Cavanal Hill Funds 提交截至2026年8月31日的年度股东报告
Cavanal Hill Funds (0000864508) (Filer)
Cavanal Hill Funds提交了截至2026年8月31日的年度股东报告节选，涵盖多只基金的业绩、费用、持仓和财务状况。所列基金表现不一：World Energy & Power Fund机构份额年度回报为38.59%，低于MSCI World Energy Index的43.07%；Bond Fund机构类份额回报为2.04%，高于彭博美国综合债券指数的1.89%。
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-06114
Cavanal Hill Funds
(Exact name of registrant as specified in charter)
4400 Easton Commons, Suite 200, Columbus, OH 43219
(Address of principal executive offices) (Zip code)
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800)-762-7085
Date of fiscal year end: August 31
Date of reporting period: August 31, 2026
Item 1. Reports to Stockholders.
A Shares
AABOX
Bond Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Bond Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
A Shares | $75 | 0.74% |
How did the Fund perform last year?
The Bond Fund had a lower-than-benchmark duration for most of the year. We favored mortgage-backed securities (MBS) and asset-backed securities (ABS). We overweighted credit risk and illiquidity risk to capture the yield premium. The Fund’s institutional shares outperformed the benchmark. The Fund’s lower duration for most of the year, and an underweight to government sectors were positives. Exposure to shorter-dated ABS with higher spreads helped bolster the yield.
The largest contributor was exposure to ABS and to agency MBS. Our underweight to Treasuries also contributed. Our exposure to longer duration in Treasuries detracted from performance. The short duration nature of our non-agency MBS holdings detracted as yields rose more sharply on the short end of the yield curve on expectations of multiple Fed rate hikes. We are keeping duration in line with the index for now. We continue to favor being overweight credit vs government, and exposure to illiquidity risk. A meaningful move above 5% for 10-year U.S. Treasuries would spur us to add duration. Markets remain highly liquid, reducing the cost of illiquidity exposure.
Value of a $10,000 Investment
Bond Fund (A Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $9,955 | $10,049 | $10,116 |
Aug 18 | $9,823 | $9,944 | $10,005 |
Aug 19 | $10,719 | $10,955 | $11,022 |
Aug 20 | $11,262 | $11,664 | $11,779 |
Aug 21 | $11,302 | $11,655 | $11,922 |
Aug 22 | $9,988 | $10,313 | $10,506 |
Aug 23 | $9,846 | $10,189 | $10,428 |
Aug 24 | $10,588 | $10,933 | $11,260 |
Aug 25 | $10,850 | $11,276 | $11,657 |
Aug 26 | $11,056 | $11,489 | $11,883 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | 1.90% | -0.44% | 1.01% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.40% |
Lipper Core Bond Funds Average | 1.94% | -0.07% | 1.74% |
Fund Statistics
Net Assets | $108,360,687 |
|---|---|
Number of Portfolio Holdings | 156 |
Net Investment Advisory Fees | $217,483 |
Portfolio Turnover Rate | 39% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | 11.1% |
|---|---|
U.S. Treasury Notes | 5.4% |
U.S. Treasury Bonds | 2.6% |
Broadcom, Inc. | 1.5% |
The University of Oklahoma Revenue, Series A | 1.5% |
Fannie Mae REMIC, Series 2023-16, Class VE | 1.4% |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | 1.4% |
Salesforce, Inc. | 1.4% |
Bank of America Corp. | 1.4% |
Helmerich & Payne, Inc. | 1.3% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB+ | 2.2% |
A | 2.4% |
AAA | 2.7% |
A+ | 4.8% |
A- | 5.0% |
BBB | 6.5% |
AA+ | 17.3% |
NR | 26.5% |
A-1+ | 28.2% |
Other | 4.0% |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | 13.6% |
|---|---|
Mortgage-Backed Securities | 29.2% |
Commercial Mortgage-Backed Securities | 3.7% |
Corporate Bonds | 25.8% |
Taxable Municipal Bonds | 5.6% |
U.S. Government Agency Securities | 0.8% |
U.S. Treasury Obligations | 19.1% |
Yankee Debt Obligations | 1.0% |
Investment in Affiliates | 0.8% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
A Shares
AABOX
Bond Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
AIBNX
Bond Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Bond Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $50 | 0.49% |
How did the Fund perform last year?
The Bond Fund had a lower-than-benchmark duration for most of the year. We favored mortgage-backed securities (MBS) and asset-backed securities (ABS). We overweighted credit risk and illiquidity risk to capture the yield premium. The Fund’s institutional shares outperformed the benchmark. The Fund’s lower duration for most of the year, and an underweight to government sectors were positives. Exposure to shorter-dated ABS with higher spreads helped bolster the yield.
The largest contributor was exposure to ABS and to agency MBS. Our underweight to Treasuries also contributed. Our exposure to longer duration in Treasuries detracted from performance. The short duration nature of our non-agency MBS holdings detracted as yields rose more sharply on the short end of the yield curve on expectations of multiple Fed rate hikes. We are keeping duration in line with the index for now. We continue to favor being overweight credit vs government, and exposure to illiquidity risk. A meaningful move above 5% for 10-year U.S. Treasuries would spur us to add duration. Markets remain highly liquid, reducing the cost of illiquidity exposure.
Value of a $10,000 Investment
Bond Fund (Institutional Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $9,959 | $10,049 | $10,116 |
Aug 18 | $9,862 | $9,944 | $10,005 |
Aug 19 | $10,777 | $10,955 | $11,022 |
Aug 20 | $11,352 | $11,664 | $11,779 |
Aug 21 | $11,409 | $11,655 | $11,922 |
Aug 22 | $10,115 | $10,313 | $10,506 |
Aug 23 | $9,995 | $10,189 | $10,428 |
Aug 24 | $10,775 | $10,933 | $11,260 |
Aug 25 | $11,069 | $11,276 | $11,657 |
Aug 26 | $11,294 | $11,489 | $11,883 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | 2.04% | -0.20% | 1.22% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.40% |
Lipper Core Bond Funds Average | 1.94% | -0.07% | 1.74% |
Fund Statistics
Net Assets | $108,360,687 |
|---|---|
Number of Portfolio Holdings | 156 |
Net Investment Advisory Fees | $217,483 |
Portfolio Turnover Rate | 39% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | 11.1% |
|---|---|
U.S. Treasury Notes | 5.4% |
U.S. Treasury Bonds | 2.6% |
Broadcom, Inc. | 1.5% |
The University of Oklahoma Revenue, Series A | 1.5% |
Fannie Mae REMIC, Series 2023-16, Class VE | 1.4% |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | 1.4% |
Salesforce, Inc. | 1.4% |
Bank of America Corp. | 1.4% |
Helmerich & Payne, Inc. | 1.3% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB+ | 2.2% |
A | 2.4% |
AAA | 2.7% |
A+ | 4.8% |
A- | 5.0% |
BBB | 6.5% |
AA+ | 17.3% |
NR | 26.5% |
A-1+ | 28.2% |
Other | 4.0% |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | 13.6% |
|---|---|
Mortgage-Backed Securities | 29.2% |
Commercial Mortgage-Backed Securities | 3.7% |
Corporate Bonds | 25.8% |
Taxable Municipal Bonds | 5.6% |
U.S. Government Agency Securities | 0.8% |
U.S. Treasury Obligations | 19.1% |
Yankee Debt Obligations | 1.0% |
Investment in Affiliates | 0.8% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
AIBNX
Bond Fund
Annual Shareholder Report
August 31, 2026
Investor Shares
APBDX
Bond Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Bond Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $75 | 0.74% |
How did the Fund perform last year?
The Bond Fund had a lower-than-benchmark duration for most of the year. We favored mortgage-backed securities (MBS) and asset-backed securities (ABS). We overweighted credit risk and illiquidity risk to capture the yield premium. The Fund’s institutional shares outperformed the benchmark. The Fund’s lower duration for most of the year, and an underweight to government sectors were positives. Exposure to shorter-dated ABS with higher spreads helped bolster the yield.
The largest contributor was exposure to ABS and to agency MBS. Our underweight to Treasuries also contributed. Our exposure to longer duration in Treasuries detracted from performance. The short duration nature of our non-agency MBS holdings detracted as yields rose more sharply on the short end of the yield curve on expectations of multiple Fed rate hikes. We are keeping duration in line with the index for now. We continue to favor being overweight credit vs government, and exposure to illiquidity risk. A meaningful move above 5% for 10-year U.S. Treasuries would spur us to add duration. Markets remain highly liquid, reducing the cost of illiquidity exposure.
Value of a $10,000 Investment
Bond Fund (Investor Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $9,943 | $10,049 | $10,116 |
Aug 18 | $9,810 | $9,944 | $10,005 |
Aug 19 | $10,690 | $10,955 | $11,022 |
Aug 20 | $11,231 | $11,664 | $11,779 |
Aug 21 | $11,271 | $11,655 | $11,922 |
Aug 22 | $9,961 | $10,313 | $10,506 |
Aug 23 | $9,819 | $10,189 | $10,428 |
Aug 24 | $10,559 | $10,933 | $11,260 |
Aug 25 | $10,820 | $11,276 | $11,657 |
Aug 26 | $11,013 | $11,489 | $11,883 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | 1.79% | -0.46% | 0.97% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.40% |
Lipper Core Bond Funds Average | 1.94% | -0.07% | 1.74% |
Fund Statistics
Net Assets | $108,360,687 |
|---|---|
Number of Portfolio Holdings | 156 |
Net Investment Advisory Fees | $217,483 |
Portfolio Turnover Rate | 39% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | 11.1% |
|---|---|
U.S. Treasury Notes | 5.4% |
U.S. Treasury Bonds | 2.6% |
Broadcom, Inc. | 1.5% |
The University of Oklahoma Revenue, Series A | 1.5% |
Fannie Mae REMIC, Series 2023-16, Class VE | 1.4% |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | 1.4% |
Salesforce, Inc. | 1.4% |
Bank of America Corp. | 1.4% |
Helmerich & Payne, Inc. | 1.3% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB+ | 2.2% |
A | 2.4% |
AAA | 2.7% |
A+ | 4.8% |
A- | 5.0% |
BBB | 6.5% |
AA+ | 17.3% |
NR | 26.5% |
A-1+ | 28.2% |
Other | 4.0% |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | 13.6% |
|---|---|
Mortgage-Backed Securities | 29.2% |
Commercial Mortgage-Backed Securities | 3.7% |
Corporate Bonds | 25.8% |
Taxable Municipal Bonds | 5.6% |
U.S. Government Agency Securities | 0.8% |
U.S. Treasury Obligations | 19.1% |
Yankee Debt Obligations | 1.0% |
Investment in Affiliates | 0.8% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Investor Shares
APBDX
Bond Fund
Annual Shareholder Report
August 31, 2026
Administrative Shares
APCXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Government Securities Money Market Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Administrative Shares | $68 | 0.67% |
How did the Fund perform last year?
During the second quarter of 2026, we became more focused on liquidity and rolling short-term maturities as market dynamics led to increasing yields. We allowed weighted average maturity to decrease naturally. As pressure increased on the Federal Reserve to raise its policy rate, we lowered our overall portfolio duration. The Select shares of our Government Securities Money Market Fund were ranked 43rd percentile by Lipper for the final three months of the period while the Administrative shares of our U.S. Treasury Fund were ranked 86th percentile. Instead of extending duration late in that quarter, we invested in repurchase agreements to position the funds to quickly take advantage of any rate hike. We increased SEC yield by 9 and 5 basis points, respectively, by well-timed adjustments in yield curve positions. Interest rate cuts were priced into the market early in 2026. Purchases made during that period created a slight yield drag. Three more interest rate hikes are priced into the market through 2027, but we still think it is early to extend duration. We are positioned shorter, with more flexibility, than peers.
Value of a $10,000 Investment
Government Securities Money Market Fund (Administrative Shares) | |
|---|---|
Aug 16 | $10,000 |
Aug 17 | $10,014 |
Aug 18 | $10,105 |
Aug 19 | $10,284 |
Aug 20 | $10,348 |
Aug 21 | $10,349 |
Aug 22 | $10,378 |
Aug 23 | $10,779 |
Aug 24 | $11,296 |
Aug 25 | $11,744 |
Aug 26 | $12,113 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Administrative Shares | 3.14% | 3.20% | 1.94% |
Fund Statistics
Net Assets | $3,330,015,450 |
|---|---|
Number of Portfolio Holdings | 80 |
Net Investment Advisory Fees | $1,658,716 |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Home Loan Banks | 1.8% |
|---|---|
Federal Home Loan Banks | 1.7% |
Federal Home Loan Banks | 1.5% |
U.S. Treasury Notes | 1.5% |
Federal Home Loan Banks | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
NR | 5.9% |
A-1+ | 95.5% |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | 53.1% |
|---|---|
U.S. Treasury Obligations | 9.8% |
Repurchase Agreements | 32.6% |
Investment Companies | 5.9% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Administrative Shares
APCXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
APHXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Government Securities Money Market Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $25 | 0.25% |
How did the Fund perform last year?
During the second quarter of 2026, we became more focused on liquidity and rolling short-term maturities as market dynamics led to increasing yields. We allowed weighted average maturity to decrease naturally. As pressure increased on the Federal Reserve to raise its policy rate, we lowered our overall portfolio duration. The Select shares of our Government Securities Money Market Fund were ranked 43rd percentile by Lipper for the final three months of the period while the Administrative shares of our U.S. Treasury Fund were ranked 86th percentile. Instead of extending duration late in that quarter, we invested in repurchase agreements to position the funds to quickly take advantage of any rate hike. We increased SEC yield by 9 and 5 basis points, respectively, by well-timed adjustments in yield curve positions. Interest rate cuts were priced into the market early in 2026. Purchases made during that period created a slight yield drag. Three more interest rate hikes are priced into the market through 2027, but we still think it is early to extend duration. We are positioned shorter, with more flexibility, than peers.
Value of a $10,000 Investment
Government Securities Money Market Fund (Institutional Shares) | |
|---|---|
Aug 16 | $10,000 |
Aug 17 | $10,038 |
Aug 18 | $10,158 |
Aug 19 | $10,368 |
Aug 20 | $10,452 |
Aug 21 | $10,453 |
Aug 22 | $10,492 |
Aug 23 | $10,931 |
Aug 24 | $11,504 |
Aug 25 | $12,010 |
Aug 26 | $12,439 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | 3.57% | 3.54% | 2.21% |
Fund Statistics
Net Assets | $3,330,015,450 |
|---|---|
Number of Portfolio Holdings | 80 |
Net Investment Advisory Fees | $1,658,716 |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Home Loan Banks | 1.8% |
|---|---|
Federal Home Loan Banks | 1.7% |
Federal Home Loan Banks | 1.5% |
U.S. Treasury Notes | 1.5% |
Federal Home Loan Banks | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
NR | 5.9% |
A-1+ | 95.5% |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | 53.1% |
|---|---|
U.S. Treasury Obligations | 9.8% |
Repurchase Agreements | 32.6% |
Investment Companies | 5.9% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
APHXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
Premier Shares
APPXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Government Securities Money Market Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Premier Shares | $68 | 0.67% |
How did the Fund perform last year?
During the second quarter of 2026, we became more focused on liquidity and rolling short-term maturities as market dynamics led to increasing yields. We allowed weighted average maturity to decrease naturally. As pressure increased on the Federal Reserve to raise its policy rate, we lowered our overall portfolio duration. The Select shares of our Government Securities Money Market Fund were ranked 43rd percentile by Lipper for the final three months of the period while the Administrative shares of our U.S. Treasury Fund were ranked 86th percentile. Instead of extending duration late in that quarter, we invested in repurchase agreements to position the funds to quickly take advantage of any rate hike. We increased SEC yield by 9 and 5 basis points, respectively, by well-timed adjustments in yield curve positions. Interest rate cuts were priced into the market early in 2026. Purchases made during that period created a slight yield drag. Three more interest rate hikes are priced into the market through 2027, but we still think it is early to extend duration. We are positioned shorter, with more flexibility, than peers.
Value of a $10,000 Investment
Government Securities Money Market Fund (Premier Shares) | |
|---|---|
Aug 16 | $10,000 |
Aug 17 | $10,041 |
Aug 18 | $10,164 |
Aug 19 | $10,377 |
Aug 20 | $10,464 |
Aug 21 | $10,465 |
Aug 22 | $10,505 |
Aug 23 | $10,940 |
Aug 24 | $11,464 |
Aug 25 | $11,918 |
Aug 26 | $12,293 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Premier Shares | 3.14% | 3.27% | 2.09% |
Fund Statistics
Net Assets | $3,330,015,450 |
|---|---|
Number of Portfolio Holdings | 80 |
Net Investment Advisory Fees | $1,658,716 |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Home Loan Banks | 1.8% |
|---|---|
Federal Home Loan Banks | 1.7% |
Federal Home Loan Banks | 1.5% |
U.S. Treasury Notes | 1.5% |
Federal Home Loan Banks | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
NR | 5.9% |
A-1+ | 95.5% |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | 53.1% |
|---|---|
U.S. Treasury Obligations | 9.8% |
Repurchase Agreements | 32.6% |
Investment Companies | 5.9% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Premier Shares
APPXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
Select Shares
APSXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Government Securities Money Market Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Select Shares | $17 | 0.17% |
How did the Fund perform last year?
During the second quarter of 2026, we became more focused on liquidity and rolling short-term maturities as market dynamics led to increasing yields. We allowed weighted average maturity to decrease naturally. As pressure increased on the Federal Reserve to raise its policy rate, we lowered our overall portfolio duration. The Select shares of our Government Securities Money Market Fund were ranked 43rd percentile by Lipper for the final three months of the period while the Administrative shares of our U.S. Treasury Fund were ranked 86th percentile. Instead of extending duration late in that quarter, we invested in repurchase agreements to position the funds to quickly take advantage of any rate hike. We increased SEC yield by 9 and 5 basis points, respectively, by well-timed adjustments in yield curve positions. Interest rate cuts were priced into the market early in 2026. Purchases made during that period created a slight yield drag. Three more interest rate hikes are priced into the market through 2027, but we still think it is early to extend duration. We are positioned shorter, with more flexibility, than peers.
Value of a $10,000 Investment
Government Securities Money Market Fund (Select Shares) | |
|---|---|
Sep 16 | $10,000 |
Aug 17 | $10,045 |
Aug 18 | $10,173 |
Aug 19 | $10,391 |
Aug 20 | $10,484 |
Aug 21 | $10,485 |
Aug 22 | $10,527 |
Aug 23 | $10,977 |
Aug 24 | $11,561 |
Aug 25 | $12,079 |
Aug 26 | $12,520 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Select Shares | 3.66% | 3.61% | 2.29% |
Fund Statistics
Net Assets | $3,330,015,450 |
|---|---|
Number of Portfolio Holdings | 80 |
Net Investment Advisory Fees | $1,658,716 |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Federal Home Loan Banks | 1.8% |
|---|---|
Federal Home Loan Banks | 1.7% |
Federal Home Loan Banks | 1.5% |
U.S. Treasury Notes | 1.5% |
Federal Home Loan Banks | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Federal Farm Credit Banks Funding Corp. | 1.5% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
NR | 5.9% |
A-1+ | 95.5% |
Portfolio Composition
(as a % of Net Assets)
U.S. Government Agency Securities | 53.1% |
|---|---|
U.S. Treasury Obligations | 9.8% |
Repurchase Agreements | 32.6% |
Investment Companies | 5.9% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Select Shares
APSXX
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2026
A Shares
AALIX
Hedged Equity Income Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Hedged Equity Income Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
A Shares | $143 | 1.35% |
How did the Fund perform last year?
Our options overlay balances risk and reward. The Fund’s put options lower volatility relative to the broader market while our disciplined approach to call writing helps preserve upside capture during rallies. The Fund underperformed its benchmark by more than 700 basis points. The Fund tends to underweight the low-yielding information technology (IT) sector because of our mandate to generate meaningful dividend income. This detracted, particularly during the second quarter of 2026, when IT stocks returned more than 40%, vastly outperforming the S&P 500 Index and our benchmark.
Performance benefited from stock picking in the IT and consumer discretionary sectors, while stock picking in the energy, communication services, and financials sectors detracted. We believe markets and the economy are at a crossroads. Longer term, the AI capital expenditure supercycle should continue to support economic growth, particularly in the U.S. In the near term, however, a major risk looms as oil prices and general inflation trend higher as a result of the war in Iran. As such, the Fund’s positioning reflects a relatively neutral outlook.
Value of a $10,000 Investment
Hedged Equity Income Fund (A Shares) | S&P 500® Index | CBOE S&P 500® BuyWrite Index | |
|---|---|---|---|
Dec 20 | $10,000 | $10,000 | $10,000 |
Aug 21 | $10,877 | $12,227 | $11,494 |
Aug 22 | $10,170 | $10,855 | $10,735 |
Aug 23 | $10,852 | $12,585 | $11,812 |
Aug 24 | $11,977 | $16,000 | $13,413 |
Aug 25 | $13,751 | $18,541 | $14,449 |
Aug 26 | $15,333 | $22,320 | $17,239 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
A Shares | 11.51% | 7.11% | 7.82% |
S&P 500® Index | 20.38% | 12.79% | 15.20% |
CBOE S&P 500® BuyWrite Index | 19.31% | 8.45% | 10.07% |
Fund Statistics
Net Assets | $34,072,219 |
|---|---|
Number of Portfolio Holdings | 69 |
Net Investment Advisory Fees | $157,938 |
Portfolio Turnover Rate | 41% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Alphabet, Inc., Class C | 6.0% |
|---|---|
NVIDIA Corp. | 5.9% |
Apple, Inc. | 5.9% |
Phillips 66 | 5.4% |
Cisco Systems, Inc. | 4.6% |
Microsoft Corp. | 4.3% |
Morgan Stanley | 4.2% |
Amazon.com, Inc. | 3.9% |
Broadcom, Inc. | 3.6% |
Truist Financial Corp. | 3.4% |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Materials | 2.6% |
Consumer Staples | 4.8% |
Communication Services | 7.0% |
Energy | 7.1% |
Health Care | 7.4% |
Consumer Discretionary | 8.6% |
Industrials | 11.8% |
Financials | 14.4% |
Information Technology | 32.2% |
Other | 3.5% |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | 97.8% |
|---|---|
Purchased Options | 0.7% |
Investment in Affiliates | 1.6% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
A Shares
AALIX
Hedged Equity Income Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
AILIX
Hedged Equity Income Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Hedged Equity Income Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $116 | 1.10% |
How did the Fund perform last year?
Our options overlay balances risk and reward. The Fund’s put options lower volatility relative to the broader market while our disciplined approach to call writing helps preserve upside capture during rallies. The Fund underperformed its benchmark by more than 700 basis points. The Fund tends to underweight the low-yielding information technology (IT) sector because of our mandate to generate meaningful dividend income. This detracted, particularly during the second quarter of 2026, when IT stocks returned more than 40%, vastly outperforming the S&P 500 Index and our benchmark.
Performance benefited from stock picking in the IT and consumer discretionary sectors, while stock picking in the energy, communication services, and financials sectors detracted. We believe markets and the economy are at a crossroads. Longer term, the AI capital expenditure supercycle should continue to support economic growth, particularly in the U.S. In the near term, however, a major risk looms as oil prices and general inflation trend higher as a result of the war in Iran. As such, the Fund’s positioning reflects a relatively neutral outlook.
Value of a $10,000 Investment
Hedged Equity Income Fund (Institutional Shares) | S&P 500® Index | CBOE S&P 500® BuyWrite Index | |
|---|---|---|---|
Dec 20 | $10,000 | $10,000 | $10,000 |
Aug 21 | $10,904 | $12,227 | $11,494 |
Aug 22 | $10,216 | $10,855 | $10,735 |
Aug 23 | $10,923 | $12,585 | $11,812 |
Aug 24 | $12,106 | $16,000 | $13,413 |
Aug 25 | $13,921 | $18,541 | $14,449 |
Aug 26 | $15,562 | $22,320 | $17,239 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | 11.78% | 7.37% | 8.11% |
S&P 500® Index | 20.38% | 12.79% | 15.20% |
CBOE S&P 500® BuyWrite Index | 19.31% | 8.45% | 10.07% |
Fund Statistics
Net Assets | $34,072,219 |
|---|---|
Number of Portfolio Holdings | 69 |
Net Investment Advisory Fees | $157,938 |
Portfolio Turnover Rate | 41% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Alphabet, Inc., Class C | 6.0% |
|---|---|
NVIDIA Corp. | 5.9% |
Apple, Inc. | 5.9% |
Phillips 66 | 5.4% |
Cisco Systems, Inc. | 4.6% |
Microsoft Corp. | 4.3% |
Morgan Stanley | 4.2% |
Amazon.com, Inc. | 3.9% |
Broadcom, Inc. | 3.6% |
Truist Financial Corp. | 3.4% |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Materials | 2.6% |
Consumer Staples | 4.8% |
Communication Services | 7.0% |
Energy | 7.1% |
Health Care | 7.4% |
Consumer Discretionary | 8.6% |
Industrials | 11.8% |
Financials | 14.4% |
Information Technology | 32.2% |
Other | 3.5% |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | 97.8% |
|---|---|
Purchased Options | 0.7% |
Investment in Affiliates | 1.6% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
AILIX
Hedged Equity Income Fund
Annual Shareholder Report
August 31, 2026
Investor Shares
APLIX
Hedged Equity Income Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Hedged Equity Income Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $143 | 1.35% |
How did the Fund perform last year?
Our options overlay balances risk and reward. The Fund’s put options lower volatility relative to the broader market while our disciplined approach to call writing helps preserve upside capture during rallies. The Fund underperformed its benchmark by more than 700 basis points. The Fund tends to underweight the low-yielding information technology (IT) sector because of our mandate to generate meaningful dividend income. This detracted, particularly during the second quarter of 2026, when IT stocks returned more than 40%, vastly outperforming the S&P 500 Index and our benchmark.
Performance benefited from stock picking in the IT and consumer discretionary sectors, while stock picking in the energy, communication services, and financials sectors detracted. We believe markets and the economy are at a crossroads. Longer term, the AI capital expenditure supercycle should continue to support economic growth, particularly in the U.S. In the near term, however, a major risk looms as oil prices and general inflation trend higher as a result of the war in Iran. As such, the Fund’s positioning reflects a relatively neutral outlook.
Value of a $10,000 Investment
Hedged Equity Income Fund (Investor Shares) | S&P 500® Index | CBOE S&P 500® BuyWrite Index | |
|---|---|---|---|
Dec 20 | $10,000 | $10,000 | $10,000 |
Aug 21 | $10,879 | $12,227 | $11,494 |
Aug 22 | $10,176 | $10,855 | $10,735 |
Aug 23 | $10,848 | $12,585 | $11,812 |
Aug 24 | $11,993 | $16,000 | $13,413 |
Aug 25 | $13,757 | $18,541 | $14,449 |
Aug 26 | $15,352 | $22,320 | $17,239 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Investor Shares | 11.60% | 7.13% | 7.85% |
S&P 500® Index | 20.38% | 12.79% | 15.20% |
CBOE S&P 500® BuyWrite Index | 19.31% | 8.45% | 10.07% |
Fund Statistics
Net Assets | $34,072,219 |
|---|---|
Number of Portfolio Holdings | 69 |
Net Investment Advisory Fees | $157,938 |
Portfolio Turnover Rate | 41% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Alphabet, Inc., Class C | 6.0% |
|---|---|
NVIDIA Corp. | 5.9% |
Apple, Inc. | 5.9% |
Phillips 66 | 5.4% |
Cisco Systems, Inc. | 4.6% |
Microsoft Corp. | 4.3% |
Morgan Stanley | 4.2% |
Amazon.com, Inc. | 3.9% |
Broadcom, Inc. | 3.6% |
Truist Financial Corp. | 3.4% |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Materials | 2.6% |
Consumer Staples | 4.8% |
Communication Services | 7.0% |
Energy | 7.1% |
Health Care | 7.4% |
Consumer Discretionary | 8.6% |
Industrials | 11.8% |
Financials | 14.4% |
Information Technology | 32.2% |
Other | 3.5% |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | 97.8% |
|---|---|
Purchased Options | 0.7% |
Investment in Affiliates | 1.6% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Investor Shares
APLIX
Hedged Equity Income Fund
Annual Shareholder Report
August 31, 2026
A Shares
AASTX
Limited Duration Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Limited Duration Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
A Shares | $76 | 0.75% |
How did the Fund perform last year?
The Fund’s duration was slightly higher than its benchmark for most of the year, allowing it to drift naturally toward a lower target rather than through active shifts. We favored mortgage-backed securities (MBS) and asset-backed securities (ABS) over U.S. Treasuries and agencies. The goal was to capture excess yield on widened spreads in mortgage and securitized markets. The Fund outperformed its benchmark. The main contributor was sector allocation, specifically an underweight to government securities plus an overweight to MBS and ABS. Spreads on agency MBS tightened significantly during the year. However, longer-than-benchmark portfolio duration, particularly longer-dated Treasuries, detracted from performance as markets began to anticipate higher rates.
This strategy’s focus is to avoid adding duration. Being close to the benchmark is acceptable, combined with allowing for duration to drift lower naturally over time. We continue to hold overweights toward securitized products as we see more room for spreads there to tighten. We’re watching corporate credit exposure as we seek opportunities to add exposure.
Value of a $10,000 Investment
Limited Duration Fund (A Shares) | Bloomberg U.S. Aggregate Bond Index | ICE BofA ML 1-5 Year US Corporate/Government Index | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $10,143 | $10,049 | $10,093 |
Aug 18 | $10,156 | $9,944 | $10,055 |
Aug 19 | $10,620 | $10,955 | $10,657 |
Aug 20 | $11,016 | $11,664 | $11,154 |
Aug 21 | $11,062 | $11,655 | $11,204 |
Aug 22 | $10,439 | $10,313 | $10,552 |
Aug 23 | $10,557 | $10,189 | $10,679 |
Aug 24 | $11,365 | $10,933 | $11,395 |
Aug 25 | $11,821 | $11,276 | $11,944 |
Aug 26 | $12,128 | $11,489 | $12,209 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | 2.59% | 1.86% | 1.95% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.40% |
ICE BofA ML 1-5 Year US Corporate/Government Index | 2.22% | 1.73% | 2.02% |
Fund Statistics
Net Assets | $22,054,060 |
|---|---|
Number of Portfolio Holdings | 112 |
Net Investment Advisory Fees | $(101,870) |
Portfolio Turnover Rate | 50% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | 4.0% |
|---|---|
Truist Financial Corp., Series N | 3.6% |
U.S. Treasury Notes | 3.4% |
Goodgreen Trust, Series 2020-1A, Class A | 3.3% |
JPMorgan Mortgage Trust, Series 2024-CCM1, Class A3 | 2.9% |
BAT Capital Corp. | 2.7% |
Zaxbys Funding LLC, Series 2021-1A, Class A2 | 2.7% |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | 2.7% |
AIO Issuer LLC, Series 2024-1A, Class A2 | 2.4% |
CWABS Asset-Backed Certificates Trust, Series 2007-4, Class A4W | 2.3% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A- | 2.0% |
A | 2.2% |
BBB+ | 2.7% |
BBB | 4.1% |
BBB- | 6.9% |
AA+ | 27.8% |
A-1+ | 20.5% |
NR | 30.0% |
Other | 3.2% |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | 18.5% |
|---|---|
Mortgage-Backed Securities | 44.3% |
Commercial Mortgage-Backed Securities | 1.5% |
Corporate Bonds | 16.5% |
U.S. Government Agency Securities | 2.3% |
U.S. Treasury Obligations | 13.9% |
Investment in Affiliates | 2.4% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
A Shares
AASTX
Limited Duration Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
AISTX
Limited Duration Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Limited Duration Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $51 | 0.50% |
How did the Fund perform last year?
The Fund’s duration was slightly higher than its benchmark for most of the year, allowing it to drift naturally toward a lower target rather than through active shifts. We favored mortgage-backed securities (MBS) and asset-backed securities (ABS) over U.S. Treasuries and agencies. The goal was to capture excess yield on widened spreads in mortgage and securitized markets. The Fund outperformed its benchmark. The main contributor was sector allocation, specifically an underweight to government securities plus an overweight to MBS and ABS. Spreads on agency MBS tightened significantly during the year. However, longer-than-benchmark portfolio duration, particularly longer-dated Treasuries, detracted from performance as markets began to anticipate higher rates.
This strategy’s focus is to avoid adding duration. Being close to the benchmark is acceptable, combined with allowing for duration to drift lower naturally over time. We continue to hold overweights toward securitized products as we see more room for spreads there to tighten. We’re watching corporate credit exposure as we seek opportunities to add exposure.
Value of a $10,000 Investment
Limited Duration Fund (Institutional Shares) | Bloomberg U.S. Aggregate Bond Index | ICE BofA ML 1-5 Year US Corporate/Government Index | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $10,168 | $10,049 | $10,093 |
Aug 18 | $10,207 | $9,944 | $10,055 |
Aug 19 | $10,711 | $10,955 | $10,657 |
Aug 20 | $11,126 | $11,664 | $11,154 |
Aug 21 | $11,198 | $11,655 | $11,204 |
Aug 22 | $10,581 | $10,313 | $10,552 |
Aug 23 | $10,747 | $10,189 | $10,679 |
Aug 24 | $11,609 | $10,933 | $11,395 |
Aug 25 | $12,104 | $11,276 | $11,944 |
Aug 26 | $12,449 | $11,489 | $12,209 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | 2.85% | 2.14% | 2.21% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.40% |
ICE BofA ML 1-5 Year US Corporate/Government Index | 2.22% | 1.73% | 2.02% |
Fund Statistics
Net Assets | $22,054,060 |
|---|---|
Number of Portfolio Holdings | 112 |
Net Investment Advisory Fees | $(101,870) |
Portfolio Turnover Rate | 50% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | 4.0% |
|---|---|
Truist Financial Corp., Series N | 3.6% |
U.S. Treasury Notes | 3.4% |
Goodgreen Trust, Series 2020-1A, Class A | 3.3% |
JPMorgan Mortgage Trust, Series 2024-CCM1, Class A3 | 2.9% |
BAT Capital Corp. | 2.7% |
Zaxbys Funding LLC, Series 2021-1A, Class A2 | 2.7% |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | 2.7% |
AIO Issuer LLC, Series 2024-1A, Class A2 | 2.4% |
CWABS Asset-Backed Certificates Trust, Series 2007-4, Class A4W | 2.3% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A- | 2.0% |
A | 2.2% |
BBB+ | 2.7% |
BBB | 4.1% |
BBB- | 6.9% |
AA+ | 27.8% |
A-1+ | 20.5% |
NR | 30.0% |
Other | 3.2% |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | 18.5% |
|---|---|
Mortgage-Backed Securities | 44.3% |
Commercial Mortgage-Backed Securities | 1.5% |
Corporate Bonds | 16.5% |
U.S. Government Agency Securities | 2.3% |
U.S. Treasury Obligations | 13.9% |
Investment in Affiliates | 2.4% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
AISTX
Limited Duration Fund
Annual Shareholder Report
August 31, 2026
Investor Shares
APSTX
Limited Duration Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Limited Duration Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $76 | 0.75% |
How did the Fund perform last year?
The Fund’s duration was slightly higher than its benchmark for most of the year, allowing it to drift naturally toward a lower target rather than through active shifts. We favored mortgage-backed securities (MBS) and asset-backed securities (ABS) over U.S. Treasuries and agencies. The goal was to capture excess yield on widened spreads in mortgage and securitized markets. The Fund outperformed its benchmark. The main contributor was sector allocation, specifically an underweight to government securities plus an overweight to MBS and ABS. Spreads on agency MBS tightened significantly during the year. However, longer-than-benchmark portfolio duration, particularly longer-dated Treasuries, detracted from performance as markets began to anticipate higher rates.
This strategy’s focus is to avoid adding duration. Being close to the benchmark is acceptable, combined with allowing for duration to drift lower naturally over time. We continue to hold overweights toward securitized products as we see more room for spreads there to tighten. We’re watching corporate credit exposure as we seek opportunities to add exposure.
Value of a $10,000 Investment
Limited Duration Fund (Investor Shares) | Bloomberg U.S. Aggregate Bond Index | ICE BofA ML 1-5 Year US Corporate/Government Index | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $10,137 | $10,049 | $10,093 |
Aug 18 | $10,144 | $9,944 | $10,055 |
Aug 19 | $10,606 | $10,955 | $10,657 |
Aug 20 | $10,990 | $11,664 | $11,154 |
Aug 21 | $11,047 | $11,655 | $11,204 |
Aug 22 | $10,415 | $10,313 | $10,552 |
Aug 23 | $10,554 | $10,189 | $10,679 |
Aug 24 | $11,372 | $10,933 | $11,395 |
Aug 25 | $11,829 | $11,276 | $11,944 |
Aug 26 | $12,122 | $11,489 | $12,209 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | 2.48% | 1.88% | 1.94% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.40% |
ICE BofA ML 1-5 Year US Corporate/Government Index | 2.22% | 1.73% | 2.02% |
Fund Statistics
Net Assets | $22,054,060 |
|---|---|
Number of Portfolio Holdings | 112 |
Net Investment Advisory Fees | $(101,870) |
Portfolio Turnover Rate | 50% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | 4.0% |
|---|---|
Truist Financial Corp., Series N | 3.6% |
U.S. Treasury Notes | 3.4% |
Goodgreen Trust, Series 2020-1A, Class A | 3.3% |
JPMorgan Mortgage Trust, Series 2024-CCM1, Class A3 | 2.9% |
BAT Capital Corp. | 2.7% |
Zaxbys Funding LLC, Series 2021-1A, Class A2 | 2.7% |
HI-FI Music IP Issuer LP, Series 2022-1A, Class A2 | 2.7% |
AIO Issuer LLC, Series 2024-1A, Class A2 | 2.4% |
CWABS Asset-Backed Certificates Trust, Series 2007-4, Class A4W | 2.3% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A- | 2.0% |
A | 2.2% |
BBB+ | 2.7% |
BBB | 4.1% |
BBB- | 6.9% |
AA+ | 27.8% |
A-1+ | 20.5% |
NR | 30.0% |
Other | 3.2% |
Portfolio Composition
(as a % of Net Assets)
Asset-Backed Securities | 18.5% |
|---|---|
Mortgage-Backed Securities | 44.3% |
Commercial Mortgage-Backed Securities | 1.5% |
Corporate Bonds | 16.5% |
U.S. Government Agency Securities | 2.3% |
U.S. Treasury Obligations | 13.9% |
Investment in Affiliates | 2.4% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Investor Shares
APSTX
Limited Duration Fund
Annual Shareholder Report
August 31, 2026
A Shares
AAENX
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Strategic Enhanced Yield Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
A Shares | $102 | 1.01% |
How did the Fund perform last year?
We started the period with slightly higher-than-benchmark duration. As the year progressed, we targeted toward a neutral duration. We increased exposure to mortgage-backed securities as credit spreads tightened and we relied on the emerging market debt (EMD) and high yield sectors for additional return. The Fund outperformed the benchmark. Major contributors were the high yield and EMD sectors, whose returns were much higher than the core sectors.
