December 17, 1997
Old Westbury International Fund
Federated Tower
Pittsburgh, Pennsylvania 15222-3779
We are the auditors of Old Westbury Funds, Inc. File No. 811-7912 (the "Fund").
Bessemer Trust Company ("Bessemer") and Bessemer Trust Company, N.A. are
wholly-owned subsidiaries of The Bessemer Group, Incorporated and serve as the
Fund's custodian and investment advisor, respectively. The Fund, therefore, is
subject to the provisions of rule 17f-2 under the Investment Company Act of
1940. Accordingly, as described below, we have accounted for the Fund's
investment securities held by Bessemer as of close of business on October 31,
1997. It is understood that this report is solely for the use of management and
for the information of the Securities and Exchange Commission and should not be
used for any other purpose.
Bessemer, in addition to acting as custodian for the Fund, acts as custodian for
some of its other customers. While Bessemer may hold securities in its vaults
from time to time, more commonly, agents of Bessemer hold, or account for by
book entry, securities which are the responsibility of Bessemer through
custodian or trust arrangements. Securities held by agents of Bessemer cannot be
identified by such agents as to the specific customers of Bessemer who have
securities included in such deposits.
No Fund securities were in the vaults of Bessemer on October 31, 1997. As to
securities purchased but not yet received, we obtained confirmations from
brokers or, where replies were not received, we performed other auditing
procedures. The remaining portfolio securities owned by the Fund on that date
were held for the account of Bessemer by an outside agent. We obtained
confirmation from the outside agent of the securities held by them for the
account of Bessemer as of October 31, 1997. We reviewed Bessemer's records which
identify the owners of the securities held by such agent for the account of
Bessemer at that date. We determined that securities, identified by such records
as being the property of the Fund, were in agreement with the Fund's portfolio
of securities at October 31, 1997.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements of the Fund in accordance
with generally accepted auditing standards, matters might have come to our
attention that would have been reported to you. This report relates only to the
investments specified above and does not extend to the financial statements of
the Fund, taken as a whole.
Yours truly,
DELOITTE & TOUCHE
New York, New York
