                         1. UNITED STATES OMB APPROVAL
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                (Amendment No. 1)


                           CARAUSTAR INDUSTRIES, INC.
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                                  COMMON STOCK
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    140909102
- --------------------------------------------------------------------------------
                                 (CUSIP Number)


                                 March 31, 2007
- --------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                                [X] Rule 13d-1(b)
                                [ ] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).




                                  Page 1 of 8
<PAGE>


- -------------------                                            -----------------
CUSIP No. 140909102                   13G                      Page 2 of 8 Pages
- -------------------                                            -----------------

- ----------------- --------------------------------------------------------------
       1          NAME OF REPORTING PERSON
                  S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  THE BESSEMER GROUP, INCORPORATED*
                  13-3093730
- ----------------- --------------------------------------------------------------
       2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
- ----------------- --------------------------------------------------------------
       3          SEC USE ONLY

- ----------------- --------------------------------------------------------------
       4          CITIZENSHIP OR PLACE OF ORGANIZATION

                  Delaware
- ----------------- --------------------------------------------------------------
                       5         SOLE VOTING POWER
    NUMBER OF
                                  -0-
     SHARES
                  -------------- -----------------------------------------------
  BENEFICIALLY         6         SHARED VOTING POWER

    OWNED BY                      3,135,800 shs.
                  -------------- -----------------------------------------------
      EACH             7         SOLE DISPOSITIVE POWER

    REPORTING                     -0-
                  -------------- -----------------------------------------------
      WITH             8         SHARED DISPOSITIVE POWER

                                  3,135,800 shs.
- ----------------- --------------------------------------------------------------
       9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  3,135,800 shs.
- ----------------- --------------------------------------------------------------
       10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
                  SHARES*
                                                                          [ ]
- ----------------- --------------------------------------------------------------
       11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                  10.77%
- ----------------- --------------------------------------------------------------
       12         TYPE OF REPORTING PERSON*

                  HC
- ----------------- --------------------------------------------------------------
*The shares reported on this page are the aggregate of the shares reported on
pages 3 and 4, as The Bessemer Group, Incorporated is the parent of the other
reporting persons.

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                  Page 2 of 8
<PAGE>


- -------------------                                            -----------------
CUSIP No. 140909102                   13G                      Page 3 of 8 Pages
- -------------------                                            -----------------

- ----------------- --------------------------------------------------------------
       1          NAME OF REPORTING PERSON
                  S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  BESSEMER TRUST COMPANY, N.A.*
                  13-2792165
- ----------------- --------------------------------------------------------------
       2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
- ----------------- --------------------------------------------------------------
       3          SEC USE ONLY

- ----------------- --------------------------------------------------------------
       4          CITIZENSHIP OR PLACE OF ORGANIZATION

                  U.S.A.
- ----------------- --------------------------------------------------------------
                       5         SOLE VOTING POWER
    NUMBER OF
                                  -0-
     SHARES
                  -------------- -----------------------------------------------
  BENEFICIALLY         6         SHARED VOTING POWER

    OWNED BY                      3,135,800 shs.
                  -------------- -----------------------------------------------
      EACH             7         SOLE DISPOSITIVE POWER

    REPORTING                     -0-
                  -------------- -----------------------------------------------
      WITH             8         SHARED DISPOSITIVE POWER

                                  3,135,800 shs.
- ----------------- --------------------------------------------------------------
       9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  3,135,800 shs.
- ----------------- --------------------------------------------------------------
       10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
                  SHARES*
                                                                          [ ]
- ----------------- --------------------------------------------------------------
       11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                  10.77%
- ----------------- --------------------------------------------------------------
       12         TYPE OF REPORTING PERSON*

                  BK
- ----------------- --------------------------------------------------------------
*The shares reported on this page include the shares reported on page 4, as
Bessemer Trust Company, N.A. is the parent of the other reporting person.

