai Construction Equipment Co. Ltd.(b) | 1,014,002 | ||||||
870 | Hyundai Corp. | 18,476 | ||||||
30,960 | Hyundai Department Store Co. Ltd. | 2,355,519 | ||||||
24,611 | Hyundai Development Co-Engineering & Construction | 362,832 | ||||||
13,144 | Hyundai Electric & Energy System Co. Ltd.(b) | 543,269 | ||||||
2,511 | Hyundai Elevator Co. Ltd. | 175,619 | ||||||
101,258 | Hyundai Engineering & Construction Co. Ltd. | 4,065,248 | ||||||
1,124 | Hyundai Glovis Co. Ltd. | 112,444 | ||||||
3,301 | Hyundai Greenfood Co. Ltd. | 35,775 | ||||||
1,755 | Hyundai Livart Furniture Co. Ltd. | 33,420 | ||||||
19,046 | Hyundai Marine & Fire Insurance Co. Ltd. | 698,629 | ||||||
1,752 | Hyundai Rotem Co. Ltd.(b) | 33,593 | ||||||
1,601 | Hyvision System, Inc. | 16,508 | ||||||
28,243 | IHQ, Inc.(b) | 35,318 | ||||||
755 | Il Dong Pharmaceutical Co. Ltd. | 12,655 | ||||||
1,001 | Iljin Diamond Co. Ltd. | 16,075 | ||||||
5,139 | Iljin Display Co. Ltd. | 16,483 |
48 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
2,212 | Iljin Electric Co. Ltd. | $ | 5,823 | |||||
4,855 | Iljin Holdings Co. Ltd.(b) | 11,823 | ||||||
3,445 | Iljin Materials Co. Ltd. | 137,401 | ||||||
1,171 | InBody Co. Ltd. | 21,631 | ||||||
191,576 | Industrial Bank of Korea | 2,496,515 | ||||||
3,473 | Initech Co. Ltd.(b) | 15,696 | ||||||
2,134 | Innox Advanced Materials Co., Ltd.(b) | 74,345 | ||||||
4,028 | Insun ENT Co. Ltd.(b) | 20,042 | ||||||
2,925 | IS Dongseo Co. Ltd. | 79,443 | ||||||
1,144 | i-SENS, Inc. | 22,889 | ||||||
5,556 | IsuPetasys Co. Ltd. | 27,206 | ||||||
1,973 | J.ESTINA Co. Ltd. | 9,021 | ||||||
1,301 | Jahwa Electronics Co. Ltd. | 16,611 | ||||||
2,946 | Jastech Ltd. | 15,744 | ||||||
52,552 | JB Financial Group Co. Ltd. | 253,179 | ||||||
7,737 | Jcontentree Corp.(b) | 30,892 | ||||||
861 | Jeju Air Co. Ltd. | 23,234 | ||||||
2,519 | JW Holdings Corp. | 12,932 | ||||||
1,258 | JW Pharmaceutical Corp. | 36,596 | ||||||
4,489 | JYP Entertainment Corp.(b) | 112,663 | ||||||
2,820 | Kangwon Land, Inc. | 71,023 | ||||||
2,527 | Kaon Media Co. Ltd. | 12,573 | ||||||
64,935 | KB Financial Group Inc. | 2,700,995 | ||||||
2,623 | KC Co. Ltd. | 37,404 | ||||||
15,308 | KEC Corp. | 13,111 | ||||||
824 | KEPCO Plant Service & Engineering Co. Ltd. | 19,885 | ||||||
3,003 | Keyang Electric Machinery Co. Ltd. | 8,854 | ||||||
8,084 | KEYEAST Co. Ltd.(b) | 19,509 | ||||||
2,361 | KG Chemical Corp. | 36,672 | ||||||
7,458 | KG Eco Technology Service Co. Ltd. | 19,765 | ||||||
4,404 | Kginicis Co. Ltd. | 54,106 | ||||||
4,335 | KGMobilians Co. Ltd. | 26,477 | ||||||
680 | Kishin Corp. | 1,933 | ||||||
2,673 | KISWIRE Ltd. | 50,666 | ||||||
2,226 | KIWOOM Securities Co. Ltd. | 147,482 | ||||||
6,735 | KMH Co. Ltd.(b) | 43,026 | ||||||
2,232 | Koentec Co. Ltd. | 12,829 | ||||||
1,319 | Koh Young Technology, Inc. | 104,404 | ||||||
1,469 | Kolmar BNH Co. Ltd. | 28,940 | ||||||
2,513 | Kolon Industries, Inc. | 110,704 | ||||||
610 | Kolon Life Science, Inc.(b) | 32,974 | ||||||
1,741 | Kolon Plastic, Inc. | 9,106 | ||||||
1,680 | KONA I Co. Ltd.(b) | 21,819 | ||||||
809 | Korea Electric Terminal Co. Ltd. | 26,551 | ||||||
1,087 | Korea Gas Corp.(b) | 49,697 | ||||||
536 | Korea Information & Communications Co. Ltd.(b) | 4,610 | ||||||
10,452 | Korea Investment Holdings Co. Ltd. | 543,902 | ||||||
1,117 | Korea Kolmar Co. Ltd. | 53,127 | ||||||
1,588 | Korea Kolmar Holdings Co. Ltd. | 40,203 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
2,885 | Korea Line Corp.(b) | $ | 54,305 | |||||
732 | Korea PetroChemical Ind Co. Ltd. | 100,208 | ||||||
17,755 | Korea Real Estate Investment & Trust Co. Ltd. | 36,537 | ||||||
1,632 | Korea United Pharm, Inc. | 32,008 | ||||||
7,774 | Korean Air Lines Co. Ltd. | 187,264 | ||||||
16,997 | Korean Reinsurance Co. | 144,532 | ||||||
2,714 | Kortek Corp. | 33,938 | ||||||
944 | KPX Chemical Co. Ltd. | 42,662 | ||||||
2,891 | KT Skylife Co. Ltd. | 31,458 | ||||||
12,081 | KTB Investment & Securities Co. Ltd.(b) | 34,349 | ||||||
3,749 | KTCS Corp. | 7,353 | ||||||
700 | Kukdo Chemical Co. Ltd. | 27,735 | ||||||
1,376 | Kumho Industrial Co. Ltd. | 11,785 | ||||||
3,137 | Kumho Petrochemical Co. Ltd. | 237,020 | ||||||
14,116 | Kumho Tire Co. Inc.(b) | 62,184 | ||||||
5,317 | Kwang Dong Pharmaceutical Co. Ltd. | 26,176 | ||||||
1,610 | Kyeryong Construction Industrial Co. Ltd.(b) | 27,409 | ||||||
5,833 | Kyobo Securities Co. Ltd. | 44,379 | ||||||
1,118 | Kyongbo Pharmaceutical Co. Ltd. | 9,811 | ||||||
682 | Kyung Dong Navien Co. Ltd. | 21,994 | ||||||
2,747 | Kyungbang Ltd. | 28,566 | ||||||
3,492 | Kyungdong Pharm Co. Ltd. | 35,087 | ||||||
8,473 | Kyung-In Synthetic Corp. | 39,036 | ||||||
560 | L&F Co. Ltd. | 17,470 | ||||||
12,520 | LB Semicon, Inc.(b) | 43,013 | ||||||
7,239 | Leadcorp Inc (The) | 35,638 | ||||||
1,206 | LEENO Industrial, Inc. | 63,393 | ||||||
7,800 | LF Corp. | 149,901 | ||||||
42,525 | LG Electronics, Inc. | 2,362,189 | ||||||
3,488 | LG Innotek Co. Ltd. | 379,546 | ||||||
4,149 | LG International Corp. | 56,980 | ||||||
43,197 | LG Uplus Corp. | 612,199 | ||||||
1,768 | Lock & Lock Co. Ltd. | 23,971 | ||||||
5 | Lotte Chilsung Beverage Co. Ltd. | 6,002 | ||||||
2,654 | LOTTE Fine Chemical Co. Ltd. | 94,906 | ||||||
58 | Lotte Food Co. Ltd. | 33,389 | ||||||
3,032 | LOTTE Himart Co. Ltd. | 149,265 | ||||||
29,117 | Lotte Non-Life Insurance Co. Ltd. | 63,240 | ||||||
1,356 | Lotte Shopping Co. Ltd. | 230,254 | ||||||
6,777 | LS Corp. | 300,328 | ||||||
3,251 | LS Industrial Systems Co. Ltd. | 140,219 | ||||||
7,860 | Lumens Co. Ltd.(b) | 16,175 | ||||||
14,408 | Macquarie Korea Infrastructure Fund | 114,551 | ||||||
867 | Macrogen, Inc.(b) | 22,673 | ||||||
3,810 | Mando Corp. | 102,142 | ||||||
1,288 | Mcnex Co. Ltd. | 16,163 | ||||||
639 | Medy-Tox, Inc. | 261,533 | ||||||
8,279 | Meritz Financial Group, Inc. | 75,194 |
49 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
11,185 | Meritz Fire & Marine Insurance Co. Ltd. | $ | 178,638 | |||||
75,186 | Meritz Securities Co. Ltd. | 261,935 | ||||||
7,104 | MiCo Ltd.(b) | 20,822 | ||||||
1,302 | Minwise Co. Ltd. | 19,995 | ||||||
15,866 | Mirae Asset Life Insurance Co. Ltd. | 63,419 | ||||||
9,910 | Moorim P&P Co. Ltd. | 66,006 | ||||||
7,421 | Moorim Paper Co. Ltd. | 18,430 | ||||||
2,496 | Namhae Chemical Corp. | 22,013 | ||||||
21,895 | Namsun Aluminum CO Ltd(b) | 26,515 | ||||||
582 | Nasmedia Co. Ltd. | 16,573 | ||||||
1,026 | Neopharm Co. Ltd. | 33,988 | ||||||
708 | Neowiz(b) | 7,083 | ||||||
5,428 | NEPES Corp. | 42,441 | ||||||
12,127 | Nexen Corp. | 55,019 | ||||||
35,520 | NH Investment & Securities Co. Ltd. | 378,718 | ||||||
3,634 | NHN KCP Corp.(b) | 32,368 | ||||||
4,349 | NICE Holdings Co. Ltd. | 65,452 | ||||||
1,136 | Nice Information & Telecommunication, Inc. | 18,891 | ||||||
5,313 | NICE Information Service Co. Ltd. | 50,587 | ||||||
3,498 | NICE Total Cash Management Co. Ltd. | 38,524 | ||||||
333 | NongShim Co. Ltd. | 63,704 | ||||||
454 | Noroo Holdings Co. Ltd. | 4,661 | ||||||
3,414 | Noroo Paint & Coatings Co. Ltd. | 23,578 | ||||||
2,740 | NPC | 9,389 | ||||||
39,620 | OCI Co. Ltd. | 2,962,243 | ||||||
22,397 | Orientbio, Inc.(b) | 16,215 | ||||||
1,331 | Orion Corp./Republic Of Korea | 111,077 | ||||||
505 | Osstem Implant Co. Ltd.(b) | 18,923 | ||||||
96 | Ottogi Corp. | 55,517 | ||||||
4,424 | Paik Kwang Industrial Co. Ltd. | 9,026 | ||||||
26,773 | Pan Ocean Co. Ltd.(b) | 112,068 | ||||||
5,134 | Pan-Pacific Co. Ltd.(b) | 13,065 | ||||||
5,362 | Paradise Co. Ltd. | 84,226 | ||||||
4,914 | Partron Co. Ltd. | 37,473 | ||||||
765 | Pharma Research Products Co. Ltd. | 21,919 | ||||||
4,625 | Poongsan Corp. | 98,016 | ||||||
776 | POSCO Chemtech Co. Ltd. | 44,331 | ||||||
8,282 | Posco Daewoo Corp. | 129,367 | ||||||
4,494 | Posco ICT Co. Ltd. | 21,730 | ||||||
5,707 | Posco M-Tech Co. Ltd. | 29,297 | ||||||
8,780 | Power Logics Co. Ltd.(b) | 43,917 | ||||||
1,912 | Protec Co. Ltd. | 18,373 | ||||||
4,647 | PSK, Inc. | 53,625 | ||||||
180 | Pulmuone Co. Ltd. | 15,022 | ||||||
3,727 | RFTech Co. Ltd. | 16,909 | ||||||
1,772 | S&T Motiv Co. Ltd. | 40,896 | ||||||
1,685 | S-1 Corp. | 142,690 | ||||||
854 | Sajo Industries Co. Ltd. | 37,471 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
1,443 | Sam Chun Dang Pharm Co. Ltd. | $ | 40,331 | |||||
577 | Sam Kwang Glass Co. Ltd. | 14,735 | ||||||
1,125 | Sam Yung Trading Co. Ltd. | 13,426 | ||||||
2,523 | Sambo Motors Co. Ltd. | 13,683 | ||||||
163 | Samchully Co. Ltd. | 13,088 | ||||||
5,492 | Samick Musical Instruments Co. Ltd. | 7,542 | ||||||
3,256 | Samick THK Co. Ltd. | 33,144 | ||||||
6,581 | Samji Electronics Co. Ltd. | 44,410 | ||||||
2,001 | Samjin Pharmaceutical Co. Ltd. | 64,970 | ||||||
1,210 | Sammok S-Form CO Ltd. | 11,733 | ||||||
3,371 | Samsung Card Co. Ltd. | 99,543 | ||||||
268,070 | Samsung Engineering Co. Ltd.(b) | 4,293,166 | ||||||
�� | 36,901 | Samsung Heavy Industries Co. Ltd.(b) | 225,379 | |||||
8,656 | Samsung Pharmaceutical Co. Ltd.(b) | 19,560 | ||||||
20,997 | Samsung SDS Co. Ltd. | 3,546,946 | ||||||
10,578 | Samsung Securities Co. Ltd. | 248,310 | ||||||
2,242 | Samwha Capacitor Co. Ltd. | 110,374 | ||||||
139 | Samyang Corp. | 7,404 | ||||||
426 | Samyang Foods Co. Ltd. | 22,692 | ||||||
1,036 | Samyang Holdings, Corp. | 78,458 | ||||||
1,226 | Sang-A Frontec Co. Ltd. | 12,534 | ||||||
1,700 | Sangsin Energy Display Precision Co. Ltd. | 20,811 | ||||||
10,570 | Savezone I&C Corp. | 30,841 | ||||||
12,045 | S-Connect Co. Ltd.(b) | 14,639 | ||||||
6,080 | Seah Besteel Corp. | 86,434 | ||||||
485 | SeAH Holdings Corp. | 42,476 | ||||||
543 | SeAH Steel Corp. | 23,396 | ||||||
3,601 | Sebang Co. Ltd. | 39,026 | ||||||
1,617 | Sebo Manufacturing Engineer Corp. | 12,259 | ||||||
1,705 | Sejong Industrial Co. Ltd. | 7,840 | ||||||
341 | Seobu T&D(b) | 2,624 | ||||||
12,974 | Seohan Co. Ltd. | 19,241 | ||||||
5,885 | Seoul Semiconductor Co. Ltd. | 105,610 | ||||||
4,428 | SFA Engineering Corp. | 151,155 | ||||||
21,427 | SFA Semicon Co. Ltd.(b) | 26,606 | ||||||
20,189 | SG Corp.(b) | 10,772 | ||||||
273 | Shindaeyang Paper Co. Ltd. | 16,315 | ||||||
2,195 | Shinsegae Co. Ltd. | 497,922 | ||||||
464 | Shinsegae Engineering & Construction Co. Ltd. | 9,650 | ||||||
139 | Shinsegae International, Inc. | 17,992 | ||||||
1,890 | SIGONG TECH Co. Ltd. | 9,321 | ||||||
1,484 | Silicon Works Co. Ltd. | 51,374 | ||||||
2,858 | SIMMTECH Co. Ltd. | 20,641 | ||||||
642 | SK Bioland Co. Ltd. | 7,014 | ||||||
1,264 | SK Gas Ltd. | 81,083 | ||||||
537 | SK Materials Co. Ltd. | 87,745 | ||||||
403,525 | SK Networks Co. Ltd. | 1,506,734 | ||||||
39,972 | SK Securities Co. Ltd.(b) | 25,957 |
50 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
5,553 | SKC Co. Ltd. | $ | 161,539 | |||||
1,591 | SKCKOLONPI, Inc. | 46,702 | ||||||
4,287 | SL Corp. | 54,173 | ||||||
1,105 | SM Entertainment Co.(b) | 42,569 | ||||||
3,958 | Snu Precision Co. Ltd.(b) | 8,128 | ||||||
5,235 | Solid, Inc.(b) | 12,289 | ||||||
3,546 | Songwon Industrial Co. Ltd. | 53,678 | ||||||
2,069 | Soulbrain Co. Ltd. | 95,502 | ||||||
134 | SPC Samlip Co. Ltd. | 14,758 | ||||||
20,108 | Ssangyong Cement Industrial Co. Ltd. | 84,610 | ||||||
2,143 | Ssangyong Motor Co.(b) | 6,958 | ||||||
1,302 | Suheung Co. Ltd. | 31,192 | ||||||
1,349 | Sun Kwang Co. Ltd. | 19,533 | ||||||
2,270 | Sung Kwang Bend Co. Ltd. | 23,207 | ||||||
11,506 | Sungchang Enterprise Holdings Ltd.(b) | 19,841 | ||||||
3,961 | Sungdo Engineering & Construction Co. Ltd. | 14,877 | ||||||
7,382 | Sungshin Cement Co. Ltd.(b) | 56,747 | ||||||
67 | Suprema, Inc.(b) | 941 | ||||||
2,784 | Systems Technology, Inc. | 22,379 | ||||||
6,520 | Tae Kyung Industrial Co. Ltd. | 29,752 | ||||||
21,432 | Taeyoung Engineering & Construction Co. Ltd. | 178,294 | ||||||
4,107 | Taihan Fiberoptics Co. Ltd.(b) | 18,273 | ||||||
4,737 | Tailim Packaging Co. Ltd. | 12,159 | ||||||
2,118 | Techwing, Inc. | 18,772 | ||||||
2,265 | Tera Semicon Co. Ltd. | 29,218 | ||||||
8,316 | Texcell-Netcom Co. Ltd.(b) | 128,073 | ||||||
16,250 | TK Chemical Corp.(b) | 25,668 | ||||||
753 | Tokai Carbon Korea Co. Ltd. | 37,136 | ||||||
11,084 | Tong Yang Moolsan Co. Ltd. | 14,979 | ||||||
6,685 | Tongyang Cement & Energy Corp. | 18,596 | ||||||
3,481 | Tongyang Life Insurance Co. Ltd. | 17,259 | ||||||
4,967 | Top Engineering Co. Ltd. | 38,313 | ||||||
1,855 | Toptec Co. Ltd.(b) | 21,569 | ||||||
4,916 | Tovis Co. Ltd. | 28,127 | ||||||
2,406 | Unid Co. Ltd. | 84,982 | ||||||
4,676 | Union Semiconductor Equipment & Materials Co. Ltd. | 15,347 | ||||||
2,607 | UniTest, Inc. | 28,139 | ||||||
934 | Value Added Technologies Co. Ltd. | 18,523 | ||||||
754 | Vieworks Co. Ltd. | 21,372 | ||||||
984 | Vitzrocell Co. Ltd.(b) | 8,851 | ||||||
803 | WeMade Entertainment Co. Ltd. | 16,630 | ||||||
1,306 | Whanin Pharmaceutical Co. Ltd. | 19,483 | ||||||
4,704 | WiSoL Co. Ltd. | 64,190 | ||||||
8,940 | Wonik Holdings Corp.(b) | 31,381 | ||||||
1,674 | Wonik IPS Co. Ltd. | 27,911 | ||||||
1,292 | Wonik Materials Co. Ltd.(b) | 31,746 | ||||||
2,740 | Wonik QnC Corp.(b) | 30,296 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
12,035 | Woongjin Co. Ltd.(b) | $ | 27,565 | |||||
195,999 | Woori Bank | 2,708,950 | ||||||
37,340 | Woori Investment Bank Co. Ltd.(b) | 23,363 | ||||||
3,901 | Wooshin Systems Co. Ltd. | 21,224 | ||||||
5,704 | Y G-1 Co. Ltd. | 48,053 | ||||||
3,685 | Yearimdang Publishing Co. Ltd.(b) | 16,395 | ||||||
4,119 | Yong Pyong Resort Co. Ltd. | 18,977 | ||||||
2,162 | Youlchon Chemical Co. Ltd. | 23,431 | ||||||
49 | Young Poong Corp. | 28,251 | ||||||
7,025 | Youngone Corp. | 220,389 | ||||||
2,002 | Youngone Holdings Co. Ltd. | 107,870 | ||||||
16,555 | Yuanta Securities Korea Co. Ltd.(b) | 45,907 | ||||||
723 | Yuhan Corp. | 106,272 | ||||||
3,045 | Yuyang DNU Co. Ltd.(b) | 19,079 | ||||||
2,552 | Zeus Co. Ltd. | 27,210 | ||||||
69,500,273 | ||||||||
SPAIN — 0.7% | ||||||||
22,780 | Acciona SA | 1,924,285 | ||||||
60,681 | Acerinox SA | 678,227 | ||||||
67,020 | ACS Actividades de Construccion y Servicios SA | 2,513,373 | ||||||
332,162 | Almirall SA | 6,023,303 | ||||||
147,715 | Amper SA(b) | 43,668 | ||||||
3,400 | AmRest Holdings SE(b) | 35,177 | ||||||
288,208 | Applus Services SA | 3,923,773 | ||||||
2,752 | Azkoyen SA | 22,505 | ||||||
1,482,369 | Banco de Sabadell SA | 1,956,031 | ||||||
324,652 | Bankia SA | 1,021,880 | ||||||
176,772 | Bankinter SA | 1,450,392 | ||||||
895 | Baron de Ley(b) | 108,975 | ||||||
105,979 | Biosearch SA(b) | 163,250 | ||||||
16,407 | Bolsas y Mercados Espanoles SHMSF SA | 485,767 | ||||||
