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: April 30, 2019
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.
Semi-Annual Report
April 30, 2019
BESSEMER INVESTMENT MANAGEMENT LLC
Investment Adviser
Old Westbury Funds, Inc.
Old Westbury Funds, Inc. | |
Disclosure of Fund Expenses | For the Period Ended April 30, 2019 |
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 Nov 1, 2018 through April 30, 2019.
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 11/1/18 | Actual Ending Account Value 04/30/19 | Actual Expenses Paid During Period* 11/1/18-04/30/19 | Actual Expense Ratio During Period** 11/1/18-04/30/19 | |||||||||||||
All Cap Core Fund | $1,000.00 | $1,120.90 | $5.15 | 0.98 | % | |||||||||||
Large Cap Strategies Fund | 1,000.00 | 1,096.80 | 5.77 | 1.11 | % | |||||||||||
All Cap ESG Fund | 1,000.00 | 1,080.00 | 5.16 | 1.00 | % | |||||||||||
Small & Mid Cap Strategies Fund | 1,000.00 | 1,075.20 | 5.71 | 1.11 | % | |||||||||||
Strategic Opportunities Fund | 1,000.00 | 1,055.20 | 6.11 | 1.20 | % | |||||||||||
Fixed Income Fund | 1,000.00 | 1,039.50 | 2.93 | 0.58 | % | |||||||||||
Municipal Bond Fund | 1,000.00 | 1,042.80 | 2.89 | 0.57 | % | |||||||||||
California Municipal Bond Fund | 1,000.00 | 1,025.00 | 2.34 | 0.57 | % | |||||||||||
New York Municipal Bond Fund | 1,000.00 | 1,029.40 | 2.35 | 0.57 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period. For California Municipal Bond Fund and New York Municipal Bond Fund, expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 148/365 to reflect the period from December 1, 2018 (commencement of operations) to April 30, 2019. |
** | Expense ratios are annualized and reflect existing expense waivers/reimbursements. |
3 |
Old Westbury Funds, Inc. | |
Disclosure of Fund Expenses -(Continued) | |
For the Period Ended April 30, 2019 |
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 11/1/18 | Hypothetical Ending Account Value 04/30/19 | Hypothetical Expenses Paid During Period* 11/1/18-04/30/19 | Hypothetical Expense Ratio During Period** 11/1/18-04/30/19 | |||||||||||||
All Cap Core Fund | $1,000.00 | $1,019.93 | $4.91 | 0.98 | % | |||||||||||
Large Cap Strategies Fund | 1,000.00 | 1,019.29 | 5.56 | 1.11 | % | |||||||||||
All Cap ESG Fund | 1,000.00 | 1,019.84 | 5.01 | 1.00 | % | |||||||||||
Small & Mid Cap Strategies Fund | 1,000.00 | 1,019.29 | 5.56 | 1.11 | % | |||||||||||
Strategic Opportunities Fund | 1,000.00 | 1,018.84 | 6.01 | 1.20 | % | |||||||||||
Fixed Income Fund | 1,000.00 | 1,021.92 | 2.91 | 0.58 | % | |||||||||||
Municipal Bond Fund | 1,000.00 | 1,021.97 | 2.86 | 0.57 | % | |||||||||||
California Municipal Bond Fund | 1,000.00 | 1,017.96 | 2.33 | 0.57 | % | |||||||||||
New York Municipal Bond Fund | 1,000.00 | 1,017.96 | 2.33 | 0.57 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 181/365 to reflect the one-half year period. For California Municipal Bond Fund and New York Municipal Bond Fund, expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 148/365 to reflect the period from December 1, 2018 (commencement of operations) to April 30, 2019. |
** | 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.
4 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Portfolio of Investments | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
Banks — 6.0% | ||||||||
1,287,720 | Bank of America Corp. | $ | 39,378,478 | |||||
572,135 | Citigroup, Inc. | 40,449,945 | ||||||
805,270 | Morgan Stanley | 38,854,278 | ||||||
118,682,701 | ||||||||
Communication Services — 9.0% | ||||||||
482,915 | Activision Blizzard, Inc. | 23,281,332 | ||||||
54,820 | Alphabet, Inc. - Class C(a) | 65,152,474 | ||||||
234,385 | Facebook, Inc. - Class A(a) | 45,330,059 | ||||||
346,685 | Tencent Holdings Ltd. | 17,087,293 | ||||||
196,005 | Walt Disney Co. (The) | 26,846,805 | ||||||
177,697,963 | ||||||||
Consumer Discretionary — 11.7% | ||||||||
61,398 | Advance Auto Parts, Inc. | 10,211,715 | ||||||
147,905 | Alibaba Group Holding Ltd. - ADR(a) | 27,446,731 | ||||||
38,680 | Amazon.com, Inc.(a) | 74,517,794 | ||||||
13,621 | Booking Holdings, Inc.(a) | 25,266,819 | ||||||
161,755 | Home Depot, Inc. (The) | 32,949,494 | ||||||
348,365 | NIKE, Inc. - Class B | 30,596,898 | ||||||
2,837,841 | Samsonite International SA | 8,138,868 | ||||||
145,640 | Six Flags Entertainment Corp. | 7,732,028 | ||||||
258,705 | Wyndham Hotels & Resorts, Inc. | 14,415,043 | ||||||
231,275,390 | ||||||||
Consumer Staples — 4.7% | ||||||||
520,705 | Church & Dwight Co., Inc. | 39,026,840 | ||||||
84,816 | Ingredion, Inc. | 8,036,315 | ||||||
32,411 | JM Smucker Co. (The) | 3,974,561 | ||||||
324,630 | PepsiCo, Inc. | 41,568,872 | ||||||
92,606,588 | ||||||||
Diversified Financials — 4.8% | ||||||||
42,891 | BlackRock, Inc. | 20,812,429 | ||||||
119,165 | CME Group, Inc. | 21,318,619 | ||||||
489,615 | Discover Financial Services | 39,898,726 | ||||||
139,872 | Nasdaq, Inc. | 12,896,198 | ||||||
94,925,972 | ||||||||
Energy — 3.7% | ||||||||
217,721 | Apergy Corp.(a) | 8,641,346 | ||||||
705,830 | ConocoPhillips | 44,551,990 | ||||||
124,790 | Pioneer Natural Resources Co. | 20,772,543 | ||||||
73,965,879 | ||||||||
Health Care — 15.2% | ||||||||
663,520 | Baxter International, Inc. | 50,626,576 | ||||||
46,860 | Cooper Cos., Inc. | 13,585,651 | ||||||
286,910 | Danaher Corp. | 37,998,360 | ||||||
51,126 | Laboratory Corp of America Holdings(a) | 8,176,070 | ||||||
963,605 | Pfizer, Inc. | 39,131,999 | ||||||
84,106 | STERIS Plc | 11,016,204 |
Shares | Value | |||||||
Health Care (continued) | ||||||||
40,555 | Teleflex, Inc. | $ | 11,606,030 | |||||
139,450 | Thermo Fisher Scientific, Inc. | 38,690,403 | ||||||
113,555 | UnitedHealth Group, Inc. | 26,466,264 | ||||||
30,437 | Waters Corp.(a) | 6,499,517 | ||||||
77,845 | West Pharmaceutical Services, Inc. | 9,636,433 | ||||||
453,935 | Zoetis, Inc. | 46,228,740 | ||||||
299,662,247 | ||||||||
Industrials — 13.7% | ||||||||
148,200 | Allegion Plc | 14,705,886 | ||||||
165,385 | AO Smith Corp. | 8,694,289 | ||||||
204,000 | Cintas Corp. | 44,296,560 | ||||||
133,652 | Dover Corp. | 13,103,242 | ||||||
416,304 | Fortive Corp. | 35,943,687 | ||||||
78,679 | Harris Corp. | 13,257,412 | ||||||
55,870 | IDEX Corp. | 8,752,594 | ||||||
273,926 | KAR Auction Services, Inc. | 15,471,340 | ||||||
211,625 | Raytheon Co. | 37,582,484 | ||||||
755,176 | Rentokil Initial Plc | 3,848,544 | ||||||
319,580 | Safran SA | 46,582,521 | ||||||
77,260 | Verisk Analytics, Inc. | 10,904,476 | ||||||
157,540 | Waste Management, Inc. | 16,910,344 | ||||||
270,053,379 | ||||||||
Information Technology — 20.2% | ||||||||
59,740 | ANSYS, Inc.(a) | 11,697,091 | ||||||
182,985 | Apple, Inc. | 36,719,600 | ||||||
81,800 | CDW Corp. | 8,638,079 | ||||||
188,073 | CoreLogic, Inc.(a) | 7,637,645 | ||||||
287,290 | Fidelity National Information Services, Inc. | 33,305,530 | ||||||
796,780 | Microsoft Corp. | 104,059,468 | ||||||
200,460 | salesforce.com, Inc.(a) | 33,146,061 | ||||||
131,765 | ServiceNow, Inc.(a) | 35,775,515 | ||||||
112,850 | Synopsys, Inc.(a) | 13,663,877 | ||||||
365,945 | Texas Instruments, Inc. | 43,119,299 | ||||||
357,645 | Visa, Inc. - Class A | 58,807,567 | ||||||
100,823 | Worldpay, Inc. - Class A(a) | 11,817,464 | ||||||
398,387,196 | ||||||||
Insurance — 2.1% | ||||||||
285,545 | CHUBB Ltd. | 41,461,134 | ||||||
Materials — 2.3% | ||||||||
96,458 | AptarGroup, Inc. | 10,729,988 | ||||||
376,750 | Axalta Coating Systems Ltd.(a) | 10,164,715 | ||||||
372,555 | Rio Tinto Ltd. | 25,111,094 | ||||||
46,005,797 | ||||||||
Real Estate — 1.8% | ||||||||
179,055 | American Tower Corp. REIT | 34,969,442 | ||||||
Utilities — 3.0% | ||||||||
372,935 | Ameren Corp. | 27,138,480 |
5 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
Utilities (continued) | ||||||||
304,220 | American Water Works Co., Inc. | $ | 32,913,562 | |||||
60,052,042 | ||||||||
Total Common Stocks (Cost $1,413,701,737) | 1,939,745,730 | |||||||
INVESTMENT COMPANY — 1.9% | ||||||||
37,153,790 | SEI Daily Income Trust Government II Fund, Class A, 2.25%(b) | 37,153,790 | ||||||
Total Investment Company (Cost $37,153,789) | 37,153,790 | |||||||
TOTAL INVESTMENTS — 100.1% (Cost $1,450,855,526) | $ | 1,976,899,520 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (2,136,527 | ) | ||||||
NET ASSETS — 100.0% | $ | 1,974,762,993 |
(a) | Non-income producing security. |
(b) | The rate shown represents the current yield as of April 30, 2019. |
The following abbreviations are used in the report:
ADR-American Depositary Receipt
REIT-Real Estate Investment Trust
Portfolio Diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Information Technology | 20.2 | % | ||
Health Care | 15.2 | |||
Industrials | 13.7 | |||
Consumer Discretionary | 11.7 | |||
Communication Services | 9.0 | |||
Banks | 6.0 | |||
Diversified Financials | 4.8 | |||
Consumer Staples | 4.7 | |||
Energy | 3.7 | |||
Utilities | 3.0 | |||
Materials | 2.3 | |||
Insurance | 2.1 | |||
Real Estate | 1.8 | |||
Other* | 1.8 | |||
100.0 | % |
* | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
6 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
AUSTRALIA — 1.2% | ||||||||
552,000 | Atlassian Corp. Plc - Class A(a) | $ | 60,802,800 | |||||
88,633 | Caltex Australia Ltd. | 1,699,563 | ||||||
787,360 | CSL Ltd. | 110,436,535 | ||||||
415,108 | Oil Search Ltd. | 2,273,311 | ||||||
499,214 | Origin Energy Ltd. | 2,594,200 | ||||||
633,555 | Santos Ltd. | 3,206,177 | ||||||
6,305,988 | St Barbara Ltd.(b) | 14,245,174 | ||||||
73,672 | Washington H. Soul Pattinson & Co. Ltd. | 1,194,892 | ||||||
332,234 | Woodside Petroleum Ltd. | 8,282,505 | ||||||
135,547 | WorleyParsons Ltd. | 1,365,874 | ||||||
206,101,031 | ||||||||
AUSTRIA — 0.0% | ||||||||
55,564 | OMV AG | 2,980,415 | ||||||
BELGIUM — 0.3% | ||||||||
5,500 | Colruyt SA | 397,041 | ||||||
375,762 | Galapagos NV - ADR(a)(b) | 43,212,630 | ||||||
2,770 | Orange Belgium SA | 58,116 | ||||||
43,667,787 | ||||||||
BERMUDA — 0.0% | ||||||||
3,169 | Axis Capital Holdings Ltd. | 180,158 | ||||||
BRAZIL — 1.7% | ||||||||
17,655,200 | Ambev SA | 83,163,282 | ||||||
2,651,430 | Ambev SA - ADR | 12,488,235 | ||||||
1,040,454 | B3 SA - Brasil Bolsa Balcao | 9,167,755 | ||||||
2,327,029 | Banco Bradesco SA - ADR | 21,082,883 | ||||||
326,536 | Cia Brasileira de Distribuicao - ADR | 8,019,724 | ||||||
119,951 | Cosan SA Industria e Comercio | 1,428,913 | ||||||
4,129,180 | Embraer SA | 20,661,169 | ||||||
2,190,274 | Itau Unibanco Holding SA - ADR | 18,945,870 | ||||||
2,286,308 | Linx SA(b) | 18,897,565 | ||||||
614,300 | Localiza Rent a Car SA | 5,716,714 | ||||||
1,938,900 | Pagseguro Digital Ltd.(a) | 50,527,734 | ||||||
1,019,104 | Petroleo Brasileiro SA | 7,799,676 | ||||||
346,600 | Raia Drogasil SA | 6,061,147 | ||||||
240,564 | Ultrapar Participacoes SA | 1,290,215 | ||||||
2,607,160 | WEG SA | 12,420,430 | ||||||
277,671,312 | ||||||||
CANADA — 2.4% | ||||||||
222,673 | ARC Resources Ltd. | 1,414,456 | ||||||
75,796 | Bank of Montreal | 5,986,962 | ||||||
99,060 | Bank of Nova Scotia (The) | 5,455,435 | ||||||
121,107 | Cameco Corp. | 1,336,091 | ||||||
748,127 | Canadian Apartment Properties REIT | 26,765,491 | ||||||
66,145 | Canadian Imperial Bank of Commerce | 5,569,767 | ||||||
440,844 | Canadian Natural Resources Ltd. | 13,234,863 | ||||||
340,203 | Cenovus Energy, Inc. | 3,372,319 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
577,371 | Choice Properties Real Estate Investment Trust, REIT | $ | 5,878,436 | |||||
2,379 | Cineplex, Inc. | 45,495 | ||||||
361,228 | Enbridge, Inc. | 13,343,762 | ||||||
342,005 | Enbridge, Inc. | 12,634,043 | ||||||
528,255 | Encana Corp. | 3,659,182 | ||||||
76,930 | George Weston Ltd. | 5,744,053 | ||||||
143,432 | Husky Energy, Inc. | 1,556,693 | ||||||
97,295 | Imperial Oil Ltd. | 2,826,544 | ||||||
125,857 | Inter Pipeline Ltd. | 2,049,862 | ||||||
63,497 | Keyera Corp. | 1,467,394 | ||||||
119,167 | National Bank of Canada | 5,676,822 | ||||||
533,153 | Open Text Corp. | 20,495,170 | ||||||
177,043 | Pembina Pipeline Corp. | 6,330,044 | ||||||
2,710,866 | Peyto Exploration & Development Corp.(b) | 12,242,098 | ||||||
105,774 | PrairieSky Royalty Ltd. | 1,524,592 | ||||||
1,532,055 | Restaurant Brands International, Inc. | 99,951,268 | ||||||
73,633 | Royal Bank of Canada | 5,868,325 | ||||||
196,159 | Seven Generations Energy Ltd. - Class A(a) | 1,537,411 | ||||||
267,000 | Shopify, Inc. - Class A(a) | 65,022,510 | ||||||
571,615 | Suncor Energy, Inc. | 18,850,452 | ||||||
228,857 | Thomson Reuters Corp. | 14,142,772 | ||||||
99,996 | Toronto-Dominion Bank (The) | 5,704,035 | ||||||
1,156,588 | Tourmaline Oil Corp. | 17,292,272 | ||||||
319,952 | TransCanada Corp. | 15,270,382 | ||||||
69,606 | Vermilion Energy, Inc. | 1,777,429 | ||||||
404,026,430 | ||||||||
CHILE — 0.0% | ||||||||
206,295 | Banco Santander Chile - ADR | 5,776,259 | ||||||
114,647 | Empresas COPEC SA | 1,438,800 | ||||||
7,215,059 | ||||||||
CHINA — 4.9% | ||||||||
215,151 | 51Job, Inc. - ADR(a) | 19,867,043 | ||||||
1,524,826 | AAC Technologies Holdings, Inc. | 9,905,515 | ||||||
1,350,091 | Alibaba Group Holding Ltd. - ADR(a) | 250,536,387 | ||||||
76,694 | Autohome, Inc. - ADR(a) | 8,857,390 | ||||||
75,951 | Baidu, Inc. - ADR(a) | 12,625,335 | ||||||
223,171 | China Lesso Group Holdings Ltd. | 158,033 | ||||||
9,584,900 | China Petroleum & Chemical Corp. - H Shares | 7,368,005 | ||||||
1 | China SCE Group Holdings Ltd. | 0 | ||||||
32,267,477 | China Shenhua Energy Co. Ltd. - H Shares(b) | 71,422,806 | ||||||
6,447,755 | CNOOC Ltd. | 11,711,279 | ||||||
116,432 | CNOOC Ltd. - ADR | 21,153,366 | ||||||
4,974,114 | CSPC Pharmaceutical Group Ltd. | 9,601,191 | ||||||
211,335 | Ctrip.com International Ltd. - ADR(a) | 9,309,307 |
7 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
CHINA (continued) | ||||||||
2,728,058 | ENN Energy Holdings Ltd. | $ | 25,782,838 | |||||
3,768,956 | Haitian International Holdings Ltd. | 9,451,038 | ||||||
193,076 | JD.Com, Inc. - ADR(a) | 5,844,411 | ||||||
7,417,761 | PetroChina Co. Ltd. - H Shares | 4,702,073 | ||||||
1,269,500 | Ping An Insurance Group Co. of China Ltd. - H Shares | 15,366,873 | ||||||
1,380,458 | Shenzhou International Group Holdings Ltd. | 18,554,497 | ||||||
1,175,243 | Sunny Optical Technology Group Co. Ltd. | 14,376,869 | ||||||
5,756,080 | Tencent Holdings Ltd. | 283,703,729 | ||||||
108,084 | Weibo Corp. - ADR(a) | 7,403,753 | ||||||
817,701,738 | ||||||||
COLUMBIA — 0.1% | ||||||||
318,823 | Bancolombia SA - ADR | 16,170,703 | ||||||
2,112,301 | Ecopetrol SA | 1,950,118 | ||||||
18,120,821 | ||||||||
CZECH REPUBLIC — 0.1% | ||||||||
323,870 | Komercni Banka AS | 12,286,341 | ||||||
DENMARK — 0.3% | ||||||||
336 | ALK-Abello AS(a) | 57,158 | ||||||
543,826 | H. Lundbeck A/S(b) | 22,926,869 | ||||||
830,392 | Tryg A/S(b) | 25,413,873 | ||||||
48,397,900 | ||||||||
EGYPT — 0.1% | ||||||||
2,308,522 | Commercial International Bank Egypt SAE - GDR | 10,118,577 | ||||||
59,397 | ElSewedy Electric Co. | 54,024 | ||||||
10,172,601 | ||||||||
FAEROE ISLANDS — 0.1% | ||||||||
368,230 | Bakkafrost(b) | 18,913,507 | ||||||
FINLAND — 0.7% | ||||||||
134,633 | Neste Oyj | 4,449,997 | ||||||
2,495,580 | Sampo Oyj - A Shares(b) | 114,268,308 | ||||||
118,718,305 | ||||||||
FRANCE — 1.2% | ||||||||
400,189 | Korian SA(b) | 16,109,254 | ||||||
494,072 | L’Oreal SA | 135,896,264 | ||||||
843,298 | TOTAL SA | 46,879,749 | ||||||
198,885,267 | ||||||||
GEORGIA — 0.0% | ||||||||
179,060 | Bank Of Georgia Group Plc | 4,018,835 | ||||||
GERMANY — 0.4% | ||||||||
52,184 | SAP SE | 6,726,974 | ||||||
1,314,000 | Zalando SE(a)(b) | 61,924,429 | ||||||
68,651,403 |
Shares | Value | |||||||
GREECE — 0.0% | ||||||||
51,919 | Motor Oil (Hellas) Corinth Refineries SA(b) | $ | 1,324,052 | |||||
HONG KONG — 1.6% | ||||||||
10,887,026 | AIA Group Ltd. | 111,477,002 | ||||||
815,809 | ASM Pacific Technology Ltd. | 9,462,592 | ||||||
989,000 | Henderson Land Development Co. Ltd. | 6,095,357 | ||||||
2,530,000 | Hong Kong & China Gas Co. Ltd. | 6,039,765 | ||||||
641,732 | Hong Kong Exchanges and Clearing Ltd. | 22,293,016 | ||||||
417,185 | Jardine Matheson Holdings Ltd.(b) | 27,463,323 | ||||||
529,840 | Jardine Strategic Holdings Ltd.(b) | 20,043,398 | ||||||
1,354,361 | Kunlun Energy Co. Ltd. | 1,432,588 | ||||||
1,005,500 | MTR Corp. Ltd. | 5,990,200 | ||||||
37,254,578 | Sino Biopharmaceutical Ltd. | 35,868,221 | ||||||
39,048 | Stella International Holdings Ltd. | 69,289 | ||||||
337,500 | Sun Hung Kai Properties Ltd. | 5,824,692 | ||||||
1,208,000 | Techtronic Industries Co. Ltd. | 8,741,691 | ||||||
5,961 | VTech Holdings Ltd. | 54,464 | ||||||
4,955,810 | Yue Yuen Industrial Holdings Ltd.(b) | 16,007,167 | ||||||
63,549 | Yuexiu Transport Infrastructure Ltd. | 51,792 | ||||||
276,914,557 | ||||||||
HUNGARY — 0.0% | ||||||||
145,735 | MOL Hungarian Oil & Gas Plc | 1,678,236 | ||||||
INDIA — 2.8% | ||||||||
1,542,000 | Asian Paints Ltd. | 32,438,155 | ||||||
267,015 | Bharat Petroleum Corp. Ltd. | 1,462,290 | ||||||
398,011 | Coal India Ltd. | 1,443,021 | ||||||
75,233 | Eicher Motors Ltd. | 22,039,080 | ||||||
7,469,756 | Housing Development Finance Corp. Ltd.(b) | 214,298,965 | ||||||
662,595 | Indian Oil Corp. Ltd. | 1,508,635 | ||||||
1,557,292 | Infosys Ltd. | 16,773,551 | ||||||
792,931 | Kotak Mahindra Bank Ltd. | 15,813,414 | ||||||
674,036 | Maruti Suzuki India Ltd. | 64,585,798 | ||||||
6,814,500 | Motherson Sumi Systems Ltd. | 14,365,155 | ||||||
704,052 | Oil & Natural Gas Corp. Ltd. | 1,713,114 | ||||||
33,881 | Power Finance Corp Ltd(a) | 56,333 | ||||||
984,860 | Reliance Industries Ltd. | 19,730,171 | ||||||
460,937 | Tata Consultancy Services, Ltd. | 14,982,517 | ||||||
3,209,000 | Titan Co. Ltd. | 53,441,559 | ||||||
474,651,758 | ||||||||
INDONESIA — 0.3% | ||||||||
15,109,242 | Adaro Energy Tbk PT | 1,386,091 | ||||||
22,355,349 | Astra International Tbk PT | 11,967,239 | ||||||
6,542,422 | Bank Central Asia Tbk PT | 13,216,178 | ||||||
72,448,468 | Bank Rakyat Indonesia Persero Tbk PT | 22,274,671 |
8 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
4,855,000 | Bukit Asam Tbk PT | $ | 1,350,676 | |||||
178,623 | Telekomunikasi Indonesia Persero Tbk PT | 47,565 | ||||||
819,300 | United Tractors Tbk PT | 1,564,561 | ||||||
51,806,981 | ||||||||
IRELAND — 1.0% | ||||||||
215,724 | Accenture Plc - Class A | 39,406,303 | ||||||
637,000 | Aptiv PLC | 54,590,900 | ||||||
631,795 | Medtronic Plc | 56,109,714 | ||||||
150,780 | Paddy Power Betfair Plc | 12,762,129 | ||||||
162,869,046 | ||||||||
ISRAEL — 0.0% | ||||||||
836,867 | Bank Hapoalim BM | 6,160,860 | ||||||
527 | Taro Pharmaceutical Industries Ltd. | 56,605 | ||||||
6,217,465 | ||||||||
ITALY — 0.1% | ||||||||
902,667 | ENI SpA | 15,382,537 | ||||||
789,236 | Snam SpA | 4,017,925 | ||||||
19,400,462 | ||||||||
JAPAN — 4.5% | ||||||||
1,952,980 | Asahi Kasei Corp. | 20,128,135 | ||||||
193,400 | Canon, Inc. | 5,366,478 | ||||||
1,209,730 | DCM Holdings Co. Ltd.(b) | 11,991,068 | ||||||
67,000 | Fast Retailing Co. Ltd. | 38,765,566 | ||||||
902,765 | Fujifilm Holdings Corp. | 42,173,843 | ||||||
114 | Heiwa Real Estate REIT, Inc. REIT | 128,717 | ||||||
1,959 | Heiwado Co. Ltd. | 36,095 | ||||||
80,961 | Idemitsu Kosan Co. Ltd. | 2,630,571 | ||||||
296,362 | Inpex Corp. | 2,883,252 | ||||||
556,622 | Japan Airlines Co. Ltd. | 18,153,336 | ||||||
1,143,207 | JXTG Holdings, Inc. | 5,561,923 | ||||||
304,717 | Kaken Pharmaceutical Co. Ltd.(b) | 13,052,943 | ||||||
304,067 | Keyence Corp. | 189,979,175 | ||||||
1,009 | Kura Corp. | 43,662 | ||||||
2,918 | Mochida Pharmaceutical Co. Ltd. | 135,527 | ||||||
5,894 | Nagoya Railroad Co. Ltd. | 159,757 | ||||||
7,995 | Nakanishi, Inc. | 153,948 | ||||||
1,423,891 | Nippon Kayaku Co. Ltd.(b) | 16,732,810 | ||||||
866,724 | Nippon Telegraph & Telephone Corp. | 36,063,027 | ||||||
1,735,170 | Nomura Research Institute Ltd.(b) | 84,934,696 | ||||||
6,274,082 | NTT Data Corp.(b) | 73,162,078 | ||||||
2,239 | Ohsho Food Service Corp. | 145,811 | ||||||
1,047,918 | Osaka Gas Co. Ltd. | 19,385,359 | ||||||
526,000 | PeptiDream, Inc.(a) | 28,493,395 | ||||||
807,881 | Sankyo Co. Ltd.(b) | 31,905,927 | ||||||
258,109 | Sanrio Co. Ltd. | 5,900,476 | ||||||
230,085 | Sawai Pharmaceutical Co. Ltd. | 12,362,464 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
188,790 | Secom Co. Ltd. | $ | 15,883,158 | |||||
2,513,250 | Terumo Corp. | 75,846,496 | ||||||
1,195 | Toei Animation Co. Ltd. | 59,403 | ||||||
3,394 | Tokyo Gas Co. Ltd. | 86,351 | ||||||
343,979 | Zensho Holdings Co. Ltd. | 7,753,494 | ||||||
760,058,941 | ||||||||
KENYA — 0.1% | ||||||||
1,565,379 | East African Breweries Ltd. | 3,440,766 | ||||||
49,502,720 | Safaricom Plc | 13,785,399 | ||||||
17,226,165 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
41,167 | L’Occitane International SA | 73,978 | ||||||
131,410 | Tenaris SA | 1,821,590 | ||||||
600,158 | Tenaris SA - ADR | 16,648,383 | ||||||
18,543,951 | ||||||||
MACAU — 0.2% | ||||||||
4,948,200 | Sands China Ltd. | 27,235,691 | ||||||
MEXICO — 0.4% | ||||||||
141,286 | Fomento Economico Mexicano SAB de CV - ADR | 13,788,101 | ||||||
75,928 | Grupo Aeroportuario del Sureste SAB de CV - ADR | 12,493,952 | ||||||
3,200,072 | Grupo Financiero Banorte SAB de CV - Series O | 20,276,280 | ||||||
5,657,745 | Wal-Mart de Mexico SAB de CV | 16,623,091 | ||||||
63,181,424 | ||||||||
NETHERLANDS — 2.0% | ||||||||
63,270 | Adyen NV(a) | 51,565,136 | ||||||
496,288 | ASML Holding NV | 103,630,629 | ||||||
396,000 | ASML Holding NV | 82,692,720 | ||||||
29,616 | Koninklijke Vopak NV | 1,322,450 | ||||||
1,596,524 | Royal Dutch Shell Plc - A Shares | 50,867,600 | ||||||
1,322,475 | Royal Dutch Shell Plc - B Shares | 42,680,778 | ||||||
332,759,313 | ||||||||
NORWAY — 0.4% | ||||||||
51,408 | Aker BP ASA | 1,696,848 | ||||||
987,875 | Austevoll Seafood ASA(b) | 11,508,617 | ||||||
432,985 | Equinor ASA | 9,651,945 | ||||||
841,258 | Salmar ASA(b) | 38,264,420 | ||||||
61,121,830 | ||||||||
PAKISTAN — 0.0% | ||||||||
1,348,545 | Oil & Gas Development Co. Ltd. | 1,341,723 | ||||||
PANAMA — 0.1% | ||||||||
134,303 | Copa Holdings SA - Class A | 11,182,068 | ||||||
PERU — 0.1% | ||||||||
75,420 | Credicorp. Ltd. | 17,866,998 |
9 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
PHILIPPINES — 0.0% | ||||||||
267,734 | DMCI Holdings, Inc. | $ | 57,353 | |||||
39,423 | JG Summit Holdings, Inc. | 49,918 | ||||||
107,271 | ||||||||
POLAND — 0.3% | ||||||||
54,936 | Grupa Lotos SA | 1,196,944 | ||||||
1,571,233 | Polski Koncern Naftowy ORLEN SA(b) | 40,340,588 | ||||||
9,853,489 | Polskie Gornictwo Naftowe I Gazownictwo SA(b) | 14,983,909 | ||||||
56,521,441 | ||||||||
PORTUGAL — 0.0% | ||||||||
178,351 | Galp Energia SGPS SA | 2,990,292 | ||||||
QATAR — 0.0% | ||||||||
5,049 | Ooredoo QPSC | 90,202 | ||||||
1,464 | Qatar Islamic Bank SAQ | 67,108 | ||||||
1,114 | Qatar National Bank QPSC | 59,921 | ||||||
3,301 | Qatar Navigation QSC | 61,324 | ||||||
278,555 | ||||||||
RUSSIA — 0.7% | ||||||||
412,591 | Lukoil PJSC - ADR | 35,276,531 | ||||||
168,172 | NovaTek PJSC - GDR | 32,445,033 | ||||||
1,761,700 | Sberbank of Russia PJSC - ADR | 25,456,565 | ||||||
596,143 | Sberbank of Russia PJSC - ADR | 8,545,064 | ||||||
224,579 | Yandex NV - Class A(a) | 8,405,992 | ||||||
110,129,185 | ||||||||
SINGAPORE — 0.0% | ||||||||
4,189,100 | Mapletree Commercial Trust, REIT | 5,946,905 | ||||||
SOUTH AFRICA — 0.4% | ||||||||
220,439 | Aspen Pharmacare Holdings Ltd. | 1,588,459 | ||||||
1,472,922 | Discovery Ltd. | 14,842,861 | ||||||
88,491 | Exxaro Resources Ltd. | 1,012,621 | ||||||
63,532 | Naspers Ltd. - Class N | 16,343,641 | ||||||
430,589 | Sasol Ltd. | 14,285,410 | ||||||
1,475,715 | Standard Bank Group Ltd. | 20,609,625 | ||||||
68,682,617 | ||||||||
SOUTH KOREA — 0.9% | ||||||||
53,613 | Amorepacific Corp. | 9,547,021 | ||||||
183,861 | Coway Co. Ltd. | 13,816,256 | ||||||
463,487 | Hankook Tire Co. Ltd. | 15,770,576 | ||||||
1,621,752 | LG Display Co. Ltd.(a) | 27,577,527 | ||||||
23,299 | LG Household & Health Care Ltd. | 28,390,457 | ||||||
13,160 | LG Uplus Corp. | 161,199 | ||||||
548 | S-1 Corp. | 45,992 | ||||||
47,709 | Samsung Electronics Co. Ltd. - GDR | 46,814,571 | ||||||
18,561 | SK Innovation Co. Ltd. | 2,902,178 | ||||||
145,025,777 |
Shares | Value | |||||||
SPAIN — 0.1% | ||||||||
79,512 | Enagas SA | $ | 2,268,115 | |||||
479,236 | Repsol SA | 8,132,041 | ||||||
10,400,156 | ||||||||
SWEDEN — 1.1% | ||||||||
4,627,051 | Atlas Copco AB - A Shares(b) | 144,430,190 | ||||||
73,586 | Lundin Petroleum AB | 2,396,418 | ||||||
342,156 | Spotify Technology SA(a) | 46,454,520 | ||||||
193,281,128 | ||||||||
SWITZERLAND — 0.7% | ||||||||
552,550 | Coca-Cola HBC AG - CDI | 19,789,765 | ||||||
18,774 | Helvetia Holdings AG | 11,930,393 | ||||||
846,395 | TE Connectivity Ltd. | 80,957,682 | ||||||
740 | Valiant Holding AG | 82,985 | ||||||
112,760,825 | ||||||||
TAIWAN — 1.5% | ||||||||
876,740 | Airtac International Group | 11,745,356 | ||||||
9,433,100 | Chang Hwa Commercial Bank Ltd.(b) | 5,650,786 | ||||||
16,377,561 | Chunghwa Telecom Co. Ltd.(b) | 58,995,571 | ||||||
1,349,541 | Eclat Textile Co. Ltd. | 19,292,412 | ||||||
430,287 | Formosa Petrochemical Corp. | 1,596,812 | ||||||
3,596,020 | Hon Hai Precision Industry Co. Ltd. | 10,123,978 | ||||||
98,000 | Largan Precision Co. Ltd. | 14,712,009 | ||||||
34,652 | Shanghai Commercial & Savings Bank Ltd. (The) | 55,885 | ||||||
15,435,280 | Taiwan Business Bank | 6,373,254 | ||||||
9,153,040 | Taiwan Cooperative Financial Holding Co. Ltd. | 6,075,096 | ||||||
7,770,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 65,237,170 | ||||||
18,729,496 | Uni-President Enterprises Corp.(b) | 44,513,978 | ||||||
1,194,788 | Vanguard International Semiconductor Corp. | 2,654,850 | ||||||
247,027,157 | ||||||||
THAILAND — 1.0% | ||||||||
16,186,000 | Airports of Thailand Public Co. Ltd. | 34,744,480 | ||||||
45,908,900 | CP ALL Public Co. Ltd.(b) | 111,519,606 | ||||||
4,726,900 | Siam Commercial Bank Public Co. Ltd. | 19,406,619 | ||||||
165,670,705 | ||||||||
TURKEY — 0.1% | ||||||||
14,369,359 | Soda Sanayii AS(b) | 18,695,598 | ||||||
56,682 | Tupras Turkiye Petrol Rafinerileri AS | 1,172,347 | ||||||
19,867,945 | ||||||||
UNITED ARAB EMIRATES — 0.1% | ||||||||
2 | Dana Gas PJSC | 1 | ||||||
702,242 | DP World Ltd. | 14,033,857 |
10 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED ARAB EMIRATES (continued) | ||||||||
6,504,239 | Emaar Properties PJSC | $ | 8,522,973 | |||||
58,092 | Emirates Telecommunications Group Co. PJSC | 264,173 | ||||||
22,821,004 | ||||||||
UNITED KINGDOM — 2.0% | ||||||||
153,052 | Abcam Plc | 2,604,880 | ||||||
7,016,595 | BP Plc | 51,022,678 | ||||||
4,561,838 | Compass Group Plc(b) | 103,799,580 | ||||||
242,406 | John Wood Group Plc | 1,486,134 | ||||||
3,579,301 | RELX Plc(b) | 82,011,297 | ||||||
120,779 | TechnipFMC Plc | 2,969,956 | ||||||
11,186 | TechnipFMC Plc | 276,275 | ||||||
118,728 | Ultra Electronics Holdings Plc | 2,469,514 | ||||||
1,547,439 | Unilever NV | 93,627,516 | ||||||
340,267,830 | ||||||||
UNITED STATES — 60.0% | ||||||||
546,834 | 3M Co. | 103,630,511 | ||||||
352,725 | Abbott Laboratories | 28,062,801 | ||||||
847,710 | AbbVie, Inc. | 67,299,697 | ||||||
80,000 | ABIOMED, Inc.(a) | 22,192,800 | ||||||
226,300 | Agilent Technologies, Inc. | 17,764,550 | ||||||
2,686,702 | AGNC Investment Corp. REIT | 47,796,429 | ||||||
551,485 | Air Products & Chemicals, Inc. | 113,490,098 | ||||||
201,000 | Align Technology, Inc.(a) | 65,260,680 | ||||||
63,987 | Allstate Corp. (The) | 6,338,552 | ||||||
36,500 | Alphabet, Inc. - Class A(a) | 43,762,040 | ||||||
200,833 | Alphabet, Inc. - Class C(a) | 238,686,004 | ||||||
219,493 | Amazon.com, Inc.(a) | 422,857,654 | ||||||
989,995 | American Express Co. | 116,057,114 | ||||||
149,325 | American Tower Corp. REIT | 29,163,173 | ||||||
59,229 | American Water Works Co., Inc. | 6,407,986 | ||||||
335,500 | AMETEK, Inc. | 29,581,035 | ||||||
196,389 | Amgen, Inc. | 35,216,475 | ||||||
176,034 | Anadarko Petroleum Corp. | 12,824,077 | ||||||
1,583,419 | Annaly Capital Management, Inc. REIT | 15,976,698 | ||||||
899 | Anthem, Inc. | 236,464 | ||||||
134,611 | Apache Corp. | 4,430,048 | ||||||
3,312,648 | Apollo Commercial Real Estate Finance, Inc. REIT(b) | 62,079,023 | ||||||
836,009 | Apple, Inc. | 167,761,926 | ||||||
307,209 | Arthur J Gallagher & Co. | 25,688,817 | ||||||
416,825 | Assurant, Inc. | 39,598,375 | ||||||
15,846 | Atrion Corp.(b) | 13,944,480 | ||||||
893,571 | Automatic Data Processing, Inc. | 146,894,137 | ||||||
29,256 | AvalonBay Communities, Inc. | 5,878,408 | ||||||
173,185 | Baker Hughes a GE Co. | 4,159,904 | ||||||
2,903,700 | Bank of America Corp. | 88,795,146 | ||||||
384,810 | Baxter International, Inc. | 29,361,003 | ||||||
340,415 | Becton Dickinson and Co. | 81,951,507 | ||||||
755,215 | Berkshire Hathaway, Inc. - Class B(a) | 163,662,643 | ||||||
332,774 | Big Lots, Inc. | 12,365,882 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
336,000 | BioMarin Pharmaceutical, Inc.(a) | $ | 28,738,080 | |||||
82,688 | Boeing Co. (The) | 31,230,431 | ||||||
59,472 | Booking Holdings, Inc.(a) | 110,319,965 | ||||||
3,735,700 | Boston Scientific Corp.(a) | 138,669,184 | ||||||
893,131 | Brinker International, Inc. | 38,199,213 | ||||||
184 | Broadcom, Inc. | 58,586 | ||||||
423,250 | Broadridge Financial Solutions, Inc. | 49,998,523 | ||||||
82,153 | Brown & Brown, Inc. | 2,608,358 | ||||||
160,198 | Cabot Oil & Gas Corp. | 4,147,526 | ||||||
924,000 | Charles Schwab Corp. (The) | 42,300,720 | ||||||
578,344 | Cheesecake Factory, Inc. (The) | 28,697,429 | ||||||
72,006 | Cheniere Energy, Inc.(a) | 4,633,586 | ||||||
675,139 | Chevron Corp. | 81,057,188 | ||||||
43,010 | Cimarex Energy Co. | 2,953,067 | ||||||
1,391,925 | Cisco Systems, Inc. | 77,878,204 | ||||||
86,392 | Citigroup, Inc. | 6,107,914 | ||||||
575,862 | Clorox Co. (The) | 91,982,438 | ||||||
1,314,164 | Colgate-Palmolive Co. | 95,657,998 | ||||||
1,647 | Conagra Brands, Inc. | 50,695 | ||||||
67,430 | Concho Resources, Inc. | 7,780,073 | ||||||
834,334 | ConocoPhillips | 52,663,162 | ||||||
38,565 | Continental Resources, Inc.(a) | 1,773,604 | ||||||
724,450 | Costco Wholesale Corp. | 177,874,208 | ||||||
362,234 | Cracker Barrel Old Country Store, Inc. | 61,123,365 | ||||||
612,800 | Danaher Corp. | 81,159,232 | ||||||
940,940 | Darden Restaurants, Inc. | 110,654,544 | ||||||
174,998 | Devon Energy Corp. | 5,624,436 | ||||||
839,652 | Diamondback Energy, Inc. | 89,330,576 | ||||||
48,426 | DTE Energy Co. | 6,087,632 | ||||||
35,751 | Ecolab, Inc. | 6,581,044 | ||||||
503,000 | Edwards Lifesciences Corp.(a) | 88,563,210 | ||||||
2,375,000 | Elanco Animal Health, Inc.(a) | 74,812,500 | ||||||
1,060,982 | EOG Resources, Inc. | 101,907,321 | ||||||
122,762 | EPAM Systems, Inc.(a) | 22,018,592 | ||||||
76,741 | EPR Properties REIT | 6,051,795 | ||||||
1,305,900 | Equity Commonwealth REIT(b) | 41,527,620 | ||||||
82,192 | Eversource Energy | 5,889,879 | ||||||
1,312,992 | Exelon Corp. | 66,896,942 | ||||||
1,499,569 | Exxon Mobil Corp. | 120,385,399 | ||||||
693,590 | Facebook, Inc. - Class A(a) | 134,140,306 | ||||||
373,431 | First Horizon National Corp. | 5,635,074 | ||||||
1,534,000 | Fiserv, Inc.(a) | 133,826,160 | ||||||
376,116 | Fresh Del Monte Produce, Inc.(b) | 11,099,183 | ||||||
138,724 | FTI Consulting, Inc.(a) | 11,788,766 | ||||||
32,064 | General Dynamics Corp. | 5,730,478 | ||||||
172,900 | Genuine Parts Co. | 17,729,166 | ||||||
682,736 | Guess?, Inc. | 13,907,332 | ||||||
485,259 | H&R Block, Inc. | 13,203,897 | ||||||
318,915 | Halliburton Co. | 9,034,862 | ||||||
30,130 | Helmerich & Payne, Inc. | 1,763,208 | ||||||
610,371 | Hershey Co. (The) | 76,204,819 | ||||||
86,643 | Hess Corp. | 5,555,549 |
11 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
69,916 | HollyFrontier Corp. | $ | 3,337,091 | |||||
450,795 | Home Depot, Inc. (The) | 91,826,942 | ||||||
5,007,308 | Huntington Bancshares, Inc. | 69,701,728 | ||||||
170,159 | ICF International, Inc.(b) | 13,250,281 | ||||||
674,475 | Illinois Tool Works, Inc. | 104,968,544 | ||||||
212,000 | Illumina, Inc.(a) | 66,144,000 | ||||||
564,000 | Incyte Corp.(a) | 43,315,200 | ||||||
693,100 | Intel Corp. | 35,375,824 | ||||||
849,930 | International Business Machines Corp. | 119,219,681 | ||||||
41,848 | Jack Henry & Associates, Inc. | 6,237,863 | ||||||
2,675,398 | JPMorgan Chase & Co. | 310,479,938 | ||||||
936,900 | Kansas City Southern | 115,369,866 | ||||||
154,500 | Kimberly-Clark Corp. | 19,834,710 | ||||||
1,639,003 | Kimco Realty Corp. | 28,502,262 | ||||||
680,589 | Kinder Morgan, Inc. | 13,523,303 | ||||||
3,705 | KKR Real Estate Finance Trust, Inc. REIT | 74,730 | ||||||
567,000 | Las Vegas Sands Corp. | 38,017,350 | ||||||
635,460 | Lockheed Martin Corp. | 211,817,882 | ||||||
116,112 | Loews Corp. | 5,955,384 | ||||||
807,654 | Luminex Corp.(b) | 18,422,587 | ||||||
774 | Magellan Health Services, Inc.(a) | 54,180 | ||||||
295,834 | Marathon Oil Corp. | 5,041,011 | ||||||
247,791 | Marathon Petroleum Corp. | 15,083,038 | ||||||
66,479 | Marsh & McLennan Cos., Inc. | 6,268,305 | ||||||
749,989 | Mastercard, Inc. - Class A | 190,677,203 | ||||||
256,805 | McDonald’s Corp. | 50,736,964 | ||||||
642,490 | Merck & Co., Inc. | 50,570,388 | ||||||
6,333,273 | MFA Financial, Inc. REIT(b) | 47,562,880 | ||||||
2,719,795 | Microsoft Corp. | 355,205,227 | ||||||
564,035 | Motorola Solutions, Inc. | 81,734,312 | ||||||
1,990 | National HealthCare Corp. | 150,106 | ||||||
112,813 | National Oilwell Varco, Inc. | 2,948,932 | ||||||
355,238 | Netflix, Inc.(a) | 131,629,889 | ||||||
3,755,894 | New York Community Bancorp, Inc. | 43,681,047 | ||||||
195,130 | NextEra Energy, Inc. | 37,941,077 | ||||||
982,000 | NIKE, Inc. - Class B | 86,249,060 | ||||||
151,547 | Noble Energy, Inc. | 4,100,862 | ||||||
1,713,667 | Occidental Petroleum Corp. | 100,900,713 | ||||||
259,000 | Okta, Inc.(a) | 26,943,770 | ||||||
636 | Omnicom Group, Inc. | 50,899 | ||||||
143,108 | ONEOK, Inc. | 9,721,326 | ||||||
73,606 | Parsley Energy, Inc. - Class A(a) | 1,469,176 | ||||||
78,662 | Paychex, Inc. | 6,631,993 | ||||||
563,631 | Pennymac Mortgage Investment Trust REIT | 11,836,251 | ||||||
330,248 | People’s United Financial, Inc. | 5,709,988 | ||||||
845,800 | PepsiCo, Inc. | 108,304,690 | ||||||
2,176,875 | Pfizer, Inc. | 88,402,894 | ||||||
707,355 | PG&E Corp.(a) | 15,929,635 | ||||||
158,899 | Phillips 66 | 14,979,409 | ||||||
639,665 | Pinnacle West Capital Corp. | 60,940,885 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
58,629 | Pioneer Natural Resources Co. | $ | 9,759,383 | |||||
44,279 | PNC Financial Services Group, Inc. (The) | 6,063,123 | ||||||
1,574,683 | Procter & Gamble Co. (The) | 167,672,246 | ||||||
456,845 | Progressive Corp. (The) | 35,702,437 | ||||||
911,845 | Prudential Financial, Inc. | 96,391,135 | ||||||
324,910 | Public Storage | 71,863,594 | ||||||
676,676 | Quest Diagnostics, Inc. | 65,218,033 | ||||||
123,000 | Regeneron Pharmaceuticals, Inc.(a) | 42,206,220 | ||||||
656,483 | Republic Services, Inc. | 54,369,922 | ||||||
294,900 | Roper Technologies, Inc. | 106,075,530 | ||||||
297,900 | Ross Stores, Inc. | 29,092,914 | ||||||
922,847 | Sally Beauty Holdings, Inc.(a) | 16,334,392 | ||||||
218,644 | Sarepta Therapeutics, Inc.(a) | 25,568,229 | ||||||
476,173 | Schlumberger Ltd. | 20,323,064 | ||||||
433,777 | Spire, Inc.(b) | 36,519,686 | ||||||
2,241,021 | Starbucks Corp. | 174,082,511 | ||||||
3,199,713 | Starwood Property Trust, Inc., REIT(b) | 73,753,385 | ||||||
1,307,275 | SunTrust Banks, Inc. | 85,600,367 | ||||||
88,943 | Sysco Corp. | 6,258,919 | ||||||
69,967 | Targa Resources Corp. | 2,809,175 | ||||||
962,162 | Target Corp. | 74,490,582 | ||||||
1,419,064 | Texas Instruments, Inc. | 167,208,311 | ||||||
23,098 | Thermo Fisher Scientific, Inc. | 6,408,540 | ||||||
66,693 | Torchmark Corp. | 5,846,308 | ||||||
377,100 | Union Pacific Corp. | 66,761,784 | ||||||
371,966 | UnitedHealth Group, Inc. | 86,694,116 | ||||||
2,608,015 | US Bancorp | 139,059,360 | ||||||
154,852 | Valero Energy Corp. | 14,038,882 | ||||||
432,300 | Veeva Systems, Inc. - Class A(a) | 60,465,801 | ||||||
2,311,240 | Verizon Communications, Inc. | 132,179,816 | ||||||
1,164,150 | Visa, Inc. - Class A | 191,421,185 | ||||||
1,359,660 | Walt Disney Co. (The) | 186,232,630 | ||||||
554,034 | Waste Connections, Inc. | 51,397,734 | ||||||
329,392 | Waste Management, Inc. | 35,356,937 | ||||||
2,370 | Weis Markets, Inc. | 99,659 | ||||||
111,463 | Wells Fargo & Co. | 5,395,924 | ||||||
418,874 | Williams Cos., Inc. (The) | 11,866,700 | ||||||
519,000 | Workday, Inc. - Class A(a) | 106,721,970 | ||||||
75,974 | WP Carey, Inc. REIT | 6,026,258 | ||||||
289,870 | Xilinx, Inc. | 34,824,982 | ||||||
188,746 | Zoom Video Communications, Inc.(a) | 13,678,423 | ||||||
10,071,460,619 | ||||||||
Total Common Stocks (Cost $12,752,419,824) | 16,136,328,983 | |||||||
MASTER LIMITED PARTNERSHIPS — 0.0% | ||||||||
UNITED STATES — 0.0% | ||||||||
73,399 | Plains GP Holdings LP - Class A | 1,732,216 | ||||||
Total Master Limited Partnerships (Cost $1,788,580) | 1,732,216 |
12 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
PREFERRED STOCKS — 0.1% | ||||||||
BRAZIL — 0.0% | ||||||||
1,292,804 | Petroleo Brasileiro SA | $ | 8,941,584 | |||||
SOUTH KOREA — 0.1% | ||||||||
11,263 | Samsung Electronics Co. Ltd. - GDR | 8,966,819 | ||||||
2,323 | Samsung Electronics Co. Ltd. - GDR | 1,842,311 | ||||||
10,809,130 | ||||||||
Total Preferred Stocks (Cost $13,991,725) | 19,750,714 | |||||||
Principal Amount | ||||||||
U.S. GOVERNMENT AGENCIES — 0.8% | ||||||||
Federal Home Loan Bank — 0.8% | ||||||||
$ | 50,000,000 | 2.38%, 05/15/19(c) | 49,953,139 | |||||
80,000,000 | 2.41%, 05/24/19(c) | 79,876,822 | ||||||
Total U.S. Government Agencies (Cost $129,830,800) | 129,829,961 | |||||||
Shares | ||||||||
EXCHANGE-TRADED FUNDS — 1.7% | ||||||||
763,200 | Energy Select Sector SPDR Fund | 50,455,152 | ||||||
8,779,175 | VanEck Vectors Gold Miners ETF | 183,396,966 | ||||||
1,608,555 | VanEck Vectors Junior Gold Miners ETF | 47,178,918 | ||||||
Total Exchange-Traded Funds (Cost $310,545,797) | 281,031,036 | |||||||
INVESTMENT COMPANY — 1.1% | ||||||||
181,408,519 | Federated Government Obligations Fund, 2.08%(d) | 181,408,519 | ||||||
Total Investment Company (Cost $181,408,517) | 181,408,519 | |||||||
TOTAL INVESTMENTS — 99.8% (Cost $13,389,985,243) | $ | 16,750,081,429 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | 33,923,443 | |||||||
NET ASSETS — 100.0% | $ | 16,784,004,872 |
(a) | Non-income producing security. |
(b) | This security is considered either fully or partially illiquid. These securities, or portions thereof have a value of $656,894,686 or 3.91% of net assets. |
(c) | The rate represents the annualized yield at time of purchase. |
(d) | The rate shown represents the current yield as of April 30, 2019. |
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
Portfolio Diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Information Technology | 18.8 | % | ||
Consumer Discretionary | 14.1 | |||
Health Care | 10.5 | |||
Energy | 8.8 | |||
Consumer Staples | 8.4 | |||
Industrials | 8.4 | |||
Communication Services | 7.7 | |||
Banks | 7.2 | |||
Diversified Financials | 4.5 | |||
Insurance | 2.8 | |||
Utilities | 1.7 | |||
Real Estate | 1.5 | |||
Materials | 1.4 | |||
Telecommunication Services | 0.4 | |||
Other* | 3.8 | |||
100.0 | % |
* | Includes cash and equivalents, exchange traded funds, 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. |
13 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 99.1% | ||||||||
Banks — 3.6% | ||||||||
211,483 | Bank of Communications Co. Ltd. - H Shares | $ | 178,370 | |||||
2,398 | Bank of Montreal | 189,413 | ||||||
510,352 | China CITIC Bank Corp. Ltd. - H Shares | 327,474 | ||||||
359,575 | China Construction Bank Corp. - H Shares | 316,989 | ||||||
191,043 | China Minsheng Banking Corp. Ltd. - H Shares | 143,579 | ||||||
91,555 | Mizuho Financial Group, Inc. | 142,985 | ||||||
1,298,810 | ||||||||
Communication Services — 5.2% | ||||||||
34,521 | China Mobile Ltd. | 329,379 | ||||||
10,515 | Comcast Corp. - Class A | 457,718 | ||||||
10,496 | Deutsche Telekom AG | 175,860 | ||||||
11,535 | NTT DOCOMO, Inc. | 250,489 | ||||||
402 | Swisscom AG | 187,314 | ||||||
20,683 | Telefonica SA | 172,442 | ||||||
3,217 | Verizon Communications, Inc. | 183,980 | ||||||
60,075 | Vodafone Group Plc | 111,432 | ||||||
1,868,614 | ||||||||
Consumer Discretionary — 9.9% | ||||||||
44,546 | Barratt Developments Plc | 350,437 | ||||||
3,037 | Cogeco Communications, Inc. | 201,688 | ||||||
1,151 | Cracker Barrel Old Country Store, Inc. | 194,220 | ||||||
7,751 | Electrolux AB - Series B | 189,964 | ||||||
4,343 | General Motors Co. | 169,160 | ||||||
6,643 | Industria de Diseno Textil SA | 201,141 | ||||||
75,820 | Kingfisher Plc | 261,442 | ||||||
5,242 | La-Z-Boy, Inc. | 171,938 | ||||||
3,677 | Nordstrom, Inc. | 150,831 | ||||||
2,237 | Starbucks Corp. | 173,770 | ||||||
54,396 | Super Retail Group Ltd. | 332,249 | ||||||
1,949 | Target Corp. | 150,892 | ||||||
65,142 | Truworths International Ltd. | 345,397 | ||||||
10,590 | Whitbread Plc | 616,542 | ||||||
3,509,671 | ||||||||
Consumer Staples — 7.6% | ||||||||
8,829 | Carrefour SA | 172,078 | ||||||
1,343 | Clorox Co. (The) | 214,517 | ||||||
7,710 | Coca-Cola European Partners Plc | 413,179 | ||||||
29,022 | Coca-Cola Femsa SAB de CV | 184,593 | ||||||
2,305 | Danone SA | 186,423 | ||||||
1,822 | Diageo Plc | 76,811 | ||||||
1,510 | Kimberly-Clark Corp. | 193,854 | ||||||
2,796 | Molson Coors Brewing Co. - Class B | 179,475 | ||||||
8,154 | Ontex Group NV | 205,274 | ||||||
1,485 | PepsiCo, Inc. | 190,154 | ||||||
2,944 | Procter & Gamble Co. (The) | 313,477 |
Shares | Value | |||||||
Consumer Staples (continued) | ||||||||
8,354 | Seven & I Holdings Co. Ltd. | $ | 289,109 | |||||
9,818 | Tate & Lyle Plc | 98,404 | ||||||
2,717,348 | ||||||||
Diversified Financials — 2.9% | ||||||||
8,801 | Invesco, Ltd.(a) | 193,358 | ||||||
6,233 | Janus Henderson Group Plc | 156,261 | ||||||
1,832 | Morningstar, Inc. | 262,800 | ||||||
1,070 | S&P Global, Inc. | 236,106 | ||||||
13,640 | UBS Group AG | 182,905 | ||||||
1,031,430 | ||||||||
Energy — 6.4% | ||||||||
1,745,347 | Adaro Energy Tbk PT(b) | 160,115 | ||||||
23,122 | ARC Resources Ltd. | 146,875 | ||||||
99,356 | CNOOC Ltd. | 180,464 | ||||||
12,198 | Enagas SA | 347,953 | ||||||
11,367 | ENI SpA | 193,707 | ||||||
3,303 | HollyFrontier Corp. | 157,652 | ||||||
15,786 | Husky Energy, Inc. | 171,328 | ||||||
51,425 | MOL Hungarian Oil & Gas Plc | 592,193 | ||||||
5,718 | Murphy Oil Corp. | 155,758 | ||||||
3,051 | TOTAL SA | 169,608 | ||||||
2,275,653 | ||||||||
Health Care — 14.0% | ||||||||
2,637 | Abbott Laboratories | 209,800 | ||||||
3,634 | Agilent Technologies, Inc. | 285,269 | ||||||
977 | Amgen, Inc. | 175,196 | ||||||
761 | Anthem, Inc. | 200,166 | ||||||
36,908 | Astellas Pharma, Inc. | 499,877 | ||||||
1,263 | AstraZeneca Plc | 94,093 | ||||||
3,361 | Baxter International, Inc. | 256,444 | ||||||
1,281 | Biogen, Inc.(b) | 293,656 | ||||||
976 | CSL Ltd. | 136,896 | ||||||
2,666 | Danaher Corp. | 353,085 | ||||||
4,270 | Koninklijke Philips NV | 183,370 | ||||||
2,640 | Medtronic Plc | 234,458 | ||||||
2,105 | Merck & Co., Inc. | 165,685 | ||||||
2,360 | Merck KGaA | 251,555 | ||||||
7,446 | Novo Nordisk A/S - B Shares | 364,813 | ||||||
10,616 | Pfizer, Inc. | 431,116 | ||||||
1,647 | Quest Diagnostics, Inc. | 158,738 | ||||||
632 | Roche Holding AG | 166,762 | ||||||
4,059 | Takeda Pharmaceutical Co. Ltd. | 149,784 | ||||||
654 | Thermo Fisher Scientific, Inc. | 181,452 | ||||||
1,497 | Zimmer Biomet Holdings, Inc. | 184,371 | ||||||
4,976,586 | ||||||||
Industrials — 14.8% | ||||||||
20,516 | Brambles Ltd. | 174,339 | ||||||
1,116 | Cummins, Inc. | 185,580 | ||||||
6,073 | Ebara Corp. | 186,908 | ||||||
12,858 | Hino Motors Ltd. | 121,900 | ||||||
1,881 | ManpowerGroup, Inc. | 180,651 | ||||||
806 | MTU Aero Engines AG | 190,161 |
14 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
Industrials (continued) | ||||||||
1,219 | Norfolk Southern Corp. | $ | 248,700 | |||||
2,165 | Oshkosh Corp. | 178,807 | ||||||
90,725 | QinetiQ Group Plc | 357,405 | ||||||
2,085 | Regal-Beloit Corp. | 177,392 | ||||||
2,563 | Republic Services, Inc. | 212,268 | ||||||
68,853 | Royal Mail Plc | 227,187 | ||||||
9,712 | Russel Metals, Inc. | 171,085 | ||||||
2,755 | Ryder System, Inc. | 173,565 | ||||||
9,970 | Sandvik AB | 184,628 | ||||||
7,820 | Schneider National, Inc. - Class B | 163,438 | ||||||
6,424 | Signify NV(c) | 192,781 | ||||||
13,448 | SKF AB - B Shares | 249,621 | ||||||
1,106 | Snap-on, Inc. | 186,118 | ||||||
3,735 | Societe BIC SA | 321,758 | ||||||
11,800 | Steelcase, Inc. - Class A | 204,022 | ||||||
4,270 | Sumitomo Heavy Industries Ltd. | 151,830 | ||||||
3,216 | Thomson Reuters Corp. | 198,740 | ||||||
4,537 | Toyota Tsusho Corp. | 150,700 | ||||||
1,374 | Union Pacific Corp. | 243,253 | ||||||
2,012 | Waste Management, Inc. | 215,968 | ||||||
5,248,805 | ||||||||
Information Technology — 18.1% | ||||||||
1,863 | Accenture Plc - Class A | 340,314 | ||||||
3,732 | Apple, Inc. | 748,900 | ||||||
1,788 | Atos SE | 184,363 | ||||||
634 | Broadcom, Inc. | 201,866 | ||||||
1,142 | CACI International, Inc. - Class A(b) | 222,621 | ||||||
4,394 | Canon, Inc.(b) | 121,925 | ||||||
3,396 | Cisco Systems, Inc. | 190,006 | ||||||
2,105 | Cognizant Technology Solutions Corp. - Class A | 153,581 | ||||||
1,765 | Fidelity National Information Services, Inc. | 204,616 | ||||||
2,786 | Fujitsu Ltd. | 204,533 | ||||||
7,706 | Intel Corp. | 393,314 | ||||||
1,039 | Intuit, Inc. | 260,851 | ||||||
6,620 | Juniper Networks, Inc. | 183,837 | ||||||
66,941 | Konica Minolta, Inc. | 672,197 | ||||||
2,666 | Leidos Holdings, Inc. | 195,898 | ||||||
4,131 | Micron Technology, Inc.(b) | 173,750 | ||||||
1,554 | Microsoft Corp. | 202,952 | ||||||
1,824 | NXP Semiconductor NV | 192,651 | ||||||
4,911 | Oracle Corp. | 271,726 | ||||||
3,266 | SAP SE | 421,017 | ||||||
3,709 | Seagate Technology PLC | 179,219 | ||||||
7,620 | Symantec Corp. | 184,480 | ||||||
2,048 | Synopsys, Inc.(b) | 247,972 | ||||||
2,512 | Texas Instruments, Inc. | 295,989 | ||||||
6,448,578 | ||||||||
Insurance — 3.8% | ||||||||
8,363 | AXA SA | 223,013 |
Shares | Value | |||||||
Insurance (continued) | ||||||||
3,634 | MetLife, Inc. | $ | 167,636 | |||||
742 | Muenchener Rueckversicherungs- Gesellschaft AG | 184,650 | ||||||
3,952 | Prudential Financial, Inc. | 417,766 | ||||||
1,914 | Swiss Re AG | 184,277 | ||||||
532 | Zurich Insurance Group AG | 169,585 | ||||||
1,346,927 | ||||||||
Materials — 5.6% | ||||||||
6,704 | Domtar Corp. | 327,826 | ||||||
108,779 | Fortescue Metals Group Ltd. | 549,683 | ||||||
6,891 | Huntsman Corp. | 153,256 | ||||||
1,562 | Lyondellbasell Industries NV - Class A | 137,815 | ||||||
15,525 | Polymetal International PLC | 163,680 | ||||||
13,780 | Teck Resources Ltd. - Class B | 325,857 | ||||||
3,357 | Trinseo SA | 150,897 | ||||||
4,575 | Westrock Co. | 175,589 | ||||||
1,984,603 | ||||||||
Real Estate — 4.1% | ||||||||
19,047 | Castellum AB | 342,455 | ||||||
102,064 | Frasers Centrepoint Trust REIT | 179,311 | ||||||
70,976 | Hang Lung Properties Ltd. | 167,058 | ||||||
24,730 | Hongkong Land Holdings Ltd. | 172,662 | ||||||
45,306 | Hyprop Investments Ltd. REIT | 221,556 | ||||||
19,811 | Link REIT | 231,471 | ||||||
34,999 | Swire Properties Ltd. | 142,422 | ||||||
1,456,935 | ||||||||
Utilities — 3.1% | ||||||||
14,189 | Cia de Saneamento Basico do Estado de Sao Paulo | 170,148 | ||||||
4,607 | Exelon Corp. | 234,727 | ||||||
2,368 | Orsted A/S(c) | 181,603 | ||||||
16,173 | Red Electrica Corp SA | 335,654 | ||||||
28,438 | Terna Rete Elettrica Nazionale SpA | 170,605 | ||||||
1,092,737 | ||||||||
Total Common Stocks (Cost $33,783,717) | 35,256,697 | |||||||
INVESTMENT COMPANY — 0.8% | ||||||||
282,521 | SEI Daily Income Trust Government II Fund, Class A, 2.25%(d) | 282,521 | ||||||
Total Investment Company (Cost $282,521) | 282,521 |
15 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Value | ||||
TOTAL INVESTMENTS — 99.9% (Cost $34,066,238) | $ | 35,539,218 | ||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 32,549 | |||
NET ASSETS — 100.0% | $ | 35,571,767 |
(a) | This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $193,358 or 0.54% of net assets. |
(b) | Non-income producing security. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. The aggregate value of these securities is $374,384 which is 1.05% of net assets. |
(d) | The rate shown represents the current yield as of April 30, 2019. |
The following abbreviation is used in the report:
REIT- Real Estate Investment Trust
Portfolio Diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Information Technology | 18.1 | % | ||
Industrials | 14.8 | |||
Health Care | 14.0 | |||
Consumer Discretionary | 9.9 | |||
Consumer Staples | 7.6 | |||
Energy | 6.4 | |||
Materials | 5.6 | |||
Communication Services | 5.2 | |||
Real Estate | 4.1 | |||
Insurance | 3.8 | |||
Banks | 3.6 | |||
Utilities | 3.1 | |||
Diversified Financials | 2.9 | |||
Other* | 0.9 | |||
100.0 | % |
* | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
16 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS** — 91.5% | ||||||||
ARGENTINA — 0.2% | ||||||||
21,802 | Other Securities | $ | 10,555,220 | |||||
AUSTRALIA — 2.1% | ||||||||
129,757 | Afren Plc(a)(b) | 0 | ||||||
75,800 | MYOB Group Ltd.(a)(b) | 181,680 | ||||||
111,348 | Quintis Ltd.(a)(b) | 0 | ||||||
65,355 | RCR Tomlinson Ltd.(a)(b) | 0 | ||||||
4,364 | Tiger Resources Ltd.(b)(c) | 0 | ||||||
45,354,455 | Other Securities | 127,274,971 | ||||||
127,456,651 | ||||||||
AUSTRIA — 0.1% | ||||||||
274,195 | Other Securities | 7,242,145 | ||||||
BELGIUM — 0.5% | ||||||||
494 | Aedifica SA REIT | 44,372 | ||||||
201,000 | Trony Solar Holdings Co. Ltd.(a)(b) | 0 | ||||||
726,306 | Other Securities | 31,316,853 | ||||||
31,361,225 | ||||||||
BERMUDA — 0.9% | ||||||||
428,820 | Argo Group International Holdings Ltd. | 33,477,977 | ||||||
384,981 | Other Securities | 20,758,161 | ||||||
54,236,138 | ||||||||
BRAZIL — 0.3% | ||||||||
3,302,132 | Other Securities | 18,980,022 | ||||||
CAMBODIA — 0.0% | ||||||||
56,000 | Other Securities | 71,912 | ||||||
CANADA — 1.7% | ||||||||
2,679 | Innergex Renewable Energy,Inc. | 28,316 | ||||||
670,000 | Ritchie Bros Auctioneers, Inc. | 23,309,300 | ||||||
8,020,528 | Other Securities | 83,495,054 | ||||||
106,832,670 | ||||||||
CHILE — 0.0% | ||||||||
11,557,389 | Other Securities | 1,528,962 | ||||||
CHINA — 2.0% | ||||||||
70,000 | China Animal Healthcare Ltd.(a)(b)(c) | 4,462 | ||||||
472,000 | China Huishan Dairy Holdings Co. Ltd.(a)(b)(c) | 18,953 | ||||||
79,500 | China Huiyuan Juice Group Ltd.(a)(b)(c) | 3,839 | ||||||
164,000 | China Taifeng Beddings Holdings Ltd.(a)(b)(c) | 4,233 | ||||||
1,015,600 | Coolpad Group Ltd.(b)(c) | 14,526 | ||||||
302,000 | CT Environmental Group Ltd.(a)(c) | 13,089 | ||||||
63,000 | Harmonicare Medical Holdings Ltd(a)(b)(c) | 16,383 | ||||||
Shares | Value | |||||||
CHINA (continued) | ||||||||
68,000 | HOSA International Ltd.(a)(c) | $ | 943 | |||||
67,000 | Real Gold Mining Ltd.(a)(b)(c) | 2,246 | ||||||
255,000 | Tenwow International Holdings Ltd.(a)(b)(c) | 4,632 | ||||||
40,000 | Zhejiang Glass Co. Ltd. - H Shares(a)(b) | 0 | ||||||
161,567,755 | Other Securities | 123,498,198 | ||||||
123,581,504 | ||||||||
COLUMBIA — 0.0% | ||||||||
1,448,375 | Other Securities | 1,919,960 | ||||||
DENMARK — 1.1% | ||||||||
22,848 | Proton Bank SA(a)(b) | 0 | ||||||
1,182,430 | Other Securities | 64,729,070 | ||||||
64,729,070 | ||||||||
FAEROE ISLANDS — 0.0% | ||||||||
96 | Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b) | 0 | ||||||
2,103 | Other Securities | 85,258 | ||||||
85,258 | ||||||||
FINLAND — 0.3% | ||||||||
1,315,044 | Other Securities | 20,625,411 | ||||||
FRANCE — 1.2% | ||||||||
318,059 | Cellectis SA(b)(c) | 6,326,225 | ||||||
3,875,886 | Other Securities | 64,438,367 | ||||||
70,764,592 | ||||||||
GABON — 0.0% | ||||||||
1,779 | Mariella Burani SpA(a)(b) | 0 | ||||||
311 | Other Securities | 54,382 | ||||||
54,382 | ||||||||
GEORGIA — 0.0% | ||||||||
9,532 | Other Securities | 164,757 | ||||||
GERMANY — 1.2% | ||||||||
2,279,534 | Other Securities | 71,223,546 | ||||||
GIBRALTAR — 0.0% | ||||||||
11,850 | Other Securities | 22,351 | ||||||
GREECE — 0.1% | ||||||||
80,140 | Pike River Coal Ltd.(a)(b) | 0 | ||||||
5,572,495 | Other Securities | 8,900,109 | ||||||
8,900,109 | ||||||||
HONG KONG — 1.3% | ||||||||
69,555 | AED Oil Ltd.(a)(b) | 0 | ||||||
74,000 | Associated International Hotels Ltd. | 216,044 | ||||||
504,000 | Bel Global Resources Holdings Ltd.(a)(b) | 0 |
17 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
289,000 | Brightoil Petroleum Holdings Ltd.(a)(b)(c) | $ | 55,260 | |||||
525,600 | China Fiber Optic Network System Group Ltd.(a)(b)(c) | 14,070 | ||||||
6,603,000 | China High Precision Automation GroupLtd.(a)(b) | 0 | ||||||
193,200 | China Metal Recycling Holdings Ltd.(a)(b) | 0 | ||||||
244,000 | DBA Telecommunication Asia Holdings Ltd.(a)(b)(c) | 11,838 | ||||||
12,200 | Deceuninck NV- VVPR Strip(a)(b) | 0 | ||||||
108,000 | Dynasty Fine Wines Group Ltd.(a)(b)(c) | 19,825 | ||||||
168,234 | EganaGoldpfeil Holdings Ltd.(a)(b) | 0 | ||||||
108,500 | Hopewell Holdings Ltd.(a)(b) | 536,636 | ||||||
166,000 | Hsin Chong Group Holdings Ltd.(a)(b)(c) | 7,406 | ||||||
220,000 | Hua Han Health Industry Holdings Ltd.(a)(b)(c) | 4,459 | ||||||
175,000 | IPE Group Ltd.(c) | 22,539 | ||||||
429,000 | Mingfa Group International Co. Ltd.(a)(b)(c) | 3,079 | ||||||
677 | Movie Gallery, Inc.(a)(b) | 0 | ||||||
1,340,246 | Pacific Andes International Holdings Ltd.(a)(b)(c) | 4,681 | ||||||
48,000 | Peace Mark Holdings Ltd.(a)(b) | 0 | ||||||
121,000 | Prodisc Technology, Inc.(a)(b) | 0 | ||||||
261,000 | Qunxing Paper Holdings Co. Ltd.(a)(b)(c) | 12,576 | ||||||
10,943 | RB Energy, Inc.(a)(b) | 0 | ||||||
1,027 | RP-SG Retail Ltd.(a)(b) | 2,385 | ||||||
10,961 | Sino-American Electronic Co. Ltd.(a)(b) | 243 | ||||||
182,386 | SMI Holdings Group Ltd.(a)(b)(c) | 11,625 | ||||||
86,230 | SNS REAAL NV(a)(b) | 0 | ||||||
12,534 | T Bank SA(a)(b) | 0 | ||||||
31,091 | TT Hellenic Postbank SA(a)(b) | 0 | ||||||
44,000 | Up Energy Development Group Ltd.(a)(b)(c) | 136 | ||||||
521,584 | Virgin Australia Holdings Ltd. - CVRShares(a)(b) | 0 | ||||||
18,409,667 | Wang On Group Ltd.(c) | 208,749 | ||||||
44,673 | Wintek Corp.(a)(b)(c) | 496 | ||||||
142,840,101 | Other Securities | 81,560,373 | ||||||
82,692,420 | ||||||||
HUNGARY — 0.0% | ||||||||
38,948 | Other Securities | 729,617 | ||||||
INDIA — 0.6% | ||||||||
18,155,905 | Other Securities | 36,288,550 |
Shares | Value | |||||||
INDONESIA — 0.2% | ||||||||
81,185,962 | Other Securities | $ | 10,560,586 | |||||
IRELAND — 1.1% | ||||||||
576,745 | Allegion Plc | 57,230,406 | ||||||
43,303 | COSMO Pharmaceuticals NV(b)(c) | 4,085,051 | ||||||
391,710 | Other Securities | 4,415,024 | ||||||
65,730,481 | ||||||||
ISLE OF MAN — 0.0% | ||||||||
15,289 | Other Securities | 120,041 | ||||||
ISRAEL — 0.7% | ||||||||
39,839,013 | Other Securities | 45,519,841 | ||||||
ITALY — 0.7% | ||||||||
1,231,589 | Banco Espirito Santo SA(a)(b)(c) | 0 | ||||||
10,745,190 | Other Securities | 45,469,176 | ||||||
45,469,176 | ||||||||
JAPAN — 7.1% | ||||||||
786,800 | Infomart Corp.(c) | 11,447,394 | ||||||
28,912,129 | Other Securities | 425,724,372 | ||||||
437,171,766 | ||||||||
JERSEY CHANNEL ISLANDS — 0.2% | ||||||||
274,987 | Other Securities | 12,118,677 | ||||||
JORDAN — 0.0% | ||||||||
9,167 | Other Securities | 211,538 | ||||||
KOREA �� 0.0% | ||||||||
56,756 | Chennai Super Kings Cricket Ltd.(a)(b)(c) | 344 | ||||||
LIECHTENSTEIN — 0.0% | ||||||||
1,216 | Other Securities | 103,794 | ||||||
LUXEMBOURG — 0.0% | ||||||||
93,153 | Other Securities | 1,819,552 | ||||||
MACAU — 0.0% | ||||||||
218,000 | Other Securities | 35,301 | ||||||
MALAYSIA — 0.1% | ||||||||
7,485,028 | Other Securities | 4,075,433 | ||||||
MALTA — 0.0% | ||||||||
14,841 | Other Securities | 129,603 | ||||||
MEXICO — 0.1% | ||||||||
61,938 | Corp. Interamericana de Entretenimiento SAB de CV - Series B(b)(c) | 43,796 | ||||||
2,644,397 | Other Securities | 4,562,840 | ||||||
4,606,636 | ||||||||
MONACO — 0.0% | ||||||||
1,900 | Other Securities | 26,975 | ||||||
MONGOLIA — 0.0% | ||||||||
714,500 | Other Securities | 13,413 |
18 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
MOROCCO AND ANTILLES — 0.0% | ||||||||
77,800 | Other Securities | $ | 20,891 | |||||
NETHERLANDS — 0.4% | ||||||||
8,231 | Amagerbanken A/S(a)(b) | 0 | ||||||
1,353,231 | Other Securities | 22,936,456 | ||||||
22,936,456 | ||||||||
NEW ZEALAND — 0.4% | ||||||||
6,753 | CBL Corp. Ltd.(a)(b)(c) | 2,681 | ||||||
16,549 | Ebos Group Ltd.(a) | 236,757 | ||||||
3,358,577 | Other Securities | 21,531,823 | ||||||
21,771,261 | ||||||||
NORWAY — 0.4% | ||||||||
11,789,283 | Other Securities | 27,533,455 | ||||||
PERU — 0.1% | ||||||||
320,686 | Other Securities | 4,821,002 | ||||||
PHILIPPINES — 0.0% | ||||||||
7,727,536 | Other Securities | 1,605,972 | ||||||
POLAND — 0.2% | ||||||||
6,198,413 | Other Securities | 13,906,523 | ||||||
PORTUGAL — 0.2% | ||||||||
4,079,767 | Other Securities | 12,455,310 | ||||||
PUERTO RICO — 0.1% | ||||||||
152,500 | Other Securities | 4,630,084 | ||||||
QATAR — 0.1% | ||||||||
555,584 | Other Securities | 4,259,184 | ||||||
ROMANIA — 0.0% | ||||||||
2,603 | Other Securities | 21,731 | ||||||
RUSSIA — 0.5% | ||||||||
4,875,000 | Truba Alam Manunggal Engineering PT(a)(b) | 0 | ||||||
6,610 | Uni Land SpA(a)(b) | 0 | ||||||
3,232,546,978 | Other Securities | 31,237,630 | ||||||
31,237,630 | ||||||||
SAUDI ARABIA — 0.0% | ||||||||
963,836 | Other Securities | 2,836,180 | ||||||
SINGAPORE — 0.3% | ||||||||
21,700 | Best World International Ltd.(a) | 25,847 | ||||||
88,000 | CW Group Holdings Ltd.(a)(c) | 971 | ||||||
584,900 | Ezion Holdings Ltd.(a)(b)(c) | 18,492 | ||||||
76,000 | Hyflux Ltd.(b)(c) | 1,900 | ||||||
400,600 | Midas Holdings Ltd.(a)(b)(c) | 10,603 | ||||||
16,252,910 | Other Securities | 15,444,128 | ||||||
15,501,941 | ||||||||
SOUTH AFRICA — 0.5% | ||||||||
8,410,896 | Other Securities | 27,878,535 |
Shares | Value | |||||||
SOUTH KOREA — 1.3% | ||||||||
93 | CJ Corp. - Preference Shares(a)(b)(c) | $ | 2,919 | |||||
12,834 | Hanwha General Insurance Co. Ltd.(b) | 55,254 | ||||||
23 | Lotte Chilsung Beverage Co. Ltd.(a)(b) | 34,082 | ||||||
4,647 | PSK, Inc.(a)(b)(c) | 65,241 | ||||||
180 | Pulmuone Co. Ltd.(a)(b) | 19,878 | ||||||
4,342,159 | Other Securities | 78,333,494 | ||||||
78,510,868 | ||||||||
SPAIN — 0.5% | ||||||||
20,024 | Caja de Ahorros del Mediterraneo(a)(b) | 0 | ||||||
3,720,582 | Other Securities | 28,378,416 | ||||||
28,378,416 | ||||||||
SWEDEN — 1.1% | ||||||||
6,900,967 | Other Securities | 69,001,291 | ||||||
SWITZERLAND — 0.8% | ||||||||
2,103,211 | Other Securities | 49,290,749 | ||||||
TAIWAN — 1.6% | ||||||||
31,360 | China Wire & Cable Co. Ltd.(a)(c) | 21,058 | ||||||
145,814,518 | Other Securities | 98,828,495 | ||||||
98,849,553 | ||||||||
THAILAND — 0.2% | ||||||||
404,800 | Energy Earth Public Co. Ltd. - FOR(a)(b)(c) | 3,472 | ||||||
49,079,428 | Other Securities | 12,654,127 | ||||||
12,657,599 | ||||||||
TURKEY — 0.4% | ||||||||
18,968,004 | Other Securities | 21,571,329 | ||||||
UKRAINE — 0.0% | ||||||||
4,290 | Other Securities | 59,588 | ||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
3,925,619 | Other Securities | 1,122,373 | ||||||
UNITED KINGDOM — 4.2% | ||||||||
673,862 | Adaptimmune Therapeutics Plc - ADR(b)(c) | 3,234,538 | ||||||
87,391 | Carillion Plc(a)(b) | 0 | ||||||
235,082 | Genus Plc(c) | 7,402,726 | ||||||
579,795 | Mcbride Plc(a)(b)(c) | 756 | ||||||
2,830,105 | Ocado Group Plc(b)(c) | 50,382,623 | ||||||
5,827 | Patisserie Holdings Plc(a)(c) | 76 | ||||||
114,343 | Renishaw Plc(c) | 6,752,532 | ||||||
599,920 | Xaar Plc(c) | 760,237 | ||||||
33,986,589 | Other Securities | 186,195,884 | ||||||
254,729,372 | ||||||||
UNITED STATES — 54.4% | ||||||||
645,200 | A.O. Smith Corp. | 33,918,164 |
19 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
238,997 | Advance Auto Parts, Inc. | $ | 39,749,981 | |||||
274,997 | Alnylam Pharmaceuticals, Inc.(b) | 24,568,232 | ||||||
232,522 | ANSYS, Inc.(b) | 45,527,808 | ||||||
847,282 | Apergy Corp.(b) | 33,628,623 | ||||||
375,412 | AptarGroup, Inc.(c) | 41,760,831 | ||||||
565,000 | Avanos Medical, Inc.(b) | 23,701,750 | ||||||
1,545,418 | Axalta Coating Systems Ltd.(b) | 41,695,378 | ||||||
302,800 | Blackbaud, Inc. | 24,009,012 | ||||||
506,795 | Blackline, Inc.(b) | 25,887,089 | ||||||
10,200 | Camden National Corp. | 448,596 | ||||||
319,200 | CDW Corp. | 33,707,520 | ||||||
635,690 | Codexis, Inc.(b)(c) | 12,523,093 | ||||||
389,800 | CONMED Corp. | 31,195,694 | ||||||
182,394 | Cooper Cos., Inc. | 52,879,668 | ||||||
731,915 | CoreLogic, Inc.(b)(c) | 29,723,068 | ||||||
163,678 | Digimarc Corp.(b)(c) | 4,875,968 | ||||||
520,120 | Dover Corp. | 50,992,565 | ||||||
306,135 | Harris Corp. | 51,583,748 | ||||||
7,800 | Heritage Commerce Corp. | 97,655 | ||||||
1,945,000 | Hostess Brands, Inc.(b) | 26,063,000 | ||||||
217,530 | IDEX Corp. | 34,078,250 | ||||||
330,109 | Ingredion, Inc. | 31,277,828 | ||||||
582,100 | Integra LifeScience Holdings Corp.(b) | 30,379,799 | ||||||
230,000 | John Bean Technologies Corp. | 25,251,700 | ||||||
92,950 | Jurong Technologies Industrial Corp. Ltd.(a)(b) | 0 | ||||||
1,068,655 | KAR Auction Services, Inc. | 60,357,634 | ||||||
199,055 | Laboratory Corp of America Holdings(b) | 31,832,876 | ||||||
110,579 | Lendingtree, Inc.(b) | 42,553,011 | ||||||
92,726 | MarketAxess Holdings, Inc. | 25,808,428 | ||||||
245,620 | MSA Safety, Inc. | 26,996,094 | ||||||
544,310 | Nasdaq, Inc. | 50,185,382 | ||||||
240,000 | New Relic, Inc.(b) | 25,257,600 | ||||||
1,200,000 | Pure Storage, Inc. - Class A(b) | 27,432,000 | ||||||
2,711,221 | PureTech Health PLC(b)(c) | 6,994,743 | ||||||
321,300 | Q2 Holdings, Inc.(b) | 24,232,446 | ||||||
11,219,450 | Samsonite International SA(c) | 32,177,145 | ||||||
425,000 | Sensient Technologies Corp. | 29,801,000 | ||||||
566,770 | Six Flags Entertainment Corp. | 30,089,819 | ||||||
327,780 | STERIS PLC | 42,932,624 | ||||||
439,155 | Synopsys, Inc.(b) | 53,172,887 | ||||||
155,000 | Talend SA - ADR(b) | 7,684,900 | ||||||
157,833 | Teleflex, Inc. | 45,168,648 | ||||||
350,000 | TreeHouse Foods, Inc.(b) | 23,443,000 | ||||||
355,000 | UMB Financial Corp. | 24,800,300 | ||||||
300,695 | Verisk Analytics, Inc.(b) | 42,440,092 | ||||||
118,516 | Waters Corp.(b) | 25,307,907 | ||||||
149,106 | Wayfair, Inc. - Class A(b) | 24,177,538 | ||||||
1,500,000 | Welbilt, Inc.(b) | 25,245,000 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
302,940 | West Pharmaceutical Services, Inc. | $ | 37,500,943 | |||||
393,155 | Worldpay, Inc. - Class A(b) | 46,081,698 | ||||||
1,006,690 | Wyndham Hotels & Resorts, Inc. | 56,092,767 | ||||||
1,487,044 | Yext, Inc.(b) | 32,581,134 | ||||||
44,637,312 | Other Securities | 1,679,761,367 | ||||||
3,329,634,003 | ||||||||
VIETNAM — 0.0% | ||||||||
1,771,925 | Other Securities | 1,455,611 | ||||||
Total Common Stocks (Cost $4,710,810,860) | 5,604,436,536 | |||||||
INVESTMENT COMPANY — 0.8% | ||||||||
48,993,806 | SEI Daily Income Trust Government II Fund, Class A 2.25%(d) | 48,993,806 | ||||||
Total Investment Company (Cost $48,993,805) | 48,993,806 | |||||||
EXCHANGE-TRADED FUNDS — 5.4% | ||||||||
1,125,000 | iShares Russell 2000 Index Fund ETF | 178,076,250 | ||||||
751,000 | SPDR S&P Regional Banking ETF | 41,905,800 | ||||||
1,802,000 | VanEck Vectors Gold Miners ETF | 37,643,780 | ||||||
2,398,000 | VanEck Vectors Junior Gold Miners ETF | 70,333,340 | ||||||
Total Exchange-Traded Funds (Cost $331,145,583) | 327,959,170 | |||||||
RIGHTS/WARRANTS** — 0.0% | ||||||||
AUSTRALIA — 0.0% | ||||||||
1,710 | Centrebet Litigation Rights, Expiring 12/1/2049(a)(b) | — | ||||||
1,710 | Centrebet Litigation Units, Expiring12/1/2049(a)(b) | — | ||||||
— | ||||||||
BELGIUM — 0.0% | ||||||||
494 | Other Securities | 2,161 | ||||||
CHINA — 0.0% | ||||||||
619 | China International Marine, Expiring 12/31/2019(a) | — | ||||||
GREECE — 0.0% | ||||||||
9,600 | Ligand Pharmaceuticals, Inc. Contingent Value Rights(a)(b) | — | ||||||
HONG KONG — 0.0% | ||||||||
128,742 | GVC Holdings Plc. - CVR Shares, Expiring 12/31/2030(a)(b) | — |
20 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
9,812 | Intercell Contigent Value Rights AG, Expiring 5/22/2029(a)(b) | $ | — | |||||
— | ||||||||
INDIA — 0.0% | ||||||||
92 | Other Securities | 195 | ||||||
137,357 | Other Securities | — | ||||||
195 | ||||||||
INDONESIA — 0.0% | ||||||||
796,300 | Other Securities | 14,753 | ||||||
KOREA — 0.0% | ||||||||
7,410 | Other Securities | 9,134 | ||||||
SPAIN — 0.0% | ||||||||
169,647 | Other Securities | — | ||||||
Total Rights/Warrants (Cost $1,825) | 26,243 | |||||||
Principal | ||||||||
Amount | ||||||||
U.S. GOVERNMENT AGENCIES — 0.6% | ||||||||
Federal Home Loan Bank — 0.6% | ||||||||
39,000,000 | 2.30%, 05/01/2019(e) | 39,000,000 | ||||||
Total U.S. Government Agencies (Cost $39,000,000) | 39,000,000 | |||||||
Shares | ||||||||
CASH SWEEP — 1.0% | ||||||||
61,263,240 | Citibank - US Dollars on Deposit in Custody Account, 0.12%(b)(d) | 61,263,240 | ||||||
Total Cash Sweep (Cost $61,263,240) | 61,263,240 | |||||||
TOTAL INVESTMENTS — 99.3% (Cost $5,191,215,313) | 6,081,678,995 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 41,993,044 | |||||||
NET ASSETS — 100.0% | $ | 6,123,672,039 |
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $22,056,910 or 0.36% of net assets. |
(d) | The rate shown represents the current yield as of April 30, 2019. |
(e) | The rate represents the annualized yield at time of purchase. |
** | “Other Securities” represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as illiquid or Level 3 investments, as of April 30, 2019. |
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 $1,378,352 (cost of $6,794,871) or 0.02% of net assets were fair valued by the Board of Directors.
