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
(Exact name of registrant as specified in charter)
Citi Fund Services Ohio, Inc., 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: 1-800-762-7085
Date of fiscal year end: August 31
Date of reporting period: August 31, 2024
EXPLANATORY NOTE: The Registrant is filing this amendment to its Form N-CSR for the period ended August 31, 2024, originally filed with the Securities and Exchange Commission on November 6, 2024 (Accession Number 0001004726-24-000171), amended on November 13, 2024 (Accession Number 0001004726-24-000176). This filing amends the signature dates referenced on the Form N-CSR and within the exhibits referenced within Item 19(a)(3) and Item 19(b). This filing also replaces references of Bill King with Cathy Dunn, as Cathy Dunn became the Registrant’s Principal Executive Officer effective November 1, 2024. Except as set forth above, this amendment does not amend, update or change any other items or disclosures.
Item 1. Reports to Stockholders.
0000864508cav:BloombergMunicipal1YearIndex1723AdditionalIndexMember2020-08-31
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Bond Fund for the period of September 1, 2023 to August 31, 2024. 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 | $73 | 0.70% |
How did the Fund perform last year?
We extended duration to match the index as we expect rates to decline. This was largely beneficial. Efforts to increase credit quality were not as beneficial as credit spreads tightened over the past 12 months. However, with credit spreads approaching historical lows and the economy slowing, we expect higher-quality paper to outperform. The Bond Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year, benefiting from exposure to higher-yielding non-agency asset-backed securities and non-agency mortgage-backed securities, along with an increasing weight to agency MBS. An overweight to credit also contributed to performance as spreads tightened. A lack of exposure to lower-quality (BBB) corporates detracted, along with exposure to shorter-duration taxable municipals. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
| Bond Fund (A Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average |
|---|
| Aug 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $10,142 | $10,155 | $10,115 |
| Aug 16 | $10,550 | $10,761 | $10,753 |
| Aug 17 | $10,502 | $10,814 | $10,878 |
| Aug 18 | $10,363 | $10,701 | $10,758 |
| Aug 19 | $11,308 | $11,789 | $11,852 |
| Aug 20 | $11,881 | $12,553 | $12,666 |
| Aug 21 | $11,923 | $12,542 | $12,819 |
| Aug 22 | $10,537 | $11,098 | $11,296 |
| Aug 23 | $10,387 | $10,965 | $11,213 |
| Aug 24 | $11,170 | $11,765 | $12,107 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| A Shares | 7.53% | -0.25% | 1.11% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
| Lipper Core Bond Funds Average | 7.97% | 0.43% | 1.93% |
| Net Assets | $123,466,101 |
| Number of Portfolio Holdings | 182 |
| Net Investment Advisory Fees | $240,009 |
| Portfolio Turnover Rate | 36% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bonds | 13.2% |
| U.S. Treasury Notes | 4.1% |
| U.S. Treasury Bonds | 2.6% |
| Sonic Capital LLC, Series 2020-1A, Class A2I | 1.8% |
| Broadcom, Inc. | 1.7% |
| Bank of America Corp. | 1.6% |
| Fannie Mae REMIC, Series 2023-16, Class VE | 1.5% |
| SBA Tower Trust | 1.4% |
| U.S. Treasury Notes | 1.4% |
| The University of Oklahoma Revenue | 1.3% |
| Value | Value |
|---|
| BBB- | 2.71% |
| AAA | 3.71% |
| A+ | 3.83% |
| A | 3.85% |
| A- | 4.31% |
| BBB | 7.04% |
| AA+ | 13.35% |
| NR | 20.59% |
| A-1+ | 36.26% |
| Other | 4.02% |
| Asset Backed Securities | 17.8% |
| Mortgage Backed Securities | 25.0% |
| Commercial Mortgage Backed Securities | 1.1% |
| Corporate Bonds | 19.1% |
| Taxable Municipal Bonds | 7.9% |
| U.S. Government Agency Securities | 6.6% |
| U.S. Treasury Obligations | 21.3% |
| Investment in Affiliates | 0.9% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Bond Fund for the period of September 1, 2023 to August 31, 2024. 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 | $47 | 0.45% |
How did the Fund perform last year?
We extended duration to match the index as we expect rates to decline. This was largely beneficial. Efforts to increase credit quality were not as beneficial as credit spreads tightened over the past 12 months. However, with credit spreads approaching historical lows and the economy slowing, we expect higher-quality paper to outperform. The Bond Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year, benefiting from exposure to higher-yielding non-agency asset-backed securities and non-agency mortgage-backed securities, along with an increasing weight to agency MBS. An overweight to credit also contributed to performance as spreads tightened. A lack of exposure to lower-quality (BBB) corporates detracted, along with exposure to shorter-duration taxable municipals. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
| Bond Fund (Institutional Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average |
|---|
| Aug 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $10,168 | $10,155 | $10,115 |
| Aug 16 | $10,614 | $10,761 | $10,753 |
| Aug 17 | $10,570 | $10,814 | $10,878 |
| Aug 18 | $10,467 | $10,701 | $10,758 |
| Aug 19 | $11,439 | $11,789 | $11,852 |
| Aug 20 | $12,049 | $12,553 | $12,666 |
| Aug 21 | $12,110 | $12,542 | $12,819 |
| Aug 22 | $10,736 | $11,098 | $11,296 |
| Aug 23 | $10,609 | $10,965 | $11,213 |
| Aug 24 | $11,437 | $11,765 | $12,107 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Institutional Shares | 7.81% | 0.00% | 1.35% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
| Lipper Core Bond Funds Average | 7.97% | 0.43% | 1.93% |
| Net Assets | $123,466,101 |
| Number of Portfolio Holdings | 182 |
| Net Investment Advisory Fees | $240,009 |
| Portfolio Turnover Rate | 36% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bonds | 13.2% |
| U.S. Treasury Notes | 4.1% |
| U.S. Treasury Bonds | 2.6% |
| Sonic Capital LLC, Series 2020-1A, Class A2I | 1.8% |
| Broadcom, Inc. | 1.7% |
| Bank of America Corp. | 1.6% |
| Fannie Mae REMIC, Series 2023-16, Class VE | 1.5% |
| SBA Tower Trust | 1.4% |
| U.S. Treasury Notes | 1.4% |
| The University of Oklahoma Revenue | 1.3% |
| Value | Value |
|---|
| BBB- | 2.71% |
| AAA | 3.71% |
| A+ | 3.83% |
| A | 3.85% |
| A- | 4.31% |
| BBB | 7.04% |
| AA+ | 13.35% |
| NR | 20.59% |
| A-1+ | 36.26% |
| Other | 4.02% |
| Asset Backed Securities | 17.8% |
| Mortgage Backed Securities | 25.0% |
| Commercial Mortgage Backed Securities | 1.1% |
| Corporate Bonds | 19.1% |
| Taxable Municipal Bonds | 7.9% |
| U.S. Government Agency Securities | 6.6% |
| U.S. Treasury Obligations | 21.3% |
| Investment in Affiliates | 0.9% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Bond Fund for the period of September 1, 2023 to August 31, 2024. 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 | $73 | 0.69% |
How did the Fund perform last year?
We extended duration to match the index as we expect rates to decline. This was largely beneficial. Efforts to increase credit quality were not as beneficial as credit spreads tightened over the past 12 months. However, with credit spreads approaching historical lows and the economy slowing, we expect higher-quality paper to outperform. The Bond Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year, benefiting from exposure to higher-yielding non-agency asset-backed securities and non-agency mortgage-backed securities, along with an increasing weight to agency MBS. An overweight to credit also contributed to performance as spreads tightened. A lack of exposure to lower-quality (BBB) corporates detracted, along with exposure to shorter-duration taxable municipals. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
Value of a $10,000 Investment
| Bond Fund (Investor Shares) | Bloomberg U.S. Aggregate Bond Index | Lipper Core Bond Funds Average |
|---|
| Aug 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $10,140 | $10,155 | $10,115 |
| Aug 16 | $10,579 | $10,761 | $10,753 |
| Aug 17 | $10,518 | $10,814 | $10,878 |
| Aug 18 | $10,378 | $10,701 | $10,758 |
| Aug 19 | $11,308 | $11,789 | $11,852 |
| Aug 20 | $11,881 | $12,553 | $12,666 |
| Aug 21 | $11,924 | $12,542 | $12,819 |
| Aug 22 | $10,537 | $11,098 | $11,296 |
| Aug 23 | $10,388 | $10,965 | $11,213 |
| Aug 24 | $11,170 | $11,765 | $12,107 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Investor Shares | 7.53% | -0.25% | 1.11% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
| Lipper Core Bond Funds Average | 7.97% | 0.43% | 1.93% |
| Net Assets | $123,466,101 |
| Number of Portfolio Holdings | 182 |
| Net Investment Advisory Fees | $240,009 |
| Portfolio Turnover Rate | 36% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bonds | 13.2% |
| U.S. Treasury Notes | 4.1% |
| U.S. Treasury Bonds | 2.6% |
| Sonic Capital LLC, Series 2020-1A, Class A2I | 1.8% |
| Broadcom, Inc. | 1.7% |
| Bank of America Corp. | 1.6% |
| Fannie Mae REMIC, Series 2023-16, Class VE | 1.5% |
| SBA Tower Trust | 1.4% |
| U.S. Treasury Notes | 1.4% |
| The University of Oklahoma Revenue | 1.3% |
| Value | Value |
|---|
| BBB- | 2.71% |
| AAA | 3.71% |
| A+ | 3.83% |
| A | 3.85% |
| A- | 4.31% |
| BBB | 7.04% |
| AA+ | 13.35% |
| NR | 20.59% |
| A-1+ | 36.26% |
| Other | 4.02% |
| Asset Backed Securities | 17.8% |
| Mortgage Backed Securities | 25.0% |
| Commercial Mortgage Backed Securities | 1.1% |
| Corporate Bonds | 19.1% |
| Taxable Municipal Bonds | 7.9% |
| U.S. Government Agency Securities | 6.6% |
| U.S. Treasury Obligations | 21.3% |
| Investment in Affiliates | 0.9% |
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.
