UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07912
Old Westbury Funds, Inc. | ||
(Exact name of registrant as specified in charter) |
760 Moore Rd.
King of Prussia, PA 19406 | ||
(Address of principal executive offices) (Zip code) |
Marianna DiBenedetto
BNY Mellon Investment Servicing (US) Inc.
760 Moore Rd.
King of Prussia, PA 19406 | ||
(Name and address of agent for service) |
Registrant’s telephone number, including area code: 800-607-2200
Date of fiscal year end: October 31
Date of reporting period: October 31, 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.
Annual Report
October 31, 2019
BESSEMER INVESTMENT MANAGEMENT LLC
Investment Adviser
Old Westbury Funds, Inc.
Old Westbury Funds, Inc. | |
A Letter from the President (Unaudited) | |
Dear Shareholders:
Fiscal 2019 was a rewarding year for investors, as global equity returns ultimately landed in the low teens. U.S. investment-grade bonds also performed well, posting returns around 8%. Overall, large-cap stocks outperformed small-cap names, while U.S. stocks bested their non-U.S. developed- and emerging-market counterparts. For much of the year, growth stocks were in favor, though by fiscal year-end, as investor sentiment turned more positive, a rotation into value-oriented and more cyclical names ensued.
The year did not start off on a positive note, however. December 2018 saw pronounced turbulence in equity markets, which was driven by multiple dynamics, including angst over the U.S.-China trade war, uncertainty regarding U.S. monetary policy, and broader global political concerns, including the ongoing Brexit situation. Persistent areas of uncertainty limited business enthusiasm throughout the year, as management teams were hesitant to spend on major new projects or significant hiring. This, in turn, weighed on global growth, especially in terms of trade and manufacturing. However, labor markets and consumer spending remained strong in major developed markets, leading investors to believe a near-term recession was unlikely, absent a major new shock.
Developments in the U.S.-China trade negotiations were a key driver of markets throughout the year, as any news of progress toward an agreement enthused investors, while tariff announcements and subsequent retaliations had the opposite effect. By the end of the year, the tone of discussions had improved, as the Trump administration announced a “phase one” deal was progressing. Meanwhile, global monetary policy was largely positive for risk sentiment, with most of the world’s central banks in easing mode. The U.S. Fed ended its tightening cycle in December 2018 after nine rate hikes, kept rates steady until July 2019, and then implemented three 25-basis-point cuts, marking the first reductions since 2008. The moves aimed to cushion the U.S. economy against a global slowdown and escalating trade tensions. In October, with an improved global economic outlook, the Fed signaled a pause on any near-term moves. For the fiscal year, Treasury yields declined across maturities, with yields on longer-dated Treasuries declining the most, causing the yield curve to flatten and eventually invert.
While the Adviser, Bessemer Investment Management, LLC, has remained moderately optimistic on the global economy and equities, it has implemented some defensive postures based on the view that upside in equities may be limited going forward. The Adviser remains cognizant of risks related to continued weak trends in Europe and uncertainty around the U.S.-China trade situation, escalating impeachment developments, and the 2020 elections.
The Old Westbury All Cap Core Fund significantly outperformed its primary benchmark due to its overweight position in the U.S. and strong selection in the healthcare, technology, and industrials sectors. The Old Westbury Large Cap Strategies Fund slightly outperformed as its emerging markets and global large-cap strategies contributed to relative performance. The Old Westbury Small & Mid Cap Strategies Fund slightly underperformed, and detractors included small- and mid-cap managed volatility, non U.S.-value-oriented, and small-cap non-U.S. developed strategies. The Old Westbury All Cap ESG Fund under-performed, as regional positioning detracted along with stock selection in the industrials, consumer discretionary, and utilities sectors. The Old Westbury Fixed Income Fund outperformed; it maintained a higher-than-benchmark duration (price sensitivity to interest-rate moves) exposure during the year, as the mandate gradually shifted interest-rate positioning to take advantage of anticipated changes in the yield curve. The Old Westbury Municipal Bond Fund also outperformed its primary benchmark, as it was positioned with a longer duration (greater price volatility) relative to the index, which proved beneficial as yields declined. The Old Westbury Multi-Asset Opportunities Fund underperformed its benchmarks, as allocations to non-agency mortgage-backed securities, global credit, and commodities detracted from results.
On December 4, we launched the Old Westbury California Municipal Bond Fund and the Old Westbury New York Municipal Bond Fund for investors who reside in those respective states.
At year-end, we remain committed to the Adviser’s longstanding investment approach, characterized by independent research, a global orientation, and long-term perspective. We believe these disciplines will continue to reap competitive long-term results for shareholders and position the Adviser to fulfill the central mandate of participating in strong market environments, while aiming to preserve capital during difficult times.
Sincerely,
David W. Rossmiller
President
Old Westbury Funds, Inc.
2 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited) | |
The return of the Old Westbury All Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 15.65%. In comparison, the return of its primary benchmark, the MSCI All Country World Investable Market Index(IMI) (Net)a, was 12.01%.
The Fund’s secondary benchmark, a blend of 90% MSCI USA Index (Gross) and 10% MSCI ACWI ex USA Index (Net)a, returned 14.05% for the one year period ended October 31, 2019.
The most significant positive contributors to the Fund’s relative performance during the year were an overweight position in the U.S. and stock selection within healthcare, information technology, and industrials. Stocks in these sectors with the greatest relative contribution included Zoetis, Microsoft, and Cintas. Zoetis appreciated significantly, driven by the company’s strong revenue growth and the successful launch of a new companion animal medication product. Microsoft benefited from continued digital transformation in companies throughout the global economy and the rapid growth of its cloud offering. Cintas benefited from strong pricing, the adoption of its new offerings, and the successful acquisition of G&K. The Fund also benefited from an overweight position in the information technology sector (26.2% of the Fund during the fiscal year) as well as an underweight position in energy (3.6%).
The Fund’s results were held back by negative stock selection in energy and consumer staples. Stocks within these sectors with the highest negative relative contributions included ConocoPhillips and Altria. ConocoPhillips was pressured by lower commodity prices. Altria declined over fears of eroding market share to new competitors. The Fund was also restrained by its underweight to real estate, its overweight to healthcare, and holding some cash in a rising market.
At fiscal year-end, versus the primary benchmark, the Fund maintained overweight positions in the technology, communication services, healthcare, and industrials sectors, and underweight positions in materials, financials, consumer staples, real estate, and energy. Relative to the primary benchmark, the Fund continued to be significantly overweight U.S. stocks (91%) versus non-U.S. stocks (6%); the remainder was cash.
a The Net version of each index reflects no deductions for fees, expenses or income taxes.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/ reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worthmore or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
3 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY SECTOR*
Sector: | ||||
Banks | 3.9 | % | ||
Communication Services | 11.1 | |||
Consumer Discretionary | 11.9 | |||
Consumer Staples | 2.5 | |||
Diversified Financials | 6.3 | |||
Energy | 2.8 | |||
Health Care | 13.8 | |||
Industrials | 13.0 | |||
Information Technology | 22.5 | |||
Insurance | 2.2 | |||
Materials | 0.5 | |||
Real Estate | 1.5 | |||
Utilities | 2.5 | |||
Other** | 5.5 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, exchange traded funds, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
4 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
All Cap Core Fund | ||||
One Year | 15.65 | % | ||
Five Year | 8.05 | % | ||
Ten Year | 8.05 | % | ||
MSCI ACWI IMI (Net) | ||||
One Year | 12.01 | % | ||
Five Year | 7.02 | % | ||
Ten Year | 8.94 | % | ||
Blended Index (Net) | ||||
One Year | 14.05 | % | ||
Five Year | 10.00 | % | ||
Ten Year | 12.81 | % |
On December 30, 2016, the Fund changed its name to All Cap Core Fund (formerly Large Cap Core Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to November 16, 2011, the Fund was named the U.S. Large Cap Fund and operated under a different investment strategy. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
5 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2019 as 0.99%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Fund compares its performance to a blended benchmark, as a secondary benchmark, consisting of a 90% weighting in the MSCI USA Index (Gross) and a 10% weighting in the MSCI ACWI ex USA Index (Net) (the “Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.
Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.
6 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) | |
The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 12.92%. In comparison, the return of the MSCI All Country World Large Cap Index (Net)a(“the Index”) was 12.67%.
The Fund benefited from stock selection in the financial sector and the developed Europe region. Individual stocks that contributed the most to relative performance were payment processor Mastercard (+40.8%), Dutch semiconductor provider ASML (+55.1%), digital payment servicer Visa (+36.9%), and semiconductor manufacturer Texas Instruments (+34.0%). Mastercard benefitted from strong industry-wide and individual volume growth in payment processing, industry-leading margins, and promising developments in the business-to-business processing area. ASML’s strong performance was led by the growth in the global semiconductor industry, in which ASML has pioneered Extreme Ultraviolet (EUV) light, which allows for chipmakers to produce smaller, faster, and more powerful chips over time. Visa’s global positioning, with over 50% global share, benefited from increased global debit and credit card penetration. During the year, the company continued its multiyear trend of exceeding earnings and revenue forecasts in each quarter, delivered top-tier growth for both metrics. Texas Instruments is a primary beneficiary of the secular increase in semiconductor content across a growing set of end markets as the largest player in the fragmented analog and embedded semiconductor industry. During fiscal 2019, despite a cyclical pullback in the semiconductor market, the company continued to deliver compelling free cash flow and market-share growth and is well positioned to increase its leading share as the cycle begins to turn.
Stock selection in the energy sector and U.S. were the largest detractors overall. Individual stocks that detracted from relative performance included Occidental Petroleum (-36.0%) and Philip Morris (-23.6%). Occidental Petroleum, like most oil and gas-based energy companies, meaningfully trailed the broader markets in fiscal 2019, reflecting weak energy prices for most of the year. In addition, Occidental engaged in a successful bidding war for Anadarko Petroleum, ultimately paying a price for the company that many investors considered excessive. In the case of Philip Morris, its reliance on the premium-priced Marlboro brand outside the United States became a significant concern as the brand was losing market share to lower-priced competitors. In addition, concerns regarding e-cigarettes and other competitive products weighed on the shares.
At fiscal year-end, the Fund was overweight the consumer discretionary and technology sectors. The Fund was underweight healthcare, utilities, energy, financials, materials, and real estate.
On a regional basis, as of fiscal year-end, the Fund was overweight the U.S. and emerging markets, while being underweight developed Europe, other developed markets, and Japan
a The Net version of the index reflects no deductions for fees, expenses or income taxes.
7 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY COUNTRY*
Country: | ||||
Argentina | 0.0 | %*** | ||
Australia | 0.9 | |||
Austria | 0.0 | *** | ||
Belgium | 0.6 | |||
Bermuda | 0.1 | |||
Brazil | 0.9 | |||
Canada | 1.3 | |||
Chile | 0.0 | *** | ||
China | 4.7 | |||
Colombia | 0.1 | |||
Czech Republic | 0.1 | |||
Denmark | 0.4 | |||
Egypt | 0.1 | |||
Finland | 0.1 | |||
France | 0.8 | |||
Germany | 1.0 | |||
Greece | 0.0 | *** | ||
Hong Kong | 1.7 | |||
Hungary | 0.0 | *** | ||
India | 2.6 | |||
Indonesia | 0.5 | |||
Ireland | 0.9 | |||
Isle of Man | 0.3 | |||
Italy | 0.1 | |||
Japan | 5.1 | |||
Kenya | 0.1 | |||
Luxembourg | 0.1 | |||
Macau | 0.2 | |||
Mexico | 0.4 | |||
Morocco and Antilles | 0.0 | *** | ||
Netherlands | 2.6 | |||
Norway | 0.2 | |||
Pakistan | 0.0 | *** | ||
Panama | 0.1 | |||
Poland | 0.0 | *** | ||
Portugal | 0.0 | *** | ||
Qatar | 0.0 | *** | ||
Russia | 0.6 | |||
Singapore | 0.2 | |||
South Africa | 0.3 | |||
South Korea | 0.8 | |||
Spain | 0.2 | |||
Sweden | 0.8 | |||
Switzerland | 1.9 | |||
Taiwan | 1.4 | |||
Thailand | 1.0 | |||
Turkey | 0.0 | *** | ||
United Arab Emirates | 0.1 | |||
United Kingdom | 1.5 |
8 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
United States | 61.4 | |||
Other** | 3.8 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
9 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
Large Cap Strategies Fund | ||||
One Year | 12.92 | % | ||
Five Year | 6.28 | % | ||
Ten Year | 7.74 | % | ||
MSCI ACWI Large Cap Index (Net) | ||||
One Year | 12.67 | % | ||
Five Year | 7.19 | % | ||
Ten Year | 8.72 | % |
On November 16, 2011, the Fund changed its name to Large Cap Strategies Fund (formerly Non-U.S. Large Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
10 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.15%, (current net operating expense is 1.10%). The expense ratio including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2019 as 1.13%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI Large Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI Large Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.
Investments made in foreign and emerging country securities may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.
11 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited) | |
The Old Westbury All Cap ESG Fund (the “Fund”) returned 9.48% for the fiscal year ended October 31, 2019. In comparison, the return of its benchmark, the MSCI All Country World Index (Net)a, was 12.59% for the period.
The Fund’s results were held back by negative stock selection in the industrials, consumer discretionary, and utilities sectors. By region, stock selection in Japan, certain emerging markets, and Canada detracted from results. The overall underweight position in the U.S. and overweight in developed Europe also detracted.
The most significant positive contributors to the Fund’s relative performance for the year were an overweight position in the technology sector and stock selection within the healthcare and materials sectors. On a regional basis, stock selection in Asia Pacific (ex-Japan) and Latin America helped.
At fiscal year-end, versus the benchmark, the Fund maintained the largest overweight positions in the technology, healthcare, and industrials sectors and the largest underweight positions in the communication services, financials, and utilities sectors. Relative to the benchmark, the Fund was overweight stocks in developed Europe, underweight emerging markets stocks, and close to neutral in the U.S., Japan, and other developed markets.
a The Net version of the index reflects no deductions for fees, expenses or income taxes.
12 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY SECTOR*
Sector: | ||||
Banks | 1.3 | % | ||
Communication Services | 5.6 | |||
Consumer Discretionary | 8.6 | |||
Consumer Staples | 6.7 | |||
Diversified Financials | 6.5 | |||
Energy | 3.8 | |||
Health Care | 16.6 | |||
Industrials | 13.3 | |||
Information Technology | 22.3 | |||
Insurance | 5.5 | |||
Materials | 4.4 | |||
Real Estate | 3.6 | |||
Utilities | 1.0 | |||
Other** | 0.8 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
13 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
All Cap ESG Fund | ||||
One Year | 9.48 | % | ||
Since Inception date of March 1, 2018 | 3.23 | % | ||
MSCI ACWI USD (Net) | ||||
One Year | 12.59 | % | ||
Since Inception date of March 1, 2018 | 4.81 | % |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
14 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding, Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 1.00%, as disclosed in the Funds’ prospectus dated March 1, 2019. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2019 as 1.37%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 1 year and 8 months, with distributions reinvested. The MSCI ACWI USD Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI USD Index (Net) is unmanaged. Investments cannot be made directly in an index.
15 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited) | |
The return of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 9.44%. In comparison, the return of the MSCI All Country World Small Mid Cap Index (Net)a(the “Index”) was 10.24%.
Stock selection in the consumer discretionary sector and the Asia Pacific ex-Japan region were drags on performance for the year. Individual stocks that detracted from relative performance included luggage manufacturer Samsonite (-25.2%) and theme park operator Six Flags (-16.9%). Samsonite faced challenges as a result of U.S.-China trade tensions, which impacted customer demand through lower inbound travel to the U.S., consequentially weighing on profit growth. Six Flags struggled to drive growth through its new membership program and failed to offset those challenges through growth in its core single day and season pass customers. Further, global macro challenges have resulted in the delay of multiple international theme park developments that will license the Six Flags brand.
The Fund benefitted from strong stock selection in the healthcare sector as well as an overweight to the U.S. Individual stocks that contributed most to relative performance included consulting software provider Synopsys (+51.8%) and Teleflex (+45.0%). Synopsys benefitted from improving demand trends in semiconductor industry end markets that have supported a rebound in growth. Teleflex performed well as medical device demand continued to be supported by steady growth in medical procedures. The company has seen particularly strong contributions from its Urolift product, which was acquired in 2017.
At fiscal year-end, the Fund was overweight the healthcare and technology sectors, and underweight real estate, utilities, energy, communication services, and financials.
The Fund was regionally overweight the U.S. market. Conversely, the Fund was underweight developed Europe, Japan, and emerging markets.
a The Net version of the index reflects no deductions for fees, expenses or income taxes.
16 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY COUNTRY*
Country: | ||||
Argentina | 0.2 | % | ||
Australia | 2.2 | |||
Austria | 0.1 | |||
Belgium | 0.7 | |||
Bermuda | 0.7 | |||
Brazil | 0.3 | |||
Cambodia | 0.0 | *** | ||
Canada | 2.3 | |||
Cayman Islands | 0.0 | *** | ||
Chile | 0.0 | *** | ||
China | 2.3 | |||
Czech Republic | 0.0 | *** | ||
Denmark | 0.9 | |||
Faeroe Islands | 0.0 | *** | ||
Finland | 0.2 | |||
France | 1.0 | |||
Gabon | 0.0 | *** | ||
Georgia | 0.0 | *** | ||
Germany | 1.1 | |||
Gibraltar | 0.0 | *** | ||
Greece | 0.2 | |||
Hong Kong | 1.0 | |||
Hungary | 0.0 | *** | ||
India | 0.5 | |||
Indonesia | 0.1 | |||
Ireland | 1.2 | |||
Isle of Man | 0.0 | *** | ||
Israel | 0.7 | |||
Italy | 1.0 | |||
Japan | 8.1 | |||
Jersey Channel Islands | 0.3 | |||
Jordan | 0.0 | *** | ||
Liechtenstein | 0.0 | *** | ||
Luxembourg | 0.0 | *** | ||
Macau | 0.0 | *** | ||
Malaysia | 0.1 | |||
Malta | 0.0 | *** | ||
Mexico | 0.1 | |||
Monaco | 0.0 | *** | ||
Mongolia | 0.0 | *** | ||
Netherlands | 0.6 | |||
New Zealand | 0.3 | |||
Norway | 0.2 | |||
Peru | 0.1 | |||
Philippines | 0.0 | *** | ||
Poland | 0.2 | |||
Portugal | 0.1 | |||
Puerto Rico | 0.1 | |||
Qatar | 0.1 | |||
Romania | 0.0 | *** | ||
Russia | 0.6 | |||
Saudi Arabia | 0.0 | *** | ||
Singapore | 0.3 | |||
South Africa | 0.6 | |||
South Korea | 1.1 | |||
Spain | 0.4 | |||
Sweden | 1.2 | |||
Switzerland | 0.8 | |||
Taiwan | 1.6 | |||
Thailand | 0.1 | |||
Turkey | 0.4 | |||
Ukraine | 0.0 | *** | ||
United Arab Emirates | 0.0 | *** | ||
United Kingdom | 4.2 | |||
United States | 52.7 | |||
Vietnam | 0.0 | *** | ||
Other** | 9.0 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, exchange traded funds, rights/warrants, U.S. Government agencies, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
17 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
Small & Mid Cap Strategies Fund | ||||
One Year | 9.44 | % | ||
Five Year | 6.29 | % | ||
Ten Year | 9.41 | % | ||
MSCI ACWI SMID Cap Index (Net) | ||||
One Year | 10.24 | % | ||
Five Year | 6.53 | % | ||
Ten Year | 9.52 | % |
On December 30, 2016, the Fund changed its name to Small & Mid Cap Strategies Fund (formerly Small & Mid Cap Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy.
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
18 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.11%, as disclosed in the Funds’ prospectus dated March 1, 2019. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.17%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The MSCI ACWI SMID Cap Index (Net) also includes the reinvestment of distributions but not fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI SMID Cap Index (Net) is unmanaged. Investments cannot be made directly in an index.
Investments made in small-capitalization and mid-capitalization companies are subject to greater volatility and less liquidity compared to investments made in larger and more established companies. Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility.
19 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Investment Adviser’s Report (Unaudited) | |
The return of the Old Westbury Multi-Asset Opportunities Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 6.65%. In comparison, the return of the Fund’s primary benchmark, the MSCI All Country World Investable Market Index (IMI) (Net)a, was 12.01%. The return for the Fund’s secondary benchmark, the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (Net)a(40%) and the MSCI All Country World (IMI) (Net)a(60%), was 10.79%.
During the fiscal year, the Fund’s segment that invests in opportunistic credit and macroeconomic themes (37% of the Fund as of October 31, 2019) was the largest relative detractor versus the primary and secondary benchmarks. Within this segment, non-agency mortgage-backed securities (25% of the Fund as of October 31, 2019) and global credit (6% of the Fund as of October 31, 2019) provided strong risk-adjusted returns but nevertheless trailed high-grade bonds, a primary component of the secondary benchmark. Additionally, commodities (4% of the Fund as of October 31, 2019) underperformed considerably given heightened volatility in the fourth quarter of 2018.
However, the equity derivatives segment of the Fund (60% of the Fund as of October 31, 2019) outperformed the primary benchmark, as positioning benefited from a higher-volatility environment in equities compared to previous years.
The Fund’s primary benchmark consists of global equities, and the Fund’s secondary benchmark consists of equities and U.S. Treasuries. Relative to the benchmarks, therefore, at year-end, the Fund was overweight non-agency mortgage-backed securities, global investment grade, global high yield, and broad commodities. The investment team views each of these asset classes as having a better risk-adjusted return profile versus U.S. Treasuries going forward.
At year-end, the Fund had 73.2% of its assets in the U.S., 12.4% in developed Europe, 5.5% in Japan, 1.8% in other developed countries and 7.2% in emerging markets. The Fund maintains significant exposure to the U.S. dollar, representing 85.1% of the Fund compared to 55.9% for the primary benchmark and 73.2% for the secondary benchmark.
a The Net version of each index reflects no deductions for fees, expenses or income taxes.
20 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY COUNTRY*
Country: | ||||
Australia | 0.0 | %*** | ||
Bermuda | 0.0 | *** | ||
Brazil | 0.2 | |||
Canada | 1.8 | |||
Cayman Islands | 2.8 | |||
Chile | 0.1 | |||
Colombia | 0.1 | |||
France | 0.0 | *** | ||
Guatemala | 0.0 | *** | ||
Hong Kong | 0.0 | *** | ||
India | 0.0 | *** | ||
Ireland | 0.0 | *** | ||
Isle of Man | 0.0 | *** | ||
Israel | 0.0 | *** | ||
Luxembourg | 0.1 | |||
Mexico | 0.1 | |||
Netherlands | 0.1 | |||
Peru | 0.0 | *** | ||
Qatar | 0.0 | *** | ||
Saudi Arabia | 0.0 | *** | ||
Singapore | 0.1 | |||
South Korea | 0.0 | *** | ||
United Arab Emirates | 0.1 | |||
United Kingdom | 1.0 | |||
United States | 87.6 | |||
Others** | 5.9 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, options, exchange traded funds, rights/warrants, structured options, futures, swap agreements, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
21 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
Multi-Asset Opportunities Fund | ||||
One Year | 6.65 | % | ||
Five Year | 3.95 | % | ||
Ten Year | 6.09 | % | ||
MSCI ACWI IMI Index (Net) | ||||
One Year | 12.01 | % | ||
Five Year | 7.02 | % | ||
Ten Year | 8.94 | % | ||
Blended Index (Net) | ||||
One Year | 10.79 | % | ||
Five Year | 5.34 | % | ||
Ten Year | 6.67 | % |
On July 1, 2019, the Fund changed its name to Multi-Asset Opportunities Fund (formerly Strategic Opportunities Fund) as part of a series of changes to the overall investment focus and strategies of the Fund. Prior to January 1, 2014, the Fund was named Global Opportunities Fund and operated under a different investment strategy. The performance information shown above may not be respective of performance the Fund will achieve under its current investment strategy.
22 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would be lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any), at 1.20%, as disclosed in the Funds’ prospectus dated March 1, 2019. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.44%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The Fund compares its performance to its primary benchmark, the MSCI ACWI IMI Index (Net) and a blended benchmark consisting of a 60% weighting in the MSCI ACWI IMI Index (Net) and a 40% weighting in the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (Net) (the “Blended Index”). The MSCI ACWI IMI (Net) and the Blended Index (Net) also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The MSCI ACWI IMI (Net) and the Blended Index (Net) are unmanaged. Investments cannot be made directly in an index.
Investments made in securities of companies in foreign and emerging countries may involve additional risks, such as political and social instability, less liquidity and currency exchange rate volatility. The Fund may invest in instruments that are volatile, speculative or otherwise risky. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.
23 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited) | |
The Old Westbury Fixed Income Fund (the “Fund”) returned 8.41% for the fiscal year ended October 31, 2019. In comparison, the return of the ICE Bank of America Merrill Lynch U.S. Corporate & Government 1-10 Year AAA-A US Corporate & Government Index (the “Index”) was 8.13%.
An inverted yield curve, slowing global growth, and trade tensions were the defining themes of 2019. As the Fund’s last fiscal year came to a close in October 2018, the Federal Reserve (Fed) had raised the federal funds rate eight times since its rate-hiking cycle began, and a ninth was widely expected, even as several major economies around the world were showing signs of softer economic growth. Still, markets were optimistic about a U.S.-China trade deal, and the U.S. economic data remained solid. Shortly after the ninth rate hike, market sentiment turned negative as it became clear that the global economy was weaker than previously believed and the U.S. economy was at risk of contagion. The Fed quickly reversed course, indicating that it would pause its rate-hiking campaign and act as appropriate to support the domestic economy. As the year progressed, global economies, including the U.S., weakened and trade tensions escalated. Markets became concerned that the economy would slip into a recession. In response, the Fed lowered its funds rate 75 basis points over a four-month period and announced an early termination to its balance sheet runoff program. During the fiscal year, Treasury yields declined across the curve, with yields on longer-dated Treasuries declining the most, causing the yield curve to flatten and eventually invert. Investment-grade corporate bonds outperformed Treasuries throughout the year, as credit investors reached for higher-yielding alternatives to Treasuries, taking comfort that lower rates would eventually stabilize the economy.
The Fund maintained a higher-than-benchmark duration (price sensitivity to interest-rate moves) exposure during the year, as the mandate gradually shifted interest-rate positioning to take advantage of anticipated changes in the yield curve. Typically, when the Fed nears the end of a rate-hiking cycle, as the team expected was the case at the beginning of the fiscal year, the bond market rallies, with the most benefit accruing to the intermediate part of the curve. Longer-dated maturities also benefited as yields decline in response to expected slower growth and inflation. Early in the year, the team began moving away from the barbell positioning (overweighting bonds with shorter and longer maturities, while underweighting bonds with intermediate maturities) the Fund held at the beginning of the fiscal year, and increased exposure to intermediate maturities, which benefited from an inverting yield curve. Throughout the year, exposure to investment-grade corporate credit was gradually reduced and is now slightly underweight. Corporate bonds strongly outperformed Treasuries during the year, reducing the incremental yield investors receive relative to Treasuries, making it less attractive to incur credit risk.
The outlook for the U.S. economy remains relatively positive, albeit with some conflicting signals. The consumer sector has been the primary driver of growth, fueled by a continuing strong labor market. However, the manufacturing sector has deteriorated amidst trade uncertainty, and other economies across the world look weak. Inflation both domestically and globally has been subdued. Although the Fed has indicated that it does not expect to change rates in the near term, policy decisions could have a significant impact on inflation and economic growth, particularly with respect to trade. Markets in 2020 will also be impacted by the presidential race and the news flow that will accompany it as the election date approaches.
The team’s current strategy is to maintain the portfolio duration slightly higher than the benchmark and to maintain investment-grade corporate credit exposure at a slight underweight. It will maintain some exposure to high-quality asset-backed securities (ABS) and AAA tranches of collateralized loan obligations (CLO). Both ABS and CLOs are low-duration assets, which have shown to be resilient during a downturn. A small exposure will be maintained in U.S. Treasury Inflation-Protected Securities (TIPS), which helps protect against a possible increase in inflation.
At fiscal year-end, credit represented approximately 21% of market value of the Fund, of which ABS and CLOs account for under 5%.
24 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO ASSET ALLOCATION*
U.S. Government Agencies and Securities | 78.7 | % | ||
Corporate Bonds | 16.1 | |||
Asset Backed Securities | 4.1 | |||
Government Bonds | 0.2 | |||
Collateralized Mortgage Obligations | 0.1 | |||
Other** | 0.8 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
25 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
Fixed Income Fund | ||||
One Year | 8.41 | % | ||
Five Year | 1.94 | % | ||
Ten Year | 2.21 | % | ||
ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index | ||||
One Year | 8.13 | % | ||
Five Year | 2.39 | % | ||
Ten Year | 2.75 | % |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursement and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.72%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
26 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index also includes the reinvestment of distributions but does not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index is unmanaged. Investments cannot be made directly in an index.
The Fund is subject to risks such as credit, prepayment and interest rate risk associated with the underlying bond holdings in the Fund. The value of the Fund can decline as interest rates rise and an investor can lose principal.
27 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited) | |
The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2019, was 6.92%. In comparison, the return of the primary benchmark, the ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index (the “Index”), was 6.80%.
Slower rates of global growth, declining inflation in many areas around the world, and uncertainty surrounding trade issues all caused the Federal Reserve to become more accommodative with its monetary policy in 2019. The Federal Reserve ultimately lowered its short-term federal funds rate three times in 2019 to its present range of 1.50% to 1.75%. Prospects for lower inflation provided a boost to fixed income prices and also caused the yield curve to flatten as rates on the longest maturities experienced the greatest decline. Municipal yields declined by 96, 115, and 124 basis points in two-, five-, and 10-year maturities, respectively.
The Fund was positioned with a longer duration (greater price volatility) relative to the Index, and this proved beneficial as yields declined. Fund performance was also aided by a barbelled maturity structure that underweighted holdings in the two-through five-year maturity range. A barbelled position typically produces a higher total rate of return as yields between long and short maturities compress, causing the yield curve to flatten. The Fund holds a small concentration in securities with ratings below Aa. The Index assumes all holdings are rated Aa or higher. Credit spreads narrowed during the period, and this provided a modest advantage.
28 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY STATE*
States: | ||||
Alabama | 1.0 | % | ||
Arizona | 0.9 | |||
Arkansas | 0.2 | |||
California | 3.0 | |||
Colorado | 0.7 | |||
Connecticut | 3.0 | |||
Delaware | 1.8 | |||
District Of Columbia | 0.3 | |||
Florida | 2.8 | |||
Georgia | 3.2 | |||
Hawaii | 1.1 | |||
Idaho | 0.1 | |||
Illinois | 0.8 | |||
Indiana | 0.1 | |||
Iowa | 0.8 | |||
Kansas | 0.6 | |||
Kentucky | 0.5 | |||
Louisiana | 0.1 | |||
Maine | 0.0 | *** | ||
Maryland | 8.3 | |||
Massachusetts | 5.4 | |||
Michigan | 0.5 | |||
Minnesota | 1.1 | |||
Mississippi | 0.5 | |||
Missouri | 0.6 | |||
New Hampshire | 0.2 | |||
New Jersey | 1.2 | |||
New Mexico | 0.3 | |||
New York | 16.9 | |||
North Carolina | 2.4 | |||
Ohio | 5.5 | |||
Oklahoma | 0.6 | |||
Oregon | 1.3 | |||
Pennsylvania | 1.6 | |||
Rhode Island | 0.5 | |||
South Carolina | 0.7 | |||
South Dakota | 0.1 | |||
Tennessee | 0.9 | |||
Texas | 15.3 | |||
Utah | 0.0 | *** | ||
Virginia | 6.0 | |||
Washington | 3.6 | |||
West Virginia | 0.1 | |||
Wisconsin | 2.0 | |||
Other** | 3.4 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, U.S. Government securities, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
*** | Represents less than 0.1% of net assets. |
29 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
Municipal Bond Fund | ||||
One Year | 6.92 | % | ||
Five Year | 1.88 | % | ||
Ten Year | 2.34 | % | ||
ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index | ||||
One Year | 6.80 | % | ||
Five Year | 2.22 | % | ||
Ten Year | 2.83 | % | ||
Lipper Short-Intermediate Municipal Debt Funds Index | ||||
One Year | 5.44 | % | ||
Five Year | 1.71 | % | ||
Ten Year | 2.31 | % |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
30 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.67%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index and the Lipper Short-Intermediate Municipal Debt Funds Index are unmanaged. Investments cannot be made directly in an index.
Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes.
31 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited) | |
The California Municipal Bond Fund began operations in December of 2018 and therefore recorded 11 months of performance by fiscal year-end 2019. The Fund was positioned with a longer duration (higher price volatility) relative to the Index, and this helped relative performance as interest rates declined. The Fund held an over-concentration in the three- to four-year maturity range and an under-concentration in five- to seven-year maturities. This placed a slight drag on performance as the yield curve flattened and the longest maturities derived the greatest benefit.
The Fund is compared to a national index of municipal securities. California municipal bonds underperformed the broad national Index over the period. Approximately 20% of the Fund is invested in municipal bonds that have been “pre-refunded.” This is a process where an issuer sells a new bond deal and uses proceeds to purchase U.S. Treasury securities that are then held in escrow to pay the “pre-refunded” debt. California’s dependence on wealthy taxpayers creates volatility in its financial stream and therefore the relative value of its bonds. The thought process is that pre-refunded holdings will may add price stability if an economic slowdown and lower tax revenues occur.
32 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY STATE*
States: | ||||
California | 97.5 | % | ||
Other** | 2.5 | |||
100.0 | % |
* | Stated as a percentage of net assets. |
** | Includes cash and equivalents, investment company, U.S. Government securities, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
33 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
California Municipal Bond Fund | ||||
December 4, 2018 to October 31, 2019 | 4.78 | % | ||
ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index | ||||
December 4, 2018 to October 31, 2019 | 5.50 | % |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
34 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.78%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 11 months, with distributions reinvested. The ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index is unmanaged. Investments cannot be made directly in an index.
Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes. The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.
35 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited) | |
The New York Municipal Bond Fund began operations in December of 2018 and therefore recorded 11 months of performance by fiscal year-end 2019. The Fund was positioned with a longer duration (higher price volatility) relative to the Index, and this helped relative performance as rates declined. For much of the year, the Fund held a heavier maturity concentration (relative to the Index) in the six- to eight-year duration range and this helped as the yield curve flattened. Additionally, the Fund held a relatively high percentage of bonds with longer maturities but shorter call options. This type of structure typically provides a higher yield (relative to duration) when compared to bonds that are not callable. The New York Municipal Bond Fund is compared to a national municipal index. New York securities outperformed the broad national index over the period.
36 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
PORTFOLIO DIVERSIFICATION BY STATE*
States: | ||||
New York | 95.1 | % | ||
Other** | 4.9 | |||
100.0 | % |
* | Stated as a percentage of net assets. | |
** | Includes cash and equivalents, investment company, U.S. Government securities, pending trades and Fund share transactions, interest and dividends receivable, prepaids and accrued expenses payable. |
37 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Continued) | |
Average Annual Total Returns
For the Period Ended October 31, 2019
New York Municipal Bond Fund | ||||
December 4, 2018 to October 31, 2019 | 5.36 | % | ||
ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index | ||||
December 4, 2018 to October 31, 2019 | 5.50 | % |
The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestment of distributions, if any. Without waivers/reimbursements performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.
38 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Investment Adviser’s Report (Unaudited)- (Concluded) | |
The Adviser has contractually committed through October 31, 2021, to waive its advisory fees to the extent necessary to maintain the net operating expense ratio of the Fund, excluding Fund transaction costs, investment interest expense, dividend expenses associated with securities sold short and acquired fund fees and expenses (if any) at 0.57%. The expense ratio, prior to fee waivers and including acquired fund fees (if any), is stated in the prospectus dated March 1, 2019 as 0.78%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2019 can be found in the Financial Highlights.
The chart shown on the previous page illustrates the total value of a $10,000 investment for 11 months, with distributions reinvested. The ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index also include the reinvestment of distributions but do not include fees, expenses and income taxes associated with an investment in the Fund. The ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index is unmanaged. Investments cannot be made directly in an index.
Municipal securities held by the Fund may be adversely affected by local political and economic factors. Income from the Fund may be subject to federal alternative minimum tax, state and local taxes The Fund is non-diversified, meaning it may focus its assets in a smaller number of issuers and may be subject to more risk than a more diversified fund.
39 |
Old Westbury Funds, Inc. | |
Disclosure of Fund Expenses (Unaudited) | |
For the Period Ended October 31, 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 May 1, 2019 through October 31, 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 05/1/19 | Actual Ending Account Value 10/31/19 | Actual Expenses Paid During Period* 05/1/19-10/31/19 | Actual Expense Ratio During Period** 05/1/19-10/31/19 | |||||||||||||
All Cap Core Fund | $ | 1,000.00 | $ | 1,031.80 | $ | 5.02 | 0.98 | % | ||||||||
Large Cap Strategies Fund | 1,000.00 | 1,029.50 | 5.63 | 1.10 | % | |||||||||||
All Cap ESG Fund | 1,000.00 | 1,013.70 | 5.08 | 1.00 | % | |||||||||||
Small & Mid Cap Strategies Fund | 1,000.00 | 1,017.90 | 5.65 | 1.11 | % | |||||||||||
Multi-Asset Opportunities Fund | 1,000.00 | 1,010.70 | 6.08 | 1.20 | % | |||||||||||
Fixed Income Fund | 1,000.00 | 1,043.00 | 2.94 | 0.57 | % | |||||||||||
Municipal Bond Fund | 1,000.00 | 1,025.40 | 2.91 | 0.57 | % | |||||||||||
California Municipal Bond Fund | 1,000.00 | 1,022.30 | 2.91 | 0.57 | % | |||||||||||
New York Municipal Bond Fund | 1,000.00 | 1,023.50 | 2.91 | 0.57 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period. |
** | Expense ratios are annualized and reflect existing expense waivers/reimbursements. |
40 |
Old Westbury Funds, Inc. | |
Disclosure of Fund Expenses (Unaudited)- (Continued) | |
For the Period Ended October 31, 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 05/1/19 | Hypothetical Ending Account Value 10/31/19 | Hypothetical Expenses Paid During Period* 05/1/19-10/31/19 | Hypothetical Expense Ratio During Period** 05/1/19-10/31/19 | |||||||||||||
All Cap Core Fund | $ | 1,000.00 | $ | 1,020.27 | $ | 4.99 | 0.98 | % | ||||||||
Large Cap Strategies Fund | 1,000.00 | 1,019.66 | 5.60 | 1.10 | % | |||||||||||
All Cap ESG Fund | 1,000.00 | 1,020.16 | 5.09 | 1.00 | % | |||||||||||
Small & Mid Cap Strategies Fund | 1,000.00 | 1,019.61 | 5.65 | 1.11 | % | |||||||||||
Multi-Asset Opportunities Fund | 1,000.00 | 1,019.16 | 6.11 | 1.20 | % | |||||||||||
Fixed Income Fund | 1,000.00 | 1,022.33 | 2.91 | 0.57 | % | |||||||||||
Municipal Bond Fund | 1,000.00 | 1,022.33 | 2.91 | 0.57 | % | |||||||||||
California Municipal Bond Fund | 1,000.00 | 1,022.33 | 2.91 | 0.57 | % | |||||||||||
New York Municipal Bond Fund | 1,000.00 | 1,022.33 | 2.91 | 0.57 | % |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 184/365 to reflect the one-half year period. |
** | Expense ratios are annualized and reflect existing expense waivers/reimbursements. |
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, these tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
41 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Portfolio of Investments | October 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 94.5% | ||||||||
Banks — 3.9% | ||||||||
1,158,655 | Bank of America Corp. | $ | 36,231,142 | |||||
446,955 | Citigroup, Inc. | 32,118,186 | ||||||
68,349,328 | ||||||||
Communication Services — 11.1% | ||||||||
434,475 | Activision Blizzard, Inc. | 24,343,634 | ||||||
57,817 | Alphabet, Inc. - Class C(a) | 72,855,780 | ||||||
286,465 | Facebook, Inc. - Class A(a) | 54,901,017 | ||||||
515,005 | Tencent Holdings Ltd. | 21,084,055 | ||||||
176,385 | Walt Disney Co. (The) | 22,915,939 | ||||||
196,100,425 | ||||||||
Consumer Discretionary — 11.9% | ||||||||
55,593 | Advance Auto Parts, Inc. | 9,032,751 | ||||||
131,110 | Alibaba Group Holding Ltd. - ADR(a) | 23,163,204 | ||||||
34,695 | Amazon.com, Inc.(a) | 61,641,219 | ||||||
12,081 | Booking Holdings, Inc.(a) | 24,751,190 | ||||||
24,635 | Burlington Stores, Inc.(a) | 4,734,108 | ||||||
165,211 | Dollarama, Inc. | 5,558,044 | ||||||
145,405 | Home Depot, Inc. (The) | 34,109,105 | ||||||
313,970 | NIKE, Inc. - Class B | 28,116,014 | ||||||
2,768,321 | Samsonite International SA(b) | 5,702,015 | ||||||
92,480 | Six Flags Entertainment Corp. | 3,901,731 | ||||||
164,345 | Wyndham Hotels & Resorts, Inc. | 8,869,700 | ||||||
209,579,081 | ||||||||
Consumer Staples — 2.5% | ||||||||
53,841 | Ingredion, Inc. | 4,253,439 | ||||||
292,035 | PepsiCo, Inc. | 40,058,441 | ||||||
44,311,880 | ||||||||
Diversified Financials — 6.3% | ||||||||
38,496 | BlackRock, Inc. | 17,773,603 | ||||||
106,900 | CME Group, Inc. | 21,994,675 | ||||||
394,910 | Discover Financial Services | 31,695,477 | ||||||
66,900 | MSCI, Inc. | 15,692,064 | ||||||
88,767 | Nasdaq, Inc. | 8,856,284 | ||||||
58,300 | S&P Global, Inc. | 15,040,817 | ||||||
111,052,920 | ||||||||
Energy — 2.8% | ||||||||
21,694 | Apergy Corp.(a) | 546,038 | ||||||
635,235 | ConocoPhillips | 35,064,972 | ||||||
112,015 | Pioneer Natural Resources Co. | 13,780,085 | ||||||
49,391,095 | ||||||||
Health Care — 13.8% | ||||||||
445,262 | Baxter International, Inc. | 34,151,595 | ||||||
32,875 | Cooper Cos., Inc. (The) | 9,566,625 | ||||||
258,270 | Danaher Corp. | 35,594,771 | ||||||
195,928 | IQVIA Holdings, Inc.(a) | 28,295,922 | ||||||
32,516 | Laboratory Corp of America Holdings(a) | 5,357,661 |
Shares | Value | |||||||
Health Care (continued) | ||||||||
51,116 | STERIS Plc | $ | 7,236,492 | |||||
25,765 | Teleflex, Inc. | 8,951,019 | ||||||
125,600 | Thermo Fisher Scientific, Inc. | 37,928,688 | ||||||
135,225 | UnitedHealth Group, Inc. | 34,171,358 | ||||||
35,850 | West Pharmaceutical Services, Inc. | 5,156,663 | ||||||
283,465 | Zoetis, Inc. | 36,260,843 | ||||||
242,671,637 | ||||||||
Industrials — 13.0% | ||||||||
94,110 | Allegion Plc | 10,920,524 | ||||||
137,970 | AO Smith Corp. | 6,854,350 | ||||||
71,790 | Cintas Corp. | 19,287,819 | ||||||
79,027 | Dover Corp. | 8,210,115 | ||||||
43,200 | Equifax, Inc. | 5,905,871 | ||||||
375,039 | Fortive Corp. | 25,877,691 | ||||||
209,166 | IAA, Inc.(a) | 7,979,683 | ||||||
35,430 | IDEX Corp. | 5,510,428 | ||||||
174,066 | KAR Auction Services, Inc. | 4,327,281 | ||||||
22,799 | L3Harris Technologies, Inc. | 4,703,662 | ||||||
1,053,180 | Rentokil Initial Plc | 6,200,473 | ||||||
287,525 | Safran SA | 45,487,967 | ||||||
297,850 | Union Pacific Corp. | 49,282,261 | ||||||
44,175 | Verisk Analytics, Inc. | 6,392,123 | ||||||
207,155 | Waste Management, Inc. | 23,244,863 | ||||||
230,185,111 | ||||||||
Information Technology — 22.5% | ||||||||
208,700 | Amphenol Corp. - Class A | 20,938,871 | ||||||
37,890 | ANSYS, Inc.(a) | 8,341,484 | ||||||
164,830 | Apple, Inc. | 41,003,111 | ||||||
26,510 | Cabot Microelectronics Corp. | 4,006,191 | ||||||
51,980 | CDW Corp. | 6,648,762 | ||||||
119,478 | CoreLogic, Inc.(a) | 4,837,664 | ||||||
339,280 | Fidelity National Information Services, Inc. | 44,703,533 | ||||||
719,640 | Microsoft Corp. | 103,174,787 | ||||||
180,375 | salesforce.com, Inc.(a) | 28,226,884 | ||||||
91,708 | ServiceNow, Inc.(a) | 22,675,720 | ||||||
67,495 | Synopsys, Inc.(a) | 9,162,446 | ||||||
330,485 | Texas Instruments, Inc. | 38,993,925 | ||||||
362,900 | Visa, Inc. - Class A | 64,908,294 | ||||||
397,621,672 | ||||||||
Insurance — 2.2% | ||||||||
256,805 | CHUBB Ltd. | 39,142,218 | ||||||
Materials — 0.5% | ||||||||
56,998 | AptarGroup, Inc. | 6,734,314 | ||||||
88,205 | Axalta Coating Systems Ltd.(a) | 2,601,165 | ||||||
9,335,479 | ||||||||
Real Estate — 1.5% | ||||||||
123,780 | American Tower Corp. REIT | 26,993,942 | ||||||
Utilities — 2.5% | ||||||||
335,310 | Ameren Corp. | 26,053,587 |
42 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Portfolio of Investments - (Continued) | October 31, 2019 |
Shares | Value | |||||||
Utilities (continued) | ||||||||
144,845 | American Water Works Co., Inc. | $ | 17,855,043 | |||||
43,908,630 | ||||||||
Total Common Stocks (Cost $1,209,779,525) | 1,668,643,418 | |||||||
INVESTMENT COMPANY — 3.4% | ||||||||
60,935,363 | SEI Daily Income Trust Government II Fund, Class A, 1.68%(c) | 60,935,363 | ||||||
Total Investment Company (Cost $60,935,363) | 60,935,363 | |||||||
EXCHANGE-TRADED FUNDS — 2.2% | ||||||||
638,600 | Consumer Staples Select Sector SPDR Fund | 39,056,776 | ||||||
Total Exchange-Traded Funds (Cost $39,080,206) | 39,056,776 | |||||||
TOTAL INVESTMENTS — 100.1% (Cost $1,309,795,094) | $ | 1,768,635,557 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% | (2,348,547 | ) | ||||||
NET ASSETS — 100.0% | $ | 1,766,287,010 |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. |
(c) | The rate shown represents the current yield as of October 31, 2019. |
The following abbreviations are used in the report:
ADR-American Depositary Receipt
REIT-Real Estate Investment Trust
SPDR-Standard & Poor’s Depository Receipts
43 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments | October 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
ARGENTINA — 0.0% | ||||||||
71,791 | Transportadora de Gas del Sur SA - ADR - Class B | $ | 542,740 | |||||
66,117 | YPF SA - ADR | 618,855 | ||||||
1,161,595 | ||||||||
AUSTRALIA — 0.9% | ||||||||
45,318 | Caltex Australia Ltd. | 851,915 | ||||||
686,760 | CSL Ltd. | 121,209,372 | ||||||
9,871,234 | Evolution Mining Ltd. | 28,103,593 | ||||||
268,439 | Oil Search Ltd. | 1,324,948 | ||||||
304,166 | Origin Energy Ltd. | 1,648,062 | ||||||
362,467 | Santos Ltd. | 2,028,920 | ||||||
46,291 | Washington H. Soul Pattinson & Co. Ltd. | 693,101 | ||||||
174,402 | Woodside Petroleum Ltd. | 3,871,219 | ||||||
159,731,130 | ||||||||
AUSTRIA — 0.0% | ||||||||
30,918 | OMV AG | 1,804,142 | ||||||
BELGIUM — 0.6% | ||||||||
354,566 | Galapagos NV - ADR(a) | 65,229,507 | ||||||
909,962 | Proximus SADP | 27,939,655 | ||||||
31,816 | Sofina SA | 7,033,003 | ||||||
100,202,165 | ||||||||
BERMUDA — 0.1% | ||||||||
75,420 | Credicorp. Ltd. | 16,142,897 | ||||||
BRAZIL — 0.9% | ||||||||
3,775,136 | Ambev SA - ADR | 16,270,836 | ||||||
906,054 | B3 SA - Brasil Bolsa Balcao | 10,936,809 | ||||||
2,591,423 | Banco Bradesco SA - ADR | 22,700,865 | ||||||
326,536 | Cia Brasileira de Distribuicao - ADR | 6,733,172 | ||||||
52,310 | Cosan SA | 749,988 | ||||||
2,190,274 | Itau Unibanco Holding SA - ADR | 19,778,174 | ||||||
1,415,160 | Linx SA | 12,233,786 | ||||||
886,700 | Localiza Rent a Car SA | 9,507,069 | ||||||
848,700 | Pagseguro Digital Ltd. - Class A(a) | 31,469,796 | ||||||
547,863 | Petroleo Brasileiro SA | 4,464,322 | ||||||
2,283,860 | WEG SA | 14,646,772 | ||||||
149,491,589 | ||||||||
CANADA — 1.3% | ||||||||
82,149 | Bank of Montreal | 6,081,184 | ||||||
116,810 | Bank of Nova Scotia (The) | 6,699,436 | ||||||
68,679 | Cameco Corp. | 613,215 | ||||||
510,053 | Canadian Apartment Properties REIT | 21,237,041 | ||||||
79,718 | Canadian Imperial Bank of Commerce | 6,797,607 | ||||||
224,095 | Canadian Natural Resources Ltd. | 5,650,440 | ||||||
191,989 | Cenovus Energy, Inc. | 1,635,500 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
191,520 | Enbridge, Inc. | $ | 6,975,336 | |||||
170,494 | Enbridge, Inc. | 6,207,687 | ||||||
246,046 | Encana Corp. | 963,934 | ||||||
94,631 | Husky Energy, Inc. | 661,002 | ||||||
53,873 | Imperial Oil Ltd. | 1,341,610 | ||||||
62,139 | Inter Pipeline Ltd. | 1,043,120 | ||||||
34,141 | Keyera Corp. | 791,379 | ||||||
128,578 | National Bank of Canada | 6,640,252 | ||||||
598,770 | Open Text Corp. | 24,194,472 | ||||||
93,452 | Pembina Pipeline Corp. | 3,290,084 | ||||||
48,999 | PrairieSky Royalty Ltd. | 478,420 | ||||||
203,385 | Shopify, Inc. - Class A(a) | 63,775,434 | ||||||
295,177 | Suncor Energy, Inc. | 8,776,199 | ||||||
169,468 | TC Energy Corp. | 8,542,237 | ||||||
172,586 | TELUS Corp. | 6,138,983 | ||||||
2,441 | Tourmaline Oil Corp. | 20,942 | ||||||
41,029 | Vermilion Energy, Inc. | 542,028 | ||||||
423,656 | Waste Connections, Inc. | 39,145,814 | ||||||
228,243,356 | ||||||||
CHILE — 0.0% | ||||||||
206,295 | Banco Santander Chile - ADR | 4,998,528 | ||||||
CHINA — 4.7% | ||||||||
215,151 | 51job, Inc. - ADR(a) | 16,947,444 | ||||||
1,066,500 | AAC Technologies Holdings, Inc. | 6,941,277 | ||||||
1,698,011 | Alibaba Group Holding Ltd. - ADR(a) | 299,987,603 | ||||||
126,782 | Autohome, Inc. - ADR(a) | 10,720,686 | ||||||
81,707 | Baidu, Inc. - ADR(a) | 8,321,858 | ||||||
4,471,951 | China Petroleum & Chemical Corp. - H Shares | 2,568,135 | ||||||
6,501,329 | China Shenhua Energy Co. Ltd. - H Shares | 13,225,095 | ||||||
3,391,482 | CNOOC Ltd. | 5,089,852 | ||||||
116,432 | CNOOC Ltd. - ADR | 17,294,809 | ||||||
4,974,114 | CSPC Pharmaceutical Group Ltd. | 12,790,842 | ||||||
2,728,058 | ENN Energy Holdings Ltd. | 31,263,549 | ||||||
3,665,167 | Hangzhou Hikvision Digital Technology Co. Ltd. | 16,823,428 | ||||||
177,422 | JD.com, Inc. - ADR(a) | 5,526,695 | ||||||
810,489 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A | 11,590,736 | ||||||
2,479,929 | Midea Group Co. Ltd. | 19,528,939 | ||||||
3,632,501 | PetroChina Co. Ltd. - H Shares | 1,784,739 | ||||||
2,098,000 | Ping An Insurance Group Co. of China Ltd. - H Shares | 24,297,437 | ||||||
1,546,810 | S.f. Holding Co. Ltd. | 8,697,761 | ||||||
1,034,458 | Shenzhou International Group Holdings Ltd. | 14,336,761 | ||||||
1,175,243 | Sunny Optical Technology Group Co. Ltd. | 19,017,581 | ||||||
5,772,480 | Tencent Holdings Ltd. | 236,322,537 | ||||||
194,514 | Trip.com Group Ltd. - ADR(a) | 6,417,017 | ||||||
108,084 | Weibo Corp. - ADR(a) | 5,316,652 |
44 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2019 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
649,200 | Yanzhou Coal Mining Co. Ltd. - H Shares | $ | 660,306 | |||||
795,471,739 | ||||||||
COLOMBIA — 0.1% | ||||||||
318,823 | Bancolombia SA - ADR | 16,540,537 | ||||||
1,130,546 | Ecopetrol SA | 1,016,822 | ||||||
17,557,359 | ||||||||
CZECH REPUBLIC — 0.1% | ||||||||
323,870 | Komercni Banka AS | 10,947,555 | ||||||
DENMARK — 0.4% | ||||||||
921,946 | Danske Bank A/S | 13,154,535 | ||||||
236,927 | Drilling Co. of 1972 A/S (The)(a) | 13,369,321 | ||||||
510,152 | H. Lundbeck A/S | 17,401,584 | ||||||
110,652 | SimCorp A/S | 9,886,132 | ||||||
457,532 | Tryg A/S | 12,779,041 | ||||||
66,590,613 | ||||||||
EGYPT — 0.1% | ||||||||
2,308,522 | Commercial International Bank Egypt SAE - GDR | 11,404,099 | ||||||
FINLAND — 0.1% | ||||||||
77,308 | Neste Oyj | 2,790,131 | ||||||
14,842 | Nordea Bank Abp | 108,523 | ||||||
148,419 | Sampo Oyj - A Shares | 6,081,633 | ||||||
8,980,287 | ||||||||
FRANCE — 0.8% | ||||||||
49,880 | Air Liquide SA | 6,625,603 | ||||||
40,265 | Gecina SA REIT | 6,906,780 | ||||||
86,620 | Legrand SA | 6,760,576 | ||||||
301,272 | L’Oreal SA | 87,967,042 | ||||||
435,195 | TOTAL SA | 22,878,049 | ||||||
131,138,050 | ||||||||
GERMANY — 1.0% | ||||||||
1,457,503 | Deutsche Telekom AG | 25,631,714 | ||||||
24,780 | MTU Aero Engines AG | 6,616,328 | ||||||
253,505 | Muenchener Rueckversicherungs- Gesellschaft AG | 70,400,777 | ||||||
49,317 | SAP SE | 6,534,384 | ||||||
55,354 | Siemens AG | 6,382,299 | ||||||
1,280,597 | Zalando SE(a)(b) | 55,487,490 | ||||||
171,052,992 | ||||||||
GREECE — 0.0% | ||||||||
23,893 | Motor Oil (Hellas) Corinth Refineries SA | 589,984 | ||||||
HONG KONG — 1.7% | ||||||||
14,515,126 | AIA Group Ltd. | 145,318,900 | ||||||
815,809 | ASM Pacific Technology Ltd. | 11,420,982 | ||||||
15,539,000 | CITIC Ltd. | 20,425,309 | ||||||
569,500 | CLP Holdings Ltd. | 5,912,343 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
2,815,000 | Hong Kong & China Gas Co. Ltd. | $ | 5,467,659 | |||||
323,421 | Jardine Strategic Holdings Ltd. | 10,456,201 | ||||||
939,067 | MTR Corp. Ltd. | 5,392,839 | ||||||
37,254,578 | Sino Biopharmaceutical Ltd. | 55,720,577 | ||||||
384,500 | Sun Hung Kai Properties Ltd. | 5,834,270 | ||||||
2,034,000 | Techtronic Industries Co. Ltd. | 15,963,731 | ||||||
281,912,811 | ||||||||
HUNGARY — 0.0% | ||||||||
64,024 | MOL Hungarian Oil & Gas Plc | 632,836 | ||||||
INDIA — 2.6% | ||||||||
1,438,363 | Asian Paints Ltd. | 36,696,850 | ||||||
127,415 | Bharat Petroleum Corp. Ltd. | 945,974 | ||||||
291,134 | Coal India Ltd. | 851,909 | ||||||
69,885 | Eicher Motors Ltd. | 22,206,441 | ||||||
6,169,000 | HDFC Bank Ltd. | 107,009,205 | ||||||
3,268,203 | Housing Development Finance Corp. Ltd. | 98,232,127 | ||||||
395,989 | Indian Oil Corp. Ltd. | 819,572 | ||||||
914,401 | Kotak Mahindra Bank Ltd. | 20,298,178 | ||||||
663,382 | Maruti Suzuki India Ltd. | 70,701,512 | ||||||
564,396 | Oil & Natural Gas Corp. Ltd. | 1,127,539 | ||||||
503,642 | Reliance Industries Ltd. | 10,397,873 | ||||||
518,597 | Tata Consultancy Services, Ltd. | 16,594,592 | ||||||
2,993,315 | Titan Co. Ltd. | 56,178,925 | ||||||
442,060,697 | ||||||||
INDONESIA — 0.5% | ||||||||
7,274,768 | Adaro Energy Tbk PT | 678,916 | ||||||
20,416,749 | Astra International Tbk PT | 10,108,742 | ||||||
6,542,422 | Bank Central Asia Tbk PT | 14,658,344 | ||||||
65,634,068 | Bank Rakyat Indonesia Persero Tbk PT | 19,685,077 | ||||||
3,892,170 | Bukit Asam Tbk PT | 623,879 | ||||||
121,608,123 | Telekomunikasi Indonesia Persero Tbk PT | 35,606,567 | ||||||
444,665 | United Tractors Tbk PT | 686,622 | ||||||
82,048,147 | ||||||||
IRELAND — 0.9% | ||||||||
179,290 | Accenture Plc - Class A | 33,243,952 | ||||||
602,401 | Aptiv PLC | 53,945,010 | ||||||
631,795 | Medtronic Plc | 68,802,476 | ||||||
155,991,438 | ||||||||
ISLE OF MAN — 0.3% | ||||||||
3,944,245 | GVC Holdings Plc | 45,471,807 | ||||||
ITALY — 0.1% | ||||||||
470,296 | ENI SpA | 7,117,750 | ||||||
999,836 | Terna Rete Elettrica Nazionale SpA | 6,605,952 | ||||||
13,723,702 | ||||||||
JAPAN — 5.1% | ||||||||
748,363 | Adastria Co. Ltd. | 18,509,840 |
45 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
927,400 | Bandai Namco Holdings, Inc. | $ | 57,263,665 | |||||
310,199 | Bridgestone Corp. | 12,992,222 | ||||||
62,300 | Fast Retailing Co. Ltd. | 38,681,498 | ||||||
902,765 | Fujifilm Holdings Corp. | 39,959,410 | ||||||
38,703 | Idemitsu Kosan Co. Ltd. | 1,148,654 | ||||||
170,780 | Inpex Corp. | 1,594,885 | ||||||
1,979,458 | Japan Airlines Co. Ltd. | 61,845,461 | ||||||
593,957 | JXTG Holdings, Inc. | 2,801,757 | ||||||
250,467 | Keyence Corp. | 159,617,918 | ||||||
272,146 | Morinaga & Co. Ltd. | 13,482,555 | ||||||
564,812 | Nagoya Railroad Co. Ltd. | 18,044,276 | ||||||
379,816 | NH Foods Ltd. | 15,985,403 | ||||||
854,018 | Nippon Telegraph & Telephone Corp. | 42,515,055 | ||||||
3,335,875 | NTT Data Corp. | 44,235,327 | ||||||
911,232 | Osaka Gas Co. Ltd. | 17,914,117 | ||||||
497,600 | PeptiDream, Inc.(a) | 25,158,774 | ||||||
329,224 | Sankyo Co. Ltd. | 11,569,637 | ||||||
263,087 | Sawai Pharmaceutical Co. Ltd. | 14,885,282 | ||||||
842,528 | Secom Co. Ltd. | 78,526,200 | ||||||
2,142,166 | Seven & I Holdings Co. Ltd. | 81,330,499 | ||||||
639,837 | Suntory Beverage & Food Ltd. | 27,373,340 | ||||||
2,470,905 | Terumo Corp. | 81,227,084 | ||||||
866,662,859 | ||||||||
KENYA — 0.1% | ||||||||
1,565,379 | East African Breweries Ltd. | 3,045,897 | ||||||
49,502,720 | Safaricom Plc | 14,256,592 | ||||||
17,302,489 | ||||||||
LUXEMBOURG — 0.1% | ||||||||
76,168 | Tenaris SA | 769,139 | ||||||
600,158 | Tenaris SA - ADR | 12,183,207 | ||||||
12,952,346 | ||||||||
MACAU — 0.2% | ||||||||
5,231,800 | Sands China Ltd. | 25,872,070 | ||||||
MEXICO — 0.4% | ||||||||
141,286 | Fomento Economico Mexicano SAB de CV - ADR | 12,577,280 | ||||||
86,657 | Grupo Aeroportuario del Sureste SAB de CV - ADR | 14,190,084 | ||||||
3,200,072 | Grupo Financiero Banorte SAB de CV - Series O | 17,497,132 | ||||||
5,657,745 | Wal-Mart de Mexico SAB de CV | 16,955,735 | ||||||
61,220,231 | ||||||||
MOROCCO AND ANTILLES — 0.0% | ||||||||
124,659 | Attijariwafa Bank | 6,094,939 | ||||||
NETHERLANDS — 2.6% | ||||||||
154,408 | Aalberts NV | 6,209,936 | ||||||
60,054 | Adyen NV(a)(b) | 42,156,084 | ||||||
496,288 | ASML Holding NV | 130,074,814 | ||||||
370,038 | ASML Holding NV | 96,938,855 | ||||||
33,295 | Prosus NV(a) | 2,295,989 |
Shares | Value | |||||||
NETHERLANDS (continued) | ||||||||
804,700 | Royal Dutch Shell Plc - A Shares | $ | 23,276,145 | |||||
680,396 | Royal Dutch Shell Plc - B Shares | 19,548,418 | ||||||
1,952,839 | Unilever NV | 115,325,138 | ||||||
224,579 | Yandex NV - Class A(a) | 7,498,693 | ||||||
443,324,072 | ||||||||
NORWAY — 0.2% | ||||||||
28,275 | Aker BP ASA | 780,655 | ||||||
195,882 | Equinor ASA | 3,623,204 | ||||||
335,972 | Salmar ASA | 15,654,812 | ||||||
1,159,461 | Telenor ASA | 21,704,867 | ||||||
41,763,538 | ||||||||
PAKISTAN — 0.0% | ||||||||
846,175 | Oil & Gas Development Co. Ltd. | 700,495 | ||||||
PANAMA — 0.1% | ||||||||
134,303 | Copa Holdings SA - Class A | 13,663,987 | ||||||
POLAND — 0.0% | ||||||||
25,472 | Grupa Lotos SA | 636,025 | ||||||
49,353 | Polski Koncern Naftowy ORLEN SA | 1,348,580 | ||||||
1,984,605 | ||||||||
PORTUGAL — 0.0% | ||||||||
91,639 | Galp Energia SGPS SA | 1,459,487 | ||||||
QATAR — 0.0% | ||||||||
75,408 | Qatar Fuel QSC | 457,709 | ||||||
RUSSIA — 0.6% | ||||||||
412,591 | Lukoil PJSC - ADR | 37,983,127 | ||||||
168,172 | NovaTek PJSC - GDR | 35,988,808 | ||||||
1,761,700 | Sberbank of Russia PJSC - ADR | 25,901,394 | ||||||
596,143 | Sberbank of Russia PJSC - ADR | 8,763,302 | ||||||
108,636,631 | ||||||||
SINGAPORE — 0.2% | ||||||||
4,106,100 | CapitaLand Commercial Trust | 6,187,295 | ||||||
2,364,100 | CapitaLand Ltd. | 6,255,842 | ||||||
4,145,809 | Mapletree Commercial Trust, REIT | 7,100,397 | ||||||
732,800 | Oversea-Chinese Banking Corp. Ltd. | 5,903,553 | ||||||
886,500 | Singapore Airlines Ltd. | 6,131,769 | ||||||
320,900 | United Overseas Bank Ltd. | 6,328,602 | ||||||
37,907,458 | ||||||||
SOUTH AFRICA — 0.3% | ||||||||
838,067 | AngloGold Ashanti Ltd. | 18,324,275 | ||||||
1,341,475 | Discovery Ltd. | 10,676,403 | ||||||
57,377 | Exxaro Resources Ltd. | 468,228 | ||||||
28,985 | Naspers Ltd. - Class N | 4,115,753 | ||||||
430,589 | Sasol Ltd. | 7,815,601 |
46 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH AFRICA (continued) | ||||||||
1,357,159 | Standard Bank Group Ltd. | $ | 15,580,316 | |||||
56,980,576 | ||||||||
SOUTH KOREA — 0.7% | ||||||||
53,713 | Amorepacific Corp. | 8,864,065 | ||||||
15,770 | GS Holdings Corp. | 672,982 | ||||||
425,908 | Hankook Tire & Technology Co. Ltd. | 11,366,576 | ||||||
23,343 | LG Household & Health Care Ltd. | 25,300,205 | ||||||
47,709 | Samsung Electronics Co. Ltd. - GDR | 51,668,174 | ||||||
8,427 | SK Innovation Co. Ltd. | 1,158,898 | ||||||
171,492 | Woongjin Coway Co. Ltd. | 13,531,278 | ||||||
112,562,178 | ||||||||
SPAIN — 0.2% | ||||||||
1,265,140 | Enagas SA | 31,310,317 | ||||||
261,237 | Repsol SA | 4,282,956 | ||||||
35,593,273 | ||||||||
SWEDEN — 0.8% | ||||||||
3,932,551 | Atlas Copco AB - A Shares | 138,922,413 | ||||||
38,054 | Lundin Petroleum AB | 1,256,420 | ||||||
140,178,833 | ||||||||
SWITZERLAND — 1.9% | ||||||||
461,200 | Alcon, Inc.(a) | 27,335,324 | ||||||
75 | Chocoladefabriken Lindt & Spruengli AG | 6,142,930 | ||||||
25,449 | CHUBB Ltd. | 3,878,937 | ||||||
599,420 | Coca-Cola HBC AG - CDI | 18,246,830 | ||||||
93,870 | Helvetia Holding AG | 13,169,395 | ||||||
41,869 | Kuehne + Nagel International AG | 6,763,127 | ||||||
158,600 | Lonza Group AG | 57,073,492 | ||||||
51,907 | PSP Swiss Property AG | 6,866,562 | ||||||
715,218 | Swiss Re AG | 74,893,076 | ||||||
67,356 | Swisscom AG | 34,411,986 | ||||||
913,437 | TE Connectivity Ltd. | 81,752,612 | ||||||
330,534,271 | ||||||||
TAIWAN — 1.4% | ||||||||
9,084,136 | Chang Hwa Commercial Bank Ltd. | 7,087,539 | ||||||
10,363,382 | Chunghwa Telecom Co. Ltd. | 38,130,083 | ||||||
1,240,541 | Eclat Textile Co. Ltd. | 16,688,344 | ||||||
8,508,240 | First Financial Holding Co. Ltd. | 6,246,913 | ||||||
2,359,020 | Hon Hai Precision Industry Co. Ltd. | 6,246,186 | ||||||
9,455,701 | Hua Nan Financial Holdings Co. Ltd. | 6,802,774 | ||||||
98,000 | Largan Precision Co. Ltd. | 14,390,697 | ||||||
15,191,547 | Taiwan Business Bank | 6,412,883 | ||||||
9,253,231 | Taiwan Cement Corp. | 12,295,895 | ||||||
4,890,000 | Taiwan Mobile Co. Ltd. | 18,232,782 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
7,563,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | $ | 74,162,892 | |||||
11,785,373 | Uni-President Enterprises Corp. | 29,114,504 | ||||||
235,811,492 | ||||||||
THAILAND — 1.0% | ||||||||
15,156,800 | Airports of Thailand Public Co. Ltd. | 39,278,675 | ||||||
46,699,800 | CP ALL Public Co. Ltd. | 120,635,350 | ||||||
4,726,900 | Siam Commercial Bank Public Co. Ltd. (The) | 17,533,127 | ||||||
177,447,152 | ||||||||
TURKEY — 0.0% | ||||||||
25,759 | Tupras Turkiye Petrol Rafinerileri AS | 560,933 | ||||||
UNITED ARAB EMIRATES — 0.1% | ||||||||
702,242 | DP World Ltd. | 9,332,796 | ||||||
UNITED KINGDOM — 1.5% | ||||||||
1 | Abcam Plc | 15 | ||||||
24,481 | Aon Plc | 4,728,750 | ||||||
434,265 | Atlassian Corp. Plc - Class A(a) | 52,454,869 | ||||||
179,060 | Bank of Georgia Group Plc | 3,012,979 | ||||||
3,738,236 | BP Plc | 23,693,557 | ||||||
3,230,038 | Compass Group Plc | 86,023,888 | ||||||
143,653 | John Wood Group Plc | 629,513 | ||||||
2,367,601 | RELX Plc | 56,931,005 | ||||||
1,111,764 | Smith & Nephew Plc | 23,798,106 | ||||||
69,374 | TechnipFMC Plc | 1,368,749 | ||||||
252,641,431 | ||||||||
UNITED STATES — 61.4% | ||||||||
35,748 | 3M Co. | 5,898,063 | ||||||
352,725 | Abbott Laboratories | 29,491,337 | ||||||
847,710 | AbbVie, Inc. | 67,435,331 | ||||||
152,499 | ABIOMED, Inc.(a) | 31,655,742 | ||||||
310,097 | ABM Industries, Inc. | 11,306,137 | ||||||
617,700 | Activision Blizzard, Inc. | 34,609,731 | ||||||
340,732 | Aerojet Rocketdyne Holdings, Inc.(a) | 14,729,844 | ||||||
108,259 | Aflac, Inc. | 5,755,048 | ||||||
226,300 | Agilent Technologies, Inc. | 17,142,225 | ||||||
551,485 | Air Products & Chemicals, Inc. | 117,609,691 | ||||||
189,051 | Align Technology, Inc.(a) | 47,695,677 | ||||||
18,149 | Allstate Corp. (The) | 1,931,417 | ||||||
143,082 | Ally Financial Inc. | 4,382,602 | ||||||
34,257 | Alphabet, Inc. - Class A(a) | 43,122,712 | ||||||
208,039 | Alphabet, Inc. - Class C(a) | 262,152,024 | ||||||
216,239 | Amazon.com, Inc.(a) | 384,183,181 | ||||||
1,100,726 | American Express Co. | 129,093,145 | ||||||
7,763 | American Financial Group, Inc. | 807,663 | ||||||
57,772 | American International Group, Inc. | 3,059,605 | ||||||
149,325 | American Tower Corp. REIT | 32,564,796 | ||||||
25,175 | Ameriprise Financial, Inc. | 3,798,656 | ||||||
405,906 | AMETEK, Inc. | 37,201,285 |
47 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
296,525 | Amgen, Inc. | $ | 63,233,956 | |||||
65,836 | Amphenol Corp. - Class A | 6,605,326 | ||||||
1,308,145 | Annaly Capital Management, Inc. REIT | 11,747,142 | ||||||
67,868 | Apache Corp. | 1,470,021 | ||||||
1,588,383 | Apollo Commercial Real Estate Finance, Inc. REIT | 29,067,409 | ||||||
1,466,209 | Apple, Inc. | 364,734,151 | ||||||
231,600 | Arthur J Gallagher & Co. | 21,126,551 | ||||||
116,473 | Assurant, Inc. | 14,683,751 | ||||||
97,349 | Athene Holding Ltd. - Class A(a) | 4,220,079 | ||||||
893,571 | Automatic Data Processing, Inc. | 144,964,023 | ||||||
106,835 | AXA Equitable Holdings, Inc. | 2,307,635 | ||||||
108,675 | Baker Hughes Co. | 2,325,645 | ||||||
3,879,805 | Bank of America Corp. | 121,321,502 | ||||||
49,845 | Bank of New York Mellon Corp. (The) | 2,330,254 | ||||||
166,570 | BB&T Corp. | 8,836,538 | ||||||
741,821 | Berkshire Hathaway, Inc. - Class B(a) | 157,696,308 | ||||||
21,041 | BlackRock, Inc. | 9,714,629 | ||||||
891,189 | Bloomin’ Brands, Inc. | 17,654,454 | ||||||
281,220 | Bluebird Bio, Inc.(a) | 22,778,819 | ||||||
81,479 | Booking Holdings, Inc.(a) | 166,931,731 | ||||||
3,735,700 | Boston Scientific Corp.(a) | 155,778,690 | ||||||
487,079 | Brinker International, Inc. | 21,650,662 | ||||||
43,383 | Broadcom, Inc. | 12,704,712 | ||||||
423,250 | Broadridge Financial Solutions, Inc. | 52,999,365 | ||||||
89,715 | Cabot Oil & Gas Corp. | 1,672,288 | ||||||
85,153 | Capital One Financial Corp. | 7,940,517 | ||||||
995,724 | Charles Schwab Corp. (The) | 40,535,924 | ||||||
578,344 | Cheesecake Factory, Inc. (The) | 24,168,996 | ||||||
38,881 | Cheniere Energy, Inc.(a) | 2,393,126 | ||||||
351,321 | Chevron Corp. | 40,802,421 | ||||||
23,695 | Cimarex Energy Co. | 1,000,403 | ||||||
1,391,925 | Cisco Systems, Inc. | 66,130,357 | ||||||
47,370 | CIT Group, Inc. | 2,031,699 | ||||||
259,593 | Citigroup, Inc. | 18,654,353 | ||||||
94,742 | Citizens Financial Group Inc. | 3,331,129 | ||||||
92,999 | Clorox Co. (The) | 13,735,022 | ||||||
20,273 | CME Group, Inc. | 4,171,170 | ||||||
901,600 | Coca-Cola Co. (The) | 49,074,088 | ||||||
1,314,164 | Colgate-Palmolive Co. | 90,151,650 | ||||||
2,421,600 | Comcast Corp. - Class A | 108,536,112 | ||||||
67,221 | Comerica, Inc. | 4,397,598 | ||||||
36,953 | Concho Resources, Inc. | 2,495,067 | ||||||
626,170 | ConocoPhillips | 34,564,584 | ||||||
21,522 | Continental Resources, Inc. | 634,253 | ||||||
494,087 | Costco Wholesale Corp. | 146,798,189 | ||||||
362,234 | Cracker Barrel Old Country Store, Inc. | 56,327,387 | ||||||
945,600 | Danaher Corp. | 130,322,592 | ||||||
760,113 | Darden Restaurants, Inc. | 85,337,886 | ||||||
72,622 | Deckers Outdoor Corp.(a) | 11,103,904 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
82,990 | Devon Energy Corp. | $ | 1,683,037 | |||||
817,265 | Diamondback Energy, Inc. | 70,088,646 | ||||||
53,891 | Discover Financial Services | 4,325,292 | ||||||
63,841 | E*TRADE Financial Corp. | 2,667,915 | ||||||
275,800 | Eaton Corp. Plc | 24,024,937 | ||||||
49,510 | Eaton Vance Corp. | 2,257,655 | ||||||
31,141 | Ecolab, Inc. | 5,981,252 | ||||||
452,142 | Edwards Lifesciences Corp.(a) | 107,781,610 | ||||||
531,573 | Eli Lilly & Co. | 60,572,743 | ||||||
244,101 | EOG Resources, Inc. | 16,918,640 | ||||||
121,967 | EPAM Systems, Inc.(a) | 21,461,313 | ||||||
938,018 | Equity Commonwealth REIT | 30,185,419 | ||||||
1,312,992 | Exelon Corp. | 59,728,006 | ||||||
780,889 | Exxon Mobil Corp. | 52,764,670 | ||||||
1,252,003 | Facebook, Inc. - Class A(a) | 239,946,375 | ||||||
3,873 | FactSet Research Systems, Inc. | 981,883 | ||||||
27,887 | Fidelity National Financial, Inc. | 1,278,340 | ||||||
199,034 | Fifth Third Bancorp | 5,787,909 | ||||||
1,642,000 | Fiserv, Inc.(a) | 174,281,880 | ||||||
148,944 | Franklin Resources, Inc. | 4,103,407 | ||||||
172,900 | Genuine Parts Co. | 17,736,081 | ||||||
49,858 | Goldman Sachs Group, Inc. (The) | 10,638,700 | ||||||
1,980,459 | H&R Block, Inc. | 49,491,670 | ||||||
160,831 | Halliburton Co. | 3,095,997 | ||||||
36,736 | Hartford Financial Services Group, Inc. (The) | 2,096,891 | ||||||
17,356 | Helmerich & Payne, Inc. | 650,849 | ||||||
521,964 | Hershey Co. (The) | 76,660,853 | ||||||
48,140 | Hess Corp. | 3,165,205 | ||||||
34,048 | HollyFrontier Corp. | 1,870,597 | ||||||
450,795 | Home Depot, Inc. (The) | 105,747,491 | ||||||
35,962 | Honeywell International, Inc. | 6,211,716 | ||||||
4,824,374 | Huntington Bancshares, Inc. | 68,168,405 | ||||||
37,243 | IDEX Corp. | 5,792,404 | ||||||
714,742 | Illinois Tool Works, Inc. | 120,491,207 | ||||||
198,157 | Illumina, Inc.(a) | 58,559,357 | ||||||
533,904 | Incyte Corp.(a) | 44,805,224 | ||||||
20,355 | Intercontinental Exchange, Inc. | 1,919,884 | ||||||
849,930 | International Business Machines Corp. | 113,661,139 | ||||||
44,708 | Jack Henry & Associates, Inc. | 6,328,864 | ||||||
210,180 | Jefferies Financial Group, Inc. | 3,924,061 | ||||||
3,085,699 | JPMorgan Chase & Co. | 385,465,519 | ||||||
618,990 | Juniper Networks, Inc. | 15,363,332 | ||||||
1,047,100 | Kansas City Southern | 147,410,738 | ||||||
197,908 | KeyCorp | 3,556,407 | ||||||
606,000 | Keysight Technologies, Inc.(a) | 61,151,460 | ||||||
154,500 | Kimberly-Clark Corp. | 20,529,959 | ||||||
373,585 | Kinder Morgan, Inc. | 7,464,228 | ||||||
176,611 | KKR & Co., Inc. - Class A | 5,091,695 | ||||||
339,000 | KLA Corp. | 57,304,560 | ||||||
77,058 | Lincoln National Corp. | 4,352,236 | ||||||
493,112 | Lockheed Martin Corp. | 185,745,428 | ||||||
24,011 | M&T Bank Corp. | 3,758,442 | ||||||
152,931 | Marathon Oil Corp. | 1,763,294 |
48 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
121,215 | Marathon Petroleum Corp. | $ | 7,751,699 | |||||
3,830 | MarketAxess Holdings, Inc. | 1,411,700 | ||||||
95,645 | Marsh & McLennan Cos., Inc. | 9,910,735 | ||||||
485,789 | Mastercard, Inc. - Class A | 134,471,253 | ||||||
651,310 | McDonald’s Corp. | 128,112,677 | ||||||
788,685 | Merck & Co., Inc. | 68,347,442 | ||||||
154,296 | MetLife, Inc. | 7,219,510 | ||||||
4,017,004 | MFA Financial, Inc. REIT | 30,489,060 | ||||||
3,085,795 | Microsoft Corp. | 442,410,429 | ||||||
9,044 | Moody’s Corp. | 1,995,920 | ||||||
168,074 | Morgan Stanley | 7,739,808 | ||||||
530,671 | Motorola Solutions, Inc. | 88,261,201 | ||||||
8,623 | MSCI, Inc. | 2,022,611 | ||||||
61,266 | National Oilwell Varco, Inc. | 1,385,837 | ||||||
189,204 | Netflix, Inc.(a) | 54,379,122 | ||||||
3,755,894 | New York Community Bancorp, Inc. | 43,756,165 | ||||||
453,173 | Newmont Goldcorp Corp. | 18,004,563 | ||||||
917,505 | NIKE, Inc. - Class B | 82,162,573 | ||||||
80,057 | Noble Energy, Inc. | 1,541,898 | ||||||
20,997 | Northern Trust Corp. | 2,092,981 | ||||||
131,400 | Northrop Grumman Corp. | 46,315,872 | ||||||
1,988,259 | Occidental Petroleum Corp. | 80,524,490 | ||||||
244,772 | Okta, Inc.(a) | 26,697,282 | ||||||
635,147 | Omnicom Group, Inc. | 49,026,997 | ||||||
72,093 | ONEOK, Inc. | 5,034,254 | ||||||
53,882 | Parsley Energy, Inc. - Class A | 851,874 | ||||||
584,800 | Paychex, Inc. | 48,912,672 | ||||||
893,225 | PepsiCo, Inc. | 122,523,673 | ||||||
83,092 | Phillips 66 | 9,706,807 | ||||||
306,001 | Piedmont Office Realty Trust, Inc. REIT - Class A | 6,866,662 | ||||||
639,665 | Pinnacle West Capital Corp. | 60,205,270 | ||||||
31,720 | Pioneer Natural Resources Co. | 3,902,194 | ||||||
33,680 | PNC Financial Services Group, Inc. (The) | 4,940,855 | ||||||
52,924 | PPG Industries, Inc. | 6,621,851 | ||||||
87,899 | Principal Financial Group, Inc. | 4,692,049 | ||||||
1,463,960 | Procter & Gamble Co. (The) | 182,277,660 | ||||||
516,158 | Progressive Corp. (The) | 35,976,213 | ||||||
990,946 | Prudential Financial, Inc. | 90,314,818 | ||||||
324,910 | Public Storage | 72,409,443 | ||||||
705,809 | Quest Diagnostics, Inc. | 71,463,161 | ||||||
33,550 | Raymond James Financial, Inc. | 2,801,090 | ||||||
114,395 | Regeneron Pharmaceuticals, Inc.(a) | 35,036,901 | ||||||
210,626 | Regions Financial Corp. | 3,391,079 | ||||||
6,355 | Reinsurance Group of America, Inc. | 1,032,497 | ||||||
512,543 | Republic Services, Inc. | 44,852,637 | ||||||
294,900 | Roper Technologies, Inc. | 99,369,504 | ||||||
1,159,600 | Ross Stores, Inc. | 127,173,332 | ||||||
18,098 | S&P Global, Inc. | 4,669,103 | ||||||
312,548 | Sarepta Therapeutics, Inc.(a) | 25,960,237 | ||||||
247,263 | Schlumberger Ltd. | 8,083,027 | ||||||
34,217 | Signature Bank | 4,048,555 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
289,015 | Spire, Inc. | $ | 24,294,601 | |||||
899,711 | Starbucks Corp. | 76,079,563 | ||||||
2,737,156 | Starwood Property Trust, Inc., REIT | 67,334,038 | ||||||
66,715 | State Street Corp. | 4,407,860 | ||||||
1,671,575 | SunTrust Banks, Inc. | 114,235,436 | ||||||
5,296 | SVB Financial Group(a) | 1,172,958 | ||||||
162,951 | Synchrony Financial | 5,763,577 | ||||||
625,300 | Sysco Corp. | 49,942,711 | ||||||
24,059 | T Rowe Price Group, Inc. | 2,786,032 | ||||||
36,619 | Targa Resources Corp. | 1,423,747 | ||||||
962,162 | Target Corp. | 102,864,739 | ||||||
28,102 | TD Ameritrade Holding Corp. | 1,078,555 | ||||||
1,673,964 | Texas Instruments, Inc. | 197,511,012 | ||||||
15,193 | Travelers Cos., Inc. (The) | 1,991,195 | ||||||
74,804 | UniFirst Corp. | 15,023,635 | ||||||
377,100 | Union Pacific Corp. | 62,394,966 | ||||||
991,500 | United Technologies Corp. | 142,359,570 | ||||||
379,965 | UnitedHealth Group, Inc. | 96,017,156 | ||||||
2,901,042 | US Bancorp | 165,417,415 | ||||||
76,889 | Valero Energy Corp. | 7,456,695 | ||||||
277,100 | Veeva Systems, Inc. - Class A(a) | 39,301,093 | ||||||
2,311,240 | Verizon Communications, Inc. | 139,760,683 | ||||||
1,116,532 | Visa, Inc. - Class A | 199,702,914 | ||||||
14,642 | Voya Financial, Inc. | 790,082 | ||||||
1,151,360 | Walt Disney Co. (The) | 149,584,691 | ||||||
323,978 | Waste Management, Inc. | 36,353,571 | ||||||
461,400 | WEC Energy Group, Inc. | 43,556,160 | ||||||
501,313 | Wells Fargo & Co. | 25,882,790 | ||||||
216,328 | Williams Cos., Inc. (The) | 4,826,278 | ||||||
486,647 | Workday, Inc. - Class A(a) | 78,914,678 | ||||||
116,501 | Yum! Brands, Inc. | 11,849,317 | ||||||
94,998 | Zions Bancorp NA | 4,604,553 | ||||||
178,813 | Zoom Video Communications, Inc. - Class A(a) | 12,497,241 | ||||||
10,441,943,557 | ||||||||
Total Common Stocks (Cost $12,873,939,509) | 16,330,938,926 | |||||||
MASTER LIMITED PARTNERSHIPS — 0.0% | ||||||||
UNITED STATES — 0.0% | ||||||||
41,065 | Plains GP Holdings LP - Class A | 762,166 | ||||||
Total Master Limited Partnerships (Cost $845,485) | 762,166 | |||||||
PREFERRED STOCKS — 0.1% | ||||||||
BRAZIL — 0.0% | ||||||||
763,797 | Petroleo Brasileiro SA | 5,785,850 | ||||||
SOUTH KOREA — 0.1% | ||||||||
11,263 | Samsung Electronics Co. Ltd. - GDR | 9,934,810 |
49 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Portfolio of Investments - (Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
2,323 | Samsung Electronics Co. Ltd. - GDR | $ | 2,009,395 | |||||
11,944,205 | ||||||||
Total Preferred Stocks (Cost $11,403,863) | 17,730,055 | |||||||
RIGHTS/WARRANTS — 0.0% | ||||||||
SINGAPORE — 0.0% | ||||||||
294,352 | Mapletree Commercial Rights Expire 11/07/19(a) | 19,473 | ||||||
Total Rights/Warrants (Cost $0) | 19,473 | |||||||
Principal Amount | ||||||||
U.S. GOVERNMENT AGENCIES — 0.8% | ||||||||
Federal Home Loan Bank — 0.8% | ||||||||
$ | 113,000,000 | 2.04%, 11/13/19(c) | 112,936,720 | |||||
25,000,000 | 1.85%, 11/19/19(c) | 24,979,000 | ||||||
Total U.S. Government Agencies (Cost $137,900,449) | 137,915,720 | |||||||
Shares | ||||||||
EXCHANGE-TRADED FUNDS — 1.6% | ||||||||
3,004,400 | iShares MSCI Europe Financials ETF | 55,280,960 | ||||||
5,329,175 | VanEck Vectors Gold Miners ETF | 150,016,276 | ||||||
1,608,555 | VanEck Vectors Junior Gold Miners ETF | 63,071,442 | ||||||
Total Exchange-Traded Funds (Cost $153,228,741) | 268,368,678 |
Shares | Value | |||||||
INVESTMENT COMPANY — 1.2% | ||||||||
207,317,438 | Federated Government Obligations Fund, 1.48%(d) | $ | 207,317,438 | |||||
Total Investment Company (Cost $207,317,438) | 207,317,438 | |||||||
TOTAL INVESTMENTS — 99.8% (Cost $13,384,635,485) | $ | 16,963,052,456 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% | 38,826,859 | |||||||
NET ASSETS — 100.0% | $ | 17,001,879,315 |
(a) | Non-income producing security. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration normally to qualified institutional buyers. The security has been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors. |
(c) | The rate represents the annualized yield at time of purchase. |
(d) | The rate shown represents the current yield as of October 31, 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
50 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments | October 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Banks — 1.3% | ||||||||
229,868 | Bank of Communications Co. Ltd. - H Shares | $ | 157,236 | |||||
2,618 | Bank of Montreal | 193,801 | ||||||
207,653 | China Minsheng Banking Corp. Ltd. - H Shares | 145,485 | ||||||
496,522 | ||||||||
Communication Services — 5.6% | ||||||||
5,279 | AT&T, Inc. | 203,189 | ||||||
37,536 | China Mobile Ltd. | 305,617 | ||||||
3,312 | Cogeco Communications, Inc. | 286,289 | ||||||
4,340 | Comcast Corp. - Class A | 194,519 | ||||||
2,384 | Deutsche Telekom AG | 41,925 | ||||||
12,550 | NTT DOCOMO, Inc. | 345,738 | ||||||
447 | Swisscom AG | 228,371 | ||||||
6,702 | Verizon Communications, Inc. | 405,270 | ||||||
4,883 | Yandex NV - Class A(a) | 163,043 | ||||||
2,173,961 | ||||||||
Consumer Discretionary — 8.6% | ||||||||
48,421 | Barratt Developments Plc | 395,903 | ||||||
4,248 | Cheesecake Factory, Inc. (The) | 177,524 | ||||||
1,266 | Cracker Barrel Old Country Store, Inc. | 196,863 | ||||||
4,497 | eBay, Inc. | 158,519 | ||||||
8,431 | Electrolux AB - Series B | 221,347 | ||||||
4,733 | General Motors Co. | 175,878 | ||||||
7,233 | Industria de Diseno Textil SA | 225,472 | ||||||
368 | Kering SA | 209,402 | ||||||
82,415 | Kingfisher Plc | 221,200 | ||||||
3,228 | Las Vegas Sands Corp. | 199,620 | ||||||
1,141 | Starbucks Corp. | 96,483 | ||||||
59,126 | Super Retail Group Ltd. | 387,614 | ||||||
2,134 | Target Corp. | 228,146 | ||||||
70,812 | Truworths International Ltd. | 251,044 | ||||||
1,524 | Yum! Brands, Inc. | 155,006 | ||||||
3,300,021 | ||||||||
Consumer Staples — 6.7% | ||||||||
9,604 | Carrefour SA | 163,401 | ||||||
1,468 | Clorox Co. (The) | 216,809 | ||||||
8,390 | Coca-Cola European Partners Plc | 448,949 | ||||||
2,538 | Colgate-Palmolive Co. | 174,107 | ||||||
1,594 | JM Smucker Co. (The) | 168,454 | ||||||
1,650 | Kimberly-Clark Corp. | 219,252 | ||||||
3,041 | Molson Coors Brewing Co. - Class B | 160,322 | ||||||
3,021 | PepsiCo, Inc. | 414,391 | ||||||
1,566 | Procter & Gamble Co. (The) | 194,983 | ||||||
9,089 | Seven & I Holdings Co. Ltd. | 345,077 | ||||||
10,683 | Tate & Lyle Plc | 93,132 | ||||||
2,598,877 |
Shares | Value | |||||||
Diversified Financials — 6.5% | ||||||||
13,926 | 3i Group Plc | $ | 203,481 | |||||
879 | Goldman Sachs Group, Inc. (The) | 187,561 | ||||||
9,576 | Invesco, Ltd. | 161,068 | ||||||
16,133 | Janus Henderson Group Plc | 373,156 | ||||||
42,244 | Jupiter Fund Management Plc | 187,474 | ||||||
865 | Moody’s Corp. | 190,897 | ||||||
4,379 | Morgan Stanley | 201,653 | ||||||
2,002 | Morningstar, Inc. | 324,004 | ||||||
1,896 | S&P Global, Inc. | 489,149 | ||||||
14,840 | UBS Group AG | 175,101 | ||||||
2,493,544 | ||||||||
Energy — 3.8% | ||||||||
7,052 | Aker BP ASA | 194,701 | ||||||
25,142 | ARC Resources Ltd. | 106,516 | ||||||
13,263 | Enagas SA | 328,239 | ||||||
3,341 | ENI SpA | 50,565 | ||||||
17,166 | Husky Energy, Inc. | 119,905 | ||||||
55,900 | MOL Hungarian Oil & Gas Plc | 552,536 | ||||||
6,223 | Murphy Oil Corp. | 128,380 | ||||||
1,480,842 | ||||||||
Health Care — 16.6% | ||||||||
2,872 | Abbott Laboratories | 240,128 | ||||||
3,959 | Agilent Technologies, Inc. | 299,894 | ||||||
1,072 | Amgen, Inc. | 228,604 | ||||||
836 | Anthem, Inc. | 224,951 | ||||||
40,123 | Astellas Pharma, Inc. | 690,514 | ||||||
1,383 | AstraZeneca Plc | 134,378 | ||||||
3,666 | Baxter International, Inc. | 281,182 | ||||||
1,406 | Biogen, Inc.(a) | 419,986 | ||||||
2,526 | Cerner Corp. | 169,545 | ||||||
1,071 | CSL Ltd. | 189,026 | ||||||
2,906 | Danaher Corp. | 400,505 | ||||||
30,672 | Fleury SA | 193,645 | ||||||
8,962 | GlaxoSmithKline Plc | 205,316 | ||||||
2,805 | Koninklijke Philips NV | 122,853 | ||||||
2,875 | Medtronic Plc | 313,088 | ||||||
4,417 | Merck & Co., Inc. | 382,777 | ||||||
8,101 | Novo Nordisk A/S - B Shares | 442,430 | ||||||
11,551 | Pfizer, Inc. | 443,212 | ||||||
1,797 | Quest Diagnostics, Inc. | 181,946 | ||||||
697 | Roche Holding AG | 209,701 | ||||||
2,227 | Sanofi | 205,209 | ||||||
724 | Thermo Fisher Scientific, Inc. | 218,634 | ||||||
1,637 | Zimmer Biomet Holdings, Inc. | 226,283 | ||||||
6,423,807 | ||||||||
Industrials — 13.3% | ||||||||
22,306 | Brambles Ltd. | 184,059 | ||||||
430 | Cummins, Inc. | 74,166 | ||||||
5,806 | Deutsche Post AG | 205,595 | ||||||
6,608 | Ebara Corp. | 198,258 | ||||||
2,200 | Fraport AG Frankfurt Airport Services Worldwide | 183,877 |
51 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Shares | Value | |||||||
Industrials (continued) | ||||||||
995 | General Dynamics Corp. | $ | 175,915 | |||||
13,983 | Hino Motors Ltd.(a) | 133,628 | ||||||
1,204 | Illinois Tool Works, Inc. | 202,970 | ||||||
41,609 | Keppel Corp Ltd. | 209,811 | ||||||
496 | Lockheed Martin Corp. | 186,833 | ||||||
2,056 | ManpowerGroup, Inc. | 186,932 | ||||||
886 | MTU Aero Engines AG | 236,564 | ||||||
1,334 | Norfolk Southern Corp. | 242,788 | ||||||
517 | Northrop Grumman Corp. | 182,232 | ||||||
2,275 | Regal-Beloit Corp. | 168,464 | ||||||
742 | Republic Services, Inc. | 64,932 | ||||||
74,843 | Royal Mail Plc | 205,142 | ||||||
3,000 | Ryder System, Inc. | 145,889 | ||||||
15,578 | Sandvik AB | 274,834 | ||||||
1,805 | Siemens AG | 208,116 | ||||||
6,994 | Signify NV | 204,683 | ||||||
14,628 | SKF AB - B Shares | 264,436 | ||||||
1,211 | Snap-on, Inc. | 196,993 | ||||||
4,655 | Sumitomo Heavy Industries Ltd. | 146,344 | ||||||
3,506 | Thomson Reuters Corp. | 235,606 | ||||||
4,937 | Toyota Tsusho Corp. | 172,354 | ||||||
2,197 | Waste Management, Inc. | 246,525 | ||||||
5,137,946 | ||||||||
Information Technology — 22.3% | ||||||||
2,033 | Accenture Plc - Class A | 376,959 | ||||||
2,881 | Amdocs Ltd. | 187,841 | ||||||
4,067 | Apple, Inc. | 1,011,707 | ||||||
1,440 | Aspen Technology, Inc.(a) | 165,758 | ||||||
1,958 | Atos SE | 151,596 | ||||||
699 | Broadcom, Inc. | 204,702 | ||||||
1,247 | CACI International, Inc. - Class A(a) | 279,016 | ||||||
4,784 | Canon, Inc.(a) | 131,218 | ||||||
1,022 | Cisco Systems, Inc. | 48,555 | ||||||
5,114 | Cognizant Technology Solutions Corp. - Class A | 311,647 | ||||||
3,967 | CoreLogic, Inc.(a) | 160,624 | ||||||
1,925 | Fidelity National Information Services, Inc. | 253,638 | ||||||
3,031 | Fujitsu Ltd. | 270,037 | ||||||
8,386 | Intel Corp. | 474,061 | ||||||
1,249 | International Business Machines Corp. | 167,029 | ||||||
1,139 | Intuit, Inc. | 293,293 | ||||||
7,205 | Juniper Networks, Inc. | 178,828 | ||||||
97,108 | Konica Minolta, Inc. | 718,486 | ||||||
920 | Lam Research Corp. | 249,357 | ||||||
2,906 | Leidos Holdings, Inc. | 250,584 | ||||||
4,501 | Micron Technology, Inc.(a) | 214,023 | ||||||
3,029 | Microsoft Corp. | 434,268 | ||||||
1,994 | NXP Semiconductor NV | 226,678 | ||||||
9,860 | ON Semiconductor Corp.(a) | 201,143 | ||||||
5,346 | Oracle Corp. | 291,304 | ||||||
3,556 | SAP SE | 471,161 |
Shares | Value | |||||||
Information Technology (continued) | ||||||||
4,039 | Seagate Technology PLC | $ | 234,383 | |||||
2,238 | Synopsys, Inc.(a) | 303,809 | ||||||
2,742 | Texas Instruments, Inc. | 323,529 | ||||||
8,585,234 | ||||||||
Insurance — 5.5% | ||||||||
806 | Allianz SE | 196,866 | ||||||
2,016 | Arthur J Gallagher & Co. | 183,900 | ||||||
5,954 | AXA SA | 157,280 | ||||||
3,959 | MetLife, Inc. | 185,242 | ||||||
817 | Muenchener Rueckversicherungs-Gesellschaft AG | 226,889 | ||||||
3,293 | Principal Financial Group, Inc. | 175,780 | ||||||
4,307 | Prudential Financial, Inc. | 392,540 | ||||||
2,094 | Swiss Re AG | 219,270 | ||||||
927 | Willis Towers Watson Plc | 173,256 | ||||||
592 | Zurich Insurance Group AG | 231,339 | ||||||
2,142,362 | ||||||||
Materials — 4.4% | ||||||||
8,189 | Anglo American Plc | 210,201 | ||||||
81,704 | Grupo Mexico SAB de CV - Series B | 215,723 | ||||||
4,032 | Lyondellbasell Industries NV - Class A | 361,670 | ||||||
4,669 | Newmont Goldcorp Corp. | 185,499 | ||||||
1,786 | Packaging Corp. of America | 195,496 | ||||||
16,885 | Polymetal International PLC | 276,681 | ||||||
3,980 | Teck Resources Ltd. - Class B | 62,914 | ||||||
4,975 | Westrock Co. | 185,916 | ||||||
1,694,100 | ||||||||
Real Estate — 3.6% | ||||||||
20,712 | Castellum AB | 423,112 | ||||||
110,944 | Frasers Centrepoint Trust REIT | 224,261 | ||||||
49,251 | Hyprop Investments Ltd. REIT(a) | 192,304 | ||||||
21,541 | Link REIT | 234,902 | ||||||
136,625 | New World Development Co. Ltd.(a) | 195,977 | ||||||
38,044 | Swire Properties Ltd.(a) | 119,920 | ||||||
1,390,476 | ||||||||
Utilities — 1.0% | ||||||||
15,434 | Cia de Saneamento Basico do Estado de Sao Paulo | 210,469 | ||||||
1,358 | Exelon Corp. | 61,775 | ||||||
15,175 | Terna Rete Elettrica Nazionale SpA(a) | 100,262 | ||||||
372,506 | ||||||||
Total Common Stocks (Cost $36,205,004) | 38,290,198 |
52 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Shares | Value | |||||||
INVESTMENT COMPANY — 0.5% | ||||||||
185,411 | SEI Daily Income Trust Government II Fund, Class A, 1.68%(b) | $ | 185,411 | |||||
Total Investment Company (Cost $185,410) | 185,411 | |||||||
TOTAL INVESTMENTS — 99.7% (Cost $36,390,414) | $ | 38,475,609 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3% | 99,160 | |||||||
NET ASSETS — 100.0% | $ | 38,574,769 |
(a) | Non-income producing security. |
(b) | The rate shown represents the current yield as of October 31, 2019. |
The following abbreviation is used in the report:
REIT- Real Estate Investment Trust
53 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments | |
October 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS** — 91.0% | ||||||||
ARGENTINA — 0.2% | ||||||||
19,694 | Other Securities | $ | 10,270,815 | |||||
AUSTRALIA — 2.2% | ||||||||
10,000 | Gbst Holdings Ltd(a)(b) | 24,127 | ||||||
46,460,672 | Other Securities | 136,769,042 | ||||||
111,348 | Quintis Ltd.(a)(b) | 0 | ||||||
521,584 | Virgin Australia Holdings Ltd. - CVR Shares(a)(b) | 0 | ||||||
136,793,169 | ||||||||
AUSTRIA — 0.1% | ||||||||
344,201 | Other Securities | 8,458,214 | ||||||
BELGIUM — 0.7% | ||||||||
12,200 | Deceuninck NV- VVPR Strip(a)(b) | 0 | ||||||
770,149 | Other Securities | 41,984,961 | ||||||
41,984,961 | ||||||||
BERMUDA — 0.7% | ||||||||
404,626 | Argo Group International Holdings Ltd. | 25,034,211 | ||||||
359,882 | Other Securities | 16,929,586 | ||||||
41,963,797 | ||||||||
BRAZIL — 0.3% | ||||||||
2,825,481 | Other Securities | 15,979,341 | ||||||
CAMBODIA — 0.0% | ||||||||
28,000 | Other Securities | 51,026 | ||||||
CANADA — 2.3% | ||||||||
992,600 | Dollarama, Inc. | 33,393,141 | ||||||
7,665,031 | Other Securities | 88,115,065 | ||||||
545,000 | Ritchie Bros Auctioneers, Inc. | 22,410,400 | ||||||
143,918,606 | ||||||||
CAYMAN ISLANDS — 0.0% | ||||||||
38,300 | Other Securities | 671,782 | ||||||
CHILE — 0.0% | ||||||||
11,643,822 | Other Securities | 1,206,671 | ||||||
CHINA — 2.3% | ||||||||
70,000 | China Animal Healthcare Ltd.(a)(b) | 3,350 | ||||||
79,500 | China Huiyuan Juice Group Ltd.(a)(b) | 18,972 | ||||||
164,000 | China Taifeng Beddings HoldingsLtd.(a)(b) | 0 | ||||||
302,000 | CT Environmental Group Ltd.(a)(b) | 9,828 | ||||||
63,000 | Harmonicare Medical Holdings Ltd(a)(b) | 12,301 | ||||||
68,000 | HOSA International Ltd.(a)(b) | 472 | ||||||
180,934,068 | Other Securities | 142,943,373 | ||||||
261,000 | Qunxing Paper Holdings Co. Ltd.(a)(b) | 12,590 | ||||||
67,000 | Real Gold Mining Ltd.(a)(b) | 2,249 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
230,000 | Springland International Holdings Ltd.(a) | $ | 41,386 | |||||
255,000 | Tenwow International Holdings Ltd.(a)(b) | 2,320 | ||||||
201,000 | Trony Solar Holdings Co. Ltd.(a)(b) | 0 | ||||||
104,500 | Youyuan International Holdings Ltd.(a)(b) | 3,467 | ||||||
40,000 | Zhejiang Glass Co. Ltd. - H Shares(a)(b) | 0 | ||||||
143,050,308 | ||||||||
CZECH REPUBLIC — 0.0% | ||||||||
282,500 | Other Securities | 1,267,013 | ||||||
DENMARK — 0.9% | ||||||||
8,231 | Amagerbanken A/S(a)(b) | 0 | ||||||
1,157,964 | Other Securities | 56,096,524 | ||||||
56,096,524 | ||||||||
FAEROE ISLANDS — 0.0% | ||||||||
2,103 | Other Securities | 100,872 | ||||||
FINLAND — 0.2% | ||||||||
967,201 | Other Securities | 15,860,228 | ||||||
FRANCE — 1.0% | ||||||||
3,531,818 | Other Securities | 61,056,414 | ||||||
GABON — 0.0% | ||||||||
311 | Other Securities | 45,092 | ||||||
GEORGIA — 0.0% | ||||||||
8,312 | Other Securities | 117,410 | ||||||
GERMANY — 1.1% | ||||||||
2,679,317 | Other Securities | 68,764,615 | ||||||
GIBRALTAR — 0.0% | ||||||||
11,850 | Other Securities | 27,568 | ||||||
GREECE — 0.2% | ||||||||
96 | Alapis Holding Industrial and Commercial SA of Pharmaceutical ChemicalProducts(a)(b) | 0 | ||||||
5,727,676 | Other Securities | 12,025,585 | ||||||
22,848 | Proton Bank SA(a)(b) | 0 | ||||||
12,534 | T Bank SA(a)(b) | 0 | ||||||
31,091 | TT Hellenic Postbank SA(a)(b) | 0 | ||||||
12,025,585 | ||||||||
HONG KONG — 1.0% | ||||||||
74,000 | Associated International Hotels Ltd. | 188,873 | ||||||
504,000 | Bel Global Resources Holdings Ltd.(a)(b) | 0 | ||||||
289,000 | Brightoil Petroleum Holdings Ltd.(a)(b) | 55,322 |
54 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments- (Continued) | |
October 31, 2019 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
28,000 | Camsing International Holding, Ltd.(a) | $ | 4,145 | |||||
525,600 | China Fiber Optic Network System Group Ltd.(a)(b) | 3,521 | ||||||
6,603,000 | China High Precision Automation Group Ltd.(a)(b) | 0 | ||||||
193,200 | China Metal Recycling Holdings Ltd.(a)(b) | 0 | ||||||
244,000 | DBA Telecommunication Asia Holdings Ltd.(a)(b) | 11,851 | ||||||
168,234 | EganaGoldpfeil Holdings Ltd.(a)(b) | 0 | ||||||
166,000 | Hsin Chong Group Holdings Ltd.(a)(b) | 7,415 | ||||||
220,000 | Hua Han Health Industry HoldingsLtd.(a)(b) | 14,880 | ||||||
429,000 | Mingfa Group International Co. Ltd.(a)(b) | 3,082 | ||||||
148,006,979 | Other Securities | 61,599,561 | ||||||
1,340,246 | Pacific Andes International HoldingsLtd.(a)(b) | 4,686 | ||||||
48,000 | Peace Mark Holdings Ltd.(a)(b) | 0 | ||||||
182,386 | SMI Holdings Group Ltd.(a)(b) | 11,638 | ||||||
44,000 | Up Energy Development Group Ltd.(a)(b) | 136 | ||||||
61,905,110 | ||||||||
HUNGARY — 0.0% | ||||||||
42,758 | Other Securities | 639,122 | ||||||
INDIA — 0.5% | ||||||||
297 | Aarti Surfactants Ltd.(a)(b) | 890 | ||||||
56,756 | Chennai Super Kings Cricket Ltd.(a)(b) | 338 | ||||||
2,835 | Hemisphere Properties India Ltd.(a)(b) | 6,667 | ||||||
15,483,672 | Other Securities | 34,655,812 | ||||||
34,663,707 | ||||||||
INDONESIA — 0.1% | ||||||||
9,876,000 | Bakrie Telecom Tbk PT(a)(b) | 26,384 | ||||||
74,548,482 | Other Securities | 6,027,336 | ||||||
4,875,000 | Truba Alam Manunggal EngineeringPT(a)(b) | 0 | ||||||
6,053,720 | ||||||||
IRELAND — 1.2% | ||||||||
576,745 | Allegion Plc | 66,925,490 | ||||||
4,646 | Datalex Plc(a)(b) | 3,560 | ||||||
369,974 | Other Securities | 7,036,762 | ||||||
73,965,812 | ||||||||
ISLE OF MAN — 0.0% | ||||||||
45,738 | Other Securities | 371,039 |
Shares | Value | |||||||
ISRAEL — 0.7% | ||||||||
6,801,973 | Other Securities | $ | 45,792,475 | |||||
ITALY — 1.0% | ||||||||
1,779 | Mariella Burani SpA(a)(b) | 0 | ||||||
11,849,891 | Other Securities | 65,334,807 | ||||||
6,610 | Uni Land SpA(a)(b) | 0 | ||||||
65,334,807 | ||||||||
JAPAN — 8.1% | ||||||||
31,292,975 | Other Securities | 505,717,469 | ||||||
JERSEY CHANNEL ISLANDS — 0.3% | ||||||||
323,930 | Other Securities | 19,774,844 | ||||||
JORDAN — 0.0% | ||||||||
3,419 | Other Securities | 89,019 | ||||||
LIECHTENSTEIN — 0.0% | ||||||||
1,019 | Other Securities | 91,486 | ||||||
LUXEMBOURG — 0.0% | ||||||||
62,228 | Other Securities | 1,457,867 | ||||||
MACAU — 0.0% | ||||||||
16,400 | Other Securities | 26,078 | ||||||
MALAYSIA — 0.1% | ||||||||
7,888,281 | Other Securities | 3,811,424 | ||||||
MALTA — 0.0% | ||||||||
14,841 | Other Securities | 107,530 | ||||||
MEXICO — 0.1% | ||||||||
2,827,829 | Other Securities | 4,245,303 | ||||||
MONACO — 0.0% | ||||||||
1,900 | Other Securities | 34,405 | ||||||
MONGOLIA — 0.0% | ||||||||
71,450 | Other Securities | 6,656 | ||||||
NETHERLANDS — 0.6% | ||||||||
1,935,427 | Other Securities | 38,029,036 | ||||||
86,230 | SNS REAAL NV(a)(b) | 0 | ||||||
38,029,036 | ||||||||
NEW ZEALAND — 0.3% | ||||||||
6,753 | CBL Corp. Ltd.(a)(b) | 2,574 | ||||||
2,948,708 | Other Securities | 21,725,435 | ||||||
21,728,009 | ||||||||
NORWAY — 0.2% | ||||||||
1,845,393 | Other Securities | 11,039,145 | ||||||
PERU — 0.1% | ||||||||
312,163 | Other Securities | 4,548,139 | ||||||
PHILIPPINES — 0.0% | ||||||||
4,047 | Altus San Nicolas Corp.(a)(b) | 413 | ||||||
7,591,644 | Other Securities | 2,206,269 | ||||||
2,206,682 | ||||||||
POLAND — 0.2% | ||||||||
6,148,453 | Other Securities | 11,461,884 |
55 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments- (Continued) | |
October 31, 2019 |
Shares | Value | |||||||
PORTUGAL — 0.1% | ||||||||
1,231,589 | Banco Espirito Santo SA(a)(b) | $ | 0 | |||||
1,995,248 | Other Securities | 5,987,661 | ||||||
5,987,661 | ||||||||
PUERTO RICO — 0.1% | ||||||||
140,700 | Other Securities | 4,304,013 | ||||||
QATAR — 0.1% | ||||||||
4,485,916 | Other Securities | 3,771,156 | ||||||
ROMANIA — 0.0% | ||||||||
3,908 | Other Securities | 34,010 | ||||||
RUSSIA — 0.6% | ||||||||
4,105,567,739 | Other Securities | 40,951,999 | ||||||
SAUDI ARABIA — 0.0% | ||||||||
963,836 | Other Securities | 3,094,309 | ||||||
SINGAPORE — 0.3% | ||||||||
21,700 | Best World International Ltd.(a) | 16,126 | ||||||
88,000 | CW Group Holdings Ltd.(a)(b) | 486 | ||||||
584,900 | Ezion Holdings Ltd.(a)(b) | 6,922 | ||||||
92,950 | Jurong Technologies Industrial Corp. Ltd.(a)(b) | 0 | ||||||
400,600 | Midas Holdings Ltd.(a)(b) | 10,601 | ||||||
18,953,980 | Other Securities | 16,627,492 | ||||||
16,661,627 | ||||||||
SOUTH AFRICA — 0.6% | ||||||||
8,160,692 | Other Securities | 36,339,822 | ||||||
3,369 | Tongaat Hulett Ltd.(a)(b) | 2,209 | ||||||
36,342,031 | ||||||||
SOUTH KOREA — 1.1% | ||||||||
4,283,881 | Other Securities | 70,722,981 | ||||||
SPAIN — 0.4% | ||||||||
20,024 | Caja de Ahorros del Mediterraneo(a)(b) | 0 | ||||||
3,443,287 | Other Securities | 25,628,499 | ||||||
25,628,499 | ||||||||
SWEDEN — 1.2% | ||||||||
6,872,496 | Other Securities | 72,459,399 | ||||||
SWITZERLAND — 0.8% | ||||||||
1,859,945 | Other Securities | 50,814,028 | ||||||
TAIWAN — 1.6% | ||||||||
147,705,433 | Other Securities | 102,387,804 | ||||||
121,000 | Prodisc Technology, Inc.(a)(b) | 0 | ||||||
10,961 | Sino-American Electronic Co. Ltd.(a)(b) | 0 | ||||||
44,673 | Wintek Corp.(a)(b) | 504 | ||||||
102,388,308 | ||||||||
THAILAND — 0.1% | ||||||||
49,290,841 | Other Securities | 8,125,934 |
Shares | Value | |||||||
TURKEY — 0.4% | ||||||||
24,265,886 | Other Securities | $ | 25,393,661 | |||||
UKRAINE — 0.0% | ||||||||
4,290 | Other Securities | 47,721 | ||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
3,359,402 | Other Securities | 867,791 | ||||||
UNITED KINGDOM — 4.2% | ||||||||
129,757 | Afren Plc(a)(b) | 0 | ||||||
23,025 | Carclo Plc(a)(b) | 3,191 | ||||||
87,391 | Carillion Plc(a)(b) | 0 | ||||||
362,034 | Mcbride PLC(a)(b) | 469 | ||||||
2,830,105 | Ocado Group Plc(b) | 48,720,962 | ||||||
29,219,113 | Other Securities | 178,438,765 | ||||||
5,827 | Patisserie Holdings Plc(a)(b) | 0 | ||||||
6,327,066 | Rentokil Initial Plc | 37,249,854 | ||||||
264,413,241 | ||||||||
UNITED STATES — 52.7% | ||||||||
339,197 | Advance Auto Parts, Inc. | 55,112,729 | ||||||
291,049 | Alnylam Pharmaceuticals, Inc.(b) | 25,245,590 | ||||||
232,522 | ANSYS, Inc.(b) | 51,189,718 | ||||||
842,800 | AO Smith Corp. | 41,870,304 | ||||||
348,412 | AptarGroup, Inc. | 41,164,878 | ||||||
610,000 | Avanos Medical, Inc.(b) | 26,864,400 | ||||||
471,795 | Blackline, Inc.(b) | 22,051,698 | ||||||
150,700 | Burlington Stores, Inc.(b) | 28,960,019 | ||||||
161,930 | Cabot Microelectronics Corp. | 24,470,862 | ||||||
319,200 | CDW Corp. | 40,828,872 | ||||||
352,400 | CONMED Corp. | 38,771,048 | ||||||
200,994 | Cooper Cos., Inc. (The) | 58,489,254 | ||||||
731,915 | CoreLogic, Inc.(b) | 29,635,238 | ||||||
478,520 | Dover Corp. | 49,713,443 | ||||||
263,908 | Equifax, Inc. | 36,078,863 | ||||||
2,210,100 | Hostess Brands, Inc.(b) | 28,245,078 | ||||||
1,277,555 | IAA, Inc.(b) | 48,738,723 | ||||||
217,530 | IDEX Corp. | 33,832,441 | ||||||
330,109 | Ingredion, Inc. | 26,078,611 | ||||||
560,005 | Integra LifeScience Holdings Corp.(b) | 32,513,890 | ||||||
275,000 | John Bean Technologies Corp. | 28,261,750 | ||||||
1,068,655 | KAR Auction Services, Inc. | 26,566,763 | ||||||
138,935 | L3Harris Technologies, Inc. | 28,663,680 | ||||||
199,055 | Laboratory Corp of America Holdings(b) | 32,798,292 | ||||||
186,400 | Lancaster Colony Corp. | 25,943,152 | ||||||
110,579 | LendingTree, Inc.(b) | 39,791,853 | ||||||
92,726 | MarketAxess Holdings, Inc. | 34,177,876 | ||||||
296,100 | MSA Safety, Inc. | 35,552,727 | ||||||
544,310 | Nasdaq, Inc. | 54,305,809 | ||||||
48,550,036 | Other Securities | 1,723,373,328 | ||||||
1,600,000 | Pure Storage, Inc. - Class A(b) | 31,136,000 | ||||||
325,000 | Q2 Holdings, Inc.(b) | 23,234,250 | ||||||
16,814,350 | Samsonite International SA | 34,633,147 |
56 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments- (Continued) | |
October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
425,500 | Sensient Technologies Corp. | $ | 26,619,280 | |||||
566,770 | Six Flags Entertainment Corp. | 23,912,026 | ||||||
312,080 | STERIS Plc | 44,181,166 | ||||||
411,855 | Synopsys, Inc.(b) | 55,909,316 | ||||||
446,556 | Teladoc Health, Inc.(b) | 34,206,190 | ||||||
156,233 | Teleflex, Inc. | 54,276,907 | ||||||
355,000 | UMB Financial Corp. | 23,167,300 | ||||||
269,795 | Verisk Analytics, Inc. | 39,039,337 | ||||||
1,615,000 | Welbilt, Inc.(b) | 30,620,400 | ||||||
218,640 | West Pharmaceutical Services, Inc. | 31,449,178 | ||||||
1,006,690 | Wyndham Hotels & Resorts, Inc. | 54,331,059 | ||||||
1,827,044 | Yext, Inc.(b) | 30,073,144 | ||||||
3,306,079,589 | ||||||||
VIETNAM — 0.0% | ||||||||
1,811,078 | Other Securities | 1,359,243 | ||||||
Total Common Stocks (Cost $4,844,227,433) | 5,712,257,980 | |||||||
INVESTMENT COMPANY — 0.8% | ||||||||
48,423,912 | SEI Daily Income Trust Government II Fund, Class A 1.68%(c) | 48,423,912 | ||||||
Total Investment Company (Cost $48,423,911) | 48,423,912 | |||||||
EXCHANGE-TRADED FUNDS — 4.3% | ||||||||
598,400 | iShares Russell 2000 Index Fund | 93,021,280 | ||||||
3,102,000 | VanEck Vectors Gold Miners ETF | 87,321,300 | ||||||
2,398,000 | VanEck Vectors Junior Gold Miners ETF | 94,025,580 | ||||||
Total Exchange-Traded Funds (Cost $246,553,260) | 274,368,160 | |||||||
RIGHTS/WARRANTS**— 0.0% | ||||||||
AUSTRALIA — 0.0% | ||||||||
1,710 | Centrebet Litigation Rights, 12/01/49(a)(b) | — | ||||||
1,710 | Centrebet Litigation Units(a)(b) | — | ||||||
— | ||||||||
AUSTRIA — 0.0% | ||||||||
9,812 | Intercell Contigent Value Rights AG, Expire 05/22/29(a)(b) | — | ||||||
HONG KONG — 0.0% | ||||||||
600 | Other Securities | — | ||||||
INDONESIA — 0.0% | ||||||||
796,300 | Other Securities | 7,602 |
Shares | Value | |||||||
ITALY — 0.0% | ||||||||
63,364 | Other Securities | $ | 6,290 | |||||
SINGAPORE — 0.0% | ||||||||
169,647 | Other Securities | — | ||||||
62,430 | Other Securities | 4,130 | ||||||
4,130 | ||||||||
SPAIN — 0.0% | ||||||||
4,051 | Other Securities | 17,327 | ||||||
TAIWAN — 0.0% | ||||||||
1,983 | Other Securities | 694 | ||||||
THAILAND — 0.0% | ||||||||
1,036,874 | Other Securities | 1,374 | ||||||
64,900 | Other Securities | — | ||||||
1,374 | ||||||||
UNITED KINGDOM — 0.0% | ||||||||
128,742 | GVC Holdings Plc - CVR Shares, Rights, Expire 12/31/30(a)(b) | — | ||||||
UNITED STATES — 0.0% | ||||||||
9,600 | Ligand Pharmaceuticals Contingent Value Rights(a)(b) | — | ||||||
Total Rights/Warrants (Cost $1,824) | $ | 37,417 |
57 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Condensed Portfolio of Investments- (Continued) | |
October 31, 2019 |
Principal Amount | Value | |||||||
U.S. GOVERNMENT AGENCIES — 2.4% | ||||||||
Federal Home Loan Bank — 2.4% | ||||||||
21,000,000 | 0.37%, 11/01/2007(b)(d) | $ | 21,000,000 | |||||
25,000,000 | 1.69%, 12/10/2015(b)(d) | 24,954,771 | ||||||
75,000,000 | 1.71%, 12/12/2019(b)(d) | 74,857,355 | ||||||
29,000,000 | 1.81%, 11/19/2019(b)(d) | 28,975,640 | ||||||
Total U.S. Government Agencies (Cost $149,781,542) | 149,787,766 | |||||||
Shares | ||||||||
CASH SWEEP — 0.9% | ||||||||
58,098,722 | Citibank - US Dollars on Deposit in Custody Account, 0.12%(b)(c) | 58,098,722 | ||||||
Total Cash Sweep (Cost $58,098,722) | 58,098,722 | |||||||
TOTAL INVESTMENTS — 99.4% (Cost $5,347,086,692) | $ | 6,242,973,957 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6% | 35,467,096 | |||||||
NET ASSETS — 100.0% | $ | 6,278,441,053 |
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $329,072 which is 0.01% of net assets and the cost is $6,028,242. |
(b) | Non-income producing security. |
(c) | The rate shown represents the current yield as of October 31, 2019. |
(d) | 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 Level 3 investments, as of October 31, 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” rep-
resent 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 $329,072 (cost of 6,028,242) or 0.01% of net assets were fair valued by the Board of Directors.
