UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Registrant’s telephone number, including area code: 800-607-2200

Date of fiscal year end: October 31

Date of reporting period: October 31, 2022

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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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, 2022

BESSEMER INVESTMENT MANAGEMENT LLC

Investment Adviser

Old Westbury Funds, Inc.

Dear Shareholders:

Fiscal 2022 was marked by Russia’s invasion of Ukraine, soaring inflation including high energy prices, supply chain disruptions, and an unusual simultaneous bear market for stocks and bonds. While the economy has clearly begun to slow, it is important to note that a slowing economy is not necessarily an indicator of a severe recession. There are constructive elements in today’s picture, such as the continued strength of consumers and corporate balance sheets, which may help offset other negative economic factors.

Amid the backdrop of elevated inflation not seen in decades, the Federal Reserve embarked upon a particularly aggressive hiking campaign, raising interest rates by 25 basis points in March, 50 basis points in May, and 75 basis points during each of the four ensuing meetings. In 2022, both equity and bond markets experienced multiyear lows driven by the Federal Reserve’s hawkish policy shift as well as other factors, such as the economic effects of the Omicron variant of COVID-19, which weighed on sentiment and contributed to more persistent supply chain issues at the start of the year. Volatility continued throughout the year as persistent inflation and higher interest rates resulted in deteriorating sentiment and eventually slowing growth. Inflation became a challenge globally as the eurozone, U.K., and some emerging market countries experienced historically elevated levels.

Global governments and central banks have taken action, seeking to curb persistent inflation with numerous rounds of interest rate hikes as well as broader monetary policy tightening. In the U.S., inflation and interest rate dynamics remain the key issue today as the Federal Reserve continues to raise interest rates in response to stubborn inflation. Its overall goal is to tighten financial conditions so that the economy slows, the labor market cools, and inflation ultimately recedes. While overall domestic conditions are challenging, the relative outlook is more constructive compared to other key regions, such as Europe and Asia.

The Old Westbury All Cap Core Fund underperformed its primary benchmark, the MSCI ACWI Investable Market Index (Net), due to stock selection within communication services, healthcare, and financials, but it benefitted from its overweight position in the U.S. and stock selection within information technology, industrials, and energy. The Old Westbury Large Cap Strategies Fund underperformed its benchmark, the MSCI All Country World Large Cap Index (Net), as its stock selection in communication services, healthcare, and developed Europe detracted from relative performance. The Old Westbury Small & Mid Cap Strategies Fund underperformed its benchmark, MSCI All Country World Small Mid Cap Index (Net), as a result of stock selection in industrials, healthcare, and the U.S.

The Old Westbury Credit Income Fund underperformed its benchmark, the ICE Bank of America 1-10 Year U.S Corporate Index, as the higher interest rate environment hurt valuations across all duration profiles. The Old Westbury Fixed Income Fund underperformed its benchmark, the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index; the Fund’s overweight to credit and longer duration relative to the benchmark were a drag on performance, while its barbell structure aided performance. The Old Westbury Municipal Bond Fund underperformed its primary benchmark, the ICE Bank of America Merrill Lynch 1-12 Year AAA-AA Municipal Securities Index; duration and front-end positioning were detractors while yield-curve posture was additive. The Old Westbury California Municipal Bond Fund and the Old Westbury New York Municipal Bond Fund both performed in line with their respective benchmarks, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index; duration positioning detracted while credit posture contributed to performance.

At year-end, the Adviser remains committed to its longstanding investment approach, characterized by independent research, a global orientation, and long-term perspective. We believe these disciplines will likely continue to provide competitive long-term results for shareholders and position the Adviser to fulfill the central mandate of participating in strong market environments, while preserving capital during difficult times.

Sincerely,

David W. Rossmiller
President
Old Westbury Funds, Inc.

The return of the Old Westbury All Cap Core Fund (the “Fund”) for the fiscal year ended October 31, 2022, was -21.34%. In comparison, the return of its primary benchmark, the MSCI ACWI Investable Market Index (Net)^a, was -20.22%. The Fund’s secondary benchmark, a blend of 90% MSCI USA Index (Gross) and 10% MSCI ACWI ex USA Index (Net)^a, returned -17.32%.