Portfolio Diversification by Sector (Unaudited) | ||||
Sector | Percentage of Net Assets | |||
Industrials | 16.6 | % | ||
Information Technology | 15.6 | |||
Health Care | 14.8 | |||
Consumer Discretionary | 12.4 | |||
Banks | 6.9 | |||
Materials | 6.8 | |||
Consumer Staples | 5.6 | |||
Diversified Financials | 3.7 | |||
Real Estate | 2.9 | |||
Utilities | 2.3 | |||
Energy | 2.2 | |||
Insurance | 2.0 | |||
Telecommunication Services | 1.6 | |||
Financials | 1.2 | |||
Other* | 5.4 | |||
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. |
21 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments | April 30, 2019 |
(Unaudited) |
Contracts | Value | |||||||
CALL OPTIONS PURCHASED — 0.2% | ||||||||
60,000 | iShares China Large-Cap ETF, Strike $46.00, Expires 05/03/19, (Notional amount $276,000,000) | $ | 60,000 | |||||
2,000 | S&P 500 Index, Strike $2,930.00, Expires 05/10/19, (Notional amount $586,000,000) | 6,180,000 | ||||||
1,500 | S&P 500 Index, Strike $2,955.00, Expires 05/17/19, (Notional amount $443,250,000) | 2,955,000 | ||||||
100,000 | VanEck Vectors Gold Miners ETF, Strike $24.00, Expires 05/17/19, (Notional amount $240,000,000) | 100,000 | ||||||
50,000 | VanEck Vectors Gold Miners ETF, Strike $25.00, Expires 09/20/19, (Notional amount $125,000,000) | 1,150,000 | ||||||
Total Call Options Purchased (Cost $18,048,483) | 10,445,000 | |||||||
PUT OPTIONS PURCHASED — 0.1% | ||||||||
180,000 | Invesco DB US Dollar Index Bullish Fund Strike $26.00, Expires 06/21/19, (Notional amount $468,000,000) | 2,520,000 | ||||||
40,000 | iShares China Large-Cap ETF, Strike $43.50, Expires 05/17/19, (Notional amount $174,000,000) | 1,120,000 | ||||||
75,000 | iShares MSCI EAFE ETF, Strike $65.00, Expires 05/10/19, (Notional amount $487,500,000) | 0 | ||||||
2,000 | S&P 500 Index, Strike $2,700.00, Expires 05/24/19, (Notional amount $540,000,000) | 660,000 | ||||||
Total Put Options Purchased (Cost $14,201,365) | 4,300,000 | |||||||
Principal Amount | ||||||||
BANK LOANS — 0.5% | ||||||||
UNITED STATES — 0.5% | ||||||||
$ | 3,345,455 | Caliber Home Loans, Inc., (LIBOR + 3.250%), 0.00%, 04/24/21(a),(b),(c) | 3,337,091 | |||||
10,070,554 | Chimera Special Holding LLC First Lien Term Loan, 4.00%, 10/06/19(a),(b),(c) | 10,070,554 | ||||||
8,516,288 | Lstar 18-1 Securities Financing, 4.00%, 04/01/21(a),(b),(c) | 8,486,481 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 6,079,433 | Roundpoint Mortgage Servicing Corp., (LIBOR + 3.380%), 3.00%, 08/27/20(a),(b),(c) | $ | 6,081,257 | ||||
Total Bank Loans (Cost $27,992,126) | 27,975,383 | |||||||
CORPORATE BONDS — 3.9% | ||||||||
ARGENTINA — 0.1% | ||||||||
1,580,000 | Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(d) | 1,445,700 | ||||||
1,000,000 | Pampa Energia SA, 7.38%, 07/21/23(d) | 897,500 | ||||||
500,000 | YPF SA, 8.50%, 03/23/21(d) | 488,350 | ||||||
2,831,550 | ||||||||
AUSTRIA — 0.1% | ||||||||
750,000 | Klabin Austria GmbH, 7.00%, 04/03/49(d) | 751,875 | ||||||
850,000(e | ) | Sappi Papier Holding GmbH, 4.00%, 04/01/23(d) | 981,965 | |||||
1,000,000(e | ) | Volksbank Wien AG, (5 yr. CMS + 7.880%), 7.75%, 10/09/67(f) | 1,127,055 | |||||
2,860,895 | ||||||||
BRAZIL — 0.1% | ||||||||
1,000,000 | BRF SA, 4.75%, 05/22/24(d) | 970,000 | ||||||
1,500,000 | CSN Resources SA, 6.50%, 07/21/20(d) | 1,522,500 | ||||||
1,000,000 | Globo Comunicacao e Participacoes SA, 4.84%, 06/08/25(d) | 989,010 | ||||||
1,000,000 | Nexa Resources SA, 5.38%, 05/04/27(d) | 1,039,000 | ||||||
4,520,510 | ||||||||
CANADA — 0.1% | ||||||||
500,000 | Baytex Energy Corp., 5.63%, 06/01/24(g) | 473,750 | ||||||
1,000,000 | Bombardier, Inc., 6.00%, 10/15/22(g) | 1,000,625 | ||||||
500,000 | Bombardier, Inc., 7.50%, 12/01/24(g) | 508,350 | ||||||
500,000 | First Quantum Minerals Ltd., 7.25%, 04/01/23(g) | 495,250 | ||||||
500,000 | MEG Energy Corp., 6.50%, 01/15/25(g) | 502,500 | ||||||
1,000,000 | Mercer International, Inc., 7.38%, 01/15/25(g) | 1,055,625 |
22 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
CANADA (continued) | ||||||||
$ | 500,000 | Parkland Fuel Corp., 6.00%, 04/01/26(g) | $ | 508,750 | ||||
4,544,850 | ||||||||
CAYMAN ISLANDS — 0.3% | ||||||||
5,220,764 | Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%), 7.59%, 02/12/23(g),(h) | $ | 5,279,498 | |||||
630,000 | Banco do Brasil SA, 4.75%, 03/20/24(d) | 643,671 | ||||||
1,000,000 | Banco do Brasil SA, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 7.780%), 8.50%, 04/20/68(d),(i) | 1,064,700 | ||||||
1,000,000 | Emirates Reit Sukuk Ltd., 5.13%, 12/12/22 | 961,680 | ||||||
1,000,000 | Itau Unibanco Holding SA, 5.13%, 05/13/23(d) | 1,042,000 | ||||||
1,000,000 | Latam Finance Ltd., 7.00%, 03/01/26(g) | 1,023,750 | ||||||
1,000,000 | MAF Global Securities Ltd., (5 yr. Swap Semi 30/360 US + 3.480%), 5.50%, 09/07/67(i) | 965,440 | ||||||
1,725,000(j | ) | UPCB Finance VII Ltd., 3.63%, 06/15/29(d) | 2,029,088 | |||||
13,009,827 | ||||||||
CHINA — 0.1% | ||||||||
1,000,000 | China Aoyuan Group Ltd., 8.50%, 01/23/22 | 1,051,910 | ||||||
600,000 | China Cinda Asset Management Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.290%), 4.45%, 09/30/67(i) | 582,750 | ||||||
1,000,000 | China Evergrande Group, 8.25%, 03/23/22 | 958,682 | ||||||
1,000,000 | Easy Tactic Ltd., 8.75%, 01/10/21 | 1,036,111 | ||||||
1,000,000 | Future Land Development Holdings Ltd., 7.50%, 01/22/21 | 1,020,404 | ||||||
500,000 | Greenland Global Investment Ltd., 5.25%, 02/12/21 | 493,766 | ||||||
1,000,000 | Logan Property Holdings Co. Ltd., 7.50%, 08/25/22 | 1,024,665 | ||||||
6,168,288 | ||||||||
COLUMBIA — 0.0% | ||||||||
1,000,000 | Bancolombia SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.930%), 4.88%, 10/18/27(i) | 1,015,000 |
Principal Amount | Value | |||||||
CURACAO — 0.0% | ||||||||
$ | 1,000,000 | Teva Pharmaceutical Finance IV BV, 3.65%, 11/10/21 | $ | 982,500 | ||||
DOMINICAN REPUBLIC — 0.0% | ||||||||
920,000 | Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(d) | 963,700 | ||||||
FRANCE — 0.2% | ||||||||
875,000(e | ) | Altice France SA, 5.88%, 02/01/27(d) | 1,040,465 | |||||
1,000,000(e | ) | Casino Guichard Perrachon SA, STEP,, 4.50%, 03/07/24 | 1,097,025 | |||||
900,000(e | ) | Electricite de France SA, (6 yr. Euro Swap + 3.440%), 4.00%, 10/04/67(i) | 1,059,714 | |||||
575,000(e | ) | Getlink SE, 3.63%, 10/01/23 | 673,952 | |||||
800,000(e | ) | La Financiere Atalian SASU, 4.00%, 05/15/24(d) | 668,878 | |||||
375,000(e | ) | Louvre Bidco SAS, 4.25%, 09/30/24(d) | 415,344 | |||||
750,000(e | ) | Loxam SAS, 3.50%, 05/03/23(d) | 855,807 | |||||
650,000(e | ) | Orano SA, 4.88%, 09/23/24 | 810,477 | |||||
700,000(e | ) | Orano SA, 3.38%, 04/23/26 | 792,032 | |||||
7,413,694 | ||||||||
GERMANY — 0.1% | ||||||||
1,375,000(e) | thyssenkrupp AG, 2.88%, 02/22/24 | 1,593,099 | ||||||
1,600,000(e) | Unitymedia GmbH, 3.75%, 01/15/27(d) | 1,896,972 | ||||||
3,490,071 | ||||||||
HONG KONG — 0.1% | ||||||||
1,000,000 | Bank of East Asia Ltd. (The), (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.830%), 5.50%, 06/02/67(i) | 1,005,171 | ||||||
1,000,000 | Health & Happiness H&H International Holdings Ltd., 7.25%, 06/21/21(d) | 1,021,722 | ||||||
1,000,000 | Industrial & Commercial Bank of China Asia Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.140%), 4.25%, 01/21/68(i) | 991,220 | ||||||
1,000,000 | Shimao Property Holdings Ltd., 4.75%, 07/03/22 | 1,000,298 |
23 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
HONG KONG (continued) | ||||||||
$ | 1,000,000 | Yingde Gases Investment Ltd., 6.25%, 01/19/23(d) | $ | 1,006,070 | ||||
5,024,481 | ||||||||
HUNGARY — 0.0% | ||||||||
775,000(e | ) | MOL Hungarian Oil & Gas Plc, 2.63%, 04/28/23 | 925,796 | |||||
INDIA — 0.1% | ||||||||
1,000,000 | Azure Power Energy Ltd., 5.50%, 11/03/22(d) | 990,070 | ||||||
500,000 | Delhi International Airport Ltd., 6.13%, 02/03/22 | 516,694 | ||||||
1,100,000 | GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(d) | 984,511 | ||||||
1,000,000 | ReNew Power Synthetic, 6.67%, 03/12/24(d) | 1,009,999 | ||||||
1,000,000 | Vedanta Resources Plc, 8.25%, 06/07/21(d) | 1,032,700 | ||||||
950,000 | Vedanta Resources Plc, 6.38%, 07/30/22(d) | 926,725 | ||||||
5,460,699 | ||||||||
INDONESIA — 0.1% | ||||||||
1,129,000 | Chandra Asri Petrochemical Tbk PT, 4.95%, 11/08/24(d) | 1,067,625 | ||||||
1,000,000 | Saka Energi Indonesia PT, 4.45%, 05/05/24(d) | 987,208 | ||||||
958,000 | Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(d) | 953,816 | ||||||
3,008,649 | ||||||||
IRELAND — 0.1% | ||||||||
1,250,000(e | ) | Ardagh Packaging Finance Plc/Ardagh Holdings USA, Inc., 6.75%, 05/15/24(d) | 1,478,891 | |||||
1,025,000 | Eurochem Finance DAC, 5.50%, 03/13/24(d) | 1,038,448 | ||||||
775,000(e | ) | Smurfit Kappa Acquisitions ULC, 4.13%, 01/30/20(d) | 895,182 | |||||
1,210,000(k | ) | Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24(d) | 1,626,801 | |||||
5,039,322 | ||||||||
ISLE OF MAN — 0.0% | ||||||||
475,000(j | ) | Playtech Plc, 3.75%, 10/12/23 | 550,477 | |||||
ITALY — 0.2% | ||||||||
850,000(e | ) | Almaviva-The Italian Innovation Co. SpA, 7.25%, 10/15/22(d) | 903,538 |
Principal Amount | Value | |||||||
ITALY (continued) | ||||||||
$ | 900,000(e | ) | Banco BPM SpA, (5 yr. Euro Swap + 4.180%), 4.38%, 09/21/27(i) | $ | 1,001,209 | |||
800,000(e | ) | Fire BC SpA, (3 mo. EURIBOR + 4.750%), 4.75%, 09/30/24(d),(h) | 901,843 | |||||
825,000(e | ) | Intesa Sanpaolo SpA, (5 yr. Euro Swap + 7.190%), 7.75%, 07/11/67(i) | 1,040,304 | |||||
900,000(e | ) | Pro-Gest SpA, 3.25%, 12/15/24(d) | 967,553 | |||||
1,675,000(e | ) | Telecom Italia SpA/Milano, 4.00%, 04/11/24 | 1,968,256 | |||||
1,190,000(e | ) | UniCredit SpA, (5 yr. Euro ICE Swap + 7.330%), 7.50%, 06/03/67(i) | 1,398,108 | |||||
8,180,811 | ||||||||
JAPAN — 0.0% | ||||||||
800,000(j | ) | SoftBank Group Corp., 4.75%, 07/30/25 | 989,201 | |||||
700,000(j | ) | SoftBank Group Corp., 5.00%, 04/15/28 | 843,026 | |||||
1,832,227 | ||||||||
JERSEY CHANNEL ISLANDS — 0.0% | ||||||||
1,650,000(j | ) | LHC3 Plc, 4.13% cash or 4.88% PIK, 4.13%, 08/15/24 | 1,886,453 | |||||
LUXEMBOURG — 0.4% | ||||||||
600,000 | Altice Finco SA, 7.63%, 02/15/25(d) | 561,375 | ||||||
1,150,000(e | ) | Altice Luxembourg SA, 7.25%, 05/15/22(b),(d) | 1,315,497 | |||||
500,000(e | ) | CPI Property Group SA, (5 yr. Euro Swap + 4.944%), 4.88%, 10/16/67(f) | 524,641 | |||||
1,850,000(e | ) | CPI Property Group SA, (5 yr. Euro Swap + 4.150%), 4.38%, 11/09/67(i) | 1,966,319 | |||||
1,021,000(e | ) | Crystal Almond Sarl, 10.00%, 11/01/21(d) | 1,225,103 | |||||
500,000 | Dana Financing Luxembourg Sarl, 5.75%, 04/15/25(g) | 510,000 | ||||||
1,200,000(e | ) | Garfunkelux Holdco 3 SA, 7.50%, 08/01/22(d) | 1,270,715 | |||||
125,000(k | ) | Garfunkelux Holdco 3 SA, 8.50%, 11/01/22(d) | 151,468 | |||||
1,000,000(e | ) | Gazprom OAO Via Gaz Capital SA, 2.95%, 01/24/24. | 1,182,306 | |||||
1,110,000 | Hidrovias International Finance Sarl, 5.95%, 01/24/25(d) | 1,102,452 | ||||||
150,000(e | ) | Holcim Finance Luxembourg SA, (5 yr. Euro Swap + 3.074%), 3.00%, 07/05/67(f) | 167,822 |
24 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
LUXEMBOURG (continued) | ||||||||
$ | 500,000 | JSL Europe SA, 7.75%, 07/26/24(d) | $ | 500,130 | ||||
1,400,000(e | ) | Lincoln Financing SARL, 3.63%, 04/01/24(d) | 1,609,895 | |||||
250,000(e | ) | Lincoln Financing SARL, (3 mo. EURIBOR + 3.875%), 3.88%, 04/01/24(d),(h) | 283,143 | |||||
500,000 | Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.88%, 04/15/20(g) | 497,500 | ||||||
1,475,000 | Matterhorn Telecom SA, 3.63%, 05/01/22 | 1,454,474 | ||||||
450,000 | Millicom International Cellular SA, 6.25%, 03/25/29(d) | 465,750 | ||||||
975,000 | Minerva Luxembourg SA, 6.50%, 09/20/26(d) | 963,544 | ||||||
1,145,000 | Rede D’or Finance Sarl, 4.95%, 01/17/28(d) | 1,076,300 | ||||||
850,000(e | ) | Rossini Sarl, 6.75%, 10/30/25(d) | 1,028,193 | |||||
275,000(e | ) | SES SA, (5 yr. Euro Swap + 4.660%), 4.63%, 01/02/68(i) | 325,405 | |||||
1,050,000(e | ) | SES SA, (5 yr. Euro Swap + 5.400%), 5.63%, 01/29/68(i) | 1,286,679 | |||||
925,000(e | ) | Swissport Financing Sarl, 6.75%, 12/15/21(d) | 1,071,218 | |||||
850,000(e | ) | Takko Luxembourg 2 SCA, 5.38%, 11/15/23(d) | 793,675 | |||||
500,000 | Topaz Marine SA, 9.13%, 07/26/22(d) | 508,790 | ||||||
900,000 | Ultrapar International SA, 5.25%, 10/06/26(d) | 916,956 | ||||||
22,759,350 | ||||||||
MEXICO — 0.0% | ||||||||
420,000(j | ) | Cemex SAB de CV, 3.13%, 03/19/26(d) | 481,579 | |||||
500,000 | Grupo Posadas SAB de CV, 7.88%, 06/30/22(d) | 493,750 | ||||||
975,329 | ||||||||
NETHERLANDS — 0.4% | ||||||||
500,000 | Constellium NV, 5.88%, 02/15/26(g) | 507,500 | ||||||
750,000(e | ) | Eagle Intermediate Global Holding BV/Ruyi US Finance LLC, 5.38%, 05/01/23(d) | 849,733 | |||||
1,400,000(e | ) | NE Property BV, 1.75%, 11/23/24 | 1,446,224 | |||||
500,000 | Petrobras Global Finance BV, 7.38%, 01/17/27 | 557,900 | ||||||
3,040,000 | Petrobras Global Finance BV, 5.75%, 02/01/29 | 3,047,600 |
Principal Amount | Value | |||||||
NETHERLANDS (continued) | ||||||||
$ | 925,000 | Petrobras Global Finance BV, 6.88%, 01/20/40 | $ | 949,281 | ||||
890,000(e | ) | PPF Arena 1 BV, 3.13%, 03/27/26 | 1,002,720 | |||||
900,000(e | ) | Promontoria Holding 264 BV, 6.75%, 08/15/23(d) | 1,044,690 | |||||
1,125,000(e | ) | Sigma Holdco BV, 5.75%, 05/15/26(d) | 1,212,405 | |||||
500,000 | Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 7.00%, 07/15/26(g) | 522,500 | ||||||
1,900,000(e | ) | Telefonica Europe BV, (6 yr. Euro Swap + 4.110%), 4.38%, 03/14/68(i) | 2,221,618 | |||||
800,000(e | ) | Telefonica Europe BV, (10 yr. Euro Swap + 4.300%), 5.88%, 03/31/68(i) | 1,009,449 | |||||
1,150,000(e | ) | Teva Pharmaceutical Finance Netherlands II BV, 1.25%, 03/31/23 | 1,225,424 | |||||
950,000(e | ) | Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24 | 958,972 | |||||
1,000,000 | Teva Pharmaceutical Finance Netherlands III BV, 2.20%, 07/21/21 | 960,832 | ||||||
1,500,000 | VEON Holdings BV, 4.95%, 06/16/24(d) | 1,522,980 | ||||||
1,000,000(e | ) | Ziggo BV, 4.25%, 01/15/27(d) | 1,169,116 | |||||
20,208,944 | ||||||||
PHILIPPINES — 0.0% | ||||||||
1,000,000 | VLL International, Inc., 5.75%, 11/28/24 | 999,617 | ||||||
PORTUGAL — 0.1% | ||||||||
900,000(e | ) | Banco Comercial Portugues SA, (5 yr. Euro Swap + 4.270%), 4.50%, 12/07/27(i) | 999,350 | |||||
900,000(e | ) | EDP - Energias de Portugal SA, (5 yr. Euro Swap + 4.290%), 4.50%, 04/30/79(i) | 1,081,949 | |||||
2,081,299 | ||||||||
ROMANIA — 0.0% | ||||||||
175,000(e | ) | Digi Communications NV, 5.00%, 10/15/23(d) | 204,061 | |||||
875,000(e | ) | Globalworth Real Estate Investments, Ltd., REIT, 3.00%, 03/29/25 | 1,021,651 | |||||
1,225,712 |
25 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
RUSSIA — 0.0% | ||||||||
$ | 1,000,000 | Evraz Plc, 5.38%, 03/20/23(d) | $ | 1,023,300 | ||||
SINGAPORE — 0.1% | ||||||||
1,145,000 | ABJA Investment Co. Pte Ltd., 5.45%, 01/24/28 | 1,069,451 | ||||||
1,000,000 | Global Prime Capital Pte Ltd., 5.50%, 10/18/23 | 972,949 | ||||||
1,000,000 | Jubilant Pharma Ltd., 6.00%, 03/05/24 | 1,008,581 | ||||||
1,000,000(j | ) | Mulhacen Pte Ltd., 6.50% cash or 7.25% PIK, 6.50%, 08/01/23 | 1,135,624 | |||||
1,000,000 | Pakuwon Prima Pte Ltd., 5.00%, 02/14/24 | 991,690 | ||||||
5,178,295 | ||||||||
SLOVENIA — 0.0% | ||||||||
675,000(e | ) | United Group BV, (3 mo. EURIBOR + 4.380%), 4.38%, 07/01/23(d),(h) | 757,522 | |||||
SOUTH AFRICA — 0.0% | ||||||||
1,000,000 | FirstRand Bank Ltd., (5 yr. Swap Semi 30/360 US + 3.560%), 6.25%, 04/23/28(i) | 1,022,620 | ||||||
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) | 529,375 | ||||||
SPAIN — 0.1% | ||||||||
900,000(e | ) | Abanca Corp. Bancaria SA, (5 yr. Euro Swap + 5.930%), 6.13%, 01/18/29(i) | 1,042,197 | |||||
700,000(e | ) | Banco de Sabadell SA, (5 yr. Euro Swap + 5.100%), 5.38%, 12/12/28(i) | 842,938 | |||||
900,000(e | ) | Bankia SA, (5 yr. Euro Swap + 3.620%), 3.75%, 02/15/29(i) | 1,044,577 | |||||
600,000(e | ) | Ibercaja Banco SA, (5 yr. Euro Swap + 6.810%), 7.00%, 07/06/67(i) | 673,804 | |||||
1,000,000(e | ) | Naviera Armas SA, (3 mo. EURIBOR + 6.500%), 6.50%, 07/31/23(d),(h) | 1,121,032 | |||||
575,000(e | ) | Tasty Bondco 1 SA, 6.25%, 05/15/26(d) | 650,566 | |||||
5,375,114 | ||||||||
SWEDEN — 0.1% | ||||||||
1,375,000(e | ) | Akelius Residential Property AB, (5 yr. Euro Swap + 3.488%), 3.88%, 10/05/78(f) | 1,594,024 |
Principal Amount | Value | |||||||
SWEDEN (continued) | ||||||||
$ | 775,000(e | ) | Fastighets AB Balder, (5 yr. Euro Swap + 2.900%), 3.00%, 03/07/78(i) | $ | 861,540 | |||
2,455,564 | ||||||||
TURKEY — 0.1% | ||||||||
1,000,000 | Akbank T.A.S., 5.00%, 10/24/22(d) | 922,000 | ||||||
1,120,000 | KOC Holding AS, 6.50%, 03/11/25(d) | 1,079,411 | ||||||
1,000,000 | QNB Finansbank AS, 6.88%, 09/07/24(d) | 974,744 | ||||||
1,000,000 | Turk Telekomunikasyon AS, 6.88%, 02/28/25(d) | 955,180 | ||||||
1,000,000 | Turkiye Garanti Bankasi AS, 5.25%, 09/13/22(d) | 933,164 | ||||||
1,030,000 | Turkiye Sise ve Cam Fabrikalari AS, 6.95%, 03/14/26(d) | 989,902 | ||||||
5,854,401 | ||||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
1,000,000 | ADES International Holding Plc, 8.63%, 04/24/24(d) | 1,008,448 | ||||||
1,000,000 | DAE Funding LLC, 5.00%, 08/01/24(g) | 1,027,500 | ||||||
2,035,948 | ||||||||
UNITED KINGDOM — 0.4% | ||||||||
700,000(j | ) | Algeco Global Finance Plc, 6.50%, 02/15/23(d) | 823,594 | |||||
1,000,000 | AngloGold Ashanti Holdings Plc, 6.50%, 04/15/40 | 1,037,870 | ||||||
1,000,000 | Arqiva Broadcast Finance Plc, 6.75%, 09/30/23 | 1,401,802 | ||||||
600,000 | Bracken MidCo1 Plc, 8.88% cash or 8.88% PIK, 8.88%, 10/15/23 | 774,610 | ||||||
350,000 | Co-operative Group Holdings 2011 Ltd., STEP, 6.88%, 07/08/20 | 477,852 | ||||||
700,000 | CYBG Plc, (5 yr. US Govt bonds Generic Bid Yield + 7.130%), 7.88%, 12/14/28(i) | 1,004,082 | ||||||
1,375,000 | Jaguar Land Rover Automotive Plc, 3.50%, 03/15/20(g) | 1,361,731 | ||||||
700,000 | Jerrold Finco Plc, 6.25%, 09/15/21(d) | 928,593 | ||||||
600,000 | Kennedy Wilson Europe Real Estate Plc, 3.95%, 06/30/22 | 795,602 | ||||||
1,200,000(j | ) | Kennedy Wilson Europe Real Estate Plc, 3.25%, 11/12/25 | 1,370,491 |
26 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
$ | 2,000,000 | MARB BondCo Plc, 7.00%, 03/15/24(d) | $ | 2,039,620 | ||||
1,250,000 | Perform Group Financing Plc, 8.50%, 11/15/20(d) | 1,648,666 | ||||||
800,000 | Saga Plc, 3.38%, 05/12/24 | 921,148 | ||||||
1,275,000(j) | Titan Global Finance Plc, 3.50%, 06/17/21 | 1,505,051 | ||||||
1,475,000(j) | Travelex Financing Plc, 8.00%, 05/15/22(d) | 1,687,123 | ||||||
1,000,000 | Tullow Oil Plc, 6.25%, 04/15/22(b),(d) | 1,007,500 | ||||||
775,000 | Vodafone Group Plc, (5 yr. GBP Swap + 3.267%), 4.88%, 10/03/78(f) | 999,578 | ||||||
450,000(j) | Vodafone Group Plc, (5 yr. Euro Swap + 2.670%), 3.10%, 01/03/79(i) | 505,146 | ||||||
375,000 | William Hill Plc, 4.75%, 05/01/26 | 495,725 | ||||||
20,785,784 | ||||||||
UNITED STATES — 0.5% | ||||||||
950,000(j) | Adient Global Holdings Ltd., 3.50%, 08/15/24(d) | 918,695 | ||||||
500,000 | Allegheny Technologies, Inc., 7.88%, 08/15/23 | 541,105 | ||||||
1,425,000(j) | Alliance Data Systems Corp., 4.50%, 03/15/22(d) | 1,634,906 | ||||||
775,000(j) | Alliance Data Systems Corp., 5.25%, 11/15/23(d) | 905,317 | ||||||
280,122 | Ambac Assurance Corp., 5.10%, 06/07/20(g) | 395,672 | ||||||
500,000 | Avantor, Inc., 6.00%, 10/01/24(g) | 521,719 | ||||||
1,000,000 | Bausch Health Cos, Inc., 6.13%, 04/15/25(g) | 1,011,250 | ||||||
1,000,000 | BCD Acquisition, Inc., 9.63%, 09/15/23(g) | 1,062,500 | ||||||
500,000 | Berry Petroleum Co. LLC, 7.00%, 02/15/26(g) | 490,625 | ||||||
700,000 | BWAY Holding Co., 5.50%, 04/15/24(g) | 695,205 | ||||||
1,000,000 | Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(g) | 977,500 | ||||||
1,500,000 | CEMEX Finance LLC, 6.00%, 04/01/24(d) | 1,545,600 | ||||||
1,000,000 | Clearway Energy Operating LLC, 5.75%, 10/15/25(g) | 1,022,500 | ||||||
1,000,000 | Covey Park Energy LLC / Covey Park Finance Corp., 7.50%, 05/15/25(g) | 930,000 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 1,000,000 | CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/25(g) | $ | 987,500 | ||||
500,000 | Eagle Holding Co. II LLC, 7.63% cash or 8.38% PIK, 7.63%, 05/15/22(g) | 502,500 | ||||||
500,000 | Greif, Inc., 6.50%, 03/01/27(g) | 515,000 | ||||||
1,000,000 | H&E Equipment Services, Inc., 5.63%, 09/01/25 | 1,015,000 | ||||||
500,000 | JB Poindexter & Co., Inc., 7.13%, 04/15/26(g) | 510,000 | ||||||
1,210,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 04/15/29(g) | 1,282,600 | ||||||
810,000 | Kosmos Energy Ltd., 7.13%, 04/04/26(d) | 811,782 | ||||||
500,000(j) | MPT Operating Partnership LP / MPT Finance Corp., REIT, 3.33%, 03/24/25 | 591,562 | ||||||
650,000(j) | MPT Operating Partnership LP/MPT Finance Corp., REIT, 4.00%, 08/19/22 | 795,648 | ||||||
150,000(j) | Netflix, Inc., 3.63%, 05/15/27 | 176,152 | ||||||
675,000 | Netflix, Inc., 3.88%, 11/15/29(d) | 775,095 | ||||||
200,000(j) | Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 4.38%, 05/15/26(d) | 230,209 | ||||||
450,000 | Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 6.25%, 05/15/26(g) | 468,563 | ||||||
150,000 | Panther BF Aggregator 2 LP / Panther Finance Co., Inc., 8.50%, 05/15/27(g) | 155,100 | ||||||
500,000 | Parsley Energy LLC / Parsley Finance Corp., 5.63%, 10/15/27(g) | 511,250 | ||||||
375,000(j | ) | Quintiles IMS, Inc, 3.50%, 10/15/24(d) | 430,822 | |||||
3,395,000 | Southern Star Central Corp., 5.13%, 07/15/22(g) | 3,416,898 | ||||||
500,000 | Springleaf Finance Corp., 7.13%, 03/15/26 | 536,875 | ||||||
500,000 | TransDigm, Inc., 6.50%, 07/15/24 | 506,563 | ||||||
500,000 | Verscend Escrow Corp., 9.75%, 08/15/26(g) | 528,750 | ||||||
42,119,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 02/04/49(a),(c) | 0 | ||||||
21,131,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 06/16/49(a),(c) | 0 |
27 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 9,840,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 11/06/49(a),(c) | $ | 0 | ||||
3,000,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(a),(c) | 0 | ||||||
27,400,463 | ||||||||
VIRGIN ISLANDS — 0.0% | ||||||||
500,000 | RKPF Overseas 2019 B Ltd., 7.75%, 04/18/21 | 521,625 | ||||||
500,000 | Wanda Properties International Co. Ltd., 7.25%, 01/29/24 | 507,908 | ||||||
1,029,533 | ||||||||
Total Corporate Bonds (Cost $200,456,298) | 201,407,970 | |||||||
GOVERNMENT BONDS — 2.6% | ||||||||
CANADA — 1.7% | ||||||||
115,700,000 | Canadian Government Bond, 1.25%, 02/01/20 | 86,067,258 | ||||||
UNITED KINGDOM — 0.9% | ||||||||
36,000,000 | United Kingdom Gilt, 4.75%, 03/07/20 | 48,524,209 | ||||||
Total Government Bonds (Cost $139,366,365) | 134,591,467 | |||||||
ASSET-BACKED SECURITIES — 14.2% | ||||||||
CAYMAN ISLANDS — 3.9% | ||||||||
Collateralized Loan Obligations — 3.1% | ||||||||
11,750,000 | Adams Mill CLO Ltd., Series 2014-1A, Class F, (3 mo. LIBOR US + 5.690%), 8.29%, 07/15/26(a),(g),(h) | 10,650,995 | ||||||
7,500,000 | Adams Mill CLO Ltd., Series 2014-1A, Class SUB, 0.00%, 07/15/26(a),(f),(g) | 963,912 | ||||||
1,000,000 | Anchorage Capital CLO 9 Ltd., Series 2016-9A, Class E, (3 mo. LIBOR US + 7.250%), 9.85%, 01/15/29(g),(h) | 1,000,442 | ||||||
1,000,000 | Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.700%), 8.29%, 04/20/31(g),(h) | 918,129 | ||||||
1,000,000 | Apidos CLO XXII, Series 2015-22A, Class D, (3 mo. LIBOR US + 6.000%), 8.59%, 10/20/27(g),(h) | 999,974 |
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%), 8.55%, 01/15/27(a),(g),(h) | $ | 2,526,727 | ||||
1,500,000 | BlueMountain CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 5.450%), 8.05%, 04/13/27(g),(h) | 1,489,046 | ||||||
1,000,000 | Burnham Park CLO Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 5.400%), 7.99%, 10/20/29(g),(h) | 930,892 | ||||||
1,500,000 | Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class E1, (3 mo. LIBOR US + 5.300%), 7.89%, 04/20/27(g),(h) | 1,477,971 | ||||||
1,000,000 | Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class DR, (3 mo. LIBOR US + 4.350%), 6.93%, 04/27/27(g),(h) | 933,929 | ||||||
1,357,178 | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR US + 8.500%), 11.09%, 10/20/27(a),(g),(h) | 1,313,099 | ||||||
500,000 | Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.200%), 7.79%, 04/20/27(g),(h) | 481,878 | ||||||
1,000,000 | Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 7.000%), 9.59%, 10/20/29(g),(h) | 1,000,626 | ||||||
17,550,000 | CBAM CLO Management, Series 2019-10A, Class SUB, 0.00%, 04/20/32(f),(g) | 16,672,500 | ||||||
9,915,625 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 0.00%, 01/20/31(a),(f),(g) | 8,191,212 | ||||||
1,000,000 | Cumberland Park CLO Ltd., Series 2015-2A, Class ER, (3 mo. LIBOR US + 5.650%), 8.24%, 07/20/28(g),(h) | 988,745 | ||||||
11,500,000 | Jackson Mill CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.000%), 7.60%, 04/15/27(g),(h) | 11,095,023 | ||||||
20,000,000 | Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 0.00%, 04/15/27(a),(f),(g) | 11,972,892 | ||||||
8,000,000 | Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, 0.00%, 10/20/31(a),(f) | 4,041,152 | ||||||
7,400,000 | Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, (3 mo. LIBOR US + 8.150%), 10.73%, 10/20/31(h) | 6,706,442 |
28 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 1,250,000 | Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.000%), 7.60%, 01/15/28(g),(h) | $ | 1,188,088 | ||||
1,000,000 | Rockford Tower CLO Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 6.080%), 8.68%, 10/15/29(g),(h) | 969,003 | ||||||
11,000,000 | Romark CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.650%), 9.24%, 10/23/30(g),(h) | 10,867,966 | ||||||
5,000,000 | Romark CLO Ltd., Series 2017-1A, Class SUB, 0.00%, 10/23/30(f),(g) | 3,935,152 | ||||||
15,100,000 | Romark CLO Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 6.250%), 8.83%, 07/25/31(g),(h) | 14,248,751 | ||||||
5,000,000 | Romark CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/25/31(f),(g) | 3,761,406 | ||||||
21,591,392 | Romark WM-R Ltd., Series 2014-1A, Class SUB, 0.00%, 04/20/31(a),(f),(g) | 11,545,900 | ||||||
1,250,000 | Shackleton CLO Ltd., Series 2017-10A, Class E, (3 mo. LIBOR US + 6.220%), 8.81%, 04/20/29(g),(h) | 1,178,739 | ||||||
1,000,000 | Sound Point CLO IX Ltd., Series 2015-2A, Class E, (3 mo. LIBOR US + 5.500%), 8.09%, 07/20/27(g),(h) | 976,069 | ||||||
500,000 | Sound Point CLO XIV Ltd., Series 2016-3A, Class E, (3 mo. LIBOR US + 6.650%), 9.24%, 01/23/29(g),(h) | 500,198 | ||||||
1,000,000 | Teacher’s Insurance & Annuity CLO II Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 5.850%), 8.44%, 04/20/29(g),(h) | 937,876 | ||||||
5,500,000 | THL Credit Wind River CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/15/30(a),(f),(g) | 4,748,446 | ||||||
1,250,000 | Vibrant CLO IV Ltd., Series 2016-4A, Class D, (3 mo. LIBOR US + 4.500%), 7.09%, 07/20/28(g),(h) | 1,251,374 | ||||||
1,500,000 | Voya CLO Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 6.950%), 9.54%, 07/19/28(g),(h) | 1,499,939 | ||||||
1,000,000 | Westcott Park CLO Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.350%), 6.94%, 07/20/28(g),(h) | 1,000,767 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 1,000,000 | Westcott Park CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.200%), 9.79%, 07/20/28(g),(h) | $ | 1,000,462 | ||||
4,500,000 | York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.400%), 8.99%, 10/20/29(a),(g),(h) | 4,353,632 | ||||||
4,000,000 | York CLO-3 Ltd., Series 2016-1A, Class SUB, 0.00%, 10/20/29(f),(g) | 2,847,865 | ||||||
6,375,000 | York CLO-3 Ltd., Series 2018-1A, Class SUB, 0.00%, 10/22/31(a),(f),(g) | 4,548,513 | ||||||
1,000,000 | York CLO-4 Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 6.940%), 9.53%, 01/20/30(g),(h) | 1,001,741 | ||||||
156,717,473 | ||||||||
Other Asset-Backed Securities — 0.8% | ||||||||
2,800,000 | ALM Loan Funding Ltd., Series 2012-6A, Class DR3, (3 mo. LIBOR US + 5.050%), 7.65%, 07/15/26(a),(g),(h) | 2,684,363 | ||||||
1,000,000 | ALM Loan Funding Ltd., Series 2013-7RA, Class DR, (3 mo. LIBOR US + 7.140%), 9.74%, 10/15/28(g),(h) | 1,000,931 | ||||||
2,000,000 | ALM Loan Funding Ltd., Series 2015-16A, Class DR2, (3 mo. LIBOR US + 5.100%), 7.70%, 07/15/27(g),(h) | 1,914,498 | ||||||
3,881,631 | Atrium VIII, Series 8A, Class SUB, 0.00%, 10/23/24(f),(g) | 2,036,122 | ||||||
2,000,000 | Atrium XII, Series 12A, Class ER, (3 mo. LIBOR US + 5.250%), 7.84%, 04/22/27(g),(h) | 1,901,449 | ||||||
12,131,250 | Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/47(a),(f),(g) | 10,661,982 | ||||||
3,250,000 | CIFC Funding Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 6.750%), 9.34%, 10/21/28(a),(g),(h) | 3,251,685 | ||||||
1,750,000 | HPS Loan Management Ltd., Series 2016-10A, Class D, (3 mo. LIBOR US + 6.500%), 9.09%, 01/20/28(g),(h) | 1,702,363 | ||||||
750,000 | LCM Ltd. Partnership XVIII LP, Series 18A, Class INC, 0.00%, 04/20/31(f),(g) | 441,033 | ||||||
2,000,000 | Madison Park Funding XVI, Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.500%), 8.09%, 04/20/26(g),(h) | 1,991,926 |
29 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,000,000 | OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.150%), 9.74%, 01/20/29(g),(h) | $ | 1,000,114 | ||||
6,750,000 | Romark WM-R Ltd., Series 2018-1A, Class E, (3 mo. LIBOR US + 5.260%), 7.85%, 04/20/31(g),(h) | 5,941,179 | ||||||
7,500,000 | Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR US + 8.100%), 10.69%, 04/20/31(g),(h) | 6,794,645 | ||||||
41,322,290 | ||||||||
198,039,763 | ||||||||
UNITED STATES — 10.3% | ||||||||
Collateralized Loan Obligations — 0.1% | ||||||||
3,991,300 | Ari Investments LLC, 4.48%, 01/06/25(a),(c) | 3,991,300 | ||||||
3,308,033 | CWHEQ Revolving Home Equity Loan Trust, Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 2.65%, 05/15/36(h) | 3,194,964 | ||||||
7,186,264 | ||||||||
Other Asset-Backed Securities — 10.2% | ||||||||
5,197,887 | Ajax Mortgage Loan Trust, Series 2017-D, Class A, 3.75%, 12/25/57(g) | 5,352,257 | ||||||
1,448,330 | Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(c),(f),(g) | 651,749 | ||||||
2,785,650 | Ajax Mortgage Loan Trust, Series 2018-A, Class A, 3.85%, 04/25/58(g) | 2,792,127 | ||||||
781,512 | Ajax Mortgage Loan Trust, Series 2018-A, Class B, 0.00%, 04/25/58(c),(g) | 429,832 | ||||||
7,529,052 | Ajax Mortgage Loan Trust, Series 2018-D, Class A, 3.75%, 08/25/58(a),(c),(f),(g) | 7,434,939 | ||||||
1,836,579 | Ajax Mortgage Loan Trust, Series 2018-D, Class B, 0.00%, 08/25/58(c),(f),(g) | 1,028,484 | ||||||
1,312,500 | Ajax Mortgage Loan Trust, Series 2018-E, Class B, 5.25%, 06/25/58(f),(g) | 1,337,135 | ||||||
3,324,901 | Ajax Mortgage Loan Trust, Series 2018-E, Class C, 0.00%, 06/25/58(f),(g) | 978,186 | ||||||
1,498,613 | Ajax Mortgage Loan Trust, Series 2018-F, Class B, 5.25%, 11/25/58(f),(g) | 1,470,589 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 3,654,699 | Ajax Mortgage Loan Trust, Series 2018-F, Class C, 0.00%, 11/25/58(g) | $ | 1,743,657 | ||||
21,180,691 | Ajax Mortgage Loan Trust, Series 2018-G, Class A, 4.38%, 06/25/57(f),(g) | 21,170,101 | ||||||
2,100,000 | Ajax Mortgage Loan Trust, Series 2018-G, Class B, 5.25%, 06/25/57(f),(g) | 2,061,150 | ||||||
5,374,311 | Ajax Mortgage Loan Trust, Series 2018-G, Class C, 0.01%, 06/25/57(g) | 4,981,986 | ||||||
22,500,000 | Ajax Mortgage Loan Trust, Series 2019-A, Class-A, 3.75%, 08/25/57(f),(g) | 22,452,750 | ||||||
2,450,000 | Ajax Mortgage Loan Trust, Series 2019-A, Class-B, 5.25%, 08/25/57(f),(g) | 2,400,020 | ||||||
6,300,000 | Ajax Mortgage Loan Trust, Series 2019-A, Class-C, 0.01%, 08/25/57(g) | 5,016,171 | ||||||
22,500,000 | Ajax Mortgage Loan Trust, Series 2019-B, Class A, 3.75%, 01/25/59(f),(g) | 22,443,750 | ||||||
2,100,000 | Ajax Mortgage Loan Trust, Series 2019-B, Class B, 5.25%, 01/25/59(f),(g) | 2,077,723 | ||||||
5,400,000 | Ajax Mortgage Loan Trust, Series 2019-B, Class C, 0.01%, 01/25/59(g) | 3,888,000 | ||||||
11,877,201 | Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.480%), 2.96%, 05/25/35(h) | 11,220,658 | ||||||
4,769,353 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1, (1 mo. LIBOR US + 0.460%), 2.94%, 01/25/36(h) | 3,456,100 | ||||||
6,158,274 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. LIBOR US + 0.420%), 2.90%, 01/25/36(h) | 3,790,468 | ||||||
5,740,000 | Bank of America Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(f) | 4,628,478 | ||||||
5,000,000 | Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25(f) | 3,105,255 | ||||||
11,471,908 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 3.48%, 05/28/39(g),(h) | 10,023,580 |
30 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 2,533,064 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 3.78%, 05/28/39(g),(h) | $ | 2,017,367 | ||||
4,074,010 | Bayview Financial Revolving Asset Trust, Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 3.48%, 02/28/40(g),(h) | 3,883,803 | ||||||
5,371,535 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR US + 0.930%), 3.41%, 12/28/40(g),(h) | 5,005,604 | ||||||
2,025,913 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 3.16%, 12/25/35(h) | 2,291,806 | ||||||
3,084,580 | Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR US + 0.350%), 2.83%, 03/25/36(h) | 751,385 | ||||||
3,084,580 | Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR US + 0.350%), 2.83%, 03/25/36(h) | 751,385 | ||||||
5,952,399 | Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR US + 0.140%), 2.62%, 12/25/36(h) | 6,214,479 | ||||||
666,712 | Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, (1 mo. LIBOR US + 1.200%), 3.68%, 01/25/36(g),(h) | 664,760 | ||||||
3,790,504 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/15/30(f) | 1,257,320 | ||||||
3,553,597 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/15/30(f) | 1,252,117 | ||||||
2,534,740 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/15/30(f) | 980,165 | ||||||
5,735,196 | Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, (1 mo. LIBOR US + 0.150%), 2.63%, 04/25/36(h) | 5,540,469 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 4,884,740 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR US + 0.420%), 2.90%, 02/25/37(h) | $ | 3,731,600 | ||||
12,415,000 | Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.70%, 10/25/36(a),(h) | 8,455,271 | ||||||
11,277,434 | Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(f) | 5,052,525 | ||||||
14,178,884 | Conseco Finance Securitizations Corp., Series 2000-4, Class A5, 7.97%, 05/01/32 | 6,097,592 | ||||||
3,152,476 | Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(f) | 3,185,157 | ||||||
2,798,774 | Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(f) | 2,683,756 | ||||||
3,938,148 | Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(f) | 2,747,276 | ||||||
3,032,242 | Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(f) | 2,047,300 | ||||||
4,556,356 | Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 6.05%, 05/25/36 | 4,449,022 | ||||||
874,625 | Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 2.64%, 09/25/46(h) | 860,314 | ||||||
1,282,740 | Countrywide Asset-Backed Certificates, Series 2006-S4, Class A4, 5.93%, 07/25/34(f) | 1,295,374 | ||||||
1,690,599 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.77%, 12/15/33(g),(h) | 1,581,619 | ||||||
1,286,976 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR US + 0.240%), 2.71%, 02/15/30(g),(h) | 1,202,181 | ||||||
1,095,043 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.66%, 05/15/35(g),(h) | 1,009,858 |
31 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,571,680 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5F1A, (1 mo. LIBOR US + 0.240%), 2.71%, 12/15/35(g),(h) | $ | 1,510,988 | ||||
6,879,000 | Finance of America Structured Securities Trust, Series 2019-HB1, Class M5, 6.00%, 04/25/29(f),(g) | 6,482,691 | ||||||
3,325,000 | Finance of America Structured Securities Trust, Series 2018-HB1, Class M4, 5.23%, 09/25/28(a),(c),(f),(g) | 3,325,000 | ||||||
4,000,000 | Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28(c),(f),(g) | 3,921,200 | ||||||
2,668,109 | First Franklin Mortgage Loan Trust, Series 2003-FF4, Class-M1, (1 mo. LIBOR US + 1.800%), 4.30%, 10/25/33(h) | 2,673,649 | ||||||
5,000,000 | First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR US + 0.360%), 3.03%, 03/25/36(h) | 3,826,515 | ||||||
9,750,534 | First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR US + 0.250%), 2.73%, 07/25/36(h) | 4,921,899 | ||||||
4,457,466 | First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.88%, 01/25/36(h) | 2,568,950 | ||||||
4,832,397 | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR US + 0.150%), 2.63%, 03/25/37(h) | 3,224,638 | ||||||
1,500,000 | Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR US + 0.410%), 2.89%, 11/25/35(h) | 1,340,155 | ||||||
1,499,231 | GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR US + 0.500%), 2.98%, 02/25/36(h) | 1,481,482 | ||||||
972,906 | GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR US + 0.320%), 2.79%, 11/25/36(h) | 954,311 | ||||||
7,206,825 | Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(f) | 6,040,085 | ||||||
9,131,001 | GSAA Home Equity Trust, Series 2007-9, Class A3A, 7.00%, 08/25/47 | 4,561,297 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 539,421 | GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(f) | $ | 346,432 | ||||
4,375,000 | Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.63%, 05/25/37(h) | 3,614,199 | ||||||
5,640,340 | HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.96%, 12/25/36 | 2,992,514 | ||||||
1,050,000 | Invitation Homes Trust, Series 2017-SFR2, Class D, (1 mo. LIBOR US + 1.800%), 4.27%, 12/17/36(g),(h) | 1,051,064 | ||||||
705,633 | Invitation Homes Trust, Series 2018-SFR1, Class F, (1 mo. LIBOR US + 2.500%), 4.97%, 03/17/37(g),(h) | 703,809 | ||||||
2,104,994 | Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(g) | 2,064,450 | ||||||
4,000,000 | JPMorgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1, (1 mo. LIBOR US + 0.270%), 2.75%, 05/25/36(h) | 3,779,511 | ||||||
10,000,000 | Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75%, 01/25/59(g) | 10,018,116 | ||||||
14,604,056 | Legacy Mortgage Asset Trust, Series 2019-SL1, Class A, 4.00%, 12/28/54(f),(g) | 14,587,649 | ||||||
350,489 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 2.57%, 06/25/37(g),(h) | 251,722 | ||||||
10,621,659 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, (1 mo. LIBOR US + 0.300%), 2.78%, 06/25/37(a),(g),(h) | 7,840,495 | ||||||
7,212,848 | Lehman ABS Mortgage Loan Trust,Series 2007-1,Class 2A2, (1 mo. LIBOR US + 0.200%), 2.68%, 06/25/37(g),(h) | 5,744,819 | ||||||
1,181,708 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR US + 0.110%), 2.59%, 11/25/36(h) | 534,527 | ||||||
16,300,131 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.64%, 11/25/36(h) | 7,439,669 | ||||||
3,203,836 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.70%, 11/25/36(h) | 1,477,783 |
32 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 6,175,110 | Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.64%, 10/25/36(h) | $ | 2,581,693 | ||||
3,999,049 | Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.73%, 03/25/32(h) | 4,066,933 | ||||||
4,362,312 | Mastr Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR US + 0.320%), 2.80%, 03/25/36(h) | 752,154 | ||||||
3,212,351 | Merit Securities Corp., Series 13, Class M2, STEP, 7.95%, 12/28/33 | 2,590,121 | ||||||
10,745,799 | Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR US + 0.250%), 2.73%, 10/25/37(h) | 4,363,932 | ||||||
1,421,306 | Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, (1 mo. LIBOR US + 0.240%), 2.72%, 06/25/36(h) | 941,569 | ||||||
7,577,484 | Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 2.61%, 11/25/36(h) | 4,469,740 | ||||||
7,582,714 | Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, (1 mo. LIBOR US + 0.140%), 2.62%, 05/25/37(h) | 5,779,532 | ||||||
5,960,201 | Morgan Stanley Capital I, Series 2006-NC2, Class M1, (1 mo. LIBOR US + 0.360%), 2.84%, 02/25/36(h) | 4,854,073 | ||||||
5,215,987 | Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36 | 2,250,167 | ||||||
2,301,041 | Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, STEP, (1 mo. LIBOR US + 0.300%), 2.78%, 03/25/36(h) | 2,320,476 | ||||||
3,200,000 | Nationstar HECM Loan Trust, Series 2018-2A, Class M4, 5.06%, 07/25/28(a),(c),(f),(g) | 3,243,808 | ||||||
8,000,000 | Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR US + 0.300%), 2.78%, 03/25/37(h) | 6,665,751 | ||||||
5,699,670 | New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR US + 0.450%), 2.93%, 12/25/35(h) | 3,330,685 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 2,520,599 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.88%, 10/25/36(g),(h) | $ | 2,350,478 | ||||
2,387,344 | Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27 | 2,292,279 | ||||||
10,504,120 | Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(f) | 4,714,558 | ||||||
8,576,285 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(f) | 2,141,015 | ||||||
5,950,110 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(f) | 1,654,191 | ||||||
6,799,285 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(f) | 2,115,090 | ||||||
830,274 | Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(f) | 645,429 | ||||||
3,820,559 | Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/15/32(a),(f) | 3,711,954 | ||||||
1,186,197 | Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(f) | 1,269,687 | ||||||
3,000,000 | OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(g) | 3,048,473 | ||||||
10,000,000 | OneMain Financial Issuance Trust, Series 2015-2A, Class D, 5.64%, 07/18/25(g) | 10,044,102 | ||||||
4,000,000 | OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(g) | 4,099,969 | ||||||
3,554,129 | Option One Mortgage Loan Trust, Series 2007-FXD2, Class 1A1, STEP, 5.82%, 03/25/37 | 3,529,531 | ||||||
2,955,985 | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, 5.25%, 07/25/35 | 2,426,949 | ||||||
1,250,368 | Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP, 4.25%, 01/25/22(g) | 1,265,726 | ||||||
5,000,000 | Progress Residential Trust, Series 2016-SFR2, Class E, (1 mo. LIBOR US + 3.550%), 6.02%, 01/17/34(g),(h) | 4,999,969 |
33 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 4,000,000 | Residential Asset Securities Corp, Series 2006-KS4, Class M2, (1 mo. LIBOR US + 0.290%), 2.77%, 06/25/36(h) | $ | 3,693,421 | ||||
3,825,000 | Residential Asset Securities Corp., Class M4, (1 mo. LIBOR US + 0.580%), 3.06%, 11/25/35(h) | 2,992,257 | ||||||
2,620,543 | SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR US + 0.260%), 2.74%, 07/25/36(h) | 2,627,884 | ||||||
4,930,583 | Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR US + 0.320%), 2.80%, 09/25/36(h) | 2,293,108 | ||||||
7,501,660 | Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 2.77%, 01/25/47(a),(h) | 4,945,036 | ||||||
7,963,005 | Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.67%, 11/25/36(g),(h) | 4,666,348 | ||||||
6,927,091 | Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A2B, (1 mo. LIBOR US + 0.120%), 2.60%, 11/25/36(h) | 2,659,696 | ||||||
3,236,093 | Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR US + 0.270%), 2.75%, 02/25/37(h) | 2,380,235 | ||||||
12,022,523 | Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR US + 0.250%), 2.73%, 07/25/36(h) | 6,536,468 | ||||||
4,164,021 | Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR US + 0.450%), 2.93%, 11/25/35(h) | 2,287,901 | ||||||
4,654,190 | Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR US + 0.500%), 2.98%, 07/25/35(h) | 2,699,475 | ||||||
1,876,704 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR US + 0.440%), 2.92%, 02/25/37(h) | 1,063,629 | ||||||
10,000,000 | Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (1 mo. LIBOR US + 1.000%), 3.50%, 05/25/58(g),(h) | 10,048,580 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 10,000,000 | Towd Point Mortgage Trust, Series 2019-SJ2, Class A2, 4.25%, 11/25/58(f),(g) | $ | 10,198,525 | ||||
10,000,000 | Towd Point Mortgage Trust, Series 2019-SJ2, Class M1, 4.50%, 11/25/58(f),(g) | 10,097,437 | ||||||
9,759,765 | Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, 3.97%, 02/25/49(g) | 9,783,553 | ||||||
14,942,434 | Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, 3.97%, 03/25/49(g) | 14,963,688 | ||||||
10,026,664 | Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.88%, 06/25/37(g),(h) | 4,176,707 | ||||||
526,858,251 | ||||||||
534,044,515 | ||||||||
Total Asset-Backed Securities (Cost $790,671,234) | 732,084,278 | |||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES — 10.6% | ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 9.3% | ||||||||
984,879 | Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 4.35%, 07/25/35(f) | 954,993 | ||||||
2,347,612 | Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.13%, 03/25/37(f) | 2,021,709 | ||||||
2,713,677 | Ajax Mortgage Loan Trust, Series 2018-B, Class A, 3.75%, 02/26/57(c),(g) | 2,710,692 | ||||||
1,270,659 | Ajax Mortgage Loan Trust, Series 2018-B, Class B, 0.00%, 02/26/57(c),(g) | 355,785 | ||||||
2,166,445 | American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.41%, 09/25/46(h) | 2,018,985 | ||||||
2,034,407 | American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37 | 1,815,845 | ||||||
11,878,716 | Angel Oak Mortgage Trust I LLC, Series 2019-2, Class-A1, 3.63%, 03/25/49(f),(g) | 11,945,454 | ||||||
12,032,121 | APS Resecuritization Trust, Series 2016-1, Class 1MZ, 4.15%, 07/31/57(f),(g) | 3,743,794 |
34 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 2,296,994 | Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 2.88%, 01/25/37(h) | $ | 1,866,784 | ||||
333,561 | Banc of America Funding Corp., Series 2005-F, Class 6A1, 4.14%, 09/20/35(f) | 324,716 | ||||||
755,347 | Banc of America Funding Corp., Series 2006-A, Class 3A2, 4.36%, 02/20/36(f) | 706,866 | ||||||
737,829 | Banc of America Funding Corp., Series 2006-E, Class 2A1, 4.42%, 06/20/36(f) | 722,911 | ||||||
2,136,423 | Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37 | 2,102,381 | ||||||
3,199,513 | Banc of America Funding Corp., Series 2015-R3, Class 1A2, 2.98%, 03/27/36(f),(g) | 2,541,420 | ||||||
752,626 | Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 4.78%, 10/25/35(f) | 753,323 | ||||||
3,995,743 | BCAP LLC , Series 2012-RR3, Class 1A5, 6.61%, 12/26/37(f),(g) | 3,867,153 | ||||||
1,970,185 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.26%, 02/25/36(f) | 1,853,177 | ||||||
503,893 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 4.30%, 08/25/35(f) | 440,964 | ||||||
558,086 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.30%, 05/25/47(f) | 520,025 | ||||||
2,079,463 | Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 2.92%, 04/25/36(h) | 2,347,380 | ||||||
4,598,282 | Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 2.80%, 11/25/36(h) | 4,888,109 | ||||||
2,328,976 | Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.76%, 08/25/36(h) | 2,329,000 | ||||||
1,654,305 | Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 2.78%, 11/25/36(h) | 1,599,785 | ||||||
5,248,514 | Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37 | 3,870,353 | ||||||
2,179,604 | Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(f),(g) | 2,135,755 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 2,504,441 | CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 3.88%, 08/25/35(h) | $ | 2,157,732 | ||||
9,837,433 | CIM Trust, Series 2019-INV1, Class A1, 4.00%, 02/25/49(f),(g) | 9,988,780 | ||||||
3,956,475 | Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37 | 3,514,670 | ||||||
4,039,471 | Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38 | 3,452,018 | ||||||
352,585 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 4.78%, 05/25/35(f) | 356,244 | ||||||
295,232 | Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 4.50%, 06/25/36(f) | 284,753 | ||||||
4,372,097 | Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(g) | 3,508,245 | ||||||
575,632 | Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35 | 544,074 | ||||||
1,268,769 | Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.78%, 08/25/35(h) | 1,220,452 | ||||||
8,210,030 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 5.500%), 3.02%, 11/25/35(h) | 1,287,830 | ||||||
917,649 | Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 4.10%, 12/25/35(f) | 834,724 | ||||||
121,438 | Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 3.45%, 12/25/35(h) | 116,097 | ||||||
1,853,230 | Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 2.93%, 05/25/35(h) | 1,720,457 | ||||||
1,057,955 | Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35 | 912,555 | ||||||
3,757,676 | Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 2.83%, 05/25/36(h) | 2,335,003 | ||||||
2,235,851 | Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36 | 1,680,411 |
35 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 4,541,178 | Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36 | $ | 3,302,775 | ||||
1,531,936 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 2.83%, 08/01/36(h) | 983,796 | ||||||
1,531,936 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 7.150%), 4.67%, 08/01/36(h) | 346,189 | ||||||
1,579,212 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/01/36 | 1,298,707 | ||||||
1,606,693 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 2.88%, 03/25/36(h) | 861,812 | ||||||
4,513,070 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36 | 3,304,078 | ||||||
1,756,672 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37 | 1,448,450 | ||||||
1,271,994 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37 | 1,099,402 | ||||||
1,611,080 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37 | 1,326,605 | ||||||
3,683,863 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37 | 3,033,388 | ||||||
226,908 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36 | 210,092 | ||||||
643,760 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 2.88%, 05/25/36(h) | 548,421 | ||||||
3,988,588 | Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 | 2,740,339 | ||||||
3,358,937 | Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.67%, 11/20/46(h) | 2,337,852 | ||||||
6,729,643 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 4.18%, 11/25/46(h) | 5,851,755 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 3,459,250 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 2.67%, 11/25/46(h) | $ | 3,042,317 | ||||
4,497,178 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.850%), 3.30%, 11/25/46(h) | 4,011,606 | ||||||
5,078,890 | Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.68%, 03/20/47(h) | 4,318,066 | ||||||
1,185,268 | Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.69%, 05/25/36(h) | 1,043,907 | ||||||
6,236,606 | Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 2.69%, 07/25/46(h) | 5,649,391 | ||||||
10,047,634 | Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.67%, 07/25/46(h) | 9,539,620 | ||||||
5,498,588 | Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, (1 mo. LIBOR US + 0.230%), 2.71%, 03/25/36(h) | 4,686,539 | ||||||
4,384,997 | Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.66%, 04/25/46(h) | 3,790,184 | ||||||
2,563,055 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37 | 1,832,688 | ||||||
2,581,622 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37 | 1,898,145 | ||||||
1,309,539 | Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37 | 1,018,943 | ||||||
5,153,888 | Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37 | 3,462,220 | ||||||
4,834,462 | Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37 | 3,507,210 | ||||||
1,245,977 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37 | 863,304 | ||||||
774,453 | Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.43%, 11/25/36 | 808,857 |
36 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 11,824,130 | Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 3.29%, 03/25/47(h) | $ | 9,930,309 | ||||
881,796 | Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 2.66%, 04/25/47(h) | 324,250 | ||||||
2,601,020 | Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.72%, 08/25/47(h) | 1,994,778 | ||||||
2,022,393 | Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37 | 1,566,888 | ||||||
1,745,988 | Countrywide Alternative Resecuritization, Series 2006-22R, Class 2A1, 6.25%, 05/25/36 | 1,328,761 | ||||||
2,078,088 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.87%, 01/25/36(f) | 1,973,528 | ||||||
564,742 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35 | 541,950 | ||||||
472,119 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.86%, 03/20/36(f) | 468,064 | ||||||
12,139,423 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.41%, 04/25/46(h) | 6,063,582 | ||||||
3,627,128 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.68%, 04/25/46(h) | 3,376,522 | ||||||
1,022,992 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 2.90%, 07/25/36(g),(h) | 985,774 | ||||||
2,363,382 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38 | 1,885,968 | ||||||
10,984,949 | Credit Suisse Mortgage Capital Certificates, Series 19-RPL4, Class A1, 3.83%, 08/02/58(g) | 10,984,853 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 44,749 | Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21 | $ | 42,646 | ||||
2,880,954 | Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36 | 2,471,307 | ||||||
7,025,598 | Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(g) | 4,024,125 | ||||||
30,000,000 | Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class A1, 0.00%, 09/27/66 | 29,998,950 | ||||||
10,293,115 | Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class B3, 0.00%, 09/27/66 | 8,421,636 | ||||||
4,552,831 | Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class PT2, 0.00%, 09/27/66 | 2,016,904 | ||||||
14,012,900 | Credit Suisse Mortgage Trust Mortgage-Backed Trust, 0.00%, 02/01/47(c) | 13,662,577 | ||||||
3,049,236 | Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(f) | 1,333,091 | ||||||
4,077,595 | Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 5.20%, 04/27/37(a),(f),(g) | 3,499,396 | ||||||
7,000,000 | Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 2.64%, 10/27/36(g),(h) | 4,994,254 | ||||||
1,025,168 | Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.85%, 03/27/36(g),(h) | 1,013,462 | ||||||
12,047,482 | Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.85%, 03/27/36(g),(h) | 9,295,374 | ||||||
6,700,385 | Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.83%, 11/25/35(h) | 2,295,360 | ||||||
666,151 | GMACM Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 4.10%, 11/19/35(f) | 638,935 | ||||||
4,795,646 | GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.83%, 01/25/35(g),(h) | 4,468,111 | ||||||
1,765,849 | GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 2.83%, 01/25/36(g),(h) | 1,554,677 |
37 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 528,202 | GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.67%, 01/25/35(f) | $ | 539,096 | ||||
114,579 | GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36 | 248,099 | ||||||
4,563,031 | GSR Mortgage Loan Trust, Series 2006-5F, Class 2A5, 6.00%, 06/01/36 | 4,872,585 | ||||||
304,207 | GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21 | 293,800 | ||||||
795,124 | GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.65%, 01/25/36(f) | 784,106 | ||||||
5,585,064 | GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 01/01/37 | 6,056,102 | ||||||
933,907 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 | 822,300 | ||||||
5,792,228 | HarborView Mortgage Loan Trust, Series 2007-3, Class 2A1B, (1 mo. LIBOR US + 0.230%), 2.72%, 05/19/47(h) | 4,671,522 | ||||||
3,181,237 | HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.74%, 07/19/47(h) | 2,844,387 | ||||||
985,112 | Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 4.04%, 04/25/37(f) | 880,368 | ||||||
34,498,948 | IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.09%, 07/25/47(f) | 1,021,962 | ||||||
4,403,170 | IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 4.34%, 01/25/37(f) | 4,160,809 | ||||||
3,311,484 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR US + 0.270%), 2.75%, 06/25/37(h) | 3,134,798 | ||||||
7,689,685 | JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37 | 4,643,646 | ||||||
1,167,161 | JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, (1 mo. LIBOR US + 0.150%), 2.63%, 03/25/37(h) | 1,586,180 | ||||||
2,537,466 | JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.59%, 10/25/37(f) | 1,943,395 | ||||||
149,760 | JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37 | 156,001 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 3,730,096 | Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 3.63%, 12/25/37(h) | $ | 3,458,528 | ||||
14,777,311 | LSTAR Securities Investment Trust, Series 2019-1, Class A1, (1 mo. LIBOR US + 1.700%), 4.19%, 03/01/24(g),(h) | 14,777,311 | ||||||
6,117,806 | MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37 | 3,660,781 | ||||||
7,790,054 | MASTR Asset Securitization Trust, Series 2007-2, Class A2, 6.25%, 01/25/38 | 6,435,829 | ||||||
3,518,040 | MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(g) | 3,540,121 | ||||||
2,081,831 | MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.92%, 08/25/37(f),(g) | 1,444,913 | ||||||
14,322,970 | MCM Trust 2018-Npl2, 4.00%, 10/25/28 | 14,172,579 | ||||||
13,875,701 | MCM Trust 2018-Npl2, 0.00%, 10/25/28 | 3,954,575 | ||||||
2,571,245 | MCM_18-NPl1, 4.00%, 06/01/57(c),(g) | 2,531,391 | ||||||
3,410,000 | MCM_18-NPl1, 0.00%, 06/01/58(c),(g) | 545,600 | ||||||
3,924,139 | Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.69%, 04/25/37(h) | 3,381,995 | ||||||
2,126,620 | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 4.52%, 05/25/36(f) | 1,942,863 | ||||||
781,856 | Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36 | 671,210 | ||||||
6,671,684 | Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 3.45%, 05/26/37(g) | 5,617,612 | ||||||
2,317,537 | Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 2.65%, 07/26/45(a),(g),(h) | 2,179,427 | ||||||
9,863,263 | New Residential Mortgage Loan Trust, Series 2019-2A, Class A1, 4.25%, 12/01/57(f),(g) | 10,104,879 | ||||||
9,882,827 | New Residential Mortgage Loan Trust, Series 2019-RPL1, Class A1, 4.33%, 02/26/24(g) | 9,962,714 | ||||||
4,840,121 | Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(g) | 4,061,644 |
38 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 2,114,448 | Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(g) | $ | 1,701,393 | ||||
922,785 | Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36 | 865,017 | ||||||
160,666 | Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36 | 160,749 | ||||||
3,831,656 | Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 5.01%, 08/25/36(f) | 3,138,004 | ||||||
11,261,598 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(g),(l) | 933,416 | ||||||
19,226,963 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.24%, 07/25/56(f),(g) | 2,228,598 | ||||||
4,895,450 | Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 3.43%, 11/25/57(f) | 2,001,348 | ||||||
9,213,820 | Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 2.13%, 08/25/57(f),(g) | 2,905,098 | ||||||
2,286,842 | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 4.13%, 05/25/35(f) | 2,011,649 | ||||||
3,442,666 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.13%, 04/25/36(f) | 2,877,105 | ||||||
4,322,638 | Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 2.70%, 05/25/46(h) | 2,430,247 | ||||||
2,570,923 | Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 2.66%, 09/25/47(h) | 2,434,307 | ||||||
4,024,152 | Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 2.83%, 06/25/35(g),(h) | 3,625,048 | ||||||
1,235,130 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 4.71%, 04/25/37(f) | 1,036,959 | ||||||
430,146 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 4.87%, 04/25/37(f) | 350,791 | ||||||
1,020,080 | Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 3.99%, 06/25/47(h) | 857,373 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 2,354,889 | Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 0.61%, 04/26/37(g),(h) | $ | 2,303,432 | ||||
1,409,659 | Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35 | 1,328,604 | ||||||
�� | 4,628,721 | Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36 | 1,954,211 | |||||
6,742,686 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/01/36 | 5,878,727 | ||||||
1,338,678 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.58%, 07/25/37(f) | 1,208,118 | ||||||
3,325,402 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 3.22%, 05/25/47(h) | 3,105,499 | ||||||
1,859,271 | Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.41%, 08/25/46(h) | 1,372,343 | ||||||
11,351,597 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 6.680%), 4.20%, 03/25/37(h) | 1,250,894 | ||||||
346,366 | Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A3, 4.73%, 04/25/36(f) | 346,033 | ||||||
3,487,645 | Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.77%, 03/25/38(f) | 3,029,176 | ||||||
484,111,361 | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.3% | ||||||||
7,839,238 | Bayview Commercial Asset Trust 2006-1A, Class A1, (1 mo. LIBOR US + 0.270%), 2.75%, 04/25/36(g),(h) | 7,552,260 | ||||||
1,538,214 | Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 2.95%, 01/25/36(g),(h) | 1,453,711 |
39 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
$ | 1,312,234 | Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR US + 0.500%), 2.98%, 01/25/36(g),(h) | $ | 1,238,625 | ||||
2,023,283 | Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR US + 0.870%), 3.35%, 07/25/36(g),(h) | 1,985,917 | ||||||
10,359,361 | Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 2.93%, 09/25/37(g),(h) | 9,811,051 | ||||||
7,628,500 | Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 3.98%, 10/25/37(g),(h) | 5,051,739 | ||||||
10,127,000 | Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.98%, 12/25/37(g),(h) | 8,593,984 | ||||||
4,302,000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.290%), 2.77%, 12/25/36(a),(g),(h) | 4,178,784 | ||||||
3,881,000 | Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 8.85%, 04/25/46(a),(f),(g) | 4,249,816 | ||||||
3,055,000 | Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(a),(f),(g) | 2,796,455 | ||||||
3,997,657 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(f),(g) | 4,096,832 | ||||||
980,459 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(f),(g) | 1,011,765 | ||||||
1,889,129 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(f),(g) | 1,899,509 | ||||||
2,803,865 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(f),(g) | 2,820,088 | ||||||
3,081,268 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(f),(g) | 3,093,813 | ||||||
1,590,845 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(f),(g) | 1,597,395 |
Principal Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
$ | 3,827,971 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M6, 6.79%, 03/25/49(f),(g) | $ | 3,829,359 | ||||
65,261,103 | ||||||||
Total Non-Agency Mortgage-Backed Securities (Cost $549,261,863) | 549,372,464 | |||||||
U.S. GOVERNMENT SPONSORED AGENCY MORTGAGE-BACKED SECURITIES — 0.4% | ||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4% | ||||||||
6,138,160 | Fannie Mae Connecticut Avenue Securities, Series 2017-C01, Class 1B1, 8.23%, 07/25/29(h) | 7,279,275 | ||||||
4,750,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 7.43%, 07/25/29(h) | 5,366,074 | ||||||
1,372,652 | Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 12.48%, 07/25/29(h) | 1,480,206 | ||||||
3,000,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2018-DNA1, Class B1, 5.63%, 07/25/30(h) | 2,949,987 | ||||||
2,000,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2018-SPI2, Class M2, 3.82%, 05/25/48(f),(g) | 1,877,053 | ||||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities | ||||||||
(Cost $17,187,688) | 18,952,595 | |||||||
U.S. GOVERNMENT AGENCIES — 43.2% | ||||||||
Federal Home Loan Bank — 43.2% | ||||||||
135,000,000 | 2.37%, 05/23/07(m) | 134,801,175 | ||||||
156,000,000 | 2.37%, 05/13/15(m) | 155,874,680 | ||||||
12,000,000 | 2.40%, 05/14/15(m) | 11,989,557 | ||||||
110,600,000 | 2.39%, 05/15/15(m) | 110,496,343 | ||||||
3,700,000 | 2.40%, 05/20/15(m) | 3,695,294 | ||||||
178,800,000 | 2.38%, 05/21/15(m) | 178,560,606 | ||||||
152,700,000 | 2.38%, 05/22/15(m) | 152,485,330 | ||||||
189,600,000 | 2.39%, 06/05/15(m) | 189,155,756 | ||||||
100,000,000 | 2.40%, 07/09/15(m) | 99,538,083 | ||||||
67,000,000 | 2.30%, 05/01/19(m) | 67,000,000 | ||||||
149,000,000 | 2.41%, 05/03/19(m) | 148,980,050 | ||||||
108,900,000 | 2.35%, 05/06/19(m) | 108,863,549 | ||||||
25,000,000 | 2.39%, 05/06/19(m) | 24,991,632 | ||||||
154,100,000 | 2.35%, 05/08/19(m) | 154,027,787 |
40 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
Federal Home Loan Bank (continued) | ||||||||
$ | 213,000,000 | 2.35%, 05/10/19(m) | $ | 212,871,667 | ||||
60,000,000 | 2.34%, 05/16/19(m) | 59,939,750 | ||||||
197,200,000 | 2.40%, 05/17/19(m) | 196,988,777 | ||||||
59,000,000 | 2.38%, 05/29/19(m) | 58,889,408 | ||||||
1,000,000 | 2.55%, 05/30/19(m) | 998,059 | ||||||
95,985,000 | 2.38%, 06/06/19(m) | 95,753,676 | ||||||
15,000,000 | 2.41%, 06/07/19(m) | 14,962,846 | ||||||
40,000,000 | 2.41%, 06/13/19(m) | 39,884,856 | ||||||
11,000,000 | 2.41%, 06/14/19(m) | 10,967,599 | ||||||
Total U.S. Government Agencies (Cost $2,231,755,364) | 2,231,716,480 | |||||||
U.S. GOVERNMENT SECURITIES — 12.0% | ||||||||
U.S. Treasury Bills — 12.0% | ||||||||
127,000,000 | 2.47%, 05/02/19(m) | 126,991,621 | ||||||
160,000,000 | 2.39%, 05/07/19(m) | 159,936,778 | ||||||
139,000,000 | 2.37%, 05/09/19(m) | 138,926,634 | ||||||
68,000,000 | 2.51%, 05/14/19(m) | 67,941,459 | ||||||
34,800,000 | 2.38%, 05/23/19(m) | 34,749,571 | ||||||
75,000,000 | 2.39%, 06/11/19(m) | 74,796,751 | ||||||
10,000,000 | 2.47%, 08/08/19(m) | 9,934,619 | ||||||
10,000,000 | 2.47%, 11/07/19(m) | 9,875,181 | ||||||
Total U.S. Government Securities (Cost $623,145,408) | 623,152,614 | |||||||
Shares | ||||||||
CASH SWEEP — 5.7% | ||||||||
UNITED STATES — 5.7% | ||||||||
295,258,969 | Citibank - US Dollars on Deposit in Custody Account, 0.12%(n) | 295,258,969 | ||||||
Total Cash Sweep (Cost $295,258,969) | 295,258,969 | |||||||
TOTAL INVESTMENTS — 93.4% (Cost $4,907,345,163) | 4,829,257,220 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 6.6% | 342,539,156 | |||||||
NET ASSETS — 100.0% | $ | 5,171,796,376 |
(a) | This security is considered either fully or partially illiquid. |
(b) | Variable rate security. Rate shown is the rate in effect as of April 30, 2019. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The aggregate value of fair valued securities is $71,807,740, which is 1.39% of net assets. |
(d) | 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. |
(e) | Investment in non-U.S. Dollars. Principal amount reflects local currency. |
(f) | 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 April 30, 2019. |
(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 $721,358,731, which is 13.9% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. |
(h) | Floating rate security. Rate shown is the rate in effect as of April 30, 2019. |
(i) | 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 April 30, 2019. |
(j) | Principal amount denoted in Euros. |
(k) | Principal amount denoted in British Pounds. |
(l) | Zero coupon bond. The rate represents the yield at time of purchase. |
(m) | The rate represents the annualized yield at time of purchase. (n) The rate shown represents the current yield as of April 30, 2019. |
Contracts | Value | |||||||
CALL OPTIONS WRITTEN — (0.1)% | ||||||||
(50,000 | ) | VanEck Vectors Gold Miners ETF, Strike $27.00, Expires 09/20/19, (Notional amount $135,000,000) | $ | (600,000 | ) | |||
Total Call Options Written (Premiums received $(2,573,026)) | $ | (600,000 | ) | |||||
PUT OPTIONS WRITTEN — (0.1)% | ||||||||
(2,000 | ) | S&P 500 Index, Strike $2,600.00, Expires 05/24/19, (Notional amount $520,000,000) | $ | (400,000 | ) | |||
(75,000 | ) | iShares MSCI EAFE ETF, Strike $64.00, Expires 05/10/19, (Notional amount $480,000,000) | (2,475,000 | ) | ||||
Total Put Options Written (Premiums received $(5,288,846)) | $ | (2,875,000 | ) |
41 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Description | Counterparty | Strike Price | Units | Expiration Date | Notional Amount (000) | Value | ||||||||||||||
Structured Options | �� | |||||||||||||||||||
Equity Options | ||||||||||||||||||||
Euro STOXX 50 Index | Credit Suisse International | 3,500.00 | — | 05/17/2019 | 2,100,000 | $ | 4,910,333 | |||||||||||||
Russell 2000 Index | Credit Suisse International | 1,588.83 | (64,828 | ) | 05/31/2019 | 206,000 | 3,543,330 | |||||||||||||
Euro STOXX 50 Index | BNP Paribas SA | 29.45 | 240,824 | 06/21/2019 | 800,000 | 14,017,218 | ||||||||||||||
S&P 500 Index | Societe Generale | 3,375.00 | — | 06/21/2019 | 289,000 | 2,252,824 | ||||||||||||||
FTSE 100 Price Return Index | UBS AG | 99.98 | 13,980 | 06/21/2019 | 102,000 | 3,124,312 | ||||||||||||||
S&P 500 Index | UBS AG | 2,878.45 | 35,875 | 06/21/2019 | 99,000 | 1,160,994 | ||||||||||||||
FTSE MIB Index | Credit Suisse International | 119.31 | — | 06/21/2019 | 5,500 | 4,681,757 | ||||||||||||||
NIKKEI 225 Index | Citibank N.A. | 22,038.66 | 514,726 | 06/28/2019 | 1,080,000 | 2,356,184 | ||||||||||||||
S&P 500 Index | Citibank N.A. | 2,555.00 | — | 06/28/2019 | 92,000 | 8,887,851 | ||||||||||||||
iShares FTSE Xinhua China 25 Index | Citibank N.A. | 41.18 | — | 07/18/2019 | 100,000 | 4,859,456 | ||||||||||||||
iShares MSCI Emerging Markets | BNP Paribas SA | 41.53 | — | 07/18/2019 | 100,000 | 4,325,770 | ||||||||||||||
Euro STOXX 50 Index | Bank of America N.A. | 3,617.28 | — | 07/19/2019 | 1,840,000 | 10,150,781 | ||||||||||||||
SPX 500 Index | Credit Suisse International | 2,829.26 | (53,548 | ) | 07/31/2019 | 248,000 | 7,371,234 | |||||||||||||
S&P 500 Index | Goldman Sachs International | 2,921.47 | — | 07/31/2019 | 100,999 | 1,799,535 | ||||||||||||||
Euro STOXX Bank Index | BNP Paribas SA | 97.22 | 3,895,902 | 08/29/2019 | 375,000 | 7,452,976 | ||||||||||||||
iShares FTSE Xinhua China 25 Index | Citibank N.A. | 44.90 | — | 08/30/2019 | 400,000 | 2,047,308 | ||||||||||||||
SPX 500 Index | Credit Suisse International | 2,874.50 | 70,000 | 08/30/2019 | 204,000 | 7,748,415 | ||||||||||||||
Taiwan Capitalization Weighted Stock Index | BNP Paribas SA | 10,087.56 | (5,056 | ) | 09/18/2019 | 250,000 | 6,582,018 | |||||||||||||
iShares MSCI EAFE ETF | Credit Suisse International | 66.47 | 2,301,673 | 09/20/2019 | 153,000 | 2,184,518 | ||||||||||||||
iShares MSCI Emerging Markets | Societe Generale | 39.00 | 2,341,920 | 09/20/2019 | 89,000 | 3,195,550 | ||||||||||||||
S&P 500 Index | JPMorgan Chase Bank, N.A. | 2,921.91 | — | 09/20/2019 | 75,000 | 1,695,550 | ||||||||||||||
NKY Index | JPMorgan Chase Bank, N.A. | 21,852.05 | 9,244 | 09/30/2019 | 200,000 | 5,706,521 | ||||||||||||||
KRE UP Equity | JPMorgan Chase Bank, N.A. | 52.22 | 3,906,601 | 09/30/2019 | 200,000 | 4,160,921 | ||||||||||||||
S&P 500 Index | JPMorgan Chase Bank, N.A. | 25.87 | (1,933,017 | ) | 09/30/2019 | 150,000 | 4,846,267 | |||||||||||||
iShares MSCI EAFE ETF | Citibank N.A. | 60.89 | 3,087,082 | 10/30/2019 | 188,000 | 5,767,595 | ||||||||||||||
Euro STOXX 50 Index | Citibank N.A. | 3,099.12 | (24,442 | ) | 12/18/2019 | 300,000 | 10,865,770 | |||||||||||||
iShares MSCI Emerging Markets | UBS AG | 43.86 | (1,511,627 | ) | 12/20/2019 | 195,000 | 2,720,327 | |||||||||||||
Euro STOXX 50 Dividend Index | UBS AG | 110.00 | 327,225 | 12/20/2019 | 36,000 | 1,655 | ||||||||||||||
Euro STOXX 50 Dividend Index | BNP Paribas SA | 115.00 | 600,000 | 12/20/2019 | 6,600 | 8,334 | ||||||||||||||
138,425,304 | ||||||||||||||||||||
S&P 500 Index | JPMorgan Chase Bank, N.A. | 2,921.91 | (1,000,000 | ) | 12/20/2019 | 7,400 | (6,725,696 | ) | ||||||||||||
SPX Index | JPMorgan Chase Bank, N.A. | 18.00 | (500,000 | ) | 12/20/2019 | 500 | (3,076,008 | ) | ||||||||||||
(9,801,704 | ) | |||||||||||||||||||
128,623,600 | ||||||||||||||||||||
Foreign Currency Options | ||||||||||||||||||||
EUR/USD Foreign Exchange Rate | Citibank N.A. | — | — | 09/20/2019 | 200,000 | 3,783,000 | ||||||||||||||
CHF/BRL Foreign Exchange Rate | JPMorgan Chase Bank, N.A. | 4.00 | (50,000,000 | ) | 03/11/2020 | CHF | 50,000 | (2,758,526 | ) | |||||||||||
1,024,474 | ||||||||||||||||||||
Total Structured Options (Premium paid $41,361,935) | $ | 129,648,074 |
Reference Entity | Counterparty | Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||
Commodity Swaps | |||||||||||||||||
Macquarie Custom Basket MQCP275 Index | Macquarie Bank Limited | 02/18/2020 | 395,000 | (1,090,289) | — | $(1,090,289 | ) | ||||||||||
Total Commodity Swaps | $(1,090,289 | ) |
42 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
The following table represents the individual long positions and related values of Indices underlying the Commodity Swap with Macquarie Bank Limited, as of period end, termination date 02/18/20:
Reference Entity - Long: | ||||||||||||
Notional Amount | % of Basket | |||||||||||
Indexes | (000) | Value | Value | |||||||||
S&P GSCI Brent Crude Official Close Index ER | 158,000 | (436,115 | ) | 40 | % | |||||||
S&P GSCI Gold Official Close Index ER | 79,000 | (218,058 | ) | 20 | % | |||||||
S&P GSCI Aluminum Official Close Index ER | 39,500 | (109,029 | ) | 10 | % | |||||||
S&P GSCI Copper Official Close Index ER | 39,500 | (109,029 | ) | 10 | % | |||||||
S&P GSCI Nickel Official Close Index ER | 39,500 | (109,029 | ) | 10 | % | |||||||
S&P GSCI Zinc Official Close Index ER | 39,500 | (109,029 | ) | 10 | % | |||||||
Total Reference Entity - Long | 395,000 | (1,090,289 | ) | 100 | % |
Total Return Swaps
Paid by the Fund | Received by the Fund | Termination | Notional Amount | Upfront Premiums Paid | Unrealized Appreciation | |||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Rate | Counterparty | Date | (000) | Value | (Received) | (Depreciation) | ||||||||||||||||
USD 30 Year Futures Index | Quarterly | 179.4436 | Quarterly | 131.6220 | BNP Paribas SA | 05/08/19 | EUR10,000 | $ | 17,000 | $ | — | $ | 538,063 | |||||||||||||
USD 30 Year Futures Index | Quarterly | 187.6225 | Quarterly | 131.2557 | BNP Paribas SA | 10/08/19 | EUR10,000 | (16,875 | ) | — | (33,834 | ) | ||||||||||||||
Total Return Swaps | $ | 504,229 | $ | — | $ | 504,229 |
Reference Entity | Variance Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||
Variance/Volatility Swaps | ||||||||||||||||||||
GS Momentum Bldr Index* | 6.15 | Goldman Sachs International | 05/10/2019 | 300,000 | 2,481,321 | — | $ | 2,481,321 | ||||||||||||
AUD/JPN S&P/ASX 200 Index* | 9.8/16 | Societe Generale | 06/21/2019 | 128,800 | 2,622,554 | — | 2,622,554 | |||||||||||||
S&P Index | 19.90 | BNP Paribas SA | 12/20/2019 | 100,000 | 3,102,013 | — | 3,102,013 | |||||||||||||
AUD/USD S&P/ASX 200 Index | 9.5/15.8 | JPMorgan Chase Bank, N.A | 06/20/2019 | AUD | 100,000 | 2,756,456 | — | 2,756,456 | ||||||||||||
S&P Index | 21.10 | Societe Generale | 12/18/2019 | 100,000 | 1,718,012 | — | 1,718,012 | |||||||||||||
SPX Index/KOSPI12 Index | 80.00 | Societe Generale | 12/19/2019 | 100,000 | 780,000 | — | 780,000 | |||||||||||||
S&P/ASX 200/Nikkei 225* | 334.90 | UBS AG | 12/13/2019 | 80,000 | 2,302,792 | — | 2,302,792 | |||||||||||||
S&P 500 Index* | 33.05 | JPMorgan Chase Bank, N.A | 12/20/2019 | 75,643 | 6,539,198 | — | 6,539,198 | |||||||||||||
S&P 500 Index | 20.70 | BNP Paribas SA | 12/20/2019 | 75,643 | 798,030 | — | 798,030 | |||||||||||||
AUD/JPN S&P/ASX 200 Index | 11.75 | BNP Paribas SA | 06/20/2019 | AUD | 75,000 | 1,089,762 | — | 1,089,762 | ||||||||||||
AUD/USD S&P/ASX 200 Index | 10.95 | Societe Generale | 12/19/2019 | AUD | 70,500 | 753,265 | — | 753,265 | ||||||||||||
AUD/JPN S&P/ASX 200 Index | 10.9/17.4 | UBS AG | 12/19/2019 | 70,000 | 983,508 | — | 983,508 | |||||||||||||
HSCEI Index | 27.30 | Societe Generale | 12/30/2018 | HKD | 51,100 | 2,734,767 | — | 2,734,767 | ||||||||||||
NASDAQ 100 Index | 27.80 | JPMorgan Chase Bank, N.A | 09/20/2019 | 50,000 | 3,521,898 | — | 3,521,898 | |||||||||||||
HSCEI Index | 25.45 | Societe Generale | 12/21/2019 | 50,000 | 2,357,701 | — | 2,357,701 | |||||||||||||
KOSPI 200 Index | 19.25 | BNP Paribas SA | 12/12/2019 | 50,000 | 1,718,709 | — | 1,718,709 | |||||||||||||
NASDAQ 100 Index | 24.40 | BNP Paribas SA | 12/20/2019 | 50,000 | 1,501,532 | — | 1,501,532 | |||||||||||||
S&P/ASX 200/Nikkei 225* | 357.21 | UBS AG | 12/13/2019 | 50,000 | 1,399,509 | — | 1,399,509 | |||||||||||||
Russell 2000/S&P 500 Index* | 1.25 | Citibank N.A. | 06/21/2019 | 50,000 | 593,331 | — | 593,331 | |||||||||||||
Russell 2000/S&P 500 Index* | 17.55 | JPMorgan Chase Bank, N.A | 06/21/2019 | 50,000 | 536,235 | — | 536,235 | |||||||||||||
HSCEI Index | 25.17 | JPMorgan Chase Bank, N.A | 06/27/2019 | 50,000 | 346,680 | — | 346,680 | |||||||||||||
40,637,273 | ||||||||||||||||||||
BXIIC 10T | 19.90 | BNP Paribas SA | 07/31/2019 | 50,000 | (229,358 | ) | — | (229,358 | ) | |||||||||||
HSCEI Index/S&P 500* | 23.35 | Societe Generale | 12/20/2019 | 50,000 | (335,000 | ) | — | (335,000 | ) | |||||||||||
HSCEI Index/S&P 500 | 24.50 | Societe Generale | 06/21/2019 | 50,000 | (642,369 | ) | — | (642,369 | ) |
43 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Reference Entity | Variance Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||
KOSPI 200 Index | 17.25 | Societe Generale | 12/12/2019 | 50,000 | (1,170,000) | — | $(1,170,000 | ) | ||||||||||||
(2,376,727 | ) | |||||||||||||||||||
Total Variance/Volatility Swaps | $38,260,546 |
* | Vega Notional |
Reference Entity | Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||
Variance/Volatility Swaps | ||||||||||||||||||||
Nikkei 225/S&P 500 Index | 18.5/17.1 | UBS AG | 12/13/2019 | 200,000 | 3,770,536 | — | $ 3,770,536 | |||||||||||||
AUD/USD - USD/CHF | 10.95/17.75 | UBS AG | 12/19/2019 | 100,000 | 1,853,433 | — | 1,853,433 | |||||||||||||
Nikkei 225/S&P 500 Index* | 17.9/17.2 | Societe Generale | 06/19/2020 | 50,000 | 1,780,000 | — | 1,780,000 | |||||||||||||
Nikkei 225/S&P 500 Index | 18/18 | JPMorgan Chase Bank, N.A. | 12/20/2019 | 50,000 | 1,693,969 | — | 1,693,969 | |||||||||||||
Nikkei 225/S&P 500 Index | 17.9/17.7 | Societe Generale | 12/20/2019 | 50,000 | 1,530,000 | — | 1,530,000 | |||||||||||||
Nikkei 225/S&P 500 Index | 18.2/17.15 | Societe Generale | 12/20/2019 | 10,000 | 2,240,000 | — | 2,240,000 | |||||||||||||
12,867,938 | ||||||||||||||||||||
USD/JPN | 6.7 | Citibank N.A. | 04/19/2021 | 200,000 | (1,041,160 | ) | — | (1,041,160 | ) | |||||||||||
AUD/JPN | 11.20 | Goldman Sachs International | 11/23/2020 | AUD | 125,000 | (1,405,308 | ) | — | (1,405,308 | ) | ||||||||||
AUD/JPY | 9.7 | Citibank N.A. | 04/23/2019 | 100,000 | (43,808 | ) | — | (43,808 | ) | |||||||||||
HSCEI /S&P 500 Index* | 21.7/17.55 | Societe Generale | 12/20/2019 | 100,000 | (560,000 | ) | — | (560,000 | ) | |||||||||||
HSCEI /S&P 500 Index* | 21.3/16.85 | Societe Generale | 12/20/2019 | 100,000 | (770,000 | ) | — | (770,000 | ) | |||||||||||
USD/CHF | 5.75 | UBS AG | 05/31/2019 | 100,000 | (1,533,096 | ) | — | (1,533,096 | ) | |||||||||||
HSCEI /S&P 500 Index | 21.35/16.4 | Societe Generale | 06/19/2020 | 100,000 | (1,600,000 | ) | — | (1,600,000 | ) | |||||||||||
CHF/USD | 8.3 | Goldman Sachs International | 12/14/2020 | 100,000 | (1,891,981 | ) | — | (1,891,981 | ) | |||||||||||
HSCEI /S&P 500 Index | 21.70/17 | Societe Generale | 12/18/2019 | 100,000 | (1,960,000 | ) | — | (1,960,000 | ) | |||||||||||
HSCEI /S&P 500 Index | 22.6/18 | UBS AG | 12/30/2020 | 100,000 | (2,048,741 | ) | — | (2,048,741 | ) | |||||||||||
USD/EUR | 8.35/8.35 | JPMorgan Chase Bank, N.A. | 12/08/2020 | 100,000 | (2,048,964 | ) | — | (2,048,964 | ) | |||||||||||
USD/EUR | 7.8 | Citibank N.A. | 07/01/2019 | 100,000 | (2,390,930 | ) | — | (2,390,930 | ) | |||||||||||
GOLDLNPM Index | 11.3/11.3 | Citibank N.A. | 07/26/2019 | 50,000 | (1,178,877 | ) | — | (1,178,877 | ) | |||||||||||
XAU/EUR | 12.33 | UBS AG | 12/06/2019 | EUR | 50,000 | (2,070,104 | ) | — | (2,070,104 | ) | ||||||||||
XAU/EUR | 12.7 | UBS AG | 12/06/2019 | 50,000 | (3,235,654 | ) | — | (3,235,654 | ) | |||||||||||
(23,778,623 | ) | |||||||||||||||||||
Total Variance/Volatility Swaps | $(10,910,685 | ) |
* | Vega Notional |
Futures contracts outstanding at April 30, 2019:
Description | Number of Contracts | Expiration Date | Current Notional Amount | Value/Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts: | ||||||||||||||||
Chicago Mercantile Exchange S&P 500 E-mini | 100 | June 2019 | $14,742,500 | $796,250 | ||||||||||||
Total | $796,250 | |||||||||||||||
Forward foreign currency exchange contracts outstanding at April 30, 2019: | ||||||||||||||||
Unrealized | ||||||||||||||||
Settlement | Appreciation/ | |||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Date | (Depreciation) | ||||||||||||
USD | 6,129,000 | EUR | 5,000,000 | JPMorgan Chase Bank N.A. | 08/30/19 | $ 461,998 | ||||||||||
EUR | 5,000,000 | USD | 6,220,656 | JPMorgan Chase Bank N.A. | 08/30/19 | (553,653 | ) | |||||||||
Total | $ (91,655 | ) |
44 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Consolidated Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
The following abbreviations are used in the report:
AUD — Australian Dollar
BRL — Brazil Real
CHF — Swiss Franc
CLO — Collateralized Loan Obligation
ETF — Exchange Traded Fund
EUR — Euro
EURIBOR — Euro Interbank Offered Rate
HKD — Hong Kong Dollar
JPY — Japanese Yen
LIBOR — London Interbank Offered Rate
PIK — Pay-in-Kind
REIT — Real Estate Investment Trust
STEP — Step Coupon Bond
USD — U.S. Dollar
Portfolio Diversification by Sector (Unaudited)
Percentage | ||||
Sector | of Net Assets | |||
Asset-Backed Securities | 14.2 | % | ||
Banks | 0.1 | |||
Collateralized Mortgage Obligations | 9.7 | |||
Commercial Mortgage-Backed Securities | 1.3 | |||
Consumer Discretionary | 0.8 | |||
Consumer Staples | 0.2 | |||
Diversified Financials | 1.0 | |||
Energy | 0.4 | |||
Government Bonds | 2.6 | |||
Health Care | 0.2 | |||
Industrials | 0.4 | |||
Materials | 0.3 | |||
Real Estate | 0.4 | |||
Telecommunication Services | 0.5 | |||
U.S. Government Agencies and Securities | 55.2 | |||
Utilities | 0.1 | |||
Other* | 12.6 | |||
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. |
45 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
CORPORATE BONDS — 18.2% | ||||||||
Banks — 5.1% | ||||||||
$ | 1,750,000 | Banco Santander Chile, 2.50%, 12/15/20(a) | $ | 1,733,638 | ||||
2,800,000 | Banco Santander SA, 3.85%, 04/12/23 | 2,853,833 | ||||||
6,000,000 | Bank of America Corp., 3.37%, 01/23/26(b) | 6,005,082 | ||||||
2,000,000 | Bank of Montreal, 3.10%, 04/13/21 | 2,017,750 | ||||||
5,000,000 | BNP Paribas SA, 2.95%, 05/23/22(a) | 4,977,288 | ||||||
3,080,000 | Capital One Financial Corp., 3.75%, 03/09/27 | 3,053,914 | ||||||
2,000,000 | Capital One NA, 1.85%, 09/13/19 | 1,993,531 | ||||||
5,785,000 | Citigroup, Inc., 3.67%, 07/24/28(b) | 5,800,855 | ||||||
2,625,000 | JPMorgan Chase & Co., 3.51%, 06/18/22(b) | 2,661,100 | ||||||
3,030,000 | JPMorgan Chase & Co., 3.20%, 06/15/26 | 3,010,720 | ||||||
5,885,000 | JPMorgan Chase & Co., 4.20%, 07/23/29(b) | 6,139,130 | ||||||
2,980,000 | KeyCorp. MTN, 2.90%, 09/15/20 | 2,989,233 | ||||||
5,000,000 | Mizuho Financial Group, Inc., 3.92%, 09/11/24(b) | 5,149,637 | ||||||
4,400,000 | Morgan Stanley, 3.88%, 04/29/24 | 4,551,358 | ||||||
4,500,000 | Royal Bank of Canada, 3.35%, 10/22/21(a) | 4,577,715 | ||||||
2,200,000 | Sumitomo Mitsui Banking Corp., 2.45%, 01/16/20 | 2,196,095 | ||||||
2,000,000 | Svenska Handelsbanken AB, 1.88%, 09/07/21 | 1,962,354 | ||||||
61,673,233 | ||||||||
Communication Services — 2.4% | ||||||||
3,200,000 | Alibaba Group Holding Ltd., 2.50%, 11/28/19 | 3,196,709 | ||||||
2,600,000 | Alibaba Group Holding Ltd., 3.40%, 12/06/27 | 2,545,629 | ||||||
2,160,000 | Amazon.com, Inc., 2.60%, 12/05/19 | 2,159,782 | ||||||
5,720,000 | Comcast Corp., 4.15%, 10/15/28 | 6,054,399 | ||||||
6,000,000 | Omnicom Group, Inc., 3.65%, 11/01/24 | 6,128,454 | ||||||
5,930,000 | Verizon Communications, Inc., 4.13%, 03/16/27 | 6,254,012 | ||||||
2,215,000 | Warner Media LLC, 2.10%, 06/01/19 | 2,213,162 | ||||||
28,552,147 |
Principal Amount | Value | |||||||
Consumer Discretionary — 0.7% | ||||||||
$ | 2,460,000 | Carnival Corp., 3.95%, 10/15/20 | $ | 2,501,185 | ||||
1,697,000 | Ford Motor Credit Co. LLC, 2.02%, 05/03/19 | 1,696,966 | ||||||
3,890,000 | Walmart, Inc., 3.40%, 06/26/23 | 3,996,725 | ||||||
8,194,876 | ||||||||
Consumer Staples — 2.2% | ||||||||
5,000,000 | Anheuser-Busch Cos LLC / Worldwide, Inc., 3.65%, 02/01/26(a) | 5,016,366 | ||||||
5,870,000 | Costco Wholesale Corp., 2.15%, 05/18/21 | 5,832,978 | ||||||
5,000,000 | Diageo Capital PLC, 2.63%, 04/29/23 | 4,989,569 | ||||||
4,000,000 | Marriott International, Inc./MD, 3.60%, 04/15/24 | 4,080,641 | ||||||
6,000,000 | Tyson Foods, Inc., 2.25%, 08/23/21 | 5,934,570 | ||||||
25,854,124 | ||||||||
Diversified Financials — 2.0% | ||||||||
3,950,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 05/15/21 | 4,040,122 | ||||||
1,760,000 | American Express Co., 3.70%, 08/03/23 | 1,809,027 | ||||||
5,555,000 | General Motors Financial Co., Inc., 3.55%, 07/08/22 | 5,581,746 | ||||||
3,070,000 | Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 0.780%), 3.36%, 10/31/22(c) | 3,071,618 | ||||||
3,065,000 | Goldman Sachs Group, Inc. (The), (3 mo. LIBOR US + 1.000%), 3.58%, 07/24/23(c) | 3,073,736 | ||||||
2,470,000 | National Rural Utilities Cooperative Finance Corp. MTN, 2.90%, 03/15/21 | 2,484,355 | ||||||
3,900,000 | Toronto-Dominion Bank (The), (3 mo. LIBOR US + 0.440%), 3.04%, 07/02/19(c) | 3,902,916 | ||||||
23,963,520 | ||||||||
Energy — 0.6% | ||||||||
3,000,000 | Energy Transfer Operating LP, 4.50%, 04/15/24 | 3,132,934 | ||||||
3,170,000 | Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 | 3,530,949 |
46 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
Energy (continued) | ||||||||
$ | 500,000 | Saudi Arabian Oil Co., 2.88%, 04/16/24(a) | $ | 492,408 | ||||
7,156,291 | ||||||||
Health Care — 2.0% | ||||||||
5,010,000 | AbbVie, Inc., 2.50%, 05/14/20 | 4,993,786 | ||||||
4,000,000 | Amgen, Inc., 2.20%, 05/22/19 | 3,999,176 | ||||||
5,000,000 | Celgene Corp., 2.88%, 08/15/20 | 5,004,500 | ||||||
5,000,000 | Cigna Corp., 3.75%, 07/15/23(a) | 5,089,248 | ||||||
5,000,000 | Kaiser Foundation Hospitals, 3.15%, 05/01/27 | 4,989,021 | ||||||
24,075,731 | ||||||||
Industrials — 1.7% | ||||||||
6,115,000 | Caterpillar Financial Services Corp. MTN, 1.35%, 05/18/19 | 6,110,765 | ||||||
1,700,000 | Honeywell International Inc, 1.40%, 10/30/19 | 1,690,278 | ||||||
6,185,000 | Northrop Grumman Corp., 2.55%, 10/15/22 | 6,121,886 | ||||||
3,000,000 | Penske Truck Leasing Co., LP / PTL Finance Corp., 2.70%, 03/14/23(a) | 2,935,885 | ||||||
3,725,000 | Roper Technologies, Inc., 2.80%, 12/15/21 | 3,714,959 | ||||||
20,573,773 | ||||||||
Information Technology — 0.3% | ||||||||
4,000,000 | CA, Inc., 5.38%, 12/01/19 | 4,049,775 | ||||||
Insurance — 0.5% | ||||||||
693,000 | American International Group, Inc., 2.30%, 07/16/19 | 692,473 | ||||||
5,000,000 | Metropolitan Life Global Funding I, 2.40%, 01/08/21(a) | 4,982,310 | ||||||
5,674,783 | ||||||||
Materials — 0.4% | ||||||||
5,000,000 | DowDuPont, Inc., 4.21%, 11/15/23 | 5,241,039 | ||||||
Utilities — 0.3% | ||||||||
2,390,000 | Berkshire Hathaway Energy Co., 2.38%, 01/15/21 | 2,382,650 |
Principal Amount | Value | |||||||
Utilities (continued) | ||||||||
$ | 1,500,000 | Duke Energy Corp., 3.55%, 09/15/21 | $ | 1,522,186 | ||||
3,904,836 | ||||||||
Total Corporate Bonds (Cost $217,391,873) | 218,914,128 | |||||||
ASSET-BACKED SECURITIES — 6.2% | ||||||||
CANADA — 1.2% | ||||||||
Other Asset-Backed Securities — 1.2% | ||||||||
3,900,000 | Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class A3, 3.00%, 11/19/21(a) | 3,910,799 | ||||||
3,000,000 | Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, 03/15/23(a) | 3,017,845 | ||||||
4,750,000 | Golden Credit Card Trust Series 2017-2A, Class A, 1.98%, 04/15/22(a) | 4,720,555 | ||||||
3,000,000 | Master Credit Card Trust II, Series 2017-1A, Class A, 2.26%, 07/21/21(a) | 2,989,855 | ||||||
70,818 | Securitized Term Auto Receivables Trust Series 2016-1A, Class A3, 1.52%, 03/25/20(a) | 70,762 | ||||||
14,709,816 | ||||||||
CAYMAN ISLANDS — 2.0% | ||||||||
Collateralized Loan Obligations — 1.6% | ||||||||
3,000,000 | Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 4.05%, 04/24/29(a)(c) | 3,002,092 | ||||||
4,394,736 | Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 3.74%, 10/17/26(a)(c) | 4,394,731 | ||||||
4,000,000 | Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 3.89%, 04/20/30(a)(c) | 3,996,710 | ||||||
5,000,000 | THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.230%), 3.82%, 07/20/30(a)(c) | 4,964,351 | ||||||
3,000,000 | Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.950%), 3.55%, 07/16/27(a)(c) | 2,985,821 | ||||||
19,343,705 |
47 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Other Asset-Backed Securities — 0.4% | ||||||||
$ | 5,000,000 | Black Diamond CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.450%), 4.04%, 02/06/26(a)(c) | $ | 4,986,016 | ||||
UNITED STATES — 3.0% | ||||||||
Other Asset-Backed Securities — 3.0% | ||||||||
1,893,838 | Ally Auto Receivables Trust, Series 2017-2, Class A3, 1.78%, 08/16/21 | 1,886,056 | ||||||
1,103,324 | CarMax Auto Owner Trust Series 2017-2, Class A3, 1.93%, 03/15/22 | 1,098,083 | ||||||
2,975,000 | Chase Issuance Trust, Series 2012-A4, Class A4, 1.58%, 08/15/21 | 2,966,403 | ||||||
2,961,662 | Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(a) | 2,935,016 | ||||||
262,312 | Enterprise Fleet Financing LLC Series 2016-2, Class A2, 1.74%, 02/22/22(a) | 261,815 | ||||||
390,145 | Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13%, 07/20/22(a) | 389,050 | ||||||
1,500,000 | Enterprise Fleet Financing LLC, Series 2017-2, Class A3, 2.22%, 01/20/23(a) | 1,485,757 | ||||||
1,250,000 | GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/22 | 1,246,006 | ||||||
2,000,000 | GM Financial Consumer Automobile Series 2017-1A, Class A4, 2.06%, 05/16/23(a) | 1,982,977 | ||||||
5,000,000 | Hertz Vehicle Financing LLC Series 2016-3A, Class A, 2.27%, 07/25/20(a) | 4,992,861 | ||||||
3,000,000 | Sofi Professional Loan Program, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a) | 3,034,846 | ||||||
2,000,000 | Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.10%, 09/15/22 | 1,986,618 | ||||||
2,367,727 | Verizon Owner Trust Series 2017-1A, Class A, 2.06%, 09/20/21(a) | 2,362,743 | ||||||
1,750,000 | Verizon Owner Trust Series 2017-3A, Class A1A, 2.06%, 04/20/22(a) | 1,740,601 | ||||||
1,000,000 | Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3, 3.02%, 11/21/22 | 1,008,917 | ||||||
1,000,000 | Wheels SPV 2 LLC, Series 2018-1A, Class A2, 3.06%, 04/20/27(a) | 1,002,733 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 3,100,000 | World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23 | $ | 3,096,579 | ||||
2,150,000 | World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.04%, 05/15/24 | 2,170,731 | ||||||
35,647,792 | ||||||||
Total Asset-Backed Securities (Cost $74,815,463) | 74,687,329 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1% | ||||||||
1,092,643 | JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A 3.00%, 01/27/38(a) | 1,079,727 | ||||||
Total Collateralized Mortgage Obligations (Cost $1,112,951) | 1,079,727 | |||||||
U.S. GOVERNMENT AGENCIES — 1.1% | ||||||||
Federal Home Loan Bank — 0.8% | ||||||||
9,985,000 | 1.13%, 06/21/19(d) | 9,966,049 | ||||||
Overseas Private Investment Corp. — 0.2% | ||||||||
1,949,077 | 5.14%, 12/15/23 | 2,073,485 | ||||||
Small Business Administration — 0.1% | ||||||||
120,931 | 4.11%, 03/10/20 | 121,939 | ||||||
452,055 | 4.08%, 03/10/21 | 460,423 | ||||||
582,362 | ||||||||
Total U.S. Government Agencies (Cost $12,506,876) | 12,621,896 |
48 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
U.S. GOVERNMENT SECURITIES — 72.6% | ||||||||
U.S. Treasury Bonds — 5.0% | ||||||||
$ | 54,061,000 | 3.50%, 02/15/39 | $ | 60,212,550 | ||||
U.S. Treasury Notes — 67.6% | ||||||||
6,000,000 | 0.88%, 06/15/19 | 5,988,441 | ||||||
41,736,000 | 2.38%, 04/30/20 | 41,722,958 | ||||||
9,664,000 | 1.50%, 06/15/20 | 9,570,380 | ||||||
17,376,000 | 1.38%, 09/15/20 | 17,151,334 | ||||||
14,977,000 | 1.88%, 12/15/20 | 14,872,863 | ||||||
7,500,000 | 2.63%, 05/15/21 | 7,550,684 | ||||||
47,176,000 | 1.88%, 11/30/21 | 46,739,254 | ||||||
88,806,000 | 1.88%, 01/31/22 | 87,914,471 | ||||||
900,000 | 1.88%, 05/31/22 | 890,121 | ||||||
166,813,000 | 1.75%, 01/31/23 | 163,782,999 | ||||||
34,168,544 | 0.63%, 01/15/24(e) | 34,538,701 | ||||||
85,815,000 | 2.38%, 08/15/24 | 86,096,580 | ||||||
45,372,000 | 2.25%, 11/15/24 | 45,194,766 | ||||||
61,933,000 | 2.00%, 02/15/25 | 60,786,272 | ||||||
38,735,000 | 2.25%, 11/15/25 | 38,420,278 | ||||||
81,229,000 | 1.63%, 02/15/26 | 77,323,027 | ||||||
37,328,000 | 2.00%, 11/15/26 | 36,232,948 | ||||||
38,334,000 | 2.25%, 11/15/27 | 37,678,129 | ||||||
Total U.S. Government Securities (Cost $865,248,478) | 872,666,756 | |||||||
GOVERNMENT BONDS — 0.2% | ||||||||
JAPAN — 0.2% | ||||||||
3,000,000 | Japan Bank For International Cooperation, 2.25%, 02/24/20 | 2,992,713 | ||||||
Total Government Bonds (Cost $2,997,705) | 2,992,713 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 1.0% | ||||||||
11,882,480 | SEI Daily Income Trust Government II Fund, Class A, 2.25%(f) | 11,882,480 | ||||||
Total Investment Company (Cost $11,882,480) | 11,882,480 | |||||||
TOTAL INVESTMENTS — 99.4% (Cost $1,185,955,826) | $ | 1,194,845,029 | ||||||
OTHER ASSETS IN EXCESS OFLIABILITIES — 0.6% | 7,643,491 | |||||||
NET ASSETS — 100.0% | $ | 1,202,488,520 |
(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 $90,112,521 which is 7.49% 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 April 30, 2019. |
(c) | Floating rate security. Rate shown is the rate in effect as of April 30, 2019. |
(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 April 30, 2019. |
The following abbreviations are used in the report:
CLO — Collateralized Loan Obligation
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
Portfolio diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
U.S. Government Agencies and Securities | 73.7 | % | ||
Corporate Bonds | 18.2 | |||
Asset Backed Securities | 6.2 | |||
Government Bonds | 0.2 | |||
Collateralized Mortgage Obligations | 0.1 | |||
Other* | 1.6 | |||
100.0 | % |
* | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
49 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 96.2% | ||||||||
Alabama — 1.1% | ||||||||
$ | 2,000,000 | Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A 5.00%, 09/01/22 | $ | 2,218,600 | ||||
1,750,000 | Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds 5.00%, 09/01/21 | 1,885,275 | ||||||
5,000,000 | Alabama Federal Aid Highway Finance Authority Revenue Bonds 5.00%, 09/01/20 | 5,214,050 | ||||||
3,030,000 | City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/22 | 3,359,088 | ||||||
3,660,000 | City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/26 | 4,254,604 | ||||||
1,500,000 | City of Huntsville Warrants Refunding GO, Series A 5.00%, 08/01/26 | 1,740,240 | ||||||
7,000,000 | State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/31 | 8,665,930 | ||||||
3,095,000 | State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/33 | 3,798,617 | ||||||
31,136,404 | ||||||||
Arizona — 1.1% | ||||||||
875,000 | Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds 5.00%, 07/01/25 | 1,017,424 | ||||||
2,390,000 | Arizona School Facilities Board Advance Refunding COP, Series A 5.00%, 09/01/23 | 2,717,693 | ||||||
150,000 | Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/22 | 164,733 | ||||||
1,715,000 | Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/24 | 1,979,059 | ||||||
2,750,000 | Arizona State Board of Transportation Refunding Revenue Bonds 5.00%, 07/01/22 | 3,037,870 |
Principal Amount | Value | |||||||
Arizona (continued) | ||||||||
$ | 1,000,000 | Arizona Transportation Board Highway Improvements Revenue Bonds, Series A 5.00%, 07/01/31 | $ | 1,255,670 | ||||
1,250,000 | Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/26 | 1,463,238 | ||||||
5,000,000 | City of Phoenix Advance Refunding GO 5.00%, 07/01/25 | 5,957,000 | ||||||
200,000 | Maricopa County Community College District GO, Series C 5.00%, 07/01/20 | 201,129 | ||||||
2,875,000 | Phoenix Civic Improvement Corp. Refunding Revenue Bonds 5.00%, 07/01/20 | 2,987,901 | ||||||
5,000,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/21 | 5,280,450 | ||||||
5,000,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/22 | 5,441,650 | ||||||
31,503,817 | ||||||||
California — 3.7% | ||||||||
5,000,000 | California Infrastructure & Economic Development Bank Refunding Revenue Bonds 2.18%, 04/01/38(a) | 5,005,950 | ||||||
500,000 | California Municipal Finance Authority California Armenian Home Project Nursing Homes Revenue Bonds 5.00%, 05/15/36 | 595,589 | ||||||
200,000 | California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation) 5.00%, 05/15/25 | 240,253 | ||||||
325,000 | California Statewide Communities Development Authority Green Bond Marin General Hospital Revenue Bonds 5.00%, 08/01/32 | 391,463 | ||||||
5,000,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22 | 5,461,450 |
50 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 5,000,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24 | $ | 5,875,200 | ||||
1,035,000 | Los Rios Community College District 2002 Election GO, Series D 5.25%, 08/01/23(b) | 1,044,667 | ||||||
800,000 | San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/24 | 950,976 | ||||||
750,000 | State of California Current Refunding GO 5.00%, 04/01/24 | 867,773 | ||||||
3,250,000 | State of California Current Refunding GO 5.00%, 08/01/26 | 3,966,268 | ||||||
2,000,000 | State of California Current Refunding GO 5.00%, 04/01/27 | 2,471,560 | ||||||
14,500,000 | State of California Current Refunding GO 5.00%, 04/01/30 | 18,648,595 | ||||||
1,620,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/22 | 1,825,513 | ||||||
1,000,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/30 | 1,256,320 | ||||||
2,865,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21 | 3,129,411 | ||||||
7,000,000 | State of California Public Improvements GO 5.00%, 09/01/22 | 7,772,310 | ||||||
3,000,000 | State of California Public Improvements GO 5.00%, 03/01/26 | 3,544,710 | ||||||
5,715,000 | State of California Public Improvements GO 5.00%, 10/01/27 | 6,915,893 | ||||||
4,000,000 | State of California Public Improvements GO 5.00%, 10/01/35 | 4,695,320 | ||||||
4,855,000 | State of California Refunding GO 5.00%, 12/01/24 | 5,572,181 | ||||||
8,000,000 | State of California Refunding GO 5.00%, 10/01/25 | 9,372,240 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 7,430,000 | State of California School Improvements GO 5.00%, 11/01/28 | $ | 9,261,272 | ||||
6,000,000 | State of California Water Utility Improvement Refunding GO 5.00%, 04/01/30 | 7,587,120 | ||||||
106,452,034 | ||||||||
Colorado — 0.4% | ||||||||
500,000 | Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding) 5.00%, 12/01/19 | 509,925 | ||||||
800,000 | City & County of Broomfield Advance Refunding COP 5.00%, 12/01/21 | 868,096 | ||||||
1,525,000 | City of Thornton Co. School Improvement GO COP 5.00%, 12/01/29 | 1,899,754 | ||||||
2,060,000 | Colorado Higher Education Refunding COP, Series A 5.00%, 11/01/24 | 2,404,164 | ||||||
2,000,000 | Denver City & County School District No 1 Refunding GO (State Aid Intercept Program) 5.00%, 12/01/24 | 2,350,280 | ||||||
100,000 | Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding) 5.00%, 12/01/23 | 114,723 | ||||||
150,000 | EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding) 5.00%, 12/15/25 | 180,449 | ||||||
1,180,000 | Jefferson County School District GO, Series R-1, (State Aid Withholding) 5.00%, 12/15/22 | 1,320,609 | ||||||
1,630,000 | Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 05/15/26 | 1,957,125 | ||||||
11,605,125 | ||||||||
Connecticut — 3.0% | ||||||||
12,885,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S 5.00%, 07/01/27 | 16,073,909 |
51 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Connecticut (continued) | ||||||||
$ | 1,000,000 | Hartford County Metropolitan District Refunding Notes GO 5.00%, 03/01/25 | $ | 1,143,080 | ||||
325,000 | Hartford County Metropolitan District Refunding Notes GO, Series C (AGM) 5.00%, 11/01/23 | 370,087 | ||||||
5,860,000 | Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/25 | 6,990,863 | ||||||
2,350,000 | State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 03/01/29 | 2,762,425 | ||||||
1,380,000 | State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 05/01/31 | 1,668,351 | ||||||
32,445,000 | State of Connecticut Refunding GO, Series C 5.00%, 06/01/23 | 35,355,965 | ||||||
3,100,000 | State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A 5.00%, 08/01/22 | 3,410,992 | ||||||
1,250,000 | State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds 5.00%, 08/01/22 | 1,375,400 | ||||||
1,900,000 | State of Connecticut Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/24 | 2,187,793 | ||||||
8,000,000 | State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 10/01/19 | 8,110,240 | ||||||
5,000,000 | State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 09/01/27 | 5,688,450 | ||||||
825,000 | Town of New Canaan CT Refunding GO, Series C 5.00%, 04/01/25 | 985,430 | ||||||
86,122,985 | ||||||||
Delaware — 1.4% | ||||||||
5,010,000 | State of Delaware Advance Refunding GO, Series A 5.00%, 01/01/28 | 6,285,145 |
Principal Amount | Value | |||||||
Delaware (continued) | ||||||||
$ | 9,650,000 | State of Delaware Public Facilities GO 5.00%, 02/01/26 | $ | 11,668,877 | ||||
15,000,000 | State of Delaware Public Facilities GO 5.00%, 02/01/28 | 18,845,400 | ||||||
2,885,000 | State of Delaware Public Improvements GO 5.00%, 03/01/24 | 3,335,320 | ||||||
40,134,742 | ||||||||
District Of Columbia — 0.4% | ||||||||
5,000,000 | District of Columbia Public Improvement Revenue Bonds, Series C 5.00%, 12/01/19 | 5,097,800 | ||||||
3,000,000 | District of Columbia Public Improvements GO, Series A 5.00%, 10/15/27 | 3,736,050 | ||||||
1,000,000 | District of Columbia Refunding Revenue Bonds, Series A 5.00%, 12/01/20 | 1,052,520 | ||||||
9,886,370 | ||||||||
Florida — 2.5% | ||||||||
4,790,000 | County of Miami-Dade Public Improvements GO 5.00%, 07/01/24 | 5,571,824 | ||||||
3,970,000 | County of Palm Beach Advance Refunding Revenue Bonds 5.00%, 11/01/26 | 4,631,005 | ||||||
1,000,000 | County of Sarasota Refunding Revenue Bonds 5.00%, 10/01/24 | 1,169,270 | ||||||
4,620,000 | Florida Department of Management Services Current Refunding Revenue Bonds, Series A 5.00%, 09/01/28 | 5,695,351 | ||||||
1,200,000 | Lee County School Board Refunding COP 5.00%, 08/01/25 | 1,375,344 | ||||||
4,000,000 | Miami-Dade County Refunding GO, Series B 5.00%, 07/01/24 | 4,652,880 | ||||||
2,000,000 | Orlando Utilities Commission Refunding Revenue Bonds, Series A 5.00%, 10/01/20 | 2,095,520 | ||||||
3,990,000 | State of Florida Advance Refunding GO, Series B 5.00%, 06/01/27 | 4,837,915 | ||||||
20,005,000 | State of Florida Current Refunding GO 5.00%, 07/01/24 | 23,281,019 |
52 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Florida (continued) | ||||||||
$ | 1,750,000 | State of Florida Current Refunding, Series F 5.00%, 06/01/28 | $ | 2,118,498 | ||||
1,100,000 | State of Florida Economic Defeasance GO, Series D 5.00%, 06/01/28 | 1,331,627 | ||||||
9,800,000 | State of Florida Refunding GO 5.00%, 07/01/24 | 10,813,026 | ||||||
3,895,000 | State of Florida Refunding GO, Series C 5.00%, 06/01/24 | 4,403,804 | ||||||
71,977,083 | ||||||||
Georgia — 2.6% | ||||||||
1,295,000 | Americus-Sumter Payroll Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/32 | 1,531,441 | ||||||
1,570,000 | Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/27 | 1,911,742 | ||||||
1,755,000 | Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/28 | 2,122,795 | ||||||
500,000 | Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/26 | 597,909 | ||||||
1,010,000 | Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/33 | 1,199,496 | ||||||
3,090,000 | Bleckley County & Dodge County Joint Development Authority Current Refunding Revenue Bonds 5.00%, 07/01/32 | 3,671,507 | ||||||
750,000 | Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding) 5.00%, 02/01/23 | 842,385 | ||||||
260,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/21 | 277,503 | ||||||
2,710,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/23 | 3,043,303 |
Principal Amount | Value | |||||||
Georgia (continued) | ||||||||
$ | 2,100,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/24 | $ | 2,411,220 | ||||
5,000,000 | Georgia State Road & Tollway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 06/01/20(b) | 5,013,900 | ||||||
2,000,000 | Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B 5.00%, 06/01/21 | 2,137,540 | ||||||
2,025,000 | Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B, (State GTY) 5.00%, 10/01/19 | 2,053,674 | ||||||
1,095,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/25 | 1,289,308 | ||||||
1,555,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26 | 1,866,062 | ||||||
1,100,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26 | 1,319,230 | ||||||
11,295,000 | State of Georgia Advance Refunding GO, Series E 5.00%, 12/01/26 | 13,908,437 | ||||||
1,950,000 | State of Georgia Public Improvements GO, Series A-2 5.00%, 02/01/25 | 2,245,698 | ||||||
2,860,000 | State of Georgia Refunding GO, Series E-2 4.00%, 09/01/19 | 2,882,851 | ||||||
2,230,000 | State of Georgia School Improvements GO, Series A-1 5.00%, 02/01/25 | 2,637,733 | ||||||
18,020,000 | State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/24 | 20,788,232 | ||||||
73,751,966 | ||||||||
Hawaii — 1.1% | ||||||||
10,000,000 | City & County of Honolulu HI Refunding GO 5.00%, 09/01/25 | 11,932,800 |
53 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Hawaii (continued) | ||||||||
$ | 1,000,000 | State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A 5.00%, 07/01/21 | $ | 1,067,260 | ||||
5,000,000 | State of Hawaii Public Facilities GO, Series FT 5.00%, 01/01/30 | 6,162,650 | ||||||
1,300,000 | State of Hawaii Public Facilities GO, Series FW 5.00%, 01/01/30 | 1,631,266 | ||||||
3,085,000 | State of Hawaii Public Facilities GO, Series FW 5.00%, 01/01/32 | 3,822,068 | ||||||
2,515,000 | State of Hawaii Public Improvements GO, Series FK 5.00%, 05/01/29 | 3,071,368 | ||||||
1,570,000 | University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/21 | 1,691,738 | ||||||
1,180,000 | University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/22 | 1,307,523 | ||||||
30,686,673 | ||||||||
Idaho — 0.1% | ||||||||
900,000 | Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY) 5.00%, 09/15/25 | 1,072,485 | ||||||
1,500,000 | Idaho Board Bank Authority Refunding Revenue Bonds, Series D 5.00%, 09/15/23 | 1,662,675 | ||||||
740,000 | Madison County School District No 321 Rexburg School Improvements GO, (School Board GTY), Series B 5.00%, 09/15/28 | 913,404 | ||||||
3,648,564 | ||||||||
Illinois — 1.0% | ||||||||
4,540,000 | Du Page Cook & Will Counties Community College District No 502 Refunding GO 5.00%, 01/01/27 | 5,497,758 | ||||||
5,950,000 | Illinois Finance Authority College Improvement Revenue Bonds 1.60%, 12/01/46(a) | 5,950,000 | ||||||
5,000,000 | Illinois Finance Authority General Revenue Bonds 5.00%, 01/01/27 | 6,094,450 |
Principal Amount | Value | |||||||
Illinois (continued) | ||||||||
$ | 1,000,000 | Illinois Finance Authority Memorial Health System Current Refunding Revenue Bonds 5.00%, 04/01/29 | $ | 1,228,490 | ||||
1,220,000 | Illinois State Toll Highway Authority Current Refunding Revenue Bonds, Series A 5.00%, 01/01/21 | 1,286,990 | ||||||
3,250,000 | Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A 5.00%, 12/01/24 | 3,759,178 | ||||||
2,000,000 | Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D 5.00%, 12/01/22 | 2,215,240 | ||||||
1,400,000 | Peoria Metropolitan Airport Authority Advance Refunding GO, Series D 5.00%, 12/01/26 | 1,671,250 | ||||||
780,000 | University of Illinois College Improvement Refunding Revenue Bonds, Series A 5.00%, 04/01/21 | 825,981 | ||||||
28,529,337 | ||||||||
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 | 519,855 | ||||||
235,000 | Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22 | 258,806 | ||||||
1,330,000 | GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 01/15/22 | 1,443,236 | ||||||
250,000 | GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22 | 274,915 | ||||||
500,000 | Ivy Tech Community College University & College Improvements Revenue Bonds, Series R-1 5.00%, 07/01/19 | 502,775 | ||||||
2,999,587 |
54 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Iowa — 1.0% | ||||||||
$ | 5,675,000 | County of Polk Current Refunding GO, Series C 5.00%, 06/01/21 | $ | 6,068,221 | ||||
4,000,000 | County of Polk Current Refunding GO, Series C 5.00%, 06/01/26 | 4,850,880 | ||||||
6,110,000 | Iowa Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/01/21 | 6,568,617 | ||||||
5,000,000 | Iowa Finance Authority Unity Point Health Current Refunding Revenue 1.73%, 12/01/41(a) | 5,000,000 | ||||||
1,800,000 | Iowa Finance Authority Water Utilities Improvements Revenue Bonds 5.00%, 08/01/20 | 1,875,690 | ||||||
3,000,000 | State of Iowa Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/28 | 3,598,620 | ||||||
27,962,028 | ||||||||
Kansas — 0.7% | ||||||||
15,000,000 | Johnson County Lease Purchase Revenue Bonds, Series A 5.00%, 09/01/26 | 18,335,400 | ||||||
1,260,000 | Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2 5.00%, 08/01/23 | 1,432,456 | ||||||
19,767,856 | ||||||||
Kentucky — 0.6% | ||||||||
11,030,000 | Kentucky Economic Development Finance Authority Owensboro Medical Health System Revenue Bonds, Series A 5.25%, 06/01/23(b) | 11,452,118 | ||||||
5,000,000 | Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 5,720,200 | ||||||
17,172,318 | ||||||||
Louisiana — 0.1% | ||||||||
250,000 | 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 | 303,769 |
Principal Amount | Value | |||||||
Louisiana (continued) | ||||||||
$ | 2,000,000 | State of Louisiana Highway Improvement Revenue Bonds, Series A 5.00%, 09/01/30 | $ | 2,468,900 | ||||
2,772,669 | ||||||||
Maine — 0.1% | ||||||||
2,250,000 | Maine Governmental Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/19 | 2,281,478 | ||||||
165,000 | Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21 | 176,134 | ||||||
5,000 | Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21(b) | 5,353 | ||||||
2,462,965 | ||||||||
Maryland — 9.0% | ||||||||
5,735,000 | County of Anne Arundel School Improvements GO 5.00%, 04/01/27 | 6,763,228 | ||||||
2,410,000 | County of Anne Arundel School Improvements GO 5.00%, 10/01/27 | 3,005,607 | ||||||
2,810,000 | County of Anne Arundel School Improvements GO 5.00%, 04/01/28 | 3,306,134 | ||||||
4,080,000 | County of Anne Arundel School Improvements GO 5.00%, 10/01/30 | 5,197,757 | ||||||
3,575,000 | County of Baltimore Refunding GO 5.00%, 03/01/27 | 4,414,088 | ||||||
1,200,000 | County of Baltimore Refunding GO, (Special Assessment) 5.00%, 02/01/29 | 1,439,316 | ||||||
2,730,000 | County of Baltimore Refunding Notes GO 5.00%, 03/01/23 | 3,070,213 | ||||||
3,835,000 | County of Baltimore Refunding Public Notes GO 5.00%, 03/01/23 | 4,312,918 | ||||||
8,165,000 | County of Baltimore Refunding Public Notes GO 5.00%, 03/01/24 | 9,427,146 | ||||||
5,000,000 | County of Baltimore Refunding Public Notes GO 5.00%, 03/01/28 | 6,281,750 |
55 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Maryland (continued) | ||||||||
$ | 2,860,000 | County of Charles Public School Improvements GO 5.00%, 10/01/21 | $ | 3,090,230 | ||||
1,500,000 | County of Frederick Refunding GO, Series A 5.00%, 02/01/25 | 1,772,460 | ||||||
3,220,000 | County of Howard MD Advance Refunding Public Improvements GO, Series B 5.00%, 02/15/29 | 3,937,513 | ||||||
5,000,000 | County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/22 | 5,506,950 | ||||||
4,500,000 | County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/23 | 5,097,330 | ||||||
6,650,000 | County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/22 | 7,394,401 | ||||||
19,000,000 | County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/26 | 23,291,720 | ||||||
1,200,000 | County of Montgomery Refunding GO, Series A 5.00%, 11/01/23 | 1,374,300 | ||||||
10,320,000 | County of Montgomery Refunding Public Notes GO, Series A 5.00%, 11/01/27 | 12,908,359 | ||||||
12,500,000 | County of Prince George’s Advance Refunding Public Improvements GO, Series B 5.00%, 07/15/23 | 14,205,250 | ||||||
3,185,000 | County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/25 | 3,818,751 | ||||||
3,180,000 | County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/26 | 3,894,896 | ||||||
3,110,000 | County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/24 | 3,622,652 | ||||||
9,355,000 | County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/25 | 11,163,696 | ||||||
3,435,000 | Maryland Health & Higher Educational Facilities Authority Johns Hopkins University and College Improvements Revenue Bonds, Series A 1.55%, 07/01/36(a) | 3,435,000 |
Principal Amount | Value | |||||||
Maryland (continued) | ||||||||
$ | 1,000,000 | Maryland State Department of Transportation Highway Improvement Revenue Bonds 5.00%, 10/01/20 | $ | 1,047,760 | ||||
7,585,000 | State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/24 | 8,853,667 | ||||||
9,255,000 | State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/25 | 11,065,556 | ||||||
6,000,000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 02/01/25 | 6,711,240 | ||||||
10,000,000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 11/01/26 | 11,705,200 | ||||||
2,750,000 | State of Maryland Public facilities GO, Series 1 5.00%, 03/15/32 | 3,444,293 | ||||||
8,035,000 | State of Maryland Public Improvements GO, Series A 5.00%, 08/01/24(b) | 9,123,903 | ||||||
3,000,000 | State of Maryland Public Improvements GO, Series A 5.00%, 03/15/25 | 3,555,330 | ||||||
3,815,000 | State of Maryland Public Improvements GO, Series A 5.00%, 03/15/27 | 4,716,942 | ||||||
5,000,000 | State of Maryland Public Improvements GO, Series A 5.00%, 03/15/28 | 6,159,450 | ||||||
6,700,000 | State of Maryland School Improvements GO 5.00%, 06/01/23 | 7,589,358 | ||||||
20,000,000 | State of Maryland School Improvements GO, Series A 5.00%, 03/15/23 | 22,524,600 | ||||||
7,500,000 | Washington Suburban Sanitary Commission Water & Sewer System Improvements GO 5.00%, 06/01/22 | 8,262,750 | ||||||
256,491,714 | ||||||||
Massachusetts — 6.9% | ||||||||
2,550,000 | Berkshire Regional Transit Authority Cash Flow Management Revenue Notes 3.00%, 08/02/19 | 2,557,344 | ||||||
6,050,000 | Brockton Area Transit Authority Public Improvements GO Notes 2.50%, 08/02/19 | 6,056,837 |
56 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Massachusetts (continued) | ||||||||
$ | 2,200,000 | Cape Ann Transportation Authority Cash Flow Management Revenue Notes 2.75%, 07/03/19 | $ | 2,202,222 | ||||
5,450,000 | Cape Cod Regional Transit Authority GO Notes 2.50%, 07/26/19 | 5,454,306 | ||||||
7,000,000 | Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/25 | 8,348,830 | ||||||
840,000 | Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/26 | 1,024,103 | ||||||
6,430,000 | Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/27 | 7,988,182 | ||||||
1,500,000 | Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/28 | 1,893,105 | ||||||
9,330,000 | Commonwealth of Massachusetts Advance Refunding GO, Series C 5.00%, 10/01/26 | 11,430,183 | ||||||
10,000,000 | Commonwealth of Massachusetts Advance Refunding GO, Series E 5.00%, 11/01/24 | 11,739,300 | ||||||