The following abbreviations are used in the report:
ADR — American Depositary Receipt
CVR — Contingent Value Rights
ETF — Exchange Traded Fund
REIT — Real Estate Investment Trust
VVPR — Voter Verified Paper Record
Portfolio Diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Industrials | 17.2 | % | ||
Information Technology | 15.2 | |||
Health Care | 14.7 | |||
Consumer Discretionary | 13.7 | |||
Banks | 7.4 | |||
Materials | 5.7 | |||
Consumer Staples | 4.6 | |||
Diversified Financials | 3.9 | |||
Real Estate | 3.5 | |||
Utilities | 2.5 | |||
Insurance | 2.5 | |||
Energy | 1.3 | |||
Telecommunication Services | 1.9 | |||
Other* | 5.9 | |||
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. |
58 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments | October 31, 2019 |
Shares | Value | |||||||
EXCHANGE-TRADED FUNDS — 1.5% | ||||||||
UNITED STATES — 1.5% | ||||||||
375,000 | iShares Short-Term Corporate Bond ETF | $ | 20,167,500 | |||||
741,500 | Vanguard Short-Term Corporate Bond ETF | 60,261,705 | ||||||
Total Exchange-Traded Funds (Cost $79,799,907) | 80,429,205 | |||||||
Contracts | ||||||||
CALL OPTIONS PURCHASED — 0.3% | ||||||||
20,000 | Invesco QQQ Trust Series 1, Strike $198.00, Expires 11/01/19, (Notional amount $400,000,000) | 880,000 | ||||||
100,000 | iShares China Large-Cap ETF, Strike $43.00, Expires 11/15/19, (Notional amount $430,000,000) | 700,000 | ||||||
50,000 | iShares MSCI EAFE ETF, Strike $67.50, Expires 11/15/19, (Notional amount $337,500,000) | 2,300,000 | ||||||
50,000 | iShares MSCI Emerging Markets ETF, Strike $43.00, Expires 11/08/19, (Notional amount $215,000,000) | 800,000 | ||||||
1,000 | S&P 500 Index, Strike $3,030.00, Expires 11/06/19, (Notional amount $303,000,000) | 1,890,000 | ||||||
1,500 | S&P 500 Index, Strike $3,070.00, Expires 11/13/19, (Notional amount $460,500,000) | 1,110,000 | ||||||
50,000 | VanEck Vectors Gold Miners ETF, Strike $28.50, Expires 11/15/19, (Notional amount $142,500,000) | 2,450,000 | ||||||
50,000 | VanEck Vectors Gold Miners ETF, Strike $29.00, Expires 12/06/19, (Notional amount $145,000,000) | 3,200,000 | ||||||
Total Call Options Purchased (Cost $15,610,334) | 13,330,000 | |||||||
PUT OPTIONS PURCHASED — 0.0% | ||||||||
1,000 | S&P 500 Index, Strike $2,900.00, Expires 11/22/19, (Notional amount $290,000,000) | 750,000 | ||||||
Total Put Options Purchased (Cost $4,044,238) | 750,000 |
Principal Amount | Value | |||||||
BANK LOANS — 0.4% | ||||||||
UNITED STATES — 0.4% | ||||||||
$ | 3,181,818 | Caliber Home Loans, Inc., 0.00%, 04/24/21(a)(b) | $ | 3,173,863 | ||||
5,473,605 | Lstar 19-1 Securities Financing, (LIBOR + 2.000%), 2.44%, 05/30/22(a)(b) | 5,473,605 | ||||||
8,000,000 | Rntr Seer Financing, (LIBOR + 2.375%), 4.49%, 12/20/21(a)(b) | 7,980,000 | ||||||
5,173,708 | Roundpoint Mortgage Servicing Corp., (LIBOR + 3.375%), 3.38%, 08/27/20(a)(b) | 5,171,639 | ||||||
Total Bank Loans (Cost $21,829,131) | 21,799,107 | |||||||
CORPORATE BONDS — 4.5% | ||||||||
AUSTRALIA — 0.0% | ||||||||
280,000 | Commonwealth Bank of Australia, 3.74%, 09/12/39(c) | 280,872 | ||||||
325,000 | Macquarie Bank Ltd., 6.63%, 04/07/21(c) | 344,231 | ||||||
1,000,000 | National Australia Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.880%, 3.93%, 08/02/34(c)(d) | 1,034,362 | ||||||
1,659,465 | ||||||||
BERMUDA — 0.0% | ||||||||
1,250,000 | Ooredoo International Finance Ltd., 5.00%, 10/19/25(c) | 1,393,750 | ||||||
BRAZIL — 0.2% | ||||||||
500,000 | BRF SA, 4.75%, 05/22/24(c) | 518,250 | ||||||
578,000 | BRF SA, 4.88%, 01/24/30(c) | 576,497 | ||||||
1,500,000 | CSN Resources SA, 6.50%, 07/21/20(c) | 1,526,250 | ||||||
1,000,000 | Globo Comunicacao e Participacoes SA, 4.84%, 06/08/25(c) | 1,032,510 | ||||||
1,500,000 | Nexa Resources SA, 5.38%, 05/04/27(c) | 1,593,765 | ||||||
750,000 | Vale Overseas Ltd., 6.25%, 08/10/26 | 873,900 | ||||||
1,000,000 | Vale Overseas Ltd., 6.88%, 11/21/36 | 1,272,000 | ||||||
7,393,172 |
59 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
CANADA — 0.1% | ||||||||
$ | 1,050,000 | 1011778 BC ULC / New Red Finance, Inc., 5.00%, 10/15/25(a) | $ | 1,076,250 | ||||
1,000,000 | Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., 6.25%, 09/15/27(a) | 1,020,000 | ||||||
1,000,000 | Mercer International, Inc., 7.38%, 01/15/25 | 1,037,500 | ||||||
125,000 | Telesat Canada / Telesat LLC, 6.50%, 10/15/27(a) | 130,506 | ||||||
3,264,256 | ||||||||
CAYMAN ISLANDS — 0.2% | ||||||||
5,178,529 | Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%, 7.10%, 02/12/23(a)(e) | 5,217,368 | ||||||
500,000 | Banco do Brasil SA, (10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 7.780%, 8.50%, 04/20/68(c)(d) | 525,300 | ||||||
1,000,000 | DP World Crescent Ltd., 4.85%, 09/26/28(c) | 1,090,000 | ||||||
260,000 | Emaar Sukuk Ltd., 3.88%, 09/17/29(c) | 253,467 | ||||||
600,000 | HPHT Finance 17 Ltd., 2.75%, 09/11/22 | 600,971 | ||||||
750,000 | Itau Unibanco Holding SA, 5.13%, 05/13/23(c) | 795,375 | ||||||
1,000,000 | MAF Global Securities Ltd., (5 yr. Swap Semi 30/360 US + 3.480%, 5.50%, 09/07/68(c)(d) | 1,002,500 | ||||||
427,082 | SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 12/05/22(c)(f) | 408,935 | ||||||
9,893,916 | ||||||||
CHILE — 0.1% | ||||||||
660,000 | Corp. Nacional del Cobre de Chile, 3.00%, 09/30/29(c) | 658,396 | ||||||
1,000,000 | Corp. Nacional del Cobre de Chile, 4.25%, 07/17/42(c) | 1,071,064 | ||||||
600,000 | Inversiones CMPC SA, 4.38%, 04/04/27(c) | 621,561 | ||||||
2,351,021 | ||||||||
COLOMBIA — 0.1% | ||||||||
1,100,000 | Bancolombia SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.930%, 4.88%, 10/18/27(d) | 1,131,636 | ||||||
850,000 | Grupo de Inversiones Suramericana SA, 5.50%, 04/29/26(c) | 947,759 | ||||||
2,079,395 |
Principal Amount | Value | |||||||
FRANCE — 0.0% | ||||||||
$ | 500,000 | Constellium NV, 5.88%, 02/15/26(a) | $ | 521,250 | ||||
GUATEMALA — 0.0% | ||||||||
1,000,000 | Central American Bottling Corp., 5.75%, 01/31/27(c) | 1,055,010 | ||||||
HONG KONG — 0.0% | ||||||||
1,000,000 | Bank of East Asia Ltd. (The), (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.830%, 5.50%, 06/02/68(c)(d) | 1,004,878 | ||||||
897,000 | Health & Happiness H&H International Holdings Ltd., 7.25%, 06/21/21(c) | 912,787 | ||||||
1,917,665 | ||||||||
INDIA — 0.0% | ||||||||
500,000 | Delhi International Airport Ltd., 6.13%, 02/03/22(c) | 523,304 | ||||||
600,000 | Indian Railway Finance Corp. Ltd., 3.73%, 03/29/24(c) | 623,718 | ||||||
1,147,022 | ||||||||
IRELAND — 0.0% | ||||||||
1,775,000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 6.00%, 02/15/25(a) | 1,863,750 | ||||||
ISLE OF MAN — 0.0% | ||||||||
1,000,000 | Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29(c) | 1,130,000 | ||||||
ISRAEL — 0.0% | ||||||||
1,500,000 | Israel Electric Corp. Ltd., 4.25%, 08/14/28(a)(c) | 1,627,365 | ||||||
LUXEMBOURG — 0.1% | ||||||||
500,000 | Altice Financing SA, 6.63%, 02/15/23(a) | 513,600 | ||||||
1,050,000 | DH Europe Finance II Sarl, 3.40%, 11/15/49 | 1,071,855 | ||||||
771,000 | DH Europe Finance II Sarl, 2.60%, 11/15/29 | 778,951 | ||||||
1,000,000 | Gazprom OAO Via Gaz Capital SA, 5.15%, 02/11/26(c) | 1,090,844 | ||||||
450,000 | Millicom International Cellular SA, 6.25%, 03/25/29(c) | 491,054 | ||||||
1,670,000 | Rede D’or Finance Sarl, 4.95%, 01/17/28(c) | 1,688,788 | ||||||
276,000 | Ultrapar International SA, 5.25%, 10/06/26(c) | 295,568 | ||||||
800,000 | Ultrapar International SA, 5.25%, 06/06/29(c) | 832,000 | ||||||
6,762,660 |
60 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
MEXICO — 0.1% | ||||||||
$ | 800,000 | America Movil SAB de CV, 6.13%, 03/30/40 | $ | 1,081,641 | ||||
850,000 | Grupo Bimbo SAB de CV, 4.70%, 11/10/47(c) | 910,828 | ||||||
200,000 | Grupo Bimbo SAB de CV, 4.00%, 09/06/49(c) | 190,884 | ||||||
1,000,000 | Grupo Televisa SAB, 5.25%, 05/24/49 | 1,094,232 | ||||||
1,100,000 | Sigma Alimentos SA de CV, 4.13%, 05/02/26(c) | 1,146,761 | ||||||
4,424,346 | ||||||||
NETHERLANDS — 0.1% | ||||||||
280,000 | Braskem Netherlands Finance BV, 4.50%, 01/31/30(c) | 277,480 | ||||||
500,000 | Lukoil International Finance BV, 4.56%, 04/24/23(c) | 527,966 | ||||||
900,000 | MDC-GMTN BV, 4.50%, 11/07/28(c) | 1,013,625 | ||||||
1,000,000 | Myriad International Holdings BV, 5.50%, 07/21/25(c) | 1,114,856 | ||||||
500,000 | Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 7.00%, 07/15/26(a) | 539,375 | ||||||
1,500,000 | VEON Holdings BV, 4.95%, 06/16/24(c) | 1,596,435 | ||||||
5,069,737 | ||||||||
PERU — 0.0% | ||||||||
500,000 | Southern Copper Corp., 3.88%, 04/23/25 | 523,921 | ||||||
SAUDI ARABIA — 0.0% | ||||||||
400,000 | Saudi Arabian Oil Co., 3.50%, 04/16/29(c) | 415,495 | ||||||
400,000 | Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(c) | 453,000 | ||||||
550,000 | Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/28(c) | 614,625 | ||||||
1,483,120 | ||||||||
SINGAPORE — 0.1% | ||||||||
1,060,000 | BOC Aviation Ltd., 3.00%, 09/11/29(c) | 1,042,528 | ||||||
1,000,000 | Jubilant Pharma Ltd., 6.00%, 03/05/24(c) | 1,037,921 | ||||||
2,080,449 | ||||||||
SOUTH KOREA — 0.0% | ||||||||
550,000 | KDB Life Insurance Co. Ltd., 7.50%, 11/21/67(c) | 547,927 | ||||||
200,000 | Kia Motors Corp., 3.50%, 10/25/27(c) | 203,604 |
Principal Amount | Value | |||||||
SOUTH KOREA (continued) | ||||||||
$ | 500,000 | Shinhan Bank Co., Ltd., 4.00%, 04/23/29(c) | $ | 529,568 | ||||
1,281,099 | ||||||||
UNITED ARAB EMIRATES — 0.1% | ||||||||
3,175,000 | DAE Funding LLC, 5.00%, 08/01/24(a) | 3,314,065 | ||||||
523,800 | Emirates Airline, 4.50%, 02/06/25(c) | 533,726 | ||||||
3,847,791 | ||||||||
UNITED KINGDOM — 0.1% | ||||||||
1,400,000 | AngloGold Ashanti Holdings Plc, 6.50%, 04/15/40 | 1,585,178 | ||||||
1,375,000 | Jaguar Land Rover Automotive Plc, 3.50%, 03/15/20(a) | 1,371,563 | ||||||
500,000 | State Bank of India/London, 4.38%, 01/24/24(c) | 527,126 | ||||||
3,483,867 | ||||||||
UNITED STATES — 3.2% | ||||||||
500,000 | Advanced Drainage Systems, Inc., 5.00%, 09/30/27(a) | 511,250 | ||||||
2,000,000 | Alcon Finance Corp., 3.00%, 09/23/29(a) | 2,041,112 | ||||||
280,122 | Ambac Assurance Corp., 5.10%, 06/07/20(a) | 406,177 | ||||||
1,775,000 | American Tower Corp., 3.70%, 10/15/49 | 1,763,539 | ||||||
3,050,000 | American Tower Corp., REIT, 3.80%, 08/15/29 | 3,260,550 | ||||||
475,000 | AMN Healthcare, Inc., 4.63%, 10/01/27(a) | 483,849 | ||||||
950,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 | 1,139,585 | ||||||
2,850,000 | Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36 | 3,309,185 | ||||||
1,850,000 | Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/29 | 2,150,082 | ||||||
1,750,000 | Anheuser-Busch InBev Worldwide, Inc., 4.60%, 04/15/48 | 1,996,917 | ||||||
1,250,000 | Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49 | 1,650,760 | ||||||
850,000 | Anheuser-Busch InBev Worldwide, Inc., 4.75%, 04/15/58 | 999,634 | ||||||
1,000,000 | Apple, Inc., 3.00%, 11/13/27 | 1,056,844 |
61 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 1,000,000 | Aramark Services, Inc., 5.13%, 01/15/24 | $ | 1,031,010 | ||||
325,000 | Ashtead Capital, Inc., 4.00%, 05/01/28(a) | 326,219 | ||||||
325,000 | Ashtead Capital, Inc., 4.25%, 11/01/29(a) | 328,250 | ||||||
1,975,000 | AT&T, Inc., 4.30%, 02/15/30 | 2,172,200 | ||||||
1,975,000 | AT&T, Inc., 4.50%, 05/15/35 | 2,178,710 | ||||||
2,500,000 | Avantor, Inc., 6.00%, 10/01/24(a) | 2,672,200 | ||||||
500,000 | Avantor, Inc., 9.00%, 10/01/25(a) | 558,600 | ||||||
275,000 | Bausch Health Cos, Inc., 6.50%, 03/15/22(a) | 282,906 | ||||||
1,000,000 | Bausch Health Cos, Inc., 6.13%, 04/15/25(a) | 1,038,125 | ||||||
2,000,000 | Bausch Health Cos, Inc., 5.50%, 11/01/25(a) | 2,090,020 | ||||||
1,000,000 | Bausch Health Cos, Inc., 5.75%, 08/15/27(a) | 1,085,938 | ||||||
1,000,000 | BCD Acquisition, Inc., 9.63%, 09/15/23(a) | 1,028,770 | ||||||
1,000,000 | Berry Global, Inc., 5.50%, 05/15/22 | 1,013,750 | ||||||
2,400,000 | Berry Global, Inc., 5.63%, 07/15/27(a) | 2,526,000 | ||||||
1,350,000 | Bristol-Myers Squibb Co., 3.40%, 07/26/29(a) | 1,452,042 | ||||||
500,000 | Caesars Resort Collection LLC / CRC Finco, Inc., 5.25%, 10/15/25(a) | 511,875 | ||||||
2,000,000 | Calpine Corp., 5.75%, 01/15/25 | 2,052,500 | ||||||
1,700,000 | Caterpillar, Inc., 2.60%, 09/19/29 | 1,731,362 | ||||||
2,700,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.38%, 05/01/25(a) | 2,801,250 | ||||||
1,000,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28(a) | 1,045,900 | ||||||
325,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 5.38%, 06/01/29(a) | 346,938 | ||||||
2,100,000 | CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/30(a) | 2,141,370 | ||||||
175,000 | CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22 | 177,406 | ||||||
2,000,000 | Centene Corp., 5.38%, 06/01/26(a) | 2,117,000 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 1,425,000 | CF Industries, Inc., 3.40%, 12/01/21(a) | $ | 1,448,792 | ||||
525,000 | Charles River Laboratories International, Inc., 4.25%, 05/01/28(a) | 534,896 | ||||||
1,800,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.05%, 03/30/29 | 2,029,892 | ||||||
1,600,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 6.38%, 10/23/35 | 1,967,170 | ||||||
925,000 | Charter Communications Operating LLC / Charter Communications Operating Capital, 5.75%, 04/01/48 | 1,063,142 | ||||||
1,250,000 | Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27 | 1,346,875 | ||||||
1,000,000 | Cheniere Energy Partners LP, 5.25%, 10/01/25 | 1,035,000 | ||||||
525,000 | Cheniere Energy Partners LP, 4.50%, 10/01/29(a) | 534,844 | ||||||
700,000 | Cigna Corp., 3.75%, 07/15/23 | 733,277 | ||||||
525,000 | Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(a) | 546,488 | ||||||
430,000 | Clearway Energy Operating LLC, 5.38%, 08/15/24 | 435,913 | ||||||
1,000,000 | Clearway Energy Operating LLC, 5.75%, 10/15/25 | 1,026,250 | ||||||
1,477,000 | Comcast Corp., 3.45%, 02/01/50 | 1,515,554 | ||||||
1,525,000 | Comcast Corp., 4.15%, 10/15/28 | 1,722,611 | ||||||
2,275,000 | Comcast Corp., 4.70%, 10/15/48 | 2,801,522 | ||||||
1,500,000 | CommScope, Inc., 6.00%, 03/01/26(a) | 1,541,250 | ||||||
1,525,000 | Concho Resources, Inc., 4.38%, 01/15/25 | 1,576,106 | ||||||
900,000 | Concho Resources, Inc., 4.30%, 08/15/28 | 971,199 | ||||||
1,425,000 | Constellation Brands, Inc., 4.75%, 11/15/24 | 1,579,741 | ||||||
1,400,000 | Constellation Brands, Inc., 4.75%, 12/01/25 | 1,572,315 | ||||||
1,025,000 | Constellation Brands, Inc., 4.65%, 11/15/28 | 1,170,583 | ||||||
2,125,000 | Constellation Brands, Inc., 3.15%, 08/01/29 | 2,163,947 | ||||||
1,275,000 | Constellation Brands, Inc., 4.10%, 02/15/48 | 1,351,196 |
62 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 875,000 | Crown Castle International Corp., 3.65%, 09/01/27 | $ | 929,562 | ||||
2,100,000 | Crown Castle International Corp., REIT, 3.15%, 07/15/23 | 2,152,235 | ||||||
900,000 | Crown Castle International Corp., REIT, 3.10%, 11/15/29 | 914,532 | ||||||
1,275,000 | Crown Castle International Corp., REIT, 4.00%, 11/15/49 | 1,331,636 | ||||||
2,000,000 | CSC Holdings LLC, 6.63%, 10/15/25(a) | 2,130,000 | ||||||
1,200,000 | CSC Holdings LLC, 5.75%, 01/15/30(a) | 1,261,500 | ||||||
2,025,000 | CVS Health Corp., 3.70%, 03/09/23 | 2,111,278 | ||||||
1,300,000 | CVS Health Corp., 3.00%, 08/15/26 | 1,321,818 | ||||||
850,000 | CVS Health Corp., 4.30%, 03/25/28 | 924,491 | ||||||
1,325,000 | CVS Health Corp., 3.25%, 08/15/29 | 1,338,698 | ||||||
750,000 | Deutsche Bank AG/New York NY, 4.25%, 10/14/21 | 770,912 | ||||||
2,000,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 5.38%, 08/15/26(a) | 2,090,000 | ||||||
400,000 | Diamond Sports Group LLC / Diamond Sports Finance Co., 6.63%, 08/15/27(a) | 412,000 | ||||||
200,000 | Diamondback Energy, Inc., 4.75%, 11/01/24 | 206,750 | ||||||
3,150,000 | Discovery Communications LLC, 2.95%, 03/20/23 | 3,208,573 | ||||||
1,550,000 | Energy Transfer Operating LP, 4.25%, 03/15/23 | 1,624,747 | ||||||
1,225,000 | Equinix, Inc., 5.88%, 01/15/26 | 1,301,195 | ||||||
200,000 | Equinix, Inc., 5.38%, 05/15/27 | 217,000 | ||||||
2,250,000 | Ford Motor Credit Co. LLC, 4.06%, 11/01/24 | 2,257,695 | ||||||
875,000 | Ford Motor Credit Co. LLC, 5.11%, 05/03/29 | 886,068 | ||||||
950,000 | Fox Corp., 4.03%, 01/25/24(a) | 1,015,245 | ||||||
1,000,000 | Gray Television, Inc., 5.13%, 10/15/24(a) | 1,036,250 | ||||||
500,000 | Greif, Inc., 6.50%, 03/01/27(a) | 537,500 | ||||||
1,000,000 | H&E Equipment Services, Inc., 5.63%, 09/01/25 | 1,051,250 | ||||||
1,300,000 | HCA, Inc., 5.25%, 04/15/25 | 1,446,410 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 1,200,000 | HCA, Inc., 5.25%, 06/15/49 | $ | 1,327,956 | ||||
2,277,000 | Hologic, Inc., 4.38%, 10/15/25(a) | 2,332,855 | ||||||
875,000 | Home Depot, Inc. (The), 2.95%, 06/15/29 | 923,045 | ||||||
1,275,000 | Home Depot, Inc. (The), 4.50%, 12/06/48 | 1,599,387 | ||||||
800,000 | iStar, Inc., REIT, 4.75%, 10/01/24 | 825,000 | ||||||
1,000,000 | Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 6.75%, 11/15/21(a) | 1,021,250 | ||||||
500,000 | JB Poindexter & Co., Inc., 7.13%, 04/15/26(a) | 521,250 | ||||||
1,210,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 04/15/29(a) | 1,346,161 | ||||||
1,000,000 | JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 01/15/30(c) | 1,076,250 | ||||||
1,025,000 | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.00%, 06/01/24(a) | 1,063,438 | ||||||
600,000 | Kinder Morgan Energy Partners LP, 4.30%, 05/01/24 | 641,040 | ||||||
1,975,000 | Kraft Heinz Foods Co., 3.75%, 04/01/30(a) | 2,018,593 | ||||||
1,000,000 | Lamar Media Corp., 5.75%, 02/01/26 | 1,061,250 | ||||||
1,229,000 | Level 3 Financing, Inc., 5.38%, 01/15/24 | 1,253,580 | ||||||
450,000 | Live Nation Entertainment, Inc., 4.75%, 10/15/27(a) | 469,170 | ||||||
350,000 | Marriott Ownership Resorts, Inc., 4.75%, 01/15/28(a) | 357,980 | ||||||
700,000 | Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(a) | 720,125 | ||||||
600,000 | Microsoft Corp., 3.30%, 02/06/27 | 649,479 | ||||||
325,000 | Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/27(a) | 340,438 | ||||||
575,000 | MPT Operating Partnership LP / MPT Finance Corp., 4.63%, 08/01/29 | 599,806 | ||||||
100,000 | Nexstar Broadcasting, Inc., 5.88%, 11/15/22 | 101,500 | ||||||
625,000 | Nexstar Broadcasting, Inc., 5.63%, 08/01/24(a) | 652,113 | ||||||
1,025,000 | NextEra Energy Operating Partners LP, 4.25%, 07/15/24(a) | 1,052,880 |
63 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 650,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., 5.63%, 02/15/24 | $ | 667,063 | ||||
500,000 | Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 08/15/27(a) | 523,765 | ||||||
600,000 | PayPal Holdings, Inc., 2.65%, 10/01/26 | 607,258 | ||||||
2,650,000 | PayPal Holdings, Inc., 2.85%, 10/01/29 | 2,665,825 | ||||||
225,000 | Performance Food Group, Inc., 5.50%, 10/15/27(a) | 237,938 | ||||||
375,000 | Plains All American Pipeline LP / PAA Finance Corp., 5.75%, 01/15/20 | 377,438 | ||||||
1,500,000 | Post Holdings, Inc., 5.50%, 03/01/25(a) | 1,571,400 | ||||||
500,000 | Reliance Holding USA, Inc., 5.40%, 02/14/22(c) | 531,847 | ||||||
900,000 | Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 5.13%, 07/15/23(a) | 923,355 | ||||||
1,500,000 | SBA Communications Corp., 4.88%, 07/15/22 | 1,515,945 | ||||||
2,025,000 | Sherwin-Williams Co. (The), 3.45%, 06/01/27 | 2,136,514 | ||||||
2,150,000 | Sherwin-Williams Co. (The), 2.95%, 08/15/29 | 2,173,229 | ||||||
1,575,000 | Sherwin-Williams Co. (The), 3.80%, 08/15/49 | 1,600,897 | ||||||
3,395,000 | Southern Star Central Corp., 5.13%, 07/15/22(a) | 3,436,792 | ||||||
625,000 | Springleaf Finance Corp., 6.13%, 03/15/24 | 683,594 | ||||||
500,000 | Springleaf Finance Corp., 7.13%, 03/15/26 | 570,000 | ||||||
1,375,000 | TEGNA, Inc., 5.00%, 09/15/29(a) | 1,393,906 | ||||||
950,000 | TerraForm Power Operating LLC, 4.75%, 01/15/30(a) | 982,063 | ||||||
500,000 | T-Mobile USA, Inc., 6.38%, 03/01/25 | 518,855 | ||||||
2,150,000 | Toll Brothers Finance Corp., 3.80%, 11/01/29 | 2,112,375 | ||||||
450,000 | United Rentals North America, Inc., 3.88%, 11/15/27 | 454,613 | ||||||
1,000,000 | VeriSign, Inc., 4.75%, 07/15/27 | 1,056,250 | ||||||
500,000 | Verscend Escrow Corp., 9.75%, 08/15/26(a) | 531,875 | ||||||
1,500,000 | Viking Cruises Ltd., 5.88%, 09/15/27(a) | 1,593,750 | ||||||
1,000,000 | Wabtec Corp., 4.40%, 03/15/24 | 1,067,046 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
$ | 1,225,000 | Walt Disney Co. (The), 2.00%, 09/01/29 | $ | 1,194,301 | ||||
42,119,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 02/04/49(b) | 0 | ||||||
21,131,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 06/16/49(b) | 0 | ||||||
9,840,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 11/06/49(b) | 0 | ||||||
3,000,000 | Washington Mutual Bank/Debt Not Acquired By JPMorgan Escrow, 0.00%, 12/31/49(b) | 0 | ||||||
1,350,000 | WellCare Health Plans, Inc., 5.38%, 08/15/26(a) | 1,436,063 | ||||||
325,000 | Yum! Brands, Inc., 4.75%, 01/15/30(a) | 340,844 | ||||||
171,485,080 | ||||||||
Total Corporate Bonds (Cost $233,567,969) | 237,739,107 | |||||||
GOVERNMENT BONDS — 2.6% | ||||||||
BRAZIL — 0.0% | ||||||||
1,000,000 | Brazilian Government International Bond, 5.00%, 01/27/45 | 1,039,510 | ||||||
CANADA — 1.7% | ||||||||
115,700,000 | Canadian Government Bond, 1.25%, 02/01/20 | 87,742,607 | ||||||
QATAR — 0.0% | ||||||||
1,000,000 | Qatar Government International Bond, 4.82%, 03/14/49(c) | 1,229,820 | ||||||
SAUDI ARABIA — 0.0% | ||||||||
350,000 | Saudi Government International Bond, 5.25%, 01/16/50(c) | 431,024 | ||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
1,000,000 | Abu Dhabi Government International Bond, 4.13%, 10/11/47(c) | 1,149,754 | ||||||
UNITED KINGDOM — 0.9% | ||||||||
36,000,000 | United Kingdom Gilt, 4.75%, 03/07/20 | 47,283,218 | ||||||
Total Government Bonds (Cost $142,603,074) | 138,875,933 |
64 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
ASSET-BACKED SECURITIES — 13.5% | ||||||||
CAYMAN ISLANDS — 2.6% | ||||||||
Collateralized Loan Obligations — 2.1% | ||||||||
$ | 11,750,000 | Adams Mill CLO Ltd., Series 2014-1A, Class F, (3 mo. LIBOR US + 5.690%), 7.69%, 07/15/26(e) | $ | 10,479,064 | ||||
1,000,000 | Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.700%), 7.67%, 04/20/31(a)(e) | 872,131 | ||||||
1,000,000 | Apidos CLO XXII, Series 2015-22A, Class D, (3 mo. LIBOR US + 6.000%), 7.97%, 10/20/27(a)(e) | 937,181 | ||||||
2,533,500 | Apidos CLO XXIII, Series 2015-23A, Class D2, (3 mo. LIBOR US + 5.950%), 7.95%, 01/15/27(a)(e) | 2,533,872 | ||||||
1,500,000 | BlueMountain CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 5.450%), 7.45%, 04/13/27(a)(e) | 1,466,998 | ||||||
1,000,000 | Carlyle Global Market Strategies CLO Ltd., Series 2015-2A, Class DR, (3 mo. LIBOR US + 4.350%), 6.29%, 04/27/27(a)(e) | 931,783 | ||||||
1,065,808 | Carlyle Global Market Strategies CLO Ltd., Series 2015-4A, Class SBB1, (3 mo. LIBOR US + 8.500%), 10.47%, 07/20/32(a)(e) | 974,628 | ||||||
500,000 | Carlyle Global Market Strategies CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.200%), 7.17%, 04/20/27(a)(e) | 440,058 | ||||||
1,000,000 | Carlyle Global Market Strategies CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 7.000%), 8.97%, 10/20/29(a)(e) | 899,953 | ||||||
17,550,000 | CBAM CLO Management, Series 2019-10A, Class SUB, 0.00%, 04/20/32(a)(g) | 13,367,989 | ||||||
9,915,625 | Cedar Funding VII CLO Ltd., Series 2018-7A, Class SUB, 0.00%, 01/20/31(a)(g) | 7,773,977 | ||||||
11,500,000 | Jackson Mill CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.000%), 7.00%, 04/15/27(e) | 11,081,390 | ||||||
20,000,000 | Jackson Mill CLO Ltd., Series 2015-1A, Class SUB, 0.00%, 04/15/27(g) | 8,460,206 | ||||||
7,400,000 | Jefferson Mill CLO Ltd., Series 2015-1A, Class SUB, (3 mo. LIBOR US + 8.150%), 10.12%, 10/20/31(e) | 6,076,543 |
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%), 7.00%, 01/15/28(a)(e) | $ | 1,134,723 | ||||
1,000,000 | Rockford Tower CLO Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 6.080%), 8.08%, 10/15/29(a)(e) | 909,908 | ||||||
6,000,000 | Romark CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.650%), 8.58%, 10/23/30(e) | 5,527,861 | ||||||
5,000,000 | Romark CLO Ltd., Series 2017-1A, Class SUB, 0.00%, 10/23/30(g) | 3,344,832 | ||||||
15,100,000 | Romark CLO Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 6.250%), 8.19%, 07/25/31(e) | 13,345,972 | ||||||
5,000,000 | Romark CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/25/31(g) | 3,428,161 | ||||||
6,375,000 | THL Credit Wind River CLO Ltd., Series 2018-2A, Class SUB, 0.00%, 07/15/30(a)(g) | 4,360,549 | ||||||
1,000,000 | Westcott Park CLO Ltd., (3 mo. LIBOR US + 3.250%), 5.22%, 07/20/28(a)(e) | 969,091 | ||||||
4,500,000 | York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.400%), 8.37%, 10/20/29(a)(e) | 4,174,299 | ||||||
4,000,000 | York CLO-3 Ltd., Series 2016-1A, Class SUB, 0.00%, 10/20/29(a)(g) | 2,327,774 | ||||||
6,375,000 | York CLO-3 Ltd., Series 2018-1A, Class SUB, 0.00%, 10/22/31(a)(g) | 4,137,212 | ||||||
1,000,000 | York CLO-4 Ltd., Series 2016-2A, Class E, (3 mo. LIBOR US + 6.940%), 8.91%, 01/20/30(a)(e) | 971,008 | ||||||
110,927,163 | ||||||||
Other Asset-Backed Securities — 0.5% | ||||||||
2,800,000 | ALM Loan Funding Ltd., Series 2012-6A, Class DR3, (3 mo. LIBOR US + 5.050%), 7.05%, 07/15/26(a)(e) | 2,612,459 | ||||||
1,000,000 | ALM Loan Funding Ltd., Series 2013-7RA, Class DR, (3 mo. LIBOR US + 7.140%), 9.14%, 10/15/28(a)(e) | 976,468 |
65 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 2,000,000 | ALM Loan Funding Ltd., Series 2015-16A, Class DR2, (3 mo. LIBOR US + 5.100%), 7.10%, 07/15/27(a)(e) | $ | 1,846,511 | ||||
5,000,000 | Atrium VIII, Series 8A, Class SUB, 0.00%, 10/23/24(a)(g) | 319,065 | ||||||
2,000,000 | Atrium XII, Series 12A, Class ER, (3 mo. LIBOR US + 5.250%), 7.20%, 04/22/27(a)(e) | 1,812,695 | ||||||
12,131,250 | Atrium XIII, Series 13A, Class SUB, 0.00%, 11/21/47(a)(g) | 9,288,355 | ||||||
2,000,000 | Madison Park Funding XVI, Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.500%), 7.47%, 04/20/26(a)(e) | 1,953,869 | ||||||
1,000,000 | OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.150%), 9.12%, 01/20/29(a)(e) | 958,487 | ||||||
7,500,000 | Romark WM-R Ltd., Series 2018-1A, Class F, (3 mo. LIBOR US + 8.100%), 10.07%, 04/20/31(e) | 6,193,461 | ||||||
25,961,370 | ||||||||
136,888,533 | ||||||||
UNITED STATES — 10.9% | ||||||||
Collateralized Loan Obligations — 0.2% | ||||||||
3,789,781 | Ari Investments LLC, 5.13%, 01/06/25(a)(b) | 3,789,781 | ||||||
3,177,919 | Ari Investments LLC, 0.00%, 01/30/25(a)(b) | 3,177,919 | ||||||
2,796,551 | CWHEQ Revolving Home Equity Loan Trust, Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 2.09%, 05/15/36(e) | 2,748,661 | ||||||
1,500,000 | RMF Buyout Issuance Trust, Series 2019-1, Class M5, 6.00%, 07/25/29(a)(g) | 1,474,542 | ||||||
11,190,903 | ||||||||
Other Asset-Backed Securities — 10.7% | ||||||||
4,845,843 | Ajax Mortgage Loan Trust, Series 2017-D, Class A, 3.75%, 12/25/57(a) | 5,003,832 | ||||||
1,442,387 | Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b)(g) | 649,074 | ||||||
2,623,007 | Ajax Mortgage Loan Trust, Series 2018-A, Class A, 3.85%, 04/25/58(a) | 2,678,316 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 771,564 | Ajax Mortgage Loan Trust, Series 2018-A, Class B, 0.00%, 04/25/58(a)(b) | $ | 447,507 | ||||
7,213,015 | Ajax Mortgage Loan Trust, Series 2018-D, Class A, 3.75%, 08/25/58(a)(b)(g) | 7,260,621 | ||||||
1,829,910 | Ajax Mortgage Loan Trust, Series 2018-D, Class B, 0.00%, 08/25/58(a)(b)(g) | 1,024,750 | ||||||
1,312,500 | Ajax Mortgage Loan Trust, Series 2018-E, Class B, 5.25%, 06/25/58(a)(g) | 1,365,324 | ||||||
3,321,529 | Ajax Mortgage Loan Trust, Series 2018-E, Class C, 0.00%, 06/25/58(a)(b)(g) | 998,119 | ||||||
1,498,613 | Ajax Mortgage Loan Trust, Series 2018-F, Class B, 5.25%, 11/25/58(a)(b)(g) | 1,485,425 | ||||||
3,611,302 | Ajax Mortgage Loan Trust, Series 2018-F, Class C, 0.00%, 11/25/58(a)(b) | 1,760,871 | ||||||
18,251,505 | Ajax Mortgage Loan Trust, Series 2018-G, Class A, 4.38%, 06/25/57(a)(b)(g) | 18,346,413 | ||||||
2,100,000 | Ajax Mortgage Loan Trust, Series 2018-G, Class B, 5.25%, 06/25/57(a)(b)(g) | 2,071,020 | ||||||
5,374,214 | Ajax Mortgage Loan Trust, Series 2018-G, Class C, 0.00%, 06/25/57(a)(b) | 5,072,183 | ||||||
20,988,571 | Ajax Mortgage Loan Trust, Series 2019-A, Class-A, 3.75%, 08/25/57(a)(g) | 21,125,517 | ||||||
2,450,000 | Ajax Mortgage Loan Trust, Series 2019-A, Class-B, 5.25%, 08/25/57(a)(b)(g) | 2,410,065 | ||||||
6,127,642 | Ajax Mortgage Loan Trust, Series 2019-A, Class-C, 0.00%, 08/25/57(a)(b) | 4,834,096 | ||||||
20,120,252 | Ajax Mortgage Loan Trust, Series 2019-B, Class A, 3.75%, 01/25/59(a)(g) | 20,212,512 | ||||||
2,100,000 | Ajax Mortgage Loan Trust, Series 2019-B, Class B, 5.25%, 01/25/59(b)(g) | 2,067,030 | ||||||
5,386,224 | Ajax Mortgage Loan Trust, Series 2019-B, Class C, 0.00%, 01/25/59(a)(b) | 4,410,240 | ||||||
7,153,653 | Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.95%, 10/25/58(a)(g) | 7,171,567 | ||||||
11,179,212 | Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.480%), 2.30%, 05/25/35(e) | 10,637,407 |
66 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 4,740,999 | Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5, Class M1, (1 mo. LIBOR US + 0.460%), 2.28%, 01/25/36(e) | $ | 3,806,707 | ||||
6,015,344 | Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class M2, (1 mo. LIBOR US + 0.420%), 2.24%, 01/25/36(e) | 4,287,729 | ||||||
5,740,000 | Bank of America Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(g) | 4,286,763 | ||||||
5,000,000 | Bank of America Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.57%, 12/10/25(g) | 2,938,632 | ||||||
10,624,747 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 2.80%, 05/28/39(a)(e) | 9,042,443 | ||||||
2,346,005 | Bayview Financial Revolving Asset Trust, Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 3.10%, 05/28/39(a)(e) | 1,981,959 | ||||||
3,775,185 | Bayview Financial Revolving Asset Trust, Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 2.80%, 02/28/40(a)(e) | 3,592,980 | ||||||
2,274,506 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 2.80%, 12/28/40(a)(e) | 2,245,184 | ||||||
4,776,974 | Bayview Financial Revolving Asset Trust, Series 2005-E, Class A2A, (1 mo. LIBOR US + 0.930%), 2.73%, 12/28/40(a)(e) | 4,464,798 | ||||||
1,814,873 | Bear Stearns Asset Backed Securities I Trust, Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 2.50%, 12/25/35(e) | 2,113,734 | ||||||
2,950,669 | Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A1, (1 mo. LIBOR US + 0.350%), 2.17%, 03/25/36(e) | 622,370 | ||||||
2,950,669 | Bear Stearns Asset-Backed Securities Trust, Series 2006-AC2, Class 22A3, (1 mo. LIBOR US + 0.350%), 2.17%, 03/25/36(e) | 622,370 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 5,517,882 | Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 22A, (1 mo. LIBOR US + 0.140%), 1.96%, 12/25/36(e) | $ | 5,846,487 | ||||
3,790,504 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A2, 7.58%, 06/15/30(g) | 1,265,886 | ||||||
3,553,597 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A3, 7.83%, 06/15/30(g) | 1,159,119 | ||||||
2,534,740 | Bombardier Capital Mortgage Securitization Pass-Through Certificates, Series 2000-A, Class A4, 8.29%, 06/15/30(g) | 906,602 | ||||||
5,285,371 | Carrington Mortgage Loan Trust, Series 2006-FRE1, Class A3, (1 mo. LIBOR US + 0.150%), 1.97%, 04/25/36(e) | 5,133,068 | ||||||
4,884,740 | Carrington Mortgage Loan Trust, Series 2007-FRE1, Class A4, (1 mo. LIBOR US + 0.420%), 2.24%, 02/25/37(e) | 4,168,982 | ||||||
12,415,000 | Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.04%, 10/25/36(e) | 10,498,426 | ||||||
11,222,650 | Conseco Finance Securitizations Corp., Series 2000-1, Class A5, 8.06%, 09/01/29(g) | 4,765,319 | ||||||
14,158,775 | Conseco Finance Securitizations Corp., Series 2000-4, Class A5, 7.97%, 05/01/32 | 5,681,502 | ||||||
2,882,502 | Conseco Financial Corp., Series 1997-7, Class M1, 7.03%, 07/15/28(g) | 2,807,114 | ||||||
2,779,438 | Conseco Financial Corp., Series 1998-2, Class M1, 6.94%, 12/01/28(g) | 2,705,152 | ||||||
2,609,235 | Conseco Financial Corp., Series 1999-5, Class A5, 7.86%, 03/01/30(g) | 1,809,221 | ||||||
2,943,631 | Conseco Financial Corp., Series 1999-5, Class A6, 7.50%, 03/01/30(g) | 1,971,171 | ||||||
4,524,001 | Countrywide Asset-Backed Certificates, Series 2005-17, Class 1AF4, STEP, 6.05%, 05/25/36 | 4,624,522 |
67 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 792,864 | Countrywide Asset-Backed Certificates, Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 1.98%, 09/25/46(e) | $ | 783,156 | ||||
820,419 | Countrywide Asset-Backed Certificates, Series 2006-S4, Class A4, 5.93%, 07/25/34(g) | 827,928 | ||||||
1,481,492 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.21%, 12/15/33(a)(e) | 1,410,967 | ||||||
1,144,764 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 4T1B, (1 mo. LIBOR US + 0.240%), 2.15%, 02/15/30(a)(e) | 1,046,317 | ||||||
905,389 | Countrywide Revolving Home Equity Loan Resecuritization Trust, Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.10%, 05/15/35(a)(e) | 822,213 | ||||||
6,879,000 | Finance of America Structured Securities Trust, Series 2019-HB1, Class M5, 6.00%, 04/25/29(a)(g) | 6,616,780 | ||||||
3,325,000 | Finance of America Structured Securities Trust, Series 2018-HB1, Class M4, 5.23%, 09/25/28(a)(b)(g) | 3,368,890 | ||||||
4,000,000 | Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28(a)(b)(g) | 3,973,600 | ||||||
2,491,618 | First Franklin Mortgage Loan Trust, Series 2003-FF4, Class-M1, (1 mo. LIBOR US + 1.800%), 3.83%, 10/25/33(e) | 2,514,321 | ||||||
9,928,838 | First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A1, (1 mo. LIBOR US + 0.120%), 1.94%, 10/25/36(e) | 8,001,038 | ||||||
4,933,020 | First Franklin Mortgage Loan Trust, Series 2006-FF4, Class M1, (1 mo. LIBOR US + 0.360%), 2.56%, 03/25/36(e) | 4,025,703 | ||||||
9,120,090 | First Franklin Mortgage Loan Trust, Series 2006-FF8, Class M1, (1 mo. LIBOR US + 0.250%), 2.07%, 07/25/36(e) | 5,089,093 | ||||||
4,309,724 | First Franklin Mortgage Loan Trust, Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.22%, 01/25/36(e) | 2,770,402 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 4,670,344 | First Franklin Mortgage Loan Trust, Series 2007-FF2, Class A2C, (1 mo. LIBOR US + 0.150%), 1.97%, 03/25/37(e) | $ | 3,041,399 | ||||
1,500,000 | Fremont Home Loan Trust, Series 2005-D, Class M1, (1 mo. LIBOR US + 0.410%), 2.23%, 11/25/35(e) | 1,424,039 | ||||||
1,235,691 | GMAC Mortgage Home Equity Loan Trust, Series 2005-HE3, Class A3, (1 mo. LIBOR US + 0.500%), 2.52%, 02/25/36(e) | 1,225,942 | ||||||
734,456 | GMAC Mortgage Home Equity Loan Trust, Series 2006-HE1, Class A, (1 mo. LIBOR US + 0.320%), 2.14%, 11/25/36(e) | 719,696 | ||||||
6,874,976 | Greenpoint Manufactured Housing, Series 2000-3, Class IA, 8.45%, 06/20/31(g) | 5,627,847 | ||||||
2,463,906 | GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.350%), 2.17%, 12/25/35(e) | 1,046,529 | ||||||
10,811,576 | GSAA Home Equity Trust, Series 2006-4, Class 1A1, 4.04%, 03/25/36(g) | 9,415,627 | ||||||
10,902,298 | GSAA Home Equity Trust, Series 2006-5, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.00%, 03/25/36(e) | 5,319,828 | ||||||
9,055,970 | GSAA Home Equity Trust, Series 2007-9, Class A3A, 7.00%, 08/25/47 | 4,689,299 | ||||||
512,177 | GSAA Trust, Series 2006-7, Class AF2, 5.99%, 03/25/46(g) | 326,977 | ||||||
20,471,444 | GSAMP Trust, Series 2006-FM3, Class A1, (1 mo. LIBOR US + 0.140%), 1.96%, 11/25/36(e) | 12,602,792 | ||||||
3,566,000 | GSAMP Trust, Series 2007-HS1, Class M5, (1 mo. LIBOR US + 2.250%), 4.07%, 02/25/47(e) | 3,722,227 | ||||||
4,375,000 | Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 1.97%, 05/25/37(e) | 3,665,109 | ||||||
5,497,474 | HSI Asset Loan Obligation Trust, Series 2007-WF1, Class A3, STEP, 4.88%, 12/25/36 | 3,037,867 | ||||||
1,050,000 | Invitation Homes Trust, Series 2017-SFR2, Class D, (1 mo. LIBOR US + 1.800%), 3.69%, 12/17/36(a)(e) | 1,050,998 |
68 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 1,709,386 | Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, STEP, 6.53%, 09/25/37(a) | $ | 1,699,097 | ||||
4,000,000 | JPMorgan Mortgage Acquisition Corp., Series 2006-CW1,Class M1, (1 mo. LIBOR US + 0.270%), 2.09%, 05/25/36(e) | 3,701,129 | ||||||
6,000,000 | Legacy Mortgage Asset Trust, Series 2018-SL1, Class M, 4.50%, 02/25/58(a)(g) | 6,046,501 | ||||||
9,188,612 | Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, STEP, 3.75%, 01/25/59(a) | 9,268,133 | ||||||
12,091,964 | Legacy Mortgage Asset Trust, Series 2019-SL1, Class A, 4.00%, 12/28/54(g) | 12,205,292 | ||||||
10,098,946 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class A, 3.38%, 02/25/59(a)(b)(g) | 10,151,460 | ||||||
2,113,637 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class B, 0.00%, 02/25/59(a)(b) | 371,789 | ||||||
1,900,000 | Legacy Mortgage Asset Trust, Series 2019-SL2, Class M, 4.25%, 02/25/59(a)(b)(g) | 1,451,600 | ||||||
4,186,295 | Lehman ABS Manufactured Housing Contract Trust, Series 2001-B, Class M1, 6.63%, 04/15/40(g) | 4,507,819 | ||||||
338,197 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 1.91%, 06/25/37(a)(e) | 244,142 | ||||||
10,249,141 | Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A4, (1 mo. LIBOR US + 0.300%), 2.12%, 06/25/37(a)(e) | 7,629,283 | ||||||
6,959,882 | Lehman ABS Mortgage Loan Trust, Series 2007-1,Class 2A2, (1 mo. LIBOR US + 0.200%), 2.02%, 06/25/37(a)(e) | 5,384,119 | ||||||
1,147,769 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A2, (1 mo. LIBOR US + 0.110%), 1.93%, 11/25/36(e) | 487,548 | ||||||
15,831,987 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.98%, 11/25/36(e) | 7,476,012 | ||||||
3,111,821 | Long Beach Mortgage Loan Trust, Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.04%, 11/25/36(e) | 1,485,733 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 6,065,402 | Long Beach Mortgage Loan Trust, Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.98%, 10/25/36(e) | $ | 2,357,820 | ||||
4,171,522 | Long Beach Mortgage Loan Trust, Series 2006-WL3, Class 2A4, (1 mo. LIBOR US + 0.300%), 2.12%, 01/25/36(e) | 3,936,101 | ||||||
3,513,413 | Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.07%, 03/25/32(e) | 3,568,029 | ||||||
4,260,669 | Mastr Second Lien Trust, Series 2006-1, Class A, (1 mo. LIBOR US + 0.320%), 2.14%, 03/25/36(e) | 683,054 | ||||||
3,215,054 | Merit Securities Corp., Series 13, Class M2, STEP, 7.33%, 12/28/33 | 2,797,215 | ||||||
10,669,513 | Merrill Lynch Mortgage Investors Trust, Series 2006-RM5, Class A2D, (1 mo. LIBOR US + 0.250%), 2.07%, 10/25/37(e) | 4,331,884 | ||||||
1,371,135 | Morgan Stanley ABS Capital I, Series 2006-HE4, Class A4, (1 mo. LIBOR US + 0.240%), 2.06%, 06/25/36(e) | 970,728 | ||||||
7,365,088 | Morgan Stanley ABS Capital I, Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 1.95%, 11/25/36(e) | 4,466,549 | ||||||
7,260,457 | Morgan Stanley ABS Capital I, Series 2007-NC3, Class A2B, (1 mo. LIBOR US + 0.140%), 1.96%, 05/25/37(e) | 5,662,430 | ||||||
5,965,525 | Morgan Stanley Capital I, Series 2006-NC2, Class M1, (1 mo. LIBOR US + 0.360%), 2.18%, 02/25/36(e) | 5,252,115 | ||||||
4,997,513 | Morgan Stanley Mortgage Loan Trust, Series 2006-12XS, Class A4, STEP, 6.01%, 10/25/36 | 2,074,590 | ||||||
1,988,902 | Morgan Stanley Mortgage Loan Trust, Series 2006-4SL, Class A1, STEP, (1 mo. LIBOR US + 0.300%), 2.12%, 03/25/36(e) | 2,010,356 | ||||||
3,200,000 | Nationstar HECM Loan Trust, Series 2018-2A, Class M4, 5.06%, 07/25/28(a)(b)(g) | 3,227,360 | ||||||
8,000,000 | Nationstar Home Equity Loan Trust, Series 2007-A, Class M3, (1 mo. LIBOR US + 0.300%), 2.12%, 03/25/37(e) | 6,876,998 |
69 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 5,668,092 | New Century Home Equity Loan Trust, Series 2005-C, Class M2, (1 mo. LIBOR US + 0.450%), 2.27%, 12/25/35(e) | $ | 3,706,282 | ||||
2,315,170 | Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.22%, 10/25/36(a)(e) | 2,167,896 | ||||||
2,204,916 | Oakwood Mortgage Investors, Inc., Series 1999-C, Class A2, 7.48%, 08/15/27 | 2,125,231 | ||||||
10,308,972 | Oakwood Mortgage Investors, Inc., Series 2000-D, Class A4, 7.40%, 07/15/30(g) | 4,348,464 | ||||||
8,576,285 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A2, 5.92%, 06/15/31(g) | 2,002,514 | ||||||
5,950,110 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A3, 6.61%, 06/15/31(g) | 1,551,248 | ||||||
6,799,285 | Oakwood Mortgage Investors, Inc., Series 2001-C, Class A4, 7.41%, 06/15/31(g) | 1,985,835 | ||||||
788,744 | Oakwood Mortgage Investors, Inc., Series 2001-D, Class A3, 5.90%, 09/15/22(g) | 612,718 | ||||||
3,833,262 | Oakwood Mortgage Investors, Inc., Series 2002-A, Class M1, 7.76%, 03/15/32(g) | 3,817,317 | ||||||
1,063,396 | Oakwood Mortgage Investors, Inc., Series 2002-B, Class A4, 7.09%, 06/15/32(g) | 1,139,253 | ||||||
3,000,000 | OneMain Financial Issuance Trust, Series 2015-1A, Class D, 6.63%, 03/18/26(a) | 3,030,641 | ||||||
4,000,000 | OneMain Financial Issuance Trust, Series 2015-3A, Class D, 6.94%, 11/20/28(a) | 4,173,440 | ||||||
3,378,087 | Option One Mortgage Loan Trust, Series 2007-FXD2, Class 1A1, STEP, 5.82%, 03/25/37 | 3,455,522 | ||||||
2,955,985 | Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M2, STEP, 5.25%, 07/25/35 | 2,555,921 | ||||||
733,833 | Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, STEP, 4.25%, 01/25/22(a) | 735,276 | ||||||
1,000,000 | Progress Residential Trust, Series 2019-SFR3, Class F, 3.87%, 09/17/36(a) | 1,003,723 |
Principal Amount | Value | |||||||
UNITED STATES (continued) | ||||||||
Other Asset-Backed Securities (continued) | ||||||||
$ | 3,000,000 | Progress Residential Trust, Series 2019-SFR4, Class F, 3.68%, 11/17/36(a) | $ | 3,020,418 | ||||
4,000,000 | Residential Asset Securities Corp, Series 2006-KS4, Class M2, (1 mo. LIBOR US + 0.290%), 2.11%, 06/25/36(e) | 3,822,917 | ||||||
3,825,000 | Residential Asset Securities Corp., Class M4, (1 mo. LIBOR US + 0.580%), 2.40%, 11/25/35(e) | 3,062,945 | ||||||
2,174,491 | SACO I Trust, Series 2006-7, Class A1, (1 mo. LIBOR US + 0.260%), 2.08%, 07/25/36(e) | 2,161,543 | ||||||
4,521,533 | Saxon Asset Securities Trust, Series 2006-2, Class M3, (1 mo. LIBOR US + 0.320%), 2.14%, 09/25/36(e) | 2,948,480 | ||||||
8,456,391 | Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 2.11%, 01/25/47(e) | 6,693,180 | ||||||
7,739,911 | Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.01%, 11/25/36(e) | 4,533,429 | ||||||
6,794,412 | Securitized Asset Backed Receivables LLC Trust, Series 2006-WM4, Class A2B, (1 mo. LIBOR US + 0.120%), 1.94%, 11/25/36(e) | 2,580,942 | ||||||
3,131,869 | Securitized Asset Backed Receivables LLC Trust, Series 2007-BR1, Class A2B, (1 mo. LIBOR US + 0.270%), 2.09%, 02/25/37(e) | 2,276,008 | ||||||
11,618,822 | Soundview Home Loan Trust, Series 2006-OPT5, Class M1, (1 mo. LIBOR US + 0.250%), 2.07%, 07/25/36(e) | 7,076,158 | ||||||
4,147,765 | Structured Asset Investment Loan Trust, Series 2005-9, Class M2, (1 mo. LIBOR US + 0.450%), 2.27%, 11/25/35(e) | 2,549,342 | ||||||
4,466,138 | Structured Asset Investment Loan Trust, Series 2005-HE1, Class M3, (1 mo. LIBOR US + 0.500%), 2.32%, 07/25/35(e) | 2,810,851 | ||||||
1,890,518 | Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF1, Class M1, (1 mo. LIBOR US + 0.440%), 2.26%, 02/25/37(e) | 1,254,032 |
70 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
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(a)(g) | $ | 10,309,315 | ||||
10,000,000 | Towd Point Mortgage Trust, Series 2019-SJ2, Class M1, 4.50%, 11/25/58(a)(g) | 10,301,644 | ||||||
1,837,000 | Tricon American Homes Trust, Series 2019-SFR1, Class F, 3.75%, 03/17/38(a) | 1,852,020 | ||||||
9,136,367 | Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, STEP, 3.97%, 02/25/49(a) | 9,164,561 | ||||||
14,601,269 | Vericrest Opportunity Loan Trust, Series 2019-NPL3, Class A1, STEP, 3.97%, 03/25/49(a) | 14,760,322 | ||||||
9,913,075 | Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.22%, 06/25/37(a)(e) | 4,139,840 | ||||||
566,600,827 | ||||||||
577,791,730 | ||||||||
Total Asset-Backed Securities (Cost $768,918,641) | 714,680,263 | |||||||
NON-AGENCY MORTGAGE-BACKED SECURITIES — 11.7% | ||||||||
COLLATERALIZED MORTGAGEOBLIGATIONS — 10.2% | ||||||||
796,315 | Adjustable Rate Mortgage Trust, Series 2005-3, Class 2A1, 4.36%, 07/25/35(g) | 765,988 | ||||||
2,206,633 | Adjustable Rate Mortgage Trust, Series 2007-1, Class 4A1, 5.12%, 03/25/37(g) | 1,914,871 | ||||||
2,056,125 | Ajax Mortgage Loan Trust, Series 2018-B, Class A, 3.75%, 02/26/57(a)(b) | 2,056,125 | ||||||
1,105,185 | Ajax Mortgage Loan Trust, Series 2018-B, Class B, 0.00%, 02/26/57(a)(b) | 309,452 | ||||||
37,630,700 | Ajax Mortgage Loan Trust, Series 2019-E, Class A, STEP, 3.00%, 10/30/59(a) | 37,336,277 | ||||||
3,512,199 | Ajax Mortgage Loan Trust, Series 2019-E, Class B, STEP, 4.88%, 10/30/59(a) | 3,491,197 | ||||||
9,031,368 | Ajax Mortgage Loan Trust, Series 2019-E, Class C, 0.00%, 10/30/59(a)(b) | 4,095,725 | ||||||
2,031,339 | American Home Mortgage Assets Trust, Series 2006-2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.35%, 09/25/46(e) | 1,945,259 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 1,785,535 | American Home Mortgage Assets Trust, Series 2007-3, Class 22A1, STEP, 6.25%, 06/25/37 | $ | 1,627,804 | ||||
9,897,879 | Angel Oak Mortgage Trust I LLC, Series 2019-2, Class-A1, 3.63%, 03/25/49(a)(g) | 10,005,533 | ||||||
12,281,912 | APS Resecuritization Trust, Series 2016-1, Class 1MZ, 4.06%, 07/31/57(a)(g) | 4,616,771 | ||||||
2,134,674 | Banc of America Alternative Loan Trust, Series 2006-9, Class A2, (1 mo. LIBOR US + 0.400%), 2.22%, 01/25/37(e) | 1,719,641 | ||||||
300,270 | Banc of America Funding Corp., Series 2005-F, Class 6A1, 3.92%, 09/20/35(g) | 300,450 | ||||||
695,351 | Banc of America Funding Corp., Series 2006-A, Class 3A2, 4.27%, 02/20/36(g) | 677,172 | ||||||
659,435 | Banc of America Funding Corp., Series 2006-E, Class 2A1, 4.67%, 06/20/36(g) | 660,521 | ||||||
1,963,375 | Banc of America Funding Corp., Series 2007-1, Class TA5, STEP, 6.09%, 01/25/37 | 1,959,815 | ||||||
3,244,950 | Banc of America Funding Corp., Series 2015-R3, Class 1A2, 2.50%, 03/27/36(a)(g) | 2,687,040 | ||||||
652,631 | Banc of America Mortgage Securities, Inc., Series 2005-I, Class 2A5, 3.98%, 10/25/35(g) | 659,240 | ||||||
3,962,283 | BCAP LLC, Series 2012-RR3, Class 1A5, 6.57%, 12/26/37(a)(g) | 3,536,691 | ||||||
1,577,224 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-12, Class 23A1, 4.08%, 02/25/36(g) | 1,557,247 | ||||||
348,332 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-6, Class 5A1, 4.09%, 08/25/35(g) | 323,782 | ||||||
485,065 | Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.33%, 05/25/47(g) | 459,623 | ||||||
1,880,670 | Bear Stearns Alt-A Trust, Series 2006-2, Class 11A1, (1 mo. LIBOR US + 0.440%), 2.26%, 04/25/36(e) | �� | 2,227,252 | |||||
4,018,630 | Bear Stearns ALT-A Trust, Series 2006-6, Class 1A1, (1 mo. LIBOR US + 0.320%), 2.14%, 11/25/36(e) | 4,358,930 | ||||||
2,054,195 | Bear Stearns Mortgage Funding Trust, Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.10%, 08/25/36(e) | 2,050,076 |
71 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 1,449,020 | Bear Stearns Mortgage Funding Trust, Series 2006-SL4, Class A, (1 mo. LIBOR US + 0.300%), 2.12%, 11/25/36(e) | $ | 1,402,034 | ||||
2,347,016 | CBA Commercial Small Balance Commercial Mortgage, Series 2007-1A, Class A, STEP, 5.76%, 07/25/39(a) | 1,918,501 | ||||||
4,859,628 | Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37 | 3,499,066 | ||||||
2,005,284 | Chase Mortgage Trust, Series 2016-1, Class M4, 3.75%, 04/25/45(a)(g) | 2,021,123 | ||||||
2,430,938 | CHL Mortgage Pass-Through Trust, Series 2005-J2, Class 2A4, (1 mo. LIBOR US + 1.400%), 3.22%, 08/25/35(e) | 2,062,748 | ||||||
3,453,633 | CHL Mortgage Pass-Through Trust, Series 2007-HYB1, Class 3A1, 3.81%, 03/25/37(g) | 3,216,660 | ||||||
7,729,295 | CIM Trust, Series 2019-INV1, Class A1, 4.00%, 02/25/49(a)(g) | 7,897,981 | ||||||
3,337,868 | Citicorp Mortgage Securities Trust, Series 2007-9, Class 1A1, 6.25%, 12/25/37 | 2,973,598 | ||||||
3,913,060 | Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38 | 3,411,114 | ||||||
296,576 | Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A1, 4.75%, 05/25/35(g) | 303,119 | ||||||
261,636 | Citigroup Mortgage Loan Trust, Inc., Series 2006-AR3, Class 1A2A, 4.53%, 06/25/36(g) | 255,194 | ||||||
4,115,949 | Citigroup Mortgage Loan Trust, Inc., Series 2007-9, Class 1A1, 5.75%, 04/25/47(a) | 3,252,730 | ||||||
539,691 | Countrywide Alternative Loan Trust, Series 2004-36CB, Class 1A1, 6.00%, 02/25/35 | 517,033 | ||||||
1,095,361 | Countrywide Alternative Loan Trust, Series 2005-31, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.12%, 08/25/35(e) | 1,079,931 | ||||||
7,667,455 | Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A7, (1 mo. LIBOR US + 5.500%), 3.68%, 11/25/35(e) | 1,514,624 | ||||||
708,080 | Countrywide Alternative Loan Trust, Series 2005-63, Class 5A1, 4.04%, 12/25/35(g) | 674,672 | ||||||
111,664 | Countrywide Alternative Loan Trust, Series 2005-69, Class A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 3.39%, 12/25/35(e) | 109,140 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 8,797,844 | Countrywide Alternative Loan Trust, Series 2005-76, Class 1A2, (12 mo. Federal Reserve Cumulative Average US + 2.000%), 4.39%, 01/25/36(e) | $ | 7,135,680 | ||||
1,701,632 | Countrywide Alternative Loan Trust, Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 2.27%, 05/25/35(e) | 1,550,148 | ||||||
970,710 | Countrywide Alternative Loan Trust, Series 2005-J14, Class A3, 5.50%, 12/25/35 | 827,201 | ||||||
3,583,133 | Countrywide Alternative Loan Trust, Series 2006-12CB, Class A10, (1 mo. LIBOR US + 0.350%), 2.17%, 05/25/36(e) | 2,100,629 | ||||||
2,172,341 | Countrywide Alternative Loan Trust, Series 2006-15CB, Class A1, 6.50%, 06/25/36 | 1,615,043 | ||||||
4,214,209 | Countrywide Alternative Loan Trust, Series 2006-20CB, Class A9, 6.00%, 07/25/36 | 3,120,911 | ||||||
1,455,490 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A13, (1 mo. LIBOR US + 0.350%), 2.17%, 08/25/36(e) | 889,590 | ||||||
1,455,490 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A14, (1 mo. LIBOR US + 7.150%), 5.33%, 08/25/36(e) | 396,367 | ||||||
1,500,406 | Countrywide Alternative Loan Trust, Series 2006-24CB, Class A15, 5.75%, 08/25/36 | 1,227,911 | ||||||
1,498,942 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A4, (1 mo. LIBOR US + 0.400%), 2.22%, 03/25/36(e) | 756,298 | ||||||
4,210,407 | Countrywide Alternative Loan Trust, Series 2006-2CB, Class A6, 5.50%, 03/25/36 | 3,036,024 | ||||||
1,629,482 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A10, 6.00%, 01/25/37 | 1,341,928 | ||||||
1,179,888 | Countrywide Alternative Loan Trust, Series 2006-41CB, Class 1A4, 5.75%, 01/25/37 | 1,017,888 | ||||||
1,495,469 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A2, 6.00%, 02/25/37 | 1,223,913 | ||||||
3,419,508 | Countrywide Alternative Loan Trust, Series 2006-45T1, Class 2A5, 6.00%, 02/25/37 | 2,798,574 | ||||||
207,561 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A10, 5.50%, 05/25/36 | 195,054 |
72 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 588,869 | Countrywide Alternative Loan Trust, Series 2006-6CB, Class 1A2, (1 mo. LIBOR US + 0.400%), 2.22%, 05/25/36(e) | $ | 494,503 | ||||
3,774,842 | Countrywide Alternative Loan Trust, Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 | 2,504,726 | ||||||
3,110,408 | Countrywide Alternative Loan Trust, Series 2006-J7, Class 2A1, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.66%, 11/20/46(e) | 2,214,899 | ||||||
6,373,646 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 4.12%, 11/25/46(e) | 5,677,682 | ||||||
3,231,569 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 2A1, (1 mo. LIBOR US + 0.190%), 2.01%, 11/25/46(e) | 2,929,008 | ||||||
4,254,194 | Countrywide Alternative Loan Trust, Series 2006-OA14, Class 3A1, (12 mo. Federal Reserve Cumulative Average US + 0.850%), 3.24%, 11/25/46(e) | 3,902,308 | ||||||
4,660,838 | Countrywide Alternative Loan Trust, Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.04%, 03/20/47(e) | 4,025,080 | ||||||
1,044,905 | Countrywide Alternative Loan Trust, Series 2006-OA3, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.03%, 05/25/36(e) | 941,375 | ||||||
5,621,995 | Countrywide Alternative Loan Trust, Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 2.03%, 07/25/46(e) | 5,217,835 | ||||||
9,463,005 | Countrywide Alternative Loan Trust, Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.01%, 07/25/46(e) | 9,272,969 | ||||||
4,800,404 | Countrywide Alternative Loan Trust, Series 2006-OC1, Class 1A1, (1 mo. LIBOR US + 0.230%), 2.05%, 03/25/36(e) | 4,063,998 | ||||||
3,987,428 | Countrywide Alternative Loan Trust, Series 2006-OC3, Class 1A1, (1 mo. LIBOR US + 0.180%), 2.00%, 04/25/46(e) | 3,426,122 | ||||||
2,406,568 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A22, 5.75%, 06/25/37 | 1,713,474 | ||||||
2,424,001 | Countrywide Alternative Loan Trust, Series 2007-12T1, Class A5, 6.00%, 06/25/37 | 1,776,348 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 1,251,769 | Countrywide Alternative Loan Trust, Series 2007-19, Class 1A34, 6.00%, 08/25/37 | $ | 1,001,226 | ||||
4,974,310 | Countrywide Alternative Loan Trust, Series 2007-22, Class 2A16, 6.50%, 09/25/37 | 3,286,794 | ||||||
4,638,596 | Countrywide Alternative Loan Trust, Series 2007-25, Class 1A3, 6.50%, 11/25/37 | 3,342,227 | ||||||
1,135,128 | Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A8, 6.00%, 05/25/37 | 788,524 | ||||||
643,364 | Countrywide Alternative Loan Trust, Series 2007-J1, Class 3A4, STEP, 4.25%, 11/25/36 | 691,798 | ||||||
11,153,373 | Countrywide Alternative Loan Trust, Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 3.23%, 03/25/47(e) | 9,628,428 | ||||||
580,783 | Countrywide Alternative Loan Trust, Series 2007-OA3, Class 1A2, (1 mo. LIBOR US + 0.180%), 2.00%, 04/25/47(e) | 198,837 | ||||||
2,267,371 | Countrywide Alternative Loan Trust, Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.06%, 08/25/47(e) | 1,868,047 | ||||||
1,933,175 | Countrywide Alternative Loan Trust, Series 2008-1R, Class 2A3, 6.00%, 08/25/37 | 1,495,132 | ||||||
1,573,221 | Countrywide Alternative Resecuritization, Series 2006-22R, Class 2A1, 6.25%, 05/25/36 | 1,178,329 | ||||||
1,844,422 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-31, Class 2A3, 3.78%, 01/25/36(g) | 1,764,152 | ||||||
513,269 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-J3, Class 2A4, 4.50%, 09/25/35 | 502,974 | ||||||
137,896 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-HYB1, Class 2A1, 3.74%, 03/20/36(g) | 142,156 | ||||||
11,724,333 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.35%, 04/25/46(e) | 5,627,995 |
73 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 3,438,467 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.02%, 04/25/46(e) | $ | 3,293,257 | ||||
919,398 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-R2, Class AF1, (1 mo. LIBOR US + 0.420%), 2.24%, 07/25/36(a)(e) | 878,396 | ||||||
2,269,282 | Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-21, Class 1A1, 6.25%, 02/25/38 | 1,820,392 | ||||||
10,582,667 | Credit Suisse Mortgage Capital Certificates, Series 19-RPL4, Class A1, 3.83%, 08/26/58(a) | 10,734,242 | ||||||
28,218 | Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21 | 26,826 | ||||||
2,754,198 | Credit Suisse Mortgage Capital Certificates, Series 2006-9, Class 3A1, 6.00%, 11/25/36 | 2,445,060 | ||||||
7,025,598 | Credit Suisse Mortgage Capital Certificates, Series 2009-12R, Class 3A1, 6.50%, 10/27/37(a) | 3,976,656 | ||||||
25,992,399 | Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class A1, 4.10%, 09/27/66(a)(g) | 26,083,188 | ||||||
10,282,659 | Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class B3, 20.50%, 09/27/66(a)(b) | 8,679,818 | ||||||
4,294,160 | Credit Suisse Mortgage Capital Certificates, Series 2019-JR1, Class PT2, 0.00%, 03/25/59(a)(b) | 1,927,004 | ||||||
10,586,487 | Credit Suisse Mortgage Trust Mortgage-Backed Trust, 0.00%, 02/01/47(a)(b) | 10,401,223 | ||||||
2,986,951 | Credit Suisse Mortgage Trust Mortgage-Backed Trust, Series 2007-3, Class 1A1A, 5.84%, 04/25/37(g) | 1,308,969 | ||||||
4,108,760 | Credit Suisse Mortgage Trust, Series 2014-2R, Class 17A3, 5.19%, 04/27/37(a)(g) | 3,614,507 | ||||||
7,000,000 | Credit Suisse Mortgage Trust, Series 2015-4R, Class 1A4, (1 mo. LIBOR US + 0.150%), 2.17%, 10/27/36(a)(e) | 5,081,775 | ||||||
544,356 | Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.38%, 03/27/36(a)(e) | 541,422 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 12,047,482 | Credit Suisse Mortgage Trust, Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.38%, 03/27/36(a)(e) | $ | 9,371,706 | ||||
6,622,819 | Credit Suisse Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.17%, 11/25/35(e) | 1,990,873 | ||||||
650,736 | GMACM Mortgage Corp. Loan Trust, Series 2005-AR6, Class 2A1, 4.07%, 11/19/35(g) | 634,765 | ||||||
4,550,276 | GSMPS Mortgage Loan Trust, Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.17%, 01/25/35(a)(e) | 4,197,813 | ||||||
1,669,214 | GSMPS Mortgage Loan Trust, Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 2.17%, 01/25/36(a)(e) | 1,447,295 | ||||||
443,323 | GSR Mortgage Loan Trust, Series 2005-AR1, Class 2A1, 4.42%, 01/25/35(g) | 457,206 | ||||||
98,246 | GSR Mortgage Loan Trust, Series 2006-4F, Class 1A1, 5.00%, 05/25/36 | 225,949 | ||||||
4,103,710 | GSR Mortgage Loan Trust, Series 2006-5F, Class 2A5, 6.00%, 06/25/36 | 4,496,954 | ||||||
170,188 | GSR Mortgage Loan Trust, Series 2006-9F, Class 9A1, 6.00%, 08/25/21 | 171,794 | ||||||
642,179 | GSR Mortgage Loan Trust, Series 2006-AR1, Class 3A1, 4.47%, 01/25/36(g) | 643,071 | ||||||
69,399,904 | GSR Mortgage Loan Trust, Series 2006-OA1, Class 1A1, (1 mo. LIBOR US + 0.220%), 2.04%, 08/25/46(e) | 27,335,317 | ||||||
4,686,082 | GSR Mortgage Loan Trust, Series 2007-1F, Class 2A4, 5.50%, 01/25/37 | 5,203,200 | ||||||
843,697 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 | 742,640 | ||||||
2,862,859 | HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.10%, 07/19/47(e) | 2,641,448 | ||||||
5,000,000 | Headlands Residential LLC, Series 2019-RPL1, Class NOTE, STEP, 3.97%, 06/25/24(a) | 5,035,604 | ||||||
772,916 | Homebanc Mortgage Trust, Series 2006-1, Class 2A1, 4.04%, 04/25/37(g) | 698,793 |
74 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 30,791,348 | IndyMac IMSC Mortgage Loan Trust, Series 2007-HOA1, Class AXPP, 1.50%, 07/25/47(g) | $ | 1,299,731 | ||||
4,093,900 | IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 2A21, 4.35%, 01/25/37(g) | 3,937,587 | ||||||
2,983,675 | IndyMac INDX Mortgage Loan Trust, Series 2007-FLX3, Class A2, (1 mo. LIBOR US + 0.270%), 2.09%, 06/25/37(e) | 2,919,414 | ||||||
7,378,643 | JP Morgan Mortgage Trust, Series 2007-S3, Class 1A10, 6.25%, 08/25/37 | 4,285,585 | ||||||
682,619 | JPMorgan Alternative Loan Trust, Series 2007-A1, Class 1A3A, (1 mo. LIBOR US + 0.150%), 1.97%, 03/25/37(e) | 1,114,005 | ||||||
2,118,549 | JPMorgan Mortgage Trust, Series 2007-A5, Class 2A1, 2.54%, 10/25/37(g) | 1,614,165 | ||||||
128,049 | JPMorgan Mortgage Trust, Series 2007-S2, Class 2A3, 5.50%, 06/25/37 | 120,313 | ||||||
3,445,960 | Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 2.97%, 12/25/37(e) | 3,411,063 | ||||||
10,434,764 | LSTAR Securities Investment Trust, Series 2019-1, Class A1, (1 mo. LIBOR US + 1.700%), 3.73%, 03/01/24(a)(e) | 10,401,284 | ||||||
5,941,515 | MASTR Asset Securitization Trust, Series 2007-1, Class 1A4, 6.50%, 11/25/37 | 3,493,516 | ||||||
7,759,042 | MASTR Asset Securitization Trust, Series 2007-2, Class A2, 6.25%, 01/25/38 | 6,443,734 | ||||||
3,422,650 | MASTR Reperforming Loan Trust, Series 2005-2, Class 1A3, 7.50%, 05/25/35(a) | 3,477,619 | ||||||
1,923,541 | MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.45%, 08/25/37(a)(g) | 1,293,410 | ||||||
1,371,939 | MCM Capital LLC Trust, Series 2018-NPL1, Class A, 4.00%, 05/28/58(a) | 1,383,420 | ||||||
2,524,935 | MCM Capital LLC Trust, Series 2018-NPL1, Class B, 0.00%, 05/28/58(a)(b) | 353,491 | ||||||
12,673,033 | MCM Capital LLC Trust, Series 2018-NPL2, Class B, 0.00%, 10/25/28(a)(b) | 2,805,810 | ||||||
15,172,222 | MCM Trust, Series 2018-NPL2, Class A, STEP, 4.00%, 10/25/28(a)(b) | 15,286,014 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 3,899,839 | Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.03%, 04/25/37(e) | $ | 3,435,017 | ||||
1,622,129 | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 4.48%, 05/25/36(g) | 1,482,713 | ||||||
715,353 | Merrill Lynch Mortgage Investors, Inc., Series 2006-AF2, Class AF1, 6.25%, 10/25/36 | 600,100 | ||||||
5,855,234 | Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, STEP, 3.44%, 05/26/37(a) | 4,864,142 | ||||||
1,643,308 | Morgan Stanley Resecuritization Trust, Series 2015-R6, Class 3A, (1 mo. LIBOR US + 0.160%), 2.18%, 07/26/45(e) | 1,568,663 | ||||||
9,414,184 | New Residential Mortgage Loan Trust, Series 2019-RPL1, Class A1, STEP, 4.33%, 02/26/24(a) | 9,477,149 | ||||||
4,555,064 | Prime Mortgage Trust, Series 2006-DR1, Class 2A1, 5.50%, 05/25/35(a) | 3,979,514 | ||||||
2,001,957 | Prime Mortgage Trust, Series 2006-DR1, Class 2A2, 6.00%, 05/25/35(a) | 1,720,852 | ||||||
871,744 | Residential Accredit Loans, Inc., Series 2006-QS15, Class A1, 6.50%, 10/25/36 | 833,499 | ||||||
145,676 | Residential Funding Mortgage Securities I, Series 2006-S11, Class A2, 6.00%, 11/25/36 | 145,304 | ||||||
3,380,157 | Residential Funding Mortgage Securities I, Series 2006-SA2, Class 2A1, 5.12%, 08/25/36(g) | 2,740,523 | ||||||
11,163,920 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(a)(f) | 1,172,949 | ||||||
19,129,285 | Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 0.91%, 07/25/56(a)(g) | 2,369,222 | ||||||
4,895,450 | Seasoned Credit Risk Transfer Trust, Series 2018-2, Class BX, 3.77%, 11/25/57(a)(g) | 2,030,993 | ||||||
9,193,968 | Seasoned Credit Risk Transfer Trust, Series 2018-3, Class BX, 2.82%, 08/25/57(a)(g) | 3,047,922 | ||||||
2,059,412 | Structured Adjustable Rate Mortgage Loan Trust, Series 2005-11, Class 1A1, 4.15%, 05/25/35(g) | 1,829,748 | ||||||
3,096,731 | Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.01%, 04/25/36(g) | 2,517,156 |
75 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 4,251,922 | Structured Asset Mortgage Investments II Trust, Series 2006-AR5, Class 4A1, (1 mo. LIBOR US + 0.220%), 2.04%, 05/25/46(e) | $ | 2,349,120 | ||||
2,355,938 | Structured Asset Mortgage Investments II Trust, Series 2007-AR4, Class GA4B, (1 mo. LIBOR US + 0.180%), 2.00%, 09/25/47(e) | 2,281,175 | ||||||
3,770,257 | Structured Asset Securities Corp., Series 2005-RF3, Class 1A, (1 mo. LIBOR US + 0.350%), 2.17%, 06/25/35(a)(e) | 3,369,843 | ||||||
1,016,237 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 3A3, 4.66%, 04/25/37(g) | 849,061 | ||||||
319,294 | Suntrust Adjustable Rate Mortgage Loan Trust, Series 2007-2, Class 4A1, 4.86%, 04/25/37(g) | 251,335 | ||||||
879,363 | Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 3.19%, 06/25/47(e) | 785,507 | ||||||
30,729,151 | Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 8.81%, 02/25/38(a)(g) | 11,135,504 | ||||||
1,576,424 | Voyager STICS Delaware Trust, Series 2009-1, Class CAA1, (1 mo. LIBOR US + 0.320%), 0.61%, 04/26/37(a)(e) | 1,553,126 | ||||||
4,272,937 | WaMu Mortgage Pass-Through Certificates, Series 2006-AR7, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.980%), 3.37%, 07/25/46(e) | 4,188,689 | ||||||
9,957,942 | WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 2A, (Cost of Funds for the 11th District of San Franciso + 1.250%), 2.41%, 05/25/47(e) | 9,487,562 | ||||||
1,274,109 | Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-10, Class 2A6, 5.50%, 11/25/35 | 1,229,889 | ||||||
4,529,216 | Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-5, Class 3A3, STEP, 6.22%, 07/25/36 | 1,881,500 | ||||||
6,472,974 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1, Class 4CB, 6.50%, 02/25/36 | 5,773,402 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 1,222,101 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-HY7, Class 2A2, 3.60%, 07/25/37(g) | $ | 1,116,783 | ||||
2,961,474 | Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2007-OA4, Class 1A, (12 mo. Federal Reserve Cumulative Average US + 0.770%), 3.16%, 05/25/47(e) | 2,834,292 | ||||||
1,743,608 | Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR6, Class 2A, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.35%, 08/25/46(e) | 1,301,127 | ||||||
10,528,973 | Wells Fargo Alternative Loan Trust, Series 2007-PA1, Class A2, (1 mo. LIBOR US + 6.680%), 4.86%, 03/25/37(e) | 1,369,347 | ||||||
2,894,224 | Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.72%, 03/25/38(g) | 2,527,663 | ||||||
544,209,570 | ||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5% | ||||||||
7,167,412 | Bayview Commercial Asset Trust 2006-1A, Class A1, (1 mo. LIBOR US + 0.270%), 2.09%, 04/25/36(a)(e) | 6,883,976 | ||||||
1,408,790 | Bayview Commercial Asset Trust, Series 2005-4A, Class M2, (1 mo. LIBOR US + 0.470%), 2.29%, 01/25/36(a)(e) | 1,342,196 | ||||||
1,201,824 | Bayview Commercial Asset Trust, Series 2005-4A, Class M3, (1 mo. LIBOR US + 0.500%), 2.32%, 01/25/36(a)(e) | 1,143,741 | ||||||
1,871,818 | Bayview Commercial Asset Trust, Series 2006-2A, Class B1, (1 mo. LIBOR US + 0.870%), 2.69%, 07/25/36(a)(e) | 1,828,413 | ||||||
9,536,475 | Bayview Commercial Asset Trust, Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 2.27%, 09/25/37(a)(e) | 9,075,070 | ||||||
7,628,500 | Bayview Commercial Asset Trust, Series 2007-5A, Class A4, (1 mo. LIBOR US + 1.500%), 3.32%, 10/25/37(a)(e) | 5,247,200 | ||||||
10,127,000 | Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.32%, 12/25/37(a)(e) | 9,671,777 |
76 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES (continued) | ||||||||
$ | 5,000,000 | BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR US + 2.650%), 4.65%, 10/15/36(a)(e) | $ | 5,009,432 | ||||
4,302,000 | Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-3A, Class M1, (1 mo. LIBOR US + 0.290%), 2.31%, 12/25/36(a)(e) | 4,217,646 | ||||||
7,000,000 | Toorak Mortgage Corp., Series 2019-2, Class A1, STEP, 3.72%, 09/25/22 | 7,021,925 | ||||||
2,399,123 | Velocity Commercial Capital Loan Trust, Series 2014-1, Class M7, 8.85%, 09/01/44(g) | 2,435,238 | ||||||
3,881,000 | Velocity Commercial Capital Loan Trust, Series 2016-1, Class M5, 9.02%, 04/25/46(a)(g) | 4,087,212 | ||||||
3,055,000 | Velocity Commercial Capital Loan Trust, Series 2017-1, Class M6, 7.95%, 05/25/47(a)(g) | 2,908,889 | ||||||
3,792,732 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M4, 5.32%, 10/26/48(a)(g) | 3,901,640 | ||||||
980,459 | Velocity Commercial Capital Loan Trust, Series 2018-2, Class M5, 6.36%, 10/26/48(a)(g) | 1,012,395 | ||||||
1,889,129 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M2, 4.01%, 03/25/49(a)(g) | 1,932,408 | ||||||
2,784,134 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M3, 4.12%, 03/25/49(a)(g) | 2,848,674 | ||||||
3,059,893 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M4, 4.61%, 03/25/49(a)(g) | 3,126,185 | ||||||
1,590,845 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M5, 5.70%, 03/25/49(a)(g) | 1,626,377 | ||||||
3,753,652 | Velocity Commercial Capital Loan Trust, Series 2019-1, Class M6, 6.79%, 03/25/49(a)(g) | 3,822,930 | ||||||
79,143,324 | ||||||||
Total Non-Agency Mortgage-Backed Securities (Cost $623,555,992) | 623,352,894 | |||||||
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, 7.57%, 07/25/29(e) | 7,201,412 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | ||||||||
$ | 4,750,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B1, 6.77%, 07/25/29(e) | $ | 5,373,712 | ||||
1,369,851 | Freddie Mac Structured Agency Credit Risk Program, Series 2017-DNA1, Class B2, 11.82%, 07/25/29(e) | 1,535,626 | ||||||
3,000,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2018-DNA1, Class B1, 4.97%, 07/25/30(e) | 3,037,728 | ||||||
2,000,000 | Freddie Mac Structured Agency Credit Risk Program, Series 2018-SPI2, Class M2, 3.82%, 05/25/48(a)(g) | 1,948,354 | ||||||
Total U.S. Government Sponsored Agency Mortgage-Backed Securities | ||||||||
(Cost $17,181,182) | 19,096,832 | |||||||
U.S. GOVERNMENT AGENCIES — 51.4% | ||||||||
Federal Home Loan Bank — 51.4% | ||||||||
82,000,000 | 1.40%, 11/01/19(h) | 82,000,000 | ||||||
45,000,000 | 1.97%, 11/04/19(h) | 44,993,700 | ||||||
103,000,000 | 1.70%, 11/05/19(f)(h) | 102,980,775 | ||||||
212,075,000 | 2.00%, 11/06/19(f)(h) | 212,025,517 | ||||||
157,000,000 | 1.94%, 11/07/19(f)(h) | 156,956,040 | ||||||
180,000,000 | 1.99%, 11/08/19(f)(h) | 179,941,199 | ||||||
37,000,000 | 1.70%, 11/12/19(f)(h) | 36,981,007 | ||||||
215,000,000 | 1.96%, 11/13/19(f)(h) | 214,879,600 | ||||||
215,000,000 | 1.94%, 11/14/19(f)(h) | 214,869,566 | ||||||
216,475,000 | 1.74%, 11/15/19(f)(h) | 216,333,570 | ||||||
185,300,000 | 2.03%, 11/18/19(f)(h) | 185,152,996 | ||||||
62,000,000 | 1.96%, 11/19/19(f)(h) | 61,947,920 | ||||||
176,700,000 | 1.75%, 11/20/19(f)(h) | 176,543,325 | ||||||
167,100,000 | 1.94%, 11/21/19(f)(h) | 166,944,041 | ||||||
54,000,000 | 1.73%, 11/22/19(f)(h) | 53,947,080 | ||||||
68,000,000 | 1.92%, 11/25/19(f)(h) | 67,923,840 | ||||||
149,000,000 | 1.93%, 12/03/19(f)(h) | 148,778,818 | ||||||
55,000,000 | 1.70%, 12/04/19(f)(h) | 54,915,804 | ||||||
172,800,000 | 1.72%, 12/06/19(f)(h) | 172,519,440 | ||||||
54,000,000 | 1.56%, 12/09/19(f)(h) | 53,904,810 | ||||||
15,000,000 | 1.72%, 12/10/19(f)(h) | 14,972,862 | ||||||
50,000,000 | 1.62%, 12/17/19(f)(h) | 49,893,306 | ||||||
60,000,000 | 1.56%, 12/19/19(f)(h) | 59,866,400 | ||||||
Total U.S. Government Agencies (Cost $2,729,174,439) | 2,729,271,616 | |||||||
U.S. GOVERNMENT SECURITIES — 4.4% | ||||||||
U.S. Treasury Bills — 2.0% | ||||||||
20,000,000 | 1.70%, 11/05/19(f)(h) | 19,996,625 |
77 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
U.S. Treasury Bills (continued) | ||||||||
10,000,000 | 2.47%, 11/07/19(f)(h) | $ | 9,997,346 | |||||
75,000,000 | 1.72%, 11/19/19(f)(h) | 74,942,781 | ||||||
104,936,752 | ||||||||
U.S. Treasury Notes — 2.4% | ||||||||
100,000,000 | 1.55%, 07/31/24(h) | 101,013,459 | ||||||
30,000,000 | 1.37%, 09/30/24(h) | 29,958,984 | ||||||
130,972,443 | ||||||||
Total U.S. Government Securities (Cost $236,034,901) | 235,909,195 | |||||||
Shares | ||||||||
CASH SWEEP — 3.4% | ||||||||
UNITED STATES — 3.4% | ||||||||
179,898,565 | Citibank - US Dollars on Deposit in Custody Account, 0.12%(i) | 179,898,565 | ||||||
Total Cash Sweep (Cost $179,898,565) | 179,898,565 | |||||||
TOTAL INVESTMENTS — 94.1% (Cost $5,052,218,373) | $ | 4,995,132,717 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 5.9% | 311,951,546 | |||||||
NET ASSETS — 100.0% | $ | 5,307,084,263 |
(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 aggregate value is $766,836,809, which is 14.45% of net assets. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board of Directors except those also included in footnote (b) below. |
(b) | 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 $150,063,582 which is 2.83% of net assets and the cost is $149,842,451. |
(c) | Security offered and sold outside of the United States, and thus is exempt from registration under Regulation S of the Securities Act of 1933. |
(d) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2019. |
(e) | Floating rate security. Rate shown is the rate in effect as of October 31, 2019. |
(f) | Zero coupon bond. The rate represents the yield at time of purchase. |
(g) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2019. |
(h) | The rate represents the annualized yield at time of purchase. |
(i) | The rate shown represents the current yield as of October 31, 2019. |
78 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Description | Call/Put | Counterparty | Strike Price | Units | Expiration Date | Notional Amount (000) | Value | |||||||||||||||||||
Options Written | ||||||||||||||||||||||||||
iShares China Large-Cap ETF | Call | ICAP PLC | 44.50 | (50,000 | ) | 11/15/2019 | $ | 222,500 | $ | (200,000 | ) | |||||||||||||||
VanEck Vectors Gold Miners ETF | Call | BTIG LLC | 30.50 | (50,000 | ) | 12/06/2019 | 152,500 | (1,600,000 | ) | |||||||||||||||||
Total Options Written (Premiums received $(1,085,641)) | $ | (1,800,000 | ) | |||||||||||||||||||||||
Description | Call/Put | Counterparty | Strike Price | Units | Expiration Date | Notional Amount (000) | Value | |||||||||||||||||||
Structured Options | ||||||||||||||||||||||||||
Equity Options | ||||||||||||||||||||||||||
UKX Index | Call | JPMorgan Chase Bank, N.A. | 7,375.00 | 110,909 | 11/15/2019 | $ | 818,000 | $ | 1,376,683 | |||||||||||||||||
NIKKEI 225 Index | Call | JPMorgan Chase Bank, N.A. | 23,250.00 | 17,470 | 11/08/2019 | 406,000 | 670,206 | |||||||||||||||||||
S&P 500 Index | Call | Citigroup Global Markets Inc | 3,074.11 | 99,366 | 12/20/2019 | 305,000 | 2,973,042 | |||||||||||||||||||
Energy Select Sector SPDR | Call | UBS AG | 59.32 | 3,944,600 | 12/20/2019 | 234,000 | 3,188,420 | |||||||||||||||||||
Euro STOXX Bank Index | Call | Bank of America N.A. | 92.50 | 2,492,800 | 12/20/2019 | 231,000 | 6,051,297 | |||||||||||||||||||
NIKKEI 225 Index | Call | BNP Paribas SA | 21,750.00 | 9,360 | 12/13/2019 | 204,000 | 12,044,805 | |||||||||||||||||||
S&P 500 Index | Call | BNP Paribas SA | 3,051.40 | 66,527 | 01/31/2020 | 203,000 | 4,754,370 | |||||||||||||||||||
S&P 500 Index | Call | Credit Suisse International | 3,050.00 | 66,700 | 12/20/2019 | 203,000 | 2,777,386 | |||||||||||||||||||
S&P 500 Index | Call | Goldman Sachs International | 2,920.12 | 69,175 | 12/31/2019 | 202,000 | 9,614,217 | |||||||||||||||||||
Russell 2000 Index | Call | Goldman Sachs International | 1,552.36 | 130,124 | 03/31/2020 | 202,000 | 9,564,678 | |||||||||||||||||||
NIKKEI 225 Index | Call | BNP Paribas SA | 22,775.40 | 8,869 | 03/13/2020 | 202,000 | 7,746,646 | |||||||||||||||||||
Euro STOXX 50 | Call | Citigroup Global Markets Inc | 3,570.04 | 56,582 | 03/20/2020 | 202,000 | 7,702,422 | |||||||||||||||||||
S&P 500 Index | Call | Goldman Sachs International | 3,019.63 | 66,896 | 11/29/2019 | 202,000 | 3,227,337 | |||||||||||||||||||
Russell 2000 Index | Call | UBS AG | 1,589.31 | 127,100 | 11/29/2019 | 202,000 | 1,826,385 | |||||||||||||||||||
iShares MSCI Emerging Markets | Call | Bank of America N.A. | 42.03 | 4,759,015 | 01/17/2020 | 200,000 | 6,077,262 | |||||||||||||||||||
iShares MSCI Emerging Markets | Call | UBS AG | 43.86 | 4,534,884 | 12/20/2019 | 199,000 | 1,150,500 | |||||||||||||||||||
Euro STOXX 50 | Put | Bank of America N.A. | 3,525.55 | 44,834 | 11/15/2019 | 158,000 | 557,637 | |||||||||||||||||||
S&P 500 Index | Call | Goldman Sachs International | 3,019.70 | 50,667 | 01/17/2020 | 153,000 | 3,944,922 | |||||||||||||||||||
Euro STOXX 50 | Call | Credit Suisse International | 3,691.37 | 41,448 | 01/17/2020 | 153,000 | 1,669,530 | |||||||||||||||||||
The OMX Stockholm 30 Index | Call | Credit Suisse International | 1,734.78 | 86,466 | 06/18/2020 | 150,000 | 4,633,917 | |||||||||||||||||||
SMI Index | Call | Societe Generale | 10,104.54 | 14,844 | 06/19/2020 | 150,000 | 4,503,153 | |||||||||||||||||||
iShares China Large-Cap ETF | Call | UBS AG | 39.82 | 2,586,652 | 12/20/2019 | 103,000 | 3,685,979 | |||||||||||||||||||
S&P 500 Index | Call | Credit Suisse International | 2,898.79 | 35,100 | 12/20/2019 | 102,000 | 5,373,989 | |||||||||||||||||||
UKX Index | Call | JPMorgan Chase Bank, N.A. | 7,472.29 | 13,650 | 01/17/2020 | 102,000 | 758,539 | |||||||||||||||||||
Euro STOXX 50 | Call | Credit Suisse International | 3,670.00 | 27,708 | 11/29/2019 | 102,000 | 451,994 | |||||||||||||||||||
S&P 500 Index | Call | Citigroup Global Markets Inc | 2,979.52 | 33,898 | 03/31/2020 | 101,000 | 4,975,409 | |||||||||||||||||||
S&P 500 Index | Call | Citigroup Global Markets Inc | 3,046.90 | 33,148 | 02/21/2020 | 101,000 | 2,721,867 | |||||||||||||||||||
S&P 500 Index | Call | Citigroup Global Markets Inc | 3,003.83 | 33,624 | 12/31/2019 | 101,000 | 2,612,082 | |||||||||||||||||||
S&P 500 Index | Call | Goldman Sachs International | 3,000.00 | 33,496 | 01/17/2020 | 100,000 | 3,048,128 | |||||||||||||||||||
Euro STOXX 50 Dividend Index | Put | BNP Paribas SA | 115.00 | 660,000 | 12/20/2019 | 76,000 | 13 | |||||||||||||||||||
SMI Index | Put | Societe Generale | 10,104.54 | 4,948 | 06/19/2020 | 50,000 | 375,779 | |||||||||||||||||||
The OMX Stockholm 30 Index | Put | Credit Suisse International | 1,734.78 | 28,822 | 06/18/2020 | 50,000 | 347,790 | |||||||||||||||||||
Euro STOXX 50 Dividend Index | Put | UBS AG | 110.00 | 327,225 | 12/20/2019 | 36,000 | 43 | |||||||||||||||||||
$ | 120,406,427 | |||||||||||||||||||||||||
UKX Index | Call | JPMorgan Chase Bank, N.A. | 7,450.00 | (110,909 | ) | 11/15/2019 | 826,000 | (470,521 | ) | |||||||||||||||||
S&P 500 Index | Call | Citigroup Global Markets Inc | 3,164.52 | (99,366 | ) | 12/20/2019 | 314,000 | (478,955 | ) | |||||||||||||||||
Energy Select Sector SPDR | Call | UBS AG | 62.74 | (3,944,600 | ) | 12/20/2019 | 247,000 | (497,020 | ) | |||||||||||||||||
Euro STOXX Bank Index | Call | Bank of America N.A. | 97.50 | (2,492,800 | ) | 12/20/2019 | 243,000 | (2,238,441 | ) | |||||||||||||||||
NIKKEI 225 Index | Call | BNP Paribas SA | 22,750.00 | (9,360 | ) | 12/13/2019 | 213,000 | (4,732,256 | ) | |||||||||||||||||
Euro STOXX 50 | Call | Citigroup Global Markets Inc | 3,746.77 | (56,582 | ) | 03/20/2020 | 212,000 | (2,903,474 | ) | |||||||||||||||||
NIKKEI 225 Index | Call | BNP Paribas SA | 23,902.85 | (8,869 | ) | 03/13/2020 | 212,000 | (3,206,412 | ) | |||||||||||||||||
iShares MSCI Emerging Markets | Call | Bank of America N.A. | 44.13 | (4,759,015 | ) | 01/17/2020 | 210,000 | (1,862,203 | ) | |||||||||||||||||
S&P 500 Index | Call | Goldman Sachs International | 3,035.77 | (69,175 | ) | 12/31/2019 | 210,000 | (4,029,588 | ) | |||||||||||||||||
Russell 2000 Index | Call | Goldman Sachs International | 1,613.84 | (130,124 | ) | 03/31/2020 | 210,000 | (5,560,122 | ) | |||||||||||||||||
S&P 500 Index | Put | Credit Suisse International | 3,000.00 | (66,700 | ) | 12/20/2019 | 200,000 | (692,349 | ) | |||||||||||||||||
S&P 500 Index | Put | Bank of America N.A. | 2,840.53 | (66,889 | ) | 01/17/2020 | 190,000 | (1,780,741 | ) | |||||||||||||||||
S&P 500 Index | Put | BNP Paribas SA | 2,825.93 | (66,527 | ) | 01/31/2020 | 188,000 | (2,089,651 | ) |
79 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Description | Call/Put | Counterparty | Strike Price | Units | Expiration Date | Notional Amount (000) | Value | |||||||||||||||||||
SMI Index | Call | Societe Generale | 10,508.72 | (14,844 | ) | 06/19/2020 | $ | 156,000 | $ | (2,075,702 | ) | |||||||||||||||
The OMX Stockholm 30 Index | Call | Credit Suisse International | 1,804.17 | (86,466 | ) | 06/18/2020 | 156,000 | (2,345,647 | ) | |||||||||||||||||
S&P 500 Index | Put | Goldman Sachs International | 2,782.86 | (50,667 | ) | 01/17/2020 | 141,000 | (1,124,181 | ) | |||||||||||||||||
Euro STOXX 50 | Put | Credit Suisse International | 3,401.85 | (41,448 | ) | 01/17/2020 | 141,000 | (1,444,620 | ) | |||||||||||||||||
S&P 500 Index | Call | Citigroup Global Markets Inc | 3,186.02 | (33,898 | ) | 03/31/2020 | 108,000 | (1,258,534 | ) | |||||||||||||||||
S&P 500 Index | Call | Citigroup Global Markets Inc | 3,122.79 | (33,624 | ) | 12/31/2019 | 105,000 | (579,587 | ) | |||||||||||||||||
NIKKEI 225 Index | Put | BNP Paribas SA | 21,300.00 | (4,680 | ) | 12/13/2019 | 100,000 | (115,604 | ) | |||||||||||||||||
iShares 20+ Year Treasury Bond ETF | Put | Citigroup Global Markets Inc | 137.55 | (727,002 | ) | 02/21/2020 | 100,000 | (161,685 | ) | |||||||||||||||||
S&P 500 Index | Put | Goldman Sachs International | 2,989.73 | (33,448 | ) | 11/29/2019 | 100,000 | (366,573 | ) | |||||||||||||||||
Euro STOXX 50 | Put | Credit Suisse International | 3,600.00 | (27,708 | ) | 11/29/2019 | 100,000 | (474,076 | ) | |||||||||||||||||
Russell 2000 Index | Put | UBS AG | 1,573.57 | (63,550 | ) | 11/29/2019 | 100,000 | (538,665 | ) | |||||||||||||||||
S&P 500 Index | Put | Goldman Sachs International | 2,891.21 | (34,588 | ) | 12/31/2019 | 100,000 | (630,411 | ) | |||||||||||||||||
NIKKEI 225 Index | Put | BNP Paribas SA | 22,549.85 | (4,435 | ) | 03/13/2020 | 100,000 | (1,563,936 | ) | |||||||||||||||||
iShares 20+ Year Treasury Bond ETF | Call | Citigroup Global Markets Inc | 137.55 | (727,002 | ) | 02/21/2020 | 100,000 | (1,803,328 | ) | |||||||||||||||||
Euro STOXX 50 | Put | Citigroup Global Markets Inc | 3,534.69 | (28,291 | ) | 03/20/2020 | 100,000 | (2,225,122 | ) | |||||||||||||||||
Russell 2000 Index | Put | Goldman Sachs International | 1,536.99 | (65,062 | ) | 03/31/2020 | 100,000 | (2,993,740 | ) | |||||||||||||||||
Utilities Select Sector SPDR | Call | Credit Suisse International | 60.88 | (1,642,607 | ) | 12/20/2019 | 100,000 | (4,725,616 | ) | |||||||||||||||||
S&P 500 Index | Put | Goldman Sachs International | 2,970.00 | (33,496 | ) | 01/17/2020 | 99,000 | (929,794 | ) | |||||||||||||||||
S&P 500 Index | Put | Citigroup Global Markets Inc | 2,893.28 | (33,122 | ) | 12/20/2019 | 96,000 | (719,877 | ) | |||||||||||||||||
iShares China Large-Cap ETF | Put | UBS AG | 36.34 | (2,586,652 | ) | 12/20/2019 | 94,000 | (292,809 | ) | |||||||||||||||||
S&P 500 Index | Put | Citigroup Global Markets Inc | 2,765.90 | (33,624 | ) | 12/31/2019 | 93,000 | (457,866 | ) | |||||||||||||||||
S&P 500 Index | Put | Citigroup Global Markets Inc | 2,743.52 | (33,898 | ) | 03/31/2020 | 93,000 | (1,546,770 | ) | |||||||||||||||||
Energy Select Sector SPDR | Put | UBS AG | 57.04 | (1,314,867 | ) | 12/20/2019 | 75,000 | (602,472 | ) | |||||||||||||||||
iShares MSCI Emerging Markets | Put | UBS AG | 43.00 | (1,511,627 | ) | 12/20/2019 | 65,000 | (646,976 | ) | |||||||||||||||||
UKX Index | Put | JPMorgan Chase Bank, N.A. | 7,325.78 | (6,825 | ) | 01/17/2020 | 50,000 | (817,923 | ) | |||||||||||||||||
SMI Index | Put | Societe Generale | 10,104.54 | (4,948 | ) | 06/19/2020 | 50,000 | (1,888,679 | ) | |||||||||||||||||
The OMX Stockholm 30 Index | Put | Credit Suisse International | 1,734.78 | (28,822 | ) | 06/18/2020 | 50,000 | (1,957,775 | ) | |||||||||||||||||
S&P 500 Index | Call | JPMorgan Chase Bank, N.A. | 20.00 | * | (1,000,000 | ) | 12/20/2019 | 20,000 | (5,881,052 | ) | ||||||||||||||||
S&P 500 Index | Call | JPMorgan Chase Bank, N.A. | 18.00 | * | (500,000 | ) | 12/20/2019 | 9,000 | (2,161,968 | ) | ||||||||||||||||
$ | (72,872,721 | ) | ||||||||||||||||||||||||
$ | 47,533,706 | |||||||||||||||||||||||||
Foreign Currency Options | ||||||||||||||||||||||||||
EUR/CHF Foreign Exchange Rate | Call | Bank of America N.A. | 1.11 | 200,000 | 12/13/2019 | 222 | $ | 1,033,861 | ||||||||||||||||||
CHF/BRL Foreign Exchange Rate | Put | JPMorgan Chase Bank, N.A. | 3.30 | 250,000,000 | 03/11/2020 | 825,000 | 5,945 | |||||||||||||||||||
GBP/JPY Foreign Exchange Rate | Call | UBS AG | 143.00 | 150,000 | 04/10/2020 | 21,450 | 2,976,688 | |||||||||||||||||||
CHF/JPY Foreign Exchange Rate | Put | UBS AG | 107.50 | 20,000 | 08/24/2020 | 2,150 | 227,906 | |||||||||||||||||||
GBP/CHF Foreign Exchange Rate | Call | Bank of America N.A. | 1.30 | 125,000 | 09/14/2020 | 163 | 2,667,593 | |||||||||||||||||||
$ | 6,911,993 | |||||||||||||||||||||||||
EUR/CHF Foreign Exchange Rate | Put | Bank of America N.A. | 1.10 | (100,000 | ) | 12/13/2019 | 110 | (49,354 | ) | |||||||||||||||||
CHF/BRL Foreign Exchange Rate | Call | JPMorgan Chase Bank, N.A. | 4.00 | (50,000,000 | ) | 03/11/2020 | 200,000 | (2,432,452 | ) | |||||||||||||||||
GBP/JPY Foreign Exchange Rate | Call | UBS AG | 145.00 | (150,000 | ) | 04/10/2020 | 21,750 | (2,056,621 | ) | |||||||||||||||||
CHF/JPY Foreign Exchange Rate | Put | UBS AG | 103.50 | (20,000 | ) | 08/24/2020 | 2,070 | (97,059 | ) | |||||||||||||||||
CHF/JPY Foreign Exchange Rate | Call | UBS AG | 112.25 | (10,000 | ) | 08/24/2020 | 1,123 | (131,761 | ) | |||||||||||||||||
GBP/CHF Foreign Exchange Rate | Call | Bank of America N.A. | 1.33 | (125,000 | ) | 09/14/2020 | 166 | (1,614,370 | ) | |||||||||||||||||
$ | (6,381,617 | ) | ||||||||||||||||||||||||
$ | 530,376 | |||||||||||||||||||||||||
Total Structured Options (Net premiums paid $29,109,903) | $ | 48,064,082 |
* | Strike price based on volatility. |
80 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Reference Entity | Counterparty | Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||
Commodity Basket Swaps | ||||||||||||||||||||||
Macquarie Custom Basket Index Macquarie Bank Ltd. paying total return of the Macquarie Custom Basket MQCP298 Index over the initial equity level of 303.0452 and receiving fixed interest rate of 0.15% with monthly payments until expiration | Macquarie Bank Limited | 02/18/2020 | $ | 65,000 | $ | 170,576 | — | $ | 170,576 | |||||||||||||
Macquarie Custom Basket Index Macquarie Bank Ltd. paying total return of the Macquarie Custom Basket MQCP275 Index over the initial equity level of 331.2573 and receiving fixed interest rate of 0.15% with monthly payments until expiration | Macquarie Bank Limited | 02/18/2020 | 65,597 | 935,362 | — | 935,362 | ||||||||||||||||
Total Commodity Basket Swaps | $ | 1,105,938 |
The following table represents the individual long positions and related values of Indices underlying the Commodity Basket Swaps with Macquarie Bank Limited, as of period end:
Reference Entity - Long: | ||||||||||||
Notional Amount | % of Basket | |||||||||||
Indexes | (000) | Value | Value | |||||||||
S&P GSCI Brent Crude Official Close Index ER | $ | 25,999 | $ | 68,230 | 40 | % | ||||||
S&P GSCI Gold Official Close Index ER | 13,000 | 34,114 | 20 | % | ||||||||
S&P GSCI Aluminum Official Close Index ER | 8,667 | 22,744 | 13 | % | ||||||||
S&P GSCI Copper Official Close Index ER | 8,667 | 22,744 | 13 | % | ||||||||
S&P GSCI Zinc Official Close Index ER | 8,667 | 22,744 | 13 | % | ||||||||
Total Reference Entity - Long | $ | 65,000 | $ | 170,576 | 100 | % | ||||||
Reference Entity - Long: | ||||||||||||
Notional Amount | % of Basket | |||||||||||
Indexes | (000) | Value | Value | |||||||||
S&P GSCI Brent Crude Official Close Index ER | $ | 26,238 | $ | 374,145 | 40 | % | ||||||
S&P GSCI Gold Official Close Index ER | 13,119 | 187,073 | 20 | % | ||||||||
S&P GSCI Aluminum Official Close Index ER | 6,560 | 93,536 | 10 | % | ||||||||
S&P GSCI Copper Official Close Index ER | 6,560 | 93,536 | 10 | % | ||||||||
S&P GSCI Nickel Official Close Index ER | 6,560 | 93,536 | 10 | % | ||||||||
S&P GSCI Zinc Official Close Index ER | 6,560 | 93,536 | 10 | % | ||||||||
Total Reference Entity - Long | $ | 65,597 | $ | 935,362 | 100 | % |
Reference Entity | Variance/ Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
Variance/Volatility/Total Return Swaps | ||||||||||||||||||||||||
KOSPI 200 Index BNP Paribas receiving an amount if the volatility of the Korea KOSPI 200 Index over the volatility strike price of 19.25 and paying an amount if the volatility of Korea KOSPI 200 Index is under 19.25 at expiration date | 19.25 | BNP Paribas SA | 12/12/2019 | 500 | * | $ | 2,353,643 | — | $ | 2,353,643 |
81 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Reference Entity | Variance/ Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
NKY 225/S&P Index UBS AG receiving an amount if the volatility of Nikkei 225 Index is over 18.50 and paying an amount if the volatility of S&P 500 Index is under 17.10 at expiration date | 18.50/17.10 | UBS AG | 12/13/2019 | 2,000 | * | $ | 2,621,100 | — | $ | 2,621,100 | ||||||||||||||
NKY 225/S&P/ASX UBS AG receiving variance of difference between Nikkei 225 Index and S&P/ASX 200 Index over the volatility strike price of 18.30/15.80 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date | 18.30/15.80 | UBS AG | 12/13/2019 | 800 | * | 1,697,584 | — | 1,697,584 | ||||||||||||||||
NKY 225/S&P/ASX UBS AG receiving variance of difference between Nikkei 225 Index and S&P/ASX 200 Index over the volatility strike price of 18.90/16.50 with a condition that knockout level is between 70% and 115% of initial index level with a knockout level of 120% at expiration date | 18.90/16.50 | UBS AG | 12/13/2019 | 500 | * | 1,038,758 | — | 1,038,758 | ||||||||||||||||
AUD/USD/S&P/ASX UBS AG paying an amount if the volatility of AUD/USD foreign exchange rate is over 10.95 and receiving an amount if the volatility of S&P/ASX is under 17.75 at expiration date | 10.95/17.75 | UBS AG | 12/19/2019 | 1,000 | * | 1,848,706 | — | 1,848,706 | ||||||||||||||||
ASX 200 Index/S&P 500 Societe Generale receiving variance of the Index under the target volatility of 10.95 and paying variance of the Index over the target volatility of 18.75 at expiration date | 10.95/18.75 | Societe Generale | 12/19/2019 | 705 | * | 1,267,129 | — | 1,267,129 | ||||||||||||||||
AUD/JPY S&P/ASX 200 Index UBS AG paying an amount if the volatility of AUD/JPY foreign exchange rate is over 10.90 and receiving an amount if the volatility of S&P/ASX Index is under 17.40 at expiration date | 10.90/17.40 | UBS AG | 12/19/2019 | 700 | * | 986,110 | — | 986,110 | ||||||||||||||||
S&P 500 Index BNP Paribas receiving variance of the over the target volatility of 19.90 and paying variance of the S&P 500 Index under the target volatility of 19.90 at expiration date | 19.90/19.90 | BNP Paribas SA | 12/20/2019 | 1,000 | * | 4,366,314 | — | 4,366,314 | ||||||||||||||||
NKY 225/S&P 500 Index Societe Generale paying an amount if the volatility of Nikkei 225 Index is over 18.20 and receiving an amount if the volatility of S&P 500 Index is under 17.15 at expiration date | 18.20/17.15 | Societe Generale | 12/20/2019 | 1,000 | * | 1,426,542 | — | 1,426,542 |
82 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Reference Entity | Variance/ Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
SPX 500 Index/KOSPI 200 Index Societe Generale receiving variance of the KOSPI 200 Index over the target volatility of 15.40 and paying variance of the S&P 500 Index under the target volatility of 18.40 at expiration date | 15.40/18.40 | Societe Generale | 12/20/2019 | 1,000 | * | $ | 991,895 | — | $ | 991,895 | ||||||||||||||
S&P 500 Index JPMorgan Chase Bank N.A. paying variance of the S&P 500 Index under the target volatility of 33.05 and receiving variance of the S&P 500 Index over the target volatility of 33.05 at expiration date | 33.05 | JPMorgan Chase Bank, N.A. | 12/20/2019 | 500 | * | 6,670,704 | — | 6,670,704 | ||||||||||||||||
NASDAQ 100 Index BNP Paribas paying variance of the NASDAQ 100 Index under the target volatility of 24.40 and receiving variance of the NASDAQ 100 Index over the target volatility of 24.40 at expiration date | 24.40 | BNP Paribas SA | 12/20/2019 | 500 | * | 1,862,552 | — | 1,862,552 | ||||||||||||||||
NKY 225/S&P 500 Index JPMorgan Chase Bank N.A. receiving an amount if the volatility of Nikkei 225 Index is under 18.00 and paying an amount if the volatility of S&P 500 Index is over 18.00 at expiration date | 18.00/18.00 | JPMorgan Chase Bank, N.A. | 12/20/2019 | 500 | * | 1,148,686 | — | 1,148,686 | ||||||||||||||||
NKY 225/S&P 500 Index Societe Generale paying an amount if the volatility of Nikkei 225 Index is over 17.90 and receiving an amount if the volatility of S&P 500 Index is under 17.70 at expiration date | 17.90/17.70 | Societe Generale | 12/20/2019 | 500 | * | 1,071,175 | — | 1,071,175 | ||||||||||||||||
S&P 500 Index BNP Paribas receiving variance of the S&P 500 Index over the target volatility of 20.70 and paying variance of the S&P 500 Index under the target volatility of 20.70 at expiration date | 18.75/20.70 | BNP Paribas SA | 12/20/2019 | 500 | * | 909,797 | — | 909,797 | ||||||||||||||||
HSCEI Index Societe Generale receiving variance of the HSCEI Index over the target volatility of 26.30 and paying variance of the HSCEI Index under the target volatility of 26.30 at expiration date | 26.30 | Societe Generale | 12/30/2019 | 511 | * | 4,142,756 | — | 4,142,756 | ||||||||||||||||
HSCEI Index Societe Generale receiving an amount if the volatility of HSCEI Index is over 25.45 and paying an amount if the volatility of HSCEI Index is under 25.45 at expiration date | 25.45 | Societe Generale | 12/30/2019 | 500 | * | 3,930,914 | — | 3,930,915 |
83 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Reference Entity | Variance/ Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
S&P 500 Index Societe Generale receiving variance of the S&P 500 Index over the target volatility of 17.90 and paying variance of the S&P 500 Index under the target volatility of 17.90 at expiration date | 17.90 | Societe Generale | 03/20/2020 | 500 | * | $ | 630,871 | — | $ | 630,871 | ||||||||||||||
NKY 225/S&P 500 Index Societe Generale receiving an amount if the volatility of Nikkei 225 Index is under 17.90 and paying an amount if the volatility of S&P 500 Index is over 17.20 at expiration date | 17.90/17.20 | Societe Generale | 06/19/2020 | 1,000 | * | 663,689 | — | 663,689 | ||||||||||||||||
NKY 225/S&P 500 Index Societe Generale receiving an amount if the volatility of Nikkei 225 Index is under 18.80 and paying an amount if the volatility of S&P 500 Index is over 18.70 at expiration date | 18.80/18.70 | Societe Generale | 09/11/2020 | 500 | * | 215,625 | — | 215,625 | ||||||||||||||||
S&P 500 Index Societe Generale receiving variance of the S&P 500 Index over the target volatility of 20.80 and paying variance of the S&P 500 Index under the target volatility of 20.80 at expiration date | 20.80 | Societe Generale | 09/18/2020 | 500 | * | 1,147,433 | — | 1,147,433 | ||||||||||||||||
HSCEI /S&P 500 Index Societe Generale paying an amount if the volatility of HSCEI Index is over 20.20 and receiving an amount if the volatility of SPX 500 Index is under 18.15 at expiration date | 20.20/18.15 | Societe Generale | 09/29/2020 | 500 | * | 89,036 | — | 89,036 | ||||||||||||||||
S&P 500 Index Societe Generale receiving an amount if the volatility of the S&P 500 Index is under 21.45 and paying an amount if the volatility of the S&P 500 Index is over 21.10 at expiration date | 21.10/21.45 | Societe Generale | 12/18/2020 | 1,000 | * | 2,653,681 | — | 2,653,681 | ||||||||||||||||
$ | 43,734,701 | |||||||||||||||||||||||
XAU/USD JPMorgan Chase Bank N.A. paying variance of the XAU/USD over the target volatility of 12.70 and receiving variance of the XAU/USD under the target volatility of 12.70 at expiration date | 12.70 | JPMorgan Chase Bank, N.A. | 12/06/2019 | 1,000 | * | (912,813 | ) | — | (912,813 | ) | ||||||||||||||
XAU/EUR UBS AG paying an amount if the volatility of XAU/EUR foreign exchange rate is over 12.33 and receiving an amount if the volatility of XAU/EUR is under 12.33 at expiration date | 12.33 | UBS AG | 12/06/2019 | 500 | * | (901,626 | ) | — | (901,626 | ) |
84 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Reference Entity | Variance/ Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
KOSPI 200 Index Societe Generale paying variance of the KOSPI 200 Index over the target volatility of 17.25 and receiving variance of the KOSPI 200 Index under the target volatility of 17.25 at expiration date | 17.25 | Societe Generale | 12/12/2019 | 500 | * | $ | (1,662,332 | ) | — | $ | (1,662,332 | ) | ||||||||||||
HSCEI /S&P 500 Index Societe Generale paying an amount if the volatility of HSCEI Index is over 21.70 and receiving an amount if the volatility of S&P 500 Index is under 17.55 at expiration date | 21.70/17.55 | Societe Generale | 12/20/2019 | 1,000 | * | (1,698,314 | ) | — | (1,698,314 | ) | ||||||||||||||
HSCEI /S&P 500 Index Societe Generale paying an amount if the volatility of HSCEI Index is over 21.30 and receiving an amount if the volatility of S&P 500 Index is under 16.85 at expiration date | 21.30/16.85 | Societe Generale | 12/20/2019 | 1,000 | * | (1,735,969 | ) | — | (1,735,969 | ) | ||||||||||||||
HSCEI /S&P 500 Index Societe Generale paying an amount if the volatility of the HSCEI over the volatility strike price of 23.25 and receiving an amount if the volatility of S&P 500 Index is under 18.35 at expiration date | 23.25/18.35 | Societe Generale | 12/20/2019 | 500 | * | (773,964 | ) | — | (773,964 | ) | ||||||||||||||
AUD/JPY Goldman Sachs International receiving an amount if the volatility of AUD/JPY foreign exchange rate is under 11.20 and paying an amount if the volatility of AUD/JPY foreign exchange rate is over 11.20 at expiration date | 11.20 | Goldman Sachs International | 01/21/2020 | 1,250 | * | (1,917,111 | ) | — | (1,917,111 | ) | ||||||||||||||
EEM Index Societe Generale receiving variance of the EEM Index over the target volatility of 20.05 and paying variance of the EEM Index under the target volatility of 20.05 at expiration date | 20.05 | Societe Generale | 03/20/2020 | 500 | * | (816,443 | ) | — | (816,443 | ) | ||||||||||||||
AUD/JPY Citibank N.A. paying an amount if the volatility of AUD/JPY foreign exchange rate is over 9.70 and receiving an amount if the volatility of AUD/JPY foreign exchange rate is under 9.70 at expiration date | 9.70 | Citigroup Global Markets Inc | 04/21/2020 | 1,000 | * | (689,662 | ) | — | (689,662 | ) | ||||||||||||||
HSCEI /S&P 500 Index Societe Generale receiving an amount if the volatility of HSCEI Index is under 21.35 and paying an amount if the volatility of S&P 500 Index is over 16.40 at expiration date | 21.35/16.40 | Societe Generale | 06/19/2020 | 1,000 | * | (3,307,632 | ) | — | (3,307,632 | ) |
85 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Reference Entity | Variance/ Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
BXIIC 10T Barclays receiving variance of the Shiller Barclays Cape US total return Index over the target volatility of 11.00 and paying variance of the Shiller Barclays Cape US total return Index under the target volatility of 11.00 at expiration date | 11.00 | Barclays Bank PLC | 07/27/2020 | 1,000 | * | (318,182 | ) | — | (318,182 | ) | ||||||||||||||
NKY 225 Index Societe Generale receiving an amount if the volatility of Nikkei 225 Index is under 21.35 and paying an amount if the volatility of Nikkei 225 Index is over 21.35 at expiration date | 21.35 | Societe Generale | 09/11/2020 | 500 | * | (1,022,792 | ) | — | (1,022,792 | ) | ||||||||||||||
BXIIC 10T Barclays receiving variance of the Shiller Barclays Cape US total return Index over the target volatility of 11.00 and paying variance of the Shiller Barclays Cape US total return Index under the target volatility of 11.00 at expiration date | 11.00 | Barclays Bank Plc | 10/05/2020 | 500 | * | (68,182 | ) | — | (68,182 | ) | ||||||||||||||
LEGATRUU Total return swap with Barclays Bank PLC receiving total return of the LEGATRUU Index over the initial equity level of 512.6230 and paying a floating amount of 0.48% with quarterly payments until expiration date, expiring 11/10/20 (Notional amount USD 100,000,000) | N/A | Barclays Bank Plc | 11/10/2020 | 500 | * | (805,959 | ) | — | (805,959 | ) | ||||||||||||||
USD/CHF JPMorgan Chase Bank N.A. paying variance of the USD/CHF over the target volatility of 8.35 and receiving variance of the USD/CHF under the target volatility of 8.35 at expiration date | 8.35 | JPMorgan Chase Bank, N.A. | 12/08/2020 | 1,000 | * | (2,284,464 | ) | — | (2,284,464 | ) | ||||||||||||||
CHF/USD Goldman Sachs International receiving an amount if the volatility of CHF/USD foreign exchange rate is under 8.30 and paying an amount if the volatility of CHF/USD foreign exchange rate is over 8.30 at expiration date | 8.30 | Goldman Sachs International | 12/10/2020 | 1,000 | * | (2,342,709 | ) | — | (2,342,709 | ) | ||||||||||||||
HSCEI /S&P 500 Index Societe Generale paying an amount if the volatility of HSCEI Index is over 21.70 and receiving an amount if the volatility of SPX 500 Index is under 17.00 at expiration date | 21.70/17.00 | Societe Generale | 12/18/2020 | 1,000 | * | (3,853,801 | ) | — | (3,853,801 | ) | ||||||||||||||
HSCEI /S&P 500 Index UBS AG paying an amount if the volatility of HSCEI Index is over 22.60 and receiving an amount if the volatility of S&P 500 Index is under 18.00 at expiration date | 22.60/18.00 | UBS AG | 12/30/2020 | 1,000 | * | (3,274,900 | ) | — | (3,274,900 | ) |
86 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
Reference Entity | Variance/ Volatility Strike Price | Counterparty | Payment/ Expiration Date | Notional Amount (000) | Value | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
USD/JPY Citbank N.A. paying an amount if the volatility of USD/JPY foreign exchange rate is over 6.70 and receiving an amount if the volatility of USD/JPY foreign exchange rate is under 6.70 at expiration date | 6.70 | Citigroup Global Markets Inc | 04/15/2021 | 2,000 | * | $ | (1,036,908 | ) | — | $ | (1,036,908 | ) | ||||||||||||
$ | (29,423,763 | ) | ||||||||||||||||||||||
Total Variance/Volatility/Total Return Swaps | $ | 14,310,938 |
* | Vega Notional |
Futures contracts outstanding at October 31, 2019:
Description | Number of Contracts | Expiration Date | Current Notional Amount | Value/Unrealized Appreciation (Depreciation) | |||||||||
Long Contracts: | |||||||||||||
S&P 500 E-mini Gold Futures | 700 | December 2019 | $ | 53,018,000 | $ | 44,400 | |||||||
Chicago Mercantile Exchange S&P 500 | 100 | December 2019 | 75,895,000 | 2,310,500 | |||||||||
Total Futures Contracts | $ | 2,354,900 |
Forward foreign currency exchange contracts outstanding at October 31, 2019:
Currency Sold | Currency Purchased | Counterparty | Settlement Date | Unrealized Appreciation/ (Depreciation) | |||||||||||
USD | 10,165,130 | KRW | 12,117,000,000 | Barclays Bank PLC | 02/07/20 | $ | 214,129 | ||||||||
CLP | 10,542,000,000 | USD | 14,704,441 | Citigroup Global Markets Inc | 12/09/19 | 475,134 | |||||||||
USD | 14,704,441 | BRL | 60,000,000 | Citigroup Global Markets Inc | 12/09/19 | 220,956 | |||||||||
CHF | 30,000,000 | JPY | 3,256,620,000 | Citigroup Global Markets Inc | 02/25/20 | 298,351 | |||||||||
EUR | 10,000,000 | USD | 11,352,610 | The Bank of New York Mellon | 02/07/20 | 123,824 | |||||||||
JPY | 1,185,220,000 | EUR | 10,000,000 | The Bank of New York Mellon | 02/07/20 | 181,211 | |||||||||
1,513,605 | |||||||||||||||
KRW | 12,117,000,000 | USD | 10,000,000 | Barclays Bank PLC | 02/07/20 | (379,259 | ) | ||||||||
BRL | 60,000,000 | USD | 14,630,221 | Citigroup Global Markets Inc | 12/09/19 | (295,176 | ) | ||||||||
USD | 14,513,664 | CLP | 10,542,000,000 | Citigroup Global Markets Inc | 12/09/19 | (284,357 | ) | ||||||||
JPY | 3,282,213,000 | CHF | 30,000,000 | Citigroup Global Markets Inc | 02/25/20 | (59,544 | ) | ||||||||
JPY | 25,593,000 | USD | 238,457 | Citigroup Global Markets Inc | 02/25/20 | (350 | ) | ||||||||
EUR | 10,000,000 | JPY | 1,188,733,000 | The Bank of New York Mellon | 02/07/20 | (148,465 | ) | ||||||||
USD | 11,343,840 | EUR | 10,000,000 | The Bank of New York Mellon | 02/07/20 | (115,054 | ) | ||||||||
(1,282,205 | ) | ||||||||||||||
Total Forward Foreign Currency Exchange Contracts | $ | 231,400 |
87 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Consolidated Portfolio of Investments- (Continued) | October 31, 2019 |
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
HSCEI — Hang Seng China Enterprise Index
JPY — Japanese Yen
KOSPI — Korean Composite Stock Index
KRE — SPDR S&P Registered Banking ETF
LIBOR — London Interbank Offered Rate
MSCI — Morgan Stanley Capital International Index
NASDAQ — National Association of Securities Dealrs Automated Quotations Exchange
NKY — NIKKEI
REIT — Real Estate Investment Trust
SMI — Swiss Market Index
SPDR — Standard & Poor’s Depositary Receipts
SPX — S&P Index
S&P GSCI — Goldman Sachs Commodity Index
STEP — Step Coupon Bond
UKX — FTSE 100 Index
USD — U.S. Dollar
XAU — Gold
Portfolio Diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Asset-Backed Securities | 13.7 | % | ||
Collateralized Mortgage Obligations | 11.1 | |||
Commercial Mortgage-Backed Securities | 1.4 | |||
Communication Services | 0.6 | |||
Consumer Discretionary | 0.3 | |||
Consumer Staples | 0.4 | |||
Diversified Financials | 0.6 | |||
Energy | 0.3 | |||
Government Bonds | 2.8 | |||
Health Care | 0.3 | |||
Industrials | 0.2 | |||
Information Technology | 0.1 | |||
Materials | 0.3 | |||
Telecommunication Services | 0.3 | |||
U.S. Government Agencies and Securities | 57.6 | |||
Utilities | 0.2 | |||
Other* | 9.8 | |||
100.0 | % |
* | Includes cash and equivalents, 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. |
88 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments | October 31, 2019 |
Principal Amount | Value | |||||||
CORPORATE BONDS — 16.1% | ||||||||
Banks — 4.1% | ||||||||
$ | 1,750,000 | Banco Santander Chile, 2.50%, 12/15/20(a) | $ | 1,747,813 | ||||