High yield and EMD showed significant spread tightening, leading to major price increases. Both sectors contain large exposure to energy securities, which gained from global price increases. EMD benefited from more capital-friendly governments. The Treasury sector experienced significant volatility and was hurt by its long duration positioning. The U.S. economy remains strong, supported by a stable labor market, while inflation is unlikely to ease soon. Rising federal debt and debt-service costs will require greater Treasury issuance, pointing to higher interest rates. Accordingly, the Fund will maintain a slightly shorter duration while retaining exposure to risk sectors.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (A Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Multi-Sector Income Funds Average | |
|---|---|---|---|
Dec 17 | $10,000 | $10,000 | $10,000 |
Aug 18 | $10,160 | $9,941 | $10,003 |
Aug 19 | $11,079 | $10,953 | $10,665 |
Aug 20 | $11,568 | $11,662 | $11,111 |
Aug 21 | $11,602 | $11,652 | $11,903 |
Aug 22 | $10,453 | $10,310 | $10,715 |
Aug 23 | $10,175 | $10,187 | $10,930 |
Aug 24 | $11,181 | $10,930 | $12,020 |
Aug 25 | $11,582 | $11,273 | $12,756 |
Aug 26 | $11,866 | $11,486 | $13,232 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
A Shares | 2.45% | 0.45% | 1.99% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.61% |
Lipper Multi-Sector Income Funds Average | 3.73% | 2.14% | 3.28% |
Fund Statistics
Net Assets | $20,127,421 |
|---|---|
Number of Portfolio Holdings | 109 |
Net Investment Advisory Fees | $(25,696) |
Portfolio Turnover Rate | 67% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | 3.3% |
|---|---|
U.S. Treasury Bonds | 2.5% |
U.S. Treasury Bonds | 2.1% |
Freddie Mac | 2.0% |
U.S. Treasury Notes | 2.0% |
U.S. Treasury Notes | 2.0% |
U.S. Treasury Notes | 1.9% |
Brean Asset-Backed Securities Trust, Series 2021-RM1, Class M1 | 1.8% |
Minerva Luxembourg SA | 1.7% |
U.S. Treasury Notes | 1.7% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB | 2.2% |
A- | 3.5% |
BB+ | 3.7% |
B+ | 4.1% |
BB- | 4.7% |
BB | 5.7% |
AA+ | 7.4% |
NR | 9.9% |
A-1+ | 48.3% |
Other | 10.0% |
Portfolio Composition
(as a % of Net Assets)
Mortgage-Backed Securities | 31.4% |
|---|---|
Corporate Bonds | 17.4% |
U.S. Government Agency Securities | 2.7% |
U.S. Treasury Obligations | 22.5% |
Yankee Debt Obligations | 22.6% |
Investment in Affiliates | 2.9% |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | 1.0% |
Brazil | 1.0% |
Switzerland | 1.0% |
Guatemala | 1.0% |
Israel | 1.0% |
India | 1.0% |
Netherlands | 1.0% |
Norway | 1.0% |
British Virgin | 1.2% |
Canada | 2.5% |
Chile | 3.4% |
Luxembourg | 7.5% |
United States | 76.9% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
A Shares
AAENX
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
AIENX
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Strategic Enhanced Yield Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $77 | 0.76% |
How did the Fund perform last year?
We started the period with slightly higher-than-benchmark duration. As the year progressed, we targeted toward a neutral duration. We increased exposure to mortgage-backed securities as credit spreads tightened and we relied on the emerging market debt (EMD) and high yield sectors for additional return. The Fund outperformed the benchmark. Major contributors were the high yield and EMD sectors, whose returns were much higher than the core sectors.
High yield and EMD showed significant spread tightening, leading to major price increases. Both sectors contain large exposure to energy securities, which gained from global price increases. EMD benefited from more capital-friendly governments. The Treasury sector experienced significant volatility and was hurt by its long duration positioning. The U.S. economy remains strong, supported by a stable labor market, while inflation is unlikely to ease soon. Rising federal debt and debt-service costs will require greater Treasury issuance, pointing to higher interest rates. Accordingly, the Fund will maintain a slightly shorter duration while retaining exposure to risk sectors.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (Institutional Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Multi-Sector Income Funds Average | |
|---|---|---|---|
Dec 17 | $10,000 | $10,000 | $10,000 |
Aug 18 | $10,187 | $9,941 | $10,003 |
Aug 19 | $11,126 | $10,953 | $10,665 |
Aug 20 | $11,645 | $11,662 | $11,111 |
Aug 21 | $11,709 | $11,652 | $11,903 |
Aug 22 | $10,564 | $10,310 | $10,715 |
Aug 23 | $10,320 | $10,187 | $10,930 |
Aug 24 | $11,369 | $10,930 | $12,020 |
Aug 25 | $11,806 | $11,273 | $12,756 |
Aug 26 | $12,125 | $11,486 | $13,232 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | 2.70% | 0.70% | 2.25% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.61% |
Lipper Multi-Sector Income Funds Average | 3.73% | 2.14% | 3.28% |
Fund Statistics
Net Assets | $20,127,421 |
|---|---|
Number of Portfolio Holdings | 109 |
Net Investment Advisory Fees | $(25,696) |
Portfolio Turnover Rate | 67% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | 3.3% |
|---|---|
U.S. Treasury Bonds | 2.5% |
U.S. Treasury Bonds | 2.1% |
Freddie Mac | 2.0% |
U.S. Treasury Notes | 2.0% |
U.S. Treasury Notes | 2.0% |
U.S. Treasury Notes | 1.9% |
Brean Asset-Backed Securities Trust, Series 2021-RM1, Class M1 | 1.8% |
Minerva Luxembourg SA | 1.7% |
U.S. Treasury Notes | 1.7% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB | 2.2% |
A- | 3.5% |
BB+ | 3.7% |
B+ | 4.1% |
BB- | 4.7% |
BB | 5.7% |
AA+ | 7.4% |
NR | 9.9% |
A-1+ | 48.3% |
Other | 10.0% |
Portfolio Composition
(as a % of Net Assets)
Mortgage-Backed Securities | 31.4% |
|---|---|
Corporate Bonds | 17.4% |
U.S. Government Agency Securities | 2.7% |
U.S. Treasury Obligations | 22.5% |
Yankee Debt Obligations | 22.6% |
Investment in Affiliates | 2.9% |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | 1.0% |
Brazil | 1.0% |
Switzerland | 1.0% |
Guatemala | 1.0% |
Israel | 1.0% |
India | 1.0% |
Netherlands | 1.0% |
Norway | 1.0% |
British Virgin | 1.2% |
Canada | 2.5% |
Chile | 3.4% |
Luxembourg | 7.5% |
United States | 76.9% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
AIENX
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2026
Investor Shares
APENX
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Strategic Enhanced Yield Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $102 | 1.01% |
How did the Fund perform last year?
We started the period with slightly higher-than-benchmark duration. As the year progressed, we targeted toward a neutral duration. We increased exposure to mortgage-backed securities as credit spreads tightened and we relied on the emerging market debt (EMD) and high yield sectors for additional return. The Fund outperformed the benchmark. Major contributors were the high yield and EMD sectors, whose returns were much higher than the core sectors.
High yield and EMD showed significant spread tightening, leading to major price increases. Both sectors contain large exposure to energy securities, which gained from global price increases. EMD benefited from more capital-friendly governments. The Treasury sector experienced significant volatility and was hurt by its long duration positioning. The U.S. economy remains strong, supported by a stable labor market, while inflation is unlikely to ease soon. Rising federal debt and debt-service costs will require greater Treasury issuance, pointing to higher interest rates. Accordingly, the Fund will maintain a slightly shorter duration while retaining exposure to risk sectors.
Value of a $10,000 Investment
Strategic Enhanced Yield Fund (Investor Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Multi-Sector Income Funds Average | |
|---|---|---|---|
Dec 17 | $10,000 | $10,000 | $10,000 |
Aug 18 | $10,205 | $9,941 | $10,003 |
Aug 19 | $11,120 | $10,953 | $10,665 |
Aug 20 | $11,617 | $11,662 | $11,111 |
Aug 21 | $11,643 | $11,652 | $11,903 |
Aug 22 | $10,487 | $10,310 | $10,715 |
Aug 23 | $10,204 | $10,187 | $10,930 |
Aug 24 | $11,219 | $10,930 | $12,020 |
Aug 25 | $11,622 | $11,273 | $12,756 |
Aug 26 | $11,896 | $11,486 | $13,232 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Investor Shares | 2.35% | 0.43% | 2.02% |
Bloomberg U.S. Aggregate Bond Index | 1.89% | -0.29% | 1.61% |
Lipper Multi-Sector Income Funds Average | 3.73% | 2.14% | 3.28% |
Fund Statistics
Net Assets | $20,127,421 |
|---|---|
Number of Portfolio Holdings | 109 |
Net Investment Advisory Fees | $(25,696) |
Portfolio Turnover Rate | 67% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Bonds | 3.3% |
|---|---|
U.S. Treasury Bonds | 2.5% |
U.S. Treasury Bonds | 2.1% |
Freddie Mac | 2.0% |
U.S. Treasury Notes | 2.0% |
U.S. Treasury Notes | 2.0% |
U.S. Treasury Notes | 1.9% |
Brean Asset-Backed Securities Trust, Series 2021-RM1, Class M1 | 1.8% |
Minerva Luxembourg SA | 1.7% |
U.S. Treasury Notes | 1.7% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
BBB | 2.2% |
A- | 3.5% |
BB+ | 3.7% |
B+ | 4.1% |
BB- | 4.7% |
BB | 5.7% |
AA+ | 7.4% |
NR | 9.9% |
A-1+ | 48.3% |
Other | 10.0% |
Portfolio Composition
(as a % of Net Assets)
Mortgage-Backed Securities | 31.4% |
|---|---|
Corporate Bonds | 17.4% |
U.S. Government Agency Securities | 2.7% |
U.S. Treasury Obligations | 22.5% |
Yankee Debt Obligations | 22.6% |
Investment in Affiliates | 2.9% |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | 1.0% |
Brazil | 1.0% |
Switzerland | 1.0% |
Guatemala | 1.0% |
Israel | 1.0% |
India | 1.0% |
Netherlands | 1.0% |
Norway | 1.0% |
British Virgin | 1.2% |
Canada | 2.5% |
Chile | 3.4% |
Luxembourg | 7.5% |
United States | 76.9% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Investor Shares
APENX
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2026
Administrative Shares
APGXX
U.S. Treasury Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about U.S. Treasury Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Administrative Shares | $67 | 0.66% |
How did the Fund perform last year?
During the second quarter of 2026, we became more focused on liquidity and rolling short-term maturities as market dynamics led to increasing yields. We allowed weighted average maturity to decrease naturally. As pressure increased on the Federal Reserve to raise its policy rate, we lowered our overall portfolio duration. The Select shares of our Government Securities Money Market Fund were ranked 43rd percentile by Lipper for the final three months of the period while the Administrative shares of our U.S. Treasury Fund were ranked 86th percentile. Instead of extending duration late in that quarter, we invested in repurchase agreements to position the funds to quickly take advantage of any rate hike. We increased SEC yield by 9 and 5 basis points, respectively, by well-timed adjustments in yield curve positions. Interest rate cuts were priced into the market early in 2026. Purchases made during that period created a slight yield drag. Three more interest rate hikes are priced into the market through 2027, but we still think it is early to extend duration. We are positioned shorter, with more flexibility, than peers.
Value of a $10,000 Investment
U.S. Treasury Fund (Administrative Shares) | |
|---|---|
Aug 16 | $10,000 |
Aug 17 | $10,008 |
Aug 18 | $10,088 |
Aug 19 | $10,252 |
Aug 20 | $10,308 |
Aug 21 | $10,309 |
Aug 22 | $10,330 |
Aug 23 | $10,713 |
Aug 24 | $11,228 |
Aug 25 | $11,667 |
Aug 26 | $12,038 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Administrative Shares | 3.18% | 3.15% | 1.87% |
Fund Statistics
Net Assets | $1,835,349,240 |
|---|---|
Number of Portfolio Holdings | 35 |
Net Investment Advisory Fees | $913,858 |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | 2.7% |
|---|---|
U.S. Treasury Bills | 2.4% |
U.S. Treasury Notes | 2.2% |
U.S. Treasury Notes | 1.7% |
U.S. Treasury Notes | 1.4% |
U.S. Treasury Bills | 1.4% |
U.S. Treasury Bills | 1.3% |
U.S. Treasury Bills | 1.1% |
U.S. Treasury Bills | 1.1% |
U.S. Treasury Bills | 1.1% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A-1+ | 100.3% |
Portfolio Composition
(as a % of Net Assets)
U.S. Treasury Obligations | 32.1% |
|---|---|
Repurchase Agreements | 68.2% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Administrative Shares
APGXX
U.S. Treasury Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
APKXX
U.S. Treasury Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about U.S. Treasury Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $24 | 0.24% |
How did the Fund perform last year?
During the second quarter of 2026, we became more focused on liquidity and rolling short-term maturities as market dynamics led to increasing yields. We allowed weighted average maturity to decrease naturally. As pressure increased on the Federal Reserve to raise its policy rate, we lowered our overall portfolio duration. The Select shares of our Government Securities Money Market Fund were ranked 43rd percentile by Lipper for the final three months of the period while the Administrative shares of our U.S. Treasury Fund were ranked 86th percentile. Instead of extending duration late in that quarter, we invested in repurchase agreements to position the funds to quickly take advantage of any rate hike. We increased SEC yield by 9 and 5 basis points, respectively, by well-timed adjustments in yield curve positions. Interest rate cuts were priced into the market early in 2026. Purchases made during that period created a slight yield drag. Three more interest rate hikes are priced into the market through 2027, but we still think it is early to extend duration. We are positioned shorter, with more flexibility, than peers.
Value of a $10,000 Investment
U.S. Treasury Fund (Institutional Shares) | |
|---|---|
Aug 16 | $10,000 |
Aug 17 | $10,035 |
Aug 18 | $10,157 |
Aug 19 | $10,366 |
Aug 20 | $10,450 |
Aug 21 | $10,450 |
Aug 22 | $10,485 |
Aug 23 | $10,921 |
Aug 24 | $11,493 |
Aug 25 | $11,992 |
Aug 26 | $12,426 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | 3.61% | 3.52% | 2.20% |
Fund Statistics
Net Assets | $1,835,349,240 |
|---|---|
Number of Portfolio Holdings | 35 |
Net Investment Advisory Fees | $913,858 |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | 2.7% |
|---|---|
U.S. Treasury Bills | 2.4% |
U.S. Treasury Notes | 2.2% |
U.S. Treasury Notes | 1.7% |
U.S. Treasury Notes | 1.4% |
U.S. Treasury Bills | 1.4% |
U.S. Treasury Bills | 1.3% |
U.S. Treasury Bills | 1.1% |
U.S. Treasury Bills | 1.1% |
U.S. Treasury Bills | 1.1% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A-1+ | 100.3% |
Portfolio Composition
(as a % of Net Assets)
U.S. Treasury Obligations | 32.1% |
|---|---|
Repurchase Agreements | 68.2% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
APKXX
U.S. Treasury Fund
Annual Shareholder Report
August 31, 2026
Select Shares
APNXX
U.S. Treasury Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about U.S. Treasury Fund for the year of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Select Shares | $16 | 0.16% |
How did the Fund perform last year?
During the second quarter of 2026, we became more focused on liquidity and rolling short-term maturities as market dynamics led to increasing yields. We allowed weighted average maturity to decrease naturally. As pressure increased on the Federal Reserve to raise its policy rate, we lowered our overall portfolio duration. The Select shares of our Government Securities Money Market Fund were ranked 43rd percentile by Lipper for the final three months of the period while the Administrative shares of our U.S. Treasury Fund were ranked 86th percentile. Instead of extending duration late in that quarter, we invested in repurchase agreements to position the funds to quickly take advantage of any rate hike. We increased SEC yield by 9 and 5 basis points, respectively, by well-timed adjustments in yield curve positions. Interest rate cuts were priced into the market early in 2026. Purchases made during that period created a slight yield drag. Three more interest rate hikes are priced into the market through 2027, but we still think it is early to extend duration. We are positioned shorter, with more flexibility, than peers.
Value of a $10,000 Investment
U.S. Treasury Fund (Select Shares) | |
|---|---|
Dec 17 | $10,000 |
Aug 18 | $10,099 |
Aug 19 | $10,315 |
Aug 20 | $10,406 |
Aug 21 | $10,406 |
Aug 22 | $10,445 |
Aug 23 | $10,887 |
Aug 24 | $11,467 |
Aug 25 | $11,975 |
Aug 26 | $12,417 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Select Shares | 3.70% | 3.60% | 2.53% |
Fund Statistics
Net Assets | $1,835,349,240 |
|---|---|
Number of Portfolio Holdings | 35 |
Net Investment Advisory Fees | $913,858 |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
U.S. Treasury Notes | 2.7% |
|---|---|
U.S. Treasury Bills | 2.4% |
U.S. Treasury Notes | 2.2% |
U.S. Treasury Notes | 1.7% |
U.S. Treasury Notes | 1.4% |
U.S. Treasury Bills | 1.4% |
U.S. Treasury Bills | 1.3% |
U.S. Treasury Bills | 1.1% |
U.S. Treasury Bills | 1.1% |
U.S. Treasury Bills | 1.1% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
A-1+ | 100.3% |
Portfolio Composition
(as a % of Net Assets)
U.S. Treasury Obligations | 32.1% |
|---|---|
Repurchase Agreements | 68.2% |
Material Fund Changes
There were no material fund changes during the reporting period.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Select Shares
APNXX
U.S. Treasury Fund
Annual Shareholder Report
August 31, 2026
A Shares
AAUSX
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Ultra Short Tax-Free Income Fund for the year of September 1, 2025 to August 31, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
A Shares | $61 | 0.60% |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). Final maturities of new fixed positions were shortened to increase liquidity while maintaining yield. VRDN rates increased at the close of the quarter, providing additional yield as fixed positions were unwound. Short duration was effective for performance relative to the benchmark.
The Fund outperformed its benchmark, returning 2.45% (institutional shares) for the period ended August 31, 2026, versus 2.36% for Bloomberg 1-Year Municipal Bond Index, primarily because of its shorter-than-benchmark duration. A higher allocation to VRDNs and shortened final maturity of fixed positions served to decrease the Fund’s duration and increase its liquidity. The Fund is closing in the upcoming quarter. We are positioned to offer an attractive tax-free yield while maintaining adequate liquidity as funds exit the strategy.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (A Shares) | Bloomberg Municipal Bond Index | Bloomberg 1-Year Municipal Bond Index | |
|---|---|---|---|
Dec 17 | $10,000 | $10,000 | $10,000 |
Aug 18 | $10,010 | $10,064 | $10,109 |
Aug 19 | $10,046 | $10,942 | $10,378 |
Aug 20 | $10,111 | $11,296 | $10,580 |
Aug 21 | $10,081 | $11,680 | $10,646 |
Aug 22 | $9,995 | $10,671 | $10,477 |
Aug 23 | $10,232 | $10,853 | $10,669 |
Aug 24 | $10,573 | $11,514 | $11,117 |
Aug 25 | $10,866 | $11,523 | $11,480 |
Aug 26 | $11,104 | $11,998 | $11,750 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
A Shares | 2.19% | 1.95% | 1.21% |
Bloomberg Municipal Bond Index | 4.12% | 0.54% | 2.12% |
Bloomberg 1-Year Municipal Bond Index | 2.36% | 1.99% | 1.88% |
Fund Statistics
Net Assets | $3,725,596 |
|---|---|
Number of Portfolio Holdings | 15 |
Net Investment Advisory Fees | $(116,113) |
Portfolio Turnover Rate | 177% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
City of New York NY, GO, Series L-4 | 5.4% |
|---|---|
County of Lincoln WY Revenue, Series E | 5.4% |
Montgomery County Public Building Authority Revenue | 5.4% |
Iowa Finance Authority Revenue, Series S | 5.4% |
Illinois Finance Authority Revenue, Series B | 5.4% |
Idaho Health Facilities Authority Revenue, Series C | 5.4% |
The Public Building Authority of Blount County Tennessee Revenue, Series D-3-A | 5.4% |
Clarksville Public Building Authority Revenue, Series PO | 5.3% |
State of Kansas Department of Transportation Revenue, Series A | 5.2% |
Mississippi Business Finance Corp. Revenue, Series G | 4.0% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AA | 5.2% |
AA+ | 6.6% |
A-1 | 13.5% |
A-1+ | 12.1% |
NR | 62.6% |
Portfolio Composition
(as a % of Net Assets)
Municipal Bonds | 64.3% |
|---|---|
Investment in Affiliates | 35.7% |
Material Fund Changes
On July 30, 2026, the Board of Trustees of the Funds approved a plan to liquidate and terminate the Ultra Short Tax-Free Income Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
A Shares
AAUSX
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
AIUSX
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Ultra Short Tax-Free Income Fund for the year of September 1, 2025 to August 31, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $35 | 0.35% |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). Final maturities of new fixed positions were shortened to increase liquidity while maintaining yield. VRDN rates increased at the close of the quarter, providing additional yield as fixed positions were unwound. Short duration was effective for performance relative to the benchmark.
The Fund outperformed its benchmark, returning 2.45% (institutional shares) for the period ended August 31, 2026, versus 2.36% for Bloomberg 1-Year Municipal Bond Index, primarily because of its shorter-than-benchmark duration. A higher allocation to VRDNs and shortened final maturity of fixed positions served to decrease the Fund’s duration and increase its liquidity. The Fund is closing in the upcoming quarter. We are positioned to offer an attractive tax-free yield while maintaining adequate liquidity as funds exit the strategy.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (Institutional Shares) | Bloomberg Municipal Bond Index | Bloomberg 1-Year Municipal Bond Index | |
|---|---|---|---|
Dec 17 | $10,000 | $10,000 | $10,000 |
Aug 18 | $10,065 | $10,064 | $10,109 |
Aug 19 | $10,217 | $10,942 | $10,378 |
Aug 20 | $10,307 | $11,296 | $10,580 |
Aug 21 | $10,308 | $11,680 | $10,646 |
Aug 22 | $10,231 | $10,671 | $10,477 |
Aug 23 | $10,500 | $10,853 | $10,669 |
Aug 24 | $10,876 | $11,514 | $11,117 |
Aug 25 | $11,206 | $11,523 | $11,480 |
Aug 26 | $11,480 | $11,998 | $11,750 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | 2.45% | 2.18% | 1.60% |
Bloomberg Municipal Bond Index | 4.12% | 0.54% | 2.12% |
Bloomberg 1-Year Municipal Bond Index | 2.36% | 1.99% | 1.88% |
Fund Statistics
Net Assets | $3,725,596 |
|---|---|
Number of Portfolio Holdings | 15 |
Net Investment Advisory Fees | $(116,113) |
Portfolio Turnover Rate | 177% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
City of New York NY, GO, Series L-4 | 5.4% |
|---|---|
County of Lincoln WY Revenue, Series E | 5.4% |
Montgomery County Public Building Authority Revenue | 5.4% |
Iowa Finance Authority Revenue, Series S | 5.4% |
Illinois Finance Authority Revenue, Series B | 5.4% |
Idaho Health Facilities Authority Revenue, Series C | 5.4% |
The Public Building Authority of Blount County Tennessee Revenue, Series D-3-A | 5.4% |
Clarksville Public Building Authority Revenue, Series PO | 5.3% |
State of Kansas Department of Transportation Revenue, Series A | 5.2% |
Mississippi Business Finance Corp. Revenue, Series G | 4.0% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AA | 5.2% |
AA+ | 6.6% |
A-1 | 13.5% |
A-1+ | 12.1% |
NR | 62.6% |
Portfolio Composition
(as a % of Net Assets)
Municipal Bonds | 64.3% |
|---|---|
Investment in Affiliates | 35.7% |
Material Fund Changes
On July 30, 2026, the Board of Trustees of the Funds approved a plan to liquidate and terminate the Ultra Short Tax-Free Income Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
AIUSX
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2026
Investor Shares
APUSX
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about Ultra Short Tax-Free Income Fund for the year of September 1, 2025 to August 31, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $61 | 0.60% |
How did the Fund perform last year?
The Ultra Short Tax-Free Income Fund looked for opportunities to lock in attractive yields in the fixed rate market while maintaining a core position of variable rate demand notes (VRDNs). Final maturities of new fixed positions were shortened to increase liquidity while maintaining yield. VRDN rates increased at the close of the quarter, providing additional yield as fixed positions were unwound. Short duration was effective for performance relative to the benchmark.
The Fund outperformed its benchmark, returning 2.45% (institutional shares) for the period ended August 31, 2026, versus 2.36% for Bloomberg 1-Year Municipal Bond Index, primarily because of its shorter-than-benchmark duration. A higher allocation to VRDNs and shortened final maturity of fixed positions served to decrease the Fund’s duration and increase its liquidity. The Fund is closing in the upcoming quarter. We are positioned to offer an attractive tax-free yield while maintaining adequate liquidity as funds exit the strategy.
Value of a $10,000 Investment
Ultra Short Tax-Free Income Fund (Investor Shares) | Bloomberg Municipal Bond Index | Bloomberg 1-Year Municipal Bond Index | |
|---|---|---|---|
Dec 17 | $10,000 | $10,000 | $10,000 |
Aug 18 | $10,014 | $10,064 | $10,109 |
Aug 19 | $10,150 | $10,942 | $10,378 |
Aug 20 | $10,215 | $11,296 | $10,580 |
Aug 21 | $10,185 | $11,680 | $10,646 |
Aug 22 | $10,088 | $10,671 | $10,477 |
Aug 23 | $10,327 | $10,853 | $10,669 |
Aug 24 | $10,675 | $11,514 | $11,117 |
Aug 25 | $10,989 | $11,523 | $11,480 |
Aug 26 | $11,230 | $11,998 | $11,750 |
Average Annual Total Returns
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Investor Shares | 2.19% | 1.97% | 1.35% |
Bloomberg Municipal Bond Index | 4.12% | 0.54% | 2.12% |
Bloomberg 1-Year Municipal Bond Index | 2.36% | 1.99% | 1.88% |
Fund Statistics
Net Assets | $3,725,596 |
|---|---|
Number of Portfolio Holdings | 15 |
Net Investment Advisory Fees | $(116,113) |
Portfolio Turnover Rate | 177% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
City of New York NY, GO, Series L-4 | 5.4% |
|---|---|
County of Lincoln WY Revenue, Series E | 5.4% |
Montgomery County Public Building Authority Revenue | 5.4% |
Iowa Finance Authority Revenue, Series S | 5.4% |
Illinois Finance Authority Revenue, Series B | 5.4% |
Idaho Health Facilities Authority Revenue, Series C | 5.4% |
The Public Building Authority of Blount County Tennessee Revenue, Series D-3-A | 5.4% |
Clarksville Public Building Authority Revenue, Series PO | 5.3% |
State of Kansas Department of Transportation Revenue, Series A | 5.2% |
Mississippi Business Finance Corp. Revenue, Series G | 4.0% |
Credit Rating
(as a % of Net Assets)
Value | Value |
|---|---|
AA | 5.2% |
AA+ | 6.6% |
A-1 | 13.5% |
A-1+ | 12.1% |
NR | 62.6% |
Portfolio Composition
(as a % of Net Assets)
Municipal Bonds | 64.3% |
|---|---|
Investment in Affiliates | 35.7% |
Material Fund Changes
On July 30, 2026, the Board of Trustees of the Funds approved a plan to liquidate and terminate the Ultra Short Tax-Free Income Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Investor Shares
APUSX
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2026
A Shares
AAWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about World Energy & Power Fund for the year of September 1, 2025 to August 31, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
A Shares | $132 | 1.11% |
How did the Fund perform last year?
We favored investments in refining, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark, but we added to those positions as the conflict in Iran extended. The Fund underperformed its benchmark, returning 38.59% (institutional shares) for the year ended August 31, 2026, versus 43.07% for the MSCI World Energy Index. Our investments in refining companies and electricity equipment outperformed as investors focused on the Iran conflict and the need for electricity generation to power data centers.
The Fund’s fixed income holdings lagged the total portfolio returns as did our investment in nuclear power-related equipment providers and oilfield service stocks. The economic shock of the Iran war is creating opportunities in refining, new sources of western hemisphere oil, and demand for natural gas. Consequently, we have added to those areas of the portfolio. In addition, AI-related demand for power remains a key driver for electrical equipment. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy.
Value of a $10,000 Investment
World Energy & Power Fund (A Shares) | S&P 500® Index | MSCI World Energy Index | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $9,416 | $11,623 | $10,067 |
Aug 18 | $11,146 | $13,909 | $12,299 |
Aug 19 | $7,986 | $14,315 | $10,152 |
Aug 20 | $7,496 | $17,455 | $7,090 |
Aug 21 | $10,969 | $22,895 | $9,605 |
Aug 22 | $15,745 | $20,325 | $14,955 |
Aug 23 | $17,440 | $23,566 | $17,042 |
Aug 24 | $18,070 | $29,960 | $18,511 |
Aug 25 | $22,282 | $34,718 | $19,576 |
Aug 26 | $30,796 | $41,793 | $28,007 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
A Shares | 38.21% | 22.93% | 11.90% |
S&P 500® Index | 20.38% | 12.79% | 15.37% |
MSCI World Energy Index | 43.07% | 23.87% | 10.85% |
Fund Statistics
Net Assets | $353,943,871 |
|---|---|
Number of Portfolio Holdings | 55 |
Net Investment Advisory Fees | $1,282,093 |
Portfolio Turnover Rate | 116% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Marathon Petroleum Corp. | 6.4% |
|---|---|
Valero Energy Corp. | 5.3% |
ConocoPhillips | 4.8% |
Phillips 66 | 4.7% |
Chevron Corp. | 4.7% |
TechnipFMC PLC | 4.7% |
SLB, Ltd. | 4.4% |
Baker Hughes Co., Class A | 4.4% |
APA Corp. | 4.4% |
Vista Energy SAB de CV | 4.2% |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Industrials | 14.3% |
Energy | 84.1% |
Other | 2.2% |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | 97.1% |
|---|---|
Corporate Bonds | 1.1% |
Yankee Debt Obligations | 0.7% |
Investment in Affiliates | 1.7% |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | 2.8% |
Ireland | 1.7% |
France | 1.7% |
Germany | 1.9% |
Switzerland | 2.1% |
Italy | 2.2% |
Argentina | 2.4% |
Mexico | 4.2% |
Canada | 5.8% |
United Kingdom | 8.9% |
United States | 66.9% |
Material Fund Changes
Effective June 1, 2026, the name of the Cavanal Hill World Energy Fund changed to the Cavanal Hill World Energy & Power Fund. The Fund changed its name to better align with the investments the Fund makes in pursuit of its investment objective. Neither the Fund’s investment objective nor its principal investment strategies have changed.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
A Shares
AAWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
C Shares
ACWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about World Energy & Power Fund for the year of September 1, 2025 to August 31, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
C Shares | $219 | 1.85% |
How did the Fund perform last year?
We favored investments in refining, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark, but we added to those positions as the conflict in Iran extended. The Fund underperformed its benchmark, returning 38.59% (institutional shares) for the year ended August 31, 2026, versus 43.07% for the MSCI World Energy Index. Our investments in refining companies and electricity equipment outperformed as investors focused on the Iran conflict and the need for electricity generation to power data centers.
The Fund’s fixed income holdings lagged the total portfolio returns as did our investment in nuclear power-related equipment providers and oilfield service stocks. The economic shock of the Iran war is creating opportunities in refining, new sources of western hemisphere oil, and demand for natural gas. Consequently, we have added to those areas of the portfolio. In addition, AI-related demand for power remains a key driver for electrical equipment. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy.
Value of a $10,000 Investment
World Energy & Power Fund (C Shares) | S&P 500® Index | MSCI World Energy Index | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $9,341 | $11,623 | $10,067 |
Aug 18 | $10,977 | $13,909 | $12,299 |
Aug 19 | $7,813 | $14,315 | $10,152 |
Aug 20 | $7,275 | $17,455 | $7,090 |
Aug 21 | $10,567 | $22,895 | $9,605 |
Aug 22 | $15,049 | $20,325 | $14,955 |
Aug 23 | $16,543 | $23,566 | $17,042 |
Aug 24 | $17,010 | $29,960 | $18,511 |
Aug 25 | $20,813 | $34,718 | $19,576 |
Aug 26 | $28,556 | $41,793 | $28,007 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
C Shares | 37.20% | 22.00% | 11.06% |
S&P 500® Index | 20.38% | 12.79% | 15.37% |
MSCI World Energy Index | 43.07% | 23.87% | 10.85% |
Fund Statistics
Net Assets | $353,943,871 |
|---|---|
Number of Portfolio Holdings | 55 |
Net Investment Advisory Fees | $1,282,093 |
Portfolio Turnover Rate | 116% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Marathon Petroleum Corp. | 6.4% |
|---|---|
Valero Energy Corp. | 5.3% |
ConocoPhillips | 4.8% |
Phillips 66 | 4.7% |
Chevron Corp. | 4.7% |
TechnipFMC PLC | 4.7% |
SLB, Ltd. | 4.4% |
Baker Hughes Co., Class A | 4.4% |
APA Corp. | 4.4% |
Vista Energy SAB de CV | 4.2% |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Industrials | 14.3% |
Energy | 84.1% |
Other | 2.2% |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | 97.1% |
|---|---|
Corporate Bonds | 1.1% |
Yankee Debt Obligations | 0.7% |
Investment in Affiliates | 1.7% |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | 2.8% |
Ireland | 1.7% |
France | 1.7% |
Germany | 1.9% |
Switzerland | 2.1% |
Italy | 2.2% |
Argentina | 2.4% |
Mexico | 4.2% |
Canada | 5.8% |
United Kingdom | 8.9% |
United States | 66.9% |
Material Fund Changes
Effective June 1, 2026, the name of the Cavanal Hill World Energy Fund changed to the Cavanal Hill World Energy & Power Fund. The Fund changed its name to better align with the investments the Fund makes in pursuit of its investment objective. Neither the Fund’s investment objective nor its principal investment strategies have changed.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
C Shares
ACWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
Institutional Shares
AIWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about World Energy & Power Fund for the year of September 1, 2025 to August 31, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $100 | 0.84% |
How did the Fund perform last year?
We favored investments in refining, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark, but we added to those positions as the conflict in Iran extended. The Fund underperformed its benchmark, returning 38.59% (institutional shares) for the year ended August 31, 2026, versus 43.07% for the MSCI World Energy Index. Our investments in refining companies and electricity equipment outperformed as investors focused on the Iran conflict and the need for electricity generation to power data centers.
The Fund’s fixed income holdings lagged the total portfolio returns as did our investment in nuclear power-related equipment providers and oilfield service stocks. The economic shock of the Iran war is creating opportunities in refining, new sources of western hemisphere oil, and demand for natural gas. Consequently, we have added to those areas of the portfolio. In addition, AI-related demand for power remains a key driver for electrical equipment. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy.
Value of a $10,000 Investment
World Energy & Power Fund (Institutional Shares) | S&P 500® Index | MSCI World Energy Index | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $9,431 | $11,623 | $10,067 |
Aug 18 | $11,196 | $13,909 | $12,299 |
Aug 19 | $8,047 | $14,315 | $10,152 |
Aug 20 | $7,572 | $17,455 | $7,090 |
Aug 21 | $11,114 | $22,895 | $9,605 |
Aug 22 | $15,983 | $20,325 | $14,955 |
Aug 23 | $17,744 | $23,566 | $17,042 |
Aug 24 | $18,439 | $29,960 | $18,511 |
Aug 25 | $22,785 | $34,718 | $19,576 |
Aug 26 | $31,577 | $41,793 | $28,007 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | 38.59% | 23.23% | 12.19% |
S&P 500® Index | 20.38% | 12.79% | 15.37% |
MSCI World Energy Index | 43.07% | 23.87% | 10.85% |
Fund Statistics
Net Assets | $353,943,871 |
|---|---|
Number of Portfolio Holdings | 55 |
Net Investment Advisory Fees | $1,282,093 |
Portfolio Turnover Rate | 116% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Marathon Petroleum Corp. | 6.4% |
|---|---|
Valero Energy Corp. | 5.3% |
ConocoPhillips | 4.8% |
Phillips 66 | 4.7% |
Chevron Corp. | 4.7% |
TechnipFMC PLC | 4.7% |
SLB, Ltd. | 4.4% |
Baker Hughes Co., Class A | 4.4% |
APA Corp. | 4.4% |
Vista Energy SAB de CV | 4.2% |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Industrials | 14.3% |
Energy | 84.1% |
Other | 2.2% |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | 97.1% |
|---|---|
Corporate Bonds | 1.1% |
Yankee Debt Obligations | 0.7% |
Investment in Affiliates | 1.7% |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | 2.8% |
Ireland | 1.7% |
France | 1.7% |
Germany | 1.9% |
Switzerland | 2.1% |
Italy | 2.2% |
Argentina | 2.4% |
Mexico | 4.2% |
Canada | 5.8% |
United Kingdom | 8.9% |
United States | 66.9% |
Material Fund Changes
Effective June 1, 2026, the name of the Cavanal Hill World Energy Fund changed to the Cavanal Hill World Energy & Power Fund. The Fund changed its name to better align with the investments the Fund makes in pursuit of its investment objective. Neither the Fund’s investment objective nor its principal investment strategies have changed.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Institutional Shares
AIWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
Investor Shares
APWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
Fund Overview
This Annual shareholder report contains important information about World Energy & Power Fund for the year of September 1, 2025 to August 31, 2026. This report describes changes to the Fund that occurred during the reporting period. You can find additional information about the Fund at https://www.cavanalhillfunds.com/literature/mutual-fund-literature/. You can also request this information by contacting us at 1-800-762-7085.
What were the Fund's costs for the last year?
(based on a $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $131 | 1.10% |
How did the Fund perform last year?
We favored investments in refining, gas transportation, electricity equipment, and nuclear power. Our exposure to oil-focused companies was below benchmark, but we added to those positions as the conflict in Iran extended. The Fund underperformed its benchmark, returning 38.59% (institutional shares) for the year ended August 31, 2026, versus 43.07% for the MSCI World Energy Index. Our investments in refining companies and electricity equipment outperformed as investors focused on the Iran conflict and the need for electricity generation to power data centers.
The Fund’s fixed income holdings lagged the total portfolio returns as did our investment in nuclear power-related equipment providers and oilfield service stocks. The economic shock of the Iran war is creating opportunities in refining, new sources of western hemisphere oil, and demand for natural gas. Consequently, we have added to those areas of the portfolio. In addition, AI-related demand for power remains a key driver for electrical equipment. We expect the nuclear renaissance to continue as investors look to nuclear as a source of clean energy.
Value of a $10,000 Investment
World Energy & Power Fund (Investor Shares) | S&P 500® Index | MSCI World Energy Index | |
|---|---|---|---|
Aug 16 | $10,000 | $10,000 | $10,000 |
Aug 17 | $9,413 | $11,623 | $10,067 |
Aug 18 | $11,133 | $13,909 | $12,299 |
Aug 19 | $7,986 | $14,315 | $10,152 |
Aug 20 | $7,492 | $17,455 | $7,090 |
Aug 21 | $10,974 | $22,895 | $9,605 |
Aug 22 | $15,735 | $20,325 | $14,955 |
Aug 23 | $17,422 | $23,566 | $17,042 |
Aug 24 | $18,062 | $29,960 | $18,511 |
Aug 25 | $22,262 | $34,718 | $19,576 |
Aug 26 | $30,768 | $41,793 | $28,007 |
Average Annual Total Returns
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Investor Shares | 38.21% | 22.90% | 11.89% |
S&P 500® Index | 20.38% | 12.79% | 15.37% |
MSCI World Energy Index | 43.07% | 23.87% | 10.85% |
Fund Statistics
Net Assets | $353,943,871 |
|---|---|
Number of Portfolio Holdings | 55 |
Net Investment Advisory Fees | $1,282,093 |
Portfolio Turnover Rate | 116% |
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Graphical Presentation of Holdings
The tables below provide additional information about the Fund's investments.
Top 10 Holdings
(as a % of Net Assets)
Marathon Petroleum Corp. | 6.4% |
|---|---|
Valero Energy Corp. | 5.3% |
ConocoPhillips | 4.8% |
Phillips 66 | 4.7% |
Chevron Corp. | 4.7% |
TechnipFMC PLC | 4.7% |
SLB, Ltd. | 4.4% |
Baker Hughes Co., Class A | 4.4% |
APA Corp. | 4.4% |
Vista Energy SAB de CV | 4.2% |
Sector Allocation
(as a % of Net Assets)
Value | Value |
|---|---|
Industrials | 14.3% |
Energy | 84.1% |
Other | 2.2% |
Portfolio Composition
(as a % of Net Assets)
Common Stocks | 97.1% |
|---|---|
Corporate Bonds | 1.1% |
Yankee Debt Obligations | 0.7% |
Investment in Affiliates | 1.7% |
Country Diversification
(as a % of Net Assets)
Value | Value |
|---|---|
Other | 2.8% |
Ireland | 1.7% |
France | 1.7% |
Germany | 1.9% |
Switzerland | 2.1% |
Italy | 2.2% |
Argentina | 2.4% |
Mexico | 4.2% |
Canada | 5.8% |
United Kingdom | 8.9% |
United States | 66.9% |
Material Fund Changes
Effective June 1, 2026, the name of the Cavanal Hill World Energy Fund changed to the Cavanal Hill World Energy & Power Fund. The Fund changed its name to better align with the investments the Fund makes in pursuit of its investment objective. Neither the Fund’s investment objective nor its principal investment strategies have changed.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Investor Shares
APWEX
World Energy & Power Fund
Annual Shareholder Report
August 31, 2026
(b) Not applicable.
