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OLD WESTBURY FUNDS, INC.

MID CAP EQUITY FUND

INVESTMENT ADVISERS REPORT (Unaudited)

The total return of the Old Westbury Mid Cap Equity Fund (the Fund) for the fiscal year ended October 31, 2007 was 16.39%. In

comparison, the S&P MidCap 400 Index1(Index) was up 17.01%.

Among the top contributors to returns was our stock selection within the financial sector (14.11% of the Fund as of October 31, 2007),

as we focused on insurance companies and avoided REITs. In particular, we benefited from our position in Unum Group (1.88%), a disability

insurance company with improving fundamentals and capital management. Strong returns for FMC (3.49%) in the materials sector

(8.34%) also helped returns. Within the industrials sector (15.57%), our decision to overweight engineering and construction stocks played out

well, particularly our holdings of Shaw Group (3.40%) and Quanta Services (2.15%). We continue to believe these companies are in midst of

a multi-year growth cycle fueled by increased capital spending in infrastructure.

Individual stock selections within the technology (16.51%), healthcare (13.47%), and consumer staples (2.30%) sectors detracted from

our returns. In technology, strong performance for Atheros Communications (2.48%) was not enough to offset disappointing performance for

Trident Microsystems (sold), which suffered from lower-than-expected growth. The underperformance in healthcare was due to Nektar

Therapeutics (sold), the developer of an inhaled insulin product that Pfizer pulled from the market. In consumer staples, our position in

McCormick & Co (2.30%), the largest spice company, detracted from returns. We continue to believe investors are overlooking the

companys strong fundamental outlook2.

At fiscal year-end, the Fund is overweight the technology sector, with investments across the consumer and enterprise end markets and a

significant concentration in communications equipment. We continue to underweight utilities and REITs, which appear expensive to us.

Investments made in mid-capitalization companies are subject to greater volatility and less liquidity compared to funds that invest in larger

more established companies.

1 The S&P MidCap 400 Index is an unmanaged index generally representative of the performance of U.S. mid-sized companies.

Investments cannot be made directly in an index. Securities indices assume reinvestment of all distributions and interest payments and

do not take into account fees or taxes.

2 The composition of the Mid Cap Equity Funds portfolio is subject to change.

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