INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders, Old Westbury Funds, Inc.:
In planning and performing our audits of the financial statements of
Old Westbury Funds, Inc. (the "Funds") (Comprising, respectively,
Core Equities Fund, Capital Opportunity Fund, International Fund,
Fixed Income Fund and Municipal Bond Fund) for the year ended
October 31, 2000 (on which we have issued our report dated
December 20, 2000), we considered its internal control, including
control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the Funds' internal
control.
The management of the Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are fairly
presented in conformity with accounting principles generally accepted
in the United States of America. Those controls include the
safeguarding of assets against unauthorized acquisition, use,
or disposition.
Because of inherent limitations in any internal control, misstatements
due to error or fraud may occur and not be detected. Also,
projections of any evaluation of internal control to future periods
are subject to the risk that the internal control may become inadequate
because of changes in conditions or that the degree of compliance
with policies or procedures may deteriorate.
Our consideration of the Funds' internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a condition
in which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However,
we noted no matters involving the Funds' internal control and its
operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as
of October 31, 2000.
This report is intended solely for the information and use of
management, the Board of Directors of Old Westbury Funds, Inc.
and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.
DELOITTE & TOUCHE LLP
December 20, 2000