2,800,000 | Banco Santander SA, 3.85%, 04/12/23 | 2,926,416 | ||||||
6,000,000 | Bank of America Corp., 0.810%), 3.37%, 01/23/26(b) | 6,276,362 | ||||||
2,000,000 | Bank of Montreal, 3.10%, 04/13/21 | 2,035,892 | ||||||
5,000,000 | BNP Paribas SA, 2.95%, 05/23/22(a) | 5,096,624 | ||||||
5,785,000 | Citigroup, Inc., 1.390%), 3.67%, 07/24/28(b) | 6,121,006 | ||||||
2,625,000 | JPMorgan Chase & Co., (3 mo. LIBOR US + 0.610%), 3.51%, 06/18/22(b) | 2,684,031 | ||||||
3,030,000 | JPMorgan Chase & Co., 3.20%, 06/15/26 | 3,170,674 | ||||||
5,885,000 | JPMorgan Chase & Co., 1.260%), 4.20%, 07/23/29(b) | 6,543,191 | ||||||
2,980,000 | KeyCorp. MTN, 2.90%, 09/15/20 | 3,004,614 | ||||||
5,000,000 | Mizuho Financial Group, Inc., (3 mo. LIBOR US + 1.000%), 3.92%, 09/11/24(b) | 5,242,677 | ||||||
4,400,000 | Morgan Stanley, 3.88%, 04/29/24 | 4,690,166 | ||||||
3,500,000 | PNC Bank NA, 2.70%, 10/22/29 | 3,512,615 | ||||||
4,500,000 | Royal Bank of Canada, 3.35%, 10/22/21(a) | 4,630,846 | ||||||
2,200,000 | Sumitomo Mitsui Banking Corp., 2.45%, 01/16/20 | 2,202,551 | ||||||
2,000,000 | Svenska Handelsbanken AB, 1.88%, 09/07/21 | 1,998,183 | ||||||
61,883,661 | ||||||||
Communication Services — 1.7% | ||||||||
3,200,000 | Alibaba Group Holding Ltd., 2.50%, 11/28/19 | 3,200,970 | ||||||
2,160,000 | Amazon.com, Inc., 2.60%, 12/05/19 | 2,160,031 | ||||||
5,720,000 | Comcast Corp., 4.15%, 10/15/28 | 6,461,202 | ||||||
6,000,000 | Omnicom Group, Inc., 3.65%, 11/01/24 | 6,339,147 | ||||||
5,930,000 | Verizon Communications, Inc., 4.13%, 03/16/27 | 6,612,888 | ||||||
24,774,238 | ||||||||
Consumer Discretionary — 0.8% | ||||||||
2,460,000 | Carnival Corp., 3.95%, 10/15/20 | 2,505,687 |
Principal Amount | Value | |||||||
Consumer Discretionary (continued) | ||||||||
$ | 5,000,000 | Lowe’s Cos, Inc., 2.50%, 04/15/26 | $ | 5,019,157 | ||||
3,890,000 | Walmart, Inc., 3.40%, 06/26/23 | 4,110,132 | ||||||
11,634,976 | ||||||||
Consumer Staples — 1.9% | ||||||||
5,000,000 | Anheuser-Busch Cos LLC/Anheuser-Busch InBev Worldwide, Inc., 3.65%, 02/01/26 | 5,354,147 | ||||||
5,870,000 | Costco Wholesale Corp., 2.15%, 05/18/21 | 5,904,390 | ||||||
5,000,000 | Diageo Capital PLC, 2.63%, 04/29/23 | 5,099,558 | ||||||
4,000,000 | Marriott International, Inc./MD, 3.60%, 04/15/24 | 4,222,759 | ||||||
2,000,000 | McDonald’s Corp. MTN, 2.63%, 09/01/29 | 2,014,375 | ||||||
6,000,000 | Tyson Foods, Inc., 2.25%, 08/23/21 | 6,029,526 | ||||||
28,624,755 | ||||||||
Diversified Financials — 1.7% | ||||||||
3,950,000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 05/15/21 | 4,085,978 | ||||||
1,760,000 | American Express Co., 3.70%, 08/03/23 | 1,860,716 | ||||||
5,555,000 | General Motors Financial Co., Inc., 3.55%, 07/08/22 | 5,697,370 | ||||||
3,070,000 | Goldman Sachs Group, Inc. (The), 0.780%), 2.71%, 10/31/22(c) | 3,084,797 | ||||||
3,065,000 | Goldman Sachs Group, Inc. (The), 1.000%), 2.94%, 07/24/23(c) | 3,085,661 | ||||||
5,000,000 | Magna International, Inc., 3.63%, 06/15/24 | 5,256,805 | ||||||
2,470,000 | National Rural Utilities Cooperative Finance Corp. MTN, 2.90%, 03/15/21 | 2,503,415 | ||||||
25,574,742 | ||||||||
Energy — 1.0% | ||||||||
2,840,000 | Energy Transfer Operating LP, 5.88%, 01/15/24 | 3,153,253 | ||||||
3,380,000 | Occidental Petroleum Corp., 2.70%, 08/15/22 | 3,415,593 | ||||||
3,000,000 | ONEOK, Inc., 2.75%, 09/01/24 | 3,034,367 |
89 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Energy (continued) | ||||||||
$ | 5,170,000 | Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 | $ | 5,936,461 | ||||
15,539,674 | ||||||||
Health Care — 1.4% | ||||||||
5,010,000 | AbbVie, Inc., 2.50%, 05/14/20 | 5,023,906 | ||||||
3,000,000 | Anthem, Inc., 2.38%, 01/15/25 | 2,998,167 | ||||||
3,000,000 | Bristol-Myers Squibb Co., 2.90%, 07/26/24(a) | 3,108,939 | ||||||
5,000,000 | Celgene Corp., 2.88%, 08/15/20 | 5,031,987 | ||||||
5,000,000 | Kaiser Foundation Hospitals, 3.15%, 05/01/27 | 5,291,059 | ||||||
21,454,058 | ||||||||
Industrials — 0.8% | ||||||||
6,185,000 | Northrop Grumman Corp., 2.55%, 10/15/22 | 6,283,318 | ||||||
2,522,000 | Precision Castparts Corp., 3.25%, 06/15/25 | 2,669,608 | ||||||
3,725,000 | Roper Technologies, Inc., 2.80%, 12/15/21 | 3,783,627 | ||||||
12,736,553 | ||||||||
Information Technology — 1.2% | ||||||||
4,000,000 | CA, Inc., 5.38%, 12/01/19 | 4,009,406 | ||||||
3,090,000 | Hewlett Packard Enterprise Co., 2.25%, 04/01/23 | 3,087,674 | ||||||
5,000,000 | International Business Machines Corp., 3.00%, 05/15/24 | 5,192,627 | ||||||
5,000,000 | Oracle Corp., 2.50%, 05/15/22 | 5,077,622 | ||||||
17,367,329 | ||||||||
Insurance — 0.4% | ||||||||
1,000,000 | Lincoln National Corp., 3.05%, 01/15/30 | 1,010,157 | ||||||
5,000,000 | Metropolitan Life Global Funding I, 2.40%, 01/08/21(a) | 5,030,987 | ||||||
6,041,144 | ||||||||
Materials — 0.4% | ||||||||
5,000,000 | DuPont de Nemours, Inc., 4.21%, 11/15/23 | 5,357,108 | ||||||
Utilities — 0.7% | ||||||||
2,390,000 | Berkshire Hathaway Energy Co., 2.38%, 01/15/21 | 2,405,720 |
Principal Amount | Value | |||||||
Utilities (continued) | ||||||||
$ | 1,500,000 | Duke Energy Corp., 3.55%, 09/15/21 | $ | 1,538,459 | ||||
1,000,000 | Southern California Edison Co., 2.85%, 08/01/29 | 1,001,941 | ||||||
5,000,000 | Xcel Energy, Inc., 3.30%, 06/01/25 | 5,243,100 | ||||||
10,189,220 | ||||||||
Total Corporate Bonds (Cost $234,163,283) | 241,177,458 | |||||||
ASSET-BACKED SECURITIES — 4.1% | ||||||||
CANADA — 1.1% | ||||||||
Other Asset-Backed Securities — 1.1% | ||||||||
3,774,999 | Canadian Pacer Auto Receivables Trust, Series 2018-1A, Class A3, 3.00%, 11/19/21(a) | 3,791,494 | ||||||
2,278,219 | Chesapeake Funding II LLC, Series 2017-4A, Class A1, 2.12%, 11/15/29(a) | 2,278,251 | ||||||
3,000,000 | Evergreen Credit Card Trust, Series 2018-1, Class A, 2.95%, 03/15/23(a) | 3,040,615 | ||||||
4,750,000 | Golden Credit Card Trust, Series 2017-2A, Class A, 1.98%, 04/15/22(a) | 4,749,739 | ||||||
3,000,000 | Master Credit Card Trust II, Series 2017-1A, Class A, 2.26%, 07/21/21(a) | 3,000,952 | ||||||
16,861,051 | ||||||||
CAYMAN ISLANDS — 1.5% | ||||||||
Collateralized Loan Obligations — 1.5% | ||||||||
3,000,000 | Apex Credit CLO Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.470%), 3.41%, 04/24/29(a)(c) | 3,014,068 | ||||||
5,000,000 | Black Diamond CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.450%), 3.45%, 02/06/26(a)(c) | 4,997,640 | ||||||
2,499,799 | Black Diamond CLO Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 3.15%, 10/17/26(a)(c) | 2,500,158 | ||||||
4,000,000 | Crestline Denali CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.300%), 3.27%, 04/20/30(a)(c) | 4,003,327 | ||||||
5,000,000 | THL Credit Wind River CLO Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.230%), 3.20%, 07/20/30(a)(c) | 4,976,701 |
90 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
CAYMAN ISLANDS (continued) | ||||||||
Collateralized Loan Obligations (continued) | ||||||||
$ | 3,000,000 | Z Capital Credit Partners CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.950%), 2.95%, 07/16/27(a)(c) | $ | 2,989,426 | ||||
22,481,320 | ||||||||
UNITED STATES — 1.5% | ||||||||
Other Asset-Backed Securities — 1.5% | ||||||||
949,746 | Ally Auto Receivables Trust, Series 2017-2, Class A3, 1.78%, 08/16/21 | 949,116 | ||||||
722,652 | CarMax Auto Owner Trust, Series 2017-2, Class A3, 1.93%, 03/15/22 | 722,586 | ||||||
150,081 | Enterprise Fleet Financing LLC, Series 2017-1, Class A2, 2.13%, 07/20/22(a) | 150,097 | ||||||
1,500,000 | Enterprise Fleet Financing LLC, Series 2017-2, Class A3, 2.22%, 01/20/23(a) | 1,503,407 | ||||||
1,250,000 | GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class A3, 2.32%, 07/18/22 | 1,253,791 | ||||||
2,000,000 | GM Financial Consumer Automobile, Series 2017-1A, Class A4, 2.06%, 05/16/23(a) | 2,001,834 | ||||||
3,000,000 | Sofi Professional Loan Program, Series 2018-B, Class A2FX, 3.34%, 08/25/47(a) | 3,094,372 | ||||||
2,000,000 | Toyota Auto Receivables Owner Trust, Series 2017-A, Class A4, 2.10%, 09/15/22 | 2,002,231 | ||||||
1,009,793 | Verizon Owner Trust, Series 2017-1A, Class A, 2.06%, 09/20/21(a) | 1,009,781 | ||||||
1,750,000 | Verizon Owner Trust, Series 2017-3A, Class A1A, 2.06%, 04/20/22(a) | 1,750,527 | ||||||
1,000,000 | Volkswagen Auto Loan Enhanced Trust, Series 2018-1, Class A3, 3.02%, 11/21/22 | 1,014,180 | ||||||
711,970 | Wheels SPV 2 LLC, Series 2018-1A, Class A2, 3.06%, 04/20/27(a) | 716,289 | ||||||
3,100,000 | World Omni Auto Receivables Trust, Series 2018-A, Class A3, 2.50%, 04/17/23 | 3,116,175 | ||||||
2,150,000 | World Omni Auto Receivables Trust, Series 2019-A, Class A3, 3.04%, 05/15/24 | 2,195,036 | ||||||
21,479,422 | ||||||||
Total Asset-Backed Securities (Cost $60,601,076) | 60,821,793 |
Principal Amount | Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.1% | ||||||||
$ | 971,047 | JPMorgan Tax Exempt Pass Through Trust, Series 2012-AMT1, Class A 3.00%, 01/27/38(a) | $ | 992,772 | ||||
Total Collateralized Mortgage Obligations (Cost $988,357) | 992,772 | |||||||
U.S. GOVERNMENT AGENCIES — 0.1% | ||||||||
Overseas Private Investment Corp. — 0.1% | ||||||||
1,682,649 | 5.14%, 12/15/23 | 1,804,373 | ||||||
Small Business Administration — 0.0% | ||||||||
368,363 | 4.08%, 03/10/21 | 377,171 | ||||||
Total U.S. Government Agencies (Cost $2,051,019) | 2,181,544 | |||||||
U.S. GOVERNMENT SECURITIES — 78.6% | ||||||||
U.S. Treasury Bonds — 1.2% | ||||||||
13,726,000 | 3.50%, 02/15/39 | 17,036,325 | ||||||
U.S. Treasury Notes — 77.4% | ||||||||
46,736,000 | 2.38%, 04/30/20 | 46,909,434 | ||||||
9,664,000 | 1.50%, 06/15/20 | 9,659,093 | ||||||
6,472,000 | 1.38%, 09/15/20 | 6,460,118 | ||||||
14,977,000 | 1.88%, 12/15/20 | 15,020,293 | ||||||
36,592,000 | 2.63%, 05/15/21 | 37,163,750 | ||||||
91,376,000 | 1.88%, 11/30/21 | 92,014,918 | ||||||
92,266,000 | 1.88%, 01/31/22 | 92,929,162 | ||||||
900,000 | 1.88%, 05/31/22 | 908,086 | ||||||
48,000,000 | 1.75%, 06/15/22 | 48,292,500 | ||||||
163,813,000 | 1.75%, 01/31/23 | 164,964,810 | ||||||
80,663,000 | 1.25%, 07/31/23 | 79,878,426 | ||||||
34,679,807 | 0.63%, 01/15/24(d) | 35,267,475 | ||||||
126,615,000 | 2.38%, 08/15/24 | 131,461,980 | ||||||
21,218,000 | 2.25%, 11/15/24 | 21,934,936 | ||||||
82,198,000 | 2.25%, 11/15/25 | 85,315,745 | ||||||
81,229,000 | 1.63%, 02/15/26 | 81,368,612 | ||||||
132,268,000 | 2.00%, 11/15/26 | 135,755,535 | ||||||
67,334,000 | 2.25%, 11/15/27 | 70,456,088 | ||||||
1,155,760,961 | ||||||||
Total U.S. Government Securities (Cost $1,141,774,601) | 1,172,797,286 | |||||||
GOVERNMENT BONDS — 0.2% | ||||||||
JAPAN — 0.2% | ||||||||
3,000,000 | Japan Bank For International Cooperation, 2.25%, 02/24/20 | 3,001,629 | ||||||
Total Government Bonds (Cost $2,999,119) | 3,001,629 |
91 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Shares | Value | |||||||
INVESTMENT COMPANY — 0.3% | ||||||||
4,657,673 | SEI Daily Income Trust Government II Fund, Class A, 1.68%(e) | $ | 4,657,673 | |||||
Total Investment Company (Cost $4,657,673) | 4,657,673 | |||||||
TOTAL INVESTMENTS — 99.5% (Cost $1,447,235,128) | $ | 1,485,630,155 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5% | 7,187,374 | |||||||
NET ASSETS — 100.0% | $ | 1,492,817,529 |
(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. |
(b) | Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of October 31, 2019. |
(c) | Floating rate security. Rate shown is the rate in effect as of October 31, 2019. |
(d) | Inflation protected security. Principal amount reflects original security face amount. |
(e) | The rate shown represents the current yield as of October 31, 2019. |
The following abbreviations are used in the report:
CLO — Collateralized Loan Obligation
LIBOR — London Interbank Offered Rate
MTN — Medium Term Note
92 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments | October 31, 2019 |
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 96.6% | ||||||||
Alabama — 1.0% | ||||||||
$ | 2,000,000 | Alabama Federal Aid Highway Finance Authority Highway Improvements Revenue Bonds, Series A 5.00%, 09/01/22 | $ | 2,214,100 | ||||
1,750,000 | Alabama Federal Aid Highway Finance Authority Public Improvement Revenue Bonds 5.00%, 09/01/21 | 1,872,290 | ||||||
5,000,000 | Alabama Federal Aid Highway Finance Authority Revenue Bonds 5.00%, 09/01/20 | 5,153,350 | ||||||
1,500,000 | Alabama Public School & College Authority Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24 | 1,745,490 | ||||||
3,030,000 | City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/22 | 3,350,786 | ||||||
3,660,000 | City of Huntsville School Capital Improvements Warrants Refunding GO 5.00%, 09/01/26 | 4,297,975 | ||||||
1,500,000 | City of Huntsville Warrants Refunding GO, Series A 5.00%, 08/01/26 | 1,757,535 | ||||||
7,000,000 | State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/31 | 8,939,140 | ||||||
3,095,000 | State of Alabama Economic Improvements GO, Series A 5.00%, 11/01/33 | 3,927,400 | ||||||
425,000 | UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/27 | 532,507 | ||||||
600,000 | UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/30 | 771,035 | ||||||
550,000 | UAB Medicine Finance Authority Group S Revenue Bonds 5.00%, 09/01/31 | 704,248 | ||||||
35,265,856 | ||||||||
Arizona — 0.9% | ||||||||
875,000 | Arizona Department of Transportation State Highway Fund Refunding Revenue Bonds 5.00%, 07/01/25 | 1,024,091 |
Principal Amount | Value | |||||||
Arizona (continued) | ||||||||
$ | 2,390,000 | Arizona School Facilities Board Advance Refunding COP, Series A 5.00%, 09/01/23 | $ | 2,726,034 | ||||
150,000 | Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/22 | 164,321 | ||||||
1,715,000 | Arizona State Board of Regents Advance Refunding COP, Series A 5.00%, 06/01/24 | 1,994,699 | ||||||
2,750,000 | Arizona State Board of Transportation Refunding Revenue Bonds 5.00%, 07/01/22 | 3,028,355 | ||||||
1,000,000 | Arizona Transportation Board Highway Improvements Revenue Bonds, Series A 5.00%, 07/01/31 | 1,292,110 | ||||||
1,250,000 | Arizona Water Infrastructure Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/26 | 1,468,550 | ||||||
5,000,000 | City of Phoenix Advance Refunding GO 5.00%, 07/01/25 | 6,028,600 | ||||||
2,875,000 | Phoenix Civic Improvement Corp. Refunding Revenue Bonds 5.00%, 07/01/20 | 2,947,536 | ||||||
5,000,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/21 | 5,223,150 | ||||||
5,000,000 | Salt River Project Agricultural Improvement & Power District Advance Refunding Revenue Bonds 5.00%, 01/01/22 | 5,412,400 | ||||||
31,309,846 | ||||||||
Arkansas — 0.2% | ||||||||
7,250,000 | State of Arkansas Public Improvements GO 5.00%, 10/01/26 | 8,540,283 | ||||||
California — 3.0% | ||||||||
5,000,000 | California Infrastructure & Economic Development Bank Refunding Revenue Bonds 1.71%, 04/01/38(a) | 5,003,550 |
93 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 500,000 | California Municipal Finance Authority California Armenian Home Project Nursing Homes Revenue Bonds 5.00%, 05/15/36 | $ | 613,545 | ||||
200,000 | California Municipal Finance Authority Channing House Project Advance Refunding Revenue Bonds (State Appropriation) 5.00%, 05/15/25 | 242,077 | ||||||
325,000 | California Statewide Communities Development Authority Green Bond Marin General Hospital Revenue Bonds 5.00%, 08/01/32 | 402,542 | ||||||
1,500,000 | County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A 5.00%, 10/01/23 | 1,726,470 | ||||||
5,000,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22 | 5,417,400 | ||||||
5,000,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24 | 5,906,200 | ||||||
1,000,000 | Rio Hondo Community College District Current Refunding GO, Series B 5.00%, 08/01/30 | 1,364,750 | ||||||
3,500,000 | Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B 5.00%, 08/15/49(a) | 4,198,285 | ||||||
800,000 | San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/24 | 954,272 | ||||||
1,000,000 | San Francisco Bay Area Rapid Transit District Transit Improvements GO 5.00%, 08/01/24 | 1,184,800 | ||||||
750,000 | State of California Current Refunding GO 5.00%, 04/01/24 | 874,463 | ||||||
3,250,000 | State of California Current Refunding GO 5.00%, 08/01/26 | 4,026,490 | ||||||
2,000,000 | State of California Current Refunding GO 5.00%, 04/01/27 | 2,509,760 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 14,500,000 | State of California Current Refunding GO 5.00%, 04/01/30 | $ | 19,180,890 | ||||
1,620,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds 5.00%, 12/01/22 | 1,816,587 | ||||||
2,865,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21 | 3,101,678 | ||||||
7,000,000 | State of California Public Improvements GO 5.00%, 09/01/22 | 7,763,770 | ||||||
3,000,000 | State of California Public Improvements GO 5.00%, 03/01/26 | 3,585,270 | ||||||
5,715,000 | State of California Public Improvements GO 5.00%, 10/01/27 | 6,980,072 | ||||||
4,855,000 | State of California Refunding GO 5.00%, 12/01/24 | 5,605,243 | ||||||
8,000,000 | State of California Refunding GO 5.00%, 10/01/25 | 9,455,520 | ||||||
7,430,000 | State of California School Improvements GO 5.00%, 11/01/28 | 9,410,912 | ||||||
6,000,000 | State of California Water Utility Improvement Refunding GO 5.00%, 04/01/30 | 7,782,780 | ||||||
109,107,326 | ||||||||
Colorado — 0.7% | ||||||||
500,000 | Adams & Weld Counties School District No 27J Brighton Co. Refunding GO, Series A, (State Aid Withholding) 5.00%, 12/01/19 | 501,439 | ||||||
800,000 | City & County of Broomfield Advance Refunding COP 5.00%, 12/01/21 | 862,623 | ||||||
1,525,000 | City of Thornton Co. School Improvement COP 5.00%, 12/01/29 | 1,952,046 | ||||||
500,000 | Colorado Health Facilities Authority Current Refunding Revenue Bonds, Series A 4.00%, 01/01/36 | 574,525 | ||||||
500,000 | Colorado Health Facilities Authority Current Refunding Revenue Bonds, Series A 4.00%, 01/01/37 | 571,175 |
94 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Colorado (continued) | ||||||||
$ | 300,000 | Colorado Health Facilities Authority Current Refunding Revenue Bonds, Series A 4.00%, 01/01/38 | $ | 341,537 | ||||
2,060,000 | Colorado Higher Education Refunding COP, Series A 5.00%, 11/01/24 | 2,429,770 | ||||||
2,000,000 | Denver City & County School District No 1 Refunding GO (State Aid Intercept Program) 5.00%, 12/01/24 | 2,372,100 | ||||||
100,000 | Denver City & County School District No 1 Refunding GO, Series C (State Aid Withholding) 5.00%, 12/01/23 | 115,151 | ||||||
150,000 | EI Paso Country School District No 20 Academy School Improvements GO (State Aid Withholding) 5.00%, 12/15/25 | 182,873 | ||||||
1,180,000 | Jefferson County School District GO, Series R-1, (State Aid Withholding) 5.00%, 12/15/22 | 1,318,379 | ||||||
10,000,000 | University of Colorado Hospital Authority Revenue Current Refunding Revenue Bonds, Series C 5.00%, 11/15/47(a) | 11,587,500 | ||||||
1,630,000 | Western State Colorado University Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 05/15/26 | 1,993,474 | ||||||
24,802,592 | ||||||||
Connecticut — 3.0% | ||||||||
9,000,000 | Connecticut State Health & Educational Facilities Authority Refunding Revenue Bonds, Series A 1.45%, 07/01/42(a)(b) | 9,036,540 | ||||||
10,000,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series A-4 2.00%, 07/01/49(a) | 10,167,200 | ||||||
8,880,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series C-1 5.00%, 07/01/40(a) | 11,326,529 |
Principal Amount | Value | |||||||
Connecticut (continued) | ||||||||
$ | 12,885,000 | Connecticut State Health & Educational Facilities Authority University & College Improvements Revenue Bonds, Series S 5.00%, 07/01/27 | $ | 16,344,623 | ||||
1,000,000 | Hartford County Metropolitan District Refunding Notes GO 5.00%, 03/01/25 | 1,153,380 | ||||||
325,000 | Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/23 | 373,292 | ||||||
5,860,000 | Hartford County Metropolitan District Refunding Notes GO, Series C, (AGM) 5.00%, 11/01/25 | 7,122,947 | ||||||
2,350,000 | State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 03/01/29 | 2,781,813 | ||||||
1,380,000 | State of Connecticut Clean Water Fund - State Revolving Fund Refunding Revenue Bonds, Series A 5.00%, 05/01/31 | 1,706,729 | ||||||
1,200,000 | State of Connecticut Current Refunding GO, Series F 5.00%, 09/15/20 | 1,239,372 | ||||||
1,000,000 | State of Connecticut Refunding GO, Series B 5.00%, 04/15/21 | 1,054,500 | ||||||
32,445,000 | State of Connecticut Refunding GO, Series C 5.00%, 06/01/23 | 35,413,069 | ||||||
3,100,000 | State of Connecticut Special Tax Revenue Public Improvements Revenue Bonds, Series A 5.00%, 08/01/22 | 3,405,598 | ||||||
1,250,000 | State of Connecticut Special Tax Revenue Transportation Infrastructure Advance Refunding Revenue Bonds 5.00%, 08/01/22 | 1,373,225 | ||||||
1,900,000 | State of Connecticut Transportation Infrastructure Refunding Revenue Bonds 5.00%, 09/01/24 | 2,220,739 | ||||||
5,000,000 | State of Connecticut Transportation Infrastructure Revenue Bonds, Series A 5.00%, 09/01/27 | 5,795,350 |
95 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Connecticut (continued) | ||||||||
$ | 825,000 | Town of New Canaan CT Refunding GO, Series C 5.00%, 04/01/25 | $ | 992,120 | ||||
111,507,026 | ||||||||
Delaware — 1.8% | ||||||||
5,010,000 | State of Delaware Advance Refunding GO, Series A 5.00%, 01/01/28 | 6,426,127 | ||||||
720,000 | State of Delaware Current Refunding GO, Series A 5.00%, 10/01/26 | 898,150 | ||||||
7,705,000 | State of Delaware Current Refunding GO, Series A 5.00%, 10/01/27 | 9,828,421 | ||||||
10,800,000 | State of Delaware Public Facilities GO 5.00%, 02/01/25 | 12,906,756 | ||||||
9,650,000 | State of Delaware Public Facilities GO 5.00%, 02/01/26 | 11,846,919 | ||||||
15,000,000 | State of Delaware Public Facilities GO 5.00%, 02/01/28 | 19,275,150 | ||||||
2,885,000 | State of Delaware Public Improvements GO 5.00%, 03/01/24 | 3,356,553 | ||||||
64,538,076 | ||||||||
District Of Columbia — 0.3% | ||||||||
5,000,000 | District of Columbia Public Improvement Revenue Bonds, Series C 5.00%, 12/01/19 | 5,014,400 | ||||||
1,000,000 | District of Columbia Public Improvements GO, Series A 5.00%, 06/01/25 | 1,203,540 | ||||||
3,000,000 | District of Columbia Public Improvements GO, Series A 5.00%, 10/15/27 | 3,814,470 | ||||||
1,000,000 | District of Columbia Refunding Revenue Bonds, Series A 5.00%, 12/01/20 | 1,041,230 | ||||||
11,073,640 | ||||||||
Florida — 2.8% | ||||||||
4,790,000 | County of Miami-Dade Public Improvements GO 5.00%, 07/01/24 | 5,603,342 | ||||||
3,970,000 | County of Palm Beach Advance Refunding Revenue Bonds 5.00%, 11/01/26 | 4,672,095 | ||||||
1,000,000 | County of Sarasota Refunding Revenue Bonds 5.00%, 10/01/24 | 1,179,320 |
Principal Amount | Value | |||||||
Florida (continued) | ||||||||
$ | 4,620,000 | Florida Department of Management Services Current Refunding Revenue Bonds, Series A 5.00%, 09/01/28 | $ | 5,815,148 | ||||
1,000,000 | Lee County School Board Refunding COP 5.00%, 08/01/25 | 1,167,600 | ||||||
4,000,000 | Miami-Dade County Refunding GO, Series B 5.00%, 07/01/24 | 4,679,200 | ||||||
2,000,000 | Orlando Utilities Commission Refunding Revenue Bonds, Series A 5.00%, 10/01/20 | 2,069,540 | ||||||
3,990,000 | State of Florida Advance Refunding GO, Series B 5.00%, 06/01/27 | 4,900,598 | ||||||
20,005,000 | State of Florida Current Refunding GO 5.00%, 07/01/24 | 23,461,264 | ||||||
3,475,000 | State of Florida Current Refunding GO, Series A 5.00%, 06/01/24 | 4,065,368 | ||||||
2,845,000 | State of Florida Current Refunding GO, Series C 5.00%, 06/01/25 | 3,418,950 | ||||||
10,865,000 | State of Florida Current Refunding GO, Series C 5.00%, 06/01/28 | 13,941,207 | ||||||
2,565,000 | State of Florida Current Refunding GO, Series D 5.00%, 06/01/23 | 2,909,710 | ||||||
1,750,000 | State of Florida Current Refunding GO, Series F 5.00%, 06/01/28 | 2,142,788 | ||||||
1,100,000 | State of Florida Economic Defeasance GO, Series D 5.00%, 06/01/28 | 1,346,895 | ||||||
9,800,000 | State of Florida Refunding GO 5.00%, 07/01/24 | 10,789,310 | ||||||
5,350,000 | State of Florida Refunding GO, Series C 5.00%, 06/01/23 | 6,068,987 | ||||||
3,895,000 | State of Florida Refunding GO, Series C 5.00%, 06/01/24 | 4,418,449 | ||||||
102,649,771 | ||||||||
Georgia — 3.2% | ||||||||
1,295,000 | Americus-Sumter Payroll Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/32 | 1,601,371 |
96 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Georgia (continued) | ||||||||
$ | 1,570,000 | Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/27 | $ | 1,950,945 | ||||
1,755,000 | Athens Housing Authority Advance Refunding Revenue Bonds 5.00%, 06/15/28 | 2,166,214 | ||||||
500,000 | Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/26 | 607,555 | ||||||
1,010,000 | Barnesville-Lamar County Industrial Development Authority Current Refunding Revenue Bonds 5.00%, 06/01/33 | 1,244,835 | ||||||
3,090,000 | Bleckley County & Dodge County Joint Development Authority Current Refunding Revenue Bonds 5.00%, 07/01/32 | 3,787,877 | ||||||
1,185,000 | Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds 5.00%, 07/01/21 | 1,259,714 | ||||||
1,950,000 | Brookhaven Development Authority Children’s Healthcare of Atlan Revenue Bonds 5.00%, 07/01/23 | 2,210,442 | ||||||
750,000 | Cherokee County Board of Education Advance Refunding GO, (State Aid Withholding) 5.00%, 02/01/23 | 840,929 | ||||||
260,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/21 | 275,729 | ||||||
2,710,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/23 | 3,055,715 | ||||||
2,100,000 | Cobb County Development Authority Advance Refunding Revenue Bonds 5.00%, 07/15/24 | 2,433,312 | ||||||
3,375,000 | County of Cobb GA Water & Sewerage Current Refunding Revenue Bonds 5.00%, 07/01/27 | 4,278,353 | ||||||
10,000,000 | County of Forsyth Public Improvements GO 5.00%, 09/01/25 | 12,125,300 |
Principal Amount | Value | |||||||
Georgia (continued) | ||||||||
$ | 2,000,000 | Georgia State Road & Tollway Authority Refunding Revenue Bonds, Series B 5.00%, 06/01/21 | $ | 2,119,500 | ||||
3,935,000 | Lowndes County Board of Education School Improvements GO (State Aid Withholding) 5.00%, 02/01/22 | 4,268,176 | ||||||
1,975,000 | Lowndes County Board of Education School Improvements GO (State Aid Withholding) 5.00%, 02/01/23 | 2,214,054 | ||||||
1,095,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/25 | 1,306,543 | ||||||
1,555,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26 | 1,898,437 | ||||||
1,100,000 | South Regional Joint Development Authority Advance Refunding Revenue Bonds 5.00%, 08/01/26 | 1,342,154 | ||||||
3,265,000 | State of Georgia Advance Refunding GO, Series C-1 5.00%, 01/01/24 | 3,774,928 | ||||||
11,295,000 | State of Georgia Advance Refunding GO, Series E 5.00%, 12/01/26 | 14,136,257 | ||||||
1,950,000 | State of Georgia Public Improvements GO, Series A-2 5.00%, 02/01/25 | 2,257,827 | ||||||
2,500,000 | State of Georgia School Improvements GO, Series A (Tranche 1) 5.00%, 07/01/26 | 3,098,500 | ||||||
16,260,000 | State of Georgia School Improvements GO, Series A (Tranche 1) 5.00%, 07/01/27 | 20,612,152 | ||||||
2,230,000 | State of Georgia School Improvements GO, Series A-1 5.00%, 02/01/25 | 2,662,509 | ||||||
18,020,000 | State of Georgia University and College Improvements GO, Series A-1 5.00%, 02/01/24 | 20,887,523 | ||||||
118,416,851 |
97 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Hawaii — 1.1% | ||||||||
$ | 10,000,000 | City & County of Honolulu HI Refunding GO 5.00%, 09/01/25 | $ | 12,094,000 | ||||
3,000,000 | City & County of Honolulu Public Improvements Refunding GO, Series D 5.00%, 08/01/23 | 3,420,060 | ||||||
1,000,000 | State of Hawaii Department of Budget & Finance Queens Health System Refunding Revenue Bonds, Series A 5.00%, 07/01/21 | 1,059,470 | ||||||
5,000,000 | State of Hawaii Public Facilities GO, Series FT 5.00%, 01/01/30 | 6,287,050 | ||||||
1,300,000 | State of Hawaii Public Facilities GO, Series FW 5.00%, 01/01/30 | 1,672,710 | ||||||
3,085,000 | State of Hawaii Public Facilities GO, Series FW 5.00%, 01/01/32 | 3,930,907 | ||||||
5,420,000 | State of Hawaii Public Improvements GO, Series EH 5.00%, 08/01/33(c) | 6,184,112 | ||||||
2,515,000 | State of Hawaii Public Improvements GO, Series FK 5.00%, 05/01/29 | 3,136,482 | ||||||
1,570,000 | University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/21 | 1,683,448 | ||||||
1,180,000 | University of Hawaii Advance Refunding Revenue Bonds, Series F 5.00%, 10/01/22 | 1,306,331 | ||||||
40,774,570 | ||||||||
Idaho — 0.1% | ||||||||
900,000 | Canyon County School District No 131 Nampa Advance Refunding GO, (School Board GTY) 5.00%, 09/15/25 | 1,086,777 | ||||||
1,500,000 | Idaho Board Bank Authority Refunding Revenue Bonds, Series D 5.00%, 09/15/23 | 1,660,455 | ||||||
740,000 | Madison County School District No 321 Rexburg School Improvements GO, (School Board GTY), Series B 5.00%, 09/15/28 | 942,272 | ||||||
3,689,504 |
Principal Amount | Value | |||||||
Illinois — 0.8% | ||||||||
$ | 4,540,000 | Du Page Cook & Will Counties Community College District No 502 Refunding GO 5.00%, 01/01/27 | $ | 5,609,170 | ||||
5,950,000 | Illinois Finance Authority College Improvement Revenue Bonds 1.03%, 12/01/46(a) | 5,950,000 | ||||||
5,000,000 | Illinois Finance Authority General Revenue Bonds 5.00%, 01/01/27 | 6,189,000 | ||||||
1,000,000 | Illinois Finance Authority Memorial Health System Current Refunding Revenue Bonds 5.00%, 04/01/29 | 1,269,430 | ||||||
1,220,000 | Illinois State Toll Highway Authority Current Refunding Revenue Bonds, Series A 5.00%, 01/01/21 | 1,273,582 | ||||||
3,250,000 | Metropolitan Water Reclamation District of Greater Chicago Current Refunding GO, Series A 5.00%, 12/01/24 | 3,807,473 | ||||||
2,000,000 | Metropolitan Water Reclamation District of Greater Chicago Refunding GO, Series D 5.00%, 12/01/22 | 2,220,800 | ||||||
1,400,000 | Peoria Metropolitan Airport Authority Advance Refunding GO, Series D 5.00%, 12/01/26 | 1,700,398 | ||||||
780,000 | University of Illinois College Improvement Refunding Revenue Bonds, Series A 5.00%, 04/01/21 | 819,577 | ||||||
28,839,430 | ||||||||
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 | 512,895 | ||||||
235,000 | Columbus Multi-High School Building Corp. Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22 | 258,331 | ||||||
1,330,000 | GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 01/15/22 | 1,437,078 |
98 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Indiana (continued) | ||||||||
$ | 250,000 | GCS School Building Corp. One, First Mortgage Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 07/15/22 | $ | 274,539 | ||||
2,000,000 | Indiana Finance Authority University Health Obligated Group Revenue Bonds 1.65%, 12/01/42(a) | 2,011,400 | ||||||
4,494,243 | ||||||||
Iowa — 0.8% | ||||||||
5,675,000 | County of Polk Current Refunding GO, Series C 5.00%, 06/01/21 | 6,014,989 | ||||||
4,000,000 | County of Polk Current Refunding GO, Series C 5.00%, 06/01/26 | 4,930,760 | ||||||
6,110,000 | Iowa Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/01/21 | 6,515,460 | ||||||
5,000,000 | Iowa Finance Authority Unity Point Health Current Refunding Revenue 1.07%, 12/01/41(a) | 5,000,000 | ||||||
1,800,000 | Iowa Finance Authority Water Utilities Improvements Revenue Bonds 5.00%, 08/01/20 | 1,850,994 | ||||||
3,000,000 | State of Iowa Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/28 | 3,656,520 | ||||||
27,968,723 | ||||||||
Kansas — 0.6% | ||||||||
15,000,000 | Johnson County Lease Purchase Revenue Bonds, Series A 5.00%, 09/01/26 | 18,630,750 | ||||||
1,260,000 | Sedgwick County Public Building Commission Technical Education Complex Refunding Revenue Bonds, Series 2 5.00%, 08/01/23 | 1,436,425 | ||||||
20,067,175 | ||||||||
Kentucky — 0.5% | ||||||||
11,030,000 | Kentucky Economic Development Finance Authority Owensboro Medical Health System Revenue Bonds, Series A 5.25%, 06/01/23 | 11,282,477 |
Principal Amount | Value | |||||||
Kentucky (continued) | ||||||||
$ | 5,000,000 | Kentucky Turnpike Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | $ | 5,775,350 | ||||
17,057,827 | ||||||||
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 | 308,638 | ||||||
2,000,000 | State of Louisiana Highway Improvement Revenue Bonds, Series A 5.00%, 09/01/30 | 2,537,140 | ||||||
2,845,778 | ||||||||
Maine — 0.0% | ||||||||
165,000 | Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21 | 174,841 | ||||||
5,000 | Maine Health & Higher Educational Facilities Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/21(c) | 5,309 | ||||||
600,000 | Maine Municipal Bond Bank Miscellaneous Purpose Revenue Bonds, Series B 5.00%, 11/01/23 | 686,627 | ||||||
866,777 | ||||||||
Maryland — 8.3% | ||||||||
5,735,000 | County of Anne Arundel School Improvements GO 5.00%, 04/01/27 | 6,826,485 | ||||||
2,410,000 | County of Anne Arundel School Improvements GO 5.00%, 10/01/27 | 3,057,591 | ||||||
2,810,000 | County of Anne Arundel School Improvements GO 5.00%, 04/01/28 | 3,339,207 | ||||||
4,080,000 | County of Anne Arundel School Improvements GO 5.00%, 10/01/30 | 5,340,026 | ||||||
3,575,000 | County of Baltimore Refunding GO 5.00%, 03/01/27 | 4,480,619 | ||||||
1,200,000 | County of Baltimore Refunding GO, (Special Assessment) 5.00%, 02/01/29 | 1,453,140 |
99 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Maryland (continued) | ||||||||
$ | 2,730,000 | County of Baltimore Refunding Notes GO 5.00%, 03/01/23 | $ | 3,072,069 | ||||
3,835,000 | County of Baltimore Refunding Public Notes GO 5.00%, 03/01/23 | 4,315,526 | ||||||
8,165,000 | County of Baltimore Refunding Public Notes GO 5.00%, 03/01/24 | 9,473,360 | ||||||
2,860,000 | County of Charles Public School Improvements GO 5.00%, 10/01/21 | 3,069,466 | ||||||
3,910,000 | County of Frederick MD Public Improvements GO, Series A 5.00%, 08/01/27 | 4,946,072 | ||||||
1,500,000 | County of Frederick Refunding GO, Series A 5.00%, 02/01/25 | 1,787,550 | ||||||
3,220,000 | County of Howard MD Advance Refunding Public Improvements GO, Series B 5.00%, 02/15/29 | 4,000,625 | ||||||
5,000,000 | County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/22 | 5,489,450 | ||||||
4,500,000 | County of Montgomery Advance Refunding GO, Series B 5.00%, 06/01/23 | 5,104,755 | ||||||
6,650,000 | County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/22 | 7,382,099 | ||||||
19,000,000 | County of Montgomery Advance Refunding GO, Series C 5.00%, 10/01/26 | 23,601,610 | ||||||
2,000,000 | County of Montgomery Public Improvements GO, Series A 5.00%, 12/01/27 | 2,360,360 | ||||||
1,200,000 | County of Montgomery Refunding GO, Series A 5.00%, 11/01/23 | 1,379,316 | ||||||
10,320,000 | County of Montgomery Refunding Public Notes GO, Series A 5.00%, 11/01/27 | 13,125,492 | ||||||
12,500,000 | County of Prince George’s Advance Refunding Public Improvements GO, Series B 5.00%, 07/15/23 | 14,235,125 | ||||||
3,185,000 | County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/25 | 3,862,004 | ||||||
3,180,000 | County of Prince George’s Public School Improvement GO, Series A 5.00%, 09/15/26 | 3,946,126 |
Principal Amount | Value | |||||||
Maryland (continued) | ||||||||
$ | 3,110,000 | County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/24 | $ | 3,644,236 | ||||
9,355,000 | County of Prince George’s Public School Improvements GO, Series A 5.00%, 07/01/25 | 11,279,511 | ||||||
7,935,000 | Maryland Health & Higher Educational Facilities Authority Johns Hopkins University and College Improvements Revenue Bonds, Series A 1.07%, 07/01/36(a) | 7,935,000 | ||||||
1,000,000 | Maryland State Department of Transportation Highway Improvement Revenue Bonds 5.00%, 10/01/20 | 1,034,960 | ||||||
7,585,000 | State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/24 | 8,909,720 | ||||||
9,255,000 | State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/25 | 11,184,668 | ||||||
4,830,000 | State of Maryland Advance Refunding GO, Series B 5.00%, 08/01/26 | 5,976,932 | ||||||
6,000,000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 02/01/25 | 6,726,000 | ||||||
10,000,000 | State of Maryland Department of Transportation Transit Improvements Revenue Bonds 5.00%, 11/01/26 | 11,763,600 | ||||||
2,750,000 | State of Maryland Public Facilities GO, Series 1 5.00%, 03/15/32 | 3,539,003 | ||||||
8,035,000 | State of Maryland Public Improvements GO, Series A 5.00%, 08/01/24 | 9,170,988 | ||||||
3,000,000 | State of Maryland Public Improvements GO, Series A 5.00%, 03/15/25 | 3,587,520 | ||||||
3,815,000 | State of Maryland Public Improvements GO, Series A 5.00%, 03/15/27 | 4,785,612 | ||||||
5,000,000 | State of Maryland Public Improvements GO, Series A 5.00%, 03/15/28 | 6,250,300 | ||||||
4,350,000 | State of Maryland Refunding GO, Series 2-C 5.00%, 08/01/23 | 4,960,784 |
100 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Maryland (continued) | ||||||||
$ | 6,700,000 | State of Maryland School Improvements GO 5.00%, 06/01/23 | $ | 7,600,413 | ||||
20,000,000 | State of Maryland School Improvements GO, Series A 5.00%, 03/15/23 | 22,534,400 | ||||||
19,000,000 | State of Maryland School Improvements GO, Series A-1 5.00%, 08/01/28 | 24,552,180 | ||||||
7,500,000 | Washington Suburban Sanitary Commission Water & Sewer System Improvements GO 5.00%, 06/01/22 | 8,234,175 | ||||||
5,000,000 | Washington Suburban Sanitary Commission Water & Sewer System Improvements GO, 2nd Series 5.00%, 06/01/25 | 6,014,700 | ||||||
305,332,775 | ||||||||
Massachusetts — 5.4% | ||||||||
5,150,000 | Berkshire Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/31/20 | 5,169,107 | ||||||
1,000,000 | Cape Ann Transportation Authority Cash Flow Management Revenue Notes 2.00%, 07/02/20 | 1,003,640 | ||||||
7,000,000 | Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/25 | 8,435,770 | ||||||
840,000 | Commonwealth of Massachusetts Advance Refunding GO, Series A 5.00%, 07/01/26 | 1,036,862 | ||||||
6,430,000 | Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/27 | 8,103,022 | ||||||
1,500,000 | Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/28 | 1,929,360 | ||||||
13,025,000 | Commonwealth of Massachusetts Advance Refunding GO, Series B 5.00%, 07/01/31 | 15,786,951 | ||||||
9,330,000 | Commonwealth of Massachusetts Advance Refunding GO, Series C 5.00%, 10/01/26 | 11,582,729 | ||||||
10,000,000 | Commonwealth of Massachusetts Advance Refunding GO, Series E 5.00%, 11/01/24 | 11,826,900 |
Principal Amount | Value | |||||||
Massachusetts (continued) | ||||||||
$ | 4,000,000 | Commonwealth of Massachusetts Current Refunding GO, Series C 5.00%, 05/01/27 | $ | 5,022,440 | ||||
4,270,000 | Commonwealth of Massachusetts Current Refunding GO, Series C 5.00%, 05/01/29 | 5,574,229 | ||||||
2,900,000 | Commonwealth of Massachusetts Highway Improvements Revenue Bonds, Series B 5.00%, 06/15/22 | 3,187,216 | ||||||
2,000,000 | Commonwealth of Massachusetts Public Improvements GO, Series C 5.00%, 07/01/32 | 2,368,860 | ||||||
1,125,000 | Commonwealth of Massachusetts Public Improvements GO, Series D 5.00%, 02/01/33 | 1,375,054 | ||||||
7,325,000 | Commonwealth of Massachusetts Public Improvements GO, Series E 5.00%, 11/01/31 | 9,168,117 | ||||||
6,435,000 | Commonwealth of Massachusetts Public Improvements GO, Series G 5.00%, 09/01/29 | 8,447,868 | ||||||
8,000,000 | Commonwealth of Massachusetts Refunding GO, Series C, (AGM) 5.25%, 11/01/26 | 10,083,440 | ||||||
7,000,000 | Commonwealth of Massachusetts Transit Improvements GO, Series F 5.00%, 05/01/28 | 8,973,020 | ||||||
4,500,000 | Commonwealth of Massachusetts Transportation Fund Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/27 | 5,533,335 | ||||||
1,000,000 | Massachusetts Bay Transportation Authority Advance Refunding Revenue Bonds, Senior Series B 5.00%, 07/01/33 | 1,181,190 | ||||||
8,500,000 | Massachusetts Clean Water Trust Advance Refunding Revenue Bonds, Series 2017 5.00%, 08/01/21 | 9,070,180 | ||||||
5,000,000 | Massachusetts Development Finance Agency Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/33 | 6,112,700 |
101 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Massachusetts (continued) | ||||||||
$ | 10,000,000 | Massachusetts Development Finance Agency Miscellaneous Purpose Revenue Bonds, Series A 5.25%, 04/01/37 | $ | 10,575,400 | ||||
3,500,000 | Massachusetts School Building Authority Refunding Revenue Bonds, Senior Series A 5.00%, 08/15/23 | 3,866,940 | ||||||
7,780,000 | Massachusetts State Water Pollution Abatement Trust Refunding Revenue Bonds, Sub-Series 16-B 5.00%, 08/01/20 | 8,002,819 | ||||||
500,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/22 | 551,855 | ||||||
8,535,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series B, (AGM) 5.25%, 08/01/26 | 10,705,280 | ||||||
2,700,000 | Massachusetts Water Resources Authority Refunding Revenue Bonds, Series C 5.00%, 08/01/22 | 2,980,017 | ||||||
13,050,000 | Montachusett Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 07/30/20 | 13,095,284 | ||||||
5,000,000 | Worcester Regional Transit Authority Cash Flow Management Revenue Notes 2.00%, 06/26/20 | 5,018,750 | ||||||
195,768,335 | ||||||||
Michigan — 0.5% | ||||||||
425,000 | Avondale School District School Improvement GO, (Q-SBLF) 5.00%, 11/01/29 | 531,781 | ||||||
200,000 | Caledonia Community Schools Refunding GO, (Q-SBLF) 5.00%, 05/01/23 | 225,249 | ||||||
800,000 | Eastpointe Community Schools Advance Refunding GO, (Q-SBLF) 5.00%, 05/01/27 | 982,768 | ||||||
1,225,000 | Grand Valley State University & College Advance Refunding Revenue Bonds, Series A 5.00%, 12/01/25 | 1,477,730 | ||||||
500,000 | Grand Valley State University & College Improvements Revenue Bonds, Series A 5.00%, 12/01/23 | 572,959 |
Principal Amount | Value | |||||||
Michigan (continued) | ||||||||
$ | 450,000 | Lansing School District School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/31 | $ | 572,877 | ||||
740,000 | Lansing School District School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/34 | 931,016 | ||||||
1,000,000 | Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 10/15/21 | 1,073,520 | ||||||
1,000,000 | Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 10/15/23 | 1,146,160 | ||||||
1,000,000 | Michigan State Building Authority Current Refunding Revenue Bonds, (Facilities Program) 5.00%, 04/15/24 | 1,163,540 | ||||||
1,000,000 | Michigan State University Refunding Revenue Bonds, Series A 5.00%, 08/15/31 | 1,179,050 | ||||||
400,000 | Midland Public School Improvements GO, Series II, (Q-SBLF) 5.00%, 05/01/30 | 510,275 | ||||||
1,000,000 | University of Michigan Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/22 | 1,092,750 | ||||||
3,000,000 | University of Michigan University & College Improvements Revenue Bonds, Series A 5.00%, 04/01/26 | 3,685,620 | ||||||
1,000,000 | Utica Community School Improvements GO, (Q-SBLF) 5.00%, 05/01/31 | 1,265,100 | ||||||
290,000 | Wayne-Westland Community Schools Improvements GO, (Q-SBLF) 5.00%, 11/01/22 | 320,731 | ||||||
935,000 | Wayne-Westland Community Schools Improvements GO, (Q-SBLF) 5.00%, 11/01/28 | 1,178,455 | ||||||
17,909,581 |
102 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
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 | $ | 1,747,234 | ||||
1,000,000 | City of Rochester Advance Refunding GO, Series B 5.00%, 12/01/24 | 1,187,680 | ||||||
2,120,000 | Hennepin County Regional Railroad Authority Current Refunding GO, Series D 5.00%, 12/01/28 | 2,759,837 | ||||||
2,365,000 | Hennepin County Regional Railroad Authority Current Refunding GO, Series D 5.00%, 12/01/30 | 3,182,699 | ||||||
1,815,000 | Minnesota Public Facilities Authority Advance Refunding Revenue Bonds, Series B 5.00%, 03/01/27 | 2,218,347 | ||||||
2,200,000 | Sartell-St Stephen Independent School District No 748 GO (School District Credit Program), Series A 5.00%, 02/01/25 | 2,614,348 | ||||||
5,425,000 | St. Paul Port Authority Anderson Office Building Refunding Revenue Bonds, Series 3 5.00%, 12/01/19 | 5,440,624 | ||||||
3,325,000 | State of Minnesota Highway Improvements GO, Series B 5.00%, 08/01/29 | 4,373,040 | ||||||
785,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/23 | 889,617 | ||||||
1,395,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/24 | 1,628,607 | ||||||
2,740,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/25 | 3,192,429 | ||||||
2,910,000 | State of Minnesota Public Improvements COP 5.00%, 06/01/26 | 3,380,169 | ||||||
1,000,000 | State of Minnesota Refunding Revenue Bonds, Series B 5.00%, 03/01/21 | 1,050,870 | ||||||
3,915,000 | State of Minnesota School Improvements GO, Series A 5.00%, 08/01/28 | 4,826,725 | ||||||
1,505,000 | University of Minnesota Current Refunding Revenue Bonds, Series B 5.00%, 10/01/29 | 1,986,585 |
Principal Amount | Value | |||||||
Minnesota (continued) | ||||||||
$ | 1,000,000 | Waconia Independent School District No 110 Refunding GO, Series A, (School District Credit Program) 5.00%, 02/01/24 | $ | 1,153,290 | ||||
41,632,101 | ||||||||
Mississippi — 0.5% | ||||||||
1,565,000 | Medical Center Educational Building Corporation Advance Refunding Revenue Bonds 5.00%, 06/01/29 | 2,008,975 | ||||||
730,000 | Medical Center Educational Building Corporation Advance Refunding Revenue Bonds 5.00%, 06/01/30 | 932,407 | ||||||
570,000 | Mississippi Development Bank DeSoto County Highway Project Advance Refunding Revenue Bonds, Series S, (State Aid Intercept Program) 5.00%, 01/01/23 | 634,570 | ||||||
2,310,000 | Mississippi Development Bank Harrison County Highway Refunding Revenue Bonds, Series A 5.00%, 01/01/25 | 2,718,454 | ||||||
310,000 | Mississippi State University Educational Building Corp. Campus Improvements Project Revenue Bonds 5.00%, 11/01/22 | 343,523 | ||||||
10,000,000 | State of Mississippi Public Improvements GO, Series B 5.00%, 12/01/31 | 11,335,700 | ||||||
830,000 | University of Mississippi Educational Building Corp. Facilities Financing Project Advance Refunding Revenue Bonds, Series A 5.00%, 10/01/25 | 1,003,976 | ||||||
18,977,605 | ||||||||
Missouri — 0.6% | ||||||||
1,000,000 | Belton School District No 124 school Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/28 | 1,273,800 | ||||||
570,000 | County of Jackson Refunding Revenue Bonds 4.00%, 12/01/21 | 601,418 | ||||||
300,000 | County of Jackson Refunding Revenue Bonds 4.00%, 12/01/22 | 323,829 |
103 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Missouri (continued) | ||||||||
$ | 2,300,000 | County of Jackson Sports Complex Project Refunding Revenue Bonds, (State Appropriation, City Appropriation) 5.00%, 12/01/26 | $ | 2,682,030 | ||||
4,000,000 | Hazelwood School District Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25 | 4,637,600 | ||||||
905,000 | Missouri State Environmental Improvement & Energy Resources Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/25 | 1,077,439 | ||||||
2,000,000 | Missouri State Health & Educational Facilities Authority Columbia Arena Project Refunding Revenue Bonds 5.00%, 10/01/21 | 2,146,480 | ||||||
500,000 | North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/24 | 579,659 | ||||||
1,800,000 | North Kansas City School District No 74 School Improvements Refunding GO, (State Aid Direct Deposit) 5.00%, 03/01/25 | 2,080,332 | ||||||
4,915,000 | University of Missouri Refunding Revenue Bonds, Series B 1.11%, 11/01/31(a) | 4,915,000 | ||||||
20,317,587 | ||||||||
New Hampshire — 0.2% | ||||||||
3,990,000 | State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/21 | 4,305,050 | ||||||
3,990,000 | State of New Hampshire Public Improvements GO, Series B 5.00%, 12/01/22 | 4,451,005 | ||||||
8,756,055 | ||||||||
New Jersey — 1.2% | ||||||||
200,000 | Monmouth County Improvement Authority Refunding Revenue Bonds (County GTY, Municipal Government GTY) 5.00%, 12/01/22 | 223,557 |
Principal Amount | Value | |||||||
New Jersey (continued) | ||||||||
$ | 2,000,000 | New Jersey Economic Development Authority Advance Refunding Revenue Bonds, Series B (State Appropriation) 5.00%, 11/01/21 | $ | 2,136,600 | ||||
2,500,000 | New Jersey Economic Development Authority Refunding Revenue Bonds 5.00%, 03/01/21 | 2,614,650 | ||||||
3,295,000 | New Jersey Economic Development Authority Refunding Revenue Bonds, Series GG 5.00%, 09/01/21 | 3,446,570 | ||||||
990,000 | New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds 5.00%, 07/01/21 | 1,050,727 | ||||||
1,000,000 | New Jersey Health Care Facilities Financing Authority RWJ Barnabas Health System Obligated Group Refunding Revenue Bonds 5.00%, 07/01/23 | 1,130,490 | ||||||
1,300,000 | New Jersey State Turnpike Authority Refunding Revenue Bonds, Series B 5.00%, 01/01/20 | 1,307,787 | ||||||
8,500,000 | New Jersey Transportation Trust Fund Authority Current Refunding Revenue Bonds 5.00%, 06/15/23 | 9,513,115 | ||||||
5,000,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds (NATL-RE) 5.25%, 12/15/21 | 5,395,200 | ||||||
2,000,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.25%, 12/15/21 | 2,155,900 | ||||||
3,860,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series A 5.50%, 12/15/21 | 4,180,882 | ||||||
5,000,000 | New Jersey Transportation Trust Fund Authority Refunding Revenue Bonds, Series B (NATL-RE) 5.50%, 12/15/21 | 5,421,150 | ||||||
1,500,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Refunding Revenue Bonds, Series A 5.25%, 12/15/22 | 1,666,380 |
104 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New Jersey (continued) | ||||||||
$ | 650,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds 5.00%, 06/15/21 | $ | 686,777 | ||||
440,000 | New Jersey Transportation Trust Fund Authority Transit Improvements Revenue Bonds, Series AA 5.00%, 06/15/21 | 464,529 | ||||||
1,000,000 | New Jersey Turnpike Authority Advance Refunding Revenue Bonds, Series B 5.00%, 01/01/27 | 1,240,100 | ||||||
2,000,000 | New Jersey Turnpike Authority Highway Improvements Revenue Bonds Series A 5.00%, 01/01/29 | 2,458,740 | ||||||
45,093,154 | ||||||||
New Mexico — 0.3% | ||||||||
8,600,000 | State of New Mexico University and College Improvements GO 5.00%, 03/01/28 | 11,001,120 | ||||||
1,000,000 | University of New Mexico Refunding Revenue Bonds, Series C 1.09%, 06/01/30(a) | 1,000,000 | ||||||
12,001,120 | ||||||||
New York — 16.9% | ||||||||
10,025,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/21 | 10,686,650 | ||||||
30,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 33,102,900 | ||||||
15,000,000 | City of New York Current Refunding GO, Series E 5.00%, 08/01/23 | 17,076,600 | ||||||
9,400,000 | City of New York Current Refunding GO, Series E 5.00%, 08/01/24 | 11,018,022 | ||||||
8,000,000 | City of New York GO, Sub-Series B-3 1.30%, 10/01/46(a) | 8,000,000 | ||||||
2,100,000 | City of New York Public Improvements GO, Sub-Series B-3 1.06%, 09/01/27(a) | 2,100,000 | ||||||
2,910,000 | City of New York Public Improvements GO, Sub-Series D-1 5.00%, 08/01/22 | 3,210,981 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 32,750,000 | City of New York Public Improvements GO, Sub-Series D-3 5.00%, 08/01/38(a)(b) | $ | 37,006,190 | ||||
1,855,000 | City of New York Refunding GO, Series C 5.00%, 08/01/20 | 1,907,979 | ||||||
650,000 | City of New York Refunding GO, Series C 5.00%, 08/01/22 | 717,230 | ||||||
8,170,000 | City of New York Refunding GO, Series D 5.00%, 08/01/22 | 9,015,023 | ||||||
3,575,000 | City of New York Refunding GO, Series F 5.00%, 08/01/29 | 3,855,638 | ||||||
2,500,000 | City of New York Refunding GO, Series G 5.00%, 08/01/21 | 2,665,000 | ||||||
18,500,000 | City of New York Refunding GO, Series G 5.00%, 08/01/22 | 20,413,455 | ||||||
5,000,000 | City of New York Refunding GO, Series I 5.00%, 08/01/25 | 5,676,500 | ||||||
9,450,000 | City of New York Refunding GO, Series J, Subseries J11 5.00%, 08/01/25(b) | 11,379,596 | ||||||
3,000,000 | County of Rockland GO Notes 3.00%, 04/02/20 | 3,021,480 | ||||||
5,000,000 | Erie County Industrial Development Agency Refunding Revenue Bonds, Series B, (State Aid Withholding) 5.00%, 05/01/23 | 5,285,950 | ||||||
2,035,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/26 | 2,522,586 | ||||||
2,055,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.25%, 11/15/31 | 2,559,420 | ||||||
5,000,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series C-2B 5.00%, 11/15/34(a) | 5,049,350 | ||||||
240,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28 | 292,145 | ||||||
1,020,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/29 | 1,234,669 |
105 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 3,020,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30 | $ | 3,321,396 | ||||
20,000,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(a) | 22,133,200 | ||||||
940,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series C-1 5.00%, 11/15/27 | 1,177,087 | ||||||
24,820,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 09/01/22 | 27,222,080 | ||||||
1,925,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series F 5.00%, 11/15/21 | 2,067,681 | ||||||
1,910,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/21 | 2,051,569 | ||||||
20,000,000 | Metropolitan Transportation Authority Transit Improvements Revenue Notes, Series D2 4.00%, 07/01/20 | 20,343,200 | ||||||
11,475,000 | New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G 2.00%, 11/01/57(a) | 11,525,490 | ||||||
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 | 2,930,425 | ||||||
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 | 13,429,500 | ||||||
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(c) | 1,040,111 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,350,000 | New York City Transitional Finance Authority Future Tax Secured Advanced Refunding Revenue Bonds, Series C 5.00%, 11/01/23 | $ | 1,553,445 | ||||
15,920,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21 | 17,133,263 | ||||||
1,045,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/19 | 1,045,000 | ||||||
2,425,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/21 | 2,609,809 | ||||||
1,535,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series H 5.00%, 11/01/21 | 1,651,982 | ||||||
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 | 3,285,270 | ||||||
2,210,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/29 | 2,532,329 | ||||||
9,000,000 | New York City Transitional Finance Authority Future Tax Secured Revenue Public Improvements Revenue Bonds 5.00%, 02/01/31 | 10,980,900 | ||||||
600,000 | New York City Transitional Finance Authority Refunding Revenue Bonds, Sub-Series G 5.00%, 11/01/20 | 622,895 | ||||||
3,545,000 | New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24 | 4,164,205 | ||||||
5,490,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series F-2 1.08%, 06/15/33(a) | 5,490,000 |
106 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 6,200,000 | New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2 5.00%, 06/15/25 | $ | 7,161,248 | ||||
1,000,000 | New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series DD-2 5.00%, 06/15/24 | 1,116,950 | ||||||
4,370,000 | New York Local Government Assistance Corp. Refunding Revenue Bonds 1.08%, 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 | 5,405,350 | ||||||
9,100,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23 | 10,266,256 | ||||||
7,790,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/22 | 8,493,982 | ||||||
14,000,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24 | 16,282,420 | ||||||
2,000,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/31 | 2,373,580 | ||||||
7,500,000 | New York State Dormitory Authority Current Refunding Revenue Bonds, Series 1 (State Aid Withholding) 5.00%, 01/15/30 | 9,470,025 | ||||||
1,000,000 | New York State Dormitory Authority NYU Hospital Center Advance Refunding Revenue 5.00%, 07/01/25 | 1,197,850 | ||||||
8,770,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series A-Group A 5.00%, 03/15/22 | 9,562,545 | ||||||
5,000,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series B-Group B 5.00%, 02/15/28 | 5,899,550 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 15,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/20 | $ | 15,645,750 | ||||
4,160,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26 | 4,810,666 | ||||||
6,600,000 | New York State Dormitory Authority School Improvement Refunding Revenue Bonds, Series E 5.00%, 03/15/30 | 8,388,534 | ||||||
1,045,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/21 | 1,099,716 | ||||||
7,700,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/25 | 8,951,404 | ||||||
1,000,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 02/15/27 | 1,232,590 | ||||||
6,290,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/27 | 7,901,498 | ||||||
4,185,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/28 | 5,358,600 | ||||||
12,000,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A-Group 2 5.00%, 03/15/29 | 15,169,920 | ||||||
22,680,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series C 5.00%, 03/15/27 | 28,490,616 | ||||||
6,325,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series C 5.00%, 03/15/30 | 7,949,007 | ||||||
1,500,000 | New York State Dormitory Authority University & College Improvements Revenue Bonds, Series A 5.00%, 07/01/32 | 1,908,090 |
107 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 3,000,000 | New York State Environmental Facilities Corp Refunding Revenue Bonds 5.00%, 06/15/29 | $ | 3,497,520 | ||||
3,750,000 | New York State Environmental Facilities Corp Water Utility Improvements Refunding Revenue 5.00%, 06/15/25 | 4,529,475 | ||||||
1,430,000 | New York State Thruway Authority Highway Improvement Revenue Bonds, Series A 5.00%, 03/15/20 | 1,450,177 | ||||||
8,000,000 | New York State Thruway Authority Refunding Revenue Bonds, Series A 5.00%, 03/15/21 | 8,267,440 | ||||||
2,000,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24 | 2,327,000 | ||||||
2,105,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/27 | 2,569,468 | ||||||
5,875,000 | New York State Urban Development Corp Personal Income Tax Advance Refunding Revenue, Series A 5.00%, 03/15/25 | 7,029,320 | ||||||
5,605,000 | New York State Urban Development Corp Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/22 | 6,112,925 | ||||||
4,705,000 | New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22 | 5,131,367 | ||||||
2,760,000 | New York State Urban Development Corp. Refunding Revenue Bonds 1.05%, 03/15/33(a)(b) | 2,760,000 | ||||||
4,215,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27 | 4,848,177 | ||||||
5,880,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28 | 6,763,294 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 4,450,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds 5.00%, 11/15/28 | $ | 5,827,765 | ||||
120,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series B 5.00%, 11/15/29 | 149,708 | ||||||
2,125,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/27 | 2,679,349 | ||||||
5,105,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds 5.00%, 11/15/33 | 6,448,687 | ||||||
1,600,000 | Utility Debt Securitization Authority Restructuring Refunding Revenue Bonds 5.00%, 12/15/24 | 1,788,160 | ||||||
616,794,180 | ||||||||
North Carolina — 2.4% | ||||||||
680,000 | Appalachian State University Refunding Revenue Bonds 5.00%, 05/01/20 | 692,764 | ||||||
1,880,000 | City of Charlotte Current Refunding GO, Series A 5.00%, 06/01/27 | 2,378,764 | ||||||
3,000,000 | County of Union University & College Improvements GO, Series C 5.00%, 09/01/25 | 3,639,480 | ||||||
3,325,000 | County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/26 | 4,135,968 | ||||||
1,150,000 | County of Wake Advance Refunding Revenue, Series A 5.00%, 12/01/29 | 1,415,501 | ||||||
7,225,000 | County of Wake Refunding Public Notes GO, Series A 5.00%, 03/01/26 | 8,868,326 | ||||||
675,000 | Dare County Refunding Revenue Bonds, Series D 5.00%, 06/01/21 | 715,331 | ||||||
1,000,000 | Durham Capital Financing Corp Advance Refunding Revenue Bonds 5.00%, 12/01/25 | 1,214,750 | ||||||
2,000,000 | North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A 5.00%, 01/01/22 | 2,162,760 |
108 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
North Carolina (continued) | ||||||||
$ | 2,000,000 | North Carolina Eastern Municipal Power Agency Improvements Revenue Bonds, Series A 5.00%, 01/01/23 | $ | 2,199,880 | ||||
2,000,000 | North Carolina Eastern Municipal Power Agency Refunding Revenue Bonds, Series B 5.00%, 01/01/21 | 2,087,840 | ||||||
325,000 | North Carolina State University At Raleigh Refunding Revenue Bonds, Series A 5.00%, 10/01/21 | 348,867 | ||||||
3,250,000 | State of North Carolina Advance Refunding Revenue Bonds 5.00%, 03/01/22 | 3,532,685 | ||||||
13,000,000 | State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/23 | 14,693,640 | ||||||
2,010,000 | State of North Carolina Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/24 | 2,341,831 | ||||||
5,000,000 | State of North Carolina Highway Improvements Revenue Bonds 5.00%, 03/01/29 | 6,428,000 | ||||||
6,675,000 | State of North Carolina Highway Improvements Revenue Bonds 5.00%, 03/01/30 | 8,526,445 | ||||||
1,500,000 | State of North Carolina Highway Improvements Revenue Bonds, Series A 5.00%, 05/01/22 | 1,641,480 | ||||||
3,735,000 | State of North Carolina Highway Improvements Revenue Bonds, Series A 5.00%, 05/01/28 | 4,787,747 | ||||||
8,025,000 | State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/26 | 9,926,524 | ||||||
5,270,000 | State of North Carolina Public Improvements GO, Series A 5.00%, 06/01/27 | 6,672,452 | ||||||
88,411,035 | ||||||||
Ohio — 5.5% | ||||||||
1,175,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/23 | 1,350,992 |
Principal Amount | Value | |||||||
Ohio (continued) | ||||||||
$ | 1,000,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/24 | $ | 1,184,970 | ||||
1,285,000 | Central Ohio Solid Waste Authority Advance Refunding GO 5.00%, 12/01/25 | 1,564,295 | ||||||
3,500,000 | City of Columbus GO, Series A 4.00%, 08/15/25 | 4,031,125 | ||||||
1,945,000 | City of Columbus Public Improvements GO, Series 1 1.05%, 12/01/26(a) | 1,945,000 | ||||||
3,730,000 | City of Columbus Refunding GO, Series 1 5.00%, 07/01/21 | 3,965,177 | ||||||
5,000,000 | City of Columbus Refunding GO, Series 1 5.00%, 07/01/26 | 6,168,250 | ||||||
2,000,000 | City of Columbus Refunding GO, Series 5 5.00%, 08/15/23 | 2,282,840 | ||||||
13,000,000 | City of Columbus Transit Improvements GO, Series A 5.00%, 04/01/31 | 16,548,610 | ||||||
1,100,000 | County of Cuyahoga Refunding Revenue Bonds 5.00%, 12/01/22 | 1,227,798 | ||||||
1,000,000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/26 | 1,178,930 | ||||||
1,515,000 | County of Hamilton Sewer System Refunding Revenue Bonds, Series A 5.00%, 12/01/27 | 1,782,276 | ||||||
1,250,000 | County of Ross OH Adena Health System Obligated Group Refunding Revenue Bonds 5.00%, 12/01/27 | 1,547,475 | ||||||
1,955,000 | County of Ross OH Adena Health System Obligated Group Refunding Revenue Bonds 5.00%, 12/01/28 | 2,463,515 | ||||||
1,000,000 | Greater Cleveland Regional Transit Authority Capital Improvements Advance Refunding Revenue Bonds 5.00%, 12/01/23 | 1,150,650 | ||||||
3,000,000 | Ohio Water Development Authority Revenue Bonds 5.00%, 06/01/26 | 3,691,710 |
109 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Ohio (continued) | ||||||||
$ | 10,000,000 | Ohio Water Development Authority Water Pollution Control Loan Fund Revenue Bonds, Series A 1.04%, 12/01/36(a)(b) | $ | 10,000,000 | ||||
10,285,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds 5.00%, 06/01/28 | 13,144,847 | ||||||
10,000,000 | Ohio Water Development Authority Water Utility Improvements Revenue Bonds, Series A 5.00%, 06/01/29 | 13,018,400 | ||||||
3,045,000 | Revere Local School District School Improvements GO, Series A 5.00%, 12/01/42 | 3,344,019 | ||||||
2,350,000 | Revere Local School District School Improvements GO, Series A 5.00%, 12/01/45 | 2,580,770 | ||||||
320,000 | RiverSouth Authority Area Redevelopment Refunding Revenue Bonds 5.00%, 06/01/24 | 361,805 | ||||||
1,075,000 | State of North Carolina Highway capital Improvements GO, Series Q 5.00%, 05/01/21 | 1,136,694 | ||||||
16,790,000 | State of Ohio Advance Refunding GO, Series A 5.00%, 12/15/24 | 19,954,411 | ||||||
2,500,000 | State of Ohio Advance Refunding GO, Series A 5.00%, 09/01/27 | 3,159,725 | ||||||
1,400,000 | State of Ohio Advance Refunding GO, Series C 5.00%, 08/01/27 | 1,766,282 | ||||||
4,790,000 | State of Ohio Advance Refunding GO, Series U 5.00%, 05/01/27 | 6,026,012 | ||||||
1,000,000 | State of Ohio Advance Refunding Revenue Bonds 5.00%, 10/01/21 | 1,070,680 | ||||||
1,445,000 | State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24 | 1,691,878 | ||||||
300,000 | State of Ohio Department of Administration Telecommunications Improvements COP 5.00%, 09/01/24 | 351,255 |
Principal Amount | Value | |||||||
Ohio (continued) | ||||||||
$ | 550,000 | State of Ohio Facilities Improvements Revenue Bonds 5.00%, 10/01/24 | $ | 645,475 | ||||
210,000 | State of Ohio Highway Improvements Revenue Bonds 5.00%, 12/15/24 | 248,319 | ||||||
2,000,000 | State of Ohio Highway Improvements Revenue Bonds, Series 2016-1 5.00%, 12/15/20 | 2,083,360 | ||||||
2,000,000 | State of Ohio Mental Health Facility Improvements Revenue Bonds 5.00%, 06/01/25 | 2,385,640 | ||||||
2,530,000 | State of Ohio Mental Health Facility Improvements Revenue Bonds, Series A 5.00%, 02/01/23 | 2,650,656 | ||||||
1,415,000 | State of Ohio Public Improvements Revenue Bonds, Series A 5.00%, 02/01/24 | 1,629,373 | ||||||
970,000 | State of Ohio Recreation Facilities Improvements Revenue Bonds 5.00%, 04/01/21 | 1,020,750 | ||||||
775,000 | State of Ohio Recreation Facilities Improvements Revenue Bonds 5.00%, 04/01/25 | 920,344 | ||||||
5,000,000 | State of Ohio School Improvements GO, Series B 5.00%, 06/15/23 | 5,679,000 | ||||||
7,505,000 | State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/27 | 9,417,274 | ||||||
5,445,000 | State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/28 | 6,474,867 | ||||||
2,200,000 | State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/28 | 2,409,176 | ||||||
15,415,000 | State of Ohio University and College Improvements GO, Series A 5.00%, 02/01/30 | 18,561,818 | ||||||
12,365,000 | State of Ohio University and College Improvements GO, Series A 5.00%, 05/01/30 | 15,357,825 |
110 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Ohio (continued) | ||||||||
$ | 1,000,000 | University of Cincinnati Advance Refunding Revenue, Series A 5.00%, 06/01/26 | $ | 1,222,110 | ||||
200,396,378 | ||||||||
Oklahoma — 0.6% | ||||||||
675,000 | City of Oklahoma City Current Refunding GO 5.00%, 03/01/24 | 783,466 | ||||||
3,650,000 | City of Oklahoma City Public Improvements GO 5.00%, 03/01/26 | 4,475,229 | ||||||
2,000,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 4.00%, 01/01/21 | 2,066,080 | ||||||
5,000,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/26 | 6,095,800 | ||||||
2,985,000 | Oklahoma Turnpike Authority Refunding Revenue Bonds, Series D 5.00%, 01/01/28 | 3,804,920 | ||||||
1,575,000 | Tulsa Metropolitan Utility Authority Refunding Revenue Bonds, Series A 5.00%, 04/01/27 | 1,972,656 | ||||||
2,000,000 | University of Oklahoma Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/25 | 2,395,700 | ||||||
1,250,000 | University of Oklahoma Refunding Revenue Bonds, Series A 5.00%, 07/01/25 | 1,498,825 | ||||||
23,092,676 | ||||||||
Oregon — 1.3% | ||||||||
1,040,000 | Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/27 | 1,304,202 | ||||||
1,455,000 | Clatsop County School District No 30 Warrenton-Hammond School Improvements GO, Series B, (School Board GTY) 5.00%, 06/15/28 | 1,862,997 | ||||||
2,125,000 | Jackson County School District No 5 Ashland School Improvement GO, (School Board GTY) 5.00%, 06/15/31 | 2,756,571 |
Principal Amount | Value | |||||||
Oregon (continued) | ||||||||
$ | 5,000,000 | State of Oregon Advance Refunding GO, Series I 5.00%, 08/01/28 | $ | 6,290,500 | ||||
3,290,000 | State of Oregon Advance Refunding GO, Series M 5.00%, 11/01/23 | 3,778,532 | ||||||
10,350,000 | State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/25 | 12,415,446 | ||||||
4,940,000 | State of Oregon Facilities Improvements GO, Series A 5.00%, 05/01/27 | 6,202,713 | ||||||
4,140,000 | State of Oregon Refunding GO, Series G 5.00%, 11/01/30 | 4,729,039 | ||||||
4,700,000 | State of Oregon School Improvements GO 5.00%, 06/01/28 | 5,891,638 | ||||||
2,000,000 | Washington County School District No 1 West Union School Improvements GO, (School Board GTY) 5.00%, 06/15/28 | 2,507,560 | ||||||
47,739,198 | ||||||||
Pennsylvania — 1.6% | ||||||||
15,000,000 | Commonwealth of Pennsylvania Advance Refunding GO 5.00%, 07/15/26 | 18,274,050 | ||||||
9,775,000 | Commonwealth of Pennsylvania Current Refunding GO, 1St Series 5.00%, 07/01/21 | 10,382,907 | ||||||
5,000,000 | Commonwealth of Pennsylvania Public Facilities GO, Series 1 5.00%, 03/01/22 | 5,434,900 | ||||||
10,000,000 | Commonwealth of Pennsylvania Public Improvements GO, Series 2 5.00%, 09/15/20 | 10,327,200 | ||||||
1,000,000 | Lancaster County Hospital Authority Advance Refunding Revenue Bonds 5.00%, 08/15/26 | 1,234,180 | ||||||
4,120,000 | Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/21 | 4,357,806 | ||||||
2,755,000 | Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/22 | 3,015,981 |
111 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Pennsylvania (continued) | ||||||||
$ | 3,500,000 | Pennsylvania Intergovernmental Cooperation Authority Special Tax Revenue Refunding Bonds 5.00%, 06/15/23 | $ | 3,957,135 | ||||
1,240,000 | Pennsylvania State University, University and College Improvements Revenue, Series A 5.00%, 09/01/26 | 1,532,826 | ||||||
58,516,985 | ||||||||
Rhode Island — 0.5% | ||||||||
6,950,000 | Rhode Island Commerce Corp Grant Anticipation Current Refunding Revenue 5.00%, 06/15/23 | 7,846,342 | ||||||
3,000,000 | Rhode Island Convention Center Authority Refunding Revenue Bonds, Series A 5.00%, 05/15/22 | 3,269,100 | ||||||
4,025,000 | Rhode Island Health & Educational Building Corp. College Improvements Revenue Bonds 1.09%, 05/01/35(a) | 4,025,000 | ||||||
550,000 | State of Rhode Island School for the Deaf Project Advance Refunding COP, Series D 5.00%, 04/01/24 | 633,078 | ||||||
960,000 | State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/24 | 1,110,096 | ||||||
1,010,000 | State of Rhode Island University & College Improvements COP, Series A 5.00%, 06/01/25 | 1,197,597 | ||||||
18,081,213 | ||||||||
South Carolina — 0.7% | ||||||||
3,600,000 | Beaufort County School District School Improvements Refunding GO, Series A (South Carolina School District) 5.00%, 03/01/22 | 3,915,720 | ||||||
4,010,000 | Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/27 | 5,013,142 | ||||||
3,000,000 | Darlington County School District School Improvement GO (South Carolina School District) 5.00%, 03/01/28 | 3,784,980 |
Principal Amount | Value | |||||||
South Carolina (continued) | ||||||||
$ | 1,635,000 | Lexington County School District No 2 Refunding GO (South Carolina School District) 5.00%, 03/01/20 | $ | 1,655,487 | ||||
2,350,000 | Lexington County School District No 2 School Improvements GO (South Carolina School District) 5.00%, 03/01/26 | 2,871,700 | ||||||
1,500,000 | State of South Carolina Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 04/01/26 | 1,849,050 | ||||||
1,485,000 | State of South Carolina University & College Improvements GO, Series B (State Aid Withholding) 5.00%, 04/01/22 | 1,621,991 | ||||||
4,680,000 | State of South Carolina University & College Improvements Refunding GO, Series A (State Aid Withholding) 5.00%, 04/01/22 | 5,111,730 | ||||||
25,823,800 | ||||||||
South Dakota — 0.1% | ||||||||
2,455,000 | South Dakota Conservancy District Water Utility Improvements Revenue Bonds 5.00%, 08/01/29 | 2,860,468 | ||||||
Tennessee — 0.9% | ||||||||
1,000,000 | County of Montgomery Advance Refunding School Improvements GO 5.00%, 04/01/26 | 1,224,400 | ||||||
1,600,000 | Metropolitan Government of Nashville & Davidson County Advance Refunding Revenue, Series B 5.00%, 05/15/25 | 1,915,696 | ||||||
400,000 | Metropolitan Government of Nashville & Davidson County Electric System Revenue, Series A 5.00%, 05/15/23 | 452,075 | ||||||
5,005,000 | State of Tennessee Refunding GO, Series A 5.00%, 09/01/23 | 5,726,871 | ||||||
2,000,000 | State of Tennessee Refunding Notes GO, Series A 5.00%, 08/01/21 | 2,134,520 | ||||||
2,335,000 | State of Tennessee Refunding Notes GO, Series A 5.00%, 08/01/27 | 2,887,624 |
112 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Tennessee (continued) | ||||||||
$ | 7,000,000 | Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/31 | $ | 8,405,670 | ||||
7,000,000 | Tennessee State School Bond Authority Advance Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/32 | 8,387,890 | ||||||
900,000 | Tennessee State School Bond Authority Refunding Revenue Bonds (State Aid Intercept Program) 5.00%, 11/01/25 | 1,063,467 | ||||||
32,198,213 | ||||||||
Texas — 15.3% | ||||||||
2,250,000 | Alief Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/28 | 2,791,463 | ||||||
1,000,000 | Allen Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/22 | 1,086,540 | ||||||
860,000 | Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/25 | 1,021,628 | ||||||
1,720,000 | Alvin Independent School District Improvements Refunding GO, Series A, (PSF-GTD) 5.00%, 02/15/26 | 2,094,960 | ||||||
1,100,000 | Amarillo College District Refunding GO 4.00%, 02/15/20 | 1,108,833 | ||||||
235,000 | Anna Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/28 | 296,241 | ||||||
485,000 | Aransas Pass Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/23 | 542,652 | ||||||
1,315,000 | Austin Community College District Refunding GO 5.00%, 08/01/27 | 1,607,232 | ||||||
2,525,000 | Austin Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/27 | 3,111,608 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,000,000 | Austin Independent School District Refunding GO, Series B, (PSF-GTD) 5.00%, 08/01/21 | $ | 1,066,360 | ||||
895,000 | Barbers Hill Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27 | 1,106,578 | ||||||
120,000 | Bay City Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/28 | 151,540 | ||||||
5,310,000 | Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 6,471,138 | ||||||
3,070,000 | Beaumont Independent School District Refunding GO, (PSF-GTD) 5.00%, 02/15/28 | 3,806,401 | ||||||
2,000,000 | Bexar County Hospital District Current Refunding GO 5.00%, 02/15/30 | 2,495,760 | ||||||
1,075,000 | Bonham Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/01/27 | 1,316,983 | ||||||
1,605,000 | Brock Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,929,788 | ||||||
5,000,000 | Burleson Independent School District School Improvement GO, (PSF-GTD) 2.50%, 02/01/47(a) | 5,130,200 | ||||||
1,000,000 | Burleson Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/01/25 | 1,201,120 | ||||||
1,420,000 | Burleson Independent School District Refunding GO, Series B, (PSF-GTD) 5.50%, 08/01/27 | 1,832,553 | ||||||
1,120,000 | Channelview Independent School District Improvements GO, (PSF-GTD) 5.00%, 08/15/30 | 1,427,754 | ||||||
1,700,000 | City of Austin Public Improvements GO 5.00%, 11/01/22 | 1,891,267 | ||||||
5,000,000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds 5.00%, 11/15/29 | 6,141,200 |
113 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,000,000 | City of Austin Water & Wastewater System Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/21 | $ | 1,076,890 | ||||
2,360,000 | City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/21 | 2,468,536 | ||||||
2,450,000 | City of Bryan Waterworks & Sewer Current Refunding Revenue 4.00%, 07/01/22 | 2,624,661 | ||||||
2,535,000 | City of Cedar Park Public Improvements Refunding GO 5.00%, 02/15/20 | 2,562,048 | ||||||
4,020,000 | City of College Station Improvements Advance Refunding GO 5.00%, 02/15/25 | 4,780,021 | ||||||
935,000 | City of Conroe Public Improvements GO 5.00%, 03/01/25 | 1,081,393 | ||||||
2,075,000 | City of Denton Public Improvements GO 5.00%, 02/15/23 | 2,326,635 | ||||||
1,715,000 | City of Denton Public Improvements GO 5.00%, 02/15/24 | 1,979,367 | ||||||
1,290,000 | City of Denton Public Improvements GO 5.00%, 02/15/28 | 1,558,049 | ||||||
830,000 | City of El Paso Municipal Drainage Utility System Sewer Improvement Revenue Bonds 5.00%, 03/01/24 | 959,580 | ||||||
350,000 | City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/25 | 404,191 | ||||||
1,250,000 | City of El Paso Water & Sewer Refunding Revenue Bonds 5.00%, 03/01/26 | 1,439,975 | ||||||
5,145,000 | City of Fort Worth Water & Sewer System Improvements Revenue 5.00%, 02/15/25 | 6,120,646 | ||||||
2,240,000 | City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/25 | 2,670,976 | ||||||
2,360,000 | City of McKinney Waterworks & Sewer System Revenue Sewer Improvements 5.00%, 03/15/26 | 2,875,306 | ||||||
930,000 | City of Pflugerville Advance Refunding GO 5.00%, 08/01/26 | 1,140,738 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,815,000 | City of Plano Advance Refunding GO 5.00%, 09/01/23 | $ | 2,071,659 | ||||
2,820,000 | City of Plano Recreation Facilities Improvements GO 5.00%, 09/01/30 | 3,559,883 | ||||||
1,180,000 | City of Plano Waterworks & Sewer System Water Utility Improvement Revenue Bonds 5.00%, 05/01/26 | 1,441,051 | ||||||
1,205,000 | City of Round Rock TX Utility System Revenue Advance Refunding 5.00%, 08/01/25 | 1,447,350 | ||||||
875,000 | Clear Creek Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/24 | 1,011,071 | ||||||
1,000,000 | Clear Creek Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/25 | 1,187,940 | ||||||
1,505,000 | Clint Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,810,485 | ||||||
1,535,000 | College of the Mainland University and College Improvements GO 5.00%, 08/15/29 | 1,940,608 | ||||||
1,195,000 | Connally Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,434,621 | ||||||
900,000 | Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/21 | 943,551 | ||||||
460,000 | Conroe Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22 | 499,266 | ||||||
1,400,000 | Coppell Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/32 | 1,766,842 | ||||||
2,130,000 | County of Bexar Advance Refunding GO 5.00%, 06/15/26 | 2,561,794 | ||||||
7,500,000 | County of Bexar Advance Refunding GO 5.00%, 06/15/29 | 9,115,500 | ||||||
2,910,000 | County of Bexar Refunding GO 5.00%, 06/15/22 | 3,194,249 | ||||||
24,000,000 | County of Bexar Tax Public Improvements GO, Series B 5.00%, 06/15/43 | 27,234,000 |
114 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 675,000 | County of Collin Advance Refunding GO 5.00%, 02/15/24 | $ | 779,969 | ||||
2,800,000 | County of Dallas Public Improvements GO 5.00%, 08/15/28 | 3,430,840 | ||||||
1,500,000 | County of Denton Advance Refunding GO 5.00%, 07/15/24 | 1,754,430 | ||||||
1,590,000 | County of Harris Advance Refunding Revenue, Series A 5.00%, 08/15/25 | 1,912,738 | ||||||
1,485,000 | County of Harris Current Refunding GO, Series A 5.00%, 10/01/24 | 1,743,553 | ||||||
1,850,000 | County of Williamson Limited Tax Advance Refunding GO 5.00%, 02/15/24 | 2,139,359 | ||||||
1,000,000 | County of Williamson Limited Tax Refunding GO 5.00%, 02/15/21 | 1,049,180 | ||||||
360,000 | Crystal City Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 426,629 | ||||||
1,500,000 | Cuero Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/30 | 1,864,830 | ||||||
750,000 | Dallas Area Rapid Transit Refunding Revenue Bonds, Series A 5.00%, 12/01/25 | 885,015 | ||||||
1,120,000 | Dayton Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/22 | 1,216,925 | ||||||
3,000,000 | Deer Park Independent School District Improvements GO, (PSF-GTD) 1.55%, 10/01/42(a)(b) | 3,004,320 | ||||||
8,215,000 | Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26 | 9,728,367 | ||||||
6,500,000 | Denton Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/29 | 7,814,820 | ||||||
1,085,000 | Denver City Independent School District School Building GO, Series A, (PSF-GTD) 5.00%, 02/15/25 | 1,285,866 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 2,665,000 | Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | $ | 3,209,246 | ||||
1,835,000 | Eagle Mountain & Saginaw Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/27 | 2,219,579 | ||||||
10,000,000 | Eagle Mountain & Saginaw Independent School District School Improvements GO, (PSF-GTD), Series 2011 2.00%, 08/01/50(a)(b) | 10,260,500 | ||||||
3,000,000 | Edinburg Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 3,558,750 | ||||||
1,500,000 | El Paso Independent School District Refunding GO (PSF-GTD) 5.00%, 08/15/25 | 1,761,060 | ||||||
2,280,000 | Fort Bend Independent School District Refunding Notes GO, Series A, (PSF-GTD) 1.95%, 08/01/49(a) | 2,312,604 | ||||||
4,320,000 | Fort Worth Independent School District School Building GO, (PSF-GTD) 5.00%, 02/15/22 | 4,691,822 | ||||||
885,000 | Frenship Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/26 | 1,022,662 | ||||||
4,890,000 | Frisco Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/26 | 5,947,707 | ||||||
8,495,000 | Garland Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 02/15/23 | 9,522,300 | ||||||
1,385,000 | Goose Creek Consolidated Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 02/15/25 | 1,646,848 | ||||||
1,095,000 | Graham Independent School District Refunding GO, Series B (PSF-GTD) 5.00%, 02/15/21 | 1,148,414 | ||||||
4,500,000 | Grand Parkway Transportation Corp Highway Improvements Revenue Bonds, Sub-Tier Series B 5.00%, 10/01/52(a) | 5,094,360 |
115 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 2,865,000 | Harris County Flood Control District Advance Refunding 5.00%, 10/01/28 | $ | 3,610,129 | ||||
5,000,000 | Harris County Flood Control District Refunding Revenue Bonds, Series A 5.00%, 10/01/23 | 5,728,000 | ||||||
5,030,000 | Harris County Metropolitan Authority Transit Improvements Revenue Bonds, Series B 5.00%, 11/01/23 | 5,402,975 | ||||||
2,040,000 | Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27 | 2,531,783 | ||||||
2,730,000 | Hays Consolidated Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/27 | 3,349,410 | ||||||
4,000,000 | Houston Independent School District Improvements GO, (PSF-GTD) 5.00%, 02/15/28 | 4,965,720 | ||||||
175,000 | Hutto Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/01/25 | 207,335 | ||||||
2,455,000 | Irving Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | 2,840,116 | ||||||
585,000 | Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | 674,125 | ||||||
500,000 | Kaufman Independent School District School Building Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 591,725 | ||||||
750,000 | Klein Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/01/23 | 854,129 | ||||||
1,645,000 | La Joya Independent School District Refunding GO (PSF-GTD) 5.00%, 02/15/31 | 2,062,320 | ||||||
13,725,000 | Lone Star College System Advance Refunding GO 5.00%, 02/15/29 | 16,543,017 | ||||||
4,455,000 | Lone Star College System Advance Refunding GO, Series B 5.00%, 02/15/23 | 4,998,332 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,835,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/21 | $ | 1,924,511 | ||||
1,860,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23 | 2,084,297 | ||||||
560,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/24 | 646,071 | ||||||
225,000 | Longview Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/26 | 273,899 | ||||||
2,670,000 | Magnolia Independent School District School Improvement Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 3,215,267 | ||||||
300,000 | Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/26 | 369,063 | ||||||
3,410,000 | Manor Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/01/24 | 3,993,519 | ||||||
1,005,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/23 | 1,144,323 | ||||||
1,060,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/24 | 1,241,695 | ||||||
1,110,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series A 5.00%, 08/15/25 | 1,334,620 | ||||||
1,435,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/23 | 1,633,934 | ||||||
1,650,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/25 | 1,983,894 | ||||||
585,000 | Mesquite Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 08/15/26 | 719,018 | ||||||
580,000 | Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/24 | 679,418 |
116 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,170,000 | Mesquite Independent School District Current Refunding GO, Series A (PSF-GTD) 5.00%, 08/15/25 | $ | 1,406,761 | ||||
1,000,000 | Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/21 | 1,067,280 | ||||||
595,000 | Mesquite Independent School District Improvements GO, Series C, (PSF-GTD) 5.00%, 08/15/26 | 731,309 | ||||||
1,585,000 | Mesquite Independent School District School Improvements GO, Series B (PSF-GTD) 5.00%, 08/15/26 | 1,948,108 | ||||||
3,000,000 | Midlothian Independent School District Refunding GO, Series C (PSF-GTD) 2.00%, 08/01/51(a)(b) | 3,072,600 | ||||||
1,000,000 | New Caney Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/27 | 1,244,190 | ||||||
250,000 | Northside Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/26 | 307,998 | ||||||
2,525,000 | Northwest Independent School District Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25 | 3,002,377 | ||||||
1,145,000 | Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/23 | 1,281,106 | ||||||
1,220,000 | Palestine Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/28 | 1,471,076 | ||||||
250,000 | Pasadena Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/15/22 | 271,458 | ||||||
4,420,000 | Pasadena Independent School District School Improvement Refunding GO, (PSF-GTD) 5.00%, 02/15/25 | 4,954,511 | ||||||
26,505,000 | Permanent University Fund - Texas A&M University System Refunding Revenue Bonds 5.50%, 07/01/28 | 31,564,805 | ||||||
750,000 | Pharr San Juan Alamo Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 02/01/27 | 880,988 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,525,000 | Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/23 | $ | 1,710,989 | ||||
5,000,000 | Plano Independent School District School Improvement GO, (PSF-GTD) 5.00%, 02/15/26 | 6,110,200 | ||||||
1,995,000 | Port Arthur Independent School District Advance Refunding GO, (PSF-GTD), Series B 5.00%, 02/15/25 | 2,364,334 | ||||||
1,000,000 | Prosper Independent School District School Building School Improvement GO, (PSF-GTD) 5.00%, 02/15/25 | 1,187,380 | ||||||
925,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/22 | 1,020,099 | ||||||
1,020,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/23 | 1,160,189 | ||||||
1,075,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/24 | 1,258,180 | ||||||
1,000,000 | Roma Independent School District Refunding GO, (PSF-GTD) 5.00%, 08/15/25 | 1,201,130 | ||||||
1,330,000 | San Antonio Independent School District School Improvements GO, (PSF-GTD) 5.00%, 08/15/23 | 1,518,089 | ||||||
7,000,000 | San Antonio Water System Water Utility Improvements Revenue Bonds, Series A 2.63%, 05/01/49(a) | 7,368,130 | ||||||
705,000 | San Elizario Independent School District School Improvements GO, (PSF-GTD) 5.00%, 05/01/25 | 839,909 | ||||||
1,195,000 | Southside Independent School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/29 | 1,490,966 | ||||||
5,000,000 | Spring Branch Independent School District School Improvement GO, (PSF-GTD) 1.55%, 06/15/41(a)(b) | 5,013,450 |
117 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 450,000 | Spring Independent School District Advance Refunding GO (PSF-GTD) 5.00%, 08/15/27 | $ | 552,425 | ||||
1,000,000 | Spring Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26 | 1,232,720 | ||||||
2,160,000 | Spring Independent School District Advance Refunding GO, (PSF-GTD) 5.00%, 08/15/22 | 2,388,334 | ||||||
7,180,000 | Spring Independent School District Advance Refunding GO, Series A 5.00%, 08/15/28 | 8,766,565 | ||||||
500,000 | Stafford Municipal School District School Improvement GO, (PSF-GTD) 5.00%, 08/15/30 | 633,805 | ||||||
9,500,000 | State of Texas Housing GO, Series D 1.13%, 06/01/45(a)(b) | 9,500,000 | ||||||
10,000,000 | State of Texas Mobility Funds Highway Improvement GO, Series B 1.12%, 04/01/36(a) | 10,000,000 | ||||||
5,000,000 | State of Texas Public Finance Authority Advance Refunding GO 5.00%, 10/01/26 | 6,203,500 | ||||||
2,695,000 | State of Texas Public Finance Authority Refunding GO 5.00%, 10/01/20 | 2,789,702 | ||||||
2,500,000 | State of Texas Refunding Public Notes GO, Series A 5.00%, 10/01/21 | 2,684,100 | ||||||
3,200,000 | State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/25 | 3,886,976 | ||||||
5,000,000 | State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/28 | 5,995,300 | ||||||
1,840,000 | State of Texas Transportation Commission Advance Refunding GO, Series F 5.00%, 10/01/30 | 2,291,444 | ||||||
6,500,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/25 | 7,786,480 | ||||||
9,320,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/27 | 11,375,899 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 12,005,000 | State of Texas Transportation Commission Highway Improvement GO 5.00%, 04/01/30 | $ | 13,049,555 | ||||
3,500,000 | State of Texas Transportation Commission Refunding GO, Series A 5.00%, 10/01/22 | 3,887,450 | ||||||
2,500,000 | State of Texas Water Financial Assistance Refunding GO, Series 2019 C 5.00%, 08/01/22 | 2,761,425 | ||||||
1,030,000 | State of Texas Water Utility Improvement Refunding GO, Series B1 5.00%, 08/01/26 | 1,273,090 | ||||||
1,000,000 | State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-2 5.00%, 08/01/28 | 1,163,010 | ||||||
3,500,000 | State of Texas, Water Financial Assistance Refunding GO, Subseries 2018 B-3 5.00%, 08/01/27 | 4,412,800 | ||||||
1,000,000 | Sulphur Springs Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/26 | 1,232,720 | ||||||
1,000,000 | Temple Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 02/01/27 | 1,239,270 | ||||||
1,000,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/22 | 1,108,880 | ||||||
5,785,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds 5.00%, 10/01/24 | 6,813,284 | ||||||
3,225,000 | Texas Transportation Commission State Highway Fund First Tier Advance Refunding Revenue Bonds, Series A 5.00%, 04/01/21 | 3,397,473 | ||||||
4,250,000 | Texas Transportation Commission State Highway Fund Highway Improvements Revenue Bonds Series A 5.00%, 10/01/26 | 5,241,440 | ||||||
2,080,000 | Texas Water Development Board Water Utility Improvements Revenue Bonds 5.00%, 08/01/31 | 2,680,933 |
118 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 1,250,000 | Texas Water Development Board Water Utility Improvements Revenue Bonds, Series A 5.00%, 10/15/23 | $ | 1,433,225 | ||||
1,000,000 | Trinity River Authority Central Regional Wastewater System Advance Refunding Revenue Bonds 5.00%, 08/01/24 | 1,172,130 | ||||||
500,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/22 | 551,839 | ||||||
1,680,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/23 | 1,912,898 | ||||||
935,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/24 | 1,097,166 | ||||||
2,085,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/25 | 2,509,506 | ||||||
1,635,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/26 | 2,011,933 | ||||||
1,000,000 | United Independent School District GO, (PSF-GTD) 5.00%, 08/15/27 | 1,254,310 | ||||||
220,000 | University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/20 | 223,727 | ||||||
420,000 | University of North Texas Prerefunded Refunding Revenue 5.00%, 04/15/21 | 442,701 | ||||||
1,480,000 | University of North Texas Unrefunded Refunding Revenue 5.00%, 04/15/20 | 1,505,604 | ||||||
1,065,000 | University of Texas System Refunding Revenue Bonds, Series A 5.00%, 08/15/29 | 1,236,241 | ||||||
2,000,000 | University of Texas System University and College Improvements Revenue, Series D 5.00%, 08/15/23 | 2,282,040 | ||||||
3,000,000 | University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/21 | 3,202,380 | ||||||
7,000,000 | University of Texas System/The Advance Refunding Revenue Bonds, Series C 5.00%, 08/15/26 | 8,659,700 |
Principal Amount | Value | |||||||
Texas (continued) | ||||||||
$ | 5,000,000 | University of Texas System/The Refunding Revenue Bonds, Series B 1.03%, 08/01/32(a) | $ | 5,000,000 | ||||
325,000 | Waco Independent School District Advance Refunding GO, (PSF- GTD) 5.00%, 08/15/27 | 398,973 | ||||||
640,000 | Wall Independent School District School Improvements GO, (PSF-GTD) 5.00%, 02/15/27 | 754,259 | ||||||
1,210,000 | Wichita Falls Independent School District School Improvements GO (PSF-GTD) 5.00%, 02/01/23 | 1,354,656 | ||||||
560,753,499 | ||||||||
Utah — 0.0% | ||||||||
840,000 | Salt Lake County Municipal Building Authority Public Facilities Revenue Bonds 5.00%, 01/15/31 | 1,046,984 | ||||||
Virginia — 6.0% | ||||||||
4,110,000 | City of Suffolk Public Improvements GO 5.00%, 02/01/26(c) | 4,300,786 | ||||||
1,600,000 | City of Virginia Beach Current Refunding GO, Series B, (State Aid Withholding) 5.00%, 07/15/26 | 1,979,056 | ||||||
5,175,000 | City of Virginia Beach Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 07/15/26 | 6,401,009 | ||||||
7,430,000 | Commonwealth of Virginia Advance Refunding GO, Series B (State Aid Withholding) 5.00%, 06/01/28 | 8,911,245 | ||||||
3,815,000 | Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/22 | 4,192,571 | ||||||
3,865,000 | Commonwealth of Virginia University and College Improvements GO, Series A 5.00%, 06/01/27 | 4,768,946 | ||||||
7,000,000 | Country of Fairfax Public Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/22 | 7,772,800 | ||||||
5,000,000 | Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/27 | 6,290,950 |
119 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 4,630,000 | Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28 | $ | 6,034,927 | ||||
2,000,000 | Country of Fairfax School Improvements GO, Series A, (State Aid Withholding) 5.00%, 10/01/28 | 2,513,000 | ||||||
2,660,000 | County of Arlington Public Improvements GO 5.00%, 08/15/31 | 3,417,861 | ||||||
3,270,000 | County of Chesterfield School Improvements GO, Series A, (State Aid Withholding) 5.00%, 01/01/27 | 4,092,961 | ||||||
1,630,000 | County of Chesterfield School Improvements GO, Series A, (State Aid Withholding) 5.00%, 01/01/28 | 2,086,384 | ||||||
2,160,000 | County of Fairfax Sewer Improvement Revenue Bonds 5.00%, 07/15/22 | 2,298,586 | ||||||
7,530,000 | County of Loudoun Public Facilities GO, Series A, (State Aid Withholding) 5.00%, 12/01/26 | 9,424,172 | ||||||
1,350,000 | Fairfax County Economic Development Authority Community Services Facilities Project Revenue Bonds, Series A 4.50%, 03/01/20 | 1,364,648 | ||||||
1,170,000 | Prince William County Industrial Development Authority Public Improvements Refunding Revenue Bonds, Series A 5.00%, 10/01/24 | 1,381,033 | ||||||
10,000,000 | Virginia College Building Authority Advance Refunding Revenue Bonds 5.00%, 02/01/27 | 12,517,300 | ||||||
1,000,000 | Virginia College Building Authority Advance Refunding Revenue, Series A 5.00%, 09/01/28 | 1,232,380 | ||||||
2,000,000 | Virginia College Building Authority Public Higher Education Refunding Revenue Bonds, Series B (State Aid Intercept Program) 5.00%, 09/01/21 | 2,064,180 | ||||||
9,975,000 | Virginia College Building Authority Refunding Revenue Bonds 1.08%, 08/01/34(a)(b) | 9,975,000 |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 10,000,000 | Virginia College Building Authority University & College Improvements Revenue Bonds, Series A 5.00%, 02/01/28 | $ | 12,769,400 | ||||
18,175,000 | Virginia College Building Authority University & College Improvements Revenue Bonds, Series A 5.00%, 02/01/31 | 23,463,198 | ||||||
500,000 | Virginia College Building Authority, University and College Improvements Revenue, Series A 5.00%, 02/01/27 | 579,235 | ||||||
6,000,000 | Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds 5.00%, 09/15/29 | 7,538,220 | ||||||
2,600,000 | Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/23 | 2,943,330 | ||||||
5,375,000 | Virginia Commonwealth Transportation Board Advance Refunding Revenue Bonds, Series A 5.00%, 05/15/28 | 6,816,145 | ||||||
5,000,000 | Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 03/15/23 | 5,451,250 | ||||||
5,000,000 | Virginia Commonwealth Transportation Board Transit Improvements Revenue Bonds 5.00%, 05/15/27 | 6,141,650 | ||||||
6,145,000 | Virginia Public Building Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/26 | 7,617,649 | ||||||
2,465,000 | Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/21 | 2,630,796 | ||||||
8,805,000 | Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/30 | 11,521,078 | ||||||
6,500,000 | Virginia Public Building Authority Revenue Bonds, Series A 5.00%, 08/01/31 | 8,459,035 |
120 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Virginia (continued) | ||||||||
$ | 500,000 | Virginia Public School Authority Advance Refunding Revenue Bonds 5.00%, 02/01/26 | $ | 610,129 | ||||
2,450,000 | Virginia Public School Authority Advance Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 08/01/24 | 2,877,893 | ||||||
5,000,000 | Virginia Public School Authority Refunding Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 08/01/25 | 6,033,250 | ||||||
2,790,000 | Virginia Public School Authority School Improvement Revenue Bonds, Series A 5.00%, 10/01/23 | 3,198,540 | ||||||
2,750,000 | Virginia Public School Authority School Improvement Revenue Bonds, Series A 5.00%, 10/01/26 | 3,416,023 | ||||||
1,500,000 | Virginia Resources Authority Advance Refunding Revenue 5.00%, 11/01/26 | 1,864,560 | ||||||
1,120,000 | Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25 | 1,326,998 | ||||||
30,000 | Virginia Resources Authority Refunding Revenue Bonds 5.00%, 11/01/25(c) | 35,396 | ||||||
218,313,570 | ||||||||
Washington — 3.6% | ||||||||
1,025,000 | Benton County School District No 17 Kennewick School Improvements GO, (School Board GTY) 5.00%, 12/01/21 | 1,105,452 | ||||||
1,050,000 | Chelan County School District No 228 Cascade School Improvements GO, (School Board GTY) 5.00%, 12/01/26 | 1,284,360 | ||||||
2,100,000 | City of Seattle Public Improvements GO, Series A 5.00%, 11/01/24 | 2,488,122 | ||||||
1,600,000 | Clark County Public Utility District No 1 Refunding Revenue Bonds 5.00%, 01/01/27 | 1,926,576 | ||||||
825,000 | Clark County School District No 117 Camas School Improvements GO, (School Board GTY) 5.00%, 12/01/24 | 976,264 |
Principal Amount | Value | |||||||
Washington (continued) | ||||||||
$ | 1,000,000 | County of King WA Sewer Advance Refunding Revenue Bonds 5.00%, 07/01/30 | $ | 1,242,820 | ||||
7,000,000 | County of King WA Sewer Revenue Sewer Improvement Revenue Bonds, Series B 5.00%, 07/01/29 | 8,961,050 | ||||||
10,000,000 | Energy Northwest Advance Refunding Revenue Bonds 5.00%, 07/01/27 | 12,270,600 | ||||||
3,000,000 | Energy Northwest Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/27 | 3,591,930 | ||||||
3,900,000 | Energy Northwest Refunding Revenue Bonds, Series A 5.00%, 07/01/28 | 4,272,138 | ||||||
1,035,000 | King County Refunding GO 5.00%, 07/01/25 | 1,229,125 | ||||||
5,395,000 | King County Refunding GO 5.00%, 07/01/26 | 6,387,033 | ||||||
9,000,000 | King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/32 | 11,203,560 | ||||||
3,000,000 | King County School District No 411 Issaquah School Improvement GO, (School Board GTY) 5.00%, 12/01/33 | 3,726,960 | ||||||
1,180,000 | Nooksack Valley School District No 506 School Improvements GO, (School Board GTY) 5.00%, 12/01/24 | 1,393,167 | ||||||
2,995,000 | Pierce County School District No 10 Tacoma Current Refunding GO, (School Board GTY) 5.00%, 12/01/26 | 3,632,306 | ||||||
1,000,000 | Pierce County School District No 402 Franklin Pierce School Improvements GO, (School Board GTY) 5.00%, 12/01/30 | 1,249,380 | ||||||
750,000 | Port of Seattle Inter Lien Refunding Revenue Bonds 5.00%, 02/01/27 | 904,823 | ||||||
5,000,000 | Port of Seattle Refunding GO 5.00%, 06/01/24 | 5,844,550 | ||||||
4,000,000 | Port of Seattle WA Refunding GO, Series A 5.00%, 11/01/21 | 4,305,680 |
121 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
Washington (continued) | ||||||||
$ | 1,120,000 | Skagit County Consolidated School District No 320 Mount Vernon School Improvements Refunding GO, (School Board GTY) 5.00%, 12/01/23 | $ | 1,286,790 | ||||
5,000,000 | Snohomish County School District No 201 Refunding GO (School Board GTY) 5.00%, 12/01/25 | 5,828,550 | ||||||
360,000 | Spokane County School District No 354 Mead School Improvement GO, (School Board GTY) 5.00%, 12/01/22 | 401,594 | ||||||
5,000,000 | State of Washington Advance Refunding GO, Series R-2017A 5.00%, 08/01/27 | 6,147,100 | ||||||
15,000,000 | State of Washington Advance Refunding GO, Series R-2018C 5.00%, 08/01/25 | 18,109,050 | ||||||
3,195,000 | State of Washington Public Improvements GO, Series B 5.00%, 08/01/27 | 3,927,997 | ||||||
5,475,000 | State of Washington Public Improvements GO, Series C 5.00%, 02/01/30 | 6,426,774 | ||||||
800,000 | State of Washington Refunding GO, Series R-2012C 5.00%, 07/01/23 | 880,096 | ||||||
2,315,000 | State of Washington School Improvements GO, Series C 5.00%, 02/01/27 | 2,885,092 | ||||||
3,100,000 | State of Washington Senior 520 Corridor Program Highway Improvements Revenue Bonds, Series C 5.00%, 06/01/29 | 3,771,181 | ||||||
4,435,000 | Yakima County School District No 7 Yakima Advance Refunding GO, (School Board GTY) 5.00%, 12/01/24 | 5,248,157 | ||||||
132,908,277 | ||||||||
West Virginia — 0.1% | ||||||||
5,000,000 | West Virginia Commissioner of Highways Improvement Revenue Bonds, Series A 5.00%, 09/01/20 | 5,155,450 |
Principal Amount | Value | |||||||
Wisconsin — 2.0% | ||||||||
$ | 10,000,000 | Public Finance Authority Hospital Revenue Bonds, Series B 1.11%, 10/01/49(a) | $ | 10,000,000 | ||||
9,140,000 | State of Wisconsin Advance Refunding GO, Series 3 5.00%, 11/01/28 | 11,417,779 | ||||||
5,000,000 | State of Wisconsin Advance Refunding GO, Series 3 5.00%, 11/01/31 | 6,172,150 | ||||||
4,700,000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds 5.00%, 06/01/29 | 5,476,769 | ||||||
1,000,000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Advance Refunding Revenue Bonds, Series 1 5.00%, 06/01/23 | 1,131,450 | ||||||
1,000,000 | State of Wisconsin Clean Water Fund Leveraged Loan Portfolio Refunding Revenue Bonds, Series 1 5.00%, 06/01/26 | 1,131,450 | ||||||
14,000,000 | State of Wisconsin Current Refunding Revenue Bonds, Series A 5.00%, 05/01/29 | 17,459,540 | ||||||
1,200,000 | State of Wisconsin General Fund Advance Refunding Revenue Bonds, Series B 5.00%, 05/01/27 | 1,468,452 | ||||||
3,205,000 | State of Wisconsin Public Improvements GO, Series B 5.00%, 05/01/30 | 3,501,430 | ||||||
1,900,000 | State of Wisconsin Refunding Bonds GO, Series 3 5.00%, 11/01/25 | 2,110,805 | ||||||
1,000,000 | State of Wisconsin Refunding GO, Series 1 5.00%, 05/01/24 | 1,129,550 | ||||||
2,770,000 | State of Wisconsin Refunding GO, Series 2 5.00%, 11/01/26 | 3,432,778 | ||||||
860,000 | State of Wisconsin Refunding Notes GO, Series A 5.00%, 05/01/28 | 1,026,075 | ||||||
6,385,000 | Wisconsin Department of Transportation Refunding Revenue Bonds, Series 1 5.00%, 07/01/29 | 7,243,399 | ||||||
72,701,627 | ||||||||
Total Municipal Bonds (Cost $3,447,098,044) | 3,534,397,160 |
122 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
U.S. GOVERNMENT SECURITIES — 2.1% | ||||||||
U.S. Treasury Notes — 2.1% | ||||||||
$ | 30,000,000 | 1.88%, 05/31/2022 | $ | 30,269,531 | ||||
45,000,000 | 2.13%, 05/31/2021 | 45,374,414 | ||||||
Total U.S. Government Securities (Cost $75,337,890) | 75,643,945 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 1.2% | ||||||||
45,193,292 | SEI Daily Income Trust Government II Fund, Class A, 1.68%(d) | 45,193,292 | ||||||
Total Investment Company (Cost $45,193,292) | 45,193,292 | |||||||
TOTAL INVESTMENTS — 99.9% (Cost $3,567,629,226) | $ | 3,655,234,397 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% | 3,609,581 | |||||||
NET ASSETS — 100.0% | $ | 3,658,843,978 |
(a) | Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of October 31, 2019. |
(b) | These securities are subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at the stated maturity date. |
(c) | These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
(d) | The rate shown represents the current yield at October 31, 2019. |
The following abbreviations are used in the report:
AGM — Assured Guaranty Municipal Corp.
COP — Certificates of Participation
GO — General Obligations
GTY — Guaranty
NATL-RE — Insured by National Public Finance Guarantee Corp.
