Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
1
July
31,
2021
(Unaudited)
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
July
31,
2021
(Unaudited)
Shares
Value
PREFERRED
STOCKS
—
0.2%
UNITED
STATES
—
0.2%
27,600
MetLife,
Inc
.
,
Series
F
,
4.75%
.....
$
744,096
38,900
Morgan
Stanley
,
Series
K
,
5.85%
...
1,157,275
31,500
Public
Storage
REIT,
Series
O
,
3.90%
831,600
28,500
US
Bancorp
,
Series
L
,
3.75%
......
711,930
122,100
Wells
Fargo
&
Co.
,
Series
Z
,
4.75%
.
3,197,799
Total
Preferred
Stocks
(Cost
$6,547,571)
6,642,700
EXCHANGE-TRADED
FUNDS
—
17.4%
UNITED
STATES
—
17.4%
8,407,342
Invesco
Preferred
ETF
...........
128,043,818
1,083,030
iShares
JP
Morgan
USD
Emerging
Markets
Bond
ETF
.........
122,089,972
2,858,402
iShares
Preferred
&
Income
Securities
ETF
....................
112,678,207
1,507,145
SPDR
Bloomberg
Barclays
Convertible
Securities
ETF
.............
129,177,398
Total
Exchange-Traded
Funds
(Cost
$463,839,215)
491,989,395
Principal
Amount
BANK
LOANS
—
0.2%
UNITED
STATES
—
0.2%
$
4,681,818
Caliber
Home
Loans,
Inc.,
(3
mo.
LIBOR
USD
+
3.250%),
3.15%,
07/24/25
(a)
..........
4,670,114
Total
Bank
Loans
(Cost
$4,681,818)
4,670,114
CORPORATE
BONDS
—
9.8%
CANADA
—
0.4%
479,000
Bombardier,
Inc.,
6.00%,
10/15/22
(b)
..........
479,575
500,000
Bombardier,
Inc.,
7.50%,
12/01/24
(b)
..........
519,375
1,250,000
Brookfield
Residential
Properties,
Inc./
Brookfield
Residential
US
LLC,
6.25%,
09/15/27
(b)
..........
1,320,062
1,125,000
First
Quantum
Minerals
Ltd.,
6.50%,
03/01/24
(b)
..........
1,146,375
1,000,000
First
Quantum
Minerals
Ltd.,
6.88%,
03/01/26
(b)
..........
1,043,600
650,000
Garda
World
Security
Corp.,
4.63%,
02/15/27
(b)
..........
652,418
Principal
Amount
Value
CANADA
(continued)
$
1,050,000
Garda
World
Security
Corp.,
9.50%,
11/01/27
(b)
..........
$
1,144,500
1,325,000
GFL
Environmental,
Inc.,
3.75%,
08/01/25
(b)
..........
1,363,094
1,100,000
goeasy
Ltd.,
5.38%,
12/01/24
(b)
..........
1,141,514
600,000
Kronos
Acquisition
Holdings,
Inc./Kik
Custom
Products,
Inc.,
7.00%,
12/31/27
(b)
..........
589,500
500,000
MEG
Energy
Corp.,
7.13%,
02/01/27
(b)
..........
524,635
350,000
MEG
Energy
Corp.,
5.88%,
02/01/29
(b)
..........
361,375
600,000
Methanex
Corp.,
5.25%,
12/15/29
............
663,300
500,000
NOVA
Chemicals
Corp.,
4.88%,
06/01/24
(b)
..........
526,875
500,000
NOVA
Chemicals
Corp.,
5.25%,
06/01/27
(b)
..........
538,750
500,000
Telesat
Canada/Telesat
LLC,
4.88%,
06/01/27
(b)
..........
448,250
12,463,198
CAYMAN
ISLANDS
—
0.0%
762,952
Spirit
Loyalty
Cayman
Ltd./Spirit
IP
Cayman
Ltd.,
8.00%,
09/20/25
(b)
..........
856,414
GERMANY
—
0.0%
500,000
Deutsche
Bank
AG,
(5
yr.
Swap
Semi
30/360
USD
+
2.248%),
4.30%,
05/24/28
(c)
..........
517,704
IRELAND
—
0.1%
1,250,000
Ardagh
Packaging
Finance
Plc/Ardagh
Holdings
USA,
Inc.,
5.25%,
08/15/27
(b)
..........
1,276,372
250,000
LCPR
Senior
Secured
Financing
DAC,
6.75%,
10/15/27
(b)
..........
266,747
1,543,119
ITALY
—
0.1%
1,500,000
Intesa
Sanpaolo
SpA,
5.71%,
01/15/26
(b)
..........
1,693,177
1,525,000
UniCredit
SpA,
(USD
Swap
Rate
11:00
am
NY
1
+
3.703%),
5.86%,
06/19/32
(b)(c)
........
1,697,067
3,390,244
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
2
July
31,
2021
(Unaudited)
Principal
Amount
Value
LUXEMBOURG
—
0.3%
$
275,000
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp./Atlas
Luxco
4
Sarl,
4.63%,
06/01/28
(b)
..........
$
275,000
525,000
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp./Atlas
Luxco
4
Sarl,
4.63%,
06/01/28
(b)
..........
526,969
1,650,000
Altice
Financing
SA,
5.00%,
01/15/28
(b)
..........
1,621,125
1,000,000
Altice
France
Holding
SA,
6.00%,
02/15/28
(b)
..........
986,250
400,000
Consolidated
Energy
Finance
SA,
6.88%,
06/15/25
(b)
..........
406,020
750,000
Dana
Financing
Luxembourg
Sarl,
5.75%,
04/15/25
(b)
..........
773,437
925,000
JBS
Finance
Luxembourg
Sarl,
3.63%,
01/15/32
(b)
..........
928,469
600,000
Telecom
Italia
Capital
SA,
6.38%,
11/15/33
............
710,904
500,000
Telecom
Italia
Capital
SA,
7.20%,
07/18/36
............
642,670
500,000
Venator
Finance
Sarl/Venator
Materials
LLC,
9.50%,
07/01/25
(b)
..........
555,000
7,425,844
NETHERLANDS
—
0.1%
1,000,000
Alcoa
Nederland
Holding
BV,
5.50%,
12/15/27
(b)
..........
1,080,000
1,075,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/01/26
............
1,031,570
1,000,000
UPC
Holding
BV,
5.50%,
01/15/28
(b)
..........
1,052,500
3,164,070
UNITED
KINGDOM
—
0.1%
200,000
INEOS
Quattro
Finance
2
Plc,
3.38%,
01/15/26
(b)
..........
200,750
1,400,000
Jaguar
Land
Rover
Automotive
Plc,
7.75%,
10/15/25
(b)
..........
1,518,664
1,050,000
Jaguar
Land
Rover
Automotive
Plc,
5.50%,
07/15/29
(b)
..........
1,050,073
2,769,487
UNITED
STATES
—
8.7%
1,000,000
Abercrombie
&
Fitch
Management
Co.,
8.75%,
07/15/25
(b)
..........
1,103,750
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,000,000
Adient
Global
Holdings
Ltd.,
4.88%,
08/15/26
(b)
..........
$
1,022,500
375,000
Advantage
Sales
&
Marketing,
Inc.,
6.50%,
11/15/28
(b)
..........
388,125
750,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC,
7.50%,
03/15/26
(b)
..........
817,500
500,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC,
5.88%,
02/15/28
(b)
..........
535,000
500,000
Allegheny
Technologies,
Inc.,
7.88%,
08/15/23
............
546,670
750,000
Alliance
Data
Systems
Corp.,
4.75%,
12/15/24
(b)
..........
769,598
1,850,000
Alliance
Data
Systems
Corp.,
7.00%,
01/15/26
(b)
..........
1,993,375
550,000
Allison
Transmission,
Inc.,
5.88%,
06/01/29
(b)
..........
600,732
250,000
Alta
Equipment
Group,
Inc.,
5.63%,
04/15/26
(b)
..........
258,750
381,965
Ambac
Assurance
Corp.,
5.10%
(b)(d)
..............
542,390
350,000
Ambience
Merger
Sub,
Inc.,
7.13%,
07/15/29
(b)
..........
354,375
500,000
American
Airlines,
Inc.,
11.75%,
07/15/25
(b)
.........
625,000
250,000
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.50%,
04/20/26
(b)
..........
261,563
1,350,000
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.,
5.75%,
04/20/29
(b)
..........
1,456,569
858,000
American
Axle
&
Manufacturing,
Inc.,
6.25%,
04/01/25
............
886,957
525,000
American
Axle
&
Manufacturing,
Inc.,
6.25%,
03/15/26
............
542,527
550,000
Antero
Midstream
Partners
LP/Antero
Midstream
Finance
Corp.,
5.75%,
03/01/27
(b)
..........
566,500
575,000
Antero
Midstream
Partners
LP/Antero
Midstream
Finance
Corp.,
5.38%,
06/15/29
(b)
..........
590,490
520,000
Antero
Resources
Corp.,
8.38%,
07/15/26
(b)
..........
588,302
325,000
Antero
Resources
Corp.,
7.63%,
02/01/29
(b)
..........
356,184
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
3
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
375,000
Antero
Resources
Corp.,
5.38%,
03/01/30
(b)
..........
$
381,975
625,000
Apache
Corp.,
4.25%,
01/15/30
............
651,563
500,000
Apache
Corp.,
4.75%,
04/15/43
............
513,750
1,175,000
Aramark
Services,
Inc.,
6.38%,
05/01/25
(b)
..........
1,239,801
975,000
Archrock
Partners
LP/Archrock
Partners
Finance
Corp.,
6.25%,
04/01/28
(b)
..........
993,281
1,075,000
Ascent
Resources
Utica
Holdings
LLC/
ARU
Finance
Corp.,
8.25%,
12/31/28
(b)
..........
1,161,376
3,930,000
Bank
of
America
Corp.,
Series
FF,
(3
mo.
LIBOR
USD
+
2.931%),
5.88%
(c)(d)
...............
4,514,587
630,000
Bank
of
New
York
Mellon
Corp.
(The),
Series
F,
(3
mo.
LIBOR
USD
+
3.131%),
4.63%
(c)(d)
...............
690,637
1,000,000
Bath
&
Body
Works,
Inc.,
6.63%,
10/01/30
(b)
..........
1,150,000
750,000
Bath
&
Body
Works,
Inc.,
6.75%,
07/01/36
............
956,250
1,575,000
Bausch
Health
Cos,
Inc.,
6.13%,
04/15/25
(b)
..........
1,607,484
600,000
Bausch
Health
Cos,
Inc.,
7.00%,
01/15/28
(b)
..........
630,000
500,000
Bausch
Health
Cos,
Inc.,
5.00%,
01/30/28
(b)
..........
476,875
275,000
Bausch
Health
Cos,
Inc.,
6.25%,
02/15/29
(b)
..........
273,609
1,000,000
Berry
Global,
Inc.,
5.63%,
07/15/27
(b)
..........
1,052,500
750,000
Big
River
Steel
LLC/BRS
Finance
Corp.,
6.63%,
01/31/29
(b)
..........
824,062
475,000
Bloomin'
Brands,
Inc./OSI
Restaurant
Partners
LLC,
5.13%,
04/15/29
(b)
..........
488,063
250,000
Blue
Racer
Midstream
LLC/Blue
Racer
Finance
Corp.,
7.63%,
12/15/25
(b)
..........
269,145
550,000
Blue
Racer
Midstream
LLC/Blue
Racer
Finance
Corp.,
6.63%,
07/15/26
(b)
..........
570,625
1,000,000
Boeing
Co.
(The),
5.04%,
05/01/27
............
1,157,405
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,000,000
Boyd
Gaming
Corp.,
8.63%,
06/01/25
(b)
..........
$
1,089,990
1,050,000
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
..........
1,103,812
700,000
Buckeye
Partners
LP,
3.95%,
12/01/26
............
709,030
625,000
Buckeye
Partners
LP,
4.50%,
03/01/28
(b)
..........
634,375
300,000
Burford
Capital
Global
Finance
LLC,
6.25%,
04/15/28
(b)
..........
315,750
325,000
Cablevision
Lightpath
LLC,
3.88%,
09/15/27
(b)
..........
322,563
700,000
Cablevision
Lightpath
LLC,
5.63%,
09/15/28
(b)
..........
712,250
1,500,000
Caesars
Entertainment,
Inc.,
6.25%,
07/01/25
(b)
..........
1,582,500
826,000
Caesars
Entertainment,
Inc.,
8.13%,
07/01/27
(b)
..........
908,336
500,000
Caesars
Resort
Collection
LLC/CRC
Finco,
Inc.,
5.75%,
07/01/25
(b)
..........
525,625
1,350,000
Carnival
Corp.,
10.50%,
02/01/26
(b)
.........
1,545,723
1,100,000
Carnival
Corp.,
5.75%,
03/01/27
(b)
..........
1,113,063
750,000
Carrols
Restaurant
Group,
Inc.,
5.88%,
07/01/29
(b)
..........
727,474
374,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
5.75%,
02/15/26
(b)
..........
386,716
1,250,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
4.50%,
08/15/30
(b)
..........
1,312,500
1,925,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.,
4.25%,
02/01/31
(b)
..........
1,982,750
625,000
CEC
Entertainment
LLC,
6.75%,
05/01/26
(b)
..........
625,125
1,000,000
Centene
Corp.,
3.00%,
10/15/30
............
1,039,140
250,000
Century
Communities,
Inc.,
6.75%,
06/01/27
............
265,498
1,670,000
Charles
Schwab
Corp.
(The),
Series
H,
(10
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.079%),
4.00%
(c)(d)
...............
1,738,804
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
4
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
250,000
Chemours
Co.
(The),
7.00%,
05/15/25
............
$
258,125
1,175,000
Chesapeake
Energy
Corp.,
5.88%,
02/01/29
(b)
..........
1,248,438
875,000
CHS/Community
Health
Systems,
Inc.,
6.00%,
01/15/29
(b)
..........
930,781
650,000
Churchill
Downs,
Inc.,
4.75%,
01/15/28
(b)
..........
672,750
500,000
CITGO
Petroleum
Corp.,
7.00%,
06/15/25
(b)
..........
513,290
350,000
Clarios
Global
LP/Clarios
US
Finance
Co.,
8.50%,
05/15/27
(b)
..........
378,000
200,000
Clarivate
Science
Holdings
Corp.,
3.88%,
06/30/28
(b)
..........
201,651
450,000
Clarivate
Science
Holdings
Corp.,
4.88%,
06/30/29
(b)
..........
453,213
1,500,000
Cleveland-Cliffs,
Inc.,
6.75%,
03/15/26
(b)
..........