Annual Shareholder Report
August 31, 2024
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Government Securities Money Market Fund for the period of September 1, 2023 to August 31, 2024. 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 | $71 | 0.69% |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
| Government Securities Money Market Fund (Administrative Shares) |
|---|
| Aug 14 | $10,000 |
| Aug 15 | $10,001 |
| Aug 16 | $10,002 |
| Aug 17 | $10,016 |
| Aug 18 | $10,107 |
| Aug 19 | $10,286 |
| Aug 20 | $10,350 |
| Aug 21 | $10,351 |
| Aug 22 | $10,380 |
| Aug 23 | $10,781 |
| Aug 24 | $11,298 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Administrative Shares | 4.80% | 1.89% | 1.23% |
| Net Assets | $2,747,357,730 |
| Number of Portfolio Holdings | 34 |
| Net Investment Advisory Fees | $1,321,857 |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bills | 7.3% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 2.7% |
| Federal Farm Credit Banks Funding Corp. | 1.9% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Value | Value |
|---|
| AAA | 6.23% |
| A-1+ | 93.81% |
| U.S. Government Agency Securities | 37.8% |
| U.S. Treasury Obligations | 12.7% |
| Repurchase Agreements | 43.3% |
| Investment Companies | 6.2% |
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.
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Government Securities Money Market Fund for the period of September 1, 2023 to August 31, 2024. 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 | $28 | 0.27% |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
| Government Securities Money Market Fund (Institutional Shares) |
|---|
| Aug 14 | $10,000 |
| Aug 15 | $10,001 |
| Aug 16 | $10,006 |
| Aug 17 | $10,043 |
| Aug 18 | $10,164 |
| Aug 19 | $10,373 |
| Aug 20 | $10,458 |
| Aug 21 | $10,459 |
| Aug 22 | $10,498 |
| Aug 23 | $10,937 |
| Aug 24 | $11,510 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Institutional Shares | 5.24% | 2.10% | 1.42% |
| Net Assets | $2,747,357,730 |
| Number of Portfolio Holdings | 34 |
| Net Investment Advisory Fees | $1,321,857 |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bills | 7.3% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 2.7% |
| Federal Farm Credit Banks Funding Corp. | 1.9% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Value | Value |
|---|
| AAA | 6.23% |
| A-1+ | 93.81% |
| U.S. Government Agency Securities | 37.8% |
| U.S. Treasury Obligations | 12.7% |
| Repurchase Agreements | 43.3% |
| Investment Companies | 6.2% |
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.
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Government Securities Money Market Fund for the period of September 1, 2023 to August 31, 2024. 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 | $71 | 0.69% |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
| Government Securities Money Market Fund (Premier Shares) |
|---|
| Aug 14 | $10,000 |
| Aug 15 | $10,001 |
| Aug 16 | $10,008 |
| Aug 17 | $10,048 |
| Aug 18 | $10,172 |
| Aug 19 | $10,384 |
| Aug 20 | $10,472 |
| Aug 21 | $10,473 |
| Aug 22 | $10,513 |
| Aug 23 | $10,948 |
| Aug 24 | $11,473 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Premier Shares | 4.79% | 2.01% | 1.38% |
| Net Assets | $2,747,357,730 |
| Number of Portfolio Holdings | 34 |
| Net Investment Advisory Fees | $1,321,857 |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bills | 7.3% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 2.7% |
| Federal Farm Credit Banks Funding Corp. | 1.9% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Value | Value |
|---|
| AAA | 6.23% |
| A-1+ | 93.81% |
| U.S. Government Agency Securities | 37.8% |
| U.S. Treasury Obligations | 12.7% |
| Repurchase Agreements | 43.3% |
| Investment Companies | 6.2% |
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.
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Government Securities Money Market Fund for the period of September 1, 2023 to August 31, 2024. 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 | $20 | 0.19% |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| Select Shares | 5.32% | 2.16% | 1.84% |
| Net Assets | $2,747,357,730 |
| Number of Portfolio Holdings | 34 |
| Net Investment Advisory Fees | $1,321,857 |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bills | 7.3% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 3.6% |
| Federal Farm Credit Banks Funding Corp. | 2.7% |
| Federal Farm Credit Banks Funding Corp. | 1.9% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Federal Farm Credit Banks Funding Corp. | 1.8% |
| Value | Value |
|---|
| AAA | 6.23% |
| A-1+ | 93.81% |
| U.S. Government Agency Securities | 37.8% |
| U.S. Treasury Obligations | 12.7% |
| Repurchase Agreements | 43.3% |
| Investment Companies | 6.2% |
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.
Government Securities Money Market Fund
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Hedged Income Fund for the period of September 1, 2023 to August 31, 2024. 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 | $142 | 1.35% |
How did the Fund perform last year?
Early in 2024, we increased the Fund’s active risk to growth stocks, sacrificing dividend yield to increase the Fund’s total return potential. We also reduced the notional value of the Fund’s put options to allow for more upside capture as the market rallied. Both tactics added to performance. The Fund underperformed its benchmark (CBOE S&P 500 BuyWrite Index). Most of that occurred in August 2024, when the Fund trailed its benchmark by 2.0% as a result of the Fund’s overweight to the energy sector and poor stockpicking in industrials. Key contributors to performance were stock picking in energy and health care while major detractors included overweights to energy and materials, an underweight to technology, and stock picking in the consumer discretionary and consumer staples sectors. Earlier this year, we removed some of the Fund’s defensive posturing in anticipation of a soft landing. Following this year’s rally, we see risk and reward as balanced based on weakening economic data. The Fund is positioned as such, with a moderate amount of notional put coverage and muted active risk with regard to investment style and cyclical stocks.
Value of a $10,000 Investment
| Hedged Income Fund (A Shares) | CBOE S&P 500 BuyWrite Index | S&P 500 Index |
|---|
| Dec 20 | $10,000 | $10,000 | $10,000 |
| Aug 21 | $10,877 | $11,494 | $12,227 |
| Aug 22 | $10,170 | $10,735 | $10,855 |
| Aug 23 | $10,852 | $11,812 | $12,585 |
| Aug 24 | $11,977 | $13,413 | $16,000 |
Average Annual Total Returns
| 1 Year | Since Inception |
|---|
| A Shares | 10.36% | 5.03% |
| CBOE S&P 500 BuyWrite Index | 13.55% | 8.32% |
| S&P 500 Index | 27.14% | 13.65% |
| Net Assets | $28,167,401 |
| Number of Portfolio Holdings | 67 |
| Net Investment Advisory Fees | $232,682 |
| Portfolio Turnover Rate | 44% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.6% |
| JPMorgan Chase & Co. | 5.0% |
| Broadcom, Inc. | 4.6% |
| Emerson Electric Co. | 4.1% |
| Merck & Co., Inc. | 3.9% |
| Amazon.com, Inc. | 3.7% |
| Dow, Inc. | 3.6% |
| AstraZeneca PLC | 3.5% |
| Phillips 66 | 3.5% |
| Value | Value |
|---|
| Utilities | 3.0% |
| Materials | 3.6% |
| Consumer Staples | 4.8% |
| Communication Services | 6.2% |
| Energy | 6.5% |
| Industrials | 8.9% |
| Consumer Discretionary | 9.6% |
| Financials | 15.0% |
| Health Care | 16.6% |
| Information Technology | 26.5% |
| Common Stocks | 103.0% |
| Purchased Options | 0.7% |
| Investment in Affiliates | 1.2% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Hedged Income Fund for the period of September 1, 2023 to August 31, 2024. 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?
Early in 2024, we increased the Fund’s active risk to growth stocks, sacrificing dividend yield to increase the Fund’s total return potential. We also reduced the notional value of the Fund’s put options to allow for more upside capture as the market rallied. Both tactics added to performance. The Fund underperformed its benchmark (CBOE S&P 500 BuyWrite Index). Most of that occurred in August 2024, when the Fund trailed its benchmark by 2.0% as a result of the Fund’s overweight to the energy sector and poor stockpicking in industrials. Key contributors to performance were stock picking in energy and health care while major detractors included overweights to energy and materials, an underweight to technology, and stock picking in the consumer discretionary and consumer staples sectors. Earlier this year, we removed some of the Fund’s defensive posturing in anticipation of a soft landing. Following this year’s rally, we see risk and reward as balanced based on weakening economic data. The Fund is positioned as such, with a moderate amount of notional put coverage and muted active risk with regard to investment style and cyclical stocks.
Value of a $10,000 Investment
| Hedged Income Fund (Institutional Shares) | CBOE S&P 500 BuyWrite Index | S&P 500 Index |
|---|
| Dec 20 | $10,000 | $10,000 | $10,000 |
| Aug 21 | $10,904 | $11,494 | $12,227 |
| Aug 22 | $10,216 | $10,735 | $10,855 |
| Aug 23 | $10,923 | $11,812 | $12,585 |
| Aug 24 | $12,106 | $13,413 | $16,000 |
Average Annual Total Returns
| 1 Year | Since Inception |
|---|
| Institutional Shares | 10.83% | 5.34% |
| CBOE S&P 500 BuyWrite Index | 13.55% | 8.32% |
| S&P 500 Index | 27.14% | 13.65% |
| Net Assets | $28,167,401 |
| Number of Portfolio Holdings | 67 |
| Net Investment Advisory Fees | $232,682 |
| Portfolio Turnover Rate | 44% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.6% |
| JPMorgan Chase & Co. | 5.0% |
| Broadcom, Inc. | 4.6% |
| Emerson Electric Co. | 4.1% |
| Merck & Co., Inc. | 3.9% |
| Amazon.com, Inc. | 3.7% |
| Dow, Inc. | 3.6% |
| AstraZeneca PLC | 3.5% |
| Phillips 66 | 3.5% |
| Value | Value |
|---|
| Utilities | 3.0% |
| Materials | 3.6% |
| Consumer Staples | 4.8% |
| Communication Services | 6.2% |
| Energy | 6.5% |
| Industrials | 8.9% |
| Consumer Discretionary | 9.6% |
| Financials | 15.0% |
| Health Care | 16.6% |
| Information Technology | 26.5% |
| Common Stocks | 103.0% |
| Purchased Options | 0.7% |
| Investment in Affiliates | 1.2% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Hedged Income Fund for the period of September 1, 2023 to August 31, 2024. 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 | $142 | 1.35% |
How did the Fund perform last year?
Early in 2024, we increased the Fund’s active risk to growth stocks, sacrificing dividend yield to increase the Fund’s total return potential. We also reduced the notional value of the Fund’s put options to allow for more upside capture as the market rallied. Both tactics added to performance. The Fund underperformed its benchmark (CBOE S&P 500 BuyWrite Index). Most of that occurred in August 2024, when the Fund trailed its benchmark by 2.0% as a result of the Fund’s overweight to the energy sector and poor stockpicking in industrials. Key contributors to performance were stock picking in energy and health care while major detractors included overweights to energy and materials, an underweight to technology, and stock picking in the consumer discretionary and consumer staples sectors. Earlier this year, we removed some of the Fund’s defensive posturing in anticipation of a soft landing. Following this year’s rally, we see risk and reward as balanced based on weakening economic data. The Fund is positioned as such, with a moderate amount of notional put coverage and muted active risk with regard to investment style and cyclical stocks.