2,900,000 | Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B 5.00%, 06/15/22 | 3,197,598 | ||||||
9,000,000 | Commonwealth of Massachusetts Public Improvements GO, Series A 5.00%, 05/01/19 | 9,000,000 | ||||||
2,000,000 | Commonwealth of Massachusetts Public Improvements GO, Series C 5.00%, 07/01/32 | 2,337,320 | ||||||
1,570,000 | Commonwealth of Massachusetts Public Improvements GO, Series D 5.00%, 02/01/33 | 1,869,697 | ||||||
8,325,000 | Commonwealth of Massachusetts Public Improvements GO, Series E 5.00%, 11/01/31 | 10,138,185 | ||||||
8,000,000 | Commonwealth of Massachusetts Refunding GO, Series C, (AGM) 5.25%, 11/01/26 | 9,956,480 |
Principal Amount | Value | |||||||
Massachusetts (continued) | ||||||||
$ | 4,500,000 | Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/27 | $ | 5,459,625 | ||||
3,800,000 | Lowell Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 08/09/19 | 3,805,320 | ||||||
1,500,000 | Marthas Vineyard Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 05/20/19 | 1,499,970 | ||||||
1,000,000 | Massachusetts Bay Transportation Authority Advance Refunding Revenue Bonds, Senior Series B 5.00%, 07/01/33 | 1,162,800 | ||||||
8,500,000 | Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017 5.00%, 08/01/21 | 9,145,830 | ||||||
5,000,000 | Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/33 | 5,988,100 | ||||||
10,000,000 | Massachusetts Development Finance Agency Miscellaneous Purpose Revenue Bonds, Series A 5.25%, 04/01/37(b) | 10,693,000 | ||||||
7,780,000 | Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B 5.00%, 08/01/20 | 8,111,117 | ||||||
500,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/22 | 554,335 | ||||||
8,535,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B 5.25%, 08/01/26 | 10,613,187 | ||||||
2,700,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/22 | 2,993,409 | ||||||
8,200,000 | Merrimack Valley Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 06/28/19 | 8,204,428 | ||||||
16,500,000 | Montachusett Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 08/02/19 | 16,519,800 |
57 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Massachusetts (continued) | ||||||||
$ | 11,100,000 | Pioneer Valley Transit Authority Cash Flow Management Revenue Notes 2.50%, 07/19/19 | $ | 11,109,435 | ||||
6,000,000 | Worcester Regional Transit Authority Cash Flow Management Revenue Notes 2.50%, 06/28/19 | 6,003,120 | ||||||
197,057,168 | ||||||||
Michigan — 0.4% | ||||||||
425,000 | Avondale School District School Improvement GO, (Q-SBLF) 5.00%, 11/01/29 | 518,152 | ||||||
200,000 | Caledonia Community Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/23 | 224,807 | ||||||
800,000 | Eastpointe Community Schools Advance Refunding GO, (Q-SBLF) 5.00%, 05/01/27 | 963,032 | ||||||
1,225,000 | Grand Valley State University & College Advance Refunding Revenue Bonds, Series A 5.00%, 12/01/25 | 1,452,323 | ||||||
500,000 | Grand Valley State University & College Improvements Revenue Bonds, Series A 5.00%, 12/01/23 | 568,409 | ||||||
250,000 | Hudsonville Public Schools Improvements GO, (Q-SBLF) 5.00%, 05/01/19 | 249,999 | ||||||
1,000,000 | Michigan State University Refunding Revenue Bonds, Series A 5.00%, 08/15/31 | 1,162,340 | ||||||
400,000 | Midland Public School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/30 | 494,755 | ||||||
1,000,000 | University of Michigan Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/22 | 1,096,370 | ||||||
3,000,000 | University of Michigan University & College Improvements Revenue Bonds, Series A 5.00%, 04/01/26 | 3,641,040 | ||||||
1,000,000 | Utica Community School Improvements GO, (Q-SBLF) 5.00%, 05/01/31 | 1,223,610 | ||||||
11,594,837 |
Principal Amount | Value | |||||||
Minnesota — 1.1% | ||||||||
$ | 1,515,000 | Cambridge-Isanti Independent School District No 911 School Building Refunding GO, Series D, (School District Credit Program) 5.00%, 02/01/24 | $ | 1,737,281 | ||||
1,000,000 | City of Rochester Advance Refunding GO, Series B 5.00%, 12/01/24 | 1,178,050 | ||||||
1,815,000 | Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B 5.00%, 03/01/27 | 2,192,429 | ||||||
2,200,000 | Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A 5.00%, 02/01/25 | 2,577,212 | ||||||
5,425,000 | St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3 5.00%, 12/01/19 | 5,532,361 | ||||||
785,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/23 | 887,874 | ||||||
1,395,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/24 | 1,618,619 | ||||||
2,740,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/25 | 3,175,194 | ||||||
2,910,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/26 | 3,369,635 | ||||||
1,000,000 | State of Minnesota Refunding Revenue Bonds, Series B 5.00%, 03/01/21 | 1,060,140 | ||||||
3,915,000 | State of Minnesota School Improvements GO, Series A 5.00%, 08/01/28 | 4,756,294 | ||||||
1,505,000 | University of Minnesota Current Refunding Revenue Bonds, Series B 5.00%, 10/01/29 | 1,923,556 | ||||||
1,000,000 | Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24 | 1,146,720 | ||||||
31,155,365 |
58 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Mississippi — 0.6% | ||||||||
$ | 570,000 | Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program) 5.00%, 01/01/23 | $ | 634,409 | ||||
3,060,000 | Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A 5.00%, 01/01/25 | 3,561,748 | ||||||
310,000 | Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds 5.00%, 11/01/22 | 343,623 | ||||||
10,000,000 | State of Mississippi Public Improvements GO, Series B 5.00%, 12/01/31 | 11,260,400 | ||||||
830,000 | University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A 5.00%, 10/01/25 | 985,069 | ||||||
16,785,249 | ||||||||
Missouri — 0.8% | ||||||||
1,000,000 | Belton School District No 124 school Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/28 | 1,246,200 | ||||||
570,000 | County of Jackson Refunding Revenue Bonds 4.00%, 12/01/21 | 601,498 | ||||||
300,000 | County of Jackson Refunding Revenue Bonds 4.00%, 12/01/22 | 322,377 | ||||||
2,300,000 | County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation) 5.00%, 12/01/26 | 2,656,408 | ||||||
4,000,000 | Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25 | 4,606,280 | ||||||
905,000 | Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/25 | 1,066,696 |
Principal Amount | Value | |||||||
Missouri (continued) | ||||||||
$ | 2,225,000 | Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/19 | $ | 2,255,394 | ||||
2,000,000 | Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/21 | 2,161,000 | ||||||
500,000 | North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/24 | 575,535 | ||||||
1,800,000 | North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25 | 2,065,626 | ||||||
4,915,000 | University of Missouri Refunding Revenue Bonds, Series B 1.48%, 11/01/31(a) | 4,915,000 | ||||||
22,472,014 | ||||||||
Nevada — 0.1% | ||||||||
2,605,000 | Clark County Water Reclamation District GO, Series A 5.25%, 07/01/20(b) | 2,620,760 | ||||||
New Hampshire — 0.4% | ||||||||
2,250,000 | State of New Hampshire Highway Improvements Revenue Bonds 5.00%, 09/01/19 | 2,274,143 | ||||||
3,990,000 | State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/21 | 4,329,629 | ||||||
3,990,000 | State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/22 | 4,456,112 | ||||||
11,059,884 | ||||||||
New Jersey — 0.8% | ||||||||
200,000 | Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY) 5.00%, 12/01/22 | 223,881 | ||||||
1,300,000 | New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B 5.00%, 01/01/20 | 1,328,613 |
59 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New Jersey (continued) | ||||||||
$ | 8,500,000 | New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds 5.00%, 06/15/23 | $ | 9,423,185 | ||||
2,000,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.25%, 12/15/21 | 2,162,960 | ||||||
2,000,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.50%, 12/15/21 | 2,175,660 | ||||||
1,500,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A 5.25%, 12/15/22 | 1,661,715 | ||||||
650,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/21 | 689,078 | ||||||
1,575,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/24 | 1,778,033 | ||||||
500,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series B 5.00%, 06/15/19 | 501,909 | ||||||
1,000,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/27 | 1,218,100 | ||||||
2,000,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A 5.00%, 01/01/29 | 2,410,780 | ||||||
23,573,914 | ||||||||
New York — 17.1% | ||||||||
10,025,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/21 | 10,772,865 | ||||||
30,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 33,169,800 | ||||||
10,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/27 | 12,364,600 | ||||||
15,000,000 | City of New York Current Refunding GO, Series E 5.00%, 08/01/23 | 17,033,250 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 11,650,000 | City of New York Current Refunding GO, Series E 5.00%, 08/01/24 | $ | 13,553,960 | ||||
2,910,000 | City of New York Public Improvements GO, Sub-Series D-1 5.00%, 08/01/22 | 3,217,471 | ||||||
1,855,000 | City of New York Refunding GO, Series C 5.00%, 08/01/20 | 1,933,467 | ||||||
650,000 | City of New York Refunding GO, Series C 5.00%, 08/01/22 | 718,679 | ||||||
8,170,000 | City of New York Refunding GO, Series D 5.00%, 08/01/22 | 9,033,242 | ||||||
3,575,000 | City of New York Refunding GO, Series F 5.00%, 08/01/29 | 3,879,483 | ||||||
2,500,000 | City of New York Refunding GO, Series G 5.00%, 08/01/21 | 2,686,500 | ||||||
18,500,000 | City of New York Refunding GO, Series G 5.00%, 08/01/22 | 20,454,710 | ||||||
5,000,000 | City of New York Refunding GO, Series I 5.00%, 08/01/25 | 5,658,000 | ||||||
3,000,000 | County of Rockland GO Notes 3.00%, 04/02/20 | 3,034,860 | ||||||
5,000,000 | Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/23 | 5,329,450 | ||||||
5,055,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.25%, 11/15/31 | 6,163,208 | ||||||
5,000,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B 5.00%, 11/15/34(a) | 5,115,850 | ||||||
240,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28 | 287,069 | ||||||
1,020,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/29 | 1,213,096 | ||||||
3,020,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30 | 3,320,883 |
60 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 20,000,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(a) | $ | 22,062,000 | ||||
940,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series C-1 5.00%, 11/15/27 | 1,146,640 | ||||||
1,925,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series F 5.00%, 11/15/21 | 2,075,631 | ||||||
1,910,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/21 | 2,058,961 | ||||||
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 | 2,919,125 | ||||||
1,000,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Series S-4A, (State Aid Withholding) 5.00%, 07/15/30 | 1,241,040 | ||||||
10,500,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding) 5.00%, 07/15/28 | 13,242,180 | ||||||
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) | 1,045,785 | ||||||
1,350,000 | New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C 5.00%, 11/01/23 | 1,547,357 | ||||||
2,200,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 05/01/22(b) | 2,200,000 | ||||||
15,920,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21 | 17,244,862 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,045,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/19 | $ | 1,062,890 | ||||
2,425,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/21 | 2,626,809 | ||||||
1,535,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/21 | 1,662,743 | ||||||
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 | 3,298,080 | ||||||
9,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/31 | 10,820,070 | ||||||
600,000 | New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/20 | 630,245 | ||||||
3,545,000 | New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24 | 4,153,251 | ||||||
1,000,000 | New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series DD-2 5.00%, 06/15/24 | 1,119,910 | ||||||
4,370,000 | New York Local Government Assistance Corp. Refunding Revenue Bonds 1.53%, 04/01/24(a) | 4,370,000 | ||||||
5,000,000 | New York Municipal Bond Bank Agency Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 12/01/21 | 5,428,250 | ||||||
9,100,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23 | 10,270,806 | ||||||
7,790,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/22 | 8,531,998 |
61 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 14,000,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24 | $ | 16,180,920 | ||||
2,000,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/31 | 2,347,660 | ||||||
7,500,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1 (State Aid Withholding) 5.00%, 01/15/30 | 9,235,125 | ||||||
1,000,000 | New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue 5.00%, 07/01/25 | 1,184,330 | ||||||
8,770,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series A-Group A 5.00%, 03/15/22 | 9,610,517 | ||||||
5,000,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series B-Group B 5.00%, 02/15/28 | 5,884,700 | ||||||
15,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/20 | 15,821,700 | ||||||
4,160,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26 | 4,791,405 | ||||||
7,850,000 | New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E 5.00%, 03/15/30 | 9,795,623 | ||||||
6,000,000 | New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E 5.00%, 03/15/31 | 7,431,180 | ||||||
1,045,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/21 | 1,110,365 | ||||||
7,700,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/25 | 8,910,748 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,000,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 02/15/27 | $ | 1,215,800 | ||||
6,290,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/27 | 7,783,623 | ||||||
22,680,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series C 5.00%, 03/15/27 | 28,065,593 | ||||||
6,325,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series C 5.00%, 03/15/30 | 7,816,372 | ||||||
1,500,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A 5.00%, 07/01/32 | 1,852,290 | ||||||
3,000,000 | New York State Environmental Facilities Corp Refunding Revenue Bonds 5.00%, 06/15/29 | 3,476,250 | ||||||
3,750,000 | New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue 5.00%, 06/15/25 | 4,511,513 | ||||||
1,430,000 | New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/20 | 1,472,414 | ||||||
8,000,000 | New York State Thruway Authority Refunding Revenue Bonds, Series A 5.00%, 03/15/21 | 8,369,040 | ||||||
2,000,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24 | 2,314,600 | ||||||
2,105,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27 | 2,537,135 | ||||||
5,875,000 | New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A 5.00%, 03/15/25 | 6,970,159 |
62 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 5,605,000 | New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/22 | $ | 6,140,502 | ||||
4,705,000 | New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22 | 5,154,516 | ||||||
4,215,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27 | 4,803,625 | ||||||
5,880,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28 | 6,692,792 | ||||||
4,450,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds 5.00%, 11/15/28 | 5,685,765 | ||||||
120,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series B 5.00%, 11/15/29 | 148,061 | ||||||
2,125,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/27 | 2,654,083 | ||||||
5,105,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds 5.00%, 11/15/33 | 6,278,691 | ||||||
1,600,000 | Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds 5.00%, 12/15/24 | 1,791,856 | ||||||
487,738,029 | ||||||||
North Carolina — 1.9% | ||||||||
680,000 | Appalachian State University Refunding Revenue Bonds 5.00%, 05/01/20 | 702,712 | ||||||
3,325,000 | County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/26 | 4,083,732 | ||||||
7,225,000 | County of Wake Refunding Public Notes GO, Series A 5.00%, 03/01/26 | 8,757,928 | ||||||
675,000 | Dare County Refunding Revenue Bonds, Series D 5.00%, 06/01/21 | 719,847 |
Principal Amount | Value | |||||||
North Carolina (continued) | ||||||||
$ | 1,000,000 | Durham Capital Financing Corp Advance Refunding Revenue Bonds 5.00%, 12/01/25 | $ | 1,201,970 | ||||
325,000 | North Carolina State University At Raleigh Refunding Revenue Bonds, Series A 5.00%, 10/01/21 | 351,081 | ||||||
3,250,000 | State of North Carolina Advance Refunding Revenue Bonds 5.00%, 03/01/22 | 3,546,920 | ||||||
13,000,000 | State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/23 | 14,698,450 | ||||||
2,010,000 | State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24 | 2,328,444 | ||||||
8,025,000 | State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/26 | 9,785,765 | ||||||
5,270,000 | State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/27 | 6,550,452 | ||||||
52,727,301 | ||||||||
Ohio — 3.4% | ||||||||
1,175,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/23 | 1,344,658 | ||||||
1,000,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/24 | 1,173,970 | ||||||
1,285,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/25 | 1,542,758 | ||||||
3,500,000 | City of Columbus GO, Series A 4.00%, 08/15/25 | 3,971,590 | �� | |||||
1,945,000 | City of Columbus Public Improvements GO, Series 1 1.50%, 12/01/26(a) | 1,945,000 | ||||||
3,730,000 | City of Columbus Refunding GO, Series 1 5.00%, 07/01/21 | 3,999,008 | ||||||
5,000,000 | City of Columbus Refunding GO, Series 1 5.00%, 07/01/26 | 6,088,300 | ||||||
2,000,000 | City of Columbus Refunding GO, Series 5 5.00%, 08/15/23 | 2,277,840 |
63 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Ohio (continued) | ||||||||
$ | 1,100,000 | County of Cuyahoga Refunding Revenue Bonds 5.00%, 12/01/22 | $ | 1,226,467 | ||||
1,000,000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/26 | 1,169,170 | ||||||
1,515,000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/27 | 1,767,111 | ||||||
1,000,000 | Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds 5.00%, 12/01/23 | 1,145,340 | ||||||
3,000,000 | Ohio Water Development Authority Revenue Bonds 5.00%, 06/01/26 | 3,647,070 | ||||||
10,000,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A 5.00%, 06/01/29 | 12,755,800 | ||||||
3,045,000 | Revere Local School District School Improvements GO, Series A 5.00%, 12/01/42(b) | 3,355,925 | ||||||
2,350,000 | Revere Local School District School Improvements GO, Series A 5.00%, 12/01/45(b) | 2,589,959 | ||||||
320,000 | RiverSouth Authority Area Redevelopment Refunding Revenue Bonds 5.00%, 06/01/24 | 360,723 | ||||||
16,790,000 | State of Ohio Advance Refunding GO, Series A 5.00%, 12/15/24 | 19,729,257 | ||||||
1,000,000 | State of Ohio Advance Refunding Revenue Bonds 5.00%, 10/01/21 | 1,079,260 | ||||||
1,445,000 | State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24 | 1,682,153 | ||||||
300,000 | State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24 | 349,235 | ||||||
210,000 | State of Ohio Highway Improvements Revenue Bonds 5.00%, 12/15/24 | 246,393 |
Principal Amount | Value | |||||||
Ohio (continued) | ||||||||
$ | 2,000,000 | State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/20 | $ | 2,107,580 | ||||
2,000,000 | State of Ohio Mental Health Facility Improvements Revenue Bonds 5.00%, 06/01/25 | 2,365,600 | ||||||
2,530,000 | State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A 5.00%, 02/01/23(b) | 2,679,371 | ||||||
1,415,000 | State of Ohio Public Improvements Revenue Bonds, Series A 5.00%, 02/01/24 | 1,623,996 | ||||||
5,000,000 | State of Ohio School Improvements GO, Series B 5.00%, 06/15/23 | 5,663,150 | ||||||
5,545,000 | State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/28 | 6,545,983 | ||||||
1,520,000 | University of Cincinnati Advance Refunding Revenue, Series A 5.00%, 06/01/26 | 1,836,586 | ||||||
96,269,253 | ||||||||
Oklahoma — 0.8% | ||||||||
675,000 | City of Oklahoma City Current Refunding GO 5.00%, 03/01/24 | 777,701 | ||||||
3,650,000 | City of Oklahoma City Public Improvements GO 5.00%, 03/01/26 | 4,403,506 | ||||||
2,000,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 4.00%, 01/01/21 | 2,077,120 | ||||||
5,000,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/26 | 6,006,950 | ||||||
2,985,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/28 | 3,717,638 | ||||||
1,575,000 | Tulsa Metropolitan Utility Authority Refunding Revenue Bonds, Series A 5.00%, 04/01/27 | 1,935,911 | ||||||
2,000,000 | University of Oklahoma Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/25 | 2,366,100 |
64 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Oklahoma (continued) | ||||||||
$ | 1,250,000 | University of Oklahoma Refunding Revenue Bonds, Series A 5.00%, 07/01/25 | $ | 1,478,813 | ||||
22,763,739 | ||||||||
Oregon — 1.0% | ||||||||
1,390,000 | Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/27 | 1,717,123 | ||||||
1,455,000 | Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/28 | 1,821,253 | ||||||
4,000,000 | State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/25 | 4,747,480 | ||||||
4,940,000 | State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/27 | 6,109,891 | ||||||
9,140,000 | State of Oregon Refunding GO, Series G 5.00%, 11/01/30 | 10,319,334 | ||||||
1,755,000 | Washington & Multnomah Counties School District No 48J Beaverton Refunding GO, Series B, (School Board GTY) 4.00%, 06/15/19 | 1,760,054 | ||||||
2,000,000 | Washington County School District No 1 West Union School Improvements GO, (School Board GTY) 5.00%, 06/15/28 | 2,464,320 | ||||||
28,939,455 | ||||||||
Pennsylvania — 0.7% | ||||||||
5,000,000 | Commonwealth of Pennsylvania Public Facilities GO, Series 1 5.00%, 03/01/22 | 5,452,450 | ||||||
10,000,000 | Commonwealth of Pennsylvania Public Improvements GO, Series 2 5.00%, 09/15/20 | 10,450,200 | ||||||
1,000,000 | Lancaster County Hospital Authority Advance Refunding Revenue Bonds 5.00%, 08/15/26 | 1,206,110 | ||||||
1,240,000 | Pennsylvania State University, University and College Improvements Revenue, Series A 5.00%, 09/01/26 | 1,512,862 | ||||||
18,621,622 |
Principal Amount | Value | |||||||
Rhode Island — 0.6% | ||||||||
$ | 6,950,000 | Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue 5.00%, 06/15/23 | $ | 7,800,958 | ||||
3,000,000 | Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A 5.00%, 05/15/22 | 3,274,740 | ||||||
4,025,000 | Rhode Island Health & Educational Building Corp. College Improvements Revenue Bonds 1.56%, 05/01/35(a) | 4,025,000 | ||||||
850,000 | State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D 5.00%, 04/01/24 | 970,955 | ||||||
960,000 | State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/24 | 1,100,774 | ||||||
1,010,000 | State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/25 | 1,179,417 | ||||||
18,351,844 | ||||||||
South Carolina — 0.9% | ||||||||
3,600,000 | Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District) 5.00%, 03/01/22 | 3,935,196 | ||||||
4,010,000 | Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/27 | 4,928,170 | ||||||
3,000,000 | Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/28 | 3,715,680 | ||||||
1,635,000 | Lexington County School District No 2 Refunding GO (South Carolina School District) 5.00%, 03/01/20 | 1,681,467 | ||||||
2,350,000 | Lexington County School District No 2 School Improvements GO (South Carolina School District) 5.00%, 03/01/26 | 2,838,495 |
65 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
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 | $ | 1,822,710 | ||||
1,485,000 | State of South Carolina University & College Improvements GO, Series B (State Aid Withholding) 5.00%, 04/01/22 | 1,628,555 | ||||||
4,680,000 | State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding) 5.00%, 04/01/22 | 5,132,416 | ||||||
25,682,689 | ||||||||
South Dakota — 0.1% | ||||||||
2,455,000 | South Dakota Conservancy District Water Utility Improvements Revenue Bonds 5.00%, 08/01/29 | 2,837,685 | ||||||
Tennessee — 0.8% | ||||||||
1,000,000 | County of Montgomery Advance Refunding School Improvements GO 5.00%, 04/01/26 | 1,211,500 | ||||||
1,600,000 | Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B 5.00%, 05/15/25 | 1,899,664 | ||||||
400,000 | Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A 5.00%, 05/15/23 | 452,059 | ||||||
2,335,000 | State of Tennessee Refunding Notes GO, Series A 5.00%, 08/01/27 | 2,847,626 | ||||||
7,000,000 | Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/31 | 8,205,820 | ||||||
7,000,000 | Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/32 | 8,173,410 |
Principal Amount | Value | |||||||
Tennessee (continued) | ||||||||
$ | 900,000 | Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/25 | $ | 1,052,928 | ||||
23,843,007 | ||||||||
Texas — 16.9% | ||||||||
7,000,000 | Aldine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/28 | 8,165,640 | ||||||
2,250,000 | Alief Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/28 | 2,749,095 | ||||||
1,000,000 | Allen Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/22 | 1,090,250 | ||||||
860,000 | Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/25 | 1,011,962 | ||||||
1,720,000 | Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/26 | 2,066,958 | ||||||
1,100,000 | Amarillo College District Refunding GO 4.00%, 02/15/20 | 1,120,779 | ||||||
235,000 | Anna Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/28 | 289,743 | ||||||
485,000 | Aransas Pass Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/23 | 542,492 | ||||||
1,450,000 | Austin Community College District Refunding GO 5.00%, 08/01/27 | 1,739,928 | ||||||
2,525,000 | Austin Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/27 | 3,054,493 | ||||||
1,000,000 | Austin Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 08/01/21 | 1,073,910 | ||||||
5,310,000 | Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 6,392,390 |
66 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 3,070,000 | Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/28 | $ | 3,741,071 | ||||
2,000,000 | Bexar County Hospital District Current Refunding GO 5.00%, 02/15/30 | 2,452,660 | ||||||
1,075,000 | Bonham Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/01/27 | 1,295,579 | ||||||
1,605,000 | Brock Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,906,997 | ||||||
5,000,000 | Burleson Independent School District School Improvement GO, (PSF-GTD) 2.50%, 02/01/47(a) | 5,079,050 | ||||||
1,000,000 | Burleson Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/25 | 1,187,150 | ||||||
1,420,000 | Burleson Independent School District Refunding GO, Series B, (PSF-GTD) 5.50%, 08/01/27 | 1,801,071 | ||||||
5,000,000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds 5.00%, 11/15/29 | 6,015,700 | ||||||
1,000,000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/21 | 1,082,400 | ||||||
2,360,000 | City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/21 | 2,470,944 | ||||||
2,450,000 | City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/22 | 2,614,714 | ||||||
2,535,000 | City of Cedar Park Public Improvements Refunding GO 5.00%, 02/15/20 | 2,602,608 | ||||||
4,020,000 | City of College Station Improvements Advance Refunding GO 5.00%, 02/15/25 | 4,713,410 | ||||||
935,000 | City of Conroe Public Improvements GO 5.00%, 03/01/25 | 1,072,978 | ||||||
2,075,000 | City of Denton Public Improvements GO 5.00%, 02/15/23 | 2,323,398 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,715,000 | City of Denton Public Improvements GO 5.00%, 02/15/24 | $ | 1,968,494 | ||||
1,290,000 | City of Denton Public Improvements GO 5.00%, 02/15/28 | 1,530,895 | ||||||
830,000 | City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds 5.00%, 03/01/24 | 954,143 | ||||||
350,000 | City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/25 | 401,650 | ||||||
1,250,000 | City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/26 | 1,432,588 | ||||||
5,145,000 | City of Fort Worth Water & Sewer System Improvements Revenue 5.00%, 02/15/25 | 6,057,209 | ||||||
450,000 | City of Lubbock Unrefunded Public Improvements GO 5.25%, 02/15/20 | 450,599 | ||||||
2,240,000 | City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/25 | 2,634,106 | ||||||
2,360,000 | City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/26 | 2,836,059 | ||||||
930,000 | City of Pflugerville Advance Refunding GO 5.00%, 08/01/26 | 1,118,120 | ||||||
1,815,000 | City of Plano Advance Refunding GO 5.00%, 09/01/23 | 2,064,671 | ||||||
1,180,000 | City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds 5.00%, 05/01/26 | 1,420,956 | ||||||
1,205,000 | City of Round Rock TX Utility System Revenue Advance Refunding 5.00%, 08/01/25 | 1,430,516 | ||||||
1,505,000 | Clint Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,789,159 | ||||||
1,535,000 | College of the Mainland University and College Improvements GO 5.00%, 08/15/29 | 1,891,151 | ||||||
1,195,000 | Connally Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,417,509 |
67 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 900,000 | Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/21 | $ | 953,316 | ||||
460,000 | Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22 | 501,782 | ||||||
1,400,000 | Coppell Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/32 | 1,714,902 | ||||||
2,130,000 | County of Bexar Advance Refunding GO 5.00%, 06/15/26 | 2,526,926 | ||||||
7,500,000 | County of Bexar Advance Refunding GO 5.00%, 06/15/29 | 8,994,075 | ||||||
2,910,000 | County of Bexar Refunding GO 5.00%, 06/15/22 | 3,206,733 | ||||||
24,000,000 | County of Bexar Tax Public Improvements GO, Series B 5.00%, 06/15/43(b) | 27,168,240 | ||||||
675,000 | County of Collin Advance Refunding GO 5.00%, 02/15/24 | 775,440 | ||||||
2,800,000 | County of Dallas Public Improvements GO 5.00%, 08/15/28 | 3,372,208 | ||||||
1,500,000 | County of Denton Advance Refunding GO 5.00%, 07/15/24 | 1,743,255 | ||||||
1,590,000 | County of Harris Advance Refunding Revenue, Series A 5.00%, 08/15/25 | 1,891,257 | ||||||
1,850,000 | County of Williamson Limited Tax Advance Refunding GO 5.00%, 02/15/24 | 2,123,449 | ||||||
1,000,000 | County of Williamson Limited Tax Refunding GO 5.00%, 02/15/21 | 1,059,970 | ||||||
360,000 | Crystal City Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 422,528 | ||||||
750,000 | Dallas Area Rapid Transit Refunding Revenue Bonds, Series A 5.00%, 12/01/25 | 878,303 | ||||||
1,120,000 | Dayton Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22 | 1,220,442 | ||||||
8,215,000 | Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26 | 9,627,076 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 6,500,000 | Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/29 | $ | 7,731,100 | ||||
1,085,000 | Denver City Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/25 | 1,273,454 | ||||||
2,665,000 | Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 3,169,938 | ||||||
1,835,000 | Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/27 | 2,187,540 | ||||||
3,000,000 | Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 3,524,670 | ||||||
1,500,000 | El Paso Independent School District Refunding GO (PSF-GTD) 5.00%, 08/15/25 | 1,750,095 | ||||||
2,280,000 | Fort Bend Independent School District Refunding Notes GO, Series A, (PSF-GTD) 1.95%, 08/01/49(a) | 2,280,365 | ||||||
4,320,000 | Fort Worth Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/22 | 4,712,386 | ||||||
885,000 | Frenship Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/26 | 1,018,440 | ||||||
4,890,000 | Frisco Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26 | 5,874,504 | ||||||
1,385,000 | Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25 | 1,627,223 | ||||||
1,095,000 | Graham Independent School District Refunding GO, Series B (PSF-GTD) 5.00%, 02/15/21 | 1,159,868 | ||||||
4,500,000 | Grand Parkway Transportation Corp Highway Improvements Revenue Bonds, Sub-Tier Series B 5.00%, 10/01/52(a) | 5,072,760 |
68 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 2,865,000 | Harris County Flood Control District Advance Refunding GO 5.00%, 10/01/28 | $ | 3,531,284 | ||||
1,000,000 | Harris County Refunding GO, Series C, (AGM) 5.25%, 08/15/19 | 1,010,170 | ||||||
2,040,000 | Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27 | 2,488,494 | ||||||
2,730,000 | Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/27 | 3,294,591 | ||||||
4,000,000 | Houston Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/28 | 4,887,280 | ||||||
2,455,000 | Irving Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | 2,822,734 | ||||||
585,000 | Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | 670,597 | ||||||
500,000 | Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 585,945 | ||||||
750,000 | Klein Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/01/23 | 850,343 | ||||||
1,645,000 | La Joya Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/31 | 2,002,968 | ||||||
13,725,000 | Lone Star College System Advance Refunding GO 5.00%, 02/15/29 | 16,357,455 | ||||||
4,455,000 | Lone Star College System Advance Refunding GO, Series B 5.00%, 02/15/23 | 4,991,783 | ||||||
1,835,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/21 | 1,943,705 | ||||||
1,860,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23 | 2,082,661 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 560,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | $ | 642,219 | ||||
225,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 270,227 | ||||||
2,670,000 | Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 3,177,620 | ||||||
300,000 | Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/26 | 363,615 | ||||||
3,410,000 | Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/24 | 3,961,704 | ||||||
1,005,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/23 | 1,141,489 | ||||||
1,060,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/24 | 1,233,819 | ||||||
1,110,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25 | 1,321,766 | ||||||
1,435,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/23 | 1,629,887 | ||||||
1,650,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/25 | 1,964,787 | ||||||
585,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/26 | 710,447 | ||||||
580,000 | Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/24 | 675,108 | ||||||
1,170,000 | Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/25 | 1,393,213 | ||||||
1,000,000 | Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/21 | 1,075,630 |
69 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 595,000 | Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/26 | $ | 722,592 | ||||
1,585,000 | Mesquite Independent School District School Improvements GO, Series B (PSF-GTD) 5.00%, 08/15/26 | 1,924,887 | ||||||
1,000,000 | New Caney Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27 | 1,220,660 | ||||||
250,000 | Northside Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/26 | 303,989 | ||||||
2,525,000 | Northwest Independent School District Refunding GO, Series B 5.00%, 02/15/25 | 2,966,597 | ||||||
1,145,000 | Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23 | 1,280,728 | ||||||
250,000 | Pasadena Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/22 | 272,635 | ||||||
4,420,000 | Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 4,938,775 | ||||||
750,000 | Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/01/27 | 872,370 | ||||||
1,525,000 | Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/23 | 1,709,937 | ||||||
5,000,000 | Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26 | 6,015,700 | ||||||
2,595,000 | Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25 | 3,051,954 | ||||||
1,000,000 | Prosper Independent School District School Building School Improvement GO, (PSF-GTD) 5.00%, 02/15/25 | 1,173,090 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 925,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/22 | $ | 1,022,301 | ||||
1,020,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/23 | 1,157,170 | ||||||
1,075,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/24 | 1,248,914 | ||||||
1,000,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,186,850 | ||||||
7,000,000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series A 2.63%, 05/01/49(a) | 7,216,720 | ||||||
705,000 | San Elizario Independent School District School Improvements GO, (PSF-GTD) 5.00%, 05/01/25 | 831,019 | ||||||
450,000 | Spring Independent School District Advance Refunding GO (PSF-GTD) 5.00%, 08/15/27 | 542,723 | ||||||
1,000,000 | Spring Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26 | 1,218,250 | ||||||
2,160,000 | Spring Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/22 | 2,393,042 | ||||||
7,180,000 | Spring Independent School District Advance Refunding GO, Series A 5.00%, 08/15/28 | 8,625,765 | ||||||
24,500,000 | State of Texas Cash Flow Management Revenue Notes 4.00%, 08/29/19 | 24,677,135 | ||||||
10,000,000 | State of Texas Mobility Funds Highway Improvement GO, Series B 1.65%, 04/01/36(a) | 10,000,000 | ||||||
5,000,000 | State of Texas Public Finance Authority Advance Refunding GO 5.00%, 10/01/26 | 6,094,450 | ||||||
2,695,000 | State of Texas Public Finance Authority Refunding GO 5.00%, 10/01/20 | 2,821,773 | ||||||
2,500,000 | State of Texas Refunding Public Notes GO, Series A 5.00%, 10/01/21 | 2,699,400 |
70 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 3,200,000 | State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/25 | $ | 3,823,456 | ||||
5,000,000 | State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/28 | 5,917,600 | ||||||
1,840,000 | State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/30 | 2,247,486 | ||||||
6,500,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/25 | 7,679,360 | ||||||
9,320,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/27 | 11,236,378 | ||||||
12,005,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/30 | 13,061,560 | ||||||
3,500,000 | State of Texas Transportation Commission Refunding GO, Series A 5.00%, 10/01/22 | 3,885,630 | ||||||
1,030,000 | State of Texas Water Utility Improvement Refunding GO, Series B1 5.00%, 08/01/26 | 1,251,532 | ||||||
1,000,000 | State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-2 5.00%, 08/01/28 | 1,153,120 | ||||||
3,500,000 | State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-3 5.00%, 08/01/27 | 4,327,610 | ||||||
1,000,000 | Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26 | 1,214,440 | ||||||
1,000,000 | Temple Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 02/01/27 | 1,221,480 | ||||||
1,000,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/22 | 1,110,880 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 5,785,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/24 | $ | 6,764,227 | ||||
3,225,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/21 | 3,430,207 | ||||||
4,250,000 | Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A 5.00%, 10/01/26 | 5,180,283 | ||||||
2,080,000 | Texas Water Development Board Water Utility Improvements Revenue Bonds 5.00%, 08/01/31 | 2,608,237 | ||||||
1,000,000 | Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds 5.00%, 08/01/24 | 1,163,970 | ||||||
500,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/22 | 552,255 | ||||||
1,680,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/23 | 1,905,187 | ||||||
935,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/24 | 1,086,779 | ||||||
2,085,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/25 | 2,478,669 | ||||||
1,635,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/26 | 1,983,124 | ||||||
1,000,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/27 | 1,233,850 | ||||||
220,000 | University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/20(b) | 226,937 | ||||||
420,000 | University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/21(b) | 446,842 | ||||||
1,480,000 | University of North Texas Unrefunded Refunding Revenue 5.00%, 04/15/20 | 1,527,375 |
71 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,065,000 | University of Texas System Refunding Revenue Bonds, Series A 5.00%, 08/15/29 | $ | 1,225,687 | ||||
2,000,000 | University of Texas System University and College Improvements Revenue, Series D 5.00%, 08/15/23 | 2,276,060 | ||||||
7,000,000 | University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/26 | 8,538,390 | ||||||
5,000,000 | University of Texas System/The Refunding Revenue Bonds, Series B 1.45%, 08/01/32(a) | 5,000,000 | ||||||
325,000 | Waco Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/27 | 392,703 | ||||||
640,000 | Wall Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27 | 747,334 | ||||||
1,210,000 | Wichita Falls Independent School District School Improvements GO (PSF-GTD) 5.00%, 02/01/23 | 1,354,365 | ||||||
482,141,420 | ||||||||
Utah — 0.1% | ||||||||
1,975,000 | Alpine School District School Building GO, (School Board GTY) 5.00%, 03/15/21(b) | 1,999,964 | ||||||
840,000 | Salt Lake County Municipal Building Authority Public Facilities Revenue Bonds 5.00%, 01/15/31 | �� | 1,020,298 | |||||
3,020,262 | ||||||||
Virginia — 4.7% | ||||||||
4,110,000 | City of Suffolk Public Improvements GO 5.00%, 02/01/26(b) | 4,345,339 | ||||||
7,430,000 | Commonwealth of Virginia Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 06/01/28 | 8,802,247 | ||||||
3,815,000 | Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/22 | 4,209,051 |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 3,865,000 | Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/27 | $ | 4,709,309 | ||||
7,000,000 | Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/22 | 7,795,970 | ||||||
5,000,000 | Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/27 | 6,200,700 | ||||||
4,630,000 | Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28 | 5,905,380 | ||||||
2,000,000 | Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28 | 2,474,240 | ||||||
2,660,000 | County of Arlington Public Improvements GO 5.00%, 08/15/31 | 3,313,323 | ||||||
2,160,000 | County of Fairfax Sewer Improvement Revenue Bonds 5.00%, 07/15/22(b) | 2,317,788 | ||||||
1,350,000 | Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A 4.50%, 03/01/20 | 1,382,144 | ||||||
1,170,000 | Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A 5.00%, 10/01/24 | 1,369,368 | ||||||
10,000,000 | Virginia College Building Authority Advance Refunding Revenue Bonds 5.00%, 02/01/27 | 12,295,600 | ||||||
1,000,000 | Virginia College Building Authority Advance Refunding Revenue, Series A 5.00%, 09/01/28 | 1,212,850 | ||||||
2,000,000 | Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program) 5.00%, 09/01/21 | 2,089,460 | ||||||
500,000 | Virginia College Building Authority, University and College Improvements Revenue, Series A 5.00%, 02/01/27(b) | 576,415 |
72 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 6,000,000 | Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds 5.00%, 09/15/29 | $ | 7,396,980 | ||||
2,600,000 | Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/23 | 2,939,482 | ||||||
5,000,000 | Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 03/15/23(b) | 5,476,300 | ||||||
5,000,000 | Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 05/15/27 | 6,049,800 | ||||||
6,145,000 | Virginia Public Building Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/26 | 7,485,286 | ||||||
2,465,000 | Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/21 | 2,649,456 | ||||||
8,805,000 | Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/30 | 11,195,822 | ||||||
6,500,000 | Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/31 | 8,191,495 | ||||||
1,250,000 | Virginia Public Building Authority Revenue Bonds, Series B (State Appropriation) 5.00%, 08/01/21(b) | 1,260,650 | ||||||
500,000 | Virginia Public School Authority Advance Refunding Revenue Bonds 5.00%, 02/01/26 | 602,835 | ||||||
2,450,000 | Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 08/01/24 | 2,858,440 | ||||||
5,000,000 | Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 08/01/25 | 5,971,600 | ||||||
1,500,000 | Virginia Resources Authority Advance Refunding Revenue 5.00%, 11/01/26 | 1,846,515 |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 1,120,000 | Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25 | $ | 1,316,728 | ||||
30,000 | Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25(b) | 35,055 | ||||||
134,275,628 | ||||||||
Washington — 4.3% | ||||||||
1,025,000 | Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY) 5.00%, 12/01/21 | 1,112,515 | ||||||
1,050,000 | Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY) 5.00%, 12/01/26 | 1,265,460 | ||||||
2,100,000 | City of Seattle Public Improvements GO, Series A 5.00%, 11/01/24 | 2,465,253 | ||||||
1,600,000 | Clark County Public Utility District No 1 Refunding Revenue Bonds 5.00%, 01/01/27 | 1,899,664 | ||||||
825,000 | Clark County School District No 117 Camas School Improvements GO, (School Board GTY) 5.00%, 12/01/24 | 969,491 | ||||||
1,000,000 | County of King WA Sewer Advance Refunding Revenue Bonds 5.00%, 07/01/30 | 1,215,550 | ||||||
7,000,000 | County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B 5.00%, 07/01/29 | 8,777,370 | ||||||
10,000,000 | Energy Northwest Advance Refunding Revenue Bonds 5.00%, 07/01/27 | 12,115,100 | ||||||
3,900,000 | Energy Northwest Refunding Revenue Bonds, Series A 5.00%, 07/01/28 | 4,272,762 | ||||||
1,035,000 | King County Refunding GO 5.00%, 07/01/25 | 1,217,791 | ||||||
5,395,000 | King County Refunding GO 5.00%, 07/01/26 | 6,338,586 | ||||||
9,000,000 | King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/32 | 10,937,970 |
73 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
Washington (continued) | ||||||||
$ | 3,000,000 | King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/33 | $ | 3,634,470 | ||||
1,180,000 | Nooksack Valley School District No 506 School Improvements GO, (School Board GTY) 5.00%, 12/01/24 | 1,379,809 | ||||||
1,000,000 | Pierce County School District No 402 Franklin Pierce School Improvements GO, (School Board GTY) 5.00%, 12/01/30 | 1,222,450 | ||||||
750,000 | Port of Seattle Inter Lien Refunding Revenue Bonds 5.00%, 02/01/27 | 891,308 | ||||||
5,000,000 | Port of Seattle Refunding GO 5.00%, 06/01/24 | 5,804,150 | ||||||
4,000,000 | Port of Seattle WA Refunding GO, Series A 5.00%, 11/01/21 | 4,330,840 | ||||||
1,120,000 | Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY) 5.00%, 12/01/23 | 1,283,307 | ||||||
5,000,000 | Snohomish County School District No 201 Refunding GO (School Board GTY) 5.00%, 12/01/25 | 5,787,050 | ||||||
360,000 | Spokane County School District No 354 Mead School Improvement GO, (School Board GTY) 5.00%, 12/01/22 | 402,055 | ||||||
5,000,000 | State of Washington Advance Refunding GO, Series R-2017A 5.00%, 08/01/27 | 6,074,950 | ||||||
15,000,000 | State of Washington Advance Refunding GO, Series R-2018C 5.00%, 08/01/25 | 17,905,050 | ||||||
3,195,000 | State of Washington Public Improvements GO, Series B 5.00%, 08/01/27 | 3,881,893 | ||||||
800,000 | State of Washington Refunding GO, Series R-2012C 5.00%, 07/01/23 | 882,440 | ||||||
2,315,000 | State of Washington School Improvements GO, Series C 5.00%, 02/01/27 | 2,846,431 |
Principal Amount | Value | |||||||
Washington (continued) | ||||||||
$ | 3,250,000 | State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds 5.00%, 09/01/19 | $ | 3,285,750 | ||||
3,100,000 | State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, Series C 5.00%, 06/01/29 | 3,722,108 | ||||||
4,435,000 | Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY) 5.00%, 12/01/24 | 5,214,318 | ||||||
121,135,891 | ||||||||
West Virginia — 0.2% | ||||||||
5,000,000 | West Virginia Commissioner of Highways Improvement Revenue Bonds, Series A 5.00%, 09/01/20(b) | 5,218,750 | ||||||
Wisconsin — 1.6% | ||||||||
5,000,000 | Public Finance Authority Hospital Revenue Bonds, Series B 1.70%, 10/01/49(a) | 5,000,000 | ||||||
9,140,000 | State of Wisconsin Advance Refunding GO, Series 3 5.00%, 11/01/28 | 11,216,334 | ||||||
4,700,000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds 5.00%, 06/01/29(b) | 5,449,321 | ||||||
14,000,000 | State of Wisconsin Current Refunding Revenue Bonds, Series A 5.00%, 05/01/29 | 17,073,980 | ||||||
1,200,000 | State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/27 | 1,447,344 | ||||||
2,770,000 | State of Wisconsin Refunding GO, Series 2 5.00%, 11/01/26 | 3,394,607 | ||||||
860,000 | State of Wisconsin Refunding Notes GO, Series A 5.00%, 05/01/28 | 1,014,258 | ||||||
44,595,844 | ||||||||
Total Municipal Bonds (Cost $2,700,199,693) | 2,739,545,847 |
74 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
U.S. GOVERNMENT SECURITIES — 0.2% | ||||||||
U.S. Treasury Notes — 0.2% | ||||||||
$ | 5,800,000 | 2.00%, 08/15/2025 | $ | 5,673,125 | ||||
Total U.S. Government Securities (Cost $5,684,419) | 5,673,125 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 3.4% | ||||||||
98,828,778 | SEI Daily Income Trust Government II Fund, Class A, 2.25%(c) | 98,828,778 | ||||||
Total Investment Company (Cost $98,828,778) | 98,828,778 | |||||||
TOTAL INVESTMENTS — 99.8% (Cost $2,804,712,890) | $ | 2,844,047,750 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | 4,555,358 | |||||||
NET ASSETS — 100.0% | $ | 2,848,603,108 |
(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 April 30, 2019. |
(b) | These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
(c) | The rate shown represents the current yield at April 30, 2019. |
The following abbreviations are used in the report:
AGM — Assured Guaranty Municipal Corp.
COP — Certificates of Participation
GO — General Obligations
GTY — Guaranty
PSF-GTD — Permanent School Fund Guarantee
Q–SBLF — Qualified-School Bond Loan Fund
Portfolio diversification by State (Unaudited)
State | Percentage of Net Assets | |||
Alabama | 1.1 | % | ||
Arizona | 1.1 | |||
California | 3.7 | |||
Colorado | 0.4 | |||
Connecticut | 3.0 | |||
Delaware | 1.4 | |||
District Of Columbia | 0.4 | |||
Florida | 2.5 | |||
Georgia | 2.6 | |||
Hawaii | 1.1 | |||
Idaho | 0.1 | |||
Illinois | 1.0 | |||
Indiana | 0.1 | |||
Iowa | 1.0 | |||
Kansas | 0.7 | |||
Kentucky | 0.6 | |||
Louisiana | 0.1 | |||
Maine | 0.1 | |||
Maryland | 9.0 | |||
Massachusetts | 6.9 | |||
Michigan | 0.4 | |||
Minnesota | 1.1 | |||
Mississippi | 0.6 | |||
Missouri | 0.8 | |||
Nevada | 0.1 | |||
New Hampshire | 0.4 | |||
New Jersey | 0.8 | |||
New York | 17.1 | |||
North Carolina | 1.9 | |||
Ohio | 3.4 | |||
Oklahoma | 0.8 | |||
Oregon | 1.0 | |||
Pennsylvania | 0.7 | |||
Rhode Island | 0.6 | |||
South Carolina | 0.9 | |||
South Dakota | 0.1 | |||
Tennessee | 0.8 | |||
Texas | 16.9 | |||
Utah | 0.1 | |||
Virginia | 4.7 | |||
Washington | 4.3 | |||
West Virginia | 0.2 | |||
Wisconsin | 1.6 | |||
Other* | 3.8 | |||
100.0 | % |
* | Includes cash and equivalents, U.S. Government Securities, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
75 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 97.7% | ||||||||
California — 97.3% | ||||||||
$ | 1,000,000 | Abag Finance Authority for Nonprofit Corps Odd fellows Home CA Refunding Revenue Bonds, Series A 5.00%, 04/01/23 | $ | 1,128,440 | ||||
175,000 | Alameda County Joint Powers Authority Refunding Revenue Bonds 5.00%, 12/01/20 | 185,010 | ||||||
150,000 | Allan Hancock Joint Community College District/CA University & College Improvements GO, Series E 5.00%, 08/01/28 | 191,820 | ||||||
2,040,000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/38(a) | 2,316,216 | ||||||
6,000,000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/43(a) | 6,812,400 | ||||||
24,695,000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.25%, 04/01/48(a) | 28,273,059 | ||||||
100,000 | Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/22 | 110,269 | ||||||
125,000 | Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/23 | 142,125 | ||||||
6,000,000 | Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 2.00%, 04/01/53(b) | 6,039,420 | ||||||
110,000 | Brentwood Infrastructure Financing Authority Refunding Revenue Bonds 5.00%, 07/01/24 | 128,906 | ||||||
150,000 | Cabrillo Community College District Refunding GO 5.00%, 08/01/23 | 167,211 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 100,000 | Cabrillo Community College District Refunding GO 5.00%, 08/01/24 | $ | 111,371 | ||||
930,000 | Cabrillo Community College District Refunding GO 5.00%, 08/01/27 | 1,030,756 | ||||||
500,000 | California Educational Facilities Authority Advance Refunding Revenue Bonds 5.00%, 01/01/27 | 608,975 | ||||||
1,550,000 | California Educational Facilities Authority Refunding Revenue Bonds 5.00%, 10/01/23 | 1,789,878 | ||||||
275,000 | California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/22 | 308,963 | ||||||
100,000 | California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/25 | 121,665 | ||||||
125,000 | California Infrastructure & Economic Development Bank University & College Improvements Revenue Bonds 5.00%, 05/15/23 | 142,160 | ||||||
150,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/22 | 167,906 | ||||||
250,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23 | 288,225 | ||||||
100,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23 | 115,289 | ||||||
150,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/26 | 187,191 | ||||||
740,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/27 | 909,556 | ||||||
125,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/27 | 159,248 |
76 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 100,000 | California Municipal Finance Authority Advance Refunding Anaheim Water System Project Revenue Bonds, Series A 5.00%, 10/01/24 | $ | 118,289 | ||||
100,000 | California Municipal Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/15/23 | 114,875 | ||||||
2,200,000 | California Municipal Finance Authority Nursing Homes NCROC-Paradise Valley Estate Revenue Bonds 2.25%, 07/01/25 | 2,205,192 | ||||||
1,085,000 | California Municipal Finance Authority Pre-refunding Revenue Bonds 6.35%, 12/01/31(a) | 1,168,122 | ||||||
415,000 | California Municipal Finance Authority Pre-refunding Revenue Bonds 6.80%, 12/01/36(a) | 449,632 | ||||||
160,000 | California Municipal Finance Authority Retirement Facilities California Armenian Home Project Revenue Bonds 5.00%, 05/15/22 | 176,298 | ||||||
100,000 | California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/23 | 113,659 | ||||||
125,000 | California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/24 | 146,109 | ||||||
4,770,000 | California State Current Refunding GO 5.00%, 08/01/27 | 5,610,665 | ||||||
250,000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/23 | 285,963 | ||||||
460,000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/24 | 539,217 | ||||||
100,000 | California State Public Works Board Correctional Facilities Improvements, Series A 5.00%, 11/01/25 | 119,705 | ||||||
200,000 | California State Public Works Board Correctional Facilities Improvements, Series C 5.00%, 11/01/27 | 248,382 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 150,000 | California State Public Works Board Public Improvements Revenue Bonds, Series G 5.00%, 11/01/22 | $ | 167,025 | ||||
200,000 | California State Public Works Board Refunding Revenue Bonds, Series B (NATL-RE) 5.00%, 06/01/19 | 200,570 | ||||||
325,000 | California State Public Works Board Refunding Revenue Bonds, Series F 5.00%, 05/01/26 | 382,691 | ||||||
100,000 | California State Public Works Board, Advance Refunding Revenue Bonds 5.00%, 11/01/26 | 122,077 | ||||||
135,000 | California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/19 | 137,441 | ||||||
1,000,000 | California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/24 | 1,118,560 | ||||||
250,000 | California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/25 | 295,935 | ||||||
120,000 | California State University Current Refunding Revenue Bonds, Series C 5.00%, 11/01/21 | 130,418 | ||||||
250,000 | California State University University & College Improvements Current Refunding Revenue Bonds, Series A 5.00%, 11/01/23 | 288,190 | ||||||
400,000 | California State University University & College Improvements Refunding Revenue Bonds, Series A 5.00%, 11/01/24 | 413,928 | ||||||
150,000 | California Statewide Communities Development Authority 5.00%, 08/15/23 | 171,306 | ||||||
150,000 | California Statewide Communities Development Authority Advance Refunding Revenue Bonds 5.00%, 08/15/25 | 179,702 | ||||||
100,000 | California Statewide Communities Development Authority Nursing Homes Retirement Facilities Revenue Bonds 5.00%, 07/01/28 | 125,727 |
77 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 1,180,000 | City & County of San Francisco CA Current Refunding School Improvements, Series R1 5.00%, 09/01/22 | $ | 1,316,715 | ||||
325,000 | City & County of San Francisco CA Public Improvements GO, Series B 5.00%, 06/15/22 | 360,237 | ||||||
100,000 | City & County of San Francisco CA Refunding COP 5.00%, 04/01/21 | 106,793 | ||||||
150,000 | City & County of San Francisco CA Refunding COP 5.00%, 04/01/23 | 170,243 | ||||||
1,475,000 | City & County of San Francisco CA Refunding GO, Series R1 5.00%, 06/15/22 | 1,611,526 | ||||||
2,500,000 | City & County of San Francisco CA Refunding Public Improvements COP 5.00%, 04/01/23 | 2,838,400 | ||||||
100,000 | City of Los Angeles CA Wastewater System Revenue Advance Refunding Revenue Bonds, Subseries A 5.00%, 06/01/24 | 117,253 | ||||||
100,000 | City of Los Angeles CA Wastewater System Revenue Green Bond, Subseries A 5.00%, 06/01/27 | 125,581 | ||||||
2,550,000 | City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A 5.00%, 06/01/25 | 2,904,731 | ||||||
3,645,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/23 | 4,166,928 | ||||||
1,500,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/24 | 1,763,100 | ||||||
200,000 | City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/24 | 235,080 | ||||||
100,000 | City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/25 | 120,639 | ||||||
6,800,000 | City of Marysville CA, Health Improvements, Pre-refunded Revenue Bonds, OID 5.25%, 01/01/37(a) | 7,224,320 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 275,000 | City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/23 | $ | 317,787 | ||||
150,000 | City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/24 | 178,083 | ||||||
200,000 | City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/25 | 242,828 | ||||||
100,000 | City of Roseville CA Water Utility Revenue Advance Refunding COP 5.00%, 12/01/23 | 115,681 | ||||||
150,000 | City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/25 | 181,794 | ||||||
165,000 | City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/26 | 204,506 | ||||||
100,000 | City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Green Bond, Series D 5.00%, 11/01/26 | 124,695 | ||||||
200,000 | City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/20 | 209,508 | ||||||
450,000 | City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/22 | 502,290 | ||||||
150,000 | Compton Community College District University & College Improvements GO, Series 2014-A (BAM) 4.00%, 08/01/19 | 150,948 | ||||||
275,000 | Contra Costa Water District Refunding Revenue Bonds, Series T 5.00%, 10/01/25 | 324,041 | ||||||
425,000 | County of Marin CA Advance Refunding Public Improvements 5.00%, 11/01/26 | 511,925 | ||||||
150,000 | County of Monterey CA Public Improvements COP 5.00%, 10/01/19 | 152,270 |
78 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 225,000 | County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/23 | $ | 255,528 | ||||
225,000 | County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/26 | 273,805 | ||||||
100,000 | County of San Diego CA Refunding COP, Series A 5.00%, 10/15/25 | 118,065 | ||||||
100,000 | Cucamonga Valley Water District Financing Authority Current Refunding Revenue Bonds 5.00%, 09/01/24 | 118,255 | ||||||
1,445,000 | Desert Community College District Refunding GO 5.00%, 08/01/26 | 1,790,095 | ||||||
200,000 | East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/22 | 221,806 | ||||||
300,000 | East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/23 | 343,143 | ||||||
225,000 | East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/24 | 265,028 | ||||||
150,000 | East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/25 | 181,356 | ||||||
115,000 | East Bay Municipal Utility District Water System Revenue Pre-refunded Revenue Bonds, Subseries A 5.00%, 06/01/23(a) | 119,448 | ||||||
200,000 | Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/25 | 235,986 | ||||||
1,100,000 | Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/29 | 1,289,420 | ||||||
1,000,000 | Los Angeles Community College District/CA University & College Improvements GO, Series 2008-F 5.00%, 08/01/24 | 1,147,510 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 850,000 | Los Angeles County Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Senior Series B 5.00%, 07/01/25 | $ | 971,601 | ||||
100,000 | Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23 | 114,479 | ||||||
125,000 | Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 147,231 | ||||||
120,000 | Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/25 | 141,277 | ||||||
800,000 | Los Angeles County Metropolitan Transportation Authority Green Bond, Series A 5.00%, 07/01/23 | 915,840 | ||||||
125,000 | Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds 5.00%, 07/01/21 | 134,626 | ||||||
250,000 | Los Angeles County Metropolitan Transportation Authority, Green Bond, Series A 5.00%, 07/01/22 | 277,890 | ||||||
275,000 | Los Angeles County Metropolitan Transportation Authority, Refunding Revenue Bonds 5.00%, 07/01/24 | 323,909 | ||||||
250,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23 | 285,765 | ||||||
125,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27 | 157,671 | ||||||
2,065,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23 | 2,330,476 |
79 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 150,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22 | $ | 163,844 | ||||
450,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/23 | 506,921 | ||||||
600,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/24 | 696,330 | ||||||
5,000,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24 | 5,875,200 | ||||||
330,000 | Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/21 | 355,120 | ||||||
1,425,000 | Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/22 | 1,581,622 | ||||||
100,000 | Los Angeles Department of Water & Power Power System Revenue Electricity Light & Power Improvements Revenue Bonds, Series C 5.00%, 07/01/22 | 110,991 | ||||||
195,000 | Los Angeles Department of Water & Power Power System Revenue Unrefunded Revenue Bonds, Series A 5.00%, 07/01/22 | 210,060 | ||||||
200,000 | Los Angeles Department of Water Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27 | 250,244 | ||||||
200,000 | Los Angeles Department of Water Water Utility Improvements Current Refunding Revenue Bonds, Series B 5.00%, 07/01/28 | 257,270 | ||||||
100,000 | Los Angeles Department of Water Water Utility Improvements Revenue Bonds Series A 5.00%, 07/01/28 | 127,273 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 1,800,000 | Los Rios Community College District Refunding GO 5.00%, 08/01/27 | $ | 1,992,600 | ||||
175,000 | Marin Community College District Advance Refunding GO 5.00%, 08/01/23 | 201,205 | ||||||
200,000 | Metropolitan Water District of Southern California Refunding Revenue Bonds, Series B 5.25%, 07/01/24 | 201,278 | ||||||
1,100,000 | Mount San Antonio Community College District University & College Improvements GO, Series 2014-A 5.00%, 08/01/28 | 1,320,968 | ||||||
275,000 | Mount San Antonio Community College District University & College Improvements GO, Series 2018-A 5.00%, 08/01/27 | 347,212 | ||||||
325,000 | Nevada County Finance Authority Revenue Bonds 4.00%, 10/01/22 | 352,095 | ||||||
450,000 | Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/22 | 500,202 | ||||||
125,000 | Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 147,231 | ||||||
210,000 | Northern California Transmission Agency California-Oregon Project Advance Refunding Revenue Bonds 5.00%, 05/01/26 | 256,736 | ||||||
160,000 | Ohlone Community College District Advance Refunding GO 5.00%, 08/01/24 | 189,234 | ||||||
100,000 | Orange County Sanitation District Advance Refunding Revenue Bonds 5.00%, 02/01/26 | 122,781 | ||||||
3,000,000 | Orange County Sanitation District Advance Refunding Revenue Bonds, Series A 5.00%, 02/01/34 | 3,454,110 | ||||||
150,000 | Orange County Sanitation District Current Refunding Revenue Bonds, Series A 5.00%, 02/01/27 | 188,130 |
80 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 100,000 | Orange County Water District Advance Refunding Revenue Bonds, Series A 5.00%, 08/15/27 | $ | 125,111 | ||||
200,000 | Orinda Union School District Current Refunding GO 5.00%, 10/15/19 | 203,310 | ||||||
100,000 | Otay Water District Financing Authority Current Refunding Revenue Bonds, Series A 5.00%, 09/01/27 | 126,111 | ||||||
100,000 | Palomar Community College District University & College Improvements GO, Series 2006-D 5.00%, 08/01/22 | 111,541 | ||||||
200,000 | Placer County Water Agency Current Refunding COP 5.00%, 07/01/22 | 222,312 | ||||||
150,000 | Placer County Water Agency Current Refunding COP 5.00%, 07/01/28 | 192,659 | ||||||
150,000 | Regents of the University of California Medical Center Pooled Revenue Advance Refunding Revenue Bonds, Series L 5.00%, 05/15/23 | 170,655 | ||||||
1,145,000 | Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L 5.00%, 05/15/24 | 1,337,933 | ||||||
1,320,000 | Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J 5.00%, 05/15/24(a) | 1,498,609 | ||||||
6,150,000 | Regents of the University of California Medical Center Pooled Revenue Pre-refunded Revenue Bonds, Series J 5.25%, 05/15/27(a) | 7,042,119 | ||||||
870,000 | Riverside County Transportation Commission Pre-refunding Refunding Notes Highway Improvements, Series A 5.25%, 06/01/24(a) | 1,001,266 | ||||||
200,000 | Sacramento County Sanitation Districts Financing Authority Current Refunding Revenue Bonds 5.00%, 08/01/25 | 242,294 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 1,030,000 | San Diego Community College District Pre-refunded University & College Improvements GO 5.00%, 08/01/24(a) | $ | 1,113,162 | ||||
100,000 | San Diego County Regional Transportation Commission Sales & Use Tax Refunding Revenue Bonds, Series A 5.00%, 04/01/25 | 117,041 | ||||||
120,000 | San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/22 | 132,704 | ||||||
150,000 | San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/23 | 171,035 | ||||||
100,000 | San Diego County Water Authority Financing Corp. Current Refunding Revenue Bonds, Series A 5.00%, 05/01/24(a) | 101,783 | ||||||
300,000 | San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/25 | 363,441 | ||||||
1,115,000 | San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/28 | 1,371,617 | ||||||
300,000 | San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/23 | 344,118 | ||||||
1,000,000 | San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Subseries A 5.00%, 08/01/31 | 1,102,650 | ||||||
175,000 | San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/22 | 196,247 | ||||||
100,000 | San Diego Regional Building Authority County Operation Centre Current Advance Revenue Bonds, Series A 5.00%, 10/15/23 | 115,603 | ||||||
150,000 | San Dieguito Water District Current Refunding Revenue Bonds 4.00%, 10/01/19 | 151,652 |
81 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 500,000 | San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A 5.00%, 05/01/23 | $ | 568,650 | ||||
3,810,000 | San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A 5.00%, 05/01/26 | 4,669,193 | ||||||
2,400,000 | San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds 5.00%, 05/01/24 | 2,804,064 | ||||||
1,095,000 | San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series D 5.00%, 05/01/26 | 1,168,037 | ||||||
7,000,000 | San Francisco City & County Public Utilities Commission Wastewater Revenue Green Bond, Series C 2.13%, 10/01/48(b) | 7,082,600 | ||||||
200,000 | San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/23 | 226,998 | ||||||
175,000 | San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds 5.00%, 03/01/26 | 214,660 | ||||||
100,000 | San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds 5.00%, 03/01/27 | 125,381 | ||||||
830,000 | San Jose Evergreen Community College District Advance Refunding GO 5.00%, 09/01/24 | 984,339 | ||||||
785,000 | San Mateo County Community College District Refunding GO 5.00%, 09/01/24 | 876,492 | ||||||
100,000 | San Mateo Joint Powers Financing Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/24 | 117,907 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 100,000 | San Mateo Joint Powers Financing Authority Public Facilities Health Improvements Capital Project Refunding Bonds, Series A 5.00%, 07/15/27 | $ | 126,147 | ||||
100,000 | San Mateo Joint Powers Financing Authority Public Improvements Capital Project Revenue Bonds, Series A 5.00%, 07/15/25 | 121,145 | ||||||
705,000 | San Mateo Joint Powers Financing Authority Refunding Revenue Bonds 5.00%, 06/15/22 | 782,120 | ||||||
275,000 | San Mateo Union High School District Refunding GO, Series C 5.00%, 09/01/24 | 326,293 | ||||||
125,000 | San Rafael Joint Powers Financing Authority Green Bonds Public Facilities 5.00%, 06/01/23 | 142,976 | ||||||
1,000,000 | San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/24 | 1,183,270 | ||||||
750,000 | San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/25 | 910,103 | ||||||
100,000 | Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/22 | 110,299 | ||||||
125,000 | Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/26 | 153,540 | ||||||
300,000 | Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/27 | 376,266 | ||||||
250,000 | Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/22 | 278,135 | ||||||
100,000 | Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/25 | 117,839 | ||||||
350,000 | Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/23 | 401,447 |
82 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 245,000 | Santa Clara Unified School District School Improvements GO 5.00%, 07/01/27 | $ | 303,685 | ||||
175,000 | Santa Clara Valley Water District Current Refunding COP, Series A 5.00%, 02/01/23 | 198,265 | ||||||
100,000 | Santa Clarita Community College District University & College Improvements GO 5.00%, 08/01/26 | 123,341 | ||||||
300,000 | Santa Monica Community College District University & College Improvements GO, Series 2004-C 5.25%, 08/01/20(a) | 302,838 | ||||||
150,000 | Santa Monica Public Financing Authority Current Refunding Revenue Bonds 5.00%, 07/01/25 | 180,854 | ||||||
100,000 | Southern California Public Power Authority Advance Refunding Revenue Bonds, Series C 5.00%, 07/01/25 | 119,477 | ||||||
225,000 | Southern California Public Power Authority Electricity Light & Power Improvements Mead-Pheonix Project Revenue Bonds 5.00%, 07/01/26 | 275,186 | ||||||
100,000 | State of California (Other Revenue LOC) Advance Refunding GO 5.00%, 09/01/22 | 111,033 | ||||||
125,000 | State of California Advance Refunding GO 5.00%, 11/01/23 | 143,156 | ||||||
325,000 | State of California Advance Refunding GO 5.00%, 09/01/25 | 388,892 | ||||||
200,000 | State of California Advance Refunding GO 5.00%, 09/01/26 | 244,472 | ||||||
1,345,000 | State of California Advance Refunding GO, Series B 5.00%, 09/01/23 | 1,533,650 | ||||||
125,000 | State of California Current Refunding GO 5.00%, 02/01/22 | 136,446 | ||||||
2,170,000 | State of California Current Refunding GO 5.00%, 03/01/23 | 2,441,293 | ||||||
3,310,000 | State of California Current Refunding GO 5.00%, 08/01/24 | 3,861,810 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 4,855,000 | State of California Current Refunding GO 5.00%, 11/01/24 | $ | 5,560,189 | ||||
2,000,000 | State of California Current Refunding GO 5.00%, 10/01/25 | 2,397,720 | ||||||
1,000,000 | State of California Current Refunding GO 5.00%, 10/01/25 | 1,171,530 | ||||||
2,355,000 | State of California Current Refunding GO 5.00%, 08/01/26 | 2,874,018 | ||||||
6,065,000 | State of California Current Refunding GO 5.00%, 10/01/26 | 7,088,166 | ||||||
1,000,000 | State of California Current Refunding GO 5.00%, 04/01/27 | 1,235,780 | ||||||
200,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21 | 218,458 | ||||||
100,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/27 | 127,639 | ||||||
150,000 | State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/22 | 169,029 | ||||||
100,000 | State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/24 | 119,217 | ||||||
1,300,000 | State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O 5.00%, 05/01/22 | 1,438,034 | ||||||
100,000 | State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/21 | 107,107 | ||||||
150,000 | State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/20 | 155,405 |
83 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 8,880,000 | State of California Department of Water Resources Pre-refunded Water Utility Improvements Refunding Revenue Bonds, Series AQ 4.00%, 12/01/30(a) | $ | 9,799,968 | ||||
300,000 | State of California Department of Water Resources Refunding Revenue Bonds, Series AS 5.00%, 12/01/25 | 358,005 | ||||||
125,000 | State of California Department of Water Resources Refunding Revenue Bonds, Series AV 5.00%, 12/01/27 | 154,023 | ||||||
5,000,000 | State of California Department of Water Resources Refunding Revenue Bonds, Series BA 5.00%, 12/01/23 | 5,798,500 | ||||||
1,000,000 | State of California Multi Utility Improvements GO 5.00%, 10/01/25 | 1,198,860 | ||||||
15,000,000 | State of California Multi Utility Improvements GO 5.00%, 10/01/26 | 18,364,800 | ||||||
3,000,000 | State of California Refunding GO 5.00%, 04/01/24 | 3,471,090 | ||||||
100,000 | State of California Water Utility Improvements GO 6.00%, 11/01/39 | 102,215 | ||||||
150,000 | State of California Water Utility Improvements GO, OID 5.50%, 11/01/39 | 152,819 | ||||||
19,415,000 | University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AK 5.00%, 05/15/48(b) | 22,023,211 | ||||||
1,955,000 | University of California Advance Refunding Revenue Bonds, Series AY 5.00%, 05/15/24 | 2,286,490 | ||||||
995,000 | University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/24(a) | 1,133,822 | ||||||
1,270,000 | University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/26(a) | 1,447,190 | ||||||
465,000 | University of California Current Refunding Revenue Bonds, Series AF 5.00%, 05/15/20 | 482,600 | ||||||
1,000,000 | University of California Current Revenue Bonds, Series I 5.00%, 05/15/23 | 1,136,860 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 200,000 | University of California University & College Improvements Refunding Revenue Bonds, Series BB 5.00%, 05/15/25 | $ | 239,998 | ||||
100,000 | University of California University & College Improvements Revenue Bonds, Series AM 5.00%, 05/15/26 | 117,061 | ||||||
1,775,000 | University of California University & College Improvements Revenue Bonds, Series M 5.00%, 05/15/29 | 2,201,586 | ||||||
275,000 | University of California University & College Improvements Unrefunded Revenue Bonds, Series S 5.00%, 05/15/20 | 275,811 | ||||||
130,000 | University of California Unrefunded Limited Project Current Refunding Revenue Bonds, Series G 5.00%, 05/15/23 | 143,568 | ||||||
125,000 | Ventura County Community College District Advance Refunding GO 5.00%, 08/01/24 | 147,354 | ||||||
425,000 | Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/24 | 503,583 | ||||||
460,000 | Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/26 | 569,917 | ||||||
100,000 | Walnut Energy Center Authority Current Refunding Revenue Bonds 5.00%, 01/01/23 | 112,703 | ||||||
250,000 | West Valley-Mission Community College District Current Refunding GO, Series A 5.00%, 08/01/27 | 315,208 | ||||||
100,000 | William S Hart Union High School District Advance Refunding GO 5.00%, 08/01/24 | 117,883 | ||||||
125,000 | Yosemite Community College District Current Refunding GO 5.00%, 08/01/25 | 150,854 | ||||||
271,568,049 |
84 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
North Carolina — 0.4% | ||||||||
$ | 1,000,000 | State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/26 | $ | 1,219,410 | ||||
Total Municipal Bonds (Cost $269,778,523) | 272,787,459 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 3.3% | ||||||||
9,101,294 | SEI Daily Income Trust Government II Fund, Class A, 2.25%(c) | 9,101,294 | ||||||
Total Investment Company (Cost $9,101,294) | 9,101,294 | |||||||
TOTAL INVESTMENTS — 101.0% (Cost $278,879,817) | $ | 281,888,753 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)% | (2,715,166 | ) | ||||||
NET ASSETS — 100.0% | $ | 279,173,587 |
(a) | These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
(b) | 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 April 30, 2019. |
(c) | The rate shown represents the current yield as of April 30, 2019. |
The following abbreviations are used in the report:
COP — Certificates of Participation
GO — General Obligations
NATL-RE — Insured by National Public Finance Guarantee Corp.
OID — Original Issue Discount
Portfolio Diversification by Sector (Unaudited)
State | Percentage of Net Assets | |||
California | 97.3 | % | ||
North Carolina | 0.4 | |||
Other* | 2.3 | |||
100.0 | % |
* | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
85 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 95.9% | ||||||||
New York — 95.9% | ||||||||
$ | 100,000 | Build NYC Resource Corp. Refunding Revenue Bonds, Series A 5.00%, 06/01/24 | $ | 116,454 | ||||
225,000 | City of New York Advance Refunding GO, Series 2015-A 5.00%, 08/01/24 | 261,772 | ||||||
350,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 386,981 | ||||||
150,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 165,849 | ||||||
200,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/23 | 227,110 | ||||||
125,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/23 | 141,944 | ||||||
10,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/24 | 11,634,300 | ||||||
5,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/25 | 5,955,250 | ||||||
1,515,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/27 | 1,783,079 | ||||||
100,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/28 | 122,063 | ||||||
125,000 | City of New York Advance Refunding GO, Series D 5.00%, 08/01/24 | 145,429 | ||||||
100,000 | City of New York Advance Refunding GO, Series E 5.00%, 08/01/24 | 116,343 | ||||||
225,000 | City of New York Public Improvements GO, Series 1 5.00%, 08/01/21 | 241,785 | ||||||
255,000 | City of New York Public Improvements GO, Series 1 5.00%, 08/01/23 | 289,565 | ||||||
200,000 | City of New York Public Improvements GO, Sub-Series F-1 5.00%, 04/01/23 | 225,120 | ||||||
100,000 | City of New York Public Improvements GO, Sub-Series F-1 5.00%, 03/01/24 | 112,065 | ||||||
100,000 | City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/23(a) | 114,533 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 200,000 | City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/25(a) | $ | 240,394 | ||||
275,000 | City of New York Refunding Cash Flow Management GO Notes, Series 1 5.00%, 08/01/22(a) | 304,057 | ||||||
100,000 | City of New York Refunding GO, Series B 4.00%, 08/01/19 | 100,599 | ||||||
1,100,000 | City of New York Refunding GO, Series B 5.00%, 08/01/21 | 1,182,060 | ||||||
300,000 | City of New York Refunding GO, Series B 5.00%, 08/01/25 | 357,903 | ||||||
400,000 | City of New York Refunding GO, Series C 5.00%, 08/01/27 | 479,856 | ||||||
200,000 | City of New York Refunding GO, Series D 5.00%, 08/01/22 | 221,132 | ||||||
1,500,000 | City of New York Refunding GO, Series F 5.00%, 08/01/22 | 1,633,965 | ||||||
100,000 | City of New York Refunding GO, Series F 5.00%, 08/01/29 | 108,517 | ||||||
17,910,000 | City of New York Refunding GO, Series F 5.00%, 08/01/30 | 19,419,634 | ||||||
1,035,000 | City of New York Refunding GO, Series H 5.00%, 08/01/22 | 1,144,358 | ||||||
150,000 | City of New York Refunding GO, Series J 5.00%, 08/01/22 | 165,849 | ||||||
325,000 | City of New York Refunding GO, Series J 5.00%, 08/01/24 | 378,115 | ||||||
100,000 | City of New York Refunding GO, Sub-Series H-3 5.00%, 08/01/23(a) | 113,555 | ||||||
350,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/21 | 376,642 | ||||||
350,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/22 | 388,931 | ||||||
100,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/23 | 114,393 |
86 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 110,000 | County of Westchester NY Sewer Improvements GO, Series C 5.00%, 07/01/22 | $ | 122,235 | ||||
375,000 | Erie County Fiscal Stability Authority Advance Refunding Revenue Bonds 5.00%, 09/01/22 | 417,281 | ||||||
150,000 | Erie County Fiscal Stability Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/22 | 164,640 | ||||||
300,000 | Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/23 | 340,440 | ||||||
125,000 | Erie County Industrial Development Agency (The) City School District of the City of Buffalo Project Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/24 | 145,651 | ||||||
100,000 | Erie County Industrial Development Agency (The) Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/21 | 106,923 | ||||||
100,000 | Erie County Industrial Development Agency (The) School Improvements City School District of the City of Buffalo Project Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/22 | 106,649 | ||||||
500,000 | Long Island Power Authority Electric System General Revenue Bonds 5.00%, 09/01/25 | 596,640 | ||||||
4,000,000 | Long Island Power Authority Electric System General Revenue Bonds, Series B 5.00%, 09/01/27 | 4,843,400 | ||||||
4,000,000 | Long Island Power Authority Refunding Revenue Bonds, Series B 5.00%, 09/01/25 | 4,390,120 | ||||||
900,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B 5.00%, 11/15/25 | 1,062,414 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 125,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D 5.00%, 11/15/24 | $ | 144,729 | ||||
225,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D 5.00%, 11/15/26 | 270,308 | ||||||
100,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F 5.00%, 11/15/23 | 113,467 | ||||||
700,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/23 | 773,682 | ||||||
2,225,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28 | 2,454,553 | ||||||
1,500,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30 | 1,649,445 | ||||||
150,000 | Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2 5.00%, 11/15/25 | 177,069 | ||||||
2,570,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/23 | 2,959,612 | ||||||
250,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/27 | 312,693 | ||||||
3,000,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/28 | 3,728,190 | ||||||
250,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1 5.00%, 11/15/23 | 283,670 | ||||||
375,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds, Sub-Series B-2 5.00%, 11/15/26 | 463,163 | ||||||
150,000 | Metropolitan Transportation Authority Prerefunded Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/25 | 177,090 |
87 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,600,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/25 | $ | 1,780,608 | ||||
5,000,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/29 | 5,548,050 | ||||||
525,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(b) | 579,128 | ||||||
2,500,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1 5.00%, 11/15/29(a) | 2,832,050 | ||||||
100,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/23(a) | 110,415 | ||||||
8,000,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/27(a) | 8,820,080 | ||||||
150,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series B 5.00%, 11/15/20 | 157,403 | ||||||
100,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/22 | 110,779 | ||||||
150,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1 5.00%, 11/15/25 | 175,494 | ||||||
375,000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/22 | 415,421 | ||||||
600,000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/23 | 680,808 | ||||||
100,000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/26 | 120,137 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 2,000,000 | Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/22 | $ | 2,199,960 | ||||
100,000 | Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/24 | 116,207 | ||||||
300,000 | Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/24 | 354,354 | ||||||
3,000,000 | New York City Housing Development Corp. Series L 2.75%, 05/01/50(b) | 3,045,960 | ||||||
250,000 | New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/23 | 284,118 | ||||||
100,000 | New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/25 | 119,385 | ||||||
100,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding) 5.00%, 07/15/24 | 116,765 | ||||||
200,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 4.00%, 07/15/19 | 201,016 | ||||||
2,000,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 02/15/21 | 2,151,980 |
88 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 150,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/25 | $ | 176,742 | ||||
125,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/26 | 150,359 | ||||||
8,000,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/28 | 8,805,120 | ||||||
1,075,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-2A, (State Aid Withholding) 5.00%, 07/15/25 | 1,283,389 | ||||||
150,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3, (State Aid Withholding) 5.00%, 07/15/28 | 189,174 | ||||||
125,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding) 5.00%, 07/15/23 | 142,059 | ||||||
250,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-3A, (State Aid Withholding) 5.00%, 07/15/24 | 291,913 | ||||||
100,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/23 | 113,647 | ||||||
525,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/24 | 613,016 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 150,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/27 | $ | 185,735 | ||||
1,000,000 | New York City Transitional Finance Authority Building Aid Revenue School Improvements Revenue Bonds, Series- S1, (State Aid Withholding) 5.00%, 07/15/22 | 1,105,600 | ||||||
330,000 | New York City Transitional Finance Authority Building Aid Revenue Unrefunded Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/22 | 364,848 | ||||||
100,000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/19 | 101,711 | ||||||
475,000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/23 | 544,440 | ||||||
250,000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/24 | 293,628 | ||||||
100,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/23 | 113,863 | ||||||
4,755,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/24 | 5,550,321 | ||||||
1,000,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series A-1 5.00%, 08/01/21 | 1,075,060 | ||||||
225,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/26 | 274,759 |
89 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 300,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series E-1 5.00%, 02/01/22 | $ | 327,387 | ||||
150,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1 5.00%, 05/01/23 | 169,659 | ||||||
200,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI 5.00%, 08/01/25 | 233,014 | ||||||
100,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds 5.00%, 11/01/25 | 115,791 | ||||||
150,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21 | 162,483 | ||||||
5,000,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series C 5.00%, 11/01/23 | 5,730,950 | ||||||
400,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds 5.00%, 11/01/22 | 446,120 | ||||||
600,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1 5.00%, 05/01/23 | 678,636 | ||||||
300,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1 5.00%, 05/01/24 | 347,997 | ||||||
350,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/23 | 398,524 | ||||||
200,000 | New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24 | 234,316 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 7,500,000 | New York City Water & Sewer System Refunding Revenue Bonds 5.00%, 06/15/28 | $ | 8,889,150 | ||||
2,000,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2 5.00%, 06/15/25 | 2,303,500 | ||||||
150,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series FF 5.00%, 06/15/25 | 180,170 | ||||||
1,500,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series FF 5.00%, 06/15/27 | 1,785,255 | ||||||
125,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series GG 5.00%, 06/15/25 | 150,141 | ||||||
1,040,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series HH 5.00%, 06/15/31 | 1,112,498 | ||||||
450,000 | New York City Water & Sewer System Refunding Revenue Bonds, Sub-Series BB-2 5.00%, 06/15/29 | 553,532 | ||||||
390,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds 5.00%, 07/01/23 | 442,748 | ||||||
255,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22 | 279,439 | ||||||
150,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/22 | 165,603 | ||||||
625,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/23 | 702,763 | ||||||
500,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 585,390 | ||||||
8,170,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/25 | 9,663,558 | ||||||
1,000,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/26 | 1,229,760 |
90 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 4,215,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/29 | $ | 5,137,200 | ||||
1,600,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/29 | 1,876,080 | ||||||
100,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/24 | 115,333 | ||||||
525,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24 | 606,785 | ||||||
100,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/25 | 118,518 | ||||||
100,000 | New York State Dormitory Authority Master BOCES Program Advance Refunding Revenue Bonds, (State Appropriation) 5.00%, 08/15/27 | 123,127 | ||||||
150,000 | New York State Dormitory Authority Mental Health Services Facilities Improvement Refunding Revenue Bonds, Series A, (State Appropriation) 5.00%, 08/15/23 | 156,431 | ||||||
650,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series B 5.00%, 02/15/23 | 730,873 | ||||||
125,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-A 5.00%, 03/15/24 | 144,726 | ||||||
150,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/26 | 180,380 | ||||||
10,335,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/29 | 12,273,433 | ||||||
675,000 | �� | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/23 | 761,846 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 2,100,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/24 | $ | 2,431,401 | ||||
100,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/26 | 121,838 | ||||||
350,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/25 | 413,984 | ||||||
100,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/26 | 120,893 | ||||||
125,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/27 | 153,728 | ||||||
5,000,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/28 | 5,884,700 | ||||||
100,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/23 | 112,177 | ||||||
200,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/25 | 236,312 | ||||||
200,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/27 | 246,520 | ||||||
125,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/22 | 139,896 | ||||||
3,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 3,394,110 | ||||||
150,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/24 | 167,705 |
91 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,025,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26 | $ | 1,180,575 | ||||
1,600,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/26 | 1,804,000 | ||||||
5,500,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/29 | 6,435,110 | ||||||
350,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series C 5.00%, 03/15/25 | 404,324 | ||||||
400,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series E 5.00%, 02/15/24 | 461,336 | ||||||
350,000 | New York State Dormitory Authority School Improvements Bidding Group 1 Revenue Bonds, Series C 5.00%, 03/15/23 | 395,031 | ||||||
625,000 | New York State Dormitory Authority School Improvements Bidding Group 2 Revenue Bonds, Series C 5.00%, 03/15/24 | 723,631 | ||||||
7,295,000 | New York State Dormitory Authority School Improvements Bidding Group 2 Revenue Bonds, Series C 5.00%, 03/15/25 | 8,677,330 | ||||||
125,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/24 | 144,726 | ||||||
125,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/27 | 154,683 | ||||||
100,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series E 5.00%, 03/15/23 | 112,865 | ||||||
2,500,000 | New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A 5.00%, 02/15/28 | 3,027,050 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 9,420,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/23 | $ | 10,616,811 | ||||
1,305,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/24 | 1,508,293 | ||||||
425,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 02/15/26 | 513,795 | ||||||
150,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/22 | 166,044 | ||||||
140,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/24 | 163,758 | ||||||
2,525,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25 | 3,029,546 | ||||||
100,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25 | 119,982 | ||||||
1,025,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 03/15/26 | 1,184,090 | ||||||
1,750,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/26 | 2,140,145 | ||||||
150,000 | New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A 4.00%, 07/01/19 | 150,600 | ||||||
200,000 | New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A 5.00%, 07/01/22 | 220,804 |
92 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 145,000 | New York State Dormitory Authority Unrefunded Refunding Revenue Bonds 5.00%, 07/01/21 | $ | 150,738 | ||||
5,905,000 | New York State Dormitory AuthoritySchool Improvements Revenue Bonds, Series A 5.00%, 03/15/27 | 7,273,070 | ||||||
100,000 | New York State Environmental Facilities Corp. Green Bond Revenue Bonds 5.00%, 03/15/23 | 113,267 | ||||||
100,000 | New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C 5.00%, 02/15/27 | 124,768 | ||||||
175,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22 | 193,974 | ||||||
100,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22 | 110,841 | ||||||
475,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/27 | 537,391 | ||||||
6,250,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/28 | 7,258,813 | ||||||
100,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/22 | 110,841 | ||||||
275,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/24 | 322,333 | ||||||
125,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A 5.00%, 06/15/21 | 134,243 | ||||||
3,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/23 | 3,422,310 | ||||||
985,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24 | 1,154,538 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 550,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24 | $ | 644,666 | ||||
300,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/19 | 301,245 | ||||||
100,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/23 | 114,077 | ||||||
605,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/24 | 709,133 | ||||||
100,000 | New York State Housing Finance Agency Refunding Revenue Bonds, Series A 5.00%, 09/15/20 | 104,891 | ||||||
100,000 | New York State Thruway Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22 | 109,525 | ||||||
150,000 | New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A 5.00%, 04/01/23 | 164,591 | ||||||
5,000,000 | New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A 5.00%, 04/01/30 | 5,459,450 | ||||||
150,000 | New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A-1 5.00%, 04/01/20 | 154,746 | ||||||
375,000 | New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/24 | 432,045 | ||||||
300,000 | New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/26 | 353,037 | ||||||
250,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/23 | 280,615 |
93 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 125,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/24 | $ | 144,015 | ||||
200,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/25 | 236,446 | ||||||
100,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/27 | 123,171 | ||||||
300,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24 | 347,190 | ||||||
425,000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22 | 465,605 | ||||||
100,000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23 | 112,785 | ||||||
4,420,000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/28 | 5,316,332 | ||||||
200,000 | New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/23 | 225,570 | ||||||
225,000 | New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A 5.00%, 03/15/24 | 260,393 | ||||||
500,000 | New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22 | 547,770 | ||||||
150,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/22 | 164,331 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 200,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/24 | $ | 231,460 | ||||
15,000,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26 | 17,327,700 | ||||||
100,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26 | 121,187 | ||||||
100,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/27 | 123,250 | ||||||
150,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 5.00%, 03/15/23 | 159,381 | ||||||
400,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 4.00%, 03/15/24 | 416,320 | ||||||
175,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/23 | 197,374 | ||||||
5,000,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/26 | 5,615,150 | ||||||
3,000,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/28 | 3,360,720 | ||||||
100,000 | Pleasantville Union Free School District Refunding GO, (State Aid Withholding) 4.00%, 05/01/20 | 99,999 | ||||||
2,085,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/26 | 2,481,921 |
94 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 175,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 12/15/26 | $ | 202,501 | ||||
2,250,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 09/01/34 | 2,576,790 | ||||||
100,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 175 5.00%, 12/01/22 | 112,127 | ||||||
150,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/24 | 175,017 | ||||||
375,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/25 | 449,093 | ||||||
125,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 205 5.00%, 11/15/22 | 139,979 | ||||||
2,885,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/25 | 3,301,565 | ||||||
800,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27 | 911,720 | ||||||
3,500,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28 | 3,983,805 | ||||||
300,000 | Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/22 | 332,667 | ||||||
100,000 | Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/23 | 114,211 | ||||||
325,000 | Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/24 | 381,241 | ||||||
300,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 4.00%, 10/15/22 | 325,074 | ||||||
650,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/22 | 727,981 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 125,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/23 | $ | 143,803 | ||||
475,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/24 | 561,355 | ||||||
4,000,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/30 | 4,656,560 | ||||||
425,000 | State of New York Green GO, Series A 5.00%, 02/15/22 | 466,897 | ||||||
100,000 | State of New York Green GO, Series A 5.00%, 02/15/26 | 122,677 | ||||||
250,000 | State of New York Public Improvements GO, Series A 5.00%, 03/01/24 | 283,385 | ||||||
400,000 | Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 4.00%, 05/01/22 | 429,668 | ||||||
150,000 | Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/23 | 160,251 | ||||||
500,000 | Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/26 | 609,795 | ||||||
375,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/24 | 443,033 | ||||||
100,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25 | 121,179 | ||||||
265,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/23 | 304,798 |
95 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 435,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/27 | $ | 524,475 | ||||
6,340,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/29 | 7,133,451 | ||||||
250,000 | Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds 5.00%, 11/15/23 | 287,545 | ||||||
125,000 | Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25 | 149,201 | ||||||
250,000 | Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/27 | 283,828 | ||||||
175,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/19 | 178,276 | ||||||
150,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/20 | 157,965 | ||||||
1,000,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/22 | 1,119,460 | ||||||
150,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24 | 177,213 | ||||||
100,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24 | 111,615 | ||||||
100,000 | Utility Debt Securitization Authority Refunding Revenue Bonds 5.00%, 12/15/26 | 117,858 | ||||||
1,080,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/28 | 1,237,658 | ||||||
8,720,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/29 | 9,980,476 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 2,750,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/30 | $ | 3,136,980 | ||||
5,000,000 | Village of Mount Kisco NY Cash Flow Management GO Notes, Series C 3.50%, 12/20/19 | 5,060,150 | ||||||
Total Municipal Bonds (Cost $356,229,452) | 361,246,618 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 2.3% | ||||||||
8,552,314 | SEI Daily Income Trust Government II Fund, Class A, 2.25%(c) | 8,552,314 | ||||||
Total Investment Company (Cost $8,552,314) | 8,552,314 | |||||||
TOTAL INVESTMENTS — 98.2% (Cost $364,781,766) | $ | 369,798,932 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.8% | 6,762,095 | |||||||
NET ASSETS — 100.0% | $ | 376,561,027 |
(a) | These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date. | |
(b) | 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 April 30, 2019. | |
(c) | The rate shown represents the current yield as of April 30, 2019. |
The following abbreviation is used in the report:
GO — General Obligations.
96 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Portfolio diversification by State (Unaudited)
State | Percentage of Net Assets | |||
New York | 95.9 | % | ||
Other* | 4.1 | |||
100.0 | % |
* | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
97 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities | |
April 30, 2019 (Unaudited) | |
ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | ALL CAP ESG FUND | SMALL & MID CAP STRATEGIES FUND | ||||||||||||||||||
ASSETS: | |||||||||||||||||||||
Investments, at fair value | $ | 1,976,899,520 | $ | 16,750,081,429 | $ | 35,539,218 | $ | 6,081,678,995 | |||||||||||||
Foreign currency, at value (Cost $0, $100,716, $0 and $5,396,047, respectively) | — | 100,391 | — | 5,398,697 | |||||||||||||||||
Cash | 2 | 212,254 | 1 | 29,864,840 | |||||||||||||||||
Dividends and interest receivable | 838,136 | 30,153,579 | 92,967 | 9,035,494 | |||||||||||||||||
Receivable for Fund shares sold | 363,235 | 6,238,268 | — | 2,762,534 | |||||||||||||||||
Receivable for investments sold | — | 25,876,014 | — | 17,407,943 | |||||||||||||||||
Prepaid expenses | 11,051 | 35,932 | 31,321 | 18,558 | |||||||||||||||||
Total Assets | 1,978,111,944 | 16,812,697,867 | 35,663,507 | 6,146,167,061 | |||||||||||||||||
LIABILITIES: | |||||||||||||||||||||
Payable for Fund shares redeemed | 778,613 | 8,875,455 | — | 1,695,325 | |||||||||||||||||
Payable for investments purchased | 938,449 | 2,638,454 | 52,945 | 14,856,549 | |||||||||||||||||
Deferred tax liability (Note 9) | — | 1,093,130 | — | 62,913 | |||||||||||||||||
Accrued expenses and other payables: | |||||||||||||||||||||
Investment advisory | 1,096,553 | 11,079,679 | 8,534 | 4,030,564 | |||||||||||||||||
Administration | 99,687 | 826,401 | 5,859 | 303,640 | |||||||||||||||||
Shareholder servicing fee | 318,434 | 2,731,392 | 5,789 | 994,750 | |||||||||||||||||
Custody | 13,980 | 543,808 | — | 104,083 | |||||||||||||||||
Directors | 13,527 | 124,076 | 216 | 47,306 | |||||||||||||||||
Legal and Audit | 54,764 | 391,445 | 12,495 | 181,011 | |||||||||||||||||
Other | 34,944 | 389,155 | 5,902 | 218,881 | |||||||||||||||||
Total Liabilities | 3,348,951 | 28,692,995 | 91,740 | 22,495,022 | |||||||||||||||||
NET ASSETS | $ | 1,974,762,993 | $ | 16,784,004,872 | $ | 35,571,767 | $ | 6,123,672,039 | |||||||||||||
NET ASSETS consist of: | |||||||||||||||||||||
Capital paid-in | $ | 1,409,179,336 | $ | 12,866,950,277 | $ | 34,660,858 | $ | 5,044,832,269 | |||||||||||||
Total distributable earnings/(accumulated gain) | 565,583,657 | 3,917,054,595 | 910,909 | 1,078,839,770 | |||||||||||||||||
NET ASSETS | $ | 1,974,762,993 | $ | 16,784,004,872 | $ | 35,571,767 | $ | 6,123,672,039 | |||||||||||||
Net Asset Value, maximum offering price and redemption price per share | $ | 18.26 | $ | 14.56 | $ | 10.25 | $ | 15.12 | |||||||||||||
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 | 108,150,122 | 1,153,036,615 | 3,470,701 | 405,049,235 | |||||||||||||||||
INVESTMENTS, AT COST | $ | 1,450,855,526 | $ | 13,389,985,243 | $ | 34,066,238 | $ | 5,191,215,313 |
See Notes to Financial Statements.
98 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities -(Continued) | |
April 30, 2019 (Unaudited) |
STRATEGIC OPPORTUNITIES FUND(a) | ||||||
ASSETS: | ||||||
Investments, at fair value | $ | 4,829,257,220 | ||||
Foreign currency, at value (Cost $286,998,931) | 285,598,038 | |||||
Cash | 68,912 | |||||
Segregated cash for futures contracts (Note 6) | 630,000 | |||||
Due from broker for collateral | 10,580,000 | |||||
Structured option contracts, at value (Premium paid $52,263,098) | 142,208,304 | |||||
Dividends and interest receivable | 7,031,150 | |||||
Receivable for Fund shares sold | 2,970,095 | |||||
Receivable for investments sold | 24,192,603 | |||||
Unrealized appreciation on swap contracts | 54,043,274 | |||||
Unrealized appreciation on forward foreign currency exchange contracts | 461,998 | |||||
Variation margin | 28,000 | |||||
Prepaid expenses | 16,767 | |||||
Total Assets | 5,357,086,361 | |||||
LIABILITIES: | ||||||
Payable to brokers for collateral | 105,945,000 | |||||
Written option contracts, at value (Premium received $7,861,872) | 3,475,000 | |||||
Structured option contracts, at value (Premium paid $10,901,163) | 12,560,230 | |||||
Payable for Fund shares redeemed | 2,057,744 | |||||
Payable for investments purchased | 27,937,957 | |||||
Unrealized depreciation on swap contracts | 27,279,473 | |||||
Unrealized depreciation on forward foreign currency exchange contracts | 553,653 | |||||
Accrued expenses and other payables: | ||||||
Investment advisory | 3,989,545 | |||||
Administration | 272,558 | |||||
Shareholder servicing fee | 863,107 | |||||
Custody | 81,024 | |||||
Directors | 43,792 | |||||
Legal and Audit | 56,356 | |||||
Other | 174,546 | |||||
Total Liabilities | 185,289,985 | |||||
NET ASSETS | $ | 5,171,796,376 | ||||
NET ASSETS consist of: | ||||||
Capital paid-in | $ | 5,085,232,054 | ||||
Total distributable earnings/(accumulated loss) | 86,564,322 | |||||
NET ASSETS | $ | 5,171,796,376 | ||||
Net Asset Value, maximum offering price and redemption price per share | $ | 7.52 | ||||
Number of shares authorized | 3,500,000,000 | |||||
SHARES OF CAPITAL STOCK OUTSTANDING | 687,605,263 | |||||
INVESTMENTS, AT COST | $ | 4,907,345,163 |
(a) | Consolidated Statement of Assets and Liabilities. |
See Notes to Financial Statements.
99 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities -(Continued) | |
April 30, 2019 (Unaudited) |
FIXED INCOME FUND | MUNICIPAL BOND FUND | CALIFORNIA MUNICIPAL BOND FUND | NEW YORK MUNICIPAL BOND FUND | |||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at fair value | $ | 1,194,845,029 | $ | 2,844,047,750 | $ | 281,888,753 | $ | 369,798,932 | ||||||||||||
Cash | — | 1 | — | 1 | ||||||||||||||||
Dividends and interest receivable | 6,687,737 | 31,907,444 | 2,873,762 | 4,263,656 | ||||||||||||||||
Receivable for Fund shares sold | 439,840 | 1,895,365 | 606,750 | 2,767,500 | ||||||||||||||||
Receivable for investments sold | 6,185,251 | — | — | 279,024 | ||||||||||||||||
Prepaid expenses | 9,347 | 11,641 | 8,153 | — | ||||||||||||||||
Total Assets | 1,208,167,204 | 2,877,862,201 | 285,377,418 | 377,109,113 | ||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for Fund shares redeemed | 56,109 | 53,965 | 15,250 | 369,000 | ||||||||||||||||
Payable for investments purchased | 5,017,852 | 27,766,727 | 6,054,006 | — | ||||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||
Investment advisory | 277,231 | 660,999 | 58,214 | 81,954 | ||||||||||||||||
Administration | 60,829 | 136,891 | 17,150 | 21,585 | ||||||||||||||||
Shareholder servicing fee | 195,350 | 458,760 | 44,925 | 60,530 | ||||||||||||||||
Custody | 14,652 | 34,406 | 3,369 | 4,540 | ||||||||||||||||
Directors | 6,650 | 16,760 | — | 299 | ||||||||||||||||
Legal and Audit | 35,742 | 66,827 | 5,822 | 5,781 | ||||||||||||||||
Other | 14,269 | 63,758 | 5,095 | 4,397 | ||||||||||||||||
Total Liabilities | 5,678,684 | 29,259,093 | 6,203,831 | 548,086 | ||||||||||||||||
NET ASSETS | $ | 1,202,488,520 | $ | 2,848,603,108 | $ | 279,173,587 | $ | 376,561,027 | ||||||||||||
NET ASSETS consist of: | ||||||||||||||||||||
Capital paid-in | $ | 1,212,615,073 | $ | 2,815,659,596 | $ | 275,468,146 | $ | 370,410,338 | ||||||||||||
Total distributable earnings/(accumulated loss) | (10,126,553 | ) | 32,943,512 | 3,705,441 | 6,150,689 | |||||||||||||||
NET ASSETS | $ | 1,202,488,520 | $ | 2,848,603,108 | $ | 279,173,587 | $ | 376,561,027 | ||||||||||||
Net Asset Value, maximum offering price and redemption price per share | $ | 11.07 | $ | 12.04 | $ | 10.21 | $ | 10.25 | ||||||||||||
Number of shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||||||||||||
SHARES OF CAPITAL STOCK OUTSTANDING | 108,580,187 | 236,576,383 | 27,342,279 | 36,743,361 | ||||||||||||||||
INVESTMENTS, AT COST | $ | 1,185,955,826 | $ | 2,804,712,890 | $ | 278,879,817 | $ | 364,781,766 |
See Notes to Financial Statements.
100 |
Old Westbury Funds, Inc. | |
Statements of Operations | |
For the Period Ended April 30, 2019 (Unaudited) |
ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | ALL CAP ESG FUND | SMALL & MID CAP STRATEGIES FUND | |||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Interest | $ | — | $ | 4,619,035 | $ | — | $ | 1,762,337 | ||||||||||||
Dividends | 13,930,988 | 163,152,563 | 431,342 | 43,233,934 | ||||||||||||||||
Foreign tax withheld | — | (8,883,716 | ) | (32,195 | ) | (2,176,091 | ) | |||||||||||||
Total investment income | 13,930,988 | 158,887,882 | 399,147 | 42,820,180 | ||||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees | 6,268,912 | 64,826,845 | 119,222 | 24,113,224 | ||||||||||||||||
Shareholder servicing fees | 1,814,460 | 15,974,263 | 31,793 | 5,673,700 | ||||||||||||||||
Administration and Accounting fees | 422,712 | 3,624,816 | 19,416 | 1,295,163 | ||||||||||||||||
Custodian fees | 144,505 | 2,650,609 | 5,321 | 825,648 | ||||||||||||||||
Directors fees and expenses | 29,005 | 258,677 | 444 | 91,784 | ||||||||||||||||
Insurance premiums | 12,121 | 39,416 | 8,775 | 20,357 | ||||||||||||||||
Legal and Audit fees | 42,476 | 349,327 | 4,764 | 148,909 | ||||||||||||||||
Printing and postage fees | 10,676 | 66,040 | 4,059 | 26,314 | ||||||||||||||||
Registration fees | 22,513 | 78,798 | 2,635 | 46,612 | ||||||||||||||||
Transfer agent fees | 93,277 | 790,763 | 6,631 | 295,750 | ||||||||||||||||
Offering expenses | — | — | 24,421 | — | ||||||||||||||||
Miscellaneous expenses | 8,671 | 62,114 | 6,668 | 381,480 | ||||||||||||||||
Total expenses | 8,869,328 | 88,721,668 | 234,149 | 32,918,941 | ||||||||||||||||
Expenses waived by Adviser (Note 7) | — | — | (75,186 | ) | (1,429,908 | ) | ||||||||||||||
Net expenses | 8,869,328 | 88,721,668 | 158,963 | 31,489,033 | ||||||||||||||||
NET INVESTMENT INCOME | 5,061,660 | 70,166,214 | 240,184 | 11,331,147 | ||||||||||||||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES: | ||||||||||||||||||||
Net realized gains/(loss) on: | ||||||||||||||||||||
Investments | 37,673,542 | 541,831,887 | (98,355 | ) | 201,750,493 | |||||||||||||||
Foreign capital gains tax | — | — | — | (564,643 | ) | |||||||||||||||
Forward foreign currency exchange contracts | — | (10,849,633 | ) | (12,239 | ) | (1,041,072 | ) | |||||||||||||
Foreign currency transactions | 9,768 | 7,982,400 | (1,178 | ) | 1,182,791 | |||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||||||||
Investments | 172,850,081 | 870,684,194 | 2,472,592 | 126,153,498 | ||||||||||||||||
Foreign currency transactions | (5,134 | ) | (178,214 | ) | (231 | ) | 13,665 | |||||||||||||
Foreign deferred taxes on unrealized appreciation | — | (1,085,659 | ) | — | (49,195 | ) | ||||||||||||||
Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, net of foreign taxes | 210,528,257 | 1,408,384,975 | 2,360,589 | 327,445,537 | ||||||||||||||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 215,589,917 | $ | 1,478,551,189 | $ | 2,600,773 | $ | 338,776,684 |
See Notes to Financial Statements.
101 |
Old Westbury Funds, Inc. | |
Statements of Operations -(Continued) | |
For the Period Ended April 30, 2019 (Unaudited) |
STRATEGIC OPPORTUNITIES FUND(a) | ||||||
INVESTMENT INCOME: | ||||||
Interest | $ | 90,098,606 | ||||
Dividends | 9,061,939 | |||||
Foreign tax withheld | (142,025 | ) | ||||
Total investment income | 99,018,520 | |||||
EXPENSES: | ||||||
Investment advisory fees | 25,469,257 | |||||
Shareholder servicing fees | 4,906,729 | |||||
Administration and Accounting fees | 1,147,359 | |||||
Custodian fees | 241,805 | |||||
Directors fees and expenses | 76,941 | |||||
Insurance premiums | 18,393 | |||||
Legal and Audit fees | 243,814 | |||||
Printing and postage fees | 21,575 | |||||
Registration fees | 42,179 | |||||
Transfer agent fees | 250,511 | |||||
Miscellaneous expenses | 84,481 | |||||
Total expenses | 32,503,044 | |||||
Expenses waived by Adviser (Note 7) | (3,062,688 | ) | ||||
Net expenses | 29,440,356 | |||||
NET INVESTMENT INCOME | 69,578,164 | |||||
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 | 28,056,641 | |||||
Futures contracts | 27,662,443 | |||||
Swap agreements | (72,871,682 | ) | ||||
Written options and structured options | 10,044,058 | |||||
Forward foreign currency exchange contracts | (3,442,333 | ) | ||||
Foreign currency transactions | (2,677,361 | ) | ||||
Net change in unrealized appreciation/(depreciation) on: | ||||||
Investments | (29,029,890 | ) | ||||
Futures contracts | (5,275,231 | ) | ||||
Swap agreements | 73,638,865 | |||||
Written options and structured options | 136,127,791 | |||||
Forward foreign currency exchange contracts | 7,574,638 | |||||
Foreign currency transactions | (3,517,530 | ) | ||||
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 | 166,294,944 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 235,873,108 |
(a) | Consolidated Statement of Operations. |
See Notes to Financial Statements.