1,618,125
500,000
Cleveland-Cliffs,
Inc.,
5.88%,
06/01/27
............
527,500
234,000
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
..........
237,510
500,000
CommScope,
Inc.,
6.00%,
03/01/26
(b)
..........
521,250
650,000
Comstock
Resources,
Inc.,
5.88%,
01/15/30
(b)
..........
653,455
250,000
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(b)
..........
268,995
1,225,000
Continental
Resources,
Inc.,
4.90%,
06/01/44
............
1,413,509
500,000
Cornerstone
Building
Brands,
Inc.,
6.13%,
01/15/29
(b)
..........
532,500
358,000
Covanta
Holding
Corp.,
5.88%,
07/01/25
............
370,530
700,000
CrownRock
LP/CrownRock
Finance,
Inc.,
5.63%,
10/15/25
(b)
..........
717,500
1,250,000
CSC
Holdings
LLC,
7.50%,
04/01/28
(b)
..........
1,363,306
975,000
CSC
Holdings
LLC,
5.75%,
01/15/30
(b)
..........
1,016,135
154,000
CVR
Partners
LP/CVR
Nitrogen
Finance
Corp.,
9.25%,
06/15/23
(b)
..........
154,354
Principal
Amount
Value
UNITED
STATES
(continued)
$
400,000
CVR
Partners
LP/CVR
Nitrogen
Finance
Corp.,
6.13%,
06/15/28
(b)
..........
$
416,092
750,000
DCP
Midstream
Operating
LP,
6.45%,
11/03/36
(b)
..........
900,000
1,600,000
Delta
Air
Lines,
Inc.,
7.38%,
01/15/26
............
1,883,191
400,000
DIRECTV
Holdings
LLC/DIRECTV
Financing
Co.,
Inc.,
5.88%,
08/15/27
(b)
..........
413,000
1,000,000
DISH
DBS
Corp.,
5.00%,
03/15/23
............
1,041,250
1,575,000
DISH
DBS
Corp.,
7.38%,
07/01/28
............
1,704,027
750,000
DISH
DBS
Corp.,
5.13%,
06/01/29
(b)
..........
742,425
275,000
DT
Midstream,
Inc.,
4.13%,
06/15/29
(b)
..........
282,040
900,000
DT
Midstream,
Inc.,
4.38%,
06/15/31
(b)
..........
933,750
575,000
Dycom
Industries,
Inc.,
4.50%,
04/15/29
(b)
..........
582,188
550,000
Embarq
Corp.,
8.00%,
06/01/36
............
616,000
250,000
Enviva
Partners
LP/Enviva
Partners
Finance
Corp.,
6.50%,
01/15/26
(b)
..........
258,900
525,000
EPR
Properties
REIT,
5.25%,
07/15/23
............
554,440
1,050,000
EQM
Midstream
Partners
LP,
6.50%,
07/01/27
(b)
..........
1,178,625
475,000
EQM
Midstream
Partners
LP,
4.75%,
01/15/31
(b)
..........
483,312
925,000
EQM
Midstream
Partners
LP,
6.50%,
07/15/48
............
1,016,259
375,000
EQT
Corp.,
5.00%,
01/15/29
............
424,013
175,000
EQT
Corp.,
3.63%,
05/15/31
(b)
..........
185,360
600,000
First
Student
Bidco,
Inc./First
Transit
Parent,
Inc.,
4.00%,
07/31/29
(b)
..........
600,750
500,000
Ford
Motor
Co.,
8.50%,
04/21/23
............
555,115
1,000,000
Ford
Motor
Co.,
9.00%,
04/22/25
............
1,230,950
425,000
Ford
Motor
Co.,
6.63%,
10/01/28
............
509,042
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
5
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,100,000
Ford
Motor
Co.,
4.75%,
01/15/43
............
$
1,207,569
575,000
Ford
Motor
Co.,
5.29%,
12/08/46
............
658,016
2,100,000
Ford
Motor
Credit
Co.
LLC,
4.06%,
11/01/24
............
2,225,675
1,000,000
Ford
Motor
Credit
Co.
LLC,
4.27%,
01/09/27
............
1,077,200
500,000
Ford
Motor
Credit
Co.
LLC,
4.00%,
11/13/30
............
528,125
250,000
Forterra
Finance
LLC/FRTA
Finance
Corp.,
6.50%,
07/15/25
(b)
..........
268,175
1,000,000
FXI
Holdings,
Inc.,
7.88%,
11/01/24
(b)
..........
1,025,000
400,000
Gap,
Inc.
(The),
8.63%,
05/15/25
(b)
..........
437,200
400,000
Gap,
Inc.
(The),
8.88%,
05/15/27
(b)
..........
459,828
500,000
GCI
LLC,
4.75%,
10/15/28
(b)
..........
520,625
625,000
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.,
6.50%,
10/01/25
............
620,313
350,000
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.,
8.00%,
01/15/27
............
359,625
925,000
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.,
7.75%,
02/01/28
............
934,435
722,000
Global
Infrastructure
Solutions,
Inc.,
5.63%,
06/01/29
(b)
..........
740,952
975,000
GPD
Cos,
Inc.,
10.13%,
04/01/26
(b)
.........
1,055,437
750,000
Gray
Television,
Inc.,
7.00%,
05/15/27
(b)
..........
802,778
975,000
Gray
Television,
Inc.,
4.75%,
10/15/30
(b)
..........
966,576
500,000
Greif,
Inc.,
6.50%,
03/01/27
(b)
..........
526,250
250,000
Greystar
Real
Estate
Partners
LLC,
5.75%,
12/01/25
(b)
..........
254,907
750,000
Griffon
Corp.,
5.75%,
03/01/28
............
789,090
1,000,000
Gulfport
Energy
Operating
Corp.,
8.00%,
05/17/26
(b)
..........
1,065,470
500,000
Hanesbrands,
Inc.,
5.38%,
05/15/25
(b)
..........
525,050
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,075,000
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
..........
$
1,149,476
250,000
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
REIT,
6.00%,
04/15/25
(b)
..........
262,675
775,000
HAT
Holdings
I
LLC/HAT
Holdings
II
LLC
REIT,
3.38%,
06/15/26
(b)
..........
785,369
525,000
Hawaiian
Brand
Intellectual
Property
Ltd./HawaiianMiles
Loyalty
Ltd.,
5.75%,
01/20/26
(b)
..........
550,326
1,400,000
Herbalife
Nutrition
Ltd./HLF
Financing,
Inc.,
7.88%,
09/01/25
(b)
..........
1,520,750
1,000,000
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
..........
1,048,750
600,000
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.,
6.00%,
02/01/31
(b)
..........
624,750
1,175,000
Hilton
Domestic
Operating
Co.,
Inc.,
5.75%,
05/01/28
(b)
..........
1,263,125
300,000
Hilton
Grand
Vacations
Borrower
Escrow
LLC/Hilton
Grand
Vacations
Borrower
Esc,
5.00%,
06/01/29
(b)
..........
302,706
450,000
Hilton
Grand
Vacations
Borrower
Escrow
LLC/Hilton
Grand
Vacations
Borrower
Esc,
4.88%,
07/01/31
(b)
..........
441,397
1,150,000
HLF
Financing
Sarl
LLC/Herbalife
International,
Inc.,
4.88%,
06/01/29
(b)
..........
1,160,925
500,000
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
..........
461,425
1,200,000
Hughes
Satellite
Systems
Corp.,
6.63%,
08/01/26
............
1,348,500
1,000,000
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.,
6.38%,
12/15/25
............
1,030,550
350,000
iHeartCommunications,
Inc.,
8.38%,
05/01/27
............
372,309
1,000,000
International
Game
Technology
Plc,
6.50%,
02/15/25
(b)
..........
1,115,795
975,000
IRB
Holding
Corp.,
7.00%,
06/15/25
(b)
..........
1,038,375
500,000
IRB
Holding
Corp.,
6.75%,
02/15/26
(b)
..........
513,750
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
6
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
4,810,000
JPMorgan
Chase
&
Co.,
Series
HH,
(SOFR
RATE
+
3.125%),
4.60%
(c)(d)
...............
$
4,978,350
1,250,000
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(b)
..........
1,300,000
300,000
Koppers,
Inc.,
6.00%,
02/15/25
(b)
..........
307,500
1,750,000
Kraft
Heinz
Foods
Co.,
3.75%,
04/01/30
............
1,934,779
1,075,000
Kraft
Heinz
Foods
Co.,
5.00%,
06/04/42
............
1,345,599
1,125,000
Kraft
Heinz
Foods
Co.,
4.38%,
06/01/46
............
1,295,151
175,000
Kraton
Polymers
LLC/Kraton
Polymers
Capital
Corp.,
4.25%,
12/15/25
(b)
..........
179,375
284,000
LABL,
Inc.,
10.50%,
07/15/27
(b)
.........
312,400
400,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.
REIT,
4.75%,
06/15/29
(b)
..........
398,500
950,000
Laredo
Petroleum,
Inc.,
7.75%,
07/31/29
(b)
..........
919,201
550,000
LBM
Acquisition
LLC,
6.25%,
01/15/29
(b)
..........
551,067
250,000
Legacy
LifePoint
Health
LLC,
6.75%,
04/15/25
(b)
..........
264,175
250,000
Legacy
LifePoint
Health
LLC,
4.38%,
02/15/27
(b)
..........
250,625
650,000
Level
3
Financing,
Inc.,
4.25%,
07/01/28
(b)
..........
661,781
550,000
Live
Nation
Entertainment,
Inc.,
4.88%,
11/01/24
(b)
..........
558,937
600,000
Live
Nation
Entertainment,
Inc.,
5.63%,
03/15/26
(b)
..........
624,000
1,000,000
LogMeIn,
Inc.,
5.50%,
09/01/27
(b)
..........
1,036,650
875,000
LSF9
Atlantis
Holdings
LLC/Victra
Finance
Corp.,
7.75%,
02/15/26
(b)
..........
914,375
1,000,000
Lumen
Technologies,
Inc.,
5.63%,
04/01/25
............
1,088,750
1,000,000
Lumen
Technologies,
Inc.,
5.13%,
12/15/26
(b)
..........
1,039,320
575,000
Lumen
Technologies,
Inc.,
5.38%,
06/15/29
(b)
..........
589,375
Principal
Amount
Value
UNITED
STATES
(continued)
$
450,000
Macy's
Retail
Holdings
LLC,
2.88%,
02/15/23
............
$
452,813
1,000,000
Macy's,
Inc.,
8.38%,
06/15/25
(b)
..........
1,090,000
400,000
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
..........
404,280
550,000
Manitowoc
Co.,
Inc.
(The),
9.00%,
04/01/26
(b)
..........
594,126
750,000
Masonite
International
Corp.,
5.38%,
02/01/28
(b)
..........
797,812
1,100,000
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(b)
..........
1,106,875
600,000
Meritor,
Inc.,
6.25%,
06/01/25
(b)
..........
639,000
550,000
Michaels
Cos.,
Inc.
(The),
5.25%,
05/01/28
(b)
..........
569,250
525,000
Michaels
Cos.,
Inc.
(The),
7.88%,
05/01/29
(b)
..........
544,688
825,000
Midcap
Financial
Issuer
Trust,
6.50%,
05/01/28
(b)
..........
857,579
500,000
Midcap
Financial
Issuer
Trust,
5.63%,
01/15/30
(b)
..........
491,866
750,000
Midcontinent
Communications/
Midcontinent
Finance
Corp.,
5.38%,
08/15/27
(b)
..........
781,013
2,000,000
Mileage
Plus
Holdings
LLC/Mileage
Plus
Intellectual
Property
Assets
Ltd.,
6.50%,
06/20/27
(b)
..........
2,175,000
1,050,000
Millennium
Escrow
Corp.,
6.63%,
08/01/26
(b)
..........
1,072,711
1,150,000
ModivCare,
Inc.,
5.88%,
11/15/25
(b)
..........
1,220,437
975,000
MPH
Acquisition
Holdings
LLC,
5.75%,
11/01/28
(b)
..........
945,750
825,000
Murphy
Oil
Corp.,
6.38%,
07/15/28
............
872,215
450,000
Murphy
Oil
Corp.,
6.38%,
12/01/42
............
448,875
1,650,000
Nationstar
Mortgage
Holdings,
Inc.,
5.50%,
08/15/28
(b)
..........
1,676,812
1,000,000
Navient
Corp.,
6.50%,
06/15/22
............
1,043,200
1,075,000
Navient
Corp.,
5.50%,
01/25/23
............
1,127,406
500,000
Netflix,
Inc.,
5.38%,
11/15/29
(b)
..........
616,875
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
7
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
1,000,000
Netflix,
Inc.,
4.88%,
06/15/30
(b)
..........
$
1,204,770
1,000,000
Newell
Brands,
Inc.,
4.70%,
04/01/26
............
1,113,750
725,000
Nexstar
Media,
Inc.,
5.63%,
07/15/27
(b)
..........
766,470
550,000
Nexstar
Media,
Inc.,
4.75%,
11/01/28
(b)
..........
567,182
1,100,000
Northern
Oil
and
Gas,
Inc.,
8.13%,
03/01/28
(b)
..........
1,152,085
1,825,000
Novelis
Corp.,
5.88%,
09/30/26
(b)
..........
1,891,065
1,000,000
Novelis
Corp.,
4.75%,
01/30/30
(b)
..........
1,064,810
525,000
Occidental
Petroleum
Corp.,
5.88%,
09/01/25
............
582,036
750,000
Occidental
Petroleum
Corp.,
5.50%,
12/01/25
............
825,000
1,225,000
Occidental
Petroleum
Corp.,
6.63%,
09/01/30
............
1,494,500
1,000,000
Occidental
Petroleum
Corp.,
4.30%,
08/15/39
............
991,465
575,000
Occidental
Petroleum
Corp.,
6.20%,
03/15/40
............
665,562
500,000
Occidental
Petroleum
Corp.,
4.40%,
04/15/46
............
490,535
500,000
OneMain
Finance
Corp.,
6.13%,
03/15/24
............
538,125
500,000
OneMain
Finance
Corp.,
7.13%,
03/15/26
............
588,750
600,000
OneMain
Finance
Corp.,
5.38%,
11/15/29
............
659,076
1,675,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV,
4.13%,
04/30/28
(b)
..........
1,717,562
425,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV,
5.13%,
04/30/31
(b)
..........
437,750
300,000
Ortho-Clinical
Diagnostics,
Inc./
Ortho-Clinical
Diagnostics
SA,
7.38%,
06/01/25
(b)
..........