PSF-GTD — Permanent School Fund Guarantee
Q–SBLF — Qualified-School Bond Loan Fund
123 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments | October 31, 2019 |
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 97.5% | ||||||||
California — 97.5% | ||||||||
$ | 1,000,000 | Abag Finance Authority for Nonprofit Corps Odd fellows Home CA Refunding Revenue Bonds, Series A 5.00%, 04/01/23 | $ | 1,130,140 | ||||
175,000 | Alameda County Joint Powers Authority Refunding Revenue Bonds 5.00%, 12/01/20 | 182,600 | ||||||
150,000 | Allan Hancock Joint Community College District/CA University & College Improvements GO, Series E 5.00%, 08/01/28 | 196,565 | ||||||
635,000 | Anaheim Housing & Public Improvements Authority Pre-refunding Revenue Bonds 5.00%, 10/01/41(a) | 682,765 | ||||||
250,000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/38(a) | 283,335 | ||||||
6,000,000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.00%, 04/01/43(a) | 6,800,040 | ||||||
24,695,000 | Bay Area Toll Authority Pre-refunded Highway Improvements Revenue Bonds, Subseries S-4 5.25%, 04/01/48(a) | 28,194,035 | ||||||
100,000 | Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/22 | 109,601 | ||||||
125,000 | Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 5.00%, 04/01/23 | 141,806 | ||||||
6,000,000 | Bay Area Toll Authority San Francisco Bay Area Subordinate Transportation Advance Refunding Revenue Bonds 2.00%, 04/01/53(b) | 6,167,160 | ||||||
110,000 | Brentwood Infrastructure Financing Authority Refunding Revenue Bonds 5.00%, 07/01/24 | 129,826 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 150,000 | Cabrillo Community College District Refunding GO 5.00%, 08/01/23(a) | $ | 166,358 | ||||
100,000 | Cabrillo Community College District Refunding GO 5.00%, 08/01/24(a) | 110,905 | ||||||
930,000 | Cabrillo Community College District Refunding GO 5.00%, 08/01/27(a) | 1,031,417 | ||||||
500,000 | California Educational Facilities Authority Advance Refunding Revenue Bonds 5.00%, 01/01/27 | 615,270 | ||||||
1,550,000 | California Educational Facilities Authority Refunding Revenue Bonds 5.00%, 10/01/23 | 1,789,181 | ||||||
275,000 | California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/22 | 308,605 | ||||||
1,000,000 | California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/01/23 | 1,156,640 | ||||||
100,000 | California Health Facilities Financing Authority Current Refunding Revenue Bonds 5.00%, 11/15/25 | 123,037 | ||||||
125,000 | California Infrastructure & Economic Development Bank University & College Improvements Revenue Bonds 5.00%, 05/15/23 | 142,298 | ||||||
150,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/22 | 167,382 | ||||||
250,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23 | 288,578 | ||||||
100,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/23 | 115,431 | ||||||
150,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/26 | 188,697 |
124 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 125,000 | California Infrastructure & Economic Development Bank Water Utility Improvements Green Bond 5.00%, 10/01/27 | $ | 161,074 | ||||
100,000 | California Municipal Finance Authority Advance Refunding Anaheim Water System Project Revenue Bonds, Series A 5.00%, 10/01/24 | 119,195 | ||||||
100,000 | California Municipal Finance Authority Advance Refunding Revenue Bonds 5.00%, 08/15/23 | 114,701 | ||||||
2,200,000 | California Municipal Finance Authority Nursing Homes NCROC-Paradise Valley Estate Revenue Bonds 2.25%, 07/01/25 | 2,218,458 | ||||||
405,000 | California Municipal Finance Authority Pre-refunding Revenue Bonds 6.35%, 12/01/31(a) | 428,243 | ||||||
415,000 | California Municipal Finance Authority Pre-refunding Revenue Bonds 6.80%, 12/01/36(a) | 440,759 | ||||||
160,000 | California Municipal Finance Authority Retirement Facilities California Armenian Home Project Revenue Bonds 5.00%, 05/15/22 | 175,698 | ||||||
100,000 | California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/23 | 113,301 | ||||||
125,000 | California Municipal Finance Authority Retirement Facilities Revenue Bonds 5.00%, 04/01/24 | 146,273 | ||||||
645,000 | California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds 4.00%, 07/01/23 | 709,616 | ||||||
670,000 | California Municipal Finance Authority Retirement Facilities Town and Country Manor Revenue Bonds 4.00%, 07/01/24 | 754,179 | ||||||
4,770,000 | California State Current Refunding GO 5.00%, 08/01/27 | 5,679,067 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 250,000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/23 | $ | 287,465 | ||||
460,000 | California State Public Works Board Correctional Facilities Improvements Revenue Bonds, Series C 5.00%, 11/01/24 | 544,281 | ||||||
100,000 | California State Public Works Board Correctional Facilities Improvements, Series A 5.00%, 11/01/25 | 121,423 | ||||||
200,000 | California State Public Works Board Correctional Facilities Improvements, Series C 5.00%, 11/01/27 | 253,334 | ||||||
150,000 | California State Public Works Board Public Improvements Revenue Bonds, Series G 5.00%, 11/01/22 | 167,111 | ||||||
325,000 | California State Public Works Board Refunding Revenue Bonds, Series F 5.00%, 05/01/26 | 388,333 | ||||||
100,000 | California State Public Works Board, Advance Refunding Revenue Bonds 5.00%, 11/01/26 | 124,077 | ||||||
250,000 | California State University & College Improvements Current Refunding Revenue Bonds, Series A 5.00%, 11/01/23 | 289,265 | ||||||
10,000 | California State University & College Improvements Pre-refunding Revenue Bonds 5.00%, 11/01/24(a) | 10,196 | ||||||
1,785,000 | California State University & College Improvements Revenue Bonds, Series A 5.00%, 11/01/24 | 2,131,165 | ||||||
390,000 | California State University & College Improvements Unrefunded Revenue Bonds 5.00%, 11/01/24 | 397,749 | ||||||
135,000 | California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/19 | 135,000 | ||||||
1,000,000 | California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/24 | 1,118,470 |
125 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 250,000 | California State University Current Refunding Revenue Bonds, Series A 5.00%, 11/01/25 | $ | 298,348 | ||||
120,000 | California State University Current Refunding Revenue Bonds, Series C 5.00%, 11/01/21 | 129,575 | ||||||
150,000 | California Statewide Communities Development Authority 5.00%, 08/15/23 | 171,873 | ||||||
150,000 | California Statewide Communities Development Authority Advance Refunding Revenue Bonds 5.00%, 08/15/25 | 182,217 | ||||||
745,000 | California Statewide Communities Development Authority Current Refunding Revenue Bonds 4.00%, 11/15/25 | 860,944 | ||||||
100,000 | California Statewide Communities Development Authority Nursing Homes Retirement Facilities Revenue Bonds 5.00%, 07/01/28 | 129,756 | ||||||
5,000,000 | Carlsbad Unified School District School Improvements GO, Series B 6.00%, 05/01/34 | 6,051,300 | ||||||
885,000 | Chabot-Las Positas Community College District Refunding GO 5.00%, 08/01/25 | 1,012,767 | ||||||
3,000,000 | City & County of San Francisco CA Current Refunding COP 5.00%, 04/01/25 | 3,611,220 | ||||||
1,180,000 | �� | City & County of San Francisco CA Current Refunding School Improvements, Series R1 5.00%, 09/01/22 | 1,311,546 | |||||
325,000 | City & County of San Francisco CA Public Improvements GO, Series B 5.00%, 06/15/22 | 358,787 | ||||||
100,000 | City & County of San Francisco CA Refunding COP 5.00%, 04/01/21 | 105,593 | ||||||
150,000 | City & County of San Francisco CA Refunding COP 5.00%, 04/01/23 | 170,060 | ||||||
1,475,000 | City & County of San Francisco CA Refunding GO, Series R1 5.00%, 06/15/22 | 1,599,726 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 2,500,000 | City & County of San Francisco CA Refunding Public Improvements COP 5.00%, 04/01/23 | $ | 2,834,325 | ||||
100,000 | City of Los Angeles CA Wastewater System Revenue Advance Refunding Revenue Bonds, Subseries A 5.00%, 06/01/24 | 117,769 | ||||||
100,000 | City of Los Angeles CA Wastewater System Revenue Green Bond, Subseries A 5.00%, 06/01/27 | 127,772 | ||||||
2,550,000 | City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A 5.00%, 06/01/25 | 2,908,122 | ||||||
1,800,000 | City of Los Angeles CA Wastewater System Revenue Refunding Revenue Bonds, Subseries A 5.00%, 06/01/27 | 2,050,056 | ||||||
3,645,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/23 | 4,143,928 | ||||||
1,500,000 | City of Los Angeles Department of Airports Current Refunding Revenue Bonds, Series C 5.00%, 05/15/24 | 1,760,490 | ||||||
200,000 | City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/24 | 234,732 | ||||||
100,000 | City of Los Angeles Department of Airports Port Airport & Marina Improvements Refunding Revenue Bonds 5.00%, 05/15/25 | 120,919 | ||||||
275,000 | City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/23 | 318,310 | ||||||
150,000 | City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/24 | 179,171 | ||||||
200,000 | City of Palo Alto CA Parking Facility Improvement COP, Series A 5.00%, 11/01/25 | 245,958 | ||||||
100,000 | City of Roseville CA Water Utility Revenue Advance Refunding COP 5.00%, 12/01/23 | 115,755 |
126 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 150,000 | City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/25 | $ | 183,963 | ||||
165,000 | City of Sacramento CA Wastewater Revenue Sewer Improvement Revenue Bonds 5.00%, 09/01/26 | 207,639 | ||||||
100,000 | City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Green Bond, Series D 5.00%, 11/01/26 | 125,823 | ||||||
1,900,000 | City of San Francisco CA Public Utilities Commission Water Revenue Advance Refunding Revenue Bonds 5.00%, 11/01/28 | 2,282,527 | ||||||
200,000 | City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/20 | 206,672 | ||||||
450,000 | City of Santa Rosa CA Wastewater Revenue Current Refunding Revenue Bonds, Series A 5.00%, 09/01/22 | 500,702 | ||||||
550,000 | Contra Costa Community College District University & College Improvements GO, Series B2 5.00%, 08/01/27 | 705,975 | ||||||
330,000 | Contra Costa Transportation Authority Advance Refunding Revenue Bonds, Series A 4.00%, 03/01/23 | 362,548 | ||||||
275,000 | Contra Costa Water District Refunding Revenue Bonds, Series T 5.00%, 10/01/25 | 326,477 | ||||||
425,000 | County of Marin CA Advance Refunding Public Improvements 5.00%, 11/01/26 | 520,170 | ||||||
225,000 | County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/23 | 256,091 | ||||||
225,000 | County of Sacramento CA Airport System Revenue Current Refunding Revenue Bonds, Subseries D 5.00%, 07/01/26 | 278,541 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 1,500,000 | County of San Bernardino CA Arrow Head Project Current Refunding COP, Series A 5.00%, 10/01/23 | $ | 1,726,470 | ||||
100,000 | County of San Diego CA Refunding COP, Series A 5.00%, 10/15/25 | 119,283 | ||||||
100,000 | Cucamonga Valley Water District Financing Authority Current Refunding Revenue Bonds 5.00%, 09/01/24 | 118,835 | ||||||
1,445,000 | Desert Community College District Refunding GO 5.00%, 08/01/26 | 1,805,051 | ||||||
200,000 | East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/22 | 220,600 | ||||||
300,000 | East Bay Municipal Utility District Wastewater System Revenue Advance Refunding Revenue Bonds, Series A 5.00%, 06/01/23 | 342,471 | ||||||
225,000 | East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/24 | 265,095 | ||||||
150,000 | East Bay Municipal Utility District Wastewater System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 06/01/25 | 182,156 | ||||||
115,000 | East Bay Municipal Utility District Water System Revenue Pre-refunded Revenue Bonds, Subseries A 5.00%, 06/01/23(a) | 117,704 | ||||||
805,000 | Garden Grove Unified School District School Improvements GO, Series C 5.00%, 08/01/30(a) | 924,237 | ||||||
200,000 | Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/25 | 236,348 | ||||||
1,100,000 | Los Angeles Community College District/CA Refunding GO, Series A 5.00%, 08/01/29 | 1,292,115 | ||||||
1,000,000 | Los Angeles Community College District/CA University & College Improvements GO, Series 2008-F 5.00%, 08/01/24 | 1,145,960 |
127 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
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 | $ | 971,397 | ||||
3,000,000 | Los Angeles County Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B 5.00%, 07/01/23 | 3,433,110 | ||||||
100,000 | Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23 | 114,437 | ||||||
125,000 | Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 147,655 | ||||||
120,000 | Los Angeles County Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series A 5.00%, 07/01/25 | 141,569 | ||||||
800,000 | Los Angeles County Metropolitan Transportation Authority Green Bond, Series A 5.00%, 07/01/23 | 915,496 | ||||||
125,000 | Los Angeles County Metropolitan Transportation Authority Refunding Revenue Bonds 5.00%, 07/01/21 | 133,330 | ||||||
250,000 | Los Angeles County Metropolitan Transportation Authority, Green Bond, Series A 5.00%, 07/01/22 | 276,558 | ||||||
275,000 | Los Angeles County Metropolitan Transportation Authority, Refunding Revenue Bonds 5.00%, 07/01/24 | 324,841 | ||||||
250,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23 | 285,995 | ||||||
125,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27 | 160,451 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 2,065,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/23 | $ | 2,322,857 | ||||
150,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/22 | 162,522 | ||||||
450,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/23 | 505,044 | ||||||
600,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 01/01/24 | 696,102 | ||||||
5,000,000 | Los Angeles Department of Water & Power Power System Revenue Current Refunding Revenue Bonds, Series B 5.00%, 07/01/24 | 5,906,200 | ||||||
330,000 | Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/21 | 352,103 | ||||||
1,425,000 | Los Angeles Department of Water & Power Power System Revenue Electric Light & Power Improvements, Series D 5.00%, 07/01/22 | 1,575,580 | ||||||
100,000 | Los Angeles Department of Water & Power Power System Revenue Electricity Light & Power Improvements Revenue Bonds, Series C 5.00%, 07/01/22 | 110,567 | ||||||
195,000 | Los Angeles Department of Water & Power Power System Revenue Unrefunded Revenue Bonds, Series A 5.00%, 07/01/22 | 207,925 | ||||||
200,000 | Los Angeles Department of Water Current Refunding Revenue Bonds, Series A 5.00%, 07/01/27 | 253,638 | ||||||
200,000 | Los Angeles Department of Water Water Utility Improvements Current Refunding Revenue Bonds, Series B 5.00%, 07/01/28 | 261,990 |
128 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 100,000 | Los Angeles Department of Water Water Utility Improvements Revenue Bonds Series A 5.00%, 07/01/28 | $ | 129,382 | ||||
1,800,000 | Los Rios Community College District Refunding GO 5.00%, 08/01/27 | 1,992,348 | ||||||
175,000 | Marin Community College District Advance Refunding GO 5.00%, 08/01/23 | 201,030 | ||||||
275,000 | Mount San Antonio Community College District University & College Improvements GO, Series 2018-A 5.00%, 08/01/27 | 353,928 | ||||||
1,100,000 | Mount San Jacinto Community College District University & College Improvements GO, Series 2014-A 5.00%, 08/01/28 | 1,335,477 | ||||||
2,000,000 | Municipal Improvement Corp. of Los Angeles Refunding Revenue Bonds, Series A 5.00%, 11/01/24 | 2,340,680 | ||||||
325,000 | Nevada County Finance Authority Revenue Bonds 4.00%, 10/01/22 | 352,872 | ||||||
450,000 | Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/22 | 496,800 | ||||||
125,000 | Northern California Power Agency Hydroelectric Project Current Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 147,031 | ||||||
210,000 | Northern California Transmission Agency California-Oregon Project Advance Refunding Revenue Bonds 5.00%, 05/01/26 | 260,131 | ||||||
2,545,000 | Novato Sanitary District Repayment Of Bank Loan Revenue Bonds 5.00%, 02/01/29 | 3,377,495 | ||||||
160,000 | Ohlone Community College District Advance Refunding GO 5.00%, 08/01/24 | 189,323 | ||||||
100,000 | Orange County Sanitation District Advance Refunding Revenue Bonds 5.00%, 02/01/26 | 124,057 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 3,000,000 | Orange County Sanitation District Advance Refunding Revenue Bonds, Series A 5.00%, 02/01/34 | $ | 3,501,300 | ||||
150,000 | Orange County Sanitation District Current Refunding Revenue Bonds, Series A 5.00%, 02/01/27 | 190,845 | ||||||
100,000 | Orange County Water District Advance Refunding Revenue Bonds, Series A 5.00%, 08/15/27 | 126,722 | ||||||
100,000 | Otay Water District Financing Authority Current Refunding Revenue Bonds, Series A 5.00%, 09/01/27 | 128,610 | ||||||
100,000 | Palomar Community College District University & College Improvements GO, Series 2006-D 5.00%, 08/01/22 | 110,945 | ||||||
200,000 | Placer County Water Agency Current Refunding COP 5.00%, 07/01/22 | 221,302 | ||||||
150,000 | Placer County Water Agency Current Refunding COP 5.00%, 07/01/28 | 197,213 | ||||||
150,000 | Regents of the University of California Medical Center Pooled Revenue Advance Refunding Revenue Bonds, Series L 5.00%, 05/15/23 | 170,868 | ||||||
1,145,000 | Regents of the University of California Medical Center Pooled Revenue Current Refunding Revenue Bonds, Series L 5.00%, 05/15/24 | 1,347,173 | ||||||
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) | 1,499,758 | ||||||
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) | 7,040,643 | ||||||
1,100,000 | Rio Hondo Community College District/CA Current Refunding GO, Series B 5.00%, 08/01/24 | 1,303,841 | ||||||
675,000 | Rio Hondo Community College District/CA Current Refunding GO, Series B 5.00%, 08/01/25 | 825,802 |
129 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 870,000 | Riverside County Transportation Commission Pre-refunding Refunding Notes Highway Improvements, Series A 5.25%, 06/01/24(a) | $ | 999,195 | ||||
200,000 | Sacramento County Sanitation Districts Financing Authority Current Refunding Revenue Bonds 5.00%, 08/01/25 | 244,058 | ||||||
3,000,000 | Sacramento Municipal Utility District Refunding Revenue Bonds, Series A 5.00%, 08/15/49(b) | 3,389,700 | ||||||
5,250,000 | Sacramento Municipal Utility District Refunding Revenue Bonds, Sub-Series B 5.00%, 08/15/49(b) | 6,297,428 | ||||||
275,000 | Saddleback Valley Unified School District Refunding GO 5.00%, 08/01/24 | 315,466 | ||||||
1,000,000 | San Diego Community College District Advance Refunding GO 5.00%, 08/01/28 | 1,246,000 | ||||||
1,030,000 | San Diego Community College District Pre-refunded University & College Improvements GO 5.00%, 08/01/24(a) | 1,102,615 | ||||||
100,000 | San Diego County Regional Transportation Commission Sales & Use Tax Refunding Revenue Bonds, Series A 5.00%, 04/01/25 | 117,207 | ||||||
120,000 | San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/22 | 131,972 | ||||||
150,000 | San Diego County Water Authority Financing Corp. Advance Refunding Revenue Bonds 5.00%, 05/01/23 | 170,646 | ||||||
100,000 | San Diego County Water Authority Financing Corp. Current Refunding Revenue Bonds, Series A 5.00%, 05/01/24(a) | 99,999 | ||||||
300,000 | San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/25 | 365,151 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 1,115,000 | San Diego Public Facilities Financing Authority Advance Refunding Revenue Bonds, Series B 5.00%, 08/01/28 | $ | 1,385,209 | ||||
300,000 | San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Series A 5.00%, 08/01/23 | 343,548 | ||||||
1,000,000 | San Diego Public Facilities Financing Authority Refunding Revenue Bonds, Subseries A 5.00%, 08/01/31 | 1,101,710 | ||||||
175,000 | San Diego Regional Building Authority Advance Refunding Revenue Bonds, Series A 5.00%, 10/15/22 | 195,542 | ||||||
100,000 | San Diego Regional Building Authority County Operation Centre Current Advance Revenue Bonds, Series A 5.00%, 10/15/23 | 115,579 | ||||||
1,460,000 | San Francisco Bay Area Rapid Transit District Sales Tax Revenue Current Refunding Revenue Bonds, Series A 5.00%, 07/01/28 | 1,769,243 | ||||||
1,500,000 | San Francisco Bay Area Rapid Transit District Transit Improvements GO 5.00%, 08/01/24 | 1,777,200 | ||||||
500,000 | San Francisco City & County Airport Comm-San Francisco International Airport Advance Refunding Current Revenue Bonds, Series A 5.00%, 05/01/23 | 568,450 | ||||||
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 | 4,738,383 | ||||||
2,400,000 | San Francisco City & County Airport Comm-San Francisco International Airport Current Refunding Revenue Bonds 5.00%, 05/01/24 | 2,818,032 | ||||||
1,095,000 | San Francisco City & County Airport Comm-San Francisco International Airport Refunding Revenue Bonds, Series D 5.00%, 05/01/26 | 1,159,298 |
130 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 7,000,000 | San Francisco City & County Public Utilities Commission Wastewater Revenue Green Bond, Series C 2.13%, 10/01/48(b) | $ | 7,203,910 | ||||
200,000 | San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/23 | 226,112 | ||||||
1,290,000 | San Francisco Municipal Transportation Agency Transit Improvements Revenue Bonds 5.00%, 03/01/28 | 1,455,249 | ||||||
175,000 | San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds 5.00%, 03/01/26 | 216,967 | ||||||
100,000 | San Francisco Municipal Transportation Agency, Transit Improvements Revenue Bonds 5.00%, 03/01/27 | 127,089 | ||||||
1,165,000 | San Joaquin County Transportation Authority Refunding Revenue Bonds, Series A 5.50%, 03/01/41(a) | 1,233,653 | ||||||
830,000 | San Jose Evergreen Community College District Advance Refunding GO 5.00%, 09/01/24 | 987,202 | ||||||
785,000 | San Mateo County Community College District Refunding GO 5.00%, 09/01/24 | 873,674 | ||||||
100,000 | San Mateo Joint Powers Financing Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/15/24 | 118,165 | ||||||
100,000 | San Mateo Joint Powers Financing Authority Public Facilities Health Improvements Capital Project Refunding Bonds, Series A 5.00%, 07/15/27 | 127,970 | ||||||
100,000 | San Mateo Joint Powers Financing Authority Public Improvements Capital Project Revenue Bonds, Series A 5.00%, 07/15/25 | 121,747 | ||||||
705,000 | �� | San Mateo Joint Powers Financing Authority Refunding Revenue Bonds 5.00%, 06/15/22 | 778,292 |
Principal | ||||||||
Amount | Value | |||||||
California (continued) | ||||||||
$ | 1,000,000 | San Mateo Union High School District Refunding GO 5.00%, 09/01/27 | $ | 1,190,550 | ||||
275,000 | San Mateo Union High School District Refunding GO, Series C 5.00%, 09/01/24 | 326,942 | ||||||
125,000 | San Rafael Joint Powers Financing Authority Green Bonds Public Facilities 5.00%, 06/01/23 | 142,696 | ||||||
1,000,000 | San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/24 | 1,182,760 | ||||||
750,000 | San Ramon Valley Unified School District/CA School Improvements GO 5.00%, 08/01/25 | 913,815 | ||||||
100,000 | Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/22 | 109,627 | ||||||
125,000 | Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/26 | 155,045 | ||||||
300,000 | Santa Clara County Financing Authority Public Facilities Revenue Bonds, Series A 5.00%, 04/01/27 | 380,331 | ||||||
250,000 | Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/22 | 276,418 | ||||||
100,000 | Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/25 | 118,073 | ||||||
350,000 | Santa Clara Unified School District Advance Refunding GO 5.00%, 07/01/23 | 400,393 | ||||||
245,000 | Santa Clara Unified School District School Improvements GO 5.00%, 07/01/27 | 305,924 | ||||||
175,000 | Santa Clara Valley Water District Current Refunding COP, Series A 5.00%, 02/01/23 | 197,531 | ||||||
1,540,000 | Santa Clarita Community College District Refunding GO 5.00%, 08/01/24 | 1,764,778 |
131 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 100,000 | Santa Clarita Community College District University & College Improvements GO 5.00%, 08/01/26 | $ | 124,549 | ||||
150,000 | Santa Monica Public Financing Authority Current Refunding Revenue Bonds 5.00%, 07/01/25 | 182,876 | ||||||
100,000 | Southern California Public Power Authority Advance Refunding Revenue Bonds, Series C 5.00%, 07/01/25 | 119,717 | ||||||
225,000 | Southern California Public Power Authority Electricity Light & Power Improvements Mead-Pheonix Project Revenue Bonds 5.00%, 07/01/26 | 276,320 | ||||||
100,000 | State of California (Other Revenue LOC) Advance Refunding GO 5.00%, 09/01/22 | 110,911 | ||||||
125,000 | State of California Advance Refunding GO 5.00%, 11/01/23 | 143,996 | ||||||
325,000 | State of California Advance Refunding GO 5.00%, 09/01/25 | 394,479 | ||||||
1,155,000 | State of California Advance Refunding GO 5.00%, 08/01/26 | 1,430,953 | ||||||
200,000 | State of California Advance Refunding GO 5.00%, 09/01/26 | 248,262 | ||||||
1,000,000 | State of California Advance Refunding GO 5.00%, 08/01/27 | 1,264,140 | ||||||
1,345,000 | State of California Advance Refunding GO, Series B 5.00%, 09/01/23 | 1,541,168 | ||||||
125,000 | State of California Current Refunding GO 5.00%, 02/01/22 | 135,900 | ||||||
3,310,000 | State of California Current Refunding GO 5.00%, 08/01/24 | 3,898,121 | ||||||
4,855,000 | State of California Current Refunding GO 5.00%, 11/01/24 | 5,590,775 | ||||||
2,000,000 | State of California Current Refunding GO 5.00%, 10/01/25 | 2,433,180 | ||||||
1,000,000 | State of California Current Refunding GO 5.00%, 10/01/25 | 1,181,940 |
Principal | ||||||||
Amount | Value | |||||||
California (continued) | ||||||||
$ | 2,355,000 | State of California Current Refunding GO 5.00%, 08/01/26 | $ | 2,917,657 | ||||
6,065,000 | State of California Current Refunding GO 5.00%, 10/01/26 | 7,165,252 | ||||||
6,000,000 | State of California Current Refunding GO 5.00%, 04/01/27 | 7,529,280 | ||||||
200,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/21 | 216,522 | ||||||
1,000,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/25 | 1,231,820 | ||||||
100,000 | State of California Department of Water Resources Advance Refunding Revenue Bonds, Series AX 5.00%, 12/01/27 | 129,360 | ||||||
150,000 | State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/22 | 168,203 | ||||||
100,000 | State of California Department of Water Resources Central Valley Project Current Refunding Revenue Bonds 5.00%, 12/01/24 | 119,639 | ||||||
1,300,000 | State of California Department of Water Resources Power Supply Revenue Advance Refunding Revenue Bonds, Series O 5.00%, 05/01/22 | 1,426,997 | ||||||
100,000 | State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/21 | 105,953 | ||||||
150,000 | State of California Department of Water Resources Power Supply Revenue Refunding Revenue Bonds, Series N 5.00%, 05/01/20 | 152,958 | ||||||
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) | 9,842,947 |
132 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 300,000 | State of California Department of Water Resources Refunding Revenue Bonds, Series AS 5.00%, 12/01/25 | $ | 358,758 | ||||
125,000 | State of California Department of Water Resources Refunding Revenue Bonds, Series AV 5.00%, 12/01/27 | 155,321 | ||||||
5,000,000 | State of California Department of Water Resources Refunding Revenue Bonds, Series BA 5.00%, 12/01/23 | 5,798,650 | ||||||
1,000,000 | State of California Multi Utility Improvements GO 5.00%, 10/01/25 | 1,216,590 | ||||||
15,000,000 | State of California Multi Utility Improvements GO 5.00%, 10/01/26 | 18,655,350 | ||||||
1,500,000 | State of California Refunding GO 5.00%, 04/01/24 | 1,748,925 | ||||||
5,000,000 | State of California Refunding GO 5.00%, 10/01/27 | 6,343,550 | ||||||
3,000,000 | State of California Refunding GO 5.00%, 04/01/28 | 3,838,890 | ||||||
100,000 | State of California Water Utility Improvements GO 6.00%, 11/01/39 | 99,999 | ||||||
150,000 | State of California Water Utility Improvements GO, OID 5.50%, 11/01/39 | 150,489 | ||||||
550,000 | Turlock Irrigation District Revenue Bonds 5.00%, 01/01/25 | 657,839 | ||||||
13,915,000 | University of California (College and University Revenue LOC) Refunding Revenue Bonds, Series AK 5.00%, 05/15/48(b) | 15,840,558 | ||||||
1,955,000 | University of California Advance Refunding Revenue Bonds, Series AY 5.00%, 05/15/24 | 2,301,133 | ||||||
995,000 | University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/24(a) | 1,130,499 | ||||||
1,270,000 | University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/26(a) | 1,442,949 | ||||||
3,235,000 | University of California Current Pre-refunded Refunding Revenue Bonds, Series AF 5.00%, 05/15/30(a) | 3,675,542 |
Principal Amount | Value | |||||||
California (continued) | ||||||||
$ | 465,000 | University of California Current Refunding Revenue Bonds, Series AF 5.00%, 05/15/20 | $ | 474,942 | ||||
1,000,000 | University of California Current Revenue Bonds, Series I 5.00%, 05/15/23 | 1,138,750 | ||||||
1,575,000 | University of California Pre-refunded Limited Project Current Refunding Revenue Bonds, Series G 5.00%, 05/15/30(a) | 1,731,618 | ||||||
200,000 | University of California University & College Improvements Refunding Revenue Bonds, Series BB 5.00%, 05/15/25 | 242,676 | ||||||
100,000 | University of California University & College Improvements Revenue Bonds, Series AM 5.00%, 05/15/26 | 117,657 | ||||||
275,000 | University of California University & College Improvements Unrefunded Revenue Bonds, Series S 5.00%, 05/15/20 | 275,831 | ||||||
130,000 | University of California Unrefunded Limited Project Current Refunding Revenue Bonds, Series G 5.00%, 05/15/23 | 143,098 | ||||||
125,000 | Ventura County Community College District Advance Refunding GO 5.00%, 08/01/24 | 148,164 | ||||||
425,000 | Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/24 | 506,736 | ||||||
460,000 | Ventura County Public Financing Authority Advance Refunding Revenue Bonds 5.00%, 11/01/26 | 580,198 | ||||||
100,000 | Walnut Energy Center Authority Current Refunding Revenue Bonds 5.00%, 01/01/23 | 112,187 | ||||||
250,000 | West Valley-Mission Community College District Current Refunding GO, Series A 5.00%, 08/01/27 | 321,538 | ||||||
100,000 | William S Hart Union High School District Advance Refunding GO 5.00%, 08/01/24 | 118,225 |
133 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal | ||||||||
Amount | Value | |||||||
California (continued) | ||||||||
$ | 125,000 | Yosemite Community College District Current Refunding GO 5.00%, 08/01/25 | $ | 152,225 | ||||
Total Municipal Bonds (Cost $324,143,085) | 331,028,826 | |||||||
U.S. GOVERNMENT SECURITIES — 0.1% | ||||||||
U.S. Treasury Notes — 0.1% | ||||||||
410,000 | 2.25%, 01/31/2024 | 422,076 | ||||||
Total U.S. Government Securities (Cost $417,106) | 422,076 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 1.8% | ||||||||
6,059,722 | SEI Daily Income Trust Government II Fund, Class A, 1.68%(c) | 6,059,722 | ||||||
Total Investment Company (Cost $6,059,722) | 6,059,722 | |||||||
TOTAL INVESTMENTS — 99.4% (Cost $330,619,913) | $ | 337,510,624 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6% | 2,049,810 | |||||||
NET ASSETS — 100.0% | $ | 339,560,434 |
(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 October 31, 2019. |
(c) | The rate shown represents the current yield as of October 31, 2019. |
The following abbreviations are used in the report:
COP — Certificates of Participation
GO — General Obligations
OID — Original Issue Discount
134 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments | October 31, 2019 |
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 95.1% | ||||||||
New York — 95.1% | ||||||||
$ | 2,000,000 | Battery Park City Authority Current Refunding Revenue Bonds, Series A 5.00%, 11/01/25 | $ | 2,301,400 | ||||
100,000 | Build NYC Resource Corp. Refunding Revenue Bonds, Series A 5.00%, 06/01/24 | 117,231 | ||||||
1,110,000 | City of New York Public Improvements GO, Series 2018-1 5.00%, 08/01/25 | 1,336,651 | ||||||
225,000 | City of New York Advance Refunding GO, Series 2015-A 5.00%, 08/01/24 | 263,729 | ||||||
2,520,000 | City of New York Advance Refunding GO, Series A 5.00%, 08/01/26 | 3,101,944 | ||||||
350,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 386,201 | ||||||
150,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/22 | 165,515 | ||||||
875,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/23 | 996,135 | ||||||
200,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/23 | 227,688 | ||||||
10,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/24 | 11,721,300 | ||||||
5,000,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/25 | 6,020,950 | ||||||
1,515,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/27 | 1,785,564 | ||||||
100,000 | City of New York Advance Refunding GO, Series C 5.00%, 08/01/28 | 123,455 | ||||||
125,000 | City of New York Advance Refunding GO, Series D 5.00%, 08/01/24 | 146,516 | ||||||
100,000 | City of New York Advance Refunding GO, Series E 5.00%, 08/01/24 | 117,213 | ||||||
4,500,000 | City of New York Current Refunding GO, Series 2019-A 5.00%, 08/01/25 | 5,418,855 | ||||||
4,250,000 | City of New York Current Refunding GO, Series E 5.00%, 08/01/24 | 4,981,553 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 225,000 | City of New York Public Improvements GO, Series 1 5.00%, 08/01/21 | $ | 239,850 | ||||
255,000 | City of New York Public Improvements GO, Series 1 5.00%, 08/01/23 | 290,302 | ||||||
1,000,000 | City of New York Public Improvements GO, Sub-Series D-3 5.00%, 08/01/38(a)(b) | 1,129,960 | ||||||
200,000 | City of New York Public Improvements GO, Sub-Series F-1 5.00%, 04/01/23 | 225,310 | ||||||
100,000 | City of New York Public Improvements GO, Sub-Series F-1 5.00%, 03/01/24 | 112,425 | ||||||
4,775,000 | City of New York Public Improvements GO, Sub-Series F-1 5.00%, 03/01/28 | 5,336,779 | ||||||
100,000 | City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/23(a) | 115,021 | ||||||
1,500,000 | City of New York Public Improvements GO, Sub-Series H-A 5.00%, 01/01/25(a) | 1,777,545 | ||||||
1,325,000 | City of New York Public Improvements GO, Sub-Series I-1 5.00%, 03/01/25 | 1,531,859 | ||||||
3,000,000 | City of New York Public Improvements GO, Sub-Series I-1 5.00%, 03/01/26 | 3,465,600 | ||||||
200,000 | City of New York Public Improvements GO, Sub-Series F-3 5.00%, 12/01/25(a) | 242,950 | ||||||
275,000 | City of New York Refunding Cash Flow Management GO Notes, Series 1 5.00%, 08/01/22(a) | 303,443 | ||||||
1,100,000 | City of New York Refunding GO, Series B 5.00%, 08/01/21 | 1,172,600 | ||||||
300,000 | City of New York Refunding GO, Series B 5.00%, 08/01/25 | 361,257 | ||||||
400,000 | City of New York Refunding GO, Series C 5.00%, 08/01/27 | 484,460 |
135 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 200,000 | City of New York Refunding GO, Series D 5.00%, 08/01/22 | $ | 220,686 | ||||
1,500,000 | City of New York Refunding GO, Series F 5.00%, 08/01/22 | 1,628,010 | ||||||
100,000 | City of New York Refunding GO, Series F 5.00%, 08/01/29 | 107,849 | ||||||
17,910,000 | City of New York Refunding GO, Series F 5.00%, 08/01/30 | 19,306,085 | ||||||
1,035,000 | City of New York Refunding GO, Series H 5.00%, 08/01/22 | 1,142,050 | ||||||
150,000 | City of New York Refunding GO, Series J 5.00%, 08/01/22 | 165,515 | ||||||
325,000 | City of New York Refunding GO, Series J 5.00%, 08/01/24 | 380,942 | ||||||
100,000 | City of New York Refunding GO, Sub-Series H-3 5.00%, 08/01/23(a) | 113,843 | ||||||
350,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/21 | 373,205 | ||||||
350,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/22 | 386,302 | ||||||
100,000 | County of Westchester NY Recreation Facilities Improvements GO, Series A 5.00%, 07/01/23 | 114,049 | ||||||
110,000 | County of Westchester NY Sewer Improvements GO, Series C 5.00%, 07/01/22 | 121,409 | ||||||
375,000 | Erie County Fiscal Stability Authority Advance Refunding Revenue Bonds 5.00%, 09/01/22 | 416,363 | ||||||
150,000 | Erie County Fiscal Stability Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/22 | 163,922 | ||||||
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 | 340,407 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 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 | $ | 146,413 | ||||
100,000 | Erie County Industrial Development Agency (The) Refunding Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/21 | 105,845 | ||||||
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 | 105,719 | ||||||
500,000 | Long Island Power Authority Electric System General Revenue Bonds 5.00%, 09/01/25 | 600,960 | ||||||
4,000,000 | Long Island Power Authority Electric System General Revenue Bonds, Series B 5.00%, 09/01/27 | 4,906,680 | ||||||
4,000,000 | Long Island Power Authority Refunding Revenue Bonds, Series B 5.00%, 09/01/25 | 4,419,720 | ||||||
2,000,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/26 | 2,479,200 | ||||||
900,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series B 5.00%, 11/15/25 | 1,082,250 | ||||||
125,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series D 5.00%, 11/15/24 | 146,799 | ||||||
100,000 | Metropolitan Transportation Authority Advance Refunding Revenue Bonds, Series F 5.00%, 11/15/23 | 114,315 | ||||||
700,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/23 | 774,662 | ||||||
2,225,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series D 5.00%, 11/15/28 | 2,450,192 |
136 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,500,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Series F 5.00%, 11/15/30 | $ | 1,649,700 | ||||
1,000,000 | Metropolitan Transportation Authority Current Refunding Revenue Bonds, Sub-Series C-1 5.00%, 11/15/27 | 1,194,360 | ||||||
370,000 | Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds 5.00%, 11/15/26 | 454,482 | ||||||
3,500,000 | Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds 5.00%, 11/15/48(b) | 4,086,250 | ||||||
150,000 | Metropolitan Transportation Authority Green Bond Refunding Revenue Bonds, Series A2 5.00%, 11/15/25 | 180,471 | ||||||
2,570,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/23 | 2,956,477 | ||||||
250,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/27 | 316,710 | ||||||
3,000,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds 5.00%, 11/15/28 | 3,807,930 | ||||||
250,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds, Series C-1 5.00%, 11/15/23 | 285,790 | ||||||
375,000 | Metropolitan Transportation Authority Green Bond Revenue Bonds, Sub-Series B-2 5.00%, 11/15/26 | 464,850 | ||||||
150,000 | Metropolitan Transportation Authority Prerefunded Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/25(c) | 178,958 | ||||||
1,600,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/25 | 1,782,272 | ||||||
2,500,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A 5.00%, 11/15/29 | 2,776,900 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 525,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series A-2 5.00%, 11/15/48(b) | $ | 580,997 | ||||
2,500,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series B-1 5.00%, 11/15/29(a) | 2,865,300 | ||||||
100,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/23(a) | 110,503 | ||||||
8,000,000 | Metropolitan Transportation Authority Refunding Revenue Bonds, Series D-1 5.00%, 11/01/27(a) | 8,807,840 | ||||||
150,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series B 5.00%, 11/15/20 | 155,678 | ||||||
100,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Series C 5.00%, 11/15/22 | 111,043 | ||||||
150,000 | Metropolitan Transportation Authority Transit Improvements Revenue Bonds, Sub-Series A-1 5.00%, 11/15/25 | 178,046 | ||||||
375,000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/22 | 416,415 | ||||||
600,000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/23 | 685,896 | ||||||
100,000 | Metropolitan Transportation Authority Transportation Green Bond Advance Refunding Revenue Bonds 5.00%, 11/15/26 | 122,833 | ||||||
100,000 | Monroe County Industrial Development Agency School Improvements Revenue Bonds, (State Aid Withholding) 5.00%, 05/01/24 | 116,843 | ||||||
300,000 | Nassau County Sewer & Storm Water Finance Authority Refunding Revenue Bonds, Series A 5.00%, 10/01/24 | 357,108 |
137 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 2,500,000 | New York City Housing Development Corp. Multi-Family Housing Revenue Bonds 1.75%, 05/01/59(b) | $ | 2,508,975 | ||||
2,000,000 | New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series G 2.00%, 11/01/57(b) | 2,008,800 | ||||||
3,000,000 | New York City Housing Development Corp. Multi-Family Housing Revenue Bonds, Series L 2.75%, 05/01/50(b) | 3,117,510 | ||||||
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 | 284,415 | ||||||
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 | 120,403 | ||||||
1,035,000 | New York City Transitional Finance Authority Building Aid Revenue Advance Refunding Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/26 | 1,274,447 | ||||||
300,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S, (State Aid Withholding) 5.00%, 07/15/23 | 341,298 | ||||||
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 | 117,217 | ||||||
2,000,000 | New York City Transitional Finance Authority Building Aid Revenue Public Improvements Revenue Bonds, Series S-1, (State Aid Withholding) 5.00%, 07/15/21 | 2,135,320 | ||||||
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 | $ | 178,163 | ||||
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 | 152,158 | ||||||
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 | 8,798,720 | ||||||
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 | 1,294,332 | ||||||
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 | 142,208 | ||||||
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 | 293,043 | ||||||
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 | 113,765 | ||||||
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 | 615,389 | ||||||
2,000,000 | New York City Transitional Finance Authority Building Aid Revenue Refunding Revenue Bonds, Sub-Series S-4A, (State Aid Withholding) 5.00%, 07/15/25 | 2,408,060 |
138 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
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 | $ | 188,469 | ||||
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 | 1,101,840 | ||||||
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 | 363,607 | ||||||
100,000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/19 | 99,999 | ||||||
475,000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/23 | 546,583 | ||||||
250,000 | New York City Transitional Finance Authority Future Tax Secured Advance Refunding Revenue Bonds, Series C 5.00%, 11/01/24 | 296,473 | ||||||
100,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/23 | 114,159 | ||||||
4,375,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 08/01/24 | 5,150,119 | ||||||
3,000,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds 5.00%, 02/01/30 | 3,682,110 | ||||||
1,000,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Series A-1 5.00%, 08/01/21 | 1,066,720 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 225,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/26 | $ | 278,757 | ||||
300,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series E-1 5.00%, 02/01/22 | 325,743 | ||||||
150,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series F-1 5.00%, 05/01/23 | 169,872 | ||||||
200,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI 5.00%, 08/01/25 | 234,224 | ||||||
190,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series FI 5.00%, 08/01/29 | 221,190 | ||||||
2,650,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Revenue Bonds, Sub-Series I 5.00%, 05/01/26 | 2,991,347 | ||||||
100,000 | New York City Transitional Finance Authority Future Tax Secured Public Improvements Unrefunded Revenue Bonds 5.00%, 11/01/25 | 116,271 | ||||||
150,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series B 5.00%, 11/01/21 | 161,432 | ||||||
5,000,000 | New York City Transitional Finance Authority Future Tax Secured Refunding Revenue Bonds, Sub-Series C 5.00%, 11/01/23 | 5,753,500 | ||||||
400,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds 5.00%, 11/01/22 | 445,380 | ||||||
600,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C-1 5.00%, 05/01/23 | 679,488 |
139 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 300,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Series C- 1 5.00%, 05/01/24 | $ | 350,529 | ||||
350,000 | New York City Transitional Finance Authority Public Improvements Revenue Bonds, Sub-Series B-1 5.00%, 08/01/23 | 399,560 | ||||||
200,000 | New York City Water & Sewer System Current Refunding Revenue 5.00%, 06/15/24 | 234,934 | ||||||
1,825,000 | New York City Water & Sewer System Current Refunding Revenue Bonds, Series AA 5.00%, 06/15/26 | 2,262,124 | ||||||
7,500,000 | New York City Water & Sewer System Refunding Revenue Bonds 5.00%, 06/15/28 | 8,990,775 | ||||||
2,000,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series DD-2 5.00%, 06/15/25 | 2,310,080 | ||||||
150,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series FF 5.00%, 06/15/25 | 181,269 | ||||||
125,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series GG 5.00%, 06/15/25 | 151,058 | ||||||
2,000,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series GG 5.00%, 06/15/27 | 2,406,320 | ||||||
1,040,000 | New York City Water & Sewer System Refunding Revenue Bonds, Series HH 5.00%, 06/15/31 | 1,100,642 | ||||||
450,000 | New York City Water & Sewer System Refunding Revenue Bonds, Sub-Series BB-2 5.00%, 06/15/29 | 563,675 | ||||||
4,750,000 | New York City Water & Sewer System Water Utility Improvements Revenue Bonds, Series BB-2 5.00%, 06/15/25 | 5,486,440 | ||||||
390,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds 5.00%, 07/01/23 | 443,738 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 255,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22 | $ | 278,044 | ||||
150,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/22 | 165,143 | ||||||
625,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/23 | 702,531 | ||||||
500,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 588,625 | ||||||
6,170,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/25 | 7,361,304 | ||||||
1,000,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/26 | 1,244,460 | ||||||
360,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/28 | 446,353 | ||||||
4,715,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 02/15/29 | 5,821,422 | ||||||
1,600,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series A 5.00%, 07/01/29 | 1,899,584 | ||||||
100,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/24 | 116,009 | ||||||
1,300,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/26 | 1,591,564 | ||||||
6,775,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/27 | 8,350,797 | ||||||
600,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series D 5.00%, 02/15/28 | 736,704 | ||||||
525,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/24 | 610,591 |
140 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 100,000 | New York State Dormitory Authority Advance Refunding Revenue Bonds, Series E 5.00%, 03/15/25 | $ | 119,589 | ||||
650,000 | New York State Dormitory Authority Green Bond Revenue Bonds 5.00%, 07/01/24 | 765,213 | ||||||
100,000 | New York State Dormitory Authority Master BOCES Program Advance Refunding Revenue Bonds, (State Appropriation) 5.00%, 08/15/27 | 127,197 | ||||||
650,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series B 5.00%, 02/15/23 | 730,633 | ||||||
3,765,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series E 5.00%, 02/15/26 | 4,468,151 | ||||||
1,455,000 | New York State Dormitory Authority Public Improvement Revenue Bonds, Series E 5.00%, 02/15/30 | 1,707,050 | ||||||
125,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-A 5.00%, 03/15/24 | 145,495 | ||||||
150,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/26 | 181,410 | ||||||
10,335,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series 2015B-B 5.00%, 03/15/29 | 12,389,391 | ||||||
675,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/23 | 761,508 | ||||||
2,100,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/24 | 2,444,316 | ||||||
100,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/26 | 122,811 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 230,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series A 5.00%, 03/15/27 | $ | 284,045 | ||||
350,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/25 | 417,578 | ||||||
100,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/26 | 122,427 | ||||||
125,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/27 | 156,530 | ||||||
5,000,000 | New York State Dormitory Authority Public Improvements Revenue Bonds, Series B 5.00%, 02/15/28 | 5,899,550 | ||||||
100,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/23 | 112,063 | ||||||
200,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/25 | 237,818 | ||||||
3,275,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series 1, (State Aid Withholding) 5.00%, 01/15/27 | 4,090,148 | ||||||
125,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/22 | 139,744 | ||||||
3,000,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/24 | 3,400,680 | ||||||
150,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/24 | 167,543 | ||||||
1,025,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 02/15/26 | 1,185,320 |
141 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,600,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/26 | $ | 1,808,176 | ||||
5,500,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 07/01/29 | 6,539,665 | ||||||
4,765,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series A 5.00%, 12/15/29 | 5,300,586 | ||||||
350,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series C 5.00%, 03/15/25 | 406,231 | ||||||
400,000 | New York State Dormitory Authority Refunding Revenue Bonds, Series E 5.00%, 02/15/24 | 464,040 | ||||||
3,000,000 | New York State Dormitory Authority School Improvement Revenue Bonds, Series A 5.00%, 03/15/28 | 3,841,290 | ||||||
350,000 | New York State Dormitory Authority School Improvements Bidding Group 1 Revenue Bonds, Series C 5.00%, 03/15/23 | 394,856 | ||||||
7,295,000 | New York State Dormitory Authority School Improvements Bidding Group 2 Revenue Bonds, Series C 5.00%, 03/15/25 | 8,732,480 | ||||||
625,000 | New York State Dormitory Authority School Improvements Bidding Group 2 Unrefunded Refunding Revenue Bonds 5.00%, 03/15/24 | 727,475 | ||||||
125,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/24 | 145,495 | ||||||
8,770,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/25 | 10,488,043 | ||||||
3,000,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/27 | 3,763,800 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 125,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series A 5.00%, 03/15/27 | $ | 157,025 | ||||
100,000 | New York State Dormitory Authority School Improvements Group 1 Revenue Bonds, Series E 5.00%, 03/15/23 | 112,815 | ||||||
2,500,000 | New York State Dormitory Authority School Improvements Income Tax Revenue Bonds, Series A 5.00%, 02/15/28 | 3,069,600 | ||||||
9,420,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/23 | 10,617,282 | ||||||
1,305,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 03/15/24 | 1,517,754 | ||||||
425,000 | New York State Dormitory Authority School Improvements Revenue Bonds, Series A 5.00%, 02/15/26 | 520,319 | ||||||
355,000 | New York State Dormitory Authority Third Generation Resolution State Universal Refunding Revenue Bonds 5.00%, 05/15/24 | 388,892 | ||||||
150,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/22 | 165,350 | ||||||
140,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/24 | 164,605 | ||||||
2,525,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25 | 3,056,740 | ||||||
100,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/25 | 121,059 |
142 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,025,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 03/15/26 | $ | 1,189,205 | ||||
1,750,000 | New York State Dormitory Authority University and College Improvements Revenue Bonds, Series A 5.00%, 07/01/26 | 2,174,008 | ||||||
200,000 | New York State Dormitory Authority University of New York Dormitory Facilities Student Housing Revenue Bonds, Series A 5.00%, 07/01/22 | 220,244 | ||||||
145,000 | New York State Dormitory Authority Unrefunded Refunding Revenue Bonds 5.00%, 07/01/21 | 148,698 | ||||||
150,000 | New York State Dormitory Authority Unrefunded Refunding Revenue Bonds 5.00%, 08/15/23 | 154,640 | ||||||
100,000 | New York State Environmental Facilities Corp. Green Bond Revenue Bonds 5.00%, 03/15/23 | 112,883 | ||||||
100,000 | New York State Environmental Facilities Corp. Green Bond Revenue Bonds, Series C 5.00%, 02/15/27 | 125,440 | ||||||
175,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22 | 192,666 | ||||||
100,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/22 | 110,095 | ||||||
475,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/27 | 538,783 | ||||||
6,250,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds 5.00%, 06/15/28 | 7,289,563 | ||||||
100,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/22 | 110,095 | ||||||
275,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Series A 5.00%, 06/15/24 | 322,900 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 125,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A 5.00%, 06/15/21 | $ | 132,838 | ||||
1,485,000 | New York State Environmental Facilities Corp. Refunding Revenue Bonds, Sub-Series A 5.00%, 06/15/24 | 1,632,490 | ||||||
3,000,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/23 | 3,414,270 | ||||||
985,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24 | 1,156,567 | ||||||
550,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/24 | 645,799 | ||||||
4,240,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds 5.00%, 06/15/27 | 5,358,978 | ||||||
100,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/23 | 113,809 | ||||||
605,000 | New York State Environmental Facilities Corp. Water Utility Improvements Revenue Bonds, Subordinated SRF Bonds 5.00%, 06/15/24 | 710,379 | ||||||
100,000 | New York State Housing Finance Agency Refunding Revenue Bonds, Series A 5.00%, 09/15/20 | 103,449 | ||||||
100,000 | New York State Thruway Authority Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22 | 109,111 | ||||||
375,000 | New York State Thruway Authority Current Refunding Revenue Bonds, Series L 5.00%, 01/01/26 | 455,696 | ||||||
150,000 | New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A 5.00%, 04/01/23 | 163,875 |
143 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 150,000 | New York State Thruway Authority Highway & Bridge Trust Fund Refunding Revenue Bonds, Series A-1 5.00%, 04/01/20 | $ | 152,351 | ||||
895,000 | New York State Thruway Authority Refunding Revenue Bonds, Series I 5.00%, 01/01/28(c) | 970,842 | ||||||
2,000,000 | New York State Thruway Authority Refunding Revenue Bonds, Series J 5.00%, 01/01/27 | 2,299,180 | ||||||
375,000 | New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/24 | 431,753 | ||||||
300,000 | New York State Thruway Authority Refunding Revenue Bonds, Series K 5.00%, 01/01/26 | 355,749 | ||||||
250,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/23 | 279,310 | ||||||
125,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/24 | 143,918 | ||||||
200,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/25 | 236,896 | ||||||
100,000 | New York State Thruway Authority Refunding Revenue Bonds, Series L 5.00%, 01/01/27 | 124,240 | ||||||
300,000 | New York State Urban Development Corp Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/24 | 349,050 | ||||||
425,000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/22 | 463,514 | ||||||
100,000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/23 | 112,745 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,050,000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/26 | $ | 1,288,077 | ||||
1,920,000 | New York State Urban Development Corp. Personal Income Tax Advance Refunding Revenue Bonds, Series A 5.00%, 03/15/28 | 2,335,181 | ||||||
200,000 | New York State Urban Development Corp. Personal Income Tax Economic Improvements Revenue Bonds, Series C 5.00%, 03/15/23 | 225,490 | ||||||
225,000 | New York State Urban Development Corp. Personal Income Tax Refunding Revenue Bonds, Series A 5.00%, 03/15/24 | 261,788 | ||||||
500,000 | New York State Urban Development Corp. Public Improvement Revenue Bonds, Series A-1 5.00%, 03/15/22 | 545,310 | ||||||
150,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/22 | 163,593 | ||||||
200,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/24 | 232,700 | ||||||
15,000,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26 | 17,354,550 | ||||||
100,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/26 | 122,673 | ||||||
100,000 | New York State Urban Development Corp. State Personal Income Tax Advance Refunding Revenue Bonds 5.00%, 03/15/27 | 125,460 |
144 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 150,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 5.00%, 03/15/23 | $ | 157,823 | ||||
400,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series A 4.00%, 03/15/24 | 415,684 | ||||||
175,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/23 | 197,304 | ||||||
5,000,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/26 | 5,621,250 | ||||||
3,000,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/28 | 3,362,190 | ||||||
2,000,000 | New York State Urban Development Corp. State Personal Income Tax Public Improvements Revenue Bonds, Series E 5.00%, 03/15/29 | 2,239,360 | ||||||
1,190,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 09/01/25 | 1,442,161 | ||||||
2,085,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/26 | 2,497,434 | ||||||
175,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 12/15/26 | 204,451 | ||||||
2,250,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds 5.00%, 09/01/34 | 2,600,213 | ||||||
100,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 175 5.00%, 12/01/22 | 111,747 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 150,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/24 | $ | 175,121 | ||||
375,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 189 5.00%, 05/01/25 | 450,720 | ||||||
125,000 | Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 205 5.00%, 11/15/22 | 139,479 | ||||||
2,885,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/25 | 3,325,828 | ||||||
800,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/27 | 920,176 | ||||||
5,000,000 | Port Authority of New York & New Jersey Refunding Revenue Bonds, Series 179 5.00%, 12/01/28 | 5,751,100 | ||||||
300,000 | Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/22 | 331,050 | ||||||
100,000 | Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/23 | 113,959 | ||||||
325,000 | Port Authority of New York & New Jersey Revenue Bonds, Two Hundred Ninth Series 5.00%, 07/15/24 | 381,752 | ||||||
300,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 4.00%, 10/15/22 | 326,151 | ||||||
650,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/22 | 725,491 | ||||||
125,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/23 | 144,264 | ||||||
475,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/24 | 565,336 | ||||||
5,150,000 | Sales Tax Asset Receivable Corp. Refunding Revenue Bonds, Series A 5.00%, 10/15/30 | 6,053,259 |
145 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 425,000 | State of New York Green GO, Series A 5.00%, 02/15/22 | $ | 463,089 | ||||
100,000 | State of New York Green GO, Series A 5.00%, 02/15/26 | 123,153 | ||||||
250,000 | State of New York Public Improvements GO, Series A 5.00%, 03/01/24 | 281,325 | ||||||
400,000 | Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 4.00%, 05/01/22 | 429,772 | ||||||
150,000 | Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/23 | 158,463 | ||||||
500,000 | Syracuse Industrial Development Agency Syracuse City School Improvements Revenue Bonds, Series A, (State Aid Withholding) 5.00%, 05/01/26 | 623,255 | ||||||
375,000 | Triborough Bridge & Tunnel Authority Advance Refunding Revenue Bonds, Series A 5.00%, 11/15/24 | 445,819 | ||||||
3,715,000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/25 | 4,202,780 | ||||||
475,000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/26 | 537,016 | ||||||
1,050,000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/27 | 1,185,534 | ||||||
1,575,000 | Triborough Bridge & Tunnel Authority Current Refunding Revenue Bonds, Sub-Series A 5.00%, 11/15/29 | 1,773,072 | ||||||
100,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25 | 122,251 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 265,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/23 | $ | 305,640 | ||||
435,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series B 5.00%, 11/15/27 | 526,781 | ||||||
6,340,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/29 | 7,165,405 | ||||||
1,500,000 | Triborough Bridge & Tunnel Authority Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/30 | 1,693,620 | ||||||
250,000 | Triborough Bridge & Tunnel Authority MTA Bridges & Tunnels Advance Refunding Revenue Bonds 5.00%, 11/15/23 | 288,340 | ||||||
125,000 | Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series A 5.00%, 11/15/25(c) | 150,939 | ||||||
250,000 | Triborough Bridge & Tunnel Authority Prerefunded Highway Improvements Revenue Bonds, Series C 5.00%, 11/15/27(c) | 284,790 | ||||||
175,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/19 | 175,212 | ||||||
150,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/20 | 156,137 | ||||||
1,000,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/22 | 1,116,460 | ||||||
150,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24 | 178,328 | ||||||
100,000 | Triborough Bridge & Tunnel Authority Refunding Revenue Bonds, Series B 5.00%, 11/15/24 | 111,583 |
146 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Portfolio of Investments- (Continued) | October 31, 2019 |
Principal Amount | Value | |||||||
New York (continued) | ||||||||
$ | 1,750,000 | Utility Debt Securitization Authority Refunding Revenue Bonds 5.00%, 06/15/25 | $ | 1,986,985 | ||||
100,000 | Utility Debt Securitization Authority Refunding Revenue Bonds 5.00%, 12/15/26 | 118,573 | ||||||
1,500,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series A 5.00%, 06/15/26 | 1,753,170 | ||||||
1,080,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/28 | 1,244,160 | ||||||
8,720,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/29 | 10,041,603 | ||||||
2,750,000 | Utility Debt Securitization Authority Refunding Revenue Bonds, Series E 5.00%, 12/15/30 | 3,163,215 | ||||||
Total Municipal Bonds (Cost $464,277,053) | 474,644,498 | |||||||
Shares | ||||||||
INVESTMENT COMPANY — 3.8% | ||||||||
18,734,676 | SEI Daily Income Trust Government II Fund, Class A, 1.68%(d) | 18,734,676 |
Shares | Value | |||||||
Total Investment Company (Cost $18,734,676) | $ | 18,734,676 | ||||||
TOTAL INVESTMENTS — 98.9% (Cost $483,011,729) | $ | 493,379,174 | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1% | 5,472,839 | |||||||
NET ASSETS — 100.0% | $ | 498,852,013 |
(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 October 31, 2019. |
(c) | These securities are pre-refunded; the date shown represents the pre-refunded date. Bonds which are pre-refunded are collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
(d) | The rate shown represents the current yield as of October 31, 2019. |
The following abbreviation is used in the report:
GO — General Obligations.
147 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities | |
October 31, 2019 | |
LARGE CAP | ALL CAP | SMALL & MID CAP | ||||||||||||||||||
ALL CAP CORE | STRATEGIES | ESG | STRATEGIES | |||||||||||||||||
FUND | FUND | FUND | FUND | |||||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments, at fair value | $ | 1,768,635,557 | $ | 16,963,052,456 | $ | 38,475,609 | $ | 6,242,973,957 | ||||||||||||
Foreign currency, at value (Cost $0, $0, $0 and $3,763,091, respectively) | — | — | — | 3,769,422 | ||||||||||||||||
Cash | 3 | 1,813,500 | — | 27,248,117 | ||||||||||||||||
Dividends and interest receivable | 739,170 | 27,300,473 | 123,338 | 6,997,405 | ||||||||||||||||
Receivable for Fund shares sold | 637,044 | 5,165,391 | — | 7,593,663 | ||||||||||||||||
Receivable for investments sold | 11,649,267 | 58,184,129 | — | 666,074 | ||||||||||||||||
Prepaid expenses | 18,593 | 67,085 | 13,048 | 32,793 | ||||||||||||||||
Total Assets | 1,781,679,634 | 17,055,583,034 | 38,611,995 | 6,289,281,431 | ||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Payable for Fund shares redeemed | 155,372 | 3,231,509 | — | 1,183,089 | ||||||||||||||||
Payable for investments purchased | 13,746,333 | 31,874,259 | — | 3,625,046 | ||||||||||||||||
Deferred tax liability (Note 9) | — | 2,601,509 | — | — | ||||||||||||||||
Accrued expenses and other payables: | ||||||||||||||||||||
Investment advisory | 1,027,152 | 11,515,514 | 8,591 | 4,215,744 | ||||||||||||||||
Administration | 68,130 | 634,271 | 3,519 | 233,825 | ||||||||||||||||
Shareholder servicing fee | 296,447 | 2,839,067 | 6,350 | 1,041,991 | ||||||||||||||||
Custody | 23,343 | 363,163 | 1,141 | 181,863 | ||||||||||||||||
Directors | 12,071 | 115,384 | 257 | 42,389 | ||||||||||||||||
Legal and audit | 49,682 | 381,954 | 16,146 | 172,661 | ||||||||||||||||
Other | 14,094 | 147,089 | 1,222 | 143,770 | ||||||||||||||||
Total Liabilities | 15,392,624 | 53,703,719 | 37,226 | 10,840,378 | ||||||||||||||||
NET ASSETS | $ | 1,766,287,010 | $ | 17,001,879,315 | $ | 38,574,769 | $ | 6,278,441,053 | ||||||||||||
NET ASSETS consist of: | ||||||||||||||||||||
Capital paid-in | $ | 1,152,207,870 | $ | 12,623,797,450 | $ | 37,111,596 | $ | 5,125,614,356 | ||||||||||||
Total distributable earnings/(accumulated gain) | 614,079,140 | 4,378,081,865 | 1,463,173 | 1,152,826,697 | ||||||||||||||||
NET ASSETS | $ | 1,766,287,010 | $ | 17,001,879,315 | $ | 38,574,769 | $ | 6,278,441,053 | ||||||||||||
Net Asset Value, maximum offering price and redemption price per share | $ | 18.84 | $ | 14.99 | $ | 10.39 | $ | 15.39 | ||||||||||||
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 | 93,765,549 | 1,134,077,495 | 3,712,708 | 408,028,955 | ||||||||||||||||
INVESTMENTS, AT COST | $ | 1,309,795,094 | $ | 13,384,635,485 | $ | 36,390,414 | $ | 5,347,086,692 |
See Notes to Financial Statements.
148 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities -(Continued) | |
October 31, 2019 | |
MULTI-ASSET | ||||||
OPPORTUNITIES | ||||||
FUND(a) | ||||||
ASSETS: | ||||||
Investments, at fair value | $ | 4,995,132,717 | ||||
Foreign currency, at value (Cost $282,590,704) | 283,554,278 | |||||
Segregated cash for futures contracts (Note 6) | 4,782,437 | |||||
Due from broker for collateral | 4,675,000 | |||||
Structured option contracts, at value (Premium paid $136,903,446) | 127,318,420 | |||||
Dividends and interest receivable | 6,934,136 | |||||
Receivable for Fund shares sold | 2,368,090 | |||||
Receivable for investments sold | 33,068,894 | |||||
Unrealized appreciation on swap contracts | 44,840,639 | |||||
Unrealized appreciation on forward foreign currency exchange contracts | 1,513,605 | |||||
Variation margin | 333,500 | |||||
Prepaid expenses | 29,965 | |||||
Total Assets | 5,504,551,681 | |||||
LIABILITIES: | ||||||
Payable to brokers for collateral | 65,700,000 | |||||
Written option contracts, at value (Premium received $1,085,641) | 1,800,000 | |||||
Structured option contracts, at value (Premium received $107,793,543) | 79,254,338 | |||||
Payable to Custodian | 92,405 | |||||
Payable for Fund shares redeemed | 1,265,365 | |||||
Payable for investments purchased | 13,022,291 | |||||
Unrealized depreciation on swap contracts | 29,423,763 | |||||
Unrealized depreciation on forward foreign currency exchange contracts | 1,282,205 | |||||
Accrued expenses and other payables: | ||||||
Investment advisory | 4,041,809 | |||||
Administration | 205,141 | |||||
Shareholder servicing fee | 892,118 | |||||
Custody | 14,773 | |||||
Directors | 36,157 | |||||
Legal and Audit | 383,281 | |||||
Other | 53,772 | |||||
Total Liabilities | 197,467,418 | |||||
NET ASSETS | $ | 5,307,084,263 | ||||
NET ASSETS consist of: | ||||||
Capital paid-in | $ | 5,150,488,169 | ||||
Total distributable earnings/(accumulated gain) | 156,596,094 | |||||
NET ASSETS | $ | 5,307,084,263 | ||||
Net Asset Value, maximum offering price and redemption price per share | $ | 7.59 | ||||
Number of shares authorized | 3,500,000,000 | |||||
SHARES OF CAPITAL STOCK OUTSTANDING | 699,455,665 | |||||
INVESTMENTS, AT COST | $ | 5,052,218,373 |
(a) | Consolidated Statement of Assets and Liabilities. |
See Notes to Financial Statements.
149 |
Old Westbury Funds, Inc. | |
Statements of Assets and Liabilities -(Continued) | |
October 31, 2019 | |
CALIFORNIA | NEW YORK | |||||||||||||||
FIXED | MUNICIPAL | MUNICIPAL | MUNICIPAL | |||||||||||||
INCOME | BOND | BOND | BOND | |||||||||||||
FUND | FUND | FUND | FUND | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at fair value | $ | 1,485,630,155 | $ | 3,655,234,397 | $ | 337,510,624 | $ | 493,379,174 | ||||||||
Cash | 1 | — | — | — | ||||||||||||
Dividends and interest receivable | 9,271,507 | 40,352,675 | 3,757,114 | 5,702,626 | ||||||||||||
Receivable for Fund shares sold | 113,982 | 5,085,767 | 2,052,000 | 25,500 | ||||||||||||
Prepaid expenses | 17,808 | 24,866 | 14,016 | 14,528 | ||||||||||||
Total Assets | 1,495,033,453 | 3,700,697,705 | 343,333,754 | 499,121,828 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for Fund shares redeemed | 1,423,797 | 222,265 | 5,250 | 14,000 | ||||||||||||
Payable for investments purchased | — | 39,714,765 | 3,602,250 | — | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory | 347,884 | 866,280 | 54,553 | 89,365 | ||||||||||||
Administration | 57,801 | 138,437 | 14,575 | 20,489 | ||||||||||||
Shareholder servicing fee | 253,085 | 619,608 | 56,602 | 83,485 | ||||||||||||
Custody | 18,982 | 46,470 | 4,245 | 6,261 | ||||||||||||
Directors | 10,214 | 24,953 | 2,258 | 3,312 | ||||||||||||
Legal and Audit | 46,688 | 85,716 | 15,934 | 19,224 | ||||||||||||
Other | 57,473 | 135,233 | 17,653 | 33,679 | ||||||||||||
Total Liabilities | 2,215,924 | 41,853,727 | 3,773,320 | 269,815 | ||||||||||||
NET ASSETS | $ | 1,492,817,529 | $ | 3,658,843,978 | $ | 339,560,434 | $ | 498,852,013 | ||||||||
NET ASSETS consist of: | ||||||||||||||||
Capital paid-in | $ | 1,461,789,366 | $ | 3,574,103,755 | $ | 331,620,700 | $ | 486,564,995 | ||||||||
Total distributable earnings/(accumulated gain) | 31,028,163 | 84,740,223 | 7,939,734 | 12,287,018 | ||||||||||||
NET ASSETS | $ | 1,492,817,529 | $ | 3,658,843,978 | $ | 339,560,434 | $ | 498,852,013 | ||||||||
Net Asset Value, maximum offering price and redemption price per share | $ | 11.43 | $ | 12.26 | $ | 10.37 | $ | 10.42 | ||||||||
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 | 130,627,581 | 298,526,362 | 32,744,715 | 47,889,748 | ||||||||||||
INVESTMENTS, AT COST | $ | 1,447,235,128 | $ | 3,567,629,226 | $ | 330,619,913 | $ | 483,011,729 |
See Notes to Financial Statements.
150 |
Old Westbury Funds, Inc. | |
Statements of Operations | |
For the Year Ended October 31, 2019 | |
LARGE CAP | SMALL & MID CAP | ||||||||||||||||||||
ALL CAP CORE | STRATEGIES | ALL CAP | STRATEGIES | ||||||||||||||||||
FUND | FUND | ESG FUND | FUND | ||||||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||||
Interest | $ | — | $ | 8,631,809 | $ | — | $ | 2,539,337 | |||||||||||||
Dividends | 27,479,817 | 340,835,137 | 1,221,438 | 103,717,083 | |||||||||||||||||
Foreign tax withheld | (99,268 | ) | (16,422,026 | ) | (80,833 | ) | (6,020,510 | ) | |||||||||||||
Total investment income | 27,380,549 | 333,044,920 | 1,140,605 | 100,235,910 | |||||||||||||||||
EXPENSES: | |||||||||||||||||||||
Investment advisory fees | 12,712,709 | 133,132,100 | 258,005 | 50,383,859 | |||||||||||||||||
Shareholder servicing fees | 3,680,833 | 32,814,275 | 68,801 | 11,855,026 | |||||||||||||||||
Administration and Accounting fees | 852,293 | 7,399,451 | 40,164 | 2,688,351 | |||||||||||||||||
Custodian fees | 318,788 | 4,835,563 | 13,753 | 1,898,703 | |||||||||||||||||
Directors fees and expenses | 56,014 | 497,164 | 1,021 | 177,108 | |||||||||||||||||
Insurance premiums | 23,923 | 78,055 | 17,301 | 40,238 | |||||||||||||||||
Legal and Audit fees | 70,020 | 516,695 | 25,175 | 213,773 | |||||||||||||||||
Printing and postage fees | 20,295 | 128,105 | 8,363 | 67,264 | |||||||||||||||||
Registration fees | 34,366 | 71,663 | 23,611 | 63,066 | |||||||||||||||||
Transfer agent fees | 182,895 | 1,522,230 | 15,089 | 559,138 | |||||||||||||||||
Offering expenses | — | — | 24,421 | — | |||||||||||||||||
Miscellaneous expenses | 21,256 | 108,925 | 20,538 | 489,751 | |||||||||||||||||
Total expenses | 17,973,392 | 181,104,226 | 516,242 | 68,436,277 | |||||||||||||||||
Expenses waived by Adviser (Note 7) | — | — | (172,236 | ) | (2,640,885 | ) | |||||||||||||||
Net expenses | 17,973,392 | 181,104,226 | 344,006 | 65,795,392 | |||||||||||||||||
NET INVESTMENT INCOME | 9,407,157 | 151,940,694 | 796,599 | 34,440,518 | |||||||||||||||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES: | |||||||||||||||||||||
Net realized gains/(loss) on: | |||||||||||||||||||||
Investments | 162,615,768 | 745,954,558 | (711,886 | ) | 284,466,884 | ||||||||||||||||
Foreign capital gains tax | — | (908,977 | ) | — | (564,643 | ) | |||||||||||||||
Foreign currency transactions | (15,992 | ) | (4,242,622 | ) | (18,669 | ) | (538,186 | ) | |||||||||||||
Net change in unrealized appreciation/ (depreciation) on: | |||||||||||||||||||||
Investments | 105,646,550 | 1,089,004,979 | 3,084,807 | 131,577,081 | |||||||||||||||||
Foreign currency transactions | 55 | (249,654 | ) | 2,186 | 102,395 | ||||||||||||||||
Foreign deferred taxes on unrealized appreciation | — | (2,594,038 | ) | — | 13,718 | ||||||||||||||||
Net realized and change in unrealized gain/(loss) on investments, foreign currency transactions, net of foreign taxes | 268,246,381 | 1,826,964,246 | 2,356,438 | 415,057,249 | |||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 277,653,538 | $ | 1,978,904,940 | $ | 3,153,037 | $ | 449,497,767 |
See Notes to Financial Statements.
151 |
Old Westbury Funds, Inc. | |
Statements of Operations- (Continued) | |
For the Year Ended October 31, 2019 | |
MULTI-ASSET | |||||
OPPORTUNITIES | |||||
FUND(a) | |||||
INVESTMENT INCOME: | |||||
Interest | $ | 189,161,934 | |||
Dividends | 9,277,181 | ||||
Foreign tax withheld | (142,558 | ) | |||
Total investment income | 198,296,557 | ||||
EXPENSES: | |||||
Investment advisory fees | 52,488,857 | ||||
Shareholder servicing fees | 10,122,772 | ||||
Administration and Accounting fees | 2,351,170 | ||||
Custodian fees | 283,352 | ||||
Directors fees and expenses | 145,921 | ||||
Insurance premiums | 36,370 | ||||
Legal and Audit fees | 691,220 | ||||
Printing and postage fees | 53,316 | ||||
Registration fees | 38,015 | ||||
Transfer agent fees | 479,467 | ||||
Miscellaneous expenses | 146,505 | ||||
Total expenses | 66,836,965 | ||||
Expenses waived by Adviser (Note 7) | (6,099,184 | ) | |||
Net expenses | 60,737,781 | ||||
NET INVESTMENT INCOME | 137,558,776 | ||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS, FUTURES CONTRACTS, SWAP AGREEMENTS, WRITTEN OPTIONS AND STRUCTURED OPTIONS, FOREIGN CURRENCY TRANSACTIONS, NET OF FOREIGN TAXES: | |||||
Net realized gain/(loss) on: | |||||
Investments | (20,635,250 | ) | |||
Futures contracts | 30,198,086 | ||||
Swap agreements | (66,981,127 | ) | |||
Written options and structured options | 91,533,679 | ||||
Forward foreign currency exchange contracts | (3,533,988 | ) | |||
Foreign currency transactions | (3,734,002 | ) | |||
Net change in unrealized appreciation/(depreciation) on: | |||||
Investments | 29,159,577 | ||||
Futures contracts | (3,716,581 | ) | |||
Swap agreements | 62,291,940 | ||||
Written options and structured options | 24,507,420 | ||||
Forward foreign currency exchange contracts | 7,897,694 | ||||
Foreign currency transactions | (1,057,457 | ) | |||
Foreign deferred taxes on unrealized depreciation | 4,535 | ||||
Net realized and change in unrealized gain/(loss) on investments, futures contracts, swap agreements, written options and structured options, foreign currency transactions, net of foreign taxes | 145,934,526 | ||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 283,493,302 |
(a) | Consolidated Statement of Operations. |
See Notes to Financial Statements.
152 |
Old Westbury Funds, Inc. | |
Statements of Operations - (Continued) | |
For the Year Ended October 31, 2019 |
FIXED INCOME FUND | MUNICIPAL BOND FUND | CALIFORNIA MUNICIPAL BOND FUND(a) | NEW YORK MUNICIPAL BOND FUND(a) | |||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||
Interest | $ | 29,399,554 | $ | 56,444,940 | $ | 4,491,784 | $ | 6,531,107 | ||||||||||||||||
Dividends | 206,795 | 1,750,494 | 112,919 | 181,958 | ||||||||||||||||||||
Total investment income | 29,606,349 | 58,195,434 | 4,604,703 | 6,713,065 | ||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||
Investment advisory fees | 4,881,760 | 10,775,350 | 1,086,626 | 1,515,385 | ||||||||||||||||||||
Shareholder servicing fees | 2,368,335 | 5,728,772 | 482,945 | 673,504 | ||||||||||||||||||||
Administration and Accounting fees | 546,939 | 1,287,502 | 129,154 | �� | 171,130 | |||||||||||||||||||
Custodian fees | 177,625 | 429,658 | 36,221 | 50,513 | ||||||||||||||||||||
Directors fees and expenses | 36,958 | 88,612 | 11,263 | 12,031 | ||||||||||||||||||||
Insurance premiums | 20,321 | 25,414 | 565 | 586 | ||||||||||||||||||||
Interest expense | — | 122 | — | — | ||||||||||||||||||||
Legal and Audit fees | 62,870 | 106,451 | 22,778 | 27,306 | ||||||||||||||||||||
Printing and postage fees | 16,102 | 27,343 | 10,573 | 11,111 | ||||||||||||||||||||
Registration fees | 72,685 | 130,846 | 34,373 | 42,226 | ||||||||||||||||||||
Transfer agent fees | 121,687 | 276,707 | 33,195 | 41,888 | ||||||||||||||||||||
Miscellaneous expenses | 29,685 | 92,607 | 30,817 | 33,812 | ||||||||||||||||||||
Total expenses | 8,334,967 | 18,969,384 | 1,878,510 | 2,579,492 | ||||||||||||||||||||
Expenses waived by Advisor (Note 7) | (1,468,568 | ) | (2,441,860 | ) | (502,118 | ) | (660,005 | ) | ||||||||||||||||
Expenses waived by Shareholder Servicing Agent (Note 7) | (76,524 | ) | (202,495 | ) | — | — | ||||||||||||||||||
Net expenses | 6,789,875 | 16,325,029 | 1,376,392 | 1,919,487 | ||||||||||||||||||||
NET INVESTMENT INCOME | 22,816,474 | 41,870,405 | 3,228,311 | 4,793,578 | ||||||||||||||||||||
NET REALIZED AND CHANGE IN UNREALIZED GAIN/(LOSS) ON INVESTMENTS | ||||||||||||||||||||||||
Net realized gain/(loss) on: | ||||||||||||||||||||||||
Investments | 11,941,711 | 531,984 | 725,434 | 1,413,792 | ||||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||||||||||||
Investments | 58,914,175 | 132,116,431 | 6,890,711 | 10,367,445 | ||||||||||||||||||||
Net realized and change in unrealized gain/(loss) on investments | 70,855,886 | 132,648,415 | 7,616,145 | 11,781,237 | ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 93,672,360 | $ | 174,518,820 | $ | 10,844,456 | $ | 16,574,815 |
(a) | For the period from December 4, 2018 (commencement of operations) to October 31, 2019. |
See Notes to Financial Statements.
153 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets | |
ALL CAP CORE FUND | LARGE CAP STRATEGIES FUND | |||||||||||||||||||||||
FOR THE YEAR ENDED OCTOBER 31, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE YEAR ENDED OCTOBER 31, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | |||||||||||||||||||||
FROM OPERATIONS: | ||||||||||||||||||||||||
Net investment income | $ | 9,407,157 | $ | 7,960,247 | $ | 151,940,694 | $ | 152,071,212 | ||||||||||||||||
Net realized gain/(loss) on investments, foreign capital gains tax, foreign currency transactions | 162,599,776 | 75,968,285 | 740,802,959 | 541,806,829 | ||||||||||||||||||||
Net change in unrealized appreciation/(depreciation) on investments, foreign currency transactions, net of foreign deferred taxes | 105,646,605 | 14,699,701 | 1,086,161,287 | (862,059,439 | ) | |||||||||||||||||||
Net increase/(decrease) in net assets resulting from operations | 277,653,538 | 98,628,233 | 1,978,904,940 | (168,181,398 | ) | |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||||||||||
Net investment income and net realized gain | (81,538,163 | ) | (35,549,309 | ) | (684,286,172 | ) | (979,594,946 | ) | ||||||||||||||||
Total distributions to shareholders | (81,538,163 | ) | (35,549,309 | ) | (684,286,172 | ) | (979,594,946 | ) | ||||||||||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||||||||||||||||||
Proceeds from sale of capital stock | 259,037,010 | 193,877,245 | 1,890,886,896 | 1,319,775,405 | ||||||||||||||||||||
Reinvestment of distributions | 51,355,652 | 20,786,526 | 343,901,108 | 578,058,719 | ||||||||||||||||||||
Value of capital stock redeemed | (579,883,757 | ) | (210,447,561 | ) | (3,026,676,067 | ) | (1,494,387,938 | ) | ||||||||||||||||
Net increase/(decrease) in net assets resulting from capital stock transactions | (269,491,095 | ) | 4,216,210 | (791,888,063 | ) | 403,446,186 | ||||||||||||||||||
Net increase/(decrease) in net assets | (73,375,720 | ) | 67,295,134 | 502,730,705 | (744,330,158 | ) | ||||||||||||||||||
NET ASSETS: | ||||||||||||||||||||||||
Beginning of year | 1,839,662,730 | 1,772,367,596 | 16,499,148,610 | 17,243,478,768 | ||||||||||||||||||||
End of year | $ | 1,766,287,010 | $ | 1,839,662,730 | $ | 17,001,879,315 | $ | 16,499,148,610 | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Shares sold | 15,277,193 | 11,199,372 | 137,451,075 | 89,536,508 | ||||||||||||||||||||
Shares issued as reinvestment of distributions | 3,227,885 | 1,255,225 | 26,211,975 | 40,480,302 | ||||||||||||||||||||
Shares redeemed | (32,475,341 | ) | (12,139,680 | ) | (219,307,552 | ) | (101,370,100 | ) | ||||||||||||||||
Net increase/(decrease) in shares outstanding | (13,970,263 | ) | 314,917 | (55,644,502 | ) | 28,646,710 |
(a) | For the period from March 1, 2018 (commencement of operations) to October 31, 2018. |
See Notes to Financial Statements.
154 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
ALL CAP ESG FUND | SMALL & MID CAP STRATEGIES FUND | |||||||||||||||||
FOR THE YEAR ENDED OCTOBER 31, 2019 | FOR THE PERIOD ENDED OCTOBER 31, 2018(a) | FOR THE YEAR ENDED OCTOBER 31, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | |||||||||||||||
$ | 796,599 | $ | 409,949 | $ | 34,440,518 | $ | 32,139,653 | |||||||||||
(730,555 | ) | (673,086 | ) | 283,364,055 | 572,161,274 | |||||||||||||
3,086,993 | (1,000,617 | ) | 131,693,194 | (769,530,252 | ) | |||||||||||||
3,153,037 | (1,263,754 | ) | 449,497,767 | (165,229,325 | ) | |||||||||||||
(426,110 | ) | — | (584,296,570 | ) | (464,025,455 | ) | ||||||||||||
(426,110 | ) | — | (584,296,570 | ) | (464,025,455 | ) | ||||||||||||
5,732,538 | 31,299,326 | 1,632,309,102 | 597,027,116 | |||||||||||||||
405,455 | — | 314,559,459 | 279,211,481 | |||||||||||||||
(292,723 | ) | (33,000 | ) | (1,756,120,763 | ) | (586,873,029 | ) | |||||||||||
5,845,270 | 31,266,326 | 190,747,798 | 289,365,568 | |||||||||||||||
8,572,197 | 30,002,572 | 55,948,995 | (339,889,212 | ) | ||||||||||||||
30,002,572 | — | 6,222,492,058 | 6,562,381,270 | |||||||||||||||
$ | 38,574,769 | $ | 30,002,572 | $ | 6,278,441,053 | $ | 6,222,492,058 | |||||||||||
582,983 | 3,119,548 | 113,658,909 | 34,940,278 | |||||||||||||||
43,785 | — | 24,346,707 | 16,749,339 | |||||||||||||||
(30,343 | ) | (3,265 | ) | (122,559,353 | ) | (34,218,308 | ) | |||||||||||
596,425 | 3,116,283 | 15,446,263 | 17,471,309 |
See Notes to Financial Statements.
155 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
MULTI-ASSET OPPORTUNITIES FUND | ||||||||||
FOR THE YEAR ENDED OCTOBER 31, 2019(a) | FOR THE YEAR ENDED OCTOBER 31, 2018(a) | |||||||||
FROM OPERATIONS: | ||||||||||
Net investment income | $ | 137,558,776 | $ | 182,476,256 | ||||||
Net realized gain/(loss) on investments, futures contracts, swap agreements, written options and structured options, foreign currency transactions | 26,847,398 | 170,010,626 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, swap agreements, written options and structured options, foreign currency transactions, net of foreign deferred taxes | 119,087,128 | (419,407,529 | ) | |||||||
Net increase/(decrease) in net assets resulting from operations | 283,493,302 | (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 | 1,343,035,762 | 538,372,473 | ||||||||
Reinvestment of distributions | 116,487,339 | 162,502,177 | ||||||||
Value of capital stock redeemed | (1,424,453,994 | ) | (507,487,099 | ) | ||||||
Net increase in net assets resulting from capital stock transactions | 35,069,107 | 193,387,551 | ||||||||
Net increase/(decrease) in net assets | 33,410,353 | (275,874,198 | ) | |||||||
NET ASSETS: | ||||||||||
Beginning of year | 5,273,673,910 | 5,549,548,108 | ||||||||
End of year | $ | 5,307,084,263 | $ | 5,273,673,910 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Shares sold | 185,895,030 | 68,091,521 | ||||||||
Shares issued as reinvestment of distributions | 17,596,275 | 20,806,937 | ||||||||
Shares redeemed | (197,844,269 | ) | (64,056,088 | ) | ||||||
Net increase in shares outstanding | 5,647,036 | 24,842,370 |
(a) | Consolidated Statement of Changes in Net Assets. |
See Notes to Financial Statements.
156 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
FIXED INCOME FUND | MUNICIPAL BOND FUND | |||||||||||||||||
FOR THE YEAR ENDED OCTOBER 31, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | FOR THE YEAR ENDED OCTOBER 31, 2019 | FOR THE YEAR ENDED OCTOBER 31, 2018 | |||||||||||||||
$ | 22,816,474 | $ | 14,435,545 | $ | 41,870,405 | $ | 31,907,707 | |||||||||||
11,941,711 | (7,802,111 | ) | 531,984 | (6,099,436 | ) | |||||||||||||
58,914,175 | (18,998,566 | ) | 132,116,431 | (57,254,816 | ) | |||||||||||||
93,672,360 | (12,365,132 | ) | 174,518,820 | (31,446,545 | ) | |||||||||||||
(22,911,587 | ) | (15,309,270 | ) | (40,647,762 | ) | (31,336,777 | ) | |||||||||||
(22,911,587 | ) | (15,309,270 | ) | (40,647,762 | ) | (31,336,777 | ) | |||||||||||
674,032,961 | 154,566,649 | 1,876,838,241 | 427,388,573 | |||||||||||||||
13,001,267 | 8,843,624 | 9,958,370 | 8,400,843 | |||||||||||||||
(130,007,266 | ) | (96,251,246 | ) | (659,355,899 | ) | (310,977,078 | ) | |||||||||||
557,026,962 | 67,159,027 | 1,227,440,712 | 124,812,338 | |||||||||||||||
627,787,735 | 39,484,625 | 1,361,311,770 | 62,029,016 | |||||||||||||||
865,029,794 | 825,545,169 | 2,297,532,208 | 2,235,503,192 | |||||||||||||||
$ | 1,492,817,529 | $ | 865,029,794 | $ | 3,658,843,978 | $ | 2,297,532,208 | |||||||||||
60,698,953 | 14,184,757 | 155,628,423 | 36,309,706 | |||||||||||||||
1,167,782 | 814,288 | 825,924 | 715,335 | |||||||||||||||
(11,723,314 | ) | (8,851,955 | ) | (55,558,285 | ) | (26,444,258 | ) | |||||||||||
50,143,421 | 6,147,090 | 100,896,062 | 10,580,783 |
See Notes to Financial Statements.
157 |
Old Westbury Funds, Inc. | |
Statements of Changes in Net Assets -(Continued) | |
CALIFORNIA MUNICIPAL BOND FUND | NEW YORK MUNICIPAL BOND FUND | |||||||||
FOR THE PERIOD ENDED October 31, 2019(a) | FOR THE PERIOD ENDED October 31, 2019(a) | |||||||||
FROM OPERATIONS: | ||||||||||
Net investment income | $ | 3,228,311 | $ | 4,793,578 | ||||||
Net realized gain/(loss) on investments | 725,434 | 1,413,792 | ||||||||
Net change in unrealized appreciation/(depreciation) on investments | 6,890,711 | 10,367,445 | ||||||||
Net increase in net assets resulting from operations | 10,844,456 | 16,574,815 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||
Net investment income and net realized gain | (2,904,722 | ) | (4,287,797 | ) | ||||||
Total distributions to shareholders | (2,904,722 | ) | (4,287,797 | ) | ||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS): | ||||||||||
Proceeds from sale of capital stock | 356,911,421 | 512,094,535 | ||||||||
Reinvestment of distributions | 1,163,975 | 1,339,904 | ||||||||
Value of capital stock redeemed | (26,454,696 | ) | (26,869,444 | ) | ||||||
Net increase in net assets resulting from capital stock transactions | 331,620,700 | 486,564,995 | ||||||||
Net increase in net assets | 339,560,434 | 498,852,013 | ||||||||
NET ASSETS: | ||||||||||
Beginning of period | — | — | ||||||||
End of period | $ | 339,560,434 | $ | 498,852,013 | ||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||
Shares sold | 35,217,298 | 50,359,804 | ||||||||
Shares issued as reinvestment of distributions | 113,101 | 129,655 | ||||||||
Shares redeemed | (2,585,684 | ) | (2,599,711 | ) | ||||||
Net increase in shares outstanding | 32,744,715 | 47,889,748 |
(a) | For the period from December 4, 2018 (commencement of operations) to October 31, 2019. |
See Notes to Financial Statements.
158 |
Old Westbury Funds, Inc. | |
All Cap Core Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Net asset value, beginning of year | $ | 17.08 | $ | 16.50 | $ | 13.69 | $ | 13.92 | $ | 15.00 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.09(a | ) | 0.07(a | ) | 0.10(a | ) | 0.14(a | ) | 0.15(a | ) | ||||||||||
Net realized and unrealized gains/(losses) | 2.44 | 0.84 | 2.86 | (0.05 | ) | (0.41 | ) | |||||||||||||
Total from investment operations | 2.53 | 0.91 | 2.96 | 0.09 | (0.26 | ) | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.08 | ) | (0.09 | ) | (0.15 | ) | (0.16 | ) | (0.19 | ) | ||||||||||
Net realized gains | (0.69 | ) | (0.24 | ) | — | (0.16 | ) | (0.63 | ) | |||||||||||
Total distributions | (0.77 | ) | (0.33 | ) | (0.15 | ) | (0.32 | ) | (0.82 | ) | ||||||||||
Net asset value, end of year | $ | 18.84 | $ | 17.08 | $ | 16.50 | $ | 13.69 | $ | 13.92 | ||||||||||
Total return | 15.7 | % | 5.6 | % | 21.8 | % | 0.7 | % | (1.7 | )% | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 1,766,287 | $ | 1,839,663 | $ | 1,772,368 | $ | 1,246,197 | $ | 1,145,892 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 0.98 | %(b) | 0.98 | %(b) | 0.99 | %(b) | 1.00 | %(b) | 1.01 | % | ||||||||||
Ratio of expenses to average net assets after expense waivers | 0.98 | % | 0.98 | % | 0.99 | % | 1.00 | % | 1.00 | % | ||||||||||
Ratio of net investment income to average net assets | 0.51 | % | 0.42 | % | 0.67 | % | 1.07 | % | 1.02 | % | ||||||||||
Portfolio turnover rate | 31 | % | 38 | % | 57 | % | 34 | % | 43 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | There were no voluntary fee reductions during the period. |
See Notes to Financial Statements.
159 |
Old Westbury Funds, Inc. | |
Large Cap Strategies Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Net asset value, beginning of year | $ | 13.87 | $ | 14.85 | $ | 12.95 | $ | 13.01 | $ | 13.20 | ||||||||||
Investment operations: | �� | |||||||||||||||||||
Net investment income | 0.13(a | ) | 0.13(a | ) | 0.11(a | ) | 0.08(a | ) | 0.12(a | ) | ||||||||||
Net realized and unrealized gains/(losses) | 1.58 | (0.26 | ) | 2.02 | 0.16 | 0.13 | ||||||||||||||
Total from investment operations | 1.71 | (0.13 | ) | 2.13 | 0.24 | 0.25 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.14 | ) | (0.10 | ) | (0.10 | ) | (0.10 | ) | (0.10 | ) | ||||||||||
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 | ) | ||||||||||
Net asset value, end of year | $ | 14.99 | $ | 13.87 | $ | 14.85 | $ | 12.95 | $ | 13.01 | ||||||||||
Total return | 12.9 | % | (1.1 | )% | 16.7 | % | 1.9 | % | 2.0 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 17,001,879 | $ | 16,499,149 | $ | 17,243,479 | $ | 14,595,891 | $ | 14,141,401 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 1.10 | %(b)(c) | 1.11 | %(b)(c) | 1.11 | %(b)(c) | 1.11 | %(b)(c) | 1.11 | %(b)(c) | ||||||||||
Ratio of expenses to average net assets after expense waivers | 1.10 | % | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | ||||||||||
Ratio of net investment income to average net assets | 0.93 | % | 0.86 | % | 0.77 | % | 0.67 | % | 0.88 | % | ||||||||||
Portfolio turnover rate | 73 | % | 38 | % | 61 | % | 50 | % | 61 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | There were no voluntary fee reductions during the period. |
(c) | When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio. |
See Notes to Financial Statements.
160 |
Old Westbury Funds, Inc. | |
All Cap ESG Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
FOR THE YEAR ENDED OCTOBER 31, 2019 | 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 | 0.23(b | ) | 0.15(b | ) | ||||||
Net realized and unrealized gains/(losses) | 0.67 | (0.52 | ) | |||||||
Total from investment operations | 0.90 | (0.37 | ) | |||||||
Distributions: | ||||||||||
Net investment income | (0.14 | ) | — | |||||||
Total distributions | (0.14 | ) | — | |||||||
Net asset value, end of period | $ | 10.39 | $ | 9.63 | ||||||
Total return | 9.5 | % | (3.7 | )%(c) | ||||||
Annualized ratios/supplemental data: | ||||||||||
Net assets at end of period (000’s) | $ | 38,575 | $ | 30,003 | ||||||
Ratio of expenses to average net assets before expense waivers | 1.50 | % | 1.64 | %(d) | ||||||
Ratio of expenses to average net assets after expense waivers | 1.00 | % | 1.00 | %(d) | ||||||
Ratio of net investment income to average net assets | 2.31 | % | 2.30 | %(d) | ||||||
Portfolio turnover rate | 57 | % | 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.
161 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Net asset value, beginning of year | $ | 15.85 | $ | 17.49 | $ | 15.81 | $ | 15.86 | $ | 17.09 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.09(a | ) | 0.08(a | ) | 0.10(a | ) | 0.09(a | ) | 0.09(a | ) | ||||||||||
Net realized and unrealized gains/(losses) | 1.10 | (0.47 | ) | 2.54 | 0.66 | 0.40 | ||||||||||||||
Total from investment operations | 1.19 | (0.39 | ) | 2.64 | 0.75 | 0.49 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.09 | ) | (0.11 | ) | (0.09 | ) | (0.12 | ) | (0.13 | ) | ||||||||||
Net realized gains | (1.56 | ) | (1.14 | ) | (0.87 | ) | (0.68 | ) | (1.59 | ) | ||||||||||
Total distributions | (1.65 | ) | (1.25 | ) | (0.96 | ) | (0.80 | ) | (1.72 | ) | ||||||||||
Net asset value, end of year | $ | 15.39 | $ | 15.85 | $ | 17.49 | $ | 15.81 | $ | 15.86 | ||||||||||
Total return | 9.4 | % | (2.6 | )% | 17.6 | % | 5.1 | % | 2.9 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 6,278,441 | $ | 6,222,492 | $ | 6,562,381 | $ | 5,471,624 | $ | 5,449,609 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 1.15 | %(b) | 1.15 | %(b) | 1.15 | %(b) | 1.16 | %(b) | 1.16 | %(b) | ||||||||||
Ratio of expenses to average net assets after expense waivers | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | 1.11 | % | ||||||||||
Ratio of net investment income to average net assets | 0.58 | % | 0.48 | % | 0.59 | % | 0.61 | % | 0.56 | % | ||||||||||
Portfolio turnover rate | 52 | % | 62 | % | 45 | % | 48 | % | 50 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio. |
See Notes to Financial Statements.
162 |
Old Westbury Funds, Inc. | |
Multi-Asset Opportunities Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2019(a) | 2018(a) | 2017(a) | 2016(a) | 2015(a) | ||||||||||||||||
Net asset value, beginning of year | $ | 7.60 | $ | 8.30 | $ | 7.41 | $ | 7.65 | $ | 8.20 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.19(b | ) | 0.26(b | ) | 0.19(b | ) | 0.12(b | ) | 0.09(b | ) | ||||||||||
Net realized and unrealized gains/(losses) | 0.25 | (0.36 | ) | 0.84 | (0.10 | ) | (0.02 | ) | ||||||||||||
Total from investment operations | 0.44 | (0.10 | ) | 1.03 | 0.02 | 0.07 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.33 | ) | (0.14 | ) | (0.12 | ) | (0.17 | ) | ||||||||||
Net realized gains | (0.19 | ) | (0.27 | ) | — | (0.14 | ) | (0.45 | ) | |||||||||||
Total distributions | (0.45 | ) | (0.60 | ) | (0.14 | ) | (0.26 | ) | (0.62 | ) | ||||||||||
Net asset value, end of year | $ | 7.59 | $ | 7.60 | $ | 8.30 | $ | 7.41 | $ | 7.65 | ||||||||||
Total return | 6.6 | % | (1.3 | )% | 14.1 | % | 0.2 | % | 0.9 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 5,307,084 | $ | 5,273,674 | $ | 5,549,548 | $ | 5,934,053 | $ | 7,095,756 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 1.32 | %(c) | 1.32 | %(c) | 1.32 | %(c) | 1.32 | %(c) | 1.32 | %(c) | ||||||||||
Ratio of expenses to average net assets after expense waivers | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | 1.20 | % | ||||||||||
Ratio of net investment income to average net assets | 2.54 | % | 3.31 | % | 2.45 | % | 1.67 | % | 1.16 | % | ||||||||||
Portfolio turnover rate | 132 | % | 92 | % | 111 | % | 114 | % | 70 | % |
(a) | Consolidated Financial Highlights. |
(b) | Calculated based on the average shares method for the period. |
(c) | When counterparties post cash collateral with respect to various derivative transactions, the Fund may invest the collateral and receive interest income on the investment and pays interest expense on the collateral to the counterparty. The interest income is included in investment income on the Statements of Operations, and the interest expense is included in the Fund’s overall expenses on the Statements of Operations and expense ratio. |
See Notes to Financial Statements.
163 |
Old Westbury Funds, Inc. | |
Fixed Income Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Net asset value, beginning of year | $ | 10.75 | $ | 11.11 | $ | 11.28 | $ | 11.19 | $ | 11.22 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.21(a | ) | 0.19(a | ) | 0.14(a | ) | 0.12(a | ) | 0.12(a | ) | ||||||||||
Net realized and unrealized gains/(losses) | 0.69 | (0.35 | ) | (0.15 | ) | 0.11 | —(b | ) | ||||||||||||
Total from investment operations | 0.90 | (0.16 | ) | (0.01 | ) | 0.23 | 0.12 | |||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.22 | ) | (0.20 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | ||||||||||
Total distributions | (0.22 | ) | (0.20 | ) | (0.16 | ) | (0.14 | ) | (0.15 | ) | ||||||||||
Net asset value, end of year | $ | 11.43 | $ | 10.75 | $ | 11.11 | $ | 11.28 | $ | 11.19 | ||||||||||
Total return | 8.4 | % | (1.5 | )% | (0.1 | )% | 2.1 | % | 1.1 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 1,492,818 | $ | 865,030 | $ | 825,545 | $ | 785,417 | $ | 583,204 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 0.70 | % | 0.72 | % | 0.72 | % | 0.74 | % | 0.74 | % | ||||||||||
Ratio of expenses to average net assets after expense waivers | 0.57 | % | 0.62 | % | 0.62 | % | 0.64 | % | 0.64 | % | ||||||||||
Ratio of net investment income to average net assets | 1.93 | % | 1.70 | % | 1.28 | % | 1.07 | % | 1.03 | % | ||||||||||
Portfolio turnover rate | 34 | % | 49 | % | 70 | % | 68 | % | 67 | % |
(a) | Calculated based on the average shares method for the period. |
(b) | Amount is less than $0.005 per share. |
See Notes to Financial Statements.
164 |
Old Westbury Funds, Inc. | |
Municipal Bond Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
YEAR ENDED OCTOBER 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Net asset value, beginning of year | $ | 11.63 | $ | 11.95 | $ | 12.09 | $ | 12.00 | $ | 12.02 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.18(a | ) | 0.17(a | ) | 0.14(a | ) | 0.14(a | ) | 0.15(a | ) | ||||||||||
Net realized and unrealized gains/(losses) | 0.62 | (0.33 | ) | (0.08 | ) | 0.10 | 0.03 | |||||||||||||
Total from investment operations | 0.80 | (0.16 | ) | 0.06 | 0.24 | 0.18 | ||||||||||||||
Distributions: | ||||||||||||||||||||
Net investment income | (0.17 | ) | (0.16 | ) | (0.14 | ) | (0.14 | ) | (0.15 | ) | ||||||||||
Net realized gains | — | — | (0.06 | ) | (0.01 | ) | (0.05 | ) | ||||||||||||
Total distributions | (0.17 | ) | (0.16 | ) | (0.20 | ) | (0.15 | ) | (0.20 | ) | ||||||||||
Net asset value, end of year | $ | 12.26 | $ | 11.63 | $ | 11.95 | $ | 12.09 | $ | 12.00 | ||||||||||
Total return | 6.9 | % | (1.4 | )% | 0.5 | % | 2.1 | % | 1.5 | % | ||||||||||
Annualized ratios/supplemental data: | ||||||||||||||||||||
Net assets at end of year (000’s) | $ | 3,658,844 | $ | 2,297,532 | $ | 2,235,503 | $ | 2,055,136 | $ | 1,375,043 | ||||||||||
Ratio of expenses to average net assets before expense waivers | 0.66 | % | 0.67 | % | 0.67 | % | 0.69 | % | 0.70 | % | ||||||||||
Ratio of expenses to average net assets after expense waivers | 0.57 | % | 0.57 | % | 0.57 | % | 0.59 | % | 0.60 | % | ||||||||||
Ratio of net investment income to average net assets | 1.46 | % | 1.41 | % | 1.17 | % | 1.17 | % | 1.28 | % | ||||||||||
Portfolio turnover rate | 26 | % | 51 | % | 31 | % | 44 | % | 31 | % |
(a) | Calculated based on the average shares method for the period. |
See Notes to Financial Statements.
165 |
Old Westbury Funds, Inc. | |
California Municipal Bond Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019 | |||||
Net asset value, beginning of period | $ | 10.00 | |||
Investment operations: | |||||
Net investment income | 0.12(b | ) | |||
Net realized and unrealized gains/(losses) | 0.36 | ||||
Total from investment operations | 0.48 | ||||
Distributions: | |||||
Net investment income | (0.11 | ) | |||
Total distributions | (0.11 | ) | |||
Net asset value, end of period | $ | 10.37 | |||
Total return | 4.8 | %(c) | |||
Annualized ratios/supplemental data: | |||||
Net assets at end of period (000’s) | $ | 339,560 | |||
Ratio of expenses to average net assets before expense waivers | 0.78 | %(d) | |||
Ratio of expenses to average net assets after expense waivers | 0.57 | %(d) | |||
Ratio of net investment income to average net assets | 1.32 | %(d) | |||
Portfolio turnover rate | 41 | %(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.
166 |
Old Westbury Funds, Inc. | |
New York Municipal Bond Fund | |
Financial Highlights | |
For a Share Outstanding Throughout Each Period.
PERIOD FROM DECEMBER 4, 2018(a) TO OCTOBER 31, 2019 | |||||
Net asset value, beginning of period | $ | 10.00 | |||
Investment operations: | |||||
Net investment income | 0.13(b | ) | |||
Net realized and unrealized gains/(losses) | 0.40 | ||||
Total from investment operations | 0.53 | ||||
Distributions: | |||||
Net investment income | (0.11 | ) | |||
Total distributions | (0.11 | ) | |||
Net asset value, end of period | $ | 10.42 | |||
Total return | 5.4 | %(c) | |||
Annualized ratios/supplemental data: | |||||
Net assets at end of period (000’s) | $ | 498,852 | |||
Ratio of expenses to average net assets before expense waivers | 0.77 | %(d) | |||
Ratio of expenses to average net assets after expense waivers | 0.57 | %(d) | |||
Ratio of net investment income to average net assets | 1.42 | %(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.
167 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements | |
October 31, 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 October 31, 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 Multi-Asset Opportunities Fund (formerly Old Westbury Strategic Opportunities Fund) (“Multi-Asset 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 4, 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 Multi-Asset Opportunities Fund: |
The consolidated financial statements of the Multi-Asset Opportunities Fund include the financial results of its wholly-owned subsidiary (organized under the laws of the Cayman Islands), OWF Multi-Asset Opportunities Fund Ltd. (formerly 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 Multi-Asset 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 Multi-Asset 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 Multi-Asset Opportunities Fund. The Subsidiary pursues its investment goal by investing in commodities-related instruments, derivatives and other investments. The Subsidiary (unlike the Multi-Asset 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 Multi-Asset Opportunities Fund. The portion of the Multi-Asset Opportunities Fund’s or Subsidiary’s
168 |
Old Westbury Funds, Inc. | |
Notes to Financial Statements- (Continued) | |
October 31, 2019 | |
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 Multi-Asset Opportunities Fund’s investment through the Subsidiary, it will be subject to the risks associated with the derivatives and other instruments in which the Subsidiary invests. As of October 31, 2019, the Subsidiary represented $212,663,268 or 4.01% of the Multi-Asset 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
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reflect, in good faith, the fair value of such investments. A market quotation is considered not readily available if, among other circumstances, the most recent reported price is deemed unreliable. For example, securities that may be subject to fair valuation include, but are not limited to: (1) securities in which trading has been halted pending further news; (2) illiquid securities in which there is no trading market and no broker coverage; (3) stale priced securities; (4) securities that may have defaulted or de-listed from an exchange and are no longer trading; (5) any other security for which the Funds’ Pricing Committee, with input from the Adviser or sub-advisers, as applicable, believes that the last trading price does not represent a reliable current price; or (6) other investments, including derivatives for which readily available market quotations are not generally available. In addition, a Fund may fair value securities that trade on a foreign exchange because a significant event has occurred after the foreign exchange closes but before the time as of which a Fund’s share price is calculated. Foreign exchanges typically close before the time as of which Fund share prices are calculated, and may be closed altogether on some days a Fund is open. Such significant events affecting a foreign security may include, but are not limited to: (1) those relating to a single issuer; (2) governmental actions that affect securities in one sector or country; (3) natural disasters or armed conflicts affecting a country or region; or (4) significant market fluctuations. There is no single standard for determining the fair value of a security or investment, but, rather, several factors are considered, including an evaluation of the forces that influence the market in which the security or investment is purchased or sold, in determining whether a market price is readily available and, if not, the security’s or other investment’s fair value.
In light of the judgment involved in fair value decisions, there can be no assurances that a fair value assigned to a particular security reflects a price for which a security has traded or will trade. Accordingly, when a Fund uses fair value to price securities, it may value those securities higher or lower than another fund that uses market quotations to price the same securities.
In the event of a change in the S&P 500 Index that is greater than predetermined levels approved by the Board, the Funds will utilize an approved pricing service that has been designated to determine fair value to price securities traded on any overseas exchange. Pricing Service Vendors base their valuations on a number of factors, including, but not limited to, actual transaction data, benchmark yields, market bids, market offers, quotations from dealers, credit risk spreads, interest rate spreads, proprietary pricing models, cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements, specific deal information and other relationships observed in markets of comparable securities. In addition, foreign securities held by a Fund may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when shares of the Fund cannot be bought or sold. Such fair valuations are categorized as Level 2 in the fair value hierarchy. Foreign securities that are valued based on market quotations are categorized as Level 1 in the fair value hierarchy. The All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund utilized a systematic fair valuation model provided by an independent third-party vendor to fair value certain securities 60 days during the year ended October 31, 2019. As a result on days when the index change exceeds predetermined levels, certain securities held by the Funds were transferred from Level 1 into Level 2. On any subsequent day when such index level is not exceeded, certain securities held by the Funds were transferred from Level 2 back into Level 1. As of October 31, 2019, foreign securities were not fair valued as the change in the S&P 500 Index did not exceed the Funds’ predetermined Level.
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
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financing. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. Generally, a change in the assumptions used for the normalized earnings level will be accompanied by a directionally similar change in the discounts applied to the list of comparable investments.
The Funds’ Pricing Committee employs various methods for calibrating the valuation approach related to investments categorized within Level 3 in the fair value hierarchy. These methods may include regular due diligence of the Funds’ pricing vendors including back testing of trigger related fair value prices, a regular review of key inputs and assumptions, reviews of missing and stale prices and price variance analysis, including investigation of unusual or unexpected pricing changes and reviews of any market related activities. Additionally, the pricing of all fair value holdings is subsequently reviewed and approved by the Funds’ Board.
B.Security Transactions and Related Investment Income. Security transactions are accounted for no later than the first NAV calculation on the first business day following the trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Realized gains and losses on security transactions are determined using the identified cost method for maximum tax benefit to shareholders. Dividend income and other distributions from portfolio securities are recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend dates may have passed are recorded as soon as the Funds are informed of the dividends. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Interest income is recognized on an accrual basis and includes where applicable, the amortization of premiums and accretion of discounts.
C.Payment-In-Kind Securities. The Funds may invest in payment-in-kind securities (“PIKs”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro-rata adjustment from the unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.
For the year ended October 31, 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, futures contracts, swap agreements, written options and structured options and foreign currency transactions in the Statements of Operations.
Foreign security and currency transactions may involve certain risks not typically associated with those of U.S. companies, including the level of governmental supervision and regulation of foreign securities markets and the possibility of political and economic instability.
E.Securities Sold. The Funds may sell securities short. A short sale is a transaction in which a Fund sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. A Fund is obligated to replace the borrowed securities at their market price at the time of settlement. A Fund’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. Short sales by a Fund involve certain risks and special considerations.
The Funds may not always be able to close out a short position on favorable terms. Short sales involve the risk that a Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security short. The amount of such loss is theoretically unlimited (since it is limited only by the increase in value of the security sold short by a Fund). In contrast, the risk of loss from a long position is limited to a Fund’s investment in the long position, since its value cannot fall below zero. Short selling is a form of leverage which may lead to higher volatility of a Fund’s NAV or greater losses for a Fund. To mitigate leverage risk, a Fund will always hold liquid assets (including its long positions) at least equal to its short position exposure, marked-to-market daily. The Funds had no short sales outstanding at October 31, 2019.
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F.Collectibles. The Multi-Asset 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 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 Multi-Asset Opportunities Fund does not currently intend to invest more than 5% of its total assets in collectibles. As of October 31, 2019, the Multi-Asset Opportunities Fund held no collectibles.
G.Commodities. In order to gain exposure to the commodities markets, the Multi-Asset 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 Multi-Asset 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 Multi-Asset 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 Multi-Asset Opportunities Fund intends to invest in loans that are below investment grade and, to a lesser extent, unrated loans. The Multi-Asset 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
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lender and acquire direct rights against the borrower on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. The assignability of certain obligations may be restricted by the governing documentation as to the nature of the assignee such that the only way in which a Fund may acquire an interest in a loan is by purchasing a participation of interest and not an assignment. A Fund may have difficulty disposing of assignments and participation interests given these limitations and other factors.
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 limits its illiquid investments to not more than 15% of its net assets. Illiquid investments, in general, are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.
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 Multi-Asset 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.
O.Recent Accounting Standards.In March 2017, the FASB issued Accounting Standards Update 2017-08 “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Management believes this guidance will have an immaterial impact on the Funds.
In August 2018, the FASB issued Accounting Standards Update 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” which modifies disclosure requirements for fair value measurements. The guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. Management is currently evaluating the impact of this guidance on the Funds.
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
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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.
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 October 31, 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 | $ | 1,668,643,418(b | ) | $ | — | $ | — | $ | 1,668,643,418 | |||||||||||
Exchange Traded Funds | 39,056,776 | — | — | 39,056,776 | ||||||||||||||||
Investment Company | 60,935,363 | — | — | 60,935,363 | ||||||||||||||||
Total | $ | 1,768,635,557 | $ | — | $ | — | $ | 1,768,635,557 | ||||||||||||
Large Cap Strategies Fund | ||||||||||||||||||||
Equity Securities | $ | 16,153,491,774(b | ) | $ | 177,447,152(c | ) | $ | — | $ | 16,330,938,926 | ||||||||||
Master Limited Partnerships | 762,166(b | ) | — | — | 762,166 | |||||||||||||||
Preferred Stocks | 17,730,055(b | ) | — | 17,730,055 | ||||||||||||||||
Exchange Traded Funds | 268,368,678 | — | — | 268,368,678 | ||||||||||||||||
U.S. Government Agencies | — | 137,915,720 | — | 137,915,720 | ||||||||||||||||
Rights/Warrants | — | 19,473(b | ) | 19,473 |
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Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Investment Company | $ | 207,317,438 | $ | — | $ | — | $ | 207,317,438 | ||||||||||||
Total | $ | 16,647,670,111 | $ | 315,382,345 | $ | — | $ | 16,963,052,456 | ||||||||||||
All Cap ESG Fund | ||||||||||||||||||||
Equity Securities | $ | 38,290,198(b | ) | $ | — | $ | — | $ | 38,290,198 | |||||||||||
Investment Company | 185,411 | — | — | 185,411 | ||||||||||||||||
Total | $ | 38,475,609 | $ | — | $ | — | $ | 38,475,609 | ||||||||||||
Small & Mid Cap Strategies Fund | ||||||||||||||||||||
Equity Securities | ||||||||||||||||||||
Argentina | $ | 10,270,815 | $ | — | $ | — | $ | 10,270,815 | ||||||||||||
Australia | 136,768,366 | 676 | 24,127 | 136,793,169 | ||||||||||||||||
Austria | 8,458,214 | — | — | 8,458,214 | ||||||||||||||||
Belgium | 41,984,961 | — | — | 41,984,961 | ||||||||||||||||
Bermuda | 41,963,797 | — | — | 41,963,797 | ||||||||||||||||
Brazil | 15,979,341 | — | — | 15,979,341 | ||||||||||||||||
Cambodia | 51,026 | — | — | 51,026 | ||||||||||||||||
Canada | 143,918,606 | — | — | 143,918,606 | ||||||||||||||||
Cayman Islands | 671,782 | — | — | 671,782 | ||||||||||||||||
Chile | 1,206,671 | — | — | 1,206,671 | ||||||||||||||||
China | 108,788,559 | 34,154,814 | 106,935 | 143,050,308 | ||||||||||||||||
Czech Republic | 1,267,013 | — | — | 1,267,013 | ||||||||||||||||
Denmark | 56,096,524 | — | — | 56,096,524 | ||||||||||||||||
Faeroe Islands | 100,872 | — | — | 100,872 | ||||||||||||||||
Finland | 15,860,228 | — | — | 15,860,228 | ||||||||||||||||
France | 61,056,414 | — | — | 61,056,414 | ||||||||||||||||
Gabon | 45,092 | — | — | 45,092 | ||||||||||||||||
Georgia | 117,410 | — | — | 117,410 | ||||||||||||||||
Germany | 68,764,615 | — | — | 68,764,615 | ||||||||||||||||
Gibraltar | 27,568 | — | — | 27,568 | ||||||||||||||||
Greece | 12,025,585 | — | — | 12,025,585 | ||||||||||||||||
Hong Kong | 61,756,617 | 31,817 | 116,676 | 61,905,110 | ||||||||||||||||
Hungary | 639,122 | — | — | 639,122 | ||||||||||||||||
India | 34,655,812 | — | 7,895 | 34,663,707 | ||||||||||||||||
Indonesia | 6,027,336 | — | 26,384 | 6,053,720 | ||||||||||||||||
Ireland | 73,962,252 | — | 3,560 | 73,965,812 | ||||||||||||||||
Isle of Man | 371,039 | — | — | 371,039 | ||||||||||||||||
Israel | 45,792,475 | — | — | 45,792,475 | ||||||||||||||||
Italy | 65,334,807 | — | — | 65,334,807 | ||||||||||||||||
Japan | 505,717,469 | — | — | 505,717,469 | ||||||||||||||||
Jersey Channel Islands | 19,774,844 | — | — | 19,774,844 | ||||||||||||||||
Jordan | 89,019 | — | — | 89,019 | ||||||||||||||||
Liechtenstein | 91,486 | — | — | 91,486 | ||||||||||||||||
Luxembourg | 1,358,985 | 98,882 | — | 1,457,867 | ||||||||||||||||
Macau | 26,078 | — | — | 26,078 | ||||||||||||||||
Malaysia | 3,811,424 | — | — | 3,811,424 | ||||||||||||||||
Malta | 107,530 | — | — | 107,530 | ||||||||||||||||
Mexico | 4,245,303 | — | — | 4,245,303 | ||||||||||||||||
Monaco | 34,405 | — | — | 34,405 |
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Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
Mongolia | $ | 6,656 | $ | — | $ | — | $ | 6,656 | ||||||||||||
Netherlands | 38,029,036 | — | — | 38,029,036 | ||||||||||||||||
New Zealand | 21,725,435 | — | 2,574 | 21,728,009 | ||||||||||||||||
Norway | 11,039,145 | — | — | 11,039,145 | ||||||||||||||||
Peru | 4,548,139 | — | — | 4,548,139 | ||||||||||||||||
Philippines | 2,206,269 | — | 413 | 2,206,682 | ||||||||||||||||
Poland | 11,461,884 | — | — | 11,461,884 | ||||||||||||||||
Portugal | 5,987,661 | — | — | 5,987,661 | ||||||||||||||||
Puerto Rico | 4,304,013 | — | — | 4,304,013 | ||||||||||||||||
Qatar | 3,771,156 | — | — | 3,771,156 | ||||||||||||||||
Romania | 34,010 | — | — | 34,010 | ||||||||||||||||
Russia | 40,951,999 | — | — | 40,951,999 | ||||||||||||||||
Saudi Arabia | 3,094,309 | — | — | 3,094,309 | ||||||||||||||||
Singapore | 16,625,972 | 1,520 | 34,135 | 16,661,627 | ||||||||||||||||
South Africa | 36,339,822 | — | 2,209 | 36,342,031 | ||||||||||||||||
South Korea | 70,722,981 | — | — | 70,722,981 | ||||||||||||||||
Spain | 25,628,499 | — | — | 25,628,499 | ||||||||||||||||
Sweden | 72,459,399 | — | — | 72,459,399 | ||||||||||||||||
Switzerland | 50,814,028 | — | — | 50,814,028 | ||||||||||||||||
Taiwan | 102,387,804 | — | 504 | 102,388,308 | ||||||||||||||||
Thailand | 809,712 | 7,316,222 | — | 8,125,934 | ||||||||||||||||
Turkey | 25,393,661 | — | — | 25,393,661 | ||||||||||||||||
Ukraine | 47,721 | — | — | 47,721 | ||||||||||||||||
United Arab Emirates | 867,791 | — | — | 867,791 | ||||||||||||||||
United Kingdom | 264,409,581 | — | 3,660 | 264,413,241 | ||||||||||||||||
United States | 3,306,079,589 | — | — | 3,306,079,589 | ||||||||||||||||
Vietnam | 1,359,243 | — | — | 1,359,243 | ||||||||||||||||
Total Equities | $ | 5,670,324,977 | $ | 41,603,931 | $ | 329,072 | $ | 5,712,257,980 | ||||||||||||
Exchange Traded Funds | 274,368,160 | — | — | 274,368,160 | ||||||||||||||||
Investment Company | 48,423,912 | — | — | 48,423,912 | ||||||||||||||||
Rights/Warrants | ||||||||||||||||||||
Indonesia | 7,602 | — | — | 7,602 | ||||||||||||||||
Italy | — | 6,290 | — | 6,290 | ||||||||||||||||
Singapore | — | 4,130 | — | 4,130 | ||||||||||||||||
Spain | 17,327 | — | 17,327 | |||||||||||||||||
Taiwan | — | 694 | — | 694 | ||||||||||||||||
Thailand | — | 1,374 | — | 1,374 | ||||||||||||||||
Total Rights/Warrants | $ | 24,929 | $ | 12,488 | $ | — | $ | 37,417 | ||||||||||||
U.S. Government Agencies | — | 149,787,766 | — | 149,787,766 | ||||||||||||||||
Cash Sweep | 58,098,722 | — | — | 58,098,722 | ||||||||||||||||
Total | $ | 6,051,240,700 | $ | 191,404,185 | $ | 329,072 | $ | 6,242,973,957 | ||||||||||||
Multi-Asset Opportunities Fund | ||||||||||||||||||||
Bank Loans | $ | — | $ | — | $ | 21,799,107(b | ) | $ | 21,799,107 | |||||||||||
Corporate Bonds | — | 237,739,107(b | ) | — | 237,739,107 | |||||||||||||||
Exchange-Traded Funds | 80,429,205(b | ) | — | — | 80,429,205 | |||||||||||||||
Government Bonds | — | 138,875,933(b | ) | — | 138,875,933 | |||||||||||||||
Asset-Backed Securities | — | 632,330,450(b | ) | 82,349,813(b | ) | 714,680,263 | ||||||||||||||
Non-Agency Mortgage-Backed Securities | — | 577,438,232(b | ) | 45,914,662(b | ) | 623,352,894 |
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October 31, 2019 | |
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
U.S. Government Sponsored Agency Mortgage-Backed Securities | $ | — | $ | 19,096,832 | $ | — | $ | 19,096,832 | ||||||||||||
U.S. Government Agencies | — | 2,729,271,616 | — | 2,729,271,616 | ||||||||||||||||
U.S. Government Securities | — | 235,909,195 | — | 235,909,195 | ||||||||||||||||
Cash Sweep | 179,898,565 | — | — | 179,898,565 | ||||||||||||||||
Other financial instruments - Assets | ||||||||||||||||||||
Commodity contracts | — | 1,105,938(b | ) | — | 1,105,938 | |||||||||||||||
Equity contracts | 14,080,000(b | ) | 164,141,128(b | ) | — | 178,221,128 | ||||||||||||||
Futures contracts | 2,354,900(b | ) | — | — | 2,354,900 | |||||||||||||||
Foreign currency exchange contracts | — | 8,425,598(b | ) | — | 8,425,598 | |||||||||||||||
Other financial instruments - Liabilities | ||||||||||||||||||||
Commodity contracts | — | (1,814,439 | )(b) | — | (1,814,439 | ) | ||||||||||||||
Equity contracts | (1,800,000 | )(b) | (92,211,191 | )(b) | — | (94,011,191 | ) | |||||||||||||
Foreign currency exchange contracts | — | (15,934,676 | )(b) | — | (15,934,676 | ) | ||||||||||||||
Total | $ | 274,962,670 | $ | 4,634,373,723 | $ | 150,063,582 | $ | 5,059,399,975 | ||||||||||||
Fixed Income Fund | ||||||||||||||||||||
Corporate Bonds | $ | — | $ | 241,177,458(b | ) | $ | — | $ | 241,177,458 | |||||||||||
Asset-Backed Securities | — | 60,821,793(b | ) | — | 60,821,793 | |||||||||||||||
Collateralized Mortgage Obligations | — | 992,772 | — | 992,772 | ||||||||||||||||
U.S. Government Agencies | — | 2,181,544 | — | 2,181,544 | ||||||||||||||||
U.S. Government Securities | — | 1,172,797,286 | — | 1,172,797,286 | ||||||||||||||||
Government Bonds | — | 3,001,629(b | ) | — | 3,001,629 | |||||||||||||||
Investment Company | 4,657,673 | — | — | 4,657,673 | ||||||||||||||||
Total | $ | 4,657,673 | $ | 1,480,972,482 | $ | — | $ | 1,485,630,155 | ||||||||||||
Municipal Bond Fund | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 3,534,397,160(b | ) | $ | — | $ | 3,534,397,160 | |||||||||||
U.S. Government Securities | — | 75,643,945 | — | 75,643,945 | ||||||||||||||||
Investment Company | 45,193,292 | — | — | 45,193,292 | ||||||||||||||||
Total | $ | 45,193,292 | $ | 3,610,041,105 | $ | — | $ | 3,655,234,397 | ||||||||||||
California Municipal Bond Fund | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 331,028,826(b | ) | $ | — | $ | 331,028,826 | |||||||||||
Investment Company | 6,059,722 | — | — | 6,059,722 | ||||||||||||||||
U.S. Government Securities | — | 422,076 | — | 422,076 | ||||||||||||||||
Total | $ | 6,059,722 | $ | 331,450,902 | $ | — | $ | 337,510,624 |
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October 31, 2019 | |
Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs(a) | Total | |||||||||||||||||
New York Municipal Bond Fund | ||||||||||||||||||||
Municipal Bonds | $ | — | $ | 474,644,498(b) | $ | — | $ | 474,644,498 | ||||||||||||
Investment Company | 18,734,676 | — | — | 18,734,676 | ||||||||||||||||
Total | $ | 18,734,676 | $ | 474,644,498 | $ | — | $ | 493,379,174 |
(a) | The Small & Mid Cap Strategies Fund held certain investments categorized as Level 3 that had a combined fair value less than 1% of NAV for the respective Fund for the year ended October 31, 2019. For the Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund there were transfers into Level 3 in the amount of $266,715 and $104,856,208. For the Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund there were transfers out of level 3 in the amount of $130,263 and $9,945,831, respectively. In addition, with the exception of the Multi-Asset Opportunities Fund, there were no significant purchases and sales during the period. As of October 31, 2019, the fair value of Level 3 assets as a percentage of NAV was 0.01% and 2.83% for the Small & Mid Cap Strategies Fund and the Multi-Asset Opportunities Fund, respectively. The Funds’ instrument types classified as Level 3 investments are valued using recent transaction price or broker quotes. |
(b) | The classification of the Fund’s investments into major categories or countries is disclosed in the respective Fund’s Portfolio of Investments and in footnote 6 for derivatives. |
(c) | Represents securities as disclosed in the Thailand section of the Fund’s Portfolio of Investments. |
The Funds’ policy is to recognize transfers in and transfers out as of the beginning of the period.
The following is a rollforward of Level 3 investments:
Multi-Asset Opportunities Fund | ||||
Balance as of 10/31/18 (value) | $ | 166,197,370 | ||
Net accrued discounts (premiums) | (16,854 | ) | ||
Realized gain (loss) | (11,379,101 | ) | ||
Unrealized gain (loss) | 27,776 | |||
Purchases | 8,426,058 | |||
Sales (paydowns) | (108,102,044 | ) | ||
Transfers in | 104,856,208 | (a) | ||
Transfers out | (9,945,831 | )(b) | ||
Balance as of 10/31/19 (value) | $ | 150,063,582 | ||
Net change in unrealized appreciation (depreciation) on investments still held at October 31, 2019 | $ | (36,057 | ) |
(a) | Based on an on-going assessment, management determined that significant inputs had become less transparent to market participants. |
(b) | Based on an on-going assessment, management determined that significant inputs have become transparent to market participants. |
6. | Derivative Instruments: |
The Funds engage in various portfolio investment strategies utilizing derivatives both to increase the return of the Funds and/or to economically hedge, or protect, their exposure to, for example, interest rate movements, movements in the securities or commodities markets and currency value fluctuations. Derivatives are subject to a number of risks, including changes in the market price of the underlying securities, credit risk with respect to the counterparty to the derivative instruments and the risk of loss due to changes in interest rates. The use of certain derivatives may also have a leveraging effect, which may increase the Fund’s sensitivity to adverse market movements and may exaggerate a loss. Losses may arise if the value of the contract decreases due to, among other potentially adverse events, an unfavorable change in the price of the underlying security or commodity or if the counterparty does not perform under the contract. The use of derivatives can lead to losses because of
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October 31, 2019 | |
relatively small adverse movements in the price or value of the underlying security, asset, index or reference rate, which may be magnified by or potentially unlimited as a result of certain features of the derivatives.
The primary difference in risks associated with over-the-counter contracts and exchange-traded contracts is credit and liquidity risks. Over-the-counter contracts, as bilateral arrangements, contain credit risk from various counterparties for any unrealized gains for the duration of the contract. The credit risk related to exchange-traded contracts is minimal because the exchanges ensure that their contracts are always honored. The Funds may mitigate counterparty risk on derivatives through master netting agreements included within an International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreement between a Fund and each of its counterparties. The ISDA Master Agreement allows each Fund to offset with its counterparty certain derivative financial instruments’ payables and/or receivables with collateral held with each counterparty. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts of up to $250,000. To the extent amounts due to the Funds from their counterparties are not fully collateralized contractually or otherwise, the Funds bear the risk of loss from counterparty non-performance.
The Funds’ maximum risk of loss from counterparty credit risk on over-the-counter derivatives is generally the aggregate net unrealized gain in excess of any collateral pledged by the counterparty to the Funds. For over-the-counter purchased options, the Funds bear the risk of loss in the amount of the premiums paid and positive change in market value of the options should the counterparty not perform under the contracts. Written options by the Funds do not give rise to counterparty credit risk, as written options obligate the Funds to perform and not the counterparty. Certain ISDA Master Agreements allow counterparties to over-the-counter derivatives to terminate or require full collateralization of derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Funds to post additional collateral or accelerate payment of any net liability owed to the counterparty. There were no trigger events during the year ended October 31, 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 October 31, 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:
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Multi-Asset 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) | ||||||||||||||||||||
Barclays Bank PLC | $ | 214,129 | $ | (214,129 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Bank of America N.A | 16,387,650 | (7,545,109 | ) | — | (8,842,541 | ) | — | ||||||||||||||||||
Bank of New York Mellon Corp. | 305,035 | (263,519 | ) | — | — | 41,516 | |||||||||||||||||||
BNP Paribus SA | 34,038,140 | (11,707,859 | ) | (22,330,281 | ) | — | — | ||||||||||||||||||
Citigroup Global Markets Inc. | 21,979,263 | (14,501,195 | ) | — | (7,478,068 | ) | — | ||||||||||||||||||
Credit Suisse International | 15,254,606 | (11,640,083 | ) | — | (3,614,523 | ) | — | ||||||||||||||||||
Goldman Sachs International | 29,399,282 | (19,894,229 | ) | — | (9,505,053 | ) | — | ||||||||||||||||||
JPMorgan Chase Bank, N.A | 10,630,763 | (10,630,763 | ) | — | — | — | |||||||||||||||||||
Macquarie Bank Limited | 1,105,938 | — | — | (1,105,938 | ) | — | |||||||||||||||||||
Societe Generale | 23,109,679 | (18,835,628 | ) | — | (4,274,051 | ) | — | ||||||||||||||||||
UBS AG | 21,248,179 | (9,039,909 | ) | — | (12,208,270 | ) | — | ||||||||||||||||||
Derivatives not subject to a MNA or similar agreement (a) | 14,413,500 | — | (14,080,000 | ) | — | 333,500 | |||||||||||||||||||
Total | $ | 188,086,164 | |||||||||||||||||||||||
Counterparty | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Derivatives Available for Offset (b) | Non-Cash Collateral Pledged (c) | Cash Collateral Pledged (c) | Net Amount of Derivative Liabilities (d) | ||||||||||||||||||||
Barclays Bank PLC | $ | 1,571,582 | $ | (214,129 | ) | $ | — | $ | (1,220,000 | ) | $ | 137,453 | |||||||||||||
Bank of America N.A | 7,545,109 | (7,545,109 | ) | — | — | — | |||||||||||||||||||
Bank of New York Mellon Corp. | 263,519 | (263,519 | ) | — | — | — | |||||||||||||||||||
BNP Paribus SA | 11,707,859 | (11,707,859 | ) | — | — | — | |||||||||||||||||||
Citigroup Global Markets Inc. | 14,501,195 | (14,501,195 | ) | — | — | — | |||||||||||||||||||
Credit Suisse International | 11,640,083 | (11,640,083 | ) | — | — | — | |||||||||||||||||||
Goldman Sachs International | 19,894,229 | (19,894,229 | ) | — | — | — | |||||||||||||||||||
JPMorgan Chase Bank, N.A | 14,961,193 | (10,630,763 | ) | — | (3,455,000 | ) | 875,430 | ||||||||||||||||||
Societe Generale | 18,835,628 | (18,835,628 | ) | — | — | — | |||||||||||||||||||
UBS AG | 9,039,909 | (9,039,909 | ) | — | — | — | |||||||||||||||||||
Derivatives not subject to a MNA or similar agreement (a) | 1,800,000 | — | — | — | 1,800,000 | ||||||||||||||||||||
Total | $ | 111,760,306 |
(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. |
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The following table represents securities received as collateral for derivarives:
Collateral Type | Coupon | Maturity | Market Value | ||||||||||
Multi-Asset Opportunities Fund | U.S. Government Obligations | 2.13 | % | 05/15/25 | $45,352,204 | ||||||||
U.S. Government Obligations | 0.00 | % | 11/05/19 | 2,999,430 | |||||||||
U.S. Government Obligations | 0.00 | % | 11/06/19 | 20,995,170 | |||||||||
U.S. Government Obligations | 0.00 | % | 11/07/19 | 9,997,400 |
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 October 31, 2019 | ||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Multi-Asset Opportunities Fund | Statements of Assets and Liabilities Location | Value | Statements of Assets and Liabilities Location | Value | ||||||||
Equity Risk | Unrealized appreciation on swap agreements | $ | 43,734,701 | Unrealized depreciation on swap agreements | $ | 19,338,470 | ||||||
Written option contracts, at value | — | Written option contracts, at value | 1,800,000 | |||||||||
Investments, at value (options purchased) | 14,080,000 | Investments, at value (options purchased) | — | |||||||||
Structured option contracts, at value | 120,406,427 | Structured option contracts, at value | 72,872,721 | |||||||||
Variation Margin | Variation Margin | 333,500 | Variation Margin | — | ||||||||
Foreign Currency Exchange Risk | Unrealized appreciation on swap agreements | — | Unrealized depreciation on swap agreements | 8,270,854 | ||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 1,513,605 | Unrealized depreciation on forward foreign currency exchange contracts | 1,282,205 | |||||||||
Structured options contract, at Value | 6,911,993 | Structured options contract, at Value | 6,381,617 | |||||||||
Commodity Risk | Unrealized appreciation on swap agreements | 1,105,938 | Unrealized depreciation on swap agreements | 1,814,439 | ||||||||
Total | $ | 188,086,164 | $ | 111,760,306 |
The Effect of Derivative Instruments on the Statements of Operations | ||||||||||||||||||||||||||||||
For the Year Ended October 31, 2019 | ||||||||||||||||||||||||||||||
Net Realized Gain/(Loss) from Derivatives Recognized in Income | ||||||||||||||||||||||||||||||
Multi-Asset Opportunities Fund | Purchased Options and Structured Options (Investments) | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | ||||||||||||||||||||||||
Interest Rate Risk | $ | — | $ | — | $ | 20,701,193 | $ | (5,954,586 | ) | $ | — | $ | 14,746,607 | |||||||||||||||||
Equity Risk | (52,498,192 | ) | 99,949,596 | 6,451,283 | (19,087,770 | ) | — | 34,814,917 | ||||||||||||||||||||||
Commodity Risk | 14,372,862 | (8,623,103 | ) | 3,045,610 | (34,285,488 | ) | — | (25,490,119 | ) | |||||||||||||||||||||
Foreign Currency Exchange Risk | (1,374,650 | ) | 207,186 | — | (7,653,283 | ) | (3,533,988 | ) | (12,354,735 | ) | ||||||||||||||||||||
Total | $ | (39,499,980 | ) | $ | 91,533,679 | $ | 30,198,086 | $ | (66,981,127 | ) | $ | (3,533,988 | ) | $ | 11,716,670 | |||||||||||||||
Net Change in Unrealized Appreciation/(Depreciation) | ||||||||||||||||||||||||||||||
on Derivatives Recognized in Income | ||||||||||||||||||||||||||||||
Multi-Asset Opportunities Fund | Purchased Options and Structured Options (Investments) | Written Options and Structured Options | Futures Contracts | Swap Agreements | Foreign Currency Exchange Contracts | Total | ||||||||||||||||||||||||
Interest Rate Risk | $ | — | $ | — | $ | (15,231 | ) | $ | 10,023,474 | $ | — | $ | 10,008,243 | |||||||||||||||||
Equity Risk | 45,458,508 | 18,809,680 | (3,745,750 | ) | 35,043,032 | — | 95,565,470 | |||||||||||||||||||||||
Foreign Currency Exchange Risk | (4,534,828 | ) | 5,697,740 | — | (5,728,885 | ) | 7,897,694 | 3,331,721 | ||||||||||||||||||||||
Commodity Risk | — | — | 44,400 | 22,954,319 | — | 22,998,719 | ||||||||||||||||||||||||
Total | $ | 40,923,680 | $ | 24,507,420 | $ | (3,716,581 | ) | $ | 62,291,940 | $ | 7,897,694 | $ | 131,904,153 |
For the year ended October 31, 2019, the quarterly average volume of derivative activities were as follows:
Multi-Asset Opportunities Fund | ||||
Structured Options (Notional Amounts) | $15,161,930,500 |
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Multi-Asset Opportunities Fund | ||||
Purchased Options (Notional Amounts) | 3,067,962,500 | |||
Written Options (Notional Amounts) | 795,675,000 | |||
Futures Long Position (Notional Amounts) | 190,810,119 | |||
Futures Short Position (Notional Amounts) | $32,758,910 | |||
Forward Currency Contracts Purchased (U.S. Dollar Amounts) | 82,521,194 | |||
Forward Currency Contracts Sold (U.S. Dollar Amounts) | 32,502,789 | |||
Currency Swaps (Notional Amount in U.S. Dollars) | 587,500,000 | |||
Commodity Swaps (Notional Amount in U.S. Dollars) | 308,021,629 | |||
Equity Swaps (Notional Amount in U.S. Dollars) | 2,899,069,212 |
A.Futures Contracts.The Funds purchased or sold futures contracts and options on futures contracts to gain exposure to, or hedge against, changes in the value of equity securities (equity risk), interest rates (interest rate risk) or commodity risk.
Futures contracts are agreements pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the contract at the close of the last trading day and the price at which the contract was originally written. Upon entering into a futures contract, the Funds are required to pledge to a futures commission merchant an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount. This is known as the initial margin deposit. Subsequent payments, known as variation margin, are made or received by the Funds each day, depending on the daily fluctuations in fair value of the underlying instrument. The Funds recognize an unrealized gain or loss equal to the variation margin. These futures contracts permit the Funds to meet their objectives at a lower cost than investing directly in the underlying instruments or commodities, while permitting the equivalent of an investment in a portfolio of the underlying instruments or commodities. A potential risk to the Funds is that the change in value of the underlying securities or commodities may not correlate to the change in value of the contracts. Listed futures contracts involve minimal counterparty risk since futures contracts are guaranteed against default by the exchange on which they trade.
B.Forward Foreign Currency Exchange Contracts.The Funds (except Municipal Bond Fund, 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
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the agreement by the Funds to pay a counterparty a fixed or floating rate on a fixed notional amount and to receive a fixed or floating rate on a fixed notional amount, but may also involve the agreement to pay or receive payments derived from changes in interest rates. Periodic payments are generally made during the life of the swap agreement according to the terms and conditions of the agreement and at termination or maturity. Total return swap agreements involve the commitments to pay or receive an amount generally determined by reference to a security, index or other measure in exchange for a specific market linked return, based on notional amounts. To the extent that the total return of the security, index or other measure underlying the transaction exceeds or falls short of the offsetting interest rate-based obligation, the Funds receive or make a payment to the counterparty. Payments received or made by a Fund at the expiration or other termination of the swap agreements are recorded in the Statements of Operations as realized gains or losses, respectively. Swap agreements are marked-to-market daily based on counterparty valuation quotations, and changes in value, including the periodic amounts of interest to be paid or received on swaps, are recorded as unrealized appreciation/(depreciation). Risks may exceed amounts recognized on the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. Details of swap agreements open at period end are included in the Portfolios of Investments under the caption “Swap Agreements”.
D.Options.The Funds purchased and wrote (sold) put and call options on equity securities and stock index futures in order to gain exposure to or to protect against changes in the market.
Options on swaps (swaptions) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaption is granting or buying the right to enter into a previously agreed upon swap agreement at any time before the expiration of the option.
A call option gives the purchaser of the option the right (but not the obligation) to buy, and obligates the seller to sell (when the option is exercised), the underlying instrument at the exercise price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise price at any time or at a specified time during the option period. When a Fund purchases (writes) an option, an amount equal to the premium paid (received) by a Fund is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or a Fund enters into a closing transaction), a Fund realizes a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premium received or paid). When a Fund writes a call option, such option is “covered,” meaning that a Fund holds the underlying instrument subject to being called by the option counterparty, or cash in an amount sufficient to cover the obligation. When a Fund writes a put option, such option is covered by cash in an amount sufficient to cover the obligation.
In purchasing and writing options, a Fund bears certain risks, including the market risk of an unfavorable change in the price of the underlying instrument or the risk that a Fund may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in a Fund purchasing or selling a security at a price different from the current market value.
A Fund may execute transactions in both listed and over-the-counter options. Listed options involve minimal counterparty risk since listed options are guaranteed against default by the exchange on which they trade. Transactions in certain over-the-counter options may expose a Fund to the risk of default by the counterparty to the transaction. In the event of default by the counterparty to the over-the-counter option transaction, a Fund’s maximum amount of loss is the premium paid and unrealized gain (as purchaser) or the unrealized gain of the contract less the premium received (as writer).
The Multi-Asset 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
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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 | % | 0.41 | % | ||||||||
Municipal Bond Fund | 0.45 | % | 0.40 | % | 0.35 | % | 0.38 | % | ||||||||
California Municipal Bond Fund | 0.45 | % | 0.40 | % | 0.35 | % | 0.45 | % | ||||||||
New York Municipal Bond Fund | 0.45 | % | 0.40 | % | 0.35 | % | 0.45 | % |
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 | % | ||||||||
Multi-Asset Opportunities Fund | 1.10 | % | 1.05 | % | 1.00 | % | 1.04 | % |
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 Multi-Asset 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.
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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, 2018, 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.
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 Multi-Asset Opportunities Fund and the Subsidiary have retained Citibank, N.A. (“Citibank”) to serve as their custodian and the Small & Mid Cap Strategies Fund has retained Citibank to serve as its co-custodian. Citibank is responsible for maintaining the custody of these Funds’ securities and cash and assets of the Small & Mid Cap Strategies Fund managed by the sub-advisers. For providing these services, Citibank receives a fee from each Fund calculated daily and paid monthly based on safekeeping and transaction fees that vary by country.
E.Fee Waivers. BIM may voluntarily waive a portion of its advisory fee to limit the Funds’ total expenses. BIM may terminate this voluntary waiver at any time. BIM, however, does not have the ability to recapture fees currently being waived at a later date. BIM has contractually committed through October 31, 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 Multi-Asset 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 year ended October 31, 2019, BIM waived $147,815 for the All Cap ESG Fund, $2,640,885 for the Small & Mid Cap Strategies Fund, $6,099,184 for the Multi-Asset Opportunities Fund, $1,468,568 for the Fixed Income Fund, $2,441,860 for the Municipal Bond Fund, $502,118 for the California Municipal Bond Fund and $660,005 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 expense relating to attendance at meetings of the board and any Board committee. Directors who are not independent Directors, officers or employees of BIM and BNY Mellon do not receive compensation from the Funds. Fees paid are allocated to the Funds on a pro rata basis based on net assets.
G.Other Transactions. From time to time, the Funds may sell or purchase investments from affiliated funds. The prices of these transactions are based on valuations obtained in accordance with the valuation procedures followed by the Funds, as
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described in Note 3, applied on a consistent basis. For the year ended October 31, 2019, the Multi-Asset Opportunities Fund sold investments, at fair value, in the amount of $179,986,667 to the Large Cap Strategies Fund resulting in net realized gains of $15,832,301.
In December 2018, in connection with their launch, the California Municipal Bond Fund and New York Municipal Bond Fund purchased investments from various accounts separately managed by affiliates of the Advisor, at fair value, in the amounts of $30,935,067 and $44,547,809, respectively. The proceeds from the sale of such investments were used by the separately managed accounts to purchase shares of the California Municipal Bond Fund and the New York Municipal Bond Fund, as applicable.