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the “Code of Ethics”). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.
(b) During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.
Item 3. Audit Committee Financial Expert.
(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.
(a)(2) The audit committee financial expert is William H. Wilson Jr., who is “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
2026 2025
(a) Audit Fees $141,455 $128,590
2026 2025
(b) Audit-Related Fees* $45,900 $41,725
* Three security examinations in accordance with Rule 17f-2 of the Investment Company Act of 1940 and standards established by the American Institute of Certified Public Accountants (2 surprise counts and one as of the fiscal year ending August 31, 2026).
2026 2025
(c) Tax Fees* $38,628 $37,199
* Federal Income and Excise Return Preparation, MA Form 355 Preparation and Excise Distribution Calculation Review.
2026 2025
(d) All Other Fees $__ $__
(e)(1) The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Funds and certain non-audit services to be rendered by the Auditor to the Advisor which require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Fund officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.
(e)(2) Percent of services described in items (b) which were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X for each of the last two fiscal years were as follows:
2026 2025
100% 100%
(f) The percentage of hours expended on KPMG engagement to audit the Funds’ financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.
(g) The aggregate non-audit fees billed by KPMG for services rendered to the Funds, and rendered to the Funds’ investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Funds for each of the last two fiscal years of the registrant were as follows:
2026 2025
$84,528 $78,924
(h) The percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement for each of the last two fiscal years were as follows:
2026 2025
0% 0%
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The Schedule of Investments are included as part of the Financial Statements filed under Item 7(a) of this Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
August
31,
2026
Annual
Financial
Statements
and
Other
Information
U.S.
Treasury
Fund
Government
Securities
Money
Market
Fund
Limited
Duration
Fund
Bond
Fund
Strategic
Enhanced
Yield
Fund
Ultra
Short
Tax-Free
Income
Fund
World
Energy
&
Power
Fund
Hedged
Equity
Income
Fund
Table
of
Contents
-
1
-
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
the
portfolio
securities
and
information
during
the
most
recent
12-month
period
ended
June
30th
is
available
without
charge,
upon
request,
by
calling
1-800-762-7085
or
on
the
Securities
and
Exchange
Commission’s
website
at
http://www.sec.gov.
A
complete
schedule
of
each
non-Money
Market
Fund’s
portfolio
holdings
for
the
first
and
third
fiscal
quarter
of
each
fiscal
year
is
filed
with
the
Securities
and
Exchange
Commission
on
Form
N-PORT.
The
Money
Market
Funds
file
completed
Schedules
of
Portfolio
Holdings
with
the
Securities
and
Exchange
Commission
on
Form
N-MFP.
Schedules
of
Portfolio
Holdings
for
the
funds
are
available
without
charge
on
the
Securities
and
Exchange
Commission’s
website
at
http://www.sec.gov.
In
addition,
the
schedules
may
be
reviewed
and
copied
at
the
Securities
and
Exchange
Commission’s
Public
Reference
Room
in
Washington
D.C.
Information
on
the
operation
of
the
Public
Reference
Room
may
be
obtained
by
calling
1-800-SEC-0330.
This
report
is
authorized
for
distribution
to
prospective
investors
only
when
preceded
or
accompanied
by
a
prospectus
or
summary
prospectus.
An
investor
should
consider
the
Fund’s
investment
objectives,
risks,
and
charges
and
expenses
carefully
before
investing
or
sending
money.
This
and
other
important
information
about
the
investment
company
can
be
found
in
the
Fund’s
prospectus
or
summary
prospectus.
To
obtain
a
prospectus
or
summary
prospectus,
please
call
1-800-762-7085.
Please
read
the
prospectus
carefully
before
investing.
Cavanal
Hill
Distributors,
Inc.,
member
FINRA,
serves
as
the
distributor
for
the
Cavanal
Hill
Funds.
Shares
of
the
Funds
are
not
deposits
or
obligations
of,
or
guaranteed
or
endorsed
by,
BOKF,
NA,
any
of
its
affiliates
or
the
Distributor.
Shares
are
NOT
FDIC
INSURED,
nor
are
they
insured
by
any
other
government
agency.
An
investment
in
the
Funds
involves
investment
risk,
including
possible
loss
of
principal.
Statements
of
Assets
and
Liabilities
2
Statements
of
Operations
5
Statements
of
Changes
in
Net
Assets
8
Schedules
of
Portfolio
Investments
12
Notes
to
the
Financial
Statements
32
Financial
Highlights
41
Report
of
Independent
Registered
Public
Accounting
Firm
57
Additional
Fund
Information
(Unaudited)
58
-
2
-
See
notes
to
financial
statements.
Statements
of
Assets
and
Liabilities
August
31,
2026
U.S.
Treasury
Fund
Government
Securities
Money
Market
Fund
Assets:
Investments,
at
cost
..................................................................................................................
$
587,648,662
$
2,292,249,541
Investments,
at
value
.................................................................................................................
587,648,662
2,292,249,541
Repurchase
agreements,
at
cost/value
.................................................................................................
1,252,394,468
1,085,000,000
Total
Investments
..............................................................................................................
1,840,043,130
3,377,249,541
Interest
and
dividends
receivable
.....................................................................................................
1,279,725
10,877,066
Receivable
for
capital
shares
reinvested
...............................................................................................
3,891
2,339,235
Prepaid
expenses
and
other
assets
....................................................................................................
22,085
167,388
Total
Assets
....................................................................................................................
1,841,348,831
3,390,633,230
Liabilities:
Distributions
payable
.................................................................................................................
4,975,174
9,482,111
Payable
for
investments
purchased
...................................................................................................
—
50,000,000
Accrued
expenses
and
other
payables:
Investment
advisory
fees
..........................................................................................................
80,960
143,226
Administration
fees
................................................................................................................
80,960
143,226
Distribution
fees
...................................................................................................................
363,875
412,838
Custodian
fees
....................................................................................................................
16,192
28,645
Trustee
fees
.......................................................................................................................
6,162
10,843
Fund
accounting
and
compliance
fees
.............................................................................................
35,828
36,089
Transfer
agent
fees
................................................................................................................
9,624
22,273
Shareholder
servicing
fees
........................................................................................................
369,680
226,101
Other
accrued
liabilities
...........................................................................................................
61,136
112,428
Total
Liabilities
.................................................................................................................
5,999,591
60,617,780
Net
Assets
.....................................................................................................................
$
1,835,349,240
$
3,330,015,450
Composition
of
Net
Assets:
Shares
of
beneficial
interest,
at
par
....................................................................................................
$
18,354
$
33,307
Additional
paid-in
capital
.............................................................................................................
1,835,342,005
3,329,942,513
Total
distributable
earnings/(loss)
(11,119)
39,630
Net
Assets
.....................................................................................................................
$
1,835,349,240
$
3,330,015,450
Net
Assets:
Administrative
Shares
................................................................................................................
$
1,654,912,068
$
837,763,398
Institutional
Shares
...................................................................................................................
174,384,112
302,143,743
Select
Shares
.........................................................................................................................
6,053,060
1,652,614,419
Premier
Shares
.......................................................................................................................
—
537,493,890
Total
...........................................................................................................................
$
1,835,349,240
$
3,330,015,450
Shares
Outstanding:
($0.00001
par
value
per
share,
unlimited
number
of
shares
authorized)
Administrative
Shares
................................................................................................................
1,654,918,837
838,092,913
Institutional
Shares
...................................................................................................................
174,386,743
302,220,770
Select
Shares
.........................................................................................................................
6,053,014
1,652,911,765
Premier
Shares
.......................................................................................................................
—
537,522,083
Total
...........................................................................................................................
1,835,358,594
3,330,747,531
Net
Asset
Value,
offering
price
&
redemption
price
per
share:
Administrative
Shares
................................................................................................................
$
1.00
$
1.00
Institutional
Shares
...................................................................................................................
$
1.00
$
1.00
Select
Shares
.........................................................................................................................
$
1.00
$
1.00
Premier
Shares
.......................................................................................................................
$
—
$
1.00
Continued
-
3
-
See
notes
to
financial
statements.
Statements
of
Assets
and
Liabilities
August
31,
2026
Limited
Duration
Fund
Bond
Fund
Strategic
Enhanced
Yield
Fund
Assets:
Investments,
at
cost
............................................................................................
$
22,572,821
$
111,795,874
$
19,697,214
Investments
in
affiliates,
at
cost
.................................................................................
525,077
852,090
584,585
Total
Investments,
at
cost
.................................................................................
23,097,898
112,647,964
20,281,799
Investments,
at
value
...........................................................................................
21,391,418
107,097,731
19,451,236
Investments
in
affiliates,
at
value
................................................................................
525,077
852,090
584,585
Total
Investments,
at
value
...............................................................................
21,916,495
107,949,821
20,035,821
Interest
and
dividends
receivable
...............................................................................
164,918
693,891
161,587
Receivable
for
capital
shares
issued
.............................................................................
2,020
—
26
Receivable
for
capital
shares
reinvested
.........................................................................
53,413
174,747
8,481
Receivable
from
adviser
........................................................................................
25,773
—
21,740
Receivable
for
fees
waived
or
reimbursed
.......................................................................
—
317
—
Prepaid
expenses
and
other
assets
..............................................................................
24,690
25,385
11,646
Total
Assets
..............................................................................................
22,187,309
108,844,161
20,239,301
Liabilities:
Distributions
payable
...........................................................................................
67,844
391,705
62,790
Payable
for
capital
shares
redeemed
............................................................................
13,538
20,977
1,755
Accrued
expenses
and
other
payables:
Investment
advisory
fees
....................................................................................
2,823
18,504
8,523
Administration
fees
..........................................................................................
1,506
7,402
1,364
Distribution
fees
.............................................................................................
1,066
125
19
Custody
fees
................................................................................................
188
925
170
Trustee
fees
.................................................................................................
78
371
71
Fund
accounting
and
compliance
fees
.......................................................................
11,603
12,994
6,597
Transfer
agent
fees
..........................................................................................
10,599
9,919
8,296
Shareholder
servicing
fees
..................................................................................
4,769
—
4,153
Other
accrued
liabilities
.....................................................................................
19,235
20,552
18,142
Total
Liabilities
...........................................................................................
133,249
483,474
111,880
Net
Assets
...............................................................................................
$
22,054,060
$
108,360,687
$
20,127,421
Composition
of
Net
Assets:
Shares
of
beneficial
interest,
at
par
..............................................................................
$
24
$
130
$
23
Additional
paid-in
capital
.......................................................................................
38,219,699
128,265,062
22,747,087
Total
distributable
earnings/(loss)
(16,165,663)
(19,904,505)
(2,619,689
)
Net
Assets
...............................................................................................
$
22,054,060
$
108,360,687
$
20,127,421
Net
Assets:
Investor
Shares
.................................................................................................
$
4,038,844
$
545,558
$
25,056
Institutional
Shares
.............................................................................................
17,041,313
107,770,661
20,047,312
A
Shares
.......................................................................................................
973,903
44,468
55,053
Total
.....................................................................................................
$
22,054,060
$
108,360,687
$
20,127,421
Shares
Outstanding:
($0.00001
par
value
per
share,
unlimited
number
of
shares
authorized)
Investor
Shares
.................................................................................................
435,211
65,308
2,851
Institutional
Shares
.............................................................................................
1,837,093
12,933,932
2,310,762
A
Shares
.......................................................................................................
104,875
5,322
6,343
Total
.....................................................................................................
2,377,179
13,004,562
2,319,956
Net
Asset
Value,
offering
price
&
redemption
price
per
share:
Investor
Shares
.................................................................................................
$
9.28
$
8.35
$
8.79
Institutional
Shares
.............................................................................................
$
9.28
$
8.33
$
8.68
A
Shares
.......................................................................................................
$
9.29
$
8.36
$
8.68
Maximum
Sales
Charge:
A
Shares
.......................................................................................................
2.00%
2.00%
2.00%
Maximum
Offering
Price
per
share
(net
asset
value
/
(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent):
A
Shares
.......................................................................................................
$
9.48
$
8.53
$
8.86
-
4
-
See
notes
to
financial
statements.
Statements
of
Assets
and
Liabilities
August
31,
2026
Concluded
Ultra
Short
Tax-Free
Income
Fund
World
Energy
&
Power
Fund
Hedged
Equity
Income
Fund
Assets:
Investments,
at
cost
.......................................................................................
$
2,395,001
$
259,077,970
$
23,258,218
Investments
in
affiliates,
at
cost
............................................................................
1,328,791
6,064,885
538,438
Total
Investments,
at
cost
............................................................................
3,723,792
265,142,855
23,796,656
Investments,
at
value
......................................................................................
2,395,020
349,827,852
33,566,681
Investments
in
affiliates,
at
value
...........................................................................
1,328,791
6,064,885
538,438
Total
Investments,
at
value
..........................................................................
3,723,811
355,892,737
34,105,119
Interest
and
dividends
receivable
..........................................................................
17,707
757,586
55,983
Receivable
for
capital
shares
issued
........................................................................
—
257,828
13,605
Receivable
for
capital
shares
reinvested
....................................................................
3,217
—
—
Receivable
for
investments
sold
............................................................................
—
8,208,509
—
Receivable
from
adviser
...................................................................................
16,465
174,209
22,245
Prepaid
expenses
and
other
assets
.........................................................................
11,585
28,709
13,585
Total
Assets
.........................................................................................
3,772,785
365,319,578
34,210,537
Liabilities:
Written
Options
(Premiums
received
$0,
$0
and
$273,959,
respectively)
...................................
—
—
77,228
Distributions
payable
......................................................................................
13,081
—
—
Payable
for
investments
purchased
........................................................................
—
10,913,335
—
Payable
for
capital
shares
redeemed
.......................................................................
29
133,315
—
Accrued
expenses
and
other
payables:
Investment
advisory
fees
...............................................................................
816
170,530
23,080
Administration
fees
.....................................................................................
435
22,737
2,308
Distribution
fees
........................................................................................
4
23,143
246
Custody
fees
...........................................................................................
54
2,842
288
Trustee
fees
............................................................................................
24
1,022
120
Fund
accounting
and
compliance
fees
..................................................................
1,942
4,506
1,058
Transfer
agent
fees
.....................................................................................
7,709
16,972
8,515
Shareholder
servicing
fees
.............................................................................
6,140
49,021
6,348
Other
accrued
liabilities
................................................................................
16,955
38,284
19,127
Total
Liabilities
......................................................................................
47,189
11,375,707
138,318
Net
Assets
..........................................................................................
$
3,725,596
$
353,943,871
$
34,072,219
Composition
of
Net
Assets:
Shares
of
beneficial
interest,
at
par
.........................................................................
$
4
$
153
$
24
Additional
paid-in
capital
..................................................................................
3,732,229
260,489,345
25,381,130
Total
distributable
earnings/(loss)
(6,637)
93,454,373
8,691,065
Net
Assets
..........................................................................................
$
3,725,596
$
353,943,871
$
34,072,219
Net
Assets:
Investor
Shares
............................................................................................
$
1,924
$
41,007,648
$
124,827
Institutional
Shares
........................................................................................
3,705,518
289,125,528
32,957,318
A
Shares
..................................................................................................
18,154
8,179,887
990,074
C
Shares
..................................................................................................
—
15,630,808
—
Total
................................................................................................
$
3,725,596
$
353,943,871
$
34,072,219
Shares
Outstanding:
($0.00001
par
value
per
share,
unlimited
number
of
shares
authorized)
Investor
Shares
............................................................................................
193
1,771,774
8,740
Institutional
Shares
........................................................................................
369,634
12,488,484
2,315,952
A
Shares
..................................................................................................
1,817
354,433
69,543
C
Shares
..................................................................................................
—
688,152
—
Total
................................................................................................
371,644
15,302,843
2,394,235
Net
Asset
Value,
offering
price
&
redemption
price
per
share:
Investor
Shares
............................................................................................
$
9.97
$
23.14
$
14.28
Institutional
Shares
........................................................................................
$
10.02
$
23
.15
$
14.23
A
Shares
..................................................................................................
$
9.99
$
23.08
$
14.24
C
Shares
..................................................................................................
$
—
$
22.71
$
—
Maximum
Sales
Charge:
A
Shares
..................................................................................................
1.00%
2.00%
2.00%
Maximum
Offering
Price
per
share
(net
asset
value
/
(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent):
A
Shares
..................................................................................................
$
10.09
$
23.55
$
14.53
-
5
-
See
notes
to
financial
statements.
Statements
of
Operations
August
31,
2026
U.S.
Treasury
Fund
Government
Securities
Money
Market
Fund
Investment
Income:
Interest
income
.......................................................................................................................
$
64,933,537
$
115,483,395
Dividend
income
.....................................................................................................................
4,360,960
9,270,832
Total
income
......................................................................................................................
69,294,497
124,754,227
Expenses:
Investment
advisory
fees
..............................................................................................................
913,858
1,658,716
Administration
fees
...................................................................................................................
913,858
1,658,716
Distribution
fees
-
Administrative
Shares
..............................................................................................
4,007,818
2,029,887
Distribution
fees
-
Premier
Shares
....................................................................................................
—
2,855,416
Shareholder
servicing
fees
-
Administrative
Shares
....................................................................................
4,007,818
2,029,887
Shareholder
servicing
fees
-
Institutional
Shares
......................................................................................
525,053
799,177
Shareholder
servicing
fees
-
Select
Shares
............................................................................................
36,419
4,036,808
Shareholder
servicing
fees
-
Premier
Shares
..........................................................................................
—
1,427,708
Fund
accounting
and
compliance
fees
................................................................................................
386,884
685,561
Transfer
agent
fees
....................................................................................................................
60,917
153,239
Custodian
fees
.......................................................................................................................
180,586
335,057
Trustee
fees
...........................................................................................................................
54,038
99,726
Professional
fees
.....................................................................................................................
111,520
183,536
Printing
fees
..........................................................................................................................
41,063
72,401
Registration
fees
......................................................................................................................
26,218
401,225
Other
expenses
.......................................................................................................................
168,669
284,707
Total
expenses
before
fee
and
expense
reductions
..................................................................................
11,434,719
18,711,767
Shareholder
servicing
fees
waived
-
Administrative
Shares
............................................................................
(1,021)
(4,424)
Shareholder
servicing
fees
waived
-
Institutional
Shares
...............................................................................
(358,184)
(543,477)
Shareholder
servicing
fees
waived
-
Select
Shares
....................................................................................
(36,419)
(4,036,808)
Shareholder
servicing
fees
waived
-
Premier
Shares
...................................................................................
—
(1,427,708)
Net
expenses
......................................................................................................................
11,039,095
12,699,350
Net
investment
income/(loss)
.........................................................................................................
58,255,402
112,054,877
Realized/Unrealized
Gains/(Losses)
on
Investments:
Net
realized
gains/(losses)
from
unaffiliated
investment
transactions
..................................................................
—
298
Net
realized/unrealized
gains/(losses)
on
investments
..............................................................................
—
298
Change
in
net
assets
resulting
from
operations
....................................................................................
$
58,255,402
$
112,055,175
Continued
-
6
-
See
notes
to
financial
statements.
Statements
of
Operations
August
31,
2026
Limited
Duration
Fund
Bond
Fund
Strategic
Enhanced
Yield
Fund
Ultra
Short
Tax-
Free
Income
Fund
Investment
Income:
Interest
income
..................................................................
$
931,967
$
4,857,734
$
1,011,709
$
303,101
Dividend
income
from
affiliates
..................................................
44,357
93,044
14,098
15,687
Total
income
.................................................................
976,324
4,950,778
1,025,807
318,788
Expenses:
Investment
advisory
fees
.........................................................
35,991
218,820
101,139
16,102
Administration
fees
..............................................................
19,195
87,528
16,182
8,588
Distribution
fees
-
Investor
Shares
...............................................
10,025
1,703
88
4
Distribution
fees
-
A
Shares
......................................................
2,691
114
224
44
Shareholder
servicing
fees
-
Investor
Shares
.....................................
10,025
1,703
88
4
Shareholder
servicing
fees
-
Institutional
Shares
.................................
47,268
271,709
50,258
26,786
Shareholder
servicing
fees
-
A
Shares
...........................................
1,077
45
90
18
Fund
accounting
and
compliance
fees
...........................................
32,293
48,755
18,516
6,648
Transfer
agent
fees
...............................................................
74,066
65,377
58,144
52,422
Custodian
fees
..................................................................
2,268
10,529
1,941
1,137
Trustee
fees
......................................................................
788
3,444
670
362
Professional
fees
................................................................
33,418
36,732
33,952
31,794
Printing
fees
.....................................................................
10,439
11,470
8,241
8,365
Registration
fees
.................................................................
42,389
42,983
36,341
36,368
Other
expenses
..................................................................
4,520
9,120
4,302
3,804
Total
expenses
before
fee
and
expense
reductions
.............................
326,453
810,032
330,176
192,446
Investment
advisory
fees
waived/expenses
reimbursed
by
Investment
Adviser
....
(137,861)
(1,337)
(126,835)
(132,215)
Administration
fees
waived
......................................................
(673)
(1,337)
(184)
(198)
Shareholder
servicing
fees
waived
-
Investor
Shares
.............................
(9,601)
(1,703)
(87)
—
Shareholder
servicing
fees
waived
-
Institutional
Shares
..........................
(45,718)
(271,706)
(
48,999)
(22,477)
Shareholder
servicing
fees
waived
-
A
Shares
....................................
—
(45)
(66)
(18)
Net
expenses
.................................................................
132,600
533,904
154,005
37,538
Net
investment
income/(loss)
....................................................
843,724
4,416,874
871,802
281,250
Realized/Unrealized
Gains/(Losses)
on
Investments:
Net
realized
gains/(losses)
from
unaffiliated
investment
and
foreign
currency
transactions
..................................................................
(1,248,504)
(1,756,845)
109,426
(6,390)
Change
in
unrealized
appreciation/(depreciation)
on
unaffiliated
investments
and
foreign
currencies
............................................................
1,079,931
(317,433)
(422,567)
(11,638)
Net
realized/unrealized
gains/(losses)
on
investments
.........................
(168,573)
(2,074,278)
(313,141)
(18,028)
Change
in
net
assets
resulting
from
operations
...............................
$
675,151
$
2,342,596
$
558,661
$
263,222
-
7
-
See
notes
to
financial
statements.
Statements
of
Operations
August
31,
2026
Concluded
World
Energy
&
Power
Fund
Hedged
Equity
Income
Fund
Investment
Income:
Interest
income
.......................................................................................................................
$
341,575
$
—
Dividend
income
.....................................................................................................................
4,255,204
568,961
Dividend
income
from
affiliates
.......................................................................................................
120,751
22,298
Foreign
tax
withholding
...............................................................................................................
(190,721)
(1,054)
Total
income
......................................................................................................................
4,526,809
590,205
Expenses:
Investment
advisory
fees
..............................................................................................................
1,434,212
256,778
Administration
fees
...................................................................................................................
191,228
25,678
Distribution
fees
-
Investor
Shares
....................................................................................................
73,744
2,511
Distribution
fees
-
A
Shares
...........................................................................................................
19,991
2,362
Distribution
fees
-
C
Shares
..........................................................................................................
118,625
—
Shareholder
servicing
fees
-
Investor
Shares
..........................................................................................
73,744
2,511
Shareholder
servicing
fees
-
Institutional
Shares
......................................................................................
474,197
75,370
Shareholder
servicing
fees
-
A
Shares
................................................................................................
7,996
945
Shareholder
servicing
fees
-
C
Shares
................................................................................................
29,656
—
Fund
accounting
and
compliance
fees
................................................................................................
51,196
8,263
Transfer
agent
fees
....................................................................................................................
122,585
59,950
Custodian
fees
.......................................................................................................................
24,204
3,219
Trustee
fees
...........................................................................................................................
7,315
1,040
Professional
fees
.....................................................................................................................
40,759
34,369
Printing
fees
..........................................................................................................................
44,927
9,507
Registration
fees
......................................................................................................................
55,653
39,766
Other
expenses
.......................................................................................................................
30,863
5,080
Total
expenses
before
fee
and
expense
reductions
..................................................................................
2,800,895
527,349
Investment
advisory
fees
waived/expenses
reimbursed
by
Investment
Adviser
.........................................................
(152,119)
(98,840)
Administration
fees
waived
...........................................................................................................
(1,568)
(298)
Shareholder
servicing
fees
waived
-
Investor
Shares
..................................................................................
(46,380)
(1,942)
Shareholder
servicing
fees
waived
-
Institutional
Shares
...............................................................................
(331,139)
(67,932)
Shareholder
servicing
fees
waived
-
A
Shares
.........................................................................................
(5,733)
(249)
Shareholder
servicing
fees
waived
-
C
Shares
.........................................................................................
(27,260)
—
Net
expenses
......................................................................................................................
2,236,696
358,088
Net
investment
income/(loss)
.........................................................................................................
2,290,113
232,117
Realized/Unrealized
Gains/(Losses)
on
Investments:
Net
realized
gains/(losses)
from
unaffiliated
investment
transactions
..................................................................
12,779,657
595,294
Net
realized
gains/(losses)
from
written
options
contract
transactions
.................................................................
—
(87,836)
Change
in
unrealized
appreciation/(depreciation)
on
unaffiliated
investments
.........................................................
57,892,677
2,664,155
Change
in
unrealized
appreciation/(depreciation)
on
written
options
contracts
.........................................................
—
56,434
Net
realized/unrealized
gains/(losses)
on
investments
..............................................................................
70,672,334
3,228,047
Change
in
net
assets
resulting
from
operations
....................................................................................
$
72,962,447
$
3,460,164
-
8
-
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2026
U.S.
Treasury
Fund
Government
Securities
Money
Market
Fund
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
From
Investment
Activities:
Operations:
Net
investment
income
..............................................
$
58,255,402
$
68,948,474
$
112,054,877
$
125,246,469
Net
realized
gains/(losses)
from
investment
transactions
..............
—
(9,780)
298
40,365
Change
in
net
assets
resulting
from
operations
..........................
58,255,402
68,938,694
112,055,175
125,286,834
Distributions
to
Shareholders:
Administrative
Shares
...............................................
(50,193,578)
(58,341,078)
(25,088,636)
(27,045,333)
Institutional
Shares
..................................................
(7,526,172)
(10,214,733)
(11,257,406)
(12,247,155)
Select
Shares
.......................................................
(535,733)
(392,648)
(58,018,210)
(64,820,018)
Premier
Shares
......................................................
—
—
(17,690,631)
(21,133,967)
Change
in
net
assets
from
shareholder
distributions
.....................
(58,255,483)
(68,948,459)
(112,054,883)
(125,246,473)
Change
in
net
assets
from
capital
transactions
...........................
(43,880,776)
118,822,093
147,438,350
435,178,717
Change
in
net
assets
....................................................
(43,880,857)
118,812,328
147,438,642
435,219,078
Net
Assets:
Beginning
of
year
....................................................
1,879,230,097
1,760,417,769
3,182,576,808
2,747,357,730
End
of
year
..........................................................
$
1,835,349,240
$
1,879,230,097
$
3,330,015,450
$
3,182,576,808
Capital
Share
Transactions*:
Administrative
Shares
Issued
..............................................................
2,310,565,744
1,687,625,372
866,810,937
1,002,771,739
Reinvested
..........................................................
58,484
113,828
339,072
470,057
Redeemed
...........................................................
(2,250,022,125)
(1,651,558,403)
(775,634,661)
(841,238,393)
Change
in
Administrative
Shares
.................................
60,602,103
36,180,797
91,515,348
162,003,403
Institutional
Shares
Issued
..............................................................
278,571,807
623,753,249
454,076,857
638,078,651
Reinvested
..........................................................
—
—
795,796
1,088,497
Redeemed
...........................................................
(372,134,229)
(552,611,222)
(483,588,729)
(558,095,631)
Change
in
Institutional
Shares
....................................
(93,562,422)
71,142,027
(
28,716,076)
81,071,517
Select
Shares
Issued
..............................................................
17,099,190
38,720,148
2,538,809,152
2,326,047,042
Reinvested
..........................................................
—
—
9,940,657
10,613,818
Redeemed
...........................................................
(28,019,647)
(27,220,879)
(2,448,453,748)
(
2,193,020,009)
Change
in
Select
Shares
.........................................
(10,920,457)
11,499,269
100,296,061
143,640,851
Premier
Shares
Issued
..............................................................
—
—
1,671,189,644
1,963,320,103
Reinvested
..........................................................
—
—
17,315,639
20,578,701
Redeemed
...........................................................
—
—
(
1,704,162,266)
(1,935,435,858)
Change
in
Premier
Shares
........................................
—
—
(15,656,983)
48,462,946
Change
in
shares:
......................................................
(43,880,776)
118,822,093
147,438,350
435,178,717
*
Share
transactions
are
at
net
asset
value
of
$1.00
per
share.
Continued
-
9
-
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2026
Limited
Duration
Fund
Bond
Fund
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
From
Investment
Activities:
Operations:
Net
investment
income/(loss)
............................................
$
843,724
$
1,038,409
$
4,416,874
$
4,384,771
Net
realized
gains/(losses)
from
investment
transactions
..................
(1,248,504)
(425,488)
(1,756,845)
(
1,382,561)
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
1,079,931
667,831
(317,433)
90,434
Change
in
net
assets
resulting
from
operations
..............................
675,151
1,280,752
2,342,596
3,092,644
Distributions
to
Shareholders:
Investor
Shares
..........................................................
(132,942)
(116,264)
(25,750)
(24,863)
Institutional
Shares
......................................................
(672,389)
(896,845)
(4,387,982)
(4,355,318)
A
Shares
................................................................
(35,637)
(51,180)
(1,726)
(1,955)
Change
in
net
assets
from
shareholder
distributions
.........................
(840,968)
(1,064,289)
(4,415,458)
(4,382,136)
Change
in
net
assets
from
capital
transactions
...............................
(6,182,157)
(9,973,816)
(4,351,435)
(7,391,625)
Change
in
net
assets
........................................................
(6,347,974)
(9,757,353)
(6,424,297)
(8,681,117)
Net
Assets:
Beginning
of
year
........................................................
28,402,034
38,159,387
114,784,984
123,466,101
End
of
year
..............................................................
$
22,054,060
$
28,402,034
$
108,360,687
$
114,784,984
Capital
Transactions:
Investor
Shares
Proceeds
from
shares
issued
............................................
$
178,240
$
621,232
$
49,796
$
14,760
Dividends
reinvested
....................................................
129,626
113,421
25,638
24,863
Cost
of
shares
redeemed
.................................................
(236,402)
(389,685)
(212,220)
(53,910)
Change
in
net
assets
from
Investor
Shares
............................
71,464
344,968
(136,786)
(14,287)
Institutional
Shares
Proceeds
from
shares
issued
............................................
1,669,209
1,421,585
24,382,432
15,994,939
Dividends
reinvested
....................................................
457,851
544,184
2,018,389
1,819,689
Cost
of
shares
redeemed
.................................................
(8,188,323)
(11,805,232)
(30,617,562)
(25,177,418)
Change
in
net
assets
from
Institutional
Shares
........................
(6,061,263)
(9,839,463)
(4,216,741)
(7,362,790)
A
Shares
Proceeds
from
shares
issued
............................................
50,669
28
98,345
10
Dividends
reinvested
....................................................
35,094
50,631
1,686
1,955
Cost
of
shares
redeemed
.................................................
(278,121)
(529,980)
(97,939)
(16,513)
Change
in
net
assets
from
A
Shares
...................................
(192,358)
(479,321)
2,092
(14,548)
Change
in
net
assets
resulting
from
capital
transactions:
.....................
$
(6,182,157)
$
(9,973,816)
$
(4,351,435)
$
(7,391,625)
Share
Transactions:
Investor
Shares
Issued
..................................................................
19,034
66,597
5,800
1,739
Reinvested
..............................................................
13,843
12,172
3,003
2,927
Redeemed
...............................................................
(25,228)
(41,816)
(25,043)
(6,369)
Change
in
Investor
Shares
............................................
7,649
36,953
(16,240)
(1,703)
Institutional
Shares
Issued
..................................................................
178,126
152,698
2,862,019
1,902,039
Reinvested
..............................................................
48,915
58,433
237,158
214,784
Redeemed
...............................................................
(873,686)
(1,271,542)
(3,583,922)
(2,988,306)
Change
in
Institutional
Shares
........................................
(646,645)
(1,060,411)
(484,745)
(871,483)
A
Shares
Issued
..................................................................
5,394
3
11,382
1
Reinvested
..............................................................
3,745
5,430
198
230
Redeemed
...............................................................
(29,655)
(56,610)
(11,388)
(1,954)
Change
in
A
Shares
..................................................
(20,516)
(51,177)
192
(1,723)
Change
in
shares:
....................................................
(659,512)
(1,074,635)
(500,793)
(
874,909)
Continued
-
10
-
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2026
Strategic
Enhanced
Yield
Fund
Ultra
Short
Tax-Free
Income
Fund
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
From
Investment
Activities:
Operations:
Net
investment
income/(loss)
............................................
$
871,802
$
914,551
$
281,250
$
370,504
Net
realized
gains/(losses)
from
investment
transactions
..................
109,426
88,581
(6,390)
—
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
(422,567)
(145,415)
(11,638)
7,239
Change
in
net
assets
resulting
from
operations
..............................
558,661
857,717
263,222
377,743
Distributions
to
Shareholders:
Investor
Shares
..........................................................
(1,413)
(46,928)
(46)
(57)
Institutional
Shares
......................................................
(835,324)
(840,871)
(280,568)
(369,869)
A
Shares
................................................................
(3,431)
(5,047)
(426)
(480)
Change
in
net
assets
from
shareholder
distributions
.........................
(840,168)
(892,846)
(281,040)
(370,406)
Change
in
net
assets
from
capital
transactions
...............................
(764,037)
6,409,598
(8,643,557)
1,994,463
Change
in
net
assets
........................................................
(1,045,544)
6,374,469
(8,661,375)
2,001,800
Net
Assets:
Beginning
of
year
........................................................
21,172,965
14,798,496
12,386,971
10,385,171
End
of
year
..............................................................
$
20,127,421
$
21,172,965
$
3,725,596
$
12,386,971
Capital
Transactions:
Investor
Shares
Proceeds
from
shares
issued
............................................
$
25,501
$
2,824,373
$
176
$
190
Dividends
reinvested
....................................................
1,412
46,928
47
57
Cost
of
shares
redeemed
.................................................
(25,529)
(2,856,802)
(327)
(159)
Change
in
net
assets
from
Investor
Shares
............................
1,384
14,499
(104)
88
Institutional
Shares
Proceeds
from
shares
issued
............................................
3,416,305
9,607,309
4,154,556
4,558,728
Dividends
reinvested
....................................................
116,258
148,596
94,786
111,254
Cost
of
shares
redeemed
.................................................
(4,235,701)
(3,352,291)
(12,893,149)
(2,676,097)
Change
in
net
assets
from
Institutional
Shares
........................
(703,138)
6,403,614
(8,643,807)
1,993,885
A
Shares
Proceeds
from
shares
issued
............................................
—
19
—
10
Dividends
reinvested
....................................................
2,291
4,721
426
480
Cost
of
shares
redeemed
.................................................
(64,574)
(13,255)
(72)
—
Change
in
net
assets
from
A
Shares
...................................
(62,283)
(8,515)
354
490
Change
in
net
assets
resulting
from
capital
transactions:
.....................
$
(764,037)
$
6,409,598
$
(8,643,557)
$
1,994,463
Share
Transactions:
Investor
Shares
Issued
..................................................................
2,830
318,499
18
19
Reinvested
..............................................................
158
5,314
5
5
Redeemed
...............................................................
(2,900)
(323,825)
(33)
(16)
Change
in
Investor
Shares
............................................
88
(12)
(10)
8
Institutional
Shares
Issued
..................................................................
387,604
1,103,397
413,802
454,108
Reinvested
..............................................................
13,143
17,027
9,444
11,085
Redeemed
...............................................................
(477,261)
(384,774)
(1,284,835)
(266,652)
Change
in
Institutional
Shares
........................................
(76,514)
735,650
(861,589)
198,541
A
Shares
Issued
..................................................................
—
1
—
1
Reinvested
..............................................................
259
541
43
48
Redeemed
...............................................................
(7,270)
(1,519)
(7)
—
Change
in
A
Shares
..................................................
(7,011)
(977)
36
49
Change
in
shares:
....................................................
(83,437)
734,661
(861,563)
198,598
-
11
-
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2026
Concluded
World
Energy
&
Power
Fund
Hedged
Equity
Income
Fund
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
Year
Ended
August
31,
2026
Year
Ended
August
31,
2025
From
Investment
Activities:
Operations:
Net
investment
income/(loss)
............................................
$
2,290,113
$
1,535,468
$
232,117
$
254,825
Net
realized
gains/(losses)
from
investment
transactions
..................
12,779,657
3,202,433
507,458
1,663,008
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
57,892,677
17,984,064
2,720,589
1,753,361
Change
in
net
assets
resulting
from
operations
..............................
72,962,447
22,721,965
3,460,164
3,671,194
Distributions
to
Shareholders:
Investor
Shares
..........................................................
(238,229)
(131,510)
(4,180)
(510)
Institutional
Shares
......................................................
(
1,912,140)
(806,129)
(229,350)
(262,046)
A
Shares
................................................................
(57,696)
(31,758)
(4,938)
(6,811)
C
Shares
................................................................
(30,317)
(22,697)
—
—
Change
in
net
assets
from
shareholder
distributions
.........................
(2,238,382)
(992,094)
(238,468)
(269,367)
Change
in
net
assets
from
capital
transactions
...............................
139,647,112
23,955,740
1,828,234
(2,546,939)
Change
in
net
assets
........................................................
210,371,177
45,685,611
5,049,930
854,888
Net
Assets:
Beginning
of
year
........................................................
143,572,694
97,887,083
29,022,289
28,167,401
End
of
year
..............................................................
$
353,943,871
$
143,572,694
$
34,072,219
$
29,022,289
Capital
Transactions:
Investor
Shares
Proceeds
from
shares
issued
............................................
$
20,298,996
$
8,858,953
$
301,761
$
1,513,997
Dividends
reinvested
....................................................
238,091
131,303
4,180
510
Cost
of
shares
redeemed
.................................................
(8,472,257)
(
8,912,162)
(1,923,318)
(1,959)
Change
in
net
assets
from
Investor
Shares
............................
12,064,830
78,094
(1,617,377
)
1,512,548
Institutional
Shares
Proceeds
from
shares
issued
............................................
165,678,316
44,790,072
7,536,203
2,818,408
Dividends
reinvested
....................................................
1,578,871
614,849
65,680
41,090
Cost
of
shares
redeemed
.................................................
(42,936,032)
(23,104,392)
(4,076,007)
(6,550,341)
Change
in
net
assets
from
Institutional
Shares
........................
124,321,155
22,300,529
3,525,876
(
3,690,843)
A
Shares
Proceeds
from
shares
issued
............................................
3,416,899
3,242,074
128,793
209,855
Dividends
reinvested
....................................................
57,298
31,410
4,938
6,811
Cost
of
shares
redeemed
.................................................
(4,219,826)
(741,915)
(213,996)
(585,310)
Change
in
net
assets
from
A
Shares
...................................
(745,629)
2,531,569
(80,265
)
(368,644)
C
Shares
Proceeds
from
shares
issued
............................................
5,214,761
1,049,564
—
—
Dividends
reinvested
....................................................
30,317
22,640
—
—
Cost
of
shares
redeemed
.................................................
(1,238,322)
(2,026,656)
—
—
Change
in
net
assets
from
C
Shares
..................................
4,006,756
(954,452)
—
—
Change
in
net
assets
resulting
from
capital
transactions:
.....................
$
139,647,112
$
23,955,740
$
1,828,234
$
(
2,546,939)
Share
Transactions:
Investor
Shares
Issued
..................................................................
956,497
571,406
22,898
120,930
Reinvested
..............................................................