20,024 | Caja de Ahorros del Mediterraneo(a)(b) | 0 | ||||||
35,477 | Cellnex Telecom SA | 884,424 | ||||||
57,853 | Cia de Distribucion Integral Logista Holdings SA | 1,397,032 | ||||||
15,715 | Cie Automotive SA | 416,508 | ||||||
25,895 | Cominar Real Estate Investment Trust, REIT | 260,302 | ||||||
5,962 | Construcciones y Auxiliar de Ferrocarriles SA | 224,194 | ||||||
24,239 | Ebro Foods SA | 476,055 | ||||||
86,329 | EDP Renovaveis SA | 776,373 | ||||||
32,213 | eDreams ODIGEO SA(b) | 131,167 | ||||||
15,183 | Elecnor SA | 192,606 | ||||||
145,742 | Enagas SA | 3,869,330 | ||||||
67,086 | Ence Energia y Celulosa SA | 564,185 | ||||||
90,277 | Ercros SA | 411,052 | ||||||
49,261 | Euskaltel SA | 412,884 | ||||||
33,757 | Faes Farma SA | 142,042 | ||||||
9,353 | Fluidra SA | 113,140 |
51 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SPAIN (continued) | ||||||||
8,488 | Fomento de Construcciones y Contratas SA(b) | $ | 113,059 | |||||
10,326 | Global Dominion Access Sa(b) | 55,204 | ||||||
16,692 | Grupo Catalana Occidente SA | 690,072 | ||||||
3,320 | Grupo Empresarial San Jose SA(b) | 18,181 | ||||||
47,660 | Grupo Ezentis SA(b) | 36,114 | ||||||
1,905 | Iberpapel Gestion SA | 64,946 | ||||||
19 | Iberpapel Gestion SA I-2018 | 648 | ||||||
26,616 | Indra Sistemas SA(b) | 263,329 | ||||||
1,502 | Laboratorios Farmaceuticos Rovi SA | 27,730 | ||||||
580,518 | Liberbank SA(b) | 272,345 | ||||||
598,935 | Mapfre SA | 1,793,637 | ||||||
14,025 | Mediaset Espana Comunicacion SA | 95,503 | ||||||
477,240 | Melia Hotels International SA | 4,908,130 | ||||||
3,643 | Miquel y Costas & Miquel SA | 119,660 | ||||||
13,764 | Natra SA(b) | 13,719 | ||||||
9,235 | Naturhouse Health SAU | 23,744 | ||||||
50,547 | NH Hotel Group SA | 314,885 | ||||||
25,893 | Papeles y Cartones de Europa SA | 489,770 | ||||||
9,982 | Pharma Mar SA(b) | 12,199 | ||||||
1,765 | Prim SA | 24,989 | ||||||
9,467 | Promotora de Informaciones S.A. - Class A(b) | 17,199 | ||||||
31,611 | Prosegur Cia de Seguridad SA | 175,726 | ||||||
25,953 | Quabit Inmobiliaria SA(b) | 49,972 | ||||||
28,335 | Red Electrica Corp. SA | 587,310 | ||||||
243,929 | Sacyr SA | 589,868 | ||||||
57,486 | Siemens Gamesa Renewable Energy SA(b) | 637,569 | ||||||
5,485 | Solaria Energia y Medio Ambiente SA(b) | 23,608 | ||||||
32,524 | Talgo SA(b) | 165,219 | ||||||
6,165 | Tecnicas Reunidas SA | 165,840 | ||||||
4,358 | Telepizza Group SA | 22,632 | ||||||
30,529 | Tubacex SA(b) | 108,231 | ||||||
4,430 | Vidrala SA | 367,791 | ||||||
8,488 | Viscofan SA | 507,613 | ||||||
34,839 | Vocento SA(b) | 48,931 | ||||||
39,000 | Zardoya Otis SA | 267,247 | ||||||
43,694,520 | ||||||||
SURINAME — 0.0% | ||||||||
807,611 | Dar Al Arkan Real Estate Development Co. | 1,978,579 | ||||||
SWEDEN — 1.2% | ||||||||
54,102 | Aak Ab | 815,862 | ||||||
8,404 | AcadeMedia AB(b) | 38,525 | ||||||
68,292 | Acando AB | 240,298 | ||||||
4,959 | Addlife AB | 113,799 | ||||||
8,517 | AddNode Group AB | 104,239 | ||||||
12,819 | AddTech AB - Class B | 261,951 | ||||||
65,538 | AF AB - B Shares | 1,405,846 |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
46,303 | Ahlsell AB | $ | 234,370 | |||||
11,378 | Ahlstrom-Munksjo Oyj | 177,328 | ||||||
4,896 | Alimak Group AB | 68,910 | ||||||
641,037 | Arjo AB - B Shares | 2,178,551 | ||||||
49,705 | Atrium Ljungberg AB - Class B | 842,978 | ||||||
16,113 | Attendo AB | 145,703 | ||||||
5,641 | Avanza Bank Holding AB | 301,679 | ||||||
65,083 | Axfood AB | 1,161,034 | ||||||
4,990 | Bactiguard Holding AB(b) | 22,902 | ||||||
4,430 | BE Group AB(b) | 21,058 | ||||||
12,863 | Beijer Alma Ab | 194,003 | ||||||
2,921 | Beijer Electronics AB(b) | 13,662 | ||||||
47,595 | Beijer Ref AB | 752,063 | ||||||
8,687 | Bergman & Beving AB - Class B | 81,543 | ||||||
910 | Besqab Ab | 11,515 | ||||||
62,344 | Betsson Ab | 541,609 | ||||||
256,750 | Bilia AB - A Shares | 2,405,852 | ||||||
84,635 | BillerudKorsnas AB | 1,003,469 | ||||||
2,871 | BioGaia AB - Class B | 116,237 | ||||||
6,543 | Biotage AB | 85,799 | ||||||
1,799 | Bonava AB | 20,052 | ||||||
53,125 | Bonava AB - Class B | 600,266 | ||||||
36,834 | Bravida Holding AB | 270,686 | ||||||
31,286 | Bufab AB | 316,923 | ||||||
9,754 | Bulten AB | 105,415 | ||||||
56,187 | Bure Equity AB | 731,874 | ||||||
14,990 | Byggmax Group AB | 61,181 | ||||||
11,744 | Capio Ab | 74,305 | ||||||
21,585 | Castellum AB | 372,324 | ||||||
8,958 | Catena AB | 182,074 | ||||||
15,282 | Cellavision AB | 427,174 | ||||||
333,022 | Cloetta AB - B Shares | 1,004,399 | ||||||
30,492 | Com Hem Holding AB | 475,815 | ||||||
8,618 | Coor Service Management Holding AB | 60,742 | ||||||
62,252 | Dios Fastigheter AB | 375,166 | ||||||
65,618 | Dometic Group AB | 458,910 | ||||||
13,750 | Doro AB(b) | 61,529 | ||||||
15,850 | Duni AB | 177,706 | ||||||
10,203 | Dustin Group AB | 81,837 | ||||||
4,785 | Eastnine AB | 44,968 | ||||||
5,106 | Elanders AB - B Shares | 52,727 | ||||||
730,801 | Elekta AB - Class B | 9,267,628 | ||||||
4,800 | Eltel AB(b) | 10,412 | ||||||
2,635 | Enea AB(b) | 30,666 | ||||||
1,232 | eWork Group AB | 11,713 | ||||||
24,718 | Fabege AB | 315,756 | ||||||
6,669 | Fagerhult AB | 58,592 | ||||||
111,727 | Fastighets AB Balder - Class B(b) | 2,805,644 | ||||||
2,997 | Fastpartner Ab | 18,012 | ||||||
40,413 | Fingerprint Cards AB - Class B(b) | 49,982 | ||||||
23,026 | FormPipe Software AB | 49,317 | ||||||
12,146 | Fortnox AB | 99,545 |
52 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
8,692 | G5 Entertainment AB | $ | 248,664 | |||||
519,647 | Getinge AB - B Shares | 5,104,961 | ||||||
9,007 | Global Gaming 555 AB | 28,740 | ||||||
43,985 | Granges AB | 465,269 | ||||||
18,709 | Haldex AB | 158,444 | ||||||
12,523 | Hemfosa Fastigheter AB | 154,773 | ||||||
269,091 | Hexpol AB | 2,490,617 | ||||||
5,834 | HIQ International AB | 32,826 | ||||||
2,022 | Hms Networks Ab | 31,685 | ||||||
45,868 | Holmen AB | 1,051,072 | ||||||
123,524 | Hufvudstaden AB - Class A | 1,826,306 | ||||||
23,122 | Humana Ab | 138,967 | ||||||
65,006 | Husqvarna AB - B Shares | 491,000 | ||||||
3,044 | Husqvarna AB - Class A | 23,085 | ||||||
29,530 | Indutrade AB | 708,631 | ||||||
35,377 | Instalco Intressenter AB | 260,172 | ||||||
38,078 | Intrum Justitia AB | 971,179 | ||||||
15,419 | Investment AB Oresund(b) | 234,205 | ||||||
42,463 | Inwido AB | 283,283 | ||||||
20,956 | JM AB | 398,343 | ||||||
28,390 | KappAhl AB | 81,359 | ||||||
43,588 | Karo Pharma AB | 175,997 | ||||||
43,070 | Klovern AB - B Shares | 49,748 | ||||||
6,404 | KNOW IT AB | 124,565 | ||||||
292,572 | Kungsleden AB | 2,047,747 | ||||||
8,118 | Lagercrantz Group AB - B Shares | 79,928 | ||||||
3,734 | Lifco AB - B Shares | 158,726 | ||||||
71,427 | Lindab International AB | 499,536 | ||||||
31,407 | Loomis AB - Class B | 971,264 | ||||||
11,631 | Medicover AB(b) | 103,840 | ||||||
3,904 | Medivir AB - Class B(b) | 15,443 | ||||||
32,668 | Mekonomen AB | 381,971 | ||||||
14,629 | Moberg Pharma AB(b) | 81,528 | ||||||
4,449 | Modern Times Group MTG AB - Class B | 164,422 | ||||||
11,645 | Momentum Group AB - Class B | 117,072 | ||||||
13,849 | Mycronic AB | 173,583 | ||||||
5,837 | NCC AB - Class B | 87,066 | ||||||
6,477 | Nederman Holding Ab | 70,778 | ||||||
66,395 | Net Insight AB - Class B(b) | 19,952 | ||||||
33,902 | NetEnt AB | 174,120 | ||||||
88,227 | New Wave Group AB - Class B | 536,044 | ||||||
49,880 | Nobia AB | 317,502 | ||||||
32,613 | Nobina AB | 217,749 | ||||||
62,237 | Nolato AB - B Shares | 2,866,623 | ||||||
1,900 | Nordic Waterproofing Holding AS | 15,426 | ||||||
1,084 | OEM International AB - B Shares | 24,876 | ||||||
175,440 | Opus Group AB | 107,168 | ||||||
8,176 | Orexo AB(b) | 55,572 | ||||||
23,839 | Pandox AB | 407,426 | ||||||
13,345 | Paradox Interactive AB | 192,786 | ||||||
149,604 | Peab AB | 1,317,658 |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
2,570 | Platzer Fastigheter Holding AB - Class B | $ | 16,598 | |||||
37,175 | Pricer AB - B Shares | 41,517 | ||||||
2,816 | Proact IT Group AB | 54,159 | ||||||
38,765 | Qliro Group AB(b) | 51,172 | ||||||
120,582 | Ratos AB - B Shares | 325,728 | ||||||
2,630 | Raysearch Laboratories AB(b) | 33,137 | ||||||
124,365 | Recipharm AB - B Shares(b) | 1,840,099 | ||||||
12,012 | Resurs Holding AB | 79,611 | ||||||
31,607 | Rottneros AB | 40,687 | ||||||
10,265 | Saab AB - Class B | 402,248 | ||||||
1,068 | Sagax AB - Class B | 14,892 | ||||||
213,439 | SAS AB(b) | 482,335 | ||||||
23,896 | Scandi Standard AB | 146,230 | ||||||
17,259 | Scandic Hotels Group AB | 157,763 | ||||||
14,695 | Semcon AB | 85,108 | ||||||
81,186 | Sensys Gatso Group Ab(b) | 15,117 | ||||||
32,890 | SkiStar AB | 857,189 | ||||||
101,046 | SSAB AB - Class A | 403,581 | ||||||
410,828 | SSAB AB - Class B | 1,332,891 | ||||||
2,813 | Svolder AB Class - B | 30,241 | ||||||
16,350 | Sweco AB - Class B | 368,767 | ||||||
307,692 | Swedish Orphan Biovitrum AB(b) | 6,280,835 | ||||||
3,229 | Systemair AB | 34,121 | ||||||
16,327 | Thule Group AB | 323,466 | ||||||
866 | Troax Group AB | 24,037 | ||||||
12,395 | Vitrolife Ab | 183,748 | ||||||
15,269 | Wallenstam AB | 137,571 | ||||||
12,924 | Wihlborgs Fastigheter Ab | 146,086 | ||||||
5,666 | Xvivo Perfusion AB(b) | 85,072 | ||||||
72,747,828 | ||||||||
SWITZERLAND — 1.2% | ||||||||
45,500 | 3SBio, Inc. | 66,028 | ||||||
39,642 | Adecco Group AG | 1,942,051 | ||||||
4,983 | Allreal Holding AG | 764,903 | ||||||
3,034 | ALSO Holding AG | 344,023 | ||||||
276 | APG SGA SA | 97,284 | ||||||
20,010 | Arbonia AG(b) | 251,131 | ||||||
11,073 | Ascom Holding AG | 176,790 | ||||||
1,566 | Autoneum Holding AG | 303,202 | ||||||
275 | Bachem Holding AG - Class B | 32,165 | ||||||
28,329 | Baloise Holding AG | 4,056,041 | ||||||
554 | Banque Cantonale de Geneve | 106,988 | ||||||
1,397 | Banque Cantonale Vaudoise | 1,044,473 | ||||||
424 | Barry Callebaut AG | 828,929 | ||||||
99 | Belimo Holding AG | 442,829 | ||||||
1,123 | Bell Food Group AG | 352,349 | ||||||
3,500 | Bellevue Group AG | 76,106 | ||||||
1,797 | Berner Kantonalbank AG | 378,259 | ||||||
987 | BKW AG | 62,622 | ||||||
2,740 | Bobst Group SA | 207,306 | ||||||
1,166 | Bossard Holding AG | 190,330 | ||||||
3,259 | Bucher Industries AG | 899,570 |
53 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
SWITZERLAND (continued) | ||||||||
708 | Burckhardt Compression Holding AG | $ | 234,793 | |||||
232 | Burkhalter Holding AG | 18,129 | ||||||
1,767 | Calida Holding AG | 55,090 | ||||||
111 | Carlo Gavazzi Holding AG | 30,198 | ||||||
12,616 | Cavotec SA(b) | 29,227 | ||||||
32,821 | Cembra Money Bank AG | 2,753,686 | ||||||
178 | Cham Group AG | 75,820 | ||||||
34,000 | China Yuhua Education Corp. Ltd. | 13,657 | ||||||
1,007 | Cicor Technologies | 50,392 | ||||||
539 | Cie Financiere Tradition SA | 56,728 | ||||||
133,112 | Clariant AG | 2,869,346 | ||||||
744 | Coltene Holding AG | 75,940 | ||||||
274 | Conzzeta AG | 245,121 | ||||||
1,319 | Daetwyler Holding AG | 200,374 | ||||||
4,273 | DKSH Holding AG | 288,289 | ||||||
821 | dormakaba Holding AG | 592,630 | ||||||
12,842 | Dufry AG | 1,447,857 | ||||||
6,907 | EDAG Engineering Group AG | 137,062 | ||||||
38,356 | EFG International AG | 270,775 | ||||||
2,558 | Emmi AG | 1,859,163 | ||||||
2,219 | Energiedienst Holding AG | 64,996 | ||||||
14,200 | Everbright Securities Co. Ltd. - H Shares | 12,440 | ||||||
41,190 | Evolva Holding SA(b) | 10,633 | ||||||
4,733 | Fang Holdings Ltd. - ADR(b) | 9,608 | ||||||
721 | Feintool International Holding AG | 67,579 | ||||||
554 | Fenix Outdoor International AG | 54,909 | ||||||
1,175,138 | Ferrexpo Plc | 3,137,807 | ||||||
8,599 | Flughafen Zuerich AG | 1,700,760 | ||||||
291 | Forbo Holding AG | 427,334 | ||||||
47,446 | GAM Holding AG | 275,589 | ||||||
3,848 | Georg Fischer AG | 3,581,889 | ||||||
228 | Gurit Holding AG | 206,913 | ||||||
3,618 | Helvetia Holdings AG | 2,216,458 | ||||||
3,758 | Highlight Communications AG | 21,963 | ||||||
283 | HOCHDORF Holding AG | 43,160 | ||||||
10,678 | Huber & Suhner AG | 731,551 | ||||||
12 | Hypothekarbank Lenzburg AG | 53,378 | ||||||
19,411 | Implenia AG | 1,079,299 | ||||||
507 | Inficon Holding AG | 243,243 | ||||||
314 | Interroll Holding AG | 581,141 | ||||||
104 | Intershop Holding AG | 51,115 | ||||||
100,579 | IWG Plc | 295,688 | ||||||
27,928 | Julius Baer Group Ltd. | 1,276,677 | ||||||
883 | Jungfraubahn Holding AG | 116,167 | ||||||
1,015 | Kardex AG | 132,021 | ||||||
2,048 | Komax Holding AG | 561,235 | ||||||
144 | LEM Holding SA | 164,710 | ||||||
27,163 | Logitech International SA | 1,005,178 | ||||||
1,064 | Luzerner Kantonalbank AG | 533,505 | ||||||
74 | Metall Zug AG - Class B | 218,587 | ||||||
12,485 | Mobilezone Holding AG | 138,591 |
Shares | Value | |||||||
SWITZERLAND (continued) | ||||||||
2,383 | Mobimo Holding AG | $ | 531,186 | |||||
111,727 | OC Oerlikon Corp AG | 1,330,097 | ||||||
3,508 | Orascom Development Holding AG(b) | 51,550 | ||||||
26,694 | Oriflame Holding AG | 630,658 | ||||||
3,896 | Orior AG | 344,282 | ||||||
1,572 | Panalpina Welttransport Holding AG | 191,983 | ||||||
288 | Phoenix Mecano AG | 156,132 | ||||||
326 | Plazza AG | 72,506 | ||||||
2,924 | PSP Swiss Property AG | 282,340 | ||||||
1,778 | Rieter Holding AG | 240,091 | ||||||
154 | Romande Energie Holding SA | 183,488 | ||||||
137 | Schaffner Holding AG | 36,727 | ||||||
320,905 | Schmolz & Bickenbach AG(b) | 235,465 | ||||||
262 | Schweiter Technologies AG | 297,600 | ||||||
12,900 | Sectra AB | 336,345 | ||||||
5,395 | SFS Group AG | 529,778 | ||||||
1,808 | Siegfried Holding AG | 725,246 | ||||||
870,000 | Skyfame Realty Holdings Ltd. | 149,771 | ||||||
4,413 | Sonova Holding AG | 721,004 | ||||||
861 | St. Galler Kantonalbank AG | 424,024 | ||||||
1,913 | Straumann Holding AG | 1,305,851 | ||||||
4,456 | Sulzer AG | 447,746 | ||||||
18,875 | Sunrise Communications Group AG | 1,662,327 | ||||||
8,799 | Swiss Life Holding AG | 3,321,630 | ||||||
4,503 | Swissquote Group Holding SA | 234,282 | ||||||
1,167 | Tamedia AG | 137,308 | ||||||
1,178 | Tecan Group AG | 265,742 | ||||||
81,350 | Temenos Group AG | 11,186,988 | ||||||
235 | Thurgauer Kantonalbank | 24,150 | ||||||
56,000 | Tian Ge Interactive Holdings Ltd. | 29,493 | ||||||
479 | u-blox Holding AG | 60,021 | ||||||
7,169 | Valiant Holding AG | 810,040 | ||||||
2,234 | Valora Holding AG | 558,971 | ||||||
437 | Vaudoise Assurances Holding SA | 219,552 | ||||||
94 | Vetropack Holding AG | 215,598 | ||||||
8,356 | Vifor Pharma AG | 1,207,582 | ||||||