321,000
250,000
Outfront
Media
Capital
LLC/Outfront
Media
Capital
Corp.,
6.25%,
06/15/25
(b)
..........
265,240
600,000
Patrick
Industries,
Inc.,
4.75%,
05/01/29
(b)
..........
612,420
Principal
Amount
Value
UNITED
STATES
(continued)
$
875,000
PBF
Holding
Co.
LLC/PBF
Finance
Corp.,
9.25%,
05/15/25
(b)
..........
$
802,812
525,000
PetSmart,
Inc./PetSmart
Finance
Corp.,
7.75%,
02/15/29
(b)
..........
575,426
625,000
Pilgrim's
Pride
Corp.,
4.25%,
04/15/31
(b)
..........
664,544
1,000,000
Post
Holdings,
Inc.,
5.75%,
03/01/27
(b)
..........
1,040,850
650,000
PowerTeam
Services
LLC,
9.03%,
12/04/25
(b)
..........
715,871
1,650,000
Prime
Healthcare
Services,
Inc.,
7.25%,
11/01/25
(b)
..........
1,771,044
975,000
Primo
Water
Holdings,
Inc.,
4.38%,
04/30/29
(b)
..........
975,000
250,000
Radiate
Holdco
LLC/Radiate
Finance,
Inc.,
4.50%,
09/15/26
(b)
..........
258,753
700,000
Radiate
Holdco
LLC/Radiate
Finance,
Inc.,
6.50%,
09/15/28
(b)
..........
727,426
475,000
Rayonier
AM
Products,
Inc.,
7.63%,
01/15/26
(b)
..........
488,062
250,000
Rent-A-Center,
Inc.,
6.38%,
02/15/29
(b)
..........
268,438
596,000
Rite
Aid
Corp.,
7.50%,
07/01/25
(b)
..........
597,311
475,000
RLJ
Lodging
Trust
LP
REIT,
3.75%,
07/01/26
(b)
..........
480,937
675,000
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
..........
695,162
1,000,000
Rockies
Express
Pipeline
LLC,
4.80%,
05/15/30
(b)
..........
1,009,790
1,500,000
Royal
Caribbean
Cruises
Ltd.,
9.13%,
06/15/23
(b)
..........
1,631,445
675,000
Royal
Caribbean
Cruises
Ltd.,
5.50%,
04/01/28
(b)
..........
688,298
275,000
RP
Escrow
Issuer
LLC,
5.25%,
12/15/25
(b)
..........
281,187
975,000
Sabre
GLBL,
Inc.,
7.38%,
09/01/25
(b)
..........
1,041,270
500,000
SCE
Recovery
Funding
LLC,
Series
A-1,
0.86%,
11/15/31
............
493,411
500,000
Scientific
Games
International,
Inc.,
5.00%,
10/15/25
(b)
..........
512,980
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
8
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
2,350,000
Select
Medical
Corp.,
6.25%,
08/15/26
(b)
..........
$
2,484,467
1,000,000
Service
Properties
Trust
REIT,
4.35%,
10/01/24
............
1,010,980
1,325,000
Service
Properties
Trust
REIT,
5.50%,
12/15/27
............
1,412,674
400,000
Shea
Homes
LP/Shea
Homes
Funding
Corp.,
4.75%,
02/15/28
(b)
..........
410,000
850,000
Sinclair
Television
Group,
Inc.,
5.50%,
03/01/30
(b)
..........
848,938
4,765,000
Sitka
Holdings
LLC,
(3
mo.
LIBOR
USD
+
4.500%,
5.25%,
07/06/26
(b)(e)
........
4,793,750
850,000
Southwestern
Energy
Co.,
6.45%,
01/23/25
............
930,682
500,000
Spectrum
Brands,
Inc.,
5.50%,
07/15/30
(b)
..........
541,250
1,300,000
Spirit
AeroSystems,
Inc.,
7.50%,
04/15/25
(b)
..........
1,378,000
1,500,000
Sprint
Capital
Corp.,
6.88%,
11/15/28
............
1,935,000
1,800,000
SRM
Escrow
Issuer
LLC,
6.00%,
11/01/28
(b)
..........
1,921,500
400,000
Starwood
Property
Trust,
Inc.
REIT,
5.50%,
11/01/23
(b)
..........
419,500
300,000
Starwood
Property
Trust,
Inc.
REIT,
3.63%,
07/15/26
(b)
..........
305,010
325,000
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/26
(b)
..........
329,875
400,000
SunCoke
Energy,
Inc.,
4.88%,
06/30/29
(b)
..........
403,508
500,000
Talen
Energy
Supply
LLC,
6.63%,
01/15/28
(b)
..........
443,750
1,225,000
Tallgrass
Energy
Partners
LP/Tallgrass
Energy
Finance
Corp.,
6.00%,
12/31/30
(b)
..........
1,286,250
1,000,000
TEGNA,
Inc.,
4.63%,
03/15/28
............
1,030,000
1,500,000
TEGNA,
Inc.,
5.00%,
09/15/29
............
1,567,500
225,000
Tenet
Healthcare
Corp.,
4.63%,
07/15/24
............
227,813
500,000
Tenet
Healthcare
Corp.,
7.50%,
04/01/25
(b)
..........
537,500
500,000
Tenet
Healthcare
Corp.,
6.13%,
10/01/28
(b)
..........
532,500
Principal
Amount
Value
UNITED
STATES
(continued)
$
100,000
Tenneco,
Inc.,
7.88%,
01/15/29
(b)
..........
$
113,000
625,000
Tenneco,
Inc.,
5.13%,
04/15/29
(b)
..........
642,188
1,100,000
Tesla,
Inc.,
5.30%,
08/15/25
(b)
..........
1,128,721
400,000
T-Mobile
USA,
Inc.,
4.50%,
02/01/26
............
409,300
1,000,000
T-Mobile
USA,
Inc.,
3.50%,
04/15/31
............
1,048,807
300,000
TMS
International
Corp.,
6.25%,
04/15/29
(b)
..........
314,573
1,550,000
TransDigm,
Inc.,
8.00%,
12/15/25
(b)
..........
1,664,313
300,000
Travel
+
Leisure
Co.,
4.25%,
03/01/22
............
301,500
1,000,000
Travel
+
Leisure
Co.,
4.63%,
03/01/30
(b)
..........
1,032,740
1,075,000
Tronox,
Inc.,
6.50%,
05/01/25
(b)
..........
1,138,156
1,650,000
Truist
Financial
Corp.,
Series
N,
(5
yr.
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
+
3.003%),
4.80%
(c)(d)
...............
1,755,089
400,000
Turning
Point
Brands,
Inc.,
5.63%,
02/15/26
(b)
..........
416,000
1,500,000
Uber
Technologies,
Inc.,
8.00%,
11/01/26
(b)
..........
1,606,875
1,700,000
Uber
Technologies,
Inc.,
7.50%,
09/15/27
(b)
..........
1,857,590
1,000,000
United
Airlines
Holdings,
Inc.,
4.25%,
10/01/22
............
1,015,000
275,000
United
Airlines,
Inc.,
4.38%,
04/15/26
(b)
..........
282,942
275,000
United
Airlines,
Inc.,
4.63%,
04/15/29
(b)
..........
283,718
575,000
United
Rentals
North
America,
Inc.,
3.75%,
01/15/32
............
575,000
1,075,000
United
States
Steel
Corp.,
6.88%,
08/15/25
............
1,095,210
375,000
United
States
Steel
Corp.,
6.88%,
03/01/29
............
407,036
1,500,000
Uniti
Group
LP/Uniti
Fiber
Holdings,
Inc./CSL
Capital
LLC
REIT,
7.88%,
02/15/25
(b)
..........
1,597,500
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
9
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
$
550,000
Uniti
Group
LP/Uniti
Group
Finance,
Inc./CSL
Capital
LLC
REIT,
6.50%,
02/15/29
(b)
..........
$
557,458
950,000
US
Foods,
Inc.,
6.25%,
04/15/25
(b)
..........
1,000,540
500,000
US
Foods,
Inc.,
4.75%,
02/15/29
(b)
..........
510,000
825,000
USA
Compression
Partners
LP/USA
Compression
Finance
Corp.,
6.88%,
09/01/27
............
872,322
925,000
Vector
Group
Ltd.,
5.75%,
02/01/29
(b)
..........
941,275
175,000
Venture
Global
Calcasieu
Pass
LLC,
3.88%,
08/15/29
(b)
..........
178,937
375,000
Venture
Global
Calcasieu
Pass
LLC,
4.13%,
08/15/31
(b)
..........
388,125
1,600,000
Veritas
US,
Inc./Veritas
Bermuda
Ltd.,
7.50%,
09/01/25
(b)
..........
1,656,000
250,000
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
..........
263,990
500,000
Viking
Cruises
Ltd.,
5.88%,
09/15/27
(b)
..........
475,000
225,000
WASH
Multifamily
Acquisition,
Inc.,
5.75%,
04/15/26
(b)
..........
235,406
750,000
WESCO
Distribution,
Inc.,
7.25%,
06/15/28
(b)
..........
835,575
500,000
Western
Midstream
Operating
LP,
4.65%,
07/01/26
............
535,975
375,000
Western
Midstream
Operating
LP,
5.50%,
08/15/48
............
418,125
1,075,000
Wynn
Las
Vegas
LLC/Wynn
Las
Vegas
Capital
Corp.,
5.50%,
03/01/25
(b)
..........
1,136,813
1,250,000
Wynn
Resorts
Finance
LLC/Wynn
Resorts
Capital
Corp.,
7.75%,
04/15/25
(b)
..........
1,330,838
500,000
Zayo
Group
Holdings,
Inc.,
4.00%,
03/01/27
(b)
..........
496,875
575,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.,
3.88%,
02/01/29
(b)
..........
574,345
245,242,731
Total
Corporate
Bonds
(Cost
$270,900,093)
277,372,811
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
20.4%
CANADA
—
0.1%
Other
Asset-Backed
Securities
—
0.1%
$
300,000
Golden
Credit
Card
Trust,
Series
2017-4A,
Class A,
(1
mo.
LIBOR
USD
+
0.520%),
0.61%,
07/15/24
(b)(e)
........
$
301,442
1,000,000
Master
Credit
Card
Trust
II,
Series
2020-1A,
Class A,
1.99%,
09/21/24
(b)
..........
1,028,477
1,329,919
CAYMAN
ISLANDS
—
1.9%
Collateralized
Loan
Obligations
—
1.9%
1,000,000
Apidos
CLO
XV,
Series
2013-15A,
Class ERR,
(3
mo.
LIBOR
USD
+
5.700%),
5.83%,
04/20/31
(b)(e)
........
953,980
5,000,000
Atrium
VIII,
Series
8A,
Class SUB,
1.25%,
10/23/24
(b)(f)(g)
.....
149,256
2,000,000
Atrium
XII,
Series
12A,
Class ER,
(3
mo.
LIBOR
USD
+
5.250%),
5.39%,
04/22/27
(b)(e)
........
1,965,095
12,131,250
Atrium
XIII,
Series
13A,
Class SUB,
2.83%,
11/21/47
(b)(f)(g)
......
8,812,008
600,314
BlueMountain
CLO
Ltd.,
Series
2015-
2A,
Class A1R,
(3
mo.
LIBOR
USD
+
0.930%),
1.06%,
07/18/27
(b)(e)
........
600,434
527,606
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2015-4A,
Class SBB1,
(3
mo.
LIBOR
USD
+
8.500%),
8.63%,
07/20/32
(b)(e)
........
490,240
17,550,000
CBAM
Ltd.,
Series
2019-10A,
Class SUB,
12.81%,
04/20/32
(b)(f)(g)
....
12,115,476
9,915,625
Cedar
Funding
VII
CLO
Ltd.,
Series
2018-7A,
Class SUB,
13.32%,
01/20/31
(b)(f)(g)
....
6,844,232
1,000,000
Flatiron
CLO
17
Ltd.,
Series
2017-1A,
Class BR,
(3
mo.
LIBOR
USD
+
1.450%),
1.61%,
05/15/30
(b)(e)
........
999,903
500,000
GoldentTree
Loan
Management
US
CLO
1
Ltd.,
Series
2021-10A,
Class B,
(3
mo.
LIBOR
USD
+
1.600%),
1.72%,
07/20/34
(b)(e)
........
499,151
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
10
July
31,
2021
(Unaudited)
Principal
Amount
Value
CAYMAN
ISLANDS
(continued)
Collateralized
Loan
Obligations
(continued)
$
1,000,000
Gulf
Stream
Meridian
3
Ltd.,
Series
2021-IIIA,
Class A2,
(3
mo.
LIBOR
USD
+
1.750%),
1.88%,
04/15/34
(b)(e)
........
$
998,760
500,000
LCM
XXIV
Ltd.,
Series
24A,
Class BR,
(3
mo.
LIBOR
USD
+
1.400%),
1.53%,
03/20/30
(b)(e)
........
496,351
5,000,000
Romark
CLO
II
Ltd.,
Series
2018-2A,
Class SUB,
6.06%,
07/25/31
(b)(f)(g)
.....
2,755,649
5,000,000
Romark
CLO
Ltd.,
Series
2017-1A,
Class SUB,
6.25%,
10/23/30
(b)(f)(g)
.....
2,832,515
7,500,000
Romark
WM-R
Ltd.,
Series
2018-1A,
Class F,
(3
mo.
LIBOR
USD
+
8.100%),
8.23%,
04/20/31
(b)(e)
........
6,417,829
4,500,000
York
CLO-3
Ltd.,
Series
2016-1A,
Class ER,
(3
mo.
LIBOR
USD
+
6.400%),
6.53%,
10/20/29
(b)(e)
........
4,500,612
4,000,000
York
CLO-3
Ltd.,
Series
2016-1A,
Class SUB,
7.00%,
10/20/29
(b)(f)(g)
.....
2,271,561
53,703,052
UNITED
STATES
—
18.4%
Other
Asset-Backed
Securities
—
18.4%
4,631,922
510
Loan
Acquisition
Trust,
Series
2020-1,
Class A,
STEP,
5.11%,
09/25/60
(b)
..........
4,727,876
218,484
Aegis
Asset-Backed
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2003-3,
Class M1,
(1
mo.
LIBOR
USD
+
1.050%),
1.14%,
01/25/34
(e)
..........
216,116
131,089
Ajax
Mortgage
Loan
Trust,
Series
2017-D,
Class B,
2.35%,
12/25/57
(a)(b)(f)(g)
...
103,521
40,994
Ajax
Mortgage
Loan
Trust,
Series
2018-A,
Class B,
2.90%,
04/25/58
(b)(g)
.......
