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SECURITY AND EXCHANGE COMMISSION
Washington, DC 20549
Accounting certificate for securities and similar
Investments in the care of
Management investment companies
In accordance with Rule 17f-2 [17 CFR 270.17f-2]
|1.||Investment Companies Law file number: 811-07912|
|Date of exam completed: July 21, 2021|
|2.||State identification number:|
|AL||AK||from A to Z||RA||California||CO|
|New Jersey||NM||New York||NC||ND||OH|
Other, give details):
|3.||Exact name of the investment company as specified in the registration statement:|
|Old Westbury Fund, Inc.|
|4.||Address of the main head office:|
|103 Bellevue Parkway, Wilmington, Delaware 19809|
Management report on compliance with certain provisions of the
1940 Investment Companies Act
23 December 2021
I, as a member of the management of the Old Westbury All Cap Core Fund, Old Westbury California Municipal Bond Fund, Old Westbury Fixed Income Fund, Old Westbury Large Cap Strategies Fund (except Baillie Gifford China Sleeve), Old Westbury Municipal Bond Fund, Old Westbury The New York Municipal Bond Fund and the Old Westbury Small & Mid Cap Strategies Fund (Tax Managed Sleeve and US Mid Cap Sleeve) (collectively, the “Funds”), are required to comply with the requirements of the -sections (b) and (c) of Rule 17f-2, “Retention of Investments by Registered Investment Management Companies”, of the Investment Companies Act 1940 (the “Act”). I am also responsible for establishing and maintaining effective internal controls over compliance with these requirements. I have performed an assessment of the Funds’ compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of July 21, 2021 and from May 29, 2021 to July 21, 2021.
Based on this assessment, I confirm that the Funds complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Law as of July 21, 2021 and from May 29, 2021 to July 21, 2021. , with regard to the securities reflected in the investment account of the Funds.
By: / s / Matthew A. Rizzi
Old Westbury Fund, Inc.
Vice-president and treasurer
Ernst & Young LLP
A West Manhattan
New York, New York 10001
Phone. : +1 212 773 3000
Fax: +1 212 773 6350
Report of the registered independent accounting firm
To the Board of Directors of Old Westbury Funds, Inc.
We have reviewed management’s assertion, included in the attached management report on compliance with certain provisions of the Investment Companies Act 1940, that Old Westbury Funds, Inc. (including respectively Old Westbury All Cap Core Fund, Old Westbury California Municipal Bond Fund, Old Westbury Fixed Income Fund, Old Westbury Large Cap Strategies Fund (except Baillie Gifford China Sleeve), Old Westbury Municipal Bond Fund, Old Westbury New York Municipal Bond Fund and Old Westbury Small & Mid Cap Strategies Fund (Tax Managed Sleeve, and US Mid Cap Sleeve) (collectively, the “Funds”) complied with the requirements of paragraphs (b) and (c) of Rule 17f-2 under the Investment Companies Act of 1940 (the “Act”) as of July 21, 2021. Management is responsible for its assertion of compliance with the requirements of paragraphs (b) and (c) of Rule 17f- 2 of the law (the specific requirements ified). Our responsibility is to express an opinion on management’s assertion regarding the Funds’ compliance with specified requirements based on our review.
Our review was conducted in accordance with the attestation standards set by the American Institute of Certified Public Accountants. These standards require that we plan and perform the review to obtain reasonable assurance that management’s assertion of compliance with specified requirements is frankly stated in all material aspects. A review involves performing procedures to obtain audit evidence as to whether management’s assertion is honest in all material respects. The nature, timing and extent of the procedures chosen depend on our judgment, including an assessment of the risks of material misstatement in management’s assertions, whether these result from fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
Our review was conducted in accordance with the standards of the American Institute of Certified Public Accountants and, therefore, included examining, on a test basis, evidence of the Funds’ compliance with these requirements and the implementation of any other procedures. that we deemed necessary in the circumstances. . Among our procedures were the following tests carried out on July 21, 2021 and in terms of the agreement to buy and sell securities, for the period from May 29, 2021 (date of our last review) to July 21, 2021:
|•||Confirmation of all securities held by Bank of New York Mellon, Federated Shareholder Services Company and SEI Investments Company in book-entry form;|
|•||Reconciliation of these securities with the books and registers of the Funds and the depositary;|
|•||Purchase activity agreement pending as of July 21, 2021 with documentation justifying the corresponding subsequent cash payments and related settlements; and|
A member firm of Ernst & Young Global Limited
|•||Agree on a total of five purchases of securities and five sales of securities in all of the Funds since our last review of the books and records of the Funds to cash settlement according to bank statements.|
We believe that our review provides a reasonable basis for our opinion. Our review does not provide a legal determination as to whether the Funds comply with the specified requirements.
In our opinion, management’s assertion that the Funds complied with the requirements of paragraphs (b) and (c) of Rule 17f-2 of the Act as of July 21, 2021, with respect to securities, reflected in the investment accounts of the Funds is fairly stated in all material respects.
This report is intended only for the information and use of the management and board of directors of Old Westbury Funds, Inc. and the Securities and Exchange Commission and is not intended to be and should not be be used by anyone other than those specified parties.
New York, New York
23 December 2021
A member firm of Ernst & Young Global Limited