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 year ended October 31, 2019, excluding short-term debt investments and U.S. Government securities, were as follows:
Purchases | Sales | |||||||
All Cap Core Fund | $ | 551,279,704 | $ | 871,051,701 | ||||
Large Cap Strategies Fund | 11,638,368,229 | 12,975,757,305 | ||||||
All Cap ESG Fund | 25,676,116 | 19,218,002 | ||||||
Small & Mid Cap Strategies Fund | 2,933,243,496 | 3,427,302,043 | ||||||
Multi-Asset Opportunities Fund (Consolidated) | 2,421,770,306 | 3,397,930,365 | ||||||
Fixed Income Fund | 143,791,704 | 131,245,157 | ||||||
Municipal Bond Fund | 1,799,962,571 | 531,359,104 | ||||||
California Municipal Bond Fund | 399,194,576 | 100,272,327 | ||||||
New York Municipal Bond Fund | 528,599,217 | 101,962,152 |
Purchase and sales of U.S. Government Securities, excluding those with maturity of one year or less during the year ended October 31, 2019 were as follows:
Purchases | Sales | |||||||
Multi-Asset Opportunities Fund | $ | 216,724,640 | $ | 116,617,559 | ||||
Fixed Income Fund | 819,958,624 | 267,441,236 | ||||||
Municipal Bond Fund | 262,251,713 | 177,253,059 | ||||||
California Municipal Bond Fund | 12,153,672 | 11,790,953 | ||||||
New York Municipal Bond Fund | 7,035,000 | 7,059,102 |
9. | Federal Income Taxes: |
It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to make distributions from net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Federal income tax regulations differ from accounting principles generally accepted in the U.S.; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character within the components of net assets in the Statements of Assets and Liabilities. These permanent differences primarily arise from utilization of earnings and profits on shareholder redemptions. Financial records are not adjusted for temporary differences. Temporary differences primarily arise from the tax treatment of wash sales, passive foreign investment companies, and index options.
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As of October 31, 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 | $ 1,310,904,492 | $ 480,892,501 | $ (23,161,436 | ) | $ 457,731,065 | |||||||||||
Large Cap Strategies Fund | 13,400,213,558 | 3,907,147,852 | (344,308,954 | ) | 3,562,838,898 | |||||||||||
All Cap ESG Fund | 36,457,155 | 3,992,843 | (1,974,389 | ) | 2,018,454 | |||||||||||
Small & Mid Cap Strategies Fund | 5,379,511,644 | 1,229,375,424 | (365,913,111 | ) | 863,462,313 | |||||||||||
Multi-Asset Opportunities Fund | 5,071,988,502 | 93,109,991 | (131,011,285 | ) | (37,901,294 | ) | ||||||||||
Fixed Income Fund | 1,448,805,834 | 38,566,080 | (1,741,759 | ) | 36,824,321 | |||||||||||
Municipal Bond Fund | 3,567,668,668 | 90,925,976 | (3,360,247 | ) | 87,565,729 | |||||||||||
California Municipal Bond Fund | 330,619,913 | 7,140,740 | �� | (250,029 | ) | 6,890,711 | ||||||||||
New York Municipal Bond Fund | 483,011,729 | 10,621,035 | (253,590 | ) | 10,367,445 |
Permanent differences as of October 31, 2019, were as follows:
Total Distributable Earnings /(Accumulated Loss) | Increase/ (Decrease) Paid-in-Capital | |||||||
All Cap Core Fund | $(13,568,139 | ) | $ 13,568,139 | |||||
Large Cap Strategies Fund | (39,326,481 | ) | 39,326,481 | |||||
Small & Mid Cap Strategies Fund | (36,734,156 | ) | 36,734,156 | |||||
Multi-Asset Opportunities Fund | 22,411,578 | (22,411,578 | ) |
By investing in the Subsidiary, the Multi-Asset Opportunities Fund will gain exposure to commodities and commodity-linked instruments within the limits of Subchapter M of the Code.
The Funds may be subject to taxes imposed by other countries in which they invest. Such taxes are generally based on income earned as well as capital gains and in certain situations, unrealized gains. These taxes are accrued and applied to net investment income, net realized gains and unrealized gains, if applicable, as such income and/or gains are earned.
The Funds may accrue a deferred tax liability for unrealized gains on India and Pakistan securities based on existing tax rates and holding periods of the securities. As of October 31, 2019, the Large Cap Strategies Fund recorded a liability of $2,601,509 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, 2019 was as follows:
All Cap Core Fund | Large Cap Strategies Fund | All Cap ESG Fund | Small & Mid Cap Strategies Fund | Multi-Asset Opportunities Fund | ||||||||||||||||
Distributions paid from: | ||||||||||||||||||||
Ordinary Income | $ | 8,735,740 | $ | 160,749,063 | $ | 426,110 | $ | 30,502,515 | $ | 165,705,609 | ||||||||||
Net Long Term Capital Gains | 72,802,423 | 523,537,109 | — | 553,794,055 | 119,446,447 | |||||||||||||||
Total Taxable Distributions | 81,538,163 | 684,286,172 | 426,110 | 584,296,570 | 285,152,056 | |||||||||||||||
Tax Exempt Distributions | — | — | — | — | ||||||||||||||||
Total Distributions Paid | $ | 81,538,163 | $ | 684,286,172 | $ | 426,110 | $ | 584,296,570 | $ | 285,152,056 |
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Fixed Income Fund | Municipal Bond Fund | California Municipal Bond Fund | New York Municipal Bond Fund | |||||||||||||
Distributions paid from: | ||||||||||||||||
Ordinary Income | $ | 22,911,587 | $ | 3,303,305 | $ | 715,655 | $ | 178,395 | ||||||||
Net Long Term Capital Gains | — | — | — | — | ||||||||||||
Total Taxable Distributions | 22,911,587 | 3,303,305 | 715,655 | 178,395 | ||||||||||||
Tax Exempt Distributions | — | 37,344,457 | 2,189,067 | 4,109,402 | ||||||||||||
Total Distributions Paid | $ | 22,911,587 | $ | 40,647,762 | $ | 2,904,722 | $ | 4,287,797 |
The tax character of distributions from the Funds during the year ended October 31, 2018 was as follows:
All Cap Core Fund | Large Cap Strategies Fund | Small & Mid Cap Strategies Fund | Multi-Asset 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 October 31, 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. federal income tax returns remains open for each of the four years ended October 31, 2019. 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, 2019, the components of accumulated earnings/(deficits) on a tax basis were as follows:
All Cap Core Fund | Large Cap Strategies Fund | All Cap ESG Fund | Small & Mid Cap Strategies Fund | Multi-Asset Opportunities Fund | ||||||||||||||||
Undistributed Tax Exempt Income | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Undistributed Ordinary Income | 9,619,819 | 116,687,624 | 789,840 | 30,142,734 | 182,765,480 | |||||||||||||||
Undistributed Long-Term Capital Gains | 146,728,201 | 701,673,580 | 259,222,320 | — | ||||||||||||||||
Accumulated Earnings | 156,348,020 | 818,361,204 | 789,840 | 289,365,054 | 182,765,480 | |||||||||||||||
Capital Loss Carryforwards | — | — | (1,346,302 | ) | — | |||||||||||||||
Unrealized Appreciation/(Depreciation) | 457,731,065 | 3,559,720,661 | 2,019,635 | 863,461,643 | (26,153,362 | ) | ||||||||||||||
Other Temporary Differences | — | — | — | (16,024 | ) | |||||||||||||||
Total Accumulated Earnings/(Deficits) | $ | 614,079,085 | $ | 4,378,081,865 | $ | 1,463,173 | $ | 1,152,826,697 | $ | 156,596,094 |
Fixed Income Fund | Municipal Bond Fund | California Municipal Bond Fund | New York Municipal Bond Fund | |||||||||||||
Undistributed Tax Exempt Income | $ | — | $ | 4,271,601 | $ | 323,589 | $ | 505,781 | ||||||||
Undistributed Ordinary Income | 2,253,863 | — | 725,434 | 1,413,792 |
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Fixed Income Fund | Municipal Bond Fund | California Municipal Bond Fund | New York Municipal Bond Fund | |||||||||||||
Accumulated Earnings | 2,253,863 | 4,271,601 | 1,049,023 | 1,919,573 | ||||||||||||
Capital Loss Carryforwards | (8,050,021 | ) | (7,097,107 | ) | — | — | ||||||||||
Unrealized Appreciation/(Depreciation) | 36,824,321 | 87,565,729 | 6,890,711 | 10,367,445 | ||||||||||||
Total Accumulated Earnings/(Deficits) | $ | 31,028,163 | $ | 84,740,223 | $ | 7,939,734 | $ | 12,287,018 |
As of October 31, 2019, the All Cap ESG Fund had a short-term capital loss carryforward of $1,344,284 and a long-term capital loss carryforward of $2,018, the Fixed Income Fund had a short-term capital loss carryforward of $1,851,568 and a long-term capital loss carryforward of $6,198,453 and the Municipal Bond Fund had a short-term capital loss carryforward of $2,734,013 and a long-term capital loss carryforward of $4,363,094 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 Multi-Asset Opportunities Fund may invest in floating rate loan interests. In connection with these investments, the Multi-Asset Opportunities Fund may also enter into bridge loan commitments (“commitments”). Bridge loan commitments may obligate the Multi-Asset Opportunities Fund to furnish temporary financing to a borrower until permanent financing can be arranged. As of October 31, 2019, the Multi-Asset Opportunities Fund had no outstanding bridge loan commitments. In connection with these commitments, the Multi-Asset 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.
12. | Additional Tax Information (Unaudited) |
Qualified Dividend Income (Unaudited)
The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2019, as Qualified Dividend Income (“QDI”) as defined in the Code as follows:
All Cap Core Fund | 100.00 | % | ||
Large Cap Strategies Fund | 100.00 | % | ||
All Cap ESG Fund | 100.00 | % | ||
Small & Mid Cap Strategies Fund | 100.00 | % | ||
Multi-Asset Opportunities Fund | 4.68 | % |
Qualified Interest Income (Unaudited)
The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2019, as Qualified Interest Income as defined in the Code as follows:
All Cap Core Fund | 3.41 | % | ||
Large Cap Strategies Fund | 2.08 | % |
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October 31, 2019 | |
All Cap ESG Fund | 0.97 | % | ||
Small & Mid Cap Strategies Fund | 2.47 | % | ||
Multi-Asset Opportunities Fund | 68.51 | % | ||
Fixed Income Fund | 97.92 | % | ||
Municipal Bond Fund | 7.36 | % | ||
California Municipal Bond Fund | 20.06 | % | ||
New York Municipal Bond Fund | 3.44 | % |
Qualified Short Term Gain (Unaudited)
The Funds designate a portion of the income dividends distributed during the fiscal year ended October 31, 2019, as Qualified Short-Term Gain as defined in the Code as follows:
Strategic Opportunities Fund | 100.00 | % |
Dividends Received Deduction (Unaudited)
For the fiscal year ended October 31, 2019, the following percentage of income dividends paid by the Funds qualifies for the Dividends Received Deduction available to corporations:
All Cap Core Fund | 100.00 | % | ||
Large Cap Strategies Fund | 100.00 | % | ||
All Cap ESG Fund | 33.45 | % | ||
Small & Mid Cap Strategies Fund | 88.81 | % | ||
Multi-Asset Opportunities Fund | 2.30 | % |
Long Term Capital Gain Dividends (Unaudited)
The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Code for the fiscal year ended October 31, 2019 as follows:
All Cap Core Fund | $ | 72,802,423 | ||
Large Cap Strategies Fund | 523,537,109 | |||
Small & Mid Cap Strategies Fund | 553,794,055 |
U.S. Government Income (Unaudited)
The percentages of the ordinary income dividends paid by the Funds during the fiscal year ended October 31, 2019 which were derived from U.S. Treasury securities were as follows:
All Cap Core Fund | 0.12 | % | ||
Large Cap Strategies Fund | 1.11 | % | ||
Small & Mid Cap Strategies Fund | 1.61 | % | ||
Multi-Asset Opportunities Fund | 10.62 | % | ||
Fixed Income Fund | 65.37 | % | ||
Municipal Bond Fund | 17.13 | % | ||
California Municipal Bond Fund | 1.76 | % | ||
New York Municipal Bond Fund | 0.58 | % |
Tax Exempt Distributions (Unaudited)
The distributions designated as tax exempt dividends paid for the fiscal year ended October 31, 2019 were as follows:
Municipal Bond Fund | $ | 4,271,601 | ||
California Municipal Bond Fund | 323,589 | |||
New York Municipal Bond Fund | 505,781 |
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Report of Independent Registered Public Accounting Firm | |
To the Shareholders and the Board of Directors of Old Westbury Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying (consolidated) statements of assets and liabilities of Old Westbury Funds, Inc. (the “Corporation”) (comprising All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Small & Mid Cap Strategies Fund, Multi-Asset Opportunities Fund (consolidated), Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund (collectively referred to as the “Funds”)), including the (consolidated) portfolios of investments of All Cap Core Fund, Large Cap Strategies Fund, All Cap ESG Fund, Multi-Asset Opportunities Fund (consolidated), Fixed Income Fund, Municipal Bond Fund, California Municipal Bond Fund and New York Municipal Bond Fund and the condensed portfolio of investments of Small & Mid Cap Strategies Fund, as of October 31, 2019, and the related (consolidated) statements of operations and changes in net assets, and the (consolidated) financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the (consolidated) financial position of each of the Funds at October 31, 2019, the (consolidated) results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Funds comprising Old Westbury Funds, Inc. | Statement of operations | Statement of changes in net assets | Financial highlights | |||
All Cap Core Fund Large Cap Strategies Fund Small & Mid Cap Strategies Fund Multi-Asset Opportunities Fund Fixed Income Fund Municipal Bond Fund | For the year ended October 31, 2019 | For each of the two years in the period ended October 31, 2019 | For each of the five years in the period ended October 31, 2019 | |||
All Cap ESG Fund | For the year ended October 31, 2019 | For the year ended October 31, 2019 and the period from March 1, 2018 (commencement of operations) through October 31, 2018 | ||||
California Municipal Bond Fund New York Municipal Bond Fund | For the period from December 4, 2018 (commencement of operations) through October 31, 2019 | |||||
Basis for Opinion
These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Corporation’s auditor since 2006.
New York, New York
December 27, 2019
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Directors and Officers of Old Westbury Funds, Inc. (Unaudited) | |
Independent and Interested Directors.The following table sets forth certain information with respect to the Directors of the Corporation, each of which, under current Board policy, may serve until the end of the calendar year during which he or she reaches the applicable mandatory retirement age established by the Board.
Name, Address, and Age | Position(s) Held with the Corporation | Term of Office and Length of Time Served as a Director of the Corporation | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Director- ships1 Held by Director During Past 5 Years | |||||
Interested Director | ||||||||||
George H. Wilcox2 630 Fifth Avenue New York, NY 10111 Age: 54 | Director | Indefinite term; 1 Year | President of Bessemer (2013-Present). | 9 | 0 | |||||
Independent Directors | ||||||||||
Alexander Ellis III 630 Fifth Avenue New York, NY 10111 Age: 70 | Chairman & Director | Indefinite term; 6 Years | General Partner, Rockport Capital Partners (2000-Present). | 9 | 13 | |||||
Patricia L. Francy 630 Fifth Avenue New York, NY 10111 Age: 74 | Director | Indefinite term; 15 Years | Director, corporate, and foundation boards. | 9 | 14 | |||||
J. David Officer 630 Fifth Avenue New York, NY 10111 Age: 71 | Director | Indefinite term; 8 Years | Independent Director. | 9 | 25 | |||||
R. Keith Walton 630 Fifth Avenue New York, NY 10111 Age: 55 | Director | Indefinite term; 3 Years | Senior Adviser & Venture Partner, Plexo LLC (March 2018-Present); Senior Adviser, Vatic Labs LLC (May 2018-Present); Executive Vice President and Chief Legal Officer, Zero Mass Water LLC (July 2017-Present); and Vice President, Strategy, Arizona State University (2013-July 2017). | 9 | 66 |
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Directors and Officers of Old Westbury Funds, Inc. (Unaudited)- (Continued) | |
1 | Directorships held during the last five years in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. |
2 | Directors who are or may be deemed “interested persons” (as defined under the 1940 Act) of the Corporation, BIM (as defined below) or Bessemer (as defined below) are referred to as Interested Directors. Mr. Wilcox is deemed an Interested Director by virtue of his position as President of Bessemer Trust Company, N.A. Mr. Wilcox also serves as Director of Bessemer Trust Company (Cayman) Ltd. and Bessemer Investor Services. |
3 | Mr. Ellis has served as Director of Clean Diesel Technologies Inc. |
4 | Ms. Francy has served as Director of Siebert Financial Corp. |
5 | Mr. Officer serves, or has served, as Director of the following entities: DBX ETF Trust (40); and Ilex Partners (Asia) LLC. |
6 | Mr. Walton serves as Director of the following entities: Blue Crest Capital Management, LLC Funds, Global Infrastructure Partners, Systematica Investments Limited, Zweig Fund Inc., Zweig Total Return Fund Inc. and Virtus Closed-End Funds. |
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Officers.The table below sets forth certain information with respect to the Officers of the Corporation:
Name, Address, and Age | Position(s) Held with the Corporation | Term of Office and Length of Time Served as an Officer of the Corporation | Principal Occupation(s) During Past Five Years | |||
David W. Rossmiller 630 Fifth Avenue New York, NY 10111 Age: 61 | President & Chief Executive Officer | Indefinite; 7 Years | Managing Director and Head of Fixed Income, Bessemer Trust Company, N.A. (Since 2010). | |||
Yvette M. Garcia 630 Fifth Avenue New York, NY 10111 Age: 49 | Chief Legal Officer | Indefinite; 1 Year | Managing Director, Secretary and General Counsel, The Bessemer Group, Incorporated and principal bank subsidiaries and Bessemer Securities Corporation (Since June 2018); General Counsel, Rockefeller & Co. (2012-2018). | |||
Matthew A. Rizzi 630 Fifth Avenue New York, NY 10111 Age: 46 | Vice President & Treasurer | Indefinite; 5 Years | Principal and Head of Fund Accounting, Bessemer Trust Company, N.A. (Since 2018); Principal and Head of Trust Accounting and Fees, Bessemer Trust Company, N.A. (2015-2017); Senior Vice President and Head of Trust Accounting, Bessemer Trust Company, N.A. (2007-2014). | |||
Nicola R. Knight 630 Fifth Avenue New York, NY 10111 Age: 56 | Assistant Secretary | Indefinite; 10 Years | Principal and Associate General Counsel of Bessemer Trust Company, N.A. (Since 2007). | |||
Thomas G. Kennedy 630 Fifth Avenue New York, NY 10111 Age: 49 | Chief Compliance Officer | Indefinite; 3 Years | Chief Compliance Officer of Bessemer Investment Management LLC (Since July 2016); Principal and Director of Investment Management Compliance, Bessemer Trust Company, N.A. (Since July 2016) Head of Alternatives Compliance, Aberdeen Asset Management Inc. (January 2016-April 2016); Managing Director and Chief Compliance Officer, Arden Asset Management LLC (2008-2015). |
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Name, Address, and Age | Position(s) Held with the Corporation | Term of Office and Length of Time Served as an Officer of the Corporation | Principal Occupation(s) During Past Five Years | |||
Richard Murtagh 630 Fifth Avenue New York, NY 10111 Age: 58 | Vice President & Assitant Treasurer | Indefinite; 5 Years | Managing Director and Corporate Controller, Bessemer Trust Company, N.A. (Since 2010). | |||
David Schwart 801 Brickell Avenue Suite 2250 Miami, FL 33131 Age: 48 | Vice President & Anti-Money Laundering Compliance Officer | Indefinite; 4 Years | Vice President and Associate Director of Bank Compliance, Bessemer Trust Company, N.A. (Since April 2013). | |||
Marianna DiBenedetto 760 Moore Road King of Prussia, PA 19406 Age: 54 | Vice President and Assistant Treasurer | Indefinite; 1 Year | Vice President and Group Manager of Fund Accounting and Administration Client Services, The Bank of New York Mellon (“BNY Mellon”) (Since 2010). | |||
Jack Jafolla 760 Moore Road King of Prussia, PA 19406 Age: 49 | Assistant Treasurer | Indefinite; 13 Years | Vice President and Lead Manager of NAV Operations, BNY Mellon (Since 2008). | |||
Lisa M. King 301 Bellevue Parkway Wilmington, DE 19809 Age: 51 | Secretary | Indefinite; 3 Years | Vice President and Group Manager, BNY Mellon (Since 2017); Vice President and Counsel, BNY Mellon (2016-2017); Counsel, Stradley, Ronon, Stevens & Young LLP (2007-2016). | |||
William H. Wallace, III 301 Bellevue Parkway Wilmington, DE 19809 Age: 49 | Assistant Secretary | Indefinite; 3 Years | Secretary of the Corporation (2015-2016); Vice President and Manager, BNY Mellon (Since 2010). |
The Statement of Additional Information (“SAI”) includes additional information about the Corporation’s Directors and Officers and is available upon request, without charge. To obtain a copy of the SAI, please call (800) 607-2200.
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Additional Information (Unaudited) | |
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.
Statement Regarding Liquidity Risk Management Program:
The Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”), approved the Corporation’s Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation with respect to Old Westbury All Cap Core Fund, Old Westbury Large Cap Strategies Fund, Old Westbury All Cap ESG Fund, Old Westbury Small & Mid Cap Strategies Fund, Old Westbury Multi-Asset 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 (each, a “Fund” and, collectively, the “Funds”). The Program is effective on June 1, 2019.
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Renewal of Investment Advisory Agreement and Sub-Advisory Agreements (Unaudited) | |
At a meeting held on July 24, 2019, the Board of Directors (the “Board” or the “Directors”) of Old Westbury Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) of any party to the agreements defined below (“Independent Directors”), unanimously approved the continuation of the following investment advisory and sub-advisory agreements (collectively, the “Agreements”): (1) an investment advisory agreement between Bessemer Investment Management LLC (“BIM” or the “Adviser”) and the Corporation on behalf of Old Westbury All Cap Core Fund (“All Cap Core Fund”), Old Westbury Large Cap Strategies Fund (“Large Cap Strategies Fund”), Old Westbury All Cap ESG Fund (“All Cap ESG Fund”), Old Westbury Small & Mid Cap Strategies Fund (“Small & Mid Cap Strategies Fund”), Old Westbury Multi-Asset Opportunities Fund (“Multi-Asset Opportunities Fund”), Old Westbury Fixed Income Fund (“Fixed Income Fund”), Old Westbury Municipal Bond Fund (“Municipal Bond Fund”), Old Westbury California Municipal Bond Fund (“California Municipal Bond Fund”), and Old Westbury New York Municipal Bond Fund (“New York Municipal Bond Fund”) (each, a “Fund” and, collectively, the “Funds”), (2) a sub-advisory agreement among BIM, Dimensional Fund Advisors LP (“Dimensional”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (3) a sub-advisory agreement among BIM, Champlain Investment Partners, LLC (“Champlain”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (4) a sub-advisory agreement among BIM, BlackRock Financial Management, Inc. (“BlackRock”) and the Corporation on behalf of the Multi-Asset Opportunities Fund, (5) a sub-advisory agreement among BIM, Sands Capital Management, LLC (“Sands”) and the Corporation on behalf of the Large Cap Strategies Fund, (6) a sub-advisory agreement among BIM, Muzinich & Co, Inc. (“Muzinich”) and the Corporation on behalf of the Multi-Asset Opportunities Fund, (7) a sub-advisory agreement among BIM, Harding Loevner LP (“Harding Loevner”) and the Corporation on behalf of the Large Cap Strategies Fund, (8) a sub-advisory agreement among BIM, Martingale Asset Management, L.P. (“Martingale”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (9) a sub-advisory agreement among BIM, Baillie Gifford Overseas Limited (“Baillie Gifford”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, (10) a sub-advisory agreement among BIM, Polunin Capital Partners Limited (“Polunin”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund, and (11) a sub-advisory agreement among BIM, Acadian Asset Management LLC (“Acadian”) and the Corporation on behalf of the Small & Mid Cap Strategies Fund (Polunin, Dimensional, Champlain, BlackRock, Sands, Muzinich, Harding Loevner Martingale and Baillie Gifford together, the “Sub-Advisers”). At both the meeting of the Board held on July 24, 2019 and the meeting of the Board held on April 24, 2019, the Board had requested and received substantial information regarding the Adviser, each of the Sub-Advisers, and the Agreements, as well as related matters pertaining to the fee rates charged and services provided by affiliated service providers. The Independent Directors also met in person with Counsel to the Independent Directors on June 14, 2019, during which time they conducted a review of substantial information from the Adviser and Sub-Advisers. The Directors reviewed detailed due diligence questionnaires from BIM and each of the Sub-Advisers, as well as substantial information concerning, among other things, each Fund’s performance, comparative fee and expense information as well as information regarding BIM and each of the Sub-Advisers relating to their respective organizations, compliance and regulatory processes and programs and financial conditions. The Directors also discussed and considered economies of scale and how the Adviser shared those economies with the Funds’ shareholders. The Board received and discussed information concerning BIM’s and each Sub-Adviser’s performance, the use of affiliated brokers to execute transactions, the use of soft dollars, best execution, portfolio manager compensation, and whether there are any other direct or indirect benefits received by the Adviser or the Sub-Advisers in managing the Funds. In addition, the Adviser supplied the Directors with additional information concerning its estimated profitability from managing the Funds. Moreover, the Board had received and considered materials and presentations throughout the course of the year relating to the investment management, performance and operation of the Funds.
The Board considered information about BIM and the Sub-Advisers, the performance of the Funds and certain additional factors described above and below that it deemed relevant. The following summary details the materials and factors that the Board considered, among others, and the conclusions they reached, in approving the continuance of the Agreements.
(1) The nature, extent and quality of services provided by the Adviser and Sub-Advisers.
The Board considered the scope and quality of services provided by the Adviser and Sub-Advisers, particularly the qualifications, capabilities and experience of the investment, operational, compliance, legal and other personnel who are responsible for providing services to the Funds. The Board also considered the fact that the Adviser and Sub-Advisers pay the costs of all investment and management facilities necessary for the efficient conduct of their respective services. The Board further considered the role and efforts of the Adviser in providing oversight of the various Sub-Advisers for the Funds, including in overseeing the service of, and in monitoring the performance of, each Sub-Adviser, as well as determining the appropriate allocation of assets to Sub-Advisers. The Board also considered the Adviser’s role in making recommendations to the Board regarding retaining or replacing Sub-Advisers where appropriate and in conducting the necessary searches and due diligence of prospective new sub-advisers. In this regard, the Board noted the information that it had received regarding the Adviser’s on-going
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due diligence with respect to each Sub-Adviser, including the Adviser’s review of, among other things, each Sub-Adviser’s investment process, compliance program and performance. The Board also took into account the various reports it received throughout the year regarding the activities and operation of various oversight and operations groups within BIM and its affiliates, such as External Managers Solutions Group, Internal Audit, Cybersecurity and Business Continuity, and Investment Risk Management. The Board also considered the role of the Pricing Committee in the valuation of the Funds’ portfolio instruments, including its role in determining fair values for securities pursuant to the Corporation’s Valuation Policies, as well as its role in selecting and monitoring pricing service providers and, foreign fair value service providers.
In addition, the Board considered that the Adviser manages the overall investment program of the Funds and that the Adviser keeps the Board informed of important developments affecting the Funds, both in connection with the Board’s annual review of the Investment Advisory Agreement and Sub-Advisory Agreements and at each Board meeting. The Board also noted that it received in-person reports from each Sub-Adviser on a rotating schedule. The Board evaluated these factors based on its direct experience with the Adviser, and in consultation with Counsel to the Corporation and Counsel to the Independent Directors, as well as Counsel to the Independent Directors alone. The Board also considered the Adviser’s effectiveness in ensuring that the Funds are in compliance with their respective investment policies and restrictions and the requirements of the 1940 Act and related securities regulations. The Board further noted the Adviser’s and its affiliates’ efforts to oversee the Funds’ other service providers, including those providing administrative, accounting and custodial services.
Based on these factors, as well as other factors discussed herein, the Board concluded that the nature, quality and extent of services provided by the Adviser and Sub-Advisers have been and continue to be satisfactory.
(2) The performance of the Funds and the Adviser and Sub-Advisers.
The Board’s analysis of the Funds’ performance included the discussion and review of the performance data of each of the Funds against securities benchmarks as well as against a competitive group of similar funds, based on, in part, information provided by an independent, third-party mutual fund data provider. The Board considered that for some Funds, like the Multi-Asset Opportunities Fund, the investment strategy employed by the Fund was distinct from any securities benchmark and was different than that employed by other funds, making performance comparisons against benchmarks and industry peers less meaningful. The Board reviewed comparative performance over long-, intermediate- and short-term periods. In reviewing performance, the Board placed greater emphasis on longer-term performance than on shorter-term performance, taking into account that over short periods of time underperformance may be transitory. The Board also considered the performance of the Funds in the context of whether the Funds were meeting the expectations of the clients invested in the Funds. In this regard, the Board considered that the Fixed Income Fund, New York Municipal Bond Fund, California Municipal Bond Fund, and the Municipal Bond Fund were designed as conservative investment products and that clients were most interested in capital preservation when investing in those particular Funds. As a result, the Board determined that the Fixed Income Fund, Municipal Bond Fund, New York Municipal Bond Fund and California Municipal Bond Fund appeared to be meeting their investment objectives even though both Funds may have underperformed their competitive peer groups during certain periods.
The Board considered the performance of the Adviser and each of the Sub-Advisers both against comparative benchmarks as well as against similarly managed accounts, if applicable, managed by the Adviser and Sub-Advisers. When reviewing performance against similarly managed accounts, the Board considered, among other things, differences in the nature of such accounts from a regulatory and tax perspective and differences in the investment mandate from that of the Funds. In evaluating the Funds’ performance, the Board also considered the principal role of the Funds as part of the asset allocation strategy for client accounts maintained by Bessemer and its affiliates.
(3) The cost of the advisory and sub-advisory services and the profits to the Adviser and its affiliates from the relationship with the Funds.
In connection with the Board’s consideration of the level of the advisory and sub-advisory fees, the Board considered a number of factors. The Board’s analysis of each Fund’s advisory fees and expenses included a discussion and review of data concerning the current fee and expense ratios of each Fund compared to a peer group of similar funds and noted that each Fund’s advisory fee and expenses were generally in line with those of their representative group. The Board also noted the applicable advisory fee breakpoints as well as the Adviser’s contractual commitment to waive advisory fees for certain of the Funds. Additionally, the Board considered the Adviser’s profitability. With respect to the Sub-Advisory Agreements with the Sub-Advisers, the Board noted that the Sub-Advisers’ fees were paid entirely by the Adviser so that no additional expenses would be borne by shareholders for the engagement of the Sub-Advisers. The Board noted that Sub-Advisory fee levels were arrived at pursuant to an arms-length negotiation between the Adviser and each Sub-Adviser. The Board also considered fee data from
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the Sub-Advisers with respect to similarly managed accounts and considered the relevance of differences in the services provided to separate accounts as they relate to differences in the fees charged in connection with the Funds. The Board also took into account the significant costs and risks assumed by BIM in connection with launching and maintaining the Funds, including entrepreneurial risks.
Based on this analysis as well as other factors described herein, including the fact that the Funds are intended principally to satisfy asset allocation requirements of client accounts maintained by Bessemer and its affiliates, the Board concluded that the advisory fee schedule for each Fund was fair and reasonable in light of the quality of services provided by the Adviser and Sub-Advisers.
(4) The extent to which economies of scale will be realized as the Funds grow and whether fee levels reflect those economies of scale.
The Board considered the information provided by the Adviser relating to economies of scale. In this regard, the Board noted the current advisory fee breakpoint levels at $500 million and $1 billion with respect to All Cap Core Fund, All Cap ESG Fund, Fixed Income Fund, California Municipal Bond Fund, New York Municipal Bond Fund, and Municipal Bond Fund, and at $1.25 billion and $2.5 billion for the Multi-Asset Opportunities Fund and Large Cap Strategies Fund. The Board also considered the experience of the Adviser in managing the Funds, as well as the Adviser’s profitability analysis. The Board also noted other areas where each Fund may share in economies of scale, including through potential lower fees charged by third-party service providers based on the combined size of the Funds.
(5) Ancillary benefits and other factors.
In addition to the above factors, the Board also discussed other benefits received by the Adviser, the Sub-Advisers and their affiliates from the management of the Funds (such as soft-dollar credits), including the ability to market their advisory services for similar products in the future. In addition, the Board discussed the compensation payable by the Funds to affiliates of the Adviser for other services including administrative services, shareholder servicing and custody. The Board considered comparative information relating to the fees charged for these services and reviewed reports from the Adviser and its affiliates regarding their capabilities and experience in providing these services. The Board also discussed the use of the Funds as asset allocation investment vehicles for clients of Bessemer and its affiliates, with the resulting expectation that the asset sizes of the Funds would grow as Bessemer’s client base grows. The Board concluded that advisory and sub-advisory fees were reasonable in light of these fall-out benefits.
Conclusion:
The Board, including all of the Independent Directors, concluded that the fees payable under the Investment Advisory Agreement and Sub-Advisory Agreements were fair and reasonable with respect to the services that BIM and each Sub-Adviser provide, in light of the factors described above that the Board deemed relevant. The Board based its decision on an evaluation of all these factors as a whole and did not consider any one factor as all-important or controlling. The Independent Directors were also assisted by the advice of Counsel to the Independent Directors, as well as Counsel to the Corporation, in making this determination.
199 |
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-AR2019)
(12/19)
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
The Code of Ethics for Principal Executive and Principal Financial Officers is attached as an Exhibit under Item 13(a)(1).
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
The registrant’s board of directors has determined that the registrant has four audit committee financial experts serving on its audit committee and those persons (Patricia L. Francy, Alexander Ellis III, J. David Officer and R. Keith Walton) are “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $771,900 in 2019 and $718,150 in 2018. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $8,700 in 2019 and $7,200 in 2018.Fees for both 2019 and 2018 relate to the review of financial statement data incorporated in the Funds periodic N-1A filings. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $262,809 in 2019 and $324,405 in 2018.Fees for both 2019 and 2018 relate to the review of federal income and excise tax returns, review of capital gains distribution calculations and certain global tax compliance services. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $60,500 in 2019 and $53,500 in 2018.Fees for both 2019 and 2018 relate to the review of holdings for the Funds’ affiliated custodian under Rule 17f-2 and regulatory reporting for OWF Multi-Asset Opportunities Fund Ltd. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
Before an auditor is engaged by the Funds to render audit services, the Audit Committee reviews and approves the engagement, including all related fees. The Audit Committee also reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Funds employ their auditor to render “permissible non-audit services” to the Funds, including all related fees. In addition, the Audit Committee reviews and approves in advance, unless excepted under Rule 2-01(c)(7) of Regulation S-X, any proposal that the Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Funds,employ the Funds’ Auditor to render non-audit services, if such engagement would relate directly to the operations and financial reporting of the Funds. As a part of its review, the Audit Committee considers whether the provision of such services does not impact the Auditor’s independence.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) | 0% | |
(c) | 0% | |
(d) | 0% | |
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $463,318 in 2019 and $377,905 in 2018. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub- |
adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | The Schedule of Investments in securities of unaffiliated issuers as of the close of reporting period for the Old Westbury Small & Mid Cap Strategies Fund is listed below. The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Old Westbury All Cap Core Fund, Old Westbury Large Cap Strategies Fund, Old Westbury All Cap ESG Fund, Old Westbury Multi-Asset 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 | October 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 91.0% | ||||||||
ARGENTINA — 0.2% | ||||||||
19,694 | MercadoLibre, Inc.(a) | $ | 10,270,815 | |||||
AUSTRALIA — 2.2% | ||||||||
24,428 | A2B Australia Ltd. | 26,691 | ||||||
1,016,185 | Accent Group Ltd. | 1,057,767 | ||||||
150,284 | Adairs Ltd. | 183,887 | ||||||
28,032 | Adelaide Brighton Ltd. | 59,518 | ||||||
34,185 | Ainsworth Game Technology Ltd. | 18,852 | ||||||
122,137 | Alkane Resources Ltd.(a) | 60,200 | ||||||
8,091 | Alliance Aviation Services Ltd. | 14,055 | ||||||
9,699 | ALS Ltd. | 53,956 | ||||||
343,601 | Altium Ltd. | 7,622,208 | ||||||
45,885 | Alumina Ltd. | 71,802 | ||||||
26,409 | AMA Group Ltd. | 25,032 | ||||||
175,712 | AMP Ltd. | 222,268 | ||||||
469,019 | Ansell Ltd. | 8,923,595 | ||||||
16,541 | AP Eagers Ltd. | 139,567 | ||||||
4,303 | Appen Ltd. | 64,872 | ||||||
2,598 | Arb Corp Ltd. | 32,434 | ||||||
30,727 | Asaleo Care Ltd.(a) | 20,229 | ||||||
8,523 | Atlas Arteria Ltd. | 47,179 | ||||||
5,687 | AUB Group Ltd. | 48,416 | ||||||
4,018,028 | Aurelia Metals Ltd. | 1,301,821 | ||||||
39,288 | Aurizon Holdings Ltd. | 159,791 | ||||||
21,946 | AusNet Services | 27,988 | ||||||
940,256 | Austal Ltd. | 2,709,335 | ||||||
16,016 | Australian Agricultural Co. Ltd.(a) | 10,875 | ||||||
19,946 | Australian Finance Group Ltd. | 37,124 | ||||||
37,311 | Australian Pharmaceutical Industries Ltd. | 34,080 | ||||||
91,400 | Baby Bunting Group Ltd. | 248,876 | ||||||
30,036 | Bank of Queensland Ltd. | 187,383 | ||||||
5,331 | Bapcor Ltd. | 26,276 | ||||||
240,444 | Base Resources Ltd.(a) | 39,780 | ||||||
183,622 | Beach Energy Ltd. | 289,868 | ||||||
6,923 | Bega Cheese Ltd. | 17,085 | ||||||
5,237 | Bellamy’s Australia Ltd.(a) | 46,318 | ||||||
19,694 | Bendigo & Adelaide Bank Ltd. | 144,585 | ||||||
513 | Blackmores Ltd. | 30,611 | ||||||
235,494 | BlueScope Steel Ltd. | 2,163,966 | ||||||
108,004 | Boral Ltd. | 374,497 | ||||||
1,398,915 | Bravura Solutions Ltd. | 3,963,451 | ||||||
2,824 | Breville Group Ltd. | 29,863 | ||||||
186,758 | Brickworks Ltd. | 2,328,939 | ||||||
78,298 | BWP Trust, REIT | 223,995 | ||||||
30,620 | Caltex Australia Ltd. | 575,613 | ||||||
67,610 | Capitol Health Ltd. | 11,186 | ||||||
6,165 | carsales.com Ltd. | 66,043 | ||||||
96,536 | Cash Converters International Ltd.(a) | 15,971 | ||||||
12,295 | Cedar Woods Properties Ltd. | 60,177 | ||||||
19,516 | Challenger Ltd. | 107,089 | ||||||
343,968 | Champion Iron Ltd.(a) | 505,054 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
277,481 | Charter Hall Group REIT | $ | 2,161,484 | |||||
16,420 | Citadel Group Ltd. (The) | 40,183 | ||||||
24,057 | City Chic Collective Ltd. | 46,103 | ||||||
90,657 | Cleanaway Waste Management Ltd. | 115,302 | ||||||
1,515 | Clinuvel Pharmaceuticals Ltd. | 31,916 | ||||||
50,518 | Clover Corp. Ltd. | 107,608 | ||||||
17,924 | Coca-Cola Amatil Ltd. | 125,413 | ||||||
47,469 | Codan Ltd. | 202,881 | ||||||
107,656 | Collins Foods Ltd. | 759,939 | ||||||
15,874 | Computershare Ltd. | 173,333 | ||||||
37,212 | Cooper Energy Ltd.(a) | 14,237 | ||||||
2,470 | Corporate Travel Management Ltd. | 30,019 | ||||||
1,759 | Credit Corp. Group Ltd. | 38,050 | ||||||
2,442 | Crown Resorts Ltd. | 20,975 | ||||||
268,597 | CSR Ltd. | 766,552 | ||||||
134,080 | Data#3 Ltd. | 317,953 | ||||||
24,019 | Decmil Group Ltd. | 14,239 | ||||||
49,476 | Dicker Data Ltd. | 239,426 | ||||||
1,566 | Domino’s Pizza Enterprises Ltd. | 55,066 | ||||||
40,623 | Downer EDI Ltd. | 225,428 | ||||||
23,388 | DWS Ltd. | 17,171 | ||||||
6,964 | Elders Ltd. | 28,372 | ||||||
21,026 | Emeco Holdings Ltd.(a) | 25,872 | ||||||
296,360 | EML Payments Ltd.(a) | 817,184 | ||||||
2,827 | Enero Group Ltd. | 4,190 | ||||||
490,049 | Estia Health Ltd. | 949,262 | ||||||
23,471 | EVENT Hospitality and Entertainment Ltd. | 212,278 | ||||||
1,038,844 | Evolution Mining Ltd. | 2,957,609 | ||||||
7,724 | Fleetwood Corp. Ltd.(a) | 11,927 | ||||||
12,446 | Flexigroup Ltd. | 16,730 | ||||||
1,383 | Flight Centre Travel Group Ltd. | 40,604 | ||||||
4,600 | G.U.D. Holdings Ltd. | 34,310 | ||||||
21,841 | G8 Education Ltd. | 38,694 | ||||||
10,000 | Gbst Holdings Ltd(a),(b) | 24,127 | ||||||
100,217 | GDI Property Group, REIT | 107,772 | ||||||
70,597 | Genworth Mortgage Insurance Australia Ltd. | 189,798 | ||||||
5,454 | GrainCorp Ltd. - Class A | 27,183 | ||||||
32,430 | GWA Group Ltd. | 64,831 | ||||||
6,691 | Hansen Technologies Ltd. | 15,682 | ||||||
14,059 | Harvey Norman Holdings Ltd. | 39,639 | ||||||
11,239 | Healius Ltd. | 23,863 | ||||||
12,220 | Helloworld Travel Ltd. | 37,907 | ||||||
172,755 | Horizon Oil Ltd.(a) | 16,672 | ||||||
12,182 | Hotel Property Investments Trust | 26,873 | ||||||
49,386 | HT&E, Ltd. | 56,173 | ||||||
3,631 | Huon Aquaculture Group Ltd. | 11,414 | ||||||
305,829 | IDP Education Ltd. | 3,752,658 | ||||||
1,543,299 | Iluka Resources Ltd. | 10,000,421 | ||||||
531,650 | Imdex Ltd. | 582,725 | ||||||
1,039,595 | Incitec Pivot Ltd. | 2,472,428 | ||||||
763,787 | Independence Group NL | 3,353,915 |
1 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
420,073 | Infomedia Ltd. | $ | 663,133 | |||||
104,468 | Integrated Research Ltd. | 213,165 | ||||||
4,429 | InvoCare Ltd. | 39,966 | ||||||
11,100 | IOOF Holdings Ltd. | 56,470 | ||||||
256,724 | IPH Ltd. | 1,428,171 | ||||||
3,410 | Iress Ltd. | 29,948 | ||||||
34,618 | JB Hi-Fi Ltd. | 883,921 | ||||||
63,565 | Johns Lyng Group Ltd. | 81,064 | ||||||
285,205 | Jumbo Interactive Ltd. | 4,366,626 | ||||||
75,445 | Jupiter Mines Ltd. | 17,423 | ||||||
5,319 | Link Administration Holdings Ltd. | 20,533 | ||||||
2,295 | Lovisa Holdings Ltd. | 21,326 | ||||||
364,347 | MACA Ltd. | 238,605 | ||||||
635,918 | Macmahon Holdings Ltd. | 94,250 | ||||||
45,678 | Magellan Financial Group Ltd. | 1,516,785 | ||||||
23,600 | Mastermyne Group Ltd. | 17,774 | ||||||
993,311 | Mayne Pharma Group Ltd.(a) | 352,641 | ||||||
3,121 | McMillan Shakespeare Ltd. | 34,488 | ||||||
37,785 | McPherson’s Ltd. | 60,169 | ||||||
80,562 | Medibank Private Ltd. | 187,710 | ||||||
20,344 | Medusa Mining Ltd.(a) | 10,588 | ||||||
63,733 | Metcash Ltd. | 123,895 | ||||||
15,848 | Michael Hill International Ltd. | 7,374 | ||||||
5,150 | Mineral Resources Ltd. | 50,767 | ||||||
134,699 | MMA Offshore Ltd.(a) | 17,875 | ||||||
186,000 | MMG Ltd.(a) | 38,928 | ||||||
2,115 | Monadelphous Group Ltd. | 22,365 | ||||||
103,470 | Monash IVF Group Ltd. | 73,110 | ||||||
30,549 | Money3 Corp. Ltd. | 45,277 | ||||||
2,778,730 | Mount Gibson Iron Ltd. | 1,455,795 | ||||||
400,574 | Myer Holdings Ltd.(a) | 150,494 | ||||||
37,601 | MyState Ltd. | 122,862 | ||||||
426,795 | Navigator Global Investments Ltd. | 723,760 | ||||||
39,073 | Netwealth Group Ltd. | 237,567 | ||||||
23,940 | New Hope Corp. Ltd. | 35,152 | ||||||
4,576 | NEXTDC Ltd.(a) | 20,220 | ||||||
17,619 | NIB Holdings Ltd. | 85,141 | ||||||
33,543 | Nine Entertainment Co. Holdings, Ltd. | 42,546 | ||||||
546,812 | Northern Star Resources Ltd. | 3,690,295 | ||||||
416,312 | NRW Holdings, Ltd. | 645,716 | ||||||
16,615 | Nufarm Ltd/Australia(a) | 67,805 | ||||||
936,495 | OceanaGold Corp. | 2,246,849 | ||||||
11,277 | OFX Group Ltd. | 10,883 | ||||||
4,884 | oOh!media Ltd. | 9,292 | ||||||
9,123 | Orica Ltd. | 144,017 | ||||||
3,559 | Orocobre Ltd.(a) | 6,452 | ||||||
3,806,295 | Orora Ltd. | 8,107,767 | ||||||
550,136 | OZ Minerals Ltd. | 3,849,253 | ||||||
24,370 | Pacific Current Group Ltd. | 118,268 | ||||||
40,762 | Pacific Energy Ltd. | 30,066 | ||||||
7,527 | Pact Group Holdings Ltd.(a) | 12,557 | ||||||
13,359 | Peet Ltd. | 11,051 | ||||||
5,999 | Pendal Group Ltd. | 29,568 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
78,363 | People Infrastructure Ltd. | $ | 183,667 | |||||
405,248 | Perenti Global Ltd. | 639,730 | ||||||
963 | Perpetual Ltd. | 23,852 | ||||||
167,577 | Perseus Mining Ltd.(a) | 98,769 | ||||||
7,756 | Platinum Asset Mangement Ltd. | 22,135 | ||||||
2,425 | Premier Investments Ltd. | 32,063 | ||||||
246,512 | Pro Medicus Ltd. | 4,530,421 | ||||||
38,429 | Qube Holdings Ltd. | 86,096 | ||||||
111,348 | Quintis Ltd.(a),(b) | 0 | ||||||
901,113 | Ramelius Resources Ltd. | 776,479 | ||||||
306,813 | Red 5 Ltd.(a) | 58,163 | ||||||
20,530 | Reece Ltd. | 146,760 | ||||||
4,407 | Regional Express Holdings Ltd. | 4,056 | ||||||
1,075,043 | Regis Resources Ltd. | 3,631,301 | ||||||
58,503 | Resolute Mining Ltd.(a) | 48,798 | ||||||
204,644 | Rhipe Ltd. | 403,465 | ||||||
53,210 | Ridley Corp. Ltd. | 39,798 | ||||||
749,961 | Sandfire Resources NL | 3,003,690 | ||||||
1,380,717 | Saracen Mineral Holdings Ltd.(a) | 3,569,244 | ||||||
9,344 | SeaLink Travel Group Ltd. | 32,979 | ||||||
228,703 | SEEK Ltd. | 3,575,652 | ||||||
5,587 | Select Harvests Ltd. | 27,730 | ||||||
10,409 | Servcorp Ltd. | 31,644 | ||||||
891,353 | Service Stream Ltd. | 1,585,294 | ||||||
4,744 | Seven Group Holdings Ltd. | 61,350 | ||||||
138,822 | Seven West Media Ltd.(a) | 38,279 | ||||||
64,203 | Shaftesbury Plc, REIT | 194,737 | ||||||
227,173 | Sigma Healthcare Ltd. | 90,829 | ||||||
31,802 | Silver Lake Resources Ltd.(a) | 25,430 | ||||||
61,371 | SmartGroup Corp. Ltd. | 482,713 | ||||||
58,562 | Southern Cross Electrical Engineering Ltd. | 22,203 | ||||||
77,395 | Southern Cross Media Group Ltd. | 43,749 | ||||||
14,955 | Spark Infrastructure Group | 20,825 | ||||||
1,238,357 | St Barbara Ltd. | 2,381,718 | ||||||
86,421 | Stanmore Coal Ltd. | 60,766 | ||||||
61,543 | Star Entertainment Group Ltd. (The) | 199,396 | ||||||
24,151 | Steadfast Group Ltd. | 59,768 | ||||||
37,756 | Sunland Group Ltd. | 41,774 | ||||||
66,383 | Super Retail Group Ltd. | 435,189 | ||||||
10,605 | Superloop Ltd.(a) | 8,005 | ||||||
893 | Superloop Ltd.(a) | 674 | ||||||
16,046 | Tassal Group Ltd. | 45,794 | ||||||
775,778 | Technology One Ltd. | 3,941,353 | ||||||
4,364 | Tiger Resources Ltd.(a) | 2 | ||||||
109,463 | TPG Telecom Ltd. | 493,498 | ||||||
12,192 | Village Roadshow Ltd. | 26,895 | ||||||
357,177 | Virgin Australia Holdings Ltd.(a) | 36,933 | ||||||
521,584 | Virgin Australia Holdings Ltd. - CVR Shares(a),(b) | 0 | ||||||
3,261 | Virtus Health Ltd. | 9,239 | ||||||
446,111 | Vita Group Ltd. | 375,183 |
2 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
AUSTRALIA (continued) | ||||||||
1,428,231 | Vocus Group Ltd.(a) | $ | 3,268,714 | |||||
2,893 | Webjet Ltd. | 22,555 | ||||||
8,558 | Webster Ltd. | 11,474 | ||||||
1,099,665 | Western Areas Ltd. | 2,433,357 | ||||||
250,100 | Westgold Resources Ltd.(a) | 405,156 | ||||||
56,484 | Whitehaven Coal Ltd. | 128,882 | ||||||
45,947 | Worley Ltd. | 432,661 | ||||||
136,793,169 | ||||||||
AUSTRIA — 0.1% | ||||||||
1,728 | Agrana Beteiligungs AG | 33,303 | ||||||
14,870 | ams AG(a) | 664,741 | ||||||
2,614 | ANDRITZ AG | 117,432 | ||||||
1,658 | AT&S Austria Technologie & Systemtechnik AG | 30,881 | ||||||
3,286 | Austria Technologie & Systemtechnik AG | 60,984 | ||||||
19,662 | CA Immobilien Anlagen AG | 758,744 | ||||||
5,820 | DO & CO AG | 541,353 | ||||||
4,266 | EVN AG | 77,934 | ||||||
1,017 | Flughafen Wien AG | 41,741 | ||||||
42,234 | IMMOFINANZ AG | 1,212,917 | ||||||
146 | Kapsch TrafficCom AG | 4,608 | ||||||
658 | Lenzing AG | 69,240 | ||||||
512 | Mayr Melnhof Karton AG | 62,928 | ||||||
5,535 | Oesterreichische Post AG | 203,715 | ||||||
2,018 | Palfinger AG | 57,617 | ||||||
2,933 | POLYTEC Holding AG | 26,725 | ||||||
1,129 | Porr Ag | 26,694 | ||||||
6,729 | Raiffeisen Bank International AG | 165,482 | ||||||
3,202 | Rhi Magnesita NV | 144,633 | ||||||
491 | Rhi Magnesita NV | 22,121 | ||||||
71,529 | S IMMO AG | 1,810,921 | ||||||
1,505 | S&T AG | 32,127 | ||||||
586 | Schoeller-Bleckmann Oilfield Equipment AG | 33,463 | ||||||
16,189 | Strabag SE | 538,056 | ||||||
41,528 | Telekom Austria AG | 321,434 | ||||||
962 | UBM Development AG | 47,852 | ||||||
30,463 | UNIQA Insurance Group AG | 292,698 | ||||||
13,531 | Vienna Insurance Group AG Wiener Versicherung Gruppe | 366,714 | ||||||
13,413 | voestalpine AG | 335,841 | ||||||
4,474 | Wienerberger AG | 120,954 | ||||||
29,513 | Zumtobel Group AG(a) | 234,361 | ||||||
8,458,214 | ||||||||
BELGIUM — 0.7% | ||||||||
3,476 | Ackermans & van Haaren NV | 532,282 | ||||||
658 | Aedifica SA REIT | 79,111 | ||||||
30,578 | Ageas | 1,761,112 | ||||||
34,424 | AGFA - Gevaert NV(a) | 157,104 | ||||||
5,972 | Akka Technologies | 384,981 | ||||||
659 | Atenor | 54,977 | ||||||
76 | Banque Nationale de Belgique | 189,869 |
Shares | Value | |||||||
BELGIUM (continued) | ||||||||
12,329 | Barco NV | $ | 2,681,353 | |||||
492 | Befimmo SA REIT | 31,771 | ||||||
6,553 | Bekaert SA | 182,568 | ||||||
959 | Biocartis NV(a) | 6,867 | ||||||
6,096 | bpost SA | 69,688 | ||||||
2,052 | Cie d’Entreprises CFE | 197,735 | ||||||
607 | Cofinimmo SA REIT | 89,768 | ||||||
63,956 | Colruyt SA | 3,555,093 | ||||||
40,458 | Deceuninck NV | 84,380 | ||||||
12,200 | Deceuninck NV- VVPR Strip(a),(b) | 0 | ||||||
45,813 | D’ieteren SA/NV | 2,891,990 | ||||||
28,734 | Econocom Group SA/NV | 74,926 | ||||||
1,202 | Elia System Operator SA NV | 103,628 | ||||||
25,257 | Euronav NV | 284,790 | ||||||
16,086 | EVS Broadcast Equipment SA | 393,799 | ||||||
10,770 | Exmar NV(a) | 67,266 | ||||||
2,571 | Fagron | 48,775 | ||||||
90,919 | Galapagos NV(a) | 16,711,038 | ||||||
1,790 | Gimv NV | 107,406 | ||||||
67 | Home Invest Belgium SA REIT | 8,519 | ||||||
1,064 | Immobel SA | 80,694 | ||||||
1,351 | Intervest Offices & Warehouses NV REIT | 40,833 | ||||||
573 | Jensen-Group NV | 21,856 | ||||||
7,954 | KBC Ancora | 378,796 | ||||||
988 | Kinepolis Group NV | 65,674 | ||||||
25 | Lotus Bakeries NV | 70,543 | ||||||
1,139 | Melexis NV | 79,776 | ||||||
447 | Montea C.V.A REIT | 40,531 | ||||||
11,094 | Ontex Group NV | 201,187 | ||||||
82,775 | Orange Belgium SA | 1,820,529 | ||||||
340 | Picanol | 26,468 | ||||||
158,886 | Proximus SADP | 4,878,468 | ||||||
7,898 | Recticel SA | 69,060 | ||||||
436 | Resilux | 65,403 | ||||||
149 | Retail Estates NV REIT | 14,225 | ||||||
422 | Roularta Media Group NV | 5,907 | ||||||
3,103 | Sioen Industries NV | 76,829 | ||||||
1,836 | Sipef NV | 92,965 | ||||||
8,675 | Solvay SA | 943,334 | ||||||
29,280 | Telenet Group Holding NV(a) | 1,437,516 | ||||||
187 | TER Beke SA | 22,212 | ||||||
7,080 | Tessenderlo Group SA(a) | 234,126 | ||||||
10,104 | Umicore SA | 416,614 | ||||||
1,138 | Van de Velde NV | 30,715 | ||||||
643 | Warehouses De Pauw CVA REIT | 119,188 | ||||||
8 | Wereldhave Belgium NV REIT | 716 | ||||||
41,984,961 | ||||||||
BERMUDA — 0.7% | ||||||||
404,626 | Argo Group International Holdings Ltd. | 25,034,211 | ||||||
38,517 | Axis Capital Holdings Ltd. | 2,289,065 | ||||||
7,000 | Enstar Group, Ltd.(a) | 1,406,300 |
3 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
BERMUDA (continued) | ||||||||
9,297 | Everest Re Group Ltd. | $ | 2,390,166 | |||||
4,868 | Hiscox Ltd. | 93,893 | ||||||
300,200 | James River Group Holdings Ltd. | 10,750,162 | ||||||
41,963,797 | ||||||||
BRAZIL — 0.3% | ||||||||
5,242 | Aliansce Sonae Shopping Centers sa | 55,616 | ||||||
3,600 | Alliar Medicos A Frente SA | 15,933 | ||||||
12,556 | Alpargatas SA - Preference Shares(a) | 84,406 | ||||||
3,800 | Alupar Investimento SA - Units | 22,930 | ||||||
1,700 | Arezzo Industria e Comercio SA | 25,039 | ||||||
15,474 | Azul S.A. - Preference Shares(a) | 201,947 | ||||||
4,519 | Banco ABC Brasil SA - Preference Shares | 20,305 | ||||||
42,100 | Banco do Estado do Rio Grande do Sul SA - Class B, Preference Shares | 235,143 | ||||||
5,843 | BK Brasil Operacao e Assessoria a Restaurantes SA | 27,157 | ||||||
18,600 | BR Malls Participacoes SA | 70,866 | ||||||
8,600 | BrasilAgro - Co Brasileira de Propriedades Agricolas | 36,347 | ||||||
14,259 | BRF SA(a) | 125,542 | ||||||
12,171 | Camil Alimentos SA | 19,423 | ||||||
80,321 | CCR SA | 332,459 | ||||||
17,464 | Cia Brasileira de Distribuicao - Preference Shares | 360,733 | ||||||
56,298 | Cia de Locacao das Americas | 240,746 | ||||||
6,200 | Cia de Saneamento Basico do Estado de Sao Paulo | 84,548 | ||||||
1,600 | Cia de Saneamento de Minas Gerais-COPASA | 27,129 | ||||||
1,900 | Cia de Saneamento do Parana | 43,207 | ||||||
5,735 | Cia de Saneamento do Parana - Preference Shares | 26,026 | ||||||
4,800 | Cia de Transmissao de Energia Eletrica Paulista - Preference Shares | 28,186 | ||||||
5,000 | Cia Energetica de Minas Gerais | 18,626 | ||||||
423,100 | Cia Energetica de Minas Gerais - ADR | 1,421,616 | ||||||
20,276 | Cia Energetica de Minas Gerais - Preference Shares | 68,808 | ||||||
5,400 | Cia Energetica de Sao Paulo - Class B, Preference Shares | 39,990 | ||||||
32 | Cia Energetica do Ceara - Class A, Preference Shares | 497 | ||||||
5,800 | Cia Ferro Ligas da Bahia-FERBASA - Preference Shares | 26,162 | ||||||
3,100 | Cia Hering | 24,148 | ||||||
2,700 | Cia Paranaense de Energia - Class B, Preference Shares | 37,445 | ||||||
73,900 | Cia Siderurgica Nacional SA | 218,356 | ||||||
66,700 | Cielo SA | 124,735 |
Shares | Value | |||||||
BRAZIL (continued) | ||||||||
92,913 | Cogna Educacao | $ | 224,492 | |||||
16,056 | Construtora Tenda SA | 93,161 | ||||||
5,646 | Cosan Logistica SA(a) | 28,466 | ||||||
24,207 | Cosan SA | 347,065 | ||||||
8,700 | CSU Cardsystem SA | 14,100 | ||||||
6,400 | CVC Brasil Operadora e Agencia de Viagens SA | 81,578 | ||||||
14,600 | Cyrela Brazil Realty SA Empreendimentos e Participacoes | 98,328 | ||||||
11,600 | Direcional Engenharia SA | 34,217 | ||||||
61,795 | Duratex SA | 200,770 | ||||||
10,400 | EcoRodovias Infraestrutura e Logistica SA | 35,682 | ||||||
318,039 | EDP - Energias do Brasil SA | 1,499,593 | ||||||
46,035 | Embraer SA | 200,187 | ||||||
182,785 | Embraer SA - ADR | 3,174,975 | ||||||
5,040 | Energisa SA - Units | 60,058 | ||||||
3,200 | Eneva SA(a) | 26,299 | ||||||
3,700 | Engie Brasil Energia SA | 41,516 | ||||||
2,900 | Equatorial Energia SA | 73,489 | ||||||
4,800 | Ez Tec Empreendimentos e Participacoes SA | 48,971 | ||||||
8,800 | Fleury SA | 55,558 | ||||||
24,400 | Gerdau SA | 67,472 | ||||||
108,000 | Gerdau SA - Preference Shares | 361,661 | ||||||
2,750 | Gol-Linhas Aereas Inteligentes SA - Preference Shares(a) | 25,165 | ||||||
15,400 | Grendene SA | 37,938 | ||||||
�� | 12,800 | Guararapes Confeccoes SA | 63,673 | |||||
5,900 | Hapvida Participacoes e Investimentos SA | 82,707 | ||||||
31,500 | Helbor Empreendimentos SA(a) | 24,977 | ||||||
16,500 | Hypera SA | 141,611 | ||||||
2,000 | Iguatemi Empresa de Shopping Centers SA | 23,817 | ||||||
3,700 | Industrias Romi SA | 12,704 | ||||||
2,400 | Instituto Hermes Pardini SA | 13,698 | ||||||
5,000 | International Meal Company Alimentacao SA | 9,213 | ||||||
18,072 | Iochpe-Maxion SA | 78,768 | ||||||
11,661 | IRB Brasil Resseguros S/A | 109,559 | ||||||
10,500 | JHSF Participacoes SA | 11,755 | ||||||
3,400 | Kepler Weber SA | 18,058 | ||||||
69,700 | Klabin SA - Units | 278,244 | ||||||
2,004 | Light SA | 9,934 | ||||||
14,622 | Localiza Rent a Car SA | 156,775 | ||||||
601 | LOG Commercial Properties e Participacoes SA | 3,772 | ||||||
5,874 | Lojas Americanas SA | 22,014 | ||||||
18,944 | Lojas Americanas SA - Preference Shares | 94,755 | ||||||
1,893 | M Dias Branco SA | 17,847 | ||||||
16,800 | Magazine Luiza SA | 185,992 | ||||||
5,732 | Mahle-Metal Leve SA | 35,131 | ||||||
28,099 | Marcopolo SA - Preference Shares | 25,573 |
4 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
BRAZIL (continued) | ||||||||
7,800 | Marfrig Global Foods SA(a) | $ | 21,005 | |||||
14,800 | Mills Estruturas e Servicos de Engenharia SA(a) | 26,238 | ||||||
6,016 | Movida Participacoes SA | 22,831 | ||||||
37,686 | MRV Engenharia e Participacoes SA | 165,760 | ||||||
5,100 | Multiplan Empreendimentos Imobiliarios SA | 37,069 | ||||||
15,400 | Natura Cosmeticos SA | 120,305 | ||||||
10,879 | Notre Dame Intermedica Participacoes SA | 162,351 | ||||||
11,200 | Odontoprev SA | 41,639 | ||||||
1,900 | Paranapanema SA(a) | 13,237 | ||||||
33,800 | Petrobras Distribuidora SA | 239,352 | ||||||
17,855 | Porto Seguro SA | 255,281 | ||||||
21,600 | Portobello SA | 21,543 | ||||||
20,068 | Qualicorp Consultoria e Corretora de Seguros SA | 160,274 | ||||||
7,200 | Raia Drogasil SA | 197,410 | ||||||
17,200 | Randon Participacoes SA - Preference Shares | 44,689 | ||||||
19 | Restoque Comercio e Confeccoes de Roupas SA | 97 | ||||||
48,585 | Rumo SA(a) | 277,179 | ||||||
20,350 | Santos Brasil Participacoes SA | 34,454 | ||||||
1,300 | Sao Carlos Empreendimentos e Participacoes SA | 13,430 | ||||||
23,483 | Sao Martinho SA | 101,884 | ||||||
4,800 | Schulz SA - Preference Shares | 10,496 | ||||||
3,900 | Ser Educacional SA | 22,862 | ||||||
15,200 | SLC Agricola SA | 69,168 | ||||||
2,100 | Smiles Fidelidade SA | 19,301 | ||||||
55,012 | Sul America SA - Units | 670,075 | ||||||
5,800 | T4F Entretenimento SA | 8,258 | ||||||
2,900 | Tegma Gestao Logistica SA | 22,770 | ||||||
13,100 | TIM Participacoes SA | 37,074 | ||||||
3,200 | TOTVS SA | 49,789 | ||||||
3,700 | Transmissora Alianca de Energia Eletrica SA - Units | 26,487 | ||||||
9,500 | Tupy SA | 44,936 | ||||||
33,000 | Ultrapar Participacoes SA | 154,776 | ||||||
1,633 | Unipar Carbocloro SA | 12,256 | ||||||
5,740 | Unipar Carbocloro SA - Preference Shares | 41,520 | ||||||
24,600 | Usinas Siderurgicas de Minas Gerais SA - Class A, Preference Shares | 44,655 | ||||||
9,600 | Usinas Siderurgicas de Minas Gerais SA Usiminas | 21,232 | ||||||
7,097 | Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 23,607 | ||||||
73,200 | Via Varejo SA(a) | 135,248 | ||||||
5,500 | Vulcabras Azaleia SA(a) | 10,464 | ||||||
29,000 | YDUQS Part | 282,950 | ||||||
15,979,341 |
Shares | Value | |||||||
CAMBODIA — 0.0% | ||||||||
28,000 | NagaCorp Ltd. | $ | 51,026 | |||||
CANADA — 2.3% | ||||||||
76,215 | Absolute Software Corp. | 449,038 | ||||||
5,636 | Advantage Oil & Gas Ltd.(a) | 8,130 | ||||||
114,336 | Aecon Group, Inc. | 1,579,922 | ||||||
700 | Ag Growth International, Inc. | 22,758 | ||||||
3,600 | AGF Management Ltd. - Class B | 15,880 | ||||||
474,083 | Aimia, Inc.(a) | 1,313,798 | ||||||
2,900 | Air Canada(a) | 103,265 | ||||||
1,200 | AirBoss of America Corp. | 7,179 | ||||||
22,276 | Alamos Gold, Inc. - Class A | 121,266 | ||||||
3,300 | Alaris Royalty Corp. | 49,058 | ||||||
2,170 | Alcanna, Inc.(a) | 7,447 | ||||||
2,881 | Algoma Central Corp. | 28,764 | ||||||
3,930 | Algonquin Power & Utilities Corp. | 53,977 | ||||||
600 | Allied Properties Real Estate Investment Trust, REIT | 24,408 | ||||||
16,143 | AltaGas Ltd. | 234,834 | ||||||
800 | Altus Group Ltd. | 22,170 | ||||||
13,000 | Amerigo Resources Ltd.(a) | 7,304 | ||||||
1,400 | Andrew Peller Ltd. - Class A | 13,893 | ||||||
2,644 | Aritzia, Inc.(a) | 37,680 | ||||||
69,500 | Artis Real Estate Investment Trust, REIT | 654,316 | ||||||
14,945 | Asanko Gold, Inc.(a) | 13,389 | ||||||
800 | Atco Ltd. - Class I | 28,122 | ||||||
31,800 | Athabasca Oil Corp.(a) | 9,778 | ||||||
92,753 | ATS Automation Tooling Systems, Inc.(a) | 1,259,148 | ||||||
118,354 | B2Gold Corp.(a) | 416,050 | ||||||
2,000 | Badger Daylighting Ltd. | 59,251 | ||||||
3,257 | Barrick Gold Corp. | 56,542 | ||||||
15,845 | Baytex Energy Corp.(a) | 17,684 | ||||||
15,200 | Bird Construction, Inc. | 70,974 | ||||||
13,800 | Black Diamond Group Ltd.(a) | 17,917 | ||||||
9,263 | BlackBerry Ltd.(a) | 48,668 | ||||||
26,500 | Boardwalk Real Estate Investment Trust, REIT | 878,840 | ||||||
6,700 | Bombardier, Inc. - Class B(a) | 8,444 | ||||||
94,557 | Bonavista Energy Corp. | 35,178 | ||||||
2,800 | Boralex, Inc. - Class A | 46,344 | ||||||
26,900 | Boyd Group Income Fund - Units | 3,751,213 | ||||||
900 | BRP, Inc. | 40,377 | ||||||
6,267 | CAE, Inc. | 157,163 | ||||||
500 | Calian Group Ltd. | 13,446 | ||||||
15,200 | Cameco Corp. | 135,716 | ||||||
24,915 | Canaccord Genuity Group, Inc. | 101,393 | ||||||
5,550 | Canacol Energy Ltd.(a) | 20,437 | ||||||
1,200 | Canada Goose Holdings, Inc.(a) | 50,201 | ||||||
111,315 | Canadian Apartment Properties REIT | 4,634,815 | ||||||
160,375 | Canadian Western Bank | 4,060,820 | ||||||
9,843 | Canfor Corp.(a) | 118,974 |
5 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
4,457 | Canfor Pulp Products, Inc. | $ | 29,305 | |||||
8,000 | CanWel Building Materials Group Ltd. | 27,515 | ||||||
1,300 | Capital Power Corp. | 31,160 | ||||||
72,367 | Capstone Mining Corp.(a) | 27,472 | ||||||
56,611 | Cascades, Inc. | 535,980 | ||||||
8,470 | Celestica, Inc.(a) | 61,350 | ||||||
14,726 | Centerra Gold, Inc.(a) | 125,558 | ||||||
1,400 | Cervus Equipment Corp. | 8,769 | ||||||
18,544 | CES Energy Solutions Corp. | 24,780 | ||||||
16,586 | China Gold International Resources Corp. Ltd.(a) | 13,222 | ||||||
7,500 | CI Financial Corp. | 109,160 | ||||||
11,577 | Cineplex, Inc. | 197,330 | ||||||
140,600 | City Office REIT Inc. | 1,903,724 | ||||||
29,112 | Cogeco Communications, Inc. | 2,516,439 | ||||||
264 | Cogeco, Inc. | 20,431 | ||||||
900 | Colliers International Group, Inc. | 60,303 | ||||||
1,400 | Cominar Real Estate Investment Trust REIT | 14,275 | ||||||
62,361 | Computer Modelling Group Ltd. | 331,904 | ||||||
49,000 | Copper Mountain Mining Corp.(a) | 24,926 | ||||||
1,012 | Corby Spirit and Wine Ltd. | 12,294 | ||||||
15,019 | Corus Entertainment, Inc. - Class B | 57,700 | ||||||
20,535 | Crescent Point Energy Corp. | 74,993 | ||||||
121,000 | Crew Energy, Inc.(a) | 44,097 | ||||||
1,500 | CRH Medical Corp.(a) | 4,510 | ||||||
21,300 | CT Real Estate Investment Trust, REIT | 239,506 | ||||||
10,500 | Denison Mines Corp.(a) | 4,863 | ||||||
6,900 | Descartes Systems Group, Inc. (The)(a) | 268,488 | ||||||
12,388 | Detour Gold Corp.(a) | 205,699 | ||||||
992,600 | Dollarama, Inc. | 33,393,141 | ||||||
14,531 | Dream Hard Asset Alternatives Trust - Units | 81,531 | ||||||
33,615 | Dream Office Real Estate Investment Trust, REIT | 747,794 | ||||||
74,507 | DREAM Unlimited Corp. | 570,781 | ||||||
31,275 | Dundee Precious Metals, Inc.(a) | 108,991 | ||||||
83,903 | ECN Capital Corp. | 277,107 | ||||||
464 | E-L Financial Corp. Ltd. | 259,288 | ||||||
11,452 | Eldorado Gold Corp.(a) | 96,425 | ||||||
8,000 | Element Fleet Management Corp. | 68,028 | ||||||
74,769 | Empire Co. Ltd. - Class A | 1,985,173 | ||||||
94,900 | Encana Corp. | 371,790 | ||||||
3,800 | Endeavour Silver Corp.(a) | 9,434 | ||||||
72,643 | Enerflex Ltd. | 569,187 | ||||||
19,131 | Enerplus Corp. | 115,474 | ||||||
52,166 | Enghouse Systems Ltd. | 1,519,710 | ||||||
9,975 | Entertainment One Ltd. | 71,906 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
19,967 | Equitable Group, Inc. | $ | 1,717,911 | |||||
1,500 | ERO Copper Corp.(a) | 18,746 | ||||||
13,100 | Evertz Technologies Ltd. | 178,035 | ||||||
524 | Exchange Income Corp. | 15,520 | ||||||
14,323 | Exco Technologies Ltd. | 83,082 | ||||||
38 | EXFO, Inc.(a) | 155 | ||||||
6,300 | Extendicare, Inc. | 42,619 | ||||||
4,382 | Finning International, Inc. | 74,625 | ||||||
1,734 | First Capital Realty, Inc. | 28,700 | ||||||
2,051 | First Majestic Silver Corp.(a) | 21,926 | ||||||
563 | First National Financial Corp. | 18,334 | ||||||
28,335 | First Quantum Minerals Ltd. | 239,442 | ||||||
1,300 | FirstService Corp. | 113,467 | ||||||
11,963 | Fortuna Silver Mines, Inc.(a) | 38,148 | ||||||
2,300 | GDI Integrated Facility Services, Inc.(a) | 51,026 | ||||||
16,000 | Gear Energy Ltd.(a) | 4,738 | ||||||
2,921 | Genworth MI Canada, Inc. | 117,984 | ||||||
30,114 | Gibson Energy, Inc. | 524,954 | ||||||
2,400 | Gildan Activewear, Inc. | 61,317 | ||||||
1,040 | goeasy Ltd. | 47,551 | ||||||
84,319 | Gran Colombia Gold Corp.(a) | 323,294 | ||||||
28,068 | Great Canadian Gaming Corp.(a) | 887,794 | ||||||
132,862 | Guyana Goldfields, Inc.(a) | 53,464 | ||||||
30,650 | H&R Real Estate Investment Trust, REIT | 518,474 | ||||||
1,400 | Hardwoods Distribution, Inc. | 13,648 | ||||||
26,524 | Heroux-Devtek, Inc.(a) | 337,516 | ||||||
10,400 | High Arctic Energy Services, Inc. | 17,845 | ||||||
46,024 | High Liner Foods, Inc. | 324,974 | ||||||
106,146 | Home Capital Group, Inc.(a) | 2,184,814 | ||||||
8,300 | Horizon North Logistics, Inc. | 6,113 | ||||||
23,554 | Hudbay Minerals, Inc. | 85,482 | ||||||
132,871 | iA Financial Corp., Inc. | 6,398,912 | ||||||
18,493 | IAMGOLD Corp.(a) | 69,501 | ||||||
2,679 | Innergex Renewable Energy, Inc. | 33,439 | ||||||
6,826 | Inter Pipeline Ltd. | 114,587 | ||||||
7,600 | Interfor Corp.(a) | 90,593 | ||||||
2,288 | International Petroleum Corp. - Sweden(a) | 7,765 | ||||||
2,926 | Intertape Polymer Group, Inc. | 37,677 | ||||||
3,000 | Just Energy Group, Inc. | 6,947 | ||||||
1,300 | K-Bro Linen, Inc. | 35,730 | ||||||
8,066 | Keyera Corp. | 186,968 | ||||||
85,801 | Killam Apartment Real Estate Investment Trust, REIT | 1,270,957 | ||||||
721 | Kinaxis, Inc.(a) | 46,043 | ||||||
1,170,742 | Kinross Gold Corp.(a) | 5,678,099 | ||||||
88,445 | Kinross Gold Corp.(a) | 429,768 | ||||||
9,201 | Kirkland Lake Gold Ltd. | 432,072 | ||||||
4,656 | Largo Resources Ltd.(a) | 4,666 | ||||||
3,935 | Laurentian Bank of Canada | 135,339 | ||||||
7,726 | Leon’s Furniture Ltd. | 92,388 |
6 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
23,710 | Linamar Corp. | $ | 773,172 | |||||
24,000 | Lucara Diamond Corp. | 19,680 | ||||||
48,224 | Lundin Mining Corp. | 243,482 | ||||||
3,530 | Magellan Aerospace Corp. | 43,043 | ||||||
6,500 | Major Drilling Group International, Inc.(a) | 27,538 | ||||||
5,799 | Maple Leaf Foods, Inc. | 101,134 | ||||||
15,698 | Martinrea International, Inc. | 128,006 | ||||||
63,917 | Medical Facilities Corp. | 379,494 | ||||||
7,670 | MEG Energy Corp.(a) | 29,466 | ||||||
923 | Melcor Developments Ltd. | 8,760 | ||||||
2,303 | Methanex Corp. | 87,270 | ||||||
67,776 | Metro, Inc. | 2,866,239 | ||||||
800 | Morguard Corp. | 121,479 | ||||||
72,866 | Morguard North American Residential Real Estate Investment Trust, REIT | 1,059,437 | ||||||
1,000 | Morneau Shepell, Inc. | 24,076 | ||||||
486 | MTY Food Group, Inc. | 19,416 | ||||||
2,328 | Mullen Group Ltd. | 14,494 | ||||||
6,100 | Neo Performance Materials, Inc. | 55,855 | ||||||
929 | NFI Group, Inc. | 20,434 | ||||||
12,579 | Noranda Income Fund | 14,708 | ||||||
2,202 | Norbord, Inc. | 63,564 | ||||||
4,000 | North American Construction Group Ltd. | 46,284 | ||||||
4,400 | North American Palladium Ltd. | 65,878 | ||||||
1,646 | North West Co., Inc. (The) | 35,217 | ||||||
3,429 | Northland Power, Inc. | 68,471 | ||||||
113,870 | Northview Apartment Real Estate Investment Trust REIT | 2,495,094 | ||||||
539,800 | Novagold Resources, Inc.(a) | 3,929,744 | ||||||
12,600 | NuVista Energy Ltd.(a) | 18,081 | ||||||
2,188 | Onex Corp. | 128,629 | ||||||
44,689 | Open Text Corp. | 1,805,746 | ||||||
2,453 | Osisko Gold Royalties Ltd. | 24,137 | ||||||
226,793 | Pan American Silver Corp. | 3,866,821 | ||||||
8,103 | Pan American Silver Corp. | 137,624 | ||||||
8,824 | Parex Resources, Inc.(a) | 119,587 | ||||||
5,688 | Parkland Fuel Corp. | 188,938 | ||||||
2,400 | Pason Systems, Inc. | 25,766 | ||||||
46,000 | Plaza Retail REIT | 156,116 | ||||||
18,608 | Polaris Infrastructure, Inc. | 186,490 | ||||||
17,700 | Precision Drilling Corp.(a) | 18,814 | ||||||
936 | Premium Brands Holdings Corp. | 61,749 | ||||||
4,315 | Pretium Resources, Inc.(a) | 43,474 | ||||||
12,900 | PRO Real Estate Investment Trust, REIT | 71,106 | ||||||
21,900 | Quarterhill, Inc. | 27,602 | ||||||
68,800 | Quebecor, Inc. - Class B | 1,599,465 | ||||||
94,114 | Real Matters, Inc.(a) | 790,298 | ||||||
3,100 | Reitmans Canada Ltd. - Class A | 4,613 | ||||||
1,900 | Richelieu Hardware Ltd. | 39,007 | ||||||
1,200 | RioCan Real Estate Investment Trust, REIT | 24,080 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
545,000 | Ritchie Bros Auctioneers, Inc. | $ | 22,410,400 | |||||
1,600 | Ritchie Bros. Auctioneers, Inc. | 65,829 | ||||||
8,854 | Rogers Sugar, Inc. | 36,502 | ||||||
6,803 | Russel Metals, Inc. | 111,670 | ||||||
7,588 | Sandstorm Gold Ltd.(a) | 54,155 | ||||||
79,600 | Secure Energy Services, Inc. | 256,248 | ||||||
8,801 | SEMAFO, Inc.(a) | 28,399 | ||||||
1,000 | ShawCor Ltd. | 10,068 | ||||||
1,282 | Sienna Senior Living, Inc. | 18,484 | ||||||
2,500 | Sierra Wireless, Inc.(a) | 27,580 | ||||||
57,500 | Silvercorp Metals, Inc. | 239,674 | ||||||
1,991 | Sleep Country Canada Holdings, Inc. | 33,181 | ||||||
900 | SmartCentres Real Estate Investment Trust REIT | 21,757 | ||||||
800 | Spin Master Corp.(a) | 22,632 | ||||||
15,500 | Sprott, Inc. | 35,776 | ||||||
30,836 | SSR Mining, Inc.(a) | 456,064 | ||||||
3,143 | SSR Mining, Inc.(a) | 46,485 | ||||||
25,577 | Stantec, Inc. | 545,679 | ||||||
14,115 | Stars Group, Inc. (The)(a) | 307,141 | ||||||
2,160 | Stella-Jones, Inc. | 59,892 | ||||||
4,600 | Storm Resources Ltd.(a) | 4,191 | ||||||
3,500 | Stuart Olson, Inc. | 7,095 | ||||||
102,634 | Summit Industrial Income REIT | 995,872 | ||||||
9,826 | SunOpta, Inc.(a) | 18,651 | ||||||
17,300 | Superior Plus Corp. | 156,174 | ||||||
21,609 | Surge Energy, Inc. | 15,750 | ||||||
41,800 | Tamarack Valley Energy Ltd.(a) | 53,952 | ||||||
13,198 | Teranga Gold Corp.(a) | 53,409 | ||||||
3,064 | TFI International, Inc. | 97,636 | ||||||
16,701 | TMX Group Ltd. | 1,459,229 | ||||||
9,236 | Torex Gold Resources, Inc.(a) | 135,128 | ||||||
1,845 | Toromont Industries Ltd. | 95,269 | ||||||
15,364 | Total Energy Services, Inc. | 65,557 | ||||||
97,764 | Tourmaline Oil Corp. | 838,762 | ||||||
84,588 | TransAlta Corp. | 499,654 | ||||||
3,900 | TransAlta Renewables, Inc. | 41,988 | ||||||
24,090 | Transcontinental, Inc. - Class A | 275,084 | ||||||
15,803 | TransGlobe Energy Corp. | 18,117 | ||||||
16,352 | Trican Well Service Ltd.(a) | 10,677 | ||||||
1,800 | Tucows, Inc. - Class A(a) | 99,971 | ||||||
5,297 | Uni-Select, Inc. | 42,831 | ||||||
2,190 | Vermilion Energy, Inc. | 28,932 | ||||||
2,954 | Wajax Corp. | 34,315 | ||||||
6,600 | Wesdome Gold Mines Ltd.(a) | 40,339 | ||||||
4,100 | West Fraser Timber Co. Ltd. | 189,576 | ||||||
58,838 | Western Forest Products, Inc. | 58,074 | ||||||
6,800 | Westjet Airlines Ltd. | 158,138 | ||||||
1,513 | Westshore Terminals Investment Corp. | 26,237 | ||||||
2,248 | Winpak Ltd. | 79,604 | ||||||
2,714 | WSP Global, Inc. | 169,339 | ||||||
8,466 | Yamana Gold, Inc. | 30,918 |
7 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
CANADA (continued) | ||||||||
400 | Yangarra Resources Ltd.(a) | $ | 310 | |||||
143,918,606 | ||||||||
CAYMAN ISLANDS — 0.0% | ||||||||
38,300 | Consolidated Water Co. Ltd. | 671,782 | ||||||
CHILE — 0.0% | ||||||||
43,415 | AES Gener SA | 9,308 | ||||||
21,597 | Aguas Andinas SA - Class A | 9,902 | ||||||
27,560 | Besalco SA | 18,581 | ||||||
8,688 | CAP SA | 63,731 | ||||||
15,810 | Cencosud SA | 21,467 | ||||||
9,672 | Cia Cervecerias Unidas SA | 96,510 | ||||||
1,045,870 | Cia Sud Americana de Vapores SA(a) | 34,411 | ||||||
338 | Clinica Las Condes SA | 18,003 | ||||||
26,113 | Coca-Cola Embonor SA - Preference Shares | 48,592 | ||||||
53,479 | Colbún SA | 9,227 | ||||||
14,858 | Embotelladora Andina SA - Class B, Preference Shares | 42,875 | ||||||
9,395 | Empresa Nacional de Telecomunicaciones SA(a) | 73,490 | ||||||
23,369 | Engie Energia Chile SA | 34,663 | ||||||
724,976 | Enjoy SA(a) | 26,160 | ||||||
113,766 | Grupo Security SA | 32,998 | ||||||
3,218 | Hortifrut SA | 6,726 | ||||||
112,676 | Inversiones Aguas Metropolitanas SA | 134,464 | ||||||
1,754 | Inversiones La Construccion SA | 21,227 | ||||||
8,200,620 | Itau CorpBanca | 49,761 | ||||||
273,781 | Masisa SA(a) | 12,648 | ||||||
20,790 | Multiexport Foods SA | 9,394 | ||||||
6,895 | Parque Arauco SA | 18,130 | ||||||
45,001 | PAZ Corp. SA | 62,550 | ||||||
36,589 | Ripley Corp. S.A. | 21,117 | ||||||
39,651 | Salfacorp SA | 33,417 | ||||||
120,485 | Sigdo Koppers SA | 173,611 | ||||||
47,915 | SMU SA | 9,278 | ||||||
525,545 | Sociedad Matriz SAAM SA | 43,264 | ||||||
29,332 | Socovesa SA | 13,448 | ||||||
22,243 | SONDA SA | 23,812 | ||||||
18,421 | Vina Concha y Toro SA | 33,906 | ||||||
1,206,671 | ||||||||
CHINA — 2.3% | ||||||||
3,601 | 21Vianet Group, Inc. - ADR(a) | 30,536 | ||||||
45,500 | 3SBio, Inc.(a) | 85,124 | ||||||
926 | 51job, Inc. - ADR(a) | 72,941 | ||||||
2,491 | 58.Com Inc. - ADR(a) | 131,550 | ||||||
39,500 | AAC Technologies Holdings, Inc. | 257,084 | ||||||
235,250 | Agile Group Holdings Ltd. | 318,232 | ||||||
8,945,000 | Agricultural Bank of China Ltd. - H Shares | 3,687,153 | ||||||
9,824,000 | Aluminum Corp. of China Ltd. - H Shares(a) | 2,921,142 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
244,400 | Angang Steel Co. Ltd. - H Shares | $ | 82,029 | |||||
410,000 | Anton Oilfield Services Group | 40,812 | ||||||
144,500 | Asia Cement China Holdings Corp. | 175,924 | ||||||
64,000 | AVIC International Holdings Ltd. - H Shares(a) | 60,439 | ||||||
69,000 | AviChina Industry & Technology Co. Ltd. - H Shares | 32,669 | ||||||
173,500 | Baic Motor Corp. Ltd. - H Shares | 108,051 | ||||||
8,376,770 | Bank of China Ltd. - H Shares | 3,431,547 | ||||||
26,500 | Bank of Chongqing Co. Ltd. - H Shares | 15,590 | ||||||
4,722,000 | Bank of Communications Co. Ltd. - H Shares | 3,229,975 | ||||||
80,000 | Baoye Group Co. Ltd. - H Shares(a) | 52,374 | ||||||
239,848 | Baozun, Inc. - ADR(a) | 10,438,185 | ||||||
308,000 | BBMG Corp. - H Shares | 88,439 | ||||||
208,000 | Beijing Capital International Airport Co. Ltd. - H Shares | 197,224 | ||||||
122,000 | Beijing Capital Land Ltd. - H Shares | 41,103 | ||||||
176,000 | Beijing North Star Co. Ltd. - H Shares | 54,129 | ||||||
2,554 | Bitauto Holdings Ltd. - ADR(a) | 38,642 | ||||||
92,000 | BYD Electronic International Co. Ltd. | 158,735 | ||||||
72,000 | Cabbeen Fashion Ltd. | 14,701 | ||||||
63,000 | CAR, Inc.(a) | 51,455 | ||||||
5,327 | Cayman Engley Industrial Co. Ltd. | 16,887 | ||||||
235,656 | Central China Real Estate Ltd. | 108,265 | ||||||
40,000 | Central China Securities Co. Ltd. - H Shares | 7,759 | ||||||
107,000 | Chaowei Power Holdings Ltd. | 38,780 | ||||||
70,000 | China Animal Healthcare Ltd.(a),(b) | 3,350 | ||||||
97,000 | China Aoyuan Group Ltd. | 124,531 | ||||||
1,049,000 | China Cinda Asset Management Co. Ltd. - H Shares | 218,208 | ||||||
293,000 | China Coal Energy Co. Ltd. - H Shares | 117,036 | ||||||
72,000 | China Communications Services Corp. Ltd. - H Shares | 44,564 | ||||||
42,000 | China Conch Venture Holdings Ltd. | 164,549 | ||||||
4,312,044 | China Construction Bank Corp. - H Shares | 3,472,329 | ||||||
114,800 | China Dili Group(a) | 35,161 | ||||||
1,834 | China Distance Education Holdings Ltd. - ADR(a) | 12,837 | ||||||
176,000 | China Eastern Airlines Corp. Ltd. - H Shares(a) | 88,045 | ||||||
326,000 | China Energy Engineering Corp. Ltd. - H Shares | 32,866 |
8 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
149,500 | China Galaxy Securities Co. Ltd. - H Shares | $ | 76,506 | |||||
268,500 | China Harmony New Energy Auto Holding Ltd. | 92,516 | ||||||
259,000 | China Hongqiao Group Ltd. | 144,110 | ||||||
79,500 | China Huiyuan Juice Group Ltd.(a),(b) | 18,972 | ||||||
3,135 | China Index Holdings Ltd. - ADR(a) | 10,283 | ||||||
27,200 | China International Capital Corp. Ltd. | 49,777 | ||||||
76,440 | China International Marine Containers Group Co. Ltd. - H Shares | 67,407 | ||||||
3,735,000 | China Lesso Group Holdings Ltd. | 3,865,626 | ||||||
27,000 | China Lilang Ltd. | 21,777 | ||||||
53,000 | China Longyuan Power Group Corp. - H Shares | 28,678 | ||||||
74,000 | China Maple Leaf Educational Systems Ltd. | 23,326 | ||||||
114,000 | China Medical System Holdings Ltd. | 155,085 | ||||||
70,000 | China Meidong Auto Holdings Ltd. | 69,858 | ||||||
3,819,300 | China Minsheng Banking Corp. Ltd. - H Shares | 2,675,867 | ||||||
186,000 | China Modern Dairy Holdings Ltd.(a) | 26,585 | ||||||
114,000 | China Molybdenum Co. Ltd. - H Shares | 36,080 | ||||||
594,834 | China National Building Material Co. Ltd. - H Shares | 502,530 | ||||||
92,000 | China Oilfield Services Ltd. - H Shares | 128,444 | ||||||
2,650,500 | China Railway Construction Corp. Ltd. - H Shares | 2,902,174 | ||||||
4,945,000 | China Railway Group Ltd. - H Shares | 2,984,941 | ||||||
199,000 | China Reinsurance Group Corp. | 32,507 | ||||||
18,500 | China Resources Medical Holdings Co. Ltd. | 10,648 | ||||||
68,500 | China Resources Pharmaceutical Group Ltd. | 63,378 | ||||||
9,076,400 | China SCE Group Holdings Ltd. | 4,169,889 | ||||||
168,000 | China Silver Group Ltd.(a) | 18,867 | ||||||
150,000 | China Southern Airlines Co. Ltd. - H Shares | 92,650 | ||||||
77,000 | China Sunshine Paper Holdings Co. Ltd. | 10,907 | ||||||
69,000 | China Suntien Green Energy Corp. Ltd. - H Shares | 20,077 | ||||||
164,000 | China Taifeng Beddings Holdings Ltd.(a),(b) | 0 | ||||||
5,888,000 | China Telecom Corp. Ltd. - H Shares | 2,509,705 | ||||||
31,000 | China XLX Fertiliser Ltd. | 7,912 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
34,000 | China Yuhua Education Corp. Ltd. | $ | 19,569 | |||||
264,800 | China Zhongwang Holdings Ltd. | 110,165 | ||||||
164,000 | Chinasoft International Ltd. | 70,741 | ||||||
4,094,000 | Chongqing Rural Commercial Bank Co. Ltd. - H Shares | 2,189,123 | ||||||
461,923 | CIFI Holdings Group Co. Ltd. | 309,483 | ||||||
21,000 | Colour Life Services Group Co. Ltd. | 11,926 | ||||||
26,000 | Consun Pharmaceutical Group Ltd. | 15,595 | ||||||
1,015,600 | Coolpad Group Ltd.(a) | 29,551 | ||||||
280,093 | COSCO SHIPPING Development Co. Ltd. - H Shares | 31,455 | ||||||
106,000 | COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares | 45,723 | ||||||
66,500 | COSCO SHIPPING Holdings Co. Ltd. - H Shares(a) | 24,950 | ||||||
127,000 | Cosmo Lady China Holdings Co. Ltd. | 18,801 | ||||||
44,000 | Country Garden Services Holdings Co. Ltd. | 149,644 | ||||||
62,000 | CPMC Holdings Ltd. | 24,844 | ||||||
18,500 | CSC Financial Co. Ltd. - H Shares | 12,867 | ||||||
184,000 | CSPC Pharmaceutical Group Ltd. | 473,153 | ||||||
302,000 | CT Environmental Group Ltd.(a),(b) | 9,828 | ||||||
104,000 | Da Ming International Holdings Ltd. | 23,492 | ||||||
112,000 | Dali Foods Group Co. Ltd. | 76,754 | ||||||
525,000 | Dalian Port PDA Co. Ltd. - H Shares | 66,329 | ||||||
92,000 | Datang International Power Generation Co. Ltd. - H Shares | 18,198 | ||||||
168,000 | Dongfeng Motor Group Co. Ltd. - H Shares | 168,944 | ||||||
9,800 | Dongjiang Environmental Co. Ltd. - H Shares | 8,192 | ||||||
179,000 | Dongyue Group Ltd. | 84,064 | ||||||
95,000 | Dynagreen Environmental Protection Group Co. Ltd. - H Shares | 38,189 | ||||||
15,400 | ENN Energy Holdings Ltd. | 176,484 | ||||||
14,200 | Everbright Securities Co. Ltd. - H Shares | 10,094 | ||||||
334,500 | Fantasia Holdings Group Co. Ltd. | 50,799 | ||||||
84,000 | FIH Mobile Ltd.(a) | 12,006 | ||||||
110,500 | Fosun International Ltd. | 144,965 | ||||||
38,000 | Fu Shou Yuan International Group Ltd. | 33,607 | ||||||
227,600 | Fufeng Group Ltd. | 105,145 |
9 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
142,000 | Future Land Development Holdings Ltd. | $ | 150,228 | |||||
24,400 | Fuyao Glass Industry Group Co. Ltd. - H Shares | 69,128 | ||||||
71,000 | Genertec Universal Medical Group Co. Ltd. | 48,566 | ||||||
32,000 | Golden Eagle Retail Group Ltd. | 35,284 | ||||||
1,007,600 | GOME Retail Holdings Ltd.(a) | 91,297 | ||||||
66,000 | Goodbaby International Holdings Ltd.(a) | 9,602 | ||||||
49,500 | Grand Baoxin Auto Group Ltd.(a) | 9,981 | ||||||
409,500 | Great Wall Motor Co. Ltd. - H Shares | 333,413 | ||||||
73,000 | Greatview Aseptic Packaging Co. Ltd. | 36,798 | ||||||
169,000 | Greenland Hong Kong Holdings Ltd. | 58,447 | ||||||
3,174,500 | Greentown China Holdings Ltd. | 2,937,120 | ||||||
34,000 | Greentown Service Group Co. Ltd. | 38,660 | ||||||
124,000 | Guangshen Railway Co. Ltd. - H Shares | 39,720 | ||||||
6,000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. - H Shares | 19,028 | ||||||
2,806,800 | Guangzhou R&F Properties Co. Ltd. - H Shares | 4,362,818 | ||||||
204,000 | Guorui Properties Ltd. | 39,311 | ||||||
86,000 | Haichang Ocean Park Holdings Ltd.(a) | 9,439 | ||||||
569 | Hailiang Education Group, Inc. - ADR(a) | 37,685 | ||||||
32,000 | Haitian International Holdings Ltd. | 75,713 | ||||||
42,000 | Harbin Electric Co. Ltd. - H Shares(a) | 10,720 | ||||||
63,000 | Harmonicare Medical Holdings Ltd(a),(b) | 12,301 | ||||||
47,000 | HC Group, Inc.(a) | 17,034 | ||||||
33,000 | Hengan International Group Co. Ltd. | 230,782 | ||||||
448,000 | HengTen Networks Group Ltd.(a) | 6,460 | ||||||
5,000 | Hiroca Holdings Ltd. | 10,479 | ||||||
36,000 | Hisense Home Appliances Group Co. Ltd. - H Shares | 33,308 | ||||||
337,000 | Honghua Group Ltd.(a) | 20,858 | ||||||
24,500 | Honworld Group Ltd. | 12,663 | ||||||
68,000 | HOSA International Ltd.(a),(b) | 472 | ||||||
23,000 | Hua Hong Semiconductor Ltd. | 46,435 | ||||||
48,000 | Huadian Power International Corp. Ltd. - H Shares | 18,009 | ||||||
138,000 | Huan Yue Interactive Holdings Ltd.(a) | 8,982 | ||||||
762,000 | Huaneng Renewables Corp. Ltd. - H Shares | 291,732 | ||||||
4,773 | Huazhu Group Ltd. - ADR | 180,706 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
183,700 | Huishang Bank Corp. Ltd. - H Shares | $ | 72,440 | |||||
5,202,000 | Industrial & Commercial Bank of China Ltd. - H Shares | 3,744,189 | ||||||
11,900 | Inner Mongolia Yitai Coal Co. Ltd. - H Shares | 7,851 | ||||||
90,900 | JD.com, Inc. - ADR(a) | 2,831,535 | ||||||
30,000 | Jiangsu Expressway Co. Ltd. - H Shares | 39,893 | ||||||
77,000 | Jiangxi Copper Co. Ltd. - H Shares | 90,306 | ||||||
63,000 | Jingrui Holdings Ltd. | 22,110 | ||||||
3,567 | Jinkosolar Holding Co., Ltd. - ADR(a) | 51,507 | ||||||
987,000 | Kaisa Group Holdings Ltd. | 433,295 | ||||||
17,000 | Kasen International Holdings Ltd.(a) | 10,522 | ||||||
5,600,000 | Kingdee International Software Group Co. Ltd. | 6,160,325 | ||||||
23,000 | Kingsoft Corp. Ltd.(a) | 53,127 | ||||||
99,500 | KWG Property Holding Ltd. | 100,567 | ||||||
41,600 | Legend Holdings Corp. - H Shares | 91,737 | ||||||
416,000 | Lenovo Group Ltd. | 290,926 | ||||||
1,602 | LexinFintech Holdings Ltd. - ADR(a) | 18,167 | ||||||
80,000 | Leyou Technologies Holdings Ltd.(a) | 26,544 | ||||||
49,000 | Li Ning Co. Ltd. | 166,649 | ||||||
128,000 | Lifetech Scientific Corp.(a) | 21,726 | ||||||
96,000 | Logan Property Holdings Co. Ltd. | 146,770 | ||||||
280,000 | Lonking Holdings Ltd. | 77,897 | ||||||
56,500 | Luye Pharma Group Ltd. | 41,892 | ||||||
4,759,600 | Maanshan Iron & Steel Co. Ltd. - H Shares | 1,803,995 | ||||||
151,000 | Maoye International Holdings Ltd. | 9,346 | ||||||
303,000 | Metallurgical Corp. of China Ltd. - H Shares | 64,189 | ||||||
86 | Microport Scientific Corp. | 89 | ||||||
66,000 | Minth Group Ltd. | 234,152 | ||||||
279,800 | Modern Land China Co. Ltd. | 38,564 | ||||||
6,657 | Momo, Inc. - ADR | 223,143 | ||||||
1,049 | Noah Holdings Ltd. - ADR(a) | 31,774 | ||||||
273,000 | NVC Lighting Holdings Ltd. | 39,020 | ||||||
4,000 | On-Bright Electronics, Inc. | 23,587 | ||||||
54,000 | O-Net Technologies Group Ltd. | 30,666 | ||||||
18,000 | Orient Securities Co. Ltd. - China - H Shares | 10,084 | ||||||
59,000 | Ozner Water International Holding Ltd.(a) | 11,219 | ||||||
7,769,715 | People’s Insurance Co. Group of China Ltd. (The) - H Shares | 3,282,022 | ||||||
6,812,000 | Postal Savings Bank of China Co. Ltd. - H Shares | 4,372,713 |
10 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
486,000 | Powerlong Real Estate Holdings Ltd. | $ | 323,134 | |||||
113,000 | Qingdao Port International Co. Ltd. - H Shares | 64,893 | ||||||
212,500 | Qinhuangdao Port Co. Ltd. - H Shares | 39,593 | ||||||
432,449 | Qudian, Inc. - ADR(a) | 2,996,872 | ||||||
261,000 | Qunxing Paper Holdings Co. Ltd.(a),(b) | 12,590 | ||||||
67,000 | Real Gold Mining Ltd.(a),(b) | 2,249 | ||||||
32,016 | Red Star Macalline Group Corp. Ltd. - H Shares | 25,700 | ||||||
78,000 | Redco Properties Group Ltd. | 50,368 | ||||||
33,000 | Regal International Airport Group Co. Ltd.(a) | 21,773 | ||||||
87,000 | Ronshine China Holdings Ltd. | 97,370 | ||||||
69,000 | Sany Heavy Equipment International Holdings Co. Ltd. | 36,279 | ||||||
356,580 | Semiconductor Manufacturing International Corp.(a) | 454,601 | ||||||
58,000 | Shandong Chenming Paper Holdings Ltd. - H Shares | 24,204 | ||||||
80,000 | Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares | 91,986 | ||||||
32,000 | Shandong Xinhua Pharmaceutical Co. Ltd. - H Shares | 14,947 | ||||||
52,000 | Shanghai Electric Group Co. Ltd. - H Shares | 15,927 | ||||||
12,000 | Shanghai Fosun Pharmaceutical Group Co. Ltd. - H Shares | 33,997 | ||||||
25,000 | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd. - H Shares | 17,962 | ||||||
3,900 | Shanghai Haohai Biological Technology Co. Ltd. - H Shares | 22,546 | ||||||
54,100 | Shanghai Pharmaceuticals Holding Co. Ltd. - H Shares | 97,900 | ||||||
53,000 | Shengjing Bank Co. Ltd. - H Shares | 35,712 | ||||||
32,000 | Shenzhen Expressway Co. Ltd. - H Shares | 42,879 | ||||||
211,881 | Shui On Land Ltd. | 42,723 | ||||||
206,000 | Sihuan Pharmaceutical Holdings Group Ltd. | 27,078 | ||||||
2,000 | Silergy Corp. | 56,372 | ||||||
5,295 | SINA Corp./China(a) | 209,681 | ||||||
4,675,562 | Sino-Ocean Land Holdings Ltd. | 1,724,408 | ||||||
38,500 | Sinopec Engineering Group Co. Ltd. - H Shares | 22,061 | ||||||
114,000 | Sinopec Oilfield Service Corp. - H Shares(a) | 12,221 | ||||||
198,000 | Sinopec Shanghai Petrochemical Co. Ltd. - H Shares | 55,085 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
104,400 | Sinopharm Group Co. Ltd. - H Shares | $ | 375,048 | |||||
54,000 | Sinosoft Technology Group Ltd. | 11,164 | ||||||
319,000 | Sinotrans Ltd. - H Shares | 94,040 | ||||||
93,500 | Sinotruk Hong Kong Ltd. | 141,754 | ||||||
214,000 | Skyfame Realty Holdings Ltd. | 30,041 | ||||||
100,500 | SOHO China Ltd. | 34,372 | ||||||
230,000 | Springland International Holdings Ltd.(b) | 41,386 | ||||||
20,800 | Sunny Optical Technology Group Co. Ltd. | 336,582 | ||||||
69,000 | Sunshine 100 China Holdings Ltd.(a) | 12,328 | ||||||
16,000 | Tenfu Cayman Holdings Co. Ltd. | 11,945 | ||||||
255,000 | Tenwow International Holdings Ltd.(a),(b) | 2,320 | ||||||
56,000 | Tian Ge Interactive Holdings Ltd.(a) | 15,008 | ||||||
36,000 | Tian Shan Development Holdings Ltd. | 8,867 | ||||||
52,000 | Tiangong International Co. Ltd. | 18,581 | ||||||
100,000 | Tianneng Power International Ltd. | 65,467 | ||||||
110,000 | Tingyi Cayman Islands Holding Corp. | 146,555 | ||||||
31,000 | Tong Ren Tang Technologies Co. Ltd. - H Shares | 30,897 | ||||||
12,800 | Tonly Electronics Holdings Ltd. | 9,572 | ||||||
27,500 | TravelSky Technology Ltd. - H Shares | 62,819 | ||||||
84,000 | Trigiant Group Ltd. | 14,686 | ||||||
201,000 | Trony Solar Holdings Co. Ltd.(a),(b) | 0 | ||||||
12,000 | Tsingtao Brewery Co. Ltd. - H Shares | 69,755 | ||||||
1,225,875 | UBS Beijing Capital Retailing Group Co. Ltd. - A Shares(a) | 1,020,590 | ||||||
1,392,100 | UBS Beijing Hualian Hypermarket Co. Ltd. - A Shares(a) | 729,795 | ||||||
1,444,199 | UBS Better Life Commercial Chain Share Co. Ltd. - A Shares(a) | 1,713,253 | ||||||
2,158,500 | UBS China Railway Tielong Container Logistics Co. Ltd - A Shares(a) | 1,787,842 | ||||||
3,867,454 | Ubs Csg Holding Co. Ltd. Note(a) | 2,379,142 | ||||||
3,379,400 | UBS Daqin Railway Co. Ltd. - A Shares(a) | 3,663,303 | ||||||
646,955 | Ubs Fujian Star-Net Communicat (Connect) Pnote(a) | 2,882,424 | ||||||
2,343,845 | UBS Guangxi Liugong Machinery Co. Ltd. - A Shares(a) | 2,084,545 | ||||||
1,062,294 | UBS MLS Co. Ltd. - A Shares(a) | 1,637,505 |
11 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
2,453,180 | UBS Ping An Bank Co. Ltd. - A Shares(a) | $ | 5,667,067 | |||||
4,773,200 | UBS Rizhao Port Co. Ltd. - A Shares(a) | 1,953,050 | ||||||
2,024,600 | UBS Shandong Haihua Co. Ltd. - A Shares(a) | 1,265,618 | ||||||
5,113,160 | UBS Shandong Nanshan Aluminum Co. Ltd. - A Shares(a) | 1,532,772 | ||||||
2,141,697 | UBS Wuxi Taiji Industry Co. Ltd. - A Shares(a) | 2,218,156 | ||||||
974,100 | UBS Xiamen King Long Motor Group Co. Ltd. - A Shares(a) | 972,892 | ||||||
1,776,023 | Ubs Yunnan Copper Co. Ltd. Note(a) | 2,646,860 | ||||||
83,400 | Uni-President China Holdings Ltd. | 86,210 | ||||||
32,746 | Vipshop Holdings Ltd. - ADR(a) | 377,889 | ||||||
229,000 | Want Want China Holdings Ltd. | 193,465 | ||||||
1,933 | Weibo Corp. - ADR(a) | 95,084 | ||||||
382,000 | West China Cement Ltd. | 61,425 | ||||||
14,500 | Xiabuxiabu Catering Management China Holdings Co. Ltd. | 19,393 | ||||||
504,000 | Xiamen International Port Co. Ltd. - H Shares | 70,751 | ||||||
120,012 | Xingda International Holdings Ltd. | 33,541 | ||||||
15,000 | Xingfa Aluminium Holdings Ltd. | 15,505 | ||||||
70,257 | Xinjiang Goldwind Science & Technology Co. Ltd. - H Shares | 84,011 | ||||||
192,160 | Xinyi Solar Holdings Ltd. | 108,882 | ||||||
6,226 | Xinyuan Real Estate Co. Ltd. - ADR | 22,787 | ||||||
62,259 | Xtep International Holdings Ltd. | 36,231 | ||||||
34,000 | Yadea Group Holdings Ltd. | 7,376 | ||||||
11,000 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co. - H Shares | 17,351 | ||||||
288,000 | Yanzhou Coal Mining Co. Ltd. - H Shares | 292,927 | ||||||
8,400 | YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares | 51,670 | ||||||
20,000 | Yihai International Holding Ltd. | 136,295 | ||||||
1,342 | Yirendai Ltd. - ADR(a) | 8,683 | ||||||
104,500 | Youyuan International Holdings Ltd.(a),(b) | 3,467 | ||||||
90,220 | Yuzhou Properties Co. Ltd. | 38,225 | ||||||
3,404 | YY Inc. - ADR(a) | 193,483 | ||||||
171,400 | Zai Lab Ltd. - ADR(a) | 5,791,606 | ||||||
43,000 | Zhaojin Mining Industry Co. Ltd. - H Shares | 47,796 |
Shares | Value | |||||||
CHINA (continued) | ||||||||
28,000 | Zhejiang Expressway Co. Ltd. - H Shares | $ | 22,976 | |||||
40,000 | Zhejiang Glass Co. Ltd. - H Shares(a),(b) | 0 | ||||||
34,500 | Zhongsheng Group Holdings Ltd. | 114,693 | ||||||
17,900 | Zhuzhou CRRC Times Electric Co. Ltd. - H Shares | 66,589 | ||||||
214,000 | Zijin Mining Group Co. Ltd. - Class H | 74,010 | ||||||
4,015,000 | Zoomlion Heavy Industry Science and Technology Co. Ltd. - H Shares | 2,956,444 | ||||||