35,817
200,472
Ajax
Mortgage
Loan
Trust,
Series
2018-B,
Class B,
6.37%,
02/26/57
(b)(g)
.......
90,488
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
5,736,550
Ajax
Mortgage
Loan
Trust,
Series
2018-D,
Class A,
3.75%,
08/25/58
(b)(f)
........
$
5,740,227
1,820,383
Ajax
Mortgage
Loan
Trust,
Series
2018-D,
Class B,
2.93%,
08/25/58
(a)(b)(f)(g)
...
1,209,462
210,854
Ajax
Mortgage
Loan
Trust,
Series
2018-E,
Class C,
1.15%,
06/25/58
(b)(f)(g)
.....
194,274
287,528
Ajax
Mortgage
Loan
Trust,
Series
2018-F,
Class C,
1.99%,
11/25/58
(a)(b)(g)
......
179,188
11,961,258
Ajax
Mortgage
Loan
Trust,
Series
2018-G,
Class A,
4.38%,
06/25/57
(b)(f)
........
12,061,653
2,100,000
Ajax
Mortgage
Loan
Trust,
Series
2018-G,
Class B,
5.25%,
06/25/57
(a)(b)(f)
......
1,585,500
5,362,641
Ajax
Mortgage
Loan
Trust,
Series
2018-G,
Class C,
0.05%,
06/25/57
(a)(b)(g)
.....
5,273,085
12,220,357
Ajax
Mortgage
Loan
Trust,
Series
2019-A,
Class A,
3.75%,
08/25/57
(b)(f)
........
12,385,403
2,450,000
Ajax
Mortgage
Loan
Trust,
Series
2019-A,
Class B,
5.25%,
08/25/57
(b)(f)
........
2,289,469
6,120,493
Ajax
Mortgage
Loan
Trust,
Series
2019-A,
Class C,
0.79%,
08/25/57
(a)(b)(g)
.....
5,070,216
6,670,818
Ajax
Mortgage
Loan
Trust,
Series
2019-B,
Class A,
3.75%,
01/25/59
(b)(f)
........
6,760,371
2,100,000
Ajax
Mortgage
Loan
Trust,
Series
2019-B,
Class B,
5.25%,
01/25/59
(a)(b)(f)
......
1,585,500
5,356,692
Ajax
Mortgage
Loan
Trust,
Series
2019-B,
Class C,
0.61%,
01/25/59
(a)(b)(g)
.....
4,597,649
7,165,232
Ajax
Mortgage
Loan
Trust,
Series
2019-E,
Class A,
STEP,
3.00%,
09/25/59
(b)
..........
7,203,420
3,512,199
Ajax
Mortgage
Loan
Trust,
Series
2019-E,
Class B,
STEP,
4.88%,
09/25/59
(b)
..........
3,151,464
7,677,719
Ajax
Mortgage
Loan
Trust,
Series
2019-E,
Class C,
2.64%,
09/25/59
(b)(g)
.......
6,231,281
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
11
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
12,327,052
Ajax
Mortgage
Loan
Trust,
Series
2019-G,
Class A,
STEP,
3.00%,
09/25/59
(b)
..........
$
12,412,028
2,927,374
Ajax
Mortgage
Loan
Trust,
Series
2019-G,
Class B,
STEP,
4.25%,
09/25/59
(b)
..........
2,848,158
7,469,246
Ajax
Mortgage
Loan
Trust,
Series
2019-G,
Class C,
1.05%,
09/25/59
(b)(g)
.......
6,665,613
24,958,239
Ajax
Mortgage
Loan
Trust,
Series
2020-A,
Class A,
STEP,
2.38%,
12/25/59
(b)
..........
24,991,054
4,328,402
Ajax
Mortgage
Loan
Trust,
Series
2020-A,
Class B,
STEP,
3.50%,
12/25/59
(b)
..........
4,317,450
10,412,574
Ajax
Mortgage
Loan
Trust,
Series
2020-A,
Class C,
1.92%,
12/25/59
(a)(b)(g)
.....
6,528,684
14,974,436
Ajax
Mortgage
Loan
Trust,
Series
2021-D,
Class A,
STEP,
2.00%,
03/25/60
(a)(b)
........
14,974,436
2,042,300
Ajax
Mortgage
Loan
Trust,
Series
2021-D,
Class B,
4.00%,
03/25/60
(a)(b)(f)
......
2,018,609
3,063,430
Ajax
Mortgage
Loan
Trust,
Series
2021-D,
Class C,
0.66%,
03/25/60
(a)(b)(f)(g)
...
2,374,158
4,041,340
Ajax
Mortgage
Loan
Trust,
Series
2021-E,
Class B2,
3.96%,
12/25/60
(a)(b)(f)
......
3,892,674
10,357,884
Ajax
Mortgage
Loan
Trust,
Series
2021-F,
Class A,
STEP,
1.88%,
12/27/60
(b)
..........
10,312,383
1,080,800
Ajax
Mortgage
Loan
Trust,
Series
2021-F,
Class B,
STEP,
3.75%,
12/27/60
(b)
..........
1,079,725
2,020,444
Ajax
Mortgage
Loan
Trust,
Series
2021-F,
Class C,
0.55%,
12/27/60
(b)(g)
.......
1,739,075
500,000
American
Credit
Acceptance
Receivables
Trust,
Series
2020-4,
Class B,
0.85%,
12/13/24
(b)
..........
501,420
1,000,000
American
Express
Credit
Account
Master
Trust,
Series
2017-5,
Class A,
(1
mo.
LIBOR
USD
+
0.380%),
0.47%,
02/18/25
(e)
..........
1,003,557
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
1,000,000
American
Express
Credit
Account
Master
Trust,
Series
2018-5,
Class A,
(1
mo.
LIBOR
USD
+
0.340%),
0.43%,
12/15/25
(e)
..........
$
1,003,814
5,000,000
Ameriquest
Mortgage
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates,
Series
2005-R3,
Class M7,
(1
mo.
LIBOR
USD
+
1.980%),
2.07%,
05/25/35
(e)
..........
5,100,145
6,000,000
AMSR
Trust,
Series
2020-SFR5,
Class F,
2.69%,
11/17/37
(b)
..........
5,975,710
9,458,069
Argent
Mortgage
Loan
Trust,
Series
2005-W1,
Class A2,
(1
mo.
LIBOR
USD
+
0.240%),
0.33%,
05/25/35
(e)
..........
8,732,298
4,662,515
Argent
Securities,
Inc.
Asset-Backed
Pass-Through
Certificates,
Series
2005-W5,
Class M1,
(1
mo.
LIBOR
USD
+
0.690%),
0.78%,
01/25/36
(e)
..........
4,878,683
6,021,472
Asset
Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2006-
HE1,
Class M2,
(1
mo.
LIBOR
USD
+
0.630%),
0.72%,
01/25/36
(e)
..........
5,721,927
5,740,000
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1997-2,
Class B1,
7.07%,
02/10/22
(f)
..........
2,740,323
5,000,000
BankAmerica
Manufactured
Housing
Contract
Trust,
Series
1998-2,
Class B1,
7.43%,
12/10/25
(f)
..........
1,956,912
6,652,868
Bayview
Commercial
Asset
Trust,
Series
2007-4A,
Class A1,
(1
mo.
LIBOR
USD
+
0.450%),
0.54%,
09/25/37
(b)(e)
........
6,318,562
7,784,454
Bayview
Financial
Revolving
Asset
Trust,
Series
2004-B,
Class A1,
(1
mo.
LIBOR
USD
+
1.000%),
1.09%,
05/28/39
(b)(e)
........
7,315,090
1,718,852
Bayview
Financial
Revolving
Asset
Trust,
Series
2004-B,
Class A2,
(1
mo.
LIBOR
USD
+
1.300%),
1.39%,
05/28/39
(b)(e)
........
1,400,735
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
12
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
1,534,387
Bayview
Financial
Revolving
Asset
Trust,
Series
2005-E,
Class A1,
(1
mo.
LIBOR
USD
+
1.000%),
1.09%,
12/28/40
(b)(e)
........
$
1,420,315
3,222,559
Bayview
Financial
Revolving
Asset
Trust,
Series
2005-E,
Class A2A,
(1
mo.
LIBOR
USD
+
0.930%),
1.02%,
12/28/40
(b)(e)
........
3,164,319
250,000
BCC
Funding
XVII
LLC,
Series
2020-
1,
Class A2,
0.91%,
08/20/25
(b)
..........
250,875
908,185
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2005-TC1,
Class M4,
(1
mo.
LIBOR
USD
+
1.800%),
1.89%,
05/25/35
(e)
..........
906,287
1,809,255
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-HE1,
Class 1M4,
(1
mo.
LIBOR
USD
+
1.020%),
1.11%,
12/25/35
(e)
..........
2,538,753
4,132,520
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-HE10,
Class 22A,
(1
mo.
LIBOR
USD
+
0.140%),
0.23%,
12/25/36
(e)
..........
5,038,605
2,748,054
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2007-HE1,
Class 21A2,
(1
mo.
LIBOR
USD
+
0.160%),
0.25%,
01/25/37
(e)
..........
2,704,534
500,000
BMW
Vehicle
Lease
Trust,
Series
2021-1,
Class A4,
0.37%,
07/25/24
............
500,675
500,000
CarMax
Auto
Owner
Trust,
Series
2020-4,
Class B,
0.85%,
06/15/26
............
502,805
1,000,000
CarMax
Auto
Owner
Trust,
Series
2021-1,
Class B,
0.74%,
10/15/26
............
996,454
4,884,740
Carrington
Mortgage
Loan
Trust,
Series
2007-FRE1,
Class A4,
(1
mo.
LIBOR
USD
+
0.420%),
0.51%,
12/26/36
(e)
..........
4,177,334
6,637,389
Carrington
Mortgage
Loan
Trust,
Series
2007-FRE1,
Class M1,
(1
mo.
LIBOR
USD
+
0.500%),
0.59%,
02/25/37
(e)
..........
5,863,363
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
6,929,054
Cascade
MH
Asset
Trust,
Series
2019-
MH1,
Class A,
4.00%,
11/25/44
(b)(f)
........
$
7,261,935
3,629,676
Citigroup
Mortgage
Loan
Trust,
Series
2007-AHL2,
Class A3B,
(1
mo.
LIBOR
USD
+
0.200%),
0.29%,
05/25/37
(e)
..........
2,903,642
97,533
Citigroup
Mortgage
Loan
Trust,
Series
2007-AHL2,
Class A3C,
(1
mo.
LIBOR
USD
+
0.270%),
0.36%,
05/25/37
(e)
..........
78,718
4,477,056
Citigroup
Mortgage
Loan
Trust,
Series
2007-AHL3,
Class A3B,
(1
mo.
LIBOR
USD
+
0.170%),
0.26%,
07/25/45
(e)
..........
3,877,005
1,961,484
Conseco
Finance
Corp.,
Series
1997-7,
Class M1,
7.03%,
07/15/28
(f)
..........
2,005,355
2,034,532
Conseco
Finance
Corp.,
Series
1998-2,
Class M1,
6.94%,
12/01/28
(f)
..........
2,095,378
2,347,855
Conseco
Finance
Corp.,
Series
1999-5,
Class A5,
7.86%,
03/01/30
(f)
..........
1,341,855
2,648,753
Conseco
Finance
Corp.,
Series
1999-5,
Class A6,
7.50%,
03/01/30
(f)
..........
1,455,827
11,190,464
Conseco
Finance
Securitizations
Corp.,
Series
2000-1,
Class A5,
8.06%,
09/01/29
(f)
..........
3,457,648
2,613,756
Countrywide
Asset-Backed
Certificates,
Series
2005-17,
Class 1AF4,
STEP,
6.05%,
05/25/36
............
2,656,674
384,787
Countrywide
Asset-Backed
Certificates,
Series
2006-11,
Class 3AV2,
(1
mo.
LIBOR
USD
+
0.160%),
0.25%,
09/25/46
(e)
..........
379,928
4,664,492
Countrywide
Asset-Backed
Certificates,
Series
2006-12,
Class 1A,
(1
mo.
LIBOR
USD
+
0.260%),
0.35%,
12/25/36
(e)
..........
4,513,400
8,894,550
Countrywide
Asset-Backed
Certificates,
Series
2006-18,
Class M1,
(1
mo.
LIBOR
USD
+
0.300%),
0.39%,
03/25/37
(e)
..........
8,625,640
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
13
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
5,637,023
Countrywide
Asset-Backed
Certificates,
Series
2006-22,
Class M1,
(1
mo.
LIBOR
USD
+
0.230%),
0.32%,
05/25/47
(e)
..........
$
4,549,387
5,687,104
Countrywide
Asset-Backed
Certificates,
Series
2006-26,
Class M1,
(1
mo.
LIBOR
USD
+
0.250%),
0.34%,
06/25/37
(e)
..........
5,540,496
1,561,260
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-C,
Class 2A,
(1
mo.
LIBOR
USD
+
0.180%),
0.27%,
05/15/36
(e)
..........
1,521,086
947,490
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-RES,
Class 4Q1B,
(1
mo.
LIBOR
USD
+
0.300%),
0.39%,
12/15/33
(b)(e)
........
866,240
688,050
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-RES,
Class 4T1B,
(1
mo.
LIBOR
USD
+
0.240%),
0.33%,
02/15/30
(b)(e)
........
620,636
465,519
Countrywide
Revolving
Home
Equity
Loan
Resecuritization
Trust,
Series
2006-RES,
Class 5B1B,
(1
mo.
LIBOR
USD
+
0.190%),
0.28%,
05/15/35
(b)(e)
........
452,279
500,000
Credit
Acceptance
Auto
Loan
Trust,
Series
2021-2A,
Class A,
0.96%,
02/15/30
(b)
..........
501,401
2,244,775
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2021-JR1,
Class A2,
3.50%,
09/27/66
(b)(f)
........
2,145,217
3,910,616
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2021-JR1,
Class B2,
34.61%,
09/27/66
(a)(b)(f)
.....
3,378,260
3,941,675
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2021-JR1,
Class PT2,
2.57%,
07/26/60
(a)(b)(f)(g)
...
1,447,876
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
2,497,594
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-
CB6,
Class A4,
(1
mo.
LIBOR
USD
+
0.340%),
0.43%,
07/25/37
(b)(e)
........
$
2,004,332
1,000,000
Discover
Card
Execution
Note
Trust,
Series
2017-A7,
Class A7,
(1
mo.
LIBOR
USD
+
0.360%),
0.45%,
04/15/25
(e)
..........
1,004,003
500,000
Drive
Auto
Receivables
Trust,
Series
2021-1,
Class A3,
0.44%,
11/15/24
............