11,320
9,187
315
45
Redeemed
...............................................................
(407,336)
(614,535)
(142,855)
(167)
Change
in
Investor
Shares
............................................
560,481
(33,942)
(119,642)
120,808
Institutional
Shares
Issued
..................................................................
8,000,062
2,894,760
561,502
238,700
Reinvested
..............................................................
75,338
41,657
4,991
3,588
Redeemed
...............................................................
(2,022,795)
(1,589,499)
(
307,761)
(573,135)
Change
in
Institutional
Shares
........................................
6,052,605
1,346,918
258,732
(330,847)
A
Shares
Issued
..................................................................
165,275
220,026
9,517
18,736
Reinvested
..............................................................
2,755
2,139
376
604
Redeemed
...............................................................
(196,425)
(
49,749)
(15,872)
(48,768)
Change
in
A
Shares
..................................................
(28,395)
172,416
(5,979)
(29,428)
C
Shares
Issued
..................................................................
257,801
70,800
—
—
Reinvested
..............................................................
1,407
1,689
—
—
Redeemed
...............................................................
(61,199)
(141,287)
—
—
Change
in
C
Shares
..................................................
198,009
(68,798)
—
—
Change
in
shares:
....................................................
6,782,700
1,416,594
133,111
(239,467)
Schedule
of
Portfolio
Investments
August
31,
2026
U.S.
Treasury
Fund
-
12
-
See
notes
to
financial
statements.
Principal
Amount
Security
Description
Amortized
Cost
U.S.
Treasury
Obligations
(32.1%)
U.S.
Treasury
Bills
$
20,000,000
0.00
%
,
9/1/26
(a)
.....................
$
20,000,000
20,000,000
3.22
%
,
9/10/26
(a)
....................
19,982,125
15,000,000
3.37
%
,
9/17/26
.....................
14,976,192
18,000,000
3.41
%
,
9/15/26
.....................
17,974,485
19,000,000
3.48
%
,
9/22/26
(a)
....................
18,959,657
19,000,000
3.53
%
,
10/1/26
.....................
18,942,351
20,000,000
3.57
%
,
10/6/26
.....................
19,928,919
20,000,000
3.59
%
,
10/13/26
....................
19,914,577
18,000,000
3.62
%
,
10/8/26
(a)
....................
17,931,411
45,000,000
3.62
%
,
10/22/26
(a)
...................
44,765,992
18,000,000
3.64
%
,
10/15/26
(a)
...................
17,918,521
24,000,000
3.70
%
,
11/5/26
.....................
23,838,280
20,000,000
3.72
%
,
11/3/26
.....................
19,868,750
25,000,000
3.74
%
,
11/17/26
....................
24,798,864
19,000,000
3.74
%
,
12/15/26
....................
18,793,157
19,000,000
3.76
%
,
1/21/27
(a)
....................
18,720,195
18,000,000
3.85
%
,
12/1/26
.....................
17,824,597
355,138,073
U.S.
Treasury
Notes
8,000,000
0.50
%
,
6/30/27
.....................
7,767,662
41,000,000
1.50
%
,
1/31/27
.....................
40,641,360
25,000,000
1.75
%
,
12/31/26
....................
24,855,241
50,000,000
1.88
%
,
2/28/27
.....................
49,570,753
20,000,000
2.63
%
,
5/31/27
.....................
19,812,234
20,000,000
2.75
%
,
4/30/27
.....................
19,866,571
15,000,000
3.50
%
,
9/30/26
.....................
14,997,716
8,000,000
3.88
%
,
7/31/27
.....................
7,973,631
30,000,000
4.13
%
,
10/31/26
....................
30,017,392
17,000,000
4.13
%
,
2/15/27
.....................
17,008,029
232,510,589
Total
U.S.
Treasury
Obligations
(Cost
$587,648,662)
............
587,648,662
Repurchase
Agreements
(68.2%)
90,000,000
Bank
of
Montreal,
3.63%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$90,009,075,
Collateralized
by
various
U.S.
Treasury
Obligations,
(2.25%
-
4.63%),
(6/15/29
-
11/15/55),
fair
value
of
$91,800,015)
.....
90,000,000
Principal
Amount
Security
Description
Amortized
Cost
Repurchase
Agreements,
continued:
$
5,000,000
Bank
of
New
York
Mellon,
3.55%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$5,000,493,
Collateralized
by
a
U.S.
Treasury
Obligation,
(0.13%),
(1/15/30),
fair
value
of
$5,100,097)
.....................
$
5,000,000
135,000,000
Credit
Agricole
CIB
NY,
3.63%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$135,013,613,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.00%
-
4.88%),
(10/20/26
-
8/15/55),
fair
value
of
$137,700,001)
....................
135,000,000
5,000,000
Goldman
Sachs
&
Co.,
3.60%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$5,000,500,
Collateralized
by
a
U.S.
Treasury
Obligation,
(0.00%),
(11/15/43),
fair
value
of
$5,100,014)
.....................
5,000,000
80,000,000
Nomura
Securities
International,
Inc.,
3.64%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$80,008,089,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.13%
-
4.63%),
(10/15/28
-
7/31/31),
fair
value
of
$81,630,067)
....................
80,000,000
315,000,000
Northern
Trust
Corp.,
3.60%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$315,031,500,
Collateralized
by
various
U.S.
Treasury
Obligations,
(1.63%
-
3.63%),
(11/15/50
-
5/15/53),
fair
value
of
$321,300,000)
....................
315,000,000
330,000,000
Royal
Bank
of
Canada,
3.63%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$330,033,275,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.63%
-
4.75%),
(8/15/27
-
11/15/55),
fair
value
of
$336,600,036)
....................
330,000,000
292,394,468
State
Street
Bank
&
Trust
Co.,
3.62%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$292,423,870,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.38%
-
3.75%),
(1/15/27
-
5/15/28),
fair
value
of
$298,242,648)
....................
292,394,468
Total
Repurchase
Agreements
(Cost
$1,252,394,468)
............
1,252,394,468
Total
Investments
(Cost
$1,840,043,130)
(b)
—
100.3%
...........
1,840,043,130
Net
other
assets
(liabilities)
—
(0.3)%
.....................
(4,693,890)
Net
Assets
—
100.0%
................................
$
1,835,349,240
(a)
Zero
coupon
bond.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(b)
Cost
and
value
for
federal
income
tax
and
financial
reporting
purposes
are
the
same.
Schedule
of
Portfolio
Investments
August
31,
2026
Government
Securities
Money
Market
Fund
-
13
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
U.S.
Government
Agency
Securities
(53.1%)
Fannie
Mae
$
35,000,000
3.49%,
9/21/26
(a)
....................
$
34,928,833
Federal
Farm
Credit
Banks
Funding
Corp.
10,000,000
0.60
%
,
1/27/27
.....................
9,875,836
11,500,000
3.15
%
,
3/22/27
.....................
11,454,236
14,305,000
3.50
%
,
1/28/27
.....................
14,303,288
10,000,000
3.69
%
(
SOFR
+
4
bps
)
,
11/19/26
..........
10,000,000
15,000,000
3.69
%
(
SOFR
+
4
bps
)
,
2/9/27
...........
15,000,000
35,000,000
3.69
%
(
SOFR
+
4
bps
)
,
2/24/27
..........
35,000,000
50,000,000
3.69
%
(
SOFR
+
4
bps
)
,
3/8/27
...........
50,000,000
25,000,000
3.69
%
(
SOFR
+
4
bps
)
,
2/12/27
..........
25,000,000
50,000,000
3.69
%
(
SOFR
+
4
bps
)
,
4/1/27
...........
50,000,000
35,000,000
3.69
%
(
SOFR
+
4
bps
)
,
4/7/27
...........
35,000,000
50,000,000
3.70
%
(
SOFR
+
5
bps
)
,
10/27/26
..........
50,000,000
35,000,000
3.70
%
(
SOFR
+
5
bps
)
,
11/6/26
..........
35,000,000
10,000,000
3.70
%
(
SOFR
+
5
bps
)
,
2/3/27
...........
10,000,000
50,000,000
3.71
%
(
SOFR
+
6
bps
)
,
4/20/27
,
Callable
10/20/26
@
100
*
..................
50,000,000
25,000,000
3.72
%
(
SOFR
+
7
bps
)
,
9/10/26
..........
25,000,000
15,000,000
3.72
%
(
SOFR
+
7
bps
)
,
9/18/26
..........
15,000,000
15,000,000
3.72
%
(
SOFR
+
7
bps
)
,
5/21/27
..........
15,000,000
50,000,000
3.72
%
(
SOFR
+
7
bps
)
,
9/9/27
,
Callable
3/9/27
@
100
*
.........................
50,000,000
15,000,000
3.72
%
(
SOFR
+
6
bps
)
,
9/4/26
...........
15,000,000
10,000,000
3.72
%
(
SOFR
+
6
bps
)
,
9/4/26
...........
10,000,000
15,000,000
3.72
%
(
SOFR
+
7
bps
)
,
6/24/27
..........
15,000,000
25,000,000
3.72
%
(
SOFR
+
7
bps
)
,
8/10/27
..........
25,000,000
10,000,000
3.72
%
(
SOFR
+
7
bps
)
,
8/20/27
..........
10,000,000
50,000,000
3.73
%
(
SOFR
+
8
bps
)
,
9/7/27
...........
50,000,000
50,000,000
3.74
%
(
SOFR
+
9
bps
)
,
9/3/27
,
Callable
3/3/27
@
100
*
.........................
50,000,000
18,175,000
3.75
%
,
3/30/27
.....................
18,180,350
25,000,000
3.77
%
(
SOFR
+
12
bps
)
,
8/27/27
..........
25,010,601
35,000,000
3.88
%
,
5/26/27
.....................
34,969,006
35,386,000
4.13
%
,
2/12/27
.....................
35,419,528
11,800,000
4.50
%
,
3/26/27
.....................
11,845,318
806,058,163
Federal
Home
Loan
Banks
13,740,000
0.85
%
,
11/5/26
.....................
13,667,097
8,930,000
0.97
%
,
9/30/26
.....................
8,910,681
6,500,000
3.00
%
,
9/11/26
.....................
6,498,620
51,000,000
3.25
%
,
9/9/26
(a)
.....................
50,958,633
35,000,000
3.57
%
,
10/7/26
(a)
....................
34,871,900
35,000,000
3.58
%
,
10/2/26
(a)
....................
34,888,938
35,000,000
3.60
%
,
9/23/26
(a)
....................
34,919,685
35,000,000
3.60
%
,
9/25/26
(a)
....................
34,912,733
35,000,000
3.61
%
,
11/27/26
(a)
...................
34,693,809
35,000,000
3.64
%
,
10/20/26
(a)
...................
34,823,974
35,000,000
3.64
%
,
11/25/26
(a)
...................
34,697,955
14,000,000
3.65
%
,
10/23/26
(a)
...................
13,925,178
35,000,000
3.65
%
,
12/24/26
(a)
...................
34,596,567
35,000,000
3.68
%
(
SOFR
+
3
bps
)
,
12/22/26
..........
35,000,000
50,000,000
3.68
%
(
SOFR
+
3
bps
)
,
1/20/27
..........
49,998,756
35,000,000
3.69
%
(
SOFR
+
4
bps
)
,
1/22/27
..........
35,000,661
35,000,000
3.70
%
(
SOFR
+
5
bps
)
,
2/16/27
..........
35,000,000
35,000,000
3.70
%
(
SOFR
+
5
bps
)
,
2/8/27
,
Callable
1/8/27
@
100
*
.........................
35,000,000
35,000,000
3.70
%
(
SOFR
+
5
bps
)
,
2/16/27
..........
35,000,000
35,000,000
3.72
%
(
SOFR
+
7
bps
)
,
9/11/26
..........
35,000,000
35,000,000
3.72
%
(
SOFR
+
7
bps
)
,
5/10/27
..........
35,000,000
35,000,000
3.73
%
(
SOFR
+
8
bps
)
,
4/8/27
...........
35,007,169
5,300,000
3.73
%
,
10/14/26
(a)
...................
5,275,944
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
U.S.
Government
Agency
Securities,
continued:
Federal
Home
Loan
Banks,
continued:
$
50,000,000
4.00
%
,
10/9/26
.....................
$
50,018,575
59,150,000
4.00
%
,
3/10/27
.....................
59,189,140
55,920,000
4.13
%
,
1/15/27
.....................
56,007,628
8,000,000
4.88
%
,
9/11/26
.....................
8,002,142
880,865,785
Federal
Home
Loan
Mortgage
Corporation
17,280,000
0.80
%
,
10/27/26
....................
17,199,812
31,370,000
0.80
%
,
10/28/26
....................
31,221,357
48,421,169
Total
U.S.
Government
Agency
Securities
(Cost
$1,770,273,950)
....
1,770,273,950
U.S.
Treasury
Obligations
(9.8%)
U.S.
Treasury
Notes
16,000,000
0.50%,
6/30/27
.....................
15,535,324
35,000,000
1.13%,
10/31/26
....................
34,859,120
35,000,000
1.25%,
11/30/26
....................
34,804,338
35,000,000
1.50%,
1/31/27
.....................
34,687,143
35,000,000
1.75%,
12/31/26
....................
34,797,337
35,000,000
3.50%,
9/30/26
.....................
34,994,873
35,000,000
3.75%,
4/30/27
.....................
34,980,044
16,000,000
3.88%,
7/31/27
.....................
15,947,262
35,000,000
4.13%,
10/31/26
....................
35,018,165
50,000,000
4.13%,
2/28/27
.....................
50,136,519
Total
U.S.
Treasury
Obligations
(Cost
$325,760,125)
............
325,760,125
Repurchase
Agreements
(32.6%)
245,000,000
Bank
of
Montreal,
3.63%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$245,024,704,
Collateralized
by
various
U.S.
Treasury
Obligations,
(3.50%
-
3.88%),
(3/31/28
-
2/15/33),
fair
value
of
$249,900,045)
.....
245,000,000
5,000,000
Bank
of
New
York
Mellon,
3.55%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$5,000,493,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.13%
-
1.13%),
(1/15/30
-
1/15/33),
fair
value
of
$5,100,063)
5,000,000
160,000,000
Credit
Agricole
CIB
NY,
3.63%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$160,016,133,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.00%
-
7.50%),
(2/15/27
-
7/20/56),
fair
value
of
$163,200,001)
....................
160,000,000
5,000,000
Goldman
Sachs
&
Co.,
3.60%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$5,000,500,
Collateralized
by
a
U.S.
Treasury
Obligation,
(0.00%),
(5/15/39),
fair
value
of
$5,100,012)
.....................
5,000,000
160,000,000
Nomura
Securities
International,
Inc.,
3.64%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$160,016,178,
Collateralized
by various
U.S.
Treasury
Obligations,
(0.00%
-
4.25%),
(2/29/28
-
2/15/55),
fair
value
of
$163,200,035)
....................
160,000,000
140,000,000
Northern
Trust
Corp.,
3.60%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$140,014,000,
Collateralized
by
a
U.S.
Treasury
Obligation,
(3.63%),
(5/15/53),
fair
value
of
$142,800,000)
..............
140,000,000
Schedule
of
Portfolio
Investments
August
31,
2026
Government
Securities
Money
Market
Fund
-
14
-
See
notes
to
financial
statements.
Concluded
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
Repurchase
Agreements,
continued:
$
360,000,000
Royal
Bank
of
Canada,
3.63%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$360,036,300,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.00%
-
7.00%),
(7/31/27
-
3/15/68),
fair
value
of
$367,200,019)
....................
$
360,000,000
10,000,000
State
Street
Bank
&
Trust
Co.,
3.62%,
9/1/26,
(Purchased
on
8/31/26,
proceeds
at
maturity
$10,001,006,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.38%
-
3.75%),
(1/15/27
-
5/15/28),
fair
value
of
$10,200,271)
10,000,000
Total
Repurchase
Agreements
(Cost
$1,085,000,000)
............
1,085,000,000
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
Investment
Companies
(5.9%)
23,753,527
Fidelity
Government
Portfolio,
3.60%
(b)
......
$
23,753,527
172,461,939
First
American
Treasury
Obligations
Fund,
3.60%
(b)
........................
172,461,939
Total
Investment
Companies
(Cost
$196,215,466)
..............
196,215,466
Total
Investments
(Cost
$3,377,249,541)
(c)
—
101.4%
...........
3,377,249,541
Net
other
assets
(liabilities)
—
(1.4)%
.....................
(47,234,091)
Net
Assets
—
100.0%
................................
$
3,330,015,450
(a)
Zero
coupon
bond.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(b)
Money
market
investment.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(c)
Cost
and
value
for
federal
income
tax
and
financial
reporting
purposes
are
the
same.
*
Represents
next
call
date. Additional
subsequent
call
dates
and
amounts
may
apply
to
this
security.
bps
Basis
Points
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Portfolio
Investments
August
31,
2026
Limited
Duration
Fund
-
15
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Asset-Backed
Securities
(18.5%)
$
550,000
AIO
Issuer
LLC,
Series
2024-1A,
Class
A2,
6.00%,
10/26/54,
Callable
10/25/29
@
100
*(a)
$
540,141
319,069
CLI
Funding
VIII
LLC,
Series
2021-1A,
Class
B,
2.38%,
2/18/46
(a)
..................
293,314
526,490
CWABS
Asset-Backed
Certificates
Trust,
Series
2007-4,
Class
A4W,
4.24%,
4/25/47,
Callable
3/25/27
@
100
*(b)
..................
505,425
457,984
Fremont
Home
Loan
Trust,
Series
2004-3,
Class
M5,
5.66%
(TSFR1M
+
199
bps),
11/25/34,
Callable
9/25/26
@
100
*
.............
312,168
868,795
Goodgreen
Trust,
Series
2020-1A,
Class
A,
2.63%,
4/15/55,
Callable
10/15/36
@
100
*(a)
721,099
595,000
HI-FI
Music
IP
Issuer
LP,
Series
2022-1A,
Class
A2,
3.94%,
2/1/62,
Callable
11/1/26
@
100
*(a)
592,335
147,059
PNMAC
GMSR
Issuer
Trust,
Series
2024-GT1,
Class
A,
6.87%
(TSFR1M
+
320
bps),
3/25/29
(a)
.......................
148,604
27,536
RAMP
Trust,
Series
2002-RS2,
Class
AI5,
4.47%,
3/25/32,
Callable
9/25/26
@
100
*
.......
27,019
369
Saxon
Asset
Securities
Trust,
Series
2003-3,
Class
AF6,
3.91%,
12/25/33,
Callable
9/25/26
@
100
*(b)(c)
......................
350
26,205
Soundview
Home
Loan
Trust,
Series
2005-B,
Class
M2,
6.22%,
5/25/35,
Callable
9/25/26
@
100
*(b)(c)
......................
24,302
218,189
Textainer
Marine
Containers
VII,
Ltd.,
Series
2020-1A,
Class
A,
2.73%,
8/21/45,
Callable
9/20/26
@
100
*(a)
..................
210,431
121,316
Willis
Engine
Structured
Trust
VI,
Series
2021-A,
Class
A,
3.10%,
5/15/46,
Callable
5/15/29
@
100
*(a)
.........................
113,603
622,250
Zaxbys
Funding
LLC,
Series
2021-1A,
Class
A2,
3.24%,
7/30/51,
Callable
10/30/26
@
100
*(a)
594,164
Total
Asset-Backed
Securities
(Cost
$4,418,903)
...............
4,082,955
Mortgage-Backed
Securities
†
(44.3%)
Alt-A
-
Adjustable
Rate
Mortgage-Backed
Securities
(0.1%)
45,045
Bear
Stearns
Alternative
Trust,
Series
2006-1,
Class
21A2,
4.31%,
2/25/36,
Callable
9/25/26
@
100
*(b)
.......................
30,743
Alt-A
-
Fixed
Rate
Mortgage-Backed
Securities
(1.6%)
14,151
Alternative
Loan
Trust,
Series
2006-31CB,
Class
A16,
6.00%,
11/25/36,
Callable
9/25/26
@
100
*
..........................
7,178
168,718
Alternative
Loan
Trust,
Series
2006-J8,
Class
A2,
6.00%,
2/25/37,
Callable
9/25/26
@
100
*
..
59,516
50,172
Alternative
Loan
Trust,
Series
2004-J8,
Class
2A1,
7.00%,
8/25/34,
Callable
9/25/26
@
100
*
..
53,710
291
Deutsche
Alternative
Securities,
Inc.
Mortgage
Loan
Trust,
Series
2003-4XS,
Class
A6A,
5.32%,
10/25/33,
Callable
9/25/26
@
100
*(b)(c)
286
7,572
MASTR
Alternative
Loan
Trust,
Series
2004-6,
Class
7A1,
6.00%,
7/25/34,
Callable
9/25/26
@
100
*
.........................
7,308
195,224
MASTR
Alternative
Loan
Trust,
Series
2004-3,
Class
5A1,
6.50%,
3/25/34,
Callable
9/25/26
@
100
*
.........................
195,473
71
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2005-WF1,
Class
2A5,
5.66%,
3/25/35,
Callable
9/25/26
@
100
*(b)(c)
.....
71
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
,
continued:
Alt-A
-
Fixed
Rate
Mortgage-Backed
Securities,
continued:
$
38,901
Residential
Asset
Securitization
Trust,
Series
2006-A8,
Class
1A1,
6.00%,
8/25/36,
Callable
9/25/26
@
100
*
...................
$
25,960
349,502
Prime
Adjustable
Rate
Mortgage-Backed
Securities
(3.8%)
8,793
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-AR28,
Class
CB3,
4.97%,
11/25/32,
Callable
9/25/26
@
100
*(b)
.....
5,969
32,094
HarborView
Mortgage
Loan
Trust,
Series
2004-10,
Class
3A1B,
4.55%,
1/19/35,
Callable
9/19/26
@
100
*(b)
.......................
28,696
940
JPMorgan
Mortgage
Trust,
Series
2006-A5,
Class
3A4,
4.63%,
8/25/36,
Callable
9/25/26
@
100
*(b)
.........................
723
60,855
JPMorgan
Mortgage
Trust,
Series
2005-A6,
Class
3A3,
4.89%,
9/25/35,
Callable
9/25/26
@
100
*(b)
.........................
58,639
656,999
JPMorgan
Mortgage
Trust,
Series
2024-CCM1,
Class
A3,
5.50%,
4/25/55,
Callable
8/25/33
@
100
*(a)(b)
........................
644,912
30,598
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2006-AR14,
Class
1A1,
3.95%,
11/25/36,
Callable
9/25/26
@
100
*(b)
.....
28,701
770
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2006-AR8,
Class
1A1,
4.28%,
8/25/46,
Callable
9/25/26
@
100
*(b)
............
725
86,608
WinWater
Mortgage
Loan
Trust,
Series
2014-1,
Class
A1,
3.93%,
6/20/44,
Callable
9/20/26
@
100
*(a)(b)
........................
82,113
850,478
Prime
Fixed
Mortgage-Backed
Securities
(6.6%)
327,920
American
Home
Mortgage
Investment
Trust,
Series
2006-2,
Class
3A2,
6.70%,
6/25/36,
Callable
9/25/26
@
100
*(b)(c)
...........
36,974
6,475
Angel
Oak
Mortgage
Trust,
Series
2019-5,
Class
A1,
2.59%,
10/25/49,
Callable
9/25/26
@
100
*(a)(b)
........................
6,435
5,998
Angel
Oak
Mortgage
Trust,
Series
2019-6,
Class
A1,
2.62%,
11/25/59,
Callable
9/25/26
@
100
*(a)(b)
........................
5,978
40,699
ChaseFlex
Trust,
Series
2005-2,
Class
1A1,
6.00%,
6/25/35,
Callable
9/25/26
@
100
*
..
23,468
29
CHL
Mortgage
Pass-Through
Trust,
Series
2004-
J6,
Class
1A2,
5.25%,
8/25/24
.........
29
617
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2003-1,
Class
WA2,
6.50%,
6/25/31,
Callable
9/25/26
@
100
*
...................
617
38,731
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2004-
NCM2,
Class
1CB2,
6.75%,
8/25/34,
Callable
9/25/26
@
100
*
...................
39,257
9,203
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2003-1,
Class
1A1,
7.00%,
2/25/33,
Callable
9/25/26
@
100
*
.......
9,393
114,082
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-34,
Class
1A1,
7.50%,
12/25/32,
Callable
9/25/26
@
100
*
......
115,568
159,727
Flagstar
Mortgage
Trust,
Series
2021-4,
Class
A5,
2.50%,
6/1/51,
Callable
2/25/47
@
100
*(a)(b)
140,349
8,376
Galton
Funding
Mortgage
Trust,
Series
2017-1,
Class
A21,
3.50%,
7/25/56,
Callable
5/25/27
@
100
*(a)(b)
......................
7,547
Continued
Schedule
of
Portfolio
Investments
August
31,
2026
Limited
Duration
Fund
-
16
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
,
continued:
Prime
Fixed
Mortgage-Backed
Securities,
continued:
$
85,991
GS
Mortgage-Backed
Securities
Corp.
Trust,
Series
2020-PJ3,
Class
A14,
3.00%,
10/25/50,
Callable
8/25/41
@
100
*(a)(b)
....
$
73,220
211,809
GS
Mortgage-Backed
Securities
Corp.
Trust,
Series
2019-PJ2,
Class
A8,
4.00%,
11/25/49,
Callable
9/25/26
@
100
*(a)(b)
...........
194,212
128,445
GSR
Mortgage
Loan
Trust,
Series
2004-13F,
Class
2A1,
4.25%,
11/25/34,
Callable
9/25/26
@
100
*
..........................
124,998
48
GSR
Mortgage
Loan
Trust,
Series
2004-10F,
Class
2A4,
5.00%,
8/25/19
...............
48
363,349
JPMorgan
Mortgage
Trust,
Series
2020-4,
Class
A3A,
2.50%,
11/25/50,
Callable
6/25/28
@
100
*(a)(b)
........................
299,094
293,015
JPMorgan
Mortgage
Trust,
Series
2017-2,
Class
A4,
3.00%,
5/25/47,
Callable
9/25/28
@
100
*(a)(b)
........................
253,034
390
Prime
Mortgage
Trust,
Series
2004-CL1,
Class
1A1,
6.00%,
2/25/34,
Callable
9/25/26
@
100
*
..........................
383
28,885
Structured
Asset
Mortgage
Investments
Trust,
Series
1999-2,
Class
3A,
6.75%,
5/25/29,
Callable
9/25/26
@
100
*
.............
29,157
164
WaMu
MSC
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-RA1,
Class
2A,
7.00%,
3/25/34,
Callable
9/25/26
@
100
*
.......
165
111,281
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2021-2,
Class
A3,
2.50%,
6/25/51,
Callable
4/25/41
@
100
*(a)(b)
...........
97,992
1,457,918
Subprime
Mortgage-Backed
Securities
(0.3%)
58,050
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
2.75%,
10/25/57,
Callable
1/25/30
@
100
*(a)(b)
........................
57,544
7,903
Towd
Point
Mortgage
Trust,
Series
2018-2,
Class
A1,
3.25%,
3/25/58,
Callable
8/25/29
@
100
*(a)(b)
........................
7,860
65,404
U.S.
Government
Agency
Mortgage-Backed
Securities
(31.9%)
79,829
Fannie
Mae,
5.00%,
8/1/53,
Pool
#FS5659
...
77,470
170,064
Fannie
Mae,
5.50%,
3/1/53,
Pool
#MA4941
...
169,649
405,767
Fannie
Mae
Grantor
Trust,
Series
2003-T4,
Class
2A5,
4.41%,
9/26/33,
Callable
9/26/26
@
100
*(b)(c)
........................
397,030
134
Fannie
Mae
Grantor
Trust,
Series
2002-T1,
Class
A3,
7.50%,
11/25/31,
Callable
9/25/26
@
100
*
..........................
138
109,610
Fannie
Mae
REMIC,
Series
2013-68,
Class
NA,
1.00%,
3/25/42
...................
93,134
91,588
Fannie
Mae
REMIC,
Series
2013-18,
Class
NA,
2.00%,
12/25/42
..................
80,857
39,536
Fannie
Mae
REMIC,
Series
2013-73,
Class
PD,
2.25%,
6/25/42
...................
37,459
26,693
Fannie
Mae
REMIC,
Series
2013-74,
Class
DY,
2.25%,
6/25/42
(b)
..................
25,805
22,581
Fannie
Mae
REMIC,
Series
2010-100,
Class
LA,
2.50%,
7/25/40
...................
21,677
33,301
Fannie
Mae
REMIC,
Series
2014-61,
Class
P,
2.50%,
7/25/44
...................
30,645
33,755
Fannie
Mae
REMIC,
Series
2011-118,
Class
NA,
3.00%,
11/25/41
..................
31,556
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
,
continued:
U.S.
Government
Agency
Mortgage-Backed
Securities,
continued:
$
72,470
Fannie
Mae
REMIC,
Series
2014-1,
Class
AB,
3.00%,
6/25/43
...................
$
69,164
66,908
Fannie
Mae
REMIC,
Series
2015-59,
Class
LM,
3.00%,
7/25/45
...................
61,537
279,565
Fannie
Mae
REMIC,
Series
2018-83,
Class
LC,
3.00%,
11/25/48
..................
243,546
266,117
Fannie
Mae
REMIC,
Series
2025-113,
Class
AD,
4.50%,
11/25/52
..................
260,312
328,018
Fannie
Mae
REMIC,
Series
2026-23,
Class
DE,
4.75%,
9/25/54
...................
319,751
365,722
Fannie
Mae
REMIC,
Series
2026-36,
Class
CA,
5.00%,
6/25/50
...................
363,998
112,034
Fannie
Mae
REMIC,
Series
2023-16,
Class
VE,
5.50%,
3/25/34
...................
112,333
161,402
Fannie
Mae
REMIC
Trust,
Series
2003-W16,
Class
AF5,
4.40%,
11/25/33,
Callable
9/25/26
@
100
*(b)(c)
......................
161,192
370,771
Fannie
Mae
REMIC
Trust,
Series
2003-W14,
Class
2A,
4.89%,
1/25/43,
Callable
9/25/26
@
100
*(b)
.........................
361,972
443,449
Fannie
Mae
REMIC
Trust,
Series
2004-W10,
Class
A6,
5.75%,
8/25/34,
Callable
9/25/26
@
100
*
..........................
448,763
94,697
Freddie
Mac,
5.00%,
12/1/53,
Pool
#SD8382
.
91,665
56,595
Freddie
Mac
REMIC,
Series
4019,
Class
GB,
2.00%,
12/15/41
..................
53,622
96,594
Freddie
Mac
REMIC,
Series
3908,
Class
B,
2.50%,
6/15/39
...................
88,567
168,602
Freddie
Mac
REMIC,
Series
4374,
Class
GA,
3.00%,
9/15/36
...................
161,121
282,231
Freddie
Mac
REMIC,
Series
5640,
Class
CB,
4.50%,
2/25/56
...................
270,384
291,272
Freddie
Mac
REMIC,
Series
5611,
Class
LD,
4.75%,
8/25/49
...................
285,741
216,659
Freddie
Mac
REMIC,
Series
5648,
Class
BG,
4.75%,
7/25/54
...................
210,234
329,866
Freddie
Mac
REMIC,
Series
5652,
Class
AD,
5.00%,
11/25/50
..................
324,668
94,758
Freddie
Mac
REMIC,
Series
5303,
Class
B,
5.50%,
6/25/45
...................
95,490
280,000
Freddie
Mac
REMIC,
Series
5432,
Class
CB,
5.50%,
7/25/54
...................
276,846
362,787
Government
National
Mortgage
Association,
Series
2013-69,
Class
NA,
2.00%,
9/20/42
.
334,628
328,896
Government
National
Mortgage
Association,
Series
2026-10,
Class
HP,
4.50%,
12/20/55
317,302
227,521
Government
National
Mortgage
Association,
Series
2025-117,
Class
ND,
4.75%,
3/20/52
224,696
135,356
Government
National
Mortgage
Association,
Series
2023-47,
Class
AQ,
5.00%,
6/20/48
.
133,962
210,979
Government
National
Mortgage
Association,
Series
2025-30,
Class
CT,
5.00%,
2/20/55
.
207,187
300,000
Government
National
Mortgage
Association,
Series
2026-143,
Class
NA,
5.00%,
4/20/66
296,405
3,783
Government
National
Mortgage
Association,
Series
2023-186,
Class
MV,
5.50%,
10/20/34
3,774
265,815
Government
National
Mortgage
Association,
Series
2026-30,
Class
QE,
6.00%,
12/20/55
267,921
7,012,201
Total
Mortgage-Backed
Securities
(Cost
$10,618,408)
........
9,766,246
Continued
Schedule
of
Portfolio
Investments
August
31,
2026
Limited
Duration
Fund
-
17
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Commercial
Mortgage-Backed
Securities
(1.5%)
U.S.
Government
Agency
Mortgage-Backed
Securities
(1.5%)
$
343,105
FRESB
Mortgage
Trust,
Series
2017-SB32,
Class
A10H,
3.03%,
4/25/37,
Callable
4/25/27
@
100
*(b)
.........................
$
338,552
Total
Commercial
Mortgage-Backed
Securities
(Cost
$338,441)
..
338,552
Corporate
Bonds
(16.5%)
Banks
(4.6%)
800,000
Truist
Financial
Corp.,
Series
N,
6.67%
(H15T5Y
+
300
bps),
Callable
3/1/27
@
100
*(d)
.....
802,896
225,000
Truist
Financial
Corp.,
Series
Q,
5.10%
(H15T10Y
+
435
bps),
Callable
3/1/30
@
100
*(d)
.....
222,845
1,025,741
Electric
Utilities
(1.7%)
275,000
Entergy
Mississippi
LLC,
3.25%,
12/1/27,
Callable
9/1/27
@
100
*
..............
269,474
100,000
Virginia
Power
Fuel
Securitization
LLC,
Series
A-2,
4.88%,
5/1/31,
................
100,202
369,676
Energy
Equipment
&
Services
(1.4%)
350,000
Helmerich
&
Payne,
Inc.,
2.90%,
9/29/31,
Callable
6/29/31
@
100
*
.............
311,441
Health
Care
Providers
&
Services
(2.7%)
300,000
CommonSpirit
Health,
5.21%,
12/1/31,
Callable
6/1/31
@
100
*
....................
298,975
300,000
Humana,
Inc.,
5.38%,
4/15/31,
Callable
2/15/31
@
100
*
.........................
300,449
599,424
Passenger
Airlines
(0.4%)
77,143
United
Airlines
Pass-Through
Trust,
Series
2020-
1,
Class
A,
5.88%,
10/15/27
..........
77,815
Semiconductors
&
Semiconductor
Equipment
(0.7%)
150,000
Broadcom,
Inc.,
4.15%,
11/15/30,
Callable
8/15/30
@
100
*
...................
143,964
Software
(2.3%)
500,000
Oracle
Corp.,
6.25%,
11/9/32,
Callable
8/9/32
@
100
*
..........................
498,044
Tobacco
(2.7%)
606,000
BAT
Capital
Corp.,
3.22%,
9/6/26
.........
605,901
Total
Corporate
Bonds
(Cost
$3,562,880)
...................
3,632,006
U.S.
Government
Agency
Securities
(2.3%)
Federal
Home
Loan
Banks
280,000
4.50%,
9/26/29,
Callable
9/26/26
@
100
*
....
277,853
Federal
National
Mortgage
Association
220,000
4.60%,
7/28/28,
Callable
10/28/26
@
100
*
...
219,494
Total
U.S.
Government
Agency
Securities
(Cost
$500,000)
........
497,347
U.S.
Treasury
Obligations
(13.9%)
U.S.
Treasury
Notes
830,000
1.50%,
2/15/30
.....................
752,512
500,000
1.75%,
11/15/29
....................
460,449
520,000
2.88%,
5/15/32
.....................
476,226
900,000
3.88%,
12/31/27
....................
895,008
500,000
4.00%,
1/31/31
.....................
490,117
Total
U.S.
Treasury
Obligations
(Cost
$3,134,189)
..............
3,074,312
Shares
or
Principal
Amount
Security
Description
Value
Investment
in
Affiliates
(2.4%)
525,077
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
3.61%
(e)
..........
$
525,077
Total
Investment
in
Affiliates
(Cost
$525,077)
.................
525,077
Total
Investments
(Cost
$23,097,898)
(f)
—
99.4%
..............
21,916,495
Net
other
assets
(liabilities)
—
0.6%
......................
137,565
Net
Assets
—
100.0%
................................
$
22,054,060
Schedule
of
Portfolio
Investments
August
31,
2026
Limited
Duration
Fund
-
18
-
See
notes
to
financial
statements.
Concluded
(a)
Represents
a
restricted
security,
purchased
under
Rule
144A,
Section
4(2),
which
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended.
The
security
has
been
deemed
liquid
according
to
the
policies
and
procedures
adopted
by
the
Board
of
Trustees.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security. The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(c)
Step
Bond:
Coupon
rate
is
set
for
an
initial
period
and
then
increased
to
a
higher
coupon
rate
at
a
specified
date.
The
rate
shown
is
the
rate
in
effect
at
August
31,
2026.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Money
market
investment.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(f)
Represents
cost
for
financial
reporting
purposes.
The
cost
for
tax
reporting
purposes
can
be
found
in
Note
6
in
the
Notes
to
Financial
Statements.
*
Represents
next
call
date. Additional
subsequent
call
dates
and
amounts
may
apply
to
this
security.
†
Mortgage-backed
securities
are
classified
based
on
the
characteristics
of
their
underlying
collateral,
the
fixed
vs.
variable
nature
of
the
obligations,
and
the
credit
standing
of
the
mortgagors.
The
fixed
or
variable
rate
nature
of
securities
interest
payments
to
which
the
fund
is
entitled
may
not
coincide
with
the
payment
nature
of
the
collateral
underlying
the
securities.
bps
Basis
Points
H15T5Y
5-Year
Treasury
Constant
Maturity
Rate
H15T10Y
10-Year
Treasury
Constant
Maturity
Rate
REMIC
Real
Estate
Mortgage
Investment
Conduits
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1-Month
Schedule
of
Portfolio
Investments
August
31,
2026
Bond
Fund
-
19
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Asset-Backed
Securities
(13.6%)
$
720,000
Compass
Datacenters
Issuer
II
LLC,
Series
2024-1A,
Class
A1,
5.25%,
2/25/49,
Callable
2/25/27
@
100
*(a)
..................
$
714,392
925,000
Compass
Datacenters
Issuer
III
LLC,
Series
2026-2A,
Class
A21,
5.72%,
7/25/56,
Callable
7/25/29
@
100
*(a)
..................
923,822
1,100,000
CoreVest
American
Finance
Trust,
Series
2021-2,
Class
B,
2.38%,
7/15/54,
Callable
7/15/31
@
100
*(a)
.........................
951,893
1,065,000
DataBank
Issuer,
Series
2024-1A,
Class
A2,
5.30%,
1/26/54,
Callable
1/25/27
@
100
*(a)
.
1,050,582
4,449
Dext
ABS
LLC,
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
4/15/27
@
100
*(a)
......
4,452
1,023,580
Finance
of
America
Structured
Securities
RMF
Trust,
Series
2023-S1,
Class
A1,
3.00%,
9/25/61
(a)(b)
......................
1,047,566
850,000
Flexential
Issuer
LLC,
Series
2025-1A,
Class
A2,
6.03%,
10/25/60,
Callable
10/25/28
@
100
*(a)
836,002
400,000
Flexential
Issuer
LLC,
Series
2026-4A,
Class
A2,
6.00%,
3/25/61,
Callable
3/25/29
@
100
*(a)
.
391,922
1,221,875
Hardee's
Funding
LLC,
Series
2024-1A,
Class
A2,
7.25%,
3/20/54,
Callable
3/20/29
@
100
*(a)
.
1,239,482
1,500,000
HI-FI
Music
IP
Issuer
LP,
Series
2022-1A,
Class
A2,
3.94%,
2/1/62,
Callable
11/1/26
@
100
*(a)
1,493,282
315,008
Hilton
Grand
Vacations
Trust,
Series
2026-2A,
Class
B,
5.10%,
3/27/45,
Callable
8/25/30
@
100
*(a)
.........................