16,937 | Von Roll Holding AG(b) | 20,685 | ||||||
14,574 | Vontobel Holding AG | 904,408 | ||||||
216 | VZ Holding AG | 61,230 | ||||||
679 | Walter Meier AG | 11,758 | ||||||
1,680 | Wizz Air Holdings Plc(b) | 55,209 | ||||||
10,945 | Zehnder Group AG | 437,952 | ||||||
61 | Zug Estates Holding AG - B Shares | 103,267 | ||||||
34 | Zuger Kantonalbank AG | 196,475 | ||||||
73,890,318 | ||||||||
TAIWAN — 1.6% | ||||||||
12,870 | ABC Taiwan Electronics Corp. | 8,610 | ||||||
71,000 | Accton Technology Corp. | 195,495 | ||||||
4,518,878 | Acer, Inc. | 3,169,042 |
54 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
55,000 | Aces Electronic Co. Ltd. | $ | 27,906 | |||||
8,050 | Acter Co. Ltd. | 41,755 | ||||||
9,998 | Adlink Technology, Inc. | 11,341 | ||||||
37,000 | Advanced International Multitech Co. Ltd. | 37,546 | ||||||
65,373 | Advancetek Enterprise Co. Ltd. | 31,795 | ||||||
64,000 | AGV Products Corp.(b) | 13,672 | ||||||
3,916 | Airtac International Group | 33,727 | ||||||
30,672 | Alltek Technology Corp. | 15,860 | ||||||
29,000 | Ambassador Hotel (The) | 20,900 | ||||||
18,000 | AMPOC Far-East Co. Ltd. | 13,816 | ||||||
25,000 | AmTRAN Technology Co. Ltd.(b) | 9,534 | ||||||
9,099 | Anpec Electronics Corp. | 15,526 | ||||||
26,000 | APCB, Inc. | 21,763 | ||||||
54,161 | Apex International Co. Ltd.(b) | 51,635 | ||||||
13,000 | Arcadyan Technology Corp. | 21,132 | ||||||
165,872 | Ardentec Corp. | 143,931 | ||||||
30,100 | Asia Vital Components Co. Ltd. | 20,622 | ||||||
4,208 | Asmedia Technology, Inc. | 58,137 | ||||||
4,000 | ASPEED Technology, Inc. | 59,012 | ||||||
11,000 | Aten International Co. Ltd. | 27,551 | ||||||
6,225,000 | AU Optronics Corp. | 2,454,352 | ||||||
44,800 | Audix Corp. | 51,108 | ||||||
26,963 | AVY Precision Technology, Inc. | 25,096 | ||||||
103,988 | Bank of Kaohsiung Co. Ltd. | 29,540 | ||||||
49,000 | BenQ Materials Corp. | 22,882 | ||||||
174,350 | BES Engineering Corp. | 39,498 | ||||||
11,000 | Bothhand Enterprise, Inc. | 13,082 | ||||||
13,000 | C Sun Manufacturing Ltd. | 10,440 | ||||||
9,900 | Capital Futures Corp. | 13,246 | ||||||
338,955 | Capital Securities Corp. | 101,217 | ||||||
140,446 | Career Technology Manufacturing Co. Ltd. | 194,036 | ||||||
68,300 | Cathay Real Estate Development Co. Ltd. | 40,614 | ||||||
23,062 | Center Laboratories, Inc. | 42,632 | ||||||
20,748 | Central Reinsurance Co. Ltd. | 11,164 | ||||||
29,640 | ChainQui Construction Development Co. Ltd. | 27,156 | ||||||
1,730 | Chang Wah Electromaterials, Inc. | 7,128 | ||||||
30,185 | Charoen Pokphand Enterprise | 40,874 | ||||||
8,000 | Chaun-Choung Technology Corp. | 26,888 | ||||||
14,000 | CHC Healthcare Group | 14,840 | ||||||
14,300 | CHC Resources Corp. | 23,292 | ||||||
230,920 | Cheng Loong Corp. | 147,389 | ||||||
39,797 | Cheng Uei Precision Industry Co. Ltd. | 27,395 | ||||||
126,277 | Chicony Electronics Co. Ltd. | 252,611 | ||||||
30,300 | Chicony Power Technology Co. Ltd. | 42,106 | ||||||
6,000 | Chieftek Precision Co. Ltd. | 13,961 | ||||||
22,961 | Chilisin Electronics Corp. | 55,282 | ||||||
357,744 | China Airlines Ltd. | 105,902 | ||||||
187,000 | China Bills Finance Corp. | 79,772 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
21,000 | China Chemical & Pharmaceutical Co. Ltd. | $ | 12,420 | |||||
51,000 | China Electric Manufacturing Corp. | 14,389 | ||||||
75,647 | China General Plastics Corp. | 44,738 | ||||||
294,016 | China Life Insurance Co. Ltd. | 279,355 | ||||||
58,077 | China Metal Products | 56,495 | ||||||
3,733,000 | China Petrochemical Development Corp.(b) | 1,363,245 | ||||||
12,114 | China Steel Chemical Corp. | 49,133 | ||||||
1,768,197 | China Synthetic Rubber Corp. | 1,977,171 | ||||||
31,360 | China Wire & Cable Co. Ltd. | 24,374 | ||||||
21,000 | Chinese Maritime Transport Ltd. | 20,530 | ||||||
42,883 | Chin-Poon Industrial Co. Ltd. | 47,813 | ||||||
262,000 | Chipbond Technology Corp. | 480,936 | ||||||
16,000 | Chong Hong Construction Co. Ltd. | 36,351 | ||||||
33,876 | Chroma ATE, Inc. | 118,784 | ||||||
64,000 | Chun Yu Works & Co. Ltd. | 40,953 | ||||||
162,779 | Chun Yuan Steel | 52,606 | ||||||
289,000 | Chung Hung Steel Corp.(b) | 109,742 | ||||||
138,779 | Chung Hwa Pulp Corp. | 40,724 | ||||||
22,125 | Chung-Hsin Electric & Machinery Manufacturing Corp. | 14,515 | ||||||
7,000 | Cleanaway Co. Ltd. | 38,571 | ||||||
47,348 | Clevo Co. | 36,801 | ||||||
533,000 | CMC Magnetics Corp.(b) | 94,911 | ||||||
4,056,000 | Compal Electronics, Inc. | 2,234,909 | ||||||
366,000 | Compeq Manufacturing Co. Ltd. | 234,198 | ||||||
100,225 | Concord Securities Co. Ltd. | 23,353 | ||||||
9,240 | Concraft Holding Co. Ltd. | 34,938 | ||||||
68,873 | Continental Holdings Corp. | 28,824 | ||||||
157,200 | Coretronic Corp. | 215,913 | ||||||
39,567 | CSBC Corp. Taiwan(b) | 41,174 | ||||||
4,368,000 | CTBC Financial Holding Co. Ltd. | 2,915,011 | ||||||
54,838 | CTCI Corp. | 77,358 | ||||||
8,572 | Cub Elecparts, Inc. | 51,665 | ||||||
18,000 | CviLux Corp. | 12,943 | ||||||
�� | 6,000 | Cyberpower Systems, Inc. | 13,961 | |||||
46,000 | DA CIN Construction Co. Ltd. | 27,205 | ||||||
76,321 | Da-Li Development Co. Ltd. | 66,102 | ||||||
60,000 | Darfon Electronics Corp. | 69,030 | ||||||
47,000 | Darwin Precisions Corp. | 23,240 | ||||||
51,201 | Delpha Construction Co. Ltd.(b) | 25,979 | ||||||
10,000 | Depo Auto Parts Industrial Co. Ltd. | 21,685 | ||||||
904 | D-Link Corp.(b) | 294 | ||||||
42,183 | Dynamic Electronics Co. Ltd.(b) | 9,952 | ||||||
13,000 | Dynapack International Technology Corp. | 16,301 | ||||||
75,000 | E Ink Holdings, Inc. | 59,141 | ||||||
19,620 | Eclat Textile Co. Ltd. | 233,020 |
55 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
3,000 | Egis Technology, Inc. | $ | 9,424 | |||||
35,924 | Elan Microelectronics Corp. | 66,756 | ||||||
14,000 | E-LIFE MALL Corp. | 28,187 | ||||||
22,809 | Elite Advanced Laser Corp. | 39,731 | ||||||
24,967 | Elite Material Co. Ltd. | 49,945 | ||||||
37,000 | Elite Semiconductor Memory Technology, Inc. | 35,394 | ||||||
128,000 | EnTie Commercial Bank Co. Ltd. | 51,915 | ||||||
216,015 | Epistar Corp. | 195,121 | ||||||
151,975 | Eternal Materials Co. Ltd. | 113,209 | ||||||
6,000 | Eurocharm Holdings Co. Ltd. | 16,870 | ||||||
6,340,992 | Eva Airways Corp. | 2,899,688 | ||||||
158,059 | Everest Textile Co. Ltd.(b) | 61,297 | ||||||
183,000 | Evergreen International Storage & Transport Corp. | 75,700 | ||||||
5,348,907 | Evergreen Marine Corp. Taiwan Ltd. | 1,970,641 | ||||||
95,342 | Everlight Chemical Industrial Corp. | 47,605 | ||||||
732,000 | Everlight Electronics Co. Ltd. | 629,260 | ||||||
22,000 | Excel Cell Electronic Co. Ltd. | 12,158 | ||||||
318,062 | Far Eastern Department Stores Ltd. | 158,810 | ||||||
771,068 | Far Eastern International Bank | 246,698 | ||||||
39,478 | Faraday Technology Corp. | 40,827 | ||||||
127,255 | Federal Corp.(b) | 44,827 | ||||||
88,320 | Feng Hsin Steel Co. Ltd. | 167,261 | ||||||
49,720 | Feng TAY Enterprise Co. Ltd. | 298,870 | ||||||
5,419,660 | First Financial Holding Co. Ltd. | 3,424,178 | ||||||
61,000 | First Insurance Co. Ltd. (The) | 26,613 | ||||||
185,859 | First Steamship Co. Ltd.(b) | 63,969 | ||||||
34,049 | FLEXium Interconnect, Inc. | 85,499 | ||||||
9,955 | Flytech Technology Co. Ltd. | 22,327 | ||||||
9,764 | Formosa International Hotels Corp. | 42,126 | ||||||
20,338 | Formosa Laboratories, Inc. | 25,765 | ||||||
31,203 | Formosa Oilseed Processing Co. Ltd. | 75,630 | ||||||
96,791 | Formosan Union Chemical | 51,613 | ||||||
33,000 | Fortune Electric Co. Ltd. | 19,037 | ||||||
47,210 | Founding Construction & Development Co. Ltd. | 24,411 | ||||||
1,064,000 | Foxconn Technology Co. Ltd. | 2,255,709 | ||||||
12,127 | Foxsemicon Integrated Technology, Inc. | 42,131 | ||||||
21,000 | Froch Enterprise Co. Ltd. | 8,042 | ||||||
12,000 | Fulgent Sun International Holding Co. Ltd. | 17,451 | ||||||
108,000 | Fulltech Fiber Glass Corp. | 51,831 | ||||||
106,466 | Fwusow Industry Co. Ltd. | 62,621 | ||||||
40,000 | Gemtek Technology Corp. | 23,656 | ||||||
20,000 | General Interface Solution Holding Ltd. | 66,251 | ||||||
7,000 | Genius Electronic Optical Co. Ltd. | 45,244 | ||||||
77,000 | Getac Technology Corp. | 90,579 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
655,981 | Gigabyte Technology Co. Ltd. | $ | 857,526 | |||||
5,000 | Ginko International Co. Ltd. | 28,439 | ||||||
61,000 | Global Brands Manufacture Ltd. | 22,966 | ||||||
8,000 | Global Mixed Mode Technology, Inc. | 15,435 | ||||||
6,000 | Global Unichip Corp. | 40,720 | ||||||
76,650 | Globe Union Industrial Corp. | 36,166 | ||||||
156,880 | Gloria Material Technology Corp. | 84,668 | ||||||
68,770 | Gold Circuit Electronics Ltd.(b) | 22,669 | ||||||
187,852 | Goldsun Building Materials Co. Ltd. | 49,539 | ||||||
13,783 | Gourmet Master Co. Ltd. | 83,518 | ||||||
42,000 | Grand Ocean Retail Group Ltd. | 43,570 | ||||||
257,000 | Grand Pacific Petrochemical | 173,172 | ||||||
8,000 | Grape King Bio Ltd. | 50,415 | ||||||
59,000 | Great China Metal Industry | 47,382 | ||||||
40,000 | Great Taipei Gas Co. Ltd. | 36,713 | ||||||
232,132 | Great Wall Enterprise Co. Ltd. | 225,808 | ||||||
44,000 | Greatek Electonics, Inc. | 54,746 | ||||||
141,000 | Hannstar Board Corp. | 96,148 | ||||||
6,215,000 | HannStar Display Corp. | 1,365,802 | ||||||
125,000 | HannsTouch Solution, Inc.(b) | 23,228 | ||||||
89,000 | Hey Song Corp. | 79,960 | ||||||
66,666 | Highwealth Construction Corp. | 97,706 | ||||||
27,065 | Hitron Technology, Inc. | 14,651 | ||||||
24,505 | Hiwin Technologies Corp. | 158,388 | ||||||
105,530 | Ho Tung Chemical Corp. | 22,714 | ||||||
67,000 | Hocheng Corp. | 16,781 | ||||||
28,000 | Holtek Semiconductor, Inc. | 52,846 | ||||||
26,105 | Holy Stone Enterprise Co. Ltd. | 81,749 | ||||||
39,514 | Hong Pu Real Estate Development Co. Ltd. | 25,284 | ||||||
17,624 | Hota Industrial Manufacturing Co. Ltd. | 73,758 | ||||||
46,678 | Hsin Kuang Steel Co. Ltd. | 49,932 | ||||||
51,435 | Hsing TA Cement Co. | 20,861 | ||||||
835,000 | HTC Corp.(b) | 906,699 | ||||||
11,000 | Hu Lane Associate, Inc. | 28,084 | ||||||
28,479 | Huaku Development Co. Ltd. | 57,707 | ||||||
8,000 | Huang Hsiang Construction Co. | 6,425 | ||||||
31,000 | Hung Ching Development & Construction Co. Ltd. | 23,343 | ||||||
115,200 | Hung Sheng Construction Ltd. | 97,542 | ||||||
42,830 | Hwa Fong Rubber Co. Ltd.(b) | 17,371 | ||||||
34,341 | Ichia Technologies, Inc.(b) | 15,315 | ||||||
8,100 | IEI Integration Corp. | 8,442 | ||||||
9,714 | Innodisk Corp. | 33,434 | ||||||
8,984,000 | Innolux Corp. | 2,720,489 | ||||||
3,342,155 | Inventec Corp. | 2,694,851 | ||||||
10,000 | I-Sheng Electric Wire & Cable Co. Ltd. | 12,895 | ||||||
19,000 | ITE Technology, Inc. | 18,605 | ||||||
42,000 | ITEQ Corp. | 53,750 | ||||||
10,000 | Jentech Precision Industrial Co. Ltd. | 18,550 |
56 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
469,888 | Jih Sun Financial Holdings Co. Ltd. | $ | 136,215 | |||||
17,680 | Johnson Health Tech Co. Ltd. | 18,113 | ||||||
44,000 | K Laser Technology, Inc. | 16,566 | ||||||
8,000 | Kaori Heat Treatment Co. Ltd. | 9,101 | ||||||
30,000 | KEE TAI Properties Co. Ltd. | 11,343 | ||||||
101,682 | Kenda Rubber Industrial Co. Ltd. | 97,269 | ||||||
38,000 | Kerry TJ Logistics Co. Ltd. | 44,824 | ||||||
109,000 | Kindom Construction Corp. | 59,884 | ||||||
10,720 | King Chou Marine Technology Co. Ltd. | 11,796 | ||||||
4,000 | King Slide Works Co. Ltd. | 41,560 | ||||||
157,184 | King Yuan Electronics Co. Ltd. | 91,690 | ||||||
244,185 | King’s Town Bank Co. Ltd. | 233,192 | ||||||
27,062 | King’s Town Construction Co. Ltd. | 16,398 | ||||||
13,000 | Kinik Co. | 22,225 | ||||||
423,343 | Kinpo Electronics, Inc. | 126,553 | ||||||
44,000 | Kinsus Interconnect Technology Corp. | 57,519 | ||||||
16,328 | KS Terminals, Inc. | 20,052 | ||||||
6,000 | Kung Long Batteries Industrial Co. Ltd. | 27,825 | ||||||
122,461 | Kuoyang Construction Co. Ltd. | 44,325 | ||||||
60,799 | Kwong Fong Industries Corp. | 27,213 | ||||||
39,000 | L&K Engineering Co. Ltd. | 31,888 | ||||||
3,000 | Land Mark Optoelectronics Corp. | 19,924 | ||||||
14,280 | Lanner Electronics, Inc. | 17,398 | ||||||
1,767,000 | LCY Chemical Corp. | 2,963,749 | ||||||
94,714 | Lealea Enterprise Co. Ltd. | 28,926 | ||||||
33,000 | LEE CHI Enterprises Co. Ltd. | 9,598 | ||||||
15,000 | Lelon Electronics Corp. | 20,312 | ||||||
64,000 | Lextar Electronics Corp. | 34,127 | ||||||
23,744 | Li Cheng Enterprise Co. Ltd. | 30,157 | ||||||
167,788 | Li Peng Enterprise Co. Ltd.(b) | 43,922 | ||||||
36,014 | Lian Hwa Food Corp. | 38,001 | ||||||
310,904 | Lien Hwa Industrial Corp. | 305,951 | ||||||
44,882 | Lite-On Semiconductor Corp. | 36,117 | ||||||
21,000 | Lite-On Technology Corp. | 24,093 | ||||||
65,600 | Long Bon International Co. Ltd. | 31,588 | ||||||
267,746 | Long Chen Paper Co. Ltd. | 136,283 | ||||||
15,000 | Longwell Co. | 12,289 | ||||||
8,451 | Lotes Co. Ltd. | 47,249 | ||||||
69,000 | Lucky Cement Corp.(b) | 15,988 | ||||||
12,545 | Lumax International Corp. Ltd. | 25,217 | ||||||
7,840 | Macroblock Inc. | 21,030 | ||||||
250,000 | Macronix International | 138,561 | ||||||
11,213 | Makalot Industrial Co. Ltd. | 60,154 | ||||||
193,039 | Mercuries & Associates Holding Ltd. | 124,147 | ||||||
353,484 | Mercuries Life Insurance Co. Ltd.(b) | 154,791 | ||||||
5,000 | Merida Industry Co. Ltd. | 17,532 | ||||||
12,091 | Merry Electronics Co. Ltd. | 52,165 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
36,404 | Micro-Star International Co. Ltd. | $ | 80,354 | |||||
8,000 | Mildef Crete, Inc. | 9,695 | ||||||
18,036 | Mirle Automation Corp. | 22,383 | ||||||
9,000 | MPI Corp. | 14,746 | ||||||
4,000 | Nak Sealing Technologies Corp. | 9,269 | ||||||
34,000 | Namchow Holdings Co. Ltd. | 48,017 | ||||||
42,590 | Nan Kang Rubber Tire Co. Ltd. | 37,163 | ||||||
71,405 | Nantex Industry Co. Ltd. | 66,575 | ||||||
21,000 | National Petroleum Co. Ltd. | 27,147 | ||||||
275,997 | Neo Solar Power Corp.(b) | 61,277 | ||||||
36,426 | Nichidenbo Corp. | 56,447 | ||||||
13,000 | Nien Hsing Textile Co. Ltd. | 9,579 | ||||||
1,118,000 | Novatek Microelectronics Corp. | 4,931,875 | ||||||
98,090 | OptoTech Corp. | 49,769 | ||||||
4,000 | Orient Europharma Co. Ltd. | 6,528 | ||||||
35,500 | Oriental Union Chemical Corp. | 32,124 | ||||||
21,384 | Paiho Shih Holdings Corp. | 28,334 | ||||||
156,453 | Pan Jit International, Inc.(b) | 112,500 | ||||||
51,000 | Pan-International Industrial Corp. | 29,173 | ||||||