143,050,308 | ||||||||
CZECH REPUBLIC — 0.0% | ||||||||
282,500 | Central European Media Enterprises Ltd. - Class A(a) | 1,267,013 | ||||||
DENMARK — 0.9% | ||||||||
19,860 | ALK-Abello A/S(a) | 4,266,218 | ||||||
12,557 | Alm Brand A/S | 102,161 | ||||||
8,231 | Amagerbanken A/S(a),(b) | 0 | ||||||
3,554 | Ambu A/S - B Shares | 55,813 | ||||||
1,075 | Bavarian Nordic A/S(a) | 25,283 | ||||||
1,192 | Brodrene Hartmann A/S | 47,511 | ||||||
13,371 | Columbus A/S | 17,785 | ||||||
2,553 | D/S Norden A/S | 37,311 | ||||||
4,589 | Demant A/S(a) | 121,117 | ||||||
5,709 | Dfds A/S | 224,651 | ||||||
5,051 | FLSmidth & Co. A/S | 180,738 | ||||||
43,644 | Genmab A/S(a) | 9,512,187 | ||||||
204,736 | GN Store Nord A/S | 8,997,772 | ||||||
58,727 | H. Lundbeck A/S | 2,003,212 | ||||||
11,608 | H+H International A/S - Class B(a) | 180,216 | ||||||
169 | Harboes Bryggeri A/S - Class B(a) | 1,665 | ||||||
14,183 | ISS A/S | 371,153 | ||||||
84 | Jeudan A/S | 14,044 | ||||||
3,232 | Jyske Bank A/S(a) | 107,447 | ||||||
171,742 | Matas A/S | 1,315,215 | ||||||
3,263 | Nilfisk Holding A/S(a) | 55,140 | ||||||
2,606 | NKT A/S(a) | 45,672 | ||||||
1,294 | NNIT A/S | 18,544 | ||||||
4,279 | North Media AS | 23,890 | ||||||
5,246 | Pandora A/S | 257,961 | ||||||
1,840 | Parken Sport & Entertainment A/S | 27,742 | ||||||
8,246 | Per Aarsleff Holding A/S | 257,272 | ||||||
2,702 | Ringkjoebing Landbobank A/S | 186,552 | ||||||
919 | Rockwool International A/S - A Shares | 172,858 | ||||||
453 | Rockwool International A/S - B Shares | 88,993 | ||||||
101,859 | Royal Unibrew A/S | 8,350,893 | ||||||
1,258 | RTX A/S | 29,221 |
12 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
DENMARK (continued) | ||||||||
5,456 | Scandinavian Tobacco Group A/S | $ | 64,466 | |||||
930 | Schouw & Co. | 66,667 | ||||||
121,954 | SimCorp A/S | 10,895,902 | ||||||
1,395 | Solar A/S - Class B | 58,517 | ||||||
64,228 | Spar Nord Bank A/S | 627,054 | ||||||
3,736 | Sydbank A/S | 73,283 | ||||||
2,492 | TCM Group A/S | 41,665 | ||||||
120 | Tivoli A/S | 12,289 | ||||||
47,227 | Topdanmark A/S | 2,115,021 | ||||||
179,350 | Tryg A/S | 5,009,313 | ||||||
18,609 | Vestjysk Bank A/S(a) | 10,306 | ||||||
866 | Zealand Pharma AS(a) | 25,804 | ||||||
56,096,524 | ||||||||
FAEROE ISLANDS — 0.0% | ||||||||
1,441 | Bakkafrost | 90,100 | ||||||
662 | BankNordik P/F | 10,772 | ||||||
100,872 | ||||||||
FINLAND — 0.2% | ||||||||
7,394 | Adapteo Oyj(a) | 81,064 | ||||||
6,262 | Afarak Group Oyj(a) | 3,988 | ||||||
8,918 | Aktia Bank Oyj | 86,831 | ||||||
4,177 | Alma Media Oyj | 32,983 | ||||||
1,171 | Asiakastieto Group Oyj | 38,005 | ||||||
5,440 | Aspo Oyj | 49,751 | ||||||
5,681 | Atria Oyj | 53,856 | ||||||
3,664 | Cargotec Oyj - Class B | 128,315 | ||||||
5,077 | Caverion Oyj | 37,938 | ||||||
1,819 | Citycon Oyj | 19,050 | ||||||
1,471 | Cramo Oyj | 15,586 | ||||||
2,890 | Digia Oyj | 12,313 | ||||||
9,841 | Elisa Oyj | 537,478 | ||||||
188,204 | Finnair Oyj | 1,227,938 | ||||||
6,966 | Fiskars Oyj Abp | 93,230 | ||||||
24,454 | Huhtamaki Oyj | 1,131,852 | ||||||
2,500 | Ilkka-Yhtyma Oyj | 10,540 | ||||||
30,191 | Kemira Oyj | 489,928 | ||||||
2,315 | Kesko Oyj - A Shares | 142,522 | ||||||
13,374 | Kesko Oyj - B Shares | 890,188 | ||||||
8,173 | Konecranes Oyj | 252,039 | ||||||
22,289 | Lassila & Tikanoja Oyj | 359,460 | ||||||
8,843 | Metsa Board Oyj | 58,535 | ||||||
6,367 | Metso Oyj | 240,586 | ||||||
6,587 | Nokian Renkaat Oyj | 188,070 | ||||||
1,595 | Olvi Oyj - Class A | 67,687 | ||||||
81,492 | Oriola Oyj - Class B | 187,229 | ||||||
4,633 | Orion Oyj - Class A | 203,587 | ||||||
82,498 | Orion Oyj - Class B | 3,656,477 | ||||||
9,049 | Outotec Oyj(a) | 58,213 | ||||||
1,885 | Ponsse Oyj | 58,760 | ||||||
13,137 | Raisio Oyj - V Shares | 45,860 | ||||||
848 | Remedy Entertainment Oyj(a) | 9,344 | ||||||
1,307 | Revenio Group Oyj | 38,556 | ||||||
102,332 | Sanoma Oyj | 1,069,406 |
Shares | Value | |||||||
FINLAND (continued) | ||||||||
57,453 | Stora Enso Oyj - Class R | $ | 744,899 | |||||
861 | Talenom Oyj | 33,898 | ||||||
1,099 | Teleste Oyj | 7,134 | ||||||
2,486 | Tieto Oyj | 70,702 | ||||||
2,154 | Tikkurila Oyj | 34,354 | ||||||
106,390 | Tokmanni Group Corp. | 1,362,179 | ||||||
7,022 | Uponor Oyj | 91,708 | ||||||
2,873 | Vaisala Oyj - Class A | 86,034 | ||||||
67,476 | Valmet Oyj | 1,508,129 | ||||||
27,403 | Wartsila Oyj Abp | 289,183 | ||||||
9,140 | YIT Oyj | 54,843 | ||||||
15,860,228 | ||||||||
FRANCE — 1.0% | ||||||||
1,676 | ABC Arbitrage | 12,524 | ||||||
25,020 | Air France-KLM(a) | 297,884 | ||||||
5,982 | AKWEL | 118,757 | ||||||
9,940 | Albioma SA | 257,751 | ||||||
5,333 | Alstom SA | 230,481 | ||||||
151 | Altarea SCA REIT | 33,177 | ||||||
5,136 | Alten SA | 563,939 | ||||||
19,270 | Altran Technologies SA | 305,829 | ||||||
4,312 | Amplitude Surgical SAS(a) | 7,502 | ||||||
1,731 | ARGAN SA REIT | 135,527 | ||||||
10,091 | Arkema SA | 1,031,361 | ||||||
2,563 | Assystem SA | 95,188 | ||||||
11,100 | Atos SE | 859,408 | ||||||
302 | Aubay | 10,509 | ||||||
703 | Axway Software SA | 8,389 | ||||||
769 | Baikowski SAS(a) | 12,524 | ||||||
612 | Bastide le Confort Medical | 26,210 | ||||||
3,577 | Beneteau SA | 33,352 | ||||||
9,026 | Bigben Interactive | 137,310 | ||||||
1,783 | BioMerieux | 145,862 | ||||||
1,109 | Boiron SA | 39,394 | ||||||
7,843 | Bonduelle SCA | 203,812 | ||||||
15,583 | Bureau Veritas SA | 397,822 | ||||||
117 | Burelle SA | 105,958 | ||||||
6,600 | Casino Guichard Perrachon SA | 356,051 | ||||||
1,521 | Cegedim SA(a) | 47,074 | ||||||
318,059 | Cellectis SA(a) | 3,724,677 | ||||||
1,083,520 | CGG SA(a) | 2,515,992 | ||||||
812 | Chargeurs SA | 13,784 | ||||||
3,995 | Cie des Alpes | 119,633 | ||||||
7,211 | Cie Plastic Omnium SA | 197,039 | ||||||
25,235 | Coface SA(a) | 275,817 | ||||||
1,476 | Covivio REIT | 167,088 | ||||||
238,461 | Derichebourg SA | 858,504 | ||||||
423 | Devoteam SA | 35,855 | ||||||
11,512 | Edenred | 606,016 | ||||||
9,413 | Eiffage SA | 1,011,198 | ||||||
410 | Electricite de Strasbourg SA | 49,614 | ||||||
2,902 | Elior Group SA | 37,512 | ||||||
34,971 | Elis SA | 668,124 | ||||||
1,613 | Eramet | 80,486 | ||||||
826 | Esso SA Francaise(a) | 20,175 |
13 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
61,511 | Eutelsat Communications SA | $ | 1,166,254 | |||||
1,226 | Exel Industries SA - Class A | 53,464 | ||||||
19,399 | Faurecia SE | 903,939 | ||||||
1,058 | FFP | 124,371 | ||||||
296 | Fleury Michon SA | 9,904 | ||||||
926 | Fnac Darty SA(a) | 53,549 | ||||||
73,616 | Gaztransport Et Technigaz SA | 6,703,784 | ||||||
648 | Gecina SA REIT | 111,153 | ||||||
26,478 | Getlink SE | 443,259 | ||||||
11,036 | GL Events | 289,249 | ||||||
1,031 | Groupe Crit | 76,697 | ||||||
1,062 | Groupe Guillin | 18,951 | ||||||
720 | Groupe Open | 8,930 | ||||||
3,368 | Guerbet | 188,568 | ||||||
76 | Haulotte Group SA | 415 | ||||||
848 | HEXAOM | 31,873 | ||||||
895 | ICADE REIT | 87,641 | ||||||
172 | ID Logistics Group(a) | 32,880 | ||||||
3,445 | Iliad SA | 356,557 | ||||||
1,569 | Imerys SA | 60,582 | ||||||
2,784 | Ingenico Group SA | 297,272 | ||||||
16,404 | Innate Pharma SA(a) | 99,069 | ||||||
9,021 | Interparfums SA | 422,064 | ||||||
17,508 | IPSOS | 527,220 | ||||||
4,315 | Jacquet Metal Service SA | 73,343 | ||||||
1,834 | JCDecaux SA | 50,114 | ||||||
6,595 | Kaufman & Broad SA | 251,408 | ||||||
3,552 | Klepierre SA REIT | 132,276 | ||||||
140,114 | Korian SA | 5,938,226 | ||||||
224,624 | Lagardere SCA | 5,015,472 | ||||||
14,432 | Latecoere SACA(a) | 61,809 | ||||||
863 | Laurent-Perrier | 85,663 | ||||||
1,403 | Le Belier | 40,371 | ||||||
15,454 | Lectra | 361,091 | ||||||
1,180 | Linedata Services | 33,954 | ||||||
8,448 | LISI | 296,795 | ||||||
452 | LNA Sante SA | 23,845 | ||||||
4,033 | Maisons du Monde SA | 55,730 | ||||||
1,676 | Manitou BF SA | 34,207 | ||||||
447 | Manutan International | 31,009 | ||||||
15,811 | Mersen SA | 514,031 | ||||||
19,785 | Metropole Television SA | 347,984 | ||||||
24,605 | Nexans SA | 999,985 | ||||||
11,967 | Nexity SA | 619,024 | ||||||
5,130 | NRJ Group | 35,130 | ||||||
1,268 | Oeneo SA | 14,397 | ||||||
3,406 | OL Groupe SA(a) | 11,814 | ||||||
1,714 | Orpea | 206,264 | ||||||
339 | Pierre & Vacances SA(a) | 5,603 | ||||||
3,591 | Plastivaloire | 24,271 | ||||||
769 | PSB Industries SA | 17,411 | ||||||
13,358 | Publicis Groupe SA | 574,325 | ||||||
29,365 | Quadient | 628,160 | ||||||
3,654 | Rallye SA | 34,029 | ||||||
472 | Remy Cointreau SA | 63,118 | ||||||
402,081 | Rexel SA | 4,977,693 |
Shares | Value | |||||||
FRANCE (continued) | ||||||||
112 | Robertet SA | $ | 101,180 | |||||
16,545 | Rothschild & Co. | 465,006 | ||||||
1,515 | Rubis SCA | 87,779 | ||||||
104 | Samse SA | 20,182 | ||||||
2,365 | Savencia SA | 157,206 | ||||||
13,917 | SCOR SE | 586,407 | ||||||
947 | SEB SA | 143,747 | ||||||
2,052 | Seche Environnement SA | 77,812 | ||||||
2,062 | Societe BIC SA | 143,159 | ||||||
2,175 | Societe pour l’Informatique Industrielle | 57,733 | ||||||
830 | SOITEC(a) | 91,320 | ||||||
21,152 | Solocal Group(a) | 16,525 | ||||||
3,066 | Somfy SA | 283,819 | ||||||
9,593 | Sopra Steria Group | 1,314,916 | ||||||
10,239 | SPIE SA | 215,830 | ||||||
1,237 | Stef SA | 120,165 | ||||||
17,568 | Suez | 273,820 | ||||||
3,477 | Synergie SA | 98,692 | ||||||
11,693 | Technicolor SA(a) | 9,761 | ||||||
4,878 | Teleperformance | 1,105,496 | ||||||
183,765 | Television Francaise 1 | 1,541,247 | ||||||
876 | Thermador Groupe | 54,126 | ||||||
1,233 | Trigano SA | 111,045 | ||||||
3,300 | Ubisoft Entertainment SA(a) | 194,845 | ||||||
577 | Union Financiere de France BQE SA | 13,257 | ||||||
27,094 | Valeo SA | 1,007,466 | ||||||
55,408 | Valneva SE(a) | 155,109 | ||||||
602 | Vetoquinol SA | 39,210 | ||||||
1,475 | Vicat SA | 62,513 | ||||||
1,831 | VIEL & Cie SA | 9,782 | ||||||
1,635 | Vilmorin & Cie SA | 89,352 | ||||||
11,558 | Virbac SA(a) | 2,816,603 | ||||||
1,002 | Vranken - Pommery Monopole SA | 24,250 | ||||||
1,412 | Worldline S.A.(a) | 85,748 | ||||||
61,056,414 | ||||||||
GABON — 0.0% | ||||||||
311 | Total Gabon | 45,092 | ||||||
GEORGIA — 0.0% | ||||||||
2,995 | Bank of Georgia Group Plc | 50,396 | ||||||
5,317 | Georgia Capital Plc(a) | 67,014 | ||||||
117,410 | ||||||||
GERMANY — 1.1% | ||||||||
6,244 | 1&1 Drillisch AG | 166,995 | ||||||
14,653 | 7C Solarparken AG | 56,382 | ||||||
3,835 | Aareal Bank AG | 128,828 | ||||||
1,555 | ADLER Real Estate AG(a) | 17,933 | ||||||
1,504 | ADO Properties SA | 61,225 | ||||||
40,274 | ADVA Optical Networking SE(a) | 283,879 | ||||||
40,347 | AIXTRON SE(a) | 368,092 | ||||||
378 | All for One Group AG | 19,098 |
14 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
2,114 | Allgeier SE | $ | 55,643 | |||||
178,832 | Alstria Office REIT AG | 3,350,781 | ||||||
429 | Amadeus Fire AG | 54,162 | ||||||
352 | Atoss Software AG | 52,803 | ||||||
2,338 | Aurubis AG | 114,707 | ||||||
8,322 | Axel Springer SE(a) | 580,095 | ||||||
507 | Basler AG | 26,124 | ||||||
15,773 | Bauer AG | 251,208 | ||||||
2,096 | BayWa AG | 61,364 | ||||||
1,729 | Bechtle AG | 187,340 | ||||||
1,578 | bet-at-home.com AG | 83,984 | ||||||
2,168 | Bijou Brigitte AG | 110,259 | ||||||
3,351 | Bilfinger SE | 111,822 | ||||||
1,050 | Biotest AG - Preference Shares | 25,471 | ||||||
70,477 | Borussia Dortmund GmbH & Co. KGaA | 666,160 | ||||||
15,068 | Brenntag AG | 756,240 | ||||||
1,385 | CANCOM SE | 73,898 | ||||||
42,850 | Carl Zeiss Meditec AG | 4,671,530 | ||||||
15,457 | CECONOMY AG(a) | 78,007 | ||||||
2,761 | CENIT AG | 37,568 | ||||||
10,801 | CENTROTEC Sustainable AG | 189,851 | ||||||
1,047 | Cewe Stiftung & Co. KGaA | 100,774 | ||||||
3,909 | comdirect bank AG | 58,943 | ||||||
50,197 | Commerzbank AG | 300,246 | ||||||
2,016 | CompuGroup Medical SE | 129,061 | ||||||
34,079 | Covestro AG | 1,636,257 | ||||||
5,229 | CropEnergies AG | 40,882 | ||||||
51,350 | CTS Eventim AG & Co KGaA | 3,106,932 | ||||||
1,466 | Dermapharm Holding SE | 57,340 | ||||||
25,640 | Deutsche Lufthansa AG | 444,529 | ||||||
12,324 | Deutsche Pfandbriefbank AG | 168,376 | ||||||
135,864 | Deutz AG | 757,645 | ||||||
27,475 | DIC Asset AG | 383,036 | ||||||
3,464 | DMG Mori AG | 164,194 | ||||||
464 | Dr Hoenle AG | 24,115 | ||||||
551 | Draegerwerk AG & Co. KGaA | 23,106 | ||||||
14,782 | Draegerwerk AG & Co. KGaA - Preference Shares | 866,358 | ||||||
3,940 | Duerr AG | 116,185 | ||||||
2,821 | Eckert & Ziegler Strahlen- und Medizintechnik AG | 493,963 | ||||||
7,918 | Elmos Semiconductor AG | 222,098 | ||||||
961 | Energiekontor AG | 21,007 | ||||||
4,661 | Evotec SE(a) | 106,515 | ||||||
1,111 | Fielmann AG | 85,746 | ||||||
763 | First Sensor AG | 29,614 | ||||||
7,169 | Fraport AG Frankfurt Airport Services Worldwide | 599,189 | ||||||
16,338 | Freenet AG | 362,522 | ||||||
1,136 | FUCHS PETROLUB SE | 45,801 | ||||||
2,915 | Fuchs Petrolub SE - Preference Shares | 124,452 | ||||||
8,712 | GEA Group AG | 266,329 | ||||||
4,747 | Gerresheimer AG | 382,515 | ||||||
3,642 | Gesco AG | 76,852 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
2,294 | GFT Technologies SE | $ | 20,161 | |||||
350 | Grammer AG | 12,374 | ||||||
489 | GRENKE AG | 46,276 | ||||||
3,242 | Hamborner AG REIT | 34,892 | ||||||
37,309 | Hamburger Hafen und Logistik AG | 966,201 | ||||||
5,298 | Hapag-Lloyd AG | 385,258 | ||||||
291 | Hawesko Holding AG | 10,840 | ||||||
53,051 | Heidelberger Druckmaschinen AG(a) | 68,930 | ||||||
4,049 | Hella GmbH & Co. KGaA | 196,981 | ||||||
1,172 | HOCHTIEF AG | 146,137 | ||||||
1,232 | Hornbach Baumarkt AG | 26,107 | ||||||
3,726 | Hornbach Holding AG & Co KGaA | 225,234 | ||||||
3,768 | HUGO BOSS AG | 158,516 | ||||||
5,512 | Indus Holding AG | 210,246 | ||||||
1,032 | Isra Vision AG | 48,756 | ||||||
1,149 | Jenoptik AG | 34,216 | ||||||
5,780 | Jungheinrich AG - Preference Shares | 146,592 | ||||||
11,079 | K+S AG | 157,668 | ||||||
7,052 | KION Group AG | 468,602 | ||||||
1,745 | Koenig & Bauer AG | 57,646 | ||||||
1,347 | Krones AG | 88,110 | ||||||
210 | KSB SE & Co. KGaA | 66,985 | ||||||
170 | KSB SE & Co. KGaA | 52,519 | ||||||
2,185 | KWS Saat SE & Co. KGaA | 146,947 | ||||||
18,099 | LANXESS AG | 1,176,833 | ||||||
2,823 | LEG Immobilien AG | 323,980 | ||||||
2,138 | Leifheit AG | 51,029 | ||||||
3,242 | Leoni AG(a) | 38,490 | ||||||
4,326 | LPKF Laser & Electronics AG(a) | 67,065 | ||||||
466 | Manz AG(a) | 9,968 | ||||||
1,297 | MasterFlex SE | 7,739 | ||||||
2,685 | Mensch und Maschine Software SE | 111,698 | ||||||
83,863 | METRO AG | 1,365,573 | ||||||
5,961 | MLP SE | 30,449 | ||||||
115,131 | MorphoSys AG(a) | 12,538,804 | ||||||
1,821 | MTU Aero Engines AG | 486,211 | ||||||
5,868 | Nemetschek SE | 298,433 | ||||||
541 | New Work SE | 170,454 | ||||||
530 | Nexus AG | 18,797 | ||||||
5,156 | Nordex SE(a) | 67,511 | ||||||
2,170 | Norma Group SE | 79,770 | ||||||
981 | OHB SE | 38,950 | ||||||
15,988 | OSRAM Licht AG | 713,256 | ||||||
4,429 | Patrizia AG | 90,742 | ||||||
263 | Pfeiffer Vacuum Technology AG | 41,153 | ||||||
18,266 | PNE AG | 81,285 | ||||||
960 | Progress-Werk Oberkirch AG | 26,125 | ||||||
8,839 | ProSiebenSat.1 Media SE | 130,522 | ||||||
1,157 | PSI Software AG | 24,518 | ||||||
3,452 | Puma SE | 259,683 |
15 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
GERMANY (continued) | ||||||||
35,476 | QSC AG | $ | 48,904 | |||||
870 | R Stahl AG(a) | 25,810 | ||||||
158 | Rational AG | 120,268 | ||||||
9,061 | Rheinmetall AG | 1,089,903 | ||||||
1,725 | RHOEN-KLINIKUM AG | 35,554 | ||||||
4,230 | RIB Software AG | 109,545 | ||||||
7,393 | SAF-Holland SA | 52,193 | ||||||
26,151 | Schaeffler AG - Preference Shares | 220,496 | ||||||
1,854 | Schaltbau Holding AG(a) | 62,860 | ||||||
4,609 | Scout24 AG | 285,036 | ||||||
330 | Secunet Security Networks AG | 42,694 | ||||||
27,749 | Siltronic AG | 2,637,427 | ||||||
361,895 | Sirius Real Estate Ltd. | 344,555 | ||||||
888 | Sixt Leasing SE | 11,112 | ||||||
1,152 | Sixt SE | 112,551 | ||||||
1,830 | Sixt SE - Preference Shares | 124,093 | ||||||
431 | SMA Solar Technology AG(a) | 13,469 | ||||||
977 | Softing AG | 8,456 | ||||||
24,341 | Software AG | 773,704 | ||||||
3,105 | Sto Se & Co. KGAA - Preference Shares | 339,375 | ||||||
148 | STRATEC SE | 11,175 | ||||||
2,297 | Stroeer SE & Co. KGaA | 184,965 | ||||||
4,202 | Suedzucker AG | 60,549 | ||||||
2,504 | Suess MicroTec AG(a) | 27,704 | ||||||
2,878 | Surteco Group SE | 63,298 | ||||||
516,136 | TAG Immobilien AG | 12,537,577 | ||||||
8,346 | Takkt AG | 99,226 | ||||||
6,947 | Talanx AG | 319,992 | ||||||
695 | Technotrans SE | 13,177 | ||||||
103,302 | Telefonica Deutschland Holding AG | 327,780 | ||||||
16,128 | ThyssenKrupp AG | 230,151 | ||||||
4,769 | TLG Immobilien AG | 139,620 | ||||||
524 | Traffic Systems SE | 12,857 | ||||||
38,099 | TUI AG | 498,452 | ||||||
13,263 | Uniper SE | 413,295 | ||||||
20,431 | United Internet AG | 615,468 | ||||||
7,856 | �� | VERBIO Vereinigte BioEnergie AG | 79,207 | |||||
2,422 | VIB Vermoegen AG | 75,365 | ||||||
2,097 | Villeroy & Boch AG - Preference Shares | 32,860 | ||||||
2,349 | Vossloh AG | 96,017 | ||||||
2,883 | Wacker Chemie AG | 226,365 | ||||||
3,432 | Wacker Neuson SE | 58,640 | ||||||
841 | Washtec AG | 42,302 | ||||||
13,640 | Wuestenrot & Wuerttembergische AG | 279,305 | ||||||
68,764,615 | ||||||||
GIBRALTAR — 0.0% | ||||||||
11,850 | 888 Holdings Plc | 27,568 | ||||||
GREECE — 0.2% | ||||||||
3,578 | Aegean Airlines SA | 32,722 |
Shares | Value | |||||||
GREECE (continued) | ||||||||
96 | Alapis Holding Industrial and Commercial SA of Pharmaceutical Chemical Products(a),(b) | $ | 0 | |||||
1,881,161 | Alpha Bank AE(a) | 4,009,389 | ||||||
1,924 | Autohellas SA | 14,849 | ||||||
733 | Bank of Greece | 11,527 | ||||||
10,097 | Ellaktor SA(a) | 20,698 | ||||||
2,818,956 | Eurobank Ergasias SA(a) | 2,854,735 | ||||||
4,916 | GEK Terna Holding Real Estate Construction SA(a) | 37,393 | ||||||
2,495 | JUMBO SA | 48,697 | ||||||
2,125 | Mytilineos Holdings SA | 23,250 | ||||||
755,056 | National Bank of Greece SA(a) | 2,560,026 | ||||||
205,619 | OPAP SA | 2,235,936 | ||||||
35,269 | Piraeus Bank SA(a) | 123,120 | ||||||
22,848 | Proton Bank SA(a),(b) | 0 | ||||||
2,633 | Sarantis SA | 23,258 | ||||||
12,534 | T Bank SA(a),(b) | 0 | ||||||
2,904 | Terna Energy SA | 23,708 | ||||||
210 | Thessaloniki Port Authority SA | 6,277 | ||||||
31,091 | TT Hellenic Postbank SA(a),(b) | 0 | ||||||
12,025,585 | ||||||||
HONG KONG — 1.0% | ||||||||
215,000 | Agritrade Resources Ltd. | 18,383 | ||||||
430,000 | Alibaba Pictures Group Ltd.(a) | 70,789 | ||||||
1,273,693 | Allied Properties HK Ltd. | 250,319 | ||||||
58,000 | AMVIG Holdings Ltd. | 14,952 | ||||||
210,000 | Analogue Holdings Ltd. | 28,140 | ||||||
144,250 | APT Satellite Holdings Ltd. | 55,226 | ||||||
144,000 | Asia Financial Holdings Ltd. | 76,815 | ||||||
5,300 | ASM Pacific Technology Ltd. | 74,198 | ||||||
74,000 | Associated International Hotels Ltd. | 188,873 | ||||||
18,000 | Ausnutria Dairy Corp. Ltd. | 26,922 | ||||||
37,800 | Bank of East Asia Ltd. (The) | 91,172 | ||||||
29,000 | Beijing Enterprises Holdings Ltd. | 136,748 | ||||||
418,000 | Beijing Enterprises Water Group Ltd. | 218,710 | ||||||
504,000 | Bel Global Resources Holdings Ltd.(a),(b) | 0 | ||||||
204,000 | Bright Smart Securities & Commodities Group Ltd. | 33,844 | ||||||
289,000 | Brightoil Petroleum Holdings Ltd.(a),(b) | 55,322 | ||||||
108,000 | Brilliance China Automotive Holdings Ltd. | 119,633 | ||||||
1,644,354 | Brockman Mining Ltd.(a) | 30,428 | ||||||
2,266,667 | Build King Holdings Ltd. | 260,339 | ||||||
1,158,789 | Cafe de Coral Holdings Ltd. | 3,164,656 | ||||||
28,000 | Camsing International Holding, Ltd.(b) | 4,145 | ||||||
92,000 | Carrianna Group Holdings Co. Ltd. | 9,393 | ||||||
55,000 | Cathay Pacific Airways Ltd. | 70,330 |
16 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
166,800 | Century City International Holdings Ltd. | $ | 12,133 | |||||
564,000 | CGN New Energy Holdings Co. Ltd. | 84,932 | ||||||
7,036,000 | Champion REIT | 4,669,147 | ||||||
137,082 | Cheuk Nang Holdings Ltd. | 67,352 | ||||||
85,873 | Chevalier International Holdings Ltd. | 121,862 | ||||||
138,137 | China Agri-Industries Holdings Ltd. | 45,658 | ||||||
47,000 | China Everbright Greentech Ltd. | 26,271 | ||||||
56,222 | China Everbright International Ltd. | 42,547 | ||||||
525,600 | China Fiber Optic Network System Group Ltd.(a),(b) | 3,521 | ||||||
66,000 | China Flavors & Fragrances Co. Ltd. | 14,571 | ||||||
98,000 | China Foods Ltd. | 40,396 | ||||||
88,000 | China Grand Pharmaceutical and Healthcare Holdings Ltd. | 50,536 | ||||||
6,603,000 | China High Precision Automation Group Ltd.(a),(b) | 0 | ||||||
29,000 | China High Speed Transmission Equipment Group Co. Ltd. | 17,135 | ||||||
322,000 | China Jinmao Holdings Group Ltd. | 214,915 | ||||||
24,000 | China Merchants Port Holdings Co. Ltd. | 37,611 | ||||||
193,200 | China Metal Recycling Holdings Ltd.(a),(b) | 0 | ||||||
1,010,000 | China Oil and Gas Group Ltd. | 43,824 | ||||||
111,000 | China Overseas Grand Oceans Group Ltd. | 57,654 | ||||||
120,000 | China Overseas Property Holdings Ltd. | 73,507 | ||||||
113,333 | China Power International Development Ltd. | 23,720 | ||||||
298,440 | China Resources Cement Holdings Ltd. | 327,540 | ||||||
36,800 | China Resources Gas Group Ltd. | 222,135 | ||||||
44,000 | China Resources Power Holdings Co. Ltd. | 55,421 | ||||||
168,000 | China Ruifeng Renewable Energy Holdings Ltd.(a) | 7,718 | ||||||
892,000 | China South City Holdings Ltd. | 103,589 | ||||||
142,000 | China State Construction Development Holdings Ltd. | 14,679 | ||||||
252,870 | China State Construction International Holdings Ltd. | 232,993 | ||||||
150,600 | China Taiping Insurance Holdings Co. Ltd. | 340,178 | ||||||
152,000 | China Traditional Chinese Medicine Holdings Co. Ltd. | 68,086 | ||||||
2,612,000 | China Unicom Hong Kong Ltd. | 2,590,017 | ||||||
60,000 | China Vast Industrial Urban Development Co. Ltd. | 23,277 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
34,000 | China Water Affairs Group Ltd. | $ | 26,034 | |||||
128,000 | China Water Industry Group Ltd.(a) | 7,922 | ||||||
418,715 | Chow Sang Sang Holdings International Ltd. | 489,466 | ||||||
110,000 | Chu Kong Shipping Enterprises Group Co. Ltd. | 18,390 | ||||||
237,500 | Chuang’s Consortium International Ltd. | 46,373 | ||||||
66,000 | CIMC Enric Holdings Ltd. | 35,881 | ||||||
5,670,000 | CITIC Telecom International Holdings Ltd. | 2,156,292 | ||||||
274,000 | Citychamp Watch & Jewellery Group Ltd.(a) | 59,444 | ||||||
490,000 | CK Life Sciences International Holdings, Inc. | 22,199 | ||||||
47,000 | Clear Media Ltd. | 21,593 | ||||||
168,000 | Comba Telecom Systems Holdings Ltd. | 38,806 | ||||||
940,000 | Concord New Energy Group Ltd. | 47,384 | ||||||
22,000 | Convenience Retail Asia Ltd. | 10,585 | ||||||
2,354,687 | COSCO SHIPPING Ports Ltd. | 1,854,072 | ||||||
2,209,105 | Cowell e Holdings, Inc. | 352,399 | ||||||
1,766,000 | CP Pokphand Co. Ltd. | 146,491 | ||||||
1,359,335 | CSI Properties Ltd. | 48,573 | ||||||
173,614 | Dah Chong Hong Holdings Ltd. | 79,319 | ||||||
155,164 | Dah Sing Banking Group Ltd. | 200,788 | ||||||
171,177 | Dah Sing Financial Holdings Ltd. | 637,877 | ||||||
208,000 | Dawnrays Pharmaceutical Holdings Ltd. | 36,897 | ||||||
244,000 | DBA Telecommunication Asia Holdings Ltd.(a),(b) | 11,851 | ||||||
24,656 | EcoGreen International Group Ltd. | 4,468 | ||||||
168,234 | EganaGoldpfeil Holdings Ltd.(a),(b) | 0 | ||||||
198,416 | Emperor International Holdings Ltd. | 44,312 | ||||||
2,900,000 | Emperor Watch & Jewellery Ltd. | 62,915 | ||||||
215,300 | Esprit Holdings, Ltd.(a) | 41,214 | ||||||
92,000 | EVA Precision Industrial Holdings Ltd. | 7,397 | ||||||
108,000 | Ever Sunshine Lifestyle Services Group Ltd. | 66,157 | ||||||
43,500 | Fairwood Holdings Ltd. | 114,635 | ||||||
212,893 | Far East Consortium International Ltd. | 90,200 | ||||||
309,000 | Far East Horizon Ltd. | 292,992 | ||||||
3,166,000 | First Pacific Co. Ltd. | 1,212,106 | ||||||
27,100 | Fortune Real Estate Investment Trust REIT(a) | 31,817 | ||||||
170,000 | Fountain SET Holdings Ltd. | 27,336 | ||||||
127,877 | FSE Services Group Ltd. | 59,565 | ||||||
554,000 | GCL-New Energy Holdings Ltd.(a) | 18,028 |
17 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
1,770,000 | GCL-Poly Energy Holdings Ltd.(a) | $ | 71,153 | |||||
500,000 | Gemdale Properties & Investment Corp. Ltd. | 58,066 | ||||||
3,122,000 | Get Nice Holdings Ltd. | 93,629 | ||||||
80,000 | Giordano International Ltd. | 25,421 | ||||||
220,000 | Gold Peak Industries Holdings Ltd. | 21,899 | ||||||
86,000 | Goldlion Holdings Ltd. | 26,669 | ||||||
3,000 | Great Eagle Holdings Ltd. | 10,146 | ||||||
7,050,000 | G-Resources Group Ltd.(a) | 44,085 | ||||||
188,600 | Guotai Junan International Holdings Ltd. | 31,770 | ||||||
63,000 | Haier Electronics Group Co. Ltd. | 180,093 | ||||||
149,000 | Haitong International Securities Group Ltd. | 43,354 | ||||||
22,000 | Hang Lung Group Ltd. | 55,197 | ||||||
133,267 | Hanison Construction Holdings Ltd. | 19,048 | ||||||
114,000 | Harbour Centre Development Ltd. | 184,473 | ||||||
8,500 | Health and Happiness H&H International Holdings Ltd. | 33,736 | ||||||
2,436,142 | Hengdeli Holdings Ltd. | 102,595 | ||||||
24,000 | HK Electric Investments & HK Electric Investments Ltd. | 23,951 | ||||||
45,500 | HKBN Ltd. | 81,292 | ||||||
29,441 | HKC Holdings Ltd. | 23,670 | ||||||
630,400 | HKR International Ltd. | 262,266 | ||||||
90,000 | Hon Kwok Land Investment Co. Ltd. | 37,673 | ||||||
136,151 | Hongkong & Shanghai Hotels Ltd. (The) | 153,423 | ||||||
112,000 | Hopson Development Holdings Ltd. | 108,199 | ||||||
166,000 | Hsin Chong Group Holdings Ltd.(a),(b) | 7,415 | ||||||
220,000 | Hua Han Health Industry Holdings Ltd.(a),(b) | 14,880 | ||||||
5,000 | Hysan Development Co. Ltd. | 19,749 | ||||||
8,000 | IMAX China Holding, Inc. | 18,173 | ||||||
208,000 | International Housewares Retail Co. Ltd. | 48,576 | ||||||
175,000 | IPE Group Ltd.(a) | 18,090 | ||||||
5,476,331 | IRC Ltd.(a) | 81,768 | ||||||
396,000 | IT Ltd. | 106,126 | ||||||
66,905 | ITC Properties Group Ltd. | 12,551 | ||||||
189,877 | Johnson Electric Holdings Ltd. | 347,480 | ||||||
838,000 | Joy City Property Ltd. | 91,971 | ||||||
134,000 | Ju Teng International Holdings Ltd. | 31,294 | ||||||
6,002 | K Wah International Holdings Ltd. | 3,286 | ||||||
25,500 | Kerry Logistics Network Ltd. | 40,743 | ||||||
324,500 | Kerry Properties Ltd. | 1,051,857 | ||||||
118,200 | Kingboard Holdings Ltd. | 316,017 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
125,500 | Kingboard Laminates Holdings Ltd. | $ | 115,315 | |||||
74,000 | Kingmaker Footwear Holdings Ltd. | 10,105 | ||||||
249,000 | Kowloon Development Co. Ltd. | 313,953 | ||||||
408,000 | Kunlun Energy Co. Ltd. | 380,615 | ||||||
43,180 | Lai Fung Holdings Ltd. | 50,256 | ||||||
48,900 | Lai Sun Development Co. Ltd. | 58,660 | ||||||
120,640 | Lai Sun Garment International Ltd. | 129,324 | ||||||
9,000 | Lam Soon Hong Kong Ltd. | 16,080 | ||||||
68,000 | Landsea Green Group Co. Ltd. | 7,376 | ||||||
24,000 | Lee & Man Chemical Co. Ltd. | 11,210 | ||||||
292,200 | Lee & Man Paper Manufacturing Ltd. | 162,956 | ||||||
13,500 | Lee’s Pharmaceutical Holdings Ltd. | 7,236 | ||||||
5,234,000 | Li & Fung Ltd. | 574,435 | ||||||
88,000 | Lifestyle China Group Ltd.(a) | 25,942 | ||||||
16,000 | Lifestyle International Holdings Ltd. | 16,866 | ||||||
430,269 | Link REIT | 4,692,027 | ||||||
94,000 | Liu Chong Hing Investment Ltd. | 129,077 | ||||||
21,000 | Luk Fook Holdings International Ltd. | 55,877 | ||||||
38,000 | LVGEM China Real Estate Investment Co. Ltd. | 13,675 | ||||||
1,298,000 | Magnificent Hotel Investment Ltd. | 28,160 | ||||||
28,400 | Man Wah Holdings Ltd. | 19,390 | ||||||
19,200 | Mandarin Oriental International Ltd. | 31,679 | ||||||
338,000 | Melco International Development Ltd. | 899,355 | ||||||
85,387 | Midland Holdings Ltd.(a) | 13,294 | ||||||
109,000 | Ming Fai International Holdings Ltd. | 11,546 | ||||||
429,000 | Mingfa Group International Co. Ltd.(a),(b) | 3,082 | ||||||
702,000 | Minmetals Land Ltd. | 99,442 | ||||||
36,000 | Miramar Hotel & Investment Co. Ltd. | 70,567 | ||||||
170,000 | Modern Dental Group Ltd. | 37,532 | ||||||
1,150,000 | Nan Hai Corp. Ltd. | 15,263 | ||||||
6,000 | NetDragon Websoft Ltd. | 13,737 | ||||||
97,000 | New World Department Store China Ltd.(a) | 15,350 | ||||||
176,000 | NewOcean Energy Holdings Ltd.(a) | 28,525 | ||||||
250,000 | Nine Dragons Paper Holdings Ltd. | 217,587 | ||||||
1,468,000 | Nissin Foods Co. Ltd. | 1,326,379 | ||||||
40,000 | NOVA Group Holdings Ltd. | 9,648 | ||||||
76,000 | NWS Holdings Ltd. | 113,283 | ||||||
44,788 | Oriental Watch Holdings | 10,288 | ||||||
62,000 | Overseas Chinese Town Asia Holdings Ltd. | 19,385 |
18 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
1,340,246 | Pacific Andes International Holdings Ltd.(a),(b) | $ | 4,686 | |||||
207,000 | Pacific Basin Shipping Ltd. | 48,078 | ||||||
39,000 | Pacific Textile Holdings Ltd. | 28,369 | ||||||
201,240 | Paliburg Holdings Ltd. | 66,002 | ||||||
334,000 | Panda Green Energy Group Ltd.(a) | 9,548 | ||||||
76,000 | PAX Global Technology Ltd. | 33,267 | ||||||
40,000 | PC Partner Group Ltd.(a) | 12,711 | ||||||
125,394 | PCCW Ltd. | 74,571 | ||||||
48,000 | Peace Mark Holdings Ltd.(a),(b) | 0 | ||||||
2,784,000 | Perfect Shape Medical Ltd. | 1,009,011 | ||||||
368,000 | Pico Far East Holdings Ltd. | 125,391 | ||||||
4,216,000 | Poly Property Group Co. Ltd. | 1,528,014 | ||||||
1,427,800 | Polytec Asset Holdings Ltd. | 176,745 | ||||||
597,000 | Pou Sheng International Holdings Ltd. | 225,514 | ||||||
91,000 | Prinx Chengshan Cayman Holding Ltd. | 89,305 | ||||||
196,000 | PT International Development Co. Ltd.(a) | 10,505 | ||||||
60,000 | Public Financial Holdings Ltd. | 23,277 | ||||||
160,200 | Regal Hotels International Holdings Ltd. | 90,772 | ||||||
46,000 | Regina Miracle International Holdings, Ltd. | 30,115 | ||||||
7,000 | Road King Infrastructure Ltd. | 12,828 | ||||||
275,000 | Samson Holding Ltd.(a) | 15,091 | ||||||
116,000 | SAS Dragon Holdings Ltd. | 36,565 | ||||||
27,095 | Seaspan Corp. | 293,710 | ||||||
57,516 | Shanghai Industrial Holdings Ltd. | 107,164 | ||||||
268,516 | Shanghai Industrial Urban Development Group Ltd. | 33,582 | ||||||
880,000 | Shanghai Zendai Property Ltd.(a) | 7,075 | ||||||
26,000 | Shangri-La Asia Ltd. | 26,710 | ||||||
120,000 | Shenwan Hongyuan HK Ltd. | 17,764 | ||||||
54,175 | Shenzhen International Holdings Ltd. | 110,342 | ||||||
206,353 | Shenzhen Investment Ltd. | 81,372 | ||||||
152,129 | Shimao Property Holdings Ltd. | 511,565 | ||||||
128,000 | Shougang Fushan Resources Group Ltd. | 26,463 | ||||||
106,000 | Singamas Container Holdings Ltd. | 11,904 | ||||||
1,710,000 | Sino Biopharmaceutical Ltd. | 2,557,597 | ||||||
148,000 | Sinofert Holdings Ltd. | 15,110 | ||||||
102,000 | Sinopec Kantons Holdings Ltd. | 41,654 | ||||||
21,000 | SITC International Holdings Co. Ltd. | 23,182 | ||||||
24,000 | SJM Holdings Ltd. | 25,728 | ||||||
108,878 | Skyworth Group Ltd. | 28,206 | ||||||
202,500 | SmarTone Telecommunications Holding Ltd. | 175,987 | ||||||
182,386 | SMI Holdings Group Ltd.(a),(b) | 11,638 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
200,000 | SOCAM Development Ltd.(a) | $ | 63,043 | |||||
1,740,000 | South China Holdings Co. Ltd.(a) | 40,192 | ||||||
71,212 | SSY Group Ltd. | 59,616 | ||||||
548,923 | Stella International Holdings Ltd. | 920,482 | ||||||
578,000 | Summit Ascent Holdings Ltd.(a) | 89,990 | ||||||
3,093,500 | Sun Art Retail Group Ltd. | 3,162,212 | ||||||
309,801 | Sun Hung Kai & Co. Ltd. | 134,027 | ||||||
1,094,000 | Sunlight Real Estate Investment Trust REIT | 742,741 | ||||||
514,000 | Tai Hing Group Holdings Ltd. | 111,512 | ||||||
144,000 | Tang Palace China Holdings Ltd. | 19,847 | ||||||
66,000 | Tao Heung Holdings, Ltd. | 10,865 | ||||||
86,666 | TCL Electronics Holdings Ltd. | 41,143 | ||||||
43,600 | Television Broadcasts Ltd. | 71,888 | ||||||
42,000 | Texhong Textile Group Ltd. | 42,558 | ||||||
308,000 | Texwinca Holdings Ltd. | 69,965 | ||||||
159,800 | Tian An China Investment Co. Ltd. | 77,494 | ||||||
690,000 | Tianjin Port Development Holdings Ltd. | 63,400 | ||||||
75,000 | Tibet Water Resources Ltd.(a) | 12,347 | ||||||
1,464,000 | Time Interconnect Technology Ltd. | 85,008 | ||||||
248,270 | Tomson Group Ltd. | 59,882 | ||||||
330,000 | Tongda Group Holdings Ltd. | 26,953 | ||||||
62,000 | Top Spring International Holdings Ltd. | 12,739 | ||||||
47,235 | Towngas China Co. Ltd. | 36,469 | ||||||
90,000 | TPV Technology Ltd. | 44,104 | ||||||
30,400 | Transport International Holdings Ltd. | 80,307 | ||||||
497,600 | Tsit Wing International Holdings Ltd. | 71,122 | ||||||
98,000 | Tsui Wah Holdings Ltd. | 5,941 | ||||||
279,000 | Union Medical Healthcare Ltd. | 206,510 | ||||||
774,000 | United Energy Group Ltd.(a) | 157,053 | ||||||
58,500 | United Laboratories International Holdings Ltd. (The) | 33,670 | ||||||
44,000 | Up Energy Development Group Ltd.(a),(b) | 136 | ||||||
1,101,300 | Valuetronics Holdings Ltd. | 546,420 | ||||||
101,600 | Victory City International Holdings Ltd.(a) | 4,668 | ||||||
7,000 | Vinda International Holdings Ltd. | 13,221 | ||||||
14,000 | Vitasoy International Holdings Ltd. | 56,994 | ||||||
79,600 | VSTECS Holdings Ltd. | 40,633 | ||||||
231,896 | VTech Holdings Ltd. | 2,036,058 | ||||||
240,000 | Wai Kee Holdings Ltd. | 146,402 | ||||||
24,209,667 | Wang On Group Ltd. | 259,523 | ||||||
68,622 | Wasion Holdings Ltd. | 34,066 | ||||||
36,000 | Wharf Holdings Ltd. (The) | 81,869 |
19 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
HONG KONG (continued) | ||||||||
68,000 | Wing On Co. International Ltd. | $ | 196,990 | |||||
182,000 | Wing Tai Properties Ltd. | 113,809 | ||||||
60,000 | Xinyi Glass Holdings Ltd. | 67,611 | ||||||
1,826,525 | Yue Yuen Industrial Holdings Ltd. | 5,151,411 | ||||||
518,946 | Yuexiu Property Co. Ltd. | 114,572 | ||||||
2,100,191 | Yuexiu Transport Infrastructure Ltd. | 1,940,465 | ||||||
20,000 | Zhongyu Gas Holdings Ltd. | 19,372 | ||||||
162,000 | Zhuguang Holdings Group Co. Ltd.(a) | 22,121 | ||||||
306,000 | Zhuhai Holdings Investment Group Ltd. | 38,270 | ||||||
61,905,110 | ||||||||
HUNGARY — 0.0% | ||||||||
8,996 | Magyar Telekom Telecommunications Plc | 13,405 | ||||||
33,762 | Richter Gedeon Nyrt | 625,717 | ||||||
639,122 | ||||||||
INDIA — 0.5% | ||||||||
116 | 3M India Ltd.(a) | 36,778 | ||||||
5,278 | 5Paisa Capital Ltd.(a) | 12,691 | ||||||
1,487 | Aarti Drugs Ltd. | 11,278 | ||||||
5,956 | Aarti Industries Ltd. | 73,601 | ||||||
297 | Aarti Surfactants Ltd.(a),(b) | 890 | ||||||
1,662 | ABB India Ltd. | 34,178 | ||||||
2,871 | ACC Ltd. | 63,470 | ||||||
6,979 | Adani Enterprises Ltd. | 19,644 | ||||||
59,679 | Adani Gas Ltd. | 123,769 | ||||||
45,415 | Adani Green Energy Ltd.(a) | 57,434 | ||||||
571,421 | Adani Ports & Special Economic Zone Ltd. | 3,188,671 | ||||||
49,774 | Adani Power Ltd.(a) | 46,350 | ||||||
28,080 | Adani Transmission Ltd(a) | 108,514 | ||||||
7,689 | Aditya Birla Capital Ltd.(a) | 8,873 | ||||||
12,792 | Aegis Logistics Ltd. | 30,948 | ||||||
1,354 | AIA Engineering Ltd. | 33,087 | ||||||
1,948 | Ajanta Pharma Ltd. | 28,857 | ||||||
250 | Akzo Nobel India Ltd. | 7,465 | ||||||
7,855 | Alembic Pharmaceuticals Ltd. | 60,915 | ||||||
27,613 | Allahabad Bank(a) | 10,472 | ||||||
2,907 | Amara Raja Batteries Ltd. | 27,954 | ||||||
10,048 | Ambuja Cements Ltd. | 28,658 | ||||||
26,000 | Andhra Bank(a) | 6,562 | ||||||
1,878 | Anup Engineering Ltd. (The) | 12,885 | ||||||
3,061 | Apar Industries Ltd. | 23,067 | ||||||
684 | APL Apollo Tubes Ltd. | 14,011 | ||||||
5,067 | Apollo Hospitals Enterprise Ltd. | 106,071 | ||||||
38,391 | Apollo Tyres Ltd. | 103,002 | ||||||
10,143 | Arvind Fashions Ltd.(a) | 64,880 | ||||||
29,548 | Arvind Ltd. | 20,954 | ||||||
66,084 | Ashok Leyland Ltd. | 71,508 | ||||||
3,306 | Ashoka Buildcon Ltd.(a) | 4,796 | ||||||
3,162 | Astral Polytechnik Ltd. | 49,794 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
933 | Atul Ltd. | $ | 56,500 | |||||
23,377 | Aurobindo Pharma Ltd. | 154,855 | ||||||
3,997 | Avanti Feeds Ltd. | 25,553 | ||||||
4,216 | Bajaj Consumer Care Ltd. | 14,943 | ||||||
11,543 | Bajaj Holdings & Investment Ltd. | 597,210 | ||||||
1,167 | Balaji Amines Ltd. | 5,330 | ||||||
4,698 | Balkrishna Industries Ltd. | 58,599 | ||||||
20,684 | Balrampur Chini Mills Ltd. | 47,519 | ||||||
4,936 | Bandhan Bank Ltd. | 42,610 | ||||||
57,043 | Bank of Baroda(a) | 78,171 | ||||||
1,330 | BASF India Ltd. | 18,826 | ||||||
1,477 | Bata India Ltd. | 37,626 | ||||||
1,085 | BEML Ltd. | 15,842 | ||||||
9,384 | Berger Paints India Ltd. | 69,716 | ||||||
40,550 | Bharat Electronics Ltd. | 67,546 | ||||||
12,322 | Bharat Forge Ltd. | 78,844 | ||||||
1,748,525 | Bharat Heavy Electricals Ltd. | 1,394,062 | ||||||
129 | Bharat Rasayan Ltd. | 10,447 | ||||||
621,722 | Bharti Airtel Ltd. | 3,280,467 | ||||||
2,062 | Birla Corp. Ltd. | 16,558 | ||||||
15,210 | Birlasoft Ltd. | 14,282 | ||||||
4,707 | Bliss Gvs Pharma Ltd. | 9,072 | ||||||
311 | Blue Dart Express Ltd. | 10,553 | ||||||
1,044 | Blue Star Ltd. | 12,391 | ||||||
7,567 | Bodal Chemicals Ltd. | 8,199 | ||||||
12,029 | Bombay Dyeing & Manufacturing Co. Ltd. | 13,822 | ||||||
58 | Bosch Ltd. | 12,516 | ||||||
10,933 | Brigade Enterprises Ltd. | 31,792 | ||||||
8,367 | Cadila Healthcare Ltd. | 29,697 | ||||||
5,574 | Can Fin Homes Ltd. | 31,026 | ||||||
8,528 | Canara Bank(a) | 24,473 | ||||||
7,476 | Carborundum Universal Ltd. | 33,797 | ||||||
1,183 | Care Ratings Ltd. | 8,851 | ||||||
2,644 | CCL Products India Ltd. | 7,716 | ||||||
1,987 | Ceat Ltd. | 28,261 | ||||||
4,533 | Century Plyboards India Ltd. | 10,430 | ||||||
944 | Century Textiles & Industries Ltd. | 5,622 | ||||||
1,713 | CESC Ltd. | 19,280 | ||||||
342 | CESC Ventures Ltd.(a) | 1,662 | ||||||
17,449 | Chambal Fertilizers and Chemicals Ltd. | 41,907 | ||||||
56,756 | Chennai Super Kings Cricket Ltd.(a),(b) | 338 | ||||||
7,485 | Cholamandalam Financial Holdings Ltd. | 48,142 | ||||||
13,865 | Cholamandalam Investment and Finance Co. Ltd. | 59,621 | ||||||
16,267 | Cipla Ltd. | 107,069 | ||||||
12,260 | City Union Bank Ltd. | 36,627 | ||||||
5,074 | Colgate-Palmolive India Ltd. | 110,824 | ||||||
7,227 | Container Corp. Of India Ltd. | 59,948 | ||||||
11,412 | Coromandel International Ltd. | 76,489 |
20 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
15,702 | Cox & Kings Financial Service Ltd.(a) | $ | 122 | |||||
20,123 | Cox & Kings Ltd.(a) | 496 | ||||||
887 | CRISIL Ltd. | 18,291 | ||||||
23,809 | Crompton Greaves Consumer Electricals Ltd. | 83,549 | ||||||
2,991 | Cummins India Ltd. | 22,938 | ||||||
14,681 | Cyient Ltd. | 84,190 | ||||||
10,700 | Dalmia Bharat Ltd. | 122,163 | ||||||
16,168 | DCB Bank Ltd. | 41,065 | ||||||
9,427 | DCM Shriram Ltd. | 48,884 | ||||||
4,866 | Deepak Nitrite Ltd. | 23,408 | ||||||
8,598 | Delta Corp Ltd. | 25,384 | ||||||
21,697 | Dewan Housing Finance Corp. Ltd.(a) | 5,338 | ||||||
5,976 | Dishman Carbogen Amcis Ltd. | 10,094 | ||||||
2,682 | Divi’s Laboratories Ltd. | 66,363 | ||||||
1,477,693 | DLF Ltd. | 3,818,778 | ||||||
1,513 | Dr Lal PathLabs Ltd. | 32,796 | ||||||
9,312 | Dr Reddys Laboratories Ltd. | 365,397 | ||||||
2,840 | eClerx Services Ltd. | 18,088 | ||||||
12,047 | EID Parry India Ltd. | 29,018 | ||||||
4,882 | EIH Ltd. | 11,532 | ||||||
3,704 | Elgi Equipments Ltd. | 14,400 | ||||||
3,941 | Emami Ltd. | 18,177 | ||||||
625 | Endurance Technologies Ltd. | 9,609 | ||||||
5,540 | Engineers India Ltd. | 9,342 | ||||||
7,399 | Escorts Ltd. | 68,781 | ||||||
4,643 | Essel Propack Ltd. | 7,377 | ||||||
11,633 | Exide Industries Ltd. | 31,670 | ||||||
4,388 | FDC Ltd/India(a) | 11,136 | ||||||
89,105 | Federal Bank Ltd. | 105,275 | ||||||
4,296 | Federal-Mogul Goetze India Ltd.(a) | 33,370 | ||||||
6,598 | Finolex Cables Ltd. | 35,656 | ||||||
4,610 | Finolex Industries Ltd. | 39,338 | ||||||
21,394 | Firstsource Solutions Ltd. | 14,825 | ||||||
14,906 | Fortis Healthcare Ltd.(a) | 30,851 | ||||||
40,366 | Future Enterprises Ltd.(a) | 14,114 | ||||||
4,129 | Future Retail Ltd.(a) | 22,200 | ||||||
3,252 | Gabriel India Ltd. | 5,653 | ||||||
708 | Garware Technical Fibers Ltd. | 11,685 | ||||||
10,841 | Gayatri Projects Ltd.(a) | 19,908 | ||||||
36 | General Insurance Corp. of India | 158 | ||||||
7,704 | GHCL Ltd. | 23,499 | ||||||
3,335 | GIC Housing Finance Ltd. | 8,360 | ||||||
220 | Gillette India Ltd. | 25,104 | ||||||
810 | GlaxoSmithKline Consumer Healthcare Ltd. | 105,263 | ||||||
522 | GlaxoSmithKline Pharmaceuticals Ltd. | 12,238 | ||||||
16,245 | Glenmark Pharmaceuticals Ltd. | 72,237 | ||||||
3,122 | Godfrey Phillips India Ltd. | 48,098 | ||||||
1,368 | Godrej Industries Ltd. | 8,032 | ||||||
10,942 | Granules India Ltd. | 19,321 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
6,570 | Graphite India Ltd. | $ | 26,390 | |||||
6,318 | Grasim Industries Ltd. | 68,477 | ||||||
6,972 | Great Eastern Shipping Co. Ltd. (The) | 29,479 | ||||||
16,172 | Greaves Cotton Ltd. | 31,932 | ||||||
770 | Greenlam Industries Ltd. | 9,882 | ||||||
5,192 | Grindwell Norton Ltd. | 44,019 | ||||||
4,027 | Gujarat Alkalies & Chemicals Ltd. | 26,477 | ||||||
6,920 | Gujarat Ambuja Exports Ltd. | 13,776 | ||||||
2,199 | Gujarat Fluorochemicals Ltd.(a) | 20,507 | ||||||
8,027 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 24,507 | ||||||
27,992 | Gujarat State Fertilizers & Chemicals Ltd. | 31,671 | ||||||
15,512 | Gujarat State Petronet Ltd. | 45,763 | ||||||
92 | Hatsun Agro Product Ltd. | 573 | ||||||
610 | HEG Ltd. | 8,539 | ||||||
14,346 | HeidelbergCement India Ltd. | 37,843 | ||||||
2,835 | Hemisphere Properties India Ltd.(a),(b) | 6,667 | ||||||
151,702 | HFCL Ltd. | 37,964 | ||||||
5,553 | Hikal Ltd. | 9,320 | ||||||
8,085 | Himadri Speciality Chemical Ltd. | 8,595 | ||||||
4,003 | Himatsingka Seide Ltd. | 8,694 | ||||||
103,068 | Hindalco Industries Ltd. | 273,041 | ||||||
2,430 | Hinduja Global Solutions Ltd. | 19,722 | ||||||
12,605 | Hindustan Petroleum Corp. Ltd. | 57,801 | ||||||
102 | Honeywell Automation India Ltd. | 40,385 | ||||||
4,443 | Huhtamaki PPL Ltd. | 15,983 | ||||||
41,116 | IDFC First Bank Ltd.(a) | 25,883 | ||||||
73,673 | IDFC Ltd. | 36,406 | ||||||
65,962 | IFCI Ltd.(a) | 6,789 | ||||||
38,969 | IIFL Holdings Ltd. | 62,633 | ||||||
38,969 | IIFL Securities Ltd.(a) | 16,317 | ||||||
5,567 | IIFL Wealth Management Ltd. | 104,188 | ||||||
17,077 | India Cements Ltd. (The) | 20,188 | ||||||
951 | India Glycols Ltd. | 3,050 | ||||||
27,666 | Indiabulls Real Estate Ltd.(a) | 21,531 | ||||||
5,639 | Indiabulls Ventures Ltd. | 1,916 | ||||||
2,931 | Indian Bank(a) | 5,496 | ||||||
4,977 | Indian Hotels Co. Ltd. (The) | 10,666 | ||||||
63,408 | Indian Overseas Bank(a) | 9,565 | ||||||
6,915 | Indraprastha Gas Ltd. | 38,173 | ||||||
2,957 | IndusInd Bank Ltd. | 54,747 | ||||||
121 | Ingersoll-Rand India Ltd. | 1,118 | ||||||
2,064 | Inox Leisure Ltd. | 10,613 | ||||||
1,367 | Intellect Design Arena Ltd.(a) | 3,678 | ||||||
1,853 | InterGlobe Aviation Ltd. | 38,060 | ||||||
2,764 | Ipca Laboratories Ltd. | 38,219 | ||||||
8,265 | Jagran Prakashan Pvt Ltd. | 6,566 | ||||||
7,106 | JB Chemicals & Pharmaceuticals Ltd. | 34,178 | ||||||
4,727 | Jindal Poly Films Ltd. | 14,735 |
21 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
29,253 | Jindal Saw Ltd. | $ | 36,582 | |||||
8,127 | Jindal Stainless Hisar Ltd.(a) | 7,791 | ||||||
16,998 | Jindal Stainless Ltd.(a) | 8,304 | ||||||
38,658 | Jindal Steel & Power Ltd.(a) | 63,359 | ||||||
980 | JK Cement, Ltd. | 15,434 | ||||||
21,600 | JK Paper Ltd. | 37,001 | ||||||
53,110 | JM Financial Ltd. | 58,405 | ||||||
63,861 | JSW Energy Ltd. | 61,269 | ||||||
6,931 | JTEKT India Ltd. | 9,005 | ||||||
4,756 | Jubilant Foodworks Ltd. | 107,345 | ||||||
18,044 | Jubilant Life Sciences Ltd. | 140,516 | ||||||
3,247 | Just Dial Ltd.(a) | 26,963 | ||||||
4,040 | Jyothy Laboratories Ltd. | 9,976 | ||||||
1,524 | Kajaria Ceramics Ltd. | 11,996 | ||||||
7,256 | Kalpataru Power Transmission Ltd. | 44,132 | ||||||
3,790 | Kansai Nerolac Paints Ltd. | 29,677 | ||||||
3,936 | Karnataka Bank Ltd. (The) | 4,331 | ||||||
21,127 | Karur Vysya Bank Ltd. (The) | 16,338 | ||||||
2,611 | Kaveri Seed Co. Ltd. | 19,260 | ||||||
8,411 | KEC International Ltd. | 32,148 | ||||||
4,381 | KEI Industries Ltd. | 36,470 | ||||||
1,261 | Kiri Industries Ltd. | 7,344 | ||||||
4,060 | Kirloskar Oil Engines Ltd. | 9,719 | ||||||
4,865 | KNR Constructions Ltd. | 15,879 | ||||||
3,298 | Kolte-Patil Developers Ltd. | 11,645 | ||||||
15,210 | KPIT Technologies Ltd. | 19,536 | ||||||
2,402 | KPR Mill Ltd. | 22,009 | ||||||
4,012 | KRBL Ltd. | 12,766 | ||||||
39,001 | L&T Finance Holdings Ltd. | 52,567 | ||||||
366 | Lakshmi Machine Works Ltd. | 18,436 | ||||||
1,792 | Larsen & Toubro Infotech Ltd. | 43,502 | ||||||
2,599 | Laurus Labs Ltd. | 13,550 | ||||||
34,906 | LIC Housing Finance Ltd. | 202,953 | ||||||
11,263 | Lupin Ltd. | 118,317 | ||||||
21,539 | Mahindra & Mahindra Financial Services Ltd. | 107,196 | ||||||
3,236 | Mahindra CIE Automotive Ltd.(a) | 6,875 | ||||||
77,559 | Manappuram Finance Ltd. | 185,180 | ||||||
16,573 | Marksans Pharma Ltd. | 3,540 | ||||||
3,410 | Max Financial Services Ltd.(a) | 19,526 | ||||||
11,396 | Max India Ltd.(a) | 11,705 | ||||||
16,866 | Meghmani Organics Ltd. | 12,424 | ||||||
6,096 | Minda Corp. Ltd. | 8,560 | ||||||
6,474 | Minda Industries Ltd. | 33,626 | ||||||
67,260 | Mindtree Ltd. | 675,931 | ||||||
4,129 | MOIL Ltd. | 8,095 | ||||||
62,388 | Motherson Sumi Systems Ltd. | 108,145 | ||||||
1,610 | Motilal Oswal Financial Services Ltd. | 14,095 | ||||||
4,606 | Mphasis Ltd. | 61,708 | ||||||
66 | MRF Ltd. | 61,110 | ||||||
15,818 | Muthoot Finance Ltd. | 157,815 | ||||||
3,534 | Natco Pharma Ltd. | 29,357 | ||||||
17,565 | Nava Bharat Ventures Ltd. | 18,251 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
1,175 | Navin Fluorine International Ltd. | $ | 14,868 | |||||
3,720 | Navneet Education Ltd. | 5,357 | ||||||
28,062 | NCC Ltd. | 22,868 | ||||||
1,485 | NESCO Ltd. | 11,628 | ||||||
35,322 | NHPC Ltd. | 11,703 | ||||||
460 | NIIT Technologies Ltd. | 10,044 | ||||||
534 | Nilkamal Ltd. | 9,499 | ||||||
14,212 | NOCIL Ltd. | 24,335 | ||||||
2,785 | Oberoi Realty Ltd. | 19,903 | ||||||
4,635 | Oil India Ltd. | 11,217 | ||||||
3,942 | Omaxe Ltd. | 10,196 | ||||||
1,101 | Oracle Financial Sevices Software Ltd.(a) | 48,749 | ||||||
9,517 | Oriental Bank of Commerce(a) | 7,319 | ||||||
346 | Page Industries Ltd. | 125,616 | ||||||
3,534 | Parag Milk Foods Ltd. | 7,132 | ||||||
19,480 | PC Jeweller Ltd.(a) | 8,843 | ||||||
2,402 | Persistent Systems Ltd. | 20,983 | ||||||
90,350 | Petronet LNG Ltd. | 364,820 | ||||||
765 | Pfizer Ltd. | 43,766 | ||||||
7,356 | Phillips Carbon Black Ltd. | 13,093 | ||||||
4,125 | Phoenix Mills Ltd. (The) | 41,873 | ||||||
4,169 | PI Industries Ltd. | 83,963 | ||||||
55,160 | Piramal Enterprises Ltd. | 1,309,772 | ||||||
759 | PNB Housing Finance Ltd. | 5,739 | ||||||
3,217 | Polyplex Corp. Ltd. | 22,186 | ||||||
71,684 | Power Finance Corp. Ltd.(a) | 110,312 | ||||||
735 | Power Mech Projects Ltd. | 7,355 | ||||||
16,420 | Prestige Estates Projects Ltd. | 69,959 | ||||||
1,013 | Procter & Gamble Health Ltd. | 66,718 | ||||||
839 | Procter & Gamble Hygiene & Health Care Ltd. | 144,811 | ||||||
20,382 | PTC India Ltd. | 17,155 | ||||||
39,797 | Punjab National Bank(a) | 36,667 | ||||||
470 | PVR Ltd. | 11,775 | ||||||
1,816 | Radico Khaitan Ltd. | 8,105 | ||||||
19,040 | Rain Industries Ltd. | 26,320 | ||||||
7,281 | Rajesh Exports Ltd. | 69,644 | ||||||
7,747 | Ramco Cements Ltd. (The) | 85,718 | ||||||
1,209 | Ramkrishna Forgings Ltd. | 4,993 | ||||||
12,082 | Rashtriya Chemicals & Fertilizers Ltd. | 9,479 | ||||||
1,420 | Ratnamani Metals & Tubes Ltd. | 19,167 | ||||||
1,973 | Raymond Ltd. | 16,141 | ||||||
1,324 | RBL Bank Ltd. | 5,789 | ||||||
65,007 | REC Ltd. | 128,128 | ||||||
55,478 | Redington India Ltd. | 92,960 | ||||||
47,774 | Reliance Power Ltd.(a) | 2,256 | ||||||
5,621 | Repco Home Finance Ltd. | 23,081 | ||||||
6,157 | Sadbhav Engineering Ltd. | 11,897 | ||||||
471 | Sanofi India Ltd. | 44,703 | ||||||
2,386 | Sharda Cropchem Ltd. | 9,327 | ||||||
2,147 | Shilpa Medicare Ltd. | 8,725 | ||||||
489 | Shriram City Union Finance Ltd. | 9,105 |
22 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
13,288 | Shriram Transport Finance Co. Ltd. | $ | 213,318 | |||||
1,578 | Siemens Ltd. | 36,844 | ||||||
2,280 | Siyaram Silk Mills Ltd. | 7,858 | ||||||
1,495 | SKF India Ltd. | 46,060 | ||||||
2,942 | Sobha Ltd. | 17,568 | ||||||
2,749 | Sonata Software Ltd. | 12,131 | ||||||
21,465 | South Indian Bank Ltd. (The) | 3,374 | ||||||
1,027 | Spencer’s Retail Ltd.(a) | 1,043 | ||||||
3,116 | SRF Ltd. | 127,236 | ||||||
1,016,961 | State Bank of India(a) | 4,479,123 | ||||||
3,181,204 | Steel Authority of India Ltd. | 1,641,536 | ||||||
12,228 | Sterlite Technologies Ltd. | 22,558 | ||||||
3,128 | Strides Pharma Science Ltd. | 16,977 | ||||||
5,386 | Sun TV Network Ltd. | 40,045 | ||||||
4,575 | Sundram Fasteners Ltd. | 31,557 | ||||||
5,914 | Sunteck Realty Ltd. | 34,632 | ||||||
2,717 | Supreme Industries Ltd. | 44,594 | ||||||
3,270 | Surya Roshni Ltd. | 8,536 | ||||||
8,752 | Suven Life Sciences Ltd. | 34,901 | ||||||
516 | Swaraj Engines Ltd. | 8,285 | ||||||
600 | Symphony Ltd. | 11,018 | ||||||
42,645 | Syndicate Bank(a) | 18,217 | ||||||
5,348 | Syngene International Ltd. | 24,987 | ||||||
13,420 | TAKE Solutions Ltd. | 21,238 | ||||||
3,870 | Tata Chemicals Ltd. | 34,199 | ||||||
2,835 | Tata Communications Ltd. | 14,075 | ||||||
1,756 | Tata Elxsi Ltd. | 20,275 | ||||||
17,372 | Tata Global Beverages Ltd. | 77,640 | ||||||
1,013 | Tata Metaliks Ltd. | 8,803 | ||||||
202,507 | Tata Motors Ltd.(a) | 507,347 | ||||||
9,423 | Tata Power Co. Ltd. | 7,878 | ||||||
45,760 | Tata Steel Ltd. | 245,514 | ||||||
25 | TCI Express Ltd. | 274 | ||||||
4,498 | Techno Electric & Engineering Co. Ltd.(a) | 17,097 | ||||||
2,619 | Thermax Ltd. | 41,682 | ||||||
3,081 | Thomas Cook India Ltd. | 5,810 | ||||||
23,253 | Time Technoplast Ltd. | 20,654 | ||||||
970 | Timken India Ltd. | 12,185 | ||||||
4,248 | Torrent Pharmaceuticals Ltd. | 106,385 | ||||||
6,133 | Torrent Power Ltd. | 24,224 | ||||||
3,514 | Transport Corp. of India Ltd. | 14,350 | ||||||
1,040 | Trent Ltd. | 7,941 | ||||||
10,744 | Trident Ltd. | 9,361 | ||||||
5,808 | Triveni Turbine Ltd.(a) | 8,254 | ||||||
412 | TTK Prestige Ltd. | 36,085 | ||||||
15,510 | Tube Investments of India Ltd. | 87,118 | ||||||
5,542 | TV Today Network Ltd. | 24,980 | ||||||
2,513,790 | TV18 Broadcast Ltd.(a) | 871,850 | ||||||
5,078 | Uflex Ltd. | 14,906 | ||||||
118 | Ultratech Cement Ltd. | 6,893 | ||||||
20,119 | Union Bank of India(a) | 16,267 | ||||||
3,158 | United Breweries Ltd. | 56,819 | ||||||
3,267 | United Spirits Ltd.(a) | 28,785 | ||||||
36,342 | UPL Ltd. | 305,605 |
Shares | Value | |||||||
INDIA (continued) | ||||||||
2,826 | Vardhman Textiles Ltd. | $ | 36,008 | |||||
305 | Venky’s India Ltd. | 7,514 | ||||||
375 | Vesuvius India Ltd. | 5,289 | ||||||
5,959 | V-Guard Industries Ltd. | 20,987 | ||||||
830 | Vinati Organics Ltd. | 25,362 | ||||||
4,598 | VIP Industries Ltd. | 30,607 | ||||||
3,561 | Voltas Ltd. | 35,570 | ||||||
2,640 | VRL Logistics Ltd. | 9,917 | ||||||
629 | VST Industries Ltd. | 34,202 | ||||||
368 | WABCO India Ltd. | 32,196 | ||||||
18,219 | Welspun Corp. Ltd. | 37,952 | ||||||
29,615 | Welspun India Ltd. | 23,319 | ||||||
8,145 | West Coast Paper Mills Ltd. | 26,951 | ||||||
3,755 | Wockhardt Ltd.(a) | 15,202 | ||||||
19,140 | Zee Entertainment Enterprises Ltd. | 70,322 | ||||||
6,637 | Zensar Technologies Ltd. | 16,693 | ||||||
888 | Zydus Wellness Ltd. | 21,347 | ||||||
34,663,707 | ||||||||
INDONESIA — 0.1% | ||||||||
267,300 | Ace Hardware Indonesia Tbk PT | 32,182 | ||||||
1,665,700 | Adaro Energy Tbk PT | 155,451 | ||||||
190,300 | Adhi Karya Persero Tbk PT | 16,946 | ||||||
81,400 | AKR Corporindo Tbk PT | 22,964 | ||||||
1,500,100 | Alam Sutera Realty Tbk PT(a) | 29,282 | ||||||
517,329 | Aneka Tambang Persero Tbk PT | 32,801 | ||||||
28,100 | Asahimas Flat Glass Tbk PT | 7,967 | ||||||
45,900 | Astra Agro Lestari Tbk PT | 37,359 | ||||||
9,876,000 | Bakrie Telecom Tbk PT(a),(b) | 26,384 | ||||||
1,325,350 | Bank Pan Indonesia Tbk PT(a) | 126,993 | ||||||
246,200 | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 31,746 | ||||||
611,400 | Bank Pembangunan Daerah Jawa Timur Tbk PT | 30,054 | ||||||
391,900 | Bank Permata Tbk PT(a) | 37,272 | ||||||
242,600 | Bank Tabungan Negara Persero Tbk PT | 32,146 | ||||||
2,869,800 | Barito Pacific Tbk PT | 194,223 | ||||||
287,300 | Bukit Asam Tbk PT | 46,052 | ||||||
456,700 | Bumi Serpong Damai Tbk PT(a) | 46,038 | ||||||
1,062,101 | Ciputra Development Tbk PT | 83,987 | ||||||
644,973 | Citra Marga Nusaphala Persada Tbk PT(a) | 87,072 | ||||||
681,000 | Delta Dunia Makmur Tbk PT(a) | 15,816 | ||||||
858,400 | Elnusa Tbk PT | 19,202 | ||||||
191,500 | Erajaya Swasembada Tbk PT | 24,011 | ||||||
591,000 | Gajah Tunggal Tbk PT(a) | 26,946 | ||||||
1,052,900 | Global Mediacom Tbk PT(a) | 28,053 | ||||||
2,616,900 | Hanson International Tbk PT(a) | 16,779 | ||||||
313,600 | Indah Kiat Pulp and Paper Corp. Tbk PT | 162,530 | ||||||
365,600 | Indika Energy Tbk PT | 33,468 |
23 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
47,100 | Indo Tambangraya Megah Tbk PT | $ | 44,627 | |||||
15,800 | Indocement Tunggal Prakarsa Tbk PT | 22,512 | ||||||
335,200 | Indofood Sukses Makmur Tbk PT | 183,874 | ||||||
426,000 | Intiland Development Tbk PT | 9,711 | ||||||
354,800 | Japfa Comfeed Indonesia Tbk PT | 43,475 | ||||||
69,709 | Jasa Marga Persero Tbk PT | 27,065 | ||||||
7,473,140 | Kawasan Industri Jababeka Tbk PT(a) | 171,429 | ||||||
883,300 | Kresna Graha Investama PT Tbk(a) | 31,463 | ||||||
3,233,920 | Lippo Karawaci Tbk PT(a) | 54,371 | ||||||
288,300 | Malindo Feedmill Tbk PT | 22,798 | ||||||
66,200 | Matahari Department Store Tbk PT | 17,167 | ||||||
1,490,275 | Mayora Indah Tbk PT | 227,199 | ||||||
1,694,200 | Medco Energi Internasional Tbk PT(a) | 79,659 | ||||||
631,500 | Media Nusantara Citra Tbk PT | 59,160 | ||||||
631,400 | Mitra Adiperkasa Tbk PT | 44,981 | ||||||
2,498,100 | MNC Investama Tbk PT(a) | 12,991 | ||||||
1,155,000 | MNC Land Tbk PT(a) | 11,190 | ||||||
844,100 | Modernland Realty Tbk PT(a) | 13,590 | ||||||
25,000 | Pabrik Kertas Tjiwi Kimia Tbk PT | 18,834 | ||||||
463,800 | Pakuwon Jati Tbk PT | 20,651 | ||||||
332,600 | Pan Brothers Tbk PT | 17,652 | ||||||
1,705,900 | Panin Financial Tbk PT(a) | 35,243 | ||||||
17,834,700 | Perusahaan Gas Negara Persero Tbk | 2,680,859 | ||||||
195,800 | Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 18,831 | ||||||
276,100 | PP Persero Tbk PT | 34,913 | ||||||
995,300 | Rimo International Lestari Tbk PT(a) | 8,934 | ||||||
463,300 | Salim Ivomas Pratama Tbk PT(a) | 11,618 | ||||||
257,900 | Sawit Sumbermas Sarana Tbk PT | 14,882 | ||||||
157,200 | Selamat Sempurna Tbk PT | 16,518 | ||||||
25,200 | Semen Indonesia Persero Tbk PT | 22,710 | ||||||
49,400 | Siloam International Hospitals Tbk PT(a) | 25,339 | ||||||
117,500 | Sinar Mas Agro Resources & Technology Tbk PT | 32,144 | ||||||
1,391,700 | Smartfren Telecom Tbk PT(a) | 14,773 | ||||||
1,203,400 | Sri Rejeki Isman Tbk PT | 24,347 | ||||||
292,700 | Sumber Alfaria Trijaya Tbk PT | 18,663 | ||||||
523,400 | Summarecon Agung Tbk PT | 42,135 | ||||||
137,100 | Surya Citra Media Tbk PT | 11,916 | ||||||
236,000 | Timah Tbk PT | 14,963 | ||||||
586,900 | Tiphone Mobile Indonesia Tbk PT | 14,048 |
Shares | Value | |||||||
INDONESIA (continued) | ||||||||
141,600 | Tower Bersama Infrastructure Tbk PT | $ | 63,804 | |||||
1,313,000 | Trada Alam Minera Tbk PT(a) | 10,102 | ||||||
4,875,000 | Truba Alam Manunggal Engineering PT(a),(b) | 0 | ||||||
765,600 | Tunas Baru Lampung Tbk PT | 51,269 | ||||||
539,500 | Tunas Ridean Tbk PT | 38,050 | ||||||
8,100 | United Tractors Tbk PT | 12,507 | ||||||
156,900 | Vale Indonesia Tbk PT(a) | 41,469 | ||||||
1,429,700 | Waskita Beton Precast Tbk PT | 33,815 | ||||||
439,785 | Waskita Karya Persero Tbk PT | 48,719 | ||||||
440,200 | Wijaya Karya Beton Tbk PT | 14,676 | ||||||
392,700 | Wijaya Karya Persero Tbk PT | 55,393 | ||||||
407,100 | XL Axiata Tbk PT(a) | 102,957 | ||||||
6,053,720 | ||||||||
IRELAND — 1.2% | ||||||||
29,037 | AIB Group Plc | 93,010 | ||||||
576,745 | Allegion Plc | 66,925,490 | ||||||
16,519 | Bank of Ireland Group Plc | 79,443 | ||||||
74,161 | C&C Group PLC | 365,046 | ||||||
43,303 | COSMO Pharmaceuticals NV(a) | 3,208,768 | ||||||
4,646 | Datalex Plc(a),(b) | 3,560 | ||||||
5,572 | FBD Holdings Plc | 55,060 | ||||||
31,774 | Glanbia Plc | 354,021 | ||||||
29,539 | Grafton Group Plc - Units | 298,838 | ||||||
37,117 | Greencore Group Plc | 111,737 | ||||||
28,124 | Hibernia REIT plc | 43,788 | ||||||
20,975 | Irish Continental Group Plc - Units | 100,124 | ||||||
7,387 | Kingspan Group Plc | 382,771 | ||||||
10,380 | Paddy Power Betfair Plc | 1,072,244 | ||||||
5,111 | Permanent TSB Group Holdings Plc(a) | 6,749 | ||||||
23,785 | Smurfit Kappa Group Plc | 793,169 | ||||||
7,190 | UDG Healthcare Plc | 71,994 | ||||||
73,965,812 | ||||||||
ISLE OF MAN — 0.0% | ||||||||
21,481 | GVC Holdings Plc | 247,647 | ||||||
24,257 | Playtech Plc | 123,392 | ||||||
371,039 | ||||||||
ISRAEL — 0.7% | ||||||||
13,568 | Adgar Investment and Development Ltd. | 32,961 | ||||||
26,043 | AFI Properties Ltd.(a) | 929,566 | ||||||
109,696 | Airport City Ltd.(a) | 2,069,771 | ||||||
0 | Alrov Properties and Lodgings Ltd. | 14 | ||||||
2,636 | Ashtrom Group Ltd. | 29,685 | ||||||
19,276 | Ashtrom Properties Ltd. | 128,089 | ||||||
771 | AudioCodes Ltd. | 16,274 | ||||||
42,780 | B Communications Ltd.(a) | 49,596 | ||||||
215 | Bayside Land Corp. | 144,271 | ||||||
25,544 | Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 16,858 |
24 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
ISRAEL (continued) | ||||||||
4,411 | Blue Square Real Estate Ltd. | $ | 224,902 | |||||
1,944 | Carasso Motors Ltd. | 9,013 | ||||||
6,659 | Cellcom Israel Ltd.(a) | 17,004 | ||||||
67,300 | CyberArk Software Ltd.(a) | 6,836,334 | ||||||
58 | Danel Adir Yeoshua Ltd. | 4,241 | ||||||
3,303 | Delek Automotive Systems Ltd. | 12,839 | ||||||
442 | Delta-Galil Industries Ltd. | 11,199 | ||||||
972 | Dor Alon Energy in Israel 1988 Ltd. | 19,829 | ||||||
59,878 | El Al Israel Airlines(a) | 23,071 | ||||||
5,986 | Electra Consumer Products 1970 Ltd. | 101,022 | ||||||
111 | Electra Ltd/Israel | 39,336 | ||||||
2,728 | Equital Ltd.(a) | 79,112 | ||||||
10,577 | FIBI Holdings Ltd. | 347,820 | ||||||
1,470 | First International Bank Of Israel Ltd. | 40,350 | ||||||
3,925 | Formula Systems 1985 Ltd. | 261,708 | ||||||
730 | Fox Wizel Ltd. | 28,273 | ||||||
80,495 | Harel Insurance Investments & Financial Services Ltd. | 642,919 | ||||||
850 | Hilan Ltd. | 37,599 | ||||||
257 | IDI Insurance Co. Ltd. | 9,181 | ||||||
166,520 | Industrial Buildings Corp. Ltd.(a) | 369,708 | ||||||
45,184 | Isracard Ltd.(a) | 172,944 | ||||||
130,881 | Israel Chemicals Ltd. | 581,165 | ||||||
12,756 | Israel Corp. Ltd. (The)(a) | 2,432,162 | ||||||
1,287,209 | Israel Discount Bank Ltd. - Class A | 5,880,085 | ||||||
834 | Israel Land Development - Urban Renewal Ltd. | 8,675 | ||||||
0 | Isramco Negev 2 LP | 0 | ||||||
2,214 | Isras Investment Co. Ltd. | 485,586 | ||||||
946,664 | Jerusalem Economy Ltd.(a) | 4,039,730 | ||||||
98,782 | Kamada Ltd.(a) | 516,269 | ||||||
232 | Malam - Team Ltd. | 39,166 | ||||||
1,841 | Matrix IT Ltd. | 33,822 | ||||||
1,757 | Maytronics Ltd. | 15,404 | ||||||
27 | Mehadrin Ltd.(a) | 1,043 | ||||||
17,177 | Meitav DS Investments Ltd. | 69,693 | ||||||
2,751 | Melisron Ltd. | 166,569 | ||||||
12,928 | Menora Mivtachim Holdings Ltd. | 207,284 | ||||||
221,147 | Migdal Insurance & Financial Holdings Ltd. | 229,464 | ||||||
453,871 | Mizrahi Tefahot Bank Ltd. | 11,255,182 | ||||||
43,837 | Naphtha Israel Petroleum Corp. Ltd. | 245,652 | ||||||
4,653 | Norstar Holdings, Inc. | 85,153 | ||||||
2,392,536 | Oil Refineries Ltd. | 1,227,342 | ||||||
2,040 | One Software Technologies Ltd. | 143,430 | ||||||
246,069 | Partner Communications Co. Ltd.(a) | 1,108,705 | ||||||
17,737 | Paz Oil Co. Ltd. | 2,717,078 | ||||||
5,147 | Phoenix Holdings Ltd. (The) | 31,354 |
Shares | Value | |||||||
ISRAEL (continued) | ||||||||
1,124 | Prashkovsky Investments and Construction Ltd. | $ | 17,795 | |||||
262 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 14,645 | ||||||
700 | Scope Metals Group Ltd. | 17,011 | ||||||
127,983 | Shikun & Binui Ltd. | 508,381 | ||||||
1,708 | Shufersal Ltd. | 11,536 | ||||||
11,891 | Strauss Group Ltd. | 359,991 | ||||||
40,988 | Summit Real Estate Holdings Ltd. | 523,914 | ||||||
2,858 | Tower Semiconductor Ltd.(a) | 63,000 | ||||||
6,295 | Union Bank of Israel(a) | 30,435 | ||||||
744 | YH Dimri Construction & Development Ltd. | 20,265 | ||||||
45,792,475 | ||||||||
ITALY — 1.0% | ||||||||
2,591,837 | A2A SpA | 5,200,324 | ||||||
97,694 | ACEA SpA | 1,943,812 | ||||||
2,417 | Aeffe SpA(a) | 4,124 | ||||||
4,816 | Amplifon SpA | 120,961 | ||||||
918 | Aquafil SpA | 7,167 | ||||||
184,608 | Arnoldo Mondadori Editore SpA(a) | 411,786 | ||||||
11,134 | Ascopiave SpA | 46,318 | ||||||
67,689 | Autogrill SpA | 668,495 | ||||||
17,338 | Avio SpA | 236,686 | ||||||
369,604 | Azimut Holding SpA | 7,593,078 | ||||||
5,753 | Banca Farmafactoring SpA | 34,841 | ||||||
222,609 | Banca Generali SpA | 7,259,583 | ||||||
259,156 | Banca Mediolanum SpA | 2,221,246 | ||||||
61,100 | Banca Profilo SpA | 10,835 | ||||||
15,282 | Banca Sistema SpA | 27,475 | ||||||
76,238 | Banco BPM SpA(a) | 173,202 | ||||||
1,604 | Banco di Desio e della Brianza SpA | 3,632 | ||||||
24,379 | BasicNet SpA | 131,055 | ||||||
37,142 | BE | 44,904 | ||||||
1,214 | Biesse SpA | 15,192 | ||||||
24,960 | BPER Banca | 111,546 | ||||||
1,238 | Brunello Cucinelli SpA | 38,771 | ||||||
4,215 | Buzzi Unicem SpA | 101,729 | ||||||
9,666 | Cairo Communication SpA | 24,849 | ||||||
30,730 | Cementir Holding NV | 206,701 | ||||||
14,741 | Cerved Group SpA | 143,362 | ||||||
113,717 | CIR-Compagnie Industriali Riunite SpA | 117,063 | ||||||
157,000 | Credito Emiliano SpA | 907,029 | ||||||
1,766 | Danieli & C Officine Meccaniche SpA | 30,490 | ||||||
2,219 | Datalogic SpA | 34,326 | ||||||
40,590 | Davide Campari-Milano SpA | 371,893 | ||||||
5,018 | De’ Longhi SpA | 92,343 | ||||||
22,017 | DeA Capital SpA | 33,543 | ||||||
1,895 | DiaSorin SpA | 213,463 | ||||||
957 | El.En. SpA | 27,132 |
25 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
ITALY (continued) | ||||||||
51,684 | Elica SpA(a) | $ | 138,344 | |||||
24,133 | Emak SpA | 22,824 | ||||||
5,916 | ERG SpA | 125,166 | ||||||
16,925 | Esprinet SpA | 70,315 | ||||||
190,398 | Eurotech SpA(a) | 1,864,440 | ||||||
996,493 | Falck Renewables SpA | 4,436,662 | ||||||
157,401 | Fiera Milano SpA | 768,906 | ||||||
1,968 | Fila SpA | 33,802 | ||||||
30,193 | Fincantieri SpA | 31,822 | ||||||
951 | Fine Foods & Pharmaceuticals NTM | 11,455 | ||||||
16,174 | FinecoBank Banca Fineco SpA | 182,192 | ||||||
72,956 | FNM SpA | 47,844 | ||||||
13,782 | Freni Brembo SpA | 146,563 | ||||||
21,426 | Geox SpA | 29,871 | ||||||
10,405 | Gruppo MutuiOnline SpA | 206,564 | ||||||
857,976 | Hera SpA | 3,672,584 | ||||||
997 | IMA Industria Macchine Automatiche SpA | 67,829 | ||||||
113,308 | IMMSI SpA(a) | 71,527 | ||||||
14,478 | Infrastrutture Wireless Italiane SpA | 148,555 | ||||||
3,528 | Interpump Group SpA | 96,638 | ||||||
525,038 | Iren SpA | 1,629,069 | ||||||
576,728 | Italgas SpA | 3,710,119 | ||||||
42,259 | Juventus Football Club SpA(a) | 66,220 | ||||||
1,125 | La Doria SpA | 11,079 | ||||||
56,049 | Leonardo SpA | 650,744 | ||||||
11,155 | Maire Tecnimont SpA | 29,187 | ||||||
1,779 | Mariella Burani SpA(a),(b) | 0 | ||||||
1,563 | MARR SpA | 32,807 | ||||||
4,244 | Massimo Zanetti Beverage Group SpA | 27,169 | ||||||
63,364 | Mediaset SpA(a) | 189,466 | ||||||
74,819 | Mediobanca Banca di Credito Finanziario SpA | 888,696 | ||||||
9,829 | Moncler SpA | 378,637 | ||||||
12,821 | Ovs SpA(a) | 25,553 | ||||||
1,140,641 | Piaggio & C SpA | 3,587,481 | ||||||
10,043 | Piquadro SpA | 26,322 | ||||||
26,809 | Pirelli & C SpA | 154,942 | ||||||
65,530 | Poste Italiane SpA | 795,171 | ||||||
13,200 | PRADA SpA | 45,483 | ||||||
1,015 | Prima Industrie SpA | 14,965 | ||||||
12,848 | Prysmian SpA | 296,761 | ||||||
8,184 | RAI Way SpA | 50,476 | ||||||
8,742 | Recordati SpA | 367,281 | ||||||
45,928 | Reno de Medici SpA | 38,162 | ||||||
971 | Reply SpA | 63,245 | ||||||
15,504 | Retelit SpA | 28,998 | ||||||
31,219 | Rizzoli Corriere Della Sera Mediagroup SpA | 32,068 | ||||||
3,291 | Sabaf SpA | 44,045 | ||||||
71,136 | Safilo Group SpA(a) | 75,847 | ||||||
58,449 | Saipem SpA(a) | 264,664 | ||||||
9,131 | Salini Impregilo SpA(a) | 18,596 |
Shares | Value | |||||||
ITALY (continued) | ||||||||
1,495 | Salvatore Ferragamo SpA | $ | 27,929 | |||||
73,717 | Saras SpA | 141,412 | ||||||
6,627 | Servizi Italia SpA | 20,178 | ||||||
8,386 | Sesa SpA | 373,181 | ||||||
192,620 | Societa Cattolica di Assicurazioni SC | 1,678,889 | ||||||
8,051 | Societa Iniziative Autostradali e Servizi SpA | 139,089 | ||||||
10,989 | SOL SpA | 128,688 | ||||||
3,996 | Technogym SpA | 44,033 | ||||||
103,372 | Telecom Italia SpA(a) | 60,493 | ||||||
58,246 | Tinexta Spa | 857,495 | ||||||
6,610 | Uni Land SpA(a),(b) | 0 | ||||||
777 | Unieuro SpA | 11,266 | ||||||
61,477 | Unione di Banche Italiane SpA | 186,978 | ||||||
1,288,072 | Unipol Gruppo SpA | 7,181,495 | ||||||
42,696 | UnipolSai Assicurazioni SpA | 119,095 | ||||||
3,382 | Zignago Vetro SpA | 38,474 | ||||||
65,334,807 | ||||||||
JAPAN — 8.1% | ||||||||
119,800 | 77 Bank Ltd. (The) | 1,912,540 | ||||||
71,700 | A&D Co. Ltd. | 560,374 | ||||||
1,900 | Achilles Corp. | 31,036 | ||||||
77,900 | Adastria Co. Ltd. | 1,926,761 | ||||||
7,300 | ADEKA Corp. | 105,725 | ||||||
6,500 | Ad-sol Nissin Corp. | 145,361 | ||||||
700 | Advance Create Co. Ltd. | 12,504 | ||||||
1,700 | Advanex, Inc. | 26,463 | ||||||
246,500 | Advantest Corp. | 11,287,550 | ||||||
300 | Adventure, Inc. | 7,723 | ||||||
13,100 | Aeon Delight Co. Ltd. | 458,542 | ||||||
22,300 | AEON Financial Service Co. Ltd. | 342,791 | ||||||
400 | Aeon Hokkaido Corp. | 2,941 | ||||||
9,100 | Aeon Mall Co. Ltd. | 146,288 | ||||||
12,600 | Ahresty Corp. | 64,523 | ||||||
2,000 | Ai Holdings Corp. | 36,633 | ||||||
1,500 | Aica Kogyo Co. Ltd. | 48,129 | ||||||
4,800 | Aichi Bank Ltd. (The) | 169,794 | ||||||
2,800 | Aichi Steel Corp. | 91,786 | ||||||
1,000 | Aichi Tokei Denki Co. Ltd. | 38,013 | ||||||
3,500 | Aida Engineering Ltd. | 30,142 | ||||||
15,100 | Aiful Corp.(a) | 35,376 | ||||||
1,200 | Ain Holdings, Inc. | 68,895 | ||||||
6,600 | Aiphone Co. Ltd. | 114,166 | ||||||
29,800 | Air Water, Inc. | 563,493 | ||||||
4,700 | Airport Facilities Co. Ltd. | 24,286 | ||||||
20,300 | Aisan Industry Co. Ltd. | 169,370 | ||||||
8,000 | Akatsuki, Inc. | 447,449 | ||||||
7,300 | Akita Bank Ltd. (The) | 149,867 | ||||||
300 | Albis Co. Ltd. | 6,264 | ||||||
5,800 | Alconix Corp. | 74,011 | ||||||
3,000 | Alinco, Inc. | 34,031 | ||||||
3,400 | Alleanza Holdings Co. Ltd. | 25,754 | ||||||
1,700 | Alpen Co. Ltd. | 27,155 |
26 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,800 | Alpha Corp. | $ | 33,862 | |||||
16,400 | Alps Electric Co. Ltd. | 355,974 | ||||||
6,600 | Alps Logistics Co. Ltd. | 45,838 | ||||||
30,052 | Altech Corp. | 451,935 | ||||||
8,500 | Amada Holdings Co. Ltd. | 97,838 | ||||||
1,600 | Amano Corp. | 47,708 | ||||||
1,300 | Amiyaki Tei Co. Ltd. | 41,351 | ||||||
700 | Anabuki Kosan, Inc. | 18,447 | ||||||
7,000 | Anest Iwata Corp. | 67,478 | ||||||
5,900 | Anritsu Corp. | 113,695 | ||||||
700 | AOI Electronics Co. Ltd. | 15,363 | ||||||
47,200 | AOI TYO Holdings, Inc. | 282,352 | ||||||
7,700 | AOKI Holdings, Inc. | 78,790 | ||||||
1,100 | Aomori Bank Ltd. (The) | 29,601 | ||||||
6,200 | Aoyama Trading Co. Ltd. | 109,658 | ||||||
600 | Aoyama Zaisan Networks Co. Ltd. | 9,090 | ||||||
24,400 | Aozora Bank Ltd. | 630,618 | ||||||
1,400 | Apaman Co. Ltd. | 11,771 | ||||||
3,700 | Arakawa Chemical Industries Ltd. | 54,751 | ||||||
13,600 | Arata Corp. | 513,825 | ||||||
5,100 | Arcland Sakamoto Co. Ltd. | 60,733 | ||||||
800 | Arcland Service Holdings Co., Ltd. | 14,275 | ||||||
40,038 | Arcs Co. Ltd. | 811,957 | ||||||
3,600 | Arealink Co. Ltd. | 39,237 | ||||||
1,100 | Ariake Japan Co. Ltd. | 85,767 | ||||||
2,100 | Artnature, Inc. | 14,021 | ||||||
2,090 | As One Corp. | 175,538 | ||||||
43,500 | Asahi Co. Ltd. | 484,184 | ||||||
89,200 | Asahi Diamond Industrial Co. Ltd. | 560,856 | ||||||
1,050 | Asahi Holdings, Inc. | 24,531 | ||||||
1,099 | Asahi Kogyosha Co. Ltd. | 33,431 | ||||||
27,600 | Asahi Yukizai Corp. | 393,591 | ||||||
2,900 | Asante, Inc. | 56,072 | ||||||
900 | Asanuma Corp. | 33,961 | ||||||
33,200 | Asax Co. Ltd. | 193,685 | ||||||
1,500 | Ashimori Industry Co. Ltd. | 20,835 | ||||||
82,000 | Asia Pile Holdings Corp. | 447,245 | ||||||
5,000 | Asics Corp. | 86,489 | ||||||
7,600 | ASKA Pharmaceutical Co. Ltd. | 90,082 | ||||||
900 | ASKUL Corp. | 24,886 | ||||||
1,400 | Asti Corp. | 23,465 | ||||||
10,204 | Ateam, Inc. | 100,538 | ||||||
2,800 | Atom Corp. | 25,902 | ||||||
25,498 | Avant Corp. | 560,063 | ||||||
95,800 | Avex, Inc. | 1,173,659 | ||||||
13,400 | Awa Bank Ltd. (The) | 322,622 | ||||||
3,207 | Axial Retailing, Inc. | 124,728 | ||||||
3,100 | Azbil Corp. | 86,837 | ||||||
13,000 | Bando Chemical Industries Ltd. | 111,594 | ||||||
10,400 | Bank of Iwate Ltd. (The) | 273,025 | ||||||
27,100 | Bank of Kyoto Ltd. (The) | 1,089,119 | ||||||
3,200 | Bank of Nagoya Ltd. (The) | 95,268 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
18,624 | Bank of Okinawa Ltd. (The) | $ | 642,415 | |||||
9,000 | Bank of Saga Ltd. (The) | 134,762 | ||||||
153,698 | Bank of the Ryukyus Ltd. | 1,689,411 | ||||||
18,700 | BayCurrent Consulting, Inc. | 947,208 | ||||||
600 | Belc Co. Ltd. | 29,003 | ||||||
3,400 | Bell System24 Holdings, Inc. | 56,011 | ||||||
7,400 | Belluna Co. Ltd. | 48,653 | ||||||
4,400 | Benefit One, Inc. | 89,801 | ||||||
2,800 | Benesse Holdings, Inc. | 75,374 | ||||||
400 | Bengo4.com, Inc.(a) | 18,557 | ||||||
4,500 | Bic Camera, Inc. | 49,421 | ||||||
500 | Biofermin Pharmaceutical Co. Ltd. | 10,441 | ||||||
47,400 | BML, Inc. | 1,402,380 | ||||||
1,400 | Bookoff Group Holdings Ltd. | 15,129 | ||||||
700 | BP Castrol KK | 9,697 | ||||||
1,600 | Br Holdings Corp. | 7,364 | ||||||
5,600 | Broadleaf Co. Ltd. | 31,684 | ||||||
900 | BRONCO BILLY Co. Ltd. | 22,569 | ||||||
175,100 | Bunka Shutter Co. Ltd. | 1,529,024 | ||||||
1,100 | Business Brain Showa-Ota, Inc. | 28,185 | ||||||
624 | Business Engineering Corp. | 18,664 | ||||||
1,200 | C Uyemura & Co. Ltd. | 74,562 | ||||||
900 | Calbee, Inc. | 30,169 | ||||||
900 | Can Do Co. Ltd. | 13,335 | ||||||
1,800 | Canon Electronics, Inc. | 33,920 | ||||||
25,600 | Canon Marketing Japan, Inc. | 546,658 | ||||||
147,700 | Capcom Co. Ltd. | 3,510,935 | ||||||
2,600 | Career Design Center Co. Ltd. | 34,453 | ||||||
5,300 | Carlit Holdings Co. Ltd. | 30,969 | ||||||
3,300 | Casa, Inc. | 39,665 | ||||||
7,400 | Casio Computer Co. Ltd. | 120,946 | ||||||
24,100 | Central Glass Co. Ltd. | 588,050 | ||||||
600 | Central Sports Co. Ltd. | 18,168 | ||||||
58,100 | Chiba Bank Ltd. (The) | 320,118 | ||||||
183,200 | Chiba Kogyo Bank Ltd. (The) | 539,472 | ||||||
4,900 | Chilled & Frozen Logistics Holdings Co. Ltd. | 64,750 | ||||||
2,800 | Chino Corp. | 37,466 | ||||||
1,300 | Chiyoda Integre Co. Ltd. | 29,301 | ||||||
2,500 | Chori Co. Ltd. | 43,962 | ||||||
3,200 | Choushimaru Co. Ltd. | 40,182 | ||||||
4,100 | Chubu Shiryo Co. Ltd. | 48,217 | ||||||
2,700 | Chuetsu Pulp & Paper Co. Ltd. | 41,629 | ||||||
74,600 | Chugai Mining Co. Ltd.(a) | 14,507 | ||||||
66,300 | Chugoku Bank Ltd. (The) | 656,308 | ||||||
3,300 | Chugoku Marine Paints Ltd. | 32,270 | ||||||
19,700 | Chukyo Bank Ltd. (The) | 401,333 | ||||||
8,000 | CI Takiron Corp. | 48,671 | ||||||
42,600 | Citizen Watch Co. Ltd. | 228,404 | ||||||
2,300 | CKD Corp. | 32,906 | ||||||
900 | CK-San-Etsu Co. Ltd. | 24,511 | ||||||
4,800 | Cleanup Corp. | 25,914 | ||||||
12,800 | CMIC Holdings Co. Ltd. | 215,368 | ||||||
7,100 | CMK Corp. | 43,524 | ||||||
690 | cocokara fine, Inc. | 38,273 |
27 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,600 | Coco’s Japan Co. Ltd. | $ | 20,061 | |||||
2,100 | Colowide Co. Ltd. | 40,993 | ||||||
134,200 | Computer Engineering & Consulting Ltd. | 2,465,532 | ||||||
2,800 | Computer Institute of Japan Ltd. | 24,036 | ||||||
3,100 | COMSYS Holdings Corp. | 92,147 | ||||||
1,400 | Comture Corp. | 26,810 | ||||||
62,600 | Concordia Financial Group Ltd. | 258,539 | ||||||
5,000 | CONEXIO Corp. | 69,451 | ||||||
2,800 | Cosel Co. Ltd. | 30,984 | ||||||
9,600 | Cosmo Energy Holdings Co. Ltd. | 207,841 | ||||||
5,000 | Cosmos Initia Co. Ltd. | 35,235 | ||||||
400 | Cosmos Pharmaceutical Corp. | 82,711 | ||||||
1,029 | Cota Co. Ltd. | 12,740 | ||||||
1,400 | Create Medic Co. Ltd. | 13,729 | ||||||
900 | Create Restaurants Holdings, Inc. | 15,535 | ||||||
700 | Create SD Holdings Co. Ltd. | 17,456 | ||||||
23,000 | Credit Saison Co. Ltd. | 336,087 | ||||||
10,100 | Creo Co. Ltd. | 165,824 | ||||||
400 | Cresco Ltd. | 12,835 | ||||||
7,100 | CTI Engineering Co. Ltd. | 120,251 | ||||||
2,700 | CTS Co. Ltd. | 19,727 | ||||||
15,100 | Cube System, Inc. | 110,464 | ||||||
135,300 | Cybozu, Inc. | 1,395,724 | ||||||
7,300 | Dai Nippon Toryo Co. Ltd. | 74,494 | ||||||
23,200 | Daibiru Corp. | 259,305 | ||||||
50,400 | Daicel Corp. | 455,509 | ||||||
2,100 | Dai-Dan Co. Ltd. | 48,966 | ||||||
3,400 | Daido Kogyo Co. Ltd. | 27,738 | ||||||
7,600 | Daido Metal Co. Ltd. | 48,560 | ||||||
3,400 | Daido Steel Co. Ltd. | 150,181 | ||||||
5,500 | Daihatsu Diesel Manufacturing Co. Ltd. | 31,322 | ||||||
7,900 | Daihen Corp. | 250,556 | ||||||
40,700 | Daiho Corp. | 1,158,927 | ||||||
2,600 | Dai-Ichi Cutter Kogyo KK | 44,950 | ||||||
10,800 | Daiichi Jitsugyo Co. Ltd. | 350,532 | ||||||
3,000 | Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 23,641 | ||||||
16,600 | Daiichikosho Co. Ltd. | 793,185 | ||||||
2,300 | Daiken Corp. | 41,745 | ||||||
13,200 | Daiken Medical Co. Ltd. | 65,273 | ||||||
6,200 | Daiki Aluminium Industry Co. Ltd. | 41,911 | ||||||
8,079 | Daikoku Denki Co. Ltd. | 114,837 | ||||||
400 | Daikokutenbussan Co. Ltd. | 12,538 | ||||||
6,000 | Daikyonishikawa Corp. | 46,615 | ||||||
4,100 | Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 124,910 | ||||||
13,300 | Daio Paper Corp. | 178,951 | ||||||
1,600 | Daiohs Corp. | 19,720 | ||||||
1,810 | Daiseki Co. Ltd. | 53,216 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,350 | Daishi Hokuetsu Financial Group, Inc. | $ | 34,641 | |||||
1,200 | Daisue Construction Co. Ltd. | 10,879 | ||||||
5,300 | Daito Bank Ltd. (The) | 29,349 | ||||||
23,100 | Daito Electron Co. Ltd. | 315,088 | ||||||
19,660 | Daito Pharmaceutical Co. Ltd. | 595,316 | ||||||
309 | Daiwa Office Investment Corp. REIT | 2,463,645 | ||||||
35,200 | Daiwabo Holdings Co. Ltd. | 1,554,811 | ||||||
409,311 | DCM Holdings Co. Ltd. | 4,066,957 | ||||||
10,500 | DD Holdings Co. Ltd. | 156,348 | ||||||
7,100 | Denka Co. Ltd. | 207,431 | ||||||
2,400 | Denyo Co. Ltd. | 42,404 | ||||||
1,000 | Descente Ltd. | 12,946 | ||||||
7,100 | Dexerials Corp. | 63,183 | ||||||
13,700 | DIC Corp. | 397,083 | ||||||
400 | Digital Arts, Inc. | 23,595 | ||||||
139,400 | Digital Garage, Inc. | 4,621,280 | ||||||
800 | Digital Hearts Holdings Co. Ltd. | 6,675 | ||||||
51,900 | Dip Corp. | 1,419,212 | ||||||
1,200 | DKS Co. Ltd. | 39,226 | ||||||
4,400 | DMG Mori Co. Ltd. | 72,322 | ||||||
1,700 | DMS, Inc. | 36,160 | ||||||
18,700 | Doshisha Co. Ltd. | 298,362 | ||||||
2,174 | Doutor Nichires Holdings Co. Ltd. | 43,726 | ||||||
2,900 | Dowa Holdings Co. Ltd. | 100,972 | ||||||
400 | DSB Co. Ltd. | 2,193 | ||||||
1,400 | DTS Corp. | 29,882 | ||||||
204,500 | Duskin Co. Ltd. | 5,470,882 | ||||||
1,300 | DyDo Group Holdings, Inc. | 54,412 | ||||||
22,600 | Dynam Japan Holdings Co. Ltd. | 29,303 | ||||||
400 | Dynic Corp. | 2,897 | ||||||
6,700 | Eagle Industry Co. Ltd. | 68,061 | ||||||
1,500 | Earth Chemical Co. Ltd. | 79,591 | ||||||
14,000 | Ebara Corp. | 420,039 | ||||||
17,800 | Ebara Jitsugyo Co. Ltd. | 356,198 | ||||||
2,562 | eBook Initiative Japan Co. Ltd.(a) | 40,616 | ||||||
19,400 | Eco’s Co Ltd/Japan | 295,877 | ||||||
130,300 | EDION Corp. | 1,300,707 | ||||||
1,400 | EF-ON, Inc. | 9,490 | ||||||
2,800 | eGuarantee, Inc. | 39,593 | ||||||
800 | E-Guardian, Inc. | 12,794 | ||||||
12,600 | Ehime Bank Ltd. (The) | 134,296 | ||||||
4,800 | Eidai Co. Ltd. | 15,690 | ||||||
13,000 | Eiken Chemical Co. Ltd. | 211,510 | ||||||
300 | Eizo Corp. | 11,237 | ||||||
1,200 | Elan Corp. | 19,157 | ||||||
47,773 | Elecom Co. Ltd. | 1,866,859 | ||||||
6,400 | Elematec Corp. | 61,932 | ||||||
1,100 | EM Systems Co. Ltd. | 20,943 | ||||||
4,200 | Endo Lighting Corp. | 26,564 | ||||||
1,400 | Enigmo, Inc.(a) | 12,407 | ||||||
1,200 | en-japan, Inc. | 51,449 | ||||||
1,500 | Enomoto Co. Ltd. | 16,335 |
28 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
5,700 | Enplas Corp. | $ | 184,475 | |||||
2,700 | Enshu Ltd. | 29,953 | ||||||
4,800 | ES-Con Japan Ltd. | 39,248 | ||||||
1,800 | ESCRIT, Inc. | 13,951 | ||||||
1,500 | Eslead Corp. | 28,253 | ||||||
2,600 | ESPEC Corp. | 47,382 | ||||||
1,400 | Excel Co. Ltd. | 16,244 | ||||||
7,100 | Exedy Corp. | 168,904 | ||||||
1,300 | Ezaki Glico Co. Ltd. | 60,552 | ||||||
185,100 | F@N Communications, Inc. | 899,875 | ||||||
1,600 | FALCO HOLDINGS Co. Ltd. | 25,099 | ||||||
1,900 | Fancl Corp. | 54,102 | ||||||
6,300 | FCC Co. Ltd. | 131,320 | ||||||
81,580 | Feed One Co. Ltd. | 128,425 | ||||||
9,100 | Ferrotec Holdings Corp. | 91,177 | ||||||
26,400 | FIDEA Holdings Co. Ltd. | 32,025 | ||||||
14,200 | Financial Products Group Co. Ltd. | 144,512 | ||||||
28,300 | First Bank of Toyama Ltd. (The) | 88,053 | ||||||
2,400 | First Juken Co. Ltd. | 29,781 | ||||||
800 | Fixstars Corp. | 12,112 | ||||||
24,500 | FJ Next Co. Ltd. | 254,778 | ||||||
65,800 | Foster Electric Co. Ltd. | 1,185,728 | ||||||
500 | FP Corp. | 31,253 | ||||||
10,500 | France Bed Holdings Co. Ltd. | 98,884 | ||||||
10,100 | Freebit Co. Ltd. | 81,462 | ||||||
700 | Freund Corp. | 4,868 | ||||||
3,200 | Fronteo, Inc. | 9,453 | ||||||
6,800 | F-Tech, Inc. | 48,612 | ||||||
1,200 | FTGroup Co. Ltd. | 15,835 | ||||||
72,280 | Fudo Tetra Corp. | 1,019,376 | ||||||
2,400 | Fuji Co. Ltd. | 43,493 | ||||||
8,700 | Fuji Corp. | 146,383 | ||||||
6,500 | Fuji Corp. Ltd. | 43,157 | ||||||
700 | Fuji Corp./Miyagi | 14,325 | ||||||
1,800 | Fuji Die Co. Ltd. | 11,084 | ||||||
1,400 | Fuji Kyuko Co. Ltd. | 56,200 | ||||||
38,200 | Fuji Media Holdings, Inc. | 519,993 | ||||||
13,800 | Fuji Oil Co. Ltd. | 32,970 | ||||||
2,100 | Fuji Oil Holdings, Inc. | 63,395 | ||||||
1,300 | Fuji Pharma Co. Ltd. | 17,263 | ||||||
2,100 | Fuji Seal International, Inc. | 52,505 | ||||||
46,100 | Fuji Soft, Inc. | 2,025,600 | ||||||
2,700 | Fujibo Holdings, Inc. | 85,133 | ||||||
1,800 | Fujikura Composites, Inc. | 7,434 | ||||||
7,900 | Fujikura Kasei Co. Ltd. | 41,479 | ||||||
43,200 | Fujikura Ltd. | 202,819 | ||||||
16,700 | Fujimi, Inc. | 440,117 | ||||||
3,800 | Fujimori Kogyo Co. Ltd. | 135,827 | ||||||
1,000 | Fujio Food System Co. Ltd. | 28,753 | ||||||
39,000 | Fujisash Co. Ltd. | 31,058 | ||||||
2,900 | Fujitec Co. Ltd. | 42,672 | ||||||
4,300 | Fujitsu Frontech Ltd. | 38,146 | ||||||
2,100 | Fujitsu General Ltd. | 38,231 | ||||||
7,000 | FuKoKu Co. Ltd. | 47,190 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,300 | Fukuda Corp. | $ | 100,102 | |||||
1,100 | Fukui Bank Ltd. (The) | 15,758 | ||||||
121,257 | Fukui Computer Holdings, Inc. | 3,261,891 | ||||||
78,992 | Fukuoka Financial Group, Inc. | 1,543,413 | ||||||
1,100 | Fukushima Industries Corp. | 34,786 | ||||||
1,600 | Fukuyama Transporting Co. Ltd. | 58,005 | ||||||
12,600 | Full Speed, Inc. | 57,055 | ||||||
40,400 | FULLCAST Holdings Co. Ltd. | 848,104 | ||||||
1,000 | Funai Soken Holdings, Inc. | 24,289 | ||||||
4,700 | Furukawa Battery Co. Ltd. (The) | 29,291 | ||||||
17,400 | Furukawa Co. Ltd. | 251,679 | ||||||
10,300 | Furukawa Electric Co. Ltd. | 291,860 | ||||||
115,300 | Furuno Electric Co. Ltd. | 1,205,424 | ||||||
8,500 | Furusato Industries Ltd. | 130,188 | ||||||
22,100 | Furyu Corp. | 200,351 | ||||||
1,100 | Fuso Pharmaceutical Industries Ltd. | 22,491 | ||||||
22,800 | Futaba Industrial Co. Ltd. | 162,993 | ||||||
65,700 | Future Corp. | 1,077,458 | ||||||
4,200 | Fuyo General Lease Co. Ltd. | 276,137 | ||||||
9,000 | Gakken Holdings Co. Ltd. | 495,879 | ||||||
900 | Gakkyusha Co. Ltd. | 10,618 | ||||||
3,000 | GCA Corp. | 24,086 | ||||||
6,700 | Gecoss Corp. | 58,630 | ||||||
28,642 | Genki Sushi Co. Ltd. | 737,600 | ||||||
800 | Genky DrugStores Co. Ltd. | 18,016 | ||||||
17,600 | Geo Holdings Corp. | 220,183 | ||||||
6,600 | Geostr Corp. | 25,486 | ||||||
800 | Giken Ltd. | 29,966 | ||||||
900 | GL Sciences, Inc. | 12,343 | ||||||
11,600 | GLOBERIDE, Inc. | 297,976 | ||||||
18,300 | Glory Ltd. | 542,272 | ||||||
2,000 | Glosel Co. Ltd. | 8,204 | ||||||
600 | GMO Cloud KK | 15,107 | ||||||
2,300 | GMO internet, Inc. | 39,146 | ||||||
43,880 | Goldcrest Co. Ltd. | 910,188 | ||||||
1,200 | Goldwin, Inc. | 92,342 | ||||||
3,200 | Grandy House Corp. | 14,638 | ||||||
470,600 | Gree, Inc. | 2,244,273 | ||||||
2,000 | gremz, Inc. | 37,652 | ||||||
11,800 | GS Yuasa Corp. | 217,228 | ||||||
5,200 | G-Tekt Corp. | 90,623 | ||||||
32,570 | GungHo Online Entertainment, Inc. | 709,368 | ||||||
162,000 | Gunma Bank Ltd. (The) | 552,051 | ||||||
1,000 | Gunosy, Inc.(a) | 16,529 | ||||||
27,200 | Gunze Ltd. | 1,192,629 | ||||||
288,100 | Gurunavi, Inc. | 2,545,119 | ||||||
2,200 | H.I.S. Co. Ltd. | 57,368 | ||||||
13,435 | H2O Retailing Corp. | 153,646 | ||||||
178,700 | Hachijuni Bank Ltd. (The) | 777,748 | ||||||
3,200 | Hagihara Industries, Inc. | 48,360 | ||||||
900 | Hagiwara Electric Holdings Co. Ltd. | 24,211 |
29 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,700 | Hakudo Co. Ltd. | $ | 21,677 | |||||
1,400 | Hakuto Co. Ltd. | 16,827 | ||||||
500 | Halows Co. Ltd. | 12,293 | ||||||
6,900 | Hamakyorex Co. Ltd. | 237,369 | ||||||
4,600 | Hanwa Co. Ltd. | 135,243 | ||||||
30,200 | Happinet Corp. | 383,128 | ||||||
1,300 | Harada Industry Co. Ltd. | 11,087 | ||||||
4,500 | Harima Chemicals Group, Inc. | 50,588 | ||||||
1,000 | Harmonic Drive Systems, Inc. | 46,856 | ||||||
1,400 | Haruyama Holdings, Inc. | 10,747 | ||||||
264,600 | Haseko Corp. | 3,442,569 | ||||||
800 | Hashimoto Sogyo Holdings Co. Ltd. | 12,697 | ||||||
65,760 | Hazama Ando Corp. | 512,732 | ||||||
193,200 | Heiwa Corp. | 3,993,170 | ||||||
1,400 | Heiwa Real Estate Co. Ltd. | 33,927 | ||||||
30,574 | Heiwado Co. Ltd. | 570,201 | ||||||
5,800 | Helios Techno Holding Co. Ltd. | 33,246 | ||||||
50,478 | Hiday Hidaka Corp. | 992,359 | ||||||
700 | Hinokiya Group Co. Ltd. | 13,509 | ||||||
12,600 | Hioki EE Corp. | 444,541 | ||||||
600 | Hirata Corp. | 42,504 | ||||||
281,549 | Hiroshima Bank Ltd. (The) | 1,454,805 | ||||||
5,400 | Hiroshima Gas Co. Ltd. | 18,152 | ||||||
1,500 | Hisamitsu Pharmaceutical Co., Inc. | 70,423 | ||||||
8,300 | Hitachi Capital Corp. | 187,459 | ||||||
15,600 | Hitachi Chemical Co. Ltd. | 517,881 | ||||||
1,900 | Hitachi Transport System Ltd. | 54,278 | ||||||
10,000 | Hitachi Zosen Corp. | 34,077 | ||||||
21,100 | Hochiki Corp. | 296,795 | ||||||
1,600 | Hodogaya Chemical Co. Ltd. | 60,895 | ||||||
1,200 | Hogy Medical Co. Ltd. | 40,393 | ||||||
7,700 | Hokkaido Electric Power Co., Inc. | 40,500 | ||||||
600 | Hokkaido Gas Co. Ltd. | 9,023 | ||||||
7,200 | Hokkan Holdings Ltd. | 116,811 | ||||||
10,000 | Hokko Chemical Industry Co. Ltd. | 55,746 | ||||||
4,800 | Hokkoku Bank Ltd. (The) | 136,457 | ||||||
25,600 | Hokuetsu Corp. | 131,568 | ||||||
47,600 | Hokuetsu Industries Co. Ltd. | 563,760 | ||||||
209,000 | Hokuhoku Financial Group, Inc. | 2,068,905 | ||||||
3,000 | Hokuriku Electric Industry Co. Ltd. | 32,392 | ||||||
2,800 | Hokuriku Electric Power Co.(a) | 20,043 | ||||||
3,400 | Hokuriku Electrical Construction Co. Ltd. | 31,107 | ||||||
2,300 | Hokuto Corp. | 41,468 | ||||||
56,100 | Honeys Holdings Co. Ltd. | 709,107 | ||||||
400 | Honshu Chemical Industry Co. Ltd. | 4,578 | ||||||
2,100 | Hoosiers Holdings | 13,165 | ||||||
1,300 | Horiba Ltd. | 88,842 | ||||||
4,500 | Hosiden Corp. | 47,713 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
15,400 | Hosokawa Micron Corp. | $ | 564,719 | |||||
1,200 | House Foods Group, Inc. | 45,726 | ||||||
62,000 | Hyakugo Bank Ltd. (The) | 201,519 | ||||||
18,800 | Hyakujushi Bank Ltd. (The) | 394,140 | ||||||
13,600 | Ibiden Co. Ltd. | 315,348 | ||||||
17,400 | IBJ Leasing Co. Ltd. | 494,657 | ||||||
400 | Ichibanya Co. Ltd. | 18,780 | ||||||
16,400 | Ichigo, Inc. | 65,758 | ||||||
1,200 | Ichiken Co., Ltd. | 19,102 | ||||||
41,200 | Ichikoh Industries Ltd. | 330,775 | ||||||
5,400 | Ichinen Holdings Co. Ltd. | 65,856 | ||||||
9,800 | Ichiyoshi Securities Co. Ltd. | 63,797 | ||||||
11,000 | ID Holdings Corp. | 137,716 | ||||||
1,700 | Idec Corp/Japan | 34,932 | ||||||
3,100 | IDOM, Inc. | 13,176 | ||||||
900 | Ihara Science Corp. | 12,251 | ||||||
22,100 | IHI Corp. | 552,756 | ||||||
11,800 | Iino Kaiun Kaisha Ltd. | 39,993 | ||||||
6,180 | IJTT Co. Ltd. | 30,731 | ||||||
900 | Ikegami Tsushinki Co. Ltd. | 9,518 | ||||||
19,100 | Imagica Robot Holdings, Inc. | 100,284 | ||||||
19,600 | Imasen Electric Industrial | 170,608 | ||||||
400 | Imuraya Group Co. Ltd. | 7,612 | ||||||
4,200 | Inaba Denki Sangyo Co. Ltd. | 194,851 | ||||||
4,100 | Inabata & Co. Ltd. | 54,178 | ||||||
4,000 | Inageya Co. Ltd. | 53,968 | ||||||
72,700 | Ines Corp. | 822,663 | ||||||
7,800 | I-Net Corp/Kanagawa | 100,687 | ||||||
155,800 | Infocom Corp. | 3,279,317 | ||||||
783,600 | Infomart Corp. | 11,900,213 | ||||||
9,200 | Information Services International-Dentsu Ltd. | 321,178 | ||||||
2,400 | Innotech Corp. | 21,113 | ||||||
625 | Insource Co. Ltd. | 16,813 | ||||||
17,100 | Intage Holdings, Inc. | 153,281 | ||||||
75,700 | Internet Initiative Japan, Inc. | 1,805,752 | ||||||
1,600 | Inui Global Logistics Co. Ltd. | 17,439 | ||||||
1,000 | I-O Data Device, Inc. | 8,519 | ||||||
900 | Iriso Electronics Co. Ltd. | 45,088 | ||||||
12,500 | ISB Corp. | 189,369 | ||||||
2,300 | Iseki & Co. Ltd. | 35,313 | ||||||
33,300 | Isetan Mitsukoshi Holdings Ltd. | 267,658 | ||||||
26,000 | Ishihara Sangyo Kaisha Ltd. | 271,821 | ||||||
1,700 | Istyle, Inc.(a) | 11,775 | ||||||
12,600 | Itochu Enex Co. Ltd. | 105,943 | ||||||
700 | Itochu-Shokuhin Co. Ltd. | 33,901 | ||||||
7,600 | Itoham Yonekyu Holdings, Inc. | 49,264 | ||||||
17,100 | Itoki Corp. | 78,857 | ||||||
3,900 | IwaiCosmo Holdings, Inc. | 42,507 | ||||||
38,100 | Iwaki & Co. Ltd. | 161,940 | ||||||
1,800 | Iwasaki Electric Co. Ltd. | 23,552 | ||||||
10,100 | Iwatani Corp. | 352,130 | ||||||
122,700 | Iyo Bank Ltd. (The) | 655,597 | ||||||
2,000 | Izumi Co. Ltd. | 75,655 | ||||||
21,400 | J. Front Retailing Co. Ltd. | 274,461 | ||||||
1,500 | JAC Recruitment Co. Ltd. | 28,544 |
30 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
4,800 | Jaccs Co. Ltd. | $ | 109,255 | |||||
600 | Jalux, Inc. | 14,012 | ||||||
1,900 | Janome Sewing Machine Co. Ltd. | 7,302 | ||||||
1,600 | Japan Airport Terminal Co. Ltd. | 79,859 | ||||||
72,500 | Japan Aviation Electronics Industry Ltd. | 1,367,557 | ||||||
36,300 | Japan Cash Machine Co. Ltd. | 327,403 | ||||||
142,600 | Japan Display, Inc.(a) | 84,512 | ||||||
1,400 | Japan Electronic Materials Corp. | 9,347 | ||||||
1,299 | Japan Excellent, Inc. REIT | 2,236,171 | ||||||
1,000 | Japan Investment Adviser Co. Ltd. | 18,928 | ||||||
2,200 | Japan Lifeline Co. Ltd. | 34,246 | ||||||
2,800 | Japan Material Co. Ltd. | 39,800 | ||||||
27,900 | Japan Medical Dynamic Marketing, Inc. | 487,262 | ||||||
600 | Japan Oil Transportation Co. Ltd. | 15,679 | ||||||
3,000 | Japan Property Management Center Co., Ltd. | 40,976 | ||||||
13,500 | Japan Pulp & Paper Co. Ltd. | 523,173 | ||||||
2,010 | Japan Rental Housing Investments, Inc. REIT | 1,928,290 | ||||||
6,200 | Japan Securities Finance Co. Ltd. | 30,027 | ||||||
10,500 | Japan Steel Works Ltd. (The) | 225,090 | ||||||
24,200 | Japan System Techniques Co. Ltd. | 293,788 | ||||||
11,300 | Japan Transcity Corp. | 58,493 | ||||||
7,100 | Japan Wool Textile Co. Ltd. (The) | 70,152 | ||||||
25,291 | JBCC Holdings, Inc. | 424,834 | ||||||
500 | JCR Pharmaceuticals Co. Ltd. | 38,800 | ||||||
11,100 | JCU Corp. | 275,059 | ||||||
72,200 | Jeol Ltd. | 1,938,215 | ||||||
5,200 | JGC Corp. | 76,322 | ||||||
700 | JINS Holdings, Inc. | 43,949 | ||||||
3,600 | JK Holdings Co. Ltd. | 19,168 | ||||||
14,700 | JMS Co. Ltd. | 91,884 | ||||||
1,900 | Joban Kosan Co. Ltd. | 30,913 | ||||||
1,700 | J-Oil Mills, Inc. | 71,784 | ||||||
5,200 | Joshin Denki Co. Ltd. | 105,165 | ||||||
4,300 | JP-Holdings, Inc. | 11,508 | ||||||
1,400 | JSP Corp. | 26,110 | ||||||
9,800 | JSR Corp. | 185,945 | ||||||
13,300 | JTEKT Corp. | 171,684 | ||||||
86,100 | Juki Corp. | 786,931 | ||||||
55,200 | Juroku Bank Ltd. (The) | 1,273,807 | ||||||
100,600 | JVC Kenwood Corp. | 295,307 | ||||||
143,600 | Kadokawa Corp. | 2,067,766 | ||||||
2,400 | Kaga Electronics Co. Ltd. | 47,115 | ||||||
2,200 | Kagome Co. Ltd. | 55,698 | ||||||
58,400 | Kakaku.com, Inc. | 1,364,415 | ||||||
114,895 | Kaken Pharmaceutical Co. Ltd. | 5,660,167 | ||||||
600 | Kakiyasu Honten Co. Ltd. | 11,934 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
600 | Kameda Seika Co. Ltd. | $ | 27,086 | |||||
9,500 | Kamei Corp. | 109,611 | ||||||
2,600 | Kamigumi Co. Ltd. | 59,083 | ||||||
2,300 | Kanaden Corp. | 28,327 | ||||||
1,000 | Kanagawa Chuo Kotsu Co. Ltd. | 36,114 | ||||||
87,500 | Kanamoto Co. Ltd. | 2,362,719 | ||||||
261,700 | Kandenko Co. Ltd. | 2,491,227 | ||||||
9,700 | Kaneka Corp. | 326,507 | ||||||
1,300 | Kaneko Seeds Co. Ltd. | 18,274 | ||||||
36,400 | Kanematsu Corp. | 446,953 | ||||||
1,000 | Kanematsu Electronics Ltd. | 31,345 | ||||||
20,951 | Kansai Mirai Financial Group, Inc. | 137,940 | ||||||
6,500 | Kanto Denka Kogyo Co. Ltd. | 58,144 | ||||||
1,400 | Kappa Create Co. Ltd. | 18,163 | ||||||
7,000 | Kasai Kogyo Co. Ltd. | 57,107 | ||||||
8,800 | Kato Sangyo Co. Ltd. | 282,767 | ||||||
1,000 | Kato Works Co. Ltd. | 19,057 | ||||||
6,200 | KAWADA Technologies, Inc. | 412,223 | ||||||
500 | Kawagishi Bridge Works Co. Ltd. | 11,066 | ||||||
22,700 | Kawai Musical Instruments Manufacturing Co. Ltd. | 646,379 | ||||||
9,100 | Kawasaki Heavy Industries Ltd. | 221,033 | ||||||
9,300 | Kawasaki Kisen Kaisha Ltd.(a) | 140,632 | ||||||
900 | Kawata Manufacturing Co. Ltd. | 9,234 | ||||||
29,958 | Keihanshin Building Co. Ltd. | 376,174 | ||||||
119,400 | Keihin Corp. | 2,873,605 | ||||||
110,995 | Keiyo Bank Ltd. (The) | 704,061 | ||||||
1,600 | KEL Corp. | 12,386 | ||||||
30 | Kenedix Office Investment Corp. REIT | 235,022 | ||||||
7,200 | Kenedix, Inc. | 39,404 | ||||||
400 | Kenko Mayonnaise Co. Ltd. | 9,505 | ||||||
7,500 | Kewpie Corp. | 170,849 | ||||||
1,225 | Key Coffee, Inc. | 26,476 | ||||||
700 | KFC Holdings Japan Ltd. | 14,987 | ||||||
400 | KH Neochem Co. Ltd. | 9,842 | ||||||
3,100 | Kimura Chemical Plants Co. Ltd. | 12,947 | ||||||
3,600 | Kimura Unity Co. Ltd. | 36,837 | ||||||
4,900 | King Co. Ltd. | 26,227 | ||||||
1,300 | Kinki Sharyo Co. Ltd. (The)(a) | 19,093 | ||||||
4,100 | Kintetsu World Express, Inc. | 67,049 | ||||||
900 | Kirindo Holdings Co. Ltd. | 18,093 | ||||||
500 | Ki-Star Real Estate Co. Ltd. | 9,019 | ||||||
3,500 | Kitagawa Corp. | 68,094 | ||||||
3,300 | Kita-Nippon Bank Ltd. (The) | 58,489 | ||||||
4,100 | Kitano Construction Corp. | 108,129 | ||||||
30,900 | Kito Corp. | 475,275 | ||||||
23,700 | Kitz Corp. | 163,282 | ||||||
32,300 | Kiyo Bank Ltd. (The) | 503,986 | ||||||
2,900 | Koa Corp. | 36,871 | ||||||
12,400 | Koatsu Gas Kogyo Co. Ltd. | 98,865 | ||||||
2,400 | Kobe Bussan Co. Ltd. | 71,229 |
31 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
300 | Kobe Electric Railway Co. Ltd.(a) | $ | 10,932 | |||||
49,700 | Kobe Steel Ltd. | 270,614 | ||||||
25,466 | Kohnan Shoji Co. Ltd. | 594,262 | ||||||
1,300 | Kohsoku Corp. | 15,626 | ||||||
300 | Koike Sanso Kogyo Co. Ltd. | 5,923 | ||||||
201,500 | Kojima Co. Ltd. | 796,745 | ||||||
51,600 | Kokuyo Co. Ltd. | 763,560 | ||||||
2,200 | Komatsu Matere Co. Ltd. | 17,194 | ||||||
1,600 | Komatsu Wall Industry Co. Ltd. | 33,529 | ||||||
3,300 | KOMEDA Holdings Co. Ltd. | 64,387 | ||||||
14,700 | Komehyo Co. Ltd. | 149,600 | ||||||
41,600 | Komeri Co. Ltd. | 896,794 | ||||||
5,100 | Konaka Co. Ltd. | 19,882 | ||||||
5,500 | Kondotec, Inc. | 49,810 | ||||||
252,900 | Konica Minolta, Inc. | 1,871,165 | ||||||
2,400 | Konishi Co.Ltd. | 34,248 | ||||||
3,000 | Konoike Transport Co. Ltd. | 46,060 | ||||||
1,300 | Konoshima Chemical Co. Ltd. | 10,533 | ||||||
1,400 | Kosaido Co. Ltd.(a) | 9,399 | ||||||
2,000 | Koshidaka Holdings Co. Ltd. | 29,243 | ||||||
800 | Kotobuki Spirits Co. Ltd. | 55,264 | ||||||
14,400 | Kourakuen Holdings Corp. | 269,492 | ||||||
700 | Krosaki Harima Corp. | 37,726 | ||||||
3,100 | KRS Corp. | 55,202 | ||||||
235,812 | K’s Holdings Corp. | 2,705,538 | ||||||
2,000 | KU Holdings Co. Ltd. | 16,279 | ||||||
2,900 | Kumagai Gumi Co. Ltd. | 90,231 | ||||||
4,867 | Kumiai Chemical Industry Co. Ltd. | 45,430 | ||||||
17,500 | Kurabo Industries Ltd. | 404,158 | ||||||
1,100 | Kureha Corp. | 71,099 | ||||||
900 | Kurimoto Ltd. | 14,726 | ||||||
4,300 | Kurita Water Industries Ltd. | 125,030 | ||||||
1,800 | Kuriyama Holdings Corp. | 13,801 | ||||||
700 | Kusuri no Aoki Holdings Co. Ltd. | 52,440 | ||||||
1,200 | KYB Corp.(a) | 38,615 | ||||||
4,700 | Kyoden Co. Ltd. | 13,579 | ||||||
2,200 | Kyodo Printing Co. Ltd. | 55,861 | ||||||
700 | Kyoei Steel Ltd. | 12,893 | ||||||
2,600 | Kyokuto Boeki Kaisha Ltd. | 47,719 | ||||||
61,900 | Kyokuto Kaihatsu Kogyo Co. Ltd. | 839,167 | ||||||
1,400 | Kyokuto Securities Co. Ltd. | 10,527 | ||||||