102 |
Old Westbury Funds, Inc. | |
Statements of Operations -(Continued) | |
For the Period Ended April 30, 2019 (Unaudited) |
FIXED INCOME FUND | MUNICIPAL BOND FUND | CALIFORNIA MUNICIPAL BOND FUND | NEW YORK MUNICIPAL BOND FUND | |||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Interest | $ | 12,605,500 | $ | 24,761,377 | $ | 1,727,155 | $ | 2,346,328 | ||||||||||||
Dividends | 95,353 | 617,532 | 68,105 | 113,902 | ||||||||||||||||
Total investment income | 12,700,853 | 25,378,909 | 1,795,260 | 2,460,230 | ||||||||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees | 2,099,869 | 4,554,276 | 388,265 | 510,942 | ||||||||||||||||
Shareholder servicing fees | 994,730 | 2,389,919 | 172,562 | 227,085 | ||||||||||||||||
Administration and Accounting fees | 232,002 | 540,012 | 48,235 | 60,271 | ||||||||||||||||
Custodian fees | 74,605 | 179,244 | 12,942 | 17,031 | ||||||||||||||||
Directors fees and expenses | 15,160 | 36,876 | 3,093 | 3,208 | ||||||||||||||||
Insurance premiums | 10,255 | 12,770 | — | — | ||||||||||||||||
Interest expense | — | 47 | — | — | ||||||||||||||||
Legal and Audit fees | 24,972 | 51,029 | 7,351 | 7,514 | ||||||||||||||||
Printing and postage fees | 7,386 | 12,341 | 2,751 | 2,888 | ||||||||||||||||
Registration fees | 18,413 | 32,221 | 3,081 | 2,733 | ||||||||||||||||
Transfer agent fees | 48,449 | 113,363 | 9,920 | 10,792 | ||||||||||||||||
Miscellaneous expenses | 12,376 | 39,378 | 4,397 | 4,515 | ||||||||||||||||
Total expenses | 3,538,217 | 7,961,476 | 652,597 | 846,979 | ||||||||||||||||
Expenses waived by Advisor (Note 7) | (586,592 | ) | (949,757 | ) | (160,796 | ) | (199,785 | ) | ||||||||||||
Expenses waived by Shareholder Servicing Agent (Note 7) | (76,524 | ) | (202,495 | ) | — | — | ||||||||||||||
Net expenses | 2,875,101 | 6,809,224 | 491,801 | 647,194 | ||||||||||||||||
NET INVESTMENT INCOME | 9,825,752 | 18,569,685 | 1,303,459 | 1,813,036 | ||||||||||||||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS | ||||||||||||||||||||
Net realized gain/(loss) on: | ||||||||||||||||||||
Investments | (258,718 | ) | (2,505,377 | ) | 322,569 | 637,252 | ||||||||||||||
Net change in unrealized appreciation/ (depreciation) on: | ||||||||||||||||||||
Investments | 29,408,350 | 83,846,121 | 3,008,936 | 5,017,166 | ||||||||||||||||
Net realized and change in unrealized gain/(loss) on investments | 29,149,632 | 81,340,744 | 3,331,505 | 5,654,418 | ||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 38,975,384 | $ | 99,910,429 | $ | 4,634,964 | $ | 7,467,454 |
See Notes to Financial Statements.
103 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets | |
ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | |||||||||||||||||||
FOR THE PERIOD ENDED APRIL 30, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE PERIOD ENDED APRIL 30, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | |||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||
FROM OPERATIONS: | ||||||||||||||||||||
Net investment income | $ | 5,061,660 | $ | 7,960,247 | $ | 70,166,214 | $ | 152,071,212 | ||||||||||||
Net realized gain/(loss) on investments and foreign currency transactions | 37,683,310 | 75,968,285 | 538,964,654 | 541,806,829 | ||||||||||||||||
Net change in unrealized appreciation/ (depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 172,844,947 | 14,699,701 | 869,420,321 | (862,059,439 | ) | |||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 215,589,917 | 98,628,233 | 1,478,551,189 | (168,181,398 | ) | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||
Net investment income and net realized gain | (81,538,164 | ) | (35,549,309 | ) | (684,286,172 | ) | (979,594,946 | ) | ||||||||||||
Total distributions to shareholders | (81,538,164 | ) | (35,549,309 | ) | (684,286,172 | ) | (979,594,946 | ) | ||||||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||||||||||||||
Proceeds from sale of capital stock | 176,155,140 | 193,877,245 | 1,295,779,812 | 1,319,775,405 | ||||||||||||||||
Reinvestment of distributions | 51,355,652 | 20,786,526 | 343,901,108 | 578,058,719 | ||||||||||||||||
Value of capital stock redeemed | (226,462,282 | ) | �� | (210,447,561 | ) | (2,149,089,675 | ) | (1,494,387,938 | ) | |||||||||||
Net increase/(decrease) in net assets resulting from capital stock transactions | 1,048,510 | 4,216,210 | (509,408,755 | ) | 403,446,186 | |||||||||||||||
Net increase/(decrease) in net assets | 135,100,263 | 67,295,134 | 284,856,262 | (744,330,158 | ) | |||||||||||||||
NET ASSETS: | ||||||||||||||||||||
Beginning of period | 1,839,662,730 | 1,772,367,596 | 16,499,148,610 | 17,243,478,768 | ||||||||||||||||
End of period | $ | 1,974,762,993 | $ | 1,839,662,730 | $ | 16,784,004,872 | $ | 16,499,148,610 | ||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||
Shares sold | 10,774,960 | 11,199,372 | 96,526,910 | 89,536,508 | ||||||||||||||||
Shares issued as reinvestment of distributions | 3,227,885 | 1,255,225 | 26,211,975 | 40,480,302 | ||||||||||||||||
Shares redeemed | (13,588,535 | ) | (12,139,680 | ) | (159,424,267 | ) | (101,370,100 | ) | ||||||||||||
Net increase in shares outstanding | 414,310 | 314,917 | (36,685,382 | ) | 28,646,710 |
See Notes to Financial Statements.
104 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
ALL CAP ESG FUND | SMALL & MID CAP STRATEGIES FUND | |||||||||||||||||
FOR THE PERIOD ENDED APRIL 30, 2019 | FOR THE PERIOD ENDED October 31, 2018(a) | FOR THE PERIOD ENDED APRIL 30, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
$ | 240,184 | $ | 409,949 | $ | 11,331,147 | $ | 32,139,653 | |||||||||||
(111,772 | ) | (673,086 | ) | 201,327,569 | 572,161,274 | |||||||||||||
2,472,361 | (1,000,617 | ) | 126,117,968 | (769,530,252 | ) | |||||||||||||
2,600,773 | (1,263,754 | ) | 338,776,684 | (165,229,325 | ) | |||||||||||||
(426,110 | ) | — | (584,296,570 | ) | (464,025,455 | ) | ||||||||||||
(426,110 | ) | — | (584,296,570 | ) | (464,025,455 | ) | ||||||||||||
3,227,200 | 31,299,326 | 1,290,910,106 | 597,027,116 | |||||||||||||||
405,455 | — | 314,559,459 | 279,211,481 | |||||||||||||||
(238,123 | ) | (33,000 | ) | (1,458,769,698 | ) | (586,873,029 | ) | |||||||||||
3,394,532 | 31,266,326 | 146,699,867 | 289,365,568 | |||||||||||||||
5,569,195 | 30,002,572 | (98,820,019 | ) | (339,889,212 | ) | |||||||||||||
30,002,572 | — | 6,222,492,058 | 6,562,381,270 | |||||||||||||||
$ | 35,571,767 | $ | 30,002,572 | $ | 6,123,672,039 | $ | 6,222,492,058 | |||||||||||
335,518 | 3,119,548 | 90,986,600 | 34,940,278 | |||||||||||||||
43,786 | — | 24,346,707 | 16,749,339 | |||||||||||||||
(24,886 | ) | (3,265 | ) | (102,866,764 | ) | (34,218,308 | ) | |||||||||||
354,418 | 3,116,283 | 12,466,543 | 17,471,309 |
(a) | For the period from March 1, 2018 (commencement of operations) to October 31, 2018. |
See Notes to Financial Statements.
105 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
STRATEGIC OPPORTUNITIES FUND | ||||||||||
FOR THE PERIOD ENDED APRIL 30, 2019(a) | FOR THE YEAR ENDED OCTOBER 31, 2018(a) | |||||||||
(Unaudited) | ||||||||||
FROM OPERATIONS: | ||||||||||
Net investment income | $ | 69,578,164 | $ | 182,476,256 | ||||||
Net realized gain/(loss) on investments, securities sold short, swap agreements, futures contracts, written options, foreign capital gains tax and foreign currency transactions | (13,228,234 | ) | 170,010,626 | |||||||
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 | 179,523,178 | (419,407,529 | ) | |||||||
Net increase/(decrease) in net assets resulting from operations | 235,873,108 | (66,920,647 | ) | |||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||
Net investment income and net realized gain | (285,152,056 | ) | (402,341,102 | ) | ||||||
Total distributions to shareholders | (285,152,056 | ) | (402,341,102 | ) | ||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||||
Proceeds from sale of capital stock | 986,202,671 | 538,372,473 | ||||||||
Reinvestment of distributions | 116,487,339 | 162,502,177 | ||||||||
Value of capital stock redeemed | (1,155,288,596 | ) | (507,487,099 | ) | ||||||
Net increase/(decrease) in net assets resulting from capital stock transactions | (52,598,586 | ) | 193,387,551 | |||||||
Net increase/(decrease) in net assets | (101,877,534 | ) | (275,874,198 | ) | ||||||
NET ASSETS: | ||||||||||
Beginning of period | 5,273,673,910 | 5,549,548,108 | ||||||||
End of period | $ | 5,171,796,376 | $ | 5,273,673,910 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Shares sold | 137,888,161 | 68,091,521 | ||||||||
Shares issued as reinvestment of distributions | 17,596,275 | 20,806,937 | ||||||||
Shares redeemed | (161,687,802 | ) | (64,056,088 | ) | ||||||
Net increase/(decrease) in shares outstanding | (6,203,366 | ) | 24,842,370 |
(a) | Consolidated Statement of Changes in Net Assets. |
See Notes to Financial Statements.
106 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
FIXED INCOME FUND | MUNICIPAL BOND FUND | |||||||||||||||||
FOR THE PERIOD ENDED APRIL 30, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE PERIOD ENDED APRIL 30, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
$ | 9,825,752 | $ | 14,435,545 | $ | 18,569,685 | $ | 31,907,707 | |||||||||||
(258,718 | ) | (7,802,111 | ) | (2,505,377 | ) | (6,099,436 | ) | |||||||||||
29,408,350 | (18,998,566 | ) | 83,846,121 | (57,254,816 | ) | |||||||||||||
38,975,384 | (12,365,132 | ) | 99,910,429 | (31,446,545 | ) | |||||||||||||
(9,369,327 | ) | (15,309,270 | ) | (17,836,082 | ) | (31,336,777 | ) | |||||||||||
(9,369,327 | ) | (15,309,270 | ) | (17,836,082 | ) | (31,336,777 | ) | |||||||||||
372,877,529 | 154,566,649 | 1,007,746,179 | 427,388,573 | |||||||||||||||
5,274,240 | 8,843,624 | 4,160,091 | 8,400,843 | |||||||||||||||
(70,299,100 | ) | (96,251,246 | ) | (542,909,717 | ) | (310,977,078 | ) | |||||||||||
307,852,669 | 67,159,027 | 468,996,553 | 124,812,338 | |||||||||||||||
337,458,726 | 39,484,625 | 551,070,900 | 62,029,016 | |||||||||||||||
865,029,794 | 825,545,169 | 2,297,532,208 | 2,235,503,192 | |||||||||||||||
$ | 1,202,488,520 | $ | 865,029,794 | $ | 2,848,603,108 | $ | 2,297,532,208 | |||||||||||
34,058,372 | 14,184,757 | 84,644,723 | 36,309,706 | |||||||||||||||
484,412 | 814,288 | 351,999 | 715,335 | |||||||||||||||
(6,446,757 | ) | (8,851,955 | ) | (46,050,639 | ) | (26,444,258 | ) | |||||||||||
28,096,027 | 6,147,090 | 38,946,083 | 10,580,783 |
See Notes to Financial Statements.
107 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
CALIFORNIA MUNICIPAL BOND FUND | NEW YORK MUNICIPAL BOND FUND | |||||||||
FOR THE PERIOD ENDED APRIL 30, 2019(a) | FOR THE PERIOD ENDED APRIL 30, 2019(a) | |||||||||
(Unaudited) | (Unaudited) | |||||||||
FROM OPERATIONS: | ||||||||||
Net investment income | $ | 1,303,459 | $ | 1,813,036 | ||||||
Net realized gain/(loss) on investments and foreign currency transactions | 322,569 | 637,252 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 3,008,936 | 5,017,166 | ||||||||
Net increase/(decrease) in net assets resulting from operations | 4,634,964 | 7,467,454 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||
Net investment income and net realized gain | (929,523 | ) | (1,316,765 | ) | ||||||
Total distributions to shareholders | (929,523 | ) | (1,316,765 | ) | ||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||||
Proceeds from sale of capital stock | 290,459,096 | 378,321,627 | ||||||||
Reinvestment of distributions | 351,737 | 373,075 | ||||||||
Value of capital stock redeemed | (15,342,687 | ) | (8,284,364 | ) | ||||||
Net increase/(decrease) in net assets resulting from capital stock transactions | 275,468,146 | 370,410,338 | ||||||||
Net increase/(decrease) in net assets | 279,173,587 | 376,561,027 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | — | — | ||||||||
End of period | $ | 279,173,587 | $ | 376,561,027 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Shares sold | 28,817,553 | 37,520,826 | ||||||||
Shares issued as reinvestment of distributions | 34,662 | 36,717 | ||||||||
Shares redeemed | (1,509,936 | ) | (814,182 | ) | ||||||
Net increase in shares outstanding | 27,342,279 | 36,743,361 |
(a) | For the period from December 1, 2018 (commencement of operations) to April 30, 2019. |
See Notes to Financial Statements.
108 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||||
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 17.08 | $ | 16.50 | $ | 13.69 | $ | 13.92 | $ | 15.00 | $ | 13.92 | |||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income | 0.05(a | ) | 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 | 1.90 | 0.84 | 2.86 | (0.05 | ) | (0.41 | ) | 1.08 | |||||||||||||||||
Total from investment operations | 1.95 | 0.91 | 2.96 | 0.09 | (0.26 | ) | 1.29 | ||||||||||||||||||
Distributions: | |||||||||||||||||||||||||
Net investment income | (0.08 | ) | (0.09 | ) | (0.15 | ) | (0.16 | ) | (0.19 | ) | (0.21 | ) | |||||||||||||
Net realized gains | (0.69 | ) | (0.24 | ) | — | (0.16 | ) | (0.63 | ) | — | |||||||||||||||
Total distributions | (0.77 | ) | (0.33 | ) | (0.15 | ) | (0.32 | ) | (0.82 | ) | (0.21 | ) | |||||||||||||
Net asset value, end of period | $ | 18.26 | $ | 17.08 | $ | 16.50 | $ | 13.69 | $ | 13.92 | $ | 15.00 | |||||||||||||
Total return | 12.1 | %(b) | 5.6 | % | 21.8 | % | 0.7 | % | (1.7 | )% | 9.4 | % | |||||||||||||
Annualized ratios/supplemental data: | |||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,974,763 | $ | 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 | %(c),(d) | 0.98 | %(d) | 0.99 | %(d) | 1.00 | %(d) | 1.01 | % | 1.04 | % | |||||||||||||
Ratio of expenses to average net assets after expense waivers | 0.98 | %(c) | 0.98 | % | 0.99 | % | 1.00 | % | 1.00 | % | 1.00 | % | |||||||||||||
Ratio of net investment income to average net assets | 0.56 | %(c) | 0.42 | % | 0.67 | % | 1.07 | % | 1.02 | % | 1.46 | % | |||||||||||||
Portfolio turnover rate | 16 | %(b) | 38 | % | 57 | % | 34 | % | 43 | % | 43 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | There were no voluntary fee reductions during the period. |
See Notes to Financial Statements.
109 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||||
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 13.87 | $ | 14.85 | $ | 12.95 | $ | 13.01 | $ | 13.20 | $ | 12.09 | |||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income | 0.06(a | ) | 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 | 1.22 | (0.26 | ) | 2.02 | 0.16 | 0.13 | 1.09 | ||||||||||||||||||
Total from investment operations | 1.28 | (0.13 | ) | 2.13 | 0.24 | 0.25 | 1.19 | ||||||||||||||||||
Distributions: | |||||||||||||||||||||||||
Net investment income | (0.14 | ) | (0.10 | ) | (0.10 | ) | (0.10 | ) | (0.10 | ) | (0.08 | ) | |||||||||||||
Net realized gains | (0.45 | ) | (0.75 | ) | (0.13 | ) | (0.20 | ) | (0.34 | ) | — | ||||||||||||||
Total distributions | (0.59 | ) | (0.85 | ) | (0.23 | ) | (0.30 | ) | (0.44 | ) | (0.08 | ) | |||||||||||||
Net asset value, end of period | $ | 14.56 | $ | 13.87 | $ | 14.85 | $ | 12.95 | $ | 13.01 | $ | 13.20 | |||||||||||||
Total return | 9.7 | %(b) | (1.1 | )% | 16.7 | % | 1.9 | % | 2.0 | % | 9.9 | % | |||||||||||||
Annualized ratios/supplemental data: | |||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 16,784,005 | $ | 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 | %(c),(d),(e) | 1.11 | %(d),(e) | 1.11 | %(d),(e) | 1.11 | %(d),(e) | 1.11 | %(d),(e) | 1.12 | %(d),(e) | |||||||||||||
Ratio of expenses to average net assets after expense waivers | 1.11 | %(c) | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | 1.12 | % | |||||||||||||
Ratio of net investment income to average net assets | 0.88 | %(c) | 0.86 | % | 0.77 | % | 0.67 | % | 0.88 | % | 0.82 | % | |||||||||||||
Portfolio turnover rate | 47 | %(b) | 38 | % | 61 | % | 50 | % | 61 | % | 51 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | There were no voluntary fee reductions during the period. |
(e) | 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.
110 |
Old Westbury Funds, Inc. | |
All Cap Esg Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) | PERIOD FROM MARCH 1, 2018(a) TO OCTOBER 31, 2018 | |||||||||
Net asset value, beginning of period | $ | 9.63 | $ | 10.00 | ||||||
Investment operations: | ||||||||||
Net investment income | 0.07(b | ) | 0.15(b | ) | ||||||
Net realized and unrealized gains/(losses) on investments | 0.69 | (0.52 | ) | |||||||
Total from investment operations | 0.76 | (0.37 | ) | |||||||
Distributions: | ||||||||||
Net investment income | (0.14 | ) | — | |||||||
Net realized gains | — | — | ||||||||
Total distributions | (0.14 | ) | — | |||||||
Net asset value, end of period | $ | 10.25 | $ | 9.63 | ||||||
Total return | 8.0 | %(c) | (3.7 | )%(c) | ||||||
Annualized ratios/supplemental data: | ||||||||||
Net assets at end of period (000’s) | $ | 35,572 | $ | 30,003 | ||||||
Ratio of expenses to average net assets before expense waivers | 1.47 | %(d) | 1.64 | %(d) | ||||||
Ratio of expenses to average net assets after expense waivers | 1.00 | %(d) | 1.00 | %(d) | ||||||
Ratio of net investment income to average net assets | 1.51 | %(d) | 2.30 | %(d) | ||||||
Portfolio turnover rate | 31 | %(c) | 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.
111 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||||
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 15.85 | $ | 17.49 | $ | 15.81 | $ | 15.86 | $ | 17.09 | $ | 17.30 | |||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income | 0.03(a | ) | 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 | 0.89 | (0.47 | ) | 2.54 | 0.66 | 0.40 | 0.83 | ||||||||||||||||||
Total from investment operations | 0.92 | (0.39 | ) | 2.64 | 0.75 | 0.49 | 0.95 | ||||||||||||||||||
Distributions: | |||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.11 | ) | (0.09 | ) | (0.12 | ) | (0.13 | ) | (0.13 | ) | |||||||||||||
Net realized gains | (1.56 | ) | (1.14 | ) | (0.87 | ) | (0.68 | ) | (1.59 | ) | (1.03 | ) | |||||||||||||
Total distributions | (1.65 | ) | (1.25 | ) | (0.96 | ) | (0.80 | ) | (1.72 | ) | (1.16 | ) | |||||||||||||
Net asset value, end of period | $ | 15.12 | $ | 15.85 | $ | 17.49 | $ | 15.81 | $ | 15.86 | $ | 17.09 | |||||||||||||
Total return | 7.5 | %(b) | (2.6 | )% | 17.6 | % | 5.1 | % | 2.9 | % | 5.7 | % | |||||||||||||
Annualized ratios/supplemental data: | |||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 6,123,672 | $ | 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 | 1.16 | %(c),(d) | 1.15 | %(d) | 1.15 | %(d) | 1.16 | %(d) | 1.16 | %(d) | 1.15 | %(d) | |||||||||||||
Ratio of expenses to average net assets after expense waivers | 1.11 | %(c) | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | |||||||||||||
Ratio of net investment income to average net assets | 0.40 | %(c) | 0.48 | % | 0.59 | % | 0.61 | % | 0.56 | % | 0.67 | % | |||||||||||||
Portfolio turnover rate | 34 | %(b) | 62 | % | 45 | % | 48 | % | 50 | % | 38 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | Not Annualized. |
(c) | Annualized. |
(d) | When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio. |
See Notes to Financial Statements.
112 |
Old Westbury Funds, Inc. | |
Strategic Opportunities Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | |||||||||||||||||||||||||
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)(a) | 2018(a) | 2017(a) | 2016(a) | 2015(a) | 2014 | ||||||||||||||||||||
Net asset value, beginning of year | $ | 7.60 | $ | 8.30 | $ | 7.41 | $ | 7.65 | $ | 8.20 | $ | 8.24 | |||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income | 0.10(b | ) | 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 | 0.27 | (0.36 | ) | 0.84 | (0.10 | ) | (0.02 | ) | 0.36 | ||||||||||||||||
Total from investment operations | 0.37 | (0.10 | ) | 1.03 | 0.02 | 0.07 | 0.45 | ||||||||||||||||||
Distributions: | |||||||||||||||||||||||||
Net investment income | (0.26 | ) | (0.33 | ) | (0.14 | ) | (0.12 | ) | (0.17 | ) | (0.27 | ) | |||||||||||||
Net realized gains | (0.19 | ) | (0.27 | ) | — | (0.14 | ) | (0.45 | ) | (0.22 | ) | ||||||||||||||
Total distributions | (0.45 | ) | (0.60 | ) | (0.14 | ) | (0.26 | ) | (0.62 | ) | (0.49 | ) | |||||||||||||
Net asset value, end of year | $ | 7.52 | $ | 7.60 | $ | 8.30 | $ | 7.41 | $ | 7.65 | $ | 8.20 | |||||||||||||
Total return | 5.5 | %(c) | (1.3 | )% | 14.1 | % | 0.2 | % | 0.9 | % | 5.9 | % | |||||||||||||
Annualized ratios/supplemental data: | |||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 5,171,796 | $ | 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 | %(d) | 1.32 | %(d) | 1.32 | %(d) | 1.32 | %(d) | 1.32 | %(d) | 1.32 | %(d) | |||||||||||||
Ratio of expenses to average net assets after expense waivers | 1.20 | %(e) | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | |||||||||||||
Ratio of net investment income to average net assets | 2.84 | %(e) | 3.31 | % | 2.45 | % | 1.67 | % | 1.16 | % | 1.14 | % | |||||||||||||
Portfolio turnover rate | 70 | %(c) | 92 | % | 111 | % | 114 | % | 70 | % | 82 | % |
(a) | Consolidated Financial Highlights. |
(b) | Calculated based on the average shares method for the period. |
(c) | Not Annualized. |
(d) | When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio. |
(e) | Annualized. |
See Notes to Financial Statements.
113 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
SIX MONTHS ENDED APRIL 30, 2019 | YEAR ENDED OCTOBER 31, | ||||||||||||||||||||||||
(Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 10.75 | $ | 11.11 | $ | 11.28 | $ | 11.19 | $ | 11.22 | $ | 11.34 | |||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income | 0.11(a | ) | 0.19(a | ) | 0.14(a | ) | 0.12(a | ) | 0.12(a | ) | 0.11(a | ) | |||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.31 | (0.35 | ) | (0.15 | ) | 0.11 | —(b | ) | (0.01 | ) | |||||||||||||||
Total from investment operations | 0.42 | (0.16 | ) | (0.01 | ) | 0.23 | 0.12 | 0.10 | |||||||||||||||||
Distributions: | |||||||||||||||||||||||||
Net investment income | (0.10 | ) | (0.20 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | (0.20 | ) | |||||||||||||
Net realized gains | — | — | — | — | — | (0.02 | ) | ||||||||||||||||||
Total distributions | (0.10 | ) | (0.20 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | (0.22 | ) | |||||||||||||
Net asset value, end of period | $ | 11.07 | $ | 10.75 | $ | 11.11 | $ | 11.28 | $ | 11.19 | $ | 11.22 | |||||||||||||
Total return | 4.0 | %(c) | (1.5 | )% | (0.1 | )% | 2.1 | % | 1.1 | % | 0.9 | % | |||||||||||||
Annualized ratios/supplemental data: | |||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 1,202,489 | $ | 865,030 | $ | 825,545 | $ | 785,417 | $ | 583,204 | $ | 563,716 | |||||||||||||
Ratio of expenses to average net assets before expense waivers | 0.71 | %(d) | 0.72 | % | 0.72 | % | 0.74 | % | 0.74 | % | 0.75 | % | |||||||||||||
Ratio of expenses to average net assets after expense waivers | 0.58 | %(d) | 0.62 | % | 0.62 | % | 0.64 | % | 0.64 | % | 0.65 | % | |||||||||||||
Ratio of net investment income to average net assets | 1.98 | %(d) | 1.70 | % | 1.28 | % | 1.07 | % | 1.03 | % | 0.94 | % | |||||||||||||
Portfolio turnover rate | 13 | %(c) | 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. |
(c) | Not Annualized. |
(d) | Annualized. |
See Notes to Financial Statements.
114 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
SIX MONTHS ENDED APRIL 30,2019 | YEAR ENDED OCTOBER 31, | ||||||||||||||||||||||||
(Unaudited) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net asset value, beginning of period | $ | 11.63 | $ | 11.95 | $ | 12.09 | $ | 12.00 | $ | 12.02 | $ | 11.96 | |||||||||||||
Investment operations: | |||||||||||||||||||||||||
Net investment income | 0.09(a | ) | 0.17(a | ) | 0.14(a | ) | 0.14(a | ) | 0.15(a | ) | 0.14(a | ) | |||||||||||||
Net realized and unrealized gains/(losses) on investments | 0.41 | (0.33 | ) | (0.08 | ) | 0.10 | 0.03 | 0.10 | |||||||||||||||||
Total from investment operations | 0.50 | (0.16 | ) | 0.06 | 0.24 | 0.18 | 0.24 | ||||||||||||||||||
Distributions: | |||||||||||||||||||||||||
Net investment income | (0.09 | ) | (0.16 | ) | (0.14 | ) | (0.14 | ) | (0.15 | ) | (0.15 | ) | |||||||||||||
Net realized gains | — | — | (0.06 | ) | (0.01 | ) | (0.05 | ) | (0.03 | ) | |||||||||||||||
Total distributions | (0.09 | ) | (0.16 | ) | (0.20 | ) | (0.15 | ) | (0.20 | ) | (0.18 | ) | |||||||||||||
Net asset value, end of period | $ | 12.04 | $ | 11.63 | $ | 11.95 | $ | 12.09 | $ | 12.00 | $ | 12.02 | |||||||||||||
Total return | 4.3 | %(b) | (1.4 | )% | 0.5 | % | 2.1 | % | 1.5 | % | 2.0 | % | |||||||||||||
Annualized ratios/supplemental data: | |||||||||||||||||||||||||
Net assets at end of period (000’s) | $ | 2,848,603 | $ | 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 | %(c) | 0.67 | % | 0.67 | % | 0.69 | % | 0.70 | % | 0.70 | % | |||||||||||||
Ratio of expenses to average net assets after expense waivers | 0.57 | %(c) | 0.57 | % | 0.57 | % | 0.59 | % | 0.60 | % | 0.60 | % | |||||||||||||
Ratio of net investment income to average net assets | 1.55 | %(c) | 1.41 | % | 1.17 | % | 1.17 | % | 1.28 | % | 1.20 | % | |||||||||||||
Portfolio turnover rate | 22 | %(b) | 51 | % | 31 | % | 44 | % | 31 | % | 55 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | Not Annualized. |
(c) | Annualized. |
See Notes to Financial Statements.
115 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
PERIOD FROM DECEMBER 1, 2018(a) TO APRIL 30, 2019 (Unaudited) | |||||
Net asset value, beginning of period | $ | 10.00 | |||
Investment operations: | |||||
Net investment income | 0.06(b | ) | |||
Net realized and unrealized gains/(losses) on investments | 0.19 | ||||
Total from investment operations | 0.25 | ||||
Distributions: | |||||
Net investment income | (0.04 | ) | |||
Net realized gains | — | ||||
Total distributions | (0.04 | ) | |||
Net asset value, end of period | $ | 10.21 | |||
Total return | 2.5 | %(c) | |||
Annualized ratios/supplemental data: | |||||
Net assets at end of period (000’s) | $ | 279,174 | |||
Ratio of expenses to average net assets before expense waivers | 0.76 | %(d) | |||
Ratio of expenses to average net assets after expense waivers | 0.57 | %(d) | |||
Ratio of net investment income to average net assets | 1.51 | %(d) | |||
Portfolio turnover rate | 36 | %(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.
116 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Financial Highlights |
For a Share Outstanding Throughout Each Period.
PERIOD FROM DECEMBER 1, 2018(a) TO APRIL 30, 2019 (Unaudited) | |||||
Net asset value, beginning of period | $ | 10.00 | |||
Investment operations: | |||||
Net investment income | 0.07(b | ) | |||
Net realized and unrealized gains/(losses) on investments | 0.22 | ||||
Total from investment operations | 0.29 | ||||
Distributions: | |||||
Net investment income | (0.04 | ) | |||
Net realized gains | — | ||||
Total distributions | (0.04 | ) | |||
Net asset value, end of period | $ | 10.25 | |||
Total return | 2.9 | %(c) | |||
Annualized ratios/supplemental data: | |||||
Net assets at end of period (000’s) | $ | 376,561 | |||
Ratio of expenses to average net assets before expense waivers | 0.75 | %(d) | |||
Ratio of expenses to average net assets after expense waivers | 0.57 | %(d) | |||
Ratio of net investment income to average net assets | 1.60 | %(d) | |||
Portfolio turnover rate | 29 | %(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.
117 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements | |
April 30, 2019 | |
1. | Organization: |
Old Westbury Funds, Inc. (the “Corporation”) was organized as a Maryland corporation on August 26, 1993 and commenced operations on October 22, 1993. The Corporation is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Corporation’s Board of Directors (the “Board”) are permitted to create an unlimited number of series, each with one or more separate classes of shares. As of April 30, 2019, the Corporation consisted of nine 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). | |
Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”)* | Total return (consisting of current income that is exempt from regular federal and California income tax and capital appreciation). | |
Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”)* | Total return (consisting of current income that is exempt from regular federal and New York income tax and capital appreciation). |
* | California Municipal Bond Fund and New York Municipal Bond Fund commenced operations on December 1, 2018. |
The Corporation has authorized a total of 24 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
118 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements -(Continued) | |
April 30, 2019 | |
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 April 30, 2019, the Subsidiary represented $225,235,871 or 4.36% of the Strategic Opportunities Fund’s net assets.
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.
The Corporation qualifies as an investment company and follows accounting and reporting guidance as defined by the FASB in ASC 946, Financial Services - Investment Companies.
A.Valuation of Investments.Readily marketable equity securities listed on an exchange are valued, except as indicated below, at the last sale price reflected at the close of the regular trading session of the exchange on the business day as of which such value is being determined, and securities listed on NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”) and, if no NOCP is available, then at the last reported sales price. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the securities are valued using a broker-dealer quote or an approved pricing service. 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
119 |
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Notes to Financial Statements -(Continued) | |
April 30, 2019 | |
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 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. 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.
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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Old Westbury Funds, Inc. | |
Notes to Financial Statements -(Continued) | |
April 30, 2019 | |
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 period ended April 30, 2019, 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 April 30, 2019.
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 April 30, 2019, 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, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and at least annually for the All Cap Core Fund, Large Cap Strategies Fund, 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. | Principal Risks: |
A.Market and Credit Risk.
In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of 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. In December 2015, the Board of Governors of the Federal Reserve System (the “Fed”) ended its policy of keeping the federal funds rate at or near zero percent and purchasing large quantities of securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities on the open market (“quantitative easing”). Since ending this quantitative easing policy, the Fed has raised interest rates several times and it is anticipated that interest rates will continue to rise, and as a 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.
B.Concentration Risk.
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California Municipal Bond Fund and New York Municipal Fund invest a substantial amount of their assets in issuers located in a single state. This may subject each Fund to the risk that economic, political or social issues impacting a particular state could have an adverse and disproportionate impact on the income from, or the value or liquidity of, each Fund’s respective portfolios. Investment percentages in specific states or U.S. territories are presented in the Portfolios of investments.
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:
• Level 1 - quoted prices generally in active markets for identical securities.
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit ratings, etc.).
• Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The summary of inputs used to value the Funds’ investments as of April 30, 2019 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 | $ | 1,838,977,410(b | ) | $ | 100,768,320 | $ | — | $ | 1,939,745,730 | |||||||||||
Investment Company | 37,153,790 | — | — | 37,153,790 | ||||||||||||||||
Total | $ | 1,876,131,200 | $ | 100,768,320 | $ | — | $ | 1,976,899,520 | ||||||||||||
Large Cap Strategies Fund | ||||||||||||||||||||
Equity Securities | $ | 11,806,357,754(b | ) | $ | 4,329,971,229 | $ | — | $ | 16,136,328,983 | |||||||||||
Master Limited Partnerships | 1,732,216(b | ) | — | — | 1,732,216 | |||||||||||||||
Preferred Stocks | 17,908,403(b | ) | 1,842,311 | — | 19,750,714 | |||||||||||||||
Exchange Traded Funds | 281,031,036(b | ) | — | — | 281,031,036 | |||||||||||||||
U.S. Government Agencies | — | 129,829,961 | — | 129,829,961 | ||||||||||||||||
Investment Company | 181,408,519 | — | — | 181,408,519 | ||||||||||||||||
Total | $ | 12,288,437,928 | $ | 4,461,643,501 | $ | — | $ | 16,750,081,429 | ||||||||||||
All Cap ESG Fund | ||||||||||||||||||||
Equity Securities | $ | 18,188,081(b | ) | $ | 17,068,616 | $ | — | $ | 35,256,697 | |||||||||||
Investment Company | 282,521 | — | — | 282,521 | ||||||||||||||||
Total | $ | 18,470,602 | $ | 17,068,616 | $ | — | $ | 35,539,218 | ||||||||||||
Small & Mid Cap Strategies Fund | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
Argentina | $ | 10,555,220 | $ | — | $ | — | $ | 10,555,220 | ||||||||||||
Australia | — | 127,274,971 | 181,680 | 127,456,651 | ||||||||||||||||
Austria | — | 7,242,145 | — | 7,242,145 | ||||||||||||||||
Belgium | — | 31,361,225 | — | 31,361,225 | ||||||||||||||||
Bermuda | 53,840,482 | 395,656 | — | 54,236,138 | ||||||||||||||||
Brazil | 18,980,022 | — | — | 18,980,022 | ||||||||||||||||
Cambodia | — | 71,912 | — | 71,912 | ||||||||||||||||
Canada | 105,883,254 | 949,416 | — | 106,832,670 |
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Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Chile | 1,528,962 | — | — | 1,528,962 | ||||||||||||||||
China | 19,518,241 | 103,994,483 | 68,780 | 123,581,504 | ||||||||||||||||
Columbia | 37,187 | 1,882,773 | — | 1,919,960 | ||||||||||||||||
Denmark | — | 64,729,070 | — | 64,729,070 | ||||||||||||||||
Faeroe Islands | — | 85,258 | — | 85,258 | ||||||||||||||||
Finland | 45,995 | 20,579,416 | — | 20,625,411 | ||||||||||||||||
France | — | 70,764,592 | — | 70,764,592 | ||||||||||||||||
Gabon | — | 54,382 | — | 54,382 | ||||||||||||||||
Georgia | — | 164,757 | — | 164,757 | ||||||||||||||||
Germany | — | 71,223,546 | — | 71,223,546 | ||||||||||||||||
Gibraltar | — | 22,351 | — | 22,351 | ||||||||||||||||
Greece | — | 8,900,109 | — | 8,900,109 | ||||||||||||||||
Hong Kong | 292,028 | 81,715,677 | 684,715 | 82,692,420 | ||||||||||||||||
Hungary | — | 729,617 | — | 729,617 | ||||||||||||||||
India | 189,560 | 36,098,990 | — | 36,288,550 | ||||||||||||||||
Indonesia | 34,653 | 10,525,933 | — | 10,560,586 | ||||||||||||||||
Ireland | 57,230,406 | 8,500,075 | — | 65,730,481 | ||||||||||||||||
Isle of Man | — | 120,041 | — | 120,041 | ||||||||||||||||
Israel | 8,677,003 | 36,842,838 | — | 45,519,841 | ||||||||||||||||
Italy | — | 45,469,176 | — | 45,469,176 | ||||||||||||||||
Japan | 29,175 | 437,142,591 | — | 437,171,766 | ||||||||||||||||
Jersey Channel Islands | 12,118,677 | — | — | 12,118,677 | ||||||||||||||||
Jordan | — | 211,538 | — | 211,538 | ||||||||||||||||
Korea | — | — | 344 | 344 | ||||||||||||||||
Liechtenstein | — | 103,794 | — | 103,794 | ||||||||||||||||
Luxembourg | — | 1,819,552 | — | 1,819,552 | ||||||||||||||||
Macau | — | 35,301 | — | 35,301 | ||||||||||||||||
Malaysia | — | 4,075,433 | — | 4,075,433 | ||||||||||||||||
Malta | — | 129,603 | — | 129,603 | ||||||||||||||||
Mexico | 4,606,636 | — | — | 4,606,636 | ||||||||||||||||
Monaco | 26,975 | — | — | 26,975 | ||||||||||||||||
Mongolia | — | 13,413 | — | 13,413 | ||||||||||||||||
Morocco and Antilles | — | 20,891 | — | 20,891 | ||||||||||||||||
Netherlands | 95,877 | 22,840,579 | — | 22,936,456 | ||||||||||||||||
New Zealand | — | 21,531,823 | 239,438 | 21,771,261 | ||||||||||||||||
Norway | — | 27,533,455 | — | 27,533,455 | ||||||||||||||||
Peru | 4,754,393 | 66,609 | — | 4,821,002 | ||||||||||||||||
Philippines | — | 1,605,972 | — | 1,605,972 | ||||||||||||||||
Poland | — | 13,906,523 | — | 13,906,523 | ||||||||||||||||
Portugal | — | 12,455,310 | — | 12,455,310 | ||||||||||||||||
Puerto Rico | 4,630,084 | — | — | 4,630,084 | ||||||||||||||||
Qatar | — | 4,259,184 | — | 4,259,184 | ||||||||||||||||
Romania | — | 21,731 | — | 21,731 | ||||||||||||||||
Russia | 5,865,281 | 25,372,349 | — | 31,237,630 | ||||||||||||||||
Saudi Arabia | — | 2,836,180 | — | 2,836,180 | ||||||||||||||||
Singapore | — | 15,446,028 | 55,913 | 15,501,941 | ||||||||||||||||
South Africa | — | 27,878,535 | — | 27,878,535 | ||||||||||||||||
South Korea | 2,922,295 | 75,466,453 | 122,120 | 78,510,868 | ||||||||||||||||
Spain | — | 28,378,416 | — | 28,378,416 | ||||||||||||||||
Sweden | 71,661 | 68,929,630 | — | 69,001,291 | ||||||||||||||||
Switzerland | — | 49,290,749 | — | 49,290,749 |
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Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Taiwan | — | 98,828,495 | 21,058 | 98,849,553 | ||||||||||||||||
Thailand | 3,812,760 | 8,841,367 | 3,472 | 12,657,599 | ||||||||||||||||
Turkey | 1 | 21,571,328 | — | 21,571,329 | ||||||||||||||||
Ukraine | — | 59,588 | — | 59,588 | ||||||||||||||||
United Arab Emirates | — | 1,122,373 | — | 1,122,373 | ||||||||||||||||
United Kingdom | 8,749,115 | 245,979,425 | 832 | 254,729,372 | ||||||||||||||||
United States | 3,288,590,053 | 41,043,950 | — | 3,329,634,003 | ||||||||||||||||
Vietnam | — | 1,455,611 | — | 1,455,611 | ||||||||||||||||
Total Equities | $ | 3,613,085,996 | $ | 1,989,972,188 | $ | 1,378,352 | $ | 5,604,436,536 | ||||||||||||
Exchange Traded Funds | 327,959,170 | — | — | 327,959,170 | ||||||||||||||||
Investment Company | 48,993,806 | — | — | 48,993,806 | ||||||||||||||||
Rights/Warrants | ||||||||||||||||||||
Belgium | 2,161 | — | — | 2,161 | ||||||||||||||||
India | — | 195 | — | 195 | ||||||||||||||||
Indonesia | 14,753 | — | — | 14,753 | ||||||||||||||||
South Korea | — | 9,134 | — | 9,134 | ||||||||||||||||
Total Rights/Warrants | $ | 16,914 | $ | 9,329 | $ | — | $ | 26,243 | ||||||||||||
U.S. Government Agencies | — | 39,000,000 | — | 39,000,000 | ||||||||||||||||
Cash Sweep | 61,263,240 | — | — | 61,263,240 | ||||||||||||||||
Total | $ | 4,051,319,126 | $ | 2,028,981,517 | $ | 1,378,352 | $ | 6,081,678,995 | ||||||||||||
Strategic Opportunities Fund | ||||||||||||||||||||
Bank Loans | $ | — | $ | — | $ | 27,975,383(b | ) | $ | 27,975,383 | |||||||||||
Corporate Bonds | — | 201,407,970(b | ) | — | 201,407,970 | |||||||||||||||
Government Bonds | — | 134,591,467(b | ) | — | 134,591,467 | |||||||||||||||
Asset-Backed Securities | — | 708,057,966(b | ) | 24,026,312(b | ) | 732,084,278 | ||||||||||||||
Non-Agency Mortgage-Backed Securities | — | 529,566,419(b | ) | 19,806,045(b | ) | 549,372,464 | ||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | — | 18,952,595 | — | 18,952,595 | ||||||||||||||||
U.S. Government Agencies | — | 2,231,716,480 | — | 2,231,716,480 | ||||||||||||||||
U.S. Government Securities | — | 623,152,614 | — | 623,152,614 | ||||||||||||||||
Cash Sweep | 295,258,969 | — | — | 295,258,969 | ||||||||||||||||
Other financial instruments - Assets | ||||||||||||||||||||
Equity contracts | 14,745,000 | 43,984,296 | — | 58,729,296 | ||||||||||||||||
Futures contracts | 796,250 | — | — | 796,250 | ||||||||||||||||
Foreign currency exchange contracts | — | 10,520,975 | — | 10,520,975 | ||||||||||||||||
Other financial instruments - Liabilities | ||||||||||||||||||||
Equity contracts | 3,475,000 | 16,924,226 | — | 20,399,226 | ||||||||||||||||
Foreign currency exchange contracts | — | 10,908,900 | — | 10,908,900 | ||||||||||||||||
Total | $ | 314,275,219 | $ | 4,529,783,908 | $ | 71,807,740 | $ | 4,915,866,867 | ||||||||||||
Fixed Income Fund | ||||||||||||||||||||
Corporate Bonds | $ | — | $ | 218,914,128(b | ) | $ | — | $ | 218,914,128 | |||||||||||
Asset-Backed Securities | — | 74,687,329(b | ) | — | 74,687,329 | |||||||||||||||
Collateralized Mortgage Obligations | — | 1,079,727(b | ) | — | 1,079,727 | |||||||||||||||
U.S. Government Agencies | — | 12,621,896 | — | 12,621,896 | ||||||||||||||||
U.S. Government Securities | — | 872,666,756 | — | 872,666,756 |
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Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Government Bonds | — | 2,992,713(b | ) | — | 2,992,713 | |||||||||||||||
Investment Company | 11,882,480 | — | — | 11,882,480 | ||||||||||||||||
Total | $ | 11,882,480 | $ | 1,182,962,549 | $ | — | $ | 1,194,845,029 | ||||||||||||
Municipal Bond Fund | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 2,739,545,847(b | ) | $ | — | $ | 2,739,545,847 | |||||||||||
U.S. Government Securities | — | 5,673,125 | — | 5,673,125 | ||||||||||||||||
Investment Company | 98,828,778 | — | — | 98,828,778 | ||||||||||||||||
Total | $ | 98,828,778 | $ | 2,745,218,972 | $ | — | $ | 2,844,047,750 | ||||||||||||
California Municipal Bond Fund | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 272,787,459 | $ | — | $ | 272,787,459 | ||||||||||||
Investment Company | 9,101,294 | — | — | 9,101,294 | ||||||||||||||||
Total | $ | 9,101,294 | $ | 272,787,459 | $ | — | $ | 281,888,753 |
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Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
New York Municipal Bond Fund | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 361,246,618 | $ | — | $ | 361,246,618 | ||||||||||||
Investment Company | 8,552,314 | — | — | 8,552,314 | ||||||||||||||||
Total | $ | 8,552,314 | $ | 361,246,618 | $ | — | $ | 369,798,932 |
(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 period ended April 30, 2019. For the Small & Mid Cap Strategies Fund there were transfers into Level 3 in the amount of $1,069,599. For the Small & Mid Cap Strategies Fund and the Strategic Opportunities Fund there were transfers out of level 3 in the amount of $143,875 and $9,258,038, respectively. In addition, with the exception of the Strategic Opportunities Fund, there were no significant purchases and sales during the period. As of April 30, 2019, the percentage of NAV was 0.02% and 1.49% 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. |
The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period.
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 10/31/18 (value) | $ | 166,197,370 | |||
Net accrued discounts (premiums) | (27,642 | ) | |||
Change in unrealized appreciation (depreciation) | (357,293 | ) | |||
Purchases | 8,223,156 | ||||
Sales (paydowns) | (82,117,876 | ) | |||
Net realized gain (loss) | (10,851,937 | ) | |||
Transfers out | (9,258,038 | ) | |||
Balance as of 04/30/19 (value) | $ | 71,807,740 |
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
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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 six months ended April 30, 2019.
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.
When counterparties post cash collateral with respect to various derivative transactions, a Fund may invest the collateral and receives interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in a Fund’s overall expenses on the Statements of Operations and expense ratio in the Financial Highlights.
As of April 30, 2019, 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 (d) | ||||||||||||||||||||
Bank of America N.A. | $ | 10,150,781 | $ | — | $ | — | $ | — | $ | 10,150,781 | |||||||||||||||
BNP Paribus SA | 41,134,425 | (263,192 | ) | — | — | 40,871,233 | |||||||||||||||||||
Citibank N.A. | 39,160,495 | (4,654,775 | ) | — | — | 34,505,720 | |||||||||||||||||||
Credit Suisse International | 30,439,587 | — | — | — | 30,439,587 | ||||||||||||||||||||
Goldman Sachs International | 4,280,856 | (3,297,289 | ) | — | — | 983,567 | |||||||||||||||||||
JPMorgan Chase Bank, N.A. | 32,265,693 | (15,162,847 | ) | — | (725,000 | ) | 16,377,846 | ||||||||||||||||||
Societe Generale | 21,964,673 | (7,037,369 | ) | — | (6,570,000 | ) | 8,357,304 | ||||||||||||||||||
UBS AG | 17,317,066 | (8,887,595 | ) | — | — | 8,429,471 | |||||||||||||||||||
Derivatives not subject to a MNA or similar agreement (a) | 14,773,000 | — | — | — | 14,773,000 | ||||||||||||||||||||
Total | $ | 211,486,576 |
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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) | ||||||||||||||||||||
BNP Paribus SA | $ | 263,192 | $ | (263,192 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Citibank N.A. | 4,654,775 | (4,654,775 | ) | — | — | — | |||||||||||||||||||
Goldman Sachs International | 3,297,289 | (3,297,289 | ) | — | — | — | |||||||||||||||||||
JPMorgan Chase Bank, N.A. | 15,162,847 | (15,162,847 | ) | — | — | — | |||||||||||||||||||
Macquarie Bank Limited | 1,090,289 | — | — | — | 1,090,289 | ||||||||||||||||||||
Societe Generale | 7,037,369 | (7,037,369 | ) | — | — | — | |||||||||||||||||||
UBS AG | 8,887,595 | (8,887,595 | ) | — | — | — | |||||||||||||||||||
Derivatives not subject to a MNA or similar agreement (a) | 3,475,000 | — | — | — | 3,475,000 | ||||||||||||||||||||
Total | $ | 43,868,356 |
(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) | Net amount represents the net amount receivable from/payable to 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.
For open derivative instruments, please see the respective Fund’s Portfolio of Investments or details below:
Fair Values of Derivative Instruments as of April 30, 2019 | ||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Strategic Opportunities Fund | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity Risk | Unrealized appreciation on swap agreements | $ | 43,984,296 | Unrealized depreciation on swap agreements | $ | 16,924,226 | ||||||
Written option contracts, at value | — | Written option contracts, at value | 3,475,000 | |||||||||
Purchased option contracts, at value | 14,745,000 | Purchased option contracts, at value | — | |||||||||
Structured option contracts, at value | 138,425,304 | Structured option contracts, at value | 9,801,704 | |||||||||
Foreign Currency Exchange Risk | Unrealized appreciation on swap agreements | 10,058,978 | Unrealized depreciation on swap agreements | 10,355,247 | ||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 461,998 | Unrealized depreciation on forward foreign currency exchange contracts | 553,653 | |||||||||
Structured options contract, at Value | 3,783,000 | Structured options contract, at Value | 2,758,526 | |||||||||
Interest Rate Risk | Variation Margin | 28,000 | Variation Margin | — | ||||||||
Total | $ | 211,486,576 | $ | 43,868,356 |
The Effect of Derivative Instruments on the Statements of Operations | |||||||||||||||||||||||||
For the Six Months Ended April 30, 2019 | |||||||||||||||||||||||||
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 | $ | — | $ | — | $ | — | $ | (1,041,072 | ) | $ | (1,041,072 | ) |
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The Effect of Derivative Instruments on the Statements of Operations | |||||||||||||||||||||||||
For the Six Months Ended April 30, 2019 | |||||||||||||||||||||||||
Net Realized Gain/(Loss) from Derivatives Recognized in Income | |||||||||||||||||||||||||
All Cap ESG Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | ||||||||||||||||||||
Foreign Currency Exchange Risk | $ | — | $ | — | $ | — | $ | (12,239 | ) | $ | (12,239 | ) | |||||||||||||
Large Cap Strategies Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | ||||||||||||||||||||
Foreign Currency Exchange Risk | $ | — | $ | — | $ | — | $ | (10,849,633 | ) | $ | (10,849,633 | ) | |||||||||||||
Strategic Opportunities Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | ||||||||||||||||||||
Interest Rate Risk | $ | 603,938 | $ | — | $ | (59,294,283 | ) | $ | — | $ | (58,690,345 | ) | |||||||||||||
Equity Risk | 8,520,120 | 25,855,443 | (32,056,753 | ) | — | 2,318,810 | |||||||||||||||||||
Commodity Risk | 920,000 | 1,807,000 | 21,882,695 | — | 24,609,695 | ||||||||||||||||||||
Foreign Currency Exchange Risk | — | — | (3,403,341 | ) | (3,442,333 | ) | (6,845,674 | ) | |||||||||||||||||
Total | $ | 10,044,058 | $ | 27,662,443 | $ | (72,871,682 | ) | $ | (3,442,333 | ) | $ | (38,607,513 | ) | ||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) | |||||||||||||||||||||||||
on Derivatives Recognized in Income | |||||||||||||||||||||||||
Strategic Opportunities Fund | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | ||||||||||||||||||||
Interest Rate Risk | $ | — | $ | 1,178,719 | $ | (351,307 | ) | $ | — | $ | 827,412 | ||||||||||||||
Equity Risk | 132,203,600 | (6,453,950 | ) | 64,055,886 | — | 189,805,536 | |||||||||||||||||||
Foreign Currency Exchange Risk | 3,924,191 | — | (11,974,687 | ) | 7,574,638 | (475,858 | ) | ||||||||||||||||||
Commodity Risk | — | — | 21,908,973 | — | 21,908,973 | ||||||||||||||||||||
Total | $ | 136,127,791 | $ | (5,275,231 | ) | $ | 73,638,865 | $ | 7,574,638 | $ | 212,066,063 |
For the six months ended April 30, 2019, the quarterly average volume of derivative activities were as follows:
Strategic Opportunities Fund | |||||
Structured Options (Notional Amounts) | $ | 12,171,750,000 | |||
Purchased Options (Notional Amounts) | 2,924,875,000 | ||||
Written Options (Notional Amounts) | 657,100,000 | ||||
Futures Long Position (Notional Amounts) | 242,756,563 | ||||
Forward Currency Contracts Purchased (U.S. Dollar Amounts) | 36,577,541 | ||||
Forward Currency Contracts Sold (U.S. Dollar Amounts) | 136,469,197 | ||||
Currency Swaps (Notional Amount in U.S. Dollars) | 812,210,982 | ||||
Equity Swaps (Notional Amount in U.S. Dollars) | 2,993,627,257 | ||||
Interest Rate Swaps (Notional Amount in U.S. Dollars) | 89,018,999 |
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
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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, California Municipal Bond and New York Municipal Bond) may enter into forward foreign currency contracts (“Forward”) to hedge their exposure to changes in foreign currency exchange rates on foreign portfolio holdings (foreign currency exchange risk). In addition, certain Funds may use a Forward to provide exposure to the foreign currency market. A Forward is an agreement between two parties to purchase or sell a foreign currency at a future date at a negotiated forward rate. A Forward is marked-to-market daily and the change in market value is recorded by the Funds as unrealized appreciation or depreciation until the contract settlement date. The market value of the Forward is determined using the forward rate for the remainder of the outstanding period of the contract, through the delivery date. When a Forward is closed or settled, the Funds record a realized gain or loss equal to the fluctuation in rates during the period a Forward was open. Risks may arise upon entering into these contracts from, for example, the potential inability of the counterparties to meet the terms of their contracts, or if the foreign currency rates change unfavorably.
In the event of default by the counterparty to the transaction, the Funds’ maximum amount of loss, as either the buyer or seller, is the unrealized gain on the contract.
The Funds may be required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount.
C.Swap Agreements.The Funds 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
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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).
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 | % | ||||||||
California Municipal Bond Fund | 0.45 | % | 0.40 | % | 0.35 | % | 0.57 | % | ||||||||
New York Municipal Bond Fund | 0.45 | % | 0.40 | % | 0.35 | % | 0.57 | % | ||||||||
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 | % |
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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 | |||||
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 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. Prior to December 3, 2019, Bessemer had contractually committed to waive it’s shareholder servicing fee to the extent necessary to maintain a maximum shareholder servicing fee at 0.10% for the Fixed Income and Municipal Bond Funds. 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 six months ended April 30, 2019, Bessemer waived shareholder servicing fees in the amount of $76,524 with respect to the Fixed Income Fund, $202,495 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, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund have each retained BTCO, a wholly-owned subsidiary of BGI, to serve as their custodian, 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, 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, Municipal Bond Fund, California Municipal Bond Fund, and New York Municipal Bond Fund or portion thereof for the Small & Mid Cap Strategies Fund and U.S. investments for All Cap Core Fund, All Cap ESG Fund and Large Cap Strategies Fund. 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
134 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements -(Continued) | |
April 30, 2019 |
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, 2021 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 0.57%, the Municipal Bond Fund at 0.57%, the California Municipal Bond Fund at 0.57%, the New York Municipal Bond Fund at 0.57% and the All Cap ESG Fund at 1.00%. Effective December 3, 2018, the Board approved the lowering of the expense cap with respect to the Fixed Income Fund and Municipal Bond Fund from 0.70% to 0.57%. Any waiver amounts are disclosed in the Statements of Operations. For the six months ended April 30, 2019, BIM waived $50,765 for the All Cap ESG Fund, $1,429,908 for the Small & Mid Cap Strategies Fund, $3,062,688 for the Strategic Opportunities Fund, $586,592 for the Fixed Income Fund, $949,757 for the Municipal Bond Fund, $160,796 for the California Municipal Bond Fund and $199,785 for the New York Municipal Bond Fund. The All Cap ESG Fund had offering cost waivers of $24,421. The Fixed Income Fund and Municipal Bond Fund had shareholder servicing fee waivers of $76,524 and 202,495 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.
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.
8. | Securities Transactions: |
Investment transactions for the six months ended April 30, 2019, excluding short-term debt investments and U.S. Government securities, were as follows:
Purchases | Sales | |||||||
All Cap Core Fund | $ | 283,020,890 | $ | 313,058,915 | ||||
Large Cap Strategies Fund | 7,484,510,737 | 8,579,207,948 | ||||||
All Cap ESG Fund | 13,415,935 | 9,992,637 | ||||||
Small & Mid Cap Strategies Fund | 1,868,915,683 | 2,331,402,679 | ||||||
Strategic Opportunities Fund (Consolidated) | 1,516,173,883 | 2,720,282,895 | ||||||
Fixed Income Fund | 85,909,582 | 75,901,148 | ||||||
Municipal Bond Fund | 866,912,135 | 400,348,420 | ||||||
California Municipal Bond Fund | 307,973,760 | 67,398,431 | ||||||
New York Municipal Bond Fund | 377,447,333 | 68,976,829 |
Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the six months ended April 30, 2019 were as follows:
Purchases | Sales | |||||||
Fixed Income Fund | $ | 347,755,477 | $ | 48,907,765 | ||||
Municipal Bond Fund | 99,578,906 | 101,038,019 |
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
135 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements -(Continued) | |
April 30, 2019 |
all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from utilization of earnings and profits on shareholder redemptions. Financial records are not adjusted for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.
As of April 30, 2019, 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 | $ | 1,451,029,518 | $ | 547,779,874 | $ | (21,909,872 | ) | $ | 525,870,002 | |||||||
Large Cap Strategies Fund | 13,412,838,753 | 3,622,590,252 | (285,347,576 | ) | 3,337,242,676 | |||||||||||
All Cap ESG Fund | 34,072,526 | 2,960,562 | (1,493,870 | ) | 1,466,692 | |||||||||||
Small & Mid Cap Strategies Fund | 5,217,083,781 | 1,126,205,979 | (261,610,765 | ) | 864,595,214 | |||||||||||
Strategic Opportunities Fund | 4,907,383,654 | 47,726,738 | (125,853,172 | ) | (78,126,434 | ) | ||||||||||
Fixed Income Fund | 1,186,473,129 | 9,775,378 | (1,403,478 | ) | 8,371,900 | |||||||||||
Municipal Bond Fund | 2,804,752,332 | 42,215,106 | (2,919,688 | ) | 39,295,418 | |||||||||||
California Municipal Bond Fund | 278,879,817 | 3,014,702 | (5,766 | ) | 3,008,936 | |||||||||||
New York Municipal Bond Fund | 364,781,766 | 5,029,128 | (11,962 | ) | 5,017,166 |
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 April 30, 2019, the Large Cap Strategies Fund and the Small & Mid Cap Strategies Fund recorded liabilities of $1,093,130 and $62,913, 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 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 April 30, 2019, 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.
136 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements -(Continued) | |
April 30, 2019 |
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 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 April 30, 2019, 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 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. | 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.
137 |
Old Westbury Funds, Inc. | |
Additional Information | |
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.
Information on Form N-PORT
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-PORT and Forms N-Q are available on the SEC’s website at http:www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling (800) 607-2200.
138 |
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
Cusip 680414869
Cusip 680414877
(OWF_A21-SAR2019)
(4/19)
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period 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, Old Westbury Municipal Bond Fund, Old Westbury California Municipal Bond Fund and Old Westbury New York 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 | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 91.5% | ||||||||
ARGENTINA — 0.2% | ||||||||
21,802 | MercadoLibre, Inc.(a) | $ | 10,555,220 | |||||
AUSTRALIA — 2.1% | ||||||||
24,428 | A2B Australia Ltd. | 34,468 | ||||||
673,381 | Accent Group Ltd. | 766,971 | ||||||
187,701 | Adairs Ltd. | 248,199 | ||||||
28,032 | Adelaide Brighton Ltd. | 85,651 | ||||||
129,757 | Afren Plc(a)(b) | 0 | ||||||
34,185 | Ainsworth Game Technology Ltd. | 19,879 | ||||||
8,091 | Alliance Aviation Services Ltd. | 14,852 | ||||||
22,623 | ALS Ltd. | 126,818 | ||||||
298,851 | Altium Ltd. | 7,142,042 | ||||||
58,372 | Alumina Ltd. | 92,367 | ||||||
42,221 | AMA Group Ltd. | 34,273 | ||||||
111,683 | AMP Ltd. | 179,021 | ||||||
459,760 | Ansell Ltd. | 8,753,036 | ||||||
12,505 | AP Eagers Ltd. | 76,502 | ||||||
12,281 | Apollo Tourism & Leisure Ltd. | 7,518 | ||||||
4,995 | Appen Ltd. | 89,475 | ||||||
4,250 | Arb Corp Ltd. | 54,358 | ||||||
11,923 | Arq Group Ltd. | 14,746 | ||||||
30,727 | Asaleo Care Ltd.(a) | 19,933 | ||||||
16,109 | Atlas Arteria Ltd. | 79,547 | ||||||
11,127 | AUB Group Ltd. | 99,305 | ||||||
4,018,028 | Aurelia Metals Ltd.(a) | 2,114,233 | ||||||
44,794 | Aurizon Holdings Ltd. | 150,307 | ||||||
31,934 | Ausdrill Ltd. | 36,982 | ||||||
57,268 | Ausnet Services | 71,699 | ||||||
64,178 | Austal Ltd. | 120,872 | ||||||
38,575 | Australian Agricultural Co. Ltd.(a) | 32,111 | ||||||
15,312 | Australian Finance Group Ltd. | 12,959 | ||||||
1,106,718 | Australian Pharmaceutical Industries Ltd. | 1,124,257 | ||||||
32,465 | Automotive Holdings Group Ltd. | 54,999 | ||||||
9,634 | Baby Bunting Group Ltd. | 16,651 | ||||||
67,924 | Bank of Queensland Ltd. | 443,925 | ||||||
4,472 | Bapcor Ltd. | 17,957 | ||||||
240,444 | Base Resources Ltd.(a) | 45,009 | ||||||
356,802 | Beach Energy Ltd. | 535,042 | ||||||
6,923 | Bega Cheese Ltd. | 24,746 | ||||||
5,237 | Bellamy’s Australia Ltd.(a) | 39,824 | ||||||
41,648 | Bendigo & Adelaide Bank Ltd. | 302,502 | ||||||
513 | Blackmores Ltd. | 33,447 | ||||||
79,059 | BlueScope Steel Ltd. | 751,281 | ||||||
130,078 | Boral Ltd. | 445,340 | ||||||
1,447,472 | Bravura Solutions Ltd. | 5,895,993 | ||||||
2,824 | Breville Group Ltd. | 38,274 | ||||||
146,738 | Brickworks Ltd. | 1,693,310 | ||||||
16,700 | BWX Ltd. | 25,475 | ||||||
28,630 | Caltex Australia Ltd. | 548,988 | ||||||
67,610 | Capitol Health Ltd. | 12,618 | ||||||
18,621 | Cardno Ltd.(a) | 13,071 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
10,461 | carsales.com Ltd. | $ | 99,381 | |||||
96,536 | Cash Converters International Ltd.(a) | 10,543 | ||||||
12,054 | Cedar Woods Properties Ltd. | 48,417 | ||||||
14,195 | Challenger Ltd. | 82,174 | ||||||
52,822 | Champion Iron Ltd.(a) | 82,797 | ||||||
25,326 | Citadel Group Ltd. (The) | 122,856 | ||||||
24,057 | City Chic Collective Ltd.(a) | 27,583 | ||||||
168,093 | Cleanaway Waste Management Ltd. | 266,930 | ||||||
47,186 | Clinuvel Pharmaceuticals Ltd. | 796,665 | ||||||
21,386 | Clover Corp. Ltd. | 33,251 | ||||||
29,990 | Coca-Cola Amatil Ltd. | 186,031 | ||||||
36,451 | Codan Ltd. | 83,603 | ||||||
62,006 | Collins Foods Ltd. | 326,006 | ||||||
132,127 | Cooper Energy Ltd.(a) | 50,268 | ||||||
2,470 | Corporate Travel Management Ltd. | 46,475 | ||||||
13,188 | Costa Group Holdings Ltd. | 52,792 | ||||||
4,331 | Credit Corp. Group Ltd. | 72,869 | ||||||
116,192 | CSR Ltd. | 291,886 | ||||||
100,256 | Data#3 Ltd. | 125,920 | ||||||
24,019 | Decmil Group Ltd.(a) | 16,014 | ||||||
19,860 | Domain Holdings Australia Ltd. | 37,856 | ||||||
2,399 | Domino’s Pizza Enterprises Ltd. | 72,722 | ||||||
377,063 | Downer EDI Ltd. | 2,058,722 | ||||||
19,275 | DuluxGroup Ltd. | 132,510 | ||||||
23,388 | DWS Ltd. | 16,823 | ||||||
5,767 | Elders Ltd. | 24,579 | ||||||
21,026 | Emeco Holdings Ltd.(a) | 30,877 | ||||||
737 | Eqt Holdings Ltd. | 14,191 | ||||||
122,077 | ERM Power Ltd. | 150,079 | ||||||
250,224 | Estia Health Ltd. | 509,974 | ||||||
29,027 | Event Hospitality and Entertainment Ltd. | 268,178 | ||||||
1,064,656 | Evolution Mining Ltd. | 2,399,925 | ||||||
7,724 | Fleetwood Corp. Ltd.(a) | 10,600 | ||||||
2,065 | Flight Centre Travel Group Ltd. | 55,939 | ||||||
4,032 | Freedom Foods Group Ltd. | 14,759 | ||||||
4,600 | G.U.D. Holdings Ltd. | 38,332 | ||||||
21,841 | G8 Education Ltd. | 46,974 | ||||||
11,476 | Galaxy Resources Ltd.(a) | 11,844 | ||||||
10,000 | GBST Holdings Ltd. | 17,934 | ||||||
68,121 | GDI Property Group, REIT | 66,810 | ||||||
21,331 | Genworth Mortgage Insurance Australia Ltd. | 35,975 | ||||||
23,879 | GrainCorp Ltd. - Class A | 151,434 | ||||||
594,535 | Grange Resources Ltd. | 111,306 | ||||||
32,430 | GWA Group Ltd. | 77,023 | ||||||
12,711 | Hansen Technologies Ltd. | 26,996 | ||||||
50,284 | Harvey Norman Holdings Ltd. | 147,842 | ||||||
11,239 | Healius Ltd. | 24,707 | ||||||
190,054 | Healthscope Ltd. | 328,363 | ||||||
3,976 | Helloworld Travel Ltd. | 12,371 | ||||||
172,755 | Horizon Oil Ltd.(a) | 14,556 | ||||||
49,386 | HT&E, Ltd. | 60,250 |
1 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
2,294 | HUB24 Ltd. | $ | 24,276 | |||||
3,631 | Huon Aquaculture Group Ltd. | 12,100 | ||||||
416,958 | IDP Education Ltd. | 4,588,461 | ||||||
1,469,902 | Iluka Resources Ltd. | 8,969,638 | ||||||
466,699 | Imdex Ltd.(a) | 342,370 | ||||||
13,857 | IMF Bentham Ltd.(a) | 27,007 | ||||||
1,571,302 | Incitec Pivot Ltd. | 3,734,050 | ||||||
338,917 | Independence Group NL | 1,068,465 | ||||||
420,055 | Infomedia Ltd. | 530,347 | ||||||
14,303 | Inghams Group Ltd. | 44,883 | ||||||
13,021 | Integral Diagnostics Ltd. | 28,126 | ||||||
28,415 | Integrated Research Ltd. | 49,771 | ||||||
6,451 | Invocare Ltd. | 69,606 | ||||||
16,476 | IOOF Holdings Ltd. | 75,420 | ||||||
115,650 | IPH Ltd. | 581,815 | ||||||
38,004 | Iress Ltd. | 384,125 | ||||||
25,657 | iSelect Ltd.(a) | 10,857 | ||||||
21,023 | IVE Group Ltd. | 32,311 | ||||||
21,812 | Japara Healthcare Ltd. | 23,687 | ||||||
7,601 | JB Hi-Fi Ltd. | 138,152 | ||||||
5,604 | Johns Lyng Group Ltd. | 5,932 | ||||||
168,484 | Jumbo Interactive Ltd. | 2,044,942 | ||||||
75,445 | Jupiter Mines Ltd. | 18,907 | ||||||
44,027 | Link Administration Holdings Ltd. | 236,159 | ||||||
53,673 | Lovisa Holdings Ltd. | 381,799 | ||||||
249,831 | MACA Ltd. | 181,506 | ||||||
635,918 | Macmahon Holdings Ltd.(a) | 87,562 | ||||||
9,061 | Magellan Financial Group Ltd. | 285,218 | ||||||
23,600 | Mastermyne Group Ltd.(a) | 14,305 | ||||||
887,090 | Mayne Pharma Group Ltd.(a) | 438,454 | ||||||
5,377 | McMillan Shakespeare Ltd. | 50,288 | ||||||
9,895 | McPherson’s Ltd. | 8,368 | ||||||
230,192 | Medibank Private Ltd. | 463,921 | ||||||
23,664 | Mesoblast Ltd.(a) | 27,412 | ||||||
36,987 | Metals X Ltd.(a) | 7,314 | ||||||
121,068 | Metcash Ltd. | 244,974 | ||||||
15,848 | Michael Hill International Ltd. | 7,155 | ||||||
267,824 | Mineral Resources Ltd. | 2,946,170 | ||||||
134,699 | MMA Offshore Ltd.(a) | 16,608 | ||||||
186,000 | MMG Ltd.(a) | 80,526 | ||||||
2,506 | Mnf Group Ltd. | 7,859 | ||||||
3,779 | Monadelphous Group Ltd. | 50,467 | ||||||
103,470 | Monash Ivf Group Ltd. | 78,392 | ||||||
21,011 | Money3 Corp. Ltd. | 28,926 | ||||||
1,772,773 | Mount Gibson Iron Ltd. | 1,494,581 | ||||||
190,494 | Myer Holdings Ltd.(a) | 95,557 | ||||||
75,800 | MYOB Group Ltd.(a)(b) | 181,680 | ||||||
31,145 | MyState Ltd. | 92,531 | ||||||
450,191 | Navigator Global Investments Ltd. | 1,273,238 | ||||||
24,976 | Navitas Ltd. | 101,874 | ||||||
1,544,123 | New Hope Corp. Ltd. | 2,932,847 | ||||||
9,130 | NEXTDC Ltd.(a) | 41,146 | ||||||
29,325 | NIB Holdings Ltd. | 118,881 | ||||||
5,972 | Nick Scali Ltd. | 26,635 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
286,039 | Nine Entertainment Co. Holdings, Ltd. | $ | 352,588 | |||||
698,777 | Northern Star Resources Ltd. | 4,046,306 | ||||||
321,100 | NRW Holdings, Ltd. | 665,493 | ||||||
23,174 | Nufarm Ltd. | 82,801 | ||||||
328,958 | OceanaGold Corp. | 923,253 | ||||||
11,277 | OFX Group Ltd. | 12,172 | ||||||
4,884 | oOh!media Ltd. | 12,998 | ||||||
26,287 | Orica Ltd. | 344,657 | ||||||
3,559 | Orocobre Ltd.(a) | 8,379 | ||||||
3,815,093 | Orora Ltd. | 8,152,173 | ||||||
703,789 | OZ Minerals Ltd. | 4,955,565 | ||||||
28,429 | Pacific Current Group Ltd. | 94,778 | ||||||
24,322 | Pacific Energy Ltd. | 10,983 | ||||||
23,618 | Pact Group Holdings Ltd. | 43,804 | ||||||
29,070 | Paragon Care Ltd. | 9,017 | ||||||
13,359 | Peet Ltd. | 9,564 | ||||||
14,091 | Pendal Group Ltd. | 90,759 | ||||||
20,577 | People Infrastructure Ltd. | 37,060 | ||||||
3,417 | Perpetual Ltd. | 98,648 | ||||||
241,332 | Perseus Mining Ltd.(a) | 76,798 | ||||||
7,756 | Platinum Asset Mangement Ltd. | 27,257 | ||||||
2,425 | Premier Investments Ltd. | 29,195 | ||||||
149,175 | Pro Medicus Ltd. | 2,153,537 | ||||||
21,730 | QMS Media Ltd. | 10,878 | ||||||
118,373 | Qube Holdings Ltd. | 236,285 | ||||||
111,348 | Quintis Ltd.(a)(b) | 0 | ||||||
638,800 | Ramelius Resources Ltd.(a) | 338,272 | ||||||
65,355 | RCR Tomlinson Ltd.(a)(b) | 0 | ||||||
306,813 | Red 5 Ltd.(a) | 22,747 | ||||||
24,124 | Reece Ltd. | 175,598 | ||||||
853,110 | Regis Resources Ltd. | 2,886,259 | ||||||
7,115 | Reject Shop Ltd. (The) | 11,791 | ||||||
58,503 | Resolute Mining Ltd. | 46,794 | ||||||
163,272 | Rhipe Ltd. | 279,801 | ||||||
53,210 | Ridley Corp. Ltd. | 51,709 | ||||||
4,184 | Ruralco Holdings Ltd. | 12,892 | ||||||
759,635 | Sandfire Resources NL | 3,778,440 | ||||||
891,015 | Saracen Mineral Holdings Ltd.(a) | 1,757,519 | ||||||
6,519 | SeaLink Travel Group Ltd. | 18,431 | ||||||
237,565 | Seek Ltd. | 3,051,293 | ||||||
5,587 | Select Harvests Ltd. | 25,233 | ||||||
136,793 | Senex Energy Ltd.(a) | 34,211 | ||||||
10,409 | Servcorp Ltd. | 22,629 | ||||||
420,943 | Service Stream Ltd. | 700,582 | ||||||
8,174 | Seven Group Holdings Ltd. | 113,028 | ||||||
367,283 | Seven West Media Ltd.(a) | 146,579 | ||||||
10,138 | Shaftesbury Plc, REIT | 21,998 | ||||||
227,173 | Sigma Healthcare Ltd. | 84,020 | ||||||
161,036 | Silver Lake Resources Ltd.(a) | 89,616 | ||||||
4,642 | Smartgroup Corp. Ltd. | 27,777 | ||||||
124,447 | Southern Cross Media Group Ltd. | 110,546 | ||||||
40,534 | Spark Infrastructure Group | 64,660 | ||||||
38,791 | SpeedCast International Ltd. | 106,101 |
2 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
24,650 | SRG Global Ltd. | $ | 6,079 | |||||
1,226,965 | St Barbara Ltd. | 2,771,704 | ||||||
43,613 | Stanmore Coal Ltd. | 40,638 | ||||||
69,817 | Star Entertainment Group Ltd. | 223,553 | ||||||
74,822 | Steadfast Group Ltd. | 179,880 | ||||||
37,756 | Sunland Group Ltd. | 42,773 | ||||||
16,792 | Super Retail Group Ltd. | 102,565 | ||||||
8,547 | Superloop Ltd.(a) | 10,197 | ||||||
25,823 | Tassal Group Ltd. | 93,254 | ||||||
225,081 | Technology One Ltd. | 1,395,926 | ||||||
13,225 | Thorn Group Ltd.(a) | 4,101 | ||||||
4,364 | Tiger Resources Ltd.(a)(c) | 0 | ||||||
109,463 | TPG Telecom Ltd. | 520,135 | ||||||
26,484 | Villa World Ltd. | 41,890 | ||||||
24,862 | Village Roadshow Ltd.(a) | 63,024 | ||||||
492,324 | Virgin Australia Holdings Ltd.(a) | 62,395 | ||||||
12,200 | Virtus Health Ltd. | 34,168 | ||||||
312,758 | Vita Group Ltd. | 379,884 | ||||||
999,427 | Vocus Group Ltd.(a) | 2,753,224 | ||||||
11,013 | Webjet Ltd. | 130,883 | ||||||
8,558 | Webster Ltd. | 9,154 | ||||||
1,595,928 | Western Areas NL | 2,550,133 | ||||||
21,219 | Westgold Resources Ltd.(a) | 22,230 | ||||||
639,065 | Whitehaven Coal Ltd. | 1,895,362 | ||||||
1,896 | Wisetech Global Ltd. | 30,022 | ||||||
45,947 | WorleyParsons Ltd. | 462,997 | ||||||
65,654 | WPP AUNZ Ltd. | 25,660 | ||||||
127,456,651 | ||||||||
AUSTRIA — 0.1% | ||||||||
2,271 | Agrana Beteiligungs AG | 51,006 | ||||||
14,870 | ams AG | 627,696 | ||||||
2,614 | Andritz AG | 124,835 | ||||||
1,658 | AT&S Austria Technologie & Systemtechnik AG | 33,110 | ||||||
4,585 | Austria Technologie & Systemtechnik AG | 91,501 | ||||||
32,280 | CA Immobilien Anlagen AG | 1,132,337 | ||||||
4,745 | DO & CO AG | 401,050 | ||||||
4,927 | EVN AG | 73,715 | ||||||
1,782 | FACC AG | 29,293 | ||||||
1,017 | Flughafen Wien AG | 44,690 | ||||||
478 | Kapsch TrafficCom AG | 17,693 | ||||||
801 | Lenzing AG | 90,045 | ||||||
1,044 | Mayr Melnhof Karton AG | 135,193 | ||||||
9,955 | Oesterreichische Post AG | 387,672 | ||||||
1,182 | Palfinger AG | 38,576 | ||||||
2,933 | POLYTEC Holding AG | 33,911 | ||||||
1,766 | Porr Ag | 47,052 | ||||||
22,423 | Raiffeisen Bank International AG | 598,074 | ||||||
3,202 | Rhi Magnesita NV | 197,769 | ||||||
491 | Rhi Magnesita NV | 31,821 | ||||||
24,359 | S IMMO AG | 533,279 | ||||||
2,419 | S&T AG | 65,358 |
Shares | Value | |||||||
AUSTRIA (continued) | ||||||||
862 | Schoeller-Bleckmann Oilfield Equipment AG | $ | 80,527 | |||||
16,189 | Strabag SE | 543,916 | ||||||
41,528 | Telekom Austria AG | 311,303 | ||||||
962 | UBM Development AG | 45,348 | ||||||
16,844 | UNIQA Insurance Group AG | 179,507 | ||||||
3,226 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 89,828 | ||||||
24,393 | Voestalpine AG | 784,824 | ||||||
13,734 | Wienerberger AG | 315,621 | ||||||
14,655 | Zumtobel Group AG(a) | 105,595 | ||||||
7,242,145 | ||||||||
BELGIUM — 0.5% | ||||||||
4,423 | Ackermans & van Haaren NV | 712,649 | ||||||
494 | Aedifica SA REIT | 44,372 | ||||||
30,578 | Ageas | 1,615,914 | ||||||
42,892 | AGFA - Gevaert NV(a) | 185,557 | ||||||
7,075 | Akka Technologies SA | 519,597 | ||||||
659 | Atenor | 49,351 | ||||||
96 | Banque Nationale de Belgique | 273,640 | ||||||
8,308 | Barco NV | 1,477,636 | ||||||
492 | Befimmo SA REIT | 28,199 | ||||||
8,866 | Bekaert SA | 242,659 | ||||||
959 | Biocartis NV(a) | 12,407 | ||||||
6,096 | Bpost SA | 73,390 | ||||||
7,642 | Cie d’Entreprises CFE | 761,404 | ||||||
1,064 | Cie Immobiliere de Belgique SA | 70,402 | ||||||
607 | Cofinimmo SA REIT | 77,631 | ||||||
76,158 | Colruyt SA | 5,497,797 | ||||||
40,458 | Deceuninck NV | 103,543 | ||||||
34,624 | D’ieteren SA/NV | 1,434,090 | ||||||
17,352 | Econocom Group SA/NV | 72,390 | ||||||
5,183 | Elia System Operator SA NV | 349,825 | ||||||
29,548 | Euronav NV | 279,914 | ||||||
16,086 | EVS Broadcast Equipment SA | 411,263 | ||||||
10,770 | Exmar NV(a) | 71,640 | ||||||
2,571 | Fagron NV | 51,065 | ||||||
91,167 | Galapagos NV(a) | 10,471,740 | ||||||
2,054 | Gimv NV | 123,520 | ||||||
101 | Home Invest Belgium REIT | 11,193 | ||||||
1,308 | Intervest Offices & Warehouses NV REIT | 37,081 | ||||||
573 | Jensen-Group NV | 21,724 | ||||||
988 | Kinepolis Group NV | 58,831 | ||||||
25 | Lotus Bakeries NV | 65,679 | ||||||
1,139 | Melexis NV | 91,535 | ||||||
667 | Montea SCA REIT | 56,113 | ||||||
11,094 | Ontex Group NV | 279,287 | ||||||
66,351 | Orange Belgium SA | 1,392,067 | ||||||
340 | Picanol | 27,705 | ||||||
112,331 | Proximus SADP | 3,146,077 | ||||||
7,898 | Recticel SA | 82,591 | ||||||
436 | Resilux | 72,430 | ||||||
143 | Retail Estates NV REIT | 13,349 |
3 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
BELGIUM (continued) | ||||||||
422 | Roularta Media Group NV | $ | 6,707 | |||||
3,103 | Sioen Industries NV | 88,304 | ||||||
1,836 | Sipef NV | 100,547 | ||||||
1,574 | Telenet Group Holding NV | 83,600 | ||||||
187 | TER Beke SA | 29,134 | ||||||
7,734 | Tessenderlo Chemie NV(a) | 279,681 | ||||||
60,539 | ThromboGenics NV(a) | 270,281 | ||||||
201,000 | Trony Solar Holdings Co. Ltd.(a)(b) | 0 | ||||||
1,138 | Van de Velde NV | 38,452 | ||||||
643 | Warehouses De Pauw CVA REIT | 96,494 | ||||||
8 | Wereldhave Belgium Comm REIT | 768 | ||||||
31,361,225 | ||||||||
BERMUDA — 0.9% | ||||||||
428,820 | Argo Group International Holdings Ltd. | 33,477,977 | ||||||
49,643 | Axis Capital Holdings Ltd. | 2,822,205 | ||||||
13,600 | Enstar Group, Ltd.(a) | 2,410,736 | ||||||
11,949 | Everest Re Group Ltd. | 2,813,990 | ||||||
18,089 | Hiscox Ltd. | 395,656 | ||||||
291,700 | James River Group Holdings Ltd. | 12,315,574 | ||||||
54,236,138 | ||||||||
BRAZIL — 0.3% | ||||||||
6,400 | Aliansce Shopping Centers SA | 30,979 | ||||||
3,600 | Alliar Medicos A Frente SA(a) | 13,808 | ||||||
12,556 | Alpargatas SA - Preference Shares | 49,602 | ||||||
1,700 | Arezzo Industria e Comercio SA | 21,851 | ||||||
15,474 | Azul S.A. - Preference Shares(a) | 133,978 | ||||||
3,662 | B2W Cia Digital(a) | 35,881 | ||||||
4,519 | Banco ABC Brasil SA - Preference Shares | 22,335 | ||||||
42,100 | Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares | 258,220 | ||||||
18,600 | BR Malls Participacoes SA | 58,630 | ||||||
8,600 | Brasilagro - Co Brasileira de Propriedades Agricolas | 34,127 | ||||||
14,259 | BRF - Brasil Foods SA(a) | 112,695 | ||||||
12,171 | Camil Alimentos SA | 21,480 | ||||||
80,321 | CCR SA | 242,124 | ||||||
2,600 | Centrais Eletricas Brasileiras SA(a) | 21,749 | ||||||
16,093 | Cia Brasileira de Distribuicao - Preference Shares | 396,754 | ||||||
18,766 | Cia de Locacao das Americas | 195,743 | ||||||
6,200 | Cia de Saneamento Basico do Estado de Sao Paulo | 74,348 | ||||||
1,600 | Cia de Saneamento de Minas Gerais-COPASA | 28,261 | ||||||
5,735 | Cia de Saneamento do Parana - Preference Shares | 20,886 |
Shares | Value | |||||||
BRAZIL (continued) | ||||||||
1,900 | Cia De Saneamento Do Parana-Units | $ | 37,941 | |||||
4,800 | Cia de Transmissao de Energia Eletrica Paulista - Preference Shares | 25,793 | ||||||
5,000 | Cia Energetica de Minas Gerais | 22,341 | ||||||
423,100 | Cia Energetica de Minas Gerais - ADR | 1,565,470 | ||||||
20,276 | Cia Energetica de Minas Gerais - Preference Shares | 75,031 | ||||||
5,400 | Cia Energetica de Sao Paulo - Class B, Preference Shares | 35,806 | ||||||
32 | Cia Energetica do Ceara - Class A, Preference Shares | 410 | ||||||
5,800 | Cia Ferro Ligas da Bahia-FERBASA - Preference Shares | 31,314 | ||||||
3,100 | Cia Hering | 25,173 | ||||||
2,700 | Cia Paranaense de Energia - Class B, Preference Shares | 28,239 | ||||||
73,900 | Cia Siderurgica Nacional SA(a) | 273,466 | ||||||
66,700 | Cielo SA | 131,321 | ||||||
16,056 | Construtora Tenda SA | 73,255 | ||||||
5,646 | Cosan Logistica SA(a) | 20,778 | ||||||
24,207 | Cosan SA Industria e Comercio | 288,365 | ||||||
8,700 | CSU Cardsystem SA | 15,176 | ||||||
6,400 | CVC Brasil Operadora e Agencia de Viagens SA | 92,872 | ||||||
14,600 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 65,905 | ||||||
11,600 | Direcional Engenharia SA | 24,435 | ||||||
61,795 | Duratex SA | 156,493 | ||||||
319,918 | EDP - Energias do Brasil S.A. | 1,438,411 | ||||||
683,311 | Embraer SA | 3,419,082 | ||||||
182,785 | Embraer SA - ADR | 3,657,528 | ||||||
5,040 | Energisa SA - Units | 53,599 | ||||||
3,200 | Eneva SA(a) | 16,175 | ||||||
3,700 | Engie Brasil Energia SA | 42,066 | ||||||
1,000 | Equatorial Energia SA | 20,937 | ||||||
29,000 | Estacio Participacoes SA | 203,017 | ||||||
4,363 | Ez Tec Empreendimentos e Participacoes SA | 24,290 | ||||||
8,800 | Fleury SA | 46,591 | ||||||
79,400 | Gerdau S.A - Preference Shares | 287,542 | ||||||
24,400 | Gerdau SA | 71,997 | ||||||
3,400 | Gol-Linhas Aereas Inteligentes SA - Preference Shares(a) | 19,519 | ||||||
15,400 | Grendene SA | 28,710 | ||||||
1,600 | Guararapes Confeccoes SA | 58,151 | ||||||
5,900 | Hapvida Participacoes E Investimentos Sa | 45,893 | ||||||
14,300 | Hypera SA | 102,989 | ||||||
13 | Inepar SA Industria e Construcoes(a) | 41 | ||||||
2,400 | Instituto Hermes Pardini Sa | 12,486 | ||||||
18,072 | Iochpe-Maxion SA | 91,717 |
4 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
BRAZIL (continued) | ||||||||
3,887 | IRB Brasil Resseguros S/A | $ | 93,629 | |||||
56,043 | JBS SA | 280,422 | ||||||
57,400 | Klabin SA - Units | 243,589 | ||||||
86,913 | Kroton Educacional SA | 217,443 | ||||||
2,500 | Linx SA | 20,664 | ||||||
14,622 | Localiza Rent a Car SA | 136,073 | ||||||
468 | LOG Commercial Properties e Participacoes SA(a) | 2,123 | ||||||
5,874 | Lojas Americanas SA | 19,325 | ||||||
14,244 | Lojas Americanas SA - Preference Shares | 57,287 | ||||||
32,053 | Lojas Renner SA | 378,642 | ||||||
2,100 | Magazine Luiza SA | 101,730 | ||||||
5,732 | Mahle-Metal Leve SA | 35,420 | ||||||
28,099 | Marcopolo SA - Preference Shares | 25,367 | ||||||
14,800 | Mills Estruturas e Servicos de Engenharia SA(a) | 17,664 | ||||||
5,300 | Movida Participacoes SA | 15,977 | ||||||
18,086 | MRV Engenharia e Participacoes SA | 67,250 | ||||||
7,700 | Natura Cosmeticos SA | 102,016 | ||||||
11,200 | Odontoprev SA | 48,101 | ||||||
10,800 | Petrobras Distribuidora SA | 64,672 | ||||||
17,855 | Porto Seguro SA | 247,578 | ||||||
21,600 | Portobello SA | 26,662 | ||||||
7,196 | Qualicorp Consultoria e Corretora de Seguros SA | 31,547 | ||||||
5,400 | Raia Drogasil SA | 94,432 | ||||||
17,200 | Randon Participacoes SA - Preference Shares | 37,373 | ||||||
19 | Restoque Comercio e Confeccoes de Roupas SA | 143 | ||||||
48,585 | Rumo SA(a) | 224,271 | ||||||
20,350 | Santos Brasil Participacoes SA | 19,877 | ||||||
23,483 | Sao Martinho SA | 113,909 | ||||||
3,900 | Ser Educacional SA | 22,926 | ||||||
7,600 | SLC Agricola SA | 79,797 | ||||||
200 | Sonae Sierra Brasil SA | 1,494 | ||||||
55,012 | Sul America SA - Units | 439,411 | ||||||
80,924 | Suzano Papel e Celulose SA | 844,098 | ||||||
5,800 | T4F Entretenimento SA | 8,890 | ||||||
2,900 | Tegma Gestao Logistica | 18,179 | ||||||
4,700 | Tim Participacoes SA | 14,000 | ||||||
3,700 | Transmissora Alianca de Energia Eletrica S.A. - Units | 24,921 | ||||||
9,500 | Tupy SA | 42,593 | ||||||
20,800 | Ultrapar Participacoes SA | 111,556 | ||||||
4,920 | Unipar Carbocloro SA - Preference Shares | 48,283 | ||||||
24,600 | Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares | 54,080 | ||||||
9,600 | Usinas Siderurgicas de Minas Gerais SA Usiminas | 25,903 |
Shares | Value | |||||||
BRAZIL (continued) | ||||||||
7,097 | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | $ | 31,964 | |||||
73,200 | Via Varejo SA | 76,353 | ||||||
5,500 | Vulcabras Azaleia Sa(a) | 8,612 | ||||||
18,980,022 | ||||||||
CAMBODIA — 0.0% | ||||||||
56,000 | NagaCorp Ltd. | 71,912 | ||||||
CANADA — 1.7% | ||||||||
70,488 | Absolute Software Corp. | 468,271 | ||||||
1,408 | Acadian Timber Corp. | 17,551 | ||||||
5,636 | Advantage Oil & Gas Ltd.(a) | 9,339 | ||||||