314,123
541,392
Point
Securitization
Trust,
Series
2025-2,
Class
A1,
5.75%,
10/25/55,
Callable
10/25/28
@
100
*(a)(b)
........................
534,625
482,651
RCKT
Mortgage
Trust,
Series
2023-CES3,
Class
A1A,
7.11%,
11/25/43,
Callable
11/25/26
@
100
*(a)(b)
........................
482,896
1,200,000
Switch
ABS
Issuer
LLC,
Series
2024-1A,
Class
A2,
6.28%,
3/25/54,
Callable
3/25/27
@
100
*(a)
.........................
1,203,401
500,000
Switch
ABS
Issuer
LLC,
Series
2024-2A,
Class
A2,
5.44%,
6/25/54,
Callable
6/25/27
@
100
*(a)
.........................
493,189
638,175
Taco
Bell
Funding
LLC,
Series
2018-1A,
Class
A2II,
4.94%,
11/25/48,
Callable
11/25/26
@
100
*(a)
.........................
634,665
368,812
Triumph
Rail
Holdings
LLC,
Series
2021-2,
Class
A,
2.15%,
6/19/51,
Callable
9/17/26
@
100
*(a)
360,794
726,350
Vital
Care
Issuer
LLC,
Series
2025-1A,
Class
A2,
6.74%,
1/30/56,
Callable
1/30/29
@
100
*(a)
.
725,274
157,360
Willis
Engine
Structured
Trust
III,
Series
2017-A,
Class
A,
4.69%,
8/15/42
(a)(b)
...........
156,537
727,898
Willis
Engine
Structured
Trust
VI,
Series
2021-A,
Class
A,
3.10%,
5/15/46,
Callable
5/15/29
@
100
*(a)
.........................
681,615
503,500
Zaxbys
Funding
LLC,
Series
2021-1A,
Class
A2,
3.24%,
7/30/51,
Callable
10/30/26
@
100
*(a)
480,774
Total
Asset-Backed
Securities
(Cost
$14,749,518)
..............
14,721,288
Mortgage-Backed
Securities
†
(29.2%)
Alt-A
-
Adjustable
Rate
Mortgage-Backed
Securities
(0.0%
^
)
45,101
Bear
Stearns
Alternative
Trust,
Series
2006-6,
Class
32A1,
4.35%,
11/25/36,
Callable
9/25/26
@
100
*(b)
..................
21,947
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
,
continued:
Alt-A
-
Fixed
Rate
Mortgage-Backed
Securities
(0.2%)
$
31,650
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A3,
5.50%,
10/25/35,
Callable
9/25/26
@
100
*
..........................
$
21,004
8
Alternative
Loan
Trust,
Series
2006-8T1,
Class
2A3,
5.50%,
4/25/36,
Callable
9/25/26
@
100
*
..........................
8
21,188
Alternative
Loan
Trust,
Series
2006-8T1,
Class
1A4,
6.00%,
4/25/36,
Callable
9/25/26
@
100
*
..........................
9,295
137,863
Alternative
Loan
Trust,
Series
2007-9T1,
Class
1A7,
6.00%,
5/25/37,
Callable
9/25/26
@
100
*
..........................
61,978
164,227
Alternative
Loan
Trust,
Series
2006-36T2,
Class
2A4,
6.25%,
12/25/36,
Callable
9/25/26
@
100
*
..........................
61,423
3,031
Banc
of
America
Alternative
Loan
Trust,
Series
2006-4,
Class
4CB1,
6.50%,
5/25/46,
Callable
9/25/26
@
100
*
...................
2,792
11,897
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2003-AC7,
Class
A1,
5.50%,
1/25/34,
Callable
9/25/26
@
100
*(b)(c)
.................
9,605
919
JPMorgan
Alternative
Loan
Trust,
Series
2006-S4,
Class
A6,
6.21%,
12/25/36,
Callable
9/25/26
@
100
*(b)(c)
......................
1,065
4,132
MASTR
Alternative
Loan
Trust,
Series
2005-3,
Class
1A1,
5.50%,
4/25/35,
Callable
9/25/26
@
100
*
.........................
3,703
7,572
MASTR
Alternative
Loan
Trust,
Series
2004-6,
Class
7A1,
6.00%,
7/25/34,
Callable
9/25/26
@
100
*
.........................
7,308
8,286
MASTR
Alternative
Loan
Trust,
Series
2005-3,
Class
7A1,
6.00%,
4/25/35,
Callable
9/25/26
@
100
*
.........................
5,011
3,131
MASTR
Alternative
Loan
Trust,
Series
2004-3,
Class
2A1,
6.25%,
4/25/34,
Callable
9/25/26
@
100
*
.........................
3,126
1,437
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2003-A1,
Class
A2,
6.00%,
5/25/33,
Callable
9/25/26
@
100
*
.......
1,441
1,284
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-CB1,
Class
4A,
6.00%,
6/25/34,
Callable
9/25/26
@
100
*
.............
1,271
189,030
Prime
Adjustable
Rate
Mortgage-Backed
Securities
(1.1%)
63,450
ChaseFlex
Trust,
Series
2006-2,
Class
A5,
4.03%,
9/25/36,
Callable
9/25/26
@
100
*(b)
......
54,814
2,455
JPMorgan
Mortgage
Trust,
Series
2006-A4,
Class
3A1,
4.32%,
6/25/36,
Callable
9/25/26
@
100
*(b)
.........................
1,522
7,349
JPMorgan
Mortgage
Trust,
Series
2006-A2,
Class
3A2,
5.28%,
4/25/36,
Callable
9/25/26
@
100
*(b)
.........................
6,479
52,207
JPMorgan
Mortgage
Trust,
Series
2005-A6,
Class
2A4,
5.90%,
8/25/35,
Callable
9/25/26
@
100
*(b)
.........................
52,105
985,000
Sequoia
Mortgage
Trust,
Series
2024-2,
Class
A13,
5.90%,
3/25/54,
Callable
11/25/31
@
100
*(a)(b)
........................
976,043
3,114
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-5,
Class
4A1,
4.22%,
6/25/36,
Callable
9/25/26
@
100
*(b)
............
1,733
1,092,696
Continued
Schedule
of
Portfolio
Investments
August
31,
2026
Bond
Fund
-
20
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
,
continued:
Prime
Fixed
Mortgage-Backed
Securities
(4.0%)
$
109,922
Arroyo
Mortgage
Trust,
Series
2019-3,
Class
A1,
2.96%,
10/25/48,
Callable
9/25/26
@
100
*(a)(b)
$
105,972
2,113
Chase
Mortgage
Finance
Trust,
Series
2002-S4,
Class
A23,
6.25%,
3/25/32,
Callable
9/25/26
@
100
*
.........................
1,951
24,419
ChaseFlex
Trust,
Series
2005-2,
Class
1A1,
6.00%,
6/25/35,
Callable
9/25/26
@
100
*
..
14,081
918,256
CIM
Trust,
Series
2021-J2,
Class
A4,
2.50%,
4/25/51,
Callable
2/25/43
@
100
*(a)(b)
.....
815,458
92,723
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-9,
Class
3A1,
6.00%,
10/25/35,
Callable
9/25/26
@
100
*
......
23,477
65
FNT
Mortgage-Backed
Pass-Through
Trust,
Series
2001-3,
Class
1A1,
6.75%,
8/21/31
......
65
281,510
GS
Mortgage-Backed
Securities
Trust,
Series
2021-GR2,
Class
A6,
2.50%,
2/25/52,
Callable
5/25/44
@
100
*(a)(b)
.................
248,807
645,281
GS
Mortgage-Backed
Securities
Trust,
Series
2021-PJ7,
Class
A8,
2.50%,
1/25/52,
Callable
7/25/44
@
100
*(a)(b)
.................
568,251
617,662
GS
Mortgage-Backed
Securities
Trust,
Series
2022-MM1,
Class
A8,
2.50%,
7/25/52,
Callable
11/25/48
@
100
*(a)(b)
..........
542,760
413,048
JPMorgan
Mortgage
Trust,
Series
2019-6,
Class
A5,
3.50%,
12/25/49,
Callable
9/25/26
@
100
*(a)(b)
........................
367,763
9,809
JPMorgan
Mortgage
Trust,
Series
2004-S2,
Class
4A5,
6.00%,
11/25/34,
Callable
9/25/26
@
100
*
..........................
8,779
610,806
Mello
Mortgage
Capital
Acceptance,
Series
2021-
MTG2,
Class
A10,
2.50%,
6/25/51,
Callable
4/25/42
@
100
*(a)(b)
.................
540,657
47,272
RAAC
Trust,
Series
2004-SP2,
Class
A22,
6.00%,
1/25/32,
Callable
9/25/26
@
100
*
.......
40,792
575,589
Starwood
Mortgage
Residential
Trust,
Series
2021-5,
Class
A1,
1.92%,
9/25/66,
Callable
9/25/26
@
100
*(a)(b)
.................
485,011
3,744
Structured
Asset
Securities
Corp.
Assistance
Loan
Trust,
Series
2003-AL2,
Class
A,
3.36%,
1/25/31,
Callable
9/25/26
@
100
*(a)
......
3,604
36,633
TBW
Mortgage-Backed
Trust,
Series
2006-2,
Class
7A1,
7.00%,
7/25/36,
Callable
9/25/26
@
100
*
.........................
2,509
14,756
WaMu
MSC
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-RA1,
Class
2A,
7.00%,
3/25/34,
Callable
9/25/26
@
100
*
.......
14,822
494,581
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2021-2,
Class
A3,
2.50%,
6/25/51,
Callable
4/25/41
@
100
*(a)(b)
...........
435,520
170,162
Wells
Fargo
Mortgage-Backed
Securities
Trust,
Series
2019-3,
Class
A1,
3.50%,
7/25/49,
Callable
9/25/26
@
100
*(a)(b)
...........
151,338
80,225
WinWater
Mortgage
Loan
Trust,
Series
2015-1,
Class
A1,
3.50%,
1/20/45,
Callable
9/20/26
@
100
*(a)(b)
........................
74,159
4,445,776
Subprime
Mortgage-Backed
Securities
(0.0%
^
)
35,411
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
2.75%,
10/25/57,
Callable
1/25/30
@
100
*(a)(b)
........................
35,102
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
,
continued:
Subprime
Mortgage-Backed
Securities,
continued:
$
22,392
Towd
Point
Mortgage
Trust,
Series
2018-2,
Class
A1,
3.25%,
3/25/58,
Callable
8/25/29
@
100
*(a)(b)
........................
$
22,271
57,373
U.S.
Government
Agency
Mortgage-Backed
Securities
(23.9%)
961,043
Fannie
Mae,
5.00%,
8/1/53,
Pool
#FS5659
...
932,646
962,629
Fannie
Mae,
5.50%,
3/1/53,
Pool
#MA4941
...
960,278
857,106
Fannie
Mae,
5.50%,
2/1/54,
Pool
#CB7991
...
851,161
958,732
Fannie
Mae,
5.50%,
12/1/54,
Pool
#FA1450
..
952,145
576,735
Fannie
Mae
REMIC,
Series
2021-52,
Class
JC,
1.25%,
7/25/51
...................
481,620
141,546
Fannie
Mae
REMIC,
Series
2012-111,
Class
EC,
2.00%,
12/25/41
..................
130,979
65,497
Fannie
Mae
REMIC,
Series
2013-23,
Class
AB,
2.00%,
2/25/43
...................
59,277
183,982
Fannie
Mae
REMIC,
Series
2020-54,
Class
TA,
2.00%,
5/25/43
...................
175,877
54,344
Fannie
Mae
REMIC,
Series
2012-30,
Class
CB,
2.25%,
10/25/41
..................
51,891
37,734
Fannie
Mae
REMIC,
Series
2010-100,
Class
LA,
2.50%,
7/25/40
...................
36,223
103,253
Fannie
Mae
REMIC,
Series
2012-104,
Class
QC,
2.50%,
5/25/42
...................
95,553
24,976
Fannie
Mae
REMIC,
Series
2014-61,
Class
P,
2.50%,
7/25/44
...................
22,984
102,849
Fannie
Mae
REMIC,
Series
2020-2,
Class
JD,
2.50%,
2/25/50
...................
86,859
73,272
Fannie
Mae
REMIC,
Series
2014-33,
Class
PE,
3.00%,
4/25/43
...................
71,657
134,284
Fannie
Mae
REMIC,
Series
2015-59,
Class
LM,
3.00%,
7/25/45
...................
123,504
1,063,972
Fannie
Mae
REMIC,
Series
2025-62,
Class
AB,
3.00%,
2/25/51
...................
940,932
1,064,809
Fannie
Mae
REMIC,
Series
2015-18,
Class
DY,
3.50%,
4/25/45
...................
976,928
551,548
Fannie
Mae
REMIC,
Series
2018-94,
Class
ZE,
3.50%,
1/25/49
...................
493,965
1,027,844
Fannie
Mae
REMIC,
Series
2010-150,
Class
ZA,
4.00%,
1/25/41
...................
972,247
308,336
Fannie
Mae
REMIC,
Series
2022-35,
Class
CK,
4.00%,
3/25/47
...................
295,522
588,825
Fannie
Mae
REMIC,
Series
2022-61,
Class
D,
4.00%,
6/25/44
...................
576,374
471,949
Fannie
Mae
REMIC,
Series
2023-19,
Class
BA,
5.00%,
12/25/50
..................
470,717
1,493,782
Fannie
Mae
REMIC,
Series
2023-16,
Class
VE,
5.50%,
3/25/34
...................
1,497,777
313,357
Fannie
Mae
REMIC,
Series
2024-12,
Class
BA,
5.50%,
10/25/45
..................
314,832
167
Fannie
Mae
REMIC,
Series
1998-36,
Class
ZB,
6.00%,
7/18/28
...................
167
8,040
Fannie
Mae
Trust,
Series
2003-W6,
Class
6A,
4.76%,
8/25/42,
Callable
9/25/26
@
100
*(b)
.
8,179
1,030,922
Freddie
Mac,
5.00%,
12/1/45,
Pool
#RB5378
..
1,008,742
1,021,085
Freddie
Mac,
5.00%,
12/1/53,
Pool
#SD8382
.
988,385
1,098,095
Freddie
Mac,
5.00%,
12/1/54,
Pool
#SD7190
.
1,060,292
883,797
Freddie
Mac,
5.50%,
5/1/54,
Pool
#SD8431
..
875,376
723,993
Freddie
Mac,
5.50%,
10/1/54,
Pool
#SL2867
..
721,405
82,062
Freddie
Mac
REMIC,
Series
4019,
Class
GB,
2.00%,
12/15/41
..................
77,752
Continued
Schedule
of
Portfolio
Investments
August
31,
2026
Bond
Fund
-
21
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
,
continued:
U.S.
Government
Agency
Mortgage-Backed
Securities,
continued:
$
660,338
Freddie
Mac
REMIC,
Series
4893,
Class
PD,
2.50%,
5/15/49
...................
$
561,914
47,103
Freddie
Mac
REMIC,
Series
3721,
Class
PE,
3.50%,
9/15/40
...................
45,484
525,518
Freddie
Mac
REMIC,
Series
5512,
Class
EA,
5.00%,
8/25/51
...................
524,683
557,953
Freddie
Mac
REMIC,
Series
5539,
Class
NA,
5.00%,
4/25/52
...................
556,358
771,598
Freddie
Mac
REMIC,
Series
5303,
Class
B,
5.50%,
6/25/45
...................
777,563
1,009,492
Freddie
Mac
REMIC,
Series
5331,
Class
BV,
5.50%,
6/25/34
...................
1,016,444
169
Freddie
Mac
REMIC,
Series
2148,
Class
ZA,
6.00%,
4/15/29
...................
171
983
Freddie
Mac
REMIC,
Series
2036,
Class
PD,
6.50%,
3/15/28
...................
991
138,713
Government
National
Mortgage
Association,
Series
2013-69,
Class
NA,
2.00%,
9/20/42
.
127,946
95,457
Government
National
Mortgage
Association,
Series
2009-94,
Class
KB,
3.00%,
9/16/39
.
92,980
49,530
Government
National
Mortgage
Association,
Series
2011-46,
Class
GJ,
3.25%,
1/16/41
(b)
47,026
2,513
Government
National
Mortgage
Association,
Series
2009-93,
Class
HG,
4.00%,
9/16/39
.
2,497
913,581
Government
National
Mortgage
Association,
Series
2024-155,
Class
NC,
4.00%,
5/20/54
870,032
1,286,516
Government
National
Mortgage
Association,
Series
2026-65,
Class
LA,
4.00%,
9/20/51
.
1,240,659
586,859
Government
National
Mortgage
Association,
Series
2022-205,
Class
UA,
5.00%,
5/20/52
576,969
759,651
Government
National
Mortgage
Association,
Series
2023-47,
Class
AQ,
5.00%,
6/20/48
.
751,828
1,029,844
Government
National
Mortgage
Association,
Series
2024-64,
Class
BQ,
5.00%,
4/20/54
.
1,016,659
1,140,720
Government
National
Mortgage
Association,
Series
2025-30,
Class
CT,
5.00%,
2/20/55
.
1,120,215
205,178
Government
National
Mortgage
Association,
Series
2025-116,
Class
PD,
6.50%,
6/20/55
209,575
25,852,240
Total
Mortgage-Backed
Securities
(Cost
$32,771,285)
........
31,659,062
Commercial
Mortgage-Backed
Securities
(3.7%)
Alt-A
-
Adjustable
Rate
Mortgage-Backed
Securities
(1.1%)
1,200,000
CRSNT
Trust,
Series
2026-Moon,
Class
A,
5.04%
(TSFR1M
+
140
bps),
2/15/43
(a)
........
1,201,490
Alt-A
-
Fixed
Rate
Mortgage-Backed
Securities
(2.6%)
950,000
CD
Mortgage
Trust,
Series
2017-CD3,
Class
A4,
3.63%,
2/10/50,
Callable
8/10/27
@
100
*
..
932,867
641,780
First
Citizens
Loan
Trust,
Series
2026-SBA1A,
Class
A21,
5.68%,
5/27/53
(a)
..........
633,345
1,250,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP5,
Class
A5,
3.72%,
3/15/50,
Callable
4/15/27
@
100
*
.............
1,242,807
2,809,019
Total
Commercial
Mortgage-Backed
Securities
(Cost
$3,939,144)
4,010,509
Corporate
Bonds
(25.8%)
Automobiles
(1.1%)
1,165,000
General
Motors
Financial
Co.,
Inc.,
5.90%,
1/7/35,
Callable
10/7/34
@
100
*
........
1,173,029
Shares
or
Principal
Amount
Security
Description
Value
Corporate
Bonds,
continued:
Banks
(2.7%)
$
1,975,000
Bank
of
America
Corp.,
3.31%
(SOFR
+
158
bps),
4/22/42,
Callable
4/22/41
@
100
*
.......
$
1,472,228
1,550,000
JPMorgan
Chase
&
Co.,
2.52%
(SOFR
+
204
bps),
4/22/31,
Callable
4/22/30
@
100
*
...
1,421,663
2,893,891
Beverages
(1.1%)
1,750,000
PepsiCo,
Inc.,
2.63%,
10/21/41,
Callable
4/21/41
@
100
*
.........................
1,209,041
Broadline
Retail
(1.1%)
1,250,000
Amazon.com,
Inc.,
5.30%,
7/9/36,
Callable
4/9/36
@
100
*
....................
1,223,425
Capital
Markets
(1.1%)
1,200,000
Morgan
Stanley,
4.89%
(SOFR
+
208
bps),
7/20/33,
Callable
7/20/32
@
100
*
.......
1,171,883
Consumer
Finance
(1.1%)
1,250,000
American
Honda
Finance
Corp.,
4.85%,
10/23/31
1,227,179
Electric
Utilities
(4.9%)
946,753
Duke
Energy
Progress
NC
Storm
Funding
II
LLC,
Series
A-1,
4.89%,
1/1/46,
............
873,805
703,782
Evergy
Missouri
West
Storm
Funding
I
LLC,
Series
A-1,
5.10%,
12/1/38,
...........
695,914
1,250,000
Public
Service
Co.
of
Oklahoma,
5.20%,
1/15/35,
Callable
10/15/34
@
100
*
............
1,215,704
1,420,000
Texas
Electric
Market
Stabilization
Funding
N
LLC,
Series
A-3,
5.06%,
8/1/46,
(a)
.......
1,284,426
1,200,000
Virginia
Power
Fuel
Securitization
LLC,
Series
A-2,
4.88%,
5/1/31,
................
1,202,421
5,272,270
Energy
Equipment
&
Services
(1.3%)
1,475,000
Helmerich
&
Payne,
Inc.,
5.50%,
12/1/34,
Callable
9/1/34
@
100
*
..............
1,429,169
Health
Care
Providers
&
Services
(2.2%)
1,250,000
Humana,
Inc.,
5.38%,
4/15/31,
Callable
2/15/31
@
100
*
.........................
1,251,872
1,360,000
UnitedHealth
Group,
Inc.,
3.50%,
8/15/39,
Callable
2/15/39
@
100
*
.............
1,085,969
2,337,841
Interactive
Media
&
Services
(0.8%)
1,100,000
Meta
Platforms,
Inc.,
5.63%,
11/15/55,
Callable
5/15/55
@
100
*
...................
917,995
IT
Services
(1.0%)
1,100,000
International
Business
Machines
Corp.,
4.30%,
2/3/31,
Callable
1/3/31
@
100
*
.........
1,065,038
Oil,
Gas
&
Consumable
Fuels
(1.2%)
1,300,000
ONEOK,
Inc.,
6.35%,
1/15/31,
Callable
10/15/30
@
100
*
.........................
1,355,767
Passenger
Airlines
(1.3%)
691,220
Alaska
Airlines
Pass-Through
Trust,
4.80%,
8/15/27,
(a)
.......................
691,152
724,250
United
Airlines
Pass-Through
Trust,
Series
2020-
1,
Class
A,
5.88%,
10/15/27,
..........
730,563
1,421,715
Semiconductors
&
Semiconductor
Equipment
(1.5%)
1,850,000
Broadcom,
Inc.,
3.47%,
4/15/34,
Callable
1/15/34
@
100
*
.........................
1,586,583
Software
(3.4%)
1,300,000
Oracle
Corp.,
5.55%,
2/6/53,
Callable
8/6/52
@
100
*
..........................
982,185
1,500,000
Salesforce,
Inc.,
4.90%,
9/15/31,
Callable
8/15/31
@
100
*
...................
1,480,113
Continued
Schedule
of
Portfolio
Investments
August
31,
2026
Bond
Fund
-
22
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Corporate
Bonds,
continued:
Software,
continued:
$
1,250,000
ServiceNow,
Inc.,
5.40%,
5/15/36,
Callable
2/15/36
@
100
*
...................
$
1,225,057
3,687,355
Total
Corporate
Bonds
(Cost
$29,203,267)
..................
27,972,181
Taxable
Municipal
Bonds
(5.6%)
Indiana
(1.0%)
1,025,000
Indiana
Finance
Authority
Revenue,
Series
B,
6.60%,
2/1/39
....................
1,094,515
Kentucky
(0.4%)
430,000
Lexington-Fayette
Urban
County
Airport
Board
Revenue,
Series
A,
2.84%,
7/1/31
.......
393,995
Michigan
(0.2%)
190,000
Michigan
State
Housing
Development
Authority
Revenue,
Series
B,
2.72%,
10/1/35,
Continuously
Callable
@
100
..........
172,982
Oklahoma
(1.9%)
500,000
Grand
River
Dam
Authority
Revenue,
Series
B,
4.55%,
6/1/39,
Continuously
Callable
@
100
464,068
1,650,000
The
University
of
Oklahoma
Revenue,
Series
A,
3.87%,
7/1/32,
Continuously
Callable
@
100
1,575,755
2,039,823
Texas
(2.1%)
1,028,023
Texas
Natural
Gas
Securitization
Finance
Corp.
Revenue,
5.10%,
4/1/35
.............
1,040,111
1,300,000
Texas
Natural
Gas
Securitization
Finance
Corp.
Revenue,
5.17%,
4/1/41
.............
1,290,245
2,330,356
Total
Taxable
Municipal
Bonds
(Cost
$6,329,116)
..............
6,031,671
U.S.
Government
Agency
Securities
(0.8%)
Federal
Home
Loan
Banks
1,170,000
1.63%,
2/25/36,
Callable
11/25/26
@
100
*(b)
..
931,355
Total
U.S.
Government
Agency
Securities
(Cost
$1,050,960)
.......
931,355
U.S.
Treasury
Obligations
(19.1%)
U.S.
Treasury
Bonds
15,959,000
3.13
%
,
8/15/44
.....................
12,030,967
3,324,000
4.25
%
,
8/15/54
.....................
2,826,958
14,857,925
U.S.
Treasury
Notes
5,996,000
4.13%,
11/15/32
....................
5,847,505
Total
U.S.
Treasury
Obligations
(Cost
$22,654,802)
.............
20,705,430
Yankee
Debt
Obligations
(1.0%)
Oil,
Gas
&
Consumable
Fuels
(1.0%)
1,110,000
Saudi
Arabian
Oil
Co.,
5.00%,
2/2/36,
Callable
11/2/35
@
100
*(a)
..................
1,066,235
Total
Yankee
Debt
Obligations
(Cost
$1,097,782)
..............
1,066,235
Investment
in
Affiliates
(0.8%)
852,090
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
3.61%
(d)
..........
852,090
Total
Investment
in
Affiliates
(Cost
$852,090)
.................
852,090
Total
Investments
(Cost
$112,647,964)
(e)
—
99.6%
.............
107,949,821
Net
other
assets
(liabilities)
—
0.4%
......................
410,866
Net
Assets
—
100.0%
................................
$
108,360,687
Schedule
of
Portfolio
Investments
August
31,
2026
Bond
Fund
-
23
-
See
notes
to
financial
statements.
Concluded
(a)
Represents
a
restricted
security,
purchased
under
Rule
144A,
Section
4(2),
which
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended.
The
security
has
been
deemed
liquid
according
to
the
policies
and
procedures
adopted
by
the
Board
of
Trustees.
(b)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security. The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(c)
Step
Bond:
Coupon
rate
is
set
for
an
initial
period
and
then
increased
to
a
higher
coupon
rate
at
a
specified
date.
The
rate
shown
is
the
rate
in
effect
at
August
31,
2026.
(d)
Money
market
investment.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(e)
Represents
cost
for
financial
reporting
purposes.
The
cost
for
tax
reporting
purposes
can
be
found
in
Note
6
in
the
Notes
to
Financial
Statements.
*
Represents
next
call
date. Additional
subsequent
call
dates
and
amounts
may
apply
to
this
security.
^
Represents
less
than
0.05%.
†
Mortgage-backed
securities
are
classified
based
on
the
characteristics
of
their
underlying
collateral,
the
fixed
vs.
variable
nature
of
the
obligations,
and
the
credit
standing
of
the
mortgagors.
The
fixed
or
variable
rate
nature
of
securities
interest
payments
to
which
the
fund
is
entitled
may
not
coincide
with
the
payment
nature
of
the
collateral
underlying
the
securities.
bps
Basis
Points
REMIC
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1-Month
Schedule
of
Portfolio
Investments
August
31,
2026
Strategic
Enhanced
Yield
Fund
-
24
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage-Backed
Securities
†
(31.4%)
Prime
Fixed
Mortgage-Backed
Securities
(1.8%)
$
376,129
Brean
Asset-Backed
Securities
Trust,
Series
2021-
RM1,
Class
M1,
1.60%,
10/25/63,
Callable
9/25/27
@
100
*(a)
..................
$
356,082
U.S.
Government
Agency
Mortgage-Backed
Securities
(29.6%)
224,638
Fannie
Mae,
3.00%,
6/1/52,
Pool
#MA4624
...
191,894
64,896
Fannie
Mae,
3.50%,
5/1/52,
Pool
#MA4600
...
57,657
187,878
Fannie
Mae,
3.50%,
7/1/52,
Pool
#CB4115
...
166,921
247,082
Fannie
Mae,
3.50%,
9/1/52,
Pool
#FS6599
...
219,520
233,712
Fannie
Mae,
3.50%,
9/1/52,
Pool
#MA4731
...
207,639
95,089
Fannie
Mae,
3.50%,
10/1/52,
Pool
#MA4782
..
84,806
193,910
Fannie
Mae,
4.00%,
5/1/41,
Pool
#MA6059
...
185,573
188,950
Fannie
Mae,
4.00%,
9/1/52,
Pool
#MA4732
...
173,905
101,984
Fannie
Mae,
4.00%,
5/1/53,
Pool
#MA5027
...
93,428
197,953
Fannie
Mae,
4.50%,
10/1/52,
Pool
#MA4784
..
187,507
229,719
Fannie
Mae,
4.50%,
11/1/52,
Pool
#CB5266
..
217,166
86,689
Fannie
Mae,
4.50%,
11/1/52,
Pool
#MA4805
..
81,834
61,993
Fannie
Mae,
4.50%,
12/1/52,
Pool
#MA4840
..
58,519
87,301
Fannie
Mae,
4.50%,
4/1/54,
Pool
#MA5326
...
82,090
96,844
Fannie
Mae,
4.50%,
1/1/56,
Pool
#MA5943
...
90,943
120,684
Fannie
Mae,
5.00%,
4/1/53,
Pool
#CB6599
...
117,295
341,811
Fannie
Mae,
5.00%,
7/1/53,
Pool
#MA5071
...
331,748
172,252
Fannie
Mae,
5.00%,
10/1/53,
Pool
#MA5164
..
166,936
263,510
Fannie
Mae,
5.00%,
11/1/53,
Pool
#MA5189
..
255,275
172,535
Fannie
Mae,
5.00%,
2/1/54,
Pool
#MA5270
...
166,876
141,264
Fannie
Mae,
5.00%,
3/1/54,
Pool
#MA5294
...
136,576
178,908
Fannie
Mae,
5.00%,
11/1/54,
Pool
#MA5530
..
172,721
128,608
Fannie
Mae,
5.00%,
2/1/55,
Pool
#MA5613
...
124,532
103,541
Freddie
Mac,
3.00%,
6/1/52,
Pool
#SD8220
..
88,389
316,712
Freddie
Mac,
3.00%,
7/1/52,
Pool
#SD8225
..
270,366
91,324
Freddie
Mac,
3.50%,
7/1/52,
Pool
#SD8226
..
81,136
229,939
Freddie
Mac,
4.00%,
9/1/52,
Pool
#SD8244
..
210,787
110,961
Freddie
Mac,
4.00%,
1/1/53,
Pool
#SD8286
..
101,648
216,875
Freddie
Mac,
4.50%,
7/1/52,
Pool
#SD8231
..
205,148
44,552
Freddie
Mac,
4.50%,
10/1/52,
Pool
#SD8257
.
42,135
145,758
Freddie
Mac,
4.50%,
9/1/53,
Pool
#SD8360
..
137,397
179,931
Freddie
Mac,
4.50%,
10/1/53,
Pool
#SD8365
.
170,066
153,010
Freddie
Mac,
5.00%,
10/1/52,
Pool
#SD8258
.
149,045
424,904
Freddie
Mac,
5.00%,
11/1/54,
Pool
#SD8474
.
410,409
52,865
Freddie
Mac,
5.50%,
4/1/53,
Pool
#SD8316
..
52,580
162,345
Government
National
Mortgage
Association,
3.50%,
10/20/52,
Pool
#MA8345
.......
143,866
84,679
Government
National
Mortgage
Association,
4.00%,
12/20/52,
Pool
#MA8488
.......
77,807
165,035
Government
National
Mortgage
Association,
4.50%,
9/20/52,
Pool
#786335
.........
156,014
89,837
Government
National
Mortgage
Association,
5.50%,
4/20/53,
Pool
#MA8801
........
89,984
5,958,138
Total
Mortgage-Backed
Securities
(Cost
$6,394,137)
.........
6,314,220
Corporate
Bonds
(17.4%)
Banks
(2.9%)
90,000
Bank
of
America
Corp.,
3.42%
(TSFR3M
+
130
bps),
12/20/28,
Callable
12/20/27
@
100
*
.
88,556
100,000
Bank
of
America
Corp.,
5.29%
(SOFR
+
191
bps),
4/25/34,
Callable
4/25/33
@
100
*
.......
99,477
200,000
JPMorgan
Chase
&
Co.,
5.15%
(SOFR
+
126
bps),
4/23/37,
Callable
4/23/36
@
100
*
...
193,394
90,000
JPMorgan
Chase
&
Co.,
6.40%,
5/15/38,
....
96,062
Shares
or
Principal
Amount
Security
Description
Value
Corporate
Bonds,
continued:
Banks,
continued:
$
100,000
Wells
Fargo
&
Co.,
5.57%
(SOFR
+
174
bps),
7/25/29,
Callable
7/25/28
@
100
*
.......
$
101,350
578,839
Broadline
Retail
(0.5%)
116,000
Amazon
.
com,
Inc.,
5.45%,
11/20/55,
Callable
5/20/55
@
100
*
...................
102,267
Capital
Markets
(1.1%)
140,000
Morgan
Stanley,
4.43%
(TSFR3M
+
189
bps),
1/23/30,
Callable
1/23/29
@
100
*
.......
138,303
90,000
The
Goldman
Sachs
Group,
Inc.,
4.47%
(SOFR
+
82
bps),
9/10/27,
Callable
8/10/27
@
100
*
.
90,010
228,313
Chemicals
(1.0%)
200,000
The
Mosaic
Co.,
5.65%,
1/15/34,
Callable
11/15/33
@
100
*
..................
197,815
Diversified
REITs
(1.0%)
200,000
QTS
Central
Issuer
LLC/QTS
TRS
Central
Issuer
LLC,
6.63%,
9/1/31,
Callable
9/1/28
@
100
*(b)
197,109
Health
Care
Equipment
&
Supplies
(0.6%)
150,000
Baxter
International,
Inc.,
2.54%,
2/1/32,
Callable
11/1/31
@
100
*
...................
128,793
Hotels,
Restaurants
&
Leisure
(0.7%)
150,000
Caesars
Entertainment,
Inc.,
6.00%,
10/15/32,
Callable
10/15/27
@
103
*(b)
...........
134,698
Interactive
Media
&
Services
(2.3%)
100,000
Alphabet,
Inc.,
4.70%,
11/15/35,
Callable
8/15/35
@
100
*
.........................
94,664
200,000
Meta
Platforms,
Inc.,
5.25%,
5/15/36,
Callable
2/15/36
@
100
*
...................
192,226
200,000
Meta
Platforms,
Inc.,
6.30%,
5/15/56,
Callable
11/15/55
@
100
*
..................
183,916
470,806
Oil,
Gas
&
Consumable
Fuels
(3.1%)
100,000
Kinetik
Holdings
LP,
5.88%,
6/15/30,
Callable
10/3/26
@
101
*(b)
..................
100,505
200,000
Kinetik
Holdings
LP,
6.63%,
12/15/28,
Callable
10/3/26
@
103
*(b)
..................
203,570
100,000
SM
Energy
Co.,
6.63%,
4/15/34,
Callable
4/15/29
@
103
*(b)
.......................
100,635
200,000
Summit
Midstream
Holdings
LLC,
8.63%,
10/31/29,
Callable
10/3/26
@
104
*(b)
.....
208,405
613,115
Pharmaceuticals
(1.2%)
250,000
Viatris,
Inc.,
2.30%,
6/22/27,
Callable
4/22/27
@
100
*
..........................
245,047
Semiconductors
&
Semiconductor
Equipment
(1.9%)
200,000
Broadcom,
Inc.,
4.80%,
2/15/36,
Callable
11/15/35
@
100
*
..................
183,432
200,000
NVIDIA
Corp.,
4.95%,
6/15/36,
Callable
3/15/36
@
100
*
.........................
190,241
373,673
Technology
Hardware,
Storage
&
Peripherals
(0.4%)
120,000
Apple,
Inc.,
3.95%,
8/8/52,
Callable
2/8/52
@
100
*
..........................
88,446
Trading
Companies
&
Distributors
(0.7%)
150,000
Herc
Holdings,
Inc.,
5.75%,
3/15/31,
Callable
3/15/28
@
103
*(b)
..................
149,645
Total
Corporate
Bonds
(Cost
$3,527,260)
...................
3,508,566
Continued
Schedule
of
Portfolio
Investments
August
31,
2026
Strategic
Enhanced
Yield
Fund
-
25
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
U.S.
Government
Agency
Securities
(2.7%)
Federal
Farm
Credit
Banks
Funding
Corp.
$
250,000
5.00%,
7/16/31,
Callable
9/11/26
@
100
*
....
$
248,472
300,000
5.14%,
6/2/36,
Callable
6/2/27
@
100
*
.....
296,583
Total
U.S.
Government
Agency
Securities
(Cost
$550,000)
........
545,055
U.S.
Treasury
Obligations
(22.5%)
U.S.
Treasury
Bonds
516,862
2.13
%
,
2/15/54
.....................
429,584
582,076
2.38
%
,
2/15/55
.....................
509,726
352,000
3.88
%
,
5/15/43
.....................
300,300
700,000
4.63
%
,
5/15/44
.....................
652,121
25,000
4.63
%
,
11/15/55
....................
22,637
150,000
4.75
%
,
2/15/41
.....................
145,594
50,000
5.00
%
,
5/15/56
.....................
48,117
2,108,079
U.S.
Treasury
Notes
256,574
0.13
%
,
1/15/31
.....................
235,397
222,136
1.25
%
,
4/15/28
.....................
218,254
158,729
2.13
%
,
1/15/35
.....................
155,856
50,000
3.63
%
,
9/30/30
.....................
48,424
100,000
3.75
%
,
4/30/28
.....................
99,070
50,000
3.75
%
,
12/31/30
....................
48,543
50,000
4.00
%
,
11/15/35
....................
47,279
350,000
4.25
%
,
11/15/34
....................
339,473
50,000
4.25
%
,
5/15/35
.....................
48,350
400,000
4.25
%
,
8/15/35
.....................
386,250
400,000
4.38
%
,
5/15/34
.....................
392,531
400,000
4.63
%
,
2/15/35
.....................
397,828
2,417,255
Total
U.S.
Treasury
Obligations
(Cost
$4,747,717)
..............
4,525,334
Yankee
Debt
Obligations
(22.6%)
Banks
(1.0%)
200,000
Banco
Santander
Chile,
4.55%,
11/20/30,
Callable
10/20/30
@
100
*(b)
...........
196,056
Beverages
(1.2%)
250,000
Central
American
Bottling
Corp./CBC
Bottling
Holdco
SL/Beliv
Holdco
SL,
5.25%,
4/27/29,
Callable
10/5/26
@
103
*(b)
............
245,693
Capital
Markets
(1.6%)
200,000
Raizen
Fuels
Finance
SA,
6.45%,
3/5/34,
Callable
12/5/33
@
100
*(b)
..................
113,000
400,000
Raizen
Fuels
Finance
SA,
6.95%,
3/5/54,
Callable
9/5/53
@
100
*(b)
...................
226,000
339,000
Containers
&
Packaging
(1.0%)
200,000
Ardagh
Metal
Packaging
Finance
USA
LLC/
Ardagh
Metal
Packaging
Finance
PLC,
3.25%,
9/1/28,
Callable
10/3/26
@
100
*(b)
.......
194,459
Diversified
Telecommunication
Services
(1.5%)
300,000
DB
Terra
Chile
HoldCo
SpA,
7.95%,
4/20/31,
Callable
4/20/28
@
104
*(b)
............
298,941
Financial
Services
(1.7%)
250,000
Eagle
Funding
Luxco
Sarl,
5.50%,
8/17/30,
Callable
7/17/30
@
100
*(b)
............
249,625
100,000
International
Bank
for
Reconstruction
&
Development,
4.50%,
8/28/34,
Callable
8/28/27
@
100
*
...................
96,028
345,653
Ground
Transportation
(1.9%)
200,000
Rumo
Luxembourg
Sarl,
4.20%,
1/18/32,
Callable
1/18/27
@
102
*(b)
..................
177,828
Shares
or
Principal
Amount
Security
Description
Value
Yankee
Debt
Obligations,
continued:
Ground
Transportation,
continued:
$
200,000
Rumo
Luxembourg
Sarl,
5.25%,
1/10/28,
Callable
10/3/26
@
101
*(b)
..................