1,200 | Kyokuyo Co. Ltd. | 32,247 | ||||||
56,500 | KYORIN Holdings, Inc. | 995,643 | ||||||
1,240 | Kyoritsu Maintenance Co. Ltd. | 55,231 | ||||||
14,800 | Kyoritsu Printing Co. Ltd. | 22,202 | ||||||
6,900 | Kyosan Electric Manufacturing Co. Ltd. | 32,650 | ||||||
7,200 | Kyowa Electronic Instruments Co. Ltd. | 29,003 | ||||||
5,032 | Kyowa Exeo Corp. | 129,213 | ||||||
2,700 | Kyowa Leather Cloth Co. Ltd. | 19,827 | ||||||
1,800 | Kyudenko Corp. | 59,506 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
268,540 | Kyushu Financial Group, Inc. | $ | 1,096,640 | |||||
700 | LAC Co. Ltd. | 8,472 | ||||||
1,300 | Lasertec Corp. | 94,379 | ||||||
56,900 | Lawson, Inc. | 3,150,866 | ||||||
2,400 | LEC, Inc. | 24,380 | ||||||
17,700 | Legs Co. Ltd. | 227,991 | ||||||
8,100 | Life Corp. | 186,692 | ||||||
21,800 | LIFULL Co. Ltd.(a) | 133,033 | ||||||
700 | Like Co. Ltd. | 11,486 | ||||||
500 | Linical Co. Ltd. | 4,653 | ||||||
3,800 | Link And Motivation, Inc. | 20,515 | ||||||
88,600 | Lintec Corp. | 1,879,643 | ||||||
4,800 | LIXIL Group Corp. | 90,053 | ||||||
60,400 | LIXIL VIVA Corp. | 1,050,945 | ||||||
400 | M&A Capital Partners Co. Ltd.(a) | 26,780 | ||||||
225,300 | M3, Inc. | 5,432,736 | ||||||
1,400 | Mabuchi Motor Co. Ltd. | 57,366 | ||||||
6,050 | Macnica Fuji Electronics Holdings, Inc. | 103,812 | ||||||
2,000 | Macromill, Inc. | 17,983 | ||||||
22,200 | Maeda Corp. | 208,453 | ||||||
1,200 | Maeda Kosen Co. Ltd. | 20,224 | ||||||
4,500 | Maeda Road Construction Co. Ltd. | 97,592 | ||||||
2,900 | Makino Milling Machine Co. Ltd. | 146,088 | ||||||
72,000 | Mamezou Holdings Co. Ltd. | 1,186,110 | ||||||
4,012 | Mandom Corp. | 112,198 | ||||||
2,100 | Mani, Inc. | 55,869 | ||||||
2,200 | Mars Group Holdings Corp. | 40,887 | ||||||
22,800 | Marubun Corp. | 130,479 | ||||||
2,000 | Marudai Food Co. Ltd. | 43,356 | ||||||
400 | Marufuji Sheet Piling Co. Ltd. | 8,223 | ||||||
2,400 | Maruha Nichiro Corp. | 62,517 | ||||||
7,500 | Maruka Corp. | 164,251 | ||||||
2,600 | Marusan Securities Co. Ltd. | 12,616 | ||||||
1,500 | Maruwa Co. Ltd. | 98,759 | ||||||
2,000 | Maruyama Manufacturing Co., Inc. | 23,447 | ||||||
5,992 | Maruzen Showa Unyu Co. Ltd. | 169,512 | ||||||
51,600 | Marvelous, Inc. | 366,012 | ||||||
3,600 | Matsuda Sangyo Co. Ltd. | 54,372 | ||||||
4,700 | Matsui Securities Co. Ltd. | 38,909 | ||||||
5,300 | Matsumotokiyoshi Holdings Co. Ltd. | 187,726 | ||||||
2,400 | Matsuya Co. Ltd. | 18,668 | ||||||
64,100 | Max Co. Ltd. | 1,185,366 | ||||||
1,900 | Maxell Holdings Ltd. | 26,391 | ||||||
2,900 | Maxvalu Tokai Co. Ltd. | 59,321 | ||||||
5,300 | MCJ Co. Ltd. | 35,189 | ||||||
136,090 | Mebuki Financial Group, Inc. | 349,078 | ||||||
500 | Media Do Holdings Co. Ltd. | 15,673 | ||||||
800 | Medical Data Vision Co. Ltd.(a) | 8,423 | ||||||
19,200 | Medical System Network Co. Ltd. | 96,187 |
32 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
95,700 | Medipal Holdings Corp. | $ | 2,199,531 | |||||
6,200 | Megmilk Snow Brand Co. Ltd. | 149,847 | ||||||
107,900 | Meidensha Corp. | 2,091,256 | ||||||
1,100 | Meiji Electric Industries Co. Ltd. | 15,249 | ||||||
1,500 | Meiko Electronics Co. Ltd. | 24,975 | ||||||
5,700 | Meisei Industrial Co. Ltd. | 45,551 | ||||||
55,300 | Meitec Corp. | 2,903,519 | ||||||
8,300 | Meiwa Corp. | 44,732 | ||||||
2,000 | Meiwa Estate Co. Ltd. | 10,705 | ||||||
48,500 | Menicon Co. Ltd. | 1,726,850 | ||||||
2,800 | Mercuria Investment Co. Ltd. | 20,120 | ||||||
55,054 | METAWATER Co. Ltd. | 2,166,677 | ||||||
1,400 | Michinoku Bank Ltd. (The) | 22,415 | ||||||
89,600 | Micronics Japan Co. Ltd. | 844,641 | ||||||
5,500 | Mie Kotsu Group Holdings, Inc. | 30,609 | ||||||
11,200 | Mikuni Corp. | 37,544 | ||||||
2,374 | Milbon Co. Ltd. | 131,022 | ||||||
4,700 | MIMAKI ENGINEERING Co. Ltd. | 23,763 | ||||||
25,600 | Mimasu Semiconductor Industry Co. Ltd. | 504,699 | ||||||
1,800 | Minori Solutions Co. Ltd. | 44,971 | ||||||
3,800 | Miraca Holdings, Inc. | 90,294 | ||||||
188,030 | Mirait Holdings Corp. | 3,038,359 | ||||||
1,300 | Miroku Jyoho Service Co. Ltd. | 34,537 | ||||||
4,400 | Misawa Homes Co. Ltd. | 47,467 | ||||||
6,400 | Mitani Corp. | 322,993 | ||||||
3,700 | Mitani Sangyo Co. Ltd. | 11,409 | ||||||
500 | Mitani Sekisan Co. Ltd. | 16,668 | ||||||
6,900 | Mito Securities Co. Ltd. | 15,271 | ||||||
5,300 | Mitsuba Corp. | 33,815 | ||||||
18,500 | Mitsubishi Gas Chemical Co., Inc. | 264,335 | ||||||
1,000 | Mitsubishi Kakoki Kaisha Ltd. | 18,048 | ||||||
51,000 | Mitsubishi Logisnext Co. Ltd. | 554,440 | ||||||
1,500 | Mitsubishi Logistics Corp. | 38,365 | ||||||
14,200 | Mitsubishi Materials Corp. | 411,575 | ||||||
7,900 | Mitsubishi Paper Mills Ltd. | 36,285 | ||||||
3,100 | Mitsubishi Pencil Co. Ltd. | 49,346 | ||||||
25,200 | Mitsubishi Research Institute, Inc. | 898,417 | ||||||
5,100 | Mitsubishi Shokuhin Co. Ltd. | 130,393 | ||||||
1,000 | Mitsubishi Steel Manufacturing Co. Ltd. | 10,732 | ||||||
112,300 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 695,701 | ||||||
8,100 | Mitsuboshi Belting Ltd. | 153,914 | ||||||
3,700 | Mitsui E&S Holdings Co. Ltd.(a) | 37,894 | ||||||
1,200 | Mitsui High-Tec, Inc. | 20,902 | ||||||
105,400 | Mitsui Matsushima Holdings Co. Ltd. | 1,265,893 | ||||||
7,600 | Mitsui Mining & Smelting Co. Ltd. | 215,705 | ||||||
13,100 | Mitsui OSK Lines Ltd. | 361,011 | ||||||
900 | Mitsui Sugar Co. Ltd. | 19,652 | ||||||
44,049 | Mitsui-Soko Holdings Co. Ltd. | 719,942 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,700 | Miura Co. Ltd. | $ | 51,792 | |||||
107,400 | Mixi, Inc. | 2,085,543 | ||||||
1,100 | Miyaji Engineering Group, Inc. | 21,085 | ||||||
4,500 | Miyazaki Bank Ltd. (The) | 116,094 | ||||||
55,450 | Mizuno Corp. | 1,460,832 | ||||||
84,152 | Mochida Pharmaceutical Co. Ltd. | 3,381,977 | ||||||
700 | Modec, Inc. | 19,511 | ||||||
10,300 | Monex Group, Inc. | 25,371 | ||||||
1,200 | Monogatari Corp. (The) | 104,010 | ||||||
258,400 | MonotaRO Co. Ltd. | 7,908,251 | ||||||
900 | MORESCO Corp. | 11,159 | ||||||
1,200 | Morinaga & Co. Ltd. | 59,450 | ||||||
7,100 | Morinaga Milk Industry Co. Ltd. | 276,465 | ||||||
2,400 | Morita Holdings Corp. | 40,648 | ||||||
2,000 | Morito Co. Ltd. | 14,909 | ||||||
1,106 | Mory Industries, Inc. | 23,720 | ||||||
8,400 | MrMax Holdings Ltd. | 37,415 | ||||||
11,000 | Mugen Estate Co. Ltd. | 68,655 | ||||||
8,200 | Musashi Seimitsu Industry Co. Ltd. | 115,494 | ||||||
8,700 | Musashino Bank Ltd. (The) | 153,634 | ||||||
300 | N Field Co. Ltd. | 1,772 | ||||||
2,900 | Nabtesco Corp. | 93,990 | ||||||
2,200 | NAC Co. Ltd. | 21,167 | ||||||
2,200 | Nachi-Fujikoshi Corp. | 106,954 | ||||||
1,300 | Nadex Co. Ltd. | 10,967 | ||||||
800 | Nafco Co. Ltd. | 9,579 | ||||||
2,200 | Nagano Bank Ltd. (The) | 33,349 | ||||||
11,000 | Nagano Keiki Co. Ltd. | 76,192 | ||||||
9,200 | Nagase & Co. Ltd. | 140,824 | ||||||
1,800 | Nagatanien Holdings Co. Ltd. | 35,920 | ||||||
300 | Nagawa Co. Ltd. | 18,335 | ||||||
195,198 | Nagoya Railroad Co. Ltd. | 6,236,069 | ||||||
12,500 | Nakabayashi Co. Ltd. | 62,853 | ||||||
124,064 | Nakanishi, Inc. | 2,074,818 | ||||||
4,300 | Nakano Corp. | 19,830 | ||||||
3,800 | Nakayama Steel Works Ltd. | 16,398 | ||||||
2,000 | Nakayamafuku Co. Ltd. | 10,445 | ||||||
1,700 | Nankai Electric Railway Co. Ltd. | 44,456 | ||||||
59,600 | Nanto Bank Ltd. (The) | 1,525,460 | ||||||
800 | Natori Co. Ltd. | 12,549 | ||||||
4,900 | NCS&A Co. Ltd. | 21,417 | ||||||
14,236 | NEC Capital Solutions Ltd. | 303,334 | ||||||
900 | NEC Networks & System Integration Corp. | 28,586 | ||||||
137,900 | NET One Systems Co. Ltd. | 3,756,846 | ||||||
1,700 | Nextage Co. Ltd. | 17,002 | ||||||
6,300 | NGK Spark Plug Co. Ltd. | 129,337 | ||||||
11,800 | NH Foods Ltd. | 496,629 | ||||||
51,400 | NHK Spring Co. Ltd. | 425,041 | ||||||
1,400 | Nicca Chemical Co. Ltd. | 11,564 | ||||||
6,600 | Nichias Corp. | 140,752 | ||||||
600 | Nichiban Co. Ltd. | 10,279 | ||||||
4,400 | Nichicon Corp. | 43,841 |
33 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
700 | Nichiden Corp. | $ | 13,321 | |||||
1,500 | Nichiha Corp. | 43,476 | ||||||
89,700 | Nichii Gakkan Co. | 1,526,702 | ||||||
229,250 | Nichi-iko Pharmaceutical Co. Ltd. | 2,702,428 | ||||||
3,800 | Nichirei Corp. | 87,443 | ||||||
2,760 | Nichirin Co. Ltd. | 44,062 | ||||||
4,200 | Nifco, Inc. | 112,010 | ||||||
1,100 | Nihon Chouzai Co. Ltd. | 40,133 | ||||||
2,200 | Nihon Denkei Co. Ltd. | 26,382 | ||||||
21,400 | Nihon Falcom Corp. | 248,897 | ||||||
10,000 | Nihon House Holdings Co. Ltd. | 47,041 | ||||||
200,500 | Nihon Kohden Corp. | 6,024,840 | ||||||
7,900 | Nihon M&A Center, Inc. | 242,143 | ||||||
2,700 | Nihon Nohyaku Co. Ltd. | 14,276 | ||||||
5,900 | Nihon Parkerizing Co. Ltd. | 70,096 | ||||||
6,400 | Nihon Plast Co. Ltd. | 44,330 | ||||||
1,600 | Nihon Tokushu Toryo Co. Ltd. | 17,646 | ||||||
253,800 | Nihon Unisys Ltd. | 8,425,530 | ||||||
1,000 | Nihon Yamamura Glass Co. Ltd. | 12,010 | ||||||
8,500 | Nikkiso Co. Ltd. | 92,879 | ||||||
4,100 | Nikkon Holdings Co. Ltd. | 100,687 | ||||||
400 | Nippi, Inc. | 14,483 | ||||||
138,100 | Nippo Corp. | 2,856,889 | ||||||
10,400 | Nippon Air Conditioning Services Co. Ltd. | 69,918 | ||||||
6,100 | Nippon Carbide Industries Co. Inc. | 82,810 | ||||||
600 | Nippon Carbon Co. Ltd. | 23,308 | ||||||
11,760 | Nippon Chemical Industrial Co. Ltd. | 349,566 | ||||||
300 | Nippon Chemiphar Co. Ltd. | 8,806 | ||||||
52,400 | Nippon Coke & Engineering Co. Ltd. | 42,215 | ||||||
1,000 | Nippon Commercial Development Co. Ltd. | 14,316 | ||||||
17,600 | Nippon Concrete Industries Co. Ltd. | 51,012 | ||||||
11,100 | Nippon Denko Co. Ltd. | 19,427 | ||||||
2,100 | Nippon Densetsu Kogyo Co. Ltd. | 45,932 | ||||||
9,100 | Nippon Electric Glass Co. Ltd. | 207,213 | ||||||
2,800 | Nippon Filcon Co. Ltd. | 13,716 | ||||||
2,600 | Nippon Fine Chemical Co. Ltd. | 30,553 | ||||||
151,000 | Nippon Flour Mills Co. Ltd. | 2,439,994 | ||||||
3,500 | Nippon Gas Co. Ltd. | 99,662 | ||||||
20,700 | Nippon Kanzai Co. Ltd. | 365,542 | ||||||
224,235 | Nippon Kayaku Co. Ltd. | 2,747,133 | ||||||
1,600 | Nippon Kinzoku Co. Ltd. | 12,964 | ||||||
2,400 | Nippon Koei Co. Ltd. | 74,785 | ||||||
142,100 | Nippon Light Metal Holdings Co. Ltd. | 278,963 | ||||||
14,500 | Nippon Paper Industries Co. Ltd. | 251,491 | ||||||
82,000 | Nippon Parking Development Co. Ltd. | 125,289 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
3,400 | Nippon Pillar Packing Co. Ltd. | $ | 46,251 | |||||
2,200 | Nippon Piston Ring Co. Ltd. | 28,053 | ||||||
4,000 | Nippon Rietec Co. Ltd. | 46,671 | ||||||
1,700 | Nippon Road Co. Ltd. (The) | 104,371 | ||||||
1,400 | Nippon Seisen Co. Ltd. | 35,742 | ||||||
900 | Nippon Sharyo Ltd.(a) | 23,060 | ||||||
13,700 | Nippon Sheet Glass Co. Ltd. | 86,648 | ||||||
1,600 | Nippon Shokubai Co. Ltd. | 99,565 | ||||||
7,200 | Nippon Signal Co. Ltd. | 83,608 | ||||||
34,000 | Nippon Soda Co. Ltd. | 914,307 | ||||||
7,248 | Nippon Steel Trading Corp. | 305,048 | ||||||
10,900 | Nippon Suisan Kaisha Ltd. | 62,681 | ||||||
3,000 | Nippon Systemware Co. Ltd. | 73,229 | ||||||
7,200 | Nippon Thompson Co. Ltd. | 32,603 | ||||||
2,340 | Nippon Yakin Kogyo Co. Ltd. | 52,026 | ||||||
24,800 | Nippon Yusen KK | 450,805 | ||||||
7,100 | Nipro Corp. | 83,630 | ||||||
6,500 | Nishimatsu Construction Co. Ltd. | 136,573 | ||||||
600 | Nishimoto Co. Ltd. | 19,391 | ||||||
291,800 | Nishi-Nippon Financial Holdings, Inc. | 2,188,703 | ||||||
98,583 | Nishi-Nippon Railroad Co. Ltd. | 2,299,570 | ||||||
3,100 | Nishio Rent All Co. Ltd. | 83,794 | ||||||
1,400 | Nissan Shatai Co. Ltd. | 12,990 | ||||||
9,600 | Nissan Tokyo Sales Holdings Co. Ltd. | 26,847 | ||||||
13,300 | Nissei Plastic Industrial Co. Ltd. | 138,431 | ||||||
6,200 | Nissha Co. Ltd. | 65,336 | ||||||
5,500 | Nisshin Fudosan Co. Ltd/Japan | 25,822 | ||||||
8,300 | Nisshin Oillio Group Ltd. (The) | 292,448 | ||||||
30,723 | Nisshinbo Holdings, Inc. | 258,894 | ||||||
4,200 | Nissin Corp. | 66,856 | ||||||
111,000 | Nissin Electric Co. Ltd. | 1,313,622 | ||||||
6,200 | Nissin Kogyo Co. Ltd. | 128,260 | ||||||
33,400 | Nisso Corp. | 405,476 | ||||||
1,100 | Nitta Corp. | 32,443 | ||||||
3,400 | Nitta Gelatin, Inc. | 22,354 | ||||||
3,700 | Nittan Valve Co. Ltd. | 9,559 | ||||||
400 | Nittetsu Mining Co. Ltd. | 16,853 | ||||||
1,400 | Nitto Boseki Co. Ltd. | 42,911 | ||||||
800 | Nitto Fuji Flour Milling Co. Ltd. | 46,893 | ||||||
57,500 | Nitto Kogyo Corp. | 1,218,793 | ||||||
7,500 | Nitto Seiko Co. Ltd. | 42,365 | ||||||
3,200 | Noda Corp. | 23,232 | ||||||
1,200 | Noevir Holdings Co. Ltd. | 65,228 | ||||||
2,900 | NOF Corp. | 99,093 | ||||||
1,600 | Nohmi Bosai Ltd. | 33,573 | ||||||
32,500 | Nojima Corp. | 582,647 | ||||||
14,400 | NOK Corp. | 228,288 | ||||||
44,700 | Nomura Co. Ltd. | 557,146 | ||||||
33,200 | Nomura Real Estate Holdings, Inc. | 791,340 | ||||||
11,400 | Noritake Co. Ltd. | 528,882 | ||||||
32,000 | Noritz Corp. | 400,037 | ||||||
427,800 | North Pacific Bank Ltd. | 930,947 |
34 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,600 | Nozawa Corp. | $ | 10,105 | |||||
42,600 | NS Solutions Corp. | 1,461,552 | ||||||
700 | NS Tool Co. Ltd. | 13,742 | ||||||
1,700 | NS United Kaiun Kaisha Ltd. | 38,805 | ||||||
112,211 | NSD Co. Ltd. | 3,475,746 | ||||||
61,800 | NTN Corp. | 194,001 | ||||||
32,218 | NuFlare Technology, Inc. | 2,407,623 | ||||||
400 | Obara Group, Inc. | 15,075 | ||||||
31,600 | OBIC Business Consultants Ltd. | 1,280,211 | ||||||
1,800 | Odelic Co. Ltd. | 66,089 | ||||||
9,400 | Oenon Holdings, Inc. | 34,818 | ||||||
30,400 | Ogaki Kyoritsu Bank Ltd. (The) | 740,083 | ||||||
1,500 | Ohara, Inc. | 20,891 | ||||||
55,422 | Ohsho Food Service Corp. | 3,356,421 | ||||||
2,845 | Oiles Corp. | 43,601 | ||||||
1,500 | Oisix ra daichi, Inc.(a) | �� | 19,474 | |||||
1,900 | Oita Bank Ltd. (The) | 52,959 | ||||||
2,500 | Okabe Co. Ltd. | 21,321 | ||||||
800 | Okada Aiyon Corp. | 9,986 | ||||||
600 | Okamoto Industries, Inc. | 23,335 | ||||||
116,300 | Okamura Corp. | 1,176,031 | ||||||
7,300 | Okasan Securities Group, Inc. | 26,026 | ||||||
294,100 | Oki Electric Industry Co. Ltd. | 3,959,824 | ||||||
2,200 | Okinawa Cellular Telephone Co. | 75,275 | ||||||
1,621 | Okinawa Electric Power Co., Inc. (The) | 26,974 | ||||||
3,800 | OKUMA Corp. | 230,132 | ||||||
1,100 | Okumura Corp. | 31,373 | ||||||
1,500 | Okura Industrial Co. Ltd. | 27,739 | ||||||
37,400 | Okuwa Co. Ltd. | 473,777 | ||||||
4,200 | Onoken Co. Ltd. | 55,422 | ||||||
218,800 | Onward Holdings Co. Ltd. | 1,270,373 | ||||||
300 | Open Door, Inc.(a) | 5,784 | ||||||
6,800 | Open House Co. Ltd. | 175,116 | ||||||
1,700 | Optex Group Co. Ltd. | 26,321 | ||||||
18,500 | Optorun Co. Ltd. | 567,900 | ||||||
297,500 | Orient Corp. | 438,027 | ||||||
7,000 | Origin Co. Ltd. | 98,268 | ||||||
2,600 | Osaka Organic Chemical Industry Ltd. | 29,253 | ||||||
2,000 | Osaka Soda Co. Ltd. | 57,042 | ||||||
170,900 | Osaki Electric Co. Ltd. | 1,191,663 | ||||||
3,100 | OSG Corp. | 67,087 | ||||||
286,300 | OSJB Holdings Corp. | 702,560 | ||||||
500 | OUG Holdings, Inc. | 13,196 | ||||||
4,200 | Outsourcing Inc. | 45,738 | ||||||
48,730 | Oyo Corp. | 562,703 | ||||||
7,800 | Pacific Industrial Co. Ltd. | 107,621 | ||||||
900 | Pacific Metals Co. Ltd. | 21,727 | ||||||
1,750 | Pack Corp. (The) | 62,147 | ||||||
400 | PAL GROUP Holdings Co. Ltd. | 12,705 | ||||||
7,850 | PALTAC Corp. | 382,359 | ||||||
30,056 | Paramount Bed Holdings Co. Ltd. | 1,161,995 | ||||||
7,200 | Park24 Co. Ltd. | 170,616 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
400 | Pasco Corp.(a) | $ | 4,223 | |||||
78,100 | Pasona Group, Inc. | 1,122,430 | ||||||
12,100 | PC Depot Corp. | 54,119 | ||||||
7,400 | PCA Corp. | 262,450 | ||||||
32,700 | Pegasus Sewing Machine Manufacturing Co. Ltd. | 164,424 | ||||||
15,500 | Penta-Ocean Construction Co. Ltd. | 95,736 | ||||||
183,900 | PeptiDream, Inc.(a) | 9,298,028 | ||||||
700 | PIA Corp. | 30,109 | ||||||
1,000 | Pickles Corp. | 24,493 | ||||||
1,400 | Pilot Corp. | 57,431 | ||||||
1,700 | Piolax, Inc. | 33,641 | ||||||
2,000 | Plenus Co. Ltd. | 34,911 | ||||||
38,300 | Poletowin Pitcrew Holdings, Inc. | 374,524 | ||||||
253 | Premier Investment Corp. REIT | 379,769 | ||||||
36,200 | Press Kogyo Co. Ltd. | 155,205 | ||||||
5,100 | Pressance Corp. | 83,874 | ||||||
5,600 | Prestige International, Inc. | 46,775 | ||||||
58,952 | Proto Corp. | 641,435 | ||||||
52,000 | PS Mitsubishi Construction Co. Ltd. | 373,664 | ||||||
21,300 | Punch Industry Co. Ltd. | 107,299 | ||||||
900 | Qol Holdings Co. Ltd. | 12,701 | ||||||
5,600 | Quick Co. Ltd. | 79,911 | ||||||
2,700 | Raito Kogyo Co. Ltd. | 43,229 | ||||||
2,200 | Raiznext Corp. | 22,552 | ||||||
1,400 | Rakus Co. Ltd. | 21,132 | ||||||
2,000 | Rasa Industries Ltd. | 27,614 | ||||||
40,600 | Raysum Co. Ltd. | 430,475 | ||||||
132,990 | Relia, Inc. | 1,742,577 | ||||||
4,200 | Relo Group, Inc. | 103,648 | ||||||
1,100 | Renaissance, Inc. | 17,103 | ||||||
21,140 | Rengo Co. Ltd. | 154,650 | ||||||
3,900 | Resorttrust, Inc. | 62,622 | ||||||
1,600 | Restar Holdings Corp. | 27,410 | ||||||
2,000 | Retail Partners Co. Ltd. | 16,520 | ||||||
40,000 | Rheon Automatic Machinery Co. Ltd. | 612,649 | ||||||
1,100 | Rhythm Watch Co. Ltd. | 10,349 | ||||||
18,000 | Ricoh Leasing Co. Ltd. | 610,056 | ||||||
2,500 | Ride On Express Holdings Co. Ltd. | 31,554 | ||||||
1,600 | Right On Co. Ltd. | 8,445 | ||||||
1,900 | Riken Corp. | 71,169 | ||||||
2,000 | Riken Keiki Co. Ltd. | 39,559 | ||||||
42,300 | Riken Technos Corp. | 201,727 | ||||||
700 | Riken Vitamin Co. Ltd. | 25,086 | ||||||
1,000 | Rinnai Corp. | 73,988 | ||||||
9,800 | Rion Co. Ltd. | 234,587 | ||||||
3,700 | Riso Kagaku Corp. | 61,398 | ||||||
6,900 | Riso Kyoiku Co. Ltd. | 26,644 | ||||||
53,300 | Rohto Pharmaceutical Co. Ltd. | 1,616,423 | ||||||
1,400 | Rokko Butter Co. Ltd. | 23,634 | ||||||
51,500 | Roland DG Corp. | 1,019,604 |
35 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
900 | Rorze Corp. | $ | 30,836 | |||||
105,200 | Round One Corp. | 1,364,804 | ||||||
1,400 | Royal Holdings Co. Ltd. | 35,535 | ||||||
400 | RS Technologies Co. Ltd. | 16,576 | ||||||
8,300 | Ryobi Ltd. | 156,407 | ||||||
1,500 | Ryoden Corp. | 22,877 | ||||||
1,600 | Ryosan Co. Ltd. | 41,930 | ||||||
1,100 | S Foods, Inc. | 29,743 | ||||||
29,100 | Sac’s Bar Holdings, Inc. | 240,636 | ||||||
1,000 | Sagami Rubber Industries Co. Ltd. | 13,640 | ||||||
1,200 | Saibu Gas Co. Ltd. | 27,903 | ||||||
800 | Saison Information Systems Co. Ltd. | 15,409 | ||||||
38,600 | Saizeriya Co. Ltd. | 878,946 | ||||||
32,200 | Sakai Chemical Industry Co. Ltd. | 812,529 | ||||||
600 | Sakai Heavy Industries Ltd. | 17,446 | ||||||
400 | Sakai Moving Service Co. Ltd. | 24,039 | ||||||
1,800 | Sakai Ovex Co. Ltd. | 31,136 | ||||||
1,400 | Sakura Internet, Inc. | 8,297 | ||||||
13,400 | Sala Corp. | 81,028 | ||||||
3,700 | SAMTY Co. Ltd. | 70,135 | ||||||
3,200 | San Holdings, Inc. | 33,485 | ||||||
3,100 | San ju San Financial Group, Inc. | 48,313 | ||||||
1,600 | San-A Co. Ltd. | 76,155 | ||||||
27,500 | San-Ai Oil Co. Ltd. | 292,087 | ||||||
5,300 | Sanden Holdings Corp.(a) | 34,944 | ||||||
1,400 | Sanei Architecture Planning Co. Ltd. | 20,081 | ||||||
8,050 | Sangetsu Corp. | 153,411 | ||||||
27,400 | San-In Godo Bank Ltd. (The) | 162,639 | ||||||
3,500 | Sanken Electric Co. Ltd. | 83,198 | ||||||
9,000 | Sanko Gosei Ltd. | 35,670 | ||||||
800 | Sanko Metal Industrial Co. Ltd. | 19,446 | ||||||
139,973 | Sankyo Co. Ltd. | 4,918,951 | ||||||
400 | Sankyo Frontier Co. Ltd. | 13,242 | ||||||
18,200 | Sankyo Tateyama, Inc. | 200,387 | ||||||
2,900 | Sankyu, Inc. | 148,773 | ||||||
9,600 | Sanoh Industrial Co. Ltd. | 121,345 | ||||||
4,600 | Sanoyas Holdings Corp. | 8,434 | ||||||
1,000 | Sansei Landic Co. Ltd. | 8,927 | ||||||
4,300 | Sansha Electric Manufacturing Co. Ltd. | 30,820 | ||||||
9,900 | Sanwa Holdings Corp. | 116,886 | ||||||
5,700 | Sanyo Chemical Industries Ltd. | 274,470 | ||||||
1,300 | Sanyo Electric Railway Co. Ltd. | 26,183 | ||||||
800 | Sanyo Industries Ltd. | 14,861 | ||||||
7,800 | Sanyo Special Steel Co. Ltd. | 99,748 | ||||||
1,200 | Sanyo Trading Co. Ltd. | 24,002 | ||||||
8,500 | Sapporo Holdings Ltd. | 214,645 | ||||||
16,200 | Sato Holdings Corp. | 480,795 | ||||||
2,700 | Sato Shoji Corp. | 22,802 | ||||||
1,400 | Satori Electric Co. Ltd. | 11,966 | ||||||
11,900 | Sawada Holdings Co. Ltd. | 101,710 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
56,222 | Sawai Pharmaceutical Co. Ltd. | $ | 3,181,002 | |||||
1,300 | Saxa Holdings, Inc. | 22,415 | ||||||
74,600 | Scala, Inc. | 623,797 | ||||||
1,900 | SCREEN Holdings Co. Ltd. | 133,540 | ||||||
2,800 | Scroll Corp. | 8,816 | ||||||
50,300 | SCSK Corp. | 2,580,443 | ||||||
200 | SEC Carbon Ltd. | 15,520 | ||||||
82,200 | Seikagaku Corp. | 946,149 | ||||||
23,200 | Seikitokyu Kogyo Co. Ltd. | 167,141 | ||||||
131,200 | Seiko Holdings Corp. | 3,249,931 | ||||||
6,600 | Seino Holdings Co. Ltd. | 85,380 | ||||||
5,200 | Seiren Co. Ltd. | 64,717 | ||||||
6,600 | Sekisui Plastics Co. Ltd. | 49,077 | ||||||
22,100 | Senko Group Holdings Co. Ltd. | 179,272 | ||||||
2,000 | Senshu Electric Co. Ltd. | 52,783 | ||||||
1,400 | Seria Co. Ltd. | 35,340 | ||||||
31,200 | Seven Bank Ltd. | 91,008 | ||||||
21,023 | SFP Holdings Co. Ltd. | 432,179 | ||||||
1,200 | Shibaura Electronics Co. Ltd. | 35,726 | ||||||
19,000 | Shibaura Mechatronics Corp. | 636,031 | ||||||
3,400 | Shibusawa Warehouse Co. Ltd. (The) | 66,338 | ||||||
1,000 | Shibuya Corp. | 27,567 | ||||||
1,400 | Shidax Corp.(a) | 3,448 | ||||||
500 | SHIFT, Inc.(a) | 28,753 | ||||||
52,502 | Shiga Bank Ltd. (The) | 1,278,639 | ||||||
2,000 | Shikibo Ltd. | 17,372 | ||||||
22,000 | Shikoku Bank Ltd. (The) | 211,668 | ||||||
6,900 | Shikoku Chemicals Corp. | 81,849 | ||||||
3,200 | Shikoku Electric Power Co., Inc. | 31,855 | ||||||
1,000 | Shima Seiki Manufacturing Ltd. | 24,215 | ||||||
3,349 | Shimachu Co. Ltd. | 91,300 | ||||||
1,100 | Shimamura Co. Ltd. | 93,814 | ||||||
17,000 | Shimizu Bank Ltd. (The) | 308,862 | ||||||
1,900 | Shimojima Co. Ltd. | 21,254 | ||||||
1,800 | Shin Nippon Air Technologies Co. Ltd. | 35,953 | ||||||
1,700 | Shinagawa Refractories Co. Ltd. | 46,046 | ||||||
6,300 | Shindengen Electric Manufacturing Co. Ltd. | 215,853 | ||||||
2,200 | Shin-Etsu Polymer Co. Ltd. | 19,048 | ||||||
157,800 | Shinko Electric Industries Co. Ltd. | 1,553,305 | ||||||
5,600 | Shinko Shoji Co. Ltd. | 48,279 | ||||||
13,800 | Shinmaywa Industries Ltd. | 170,855 | ||||||
6,600 | Shinnihon Corp. | 52,255 | ||||||
2,100 | Shinnihonseiyaku Co. Ltd. | 31,970 | ||||||
9,000 | Shinoken Group Co. Ltd. | 93,259 | ||||||
93,100 | Shinsei Bank Ltd. | 1,467,323 | ||||||
1,200 | Shinsho Corp. | 28,492 | ||||||
1,700 | Shinwa Co. Ltd. | 38,694 | ||||||
1,300 | Ship Healthcare Holdings, Inc. | 55,737 | ||||||
2,400 | Shizuki Electric Co., Inc. | 13,223 | ||||||
62,800 | Shizuoka Bank Ltd. (The) | 483,837 | ||||||
31,000 | Shizuoka Gas Co. Ltd. | 270,701 |
36 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
1,000 | SHO-BOND Holdings Co. Ltd. | $ | 39,078 | |||||
800 | Shoei Co. Ltd. | 35,114 | ||||||
2,300 | Shofu, Inc. | 36,420 | ||||||
2,300 | Shoko Co. Ltd.(a) | 13,801 | ||||||
1,000 | Showa Aircraft Industry Co. Ltd. | 12,973 | ||||||
138,600 | Showa Corp. | 2,924,988 | ||||||
7,700 | Showa Denko KK | 219,256 | ||||||
2,600 | Showa Sangyo Co. Ltd. | 75,840 | ||||||
1,100 | Showa Shinku Co. Ltd. | 14,872 | ||||||
1,100 | Sigma Koki Co. Ltd. | 13,527 | ||||||
700 | Siix Corp. | 10,754 | ||||||
2,400 | Sinanen Holdings Co. Ltd. | 43,937 | ||||||
4,300 | Sinfonia Technology Co. Ltd. | 53,397 | ||||||
37,000 | Sinko Industries Ltd. | 630,771 | ||||||
6,000 | Sintokogio Ltd. | 58,505 | ||||||
52,700 | SK-Electronics Co. Ltd. | 1,079,474 | ||||||
182,200 | SKY Perfect JSAT Holdings, Inc. | 757,550 | ||||||
131,000 | Skylark Holdings Co. Ltd. | 2,383,693 | ||||||
5,600 | SMS Co. Ltd. | 138,872 | ||||||
9,600 | Sodick Co. Ltd. | 84,274 | ||||||
1,200 | Softbank Technology Corp. | 23,213 | ||||||
27,900 | Softbrain Co. Ltd. | 144,680 | ||||||
200 | Software Service, Inc. | 21,595 | ||||||
2,500 | Sogo Medical Holdings Co. Ltd. | 43,546 | ||||||
22,000 | Sojitz Corp. | 69,673 | ||||||
2,900 | Soken Chemical & Engineering Co. Ltd. | 33,085 | ||||||
3,000 | Solasto Corp. | 34,448 | ||||||
15,900 | Soliton Systems KK | 144,144 | ||||||
1,400 | Sotetsu Holdings, Inc. | 37,441 | ||||||
5,800 | Sourcenext Corp. | 26,210 | ||||||
7,200 | Sparx Group Co. Ltd. | 17,868 | ||||||
700 | SPK Corp. | 18,364 | ||||||
2,000 | S-Pool, Inc. | 12,149 | ||||||
1,400 | Square Enix Holdings Co. Ltd. | 66,636 | ||||||
400 | SRA Holdings, Inc. | 9,749 | ||||||
5,800 | ST Corp. | 88,619 | ||||||
80,200 | St. Marc Holdings Co. Ltd. | 1,795,013 | ||||||
500 | Star Mica Holdings Co. Ltd. | 9,103 | ||||||
2,300 | Star Micronics Co. Ltd. | 35,568 | ||||||
8,200 | Starts Corp., Inc. | 212,536 | ||||||
900 | Starzen Co. Ltd. | 38,087 | ||||||
2,200 | St-Care Holding Corp. | 10,695 | ||||||
200 | Strike Co. Ltd. | 7,232 | ||||||
48,800 | Studio Alice Co. Ltd. | 876,222 | ||||||
1,600 | Sugi Holdings Co. Ltd. | 89,342 | ||||||
2,700 | Sugimoto & Co. Ltd. | 50,855 | ||||||
12,400 | SUMCO Corp. | 209,097 | ||||||
4,100 | Sumida Corp. | 46,281 | ||||||
4,100 | Suminoe Textile Co. Ltd. | 113,748 | ||||||
1,900 | Sumitomo Bakelite Co. Ltd. | 79,966 | ||||||
4,000 | Sumitomo Densetsu Co. Ltd. | 84,045 | ||||||
44,800 | Sumitomo Forestry Co. Ltd. | 655,883 | ||||||
11,300 | Sumitomo Heavy Industries Ltd. | 355,250 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
17,200 | Sumitomo Mitsui Construction Co. Ltd. | $ | 98,431 | |||||
6,500 | Sumitomo Osaka Cement Co. Ltd. | 286,508 | ||||||
700 | Sumitomo Precision Products Co. Ltd.(a) | 22,979 | ||||||
10,600 | Sumitomo Riko Co. Ltd. | 93,053 | ||||||
42,203 | Sumitomo Rubber Industries Ltd. | 563,931 | ||||||
1,400 | Sumitomo Seika Chemicals Co. Ltd. | 44,921 | ||||||
14,800 | Sun Frontier Fudousan Co. Ltd. | 181,317 | ||||||
5,400 | Suncall Corp. | 24,402 | ||||||
5,200 | Sundrug Co. Ltd. | 173,109 | ||||||
56,300 | Sushiro Global Holdings Ltd. | 3,873,590 | ||||||
81,900 | Suzuken Co. Ltd. | 4,398,741 | ||||||
4,700 | Suzuki Co. Ltd. | 34,339 | ||||||
8,500 | SWCC Showa Holdings Co. Ltd. | 74,461 | ||||||
6,000 | System Research Co. Ltd. | 109,399 | ||||||
253,900 | Systena Corp. | 3,672,486 | ||||||
1,100 | Syuppin Co. Ltd. | 9,595 | ||||||
3,800 | T&K Toka Co. Ltd. | 36,596 | ||||||
1,700 | T. Hasegawa Co. Ltd. | 31,941 | ||||||
1,740 | Tachibana Eletech Co. Ltd. | 29,325 | ||||||
1,800 | Tachikawa Corp. | 23,736 | ||||||
5,800 | Tachi-S Co. Ltd. | 77,985 | ||||||
2,600 | Tadano Ltd. | 23,836 | ||||||
1,800 | Taihei Dengyo Kaisha Ltd. | 42,771 | ||||||
14,000 | Taiheiyo Cement Corp. | 399,296 | ||||||
9,300 | Taiho Kogyo Co. Ltd. | 74,751 | ||||||
38,900 | Taikisha Ltd. | 1,269,770 | ||||||
5,000 | Taiko Pharmaceutical Co. Ltd. | 134,086 | ||||||
300 | Taisei Lamick Co., Ltd. | 8,181 | ||||||
1,300 | Taiyo Holdings Co. Ltd. | 47,551 | ||||||
5,800 | Taiyo Yuden Co. Ltd. | 155,809 | ||||||
1,100 | Takamatsu Construction Group Co. Ltd. | 26,596 | ||||||
3,500 | Takamatsu Machinery Co. Ltd. | 28,197 | ||||||
3,000 | Takamiya Co. Ltd. | 19,585 | ||||||
359 | Takano Co. Ltd. | 2,693 | ||||||
1,700 | Takaoka Toko Co. Ltd. | 19,394 | ||||||
1,900 | Takara Bio, Inc. | 38,918 | ||||||
9,100 | Takara Leben Co. Ltd. | 38,931 | ||||||
2,100 | Takara Standard Co. Ltd. | 37,123 | ||||||
13,100 | Takasago International Corp. | 330,927 | ||||||
78,088 | Takasago Thermal Engineering Co. Ltd. | 1,423,069 | ||||||
1,300 | Takashima & Co. Ltd. | 20,970 | ||||||
6,800 | Takashimaya Co. Ltd. | 79,467 | ||||||
2,800 | Take And Give Needs Co. Ltd. | 32,773 | ||||||
2,000 | Takebishi Corp. | 26,558 | ||||||
15,600 | Takeei Corp. | 182,306 | ||||||
3,900 | Takeuchi Manufacturing Co. Ltd. | 61,792 | ||||||
700 | Takihyo Co. Ltd. | 12,322 | ||||||
1,700 | Takisawa Machine Tool Co. Ltd. | 21,252 |
37 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
46,700 | Takuma Co. Ltd. | $ | 559,587 | |||||
145,400 | Tama Home Co. Ltd. | 2,550,121 | ||||||
126,000 | Tamron Co. Ltd. | 2,778,091 | ||||||
5,500 | Tamura Corp. | 31,934 | ||||||
1,500 | Tanabe Engineering Corp. | 10,751 | ||||||
106,400 | Tanseisha Co. Ltd. | 1,127,156 | ||||||
12,700 | Tatsuta Electric Wire and Cable Co. Ltd. | 70,209 | ||||||
5,600 | Tayca Corp. | 111,492 | ||||||
10,700 | TBK Co. Ltd. | 44,984 | ||||||
32,000 | TDC Soft, Inc. | 266,395 | ||||||
73,800 | TechMatrix Corp. | 1,664,071 | ||||||
1,000 | Techno Medica Co. Ltd. | 20,872 | ||||||
1,500 | TechnoPro Holdings, Inc. | 93,342 | ||||||
27,000 | Teijin Ltd. | 545,551 | ||||||
18,600 | Teikoku Electric Manufacturing Co. Ltd. | 218,570 | ||||||
1,100 | Tekken Corp. | 29,682 | ||||||
34,837 | T-Gaia Corp. | 845,198 | ||||||
12,800 | THK Co. Ltd. | 373,961 | ||||||
3,800 | Tigers Polymer Corp. | 22,204 | ||||||
102,800 | TIS, Inc. | 6,254,246 | ||||||
700 | TKC Corp. | 29,656 | ||||||
11,600 | Toa Corp. | 134,164 | ||||||
1,700 | Toa Corp. | 23,078 | ||||||
3,500 | Toa Oil Co. Ltd. | 80,572 | ||||||
5,000 | Toa Road Corp. | 166,682 | ||||||
3,710 | Tobishima Corp. | 50,158 | ||||||
52,200 | TOC Co. Ltd. | 381,385 | ||||||
3,100 | Tocalo Co. Ltd. | 30,945 | ||||||
61,565 | Tochigi Bank Ltd. (The) | 130,553 | ||||||
11,700 | Toda Corp. | 73,890 | ||||||
18,300 | Toei Animation Co. Ltd. | 855,774 | ||||||
200 | Toei Co. Ltd. | 27,799 | ||||||
1,700 | Toenec Corp. | 55,570 | ||||||
163,500 | Toho Bank Ltd. (The) | 404,246 | ||||||
60,300 | Toho Co. Ltd. | 2,440,143 | ||||||
2,200 | Toho Co. Ltd. | 35,672 | ||||||
67,164 | Toho Gas Co. Ltd. | 2,627,724 | ||||||
110,600 | Toho Holdings Co. Ltd. | 2,825,682 | ||||||
2,100 | Toho Titanium Co. Ltd. | 17,502 | ||||||
1,600 | Toho Zinc Co. Ltd. | 32,847 | ||||||
4,300 | Tohoku Bank Ltd. (The) | 39,938 | ||||||
10,000 | Tokai Carbon Co. Ltd. | 102,232 | ||||||
1,500 | Tokai Corp. | 35,184 | ||||||
34,000 | TOKAI Holdings Corp. | 335,939 | ||||||
1,200 | Tokai Lease Co. Ltd. | 18,268 | ||||||
33,100 | Tokai Rika Co. Ltd. | 646,736 | ||||||
12,500 | Tokai Tokyo Financial Holdings, Inc. | 32,873 | ||||||
800 | Token Corp. | 51,560 | ||||||
484 | Tokushu Tokai Paper Co. Ltd. | 18,309 | ||||||
3,800 | Tokuyama Corp. | 102,645 | ||||||
2,800 | Tokyo Century Corp. | 130,679 | ||||||
4,900 | Tokyo Dome Corp. | 43,378 | ||||||
5,823 | Tokyo Electron Device Ltd. | 112,049 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
4,000 | Tokyo Energy & Systems, Inc. | $ | 37,596 | |||||
2,800 | Tokyo Keiki, Inc. | 24,762 | ||||||
1,700 | Tokyo Kiraboshi Financial Group, Inc. | 24,212 | ||||||
1,100 | Tokyo Ohka Kogyo Co. Ltd. | 44,004 | ||||||
3,700 | Tokyo Rope Manufacturing Co. Ltd. | 39,505 | ||||||
39,931 | Tokyo Sangyo Co. Ltd. | 209,287 | ||||||
27,700 | Tokyo Seimitsu Co. Ltd. | 900,333 | ||||||
3,400 | Tokyo Steel Manufacturing Co. Ltd. | 27,549 | ||||||
55,500 | Tokyo Tatemono Co. Ltd. | 796,088 | ||||||
15,100 | Tokyo Tekko Co. Ltd. | 222,186 | ||||||
1,000 | Tokyotokeiba Co. Ltd. | 31,577 | ||||||
173,128 | Tokyu Construction Co. Ltd. | 1,385,152 | ||||||
99 | Tokyu REIT, Inc. REIT | 190,684 | ||||||
21,300 | Toli Corp. | 57,791 | ||||||
1,400 | Tomato Bank Ltd. | 13,859 | ||||||
1,100 | Tomen Devices Corp. | 26,942 | ||||||
2,900 | Tomoe Corp. | 11,359 | ||||||
3,800 | Tomoe Engineering Co. Ltd. | 83,045 | ||||||
7,300 | Tomoku Co. Ltd. | 117,621 | ||||||
211,400 | TOMONY Holdings, Inc. | 743,884 | ||||||
244,290 | Tomy Co. Ltd. | 2,669,342 | ||||||
2,300 | Tonami Holdings Co. Ltd. | 106,491 | ||||||
4,300 | Topcon Corp. | 59,967 | ||||||
99,400 | Toppan Forms Co. Ltd. | 1,001,456 | ||||||
6,000 | Topre Corp. | 105,232 | ||||||
2,500 | Topy Industries Ltd. | 51,486 | ||||||
1,500 | Torex Semiconductor Ltd. | 20,196 | ||||||
1,400 | Toridoll Holdings Corp. | 32,177 | ||||||
500 | Torikizoku Co. Ltd. | 9,269 | ||||||
3,900 | Torishima Pump Manufacturing Co. Ltd. | 37,451 | ||||||
67,600 | Tosei Corp. | 858,224 | ||||||
600 | Toshiba Machine Co. Ltd. | 13,562 | ||||||
1,500 | Toshiba Plant Systems & Services Corp. | 29,475 | ||||||
59,200 | Toshiba TEC Corp. | 2,154,422 | ||||||
1,300 | Tosho Co. Ltd. | 26,689 | ||||||
700 | Totech Corp. | 15,330 | ||||||
1,100 | Totetsu Kogyo Co. Ltd. | 34,582 | ||||||
1,300 | Totoku Electric Co. Ltd. | 26,352 | ||||||
20,500 | Towa Bank Ltd. (The) | 175,595 | ||||||
142,400 | Towa Pharmaceutical Co. Ltd. | 3,676,370 | ||||||
210,200 | Toyo Construction Co. Ltd. | 992,703 | ||||||
2,400 | Toyo Denki Seizo KK | 34,892 | ||||||
3,800 | Toyo Engineering Corp.(a) | 24,421 | ||||||
3,200 | Toyo Ink SC Holdings Co. Ltd. | 78,852 | ||||||
9,900 | Toyo Machinery & Metal Co. Ltd. | 53,630 | ||||||
16,000 | Toyo Securities Co. Ltd. | 25,631 | ||||||
7,900 | Toyo Seikan Group Holdings Ltd. | 126,339 | ||||||
5,800 | Toyo Tanso Co. Ltd. | 138,676 | ||||||
13,200 | Toyo Tire Corp. | 185,917 |
38 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,000 | Toyo Wharf & Warehouse Co. Ltd. | $ | 26,317 | |||||
17,700 | Toyobo Co. Ltd. | 241,103 | ||||||
12,700 | Toyoda Gosei Co. Ltd. | 300,595 | ||||||
14,500 | Toyota Boshoku Corp. | 215,506 | ||||||
4,700 | TPR Co. Ltd. | 85,217 | ||||||
400 | Trancom Co. Ltd. | 26,521 | ||||||
68,700 | Transcosmos, Inc. | 1,735,472 | ||||||
9,100 | Treasure Factory Co. Ltd. | 99,856 | ||||||
1,900 | Trusco Nakayama Corp. | 46,308 | ||||||
6,600 | TS Tech Co. Ltd. | 214,520 | ||||||
1,900 | Tsubaki Nakashima Co. Ltd. | 32,672 | ||||||
32,400 | Tsubakimoto Chain Co. | 1,119,104 | ||||||
1,900 | Tsubakimoto Kogyo Co. Ltd. | 78,382 | ||||||
700 | Tsudakoma Corp. | 8,141 | ||||||
1,800 | Tsugami Corp. | 16,902 | ||||||
32,800 | Tsukada Global Holdings, Inc. | 184,669 | ||||||
900 | Tsukishima Kikai Co. Ltd. | 14,001 | ||||||
11,033 | Tsukuba Bank Ltd. | 22,170 | ||||||
7,700 | Tsukui Corp. | 31,944 | ||||||
3,200 | Tsumura & Co. | 88,838 | ||||||
1,200 | Tsurumi Manufacturing Co. Ltd. | 23,847 | ||||||
7,284 | UACJ Corp. | 135,104 | ||||||
22,480 | Ube Industries Ltd. | 487,528 | ||||||
2,000 | Uchida Yoko Co. Ltd. | 78,989 | ||||||
600 | Ueki Corp. | 14,624 | ||||||
17,700 | ULS Group, Inc. | 482,370 | ||||||
7,600 | Ulvac, Inc. | 336,402 | ||||||
600 | Umenohana Co. Ltd.(a) | 14,062 | ||||||
300 | Uniden Holdings Corp. | 5,484 | ||||||
2,200 | UNIMAT Retirement Community Co. Ltd. | 32,005 | ||||||
600 | Union Tool Co. | 19,280 | ||||||
8,400 | Unipres Corp. | 138,846 | ||||||
73,800 | United Arrows Ltd. | 2,265,460 | ||||||
114,000 | United Super Markets Holdings, Inc. | 1,030,318 | ||||||
4,800 | Unitika Ltd.(a) | 15,068 | ||||||
1,100 | Universal Entertainment Corp. | 36,976 | ||||||
1,100 | Unizo Holdings Co. Ltd. | 50,880 | ||||||
4,000 | Urbanet Corp. Co. Ltd. | 15,150 | ||||||
12,600 | Ushio, Inc. | 189,834 | ||||||
1,100 | UT Group Co. Ltd. | 27,747 | ||||||
8,800 | Utoc Corp. | 45,634 | ||||||
1,300 | V Technology Co. Ltd. | 78,248 | ||||||
5,900 | Valor Holdings Co. Ltd. | 101,293 | ||||||
1,700 | Valqua Ltd. | 38,254 | ||||||
24,000 | ValueCommerce Co. Ltd. | 371,812 | ||||||
2,200 | Vector, Inc.(a) | 20,820 | ||||||
1,200 | Vision, Inc./Tokyo Japan(a) | 17,713 | ||||||
92,900 | Vital KSK Holdings, Inc. | 953,173 | ||||||
54,400 | VT Holdings Co. Ltd. | 244,823 | ||||||
1,800 | Wacoal Holdings Corp. | 47,738 | ||||||
19,200 | Wakachiku Construction Co. Ltd. | 292,827 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
2,200 | Warabeya Nichiyo Holdings Co. Ltd. | $ | 38,830 | |||||
8,400 | Waseda Academy Co. Ltd. | 68,762 | ||||||
300 | Watahan & Co. Ltd. | 5,734 | ||||||
28,000 | WATAMI Co. Ltd. | 366,886 | ||||||
7,100 | Watts Co. Ltd. | 40,369 | ||||||
2,800 | Wavelock Holdings Co. Ltd. | 22,947 | ||||||
900 | WDB Holdings Co. Ltd. | 23,152 | ||||||
1,400 | Weathernews, Inc. | 44,273 | ||||||
1,400 | Weds Co. Ltd. | 7,714 | ||||||
27,400 | West Holdings Corp. | 405,964 | ||||||
8,700 | Will Group, Inc. | 80,644 | ||||||
1,100 | WIN-Partners Co. Ltd. | 14,485 | ||||||
1,500 | World Co. Ltd. | 34,850 | ||||||
31,200 | World Holdings Co. Ltd. | 526,404 | ||||||
1,900 | Wowow, Inc. | 45,886 | ||||||
6,800 | Xebio Holdings Co. Ltd. | 76,633 | ||||||
4,000 | Yachiyo Industry Co. Ltd. | 24,150 | ||||||
6,000 | Yahagi Construction Co. Ltd. | 42,837 | ||||||
1,000 | YAKUODO Holdings Co. Ltd. | 24,271 | ||||||
40,200 | YAMABIKO Corp. | 460,109 | ||||||
900 | YAMADA Consulting Group Co. Ltd. | 16,293 | ||||||
2,800 | Yamagata Bank Ltd. (The) | 39,904 | ||||||
73,600 | Yamaguchi Financial Group, Inc. | 522,745 | ||||||
3,900 | Yamaha Motor Robotics Holdings Co. Ltd.(a) | 21,921 | ||||||
3,100 | YA-MAN Ltd. | 20,267 | ||||||
28,000 | Yamanashi Chuo Bank Ltd. (The) | 281,841 | ||||||
2,300 | Yamatane Corp. | 30,180 | ||||||
12,500 | Yamaya Corp. | 243,773 | ||||||
4,800 | Yamazaki Baking Co. Ltd. | 82,052 | ||||||
900 | Yamazawa Co. Ltd. | 13,810 | ||||||
8,200 | Yamazen Corp. | 76,540 | ||||||
1,200 | Yaoko Co. Ltd. | 56,227 | ||||||
700 | Yashima Denki Co. Ltd. | 5,763 | ||||||
1,400 | Yasunaga Corp. | 17,852 | ||||||
51,100 | Yellow Hat Ltd. | 839,443 | ||||||
4,600 | Yokogawa Bridge Holdings Corp. | 85,108 | ||||||
6,200 | Yokohama Reito Co. Ltd. | 61,891 | ||||||
20,900 | Yokohama Rubber Co. Ltd. (The) | 471,648 | ||||||
3,500 | Yokowo Co. Ltd. | 101,607 | ||||||
400 | Yomiuri Land Co. Ltd. | 17,187 | ||||||
600 | Yondoshi Holdings, Inc. | 14,712 | ||||||
9,000 | Yorozu Corp. | 115,844 | ||||||
700 | Yoshinoya Holdings Co. Ltd. | 16,309 | ||||||
17,000 | Yossix Co. Ltd. | 473,840 | ||||||
3,600 | Yotai Refractories Co. Ltd. | 24,336 | ||||||
3,700 | Yuasa Trading Co. Ltd. | 115,636 | ||||||
1,700 | Yuken Kogyo Co. Ltd. | 27,092 | ||||||
1,100 | Yume No Machi Souzou Iinkai Co. Ltd. | 10,176 |
39 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
JAPAN (continued) | ||||||||
4,700 | Yumeshin Holdings Co. Ltd. | $ | 41,999 | |||||
56,600 | Yurtec Corp. | 352,210 | ||||||
900 | Yushiro Chemical Industry Co. Ltd. | 11,901 | ||||||
1,500 | Zenrin Co. Ltd. | 27,350 | ||||||
3,500 | Zensho Holdings Co. Ltd. | 74,317 | ||||||
20,900 | Zeon Corp. | 240,566 | ||||||
45,600 | ZERIA Pharmaceutical Co. Ltd. | 865,636 | ||||||
3,700 | ZIGExN Co. Ltd. | 19,975 | ||||||
4,000 | Zojirushi Corp. | 61,932 | ||||||
129,400 | ZOZO, Inc. | 3,032,794 | ||||||
505,717,469 | ||||||||
JERSEY CHANNEL ISLANDS — 0.3% | ||||||||
48,718 | Centamin Plc | 73,236 | ||||||
274,987 | Novocure Ltd.(a) | 19,700,069 | ||||||
225 | Sanne Group Plc | 1,539 | ||||||
19,774,844 | ||||||||
JORDAN — 0.0% | ||||||||
3,419 | Hikma Pharmaceuticals Plc | 89,019 | ||||||
LIECHTENSTEIN — 0.0% | ||||||||
750 | Liechtensteinische Landesbank AG | 49,493 | ||||||
269 | VP Bank AG | 41,993 | ||||||
91,486 | ||||||||
LUXEMBOURG — 0.0% | ||||||||
4,299 | APERAM SA | 109,606 | ||||||
1,967 | Corestate Capital Holding SA | 73,273 | ||||||
455 | Eurofins Scientific SE | 230,489 | ||||||
2,321 | IVS Group SA | 25,161 | ||||||
10,000 | L’Occitane International SA | 22,537 | ||||||
1,946 | RTL Group SA(a) | 98,882 | ||||||
319 | RTL Group SA | 16,209 | ||||||
38,208 | SES SA | 740,194 | ||||||
2,210 | Stabilus SA | 124,350 | ||||||
503 | Sword Group | 17,166 | ||||||
1,457,867 | ||||||||
MACAU — 0.0% | ||||||||
16,400 | MGM China Holdings Ltd. | 26,078 | ||||||
MALAYSIA — 0.1% | ||||||||
75,100 | Aeon Co. (M) Berhad | 29,835 | ||||||
9,450 | AEON Credit Service M Berhad | 34,602 | ||||||
300,306 | Affin Bank Berhad | 139,427 | ||||||
189,600 | AirAsia Group Berhad | 86,667 | ||||||
78,500 | Alliance Bank Malaysia Berhad | 54,106 | ||||||
156,300 | AMMB Holdings Berhad | 149,249 | ||||||
20,100 | Amway Malaysia Holdings Berhad | 27,756 | ||||||
27,700 | Ann Joo Resources Berhad | 7,425 | ||||||
28,900 | APM Automotive Holdings Berhad | 14,109 | ||||||
33,000 | Astro Malaysia Holdings Berhad | 10,662 |
Shares | Value | |||||||
MALAYSIA (continued) | ||||||||
32,700 | Batu Kawan Berhad | $ | 122,082 | |||||
23,600 | Berjaya Sports Toto Berhad | 14,967 | ||||||
45,700 | Bermaz Auto Berhad | 24,936 | ||||||
64,200 | BIMB Holdings Berhad | 65,299 | ||||||
250,707 | Boustead Holdings Berhad | 59,999 | ||||||
83,160 | Boustead Plantation Berhad | 12,041 | ||||||
3,100 | British American Tobacco Malaysia Berhad | 13,962 | ||||||
234,600 | Bumi Armada Berhad(a) | 25,265 | ||||||
19,850 | Bursa Malaysia Berhad | 28,741 | ||||||
25,500 | Cahya Mata Sarawak Berhad | 14,768 | ||||||
9,100 | Carlsberg Brewery-Malaysia Berhad | 60,413 | ||||||
65,900 | Dayang Enterprise Holdings Berhad(a) | 30,754 | ||||||
83,300 | DRB-Hicom Berhad | 50,437 | ||||||
2,300 | Dutch Lady Milk Industries Berhad | 31,969 | ||||||
184,797 | Eastern & Oriental Berhad | 28,747 | ||||||
127,900 | Eco World Development Group Berhad(a) | 19,896 | ||||||
173,400 | Felda Global Ventures Holdings Berhad(a) | 45,648 | ||||||
5,200 | Fraser & Neave Holdings Berhad | 43,034 | ||||||
84,500 | Gamuda Berhad | 75,632 | ||||||
4,200 | Genting Plantations Berhad | 9,991 | ||||||
54,366 | Globetronics Technology Berhad | 26,933 | ||||||
93,500 | Hap Seng Plantations Holdings Berhad | 32,670 | ||||||
18,600 | Hartalega Holdings Berhad | 23,414 | ||||||
14,200 | Heineken Malaysia Berhad | 86,862 | ||||||
22,300 | Hengyuan Refining Co Berhad(a) | 22,842 | ||||||
126,300 | Hiap Teck Venture Berhad | 6,045 | ||||||
24,700 | Hong Leong Industries Berhad | 63,841 | ||||||
27,798 | IGB Berhad | 18,228 | ||||||
131,780 | IJM Corp. Berhad | 67,806 | ||||||
36,700 | IJM Plantations Berhad | 13,394 | ||||||
139,031 | Inari Amertron Berhad | 65,548 | ||||||
131,300 | IOI Properties Group Berhad | 32,680 | ||||||
94,700 | Iskandar Waterfront City Berhad(a) | 19,604 | ||||||
71,600 | JAKS Resources Berhad(a) | 18,163 | ||||||
37,100 | Kerjaya Prospek Group Berhad | 11,809 | ||||||
34,300 | Kossan Rubber Industries | 34,066 | ||||||
125,600 | KPJ Healthcare Berhad | 27,654 | ||||||
142,174 | KSL Holdings Berhad(a) | 26,199 | ||||||
155,800 | Landmarks Berhad(a) | 17,524 | ||||||
53,360 | LBS Bina Group Berhad | 6,321 | ||||||
42,600 | Lingkaran Trans Kota Holdings Berhad | 46,999 | ||||||
12,000 | Lotte Chemical Titan Holding Bhd | 7,122 | ||||||
16,920 | LPI Capital Berhad | 61,873 | ||||||
32,273 | Lynas Corp. Ltd.(a) | 55,174 |
40 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
MALAYSIA (continued) | ||||||||
42,400 | Magni-Tech Industries Berhad | $ | 25,774 | |||||
25,900 | Magnum Berhad | 17,356 | ||||||
157,873 | Mah Sing Group Berhad | 28,714 | ||||||
48,523 | Malaysia Airports Holdings Berhad | 91,971 | ||||||
208,427 | Malaysia Building Society Berhad | 43,646 | ||||||
7,400 | Malaysian Pacific Industries Berhad | 18,949 | ||||||
123,500 | Malaysian Resources Corp. Berhad | 21,871 | ||||||
71,500 | Matrix Concepts Holdings Berhad | 32,341 | ||||||
36,900 | Mega First Corp. Berhad | 39,033 | ||||||
149,600 | MMC Corp. Berhad | 36,160 | ||||||
63,200 | Muhibbah Engineering M Berhad | 36,149 | ||||||
72,300 | My EG Services Berhad | 19,725 | ||||||
33,800 | Padini Holdings Berhad | 29,687 | ||||||
2,600 | Panasonic Manufacturing Malaysia Berhad | 23,446 | ||||||
63,420 | Paramount Corp. Berhad | 19,124 | ||||||
11,000 | Petron Malaysia Refining & Marketing Berhad | 13,321 | ||||||
19,780 | QL Resources Berhad | 34,462 | ||||||
493,500 | Sapura Energy Berhad | 31,298 | ||||||
64,857 | Sarawak Oil Palms Berhad | 36,476 | ||||||
16,600 | Scientex Berhad | 36,549 | ||||||
26,900 | Serba Dinamik Holdings Berhad | 26,845 | ||||||
42,000 | Shangri-La Hotels (Malaysia) Berhad | 50,257 | ||||||
111,600 | Sime Darby Berhad | 60,628 | ||||||
77,800 | Sime Darby Property Berhad | 13,499 | ||||||
30,400 | SKP Resources Berhad | 9,094 | ||||||
76,530 | Sunway Berhad | 31,136 | ||||||
67,866 | Sunway Construction Group Berhad | 31,671 | ||||||
51,000 | Supermax Corp. Berhad | 17,942 | ||||||
35,000 | Syarikat Takaful Malaysia Keluarga Berhad | 52,686 | ||||||
22,700 | Ta Ann Holdings Berhad | 12,984 | ||||||
269,700 | TA Enterprise Berhad | 39,372 | ||||||
195,360 | TA Global Berhad | 10,987 | ||||||
66,900 | Tan Chong Motor Holdings Berhad | 21,454 | ||||||
36,900 | Telekom Malaysia Berhad | 33,204 | ||||||
18,360 | TIME dotCom Berhad | 40,117 | ||||||
39,740 | Top Glove Corp. Berhad | 41,371 | ||||||
43,600 | TSH Resources Berhad | 9,391 | ||||||
14,700 | Uchi Technologies Berhad | 9,710 | ||||||
19,600 | UEM Edgenta Berhad | 14,963 | ||||||
18,900 | UMW Holdings Berhad | 20,038 | ||||||
23,700 | United Malacca Berhad | 28,927 | ||||||
20,800 | United Plantations Berhad | 124,148 | ||||||
207,100 | UOA Development Berhad | 99,126 | ||||||
6,200 | ViTrox Corp. Bhd | 11,470 |
Shares | Value | |||||||
MALAYSIA (continued) | ||||||||
78,875 | VS Industry Berhad | $ | 26,427 | |||||
55,000 | Wah Seong Corp. Berhad(a) | 14,611 | ||||||
42,100 | Westports Holdings Berhad | 43,123 | ||||||
38,200 | Yinson Holdings Berhad | 63,171 | ||||||
43,272 | YNH Property Berhad(a) | 26,718 | ||||||
312,726 | YTL Corp. Berhad | 65,112 | ||||||
3,811,424 | ||||||||
MALTA — 0.0% | ||||||||
14,841 | Kindred Group Plc - SDR | 107,530 | ||||||
MEXICO — 0.1% | ||||||||
10,989 | ALEATICA SAB de CV | 11,425 | ||||||
351,126 | Alfa SAB de CV - Series A | 305,557 | ||||||
50,138 | Alpek SAB de CV | 54,187 | ||||||
15,767 | Alsea SAB de CV(a) | 41,966 | ||||||
132,449 | Axtel SAB de CV - CPO Units(a) | 19,899 | ||||||
46,358 | Banco del Bajio SA | 74,900 | ||||||
14,700 | Becle SAB de CV | 25,317 | ||||||
14,637 | Bolsa Mexicana de Valores SAB de CV | 32,041 | ||||||
582,001 | Cemex SAB de CV - CPO - Units | 218,744 | ||||||
82,556 | Consorcio ARA SAB de CV - Series B | 15,493 | ||||||
20,365 | Controladora Vuela Cia de Aviacion SAB de CV - Class A(a) | 22,041 | ||||||
15,500 | Corp Inmobiliaria Vesta SAB de CV | 26,099 | ||||||
25,361 | Corp. Actinver SAB de CV | 15,326 | ||||||
47,638 | Corp. Interamericana de Entretenimiento SAB de CV - Series B(a) | 36,032 | ||||||
24,022 | Corp. Moctezuma SAB de CV | 70,562 | ||||||
1,260 | Corporativo Fragua SAB de CV | 15,065 | ||||||
35,363 | Credito Real SAB de CV SOFOM ER | 43,789 | ||||||
42,295 | Fibra Uno Administracion SA de CV REIT | 64,290 | ||||||
15,240 | Fresnillo Plc | 140,162 | ||||||
39,113 | Genomma Lab Internacional SAB de CV - Class B(a) | 41,377 | ||||||
25,002 | Gentera SAB de CV | 24,695 | ||||||
5,782 | Gruma SAB de CV - Series B | 60,503 | ||||||
30,292 | Grupo Aeromexico SAB de CV(a) | 23,479 | ||||||
11,618 | Grupo Aeroportuario del Centro Norte SAB de CV | 80,622 | ||||||
13,171 | Grupo Aeroportuario del Pacifico SAB de CV - Series B | 138,054 | ||||||
5,517 | Grupo Aeroportuario del Sureste SAB de CV - Series B | 90,342 | ||||||
51,513 | Grupo Cementos de Chihuahua SAB de CV | 286,828 |
41 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
MEXICO (continued) | ||||||||
23,503 | Grupo Comercial Chedraui SA de CV | $ | 32,903 | |||||
45,428 | Grupo Famsa SAB de CV - Class A(a) | 12,775 | ||||||
22,346 | Grupo Herdez SAB de CV - Series A | 45,525 | ||||||
6,880 | Grupo Industrial Saltillo SAB de CV | 8,577 | ||||||
17,079 | Grupo KUO SAB De CV - Series B | 44,170 | ||||||
9,061 | Grupo Rotoplas SAB de CV | 8,483 | ||||||
19,200 | Grupo Sanborns SAB de CV | 22,956 | ||||||
8,920 | Grupo Simec SAB de CV - Series B(a) | 28,054 | ||||||
37,388 | Hoteles City Express SAB de CV(a) | 32,167 | ||||||
256,075 | Impulsora del Desarrollo y el Empleo en America Latina SAB de CV(a) | 287,671 | ||||||
5,874 | Industrias Bachoco SAB de CV - Series B | 26,407 | ||||||
131,489 | Industrias CH SAB de CV - Series B(a) | 567,064 | ||||||
8,343 | Industrias Penoles SAB de CV | 99,362 | ||||||
45,760 | Kimberly-Clark de Mexico SAB de CV - Class A | 91,941 | ||||||
36,269 | La Comer SAB de CV(a) | 49,040 | ||||||
19,599 | Macquarie Mexico Real Estate Management SA de CV REIT | 27,814 | ||||||
90 | Medica Sur SAB de CV - Series B | 101 | ||||||
29,272 | Megacable Holdings SAB de CV - CPO Shares | 120,168 | ||||||
118,273 | Nemak SAB de CV | 50,417 | ||||||
81,014 | Orbia Advance Corp. SAB de CV | 175,366 | ||||||
11,623 | Organizacion Cultiba SAB de CV | 7,090 | ||||||
84,289 | Organizacion Soriana SAB de CV - Series B | 108,491 | ||||||
8,733 | Promotora y Operadora de Infraestructura SAB de CV | 80,731 | ||||||
1,100 | Promotora y Operadora de Infraestructura SAB de CV - Series L | 7,091 | ||||||
8,043 | Qualitas Controladora SAB de CV - Class I | 34,783 | ||||||
49,541 | Regional SAB de CV | 263,769 | ||||||
21,201 | Telesites SAB de CV(a) | 13,766 | ||||||
11,663 | Unifin Financiera SAB de CV | 19,826 | ||||||
4,245,303 | ||||||||
MONACO — 0.0% | ||||||||
1,900 | Endeavour Mining Corp.(a) | 34,405 | ||||||
MONGOLIA — 0.0% | ||||||||
71,450 | Mongolian Mining Corp.(a) | 6,656 |
Shares | Value | |||||||
NETHERLANDS — 0.6% | ||||||||
4,578 | Aalberts NV | $ | 184,117 | |||||
22,187 | Accell Group NV | 550,580 | ||||||
106,961 | Aegon NV | 462,382 | ||||||
10,937 | Altice Europe NV(a) | 62,454 | ||||||
483 | AMG Advanced Metallurgical Group NV | 11,857 | ||||||
4,302 | Amsterdam Commodities NV | 92,698 | ||||||
6,735 | Arcadis NV | 132,954 | ||||||
130,048 | ASM International NV | 13,062,527 | ||||||
334,870 | ASR Nederland NV | 12,253,892 | ||||||
1,337 | Basic-Fit NV(a) | 40,858 | ||||||
30,610 | BE Semiconductor Industries NV | 1,131,036 | ||||||
7,881 | Boskalis Westminster | 172,981 | ||||||
0 | Brack Capital Properties NV(a) | 21 | ||||||
1,066 | Brunel International NV | 9,844 | ||||||
7,289 | Corbion NV | 210,552 | ||||||
2,476 | Euronext NV | 199,517 | ||||||
4,336 | ForFarmers NV | 26,259 | ||||||
4,320 | GrandVision NV | 132,016 | ||||||
157,294 | Heijmans NV - CVA(a) | 1,271,867 | ||||||
1,636 | Hunter Douglas NV | 104,734 | ||||||
1,555 | IMCD Group NV | 121,227 | ||||||
7,159 | Intertrust NV | 136,055 | ||||||
2,222 | Kendrion NV | 47,135 | ||||||
73,053 | Koninklijke Volkerwessels NV | 1,694,701 | ||||||
4,105 | Koninklijke Vopak NV | 225,207 | ||||||
392 | Lucas Bols NV | 6,230 | ||||||
2,218 | Nederland Apparatenfabriek | 118,987 | ||||||
3,778 | NSI NV REIT | 172,547 | ||||||
3,894 | OCI NV(a) | 87,337 | ||||||
24,070 | Ordina NV | 49,019 | ||||||
14,229 | PostNL NV | 32,660 | ||||||
4,544 | QIAGEN NV(a) | 136,378 | ||||||
7,622 | Randstad NV | 421,980 | ||||||
10,338 | SBM Offshore NV | 177,734 | ||||||
455 | Shop Apotheke Europe NV(a) | 19,842 | ||||||
13,317 | Signify NV | 389,728 | ||||||
5,632 | Sligro Food Group NV | 143,215 | ||||||
86,230 | SNS REAAL NV(a),(b) | 0 | ||||||
3,279 | TKH Group NV | 167,713 | ||||||
133,800 | TomTom NV | 1,511,671 | ||||||
4,487 | Van Lanschot Kempen NV | 103,340 | ||||||
10,541 | Vastned Retail NV REIT | 316,246 | ||||||
765,391 | VEON Ltd. - ADR | 1,836,938 | ||||||
38,029,036 | ||||||||
NEW ZEALAND — 0.3% | ||||||||
218,861 | Air New Zealand Ltd. | 396,411 | ||||||
6,753 | CBL Corp. Ltd.(a),(b) | 2,574 | ||||||
86,835 | Chorus Ltd. | 295,351 | ||||||
6,578 | Contact Energy Ltd. | 31,125 | ||||||
15,914 | EBOS Group Ltd. | 251,510 | ||||||
43,171 | Fletcher Building Ltd. | 126,769 | ||||||
6,739 | Freightways Ltd. | 33,269 | ||||||
5,539 | Genesis Energy Ltd. | 11,648 |
42 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
NEW ZEALAND (continued) | ||||||||
3,881 | Hallenstein Glasson Holdings Ltd. | $ | 15,378 | |||||
16,288 | Heartland Group Holdings Ltd. | 17,127 | ||||||
20,946 | Infratil Ltd. | 66,207 | ||||||
61,542 | Kathmandu Holdings Ltd. | 123,897 | ||||||
37,989 | Kiwi Property Group Ltd. | 38,727 | ||||||
12,351 | Mainfreight Ltd. | 318,337 | ||||||
13,684 | Metlifecare Ltd. | 42,288 | ||||||
274,611 | New Zealand Refining Co. Ltd. (The) | 360,936 | ||||||
56,805 | NZME Ltd. | 14,489 | ||||||
78,891 | NZX Ltd. | 65,249 | ||||||
7,349 | PGG Wrightson Ltd. | 11,591 | ||||||
205,771 | Port of Tauranga Ltd. | 882,611 | ||||||
1,119 | Restaurant Brands New Zealand Ltd.(a) | 8,552 | ||||||
15,128 | Sanford Ltd. | 68,865 | ||||||
63,055 | Skellerup Holdings Ltd. | 92,984 | ||||||
115,434 | SKYCITY Entertainment Group Ltd. | 289,381 | ||||||
209,847 | Stride Property Group | 310,795 | ||||||
31,804 | Summerset Group Holdings Ltd. | 134,173 | ||||||
835 | Synlait Milk Ltd.(a) | 5,032 | ||||||
4,776 | Tourism Holdings, Ltd. | 10,871 | ||||||
21,108 | Trustpower Ltd. | 114,222 | ||||||
296,438 | Xero Ltd.(a) | 14,098,093 | ||||||
1,015,419 | Z Energy Ltd. | 3,489,547 | ||||||
21,728,009 | ||||||||
NORWAY — 0.2% | ||||||||
2,298 | AF Gruppen ASA | 44,230 | ||||||
16,316 | Akastor ASA(a) | 18,452 | ||||||
11,928 | American Shipping Co. ASA | 46,565 | ||||||
5,464 | Atea ASA | 69,042 | ||||||
161,979 | Austevoll Seafood ASA | 1,633,678 | ||||||
9,647 | Avance Gas Holding Ltd.(a) | 43,954 | ||||||
5,467 | Axactor SE(a) | 10,582 | ||||||
123,380 | B2Holding ASA | 109,143 | ||||||
7,044 | Bonheur ASA | 139,024 | ||||||
15,816 | Borregaard ASA | 152,121 | ||||||
21,532 | BW Offshore Ltd.(a) | 163,899 | ||||||
2,914 | Data Respons ASA | 11,566 | ||||||
737,209 | DNO ASA | 890,232 | ||||||
2,877 | Entra ASA | 43,048 | ||||||
12,338 | Europris ASA | 33,461 | ||||||
11,761 | Frontline Ltd.(a) | 123,414 | ||||||
5,496 | Grieg Seafood ASA | 67,294 | ||||||
7,112 | Hexagon Composites ASA(a) | 24,052 | ||||||
8,291 | Hoegh LNG Holdings Ltd. | 32,006 | ||||||
8,021 | Itera ASA | 8,024 | ||||||
26,287 | Kongsberg Gruppen ASA | 388,181 | ||||||
27,615 | Kvaerner ASA | 35,014 | ||||||
1,742 | Medistim ASA | 29,361 | ||||||
16,871 | NEL ASA(a) | 14,567 | ||||||
3,874 | Nordic Semiconductor ASA(a) | 22,053 |
Shares | Value | |||||||
NORWAY (continued) | ||||||||
84,375 | Norwegian Finans Holding ASA(a) | $ | 814,743 | |||||
46,133 | Norwegian Property ASA | 66,219 | ||||||
7,346 | Ocean Yield ASA | 41,059 | ||||||
15,636 | Odfjell Drilling Ltd.(a) | 45,227 | ||||||
8,670 | Odfjell SE - Class A(a) | 27,247 | ||||||
15,813 | Olav Thon Eiendomsselskap ASA | 251,050 | ||||||
8,549 | Otello Corp. ASA(a) | 14,316 | ||||||
49,298 | Petroleum Geo-Services ASA(a) | 83,091 | ||||||
2,131 | Protector Forsikring ASA(a) | 10,752 | ||||||
49,441 | Salmar ASA | 2,303,732 | ||||||
6,036 | Sbanken ASA | 42,860 | ||||||
5,320 | Scatec Solar ASA | 59,065 | ||||||
6,581 | Selvaag Bolig ASA | 36,282 | ||||||
5,643 | SpareBank 1 BV | 22,950 | ||||||
17,310 | Sparebank 1 Oestlandet | 167,526 | ||||||
226,120 | SpareBank 1 SR-Bank ASA | 2,409,678 | ||||||
201 | Sparebanken More | 6,885 | ||||||
21,350 | Storebrand ASA | 150,906 | ||||||
10,448 | TGS Nopec Geophysical Co. ASA | 270,625 | ||||||
5,713 | Veidekke ASA | 61,969 | ||||||
11,039,145 | ||||||||
PERU — 0.1% | ||||||||
293,300 | Cia de Minas Buenaventura SAA - ADR | 4,499,222 | ||||||
18,863 | Hochschild Mining Plc | 48,917 | ||||||
4,548,139 | ||||||||
PHILIPPINES — 0.0% | ||||||||
390,200 | Alliance Global Group, Inc. | 88,275 | ||||||
4,047 | Altus San Nicolas Corp.(a),(b) | 413 | ||||||
150,400 | Bloomberry Resorts Corp. | 29,609 | ||||||
27,890 | Cebu Air, Inc. | 50,757 | ||||||
133,952 | China Banking Corp. | 66,521 | ||||||
225,500 | Cosco Capital, Inc. | 30,662 | ||||||
64,000 | D&L Industries, Inc. | 10,758 | ||||||
246,300 | DMCI Holdings, Inc. | 39,849 | ||||||
148,350 | East West Banking Corp.(a) | 36,777 | ||||||
165,200 | Emperador, Inc.(a) | 22,788 | ||||||
44,200 | Filinvest Development Corp. | 11,515 | ||||||
2,062,375 | Filinvest Land, Inc. | 65,027 | ||||||
43,720 | First Philippine Holdings Corp. | 67,977 | ||||||
17,735 | Globe Telecom, Inc. | 637,474 | ||||||
1,869 | GT Capital Holdings, Inc. | 32,927 | ||||||
63,226 | Integrated Micro-Electronics, Inc. | 9,856 | ||||||
24,290 | International Container Terminal Services, Inc. | 56,818 | ||||||
2,770 | Jollibee Foods Corp. | 12,664 | ||||||
657,700 | Lopez Holdings Corp. | 55,861 | ||||||
86,600 | LT Group, Inc. | 22,766 | ||||||
11,600 | Manila Water Co., Inc. | 4,535 | ||||||
33,500 | Megawide Construction Corp.(a) | 11,685 |
43 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
PHILIPPINES (continued) | ||||||||
1,018,696 | Megaworld Corp. | $ | 96,961 | |||||
352,300 | Metro Pacific Investments Corp. | 33,324 | ||||||
47,934 | Metropolitan Bank & Trust Co. | 63,855 | ||||||
139,200 | Petron Corp. | 13,743 | ||||||
152,000 | Philex Mining Corp.(a) | 10,574 | ||||||
49,100 | Phoenix Petroleum Philippines, Inc. | 10,643 | ||||||
19,870 | Pilipinas Shell Petroleum Corp. | 13,313 | ||||||
710 | PLDT, Inc. | 15,391 | ||||||
38,600 | Puregold Price Club, Inc. | 31,073 | ||||||
104,253 | Rizal Commercial Banking Corp. | 52,799 | ||||||
210,207 | Robinsons Land Corp. | 105,425 | ||||||
15,190 | Robinsons Retail Holdings, Inc. | 22,705 | ||||||
13,571 | Security Bank Corp. | 53,273 | ||||||
83,440 | Semirara Mining & Power Corp. | 38,394 | ||||||
6 | Top Frontier Investment Holdings, Inc.(a) | 27 | ||||||
161,290 | Union Bank of Philippines, Inc. | 191,183 | ||||||
583,900 | Vista Land & Lifescapes, Inc. | 88,485 | ||||||
2,206,682 | ||||||||
POLAND — 0.2% | ||||||||
817 | Amica SA | 24,976 | ||||||
348 | Apator SA | 1,931 | ||||||
6,063 | Asseco Poland SA | 81,408 | ||||||
552 | Bank Handlowy w Warszawie SA | 7,368 | ||||||
29,732 | Bank Millennium SA(a) | 47,820 | ||||||
965 | Budimex SA | 33,340 | ||||||
885 | CD Projekt SA | 58,395 | ||||||
2,430 | Ciech SA(a) | 20,607 | ||||||
14,875 | Cyfrowy Polsat SA | 107,845 | ||||||
1,360 | Dino Polska SA(a) | 53,038 | ||||||
28,255 | Enea SA(a) | 62,454 | ||||||
770,847 | Energa SA(a) | 1,240,812 | ||||||
4,391 | Eurocash SA | 25,192 | ||||||
7,502 | Famur SA | 7,108 | ||||||
119 | Grupa Azoty Zaklady Chemiczne Police SA(a) | 417 | ||||||
1,643 | Grupa Kety SA | 132,020 | ||||||
9,826 | Grupa Lotos SA | 245,351 | ||||||
1,298 | Inter Cars SA | 66,078 | ||||||
187,623 | KGHM Polska Miedz SA(a) | 4,107,361 | ||||||
21,659 | LC Corp. SA | 13,889 | ||||||
32 | LPP SA | 68,303 | ||||||
1,552 | Lubelski Wegiel Bogdanka SA | 14,705 | ||||||
506 | mBank SA(a) | 50,565 | ||||||
23,981 | Netia SA(a) | 28,873 | ||||||
151 | Neuca SA | 14,228 | ||||||
17,977 | Orange Polska SA(a) | 29,408 | ||||||
943,371 | PGE Polska Grupa Energetyczna SA(a) | 2,022,224 | ||||||
1,888 | PKP Cargo SA | 11,860 | ||||||
4,554 | Polnord SA(a) | 3,612 |
Shares | Value | |||||||
POLAND (continued) | ||||||||
1,383,131 | Polskie Gornictwo Naftowe i Gazownictwo SA | $ | 1,702,917 | |||||
2,678,235 | Tauron Polska Energia SA(a) | 1,158,735 | ||||||
1,885 | Warsaw Stock Exchange | 19,044 | ||||||
11,461,884 | ||||||||
PORTUGAL — 0.1% | ||||||||
278,815 | Altri SGPS SA | 1,699,409 | ||||||
518,059 | Banco Comercial Portugues SA | 117,292 | ||||||
1,231,589 | Banco Espirito Santo SA(a),(b) | 0 | ||||||
10,031 | Jeronimo Martins SGPS SA | 168,317 | ||||||
16,422 | Mota-Engil SGPS SA | 36,356 | ||||||
18,766 | Navigator Co. SA (The) | 67,645 | ||||||
530,950 | NOS SGPS SA | 3,153,297 | ||||||
20,026 | REN - Redes Energeticas Nacionais SGPS SA | 59,411 | ||||||
6,215 | Semapa - Sociedade de Investimento e Gestao | 85,397 | ||||||
595,964 | Sonae SGPS SA | 600,537 | ||||||
5,987,661 | ||||||||
PUERTO RICO — 0.1% | ||||||||
140,700 | EVERTEC, Inc. | 4,304,013 | ||||||
QATAR — 0.1% | ||||||||
2,655,170 | Barwa Real Estate Co. | 2,494,008 | ||||||
1,830,746 | Doha Bank QPSC | 1,277,148 | ||||||
3,771,156 | ||||||||
ROMANIA — 0.0% | ||||||||
3,908 | NEPI Rockcastle Plc | 34,010 | ||||||
RUSSIA — 0.6% | ||||||||
8,467 | Etalon Group Plc | 15,071 | ||||||
700,030,774 | Federal Grid Co. Unified Energy System PJSC | 2,014,202 | ||||||
3,038,052 | Gazprom PJSC | 12,318,508 | ||||||
1,373,778 | Gazprom PJSC - ADR | 10,995,719 | ||||||
4,316 | Globaltrans Investment Plc | 36,902 | ||||||
9,718 | Highland Gold Mining Ltd. | 25,579 | ||||||
66,570 | Magnit PJSC | 3,355,363 | ||||||
14,884 | Magnitogorsk Iron & Steel Works PJSC | 108,802 | ||||||
2,324 | Mail.Ru Group Ltd.(a) | 49,362 | ||||||
3,185 | Novolipetsk Steel PJSC | 62,299 | ||||||
461,351 | Petropavlovsk Plc(a) | 60,120 | ||||||
1,292 | Ros Agro Plc | 13,799 | ||||||
116,079,399 | ROSSETI PJSC | 2,160,564 | ||||||
311,212,468 | RusHydro PJSC | 2,474,266 | ||||||
17,144 | RusHydro PJSC - ADR | 13,201 | ||||||
5,614 | TMK PJSC | 18,133 | ||||||
2,973,081,703 | VTB Bank PJSC | 1,997,896 | ||||||
156,700 | Yandex NV - Class A(a) | 5,232,213 | ||||||
40,951,999 | ||||||||
SAUDI ARABIA — 0.0% | ||||||||
963,836 | Dar Al Arkan Real Estate Development Co.(a) | 3,094,309 |
44 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SINGAPORE — 0.3% | ||||||||
813,800 | Accordia Golf Trust - Units | $ | 343,956 | |||||
79,900 | Ascendas India Trust - Units | 95,731 | ||||||
1,837,930 | Asian Pay Television Trust - Units | 225,612 | ||||||
35,000 | Banyan Tree Holdings, Ltd. | 11,448 | ||||||
21,700 | Best World International Ltd.(b) | 16,126 | ||||||
6,500 | BOC Aviation Ltd. | 61,135 | ||||||
7,400 | Bonvests Holdings Ltd. | 6,364 | ||||||
25,598 | Boustead Projects Ltd. | 17,781 | ||||||
63,529 | Boustead Singapore Ltd. | 36,424 | ||||||
23,600 | Bukit Sembawang Estates Ltd. | 84,307 | ||||||
9,090 | BW LPG Ltd. | 63,607 | ||||||
292,900 | Cache Logistics Trust, REIT | 156,090 | ||||||
458,500 | China Aviation Oil Singapore Corp. Ltd. | 411,165 | ||||||
1,030,000 | China Sunsine Chemical Holdings Ltd. | 863,097 | ||||||
90,000 | Chip Eng Seng Corp. Ltd. | 40,685 | ||||||
69,300 | CITIC Envirotech Ltd. | 17,574 | ||||||
14,700 | City Developments Ltd. | 116,589 | ||||||
25,100 | ComfortDelGro Corp. Ltd. | 42,434 | ||||||
1,608,200 | CSE Global Ltd. | 620,607 | ||||||
88,000 | CW Group Holdings Ltd.(a),(b) | 486 | ||||||
41,300 | Delfi Ltd. | 30,206 | ||||||
254,800 | EC World Real Estate Investment Trust Unit, REIT | 136,722 | ||||||
584,900 | Ezion Holdings Ltd.(a),(b) | 6,922 | ||||||
316,200 | Far East Hospitality Trust | 169,669 | ||||||
130,121 | Far East Orchard Ltd. | 111,905 | ||||||
24,400 | First Resources Ltd. | 27,441 | ||||||
164,000 | Fragrance Group Ltd. | 15,189 | ||||||
360,800 | Frasers Logistics & Industrial Trust, REIT | 334,160 | ||||||
121,000 | Frasers Property Ltd. | 163,652 | ||||||
646,400 | Frencken Group Ltd. | 327,844 | ||||||
122,600 | GL Ltd. | 71,193 | ||||||
338,800 | Golden Agri-Resources Ltd. | 51,052 | ||||||
58,000 | GP Industries Ltd. | 24,834 | ||||||
64,166 | GuocoLand Ltd. | 94,802 | ||||||
89,200 | Halcyon Agri Corp. Ltd.(a) | 29,833 | ||||||
32,000 | Hiap Hoe Ltd. | 17,994 | ||||||
933,800 | Hi-P International Ltd. | 988,402 | ||||||
52,734 | Ho Bee Land Ltd. | 90,703 | ||||||
392,640 | Hong Fok Corp. Ltd. | 235,217 | ||||||
232,800 | Hong Leong Asia Ltd.(a) | 106,950 | ||||||
14,700 | Hong Leong Finance Ltd. | 28,418 | ||||||
9,000 | Hour Glass Ltd. (The) | 5,325 | ||||||
76,000 | Hyflux Ltd.(a) | 1,520 | ||||||
26,000 | IGG, Inc. | 17,022 | ||||||
129,600 | Indofood Agri Resources Ltd. | 30,484 | ||||||
47,400 | Japfa Ltd. | 17,072 | ||||||
92,950 | Jurong Technologies Industrial Corp. Ltd.(a),(b) | 0 | ||||||
90,757 | Keppel Infrastructure Trust - Units | 35,690 | ||||||
173,400 | Koufu Group Ltd. | 94,319 |
Shares | Value | |||||||
SINGAPORE (continued) | ||||||||
135,400 | Lian Beng Group Ltd. | $ | 50,261 | |||||
42,000 | Low Keng Huat Singapore Ltd. | 12,812 | ||||||
75,000 | Lum Chang Holdings Ltd. | 19,571 | ||||||
879,300 | Mapletree Commercial Trust, REIT | 1,505,950 | ||||||
400,600 | Midas Holdings Ltd.(a),(b) | 10,601 | ||||||
147,400 | Olam International Ltd. | 198,274 | ||||||
68,690 | OM Holdings Ltd. | 23,202 | ||||||
28,200 | OUE Ltd. | 30,056 | ||||||
212,492 | Oxley Holdings Ltd. | 53,105 | ||||||
102,200 | Parkway Life Real Estate Investment Trust, REIT | 245,650 | ||||||
139,500 | Penguin International Ltd. | 68,189 | ||||||
84,970 | QAF Ltd. | 46,531 | ||||||
39,618 | Raffles Medical Group Ltd. | 29,412 | ||||||
304,400 | RHT Health Trust - Units | 4,251 | ||||||
239,250 | Roxy-Pacific Holdings Ltd. | 66,827 | ||||||
57,281 | Sasseur Real Estate Investment Trust, REIT | 33,473 | ||||||
19,500 | SATS Ltd. | 72,384 | ||||||
72,800 | Sembcorp Industries Ltd. | 122,542 | ||||||
160,395 | Sheng Siong Group Ltd. | 137,941 | ||||||
689,100 | Silverlake Axis Ltd. | 230,468 | ||||||
527,100 | Sinarmas Land Ltd. | 87,175 | ||||||
503,200 | Singapore Airlines Ltd. | 3,480,548 | ||||||
8,100 | Singapore Exchange Ltd. | 53,228 | ||||||
54,300 | Singapore Medical Group Ltd.(a) | 12,772 | ||||||
47,900 | Singapore Post Ltd. | 33,801 | ||||||
174,000 | Singapore Reinsurance Corp. Ltd. | 36,451 | ||||||
440,400 | Stamford Land Corp. Ltd. | 158,621 | ||||||
24,100 | StarHub Ltd. | 23,029 | ||||||
64,800 | Sunningdale Tech Ltd. | 57,158 | ||||||
310,298 | Tuan Sing Holdings Ltd. | 76,408 | ||||||
220,554 | United Engineers Ltd. | 429,614 | ||||||
278,492 | United Industrial Corp. Ltd. | 593,647 | ||||||
171,068 | UOB-Kay Hian Holdings Ltd. | 153,407 | ||||||
54,311 | UOL Group Ltd. | 311,387 | ||||||
62,800 | Venture Corp. Ltd. | 730,732 | ||||||
15,900 | Wing Tai Holdings Ltd. | 23,725 | ||||||
26,250 | Xinghua Port Holdings Ltd. | 3,551 | ||||||
446 | XP Power Ltd. | 15,194 | ||||||
1,038,800 | Yanlord Land Group Ltd. | 923,921 | ||||||
16,661,627 | ||||||||
SOUTH AFRICA — 0.6% | ||||||||
3,451 | Adcock Ingram Holdings Ltd. | 12,844 | ||||||
39,276 | Advtech Ltd. | 29,242 | ||||||
16,012 | AECI Ltd. | 103,476 | ||||||
9,268 | African Oxygen Ltd. | 12,880 | ||||||
13,666 | African Rainbow Minerals Ltd. | 136,746 | ||||||
10,747 | Afrimat Ltd. | 22,709 | ||||||
97,498 | Alexander Forbes Group Holdings Ltd. | 33,359 |
45 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH AFRICA (continued) | ||||||||
12,771 | Allied Electronics Corp. Ltd. - A Shares | $ | 21,400 | |||||
38,527 | Alviva Holdings Ltd. | 36,843 | ||||||
168,783 | Anglo American Platinum Ltd. | 12,596,090 | ||||||
53,538 | AngloGold Ashanti Ltd. | 1,170,605 | ||||||
83,136 | ArcelorMittal South Africa Ltd.(a) | 9,683 | ||||||
2,348 | Aspen Pharmacare Holdings Ltd.(a) | 16,394 | ||||||
1,860 | Assore Ltd. | 31,258 | ||||||
4,437 | Astral Foods Ltd. | 47,361 | ||||||
18,910 | AVI Ltd. | 108,400 | ||||||
36,123 | Barloworld Ltd. | 288,353 | ||||||
14,066 | Bidvest Group Ltd. (The) | 191,816 | ||||||
1,314 | Cashbuild Ltd. | 19,131 | ||||||
2,973 | City Lodge Hotels Ltd. | 15,722 | ||||||
11,801 | Clicks Group Ltd. | 191,949 | ||||||
7,676 | Coronation Fund Managers Ltd. | 21,625 | ||||||
21,103 | DataTec Ltd. | 50,151 | ||||||
3,467 | Distell Group Holdings Ltd. | 30,782 | ||||||
4,981 | EOH Holdings Ltd.(a) | 5,123 | ||||||
7,810 | Equites Property Fund Ltd. REIT | 10,875 | ||||||
15,471 | Exxaro Resources Ltd. | 126,252 | ||||||
3,858 | Famous Brands Ltd. | 20,119 | ||||||
6,653 | Foschini Group Ltd. (The) | 76,610 | ||||||
168,854 | Gold Fields Ltd. | 1,038,569 | ||||||
43,149 | Growthpoint Properties Ltd. REIT | 63,137 | ||||||
34,961 | Harmony Gold Mining Co. Ltd.(a) | 120,983 | ||||||
6,699 | Hudaco Industries Ltd. | 48,448 | ||||||
6,285 | Hyprop Investments Ltd. REIT | 24,540 | ||||||
1,144,043 | Impala Platinum Holdings Ltd.(a) | 7,862,669 | ||||||
12,929 | Imperial Logistics Ltd. | 48,514 | ||||||
20,593 | Investec Plc | 116,731 | ||||||
23,797 | Italtile Ltd. | 22,048 | ||||||
1,926 | JSE Ltd. | 16,570 | ||||||
143,714 | KAP Industrial Holdings Ltd. | 44,226 | ||||||
5,751 | Lewis Group Ltd. | 10,695 | ||||||
13,066 | Liberty Holdings Ltd. | 100,625 | ||||||
126,345 | Life Healthcare Group Holdings Ltd. | 199,503 | ||||||
37,440 | Long4Life Ltd.(a) | 10,431 | ||||||
5,279 | Massmart Holdings Ltd. | 14,988 | ||||||
11,631 | Mediclinic International Plc | 55,143 | ||||||
355,109 | Merafe Resources Ltd. | 21,151 | ||||||
22,537 | Metair Investments Ltd. | 36,616 | ||||||
111,479 | Momentum Metropolitan Holdings | 149,027 | ||||||
17,720 | Motus Holdings Ltd. | 84,059 | ||||||
16,444 | Mpact Ltd. | 16,868 | ||||||
9,464 | Mr Price Group Ltd. | 100,086 | ||||||
20,984 | MultiChoice Group Ltd.(a) | 175,018 | ||||||
171,949 | Murray & Roberts Holdings Ltd. | 127,564 | ||||||
60,253 | Nampak Ltd.(a) | 32,020 |
Shares | Value | |||||||
SOUTH AFRICA (continued) | ||||||||
13,803 | Northam Platinum Ltd.(a) | $ | 93,174 | |||||
6,814 | Oceana Group Ltd. | 30,209 | ||||||
24,031 | Peregrine Holdings Ltd. | 29,581 | ||||||
16,287 | Pick’n Pay Stores Ltd. | 71,247 | ||||||
5,508 | Pioneer Foods Group Ltd. | 39,262 | ||||||
5,246 | PSG Group Ltd. | 81,986 | ||||||
16,317 | PSG Konsult Ltd. | 9,611 | ||||||
12,027 | Raubex Group Ltd. | 15,545 | ||||||
88,504 | Redefine Properties Ltd. REIT | 44,163 | ||||||
3,765 | Resilient REIT Ltd. REIT | 16,774 | ||||||
8,400 | Reunert Ltd. | 39,714 | ||||||
7,777 | Royal Bafokeng Platinum Ltd.(a) | 22,641 | ||||||
2,487 | Santam Ltd. | 46,480 | ||||||
679,760 | Sappi Ltd. | 1,745,454 | ||||||
8,496 | Shoprite Holdings Ltd. | 76,135 | ||||||
3,684,870 | Sibanye Gold Ltd.(a) | 7,108,564 | ||||||
8,610 | SPAR Group Ltd. (The) | 115,687 | ||||||
9,522 | Sun International Ltd.(a) | 25,729 | ||||||
81,592 | Super Group Ltd.(a) | 152,487 | ||||||
35,534 | Telkom SA SOC Ltd. | 162,590 | ||||||
5,002 | Tiger Brands Ltd. | 71,042 | ||||||
3,369 | Tongaat Hulett Ltd.(a),(b) | 2,209 | ||||||
24,737 | Transaction Capital Ltd. | 36,097 | ||||||
14,987 | Trencor Ltd.(a) | 29,755 | ||||||
17,772 | Truworths International Ltd. | 63,006 | ||||||
22,055 | Tsogo Sun Gaming Ltd. | 18,143 | ||||||
2,815 | Wilson Bayly Holmes-Ovcon Ltd. | 26,301 | ||||||
50,049 | Woolworths Holdings Ltd. | 190,418 | ||||||
36,342,031 | ||||||||
SOUTH KOREA — 1.1% | ||||||||
1,493 | Able C&C Co. Ltd.(a) | 15,271 | ||||||
3,445 | Aekyung Petrochemical Co. Ltd. | 22,533 | ||||||
781 | AfreecaTV Co. Ltd. | 49,608 | ||||||
1,836 | AJ Networks Co. Ltd. | 6,549 | ||||||
3,147 | AJ Rent A Car Co. Ltd.(a) | 29,889 | ||||||
706 | AK Holdings, Inc. | 18,993 | ||||||
4,880 | ALUKO Co. Ltd. | 9,731 | ||||||
1,630 | Amotech Co. Ltd.(a) | 33,134 | ||||||
230 | Asia Cement Co. Ltd. | 16,566 | ||||||
230 | ASIA Holdings Co. Ltd. | 22,240 | ||||||
962 | Asia Paper Manufacturing Co. Ltd. | 24,144 | ||||||
16,835 | Asiana Airlines, Inc.(a) | 77,125 | ||||||
2,350 | Autech Corp. | 24,137 | ||||||
2,934 | Baiksan Co. Ltd. | 17,981 | ||||||
140 | BGF retail Co. Ltd. | 21,419 | ||||||
1,524 | BH Co. Ltd.(a) | 29,931 | ||||||
295 | Binggrae Co. Ltd. | 13,946 | ||||||
32,432 | BNK Financial Group, Inc. | 193,736 | ||||||
1,549 | Bookook Securities Co. Ltd. | 28,891 | ||||||
6,025 | Boryung Pharmaceutical Co. Ltd. | 69,652 |
46 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
4,103 | Capro Corp. | $ | 11,955 | |||||
501 | Cell Biotech Co. Ltd. | 8,375 | ||||||
3,758 | Cheil Worldwide, Inc. | 79,944 | ||||||
396 | Chong Kun Dang Pharmaceutical Corp. | 32,573 | ||||||
409 | Chongkundang Holdings Corp. | 31,955 | ||||||
977 | CJ CheilJedang Corp. | 191,881 | ||||||
907 | CJ Corp. | 64,237 | ||||||
1,136 | CJ ENM Co. Ltd. | 161,107 | ||||||
804 | CJ Freshway Corp. | 17,553 | ||||||
3,726 | CJ Hello Co. Ltd. | 19,568 | ||||||
333 | CJ Logistics Corp.(a) | 45,079 | ||||||
622 | CKD Bio Corp. | 16,573 | ||||||
400 | Com2uSCorp. | 33,796 | ||||||
251 | Cosmax, Inc. | 17,237 | ||||||
1,415 | CosmoAM&T Co. Ltd.(a) | 9,645 | ||||||
426 | COSON Co. Ltd.(a) | 2,548 | ||||||
637 | Crown Confectionery Co. Ltd. | 4,539 | ||||||
1,379 | Crown Haitai Holdings Co. Ltd. | 12,208 | ||||||
1,323 | Cymechs, Inc./Korea | 12,054 | ||||||
4,684 | D.I Corp. | 12,299 | ||||||
4,227 | Dae Dong Industrial Co. Ltd. | 22,053 | ||||||
1,110 | Dae Hwa Pharmaceutical Co. Ltd. | 13,023 | ||||||
14,862 | Dae Won Kang Up Co. Ltd. | 45,667 | ||||||
12,386 | Daea TI Co. Ltd. | 60,043 | ||||||
7,258 | Dae-Il Corp. | 14,567 | ||||||
3,396 | Daelim Industrial Co. Ltd. | 265,620 | ||||||
2,871 | Daesang Corp. | 52,931 | ||||||
4,103 | Daesang Holdings Co. Ltd. | 23,416 | ||||||
2,247 | Daesung Industrial Co. Ltd.(a) | 7,098 | ||||||
1,178 | Daewon Pharmaceutical Co. Ltd. | 15,846 | ||||||
358,758 | Daewoo Engineering & Construction Co. Ltd.(a) | 1,342,895 | ||||||
2,186 | Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 52,891 | ||||||
7,695 | Daewoong Co. Ltd. | 94,249 | ||||||
183 | Daewoong Pharmaceutical Co. Ltd. | 23,987 | ||||||
639 | Daihan Pharmaceutical Co. Ltd. | 17,301 | ||||||
5,223 | Daishin Securities Co. Ltd. | 55,891 | ||||||
5,636 | Danal Co. Ltd.(a) | 16,713 | ||||||
594 | Danawa Co. Ltd. | 12,508 | ||||||
1,525 | Dawonsys Co. Ltd. | 19,530 | ||||||
6,854 | DB Financial Investment Co. Ltd. | 24,919 | ||||||
6,210 | DB HiTek Co. Ltd. | 90,739 | ||||||
6,034 | DB Insurance Co. Ltd. | 261,908 | ||||||
375 | Dentium Co. Ltd. | 19,210 | ||||||
5,479 | Deutsch Motors, Inc.(a) | 38,051 | ||||||
22,349 | DGB Financial Group, Inc. | 135,041 | ||||||
305 | DI Dong Il Corp. | 18,901 | ||||||
887 | DIO Corp.(a) | 32,020 | ||||||
1,833 | DMS Co. Ltd. | 8,775 | ||||||
215 | Dong-A ST Co. Ltd. | 18,757 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
1,950 | Dong-Ah Geological Engineering Co. Ltd. | $ | 33,689 | |||||
3,239 | Dongjin Semichem Co. Ltd. | 46,492 | ||||||
665 | DongKook Pharmaceutical Co. Ltd. | 39,725 | ||||||
10,327 | Dongkuk Steel Mill Co. Ltd.(a) | 52,192 | ||||||
927 | Dongsuh Cos., Inc. | 13,943 | ||||||
54 | Dongwon F&B Co. Ltd. | 10,629 | ||||||
264 | Dongwon Industries Co. Ltd. | 48,559 | ||||||
3,000 | Doosan Bobcat, Inc. | 81,224 | ||||||
739 | Doosan Co Ltd. | 49,417 | ||||||
2,472 | Doosan Fuel Cell Co. Ltd.(a) | 16,403 | ||||||
9,487 | Doosan Heavy Industries & Construction Co. Ltd.(a) | 50,067 | ||||||
354,416 | Doosan Infracore Co. Ltd.(a) | 1,721,131 | ||||||
1,362 | Doosan Solus Co. Ltd.(a) | 20,838 | ||||||
781 | DoubleUGames Co. Ltd. | 32,221 | ||||||
1,169 | Douzone Bizon Co. Ltd. | 73,750 | ||||||
2,732 | DRB Holding Co. Ltd. | 12,821 | ||||||
412 | DTR Automotive Corp. | 10,624 | ||||||
4,090 | DY Corp. | 16,839 | ||||||
2,154 | DY POWER Corp. | 17,477 | ||||||
174 | e Tec E&C Ltd. | 10,334 | ||||||
153 | E1 Corp. | 6,417 | ||||||
6,197 | Eagon Holdings Co. Ltd. | 14,168 | ||||||
1,587 | Eagon Industrial Ltd. | 10,449 | ||||||
4,965 | Easy Bio, Inc. | 22,618 | ||||||
803 | Ecopro Co. Ltd.(a) | 14,356 | ||||||
1,390 | E-MART, Inc. | 133,212 | ||||||
1,478 | EM-Tech Co. Ltd. | 10,658 | ||||||
998 | ENF Technology Co. Ltd. | 22,303 | ||||||
564 | Eo Technics Co. Ltd. | 46,683 | ||||||
11,176 | Eugene Investment & Securities Co. Ltd. | 19,740 | ||||||
2,306 | Eugene Technology Co. Ltd. | 30,325 | ||||||
4,135 | Eusu Holdings Co. Ltd.(a) | 25,270 | ||||||
936 | F&F Co. Ltd. | 80,853 | ||||||
3,408 | FCB Twelve Co. Ltd.(a) | 25,250 | ||||||
1,549 | Fila Korea Ltd. | 76,688 | ||||||
1,087 | Fine Semitech Corp. | 6,596 | ||||||
3,565 | Foosung Co. Ltd.(a) | 25,862 | ||||||
779 | Genie Music Corp.(a) | 2,434 | ||||||
667 | GOLFZON Co. Ltd. | 39,156 | ||||||
2,412 | Grand Korea Leisure Co. Ltd. | 44,054 | ||||||
19,172 | Green Cross Corp. | 2,117,497 | ||||||
1,306 | Green Cross Holdings Corp. | 23,348 | ||||||
137,943 | GS Engineering & Construction Corp. | 3,663,620 | ||||||
9,123 | GS Global Corp. | 18,270 | ||||||
7,417 | GS Holdings Corp. | 316,519 | ||||||
1,932 | GS Retail Co. Ltd. | 63,517 | ||||||
178 | Gwangju Shinsegae Co. Ltd. | 25,932 | ||||||
700 | HAESUNG DS Co. Ltd. | 8,844 | ||||||
2,861 | Halla Corp.(a) | 7,771 | ||||||
546 | Halla Holdings Corp. | 19,593 | ||||||
107,184 | Hana Financial Group, Inc. | 3,104,646 |
47 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
5,944 | Hana Micron, Inc. | $ | 28,252 | |||||
388 | Hana Tour Service, Inc. | 16,191 | ||||||
821 | Hanall Biopharma Co. Ltd.(a) | 23,463 | ||||||
1,536 | Hancom, Inc. | 13,268 | ||||||
935 | Handok, Inc. | 18,042 | ||||||
1,011 | Handsome Co. Ltd. | 25,374 | ||||||
2,326 | Hanjin Heavy Industries & Construction Co. Ltd.(a) | 8,727 | ||||||
2,580 | Hanjin Kal Corp. | 67,192 | ||||||
280 | Hanjin Transportation Co. Ltd. | 7,424 | ||||||
76 | Hankook Shell Oil Co. Ltd. | 21,655 | ||||||
9,880 | Hankook Tire & Technology Co. Ltd. | 263,676 | ||||||
106 | Hanmi Pharm Co. Ltd. | 30,385 | ||||||
335 | Hanmi Science Co. Ltd. | 12,554 | ||||||
3,807 | Hanmi Semiconductor Co. Ltd. | 22,283 | ||||||
978 | Hansae Co. Ltd. | 15,215 | ||||||
1,513 | Hansae Yes24 Holdings Co. Ltd. | 9,974 | ||||||
1,819 | Hanshin Construction Co. Ltd. | 23,999 | ||||||
634 | Hansol Chemical Co. Ltd. | 51,115 | ||||||
3,258 | Hansol Holdings Co. Ltd.(a) | 11,103 | ||||||
16,438 | Hansol HomeDeco Co. Ltd. | 16,742 | ||||||
3,882 | Hansol Paper Co. Ltd. | 48,882 | ||||||
4,396 | Hansol Technics Co. Ltd.(a) | 28,111 | ||||||
524 | Hanssem Co. Ltd. | 28,554 | ||||||
1,369 | Hanwha Aerospace Co. Ltd.(a) | 44,478 | ||||||
12,707 | Hanwha Chemical Corp. | 178,572 | ||||||
6,639 | Hanwha Corp. | 135,525 | ||||||
195 | Hanwha Galleria Timeworld Co. Ltd. | 3,193 | ||||||
16,802 | Hanwha Investment & Securities Co. Ltd.(a) | 28,955 | ||||||
2,960 | Hanyang Eng Co. Ltd. | 29,512 | ||||||
2,836 | Harim Holdings Co. Ltd. | 21,938 | ||||||
1,738 | HDC Hyundai Engineering Plastics Co. Ltd. | 6,670 | ||||||
7,210 | Heungkuk Fire & Marine Insurance Co. Ltd.(a) | 19,366 | ||||||
3,133 | Hite Jinro Co. Ltd. | 76,612 | ||||||
4,119 | HJ Magnolia Yongpyong Hotel & Resort Corp. | 22,835 | ||||||
1,530 | Hotel Shilla Co. Ltd. | 101,917 | ||||||
5,644 | HS Industries Co. Ltd. | 55,060 | ||||||
6,474 | HS R&A Co. Ltd. | 10,628 | ||||||
1,564 | Huchems Fine Chemical Corp. | 29,709 | ||||||
67 | Hugel, Inc.(a) | 21,019 | ||||||
562 | Huons Co. Ltd. | 22,582 | ||||||
2,281 | Huons Global Co. Ltd. | 59,503 | ||||||
1,576 | Huvis Corp. | 7,857 | ||||||
2,600 | Hwangkum Steel & Technology Co. Ltd. | 16,716 | ||||||
1,316 | Hy-Lok Corp. | 19,399 | ||||||
425 | Hyosung Chemical Corp. | 60,456 | ||||||
562 | Hyosung Corp. | 39,948 | ||||||
2,903 | Hyundai BNG Steel Co. Ltd. | 22,856 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
38,109 | Hyundai Construction Equipment Co. Ltd. | $ | 913,869 | |||||
870 | Hyundai Corp. | 13,198 | ||||||
39,224 | Hyundai Department Store Co. Ltd. | 2,491,429 | ||||||
577 | Hyundai Elevator Co. Ltd. | 36,551 | ||||||
109,514 | Hyundai Engineering & Construction Co. Ltd. | 4,042,826 | ||||||
1,807 | Hyundai Glovis Co. Ltd. | 234,524 | ||||||
3,301 | Hyundai Greenfood Co. Ltd. | 31,777 | ||||||
560 | Hyundai Heavy Industries Holdings Co. Ltd. | 164,373 | ||||||
1,755 | Hyundai Livart Furniture Co. Ltd. | 21,344 | ||||||
8,137 | Hyundai Marine & Fire Insurance Co. Ltd. | 176,595 | ||||||
7,226 | Hyundai Merchant Marine Co. Ltd.(a) | 20,465 | ||||||
2,548 | Hyundai Motor Securities Co. Ltd. | 21,616 | ||||||
897 | Hyundai Rotem Co. Ltd.(a) | 12,413 | ||||||
1,245 | Hyundai Wia Corp. | 54,789 | ||||||
899 | HyVision System, Inc. | 8,345 | ||||||
3,262 | ICD Co. Ltd. | 39,953 | ||||||
6,080 | IHQ, Inc. | 9,067 | ||||||
792 | Il Dong Pharmaceutical Co. Ltd. | 11,470 | ||||||
5,139 | Iljin Display Co. Ltd. | 15,261 | ||||||
2,212 | Iljin Electric Co. Ltd.(a) | 5,846 | ||||||
662 | Iljin Materials Co. Ltd.(a) | 22,362 | ||||||
540 | Ilyang Pharmaceutical Co. Ltd.(a) | 10,118 | ||||||
1,171 | InBody Co. Ltd. | 22,998 | ||||||
245,714 | Industrial Bank of Korea | 2,492,093 | ||||||
2,198 | Innox Advanced Materials Co., Ltd.(a) | 109,385 | ||||||
4,639 | Inscobee, Inc.(a) | 10,786 | ||||||
5,356 | Interpark Holdings Corp. | 11,049 | ||||||
2,081 | IS Dongseo Co. Ltd. | 57,147 | ||||||
1,144 | i-SENS, Inc. | 27,089 | ||||||
5,112 | IsuPetasys Co. Ltd. | 18,388 | ||||||
1,301 | Jahwa Electronics Co. Ltd. | 11,965 | ||||||
2,946 | JASTECH Ltd. | 31,905 | ||||||
2,907 | JB Financial Group Co. Ltd. | 13,343 | ||||||
737 | Jcontentree Corp.(a) | 23,565 | ||||||
861 | Jeju Air Co. Ltd. | 17,761 | ||||||
3,377 | Jusung Engineering Co. Ltd. | 20,579 | ||||||
1,283 | JW Pharmaceutical Corp. | 31,925 | ||||||
1,661 | JYP Entertainment Corp. | 31,979 | ||||||
2,527 | KAON Media Co. Ltd. | 19,222 | ||||||
81,383 | KB Financial Group, Inc. | 2,934,391 | ||||||
1,052 | KEPCO Engineering & Construction Co., Inc. | 18,581 | ||||||
824 | KEPCO Plant Service & Engineering Co. Ltd. | 23,089 | ||||||
3,003 | Keyang Electric Machinery Co. Ltd. | 7,188 |
48 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
7,117 | KEYEAST Co. Ltd.(a) | $ | 16,547 | |||||
2,361 | KG Chemical Corp. | 21,917 | ||||||
2,847 | Kginicis Co. Ltd. | 40,009 | ||||||
4,335 | KGMobilians Co. Ltd. | 21,424 | ||||||
1,590 | KIWOOM Securities Co. Ltd. | 94,570 | ||||||
964 | Koentec Co. Ltd. | 8,244 | ||||||
556 | Koh Young Technology, Inc. | 44,969 | ||||||
1,469 | Kolmar BNH Co. Ltd. | 34,028 | ||||||
1,625 | Kolmar Korea Holdings Co. Ltd. | 30,588 | ||||||
440 | Kolon Corp. | 6,562 | ||||||
2,513 | Kolon Industries, Inc. | 102,058 | ||||||
5,608 | Korea Asset In Trust Co. Ltd. | 16,413 | ||||||
1,723 | Korea Autoglass Corp. | 24,954 | ||||||
122,296 | Korea Electric Power Corp.(a) | 2,675,176 | ||||||
809 | Korea Electric Terminal Co. Ltd. | 32,055 | ||||||
579 | Korea Gas Corp. | 19,558 | ||||||
536 | Korea Information & Communications Co. Ltd.(a) | 3,769 | ||||||
5,031 | Korea Investment Holdings Co. Ltd. | 293,181 | ||||||
2,885 | Korea Line Corp.(a) | 55,049 | ||||||
573 | Korea Petrochemical Ind Co. Ltd. | 58,608 | ||||||
17,755 | Korea Real Estate Investment & Trust Co. Ltd. | 33,726 | ||||||
38,142 | Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 3,999,591 | ||||||
1,041 | Korea United Pharm, Inc. | 17,313 | ||||||
6,053 | Korean Air Lines Co. Ltd. | 129,545 | ||||||
11,209 | Korean Reinsurance Co. | 76,496 | ||||||
2,714 | Kortek Corp. | 28,809 | ||||||
350 | KPX Chemical Co. Ltd. | 16,185 | ||||||
2,891 | KT Skylife Co. Ltd. | 21,618 | ||||||
12,081 | KTB Investment & Securities Co. Ltd.(a) | 23,987 | ||||||
3,749 | KTCS Corp. | 6,654 | ||||||
700 | Kukdo Chemical Co. Ltd. | 28,489 | ||||||
2,347 | Kumho Petrochemical Co. Ltd. | 141,209 | ||||||
6,035 | Kumho Tire Co., Inc.(a) | 21,942 | ||||||
5,317 | Kwang Dong Pharmaceutical Co. Ltd. | 31,442 | ||||||
1,610 | Kyeryong Construction Industrial Co. Ltd. | 30,029 | ||||||
4,479 | Kyobo Securities Co. Ltd. | 34,956 | ||||||
1,118 | Kyongbo Pharmaceutical Co. Ltd. | 8,062 | ||||||
682 | Kyung Dong Navien Co. Ltd. | 25,734 | ||||||
2,747 | Kyungbang Co. Ltd. | 23,611 | ||||||
3,492 | Kyungdong Pharm Co. Ltd. | 23,561 | ||||||
560 | L&F Co. Ltd. | 10,998 | ||||||
3,000 | LB Semicon, Inc.(a) | 20,113 | ||||||
7,239 | Leadcorp Inc (The) | 34,968 | ||||||
682 | LEENO Industrial, Inc. | 31,185 | ||||||
2,818 | LF Corp. | 47,594 | ||||||
53,470 | LG Electronics, Inc. | 3,074,600 | ||||||
210 | LG Hausys Ltd. | 10,740 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
1,690 | LG Innotek Co. Ltd. | $ | 175,762 | |||||
4,149 | LG International Corp. | 55,453 | ||||||
1,254 | Lock & Lock Co. Ltd. | 12,718 | ||||||
385 | Lotte Chilsung Beverage Co. Ltd. | 45,335 | ||||||
1,305 | Lotte Corp. | 40,941 | ||||||
2,654 | LOTTE Fine Chemical Co. Ltd. | 100,827 | ||||||
9,809 | Lotte Non-Life Insurance Co. Ltd.(a) | 18,632 | ||||||
1,333 | Lotte Shopping Co. Ltd. | 142,643 | ||||||
2,178 | LS Corp. | 90,793 | ||||||
1,913 | LS Industrial Systems Co. Ltd. | 81,801 | ||||||
7,515 | Macquarie Korea Infrastructure Fund | 76,542 | ||||||
3,810 | Mando Corp. | 117,236 | ||||||
1,288 | Mcnex Co. Ltd. | 26,901 | ||||||
220 | Medy-Tox, Inc. | 62,401 | ||||||
377 | MegaStudyEdu Co. Ltd. | 11,876 | ||||||
7,186 | Meritz Financial Group, Inc. | 76,897 | ||||||
4,743 | Meritz Fire & Marine Insurance Co. Ltd. | 75,418 | ||||||
41,376 | Meritz Securities Co. Ltd. | 160,390 | ||||||
2,704 | MiCo Ltd. | 13,503 | ||||||
47,998 | Mirae Asset Daewoo Co. Ltd. | 294,972 | ||||||
15,866 | Mirae Asset Life Insurance Co. Ltd. | 54,616 | ||||||
1,001 | Modetour Network, Inc. | 13,594 | ||||||
5,297 | Moorim P&P Co. Ltd. | 20,283 | ||||||
7,421 | Moorim Paper Co. Ltd. | 16,552 | ||||||
1,740 | Namhae Chemical Corp. | 12,413 | ||||||
434 | NeoPharm Co. Ltd. | 18,073 | ||||||
708 | Neowiz(a) | 10,376 | ||||||
3,085 | NEPES Corp. | 73,847 | ||||||
7,239 | Nexen Corp. | 36,897 | ||||||
2,044 | Nexen Tire Corp. | 16,444 | ||||||
15,622 | NH Investment & Securities Co. Ltd. | 162,470 | ||||||
1,051 | NHN KCP Corp. | 19,196 | ||||||
2,870 | NICE Holdings Co. Ltd. | 47,856 | ||||||
1,136 | Nice Information & Telecommunication, Inc. | 30,464 | ||||||
3,006 | NICE Information Service Co. Ltd. | 31,521 | ||||||
2,683 | NICE Total Cash Management Co. Ltd. | 15,797 | ||||||
302 | NongShim Co. Ltd. | 62,817 | ||||||
454 | Noroo Holdings Co. Ltd. | 4,917 | ||||||
2,740 | NPC | 9,397 | ||||||
46,130 | OCI Co. Ltd. | 2,493,942 | ||||||
3,642 | OPTRON-TEC, Inc. | 17,749 | ||||||
1,460 | Orange Life Insurance Ltd. | 35,137 | ||||||
1,868 | Orion Corp. | 25,367 | ||||||
431 | Orion Corp./Republic of Korea | 39,268 | ||||||
505 | Osstem Implant Co. Ltd.(a) | 17,384 | ||||||
53 | Ottogi Corp. | 25,738 | ||||||
4,424 | Paik Kwang Industrial Co. Ltd. | 9,506 | ||||||
15,220 | Pan Ocean Co. Ltd.(a) | 57,494 |
49 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
5,134 | Pan-Pacific Co. Ltd. | $ | 12,223 | |||||
1,952 | Paradise Co. Ltd. | 31,290 | ||||||
4,914 | Partron Co. Ltd. | 50,050 | ||||||
162 | Pearl Abyss Corp.(a) | 30,160 | ||||||
2,784 | Poongsan Corp. | 48,217 | ||||||
776 | POSCO Chemical Co. Ltd. | 32,048 | ||||||
4,494 | Posco ICT Co. Ltd. | 18,541 | ||||||
6,913 | Posco International Corp. | 108,438 | ||||||
4,870 | Power Logics Co. Ltd.(a) | 40,226 | ||||||
2,046 | Protec Co. Ltd. | 31,478 | ||||||
3,374 | PSK, Inc.(a) | 48,720 | ||||||
1,800 | Pulmuone Co. Ltd. | 13,584 | ||||||
1,772 | S&T Motiv Co. Ltd. | 69,451 | ||||||
36,250 | S-1 Corp. | 2,919,442 | ||||||
393 | Sajo Industries Co. Ltd. | 13,174 | ||||||
821 | Sajodaerim Corp. | 11,467 | ||||||
851 | Sam Chun Dang Pharm Co. Ltd. | 24,577 | ||||||
2,523 | Sambo Motors Co. Ltd. | 12,903 | ||||||
5,492 | Samick Musical Instruments Co. Ltd. | 8,284 | ||||||
1,859 | Samick THK Co. Ltd. | 19,973 | ||||||
2,847 | Samji Electronics Co. Ltd. | 25,327 | ||||||
574 | Samjin Pharmaceutical Co. Ltd. | 12,655 | ||||||
1,210 | Sammok S-Form Co. Ltd. | 9,672 | ||||||
3,371 | Samsung Card Co. Ltd. | 97,208 | ||||||
335,177 | Samsung Engineering Co. Ltd.(a) | 5,127,982 | ||||||
26,742 | Samsung Heavy Industries Co. Ltd.(a) | 166,642 | ||||||
26,630 | Samsung SDS Co. Ltd. | 4,612,098 | ||||||
7,839 | Samsung Securities Co. Ltd. | 226,387 | ||||||
15,416 | SAMT Co. Ltd. | 28,952 | ||||||
535 | Samwha Capacitor Co. Ltd. | 22,785 | ||||||
378 | Samyang Corp. | 15,676 | ||||||
426 | Samyang Foods Co. Ltd. | 32,331 | ||||||
580 | Samyang Holdings Corp. | 31,605 | ||||||
10,570 | Savezone I&C Corp. | 30,617 | ||||||
12,045 | S-Connect Co. Ltd.(a) | 17,289 | ||||||
2,543 | Seah Besteel Corp. | 34,972 | ||||||
485 | SeAH Holdings Corp. | 33,849 | ||||||
1,617 | Sebo Manufacturing Engineer Corp. | 11,688 | ||||||
1,369 | Seegene, Inc.(a) | 25,004 | ||||||
2,419 | Sekonix Co. Ltd.(a) | 14,409 | ||||||
12,974 | Seohan Co. Ltd. | 14,218 | ||||||
4,633 | Seoul Semiconductor Co. Ltd. | 53,360 | ||||||
1,713 | SFA Engineering Corp. | 61,544 | ||||||
1,034 | SFA Semicon Co. Ltd.(a) | 3,111 | ||||||
273 | Shindaeyang Paper Co. Ltd. | 14,736 | ||||||
464 | Shinsegae Engineering & Construction Co. Ltd. | 9,731 | ||||||
244 | Shinsegae Food Co. Ltd. | 14,953 | ||||||
139 | Shinsegae International, Inc. | 23,715 | ||||||
940 | Shinsegae, Inc. | 190,674 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
9,563 | Shinsung E&G Energy Co. Ltd.(a) | $ | 7,529 | |||||
806 | Silicon Works Co. Ltd. | 23,138 | ||||||
2,858 | SIMMTECH Co. Ltd. | 23,337 | ||||||
642 | SK Bioland Co. Ltd. | 8,332 | ||||||
651 | SK Chemicals Co. Ltd. | 26,410 | ||||||
907 | SK Discovery Co. Ltd. | 17,502 | ||||||
248 | SK Gas Ltd. | 17,905 | ||||||
332 | SK Materials Co. Ltd. | 52,278 | ||||||
500,344 | SK Networks Co. Ltd. | 2,498,602 | ||||||
50,607 | SK Securities Co. Ltd. | 26,098 | ||||||
2,802 | SKC Co. Ltd. | 106,811 | ||||||
1,591 | SKCKOLONPI, Inc. | 47,041 | ||||||
2,440 | SL Corp. | 43,937 | ||||||
602 | SM Entertainment Co. Ltd.(a) | 19,197 | ||||||
4,340 | Solid, Inc.(a) | 19,621 | ||||||
2,175 | Songwon Industrial Co. Ltd. | 28,883 | ||||||
1,433 | Soulbrain Co. Ltd. | 92,869 | ||||||
134 | SPC Samlip Co. Ltd. | 10,585 | ||||||
4,928 | Ssangyong Cement Industrial Co. Ltd. | 24,821 | ||||||
5,404 | Ssangyong Motor Co.(a) | 10,637 | ||||||
1,302 | Suheung Co. Ltd. | 37,042 | ||||||
1,349 | Sun Kwang Co. Ltd. | 18,146 | ||||||
2,270 | Sung Kwang Bend Co. Ltd. | 19,335 | ||||||
5,975 | Sungchang Enterprise Holdings Ltd.(a) | 8,833 | ||||||
2,957 | Sungshin Cement Co. Ltd. | 20,307 | ||||||
10,772 | Sungwoo Hitech Co. Ltd. | 32,081 | ||||||
67 | Suprema, Inc.(a) | 1,431 | ||||||
2,784 | Systems Technology, Inc. | 41,517 | ||||||
3,467 | Tae Kyung Industrial Co. Ltd. | 16,449 | ||||||
5,742 | Taeyoung Engineering & Construction Co. Ltd. | 64,159 | ||||||
4,737 | Tailim Packaging Co. Ltd. | 19,441 | ||||||
2,118 | TechWing, Inc. | 20,116 | ||||||
2,038 | TES Co Ltd. | 35,910 | ||||||
5,795 | TK Chemical Corp.(a) | 13,722 | ||||||
753 | Tokai Carbon Korea Co. Ltd. | 34,626 | ||||||
8,545 | Tongyang Life Insurance Co. Ltd. | 26,918 | ||||||
4,967 | Top Engineering Co. Ltd. | 37,868 | ||||||
1,855 | Toptec Co. Ltd. | 13,010 | ||||||
4,916 | Tovis Co. Ltd. | 31,225 | ||||||
1,046 | Unid Co. Ltd. | 41,986 | ||||||
4,676 | Union Semiconductor Equipment & Materials Co. Ltd. | 19,332 | ||||||
2,607 | UniTest, Inc. | 33,499 | ||||||
754 | Vieworks Co. Ltd. | 15,683 | ||||||
1,082 | Vitzrocell Co. Ltd.(a) | 12,462 | ||||||
1,434 | Webzen Inc(a) | 20,522 | ||||||
696 | Whanin Pharmaceutical Co. Ltd. | 9,811 | ||||||
2,949 | WiSoL Co. Ltd. | 37,767 | ||||||
8,940 | Wonik Holdings Co. Ltd.(a) | 34,501 |
50 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SOUTH KOREA (continued) | ||||||||
3,348 | WONIK IPS Co. Ltd. | $ | 95,394 | |||||
1,292 | Wonik Materials Co. Ltd. | 30,927 | ||||||
1,325 | Wonik QnC Corp.(a) | 14,463 | ||||||
246,475 | Woori Financial Group, Inc. | 2,489,218 | ||||||
4,070 | Y G-1 Co. Ltd. | 26,412 | ||||||
2,162 | Youlchon Chemical Co. Ltd. | 24,994 | ||||||
49 | Young Poong Corp. | 25,649 | ||||||
3,091 | Youngone Corp. | 92,322 | ||||||
764 | Youngone Holdings Co. Ltd. | 34,541 | ||||||
16,555 | Yuanta Securities Korea Co. Ltd.(a) | 36,569 | ||||||
247 | Yuhan Corp. | 47,661 | ||||||
3,045 | Yuyang DNU Co. Ltd.(a) | 14,787 | ||||||
2,552 | Zeus Co. Ltd. | 26,102 | ||||||
70,722,981 | ||||||||
SPAIN — 0.4% | ||||||||
19,152 | Acciona SA | 1,996,113 | ||||||
17,766 | Acerinox SA | 166,005 | ||||||
929 | Alantra Partners SA | 15,801 | ||||||
346,714 | Almirall SA | 6,504,126 | ||||||
3,400 | AmRest Holdings SE(a) | 42,092 | ||||||
391,994 | Applus Services SA | 4,726,032 | ||||||
11,724 | Atresmedia Corp. de Medios de Comunicaion SA | 49,007 | ||||||
2,752 | Azkoyen SA | 21,055 | ||||||
103,273 | Banco de Sabadell SA | 113,314 | ||||||
28,729 | Bankia SA | 54,727 | ||||||
49,643 | Bankinter SA | 343,274 | ||||||
6,859 | Bolsas y Mercados Espanoles SHMSF SA | 190,175 | ||||||
20,024 | Caja de Ahorros del Mediterraneo(a),(b) | 0 | ||||||
23,470 | Cellnex Telecom SA | 1,011,953 | ||||||
38,690 | Cia de Distribucion Integral Logista Holdings SA | 810,806 | ||||||
2,586 | CIE Automotive SA | 64,375 | ||||||
2,513 | Construcciones y Auxiliar de Ferrocarriles SA | 112,811 | ||||||
5,852 | Ebro Foods SA | 128,446 | ||||||
69,192 | EDP Renovaveis SA | 788,676 | ||||||
22,432 | eDreams ODIGEO SA(a) | 103,076 | ||||||
14,311 | Elecnor SA | 165,197 | ||||||
51,843 | Enagas SA | 1,283,036 | ||||||
21,838 | Ence Energia y Celulosa SA | 85,976 | ||||||
16,697 | Ercros SA | 42,459 | ||||||
29,804 | Euskaltel SA | 277,225 | ||||||
78,338 | Faes Farma SA | 449,957 | ||||||
2,298 | Fluidra SA(a) | 28,705 | ||||||
7,912 | Fomento de Construcciones y Contratas SA | 95,831 | ||||||
16,826 | Grupo Catalana Occidente SA | 589,253 | ||||||
47,660 | Grupo Ezentis SA(a) | 27,109 | ||||||
1,924 | Iberpapel Gestion SA | 53,646 | ||||||
9,320 | Indra Sistemas SA(a) | 90,017 | ||||||
5,814 | Inmobiliaria Colonial Socimi SA REIT | 75,089 |
Shares | Value | |||||||
SPAIN (continued) | ||||||||
1,502 | Laboratorios Farmaceuticos Rovi SA | $ | 37,021 | |||||
1,310,039 | Liberbank SA | 418,747 | ||||||
50,363 | Mapfre SA | 140,425 | ||||||
2,908 | Masmovil Ibercom SA(a) | 67,201 | ||||||
339,837 | Mediaset Espana Comunicacion SA | 2,077,030 | ||||||
18,936 | Melia Hotels International SA | 154,277 | ||||||
49,803 | Merlin Properties Socimi SA REIT | 733,198 | ||||||
2,815 | Miquel y Costas & Miquel SA | 47,282 | ||||||
1,765 | Prim SA | 21,161 | ||||||
12,629 | Prosegur Cia de Seguridad SA | 49,016 | ||||||
13,298 | Quabit Inmobiliaria SA(a) | 11,628 | ||||||
594 | Realia Business SA(a) | 586 | ||||||
13,619 | Red Electrica Corp. SA | 274,166 | ||||||
60,741 | Sacyr SA | 172,748 | ||||||
9,426 | Siemens Gamesa Renewable Energy SA | 129,570 | ||||||
5,619 | Talgo SA(a) | 35,094 | ||||||
1,445 | Tecnicas Reunidas SA(a) | 36,326 | ||||||
25,052 | Tubacex SA | 74,322 | ||||||
16,134 | Unicaja Banco SA | 14,602 | ||||||
4,051 | Vidrala SA | 351,958 | ||||||
2,388 | Viscofan SA | 129,385 | ||||||
34,839 | Vocento SA | 47,210 | ||||||
13,229 | Zardoya Otis SA | 100,182 | ||||||
25,628,499 | ||||||||
SWEDEN — 1.2% | ||||||||
8,497 | AAK AB | 150,568 | ||||||
8,404 | AcadeMedia AB(a) | 42,517 | ||||||
1,972 | Addlife AB | 44,114 | ||||||
13,163 | AddNode Group AB | 234,477 | ||||||
6,047 | AddTech AB - Class B | 168,151 | ||||||
16,626 | AF POYRY AB | 353,331 | ||||||
3,205 | Akelius Residential Property AB | 116,175 | ||||||
2,380 | Alimak Group AB | 31,353 | ||||||
722,700 | Arjo AB - B Shares | 2,975,916 | ||||||
26,584 | Atrium Ljungberg AB - Class B | 529,164 | ||||||
3,481 | Attendo AB | 17,759 | ||||||
163,470 | Avanza Bank Holding AB | 1,393,330 | ||||||
28,092 | Axfood AB | 604,567 | ||||||
578 | BE Group AB | 2,245 | ||||||
7,305 | Beijer Alma AB | 93,963 | ||||||
5,582 | Beijer Electronics Group AB | 29,021 | ||||||
2,374 | Beijer Ref AB | 64,023 | ||||||
8,577 | Bergman & Beving AB | 74,971 | ||||||
910 | Besqab AB | 13,571 | ||||||
30,283 | Betsson AB | 149,130 | ||||||
408,565 | Bilia AB - A Shares | 4,095,932 | ||||||
23,063 | BillerudKorsnas AB | 276,831 | ||||||
800 | BioGaia AB - Class B | 30,448 | ||||||
3,126 | Biotage AB | 32,245 | ||||||
35,514 | Bonava AB - Class B | 342,057 | ||||||
8,615 | Bravida Holding AB | 79,274 |
51 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
10,436 | Bufab AB | $ | 113,701 | |||||
92,478 | Bure Equity AB | 1,427,056 | ||||||
82,418 | Byggmax Group AB(a) | 231,146 | ||||||
52,876 | Castellum AB | 1,080,169 | ||||||
15,718 | Catena AB | 574,630 | ||||||