116,336 | Aecon Group, Inc. | 1,662,935 | ||||||
700 | AG Growth International, Inc. | 30,572 | ||||||
10,400 | AGF Management Ltd. - Class B | 43,007 | ||||||
206,700 | Aimia, Inc.(a) | 646,468 | ||||||
9,300 | Air Canada(a) | 223,250 | ||||||
1,200 | AirBoss of America Corp. | 8,474 | ||||||
22,276 | Alamos Gold, Inc. - Class A | 103,424 | ||||||
3,300 | Alaris Royalty Corp. | 44,659 | ||||||
2,170 | Alcanna, Inc. | 8,504 | ||||||
2,881 | Algoma Central Corp. | 28,322 | ||||||
7,289 | Algonquin Power & Utilities Corp. | 83,189 | ||||||
2,900 | AltaGas Canada, Inc. | 41,756 | ||||||
16,143 | AltaGas Ltd. | 214,605 | ||||||
2,200 | Altus Group Ltd. | 44,437 | ||||||
13,000 | Amerigo Resources Ltd.(a) | 8,054 | ||||||
1,400 | Andrew Peller Ltd. | 13,805 | ||||||
7,600 | Aphria, Inc.(a) | 57,977 | ||||||
53,354 | ARC Resources Ltd. | 338,914 | ||||||
135,344 | Aritzia, Inc.(a) | 1,962,927 | ||||||
8,000 | Artis Real Estate Investment Trust, REIT | 62,283 | ||||||
14,945 | Asanko Gold, Inc.(a) | 9,705 | ||||||
2,100 | Atco Ltd. - Class I | 72,027 | ||||||
51,400 | Athabasca Oil Corp.(a) | 38,367 | ||||||
7,300 | Atrium Mortgage Investment Corp. | 73,180 | ||||||
53,400 | ATS Automation Tooling Systems, Inc.(a) | 854,990 | ||||||
1,954 | AutoCanada, Inc. | 17,313 | ||||||
215,754 | B2Gold Corp.(a) | 586,209 | ||||||
3,500 | Badger Daylighting Ltd. | 118,060 | ||||||
48,233 | Barrick Gold Corp. | 535,495 | ||||||
29,895 | Birchcliff Energy Ltd. | 78,101 | ||||||
8,000 | Bird Construction, Inc. | 47,294 | ||||||
21,600 | Black Diamond Group Ltd.(a) | 42,565 | ||||||
15,163 | BlackBerry Ltd.(a) | 139,101 | ||||||
19,600 | Boardwalk Real Estate Investment Trust, REIT | 568,966 | ||||||
94,557 | Bonavista Energy Corp. | 74,110 | ||||||
7,100 | Bonterra Energy Corp. | 35,455 | ||||||
2,800 | Boralex, Inc. - Class A | 38,226 |
5 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
CANADA (continued) | ||||||||
16,900 | Boyd Group Income Fund - Units | $ | 1,856,767 | |||||
4,300 | BRP, Inc. | 133,651 | ||||||
15,167 | CAE, Inc. | 352,768 | ||||||
16,500 | Calfrac Well Services Ltd.(a) | 38,550 | ||||||
500 | Calian Group Ltd. | 12,928 | ||||||
300 | Cameco Corp. | 3,310 | ||||||
16,100 | Canaccord Genuity Group, Inc. | 68,621 | ||||||
5,550 | Canacol Energy Ltd.(a) | 16,571 | ||||||
600 | Canada Goose Holdings, Inc.(a) | 32,040 | ||||||
114,215 | Canadian Apartment Properties REIT | 4,086,232 | ||||||
93,962 | Canadian Western Bank | 2,106,903 | ||||||
19,043 | Canfor Corp.(a) | 199,143 | ||||||
23,657 | Canfor Pulp Products, Inc. | 259,049 | ||||||
8,000 | CanWel Building Materials Group Ltd. | 28,962 | ||||||
3,200 | Capital Power Corp. | 72,136 | ||||||
72,367 | Capstone Mining Corp.(a) | 35,651 | ||||||
46,652 | Cascades, Inc. | 279,626 | ||||||
3,555 | Celestica, Inc.(a) | 25,342 | ||||||
30,626 | Centerra Gold, Inc.(a) | 155,908 | ||||||
1,400 | Cervus Equipment Corp. | 13,846 | ||||||
18,544 | CES Energy Solutions Corp. | 36,127 | ||||||
2,700 | Chesswood Group Ltd. | 20,718 | ||||||
16,586 | China Gold International Resources Corp. Ltd.(a) | 21,666 | ||||||
1,628 | Choice Properties Real Estate Investment Trust, REIT | 16,575 | ||||||
11,700 | CI Financial Corp. | 168,291 | ||||||
303,863 | Cineplex, Inc. | 5,810,980 | ||||||
8,300 | Cogeco Communications, Inc. | 551,206 | ||||||
864 | Cogeco, Inc. | 53,077 | ||||||
600 | Colliers International Group, Inc. | 38,552 | ||||||
1,400 | Cominar Real Estate Investment Trust, REIT | 11,746 | ||||||
30,625 | Computer Modelling Group Ltd. | 134,872 | ||||||
49,000 | Copper Mountain Mining Corp.(a) | 38,404 | ||||||
1,112 | Corby Spirit and Wine Ltd. | 14,808 | ||||||
10,393 | Corus Entertainment, Inc. - Class B | 59,114 | ||||||
95,935 | Crescent Point Energy Corp. | 369,504 | ||||||
121,000 | Crew Energy, Inc.(a) | 102,060 | ||||||
5,700 | CRH Medical Corp.(a) | 17,359 | ||||||
10,500 | Denison Mines Corp.(a) | 5,721 | ||||||
62,500 | Derwent London Plc, REIT | 725,000 | ||||||
6,900 | Descartes Systems Group, Inc. (The)(a) | 275,547 | ||||||
19,488 | Detour Gold Corp.(a) | 173,104 | ||||||
8,461 | Dorel Industries, Inc. - Class B | 74,461 | ||||||
12,800 | Dream Hard Asset Alternatives Trust - Units | 73,378 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
13,000 | Dream Office Real Estate Investment Trust, REIT | $ | 226,095 | |||||
41,040 | DREAM Unlimited Corp. - Class A(a) | 229,140 | ||||||
31,275 | Dundee Precious Metals, Inc.(a) | 98,282 | ||||||
64,600 | ECN Capital Corp. | 206,863 | ||||||
464 | E-L Financial Corp. Ltd. | 278,809 | ||||||
14,152 | Eldorado Gold Corp.(a) | 58,945 | ||||||
8,000 | Element Fleet Management Corp. | 49,623 | ||||||
75,569 | Empire Co. Ltd. - Class A | 1,680,941 | ||||||
3,800 | Endeavour Silver Corp.(a) | 8,282 | ||||||
93,281 | Enerflex Ltd. | 1,290,212 | ||||||
19,131 | Enerplus Corp. | 175,074 | ||||||
54,566 | Enghouse Systems Ltd. | 1,333,908 | ||||||
7,349 | Ensign Energy Services, Inc. | 30,884 | ||||||
42,703 | Entertainment One Ltd. | 265,979 | ||||||
12,139 | Equitable Group, Inc. | 661,724 | ||||||
4,100 | Evertz Technologies Ltd. | 51,904 | ||||||
2,024 | Exchange Income Corp. | 53,633 | ||||||
14,323 | Exco Technologies Ltd. | 100,177 | ||||||
38 | EXFO, Inc.(a) | 173 | ||||||
6,300 | Extendicare, Inc. | 38,420 | ||||||
2,700 | Fiera Capital Corp. | 25,112 | ||||||
8,982 | Finning International, Inc. | 161,243 | ||||||
1,234 | First Capital Realty Inc. | 19,666 | ||||||
2,051 | First Majestic Silver Corp.(a) | 12,600 | ||||||
1,563 | First National Financial Corp. | 37,520 | ||||||
4,200 | FirstService Corp. - Voting Shares | 365,482 | ||||||
28,663 | Fortuna Silver Mines, Inc.(a) | 87,720 | ||||||
1,000 | GDI Integrated Facility Services, Inc.(a) | 18,437 | ||||||
16,000 | Gear Energy Ltd.(a) | 9,435 | ||||||
12,021 | Genworth MI Canada, Inc. | 373,542 | ||||||
81,900 | Gibson Energy, Inc. | 1,350,430 | ||||||
1,040 | goeasy Ltd. | 37,728 | ||||||
15,300 | Gran Colombia Gold Corp.(a) | 38,144 | ||||||
74,929 | Gran Tierra Energy, Inc.(a) | 180,094 | ||||||
70,968 | Great Canadian Gaming Corp.(a) | 2,727,583 | ||||||
84,200 | Guyana Goldfields, Inc.(a) | 58,450 | ||||||
56,100 | H&R Real Estate Investment Trust, REIT | 958,520 | ||||||
12,074 | Heroux-Devtek, Inc.(a) | 136,989 | ||||||
10,400 | High Arctic Energy Services, Inc. | 30,043 | ||||||
650 | High Liner Foods, Inc. | 3,639 | ||||||
86,746 | Home Capital Group, Inc.(a) | 1,226,371 | ||||||
8,300 | Horizon North Logistics, Inc. | 14,745 | ||||||
180,754 | HudBay Minerals, Inc. | 1,203,498 | ||||||
9,899 | Hudson’s Bay Co. | 55,048 | ||||||
115,427 | Ia Financial Corp., Inc. | 4,595,713 | ||||||
48,093 | IAMGOLD Corp.(a) | 144,670 | ||||||
3,800 | IMAX Corp.(a) | 92,643 | ||||||
1,000 | Indigo Books & Music, Inc.(a) | 6,919 |
6 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
CANADA (continued) | ||||||||
2,679 | Innergex Renewable Energy, Inc. | $ | 28,316 | |||||
9,900 | Interfor Corp.(a) | 123,408 | ||||||
28,181 | International Petroleum Corp.(a) | 147,942 | ||||||
2,288 | International Petroleum Corp. - Sweden(a) | 11,921 | ||||||
4,426 | Intertape Polymer Group, Inc. | 61,515 | ||||||
85,211 | Intu Properties Plc, REIT | 1,792,376 | ||||||
31,200 | Just Energy Group, Inc. | 113,882 | ||||||
20,487 | K92 Mining, Inc.(a) | 21,715 | ||||||
1,300 | K-Bro Linen, Inc. | 38,456 | ||||||
15,600 | Kelt Exploration Ltd.(a) | 64,510 | ||||||
9,766 | Keyera Corp. | 225,689 | ||||||
85,701 | Killam Apartment Real Estate Investment Trust, REIT | 1,210,958 | ||||||
721 | Kinaxis, Inc.(a) | 39,400 | ||||||
334 | Kinder Morgan Canada Ltd. | 3,737 | ||||||
962,136 | Kinross Gold Corp.(a) | 3,059,592 | ||||||
229,845 | Kinross Gold Corp.(a) | 730,865 | ||||||
15,201 | Kirkland Lake Gold Ltd. | 491,420 | ||||||
196,656 | Largo Resources Ltd.(a) | 248,077 | ||||||
11,235 | Laurentian Bank of Canada | 355,911 | ||||||
7,726 | Leon’s Furniture Ltd. | 83,736 | ||||||
54,810 | Linamar Corp. | 2,079,155 | ||||||
24,000 | Lucara Dianmond Corp. | 29,917 | ||||||
68,124 | Lundin Mining Corp. | 365,613 | ||||||
3,530 | Magellan Aerospace Corp. | 49,405 | ||||||
9,700 | Major Drilling Group International, Inc.(a) | 29,831 | ||||||
10,099 | Maple Leaf Foods, Inc. | 235,646 | ||||||
19,198 | Martinrea International, Inc. | 195,319 | ||||||
152,800 | Medical Facilities Corp. | 1,870,508 | ||||||
217,270 | MEG Energy Corp.(a) | 966,581 | ||||||
923 | Melcor Developments Ltd. | 9,466 | ||||||
3,903 | Methanex Corp. | 213,956 | ||||||
600 | Morguard Corp. | 86,778 | ||||||
19,717 | Morguard North American Residential Real Estate Investment Trust, REIT | 259,616 | ||||||
2,702 | Morneau Shepell, Inc. | 56,089 | ||||||
1,286 | MTY Food Group, Inc. | 53,131 | ||||||
14,028 | Mullen Group Ltd. | 104,919 | ||||||
6,100 | Neo Performance Materials, Inc. | 56,870 | ||||||
3,529 | Nfi Group, Inc. | 89,246 | ||||||
12,579 | Noranda Income Fund | 27,887 | ||||||
16,002 | Norbord, Inc. | 407,545 | ||||||
5,000 | North American Construction Group Ltd. | 64,940 | ||||||
1,046 | North West Co., Inc. (The) | 22,096 | ||||||
4,529 | Northland Power, Inc. | 80,526 | ||||||
38,300 | NuVista Energy Ltd.(a) | 124,646 | ||||||
44,689 | Open Text Corp. | 1,717,910 | ||||||
11,400 | Osisko Gold Royalties Ltd. | 128,832 | ||||||
7,400 | Painted Pony Energy Ltd.(a) | 8,727 | ||||||
32,403 | Pan American Silver Corp. | 412,626 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
22,124 | Parex Resources, Inc.(a) | $ | 376,853 | |||||
14,788 | Parkland Fuel Corp. | 455,771 | ||||||
1,300 | Pason Systems, Inc. | 19,359 | ||||||
29,300 | Pengrowth Energy Corp.(a) | 13,560 | ||||||
24,952 | Peyto Exploration & Development Corp. | 112,682 | ||||||
10,600 | Polaris Infrastructure, Inc. | 87,430 | ||||||
9,800 | Precision Drilling Corp.(a) | 24,067 | ||||||
936 | Premium Brands Holdings Corp. | 56,263 | ||||||
4,315 | Pretium Resources, Inc.(a) | 32,756 | ||||||
21,900 | Quarterhill, Inc. | 24,357 | ||||||
77,400 | Quebecor, Inc. - Class B | 1,930,234 | ||||||
2,900 | Recipe Unlimited Corp. | 58,446 | ||||||
3,100 | Reitmans Canada Ltd. - Class A | 7,729 | ||||||
2,700 | Resilient REIT Ltd., REIT | 23,096 | ||||||
1,900 | Richelieu Hardware Ltd. | 29,513 | ||||||
670,000 | Ritchie Bros Auctioneers, Inc. | 23,309,300 | ||||||
4,600 | Ritchie Bros. Auctioneers, Inc. | 160,075 | ||||||
3,100 | Rocky Mountain Dealerships, Inc. | 21,311 | ||||||
6,354 | Rogers Sugar, Inc. | 29,169 | ||||||
9,903 | Russel Metals, Inc. | 174,450 | ||||||
7,588 | Sandstorm Gold Ltd.(a) | 40,837 | ||||||
1,700 | Savaria Corp. | 16,369 | ||||||
12,041 | Secure Energy Services, Inc. | 72,082 | ||||||
8,801 | SEMAFO, Inc.(a) | 23,387 | ||||||
81,078 | Seven Generations Energy Ltd. - Class A(a) | 635,455 | ||||||
5,300 | ShawCor Ltd. | 78,647 | ||||||
1,282 | Sienna Senior Living, Inc. | 17,684 | ||||||
2,500 | Sierra Wireless, Inc.(a) | 33,478 | ||||||
1,991 | Sleep Country Canada Holdings, Inc. | 27,613 | ||||||
2,500 | SmartCentres Real Estate Investment Trust REIT | 63,223 | ||||||
800 | Spin Master Corp.(a) | 26,591 | ||||||
15,500 | Sprott, Inc. | 34,709 | ||||||
49,794 | SSR Mining, Inc.(a) | 574,623 | ||||||
22,944 | SSR Mining, Inc.(a) | 264,086 | ||||||
909 | Stantec, Inc. | 22,764 | ||||||
3,015 | Stars Group, Inc. (The)(a) | 56,893 | ||||||
2,160 | Stella-Jones, Inc. | 73,763 | ||||||
4,600 | Storm Resources Ltd.(a) | 7,211 | ||||||
3,500 | Stuart Olson, Inc. | 12,122 | ||||||
36,062 | Summit Industrial Income REIT | 319,247 | ||||||
19,026 | SunOpta, Inc.(a) | 67,458 | ||||||
23,500 | Superior Plus Corp. | 204,882 | ||||||
32,509 | Surge Energy, Inc. | 35,186 | ||||||
100,800 | Tamarack Valley Energy Ltd.(a) | 206,160 | ||||||
577 | TeraGo, Inc.(a) | 5,147 | ||||||
21,598 | Teranga Gold Corp.(a) | 52,395 | ||||||
7,164 | TFI International, Inc. | 235,289 | ||||||
1,901 | TMX Group Ltd. | 121,266 | ||||||
20,700 | TORC Oil & Gas Ltd. | 74,166 | ||||||
9,236 | Torex Gold Resources, Inc.(a) | 88,313 |
7 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
CANADA (continued) | ||||||||
4,945 | Toromont Industries Ltd. | $ | 257,161 | |||||
13,864 | Total Energy Services, Inc. | 101,416 | ||||||
121,164 | Tourmaline Oil Corp. | 1,811,536 | ||||||
96,888 | TransAlta Corp. | 653,779 | ||||||
3,900 | Transalta Renewables, Inc. | 40,377 | ||||||
11,190 | Transcontinental, Inc. - Class A | 134,477 | ||||||
15,803 | TransGlobe Energy Corp. | 30,905 | ||||||
37,052 | Trican Well Service Ltd.(a) | 38,996 | ||||||
29,000 | Tucows, Inc. - Class A(a) | 2,557,510 | ||||||
51,300 | Turquoise Hill Resources Ltd.(a) | 76,584 | ||||||
6,497 | Uni-Select, Inc. | 69,349 | ||||||
1,680 | Valener, Inc. | 32,818 | ||||||
8,600 | Vermilion Energy, Inc. | 219,606 | ||||||
3,202 | Wajax Corp. | 37,978 | ||||||
6,600 | Wesdome Gold Mines Ltd.(a) | 20,839 | ||||||
37,600 | West Fraser Timber Co. Ltd. | 1,935,711 | ||||||
68,638 | Western Forest Products, Inc. | 96,320 | ||||||
6,800 | Westjet Airlines Ltd. | 95,983 | ||||||
1,513 | Westshore Terminals Investment Corp. | 23,739 | ||||||
50,060 | Whitecap Resources, Inc. | 201,406 | ||||||
3,748 | Winpak Ltd. | 123,488 | ||||||
1,214 | WSP Global, Inc. | 65,553 | ||||||
128,466 | Yamana Gold, Inc. | 281,921 | ||||||
9,994 | Yangarra Resources Ltd.(a) | 23,126 | ||||||
5,814 | Yellow Pages Ltd.(a) | 30,205 | ||||||
106,832,670 | ||||||||
CHILE — 0.0% | ||||||||
43,415 | AES Gener SA | 11,794 | ||||||
21,597 | Aguas Andinas SA - Class A | 12,436 | ||||||
27,560 | Besalco SA | 25,342 | ||||||
8,688 | CAP SA | 99,258 | ||||||
9,672 | Cia Cervecerias Unidas SA | 133,663 | ||||||
1,045,870 | Cia Sud Americana de Vapores SA(a) | 33,385 | ||||||
338 | Clinica Las Condes SA(a) | 20,685 | ||||||
26,113 | Coca-Cola Embonor SA - Class B, Preference Shares | 61,421 | ||||||
53,479 | Colbún SA | 11,954 | ||||||
14,858 | Embotelladora Andina SA - Class B, Preference Shares | 53,044 | ||||||
7,477 | Empresa Nacional de Telecomunicaciones SA | 78,300 | ||||||
23,369 | Engie Energia Chile SA | 44,820 | ||||||
724,976 | Enjoy SA(a) | 52,770 | ||||||
113,766 | Grupo Security SA | 46,121 | ||||||
3,218 | Hortifrut SA | 8,938 | ||||||
112,676 | Inversiones Aguas Metropolitanas SA | 173,830 | ||||||
1,754 | Inversiones La Construccion SA | 30,659 | ||||||
8,200,620 | Itau CorpBanca | 73,252 | ||||||
273,781 | Masisa SA | 19,702 | ||||||
6,895 | Parque Arauco SA | 19,037 | ||||||
45,001 | PAZ Corp. SA | 66,442 |
Shares | Value | |||||||
CHILE (continued) | ||||||||
36,589 | Ripley Corp. S.A. | $ | 31,512 | |||||
39,651 | Salfacorp SA | 51,771 | ||||||
120,485 | Sigdo Koppers SA | 227,717 | ||||||
525,545 | Sociedad Matriz SAAM SA | 50,390 | ||||||
29,332 | Socovesa SA | 17,236 | ||||||
22,243 | SONDA SA | 34,699 | ||||||
18,421 | Vina Concha y Toro SA | 38,784 | ||||||
1,528,962 | ||||||||
CHINA — 2.0% | ||||||||
3,601 | 21Vianet Group, Inc. - ADR(a) | 28,304 | ||||||
45,500 | 3SBio, Inc. | 84,126 | ||||||
3,212 | 500.Com Ltd. - Class A - ADR(a) | 40,921 | ||||||
926 | 51Job, Inc. - ADR(a) | 85,507 | ||||||
2,491 | 58.Com Inc. - ADR(a) | 178,829 | ||||||
39,500 | AAC Technologies Holdings, Inc. | 256,598 | ||||||
235,250 | Agile Group Holdings Ltd. | 355,409 | ||||||
8,945,000 | Agricultural Bank of China Ltd. - H Shares | 4,134,253 | ||||||
9,824,000 | Aluminum Corp. of China Ltd. - H Shares(a) | 3,821,205 | ||||||
3,994,000 | Angang Steel Co. Ltd. - H Shares | 2,687,419 | ||||||
410,000 | Anton Oilfield Services Group(a) | 56,532 | ||||||
144,500 | Asia Cement China Holdings Corp. | 171,564 | ||||||
64,000 | AVIC International Holdings Ltd. | 40,438 | ||||||
69,000 | AviChina Industry & Technology Co. - H Shares | 40,603 | ||||||
266,500 | Baic Motor Corp. Ltd. | 187,075 | ||||||
8,376,770 | Bank of China Ltd. - H Shares | 3,999,953 | ||||||
26,500 | Bank of Chongqing Co. Ltd. - H Shares | 17,209 | ||||||
4,722,000 | Bank of Communications Co. Ltd. - H Shares | 3,982,659 | ||||||
80,000 | Baoye Group Co. Ltd. - H Shares(a) | 54,740 | ||||||
239,848 | Baozun, Inc. - ADR(a) | 11,632,628 | ||||||
308,000 | BBMG Corp. - H Shares | 108,485 | ||||||
208,000 | Beijing Capital International Airport Co. Ltd. - H Shares | 185,158 | ||||||
122,000 | Beijing Capital Land Ltd. - H Shares | 51,174 | ||||||
176,000 | Beijing North Star Co. Ltd. - H Shares | 69,851 | ||||||
2,554 | Bitauto Holdings, Ltd. - ADR(a) | 32,793 | ||||||
92,000 | BYD Electronic International Co. Ltd. | 164,937 | ||||||
72,000 | Cabbeen Fashion Ltd. | 21,378 | ||||||
63,000 | CAR, Inc.(a) | 51,027 | ||||||
5,327 | Cayman Engley Industrial Co. Ltd. | 21,137 | ||||||
235,656 | Central China Real Estate Ltd. | 117,367 |
8 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
CHINA (continued) | ||||||||
40,000 | Central China Securities Co. Ltd. - H Shares | $ | 10,314 | |||||
107,000 | Chaowei Power Holdings Ltd. | 49,251 | ||||||
70,000 | China Animal Healthcare Ltd.(a)(b)(c) | 4,462 | ||||||
97,000 | China Aoyuan Group Ltd. | 117,741 | ||||||
226,000 | China BlueChemical Ltd. - H Shares | 77,030 | ||||||
1,049,000 | China Cinda Asset Management Co. Ltd. - H Shares | 279,758 | ||||||
293,000 | China Coal Energy Co. Ltd. - H Shares | 129,348 | ||||||
72,000 | China Communications Services Corp. Ltd. - H Shares | 58,071 | ||||||
42,000 | China Conch Venture Holdings Ltd. | 141,970 | ||||||
4,312,044 | China Construction Bank Corp. - H Shares | 3,801,350 | ||||||
1,834 | China Distance Education Holdings Ltd. - ADR(a) | 11,884 | ||||||
176,000 | China Eastern Airlines Corp. Ltd. - H Shares | 125,067 | ||||||
326,000 | China Energy Engineering Corp. Ltd. - H Shares | 39,073 | ||||||
149,500 | China Galaxy Securities Co. Ltd. - H Shares | 97,959 | ||||||
124,000 | China Greenland Broad Greenstate Group Co. Ltd. | 9,158 | ||||||
268,500 | China Harmony New Energy Auto Holding Ltd. | 95,340 | ||||||
259,000 | China Hongqiao Group Ltd. | 213,507 | ||||||
472,000 | China Huishan Dairy Holdings Co. Ltd.(a)(b)(c) | 18,953 | ||||||
79,500 | China Huiyuan Juice Group Ltd.(a)(b)(c) | 3,839 | ||||||
27,200 | China International Capital Corp. Ltd. | 58,504 | ||||||
63,700 | China International Marine Containers Group Co. Ltd. - H Shares | 80,344 | ||||||
3,694,000 | China Lesso Group Holdings Ltd. | 2,615,818 | ||||||
27,000 | China Lilang Ltd. | 28,166 | ||||||
53,000 | China Longyuan Power Group Corp. - H Shares | 36,549 | ||||||
74,000 | China Maple Leaf Educational Systems Ltd. | 34,614 | ||||||
71,000 | China Medical System Holdings Ltd. | 63,072 | ||||||
70,000 | China Meidong Auto Holdings Ltd. | 40,563 | ||||||
3,819,300 | China Minsheng Banking Corp. Ltd. - H Shares | 2,870,403 | ||||||
186,000 | China Modern Dairy Holdings Ltd.(a) | 27,920 | ||||||
564,834 | China National Building Material Co. Ltd. - H Shares | 525,700 | ||||||
92,000 | China Oilfield Services Ltd. | 98,525 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
164,000 | China Oriental Group Co. Ltd. | $ | 100,708 | |||||
2,650,500 | China Railway Construction Corp. Ltd. - H Shares | 3,131,886 | ||||||
4,945,000 | China Railway Group Ltd. - H Shares | 3,900,488 | ||||||
34,000 | China Railway Signal & Communication Corp. Ltd. | 24,967 | ||||||
199,000 | China Reinsurance Group Corp. H Shares | 40,604 | ||||||
48,000 | China Resources Pharmaceutical Group Ltd. | 68,305 | ||||||
18,500 | China Resources Phoenix Healthcare Holdings Co. Ltd. | 13,449 | ||||||
165,000 | China Sanjiang Fine Chemicals Co. Ltd. | 43,182 | ||||||
7,785,400 | China SCE Group Holdings Ltd. | 3,679,857 | ||||||
168,000 | China Silver Group Ltd.(a) | 14,577 | ||||||
77,000 | China Sunshine Paper Holdings Co. Ltd. | 12,377 | ||||||
164,000 | China Taifeng Beddings Holdings Ltd.(a)(b)(c) | 4,233 | ||||||
5,888,000 | China Telecom Corp. Ltd. - H Shares | 3,051,642 | ||||||
31,000 | China XLX Fertiliser Ltd. | 11,066 | ||||||
34,000 | China Yuhua Education Corp. Ltd. | 15,211 | ||||||
209,000 | China ZhengTong Auto Services Holdings Ltd. | 115,942 | ||||||
264,800 | China Zhongwang Holdings Ltd. | 144,598 | ||||||
164,000 | Chinasoft International Ltd. | 93,747 | ||||||
4,094,000 | Chongqing Rural Commercial Bank Co. Ltd. - H Shares | 2,394,851 | ||||||
440,000 | CIFI Holdings Group Co. Ltd. | 292,382 | ||||||
21,000 | Colour Life Services Group Co. Ltd. | 15,275 | ||||||
26,000 | Consun Pharmaceutical Group Ltd. | 18,237 | ||||||
1,015,600 | Coolpad Group Ltd.(a)(c) | 14,526 | ||||||
280,093 | COSCO Shipping Development Co. Ltd. - H Shares(a) | 37,873 | ||||||
106,000 | COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares | 68,535 | ||||||
66,500 | COSCO Shipping Holdings Co. Ltd. - H Shares(a) | 30,935 | ||||||
127,000 | Cosmo Lady China Holdings Co. Ltd. | 39,218 | ||||||
44,000 | Country Garden Services Holdings Co. Ltd.(a) | 81,270 | ||||||
62,000 | CPMC Holdings Ltd. | 26,163 | ||||||
18,500 | Csc Financial Co. Ltd. - H Shares | 15,794 | ||||||
4,166 | CSMall Group Ltd.(a) | 489 | ||||||
184,000 | CSPC Pharmaceutical Group Ltd. | 355,163 | ||||||
302,000 | CT Environmental Group Ltd.(b)(c) | 13,089 |
9 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
CHINA (continued) | ||||||||
104,000 | Da Ming International Holdings Ltd. | $ | 26,491 | |||||
112,000 | Dali Foods Group Co. Ltd. | 79,544 | ||||||
525,000 | Dalian Port PDA Co. Ltd. - H Shares | 67,658 | ||||||
92,000 | Datang International Power Generation Co. Ltd. - H Shares | 23,818 | ||||||
168,000 | Dongfeng Motor Group Co. Ltd. - H Shares | 163,215 | ||||||
9,800 | Dongjiang Environmental Co. Ltd. - H Shares | 10,919 | ||||||
179,000 | Dongyue Group Ltd. | 130,494 | ||||||
95,000 | Dynagreen Environmental Protection Group Co. Ltd. - H Shares(a) | 47,182 | ||||||
15,400 | ENN Energy Holdings Ltd. | 145,545 | ||||||
14,200 | Everbright Securities Co. Ltd. - H Shares | 13,642 | ||||||
15,679 | Fang Holdings Ltd. - ADR(a) | 23,832 | ||||||
334,500 | Fantasia Holdings Group Co. Ltd. | 63,457 | ||||||
316,000 | FIH Mobile Ltd.(a) | 47,233 | ||||||
38,000 | Fu Shou Yuan International Group Ltd. | 32,607 | ||||||
227,600 | Fufeng Group Ltd. | 120,586 | ||||||
142,000 | Future Land Development Holdings Ltd. | 169,343 | ||||||
24,400 | Fuyao Glass Industry Group Co. Ltd. | 85,823 | ||||||
32,000 | Golden Eagle Retail Group Ltd. | 37,961 | ||||||
1,007,600 | GOME Retail Holdings Ltd.(a) | 115,719 | ||||||
66,000 | Goodbaby International Holdings Ltd. | 18,741 | ||||||
49,500 | Grand Baoxin Auto Group, Ltd. | 17,346 | ||||||
409,500 | Great Wall Motor Co. Ltd. - H Shares | 333,456 | ||||||
73,000 | Greatview Aseptic Packaging Co. Ltd. | 44,452 | ||||||
169,000 | Greenland Hong Kong Holdings Ltd. | 69,472 | ||||||
3,174,500 | Greentown China Holdings Ltd. | 2,877,952 | ||||||
34,000 | Greentown Service Group Co. Ltd. | 29,346 | ||||||
124,000 | Guangshen Railway Co. Ltd. - H Shares | 44,473 | ||||||
6,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares | 31,140 | ||||||
2,806,800 | Guangzhou R&F Properties Co. Ltd. - H Shares | 5,583,813 | ||||||
204,000 | Guorui Properties Ltd. | 42,821 | ||||||
86,000 | Haichang Ocean Park Holdings Ltd.(a) | 18,228 | ||||||
569 | Hailiang Education Group, Inc. - ADR(a) | 32,769 | ||||||
32,000 | Haitian International Holdings Ltd. | 80,243 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
42,000 | Harbin Electric Co. Ltd. - H Shares | $ | 22,498 | |||||
63,000 | Harmonicare Medical Holdings Ltd(a)(b)(c) | 16,383 | ||||||
47,000 | HC Group, Inc.(a) | 23,996 | ||||||
33,000 | Hengan International Group Co. Ltd. | 290,137 | ||||||
448,000 | Hengten Networks Group Ltd.(a) | 12,837 | ||||||
5,000 | Hiroca Holdings Ltd. | 12,126 | ||||||
36,000 | Hisense Home Appliances Group Co. Ltd. | 49,098 | ||||||
33,000 | HNA Infrastructure Company Ltd. - H Shares | 26,737 | ||||||
337,000 | Honghua Group Ltd.(a) | 28,811 | ||||||
24,500 | Honworld Group Ltd. | 13,770 | ||||||
68,000 | HOSA International Ltd.(b)(c) | 943 | ||||||
23,000 | Hua Hong Semiconductor Ltd. | 54,518 | ||||||
48,000 | Huadian Power International Corp. Ltd. - H Shares | 20,508 | ||||||
138,000 | Huan Yue Interactive Holdings Ltd.(a) | 12,134 | ||||||
762,000 | Huaneng Renewables Corp. Ltd. - H Shares | 219,654 | ||||||
4,773 | Huazhu Group Ltd. - ADR | 202,375 | ||||||
183,700 | Huishang Bank Corp. Ltd. - H Shares | 78,631 | ||||||
5,202,000 | Industrial & Commercial Bank of China Ltd. - H Shares | 3,912,736 | ||||||
11,900 | Inner Mongolia Yitai Coal Co. Ltd. - H Shares | 10,543 | ||||||
90,900 | JD.Com, Inc. - ADR(a) | 2,751,543 | ||||||
30,000 | Jiangsu Expressway Co. Ltd. - H Shares | 42,721 | ||||||
77,000 | Jiangxi Copper Co. Ltd. - H Shares | 102,138 | ||||||
63,000 | Jingrui Holdings Ltd. | 22,677 | ||||||
3,567 | Jinkosolar Holding Co., Ltd. - ADR(a) | 69,414 | ||||||
987,000 | Kaisa Group Holdings Ltd. | 419,118 | ||||||
7,000 | Kasen International Holdings Ltd. | 5,687 | ||||||
5,600,000 | Kingdee International Software Group Co. Ltd. | 6,873,818 | ||||||
23,000 | Kingsoft Corp. Ltd. | 58,913 | ||||||
99,500 | KWG Property Holding Ltd. | 116,700 | ||||||
7,800 | Legend Holdings Corp. | 21,276 | ||||||
416,000 | Lenovo Group Ltd. | 385,496 | ||||||
312,000 | Leoch International Technology Ltd.(a) | 25,822 | ||||||
195,000 | Leyou Technologies Holdings Ltd.(a) | 55,956 | ||||||
49,000 | Li Ning Co. Ltd.(a) | 89,019 | ||||||
128,000 | Lifetech Scientific Corp.(a) | 26,973 | ||||||
96,000 | Logan Property Holdings Co. Ltd. | 152,772 | ||||||
280,000 | Lonking Holdings Ltd. | 95,212 | ||||||
56,500 | Luye Pharma Group Ltd. | 51,247 |
10 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
CHINA (continued) | ||||||||
10,428,000 | Maanshan Iron & Steel Co. Ltd. - H Shares | $ | 4,806,871 | |||||
151,000 | Maoye International Holdings Ltd. | 12,135 | ||||||
303,000 | Metallurgical Corp. of China Ltd. - H Shares | 83,870 | ||||||
15,000 | Microport Scientific Corp. | 14,135 | ||||||
32,000 | Minth Group Ltd. | 101,167 | ||||||
279,800 | Modern Land China Co. Ltd. | 46,469 | ||||||
6,657 | Momo, Inc. - ADR(a) | 233,461 | ||||||
506 | Noah Holdings Ltd. - ADR(a) | 27,496 | ||||||
273,000 | NVC Lighting Holdings Ltd. | 24,234 | ||||||
4,000 | On-Bright Electronics, Inc. | 23,220 | ||||||
54,000 | O-Net Technologies Group Ltd.(a) | 31,413 | ||||||
18,000 | Orient Securities Co. Ltd. - China - H Shares | 13,018 | ||||||
59,000 | Ozner Water International Holding Ltd. | 11,965 | ||||||
7,769,715 | People’s Insurance Co. Group of China Ltd. (The) - H Shares | 3,181,611 | ||||||
6,812,000 | Postal Savings Bank of China Co. Ltd. - Class H | 4,145,307 | ||||||
486,000 | Powerlong Real Estate Holdings Ltd. | 236,704 | ||||||
113,000 | Qingdao Port International Co. Ltd.(a) | 78,490 | ||||||
212,500 | Qinhuangdao Port Co. Ltd. | 46,835 | ||||||
432,449 | Qudian, Inc.(a) | 3,044,441 | ||||||
67,000 | Real Gold Mining Ltd.(a)(b)(c) | 2,246 | ||||||
32,016 | Red Star Macalline Group Corp. Ltd. - H Shares | 30,356 | ||||||
78,000 | Redco Group Ltd. | 31,170 | ||||||
1,148,000 | Renhe Commercial Holdings Co. Ltd.(a) | 37,967 | ||||||
87,000 | Ronshine China Holdings Ltd.(a) | 119,811 | ||||||
225 | Sanne Group PLC | 1,840 | ||||||
69,000 | Sany Heavy Equipment International Holdings Co. Ltd.(a) | 33,008 | ||||||
356,580 | Semiconductor Manufacturing International Corp.(a) | 381,794 | ||||||
58,000 | Shandong Chenming Paper Holdings Ltd. - H Shares | 30,110 | ||||||
80,000 | Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares | 78,640 | ||||||
32,000 | Shandong Xinhua Pharmaceutical Co. Ltd. - H Shares | 16,981 | ||||||
52,000 | Shanghai Electric Group Co. Ltd. - H Shares | 20,298 | ||||||
12,000 | Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares | 41,275 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
24,000 | Shanghai Fudan Microelectronics Group Co., Ltd. - H Shares(a) | $ | 39,577 | |||||
25,000 | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares | 22,331 | ||||||
3,900 | Shanghai Haohai Biological Technology Co. Ltd. | 25,025 | ||||||
157,235 | Shanghai Jin Jiang International Hotels Group Co. Ltd. - H Shares | 38,953 | ||||||
54,100 | Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares | 113,297 | ||||||
274,000 | Shanghai Prime Machinery Co. Ltd. - H Shares(a) | 39,116 | ||||||
53,000 | Shengjing Bank Co. Ltd. - H Shares | 30,796 | ||||||
32,000 | Shenzhen Expressway Co. Ltd. - H Shares | 38,977 | ||||||
211,881 | Shui On Land Ltd. | 51,628 | ||||||
206,000 | Sihuan Pharmaceutical Holdings Group Ltd. | 55,507 | ||||||
2,000 | Silergy Corp. | 32,804 | ||||||
5,295 | SINA Corp./China(a) | 333,267 | ||||||
4,675,562 | Sino-Ocean Land Holdings Ltd. | 2,100,455 | ||||||
38,500 | Sinopec Engineering Group Co. Ltd. - H Shares | 37,231 | ||||||
272,000 | Sinopec Shanghai Petrochemical Co. Ltd. - H Shares | 123,197 | ||||||
114,000 | Sinopec Yizheng Chemical Fibre Co. Ltd. - H Shares(a) | 15,265 | ||||||
24,800 | Sinopharm Group Co. Ltd. - H Shares | 97,471 | ||||||
54,000 | Sinosoft Technology Group Ltd. | 19,307 | ||||||
319,000 | Sinotrans Ltd. - H Shares | 131,070 | ||||||
93,500 | Sinotruk Hong Kong Ltd. | 202,974 | ||||||
214,000 | Skyfame Realty Holdings Ltd. | 35,215 | ||||||
46,500 | SOHO China Ltd.(a) | 16,866 | ||||||
14,000 | Southern Energy Holdings Group Ltd.(a) | 27,292 | ||||||
230,000 | Springland International Holdings Ltd. | 48,379 | ||||||
14,600 | Sunny Optical Technology Group Co. Ltd. | 178,603 | ||||||
69,000 | Sunshine 100 China Holdings Ltd.(a) | 14,028 | ||||||
3,840 | Tarena International, Inc. - ADR | 19,507 | ||||||
16,000 | Tenfu Cayman Holdings Co. Ltd. | 10,827 | ||||||
255,000 | Tenwow International Holdings Ltd.(a)(b)(c) | 4,632 | ||||||
56,000 | Tian Ge Interactive Holdings Ltd. | 17,358 | ||||||
36,000 | Tian Shan Development Holdings Ltd. | 11,626 | ||||||
52,000 | Tiangong International Co. Ltd. | 13,726 |
11 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
CHINA (continued) | ||||||||
100,000 | Tianneng Power International Ltd. | $ | 93,907 | |||||
110,000 | Tingyi Cayman Islands Holding Corp. | 181,140 | ||||||
31,000 | Tong Ren Tang Technologies Co. Ltd. - H Shares | 43,039 | ||||||
12,800 | Tonly Electronics Holdings Ltd. | 11,178 | ||||||
27,500 | Travelsky Technology Ltd. - H Shares | 70,732 | ||||||
84,000 | Trigiant Group Ltd. | 15,206 | ||||||
12,000 | Tsingtao Brewery Co. Ltd. - H Shares | 76,549 | ||||||
2,158,500 | UBS China Railway Tielong Container Logistics Co. Ltd - A Shares(a) | 2,563,996 | ||||||
3,515,868 | Ubs Csg Holding Co. Ltd. Note | 2,558,005 | ||||||
1,776,023 | Ubs Yunnan Copper Co. Ltd. Note | 2,945,623 | ||||||
83,400 | Uni-President China Holdings Ltd. | 76,373 | ||||||
71,000 | Universal Medical Financial & Technical Advisory Services Co. Ltd. | 56,611 | ||||||
32,746 | Vipshop Holdings Ltd. - ADR(a) | 281,943 | ||||||
229,000 | Want Want China Holdings Ltd. | 181,811 | ||||||
382,000 | West China Cement Ltd. | 53,665 | ||||||
14,500 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 25,539 | ||||||
504,000 | Xiamen International Port Co. Ltd. - H Shares | 72,063 | ||||||
111,101 | Xingda International Holdings Ltd. | 35,299 | ||||||
15,000 | Xingfa Aluminium Holdings Ltd. | 12,626 | ||||||
70,257 | Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares | 76,734 | ||||||
187,803 | Xinyi Solar Holdings Ltd. | 107,094 | ||||||
6,226 | Xinyuan Real Estate Co. Ltd. - ADR | 27,706 | ||||||
60,500 | XTEP International Holdings Ltd. | 34,493 | ||||||
34,000 | Yadea Group Holdings Ltd. | 11,664 | ||||||
11,000 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares | 27,187 | ||||||
288,000 | Yanzhou Coal Mining Co. Ltd. - H Shares | 307,474 | ||||||
290,000 | Yashili International Holdings Ltd.(a) | 39,555 | ||||||
8,400 | Yichang HEC Changjiang Pharmaceutical Co. Ltd. - H Shares | 41,693 | ||||||
20,000 | Yihai International Holding Ltd. | 98,788 | ||||||
1,342 | Yirendai Ltd. - ADR | 21,257 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
104,500 | Youyuan International Holdings Ltd.(a) | $ | 31,980 | |||||
38,086 | Yuzhou Properties Co. Ltd. | 20,130 | ||||||
3,404 | YY Inc. - ADR(a) | 288,012 | ||||||
43,000 | Zhaojin Mining Industry Co. Ltd. - H Shares | 37,045 | ||||||
28,000 | Zhejiang Expressway Co. Ltd. - H Shares | 30,033 | ||||||
40,000 | Zhejiang Glass Co. Ltd. - H Shares(a)(b) | 0 | ||||||
34,500 | Zhongsheng Group Holdings Ltd. | 90,761 | ||||||
17,900 | Zhuzhou CRRC Times Electric Co. Ltd. - H Shares | 90,935 | ||||||
214,000 | Zijin Mining Group Co. Ltd. - Class H | 83,597 | ||||||
4,015,000 | Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares | 2,356,635 | ||||||
7,544 | ZTO Express Cayman, Inc. - ADR | 150,352 | ||||||
123,581,504 | ||||||||
COLUMBIA — 0.0% | ||||||||
4,176 | Frontera Energy Corp. | 37,187 | ||||||
1,444,199 | UBS Better Life Commercial Chain Share Co. Ltd. - A Shares(a) | 1,882,773 | ||||||
1,919,960 | ||||||||
DENMARK — 1.1% | ||||||||
19,961 | ALK-Abello AS(a) | 3,395,649 | ||||||
14,970 | Alm Brand A/S | 143,000 | ||||||
6,414 | Ambu A/S - B Shares | 184,541 | ||||||
5,012 | Bang & Olufsen A/S(a) | 43,636 | ||||||
1,842 | Bavarian Nordic A/S(a) | 38,696 | ||||||
1,192 | Brodrene Hartmann A/S | 52,910 | ||||||
13,371 | Columbus A/S | 26,806 | ||||||
2,553 | D/S Norden A/S(a) | 40,498 | ||||||
7,981 | Dfds A/S | 379,464 | ||||||
9,203 | FLSmidth & Co. A/S | 462,565 | ||||||
44,819 | Genmab A/S(a) | 7,445,554 | ||||||
194,599 | GN Store Nord A/S | 9,974,226 | ||||||
60,983 | H. Lundbeck A/S | 2,570,950 | ||||||
7,846 | H+H International A/S - Class B(a) | 130,583 | ||||||
169 | Harboes Bryggeri A/S - Class B | 2,200 | ||||||
14,183 | ISS A/S | 441,682 | ||||||
84 | Jeudan A/S | 12,685 | ||||||
5,892 | Jyske Bank A/S | 237,651 | ||||||
137,391 | Matas A/S | 1,365,098 | ||||||
3,263 | Nilfisk Holding A/S(a) | 138,013 | ||||||
2,606 | NKT A/S(a) | 48,068 | ||||||
1,294 | NNIT A/S | 34,132 | ||||||
4,279 | North Media AS | 24,354 | ||||||
6,376 | Pandora A/S | 267,819 |
12 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
DENMARK (continued) | ||||||||
1,840 | Parken Sport & Entertainment A/S | $ | 29,857 | |||||
8,906 | Per Aarsleff A/S | 295,191 | ||||||
22,848 | Proton Bank SA(a)(b) | 0 | ||||||
3,932 | Ringkjoebing Landbobank A/S | 253,968 | ||||||
984 | Rockwool International A/S - A Shares | 234,024 | ||||||
22,793 | Rockwool International A/S - B Shares | 6,098,236 | ||||||
92,414 | Royal Unibrew A/S | 6,631,385 | ||||||
1,258 | RTX A/S | 30,465 | ||||||
5,456 | Scandinavian Tobacco Group A/S | 64,915 | ||||||
1,272 | Schouw & Co. | 90,514 | ||||||
113,748 | SimCorp A/S | 11,166,661 | ||||||
1,395 | Solar A/S - Class B | 66,263 | ||||||
32,317 | Spar Nord Bank A/S | 277,955 | ||||||
7,195 | Sydbank AS | 155,439 | ||||||
2,492 | TCM Group A/S(a) | 40,599 | ||||||
132 | Tivoli A/S | 13,849 | ||||||
86,869 | Topdanmark A/S | 4,687,016 | ||||||
226,941 | Tryg A/S | 6,945,454 | ||||||
5,337 | William Demant Holding A/S(a) | 168,630 | ||||||
866 | Zealand Pharma AS(a) | 17,869 | ||||||
64,729,070 | ||||||||
FAEROE ISLANDS — 0.0% | ||||||||
96 | Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a)(b) | 0 | ||||||
1,441 | Bakkafrost | 74,015 | ||||||
662 | BankNordik P/F | 11,243 | ||||||
85,258 | ||||||||
FINLAND — 0.3% | ||||||||
614 | Admicom Oyj | 27,409 | ||||||
11,652 | Afarak Group Oyj(a) | 10,995 | ||||||
7,123 | Aktia Bank Oyj | 69,360 | ||||||
4,177 | Alma Media Oyj | 28,640 | ||||||
1,171 | Asiakastieto Group Oyj | 35,192 | ||||||
5,440 | Aspo Oyj | 51,886 | ||||||
5,681 | Atria Oyj | 51,750 | ||||||
954 | BasWare Oyj(a) | 22,036 | ||||||
2,126 | Bittium Oyj | 16,096 | ||||||
5,582 | Cargotec Oyj - Class B | 229,173 | ||||||
6,922 | Caverion Corp.(a) | 50,442 | ||||||
1,819 | Citycon Oyj | 18,586 | ||||||
7,394 | Cramo Oyj | 155,615 | ||||||
2,890 | Digia Plc | 9,613 | ||||||
29,489 | DNA Oyj | 702,561 | ||||||
9,841 | Elisa Oyj | 417,930 | ||||||
191,808 | Finnair Oyj | 1,604,205 | ||||||
5,328 | Fiskars Oyj Abp | 121,414 | ||||||
20,567 | F-Secure Oyj(a) | 63,493 | ||||||
24,454 | Huhtamaki Oyj | 935,153 |
Shares | Value | |||||||
FINLAND (continued) | ||||||||
2,500 | Ilkka-Yhtyma Oyj | $ | 10,630 | |||||
24,549 | Kemira Oyj | 347,948 | ||||||
2,684 | Kesko Oyj - A Shares | 129,090 | ||||||
23,416 | Kesko OYJ - B Shares | 1,217,634 | ||||||
12,165 | Konecranes Oyj | 508,499 | ||||||
21,593 | Lassila & Tikanoja Oyj | 350,734 | ||||||
1,144 | Marimekko Oyj | 32,746 | ||||||
17,417 | Metsa Board Oyj | 97,430 | ||||||
6,367 | Metso Oyj | 238,237 | ||||||
21,353 | Nokian Renkaat Oyj | 715,751 | ||||||
2,306 | Olvi Oyj - Class A | 85,425 | ||||||
86,476 | Oriola Oyj - Class B | 223,161 | ||||||
4,633 | Orion Oyj - Class A | 155,436 | ||||||
85,738 | Orion Oyj - Class B | 2,858,900 | ||||||
19,752 | Outokumpu Oyj | 75,626 | ||||||
12,672 | Outotec Oyj(a) | 66,943 | ||||||
5,435 | Ponsse Oyj | 182,973 | ||||||
13,137 | Raisio Oyj - V Shares | 44,030 | ||||||
115,299 | Ramirent Oyj | 809,884 | ||||||
3,586 | Revenio Group Oyj | 82,609 | ||||||
103,958 | Sanoma Oyj | 1,061,327 | ||||||
861 | Talenom Oyj | 32,794 | ||||||
1,099 | Teleste Oyj | 7,209 | ||||||
24,653 | Tieto Oyj | 701,912 | ||||||
2,817 | Tikkurila Oyj | 47,238 | ||||||
159,628 | Tokmanni Group Corp. | 1,397,861 | ||||||
11,122 | Uponor Oyj | 133,192 | ||||||
2,873 | Vaisala Oyj - Class A | 62,272 | ||||||
138,597 | Valmet Oyj | 3,817,946 | ||||||
25,272 | Wartsila Oyj Abp | 404,669 | ||||||
16,910 | YIT Oyj | 103,756 | ||||||
20,625,411 | ||||||||
FRANCE — 1.2% | ||||||||
4,968 | ABC Arbitrage | 36,696 | ||||||
263,165 | Air France-KLM(a) | 3,036,809 | ||||||
12,226 | Albioma SA | 287,677 | ||||||
5,333 | Alstom SA | 234,638 | ||||||
195 | Altarea SCA REIT | 41,198 | ||||||
1,291 | Alten SA | 140,993 | ||||||
19,270 | Altran Technologies SA | 251,234 | ||||||
4,312 | Amplitude Surgical SAS(a) | 12,727 | ||||||
6,458 | Antalis International SAS | 7,099 | ||||||
3,013 | APRIL SA | 72,302 | ||||||
1,213 | Argan SA REIT | 73,478 | ||||||
16,827 | Arkema SA | 1,727,745 | ||||||
2,363 | Assystem S.A. | 92,991 | ||||||
302 | Aubay | 10,770 | ||||||
703 | Axway Software SA | 10,047 | ||||||
769 | Baikowski SAS(a) | 12,950 | ||||||
612 | Bastide le Confort Medical | 26,655 | ||||||
25,151 | Beneteau SA | 319,301 | ||||||
2,671 | Bigben Interactive | 31,970 | ||||||
1,783 | BioMerieux | 141,614 | ||||||
740 | Boiron SA | 39,491 | ||||||
8,560 | Bonduelle SCA | 274,164 |
13 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
15,140 | Bureau Veritas SA | $ | 383,781 | |||||
117 | Burelle SA | 123,408 | ||||||
6,600 | Casino Guichard Perrachon SA | 270,237 | ||||||
1,521 | Cegedim SA(a) | 44,273 | ||||||
318,059 | Cellectis SA(a)(c) | 6,326,225 | ||||||
1,135,009 | CGG SA(a) | 2,051,819 | ||||||
1,047 | Chargeurs SA | 22,309 | ||||||
4,379 | Cie des Alpes | 132,201 | ||||||
43,799 | Coface SA(a) | 441,796 | ||||||
1,397 | Covivio REIT | 151,198 | ||||||
184,806 | Derichebourg SA | 805,328 | ||||||
511 | Devoteam SA | 59,909 | ||||||
11,248 | Edenred | 530,320 | ||||||
12,955 | Eiffage SA | 1,352,652 | ||||||
410 | Electricite de Strasbourg SA | 48,399 | ||||||
7,119 | Elior Group SA | 98,614 | ||||||
38,544 | Elis SA | 687,881 | ||||||
10,756 | Eramet | 753,235 | ||||||
1,646 | Esso SA Francaise | 56,512 | ||||||
99,457 | Etablissements Maurel et Prom(a) | 375,978 | ||||||
16,807 | Europcar Groupe SA | 140,206 | ||||||
76,439 | Eutelsat Communications SA | 1,381,474 | ||||||
1,226 | Exel Industries SA - Class A | 89,382 | ||||||
19,399 | Faurecia SA | 987,054 | ||||||
296 | Fleury Michon SA | 13,414 | ||||||
3,906 | Fnac Darty SA(a) | 343,396 | ||||||
1,024 | Fnac Darty SA(a) | 89,897 | ||||||
92,023 | Gaztransport Et Technigaz SA | 8,327,224 | ||||||
1,212 | Gecina SA REIT | 181,090 | ||||||
26,478 | Getlink SE | 426,190 | ||||||
8,114 | GL Events | 199,963 | ||||||
1,031 | Groupe Crit | 78,932 | ||||||
1,062 | Groupe Guillin | 24,724 | ||||||
720 | Groupe Open | 13,518 | ||||||
2,256 | Guerbet | 134,706 | ||||||
3,309 | Haulotte Group SA | 32,364 | ||||||
895 | ICADE REIT | 76,492 | ||||||
172 | ID Logistics Group(a) | 30,741 | ||||||
4,921 | Iliad SA | 501,339 | ||||||
1,569 | Imerys SA | 83,604 | ||||||
1,448 | Infotel SA | 62,539 | ||||||
2,738 | Ingenico Group SA | 231,088 | ||||||
8,477 | Interparfums SA | 425,217 | ||||||
18,733 | IPSOS | 543,375 | ||||||
4,197 | Jacquet Metal Service | 83,703 | ||||||
4,906 | JCDecaux SA | 160,821 | ||||||
6,466 | Kaufman & Broad SA | 257,992 | ||||||
5,610 | Klepierre REIT | 199,347 | ||||||
115,401 | Korian SA | 4,645,365 | ||||||
302,216 | Lagardere SCA | 8,231,136 | ||||||
14,432 | Latecoere S.A.(a) | 52,767 | ||||||
863 | Laurent-Perrier | 91,338 | ||||||
1,403 | Le Belier | 52,225 | ||||||
704 | Le Noble Age | 36,381 | ||||||
13,984 | Lectra | 336,626 |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
1,180 | Linedata Services | $ | 36,931 | |||||
8,807 | LISI | 294,812 | ||||||
4,437 | Maisons du Monde SA | 95,534 | ||||||
848 | Maisons France Confort SA | 35,146 | ||||||
1,676 | Manitou BF SA | 55,137 | ||||||
447 | Manutan International | 34,001 | ||||||
15,911 | Mersen SA | 566,274 | ||||||
9,281 | METabolic EXplorer SA(a) | 18,660 | ||||||
12,993 | Metropole Television SA | 257,900 | ||||||
4,233 | MGI Coutier | 82,608 | ||||||
1,975 | Mr Bricolage | 12,064 | ||||||
21,705 | Neopost SA | 532,397 | ||||||
6,170 | Nexans SA | 216,412 | ||||||
17,142 | Nexity SA | 801,808 | ||||||
5,130 | NRJ Group | 40,297 | ||||||
3,259 | Oeneo SA | 37,146 | ||||||
3,406 | OL Groupe SA(a) | 11,376 | ||||||
2,070 | Orpea | 252,559 | ||||||
339 | Pierre & Vacances SA(a) | 6,779 | ||||||
9,674 | Plastic Omnium SA | 293,098 | ||||||
5,366 | Plastivaloire | 58,463 | ||||||
55,465 | Poxel S.A.(a) | 441,189 | ||||||
769 | PSB Industries SA | 27,389 | ||||||
3,654 | Rallye SA | 42,560 | ||||||
916 | Remy Cointreau SA | 122,058 | ||||||
380,005 | Rexel SA | 5,108,767 | ||||||
188 | Robertet SA | 120,064 | ||||||
14,546 | Rothschild & Co. | 500,598 | ||||||
2,562 | Rubis SCA | 140,527 | ||||||
104 | Samse SA | 16,160 | ||||||
6,167 | Sartorius Stedim Biotech | 837,634 | ||||||
2,365 | Savencia SA | 180,296 | ||||||
24,485 | SCOR SE | 999,594 | ||||||
1,871 | SEB SA | 342,790 | ||||||
2,465 | Seche Environnement SA | 83,739 | ||||||
2,062 | Societe BIC SA | 177,635 | ||||||
436 | Societe pour l’Informatique Industrielle | 10,711 | ||||||
830 | SOITEC(a) | 84,066 | ||||||
149,620 | Solocal Group(a) | 159,182 | ||||||
2,239 | Somfy SA | 202,798 | ||||||
1,549 | Sopra Steria Group | 197,832 | ||||||
10,239 | SPIE SA | 197,668 | ||||||
1,237 | Stef SA | 117,162 | ||||||
17,568 | Suez | 246,934 | ||||||
3,477 | Synergie SA | 139,304 | ||||||
8,227 | Tarkett SA | 199,422 | ||||||
90,767 | Technicolor SA(a) | 108,935 | ||||||
4,878 | Teleperformance SA | 937,753 | ||||||
81,613 | Television Francaise 1 | 892,091 | ||||||
876 | Thermador Groupe | 50,001 | ||||||
1,233 | Trigano SA | 118,222 | ||||||
4,884 | UBISOFT Entertainment(a) | 466,610 | ||||||
577 | Union Financiere de France BQE SA | 13,163 | ||||||
31,485 | Valeo SA | 1,145,200 |
14 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
35,511 | Vallourec SA(a) | $ | 88,095 | |||||
52,235 | Valneva SE(a) | 192,855 | ||||||
602 | Vetoquinol SA | 37,820 | ||||||
3,280 | Vicat SA | 173,460 | ||||||
1,831 | VIEL & Cie SA | 10,271 | ||||||
2,315 | Vilmorin & Cie SA | 128,823 | ||||||
9,467 | Virbac SA(a) | 1,686,359 | ||||||
1,002 | Vranken - Pommery Monopole SA | 26,204 | ||||||
1,412 | Worldline SA(a) | 88,995 | ||||||
70,764,592 | ||||||||
GABON — 0.0% | ||||||||
1,779 | Mariella Burani SpA(a)(b) | 0 | ||||||
311 | Total Gabon | 54,382 | ||||||
54,382 | ||||||||
GEORGIA — 0.0% | ||||||||
4,215 | Bank Of Georgia Group Plc | 94,602 | ||||||
5,317 | Georgia Capital Plc(a) | 70,155 | ||||||
164,757 | ||||||||
GERMANY — 1.2% | ||||||||
768 | 2G Energy AG | 28,281 | ||||||
14,653 | 7C Solarparken Ag | 50,553 | ||||||
7,354 | Aareal Bank AG | 257,230 | ||||||
1,504 | Ado Properties Sa | 79,058 | ||||||
44,816 | ADVA Optical Networking SE(a) | 384,661 | ||||||
40,347 | AIXTRON SE(a) | 467,135 | ||||||
378 | All for One Group AG | 21,593 | ||||||
2,114 | Allgeier SE | 60,597 | ||||||
429 | Amadeus Fire AG | 57,250 | ||||||
352 | Atoss Software AG | 43,335 | ||||||
7,205 | Aurubis AG | 352,299 | ||||||
8,322 | Axel Springer SE | 471,356 | ||||||
169 | Basler AG | 30,586 | ||||||
6,871 | Bauer AG | 172,983 | ||||||
2,096 | BayWa AG | 61,785 | ||||||
1,729 | Bechtle AG | 177,995 | ||||||
1,367 | Bertrandt AG | 106,680 | ||||||
606 | bet-at-home.com AG | 50,072 | ||||||
2,168 | Bijou Brigitte AG | 107,271 | ||||||
3,351 | Bilfinger SE | 123,922 | ||||||
1,050 | Biotest AG - Preference Shares | 26,440 | ||||||
77,921 | Borussia Dortmund GmbH & Co. KGaA | 748,413 | ||||||
26,385 | Brenntag AG | 1,423,809 | ||||||
1,385 | CANCOM SE | 70,100 | ||||||
42,850 | Carl Zeiss Meditec AG | 4,214,730 | ||||||
15,457 | CECONOMY AG(a) | 103,825 | ||||||
2,761 | CENIT AG | 42,328 | ||||||
11,092 | CENTROTEC Sustainable AG | 146,641 | ||||||
2,432 | Cewe Stiftung & Co. KGaA | 229,736 | ||||||
3,909 | Comdirect Bank AG | 45,567 | ||||||
56,317 | Commerzbank AG(a) | 507,609 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
15,035 | CompuGroup Medical SE | $ | 997,711 | |||||
5,229 | CropEnergies AG | 34,277 | ||||||
67,358 | CTS Eventim AG & Co KGaA | 3,459,469 | ||||||
3,082 | Dermapharm Holding SE(a) | 112,218 | ||||||
12,324 | Deutsche Pfandbriefbank AG | 172,079 | ||||||
145,248 | Deutz AG | 1,435,344 | ||||||
10,653 | Dic Asset AG | 116,885 | ||||||
6,474 | DMG Mori AG | 333,867 | ||||||
464 | Dr Hoenle AG | 29,302 | ||||||
551 | Draegerwerk AG & Co. KGaA | 25,724 | ||||||
14,178 | Draegerwerk AG & Co. KGaA - Preference Shares | 851,914 | ||||||
9,949 | Drillisch AG | 371,522 | ||||||
3,940 | Duerr AG | 178,183 | ||||||
1,674 | Eckert & Ziegler Strahlen- und Medizintechnik AG | 147,717 | ||||||
8,809 | Elmos Semiconductor AG | 242,710 | ||||||
961 | Energiekontor Ag | 16,467 | ||||||
11,986 | Evotec SE(a) | 299,162 | ||||||
1,735 | Fielmann AG | 123,358 | ||||||
763 | First Sensor AG | 20,485 | ||||||
7,169 | Fraport AG Frankfurt Airport Services Worldwide | 596,786 | ||||||
25,137 | Freenet AG | 590,601 | ||||||
2,350 | Fuchs Petrolub SE | 93,838 | ||||||
4,583 | Fuchs Petrolub SE - Preference Shares | 199,832 | ||||||
14,956 | GEA Group AG | 419,034 | ||||||
6,118 | Gerresheimer AG | 460,947 | ||||||
3,642 | Gesco AG | 105,489 | ||||||
7,664 | GFT Technologies SE | 78,157 | ||||||
350 | Grammer AG | 15,128 | ||||||
4,785 | GRENKE AG | 510,480 | ||||||
3,242 | Hamborner AG REIT | 34,047 | ||||||
38,230 | Hamburger Hafen und Logistik AG | 965,000 | ||||||
5,298 | Hapag-Lloyd AG | 163,116 | ||||||
291 | Hawesko Holding AG | 12,412 | ||||||
53,051 | Heidelberger Druckmaschinen AG(a) | 99,398 | ||||||
8,153 | Hella GmbH & Co. KGaA | 444,741 | ||||||
1,172 | Hochtief AG | 175,225 | ||||||
3,573 | Hornbach Baumarkt AG | 69,068 | ||||||
214 | Hornbach Holding AG & Co. KGaA | 11,602 | ||||||
4,434 | HUGO BOSS AG | 309,823 | ||||||
6,011 | Indus Holding AG | 320,302 | ||||||
1,032 | Isra Vision AG | 41,498 | ||||||
16,075 | Jenoptik AG | 636,230 | ||||||
10,495 | Jungheinrich AG - Preference Shares | 366,215 | ||||||
16,471 | K+S AG | 335,390 | ||||||
14,102 | KION Group AG | 970,118 | ||||||
12,788 | Kloeckner & Co. SE | 89,978 | ||||||
937 | Koenig & Bauer AG | 45,552 | ||||||
1,347 | Krones AG | 125,671 |
15 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
210 | KSB SE & Co. KGaA | $ | 77,942 | |||||
2,185 | KWS Saat SE | 148,254 | ||||||
21,532 | LANXESS AG | 1,246,898 | ||||||
2,823 | Leg Immobilien AG | 329,388 | ||||||
2,138 | Leifheit AG | 52,239 | ||||||
8,404 | Leoni AG(a) | 194,334 | ||||||
1,329 | LPKF Laser & Electronics AG(a) | 13,141 | ||||||
466 | Manz AG(a) | 12,956 | ||||||
1,297 | MasterFlex SE | 9,458 | ||||||
83,863 | METRO AG | 1,424,966 | ||||||
8,650 | MLP AG | 43,602 | ||||||
115,131 | Morphosys AG(a) | 11,450,001 | ||||||
3,641 | MTU Aero Engines AG | 859,023 | ||||||
1,956 | Nemetschek SE | 361,862 | ||||||
1,417 | Nexus AG | 40,588 | ||||||
5,156 | Nordex SE(a) | 83,754 | ||||||
2,170 | NORMA Group SE | 102,606 | ||||||
981 | OHB SE | 39,276 | ||||||
15,988 | OSRAM Licht AG | 549,909 | ||||||
5,832 | Patrizia Immobilien AG | 121,644 | ||||||
565 | Pfeiffer Vacuum Technology AG | 94,978 | ||||||
23,414 | PNE Wind AG | 64,625 | ||||||
960 | Progress-Werk Oberkirch AG | 28,601 | ||||||
8,839 | ProSiebenSat.1 Media SE | 139,732 | ||||||
1,157 | PSI AG Gesellschaft Fuer Produkte und Systeme der Informationstechnologie | 24,031 | ||||||
411 | Puma SE | 254,563 | ||||||
35,476 | QSC AG | 59,875 | ||||||
870 | R Stahl AG(a) | 24,610 | ||||||
207 | Rational AG | 139,782 | ||||||
10,591 | Rheinmetall AG | 1,220,384 | ||||||
2,114 | RHOEN-KLINIKUM AG | 62,378 | ||||||
4,230 | RIB Software AG | 83,339 | ||||||
9,425 | SAF-Holland SA | 117,610 | ||||||
36,655 | Salzgitter AG | 1,211,496 | ||||||
2,015 | Sartorius AG - Preference Shares | 369,964 | ||||||
29,027 | Schaeffler AG | 248,832 | ||||||
1,854 | Schaltbau Holding AG(a) | 58,871 | ||||||
4,609 | Scout24 Ag | 237,725 | ||||||
330 | Secunet Security Networks AG | 40,414 | ||||||
5,841 | SGL Carbon SE(a) | 52,296 | ||||||
3,648 | SHW AG | 84,578 | ||||||
30,318 | Siltronic AG | 2,978,692 | ||||||
888 | Sixt Leasing SE | 12,876 | ||||||
1,152 | Sixt SE | 128,463 | ||||||
2,065 | Sixt SE - Preference Shares | 158,651 | ||||||
1,287 | SMA Solar Technology AG | 29,372 | ||||||
977 | Softing AG | 8,498 | ||||||
68,265 | Software AG | 2,605,291 | ||||||
1,298 | Sto Se & Co. KGAA - Preference Shares | 129,450 | ||||||
148 | STRATEC SE | 10,437 | ||||||
2,576 | Stroeer SE & Co. KGaA | 174,457 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
8,384 | Suedzucker AG | $ | 129,025 | |||||
2,504 | Suess MicroTec AG(a) | 32,959 | ||||||
2,878 | Surteco SE | 80,952 | ||||||
433,467 | TAG Immobilien AG | 9,761,700 | ||||||
33,796 | Takkt AG | 531,934 | ||||||
6,947 | Talanx AG | 278,021 | ||||||
695 | Technotrans AG | 19,076 | ||||||
82,338 | Telefonica Deutschland Holding AG | 267,380 | ||||||
66,714 | Tier REIT, Inc., REIT | 1,047,460 | ||||||
4,769 | TLG Immobilien AG | 140,499 | ||||||
524 | Traffic Systems SE | 8,198 | ||||||
20,081 | Uniper SE | 609,328 | ||||||
25,539 | United Internet AG | 1,026,796 | ||||||
4,509 | VERBIO Vereinigte BioEnergie AG | 39,119 | ||||||
982 | Vib Vermoegen AG | 27,780 | ||||||
2,097 | Villeroy & Boch AG - Preference Shares | 34,138 | ||||||
3,204 | Vossloh AG | 147,475 | ||||||
3,916 | Wacker Chemie AG | 344,250 | ||||||
5,542 | Wacker Neuson SE | 154,018 | ||||||
841 | Washtec AG | 66,208 | ||||||
339 | Wincor Nixdorf AG | 22,877 | ||||||
10,001 | Wuestenrot & Wuerttembergische AG | 205,257 | ||||||
845 | XING AG | 314,472 | ||||||
71,223,546 | ||||||||
GIBRALTAR — 0.0% | ||||||||
11,850 | 888 Holdings Plc | 22,351 | ||||||
GREECE — 0.1% | ||||||||
1,272 | Aegean Airlines SA | 12,028 | ||||||
1,872,832 | Alpha Bank AE(a) | 2,915,781 | ||||||
481 | Autohellas SA | 13,498 | ||||||
2,818,956 | Eurobank Ergasias SA(a) | 2,361,820 | ||||||
4,916 | GEK Terna Holding Real Estate Construction SA(a) | 28,349 | ||||||
34,185 | Intralot SA-Integrated Lottery Systems & Services(a) | 15,981 | ||||||
604,211 | National Bank of Greece SA(a) | 1,329,320 | ||||||
194,626 | OPAP SA | 2,100,250 | ||||||
80,140 | Pike River Coal Ltd.(a)(b) | 0 | ||||||
35,269 | Piraeus Bank Sa(a) | 71,899 | ||||||
2,633 | Sarantis SA | 21,821 | ||||||
2,904 | Terna Energy SA | 22,684 | ||||||
210 | Thessaloniki Port Authority SA | 6,678 | ||||||
8,900,109 | ||||||||
HONG KONG — 1.3% | ||||||||
69,555 | AED Oil Ltd.(a)(b) | 0 | ||||||
215,000 | Agritrade Resources Ltd. | 35,027 | ||||||
430,000 | Alibaba Pictures Group Ltd.(a) | 96,648 | ||||||
1,273,693 | Allied Properties HK Ltd. | 292,436 | ||||||
58,000 | AMVIG Holdings Ltd. | 14,053 |
16 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments - (Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
435,000 | Applied Development Holdings Ltd.(a) | $ | 21,365 | |||||
144,250 | APT Satellite Holdings Ltd. | 64,804 | ||||||
144,000 | Asia Financial Holdings Ltd. | 87,539 | ||||||
17,900 | ASM Pacific Technology Ltd. | 207,623 | ||||||
74,000 | Associated International Hotels Ltd. | 216,044 | ||||||
18,000 | Ausnutria Dairy Corp. Ltd. | 29,008 | ||||||
29,000 | Beijing Enterprises Holdings Ltd. | 154,521 | ||||||
228,000 | Beijing Enterprises Medical & Health Group Ltd.(a) | 7,035 | ||||||
252,000 | Beijing Enterprises Water Group Ltd. | 156,364 | ||||||
504,000 | Bel Global Resources Holdings Ltd.(a)(b) | 0 | ||||||
55,000 | BOE Varitronix Ltd. | 16,559 | ||||||
204,000 | Bright Smart Securities & Commodities Group Ltd. | 47,169 | ||||||
289,000 | Brightoil Petroleum Holdings Ltd.(a)(b)(c) | 55,260 | ||||||
108,000 | Brilliance China Automotive Holdings Ltd. | 118,967 | ||||||
1,644,354 | Brockman Mining Ltd.(a) | 36,231 | ||||||
1,920,000 | Build King Holdings Ltd. | 365,107 | ||||||
482,000 | Cafe de Coral Holdings Ltd. | 1,187,535 | ||||||
28,000 | Camsing International Holding, Ltd. | 29,794 | ||||||
92,000 | Carrianna Group Holdings Co. Ltd. | 10,564 | ||||||
103,000 | Cathay Pacific Airways Ltd. | 173,454 | ||||||
166,800 | Century City International Holdings Ltd. | 14,899 | ||||||
564,000 | CGN New Energy Holdings Co. Ltd. | 84,573 | ||||||
5,048,000 | Champion REIT | 4,274,888 | ||||||
134,359 | Cheuk Nang Holdings Ltd. | 72,996 | ||||||
85,873 | Chevalier International Holdings Ltd. | 134,652 | ||||||
88,000 | Chiho Environmental Group Ltd.(a) | 12,573 | ||||||
138,137 | China Agri-Industries Holdings Ltd. | 44,526 | ||||||
344,000 | China Beidahuang Industry Group Holdings Ltd.(a) | 9,983 | ||||||
22,000 | China Everbright Greentech Ltd. | 16,176 | ||||||
56,222 | China Everbright International Ltd. | 55,128 | ||||||
525,600 | China Fiber Optic Network System Group Ltd.(a)(b)(c) | 14,070 | ||||||
66,000 | China Flavors & Fragrances Co. Ltd. | 18,611 | ||||||
98,000 | China Foods Ltd. | 38,417 | ||||||
88,000 | China Grand Pharmaceutical and Healthcare Holdings Ltd.(a) | 51,899 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
6,603,000 | China High Precision Automation Group Ltd.(a)(b) | $ | 0 | |||||
29,000 | China High Speed Transmission Equipment Group Co. Ltd. | 21,984 | ||||||
322,000 | China Jinmao Holdings Group Ltd. | 208,776 | ||||||
193,200 | China Metal Recycling Holdings Ltd.(a)(b) | 0 | ||||||
1,010,000 | China Oil and Gas Group Ltd. | 61,936 | ||||||
78,000 | China Overseas Grand Oceans Group Ltd. | 41,596 | ||||||
120,000 | China Overseas Property Holdings Ltd. | 56,791 | ||||||
113,333 | China Power International Development Ltd. | 30,197 | ||||||
298,440 | China Resources Cement Holdings Ltd. | 299,234 | ||||||
28,800 | China Resources Gas Group Ltd. | 133,681 | ||||||
44,000 | China Resources Power Holdings Co. Ltd. | 61,570 | ||||||
168,000 | China Ruifeng Renewable Energy Holdings Ltd.(a) | 10,394 | ||||||
892,000 | China South City Holdings Ltd. | 135,378 | ||||||
142,000 | China State Construction Development Holdings Ltd. | 17,193 | ||||||
252,870 | China State Construction International Holdings Ltd. | 262,443 | ||||||
141,800 | China Taiping Insurance Holdings Co. Ltd. | 431,231 | ||||||
152,000 | China Traditional Chinese Medicine Holdings Co. Ltd. | 86,280 | ||||||
192,000 | China Travel International Investment Hong Kong Ltd. | 44,376 | ||||||
2,612,000 | China Unicom Hong Kong Ltd. | 3,101,420 | ||||||
60,000 | China Vast Industrial Urban Development Co. Ltd. | 25,852 | ||||||
34,000 | China Water Affairs Group Ltd. | 34,963 | ||||||
128,000 | China Water Industry Group Ltd.(a) | 17,163 | ||||||
30,000 | Chong Hing Bank Ltd. | 56,592 | ||||||
279,000 | Chow Sang Sang Holdings International Ltd. | 463,632 | ||||||
110,000 | Chu Kong Shipping Enterprises Group Co. Ltd. | 25,101 | ||||||
237,500 | Chuang’s Consortium International Ltd. | 54,167 | ||||||
38,000 | CIMC Enric Holdings Ltd. | 37,019 | ||||||
4,875,000 | CITIC Telecom International Holdings Ltd. | 2,020,161 | ||||||
274,000 | Citychamp Watch & Jewellery Group Ltd. | 60,815 | ||||||
490,000 | CK Life Sciences International Holdings, Inc. | 28,465 | ||||||
47,000 | Clear Media Ltd. | 38,971 | ||||||
233,000 | CMIC Ocean En-Tech Holding Co. Ltd.(a) | 12,325 |
17 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
168,000 | Comba Telecom Systems Holdings Ltd.(a) | $ | 41,020 | |||||
940,000 | Concord New Energy Group Ltd. | 46,127 | ||||||
2,305,812 | COSCO Shipping Ports Ltd. | 2,299,778 | ||||||
1,891,000 | Cowell e Holdings, Inc. | 428,716 | ||||||
1,766,000 | CP Pokphand Co. Ltd. | 150,752 | ||||||
1,359,335 | CSI Properties Ltd. | 76,270 | ||||||
165,000 | Dah Chong Hong Holdings Ltd. | 60,389 | ||||||
147,324 | Dah Sing Banking Group Ltd. | 281,947 | ||||||
73,078 | Dah Sing Financial Holdings Ltd. | 383,876 | ||||||
208,000 | Dawnrays Pharmaceutical Holdings Ltd. | 37,906 | ||||||
244,000 | DBA Telecommunication Asia Holdings Ltd.(a)(b)(c) | 11,838 | ||||||
12,200 | Deceuninck NV- VVPR Strip(a)(b) | 0 | ||||||
108,000 | Dynasty Fine Wines Group Ltd.(a)(b)(c) | 19,825 | ||||||
118,000 | EcoGreen International Group Ltd. | 24,705 | ||||||
168,234 | EganaGoldpfeil Holdings Ltd.(a)(b) | 0 | ||||||
198,416 | Emperor International Holdings Ltd. | 59,044 | ||||||
2,900,000 | Emperor Watch & Jewellery Ltd. | 88,408 | ||||||
124,300 | Esprit Holdings, Ltd.(a) | 25,230 | ||||||
92,000 | EVA Precision Industrial Holdings Ltd. | 9,505 | ||||||
108,000 | Ever Sunshine Lifestyle Services Group Ltd.(a) | 44,087 | ||||||
65,500 | Fairwood Holdings Ltd. | 229,199 | ||||||
304,893 | Far East Consortium International Ltd. | 144,348 | ||||||
309,000 | Far East Horizon Ltd. | 343,477 | ||||||
2,154,000 | First Pacific Co. Ltd. | 893,351 | ||||||
170,000 | Fountain SET Holdings Ltd. | 29,856 | ||||||
127,877 | FSE Services Group Ltd. | 55,267 | ||||||
355,000 | Fullshare Holdings Ltd. | 39,828 | ||||||
554,000 | GCL-New Energy Holdings Ltd.(a) | 20,837 | ||||||
1,770,000 | GCL-Poly Energy Holdings Ltd.(a) | 126,487 | ||||||
500,000 | Gemdale Properties & Investment Corp. Ltd. | 67,050 | ||||||
3,122,000 | Get Nice Holdings Ltd. | 111,490 | ||||||
702,000 | Giordano International Ltd. | 334,021 | ||||||
220,000 | Gold Peak Industries Holdings Ltd. | 22,497 | ||||||
86,000 | Goldlion Holdings Ltd. | 35,151 | ||||||
7,050,000 | G-Resources Group Ltd.(a) | 67,540 | ||||||
34,000 | Guangdong Investment Ltd. | 63,603 | ||||||
188,600 | Guotai Junan International Holdings Ltd. | 38,068 | ||||||
63,000 | Haier Electronics Group Co. Ltd. | 180,113 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
261,255 | Haitong International Securities Group Ltd. | $ | 94,772 | |||||
58,000 | Hang Lung Group Ltd. | 172,980 | ||||||
133,267 | Hanison Construction Holdings Ltd. | 22,947 | ||||||
114,000 | Harbour Centre Development Ltd. | 209,294 | ||||||
8,500 | Health and Happiness H&H International Holdings Ltd.(a) | 52,209 | ||||||
2,160,000 | Hengdeli Holdings Ltd.(a) | 112,943 | ||||||
45,500 | HKBN Ltd. | 81,482 | ||||||
29,441 | HKC Holdings Ltd. | 23,691 | ||||||
472,000 | HKR International Ltd. | 261,026 | ||||||
90,000 | Hon Kwok Land Investment Co. Ltd. | 47,018 | ||||||
176,000 | Hong Kong Finance Investment Holding Group Ltd.(a) | 20,433 | ||||||
136,151 | Hongkong & Shanghai Hotels Ltd. (The) | 199,353 | ||||||
108,500 | Hopewell Holdings Ltd.(a)(b) | 536,636 | ||||||
112,000 | Hopson Development Holdings Ltd. | 122,987 | ||||||
166,000 | Hsin Chong Group Holdings Ltd.(a)(b)(c) | 7,406 | ||||||
220,000 | Hua Han Health Industry Holdings Ltd.(a)(b)(c) | 4,459 | ||||||
77,000 | Hutchison Telecommunications Hong Kong Holdings Ltd. | 32,612 | ||||||
12,000 | Hysan Development Co. Ltd. | 67,257 | ||||||
8,000 | IMAX China Holding, Inc. | 22,037 | ||||||
118,000 | International Housewares Retail Co. Ltd. | 30,990 | ||||||
175,000 | IPE Group Ltd.(c) | 22,539 | ||||||
2,218,000 | IRC Ltd.(a) | 50,130 | ||||||
396,000 | IT Ltd. | 191,558 | ||||||
66,905 | ITC Properties Group Ltd. | 16,459 | ||||||
100,000 | Jiayuan International Group Ltd. | 44,756 | ||||||
50,625 | Johnson Electric Holdings Ltd. | 119,182 | ||||||
838,000 | Joy City Property Ltd. | 119,568 | ||||||
134,000 | Ju Teng International Holdings Ltd. | 39,190 | ||||||
6,002 | K Wah International Holdings Ltd. | 3,767 | ||||||
1,500,000 | Kai Yuan Holdings Ltd.(a) | 10,366 | ||||||
806,000 | Kerry Logistics Network Ltd. | 1,438,142 | ||||||
382,000 | Kerry Properties Ltd. | 1,635,101 | ||||||
118,200 | Kingboard Chemical Holdings Ltd. | 385,388 | ||||||
125,500 | Kingboard Laminates Holdings Ltd. | 131,987 | ||||||
74,000 | Kingmaker Footwear Holdings Ltd. | 15,640 | ||||||
238,000 | Kingston Financial Group Ltd. | 54,994 | ||||||
249,000 | Kowloon Development Co. Ltd. | 338,601 | ||||||
358,000 | Kunlun Energy Co. Ltd. | 378,678 | ||||||
43,180 | Lai Fung Holdings Ltd. | 54,095 |
18 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
64,295 | Lai Sun Development Co. Ltd. | $ | 100,621 | |||||
120,640 | Lai Sun Garment International Ltd. | 179,460 | ||||||
9,000 | Lam Soon Hong Kong Ltd. | 18,167 | ||||||
102,000 | Landing International Development Ltd.(a) | 32,601 | ||||||
68,000 | Landsea Green Group Co. Ltd. | 8,513 | ||||||
464,500 | Langham Hospitality Investments and Langham Hospitality Investments Ltd. | 190,054 | ||||||
24,000 | Lee & Man Chemical Co. Ltd. | 14,589 | ||||||
292,200 | Lee & Man Paper Manufacturing Ltd. | 237,176 | ||||||
13,500 | Lee’s Pharmaceutical Holdings Ltd. | 11,558 | ||||||
3,004,000 | Li & Fung Ltd. | 499,123 | ||||||
88,000 | Lifestyle China Group Ltd.(a) | 32,557 | ||||||
27,000 | Lifestyle International Holdings Ltd. | 47,057 | ||||||
510,393 | Link REIT | 5,963,409 | ||||||
94,000 | Liu Chong Hing Investment Ltd. | 163,643 | ||||||
37,000 | Luk Fook Holdings International Ltd. | 132,571 | ||||||
38,000 | Lvgem China Real Estate Investment Co. Ltd. | 11,872 | ||||||
1,298,000 | Magnificent Hotel Investment Ltd. | 31,094 | ||||||
99,600 | Man Wah Holdings Ltd. | 51,243 | ||||||
19,200 | Mandarin Oriental International Ltd. | 37,068 | ||||||
40,000 | Mega Expo Holdings Ltd. | 22,603 | ||||||
25,000 | Melco International Development Ltd. | 61,433 | ||||||
85,387 | Midland Holdings, Ltd. | 18,643 | ||||||
53,306 | Million Hope Industries Holdings Ltd.(a) | 4,960 | ||||||
109,000 | Ming Fai International Holdings Ltd. | 15,711 | ||||||
429,000 | Mingfa Group International Co. Ltd.(a)(b)(c) | 3,079 | ||||||
702,000 | Minmetals Land Ltd. | 135,012 | ||||||
36,000 | Miramar Hotel & Investment Co. Ltd. | 75,653 | ||||||
56,000 | Modern Dental Group Ltd. | 9,639 | ||||||
677 | Movie Gallery, Inc.(a)(b) | 0 | ||||||
1,150,000 | Nan Hai Corp. Ltd. | 22,721 | ||||||
2,390,000 | New Provenance Everlasting Holdings Ltd.(a) | 10,068 | ||||||
97,000 | New World Department Store China Ltd.(a) | 20,410 | ||||||
2,626,000 | Newocean Energy Holdings Ltd.(a) | 723,610 | ||||||
250,000 | Nine Dragons Paper Holdings Ltd. | 231,385 | ||||||
62,000 | Overseas Chinese Town Asia Holdings Ltd. | 26,312 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
1,340,246 | Pacific Andes International Holdings Ltd.(a)(b)(c) | $ | 4,681 | |||||
394,000 | Pacific Basin Shipping Ltd. | 80,952 | ||||||
39,000 | Pacific Textile Holdings Ltd. | 33,000 | ||||||
201,240 | Paliburg Holdings Ltd. | 82,937 | ||||||
334,000 | Panda Green Energy Group Ltd.(a) | 14,115 | ||||||
50,000 | PAX Global Technology Ltd. | 23,354 | ||||||
906,000 | PC Partner Group Ltd. | 249,066 | ||||||
5,606,819 | PCCW Ltd. | 3,380,798 | ||||||
48,000 | Peace Mark Holdings Ltd.(a)(b) | 0 | ||||||
1,312,000 | Perfect Shape Medical Ltd. | 410,126 | ||||||
368,000 | Pico Far East Holdings Ltd. | 134,416 | ||||||
4,216,000 | Poly Property Group Co. Ltd. | 1,768,859 | ||||||
1,142,800 | Polytec Asset Holdings Ltd. | 163,225 | ||||||
597,000 | Pou Sheng International Holdings Ltd. | 140,095 | ||||||
37,500 | Prinx Chengshan Cayman Holding Ltd. | 35,261 | ||||||
121,000 | Prodisc Technology, Inc.(a)(b) | 0 | ||||||
60,000 | Public Financial Holdings Ltd. | 26,240 | ||||||
261,000 | Qunxing Paper Holdings Co. Ltd.(a)(b)(c) | 12,576 | ||||||
10,943 | RB Energy, Inc.(a)(b) | 0 | ||||||
30,000 | Realord Group Holdings Ltd.(a) | 18,279 | ||||||
160,200 | Regal Hotels International Holdings Ltd. | 100,325 | ||||||
328,000 | Regal Real Estate Investment Trust, REIT | 103,224 | ||||||
46,000 | Regina Miracle International Holdings, Ltd. | 36,789 | ||||||
1,027 | RP-SG Retail Ltd.(a)(b) | 2,385 | ||||||
81,484 | SA SA International Holdings Ltd. | 27,666 | ||||||
275,000 | Samson Holding Ltd. | 17,909 | ||||||
116,000 | SAS Dragon Holdings Ltd. | 38,471 | ||||||
27,095 | Seaspan Corp. | 274,743 | ||||||
57,516 | Shanghai Industrial Holdings Ltd. | 135,281 | ||||||
211,000 | Shanghai Industrial Urban Development Group Ltd. | 42,257 | ||||||
880,000 | Shanghai Zendai Property Ltd.(a) | 13,214 | ||||||
90,000 | Shangri-La Asia Ltd. | 127,601 | ||||||
120,000 | Shenwan Hongyuan HK Ltd. | 28,195 | ||||||
50,185 | Shenzhen International Holdings Ltd. | 108,480 | ||||||
198,659 | Shenzhen Investment Ltd. | 79,051 | ||||||
152,129 | Shimao Property Holdings Ltd. | 463,690 | ||||||
128,001 | Shougang Fushan Resources Group Ltd. | 31,028 | ||||||
1,668,000 | Singamas Container Holdings Ltd. | 295,603 | ||||||
1,919,000 | Sino Biopharmaceutical Ltd. | 1,847,588 | ||||||
10,961 | Sino-American Electronic Co. Ltd.(a)(b) | 243 | ||||||
148,000 | Sinofert Holdings Ltd.(a) | 18,311 |
19 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
102,000 | Sinopec Kantons Holdings Ltd. | $ | 45,576 | |||||
61,000 | SITC International Holdings Co. Ltd. | 64,939 | ||||||
64,000 | SJM Holdings Ltd. | 77,389 | ||||||
108,878 | Skyworth Digital Holdings Ltd. | 32,186 | ||||||
373,643 | SmarTone Telecommunications Holding Ltd. | 389,406 | ||||||
182,386 | SMI Holdings Group Ltd.(a)(b)(c) | 11,625 | ||||||
86,230 | SNS REAAL NV(a)(b) | 0 | ||||||
200,000 | SOCAM Development Ltd.(a) | 49,694 | ||||||
1,740,000 | South China Holdings Co. Ltd.(a) | 47,184 | ||||||
71,212 | SSY Group Ltd. | 67,454 | ||||||
271,500 | Stella International Holdings Ltd. | 481,767 | ||||||
242,000 | Summit Ascent Holdings Ltd.(a) | 50,604 | ||||||
3,093,500 | Sun Art Retail Group Ltd. | 2,703,517 | ||||||
341,801 | Sun Hung Kai & Co. Ltd. | 170,463 | ||||||
920,000 | Sunlight Real Estate Investment Trust REIT | 676,805 | ||||||
12,534 | T Bank SA(a)(b) | 0 | ||||||
144,000 | Tang Palace China Holdings Ltd. | 25,339 | ||||||
66,000 | Tao Heung Holdings, Ltd. | 12,879 | ||||||
86,666 | TCL Multimedia Technology Holdings Ltd. | 46,437 | ||||||
22,000 | Television Broadcasts Ltd. | 43,222 | ||||||
42,000 | Texhong Textile Group Ltd. | 56,905 | ||||||
54,000 | Texwinca Holdings Ltd. | 21,467 | ||||||
159,800 | Tian An China Investment Co. Ltd. | 87,572 | ||||||
690,000 | Tianjin Port Development Holdings Ltd. | 80,080 | ||||||
75,000 | Tibet Water Resources Ltd.(a) | 21,806 | ||||||
1,464,000 | Time Interconnect Technology Ltd. | 151,130 | ||||||
528,270 | Tomson Group Ltd. | 202,690 | ||||||
800,000 | Tongda Group Holdings Ltd. | 86,722 | ||||||
62,000 | Top Spring International Holdings Ltd. | 17,853 | ||||||
46,027 | Towngas China Co. Ltd. | 36,620 | ||||||
163,039 | TPV Technology Ltd. | 37,866 | ||||||
58,000 | Tradelink Electronic Commerce Ltd. | 10,503 | ||||||
38,800 | Transport International Holdings Ltd. | 118,468 | ||||||
355,600 | Tsit Wing International Holdings Ltd. | 78,575 | ||||||
98,000 | Tsui Wah Holdings Ltd. | 10,501 | ||||||
31,091 | TT Hellenic Postbank SA(a)(b) | 0 | ||||||
1,225,875 | UBS Beijing Capital Retailing Group Co. Ltd. - A Shares(a) | 1,265,042 | ||||||
1,392,100 | UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares(a) | 944,637 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
2,343,845 | UBS Guangxi Liugong Machinery Co. Ltd. - A Shares(a) | $ | 2,557,955 | |||||
2,453,180 | UBS Ping An Bank Co. Ltd. - A Shares(a) | 5,044,916 | ||||||
4,773,200 | UBS Rizhao Port Co. Ltd. - A Shares(a) | 2,430,991 | ||||||
2,024,600 | UBS Shandong Haihua Co. Ltd. -A Shares(a) | 1,731,559 | ||||||
2,141,697 | UBS Wuxi Taiji Industry Co. Ltd. - A Shares(a) | 2,257,841 | ||||||
144,000 | Union Medical Healthcare Ltd. | 99,599 | ||||||
774,000 | United Energy Group Ltd. | 145,149 | ||||||
58,500 | United Laboratories International Holdings Ltd. (The) | 34,256 | ||||||
44,000 | Up Energy Development Group Ltd.(a)(b)(c) | 136 | ||||||
65,000 | Value Partners Group Ltd. | 48,992 | ||||||
1,101,300 | Valuetronics Holdings Ltd. | 554,714 | ||||||
7,000 | Vinda International Holdings Ltd. | 13,480 | ||||||
521,584 | Virgin Australia Holdings Ltd. - CVR Shares(a)(b) | 0 | ||||||
32,000 | Vitasoy International Holdings Ltd. | 161,126 | ||||||
79,600 | VSTECS Holdings Ltd. | 43,687 | ||||||
236,196 | VTech Holdings Ltd. | 2,158,050 | ||||||
240,000 | Wai Kee Holdings Ltd. | 162,869 | ||||||
18,409,667 | Wang On Group Ltd.(c) | 208,749 | ||||||
68,622 | Wasion Group Holdings Ltd. | 35,042 | ||||||
68,000 | Wing On Co. International Ltd. | 231,861 | ||||||
182,000 | Wing Tai Properties Ltd. | 138,227 | ||||||
44,673 | Wintek Corp.(a)(b)(c) | 496 | ||||||
82,000 | Xinyi Glass Holdings Ltd. | 93,786 | ||||||
1,456,872 | Yue Yuen Industrial Holdings Ltd. | 4,705,667 | ||||||
518,946 | Yuexiu Property Co. Ltd. | 120,458 | ||||||
2,068,191 | Yuexiu Transport Infrastructure Ltd. | 1,685,565 | ||||||
20,000 | Zhongyu Gas Holdings Ltd. | 18,725 | ||||||
162,000 | Zhuguang Holdings Group Co. Ltd.(a) | 25,451 | ||||||
306,000 | Zhuhai Holdings Investment Group Ltd. | 34,018 | ||||||
82,692,420 | ||||||||
HUNGARY — 0.0% | ||||||||
5,186 | MOL Hungarian Oil & Gas Plc | 59,720 | ||||||
33,762 | Richter Gedeon Nyrt | 669,897 | ||||||
729,617 | ||||||||
INDIA — 0.6% | ||||||||
116 | 3M India Ltd.(a) | 38,239 | ||||||
2,639 | 5Paisa Capital Ltd.(a) | 10,952 | ||||||
1,487 | Aarti Drugs Ltd. | 13,264 | ||||||
2,978 | Aarti Industries LTD. | 69,485 |
20 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
INDIA (continued) | ||||||||
1,662 | ABB India Ltd. | $ | 35,352 | |||||
2,871 | ACC Ltd. | 67,381 | ||||||
6,979 | Adani Enterprises Ltd. | 12,746 | ||||||
59,679 | Adani Gas Ltd.(a) | 115,006 | ||||||
45,415 | Adani Green Energy Ltd.(a) | 26,105 | ||||||
581,694 | Adani Ports and Special Economic Zone Ltd. | 3,285,912 | ||||||
49,774 | Adani Power Ltd.(a) | 32,185 | ||||||
28,080 | Adani Transmission Ltd(a) | 88,470 | ||||||
7,689 | Aditya Birla Capital Ltd.(a) | 10,809 | ||||||
12,792 | Aegis Logistics Ltd. | 35,905 | ||||||
1,354 | AIA Engineering Ltd. | 35,337 | ||||||
1,948 | Ajanta Pharma Ltd. | 27,734 | ||||||
250 | Akzo Nobel India Ltd. | 6,176 | ||||||
7,855 | Alembic Pharmaceuticals Ltd. | 62,957 | ||||||
2,907 | Amara Raja Batteries Ltd. | 27,670 | ||||||
26,000 | Andhra Bank(a) | 9,318 | ||||||
1,878 | Anup Engineering Limited.(a) | 12,563 | ||||||
3,061 | Apar Industries Ltd. | 29,350 | ||||||
684 | Apl Apollo Tubes Ltd. | 15,626 | ||||||
5,067 | Apollo Hospitals Enterprise Ltd. | 88,601 | ||||||
38,391 | Apollo Tyres Ltd. | 113,725 | ||||||
10,143 | Arvind Fashions Ltd.(a) | 145,873 | ||||||
29,548 | Arvind Ltd. | 35,345 | ||||||
66,084 | Ashok Leyland Ltd. | 82,634 | ||||||
3,306 | Ashoka Buildcon Ltd.(a) | 5,903 | ||||||
2,530 | Astral Polytechnik Ltd. | 44,851 | ||||||
933 | Atul Ltd. | 45,980 | ||||||
3,997 | Avanti Feeds Ltd. | 20,861 | ||||||
4,216 | Bajaj Consumer Care Ltd. | 19,905 | ||||||
11,543 | Bajaj Holdings & Investment Ltd. | 512,138 | ||||||
1,167 | Balaji Amines Ltd. | 7,331 | ||||||
3,655 | Balkrishna Industries Ltd. | 48,048 | ||||||
21,405 | Balrampur Chini Mills Ltd.(a) | 46,446 | ||||||
57,043 | Bank of Baroda(a) | 95,741 | ||||||
1,330 | BASF India Ltd. | 26,072 | ||||||
1,477 | Bata India Ltd. | 30,904 | ||||||
1,085 | BEML Ltd. | 13,636 | ||||||
9,384 | Berger Paints India Ltd. | 43,034 | ||||||
19,283 | Bharat Electronics Ltd. | 24,174 | ||||||
4,628 | Bharat Financial Inclusion Ltd.(a) | 67,084 | ||||||
12,322 | Bharat Forge Ltd. | 83,682 | ||||||
1,789,516 | Bharat Heavy Electricals Ltd. | 1,821,800 | ||||||
129 | Bharat Rasayan Ltd. | 7,614 | ||||||
484,365 | Bharti Airtel Ltd. | 2,230,581 | ||||||
2,062 | Birla Corp. Ltd. | 14,914 | ||||||
15,210 | Birlasoft Ltd. | 20,477 | ||||||
4,707 | Bliss Gvs Pharma Ltd. | 11,352 | ||||||
311 | Blue Dart Express Ltd. | 14,704 | ||||||
7,567 | Bodal Chemicals Ltd. | 13,146 | ||||||
12,029 | Bombay Dyeing & Manufacturing Co. Ltd. | 19,414 | ||||||
7,289 | Brigade Enterprises Ltd. | 23,302 | ||||||
2,111 | Cadila Healthcare Ltd. | 9,882 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
5,574 | Can Fin Homes Ltd. | $ | 25,544 | |||||
8,528 | Canara Bank(a) | 31,945 | ||||||
7,476 | Carborundum Universal Ltd. | 38,708 | ||||||
1,183 | Care Ratings Ltd. | 16,725 | ||||||
2,644 | CCL Products India Ltd. | 9,841 | ||||||
1,987 | Ceat Ltd. | 30,117 | ||||||
4,533 | Century Plyboards India Ltd. | 11,304 | ||||||
944 | Century Textiles & Industries Ltd. | 12,452 | ||||||
1,713 | CESC Ltd. | 17,256 | ||||||
342 | CESC Ventures Ltd.(a) | 2,439 | ||||||
35,669 | CG Power and Industrial Solutions Ltd.(a) | 19,263 | ||||||
17,449 | Chambal Fertilizers and Chemicals Ltd. | 38,966 | ||||||
2,773 | Cholamandalam Investment and Finance Co. Ltd. | 55,400 | ||||||
12,260 | City Union Bank Ltd. | 35,745 | ||||||
4,270 | Coffee Day Enterprises Ltd.(a) | 15,963 | ||||||
5,074 | Colgate-Palmolive India Ltd. | 88,222 | ||||||
7,227 | Container Corp. Of India Ltd. | 51,227 | ||||||
11,412 | Coromandel International Ltd. | 71,288 | ||||||
15,702 | Cox & Kings Financial Service Ltd.(a) | 8,545 | ||||||
20,123 | Cox & Kings Ltd. | 35,101 | ||||||
887 | Crisil Ltd. | 18,276 | ||||||
23,809 | Crompton Greaves Consumer Electricals Ltd. | 81,329 | ||||||
2,991 | Cummins India Ltd. | 31,250 | ||||||
14,681 | Cyient Ltd. | 124,498 | ||||||
16,168 | DCB Bank Ltd. | 49,360 | ||||||
9,427 | DCM Shriram Ltd. | 58,969 | ||||||
4,866 | Deepak Nitrite Ltd. | 18,472 | ||||||
8,598 | Delta Corp Ltd. | 30,367 | ||||||
21,697 | Dewan Housing Finance Corp. Ltd. | 42,182 | ||||||
1,358,249 | Dish TV India Ltd. | 702,970 | ||||||
5,976 | Dishman Carbogen Amcis Ltd.(a) | 19,342 | ||||||
2,682 | Divi’s Laboratories Ltd. | 67,366 | ||||||
1,477,693 | DLF Ltd. | 3,674,863 | ||||||
1,513 | Dr Lal Pathlabs Ltd. | 22,719 | ||||||
2,503 | Dr Reddys Laboratories Ltd. | 105,352 | ||||||
2,959 | eClerx Services Ltd. | 48,737 | ||||||
12,047 | EID Parry India Ltd. | 33,565 | ||||||
4,882 | EIH Ltd. | 13,262 | ||||||
3,704 | Elgi Equipments Ltd. | 14,097 | ||||||
3,941 | Emami Ltd. | 21,915 | ||||||
625 | Endurance Technologies Ltd. | 10,572 | ||||||
5,540 | Engineers India Ltd. | 8,889 | ||||||
7,399 | Escorts Ltd. | 78,635 | ||||||
22,601 | Essel Propack Ltd. | 44,325 | ||||||
11,633 | Exide Industries Ltd. | 35,816 | ||||||
4,465 | FDC Ltd.(a) | 11,088 | ||||||
89,105 | Federal Bank Ltd. | 118,865 | ||||||
4,296 | Federal-Mogul Goetze India Ltd.(a) | 33,891 |
21 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
INDIA (continued) | ||||||||
6,598 | Finolex Cables Ltd. | $ | 41,785 | |||||
4,610 | Finolex Industries Ltd. | 30,723 | ||||||
21,394 | Firstsource Solutions Ltd. | 15,554 | ||||||
14,906 | Fortis Healthcare Ltd.(a) | 29,711 | ||||||
40,366 | Future Retail Ltd.(a) | 19,655 | ||||||
4,129 | Future Retail Ltd.(a) | 24,955 | ||||||
3,252 | Gabriel India Ltd. | 6,811 | ||||||
708 | Garware Technical Fibers Ltd. | 11,049 | ||||||
8,390 | Gateway Distriparks Ltd. | 16,117 | ||||||
10,841 | Gayatri Projects Ltd.(a) | 25,477 | ||||||
7,704 | GHCL Ltd. | 28,060 | ||||||
3,335 | GIC Housing Finance Ltd. | 12,384 | ||||||
220 | Gillette India Ltd. | 23,847 | ||||||
810 | GlaxoSmithKline Consumer Healthcare Ltd. | 84,820 | ||||||
522 | GlaxoSmithKline Pharmaceuticals Ltd. | 9,642 | ||||||
16,245 | Glenmark Pharmaceuticals Ltd. | 149,182 | ||||||
3,122 | Godfrey Phillips India Ltd. | 49,611 | ||||||
1,368 | Godrej Industries Ltd. | 10,117 | ||||||
10,942 | Granules India Ltd. | 17,652 | ||||||
6,570 | Graphite India Ltd. | 36,145 | ||||||
6,972 | Great Eastern Shipping Co. Ltd. (The) | 28,952 | ||||||
16,172 | Greaves Cotton Ltd. | 34,310 | ||||||
770 | Greenlam Industries Ltd. | 10,291 | ||||||
5,192 | Grindwell Norton Ltd. | 45,334 | ||||||
8,690 | Gruh Finance Ltd. | 39,720 | ||||||
4,027 | Gujarat Alkalies & Chemicals | 27,905 | ||||||
6,920 | Gujarat Ambuja Exports Ltd. | 20,911 | ||||||
2,199 | Gujarat Flourochemicals Ltd. | 32,928 | ||||||
8,027 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 36,183 | ||||||
27,992 | Gujarat State Fertilizers & Chemicals Ltd. | 39,434 | ||||||
15,512 | Gujarat State Petronet Ltd. | 44,591 | ||||||
9,482 | Havells India Ltd. | 105,586 | ||||||
610 | HEG Ltd. | 14,280 | ||||||
14,346 | HeidelbergCement India Ltd. | 37,632 | ||||||
5,553 | Hikal Ltd. | 14,118 | ||||||
151,702 | Himachal Futuristic Communications Ltd. | 48,327 | ||||||
8,085 | Himadri Speciality Chemical Ltd. | 12,838 | ||||||
4,003 | Himatsingka Seide Ltd. | 12,302 | ||||||
2,430 | Hinduja Global Solutions Ltd. | 21,794 | ||||||
12,605 | Hindustan Petroleum Corp. Ltd. | 52,995 | ||||||
102 | Honeywell Automation India Ltd. | 35,259 | ||||||
4,443 | Huhtamaki PPL Ltd. | 14,370 | ||||||
1,415 | I G Petrochemicals Ltd. | 6,033 | ||||||
337,825 | Idea Cellular Ltd.(a) | 75,036 | ||||||
41,116 | IDFC First Bank Ltd. | 29,534 | ||||||
73,673 | IDFC Ltd. | 42,544 | ||||||
65,962 | IFCI Ltd.(a) | 10,056 | ||||||
38,969 | IIFL Holdings Ltd. | 242,027 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
17,077 | India Cements Ltd. | $ | 26,300 | |||||
951 | India Glycols Ltd. | 3,466 | ||||||
21,437 | Indiabulls Housing Finance Ltd. | 214,408 | ||||||
27,666 | Indiabulls Real Estate Ltd.(a) | 45,775 | ||||||
16,070 | Indiabulls Ventures Ltd. | 68,590 | ||||||
2,931 | Indian Bank(a) | 10,632 | ||||||
4,977 | Indian Hotels Co. Ltd. | 11,045 | ||||||
63,408 | Indian Overseas Bank(a) | 12,863 | ||||||
6,915 | Indraprastha Gas Ltd. | 31,098 | ||||||
121 | Ingersoll-Rand India Ltd. | 1,061 | ||||||
2,064 | Inox Leisure Ltd.(a) | 9,312 | ||||||
1,367 | Intellect Design Arena Ltd.(a) | 4,471 | ||||||
1,853 | Interglobe Aviation Ltd. | 40,393 | ||||||
2,682 | International Paper APPM Ltd.(a) | 17,105 | ||||||
2,764 | Ipca Laboratories Ltd. | 37,855 | ||||||
5,565 | ITD Cementation India Ltd. | 9,886 | ||||||
8,265 | Jagran Prakashan Pvt Ltd. | 13,474 | ||||||
29,744 | Jain Irrigation Systems Ltd. - DVR | 23,321 | ||||||
7,106 | JB Chemicals & Pharmaceuticals Ltd. | 35,176 | ||||||
4,727 | Jindal Poly Films Ltd. | 17,233 | ||||||
29,253 | Jindal Saw Ltd. | 34,122 | ||||||
8,127 | Jindal Stainless Hisar Ltd.(a) | 10,182 | ||||||
16,998 | Jindal Stainless Ltd.(a) | 9,145 | ||||||
38,658 | Jindal Steel & Power Ltd.(a) | 99,031 | ||||||
980 | JK Cement, Ltd. | 12,733 | ||||||
21,600 | JK Paper Ltd. | 42,935 | ||||||
53,110 | JM Financial Ltd. | 67,607 | ||||||
63,861 | JSW Energy Ltd.(a) | 64,124 | ||||||
4,756 | Jubilant Foodworks Ltd. | 90,893 | ||||||
18,044 | Jubilant Life Sciences Ltd. | 171,520 | ||||||
3,247 | Just Dial Ltd.(a) | 27,040 | ||||||
4,040 | Jyothy Laboratories Ltd. | 10,427 | ||||||
1,524 | Kajaria Ceramics Ltd. | 13,039 | ||||||
7,256 | Kalpataru Power Transmission Ltd. | 48,629 | ||||||
3,790 | Kansai Nerolac Paints Ltd. | 24,032 | ||||||
21,127 | Karur Vysya Bank Ltd. (The) | 23,529 | ||||||
2,611 | Kaveri Seed Co. Ltd. | 16,736 | ||||||
8,411 | KEC International Ltd. | 34,565 | ||||||
4,381 | KEI Industries Ltd. | 25,723 | ||||||
1,261 | Kiri Industries Ltd.(a) | 9,815 | ||||||
4,060 | Kirloskar Oil Engines Ltd. | 9,527 | ||||||
4,865 | Knr Constructions Ltd. | 16,794 | ||||||
3,298 | Kolte-Patil Developers Ltd. | 10,944 | ||||||
15,210 | Kpit Engineering Ltd.(a) | 22,579 | ||||||
2,402 | KPR Mill Ltd. | 20,736 | ||||||
4,012 | KRBL Ltd. | 19,158 | ||||||
39,001 | L&T Finance Holdings Ltd. | 73,530 | ||||||
366 | Lakshmi Machine Works Ltd. | 30,396 | ||||||
1,792 | Larsen & Toubro Infotech Ltd. | 44,246 | ||||||
2,599 | Laurus Labs Ltd. | 14,287 | ||||||
34,906 | LIC Housing Finance Ltd. | 249,416 | ||||||
5,198 | Lupin Ltd. | 65,155 |
22 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
INDIA (continued) | ||||||||
21,539 | Mahindra & Mahindra Financial Services Ltd. | $ | 124,133 | |||||
3,236 | Mahindra CIE Automotive Ltd.(a) | 10,599 | ||||||
77,559 | Manappuram Finance Ltd. | 131,616 | ||||||
16,573 | Marksans Pharma Ltd. | 5,627 | ||||||