$
196,994
374,822
Metals
&
Mining
(3.2%)
100,000
Champion
Iron
Canada,
Inc.,
7.88%,
7/15/32,
Callable
7/15/28
@
104
*(b)
............
102,020
200,000
Hudbay
Minerals,
Inc.,
6.13%,
4/1/29,
Callable
10/3/26
@
101
*(b)
..................
200,949
400,000
Minerva
Luxembourg
SA,
4.38%,
3/18/31,
Callable
9/13/26
@
102
*(b)
............
347,539
650,508
Oil,
Gas
&
Consumable
Fuels
(3.0%)
200,000
Leviathan
Bond,
Ltd.,
6.50%,
6/30/27,
Callable
12/30/26
@
100
*(b)
.................
200,222
200,000
Parex
Resources,
Inc.,
8.50%,
5/11/31,
Callable
5/11/28
@
104
*(b)
..................
205,217
200,000
Petrobras
Global
Finance
BV,
5.13%,
9/10/30,
Callable
8/10/30
@
100
*
.............
196,500
601,939
Paper
&
Forest
Products
(0.9%)
200,000
Celulosa
Arauco
y
Constitucion
SA,
4.20%,
1/29/30,
Callable
10/29/29
@
100
*(b)
.....
187,592
Sovereign
Bond
(3.5%)
200,000
Brazilian
Government
International
Bond,
4.63%,
1/13/28,
Callable
10/13/27
@
100
*
......
199,400
100,000
Dominican
Republic
International
Bond,
5.95%,
1/25/27,
(b)
.......................
100,400
200,000
Guatemala
Government
Bond,
4.38%,
6/5/27,
(b)
197,848
2,000,000
Norway
Government
Bond,
2.00%,
4/26/28,
#(
b)
.
205,306
702,954
Transportation
Infrastructure
(1.0%)
200,000
GMR
Hyderabad
International
Airport,
Ltd.,
4.25%,
10/27/27
(b)
.................
197,091
Wireless
Telecommunication
Services
(1.1%)
225,000
Millicom
International
Cellular
SA,
5.13%,
1/15/28,
Callable
10/3/26
@
100
*(b)
......
223,353
Total
Yankee
Debt
Obligations
(Cost
$4,478,100)
..............
4,558,061
Investment
in
Affiliates
(2.9%)
584,585
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
3.61%
(c)
..........
584,585
Total
Investment
in
Affiliates
(Cost
$584,585)
.................
584,585
Total
Investments
(Cost
$20,281,799)
(d)
—
99.5%
.............
20,035,821
Net
other
assets
(liabilities)
—
0.5%
......................
91,600
Net
Assets
—
100.0%
................................
$
20,127,421
Schedule
of
Portfolio
Investments
August
31,
2026
Strategic
Enhanced
Yield
Fund
-
26
-
See
notes
to
financial
statements.
Concluded
(a)
Represents
a
restricted
security,
purchased
under
Rule
144A,
Section
4(2),
which
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended.
The
security
has
been
deemed
illiquid
according
to
the
policies
and
procedures
adopted
by
the
Board
of
Trustees.
At
August
31,
2026,
illiquid
securities
were
1.8%
of
the
Fund's
net
assets.
(b)
Represents
a
restricted
security,
purchased
under
Rule
144A,
Section
4(2),
which
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended.
The
security
has
been
deemed
liquid
according
to
the
policies
and
procedures
adopted
by
the
Board
of
Trustees.
(c)
Money
market
investment.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(d)
Represents
cost
for
financial
reporting
purposes.
The
cost
for
tax
reporting
purposes
can
be
found
in
Note
6
in
the
Notes
to
Financial
Statements.
*
Represents
next
call
date. Additional
subsequent
call
dates
and
amounts
may
apply
to
this
security.
#
The
principal
amount
is
disclosed
in
local
currency
and
the
fair
value
is
disclosed
in
U.S.
dollars.
†
Mortgage-backed
securities
are
classified
based
on
the
characteristics
of
their
underlying
collateral,
the
fixed
vs.
variable
nature
of
the
obligations,
and
the
credit
standing
of
the
mortgagors.
The
fixed
or
variable
rate
nature
of
securities
interest
payments
to
which
the
fund
is
entitled
may
not
coincide
with
the
payment
nature
of
the
collateral
underlying
the
securities.
bps
Basis
Points
PLC
Public
Limited
Company
SOFR
Secured
Overnight
Financing
Rate
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3-Month
Schedule
of
Portfolio
Investments
August
31,
2026
Ultra
Short
Tax-Free
Income
Fund
-
27
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Municipal
Bonds
(64.3%)
Alaska
(2.7%)
$
100,000
City
of
Valdez
AK
Revenue,
1.45%,
12/1/29,
Continuously
Callable
@
100
(a)
.........
$
100,000
Florida
(3.2%)
120,000
City
of
Fort
Lauderdale
FL
Water
Sewer
Revenue,
Series
B,
5.00%,
9/1/26
.............
120,005
Idaho
(5.4%)
200,000
Idaho
Health
Facilities
Authority
Revenue,
Series
C,
1.25%,
3/1/48,
Continuously
Callable
@
100
(a)
..........................
200,000
Illinois
(5.4%)
200,000
Illinois
Finance
Authority
Revenue,
Series
B,
1.45%,
7/15/55,
Continuously
Callable
@
100
(a)
..........................
200,000
Iowa
(5.4%)
200,000
Iowa
Finance
Authority
Revenue,
Series
S,
1.40%,
2/15/41,
Continuously
Callable
@
100
(a)
...
200,000
Kansas
(5.2%)
195,000
State
of
Kansas
Department
of
Transportation
Revenue,
Series
A,
5.00%,
9/1/26
.......
195,008
Mississippi
(4.0%)
150,000
Mississippi
Business
Finance
Corp.
Revenue,
Series
G,
1.50%,
11/1/35,
Callable
10/1/26
@
100
*(a)
.........................
150,000
New
York
(8.1%)
200,000
City
of
New
York
NY,
GO,
Series
L-4,
1.30%,
4/1/38,
Continuously
Callable
@
100
(a)
....
200,000
Shares
or
Principal
Amount
Security
Description
Value
Municipal
Bonds,
continued:
New
York,
continued:
$
100,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
Series
A-4,
1.40%,
8/1/39,
Continuously
Callable
@
100
(a)
$
100,000
300,000
Ohio
(3.4%)
130,000
State
of
Ohio,
Certificate
of
Participation,
5.00%,
9/1/26
.........................
130,007
Tennessee
(16.1%)
200,000
Clarksville
Public
Building
Authority
Revenue,
Series
PO,
1.53%,
11/1/35,
Callable
10/1/26
@
100
*(a)
.......................
200,000
200,000
Montgomery
County
Public
Building
Authority
Revenue,
1.50%,
2/1/36,
Callable
10/1/26
@
100
*(a)
.........................
200,000
200,000
The
Public
Building
Authority
of
Blount
County
Tenne
s
see
Revenue,
Series
D-3-A,
1.25%,
6/1/34,
Continuously
Callable
@
100
(a)
....
200,000
600,000
Wyoming
(5.4%)
200,000
County
of
Lincoln
WY
Revenue,
Series
E,
1.45%,
10/1/44,
Continuously
Callable
@
100
(a)
...
200,000
Total
Municipal
Bonds
(Cost
$2,395,001)
...................
2,395,020
Investment
in
Affiliates
(35.7%)
1,328,791
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
3.61%
(b)
..........
1,328,791
Total
Investment
in
Affiliates
(Cost
$1,328,791)
................
1,328,791
Total
Investments
(Cost
$3,723,792)
(c)
—
100.0%
..............
3,723,811
Net
other
assets
(liabilities)
—
0.0%
^
......................
1,785
Net
Assets
—
100.0%
................................
$
3,725,596
(a)
Interest
rate
is
determined
by
the
Remarketing
Agent. The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(b)
Money
market
investment.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(c)
Represents
cost
for
financial
reporting
purposes.
The
cost
for
tax
reporting
purposes
can
be
found
in
Note
6
in
the
Notes
to
Financial
Statements.
*
Represents
next
call
date. Additional
subsequent
call
dates
and
amounts
may
apply
to
this
security.
^
Represents
less
than
0.05%.
GO
General
Obligation
Schedule
of
Portfolio
Investments
August
31,
2026
World
Energy
&
Power
Fund
-
28
-
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Common
Stocks
(97.1%)
Aerospace
&
Defense
(1.6%)
22,000
BWX
Technologies,
Inc.
................
$
3,350,380
4,000
Curtiss-Wright
Corp.
..................
2,330,120
5,680,500
Electric
Utilities
(0.3%)
30,000
Oklo,
Inc.,
Class
A
(a)
..................
1,217,100
Electrical
Equipment
(12.7%)
75,000
ABB,
Ltd.
ADR
......................
7,308,750
15,000
Eaton
Corp.
PLC
....................
6,028,200
12,000
GE
Vernova,
Inc.
.....................
10,782,360
43,000
nVent
Electric
PLC
...................
6,482,250
90,000
Schneider
Electric
SE
ADR
..............
6,154,200
200,000
Siemens
Energy
AG
ADR
...............
6,614,000
80,000
X-Energy,
Inc.,
Class
A
(a)
...............
1,476,000
44,845,760
Energy
Equipment
&
Services
(17.7%)
245,000
Baker
Hughes
Co.,
Class
A
..............
15,569,750
220,000
Halliburton
Co.
.....................
8,107,000
200,000
Liberty
Energy,
Inc.,
Class
A
.............
3,942,000
260,000
SLB,
Ltd.
.........................
15,626,000
210,000
TechnipFMC
PLC
....................
16,411,500
50,657
Tenaris
SA
ADR
.....................
2,830,207
62,486,457
Oil,
Gas
&
Consumable
Fuels
(64.8%)
360,000
APA
Corp.
.........................
15,534,000
73,167
Cameco
Corp.
......................
7,225,973
15,000
Centrus
Energy
Corp.,
Class
A
(a)
..........
2,571,000
44,296
Cheniere
Energy,
Inc.
..................
12,920,700
80,000
Chevron
Corp.
......................
16,491,200
128,000
ConocoPhillips
.....................
16,958,720
50,000
Diamondback
Energy,
Inc.
..............
10,024,000
109,406
Enbridge,
Inc.
......................
5,532,662
110,000
Energy
Fuels,
Inc.
(a)
...................
1,622,500
141,399
Eni
SpA
ADR
.......................
7,748,665
90,000
EQT
Corp.
.........................
4,876,200
77,094
Equinor
ASA
ADR
....................
3,299,623
25,983
ExxonMobil
Holdings
Corp.
.............
4,181,964
29,122
Kinder
Morgan,
Inc.
..................
938,893
61,000
Marathon
Petroleum
Corp.
..............
22,772,520
11,706
ONEOK,
Inc.
.......................
1,123,893
33,016
Pembina
Pipeline
Corp.
................
1,607,879
101,966
Petroleo
Brasileiro
SA
-
Petrobras
ADR
......
1,973,042
67,188
Phillips
66
........................
16,567,217
92,783
Shell
PLC
ADR
......................
8,485,005
11,167
Targa
Resources
Corp.
.................
3,279,190
33,869
TC
Energy
Corp.
.....................
2,117,829
2,773
Texas
Pacific
Land
Corp.
...............
1,038,045
197,806
The
Williams
Cos.,
Inc.
................
14,845,340
280,000
Uranium
Energy
Corp.
(a)
................
3,427,200
52,000
Valero
Energy
Corp.
..................
18,663,840
210,000
Vista
Energy
SAB
de
CV
ADR
(a)
...........
15,006,600
167,349
YPF
SA
ADR
(a)
......................
8,631,861
229,465,561
Total
Common
Stocks
(Cost
$253,031,398)
..................
343,695,378
Corporate
Bonds
(1.1%)
Electric
Utilities
(0.2%)
$
800,000
NRG
Energy,
Inc.,
6.25%,
11/1/34,
Callable
11/1/29
@
103
*(b)
..................
799,016
Energy
Equipment
&
Services
(0.3%)
715,000
Halliburton
Co.,
2.92%,
3/1/30,
Callable
12/1/29
@
100
*
.........................
667,564
Shares
or
Principal
Amount
Security
Description
Value
Corporate
Bonds,
continued:
Energy
Equipment
&
Services,
continued:
$
400,000
Schlumberger
Holdings
Corp.,
3.90%,
5/17/28,
Callable
2/17/28
@
100
*(b)
............
$
394,953
1,062,517
Oil,
Gas
&
Consumable
Fuels
(0.6%)
500,000
APA
Corp.,
6.10%,
2/15/35,
Callable
11/15/34
@
100
*
..........................
510,507
400,000
Comstock
Resources,
Inc.,
6.75%,
3/1/29,
Callable
9/18/26
@
101
*(b)
............
396,719
700,000
Continental
Resources,
Inc.,
4.38%,
1/15/28,
Callable
10/15/27
@
100
*
............
694,625
463,000
SM
Energy
Co.,
8.75%,
7/1/31,
Callable
9/13/26
@
104
*(b)
.......................
484,397
2,086,248
Total
Corporate
Bonds
(Cost
$3,920,587)
...................
3,947,781
Yankee
Debt
Obligations
(0.7%)
Energy
Equipment
&
Services
(0.5%)
705,250
Transocean
International,
Ltd.,
8.75%,
2/15/30,
Callable
10/3/26
@
104
*(b)
............
733,529
700,000
Valaris,
Ltd.,
8.38%,
4/30/30,
Callable
9/13/26
@
104
*(b)
.........................
727,951
1,461,480
Oil,
Gas
&
Consumable
Fuels
(0.2%)
725,000
Enbridge,
Inc.,
1.60%,
10/4/26,
Callable
9/13/26
@
100
*
.........................
723,213
Total
Yankee
Debt
Obligations
(Cost
$2,125,985)
..............
2,184,693
Investment
in
Affiliates
(1.7%)
6,064,885
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
3.61%
(c)
..........
6,064,885
Total
Investment
in
Affiliates
(Cost
$6,064,885)
................
6,064,885
Total
Investments
(Cost
$265,142,855)
(d)
—
100.6%
............
355,892,737
Net
other
assets
(liabilities)
—
(0.6)%
.....................
(1,948,866)
Net
Assets
—
100.0%
................................
$
353,943,871
Schedule
of
Portfolio
Investments
August
31,
2026
World
Energy
&
Power
Fund
-
29
-
See
notes
to
financial
statements.
Concluded
The
Adviser
has
determined
that
56.60%
of
the
Fund’s
net
assets
comprise
securities
of
issuers
which
are
either
foreign
domiciled
or
derive
more
than
50%
of
its
assets,
revenue
or
income
outside
of
the
United
States.
(a)
Non-income
producing
security.
(b)
Represents
a
restricted
security,
purchased
under
Rule
144A,
Section
4(2),
which
is
exempt
from
registration
under
the
Securities
Act
of
1933,
as
amended.
The
security
has
been
deemed
liquid
according
to
the
policies
and
procedures
adopted
by
the
Board
of
Trustees.
(c)
Money
market
investment.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(d)
Represents
cost
for
financial
reporting
purposes.
The
cost
for
tax
reporting
purposes
can
be
found
in
Note
6
in
the
Notes
to
Financial
Statements.
*
Represents
next
call
date. Additional
subsequent
call
dates
and
amounts
may
apply
to
this
security.
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
Schedule
of
Portfolio
Investments
August
31,
2026
Hedged
Equity
Income
Fund
-
30
-
See
notes
to
financial
statements.
Shares
Security
Description
Value
Common
Stocks
(97.8%)
Banks
(6.3%)
2,800
JPMorgan
Chase
&
Co.
................
$
996,856
23,500
Truist
Financial
Corp.
.................
1,165,130
2,161,986
Beverages
(2.0%)
4,800
PepsiCo,
Inc.
.......................
673,632
Biotechnology
(3.7%)
2,600
AbbVie,
Inc.
+
.......................
666,692
4,000
Gilead
Sciences,
Inc.
+
.................
585,360
1,252,052
Broadline
Retail
(3.9%)
5,100
Amazon.com,
Inc.
+(a)
..................
1,324,827
Capital
Markets
(6.2%)
600
Blackrock,
Inc.
......................
693,366
6,700
Morgan
Stanley
+
.....................
1,429,244
2,122,610
Communications
Equipment
(4.6%)
14,300
Cisco
Systems,
Inc.
+
..................
1,580,007
Consumer
Staples
Distribution
&
Retail
(1.4%)
2,900
Target
Corp.
+
.......................
466,552
Electrical
Equipment
(2.8%)
6,300
Emerson
Electric
Co.
+
.................
960,372
Ground
Transportation
(1.5%)
1,700
Union
Pacific
Corp.
+
..................
511,139
Health
Care
Providers
&
Services
(2.3%)
1,900
Cardinal
Health,
Inc.
+
..................
445,778
900
UnitedHealth
Group,
Inc.
+
...............
350,469
796,247
Hotels,
Restaurants
&
Leisure
(3.3%)
3,000
Darden
Restaurants,
Inc.
...............
642,780
1,400
Marriott
International,
Inc.,
Class
A
........
478,464
1,121,244
Household
Products
(1.4%)
3,300
The
Procter
&
Gamble
Co.
..............
478,896
Industrial
REITs
(1.9%)
17,200
STAG
Industrial,
Inc.
..................
640,700
Insurance
(1.9%)
5,800
Principal
Financial
Group,
Inc.
...........
638,928
Interactive
Media
&
Services
(7.0%)
6,100
Alphabet,
Inc.,
Class
C
+
................
2,046,001
600
Meta
Platforms,
Inc.,
Class
A
............
343,404
2,389,405
IT
Services
(1.2%)
1,200
Snowflake,
Inc.,
Class
A
+(a)
..............
397,716
Machinery
(2.9%)
600
Caterpillar,
Inc.
+
.....................
478,482
Shares
Security
Description
Value
Common
Stocks,
continued:
Machinery,
continued:
1,300
Snap-on,
Inc.
.......................
$
502,203
980,685
Metals
&
Mining
(2.6%)
9,600
BHP
Group,
Ltd.
ADR
+
.................
901,632
Oil,
Gas
&
Consumable
Fuels
(7.1%)
4,400
ConocoPhillips
+
.....................
582,956
7,500
Phillips
66
+
........................
1,849,350
2,432,306
Pharmaceuticals
(1.4%)
400
Eli
Lilly
&
Co.
+
......................
462,692
Semiconductors
&
Semiconductor
Equipment
(15.2%)
3,300
Broadcom,
Inc.
......................
1,222,122
2,100
Lam
Research
Corp.
+
..................
633,129
9,100
NVIDIA
Corp.
+
......................
2,009,098
3,300
NXP
Semiconductors
NV
...............
741,312
2,200
Texas
Instruments,
Inc.
................
574,002
5,179,663
Software
(5.3%)
2,900
Microsoft
Corp.
+
.....................
1,471,141
900
Palo
Alto
Networks,
Inc.
+(a)
..............
343,917
1,815,058
Specialty
Retail
(1.4%)
1,400
The
Home
Depot,
Inc.
.................
458,962
Technology
Hardware,
Storage
&
Peripherals
(5.9%)
6,300
Apple,
Inc.
+
........................
1,996,155
Trading
Companies
&
Distributors
(4.6%)
14,700
Fastenal
Co.
+
.......................
724,857
7,100
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
+
.....
844,048
1,568,905
Total
Common
Stocks
(Cost
$22,832,763)
...................
33,312,371
Purchased
Options
(
0.7%
)
^
3
S&P
500
Index
......................
19,800
3
S&P
500
Index
......................
26,490
7
S&P
500
Index
......................
118,300
4
S&P
500
Index
......................
89,720
Total
Purchased
Options
(Cost
$425,455)
...................
254,310
Investment
in
Affiliates
(1.6%)
538,438
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
3.61%
(b)
..........
538,438
Total
Investment
in
Affiliates
(Cost
$538,438)
.................
538,438
Total
Investments
(Cost
$23,796,656)
(c)
—
100.1%
.............
34,105,119
Net
other
assets
(liabilities)
—
(0.1)%
.....................
(32,900)
Net
Assets
—
100.0%
................................
$
34,072,219
(a)
Non-income
producing
security.
(b)
Money
market
investment.
The
rate
presented
is
the
rate
in
effect
at
August
31,
2026.
(c)
Represents
cost
for
financial
reporting
purposes.
The
cost
for
tax
reporting
purposes
can
be
found
in
Note
6
in
the
Notes
to
Financial
Statements.
^
See
Options
table
below
for
more
details.
+
All
or
a
portion
of
this
security
has
been
pledged
as
collateral
for
outstanding
call
options
written.
ADR
American
Depositary
Receipt
Schedule
of
Portfolio
Investments
August
31,
2026
Hedged
Equity
Income
Fund
-
31
-
See
notes
to
financial
statements.
Concluded
At
August
31,
2026,
the
Fund's
exchange-traded
options
purchased
were
as
follows:
Description
Put/
Call
Strike
Price
Expiration
Date
Contracts
Notional
Amount
(a)
Value
S&P
500
Index
Put
6,275.00
USD
3/19/27
3
$
18,825
$
19,800
S&P
500
Index
Put
6,425.00
USD
4/16/27
3
19,275
26,490
S&P
500
Index
Put
6,800.00
USD
6/17/27
7
47,600
118,300
S&P
500
Index
Put
7,000.00
USD
8/20/27
4
28,000
89,720
Total
(Cost
$425,455)
$
254,310
At
August
31,
2026,
the
Fund's
exchange-traded
options
written
were
as
follows:
Description
Put/
Call
Strike
Price
Expiration
Date
Contracts
Notional
Amount
(a)
Value
Abbvie,
Inc.
Call
260.00
USD
9/18/26
13
$
3,380
$
(5,473)
Alphabet,
Inc.
Call
420.00
USD
10/16/26
20
8,400
(1,200)
Amazon.com,
Inc.
Call
340.00
USD
10/16/26
20
6,800
(340)
Apple,
Inc.
Call
355.00
USD
10/16/26
32
11,360
(4,256)
BHP
Group,
Ltd.
Call
110.00
USD
9/18/26
48
5,280
(240)
Cardinal
Health,
Inc.
Call
270.00
USD
9/18/26
12
3,240
(60)
Caterpillar,
Inc.
Call
1,010.00
USD
10/16/26
2
2,020
(238)
Cisco
Systems,
Inc.
Call
110.00
USD
9/18/26
72
7,920
(23,040)
ConocoPhillips
Call
135.00
USD
9/18/26
16
2,160
(3,936)
ELI
Lilly
Co.
Call
1,480.00
USD
10/16/26
2
2,960
(240)
Emerson
Electric
Co.
Call
180.00
USD
10/16/26
32
5,760
(320)
Fastenal
Co.
Call
57.50
USD
10/16/26
74
4,255
(2,886)
Gilead
Sciences,
Inc.
Call
160.00
USD
10/16/26
14
2,240
(1,960)
Lam
Research
Corp.
Call
510.00
USD
9/18/26
6
3,060
(60)
Microsoft
Corp.
Call
570.00
USD
9/18/26
10
5,700
(250)
Morgan
Stanley
Call
240.00
USD
9/18/26
34
8,160
(476)
MSC
Industrial
Direct
Co.
Call
115.00
USD
9/18/26
36
4,140
(15,480)
MSC
Industrial
Direct
Co.
Call
140.00
USD
9/18/26
18
2,520
(90)
NVIDIA
Corp.
Call
275.00
USD
10/16/26
30
8,250
(1,140)
Palo
Alto
Networks,
Inc.
Call
530.00
USD
9/18/26
3
1,590
(3)
Phillips
66
Call
260.00
USD
9/18/26
38
9,880
(13,300)
Snowflake,
Inc.
Call
460.00
USD
9/18/26
6
2,760
(390)
Target
Corp.
Call
190.00
USD
10/16/26
15
2,850
(885)
Union
Pacific
Corp.
Call
320.00
USD
9/18/26
9
2,880
(630)
UnitedHealth
Group,
Inc.
Call
480.00
USD
10/16/26
5
2,400
(335)
Total
(Premiums
$(273,959))
$
(77,228)
(a)
Notional
amount
is
expressed
as
the
number
of
contracts
multiplied
by
the
strike
price
of
the
underlying
asset.
Balances
Reported
in
the
Statements
of
Assets
and
Liabilities
for
Written
Options
Value
Written
Options
$
(77,228)
Notes
to
the
Financial
Statements
August
31,
2026
-
32
-
1.
Organization:
The
Cavanal
Hill
Funds
(the
“Trust”)
was
organized
on
October
1,
1987,
as
a
Massachusetts
business
trust,
and
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
meets
the
definition
of
an
investment
company
and
follows
the
accounting
and
reporting
guidance
under
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
“Financial
Services
-
Investment
Companies”.
As
of
August
31,
2026
,
the
Trust
offered
shares
of
U.S.
Treasury
Fund
and
Government
Securities
Money
Market
Fund
(each
referred
to
as
a
“Money
Market
Fund”
and
collectively,
the
“Money
Market
Funds”),
Limited
Duration
Fund,
Bond
Fund,
Strategic
Enhanced
Yield
Fund,
Ultra
Short
Tax-Free
Income
Fund,
World
Energy
&
Power
Fund
(formerly
World
Energy
Fund),
and
Hedged
Equity
Income
Fund
(each
referred
to
as
a
“Fund”
and
collectively,
“the
Funds”).
Each
Fund
is
registered
as
a
diversified
portfolio
of
the
Trust,
with
the
exception
of
the
Hedged
Equity
Income
Fund,
which
is
non-diversified.
The
Limited
Duration
Fund,
Bond
Fund,
Strategic
Enhanced
Yield
Fund,
Ultra
Short
Tax-Free
Income
Fund,
World
Energy
&
Power
Fund,
and
Hedged
Equity
Income
Fund
are
each
authorized
to
issue
an
unlimited
number
of
shares
in
three
classes
of
shares:
No-Load
Investor
Shares
(the
“Investor
Shares”),
Institutional
Shares,
and
A
Shares.
The
World
Energy
&
Power
Fund
is
also
authorized
to
issue
an
unlimited
number
of
C
Shares.
The
Money
Market
Funds
are
authorized
to
issue
an
unlimited
number
of
shares
in
the
following
classes:
Administrative
Shares,
Institutional
Shares,
and
Select
Shares.
In
addition,
the
Government
Securities
Money
Market
Fund
is
authorized
to
issue
an
unlimited
number
of
Premier
Shares.
Each
class
of
shares
for
each
of
the
Funds
has
identical
rights
and
privileges
except
with
respect
to
distribution
(Rule
12b-1
of
the
1940
Act)
and
shareholder
servicing
fees,
voting
rights
on
matters
affecting
a
single
class
of
shares,
and
the
exchange
privileges
of
each
class
of
shares.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
its
vendors
and
others
that
provide
for
general
indemnifications.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Trust
in
the
preparation
of
its
financial
statements.
The
policies
are
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”).
The
presentation
of
financial
statements
in
conformity
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
Fair
Value
Measurements:
The
Trust
has
a
three-tier
fair
value
hierarchy
that
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Funds’
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
other
observable
significant
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Funds’
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
For
example,
money
market
securities
are
valued
using
amortized
cost,
in
accordance
with
rules
under
the
1940
Act.
Generally,
amortized
cost
approximates
the
current
fair
value
of
a
security,
but
since
this
valuation
is
not
obtained
from
a
quoted
price
in
an
active
market,
such
securities
are
reflected
as
Level
2
in
the
fair
value
hierarchy.
When
determining
the
fair
value
of
the
Funds’
investments,
additional
consideration
is
given
to
those
assets
or
liabilities
that
have
experienced
a
significant
decrease
in
the
volume
or
level
of
activity
or
to
circumstances
that
indicate
that
a
transaction
is
not
orderly.
In
cases
where
market
prices
for
portfolio
securities
are
not
readily
available
or
where
prices
provided
by
pricing
services
are
believed
not
to
reflect
current
value,
a
Pricing
Committee
established
by
the
Board
of
Trustees
(the
“Board”)
determines
in
good
faith,
subject
to
Trust
procedures,
the
fair
value
of
such
portfolio
securities
in
accordance
with
Rule
2a-5
under
the
1940
Act.
Examples
of
the
types
of
securities
that
may
be
fair
valued
include
securities
halted
or
suspended
from
trading,
thinly
traded
or
illiquid
securities,
high-yield
securities
and
fixed-income
securities
held
in
amounts
less
than
their
normal
unit
of
trading.
The
following
is
a
summary
categorization,
as
of
August
31,
2026
,
of
each
Fund’s
investments
in
the
fair
value
hierarchy:
Fund
LEVEL
1
-
Quoted
Prices
LEVEL
2
-
Other
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
U.S.
Treasury
Fund
U.S.
Treasury
Obligations
...............................
$
—
$
587,648,662
$
—
$
587,648,662
Repurchase
Agreements
................................
—
1,252,394,468
—
1,252,394,468
Total
Investments
.....................................
—
1,840,043,130
—
1,840,043,130
Government
Securities
Money
Market
Fund
U.S.
Government
Agency
Securities
.........................
—
1,770,273,950
—
1,770,273,950
U.S.
Treasury
Obligations
...............................
—
325,760,125
—
325,760,125
Repurchase
Agreements
................................
—
1,085,000,000
—
1,085,000,000
Investment
Companies
.................................
196,215,466
—
—
196,215,466
Total
Investments
.....................................
196,215,466
3,181,034,075
—
3,377,249,541
Notes
to
the
Financial
Statements
August
31,
2026
-
33
-
Securities
Valuation:
The
Money
Market
Funds,
which
operate
as
government
funds,
are
eligible
and
have
elected
to
use
the
amortized
cost
method
of
valuation
pursuant
to
Rule
2a-7
under
the
1940
Act.
This
involves
valuing
an
instrument
at
its
cost
initially
and
thereafter
assuming
a
constant
accretion
or
amortization
to
maturity
of
any
discount
or
premium,
respectively,
regardless
of
the
impact
of
fluctuating
interest
rates
on
the
market
value
of
the
instrument.
This
method
may
result
in
periods
during
which
the
value,
as
determined
by
amortized
cost,
is
higher
or
lower
than
the
price
each
Money
Market
Fund
would
receive
if
it
sold
the
investment.
The
value
of
securities
in
the
Money
Market
Funds
can
be
expected
to
vary
inversely
with
changes
in
prevailing
interest
rates.
The
following
is
an
overview
of
how
securities
are
valued
in
the
Limited
Duration
Fund,
Bond
Fund,
Strategic
Enhanced
Yield
Fund,
Ultra
Short
Tax-Free
Income
Fund,
World
Energy
&
Power
Fund,
and
Hedged
Equity
Income
Fund
(the
“Variable
Net
Asset
Value
Funds”).
Fund
LEVEL
1
-
Quoted
Prices
LEVEL
2
-
Other
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Limited
Duration
Fund
Asset-Backed
Securities
................................
$
—
$
4,082,955
$
—
$
4,082,955
Mortgage-Backed
Securities
1
.............................
—
9,766,246
—
9,766,246
Commercial
Mortgage-Backed
Securities
.....................
—
338,552
—
338,552
Corporate
Bonds
2
.....................................
—
3,632,006
—
3,632,006
U.S.
Government
Agency
Securities
.........................
—
497,347
—
497,347
U.S.
Treasury
Obligations
...............................
—
3,074,312
—
3,074,312
Investment
in
Affiliates
.................................
525,077
—
—
525,077
Total
Investments
.....................................
525,077
21,391,418
—
21,916,495
Bond
Fund
Asset-Backed
Securities
................................
—
14,721,288
—
14,721,288
Mortgage-Backed
Securities
1
.............................
—
31,659,062
—
31,659,062
Commercial
Mortgage-Backed
Securities
.....................
—
4,010,509
—
4,010,509
Corporate
Bonds
2
.....................................
—
27,972,181
—
27,972,181
Taxable
Municipal
Bonds
3
...............................
—
6,031,671
—
6,031,671
U.S.
Government
Agency
Securities
.........................
—
931,355
—
931,355
U.S.
Treasury
Obligations
...............................
—
20,705,430
—
20,705,430
Yankee
Debt
Obligations
................................
—
1,066,235
—
1,066,235
Investment
in
Affiliates
.................................
852,090
—
—
852,090
Total
Investments
.....................................
852,090
107,097,731
—
107,949,821
Strategic
Enhanced
Yield
Fund
Mortgage-Backed
Securities
1
.............................
—
6,314,220
—
6,314,220
Corporate
Bonds
2
.....................................
—
3,508,566
—
3,508,566
U.S.
Government
Agency
Securities
.........................
—
545,055
—
545,055
U.S.
Treasury
Obligations
...............................
—
4,525,334
—
4,525,334
Yankee
Debt
Obligations
................................
—
4,558,061
—
4,558,061
Investment
in
Affiliates
.................................
584,585
—
—
584,585
Total
Investments
.....................................
584,585
19,451,236
—
20,035,821
Ultra
Short
Tax-Free
Income
Fund
Municipal
Bonds
3
.....................................
—
2,395,020
—
2,395,020
Investment
in
Affiliates
.................................
1,328,791
—
—
1,328,791
Total
Investments
.....................................
1,328,791
2,395,020
—
3,723,811
World
Energy
&
Power
Fund
Common
Stocks
2
.....................................
343,695,378
—
—
343,695,378
Corporate
Bonds
2
.....................................
—
3,947,781
—
3,947,781
Yankee
Debt
Obligations
................................
—
2,184,693
—
2,184,693
Investment
in
Affiliates
.................................
6,064,885
—
—
6,064,885
Total
Investments
.....................................
349,760,263
6,132,474
—
355,892,737
Hedged
Equity
Income
Fund
Common
Stocks
2
.....................................
33,312,371
—
—
33,312,371
Purchased
Options
....................................
254,310
—
—
254,310
Investment
in
Affiliates
.................................
538,438
—
—
538,438
Written
Options
......................................
(77,228)
—
—
(77,228)
Total
Investments
.....................................
34,027,891
—
—
34,027,891
1
Please
see
the
Schedule
of
Portfolio
Investments
for
Mortgage-Backed
Securities
classification.
2
Please
see
the
Schedule
of
Portfolio
Investments
for
Industry
classification.
3
Please
see
the
Schedule
of
Portfolio
Investments
for
State
classification.
Notes
to
the
Financial
Statements
August
31,
2026
-
34
-
Equity
securities
are
valued
at
the
closing
price
on
the
exchange
or
market
where
the
security
is
principally
traded
(except
for
those
traded
on
Nasdaq,
which
will
be
valued
at
the
Nasdaq
Official
Closing
Price).
If
there
have
been
no
sales
for
the
day
on
any
exchange
or
market,
the
security
is
valued
at
the
latest
available
bid
price
on
the
exchange
or
market
where
the
security
is
principally
traded.
Equity
securities
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Fixed-income
securities
are
valued
using
matrix
pricing
as
determined
by
an
independent
pricing
service
approved
by
the
Board.
Fixed-income
securities
are
valued
using
various
inputs
including
new
issue
data,
benchmark
yields,
reported
trades,
broker/dealer
quotes,
issuer
spreads,
two-sided
markets,
benchmark
securities,
bids,
offers,
reference
data
and
industry
and
market
events,
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
In
addition
to
the
inputs
noted
for
fixed-income
securities,
asset-backed
and
mortgage-backed
securities
are
valued
using
principal
payment
and
collateral
performance
information,
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Short-term
fixed-income
securities
purchased
with
60
days
or
fewer
to
maturity
and
of
sufficient
credit
quality
are
generally
valued
at
amortized
cost,
which
approximates
current
value,
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Open-end
mutual
fund
investments
and
exchange-traded
funds
are
valued
at
the
most
recently
calculated
net
asset
value,
and
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Repurchase
agreements
are
valued
at
original
cost,
and
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Options
are
generally
valued
at
the
last
sale
price,
or
in
the
absence
of
such
a
price,
at
the
latest
available
bid
price.
Options
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
For
options
where
market
quotations
are
not
readily
available,
fair
value
procedures
as
described
below
may
be
applied.
Other
assets
and
securities
for
which
market
quotations
are
not
readily
available,
or
are
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Trustees
or
persons
acting
on
the
behalf
of
the
Trustees.
Fair
value
pricing
may
be
used
for
significant
events
such
as
securities
whose
trading
has
been
suspended,
whose
price
has
become
stale
or
for
which
there
is
no
currently
available
price
at
the
close
of
the
exchange.
Depending
on
the
source
and
relative
significance
of
valuation
inputs,
these
instruments
may
be
classified
as
Level
2
or
Level
3
in
the
fair
value
hierarchy.
Securities
Sold
Short:
The
Funds
may
enter
into
short
sales.
Short
sales
are
transactions
in
which
a
fund
sells
a
security
it
does
not
own.
To
complete
such
a
transaction,
the
Fund
must
borrow
the
security
to
make
delivery
to
the
buyer.
The
Fund
is
then
obligated
to
replace
the
security
borrowed
by
purchasing
the
security
at
the
market
price
at
the
time
of
replacement.
The
price
at
such
time
may
be
more
or
less
than
the
price
at
which
the
security
was
sold
by
the
Fund.
Until
the
security
is
replaced,
the
Fund
is
required
to
pay
the
lender
amounts
equal
to
any
dividends
that
accrue
during
the
period
of
the
loan.
Dividends
declared
on
open
short
positions
are
recorded
on
ex-date
as
dividend
expense.
To
borrow
the
security,
the
Fund
also
may
be
required
to
pay
a
fee,
which
is
shown
as
interest
expense.
The
Fund
records
a
liability
for
securities
sold
short
and
records
an
asset
equal
to
the
proceeds
received.
The
amount
of
the
liability
is
subsequently
marked
to
market
to
reflect
the
market
value
of
the
securities
sold
short.
The
proceeds
of
the
short
sale
may
be
retained
by
the
broker,
to
the
extent
necessary
to
meet
the
margin
requirements,
until
the
short
position
is
closed.
A
gain,
limited
to
the
price
at
which
the
Fund
sold
the
security
short,
or
a
loss,
unlimited
in
size,
is
recognized
upon
the
close
of
a
short
sale.
None
of
the
Funds
shall
sell
securities
short
(unless
it
owns
or
has
the
right
to
obtain
securities
equivalent
in
kind
and
amount
to
the
securities
sold
short
or
has
segregated
with
the
Custodian
an
amount
of
cash
or
liquid
assets
to
cover
the
short
position);
however,
this
policy
does
not
prevent
the
Funds
from
entering
into
short
positions
in
foreign
currency,
futures
contracts,
options,
forward
contracts,
swaps,
caps,
floors,
collars
and
other
financial
instruments.
The
Funds
did
not
engage
in
short
sales
during
the
year
ended
August
31,
2026.
Options
Contracts:
Each
of
the
Funds,
except
U.S.
Treasury
Fund
and
the
Government
Securities
Money
Market
Fund,
may
write
(sell)
covered
call
options
and
purchase
options
to
hedge
(or
reduce)
its
exposure
to
a
portfolio
asset
or
risk,
to
obtain
leverage
for
the
portfolio,
to
manage
cash
and/or
as
a
substitute
for
taking
a
position
in
the
reference
asset
or
to
gain
exposure
to
certain
asset
classes.
An
option
gives
the
purchaser
of
the
option
the
right
to
buy,
and
a
writer
has
the
obligation
to
sell,
the
underlying
security
at
the
stated
exercise
price
at
any
time
prior
to
the
expiration
of
the
option,
regardless
of
the
market
price
of
the
security.
The
premium
paid
to
the
writer
is
consideration
for
undertaking
the
obligations
under
the
option
contract.
Options
purchased
by
the
Fund
will
be
valued
at
the
last
sale
price,
or
in
the
absence
of
such
a
price,
at
the
latest
available
bid
price.
The
Funds
may
also
purchase
index
options.
Index
options
(or
options
on
securities
indices)
are
similar
in
many
respects
to
options
on
securities,
except
that
an
index
option
gives
the
holder
the
right
to
receive,
upon
exercise,
cash
instead
of
securities,
if
the
closing
value
of
the
securities
index
upon
which
the
option
is
based
is
greater
than
the
exercise
price
of
the
option.
Purchasing
options
is
a
specialized
investment
technique
that
entails
the
possibility
of
a
complete
loss
of
the
amounts
paid
as
premiums
to
writers
of
options.