7,000 | Parade Technologies Ltd. | 92,751 | ||||||
2,377 | Pharmally International Holding Co. Ltd. | 17,860 | ||||||
18,000 | Phison Electronics Corp. | 118,088 | ||||||
6,000 | Pixart Imaging, Inc. | 15,803 | ||||||
10,000 | Planet Technology Corp. | 17,161 | ||||||
291,000 | Pou Chen Corp. | 294,828 | ||||||
1,106,200 | Powertech Technology, Inc. | 2,416,673 | ||||||
6,242 | Poya International Co. Ltd. | 54,365 | ||||||
353,377 | President Securities Corp. | 142,753 | ||||||
28,000 | Primax Electronics Ltd. | 37,643 | ||||||
277,370 | Prince Housing & Development Corp. | 90,535 | ||||||
4,000 | Pro Hawk Corp. | 16,547 | ||||||
121,000 | Prodisc Technology, Inc.(a) | 0 | ||||||
26,000 | Promate Electronic Co. Ltd. | 23,065 | ||||||
4,302,520 | Qisda Corp. | 2,440,268 | ||||||
14,700 | Qualipoly Chemical Corp. | 12,566 | ||||||
123,309 | Quintain Steel Co. Ltd. | 32,478 | ||||||
93,008 | Radiant Opto-Electronics Corp. | 243,168 | ||||||
201,677 | Radium Life Tech Co. Ltd.(b) | 99,069 | ||||||
1,104,825 | Realtek Semiconductor Corp. | 4,427,441 | ||||||
45,771 | Rechi Precision Co. Ltd. | 33,652 | ||||||
15,000 | Rexon Industrial Corp. Ltd. | 25,353 | ||||||
144,616 | Rich Development Co. Ltd. | 40,894 | ||||||
324,600 | Ritek Corp.(b) | 103,854 | ||||||
95,000 | Roo Hsing Co. Ltd.(b) | 41,754 | ||||||
50,640 | Ruentex Development Co. Ltd. | 70,045 | ||||||
24,000 | Ruentex Industries Ltd. | 60,111 | ||||||
12,000 | Run Long Construction Co. Ltd. | 20,825 | ||||||
75,335 | Sampo Corp. | 28,120 | ||||||
27,113 | San Fang Chemical Industry Co. Ltd. | 20,241 | ||||||
17,600 | San Shing Fastech Corp. | 28,127 |
57 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
48,080 | Sanyang Motor Co. Ltd. | $ | 30,766 | |||||
7,000 | Scientech Corp. | 11,899 | ||||||
31,000 | SDI Corp. | 67,123 | ||||||
10,000 | Senao International Co. Ltd. | 11,117 | ||||||
21,000 | Sercomm Corp. | 33,458 | ||||||
49,674 | Sesoda Corp. | 37,404 | ||||||
9,000 | Shan-Loong Transportation Co. Ltd. | 8,173 | ||||||
20,360 | Sharehope Medicine Co. Ltd. | 16,877 | ||||||
47,000 | Shieh Yih Machinery Industry Co. Ltd. | 16,480 | ||||||
79,000 | Shih Wei Navigation Co. Ltd.(b) | 18,637 | ||||||
13,733,359 | Shin Kong Financial Holding Co. Ltd. | 4,504,851 | ||||||
17,000 | Shin Zu Shing Co. Ltd. | 41,534 | ||||||
140,742 | Shining Building Business Co. Ltd.(b) | 44,575 | ||||||
71,000 | Shinkong Insurance Co. Ltd. | 82,259 | ||||||
198,314 | Shinkong Synthetic Fibers Corp. | 66,974 | ||||||
33,000 | Shinkong Textile Co. Ltd. | 43,406 | ||||||
12,000 | Shiny Chemical Industrial Co. Ltd. | 29,629 | ||||||
121,000 | Sigurd Microelectronics Corp. | 108,319 | ||||||
88,200 | Simplo Technology Co. Ltd. | 511,647 | ||||||
28,364 | Sinbon Electronics Co. Ltd. | 78,099 | ||||||
28,000 | Sinher Technology, Inc. | 41,625 | ||||||
6,714 | Sinmag Equipment Corp. | 27,014 | ||||||
10,961 | Sino-American Electronic Co. Ltd.(a) | 242 | ||||||
85,000 | Sino-American Silicon Products, Inc. | 158,226 | ||||||
111,000 | Sinon Corp. | 60,266 | ||||||
27,389 | Sinyi Realty, Inc. | 26,067 | ||||||
14,000 | Sitronix Technology Corp. | 36,196 | ||||||
36,000 | Siward Crystal Technology Co. Ltd. | 17,626 | ||||||
99,616 | Solar Applied Materials Technology Co.(b) | 56,177 | ||||||
16,160 | Solteam Electronics Co. Ltd. | 12,377 | ||||||
15,000 | Sonix Technology Co. Ltd. | 12,822 | ||||||
117,000 | Southeast Cement Co. Ltd. | 52,369 | ||||||
11,474 | Sporton International, Inc. | 42,643 | ||||||
5,000 | St Shine Optical Co. Ltd. | 88,873 | ||||||
65,762 | Standard Foods Corp. | 98,718 | ||||||
26,400 | Stark Technology, Inc. | 30,843 | ||||||
11,000 | Sunny Friend Environmental Technology Co. Ltd. | 79,275 | ||||||
22,000 | Sunonwealth Electric Machine Industry Co. Ltd. | 23,818 | ||||||
20,000 | Sunrex Technology Corp. | 9,857 | ||||||
43,000 | Sunspring Metal Corp. | 41,551 | ||||||
113,245 | Supreme Electronics Co. Ltd. | 95,155 | ||||||
79,969 | Sweeten Real Estate Development Co. Ltd. | 50,913 | ||||||
5,000 | Syncmold Enterprise Corp. | 8,289 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
116,550 | Synnex Technology International Corp. | $ | 125,428 | |||||
16,170 | Sysage Technology Co. Ltd. | 14,867 | ||||||
12,000 | Systex Corp. | 24,005 | ||||||
245,088 | TA Chen Stainless Pipe Co. Ltd. | 343,755 | ||||||
99,340 | Ta Ya Electric Wire & Cable | 34,833 | ||||||
46,262 | TA-I Technology Co. Ltd. | 67,278 | ||||||
795,277 | Taichung Commercial Bank Co. Ltd. | 262,154 | ||||||
4,500 | TaiDoc Technology Corp. | 18,906 | ||||||
47,580 | Taiflex Scientific Co. Ltd. | 46,361 | ||||||
16,000 | Taimide Tech, Inc. | 22,338 | ||||||
723,045 | Tainan Spinning Co. Ltd. | 283,909 | ||||||
8,514,487 | Taishin Financial Holding Co. Ltd. | 3,783,544 | ||||||
46,834 | Taisun Enterprise Co. Ltd. | 22,855 | ||||||
18,000 | Taiwan Acceptance Corp. | 49,504 | ||||||
2,480,302 | Taiwan Business Bank | 817,603 | ||||||
2,216,500 | Taiwan Cement Corp. | 2,485,620 | ||||||
31,088 | Taiwan Cogeneration Corp. | 26,222 | ||||||
2,000 | Taiwan FamilyMart Co. Ltd. | 13,573 | ||||||
35,320 | Taiwan Fire & Marine Insurance Co. Ltd. | 22,715 | ||||||
55,000 | Taiwan FU Hsing Industrial Co. Ltd. | 56,346 | ||||||
211,919 | Taiwan Glass Industrial Corp. | 90,745 | ||||||
32,081 | Taiwan Hon Chuan Enterprise Co. Ltd. | 49,454 | ||||||
30,000 | Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 18,372 | ||||||
324 | Taiwan Land Development Corp.(b) | 84 | ||||||
471 | Taiwan Line Tek Electronic(b) | 383 | ||||||
49,544 | Taiwan Navigation Co. Ltd. | 32,503 | ||||||
24,032 | Taiwan Paiho Ltd. | 35,493 | ||||||
36,000 | Taiwan PCB Techvest Co. Ltd. | 28,097 | ||||||
49,120 | Taiwan Pulp & Paper Corp. | 27,066 | ||||||
8,000 | Taiwan Sakura Corp. | 8,648 | ||||||
28,408 | Taiwan Secom Co. Ltd. | 80,791 | ||||||
50,000 | Taiwan Semiconductor Co. Ltd. | 74,815 | ||||||
50,010 | Taiwan Shin Kong Security Co. Ltd. | 54,062 | ||||||
88,500 | Taiwan Styrene Monomer | 65,782 | ||||||
47,875 | Taiwan Surface Mounting Technology Corp. | 52,218 | ||||||
100,469 | Taiwan TEA Corp.(b) | 50,814 | ||||||
28,000 | Taiwan Union Technology Corp. | 76,916 | ||||||
25,322 | Taiyen Biotech Co. Ltd. | 23,977 | ||||||
7,935 | TCI Co. Ltd. | 110,910 | ||||||
499,000 | Teco Electric and Machinery Co. Ltd. | 286,244 | ||||||
4,400 | Tehmag Foods Corp. | 27,657 | ||||||
18,000 | Test Research, Inc. | 24,926 | ||||||
37,000 | Test Rite International Co. Ltd. | 26,845 | ||||||
11,000 | Thinking Electronic Industrial Co. Ltd. | 21,969 |
58 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
25,525 | Thye Ming Industrial Co, Ltd. | $ | 26,191 | |||||
160,100 | Ton Yi Industrial Corp. | 68,297 | ||||||
8,000 | Tong Hsing Electronic Industries Ltd. | 23,786 | ||||||
55,834 | Tong Yang Industry Co. Ltd. | 62,974 | ||||||
19,946 | Tong-Tai Machine & Tool Co. Ltd.(b) | 11,216 | ||||||
9,882 | TOPBI International Holdings Ltd. | 28,902 | ||||||
21,160 | Topco Scientific Co. Ltd. | 43,766 | ||||||
5,000 | Topco Technologies Corp. | 10,600 | ||||||
6,000 | Topkey Corp. | 17,277 | ||||||
33,344 | Topoint Technology Co. Ltd. | 18,535 | ||||||
13,000 | TPK Holding Co. Ltd. | 20,166 | ||||||
8,137 | Transcend Information, Inc. | 16,988 | ||||||
81,000 | Tripod Technology Corp. | 195,543 | ||||||
3,000 | TSC Auto ID Technology Co. Ltd. | 16,676 | ||||||
36,942 | TSRC Corp. | 34,025 | ||||||
15,000 | Ttet Union Corp. | 47,167 | ||||||
5,500 | Tul Corp. | 7,554 | ||||||
174,315 | Tung Ho Steel Enterprise Corp. | 118,020 | ||||||
60,815 | TXC Corp. | 60,730 | ||||||
56,000 | TYC Brother Industrial Co. Ltd. | 41,353 | ||||||
94,458 | Tyntek Corp. | 46,248 | ||||||
23,000 | U-Ming Marine Transport Corp. | 24,009 | ||||||
3,315,000 | Unimicron Technology Corp. | 1,612,344 | ||||||
445,666 | Union Bank of Taiwan | 138,843 | ||||||
138,757 | Unitech Printed Circuit Board Corp. | 58,071 | ||||||
9,305,000 | United Microelectronics Corp. | 3,548,428 | ||||||
60,000 | Univacco Technology, Inc. | 35,000 | ||||||
252,780 | Universal Cement Corp. | 153,173 | ||||||
9,588 | Universal Microwave Technology, Inc. | 21,318 | ||||||
288,840 | UPC Technology Corp. | 105,948 | ||||||
385,297 | USI Corp. | 146,932 | ||||||
387,000 | Vanguard International Semiconductor Corp. | 712,891 | ||||||
39,800 | Ve Wong Corp. | 31,641 | ||||||
16,000 | Visual Photonics Epitaxy Co. Ltd. | 28,698 | ||||||
5,000 | Voltronic Power Technology Corp. | 80,713 | ||||||
41,000 | Wah Lee Industrial Corp. | 64,131 | ||||||
1,093,000 | Walsin Lihwa Corp. | 542,208 | ||||||
81,000 | Walton Advanced Engineering, Inc. | 26,962 | ||||||
127,300 | Wan Hai Lines Ltd. | 62,122 | ||||||
131,000 | Waterland Financial Holdings Co. Ltd. | 42,548 | ||||||
37,616 | Weikeng Industrial Co. Ltd. | 23,219 | ||||||
20,000 | Well Shin Technology Co. Ltd. | 29,538 | ||||||
42,460 | Win Semiconductors Corp. | 130,359 | ||||||
688,472 | Winbond Electronics Corp. | 298,146 | ||||||
30,000 | Winstek Semiconductor Co. Ltd. | 21,814 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
44,673 | Wintek Corp.(a) | $ | 495 | |||||
142,646 | Wisdom Marine Lines Co. Ltd. | 135,994 | ||||||
4,094,512 | Wistron Corp. | 2,500,930 | ||||||
68,995 | Wistron NeWeb Corp. | 160,542 | ||||||
76,235 | WPG Holdings Co. Ltd. | 90,542 | ||||||
118,635 | WT Microelectronics Co. Ltd. | 152,784 | ||||||
17,204 | Xxentria Technology Materials Corp. | 32,803 | ||||||
102,012 | Yageo Corp. | 1,040,131 | ||||||
366,124 | Yang Ming Marine Transport Corp.(b) | 101,047 | ||||||
103,489 | YC Co. Ltd. | 43,144 | ||||||
77,084 | YC INOX Co. Ltd. | 61,532 | ||||||
10,907 | YeaShin International Development Co. Ltd. | 5,393 | ||||||
369,624 | YFY, Inc. | 133,788 | ||||||
28,213 | Yi Jinn Industrial Co. Ltd. | 11,169 | ||||||
621,584 | Yieh Phui Enterprise Co. Ltd. | 192,644 | ||||||
13,000 | Yonyu Plastics Co. Ltd. | 13,696 | ||||||
23,110 | Youngtek Electronics Corp. | 28,231 | ||||||
10,000 | Yuanta Futures Co. Ltd. | 12,862 | ||||||
155,000 | Yulon Motor Co. Ltd. | 90,416 | ||||||
14,000 | Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 33,481 | ||||||
28,350 | YungShin Global Holding Corp. | 36,236 | ||||||
64,000 | Yungtay Engineering Co. Ltd. | 116,653 | ||||||
27,000 | Zenitron Corp. | 17,102 | ||||||
95,000 | Zhen Ding Technology Holding Ltd. | 217,060 | ||||||
96,868,517 | ||||||||
THAILAND — 0.2% | ||||||||
4,300 | AEON Thana Sinsap Thailand Public Co. Ltd. - FOR | 25,294 | ||||||
86,200 | Amata Corp. Public Co. Ltd. - FOR | 62,667 | ||||||
246,400 | Ananda Development Public Co. Ltd. - FOR | 34,340 | ||||||
520,168 | AP Thailand Public Co. Ltd. - FOR | 128,669 | ||||||
237,900 | Asia Plus Group Holdings Securities Public Co. Ltd. - FOR | 26,839 | ||||||
121,900 | Bangchak Corp. Public Co. Ltd. - FOR | 121,348 | ||||||
20,425 | Bangkok Aviation Fuel Services Public Co. Ltd. - FOR | 20,487 | ||||||
146,700 | Bangkok Chain Hospital Public Co. Ltd. - FOR | 86,294 | ||||||
303,306 | Bangkok Expressway & Metro Public Co. Ltd. - FOR | 77,771 | ||||||
26,500 | Bangkok Insurance Public Co. Ltd. - FOR | 280,588 | ||||||
1,353,700 | Bangkok Land Public Co. Ltd. - FOR | 70,237 | ||||||
291,600 | Banpu Public Co. Ltd. - FOR | 153,057 |
59 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
123,600 | Beauty Community Public Co. Ltd. - FOR | $ | 37,285 | |||||
311,000 | BTS Group Holdings Public Co. Ltd. - FOR | 85,842 | ||||||
691,508 | Cal-Comp Electronics Thailand Public Co. Ltd. - FOR | 40,468 | ||||||
52,100 | Central Plaza Hotel Public Co. Ltd. - FOR | 63,259 | ||||||
48,222 | CH Karnchang Public Co. Ltd. - FOR | 37,094 | ||||||
601,400 | Chularat Hospital Public Co. Ltd. - FOR | 46,080 | ||||||
238,800 | CK Power Public Co. Ltd. - FOR | 36,018 | ||||||
70,900 | Com7 Public Co. Ltd. - FOR | 44,272 | ||||||
411,800 | Country Group Development Public Co. Ltd. - FOR(b) | 16,646 | ||||||
47,700 | Delta Electronics Thailand Public Co. Ltd. - FOR | 99,285 | ||||||
64,100 | Dhipaya Insurance Public Co. Ltd. - FOR | 45,247 | ||||||
376,500 | Dynasty Ceramic Public Co. Ltd. - FOR | 26,122 | ||||||
140,400 | Eastern Water Resources Development and Management Public Co. Ltd. - FOR | 47,012 | ||||||
3,700 | Electricity Generating Public Co. Ltd. - FOR | 25,783 | ||||||
404,800 | Energy Earth Public Co. Ltd. - FOR(a)(b) | 3,343 | ||||||
399,300 | Erawan Group Public Co. Ltd. (The) - FOR | 87,930 | ||||||
497,300 | Esso Thailand Public Co. Ltd. - FOR | 217,522 | ||||||
2,000 | Fabrinet(b) | 86,639 | ||||||
31,100 | GFPT Public Co. Ltd. - FOR | 13,416 | ||||||
36,100 | Global Power Synergy Public Co. Ltd. - FOR | 62,889 | ||||||
79,600 | Golden Land Property Development Public Co. Ltd. - FOR | 22,091 | ||||||
333,800 | Grand Canal Land Public Co. Ltd. - FOR | 29,604 | ||||||
95,200 | Hana Microelectronics Public Co. Ltd. - FOR | 104,103 | ||||||
148,800 | Ichitan Group Public Co. Ltd. - FOR | 17,865 | ||||||
24,018,400 | IRPC Public Co. Ltd. - FOR | 4,419,675 | ||||||
5,522,891 | Italian-Thai Development Public Co. Ltd. - FOR(b) | 456,492 | ||||||
331,800 | Jasmine International Public Co. Ltd. - FOR | 51,547 | ||||||
26,200 | Kce Electronics Public Co. Ltd. - FOR | 29,440 | ||||||
178,900 | KGI Securities Thailand Public Co. Ltd. - FOR | 23,745 | ||||||
450,966 | Khon Kaen Sugar Industry Public Co. Ltd. - FOR | 45,165 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
71,800 | Kiatnakin Bank Public Co. Ltd. - FOR | $ | 154,321 | |||||
77,000 | Krungthai Card Public Co. Ltd. - FOR | 80,716 | ||||||
59,000 | Land and Houses Public Co. Ltd. - FOR | 18,332 | ||||||
90,560 | Land and Houses Public Co. Ltd. - NVDR | 28,138 | ||||||
66,200 | Lanna Resources Public Co. Ltd. - FOR | 28,557 | ||||||
260,300 | LH Financial Group Public Co. Ltd. - FOR | 11,778 | ||||||
73,000 | LPN Development Public Co. Ltd. - FOR | 20,590 | ||||||
51,900 | Major Cineplex Group Public Co. Ltd. - FOR | 36,948 | ||||||
319,600 | MBK Public Co. Ltd. - FOR | 235,241 | ||||||
28,500 | Mega Lifesciences Public Co. Ltd. - FOR | 32,240 | ||||||
29,800 | MK Restaurants Group Public Co. Ltd. - FOR | 60,453 | ||||||
72,700 | Muangthai Capital Public Co. Ltd. - FOR | 114,587 | ||||||
102,600 | PCS Machine Group Holding Public Co. Ltd. - FOR | 21,665 | ||||||
105,900 | Polyplex Public Co. Ltd. - FOR | 47,919 | ||||||
72,650 | Precious Shipping Public Co. Ltd. - FOR(b) | 25,203 | ||||||
519,200 | Property Perfect Public Co. Ltd. - FOR | 15,662 | ||||||
86,300 | Pruksa Holding Public Co. Ltd. - FOR | 52,587 | ||||||
879,731 | Quality Houses Public Co. Ltd. - FOR | 83,329 | ||||||