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                  Page 3 of 8
<PAGE>


- -------------------                                            -----------------
CUSIP No. 140909102                   13G                      Page 4 of 8 Pages
- -------------------                                            -----------------


- ----------------- --------------------------------------------------------------
       1          NAME OF REPORTING PERSON
                  S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  BESSEMER INVESTMENT MANAGEMENT LLC*
                  52-2303291
- ----------------- --------------------------------------------------------------
       2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
- ----------------- --------------------------------------------------------------
       3          SEC USE ONLY

- ----------------- --------------------------------------------------------------
       4          CITIZENSHIP OR PLACE OF ORGANIZATION

                  Delaware
- ----------------- --------------------------------------------------------------
                       5         SOLE VOTING POWER
    NUMBER OF
                                  3,135,800 shs.
     SHARES
                  -------------- -----------------------------------------------
  BENEFICIALLY         6         SHARED VOTING POWER

    OWNED BY                      -0- shs.
                  -------------- -----------------------------------------------
      EACH             7         SOLE DISPOSITIVE POWER

    REPORTING                     3,135,800 shs.
                  -------------- -----------------------------------------------
      WITH             8         SHARED DISPOSITIVE POWER

                                  -0- shs.
- ----------------- --------------------------------------------------------------
       9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  3,135,800 shs.
- ----------------- --------------------------------------------------------------
       10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
                  SHARES*
                                                                          [ ]
- ----------------- --------------------------------------------------------------
       11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                  10.77%
- ----------------- --------------------------------------------------------------
       12         TYPE OF REPORTING PERSON*

                  IA
- ----------------- --------------------------------------------------------------
*The shares reported on this page are the same shares reported on page 5, as
Bessemer Investment Management LLC is the investment adviser of the other
reporting person.

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!


                                  Page 4 of 8
<PAGE>


- -------------------                                            -----------------
CUSIP No. 140909102                   13G                      Page 5 of 8 Pages
- -------------------                                            -----------------


- ----------------- --------------------------------------------------------------
       1          NAME OF REPORTING PERSON
                  S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  OLD WESTBURY REAL RETURN FUND
                  20-2413510
- ----------------- --------------------------------------------------------------
       2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                      (a) [ ]
                                                                      (b) [X]
- ----------------- --------------------------------------------------------------
       3          SEC USE ONLY

- ----------------- --------------------------------------------------------------
       4          CITIZENSHIP OR PLACE OF ORGANIZATION

                  Maryland
- ----------------- --------------------------------------------------------------
                       5         SOLE VOTING POWER
    NUMBER OF
                                  3,135,800 shs.
     SHARES
                  -------------- -----------------------------------------------
  BENEFICIALLY         6         SHARED VOTING POWER

    OWNED BY                      -0- shs.
                  -------------- -----------------------------------------------
      EACH             7         SOLE DISPOSITIVE POWER

    REPORTING                     3,135,800 shs.
                  -------------- -----------------------------------------------
      WITH             8         SHARED DISPOSITIVE POWER

                                  -0- shs.
- ----------------- --------------------------------------------------------------
       9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  3,135,800 shs.
- ----------------- --------------------------------------------------------------
       10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
                  SHARES*
                                                                          [ ]
- ----------------- --------------------------------------------------------------
       11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                  10.77%
- ----------------- --------------------------------------------------------------
       12         TYPE OF REPORTING PERSON*

                  IV
- ----------------- --------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!



                                  Page 5 of 8
<PAGE>


Item 1.

(a) Name of Issuer:

         Caraustar Industries, Inc.

(b) Address of Issuer's Principal Executive Offices:

         5000 Austell Powder Springs Road
         Suite 300
         Austell, Georgia   30106


Item 2.