Value of a $10,000 Investment
| Hedged Income Fund (Investor Shares) | CBOE S&P 500 BuyWrite Index | S&P 500 Index |
|---|
| Dec 20 | $10,000 | $10,000 | $10,000 |
| Aug 21 | $10,879 | $11,494 | $12,227 |
| Aug 22 | $10,176 | $10,735 | $10,855 |
| Aug 23 | $10,848 | $11,812 | $12,585 |
| Aug 24 | $11,993 | $13,413 | $16,000 |
Average Annual Total Returns
| 1 Year | Since Inception |
|---|
| Investor Shares | 10.55% | 5.07% |
| CBOE S&P 500 BuyWrite Index | 13.55% | 8.32% |
| S&P 500 Index | 27.14% | 13.65% |
| Net Assets | $28,167,401 |
| Number of Portfolio Holdings | 67 |
| Net Investment Advisory Fees | $232,682 |
| Portfolio Turnover Rate | 44% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 5.6% |
| JPMorgan Chase & Co. | 5.0% |
| Broadcom, Inc. | 4.6% |
| Emerson Electric Co. | 4.1% |
| Merck & Co., Inc. | 3.9% |
| Amazon.com, Inc. | 3.7% |
| Dow, Inc. | 3.6% |
| AstraZeneca PLC | 3.5% |
| Phillips 66 | 3.5% |
| Value | Value |
|---|
| Utilities | 3.0% |
| Materials | 3.6% |
| Consumer Staples | 4.8% |
| Communication Services | 6.2% |
| Energy | 6.5% |
| Industrials | 8.9% |
| Consumer Discretionary | 9.6% |
| Financials | 15.0% |
| Health Care | 16.6% |
| Information Technology | 26.5% |
| Common Stocks | 103.0% |
| Purchased Options | 0.7% |
| Investment in Affiliates | 1.2% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Limited Duration Fund for the period of September 1, 2023 to August 31, 2024. 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 | $109 | 1.05% |
How did the Fund perform last year?
We maintained a heavy overweight to credit, particularly non-agency asset-backed securities (ABS). The excess yield on the securities was coupled with broad spread tightening over the period, leading to strong returns. The Limited Duration Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. Exposure to higher-yielding, non-agency ABS and non-agency mortgage-backed securities benefited the portfolio, as did a longer-than-benchmark duration as interest rates fell. Broad spread tightening and an overweight to credit also contributed to performance as some of the Fund’s corporate positions performed very well. The main detractor from Fund relative performance was an underweight to the corporate sector as corporate bonds were very strong for the period. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
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 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $10,072 | $10,155 | $10,133 |
| Aug 16 | $10,195 | $10,761 | $10,379 |
| Aug 17 | $10,341 | $10,814 | $10,476 |
| Aug 18 | $10,355 | $10,701 | $10,437 |
| Aug 19 | $10,828 | $11,789 | $11,061 |
| Aug 20 | $11,231 | $12,553 | $11,577 |
| Aug 21 | $11,278 | $12,542 | $11,628 |
| Aug 22 | $10,643 | $11,098 | $10,952 |
| Aug 23 | $10,763 | $10,965 | $11,084 |
| Aug 24 | $11,587 | $11,765 | $11,827 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| A Shares | 7.66% | 1.37% | 1.48% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
| ICE BofA ML 1-5 Year US Corporate/Government Index | 6.71% | 1.35% | 1.69% |
| Net Assets | $38,159,387 |
| Number of Portfolio Holdings | 267 |
| Net Investment Advisory Fees | $48,128 |
| Portfolio Turnover Rate | 18% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Notes | 3.0% |
| The Western Union Co. | 3.0% |
| The Goldman Sachs Group, Inc. | 2.9% |
| Southtrust Bank | 2.8% |
| Flexential Issuer, Series 2021-1A, Class A2 | 2.7% |
| U.S. Treasury Notes | 2.5% |
| Goodgreen Trust, Series 2020-1A, Class A | 2.5% |
| Federal Farm Credit Banks Funding Corp. | 2.3% |
| Truist Financial Corp., Series N | 2.1% |
| BAT Capital Corp. | 2.1% |
| Value | Value |
|---|
| A+ | 2.39% |
| A | 3.85% |
| BBB- | 5.74% |
| BBB+ | 10.06% |
| BBB | 10.51% |
| AA+ | 11.73% |
| A-1+ | 25.40% |
| NR | 25.62% |
| Other | 4.22% |
| Asset Backed Securities | 28.2% |
| Mortgage Backed Securities | 23.7% |
| Commercial Mortgage Backed Securities | 0.1% |
| Corporate Bonds | 21.0% |
| Taxable Municipal Bonds | 0.8% |
| U.S. Government Agency Securities | 10.5% |
| U.S. Treasury Obligations | 11.5% |
| Investment in Affiliates | 3.7% |
Effective August 5, 2024, the Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.50% of average daily net assets, plus class specific fees, through December 31, 2025. Prior to August 5, 2024, there was not an expense limitation for the Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Limited Duration Fund for the period of September 1, 2023 to August 31, 2024. 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 | $76 | 0.73% |
How did the Fund perform last year?
We maintained a heavy overweight to credit, particularly non-agency asset-backed securities (ABS). The excess yield on the securities was coupled with broad spread tightening over the period, leading to strong returns. The Limited Duration Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. Exposure to higher-yielding, non-agency ABS and non-agency mortgage-backed securities benefited the portfolio, as did a longer-than-benchmark duration as interest rates fell. Broad spread tightening and an overweight to credit also contributed to performance as some of the Fund’s corporate positions performed very well. The main detractor from Fund relative performance was an underweight to the corporate sector as corporate bonds were very strong for the period. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
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 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $10,097 | $10,155 | $10,133 |
| Aug 16 | $10,247 | $10,761 | $10,379 |
| Aug 17 | $10,420 | $10,814 | $10,476 |
| Aug 18 | $10,459 | $10,701 | $10,437 |
| Aug 19 | $10,976 | $11,789 | $11,061 |
| Aug 20 | $11,401 | $12,553 | $11,577 |
| Aug 21 | $11,475 | $12,542 | $11,628 |
| Aug 22 | $10,843 | $11,098 | $10,952 |
| Aug 23 | $11,013 | $10,965 | $11,084 |
| Aug 24 | $11,896 | $11,765 | $11,827 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Institutional Shares | 8.02% | 1.62% | 1.75% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
| ICE BofA ML 1-5 Year US Corporate/Government Index | 6.71% | 1.35% | 1.69% |
| Net Assets | $38,159,387 |
| Number of Portfolio Holdings | 267 |
| Net Investment Advisory Fees | $48,128 |
| Portfolio Turnover Rate | 18% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Notes | 3.0% |
| The Western Union Co. | 3.0% |
| The Goldman Sachs Group, Inc. | 2.9% |
| Southtrust Bank | 2.8% |
| Flexential Issuer, Series 2021-1A, Class A2 | 2.7% |
| U.S. Treasury Notes | 2.5% |
| Goodgreen Trust, Series 2020-1A, Class A | 2.5% |
| Federal Farm Credit Banks Funding Corp. | 2.3% |
| Truist Financial Corp., Series N | 2.1% |
| BAT Capital Corp. | 2.1% |
| Value | Value |
|---|
| A+ | 2.39% |
| A | 3.85% |
| BBB- | 5.74% |
| BBB+ | 10.06% |
| BBB | 10.51% |
| AA+ | 11.73% |
| A-1+ | 25.40% |
| NR | 25.62% |
| Other | 4.22% |
| Asset Backed Securities | 28.2% |
| Mortgage Backed Securities | 23.7% |
| Commercial Mortgage Backed Securities | 0.1% |
| Corporate Bonds | 21.0% |
| Taxable Municipal Bonds | 0.8% |
| U.S. Government Agency Securities | 10.5% |
| U.S. Treasury Obligations | 11.5% |
| Investment in Affiliates | 3.7% |
Effective August 5, 2024, the Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.50% of average daily net assets, plus class specific fees, through December 31, 2025. Prior to August 5, 2024, there was not an expense limitation for the Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Limited Duration Fund for the period of September 1, 2023 to August 31, 2024. 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 | $100 | 0.96% |
How did the Fund perform last year?
We maintained a heavy overweight to credit, particularly non-agency asset-backed securities (ABS). The excess yield on the securities was coupled with broad spread tightening over the period, leading to strong returns. The Limited Duration Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. Exposure to higher-yielding, non-agency ABS and non-agency mortgage-backed securities benefited the portfolio, as did a longer-than-benchmark duration as interest rates fell. Broad spread tightening and an overweight to credit also contributed to performance as some of the Fund’s corporate positions performed very well. The main detractor from Fund relative performance was an underweight to the corporate sector as corporate bonds were very strong for the period. We will look to increase duration during market pullbacks and to increase the portfolio’s liquidity. Should the economy continue to slow, less liquid securities, especially longer durations, are likely to underperform. With credit spreads nearing historic tight levels, we expect credit to underperform. If so, we will look to increase the Fund’s credit profile.