195,875 | Ratchthani Leasing Public Co. Ltd. - FOR | 52,292 | ||||||
11,900 | Robinson Public Co. Ltd. - FOR | 23,423 | ||||||
418,000 | Rojana Industrial Park Public Co. Ltd. - FOR | 68,091 | ||||||
100,000 | Samart Telcoms Public Co. Ltd. - FOR | 24,133 | ||||||
486,000 | Sansiri Public Co. Ltd. - FOR | 23,017 | ||||||
705,576 | SC Asset Corp. Public Co. Ltd. - FOR | 72,367 | ||||||
13,420 | Siam City Cement Public Co. Ltd. - FOR | 97,158 | ||||||
180,641 | Siam Future Development Public Co. Ltd. - FOR | 41,959 | ||||||
95,470 | Siam Global House Public Co. Ltd - FOR | 53,855 | ||||||
240,000 | Siamgas & Petrochemicals Public Co. Ltd. - FOR | 76,742 | ||||||
48,100 | Somboon Advance Technology Public Co. Ltd. - FOR | 29,455 | ||||||
81,400 | SPCG Public Co. Ltd. - FOR | 49,601 | ||||||
31,660 | Sri Trang Agro-Industry Public Co. Ltd. - FOR | 17,095 |
60 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
30,066 | Srisawad Corp. Public Co. Ltd. - FOR | $ | 40,360 | |||||
751,700 | Star Petroleum Refining Public Co. Ltd. - FOR | 319,728 | ||||||
227,375 | Supalai Public Co. Ltd. - FOR | 150,212 | ||||||
84,300 | SVI Public Co. Ltd. - FOR | 14,241 | ||||||
101,500 | Syntec Construction Public Co. Ltd. - FOR | 11,145 | ||||||
1,547,500 | Tata Steel Thailand Public Co. Ltd. - FOR(b) | 32,210 | ||||||
4,380 | Thai Agro Energy Public Co. Ltd. - FOR | 280 | ||||||
161,900 | Thai Airways International Public Co. Ltd. - FOR(b) | 63,490 | ||||||
15,000 | Thai Central Chemical Public Co. Ltd. - FOR | 15,837 | ||||||
82,500 | Thai Metal Trade Public Co. Ltd. - FOR | 35,091 | ||||||
11,900 | Thai Stanley Electric Public Co. Ltd. - FOR | 86,513 | ||||||
51,100 | Thai Vegetable Oil Public Co. Ltd. - FOR | 43,547 | ||||||
147,100 | Thaifoods Group Public Co. Ltd. - FOR | 17,306 | ||||||
202,200 | Thanachart Capital Public Co. Ltd. | 321,751 | ||||||
17,300 | Thitikorn Public Co. Ltd. - FOR | 5,584 | ||||||
26,000 | Tisco Financial Group Public Co. Ltd. - FOR | 61,765 | ||||||
2,076,100 | TMB Bank Public Co. Ltd. - FOR | 142,791 | ||||||
42,800 | Total Access Communication Public Co. Ltd. - FOR | 61,327 | ||||||
731,700 | TPI Polene Public Co. Ltd. - FOR | 39,730 | ||||||
105,400 | TTW Public Co. Ltd. - FOR | 39,108 | ||||||
250,000 | Univentures Public Co. Ltd. - FOR | 55,430 | ||||||
184,700 | Vanachai Group Public Co. Ltd. - FOR | 39,280 | ||||||
283,400 | VGI Global Media Public Co. Ltd. - FOR | 64,545 | ||||||
270,200 | Vibhavadi Medical Center Public Co. Ltd. - FOR | 18,421 | ||||||
95,700 | Vinythai Public Co. Ltd. - FOR | 64,377 | ||||||
596,100 | WHA Corp Public Co. Ltd. - FOR | 74,085 | ||||||
10,925,078 | ||||||||
TURKEY — 0.4% | ||||||||
2,669,096 | Akbank Turk AS | 3,156,348 | ||||||
22,924 | Anadolu Cam Sanayii AS | 12,386 | ||||||
1,072,404 | Arcelik AS | 2,979,540 | ||||||
5,383 | Coca-Cola Icecek AS | 26,541 | ||||||
2,967,359 | Dogan Sirketler Grubu Holding AS(b) | 578,650 | ||||||
4,439,130 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 1,326,275 |
Shares | Value | |||||||
TURKEY (continued) | ||||||||
86,050 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(b) | $ | 32,945 | |||||
296,819 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D(b) | 162,492 | ||||||
953,261 | KOC Holding AS | 2,657,043 | ||||||
15,694 | Kordsa Teknik Tekstil AS | 30,408 | ||||||
2,624 | Koza Altin Isletmeleri AS(b) | 21,134 | ||||||
3,146,614 | Petkim Petrokimya Holding AS | 2,859,739 | ||||||
2,841,248 | Soda Sanayii AS | 3,446,340 | ||||||
34,586 | TAV Havalimanlari Holding AS | 143,923 | ||||||
7,867 | Tekfen Holding AS | 29,894 | ||||||
61,663 | Trakya Cam Sanayii AS | 36,074 | ||||||
116,314 | Tupras Turkiye Petrol Rafinerileri AS | 2,740,546 | ||||||
1,157,815 | Turkcell Iletisim Hizmetleri AS | 2,351,009 | ||||||
2,518,454 | Turkiye Garanti Bankasi AS | 3,149,419 | ||||||
157,822 | Turkiye Sise ve Cam Fabrikalari AS | 133,552 | ||||||
25,874,258 | ||||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
5,576,041 | Dana Gas PJSC | 1,745,762 | ||||||
20,000 | Gulf Marine Services Plc(b) | 10,558 | ||||||
46,568 | Lamprell Plc(b) | 37,559 | ||||||
1,793,879 | ||||||||
UNITED KINGDOM — 5.1% | ||||||||
2,316 | 4imprint Group Plc | 53,582 | ||||||
16,302 | A.G. Barr Plc | 159,196 | ||||||
23,576 | AA Plc | 30,165 | ||||||
309,136 | Abcam Plc | 4,741,653 | ||||||
566,635 | Adaptimmune Therapeutics Plc - ADR(b) | 3,513,137 | ||||||
25,242 | Admiral Group Plc | 649,481 | ||||||
20,973 | Advanced Medical Solutions Group Plc | 76,938 | ||||||
129,757 | Afren Plc(a) | 0 | ||||||
81,695 | Aggreko Plc | 896,363 | ||||||
4,685 | Alstria Office REIT AG, REIT | 175,399 | ||||||
3,987 | Anglo-Eastern Plantations Plc | 29,303 | ||||||
78,386 | Arena Events Group Plc(a) | 63,623 | ||||||
47,156 | Ashmore Group Plc | 212,288 | ||||||
79,721 | ASOS Plc(b) | 5,559,632 | ||||||
83,452 | Assura Plc REIT | 55,894 | ||||||
37,432 | Auto Trader Group Plc | 195,976 | ||||||
4,110 | Aveva Group Plc | 137,534 | ||||||
15,597 | Avon Rubber Plc | 239,233 | ||||||
62,173 | B&M European Value Retail SA | 331,229 | ||||||
41,318 | Babcock International Group Plc | 322,791 | ||||||
105,606 | Balfour Beatty Plc | 355,147 | ||||||
359,926 | Barratt Developments Plc | 2,364,696 | ||||||
237,739 | BBA Aviation Plc | 729,915 | ||||||
291,417 | BCA Marketplace Plc | 750,566 | ||||||
192,377 | Beazley Plc | 1,297,103 |
61 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
56,572 | Bellway Plc | $ | 2,076,030 | |||||
37,557 | Berkeley Group Holdings Plc | 1,680,668 | ||||||
4,481 | Biffa PLC | 13,460 | ||||||
3,709 | Bioquell Plc(b) | 20,386 | ||||||
12,876 | Bloomsbury Publishing Plc | 31,600 | ||||||
112,748 | Bodycote Plc | 1,146,431 | ||||||
204,260 | Bovis Homes Group Plc | 2,529,916 | ||||||
5,261 | Braemar Shipping Services Plc | 15,467 | ||||||
110,981 | Brewin Dolphin Holdings Plc | 466,990 | ||||||
164,507 | Britvic Plc | 1,663,259 | ||||||
783,429 | BTG Plc(b) | 5,527,613 | ||||||
30,235 | Capital & Counties Properties Plc | 96,732 | ||||||
13,200 | Carclo Plc(b) | 13,498 | ||||||
3,919 | CareTech Holdings Plc | 19,787 | ||||||
87,391 | Carillion Plc(a)(b) | 0 | ||||||
7,227 | Charles Taylor Plc | 21,985 | ||||||
83,950 | Chemring Group Plc | 195,724 | ||||||
44,553 | Chesapeake Lodging Trust, REIT | 23,918 | ||||||
48,977 | Chesnara Plc | 215,352 | ||||||
325,110 | Cineworld Group Plc | 1,224,227 | ||||||
29,064 | Circassia Pharmaceuticals Plc(b) | 20,804 | ||||||
3,937 | City Of London Investment Group PLC | 18,972 | ||||||
21,818 | City Office REIT Inc., REIT | 54,688 | ||||||
2,013 | Clarkson Plc | 61,238 | ||||||
55,392 | Close Brothers Group Plc | 1,042,206 | ||||||
3,850 | CLS Holdings Plc | 10,728 | ||||||
40,060 | CMC Markets Plc | 59,910 | ||||||
308,623 | Cobham Plc(b) | 424,660 | ||||||
55,701 | Communisis Plc | 50,550 | ||||||
36,821 | Computacenter Plc | 516,769 | ||||||
33,693 | Concentric AB | 452,129 | ||||||
7,666 | Consort Medical Plc | 108,961 | ||||||
114,357 | Convatec Group PLC | 236,797 | ||||||
14,496 | Costain Group Plc | 69,576 | ||||||
33,182 | Countryside Properties PLC | 127,070 | ||||||
10,817 | Craneware Plc | 428,615 | ||||||
11,196 | Cranswick Plc | 413,580 | ||||||
22,386 | Crest Nicholson Holdings Plc | 97,516 | ||||||
26,271 | Croda International Plc | 1,618,537 | ||||||
125,382 | Cybg PLC | 430,788 | ||||||
23,730 | Daily Mail & General Trust Plc - Class A | 212,170 | ||||||
34,422 | Dairy Crest Group Plc | 210,399 | ||||||
209,591 | Dart Group Plc | 2,277,144 | ||||||
168,074 | De La Rue Plc | 1,027,972 | ||||||
51,874 | Devro Plc | 108,741 | ||||||
21,756 | DFS Furniture Plc | 57,842 | ||||||
1,816 | Dialight Plc(b) | 9,053 | ||||||
104,484 | Dialog Semiconductor Plc(b) | 2,757,396 | ||||||
4,728 | Dignity Plc | 60,343 | ||||||
28,501 | Diploma Plc | 479,054 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
487,214 | Direct Line Insurance Group Plc | $ | 2,051,985 | |||||
14,305 | DiscoverIE Group Plc | 64,911 | ||||||
358,089 | Dixons Carphone Plc | 775,589 | ||||||
81,959 | Domino’s Pizza Group Plc | 296,785 | ||||||
1,829,862 | Drax Group Plc | 9,393,143 | ||||||
253,632 | DS Smith Plc | 1,273,752 | ||||||
6,273 | Dunelm Group Plc | 47,828 | ||||||
47,039 | easyJet Plc | 721,503 | ||||||
911,062 | EI Group Plc(b) | 1,935,432 | ||||||
159,024 | Electrocomponents Plc | 1,259,834 | ||||||
581,866 | Elementis Plc | 1,524,670 | ||||||
33,343 | EMIS Group Plc | 385,702 | ||||||
5,573 | Energean Oil & Gas Plc(b) | 44,735 | ||||||
481,807 | EnQuest Plc(b) | 168,126 | ||||||
52,202 | Equiniti Group Plc | 143,792 | ||||||
36,256 | Essentra Plc | 177,028 | ||||||
62,061 | Esure Group Plc | 221,162 | ||||||
8,122 | Euromoney Institutional Investor Plc | 131,846 | ||||||
712,433 | Faroe Petroleum Plc(b) | 1,349,557 | ||||||
62,388 | FDM Group Holdings PLC | 685,004 | ||||||
518,869 | Firstgroup Plc(b) | 567,052 | ||||||
48,000 | Flybe Group Plc(b) | 6,289 | ||||||
3,059 | Fuller Smith & Turner Plc - Class A | 37,536 | ||||||
173,325 | G4S Plc | 476,320 | ||||||
34,654 | Galliford Try Plc | 387,136 | ||||||
20,609 | Games Workshop Group Plc | 808,713 | ||||||
40,631 | Gem Diamonds Ltd.(b) | 54,272 | ||||||
45,858 | Genel Energy Plc(b) | 127,196 | ||||||
211,048 | Genus Plc(a) | 5,972,522 | ||||||
18,790 | Go-Ahead Group Plc | 368,907 | ||||||
26,527 | Gocompare.Com Group Plc | 28,177 | ||||||
320 | Goodwin Plc | 10,389 | ||||||
62,196 | Great Portland Estates Plc, REIT | 554,664 | ||||||
205,206 | Greene King Plc | 1,265,833 | ||||||
172,476 | Greggs Plc | 2,559,528 | ||||||
16,397 | Growthpoint Properties Ltd., REIT | 187,999 | ||||||
431,735 | Gulf Keystone Petroleum Ltd.(b) | 1,227,852 | ||||||
7,003 | Gym Group Plc (The) | 26,496 | ||||||
10,409 | H&R Real Estate Investment Trust, REIT | 114,754 | ||||||
331,246 | Halfords Group Plc | 1,305,762 | ||||||
30,548 | Halma Plc | 518,537 | ||||||
25,870 | Hansteen Holdings Plc REIT | 31,810 | ||||||
13,896 | Hastings Group Holdings PLC | 32,877 | ||||||
496,349 | Hays Plc | 1,042,374 | ||||||
78,821 | Headlam Group Plc | 453,874 | ||||||
26,404 | Helical Plc | 104,961 | ||||||
14,425 | Henry Boot Plc | 48,769 | ||||||
27,440 | Hill & Smith Holdings Plc | 347,406 | ||||||
632 | Hilton Food Group Plc | 7,448 | ||||||
30,154 | Hollywood Bowl Group Plc | 77,857 |
62 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
100,738 | HomeServe Plc | $ | 1,225,183 | |||||
109,344 | Howden Joinery Group Plc | 655,631 | ||||||
238,505 | Hunting Plc | 2,057,786 | ||||||
34,584 | Huntsworth Plc | 49,510 | ||||||
63,142 | Ibstock Plc | 181,109 | ||||||
18,519 | IG Design Group Plc | 130,190 | ||||||
427,829 | IG Group Holdings Plc | 3,305,715 | ||||||
34,668 | IMI Plc | 440,689 | ||||||
37,425 | IMImobile Plc(b) | 143,988 | ||||||
230,813 | Inchcape Plc | 1,596,087 | ||||||
260,102 | Indivior Plc(b) | 626,193 | ||||||
16,892 | InfraREIT, Inc., REIT | 184,066 | ||||||
57,563 | Inmarsat Plc | 335,585 | ||||||
354,634 | IntegraFin Holdings Plc(b) | 1,223,892 | ||||||
192,058 | International Personal Finance Plc | 436,724 | ||||||
10,400 | Interserve Plc(b) | 6,437 | ||||||
30,385 | IQE Plc(b) | 35,149 | ||||||
122,705 | ITE Group Plc | 89,400 | ||||||
182,643 | ITV Plc | 347,730 | ||||||
167,366 | J D Wetherspoon Plc | 2,642,002 | ||||||
343,043 | J Sainsbury Plc | 1,364,542 | ||||||
12,620 | Jackpotjoy Plc(b) | 99,205 | ||||||
11,666 | James Fisher & Sons Plc | 252,601 | ||||||
25,740 | Jardine Lloyd Thompson Group Plc | 620,511 | ||||||
482,334 | JD Sports Fashion Plc | 2,517,249 | ||||||
15,332 | John Laing Group Plc | 61,183 | ||||||
17,247 | John Menzies Plc | 114,635 | ||||||
151,724 | John Wood Group Plc | 1,385,074 | ||||||
26,208 | Johnson Matthey Plc | 995,927 | ||||||
80,259 | Johnson Service Group Plc | 132,748 | ||||||
38,882 | Jupiter Fund Management Plc | 167,486 | ||||||
9,570 | Just Eat Plc(b) | 74,324 | ||||||
2,184,973 | Just Group Plc | 2,478,639 | ||||||
8,568 | Kainos Group PLC | 42,821 | ||||||
55,928 | KAZ Minerals Plc | 370,876 | ||||||
165,815 | KCOM Group Plc | 195,201 | ||||||
32,991 | Keller Group Plc | 273,256 | ||||||
14,847 | Kier Group Plc | 166,337 | ||||||
265,166 | Kingfisher Plc | 863,268 | ||||||
41,948 | Lancashire Holdings Ltd. | 317,150 | ||||||
2,886 | Land Securities Group Plc, REIT | 31,474 | ||||||
24,600 | LivaNova Plc(b) | 2,754,954 | ||||||
29,427 | Londonmetric Property Plc REIT | 67,817 | ||||||
299,487 | Lookers Plc | 365,578 | ||||||
11,902 | LSL Property Services Plc | 38,033 | ||||||
332,941 | Man Group Plc | 661,541 | ||||||
505,180 | Marks & Spencer Group Plc | 1,911,335 | ||||||
38,309 | Marshalls Plc | 210,654 | ||||||
249,397 | Marston’s Plc | 316,867 | ||||||
519,120 | Mcbride Plc(a) | 664 | ||||||
18,540 | McBride Plc | 30,049 | ||||||
68,422 | McCarthy & Stone Plc | 118,067 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
13,685 | McColl’s Retail Group Plc | $ | 22,346 | |||||
29,741 | Mears Group Plc | 134,953 | ||||||
274,902 | Meggitt Plc | 1,861,610 | ||||||
134,097 | Merlin Entertainments Plc | 553,974 | ||||||
1,272 | Metro Bank PLC(b) | 36,159 | ||||||
63,735 | Micro Focus International PLC | 992,664 | ||||||
44,090 | Millennium & Copthorne Hotels Plc | 267,690 | ||||||
35,220 | Mitchells & Butlers Plc | 117,047 | ||||||
67,607 | Mitie Group Plc | 125,561 | ||||||
63,253 | Miton Group Plc | 48,591 | ||||||
7,305 | MJ Gleeson PLC | 65,174 | ||||||
103,302 | Moneysupermarket.com Group Plc | 387,275 | ||||||
65,172 | Morgan Advanced Materials Plc | 229,916 | ||||||
12,987 | Morgan Sindall Group Plc | 196,876 | ||||||
1,709 | Mortgage Advice Bureau Holdings Ltd. | 12,626 | ||||||
39,656 | Mothercare Plc(b) | 9,884 | ||||||
38,272 | N Brown Group Plc | 66,286 | ||||||
810,801 | National Express Group Plc | 4,147,537 | ||||||
11,757 | NCC Group Plc | 29,545 | ||||||
70,609 | NEX Group Plc | 1,025,268 | ||||||
18,711 | Non-Standard Finance PLC | 15,785 | ||||||
65,442 | Northgate Plc | 315,186 | ||||||
28,958 | Northview Apartment Real Estate Investment Trust, REIT | 162,307 | ||||||
163,464 | Numis Corp. Plc | 606,970 | ||||||
2,343,210 | Ocado Group Plc(b) | 25,614,024 | ||||||
2,987 | On The Beach Group PLC | 16,360 | ||||||
63,033 | Onesavings Bank Plc | 300,683 | ||||||
14,665 | Oxford Biomedica Plc(b) | 129,358 | ||||||
6,094 | Oxford Instruments Plc | 73,220 | ||||||
22,060 | Pagegroup Plc | 141,549 | ||||||
5,827 | Patisserie Holdings Plc(a) | 31,989 | ||||||
5,282 | PayPoint Plc | 53,403 | ||||||
159,997 | Pearson Plc | 1,837,711 | ||||||
1,080,705 | Pendragon Plc | 371,585 | ||||||