3,410 | Max Financial Services Ltd.(a) | 20,479 | ||||||
11,396 | Max Ltd.(a) | 11,516 | ||||||
16,866 | Meghmani Organics Ltd. | 16,047 | ||||||
1,013 | Merck Ltd. | 54,154 | ||||||
6,096 | Minda Corp. Ltd. | 11,137 | ||||||
6,474 | Minda Industries Ltd. | 33,862 | ||||||
4,934 | MindTree Ltd. | 69,625 | ||||||
4,129 | MOIL Ltd. | 9,135 | ||||||
1,610 | Motilal Oswal Financial Services Ltd. | 16,468 | ||||||
3,839 | Mphasis Ltd. | 53,532 | ||||||
66 | MRF Ltd. | 50,197 | ||||||
15,818 | Muthoot Finance Ltd. | 135,795 | ||||||
2,183 | Natco Pharma Ltd. | 17,121 | ||||||
62,036 | National Aluminium Co. Ltd. | 46,211 | ||||||
17,565 | Nava Bharat Ventures Ltd. | 25,741 | ||||||
1,175 | Navin Fluorine International Ltd. | 11,336 | ||||||
3,720 | Navneet Education Ltd. | 5,947 | ||||||
28,062 | NCC Ltd. | 40,040 | ||||||
1,485 | NESCO Ltd. | 10,607 | ||||||
35,322 | NHPC Ltd. | 11,862 | ||||||
6,355 | NIIT Technologies Ltd. | 118,214 | ||||||
534 | Nilkamal Ltd. | 10,193 | ||||||
14,212 | NOCIL Ltd. | 27,363 | ||||||
2,785 | Oberoi Realty Ltd. | 20,319 | ||||||
10,700 | Odisha Cement Ltd.(a) | 176,558 | ||||||
3,942 | OMAXE Ltd. | 11,769 | ||||||
1,101 | Oracle Financial Sevices Software Ltd. | 55,726 | ||||||
9,517 | Oriental Bank of Commerce(a) | 13,241 | ||||||
346 | Page Industries Ltd. | 114,965 | ||||||
3,534 | Parag Milk Foods Ltd. | 12,280 | ||||||
19,480 | PC Jeweller Ltd. | 33,464 | ||||||
2,402 | Persistent Systems Ltd. | 21,975 | ||||||
90,350 | Petronet LNG Ltd. | 313,588 | ||||||
765 | Pfizer Ltd. | 34,593 | ||||||
7,356 | Phillips Carbon Black Ltd. | 16,565 | ||||||
4,125 | Phoenix Mills Ltd. (The) | 35,598 | ||||||
4,169 | PI Industries Ltd. | 62,600 | ||||||
759 | PNB Housing Finance Ltd. | 7,732 | ||||||
3,217 | Polyplex Corp. Ltd. | 23,751 | ||||||
63,986 | Power Finance Corp. Ltd.(a) | 106,388 | ||||||
735 | Power Mech Projects Ltd. | 9,446 | ||||||
16,420 | Prestige Estates Projects Ltd. | 61,790 | ||||||
839 | Procter & Gamble Hygiene & Health Care Ltd. | 123,322 | ||||||
20,382 | PTC India Ltd. | 20,340 | ||||||
39,797 | Punjab National Bank(a) | 48,638 | ||||||
470 | PVR Ltd. | 11,960 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
1,816 | Radico Khaitan Ltd. | $ | 9,237 | |||||
19,040 | Rain Industries Ltd. | 31,437 | ||||||
7,281 | Rajesh Exports Ltd. | 70,621 | ||||||
7,747 | Ramco Cements Ltd. (The) | 86,271 | ||||||
1,209 | Ramkrishna Forgings Ltd. | 8,800 | ||||||
12,082 | Rashtriya Chemicals & Fertilizers Ltd. | 9,918 | ||||||
1,420 | Ratnamani Metals & Tubes Ltd. | 18,147 | ||||||
1,973 | Raymond Ltd. | 21,886 | ||||||
1,324 | RBL Bank Ltd. | 12,920 | ||||||
65,007 | REC Ltd. | 137,727 | ||||||
55,478 | Redington India Ltd. | 81,194 | ||||||
320,767 | Reliance Capital Ltd. | 613,473 | ||||||
201,276 | Reliance Infrastructure Ltd. | 312,584 | ||||||
47,774 | Reliance Power Ltd.(a) | 4,152 | ||||||
5,621 | Repco Home Finance Ltd. | 33,770 | ||||||
6,157 | Sadbhav Engineering Ltd. | 20,992 | ||||||
471 | Sanofi India Ltd. | 38,009 | ||||||
2,386 | Sharda Cropchem Ltd. | 12,404 | ||||||
2,147 | Shilpa Medicare Ltd.(a) | 12,100 | ||||||
489 | Shriram City Union Finance Ltd. | 11,615 | ||||||
11,440 | Shriram Transport Finance Co. Ltd. | 182,752 | ||||||
1,578 | Siemens Ltd. | 26,611 | ||||||
2,280 | Siyaram Silk Mills Ltd. | 11,680 | ||||||
1,495 | SKF India Ltd. | 42,466 | ||||||
2,942 | Sobha Ltd. | 20,325 | ||||||
6,931 | Sona Koyo Steering Systems Ltd. | 10,046 | ||||||
2,749 | Sonata Software Ltd. | 13,099 | ||||||
21,465 | South Indian Bank Ltd. | 4,802 | ||||||
44,552 | Srei Infrastructure Finance Ltd. | 16,632 | ||||||
3,116 | SRF Ltd. | 115,001 | ||||||
1,016,961 | State Bank of India(a) | 4,532,382 | ||||||
3,181,204 | Steel Authority of India Ltd.(a) | 2,553,313 | ||||||
12,228 | Sterlite Technologies Ltd. | 33,578 | ||||||
3,128 | Strides Shasun Ltd. | 21,569 | ||||||
5,386 | Sun TV Network Ltd. | 44,456 | ||||||
4,575 | Sundram Fasteners Ltd. | 36,316 | ||||||
5,914 | Sunteck Realty Ltd. | 39,237 | ||||||
2,717 | Supreme Industries Ltd. | 44,627 | ||||||
3,270 | Surya Roshni Ltd. | 11,248 | ||||||
8,752 | Suven Life Sciences Ltd. | 33,337 | ||||||
516 | Swaraj Engines Ltd. | 10,329 | ||||||
600 | Symphony Ltd. | 11,794 | ||||||
42,645 | Syndicate Bank(a) | 23,071 | ||||||
2,674 | Syngene International Ltd. | 23,627 | ||||||
13,420 | TAKE Solutions Ltd. | 28,463 | ||||||
3,870 | Tata Chemicals Ltd. | 32,125 | ||||||
17,372 | Tata Global Beverages Ltd. | 52,270 | ||||||
1,013 | Tata Metaliks Ltd. | 9,065 | ||||||
9,423 | Tata Power Co. Ltd. | 9,184 | ||||||
25 | TCI Express Ltd. | 242 | ||||||
4,498 | Techno Electric & Engineering Co Ltd.(a) | 15,323 |
23 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
INDIA (continued) | ||||||||
2,619 | Thermax Ltd. | $ | 36,709 | |||||
3,081 | Thomas Cook India Ltd. | 10,895 | ||||||
7,485 | Ti Financial Holdings Ltd. | 55,524 | ||||||
23,253 | Time Technoplast Ltd. | 30,263 | ||||||
970 | Timken India Ltd. | 7,679 | ||||||
4,248 | Torrent Pharmaceuticals Ltd. | 109,475 | ||||||
6,133 | Torrent Power Ltd. | 22,296 | ||||||
3,514 | Transport Corp. of India Ltd. | 14,760 | ||||||
1,040 | Trent Ltd. | 5,320 | ||||||
10,744 | Trident Ltd. | 10,133 | ||||||
5,808 | Triveni Turbine Ltd. | 8,777 | ||||||
344 | TTK Prestige Ltd. | 40,584 | ||||||
15,510 | Tube Investments Of India Ltd. | 84,846 | ||||||
5,542 | TV Today Network Ltd. | 24,505 | ||||||
2,513,790 | TV18 Broadcast Ltd.(a) | 1,131,976 | ||||||
1,062,294 | UBS MLS Co. Ltd. - A Shares(a) | 2,082,064 | ||||||
5,078 | Uflex Ltd. | 16,757 | ||||||
20,119 | Union Bank of India(a) | 24,162 | ||||||
3,158 | United Breweries Ltd. | 64,425 | ||||||
2,059 | United Spirits Ltd.(a) | 16,604 | ||||||
24,228 | UPL Ltd. | 337,701 | ||||||
2,826 | Vardhman Textiles Ltd. | 45,722 | ||||||
305 | Venky’s India Ltd. | 8,764 | ||||||
375 | Vesuvius India Ltd. | 6,078 | ||||||
5,959 | V-Guard Industries Ltd. | 18,666 | ||||||
830 | Vinati Organics Ltd. | 21,526 | ||||||
4,598 | VIP Industries Ltd. | 31,013 | ||||||
3,561 | Voltas Ltd. | 30,871 | ||||||
2,640 | VRL Logistics Ltd. | 10,300 | ||||||
629 | VST Industries Ltd. | 30,973 | ||||||
368 | WABCO India Ltd. | 33,108 | ||||||
18,219 | Welspun Corp. Ltd. | 34,845 | ||||||
29,615 | Welspun India Ltd. | 22,687 | ||||||
8,145 | West Coast Paper Mills Ltd. | 28,685 | ||||||
6,637 | Zensar Technologies Ltd. | 22,397 | ||||||
888 | Zydus Wellness Ltd. | 16,703 | ||||||
36,288,550 | ||||||||
INDONESIA — 0.2% | ||||||||
267,300 | Ace Hardware Indonesia Tbk PT | 30,969 | ||||||
1,665,700 | Adaro Energy Tbk PT | 152,808 | ||||||
190,300 | Adhi Karya Persero Tbk PT | 23,276 | ||||||
81,400 | AKR Corporindo Tbk PT | 25,448 | ||||||
1,500,100 | Alam Sutera Realty Tbk PT(a) | 35,358 | ||||||
517,329 | Aneka Tambang Persero Tbk PT | 31,493 | ||||||
28,100 | Asahimas Flat Glass Tbk PT | 11,144 | ||||||
45,900 | Astra Agro Lestari Tbk PT | 35,037 | ||||||
9,876,000 | Bakrie Telecom Tbk PT(a) | 34,653 | ||||||
1,325,350 | Bank Pan Indonesia Tbk PT(a) | 120,450 | ||||||
246,200 | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 35,108 | ||||||
611,400 | Bank Pembangunan Daerah Jawa Timur Tbk PT | 29,189 |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
242,600 | Bank Tabungan Negara Persero Tbk PT | $ | 43,200 | |||||
1,314,500 | Barito Pacific Tbk PT | 371,996 | ||||||
166,200 | Bukit Asam Tbk PT | 46,237 | ||||||
456,700 | Bumi Serpong Damai Tbk PT(a) | 46,037 | ||||||
1,062,101 | Ciputra Development Tbk PT | 84,270 | ||||||
644,973 | Citra Marga Nusaphala Persada Tbk PT(a) | 58,521 | ||||||
681,000 | Delta Dunia Makmur Tbk PT(a) | 25,830 | ||||||
858,400 | Elnusa Tbk PT | 23,226 | ||||||
191,500 | Erajaya Swasembada Tbk PT | 19,506 | ||||||
36,600 | Fajar Surya Wisesa Tbk PT | 20,562 | ||||||
591,000 | Gajah Tunggal Tbk PT(a) | 30,716 | ||||||
1,052,900 | Global Mediacom Tbk PT | 29,718 | ||||||
2,616,900 | Hanson International Tbk PT(a) | 18,181 | ||||||
271,700 | Indah Kiat Pulp and Paper Corp. Tbk PT | 141,243 | ||||||
365,600 | Indika Energy Tbk PT | 43,810 | ||||||
47,100 | Indo Tambangraya Megah Tbk PT | 63,606 | ||||||
13,200 | Indocement Tunggal Prakarsa Tbk PT | 20,412 | ||||||
123,500 | Indofood Sukses Makmur Tbk PT | 60,301 | ||||||
354,800 | Japfa Comfeed Indonesia Tbk PT | 38,881 | ||||||
69,709 | Jasa Marga Persero Tbk PT | 29,871 | ||||||
7,473,140 | Kawasan Industri Jababeka Tbk PT(a) | 131,175 | ||||||
883,300 | Kresna Graha Investama PT Tbk(a) | 35,965 | ||||||
1,043,200 | Lippo Karawaci Tbk PT | 23,970 | ||||||
66,200 | Matahari Department Store Tbk PT | 18,954 | ||||||
1,490,275 | Mayora Indah Tbk PT | 272,046 | ||||||
1,694,200 | Medco Energi Internasional Tbk PT(a) | 104,538 | ||||||
631,500 | Media Nusantara Citra Tbk PT | 41,690 | ||||||
631,400 | Mitra Adiperkasa Tbk PT | 44,119 | ||||||
2,498,100 | MNC Investama Tbk PT(a) | 14,388 | ||||||
1,155,000 | Mnc Land Tbk PT(a) | 10,714 | ||||||
844,100 | Modernland Realty Tbk PT | 17,979 | ||||||
25,000 | Pabrik Kertas Tjiwi Kimia Tbk PT | 17,694 | ||||||
463,800 | Pakuwon Jati Tbk PT | 23,265 | ||||||
332,600 | Pan Brothers Tbk PT | 11,776 | ||||||
1,705,900 | Panin Financial Tbk PT(a) | 48,414 | ||||||
17,834,700 | Perusahaan Gas Negara Persero Tbk | 2,906,841 | ||||||
195,800 | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 14,982 | ||||||
276,100 | PP Persero Tbk PT | 46,599 | ||||||
995,300 | Rimo International Lestari Tbk PT(a) | 9,355 | ||||||
463,300 | Salim Ivomas Pratama Tbk PT | 13,469 |
24 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
257,900 | Sawit Sumbermas Sarana Tbk PT | $ | 19,636 | |||||
157,200 | Selamat Sempurna Tbk PT | 16,550 | ||||||
49,400 | Siloam International Hospitals Tbk PT(a) | 14,158 | ||||||
117,500 | Sinar Mas Agro Resources & Technology Tbk PT | 34,148 | ||||||
1,203,400 | Sri Rejeki Isman Tbk PT | 28,377 | ||||||
292,700 | Sumber Alfaria Trijaya Tbk PT | 21,043 | ||||||
523,400 | Summarecon Agung Tbk PT | 41,098 | ||||||
137,100 | Surya Citra Media Tbk PT | 17,900 | ||||||
236,000 | Timah Tbk PT | 22,721 | ||||||
586,900 | Tiphone Mobile Indonesia Tbk PT | 28,819 | ||||||
141,600 | Tower Bersama Infrastructure Tbk PT | 39,296 | ||||||
1,313,000 | Trada Maritime Tbk PT(a) | 10,791 | ||||||
765,600 | Tunas Baru Lampung Tbk PT | 45,404 | ||||||
539,500 | Tunas Ridean Tbk PT | 43,915 | ||||||
3,379,400 | UBS Daqin Railway Co. Ltd. - A Shares(a) | 4,275,178 | ||||||
156,900 | Vale Indonesia Tbk PT(a) | 33,631 | ||||||
1,429,700 | Waskita Beton Precast Tbk Pt | 44,216 | ||||||
439,785 | Waskita Karya Persero Tbk PT | 65,576 | ||||||
440,200 | Wijaya Karya Beton Tbk PT | 18,854 | ||||||
392,700 | Wijaya Karya Persero Tbk PT | 66,812 | ||||||
407,100 | XL Axiata Tbk PT(a) | 83,473 | ||||||
10,560,586 | ||||||||
IRELAND — 1.1% | ||||||||
576,745 | Allegion Plc | 57,230,406 | ||||||
91,358 | Bank Of Ireland Group Plc | 584,009 | ||||||
77,327 | C&C Group Plc | 293,051 | ||||||
43,303 | COSMO Pharmaceuticals NV(a)(c) | 4,085,051 | ||||||
4,646 | Datalex Plc | 4,778 | ||||||
5,572 | FBD Holdings Plc | 56,455 | ||||||
31,774 | Glanbia Plc | 584,374 | ||||||
48,382 | Grafton Group Plc - Units | 557,626 | ||||||
703 | Greencore Group Plc | 2,109 | ||||||
16,165 | IFG Group Plc(a) | 39,246 | ||||||
34,289 | Inmobiliaria Colonial SA, REIT | 54,997 | ||||||
20,975 | Irish Continental Group Plc - Units | 118,427 | ||||||
7,387 | Kingspan Group Plc | 388,366 | ||||||
10,380 | Paddy Power Betfair Plc | 870,410 | ||||||
5,111 | Permanent TSB Group Holdings Plc(a) | 7,885 | ||||||
26,429 | Smurfit Kappa Group Plc | 775,016 | ||||||
4,022 | Tarsus Group Plc | 16,549 | ||||||
7,190 | UDG Healthcare Plc | 61,726 | ||||||
65,730,481 | ||||||||
ISLE OF MAN — 0.0% | ||||||||
11,585 | GVC Holdings Plc | 98,860 |
Shares | Value | |||||||
ISLE OF MAN (continued) | ||||||||
3,704 | Playtech Plc | $ | 21,181 | |||||
120,041 | ||||||||
ISRAEL — 0.7% | ||||||||
9,060 | Africa Israel Properties Ltd.(a) | 246,328 | ||||||
91,534 | Airport City Ltd.(a) | 1,520,027 | ||||||
931 | Alrov Properties and Lodging Ltd. | 33,349 | ||||||
3,895 | Amir Marketing & Investments in Agriculture Ltd. | 38,575 | ||||||
3,097 | Amot Investments Ltd. | 18,259 | ||||||
2,636 | Ashtrom Group Ltd. | 17,215 | ||||||
2,511 | Ashtrom Properties Ltd. | 12,568 | ||||||
1 | AudioCodes Ltd. | 14 | ||||||
9,420 | Azorim-Investment Development & Construction Co. Ltd.(a) | 11,244 | ||||||
42,780 | B Communications Ltd.(a) | 79,250 | ||||||
192 | Bayside Land Corp. | 94,188 | ||||||
25,544 | Bezeq The Israeli Telecommunication Corp. Ltd. | 17,474 | ||||||
984 | Blue Square Real Estate Ltd. | 39,229 | ||||||
1,944 | Carasso Motors Ltd. | 9,270 | ||||||
48,753 | Cellcom Israel Ltd.(a) | 204,143 | ||||||
3,810 | Clal Insurance Enterprise Holdings Ltd.(a) | 52,894 | ||||||
67,300 | Cyberark Software Ltd.(a) | 8,676,989 | ||||||
58 | Danel Adir Yeoshua Ltd. | 3,389 | ||||||
6,881 | Delek Automotive Systems Ltd. | 30,957 | ||||||
509 | Delek Group Ltd. | 96,933 | ||||||
1,075 | Delta-Galil Industries Ltd. | 32,443 | ||||||
5,250 | Direct Insurance Financial Investments Ltd. | 59,091 | ||||||
2,916 | Dor Alon Energy in Israel 1988 Ltd. | 47,983 | ||||||
59,878 | El Al Israel Airlines(a) | 15,128 | ||||||
111 | Electra Ltd. | 30,401 | ||||||
4,206 | Equital Ltd.(a) | 125,458 | ||||||
10,577 | FIBI Holdings Ltd. | 309,964 | ||||||
3,186 | First International Bank of Israel Ltd. | 80,072 | ||||||
2,784 | Formula Systems 1985 Ltd. | 132,968 | ||||||
1,782 | Fox Wizel Ltd. | 50,189 | ||||||
1,314 | Gilat Satellite Networks Ltd.(a) | 11,730 | ||||||
495 | Globrands Ltd. | 45,650 | ||||||
17,448 | Harel Insurance Investments & Financial Services Ltd. | 130,797 | ||||||
15,369 | Hilan Ltd. | 424,084 | ||||||
257 | IDI Insurance Co. Ltd. | 12,007 | ||||||
93,543 | Industrial Buildings Corp. Ltd.(a) | 162,070 | ||||||
2,862 | Inrom Construction Industries Ltd. | 10,493 | ||||||
14,400 | Israel Corp. Ltd. (The) | 3,474,312 | ||||||
1,307,689 | Israel Discount Bank Ltd. - Class A | 5,104,796 |
25 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
ISRAEL (continued) | ||||||||
834 | Israel Land Development - Urban Renewal Ltd.(a) | $ | 7,718 | |||||
34,088,774 | Isramco Negev 2 LP | 3,445,989 | ||||||
1,488 | Isras Investment Co. Ltd. | 215,240 | ||||||
674,586 | Jerusalem Economy Ltd.(a) | 2,245,713 | ||||||
98,782 | Kamada Ltd.(a) | 576,272 | ||||||
395 | Kerur Holdings Ltd.(a) | 10,366 | ||||||
2,263 | Magic Software Enterprises Ltd. | 22,027 | ||||||
232 | Malam - Team Ltd. | 26,436 | ||||||
1,841 | Matrix IT Ltd. | 24,553 | ||||||
8,445 | Meitav DS Investments Ltd. | 26,561 | ||||||
566 | Melisron Ltd. | 28,591 | ||||||
3,204 | Menora Mivtachim Holdings Ltd. | 41,243 | ||||||
164,849 | Migdal Insurance & Financial Holding Ltd. | 170,662 | ||||||
453,871 | Mizrahi Tefahot Bank Ltd. | 9,824,986 | ||||||
470 | Municipal Bank Ltd. | 92,637 | ||||||
26,582 | Naphtha Israel Petroleum Corp. Ltd. | 161,795 | ||||||
143 | Neto ME Holdings Ltd.(a) | 12,206 | ||||||
1,639 | Nova Measuring Instruments Ltd.(a) | 45,878 | ||||||
1,876,034 | Oil Refineries Ltd.(a) | 921,589 | ||||||
251,279 | Partner Communications Co. Ltd.(a) | 1,136,141 | ||||||
17,899 | Paz Oil Co. Ltd. | 2,609,408 | ||||||
5,147 | Phoenix Holdings Ltd. (The) | 29,382 | ||||||
207 | Plasson Industries Ltd. | 8,784 | ||||||
1,078 | Property & Building Corp. Ltd. | 95,337 | ||||||
5,220 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 272,782 | ||||||
15 | Scope Metals Group Ltd. | 402 | ||||||
36,690 | Shikun & Binui Ltd.(a) | 94,917 | ||||||
196,729 | Shufersal Ltd. | 1,308,198 | ||||||
16,358 | Strauss Group Ltd. | 417,279 | ||||||
3,075 | Summit Real Estate Holdings Ltd. | 28,021 | ||||||
22,461 | Taptica international Ltd. | 42,651 | ||||||
3,836 | Tower Semiconductor Ltd.(a) | 70,002 | ||||||
6,295 | Union Bank of Israel(a) | 30,380 | ||||||
744 | YH Dimri Construction & Development Ltd. | 13,764 | ||||||
45,519,841 | ||||||||
ITALY — 0.7% | ||||||||
2,141,366 | A2A SpA | 3,583,881 | ||||||
48,412 | ACEA SpA | 880,396 | ||||||
36,937 | Aeffe SpA(a) | 122,287 | ||||||
4,816 | Amplifon SpA | 92,650 | ||||||
34,430 | Anima Holding SpA(a) | 137,218 | ||||||
918 | Aquafil SpA | 9,980 | ||||||
194,909 | Arnoldo Mondadori Editore SpA(a) | 373,461 | ||||||
25,968 | Ascopiave SpA | 111,781 | ||||||
2,434 | Astaldi SpA(a) | 1,904 |
Shares | Value | |||||||
ITALY (continued) | ||||||||
67,540 | Autogrill SpA | $ | 656,350 | |||||
1,023 | Avio SpA | 14,516 | ||||||
102,204 | Azimut Holding SpA | 2,066,737 | ||||||
9,761 | Banca Farmafactoring SpA | 57,645 | ||||||
97,349 | Banca Generali SpA | 2,750,599 | ||||||
4,238 | Banca IFIS SpA | 73,197 | ||||||
146,522 | Banca Mediolanum SpA | 1,076,172 | ||||||
41,657 | Banca Popolare di Sondrio SCPA | 113,404 | ||||||
61,100 | Banca Profilo SpA | 11,472 | ||||||
15,282 | Banca Sistema SpA | 28,775 | ||||||
76,238 | Banco BPM SpA(a) | 181,487 | ||||||
1,604 | Banco di Desio e della Brianza SpA | 3,662 | ||||||
1,231,589 | Banco Espirito Santo SA(a)(b)(c) | 0 | ||||||
35,103 | BasicNet SpA | 214,875 | ||||||
37,142 | BE | 44,161 | ||||||
1,214 | Biesse SpA | 27,053 | ||||||
284,365 | BPER Banca | 1,367,199 | ||||||
13,782 | Brembo SpA | 181,292 | ||||||
1,238 | Brunello Cucinelli SpA | 45,009 | ||||||
12,479 | Buzzi Unicem SpA | 278,228 | ||||||
9,666 | Cairo Communication SpA | 39,898 | ||||||
31,382 | Cementir Holding SpA | 227,889 | ||||||
14,741 | Cerved Information Solutions SpA | 144,067 | ||||||
165,287 | CIR-Compagnie Industriali Riunite SpA | 203,494 | ||||||
55,650 | Credito Emiliano SpA | 317,923 | ||||||
496,813 | Credito Valtellinese SpA(a) | 40,004 | ||||||
2,366 | Danieli & C Officine Meccaniche SpA | 48,213 | ||||||
2,219 | Datalogic SpA | 52,663 | ||||||
40,590 | Davide Campari-Milano SpA | 409,473 | ||||||
5,018 | De’ Longhi SpA | 128,626 | ||||||
62,065 | DeA Capital SpA | 108,050 | ||||||
1,255 | DiaSorin SpA | 122,685 | ||||||
407 | El.En. SpA | 8,270 | ||||||
24,297 | Elica SpA(a) | 63,561 | ||||||
37,895 | Emak SpA | 57,830 | ||||||
11,917 | ERG SpA | 220,147 | ||||||
135,036 | Esprinet SpA | 550,573 | ||||||
169,044 | Eurotech SpA(a) | 722,155 | ||||||
802,334 | Falck Renewables SpA | 2,870,888 | ||||||
134,357 | Fiera Milano SpA(a) | 705,766 | ||||||
1,968 | Fila SpA | 30,570 | ||||||
50,645 | Fincantieri SpA | 62,017 | ||||||
2,400 | Fine Foods & Pharmaceuticals NTM | 27,972 | ||||||
35,227 | FinecoBank Banca Fineco SpA | 464,009 | ||||||
72,956 | FNM SpA | 41,699 | ||||||
64,783 | GEDI Gruppo Editoriale SpA(a) | 25,032 | ||||||
21,426 | Geox SpA | 39,935 | ||||||
8,084 | Gruppo Mutuionline SpA | 156,397 | ||||||
828,953 | Hera SpA | 2,950,877 |
26 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
ITALY (continued) | ||||||||
41,638 | Immobiliare Grande Distribuzione SIIQ SpA, REIT | $ | 315,487 | |||||
83,834 | IMMSI SpA(a) | 49,774 | ||||||
997 | Industria Macchine Automatiche SpA | 78,400 | ||||||
14,478 | Infrastrutture Wireless Italiane SPA | 120,008 | ||||||
5,054 | Interpump Group SpA | 190,053 | ||||||
533,422 | Iren SpA | 1,247,605 | ||||||
417,279 | Italgas SpA | 2,606,544 | ||||||
42,259 | Juventus Football Club SpA(a) | 59,855 | ||||||
45,078 | Leonardo SpA | 521,321 | ||||||
2,583 | LU-VE SpA | 34,190 | ||||||
153,291 | Maire Tecnimont SpA | 548,512 | ||||||
1,563 | MARR SpA | 37,964 | ||||||
4,244 | Massimo Zanetti Beverage Group SpA | 29,230 | ||||||
63,364 | Mediaset SpA(a) | 210,946 | ||||||
74,819 | Mediobanca Banca di Credito Finanziario SpA | 793,033 | ||||||
9,829 | Moncler SpA | 404,114 | ||||||
715,497 | Piaggio & C SpA | 1,976,955 | ||||||
52,079 | Pirelli & C SpA(a) | 380,718 | ||||||
99,125 | Poste Italiane SpA | 1,059,394 | ||||||
1,015 | Prima Industrie SpA | 22,981 | ||||||
9,272 | Prysmian SpA | 179,029 | ||||||
10,849 | RAI Way SpA | 57,099 | ||||||
19,423 | Recordati SpA | 784,842 | ||||||
88,169 | Reno de Medici SpA | 69,829 | ||||||
971 | Reply SpA | 63,294 | ||||||
15,504 | Retelit SpA | 26,514 | ||||||
31,219 | Rizzoli Corriere Della Sera Mediagroup SpA(a) | 45,392 | ||||||
3,291 | Sabaf SpA | 57,800 | ||||||
75,596 | Saipem SpA(a) | 383,461 | ||||||
9,131 | Salini Impregilo SpA | 19,068 | ||||||
1,495 | Salvatore Ferragamo SpA | 33,918 | ||||||
101,035 | Saras SpA | 180,510 | ||||||
6,627 | Servizi Italia SpA | 29,269 | ||||||
4,801 | Sesa SpA | 149,473 | ||||||
171,499 | Societa Cattolica di Assicurazioni SCRL | 1,597,864 | ||||||
33,004 | Societa Iniziative Autostradali e Servizi SpA | 544,186 | ||||||
15,060 | Sogefi SpA(a) | 23,895 | ||||||
10,989 | SOL SpA | 147,810 | ||||||
5,968 | Technogym SpA | 73,235 | ||||||
49,203 | Terna Rete Elettrica Nazionale SpA | 295,178 | ||||||
54,970 | Tinexta Spa | 700,245 | ||||||
1,050 | Tod’s SpA | 51,638 | ||||||
777 | Unieuro SpA | 12,840 | ||||||
86,128 | Unione di Banche Italiane SpA | 268,883 | ||||||
610,001 | Unipol Gruppo SpA | 3,107,443 | ||||||
174,597 | UnipolSai Assicurazioni SpA | 478,434 |
Shares | Value | |||||||
ITALY (continued) | ||||||||
4,301 | Zignago Vetro SpA | $ | 54,869 | |||||
45,469,176 | ||||||||
JAPAN — 7.1% | ||||||||
83,400 | 77 Bank Ltd. (The) | 1,196,786 | ||||||
60,700 | A&D Co. Ltd. | 497,671 | ||||||
1,100 | Abist Co. Ltd. | 31,343 | ||||||
1,900 | Achilles Corp. | 33,697 | ||||||
19,200 | Adastria Co. Ltd. | 472,092 | ||||||
93,743 | ADEKA Corp. | 1,408,346 | ||||||
2,200 | Advan Co. Ltd. | 20,514 | ||||||
700 | Advance Create Co. Ltd. | 11,553 | ||||||
1,700 | Advanex, Inc. | 26,967 | ||||||
251,500 | Advantest Corp. | 7,132,219 | ||||||
300 | Adventure, Inc. | 12,299 | ||||||
13,900 | Aeon Delight Co. Ltd. | 468,001 | ||||||
1,200 | Aeon Fantasy Co. Ltd. | 28,689 | ||||||
3,400 | Aeon Mall Co. Ltd. | 52,200 | ||||||
20,200 | Ahresty Corp. | 115,891 | ||||||
2,000 | Ai Holdings Corp. | 32,682 | ||||||
2,300 | Aica Kogyo Co. Ltd. | 79,802 | ||||||
4,800 | Aichi Bank Ltd. (The) | 156,738 | ||||||
11,000 | Aichi Corp. | 75,161 | ||||||
2,800 | Aichi Steel Corp. | 85,989 | ||||||
1,000 | Aichi Tokei Denki Co. Ltd. | 37,156 | ||||||
6,200 | Aida Engineering Ltd. | 48,917 | ||||||
15,100 | Aiful Corp.(a) | 35,428 | ||||||
2,000 | Ain Holdings, Inc. | 159,090 | ||||||
6,600 | Aiphone Co. Ltd. | 104,212 | ||||||
33,900 | Air Water, Inc. | 517,098 | ||||||
4,700 | Airport Facilities Co. Ltd. | 23,276 | ||||||
27,800 | Aisan Industry Co. Ltd. | 188,440 | ||||||
300 | Akatsuki, Inc. | 13,665 | ||||||
29,200 | Akebono Brake Industry Co. Ltd.(a) | 33,946 | ||||||
7,300 | Akita Bank Ltd. (The) | 144,162 | ||||||
1,000 | Albis Co. Ltd. | 20,421 | ||||||
7,500 | Alconix Corp. | 89,309 | ||||||
4,200 | Alinco, Inc. | 36,722 | ||||||
3,400 | Alleanza Holdings Co. Ltd. | 26,166 | ||||||
1,700 | Alpen Co. Ltd. | 26,433 | ||||||
2,800 | Alpha Corp. | 31,813 | ||||||
2,600 | AlphaPolis Co. Ltd.(a) | 46,407 | ||||||
6,600 | Alps Logistics Co. Ltd. | 49,525 | ||||||
24,900 | Altech Corp. | 434,303 | ||||||
16,500 | Amada Holdings Co. Ltd. | 184,967 | ||||||
4,800 | Amano Corp. | 125,437 | ||||||
1,300 | Amiyaki Tei Co. Ltd. | 40,510 | ||||||
1,000 | Amuse, Inc. | 23,765 | ||||||
7,400 | Anest Iwata Corp. | 64,636 | ||||||
1,200 | Anicom Holdings, Inc. | 37,243 | ||||||
5,900 | Anritsu Corp. | 102,617 | ||||||
38,500 | AOI TYO Holdings, Inc. | 264,226 | ||||||
9,900 | AOKI Holdings, Inc. | 103,466 | ||||||
2,000 | Aomori Bank Ltd. (The) | 52,316 | ||||||
10,100 | Aoyama Trading Co. Ltd. | 221,846 |
27 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
600 | Aoyama Zaisan Networks Co. Ltd. | $ | 8,580 | |||||
16,400 | Aozora Bank Ltd. | 400,710 | ||||||
1,400 | Apaman Co. Ltd. | 9,477 | ||||||
5,000 | Arakawa Chemical Industries Ltd. | 67,455 | ||||||
8,100 | Arata Corp. | 289,374 | ||||||
7,100 | Arcland Sakamoto Co. Ltd. | 92,287 | ||||||
12,600 | Arcland Service Holdings Co., Ltd. | 224,512 | ||||||
43,338 | Arcs Co. Ltd. | 878,575 | ||||||
1,200 | Arealink Co. Ltd. | 12,252 | ||||||
1,100 | Ariake Japan Co. Ltd. | 64,278 | ||||||
2,100 | Artnature, Inc. | 11,836 | ||||||
2,090 | As One Corp. | 167,274 | ||||||
43,500 | Asahi Co. Ltd. | 528,701 | ||||||
62,500 | Asahi Diamond Industrial Co. Ltd. | 442,473 | ||||||
4,350 | Asahi Holdings, Inc. | 84,676 | ||||||
2,000 | Asahi Kogyosha Co. Ltd. | 54,429 | ||||||
27,600 | Asahi Yukizai Corp. | 447,086 | ||||||
2,900 | Asante, Inc. | 56,653 | ||||||
1,600 | Asanuma Corp. | 35,464 | ||||||
33,200 | Asax Co. Ltd. | 158,750 | ||||||
1,500 | Ashimori Industry Co. Ltd. | 21,824 | ||||||
64,600 | Asia Pile Holdings Corp. | 351,453 | ||||||
8,000 | Asics Corp. | 98,558 | ||||||
10,000 | ASKA Pharmaceutical Co. Ltd. | 104,534 | ||||||
900 | ASKUL Corp. | 24,191 | ||||||
1,400 | Asti Corp. | 25,176 | ||||||
1,500 | Asunaro Aoki Construction Co. Ltd. | 11,666 | ||||||
8,000 | Ateam, Inc. | 119,782 | ||||||
7,600 | Atom Corp. | 65,772 | ||||||
4,100 | Autobacs Seven Co. Ltd. | 71,504 | ||||||
11,500 | Avant Corp. | 169,529 | ||||||
88,600 | Avex, Inc. | 1,122,782 | ||||||
12,900 | Awa Bank Ltd. (The) | 324,758 | ||||||
2,400 | Axial Retailing, Inc. | 71,495 | ||||||
5,800 | Azbil Corp. | 139,605 | ||||||
15,200 | Bando Chemical Industries Ltd. | 148,178 | ||||||
8,800 | Bank of Iwate Ltd. (The) | 253,435 | ||||||
8,200 | Bank of Kyoto Ltd. (The) | 355,343 | ||||||
1,400 | Bank of Nagoya Ltd. (The) | 45,400 | ||||||
15,600 | Bank of Okinawa Ltd. (The) | 485,375 | ||||||
9,000 | Bank of Saga Ltd. (The) | 142,542 | ||||||
125,300 | Bank of the Ryukyus Ltd. | 1,356,517 | ||||||
3,700 | Baycurrent Consulting, Inc. | 134,078 | ||||||
1,200 | Belc Co. Ltd. | 53,791 | ||||||
3,300 | Bell System24 Holdings, Inc. | 48,144 | ||||||
7,400 | Belluna Co. Ltd. | 55,838 | ||||||
4,400 | Benefit One, Inc. | 92,017 | ||||||
3,500 | Benesse Holdings, Inc. | 96,768 | ||||||
400 | Bengo4.Com, Inc.(a) | 15,626 | ||||||
8,900 | Bic Camera, Inc. | 95,464 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
500 | Biofermin Pharmaceutical Co. Ltd. | $ | 10,253 | |||||
45,100 | BML, Inc. | 1,274,299 | ||||||
10,300 | Bookoff Group Holdings Ltd. | 79,201 | ||||||
700 | Bp Castrol Kk | 9,169 | ||||||
1,600 | Br Holdings Corp. | 4,591 | ||||||
7,700 | Broadband Tower, Inc. | 19,862 | ||||||
38,900 | Broadleaf Co. Ltd. | 200,442 | ||||||
900 | BRONCO BILLY Co. Ltd. | 18,718 | ||||||
71,900 | Bunka Shutter Co. Ltd. | 530,435 | ||||||
1,200 | C Uyemura & Co. Ltd. | 74,142 | ||||||
900 | Can Do Co. Ltd. | 13,811 | ||||||
3,800 | Canon Electronics, Inc. | 62,623 | ||||||
39,500 | Canon Marketing Japan, Inc. | 857,068 | ||||||
103,800 | Capcom Co. Ltd. | 2,342,111 | ||||||
9,100 | Carlit Holdings Co. Ltd. | 69,776 | ||||||
26,600 | Carta Holdings Inc. | 285,820 | ||||||
14,700 | Casio Computer Co. Ltd. | 185,164 | ||||||
2,200 | Cawachi Ltd. | 38,953 | ||||||
34,800 | Central Glass Co. Ltd. | 813,278 | ||||||
500 | Central Security Patrols Co. Ltd. | 23,718 | ||||||
1,300 | Central Sports Co. Ltd. | 36,755 | ||||||
162,000 | Chiba Kogyo Bank Ltd. (The) | 417,639 | ||||||
2,900 | Chilled & Frozen Logistics Holdings Co. Ltd. | 32,507 | ||||||
3,800 | Chino Corp. | 44,680 | ||||||
2,300 | Chiyoda Co. Ltd. | 36,447 | ||||||
600 | Chiyoda Integre Co. Ltd. | 11,215 | ||||||
2,500 | Chori Co. Ltd. | 37,323 | ||||||
3,200 | Choushimaru Co. Ltd. | 35,178 | ||||||
5,900 | Chubu Shiryo Co. Ltd. | 65,332 | ||||||
2,700 | Chuetsu Pulp & Paper Co. Ltd. | 34,100 | ||||||
74,600 | Chugai Mining Co. Ltd.(a) | 12,751 | ||||||
1,500 | Chugai Ro Co. Ltd. | 25,083 | ||||||
65,500 | Chugoku Bank Ltd. (The) | 634,266 | ||||||
5,800 | Chugoku Marine Paints Ltd. | 54,923 | ||||||
19,700 | Chukyo Bank Ltd. (The) | 388,640 | ||||||
23,500 | CI Takiron Corp. | 142,079 | ||||||
78,500 | Citizen Watch Co. Ltd. | 442,601 | ||||||
6,200 | CKD Corp. | 72,112 | ||||||
900 | Ck-San-Etsu Co. Ltd. | 23,429 | ||||||
4,800 | Cleanup Corp. | 26,857 | ||||||
14,600 | CMIC Holdings Co. Ltd. | 215,240 | ||||||
10,800 | CMK Corp. | 74,971 | ||||||
1,490 | Cocokara Fine, Inc. | 59,325 | ||||||
9,200 | COLOPL Inc. | 56,004 | ||||||
5,400 | Colowide Co. Ltd. | 108,482 | ||||||
100,000 | Computer Engineering & Consulting Ltd. | 1,980,171 | ||||||
5,800 | COMSYS Holdings Corp. | 152,594 | ||||||
3,300 | Comture Corp. | 113,767 | ||||||
2,400 | CONEXIO Corp. | 29,801 | ||||||
6,500 | COOKPAD, Inc.(a) | 15,844 | ||||||
2,800 | Cosel Co. Ltd. | 30,087 | ||||||
16,200 | Cosmo Energy Holdings Co. Ltd. | 334,540 |
28 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
5,000 | Cosmos Initia Co. Ltd. | $ | 25,253 | |||||
700 | Cosmos Pharmaceutical Corp. | 111,903 | ||||||
2,970 | Cota Co. Ltd. | 33,492 | ||||||
1,400 | Create Medic Co. Ltd. | 12,202 | ||||||
4,100 | Create Restaurants Holdings, Inc. | 49,206 | ||||||
2,500 | Create SD Holdings Co. Ltd. | 57,823 | ||||||
17,900 | Credit Saison Co. Ltd. | 229,023 | ||||||
4,900 | Creek & River Co. Ltd. | 54,136 | ||||||
400 | Cresco Ltd. | 12,183 | ||||||
6,700 | CTI Engineering Co. Ltd. | 92,083 | ||||||
2,700 | Cts Co. Ltd. | 16,509 | ||||||
15,100 | Cube System, Inc. | 107,237 | ||||||
95,700 | Cybozu, Inc. | 909,472 | ||||||
296 | DA Office Investment Corp. REIT | 1,997,734 | ||||||
7,300 | Dai Nippon Toryo Co. Ltd. | 68,984 | ||||||
2,900 | Daibiru Corp. | 25,717 | ||||||
16,300 | Daicel Corp. | 182,864 | ||||||
2,100 | Dai-Dan Co. Ltd. | 46,679 | ||||||
5,367 | Daido Kogyo Co. Ltd. | 41,913 | ||||||
13,800 | Daido Metal Co. Ltd. | 87,001 | ||||||
6,400 | Daido Steel Co. Ltd. | 261,124 | ||||||
5,500 | Daihatsu Diesel Manufacturing Co. Ltd. | 32,052 | ||||||
2,600 | Daihen Corp. | 72,778 | ||||||
33,600 | Daiho Corp. | 901,220 | ||||||
2,600 | Dai-Ichi Cutter Kogyo KK | 42,498 | ||||||
10,800 | Daiichi Jitsugyo Co. Ltd. | 333,402 | ||||||
5,700 | Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 43,964 | ||||||
2,200 | Dai-ichi Seiko Co. Ltd. | 22,573 | ||||||
10,200 | Daiichikosho Co. Ltd. | 499,749 | ||||||
2,300 | Daiken Corp. | 43,478 | ||||||
13,200 | Daiken Medical Co. Ltd. | 67,716 | ||||||
9,800 | Daiki Aluminium Industry Co. Ltd. | 57,197 | ||||||
5,100 | Daikoku Denki Co. Ltd. | 69,594 | ||||||
1,100 | Daikokutenbussan Co. Ltd. | 37,757 | ||||||
8,700 | Daikyonishikawa Corp. | 87,747 | ||||||
4,100 | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 119,426 | ||||||
15,100 | Daio Paper Corp. | 174,820 | ||||||
1,600 | Daiohs Corp. | 20,102 | ||||||
1,810 | Daiseki Co. Ltd. | 49,724 | ||||||
4,100 | Daiseki Eco. Solution Co. Ltd. | 22,365 | ||||||
850 | Daishi Hokuetsu Financial Group, Inc. | 25,017 | ||||||
1,200 | Daisue Construction Co. Ltd. | 10,015 | ||||||
5,300 | Daito Bank Ltd. (The) | 29,964 | ||||||
25,000 | Daito Electron Co. Ltd. | 373,738 | ||||||
18,660 | Daito Pharmaceutical Co. Ltd. | 602,714 | ||||||
31,300 | Daiwabo Holdings Co. Ltd. | 1,601,802 | ||||||
450,470 | DCM Holdings Co. Ltd. | 4,465,142 | ||||||
700 | Dd Holdings Co. Ltd. | 11,773 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
7,100 | Denka Co. Ltd. | $ | 214,387 | |||||
2,400 | Denyo Co. Ltd. | 30,507 | ||||||
102,628 | Descente Ltd. | 2,174,028 | ||||||
12,400 | Dexerials Corp. | 78,453 | ||||||
16,900 | DIC Corp. | 496,413 | ||||||
1,000 | Digital Arts, Inc. | 86,346 | ||||||
139,400 | Digital Garage, Inc. | 4,072,724 | ||||||
53,800 | Dip Corp. | 822,335 | ||||||
2,000 | DKS Co. Ltd. | 65,332 | ||||||
16,900 | DMG Mori Co. Ltd. | 243,701 | ||||||
1,700 | Dms, Inc. | 29,338 | ||||||
7,600 | Doshisha Co. Ltd. | 121,575 | ||||||
3,374 | Doutor Nichires Holdings Co. Ltd. | 64,356 | ||||||
5,700 | Dowa Holdings Co. Ltd. | 185,862 | ||||||
400 | DSB Co. Ltd. | 1,608 | ||||||
1,700 | DTS Corp. | 60,210 | ||||||
85,300 | Duskin Co. Ltd. | 2,105,134 | ||||||
1,900 | DyDo Group Holdings, Inc. | 84,955 | ||||||
400 | Dynic Corp. | 2,640 | ||||||
9,300 | Eagle Industry Co. Ltd. | 106,573 | ||||||
21,400 | Ebara Corp. | 658,625 | ||||||
17,800 | Ebara Jitsugyo Co. Ltd. | 334,911 | ||||||
4,200 | Ebase Co. Ltd. | 40,754 | ||||||
5,700 | eBook Initiative Japan Co. Ltd.(a) | 86,507 | ||||||
19,400 | Eco’s Co Ltd/Japan | 256,950 | ||||||
134,000 | EDION Corp. | 1,136,331 | ||||||
1,400 | EF-ON, Inc. | 10,526 | ||||||
2,800 | eGuarantee, Inc. | 29,951 | ||||||
800 | E-Guardian, Inc. | 15,265 | ||||||
12,600 | Ehime Bank Ltd. (The) | 119,868 | ||||||
4,800 | Eidai Co. Ltd. | 17,744 | ||||||
3,800 | Eiken Chemical Co. Ltd. | 68,346 | ||||||
1,300 | Eizo Corp. | 49,963 | ||||||
1,200 | Elan Corp. | 18,303 | ||||||
39,300 | Elecom Co. Ltd. | 1,318,671 | ||||||
4,300 | Elematec Corp. | 79,122 | ||||||
1,100 | Em Systems Co. Ltd. | 14,849 | ||||||
4,200 | Endo Lighting Corp. | 30,801 | ||||||
700 | Enigmo, Inc.(a) | 18,701 | ||||||
2,400 | en-japan, Inc. | 78,156 | ||||||
1,500 | Enomoto Co. Ltd. | 12,393 | ||||||
400 | Enplas Corp. | 11,335 | ||||||
2,700 | Enshu Ltd.(a) | 28,943 | ||||||
2,400 | EPS Holdings Inc. | 43,028 | ||||||
4,800 | Es-Con Japan Ltd. | 34,203 | ||||||
1,800 | Escrit, Inc. | 10,332 | ||||||
2,600 | ESPEC Corp. | 51,367 | ||||||
1,400 | Excel Co. Ltd. | 24,817 | ||||||
9,000 | Exedy Corp. | 206,237 | ||||||
2,500 | Ezaki Glico Co. Ltd. | 131,937 | ||||||
190,900 | F@N Communications, Inc. | 1,171,981 | ||||||
1,600 | FALCO HOLDINGS Co. Ltd. | 20,510 | ||||||
3,700 | Fancl Corp. | 109,781 | ||||||
8,400 | FCC Co. Ltd. | 173,929 |
29 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
81,580 | Feed One Co. Ltd. | $ | 125,490 | |||||
12,800 | Ferrotec Holdings Corp. | 143,183 | ||||||
26,400 | FIDEA Holdings Co. Ltd. | 31,101 | ||||||
6,600 | Financial Products Group Co. Ltd. | 56,800 | ||||||
28,300 | First Bank of Toyama Ltd. (The) | 96,753 | ||||||
2,400 | First Juken Co. Ltd. | 26,234 | ||||||
800 | Fixstars Corp. | 10,571 | ||||||
34,300 | FJ Next Co. Ltd. | 274,950 | ||||||
24,200 | Foster Electric Co. Ltd. | 377,338 | ||||||
1,300 | FP Corp. | 79,207 | ||||||
6,400 | France Bed Holdings Co. Ltd. | 52,718 | ||||||
700 | Freund Corp. | 5,058 | ||||||
3,200 | Fronteo, Inc. | 14,508 | ||||||
5,600 | F-Tech, Inc. | 44,497 | ||||||
1,200 | Ftgroup Co. Ltd. | 14,641 | ||||||
74,280 | Fudo Tetra Corp. | 1,021,895 | ||||||
2,400 | Fuji Co. Ltd. | 40,020 | ||||||
6,500 | Fuji Corp. Ltd. | 49,114 | ||||||
2,100 | Fuji Corp./Miyagi | 42,387 | ||||||
1,800 | Fuji Die Co. Ltd. | 10,307 | ||||||
2,500 | Fuji Kyuko Co. Ltd. | 94,752 | ||||||
14,300 | Fuji Machine Manufacturing Co. Ltd. | 216,161 | ||||||
257,900 | Fuji Oil Co. Ltd. | 645,449 | ||||||
4,100 | Fuji Oil Holdings, Inc. | 131,698 | ||||||
1,300 | Fuji Pharma Co. Ltd. | 19,732 | ||||||
2,100 | Fuji Seal International, Inc. | 73,440 | ||||||
32,600 | Fuji Soft, Inc. | 1,289,469 | ||||||
2,100 | Fujibo Holdings, Inc. | 52,241 | ||||||
1,400 | Fujicco Co. Ltd. | 27,687 | ||||||
1,800 | Fujikura Composites Inc. | 7,728 | ||||||
7,900 | Fujikura Kasei Co. Ltd. | 43,244 | ||||||
75,800 | Fujikura Ltd. | 312,762 | ||||||
22,800 | Fujimi, Inc. | 530,824 | ||||||
3,800 | Fujimori Kogyo Co. Ltd. | 111,157 | ||||||
1,000 | Fujio Food System Co. Ltd. | 26,160 | ||||||
39,000 | Fujisash Co. Ltd. | 30,236 | ||||||
800 | Fujita Kanko, Inc. | 19,783 | ||||||
2,900 | Fujitec Co. Ltd. | 35,618 | ||||||
4,300 | Fujitsu Frontech Ltd. | 41,043 | ||||||
6,300 | Fujitsu General Ltd. | 91,996 | ||||||
1,200 | Fujiya Co. Ltd. | 22,288 | ||||||
7,000 | FuKoKu Co. Ltd. | 51,933 | ||||||
1,600 | Fukuda Corp. | 63,230 | ||||||
2,800 | Fukui Bank Ltd. (The) | 40,882 | ||||||
87,500 | Fukui Computer Holdings, Inc. | 1,759,578 | ||||||
18,692 | Fukuoka Financial Group, Inc. | 436,314 | ||||||
4,400 | Fukushima Bank Ltd. (The)(a) | 12,688 | ||||||
1,800 | Fukushima Industries Corp. | 62,410 | ||||||
2,800 | Fukuyama Transporting Co. Ltd. | 107,876 | ||||||
12,600 | Full Speed, Inc.(a) | 61,289 | ||||||
27,800 | FULLCAST Holdings Co. Ltd. | 613,086 | ||||||
2,000 | Funai Soken Holdings, Inc. | 51,887 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
4,700 | Furukawa Battery Co. Ltd. (The) | $ | 28,178 | |||||
4,200 | Furukawa Co. Ltd. | 52,382 | ||||||
19,400 | Furukawa Electric Co. Ltd. | 512,062 | ||||||
117,900 | Furuno Electric Co. Ltd. | 993,470 | ||||||
5,100 | Furusato Industries Ltd. | 74,764 | ||||||
9,700 | Furyu Corp. | 87,869 | ||||||
2,100 | Fuso Chemical Co. Ltd. | 37,584 | ||||||
1,100 | Fuso Pharmaceutical Industries Ltd. | 24,400 | ||||||
22,800 | Futaba Industrial Co. Ltd. | 143,821 | ||||||
54,400 | Future Corp. | 909,359 | ||||||
5,900 | Fuyo General Lease Co. Ltd. | 294,687 | ||||||
900 | G-7 Holdings, Inc. | 20,355 | ||||||
9,100 | Gakken Holdings Co. Ltd. | 426,203 | ||||||
900 | Gakkyusha Co. Ltd. | 10,367 | ||||||
1,700 | Gakujo Co. Ltd. | 17,462 | ||||||
3,000 | GCA Corp. | 22,126 | ||||||
6,700 | Gecoss Corp. | 60,201 | ||||||
30,500 | Genki Sushi Co. Ltd. | 1,187,054 | ||||||
800 | Genky DrugStores Co. Ltd. | 18,785 | ||||||
18,900 | Geo Holdings Corp. | 257,526 | ||||||
6,600 | Geostr Corp. | 23,040 | ||||||
800 | Giken Ltd. | 25,083 | ||||||
900 | Gl Sciences, Inc. | 13,938 | ||||||
10,900 | GLOBERIDE, Inc. | 314,744 | ||||||
5,800 | Glory Ltd. | 146,443 | ||||||
2,200 | GMO Cloud KK | 82,830 | ||||||
6,200 | GMO Internet, Inc. | 96,233 | ||||||
2,200 | Godo Steel Ltd. | 34,337 | ||||||
2,280 | Goldcrest Co. Ltd. | 30,047 | ||||||
300 | Goldwin, Inc. | 47,973 | ||||||
3,200 | Grandy House Corp. | 12,898 | ||||||
372,700 | Gree, Inc. | 1,454,556 | ||||||
13,200 | GS Yuasa Corp. | 265,212 | ||||||
6,700 | G-Tekt Corp. | 95,583 | ||||||
101,700 | GungHo Online Entertainment, Inc. | 317,293 | ||||||
139,700 | Gunma Bank Ltd. (The) | 554,002 | ||||||
1,000 | Gunosy, Inc.(a) | 14,996 | ||||||
27,700 | Gunze Ltd. | 1,179,773 | ||||||
226,400 | Gurunavi, Inc. | 1,262,334 | ||||||
1,700 | H.I.S. Co. Ltd. | 54,299 | ||||||
21,135 | H2O Retailing Corp. | 269,264 | ||||||
6,545 | HABA Laboratories, Inc. | 438,897 | ||||||
162,000 | Hachijuni Bank Ltd. (The) | 652,073 | ||||||
3,200 | Hagihara Industries, Inc. | 41,829 | ||||||
900 | Hagiwara Electric Co. Ltd. | 25,001 | ||||||
1,700 | Hakudo Co. Ltd. | 23,657 | ||||||
2,700 | Hakuto Co. Ltd. | 29,295 | ||||||
500 | Halows Co. Ltd. | 9,901 | ||||||
6,500 | Hamakyorex Co. Ltd. | 240,542 | ||||||
8,600 | Hanwa Co. Ltd. | 247,881 | ||||||
31,700 | Happinet Corp. | 376,904 | ||||||
1,300 | Harada Industry Co. Ltd. | 9,655 | ||||||
4,500 | Harima Chemicals Group, Inc. | 44,434 |
30 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,600 | Harmonic Drive Systems, Inc. | $ | 63,702 | |||||
1,400 | Haruyama Trading Co. Ltd. | 10,542 | ||||||
285,600 | Haseko Corp. | 3,454,038 | ||||||
205,760 | Hazama Ando Corp. | 1,383,637 | ||||||
800 | Hearts United Group Co. Ltd. | 8,995 | ||||||
6,200 | Heiwa Corp. | 123,542 | ||||||
5,500 | Heiwa Real Estate Co. Ltd. | 106,097 | ||||||
44,900 | Heiwado Co. Ltd. | 827,302 | ||||||
5,800 | Helios Techno Holding Co. Ltd. | 34,288 | ||||||
51,778 | Hiday Hidaka Corp. | 943,537 | ||||||
4,700 | HI-LEX Corp. | 87,086 | ||||||
700 | Hinokiya Group Co. Ltd. | 14,345 | ||||||
12,600 | Hioki EE Corp. | 454,791 | ||||||
600 | Hirata Corp. | 41,370 | ||||||
300 | Hirose Electric Co. Ltd. | 34,770 | ||||||
165,700 | Hiroshima Bank Ltd. (The) | 893,808 | ||||||
5,400 | Hiroshima Gas Co. Ltd. | 17,252 | ||||||
14,900 | Hitachi Capital Corp. | 346,959 | ||||||
22,600 | Hitachi Chemical Co. Ltd. | 602,784 | ||||||
4,000 | Hitachi Transport System Ltd. | 110,924 | ||||||
22,000 | Hitachi Zosen Corp. | 68,188 | ||||||
18,600 | Hochiki Corp. | 212,190 | ||||||
1,600 | Hodogaya Chemical Co. Ltd. | 43,967 | ||||||
2,900 | Hogy Medical Co. Ltd. | 94,942 | ||||||
20,600 | Hokkaido Electric Power Co., Inc. | 115,537 | ||||||
600 | Hokkaido Gas Co. Ltd. | 7,695 | ||||||
7,200 | Hokkan Holdings Ltd. | 119,229 | ||||||
10,000 | Hokko Chemical Industry Co. Ltd. | 47,122 | ||||||
2,900 | Hokkoku Bank Ltd. (The) | 89,490 | ||||||
45,900 | Hokuetsu Industries Co. Ltd. | 498,667 | ||||||
36,000 | Hokuetsu Kishu Paper Co. Ltd. | 196,380 | ||||||
164,500 | Hokuhoku Financial Group, Inc. | 1,814,345 | ||||||
3,000 | Hokuriku Electric Industry Co. Ltd. | 28,873 | ||||||
6,200 | Hokuriku Electric Power Co.(a) | 46,103 | ||||||
3,400 | Hokuriku Electrical Construction Co. Ltd. | 27,910 | ||||||
2,300 | Hokuto Corp. | 39,586 | ||||||
7,200 | H-One Co. Ltd. | 62,045 | ||||||
47,320 | Honeys Holdings Co. Ltd. | 436,881 | ||||||
400 | Honshu Chemical Industry Co. Ltd. | 4,337 | ||||||
5,700 | Hoosiers Holdings | 33,847 | ||||||
2,900 | Horiba Ltd. | 175,645 | ||||||
13,500 | Hosiden Corp. | 129,149 | ||||||
14,600 | Hosokawa Micron Corp. | 689,259 | ||||||
1,800 | House Foods Group, Inc. | 72,627 | ||||||
69,200 | Hyakugo Bank Ltd. (The) | 223,849 | ||||||
18,000 | Hyakujushi Bank Ltd. (The) | 375,083 | ||||||
27,200 | Ibiden Co. Ltd. | 488,004 | ||||||
9,000 | IBJ Leasing Co. Ltd. | 211,699 | ||||||
2,600 | IBJ, Inc. | 21,094 | ||||||
400 | Ichibanya Co. Ltd. | 16,392 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
22,400 | Ichigo, Inc. | $ | 72,352 | |||||
1,200 | Ichiken Co., Ltd. | 21,054 | ||||||
60,300 | Ichikoh Industries Ltd. | 377,760 | ||||||
7,600 | ICHINEN Holdings Co. Ltd. | 82,996 | ||||||
9,800 | Ichiyoshi Securities Co. Ltd. | 71,427 | ||||||
11,000 | ID Holdings Corp. | �� | 133,388 | |||||
2,800 | Idec Corp. | 57,156 | ||||||
13,300 | IDOM, Inc. | 32,388 | ||||||
900 | Ihara Science Corp. | 10,281 | ||||||
18,300 | Iino Kaiun Kaisha Ltd. | 63,895 | ||||||
6,180 | IJTT Co. Ltd. | 33,238 | ||||||
900 | Ikegami Tsushinki Co. Ltd. | 9,479 | ||||||
12,000 | Imagica Robot Holdings, Inc. | 61,779 | ||||||
19,600 | Imasen Electric Industrial | 184,287 | ||||||
400 | Imuraya Group Co. Ltd. | 8,808 | ||||||
2,900 | Inaba Denki Sangyo Co. Ltd. | 118,141 | ||||||
5,900 | Inabata & Co. Ltd. | 81,093 | ||||||
5,600 | Inageya Co. Ltd. | 67,095 | ||||||
74,900 | Ines Corp. | 935,531 | ||||||
6,780 | I-Net Corp. | 81,120 | ||||||
79,800 | Infocom Corp. | 1,534,631 | ||||||
786,800 | Infomart Corp.(c) | 11,447,394 | ||||||
10,000 | Information Services International-Dentsu Ltd. | 343,515 | ||||||
2,400 | Innotech Corp. | 21,540 | ||||||
500 | Insource Co. Ltd. | 10,525 | ||||||
7,800 | Intage Holdings, Inc. | 65,711 | ||||||
1,500 | Inter Action Corp. | 25,912 | ||||||
45,600 | Internet Initiative Japan, Inc. | 925,506 | ||||||
1,600 | Inui Global Logistics Co. Ltd. | 12,593 | ||||||
2,900 | I-O Data Device, Inc. | 30,929 | ||||||
1,600 | Iriso Electronics Co. Ltd. | 83,271 | ||||||
17,900 | ISB Corp. | 301,774 | ||||||
4,000 | Iseki & Co. Ltd. | 62,599 | ||||||
14,200 | Isetan Mitsukoshi Holdings Ltd. | 135,363 | ||||||
28,500 | Ishihara Sangyo Kaisha Ltd.(a) | 320,314 | ||||||
1,700 | Istyle, Inc. | 12,128 | ||||||
2,400 | Itfor, Inc. | 20,155 | ||||||
64,800 | Itochu Enex Co. Ltd. | 530,583 | ||||||
700 | Itochu-Shokuhin Co. Ltd. | 29,481 | ||||||
14,500 | Itoham Yonekyu Holdings, Inc. | 90,692 | ||||||
18,100 | Itoki Corp. | 89,285 | ||||||
3,900 | IwaiCosmo Holdings, Inc. | 41,953 | ||||||
20,300 | Iwaki & Co. Ltd. | 83,748 | ||||||
1,800 | Iwasaki Electric Co. Ltd. | 22,079 | ||||||
33,900 | Iwatani Corp. | 1,062,483 | ||||||
60,800 | Iyo Bank Ltd. (The) | 338,186 | ||||||
2,600 | Izumi Co. Ltd. | 113,557 | ||||||
10,300 | J Trust Co. Ltd. | 33,979 | ||||||
46,800 | J. Front Retailing Co. Ltd. | 571,844 | ||||||
1,500 | JAC Recruitment Co. Ltd. | 36,787 | ||||||
6,100 | Jaccs Co. Ltd. | 105,986 | ||||||
1,900 | Jalux, Inc. | 43,167 | ||||||
1,300 | Jamco Corp. | 26,183 | ||||||
1,900 | Janome Sewing Machine Co. Ltd. | 7,943 |
31 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,900 | Japan Airport Terminal Co. Ltd. | $ | 122,637 | |||||
75,700 | Japan Aviation Electronics Industry Ltd. | 1,224,789 | ||||||
7,100 | Japan Best Rescue System Co. Ltd. | 104,489 | ||||||
74,600 | Japan Cash Machine Co. Ltd. | 794,468 | ||||||
142,600 | Japan Display, Inc.(a) | 100,676 | ||||||
1,400 | Japan Electronic Materials Corp. | 8,679 | ||||||
1,497 | Japan Excellent, Inc. REIT | 2,142,171 | ||||||
1,000 | Japan Investment Adviser Co. Ltd. | 24,622 | ||||||
4,800 | Japan Lifeline Co. Ltd. | 76,130 | ||||||
4,500 | Japan Material Co. Ltd. | 67,189 | ||||||
30,000 | Japan Medical Dynamic Marketing, Inc. | 333,519 | ||||||
600 | Japan Oil Transportation Co. Ltd. | 15,459 | ||||||
900 | Japan Property Management Center Co., Ltd. | 7,319 | ||||||
12,700 | Japan Pulp & Paper Co. Ltd. | 486,282 | ||||||
2,010 | Japan Rental Housing Investments, Inc. REIT | 1,551,839 | ||||||
13,700 | Japan Securities Finance Co. Ltd. | 71,188 | ||||||
13,800 | Japan Steel Works Ltd. (The) | 266,716 | ||||||
24,200 | Japan System Techniques Co. Ltd. | 309,230 | ||||||
11,300 | Japan Transcity Corp. | 45,131 | ||||||
10,100 | Japan Wool Textile Co. Ltd. (The) | 81,420 | ||||||
20,500 | JBCC Holdings, Inc. | 279,289 | ||||||
500 | JCR Pharmaceuticals Co. Ltd. | 28,209 | ||||||
2,500 | JCU Corp. | 42,599 | ||||||
58,900 | Jeol Ltd. | 1,193,400 | ||||||
6,900 | JGC Corp. | 99,418 | ||||||
23,700 | Jimoto Holdings, Inc. | 21,807 | ||||||
1,100 | JINS, Inc. | 58,955 | ||||||
3,600 | JK Holdings Co. Ltd. | 18,861 | ||||||
9,500 | JMS Co. Ltd. | 57,121 | ||||||
1,900 | Joban Kosan Co. Ltd. | 28,277 | ||||||
1,700 | J-Oil Mills, Inc. | 60,871 | ||||||
4,500 | Joshin Denki Co. Ltd. | 96,773 | ||||||
4,300 | JP-Holdings, Inc. | 11,134 | ||||||
6,100 | JS Group Corp. | 79,693 | ||||||
1,400 | JSP Corp. | 29,365 | ||||||
20,300 | JSR Corp. | 309,748 | ||||||
72,400 | Juki Corp. | 835,269 | ||||||
50,300 | Juroku Bank Ltd. (The) | 1,027,532 | ||||||
2,000 | Justsystems Corp. | 57,396 | ||||||
114,300 | JVC Kenwood Corp. | 303,849 | ||||||
12,300 | kabu.com Securities Co. Ltd. | 61,791 | ||||||
120,700 | Kadokawa Dwango Corp. | 1,522,393 | ||||||
4,100 | Kaga Electronics Co. Ltd. | 75,708 | ||||||
3,200 | Kagome Co. Ltd. | 87,412 | ||||||
108,500 | Kakaku.com, Inc. | 2,235,373 | ||||||
92,095 | Kaken Pharmaceutical Co. Ltd. | 3,945,007 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
600 | Kakiyasu Honten Co. Ltd. | $ | 11,342 | |||||
600 | Kameda Seika Co. Ltd. | 28,178 | ||||||
9,500 | Kamei Corp. | 95,119 | ||||||
5,600 | Kamigumi Co. Ltd. | 133,776 | ||||||
2,300 | Kanaden Corp. | 26,114 | ||||||
1,000 | Kanagawa Chuo Kotsu Co. Ltd. | 34,415 | ||||||
44,700 | Kanamoto Co. Ltd. | 1,061,100 | ||||||
9,700 | Kandenko Co. Ltd. | 81,774 | ||||||
14,300 | Kaneka Corp. | 552,189 | ||||||
1,300 | Kaneko Seeds Co. Ltd. | 15,708 | ||||||
27,900 | Kanematsu Corp. | 309,672 | ||||||
1,000 | Kanematsu Electronics Ltd. | 29,668 | ||||||
20,951 | Kansai Mirai Financial Group, Inc.(a) | 146,385 | ||||||
6,500 | Kanto Denka Kogyo Co. Ltd. | 48,606 | ||||||
1,400 | Kappa Create Co. Ltd. | 18,303 | ||||||
9,500 | Kasai Kogyo Co. Ltd. | 78,833 | ||||||
8,800 | Kato Sangyo Co. Ltd. | 287,276 | ||||||
1,000 | Kato Works Co. Ltd. | 25,222 | ||||||
2,800 | KAWADA Technologies, Inc. | 174,828 | ||||||
500 | Kawagishi Bridge Works Co. Ltd. | 11,295 | ||||||
12,900 | Kawai Musical Instruments Manufacturing Co. Ltd. | 341,477 | ||||||
9,300 | Kawasaki Kisen Kaisha Ltd.(a) | 135,194 | ||||||
900 | Kawata Manufacturing Co. Ltd. | 11,990 | ||||||
21,900 | Keihanshin Building Co. Ltd. | 200,851 | ||||||
137,200 | Keihin Corp. | 2,261,181 | ||||||
103,900 | Keiyo Bank Ltd. (The) | 642,483 | ||||||
28,600 | Keiyo Co. Ltd. | 124,039 | ||||||
1,600 | Kel Corp. | 11,825 | ||||||
11,500 | Kenedix, Inc. | 54,762 | ||||||
1,500 | Kenko Mayonnaise Co. Ltd. | 30,692 | ||||||
6,600 | Kewpie Corp. | 152,880 | ||||||
1,825 | KEY Coffee, Inc. | 34,385 | ||||||
2,000 | KFC Holdings Japan Ltd. | 35,765 | ||||||
400 | KH Neochem Co. Ltd. | 11,684 | ||||||
3,100 | Kimura Chemical Plants Co. Ltd. | 10,352 | ||||||
3,600 | Kimura Unity Co. Ltd. | 36,312 | ||||||
4,900 | King Co. Ltd. | 30,280 | ||||||
1,300 | Kinki Sharyo Co. Ltd. (The)(a) | 23,840 | ||||||
700 | Kintetsu Department Store Co. Ltd.(a) | 20,557 | ||||||
29,900 | Kintetsu World Express, Inc. | 452,312 | ||||||
900 | Kirindo Holdings Co. Ltd. | 13,957 | ||||||
500 | Ki-Star Real Estate Co. Ltd. | 7,419 | ||||||
3,500 | Kitagawa Iron Works Co. Ltd. | 73,035 | ||||||
3,300 | Kita-Nippon Bank Ltd. (The) | 56,546 | ||||||
3,000 | Kitano Construction Corp. | 81,464 | ||||||
30,900 | Kito Corp. | 491,024 | ||||||
16,200 | Kitz Corp. | 123,814 | ||||||
27,200 | Kiyo Bank Ltd. (The) | 370,883 | ||||||
2,700 | KLab, Inc.(a) | 20,104 | ||||||
2,900 | Koa Corp. | 40,051 | ||||||
15,400 | Koatsu Gas Kogyo Co. Ltd. | 115,123 |
32 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,000 | Kobe Bussan Co. Ltd. | $ | 79,575 | |||||
300 | Kobe Electric Railway Co. Ltd.(a) | 10,771 | ||||||
90,200 | Kobe Steel Ltd. | 690,749 | ||||||
2,200 | Koei Tecmo Holdings Co. Ltd. | 40,137 | ||||||
19,700 | Kohnan Shoji Co. Ltd. | 435,779 | ||||||
1,300 | Kohsoku Corp. | 13,775 | ||||||
300 | Koike Sanso Kogyo Co. Ltd. | 6,325 | ||||||
208,200 | Kojima Co. Ltd.(a) | 1,021,974 | ||||||
38,300 | Kokuyo Co. Ltd. | 485,706 | ||||||
2,200 | Komatsu Seiren Co. Ltd. | 17,161 | ||||||
1,600 | Komatsu Wall Industry Co. Ltd. | 26,843 | ||||||
2,100 | KOMEDA Holdings Co. Ltd. | 38,505 | ||||||
14,700 | Komehyo Co. Ltd. | 156,098 | ||||||
45,200 | Komeri Co. Ltd. | 955,366 | ||||||
5,100 | Konaka Co. Ltd. | 21,054 | ||||||
5,500 | Kondotec, Inc. | 48,323 | ||||||
185,600 | Konica Minolta, Inc. | 1,863,728 | ||||||
23,300 | Konishi Co.Ltd. | 358,920 | ||||||
17,600 | Konoike Transport Co. Ltd. | 284,550 | ||||||
1,300 | Konoshima Chemical Co. Ltd. | 10,036 | ||||||
1,400 | Kosaido Co. Ltd.(a) | 9,634 | ||||||
2,000 | Koshidaka Holdings Co. Ltd. | 28,046 | ||||||
1,600 | Kotobuki Spirits Co. Ltd. | 71,872 | ||||||
8,600 | Kourakuen Holdings Corp.(a) | 247,813 | ||||||
3,300 | Krosaki Harima Corp. | 174,399 | ||||||
3,100 | KRS Corp. | 56,699 | ||||||
17,712 | K’s Holdings Corp. | 157,992 | ||||||
2,000 | KU Holdings Co. Ltd. | 15,747 | ||||||
22,000 | Kumagai Gumi Co. Ltd. | 645,518 | ||||||
68,567 | Kumiai Chemical Industry Co. Ltd. | 503,476 | ||||||
34,562 | Kura Corp. | 1,495,599 | ||||||
17,500 | Kurabo Industries Ltd. | 329,188 | ||||||
2,000 | Kureha Corp. | 119,726 | ||||||
2,100 | Kurimoto Ltd. | 27,466 | ||||||
5,200 | Kurita Water Industries Ltd. | 135,362 | ||||||
1,800 | Kuriyama Holdings Corp. | 15,059 | ||||||
1,300 | Kusuri No Aoki Holdings Co. Ltd. | 91,803 | ||||||
2,800 | KYB Corp.(a) | 75,969 | ||||||
2,200 | Kyodo Printing Co. Ltd. | 49,481 | ||||||
2,000 | Kyoei Steel Ltd. | 33,232 | ||||||
900 | Kyokuto Boeki Kaisha Ltd. | 13,074 | ||||||
63,600 | Kyokuto Kaihatsu Kogyo Co. Ltd. | 896,264 | ||||||
1,400 | Kyokuto Securities Co. Ltd. | 12,437 | ||||||
1,200 | Kyokuyo Co. Ltd. | 29,853 | ||||||
31,100 | KYORIN Holdings, Inc. | 584,438 | ||||||
1,740 | Kyoritsu Maintenance Co. Ltd. | 89,412 | ||||||
14,800 | Kyoritsu Printing Co. Ltd. | 27,574 | ||||||
71,700 | Kyosan Electric Manufacturing Co. Ltd. | 280,900 | ||||||
7,200 | Kyowa Electronic Instruments Co. Ltd. | 27,135 | ||||||
5,032 | Kyowa Exeo Corp. | 137,637 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,700 | Kyowa Leather Cloth Co. Ltd. | $ | 19,054 | |||||
3,200 | Kyudenko Corp. | 91,324 | ||||||
179,640 | Kyushu Financial Group, Inc. | 724,986 | ||||||
700 | LAC Co. Ltd. | 9,915 | ||||||
3,300 | Lasertec Corp. | 149,949 | ||||||
56,900 | Lawson, Inc. | 2,656,667 | ||||||
2,400 | LEC, Inc. | 31,400 | ||||||
8,700 | Legs Co. Ltd. | 96,920 | ||||||
83,200 | Leopalace21 Corp.(a) | 140,937 | ||||||
9,100 | Life Corp. | 177,027 | ||||||
40,400 | Lifull Co. Ltd. | 219,133 | ||||||
700 | Like Co. Ltd. | 7,839 | ||||||
500 | Linical Co. Ltd. | 5,693 | ||||||
3,800 | Link and Motivation, Inc. | 29,112 | ||||||
58,900 | Lintec Corp. | 1,272,053 | ||||||
40,700 | LIXIL VIVA Corp. | 479,300 | ||||||
400 | M&A Capital Partners Co. Ltd.(a) | 17,122 | ||||||
225,300 | M3, Inc. | 4,021,985 | ||||||
2,800 | Mabuchi Motor Co. Ltd. | 103,846 | ||||||
12,650 | Macnica Fuji Electronics Holdings, Inc. | 183,137 | ||||||
1,600 | Macromill, Inc. | 18,350 | ||||||
31,200 | Maeda Corp. | 310,716 | ||||||
16,700 | Maeda Kosen Co. Ltd. | 319,361 | ||||||
7,600 | Maeda Road Construction Co. Ltd. | 150,816 | ||||||
14,400 | Makino Milling Machine Co. Ltd. | 610,967 | ||||||
26,100 | Mamezou Holdings Co. Ltd. | 258,900 | ||||||
33,100 | Mandom Corp. | 856,990 | ||||||
10,700 | Mani, Inc. | 618,285 | ||||||
2,200 | Mars Engineering Corp. | 43,163 | ||||||
22,800 | Marubun Corp. | 132,833 | ||||||
3,600 | Marudai Food Co. Ltd. | 62,987 | ||||||
400 | Marufuji Sheet Piling Co. Ltd. | 8,385 | ||||||
4,600 | Maruha Nichiro Corp. | 146,194 | ||||||
7,500 | Maruka Corp. | 143,944 | ||||||
4,200 | Marusan Securities Co. Ltd. | 23,818 | ||||||
1,000 | Maruwa Co. Ltd. | 54,449 | ||||||
2,000 | Maruyama Manufacturing Co., Inc. | 25,537 | ||||||
4,800 | Maruzen Showa Unyu Co. Ltd. | 127,270 | ||||||
51,600 | Marvelous, Inc. | 397,968 | ||||||
2,900 | Matsuda Sangyo Co. Ltd. | 36,678 | ||||||
6,900 | Matsui Securities Co. Ltd. | 61,550 | ||||||
4,500 | Matsumotokiyoshi Holdings Co. Ltd. | 148,998 | ||||||
2,400 | Matsuya Co. Ltd. | 21,451 | ||||||
700 | Matsuya Foods Co. Ltd. | 23,086 | ||||||
39,300 | Max Co. Ltd. | 602,041 | ||||||
5,300 | Maxell Holdings Ltd. | 80,653 | ||||||
2,400 | Maxvalu Nishinihon Co. Ltd. | 37,532 | ||||||
2,900 | Maxvalu Tokai Co. Ltd. | 56,218 | ||||||
71,400 | MCJ Co. Ltd. | 514,094 | ||||||
171,590 | Mebuki Financial Group, Inc. | 437,484 |
33 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,900 | MEC Co. Ltd. | $ | 31,114 | |||||
500 | Media Do Holdings Co. Ltd. | 13,378 | ||||||
800 | Medical Data Vision Co. Ltd.(a) | 7,280 | ||||||
21,700 | Medical System Network Co. Ltd. | 96,994 | ||||||
95,700 | Medipal Holdings Corp. | 2,151,942 | ||||||
1,700 | Megachips Corp. | 22,804 | ||||||
4,900 | Megmilk Snow Brand Co. Ltd. | 108,592 | ||||||
61,600 | Meidensha Corp. | 878,037 | ||||||
1,100 | Meiji Electric Industries Co. Ltd. | 18,243 | ||||||
3,300 | Meiko Electronics Co. Ltd. | 64,745 | ||||||
2,600 | Meiko Network Japan Co. Ltd. | 25,886 | ||||||
9,000 | Meisei Industrial Co. Ltd. | 60,385 | ||||||
36,900 | Meitec Corp. | 1,717,296 | ||||||
8,300 | Meiwa Corp. | 33,869 | ||||||
2,000 | Meiwa Estate Co. Ltd. | 10,057 | ||||||
30,800 | Menicon Co. Ltd. | 888,925 | ||||||
2,800 | Mercuria Investment Co. Ltd. | 17,484 | ||||||
48,300 | Metawater Co. Ltd. | 1,448,800 | ||||||
1,400 | Michinoku Bank Ltd. (The) | 20,434 | ||||||
13,600 | Micronics Japan Co. Ltd. | 105,348 | ||||||
5,500 | Mie Kotsu Group Holdings, Inc. | 29,208 | ||||||
11,200 | Mikuni Corp. | 47,886 | ||||||
13,174 | Milbon Co. Ltd. | 674,475 | ||||||
4,700 | MIMAKI ENGINEERING Co. Ltd. | 25,962 | ||||||
7,300 | Mimasu Semiconductor Industry Co. Ltd. | 108,872 | ||||||
1,800 | Ministop Co. Ltd. | 28,373 | ||||||
1,800 | Minori Solutions Co. Ltd. | 26,091 | ||||||
6,200 | Miraca Holdings, Inc. | 158,914 | ||||||
7,630 | Mirait Holdings Corp. | 112,244 | ||||||
5,200 | Miroku Jyoho Service Co. Ltd. | 140,189 | ||||||
14,700 | Misawa Homes Co. Ltd. | 102,875 | ||||||
6,400 | Mitani Corp. | 339,625 | ||||||
3,700 | Mitani Sangyo Co. Ltd. | 9,801 | ||||||
500 | Mitani Sekisan Co. Ltd. | 13,629 | ||||||
6,900 | Mito Securities Co. Ltd. | 13,736 | ||||||
5,300 | Mitsuba Corp. | 34,323 | ||||||
28,100 | Mitsubishi Gas Chemical Co., Inc. | 421,861 | ||||||
1,000 | Mitsubishi Kakoki Kaisha Ltd. | 14,089 | ||||||
37,600 | Mitsubishi Logisnext Co. Ltd. | 423,270 | ||||||
6,000 | Mitsubishi Logistics Corp. | 160,582 | ||||||
25,100 | Mitsubishi Materials Corp. | 652,830 | ||||||
14,200 | Mitsubishi Paper Mills Ltd. | 72,079 | ||||||
3,100 | Mitsubishi Pencil Co. Ltd. | 63,826 | ||||||
24,500 | Mitsubishi Research Institute, Inc. | 680,590 | ||||||
7,600 | Mitsubishi Shokuhin Co. Ltd. | 196,715 | ||||||
2,600 | Mitsubishi Steel Manufacturing Co. Ltd. | 37,736 | ||||||
4,000 | Mitsuboshi Belting Ltd. | 75,992 | ||||||
6,200 | Mitsui Engineering & Shipbuilding Co. Ltd.(a) | 61,266 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
4,000 | Mitsui High-Tec, Inc. | $ | 46,382 | |||||
91,700 | Mitsui Matsushima Co. Ltd. | 1,049,481 | ||||||
17,300 | Mitsui Mining & Smelting Co. Ltd. | 449,958 | ||||||
24,800 | Mitsui Osk Lines Ltd. | 631,245 | ||||||
900 | Mitsui Sugar Co. Ltd. | 21,730 | ||||||
32,549 | Mitsui-Soko Holdings Co. Ltd.(a) | 517,409 | ||||||
4,100 | Miura Co. Ltd. | 104,961 | ||||||
55,500 | Mixi, Inc. | 1,199,249 | ||||||
7,800 | Miyaji Engineering Group, Inc. | 132,216 | ||||||
4,900 | Miyazaki Bank Ltd. (The) | 118,284 | ||||||
48,200 | Mizuno Corp. | 1,108,146 | ||||||
69,552 | Mochida Pharmaceutical Co. Ltd. | 3,230,352 | ||||||
7,600 | Modec, Inc. | 233,689 | ||||||
15,800 | Monex Group, Inc. | 48,129 | ||||||
300 | Monogatari Corp. (The) | 24,032 | ||||||
258,400 | Monotaro Co. Ltd. | 5,950,321 | ||||||
900 | Moresco Corp. | 12,122 | ||||||
3,200 | Morinaga & Co. Ltd. | 133,596 | ||||||
8,600 | Morinaga Milk Industry Co. Ltd. | 284,748 | ||||||
3,800 | Moriroku Holdings Co. Ltd. | 89,074 | ||||||
1,400 | Morita Holdings Corp. | 23,771 | ||||||
2,000 | Morito Co. Ltd. | 15,095 | ||||||
500 | Morozoff Ltd. | 22,887 | ||||||
2,200 | Mory Industries, Inc. | 50,427 | ||||||
8,400 | MrMax Holdings Ltd. | 34,795 | ||||||
6,200 | MTI Ltd. | 36,087 | ||||||
5,300 | Mugen Estate Co. Ltd. | 28,170 | ||||||
11,900 | Musashi Seimitsu Industry Co. Ltd. | 185,772 | ||||||
9,900 | Musashino Bank Ltd. (The) | 192,385 | ||||||
300 | N Field Co. Ltd. | 1,955 | ||||||
6,100 | Nabtesco Corp. | 187,050 | ||||||
13,600 | NAC Co. Ltd. | 122,262 | ||||||
3,400 | Nachi-Fujikoshi Corp. | 168,837 | ||||||
1,300 | Nadex Co. Ltd. | 9,974 | ||||||
800 | Nafco Co. Ltd. | 10,448 | ||||||
1,800 | Nagaileben Co. Ltd. | 40,556 | ||||||
2,200 | Nagano Bank Ltd. | 33,819 | ||||||
11,000 | Nagano Keiki Co. Ltd. | 79,653 | ||||||
12,700 | Nagase & Co. Ltd. | 194,076 | ||||||
1,800 | Nagatanien Holdings Co. Ltd. | 36,307 | ||||||
195,214 | Nagoya Railroad Co. Ltd. | 5,291,274 | ||||||
12,500 | Nakabayashi Co. Ltd. | 57,502 | ||||||
166,129 | Nakanishi, Inc. | 3,198,895 | ||||||
4,300 | Nakano Corp. | 18,392 | ||||||
3,800 | Nakayama Steel Works Ltd. | 17,704 | ||||||
2,000 | Nakayamafuku Co. Ltd. | 9,091 | ||||||
3,500 | Nankai Electric Railway Co. Ltd. | 95,504 | ||||||
51,800 | Nanto Bank Ltd. (The) | 971,177 | ||||||
800 | Natori Co. Ltd. | 12,055 | ||||||
4,900 | NCS&A Co. Ltd. | 24,245 | ||||||
2,100 | NEC Capital Solutions Ltd. | 32,680 |
34 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,300 | NEC Networks & System Integration Corp. | $ | 55,407 | |||||
14,600 | NET One Systems Co. Ltd. | 379,073 | ||||||
1,700 | Nextage Co. Ltd. | 18,292 | ||||||
1,200 | Nexyz Group Corp. | 26,545 | ||||||
5,800 | NH Foods Ltd. | 233,748 | ||||||
56,300 | NHK Spring Co. Ltd. | 507,120 | ||||||
13,100 | Nichias Corp. | 253,253 | ||||||
600 | Nichiban Co. Ltd. | 12,510 | ||||||
9,100 | Nichicon Corp. | 88,809 | ||||||
2,600 | Nichiha Corp. | 71,520 | ||||||
61,600 | Nichii Gakkan Co. | 755,355 | ||||||
237,050 | Nichi-Iko Pharmaceutical Co. Ltd. | 2,841,329 | ||||||
7,400 | Nichirei Corp. | 171,456 | ||||||
2,760 | Nichirin Co. Ltd. | 43,972 | ||||||
9,600 | Nifco, Inc. | 270,999 | ||||||
1,100 | Nihon Chouzai Co. Ltd. | 40,017 | ||||||
2,200 | Nihon Denkei Co. Ltd. | 28,423 | ||||||
1,500 | Nihon Eslead Corp. | 20,990 | ||||||
7,100 | Nihon Falcom Corp. | 96,041 | ||||||
10,000 | Nihon House Holdings Co. Ltd. | 40,831 | ||||||
93,200 | Nihon Kohden Corp. | 2,721,455 | ||||||
7,900 | Nihon M&A Center, Inc. | 225,433 | ||||||
13,000 | Nihon Nohyaku Co. Ltd. | 55,288 | ||||||
4,900 | Nihon Parkerizing Co. Ltd. | 63,964 | ||||||
6,400 | Nihon Plast Co. Ltd. | 44,941 | ||||||
1,600 | Nihon Tokushu Toryo Co. Ltd. | 17,299 | ||||||
238,100 | Nihon Unisys Ltd. | 6,104,003 | ||||||
9,294 | Nihon Yamamura Glass Co. Ltd. | 122,841 | ||||||
25,000 | Nikkiso Co. Ltd. | 309,920 | ||||||
6,500 | Nikkon Holdings Co. Ltd. | 153,387 | ||||||
400 | Nippi, Inc. | 10,755 | ||||||
12,600 | Nippo Corp. | 256,173 | ||||||
6,500 | Nippon Air Conditioning Services Co. Ltd. | 40,947 | ||||||
6,100 | Nippon Carbide Industries Co. Inc. | 83,316 | ||||||
1,200 | Nippon Carbon Co. Ltd. | 52,955 | ||||||
21,700 | Nippon Chemical Industrial Co. Ltd. | 413,731 | ||||||
3,800 | Nippon Chemi-Con Corp. | 77,620 | ||||||
300 | Nippon Chemiphar Co. Ltd. | 7,822 | ||||||
52,400 | Nippon Coke & Engineering Co. Ltd. | 47,102 | ||||||
1,000 | Nippon Commercial Development Co. Ltd. | 13,350 | ||||||
17,600 | Nippon Concrete Industries Co. Ltd. | 44,746 | ||||||
11,100 | Nippon Denko Co. Ltd. | 23,256 | ||||||
3,200 | Nippon Densetsu Kogyo Co. Ltd. | 69,034 | ||||||
8,200 | Nippon Electric Glass Co. Ltd. | 225,328 | ||||||
2,800 | Nippon Filcon Co. Ltd. | 12,919 | ||||||
2,600 | Nippon Fine Chemical Co. Ltd. | 30,886 | ||||||
37,300 | Nippon Flour Mills Co. Ltd. | 630,355 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,600 | Nippon Gas Co. Ltd. | $ | 68,425 | |||||
20,700 | Nippon Kanzai Co. Ltd. | 375,183 | ||||||
233,235 | Nippon Kayaku Co. Ltd. | 2,740,854 | ||||||
1,600 | Nippon Kinzoku Co. Ltd. | 17,148 | ||||||
4,800 | Nippon Koei Co. Ltd. | 110,034 | ||||||
185,300 | Nippon Light Metal Holdings Co. Ltd. | 409,615 | ||||||
32,100 | Nippon Paper Industries Co. Ltd. | 636,143 | ||||||
21,200 | Nippon Parking Development Co. Ltd. | 33,299 | ||||||
4,700 | Nippon Pillar Packing Co. Ltd. | 55,347 | ||||||
4,500 | Nippon Piston Ring Co. Ltd. | 65,084 | ||||||
4,000 | Nippon Rietec Co. Ltd. | 51,556 | ||||||
1,700 | Nippon Road Co. Ltd. (The) | 97,926 | ||||||
1,400 | Nippon Seisen Co. Ltd. | 36,511 | ||||||
900 | Nippon Sharyo Ltd.(a) | 19,839 | ||||||
27,300 | Nippon Sheet Glass Co. Ltd. | 226,032 | ||||||
3,000 | Nippon Shokubai Co. Ltd. | 208,701 | ||||||
5,600 | Nippon Signal Co. Ltd. | 52,028 | ||||||
35,200 | Nippon Soda Co. Ltd. | 972,644 | ||||||
4,148 | Nippon Steel Trading Corp. | 173,537 | ||||||
24,500 | Nippon Suisan Kaisha Ltd. | 171,903 | ||||||
3,000 | Nippon Systemware Co. Ltd. | 59,136 | ||||||
12,000 | Nippon Thompson Co. Ltd. | 62,364 | ||||||
37,700 | Nippon Valqua Industries Ltd. | 808,878 | ||||||
23,400 | Nippon Yakin Kogyo Co. Ltd. | 53,631 | ||||||
34,700 | Nippon Yusen KK | 592,950 | ||||||
15,100 | Nipro Corp. | 187,572 | ||||||
6,500 | Nishimatsu Construction Co. Ltd. | 140,999 | ||||||
6,400 | Nishimatsuya Chain Co. Ltd. | 51,020 | ||||||
146,400 | Nishi-Nippon Financial Holdings, Inc. | 1,211,429 | ||||||
98,583 | Nishi-Nippon Railroad Co. Ltd. | 2,322,031 | ||||||
2,300 | Nishio Rent All Co. Ltd. | 63,823 | ||||||
9,600 | Nissan Tokyo Sales Holdings Co. Ltd. | 25,249 | ||||||
1,200 | Nissei ASB Machine Co. Ltd. | 44,356 | ||||||
13,300 | Nissei Plastic Industrial Co. Ltd. | 118,664 | ||||||
3,400 | Nissha Co. Ltd. | 39,590 | ||||||
5,500 | Nisshin Fudosan Co. Ltd. | 22,439 | ||||||
3,800 | Nisshin Oillio Group Ltd. (The) | 108,761 | ||||||
39,323 | Nisshinbo Holdings, Inc. | 351,050 | ||||||
4,200 | Nissin Corp. | 72,145 | ||||||
14,400 | Nissin Electric Co. Ltd. | 136,523 | ||||||
10,000 | Nissin Kogyo Co. Ltd. | 133,302 | ||||||
26,600 | Nisso Corp. | 305,828 | ||||||
1,100 | Nitta Corp. | 36,236 | ||||||
3,400 | Nitta Gelatin, Inc. | 20,822 | ||||||
3,700 | Nittan Valve Co. Ltd. | 10,667 | ||||||
400 | Nittetsu Mining Co. Ltd. | 15,402 | ||||||
2,400 | Nitto Boseki Co. Ltd. | 50,045 | ||||||
800 | Nitto Fuji Flour Milling Co. Ltd. | 44,562 | ||||||
32,400 | Nitto Kogyo Corp. | 636,098 | ||||||
1,600 | Nitto Kohki Co. Ltd. | 32,965 |
35 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
��
Shares | Value | |||||||
JAPAN (continued) | ||||||||
7,500 | Nitto Seiko Co. Ltd. | $ | 44,347 | |||||
3,200 | Noda Corp. | 23,121 | ||||||
1,200 | Noevir Holdings Co. Ltd. | 63,068 | ||||||
5,300 | NOF Corp. | 188,927 | ||||||
1,600 | Nohmi Bosai Ltd. | 28,896 | ||||||
30,500 | Nojima Corp. | 524,741 | ||||||
21,100 | NOK Corp. | 338,946 | ||||||
10,300 | Nomura Co. Ltd. | 288,120 | ||||||
25,600 | Nomura Real Estate Holdings, Inc. | 544,391 | ||||||
6,200 | Noritake Co. Ltd. | 302,393 | ||||||
2,000 | Noritsu Koki Co. Ltd. | 38,591 | ||||||
2,500 | Noritz Corp. | 38,778 | ||||||
357,900 | North Pacific Bank Ltd. | 877,865 | ||||||
4,000 | Nozawa Corp. | 27,493 | ||||||
11,100 | NS Solutions Corp. | 298,244 | ||||||
700 | NS Tool Co. Ltd. | 16,020 | ||||||
2,700 | NS United Kaiun Kaisha Ltd. | 59,303 | ||||||
93,800 | NSD Co. Ltd. | 2,323,524 | ||||||
154,200 | NTN Corp. | 508,988 | ||||||
20,300 | Nuflare Technology, Inc. | 1,261,087 | ||||||
1,000 | Obara Group, Inc. | 38,246 | ||||||
31,200 | OBIC Business Consultants Ltd. | 1,253,899 | ||||||
1,800 | Odelic Co. Ltd. | 63,649 | ||||||
9,400 | Oenon Holdings, Inc. | 33,725 | ||||||
29,800 | Ogaki Kyoritsu Bank Ltd. (The) | 673,606 | ||||||
1,500 | Ohara, Inc. | 18,875 | ||||||
50,822 | Ohsho Food Service Corp. | 3,309,702 | ||||||
2,845 | Oiles Corp. | 47,549 | ||||||
1,500 | Oisix ra daichi, Inc.(a) | 22,375 | ||||||
1,900 | Oita Bank Ltd. (The) | 57,186 | ||||||
2,500 | Okabe Co. Ltd. | 22,878 | ||||||
800 | Okada Aiyon Corp. | 9,441 | ||||||
1,100 | Okamoto Industries, Inc. | 56,964 | ||||||
900 | Okamoto Machine Tool Works Ltd. | 24,134 | ||||||
32,100 | Okamura Corp. | 324,009 | ||||||
13,200 | Okasan Securities Group, Inc. | 48,351 | ||||||
275,400 | Oki Electric Industry Co. Ltd. | 3,228,153 | ||||||
2,200 | Okinawa Cellular Telephone Co. | 69,056 | ||||||
1,621 | Okinawa Electric Power Co., Inc. (The) | 26,786 | ||||||
6,000 | OKUMA Corp. | 353,458 | ||||||
1,900 | Okumura Corp. | 61,467 | ||||||
3,100 | Okura Industrial Co. Ltd. | 51,378 | ||||||
29,700 | Okuwa Co. Ltd. | 300,370 | ||||||
4,200 | Onoken Co. Ltd. | 59,839 | ||||||
222,900 | Onward Holdings Co. Ltd. | 1,229,710 | ||||||
300 | Open Door, Inc.(a) | 8,688 | ||||||
2,800 | Open House Co. Ltd. | 102,867 | ||||||
1,700 | Optex Group Co. Ltd. | 28,478 | ||||||
1,800 | Organo Corp. | 53,579 | ||||||
60,800 | Orient Corp. | 64,140 | ||||||
7,000 | Origin Co. Ltd. | 129,961 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,600 | Osaka Organic Chemical Industry Ltd. | $ | 26,482 | |||||
3,800 | Osaka Soda Co. Ltd. | 91,857 | ||||||
1,500 | OSAKA Titanium Technologies Co. Ltd. | 20,836 | ||||||
164,500 | Osaki Electric Co. Ltd. | 1,093,941 | ||||||
5,500 | OSG Corp. | 110,722 | ||||||
286,300 | OSJB Holdings Corp. | 684,046 | ||||||
500 | OUG Holdings, Inc. | 11,920 | ||||||
8,000 | Outsourcing Inc. | 105,182 | ||||||
38,200 | Oyo Corp. | 402,737 | ||||||
11,600 | Pacific Industrial Co. Ltd. | 190,214 | ||||||
900 | Pacific Metals Co. Ltd. | 19,774 | ||||||
2,450 | Pack Corp. (The) | 78,930 | ||||||
1,400 | PAL Group Holdings Co. Ltd. | 42,936 | ||||||
8,350 | PALTAC Corp. | 461,159 | ||||||
21,356 | Paramount Bed Holdings Co. Ltd. | 1,003,555 | ||||||
2,000 | Parco Co. Ltd. | 19,213 | ||||||
6,200 | Park24 Co. Ltd. | 130,445 | ||||||
74,900 | Pasona Group, Inc. | 1,188,020 | ||||||
15,700 | PC Depot Corp. | 57,780 | ||||||
2,900 | Pca Corp. | 89,427 | ||||||
32,700 | Pegasus Sewing Machine Manufacturing Co. Ltd. | 188,441 | ||||||
33,900 | Penta-Ocean Construction Co. Ltd. | 155,520 | ||||||
1,300 | Pepper Food Service Co. Ltd. | 26,339 | ||||||
183,900 | PeptiDream, Inc.(a) | 9,961,854 | ||||||
700 | PIA Corp. | 29,655 | ||||||
2,000 | Pilot Corp. | 82,667 | ||||||
3,000 | Piolax, Inc. | 56,482 | ||||||
2,000 | Plenus Co. Ltd. | 33,039 | ||||||
38,300 | Poletowin Pitcrew Holdings, Inc. | 346,806 | ||||||
2,200 | Premium Group Co. Ltd. | 38,214 | ||||||
48,100 | Press Kogyo Co. Ltd. | 260,526 | ||||||
8,000 | Pressance Corp. | 97,996 | ||||||
2,800 | Prestige International, Inc. | 40,198 | ||||||
4,500 | Prima Meat Packers Ltd. | 82,602 | ||||||
14,900 | Proto Corp. | 279,592 | ||||||
6,700 | PS Mitsubishi Construction Co. Ltd. | 39,479 | ||||||
21,300 | Punch Industry Co. Ltd. | 123,390 | ||||||
2,400 | Qol Co. Ltd. | 36,460 | ||||||
5,600 | Quick Co. Ltd. | 87,097 | ||||||
2,700 | Raito Kogyo Co. Ltd. | 34,862 | ||||||
2,000 | Rasa Industries Ltd. | 28,107 | ||||||
35,700 | Raysum Co. Ltd. | 325,144 | ||||||
67,100 | Relia, Inc. | 710,101 | ||||||
13,600 | Renaissance, Inc. | 251,840 | ||||||
2,000 | Renesas Easton Co. Ltd. | 7,458 | ||||||
41,440 | Rengo Co. Ltd. | 365,519 | ||||||
3,600 | RENOVA, Inc.(a) | 31,332 | ||||||
6,900 | Resorttrust, Inc. | 96,590 | ||||||
1,600 | Restar Holdings Corp. | 25,953 |
36 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,000 | Retail Partners Co. Ltd. | $ | 20,885 | |||||
43,000 | Rheon Automatic Machinery Co. Ltd. | 651,929 | ||||||
1,100 | Rhythm Watch Co. Ltd. | 12,545 | ||||||
8,400 | Ricoh Leasing Co. Ltd. | 245,507 | ||||||
22,800 | Ride On Express Holdings Co. Ltd. | 245,979 | ||||||
1,600 | Right On Co. Ltd. | 11,203 | ||||||
1,900 | Riken Corp. | 91,099 | ||||||
2,000 | Riken Keiki Co. Ltd. | 37,897 | ||||||
45,200 | Riken Technos Corp. | 211,419 | ||||||
1,400 | Riken Vitamin Co. Ltd. | 46,093 | ||||||
1,700 | Ringer Hut Co. Ltd. | 36,011 | ||||||
1,400 | Rinnai Corp. | 94,450 | ||||||
8,400 | Rion Co. Ltd. | 151,014 | ||||||
7,400 | Riso Kagaku Corp. | 122,847 | ||||||
6,900 | Riso Kyoiku Co. Ltd. | 26,403 | ||||||
1,800 | Rock Field Co. Ltd. | 25,756 | ||||||
58,700 | Rohto Pharmaceutical Co. Ltd. | 1,651,740 | ||||||
1,400 | Rokko Butter Co. Ltd. | 27,132 | ||||||
44,300 | Roland DG Corp. | 958,494 | ||||||
1,700 | Rorze Corp. | 40,065 | ||||||
79,000 | Round One Corp. | 1,064,541 | ||||||
1,400 | Royal Holdings Co. Ltd. | 34,278 | ||||||
400 | RS Technologies Co. Ltd. | 11,761 | ||||||
20,400 | Ryobi Ltd. | 465,401 | ||||||
3,000 | Ryoden Corp. | 41,187 | ||||||
2,400 | Ryosan Co. Ltd. | 64,734 | ||||||
1,100 | S Foods, Inc. | 38,148 | ||||||
29,100 | Sac’s Bar Holdings, Inc. | 290,472 | ||||||
1,000 | Sagami Rubber Industries Co. Ltd. | 17,051 | ||||||
1,200 | Saibu Gas Co. Ltd. | 25,247 | ||||||
11,500 | Saizeriya Co. Ltd. | 258,726 | ||||||
32,200 | Sakai Chemical Industry Co. Ltd. | 797,077 | ||||||
3,000 | Sakai Heavy Industries Ltd. | 85,630 | ||||||
1,800 | Sakai Ovex Co. Ltd. | 28,044 | ||||||
2,200 | Sakata INX Corp. | 20,006 | ||||||
1,400 | Sakura Internet, Inc. | 6,796 | ||||||
16,400 | Sala Corp. | 90,226 | ||||||
5,100 | SAMTY Co. Ltd. | 66,171 | ||||||
1,600 | San Holdings, Inc./Japan | 35,857 | ||||||
1,000 | San ju San Financial Group, Inc. | 13,503 | ||||||
1,000 | San-A Co. Ltd. | 39,247 | ||||||
27,500 | San-Ai Oil Co. Ltd. | 232,131 | ||||||
5,300 | Sanden Holdings Corp.(a) | 38,192 | ||||||
2,600 | Sanei Architecture Planning Co. Ltd. | 36,869 | ||||||
8,050 | Sangetsu Corp. | 150,898 | ||||||
27,300 | San-In Godo Bank Ltd. (The) | 180,913 | ||||||
5,700 | Sanken Electric Co. Ltd. | 122,554 | ||||||
9,000 | Sanko Gosei Ltd. | 28,247 | ||||||
800 | Sanko Metal Industrial Co. Ltd. | 19,331 | ||||||
137,673 | Sankyo Co. Ltd. | 5,437,168 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
400 | Sankyo Frontier Co. Ltd. | $ | 12,526 | |||||
3,000 | Sankyo Tateyama, Inc. | 33,368 | ||||||
5,900 | Sankyu, Inc. | 282,962 | ||||||
9,600 | Sanoh Industrial Co. Ltd. | 45,616 | ||||||
4,600 | Sanoyas Holdings Corp. | 9,985 | ||||||
53,182 | Sanrio Co. Ltd. | 1,215,762 | ||||||
1,000 | Sansei Landic Co. Ltd. | 6,793 | ||||||
7,200 | Sansha Electric Manufacturing Co. Ltd. | 61,012 | ||||||
20,900 | Sanwa Holdings Corp. | 251,726 | ||||||
10,900 | Sanyo Chemical Industries Ltd. | 551,689 | ||||||
2,400 | Sanyo Denki Co. Ltd. | 112,949 | ||||||
1,300 | Sanyo Electric Railway Co. Ltd. | 25,975 | ||||||
800 | Sanyo Industries Ltd. | 13,363 | ||||||
9,800 | Sanyo Special Steel Co. Ltd. | 196,512 | ||||||
2,100 | Sanyo Trading Co. Ltd. | 42,688 | ||||||
12,800 | Sapporo Holdings Ltd. | 262,501 | ||||||
1,500 | SATO Holdings Corp. | 36,520 | ||||||
2,700 | Sato Shoji Corp. | 22,741 | ||||||
1,400 | Satori Electric Co. Ltd. | 12,552 | ||||||
7,800 | Sawada Holdings Co. Ltd. | 68,519 | ||||||
67,222 | Sawai Pharmaceutical Co. Ltd. | 3,611,837 | ||||||
1,300 | SAXA Holdings, Inc. | 20,520 | ||||||
2,800 | SBS Holdings, Inc. | 47,313 | ||||||
27,600 | Scala, Inc. | 224,554 | ||||||
4,300 | SCREEN Holdings Co. Ltd. | 206,560 | ||||||
2,800 | Scroll Corp. | 9,313 | ||||||
44,200 | SCSK Corp. | 2,100,418 | ||||||
200 | SEC Carbon Ltd. | 17,815 | ||||||
65,100 | Seikagaku Corp. | 716,880 | ||||||
23,200 | Seikitokyu Kogyo Co. Ltd.(a) | 118,490 | ||||||
112,100 | Seiko Holdings Corp. | 2,543,996 | ||||||
13,800 | Seino Holdings Co. Ltd. | 187,867 | ||||||
3,800 | Seiren Co. Ltd. | 56,937 | ||||||
6,600 | Sekisui Plastics Co. Ltd. | 49,195 | ||||||
171,512 | Senko Group Holdings Co. Ltd. | 1,379,416 | ||||||
2,000 | Senshu Electric Co. Ltd. | 46,482 | ||||||
25,020 | Senshu Ikeda Holdings, Inc. | 62,169 | ||||||
3,400 | Seria Co. Ltd. | 101,128 | ||||||
55,200 | Seven Bank Ltd. | 150,168 | ||||||
3,000 | SFP Holdings Co. Ltd. | 49,392 | ||||||
1,200 | Shibaura Electronics Co. Ltd. | 43,008 | ||||||
18,300 | Shibaura Mechatronics Corp. | 629,419 | ||||||
3,400 | Shibusawa Warehouse Co. Ltd. (The) | 53,519 | ||||||
1,000 | Shibuya Corp. | 31,086 | ||||||
1,400 | Shidax Corp. | 3,886 | ||||||
500 | SHIFT, Inc.(a) | 27,544 | ||||||
41,600 | Shiga Bank Ltd. (The) | 995,546 | ||||||
2,000 | Shikibo Ltd. | 18,298 | ||||||
18,800 | Shikoku Bank Ltd. (The) | 171,870 | ||||||
8,900 | Shikoku Chemicals Corp. | 96,277 | ||||||
5,700 | Shikoku Electric Power Co., Inc. | 57,604 | ||||||
1,000 | Shima Seiki Manufacturing Ltd. | 33,648 | ||||||
13,849 | Shimachu Co. Ltd. | 334,884 |
37 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,100 | Shimamura Co. Ltd. | $ | 82,020 | |||||
17,000 | Shimizu Bank Ltd. (The) | 269,434 | ||||||
1,900 | Shimojima Co. Ltd. | 20,391 | ||||||
1,800 | Shin Nippon Air Technologies Co. Ltd. | 29,015 | ||||||
2,400 | Shinagawa Refractories Co. Ltd. | 71,695 | ||||||
5,400 | Shindengen Electric Manufacturing Co. Ltd. | 222,204 | ||||||
7,400 | Shin-Etsu Polymer Co. Ltd. | 56,345 | ||||||
3,900 | Shinkawa Ltd.(a) | 17,514 | ||||||
256,300 | Shinko Electric Industries Co. Ltd. | 2,261,902 | ||||||
8,100 | Shinko Plantech Co. Ltd. | 84,787 | ||||||
2,800 | Shinko Shoji Co. Ltd. | 47,175 | ||||||
132,200 | Shinmaywa Industries Ltd. | 1,632,395 | ||||||
9,400 | Shinnihon Corp. | 80,809 | ||||||
6,700 | Shinoken Group Co. Ltd. | 43,399 | ||||||
75,000 | Shinsei Bank Ltd.(a) | 1,045,824 | ||||||
1,200 | Shinsho Corp. | 28,718 | ||||||
1,700 | Shinwa Co. Ltd. | 34,670 | ||||||
32,200 | Ship Healthcare Holdings, Inc. | 1,324,750 | ||||||
2,400 | Shizuki Electric Co., Inc. | 13,402 | ||||||
39,300 | Shizuoka Bank Ltd. | 301,976 | ||||||
31,000 | Shizuoka Gas Co. Ltd. | 251,681 | ||||||
800 | Shoei Co. Ltd. | 34,782 | ||||||
800 | Shoei Foods Corp. | 22,429 | ||||||
2,300 | Shofu, Inc. | 26,157 | ||||||
2,300 | Shoko Co. Ltd.(a) | 13,438 | ||||||
1,000 | Showa Aircraft Industry Co. Ltd. | 12,214 | ||||||
138,900 | Showa Corp. | 2,040,189 | ||||||
5,700 | Showa Sangyo Co. Ltd. | 154,091 | ||||||
1,100 | Showa Shinku Co. Ltd. | 12,644 | ||||||
1,100 | Sigma Koki Co. Ltd. | 13,278 | ||||||
2,900 | Sigmaxyz, Inc. | 28,394 | ||||||
3,400 | Siix Corp. | 54,508 | ||||||
2,400 | Sinanen Holdings Co. Ltd. | 45,101 | ||||||
10,000 | Sinfonia Technology Co. Ltd. | 142,330 | ||||||
12,400 | Sinko Industries Ltd. | 178,464 | ||||||
2,800 | Sintokogio Ltd. | 26,346 | ||||||
32,000 | SK-Electronics Co. Ltd. | 510,435 | ||||||
165,200 | SKY Perfect JSAT Holdings, Inc. | 660,942 | ||||||
15,500 | Skylark Co. Ltd. | 255,323 | ||||||
5,600 | SMS Co. Ltd. | 108,684 | ||||||
20,500 | Sodick Co. Ltd. | 185,194 | ||||||
3,600 | Softbank Technology Corp. | 80,451 | ||||||
27,900 | Softbrain Co. Ltd. | 133,132 | ||||||
200 | Software Service, Inc. | 17,873 | ||||||
2,500 | Sogo Medical Holdings Co. Ltd. | 46,410 | ||||||
349,100 | Sojitz Corp. | 1,201,864 | ||||||
2,900 | Soken Chemical & Engineering Co. Ltd. | 41,085 | ||||||
3,000 | Solasto Corp. | 30,082 | ||||||
2,600 | Sotetsu Holdings, Inc. | 72,029 | ||||||
5,800 | Sourcenext Corp. | 26,781 | ||||||
7,000 | Space Value Holdings Co. Ltd. | 38,245 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
7,200 | Sparx Group Co. Ltd. | $ | 15,581 | |||||
700 | SPK Corp. | 15,212 | ||||||
400 | S-Pool, Inc. | 9,109 | ||||||
3,500 | Square Enix Holdings Co. Ltd. | 121,110 | ||||||
400 | SRA Holdings, Inc. | 8,667 | ||||||
3,000 | Srg Takamiya Co. Ltd. | 18,175 | ||||||
2,400 | SRS Holdings Co. Ltd. | 21,730 | ||||||
5,800 | ST Corp. | 100,262 | ||||||
80,200 | St. Marc Holdings Co. Ltd. | 1,800,789 | ||||||
500 | Star Mica Co. Ltd. | 5,965 | ||||||
52,400 | Star Micronics Co. Ltd. | 855,217 | ||||||
129,400 | Start Today Co. Ltd. | 2,298,592 | ||||||
3,900 | Starts Corp., Inc. | 86,847 | ||||||
1,500 | Starzen Co. Ltd. | 54,207 | ||||||
2,200 | St-Care Holding Corp. | 10,313 | ||||||
1,400 | Stella Chemifa Corp. | 38,879 | ||||||
200 | Strike Co. Ltd. | 3,649 | ||||||
48,800 | Studio Alice Co. Ltd. | 900,077 | ||||||
3,100 | Sugi Holdings Co. Ltd. | 156,784 | ||||||
2,700 | Sugimoto & Co. Ltd. | 48,335 | ||||||
10,200 | Sumco Corp. | 134,557 | ||||||
2,900 | Sumida Corp. | 43,304 | ||||||
4,100 | Suminoe Textile Co. Ltd. | 110,556 | ||||||
38,400 | Sumitomo Bakelite Co. Ltd. | 1,498,856 | ||||||
5,500 | Sumitomo Densetsu Co. Ltd. | 94,501 | ||||||
30,100 | Sumitomo Forestry Co. Ltd. | 414,110 | ||||||
276,900 | Sumitomo Mitsui Construction Co. Ltd. | 1,807,137 | ||||||
64,347 | Sumitomo Osaka Cement Co. Ltd. | 2,622,136 | ||||||
700 | Sumitomo Precision Products Co. Ltd. | 19,533 | ||||||
14,000 | Sumitomo Riko Co. Ltd. | 123,360 | ||||||
51,303 | Sumitomo Rubber Industries Ltd. | 630,839 | ||||||
2,100 | Sumitomo Seika Chemicals Co. Ltd. | 81,592 | ||||||
19,000 | Sun Frontier Fudousan Co. Ltd. | 194,392 | ||||||
5,400 | Suncall Corp. | 29,509 | ||||||
800 | Sundrug Co. Ltd. | 21,448 | ||||||
3,000 | SUNNY SIDE UP, Inc. | 56,220 | ||||||
3,600 | Sun-Wa Technos Corp. | 28,679 | ||||||
56,700 | Sushiro Global Holdings Ltd. | 3,711,948 | ||||||
81,900 | Suzuken Co. Ltd. | 4,722,386 | ||||||
4,700 | Suzuki Co. Ltd. | 29,106 | ||||||
7,200 | SWCC Showa Holdings Co. Ltd. | 50,097 | ||||||
1,700 | System Research Co. Ltd. | 40,326 | ||||||
173,200 | Systena Corp. | 2,085,090 | ||||||
1,100 | Syuppin Co. Ltd. | 7,338 | ||||||
3,800 | T&K Toka Co. Ltd. | 33,534 | ||||||
3,200 | T. Hasegawa Co. Ltd. | 51,706 | ||||||
2,400 | T. RAD Co. Ltd. | 51,447 | ||||||
1,740 | Tachibana Eletech Co. Ltd. | 27,164 | ||||||
1,800 | Tachikawa Corp. | 20,473 | ||||||
7,400 | Tachi-S Co. Ltd. | 114,146 | ||||||
5,000 | Tadano Ltd. | 52,901 |
38 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,800 | Taihei Dengyo Kaisha Ltd. | $ | 39,699 | |||||
5,700 | Taiho Kogyo Co. Ltd. | 45,082 | ||||||
37,300 | Taikisha Ltd. | 1,127,263 | ||||||
1,500 | Taiko Pharmaceutical Co. Ltd. | 24,533 | ||||||
300 | Taisei Lamick Co., Ltd. | 7,595 | ||||||
1,300 | Taiyo Holdings Co. Ltd. | 45,792 | ||||||
21,200 | Taiyo Yuden Co. Ltd. | 516,297 | ||||||
3,500 | Takamatsu Machinery Co. Ltd. | 30,618 | ||||||
1,700 | Takaoka Toko Co. Ltd. | 19,699 | ||||||
1,900 | Takara Bio, Inc. | 41,819 | ||||||
7,600 | Takara Holdings, Inc. | 88,762 | ||||||
22,900 | Takara Leben Co. Ltd. | 71,216 | ||||||
3,500 | Takara Standard Co. Ltd. | 53,278 | ||||||
11,600 | Takasago International Corp. | 352,854 | ||||||
83,500 | Takasago Thermal Engineering Co. Ltd. | 1,324,318 | ||||||
1,300 | Takashima & Co. Ltd. | 19,945 | ||||||
16,300 | Takashimaya Co. Ltd. | 183,280 | ||||||
1,700 | Take And Give Needs Co. Ltd. | 22,415 | ||||||
2,900 | Takebishi Corp. | 35,871 | ||||||
4,700 | Takeei Corp. | 33,180 | ||||||
2,800 | Takeuchi Manufacturing Co. Ltd. | 53,098 | ||||||
700 | Takihyo Co. Ltd. | 11,470 | ||||||
1,700 | Takisawa Machine Tool Co. Ltd. | 23,866 | ||||||
34,800 | Takuma Co. Ltd. | 419,603 | ||||||
89,300 | Tama Home Co. Ltd. | 881,170 | ||||||
115,300 | Tamron Co. Ltd. | 2,257,627 | ||||||
9,400 | Tamura Corp. | 58,396 | ||||||
1,500 | Tanabe Engineering Corp. | 10,554 | ||||||
72,050 | Tanseisha Co. Ltd. | 804,577 | ||||||
600 | Taoka Chemical Co. Ltd. | 26,687 | ||||||
11,300 | Tatsuta Electric Wire and Cable Co. Ltd. | 49,629 | ||||||
6,600 | Tayca Corp. | 149,011 | ||||||
10,700 | TBK Co. Ltd. | 39,100 | ||||||
32,000 | TDC Soft, Inc. | 247,857 | ||||||
51,800 | Techmatrix Corp. | 923,012 | ||||||
1,000 | Techno Medica Co. Ltd. | 18,926 | ||||||
2,300 | TechnoPro Holdings, Inc. | 138,388 | ||||||
41,200 | Teijin Ltd. | 708,728 | ||||||
12,900 | Teikoku Electric Manufacturing Co. Ltd. | 131,543 | ||||||
1,100 | Tekken Corp. | 28,761 | ||||||
2,100 | T-Gaia Corp. | 34,140 | ||||||
20,400 | THK Co. Ltd. | 539,454 | ||||||
3,800 | Tigers Polymer Corp. | 20,687 | ||||||
95,766 | TIS, Inc. | 4,369,404 | ||||||
700 | TKC Corp. | 27,409 | ||||||