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 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $10,071 | $10,155 | $10,133 |
| Aug 16 | $10,190 | $10,761 | $10,379 |
| Aug 17 | $10,330 | $10,814 | $10,476 |
| Aug 18 | $10,337 | $10,701 | $10,437 |
| Aug 19 | $10,808 | $11,789 | $11,061 |
| Aug 20 | $11,199 | $12,553 | $11,577 |
| Aug 21 | $11,257 | $12,542 | $11,628 |
| Aug 22 | $10,613 | $11,098 | $10,952 |
| Aug 23 | $10,754 | $10,965 | $11,084 |
| Aug 24 | $11,589 | $11,765 | $11,827 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Investor Shares | 7.76% | 1.40% | 1.49% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.64% |
| ICE BofA ML 1-5 Year US Corporate/Government Index | 6.71% | 1.35% | 1.69% |
| Net Assets | $38,159,387 |
| Number of Portfolio Holdings | 267 |
| Net Investment Advisory Fees | $48,128 |
| Portfolio Turnover Rate | 18% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Notes | 3.0% |
| The Western Union Co. | 3.0% |
| The Goldman Sachs Group, Inc. | 2.9% |
| Southtrust Bank | 2.8% |
| Flexential Issuer, Series 2021-1A, Class A2 | 2.7% |
| U.S. Treasury Notes | 2.5% |
| Goodgreen Trust, Series 2020-1A, Class A | 2.5% |
| Federal Farm Credit Banks Funding Corp. | 2.3% |
| Truist Financial Corp., Series N | 2.1% |
| BAT Capital Corp. | 2.1% |
| Value | Value |
|---|
| A+ | 2.39% |
| A | 3.85% |
| BBB- | 5.74% |
| BBB+ | 10.06% |
| BBB | 10.51% |
| AA+ | 11.73% |
| A-1+ | 25.40% |
| NR | 25.62% |
| Other | 4.22% |
| Asset Backed Securities | 28.2% |
| Mortgage Backed Securities | 23.7% |
| Commercial Mortgage Backed Securities | 0.1% |
| Corporate Bonds | 21.0% |
| Taxable Municipal Bonds | 0.8% |
| U.S. Government Agency Securities | 10.5% |
| U.S. Treasury Obligations | 11.5% |
| Investment in Affiliates | 3.7% |
Effective August 5, 2024, the Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.50% of average daily net assets, plus class specific fees, through December 31, 2025. Prior to August 5, 2024, there was not an expense limitation for the Fund.
Changes In Or Disagreements With Accountants
There were no changes in or disagreements with accountants during the reporting period.
Annual Shareholder Report
August 31, 2024
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Strategic Enhanced Yield Fund for the period of September 1, 2023 to August 31, 2024. 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 | $106 | 1.01% |
How did the Fund perform last year?
Starting from a defensive strategy, with a shorter duration than the benchmark and an overweight to emerging market debt (EMD) and high yield securities, we reduced the duration gap and added to the Treasury and Mortgage sectors. The Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. The key contributors were emerging market debt and high yield securities. Government-related securities detracted from relative returns. The weakening U.S. labor market and downward trend on inflation continue to push our proprietary Trend Score toward a more neutral position, with a near-certain rate cut in September. We foresee an ongoing decline in the federal funds rate. We maintain our portfolio duration positioning closer to the index, assigning 3%-5% short as a target position. We continue to expect more positive returns for fixed income for the remainder of 2024. Regardless of who wins the 2024 presidential election, we expect the policies of both parties will increase the U.S. deficit. Therefore, we expect the yield curve to continue to normalize over the next three to six months.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| A Shares | 9.89% | 0.18% | 1.68% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.34% |
| Lipper Multi-Sector Income Funds Average | 9.97% | 2.42% | 2.79% |
| Net Assets | $14,798,496 |
| Number of Portfolio Holdings | 90 |
| Net Investment Advisory Fees | $34,769 |
| Portfolio Turnover Rate | 55% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Notes | 7.8% |
| U.S. Treasury Notes | 2.4% |
| U.S. Treasury Bonds | 2.3% |
| U.S. Treasury Notes | 2.3% |
| U.S. Treasury Bonds | 2.3% |
| Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1 | 1.9% |
| Fannie Mae | 1.8% |
| U.S. Treasury Bonds | 1.8% |
| Ford Motor Credit Co. LLC | 1.8% |
| Fannie Mae | 1.7% |
| Value | Value |
|---|
| B+ | 2.03% |
| BB+ | 3.25% |
| A- | 4.06% |
| BB | 4.36% |
| BBB- | 4.67% |
| BB- | 5.12% |
| BBB+ | 6.14% |
| BBB | 6.26% |
| NR | 13.74% |
| A-1+ | 48.89% |
| Other | 2.54% |
| Mortgage Backed Securities | 21.9% |
| Corporate Bonds | 44.2% |
| U.S. Treasury Obligations | 28.9% |
| Investment in Affiliates | 6.1% |
| Value | Value |
|---|
| Other | 2.9% |
| Colombia | 1.0% |
| Panama | 1.2% |
| United Kingdom | 1.4% |
| Netherlands | 3.1% |
| Mexico | 3.8% |
| Luxembourg | 4.1% |
| United States | 83.6% |
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.
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2024
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Strategic Enhanced Yield Fund for the period of September 1, 2023 to August 31, 2024. 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 | $80 | 0.76% |
How did the Fund perform last year?
Starting from a defensive strategy, with a shorter duration than the benchmark and an overweight to emerging market debt (EMD) and high yield securities, we reduced the duration gap and added to the Treasury and Mortgage sectors. The Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. The key contributors were emerging market debt and high yield securities. Government-related securities detracted from relative returns. The weakening U.S. labor market and downward trend on inflation continue to push our proprietary Trend Score toward a more neutral position, with a near-certain rate cut in September. We foresee an ongoing decline in the federal funds rate. We maintain our portfolio duration positioning closer to the index, assigning 3%-5% short as a target position. We continue to expect more positive returns for fixed income for the remainder of 2024. Regardless of who wins the 2024 presidential election, we expect the policies of both parties will increase the U.S. deficit. Therefore, we expect the yield curve to continue to normalize over the next three to six months.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| Institutional Shares | 10.16% | 0.43% | 1.94% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.34% |
| Lipper Multi-Sector Income Funds Average | 9.97% | 2.42% | 2.79% |
| Net Assets | $14,798,496 |
| Number of Portfolio Holdings | 90 |
| Net Investment Advisory Fees | $34,769 |
| Portfolio Turnover Rate | 55% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Notes | 7.8% |
| U.S. Treasury Notes | 2.4% |
| U.S. Treasury Bonds | 2.3% |
| U.S. Treasury Notes | 2.3% |
| U.S. Treasury Bonds | 2.3% |
| Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1 | 1.9% |
| Fannie Mae | 1.8% |
| U.S. Treasury Bonds | 1.8% |
| Ford Motor Credit Co. LLC | 1.8% |
| Fannie Mae | 1.7% |
| Value | Value |
|---|
| B+ | 2.03% |
| BB+ | 3.25% |
| A- | 4.06% |
| BB | 4.36% |
| BBB- | 4.67% |
| BB- | 5.12% |
| BBB+ | 6.14% |
| BBB | 6.26% |
| NR | 13.74% |
| A-1+ | 48.89% |
| Other | 2.54% |
| Mortgage Backed Securities | 21.9% |
| Corporate Bonds | 44.2% |
| U.S. Treasury Obligations | 28.9% |
| Investment in Affiliates | 6.1% |
| Value | Value |
|---|
| Other | 2.9% |
| Colombia | 1.0% |
| Panama | 1.2% |
| United Kingdom | 1.4% |
| Netherlands | 3.1% |
| Mexico | 3.8% |
| Luxembourg | 4.1% |
| United States | 83.6% |
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.
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2024
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Strategic Enhanced Yield Fund for the period of September 1, 2023 to August 31, 2024. 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 | $106 | 1.01% |
How did the Fund perform last year?
Starting from a defensive strategy, with a shorter duration than the benchmark and an overweight to emerging market debt (EMD) and high yield securities, we reduced the duration gap and added to the Treasury and Mortgage sectors. The Fund outperformed its benchmark (Bloomberg U.S. Aggregate Bond Index) for the year. The key contributors were emerging market debt and high yield securities. Government-related securities detracted from relative returns. The weakening U.S. labor market and downward trend on inflation continue to push our proprietary Trend Score toward a more neutral position, with a near-certain rate cut in September. We foresee an ongoing decline in the federal funds rate. We maintain our portfolio duration positioning closer to the index, assigning 3%-5% short as a target position. We continue to expect more positive returns for fixed income for the remainder of 2024. Regardless of who wins the 2024 presidential election, we expect the policies of both parties will increase the U.S. deficit. Therefore, we expect the yield curve to continue to normalize over the next three to six months.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| Investor Shares | 9.94% | 0.18% | 1.74% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.04% | 1.34% |
| Lipper Multi-Sector Income Funds Average | 9.97% | 2.42% | 2.79% |
| Net Assets | $14,798,496 |
| Number of Portfolio Holdings | 90 |
| Net Investment Advisory Fees | $34,769 |
| Portfolio Turnover Rate | 55% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Notes | 7.8% |
| U.S. Treasury Notes | 2.4% |
| U.S. Treasury Bonds | 2.3% |
| U.S. Treasury Notes | 2.3% |
| U.S. Treasury Bonds | 2.3% |
| Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1 | 1.9% |
| Fannie Mae | 1.8% |
| U.S. Treasury Bonds | 1.8% |
| Ford Motor Credit Co. LLC | 1.8% |
| Fannie Mae | 1.7% |
| Value | Value |
|---|
| B+ | 2.03% |
| BB+ | 3.25% |
| A- | 4.06% |
| BB | 4.36% |
| BBB- | 4.67% |
| BB- | 5.12% |
| BBB+ | 6.14% |
| BBB | 6.26% |
| NR | 13.74% |
| A-1+ | 48.89% |
| Other | 2.54% |
| Mortgage Backed Securities | 21.9% |
| Corporate Bonds | 44.2% |
| U.S. Treasury Obligations | 28.9% |
| Investment in Affiliates | 6.1% |
| Value | Value |
|---|
| Other | 2.9% |
| Colombia | 1.0% |
| Panama | 1.2% |
| United Kingdom | 1.4% |
| Netherlands | 3.1% |
| Mexico | 3.8% |
| Luxembourg | 4.1% |
| United States | 83.6% |
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.