20,546 | Pennon Group Plc | 195,966 | ||||||
16,266 | Petrofac Ltd. | 120,215 | ||||||
50,123 | Pets at Home Group Plc | 70,474 | ||||||
87,473 | Phoenix Group Holdings | 673,643 | ||||||
36,290 | Photo-Me International Plc | 51,210 | ||||||
10,300 | Polar Capital Holdings Plc | 68,724 | ||||||
57,723 | Polypipe Group Plc | 273,730 | ||||||
1,385 | Porvair Plc | 7,896 | ||||||
296,794 | Premier Foods Plc(b) | 144,537 | ||||||
287,081 | Premier Oil Plc(b) | 396,303 | ||||||
53,646 | PZ Cussons Plc | 150,169 | ||||||
179,176 | QinetiQ Group Plc | 635,996 | ||||||
33,811 | Rank Group Plc | 69,148 | ||||||
166,048 | Redde Plc | 373,122 | ||||||
555,329 | Redrow Plc | 3,751,408 | ||||||
53,378 | Renewi Plc | 35,001 | ||||||
100,655 | Renishaw Plc | 5,421,617 | ||||||
51,233 | Renold Plc(b) | 20,137 |
63 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
195,018 | Rentokil Initial Plc | $ | 788,198 | |||||
29,531 | Restaurant Group Plc (The) | 91,045 | ||||||
7,870 | Ricardo Plc | 71,421 | ||||||
1,152,024 | Rightmove Plc | 6,657,988 | ||||||
29,948 | Robert Walters Plc | 223,553 | ||||||
150,939 | Rotork Plc | 578,405 | ||||||
65,383 | Royal Mail Plc | 300,026 | ||||||
128,548 | RPC Group Plc | 1,253,029 | ||||||
241,939 | RPS Group Plc | 484,899 | ||||||
366,008 | RSA Insurance Group Plc | 2,640,441 | ||||||
13,220 | Safestore Holdings Plc REIT | 90,234 | ||||||
127,139 | Saga Plc | 193,548 | ||||||
24,620 | Sage Group Plc (The) | 171,319 | ||||||
25,670 | Savills Plc | 237,883 | ||||||
34,479 | SDL Plc | 201,405 | ||||||
68,844 | Segro Plc REIT | 540,826 | ||||||
140,739 | Senior Plc | 491,107 | ||||||
73,665 | Severfield Plc | 65,723 | ||||||
13,492 | Severn Trent Plc | 321,283 | ||||||
158,633 | SIG Plc | 227,502 | ||||||
2,708 | Smart Metering Systems Plc | 19,972 | ||||||
133,882 | Smiths Group Plc | 2,391,514 | ||||||
74,522 | Soco International Plc | 80,013 | ||||||
8,844 | Softcat PLC | 72,913 | ||||||
10,278 | Sopheon Plc | 127,432 | ||||||
24,994 | Spectris Plc | 684,951 | ||||||
126,321 | Speedy Hire Plc | 90,420 | ||||||
8,354 | Spirax-Sarco Engineering Plc | 690,872 | ||||||
236,646 | Spirent Communications Plc | 357,533 | ||||||
15,991 | Sportech Plc | 11,119 | ||||||
199,629 | Sports Direct International Plc(b) | 832,861 | ||||||
160,288 | SSP Group Plc | 1,367,780 | ||||||
78,970 | St. James’s Place Plc | 1,023,022 | ||||||
165,916 | St. Modwen Properties Plc | 793,580 | ||||||
5,941 | Staffline Group Plc | 90,062 | ||||||
902,135 | Stagecoach Group Plc | 1,761,951 | ||||||
995 | Stallergenes Greer Plc(b) | 30,541 | ||||||
595,830 | STERIS Plc(a) | 65,130,177 | ||||||
45,956 | Sthree Plc | 180,041 | ||||||
14,695 | Stobart Group Ltd. | 39,820 | ||||||
32,729 | Stock Spirits Group Plc | 83,668 | ||||||
29,666 | Stolt-Nielsen Ltd. | 399,075 | ||||||
30,662 | Subsea 7 SA | 387,194 | ||||||
8,341 | Superdry Plc | 86,145 | ||||||
597,581 | Synthomer Plc | 3,391,397 | ||||||
90,072 | Talktalk Telecom Group Plc | 138,156 | ||||||
952,010 | Tate & Lyle Plc | 8,191,898 | ||||||
848,307 | Taylor Wimpey Plc | 1,751,155 | ||||||
4,185 | Ted Baker Plc | 97,999 | ||||||
7,809 | Telecom Plus Plc | 121,774 | ||||||
9,400 | Telit Communications Plc(b) | 18,996 | ||||||
21,056 | Topps Tiles Plc | 16,929 | ||||||
1,761 | Torm PLC(b) | 10,373 | ||||||
90,600 | TP ICAP Plc | 335,834 | ||||||
2,686 | Tracsis Plc | 19,226 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
117,700 | Travelport Worldwide Ltd. | $ | 1,760,792 | |||||
63,929 | Travis Perkins Plc | 904,575 | ||||||
16,317 | Trifast Plc | 40,253 | ||||||
117,928 | Trinity Mirror Plc | 101,822 | ||||||
59,958 | TT Electronics Plc | 162,473 | ||||||
1,864,951 | Tullow Oil Plc(b) | 5,382,577 | ||||||
4,704 | Tyman PLC | 16,685 | ||||||
53,602 | U & I Group Plc | 156,897 | ||||||
160,937 | Ultra Electronics Holdings Plc | 2,958,106 | ||||||
37,142 | UNITE Group Plc (The), REIT | 281,052 | ||||||
24,703 | United Utilities Group Plc | 229,427 | ||||||
2,718 | Urban & Civic PLC | 10,249 | ||||||
99,490 | Vectura Group Plc(b) | 90,417 | ||||||
155,304 | Vesuvius Plc | 1,079,892 | ||||||
234,209 | Victrex Plc | 7,939,187 | ||||||
26,405 | Vitec Group Plc (The) | 415,136 | ||||||
4,601 | Volution Group Plc | 10,174 | ||||||
512 | Vp Plc | 6,577 | ||||||
14,927 | Weir Group Plc (The) | 302,604 | ||||||
22,284 | WH Smith Plc | 554,002 | ||||||
244,679 | William Hill Plc | 657,398 | ||||||
15,003 | Wilmington Plc | 32,697 | ||||||
12,913 | Wincanton Plc | 34,166 | ||||||
795,567 | Wm Morrison Supermarkets Plc | 2,522,914 | ||||||
11,514 | Workspace Group Plc REIT | 141,432 | ||||||
468,444 | Xaar Plc(a) | 874,197 | ||||||
15,974 | YouGov Plc | 81,161 | ||||||
3,809 | Zeal Network SE | 92,540 | ||||||
315,242,959 | ||||||||
UNITED STATES — 51.6% | ||||||||
26,800 | 1-800-Flowers.com, Inc. - Class A(b) | 280,060 | ||||||
6,900 | 1st Constitution Bancorp | 139,518 | ||||||
21,000 | 1st Source Corp. | 978,390 | ||||||
10,900 | AAR Corp. | 518,622 | ||||||
34,879 | Aaron’s, Inc. | 1,643,847 | ||||||
58,500 | ACI Worldwide, Inc.(b) | 1,467,765 | ||||||
4,800 | ACNB Corp. | 192,480 | ||||||
14,750 | Actuant Corp. - Class A | 351,788 | ||||||
4,100 | Acushnet Holdings Corp. | 100,163 | ||||||
500 | Adams Resources & Energy, Inc. | 20,275 | ||||||
12,000 | Addus HomeCare Corp.(b) | 786,000 | ||||||
602,205 | Aduro Biotech, Inc.(a)(b) | 2,553,349 | ||||||
455,717 | Advance Auto Parts, Inc. | 72,805,348 | ||||||
76,700 | Advanced Disposal Services, Inc.(b) | 2,077,803 | ||||||
1,800 | Advanced Drainage Systems, Inc. | 50,021 | ||||||
10,000 | Advansix, Inc.(b) | 277,400 | ||||||
120,642 | Aerovironment, Inc.(b) | 10,854,161 | ||||||
38,700 | AG Mortgage Investment Trust, Inc. REIT | 669,510 | ||||||
14,300 | Agilysys, Inc.(b) | 232,661 | ||||||
184,691 | AGNC Investment Corp. REIT | 3,294,887 | ||||||
64 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
54,089 | Alacer Gold Corp.(b) | $ | 88,337 | |||||
147,400 | Alexander’s, Inc., REIT | 642,664 | ||||||
2,232 | Alico, Inc. | 73,879 | ||||||
21,090 | Allegiant Travel Co. | 2,407,213 | ||||||
31,100 | ALLETE, Inc. | 2,301,400 | ||||||
28,400 | Allscripts Healthcare Solutions, Inc.(b) | 338,244 | ||||||
211,758 | Alnylam Pharmaceuticals, Inc.(b) | 17,031,696 | ||||||
2,300 | Alpha & Omega Semiconductor Ltd.(b) | 21,321 | ||||||
400,000 | Altra Industrial Motion Corp. | 12,908,000 | ||||||
57,154 | Ambarella, Inc.(b) | 1,987,816 | ||||||
8,200 | Amedisys, Inc.(b) | 902,000 | ||||||
14,400 | American Assets Trust, Inc., REIT | 552,384 | ||||||
5,200 | American National Bankshares, Inc. | 187,668 | ||||||
29,600 | American Software, Inc. - Class A | 340,696 | ||||||
27,100 | American States Water Co. | 1,659,062 | ||||||
19,800 | AMERISAFE, Inc. | 1,288,782 | ||||||
38,600 | Amphastar Pharmaceuticals Inc(b) | 692,870 | ||||||
41,300 | AngioDynamics, Inc.(b) | 843,759 | ||||||
2,400 | ANI Pharmaceuticals, Inc.(b) | 116,472 | ||||||
383,764 | Annaly Capital Management, Inc. REIT | 3,787,751 | ||||||
384,022 | ANSYS, Inc.(b) | 57,430,490 | ||||||
1,608 | Anworth Mortgage Asset Corp., REIT | 506,536 | ||||||
1,143,782 | Apergy Corp.(b) | 44,596,060 | ||||||
249,884 | Apollo Commercial Real Estate Finance, Inc. REIT | 4,675,330 | ||||||
13,300 | Appfolio, Inc. - Class A(b) | 759,430 | ||||||
25,600 | Applied Industrial Technologies, Inc. | 1,682,688 | ||||||
351,087 | AptarGroup, Inc. | 35,796,831 | ||||||
20,600 | Arbor Realty Trust, Inc. REIT | 248,848 | ||||||
14,900 | Arch Coal, Inc. - Class A | 1,428,910 | ||||||
42,000 | Ares Commercial Real Estate Corp. REIT | 607,740 | ||||||
440,832 | Argo Group International Holdings Ltd.(a) | 27,159,660 | ||||||
31,200 | Argonaut Gold, Inc.(b) | 30,573 | ||||||
29,800 | Armada Hoffler Properties, Inc. REIT | 446,404 | ||||||
10,902 | Arrow Financial Corp. | 383,096 | ||||||
14,400 | Artesian Resources Corp. - Class A | 526,896 | ||||||
21,500 | Asbury Automotive Group, Inc.(b) | 1,399,650 | ||||||
19,000 | Aspen Technology, Inc.(b) | 1,612,910 | ||||||
47,710 | Assurant, Inc. | 4,637,889 | ||||||
1,500 | Atlantic Capital Bancshares, Inc.(b) | 22,605 | ||||||
1,700 | Atrion Corp. | 1,159,706 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
415,000 | Avanos Medical, Inc.(b) | $ | 23,489,000 | |||||
11,600 | Avaya Holdings Corp.(b) | 190,472 | ||||||
2,346,130 | Axalta Coating Systems Ltd.(b) | 57,902,488 | ||||||
114,700 | AxoGen, Inc.(b) | 4,277,163 | ||||||
675,000 | B&G Foods, Inc. | 17,577,000 | ||||||
23,400 | Balchem Corp. | 2,191,410 | ||||||
16,600 | BancFirst Corp. | 952,508 | ||||||
2,100 | Bank of Commerce Holdings | 25,073 | ||||||
24,300 | BankFinancial Corp. | 343,116 | ||||||
130,000 | Barnes Group, Inc. | 7,358,000 | ||||||
9,500 | Barrett Business Sevices, Inc. | 597,740 | ||||||
66,088 | Bausch Health Cos, Inc.(b) | 1,512,075 | ||||||
16,300 | BCB Bancorp, Inc. | 202,772 | ||||||
142,107 | Benefitfocus, Inc.(b) | 5,049,062 | ||||||
14,500 | BG Staffing, Inc. | 374,680 | ||||||
66,500 | Big Yellow Group Plc, REIT | 1,441,055 | ||||||
9,665 | Bizlink Holding, Inc. | 51,538 | ||||||
25,625 | BJ’s Restaurants, Inc. | 1,567,738 | ||||||
7,000 | Black Hills Corp. | 416,500 | ||||||
312,870 | Blackbaud, Inc. | 22,439,036 | ||||||
113,274 | Blackline, Inc.(b) | 5,253,648 | ||||||
85,100 | Bloomin’ Brands, Inc. | 1,697,745 | ||||||
38,900 | Boston Beer Co., Inc. (The) - Class A(b) | 11,953,581 | ||||||
24,500 | Bottomline Technologies de, Inc.(b) | 1,632,680 | ||||||
43,800 | Brady Corp. - Class A | 1,764,702 | ||||||
157,108 | Brinker International, Inc. | 6,810,632 | ||||||
9,000 | British Land Co. Plc (The), REIT | 576,900 | ||||||
56,293 | Brown & Brown, Inc. | 1,586,337 | ||||||
7,500 | BRT Apartments Corp. REIT | 87,225 | ||||||
220,800 | Bryn Mawr Bank Corp.(a) | 8,818,752 | ||||||
5,300 | BSB Bancorp, Inc.(b) | 152,640 | ||||||
5,440 | C&F Financial Corp. | 264,112 | ||||||
5,000 | CACI International, Inc. - Class A(b) | 892,300 | ||||||
4,200 | CalAmp Corp.(b) | 83,747 | ||||||
9,400 | Calavo Growers, Inc. | 911,800 | ||||||
17,100 | Cal-Maine Foods, Inc. | 832,257 | ||||||
43,000 | Cambium Learning Group, Inc.(b) | 618,340 | ||||||
2,100 | Cambridge Bancorp | 179,550 | ||||||
11,600 | Camden National Corp. | 470,380 | ||||||
45,000 | Cantel Medical Corp. | 3,561,750 | ||||||
95,500 | Capstead Mortgage Corp. REIT | 655,130 | ||||||
566,535 | Cardiovascular Systems, Inc.(a)(b) | 15,891,307 | ||||||
26,600 | Carriage Services, Inc. | 506,996 | ||||||
37,600 | Carrols Restaurant Group, Inc.(b) | 494,816 | ||||||
49,800 | Casella Waste Systems, Inc. - Class A(b) | 1,621,488 | ||||||
12,700 | Cass Information Systems, Inc. | 839,470 | ||||||
382,100 | Catalent, Inc.(b) | 15,413,914 | ||||||
64,800 | CatchMark Timber Trust, Inc. - Class A REIT | 573,480 |
65 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
43,700 | Cathay General Bancorp | $ | 1,646,179 | |||||
73,400 | CBIZ, Inc.(b) | 1,628,012 | ||||||
45,700 | Central Garden & Pet Co. - Class A(b) | 1,355,005 | ||||||
10,400 | Central Garden & Pet Co. - Class A(b) | 337,792 | ||||||
20,900 | Central Valley Community Bancorp | 423,016 | ||||||
14,400 | Century Casinos, Inc.(b) | 89,855 | ||||||
65,687 | CEVA, Inc.(b) | 1,618,528 | ||||||
25,100 | Chase Corp. | 2,706,784 | ||||||
44,800 | Chatham Lodging Trust REIT | 873,600 | ||||||
131,914 | Cheesecake Factory, Inc. (The) | 6,376,723 | ||||||
360,008 | Chegg, Inc.(b) | 9,821,018 | ||||||
6,600 | Chemed Corp. | 2,008,578 | ||||||
2,300 | Chemung Financial Corp. | 99,981 | ||||||
30,800 | Cherry Hill Mortgage Investment Corp. REIT | 551,628 | ||||||
20,200 | Chesapeake Utilities Corp. | 1,604,890 | ||||||
4,500 | Churchill Downs, Inc. | 1,123,245 | ||||||
34,900 | Cision Ltd.(b) | 516,171 | ||||||
23,200 | Civitas Solutions, Inc.(b) | 335,472 | ||||||
27,300 | Clearway Energy, Inc. - Class A | 530,166 | ||||||
12,600 | CNB Financial Corp. | 322,560 | ||||||
900 | Coca-Cola Bottling Co. Consolidated | 155,367 | ||||||
528,163 | Codexis, Inc.(b) | 8,223,498 | ||||||
1,575 | Codorus Valley Bancorp, Inc. | 41,344 | ||||||
19,500 | Columbia Sportswear Co. | 1,760,460 | ||||||
190,000 | Community Bank System, Inc. | 11,094,100 | ||||||
3,100 | Community Financial Corp. (The) | 93,465 | ||||||
19,600 | Community Trust Bancorp, Inc. | 891,996 | ||||||
30,300 | CommVault Systems, Inc.(b) | 1,764,066 | ||||||
23,100 | Computer Programs & Systems, Inc. | 577,500 | ||||||
353,000 | CONMED Corp. | 23,802,790 | ||||||
397,190 | Cooper Cos., Inc. (The) | 102,598,149 | ||||||
13,300 | Cooper-Standard Holding Inc.(b) | 1,232,245 | ||||||
1,208,740 | CoreLogic, Inc.(a)(b) | 49,099,019 | ||||||
4,900 | Corenergy Infrastructure Trust, Inc., REIT | 177,037 | ||||||
2,200 | Cornerstone OnDemand, Inc.(b) | 108,350 | ||||||
11,800 | CorVel Corp.(b) | 683,928 | ||||||
50,217 | Cott Corp. | 756,049 | ||||||
14,500 | CRA International, Inc. | 611,175 | ||||||
46,793 | Cracker Barrel Old Country Store, Inc. | 7,425,113 | ||||||
20,000 | Craft Brew Alliance, Inc.(b) | 366,800 | ||||||
38,900 | CSG Systems International, Inc. | 1,365,390 | ||||||
20,700 | CTS Corp. | 552,483 | ||||||
18,300 | Culp, Inc. | 423,645 | ||||||
15,600 | Curtiss-Wright Corp. | 1,707,576 | ||||||
525,000 | CVB Financial Corp. | 11,471,250 | ||||||
49,219 | Darden Restaurants, Inc. | 5,244,284 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
5,100 | Deckers Outdoor Corp.(b) | $ | 648,567 | |||||
35,386 | Deleo I-18(a) | 3,467 | ||||||
6,300 | Deluxe Corp. | 297,423 | ||||||
137,661 | Denny’s Corp.(b) | 2,388,418 | ||||||
95,057 | DexCom, Inc.(b) | 12,620,718 | ||||||
131,122 | Digimarc Corp.(a)(b) | 3,295,096 | ||||||
1,200 | DineEquity, Inc. | 97,247 | ||||||
42,200 | Diodes, Inc.(b) | 1,274,018 | ||||||
500 | DNB Financial Corp. | 17,189 | ||||||
18,700 | Donegal Group, Inc. - Class A | 251,141 | ||||||
858,965 | Dover Corp. | 71,156,661 | ||||||
12,900 | Ducommun, Inc.(b) | 479,364 | ||||||
94,800 | Dynex Capital, Inc. REIT | 548,892 | ||||||
6,000 | Eastern Co. (The) | 169,800 | ||||||
5,400 | EastGroup Properties, Inc. REIT | 517,266 | ||||||
23,100 | El Paso Electric Co. | 1,317,855 | ||||||
335,000 | El Pollo Loco Holdings, Inc.(b) | 4,190,850 | ||||||
820,000 | Elf Beauty, Inc.(b) | 8,700,200 | ||||||
43,212 | Ellie Mae, Inc.(b) | 2,864,091 | ||||||
14,800 | EMC Insurance Group, Inc. | 354,756 | ||||||
26,100 | EMCOR Group, Inc. | 1,852,578 | ||||||
35,100 | Employers Holdings, Inc. | 1,613,196 | ||||||
27,400 | Encompass Health Corp. | 1,844,020 | ||||||