501,132
592,399
DT
Auto
Owner
Trust,
Series
2019-
1A,
Class C,
3.61%,
11/15/24
(b)
..........
596,760
1,000,000
DT
Auto
Owner
Trust,
Series
2021-
1A,
Class B,
0.62%,
09/15/25
(b)
..........
1,000,974
1,000,000
Enterprise
Fleet
Financing
LLC,
Series
2020-2,
Class A3,
0.65%,
07/20/26
(b)
..........
1,000,372
4,888,089
First
Frankin
Mortgage
Loan
Trust,
Series
2006-FF4,
Class M1,
(1
mo.
LIBOR
USD
+
0.540%),
0.63%,
03/25/36
(e)
..........
4,345,299
2,013,171
First
Franklin
Mortgage
Loan
Trust,
Series
2003-FF4,
Class M1,
(1
mo.
LIBOR
USD
+
1.800%),
1.90%,
10/25/33
(e)
..........
2,017,492
9,127,832
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FF8,
Class M1,
(1
mo.
LIBOR
USD
+
0.375%),
0.46%,
07/25/36
(e)
..........
9,037,268
4,225,819
First
Franklin
Mortgage
Loan
Trust,
Series
2006-FFH1,
Class M2,
(1
mo.
LIBOR
USD
+
0.600%),
0.69%,
01/25/36
(e)
..........
3,773,677
4,056,171
First
Franklin
Mortgage
Loan
Trust,
Series
2007-FF2,
Class A2C,
(1
mo.
LIBOR
USD
+
0.150%),
0.24%,
03/25/37
(e)
..........
2,479,368
500,000
Flagship
Credit
Auto
Trust,
Series
2020-4,
Class B,
1.00%,
10/15/25
(b)
..........
503,734
1,000,000
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class A,
1.06%,
04/15/33
(b)
..........
1,004,218
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
14
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
1,300,000
Ford
Credit
Auto
Owner
Trust,
Series
2020-C,
Class B,
0.79%,
08/15/26
............
$
1,305,106
1,000,000
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class A,
1.06%,
09/15/27
............
1,003,876
1,500,000
Fremont
Home
Loan
Trust,
Series
2005-D,
Class M1,
(1
mo.
LIBOR
USD
+
0.615%),
0.70%,
11/25/35
(e)
..........
1,441,751
1,000,000
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2020-4,
Class A3,
0.38%,
08/18/25
............
1,001,491
1,050,000
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2021-1,
Class B,
0.75%,
05/17/27
............
1,048,990
666,424
GMACM
Home
Equity
Loan
Trust,
Series
2005-HE3,
Class A3,
(1
mo.
LIBOR
USD
+
0.500%),
0.59%,
02/25/36
(e)
..........
654,148
172,749
GMACM
Home
Equity
Loan
Trust,
Series
2006-HE1,
Class A,
(1
mo.
LIBOR
USD
+
0.315%),
0.40%,
11/25/36
(e)
..........
335,234
500,000
GMF
Floorplan
Owner
Revolving
Trust,
Series
2020-2,
Class B,
0.96%,
10/15/25
(b)
..........
503,881
500,000
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
2021-1,
Class B,
0.72%,
12/15/26
(b)
..........
497,885
5,909,995
Greenpoint
Manufactured
Housing,
Series
2000-3,
Class IA,
8.45%,
06/20/31
(f)
..........
4,426,264
2,463,906
GSAA
Home
Equity
Trust,
Series
2005-14,
Class 1A2,
(1
mo.
LIBOR
USD
+
0.700%),
0.79%,
12/25/35
(e)
..........
1,084,909
9,585,729
GSAA
Home
Equity
Trust,
Series
2006-5,
Class 1A1,
(1
mo.
LIBOR
USD
+
0.360%),
0.45%,
03/25/36
(e)
..........
4,253,886
412,168
GSAA
Trust,
Series
2006-7,
Class AF2,
5.99%,
03/25/46
(f)
..........
234,870
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
3,566,000
GSAMP
Trust,
Series
2007-HS1,
Class M5,
(1
mo.
LIBOR
USD
+
3.375%),
3.46%,
02/25/47
(e)
..........
$
3,772,549
4,137,189
Home
Equity
Asset
Trust,
Series
2007-
1,
Class 2A3,
(1
mo.
LIBOR
USD
+
0.300%),
0.39%,
05/25/37
(e)
..........
3,715,398
375,000
HPEFS
Equipment
Trust,
Series
2021-
2A,
Class B,
0.61%,
09/20/28
(b)
..........
375,101
4,956,207
HSI
Asset
Loan
Obligation
Trust,
Series
2007-WF1,
Class A3,
STEP,
4.82%,
12/25/36
............
2,316,066
1,000,000
Hyundai
Auto
Lease
Securitization
Trust,
Series
2020-B,
Class B,
0.81%,
10/15/24
(b)
..........
1,008,787
870,987
Irwin
Home
Equity
Loan
Trust,
Series
2006-3,
Class 2A3,
STEP,
6.53%,
09/25/37
(b)
..........
870,395
500,000
John
Deere
Owner
Trust,
Series
2021-
A,
Class A3,
0.36%,
09/15/25
............
500,433
249,108
JP
Morgan
Mortgage
Acquisition
Trust,
Series
2006-WMC2,
Class A3,
(1
mo.
LIBOR
USD
+
0.180%),
0.27%,
07/25/36
(e)
..........
142,438
1,250,000
Kubota
Credit
Owner
Trust,
Series
2021-1A,
Class A3,
0.62%,
08/15/25
(b)
..........
1,253,143
1,757,392
Legacy
Mortgage
Asset
Trust,
Series
2019-SL2,
Class B,
10.24%,
02/25/59
(a)(b)(g)
....
263,609
1,900,000
Legacy
Mortgage
Asset
Trust,
Series
2019-SL2,
Class M,
4.25%,
02/25/59
(b)(f)
........
1,883,370
2,872,149
Lehman
ABS
Manufactured
Housing
Contract
Trust,
Series
2001-B,
Class M1,
6.63%,
04/15/40
(f)
..........
3,047,394
286,405
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.090%),
0.18%,
06/25/37
(b)(e)
........
222,954
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
15
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
5,894,046
Lehman
ABS
Mortgage
Loan
Trust,
Series
2007-1,
Class 2A2,
(1
mo.
LIBOR
USD
+
0.200%),
0.29%,
06/25/37
(b)(e)
........
$
4,655,859
1,021,807
Long
Beach
Mortgage
Loan
Trust,
Series
2006-10,
Class 2A2,
(1
mo.
LIBOR
USD
+
0.110%),
0.20%,
11/25/36
(e)
..........
437,920
5,418,858
Long
Beach
Mortgage
Loan
Trust,
Series
2006-9,
Class 2A3,
(1
mo.
LIBOR
USD
+
0.160%),
0.25%,
10/25/36
(e)
..........
2,307,681
1,934,373
Madison
Avenue
Manufactured
Housing
Contract
Trust,
Series
2002-A,
Class B2,
(1
mo.
LIBOR
USD
+
3.250%),
3.34%,
03/25/32
(e)
..........
1,944,258
3,967,666
MASTR
Second
Lien
Trust,
Series
2006-1,
Class A,
(1
mo.
LIBOR
USD
+
0.320%),
0.41%,
03/25/36
(e)
..........
454,212
803,479
MCM
Trust,
Series
2018-NPL1,
Class B,
1.46%,
05/28/58
(b)(g)
.......
335,598
1,000,000
Mercedes-Benz
Auto
Lease
Trust,
Series
2020-A,
Class A4,
1.88%,
09/15/25
............
1,014,622
2,381,961
MERIT
Securities
Corp.,
Series
13,
Class M2,
STEP,
7.88%,
12/28/33
............
2,096,606
10,369,717
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-RM5,
Class A2D,
(1
mo.
LIBOR
USD
+
0.500%),
0.59%,
10/25/37
(e)
..........
4,544,814
1,125,029
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2006-HE4,
Class A4,
(1
mo.
LIBOR
USD
+
0.480%),
0.57%,
06/25/36
(e)
..........
749,073
6,668,830
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2007-NC1,
Class A1,
(1
mo.
LIBOR
USD
+
0.130%),
0.22%,
11/25/36
(e)
..........
3,695,407
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
3,365,766
Morgan
Stanley
ABS
Capital
I,
Inc.
Trust,
Series
2007-SEA1,
Class 2A1,
(1
mo.
LIBOR
USD
+
1.900%),
1.99%,
02/25/47
(b)(e)
........
$
3,258,392
3,556,671
Morgan
Stanley
Capital
I,
Inc.
Trust,
Series
2006-NC2,
Class M1,
(1
mo.
LIBOR
USD
+
0.540%),
0.63%,
02/25/36
(e)
..........
3,639,382
4,477,173
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-12XS,
Class A4,
STEP,
6.51%,
10/25/36
............
1,537,856
560,829
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2006-4SL,
Class A1,
(1
mo.
LIBOR
USD
+
0.300%),
0.39%,
03/25/36
(e)
..........
553,095
8,000,000
Nationstar
Home
Equity
Loan
Trust,
Series
2007-A,
Class M3,
(1
mo.
LIBOR
USD
+
0.300%),
0.39%,
03/25/37
(e)
..........
7,297,059
850,740
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class A,
1.17%,
09/16/69
(b)
..........
857,034
708,988
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class A,
1.31%,
01/15/69
(b)
..........
715,072
5,688,563
New
Century
Home
Equity
Loan
Trust,
Series
2005-C,
Class M2,
(1
mo.
LIBOR
USD
+
0.675%),
0.76%,
12/25/35
(e)
..........
5,267,129
1,153,644
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2006-S5,
Class A1,
(1
mo.
LIBOR
USD
+
0.400%),
0.49%,
10/25/36
(b)(e)
........
1,345,165
1,636,862
Oakwood
Mortgage
Investors,
Inc.,
Series
1999-C,
Class A2,
7.48%,
08/15/27
............
1,543,173
9,973,569
Oakwood
Mortgage
Investors,
Inc.,
Series
2000-D,
Class A4,
7.40%,
07/15/30
(f)
..........
3,766,999
8,572,117
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-C,
Class A2,
5.92%,
06/15/31
(f)
..........
1,448,756
5,947,218
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-C,
Class A3,
6.61%,
06/15/31
(f)
..........
1,122,279
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
16
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
6,795,981
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-C,
Class A4,
7.41%,
06/15/31
(f)
..........
$
1,436,689
647,739
Oakwood
Mortgage
Investors,
Inc.,
Series
2001-D,
Class A3,
5.90%,
09/15/22
(f)
..........
457,590
517,335
Oakwood
Mortgage
Investors,
Inc.,
Series
2002-B,
Class A4,
7.09%,
06/15/32
(f)
..........
540,979
4,000,000
OneMain
Financial
Issuance
Trust,
Series
2015-3A,
Class D,
6.94%,
11/20/28
(b)
..........
4,005,200
1,000,000
PFS
Financing
Corp.,
Series
2020-A,
Class A,
1.27%,
06/15/25
(b)
..........
1,015,368
2,955,985
Popular
ABS
Mortgage
Pass-Through
Trust,
Series
2005-3,
Class M2,
STEP,
3.77%,
07/25/35
............
2,798,107
3,000,000
Progress
Residential
Trust,
Series
2018-
SFR3,
Class F,
5.37%,
10/17/35
(b)
..........
3,030,973
1,000,000
Progress
Residential
Trust,
Series
2019-
SFR3,
Class F,
3.87%,
09/17/36
(b)
..........
1,024,901
3,000,000
Progress
Residential
Trust,
Series
2019-
SFR4,
Class F,
3.68%,
10/17/36
(b)
..........
3,077,202
4,547,064
PRPM
LLC,
Series
2020-4,
Class A1,
STEP,
2.95%,
10/25/25
(b)
..........
4,571,278
3,825,000
Residential
Asset
Securities
Corp.
Trust,
Series
2005-KS10,
Class M4,
(1
mo.
LIBOR
USD
+
0.870%),
0.96%,
11/25/35
(e)
..........
3,197,445
2,000,000
Residential
Asset
Securities
Corp.
Trust,
Series
2006-KS4,
Class M2,
(1
mo.
LIBOR
USD
+
0.290%),
0.52%,
06/25/36
(e)
..........
1,932,659
601,150
SACO
I
Trust,
Series
2006-7,
Class A1,
(1
mo.
LIBOR
USD
+
0.260%),
0.35%,
07/25/36
(e)
..........
600,507
1,000,000
Santander
Drive
Auto
Receivables
Trust,
Series
2020-4,
Class B,
0.73%,
03/17/25
............
1,003,991
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
500,000
Santander
Retail
Auto
Lease
Trust,
Series
2020-B,
Class A4,
0.65%,
12/20/24
(b)
..........
$
501,591
4,179,436
Saxon
Asset
Securities
Trust,
Series
2006-2,
Class M3,
(1
mo.
LIBOR
USD
+
0.320%),
0.41%,
09/25/36
(e)
..........
3,929,714
8,480,186
Saxon
Asset
Securities
Trust,
Series
2007-1,
Class M1,
(1
mo.
LIBOR
USD
+
0.290%),
0.38%,
01/25/47
(e)
..........
8,577,999
2,820,330
Securitized
Asset
Backed
Receivables
LLC
Trust,
Series
2007-BR1,
Class A2B,
(1
mo.
LIBOR
USD
+
0.270%),
0.36%,
02/25/37
(e)
..........
2,160,237
1,000,000
SLM
Student
Loan
Trust,
Series
2003-
10A,
Class A4,
(3
mo.
LIBOR
USD
+
0.670%),
0.79%,
12/17/68
(b)(e)
........
1,001,905
11,556,450
Soundview
Home
Loan
Trust,
Series
2006-OPT5,
Class M1,
(1
mo.
LIBOR
USD
+
0.250%),
0.34%,
07/25/36
(e)
..........
11,479,788
4,112,354
Structured
Asset
Investment
Loan
Trust,
Series
2005-9,
Class M2,
(1
mo.
LIBOR
USD
+
0.675%),
0.76%,
11/25/35
(e)
..........
3,977,009
4,363,389
Structured
Asset
Investment
Loan
Trust,
Series
2005-HE1,
Class M3,
(1
mo.
LIBOR
USD
+
0.750%),
0.84%,
07/25/35
(e)
..........
3,984,637
2,055,914
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2007-WF1,
Class M1,
(1
mo.
LIBOR
USD
+
0.440%),
0.75%,
02/25/37
(e)
..........
6,495,877
1,000,000
Tesla
Auto
Lease
Trust,
Series
2019-A,
Class A3,
2.16%,
10/20/22
(b)
..........