Strategic Enhanced Yield Fund
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about U.S. Treasury Fund for the period of September 1, 2023 to August 31, 2024. 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 | 0.66% |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
| U.S. Treasury Fund (Administrative Shares) |
|---|
| Aug 14 | $10,000 |
| Aug 15 | $10,000 |
| Aug 16 | $10,001 |
| Aug 17 | $10,009 |
| Aug 18 | $10,089 |
| Aug 19 | $10,253 |
| Aug 20 | $10,309 |
| Aug 21 | $10,310 |
| Aug 22 | $10,331 |
| Aug 23 | $10,715 |
| Aug 24 | $11,230 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Administrative Shares | 4.81% | 1.84% | 1.17% |
| Net Assets | $1,760,417,769 |
| Number of Portfolio Holdings | 17 |
| Net Investment Advisory Fees | $895,445 |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bills | 8.5% |
| U.S. Treasury Bills | 2.9% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.7% |
| Value | Value |
|---|
| AAA | 9.22% |
| A-1+ | 91.18% |
| U.S. Treasury Obligations | 22.5% |
| Repurchase Agreements | 68.7% |
| Investment Companies | 9.2% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about U.S. Treasury Fund for the period of September 1, 2023 to August 31, 2024. 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 | 0.24% |
How did the Fund perform last year?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
Value of a $10,000 Investment
| U.S. Treasury Fund (Institutional Shares) |
|---|
| Aug 14 | $10,000 |
| Aug 15 | $10,000 |
| Aug 16 | $10,003 |
| Aug 17 | $10,038 |
| Aug 18 | $10,160 |
| Aug 19 | $10,369 |
| Aug 20 | $10,453 |
| Aug 21 | $10,453 |
| Aug 22 | $10,488 |
| Aug 23 | $10,924 |
| Aug 24 | $11,497 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Institutional Shares | 5.25% | 2.09% | 1.40% |
| Net Assets | $1,760,417,769 |
| Number of Portfolio Holdings | 17 |
| Net Investment Advisory Fees | $895,445 |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bills | 8.5% |
| U.S. Treasury Bills | 2.9% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.7% |
| Value | Value |
|---|
| AAA | 9.22% |
| A-1+ | 91.18% |
| U.S. Treasury Obligations | 22.5% |
| Repurchase Agreements | 68.7% |
| Investment Companies | 9.2% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about U.S. Treasury Fund for the period of September 1, 2023 to August 31, 2024. 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?
After a clear signal from Fed Chair Jerome Powell that interest rate cuts were imminent, we extended the Funds’ duration to slow the pace of inevitable yield decline by focusing on fixed-rate Treasuries and Agencies. The weighted average maturity (WAM) of our Government Securities Fund is a few days longer than the average while our Treasury Fund’s WAM is a few days shorter. Longer durations will typically outperform the market in declining interest rate environments. Securities purchased as late as the middle of July will have the best and most enduring impact on Fund performance as positive Consumer Price Index data released then sparked a Treasury market rally. Subsequently, any securities purchased after this rally must be weighed against the Fed’s anticipated interest rate decision and the spread benefit that it is expected to create. Markets tend to have exaggerated expectations. We continue to add duration carefully to avoid overpaying for securities as those expectations revert to the mean.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| Select Shares | 5.33% | 2.14% | 2.07% |
| Net Assets | $1,760,417,769 |
| Number of Portfolio Holdings | 17 |
| Net Investment Advisory Fees | $895,445 |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| U.S. Treasury Bills | 8.5% |
| U.S. Treasury Bills | 2.9% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.8% |
| U.S. Treasury Bills | 2.7% |
| Value | Value |
|---|
| AAA | 9.22% |
| A-1+ | 91.18% |
| U.S. Treasury Obligations | 22.5% |
| Repurchase Agreements | 68.7% |
| Investment Companies | 9.2% |
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.
Annual Shareholder Report
August 31, 2024
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Ultra Short Tax-Free Income Fund for the period of September 1, 2023 to August 31, 2024. 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). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved effective. The Fund underperformed its benchmark (Bloomberg 1-Year Municipal Bond Index) for the period ended August 31, 2024, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 3.48% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will begin lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates due to supply/demand imbalances.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| A Shares | 3.33% | 1.03% | 0.84% |
| Bloomberg Municipal Bond Index | 6.09% | 1.02% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 4.21% | 1.39% | 1.60% |
| Net Assets | $10,385,171 |
| Number of Portfolio Holdings | 29 |
| Net Investment Advisory Fees | $19,091 |
| Portfolio Turnover Rate | 130% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| City of Philadelphia PA, GO, Series B | 4.8% |
| City of Colorado Springs CO Utilities System Revenue, Series C | 4.8% |
| Rhode Island Health and Educational Building Corp. Revenue, Series B | 4.8% |
| County of Franklin OH Revenue | 4.8% |
| City of Austin TX Revenue, Series B | 4.6% |
| City of Newark OH, GO, Series B | 4.4% |
| Fort Bend County Municipal Utility District No. 182, GO | 4.4% |
| City of Parma OH, GO | 3.9% |
| City of Warrensville Heights OH, GO | 3.9% |
| Cambridge School District Revenue | 3.9% |
| Value | Value |
|---|
| AA | 7.43% |
| SP-1 | 10.87% |
| A-1 | 20.98% |
| A-1+ | 13.48% |
| NR | 49.96% |
| Municipal Bonds | 102.4% |
| Investment in Affiliates | 0.3% |
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.
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2024
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Ultra Short Tax-Free Income Fund for the period of September 1, 2023 to August 31, 2024. 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 | $36 | 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). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved effective. The Fund underperformed its benchmark (Bloomberg 1-Year Municipal Bond Index) for the period ended August 31, 2024, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 3.48% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will begin lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates due to supply/demand imbalances.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| Institutional Shares | 3.58% | 1.26% | 1.27% |
| Bloomberg Municipal Bond Index | 6.09% | 1.02% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 4.21% | 1.39% | 1.60% |
| Net Assets | $10,385,171 |
| Number of Portfolio Holdings | 29 |
| Net Investment Advisory Fees | $19,091 |
| Portfolio Turnover Rate | 130% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| City of Philadelphia PA, GO, Series B | 4.8% |
| City of Colorado Springs CO Utilities System Revenue, Series C | 4.8% |
| Rhode Island Health and Educational Building Corp. Revenue, Series B | 4.8% |
| County of Franklin OH Revenue | 4.8% |
| City of Austin TX Revenue, Series B | 4.6% |
| City of Newark OH, GO, Series B | 4.4% |
| Fort Bend County Municipal Utility District No. 182, GO | 4.4% |
| City of Parma OH, GO | 3.9% |
| City of Warrensville Heights OH, GO | 3.9% |
| Cambridge School District Revenue | 3.9% |
| Value | Value |
|---|
| AA | 7.43% |
| SP-1 | 10.87% |
| A-1 | 20.98% |
| A-1+ | 13.48% |
| NR | 49.96% |
| Municipal Bonds | 102.4% |
| Investment in Affiliates | 0.3% |
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.
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2024
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about Ultra Short Tax-Free Income Fund for the period of September 1, 2023 to August 31, 2024. 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). While both the fixed and variable rate sectors of the short end of the municipal market experienced volatility during the period, the overall strategy of targeting a shorter duration proved effective. The Fund underperformed its benchmark (Bloomberg 1-Year Municipal Bond Index) for the period ended August 31, 2024, primarily due to its shorter duration. Short-term municipal market volatility was especially true for VRDN rates. But despite several swings of more than 100 basis points (1.00%) for the SIFMA Index, it averaged 3.48% for the period and helped the Fund maintain an attractive tax-equivalent yield. Now that the Federal Reserve has indicated that it will begin lowering the overnight lending rate, the Fund will look to extend its duration via purchases in the fixed rate market. We plan to continue to maintain a core position of VRDNs as they provide liquidity as well as attractive rates due to supply/demand imbalances.
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 |
Average Annual Total Returns
| 1 Year | 5 Year | Since Inception |
|---|
| Investor Shares | 3.37% | 1.01% | 0.98% |
| Bloomberg Municipal Bond Index | 6.09% | 1.02% | 2.13% |
| Bloomberg 1-Year Municipal Bond Index | 4.21% | 1.39% | 1.60% |
| Net Assets | $10,385,171 |
| Number of Portfolio Holdings | 29 |
| Net Investment Advisory Fees | $19,091 |
| Portfolio Turnover Rate | 130% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| City of Philadelphia PA, GO, Series B | 4.8% |
| City of Colorado Springs CO Utilities System Revenue, Series C | 4.8% |
| Rhode Island Health and Educational Building Corp. Revenue, Series B | 4.8% |
| County of Franklin OH Revenue | 4.8% |
| City of Austin TX Revenue, Series B | 4.6% |
| City of Newark OH, GO, Series B | 4.4% |
| Fort Bend County Municipal Utility District No. 182, GO | 4.4% |
| City of Parma OH, GO | 3.9% |
| City of Warrensville Heights OH, GO | 3.9% |
| Cambridge School District Revenue | 3.9% |
| Value | Value |
|---|
| AA | 7.43% |
| SP-1 | 10.87% |
| A-1 | 20.98% |
| A-1+ | 13.48% |
| NR | 49.96% |
| Municipal Bonds | 102.4% |
| Investment in Affiliates | 0.3% |
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.
