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					  The value of an investment in the Fund will fluctuate, which means that an investor could lose the principal amount invested. The Fund is subject to changes in the stock
  markets, which have periods of increasing and decreasing values. The use of derivative instruments involve significant risks and losses may occur. Investors should
  consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus, which can be obtained by calling 800-607-
  2200, contains this and other important information about the Fund and should be read carefully before investing.



U.S. Large Cap Fund
Description                                                                                                                                                   Commentary
The Fund seeks to achieve long-term capital appreciation through investing                                                                                    We are focused on corporate leaders that deploy their free cash flow wisely
in stocks of large cap U.S. companies. We target investments meeting our                                                                                      and appear to have above average earnings growth. The portfolio is
fundamental, valuation, and risk criteria and prefer companies with rising                                                                                    overweight in the Financials, Materials, and Industrials sectors. We are
revenues and expanding margins, a disciplined approach to investing cash                                                                                      underweight Energy, Utilities, and Consumer Discretionary. We have
flow, and returns above the cost of capital. We favor stocks that sell at a                                                                                   raised cash in the face of market turmoil.
discount to their long-term intrinsic values, which are based on normalized
earnings.

Characteristics of Portfolio Holdings                                                                    Portfolio                         S&P 500            Sector              Holdings
Price-to-normalized earnings*                                                                               10.7x                               12.9x         Consumer Disc       Disney, Johnson Controls, Whirlpool
Market cap (weighted median)                                                                             $42.9 bil                           $50.0 bil        Consumer Staples    Archer Daniels Midland, Kraft Foods, Procter & Gamble
Number of equity holdings                                                                                      29                                500          Energy              Devon Energy, National Oilwell Varco, Occidental Petroleum
Sector Diversification                                                                                                                                                            ACE, American Express, JPMorgan Chase, MetLife, Morgan
                                                                                                                                                              Financials
 18.7            18.2 18.7                                                                                                                                                        Stanley, TD Ameritrade

          14.9                                                                                                                                                Healthcare          Pfizer, St. Jude Medical, Teva Pharmaceutical
                                 12.5                                                13.0                                                                                         General Electric, Honeywell, Precision Castparts, Stanley
                                              10.7                     11.5                                                                                   Industrials
                                     10.7 10.0
                                                            9.8
                                                                                                  10.7                                                                            Black & Decker
                                                                               9.1
                                                                                            7.4          7.4                                      6.9         Materials           Ecolab, International Paper
                                                                                                                                                              Technology          Apple, Google, MasterCard, Microsoft, QUALCOMM
                                                                                                                  3.6                     3.4
                                                                                                                              2.9
                                                                                                                                                              Telecom             ---
                                                                                                                        0.0         0.0                 0.0   Utilities           ---
                                                                  Healthcare




                                                                                                                                                              Misc.               Cash & Cash Equivalents
                    Technology




                                                                                                                          Telecom
                                                                                                           Materials
                                                 Consumer




                                                                                             Consumer




                                                                                                                                      Utilities
                                   Industrials




                                                                                 Energy
    Financials




                                                                                                                                                   Misc.
                                                  Staples




                                                                                               Disc




                                                            Portfolio            S&P 500 Index

Data and holdings reflect the Old Westbury U.S. Large Cap Fund as of July 31, 2011.
Characteristics of portfolio holdings are for the securities held by the Fund and not the Fund itself. *Price-to-normalized earnings for the portfolio is a multiple based on estimates by Bessemer
of the normalized earnings power of the companies in the Fund under a normal operating environment in the business cycle. The price-to-normalized earnings ratio for the S&P 500 is based on
consensus of one year forward earnings estimates.
This material is provided for your general information. Views expressed are current as of the date noted and are subject to change without notice. The mention of a particular security is not
intended to represent a stock-specific recommendation, and our view of these holdings may change at any time based on new research conclusions and changes in risk preference.
The Old Westbury Funds are distributed by BNY Mellon Distributors Inc.
Source: FactSet, Standard & Poor’s; Bessemer Investment Management LLC, a member of the Bessemer Trust group of companies
U.S. Large Cap Fund Holdings & Characteristics:
Top 20 Active Weights*
                                         Portfolio       S&P 500
  Security                               Weighting       Weighting      Difference      Thesis
  Ecolab                                     4.0%           0.1%            3.9%        Leading sanitation chemical provider set to expand margins
  Devon Energy                               4.0            0.3             3.7         Leveraged to North American oil and natural gas
  Teva Pharmaceutical                        3.6            0.0             3.6         Global generic pharmaceutical market leader with global growth opportunities
  ACE                                        3.6            0.2             3.5         Insurance pricing cycle poised for recovery
  International Paper                        3.3            0.1             3.2         Beneficiary of consolidation within the paper and packaging industry
  Morgan Stanley                             3.5            0.3             3.2         Global investment bank that is gaining market share
  MetLife                                    3.5            0.4             3.1         U.S. based life-insurer that should benefit from international growth
  Kraft Foods                                3.6            0.5             3.1         Merger synergies with Cadbury are likely higher than expected
  Honeywell                                  3.4            0.4             3.0         Merger synergies and cost cutting are unrecognized
  Google                                     4.3            1.3             3.0         Leveraged to uptick in advertising
  Archer Daniels Midland                     3.0            0.2             2.8         Increased ethanol usage should fuel growth
  MasterCard                                 3.0            0.2             2.8         Leveraged to consumer spending trends globally
  General Electric                           4.3            1.6             2.7         Expected stabilization in the financial services business should benefit this conglomerate
  St. Jude Medical                           2.8            0.1             2.6         Upcoming replacement cycle for the company’s medical devices should fuel growth
  American Express                           3.0            0.4             2.6         Well positioned credit card issuer
  Johnson Controls                           2.7            0.2             2.5         Diversified industrial & auto supplier to benefit from strong, secular demand trends
  National Oilwell Varco                     2.7            0.3             2.4         Brazil is a likely catalyst for improved orders
  Disney                                     3.0            0.6             2.4         Diversified consumer spending beneficiary
  Apple                                      5.4            3.1             2.3         Revenue growth should continue with market share gains and new products
  Precision Castparts                        2.5            0.2             2.3         Aerospace and energy market component supplier that should grow market share
  Total Top 20 Active Weights              69.2%          10.5%           58.7%
  Total Equities**                         93.1%          17.9%           75.2%
Data and holdings reflect the Old Westbury U.S. Large Cap Fund as of July 31, 2011.
*Active Weights represent the Fund’s largest overweight holdings compared to the S&P 500 Index. They do not represent the Fund’s largest holdings. Numbers may not total 100% due to rounding.
**Total Equities include 29 equity positions, and exclude the 6.9% position in cash and short term investments.
Source: Standard & Poor’s; Bessemer Investment Management LLC, a member of the Bessemer Trust group of companies

				
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