1,011,640
1,000,000
Toyota
Auto
Receivables
Owner
Trust,
Series
2020-D,
Class A3,
0.35%,
01/15/25
............
1,000,969
1,700,000
Tricon
American
Homes
Trust,
Series
2017-SFR2,
Class F,
5.10%,
01/17/36
(b)
..........
1,757,013
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
17
July
31,
2021
(Unaudited)
Principal
Amount
Value
UNITED
STATES
(continued)
Other
Asset-Backed
Securities
(continued)
$
998,569
Tricon
American
Homes
Trust,
Series
2020-SFR2,
Class A,
1.48%,
11/17/39
(b)
..........
$
993,983
1,000,000
Verizon
Owner
Trust,
Series
2020-A,
Class B,
1.98%,
07/22/24
............
1,027,410
1,000,000
Verizon
Owner
Trust,
Series
2020-C,
Class B,
0.67%,
04/21/25
............
1,002,264
1,000,000
World
Omni
Automobile
Lease
Securitization
Trust,
Series
2020-
B,
Class B,
0.70%,
02/17/26
............
1,003,348
953,830
World
Omni
Select
Auto
Trust,
Series
2019-A,
Class A3,
2.00%,
08/15/24
............
960,454
9,035,165
Yale
Mortgage
Loan
Trust,
Series
2007-
1,
Class A,
(1
mo.
LIBOR
USD
+
0.400%),
0.49%,
06/25/37
(b)(e)
........
3,876,843
521,690,973
Total
Asset-Backed
Securities
(Cost
$555,847,443)
576,723,944
NON-AGENCY
MORTGAGE-BACKED
SECURITIES
—
14.6%
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
12.7%
3,800,000
1Texas
Capital
Bank
CLN,
0.00%,
02/01/26
(a)(g)
........
3,814,701
402,727
Adjustable
Rate
Mortgage
Trust,
Series
2005-3,
Class 2A1,
2.85%,
07/25/35
(f)
..........
407,014
1,717,115
Adjustable
Rate
Mortgage
Trust,
Series
2007-1,
Class 4A1,
4.33%,
03/25/37
(f)
..........
1,392,263
7,237,134
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class A,
STEP,
2.12%,
01/25/61
(b)
..........
7,238,766
1,230,360
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class B,
STEP,
3.72%,
01/25/61
(b)
..........
1,227,120
3,154,362
Ajax
Mortgage
Loan
Trust,
Series
2021-C,
Class C,
1.51%,
01/25/61
(b)(g)
.......
2,407,754
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,547,250
American
Home
Mortgage
Assets
Trust,
Series
2006-2,
Class 1A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.960%),
1.07%,
09/25/46
(e)
..........
$
1,537,909
1,236,632
American
Home
Mortgage
Assets
Trust,
Series
2007-3,
Class 22A1,
STEP,
6.75%,
06/25/37
............
1,204,275
1,000,000
Angel
Oak
Mortgage
Trust
I
LLC,
Series
2019-2,
Class B1,
5.02%,
03/25/49
(b)(f)
........
1,017,111
13,184,510
APS
Resecuritization
Trust,
Series
2016-1,
Class 1MZ,
3.91%,
07/31/57
(b)(f)
........
4,739,831
3,165,581
ARI
Investments
LLC,
4.61%,
01/06/25
(a)
..........
3,141,839
3,056,093
ARI
Investments
LLC,
4.55%,
01/30/25
(a)
..........
3,025,532
1,554,912
Banc
of
America
Alternative
Loan
Trust,
Series
2006-9,
Class A2,
(1
mo.
LIBOR
USD
+
0.400%),
0.49%,
01/25/37
(e)
..........
1,195,402
240,043
Banc
of
America
Funding
Corp.
Trust,
Series
2005-F,
Class 6A1,
3.22%,
09/20/35
(f)
..........
246,710
468,178
Banc
of
America
Funding
Corp.
Trust,
Series
2006-A,
Class 3A2,
2.84%,
02/20/36
(f)
..........
456,393
424,149
Banc
of
America
Funding
Corp.
Trust,
Series
2006-E,
Class 2A1,
2.65%,
06/20/36
(f)
..........
411,249
1,455,003
Banc
of
America
Funding
Corp.
Trust,
Series
2007-1,
Class TA5,
STEP,
6.59%,
01/25/37
............
1,490,703
3,304,255
Banc
of
America
Funding
Corp.
Trust,
Series
2015-R3,
Class 1A2,
0.51%,
03/27/36
(b)(f)
........
2,806,007
403,850
Banc
of
America
Mortgage
Trust,
Series
2005-I,
Class 2A5,
2.93%,
10/25/35
(f)
..........
411,570
2,784,818
BCAP
LLC
Trust,
Series
2012-RR3,
Class 1A5,
6.25%,
12/26/37
(b)(f)
........
2,484,198
887,409
Bear
Stearns
Adjustable
Rate
Mortgage
Trust,
Series
2005-12,
Class 23A1,
3.11%,
02/25/36
(f)
..........
880,784
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
18
July
31,
2021
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
178,272
Bear
Stearns
Adjustable
Rate
Mortgage
Trust,
Series
2005-6,
Class 5A1,
3.33%,
08/25/35
(f)
..........
$
169,572
327,321
Bear
Stearns
Adjustable
Rate
Mortgage
Trust,
Series
2007-3,
Class 1A1,
3.16%,
05/25/47
(f)
..........
325,058
1,334,213
Bear
Stearns
ALT-A
Trust,
Series
2006-
2,
Class 11A1,
(1
mo.
LIBOR
USD
+
0.440%),
0.53%,
04/25/36
(e)
..........
1,707,023
3,147,530
Bear
Stearns
ALT-A
Trust,
Series
2006-
6,
Class 1A1,
(1
mo.
LIBOR
USD
+
0.320%),
0.41%,
11/25/36
(e)
..........
2,845,472
2,945,539
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-AC2,
Class 22A1,
(1
mo.
LIBOR
USD
+
0.350%),
0.44%,
03/25/36
(e)
..........
369,836
2,945,539
Bear
Stearns
Asset
Backed
Securities
I
Trust,
Series
2006-AC2,
Class 22A3,
(1
mo.
LIBOR
USD
+
0.350%),
0.44%,
03/25/36
(e)
..........
369,836
1,072,132
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL1,
Class A1,
(1
mo.
LIBOR
USD
+
0.280%),
0.37%,
08/25/36
(e)
..........
1,056,839
690,691
Bear
Stearns
Mortgage
Funding
Trust,
Series
2006-SL4,
Class A,
(1
mo.
LIBOR
USD
+
0.300%),
0.39%,
11/25/36
(e)
..........
680,432
1,533,685
Chase
Mortgage
Finance
Corp.,
Series
2016-SH1,
Class M4,
3.75%,
04/25/45
(b)(f)
........
1,530,487
3,914,220
Chase
Mortgage
Finance
Trust,
Series
2007-S6,
Class 1A1,
6.00%,
12/25/37
............
2,448,000
11,653,417
ChaseFlex
Trust,
Series
2007-1,
Class 2A7,
6.00%,
02/25/37
............
6,669,252
2,399,108
Citicorp
Mortgage
Securities
Trust,
Series
2007-9,
Class 1A1,
6.25%,
12/25/37
............
2,185,938
2,847,234
Citicorp
Mortgage
Securities
Trust,
Series
2008-2,
Class 1A1,
6.50%,
06/25/38
............
2,545,187
130,166
Citigroup
Mortgage
Loan
Trust,
Series
2006-AR3,
Class 1A2A,
3.21%,
06/25/36
(f)
..........
126,317
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
3,190,663
Citigroup
Mortgage
Loan
Trust,
Series
2007-9,
Class 1A1,
5.75%,
04/25/47
(b)
..........
$
2,259,171
204,948
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-2,
Class 1A1,
2.94%,
05/25/35
(f)
..........
207,992
402,338
Countrywide
Alternative
Loan
Trust,
Series
2004-36CB,
Class 1A1,
6.00%,
02/25/35
............
379,044
840,633
Countrywide
Alternative
Loan
Trust,
Series
2005-31,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.600%),
0.69%,
08/25/35
(e)
..........
806,025
3,479,761
Countrywide
Alternative
Loan
Trust,
Series
2005-53T2,
Class 2A6,
(1
mo.
LIBOR
USD
+
0.500%),
0.59%,
11/25/35
(e)
..........
1,876,626
6,471,640
Countrywide
Alternative
Loan
Trust,
Series
2005-53T2,
Class 2A7,
(1
mo.
LIBOR
USD
+
5.500%),
5.41%,
11/25/35
(e)
..........
1,304,704
233,558
Countrywide
Alternative
Loan
Trust,
Series
2005-63,
Class 5A1,
3.35%,
12/25/35
(f)
..........
224,818
71,232
Countrywide
Alternative
Loan
Trust,
Series
2005-69,
Class A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
1.000%),
1.11%,
12/25/35
(e)
..........
69,259
1,150,270
Countrywide
Alternative
Loan
Trust,
Series
2005-9CB,
Class 1A3,
(1
mo.
LIBOR
USD
+
0.450%),
0.54%,
05/25/35
(e)
..........
1,051,390
731,112
Countrywide
Alternative
Loan
Trust,
Series
2005-J14,
Class A3,
5.50%,
12/25/35
............
617,047
2,791,447
Countrywide
Alternative
Loan
Trust,
Series
2006-12CB,
Class A10,
(1
mo.
LIBOR
USD
+
0.350%),
0.44%,
05/25/36
(e)
..........
1,365,277
1,801,609
Countrywide
Alternative
Loan
Trust,
Series
2006-15CB,
Class A1,
6.50%,
06/25/36
............
1,345,434
3,470,515
Countrywide
Alternative
Loan
Trust,
Series
2006-20CB,
Class A9,
6.00%,
07/25/36
............
2,317,878
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
19
July
31,
2021
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,149,482
Countrywide
Alternative
Loan
Trust,
Series
2006-24CB,
Class A13,
(1
mo.
LIBOR
USD
+
0.350%),
0.44%,
08/25/36
(e)
..........
$
577,424
1,149,482
Countrywide
Alternative
Loan
Trust,
Series
2006-24CB,
Class A14,
(1
mo.
LIBOR
USD
+
7.150%),
7.06%,
08/25/36
(e)
..........
427,763
1,184,955
Countrywide
Alternative
Loan
Trust,
Series
2006-24CB,
Class A15,
5.75%,
08/25/36
............
920,512
1,221,522
Countrywide
Alternative
Loan
Trust,
Series
2006-2CB,
Class A4,
(1
mo.
LIBOR
USD
+
0.400%),
0.49%,
03/25/36
(e)
..........
446,487
2,171,343
Countrywide
Alternative
Loan
Trust,
Series
2006-2CB,
Class A5,
(1
mo.
LIBOR
USD
+
7.100%),
7.01%,
03/25/36
(e)
..........
560,461
3,431,157
Countrywide
Alternative
Loan
Trust,
Series
2006-2CB,
Class A6,
5.50%,
03/25/36
............
2,206,560
1,304,566
Countrywide
Alternative
Loan
Trust,
Series
2006-41CB,
Class 1A10,
6.00%,
01/25/37
............
1,044,841
944,562
Countrywide
Alternative
Loan
Trust,
Series
2006-41CB,
Class 1A4,
5.75%,
01/25/37
............
738,512
1,157,623
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A2,
6.00%,
02/25/37
............
862,460
2,646,996
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A5,
6.00%,
02/25/37
............
1,972,083
5,045,789
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A7,
(1
mo.
LIBOR
USD
+
0.340%),
0.43%,
02/25/37
(e)
..........
2,278,335
2,522,895
Countrywide
Alternative
Loan
Trust,
Series
2006-45T1,
Class 2A8,
(1
mo.
LIBOR
USD
+
6.600%),
6.51%,
02/25/37
(e)
..........
828,300
147,557
Countrywide
Alternative
Loan
Trust,
Series
2006-6CB,
Class 1A10,
5.50%,
05/25/36
............
144,583
418,634
Countrywide
Alternative
Loan
Trust,
Series
2006-6CB,
Class 1A2,
(1
mo.
LIBOR
USD
+
0.400%),
0.49%,
05/25/36
(e)
..........
338,128
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
3,078,478
Countrywide
Alternative
Loan
Trust,
Series
2006-7CB,
Class 2A1,
6.50%,
05/25/36
............
$
2,271,949
2,270,451
Countrywide
Alternative
Loan
Trust,
Series
2006-J7,
Class 2A1,
(Cost
of
Funds
for
the
11th
District
of
San
Francisco
+
1.500%),
1.81%,
11/20/46
(e)
..........
1,706,818
4,440,864
Countrywide
Alternative
Loan
Trust,
Series
2006-OA14,
Class 1A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
1.730%),
1.84%,
11/25/46
(e)
..........
3,842,427
2,034,108
Countrywide
Alternative
Loan
Trust,
Series
2006-OA14,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.380%),
0.47%,
11/25/46
(e)
..........
1,827,397
3,548,368
Countrywide
Alternative
Loan
Trust,
Series
2006-OA21,
Class A1,
(1
mo.
LIBOR
USD
+
0.190%),
0.27%,
03/20/47
(e)
..........
3,046,655
737,251
Countrywide
Alternative
Loan
Trust,
Series
2006-OA3,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.420%),
0.51%,
05/25/36
(e)
..........
675,795
2,785,154
Countrywide
Alternative
Loan
Trust,
Series
2006-OC3,
Class 1A1,
(1
mo.
LIBOR
USD
+
0.360%),
0.45%,
04/25/46
(e)
..........
2,738,152
2,044,255
Countrywide
Alternative
Loan
Trust,
Series
2007-12T1,
Class A22,
5.75%,
06/25/37
............
1,388,571
2,059,064
Countrywide
Alternative
Loan
Trust,
Series
2007-12T1,
Class A5,
6.00%,
06/25/37
............
1,441,731
1,000,084
Countrywide
Alternative
Loan
Trust,
Series
2007-19,
Class 1A34,
6.00%,
08/25/37
............
714,268
4,358,121
Countrywide
Alternative
Loan
Trust,
Series
2007-22,
Class 2A16,
6.50%,
09/25/37
............
2,541,132
3,775,383
Countrywide
Alternative
Loan
Trust,
Series
2007-25,
Class 1A3,
6.50%,
11/25/37
............
2,518,893
910,704
Countrywide
Alternative
Loan
Trust,
Series
2007-9T1,
Class 1A8,
6.00%,
05/25/37
............
603,141
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
20
July
31,
2021
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
261,941
Countrywide
Alternative
Loan
Trust,
Series
2007-J1,
Class 3A4,
STEP,
4.11%,
11/25/36
............