The most significant detractor to the Fund’s results relative to its primary benchmark was stock selection in communication services, healthcare, and financials. Stocks within these sectors with the highest negative relative contributions included Sea Ltd., Catalent, Inc., and Citigroup. Sea Ltd. contended with the sell-off in high-growth, high-valuation stocks in addition to company-specific headwinds, including the gaming ban and e-commerce exit from India, and slowing overall gaming growth. Catalent, Inc. lost significant value as reduced demand for vaccines hurt the company’s earnings outlook. Citigroup modestly underperformed the market as rising interest rates created fears of a slowing economy and therefore slower loan growth and increased loan defaults.

The most significant contributors to the Fund’s relative results were an overweight position in the U.S. and stock selection within information technology, industrials, and energy. Stocks in these sectors with the greatest relative positive contribution included Visa Inc., Northrop Grumman Corporation, and ConocoPhillips. Visa Inc. remained resilient as post-pandemic reopening benefitted credit card use. Northrop Grumman Corporation appreciated significantly on the emergence of persistent global tensions. ConocoPhillips appreciated significantly on the heels of both higher energy prices and operational improvements.

At fiscal year-end, versus the primary benchmark, the Fund maintained relative overweight positions in the information technology, consumer discretionary, and industrials sectors and underweight positions in consumer staples, financials, and materials. Relative to the primary benchmark, the Fund continued to be significantly overweight U.S. stocks (93%) versus non-U.S. stocks (7%).

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.

PORTFOLIO DIVERSIFICATION BY SECTOR

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. The performance information shown above may not be representative of performance the Fund will achieve under its current investment strategy. The index performance is not illustrative of the Fund’s performance and performance of the fund will differ; the use of the index performance is not intended to mask negative performance.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.96%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 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.

The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. 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.

The return of the Old Westbury Large Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2022, was -23.77%. In comparison, the return of the MSCI All Country World Large Cap Index (Net)^a (“the Index”) was -19.47%.

Stock selection in communication services and healthcare detracted from relative performance. Stocks in these sectors with the highest negative relative contribution included Sea Ltd. Naver, and Wuxi Biologics. Sea Ltd. contended with the sell-off in high-growth, high-valuation stocks in addition to company-specific headwinds, including the gaming ban and e-commerce exit from India, and slowing overall gaming growth. Naver underperformed as slowing topline growth in advertising spending and margin compression impaired the company’s earnings outlooks. Wuxi Biologics saw significant geopolitical tensions, high valuation, and a normalization in the home country’s growth outlook that weighed on sentiment for the shares. Stock selection in developed Europe also detracted with notable names including Zalando and ASML Holding. Zalando underperformed due to a series of macroeconomic issues including weakening consumer sentiment in Europe, inflation, supply chain disruptions, and shifting apparel needs that have made wholesale buying more difficult. Building inventory concerns and a peak in wafer fabrication equipment demand have weighed on ASML Holding’s earnings and profitability outlook, leading the stock to underperform the market.

Stock selection within industrials, energy, and materials sectors contributed to relative performance. Stocks in these sectors with the greatest relative contribution included Northrop Grumman Corporation, Chevron, and Corteva. Northrop Grumman Corporation appreciated following increased global tensions and an alignment with the Department of Defense’s strategic initiatives. Shares in Chevron outperformed on the back of both higher energy prices and significant expansion of capital returns to shareholders. Corteva appreciated due to an improving mix of IP-protected agricultural solutions and a constructive operating outlook that have driven both sales and earnings revisions higher. An overweight position to the U.S. also contributed to relative performance.

At fiscal year-end, the Fund was relatively overweight industrials, energy, and materials. The Fund was relatively underweight consumer staples, communication services, healthcare, and financials. On a regional basis, as of fiscal year-end, the Fund was relatively overweight the U.S., while being underweight developed Europe, Japan, emerging markets, and other developed markets.

PORTFOLIO DIVERSIFICATION BY COUNTRY

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, 2024, 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 1.10%, (current net operating expense is 1.09%). The expense ratio including acquired fund fees and expenses (if any), is stated in the prospectus dated March 1, 2022 as 1.11%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above 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.