6,700 | Ennis, Inc. | 129,712 | ||||||
56,519 | Ensign Group, Inc. (The) | 2,093,464 | ||||||
11,300 | Entegra Financial Corp.(b) | 256,397 | ||||||
3,800 | Enterprise Bancorp, Inc. | 123,044 | ||||||
25,800 | Enterprise Financial Services Corp. | 1,121,010 | ||||||
145,000 | Envestnet, Inc.(b) | 7,542,900 | ||||||
15,800 | EPAM Systems, Inc.(b) | 1,887,626 | ||||||
1,200 | ePlus, Inc.(b) | 101,855 | ||||||
17,570 | Epsilon Energy Ltd.(b) | 34,701 | ||||||
145,118 | Equity Commonwealth REIT | 4,321,614 | ||||||
4,100 | Escalade, Inc. | 47,969 | ||||||
9,800 | ESSA Bancorp, Inc. | 158,270 | ||||||
47,300 | Essent Group Ltd.(b) | 1,864,566 | ||||||
3,800 | Evans Bancorp, Inc. | 167,200 | ||||||
14,970 | Everest Re Group Ltd. | 3,261,364 | ||||||
164,576 | Evolent Health, Inc. - Class A(b) | 3,653,587 | ||||||
230,000 | Evoqua Water Technologies Corp.(b) | 2,208,000 | ||||||
128,263 | Exact Sciences Corp.(b) | 9,113,086 | ||||||
33,700 | Exantas Capital Corp. REIT | 382,158 | ||||||
24,800 | ExlService Holdings, Inc.(b) | 1,589,680 | ||||||
9,400 | Fair Isaac Corp.(b) | 1,811,474 | ||||||
6,700 | Farmers National Banc Corp. | 87,769 | ||||||
74,293 | FARO Technologies, Inc.(b) | 3,754,768 | ||||||
500 | Federal Agricultural Mortgage Corp. - Class C | 34,919 | ||||||
21,300 | Financial Institutions, Inc. | 608,115 | ||||||
2,900 | First Bancshares, Inc. (The) | 104,516 | ||||||
48,500 | First Busey Corp. | 1,354,120 | ||||||
12,600 | First Business Financial Services, Inc. | 263,718 |
66 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
4,500 | First Citizens BancShares, Inc. - Class A | $ | 1,919,835 | |||||
21,100 | First Community Bancshares, Inc. | 728,583 | ||||||
28,500 | First Defiance Financial Corp. | 775,770 | ||||||
115,000 | First Financial Bankshares, Inc. | 6,783,850 | ||||||
16,100 | First Financial Corp. | 738,346 | ||||||
2,200 | First Guaranty Bancshares, Inc. | 50,269 | ||||||
16,900 | First Mid-Illinois Bancshares, Inc. | 630,032 | ||||||
1,200 | First Savings Financial Group, Inc. | 77,543 | ||||||
77,700 | First Solar, Inc.(b) | 3,247,860 | ||||||
8,000 | FirstCash, Inc. | 643,200 | ||||||
15,400 | Forrester Research, Inc. | 620,312 | ||||||
30,000 | Forward Air Corp. | 1,799,700 | ||||||
63,900 | Four Corners Property Trust, Inc., REIT | 1,666,512 | ||||||
14,100 | Franklin Street Properties Corp. REIT | 98,135 | ||||||
34,800 | Fresh Del Monte Produce, Inc. | 1,149,444 | ||||||
4,800 | FS Bancorp, Inc. | 216,672 | ||||||
56,151 | FTI Consulting, Inc.(b) | 3,880,596 | ||||||
10,000 | GCS Holdings, Inc. | 14,155 | ||||||
250,000 | German American Bancorp, Inc.(a) | 7,927,500 | ||||||
41,400 | Getty Realty Corp. REIT | 1,110,762 | ||||||
40,100 | Gladstone Commercial Corp. REIT | 761,499 | ||||||
30,100 | Global Brass & Copper Holdings, Inc. | 951,762 | ||||||
34,200 | Globus Medical, Inc. - Class A(b) | 1,807,470 | ||||||
32,000 | Gold Resource Corp. | 138,560 | ||||||
2,200 | GP Strategies Corp.(b) | 32,141 | ||||||
15,100 | Great Southern Bancorp, Inc. | 817,665 | ||||||
173,628 | GrubHub, Inc.(b) | 16,102,261 | ||||||
11,500 | Guaranty Bancshares, Inc. | 342,930 | ||||||
147,703 | Guess?, Inc. | 3,137,212 | ||||||
56,419 | Gulfport Energy Corp.(b) | 513,977 | ||||||
38,800 | Hackett Group, Inc. (The) | 794,236 | ||||||
26,600 | Haemonetics Corp.(b) | 2,778,902 | ||||||
58,500 | Hammerson Plc, REIT(b) | 1,229,670 | ||||||
42,000 | Hancock Holding Co. | 1,762,320 | ||||||
31,400 | Hanmi Financial Corp. | 658,772 | ||||||
454,365 | Harris Corp. | 67,568,619 | ||||||
12,700 | Hawkins, Inc. | 427,482 | ||||||
420,000 | HB Fuller Co. | 18,673,200 | ||||||
90,500 | HealthEquity Inc.(b) | 8,307,900 | ||||||
34,200 | HealthStream, Inc. | 899,802 | ||||||
29,900 | Heartland Financial USA, Inc. | 1,588,886 | ||||||
6,473 | Hecla Mining Co. | 15,535 | ||||||
19,400 | Heidrick & Struggles International, Inc. | 669,494 | ||||||
211,400 | Helen of Troy Ltd.(b) | 26,238,968 | ||||||
6,500 | Heritage Commerce Corp. | 94,315 | ||||||
1,100 | Heritage-Crystal Clean, Inc.(b) | 25,289 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
47,500 | Hersha Hospitality Trust REIT | $ | 834,100 | |||||
150,000 | Hibbett Sports, Inc.(b) | 2,620,500 | ||||||
42,500 | Hillenbrand, Inc. | 2,035,750 | ||||||
3,178 | Hilltop Holdings, Inc. | 63,242 | ||||||
300 | Hingham Institution For Savings | 61,079 | ||||||
12,000 | Home Bancorp, Inc. | 476,880 | ||||||
5,300 | HomeStreet, Inc.(b) | 137,694 | ||||||
1,668,150 | Hostess Brands, Inc.(b) | 17,348,760 | ||||||
10,500 | Hurco Cos., Inc. | 427,770 | ||||||
26,000 | Huron Consulting Group, Inc.(b) | 1,416,740 | ||||||
20,700 | ICF International, Inc. | 1,524,348 | ||||||
7,300 | ICU Medical, Inc.(b) | 1,859,529 | ||||||
23,700 | IDACORP, Inc. | 2,210,262 | ||||||
359,260 | IDEX Corp. | 45,561,353 | ||||||
190,000 | Independent Bank Corp. | 14,905,500 | ||||||
31,500 | Independent Bank Corp. | 697,095 | ||||||
16,900 | Industrial Logistics Properties Trust REIT | 364,871 | ||||||
46,500 | Information Services Group, Inc.(b) | 191,115 | ||||||
545,179 | Ingredion, Inc. | 55,161,211 | ||||||
18,300 | Innophos Holdings, Inc. | 536,190 | ||||||
215,000 | Innospec, Inc.(a) | 14,387,800 | ||||||
19,800 | Insight Enterprises, Inc.(b) | 1,023,462 | ||||||
16,000 | Insperity, Inc. | 1,757,600 | ||||||
145,000 | Insulet Corp.(b) | 12,790,450 | ||||||
31,300 | Integer Holdings Corp.(b) | 2,330,911 | ||||||
563,400 | Integra LifeScience Holdings Corp.(b) | 30,181,338 | ||||||
11,500 | InterDigital, Inc. | 815,925 | ||||||
66,600 | Interface, Inc. | 1,084,914 | ||||||
8,700 | International Speedway Corp. - Class A | 326,337 | ||||||
1,600 | Investors Title Co. | 291,200 | ||||||
56,826 | IPG Photonics Corp.(b) | 7,589,112 | ||||||
95,918 | iRobot Corp.(b) | 8,457,090 | ||||||
48,600 | J & J Snack Foods Corp. | 7,589,376 | ||||||
22,100 | J Alexander’s Holdings, Inc.(b) | 233,155 | ||||||
58,311 | j2 Global, Inc. | 4,247,373 | ||||||
69,054 | Jabil, Inc. | 1,707,705 | ||||||
294,170 | JM Smucker Co. (The) | 31,864,494 | ||||||
12,700 | John B. Sanfilippo & Son, Inc. | 800,862 | ||||||
225,000 | John Bean Technologies Corp. | 23,393,250 | ||||||
450,000 | John Wiley & Sons, Inc. - Class A | 24,408,000 | ||||||
53,400 | K12, Inc.(b) | 1,143,294 | ||||||
26,800 | Kaman Corp. | 1,702,336 | ||||||
1,372,790 | KAR Auction Services, Inc.(a) | 78,166,663 | ||||||
15,100 | Kelly Services, Inc. - Class A | 354,699 | ||||||
28,500 | Kforce, Inc. | 878,370 | ||||||
20,800 | Kimball Electronics, Inc.(b) | 382,720 | ||||||
19,700 | Kinsale Capital Group, Inc. | 1,176,287 | ||||||
32,300 | Kite Realty Group Trust REIT | 511,632 |
67 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
92,686 | KKR Real Estate Finance Trust, Inc. | $ | 1,861,135 | |||||
3,400 | Koppers Holdings, Inc.(b) | 90,949 | ||||||
21,700 | Kraton Corp.(b) | 597,618 | ||||||
453,930 | Laboratory Corp of America Holdings(b) | 72,878,462 | ||||||
35,600 | Ladder Capital Corp. REIT | 599,504 | ||||||
14,800 | Lancaster Colony Corp. | 2,536,424 | ||||||
39,600 | Landec Corp.(b) | 542,124 | ||||||
8,100 | LCNB Corp. | 137,619 | ||||||
21,000 | LeMaitre Vascular, Inc. | 560,700 | ||||||
92,113 | Lendingtree, Inc.(b) | 18,578,271 | ||||||
9,800 | LHC Group, Inc.(b) | 896,014 | ||||||
15,400 | Liberty Expedia Holdings, Inc. - Class A(b) | 668,668 | ||||||
6,100 | Ligand Pharmaceuticals, Inc.(b) | 1,005,341 | ||||||
837,290 | LogMeln, Inc. | 72,107,415 | ||||||
124,958 | Luminex Corp. | 3,595,042 | ||||||
295,000 | Lydall, Inc.(a)(b) | 8,811,650 | ||||||
1,017 | M/I Homes, Inc.(b) | 24,581 | ||||||
5,200 | Magellan Health, Inc.(b) | 338,312 | ||||||
31,000 | ManTech International Corp. - Class A | 1,775,680 | ||||||
24,200 | Marcus & Millichap, Inc.(b) | 840,224 | ||||||
23,500 | Marcus Corp. (The) | 916,970 | ||||||
76,870 | MarketAxess Holdings, Inc. | 16,117,333 | ||||||
12,100 | Marlin Business Services Corp. | 321,618 | ||||||
87,100 | Masimo Corp.(b) | 10,068,760 | ||||||
5,500 | Materion Corp. | 312,565 | ||||||
9,741 | Maxar Technologies Ltd. | 145,621 | ||||||
35,700 | MAXIMUS, Inc. | 2,319,429 | ||||||
22,800 | MBT Financial Corp. | 260,148 | ||||||
27,267 | McGrath RentCorp | 1,455,785 | ||||||
53,400 | MedEquities Realty Trust, Inc. REIT | 441,618 | ||||||
260,000 | Medidata Solutions, Inc.(b) | 18,278,000 | ||||||
1,600 | Medifast, Inc. | 338,688 | ||||||
64,700 | Meridian Bioscience, Inc. | 1,048,787 | ||||||
2,878 | Meritage Homes Corp.(b) | 107,206 | ||||||
2,300 | Methode Electronics, Inc. | 68,079 | ||||||
618,960 | MFA Financial, Inc. REIT | 4,289,393 | ||||||
5,600 | MGE Energy, Inc. | 349,888 | ||||||
145,000 | MGP Ingredients, Inc. | 10,319,650 | ||||||
10,500 | MicroStrategy, Inc. - Class A(b) | 1,322,685 | ||||||
3,100 | Middlefield Banc Corp. | 143,902 | ||||||
19,700 | Middlesex Water Co. | 886,500 | ||||||
15,800 | MidWestOne Financial Group, Inc. | 455,198 | ||||||
32,200 | Milacron Holdings Corp.(b) | 450,800 | ||||||
18,500 | Miller Industries, Inc. | 447,145 | ||||||
111,030 | MINDBODY, Inc. - Class A(b) | 3,535,195 | ||||||
5,800 | MKS Instruments, Inc. | 427,402 | ||||||
83,500 | Monmouth Real Estate Investment Corp. REIT | 1,249,160 | ||||||
55,600 | Monotype Imaging Holdings, Inc. | 974,668 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
23,400 | Moog, Inc. - Class A | $ | 1,674,270 | |||||
16,100 | Movado Group, Inc. | 620,011 | ||||||
677 | Movie Gallery, Inc.(a) | 0 | ||||||
200,400 | MSA Safety, Inc. | 20,929,776 | ||||||
21,900 | MTS Systems Corp. | 1,036,965 | ||||||
8,300 | Murphy USA, Inc.(b) | 669,229 | ||||||
7,900 | MutualFirst Financial, Inc. | 280,529 | ||||||
4,800 | Myers Industries, Inc. | 76,127 | ||||||
903,250 | Nasdaq, Inc. | 78,320,808 | ||||||
6,600 | Nathan’s Famous Inc. | 494,274 | ||||||
84,200 | National CineMedia, Inc. | 753,590 | ||||||
12,900 | National General Holdings Corp. | 359,394 | ||||||
27,500 | National Health Investors, Inc. REIT | 2,020,150 | ||||||
46,028 | National HealthCare Corp. | 3,660,607 | ||||||
87,291 | National Instruments Corp. | 4,274,640 | ||||||
8,900 | National Presto Industries, Inc. | 1,109,563 | ||||||
1,800 | National Western Life Group, Inc. | 484,704 | ||||||
1,200 | Natus Medical, Inc.(b) | 35,855 | ||||||
313,400 | Navigators Group, Inc. (The) | 21,671,610 | ||||||
24,866 | Neogen Corp.(b) | 1,509,864 | ||||||
50,500 | New Jersey Resources Corp. | 2,277,550 | ||||||
245,000 | New Relic, Inc.(b) | 21,866,250 | ||||||
348,992 | New York Community Bancorp, Inc. | 3,343,343 | ||||||
25,900 | NexPoint Residential Trust, Inc., REIT | 923,076 | ||||||
107,000 | Nexteer Automotive Group Ltd. | 150,090 | ||||||
71,200 | NextGen Healthcare, Inc.(b) | 1,051,624 | ||||||
5,900 | NI Holdings, Inc.(b) | 92,275 | ||||||
223,038 | NIC, Inc. | 2,968,636 | ||||||
11,600 | Nicolet Bankshares, Inc.(b) | 619,440 | ||||||
15,400 | Northeast Bancorp | 289,674 | ||||||
12,100 | Northrim Bancorp, Inc. | 460,163 | ||||||
94,300 | Northwest Bancshares, Inc. | 1,522,002 | ||||||
95,834 | Northwest Natural Holding Co. | 6,209,085 | ||||||
38,100 | NorthWestern Corp. | 2,238,756 | ||||||
4,950 | Norwood Financial Corp. | 188,100 | ||||||
297,315 | NuVasive, Inc.(b) | 16,700,184 | ||||||
4,500 | Oil-Dri Corp of America | 139,185 | ||||||
345,000 | Okta, Inc.(b) | 20,134,200 | ||||||
41,900 | Old Second Bancorp, Inc. | 595,818 | ||||||
200,000 | Omnicell, Inc.(b) | 14,140,000 | ||||||
30,700 | ONE Gas, Inc. | 2,422,537 | ||||||
28,600 | One Liberty Properties, Inc. REIT | 741,598 | ||||||
500 | Orrstown Financial Services, Inc. | 10,129 | ||||||
22,400 | Orthofix Medical, Inc.(b) | 1,362,368 | ||||||
32,300 | Otter Tail Corp. | 1,455,761 | ||||||
25,469 | Oxford Industries, Inc. | 2,266,232 | ||||||
147,856 | Pacira Pharmaceuticals, Inc./DE(b) | 7,228,680 | ||||||
43,500 | Par Pacific Holdings, Inc.(b) | 769,080 |
68 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
23,067 | Park National Corp. | $ | 2,108,324 | |||||
11,040 | Parke Bancorp, Inc. | 217,930 | ||||||
19,900 | PC Connection, Inc. | 659,486 | ||||||
19,000 | Peapack Gladstone Financial Corp. | 512,810 | ||||||
16,000 | Pegasystems, Inc. | 856,320 | ||||||
5,500 | PennyMac Financial Services, Inc. - Class A | 109,945 | ||||||
77,700 | Pennymac Mortgage Investment Trust REIT | 1,500,387 | ||||||
133,704 | Penumbra, Inc.(b) | 18,183,744 | ||||||
3,600 | Peoples Bancorp of North Carolina, Inc. | 100,223 | ||||||
23,300 | Peoples Bancorp, Inc. | 797,559 | ||||||
2,600 | Peoples Financial Services Corp. | 110,786 | ||||||
500 | People’s Utah Bancorp | 16,755 | ||||||
45,900 | Perficient, Inc.(b) | 1,148,418 | ||||||
66,800 | Performance Food Group Co.(b) | 1,958,576 | ||||||
3,300 | Perspecta, Inc. | 80,817 | ||||||
28,900 | Phibro Animal Health Corp. - Class A | 1,240,388 | ||||||
84,100 | Piedmont Office Realty Trust, Inc. REIT - Class A | 1,515,482 | ||||||
23,400 | PJT Partners, Inc. - Class A | 1,060,956 | ||||||
11,400 | Plantronics, Inc. | 672,258 | ||||||
11,900 | Plexus Corp.(b) | 694,960 | ||||||
55,800 | PNM Resources, Inc. | 2,143,278 | ||||||
3,400 | PolyOne Corp. | 109,854 | ||||||
53,200 | Portland General Electric Co. | 2,398,256 | ||||||
7,988 | Post Holdings, Inc.(b) | 706,299 | ||||||
6,500 | Preferred Bank | 334,165 | ||||||
15,550 | Premier Financial Bancorp Inc. | 275,857 | ||||||
470,000 | Prestige Brands Holdings, Inc.(b) | 16,995,200 | ||||||
23,300 | Primo Water Corp.(b) | 388,411 | ||||||
19,900 | Primoris Services Corp. | 421,283 | ||||||
47,900 | Progress Software Corp. | 1,539,506 | ||||||
200,000 | Prosperity Bancshares, Inc. | 13,006,000 | ||||||
15,700 | Protective Insurance Corp. B Shares | 361,885 | ||||||
10,000 | Providence Service Corp. (The)(b) | 660,900 | ||||||
3,400 | Provident Financial Holdings, Inc. | 58,819 | ||||||
5,200 | Prudential Bancorp, Inc. | 93,443 | ||||||
16,200 | PS Business Parks, Inc. REIT | 2,115,720 | ||||||
1,035,000 | Pure Storage, Inc. - Class A(b) | 20,886,300 | ||||||
2,275,225 | PureTech Health Plc(a)(b) | 4,943,929 | ||||||
4,900 | PVH Corp. | 591,871 | ||||||
270,000 | Q2 Holdings, Inc.(b) | 14,372,100 | ||||||
18,800 | QAD Inc. | 797,684 | ||||||
2,800 | QCR Holdings, Inc. | 102,004 | ||||||
210,000 | Qualys, Inc.(b) | 14,960,400 | ||||||
47,433 | Quest Diagnostics, Inc. | 4,463,920 | ||||||
54,800 | RadNet, Inc.(b) | 811,040 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
15,500 | RCI Hospitality Holdings, Inc. | $ | 405,790 | |||||
19,300 | Reading International, Inc. - Class A(b) | 280,236 | ||||||
