OLD WESTBURY FUNDS, INC.
OLD WESTBURY CORE EQUITIES FUND
OLD WESTBURY GROWTH OPPORTUNITY FUND
OLD WESTBURY INTERNATIONAL FUND
OLD WESTBURY FIXED INCOME FUND
OLD WESTBURY MUNICIPAL BOND FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 28, 1999
On page 14 of the Statement of Additional Information, please add the following
as item number 10 to the section entitled, "Fundamental Limitations":
"With respect to 75% of a Fund's total assets, invest more than 5% of
the Fund's total assets in any one issuer; and no Fund may own 10% or more of
the outstanding voting securities of any one issuer."
On page 14 of the Statement of Additional Information, please delete item number
2 under the section entitled, "Non-Fundamental Limitations" and replace with the
following:
"Invest in securities of other investment companies, except that (i) not
more than 5% of the value of a Fund's total assets will be invested in the
securities of any one investment company, (ii) not more than 10% of the value of
its total assets will be invested in the aggregate in securities of investment
companies as a group, and (iii) not more than 3% of the outstanding voting stock
of any one investment company will be owned by the Fund, except as such
securities may be acquired as part of a merger, consolidation or acquisition of
assets and further, except as may be permitted by Section 12(d) of the 1940 Act
or except as may be permitted by the Securities and Exchange Commission. Each
Fund will limit its investments in securities of other investment companies
consistent with the Fund's investment policies."
August 26, 1999
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Federated Investors
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
www.federatedinvestors.com
Cusip 680414307
Cusip 680414208
Cusip 680414109
Cusip 680414406
Cusip 680414505
G01972-06 (8/99)