18,117 | Cellavision AB | 516,921 | ||||||
70,860 | Clas Ohlson AB - Class B | 681,396 | ||||||
428,925 | Cloetta AB - B Shares | 1,455,263 | ||||||
5,671 | Coor Service Management Holding AB | 48,454 | ||||||
3,910 | Corem Property Group AB - Preference Shares | 148,614 | ||||||
305,694 | Dios Fastigheter AB | 2,545,419 | ||||||
23,359 | Dometic Group AB | 216,421 | ||||||
13,750 | Doro AB(a) | 59,809 | ||||||
5,756 | Duni AB | 77,139 | ||||||
11,660 | Dustin Group AB | 92,863 | ||||||
3,235 | Eastnine AB | 39,601 | ||||||
5,106 | Elanders AB - B Shares | 43,891 | ||||||
236,885 | Elekta AB - Class B | 3,299,712 | ||||||
16,297 | Enea AB(a) | 275,113 | ||||||
2,011 | Enlabs AB(a) | 5,415 | ||||||
69,143 | Eolus Vind AB - B Shares | 740,432 | ||||||
5,271 | Fagerhult AB | 31,225 | ||||||
181,196 | Fastighets AB Balder - Class B(a) | 7,018,373 | ||||||
9 | FastPartner AB | 76 | ||||||
9,885 | Fingerprint Cards AB - Class B(a) | 18,361 | ||||||
28,588 | Fortnox AB | 512,208 | ||||||
466 | G5 Entertainment AB | 6,187 | ||||||
2,398 | GARO AB | 83,446 | ||||||
19,157 | Genovis AB(a) | 52,576 | ||||||
579,605 | Getinge AB - B Shares | 9,886,486 | ||||||
38,747 | Global Gaming 555 AB | 26,886 | ||||||
16,539 | Granges AB | 160,668 | ||||||
18,656 | Gunnebo AB | 46,757 | ||||||
30,730 | Haldex AB | 154,673 | ||||||
5,659 | Hemfosa Fastigheter AB | 58,286 | ||||||
9,633 | Hexpol AB | 85,798 | ||||||
27,523 | HIQ International AB | 136,251 | ||||||
2,022 | HMS Networks AB | 25,967 | ||||||
11,313 | Hoist Finance AB(a) | 61,921 | ||||||
5,960 | Holmen AB - B Shares | 175,670 | ||||||
46,509 | Hufvudstaden AB - A Shares | 777,904 | ||||||
48,034 | Humana AB | 288,034 | ||||||
32,916 | Husqvarna AB - B Shares | 251,787 | ||||||
3,044 | Husqvarna AB - Class A | 23,140 | ||||||
6,904 | Indutrade AB | 212,503 | ||||||
109,564 | Instalco AB | 1,211,868 | ||||||
13,804 | Intrum AB | 371,702 | ||||||
82,049 | Inwido AB | 545,962 | ||||||
6,362 | JM AB | 162,745 | ||||||
112,791 | Klovern AB - B Shares | 196,947 | ||||||
9,466 | KNOW IT AB | 186,267 | ||||||
195,833 | Kungsleden AB | 1,778,696 |
Shares | Value | |||||||
SWEDEN (continued) | ||||||||
6,275 | Lagercrantz Group AB - B Shares | $ | 80,585 | |||||
1,932 | Lifco AB - B Shares | 96,283 | ||||||
2,290 | Lime Technologies AB | 32,539 | ||||||
314,619 | Lindab International AB | 3,512,529 | ||||||
8,693 | Loomis AB - Class B | 335,811 | ||||||
3,312 | Medivir AB - Class B(a) | 7,992 | ||||||
8,224 | Momentum Group AB - Class B | 88,239 | ||||||
6,683 | Mycronic AB | 111,087 | ||||||
5,004 | Nederman Holding AB | 61,671 | ||||||
330,779 | NetEnt AB | 935,227 | ||||||
86,344 | New Wave Group AB - Class B | 501,662 | ||||||
21,247 | Nobia AB | 135,548 | ||||||
7,202 | Nobina AB | 45,611 | ||||||
68,189 | Nolato AB - B Shares | 3,813,505 | ||||||
1,900 | Nordic Waterproofing Holding AS | 18,497 | ||||||
5,497 | NP3 Fastigheter AB | 56,702 | ||||||
99,034 | Nyfosa AB(a) | 661,546 | ||||||
1,084 | OEM International AB - B Shares | 22,902 | ||||||
131,238 | Opus Group AB | 70,949 | ||||||
78,815 | Orexo AB(a) | 532,197 | ||||||
27,790 | Peab AB | 233,989 | ||||||
2,570 | Platzer Fastigheter Holding AB - Class B | 25,738 | ||||||
42,861 | Pricer AB - B Shares | 64,009 | ||||||
7,882 | Proact IT Group AB | 124,568 | ||||||
20,829 | RaySearch Laboratories AB(a) | 333,714 | ||||||
197,285 | Recipharm AB - B Shares | 2,805,310 | ||||||
799 | Rejlers AB | 8,647 | ||||||
8,478 | Resurs Holding AB | 49,872 | ||||||
149,743 | Rottneros AB | 167,799 | ||||||
2,524 | Saab AB - Class B | 77,819 | ||||||
2,136 | Sagax AB - Class B | 24,555 | ||||||
49,388 | SAS AB(a) | 77,133 | ||||||
39,044 | Scandi Standard AB | 287,097 | ||||||
9,373 | Scandic Hotels Group AB | 90,034 | ||||||
18,112 | Sectra AB - Class B | 603,064 | ||||||
11,101 | Semcon AB | 68,406 | ||||||
1,390 | Sintercast AB | 18,570 | ||||||
95,227 | SkiStar AB | 1,142,049 | ||||||
15,987 | SSAB AB - Class A | 44,621 | ||||||
32,183 | SSAB AB - Class B | 80,860 | ||||||
32,121 | Sweco AB - Class B | 1,129,726 | ||||||
4,473 | Systemair AB | 64,392 | ||||||
5,104 | Thule Group AB | 103,764 | ||||||
22,493 | Trelleborg AB - B Shares | 363,286 | ||||||
2,598 | Troax Group AB | 28,951 | ||||||
716 | VBG Group AB - B Shares | 10,493 | ||||||
59,045 | Vitrolife AB | 920,925 | ||||||
3,733 | Wallenstam AB - B Shares | 40,865 | ||||||
144,299 | Wihlborgs Fastigheter AB | 2,180,393 | ||||||
72,459,399 |
52 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
SWITZERLAND — 0.8% | ||||||||
19,887 | Adecco Group AG | $ | 1,178,907 | |||||
2,036 | Allreal Holding AG | 396,674 | ||||||
6,094 | ALSO Holding AG | 906,842 | ||||||
128 | APG SGA SA | 37,758 | ||||||
5,003 | Arbonia AG | 62,582 | ||||||
25,362 | Ascom Holding AG | 251,178 | ||||||
661 | Autoneum Holding AG | 74,040 | ||||||
4,095 | Baloise Holding AG | 756,319 | ||||||
491 | Banque Cantonale de Geneve | 98,300 | ||||||
736 | Banque Cantonale Vaudoise | 576,714 | ||||||
81 | Barry Callebaut AG | 170,786 | ||||||
35 | Belimo Holding AG | 219,615 | ||||||
473 | Bell Food Group AG | 129,937 | ||||||
1,462 | Bellevue Group AG | 33,345 | ||||||
818 | Berner Kantonalbank AG | 180,350 | ||||||
304 | BKW AG | 22,434 | ||||||
1,241 | Bobst Group SA | 65,101 | ||||||
354 | Bossard Holding AG - Class A | 56,159 | ||||||
756 | Bucher Industries AG | 233,429 | ||||||
88 | Burckhardt Compression Holding AG | 20,963 | ||||||
232 | Burkhalter Holding AG | 18,344 | ||||||
1,680 | Calida Holding AG | 55,347 | ||||||
15,139 | Cavotec SA(a) | 22,107 | ||||||
40,344 | Cembra Money Bank AG | 4,269,553 | ||||||
135 | Cham Group AG | 58,708 | ||||||
1,007 | Cicor Technologies Ltd. | 47,364 | ||||||
554 | Cie Financiere Tradition SA | 57,843 | ||||||
8,625 | Clariant AG | 176,697 | ||||||
186 | Coltene Holding AG | 15,234 | ||||||
124 | Conzzeta AG | 107,974 | ||||||
224 | Daetwyler Holding AG | 38,556 | ||||||
1,087 | DKSH Holding AG | 51,590 | ||||||
183 | dormakaba Holding AG | 117,146 | ||||||
4,919 | Dufry AG | 426,729 | ||||||
2,041 | EDAG Engineering Group AG | 25,267 | ||||||
7,762 | EFG International AG | 48,940 | ||||||
554 | Emmi AG | 468,920 | ||||||
2,219 | Energiedienst Holding AG | 70,855 | ||||||
41,190 | Evolva Holding SA(a) | 6,739 | ||||||
395 | Fenix Outdoor International AG | 36,859 | ||||||
1,122,107 | Ferrexpo Plc | 1,830,715 | ||||||
2,203 | Flughafen Zuerich AG | 396,830 | ||||||
90 | Forbo Holding AG | 143,234 | ||||||
7,863 | GAM Holding AG(a) | 26,207 | ||||||
221 | Georg Fischer AG | 210,583 | ||||||
39 | Gurit Holding AG | 55,663 | ||||||
56,112 | Helvetia Holding AG | 7,872,175 | ||||||
3,758 | Highlight Communications AG | 17,436 | ||||||
16,679 | Huber & Suhner AG | 1,109,115 | ||||||
12 | Hypothekarbank Lenzburg AG | 54,496 | ||||||
43,426 | Implenia AG | 1,648,999 | ||||||
125 | Inficon Holding AG | 89,584 | ||||||
21 | Interroll Holding AG | 43,426 | ||||||
519 | Intershop Holding AG | 285,147 |
Shares | Value | |||||||
SWITZERLAND (continued) | ||||||||
81,251 | IWG Plc | $ | 403,524 | |||||
12,009 | Julius Baer Group Ltd. | 529,784 | ||||||
719 | Jungfraubahn Holding AG | 112,241 | ||||||
2,436 | Kardex AG | 353,609 | ||||||
135 | Komax Holding AG | 28,683 | ||||||
122,651 | Kongsberg Automotive ASA(a) | 63,885 | ||||||
8,039 | Landis & Gyr Group AG | 745,227 | ||||||
1,955 | Lastminute.com NV(a) | 81,054 | ||||||
34 | LEM Holding SA | 40,187 | ||||||
3,646 | Logitech International SA | 149,166 | ||||||
777 | Luzerner Kantonalbank AG | 324,505 | ||||||
679 | Meier Tobler Group AG(a) | 9,567 | ||||||
60 | Metall Zug AG - Class B | 120,426 | ||||||
3,411 | Mobilezone Holding AG | 36,997 | ||||||
1,595 | Mobimo Holding AG | 449,478 | ||||||
11,401 | OC Oerlikon Corp AG | 116,726 | ||||||
939 | Orascom Development Holding AG(a) | 14,087 | ||||||
514 | Orior AG | 45,174 | ||||||
220 | Phoenix Mecano AG | 97,902 | ||||||
261 | Plazza AG | 68,524 | ||||||
9,795 | PSP Swiss Property AG | 1,295,740 | ||||||
3,181 | Rieter Holding AG | 433,055 | ||||||
154 | Romande Energie Holding SA | 184,207 | ||||||
137 | Schaffner Holding AG | 29,303 | ||||||
153 | Schweiter Technologies AG | 157,265 | ||||||
810 | SFS Group AG | 71,640 | ||||||
3,917 | Siegfried Holding AG | 1,594,197 | ||||||
507 | St. Galler Kantonalbank AG | 221,764 | ||||||
324 | Straumann Holding AG | 288,956 | ||||||
1,497 | Sulzer AG | 151,142 | ||||||
3,811 | Sunrise Communications Group AG | 296,111 | ||||||
2,142 | Swiss Life Holding AG | 1,070,891 | ||||||
5,160 | Swiss Prime Site AG | 531,430 | ||||||
3,070 | Swissquote Group Holding SA | 133,692 | ||||||
424 | Tamedia AG | 39,800 | ||||||
73,360 | Temenos AG | 10,466,721 | ||||||
235 | Thurgauer Kantonalbank | 25,251 | ||||||
292 | u-blox Holding AG | 23,620 | ||||||
12,275 | Valiant Holding AG | 1,244,298 | ||||||
4,078 | Valora Holding AG | 1,165,733 | ||||||
694 | VAT Group AG | 101,761 | ||||||
374 | Vaudoise Assurances Holding SA | 206,998 | ||||||
71 | Vetropack Holding AG | 192,524 | ||||||
1,506 | Vifor Pharma AG | 236,701 | ||||||
6,951 | Von Roll Holding AG(a) | 6,370 | ||||||
13,855 | Vontobel Holding AG | 806,160 | ||||||
351 | VZ Holding AG | 97,846 | ||||||
11 | Warteck Invest AG | 22,747 | ||||||
6,116 | Zehnder Group AG | 266,587 | ||||||
53 | Zug Estates Holding AG - B Shares | 107,988 | ||||||
29 | Zuger Kantonalbank AG | 176,969 | ||||||
50,814,028 |
53 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
TAIWAN — 1.6% | ||||||||
24,000 | Accton Technology Corp. | $ | 143,099 | |||||
5,536,878 | Acer, Inc. | 3,237,674 | ||||||
5,050 | Acter Group Corp. Ltd. | 27,871 | ||||||
7,025 | Actron Technology Corp. | 21,301 | ||||||
9,998 | Adlink Technology, Inc. | 15,716 | ||||||
3,000 | Advanced Ceramic X Corp. | 24,835 | ||||||
22,000 | Advanced International Multitech Co. Ltd. | 29,342 | ||||||
15,000 | Advanced Wireless Semiconductor Co. | 53,465 | ||||||
24,373 | Advancetek Enterprise Co. Ltd. | 13,732 | ||||||
19,000 | Aerospace Industrial Development Corp. | 19,817 | ||||||
3,916 | Airtac International Group | 53,709 | ||||||
9,000 | Alchip Technologies Ltd. | 55,140 | ||||||
22,000 | Ambassador Hotel (The) | 17,309 | ||||||
22,000 | Ampire Co. Ltd. | 15,430 | ||||||
9,099 | Anpec Electronics Corp. | 22,239 | ||||||
26,000 | APCB, Inc. | 22,592 | ||||||
24,161 | Apex International Co. Ltd. | 34,328 | ||||||
62,872 | Ardentec Corp. | 58,658 | ||||||
10,000 | Asia Optical Co., Inc. | 27,595 | ||||||
100,000 | Asia Pacific Telecom Co. Ltd.(a) | 19,711 | ||||||
30,100 | Asia Vital Components Co. Ltd. | 41,234 | ||||||
2,208 | ASMedia Technology, Inc. | 35,542 | ||||||
2,000 | ASPEED Technology, Inc. | 52,430 | ||||||
11,000 | Aten International Co. Ltd. | 31,185 | ||||||
9,272,000 | AU Optronics Corp. | 2,375,835 | ||||||
24,800 | Audix Corp. | 32,181 | ||||||
58,171 | Bank of Kaohsiung Co. Ltd. | 18,326 | ||||||
18,000 | BenQ Materials Corp. | 11,087 | ||||||
88,350 | BES Engineering Corp. | 23,567 | ||||||
10,000 | Brighton-Best International Taiwan, Inc. | 10,512 | ||||||
13,000 | C Sun Manufacturing Ltd. | 11,104 | ||||||
9,900 | Capital Futures Corp. | 13,968 | ||||||
191,955 | Capital Securities Corp. | 58,014 | ||||||
35,479 | Career Technology Manufacturing Co. Ltd. | 44,173 | ||||||
16,000 | Casetek Holdings Ltd. | 28,909 | ||||||
34,300 | Cathay Real Estate Development Co. Ltd. | 24,677 | ||||||
26,519 | Center Laboratories, Inc. | 58,107 | ||||||
20,748 | Central Reinsurance Co. Ltd. | 12,507 | ||||||
34,975 | ChainQui Construction Development Co. Ltd. | 27,747 | ||||||
1,730 | Chang Wah Electromaterials, Inc. | 9,747 | ||||||
21,000 | Channel Well Technology Co. Ltd. | 17,385 | ||||||
13,185 | Charoen Pokphand Enterprise | 28,371 | ||||||
3,000 | Chaun-Choung Technology Corp. | 20,253 | ||||||
14,000 | CHC Healthcare Group | 19,063 | ||||||
50,920 | Cheng Loong Corp. | 30,361 | ||||||
1,328,559 | Cheng Shin Rubber Industry Co. Ltd. | 2,088,387 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
39,797 | Cheng Uei Precision Industry Co. Ltd. | $ | 59,747 | |||||
25,277 | Chicony Electronics Co. Ltd. | 78,636 | ||||||
12,300 | Chicony Power Technology Co. Ltd. | 24,002 | ||||||
7,961 | Chilisin Electronics Corp. | 22,491 | ||||||
357,744 | China Airlines Ltd. | 106,475 | ||||||
105,000 | China Bills Finance Corp. | 51,395 | ||||||
21,000 | China Chemical & Pharmaceutical Co. Ltd. | 13,211 | ||||||
78,672 | China General Plastics Corp. | 58,150 | ||||||
128,584 | China Life Insurance Co. Ltd/Taiwan(a) | 106,025 | ||||||
33,077 | China Metal Products | 34,228 | ||||||
3,919,650 | China Petrochemical Development Corp. | 1,306,958 | ||||||
6,114 | China Steel Chemical Corp. | 25,408 | ||||||
31,360 | China Wire & Cable Co. Ltd. | 27,300 | ||||||
21,000 | Chinese Maritime Transport Ltd. | 21,593 | ||||||
42,883 | Chin-Poon Industrial Co. Ltd. | 43,460 | ||||||
54,000 | Chipbond Technology Corp. | 107,147 | ||||||
53,000 | ChipMOS Technologies, Inc. | 52,581 | ||||||
25,000 | Chong Hong Construction Co. Ltd. | 67,344 | ||||||
10,876 | Chroma ATE, Inc. | 54,486 | ||||||
64,000 | Chun YU Works & Co. Ltd. | 41,629 | ||||||
124,779 | Chun Yuan Steel | 42,016 | ||||||
132,000 | Chung Hung Steel Corp. | 39,417 | ||||||
138,779 | Chung Hwa Pulp Corp. | 42,080 | ||||||
22,125 | Chung-Hsin Electric & Machinery Manufacturing Corp. | 14,791 | ||||||
7,000 | Cleanaway Co. Ltd. | 36,333 | ||||||
117,498 | CMC Magnetics Corp.(a) | 44,003 | ||||||
4,774,000 | Compal Electronics, Inc. | 2,854,316 | ||||||
135,000 | Compeq Manufacturing Co. Ltd. | 189,591 | ||||||
3,391 | Concraft Holding Co. Ltd. | 21,221 | ||||||
52,200 | Coretronic Corp. | 67,564 | ||||||
24,000 | Co-Tech Development Corp. | 34,178 | ||||||
47,523 | CSBC Corp. Taiwan(a) | 42,152 | ||||||
18,838 | CTCI Corp. | 25,311 | ||||||
1,649 | Cub Elecparts, Inc. | 13,814 | ||||||
18,000 | CviLux Corp. | 15,286 | ||||||
6,000 | CyberPower Systems, Inc. | 20,203 | ||||||
80,133 | Da-Li Development Co. Ltd. | 71,997 | ||||||
28,000 | Darfon Electronics Corp. | 37,621 | ||||||
47,000 | Darwin Precisions Corp. | 25,630 | ||||||
10,000 | Depo Auto Parts Industrial Co. Ltd. | 20,302 | ||||||
66,904 | D-Link Corp. | 26,264 | ||||||
42,000 | Dynamic Electronics Co. Ltd.(a) | 21,386 | ||||||
13,000 | Dynapack International Technology Corp. | 25,795 | ||||||
41,000 | E Ink Holdings, Inc. | 40,339 |
54 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
36,000 | Eastern Media International Corp. | $ | 12,122 | |||||
7,620 | Eclat Textile Co. Ltd. | 102,508 | ||||||
3,000 | Egis Technology, Inc. | 27,053 | ||||||
9,924 | Elan Microelectronics Corp. | 30,743 | ||||||
7,000 | E-LIFE MALL Corp. | 15,269 | ||||||
22,809 | Elite Advanced Laser Corp. | 41,811 | ||||||
14,967 | Elite Material Co. Ltd. | 62,689 | ||||||
37,000 | Elite Semiconductor Memory Technology, Inc. | 38,896 | ||||||
3,000 | eMemory Technology, Inc. | 33,262 | ||||||
98,000 | EnTie Commercial Bank Co. Ltd. | 49,740 | ||||||
91,015 | Epistar Corp. | 88,502 | ||||||
71,975 | Eternal Materials Co. Ltd. | 61,239 | ||||||
9,678,814 | Eva Airways Corp. | 4,530,908 | ||||||
54,120 | Everest Textile Co. Ltd.(a) | 18,135 | ||||||
84,000 | Evergreen International Storage & Transport Corp. | 38,771 | ||||||
7,255,617 | Evergreen Marine Corp. Taiwan Ltd.(a) | 2,979,426 | ||||||
68,342 | Everlight Chemical Industrial Corp. | 35,922 | ||||||
759,000 | Everlight Electronics Co. Ltd. | 696,902 | ||||||
8,000 | Excelsior Medical Co. Ltd. | 14,060 | ||||||
146,062 | Far Eastern Department Stores Ltd. | 125,475 | ||||||
315,205 | Far Eastern International Bank | 123,740 | ||||||
39,478 | Faraday Technology Corp. | 75,220 | ||||||
12,000 | Farglory Land Development Co. Ltd. | 15,256 | ||||||
69,255 | Federal Corp.(a) | 30,600 | ||||||
46,320 | Feng Hsin Steel Co. Ltd. | 80,191 | ||||||
4,833,516 | First Financial Holding Co. Ltd. | 3,548,860 | ||||||
61,000 | First Insurance Co. Ltd. (The) | 28,355 | ||||||
129,859 | First Steamship Co. Ltd. | 48,846 | ||||||
34,049 | FLEXium Interconnect, Inc. | 123,040 | ||||||
9,955 | Flytech Technology Co. Ltd. | 23,056 | ||||||
24,000 | Focaltech Systems Co. Ltd. | 18,764 | ||||||
9,338 | Formosa Laboratories, Inc. | 11,642 | ||||||
31,203 | Formosa Oilseed Processing Co. Ltd. | 39,157 | ||||||
5,000 | Formosa Sumco Technology Corp. | 19,136 | ||||||
50,791 | Formosan Union Chemical | 21,774 | ||||||
33,000 | Fortune Electric Co. Ltd. | 27,644 | ||||||
7,127 | Foxsemicon Integrated Technology, Inc. | 37,226 | ||||||
21,000 | Froch Enterprise Co. Ltd. | 8,830 | ||||||
12,369 | Fulgent Sun International Holding Co. Ltd. | 48,963 | ||||||
42,420 | Fulltech Fiber Glass Corp. | 19,301 | ||||||
106,466 | Fwusow Industry Co. Ltd. | 62,955 | ||||||
11,000 | Gamania Digital Entertainment Co. Ltd. | 20,923 | ||||||
40,000 | Gemtek Technology Corp.(a) | 31,274 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
20,000 | General Interface Solution Holding Ltd. | $ | 75,229 | |||||
25,000 | Getac Technology Corp. | 41,064 | ||||||
13,000 | Giant Manufacturing Co. Ltd. | 96,516 | ||||||
758,981 | Gigabyte Technology Co. Ltd. | 1,269,103 | ||||||
2,000 | Ginko International Co. Ltd. | 11,958 | ||||||
61,000 | Global Brands Manufacture Ltd. | 34,467 | ||||||
6,000 | Global Unichip Corp. | 52,726 | ||||||
25,650 | Globe Union Industrial Corp. | 14,114 | ||||||
67,880 | Gloria Material Technology Corp. | 42,369 | ||||||
50,000 | Gold Circuit Electronics Ltd.(a) | 25,213 | ||||||
49,852 | Goldsun Building Materials Co. Ltd. | 22,518 | ||||||
5,783 | Gourmet Master Co. Ltd. | 26,407 | ||||||
18,000 | Grand Ocean Retail Group Ltd. | 17,533 | ||||||
121,000 | Grand Pacific Petrochemical(a) | 73,139 | ||||||
4,000 | Grape King Bio Ltd. | 24,770 | ||||||
25,000 | Great China Metal Industry | 19,464 | ||||||
26,000 | Great Taipei Gas Co. Ltd. | 26,521 | ||||||
43,188 | Great Wall Enterprise Co. Ltd. | 53,488 | ||||||
44,000 | Greatek Electonics, Inc. | 61,937 | ||||||
7,507,000 | HannStar Display Corp. | 1,598,047 | ||||||
134,498 | HannsTouch Solution, Inc.(a) | 60,974 | ||||||
53,000 | Hey Song Corp. | 55,280 | ||||||
50,666 | Highwealth Construction Corp. | 77,812 | ||||||
27,065 | Hitron Technology, Inc. | 16,404 | ||||||
9,790 | Hiwin Technologies Corp. | 84,101 | ||||||
105,530 | Ho Tung Chemical Corp. | 24,545 | ||||||
10,000 | Holiday Entertainment Co. Ltd. | 22,306 | ||||||
13,000 | Holtek Semiconductor, Inc. | 28,400 | ||||||
17,105 | Holy Stone Enterprise Co. Ltd. | 56,754 | ||||||
19,514 | Hong Pu Real Estate Development Co. Ltd. | 14,263 | ||||||
10,624 | Hota Industrial Manufacturing Co. Ltd. | 39,438 | ||||||
51,435 | Hsing TA Cement Co. | 30,921 | ||||||
1,006,000 | HTC Corp. | 1,216,169 | ||||||
5,000 | Hu Lane Associate, Inc. | 12,270 | ||||||
13,479 | Huaku Development Co. Ltd. | 37,062 | ||||||
8,000 | Huang Hsiang Construction Corp. | 9,606 | ||||||
89,200 | Hung Sheng Construction Ltd.(a) | 61,390 | ||||||
42,830 | Hwa Fong Rubber Industrial Co. Ltd.(a) | 16,814 | ||||||
132,310 | IBF Financial Holdings Co. Ltd. | 47,377 | ||||||
34,341 | Ichia Technologies, Inc. | 19,912 | ||||||
9,908 | Innodisk Corp. | 43,453 | ||||||
10,620,000 | Innolux Corp. | 2,361,899 | ||||||
1,587,872 | International CSRC Investment Holdings Co. | 1,708,343 | ||||||
3,000 | International Games System Co. Ltd. | 38,633 | ||||||
3,956,155 | Inventec Corp. | 2,872,194 | ||||||
19,000 | ITEQ Corp. | 96,746 |
55 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
150,682 | Jih Sun Financial Holdings Co. Ltd. | $ | 47,372 | |||||
30,000 | KEE TAI Properties Co. Ltd. | 12,073 | ||||||
66,682 | Kenda Rubber Industrial Co. Ltd. | 71,084 | ||||||
16,000 | Kerry TJ Logistics Co. Ltd. | 20,026 | ||||||
34,000 | Kindom Construction Corp. | 35,407 | ||||||
10,720 | King Chou Marine Technology Co. Ltd. | 12,097 | ||||||
4,000 | King Slide Works Co. Ltd. | 47,897 | ||||||
157,184 | King Yuan Electronics Co. Ltd. | 197,510 | ||||||
5,000 | Kingpak Technology, Inc. | 24,392 | ||||||
108,185 | King’s Town Bank Co. Ltd. | 112,484 | ||||||
13,000 | Kinik Co. | 29,339 | ||||||
181,343 | Kinpo Electronics | 67,020 | ||||||
44,000 | Kinsus Interconnect Technology Corp. | 69,743 | ||||||
4,000 | KMC Kuei Meng International, Inc. | 13,337 | ||||||
15,000 | KS Terminals, Inc. | 25,180 | ||||||
6,000 | Kung Long Batteries Industrial Co. Ltd. | 28,482 | ||||||
38,523 | Kuo Toong International Co. Ltd. | 24,045 | ||||||
60,799 | Kwong Fong Industries Corp. | 27,563 | ||||||
39,000 | L&K Engineering Co. Ltd. | 32,414 | ||||||
3,000 | Land Mark Optoelectronics Corp. | 25,377 | ||||||
56,714 | Lealea Enterprise Co. Ltd. | 17,495 | ||||||
9,000 | Lelon Electronics Corp. | 12,373 | ||||||
20,000 | Lextar Electronics Corp. | 11,728 | ||||||
50,788 | Li Peng Enterprise Co. Ltd. | 11,679 | ||||||
36,649 | Lien Hwa Industrial Corp. | 41,717 | ||||||
50,000 | Lingsen Precision Industries Ltd. | 15,128 | ||||||
12,882 | Lite-On Semiconductor Corp. | 17,647 | ||||||
99,000 | Lite-On Technology Corp. | 163,263 | ||||||
274,169 | Longchen Paper & Packaging Co. Ltd. | 122,041 | ||||||
15,000 | Longwell Co. | 36,169 | ||||||
723 | Lotes Co. Ltd. | 6,805 | ||||||
12,545 | Lumax International Corp. Ltd. | 33,052 | ||||||
8,000 | Lung Yen Life Service Corp. | 15,952 | ||||||
2,000 | Machvision, Inc. | 19,941 | ||||||
250,000 | Macronix International | 255,416 | ||||||
6,523 | Makalot Industrial Co. Ltd. | 36,429 | ||||||
11,000 | Materials Analysis Technology, Inc. | 26,632 | ||||||
550,000 | MediaTek, Inc. | 7,371,758 | ||||||
57,039 | Mercuries & Associates Holding Ltd. | 36,351 | ||||||
65,280 | Mercuries Life Insurance Co. Ltd.(a) | 23,161 | ||||||
5,000 | Merida Industry Co. Ltd. | 28,909 | ||||||
12,285 | Merry Electronics Co. Ltd. | 60,133 | ||||||
36,404 | Micro-Star International Co. Ltd. | 107,632 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
18,036 | Mirle Automation Corp. | $ | 22,989 | |||||
9,000 | MPI Corp. | 18,301 | ||||||
4,000 | Nak Sealing Technologies Corp. | 9,225 | ||||||
10,000 | Namchow Holdings Co. Ltd. | 16,294 | ||||||
21,590 | Nan Kang Rubber Tire Co. Ltd. | 39,434 | ||||||
26,405 | Nantex Industry Co. Ltd. | 27,454 | ||||||
21,000 | National Petroleum Co. Ltd. | 29,354 | ||||||
12,426 | Nichidenbo Corp. | 19,797 | ||||||
13,000 | Nien Hsing Textile Co. Ltd. | 9,609 | ||||||
6,000 | Nien Made Enterprise Co. Ltd. | 54,500 | ||||||
16,000 | Novatek Microelectronics Corp. | 103,021 | ||||||
46,826 | OptoTech Corp. | 39,688 | ||||||
52,000 | Orient Semiconductor Electronics Ltd.(a) | 28,015 | ||||||
64,500 | Oriental Union Chemical Corp. | 46,616 | ||||||
23,094 | Paiho Shih Holdings Corp. | 32,660 | ||||||
32,807 | Pan Jit International, Inc. | 30,931 | ||||||
51,000 | Pan-International Industrial Corp. | 39,372 | ||||||
4,000 | Pharmally International Holding Co. Ltd.(a) | 30,289 | ||||||
6,000 | Phison Electronics Corp. | 54,697 | ||||||
6,000 | Pixart Imaging, Inc. | 23,160 | ||||||
24,000 | Plotech Co. Ltd. | 17,030 | ||||||
145,000 | Pou Chen Corp. | 194,108 | ||||||
1,348,200 | Powertech Technology, Inc. | 4,251,809 | ||||||
3,242 | Poya International Co. Ltd. | 44,571 | ||||||
221,377 | President Securities Corp. | 95,996 | ||||||
28,000 | Primax Electronics Ltd. | 59,789 | ||||||
202,370 | Prince Housing & Development Corp. | 74,791 | ||||||
121,000 | Prodisc Technology, Inc.(a),(b) | 0 | ||||||
26,000 | Promate Electronic Co. Ltd. | 29,040 | ||||||
9,000 | Prosperity Dielectrics Co. Ltd. | 17,710 | ||||||
4,172,520 | Qisda Corp. | 3,132,080 | ||||||
7,000 | QST International Corp. | 15,108 | ||||||
700 | Qualipoly Chemical Corp. | 625 | ||||||
123,309 | Quintain Steel Co. Ltd. | 26,006 | ||||||
879,000 | Radiant Opto-Electronics Corp. | 3,493,996 | ||||||
105,750 | Radium Life Tech Co. Ltd. | 42,209 | ||||||
589,150 | Realtek Semiconductor Corp. | 4,383,715 | ||||||
45,771 | Rechi Precision Co. Ltd. | 35,861 | ||||||
15,000 | Rexon Industrial Corp. Ltd. | 40,801 | ||||||
48,616 | Rich Development Co. Ltd. | 17,408 | ||||||
324,600 | Ritek Corp.(a) | 86,267 | ||||||
48,000 | Roo Hsing Co. Ltd.(a) | 18,134 | ||||||
26,640 | Ruentex Development Co. Ltd. | 40,694 | ||||||
38,000 | Ruentex Industries Ltd. | 91,378 | ||||||
12,000 | Run Long Construction Co. Ltd. | 27,004 | ||||||
60,268 | Sampo Corp. | 39,201 | ||||||
27,113 | San Fang Chemical Industry Co. Ltd. | 21,466 | ||||||
29,000 | San Far Property Ltd. | 22,245 | ||||||
9,600 | San Shing Fastech Corp. | 16,336 | ||||||
48,080 | Sanyang Motor Co. Ltd. | 34,512 |
56 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
7,000 | SCI Pharmtech, Inc. | $ | 25,640 | |||||
8,000 | SDI Corp. | 16,347 | ||||||
10,000 | Senao International Co. Ltd. | 10,052 | ||||||
21,000 | Sercomm Corp. | 55,397 | ||||||
28,007 | Sesoda Corp. | 23,277 | ||||||
9,000 | Shan-Loong Transportation Co. Ltd. | 8,737 | ||||||
52,087 | Shih Wei Navigation Co. Ltd.(a) | 14,733 | ||||||
16,144,352 | Shin Kong Financial Holding Co. Ltd. | 5,102,041 | ||||||
11,000 | Shin Zu Shing Co. Ltd. | 43,725 | ||||||
37,109 | Shining Building Business Co. Ltd.(a) | 14,507 | ||||||
42,000 | Shinkong Insurance Co. Ltd. | 52,706 | ||||||
33,000 | Shinkong Textile Co. Ltd. | 46,345 | ||||||
5,000 | Shiny Chemical Industrial Co. Ltd. | 14,980 | ||||||
62,000 | Sigurd Microelectronics Corp. | 75,666 | ||||||
9,200 | Simplo Technology Co. Ltd. | 84,926 | ||||||
9,364 | Sinbon Electronics Co. Ltd. | 37,837 | ||||||
19,000 | Sinher Technology, Inc. | 26,277 | ||||||
10,961 | Sino-American Electronic Co. Ltd.(a),(b) | 0 | ||||||
47,000 | Sino-American Silicon Products, Inc. | 141,739 | ||||||
83,000 | Sinon Corp. | 51,397 | ||||||
11,000 | Sinyi Realty, Inc. | 11,618 | ||||||
36,000 | Siward Crystal Technology Co. Ltd. | 23,653 | ||||||
99,616 | Solar Applied Materials Technology Co.(a) | 75,103 | ||||||
117,000 | Southeast Cement Co. Ltd. | 65,725 | ||||||
3,000 | St Shine Optical Co. Ltd. | 46,960 | ||||||
15,762 | Standard Foods Corp. | 31,793 | ||||||
6,000 | Sunny Friend Environmental Technology Co. Ltd. | 51,839 | ||||||
22,000 | Sunonwealth Electric Machine Industry Co. Ltd. | 27,463 | ||||||
46,245 | Supreme Electronics Co. Ltd. | 44,133 | ||||||
87,965 | Sweeten Real Estate Development Co. Ltd. | 65,886 | ||||||
3,750 | Syncmold Enterprise Corp. | 9,646 | ||||||
85,550 | Synnex Technology International Corp. | 102,158 | ||||||
12,000 | Systex Corp. | 29,172 | ||||||
94,088 | TA Chen Stainless Pipe Co. | 101,690 | ||||||
70,720 | Ta Ya Electric Wire & Cable | 24,742 | ||||||
34,696 | TA-I Technology Co. Ltd. | 46,162 | ||||||
4,813,191 | Taichung Commercial Bank Co. Ltd. | 1,857,887 | ||||||
4,500 | TaiDoc Technology Corp. | 18,553 | ||||||
28,580 | Taiflex Scientific Co. Ltd. | 40,278 | ||||||
607,045 | Tainan Spinning Co. Ltd. | 223,351 | ||||||
4,322,930 | Taishin Financial Holding Co. Ltd. | 2,009,476 | ||||||
421,117 | Taiwan Business Bank | 177,768 | ||||||
3,105,990 | Taiwan Cement Corp. | 4,127,307 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
25,000 | Taiwan Cogeneration Corp. | $ | 24,063 | |||||
2,000 | Taiwan FamilyMart Co. Ltd/Taiwan | 14,389 | ||||||
35,320 | Taiwan Fire & Marine Insurance Co. Ltd. | 23,844 | ||||||
24,000 | Taiwan FU Hsing Industrial Co. Ltd. | 34,375 | ||||||
159,919 | Taiwan Glass Industrial Corp. | 60,941 | ||||||
32,081 | Taiwan Hon Chuan Enterprise Co. Ltd. | 57,964 | ||||||
74,324 | Taiwan Land Development Corp.(a) | 21,120 | ||||||
471 | Taiwan Line Tek Electronic | 453 | ||||||
49,544 | Taiwan Navigation Co. Ltd. | 30,029 | ||||||
11,032 | Taiwan Paiho Ltd. | 28,848 | ||||||
36,000 | Taiwan PCB Techvest Co. Ltd. | 43,284 | ||||||
8,000 | Taiwan Sakura Corp. | 12,654 | ||||||
14,408 | Taiwan Secom Co. Ltd. | 41,226 | ||||||
16,000 | Taiwan Semiconductor Co. Ltd. | 26,806 | ||||||
26,500 | Taiwan Styrene Monomer | 18,804 | ||||||
23,875 | Taiwan Surface Mounting Technology Corp. | 78,040 | ||||||
51,469 | Taiwan TEA Corp. | 28,744 | ||||||
8,000 | Taiwan Union Technology Corp. | 35,216 | ||||||
41,000 | Tatung Co. Ltd.(a) | 24,648 | ||||||
9,117 | TCI Co. Ltd. | 100,783 | ||||||
118,000 | Teco Electric and Machinery Co. Ltd. | 104,857 | ||||||
4,400 | Tehmag Foods Corp. | 32,233 | ||||||
18,000 | Test Research, Inc. | 30,157 | ||||||
11,000 | Thinking Electronic Industrial Co. Ltd. | 29,632 | ||||||
56,100 | Ton Yi Industrial Corp. | 22,392 | ||||||
8,000 | Tong Hsing Electronic Industries Ltd. | 35,610 | ||||||
55,834 | Tong Yang Industry Co. Ltd. | 87,125 | ||||||
19,946 | Tong-Tai Machine & Tool Co. Ltd. | 11,303 | ||||||
10,376 | TOPBI International Holdings Ltd. | 34,597 | ||||||
12,160 | Topco Scientific Co. Ltd. | 38,748 | ||||||
5,624 | Topco Technologies Corp. | 12,730 | ||||||
6,000 | Topkey Corp. | 26,215 | ||||||
33,344 | Topoint Technology Co. Ltd. | 24,591 | ||||||
27,000 | TPK Holding Co. Ltd.(a) | 58,807 | ||||||
8,137 | Transcend Information, Inc. | 17,669 | ||||||
29,000 | Tripod Technology Corp. | 112,416 | ||||||
2,200 | TSC Auto ID Technology Co. Ltd. | 17,996 | ||||||
25,942 | TSRC Corp. | 20,666 | ||||||
6,000 | Ttet Union Corp. | 24,540 | ||||||
7,000 | TTY Biopharm Co. Ltd. | 18,443 | ||||||
116,315 | Tung Ho Steel Enterprise Corp. | 82,535 | ||||||
35,815 | TXC Corp. | 44,003 | ||||||
56,000 | TYC Brother Industrial Co. Ltd. | 55,282 | ||||||
23,000 | U-Ming Marine Transport Corp. | 25,576 |
57 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
3,099,000 | Unimicron Technology Corp. | $ | 4,800,113 | |||||
355,952 | Union Bank Of Taiwan(a) | 124,534 | ||||||
94,757 | Unitech Printed Circuit Board Corp. | 103,503 | ||||||
8,000 | United Integrated Services Co. Ltd. | 41,655 | ||||||
13,012,000 | United Microelectronics Corp. | 5,984,396 | ||||||
99,997 | United Renewable Energy Co. Ltd/Taiwan(a) | 27,101 | ||||||
202,780 | Universal Cement Corp. | 125,237 | ||||||
10,162 | Universal Microwave Technology, Inc. | 31,781 | ||||||
134,734 | UPC Technology Corp. | 45,589 | ||||||
200,297 | USI Corp. | 88,171 | ||||||
12,000 | Utechzone Co. Ltd. | 23,889 | ||||||
39,000 | Vanguard International Semiconductor Corp. | 83,533 | ||||||
39,800 | Ve Wong Corp. | 35,171 | ||||||
16,000 | Visual Photonics Epitaxy Co. Ltd. | 62,811 | ||||||
3,150 | Voltronic Power Technology Corp. | 69,849 | ||||||
19,000 | Wafer Works Corp. | 21,877 | ||||||
17,000 | Wah Lee Industrial Corp. | 30,157 | ||||||
322,000 | Walsin Lihwa Corp. | 157,612 | ||||||
15,000 | Walsin Technology Corp. | 90,422 | ||||||
81,000 | Walton Advanced Engineering, Inc. | 24,587 | ||||||
60,300 | Wan Hai Lines Ltd. | 35,954 | ||||||
39,865 | Weikeng Industrial Co. Ltd. | 23,573 | ||||||
11,000 | Well Shin Technology Co. Ltd. | 17,978 | ||||||
24,460 | Win Semiconductors Corp. | 255,524 | ||||||
464,472 | Winbond Electronics Corp. | 261,681 | ||||||
44,673 | Wintek Corp.(a),(b) | 504 | ||||||
83,646 | Wisdom Marine Lines Co. Ltd. | 84,084 | ||||||
4,565,512 | Wistron Corp. | 4,191,983 | ||||||
18,995 | Wistron NeWeb Corp. | 47,424 | ||||||
9,000 | Wowprime Corp. | 22,559 | ||||||
76,235 | WPG Holdings Co. Ltd. | 96,670 | ||||||
49,635 | WT Microelectronics Co. Ltd. | 56,743 | ||||||
7,204 | Xxentria Technology Materials Corp. | 16,187 | ||||||
7,000 | Yageo Corp. | 72,206 | ||||||
366,124 | Yang Ming Marine Transport Corp.(a) | 91,169 | ||||||
77,084 | YC INOX Co. Ltd. | 66,219 | ||||||
10,907 | YeaShin International Development Co. Ltd. | 6,073 | ||||||
110,713 | Yem Chio Co. Ltd. | 42,553 | ||||||
12,000 | Yeong Guan Energy Technology Group Co. Ltd.(a) | 25,703 | ||||||
179,624 | YFY, Inc. | 70,515 | ||||||
125,035 | Yieh Phui Enterprise Co. Ltd. | 37,420 | ||||||
13,000 | Yonyu Plastics Co. Ltd. | 14,648 | ||||||
23,110 | Youngtek Electronics Corp. | 31,089 | ||||||
11,000 | Yulon Finance Corp. | 40,834 |
Shares | Value | |||||||
TAIWAN (continued) | ||||||||
119,000 | Yulon Motor Co. Ltd. | $ | 76,622 | |||||
14,000 | Yung Chi Paint & Varnish Manufacturing Co. Ltd. | 32,930 | ||||||
4,000 | Zeng Hsing Industrial Co. Ltd. | 17,477 | ||||||
53,000 | Zhen Ding Technology Holding Ltd. | 252,460 | ||||||
68,000 | Zig Sheng Industrial Co. Ltd. | 18,072 | ||||||
23,000 | Zinwell Corp. | 16,925 | ||||||
102,388,308 | ||||||||
THAILAND — 0.1% | ||||||||
4,300 | AEON Thana Sinsap Thailand Public Co. Ltd. - FOR | 29,051 | ||||||
47,800 | Amata Corp. Public Co. Ltd. - FOR | 39,259 | ||||||
152,500 | AP Thailand Public Co. Ltd. - FOR | 33,333 | ||||||
237,900 | Asia Plus Group Holdings Public Co. Ltd. - FOR | 14,103 | ||||||
80,900 | Bangchak Corp. Public Co. Ltd. - FOR | 66,178 | ||||||
20,425 | Bangkok Aviation Fuel Services Public Co. Ltd. - FOR | 21,646 | ||||||
67,100 | Bangkok Chain Hospital Public Co. Ltd. - FOR | 37,333 | ||||||
115,200 | Bangkok Expressway & Metro Public Co. Ltd. - FOR | 41,204 | ||||||
26,500 | Bangkok Insurance Public Co. Ltd. - FOR | 270,748 | ||||||
1,118,900 | Bangkok Land Public Co. Ltd. - FOR | 50,766 | ||||||
461,900 | Banpu Public Co. Ltd. - FOR | 177,448 | ||||||
131,800 | BEC World Public Co. Ltd. - FOR(a) | 29,027 | ||||||
14,300 | Bumrungrad Hospital Public Co. Ltd. - FOR | 57,067 | ||||||
691,508 | Cal-Comp Electronics Thailand Public Co. Ltd. - FOR | 36,871 | ||||||
17,100 | Central Plaza Hotel Public Co. Ltd. - FOR | 15,574 | ||||||
48,222 | CH Karnchang Public Co. Ltd. - FOR | 32,579 | ||||||
101,400 | Chularat Hospital Public Co. Ltd. - FOR | 8,597 | ||||||
15,700 | COL Public Co. Ltd. - FOR | 9,723 | ||||||
19,600 | Com7 Public Co. Ltd. - FOR | 18,662 | ||||||
411,800 | Country Group Development Public Co. Ltd. - FOR(a) | 12,274 | ||||||
14,300 | Delta Electronics Thailand Public Co. Ltd. - FOR | 20,838 | ||||||
49,000 | Dhipaya Insurance Public Co. Ltd. - FOR | 37,811 | ||||||
376,500 | Dynasty Ceramic Public Co. Ltd. - FOR | 24,190 | ||||||
104,100 | Eastern Water Resources Development and Management Public Co. Ltd. - FOR | 41,371 |
58 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
113,800 | Erawan Group Public Co. Ltd. (The) - FOR | $ | 20,729 | |||||
117,700 | Esso Thailand Public Co. Ltd. - FOR | 28,650 | ||||||
14,400 | Fabrinet(a) | 809,712 | ||||||
31,100 | GFPT Public Co. Ltd. - FOR | 14,214 | ||||||
22,018 | Global Power Synergy Public Co. Ltd. - FOR | 59,976 | ||||||
5,000 | Haad Thip Public Co. Ltd. - FOR | 3,958 | ||||||
43,900 | Hana Microelectronics Public Co. Ltd. - FOR | 37,074 | ||||||
148,800 | Ichitan Group Public Co. Ltd. - FOR | 33,264 | ||||||
102,900 | Indorama Ventures Public Co. Ltd. - FOR | 95,420 | ||||||
27,675,000 | IRPC Public Co. Ltd. - FOR | 3,116,244 | ||||||
5,256,091 | Italian-Thai Development Public Co. Ltd. - FOR | 288,959 | ||||||
183,800 | Jasmine International Public Co. Ltd. - FOR | 38,044 | ||||||
26,200 | KCE Electronics Public Co. Ltd. - FOR | 12,755 | ||||||
178,900 | KGI Securities Thailand Public Co. Ltd. - FOR | 25,951 | ||||||
450,966 | Khon Kaen Sugar Industry Public Co. Ltd. - FOR | 29,123 | ||||||
18,500 | Kiatnakin Bank Public Co. Ltd. - FOR | 40,131 | ||||||
32,400 | Krungthai Card Public Co. Ltd. - FOR | 44,531 | ||||||
51,600 | Lalin Property Public Co. Ltd. - FOR | 8,442 | ||||||
125,500 | Land & Houses Public Co. Ltd. - FOR | 40,316 | ||||||
66,200 | Lanna Resources Public Co. Ltd. - FOR | 18,526 | ||||||
260,300 | LH Financial Group Public Co. Ltd. - FOR | 10,861 | ||||||
73,000 | LPN Development Public Co. Ltd. - FOR | 11,363 | ||||||
51,900 | Major Cineplex Group Public Co. Ltd. - FOR | 42,283 | ||||||
158,600 | MBK Public Co. Ltd. - FOR | 119,232 | ||||||
54,500 | MC Group Public Co. Ltd. - FOR | 11,913 | ||||||
28,500 | Mega Lifesciences Public Co. Ltd. - FOR | 27,136 | ||||||
10,500 | Minor International Public Co. Ltd. - FOR | 12,519 | ||||||
16,000 | MK Restaurants Group Public Co. Ltd. - FOR | 41,199 | ||||||
26,500 | Muangthai Capital Public Co. Ltd. - FOR | 54,413 | ||||||
10,000 | PCS Machine Group Holding Public Co. Ltd. - FOR | 2,004 | ||||||
82,500 | Polyplex Thailand Public Co. Ltd. - FOR | 37,432 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
25,450 | Precious Shipping Public Co. Ltd. - FOR(a) | $ | 7,122 | |||||
519,200 | Property Perfect Public Co. Ltd. - FOR | 13,584 | ||||||
86,300 | Pruksa Holding Public Co. Ltd. - FOR | 45,158 | ||||||
75,400 | PTG Energy Public Co. Ltd. - FOR | 44,948 | ||||||
368,831 | Quality Houses Public Co. Ltd. - FOR | 31,759 | ||||||
13,400 | Ratch Group Public Co. Ltd. - FOR | 32,618 | ||||||
139,968 | Ratchthani Leasing Public Co. Ltd. - FOR | 29,435 | ||||||
11,900 | Robinson Public Co. Ltd. - FOR | 25,715 | ||||||
159,700 | Rojana Industrial Park Public Co. Ltd. - FOR | 31,998 | ||||||
100,000 | Samart Telcoms Public Co. Ltd. - FOR | 28,647 | ||||||
486,000 | Sansiri Public Co. Ltd. - FOR | 18,349 | ||||||
476,076 | SC Asset Corp. Public Co. Ltd. - FOR | 36,263 | ||||||
23,500 | Sena Development Public Co. Ltd. - FOR | 2,444 | ||||||
8,420 | Siam City Cement Public Co. Ltd. - FOR | 60,232 | ||||||
154,369 | Siam Future Development Public Co. Ltd. - FOR | 28,374 | ||||||
38,100 | Siam Global House Public Co. Ltd. - FOR | 19,179 | ||||||
60,400 | Siamgas & Petrochemicals Public Co. Ltd. - FOR | 17,403 | ||||||
48,100 | Somboon Advance Technology Public Co. Ltd. - FOR | 25,169 | ||||||
60,800 | SPCG Public Co. Ltd. - FOR | 42,084 | ||||||
62,860 | Sri Trang Agro-Industry Public Co. Ltd. - FOR | 21,651 | ||||||
16,462 | Srisawad Corp. Public Co. Ltd. - FOR | 35,165 | ||||||
719,500 | Star Petroleum Refining Public Co. Ltd. - FOR | 212,073 | ||||||
59,775 | Supalai Public Co. Ltd. - FOR | 32,070 | ||||||
564,700 | Super Energy Corp. Public Co. Ltd. - FOR(a) | 11,221 | ||||||
101,500 | Syntec Construction Public Co. Ltd. - FOR | 5,681 | ||||||
1,547,500 | Tata Steel Thailand Public Co. Ltd. - FOR(a) | 25,625 | ||||||
107,200 | Thai Airways International Public Co. Ltd. - FOR(a) | 26,272 | ||||||
15,000 | Thai Central Chemical Public Co. Ltd. - FOR | 10,333 | ||||||
52,600 | Thai Oil Public Co. Ltd. - FOR | 119,328 | ||||||
11,900 | Thai Stanley Electric Public Co. Ltd. - FOR | 62,072 | ||||||
128,300 | Thai Union Group Public Co. Ltd. - FOR | 62,036 |
59 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
THAILAND (continued) | ||||||||
51,100 | Thai Vegetable Oil Public Co. Ltd. - FOR | $ | 43,578 | |||||
83,300 | Thaicom Public Co. Ltd. - FOR(a) | 12,194 | ||||||
122,200 | Thaifoods Group Public Co. Ltd. - FOR - Class F | 15,622 | ||||||
95,200 | Thanachart Capital Public Co. Ltd. - FOR | 167,101 | ||||||
17,300 | Thitikorn Public Co. Ltd. - FOR | 5,328 | ||||||
26,000 | Tisco Financial Group Public Co. Ltd. - FOR | 83,954 | ||||||
1,497,800 | TMB Bank Public Co. Ltd. - FOR | 71,430 | ||||||
165,000 | TMT Steel Public Co. Ltd. - FOR | 22,295 | ||||||
42,800 | Total Access Communication Public Co. Ltd. - FOR | 87,882 | ||||||
70,100 | TPI Polene Power Public Co. Ltd. - FOR | 10,447 | ||||||
390,200 | TPI Polene Public Co. Ltd. - FOR | 17,187 | ||||||
71,300 | Unique Engineering & Construction Public Co. Ltd. - FOR | 20,780 | ||||||
145,000 | Univentures Public Co. Ltd. - FOR | 25,931 | ||||||
91,900 | Vanachai Group Public Co. Ltd. - FOR | 13,818 | ||||||
85,400 | Vibhavadi Medical Center Public Co. Ltd. - FOR | 5,261 | ||||||
46,300 | �� | Vinythai Public Co. Ltd. - FOR | 35,881 | |||||
244,400 | WHA Corp. Public Co. Ltd. - FOR | 37,880 | ||||||
36,500 | Workpoint Entertainment Public Co. Ltd. - FOR | 23,330 | ||||||
8,125,934 | ||||||||
TURKEY — 0.4% | ||||||||
1 | Akbank T.A.S.(a) | 1 | ||||||
8,854 | Akcansa Cimento AS | 10,516 | ||||||
7,460 | Aksa Akrilik Kimya Sanayii AS | 13,400 | ||||||
13,561 | Anadolu Anonim Turk Sigorta Sirketi | 9,914 | ||||||
22,924 | Anadolu Cam Sanayii AS | 13,432 | ||||||
7,164 | Anadolu Efes Biracilik Ve Malt Sanayii AS | 24,096 | ||||||
1,332,894 | Arcelik AS(a) | 4,131,161 | ||||||
15,974 | Cimsa Cimento Sanayi VE Ticaret AS(a) | 22,240 | ||||||
9,433 | Coca-Cola Icecek AS | 51,543 | ||||||
2,824,425 | Dogan Sirketler Grubu Holding AS | 854,651 | ||||||
7,365,984 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 1,558,938 | ||||||
1,455,201 | Haci Omer Sabanci Holding AS | 2,104,948 | ||||||
11,895 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class A | 4,452 |
Shares | Value | |||||||
TURKEY (continued) | ||||||||
65,059 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D | $ | 24,580 | |||||
1,171,005 | KOC Holding AS | 3,836,272 | ||||||
15,694 | Kordsa Teknik Tekstil AS | 32,172 | ||||||
2,624 | Koza Altin Isletmeleri AS(a) | 32,265 | ||||||
948 | Otokar Otomotiv Ve Savunma Sanayi AS | 23,297 | ||||||
10,253 | Pegasus Hava Tasimaciligi AS(a) | 118,450 | ||||||
4,661,434 | Petkim Petrokimya Holding AS(a) | 2,804,728 | ||||||
16,564 | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 10,691 | ||||||
24,259 | Selcuk Ecza Deposu Ticaret ve Sanayi AS | 24,738 | ||||||
3,332,966 | Soda Sanayii AS | 3,194,657 | ||||||
23,218 | TAV Havalimanlari Holding AS | 105,912 | ||||||
7,867 | Tekfen Holding AS | 23,323 | ||||||
7,135 | Tofas Turk Otomobil Fabrikasi AS | 27,930 | ||||||
45,244 | Trakya Cam Sanayii AS | 23,266 | ||||||
146,891 | Tupras Turkiye Petrol Rafinerileri AS | 3,198,728 | ||||||
1,320,318 | Turkcell Iletisim Hizmetleri AS | 2,902,864 | ||||||
49,798 | Turkiye Halk Bankasi AS(a) | 45,641 | ||||||
137,554 | Turkiye Sinai Kalkinma Bankasi AS(a) | 21,654 | ||||||
5,837 | Turkiye Sise ve Cam Fabrikalari AS | 4,441 | ||||||
128,611 | Turkiye Vakiflar Bankasi TAO - Class D(a) | 97,629 | ||||||
7,755 | Ulker Biskuvi Sanayi AS(a) | 24,944 | ||||||
9,082 | Vestel Elektonik Sanayi ve Ticaret AS(a) | 16,187 | ||||||
25,393,661 | ||||||||
UKRAINE — 0.0% | ||||||||
4,290 | Kernel Holding SA | 47,721 | ||||||
UNITED ARAB EMIRATES — 0.0% | ||||||||
3,309,104 | Dana Gas PJSC | 825,305 | ||||||
20,000 | Gulf Marine Services Plc(a) | 2,137 | ||||||
29,465 | Lamprell Plc(a) | 16,794 | ||||||
833 | NMC Health Plc | 23,555 | ||||||
867,791 | ||||||||
UNITED KINGDOM — 4.2% | ||||||||
22,291 | 4imprint Group Plc | 857,579 | ||||||
2,179 | A.G. Barr Plc | 15,665 | ||||||
673,862 | Adaptimmune Therapeutics Plc - ADR(a) | 592,931 | ||||||
2,138 | Admiral Group Plc | 55,999 | ||||||
129,757 | Afren Plc(a),(b) | 0 | ||||||
209,630 | Aggreko Plc | 2,147,378 | ||||||
61,715 | Amerisur Resources Plc(a) | 15,253 | ||||||
3,987 | Anglo-Eastern Plantations Plc | 23,757 | ||||||
449 | Aptitude Software Group Plc | 3,490 |
60 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
16,782 | Arrow Global Group Plc | $ | 51,694 | |||||
2,450 | Ascential Plc | 11,082 | ||||||
181,967 | Ashmore Group Plc | 1,097,473 | ||||||
91,142 | ASOS Plc(a) | 4,167,557 | ||||||
405,029 | Assura Plc REIT | 392,443 | ||||||
20,958 | Augean Plc(a) | 43,437 | ||||||
17,569 | Auto Trader Group Plc | 127,946 | ||||||
986 | AVEVA Group Plc | 53,413 | ||||||
1,724 | Avon Rubber Plc | 39,661 | ||||||
17,779 | B&M European Value Retail SA | 85,280 | ||||||
16,815 | Babcock International Group Plc | 120,669 | ||||||
13,514 | Balfour Beatty Plc | 39,457 | ||||||
43,468 | BBA Aviation Plc | 170,946 | ||||||
6,938 | BCA Marketplace Plc(a) | 21,210 | ||||||
3,432 | Beazley Plc | 26,074 | ||||||
19,160 | Bellway Plc | 784,280 | ||||||
5,393 | Berkeley Group Holdings Plc | 307,447 | ||||||
11,689 | Biffa Plc | 38,611 | ||||||
2,745 | Big Yellow Group Plc REIT | 40,607 | ||||||
26,873 | Bloomsbury Publishing Plc | 87,025 | ||||||
30,075 | Bodycote Plc | 278,938 | ||||||
23,328 | boohoo Group Plc(a) | 79,776 | ||||||
258,735 | Bovis Homes Group Plc | 3,921,294 | ||||||
5,261 | Braemar Shipping Services Plc | 13,630 | ||||||
13,488 | Brewin Dolphin Holdings Plc | 58,076 | ||||||
21,078 | British Land Co. Plc (The), REIT | 169,445 | ||||||
110,784 | Britvic Plc | 1,416,389 | ||||||
29,474 | Cairn Energy Plc(a) | 67,883 | ||||||
54,727 | Capita Plc(a) | 110,661 | ||||||
4,977 | Capital & Counties Properties Plc | 16,440 | ||||||
12,180 | Capital & Regional Plc REIT | 4,118 | ||||||
23,025 | Carclo Plc(a),(b) | 3,191 | ||||||
12,375 | Card Factory Plc | 27,155 | ||||||
3,919 | CareTech Holdings Plc | 20,154 | ||||||
87,391 | Carillion Plc(a),(b) | 0 | ||||||
7,149 | Central Asia Metals Plc | 19,447 | ||||||
446,419 | Centrica Plc | 419,593 | ||||||
12,500 | Checkit Plc(a) | 9,067 | ||||||
33,252 | Chemring Group Plc | 86,577 | ||||||
29,929 | Chesnara Plc | 100,605 | ||||||
69,985 | Cineworld Group Plc | 201,889 | ||||||
3,546 | City of London Investment Group Plc | 19,522 | ||||||
852 | Clarkson Plc | 31,123 | ||||||
23,662 | Close Brothers Group Plc | 423,899 | ||||||
7,207 | CLS Holdings Plc | 23,666 | ||||||
14,367 | CMC Markets Plc | 24,193 | ||||||
19,996 | Coats Group Plc | 18,468 | ||||||
124,115 | Cobham Plc | 253,699 | ||||||
8,638 | Codemasters Group Holdings Plc(a) | 25,456 | ||||||
65,383 | Computacenter Plc | 1,159,462 | ||||||
48,594 | Concentric AB | 649,215 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
3,247 | Consort Medical Plc | $ | 30,704 | |||||
21,175 | ConvaTec Group Plc | 54,076 | ||||||
8,952 | Countryside Properties Plc | 40,957 | ||||||
847 | Cranswick Plc | 34,056 | ||||||
12,430 | Crest Nicholson Holdings plc | 62,537 | ||||||
14,053 | CVS Group Plc | 176,120 | ||||||
61,282 | D4t4 Solutions Plc | 187,738 | ||||||
3,863 | Daily Mail & General Trust Plc - Class A | 43,885 | ||||||
204,484 | Dart Group Plc | 3,350,720 | ||||||
1,000 | Derwent London Plc REIT | 45,985 | ||||||
24,646 | Devro Plc | 51,080 | ||||||
56,242 | DFS Furniture Plc | 170,477 | ||||||
296,337 | Dialog Semiconductor Plc(a) | 13,289,588 | ||||||
1,741 | Dignity Plc | 12,505 | ||||||
3,373 | Diploma Plc | 69,864 | ||||||
252,624 | Direct Line Insurance Group Plc | 890,413 | ||||||
6,699 | DiscoverIE Group Plc | 39,396 | ||||||
28,091 | Dixons Carphone Plc | 47,759 | ||||||
13,351 | Domino’s Pizza Group Plc | 49,444 | ||||||
2,526,311 | Drax Group Plc | 9,712,679 | ||||||
94,693 | DS Smith Plc | 438,635 | ||||||
89,846 | Dunelm Group Plc | 918,839 | ||||||
7,611 | easyJet Plc | 122,054 | ||||||
86,022 | EI Group Plc(a) | 313,784 | ||||||
28,270 | EKF Diagnostics Holdings Plc(a) | 12,414 | ||||||
7,294 | Eland Oil & Gas Plc | 15,533 | ||||||
6,210 | Electrocomponents Plc | 54,716 | ||||||
41,307 | Elementis Plc | 79,565 | ||||||
111,761 | EMIS Group Plc | 1,557,725 | ||||||
202,590 | EnQuest Plc(a) | 46,712 | ||||||
9,857 | Equiniti Group Plc | 27,477 | ||||||
6,355 | Ergomed Plc(a) | 26,507 | ||||||
11,331 | Essentra Plc | 55,981 | ||||||
1,360 | Euromoney Institutional Investor Plc | 24,875 | ||||||
107,602 | FDM Group Holdings Plc | 1,007,736 | ||||||
2,814 | Fevertree Drinks Plc | 67,799 | ||||||
745,331 | Firstgroup Plc(a) | 1,246,418 | ||||||
3,059 | Fuller Smith & Turner Plc - Class A | 41,210 | ||||||
5,473 | Future Plc | 107,335 | ||||||
31,752 | G4S Plc | 85,057 | ||||||
5,154 | Galliford Try Plc | 48,937 | ||||||
8,131 | Games Workshop Group Plc | 470,804 | ||||||
10,000 | GAN Plc(a) | 15,803 | ||||||
15,652 | Gem Diamonds Ltd.(a) | 12,652 | ||||||
9,045 | Genel Energy Plc | 22,355 | ||||||
202,546 | Genus Plc | 7,592,950 | ||||||
114,393 | Go-Ahead Group Plc (The) | 3,028,787 | ||||||
320 | Goodwin Plc | 13,555 | ||||||
16,097 | Grainger Trust Plc | 53,546 | ||||||
73,483 | Great Portland Estates Plc, REIT | 749,689 | ||||||
403,009 | Greggs Plc | 9,271,415 |
61 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
509,289 | Gulf Keystone Petroleum Ltd. | $ | 1,352,404 | |||||
4,128 | H&T Group Plc | 20,239 | ||||||
279,888 | Halfords Group Plc | 574,285 | ||||||
19,010 | Hammerson Plc REIT | 71,412 | ||||||
23,294 | Hastings Group Holdings Plc | 54,917 | ||||||
369,175 | Hays Plc | 751,271 | ||||||
84,186 | Headlam Group Plc | 525,624 | ||||||
3,903 | Helical Plc | 19,793 | ||||||
14,425 | Henry Boot Plc | 46,714 | ||||||
2,763 | Hill & Smith Holdings Plc | 46,886 | ||||||
1,774 | Hilton Food Group Plc | 23,347 | ||||||
34,354 | Hollywood Bowl Group Plc | 105,911 | ||||||
7,188 | HomeServe Plc | 107,915 | ||||||
8,086 | Howden Joinery Group Plc | 60,478 | ||||||
9,063 | Hunting Plc | 46,137 | ||||||
34,584 | Huntsworth Plc | 40,319 | ||||||
22,112 | Ibstock Plc | 69,258 | ||||||
31,204 | IDOX Plc(a) | 13,884 | ||||||
237,195 | IG Group Holdings Plc | 1,952,275 | ||||||
6,461 | IMI Plc | 83,944 | ||||||
307,630 | Inchcape Plc | 2,570,258 | ||||||
273,622 | Indivior Plc(a) | 138,585 | ||||||
57,563 | Inmarsat Plc | 410,254 | ||||||
436,470 | IntegraFin Holdings Plc | 2,086,263 | ||||||
330,183 | International Personal Finance Plc | 568,846 | ||||||
19,507 | Intu Properties Plc REIT(a) | 11,371 | ||||||
2,973 | iomart Group Plc | 14,191 | ||||||
60,335 | ITE Group Plc | 60,727 | ||||||
73,709 | ITV Plc | 127,703 | ||||||
172,421 | J D Wetherspoon Plc | 3,267,554 | ||||||
51,066 | J Sainsbury Plc | 134,612 | ||||||
9,469 | James Fisher & Sons Plc | 238,445 | ||||||
533,908 | JD Sports Fashion Plc | 5,314,252 | ||||||
15,332 | John Laing Group Plc | 72,490 | ||||||
3,257 | John Menzies Plc | 17,150 | ||||||
15,410 | John Wood Group Plc | 67,529 | ||||||
3,082 | Johnson Matthey Plc | 122,563 | ||||||
108,776 | Johnson Service Group Plc | 250,526 | ||||||
2,073 | JPJ Group Plc(a) | 21,670 | ||||||
62,467 | JRP Group Plc(a) | 49,157 | ||||||
2,755 | Judges Scientific Plc | 157,023 | ||||||
12,394 | Jupiter Fund Management Plc | 55,003 | ||||||
4,632 | Just Eat Plc(a) | 44,101 | ||||||
113,230 | Kainos Group Plc | 745,098 | ||||||
3,005 | KAZ Minerals Plc | 18,272 | ||||||
7,187 | Keller Group Plc | 48,504 | ||||||
57,908 | Kingfisher Plc | 155,423 | ||||||
4,256 | Lancashire Holdings Ltd. | 39,225 | ||||||
12,526 | Land Securities Group Plc, REIT | 152,521 | ||||||
12,938 | Liontrust Asset Management Plc | 136,421 | ||||||
22,000 | LivaNova Plc(a) | 1,556,060 | ||||||
19,397 | LondonMetric Property Plc REIT | 58,242 | ||||||
217,373 | Lookers Plc | 139,661 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
18,531 | LSL Property Services Plc | $ | 57,490 | |||||
9,348 | Macfarlane Group Plc | 12,103 | ||||||
301,843 | Man Group Plc - Jersey | 561,076 | ||||||
13,386 | Marks & Spencer Group Plc | 31,471 | ||||||
136,397 | Marshalls Plc | 1,257,095 | ||||||
1,195,180 | Marston’s Plc | 1,908,907 | ||||||
362,034 | Mcbride Plc(a),(b) | 469 | ||||||
20,113 | McBride Plc | 18,459 | ||||||
26,522 | McCarthy & Stone Plc | 50,331 | ||||||
13,005 | Mears Group Plc | 42,957 | ||||||
39,152 | Meggitt Plc | 316,669 | ||||||
91,682 | Merlin Entertainments Plc(a) | 539,767 | ||||||
5,800 | Metro Bank Plc(a) | 15,236 | ||||||
20,143 | Micro Focus International Plc | 276,578 | ||||||
5,104 | Mitchells & Butlers Plc(a) | 28,165 | ||||||
46,363 | Mitie Group Plc | 95,129 | ||||||
7,403 | MJ Gleeson Plc | 76,716 | ||||||
340,078 | Moneysupermarket.com Group Plc | 1,511,428 | ||||||
19,952 | Morgan Advanced Materials Plc | 60,891 | ||||||
7,965 | Morgan Sindall Group Plc | 132,064 | ||||||
1,709 | Mortgage Advice Bureau Holdings Ltd. | 13,083 | ||||||
6,132 | Motorpoint group Plc | 19,540 | ||||||
13,475 | N Brown Group Plc | 21,854 | ||||||
7,073 | NAHL Group plc | 10,811 | ||||||
744,743 | National Express Group Plc | 4,306,445 | ||||||
30,454 | NCC Group Plc | 73,927 | ||||||
2,390 | Next Fifteen Communications Group Plc | 15,402 | ||||||
18,711 | Non-Standard Finance Plc | 8,689 | ||||||
5,548 | Norcros Plc | 16,960 | ||||||
50,403 | Northgate Plc | 224,923 | ||||||
8,620 | Numis Corp. Plc | 25,682 | ||||||
2,830,105 | Ocado Group Plc(a) | 48,720,962 | ||||||
3,866 | On the Beach Group Plc | 22,445 | ||||||
250,208 | OneSavings Bank Plc | 1,166,788 | ||||||
18,047 | Oxford Instruments Plc | 302,502 | ||||||
55,394 | Oxford Metrics Plc | 63,144 | ||||||
54,713 | Pagegroup Plc | 315,525 | ||||||
87,634 | Paragon Banking Group Plc | 571,558 | ||||||
5,827 | Patisserie Holdings Plc(a),(b) | 0 | ||||||
25,508 | PayPoint Plc | 302,003 | ||||||
21,209 | Pearson Plc | 187,422 | ||||||
4,424 | Pennon Group Plc | 51,473 | ||||||
8,421 | Petrofac Ltd. | 41,920 | ||||||
423,558 | Pets at Home Group Plc | 1,131,331 | ||||||
28,264 | Pharos Energy Plc | 21,381 | ||||||
214,720 | Phoenix Group Holdings Plc | 1,958,650 | ||||||
27,285 | Polar Capital Holdings Plc | 178,132 | ||||||
10,810 | Polypipe Group plc | 63,433 | ||||||
1,318 | Porvair Plc | 10,244 | ||||||
76,105 | Premier Foods Plc(a) | 31,842 | ||||||
51,449 | Premier Oil Plc(a) | 55,115 | ||||||
7,500 | Provident Financial Plc | 42,756 | ||||||
20,721 | PZ Cussons Plc | 54,085 |
62 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
13,856 | QinetiQ Group Plc | $ | 56,573 | |||||
72,175 | Quilter Plc | 127,991 | ||||||
63,595 | Rank Group Plc | 200,590 | ||||||
173,858 | Reach Plc | 221,604 | ||||||
75,746 | Redde Plc | 109,892 | ||||||
601,494 | Redrow Plc | 4,690,467 | ||||||
3,544 | Renew Holdings Plc | 17,583 | ||||||
21,378 | Renewi Plc | 8,169 | ||||||
113,503 | Renishaw Plc | 5,569,364 | ||||||
51,232 | Renold Plc(a) | 15,264 | ||||||
6,327,066 | Rentokil Initial Plc | 37,249,854 | ||||||
6,636 | Ricardo Plc | 55,014 | ||||||
1,457,879 | Rightmove Plc | 11,304,374 | ||||||
12,337 | RM Plc | 46,344 | ||||||
28,123 | Robert Walters Plc | 193,075 | ||||||
10,584 | Rotork Plc | 41,322 | ||||||
460,400 | Royal Mail Plc | 1,261,942 | ||||||
178,794 | RPS Group Plc | 327,948 | ||||||
21,902 | RSA Insurance Group Plc | 148,152 | ||||||
70,960 | Safestore Holdings Plc REIT | 643,888 | ||||||
140,447 | Saga Plc | 85,361 | ||||||
18,482 | Savills Plc | 219,656 | ||||||
8,973 | Scapa Group Plc | 25,920 | ||||||
43,704 | SDL Plc | 300,044 | ||||||
10,897 | Senior Plc | 26,071 | ||||||
1,228,451 | Serco Group Plc(a) | 2,482,394 | ||||||
58,311 | Severfield Plc | 58,161 | ||||||
1,966 | Severn Trent Plc | 57,427 | ||||||
2,788 | Shaftesbury Plc REIT | 34,128 | ||||||
20,193 | Shield Therapeutics Plc(a) | 47,737 | ||||||
9,238 | Shoe Zone Plc | 15,317 | ||||||
18,626 | SIG Plc | 27,167 | ||||||
89,090 | Smith & Nephew Plc | 1,907,035 | ||||||
5,851 | Smiths Group Plc | 122,289 | ||||||
76,799 | Softcat Plc | 935,627 | ||||||
5,099 | Sophos Group Plc | 37,503 | ||||||
1,315 | Spectris Plc | 40,745 | ||||||
169,796 | Speedy Hire Plc | 118,331 | ||||||
2,204 | Spirax-Sarco Engineering Plc | 226,256 | ||||||
5,903 | Spire Healthcare Group Plc | 8,931 | ||||||
516,584 | Spirent Communications Plc | 1,330,288 | ||||||
10,572 | Sports Direct International Plc(a) | 42,316 | ||||||
405,708 | SSP Group Plc | 3,347,660 | ||||||
16,739 | St. James’s Place Plc | 225,719 | ||||||
158,468 | St. Modwen Properties Plc | 925,777 | ||||||
1,224,119 | Stagecoach Group Plc | 2,177,121 | ||||||
15,711 | Standard Life Aberdeen Plc | 61,766 | ||||||
76,700 | SThree Plc | 283,655 | ||||||
12,864 | Stock Spirits Group Plc | 34,160 | ||||||
5,222 | Stolt-Nielsen Ltd. | 64,394 | ||||||
10,432 | Subsea 7 SA | 97,557 | ||||||
2,724 | Superdry Plc | 14,432 | ||||||
21,164 | Synthomer Plc | 76,487 | ||||||
15,592 | TalkTalk Telecom Group Plc | 22,540 | ||||||
827,343 | Tate & Lyle Plc | 7,212,552 |
Shares | Value | |||||||
UNITED KINGDOM (continued) | ||||||||
400,737 | Taylor Wimpey Plc | $ | 859,104 | |||||
1,720 | Telecom Plus Plc | 26,781 | ||||||
698 | TEN Entertainment Group Plc | 2,319 | ||||||
6,206 | Topps Tiles Plc | 6,053 | ||||||
10,910 | TORM Plc(a) | 104,071 | ||||||
365,751 | TP ICAP Plc | 1,624,581 | ||||||
9,138 | Travis Perkins Plc | 169,623 | ||||||
16,317 | Trifast Plc | 34,135 | ||||||
19,598 | TT Electronics plc | 58,896 | ||||||
216,339 | Tullow Oil Plc | 577,005 | ||||||
4,704 | Tyman Plc | 12,948 | ||||||
6,494 | U & I Group Plc | 11,642 | ||||||
44,988 | Ultra Electronics Holdings Plc | 1,136,370 | ||||||
2,690 | UNITE Group Plc (The) | 39,208 | ||||||
5,216 | United Utilities Group Plc | 58,796 | ||||||
2,718 | Urban & Civic Plc | 11,619 | ||||||
241,382 | Vectura Group Plc | 275,779 | ||||||
60,862 | Vertu Motors Plc | 32,560 | ||||||
10,192 | Vesuvius Plc | 52,730 | ||||||
155,712 | Victrex Plc | 4,429,378 | ||||||
7,903 | Vitec Group Plc (The) | 128,477 | ||||||
4,910 | Volution Group Plc | 12,689 | ||||||
1,472 | Vp Plc | 16,284 | ||||||
8,673 | Watkin Jones Plc | 26,401 | ||||||
5,172 | Weir Group Plc (The) | 90,210 | ||||||
1,683 | WH Smith Plc | 47,700 | ||||||
2,472 | Whitbread Plc | 130,038 | ||||||
39,121 | William Hill Plc | 100,135 | ||||||
15,003 | Wilmington Plc | 42,950 | ||||||
8,308 | Wincanton Plc | 26,851 | ||||||
142,645 | Wm Morrison Supermarkets Plc | 367,427 | ||||||
15,974 | YouGov Plc | 111,530 | ||||||
244 | Young & Co’s Brewery Plc - Class A | 5,033 | ||||||
264,413,241 | ||||||||
UNITED STATES — 52.7% | ||||||||
87,200 | 1-800-FLOWERS.COM, Inc. - Class A(a) | 1,243,472 | ||||||
8,700 | 1st Constitution Bancorp | 165,213 | ||||||
44,200 | 1st Source Corp. | 2,262,156 | ||||||
109,800 | ACI Worldwide, Inc.(a) | 3,446,622 | ||||||
15,700 | ACNB Corp. | 555,623 | ||||||
30,300 | Addus HomeCare Corp.(a) | 2,551,563 | ||||||
730,318 | Aduro Biotech, Inc.(a) | 832,563 | ||||||
339,197 | Advance Auto Parts, Inc. | 55,112,729 | ||||||
124,400 | Advanced Disposal Services, Inc.(a) | 4,077,832 | ||||||
15,300 | Advanced Drainage Systems, Inc. | 566,406 | ||||||
44,900 | Aerojet Rocketdyne Holdings, Inc.(a) | 1,941,027 | ||||||
131,745 | AeroVironment, Inc.(a) | 7,638,575 | ||||||
91,000 | AG Mortgage Investment Trust, Inc. REIT | 1,423,240 | ||||||
70,700 | Agilysys, Inc.(a) | 1,780,933 |
63 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
16,789 | Alacer Gold Corp.(a) | $ | 83,110 | |||||
5,408 | Alexander’s, Inc. REIT | 1,867,923 | ||||||
4,900 | Alico, Inc. | 160,965 | ||||||
62,000 | ALLETE, Inc. | 5,335,720 | ||||||
291,049 | Alnylam Pharmaceuticals, Inc.(a) | 25,245,590 | ||||||
585,000 | Altra Industrial Motion Corp. | 18,018,000 | ||||||
71,526 | Ambarella, Inc.(a) | 3,764,413 | ||||||
90,200 | American Assets Trust, Inc., REIT | 4,416,192 | ||||||
7,500 | American National Bankshares, Inc. | 271,499 | ||||||
104,100 | American Software, Inc. - Class A | 1,687,461 | ||||||
62,100 | American States Water Co. | 5,907,573 | ||||||
19,300 | America’s Car-Mart, Inc.(a) | 1,756,107 | ||||||
50,500 | AMERISAFE, Inc. | 3,208,265 | ||||||
105,700 | Amphastar Pharmaceuticals Inc.(a) | 2,041,596 | ||||||
111,100 | AngioDynamics, Inc.(a) | 1,699,830 | ||||||
23,800 | ANI Pharmaceuticals, Inc.(a) | 1,859,018 | ||||||
95,966 | Annaly Capital Management, Inc. REIT | 861,775 | ||||||
232,522 | ANSYS, Inc.(a) | 51,189,718 | ||||||
55,300 | Anworth Mortgage Asset Corp., REIT | 189,125 | ||||||
842,800 | AO Smith Corp. | 41,870,304 | ||||||
132,864 | Apergy Corp.(a) | 3,344,187 | ||||||
175,925 | Apollo Commercial Real Estate Finance, Inc. REIT | 3,219,428 | ||||||
26,400 | Apollo Medical Holdings, Inc.(a) | 395,207 | ||||||
4,200 | Appfolio, Inc. - Class A(a) | 408,365 | ||||||
170,413 | Appian Corp.(a) | 7,607,236 | ||||||
30,200 | Applied Industrial Technologies, Inc. | 1,807,168 | ||||||
348,412 | AptarGroup, Inc. | 41,164,878 | ||||||
30,600 | Arch Coal, Inc. - Class A | 2,414,034 | ||||||
93,500 | Ares Commercial Real Estate Corp. REIT | 1,449,250 | ||||||
19,200 | Argonaut Gold, Inc.(a) | 31,342 | ||||||
164,900 | Armada Hoffler Properties, Inc. REIT | 3,090,226 | ||||||
23,338 | Arrow Financial Corp. | 819,631 | ||||||
18,400 | Artesian Resources Corp. - Class A | 682,640 | ||||||
45,500 | Asbury Automotive Group, Inc.(a) | 4,692,415 | ||||||
13,500 | Aspen Technology, Inc.(a) | 1,553,985 | ||||||
14,500 | ATN International Inc. | 858,835 | ||||||
313,430 | AtriCure, Inc.(a) | 8,334,104 | ||||||
10,174 | Atrion Corp. | 8,581,057 | ||||||
610,000 | Avanos Medical, Inc.(a) | 26,864,400 | ||||||
538,118 | Axalta Coating Systems Ltd.(a) | 15,869,100 | ||||||
215,200 | Axogen, Inc.(a) | 2,676,012 | ||||||
109,192 | Axon Enterprise, Inc.(a) | 5,582,987 | ||||||
675,000 | B&G Foods, Inc. | 10,496,250 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
50,400 | Balchem Corp. | $ | 5,100,984 | |||||
33,000 | BancFirst Corp. | 1,910,370 | ||||||
27,000 | Bank of Commerce Holdings | 302,939 | ||||||
13,300 | Bank of Marin Bancorp | 583,471 | ||||||
51,800 | BankFinancial Corp. | 667,184 | ||||||
7,300 | Banner Corp. | 394,053 | ||||||
365,000 | Barnes Group, Inc. | 21,334,250 | ||||||
23,700 | Barrett Business Services, Inc. | 2,079,201 | ||||||
33,400 | BCB Bancorp, Inc. | 430,859 | ||||||
105,500 | Benchmark Electronics, Inc. | 3,576,450 | ||||||
169,971 | Benefitfocus, Inc.(a) | 3,864,291 | ||||||
30,100 | BG Staffing, Inc. | 575,813 | ||||||
210,100 | BioDelivery Sciences International, Inc.(a) | 1,214,378 | ||||||
5,665 | Bizlink Holding, Inc. | 38,616 | ||||||
69,700 | Black Hills Corp. | 5,494,451 | ||||||
257,200 | Blackbaud, Inc. | 21,591,940 | ||||||
471,795 | Blackline, Inc.(a) | 22,051,698 | ||||||
229,100 | Bloomin’ Brands, Inc. | 4,538,471 | ||||||
85,300 | Bluerock Residential Growth REIT, Inc. | 1,025,306 | ||||||
71,500 | BMC Stock Holdings, Inc.(a) | 1,929,785 | ||||||
30,900 | Boston Beer Co., Inc. (The) - Class A(a) | 11,570,814 | ||||||
95,000 | Brinker International, Inc. | 4,222,750 | ||||||
38,500 | Brookline Bancorp, Inc. | 604,450 | ||||||
7,500 | BRT Apartments Corp. REIT | 125,249 | ||||||
215,000 | Bryn Mawr Bank Corp. | 8,193,650 | ||||||
4,054 | Burford Capital Ltd. | 46,186 | ||||||
150,700 | Burlington Stores, Inc.(a) | 28,960,019 | ||||||
52,100 | Byline Bancorp, Inc.(a) | 903,414 | ||||||
5,440 | C&F Financial Corp. | 276,678 | ||||||
161,930 | Cabot Microelectronics Corp. | 24,470,862 | ||||||
4,000 | CACI International, Inc. - Class A(a) | 895,000 | ||||||
9,500 | Calavo Growers, Inc. | 823,935 | ||||||
8,700 | Cambridge Bancorp | 674,337 | ||||||
41,800 | Camden National Corp. | 1,852,158 | ||||||
225,000 | Cantel Medical Corp. | 16,400,250 | ||||||
20,200 | Capital City Bank Group, Inc. | 574,690 | ||||||
14,100 | Capstar Financial Holdings, Inc. | 238,431 | ||||||
91,100 | Capstead Mortgage Corp. REIT | 704,203 | ||||||
436,860 | Cardiovascular Systems, Inc.(a) | 19,449,007 | ||||||
60,300 | Carriage Services, Inc. | 1,553,328 | ||||||
50,500 | Carter Bank & Trust(a) | 992,325 | ||||||
44,200 | Casella Waste Systems, Inc. - Class A(a) | 1,926,678 | ||||||
46,320 | Cass Information Systems, Inc. | 2,654,599 | ||||||
360,000 | Catalent, Inc.(a) | 17,514,000 | ||||||
6,100 | Cato Corp. (The) - Class A | 106,689 | ||||||
145,900 | CBIZ, Inc.(a) | 3,993,283 | ||||||
319,200 | CDW Corp. | 40,828,872 | ||||||
10,400 | Central Garden & Pet Co.(a) | 312,207 | ||||||
84,400 | Central Garden & Pet Co. - Class A(a) | 2,386,832 |
64 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
20,900 | Central Valley Community Bancorp | $ | 435,347 | |||||
9,000 | Century Bancorp, Inc. - Class A | 783,090 | ||||||
85,034 | CEVA, Inc.(a) | 2,314,625 | ||||||
106,200 | ChannelAdvisor Corp.(a) | 999,342 | ||||||
55,100 | Chase Corp. | 6,454,965 | ||||||
114,300 | Chatham Lodging Trust REIT | 2,063,115 | ||||||
198,757 | Cheesecake Factory, Inc. (The) | 8,306,055 | ||||||
432,109 | Chegg, Inc.(a) | 13,248,462 | ||||||
6,200 | Chemed Corp. | 2,442,242 | ||||||
13,200 | Chemung Financial Corp. | 561,924 | ||||||
11,500 | Cherry Hill Mortgage Investment Corp. REIT | 155,479 | ||||||
44,700 | Chesapeake Utilities Corp. | 4,237,560 | ||||||
55,100 | Chuy’s Holdings, Inc.(a) | 1,342,787 | ||||||
2,100 | Citizens & Northern Corp. | 53,991 | ||||||
14,000 | City Holding Co. | 1,110,760 | ||||||
22,100 | CNB Financial Corp. | 691,067 | ||||||
8,400 | Coastal Financial Corp.(a) | 126,419 | ||||||
12,300 | Coca-Cola Consolidated, Inc. | 3,374,628 | ||||||
635,690 | Codexis, Inc.(a) | 8,594,529 | ||||||
76,800 | Cogent Communications Holdings, Inc. | 4,503,552 | ||||||
9,200 | Collectors Universe, Inc. | 263,671 | ||||||
53,300 | Collegium Pharmaceutical, Inc.(a) | 639,600 | ||||||
210,000 | Community Bank System, Inc. | 14,233,800 | ||||||
44,700 | Community Trust Bancorp, Inc. | 1,958,307 | ||||||
52,500 | Computer Programs & Systems, Inc. | 1,211,175 | ||||||
352,400 | CONMED Corp. | 38,771,048 | ||||||
13,700 | Consolidated-Tomoka Land Co. | 876,389 | ||||||
200,994 | Cooper Cos., Inc. (The) | 58,489,254 | ||||||
731,915 | CoreLogic, Inc.(a) | 29,635,238 | ||||||
88,300 | Core-Mark Holding Co., Inc. | 2,694,916 | ||||||
45,400 | Corenergy Infrastructure Trust, Inc. REIT | 2,186,918 | ||||||
83,600 | Cornerstone OnDemand, Inc.(a) | 4,896,452 | ||||||
27,100 | CorVel Corp.(a) | 2,144,152 | ||||||
4,717 | Cott Corp. | 60,596 | ||||||
186,300 | Covanta Holding Corp. | 2,690,172 | ||||||
12,900 | CRA International, Inc. | 635,325 | ||||||
59,073 | Cracker Barrel Old Country Store, Inc. | 9,185,852 | ||||||
37,500 | Crawford & Co. - Class A | 397,125 | ||||||
102,700 | CryoLife, Inc.(a) | 2,305,615 | ||||||
86,700 | CSG Systems International, Inc. | 4,997,388 | ||||||
107,675 | CSW Industrials, Inc. | 7,453,264 | ||||||
9,800 | CTS Corp. | 261,463 | ||||||
25,500 | Culp, Inc. | 394,485 | ||||||
525,000 | CVB Financial Corp. | 10,909,500 | ||||||
23,400 | CVR Energy, Inc. | 1,109,628 | ||||||
43,611 | Darden Restaurants, Inc. | 4,896,207 | ||||||
116,200 | Darling Ingredients, Inc.(a) | 2,242,660 | ||||||
25,900 | Dave & Buster’s Entertainment, Inc. | 1,030,302 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
113,400 | Del Taco Restaurants, Inc.(a) | $ | 865,809 | |||||
201,863 | Denny’s Corp.(a) | 4,061,484 | ||||||
104,499 | DexCom, Inc.(a) | 16,117,926 | ||||||
163,678 | Digimarc Corp.(a) | 5,826,937 | ||||||
29,200 | Donegal Group, Inc. - Class A | 429,823 | ||||||
478,520 | Dover Corp. | 49,713,443 | ||||||
38,500 | Ducommun, Inc.(a) | 1,908,830 | ||||||
84,466 | Dynex Capital, Inc., REIT | 1,364,971 | ||||||
6,000 | Eastern Co. (The) | 165,539 | ||||||
26,900 | EastGroup Properties, Inc. REIT | 3,603,255 | ||||||
79,000 | El Pollo Loco Holdings, Inc.(a) | 917,980 | ||||||
750,000 | elf Beauty, Inc.(a) | 12,600,000 | ||||||
26,100 | EMCOR Group, Inc. | 2,289,231 | ||||||
81,900 | Employers Holdings, Inc. | 3,467,646 | ||||||
27,100 | Encompass Health Corp. | 1,734,942 | ||||||
55,200 | Ennis, Inc. | 1,081,368 | ||||||
80,500 | Ensign Group, Inc. (The) | 3,401,125 | ||||||
3,800 | Enterprise Bancorp, Inc. | 113,277 | ||||||
28,200 | Enterprise Financial Services Corp. | 1,235,160 | ||||||
235,000 | Envestnet, Inc.(a) | 14,685,150 | ||||||
7,200 | EPAM Systems, Inc.(a) | 1,266,912 | ||||||
8,785 | Epsilon Energy Ltd.(a) | 29,342 | ||||||
263,908 | Equifax, Inc. | 36,078,863 | ||||||
103,680 | Equity Commonwealth REIT | 3,336,422 | ||||||
9,800 | ESSA Bancorp, Inc. | 160,229 | ||||||
107,700 | Essent Group Ltd. | 5,610,093 | ||||||
3,900 | Evans Bancorp, Inc. | 148,161 | ||||||
68,100 | Evo Payments, Inc. - Class A(a) | 1,936,083 | ||||||
201,240 | Evolent Health, Inc. - Class A(a) | 1,533,449 | ||||||
362,645 | Evoqua Water Technologies Corp.(a) | 6,299,144 | ||||||
123,257 | Exact Sciences Corp.(a) | 10,723,359 | ||||||
69,300 | Exantas Capital Corp. REIT | 814,968 | ||||||
8,500 | ExlService Holdings, Inc.(a) | 591,855 | ||||||
50,300 | Exponent, Inc. | 3,195,559 | ||||||
9,400 | Fair Isaac Corp.(a) | 2,857,976 | ||||||
41,900 | Farmers National Banc Corp. | 625,148 | ||||||
89,147 | FARO Technologies, Inc.(a) | 4,250,529 | ||||||
6,000 | Federal Agricultural Mortgage Corp. - Class C | 508,139 | ||||||
71,500 | Fiesta Restaurant Group, Inc.(a) | 614,543 | ||||||
47,700 | Financial Institutions, Inc. | 1,499,211 | ||||||
80,700 | First Bancorp. - Southern Pines NC | 3,046,425 | ||||||
31,700 | First Bancshares, Inc. (The) | 1,044,832 | ||||||
97,100 | First Busey Corp. | 2,560,527 | ||||||
20,400 | First Business Financial Services, Inc. | 496,127 | ||||||
5,900 | First Capital, Inc. | 346,329 | ||||||
4,400 | First Citizens BancShares, Inc. - Class A | 2,164,448 | ||||||
28,200 | First Community Bancshares, Inc. | 897,606 | ||||||
59,100 | First Defiance Financial Corp. | 1,827,372 |
65 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
24,400 | First Financial Corp. | $ | 1,070,428 | |||||
20,900 | First Interstate BancSystem, Inc. - Class A | 876,964 | ||||||
11,600 | First Mid Bancshares, Inc. | 404,839 | ||||||
95,700 | First Solar, Inc.(a) | 4,956,303 | ||||||
15,700 | Flagstar Bancorp, Inc. | 570,538 | ||||||
19,500 | Forrester Research, Inc. | 672,360 | ||||||
10,000 | Franklin Covey Co.(a) | 381,999 | ||||||
1,700 | Franklin Financial Services Corp. | 60,843 | ||||||
74,800 | Fresh Del Monte Produce, Inc. | 2,386,120 | ||||||
280,000 | Freshpet, Inc.(a) | 14,632,800 | ||||||
10,700 | FS Bancorp, Inc. | 612,575 | ||||||
52,300 | FTI Consulting, Inc.(a) | 5,693,901 | ||||||
10,000 | GCS Holdings, Inc. | 22,963 | ||||||
250,000 | German American Bancorp, Inc. | 8,262,500 | ||||||
94,800 | Getty Realty Corp. REIT | 3,179,592 | ||||||
103,300 | Gladstone Commercial Corp. REIT | 2,433,748 | ||||||
77,500 | Global Net Lease, Inc. REIT | 1,509,700 | ||||||
84,500 | Globus Medical, Inc. - Class A(a) | 4,425,265 | ||||||
20,700 | Great Ajax Corp. REIT | 323,955 | ||||||
198,100 | Great Lakes Dredge & Dock Corp.(a) | 2,129,575 | ||||||
33,800 | Great Southern Bancorp, Inc. | 2,042,196 | ||||||
7,000 | Group 1 Automotive, Inc. | 696,080 | ||||||
209,412 | GrubHub, Inc.(a) | 7,132,573 | ||||||
21,900 | Guaranty Bancshares, Inc. | 693,354 | ||||||
164,951 | H&R Block, Inc. | 4,122,125 | ||||||
92,200 | Hackett Group, Inc. (The) | 1,559,102 | ||||||
43,100 | Haemonetics Corp.(a) | 5,203,463 | ||||||
51,700 | Hallmark Financial Services, Inc.(a) | 921,294 | ||||||
17,000 | Hancock Whitney Corp. | 663,000 | ||||||
64,400 | Haverty Furniture Cos., Inc. | 1,168,216 | ||||||
34,500 | Hawkins, Inc. | 1,474,875 | ||||||
2,900 | Hawthorn Bancshares, Inc. | 69,599 | ||||||
335,000 | HB Fuller Co. | 16,348,000 | ||||||
16,400 | HCI Group, Inc. | 689,620 | ||||||
79,500 | HealthStream, Inc.(a) | 2,230,770 | ||||||
60,100 | Heidrick & Struggles International, Inc. | 1,710,446 | ||||||
80,800 | Helen of Troy Ltd.(a) | 12,100,608 | ||||||
34,700 | Hemisphere Media Group, Inc.(a) | 447,977 | ||||||
93,900 | Heritage Insurance Holdings, Inc. | 1,250,748 | ||||||
20,500 | Heritage-Crystal Clean, Inc.(a) | 544,070 | ||||||
6,800 | Heska Corp.(a) | 550,936 | ||||||
20,200 | Home Bancorp, Inc. | 770,832 | ||||||
47,400 | HomeStreet, Inc.(a) | 1,422,474 | ||||||
32,900 | HomeTrust Bancshares, Inc. | 878,430 | ||||||
2,210,100 | Hostess Brands, Inc.(a) | 28,245,078 | ||||||
5,900 | Hurco Cos., Inc. | 205,261 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
61,800 | Huron Consulting Group, Inc.(a) | $ | 4,087,452 | |||||
4,500 | I3 Verticals, Inc. - Class A(a) | 92,025 | ||||||
1,277,555 | IAA, Inc.(a) | 48,738,723 | ||||||
16,900 | IBERIABANK Corp. | 1,240,291 | ||||||
44,500 | ICF International, Inc. | 3,813,205 | ||||||
36,400 | IDACORP, Inc. | 3,917,368 | ||||||
217,530 | IDEX Corp. | 33,832,441 | ||||||
21,200 | IES Holdings, Inc.(a) | 411,279 | ||||||
250,000 | Independent Bank Corp. | 20,520,000 | ||||||
78,700 | Independent Bank Corp. | 1,771,537 | ||||||
17,000 | Ingles Markets, Inc. - Class A | 670,310 | ||||||
330,109 | Ingredion, Inc. | 26,078,611 | ||||||
150,000 | Innospec, Inc. | 13,704,000 | ||||||
165,800 | Inovalon Holdings, Inc. - Class A(a) | 2,591,454 | ||||||
74,000 | Insight Enterprises, Inc.(a) | 4,542,120 | ||||||
115,000 | Inspire Medical Systems, Inc.(a) | 7,012,700 | ||||||
52,200 | Integer Holdings Corp.(a) | 4,042,368 | ||||||
560,005 | Integra LifeScience Holdings Corp.(a) | 32,513,890 | ||||||
6,100 | Inter Parfums, Inc. | 472,323 | ||||||
47,700 | International Money Express, Inc.(a) | 730,764 | ||||||
132,900 | Invesco Mortgage Capital, Inc. REIT | 2,091,846 | ||||||
37,900 | Investors Real Estate Trust REIT | 2,867,893 | ||||||
1,600 | Investors Title Co. | 242,719 | ||||||
58,509 | IPG Photonics Corp.(a) | 7,856,589 | ||||||
116,929 | iRobot Corp.(a) | 5,619,608 | ||||||
56,500 | J & J Snack Foods Corp. | 10,777,940 | ||||||
24,400 | J Alexander’s Holdings, Inc.(a) | 235,459 | ||||||
88,011 | j2 Global, Inc. | 8,357,525 | ||||||
119,241 | Jack in the Box, Inc. | 10,018,629 | ||||||
28,900 | John B. Sanfilippo & Son, Inc. | 3,066,868 | ||||||
275,000 | John Bean Technologies Corp. | 28,261,750 | ||||||
475,000 | John Wiley & Sons, Inc. - Class A | 21,883,250 | ||||||
47,827 | Juniper Networks, Inc. | 1,187,066 | ||||||
150,573 | K12, Inc.(a) | 2,979,840 | ||||||
3,700 | Kaman Corp. | 217,079 | ||||||
1,068,655 | KAR Auction Services, Inc. | 26,566,763 | ||||||
103,900 | Kelly Services, Inc. - Class A | 2,494,639 | ||||||
70,900 | Kforce, Inc. | 2,900,519 | ||||||
1,953 | Kingsway Financial Services, Inc.(a) | 4,375 | ||||||
47,300 | Kinsale Capital Group, Inc. | 5,000,556 | ||||||
190,000 | Kite Realty Group Trust REIT | 3,385,800 | ||||||
318,046 | KKR Real Estate Finance Trust, Inc. REIT | 6,376,822 | ||||||
138,935 | L3Harris Technologies, Inc. | 28,663,680 | ||||||
199,055 | Laboratory Corp of America Holdings(a) | 32,798,292 | ||||||
41,875 | Ladder Capital Corp. REIT | 723,181 | ||||||
20,400 | Lakeland Bancorp, Inc. | 337,619 | ||||||
186,400 | Lancaster Colony Corp. | 25,943,152 | ||||||
90,300 | Landec Corp.(a) | 889,455 |
66 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
163,400 | Laureate Education, Inc. - Class A(a) | $ | 2,525,347 | |||||
31,100 | LCNB Corp. | 562,288 | ||||||
35,600 | LeMaitre Vascular, Inc. | 1,231,760 | ||||||
110,579 | LendingTree, Inc.(a) | 39,791,853 | ||||||
17,000 | LHC Group, Inc.(a) | 1,886,490 | ||||||
58,000 | Lifevantage Corp.(a) | 786,480 | ||||||
26,500 | Lithia Motors, Inc. - Class A | 4,173,220 | ||||||
145,000 | LogMein, Inc. | 9,523,600 | ||||||
50,400 | LTC Properties, Inc. REIT | 2,613,240 | ||||||
74,400 | Luminex Corp. | 1,524,828 | ||||||
150,000 | Lydall, Inc.(a) | 2,935,500 | ||||||
73,500 | M/I Homes, Inc.(a) | 3,247,230 | ||||||
68,600 | ManTech International Corp. - Class A | 5,431,748 | ||||||
60,500 | Marcus Corp. (The) | 2,184,050 | ||||||
92,726 | MarketAxess Holdings, Inc. | 34,177,876 | ||||||
17,200 | Marlin Business Services Corp. | 408,327 | ||||||
91,900 | Masimo Corp.(a) | 13,398,101 | ||||||
5,200 | MasTec, Inc.(a) | 327,287 | ||||||
51,400 | Materion Corp. | 2,921,576 | ||||||
69,400 | MAXIMUS, Inc. | 5,325,756 | ||||||
58,967 | McGrath RentCorp. | 4,499,772 | ||||||
21,100 | Mercantile Bank Corp. | 742,931 | ||||||
16,800 | Merchants Bancorp/IN | 274,343 | ||||||
119,000 | Meridian Bancorp, Inc. | 2,327,640 | ||||||
138,300 | Meridian Bioscience, Inc. | 1,353,957 | ||||||
10,100 | Mesa Laboratories, Inc. | 2,300,275 | ||||||
618,960 | MFA Financial, Inc. REIT | 4,697,906 | ||||||
210,000 | MGP Ingredients, Inc. | 9,006,900 | ||||||
25,000 | MicroStrategy, Inc. - Class A(a) | 3,831,250 | ||||||
17,300 | Middlesex Water Co. | 1,163,425 | ||||||
35,700 | MidWestOne Financial Group, Inc. | 1,163,642 | ||||||
36,900 | Miller Industries, Inc. | 1,326,555 | ||||||
22,700 | Misonix, Inc.(a) | 393,845 | ||||||
99,900 | Model N, Inc.(a) | 2,976,021 | ||||||
29,100 | Monmouth Real Estate Investment Corp. REIT | 438,827 | ||||||
296,100 | MSA Safety, Inc. | 35,552,727 | ||||||
30,000 | MTS Systems Corp. | 1,694,400 | ||||||
54,700 | Murphy USA, Inc.(a) | 6,450,771 | ||||||
7,900 | MutualFirst Financial, Inc. | 315,131 | ||||||
49,600 | MYR Group, Inc.(a) | 1,706,736 | ||||||
9,300 | NACCO Industries, Inc. - Class A | 469,649 | ||||||
544,310 | Nasdaq, Inc. | 54,305,809 | ||||||
11,400 | Nathan’s Famous Inc. | 867,540 | ||||||
241,900 | National CineMedia, Inc. | 2,030,751 | ||||||
169,600 | National General Holdings Corp. | 3,615,872 | ||||||
49,629 | National Health Investors, Inc. REIT | 4,257,672 | ||||||
64,828 | National HealthCare Corp. | 5,327,565 | ||||||
81,781 | National Instruments Corp. | 3,384,916 | ||||||
18,300 | National Presto Industries, Inc. | 1,575,447 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
14,100 | National Research Corp. | $ | 809,763 | |||||
129,100 | National Storage Affiliates Trust | 4,411,347 | ||||||
350,000 | National Vision Holdings, Inc.(a) | 8,330,000 | ||||||
3,900 | National Western Life Group, Inc. - Class A | 1,063,140 | ||||||
91,500 | Natus Medical, Inc.(a) | 3,081,720 | ||||||
55,722 | Nelnet, Inc. - Class A | 3,414,087 | ||||||
54,166 | Neogen Corp.(a) | 3,524,040 | ||||||
87,200 | New Jersey Resources Corp. | 3,801,920 | ||||||
300,000 | New Relic, Inc.(a) | 19,218,000 | ||||||
45,000 | NexPoint Residential Trust, Inc., REIT | 2,194,650 | ||||||
57,000 | Nexteer Automotive Group Ltd. | 53,247 | ||||||
39,000 | NextGen Healthcare, Inc.(a) | 659,295 | ||||||
5,900 | NI Holdings, Inc.(a) | 103,249 | ||||||
185,500 | NIC, Inc. | 4,362,960 | ||||||
26,500 | Nicolet Bankshares, Inc.(a) | 1,827,970 | ||||||
174,957 | NiSource, Inc. | 4,905,794 | ||||||
1,000 | Northeast Bank | 21,409 | ||||||
20,300 | Northrim Bancorp, Inc. | 790,685 | ||||||
217,100 | Northwest Bancshares, Inc. | 3,662,477 | ||||||
47,300 | Northwest Natural Holding Co. | 3,280,728 | ||||||
71,000 | NorthWestern Corp. | 5,148,920 | ||||||
4,950 | Norwood Financial Corp. | 154,439 | ||||||
34,915 | Novanta Inc.(a) | 3,109,181 | ||||||
220,000 | NuVasive, Inc.(a) | 15,518,800 | ||||||
10,600 | NVE Corp. | 659,850 | ||||||
125,100 | OceanFirst Financial Corp. | 2,993,643 | ||||||
4,500 | Oil-Dri Corp of America | 157,545 | ||||||
40,000 | Okta, Inc.(a) | 4,362,800 | ||||||
20,300 | Old Second Bancorp, Inc. | 245,021 | ||||||
22,100 | Omnicell, Inc.(a) | 1,555,619 | ||||||
59,700 | ONE Gas, Inc. | 5,542,548 | ||||||
56,900 | One Liberty Properties, Inc. REIT | 1,616,529 | ||||||
49,700 | Ormat Technologies, Inc. | 3,805,032 | ||||||
8,600 | Orrstown Financial Services, Inc. | 186,533 | ||||||
51,000 | Orthofix Medical, Inc.(a) | 2,143,530 | ||||||
23,600 | OSI Systems, Inc.(a) | 2,342,064 | ||||||
66,400 | Otter Tail Corp. | 3,763,552 | ||||||
178,369 | Pacira BioSciences, Inc.(a) | 7,222,161 | ||||||
63,330 | Palomar Holdings, Inc.(a) | 2,859,350 | ||||||
103,400 | Par Pacific Holdings, Inc.(a) | 2,342,010 | ||||||
11,040 | Parke Bancorp, Inc. | 265,402 | ||||||
42,200 | PC Connection, Inc. | 2,061,048 | ||||||
20,400 | PCB Bancorp | 341,291 | ||||||
55,400 | PCSB Financial Corp. | 1,122,404 | ||||||
19,550 | Pennant Group, Inc. (The)(a) | 351,705 | ||||||
28,593 | PennyMac Financial Services, Inc.(a) | 890,100 | ||||||
89,765 | Penumbra, Inc.(a) | 14,000,647 | ||||||
57,700 | Peoples Bancorp, Inc. | 1,887,367 | ||||||
8,300 | Peoples Financial Services Corp. | 408,193 |
67 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
21,700 | People’s Utah Bancorp | $ | 631,470 | |||||
94,900 | Perficient, Inc.(a) | 3,720,080 | ||||||
118,700 | Performance Food Group Co.(a) | 5,057,807 | ||||||
20,400 | Perspecta, Inc. | 541,416 | ||||||
24,800 | Phibro Animal Health Corp. - Class A | �� | 594,208 | |||||
133,700 | Photronics, Inc.(a) | 1,577,660 | ||||||
93,300 | Piedmont Office Realty Trust, Inc. REIT - Class A | 2,093,652 | ||||||
38,700 | PJT Partners, Inc. - Class A | 1,607,211 | ||||||
99,100 | PNM Resources, Inc. | 5,168,065 | ||||||
101,200 | Portland General Electric Co. | 5,756,256 | ||||||
10,100 | Powell Industries, Inc. | 395,515 | ||||||
28,950 | Premier Financial Bancorp Inc. | 513,863 | ||||||
508,600 | Prestige Consumer Healthcare, Inc.(a) | 18,034,956 | ||||||
107,200 | Progress Software Corp. | 4,275,136 | ||||||
8,100 | ProSight Global, Inc.(a) | 128,465 | ||||||
225,000 | Prosperity Bancshares, Inc. | 15,529,500 | ||||||
40,500 | Protective Insurance Corp. - Class B | 644,355 | ||||||
35,500 | Providence Service Corp. (The)(a) | 2,267,385 | ||||||
84,600 | Provident Financial Services, Inc. | 2,110,770 | ||||||
29,600 | PS Business Parks, Inc. REIT | 5,344,280 | ||||||
1,600,000 | Pure Storage, Inc. - Class A(a) | 31,136,000 | ||||||
2,711,221 | PureTech Health Plc(a) | 8,709,735 | ||||||
325,000 | Q2 Holdings, Inc.(a) | 23,234,250 | ||||||
40,000 | QAD, Inc. - Class A | 1,859,200 | ||||||
23,200 | QCR Holdings, Inc. | 941,456 | ||||||
130,000 | Qualys, Inc.(a) | 11,092,900 | ||||||
86,700 | Quanex Building Products Corp. | 1,672,443 | ||||||
47,433 | Quest Diagnostics, Inc. | 4,802,591 | ||||||
9,000 | Quidel Corp.(a) | 512,100 | ||||||
64,700 | R1 RCM, Inc.(a) | 687,761 | ||||||
165,700 | Radian Group, Inc. | 4,159,070 | ||||||
9,200 | RadNet, Inc.(a) | 143,703 | ||||||
149,000 | Rambus, Inc.(a) | 2,062,905 | ||||||
10,600 | RCI Hospitality Holdings, Inc. | 198,749 | ||||||
4,200 | Ready Capital Corp. REIT | 66,485 | ||||||
76,300 | Recro Pharma, Inc.(a) | 1,203,251 | ||||||
4,300 | Red Robin Gourmet Burgers, Inc.(a) | 131,149 | ||||||
23,600 | Regional Management Corp.(a) | 682,748 | ||||||
13,158 | Reliance Worldwide Corp. Ltd. | 38,187 | ||||||
128,100 | Rent-A-Center, Inc. | 3,313,947 | ||||||
24,000 | Republic Bancorp, Inc. - Class A | 1,067,280 | ||||||
106,300 | Resources Connection, Inc. | 1,557,295 | ||||||
49,000 | Retail Value, Inc. REIT | 1,793,890 | ||||||
85,900 | Rimini Street, Inc.(a) | 335,869 | ||||||
51,000 | Riverview Bancorp, Inc. | 366,689 | ||||||
18,400 | RLI Corp. | 1,790,688 | ||||||
29,800 | RMR Group Inc. (The) - Class A | 1,442,320 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
29,100 | Rocky Brands, Inc. | $ | 809,271 | |||||
204,500 | RPT Realty REIT | 2,965,250 | ||||||
95,047 | Rubius Therapeutics, Inc.(a) | 840,215 | ||||||
64,300 | Rush Enterprises, Inc. - Class A | 2,809,267 | ||||||
94,000 | Ruth’s Hospitality Group Inc. | 1,934,520 | ||||||
17,700 | Ryman Hospitality Properties, Inc. REIT | 1,489,809 | ||||||
37,600 | Safety Insurance Group, Inc. | 3,654,720 | ||||||
720,000 | SailPoint Technologies Holding, Inc.(a) | 13,939,200 | ||||||
1,000,000 | Sally Beauty Holdings, Inc.(a) | 15,500,000 | ||||||
16,814,350 | Samsonite International SA | 34,633,147 | ||||||
16,400 | Sanderson Farms, Inc. | 2,538,884 | ||||||
79,200 | Sandy Spring Bancorp, Inc. | 2,732,400 | ||||||
40,500 | Saul Centers, Inc. REIT | 2,168,370 | ||||||
37,900 | Schnitzer Steel Industries, Inc. - Class A | 808,786 | ||||||
37,000 | SeaSpine Holdings Corp.(a) | 512,080 | ||||||
54,321 | Seattle Genetics, Inc.(a) | 5,834,075 | ||||||
69,900 | Selective Insurance Group, Inc. | 4,831,488 | ||||||
23,300 | Seneca Foods Corp. Class A(a) | 824,354 | ||||||
425,500 | Sensient Technologies Corp. | 26,619,280 | ||||||
107,100 | Shenandoah Telecommunications Co. | 3,444,336 | ||||||
18,500 | Shore Bancshares, Inc. | 288,785 | ||||||
39,200 | Sierra Bancorp | 1,067,808 | ||||||
824,100 | Simply Good Foods Co. (The)(a) | 20,223,414 | ||||||
11,946 | Sims Metal Management Ltd. | 76,997 | ||||||
42,700 | Simulations Plus, Inc. | 1,512,007 | ||||||
566,770 | Six Flags Entertainment Corp. | 23,912,026 | ||||||
4,700 | SJW Corp. | 340,045 | ||||||
17,900 | Southern First Bancshares, Inc.(a) | 721,549 | ||||||
21,800 | Southern Missouri Bancorp, Inc. | 793,738 | ||||||
10,800 | Southern National Bancorp of Virginia, Inc. | 171,071 | ||||||
95,882 | Southwest Gas Holdings Inc. | 8,370,499 | ||||||
69,500 | SP Plus Corp.(a) | 3,069,815 | ||||||
125,163 | Spire, Inc. | 10,521,202 | ||||||
39,500 | Spirit of Texas Bancshares, Inc.(a) | 825,550 | ||||||
76,067 | Splunk, Inc.(a) | 9,124,997 | ||||||
68,200 | Spok Holdings, Inc. | 811,580 | ||||||
79,000 | SPS Commerce, Inc.(a) | 4,168,830 | ||||||
284,742 | STAAR Surgical Co.(a) | 9,333,843 | ||||||
165,000 | Standex International Corp. | 12,503,700 | ||||||
212,286 | Starwood Property Trust, Inc., REIT | 5,222,236 | ||||||
23,600 | Stepan Co. | 2,306,192 | ||||||
312,080 | STERIS Plc | 44,181,166 | ||||||
25,100 | Sterling Bancorp, Inc. | 243,219 | ||||||
31,700 | Sterling Construction Co., Inc.(a) | 514,967 | ||||||
28,400 | Stewart Information Services Corp. | 1,162,128 |
68 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
219,200 | Stock Yards Bancorp, Inc. | $ | 8,754,848 | |||||
207,635 | Stratasys Ltd.(a) | 4,293,892 | ||||||
15,800 | Superior Group of Cos., Inc. | 228,625 | ||||||
114,300 | Sykes Enterprises, Inc.(a) | 3,531,299 | ||||||
411,855 | Synopsys, Inc.(a) | 55,909,316 | ||||||
46,600 | Systemax, Inc. | 1,008,424 | ||||||
105,000 | Talend SA - ADR(a) | 3,733,800 | ||||||
117,000 | Taylor Morrison Home Corp.(a) | 2,930,850 | ||||||
14,000 | Tech Data Corp.(a) | 1,701,000 | ||||||
261,700 | TEGNA, Inc. | 3,933,351 | ||||||
446,556 | Teladoc Health, Inc.(a) | 34,206,190 | ||||||
156,233 | Teleflex, Inc. | 54,276,907 | ||||||
595,000 | Tenable Holdings, Inc.(a) | 14,994,000 | ||||||
219,200 | TerraForm Power, Inc. - Class A | 3,722,016 | ||||||
19,200 | Territorial Bancorp Inc. | 567,552 | ||||||
42,235 | Tesla, Inc.(a) | 13,300,646 | ||||||
69,400 | Tetra Tech, Inc. | 6,070,418 | ||||||
92,600 | Texas Roadhouse, Inc. | 5,231,900 | ||||||
13,100 | Timberland Bancorp, Inc. | 347,149 | ||||||
32,600 | Tiptree, Inc. | 239,609 | ||||||
138,899 | Tootsie Roll Industries, Inc. | 4,761,458 | ||||||
139,200 | TPG RE Finance Trust, Inc. REIT | 2,816,016 | ||||||
68,900 | Tredegar Corp. | 1,369,732 | ||||||
365,000 | TreeHouse Foods, Inc.(a) | 19,717,300 | ||||||
75,600 | TriCo Bancshares | 2,844,828 | ||||||
261,900 | TriMas Corp.(a) | 8,464,608 | ||||||
47,700 | TrueBlue, Inc.(a) | 1,092,330 | ||||||
189,805 | Trupanion, Inc.(a) | 4,498,379 | ||||||
39,300 | TrustCo Bank Corp. | 339,551 | ||||||
46,700 | TTEC Holdings, Inc. | 2,212,179 | ||||||
26,500 | UFP Technologies, Inc.(a) | 1,102,665 | ||||||
355,000 | UMB Financial Corp. | 23,167,300 | ||||||
23,300 | UniFirst Corp. | 4,679,572 | ||||||
146,200 | United Community Financial Corp. | 1,665,218 | ||||||
59,300 | United Fire Group, Inc. | 2,699,336 | ||||||
51,400 | Unitil Corp. | 3,200,678 | ||||||
64,600 | Universal Corp. | 3,540,080 | ||||||
31,800 | Universal Health Realty Income Trust REIT | 3,791,514 | ||||||
68,600 | Universal Insurance Holdings, Inc. | 1,859,746 | ||||||
87,200 | Univest Financial Corp. | 2,245,400 | ||||||
246,500 | Upwork, Inc.(a) | 3,707,360 | ||||||
101,200 | Urstadt Biddle Properties, Inc. - Class A REIT | 2,462,196 | ||||||
55,700 | US Ecology, Inc.(a) | 3,466,211 | ||||||
30,500 | US Physical Therapy, Inc. | 4,314,835 | ||||||
9,400 | USANA Health Sciences, Inc.(a) | 696,634 | ||||||
12,600 | Utah Medical Products Inc. | 1,291,122 | ||||||
44,600 | Varex Imaging Corp.(a) | 1,338,446 | ||||||
134,726 | Veeco Instruments, Inc.(a) | 1,837,663 | ||||||
44,100 | Verint Systems, Inc.(a) | 2,001,699 | ||||||
269,795 | Verisk Analytics, Inc. | 39,039,337 | ||||||
55,500 | Viad Corp. | 3,386,610 |
Shares | Value | |||||||
UNITED STATES (continued) | ||||||||
35,100 | Village Super Market, Inc. - Class A | $ | 930,150 | |||||
23,200 | Vishay Precision Group, Inc.(a) | 789,960 | ||||||
177,400 | Washington Trust Bancorp, Inc. | 9,063,366 | ||||||
13,771 | Waste Connections, Inc. | 1,272,022 | ||||||
83,700 | Waterstone Financial Inc. | 1,559,331 | ||||||
149,106 | Wayfair, Inc. - Class A(a) | 12,260,986 | ||||||
25,000 | WD-40 Co. | 4,685,000 | ||||||
22,700 | Weis Markets, Inc. | 873,723 | ||||||
1,615,000 | Welbilt, Inc.(a) | 30,620,400 | ||||||
1,100 | West Bancorp, Inc. | 25,827 | ||||||
218,640 | West Pharmaceutical Services, Inc. | 31,449,178 | ||||||
29,900 | Westwood Holdings Group, Inc. | 903,877 | ||||||
2,100 | Weyco Group, Inc. | 51,807 | ||||||
8,100 | Winmark Corp. | 1,458,000 | ||||||
555,000 | Wolverine World Wide, Inc. | 16,472,400 | ||||||
2,900 | World Fuel Services Corp. | 121,133 | ||||||
1,006,690 | Wyndham Hotels & Resorts, Inc. | 54,331,059 | ||||||
143,000 | Xperi Corp. | 2,903,615 | ||||||
1,827,044 | Yext, Inc.(a) | 30,073,144 | ||||||
28,800 | York Water Co. (The) | 1,268,352 | ||||||
92,962 | Zillow Group, Inc. - Class A(a) | 3,011,039 | ||||||
366,676 | Zillow Group, Inc. - Class C(a) | 11,942,637 | ||||||
198,914 | Zuora, Inc. - Class A(a) | 2,834,525 | ||||||
3,306,079,589 | ||||||||
VIETNAM — 0.0% | ||||||||
430,683 | PetroVietnam Drilling & Well Services JSC(a) | 304,409 | ||||||
1,088,845 | Saigon - Hanoi Commercial Joint Stock Bank(a) | 309,718 | ||||||
291,550 | Vietnam National Petroleum Group | 745,116 | ||||||
1,359,243 | ||||||||
Total Common Stocks (Cost $4,844,227,433) | 5,712,257,980 | |||||||
INVESTMENT COMPANY — 0.8% | ||||||||
48,423,912 | SDIT Government II Fund 1.68%(c) | 48,423,912 | ||||||
Total Investment Company (Cost $48,423,911) | 48,423,912 | |||||||
EXCHANGE-TRADED FUNDS — 4.3% | ||||||||
598,400 | iShares Russell 2000 Index Fund | 93,021,280 |
69 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Shares | Value | |||||||
3,102,000 | VanEck Vectors Gold Miners ETF | $ | 87,321,300 | |||||
2,398,000 | VanEck Vectors Junior Gold Miners ETF | 94,025,580 | ||||||
Total Exchange-Traded Funds (Cost $246,553,260) | 274,368,160 | |||||||
RIGHTS/WARRANTS — 0.0% | ||||||||
AUSTRALIA — 0.0% | ||||||||
1,710 | Centrebet Litigation Rights, 12/01/49(a),(b) | 0 | ||||||
1,710 | Centrebet Litigation Units(a),(b) | 0 | ||||||
0 | ||||||||
AUSTRIA — 0.0% | ||||||||
9,812 | Intercell Contigent Value Rights AG, Expire 05/22/29(a),(b) | 0 | ||||||
HONG KONG — 0.0% | ||||||||
600 | Legend Holdings Corp. Rights, Expire 12/31/19(a),(b) | 0 | ||||||
INDONESIA — 0.0% | ||||||||
796,300 | Medco Energi Internasional Tbk PT Warrants, Expire 12/11/20 | 7,602 | ||||||
ITALY — 0.0% | ||||||||
63,364 | Mediaset SPA Rights, 11/06/2019(a) | 6,290 | ||||||
SINGAPORE — 0.0% | ||||||||
169,647 | �� | Ezion Holdings Ltd. Warrants, Expire 04/16/23(a) | 0 | |||||
62,430 | Mapletree Comml Rights, Expire 11/07/19(a) | 4,130 | ||||||
4,130 | ||||||||
SPAIN — 0.0% | ||||||||
4,051 | Vidrala SA Rights, 11/11/2019(a) | 17,327 | ||||||
TAIWAN — 0.0% | ||||||||
1,983 | Sigurd Microelectronics Corp. Rights, 11/12/2019(a) | 694 | ||||||
THAILAND — 0.0% | ||||||||
1,036,874 | TMB Bank Public Co. Ltd. Rights, 11/25/2019(a) | 1,374 | ||||||
64,900 | Property Perfect Public Co. Ltd. Rights, 12/31/2019(a) | 0 | ||||||
1,374 | ||||||||
UNITED KINGDOM — 0.0% | ||||||||
128,742 | GVC Holdings Plc - CVR Shares, Rights, Expire 12/31/30(a),(b) | 0 |
Shares | Value | |||||||
UNITED STATES — 0.0% | ||||||||
9,600 | Ligand Pharmaceuticals Contingent Value Rights(a),(b) | $ | 0 | |||||
Total Rights/Warrants (Cost $1,824) | 37,417 | |||||||
Principal Amount | ||||||||
U.S. GOVERNMENT AGENCIES — 2.4% | ||||||||
Federal Home Loan Bank — 2.4% | ||||||||
$ | 21,000,000 | 0.37%, 11/01/2007(a),(d) | 21,000,000 | |||||
25,000,000 | 1.69%, 12/10/2015(a),(d) | 24,954,771 | ||||||
75,000,000 | 1.71%, 12/12/2019(a),(d) | 74,857,355 | ||||||
29,000,000 | 1.81%, 11/19/2019(a),(d) | 28,975,640 | ||||||
Total U.S. Government Agencies (Cost $149,781,542) | 149,787,766 | |||||||
Shares | ||||||||
CASH SWEEP — 0.9% | ||||||||
58,098,722 | Citibank - US Dollars on Deposit in Custody Account, 0.12%0.37%(a),(c) | 58,098,722 | ||||||
Total Cash Sweep (Cost $58,098,722) | 58,098,722 | |||||||
TOTAL INVESTMENTS — 99.4% (Cost $5,347,086,692) | 6,242,973,957 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6% | 35,467,096 | |||||||
NET ASSETS — 100.0% | $ | 6,278,441,053 |
(a) | Non-income producing security. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. The Aggregate value of the fair valued securities is $329,072 which is 0.01% of net assets and the cost is $6,028,242. |
(c) | The rate shown represents the current yield as of October 31, 2019. |
(d) | The rate represents the annualized yield at time of purchase. |
The following abbreviations are used in the report: | |
ADR — American Depositary Receipt | |
CPO — Certificate of Participation-Common | |
CVR — Contingent Value Rights | |
FOR — Foreign Ownership Restrictions | |
REIT — Real Estate Investment Trust | |
SDR — Swedish Depositary Receipt | |
VVPR — Voter Verified Paper Record |
70 |
Old Westbury Funds, Inc. | |
Small & Mid Cap Strategies Fund | |
Portfolio of Investments -(Continued) | October 31, 2019 |
Portfolio diversification by Sector (Unaudited)
Sector | Percentage of Net Assets | |||
Industrials | 17.2 | % | ||
Information Technology | 15.2 | |||
Health Care | 14.7 | |||
Consumer Discretionary | 13.7 | |||
Banks | 7.4 | |||
Materials | 5.7 | |||
Consumer Staples | 4.6 | |||
Diversified Financials | 3.9 | |||
Real Estate | 3.5 | |||
Utilities | 2.5 | |||
Insurance | 2.5 | |||
Energy | 1.3 | |||
Telecommunication Services | 1.9 | |||
Other* | 5.9 | |||
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. |
71 |
Old Westbury Funds, Inc. | |
To the Shareholders and the Board of Directors of
Old Westbury Small & Mid Cap Strategies Fund, a fund comprised within Old Westbury Funds, Inc.
Opinion on the Financial Statements and Portfolio of Investments
We have audited the accompanying statements of assets and liabilities of Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) (one of the funds comprising Old Westbury Funds, Inc. (the “Corporation”)), including the condensed portfolio of investments, as of October 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”) (the financial statements are included in Item 1 of this Form N-CSR), and the portfolio of investments as of October 31, 2019 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements and portfolio of investments present fairly, in all material respects, the financial position of the Fund at October 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and portfolio of investments are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on the Fund’s financial statements and portfolio of investments based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Corporation in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and portfolio of investments are free of material misstatement, whether due to error or fraud. The Corporation is not required to have, nor were we engaged to perform, an audit of the Corporation’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and portfolio of investments. Our procedures included confirmation of securities owned as of October 31, 2019, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and portfolio of investments. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Corporation’s auditor since 2006.
New York, New York
December 27, 2019
72 |
(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 period covered by this reportthat has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Old Westbury Funds, Inc. | ||
By (Signature and Title)* | /s/ David W. Rossmiller | |
David W. Rossmiller, President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
Date | 1/8/2020 | |
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 | 1/8/2020 | |
By (Signature and Title)* | /s/ Matthew A. Rizzi | |
Matthew A. Rizzi, Treasurer | ||
(Principal Financial Officer) | ||
Date | 1/8/2020 | |
* Print the name and title of each signing officer under his or her signature.