23,136 | Reliance Worldwide Corp. Ltd. | 82,083 | ||||||
27,705 | RenaissanceRe Holdings Ltd. | 3,384,443 | ||||||
13,900 | Republic Bancorp, Inc. - Class A | 623,693 | ||||||
46,000 | Riverview Bancorp, Inc. | 389,620 | ||||||
12,500 | RMR Group Inc. (The) - Class A | 948,500 | ||||||
12,300 | Rocky Brands, Inc. | 353,256 | ||||||
28,700 | Rosetta Stone, Inc.(b) | 596,673 | ||||||
78,620 | Rubius Therapeutics, Inc.(b) | 1,291,727 | ||||||
11,300 | Rush Enterprises, Inc. - Class A | 399,907 | ||||||
49,700 | Ruth’s Hospitality Group Inc. | 1,343,391 | ||||||
29,600 | Ryman Hospitality Properties Inc. REIT | 2,296,664 | ||||||
16,400 | Safety Insurance Group, Inc. | 1,365,792 | ||||||
2,100 | Saia, Inc.(b) | 132,006 | ||||||
675,000 | Sally Beauty Holdings, Inc.(b) | 12,021,750 | ||||||
8,802,540 | Samsonite International SA(a) | 25,256,110 | ||||||
41,987 | Sanderson Farms, Inc. | 4,131,101 | ||||||
43,267 | Seattle Genetics, Inc.(b) | 2,428,577 | ||||||
600 | Select Medical Holdings Corp.(b) | 9,947 | ||||||
34,000 | Selective Insurance Group, Inc. | 2,204,900 | ||||||
400,000 | Sensient Technologies Corp. | 25,944,000 | ||||||
29,200 | Shenandoah Telecommunications Co. | 1,110,184 | ||||||
18,500 | Shore Bancshares, Inc. | 298,220 | ||||||
11,700 | SI Financial Group, Inc. | 154,908 | ||||||
21,000 | Sierra Bancorp | 571,830 | ||||||
8,300 | SilverBow Resources, Inc.(b) | 217,958 | ||||||
600,000 | Simply Good Foods Co. (The)(b) | 11,376,000 | ||||||
31,586 | Sims Metal Management Ltd. | 252,307 | ||||||
29,200 | Simulations Plus, Inc. | 590,132 | ||||||
936,010 | SIX Flags Entertainment Corp. | 50,413,499 | ||||||
6,200 | SJW Corp. | 376,526 | ||||||
8,900 | SMART Global Holdings, Inc.(b) | 249,289 | ||||||
153,857 | Snap-on, Inc. | 23,684,747 | ||||||
8,100 | Southern First Bancshares, Inc.(b) | 290,871 | ||||||
9,200 | Southern Missouri Bancorp, Inc. | 309,764 | ||||||
19,400 | Southern National Bancorp of Virginia, Inc. | 293,134 | ||||||
68,166 | Southwest Gas Holdings, Inc. | 5,267,187 | ||||||
29,400 | SP Plus Corp.(b) | 939,624 | ||||||
5,100 | SpartanNash Co. | 91,035 | ||||||
7,500 | Speedway Motorsports, Inc. | 116,475 | ||||||
30,900 | Spire, Inc. | 2,242,722 | ||||||
63,239 | Splunk, Inc.(b) | 6,313,782 | ||||||
15,000 | SPS Commerce, Inc.(b) | 1,396,350 | ||||||
247,125 | STAAR Surgical Co.(b) | 9,912,184 | ||||||
17,221 | Stamps.com, Inc.(b) | 3,481,570 | ||||||
163,290 | Standex International Corp.(a) | 13,246,085 |
69 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
243,346 | Starwood Property Trust, Inc., REIT | $ | 5,285,475 | |||||
36,200 | State Bank Financial Corp. | 925,634 | ||||||
19,400 | Stepan Co. | 1,602,246 | ||||||
28,400 | Stewart Information Services Corp. | 1,172,352 | ||||||
190,000 | Stock Yards Bancorp, Inc.(a) | 6,024,900 | ||||||
172,360 | Stratasys Ltd.(b) | 3,285,182 | ||||||
400 | Summit Financial Group, Inc. | 8,439 | ||||||
28,261 | Super Micro Computer, Inc.(b) | 370,219 | ||||||
11,300 | Superior Uniform Group, Inc. | 196,507 | ||||||
305,500 | Supernus Pharmaceuticals, Inc.(b) | 14,529,580 | ||||||
49,200 | Sykes Enterprises, Inc.(b) | 1,508,964 | ||||||
12,930 | SYNNEX Corp. | 1,003,497 | ||||||
414,500 | Synopsys, Inc.(b) | 37,110,185 | ||||||
17,500 | Systemax, Inc. | 565,425 | ||||||
215,000 | Talend SA - ADR(b) | 13,319,250 | ||||||
345,701 | Teladoc, Inc.(b) | 23,970,907 | ||||||
260,673 | Teleflex, Inc. | 62,754,418 | ||||||
5,100 | Terreno Realty Corp. REIT | 190,893 | ||||||
11,100 | Territorial Bancorp Inc. | 302,364 | ||||||
35,251 | Tesla Motors, Inc.(b) | 11,890,867 | ||||||
40,800 | Tetra Tech, Inc. | 2,694,432 | ||||||
69,007 | Texas Roadhouse, Inc. | 4,172,163 | ||||||
11,400 | Timberland Bancorp, Inc. | 330,828 | ||||||
32,600 | Tiptree, Inc. | 192,014 | ||||||
1,003 | TiVo Corp. | 11,033 | ||||||
43,100 | TPG RE Finance Trust, Inc. REIT | 854,242 | ||||||
9,200 | Tredegar Corp. | 171,120 | ||||||
315,000 | TreeHouse Foods, Inc.(b) | 14,351,400 | ||||||
6,300 | TriCo Bancshares | 226,926 | ||||||
300,000 | TriMas Corp.(a)(b) | 8,835,000 | ||||||
27,900 | Trinseo SA | 1,503,252 | ||||||
158,688 | Trupanion, Inc.(b) | 4,008,459 | ||||||
51,200 | TrustCo Bank Corp. | 383,488 | ||||||
9,900 | TTEC Holdings, Inc. | 246,708 | ||||||
15,000 | Turning Point Brands, Inc. | 616,500 | ||||||
11,400 | UFP Technologies, Inc.(b) | 393,528 | ||||||
330,000 | UMB Financial Corp. | 21,070,500 | ||||||
11,900 | UniFirst Corp. | 1,776,670 | ||||||
15,900 | United Community Banks, Inc. | 395,433 | ||||||
67,600 | United Community Financial Corp. | 618,540 | ||||||
50,000 | United Financial Bancorp, Inc. | 772,500 | ||||||
20,600 | United Fire Group, Inc. | 1,108,898 | ||||||
26,000 | Unitil Corp. | 1,235,260 | ||||||
24,800 | Universal Insurance Holdings, Inc. | 1,041,104 | ||||||
16,500 | Universal Logistics Holdings, Inc. | 448,305 | ||||||
45,200 | Urstadt Biddle Properties, Inc. - Class A REIT | 899,932 | ||||||
15,500 | US Ecology, Inc. | 1,083,915 | ||||||
11,300 | US Physical Therapy, Inc. | 1,214,976 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
12,300 | USANA Health Sciences, Inc.(b) | $ | 1,439,346 | |||||
7,400 | Utah Medical Products Inc. | 645,132 | ||||||
8,000 | Varex Imaging Corp.(b) | 207,680 | ||||||
108,441 | Vector Group Ltd. | 1,466,122 | ||||||
101,032 | Veeco Instruments, Inc.(b) | 960,814 | ||||||
46,900 | Verint Systems, Inc.(b) | 2,141,923 | ||||||
496,600 | Verisk Analytics, Inc.(b) | 59,512,544 | ||||||
26,000 | Viad Corp. | 1,245,140 | ||||||
14,100 | Village Super Market, Inc. - Class A | 347,424 | ||||||
23,300 | Vishay Intertechnology, Inc. | 426,390 | ||||||
6,200 | Vishay Precision Group, Inc.(b) | 201,190 | ||||||
149,500 | Vonage Holdings Corp.(b) | 1,982,370 | ||||||
5,700 | VSE Corp. | 178,752 | ||||||
17,100 | Walker & Dunlop, Inc. | 717,516 | ||||||
177,400 | Washington Trust Bancorp, Inc.(a) | 9,109,490 | ||||||
63,793 | Waste Connections, Inc. | 4,876,849 | ||||||
238,191 | Waters Corp.(b) | 45,182,451 | ||||||
40,500 | Waterstone Financial Inc. | 661,770 | ||||||
198,150 | Wayfair, Inc. - Class A(b) | 21,853,964 | ||||||
12,500 | Weis Markets, Inc. | 576,875 | ||||||
1,400,000 | Welbilt, Inc.(b) | 26,208,000 | ||||||
14,900 | West Bancorp, Inc. | 327,651 | ||||||
500,300 | West Pharmaceutical Services, Inc.(a) | 52,991,776 | ||||||
54,900 | Western Asset Mortgage Capital Corp. REIT | 547,353 | ||||||
12,300 | Westwood Holdings Group, Inc. | 520,905 | ||||||
12,400 | Weyco Group, Inc. | 392,336 | ||||||
1,800 | Winmark Corp. | 276,642 | ||||||
450,000 | Wolverine World Wide, Inc. | 15,826,500 | ||||||
270,000 | Woodward, Inc. | 19,882,800 | ||||||
992,960 | Worldpay, Inc. - Class A(b) | 91,193,446 | ||||||
835,220 | Wyndham Destinations, Inc. | 29,967,694 | ||||||
1,360,113 | Wyndham Hotels & Resorts, Inc. | 67,039,970 | ||||||
88,600 | Xenia Hotels & Resorts, Inc. REIT | 1,820,730 | ||||||
23,400 | XO Group Inc.(b) | 809,874 | ||||||
812,295 | Yext, Inc.(b) | 15,612,310 | ||||||
77,962 | Zillow Group, Inc. - Class A(b) | 3,147,326 | ||||||
188,335 | Zillow Group, Inc. - Class C(b) | 7,582,367 | ||||||
84,000 | Zix Corp.(b) | 566,160 | ||||||
3,212,845,940 | ||||||||
VIETNAM — 0.0% | ||||||||
6,426 | Kolao Holdings | 11,842 | ||||||
391,530 | PetroVietnam Drilling & Well Services JSC(b) | 279,239 | ||||||
1,088,845 | Saigon - Hanoi Commercial Joint Stock Bank(b) | 359,132 |
70 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
VIETNAM (continued) | ||||||||
291,550 | Vietnam National Petroleum Group | $ | 743,065 | |||||
1,393,278 | ||||||||
Total Common Stocks (Cost $4,939,062,963) | 5,741,773,040 | |||||||
INVESTMENT COMPANY — 0.2% | ||||||||
11,060,948 | SEI Daily Income Trust Government II Fund, Class A 2.01%(c) | 11,060,948 | ||||||
Total Investment Company (Cost $11,060,948) | 11,060,948 | |||||||
EXCHANGE TRADED FUNDS — 5.2% | ||||||||
163,700 | iShares Edge MSCI USA Momentum Factor ETF | 17,560,099 | ||||||
1,140,400 | iShares Global Energy ETF(a) | 38,978,872 | ||||||
2,550,030 | SPDR S&P Oil & Gas Exploration & Production ETF | 91,979,582 | ||||||
2,178,600 | VanEck Vectors Gold Miners ETF | 41,240,898 | ||||||
2,606,365 | VanEck Vectors Junior Gold Miners ETF | 71,205,892 | ||||||
2,104,400 | VanEck Vectors Oil Services ETF | 43,266,464 | ||||||
242,275 | Vanguard Energy ETF | 22,381,365 | ||||||
Total Exchange Traded Funds (Cost $365,062,483) | 326,613,172 | |||||||
RIGHTS/WARRANTS — 0.0% | ||||||||
AUSTRALIA — 0.0% | ||||||||
1,710 | Centrebet Litigation Rights, Expiring 12/1/2049(a)(b) | 0 | ||||||
1,710 | Centrebet Litigation Units, Expiring 12/1/2049(a)(b) | 0 | ||||||
0 | ||||||||
AUSTRIA — 0.0% | ||||||||
9,812 | Intercell Contigent Value Rights AG, Expiring 5/22/2029(a) | 0 | ||||||
INDIA — 0.0% | ||||||||
92 | Hatsun Agro | 78 | ||||||
INDONESIA — 0.0% | ||||||||
796,300 | Medco Energi Internasional Tbk PT Warrants, Expiring 12/11/2020 | 16,133 |
Shares | Value | |||||||
JAPAN — 0.0% | ||||||||
7,700 | Akatsuki Corp.(a) | $ | 5,323 | |||||
NORWAY — 0.0% | ||||||||
3,919 | Magnora Asa(a) | 2,487 | ||||||
SINGAPORE — 0.0% | ||||||||
169,647 | Ezion Holdings Ltd., Expiring 4/16/2023(a) | 0 | ||||||
SOUTH KOREA — 0.0% | ||||||||
10,635 | SK Securities(a) | 1,643 | ||||||
SPAIN — 0.0% | ||||||||
4,430 | Vidrala SA(b) | 17,813 | ||||||
SWEDEN — 0.0% | ||||||||
10,203 | Dustin Group Ab | 1,599 | ||||||
TAIWAN — 0.0% | ||||||||
304,711 | Evergreen Marine Corp.(a) | 0 | ||||||
26,505 | Taichung Commercial Bank Co. Ltd. Rights, Expire 11/23/15(a) | 0 | ||||||
171,760 | Taishin Financial Holding Rights Exp 04 03 2014 | 0 | ||||||
5,243 | Yulon Finance Rts | 0 | ||||||
0 | ||||||||
THAILAND — 0.0% | ||||||||
76,520 | VGI Global Media Public Co. Ltd. | 923 | ||||||
UNITED KINGDOM — 0.0% | ||||||||
128,742 | GVC Holdings Plc. - CVR Shares, Expiring 12/31/2030 | 17,822 | ||||||
53,055 | BTS Group(a) | 0 | ||||||
17,822 | ||||||||
UNITED STATES — 0.0% | ||||||||
9,600 | Ligand Pharmaceuticals, Inc. Contingent Value Rights | 0 | ||||||
Total Rights/Warrants (Cost $13,838) | 63,821 | |||||||
Principal Amount | ||||||||
U.S. GOVERNMENT AGENCIES — 1.3% | ||||||||
Federal Home Loan Bank — 1.3% | ||||||||
$ | 24,000,000 | 2.05%, 11/01/2018(d) | 24,000,000 | |||||
24,000,000 | 2.20%, 12/12/2018(d) | 23,939,040 | ||||||
35,000,000 | 2.32%, 01/25/2019(d) | 34,809,915 | ||||||
Total U.S. Government Agencies (Cost $82,749,520) | 82,748,955 | |||||||
Shares | Value | |||||||
CASH SWEEP — 0.6% | ||||||||
37,572,292 | Citibank - US Dollars on Deposit in Custody Account, 0.12%0.12%(c) | 37,572,292 |
71 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2018 |
Shares | Value | |||||||
$ | ||||||||
Total Cash Sweep (Cost $37,572,292) | 37,572,292 | |||||||
TOTAL INVESTMENTS — 99.6% (Cost $5,435,522,044) | 6,199,832,228 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% | 22,659,830 | |||||||
NET ASSETS — 100.0% | $ | 6,222,492,058 |
(a) | This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $175,612,066 or 2.82% of net assets. |
(b) | Non-income producing security. |
(c) | The rate shown represents the current yield as of October 31, 2018. |
(d) | The rate represents the annualized yield at time of purchase. |
The following abbreviations are used in the report:
ADR — American Depositary Receipt | |
CPO — Certificate of Participation-Common | |
CVR — Contingent Value Rights | |
DVR — Differential Voting Rights | |
FOR — Foreign Ownership Restrictions | |
GDR — Global Depositary Receipt | |
NVDR — Non Voting Depositary Receipt | |
NZD — New Zealand Dollar | |
REIT — Real Estate Investment Trust | |
SDR — Swedish Depositary Receipt | |
USD — U.S. Dollar | |
VVPR — Voter Verified Paper Record |
Portfolio diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Industrials | 17.9 | % | ||
Health Care | 16.3 | |||
Information Technology | 14.9 | |||
Consumer Discretionary | 12.9 | |||
Materials | 7.5 | |||
Consumer Staples | 5.6 | |||
Banks | 5.0 | |||
Energy | 4.3 | |||
Diversified Financials | 3.3 | |||
Insurance | 2.6 | |||
Real Estate | 2.4 | |||
Utilities | 1.3 | |||
Telecommunication Services | 0.7 | |||
Other* | 5.3 | |||
Total | 100.0 | % |
* | Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment companies, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
72 |
Old Westbury Funds, Inc. | |
To the Shareholders and Board of Directors of
Old Westbury Small & Mid Cap Strategies Fund, a fund comprised within Old Westbury Funds, Inc.
Opinion on the Financial Statements and Portfolio of Investments
We have audited the accompanying statements of assets and liabilities of Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) (one of the funds comprising Old Westbury Funds, Inc. (the “Corporation”)), including the condensed portfolio of investments, as of October 31, 2018, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR), and the portfolio of investments as of October 31, 2018 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and portfolio of investments present fairly, in all material respects, the financial position of the Fund at October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and portfolio of investments are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements and portfolio of investments based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and portfolio of investments are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and portfolio of investments. Our procedures included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and portfolio of investments. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Corporation’s auditor since 2006.
New York, New York
December 28, 2018
73 |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | 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 11. | 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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), the registrant’s disclosures required by this Item are limited to any change in the
registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2) | 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)(3) | Not applicable. |
(a)(4) | 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 | ||
(Principal Executive Officer) |
Date | January 4, 2019 |
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 | ||
(Principal Executive Officer) |
Date | January 4, 2019 |
By (Signature and Title)* | /s/ Matthew A. Rizzi | |
Matthew A. Rizzi, Treasurer | ||
(Principal Financial Officer) |
Date | January 4, 2019 |
* Print the name and title of each signing officer under his or her signature.