(a), (b) and (c) Name of Persons Filing, Address of Principal Business
Office and Citizenship:

         The Bessemer Group, Incorporated ("BGI") as a parent holding company,
Bessemer Trust Company, N.A. ("BTNA") as a parent, Bessemer Investment
Management LLC ("BIM") and Old Westbury Real Return Fund ("OWRRF"). BTNA is
wholly-owned by BGI. BIM is a wholly owned subsidiary of BTNA and is the
investment advisor to OWRRF. BTNA may be deemed to control BIM and BIM may be
deemed to control OWRRF.

         BTNA is a trust company that manages accounts for the benefit of
others. BIM is a registered investment advisor that furnishes investment
advisory services to OWRRF. The holder of the securities referred to in this
statement is OWRRF.

         BGI has its principal business office at 100 Woodbridge Center Drive,
Woodbridge, New Jersey 07095-0980. BTNA and BIM each has its principal office at
630 Fifth Avenue, New York, New York 10111. OWRRF has its principal business
office at 760 Moore Road, King of Prussia, Pennsylvania 19406.

         BGI is a corporation organized under the laws of Delaware. BTNA is a
national bank organized under the laws of the United States of America. BIM is a
corporation organized under the laws of Delaware. OWRRF is a series of Old
Westbury Funds, Inc., a Maryland corporation and an open-end, management
investment company registered under the Investment Company Act of 1940.

(d) Title of Class of Securities:

         Common Stock

(e) CUSIP Number:

         140909102


Item 3.  If this statement is filed pursuant to Rule 13d-1(b), or 13d-2(b)
         or (c), check whether the person filing is a:

         (a), (c), (f), (h), (i) and (j) not applicable.

         (b)  [X] Bank as defined in section 3(a)(6) of the Securities Exchange
              Act of 1934, as to BTNA.



                                  Page 6 of 8
<PAGE>


         (d)  [X] Investment company registered under Section 8 of the
              Investment Company Act of 1940, as to OWRRF.

         (e)  [X] Investment adviser in accordance with Rule13d-1(b)(1)(ii)(E),
              as to BIM.

         (g)  [X] Parent holding company or control person, in accordance with
              Rule 13d-1(b)(1)(ii)(G), as to BGI.

Item 4.  Ownership

         Items 5 through 9 and Item 11 of Pages 2 through 5 of this Statement
are incorporated herein by reference.


Item 5.  Ownership of Five Percent or Less of a Class

         Not applicable.


Item 6.  Ownership of More than Five Percent on Behalf of Another Person

         Not applicable.


Item 7.  Identification and Classification of the Subsidiary Which Acquired the
         Security Being Reported on By the Parent Holding Company

         Items 1 and 12 of pages 3 through 5 of this Statement are incorporated
herein by reference.


Item 8.  Identification and Classification of Members of the Group

         Not applicable.


Item 9.  Notice of Dissolution of Group

         Not applicable.


Item 10.  Certification

         By signing below, the undersigned certify that, to the best of the
knowledge and belief of the undersigned, the securities referred to above were
acquired and are held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of such securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.



                                  Page 7 of 8
<PAGE>


Item 11.  Signatures

         After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.

Dated:   June 20, 2007


                                       THE BESSEMER GROUP, INCORPORATED

                                       By:     /s/ Steven L. Williamson
                                          --------------------------------------
                                          Name:   Steven L. Williamson
                                          Title:  Managing Director


                                       BESSEMER TRUST COMPANY, N.A.

                                       By:     /s/ Steven L. Williamson
                                          --------------------------------------
                                          Name:   Steven L. Williamson
                                          Title:  Managing Director


                                       BESSEMER INVESTMENT MANAGEMENT LLC

                                       By:     /s/ Steven L. Williamson
                                          --------------------------------------
                                          Name:   Steven L. Williamson
                                          Title:  Managing Director



                                       OLD WESTBURY REAL RETURN FUND
                                       By:  BESSEMER INVESTMENT MANAGEMENT LLC

                                       By:     /s/ Steven L. Williamson
                                          --------------------------------------
                                          Name:   Steven L. Williamson
                                          Title:  Managing Director




                                  Page 8 of 8