The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. 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.

The return of the Old Westbury Small & Mid Cap Strategies Fund (the “Fund”) for the fiscal year ended October 31, 2022, was -27.40%. In comparison, the return of the MSCI All Country World Small Mid Cap Index (Net)^a (the “Index”) was -22.25%.

In terms of detractors, stock selection in the U.S. and in the industrials sector were a drag to relative performance. An overweight position to and stock selection in healthcare also detracted. U.S. stocks with the highest negative relative contribution included Match Group and Tesla. Match Group delivered results below investor expectations as execution issues around monetizing its core product, Tinder, were amplified by a failure to drive user growth back to pre-pandemic levels. Tesla reported softer quarterly vehicle delivery numbers due to issues in transport. Stocks in the industrial and healthcare sectors with the highest negative relative contribution included Codexis and Kornit. Codexis reduced full-year revenue guidance following lower client-led Research & Development engagements. Kornit traded down on pressures surrounding e-commerce textile production due to the anticipation of a recession and reduced consumer demand.

The most significant contributors to the Fund’s performance were underweight positions to the communication services, consumer discretionary, and real estate sectors. An overweight position to the consumer staples sector and positive stock selection in consumer staples and financials also contributed to relative performance. Individual stocks that contributed to relative performance include Dollarama and Alnylam Pharmaceuticals. Dollarama delivered strong results in line with its long-term growth profile, successfully navigating multiple layers of ongoing challenges such as inflation, supply chain disruptions, geopolitical concerns, and COVID-19. Alnylam Pharmaceuticals reported positive results from its phase III APOLLO-B trial, allowing the company to expand approval for its Onpattro drug.

At fiscal year-end, the Fund was overweight healthcare, technology, and industrials, and underweight real estate, utilities, consumer discretionary, and communication services. The Fund was regionally overweight other developed markets. Conversely, the Fund was underweight emerging markets and the U.S.

PORTFOLIO DIVERSIFICATION BY COUNTRY

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 index performance is not illustrative of the Fund’s performance and performance of the fund will differ; the use of the index performance is not intended to mask negative performance.

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2024, 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 1.10%, as disclosed in the Funds’ prospectus dated March 1, 2022. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 1.16% and after fee waivers as 1.12%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above 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. The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. 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 Old Westbury Credit Income Fund (the “Fund”) returned -17.80% for the fiscal year ended October 31, 2022. In comparison, the return of the ICE Bank of America 1-10 Year U.S. Corporate Index (the “Index”) was -12.56%.

The Fund’s credit allocation generally has a tilt toward risk-on assets; namely convertible bonds, preferred securities, and emerging market debt. Global equity and fixed income pressures did not spare these asset classes, especially considering their duration-sensitive risk profiles. A significant catalyst was driven by Russia’s invasion of Ukraine, which created more idiosyncratic volatility particularly in emerging market debt. After the invasion, the team rebalanced the Fund from interest rate sensitive agency mortgage-backed securities toward emerging market debt, convertible securities, and preferred securities, which marginally benefitted performance through the end of the fiscal year.

Non-Agency Mortgage-Backed Securities, which are bonds backed by a pool of mortgages created by private companies such as banks, faced dual headwinds of high fixed income volatility and elevated mortgage rates. This slowed the overall housing market, but underlying fundamentals remained strong and the overweight allocation to mortgages remained a strong conviction. While not immune to interest rates, the floating rate component of the securities helped insulate the allocation. High-yield fixed income also participated in the downside, but higher yields have helped the asset class remain relatively stable. Lowest-rated credit underperformed as it felt the strain of lower liquidity and the higher cost of capital due to the Federal Reserve’s removal of accommodation. The allocation to high yield is managed with a conservative bent via rating and sector positioning. The government security allocation consists of long-duration U.S. Treasuries and agency mortgage-backed securities, which are bonds backed by a pool of mortgages issued or guaranteed by the government or quasi-government agencies (the Government National Mortgage Association (also known as Ginnie Mae), the Federal National Mortgage Association (also known as Fannie Mae), or the Federal Home Loan Mortgage Corporation (also known as Freddie Mac)). The Fund’s long-duration Treasuries have the highest sensitivity to interest rates. With the pronounced shift in monetary policy, performance is one of the worst on record for nearly all U.S. Treasuries. The allocation has been underweight long-duration Treasuries relative to a target weight of 25% for the Fund but still contributed negatively relative to the Index.