Ultra Short Tax-Free Income Fund
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about World Energy Fund for the period of September 1, 2023 to August 31, 2024. 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 | $117 | 1.15% |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
| World Energy Fund (A Shares) | MSCI World Energy Index | S&P 500 Index |
|---|
| Aug 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $7,493 | $6,712 | $10,048 |
| Aug 16 | $7,612 | $7,130 | $11,309 |
| Aug 17 | $7,168 | $7,178 | $13,145 |
| Aug 18 | $8,485 | $8,770 | $15,730 |
| Aug 19 | $6,079 | $7,239 | $16,189 |
| Aug 20 | $5,706 | $5,055 | $19,740 |
| Aug 21 | $8,350 | $6,848 | $25,893 |
| Aug 22 | $11,986 | $10,663 | $22,986 |
| Aug 23 | $13,276 | $12,152 | $26,650 |
| Aug 24 | $13,755 | $13,199 | $33,882 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| A Shares | 3.61% | 17.74% | 3.24% |
| MSCI World Energy Index | 8.61% | 12.76% | 2.81% |
| S&P 500 Index | 27.14% | 15.92% | 12.98% |
| Net Assets | $97,887,083 |
| Number of Portfolio Holdings | 88 |
| Net Investment Advisory Fees | $535,363 |
| Portfolio Turnover Rate | 161% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| Coterra Energy, Inc. | 4.5% |
| Cameco Corp. | 4.2% |
| Diamondback Energy, Inc. | 4.2% |
| Matador Resources Co. | 3.8% |
| Marathon Petroleum Corp. | 3.7% |
| Expro Group Holdings NV | 3.7% |
| TechnipFMC PLC | 3.6% |
| Weatherford International PLC | 3.5% |
| Permian Resources Corp. | 3.5% |
| Chesapeake Energy Corp. | 3.4% |
| Value | Value |
|---|
| Information Technology | 3.5% |
| Industrials | 15.1% |
| Energy | 77.6% |
| Other | 0.8% |
| Common Stocks | 91.9% |
| Corporate Bonds | 4.6% |
| Investment in Affiliates | 1.1% |
| Exchange Traded Fund | 2.1% |
| Value | Value |
|---|
| Other | 1.5% |
| Cayman Islands | 1.0% |
| France | 2.1% |
| Canada | 8.2% |
| United Kingdom | 9.4% |
| United States | 77.5% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about World Energy Fund for the period of September 1, 2023 to August 31, 2024. 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 | $193 | 1.90% |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
| World Energy Fund (C Shares) | MSCI World Energy Index | S&P 500 Index |
|---|
| Aug 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $7,432 | $6,712 | $10,048 |
| Aug 16 | $7,506 | $7,130 | $11,309 |
| Aug 17 | $7,011 | $7,178 | $13,145 |
| Aug 18 | $8,239 | $8,770 | $15,730 |
| Aug 19 | $5,864 | $7,239 | $16,189 |
| Aug 20 | $5,460 | $5,055 | $19,740 |
| Aug 21 | $7,932 | $6,848 | $25,893 |
| Aug 22 | $11,296 | $10,663 | $22,986 |
| Aug 23 | $12,417 | $12,152 | $26,650 |
| Aug 24 | $12,767 | $13,199 | $33,882 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| C Shares | 2.82% | 16.84% | 2.47% |
| MSCI World Energy Index | 8.61% | 12.76% | 2.81% |
| S&P 500 Index | 27.14% | 15.92% | 12.98% |
| Net Assets | $97,887,083 |
| Number of Portfolio Holdings | 88 |
| Net Investment Advisory Fees | $535,363 |
| Portfolio Turnover Rate | 161% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| Coterra Energy, Inc. | 4.5% |
| Cameco Corp. | 4.2% |
| Diamondback Energy, Inc. | 4.2% |
| Matador Resources Co. | 3.8% |
| Marathon Petroleum Corp. | 3.7% |
| Expro Group Holdings NV | 3.7% |
| TechnipFMC PLC | 3.6% |
| Weatherford International PLC | 3.5% |
| Permian Resources Corp. | 3.5% |
| Chesapeake Energy Corp. | 3.4% |
| Value | Value |
|---|
| Information Technology | 3.5% |
| Industrials | 15.1% |
| Energy | 77.6% |
| Other | 0.8% |
| Common Stocks | 91.9% |
| Corporate Bonds | 4.6% |
| Investment in Affiliates | 1.1% |
| Exchange Traded Fund | 2.1% |
| Value | Value |
|---|
| Other | 1.5% |
| Cayman Islands | 1.0% |
| France | 2.1% |
| Canada | 8.2% |
| United Kingdom | 9.4% |
| United States | 77.5% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about World Energy Fund for the period of September 1, 2023 to August 31, 2024. 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 | $92 | 0.90% |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
| World Energy Fund (Institutional Shares) | MSCI World Energy Index | S&P 500 Index |
|---|
| Aug 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $7,504 | $6,712 | $10,048 |
| Aug 16 | $7,660 | $7,130 | $11,309 |
| Aug 17 | $7,225 | $7,178 | $13,145 |
| Aug 18 | $8,577 | $8,770 | $15,730 |
| Aug 19 | $6,165 | $7,239 | $16,189 |
| Aug 20 | $5,800 | $5,055 | $19,740 |
| Aug 21 | $8,514 | $6,848 | $25,893 |
| Aug 22 | $12,244 | $10,663 | $22,986 |
| Aug 23 | $13,592 | $12,152 | $26,650 |
| Aug 24 | $14,125 | $13,199 | $33,882 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Institutional Shares | 3.92% | 18.04% | 3.51% |
| MSCI World Energy Index | 8.61% | 12.76% | 2.81% |
| S&P 500 Index | 27.14% | 15.92% | 12.98% |
| Net Assets | $97,887,083 |
| Number of Portfolio Holdings | 88 |
| Net Investment Advisory Fees | $535,363 |
| Portfolio Turnover Rate | 161% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| Coterra Energy, Inc. | 4.5% |
| Cameco Corp. | 4.2% |
| Diamondback Energy, Inc. | 4.2% |
| Matador Resources Co. | 3.8% |
| Marathon Petroleum Corp. | 3.7% |
| Expro Group Holdings NV | 3.7% |
| TechnipFMC PLC | 3.6% |
| Weatherford International PLC | 3.5% |
| Permian Resources Corp. | 3.5% |
| Chesapeake Energy Corp. | 3.4% |
| Value | Value |
|---|
| Information Technology | 3.5% |
| Industrials | 15.1% |
| Energy | 77.6% |
| Other | 0.8% |
| Common Stocks | 91.9% |
| Corporate Bonds | 4.6% |
| Investment in Affiliates | 1.1% |
| Exchange Traded Fund | 2.1% |
| Value | Value |
|---|
| Other | 1.5% |
| Cayman Islands | 1.0% |
| France | 2.1% |
| Canada | 8.2% |
| United Kingdom | 9.4% |
| United States | 77.5% |
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.
Annual Shareholder Report
August 31, 2024
Annual Shareholder Report
August 31, 2024
This Annual shareholder report contains important information about World Energy Fund for the period of September 1, 2023 to August 31, 2024. 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 | $117 | 1.15% |
How did the Fund perform last year?
During the year, we favored international offshore services while maintaining allocations to oil and gas-related exploration and production, alternative energy, and fixed income. The Fund underperformed its benchmark (S&P 500 Index) but earned a modest gain against the backdrop of declining oil and gas prices. Domestic U.S. and offshore supply surprises coupled with weak demand pressured commodity prices. The Fund’s fixed income holdings contributed to performance. However, alternative energy struggled, as nuclear stocks had mixed results. International offshore services stocks diverged, with some services stocks up significantly. However, offshore drilling rig companies had losses. Oil and gas-related exploration and production companies were weak but we realized some gains from low-cost producers that made acquisitions. We view the past year as a pullback in an uptrend for energy markets. We see the valuation of traditional energy equities favorably. We are increasing our investment outside of fossil fuels toward nuclear energy and companies that we see benefiting from trends toward electric vehicles and use of artificial intelligence.
Value of a $10,000 Investment
| World Energy Fund (Investor Shares) | MSCI World Energy Index | S&P 500 Index |
|---|
| Aug 14 | $10,000 | $10,000 | $10,000 |
| Aug 15 | $7,483 | $6,712 | $10,048 |
| Aug 16 | $7,608 | $7,130 | $11,309 |
| Aug 17 | $7,161 | $7,178 | $13,145 |
| Aug 18 | $8,470 | $8,770 | $15,730 |
| Aug 19 | $6,076 | $7,239 | $16,189 |
| Aug 20 | $5,700 | $5,055 | $19,740 |
| Aug 21 | $8,349 | $6,848 | $25,893 |
| Aug 22 | $11,972 | $10,663 | $22,986 |
| Aug 23 | $13,255 | $12,152 | $26,650 |
| Aug 24 | $13,742 | $13,199 | $33,882 |
Average Annual Total Returns
| 1 Year | 5 Year | 10 Year |
|---|
| Investor Shares | 3.67% | 17.73% | 3.23% |
| MSCI World Energy Index | 8.61% | 12.76% | 2.81% |
| S&P 500 Index | 27.14% | 15.92% | 12.98% |
| Net Assets | $97,887,083 |
| Number of Portfolio Holdings | 88 |
| Net Investment Advisory Fees | $535,363 |
| Portfolio Turnover Rate | 161% |
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
(as of 8/31/2024)
The tables below provide additional information about the Fund's investments.
| Coterra Energy, Inc. | 4.5% |
| Cameco Corp. | 4.2% |
| Diamondback Energy, Inc. | 4.2% |
| Matador Resources Co. | 3.8% |
| Marathon Petroleum Corp. | 3.7% |
| Expro Group Holdings NV | 3.7% |
| TechnipFMC PLC | 3.6% |
| Weatherford International PLC | 3.5% |
| Permian Resources Corp. | 3.5% |
| Chesapeake Energy Corp. | 3.4% |
| Value | Value |
|---|
| Information Technology | 3.5% |
| Industrials | 15.1% |
| Energy | 77.6% |
| Other | 0.8% |
| Common Stocks | 91.9% |
| Corporate Bonds | 4.6% |
| Investment in Affiliates | 1.1% |
| Exchange Traded Fund | 2.1% |
| Value | Value |
|---|
| Other | 1.5% |
| Cayman Islands | 1.0% |
| France | 2.1% |
| Canada | 8.2% |
| United Kingdom | 9.4% |
| United States | 77.5% |
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.
Annual Shareholder Report
August 31, 2024
(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.
2024 2023
(a) Audit Fees $116,905 $143,840
2024 2023
(b) Audit-Related Fees $47,925 $37,925
2024 2023
(c) Tax Fees* $43,818 $45,666
* Related to preparation of federal income and excise tax returns, state tax returns and review of capital gain distribution calculations. These fees also include review of the final income tax provision calculation and preparation of the final tax return for Cavanal Hill Opportunistic Fund and review of the final income tax provision calculation, preparation of the final tax return and review of the tax-free merger opinion for Cavanal Hill Moderate Duration Fund.
2024 2023
(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:
2024 2023
100% 100%
(f) All of the work in connection with the audit of the Registrant during the years ended August 31, 2023 and 2024 was performed by full-time employees of the Registrant’s principal accountant.
(g) The aggregate fees billed for each of the last two fiscal years for professional services rendered by PricewaterhouseCoopers LLP for tax compliance, tax advice, and tax planning were as follows:
2024 2023
$91,743 $83,591
(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:
2024 2023
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.
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
Fund
Hedged
Income
Fund
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-NMFP.
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
35
Financial
Highlights
46
Report
of
Independent
Registered
Public
Accounting
Firm
62
Additional
Fund
Information
(Unaudited)
64
See
notes
to
financial
statements.
Statements
of
Assets
and
Liabilities
August
31,
2024
U.S.
Treasury
Fund
Government
Securities
Money
Market
Fund
Assets:
Investments,
at
cost
..................................................................................................................
$
557,500,708
$
1,558,557,418
Investments,
at
value
.................................................................................................................
557,500,708
1,558,557,418
Repurchase
agreements,
at
value/cost
.................................................................................................
1,210,000,000
1,190,000,000
Total
Investments
..............................................................................................................
1,767,500,708
2,748,557,418
Interest
and
dividends
receivable
.....................................................................................................
1,084,811
8,023,841
Receivable
for
capital
shares
reinvested
...............................................................................................
12,892
2,860,151
Prepaid
expenses
and
other
assets
....................................................................................................
22,103
342,491
Total
Assets
....................................................................................................................
