<PAGE> 1
OLD WESTBURY FUNDS, INC.
OLD WESTBURY CORE EQUITIES FUND
OLD WESTBURY CAPITAL OPPORTUNITY FUND
(FORMERLY OLD WESTBURY GROWTH OPPORTUNITY FUND)
OLD WESTBURY INTERNATIONAL FUND
OLD WESTBURY FIXED INCOME FUND
OLD WESTBURY MUNICIPAL BOND FUND
SUPPLEMENT DATED SEPTEMBER 1, 2000
TO THE PROSPECTUS DATED FEBRUARY 29, 2000
(REVISED MAY 31, 2000)
Effective September 1, 2000, BISYS Fund Services will act as
the Funds' Distributor and Shareholder Servicing Agent, and BISYS Fund Services
Ohio, Inc. will act as the Funds' Administrator.
In connection with these changes, the following Prospectus
revisions are made:
* In the section "HOW DO I PURCHASE SHARES?" (page 25), BISYS
Fund Services will replace Edgewood Services Inc. as the Funds'
Distributor and the section will read as follows:
Shares of each Fund may be purchased by mail or by wire
through the Distributor (BISYS Fund Services ), or through a
Shareholder Servicing Agent or a Broker-Dealer that has an agreement
with the Distributor (Authorized Dealer) or with the Adviser.
* In the section "DISTRIBUTION OF FUND SHARES" (page 32), BISYS
Fund Services will replace Edgewood Services Inc. as the Funds'
Distributor and the section will read as follows:
BISYS Fund Services is the principal Distributor for shares of
the Funds and a number of other investment companies.
* In the same section, BISYS Fund Services will act as
Shareholder Servicing Agent to the Funds and the section will
read as follows:
The Adviser and BISYS Fund Services act as Shareholder
Servicing Agents to the Funds.
* The information on the back cover will be replaced with the following:
DISTRIBUTOR: ADMINISTRATOR:
BISYS Fund Services BISYS Fund Services Ohio, Inc.
3435 Stelzer Road 3435 Stelzer Road
Columbus, OH 43219 Columbus, OH 43219
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OLD WESTBURY FUNDS, INC.
OLD WESTBURY CORE EQUITIES FUND
OLD WESTBURY CAPITAL OPPORTUNITY FUND
(FORMERLY OLD WESTBURY GROWTH OPPORTUNITY FUND)
OLD WESTBURY INTERNATIONAL FUND
OLD WESTBURY FIXED INCOME FUND
OLD WESTBURY MUNICIPAL BOND FUND
SUPPLEMENT DATED SEPTEMBER 1, 2000
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED FEBRUARY 29, 2000
(REVISED MAY 31, 2000)
Effective September 1, 2000, BISYS Fund Services will act as
the Funds' Distributor and Shareholder Servicing Agent, and BISYS Fund Services
Ohio, Inc. will act as the Funds' Administrator.
In connection with these changes, the following revisions are
made:
* In the section "WHO MANAGES AND PROVIDES SERVICES TO THE FUNDS -
OFFICERS AND DIRECTORS" (page 21), the last sentence of the first
paragraph is changed to reflect that BISYS Fund Services Ohio, Inc.
will replace Federated Administrative Services as the Funds'
Administrator and the section will read as follows:
Unless otherwise indicated, the address of each Director and
officer is Old Westbury Funds, Inc.,
c/o BISYS Fund Services Ohio, Inc., 3435 Stelzer Road,
Columbus, Ohio 43219.
* In the same section, under "ADMINISTRATOR" (page 23), BISYS Fund
Services Ohio, Inc. will replace Federated Administrative Services as
the Funds' Administrator and the section will read as follows:
BISYS Fund Services Ohio, Inc. provides all management and
administrative services reasonably necessary for each Fund,
other than those provided by the Adviser, subject to the
supervision of the Board of Directors for a fee at an annual
rate as specified below:
<TABLE>
<CAPTION>
Maximum Administrative Fee Average Aggregate Daily Net Assets of the Funds
-------------------------- -----------------------------------------------
<S> <C> <C>
0.12 of 1% of the first $450 million
0.10 of 1% of the next $300 million
0.075 of 1% of the next $750 million
0.05 of 1% of assets in excess of $1.5 billion
</TABLE>
BISYS Fund Services Ohio, Inc. may choose voluntarily to
reimburse a portion of its fee at any time.
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The functions performed by BISYS Fund Services Ohio, Inc. as
administrator include, but are not limited to the following:
prepare and file with the SEC and state regulatory
authorities the Funds' registration statement and all
amendments, and any other documents required for the
Funds to make a continuous offering of their shares;
administer contracts on behalf of the Funds;
prepare financial reports; and
coordinate and supervise filing of federal and
state tax returns.
* In the same section, under "DISTRIBUTION AND SERVICE PLAN" (page 24),
BISYS Fund Services will replace Edgewood Services Inc. as the Funds'
Distributor and Shareholder Servicing Agent.