PORTFOLIO DIVERSIFICATION BY SECTOR

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2024, 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 0.85%, as disclosed in the Funds’ prospectus dated March 1, 2022. The expense ratio, prior to fee waivers and including acquired fund fees and expenses (if any), is stated in the prospectus as 0.95% and after fee waivers as 0.93%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 2 Years and 1 Month, with distributions reinvested. The ICE Bank of America 1-10 Year U.S. Corporate 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 1-10 Year U.S. Corporate Index is unmanaged. Investments cannot be made directly in an index.

Securities representing interests in “pools” of mortgages or other assets are subject to various risks, including prepayment and contraction risk, risk of default of the underlying mortgage or assets, and delinquencies and losses of the underlying mortgage or assets. 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.

The Old Westbury Fixed Income Fund (the “Fund”) returned -10.39% for the fiscal year ended October 31, 2022. In comparison, the return of the ICE Bank of America Merrill Lynch 1-10 Year AAA-A U.S. Corporate & Government Index (the “Index”) was -9.42%.

During the first half of the fiscal year, on concern that interest rate volatility would widen spreads, the team reduced exposure to credit risk by slightly lowering the overall allocation to corporate bonds, reducing the duration of the Fund’s credit holdings, and moving up in credit quality. The Fund had a barbell structure for most of the year, with an overweight in the front and long ends of the yield curve and an underweight to the belly. This structure, along with an exposure to Treasury Inflation Protected Securities, aided performance. In contrast, an overweight to credit and a longer duration than the Index were a drag on relative performance, though the reduction in credit risk helped limit underperformance.

As the fiscal year end approached, with significantly higher interest rates as a result of Federal Reserve hikes and the market pricing additional future interest rate hikes, the team began to increase duration and incrementally add credit exposure. The team believes that the combination of higher interest rates and wider spreads provides an opportunity to lock in higher yields for longer. At fiscal year-end, the Fund was also overweight duration relative to the Index and the Fund’s corporate bond exposure had moved up in quality relative to the beginning of the fiscal year. Exposure to asset-backed securities (ABS), a short-duration, high-quality asset class, and collateralized loan obligations (CLOs), whose underlying securities are floating-rate, were maintained throughout the year. A small exposure to TIPS, which helps protect against inflation, also was maintained.

PORTFOLIO DIVERSIFICATION BY SECTOR

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2024, 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 and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.68% and after fee waivers if 0.57%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America 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 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.

The return of the Old Westbury Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2022, was -8.09%. 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 -7.09%. The Fund’s secondary benchmark, the Lipper Short-Intermediate Municipal Debt Funds Index, returned -6.48%.

The Fund entered the year with a longer duration posture compared to its primary benchmark, reflective of supportive fundamentals, lower supply trends, and a favorable tax environment. As the first quarter unfolded and the Federal Reserve initiated its interest rate hiking cycle, however, the Fund shifted to a shorter duration posture and positioned for a flattening curve trend. Despite this shift, the magnitude and velocity of the repricing in the municipal market far exceeded the change in positioning, and ultimately, duration positioning and front-end positioning proved to be detractors relative to the Fund’s primary benchmark. Amid the volatility in the market throughout the year, municipal spreads also widened dramatically, leading to further performance erosion.

Offsetting these negative attributes, yield-curve positioning was additive to performance as the flattener came to fruition, as was roll down given the steepness of the belly of the municipal curve. Credit selection also contributed relative to the Fund’s primary benchmark as the Fund was positioned with a focus on high-quality securities, helping to buffer the higher levels of volatility experienced down the ratings curve.

At fiscal year end, the Fund was positioned marginally long-duration relative to its primary benchmark, with a higher-quality credit focus. Exposures varied across municipal sectors and Fund constituents were predominantly tax-exempt, although a small allocation to taxable municipals and U.S. Treasuries was maintained throughout the year.