The
Funds
can
purchase
options
and
index
options
provided
that
their
total
investment
in
such
options
immediately
after
such
purchase
does
not
exceed
5%
of
their
total
assets.
The
Hedged
Equity
Income
Fund
engaged
in
purchased
and
written
options
activity
during
the
year
ended
August
31,
2026
,
detailed
below.
Purchased
Options
Contracts—The
Fund
pays
a
premium
which
is
included
in
“Investments,
at
value”
on
the
Statements
of
Assets
and
Liabilities
and
marked
to
market
to
reflect
the
current
value
of
the
option.
Premiums
paid
for
purchasing
options
that
expire
are
treated
as
realized
losses.
When
a
put
option
is
exercised
or
closed,
premiums
paid
for
purchasing
options
are
offset
against
proceeds
to
determine
the
realized
gain/loss
on
the
transaction.
The
Fund
bears
the
risk
of
loss
of
the
premium
and
change
in
value
should
the
counterparty
not
perform
under
the
contract.
Written
Options
Contracts—The
Fund
receives
a
premium
which
is
recorded
as
a
liability
and
is
subsequently
adjusted
to
the
current
value
of
the
options
written.
Premiums
received
from
writing
options
that
expire
are
treated
as
realized
gains.
Premiums
received
from
writing
options
that
are
either
exercised
or
closed
are
offset
against
the
proceeds
received
or
the
amount
paid
on
the
transaction
to
determine
realized
gains
or
losses.
The
risk
associated
with
writing
an
option
is
that
the
Fund
Notes
to
the
Financial
Statements
August
31,
2026
-
35
-
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
an
underlying
asset
and
is
required
to
buy
or
sell
an
underlying
asset
under
the
contractual
terms
of
the
option
at
a
price
different
from
the
current
value.
For
the
year
ended
August
31,
2026
,
the
monthly
average
notional
amount
for
written
options
contracts
was
$96
thousand.
Realized
gains
and
losses
are
reported
as
“Net
realized
gains/(losses)
from
written
options
contracts”
on
the
Statements
of
Operations.
Summary
of
Derivative
Instruments
The
following
is
a
summary
of
the
fair
values
of
derivative
instruments
on
the
Statements
of
Assets
and
Liabilities
for
Hedged
Equity
Income
Fund,
categorized
by
risk
exposure,
as
of
August
31,
2026
:
Security
Transactions
and
Related
Income:
For
all
purposes
other
than
financial
reporting,
security
transactions
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
security
transactions
are
accounted
for
on
the
trade
date
on
the
last
business
day
of
the
reporting
period.
Foreign
currency
amounts
are
translated
into
U.S.
dollars
at
the
current
rate
of
exchange
to
determine
the
value
of
portfolio
investments,
assets
and
liabilities.
Purchases
and
sales
of
securities
and
income
and
expenses
are
translated
at
the
prevailing
rate
of
exchange
on
the
respective
dates
of
such
transactions.
Interest
income
is
recognized
on
an
accrual
basis
and
includes,
where
applicable,
the
amortization
of
premium
and
accretion
of
discount.
Dividend
income
is
recorded
on
the
ex-dividend
date
or
for
certain
foreign
dividends,
when
the
Funds
become
aware
of
such
dividends
declared.
Gains
or
losses
realized
from
sales
of
securities
are
determined
using
the
specific
identification
method
by
comparing
the
identified
cost
of
the
security
lot
sold
with
the
net
sales
proceeds.
Fluctuations
arising
from
changes
in
foreign
exchange
rates
on
investments
are
included
in
the
net
realized
and
unrealized
gains
and
losses
on
investments
and
foreign
currencies.
Securities
purchased
or
sold
on
a
when-issued
or
delayed
delivery
basis
may
be
settled
a
month
or
more
after
the
trade
date.
Real
Estate
Investment
Trusts:
Some
of
the
Variable
Net
Asset
Value
Funds
may
invest
in
real
estate
investment
trusts
(“REITs”)
which
report
information
on
the
source
of
their
distributions
annually.
Certain
distributions
received
from
REITs
during
the
period,
which
are
known
to
be
a
return
of
capital,
are
recorded
as
a
reduction
to
the
cost
of
the
individual
REIT.
A
REIT
may
focus
on
particular
types
of
projects,
such
as
apartment
complexes
or
shopping
centers,
or
on
particular
geographic
regions,
or
both.
An
investment
in
a
REIT
may
be
subject
to
certain
risks
similar
to
those
associated
with
direct
ownership
of
real
estate,
including:
declines
in
the
value
of
real
estate;
risks
related
to
general
and
local
economic
conditions,
overbuilding
and
competition;
increases
in
property
taxes
and
operating
expenses;
and
variations
in
rental
income.
Restricted
Securities:
A
restricted
security
is
a
security
that
has
been
purchased
through
a
private
offering
and
cannot
be
resold
to
the
general
public
without
prior
registration
under
the
Securities
Act
of
1933
(the
“1933
Act”)
or
pursuant
to
the
resale
limitations
provided
by
Rule
144
under
the
1933
Act
or
an
exemption
from
the
registration
requirements
of
the
1933
Act.
Whether
a
restricted
security
is
illiquid
is
determined
pursuant
to
guidelines
established
by
the
Board.
Not
all
restricted
securities
are
considered
illiquid.
Illiquid,
restricted
securities
held
as
of
August
31,
2026
,
are
identified
below:
Repurchase
Agreements:
The
Funds
may
invest
in
repurchase
agreements
with
financial
institutions
such
as
member
banks
of
the
Federal
Deposit
Insurance
Corporation
(FDIC)
or
from
registered
broker/dealers
that
Cavanal
Hill
Investment
Management,
Inc.
(the
“Adviser”)
deems
creditworthy
under
guidelines
approved
by
the
Board,
subject
to
the
seller’s
agreement
to
repurchase
such
securities
at
a
mutually
agreed-upon
date
and
price.
The
repurchase
price
generally
equals
the
price
paid
by
the
Funds
plus
interest
negotiated
on
the
basis
of
current
short-term
rates,
which
may
be
more
or
less
than
the
rate
on
the
underlying
securities
collateral.
The
seller
under
a
repurchase
agreement
is
required
to
maintain
the
value
of
collateral
held
pursuant
to
the
agreement
at
not
less
than
the
repurchase
price
(including
accrued
interest).
Securities
subject
to
repurchase
agreements
are
held
by
each
Fund’s
custodian,
another
qualified
sub-custodian,
or
in
the
Federal
Reserve
book-entry
system.
Master
Repurchase
Agreements
(“MRA”)
permit
the
Funds,
under
certain
circumstances,
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
receivables
under
the
MRA
with
collateral
posted
by
the
counterparty
and
create
one
net
payment
due
to
or
from
the
Funds.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
Asset
Derivatives
Liability
Derivatives
Primary
Risk
Exposure
Statements
of
Assets
and
Liabilities
Location
Total
Fair
Value
Statements
of
Assets
and
Liabilities
Location
Total
Fair
Value
Equity
Risk
Options
Contracts
$—
Written
Options
Contracts
$77,228
Hedged
Equity
Income
Fund
Primary
Risk
Exposure
Location
of
Gains/(Losses)
on
Derivatives
Recognized
Realized
Gains/(Losses)
on
Derivatives
Recognized
Change
in
Net
Unrealized
Appreciation/(Depreciation)
on
Derivatives
Recognized
Equity
Risk
Options
Contracts
Hedged
Equity
Income
Fund
Net
realized
gains/(losses)
on
written
options
contracts/Change
in
net
unrealized
appreciation/(depreciation)
on
written
options
contracts
$(87,836)
$56,434
Security
Acquisition
Date
Acquisition
Cost
Principal
Amount
Fair
Value
Strategic
Enhanced
Yield
Fund:
Brean
Asset-
Backed
Securities
Trust,
Series
2021-RM1,
Class
M1,
1.60%,
10/25/63,
Callable
9/25/27
@
100
.................................................
3/25/21
$345,292
$376,129
$356,082
Notes
to
the
Financial
Statements
August
31,
2026
-
36
-
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Pursuant
to
the
terms
of
the
MRA,
the
Funds
receive
securities
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
received
by
the
Funds
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
the
Funds
would
recognize
a
liability
with
respect
to
such
excess
collateral
to
reflect
each
Fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
Distributions
to
Shareholders:
Distributions
from
net
investment
income
are
declared
daily
and
paid
monthly
for
the
Money
Market
Funds,
Limited
Duration
Fund,
Bond
Fund,
Strategic
Enhanced
Yield
Fund
and
Ultra
Short
Tax-Free
Income
Fund.
Distributions
from
net
investment
income
are
declared
and
paid
quarterly
for
the
World
Energy
&
Power
Fund
and
Hedged
Equity
Income
Fund.
Net
realized
capital
gains,
if
any,
are
declared
and
distributed
at
least
annually.
The
character
of
income
and
gains
distributed
is
determined
in
accordance
with
income
tax
regulations
which
may
differ
from
U.S.
GAAP.
These
“book/
tax”
differences
are
either
considered
temporary
or
permanent
in
nature.
To
the
extent
that
these
differences
are
permanent
in
nature
(e.g.,
reclassification
of
bond
discount
and
premium,
gain/loss
on
principal
payments
from
mortgage-backed
securities,
and
distributions),
such
amounts
are
reclassified
within
the
composition
of
net
assets
based
on
their
federal
tax-basis
treatment.
Temporary
differences
do
not
require
reclassification
(e.g.,
wash
sales).
To
the
extent
that
distributions
from
net
investment
income
and
net
realized
gains
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Allocations:
Expenses
that
directly
relate
to
a
specific
Fund
are
charged
directly
to
that
Fund.
Class-specific
expenses
are
charged
directly
to
the
class
incurring
the
expense.
Other
operating
expenses
of
the
Funds
are
prorated
to
each
Fund
on
the
basis
of
relative
net
assets
or
another
appropriate
method.
Income,
expenses
(other
than
expenses
attributable
to
a
specific
share
class),
and
realized
and
unrealized
gains
and
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
its
relative
net
assets
or
another
appropriate
basis.
3.
Fees
and
Transactions
with
Related
and
Other
Parties:
The
Adviser,
a
wholly-owned
subsidiary
of
BOKF,
NA
(“BOKF”),
serves
as
the
Funds’
investment
adviser.
Under
the
terms
of
the
Investment
Advisory
Agreement
between
the
Adviser
and
the
Trust,
the
Adviser
is
entitled
to
receive
fees
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund
according
to
the
following
schedule:
*
The
Adviser
has
contractually
agreed
to
waive
fees
or
reimburse
expenses
so
that
expenses
do
not
exceed
the
percentage
of
average
daily
net
assets,
plus
class-
specific
fees,
through
December
31,
2026.
The
Adviser
serves
as
the
Funds’
administrator.
Under
the
terms
of
the
Administration
Agreement
between
the
Adviser
and
the
Trust,
the
Adviser
is
entitled
to
receive
fees
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund
according
to
the
following
schedule:
Investment
Sub-Advisory
Services
are
provided
to
the
Hedged
Equity
Income
Fund
by
Lavaca
Capital,
LLC
(“Lavaca”)
pursuant
to
an
Investment
Sub-Advisory
Agreement.
Lavaca,
subject
to
the
general
supervision
of
the
Board,
is
responsible
for
providing
hedging
services
to
the
Hedged
Equity
Income
Fund.
Lavaca
is
paid
half
of
the
fees
payable
to
the
Adviser
for
the
services
provided
to
the
Hedged
Equity
Income
Fund.
Investment
Sub-Advisory
Services
are
provided
to
the
Strategic
Enhanced
Yield
Fund
by
LM
Capital
Group,
LLC
("LM
Capital")
pursuant
to
an
Investment
Sub-Advisory
Agreement.
LM
Capital
is
paid
40%
of
the
fee
payable
to
the
Adviser
for
the
services
provided
to
the
Strategic
Enhanced
Yield
Fund.
Fund
Annual
Advisory
Fee
(as
a
percentage
of
net
assets)
Annual
Expense
Limitation
U.S.
Treasury
Fund
......................................................................................................................
0.05%
—
Government
Securities
Money
Market
Fund
...............................................................................
0.05%
—
Limited
Duration
Fund
................................................................................................................
0.15%
0.50%*
Bond
Fund
..................................................................................................................................
0.20%
—
Strategic
Enhanced
Yield
Fund
....................................................................................................
0.50%
0.76%*
Ultra
Short
Tax-Free
Income
Fund
...............................................................................................
0.15%
0.35%*
World
Energy
&
Power
Fund
.......................................................................................................
0.60%
0.90%*
Hedged
Equity
Income
Fund
.......................................................................................................
0.80%
1.10%*
Fund
Annual
Administration
Fee
(as
a
percentage
of
net
assets)
U.S.
Treasury
Fund
.................................................................................................................................................................................
0.05%
Government
Securities
Money
Market
Fund
..........................................................................................................................................
0.05%
Limited
Duration
Fund
...........................................................................................................................................................................
0.08%
Bond
Fund
.............................................................................................................................................................................................
0.08%
Strategic
Enhanced
Yield
Fund
...............................................................................................................................................................
0.08%
Ultra
Short
Tax-Free
Income
Fund
..........................................................................................................................................................
0.08%
World
Energy
&
Power
Fund
..................................................................................................................................................................
0.08%
Hedged
Equity
Income
Fund
..................................................................................................................................................................
0.08%
Notes
to
the
Financial
Statements
August
31,
2026
-
37
-
Under
a
Sub-Administration
Agreement,
the
Administrator
pays
Citi
Fund
Services
Ohio,
Inc.
(“Citi”)
to
perform
certain
administrative
duties
for
the
Trust.
Fees
paid
to
Citi
by
the
Administrator
for
sub-administration
services
are
paid
out
of
its
administration
fees
and
are
not
an
additional
charge
to
the
Funds.
For
the
year
ended
August
31,
2026
,
Citi
was
paid
$494,000
by
the
Administrator.
Citi
serves
the
Trust
as
fund
accountant
and
receives
additional
fees
for
its
services
as
fund
accountant
which
are
paid
by
the
Funds.
Pursuant
to
a
services
agreement,
the
Trust
pays
PINE
Advisor
Solutions
LLC
("PINE")
to
perform
certain
services
including
making
an
employee
available
to
serve
as
the
Funds'
Chief
Compliance
Officer
(the
"CCO")
and
Principal
Financial
Accounting
Officer
(the
"PFAO").
For
the
year
ended
August
31,
2026,
PINE
received
$262,773
for
CCO
and
PFAO
services
under
the
agreement.
BOKF
serves
the
Trust
as
custodian
for
which
it
is
paid
a
fee
of
up
to
0.01%
of
each
Fund’s
average
daily
net
assets.
As
custodian,
BOKF
is
also
entitled
to
any
out-of-
expenses
incurred.
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
transfer
agent
to
the
Trust
and
receives
a
fee
for
its
services
as
transfer
agent.
Certain
officers
of
the
Trust
are
affiliated
with
the
Adviser,
the
distributor
(see
below)
and/or
BOKF.
These
persons
are
paid
no
fees
directly
by
the
Trust
for
serving
as
officers
of
the
Trust.
Cavanal
Hill
Distributors,
Inc.
(“CHD”),
an
affiliate
of
the
Adviser,
provides
distribution
services
to
the
Funds
pursuant
to
a
Distribution
Agreement
between
the
Trust
and
CHD.
The
Trust
has
adopted
a
Distribution
and
Shareholder
Services
Plan
in
accordance
with
Rule
12b-1
under
the
1940
Act,
pursuant
to
which
the
Funds
are
authorized
to
pay
or
reimburse
CHD
a
periodic
amount,
calculated
at
an
annual
rate
not
to
exceed
0.25%
of
the
average
daily
net
asset
value
of
the
Administrative,
Investor,
and
A
Shares,
0.50%
of
the
Premier
Shares,
and
1.00%
of
the
C
Shares,
and
may
be
used
by
CHD
to
pay
banks,
including
BOKF,
broker
dealers
and
other
institutions.
For
the
year
ended
August
31,
2026
,
BOKF
received
$6,070,966
under
the
agreement.
The
Funds
have
entered
into
shareholder
servicing
agreements
with
BOKF,
a
broker-dealer
affiliate
and
various
service
organizations.
Services
included
in
the
servicing
agreements
are
assisting
in
processing
purchase,
exchange
and
redemption
requests;
transmitting
and
receiving
funds
in
connection
with
customer
orders
to
purchase,
exchange
or
redeem
shares;
and
providing
periodic
statements.
Shareholder
servicing
fees
are
incurred
on
a
class
level
basis
(where
applicable).
In
consideration
for
these
services,
the
service
organizations
receive
a
fee
from
the
Funds,
computed
daily
and
paid
monthly,
at
an
annual
rate
up
to
0.25%
for
the
Administrative,
Institutional,
Investor,
Select,
Premier
and
C
Shares
and
up
to
0.10%
for
the
A
Shares
of
the
average
daily
net
assets
of
the
Funds’
shares
held
by
the
service
organizations’
customers.
For
the
year
ended
August
31,
2026
,
BOKF
received
net
shareholder
servicing
fees
of
$6,436,239.
For
shareholder
purchases
made
through
BOKF,
BOKF
has
contractually
agreed
to
waive
0.25%,
0.17%
and
0.25%
of
such
fees
paid
by
the
Select,
Institutional
and
Premier
Shares,
respectively,
of
the
Money
Market
Funds
and
0.25%,
0.25%,
0.10%
and
0.25%
of
such
fees
paid
by
the
Institutional,
Investor,
A,
and
C
Shares,
respectively,
of
the
Variable
Net
Asset
Value
Funds
through
December
31,
2026.
The
affiliate
waivers
result
in
reduction
of
the
Shareholder
Servicing
Fee
paid
by
all
affiliated
purchasers
of
a
class.
From
time
to
time,
the
Funds’
service
providers
may
provide
fee
reductions
and
waivers
in
order
to
assist
one
or
more
of
the
Funds
in
maintaining
more
competitive
expense
ratios.
Such
reductions
may
be
contractual,
as
disclosed
in
the
Funds’
statutory
prospectus,
or
voluntary
and,
as
such,
may
occur
on
an
ad
hoc
basis.
No
such
reductions
are
subject
to
recoupment
in
subsequent
fiscal
periods,
and
voluntary
reductions
and
waivers
may
be
terminated
at
any
time.
These
reductions
are
typically
computed
daily
or
monthly
and
settled
monthly.
Amounts
reduced
or
waived
under
these
arrangements
are
identified
on
the
accompanying
Statements
of
Operations.
Affiliated
Transactions:
A
summary
of
each
Fund’s
investment
in
an
affiliated
money
market
fund
(Government
Securities
Money
Market
Fund,
Select
Shares)
for
the
year
ended
August
31,
2026
,
is
noted
below:
4.
Purchases
and
Sales
of
Securities:
Purchases
and
sales
of
securities
(excluding
short-term
securities
and
long-term
U.S.
government
securities)
for
the
year
ended
August
31,
2026
were
as
follows:
Fund
Fair
Value
8/31/25
Purchases
Sales
Net
Realized
Gains/
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
8/31/26
Shares
as
of
8/31/26
Dividend
Income
Limited
Duration
Fund
........
$
2
,
822
,
563
$
16,261,195
$
(18,558,681)
$
—
$
—
$
525,077
525,077
$
44,357
Bond
Fund
...............
3,109,155
40,966,778
(43,223,843)
—
—
852,090
852,090
93,044
Strategic
Enhanced
Yield
Fund
..
147,463
12,915,190
(12,478,068)
—
—
584,585
584,585
14,098
Ultra
Short
Tax-Free
Income
Fund
16,584
19,602,007
(18,289,800)
—
—
1,3
28
,791
1,3
28
,791
15,687
World
Energy
&
Power
Fund
....
1,806,560
141,878,405
(137,620,080)
—
—
6,064,885
6,064,885
120,751
Hedged
Equity
Income
Fund
....
563,370
10,362,562
(10,387,494)
—
—
538,438
538,438
22,298
$
8,465,695
$
241,986,137
$
(240,557,966)
$
—
$
—
$
9,893,866
9,893,866
$
310,235
Fund
Purchases
Sales
Limited
Duration
Fund
............................................................................
$
2,484,865
$
8,544,485
Bond
Fund
....................................................................................
22,313,535
19,111,817
Strategic
Enhanced
Yield
Fund
......................................................................
6,160,884
3,383,776
Ultra
Short
Tax-Free
Income
Fund
....................................................................
14,103,588
21,509,281
World
Energy
&
Power
Fund
.......................................................................
411,947,697
273,864,301
Hedged
Equity
Income
Fund
........................................................................
14,645,621
13,039,634
Notes
to
the
Financial
Statements
August
31,
2026
-
38
-
Purchases
and
sales
of
long-term
U.S.
government
securities
for
the
year
ended
August
31,
2026
,
were
as
follows:
5.
Credit
Risk
and
Other
Risk
Considerations:
The
Ultra
Short
Tax-Free
Income
Fund
invests
primarily
in
debt
instruments
of
municipal
issuers.
The
issuers’
ability
to
meet
their
obligations
may
be
affected
by
economic
developments
in
a
specific
industry,
sector
or
locale.
The
Limited
Duration
Fund,
Bond
Fund
and
Strategic
Enhanced
Yield
Fund
are
each
invested
in
mortgage-related,
fixed-income
instruments.
Mortgage-backed
securities
are
subject
to
prepayment
risk
and
credit
risk
of
mortgagors
and
may
be
sensitive
to
changes
in
prevailing
interest
rates.
When
interest
rates
rise,
the
value
of
fixed-income
securities
generally
declines.
The
World
Energy
&
Power
Fund’s
concentration
in
securities
in
energy-related
industries
may
present
more
risks
than
would
be
the
case
with
funds
that
diversify
investments
in
numerous
industries
and
sectors
of
the
economy.
Energy-related
securities
can
be
significantly
affected
by
world
events
relating
to
political
developments,
energy
conservation,
commodity
prices,
and
tax
and
government
regulations.
The
Fund
is
also
subject
to
foreign
investment
risk
which
is
associated
with
higher
transaction
costs,
delayed
settlements,
currency
controls
or
adverse
economic
and
political
developments.
Foreign
securities
may
be
affected
by
incomplete
or
inaccurate
financial
information
on
companies.
There
is
a
risk
of
loss
attributable
to
social
upheavals,
unfavorable
governmental
or
political
actions,
seizure
of
foreign
deposits,
changes
in
tax
or
trade
statutes,
and
governmental
collapse
and
war.
These
risks
are
more
significant
in
emerging
markets.
Hedged
Equity
Income
Fund
invests
primarily
in
dividend
paying
equity
securities,
with
at
least
80%
of
its
net
assets
in
income
generating
equity
securities
and
equity-
related
instruments
traded
on
U.S.
exchanges.
The
Fund
is
subject
to
market
risk
in
which
market
value
of
a
security
may
move
up
and
down,
sometimes
rapidly
and
unpredictably.
The
Fund
also
invests
in
call
and
put
options
that
involve
risks
different
from,
or
possibly
greater
than,
the
risks
associated
with
investing
directly
in
securities,
including
leverage
risk,
tracking
risk
and
counterparty
default
risk.
The
risk
of
potential
losses
if
equity
markets
or
an
individual
equity
security
do
not
move
as
expected
and
the
potential
for
greater
losses
than
if
these
techniques
had
not
been
used.
By
writing
covered
call
options,
a
fund
will
not
benefit
from
any
potential
increases
in
the
value
of
a
fund
asset
above
the
exercise
price,
but
will
bear
the
risk
of
declines
in
the
value
of
the
asset.
As
the
seller
(writer)
of
a
call
option,
the
Fund
will
tend
to
lose
money
if
the
value
of
the
reference
index
or
security
rises
above
the
strike
price.
As
the
buyer
of
a
put
option,
the
Fund
risks
losing
the
entire
premium
invested
if
the
value
of
the
reference
index
or
security
is
above
the
put
strike
at
maturity.
Writing
of
covered
call
options
is
also
subject
to
the
risk
that
the
counterparty
to
the
transaction
will
not
fulfill
its
obligations.
6.
Federal
Income
Taxes:
It
is
the
policy
of
each
Fund
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
regulated
investment
companies,
as
defined
under
Subchapter
M
of
the
Internal
Revenue
Code,
and
to
make
distributions
from
net
investment
income
and
from
net
realized
capital
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provisions
for
federal
income
taxes
are
required
in
the
financial
statements.
Management
of
the
Funds
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
tax
authorities
(i.e.,
the
last
three
tax
year
ends
and
any
interim
tax
period
since
then,
as
applicable).
Management
has
determined
that
there
are
no
uncertain
tax
positions
that
would
require
the
Funds
to
record
a
tax
liability
and,
therefore,
there
is
no
impact
to
the
Funds’
financial
statements.
The
Funds
may
be
subject
to
foreign
taxes
on
dividends
and
realized
capital
gains.
The
Funds
accrue
such
taxes,
as
applicable,
based
on
their
current
interpretation
of
tax
rules
in
the
foreign
markets
in
which
they
invest.
At
August
31,
2026
,
the
cost
basis
of
securities
including
derivatives
for
federal
income
tax
purposes,
gross
unrealized
appreciation,
gross
unrealized
depreciation
and
net
unrealized
appreciation/(depreciation)
were
as
follows:
Fund
Purchases
Sales
Limited
Duration
Fund
............................................................................
$
8,863,737
$
5,963,215
Bond
Fund
....................................................................................
19,725,421
25,023,721
Strategic
Enhanced
Yield
Fund
......................................................................
7,474,217
9,938,208
Fund
Tax
Cost
of
Securities
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation/
(Depreciation)
U.S.
Treasury
Fund
..............................
$
1,840,043,130
$
—
$
—
$
—
Government
Securities
Money
Market
Fund
.............
3,377,249,541
—
—
—
Limited
Duration
Fund
............................
23,079,330
194,560
(1,357,395)
(1,162,835)
Bond
Fund
....................................
112,728,408
498,475
(5,277,062)
(4,778,587)
Strategic
Enhanced
Yield
Fund
......................
20,288,256
142,068
(394,503)
(252,435)
Ultra
Short
Tax-Free
Income
Fund
....................
3,723,792
19
—
19
World
Energy
&
Power
Fund
.......................
267,061,801
89,556,202
(725,266)
88,830,936
Hedged
Equity
Income
Fund
........................
23,369,387
11,153,113
(494,609)
10,658,504
Notes
to
the
Financial
Statements
August
31,
2026
-
39
-
The
tax
characteristics
of
distributions
paid
to
shareholders
during
fiscal
years
ended
August
31,
2026,
and
2025,
were
as
follows:
As
of
August
31,
2026
,
the
components
of
accumulated
earnings/(deficit)
on
a
tax
basis
were
as
follows:
Distributions
Paid
From:
2026
Net
Investment
Income
Net
Long-
Term
Gains
Total
Taxable
Distributions
Tax-Exempt
Distributions
Total
Distributions
Paid*
U.S.
Treasury
Fund
.............................
$
59,077,490
$
—
$
59,077,490
$
—
$
59,077,490
Government
Securities
Money
Market
Fund
............
112,661,463
279
112,661,742
—
112,661,742
Limited
Duration
Fund
...........................
852,460
—
852,460
—
852,460
Bond
Fund
...................................
4,398,124
—
4,398,124
—
4,398,124
Strategic
Enhanced
Yield
Fund
.....................
859,922
—
859,922
—
859,922
Ultra
Short
Tax-Free
Income
Fund
...................
13,839
—
13,839
283,975
297,814
World
Energy
&
Power
Fund
......................
2,238,382
—
2,238,382
—
2,238,382
Hedged
Equity
Income
Fund
.......................
238,468
—
238,468
—
238,468
*
Total
distributions
paid
may
differ
from
that
disclosed
in
the
Statements
of
Changes
in
Net
Assets
because,
for
tax
purposes,
distributions
are
recognized
when
actually
paid.
Distributions
Paid
From:
2025
Net
Investment
Income
Net
Long-
Term
Gains
Total
Taxable
Distributions
Tax-Exempt
Distributions
Total
Distributions
Paid*
U.S.
Treasury
Fund
.............................
$
70,374,314
$
—
$
70,374,314
$
—
$
70,374,314
Government
Securities
Money
Market
Fund
............
126,619,742
27
126,619,769
—
126,619,769
Limited
Duration
Fund
...........................
1,084,952
—
1,084,952
—
1,084,952
Bond
Fund
...................................
4,390,577
—
4,390,577
—
4,390,577
Strategic
Enhanced
Yield
Fund
.....................
863,538
—
863,538
—
863,538
Ultra
Short
Tax-Free
Income
Fund
...................
11,427
—
11,427
358,439
369,866
World
Energy
&
Power
Fund
......................
992,094
—
992,094
—
992,094
Hedged
Equity
Income
Fund
.......................
269,367
—
269,367
—
269,367
*
Total
distributions
paid
may
differ
from
that
disclosed
in
the
Statements
of
Changes
in
Net
Assets
because,
for
tax
purposes,
distributions
are
recognized
when
actually
paid.
Fund
Undistributed
Ordinary
Income/Tax
Exempt
Income
Undistributed
Long-Term
Capital
Gains
Accumulated
Earnings
Distributions
Payable
Accumulated
Capital
and
Other
Losses*
Unrealized
Appreciation/
(Depreciation)**
Total
Accumulated
Earnings/
(Deficit)
U.S.
Treasury
Fund
.................
$
4,975,802
$
—
$
4,975,802
$
(4,975,174)
$
(11,747)
$
—
$
(11,119)
Government
Securities
Money
Market
Fund
9,521,741
—
9,521,741
(9,482,111)
—
—
39,630
Limited
Duration
Fund
...............
131,266
—
131,266
(67,844)
(15,066,250)
(1,162,835)
(16,165,663)
Bond
Fund
.......................
400,042
—
400,042
(391,705)
(15,134,255)
(4,778,587)
(19,904,505)
Strategic
Enhanced
Yield
Fund
.........
63,699
—
63,699
(62,790)
(2,368,202)
(252,396)
(2,619,689)
Ultra
Short
Tax-Free
Income
Fund
.......
13,574
—
13,574
(13,081)
(7,149)
19
(6,637)
World
Energy
&
Power
Fund
..........
1,027,484
3,595,953
4,623,437
—
—
88,830,936
93,454,373
Hedged
Equity
Income
Fund
...........
41,352
—
41,352
—
(1,715,122)
10,658,504
8,984,734
*
See
below
for
post-October
losses
and
capital
loss
carryforwards.
**
The
differences
between
book-basis
and
tax-basis
unrealized
appreciation/(depreciation)
are
attributable
primarily
to
tax
deferral
of
losses
on
wash
sales,
straddles,
mark-to-market
of
options
contracts
and
the
difference
between
book
and
tax
amortization
methods
for
premium
and
market
discounts.
Notes
to
the
Financial
Statements
August
31,
2026
-
40
-
*
All
or
a
portion
are
limited
as
a
result
of
changes
in
ownership
in
connection
with
business
combinations.
Unused
limitations
during
a
year
accumulate
for
future
use
in
offsetting
net
capital
gains.
At
August
31,
2026
,
the
following
Funds
had
capital
loss
carryforwards
as
summarized
in
the
tables
below.
The
Board
does
not
intend
to
authorize
a
distribution
of
any
realized
gain
for
the
Funds
until
any
applicable
capital
loss
carryforward
has
been
offset.
Capital
loss
carryforwards
not
subject
to
expiration:
To
the
extent
that
these
carryforwards
are
used
to
offset
future
capital
gains,
it
is
probable
that
the
gains
that
are
offset
will
not
be
distributed
to
shareholders.
During
the
year
ended
August
31,
2026,
the
Strategic
Enhanced
Yield
Fund,
World
Energy
&
Power
Fund
and
Hedged
Equity
Income
Fund
utilized
$131,461,
$10,274,311
and
$875,566,
respectively,
in
capital
loss
carryforwards
to
offset
capital
gains.
7.
Segment
Reporting:
In
accordance
with
FASB
Accounting
Standards
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07")
each
Fund
included
herein
is
deemed
to
be
an
individual
reporting
segment
and
Officers
of
the
Funds
collectively
act
as
each
Fund's
chief
operating
decision
maker
(“CODM”).
The
CODM
monitors
the
operating
results
of
each
Fund
as
a
whole
and
each
Fund's
long-term
strategic
asset
allocation
is
guided
by
the
Fund's
investment
objective
and
principal
investment
strategies
as
described
in
its
prospectus
and
executed
by
the
Advisor.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
in
the
Funds’
financial
statements.
8.
Accounting
Pronouncements
and
Regulations:
During
the
reporting
period,
the
Funds
adopted
FASB
Accounting
Standards
Update
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Tax
Disclosures
("ASU
2023-09").
The
amendments
enhance
income
tax
disclosures
by
requiring
greater
disclosure
of
income
taxes
paid
by
jurisdiction
if
the
quantitative
threshold
is
met.
The
Funds
did
not
pay
a
significant
amount
of
foreign
or
U.S.
federal,
state
or
local
income
taxes
and
therefore
did
not
include
any
additional
disclosures
in
these
financial
statements.
9.
Subsequent
Events:
Management
has
evaluated
the
need
for
disclosures
and/or
adjustments
resulting
from
subsequent
events
through
the
date
the
financial
statements
were
issued.
Based
on
this
evaluation,
no
additional
disclosures
and/or
adjustments
were
required
as
of
August
31,
2026,
except
as
noted
below.
On
July
30,
2026,
the
Board
of
Trustees
of
the
Funds
approved
a
plan
to liquidate and
terminate
the
Ultra
Short
Tax-Free
Income
Fund.
The
liquidation
was
effective
October
2,
2026.
The
basis
of
presentation
has
not
been
modified
in
light
of
this
liquidation.
Fund
Short-Term
Amount
Long-Term
Amount
Total
U.S.
Treasury
Fund
.......................................................
$
11,747
$
–
$
11,747
Limited
Duration
Fund
.....................................................
2,323,094
12,743,156
15,066,250
*
Bond
Fund
.............................................................
4,973,170
10,161,085
15,134,255
Strategic
Enhanced
Yield
Fund
...............................................
742,954
1,625,248
2,368,202
Ultra
Short
Tax-Free
Income
Fund
.............................................
7,149
–
7,149
Hedged
Equity
Income
Fund
.................................................
757,138
957,984
1,715,122
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
41
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
Total
from
Investment
Activities
U.S.
Treasury
Fund
Administrative
Shares
Year
Ended
August
31,
2026
................................
$
1.000
$
0.031
$
0.031
Year
Ended
August
31,
2025
................................
1.000
0.038
0.038
Year
Ended
August
31,
2024
................................
1.000
0.050
0.050
Year
Ended
August
31,
2023
................................
1.000
0.037
(b)
0.037
Year
Ended
August
31,
2022
................................
1.000
0.002
0.002
Institutional
Shares
Year
Ended
August
31,
2026
................................
1.000
0.036
0.036
Year
Ended
August
31,
2025
................................
1.000
0.043
0.043
Year
Ended
August
31,
2024
................................
1.000
0.050
0.050
Year
Ended
August
31,
2023
................................
1.000
0.041
(b)
0.041
Year
Ended
August
31,
2022
................................
1.000
0.003
0.003
Select
Shares
Year
Ended
August
31,
2026
................................
1.000
0.036
0.036
Year
Ended
August
31,
2025
................................
1.000
0.043
0.043
Year
Ended
August
31,
2024
................................
1.000
0.050
0.050
Year
Ended
August
31,
2023
................................
1.000
0.042
(b)
0.042
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
(a)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(b)
Calculated
using
average
shares.
-
42
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(a)
$
(0.031)
$
—
$
(0.031)
$
1.000
3.18%
$
1,654,912
0.66%
3.13%
0.66%
(0.038)
—
(0.038)
1.000
3.91%
1,594,310
0.66%
3.85%
0.66%
(0.050)
—
(0.050)
1.000
4.81%
1,558,137
0.66%
4.70%
0.66%
(0.037)
—
(0.037)
1.000
3.72%
1,560,349
0.67%
3.79%
0.67%
(0.002)
—
(0.002)
1.000
0.20%
830,908
0.25%
0.21%
0.67%
(0.036)
—
(0.036)
1.000
3.61%
174,384
0.24%
3.58%
0.41%
(0.043)
—
(0.043)
1.000
4.34%
267,947
0.24%
4.25%
0.41%
(0.050)
—
(0.050)
1.000
5.25%
196,806
0.24%
5.12%
0.41%
(0.041)
—
(0.041)
1.000
4.15%
176,656
0.25%
4.34%
0.42%
(0.003)
—
(0.003)
1.000
0.34%
49,457
0.14%
0.35%
0.42%
(0.036)
—
(0.036)
1.000
3.70%
6,053
0.16%
3.68%
0.41%
(0.043)
—
(0.043)
1.000
4.43%
16,974
0.16%
4.28%
0.41%
(0.050)
—
(0.050)
1.000
5.33%
5,474
0.16%
5.20%
0.41%
(0.042)
—
(0.042)
1.000
4.23%
4,137
0.17%
4.08%
0.42%
(0.004)
—
(0.004)
1.000
0.37%
10,335
0.13%
0.61%
0.42%
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
43
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
Total
from
Investment
Activities
Government
Securities
Money
Market
Fund
Administrative
Shares
Year
Ended
August
31,
2026
................................
$
1.000
$
0.031
$
0.031
Year
Ended
August
31,
2025
................................
1.000
0.039
0.039
Year
Ended
August
31,
2024
................................
1.000
0.047
0.047
Year
Ended
August
31,
2023
................................
1.000
0.038
(b)
0.038
Year
Ended
August
31,
2022
................................
1.000
0.003
0.003
Institutional
Shares
Year
Ended
August
31,
2026
................................
1.000
0.035
0.035
Year
Ended
August
31,
2025
................................
1.000
0.043
0.043
Year
Ended
August
31,
2024
................................
1.000
0.051
0.051
Year
Ended
August
31,
2023
................................
1.000
0.041
(b)
0.041
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
Select
Shares
Year
Ended
August
31,
2026
................................
1.000
0.036
0.036
Year
Ended
August
31,
2025
................................
1.000
0.044
0.044
Year
Ended
August
31,
2024
................................
1.000
0.052
0.052
Year
Ended
August
31,
2023
................................
1.000
0.042
(b)
0.042
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
Premier
Shares
Year
Ended
August
31,
2026
................................
1.000
0.031
0.031
Year
Ended
August
31,
2025
................................
1.000
0.039
0.039
Year
Ended
August
31,
2024
................................
1.000
0.047
0.047
Year
Ended
August
31,
2023
................................
1.000
0.041
(b)
0.041
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
(a)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(b)
Calculated
using
average
shares.
-
44
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(a)
$
(0.031)
$
—
$
(0.031)
$
1.000
3.14%
$
837,763
0.67%
3.09%
0.67%
(0.039)
—
(0.039)
1.000
3.96%
746,248
0.68%
3.88%
0.68%
(0.047)
—
(0.047)
1.000
4.80%
584,235
0.69%
4.70%
0.69%
(0.038)
—
(0.038)
1.000
3.87%
602,861
0.58%
3.79%
0.69%
(0.003)
—
(0.003)
1.000
0.28%
666,206
0.22%
0.25%
0.67%
(0.035)
—
(0.035)
1.000
3.57%
302,144
0.25%
3.52%
0.42%
(0.043)
—
(0.043)
1.000
4.40%
330,860
0.26%
4.31%
0.43%
(0.051)
—
(0.051)
1.000
5.24%
249,785
0.27%
5.12%
0.44%
(0.041)
—
(0.041)
1.000
4.19%
238,179
0.27%
4.25%
0.44%
(0.004)
—
(0.004)
1.000
0.37%
122,080
0.12%
0.28%
0.43%
(0.036)
—
(0.036)
1.000
3.66%
1,652,614
0.17%
3.59%
0.42%
(0.044)
—
(0.044)
1.000
4.48%
1,552,318
0.18%
4.39%
0.43%
(0.052)
—
(0.052)
1.000
5.32%
1,408,658
0.19%
5.19%
0.44%
(0.042)
—
(0.042)
1.000
4.27%
1,224,619
0.19%
4.19%
0.44%
(0.004)
—
(0.004)
1.000
0.41%
1,048,440
0.10%
0.44%
0.43%
(0.031)
—
(0.031)
1.000
3.14%
537,494
0.67%
3.10%
0.92%
(0.039)
—
(0.039)
1.000
3.96%
553,151
0.68%
3.88%
0.93%
(0.047)
—
(0.047)
1.000
4.79%
504,680
0.69%
4.69%
0.94%
(0.041)
—
(0.041)
1.000
4.14%
488,779
0.33%
4.21%
0.94%
(0.004)
—
(0.004)
1.000
0.38%
334,389
0.12%
0.41%
0.93%
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
45
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
Net
Realized
and
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Investment
Activities
Limited
Duration
Fund
Investor
Shares
Year
Ended
August
31,
2026
.....................................