$
355,221
8,025,301
Countrywide
Alternative
Loan
Trust,
Series
2007-OA2,
Class 1A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.840%),
0.95%,
03/25/47
(e)
..........
7,234,462
191,016
Countrywide
Alternative
Loan
Trust,
Series
2007-OA3,
Class 1A2,
(1
mo.
LIBOR
USD
+
0.180%),
0.27%,
04/25/47
(e)
..........
37,429
1,565,557
Countrywide
Alternative
Loan
Trust,
Series
2007-OH2,
Class A2A,
(1
mo.
LIBOR
USD
+
0.240%),
0.33%,
08/25/47
(e)
..........
1,512,908
1,250,873
Countrywide
Alternative
Resecuritization
Loan
Trust,
Series
2006-22R,
Class 2A1,
6.25%,
05/25/36
............
994,995
1,544,483
Countrywide
Alternative
Resecuritization
Loan
Trust,
Series
2008-1R,
Class 2A3,
6.00%,
08/25/37
............
1,108,038
1,130,311
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-
31,
Class 2A3,
2.54%,
01/25/36
(f)
..........
1,039,644
1,940,397
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-
J2,
Class 2A4,
(1
mo.
LIBOR
USD
+
1.400%),
1.49%,
08/25/35
(e)
..........
1,597,594
238,612
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2005-
J3,
Class 2A4,
4.50%,
09/25/35
............
236,878
10,513,771
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2006-
OA4,
Class A1,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.960%),
1.07%,
04/25/46
(e)
..........
4,313,025
2,627,660
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2006-
OA5,
Class 3A1,
(1
mo.
LIBOR
USD
+
0.400%),
0.49%,
04/25/46
(e)
..........
2,457,315
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
1,674,592
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-
21,
Class 1A1,
6.25%,
02/25/38
............
$
1,236,185
2,265,777
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2007-
HYB1,
Class 3A1,
2.98%,
03/25/37
(f)
..........
2,148,679
1,886,232
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2006-9,
Class 3A1,
6.00%,
11/25/36
............
1,773,031
2,705,507
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2007-3,
Class 1A1A,
5.84%,
04/25/37
(f)
..........
1,012,633
7,025,077
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2009-12R,
Class 3A1,
6.50%,
10/27/37
(b)
..........
3,938,208
3,997,504
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2014-2R,
Class 17A3,
2.68%,
04/27/37
(b)(f)
........
3,522,682
6,592,465
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2015-4R,
Class 1A4,
(1
mo.
LIBOR
USD
+
0.150%),
0.24%,
10/27/36
(b)(e)
........
5,444,593
3,289,850
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2021-NQM2,
Class B1,
3.44%,
02/25/66
(b)(f)
........
3,318,658
6,862,026
Credit
Suisse
Mortgage
Capital
Certificates
Trust,
Series
2017-2,
Class CERT,
0.45%,
02/01/47
(a)(b)(g)
.....
6,223,034
6,321,200
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-10,
Class 10A1,
(1
mo.
LIBOR
USD
+
1.350%),
1.44%,
11/25/35
(e)
..........
1,128,225
1,626,000
Deephaven
Residential
Mortgage
Trust,
Series
2021-1,
Class B1,
3.10%,
05/25/65
(b)(f)
........
1,620,699
100,000
GCAT
Trust,
Series
2019-NQM2,
Class B1,
4.01%,
09/25/59
(b)(f)
........
102,417
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
21
July
31,
2021
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
2,000,000
GCAT
Trust,
Series
2020-NQM2,
Class B1,
4.85%,
04/25/65
(b)(f)
........
$
2,074,040
465,428
GMACM
Mortgage
Loan
Trust,
Series
2005-AR6,
Class 2A1,
3.33%,
11/19/35
(f)
..........
461,083
3,678,814
GSMPS
Mortgage
Loan
Trust,
Series
2005-RP1,
Class 1AF,
(1
mo.
LIBOR
USD
+
0.350%),
0.44%,
01/25/35
(b)(e)
........
3,377,261
1,375,397
GSMPS
Mortgage
Loan
Trust,
Series
2006-RP1,
Class 1AF1,
(1
mo.
LIBOR
USD
+
0.350%),
0.44%,
01/25/36
(b)(e)
........
1,140,959
277,624
GSR
Mortgage
Loan
Trust,
Series
2005-AR1,
Class 2A1,
2.76%,
01/25/35
(f)
..........
282,617
2,461
GSR
Mortgage
Loan
Trust,
Series
2006-4F,
Class 1A1,
5.00%,
05/25/36
............
123,468
2,837,069
GSR
Mortgage
Loan
Trust,
Series
2006-7F,
Class 4A2,
6.50%,
08/25/36
............
1,465,637
47,719
GSR
Mortgage
Loan
Trust,
Series
2006-9F,
Class 9A1,
6.00%,
08/25/21
............
46,616
204,594
GSR
Mortgage
Loan
Trust,
Series
2006-AR1,
Class 3A1,
2.89%,
01/25/36
(f)
..........
216,000
566,503
GSR
Mortgage
Loan
Trust,
Series
2007-4F,
Class 3A1,
6.00%,
07/25/37
............
491,868
11,300,189
GSR
Mortgage
Loan
Trust,
Series
2007-OA2,
Class 2A1,
2.32%,
06/25/47
(f)
..........
9,217,868
2,156,567
HarborView
Mortgage
Loan
Trust,
Series
2007-4,
Class 2A2,
(1
mo.
LIBOR
USD
+
0.250%),
0.34%,
07/19/47
(e)
..........
1,975,855
3,323,340
Headlands
Residential
LLC,
Series
2019-RPL1,
Class NOTE,
STEP,
3.97%,
06/25/24
(b)
..........
3,340,884
445,344
HomeBanc
Mortgage
Trust,
Series
2006-1,
Class 2A1,
2.39%,
04/25/37
(f)
..........
414,101
3,690,000
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class B1,
5.45%,
05/25/65
(b)(f)
........
3,900,454
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
21,341,077
IndyMac
IMSC
Mortgage
Loan
Trust,
Series
2007-HOA1,
Class AXPP,
2.25%,
07/25/47
(f)
..........
$
950,389
2,006,035
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-FLX3,
Class A2,
(1
mo.
LIBOR
USD
+
0.270%),
0.36%,
06/25/37
(e)
..........
2,548,031
3,867,375
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2007-FLX5,
Class 2A2,
(1
mo.
LIBOR
USD
+
0.240%),
0.33%,
08/25/37
(e)
..........
3,599,499
1,328,354
JP
Morgan
Mortgage
Trust,
Series
2007-A5,
Class 2A1,
1.61%,
10/25/37
(f)
..........
991,171
48,097
JP
Morgan
Mortgage
Trust,
Series
2007-S2,
Class 2A3,
5.50%,
06/25/37
............
61,648
6,591,258
JP
Morgan
Mortgage
Trust,
Series
2007-S3,
Class 1A10,
6.25%,
08/25/37
............
2,996,714
85,000
JP
Morgan
Mortgage
Trust,
Series
2017-5,
Class A1B,
3.12%,
10/26/48
(b)(f)
........
88,124
2,303,873
Lehman
XS
Trust,
Series
2007-20N,
Class A1,
(1
mo.
LIBOR
USD
+
1.150%),
1.24%,
12/25/37
(e)
..........
2,379,169
4,617,425
MASTR
Asset
Securitization
Trust,
Series
2007-1,
Class 1A4,
6.50%,
11/25/37
............
2,050,662
2,786,655
MASTR
Reperforming
Loan
Trust,
Series
2005-2,
Class 1A3,
7.50%,
05/25/35
(b)
..........
2,662,566
1,377,816
MASTR
Resecuritization
Trust,
Series
2008-3,
Class A1,
0.53%,
08/25/37
(b)(f)
........
740,611
3,596,114
MCM
Trust,
Series
2018-NPL2,
Class B,
8.46%,
10/25/28
(b)(g)
.......
1,843,009
2,500,000
Mello
Warehouse
Securitization
Trust,
Series
2020-2,
Class F,
(1
mo.
LIBOR
USD
+
3.250%),
3.34%,
11/25/53
(b)(e)
........
2,493,916
4,875,000
Mello
Warehouse
Securitization
Trust,
Series
2021-1,
Class F,
(1
mo.
LIBOR
USD
+
2.750%),
2.84%,
02/25/55
(b)(e)
........
4,893,377
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
22
July
31,
2021
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
2,458,413
Merrill
Lynch
Alternative
Note
Asset
Trust,
Series
2007-OAR2,
Class A2,
(1
mo.
LIBOR
USD
+
0.420%),
0.51%,
04/25/37
(e)
..........
$
2,424,150
956,582
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-A3,
Class 3A1,
2.68%,
05/25/36
(f)
..........
827,096
503,719
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2006-AF2,
Class AF1,
6.25%,
10/25/36
............
329,357
4,135,803
Morgan
Stanley
Re-REMIC
Trust,
Series
2010-R5,
Class 7B,
STEP,
0.53%,
05/26/37
(b)
..........
4,092,217
3,193,843
Morgan
Stanley
Resecuritization
Trust,
Series
2013-R7,
Class 1B,
(1
mo.
LIBOR
USD
+
0.160%),
0.41%,
12/26/46
(b)(e)
........
3,137,036
706,097
Morgan
Stanley
Resecuritization
Trust,
Series
2015-R6,
Class 3A,
(1
mo.
LIBOR
USD
+
0.160%),
0.41%,
07/26/45
(b)(e)
........
692,208
971,861
MortgageIT
Trust,
Series
2004-1,
Class B1,
(1
mo.
LIBOR
USD
+
1.800%),
1.89%,
11/25/34
(e)
..........
965,231
4,368,279
NYMT
Loan
Trust,
Series
2020-SP2,
Class A1,
2.94%,
10/25/60
(b)(f)
........
4,413,761
3,473,223
Prime
Mortgage
Trust,
Series
2006-
DR1,
Class 2A1,
5.50%,
05/25/35
(b)
..........
3,203,778
1,635,163
Prime
Mortgage
Trust,
Series
2006-
DR1,
Class 2A2,
6.00%,
05/25/35
(b)
..........
1,491,596
3,000,000
Provident
Funding
Mortgage
Warehouse
Securitization
Trust,
Series
2021-1,
Class G,
(1
mo.
LIBOR
USD
+
5.500%),
5.59%,
02/25/55
(a)(b)(e)
......
3,000,000
4,422,995
PRPM
LLC,
Series
2020-5,
Class A1,
STEP,
3.10%,
11/25/25
(b)
..........
4,456,529
639,843
Reperforming
Loan
REMIC
Trust,
Series
2006-R2,
Class AF1,
(1
mo.
LIBOR
USD
+
0.420%),
0.51%,
07/25/36
(b)(e)
........
595,187
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
810,143
Residential
Accredit
Loans,
Inc.,
Series
2006-QO5,
Class 2A1,
(1
mo.
LIBOR
USD
+
0.380%),
0.47%,
05/25/46
(e)
..........
$
765,248
601,516
Residential
Accredit
Loans,
Inc.,
Series
2006-QS15,
Class A1,
6.50%,
10/25/36
............
602,784
3,890,713
Residential
Accredit
Loans,
Inc.,
Series
2007-QS1,
Class 1A5,
(1
mo.
LIBOR
USD
+
0.550%),
0.64%,
01/25/37
(e)
..........
2,869,345
636,045
Residential
Asset
Securitization
Trust,
Series
2006-A7CB,
Class 2A5,
(1
mo.
LIBOR
USD
+
0.250%),
0.34%,
07/25/36
(e)
..........
56,225
7,245,561
Residential
Funding
Mortgage
Securities
I,
Inc.
Trust,
Series
2006-SA2,
Class 2A1,
4.44%,
08/25/36
(f)
..........
5,882,861
95,678
Residential
Funding
Mortgage
Securities
I,
Inc.
Trust,
Series
2006-SA3,
Class 2A1,
4.58%,
09/25/36
(f)
..........
71,964
2,814,000
Residential
Mortgage
Loan
Trust,
Series
2021-1R,
Class B1,
3.42%,
01/25/65
(b)(f)
........
2,803,985
1,935,000
RMF
Buyout
Issuance
Trust,
Series
2020-1,
Class M5,
6.00%,
02/25/30
(a)(b)(f)
......
1,895,855
10,822,587
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class B,
1.47%,
07/25/56
(b)(g)
.......
1,762,572
18,787,951
Seasoned
Credit
Risk
Transfer
Trust,
Series
2017-3,
Class BIO,
0.54%,
07/25/56
(b)(f)
........
3,006,093
4,771,568
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-2,
Class BX,
1.20%,
11/25/57
(f)
..........
2,144,788
2,653,528
Seasoned
Credit
Risk
Transfer
Trust,
Series
2018-3,
Class BX,
0.02%,
08/25/57
(b)(f)
........
1,141,211
4,500,055
Seasoned
Loans
Structured
Transaction
Trust,
Series
2020-3,
Class M1,
4.75%,
04/26/60
(b)(f)
........
4,552,097
100,000
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class B1,
4.08%,
09/25/59
(b)(f)
........
100,957
175,000
SG
Residential
Mortgage
Trust,
Series
2020-2,
Class B1,
4.25%,
05/25/65
(b)(f)
........
175,848
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
23
July
31,
2021
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
257,000
SG
Residential
Mortgage
Trust,
Series
2020-2,
Class M1,
3.19%,
05/25/65
(b)(f)
........
$
260,932
3,000,000
Station
Place
Securitization
Trust,
Series
2021-WL1,
Class F,
(1
mo.
LIBOR
USD
+
2.500%),
2.59%,
01/26/54
(b)(e)
........
2,992,648
1,394,890
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2005-11,
Class 1A1,
2.86%,
05/25/35
(f)
..........
1,172,000
2,115,452
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-3,
Class 4A,
3.05%,
04/25/36
(f)
..........
1,593,891
3,698,591
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR5,
Class 4A1,
(1
mo.
LIBOR
USD
+
0.440%),
0.53%,
05/25/46
(e)
..........
1,917,853
1,506,705
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2007-AR4,
Class GA4B,
(1
mo.
LIBOR
USD
+
0.180%),
0.27%,
09/25/47
(e)
..........
1,535,596
3,050,850
Structured
Asset
Securities
Corp.,
Series
2005-RF3,
Class 1A,
(1
mo.
LIBOR
USD
+
0.350%),
0.44%,
06/25/35
(b)(e)
........
2,724,240
11,123,749
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust,
Series
2006-RF3,
Class 1A2,
6.00%,
10/25/36
(a)(b)
........