1,768,620,514
2,759,783,901
Liabilities:
Distributions
payable
.................................................................................................................
7,223,035
11,462,266
Accrued
expenses
and
other
payables:
Investment
advisory
fees
..........................................................................................................
76,379
116,676
Administration
fees
................................................................................................................
76,379
116,676
Distribution
fees
...................................................................................................................
340,756
342,974
Custodian
fees
....................................................................................................................
15,276
23,335
Trustee
fees
.......................................................................................................................
7,348
11,991
Fund
accounting
and
compliance
fees
.............................................................................................
36,514
56,096
Transfer
agent
fees
................................................................................................................
9,742
27,809
Shareholder
servicing
fees
........................................................................................................
353,742
140,514
Other
accrued
liabilities
...........................................................................................................
63,574
127,834
Total
Liabilities
.................................................................................................................
8,202,745
12,426,171
Net
Assets
.....................................................................................................................
$
1,760,417,769
$
2,747,357,730
Composition
of
Net
Assets:
Shares
of
beneficial
interest,
at
par
....................................................................................................
$
17,604
$
27,481
Additional
paid-in
capital
.............................................................................................................
1,760,401,438
2,747,331,272
Total
distributable
earnings/(loss)
(1,273)
(1,023)
Net
Assets
.....................................................................................................................
$
1,760,417,769
$
2,747,357,730
Net
Assets:
Administrative
Shares
................................................................................................................
$
1,558,137,447
$
584,235,012
Institutional
Shares
...................................................................................................................
196,806,013
249,784,532
Select
Shares
.........................................................................................................................
5,474,309
1,408,658,023
Premier
Shares
.......................................................................................................................
—
504,680,163
Total
...........................................................................................................................
$
1,760,417,769
$
2,747,357,730
Shares
Outstanding:
($0.00001
par
value
per
share,
unlimited
number
of
shares
authorized)
Administrative
Shares
................................................................................................................
1,558,135,936
584,574,162
Institutional
Shares
...................................................................................................................
196,807,13
7
249,865,329
Select
Shares
.........................................................................................................................
5,474,202
1,408,974,853
Premier
Shares
.......................................................................................................................
—
504,716,120
Total
...........................................................................................................................
1,760,417,27
5
2,748,130,464
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
See
notes
to
financial
statements.
Statements
of
Assets
and
Liabilities
August
31,
2024
Limited
Duration
Fund
Bond
Fund
Strategic
Enhanced
Yield
Fund
Assets:
Investments,
at
cost
............................................................................................
$
39,504,234
$
126,457,325
$
13,737,527
Investments
in
affiliates,
at
cost
.................................................................................
1,399,907
1,066,727
895,853
Total
Investments,
at
cost
.................................................................................
40,904,141
127,524,052
14,633,380
Investments,
at
value
...........................................................................................
36,575,069
121,986,182
14,059,570
Investments
in
affiliates,
at
value
................................................................................
1,399,907
1,066,727
895,853
Total
Investments,
at
value
...............................................................................
37,974,976
123,052,909
14,955,423
Interest
and
dividends
receivable
...............................................................................
242,473
756,758
139,511
Receivable
for
capital
shares
issued
.............................................................................
7,116
5,940
22,175
Receivable
for
capital
shares
reinvested
.........................................................................
61,314
132,943
12,575
Receivable
for
investments
sold
.................................................................................
82
—
—
Receivable
from
adviser
........................................................................................
29,886
—
4,906
Prepaid
expenses
and
other
assets
..............................................................................
36,017
20,644
6,866
Total
Assets
..............................................................................................
38,351,864
123,969,194
15,141,456
Liabilities:
Distributions
payable
...........................................................................................
99,999
382,813
53,236
Payable
to
custodian
...........................................................................................
—
—
152,104
Payable
for
investments
purchased
.............................................................................
—
—
77,945
Payable
for
capital
shares
redeemed
............................................................................
65,023
72,259
46,516
Accrued
expenses
and
other
payables:
Investment
advisory
fees
....................................................................................
6,401
20,898
5,841
Administration
fees
..........................................................................................
3,191
8,359
934
Distribution
fees
.............................................................................................
1,104
173
32
Custody
fees
................................................................................................
399
1,045
117
Trustee
fees
.................................................................................................
106
395
33
Fund
accounting
and
compliance
fees
.......................................................................
4,402
5,433
823
Transfer
agent
fees
..........................................................................................
7,663
7,315
4,601
Shareholder
servicing
fees
..................................................................................
1,794
354
—
Other
accrued
liabilities
.....................................................................................
2,395
4,049
778
Total
Liabilities
...........................................................................................
192,477
503,093
342,960
Net
Assets
...............................................................................................
$
38,159,387
$
123,466,101
$
14,798,496
Composition
of
Net
Assets:
Shares
of
beneficial
interest,
at
par
..............................................................................
$
41
$
144
$
17
Additional
paid-in
capital
.......................................................................................
54,375,657
140,008,108
17,101,532
Total
distributable
earnings/(loss)
(16,216,311)
(16,542,151)
(2,303,053)
Net
Assets
...............................................................................................
$
38,159,387
$
123,466,101
$
14,798,496
Net
Assets:
Investor
Shares
.................................................................................................
$
3,627,102
$
716,650
$
24,935
Institutional
Shares
.............................................................................................
32,891,823
122,690,470
14,646,451
A
Shares
.......................................................................................................
1,640,462
58,981
127,110
Total
.....................................................................................................
$
38,159,387
$
123,466,101
$
14,798,496
Shares
Outstanding:
($0.00001
par
value
per
share,
unlimited
number
of
shares
authorized)
Investor
Shares
.................................................................................................
390,609
83,251
2,775
Institutional
Shares
.............................................................................................
3,544,149
14,290,160
1,651,626
A
Shares
.......................................................................................................
176,568
6,853
14,331
Total
.....................................................................................................
4,111,326
14,380,264
1,668,732
Net
Asset
Value,
offering
price
&
redemption
price
per
share:
Investor
Shares
.................................................................................................
$
9.29
$
8.61
$
8.99
Institutional
Shares
.............................................................................................
$
9.28
$
8.59
$
8.87
A
Shares
.......................................................................................................
$
9.29
$
8.61
$
8.87
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
$
8.79
$
9.05
See
notes
to
financial
statements.
Statements
of
Assets
and
Liabilities
August
31,
2024
Ultra
Short
Tax-
Free
Income
Fund
World
Energy
Fund
Hedged
Income
Fund
Assets:
Investments,
at
cost
.......................................................................................
$
10,630,841
$
81,665,735
$
23,367,749
Investments
in
affiliates,
at
cost
............................................................................
32,154
1,050,382
344,418
Total
Investments,
at
cost
............................................................................
10,662,995
82,716,117
23,712,167
Investments,
at
value
......................................................................................
10,635,260
96,538,876
29,194,713
Investments
in
affiliates,
at
value
...........................................................................
32,154
1,050,382
344,418
Total
Investments,
at
value
..........................................................................
10,667,414
97,589,258
29,539,131
Interest
and
dividends
receivable
..........................................................................
140,909
434,617
58,649
Receivable
for
capital
shares
issued
........................................................................
—
52,552
120
Receivable
for
capital
shares
reinvested
....................................................................
1,684
—
—
Receivable
from
adviser
...................................................................................
6,769
4,880
2,443
Receivable
from
fees
waived
or
reimbursed
................................................................
237
—
2,588
Prepaid
expenses
and
other
assets
.........................................................................
6,941
14,858
8,748
Total
Assets
.........................................................................................
10,823,954
98,096,165
29,611,679
Liabilities:
Written
Options
(Premiums
received
$0,
$0
and
$1,620,502,
respectively)
..................................
—
—
1,416,222
Distributions
payable
......................................................................................
29,316
—
—
Payable
to
custodian
......................................................................................
—
1
—
Payable
for
investments
purchased
........................................................................
401,260
—
—
Payable
for
capital
shares
redeemed
.......................................................................
—
118,522
—
Accrued
expenses
and
other
payables:
Investment
advisory
fees
...............................................................................
1,311
48,254
18,863
Administration
fees
.....................................................................................
700
6,434
1,886
Distribution
fees
........................................................................................
4
10,637
263
Custody
fees
...........................................................................................
88
804
236
Trustee
fees
............................................................................................
30
326
82
Fund
accounting
and
compliance
fees
..................................................................
535
2,070
736
Transfer
agent
fees
.....................................................................................
4,841
9,767
5,086
Shareholder
servicing
fees
.............................................................................
—
8,000
—
Other
accrued
liabilities
................................................................................
698
4,267
904
Total
Liabilities
......................................................................................
438,783
209,082
1,444,278
Net
Assets
..........................................................................................
$
10,385,171
$
97,887,083
$
28,167,401
Composition
of
Net
Assets:
Shares
of
beneficial
interest,
at
par
.........................................................................
$
10
$
71
$
25
Additional
paid-in
capital
..................................................................................
10,381,317
96,811,317
26,099,834
Total
distributable
earnings/(loss)
3,844
1,075,695
2,067,542
Net
Assets
..........................................................................................
$
10,385,171
$
97,887,083
$
28,167,401
Net
Assets:
Investor
Shares
............................................................................................
$
1,943
$
17,168,852
$
85,322
Institutional
Shares
........................................................................................
10,365,892
70,221,344
26,900,934
A
Shares
..................................................................................................
17,336
2,893,607
1,181,145
C
Shares
..................................................................................................
—
7,603,280
—
Total
................................................................................................
$
10,385,171
$
97,887,083
$
28,167,401
Shares
Outstanding:
($0.00001
par
value
per
share,
unlimited
number
of
shares
authorized)
Investor
Shares
............................................................................................
195
1,245,235
7,574
Institutional
Shares
........................................................................................
1,032,682
5,088,961
2,388,067
A
Shares
..................................................................................................
1,732
210,412
104,950
C
Shares
..................................................................................................
—
558,941
—
Total
................................................................................................
1,034,609
7,103,549
2,500,591
Net
Asset
Value,
offering
price
&
redemption
price
per
share:
Investor
Shares
............................................................................................
$
9.99
$
13.79
$
11.27
Institutional
Shares
........................................................................................
$
10.04
$
13.80
$
11.26
A
Shares
..................................................................................................
$
10.01
$
13.75
$
11.25
C
Shares
..................................................................................................
$
—
$
13.60
$
—
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
..................................................................................................
$
10.11
$
14.03
$
11.48
See
notes
to
financial
statements.
Statements
of
Operations
August
31,
2024
U.S.