3,200 | Toa Corp. | 35,211 | ||||||
1,700 | Toa Corp. | 24,421 | ||||||
3,500 | Toa Oil Co. Ltd. | 56,512 | ||||||
5,000 | Toa Road Corp. | 128,105 | ||||||
25,950 | Toagosei Co. Ltd. | 283,287 | ||||||
5,610 | Tobishima Corp. | 71,813 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
32,800 | TOC Co. Ltd. | $ | 205,035 | |||||
6,100 | Tocalo Co. Ltd. | 50,202 | ||||||
24,165 | Tochigi Bank Ltd. (The) | 48,995 | ||||||
15,800 | Toda Corp. | 97,718 | ||||||
20,100 | Toei Animation Co. Ltd. | 999,156 | ||||||
400 | Toei Co. Ltd. | 51,944 | ||||||
2,400 | Toenec Corp. | 66,644 | ||||||
163,500 | Toho Bank Ltd. (The) | 424,236 | ||||||
60,300 | Toho Co. Ltd. | 2,532,257 | ||||||
2,200 | Toho Co. Ltd. | 43,457 | ||||||
67,164 | Toho Gas Co. Ltd. | 2,769,156 | ||||||
112,600 | Toho Holdings Co. Ltd. | 2,638,329 | ||||||
2,100 | Toho Titanium Co. Ltd. | 17,671 | ||||||
4,100 | Toho Zinc Co. Ltd. | 107,322 | ||||||
4,300 | Tohoku Bank Ltd. (The) | 41,872 | ||||||
19,500 | Tokai Carbon Co. Ltd. | 225,646 | ||||||
2,700 | Tokai Corp. | 62,390 | ||||||
8,900 | TOKAI Holdings Corp. | 74,343 | ||||||
1,200 | Tokai Lease Co. Ltd. | 17,503 | ||||||
41,300 | Tokai Rika Co. Ltd. | 717,144 | ||||||
20,000 | Tokai Tokyo Financial Holdings, Inc. | 66,465 | ||||||
1,200 | Token Corp. | 73,261 | ||||||
1,084 | Tokushu Tokai Paper Co. Ltd. | 40,056 | ||||||
7,400 | Tokuyama Corp. | 183,853 | ||||||
9,100 | Tokyo Dome Corp. | 90,379 | ||||||
4,800 | Tokyo Electron Device Ltd. | 83,698 | ||||||
4,000 | Tokyo Energy & Systems, Inc. | 34,522 | ||||||
2,800 | Tokyo Keiki, Inc. | 27,918 | ||||||
3,900 | Tokyo Ohka Kogyo Co. Ltd. | 124,890 | ||||||
3,700 | Tokyo Rope Manufacturing Co. Ltd. | 36,433 | ||||||
42,000 | Tokyo Sangyo Co. Ltd. | 193,975 | ||||||
8,000 | Tokyo Seimitsu Co. Ltd. | 232,377 | ||||||
6,400 | Tokyo Steel Manufacturing Co. Ltd. | 54,808 | ||||||
56,700 | Tokyo Tatemono Co. Ltd. | 640,006 | ||||||
15,100 | Tokyo Tekko Co. Ltd. | 167,139 | ||||||
1,700 | Tokyo Ty Financial Group, Inc. | 24,565 | ||||||
1,000 | Tokyotokeiba Co. Ltd. | 29,175 | ||||||
66,700 | Tokyu Construction Co. Ltd. | 478,998 | ||||||
124,800 | Tokyu Fudosan Holdings Corp. | 704,102 | ||||||
183 | Tokyu REIT, Inc. REIT | 287,574 | ||||||
21,300 | Toli Corp. | 49,873 | ||||||
1,400 | Tomato Bank Ltd. | 13,432 | ||||||
1,100 | Tomen Devices Corp. | 23,583 | ||||||
2,900 | Tomoe Corp. | 9,361 | ||||||
3,800 | Tomoe Engineering Co. Ltd. | 83,677 | ||||||
5,700 | Tomoku Co. Ltd. | 90,708 | ||||||
166,800 | TOMONY Holdings, Inc. | 607,065 | ||||||
188,700 | Tomy Co. Ltd. | 2,023,370 | ||||||
2,300 | Tonami Holdings Co. Ltd. | 126,387 | ||||||
8,100 | Topcon Corp. | 98,430 | ||||||
96,900 | Toppan Forms Co. Ltd. | 886,195 | ||||||
9,400 | Topre Corp. | 176,327 | ||||||
4,400 | Topy Industries Ltd. | 101,826 |
39 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments- (Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,500 | Torex Semiconductor Ltd. | $ | 17,585 | |||||
1,400 | TORIDOLL Holdings Corp. | 31,356 | ||||||
1,400 | Torii Pharmaceutical Co. Ltd. | 27,829 | ||||||
500 | Torikizoku Co. Ltd. | 8,533 | ||||||
3,900 | Torishima Pump Manufacturing Co. Ltd. | 35,414 | ||||||
36,800 | Tosei Corp. | 306,041 | ||||||
2,400 | Toshiba Machine Co. Ltd. | 54,884 | ||||||
2,800 | Toshiba Plant Systems & Services Corp. | 50,280 | ||||||
43,500 | Toshiba TEC Corp. | 1,202,103 | ||||||
1,300 | Tosho Co. Ltd. | 33,405 | ||||||
700 | Totech Corp. | 13,764 | ||||||
1,100 | Totetsu Kogyo Co. Ltd. | 32,299 | ||||||
23,500 | Towa Bank Ltd. (The) | 150,738 | ||||||
4,800 | Towa Corp. | 39,942 | ||||||
138,000 | Towa Pharmaceutical Co. Ltd. | 3,398,007 | ||||||
138,200 | Toyo Construction Co. Ltd. | 509,119 | ||||||
600 | Toyo Denki Seizo KK | 8,215 | ||||||
3,800 | Toyo Engineering Corp.(a) | 20,266 | ||||||
4,800 | Toyo Ink SC Holdings Co. Ltd. | 115,014 | ||||||
1,400 | TOYO KANETSU K.K. | 26,698 | ||||||
4,000 | Toyo Machinery & Metal Co. Ltd. | 22,488 | ||||||
16,000 | Toyo Securities Co. Ltd. | 18,677 | ||||||
1,400 | Toyo Suisan Kaisha Ltd. | 53,458 | ||||||
10,900 | Toyo Tanso Co. Ltd. | 216,327 | ||||||
16,600 | Toyo Tire Corp. | 194,194 | ||||||
2,000 | Toyo Wharf & Warehouse Co. Ltd. | 26,829 | ||||||
27,200 | Toyobo Co. Ltd. | 354,914 | ||||||
19,700 | Toyoda Gosei Co. Ltd. | 410,099 | ||||||
11,100 | Toyota Boshoku Corp. | 164,015 | ||||||
7,700 | TPR Co. Ltd. | 151,786 | ||||||
800 | Trancom Co. Ltd. | 46,533 | ||||||
54,600 | Transcosmos, Inc. | 1,196,845 | ||||||
500 | Tri Chemical Laboratories, Inc. | 26,360 | ||||||
1,900 | Trusco Nakayama Corp. | 48,022 | ||||||
14,400 | Trust Tech, Inc. | 490,846 | ||||||
29,800 | TS Tech Co. Ltd. | 894,970 | ||||||
3,200 | Tsubaki Nakashima Co. Ltd. | 59,794 | ||||||
34,500 | Tsubakimoto Chain Co. | 1,285,976 | ||||||
1,900 | Tsubakimoto Kogyo Co. Ltd. | 62,297 | ||||||
2,200 | Tsudakoma Corp. | 37,634 | ||||||
7,000 | Tsugami Corp. | 63,453 | ||||||
32,800 | Tsukada Global Holdings, Inc. | 179,210 | ||||||
11,033 | Tsukuba Bank Ltd. | 19,481 | ||||||
7,700 | Tsukui Corp. | 48,102 | ||||||
40,800 | Tsumura & Co. | 1,254,645 | ||||||
1,200 | Tsurumi Manufacturing Co. Ltd. | 21,507 | ||||||
1,600 | Tv Tokyo Holdings Corp. | 33,724 | ||||||
10,484 | UACJ Corp. | 212,069 | ||||||
30,580 | Ube Industries Ltd. | 654,281 | ||||||
2,500 | Uchida Yoko Co. Ltd. | 79,801 | ||||||
600 | Ueki Corp. | 12,593 | ||||||
16,100 | ULS Group, Inc. | 271,453 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
8,700 | Ulvac, Inc. | $ | 293,072 | |||||
600 | Umenohana Co. Ltd. | 14,286 | ||||||
300 | Uniden Holdings Corp. | 6,625 | ||||||
2,200 | UNIMAT Retirement Community Co. Ltd. | 36,191 | ||||||
600 | Union Tool Co. | 16,565 | ||||||
13,100 | Unipres Corp. | 202,453 | ||||||
65,900 | United Arrows Ltd. | 2,081,578 | ||||||
124,600 | United Super Markets Holdings, Inc. | 1,126,427 | ||||||
22,900 | United, Inc./Japan | 294,531 | ||||||
4,800 | Unitika Ltd.(a) | 19,042 | ||||||
3,200 | Universal Entertainment Corp. | 100,836 | ||||||
1,100 | Unizo Holdings Co. Ltd. | 19,501 | ||||||
4,000 | Urbanet Corp. Co. Ltd. | 12,420 | ||||||
2,100 | UT Group Co. Ltd.(a) | 60,569 | ||||||
8,800 | Utoc Corp. | 42,989 | ||||||
900 | V Technology Co. Ltd. | 120,981 | ||||||
34,300 | Valor Holdings Co. Ltd. | 836,725 | ||||||
24,000 | ValueCommerce Co. Ltd. | 608,237 | ||||||
2,200 | Vector, Inc.(a) | 26,193 | ||||||
9,600 | Vision, Inc./Tokyo Japan(a) | 441,805 | ||||||
95,200 | Vital KSK Holdings, Inc. | 908,371 | ||||||
34,400 | VT Holdings Co. Ltd. | 138,821 | ||||||
2,000 | Wacoal Holdings Corp. | 49,396 | ||||||
8,500 | Wacom Co. Ltd. | 34,372 | ||||||
19,200 | Wakachiku Construction Co. Ltd. | 246,882 | ||||||
34,300 | Wakita & Co. Ltd. | 360,294 | ||||||
3,600 | Warabeya Nichiyo Holdings Co. Ltd. | 57,905 | ||||||
8,400 | Waseda Academy Co. Ltd. | 54,891 | ||||||
300 | Watahan & Co. Ltd. | 6,430 | ||||||
25,500 | WATAMI Co. Ltd. | 356,957 | ||||||
7,100 | Watts Co. Ltd. | 44,774 | ||||||
2,800 | Wavelock Holdings Co. Ltd. | 20,378 | ||||||
900 | Wdb Holdings Co. Ltd. | 26,739 | ||||||
600 | Weathernews, Inc. | 18,223 | ||||||
1,400 | Weds Co. Ltd. | 7,598 | ||||||
36,900 | West Holdings Corp. | 490,615 | ||||||
1,000 | Will Group, Inc. | 10,229 | ||||||
1,100 | WIN-Partners Co. Ltd. | 12,027 | ||||||
800 | Workman Co. Ltd. | 38,843 | ||||||
22,400 | World Holdings Co. Ltd. | 380,855 | ||||||
1,000 | Wowow, Inc. | 25,913 | ||||||
3,000 | W-Scope Corp. | 47,346 | ||||||
4,200 | Xebio Holdings Co. Ltd. | 44,217 | ||||||
4,000 | Yachiyo Industry Co. Ltd. | 27,172 | ||||||
6,000 | Yahagi Construction Co. Ltd. | 42,091 | ||||||
1,000 | Yakuodo Co. Ltd. | 24,490 | ||||||
13,300 | YAMABIKO Corp. | 131,552 | ||||||
900 | Yamada Consulting Group Co. Ltd. | 19,579 | ||||||
4,000 | Yamagata Bank Ltd. (The) | 64,464 | ||||||
46,100 | Yamaguchi Financial Group, Inc. | 341,081 |
40 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments- (Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,400 | Yamaichi Electronics Co. Ltd. | $ | 27,317 | |||||
3,100 | YA-MAN Ltd. | 29,827 | ||||||
24,900 | Yamanashi Chuo Bank Ltd. (The) | 292,103 | ||||||
6,100 | Yamatane Corp. | 88,826 | ||||||
2,600 | Yamato Corp. | 12,181 | ||||||
12,500 | Yamaya Corp. | 240,758 | ||||||
1,500 | Yamazaki Baking Co. Ltd. | 22,346 | ||||||
900 | Yamazawa Co. Ltd. | 13,082 | ||||||
10,300 | Yamazen Corp. | 108,372 | ||||||
1,200 | Yaoko Co. Ltd. | 57,107 | ||||||
9,900 | Yashima Denki Co. Ltd. | 78,435 | ||||||
1,400 | Yasunaga Corp. | 22,139 | ||||||
41,800 | Yellow Hat Ltd. | 528,952 | ||||||
8,800 | Yokogawa Bridge Holdings Corp. | 143,192 | ||||||
6,200 | Yokohama Reito Co. Ltd. | 49,108 | ||||||
26,900 | Yokohama Rubber Co. Ltd. (The) | 506,870 | ||||||
2,700 | Yokowo Co. Ltd. | 43,212 | ||||||
400 | Yomiuri Land Co. Ltd. | 15,786 | ||||||
600 | Yondoshi Holdings, Inc. | 13,219 | ||||||
6,800 | Yorozu Corp. | 99,037 | ||||||
11,400 | Yossix Co. Ltd. | 297,722 | ||||||
3,600 | Yotai Refractories Co. Ltd. | 16,927 | ||||||
4,500 | Yuasa Trading Co. Ltd. | 128,372 | ||||||
1,700 | Yuken Kogyo Co. Ltd. | 26,614 | ||||||
1,100 | Yume No Machi Souzou Iinkai Co. Ltd. | 16,503 | ||||||
4,700 | Yumeshin Holdings Co. Ltd. | 34,044 | ||||||
56,600 | Yurtec Corp. | 399,420 | ||||||
900 | Yushiro Chemical Industry Co. Ltd. | 10,770 | ||||||
500 | Zenitaka Corp. | 23,987 | ||||||
22,000 | Zenrin Co. Ltd. | 480,487 | ||||||
5,700 | Zensho Holdings Co. Ltd. | 128,481 | ||||||
33,500 | Zeon Corp. | 329,053 | ||||||
48,300 | ZERIA Pharmaceutical Co. Ltd. | 855,896 | ||||||
3,700 | ZIGExN Co., Ltd.(a) | 19,316 | ||||||
4,000 | Zojirushi Corp. | 41,273 | ||||||
437,171,766 | ||||||||
JERSEY CHANNEL ISLANDS — 0.2% | ||||||||
274,987 | Novocure Ltd.(a) | 12,118,677 | ||||||
JORDAN — 0.0% | ||||||||
9,167 | Hikma Pharmaceuticals Plc | 211,538 | ||||||
KOREA — 0.0% | ||||||||
56,756 | Chennai Super Kings Cricket Ltd.(a)(b)(c) | 344 | ||||||
LIECHTENSTEIN — 0.0% | ||||||||
947 | Liechtensteinische Landesbank AG | 64,593 | ||||||
269 | VP Bank AG | 39,201 | ||||||
103,794 |
Shares | Value | |||||||
LUXEMBOURG — 0.0% | ||||||||
4,299 | APERAM SA | $ | 132,628 | |||||
2,401 | Corestate Capital Holding SA | 96,456 | ||||||
505 | Eurofins Scientific SE | 231,255 | ||||||
2,321 | IVS Group SA | 28,000 | ||||||
22,500 | L’Occitane International SA | 40,433 | ||||||
3,073 | RTL Group SA | 175,167 | ||||||
319 | RTL Group SA | 17,975 | ||||||
54,363 | SES SA | 925,679 | ||||||
2,536 | Stabilus SA | 141,516 | ||||||
836 | Sword Group | 30,443 | ||||||
1,819,552 | ||||||||
MACAU — 0.0% | ||||||||
218,000 | Macau Legend Development Ltd. | 35,301 | ||||||
MALAYSIA — 0.1% | ||||||||
75,100 | Aeon Co. (M) Berhad | 26,175 | ||||||
9,450 | Aeon Credit Service M Berhad | 37,267 | ||||||
300,306 | Affin Holdings Berhad | 162,780 | ||||||
189,600 | AirAsia Group Berhad | 125,251 | ||||||
78,500 | Alliance Bank Malaysia Berhad | 77,135 | ||||||
82,900 | Ammb Holdings Berhad | 89,623 | ||||||
20,100 | Amway Malaysia Holdings Berhad | 28,937 | ||||||
27,700 | Ann Joo Resources Berhad | 11,798 | ||||||
28,900 | APM Automotive Holdings Berhad | 21,140 | ||||||
33,000 | Astro Malaysia Holdings Berhad | 11,580 | ||||||
32,700 | Batu Kawan Berhad | 132,888 | ||||||
23,600 | Berjaya Sports Toto Berhad | 15,018 | ||||||
45,700 | Bermaz Auto Berhad | 26,528 | ||||||
64,200 | BIMB Holdings Berhad | 72,055 | ||||||
480,407 | Boustead Holdings Berhad | 148,764 | ||||||
83,160 | Boustead Plantation Berhad | 16,087 | ||||||
3,100 | British American Tobacco Malaysia Berhad | 26,155 | ||||||
234,600 | Bumi Armada Berhad(a) | 13,339 | ||||||
19,850 | Bursa Malaysia Berhad | 32,408 | ||||||
25,500 | Cahya Mata Sarawak Berhad | 20,603 | ||||||
9,100 | Carlsberg Brewery-Malaysia Berhad | 55,609 | ||||||
65,900 | Dayang Enterprise Holdings Berhad(a) | 22,486 | ||||||
83,300 | DRB-Hicom Berhad | 43,968 | ||||||
2,300 | Dutch Lady Milk Industries Berhad | 35,654 | ||||||
184,797 | Eastern & Oriental Berhad(a) | 39,073 | ||||||
127,900 | Eco World Development Group Berhad(a) | 28,636 | ||||||
173,400 | Felda Global Ventures Holdings Berhad(a) | 52,352 | ||||||
5,200 | Fraser & Neave Holdings Berhad | 43,905 | ||||||
84,500 | Gamuda Berhad | 71,528 | ||||||
4,200 | Genting Plantations Berhad | 10,659 |
41 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments- (Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
MALAYSIA (continued) | ||||||||
54,366 | Globetronics Technology Berhad | $ | 24,994 | |||||
27,600 | Goldis Berhad | 18,141 | ||||||
4,980 | HAP Seng Consolidated Berhad | 11,907 | ||||||
93,500 | Hap Seng Plantations Holdings Berhad | 37,459 | ||||||
18,600 | Hartalega Holdings Berhad | 22,638 | ||||||
14,200 | Heineken Malaysia Berhad | 84,170 | ||||||
22,300 | Hengyuan Refining Co Berhad(a) | 31,976 | ||||||
126,300 | Hiap Teck Venture Berhad | 8,412 | ||||||
24,700 | Hong Leong Industries Berhad | 63,130 | ||||||
131,780 | IJM Corp. Berhad | 74,608 | ||||||
36,700 | IJM Plantations Berhad | 14,560 | ||||||
139,031 | Inari Amertron Berhad | 58,248 | ||||||
131,300 | Ioi Properties Group Berhad | 43,527 | ||||||
71,600 | Jaks Resources Berhad(a) | 13,258 | ||||||
37,100 | Kerjaya Prospek Group Berhad | 11,765 | ||||||
34,300 | Kossan Rubber Industries | 30,204 | ||||||
125,600 | KPJ Healthcare Berhad | 29,791 | ||||||
142,174 | KSL Holdings Berhad(a) | 29,280 | ||||||
155,800 | Landmarks Berhad(a) | 18,076 | ||||||
53,360 | LBS Bina Group Berhad | 7,934 | ||||||
42,600 | Lingkaran Trans Kota Holdings Berhad | 44,221 | ||||||
50,300 | Lion Industries Corp. Berhad(a) | 7,186 | ||||||
16,920 | LPI Capital Berhad | 63,373 | ||||||
32,273 | Lynas Corp. Ltd.(a) | 45,066 | ||||||
15,900 | Magni-Tech Industries Berhad | 17,905 | ||||||
25,900 | Magnum Berhad | 15,232 | ||||||
157,873 | Mah Sing Group Berhad | 36,669 | ||||||
48,523 | Malaysia Airports Holdings Berhad | 89,615 | ||||||
196,167 | Malaysia Building Society Berhad | 47,234 | ||||||
7,400 | Malaysian Pacific Industries Berhad | 17,539 | ||||||
71,500 | Matrix Concepts Holdings Berhad | 33,233 | ||||||
36,900 | Mega First Corp. Berhad | 35,273 | ||||||
149,600 | MMC Corp. Berhad | 37,997 | ||||||
63,200 | Muhibbah Engineering M Berhad | 43,636 | ||||||
72,300 | My EG Services Berhad | 26,278 | ||||||
33,800 | Padini Holdings Berhad | 31,400 | ||||||
2,600 | Panasonic Manufacturing Malaysia Berhad | 23,769 | ||||||
45,300 | Paramount Corp. Berhad | 23,198 | ||||||
11,000 | Petron Malaysia Refining & Marketing Berhad | 18,132 | ||||||
32,300 | Press Metal Aluminium Holdings Berhad | 37,141 | ||||||
19,780 | QL Resources Berhad | 32,613 | ||||||
64,857 | Sarawak Oil Palms Berhad | 41,066 | ||||||
16,600 | Scientex Berhad | 34,322 | ||||||
26,900 | Serba Dinamik Holdings Berhad | 27,221 |
Shares | Value | |||||||
MALAYSIA (continued) | ||||||||
49,800 | Shangri-La Hotels (Malaysia) Berhad | $ | 65,649 | |||||
111,600 | Sime Darby Berhad | 62,684 | ||||||
30,400 | SKP Resources Berhad | 10,144 | ||||||
69,602 | SP Setia Berhad | 38,202 | ||||||
75,773 | Sunway Berhad | 30,627 | ||||||
67,866 | Sunway Construction Group Berhad | 32,844 | ||||||
51,000 | Supermax Corp. Berhad | 18,648 | ||||||
35,000 | Syarikat Takaful Malaysia Berhad | 51,369 | ||||||
22,700 | Ta Ann Holdings Berhad | 12,910 | ||||||
269,700 | TA Enterprise Berhad | 42,409 | ||||||
195,360 | TA Global Berhad | 12,753 | ||||||
126,800 | TAN Chong Motor Holdings Berhad | 49,970 | ||||||
94,700 | Tebrau Teguh Berhad(a) | 23,396 | ||||||
36,900 | Telekom Malaysia Berhad | 25,996 | ||||||
18,360 | Time dotCom Berhad | 39,742 | ||||||
39,740 | Top Glove Corp. Berhad | 46,835 | ||||||
43,600 | TSH Resources Berhad | 10,879 | ||||||
14,700 | Uchi Technologies Berhad | 10,149 | ||||||
19,600 | UEM Edgenta Berhad | 13,707 | ||||||
18,900 | UMW Holdings Berhad | 24,936 | ||||||
23,700 | United Malacca Berhad | 30,726 | ||||||
20,800 | United Plantations Berhad | 134,447 | ||||||
193,500 | UOA Development Berhad | 105,730 | ||||||
78,875 | VS Industry Berhad | 21,792 | ||||||
55,000 | Wah Seong Corp. Berhad(a) | 9,843 | ||||||
42,100 | Westports Holdings Berhad | 38,775 | ||||||
38,200 | Yinson Holdings Berhad | 44,733 | ||||||
43,272 | YNH Property Berhad | 17,390 | ||||||
312,726 | YTL Corp. Berhad | 85,350 | ||||||
4,075,433 | ||||||||
MALTA — 0.0% | ||||||||
14,841 | Kindred Group Plc - SDR | 129,603 | ||||||
MEXICO — 0.1% | ||||||||
10,989 | ALEATICA SAB de CV | 12,173 | ||||||
317,467 | Alfa SAB de CV - Series A | 319,849 | ||||||
50,138 | Alpek SAB de CV(a) | 61,490 | ||||||
6,467 | Alsea SAB de CV | 14,443 | ||||||
40,010 | Banco del Bajio SA | 86,002 | ||||||
14,700 | Becle Sab De Cv | 22,688 | ||||||
14,637 | Bolsa Mexicana de Valores SAB de CV | 30,127 | ||||||
657,286 | Cemex SAB de CV - CPO - Units(a) | 304,412 | ||||||
82,556 | Consorcio ARA SAB de CV | 21,991 | ||||||
15,500 | Corp Inmobiliaria Vesta SAB de CV | 24,324 | ||||||
25,361 | Corp. Actinver SAB de CV | 17,458 | ||||||
61,938 | Corp. Interamericana de Entretenimiento SAB de CV - Series B(a)(c) | 43,796 | ||||||
24,022 | Corp. Moctezuma SAB de CV | 76,472 |
42 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments- (Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
MEXICO (continued) | ||||||||
1,260 | Corporativo Fragua SAB de CV | $ | 17,050 | |||||
35,363 | Credito Real SAB de CV SOFOM ER | 40,851 | ||||||
35,100 | Fibra Uno Administracion SA de CV REIT | 52,027 | ||||||
39,113 | Genomma Lab Internacional SAB de CV - Class B(a) | 31,319 | ||||||
25,002 | Gentera SAB de CV | 22,855 | ||||||
5,782 | Gruma SAB de CV - Series B | 57,796 | ||||||
30,292 | Grupo Aeromexico SAB de CV(a) | 30,807 | ||||||
11,618 | Grupo Aeroportuario del Centro Norte SAB de CV | 71,549 | ||||||
13,171 | Grupo Aeroportuario del Pacifico SAB de CV - Series B | 133,463 | ||||||
5,517 | Grupo Aeroportuario del Sureste SAB de CV - Series B | 90,599 | ||||||
37,329 | Grupo Bimbo SAB de CV - Series A | 82,898 | ||||||
11,248 | Grupo Carso SAB de CV - Series A1 | 43,668 | ||||||
51,513 | Grupo Cementos de Chihuahua SAB de CV | 295,039 | ||||||
17,206 | Grupo Comercial Chedraui SA de CV | 33,853 | ||||||
3,962 | Grupo Elektra SAB de CV | 211,081 | ||||||
45,428 | Grupo Famsa SAB de CV - Class A(a) | 15,576 | ||||||
22,346 | Grupo Herdez SAB de CV | 48,104 | ||||||
17,079 | Grupo KUO SAB de CV - Series B | 43,685 | ||||||
9,061 | Grupo Rotoplas SAB de CV | 8,861 | ||||||
19,200 | Grupo Sanborns SAB de CV | 19,040 | ||||||
8,920 | Grupo Simec SAB de CV - Series B(a) | 27,365 | ||||||
37,388 | Hoteles City Express SAB de CV(a) | 38,477 | ||||||
256,075 | Impulsora del Desarrollo y El Empleo en America Latina SAB de CV(a) | 474,052 | ||||||
5,874 | Industrias Bachoco SAB de CV - Series B | 24,029 | ||||||
131,489 | Industrias CH SAB de CV - Series B(a) | 615,700 | ||||||
1,685 | Industrias Penoles SAB de CV | 19,376 | ||||||
9,300 | Infraestructura Energetica Nova SAB de CV | 40,643 | ||||||
45,760 | Kimberly-Clark de Mexico SAB de CV - Class A | 79,027 | ||||||
36,269 | La Comer SAB de CV(a) | 41,515 | ||||||
19,599 | Macquarie Mexico Real Estate Management SA de CV REIT | 23,251 | ||||||
90 | Medica Sur SAB de CV - Series B | 121 | ||||||
18,125 | Megacable Holdings SAB de CV - CPO Shares | 79,641 | ||||||
49,699 | Mexichem SAB de CV | 115,428 |
Shares | Value | |||||||
MEXICO (continued) | ||||||||
118,273 | Nemak SAB de CV | $ | 65,008 | |||||
11,623 | Organizacion Cultiba SAB de CV(a) | 10,300 | ||||||
84,289 | Organizacion Soriana SAB de CV - Series B(a) | 102,084 | ||||||
8,733 | Promotora y Operadora de Infraestructura SAB de CV | 88,635 | ||||||
1,100 | Promotora y Operadora de Infraestructura SAB de CV - Series L | 7,224 | ||||||
8,043 | Qualitas Controladora SAB de CV - Class I | 21,404 | ||||||
49,541 | Regional SAB de CV | 268,118 | ||||||
21,201 | Telesites Sab De Cv(a) | 14,482 | ||||||
11,663 | Unifin Financiera SAB de CV SOFOM ENR | 26,085 | ||||||
13,935 | Vitro SAB de CV - Series A | 39,325 | ||||||
4,606,636 | ||||||||
MONACO — 0.0% | ||||||||
1,900 | Endeavour Mining Corp.(a) | 26,975 | ||||||
MONGOLIA — 0.0% | ||||||||
714,500 | Mongolian Mining Corp.(a) | 13,413 | ||||||
MOROCCO AND ANTILLES — 0.0% | ||||||||
77,800 | Sime Darby Property Berhad | 20,891 | ||||||
NETHERLANDS — 0.4% | ||||||||
6,204 | Aalberts Industries NV | 244,096 | ||||||
21,990 | Accell Group NV | 626,998 | ||||||
16,676 | ALTICE EUROPE NV(a) | 52,921 | ||||||
8,231 | Amagerbanken A/S(a)(b) | 0 | ||||||
483 | AMG Advanced Metallurgical Group NV | 14,685 | ||||||
1,283 | Amsterdam Commodities NV | 29,248 | ||||||
6,548 | Arcadis NV | 123,729 | ||||||
20,160 | ASM International NV | 1,374,502 | ||||||
132,875 | ASR Nederland NV | 5,912,170 | ||||||
1,337 | Basic-Fit NV(a) | 47,458 | ||||||
4,924 | BE Semiconductor Industries NV | 141,839 | ||||||
8,190 | BinckBank NV | 58,117 | ||||||
7,881 | Boskalis Westminster | 216,295 | ||||||
48 | Brack Capital Properties NV(a) | 5,100 | ||||||
1,066 | Brunel International NV | 17,298 | ||||||
7,289 | Corbion NV | 233,175 | ||||||
3,628 | Euronext NV | 252,081 | ||||||
4,336 | Forfarmers Nv | 37,074 | ||||||
6,077 | Fugro NV - CVA(a) | 55,387 | ||||||
4,320 | GrandVision NV | 97,216 | ||||||
139,315 | Heijmans NV - CVA(a) | 1,581,785 | ||||||
1,636 | Hunter Douglas NV | 115,580 | ||||||
19,161 | IMCD Group NV | 1,549,253 | ||||||
7,159 | Intertrust Nv | 136,082 | ||||||
8,679 | KAS Bank NV - CVA | 121,417 | ||||||
3,096 | Kendrion NV | 75,981 | ||||||
29,799 | Koninklijke BAM Groep NV | 145,522 | ||||||
275,956 | Koninklijke KPN NV | 848,114 |
43 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments- (Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
NETHERLANDS (continued) | ||||||||
52,482 | Koninklijke Volkerwessels NV | $ | 1,122,233 | |||||
7,276 | Koninklijke Vopak NV | 324,897 | ||||||
392 | Lucas Bols NV | 6,824 | ||||||
2,009 | Nederland Apparatenfabriek | 112,111 | ||||||
14,502 | Nostrum Oil & Gas Plc(a) | 17,725 | ||||||
4,498 | NSI NV REIT | 178,255 | ||||||
4,733 | OCI NV(a) | 137,465 | ||||||
31,805 | Ordina NV | 68,095 | ||||||
12,593 | PostNL NV | 32,666 | ||||||
15,156 | QIAGEN NV(a) | 586,856 | ||||||
19,877 | Randstad NV | 1,136,794 | ||||||
20,292 | SBM Offshore NV | 376,548 | ||||||
455 | Shop Apotheke Europe NV(a) | 17,635 | ||||||
19,023 | Signify NV | 570,871 | ||||||
5,632 | Sligro Food Group NV | 205,832 | ||||||
3,279 | TKH Group NV | 176,421 | ||||||
333,720 | TomTom NV(a) | 2,884,666 | ||||||
1,091 | Van Lanschot Kempen NV | 28,410 | ||||||
19,878 | VastNed Retail NV REIT | 698,374 | ||||||
40,973 | VEON Ltd. - ADR | 95,877 | ||||||
3,449 | Wessanen | 44,778 | ||||||
22,936,456 | ||||||||
NEW ZEALAND — 0.4% | ||||||||
238,599 | Air New Zealand Ltd. | 427,278 | ||||||
6,753 | CBL Corp. Ltd.(a)(b)(c) | 2,681 | ||||||
92,477 | Chorus Ltd. | 370,119 | ||||||
14,998 | Contact Energy Ltd. | 67,333 | ||||||
16,549 | Ebos Group Ltd.(b) | 236,757 | ||||||
6,739 | Freightways Ltd. | 38,305 | ||||||
5,539 | Genesis Energy Ltd. | 11,305 | ||||||
32,374 | Goodman Property Trust, REIT | 37,400 | ||||||
32,955 | Heartland Group Holdings Ltd. | 34,162 | ||||||
17,769 | Infratil Ltd. | 51,501 | ||||||
23,524 | Kathmandu Holdings Ltd. | 36,939 | ||||||
34,320 | Kiwi Property Group Ltd. | 35,327 | ||||||
14,969 | Mainfreight Ltd. | 350,060 | ||||||
39,916 | Metlifecare Ltd. | 131,896 | ||||||
282,951 | New Zealand Refining Co. Ltd. (The) | 393,310 | ||||||
56,805 | NZME Ltd. | 20,828 | ||||||
39,693 | NZX Ltd. | 26,766 | ||||||
202,222 | Oceania Healthcare Ltd. | 144,652 | ||||||
73,491 | PGG Wrightson Ltd. | 25,998 | ||||||
210,049 | Port of Tauranga Ltd. | 828,095 | ||||||
1,119 | Restaurant Brands New Zealand Ltd. | 6,361 | ||||||
15,128 | Sanford Ltd. | 68,941 | ||||||
7,012 | Scales Corp. Ltd. | 23,314 | ||||||
58,037 | Skellerup Holdings Ltd. | 84,879 | ||||||
97,688 | SKY Network Television Ltd. | 79,715 | ||||||
133,563 | SKYCITY Entertainment Group Ltd. | 363,974 | ||||||
95,128 | Stride Property Group | 129,005 | ||||||
40,911 | Summerset Group Holdings Ltd. | 153,356 |
Shares | Value | |||||||
NEW ZEALAND (continued) | ||||||||
54,473 | Synlait Milk Ltd.(a) | $ | 384,814 | |||||
8,994 | Tourism Holdings, Ltd. | 24,278 | ||||||
82,337 | Trade Me Group Ltd.(a) | 353,788 | ||||||
17,912 | TrustPower Ltd. | 83,103 | ||||||
46,109 | Vista Group International Ltd. | 155,300 | ||||||
326,409 | Xero Ltd.(a) | 12,554,527 | ||||||
954,367 | Z Energy Ltd. | 4,035,194 | ||||||
21,771,261 | ||||||||
NORWAY — 0.4% | ||||||||
81,009 | ABG Sundal Collier Holding ASA | 40,422 | ||||||
3,022 | AF Gruppen ASA | 53,822 | ||||||
16,316 | Akastor ASA(a) | 25,230 | ||||||
92,360 | Aker ASA - Class A | 6,328,171 | ||||||
22,495 | Aker Solutions ASA(a) | 115,489 | ||||||
11,928 | American Shipping Co. ASA | 47,237 | ||||||
6,397 | Atea ASA | 91,447 | ||||||
409,601 | Austevoll Seafood ASA | 4,771,799 | ||||||
9,647 | Avance Gas Holding Ltd.(a) | 27,513 | ||||||
16,972 | Axactor SE(a) | 41,421 | ||||||
432,993 | B2Holding ASA | 670,052 | ||||||
9,727 | Bonheur ASA | 156,122 | ||||||
17,139 | Borregaard ASA | 173,994 | ||||||
21,532 | BW Offshore Ltd.(a) | 120,050 | ||||||
1,731,423 | DNO ASA | 3,930,888 | ||||||
25,915 | DOF ASA(a) | 14,237 | ||||||
2,877 | Entra ASA | 41,758 | ||||||
12,338 | Europris ASA | 38,556 | ||||||
11,761 | Frontline Ltd.(a) | 97,680 | ||||||
35,922 | Grieg Seafood ASA | 415,018 | ||||||
7,112 | Hexagon Composites ASA(a) | 33,515 | ||||||
8,291 | Hoegh LNG Holdings, Ltd. | 37,739 | ||||||
8,021 | Itera ASA | 7,926 | ||||||
91,141 | Kongsberg Gruppen ASA | 1,321,247 | ||||||
27,615 | Kvaerner ASA(a) | 38,442 | ||||||
5,087 | Magnora ASA | 4,723 | ||||||
91,792 | NEL ASA(a) | 77,137 | ||||||
11,195 | Nordic Semiconductor ASA(a) | 53,350 | ||||||
997 | Norway Royal Salmon ASA | 21,566 | ||||||
11,877 | Norwegian Air Shuttle ASA(a) | 49,770 | ||||||
18,184 | Norwegian Finans Holding ASA(a) | 149,833 | ||||||
39,311 | Norwegian Property ASA | 48,427 | ||||||
10,970 | Ocean Yield ASA | 83,373 | ||||||
20,567 | Odfjell Drilling Ltd.(a) | 71,319 | ||||||
8,670 | Odfjell SE - Class A(a) | 28,391 | ||||||
15,813 | Olav Thon Eiendomsselskap ASA | 291,315 | ||||||
8,549 | Otello Corp. ASA(a) | 14,746 | ||||||
80,700 | Petroleum Geo-Services ASA(a) | 179,138 | ||||||
6,553 | Prosafe SE(a) | 12,353 | ||||||
3,748 | Protector Forsikring ASA(a) | 25,444 | ||||||
79,692 | Salmar ASA | 3,624,772 | ||||||
8,988 | Sbanken ASA | 88,468 | ||||||
5,320 | Scatec Solar ASA | 50,535 |
44 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments- (Continued) | April 30, 2019 |
(Unaudited) |
Shares | Value | |||||||
NORWAY (continued) | ||||||||
6,581 | Selvaag Bolig ASA | $ | 37,362 | |||||
5,643 | SpareBank 1 BV | 24,016 | ||||||
9,278 | Sparebank 1 Oestlandet | 92,545 | ||||||
229,101 | SpareBank 1 SR-Bank ASA | 2,648,919 | ||||||
201 | Sparebanken More | 7,249 | ||||||
16,417 | Spectrum ASA | 106,167 | ||||||
40,136 | Storebrand ASA | 339,202 | ||||||
7,790 | TGS Nopec Geophysical Co. ASA | 203,699 | ||||||
7,914,393 | Thin Film Electronics ASA(a) | 217,163 | ||||||
6,808 | Tomra Systems ASA | 205,388 | ||||||
9,900 | Veidekke ASA | 110,779 | ||||||
1,468 | Wilh Wilhelmsen Holding ASA | 26,531 | ||||||
27,533,455 | ||||||||
PERU — 0.1% | ||||||||
293,300 | Cia de Minas Buenaventura SAA - ADR | 4,754,393 | ||||||
27,386 | Hochschild Mining Plc | 66,609 | ||||||
4,821,002 | ||||||||
PHILIPPINES — 0.0% | ||||||||
35,900 | Aboitiz Equity Ventures, Inc. | 38,326 | ||||||
22,500 | Aboitiz Power Corp. | 16,290 | ||||||
390,200 | Alliance Global Group, Inc. | 112,034 | ||||||
150,400 | Bloomberry Resorts Corp. | 36,785 | ||||||
27,890 | Cebu Air, Inc. | 43,884 | ||||||
133,952 | China Banking Corp. | 68,219 | ||||||
225,500 | Cosco Capital, Inc. | 32,330 | ||||||
131,300 | DMCI Holdings, Inc. | 28,126 | ||||||
148,350 | East West Banking Corp.(a) | 33,132 | ||||||
165,200 | Emperador, Inc. | 23,561 | ||||||
44,200 | Filinvest Development Corp. | 12,723 | ||||||
2,062,375 | Filinvest Land, Inc. | 60,936 | ||||||
43,720 | First Philippine Holdings Corp. | 66,097 | ||||||
730 | Globe Telecom, Inc. | 24,951 | ||||||
870 | GT Capital Holdings, Inc. | 14,454 | ||||||
63,226 | Integrated Micro-Electronics, Inc. | 12,621 | ||||||
18,820 | International Container Terminal Services, Inc. | 45,658 | ||||||
657,700 | Lopez Holdings Corp. | 60,814 | ||||||
86,600 | LT Group, Inc. | 26,665 | ||||||
11,600 | Manila Water Co., Inc. | 5,023 | ||||||
33,500 | Megawide Construction Corp. | 14,338 | ||||||
1,018,696 | Megaworld Corp. | 109,521 | ||||||
352,300 | Metro Pacific Investments Corp. | 30,903 | ||||||
26,580 | Metropolitan Bank & Trust Co. | 37,891 | ||||||
444,000 | Petron Corp. | 52,804 | ||||||
152,000 | Philex Mining Corp. | 9,044 | ||||||
49,100 | Phoenix Petroleum Philippines, Inc. | 11,362 | ||||||
19,870 | Pilipinas Shell Petroleum Corp. | 17,251 | ||||||
38,600 | Puregold Price Club, Inc. | 31,070 | ||||||
104,253 | Rizal Commercial Banking Corp. | 52,007 |
Shares | Value | |||||||
PHILIPPINES (continued) | ||||||||
210,207 | Robinsons Land Corp. | $ | 98,760 | |||||
15,190 | Robinsons Retail Holdings, Inc. | 22,735 | ||||||
13,571 | Security Bank Corp. | 46,884 | ||||||
83,440 | Semirara Mining & Power Corp. | 38,189 | ||||||
6 | Top Frontier Investment Holdings, Inc.(a) | 31 | ||||||
161,290 | Union Bank of Philippines, Inc. | 188,601 | ||||||
583,900 | Vista Land & Lifescapes, Inc. | 81,952 | ||||||
1,605,972 | ||||||||
POLAND — 0.2% | ||||||||
2,959 | Alior Bank SA(a) | 45,574 | ||||||
817 | Amica SA | 27,757 | ||||||
348 | Apator SA | 2,358 | ||||||
6,063 | Asseco Poland SA | 84,200 | ||||||
552 | Bank Handlowy w Warszawie SA | 8,986 | ||||||
29,732 | Bank Millennium SA(a) | 75,121 | ||||||
965 | Budimex SA | 37,245 | ||||||
1,070 | CCC SA | 58,194 | ||||||
885 | CD Projekt SA(a) | 49,803 | ||||||
2,430 | Ciech SA | 30,469 | ||||||
14,875 | Cyfrowy Polsat SA(a) | 103,268 | ||||||
1,360 | Dino Polska SA(a) | 45,157 | ||||||
28,255 | Enea SA(a) | 56,571 | ||||||
770,847 | Energa SA(a) | 1,513,660 | ||||||
4,391 | Eurocash SA | 24,987 | ||||||
7,502 | Famur SA | 9,542 | ||||||
119 | Grupa Azoty Zaklady Chemiczne Police SA | 457 | ||||||
1,643 | Grupa Kety SA | 148,992 | ||||||
9,826 | Grupa Lotos SA | 214,089 | ||||||
15,883 | Impexmetal SA(a) | 17,291 | ||||||
1,298 | Inter Cars SA | 74,023 | ||||||
2,436 | Jastrzebska Spolka Weglowa SA(a) | 37,085 | ||||||
198,084 | KGHM Polska Miedz SA(a) | 5,348,354 | ||||||
21,659 | Lc Corp. SA | 14,386 | ||||||
32 | LPP SA | 71,751 | ||||||
1,552 | Lubelski Wegiel Bogdanka SA(a) | 16,469 | ||||||
23,981 | Netia SA(a) | 31,253 | ||||||
17,977 | Orange Polska SA(a) | 23,247 | ||||||
466 | Pfleiderer Group SA | 3,040 | ||||||
943,371 | PGE Polska Grupa Energetyczna SA(a) | 2,348,555 | ||||||
1,888 | PKP Cargo SA(a) | 22,050 | ||||||
4,554 | Polnord SA(a) | 8,177 | ||||||
1,383,131 | Polskie Gornictwo Naftowe I Gazownictwo SA | 2,103,286 | ||||||
17,342 | Stalexport Autostrady SA | 15,817 | ||||||
2,678,235 | Tauron Polska Energia SA(a) | 1,214,740 | ||||||
1,885 | Warsaw Stock Exchange | 20,569 | ||||||
13,906,523 | ||||||||
PORTUGAL — 0.2% | ||||||||
303,691 | Altri SGPS SA | 2,381,036 |
45 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
PORTUGAL (continued) | ||||||||
754,423 | Banco Comercial Portugues SA(a) | $ | 211,762 | |||||
459,732 | CTT-Correios de Portugal SA | 1,303,686 | ||||||
8,896 | EDP - Energias de Portugal SA | 33,757 | ||||||
10,031 | Jeronimo Martins SGPS SA | 163,491 | ||||||
22,362 | Mota-Engil SGPS SA(a) | 59,613 | ||||||
716,597 | Navigator Co. SA (The) | 3,168,648 | ||||||
530,950 | NOS SGPS SA | 3,568,448 | ||||||
20,026 | REN - Redes Energeticas Nacionais SGPS SA | 57,322 | ||||||
7,246 | Semapa - Sociedade de Investimento e Gestao | 118,889 | ||||||
13,839 | Sonae Capital SGPS SA | 14,172 | ||||||
1,231,974 | Sonae SGPS SA | 1,374,486 | ||||||
12,455,310 | ||||||||
PUERTO RICO — 0.1% | ||||||||
139,500 | Evertec, Inc. | 4,367,745 | ||||||
13,000 | OFG Bancorp | 262,339 | ||||||
4,630,084 | ||||||||
QATAR — 0.1% | ||||||||
265,517 | Barwa Real Estate Co. | 2,529,721 | ||||||
290,067 | Doha Bank QPSC | 1,729,463 | ||||||
4,259,184 | ||||||||
ROMANIA — 0.0% | ||||||||
2,603 | Nepi Rockcastle Plc | 21,731 | ||||||
RUSSIA — 0.5% | ||||||||
135,546 | Centamin Plc | 156,951 | ||||||
8,467 | Etalon Group PLC | 15,695 | ||||||
11,921 | Evraz Plc | 97,890 | ||||||
3,038,052 | Gazprom PJSC | 7,720,385 | ||||||
1,373,778 | Gazprom PJSC - ADR | 6,867,976 | ||||||
4,316 | Globaltrans Investment PLC | 41,715 | ||||||
7,805 | Lenta Ltd.(a) | 27,997 | ||||||
53,129 | Magnit Pjsc | 3,062,259 | ||||||
14,884 | Magnitogorsk Iron & Steel Works PJSC | 132,609 | ||||||
2,324 | Mail.Ru Group Ltd.(a) | 53,607 | ||||||
2,223 | Novolipetsk Steel Pjsc | 58,714 | ||||||
583,363 | Petropavlovsk Plc(a) | 63,903 | ||||||
1,292 | Ros Agro PLC | 14,810 | ||||||
116,079,399 | Rosseti Pjsc | 1,920,103 | ||||||
137,339,507 | RusHydro PJSC | 1,148,232 | ||||||
5,614 | Tmk Pjsc | 20,559 | ||||||
4,875,000 | Truba Alam Manunggal Engineering PT(a)(b) | 0 | ||||||
646,955 | Ubs Fujian Star-Net Communicat (Connect) Pnote(a) | 2,334,298 | ||||||
6,610 | Uni Land SpA(a)(b) | 0 | ||||||
2,973,081,703 | VTB Bank PJSC | 1,634,646 | ||||||
156,700 | Yandex NV - Class A(a) | 5,865,281 | ||||||
31,237,630 |
Shares | Value | |||||||
SAUDI ARABIA — 0.0% | ||||||||
963,836 | Dar Al Arkan Real Estate Development Co. | $ | 2,836,180 | |||||
SINGAPORE — 0.3% | ||||||||
752,300 | Accordia Golf Trust - Units | 334,881 | ||||||
544,500 | Asian Pay Television Trust - Units | 69,723 | ||||||
35,000 | Banyan Tree Holdings, Ltd. | 14,675 | ||||||
21,700 | Best World International Ltd.(b) | 25,847 | ||||||
25,000 | BOC Aviation Ltd. | 214,887 | ||||||
7,400 | Bonvests Holdings Ltd. | 7,068 | ||||||
25,598 | Boustead Projects Ltd. | 17,685 | ||||||
48,229 | Boustead Singapore Ltd. | 28,551 | ||||||
267,500 | Breadtalk Group Ltd. | 166,235 | ||||||
31,600 | Bukit Sembawang Estates Ltd. | 132,401 | ||||||
9,090 | BW LPG Ltd.(a) | 41,847 | ||||||
461,700 | China Aviation Oil Singapore Corp. Ltd. | 466,207 | ||||||
1,030,000 | China Sunsine Chemical Holdings Ltd. | 880,435 | ||||||
90,000 | Chip Eng Seng Corp. Ltd. | 52,613 | ||||||
225,900 | CITIC Envirotech Ltd. | 66,413 | ||||||
57,800 | ComfortDelGro Corp. Ltd. | 114,484 | ||||||
82,600 | COSCO Shipping International Singapore Co. Ltd.(a) | 21,614 | ||||||
1,673,500 | CSE Global Ltd. | 646,242 | ||||||
88,000 | CW Group Holdings Ltd.(b)(c) | 971 | ||||||
41,300 | Delfi Ltd. | 41,058 | ||||||
584,900 | Ezion Holdings Ltd.(a)(b)(c) | 18,492 | ||||||
130,121 | Far East Orchard Ltd. | 121,587 | ||||||
63,400 | First Resources Ltd. | 85,292 | ||||||
164,000 | Fragrance Group Ltd. | 16,143 | ||||||
15,000 | Frasers Property Ltd. | 20,527 | ||||||
451,600 | Frencken Group Ltd. | 219,604 | ||||||
123,200 | Geo Energy Resources Ltd. | 15,865 | ||||||
224,800 | GL Ltd. | 131,423 | ||||||
802,500 | Golden Agri-Resources Ltd. | 170,630 | ||||||
58,000 | GP Industries Ltd. | 24,725 | ||||||
54,866 | Guocoland Ltd. | 78,692 | ||||||
89,200 | Halcyon Agri Corp. Ltd. | 34,102 | ||||||
32,000 | Hiap Hoe Ltd. | 20,135 | ||||||
462,000 | Hi-P International Ltd. | 497,087 | ||||||
108,948 | Ho Bee Land Ltd. | 204,353 | ||||||
285,340 | Hong Fok Corp. Ltd. | 185,981 | ||||||
232,800 | Hong Leong Asia Ltd.(a) | 95,901 | ||||||
14,700 | Hong Leong Finance Ltd. | 30,059 | ||||||
9,000 | Hour Glass Ltd. (The) | 5,193 | ||||||
76,000 | Hyflux Ltd.(a)(c) | 1,900 | ||||||
41,000 | IGG, Inc. | 51,982 | ||||||
129,600 | Indofood Agri Resources Ltd. | 26,703 | ||||||
302,500 | Japfa Ltd. | 142,588 | ||||||
1,285 | Kenon Holdings Ltd./Singapore | 25,227 | ||||||
90,757 | Keppel Infrastructure Trust - Units | 31,697 | ||||||
52,400 | Koufu Group Ltd. | 30,457 | ||||||
135,400 | Lian Beng Group Ltd. | 52,264 | ||||||
42,000 | Low Keng Huat Singapore Ltd. | 16,995 |
46 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SINGAPORE (continued) | ||||||||
75,000 | Lum Chang Holdings Ltd. | $ | 19,594 | |||||
690,300 | Mapletree Commercial Trust, REIT | 979,960 | ||||||
400,600 | Midas Holdings Ltd.(a)(b)(c) | 10,603 | ||||||
281,600 | Olam International Ltd. | 409,779 | ||||||
68,690 | OM Holdings Ltd. | 49,453 | ||||||
28,200 | OUE Ltd. | 36,507 | ||||||
210,208 | Oxley Holdings Ltd. | 50,119 | ||||||
69,500 | Penguin International Ltd. | 22,965 | ||||||
84,970 | QAF Ltd. | 52,502 | ||||||
38,775 | Raffles Medical Group Ltd. | 30,796 | ||||||
394,700 | RHT Health Trust - Units | 5,221 | ||||||
18,700 | Riverstone Holdings Ltd./Singapore | 14,147 | ||||||
239,250 | Roxy-Pacific Holdings Ltd. | 70,402 | ||||||
19,800 | SATS Ltd. | 76,152 | ||||||
13,800 | SBS Transit Ltd. | 40,906 | ||||||
159,600 | Sembcorp Industries Ltd. | 312,121 | ||||||
41,500 | Sembcorp Marine Ltd.(a) | 52,170 | ||||||
196,795 | Sheng Siong Group Ltd. | 149,067 | ||||||
14,500 | SIA Engineering Co. Ltd. | 26,673 | ||||||
456,600 | Silverlake Axis Ltd. | 174,572 | ||||||
527,100 | Sinarmas Land Ltd. | 100,793 | ||||||
503,200 | Singapore Airlines Ltd. | 3,585,467 | ||||||
78,800 | Singapore Post Ltd. | 60,239 | ||||||
174,000 | Singapore Reinsurance Corp. Ltd. | 37,730 | ||||||
440,400 | Stamford Land Corp. Ltd. | 158,530 | ||||||
24,100 | StarHub Ltd. | 27,483 | ||||||
36,600 | Sunningdale Tech Ltd. | 36,097 | ||||||
302,387 | Tuan Sing Holdings Ltd. | 86,703 | ||||||
53,187 | UMS Holdings Ltd. | 28,604 | ||||||
220,554 | United Engineers Ltd. | 410,395 | ||||||
322,492 | United Industrial Corp. Ltd. | 751,114 | ||||||
164,136 | UOB-Kay Hian Holdings Ltd. | 153,395 | ||||||
31,611 | UOL Group Ltd. | 176,429 | ||||||
68,500 | Venture Corp. Ltd. | 859,070 | ||||||
30,300 | Wing Tai Holdings Ltd. | 45,726 | ||||||
26,250 | Xinghua Port Holdings Ltd. | 3,993 | ||||||
871 | XP Power Ltd. | 30,501 | ||||||
620,500 | Yanlord Land Group Ltd. | 666,522 | ||||||
15,501,941 | ||||||||
SOUTH AFRICA — 0.5% | ||||||||
3,451 | Adcock Ingram Holdings Ltd. | 15,921 | ||||||
39,276 | Advtech Ltd. | 37,264 | ||||||
16,012 | Aeci Ltd. | 107,022 | ||||||
9,268 | African Oxygen Ltd. | 14,211 | ||||||
13,666 | African Rainbow Minerals Ltd. | 162,788 | ||||||
10,747 | Afrimat Ltd. | 22,929 | ||||||
97,498 | Alexander Forbes Group Holdings Ltd. | 37,207 | ||||||
12,771 | Allied Electronics Corp. Ltd. - A Shares | 18,403 | ||||||
38,527 | Alviva Holdings Ltd. | 44,307 | ||||||
190,980 | Anglo American Platinum Ltd. | 9,661,190 |
Shares | Value | |||||||
SOUTH AFRICA (continued) | ||||||||
53,538 | AngloGold Ashanti Ltd. | $ | 636,988 | |||||
83,136 | ArcelorMittal South Africa Ltd.(a) | 17,721 | ||||||
2,348 | Aspen Pharmacare Holdings Ltd. | 16,919 | ||||||
1,860 | Assore Ltd. | 48,276 | ||||||
3,359 | Astral Foods Ltd. | 42,615 | ||||||
18,910 | AVI Ltd. | 121,535 | ||||||
36,123 | Barloworld Ltd. | 322,668 | ||||||
14,066 | Bidvest Group Ltd. (The) | 213,945 | ||||||
446 | Cashbuild Ltd. | 8,193 | ||||||
2,973 | City Lodge Hotels Ltd. | 25,001 | ||||||
11,801 | Clicks Group Ltd. | 161,510 | ||||||
23,729 | Clover Industries Ltd. | 37,938 | ||||||
7,676 | Coronation Fund Managers Ltd. | 27,507 | ||||||
21,103 | DataTec Ltd.(a) | 48,331 | ||||||
3,467 | Distell Group Holdings Ltd. | 33,205 | ||||||
4,981 | EOH Holdings Ltd.(a) | 7,119 | ||||||
7,578 | Equites Property Fund Ltd. REIT | 10,817 | ||||||
15,471 | Exxaro Resources Ltd. | 177,038 | ||||||
3,858 | Famous Brands Ltd.(a) | 22,680 | ||||||
6,653 | Foschini Group Ltd. (The) | 86,203 | ||||||
168,854 | Gold Fields Ltd. | 636,363 | ||||||
166,338 | Grindrod Ltd.(a) | 89,169 | ||||||
34,961 | Harmony Gold Mining Co. Ltd.(a) | 59,899 | ||||||
6,699 | Hudaco Industries Ltd. | 62,531 | ||||||
1,986 | Hulamin Ltd. | 604 | ||||||
6,285 | Hyprop Investments Ltd. REIT | 30,735 | ||||||
1,144,043 | Impala Platinum Holdings Ltd.(a) | 4,600,994 | ||||||
12,929 | Imperial Logistics Ltd. | 56,558 | ||||||
42,100 | Investec Plc | 267,188 | ||||||
1,926 | JSE Ltd. | 18,687 | ||||||
52,054 | KAP Industrial Holdings Ltd. | 26,817 | ||||||
5,751 | Lewis Group Ltd. | 12,610 | ||||||
10,423 | Liberty Holdings Ltd. | 75,456 | ||||||
76,436 | Life Healthcare Group Holdings Ltd. | 139,418 | ||||||
5,279 | Massmart Holdings Ltd. | 34,818 | ||||||
24,666 | Mediclinic International Plc | 110,519 | ||||||
355,109 | Merafe Resources Ltd. | 33,933 | ||||||
22,537 | Metair Investments Ltd. | 37,119 | ||||||
111,479 | MMI Holdings, Ltd.(a) | 139,395 | ||||||
16,444 | Mpact Ltd. | 27,278 | ||||||
9,464 | Mr Price Group Ltd. | 143,428 | ||||||
171,949 | Murray & Roberts Holdings Ltd. | 183,275 | ||||||
60,253 | Nampak Ltd.(a) | 44,196 | ||||||
60,971 | Netcare Ltd. | 102,630 | ||||||
13,803 | Northam Platinum Ltd.(a) | 57,541 | ||||||
6,814 | Oceana Group Ltd. | 33,291 | ||||||
4,059 | Omnia Holdings Ltd. | 16,485 | ||||||
24,031 | Peregrine Holdings Ltd. | 32,547 | ||||||
16,287 | Pick’n Pay Stores Ltd. | 79,075 | ||||||
5,508 | Pioneer Foods Group Ltd. | 33,172 |
47 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SOUTH AFRICA (continued) | ||||||||
146,824 | PPC Ltd.(a) | $ | 51,167 | |||||
5,246 | PSG Group Ltd. | 97,293 | ||||||
12,027 | Raubex Group Ltd. | 18,294 | ||||||
88,504 | Redefine Properties Ltd. REIT | 60,953 | ||||||
3,765 | Resilient REIT Ltd., REIT | 14,895 | ||||||
8,400 | Reunert Ltd. | 45,549 | ||||||
7,777 | Royal Bafokeng Platinum Ltd.(a) | 18,420 | ||||||
1,465 | Santam Ltd. | 34,369 | ||||||
762,495 | Sappi Ltd. | 3,640,966 | ||||||
3,684,870 | Sibanye Gold Ltd.(a) | 3,469,228 | ||||||
8,610 | Spar Group Ltd. (The) | 116,902 | ||||||
9,522 | Sun International Ltd.(a) | 36,480 | ||||||
81,592 | Super Group Ltd.(a) | 210,188 | ||||||
35,534 | Telkom SA SOC Ltd. | 211,490 | ||||||
5,002 | Tiger Brands Ltd. | 87,006 | ||||||
3,369 | Tongaat Hulett Ltd. | 5,038 | ||||||
24,737 | Transaction Capital Ltd. | 33,069 | ||||||
14,987 | Trencor Ltd. | 26,544 | ||||||
17,772 | Truworths International Ltd. | 94,231 | ||||||
50,361 | Tsogo Sun Holdings Ltd. | 75,805 | ||||||
2,815 | Wilson Bayly Holmes-Ovcon Ltd. | 22,206 | ||||||
40,512 | Woolworths Holdings Ltd. | 135,260 | ||||||
27,878,535 | ||||||||
SOUTH KOREA — 1.3% | ||||||||
1,493 | Able C&C Co. Ltd.(a) | 16,829 | ||||||
3,445 | Aekyung Petrochemical Co. Ltd. | 26,978 | ||||||
781 | AfreecaTV Co. Ltd.(a) | 42,760 | ||||||
1,836 | Aj Networks Co. Ltd.(a) | 9,624 | ||||||
3,147 | AJ Rent A Car Co. Ltd.(a) | 30,221 | ||||||
706 | AK Holdings, Inc. | 31,232 | ||||||
4,880 | ALUKO Co. Ltd.(a) | 11,274 | ||||||
1,630 | Amotech Co. Ltd.(a) | 33,125 | ||||||
6,930 | Anam Electronics Co. Ltd.(a) | 16,322 | ||||||
230 | Asia Cement Co. Ltd.(a) | 19,987 | ||||||
230 | ASIA Holdings Co. Ltd.(a) | 25,318 | ||||||
962 | Asia Paper Manufacturing Co. Ltd.(a) | 35,135 | ||||||
16,835 | Asiana Airlines, Inc.(a) | 95,413 | ||||||
2,350 | Autech Corp.(a) | 23,147 | ||||||
2,934 | Baiksan Co. Ltd.(a) | 22,825 | ||||||
3,264 | BGF retail Co. Ltd. | 23,031 | ||||||
140 | BGF retail Co. Ltd. | 26,220 | ||||||
1,524 | BH Co. Ltd.(a) | 25,757 | ||||||
295 | Binggrae Co. Ltd.(a) | 18,626 | ||||||
32,432 | BNK Financial Group, Inc. | 194,626 | ||||||
1,549 | Bookook Securities Co. Ltd.(a) | 28,390 | ||||||
6,025 | Boryung Pharmaceutical Co. Ltd.(a) | 67,442 | ||||||
1,158 | Bukwang Pharmaceutical Co. Ltd. | 18,222 | ||||||
4,103 | Capro Corp.(a) | 16,161 | ||||||
501 | Cell Biotech Co. Ltd. | 12,966 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
3,758 | Cheil Worldwide, Inc. | $ | 81,988 | |||||
396 | Chong Kun Dang Pharmaceutical Corp.(a) | 34,593 | ||||||
409 | Chongkundang Holdings Corp.(a) | 26,723 | ||||||
1,068 | CJ CGV Co. Ltd. | 39,322 | ||||||
843 | CJ CheilJedang Corp.(a) | 227,422 | ||||||
1,303 | CJ Corp. | 133,268 | ||||||
93 | CJ Corp. - Preference Shares(a)(b)(c) | 2,919 | ||||||
804 | Cj Freshway Corp. | 20,936 | ||||||
3,726 | CJ Hello Co. Ltd. | 27,605 | ||||||
333 | CJ Logistics Corp.(a) | 44,964 | ||||||
504 | CJ O Shopping Co. Ltd.(a) | 94,575 | ||||||
622 | CKD Bio Corp.(a) | 13,108 | ||||||
400 | Com2uSCorp. | 34,201 | ||||||
251 | Cosmax, Inc.(a) | 29,820 | ||||||
1,022 | Cosmoam&T Co. Ltd.(a) | 12,353 | ||||||
426 | Coson Co. Ltd.(a) | 3,426 | ||||||
637 | Crown Confectionery Co. Ltd.(a) | 5,477 | ||||||
1,379 | Crown Haitai Holdings Co. Ltd.(a) | 14,086 | ||||||
1,323 | Cymechs, Inc./Korea | 12,801 | ||||||
4,684 | D.I Corp.(a) | 18,731 | ||||||
4,227 | Dae Dong Industrial Co. Ltd.(a) | 21,362 | ||||||
1,110 | Dae Hwa Pharmaceutical Co. Ltd. | 18,721 | ||||||
14,862 | Dae Won Kang Up Co. Ltd. | 65,133 | ||||||
12,386 | Daea TI Co. Ltd. | 64,375 | ||||||
4,839 | Dae-Il Corp.(a) | 26,171 | ||||||
3,396 | Daelim Industrial Co. Ltd.(a) | 281,782 | ||||||
2,871 | Daesang Corp.(a) | 65,303 | ||||||
4,103 | Daesang Holdings Co. Ltd.(a) | 28,769 | ||||||
2,247 | Daesung Industrial Co. Ltd.(a) | 10,506 | ||||||
1,178 | Daewon Pharmaceutical Co. Ltd. | 17,813 | ||||||
8,194 | Daewon San Up Co. Ltd.(a) | 47,699 | ||||||
354,193 | Daewoo Engineering & Construction Co. Ltd.(a) | 1,530,739 | ||||||
47,998 | Daewoo Securities Co. Ltd.(a) | 321,221 | ||||||
2,186 | Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 54,484 | ||||||
7,695 | Daewoong Co. Ltd.(a) | 142,769 | ||||||
183 | Daewoong Pharmaceutical Co. Ltd.(a) | 31,871 | ||||||
5,223 | Daishin Securities Co. Ltd.(a) | 57,080 | ||||||
5,636 | Danal Co. Ltd.(a) | 16,226 | ||||||
594 | Danawa Co. Ltd.(a) | 11,766 | ||||||
1,525 | Dawonsys Co. Ltd.(a) | 21,593 | ||||||
6,210 | DB HiTek Co Ltd. | 85,103 | ||||||
5,784 | DB Insurance Co. Ltd. | 338,856 | ||||||
375 | Dentium Co. Ltd.(a) | 22,949 | ||||||
5,479 | Deutsch Motors, Inc.(a) | 36,784 | ||||||
22,349 | DGB Financial Group, Inc. | 161,107 | ||||||
887 | Dio Corp(a) | 29,979 | ||||||
1,833 | DMS Co. Ltd.(a) | 8,896 |
48 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
2,814 | Dong Ah Tire & Rubber Co. Ltd.(a) | $ | 31,559 | |||||
215 | Dong-A ST Co. Ltd.(a) | 18,790 | ||||||
1,950 | Dong-Ah Geological Engineering Co. Ltd.(a) | 30,457 | ||||||
6,854 | Dongbu Securities Co. Ltd.(a) | 30,028 | ||||||
305 | Dong-IL Corp.(a) | 26,084 | ||||||
3,239 | Dongjin Semichem Co. Ltd.(a) | 31,293 | ||||||
665 | DongKook Pharmaceutical Co. Ltd. | 32,827 | ||||||
10,327 | Dongkuk Steel Mill Co. Ltd.(a) | 66,874 | ||||||
927 | Dongsuh Cos., Inc. | 15,532 | ||||||
10,738 | Dongwon Development Co. Ltd. | 43,708 | ||||||
54 | Dongwon F&B Co. Ltd. | 11,435 | ||||||
264 | Dongwon Industries Co. Ltd. | 60,399 | ||||||
3,000 | Doosan Bobcat, Inc. | 82,263 | ||||||
560 | Doosan Corp. | 49,234 | ||||||
12,766 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 76,511 | ||||||
350,367 | Doosan Infracore Co. Ltd.(a) | 2,183,008 | ||||||
781 | Doubleugames Co. Ltd. | 50,480 | ||||||
2,732 | DRB Holding Co. Ltd. | 15,084 | ||||||
412 | DTR Automotive Corp.(a) | 12,314 | ||||||
1,169 | Duozone Bizon Co. Ltd. | 57,272 | ||||||
4,090 | DY Corp. | 20,387 | ||||||
2,154 | DY POWER Corp. | 29,106 | ||||||
174 | e Tec E&C Ltd.(a) | 16,498 | ||||||
153 | E1 Corp. | 8,423 | ||||||
6,197 | Eagon Holdings Co. Ltd.(a) | 16,544 | ||||||
1,587 | Eagon Industrial Ltd.(a) | 14,064 | ||||||
4,965 | Easy Bio, Inc.(a) | 34,386 | ||||||
803 | Ecopro Co. Ltd.(a) | 18,734 | ||||||
2,120 | E-Mart Co. Ltd. | 312,662 | ||||||
1,478 | EM-Tech Co. Ltd. | 21,312 | ||||||
998 | ENF Technology Co. Ltd. | 16,248 | ||||||
564 | Eo Technics Co. Ltd.(a) | 34,309 | ||||||
11,176 | Eugene Investment & Securities Co. Ltd.(a) | 26,243 | ||||||
2,306 | Eugene Technology Co. Ltd. | 27,538 | ||||||
4,135 | Eusu Holdings Co. Ltd.(a) | 31,328 | ||||||
936 | F&F Co. Ltd.(a) | 65,302 | ||||||
1,549 | Fila Korea Ltd.(a) | 109,548 | ||||||
1,087 | Fine Semitech Corp. | 7,357 | ||||||
3,565 | Foosung Co. Ltd.(a) | 24,518 | ||||||
779 | Genie Music Corp.(a) | 3,021 | ||||||
667 | Golfzon Co. Ltd.(a) | 24,968 | ||||||
2,412 | Grand Korea Leisure Co. Ltd. | 48,056 | ||||||
19,172 | Green Cross Corp. | 2,367,265 | ||||||
1,306 | Green Cross Holdings Corp. | 27,261 | ||||||
137,943 | GS Engineering & Construction Corp. | 4,799,489 | ||||||
9,123 | GS Global Corp. | 20,781 | ||||||
7,417 | GS Holdings Corp. | 330,537 | ||||||
1,099 | GS Retail Co. Ltd. | 36,880 | ||||||
178 | Gwangju Shinsegae Co. Ltd. | 30,136 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
700 | Haesung Ds Co. Ltd.(a) | $ | 9,361 | |||||
2,861 | Halla Corp.(a) | 9,961 | ||||||
546 | Halla Holdings Corp. | 20,706 | ||||||
107,184 | Hana Financial Group, Inc. | 3,380,664 | ||||||
5,944 | Hana Micron, Inc.(a) | 27,060 | ||||||
388 | Hana Tour Service, Inc. | 21,383 | ||||||
1,536 | Hancom, Inc.(a) | 17,378 | ||||||
1,011 | Handsome Co. Ltd. | 37,085 | ||||||
2,580 | Hanjin Kal Corp.(a) | 81,785 | ||||||
280 | Hanjin Transportation Co. Ltd.(a) | 10,131 | ||||||
76 | Hankook Shell Oil Co. Ltd. | 20,970 | ||||||
9,880 | Hankook Tire Co. Ltd.(a) | 336,176 | ||||||
106 | Hanmi Pharm Co. Ltd.(a) | 39,500 | ||||||
335 | Hanmi Science Co. Ltd.(a) | 21,605 | ||||||
3,807 | Hanmi Semiconductor Co. Ltd. | 30,181 | ||||||
5,310 | Hanon Systems | 57,098 | ||||||
978 | Hansae Co. Ltd. | 24,261 | ||||||
1,513 | Hansae Yes24 Holdings Co. Ltd. | 12,510 | ||||||
1,819 | Hanshin Construction Co. Ltd.(a) | 28,420 | ||||||
634 | Hansol Chemical Co. Ltd. | 46,470 | ||||||
3,195 | Hansol Holdings Co. Ltd.(a) | 12,769 | ||||||
16,438 | Hansol HomeDeco Co. Ltd.(a) | 20,676 | ||||||
3,882 | Hansol Paper Co. Ltd. | 49,692 | ||||||
3,201 | Hansol Technics Co. Ltd.(a) | 17,174 | ||||||
524 | Hanssem Co. Ltd.(a) | 46,249 | ||||||
12,707 | Hanwha Chemical Corp.(a) | 224,565 | ||||||
6,639 | Hanwha Corp.(a) | 168,446 | ||||||
195 | Hanwha Galleria Timeworld Co. Ltd.(a) | 5,093 | ||||||
12,834 | Hanwha General Insurance Co. Ltd.(a) | 55,254 | ||||||
16,802 | Hanwha Investment & Securities Co. Ltd.(a) | 33,976 | ||||||
47,109 | Hanwha Life Insurance Co. Ltd.(a) | 161,056 | ||||||
1,369 | Hanwha Techwin Co. Ltd.(a) | 36,238 | ||||||
2,960 | Hanyang Eng Co. Ltd. | 39,720 | ||||||
2,836 | Harim Holdings Co. Ltd. | 32,612 | ||||||
1,738 | HDC Hyundai Engineering Plastics Co. Ltd.(a) | 8,297 | ||||||
7,210 | Heungkuk Fire & Marine Insurance Co., Ltd.(a) | 30,311 | ||||||
3,133 | Hite Jinro Co. Ltd.(a) | 54,476 | ||||||
2,548 | HMC Investment Securities Co. Ltd. | 22,229 | ||||||
1,530 | Hotel Shilla Co. Ltd. | 150,956 | ||||||
5,644 | HS Industries Co. Ltd.(a) | 51,477 | ||||||
6,474 | HS R&A Co. Ltd.(a) | 12,348 | ||||||
1,564 | Huchems Fine Chemical Corp. | 29,317 | ||||||
67 | Hugel, Inc.(a) | 23,816 | ||||||
562 | Huons Co. Ltd. | 30,981 | ||||||
2,944 | Huons Global Co. Ltd. | 103,622 | ||||||
1,576 | Huvis Corp.(a) | 10,946 |
49 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
2,600 | Hwangkum Steel & Technology Co. Ltd.(a) | $ | 19,689 | |||||
1,316 | Hy-Lok Corp. | 22,211 | ||||||
425 | Hyosung Chemical Corp.(a) | 50,376 | ||||||
2,903 | Hyundai BNG Steel Co. Ltd.(a) | 25,512 | ||||||
40,341 | Hyundai Construction Equipment Co. Ltd. | 1,694,752 | ||||||
870 | Hyundai Corp. | 17,434 | ||||||
39,224 | Hyundai Department Store Co. Ltd. | 3,410,831 | ||||||
2,299 | Hyundai Development Co-Engineering & Construction(a) | 33,901 | ||||||
26,288 | Hyundai Electric & Energy System Co. Ltd.(a) | 532,286 | ||||||
577 | Hyundai Elevator Co. Ltd.(a) | 42,491 | ||||||
109,514 | Hyundai Engineering & Construction Co. Ltd.(a) | 4,927,401 | ||||||
1,807 | Hyundai Glovis Co. Ltd. | 247,196 | ||||||
3,301 | Hyundai Greenfood Co. Ltd. | 39,442 | ||||||
1,755 | Hyundai Livart Furniture Co. Ltd. | 31,456 | ||||||
7,586 | Hyundai Marine & Fire Insurance Co. Ltd. | 248,291 | ||||||
897 | Hyundai Rotem Co. Ltd.(a) | 16,645 | ||||||
1,245 | Hyundai Wia Corp.(a) | 53,268 | ||||||
899 | Hyvision System, Inc.(a) | 8,629 | ||||||
3,262 | ICD Co. Ltd. | 28,357 | ||||||
6,080 | IHQ, Inc. | 11,975 | ||||||
792 | Il Dong Pharmaceutical Co. Ltd.(a) | 15,151 | ||||||
5,139 | Iljin Display Co. Ltd.(a) | 23,526 | ||||||
2,212 | Iljin Electric Co. Ltd.(a) | 6,705 | ||||||
662 | Iljin Materials Co. Ltd.(a) | 21,235 | ||||||
540 | Ilyang Pharmaceutical Co. Ltd.(a) | 12,979 | ||||||
1,171 | InBody Co. Ltd.(a) | 22,219 | ||||||
245,714 | Industrial Bank of Korea(a) | 2,979,568 | ||||||
2,198 | Innox Advanced Materials Co., Ltd.(a) | 99,386 | ||||||
4,639 | Inscobee, Inc.(a) | 16,827 | ||||||
2,081 | IS Dongseo Co. Ltd.(a) | 64,788 | ||||||
1,144 | i-SENS, Inc. | 24,022 | ||||||
1,301 | Jahwa Electronics Co. Ltd.(a) | 14,526 | ||||||
2,946 | Jastech Ltd.(a) | 28,297 | ||||||
2,907 | JB Financial Group Co. Ltd. | 14,165 | ||||||
7,377 | Jcontentree Corp.(a) | 35,674 | ||||||
861 | Jeju Air Co. Ltd. | 30,144 | ||||||
3,377 | Jusung Engineering CO Ltd(a) | 23,720 | ||||||
1,283 | JW Pharmaceutical Corp. | 40,363 | ||||||
1,661 | JYP Entertainment Corp. | 42,459 | ||||||
1,281 | Kangwon Land, Inc.(a) | 37,317 | ||||||
2,527 | Kaon Media Co. Ltd.(a) | 22,056 | ||||||
81,383 | KB Financial Group Inc. | 3,213,439 | ||||||
2,623 | KC Co. Ltd.(a) | 36,537 | ||||||
1,052 | KEPCO Engineering & Construction Co., Inc.(a) | 20,543 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
824 | KEPCO Plant Service & Engineering Co. Ltd.(a) | $ | 25,864 | |||||
3,003 | Keyang Electric Machinery Co. Ltd.(a) | 9,987 | ||||||
2,361 | KG Chemical Corp.(a) | 29,132 | ||||||
2,847 | Kginicis Co. Ltd. | 34,896 | ||||||
4,335 | KGMobilians Co. Ltd. | 26,792 | ||||||
1,590 | KIWOOM Securities Co. Ltd.(a) | 112,167 | ||||||
964 | Koentec Co. Ltd.(a) | 9,381 | ||||||
556 | Koh Young Technology, Inc. | 46,028 | ||||||
1,469 | Kolmar BNH Co. Ltd.(a) | 36,412 | ||||||
632 | Kolmar Korea Co Ltd.(a) | 40,124 | ||||||
507 | Kolmar Korea Holdings Co. Ltd.(a) | 15,765 | ||||||
440 | Kolon Corp.(a) | 10,288 | ||||||
2,513 | Kolon Industries, Inc.(a) | 99,637 | ||||||
610 | Kolon Life Science, Inc.(a) | 21,956 | ||||||
5,608 | Korea Asset In Trust Co. Ltd. | 20,373 | ||||||
1,723 | Korea Autoglass Corp. | 29,521 | ||||||
122,296 | Korea Electric Power Corp.(a) | 2,960,608 | ||||||
809 | Korea Electric Terminal Co. Ltd. | 40,243 | ||||||
579 | Korea Gas Corp.(a) | 22,866 | ||||||
536 | Korea Information & Communications Co. Ltd.(a) | 4,178 | ||||||
5,031 | Korea Investment Holdings Co. Ltd.(a) | 295,347 | ||||||
2,885 | Korea Line Corp.(a) | 59,202 | ||||||
573 | Korea PetroChemical Ind Co. Ltd.(a) | 73,765 | ||||||
17,755 | Korea Real Estate Investment & Trust Co. Ltd. | 39,576 | ||||||
1,041 | Korea United Pharm, Inc.(a) | 23,453 | ||||||
6,053 | Korean Air Lines Co. Ltd.(a) | 171,908 | ||||||
11,209 | Korean Reinsurance Co. | 87,519 | ||||||
2,714 | Kortek Corp. | 35,555 | ||||||
350 | KPX Chemical Co. Ltd. | 16,947 | ||||||
2,891 | KT Skylife Co. Ltd. | 29,208 | ||||||
12,081 | KTB Investment & Securities Co. Ltd.(a) | 32,810 | ||||||
3,749 | KTCS Corp. | 7,707 | ||||||
700 | Kukdo Chemical Co. Ltd.(a) | 27,703 | ||||||
2,347 | Kumho Petrochemical Co. Ltd. | 184,796 | ||||||
6,035 | Kumho Tire Co. Inc.(a) | 23,364 | ||||||
5,317 | Kwang Dong Pharmaceutical Co. Ltd.(a) | 33,524 | ||||||
1,610 | Kyeryong Construction Industrial Co. Ltd. | 34,754 | ||||||
4,479 | Kyobo Securities Co. Ltd. | 39,877 | ||||||
1,118 | Kyongbo Pharmaceutical Co. Ltd.(a) | 9,816 | ||||||
682 | Kyung Dong Navien Co. Ltd. | 30,295 | ||||||
2,747 | Kyungbang Ltd.(a) | 26,316 | ||||||
3,492 | Kyungdong Pharm Co. Ltd. | 32,760 | ||||||
560 | L&F Co. Ltd. | 14,416 | ||||||
3,000 | LB Semicon, Inc.(a) | 21,069 | ||||||
7,239 | Leadcorp Inc (The) | 37,993 | ||||||
682 | LEENO Industrial, Inc. | 33,399 |
50 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
2,818 | LF Corp. | $ | 60,180 | |||||
53,470 | LG Electronics, Inc. | 3,474,059 | ||||||
210 | LG Hausys Ltd. | 10,934 | ||||||
1,690 | LG Innotek Co. Ltd. | 177,275 | ||||||
4,149 | LG International Corp. | 67,622 | ||||||
12,147 | LG Uplus Corp. | 148,791 | ||||||
1,254 | Lock & Lock Co. Ltd.(a) | 18,384 | ||||||
23 | Lotte Chilsung Beverage Co. Ltd.(a)(b) | 34,082 | ||||||
2,654 | LOTTE Fine Chemical Co. Ltd. | 109,390 | ||||||
96 | Lotte Food Co. Ltd.(a) | 51,834 | ||||||
1,351 | LOTTE Himart Co. Ltd. | 54,986 | ||||||
9,809 | Lotte Non-Life Insurance Co. Ltd.(a) | 23,140 | ||||||
409 | Lotte Shopping Co. Ltd.(a) | 62,445 | ||||||
2,178 | LS Corp. | 92,476 | ||||||
1,913 | LS Industrial Systems Co. Ltd. | 78,855 | ||||||
7,515 | Macquarie Korea Infrastructure Fund | 72,387 | ||||||
3,810 | Mando Corp. | 109,077 | ||||||
1,288 | Mcnex Co. Ltd.(a) | 23,696 | ||||||
220 | Medy-Tox, Inc. | 105,506 | ||||||
377 | MegaStudyEdu Co. Ltd.(a) | 13,331 | ||||||
7,186 | Meritz Financial Group, Inc. | 81,344 | ||||||
3,306 | Meritz Fire & Marine Insurance Co. Ltd. | 67,334 | ||||||
41,376 | Meritz Securities Co. Ltd. | 179,571 | ||||||
2,704 | MiCo Ltd. | 15,126 | ||||||
15,866 | Mirae Asset Life Insurance Co. Ltd.(a) | 71,992 | ||||||
1,001 | Modetour Network, Inc.(a) | 19,229 | ||||||
5,297 | Moorim P&P Co. Ltd.(a) | 27,705 | ||||||
7,421 | Moorim Paper Co. Ltd.(a) | 22,803 | ||||||
1,740 | Namhae Chemical Corp.(a) | 16,019 | ||||||
434 | Neopharm Co. Ltd.(a) | 20,144 | ||||||
708 | Neowiz(a) | 7,935 | ||||||
3,085 | NEPES Corp.(a) | 54,517 | ||||||
7,239 | Nexen Corp. | 39,441 | ||||||
2,044 | Nexen Tire Corp. | 17,616 | ||||||
15,622 | NH Investment & Securities Co. Ltd.(a) | 184,315 | ||||||
1,051 | NHN KCP Corp. | 12,895 | ||||||
2,870 | NICE Holdings Co. Ltd.(a) | 54,938 | ||||||
1,136 | Nice Information & Telecommunication, Inc(a) | 20,749 | ||||||
3,006 | NICE Information Service Co. Ltd.(a) | 36,030 | ||||||
2,683 | NICE Total Cash Management Co. Ltd.(a) | 23,091 | ||||||
127 | NongShim Co. Ltd. | 30,515 | ||||||
454 | Noroo Holdings Co. Ltd.(a) | 4,958 | ||||||
2,740 | NPC(a) | 9,350 | ||||||
46,130 | OCI Co. Ltd.(a) | 3,680,062 | ||||||
3,642 | OPTRON-TEC, Inc. | 20,382 | ||||||
431 | Orion Corp./Republic Of Korea(a) | 35,755 | ||||||
1,868 | Orion Holdings, Corp.(a) | 30,577 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
505 | Osstem Implant Co. Ltd.(a) | $ | 25,035 | |||||
53 | Ottogi Corp.(a) | 32,929 | ||||||
4,424 | Paik Kwang Industrial Co. Ltd.(a) | 11,487 | ||||||
15,220 | Pan Ocean Co. Ltd.(a) | 62,153 | ||||||
5,134 | Pan-Pacific Co. Ltd. | 12,918 | ||||||
1,952 | Paradise Co. Ltd.(a) | 31,070 | ||||||
4,914 | Partron Co. Ltd. | 58,427 | ||||||
162 | Pearl Abyss Corp.(a) | 24,204 | ||||||
2,784 | Poongsan Corp. | 66,399 | ||||||
776 | POSCO Chemical Co. Ltd. | 38,231 | ||||||
4,494 | Posco ICT Co. Ltd. | 22,060 | ||||||
6,913 | Posco International Corp. | 108,384 | ||||||
4,870 | Power Logics Co. Ltd.(a) | 44,980 | ||||||
1,912 | Protec Co. Ltd.(a) | 33,193 | ||||||
4,647 | PSK, Inc.(a)(b)(c) | 65,241 | ||||||
180 | Pulmuone Co. Ltd.(a)(b) | 19,878 | ||||||
1,772 | S&T Motiv Co. Ltd. | 57,840 | ||||||
44,231 | S-1 Corp. | 3,712,167 | ||||||
393 | Sajo Industries Co. Ltd.(a) | 19,849 | ||||||
851 | Sam Chun Dang Pharm Co. Ltd. | 33,470 | ||||||
1,203 | Sam Yung Trading Co. Ltd.(a) | 16,433 | ||||||
2,523 | Sambo Motors Co. Ltd.(a) | 15,282 | ||||||
5,492 | Samick Musical Instruments Co. Ltd. | 10,467 | ||||||
1,859 | Samick THK Co. Ltd. | 22,879 | ||||||
2,847 | Samji Electronics Co. Ltd.(a) | 26,371 | ||||||
574 | Samjin Pharmaceutical Co. Ltd. | 19,236 | ||||||
1,210 | Sammok S-Form CO Ltd(a) | 14,405 | ||||||
3,371 | Samsung Card Co. Ltd. | 107,168 | ||||||
335,177 | Samsung Engineering Co. Ltd.(a) | 4,896,378 | ||||||
26,742 | Samsung Heavy Industries Co. Ltd.(a) | 188,615 | ||||||
26,630 | Samsung SDS Co. Ltd. | 4,951,949 | ||||||
7,839 | Samsung Securities Co. Ltd. | 239,561 | ||||||
15,416 | SAMT Co. Ltd.(a) | 24,293 | ||||||
535 | Samwha Capacitor Co. Ltd. | 27,454 | ||||||
378 | Samyang Corp. | 19,904 | ||||||
426 | Samyang Foods Co. Ltd. | 28,837 | ||||||
580 | Samyang Holdings, Corp.(a) | 39,907 | ||||||
10,570 | Savezone I&C Corp.(a) | 34,842 | ||||||
12,045 | S-Connect Co. Ltd.(a) | 20,580 | ||||||
2,543 | Seah Besteel Corp.(a) | 42,773 | ||||||
485 | SeAH Holdings Corp. | 40,132 | ||||||
543 | SeAH Steel Holdings Corp.(a) | 26,052 | ||||||
2,394 | Sebang Co. Ltd.(a) | 29,961 | ||||||
1,617 | Sebo Manufacturing Engineer Corp.(a) | 14,885 | ||||||
1,369 | Seegene, Inc.(a) | 27,583 | ||||||
2,419 | Sekonix CO Ltd(a) | 15,624 | ||||||
364 | Seobu T&D(a) | 3,260 | ||||||
12,974 | Seohan Co. Ltd.(a) | 19,784 | ||||||
2,675 | Seoul Semiconductor Co. Ltd.(a) | 43,992 |
51 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
1,713 | SFA Engineering Corp. | $ | 61,622 | |||||
1,034 | SFA Semicon Co. Ltd.(a) | 2,177 | ||||||
273 | Shindaeyang Paper Co. Ltd.(a) | 19,402 | ||||||
940 | Shinsegae Co. Ltd. | 273,916 | ||||||
464 | Shinsegae Engineering & Construction Co. Ltd. | 12,162 | ||||||
244 | Shinsegae Food Co. Ltd. | 18,775 | ||||||
139 | Shinsegae International, Inc. | 37,458 | ||||||
9,563 | Shinsung E&G Energy Co. Ltd.(a) | 9,587 | ||||||
806 | Silicon Works Co. Ltd. | 33,657 | ||||||
2,858 | SIMMTECH Co. Ltd.(a) | 16,793 | ||||||
642 | SK Bioland Co. Ltd. | 9,788 | ||||||
907 | SK Discovery Co. Ltd. | 23,606 | ||||||
248 | SK Gas Ltd. | 18,214 | ||||||
332 | SK Materials Co. Ltd. | 48,956 | ||||||
500,344 | SK Networks Co. Ltd. | 2,510,648 | ||||||
50,607 | SK Securities Co. Ltd.(a) | 30,740 | ||||||
2,802 | SKC Co. Ltd. | 85,795 | ||||||
1,591 | SKCKOLONPI, Inc.(a) | 41,394 | ||||||
2,440 | SL Corp.(a) | 50,777 | ||||||
602 | SM Entertainment Co.(a) | 21,348 | ||||||
4,340 | Solid, Inc.(a) | 16,191 | ||||||
2,175 | Songwon Industrial Co. Ltd.(a) | 37,280 | ||||||
1,433 | Soulbrain Co. Ltd. | 61,801 | ||||||
134 | SPC Samlip Co. Ltd.(a) | 15,421 | ||||||
4,928 | Ssangyong Cement Industrial Co. Ltd. | 24,343 | ||||||
5,404 | Ssangyong Motor Co.(a) | 24,469 | ||||||
1,302 | Suheung Co. Ltd. | 30,239 | ||||||
1,349 | Sun Kwang Co. Ltd.(a) | 20,749 | ||||||
2,270 | Sung Kwang Bend Co. Ltd.(a) | 22,664 | ||||||
5,975 | Sungchang Enterprise Holdings Ltd.(a) | 10,719 | ||||||
2,957 | Sungshin Cement Co. Ltd.(a) | 25,026 | ||||||
10,772 | Sungwoo Hitech Co. Ltd.(a) | 44,947 | ||||||
67 | Suprema, Inc.(a) | 1,709 | ||||||
2,784 | Systems Technology, Inc. | 36,654 | ||||||
3,467 | Tae Kyung Industrial Co. Ltd. | 17,369 | ||||||
5,742 | Taeyoung Engineering & Construction Co. Ltd.(a) | 62,843 | ||||||
4,737 | Tailim Packaging Co. Ltd.(a) | 21,781 | ||||||
2,118 | Techwing, Inc. | 26,507 | ||||||
2,038 | TES Co Ltd. | 31,861 | ||||||
1,795 | Texcell-Netcom Co. Ltd.(a) | 29,649 | ||||||
5,795 | TK Chemical Corp.(a) | 13,690 | ||||||
753 | Tokai Carbon Korea Co. Ltd. | 39,968 | ||||||
8,545 | Tongyang Life Insurance Co. Ltd. | 33,176 | ||||||
4,967 | Top Engineering Co. Ltd.(a) | 36,317 | ||||||
1,855 | Toptec Co. Ltd.(a) | 16,122 | ||||||
4,916 | Tovis Co. Ltd. | 29,435 | ||||||
1,046 | Unid Co. Ltd. | 45,057 | ||||||
4,676 | Union Semiconductor Equipment & Materials Co. Ltd.(a) | 22,972 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
2,607 | UniTest, Inc. | $ | 35,149 | |||||
754 | Vieworks Co. Ltd. | 20,593 | ||||||
1,082 | Vitzrocell Co. Ltd.(a) | 10,345 | ||||||
1,434 | Webzen Inc(a) | 22,840 | ||||||
2,949 | WiSoL Co. Ltd. | 45,244 | ||||||
8,940 | Wonik Holdings Corp.(a) | 38,016 | ||||||
3,348 | Wonik IPS Co. Ltd.(a) | 80,161 | ||||||
1,292 | Wonik Materials Co. Ltd.(a) | 26,261 | ||||||
1,325 | Wonik QnC Corp.(a) | 16,017 | ||||||
246,475 | Woori Financial Group, Inc. | 2,922,295 | ||||||
4,070 | Y G-1 Co. Ltd. | 39,081 | ||||||
3,685 | Yearimdang Publishing Co. Ltd.(a) | 19,023 | ||||||
4,119 | Yong Pyong Resort Co. Ltd.(a) | 25,184 | ||||||
2,162 | Youlchon Chemical Co. Ltd. | 26,402 | ||||||
49 | Young Poong Corp.(a) | 32,520 | ||||||
3,091 | Youngone Corp.(a) | 97,786 | ||||||
764 | Youngone Holdings Co. Ltd.(a) | 42,523 | ||||||
16,555 | Yuanta Securities Korea Co. Ltd.(a) | 47,142 | ||||||
247 | Yuhan Corp.(a) | 51,963 | ||||||
3,045 | Yuyang DNU Co. Ltd.(a) | 21,138 | ||||||
2,552 | Zeus Co. Ltd. | 34,900 | ||||||
78,510,868 | ||||||||
SPAIN — 0.5% | ||||||||
13,957 | Acciona SA | 1,618,751 | ||||||
28,106 | Acerinox SA | 292,738 | ||||||
346,657 | Almirall SA | 5,594,084 | ||||||
85,572 | Amper SA(a) | 25,632 | ||||||
3,400 | AmRest Holdings SE(a) | 36,708 | ||||||
351,163 | Applus Services SA | 4,413,048 | ||||||
11,724 | Atresmedia Corp. de Medios de Comunicaion SA | 63,325 | ||||||
2,752 | Azkoyen SA | 24,490 | ||||||
107,451 | Banco de Sabadell SA | 125,109 | ||||||
80,538 | Bankia SA | 223,064 | ||||||
67,712 | Bankinter SA | 541,238 | ||||||
6,859 | Bolsas y Mercados Espanoles SHMSF SA | 194,824 | ||||||
20,024 | Caja de Ahorros del Mediterraneo(a)(b) | 0 | ||||||
18,189 | Cellnex Telecom SA | 560,297 | ||||||
38,690 | Cia de Distribucion Integral Logista Holdings SA | 917,920 | ||||||
3,416 | Cie Automotive SA | 95,468 | ||||||
9,684 | Cominar Real Estate Investment Trust, REIT | 104,339 | ||||||
2,513 | Construcciones y Auxiliar de Ferrocarriles SA | 118,518 | ||||||
35,386 | Deoleo SA(a) | 2,230 | ||||||
929 | Dinamia Capital Privado Sociedad de Capital Riesgo SA | 16,144 | ||||||
8,075 | Ebro Foods SA | 170,448 | ||||||
69,192 | EDP Renovaveis SA | 688,028 | ||||||
12,435 | eDreams ODIGEO SA(a) | 43,610 |
52 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SPAIN (continued) | ||||||||
14,311 | Elecnor SA | $ | 193,012 | |||||
111,004 | Enagas SA | 3,166,439 | ||||||
21,838 | Ence Energia y Celulosa SA | 117,670 | ||||||
33,047 | Ercros SA | 112,802 | ||||||
29,804 | Euskaltel SA | 280,052 | ||||||
17,386 | Faes Farma SA | 79,794 | ||||||
2,298 | Fluidra SA(a) | 25,141 | ||||||
8,488 | Fomento de Construcciones y Contratas SA(a) | 104,080 | ||||||
7,616 | Global Dominion Access Sa(a) | 40,720 | ||||||
13,223 | Grupo Catalana Occidente SA | 499,081 | ||||||
47,660 | Grupo Ezentis SA(a) | 28,564 | ||||||
1,924 | Iberpapel Gestion SA | 66,713 | ||||||
9,320 | Indra Sistemas SA(a) | 109,917 | ||||||
1,502 | Laboratorios Farmaceuticos Rovi SA | 31,030 | ||||||
937,258 | Liberbank SA(a) | 415,791 | ||||||
127,343 | Mapfre SA | 382,564 | ||||||
3,864 | Masmovil Ibercom SA(a) | 84,709 | ||||||
278,210 | Mediaset Espana Comunicacion SA | 2,157,558 | ||||||
216,874 | Melia Hotels International SA | 2,149,614 | ||||||
3,647 | Miquel y Costas & Miquel SA | 64,714 | ||||||
13,764 | Natra SA(a) | 13,863 | ||||||
1,099 | Parques Reunidos Servicios Centrales SAU | 17,099 | ||||||
214,297 | Pharma Mar SA(a) | 507,582 | ||||||
1,765 | Prim SA | 22,277 | ||||||
20,281 | Prosegur Cia de Seguridad SA | 105,534 | ||||||
20,598 | Quabit Inmobiliaria SA(a) | 28,382 | ||||||
12,161 | Realia Business SA(a) | 12,967 | ||||||
13,619 | Red Electrica Corp. SA | 282,648 | ||||||
103,286 | Sacyr SA | 253,576 | ||||||
9,426 | Siemens Gamesa Renewable Energy SA(a) | 169,296 | ||||||
5,485 | Solaria Energia y Medio Ambiente SA(a) | 32,028 | ||||||
9,635 | Talgo SA(a) | 63,647 | ||||||
1,445 | Tecnicas Reunidas SA | 43,154 | ||||||
4,358 | Telepizza Group SA | 29,384 | ||||||
25,052 | Tubacex SA | 77,873 | ||||||
16,134 | Unicaja Banco Sa | 18,592 | ||||||
4,198 | Vidrala SA | 394,210 | ||||||
2,388 | Viscofan SA | 143,663 | ||||||
34,839 | Vocento SA(a) | 55,482 | ||||||
15,735 | Zardoya Otis SA | 127,181 | ||||||
28,378,416 | ||||||||
SWEDEN — 1.1% | ||||||||
8,497 | Aak Ab | 138,108 | ||||||
8,404 | AcadeMedia AB(a) | 47,823 | ||||||
1,972 | Addlife AB | 52,904 | ||||||
13,643 | AddNode Group AB | 207,638 | ||||||
6,047 | AddTech AB - Class B | 147,080 | ||||||
16,626 | AF POYRY AB - B Shares | 310,176 | ||||||
2,380 | Alimak Group AB | 39,921 |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
722,700 | Arjo AB - B Shares | $ | 2,682,831 | |||||
40,636 | Atrium Ljungberg AB - Class B | 663,271 | ||||||
3,481 | Attendo AB | 18,968 | ||||||
75,515 | Avanza Bank Holding AB | 604,844 | ||||||
50,647 | Axfood AB | 929,655 | ||||||
578 | BE Group AB(a) | 2,582 | ||||||
9,168 | Beijer Alma Ab | 128,915 | ||||||
8,503 | Beijer Electronics AB(a) | 48,751 | ||||||
12,233 | Beijer Ref AB | 258,774 | ||||||
8,577 | Bergman & Beving AB - Class B | 91,538 | ||||||
910 | Besqab Ab | 8,487 | ||||||
61,952 | Betsson Ab | 470,263 | ||||||
408,565 | Bilia AB - A Shares | 3,506,284 | ||||||
38,422 | BillerudKorsnas AB | 522,304 | ||||||
10,734 | BioGaia AB - Class B | 520,713 | ||||||
3,126 | Biotage AB | 42,422 | ||||||
1,799 | Bonava AB | 22,772 | ||||||
37,813 | Bonava AB - Class B | 481,531 | ||||||
18,615 | Bravida Holding AB | 163,041 | ||||||
10,715 | Bufab AB | 121,509 | ||||||
4,230 | Bulten AB | 35,768 | ||||||
36,677 | Bure Equity AB | 681,860 | ||||||
37,343 | Byggmax Group AB(a) | 166,879 | ||||||
6,297 | Castellum AB | 113,217 | ||||||
23,316 | Catena AB | 600,103 | ||||||
18,117 | Cellavision AB | 606,149 | ||||||
428,925 | Cloetta AB - B Shares | 1,310,056 | ||||||
8,618 | Coor Service Management Holding AB | 74,499 | ||||||
191,441 | Dios Fastigheter AB | 1,362,852 | ||||||
23,359 | Dometic Group AB | 213,402 | ||||||
13,750 | Doro AB(a) | 54,944 | ||||||
7,171 | Duni AB | 88,533 | ||||||
11,660 | Dustin Group AB | 104,510 | ||||||
3,235 | Eastnine AB | 36,912 | ||||||
5,106 | Elanders AB - B Shares | 48,108 | ||||||
692,896 | Elekta AB - Class B | 8,218,429 | ||||||
14,634 | Enea AB(a) | 235,982 | ||||||
25,843 | Eolus Vind Ab - Class B | 147,167 | ||||||
1,232 | eWork Group AB | 10,949 | ||||||
6,847 | Fabege AB | 95,103 | ||||||
3,765 | Fagerhult AB | 32,159 | ||||||
121,441 | Fastighets AB Balder - Class B(a) | 3,841,535 | ||||||
9 | Fastpartner Ab | 65 | ||||||
4,622 | Ferronordic Machines AB | 76,387 | ||||||
40,413 | Fingerprint Cards AB - Class B(a) | 59,433 | ||||||
32,045 | FormPipe Software AB | 75,839 | ||||||
5,991 | Fortnox AB | 71,661 | ||||||
8,541 | G5 Entertainment AB | 86,115 | ||||||
557,853 | Getinge AB - B Shares | 7,859,700 | ||||||
38,747 | Global Gaming 555 AB | 29,875 | ||||||
20,231 | Granges AB | 219,658 | ||||||
16,737 | Gunnebo AB | 44,350 |
53 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
6,177 | Haldex AB | $ | 47,494 | |||||
5,659 | Hemfosa Fastigheter AB | 46,830 | ||||||
15,125 | Hexpol AB | 118,142 | ||||||
21,967 | HIQ International AB | 123,562 | ||||||
2,022 | Hms Networks Ab | 36,818 | ||||||
10,032 | Holmen AB | 210,973 | ||||||
3,392 | Hufvudstaden AB - Class A | 56,522 | ||||||
45,568 | Humana Ab | 288,268 | ||||||
32,916 | Husqvarna AB - B Shares | 300,536 | ||||||
3,044 | Husqvarna AB - Class A | 27,999 | ||||||
6,904 | Indutrade AB | 211,088 | ||||||
93,614 | Instalco Intressenter AB | 848,559 | ||||||
23,392 | Intrum Justitia AB | 595,662 | ||||||
32,992 | Inwido AB | 217,783 | ||||||
13,010 | JM AB | 247,818 | ||||||
34,914 | KappAhl AB | 63,862 | ||||||
17,171 | Klovern AB - B Shares | 23,239 | ||||||
10,434 | KNOW IT AB | 245,875 | ||||||
66,279 | Kungsleden AB | 503,597 | ||||||
5,791 | Lagercrantz Group AB - B Shares | 70,543 | ||||||
1,932 | Lifco AB - B Shares | 92,024 | ||||||
2,290 | Lime Technologies AB | 30,620 | ||||||
211,757 | Lindab International AB | 2,388,614 | ||||||
42,926 | Loomis AB - Class B | 1,588,146 | ||||||
14,053 | Maha Energy AB(a) | 34,885 | ||||||
3,904 | Medivir AB - Class B(a) | 7,231 | ||||||
3,595 | Mekonomen AB(a) | 26,270 | ||||||
30,625 | Moberg Pharma AB(a) | 219,195 | ||||||
8,224 | Momentum Group AB - Class B | 85,033 | ||||||
6,683 | Mycronic AB | 93,826 | ||||||
5,004 | Nederman Holding Ab | 63,229 | ||||||
482,011 | NetEnt AB(a) | 1,531,913 | ||||||
86,344 | New Wave Group AB - Class B | 621,817 | ||||||
21,247 | Nobia AB | 133,515 | ||||||
10,863 | Nobina AB | 69,748 | ||||||
58,709 | Nolato AB - B Shares | 2,724,807 | ||||||
1,900 | Nordic Waterproofing Holding AS | 18,345 | ||||||
2,070 | NP3 Fastigheter AB | 16,333 | ||||||
38,142 | Nyfosa AB(a) | 227,094 | ||||||
1,084 | OEM International AB - B Shares | 24,514 | ||||||
131,238 | Opus Group AB | 69,102 | ||||||
55,148 | Orexo AB(a) | 413,334 | ||||||
23,839 | Pandox AB | 409,075 | ||||||
43,503 | Peab AB | 397,921 | ||||||
2,570 | Platzer Fastigheter Holding AB - Class B | 20,958 | ||||||
5,237 | Proact IT Group AB | 139,606 | ||||||
18,749 | Qliro Group AB(a) | 24,285 | ||||||
18,689 | Ratos AB - B Shares | 42,455 | ||||||
2,630 | Raysearch Laboratories AB(a) | 33,422 | ||||||
174,198 | Recipharm AB - B Shares(a) | 2,491,987 | ||||||
15,932 | Resurs Holding AB | 98,626 | ||||||
16,357 | Rottneros AB | 24,864 |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
4,472 | Saab AB - Class B | $ | 147,218 | |||||
1,068 | Sagax AB - Class B | 18,818 | ||||||
96,038 | SAS AB(a) | 175,157 | ||||||
25,679 | Scandi Standard AB | 176,075 | ||||||
11,926 | Scandic Hotels Group AB | 111,021 | ||||||
14,471 | Sectra AB | 490,410 | ||||||
11,101 | Semcon AB | 67,695 | ||||||
81,186 | Sensys Gatso Group Ab(a) | 13,683 | ||||||
88,128 | Skistar Ab | 1,065,754 | ||||||
23,416 | SSAB AB - Class A | 88,467 | ||||||
48,759 | SSAB AB - Class B | 157,239 | ||||||
4,673 | Sweco AB - Class B | 119,267 | ||||||
351,052 | Swedish Orphan Biovitrum AB(a) | 6,405,537 | ||||||
3,229 | Systemair AB | 39,103 | ||||||
7,052 | Thule Group AB | 164,283 | ||||||
866 | Troax Group AB | 31,016 | ||||||
716 | VBG Group AB | 11,745 | ||||||
2,311 | Vitec Software Group AB - B Shares | 23,609 | ||||||
73,322 | Vitrolife Ab | 1,543,622 | ||||||
3,733 | Wallenstam AB | 35,925 | ||||||
62,563 | Wihlborgs Fastigheter Ab | 832,379 | ||||||
69,001,291 | ||||||||
SWITZERLAND — 0.8% | ||||||||
23,673 | Adecco Group AG | 1,360,085 | ||||||
2,036 | Allreal Holding AG | 324,891 | ||||||
1,308 | ALSO Holding AG | 164,141 | ||||||
128 | APG SGA SA | 36,644 | ||||||
8,831 | Arbonia AG(a) | 95,355 | ||||||
14,014 | Ascom Holding AG | 191,209 | ||||||
661 | Autoneum Holding AG | 87,515 | ||||||
7,227 | Baloise Holding AG | 1,239,006 | ||||||
491 | Banque Cantonale de Geneve | 96,888 | ||||||
799 | Banque Cantonale Vaudoise | 630,870 | ||||||
81 | Barry Callebaut AG | 148,517 | ||||||
44 | Belimo Holding AG | 231,158 | ||||||
473 | Bell Food Group AG | 136,238 | ||||||
1,462 | Bellevue Group AG | 28,886 | ||||||
884 | Berner Kantonalbank AG | 206,572 | ||||||
677 | BKW AG | 43,164 | ||||||
2,117 | Bobst Group SA | 151,969 | ||||||
354 | Bossard Holding AG | 57,722 | ||||||
1,111 | Bucher Industries AG | 376,853 | ||||||
212 | Burckhardt Compression Holding AG | 63,992 | ||||||
232 | Burkhalter Holding AG | 17,843 | ||||||
1,680 | Calida Holding AG | 52,098 | ||||||
52 | Carlo Gavazzi Holding AG | 13,395 | ||||||
15,139 | Cavotec SA(a) | 18,790 | ||||||
20,685 | Cembra Money Bank AG | 1,921,046 | ||||||
178 | Cham Group AG | 72,810 | ||||||
1,007 | Cicor Technologies | 58,746 | ||||||
539 | Cie Financiere Tradition SA | 57,251 | ||||||
11,670 | Clariant AG | 240,104 |
54 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
SWITZERLAND (continued) | ||||||||
372 | Coltene Holding AG | $ | 36,673 | |||||
124 | Conzzeta AG | 106,933 | ||||||
224 | Daetwyler Holding AG | 34,733 | ||||||
1,087 | DKSH Holding AG | 66,752 | ||||||
200 | dormakaba Holding AG | 151,078 | ||||||
5,467 | Dufry AG | 535,062 | ||||||
6,163 | EDAG Engineering Group AG | 96,862 | ||||||
12,141 | EFG International AG | 91,273 | ||||||
1,763 | Emmi AG | 1,555,406 | ||||||
2,219 | Energiedienst Holding AG | 66,843 | ||||||
41,190 | Evolva Holding SA(a) | 9,331 | ||||||
473 | Feintool International Holding AG | 34,160 | ||||||
395 | Fenix Outdoor International AG | 40,001 | ||||||
1,142,741 | Ferrexpo Plc | 3,095,644 | ||||||
3,675 | Flughafen Zuerich AG | 605,818 | ||||||
118 | Forbo Holding AG | 189,574 | ||||||
15,174 | GAM Holding AG(a) | 62,942 | ||||||
346 | Georg Fischer AG | 336,510 | ||||||
57 | Gurit Holding AG | 61,498 | ||||||
2,973 | Helvetia Holdings AG | 1,889,265 | ||||||
3,758 | Highlight Communications AG | 19,200 | ||||||
283 | HOCHDORF Holding AG(a) | 38,264 | ||||||
14,939 | Huber & Suhner AG | 1,194,633 | ||||||
12 | Hypothekarbank Lenzburg AG | 53,237 | ||||||
43,179 | Implenia AG | 1,358,993 | ||||||
125 | Inficon Holding AG | 70,283 | ||||||
32 | Interroll Holding AG | 69,831 | ||||||
874 | Intershop Holding AG | 428,296 | ||||||
32,956 | IWG Plc | 146,348 | ||||||
27,928 | Julius Baer Group Ltd. | 1,349,059 | ||||||
883 | Jungfraubahn Holding AG | 125,336 | ||||||
404 | Kardex AG | 62,789 | ||||||
251 | Komax Holding AG | 57,625 | ||||||
122,651 | Kongsberg Automotive ASA(a) | 112,654 | ||||||
34 | LEM Holding SA | 46,525 | ||||||
8,416 | Logitech International SA | 329,789 | ||||||
777 | Luzerner Kantonalbank AG | 362,084 | ||||||
52 | Metall Zug AG - Class B | 136,923 | ||||||
3,411 | Mobilezone Holding AG | 31,094 | ||||||
2,383 | Mobimo Holding AG | 549,495 | ||||||
45,631 | OC Oerlikon Corp AG | 596,357 | ||||||
939 | Orascom Development Holding AG(a) | 15,207 | ||||||
51,488 | Oriflame Holding AG | 1,062,004 | ||||||
642 | Orior AG | 48,991 | ||||||
1,092 | Panalpina Welttransport Holding AG | 234,097 | ||||||
220 | Phoenix Mecano AG | 102,894 | ||||||
261 | Plazza AG | 64,065 | ||||||
1,742 | PSP Swiss Property AG | 177,750 | ||||||
498 | Rieter Holding AG | 71,982 | ||||||
154 | Romande Energie Holding SA | 181,313 | ||||||
137 | Schaffner Holding AG | 31,781 | ||||||
240,940 | Schmolz & Bickenbach AG(a) | 111,044 |
Shares | Value | |||||||
SWITZERLAND (continued) | ||||||||
167 | Schweiter Technologies AG | $ | 162,243 | |||||
1,653 | SFS Group AG | 152,671 | ||||||
3,917 | Siegfried Holding AG | 1,486,155 | ||||||
1,775 | Sonova Holding AG | 358,518 | ||||||
507 | St. Galler Kantonalbank AG | 229,495 | ||||||
1,266 | Sulzer AG | 133,595 | ||||||
4,677 | Sunrise Communications Group AG | 310,563 | ||||||
2,520 | Swiss Life Holding AG | 1,184,723 | ||||||
703 | Swissquote Group Holding SA | 27,537 | ||||||
424 | Tamedia AG | 44,910 | ||||||
171 | Tecan Group AG | 38,603 | ||||||
87,199 | Temenos Group AG | 14,505,361 | ||||||
235 | Thurgauer Kantonalbank | 25,013 | ||||||
17,575 | Valiant Holding AG | 1,970,887 | ||||||
4,398 | Valora Holding AG | 1,119,431 | ||||||
694 | VAT Group AG | 86,257 | ||||||
374 | Vaudoise Assurances Holding SA | 187,581 | ||||||
70 | Vetropack Holding AG | 152,454 | ||||||
1,506 | Vifor Pharma AG | 196,667 | ||||||
6,951 | Von Roll Holding AG(a) | 8,677 | ||||||
1,203 | Vontobel Holding AG | 70,941 | ||||||
154 | VZ Holding AG | 37,572 | ||||||
679 | Walter Meier AG(a) | 11,937 | ||||||
2,552 | Zehnder Group AG | 87,853 | ||||||
53 | Zug Estates Holding AG - B Shares | 94,436 | ||||||
29 | Zuger Kantonalbank AG | 176,610 | ||||||
49,290,749 | ||||||||
TAIWAN — 1.6% | ||||||||
24,000 | Accton Technology Corp. | 101,952 | ||||||
5,469,878 | Acer, Inc. | 3,718,145 | ||||||
5,050 | Acter Co. Ltd. | 29,531 | ||||||
6,000 | Actron Technology Corp. | 20,905 | ||||||
9,998 | Adlink Technology, Inc. | 13,565 | ||||||
3,000 | Advanced Ceramic X Corp. | 30,109 | ||||||
22,000 | Advanced International Multitech Co. Ltd. | 32,792 | ||||||
15,000 | Advanced Wireless Semiconductor Co. | 24,573 | ||||||
24,373 | Advancetek Enterprise Co. Ltd. | 12,550 | ||||||
19,000 | Aerospace Industrial Development Corp. | 19,285 | ||||||
3,916 | Airtac International Group | 52,461 | ||||||
9,000 | Alchip Technologies Ltd. | 23,710 | ||||||
44,000 | Alpha Networks, Inc. | 28,449 | ||||||
22,000 | Ambassador Hotel (The) | 15,597 | ||||||
22,000 | Ampire Co. Ltd. | 18,038 | ||||||
52,000 | AmTRAN Technology Co. Ltd.(a) | 20,117 | ||||||
9,099 | Anpec Electronics Corp. | 18,697 | ||||||
26,000 | APCB, Inc. | 26,315 | ||||||
24,161 | Apex International Co. Ltd.(a) | 40,025 | ||||||
62,872 | Ardentec Corp. | 64,515 |
55 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
100,000 | Asia Pacific Telecom Co. Ltd.(a) | $ | 26,180 | |||||
30,100 | Asia Vital Components Co. Ltd. | 41,923 | ||||||
2,208 | Asmedia Technology, Inc. | 38,301 | ||||||
2,000 | ASPEED Technology, Inc. | 41,649 | ||||||
11,000 | Aten International Co. Ltd. | 33,238 | ||||||
8,194,000 | AU Optronics Corp. | 2,930,491 | ||||||
24,800 | Audix Corp. | 31,777 | ||||||
55,988 | Bank of Kaohsiung Co. Ltd. | 17,511 | ||||||
88,350 | BES Engineering Corp. | 22,317 | ||||||
10,000 | Brighton-Best International Taiwan, Inc. | 11,252 | ||||||
13,000 | C Sun Manufacturing Ltd. | 14,384 | ||||||
9,900 | Capital Futures Corp. | 15,330 | ||||||
191,955 | Capital Securities Corp. | 57,792 | ||||||
34,446 | Career Technology Manufacturing Co. Ltd. | 37,864 | ||||||
34,300 | Cathay Real Estate Development Co. Ltd. | 27,933 | ||||||
23,062 | Center Laboratories, Inc. | 58,752 | ||||||
20,748 | Central Reinsurance Co. Ltd. | 11,956 | ||||||
29,640 | ChainQui Construction Development Co. Ltd. | 28,020 | ||||||
1,730 | Chang Wah Electromaterials, Inc. | 10,034 | ||||||