PORTFOLIO DIVERSIFICATION BY STATE

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2024, 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 and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.65% and after fee waivers as 0.57%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 10 years, with distributions reinvested. The ICE Bank of America 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 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.

The return of the Old Westbury California Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2022, was -7.71%. In comparison, the return of its benchmark, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index (the “Index”), was -7.67%.

The Fund entered the year with a longer-than-benchmark duration posture, reflective of supportive fundamentals, lower supply trends and a favorable tax environment. As the first quarter unfolded and the Federal Reserve initiated its interest rate hiking cycle, however, the Fund shifted to a shorter duration posture and was positioned for a flattening curve trend. Despite this shift, the magnitude and velocity of the repricing in the municipal market far exceeded the change in positioning, and ultimately, duration positioning detracted from performance relative to the Index.

Meanwhile, the Fund’s performance benefitted from a number of factors. Curve positioning and shape proved to be additive given a favorable bear flattening trend in the markets and longer-dated holdings performed better than short-dated counterparts. The Fund was able to capture positive roll down in the belly of the curve, and the relative underweight position in the AA ratings bucket helped mitigate much of the spread widening that took place during the year.

At fiscal year end, the Fund was positioned marginally long duration relative to the benchmark with a higher-quality credit focus. Exposures varied across municipal sectors and Fund constituents were predominantly tax-exempt, although a small allocation to taxable municipals and U.S. Treasuries was maintained throughout the year. In-state municipals were prioritized for purchase given the state’s onerous tax burden.

PORTFOLIO DIVERSIFICATION BY STATE

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2024, 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 and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.76% and after fee waivers as 0.57%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 3 Years and 11 Months, with distributions reinvested. The ICE Bank of America 3-7 Year AAA-AA Municipal Securities 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 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.

The return of the Old Westbury New York Municipal Bond Fund (the “Fund”) for the fiscal year ended October 31, 2022, was -7.72%. In comparison, the return of its benchmark, the ICE Bank of America Merrill Lynch 3-7 Year AAA-AA Municipal Securities Index (the “Index”), was -7.67%.

The Fund entered the year with a longer-than-benchmark duration posture, reflective of supportive fundamentals, lower supply trends and a favorable tax environment. As the first quarter unfolded and the Federal Reserve initiated its rate hiking cycle, however, the Fund shifted to a shorter duration posture and positioned for a flattening curve trend. Despite this shift, the magnitude and velocity of the repricing in the municipal market far exceeded the change in positioning, and ultimately, duration positioning and front-end positioning proved to be relative detractors. Amid the volatility in the market throughout the year, municipal spreads also widened dramatically, leading to further performance erosion.

Offsetting these negative attributes, yield-curve positioning was additive to relative performance as the flattener came to fruition, as was roll down given the steepness of the belly of the municipal curve. Credit selection also contributed as the Fund was positioned up-in-quality, helping to buffer the higher levels of volatility experienced in lower-rated bonds.

At fiscal year end, the Fund was positioned marginally long-duration relative to the benchmark with a higher-quality credit focus. Exposures varied across municipal sectors and Fund constituents were predominantly tax-exempt, although a small allocation to taxable municipals and U.S. Treasuries was maintained throughout the year. In-state municipals were prioritized for purchase given the state’s onerous tax burden.

PORTFOLIO DIVERSIFICATION BY STATE

The performance data quoted represents past performance. Past performance does not guarantee future results and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. Fund performance reflects fee waivers and/or expense reimbursements and reinvestments of distributions, if any. Without waivers/reimbursements, performance would have been lower. The investment return and principal value of an investment will fluctuate. Consequently, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance information current to the most recent month end, please call 1-800-607-2200.

The Adviser has contractually committed through October 31, 2024, 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 and expenses (if any), is stated in the prospectus dated March 1, 2022 as 0.74% and after fee waivers as 0.57%. Additional information pertaining to the Fund’s expense ratio for the year ended October 31, 2022 can be found in the Financial Highlights.

The chart shown above illustrates the total value of a $10,000 investment for 3 Years and 11 Months, with distributions reinvested. The ICE Bank of America 3-7 Year AAA-AA Municipal Securities 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 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.

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, 2022 through October 31, 2022.

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.

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.

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.