7,133,646
541,621
Suntrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-2,
Class 3A3,
2.32%,
04/25/37
(f)
..........
402,412
231,081
Suntrust
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-2,
Class 4A1,
2.44%,
04/25/37
(f)
..........
164,950
225,651
Thornburg
Mortgage
Securities
Trust,
Series
2007-3,
Class 4A1,
(12
mo.
LIBOR
USD
+
1.250%),
1.49%,
06/25/47
(e)
..........
214,932
2,501,554
TVC
Holdings
Plc,
Series
2021-1,
Class A,
0.00%,
02/01/51
(a)(g)
........
2,501,554
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
625,388
TVC
Holdings
Plc,
Series
2021-1,
Class CERT,
0.00%,
02/01/51
(a)(g)
........
$
795,807
3,162,000
Verus
Securitization
Trust,
Series
2021-
1,
Class B1,
2.98%,
01/25/66
(b)(f)
........
3,148,053
3,300,000
Vista
Point
Securitization
Trust,
Series
2020-2,
Class B2,
5.16%,
04/25/65
(b)(f)
........
3,421,457
28,389,693
Voyager
OPTONE
Delaware
Trust,
Series
2009-1,
Class SAA7,
5.50%,
02/25/38
(b)(f)
........
8,614,106
956,757
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2007-
HY7,
Class 2A2,
2.92%,
07/25/37
(f)
..........
962,592
1,428,318
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2007-
OA4,
Class 1A,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.770%),
0.88%,
05/25/47
(e)
..........
1,380,384
7,219,946
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2007-
OA4,
Class 2A,
(Cost
of
Funds
for
the
11th
District
of
San
Francisco
+
1.250%),
1.56%,
05/25/47
(e)
..........
7,173,555
858,325
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2005-10,
Class 2A6,
5.50%,
11/25/35
............
863,089
4,867,540
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2006-1,
Class 4CB,
6.50%,
02/25/36
............
4,345,445
4,056,248
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2006-5,
Class 3A3,
STEP,
6.22%,
07/25/36
............
1,420,197
1,402,603
Washington
Mutual
Mortgage
Pass-
Through
Certificates
Trust,
Series
2006-AR6,
Class 2A,
(12
mo.
Federal
Reserve
Cumulative
Average
USD
+
0.960%),
1.07%,
08/25/46
(e)
..........
937,746
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
24
July
31,
2021
(Unaudited)
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
793,366
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A1,
(1
mo.
LIBOR
USD
+
0.320%),
0.41%,
03/25/37
(e)
..........
$
693,365
6,628,219
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A2,
(1
mo.
LIBOR
USD
+
6.680%),
6.59%,
03/25/37
(e)
..........
1,134,916
1,404,573
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A8,
(1
mo.
LIBOR
USD
+
0.540%),
0.63%,
03/25/37
(e)
..........
1,239,946
1,262,883
Wells
Fargo
Alternative
Loan
Trust,
Series
2007-PA1,
Class A9,
(1
mo.
LIBOR
USD
+
0.490%),
0.58%,
03/25/37
(e)
..........
1,114,914
1,658,303
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2008-AR1,
Class A2,
2.90%,
03/25/38
(f)
..........
1,275,063
13,610,000
Western
Alliance
CLN,
0.03%,
12/28/24
(g)
..........
13,597,111
358,430,952
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
1.9%
1,080,048
Bayview
Commercial
Asset
Trust,
Series
2005-4A,
Class M2,
(1
mo.
LIBOR
USD
+
0.705%),
0.79%,
01/25/36
(b)(e)
........
1,030,537
921,377
Bayview
Commercial
Asset
Trust,
Series
2005-4A,
Class M3,
(1
mo.
LIBOR
USD
+
0.750%),
0.84%,
01/25/36
(b)(e)
........
879,650
1,404,652
Bayview
Commercial
Asset
Trust,
Series
2006-2A,
Class B1,
(1
mo.
LIBOR
USD
+
1.305%),
1.39%,
07/25/36
(b)(e)
........
1,305,810
7,628,500
Bayview
Commercial
Asset
Trust,
Series
2007-5A,
Class A4,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
10/25/37
(b)(e)
........
5,545,611
10,127,000
Bayview
Commercial
Asset
Trust,
Series
2007-6A,
Class A4A,
(1
mo.
LIBOR
USD
+
1.500%),
1.59%,
12/25/37
(b)(e)
........
9,855,043
4,468,349
BX
Commercial
Mortgage
Trust,
Series
2019-XL,
Class J,
(1
mo.
LIBOR
USD
+
2.650%),
2.74%,
10/15/36
(b)(e)
........
4,480,969
Principal
Amount
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(continued)
$
1,560,584
CBA
Commercial
Small
Balance
Commercial
Mortgage,
Series
2007-1A,
Class A,
STEP,
6.26%,
07/25/39
(b)
..........
$
1,184,962
3,000,000
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-2A,
Class M2,
(1
mo.
LIBOR
USD
+
0.600%),
0.69%,
06/25/37
(b)(e)
........
2,493,034
3,600,000
Lehman
Brothers
Small
Balance
Commercial
Mortgage
Trust,
Series
2007-3A,
Class M2,
(1
mo.
LIBOR
USD
+
2.000%),
2.09%,
10/25/37
(b)(e)
........
2,993,057
2,387,596
Velocity
Commercial
Capital
Loan
Trust,
Series
2014-1,
Class M7,
8.08%,
09/25/44
(b)(f)
........
2,209,859
3,881,000
Velocity
Commercial
Capital
Loan
Trust,
Series
2016-1,
Class M5,
8.64%,
04/25/46
(b)(f)
........
3,978,700
3,055,000
Velocity
Commercial
Capital
Loan
Trust,
Series
2017-1,
Class M6,
7.95%,
05/25/47
(b)(f)
........
3,070,623
3,094,588
Velocity
Commercial
Capital
Loan
Trust,
Series
2018-2,
Class M4,
5.32%,
10/26/48
(b)(f)
........
3,195,713
980,459
Velocity
Commercial
Capital
Loan
Trust,
Series
2018-2,
Class M5,
6.36%,
10/26/48
(b)(f)
........
1,017,912
1,889,129
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M2,
4.01%,
03/25/49
(b)(f)
........
1,936,088
2,446,517
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M3,
4.12%,
03/25/49
(b)(f)
........
2,494,966
2,792,915
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M4,
4.61%,
03/25/49
(b)(f)
........
2,847,507
1,590,845
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class M5,
5.70%,
03/25/49
(b)(f)
........
1,628,344
498,304
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-2,
Class M5,
4.93%,
07/25/49
(b)(f)
........
506,728
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
25
July
31,
2021
(Unaudited)
Principal
Amount
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(continued)
$
2,045,725
Velocity
Commercial
Capital
Loan
Trust,
Series
2021-1,
Class M5,
3.97%,
05/25/51
(b)(f)
........
$
2,054,008
54,709,121
Total
Non-Agency
Mortgage-Backed
Securities
(Cost
$411,428,773)
413,140,073
U.S.
GOVERNMENT
SPONSORED
AGENCY
MORTGAGE-BACKED
SECURITIES
—
1.4%
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
1.4%
5,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2020-DNA5,
Class B1,
(SOFR
30A
+
4.800%),
4.85%,
10/25/50
(b)(e)
........
5,331,240
3,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2020-DNA6,
Class B1,
(SOFR
30A
+
3.000%),
3.05%,
12/25/50
(b)(e)
........
3,024,019
2,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2020-DNA6,
Class B2,
(SOFR
30A
+
5.650%),
5.70%,
12/25/50
(b)(e)
........
2,162,414
3,076,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-DNA1,
Class B1,
(SOFR
30A
+
2.650%),
2.70%,
01/25/51
(b)(e)
........
3,079,808
4,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-DNA1,
Class B2,
(SOFR
30A
+
4.750%),
4.80%,
01/25/51
(b)(e)
........
4,037,534
4,000,000
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-DNA5,
Class B2,
(SOFR
30A
+
5.500%),
5.55%,
01/25/34
(b)(e)
........
4,160,123
1,375,566
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-HQA1,
Class B1,
(SOFR
30A
+
3.000%),
3.05%,
08/25/33
(b)(e)
........
1,381,584
2,856,608
Freddie
Mac
STACR
REMIC
Trust,
Series
2021-HQA1,
Class B2,
(SOFR
30A
+
5.000%),
5.05%,
08/25/33
(b)(e)
........
2,893,951
1,362,098
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2017-
DNA1,
Class B2,
(1
mo.
LIBOR
USD
+
10.000%),
10.09%,
07/25/29
(e)
.........
1,464,241
Principal
Amount
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(continued)
$
3,000,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2018-
DNA1,
Class B1,
(1
mo.
LIBOR
USD
+
3.150%),
3.24%,
07/25/30
(e)
..........
$
3,054,077
298,887
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2018-
SPI2,
Class M2,
3.82%,
05/25/48
(b)(f)
........
298,927
4,000,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2020-
HQA5,
Class B1,
(SOFR
30A
+
4.000%),
4.05%,
11/25/50
(b)(e)
........
4,202,514
2,000,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-
DNA2,
Class B1,
(SOFR
30A
+
3.400%),
3.45%,
08/25/33
(b)(e)
........
2,059,211
3,000,000
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-
DNA2,
Class B2,
(SOFR
30A
+
6.000%),
6.05%,
08/25/33
(b)(e)
........
3,309,607
Total
U.S.
Government
Sponsored
Agency
Mortgage-
Backed
Securities
(Cost
$38,525,195)
40,459,250
U.S.
GOVERNMENT
SECURITIES
—
21.3%
U.S.
Treasury
Bonds
—
21.3%
37,265,000
3.63%,
08/15/43
................
49,393,593
38,170,000
3.63%,
02/15/44
................
50,809,339
36,805,000
3.38%,
05/15/44
................
47,305,927
40,550,000
3.13%,
08/15/44
................
50,198,049
42,050,000
3.00%,
02/15/47
................
51,652,512
43,000,000
2.75%,
08/15/47
................
50,629,141
39,850,000
3.00%,
08/15/48
................
49,231,873
41,800,000
3.38%,
11/15/48
................
55,193,961
38,500,000
3.00%,
02/15/49
................
47,703,906
40,250,000
2.88%,
05/15/49
................
48,812,559
59,560,000
1.25%,
05/15/50
................
50,679,511
53,100,000
1.63%,
11/15/50
................
49,615,313
Total
U.S.
Government
Securities
(Cost
$624,354,439)
601,225,684
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
26
July
31,
2021
(Unaudited)
The
following
abbreviations
are
used
in
the
report:
Shares
Value
CASH
SWEEP
—
13.9%
UNITED
STATES
—
13.9%
394,905,332
Citibank
-
US
Dollars
on
Deposit
in
Custody
Account,
0.03%(h)
...
$
394,905,332
Total
Cash
Sweep
(Cost
$394,905,332)
394,905,332
TOTAL
INVESTMENTS
—
99.2%
(Cost
$2,771,029,879)
$
2,807,129,303
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
—
0.8%
23,750,803
NET
ASSETS
—
100.0%
$
2,830,880,106
(a)
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
$90,684,509
which
is
3.20%
of
net
assets
and
the
cost
is
$91,199,704.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
security
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
aggregate
value
is
$755,371,412,
which
is
26.68%
of
net
assets.
These
securities
have
been
determined
to
be
liquid
in
accordance
with
procedures
adopted
by
the
Fund’s
Board
of
Directors.
(c)
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
July
31,
2021.
(d)
Perpetual
security
with
no
stated
maturity
date.
(e)
Floating
rate
security.
Rate
shown
is
the
rate
in
effect
as
of
July
31,
2021.
(f)
Variable
or
floating
rate
security,
which
interest
rate
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.
Rate
shown
is
the
rate
in
effect
as
of
July
31,
2021.
(g)
Zero
coupon
bond.
The
rate
represents
the
yield
at
time
of
purchase.
(h)
The
rate
shown
represents
the
current
yield
as
of
July
31,
2021.
Reference
Entity
Counterparty
Payment/
Expiration
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Total
Return
Swaps
Total
return
swap
Barclays
Bank
Plc
12/02/2021
100,000
$
(27,348)
$
(62,775)
$
35,427
receiving
total
return
of
the
Barclays
US
Mortgage
Backed
Securities
Index
over
the
initial
level
of
2,317.97
and
paying
a
(3
mo.
LIBOR
USD
+
0.650%)
0.781%,
with
quarterly
payments
until
expiration
date
Total
return
swap
Barclays
Bank
Plc
01/31/2022
120,000
(340,232)
(397,233)
57,001
receiving
total
return
of
the
Barclays
US
Mortgage
Backed
Securities
Index
over
the
initial
level
of
2,321.93
and
paying
a
(3
mo.
LIBOR
USD
+
0.650%)
0.836%,
with
quarterly
payments
until
expiration
date
Total
return
swap
Barclays
Bank
Plc
11/02/2021
100,000
(98,221)
–
(98,221)
receiving
total
return
of
the
Barclays
US
Mortgage
Backed
Securities
Index
over
the
initial
level
of
2,317.85
and
paying
a
(3
mo.
LIBOR
USD
+
0.650%)
0.826%,
with
quarterly
payments
until
expiration
date
Total
Total
Return
Swaps
$
(5,793)
CLO
—
Collateralized
Loan
Obligation
CVR
—
Contingent
Value
Right
ETF
—
Exchange
-Traded
Fund
LIBOR
—
London
Interbank
Offered
Rate
REIT
—
Real
Estate
Investment
Trust
SOFR
—
Secured
Overnight
Financing
Rate
Old
Westbury
Funds,
Inc.
Credit
Income
Fund
Portfolio
of
Investments
-
(Continued)
27
July
31,
2021
(Unaudited)
SOFR
30A
—
Secured
Overnight
Financing
Rate
30
Day
Average
USD
SPDR
—
Standard
&
Poor's
Depositary
Receipt
STEP
—
Step
Coupon
Bond
USD
—
U.S.
Dollar
Portfolio
Diversification
by
Sector
(Unaudited)
Sector:
Percentage
of
Net
Assets
Asset-Backed
Securities
.........................
20.4
%
Bank
Loans
.................................
0.2
Corporate
Bonds
.............................
9.8
Non-Agency
Mortgage-Backed
Securities
............
14.6
Preferred
Stocks
..............................
0.2
U.S.
Government
Agencies
and
Securities
...........
22.7
Other
*
......................................
32.1
100.0%
*
Includes
cash
and
equivalents,
exchange-traded
funds,
swap
agreements,
pending
trades
and
Fund
share
transactions,
interest
and
dividends
receivable,
prepaids
and
accrued
expenses
payable.