21,000 | Channel Well Technology Co. Ltd. | 18,480 | ||||||
13,185 | Charoen Pokphand Enterprise | 25,060 | ||||||
3,000 | Chaun-Choung Technology Corp. | 16,803 | ||||||
14,000 | CHC Healthcare Group | 18,269 | ||||||
50,920 | Cheng Loong Corp. | 32,567 | ||||||
39,797 | Cheng Uei Precision Industry Co. Ltd. | 48,362 | ||||||
25,277 | Chicony Electronics Co. Ltd. | 62,311 | ||||||
12,300 | Chicony Power Technology Co. Ltd. | 21,885 | ||||||
22,961 | Chilisin Electronics Corp. | 73,421 | ||||||
357,744 | China Airlines Ltd. | 113,489 | ||||||
105,000 | China Bills Finance Corp. | 50,121 | ||||||
21,000 | China Chemical & Pharmaceutical Co. Ltd. | 12,819 | ||||||
75,647 | China General Plastics Corp. | 55,669 | ||||||
118,000 | China Life Insurance Co. Ltd. | 98,247 | ||||||
22,077 | China Metal Products | 26,852 | ||||||
3,733,000 | China Petrochemical Development Corp.(a) | 1,409,999 | ||||||
6,114 | China Steel Chemical Corp. | 26,631 | ||||||
31,360 | China Wire & Cable Co. Ltd.(b)(c) | 21,058 | ||||||
21,000 | Chinese Maritime Transport Ltd. | 22,007 | ||||||
42,883 | Chin-Poon Industrial Co. Ltd. | 53,403 | ||||||
54,000 | Chipbond Technology Corp. | 122,548 | ||||||
25,000 | Chong Hong Construction Co. Ltd. | 70,336 | ||||||
10,876 | Chroma ATE, Inc. | 52,103 | ||||||
64,000 | Chun Yu Works & Co. Ltd. | 48,705 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
124,779 | Chun Yuan Steel | $ | 42,190 | |||||
132,000 | Chung Hung Steel Corp.(a) | 52,595 | ||||||
138,779 | Chung Hwa Pulp Corp. | 42,861 | ||||||
22,125 | Chung-Hsin Electric & Machinery Manufacturing Corp. | 14,900 | ||||||
7,000 | Cleanaway Co. Ltd. | 38,633 | ||||||
24,348 | Clevo Co. | 23,190 | ||||||
175,000 | CMC Magnetics Corp.(a) | 39,977 | ||||||
4,572,000 | Compal Electronics, Inc. | 2,955,404 | ||||||
135,000 | Compeq Manufacturing Co. Ltd. | 111,870 | ||||||
3,240 | Concraft Holding Co. Ltd. | 13,928 | ||||||
52,200 | Coretronic Corp. | 81,267 | ||||||
24,000 | Co-Tech Development Corp. | 25,525 | ||||||
47,523 | CSBC Corp. Taiwan(a) | 40,100 | ||||||
18,838 | CTCI Corp. | 29,210 | ||||||
1,572 | Cub Elecparts, Inc. | 13,986 | ||||||
18,000 | CviLux Corp. | 14,918 | ||||||
6,000 | Cyberpower Systems, Inc. | 17,504 | ||||||
76,321 | Da-Li Development Co. Ltd. | 77,713 | ||||||
28,000 | Darfon Electronics Corp. | 43,280 | ||||||
47,000 | Darwin Precisions Corp. | 29,379 | ||||||
10,000 | Depo Auto Parts Industrial Co. Ltd. | 22,379 | ||||||
66,904 | D-Link Corp.(a) | 31,242 | ||||||
13,000 | Dynapack International Technology Corp. | 20,923 | ||||||
41,000 | E Ink Holdings, Inc. | 49,230 | ||||||
7,620 | Eclat Textile Co. Ltd. | 108,932 | ||||||
3,000 | Egis Technology, Inc. | 25,236 | ||||||
9,924 | Elan Microelectronics Corp. | 26,911 | ||||||
7,000 | E-LIFE MALL Corp. | 14,816 | ||||||
22,809 | Elite Advanced Laser Corp. | 48,382 | ||||||
14,967 | Elite Material Co. Ltd. | 48,253 | ||||||
37,000 | Elite Semiconductor Memory Technology, Inc. | 39,138 | ||||||
3,000 | eMemory Technology, Inc. | 37,507 | ||||||
98,000 | EnTie Commercial Bank Co. Ltd. | 45,025 | ||||||
91,015 | Epistar Corp. | 79,719 | ||||||
71,975 | Eternal Materials Co. Ltd. | 59,542 | ||||||
5,973,398 | Eva Airways Corp. | 2,929,524 | ||||||
53,059 | Everest Textile Co. Ltd.(a) | 19,577 | ||||||
84,000 | Evergreen International Storage & Transport Corp. | 37,417 | ||||||
7,255,617 | Evergreen Marine Corp. Taiwan Ltd. | 3,185,351 | ||||||
68,342 | Everlight Chemical Industrial Corp. | 36,964 | ||||||
759,000 | Everlight Electronics Co. Ltd. | 760,086 | ||||||
146,062 | Far Eastern Department Stores Ltd. | 77,551 | ||||||
307,068 | Far Eastern International Bank | 114,343 | ||||||
39,478 | Faraday Technology Corp. | 65,184 | ||||||
12,000 | Farglory Land Development Co. Ltd. | 14,812 |
56 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
69,255 | Federal Corp.(a) | $ | 24,332 | |||||
46,320 | Feng Hsin Steel Co. Ltd. | 91,154 | ||||||
7,073,660 | First Financial Holding Co. Ltd. | 5,050,165 | ||||||
61,000 | First Insurance Co. Ltd. (The) | 28,542 | ||||||
129,859 | First Steamship Co. Ltd.(a) | 51,597 | ||||||
34,049 | FLEXium Interconnect, Inc. | 107,012 | ||||||
9,955 | Flytech Technology Co. Ltd. | 25,241 | ||||||
24,000 | Focaltech Systems CO Ltd. | 19,551 | ||||||
9,338 | Formosa Laboratories, Inc. | 12,548 | ||||||
31,203 | Formosa Oilseed Processing Co. Ltd. | 75,846 | ||||||
5,000 | Formosa Sumco Technology Corp. | 19,098 | ||||||
50,791 | Formosan Union Chemical | 23,030 | ||||||
33,000 | Fortune Electric Co. Ltd. | 22,378 | ||||||
7,127 | Foxsemicon Integrated Technology, Inc. | 33,083 | ||||||
21,000 | Froch Enterprise Co. Ltd. | 9,487 | ||||||
12,369 | Fulgent Sun International Holding Co. Ltd. | 26,693 | ||||||
42,000 | Fulltech Fiber Glass Corp. | 21,456 | ||||||
106,466 | Fwusow Industry Co. Ltd. | 63,055 | ||||||
11,000 | Gamania Digital Entertainment Co. Ltd. | 26,879 | ||||||
40,000 | Gemtek Technology Corp. | 33,703 | ||||||
20,000 | General Interface Solution Holding Ltd. | 77,599 | ||||||
25,000 | Getac Technology Corp. | 37,654 | ||||||
13,000 | Giant Manufacturing Co. Ltd. | 99,146 | ||||||
758,981 | Gigabyte Technology Co. Ltd. | 1,221,794 | ||||||
2,000 | Ginko International Co. Ltd. | 13,712 | ||||||
61,000 | Global Brands Manufacture Ltd. | 28,601 | ||||||
6,000 | Global Unichip Corp. | 44,208 | ||||||
25,650 | Globe Union Industrial Corp. | 14,497 | ||||||
67,880 | Gloria Material Technology Corp. | 43,417 | ||||||
50,000 | Gold Circuit Electronics Ltd.(a) | 20,314 | ||||||
49,852 | Goldsun Building Materials Co. Ltd. | 13,413 | ||||||
5,783 | Gourmet Master Co. Ltd. | 36,893 | ||||||
18,000 | Grand Ocean Retail Group Ltd. | 18,487 | ||||||
121,000 | Grand Pacific Petrochemical | 83,428 | ||||||
4,000 | Grape King Bio Ltd. | 27,771 | ||||||
25,000 | Great China Metal Industry | 20,351 | ||||||
26,000 | Great Taipei Gas Co. Ltd. | 24,573 | ||||||
41,132 | Great Wall Enterprise Co. Ltd. | 46,744 | ||||||
44,000 | Greatek Electonics, Inc. | 60,911 | ||||||
35,000 | Hannstar Board Corp. | 37,236 | ||||||
7,507,000 | HannStar Display Corp. | 1,943,976 | ||||||
125,000 | HannsTouch Solution, Inc.(a) | 60,964 | ||||||
53,000 | Hey Song Corp. | 54,440 | ||||||
28,666 | Highwealth Construction Corp. | 45,917 | ||||||
27,065 | Hitron Technology, Inc. | 18,746 | ||||||
9,505 | Hiwin Technologies Corp. | 90,519 | ||||||
105,530 | Ho Tung Chemical Corp. | 23,734 | ||||||
10,000 | Holiday Entertainment Co. Ltd. | 21,168 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
13,000 | Holtek Semiconductor, Inc. | $ | 31,164 | |||||
10,105 | Holy Stone Enterprise Co. Ltd. | 33,728 | ||||||
19,514 | Hong Pu Real Estate Development Co. Ltd. | 12,248 | ||||||
10,624 | Hota Industrial Manufacturing Co. Ltd. | 38,704 | ||||||
51,435 | Hsing TA Cement Co. | 28,473 | ||||||
1,006,000 | HTC Corp.(a) | 1,363,137 | ||||||
13,479 | Huaku Development Co. Ltd. | 34,087 | ||||||
8,000 | Huang Hsiang Construction Co. | 7,214 | ||||||
89,200 | Hung Sheng Construction Ltd. | 65,138 | ||||||
42,830 | Hwa Fong Rubber Co. Ltd.(a) | 16,849 | ||||||
34,341 | Ichia Technologies, Inc.(a) | 19,205 | ||||||
8,100 | IEI Integration Corp. | 8,986 | ||||||
9,714 | Innodisk Corp. | 36,556 | ||||||
10,620,000 | Innolux Corp. | 3,407,779 | ||||||
1,405,197 | International CSRC Investment Holdings Co. | 1,912,200 | ||||||
3,000 | International Games System Co. Ltd. | 24,857 | ||||||
3,956,155 | Inventec Corp. | 3,178,559 | ||||||
19,000 | ITEQ Corp. | 62,745 | ||||||
146,888 | Jih Sun Financial Holdings Co. Ltd. | 46,701 | ||||||
30,000 | KEE TAI Properties Co. Ltd. | 11,259 | ||||||
66,682 | Kenda Rubber Industrial Co. Ltd. | 65,066 | ||||||
16,000 | Kerry TJ Logistics Co. Ltd. | 19,032 | ||||||
34,000 | Kindom Construction Corp. | 23,206 | ||||||
10,720 | King Chou Marine Technology Co. Ltd. | 13,340 | ||||||
4,000 | King Slide Works Co. Ltd. | 42,062 | ||||||
157,184 | King Yuan Electronics Co. Ltd. | 145,783 | ||||||
108,185 | King’s Town Bank Co. Ltd. | 115,750 | ||||||
13,000 | Kinik Co. | 25,982 | ||||||
181,343 | Kinpo Electronics, Inc. | 64,637 | ||||||
44,000 | Kinsus Interconnect Technology Corp. | 66,458 | ||||||
15,000 | KS Terminals, Inc. | 22,284 | ||||||
6,000 | Kung Long Batteries Industrial Co. Ltd. | 31,888 | ||||||
60,799 | Kwong Fong Industries Corp. | 29,186 | ||||||
39,000 | L&K Engineering Co. Ltd. | 34,711 | ||||||
3,000 | Land Mark Optoelectronics Corp. | 26,901 | ||||||
56,714 | Lealea Enterprise Co. Ltd. | 18,465 | ||||||
20,000 | Lextar Electronics Corp. | 11,346 | ||||||
50,788 | Li Peng Enterprise Co. Ltd.(a) | 11,993 | ||||||
34,904 | Lien Hwa Industrial Corp. | 38,300 | ||||||
50,000 | Lingsen Precision Industries Ltd. | 15,524 | ||||||
12,882 | Lite-On Semiconductor Corp. | 14,469 | ||||||
99,000 | Lite-On Technology Corp. | 139,685 | ||||||
274,169 | Long Chen Paper Co. Ltd. | 160,789 | ||||||
15,000 | Longwell Co. | 26,418 | ||||||
723 | Lotes Co. Ltd. | 5,135 | ||||||
12,545 | Lumax International Corp. Ltd. | 29,205 |
57 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
8,000 | Lung Yen Life Service Corp. | $ | 15,884 | |||||
2,000 | Machvision, Inc. | 27,427 | ||||||
250,000 | Macronix International | 194,519 | ||||||
66,213 | Makalot Industrial Co. Ltd. | 456,831 | ||||||
11,000 | Materials Analysis Technology, Inc. | 27,011 | ||||||
550,000 | MediaTek, Inc. | 5,271,491 | ||||||
57,039 | Mercuries & Associates Holding Ltd. | 32,309 | ||||||
65,280 | Mercuries Life Insurance Co. Ltd.(a) | 23,461 | ||||||
5,000 | Merida Industry Co. Ltd. | 29,137 | ||||||
12,285 | Merry Electronics Co. Ltd. | 70,760 | ||||||
36,404 | Micro-Star International Co. Ltd. | 101,118 | ||||||
18,036 | Mirle Automation Corp. | 29,224 | ||||||
9,000 | MPI Corp. | 20,500 | ||||||
4,000 | Nak Sealing Technologies Corp. | 9,349 | ||||||
10,000 | Namchow Holdings Co. Ltd. | 17,249 | ||||||
21,590 | Nan Kang Rubber Tire Co. Ltd. | 24,745 | ||||||
26,405 | Nantex Industry Co. Ltd. | 27,886 | ||||||
21,000 | National Petroleum Co. Ltd. | 29,419 | ||||||
60,997 | Neo Solar Power Corp.(a) | 20,782 | ||||||
12,426 | Nichidenbo Corp. | 23,460 | ||||||
13,000 | Nien Hsing Textile Co. Ltd. | 11,863 | ||||||
6,000 | Nien Made Enterprise Co. Ltd. | 47,080 | ||||||
448,387 | Novatek Microelectronics Corp. | 2,933,195 | ||||||
55,090 | OptoTech Corp. | 41,507 | ||||||
52,000 | Orient Semiconductor Electronics Ltd.(a) | 26,990 | ||||||
35,500 | Oriental Union Chemical Corp. | 29,898 | ||||||
21,384 | Paiho Shih Holdings Corp. | 33,239 | ||||||
36,453 | Pan Jit International, Inc.(a) | 32,182 | ||||||
51,000 | Pan-International Industrial Corp. | 43,557 | ||||||
4,000 | Pharmally International Holding Co. Ltd. | 27,745 | ||||||
6,000 | Phison Electronics Corp. | 56,508 | ||||||
6,000 | Pixart Imaging, Inc. | 19,214 | ||||||
24,000 | Plotech Co. Ltd. | 13,421 | ||||||
145,000 | Pou Chen Corp. | 176,399 | ||||||
1,086,200 | Powertech Technology, Inc. | 2,711,977 | ||||||
3,242 | Poya International Co. Ltd. | 39,301 | ||||||
221,377 | President Securities Corp. | 96,379 | ||||||
28,000 | Primax Electronics Ltd. | 57,347 | ||||||
202,370 | Prince Housing & Development Corp. | 73,018 | ||||||
26,000 | Promate Electronic Co. Ltd. | 27,270 | ||||||
9,000 | Prosperity Dielectrics Co. Ltd. | 20,411 | ||||||
4,172,520 | Qisda Corp. | 2,657,543 | ||||||
700 | Qualipoly Chemical Corp. | 668 | ||||||
123,309 | Quintain Steel Co. Ltd. | 32,371 | ||||||
724,008 | Radiant Opto-Electronics Corp. | 2,446,958 | ||||||
103,677 | Radium Life Tech Co. Ltd.(a) | 45,459 | ||||||
589,150 | Realtek Semiconductor Corp. | 3,994,630 | ||||||
45,771 | Rechi Precision Co. Ltd. | 38,306 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
15,000 | Rexon Industrial Corp. Ltd. | $ | 34,816 | |||||
48,616 | Rich Development Co. Ltd. | 14,282 | ||||||
324,600 | Ritek Corp.(a) | 108,698 | ||||||
48,000 | Roo Hsing Co. Ltd.(a) | 21,472 | ||||||
26,640 | Ruentex Development Co. Ltd. | 36,592 | ||||||
38,000 | Ruentex Industries Ltd. | 90,824 | ||||||
12,000 | Run Long Construction Co. Ltd. | 25,733 | ||||||
60,268 | Sampo Corp. | 32,579 | ||||||
27,113 | San Fang Chemical Industry Co. Ltd. | 20,852 | ||||||
9,600 | San Shing Fastech Corp. | 16,911 | ||||||
48,080 | Sanyang Motor Co. Ltd. | 31,356 | ||||||
8,000 | SDI Corp. | 18,138 | ||||||
10,000 | Senao International Co. Ltd. | 11,518 | ||||||
21,000 | Sercomm Corp. | 46,308 | ||||||
26,674 | Sesoda Corp. | 22,537 | ||||||
9,000 | Shan-Loong Transportation Co. Ltd. | 8,767 | ||||||
52,087 | Shih Wei Navigation Co. Ltd.(a) | 15,884 | ||||||
16,104,359 | Shin Kong Financial Holding Co. Ltd. | 4,562,959 | ||||||
11,000 | Shin Zu Shing Co. Ltd. | 41,906 | ||||||
36,742 | Shining Building Business Co. Ltd.(a) | 12,075 | ||||||
42,000 | Shinkong Insurance Co. Ltd. | 52,793 | ||||||
100,314 | Shinkong Synthetic Fibers Corp. | 44,147 | ||||||
33,000 | Shinkong Textile Co. Ltd. | 45,167 | ||||||
5,000 | Shiny Chemical Industrial Co. Ltd. | 14,141 | ||||||
62,000 | Sigurd Microelectronics Corp. | 61,910 | ||||||
9,200 | Simplo Technology Co. Ltd. | 78,135 | ||||||
9,364 | Sinbon Electronics Co. Ltd. | 33,069 | ||||||
19,000 | Sinher Technology, Inc. | 30,631 | ||||||
47,000 | Sino-American Silicon Products, Inc. | 101,902 | ||||||
83,000 | Sinon Corp. | 50,642 | ||||||
11,000 | Sinyi Realty, Inc. | 11,198 | ||||||
36,000 | Siward Crystal Technology Co. Ltd. | 24,279 | ||||||
99,616 | Solar Applied Materials Technology Co.(a) | 60,530 | ||||||
117,000 | Southeast Cement Co. Ltd. | 61,569 | ||||||
3,000 | St Shine Optical Co. Ltd. | 56,049 | ||||||
15,762 | Standard Foods Corp. | 27,893 | ||||||
6,000 | Sunny Friend Environmental Technology Co. Ltd. | 51,107 | ||||||
22,000 | Sunonwealth Electric Machine Industry Co. Ltd. | 25,860 | ||||||
46,245 | Supreme Electronics Co. Ltd. | 46,175 | ||||||
79,969 | Sweeten Real Estate Development Co. Ltd. | 69,395 | ||||||
3,750 | Syncmold Enterprise Corp. | 10,599 | ||||||
85,550 | Synnex Technology International Corp. | 106,753 | ||||||
12,000 | Systex Corp. | 26,384 | ||||||
46,088 | TA Chen Stainless Pipe Co. Ltd. | 65,475 |
58 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
68,000 | Ta Ya Electric Wire & Cable | $ | 24,040 | |||||
46,262 | TA-I Technology Co. Ltd. | 77,862 | ||||||
129,277 | Taichung Commercial Bank Co. Ltd. | 50,212 | ||||||
4,500 | TaiDoc Technology Corp. | 22,383 | ||||||
28,580 | Taiflex Scientific Co. Ltd. | 36,856 | ||||||
607,045 | Tainan Spinning Co. Ltd. | 236,854 | ||||||
7,140,862 | Taishin Financial Holding Co. Ltd. | 3,238,018 | ||||||
10,000 | Taiwan Acceptance Corp. | 37,408 | ||||||
236,302 | Taiwan Business Bank | 97,570 | ||||||
2,902,500 | Taiwan Cement Corp. | 3,947,830 | ||||||
2,000 | Taiwan FamilyMart Co. Ltd. | 14,311 | ||||||
35,320 | Taiwan Fire & Marine Insurance Co. Ltd. | 23,149 | ||||||
24,000 | Taiwan FU Hsing Industrial Co. Ltd. | 31,609 | ||||||
159,919 | Taiwan Glass Industrial Corp. | 63,979 | ||||||
32,081 | Taiwan Hon Chuan Enterprise Co. Ltd. | 51,518 | ||||||
74,324 | Taiwan Land Development Corp.(a) | 21,042 | ||||||
471 | Taiwan Line Tek Electronic(a) | 449 | ||||||
49,544 | Taiwan Navigation Co. Ltd. | 31,201 | ||||||
11,032 | Taiwan Paiho Ltd. | 27,014 | ||||||
36,000 | Taiwan PCB Techvest Co. Ltd. | 44,167 | ||||||
8,000 | Taiwan Sakura Corp. | 10,610 | ||||||
14,408 | Taiwan Secom Co. Ltd. | 40,286 | ||||||
16,000 | Taiwan Semiconductor Co. Ltd. | 28,939 | ||||||
20,010 | Taiwan Shin Kong Security Co. Ltd. | 24,773 | ||||||
26,500 | Taiwan Styrene Monomer | 21,473 | ||||||
23,875 | Taiwan Surface Mounting Technology Corp. | 45,223 | ||||||
51,469 | Taiwan TEA Corp. | 25,983 | ||||||
8,000 | Taiwan Union Technology Corp. | 29,204 | ||||||
7,935 | TCI Co. Ltd. | 118,465 | ||||||
118,000 | Teco Electric and Machinery Co. Ltd. | 88,424 | ||||||
4,400 | Tehmag Foods Corp. | 30,425 | ||||||
18,000 | Test Research, Inc. | 31,383 | ||||||
11,000 | Thinking Electronic Industrial Co. Ltd. | 29,703 | ||||||
56,100 | Ton Yi Industrial Corp. | 22,791 | ||||||
8,000 | Tong Hsing Electronic Industries Ltd. | 29,810 | ||||||
55,834 | Tong Yang Industry Co. Ltd. | 79,757 | ||||||
19,946 | Tong-Tai Machine & Tool Co. Ltd.(a) | 13,565 | ||||||
10,376 | TOPBI International Holdings Ltd. | 29,396 | ||||||
12,160 | Topco Scientific Co. Ltd. | 34,901 | ||||||
5,624 | Topco Technologies Corp. | 13,386 | ||||||
6,000 | Topkey Corp. | 26,965 | ||||||
33,344 | Topoint Technology Co. Ltd. | 21,814 | ||||||
27,000 | TPK Holding Co. Ltd. | 50,049 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
8,137 | Transcend Information, Inc. | $ | 18,436 | |||||
29,000 | Tripod Technology Corp. | 93,113 | ||||||
12,942 | TSRC Corp. | 11,923 | ||||||
6,000 | Ttet Union Corp. | 20,576 | ||||||
116,315 | Tung Ho Steel Enterprise Corp. | 83,220 | ||||||
35,815 | TXC Corp. | 41,803 | ||||||
56,000 | TYC Brother Industrial Co. Ltd. | 49,568 | ||||||
5,113,160 | UBS Shandong Nanshan Aluminum Co. Ltd. - A Shares(a) | 1,905,624 | ||||||
23,000 | U-Ming Marine Transport Corp. | 24,082 | ||||||
3,099,000 | Unimicron Technology Corp. | 3,463,728 | ||||||
332,666 | Union Bank of Taiwan | 117,959 | ||||||
94,757 | Unitech Printed Circuit Board Corp. | 58,199 | ||||||
8,000 | United Integrated Services Co. Ltd. | 35,648 | ||||||
13,012,000 | United Microelectronics Corp. | 5,673,856 | ||||||
202,780 | Universal Cement Corp. | 130,600 | ||||||
9,588 | Universal Microwave Technology, Inc. | 31,228 | ||||||
130,840 | UPC Technology Corp. | 53,492 | ||||||
200,297 | USI Corp. | 76,881 | ||||||
39,000 | Vanguard International Semiconductor Corp. | 86,659 | ||||||
39,800 | Ve Wong Corp. | 33,268 | ||||||
16,000 | Visual Photonics Epitaxy Co. Ltd. | 43,805 | ||||||
3,000 | Voltronic Power Technology Corp. | 59,262 | ||||||
19,000 | Wafer Works Corp. | 24,109 | ||||||
17,000 | Wah Lee Industrial Corp. | 29,777 | ||||||
322,000 | Walsin Lihwa Corp. | 180,952 | ||||||
15,000 | Walsin Technology Corp. | 92,749 | ||||||
81,000 | Walton Advanced Engineering, Inc. | 29,396 | ||||||
60,300 | Wan Hai Lines Ltd. | 31,820 | ||||||
131,000 | Waterland Financial Holdings Co. Ltd. | 44,104 | ||||||
37,616 | Weikeng Industrial Co. Ltd. | 24,916 | ||||||
11,000 | Well Shin Technology Co. Ltd. | 19,243 | ||||||
24,460 | Win Semiconductors Corp. | 164,628 | ||||||
464,472 | Winbond Electronics Corp. | 241,904 | ||||||
83,646 | Wisdom Marine Lines Co. Ltd. | 79,591 | ||||||
4,565,512 | Wistron Corp. | 3,790,151 | ||||||
18,995 | Wistron NeWeb Corp. | 49,210 | ||||||
9,000 | Wowprime Corp. | 27,056 | ||||||
76,235 | WPG Holdings Co. Ltd. | 100,618 | ||||||
30,635 | WT Microelectronics Co. Ltd. | 40,476 | ||||||
7,204 | Xxentria Technology Materials Corp. | 18,245 | ||||||
366,124 | Yang Ming Marine Transport Corp.(a) | 104,035 | ||||||
103,489 | YC Co. Ltd. | 45,884 | ||||||
77,084 | YC INOX Co. Ltd. | 65,265 | ||||||
10,907 | YeaShin International Development Co. Ltd. | 6,697 |
59 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
12,000 | Yeong Guan Energy Technology Group Co. Ltd. | $ | 31,811 | |||||
179,624 | YFY, Inc. | 69,216 | ||||||
122,584 | Yieh Phui Enterprise Co. Ltd. | 37,391 | ||||||
13,000 | Yonyu Plastics Co. Ltd. | 15,214 | ||||||
23,110 | Youngtek Electronics Corp. | 34,598 | ||||||
119,000 | Yulon Motor Co. Ltd. | 75,154 | ||||||
14,000 | Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 33,282 | ||||||
64,000 | Yungtay Engineering Co. Ltd. | 133,603 | ||||||
4,000 | Zeng Hsing Industrial Co. Ltd. | 19,514 | ||||||
53,000 | Zhen Ding Technology Holding Ltd. | 189,616 | ||||||
68,000 | Zig Sheng Industrial Co. Ltd. | 19,580 | ||||||
23,000 | Zinwell Corp. | 17,092 | ||||||
98,849,553 | ||||||||
THAILAND — 0.2% | ||||||||
4,300 | AEON Thana Sinsap Thailand Public Co. Ltd. - FOR | 24,870 | ||||||
47,800 | Amata Corp. Public Co. Ltd. - FOR | 33,565 | ||||||
237,900 | Asia Plus Group Holdings Securities Public Co. Ltd. - FOR | 22,959 | ||||||
55,100 | Bangchak Corp. Public Co. Ltd. - FOR | 56,075 | ||||||
20,425 | Bangkok Aviation Fuel Services Public Co. Ltd. - FOR | 23,352 | ||||||
67,100 | Bangkok Chain Hospital Public Co. Ltd. - FOR | 38,266 | ||||||
26,500 | Bangkok Insurance Public Co. Ltd. - FOR | 268,956 | ||||||
1,118,900 | Bangkok Land Public Co. Ltd. - FOR | 55,038 | ||||||
248,500 | Banpu Public Co. Ltd. - FOR | 127,795 | ||||||
123,600 | Beauty Community Public Co. Ltd. - FOR | 26,933 | ||||||
131,800 | BEC World Public Co. Ltd. - FOR(a) | 37,185 | ||||||
152,700 | BTS Group Holdings Public Co. Ltd. - FOR | 56,465 | ||||||
691,508 | Cal-Comp Electronics Thailand Public Co. Ltd. - FOR | 41,220 | ||||||
17,100 | Central Plaza Hotel Public Co. Ltd. - FOR | 22,916 | ||||||
48,222 | CH Karnchang Public Co. Ltd. - FOR | 40,432 | ||||||
101,400 | Chularat Hospital Public Co. Ltd. - FOR | 6,231 | ||||||
238,800 | CK Power Public Co. Ltd. - FOR | 43,784 | ||||||
19,600 | Com7 Public Co. Ltd. - FOR | 12,112 | ||||||
411,800 | Country Group Development Public Co. Ltd. - FOR(a) | 14,067 | ||||||
49,000 | Dhipaya Insurance Public Co. Ltd. - FOR | 36,232 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
376,500 | Dynasty Ceramic Public Co. Ltd. - FOR | $ | 24,306 | |||||
104,100 | Eastern Water Resources Development and Management Public Co. Ltd. - FOR | 37,176 | ||||||
404,800 | Energy Earth Public Co. Ltd. - FOR(a)(b)(c) | 3,472 | ||||||
113,800 | Erawan Group Public Co. Ltd. (The) - FOR | 24,796 | ||||||
117,700 | Esso Thailand Public Co. Ltd. - FOR | 40,928 | ||||||
63,000 | Fabrinet(a) | 3,812,760 | ||||||
31,100 | GFPT Public Co. Ltd. - FOR | 15,116 | ||||||
11,700 | Global Power Synergy Public Co. Ltd. - FOR | 22,831 | ||||||
79,600 | Golden Land Property Development Public Co. Ltd. - FOR | 20,691 | ||||||
32,500 | Hana Microelectronics Public Co. Ltd. - FOR | 33,137 | ||||||
148,800 | Ichitan Group Public Co. Ltd. - FOR | 18,367 | ||||||
27,675,000 | IRPC Public Co. Ltd. - FOR | 4,897,665 | ||||||
5,256,091 | Italian-Thai Development Public Co. Ltd. - FOR(a) | 385,434 | ||||||
183,800 | Jasmine International Public Co. Ltd. - FOR | 32,275 | ||||||
26,200 | Kce Electronics Public Co. Ltd. - FOR | 20,352 | ||||||
178,900 | KGI Securities Thailand Public Co. Ltd. - FOR | 24,329 | ||||||
450,966 | Khon Kaen Sugar Industry Public Co. Ltd. - FOR | 42,410 | ||||||
18,500 | Kiatnakin Bank Public Co. Ltd. - FOR | 38,270 | ||||||
32,400 | Krungthai Card Public Co. Ltd. - FOR | 41,147 | ||||||
59,000 | Land and Houses Public Co. Ltd. - FOR | 20,715 | ||||||
66,200 | Lanna Resources Public Co. Ltd. - FOR | 23,651 | ||||||
260,300 | LH Financial Group Public Co. Ltd. - FOR | 12,149 | ||||||
73,000 | LPN Development Public Co. Ltd. - FOR | 16,005 | ||||||
51,900 | Major Cineplex Group Public Co. Ltd. - FOR | 46,362 | ||||||
158,600 | MBK Public Co. Ltd. - FOR | 104,429 | ||||||
54,500 | MC Group Public Co. Ltd. - FOR | 15,460 | ||||||
28,500 | Mega Lifesciences Public Co. Ltd. - FOR | 32,169 | ||||||
16,000 | MK Restaurants Group Public Co. Ltd. - FOR | 36,469 | ||||||
26,500 | Muangthai Capital Public Co. Ltd. - FOR | 42,818 | ||||||
10,000 | PCS Machine Group Holding Public Co. Ltd. - FOR | 2,179 |
60 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
82,500 | Polyplex Public Co. Ltd. - FOR | $ | 36,972 | |||||
25,450 | Precious Shipping Public Co. Ltd. - FOR(a) | 6,629 | ||||||
519,200 | Property Perfect Public Co. Ltd. - FOR | 13,332 | ||||||
86,300 | Pruksa Holding Public Co. Ltd. - FOR | 50,834 | ||||||
75,400 | PTG Energy Public Co. Ltd. - FOR | 26,007 | ||||||
368,831 | Quality Houses Public Co. Ltd. - FOR | 34,225 | ||||||
13,400 | Ratch Group PCL | 26,162 | ||||||
139,969 | Ratchthani Leasing Public Co. Ltd. - FOR | 27,220 | ||||||
11,900 | Robinson Public Co. Ltd. - FOR | 21,730 | ||||||
159,700 | Rojana Industrial Park Public Co. Ltd. - FOR | 26,817 | ||||||
100,000 | Samart Telcoms Public Co. Ltd. - FOR | 28,204 | ||||||
486,000 | Sansiri Public Co. Ltd. - FOR | 21,769 | ||||||
476,076 | SC Asset Corp. Public Co. Ltd. - FOR | 45,020 | ||||||
8,420 | Siam City Cement Public Co. Ltd. - FOR | 57,244 | ||||||
154,369 | Siam Future Development Public Co. Ltd. - FOR | 30,226 | ||||||
60,400 | Siamgas & Petrochemicals Public Co. Ltd. - FOR | 19,683 | ||||||
48,100 | Somboon Advance Technology Public Co. Ltd. - FOR | 29,091 | ||||||
60,800 | SPCG Public Co. Ltd. - FOR | 34,291 | ||||||
62,860 | Sri Trang Agro-Industry Public Co. Ltd. - FOR | 25,808 | ||||||
14,966 | Srisawad Corp. Public Co. Ltd. - FOR | 25,706 | ||||||
719,500 | Star Petroleum Refining Public Co. Ltd. - FOR | 238,934 | ||||||
59,775 | Supalai Public Co. Ltd. - FOR | 41,360 | ||||||
564,700 | Super Energy Corp. Public Co. Ltd. - FOR(a) | 11,150 | ||||||
101,500 | Syntec Construction Public Co. Ltd. - FOR | 8,014 | ||||||
1,547,500 | Tata Steel Thailand Public Co. Ltd. - FOR(a) | 36,846 | ||||||
107,200 | Thai Airways International Public Co. Ltd. - FOR(a) | 42,677 | ||||||
15,000 | Thai Central Chemical Public Co. Ltd. - FOR | 13,513 | ||||||
11,900 | Thai Stanley Electric Public Co. Ltd. - FOR | 87,659 | ||||||
40,900 | Thai Union Group Public Co. Ltd. - FOR | 24,220 | ||||||
51,100 | Thai Vegetable Oil Public Co. Ltd. - FOR | 43,202 | ||||||
122,200 | Thaifoods Group Public Co. Ltd. - FOR | 12,719 | ||||||
95,200 | Thanachart Capital Public Co. Ltd. | 158,161 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
17,300 | Thitikorn Public Co. Ltd. - FOR | $ | 5,587 | |||||
26,000 | Tisco Financial Group Public Co. Ltd. - FOR | 68,258 | ||||||
1,497,800 | TMB Bank Public Co. Ltd. - FOR | 94,740 | ||||||
165,000 | TMT Steel PCL | 30,496 | ||||||
42,800 | Total Access Communication Public Co. Ltd. - FOR | 68,054 | ||||||
70,100 | Tpi Polene Power Public Co. Ltd. - FOR | 13,609 | ||||||
390,200 | TPI Polene Public Co. Ltd. - FOR | 24,206 | ||||||
71,300 | Unique Engineering & Construction Public Co. Ltd. - FOR | 23,017 | ||||||
145,000 | Univentures Public Co. Ltd. - FOR | 28,643 | ||||||
184,700 | Vanachai Group Public Co. Ltd. - FOR | 32,706 | ||||||
270,200 | Vibhavadi Medical Center Public Co. Ltd. - FOR | 16,345 | ||||||
46,300 | Vinythai Public Co. Ltd. - FOR | 36,662 | ||||||
244,400 | WHA Corp Public Co. Ltd. - FOR | 33,530 | ||||||
12,657,599 | ||||||||
TURKEY — 0.4% | ||||||||
1 | Akbank Turk AS(a) | 1 | ||||||
8,854 | Akcansa Cimento AS | 9,561 | ||||||
7,460 | Aksa Akrilik Kimya Sanayii AS | 10,186 | ||||||
13,561 | Anadolu Anonim Turk Sigorta Sirketi | 9,426 | ||||||
22,924 | Anadolu Cam Sanayii AS | 11,809 | ||||||
1,332,894 | Arcelik AS(a) | 4,102,758 | ||||||
15,974 | Cimsa Cimento Sanayi VE Ticaret AS(a) | 17,577 | ||||||
9,433 | Coca-Cola Icecek AS | 50,100 | ||||||
2,967,359 | Dogan Sirketler Grubu Holding AS(a) | 528,017 | ||||||
5,111,863 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 1,295,684 | ||||||
11,895 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A(a) | 4,511 | ||||||
1,171,005 | KOC Holding AS | 3,183,627 | ||||||
15,694 | Kordsa Teknik Tekstil AS | 31,402 | ||||||
2,624 | Koza Altin Isletmeleri AS(a) | 18,737 | ||||||
10,253 | Pegasus Hava Tasimaciligi As(a) | 53,212 | ||||||
3,182,672 | Petkim Petrokimya Holding AS(a) | 2,387,619 | ||||||
16,564 | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 8,996 | ||||||
24,259 | Selcuk Ecza Deposu Ticaret ve Sanayi AS | 16,326 | ||||||
3,332,966 | Soda Sanayii AS | 4,336,435 | ||||||
23,218 | TAV Havalimanlari Holding AS | 98,556 | ||||||
7,867 | Tekfen Holding AS | 35,139 |
61 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
TURKEY (continued) | ||||||||
7,135 | Tofas Turk Otomobil Fabrikasi AS | $ | 21,463 | |||||
45,244 | Trakya Cam Sanayii AS | 24,059 | ||||||
129,832 | Tupras Turkiye Petrol Rafinerileri AS | 2,685,300 | ||||||
1,157,815 | Turkcell Iletisim Hizmetleri AS | 2,428,269 | ||||||
49,798 | Turkiye Halk Bankasi AS | 48,939 | ||||||
137,554 | Turkiye Sinai Kalkinma Bankasi AS(a) | 17,309 | ||||||
5,837 | Turkiye Sise ve Cam Fabrikalari AS | 5,973 | ||||||
128,611 | Turkiye Vakiflar Bankasi TAO - Class D | 87,356 | ||||||
7,755 | Ulker Biskuvi Sanayi AS | 24,728 | ||||||
9,082 | Vestel Elektonik Sanayi ve Ticaret AS(a) | 18,254 | ||||||
21,571,329 | ||||||||
UKRAINE — 0.0% | ||||||||
4,290 | Kernel Holding SA | 59,588 | ||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
3,873,881 | Dana Gas PJSC | 1,009,777 | ||||||
20,000 | Gulf Marine Services Plc(a) | 3,200 | ||||||
29,465 | Lamprell Plc(a) | 25,459 | ||||||
2,273 | Nmc Health PLC | 83,937 | ||||||
1,122,373 | ||||||||
UNITED KINGDOM — 4.2% | ||||||||
4,469 | 4imprint Group Plc | 156,112 | ||||||
7,795 | A.G. Barr Plc | 86,545 | ||||||
11,630 | AA Plc | 11,260 | ||||||
19,388 | Acacia Mining Plc(a) | 37,151 | ||||||
673,862 | Adaptimmune Therapeutics Plc - ADR(a)(c) | 3,234,538 | ||||||
11,810 | Admiral Group Plc | 340,179 | ||||||
20,973 | Advanced Medical Solutions Group Plc | 90,270 | ||||||
140,373 | Aggreko Plc | 1,564,912 | ||||||
2,184 | Alstria Office REIT AG, REIT | 90,391 | ||||||
385,420 | Amerisur Resources PLC(a) | 64,625 | ||||||
3,987 | Anglo-Eastern Plantations Plc | 27,426 | ||||||
4,270 | Arrow Global Group PLC | 10,737 | ||||||
16,097 | Ashmore Group Plc | 96,582 | ||||||
92,817 | ASOS Plc(a) | 4,759,669 | ||||||
50,831 | Assura Plc REIT | 39,546 | ||||||
20,958 | Augean PLC(a) | 25,148 | ||||||
37,432 | Auto Trader Group Plc | 276,711 | ||||||
2,321 | Aveva Group Plc | 101,413 | ||||||
2,531 | Avon Rubber Plc | 48,700 | ||||||
36,931 | B&M European Value Retail SA | 190,390 | ||||||
40,977 | Babcock International Group Plc | 281,293 | ||||||
30,182 | Balfour Beatty Plc | 99,079 | ||||||
111,469 | Barratt Developments Plc | 876,910 | ||||||
55,304 | BBA Aviation Plc | 196,530 | ||||||
12,864 | Beazley Plc | 96,932 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
17,049 | Bellway Plc | $ | 692,317 | |||||
12,486 | Berkeley Group Holdings Plc | 612,522 | ||||||
11,689 | Biffa PLC | 36,201 | ||||||
26,873 | Bloomsbury Publishing Plc | 83,261 | ||||||
51,324 | Bodycote Plc | 575,000 | ||||||
244,884 | Bovis Homes Group Plc | 3,550,518 | ||||||
5,261 | Braemar Shipping Services Plc | 13,199 | ||||||
46,606 | Brewin Dolphin Holdings Plc | 199,379 | ||||||
152,692 | Britvic Plc | 1,822,830 | ||||||
26,025 | BTG Plc(a) | 283,731 | ||||||
26,197 | Capita Plc(a) | 43,671 | ||||||
14,753 | Capital & Counties Properties Plc | 46,650 | ||||||
23,025 | Carclo Plc(a) | 7,121 | ||||||
22,288 | Card Factory Plc | 59,647 | ||||||
3,919 | CareTech Holdings Plc | 17,062 | ||||||
87,391 | Carillion Plc(a)(b) | 0 | ||||||
33,252 | Chemring Group Plc | 66,721 | ||||||
12,180 | Chesapeake Lodging Trust, REIT | 3,814 | ||||||
36,195 | Chesnara Plc | 173,286 | ||||||
43,980 | Cineworld Group Plc | 182,504 | ||||||
29,064 | Circassia Pharmaceuticals Plc(a) | 12,003 | ||||||
3,546 | City Of London Investment Group PLC | 19,254 | ||||||
1,435 | Clarkson Plc | 48,607 | ||||||
23,312 | Close Brothers Group Plc | 472,649 | ||||||
3,850 | CLS Holdings Plc | 12,092 | ||||||
14,367 | CMC Markets Plc | 14,682 | ||||||
124,115 | Cobham Plc(a) | 187,138 | ||||||
8,638 | Codemasters Group Holdings PLC(a) | 25,750 | ||||||
68,029 | Computacenter Plc | 1,071,994 | ||||||
44,829 | Concentric AB | 718,842 | ||||||
9,256 | Consort Medical Plc | 111,524 | ||||||
90,414 | Convatec Group PLC | 163,757 | ||||||
18,079 | Costain Group Plc | 75,844 | ||||||
20,936 | Countryside Properties PLC | 92,736 | ||||||
11,704 | Craneware Plc | 408,115 | ||||||
1,472 | Cranswick Plc | 55,699 | ||||||
27,001 | Crest Nicholson Holdings Plc | 135,727 | ||||||
51,561 | Cybg PLC | 136,814 | ||||||
22,893 | D4t4 Solutions PLC | 79,133 | ||||||
3,863 | Daily Mail & General Trust PLC | 33,137 | ||||||
160,845 | Dart Group Plc | 1,956,463 | ||||||
176,276 | De La Rue Plc | 1,015,413 | ||||||
28,775 | Devro Plc | 74,631 | ||||||
52,504 | DFS Furniture Plc | 172,246 | ||||||
1,816 | Dialight Plc(a) | 11,657 | ||||||
181,705 | Dialog Semiconductor Plc(a) | 7,069,108 | ||||||
1,741 | Dignity Plc | 16,182 | ||||||
4,932 | Diploma Plc | 103,141 | ||||||
146,797 | Direct Line Insurance Group Plc | 631,676 | ||||||
7,062 | DiscoverIE Group Plc | 39,228 | ||||||
152,729 | Dixons Carphone Plc | 289,546 |
62 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
9,492 | Domino’s Pizza Group Plc | $ | 33,196 | |||||
2,382,205 | Drax Group Plc | 10,609,785 | ||||||
128,108 | DS Smith Plc | 598,349 | ||||||
25,794 | Dunelm Group Plc | 287,848 | ||||||
14,803 | easyJet Plc | 224,294 | ||||||
1,386,749 | EI Group Plc(a) | 3,846,337 | ||||||
47,203 | Eland Oil & Gas PLC(a) | 77,053 | ||||||
23,892 | Electrocomponents Plc | 201,466 | ||||||
15,304 | Elementis Plc | 32,535 | ||||||
80,735 | EMIS Group Plc | 1,178,497 | ||||||
51,185 | EnQuest Plc(a) | 14,276 | ||||||
18,043 | Equiniti Group Plc | 50,576 | ||||||
15,506 | Essentra Plc | 85,517 | ||||||
40,540 | Euromoney Institutional Investor Plc | 650,016 | ||||||
88,420 | FDM Group Holdings PLC | 1,128,966 | ||||||
1,761 | Fevertree Drinks PLC | 72,407 | ||||||
855,189 | Firstgroup Plc(a) | 1,233,900 | ||||||
3,059 | Fuller Smith & Turner Plc - Class A | 46,006 | ||||||
2,811 | Future PLC | 31,073 | ||||||
77,742 | G4S Plc | 219,724 | ||||||
29,391 | Galliford Try Plc | 208,340 | ||||||
2,088 | Games Workshop Group Plc | 113,431 | ||||||
39,947 | Gem Diamonds Ltd.(a) | 46,918 | ||||||
3,804 | Genel Energy Plc(a) | 11,444 | ||||||
235,082 | Genus Plc(c) | 7,402,726 | ||||||
107,471 | Go-Ahead Group Plc | 2,721,190 | ||||||
320 | Goodwin Plc | 12,952 | ||||||
176,287 | Great Portland Estates Plc, REIT | 1,737,304 | ||||||
512,919 | Greene King Plc | 4,295,654 | ||||||
319,183 | Greggs Plc | 7,495,978 | ||||||
383 | Growthpoint Properties Ltd., REIT | 4,293 | ||||||
532,668 | Gulf Keystone Petroleum Ltd.(a) | 1,766,631 | ||||||
7,003 | Gym Group Plc (The) | 21,003 | ||||||
2,745 | H&R Real Estate Investment Trust, REIT | 37,325 | ||||||
300,491 | Halfords Group Plc | 916,691 | ||||||
7,798 | Halma Plc | 183,485 | ||||||
40,132 | Hansteen Holdings Plc REIT | 49,179 | ||||||
31,732 | Hastings Group Holdings PLC | 79,086 | ||||||
415,271 | Hays Plc | 823,266 | ||||||
84,186 | Headlam Group Plc | 471,547 | ||||||
3,903 | Helical Plc | 17,542 | ||||||
14,425 | Henry Boot Plc | 52,810 | ||||||
9,062 | Hill & Smith Holdings Plc | 150,779 | ||||||
632 | Hilton Food Group Plc | 8,389 | ||||||
30,154 | Hollywood Bowl Group Plc | 94,248 | ||||||
19,596 | HomeServe Plc | 277,739 | ||||||
20,642 | Howden Joinery Group Plc | 137,081 | ||||||
38,276 | Hunting Plc | 294,161 | ||||||
34,584 | Huntsworth Plc | 40,229 | ||||||
45,269 | Ibstock Plc | 154,291 | ||||||
237,195 | IG Group Holdings Plc | 1,577,871 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
13,193 | IMI Plc | $ | 181,187 | |||||
234,887 | Inchcape Plc | 1,885,773 | ||||||
243,011 | Indivior Plc(a) | 121,402 | ||||||
6,080 | InfraREIT, Inc., REIT | 74,729 | ||||||
57,563 | Inmarsat Plc | 410,358 | ||||||
391,438 | IntegraFin Holdings Plc | 2,016,501 | ||||||
243,885 | International Personal Finance Plc | 581,051 | ||||||
30,385 | IQE Plc(a) | 31,633 | ||||||
60,335 | ITE Group Plc | 57,295 | ||||||
138,824 | ITV Plc | 247,889 | ||||||
154,527 | J D Wetherspoon Plc | 2,758,206 | ||||||
163,034 | J Sainsbury Plc | 473,653 | ||||||
5,656 | Jackpotjoy Plc(a) | 52,571 | ||||||
17,318 | James Fisher & Sons Plc | 446,351 | ||||||
542,377 | JD Sports Fashion Plc | 4,458,449 | ||||||
15,332 | John Laing Group Plc | 76,977 | ||||||
38,489 | John Wood Group Plc | 235,967 | ||||||
5,298 | Johnson Matthey Plc | 231,123 | ||||||
91,588 | Johnson Service Group Plc | 181,672 | ||||||
31,314 | Jupiter Fund Management Plc | 153,669 | ||||||
13,864 | Just Eat Plc(a) | 126,745 | ||||||
1,730,164 | Just Group Plc | 1,545,592 | ||||||
43,128 | Kainos Group PLC | 297,418 | ||||||
14,083 | KAZ Minerals Plc | 119,415 | ||||||
27,403 | KCOM Group Plc | 34,971 | ||||||
9,161 | Keller Group Plc | 84,114 | ||||||
20,780 | Kier Group Plc | 101,998 | ||||||
127,846 | Kingfisher Plc | 440,838 | ||||||
9,550 | Lancashire Holdings Ltd. | 85,811 | ||||||
1,719 | Liontrust Asset Management Plc | 15,219 | ||||||
49,700 | LivaNova Plc(a) | 3,423,833 | ||||||
19,247 | Londonmetric Property Plc REIT | 50,803 | ||||||
268,222 | Lookers Plc | 316,783 | ||||||
18,531 | LSL Property Services Plc | 64,438 | ||||||
172,925 | Man Group Plc | 354,337 | ||||||
112,369 | Marks & Spencer Group Plc | 419,166 | ||||||
95,555 | Marshalls Plc | 804,284 | ||||||
761,751 | Marston’s Plc | 1,011,119 | ||||||
579,795 | Mcbride Plc(a)(b)(c) | 756 | ||||||
38,653 | McBride Plc | 54,140 | ||||||
39,206 | McCarthy & Stone Plc | 65,449 | ||||||
13,685 | McColl’s Retail Group Plc | 15,318 | ||||||
32,018 | Mears Group Plc | 100,050 | ||||||
98,569 | Meggitt Plc | 701,401 | ||||||
91,682 | Merlin Entertainments Plc | 438,432 | ||||||
15,813 | Micro Focus International PLC | 399,578 | ||||||
28,698 | Millennium & Copthorne Hotels Plc | 167,114 | ||||||
18,467 | Mitchells & Butlers Plc(a) | 61,581 | ||||||
22,140 | Mitie Group Plc | 37,895 | ||||||
8,696 | MJ Gleeson PLC | 94,722 | ||||||
294,379 | Moneysupermarket.com Group Plc | 1,398,273 | ||||||
13,096 | Morgan Advanced Materials Plc | 47,695 |
63 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
8,624 | Morgan Sindall Group Plc | $ | 147,548 | |||||
1,709 | Mortgage Advice Bureau Holdings Ltd. | 12,929 | ||||||
39,656 | Mothercare Plc(a) | 10,470 | ||||||
13,475 | N Brown Group Plc | 18,995 | ||||||
7,073 | NAHL Group PLC | 10,797 | ||||||
810,248 | National Express Group Plc | 4,344,392 | ||||||
11,757 | NCC Group Plc | 26,778 | ||||||
18,711 | Non-Standard Finance PLC | 12,940 | ||||||
37,848 | Northgate Plc | 181,375 | ||||||
10,594 | Northview Apartment Real Estate Investment Trust, REIT | 44,573 | ||||||
8,620 | Numis Corp. Plc | 31,038 | ||||||
2,830,105 | Ocado Group Plc(a)(c) | 50,382,623 | ||||||
7,160 | On The Beach Group PLC | 42,724 | ||||||
209,433 | Onesavings Bank Plc | 1,190,808 | ||||||
5,900 | Oxford Biomedica Plc(a) | 53,812 | ||||||
104,200 | Oxford Immunotec Global PLC(a) | 1,691,166 | ||||||
7,632 | Oxford Instruments Plc | 115,663 | ||||||
55,394 | Oxford Metrics PLC | 69,723 | ||||||
58,699 | Pagegroup Plc | 412,668 | ||||||
61,776 | Paragon Banking Group PLC | 369,998 | ||||||
5,827 | Patisserie Holdings Plc(b)(c) | 76 | ||||||
12,140 | PayPoint Plc | 159,620 | ||||||
301,929 | Pendragon Plc | 90,481 | ||||||
7,261 | Pennon Group Plc | 70,935 | ||||||
12,171 | Petrofac Ltd. | 70,264 | ||||||
128,305 | Pets at Home Group Plc | 253,958 | ||||||
117,571 | Phoenix Group Holdings PLC | 1,111,336 | ||||||
19,902 | Photo-Me International Plc | 23,661 | ||||||
10,300 | Polar Capital Holdings Plc | 79,034 | ||||||
15,265 | Polypipe Group Plc | 87,521 | ||||||
1,318 | Porvair Plc | 9,652 | ||||||
76,105 | Premier Foods Plc(a) | 35,165 | ||||||
118,952 | Premier Oil Plc(a) | 154,255 | ||||||
7,500 | Provident Financial Plc(a) | 52,069 | ||||||
30,200 | PZ Cussons Plc | 80,801 | ||||||
73,936 | QinetiQ Group Plc | 291,266 | ||||||
33,811 | Rank Group Plc | 70,599 | ||||||
166,048 | Redde Plc | 261,065 | ||||||
524,152 | Redrow PLC | 4,219,042 | ||||||
21,378 | Renewi Plc | 9,247 | ||||||
114,343 | Renishaw Plc(c) | 6,752,532 | ||||||
51,232 | Renold Plc(a) | 22,691 | ||||||
3,020,014 | Rentokil Initial Plc | 15,390,659 | ||||||
78,797 | Restaurant Group Plc (The) | 148,195 | ||||||
6,636 | Ricardo Plc | 66,636 | ||||||
1,481,504 | Rightmove Plc | 10,475,883 | ||||||
12,337 | RM Plc | 37,083 | ||||||
27,188 | Robert Walters Plc | 209,253 | ||||||
33,596 | Rotork Plc | 137,029 | ||||||
114,582 | Royal Mail Plc | 378,075 | ||||||
128,548 | RPC Group Plc | 1,324,930 | ||||||
186,967 | RPS Group Plc | 473,221 | ||||||
55,384 | RSA Insurance Group Plc | 392,624 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
45,640 | Safestore Holdings Plc REIT | $ | 383,561 | |||||
108,048 | Saga Plc | 83,093 | ||||||
7,386 | Sage Group Plc (The) | 70,013 | ||||||
8,871 | Savills Plc | 104,569 | ||||||
42,589 | SDL Plc | 292,684 | ||||||
23,616 | Senior Plc | 71,462 | ||||||
955,480 | Serco Group Plc(a) | 1,554,147 | ||||||
58,311 | Severfield Plc | 57,863 | ||||||
4,628 | Severn Trent Plc | 123,191 | ||||||
9,238 | Shoe Zone PLC | 25,308 | ||||||
171,587 | SIG Plc | 339,474 | ||||||
2,708 | Smart Metering Systems Plc | 17,452 | ||||||
13,418 | Smiths Group Plc | 267,147 | ||||||
108,063 | Soco International Plc | 106,088 | ||||||
78,656 | Softcat PLC | 932,338 | ||||||
16,240 | Sopheon Plc | 241,750 | ||||||
3,283 | Spectris Plc | 117,962 | ||||||
155,677 | Speedy Hire Plc | 119,771 | ||||||
3,611 | Spirax-Sarco Engineering Plc | 389,330 | ||||||
5,903 | Spire Healthcare Group PLC | 10,332 | ||||||
373,539 | Spirent Communications Plc | 772,626 | ||||||
15,991 | Sportech Plc(a) | 6,457 | ||||||
27,332 | Sports Direct International Plc(a) | 106,289 | ||||||
365,342 | SSP Group Plc | 3,320,753 | ||||||
16,739 | St. James’s Place Plc | 245,651 | ||||||
180,151 | St. Modwen Properties Plc | 966,829 | ||||||
5,941 | Staffline Group Plc | 68,375 | ||||||
964,432 | Stagecoach Group Plc | 1,657,596 | ||||||
995 | Stallergenes Greer Plc(a) | 41,017 | ||||||
71,021 | Sthree Plc | 279,322 | ||||||
7,112 | Stobart Group Ltd. | 13,812 | ||||||
19,091 | Stock Spirits Group Plc | 56,059 | ||||||
17,015 | Stolt-Nielsen Ltd. | 213,263 | ||||||
20,017 | Subsea 7 SA | 254,305 | ||||||
9,436 | Superdry Plc | 63,634 | ||||||
556,151 | Synthomer Plc | 3,045,644 | ||||||
44,779 | Talktalk Telecom Group Plc | 72,552 | ||||||
852,546 | Tate & Lyle Plc | 8,544,898 | ||||||
333,945 | Taylor Wimpey Plc | 791,721 | ||||||
2,195 | Ted Baker Plc | 46,154 | ||||||
3,048 | Telecom Plus Plc | 56,156 | ||||||
6,416 | Topps Tiles Plc | 6,306 | ||||||
10,729 | Torm PLC(a) | 85,048 | ||||||
65,712 | TP ICAP Plc | 241,245 | ||||||
6,093 | Tracsis Plc | 52,044 | ||||||
30,645 | Travis Perkins Plc | 559,172 | ||||||
16,317 | Trifast Plc | 51,509 | ||||||
120,482 | Trinity Mirror Plc | 116,115 | ||||||
24,078 | TT Electronics Plc | 77,721 | ||||||
197,617 | Tullow Oil Plc(a) | 579,438 | ||||||
4,704 | Tyman PLC | 15,629 | ||||||
30,872 | U & I Group Plc | 72,001 | ||||||
7,942 | Ultra Electronics Holdings Plc | 165,192 | ||||||
17,315 | UNITE Group Plc (The), REIT | 134,342 | ||||||
14,160 | United Utilities Group Plc | 153,608 |
64 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
2,718 | Urban & Civic PLC | $ | 10,292 | |||||
201,816 | Vectura Group Plc(a) | 192,048 | ||||||
81,509 | Vesuvius Plc | 657,604 | ||||||
157,490 | Victrex Plc | 5,009,631 | ||||||
10,169 | Vitec Group Plc (The) | 153,873 | ||||||
4,601 | Volution Group Plc | 10,406 | ||||||
512 | Vp Plc | 5,306 | ||||||
70,207 | Watkin Jones PLC | 204,673 | ||||||
9,784 | Weir Group Plc (The) | 212,654 | ||||||
3,375 | WH Smith Plc | 90,296 | ||||||
28,357 | William Hill Plc | 59,570 | ||||||
15,003 | Wilmington Plc | 39,162 | ||||||
9,147 | Wincanton Plc | 29,425 | ||||||
294,308 | Wm Morrison Supermarkets Plc | 829,544 | ||||||
3,039 | Workspace Group Plc REIT | 39,199 | ||||||
599,920 | Xaar Plc(c) | 760,237 | ||||||
15,974 | YouGov Plc | 93,776 | ||||||
244 | Young & Co.’s Brewery PLC - Class A | 5,651 | ||||||
2,976 | Zeal Network SE | 67,710 | ||||||
254,729,372 | ||||||||
UNITED STATES — 54.4% | ||||||||
81,100 | 1-800-Flowers.com, Inc. - Class A(a) | 1,726,619 | ||||||
8,700 | 1st Constitution Bancorp | 163,385 | ||||||
32,500 | 1st Source Corp. | 1,521,975 | ||||||
645,200 | A.O. Smith Corp. | 33,918,164 | ||||||
135,300 | ACI Worldwide, Inc.(a) | 4,805,856 | ||||||
15,700 | ACNB Corp. | 594,559 | ||||||
24,800 | Acushnet Holdings Corp. | 625,208 | ||||||
27,800 | Addus HomeCare Corp.(a) | 1,887,620 | ||||||
730,318 | Aduro Biotech, Inc.(a) | 2,987,001 | ||||||
238,997 | Advance Auto Parts, Inc. | 39,749,981 | ||||||
150,200 | Advanced Disposal Services, Inc.(a) | 4,857,468 | ||||||
98,500 | Advanced Drainage Systems, Inc. | 2,762,925 | ||||||
131,745 | Aerovironment, Inc.(a) | 9,032,437 | ||||||
88,000 | AG Mortgage Investment Trust, Inc. REIT | 1,505,680 | ||||||
58,500 | Agilysys, Inc.(a) | 1,119,105 | ||||||
148,423 | AGNC Investment Corp. REIT | 2,640,445 | ||||||
22,489 | Alacer Gold Corp.(a) | 59,592 | ||||||
310,800 | Alexander’s, Inc., REIT | 1,302,252 | ||||||
2,132 | Alico, Inc. | 59,227 | ||||||
62,000 | ALLETE, Inc. | 5,049,900 | ||||||
274,997 | Alnylam Pharmaceuticals, Inc.(a) | 24,568,232 | ||||||
500,000 | Altra Industrial Motion Corp. | 18,745,000 | ||||||
71,526 | Ambarella, Inc.(a) | 3,584,883 | ||||||
9,000 | Amedisys, Inc.(a) | 1,150,380 | ||||||
90,100 | American Assets Trust, Inc., REIT | 4,161,719 | ||||||
7,700 | American National Bankshares, Inc. | 291,213 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
19,600 | American Public Education, Inc.(a) | $ | 627,200 | |||||
102,500 | American Software, Inc. - Class A | 1,327,375 | ||||||
62,900 | American States Water Co | 4,476,593 | ||||||
6,500 | America’s Car-Mart, Inc.(a) | 643,825 | ||||||
47,700 | AMERISAFE, Inc. | 2,824,794 | ||||||
98,500 | Amphastar Pharmaceuticals Inc(a) | 2,126,615 | ||||||
98,100 | AngioDynamics, Inc.(a) | 2,014,974 | ||||||
21,700 | ANI Pharmaceuticals, Inc.(a) | 1,540,266 | ||||||
319,244 | Annaly Capital Management, Inc. REIT | 3,221,172 | ||||||
232,522 | ANSYS, Inc.(a) | 45,527,808 | ||||||
3,408 | Anworth Mortgage Asset Corp., REIT | 1,293,779 | ||||||
847,282 | Apergy Corp.(a) | 33,628,623 | ||||||
175,925 | Apollo Commercial Real Estate Finance, Inc. REIT | 3,296,835 | ||||||
29,400 | Appfolio, Inc. - Class A(a) | 2,855,034 | ||||||
170,413 | Appian Corp.(a) | 6,150,205 | ||||||
31,900 | Applied Industrial Technologies, Inc. | 1,912,086 | ||||||
375,412 | AptarGroup, Inc.(c) | 41,760,831 | ||||||
80,300 | Arbor Realty Trust, Inc. REIT | 1,096,898 | ||||||
36,300 | Arch Coal, Inc. - Class A | 3,520,374 | ||||||
88,600 | Ares Commercial Real Estate Corp. REIT | 1,346,720 | ||||||
19,200 | Argonaut Gold, Inc.(a) | 24,794 | ||||||
144,700 | Armada Hoffler Properties, Inc. REIT | 2,336,905 | ||||||
10,902 | Arrow Financial Corp. | 366,852 | ||||||
18,400 | Artesian Resources Corp. - Class A | 667,552 | ||||||
48,600 | Asbury Automotive Group, Inc.(a) | 3,896,748 | ||||||
14,200 | Aspen Technology, Inc.(a) | 1,731,122 | ||||||
14,500 | ATN International Inc. | 885,225 | ||||||
67,300 | AtriCure, Inc.(a) | 2,020,346 | ||||||
5,940 | Atrion Corp. | 5,227,200 | ||||||
565,000 | Avanos Medical, Inc.(a) | 23,701,750 | ||||||
1,545,418 | Axalta Coating Systems Ltd.(a) | 41,695,378 | ||||||
215,200 | AxoGen, Inc.(a) | 5,052,896 | ||||||
109,192 | Axon Enterprise, Inc.(a) | 6,933,692 | ||||||
713,100 | B&G Foods, Inc. | 18,540,600 | ||||||
50,300 | Balchem Corp. | 5,105,953 | ||||||
34,100 | BancFirst Corp. | 1,923,240 | ||||||
27,000 | Bank of Commerce Holdings | 292,140 | ||||||
22,000 | Bank of Marin Bancorp | 931,700 | ||||||
49,700 | BankFinancial Corp. | 745,997 | ||||||
62,300 | Banner Corp. | 3,303,146 | ||||||
300,000 | Barnes Group, Inc. | 16,686,000 | ||||||
22,100 | Barrett Business Sevices, Inc. | 1,610,206 | ||||||
27,600 | BCB Bancorp, Inc. | 364,872 | ||||||
169,971 | Benefitfocus, Inc.(a) | 6,922,919 | ||||||
30,100 | BG Staffing, Inc. | 703,437 | ||||||
124,600 | Big Yellow Group Plc, REIT | 3,531,164 |
65 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
5,665 | Bizlink Holding, Inc. | $ | 36,744 | |||||
81,319 | BJ’s Restaurants, Inc. | 4,058,631 | ||||||
68,100 | Black Hills Corp. | 4,954,956 | ||||||
302,800 | Blackbaud, Inc. | 24,009,012 | ||||||
506,795 | Blackline, Inc.(a) | 25,887,089 | ||||||
268,239 | Bloomin’ Brands, Inc. | 5,362,098 | ||||||
45,300 | Bluerock Residential Growth REIT, Inc. | 507,813 | ||||||
47,400 | Boston Beer Co., Inc. (The) - Class A(a) | 14,694,474 | ||||||
17,100 | Bottomline Technologies de, Inc.(a) | 864,747 | ||||||
22,400 | Braemar Hotels & Resorts REIT, Inc. | 311,360 | ||||||
197,830 | Brinker International, Inc. | 8,461,189 | ||||||
31,800 | British Land Co. Plc (The), REIT | 2,576,436 | ||||||
114,400 | Brookline Bancorp, Inc. | 1,721,720 | ||||||
7,500 | BRT Apartments Corp. REIT | 105,225 | ||||||
222,700 | Bryn Mawr Bank Corp. | 8,482,643 | ||||||
1,889 | Burford Capital Ltd. | 40,419 | ||||||
5,600 | Byline Bancorp, Inc.(a) | 112,111 | ||||||
5,440 | C&F Financial Corp. | 263,839 | ||||||
5,200 | CACI International, Inc. - Class A(a) | 1,013,688 | ||||||
11,500 | Calavo Growers, Inc. | 1,101,815 | ||||||
75,900 | Cal-Maine Foods, Inc. | 3,120,249 | ||||||
3,000 | Cambridge Bancorp | 251,549 | ||||||
10,200 | Camden National Corp. | 448,596 | ||||||
155,000 | Cantel Medical Corp. | 10,685,700 | ||||||
23,600 | Capital City Bank Group, Inc. | 541,384 | ||||||
95,500 | Capstead Mortgage Corp. REIT | 820,345 | ||||||
505,000 | Cardiovascular Systems, Inc.(a) | 17,947,700 | ||||||
54,900 | Carriage Services, Inc. | 963,495 | ||||||
97,500 | Carrols Restaurant Group, Inc.(a) | 956,475 | ||||||
37,400 | Casella Waste Systems, Inc. - Class A(a) | 1,395,768 | ||||||
44,620 | Cass Information Systems, Inc. | 2,201,105 | ||||||
360,000 | Catalent, Inc.(a) | 16,135,200 | ||||||
78,900 | Cato Corp. - Class A | 1,196,124 | ||||||
137,000 | CBIZ, Inc.(a) | 2,645,470 | ||||||
319,200 | CDW Corp. | 33,707,520 | ||||||
30,000 | Central Garden & Pet Co. - Class A(a) | 734,400 | ||||||
10,400 | Central Garden & Pet Co. - Class A(a) | 280,591 | ||||||
20,900 | Central Valley Community Bancorp | 427,614 | ||||||
1,200 | Century Bancorp, Inc. - Class A | 110,003 | ||||||
85,034 | CEVA, Inc.(a) | 2,142,006 | ||||||
95,100 | ChannelAdvisor Corp.(a) | 1,117,425 | ||||||
50,100 | Chase Corp. | 4,692,867 | ||||||
129,300 | Chatham Lodging Trust REIT | 2,545,917 | ||||||
182,290 | Cheesecake Factory, Inc. (The) | 9,045,230 | ||||||
432,109 | Chegg, Inc.(a) | 15,404,686 | ||||||
6,200 | Chemed Corp. | 2,026,036 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
12,000 | Chemung Financial Corp. | $ | 568,560 | |||||
57,000 | Cherry Hill Mortgage Investment Corp. REIT | 983,820 | ||||||
44,100 | Chesapeake Utilities Corp. | 4,085,424 | ||||||
11,100 | Chuy’s Holdings, Inc.(a) | 220,779 | ||||||
98,166 | Cinemark Holdings, Inc. | 4,127,880 | ||||||
28,800 | Cision Ltd.(a) | 347,328 | ||||||
46,200 | Citi Trends, Inc. | 855,162 | ||||||
17,700 | City Holding Co. | 1,405,026 | ||||||
21,900 | CNB Financial Corp. | 623,712 | ||||||
11,800 | Coca-Cola Bottling Co. Consolidated | 3,835,354 | ||||||
635,690 | Codexis, Inc.(a)(c) | 12,523,093 | ||||||
82,100 | Cogent Communications Group, Inc. | 4,534,383 | ||||||
17,200 | Columbia Sportswear Co. | 1,719,484 | ||||||
190,000 | Community Bank System, Inc. | 12,627,400 | ||||||
2,600 | Community Financial Corp. (The) | 79,611 | ||||||
43,600 | Community Trust Bancorp, Inc. | 1,842,100 | ||||||
66,800 | CommVault Systems, Inc.(a) | 3,513,680 | ||||||
52,500 | Computer Programs & Systems, Inc. | 1,595,475 | ||||||
389,800 | CONMED Corp. | 31,195,694 | ||||||
182,394 | Cooper Cos., Inc. | 52,879,668 | ||||||
731,915 | CoreLogic, Inc.(a)(c) | 29,723,068 | ||||||
42,300 | Core-Mark Holding Co., Inc. | 1,537,605 | ||||||
40,800 | Corenergy Infrastructure Trust, Inc., REIT | 1,541,832 | ||||||
55,200 | Cornerstone OnDemand, Inc.(a) | 3,016,680 | ||||||
26,500 | CorVel Corp.(a) | 1,902,700 | ||||||
6,617 | Cott Corp. | 102,537 | ||||||
135,300 | Covanta Holding Corp. | 2,444,871 | ||||||
27,700 | CRA International, Inc. | 1,442,616 | ||||||
58,437 | Cracker Barrel Old Country Store, Inc. | 9,860,659 | ||||||
29,500 | CryoLife, Inc.(a) | 904,470 | ||||||
86,700 | CSG Systems International, Inc. | 3,871,155 | ||||||
12,700 | CSW Industrials, Inc. | 761,365 | ||||||
18,900 | CTS Corp. | 566,055 | ||||||
41,500 | Culp, Inc. | 851,580 | ||||||
525,000 | CVB Financial Corp. | 11,392,500 | ||||||
48,556 | Darden Restaurants, Inc. | 5,710,186 | ||||||
129,200 | Darling Ingredients, Inc.(a) | 2,817,852 | ||||||
69,100 | Dave & Buster’s Entertainment, Inc. | 3,927,644 | ||||||
2,600 | Deckers Outdoor Corp.(a) | 411,346 | ||||||
111,400 | Del Taco Restaurants, Inc.(a) | 1,119,570 | ||||||
232,422 | Denny’s Corp.(a) | 4,327,698 | ||||||
104,499 | DexCom, Inc.(a) | 12,651,694 | ||||||
163,678 | Digimarc Corp.(a)(c) | 4,875,968 | ||||||
15,400 | DineEquity, Inc. | 1,365,364 | ||||||
34,700 | Diodes, Inc.(a) | 1,263,774 | ||||||
18,700 | Donegal Group, Inc. - Class A | 252,449 | ||||||
520,120 | Dover Corp. | 50,992,565 | ||||||
34,600 | Ducommun, Inc.(a) | 1,404,068 |
66 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
207,800 | Dynex Capital, Inc. REIT | $ | 1,267,580 | |||||
6,000 | Eastern Co. (The) | 171,959 | ||||||
26,900 | EastGroup Properties, Inc. REIT | 3,075,477 | ||||||
5,000 | Edgewell Personal Care Co.(a) | 206,149 | ||||||
22,300 | El Paso Electric Co. | 1,362,753 | ||||||
78,400 | El Pollo Loco Holdings, Inc.(a) | 1,001,952 | ||||||
820,000 | Elf Beauty, Inc.(a) | 10,487,800 | ||||||
14,700 | EMC Insurance Group, Inc. | 472,017 | ||||||
26,100 | EMCOR Group, Inc. | 2,196,054 | ||||||
77,400 | Employers Holdings, Inc. | 3,322,008 | ||||||
27,100 | Encompass Health Corp. | 1,746,595 | ||||||
6,600 | Ennis, Inc. | 133,187 | ||||||
81,600 | Ensign Group, Inc. (The) | 4,204,032 | ||||||
11,300 | Entegra Financial Corp.(a) | 333,350 | ||||||
3,800 | Enterprise Bancorp, Inc. | 120,573 | ||||||
32,100 | Enterprise Financial Services Corp. | 1,365,534 | ||||||
180,000 | Envestnet, Inc.(a) | 12,778,200 | ||||||
9,400 | EPAM Systems, Inc.(a) | 1,685,984 | ||||||
8,785 | Epsilon Energy Ltd. - Canada(a) | 37,246 | ||||||
123,801 | Equity Commonwealth REIT | 3,936,872 | ||||||
1,200 | Escalade, Inc. | 14,447 | ||||||
9,800 | ESSA Bancorp, Inc. | 150,037 | ||||||
107,000 | Essent Group Ltd.(a) | 5,077,150 | ||||||
3,900 | Evans Bancorp, Inc. | 143,285 | ||||||
201,240 | Evolent Health, Inc. - Class A(a) | 2,726,802 | ||||||
290,000 | Evoqua Water Technologies Corp.(a) | 3,949,800 | ||||||
123,257 | Exact Sciences Corp.(a) | 12,164,233 | ||||||
87,800 | Exantas Capital Corp. REIT | 961,410 | ||||||
8,500 | ExlService Holdings, Inc.(a) | 504,900 | ||||||
23,100 | Exponent, Inc. | 1,307,922 | ||||||
9,400 | Fair Isaac Corp.(a) | 2,629,650 | ||||||
16,800 | Farmer Brothers Co.(a) | 338,688 | ||||||
7,700 | Farmers National Banc Corp. | 110,803 | ||||||
89,147 | FARO Technologies, Inc.(a) | 5,014,519 | ||||||
28,300 | FedNat Holding Co. | 460,441 | ||||||
59,300 | Fiesta Restaurant Group, Inc.(a) | 750,738 | ||||||
47,700 | Financial Institutions, Inc. | 1,311,750 | ||||||
57,400 | First Bancorp | 2,176,034 | ||||||
2,400 | First Bancshares, Inc. (The) | 74,111 | ||||||
1,700 | First Bank/Hamilton NJ | 19,397 | ||||||
97,100 | First Busey Corp. | 2,509,064 | ||||||
18,600 | First Business Financial Services, Inc. | 428,358 | ||||||
4,400 | First Citizens BancShares, Inc. - Class A | 1,972,300 | ||||||
11,800 | First Community Bankshares Inc. | 410,168 | ||||||
59,000 | First Defiance Financial Corp. | 1,741,090 | ||||||
16,100 | First Financial Corp. | 662,837 | ||||||
200 | First Guaranty Bancshares, Inc. | 4,289 | ||||||
79,300 | First Interstate BancSystem, Inc. - Class A | 3,351,218 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
11,600 | First Mid-Illinois Bancshares, Inc. | $ | 400,084 | |||||
800 | First Savings Financial Group, Inc. | 46,479 | ||||||
95,700 | First Solar, Inc.(a) | 5,888,421 | ||||||
24,600 | FirstCash, Inc. | 2,402,928 | ||||||
6,700 | FONAR Corp.(a) | 132,927 | ||||||
33,000 | Forrester Research, Inc. | 1,678,380 | ||||||
16,000 | Forward Air Corp. | 1,013,120 | ||||||
78,200 | Fresh Del Monte Produce, Inc. | 2,307,682 | ||||||
118,245 | Freshpet, Inc.(a) | 5,280,822 | ||||||
9,200 | FS Bancorp, Inc. | 475,548 | ||||||
73,662 | FTI Consulting, Inc.(a) | 6,259,797 | ||||||
10,000 | GCS Holdings, Inc. | 19,656 | ||||||
250,000 | German American Bancorp, Inc. | 7,462,500 | ||||||
89,800 | Getty Realty Corp. REIT | 2,912,214 | ||||||
91,100 | Gladstone Commercial Corp. REIT | 1,981,425 | ||||||
62,400 | Global Brass & Copper Holdings, Inc. | 2,707,536 | ||||||
132,700 | Global Net Lease REIT, Inc. | 2,530,589 | ||||||
84,500 | Globus Medical, Inc. - Class A(a) | 3,810,105 | ||||||
201,100 | Gold Resource Corp. | 736,026 | ||||||
11,600 | Great Ajax Corp. REIT | 166,111 | ||||||
27,100 | Great Lakes Dredge & Dock Corp.(a) | 277,233 | ||||||
32,500 | Great Southern Bancorp, Inc. | 1,883,375 | ||||||
209,412 | GrubHub, Inc.(a) | 13,986,627 | ||||||
17,800 | Guaranty Bancshares, Inc. | 499,646 | ||||||
131,768 | Gulfport Energy Corp.(a) | 863,080 | ||||||
131,865 | H&R Block, Inc. | 3,588,047 | ||||||
78,000 | Hackett Group, Inc. (The) | 1,197,300 | ||||||
41,900 | Haemonetics Corp.(a) | 3,657,032 | ||||||
30,400 | Hancock Holding Co. | 1,329,696 | ||||||
306,135 | Harris Corp. | 51,583,748 | ||||||
63,700 | Haverty Furniture Cos., Inc. | 1,517,334 | ||||||
32,400 | Hawkins, Inc. | 1,195,884 | ||||||
365,000 | HB Fuller Co. | 17,874,050 | ||||||
73,200 | HealthStream, Inc.(a) | 1,916,376 | ||||||
37,600 | Heartland Financial USA, Inc. | 1,688,240 | ||||||
53,600 | Heidrick & Struggles International, Inc. | 1,917,808 | ||||||
118,010 | Helen of Troy Ltd.(a) | 16,993,440 | ||||||
7,000 | Hemisphere Media Group, Inc.(a) | 102,269 | ||||||
7,800 | Heritage Commerce Corp. | 97,655 | ||||||
37,300 | Heritage Insurance Holdings, Inc. | 508,772 | ||||||
20,500 | Heritage-Crystal Clean, Inc.(a) | 588,965 | ||||||
58,700 | Hersha Hospitality Trust REIT | 1,090,059 | ||||||
18,800 | Heska Corp.(a) | 1,460,008 | ||||||
80,100 | Hillenbrand, Inc. | 3,445,902 | ||||||
12,000 | Home Bancorp, Inc. | 439,680 | ||||||
48,500 | HomeTrust Bancshares, Inc. | 1,229,960 | ||||||
1,945,000 | Hostess Brands, Inc.(a) | 26,063,000 |
67 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
13,600 | Hurco Cos., Inc. | $ | 534,888 | |||||
58,100 | Huron Consulting Group, Inc.(a) | 2,807,973 | ||||||
45,200 | ICF International, Inc. | 3,519,724 | ||||||
7,300 | ICU Medical, Inc.(a) | 1,660,750 | ||||||
52,600 | IDACORP, Inc. | 5,208,452 | ||||||
217,530 | IDEX Corp. | 34,078,250 | ||||||
29,900 | Immersion Corp.(a) | 282,555 | ||||||
235,000 | Independent Bank Corp. | 18,854,050 | ||||||
78,700 | Independent Bank Corp. | 1,694,411 | ||||||
13,700 | Industrial Logistics Properties Trust REIT | 271,945 | ||||||
46,400 | Information Services Group, Inc.(a) | 165,183 | ||||||
330,109 | Ingredion, Inc. | 31,277,828 | ||||||
215,000 | Innospec, Inc. | 18,236,300 | ||||||
73,600 | Insight Enterprises, Inc.(a) | 4,164,288 | ||||||
145,000 | Insulet Corp.(a) | 12,506,250 | ||||||
51,000 | Integer Holdings Corp.(a) | 3,523,590 | ||||||
582,100 | Integra LifeScience Holdings Corp.(a) | 30,379,799 | ||||||
4,900 | Inter Parfums, Inc. | 355,201 | ||||||
16,300 | InterDigital, Inc. | 1,065,857 | ||||||
8,700 | International Speedway Corp. - Class A | 383,844 | ||||||
248,900 | Invesco Mortgage Capital, Inc., REIT | 4,062,048 | ||||||
54,800 | Investors Bancorp Inc. | 643,900 | ||||||
35,200 | Investors Real Estate Trust, REIT | 2,121,856 | ||||||
1,600 | Investors Title Co. | 270,271 | ||||||
58,509 | IPG Photonics Corp.(a) | 10,223,278 | ||||||
116,929 | iRobot Corp.(a) | 12,106,829 | ||||||
61,500 | J & J Snack Foods Corp. | 9,666,570 | ||||||
24,400 | J Alexander’s Holdings, Inc.(a) | 268,155 | ||||||
86,311 | j2 Global, Inc. | 7,562,570 | ||||||
58,503 | Jabil, Inc. | 1,767,376 | ||||||
126,115 | JM Smucker Co. (The) | 15,465,482 | ||||||
28,900 | John B. Sanfilippo & Son, Inc. | 2,083,979 | ||||||
230,000 | John Bean Technologies Corp. | 25,251,700 | ||||||
475,000 | John Wiley & Sons, Inc. - Class A | 21,935,500 | ||||||
23,143 | Juniper Networks, Inc. | 642,681 | ||||||
92,950 | Jurong Technologies Industrial Corp. Ltd.(a)(b) | 0 | ||||||
135,503 | K12, Inc.(a) | 4,081,350 | ||||||
63,000 | Kaman Corp. | 3,900,330 | ||||||
1,068,655 | KAR Auction Services, Inc. | 60,357,634 | ||||||
90,300 | Kelly Services, Inc. - Class A | 2,010,078 | ||||||
11,800 | Kemper Corp. | 1,060,584 | ||||||
64,200 | Kforce, Inc. | 2,312,484 | ||||||
20,800 | Kimball Electronics, Inc.(a) | 314,704 | ||||||
7,300 | Kingstone Cos, Inc. | 84,753 | ||||||
1,953 | Kingsway Financial Services, Inc.(a) | 4,394 | ||||||
48,500 | Kinsale Capital Group, Inc. | 3,521,100 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
103,394 | KKR Real Estate Finance Trust, Inc. REIT | $ | 2,085,457 | |||||
199,055 | Laboratory Corp of America Holdings(a) | 31,832,876 | ||||||
129,475 | Ladder Capital Corp. REIT | 2,252,865 | ||||||
39,505 | Lancaster Colony Corp. | 5,874,789 | ||||||
92,500 | Landec Corp.(a) | 972,175 | ||||||
112,700 | Laureate Education, Inc. - Class A(a) | 1,773,898 | ||||||
23,800 | LCNB Corp. | 404,600 | ||||||
37,000 | LeMaitre Vascular, Inc. | 1,068,560 | ||||||
110,579 | Lendingtree, Inc.(a) | 42,553,011 | ||||||
113,000 | Lexington Realty Trust REIT | 1,024,910 | ||||||
8,300 | LHC Group, Inc.(a) | 922,213 | ||||||
70,000 | Liberty Expedia Holdings, Inc. - Class A(a) | 3,249,400 | ||||||
1,800 | Lithia Motors, Inc. - Class A | 204,335 | ||||||
185,000 | LogMeln, Inc. | 15,244,000 | ||||||
50,400 | Ltc Properties, Inc. REIT | 2,271,024 | ||||||
167,858 | Luminex Corp. | 3,828,841 | ||||||
242,660 | Lydall, Inc.(a) | 5,971,863 | ||||||
43,816 | Magellan Health Services, Inc.(a) | 3,067,120 | ||||||
68,600 | ManTech International Corp. - Class A | 4,252,514 | ||||||
33,800 | Marcus & Millichap, Inc.(a) | 1,456,780 | ||||||
55,100 | Marcus Corp. (The) | 2,072,862 | ||||||
92,726 | MarketAxess Holdings, Inc. | 25,808,428 | ||||||
17,200 | Marlin Business Services Corp. | 374,788 | ||||||
91,900 | Masimo Corp.(a) | 11,960,785 | ||||||
51,400 | Materion Corp. | 2,982,742 | ||||||
68,600 | MAXIMUS, Inc. | 5,052,390 | ||||||
4,800 | MBT Financial Corp. | 48,191 | ||||||
61,467 | McGrath RentCorp. | 3,810,954 | ||||||
255,230 | Medidata Solutions, Inc.(a) | 23,057,478 | ||||||
29,400 | Merchants Bancorp/IN | 710,892 | ||||||
114,800 | Meridian Bancorp, Inc. | 1,976,856 | ||||||
116,700 | Meridian Bioscience, Inc. | 1,343,217 | ||||||
58,100 | Merit Medical Systems, Inc.(a) | 3,264,058 | ||||||
10,100 | Mesa Laboratories, Inc. | 2,390,569 | ||||||
618,960 | MFA Financial, Inc. REIT | 4,648,390 | ||||||
5,400 | MGE Energy, Inc. | 366,066 | ||||||
29,000 | MGIC Investment Corp.(a) | 424,560 | ||||||
220,000 | MGP Ingredients, Inc. | 19,331,400 | ||||||
25,000 | MicroStrategy, Inc. - Class A(a) | 3,742,500 | ||||||
3,000 | Middlefield Banc Corp. | 121,649 | ||||||
36,600 | Middlesex Water Co. | 2,122,434 | ||||||
20,500 | MidWestOne Financial Group, Inc. | 577,690 | ||||||
31,300 | Miller Industries, Inc. | 1,035,404 | ||||||
40,800 | Model N, Inc.(a) | 756,432 | ||||||
68,900 | Monmouth Real Estate Investment Corp. REIT | 946,686 | ||||||
125,400 | Monotype Imaging Holdings, Inc. | 2,161,896 | ||||||
9,400 | Moog, Inc. - Class A | 880,216 | ||||||
21,000 | Movado Group, Inc. | 748,650 |
68 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
245,620 | MSA Safety, Inc. | $ | 26,996,094 | |||||
70,500 | MSG Networks, Inc. - Class A(a) | 1,623,615 | ||||||
16,200 | MTS Systems Corp. | 890,676 | ||||||
54,700 | Murphy USA, Inc.(a) | 4,675,209 | ||||||
7,900 | MutualFirst Financial, Inc. | 236,131 | ||||||
39,800 | MYR Group, Inc.(a) | 1,438,770 | ||||||
544,310 | Nasdaq, Inc. | 50,185,382 | ||||||
11,400 | Nathan’s Famous Inc. | 787,170 | ||||||
222,400 | National CineMedia, Inc. | 1,552,352 | ||||||
148,900 | National General Holdings Corp. | 3,670,385 | ||||||
24,400 | National Health Investors, Inc. REIT | 1,840,492 | ||||||
62,228 | National HealthCare Corp. | 4,693,858 | ||||||
81,781 | National Instruments Corp. | 3,851,885 | ||||||
15,400 | National Presto Industries, Inc. | 1,640,100 | ||||||
12,700 | National Storage Affiliates Trust | 371,602 | ||||||
3,900 | National Western Life Group, Inc. | 1,040,208 | ||||||
78,800 | Natus Medical, Inc.(a) | 2,108,688 | ||||||
25,400 | Navigant Consulting, Inc. | 579,882 | ||||||
290,000 | Navigators Group, Inc. | 20,282,600 | ||||||
5,000 | Nelnet, Inc. - Class A | 290,249 | ||||||
54,066 | Neogen Corp.(a) | 3,279,644 | ||||||
104,400 | New Jersey Resources Corp. | 5,228,352 | ||||||
240,000 | New Relic, Inc.(a) | 25,257,600 | ||||||
15,300 | NexPoint Residential Trust, Inc., REIT | 573,597 | ||||||
57,000 | Nexteer Automotive Group Ltd. | 89,379 | ||||||
131,900 | NextGen Healthcare, Inc.(a) | 2,478,401 | ||||||
5,900 | NI Holdings, Inc.(a) | 94,577 | ||||||
178,100 | NIC, Inc. | 3,074,006 | ||||||
22,800 | Nicolet Bankshares, Inc.(a) | 1,391,940 | ||||||
197,726 | NiSource, Inc. | 5,492,828 | ||||||
15,400 | Northeast Bancorp | 337,568 | ||||||
20,300 | Northrim Bancorp, Inc. | 720,447 | ||||||
216,000 | Northwest Bancshares, Inc. | 3,764,880 | ||||||
70,600 | NorthWestern Corp. | 4,931,410 | ||||||
4,950 | Norwood Financial Corp. | 159,291 | ||||||
8,130 | Novanta Inc.(a) | 707,473 | ||||||
250,000 | NuVasive, Inc.(a) | 15,150,000 | ||||||
10,600 | Nve Corp. | 1,015,586 | ||||||
117,900 | OceanFirst Financial Corp. | 2,968,722 | ||||||
4,500 | Oil-Dri Corp of America | 143,145 | ||||||
80,000 | Okta, Inc.(a) | 8,322,400 | ||||||
45,900 | Old Second Bancorp, Inc. | 608,175 | ||||||
38,200 | Omnicell, Inc.(a) | 3,069,752 | ||||||
59,500 | ONE Gas, Inc. | 5,266,940 | ||||||
40,300 | One Liberty Properties, Inc. REIT | 1,140,490 | ||||||
44,300 | Orthofix Medical, Inc.(a) | 2,427,197 | ||||||
5,300 | OSI Systems, Inc.(a) | 477,689 | ||||||
63,600 | Otter Tail Corp. | 3,262,680 | ||||||
32,200 | Oxford Industries, Inc. | 2,674,532 | ||||||
4,300 | Pacific City Financial Corp. | 78,775 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
178,369 | Pacira Pharmaceuticals, Inc./DE(a) | $ | 7,102,654 | |||||
103,400 | Par Pacific Holdings, Inc.(a) | 2,020,436 | ||||||
11,040 | Parke Bancorp, Inc. | 252,595 | ||||||
19,900 | Patterson Cos., Inc. | 434,616 | ||||||
40,000 | PC Connection, Inc. | 1,486,400 | ||||||
55,400 | PCSB Financial Corp. | 1,055,370 | ||||||
148,200 | Pennymac Mortgage Investment Trust REIT | 3,112,200 | ||||||
79,765 | Penumbra, Inc.(a) | 10,728,393 | ||||||
3,600 | Peoples Bancorp of North Carolina, Inc. | 100,691 | ||||||
34,900 | Peoples Bancorp, Inc. | 1,140,532 | ||||||
3,400 | Peoples Financial Services Corp. | 147,899 | ||||||
94,900 | Perficient, Inc.(a) | 2,793,856 | ||||||
118,100 | Performance Food Group Co.(a) | 4,836,195 | ||||||
20,400 | Perspecta, Inc. | 470,832 | ||||||
58,800 | Phibro Animal Health Corp. - Class A | 2,040,948 | ||||||
93,400 | Photronics, Inc.(a) | 872,356 | ||||||
141,000 | Piedmont Office Realty Trust, Inc. REIT - Class A | 2,935,620 | ||||||
52,800 | PJT Partners, Inc. - Class A | 2,276,736 | ||||||
107,700 | PNM Resources, Inc. | 5,001,588 | ||||||
101,200 | Portland General Electric Co. | 5,293,772 | ||||||
91,000 | Potbelly Corp.(a) | 809,900 | ||||||
11,900 | Preferred Bank | 585,361 | ||||||
21,950 | Premier Financial Bancorp Inc. | 363,931 | ||||||
490,000 | Prestige Brands Holdings, Inc.(a) | 14,415,800 | ||||||
14,500 | PRG-Schultz International, Inc.(a) | 116,289 | ||||||
57,000 | Primo Water Corp.(a) | 897,750 | ||||||
106,700 | Progress Software Corp. | 4,866,587 | ||||||
200,000 | Prosperity Bancshares, Inc. | 14,728,000 | ||||||
36,300 | Protective Insurance Corp. B Shares | 589,875 | ||||||
30,600 | Providence Service Corp. (The)(a) | 2,029,698 | ||||||
141,300 | Provident Financial Services, Inc. | 3,747,276 | ||||||
4,300 | Prudential Bancorp, Inc. | 75,077 | ||||||
29,600 | PS Business Parks, Inc. REIT | 4,547,152 | ||||||
1,200,000 | Pure Storage, Inc. - Class A(a) | 27,432,000 | ||||||
2,711,221 | PureTech Health PLC(a)(c) | 6,994,743 | ||||||
321,300 | Q2 Holdings, Inc.(a) | 24,232,446 | ||||||
36,000 | QAD Inc. | 1,687,320 | ||||||
20,700 | QCR Holdings, Inc. | 708,147 | ||||||
215,000 | Qualys, Inc.(a) | 19,405,900 | ||||||
47,433 | Quest Diagnostics, Inc. | 4,571,593 | ||||||
12,800 | Quidel Corp.(a) | 818,432 | ||||||
35,500 | RadNet, Inc.(a) | 429,905 | ||||||
36,400 | RCI Hospitality Holdings, Inc. | 828,828 | ||||||
19,300 | Reading International, Inc. - Class A(a) | 294,518 |
69 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
23,700 | Regional Management Corp.(a) | $ | 587,049 | |||||
16,243 | Reliance Worldwide Corp. Ltd. | 55,891 | ||||||
71,900 | Renewable Energy Group, Inc.(a) | 1,734,228 | ||||||
125,200 | Rent-A-Center, Inc.(a) | 3,121,236 | ||||||
24,000 | Republic Bancorp, Inc. - Class A | 1,134,240 | ||||||
92,600 | Resources Connection, Inc. | 1,487,156 | ||||||
46,000 | Riverview Bancorp, Inc. | 341,320 | ||||||
19,600 | RLI Corp. | 1,594,068 | ||||||
26,600 | RMR Group Inc. (The) - Class A | 1,538,544 | ||||||
28,400 | Rocky Brands, Inc. | 724,484 | ||||||
18,900 | Rosetta Stone, Inc.(a) | 476,658 | ||||||
95,047 | Rubius Therapeutics, Inc.(a) | 1,662,372 | ||||||
69,500 | Rush Enterprises, Inc. - Class A | 2,947,495 | ||||||
85,400 | Ruth’s Hospitality Group Inc. | 2,218,692 | ||||||
29,600 | Ryman Hospitality Properties Inc. REIT | 2,356,160 | ||||||
7,400 | Safehold, Inc. | 186,701 | ||||||
35,500 | Safety Insurance Group, Inc. | 3,298,660 | ||||||
960,000 | Sally Beauty Holdings, Inc.(a) | 16,992,000 | ||||||
11,219,450 | Samsonite International SA(c) | 32,177,145 | ||||||
3,700 | Sandy Spring Bancorp, Inc. | 129,093 | ||||||
20,800 | Saul Centers, Inc. REIT | 1,109,680 | ||||||
72,200 | ScanSource, Inc.(a) | 2,718,330 | ||||||
60,500 | Schnitzer Steel Industries, Inc. - Class A | 1,435,060 | ||||||
36,900 | SeaSpine Holdings Corp.(a) | 543,537 | ||||||
54,321 | Seattle Genetics, Inc.(a) | 3,681,877 | ||||||
69,900 | Selective Insurance Group, Inc. | 4,984,569 | ||||||
22,700 | Seneca Foods Corp. Class A(a) | 561,825 | ||||||
425,000 | Sensient Technologies Corp. | 29,801,000 | ||||||
91,200 | Shenandoah Telecommunications Co. | 3,769,296 | ||||||
18,500 | Shore Bancshares, Inc. | 292,855 | ||||||
39,200 | Sierra Bancorp | 1,037,232 | ||||||
6,300 | SilverBow Resources, Inc.(a) | 114,281 | ||||||
699,100 | Simply Good Foods Co. (The)(a) | 15,701,786 | ||||||
29,478 | Sims Metal Management Ltd. | 214,712 | ||||||
42,700 | Simulations Plus, Inc. | 962,031 | ||||||
23,600 | Sinclair Broadcast Group, Inc. - Class A | 1,080,644 | ||||||
566,770 | Six Flags Entertainment Corp. | 30,089,819 | ||||||
5,300 | SJW Corp. | 328,918 | ||||||
14,600 | Southern First Bancshares, Inc.(a) | 537,426 | ||||||
21,600 | Southern Missouri Bancorp, Inc. | 724,680 | ||||||
68,100 | Southern National Bancorp of Virginia, Inc. | 1,016,052 | ||||||
103,166 | Southwest Gas Holdings, Inc. | 8,582,380 | ||||||
64,400 | SP Plus Corp.(a) | 2,223,088 | ||||||
46,000 | SpartanNash Co. | 743,820 | ||||||
132,651 | Spire, Inc. | 11,167,888 | ||||||
76,067 | Splunk, Inc.(a) | 10,500,289 | ||||||
67,600 | Spok Holdings, Inc. | 936,260 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
38,100 | SPS Commerce, Inc.(a) | $ | 3,952,494 | |||||
284,742 | STAAR Surgical Co.(a) | 9,248,420 | ||||||
165,000 | Standex International Corp. | 10,901,550 | ||||||
212,286 | Starwood Property Trust, Inc., REIT | 4,893,192 | ||||||
23,300 | Stepan Co. | 2,156,182 | ||||||
327,780 | STERIS PLC | 42,932,624 | ||||||
28,400 | Stewart Information Services Corp. | 1,207,284 | ||||||
219,200 | Stock Yards Bancorp, Inc. | 7,529,520 | ||||||
207,635 | Stratasys Ltd.(a) | 4,827,514 | ||||||
183,461 | Sundance Energy Australia Ltd.(a) | 60,369 | ||||||
15,800 | Superior Uniform Group, Inc. | 264,491 | ||||||
365,000 | Supernus Pharmaceuticals, Inc.(a) | 13,406,450 | ||||||
109,200 | Sykes Enterprises, Inc.(a) | 3,030,300 | ||||||
439,155 | Synopsys, Inc.(a) | 53,172,887 | ||||||
44,600 | Systemax, Inc. | 1,012,866 | ||||||
155,000 | Talend SA - ADR(a) | 7,684,900 | ||||||
296,700 | TEGNA, Inc. | 4,723,464 | ||||||
381,556 | Teladoc, Inc.(a) | 21,702,905 | ||||||
157,833 | Teleflex, Inc. | 45,168,648 | ||||||
200,900 | TerraForm Power, Inc. - Class A | 2,724,204 | ||||||
19,200 | Territorial Bancorp Inc. | 555,840 | ||||||
42,235 | Tesla Motors, Inc.(a) | 10,081,072 | ||||||
76,200 | Tetra Tech, Inc. | 4,931,664 | ||||||
76,700 | Texas Roadhouse, Inc. | 4,142,567 | ||||||
13,100 | Timberland Bancorp, Inc. | 408,720 | ||||||
32,600 | Tiptree, Inc. | 185,819 | ||||||
7,100 | TiVo Corp. | 66,527 | ||||||
156,571 | Tootsie Roll Industries, Inc. | 6,079,652 | ||||||
99,600 | TPG RE Finance Trust, Inc. REIT | 1,963,116 | ||||||
67,900 | Tredegar Corp. | 1,223,558 | ||||||
350,000 | TreeHouse Foods, Inc.(a) | 23,443,000 | ||||||
66,400 | TriCo Bancshares | 2,650,024 | ||||||
258,800 | TriMas Corp.(a) | 8,004,684 | ||||||
21,000 | TrueBlue, Inc.(a) | 507,360 | ||||||
189,805 | Trupanion, Inc.(a) | 6,225,604 | ||||||
169,100 | TrustCo Bank Corp. | 1,352,800 | ||||||
9,900 | TTEC Holdings, Inc. | 360,954 | ||||||
974,100 | UBS Xiamen King Long Motor Group Co. Ltd. - A Shares(a) | 1,317,646 | ||||||
18,400 | UFP Technologies, Inc.(a) | 669,760 | ||||||
355,000 | UMB Financial Corp. | 24,800,300 | ||||||
23,300 | UniFirst Corp. | 3,684,429 | ||||||
151,000 | United Community Financial Corp. | 1,390,710 | ||||||
133,200 | United Financial Bancorp, Inc. | 1,756,908 | ||||||
55,000 | United Fire Group, Inc. | 2,398,550 | ||||||
47,700 | Unitil Corp. | 2,714,607 | ||||||
59,500 | Universal Corp. | 3,204,670 | ||||||
80,300 | Universal Insurance Holdings, Inc. | 2,392,137 | ||||||
13,400 | Universal Logistics Holdings, Inc. | 327,228 |
70 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
81,600 | Univest Corp. of Pennsylvania | $ | 2,057,952 | |||||
246,500 | Upwork, Inc.(a) | 4,927,535 | ||||||
93,000 | Urstadt Biddle Properties, Inc. - Class A REIT | 2,039,490 | ||||||
54,800 | US Ecology, Inc. | 3,343,348 | ||||||
29,700 | US Physical Therapy, Inc. | 3,459,753 | ||||||
28,300 | USANA Health Sciences, Inc.(a) | 2,361,918 | ||||||
11,800 | Utah Medical Products Inc. | 995,920 | ||||||
24,600 | Varex Imaging Corp.(a) | 807,864 | ||||||
8,500 | Vectrus, Inc.(a) | 344,675 | ||||||
134,726 | Veeco Instruments, Inc.(a) | 1,640,963 | ||||||
86,200 | Verint Systems, Inc.(a) | 5,205,618 | ||||||
300,695 | Verisk Analytics, Inc.(a) | 42,440,092 | ||||||
53,000 | Viad Corp. | 3,249,430 | ||||||
30,900 | Village Super Market, Inc. - Class A | 907,842 | ||||||
18,900 | Virtusa Corp.(a) | 1,049,895 | ||||||
31,800 | Vishay Precision Group, Inc.(a) | 1,204,266 | ||||||
229,600 | Vonage Holdings Corp.(a) | 2,231,712 | ||||||
177,400 | Washington Trust Bancorp, Inc. | 9,191,094 | ||||||
41,574 | Waste Connections, Inc. | 3,858,559 | ||||||
118,516 | Waters Corp.(a) | 25,307,907 | ||||||
82,000 | Waterstone Financial Inc. | 1,357,920 | ||||||
149,106 | Wayfair, Inc. - Class A(a) | 24,177,538 | ||||||
24,400 | WD-40 Co. | 4,105,300 | ||||||
89,190 | Weis Markets, Inc. | 3,750,440 | ||||||
1,500,000 | Welbilt, Inc.(a) | 25,245,000 | ||||||
8,100 | West Bancorp, Inc. | 169,857 | ||||||
302,940 | West Pharmaceutical Services, Inc. | 37,500,943 | ||||||
146,800 | Western Asset Mortgage Capital Corp. REIT | 1,544,336 | ||||||
27,900 | Westwood Holdings Group, Inc. | 872,991 | ||||||
20,200 | Weyco Group, Inc. | 693,062 | ||||||
5,300 | Winmark Corp. | 978,115 | ||||||
450,000 | Wolverine World Wide, Inc. | 16,564,500 | ||||||
57,285 | Woodward, Inc. | 6,238,337 | ||||||
393,155 | Worldpay, Inc. - Class A(a) | 46,081,698 | ||||||
1,006,690 | Wyndham Hotels & Resorts, Inc. | 56,092,767 | ||||||
89,800 | Xperi Corp. | 2,231,530 | ||||||
1,487,044 | Yext, Inc.(a) | 32,581,134 | ||||||
900 | York Water Co. | 30,627 | ||||||
92,962 | Zillow Group, Inc. - Class A(a) | 3,087,268 | ||||||
366,676 | Zillow Group, Inc. - Class C(a) | 12,246,978 | ||||||
198,914 | Zuora, Inc. - Class A(a) | 4,395,999 | ||||||
3,329,634,003 | ||||||||
VIETNAM — 0.0% | ||||||||
391,530 | PetroVietnam Drilling & Well Services JSC(a) | 321,353 | ||||||
1,088,845 | Saigon - Hanoi Commercial Joint Stock Bank(a) | 352,225 |
Shares | Value | |||||||||
VIETNAM (continued) | ||||||||||
291,550 | Vietnam National Petroleum Group | $ | 782,033 | |||||||
1,455,611 | ||||||||||
Total Common Stocks (Cost $4,710,810,860) | 5,604,436,536 | |||||||||
INVESTMENT COMPANY — 0.8% | ||||||||||
48,993,806 | SEI Daily Income Trust Government II Fund, Class A 2.25%(d) | 48,993,806 | ||||||||
Total Investment Company (Cost $48,993,805) | 48,993,806 | |||||||||
EXCHANGE-TRADED FUNDS — 5.4% | ||||||||||
1,125,000 | iShares Russell 2000 Index Fund ETF | 2.9 | 178,076,250 | |||||||
751,000 | SPDR S&P Regional Banking ETF | 0.7 | 41,905,800 | |||||||
1,802,000 | VanEck Vectors Gold Miners ETF | 0.6 | 37,643,780 | |||||||
2,398,000 | VanEck Vectors Junior Gold Miners ETF | 1.2 | 70,333,340 | |||||||
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 | ||||||||||
BELGIUM — 0.0% | ||||||||||
494 | Aedifica SA, Expiring 5/6/2019 | 2,161 | ||||||||
CHINA — 0.0% | ||||||||||
619 | China International Marine, Expiring 12/31/2019(b) | 0 | ||||||||
GREECE — 0.0% | ||||||||||
9,600 | Ligand Pharmaceuticals, Inc. Contingent Value Rights(a)(b) | 0 | ||||||||
HONG KONG — 0.0% | ||||||||||
128,742 | GVC Holdings Plc. - CVR Shares, Expiring 12/31/2030(a)(b) | 0 | ||||||||
9,812 | Intercell Contigent Value Rights AG, Expiring 5/22/2029(a)(b) | 0 | ||||||||
0 |
71 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Shares | Value | |||||||
INDIA — 0.0% | ||||||||
92 | Hatsun Agro, Expiring 6/1/2019(a) | $ | 195 | |||||
137,357 | Bharti Airtel Ltd., Expiring 5/17/2019(a) | 0 | ||||||
195 | ||||||||
INDONESIA — 0.0% | ||||||||
796,300 | Medco Energi Internasional Tbk PT Warrants, Expiring 12/11/2020 | 14,753 | ||||||
KOREA — 0.0% | ||||||||
7,410 | Doosan Heavy Industries & Construction Co. Ltd., Expiring 5/9/2019(a) | 9,134 | ||||||
SPAIN — 0.0% | ||||||||
169,647 | Ezion Holdings Ltd., Expiring 4/16/2023(a) | 0 | ||||||
Total Rights/Warrants (Cost $1,825) | 26,243 | |||||||
Principal Amount | ||||||||
U.S. GOVERNMENT AGENCIES — 0.6% | ||||||||
Federal Home Loan Bank — 0.6% | ||||||||
$ | 39,000,000 | 2.30%, 05/01/2019(e) | 39,000,000 | |||||
Total U.S. Government Agencies (Cost $39,000,000) | 39,000,000 | |||||||
Shares | Value | |||||||
CASH SWEEP — 1.0% | ||||||||
61,263,240 | Citibank - US Dollars on Deposit in Custody Account, 0.12%(a)(d) | 61,263,240 | ||||||
Total Cash Sweep (Cost $61,263,240) | 61,263,240 | |||||||
TOTAL INVESTMENTS — 99.3% (Cost $5,191,215,313) | 6,081,678,995 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7% | 41,993,044 | |||||||
NET ASSETS — 100.0% | $ | 6,123,672,039 |
(a) | Non-income producing security. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | This security is considered either fully or partially illiquid. These securities, or portions thereof, have a value of $22,056,910 or 0.36% of net assets. |
(d) | The rate shown represents the current yield as of April 30, 2019. |
(e) | 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
72 |
Old Westbury Funds,Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | April 30, 2019 (Unaudited) |
Portfolio diversification by Sector (Unaudited) | ||||
Sector | Percentage of Net Assets | |||
Industrials | 16.6 | % | ||
Information Technology | 15.6 | |||
Health Care | 14.7 | |||
Consumer Discretionary | 12.4 | |||
Banks | 6.9 | |||
Materials | 6.7 | |||
Consumer Staples | 5.6 | |||
Diversified Financials | 3.7 | |||
Real Estate | 2.9 | |||
Utilities | 2.3 | |||
Energy | 2.2 | |||
Insurance | 2.0 | |||
Telecommunication Services | 1.6 | |||
Financials | 10.8 | |||
Other | 5.4 | |||
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. |
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’slast 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) | Not applicable. |
(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. |
[Note that until the date that the registrant has filed its first report on Form N-PORT (17 CFR 270.150), in the certification required by Item 13(a)(2), the registrant’s certifying officers must certify that they have disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’smost recent fiscal quarter that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting.]
(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 and Chief Executive Officer | |||
(Principal Executive Officer) |
Date | 7/1/2019 |
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 and Chief Executive Officer | |||
(Principal Executive Officer) |
Date | 7/1/2019 |
By (Signature and Title)* | /s/ Matthew A. Rizzi | ||
Matthew A. Rizzi, Treasurer | |||
(Principal Financial Officer) |
Date | 7/1/2019 |
* Print the name and title of each signing officer under his or her signature.