$
9.36
$
0.32
$
(0.09)
$
0.23
Year
Ended
August
31,
2025
.....................................
9.29
0.29
0.08
0.37
Year
Ended
August
31,
2024
.....................................
8.87
0.25
0.43
0.68
Year
Ended
August
31,
2023
.....................................
9.00
0.24
(c)
(0.12)
0.12
Year
Ended
August
31,
2022
.....................................
9.70
0.13
(0.68)
(0.55)
Institutional
Shares
Year
Ended
August
31,
2026
.....................................
9.35
0.35
(0.09)
0.26
Year
Ended
August
31,
2025
.....................................
9.28
0.32
0.07
0.39
Year
Ended
August
31,
2024
.....................................
8.86
0.27
0.43
0.70
Year
Ended
August
31,
2023
.....................................
8.99
0.26
(c)
(0.12)
0.14
Year
Ended
August
31,
2022
.....................................
9.69
0.15
(0.68)
(0.53)
A
Shares
Year
Ended
August
31,
2026
.....................................
9.36
0.32
(0.08)
0.24
Year
Ended
August
31,
2025
.....................................
9.29
0.29
0.08
0.37
Year
Ended
August
31,
2024
.....................................
8.87
0.24
0.43
0.67
Year
Ended
August
31,
2023
.....................................
9.01
0.23
(c)
(0.13)
0.10
Year
Ended
August
31,
2022
.....................................
9.70
0.12
(0.66)
(0.54)
(a)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(b)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
(c)
Calculated
using
average
shares.
-
46
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(a)
Portfolio
Turnover
(b)
$
(0.31)
$
—
$
(0.31)
$
9.28
2.48%
$
4,039
0.75%
3.33%
1.56%
50%
(0.30)
—
(0.30)
9.36
4.01%
4,000
0.75%
3.11%
1.46%
6%
(0.26)
—
(0.26)
9.29
7.76%
3,627
0.96%
2.79%
1.22%
18%
(0.25)
—
(0.25)
8.87
1.33%
1,360
0.95%
2.67%
1.20%
21%
(0.15)
—
(0.15)
9.00
(5.72)%
2,336
0.82%
1.38%
1.08%
49%
(0.33)
—
(0.33)
9.28
2.85%
17,041
0.50%
3.57%
1.31%
50%
(0.32)
—
(0.32)
9.35
4.27%
23,228
0.50%
3.35%
1.21%
6%
(0.28)
—
(0.28)
9.28
8.02%
32,892
0.73%
3.03%
0.97%
18%
(0.27)
—
(0.27)
8.86
1.56%
30,082
0.71%
2.92%
0.95%
21%
(0.17)
—
(0.17)
8.99
(5.51)%
39,818
0.59%
1.58%
0.83%
49%
(0.31)
—
(0.31)
9.29
2.59%
974
0.75%
3.32%
1.41%
50%
(0.30)
—
(0.30)
9.36
4.01%
1,174
0.75%
3.11%
1.31%
6%
(0.25)
—
(0.25)
9.29
7.66%
1,640
1.05%
2.74%
1.06%
18%
(0.24)
—
(0.24)
8.87
1.13%
2,638
1.03%
2.61%
1.05%
21%
(0.15)
—
(0.15)
9.01
(5.63)%
2,643
0.84%
1.37%
0.93%
49%
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
47
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
Net
Realized
and
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Investment
Activities
Bond
Fund
Investor
Shares
Year
Ended
August
31,
2026
.....................................
$
8.52
$
0.32
$
(0.17)
$
0.15
Year
Ended
August
31,
2025
.....................................
8.61
0.30
(0.09)
0.21
Year
Ended
August
31,
2024
.....................................
8.28
0.28
0.33
0.61
Year
Ended
August
31,
2023
.....................................
8.64
0.23
(0.35)
(0.12)
Year
Ended
August
31,
2022
.....................................
9.98
0.18
(1.33)
(1.15)
Institutional
Shares
Year
Ended
August
31,
2026
.....................................
8.50
0.34
(0.17)
0.17
Year
Ended
August
31,
2025
.....................................
8.59
0.32
(0.09)
0.23
Year
Ended
August
31,
2024
.....................................
8.26
0.30
0.33
0.63
Year
Ended
August
31,
2023
.....................................
8.62
0.25
(0.35)
(0.10)
Year
Ended
August
31,
2022
.....................................
9.95
0.20
(1.32)
(1.12)
A
Shares
Year
Ended
August
31,
2026
.....................................
8.52
0.32
(0.16)
0.16
Year
Ended
August
31,
2025
.....................................
8.61
0.30
(0.09)
0.21
Year
Ended
August
31,
2024
.....................................
8.28
0.28
0.33
0.61
Year
Ended
August
31,
2023
.....................................
8.64
0.23
(0.35)
(0.12)
Year
Ended
August
31,
2022
.....................................
9.98
0.18
(1.33)
(1.15)
(a)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(b)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
-
48
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(a)
Portfolio
Turnover
(b)
$
(0.32)
$
—
$
(0.32)
$
8.35
1.79%
$
546
0.74%
3.78%
0.99%
39%
(0.30)
—
(0.30)
8.52
2.47%
695
0.73%
3.51%
0.98%
24%
(0.28)
—
(0.28)
8.61
7.53%
717
0.69%
3.36%
0.94%
36%
(0.24)
—
(0.24)
8.28
(1.42)%
1,009
0.72%
2.76%
0.97%
59%
(0.19)
—
(0.19)
8.64
(11.63)%
1,129
0.74%
1.93%
0.99%
38%
(0.34)
—
(0.34)
8.33
2.04%
107,771
0.49%
4.04%
0.74%
39%
(0.32)
—
(0.32)
8.50
2.72%
114,046
0.49%
3.75%
0.73%
24%
(0.30)
—
(0.30)
8.59
7.81%
122,690
0.45%
3.61%
0.70%
36%
(0.26)
—
(0.26)
8.26
(1.19)%
120,355
0.47%
3.02%
0.72%
59%
(0.21)
—
(0.21)
8.62
(11.35)%
129,062
0.49%
2.19%
0.74%
38%
(0.32)
—
(0.32)
8.36
1.90%
44
0.74%
3.79%
0.84%
39%
(0.30)
—
(0.30)
8.52
2.47%
44
0.73%
3.50%
0.83%
24%
(0.28)
—
(0.28)
8.61
7.53%
59
0.70%
3.36%
0.80%
36%
(0.24)
—
(0.24)
8.28
(1.42)%
55
0.72%
2.77%
0.82%
59%
(0.19)
—
(0.19)
8.64
(11.63)%
57
0.74%
1.93%
0.84%
38%
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
49
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
(a)
Net
Realized
and
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Investment
Activities
Strategic
Enhanced
Yield
Fund
Investor
Shares
Year
Ended
August
31,
2026
.....................................
$
8.93
$
0.37
$
(0.16)
$
0.21
Year
Ended
August
31,
2025
.....................................
8.99
0.38
(0.07)
0.31
Year
Ended
August
31,
2024
.....................................
8.58
0.43
0.40
0.83
Year
Ended
August
31,
2023
.....................................
9.19
0.36
(0.61)
(0.25)
Year
Ended
August
31,
2022
.....................................
10.49
0.25
(1.28)
(1.03)
Institutional
Shares
Year
Ended
August
31,
2026
.....................................
8.81
0.38
(0.14)
0.24
Year
Ended
August
31,
2025
.....................................
8.87
0.40
(0.07)
0.33
Year
Ended
August
31,
2024
.....................................
8.47
0.42
0.41
0.83
Year
Ended
August
31,
2023
.....................................
9.06
0.38
(0.59)
(0.21)
Year
Ended
August
31,
2022
.....................................
10.35
0.27
(1.27)
(1.00)
A
Shares
Year
Ended
August
31,
2026
.....................................
8.81
0.35
(0.13)
0.22
Year
Ended
August
31,
2025
.....................................
8.87
0.38
(0.07)
0.31
Year
Ended
August
31,
2024
.....................................
8.47
0.41
0.40
0.81
Year
Ended
August
31,
2023
.....................................
9.07
0.36
(0.60)
(0.24)
Year
Ended
August
31,
2022
.....................................
10.35
0.24
(1.25)
(1.01)
(a)
Calculated
using
average
shares.
(b)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(c)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
-
50
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(b)
Portfolio
Turnover
(c)
$
(0.35)
$
—
$
(0.35)
$
8.79
2.35%
$
25
1.01%
4.16%
1.88%
67%
(0.37)
—
(0.37)
8.93
3.59%
25
1.01%
4.37%
1.96%
112%
(0.42)
—
(0.42)
8.99
9.94%
25
1.01%
4.98%
3.40%
55%
(0.36)
—
(0.36)
8.58
(2.69)%
346
1.01%
4.11%
2.99%
159%
(0.27)
—
(0.27)
9.19
(9.93)%
528
1.01%
2.51%
2.07%
18%
(0.37)
—
(0.37)
8.68
2.70%
20,047
0.76%
4.31%
1.63%
67%
(0.39)
—
(0.39)
8.81
3.85%
21,031
0.76%
4.57%
1.71%
112%
(0.43)
—
(0.43)
8.87
10.16%
14,646
0.76%
4.94%
2.37%
55%
(0.38)
—
(0.38)
8.47
(2.31)%
4,514
0.76%
4.34%
2.74%
159%
(0.29)
—
(0.29)
9.06
(9.78)%
9,377
0.76%
2.77%
1.82%
18%
(0.35)
—
(0.35)
8.68
2.45%
55
1.01%
4.00%
1.73%
67%
(0.37)
—
(0.37)
8.81
3.59%
118
1.01%
4.32%
1.81%
112%
(0.41)
—
(0.41)
8.87
9.89%
127
1.01%
4.83%
2.82%
55%
(0.36)
—
(0.36)
8.47
(2.66)%
131
1.01%
4.13%
2.84%
159%
(0.27)
—
(0.27)
9.07
(9.91)%
159
1.01%
2.43%
1.83%
18%
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
51
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
(a)
Net
Realized
and
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Investment
Activities
Ultra
Short
Tax-Free
Income
Fund
Investor
Shares
Year
Ended
August
31,
2026
.....................................
$
9.99
$
0.24
$
(0.02)
$
0.22
Year
Ended
August
31,
2025
.....................................
9.99
0.29
—
0.29
Year
Ended
August
31,
2024
.....................................
9.97
0.29
0.04
0.33
Year
Ended
August
31,
2023
.....................................
9.87
0.11
0.12
0.23
Year
Ended
August
31,
2022
.....................................
9.97
(0.01)
(0.09)
(0.10)
Institutional
Shares
Year
Ended
August
31,
2026
.....................................
10.04
0.26
(0.02)
0.24
Year
Ended
August
31,
2025
.....................................
10.04
0.30
—
0.30
Year
Ended
August
31,
2024
.....................................
10.02
0.33
0.02
0.35
Year
Ended
August
31,
2023
.....................................
9.92
0.15
0.11
0.26
Year
Ended
August
31,
2022
.....................................
10.01
0.01
(0.08)
(0.07)
A
Shares
Year
Ended
August
31,
2026
.....................................
10.01
0.24
(0.02)
0.22
Year
Ended
August
31,
2025
.....................................
10.01
0.27
—
0.27
Year
Ended
August
31,
2024
.....................................
9.99
0.31
0.02
0.33
Year
Ended
August
31,
2023
.....................................
9.89
0.12
0.11
0.23
Year
Ended
August
31,
2022
.....................................
9.98
—
(0.09)
(0.09)
(a)
Calculated
using
average
shares.
(b)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(c)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
-
52
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(b)
Portfolio
Turnover
(c)
$
(0.24)
$
—
$
(0.24)
$
9.97
2.19%
$
2
0.60%
2.37%
2.01%
177%
(0.29)
—
(0.29)
9.99
2.94%
2
0.60%
2.89%
1.85%
173%
(0.31)
—
(0.31)
9.99
3.37%
2
0.60%
2.96%
1.44%
130%
(0.13)
—
(0.13)
9.97
2.37%
9
0.60%
1.15%
1.35%
96%
—
—
—
9.87
(0.95)%
103
0.60%
(0.10)%
1.28%
96%
(0.26)
—
(0.26)
10.02
2.45%
3,706
0.35%
2.63%
1.80%
177%
(0.30)
—
(0.30)
10.04
3.03%
12,367
0.35%
2.99%
1.73%
173%
(0.33)
—
(0.33)
10.04
3.58%
10,366
0.35%
3.30%
1.32%
130%
(0.16)
—
(0.16)
10.02
2.63%
16,354
0.35%
1.51%
1.10%
96%
(0.02)
—
(0.02)
9.92
(0.74)%
26,566
0.35%
0.14%
1.03%
96%
(0.24)
—
(0.24)
9.99
2.19%
18
0.60%
2.37%
2.05%
177%
(0.27)
—
(0.27)
10.01
2.77%
18
0.60%
2.74%
1.83%
173%
(0.31)
—
(0.31)
10.01
3.33%
17
0.60%
3.09%
1.43%
130%
(0.13)
—
(0.13)
9.99
2.37%
17
0.60%
1.17%
1.20%
96%
—
—
—
9.89
(0.85)%
44
0.60%
(0.04)%
1.16%
96%
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
53
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
Net
Realized
and
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Investment
Activities
World
Energy
&
Power
Fund
Investor
Shares
Year
Ended
August
31,
2026
.....................................
$
16.87
$
0.13
$
6.30
$
6.43
Year
Ended
August
31,
2025
.....................................
13.79
0.16
3.03
3.19
Year
Ended
August
31,
2024
.....................................
13.55
0.27
0.23
0.50
Year
Ended
August
31,
2023
.....................................
12.52
0.28
(c)
1.02
1.30
Year
Ended
August
31,
2022
.....................................
8.89
0.20
(c)
3.62
3.82
Institutional
Shares
Year
Ended
August
31,
2026
.....................................
16.87
0.18
6.30
6.48
Year
Ended
August
31,
2025
.....................................
13.80
0.22
3.01
3.23
Year
Ended
August
31,
2024
.....................................
13.56
0.30
0.23
0.53
Year
Ended
August
31,
2023
.....................................
12.53
0.31
(c)
1.03
1.34
Year
Ended
August
31,
2022
.....................................
8.89
0.23
(c)
3.63
3.86
A
Shares
Year
Ended
August
31,
2026
.....................................
16.82
0.12
6.29
6.41
Year
Ended
August
31,
2025
.....................................
13.75
0.17
3.02
3.19
Year
Ended
August
31,
2024
.....................................
13.52
0.27
0.22
0.49
Year
Ended
August
31,
2023
.....................................
12.49
0.28
(c)
1.03
1.31
Year
Ended
August
31,
2022
.....................................
8.86
0.20
(c)
3.62
3.82
C
Shares
Year
Ended
August
31,
2026
.....................................
16.59
0.02
6.15
6.17
Year
Ended
August
31,
2025
.....................................
13.60
0.10
2.93
3.03
Year
Ended
August
31,
2024
.....................................
13.39
0.18
0.20
0.38
Year
Ended
August
31,
2023
.....................................
12.37
0.19
(c)
1.01
1.20
Year
Ended
August
31,
2022
.....................................
8.78
0.13
(c)
3.57
3.70
(a)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(b)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
(c)
Calculated
using
average
shares.
-
54
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(a)
Portfolio
Turnover
(b)
$
(0.16)
$
—
$
(0.16)
$
23.14
38.21%
$
41,008
1.10%
0.77%
1.34%
116%
(0.11)
—
(0.11)
16.87
23.26%
20,433
1.15%
1.25%
1.43%
175%
(0.26)
—
(0.26)
13.79
3.67%
17,169
1.15%
1.94%
1.43%
161%
(0.27)
—
(0.27)
13.55
10.72%
19,478
1.15%
2.31%
1.46%
166%
(0.19)
—
(0.19)
12.52
43.38%
25,003
1.15%
1.99%
1.57%
192%
(0.20)
—
(0.20)
23.15
38.59%
289,126
0.84%
1.05%
1.09%
116%
(0.16)
—
(0.16)
16.87
23.57%
108,570
0.90%
1.53%
1.18%
175%
(0.29)
—
(0.29)
13.80
3.92%
70,221
0.90%
2.26%
1.18%
161%
(0.31)
—
(0.31)
13.56
11.02%
56,537
0.90%
2.49%
1.21%
166%
(0.22)
—
(0.22)
12.53
43.81%
37,866
0.90%
2.16%
1.34%
192%
(0.15)
—
(0.15)
23.08
38.21%
8,180
1.11%
0.78%
1.19%
116%
(0.12)
—
(0.12)
16.82
23.31%
6,438
1.15%
1.31%
1.28%
175%
(0.26)
—
(0.26)
13.75
3.61%
2,894
1.15%
1.98%
1.28%
161%
(0.28)
—
(0.28)
13.52
10.77%
2,826
1.15%
2.23%
1.31%
166%
(0.19)
—
(0.19)
12.49
43.54%
3,170
1.15%
1.88%
1.47%
192%
(0.05)
—
(0.05)
22.71
37.20%
15,631
1.85%
0.03%
2.09%
116%
(0.04)
—
(0.04)
16.59
22.36%
8,132
1.90%
0.48%
2.18%
175%
(0.17)
—
(0.17)
13.60
2.82%
7,603
1.90%
1.28%
2.18%
161%
(0.18)
—
(0.18)
13.39
9.93%
6,110
1.90%
1.55%
2.21%
166%
(0.11)
—
(0.11)
12.37
42.42%
4,713
1.90%
1.13%
2.35%
192%
Financial
Highlights
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
-
55
-
Amounts
designated
as
“—”
are
0
or
have
been
rounded
to
0.
Change
in
Net
Assets
Resulting
From
Operations:
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/
(Loss)
(a)
Net
Realized
and
Unrealized
Gains/
(Losses)
on
Investments
Total
from
Investment
Activities
Hedged
Equity
Income
Fund
Investor
Shares
Year
Ended
August
31,
2026
.....................................
$
12.85
$
0.07
$
1.42
$
1.49
Year
Ended
August
31,
2025
.....................................
11.27
0.12
1.53
1.65
Year
Ended
August
31,
2024
.....................................
10.35
0.15
0.93
1.08
Year
Ended
August
31,
2023
.....................................
9.93
0.23
0.42
0.65
Year
Ended
August
31,
2022
.....................................
10.81
0.19
(0.88)
(0.69)
Institutional
Shares
Year
Ended
August
31,
2026
.....................................
12.83
0.10
1.40
1.50
Year
Ended
August
31,
2025
.....................................
11.26
0.11
1.58
1.69
Year
Ended
August
31,
2024
.....................................
10.35
0.17
0.93
1.10
Year
Ended
August
31,
2023
.....................................
9.93
0.25
0.42
0.67
Year
Ended
August
31,
2022
.....................................
10.82
0.23
(0.91)
(0.68)
A
Shares
Year
Ended
August
31,
2026
.....................................
12.84
0.07
1.40
1.47
Year
Ended
August
31,
2025
.....................................
11.25
0.08
1.58
1.66
Year
Ended
August
31,
2024
.....................................
10.35
0.14
0.92
1.06
Year
Ended
August
31,
2023
.....................................
9.91
0.23
0.43
0.66
Year
Ended
August
31,
2022
.....................................
10.80
0.20
(0.90)
(0.70)
(a)
Calculated
using
average
shares.
(b)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(c)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
-
56
-
Less
Distributions
From:
Ratios/Supplemental
Data
:
Dividends
from
Net
Investment
Income
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
Net
Assets
End
of
Period
(000s)
Ratio
of
Net
Expenses
to
Average
Net
Assets
Ratio
of
Net
Investment
Income/
(Loss)
to
Average
Net
Assets
Ratio
of
Gross
Expenses
to
Average
Net
Assets
(b)
Portfolio
Turnover
(c)
$
(0.06)
$
—
$
(0.06)
$
14.28
11.60%
$
125
1.35%
0.54%
1.88%
41%
(0.07)
—
(0.07)
12.85
14.71%
1,650
1.35%
0.98%
2.01%
18%
(0.16)
—
(0.16)
11.27
10.55%
85
1.35%
1.42%
1.81%
44%
(0.23)
—
(0.23)
10.35
6.61%
164
1.35%
2.24%
1.79%
30%
(0.19)
—
(0.19)
9.93
(6.47)%
309
1.35%
1.86%
1.98%
18%
(0.10)
—
(0.10)
14.23
11.78%
32,957
1.10%
0.74%
1.63%
41%
(0.12)
—
(0.12)
12.83
15.00%
26,402
1.10%
0.94%
1.76%
18%
(0.19)
—
(0.19)
11.26
10.83%
26,901
1.10%
1.60%
1.56%
44%
(0.25)
—
(0.25)
10.35
6.92%
31,802
1.10%
2.47%
1.54%
30%
(0.21)
—
(0.21)
9.93
(6.31)%
33,178
1.10%
2.21%
1.69%
18%
(0.07)
—
(0.07)
14.24
11.51%
990
1.35%
0.49%
1.73%
41%
(0.07)
—
(0.07)
12.84
14.81%
970
1.35%
0.66%
1.86%
18%
(0.16)
—
(0.16)
11.25
10.36%
1,181
1.35%
1.31%
1.65%
44%
(0.22)
—
(0.22)
10.35
6.71%
916
1.35%
2.24%
1.64%
30%
(0.19)
—
(0.19)
9.91
(6.51)%
1,785
1.35%
1.94%
1.75%
18%
Report
of
Independent
Registered
Public
Accounting
Firm
August
31,
2026
-
57
-
To
the
Shareholders
and
Board
of
Trustees
Cavanal
Hill
Funds:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
the
Cavanal
Hill
Funds
(the
Funds)
(comprised
of
the
U.S.
Treasury
Fund,
Government
Securities
Money
Market
Fund,
Limited
Duration
Fund,
Bond
Fund,
Strategic
Enhanced
Yield
Fund,
Ultra
Short
Tax-Free
Income
Fund,
World
Energy
&
Power
Fund
(formerly
World
Energy
Fund),
and
Hedged
Equity
Income
Fund),
including
the
schedules
of
portfolio
investments,
as
of
August
31,
2026,
the
related
statements
of
operations
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
August
31,
2026,
the
results
of
their
operations
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
these
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Such
procedures
also
included
confirmation
of
securities
owned
as
of
August
31,
2026,
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
auditor
of
one
or
more
Cavanal
Hill
Funds
investment
companies
since
1990.
Columbus,
Ohio
October
26,
2026
-
58
-
Additional
Fund
Information
(Unaudited)
August
31,
2026
Notification
of
Sources
of
Distributions
Pursuant
to
Rule
19a-1
under
the
Investment
Company
Act
of
1940:
As
noted
in
the
table
below,
during
the
fiscal
year
ended
August
31,
2026,
certain
Funds
made
distributions
to
shareholders
from
net
income
in
excess
of
that
which
was
earned
for
book
purposes
(capital
sources).*
Distributions
are
not
anticipated
to
exceed
earnings
for
U.S.
income
tax
purposes.
As
of
August
31,
2026,
the
sources
of
these
distributions
were
as
follows
(amounts
represent
dollars
per
share):
*Capital
gains
and
losses
from
periodic
repayment
of
bond
principal
are
recognized
as
income
for
book
purposes
but,
for
U.S.
income
tax
purposes,
are
distributed
to
shareholders
from
net
capital
gains.
Final
2026
tax
information
for
the
Funds
will
be
mailed
to
shareholders
next
year
by
January
31,
2027.
Accordingly,
shareholders
should
not
use
the
information
provided
in
this
notice
for
tax
reporting
purposes.
Other
Federal
Income
Tax
Information:
For
the
year
ended
August
31,
2026,
a
portion
of
the
ordinary
income
distributions
paid
by
the
Funds
may
be
qualified
dividend
income.
The
Funds
intend
to
designate
the
maximum
amount
allowable.
Complete
information
will
be
reported
in
conjunction
with
the
2026
Form
1099-DIV.
For
corporate
shareholders,
the
following
percentage
of
the
total
ordinary
income
distributions
paid
during
the
fiscal
year
ended
August
31,
2026,
qualify
for
the
corporate
dividends
received
deduction
for
the
following
Funds:
The
Ultra
Short
Tax-Free
Income
Fund
designated
$283,975
of
its
income
distributions
as
tax-exempt
distributions
for
the
year
ended
August
31,
2026.
For
the
year
ended
August
31,
2026,
certain
Funds
designate
the
maximum
amount
allowable
but
not
less
than
the
following
amounts
as
interest-related
dividends
in
accordance
with
Section
871(k)(1)
and
881(e)
of
the
Internal
Revenue
Code:
Fund
Net
Income
Capital
Sources
Total
Distributions
Strategic
Enhanced
Yield
Fund
–
Investor
Shares
.....................................
0.
35009
0.000
4
9
0.
35058
Strategic
Enhanced
Yield
Fund
–
Institutional
Shares
..................................
0.3
6753
0.000
51
0.
36804
Strategic
Enhanced
Yield
Fund
–
A
Shares
..........................................
0
.34555
0.000
48
0.
34603
Fund
Percentage
World
Energy
&
Power
Fund
................................................................................
98.20
%
Fund
Amount
U.S.
Treasury
Fund
.......................................................................................
$
59,070,919
Government
Securities
Money
Market
Fund
......................................................................
112,513,131
Limited
Duration
Fund
.....................................................................................
821,116
Bond
Fund
.............................................................................................
4,200,524
Strategic
Enhanced
Yield
Fund
...............................................................................
653,509
Ultra
Short
Tax-Free
Income
Fund
.............................................................................
13,171
World
Energy
&
Power
Fund
................................................................................
226,189
Hedged
Equity
Income
Fund
.................................................................................
8,732
-
59
-
Additional
Fund
Information
(Unaudited)
August
31,
2026
Continued
Continued
REVIEW
AND
APPROVAL
OF
THE
FUNDS’
ADVISORY
AGREEMENT
The
Trust’s
amended
and
restated
investment
advisory
agreement
(the
“Advisory
Agreement”)
with
Cavanal
Hill
Investment
Management,
Inc.
(the
“Adviser”)
was
formally
considered
and
approved
by
the
Board
of
Trustees
at
a
meeting
held
on
July
30,
2026.
The
Trustees
reviewed
extensive
material
throughout
the
year
in
connection
with
their
consideration
of
the
Advisory
Agreement.
In
connection
with
such
approval,
the
Trustees
reviewed
data
produced
by
an
independent
provider
of
mutual
fund
data
(as
assembled
by
the
Funds’
sub-administrator)
which
provided
comparisons
to
industry
averages
for
comparable
funds
for
advisory
fees
and
total
fund
expenses.
The
information
provided
to
the
Trustees
at
the
meeting
also
included
a
report
from
an
independent
evaluator
of
brokerage
practices
and
best
execution.
The
Board
was
assisted
in
its
review
by
independent
legal
counsel,
as
well
as
Counsel
to
the
Funds,
which
provided
a
memorandum
detailing
the
legal
standards
for
review
of
the
Advisory
Agreement.
The
Board
received
a
detailed
presentation
by
the
Adviser,
which
included
a
fund-by-fund
analysis
of
performance
and
profitability.
The
Board
also
deliberated
outside
the
presence
of
management
and
the
Adviser.
In
their
deliberations,
each
Trustee
attributed
different
weights
to
various
factors
involved
in
an
analysis
of
whether
the
Investment
Advisory
Agreement
should
be
amended
and
continued,
and
no
factor
alone
was
considered
determinative.
The
Trustees,
including
a
majority
of
independent
Trustees,
determined
that
the
overall
arrangement
between
the
Trust
and
the
Adviser,
as
provided
in
the
Advisory
Agreement,
was
fair
and
reasonable
and
that
the
continuance
of
the
Advisory
Agreement
was
in
the
best
interests
of
each
Fund
and
its
shareholders.
The
matters
addressed
below
were
considered
and
discussed
by
the
Trustees
in
reaching
their
conclusions:
Nature,
Extent
and
Quality
of
Services
Provided
by
the
Adviser
The
Trustees
received
and
considered
information
regarding
the
nature,
extent,
and
quality
of
the
services
provided
to
each
Fund
under
the
Advisory
Agreement.
The
Trustees
took
into
account
information
furnished
throughout
the
year
at
Board
meetings,
as
well
as
materials
furnished
specifically
in
connection
with
the
annual
review
process.
The
Adviser’s
senior
management
and
portfolio
managers
presented
information
to
the
Trustees
at
Board
meetings
and
discussed
the
Funds’
performance
and
the
Funds’
investment
objectives,
strategies
and
outlook.
The
Trustees
considered
the
background
and
experience
of
the
Adviser’s
senior
management
and
the
expertise
of
investment
personnel
of
the
Adviser
responsible
for
the
day-to-day
management
of
each
Fund.
The
Trustees
also
considered
the
Adviser’s
research
and
portfolio
management
capabilities,
oversight
of
day-to-day
Fund
operations,
including
fund
accounting
and
administration,
shareholder
communications,
regulatory
and
other
reporting,
and
assistance
in
meeting
legal
and
regulatory
requirements.
Materials
provided
throughout
the
year
covered
matters
such
as
compliance
of
portfolio
managers
and
other
management
personnel
with
the
code
of
ethics
and
the
adherence
to
fair
pricing
procedures.
Consideration
was
given
to
the
overall
performance
of
the
Adviser
in
light
of
the
economy.
The
Trustees
concluded
that
the
nature,
extent,
and
quality
of
services
under
the
Advisory
Agreement
were
appropriate
and
consistent
with
industry
norms.
Investment
Performance
Investment
performance
reports
and
related
financial
information
for
the
Funds
were
discussed
throughout
the
year
and
were
presented
in
association
with
the
renewal.
The
Trustees
considered
performance
results
of
each
Fund
in
absolute
terms
and
relative
to
each
Fund’s
peer
group
as
reported
by
Lipper.
One,
three,
five
and
ten-year
performance
data
was
presented.
The
Trustees
discussed
with
the
Adviser
the
performance
goals
and
the
actual
results
achieved
in
managing
the
Funds
as
well
as
the
effect
of
market
conditions
on
the
Funds.
The
Government
Securities
Money
Market
Fund
(“Money
Market
Fund”)
ended
the
period
at
$3,291,374,536.17,
up
9.5%
from
the
prior
year
while
the
U.S.
Treasury
Fund
(“Treasury
Fund”)
ended
the
period
at
$1,735,826,124.49,
an
increase
of
1.8%
from
the
prior
year.
The
7-day
current
yield
on
Select
shares
of
Money
Market
Fund
ended
at
3.52%,
down
0.97
percentage
points
from
4.49%
at
the
start
of
the
period.
The
7-day
current
yield
on
Administrative
shares
of
Treasury
Fund
ended
at
3.02%,
down
1.16
percentage
points
from
4.18%
at
the
start
of
the
period.
According
to
Crane
Data,
top-yielding
government
institutional
funds
average
7-day
current
yield
of
3.68%
and
Treasury
institutional
funds
averaged
7-day
current
yield
of
3.66%.
The
Limited
Duration
Fund
Institutional
share
class
was
in
the
86th
percentile
in
its
Morningstar
peer
group
for
the
one-year
period.
The
Fund’s
allocation
to
credit
sectors
was
a
positive
driver
for
the
Fund.
A
single
security
was
responsible
for
most
of
the
lag
in
performance
versus
the
peer
group.
The
overweighting
asset-backed
securities
was
particularly
helpful.
The
weighting
to
mortgages
was
a
benefit
as
was
the
overweight
to
asset-backed
securities.
The
Bond
Fund
Institutional
share
class
was
in
the
66th
percentile
in
its
Morningstar
peer
group
for
the
one-year
period.
An
overweight
to
credit,
especially
asset-backed
securities,
as
well
as
to
taxable
municipal
bonds,
was
beneficial
to
the
Fund
as
credit
was
strong.
A
single
security
was
responsible
for
most
of
the
lag
in
performance
versus
the
peer
group.
As
of
May
31,
2026,
the
Strategic
Enhanced
Yield
Fund
Institutional
share
class
achieved
a
one-year
return
of
6.43%,
outperforming
its
benchmark
return
of
5.13%
by
130
bps.
Over
the
last
12
months
the
Fund
maintained
a
relatively
neutral
or
short
duration
vs
the
index
as
interest
rates
along
the
curve
edged
higher
throughout
the
year.
Strong
credit
performance
in
the
first
half
of
2026
was
driven
by
security
selection
in
emerging
markets.
Overall,
the
Fund
remains
on
the
lower
end
of
risk
spectrum
as
the
Adviser
awaits
greater
clarity
amid
policy
uncertainty
and
fallout
from
the
unrest
in
middle
east.
In
that
context,
the
Fund
maintains
a
lower
exposure
to
U.S.
credit
in
favor
of
agency
mortgage-backed
securities,
which
offers
comparable
yields
to
U.S.
investment-grade
corporate
bonds.
The
Fund
remains
overweight
in
short-duration
emerging
market
debt
and
U.S.
high-yield
issuers,
which
continue
to
serve
as
the
primary
sources
of
yield
enhancement.
The
Ultra
Short
Tax-Free
Income
Fund
Institutional
share
class
was
in
the
86th
percentile
in
its
Lipper
peer
group
for
the
year.
The
Fund’s
underperformance
was
due
to
the
short
duration;
the
investment
mix
of
variable
rate
demand
notes
and
fixed
rate
paper
negatively
impacted
performance,
as
rates
in
the
short
end
of
the
muni
market
ended
the
period
lower
than
where
they
began.
As
of
May
31,
2026,
the
Institutional
share
class
of
the
World
Energy
&
Power
Fund
had
a
Morningstar
percentile
ranking
of
34th
for
the
one-year
period.
Over
a
longer
time
horizon,
the
Fund
ranks
#1
for
both
the
three-
and
ten-year
periods
in
Morningstar
as
of
May
31,
2026.
In
addition,
though
Lipper
does
not
have
an
energy
category,
we
are
categorized
in
the
Global
Natural
Resources
category.
As
of
May
31,
2026,
the
fund
was
a
5-star
Morningstar
fund.
-
60
-
Additional
Fund
Information
(Unaudited)
August
31,
2026
Concluded
Hedged
Equity
Income
Fund
performance
is
equally
reflective
of
both
Lavaca
Capital
and
the
Adviser.
The
Institutional
share
class
one-year
return
as
of
May
31,
2026
was
22.04%,
which
outperformed
the
Morningstar
Equity
Hedged
peer
group
by
more
than
300
basis
points.
The
Fund’s
investment
objective
is
to
provide
current
income
with
the
potential
for
long
term
capital
appreciation
with
less
volatility
than
the
broad
equity
market.
Per
Morningstar,
the
Fund’s
Institutional
share
class
generated
a
0.78%
dividend
yield
net
of
1.10%
fees
during
the
period.
Per
Bloomberg,
the
Fund’s
360-day
volatility
as
of
May
31,
2026
was
13.7%
at
period
end
compared
with
17.5%
for
the
S&P
500
Index.
Cost
of
Services
and
Profits
Realized
by
Cavanal
Hill
Investment
Management,
Inc.
and
its
Affiliates
The
Trustees
also
considered
peer
group
comparable
information
with
respect
to
the
investment
advisory
fees
charged
by
the
Adviser
to
each
of
the
Funds.
Information
on
voluntary
fee
waivers
was
presented
and
considered.
The
Trustees
reviewed
administration,
custody
and
distributor
fees
received,
respectively,
by
the
Adviser
and
its
affiliates,
BOKF,
NA
and
Cavanal
Hill
Distributors,
Inc.
and
the
selling
agreement
fees
earned
by
BOKF,
NA
and
BOK
Financial
Securities,
Inc.
The
Trustees
also
considered
the
fallout
benefits
to
the
Adviser
of
soft
dollars
based
on
presentations
to
the
Board.
The
Trustees
also
reviewed
profitability
information
provided
by
the
Adviser
with
respect
to
investment
advisory,
administration,
distribution
and
custody
services
to
each
Fund.
The
Trustees
recognized
that
the
data
presented
was
not
audited
and
represents
the
Adviser’s
determination
of
its
and
its
affiliates’
revenues
from
the
contractual
services
provided
to
the
Funds,
less
expenses
of
providing
such
services.
Expenses
include
direct
and
indirect
costs
and
were
calculated
using
an
allocation
methodology
developed
by
the
Adviser.
In
reviewing
the
analysis,
attention
was
given
to
the
methodology
followed
in
allocating
costs
to
the
Funds,
it
being
recognized
that
allocation
methodologies
are
inherently
subjective
and
various
allocation
methodologies
may
each
be
reasonable
while
producing
different
results.
In
reviewing
and
discussing
such
analysis,
management
discussed
with
the
Trustees
its
belief
that
costs
incurred
in
establishing
and
maintaining
the
infrastructure
necessary
to
support
mutual
fund
operations
conducted
by
the
Adviser
affect
the
expenses
allocated
to
the
Funds
in
determining
its
profitability,
as
well
as
the
fact
that
the
level
of
profits,
to
a
certain
extent,
reflected
operational
cost
savings
and
efficiencies
initiated
by
management.
The
Trustees
also
took
into
account
the
need
to
meet
regulatory
and
compliance
requirements
resulting
from
the
Sarbanes-Oxley
Act,
SEC
and
other
regulatory
requirements.
The
Trustees
also
recognized
that
it
is
difficult
to
make
comparisons
of
profitability
from
fund
investment
advisory
contracts,
because
comparative
information
is
not
generally
publicly
available
and
is
affected
by
numerous
factors,
including
the
structure
of
the
particular
adviser,
the
types
of
funds
it
manages,
its
business
mix,
and
numerous
assumptions
regarding
allocations.
However,
the
Lipper
peer
group
report
reflected
that
investment
advisory
fees
charged
by
the
Adviser
were
generally
in
line
with
median
fees.
The
investment
advisory
fees,
net
of
waivers
and
expenses,
with
respect
to
the
Funds,
were
equal
to
or
below
the
median
for
all
fund
classes.
The
Trustees
analyzed
the
fees
paid
to
the
Adviser
in
light
of
performance
and
the
services
provided,
and
in
light
of
profitability
to
the
Adviser.
Based
on
their
review,
the
Trustees
concluded
that
the
fees
paid
to,
and
the
profitability
of,
Cavanal
Hill
Investment
Management,
Inc.
under
the
Advisory
Agreement
was
not
unreasonable
in
light
of
the
services
and
benefits
provided
to
each
Fund.
Economies
of
Scale
Finally,
the
Trustees
considered
whether
fee
levels
reflect
economies
of
scale
and
whether
economies
of
scale
would
be
produced
by
the
growth
of
the
Trust’s
assets.
The
Trustees
concluded
that
the
Funds
had
not
yet
attained
sufficient
size
to
realize
material
economies
of
scale.
The
Trustees
further
concluded
that
current
asset
levels
of
the
Funds
did
not
warrant
formal
contractual
breakpoints.
The
Trustees
determined
that
their
review
of
potential
economies
of
scale
supported
their
decision
to
approve
the
Advisory
Agreement.
Ann-08/26
(b) The Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this form.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors/Trustees, Officers, and others, if any, are included as part of the Financial Statements filed
under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) The Code of Ethics is attached hereto.
(a)(2) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Cavanal Hill Funds
By (Signature and Title) /s/ Cathy Dunn
Cathy Dunn, President (Principal Executive Officer)
Date October 26, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Cathy Dunn
Cathy Dunn, President (Principal Executive Officer)
Date October 26, 2026
By (Signature and Title) /s/ Jerica Newbill
Jerica Newbill, Treasurer (Principal Financial Officer)
Date October 26, 2026
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