Treasury
Fund
Government
Securities
Money
Market
Fund
Investment
Income:
Interest
income
.......................................................................................................................
$
87,126,881
$
132,649,380
Dividend
income
.....................................................................................................................
8,887,371
9,605,803
Total
income
......................................................................................................................
96,014,252
142,255,183
Expenses:
Investment
advisory
fees
..............................................................................................................
895,445
1,321,857
Administration
fees
...................................................................................................................
895,445
1,321,857
Distribution
fees
-
Administrative
Shares
..............................................................................................
3,985,431
1,516,857
Distribution
fees
-
Premier
Shares
....................................................................................................
—
2,555,837
Shareholder
servicing
fees
-
Administrative
Shares
....................................................................................
3,985,431
1,516,857
Shareholder
servicing
fees
-
Institutional
Shares
......................................................................................
476,107
580,595
Shareholder
servicing
fees
-
Select
Shares
............................................................................................
15,657
3,233,865
Shareholder
servicing
fees
-
Premier
Shares
..........................................................................................
—
1,277,919
Fund
accounting
and
compliance
fees
................................................................................................
363,727
530,844
Transfer
agent
fees
....................................................................................................................
69,160
167,691
Custodian
fees
.......................................................................................................................
179,041
264,188
Trustee
fees
...........................................................................................................................
69,904
92,069
Professional
fees
.....................................................................................................................
196,999
289,272
Printing
fees
..........................................................................................................................
18,561
24,374
Registration
fees
......................................................................................................................
31,373
805,787
Other
expenses
.......................................................................................................................
188,680
262,872
Total
expenses
before
fee
and
expense
reductions
..................................................................................
11,370,961
15,762,741
Shareholder
servicing
fees
waived
-
Administrative
Shares
............................................................................
(278)
(7,340)
Shareholder
servicing
fees
waived
-
Institutional
Shares
...............................................................................
(323,767)
(400,215)
Shareholder
servicing
fees
waived
-
Select
Shares
....................................................................................
(15,657)
(3,231,994)
Shareholder
servicing
fees
waived
-
Premier
Shares
...................................................................................
—
(1,277,919)
Net
expenses
......................................................................................................................
11,031,259
10,845,273
Net
investment
income/(loss)
.........................................................................................................
84,982,993
131,409,910
Realized/Unrealized
Gains/(Losses)
on
Investments:
Net
realized
gains/(losses)
from
unaffiliated
investments
..............................................................................
173
—
Net
realized/unrealized
gains/(losses)
on
investments
..............................................................................
173
—
Change
in
net
assets
resulting
from
operations
....................................................................................
$
84,983,166
$
131,409,910
See
notes
to
financial
statements.
Statements
of
Operations
August
31,
2024
Limited
Duration
Fund
Bond
Fund
Strategic
Enhanced
Yield
Fund
Ultra
Short
Tax-
Free
Income
Fund
Investment
Income:
Interest
income
..................................................................
$
1,144,750
$
4,758,140
$
386,798
$
448,037
Dividend
income
from
affiliates
..................................................
60,831
107,515
11,499
15,745
Total
income
.................................................................
1,205,581
4,865,655
398,297
463,782
Expenses:
Investment
advisory
fees
.........................................................
48,128
240,009
34,769
19,091
Administration
fees
..............................................................
25,669
96,004
5,563
10,182
Distribution
fees
-
Investor
Shares
...............................................
3,760
2,316
417
6
Distribution
fees
-
A
Shares
......................................................
5,554
140
309
44
Shareholder
servicing
fees
-
Investor
Shares
.....................................
3,760
2,316
417
6
Shareholder
servicing
fees
-
Institutional
Shares
.................................
70,900
297,554
16,658
31,768
Shareholder
servicing
fees
-
A
Shares
...........................................
2,221
56
124
18
Fund
accounting
and
compliance
fees
...........................................
33,358
49,896
7,299
6,329
Transfer
agent
fees
...............................................................
61,068
62,881
51,905
48,051
Custodian
fees
..................................................................
2,199
10,919
—
1,360
Trustee
fees
......................................................................
1,092
4,242
231
460
Professional
fees
................................................................
5,463
13,516
1,273
2,307
Printing
fees
.....................................................................
6,062
5,910
2,265
1,647
Registration
fees
.................................................................
43,545
44,340
42,753
42,735
Other
expenses
..................................................................
4,783
10,148
3,868
3,778
Total
expenses
before
fee
and
expense
reductions
.............................
317,562
840,247
167,851
167,782
Investment
advisory
fees
waived/expenses
reimbursed
by
Investment
Adviser
....
(1,427)
(1,074)
(98,280)
(91,958)
Administration
fees
waived
......................................................
(507)
(1,073)
(96)
(161)
Shareholder
servicing
fees
waived
-
Investor
Shares
.............................
(3,760)
(2,316)
(170)
(5)
Shareholder
servicing
fees
waived
-
Institutional
Shares
..........................
(66,628)
(297,045)
(15,392)
(31,151)
Shareholder
servicing
fees
waived
-
A
Shares
....................................
—
(56)
(170)
(18)
Net
expenses
.................................................................
245,240
538,683
53,743
44,489
Net
investment
income/(loss)
....................................................
960,341
4,326,972
344,554
419,293
Realized/Unrealized
Gains/(Losses)
on
Investments:
Net
realized
gains/(losses)
from
unaffiliated
investments
.........................
(24,482)
(1,803,104)
21,618
(5)
Change
in
unrealized
appreciation/(depreciation)
on
unaffiliated
investments
.....
1,479,438
6,471,862
473,071
21,427
Net
realized/unrealized
gains/(losses)
on
investments
.........................
1,454,956
4,668,758
494,689
21,422
Change
in
net
assets
resulting
from
operations
...............................
$
2,415,297
$
8,995,730
$
839,243
$
440,715
See
notes
to
financial
statements.
Statements
of
Operations
August
31,
2024
World
Energy
Fund
Hedged
Income
Fund
Investment
Income:
Interest
income
.......................................................................................................................
$
253,215
$
—
Dividend
income
.....................................................................................................................
2,536,803
746,713
Dividend
income
from
affiliates
.......................................................................................................
54,053
37,125
Foreign
tax
withholding
...............................................................................................................
(35,128)
—
Total
income
......................................................................................................................
2,808,943
783,838
Expenses:
Investment
advisory
fees
..............................................................................................................
535,363
232,682
Administration
fees
...................................................................................................................
71,382
23,268
Distribution
fees
-
Investor
Shares
....................................................................................................
44,896
276
Distribution
fees
-
A
Shares
...........................................................................................................
6,563
2,095
Distribution
fees
-
C
Shares
..........................................................................................................
73,387
—
Shareholder
servicing
fees
-
Investor
Shares
..........................................................................................
44,895
276
Shareholder
servicing
fees
-
Institutional
Shares
......................................................................................
153,262
70,342
Shareholder
servicing
fees
-
A
Shares
................................................................................................
2,625
838
Shareholder
servicing
fees
-
C
Shares
................................................................................................
18,347
—
Fund
accounting
and
compliance
fees
................................................................................................
20,362
7,726
Transfer
agent
fees
....................................................................................................................
86,146
53,861
Custodian
fees
.......................................................................................................................
7,793
2,979
Trustee
fees
...........................................................................................................................
3,236
1,056
Professional
fees
.....................................................................................................................
9,138
3,462
Printing
fees
..........................................................................................................................
29,219
6,896
Registration
fees
......................................................................................................................
58,424
42,884
Other
expenses
.......................................................................................................................
10,103
4,746
Total
expenses
before
fee
and
expense
reductions
..................................................................................
1,175,141
453,387
Investment
advisory
fees
waived/expenses
reimbursed
by
Investment
Adviser
.........................................................
(92,151)
(59,805)
Administration
fees
waived
...........................................................................................................
(463)
(359)
Shareholder
servicing
fees
waived
-
Investor
Shares
..................................................................................
(27,754)
(276)
Shareholder
servicing
fees
waived
-
Institutional
Shares
...............................................................................
(109,985)
(70,321)
Shareholder
servicing
fees
waived
-
A
Shares
.........................................................................................
(2,107)
(761)
Shareholder
servicing
fees
waived
-
C
Shares
.........................................................................................
(15,271)
—
Net
expenses
......................................................................................................................
927,410
321,865
Net
investment
income/(loss)
.........................................................................................................
1,881,533
461,973
Realized/Unrealized
Gains/(Losses)
on
Investments:
Net
realized
gains/(losses)
from
unaffiliated
investments
..............................................................................
1,507,388
283,039
Net
realized
gains/(losses)
from
written
options
contracts
.............................................................................
—
(811,171)
Change
in
unrealized
appreciation/(depreciation)
on
unaffiliated
investments
..........................................................
(559,180)
3,212,044
Change
in
unrealized
appreciation/(depreciation)
on
written
options
contracts
.........................................................
—
(282,507)
Net
realized/unrealized
gains/(losses)
on
investments
..............................................................................
948,208
2,401,405
Change
in
net
assets
resulting
from
operations
....................................................................................
$
2,829,741
$
2,863,378
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2024
U.S.
Treasury
Fund
Government
Securities
Money
Market
Fund
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
From
Investment
Activities:
Operations:
Net
investment
income
..............................................
$
84,982,993
$
49,353,903
$
131,409,910
$
99,554,544
Net
realized
gains/(losses)
from
investment
transactions
..............
173
—
—
—
Change
in
net
assets
resulting
from
operations
..........................
84,983,166
49,353,903
131,409,910
99,554,544
Distributions
to
Shareholders:
Administrative
Shares
...............................................
(74,909,647)
(41,814,990)
(28,468,431)
(24,553,485)
Service
Shares
......................................................
—
(1,905,466)
(a)
—
—
Institutional
Shares
..................................................
(9,747,577)
(5,357,370)
(11,872,515)
(6,201,697)
Select
Shares
.......................................................
(325,785)
(275,378)
(67,114,775)
(47,235,533)
Premier
Shares
......................................................
—
—
(23,954,444)
(21,562,129)
Change
in
net
assets
from
shareholder
distributions
.....................
(84,983,009)
(49,353,204)
(131,410,165)
(99,552,844)
Change
in
net
assets
from
capital
transactions
...........................
19,275,322
794,011,887
192,919,718
383,321,872
Change
in
net
assets
....................................................
19,275,479
794,012,586
192,919,463
383,323,572
Net
Assets:
Beginning
of
year
....................................................
1,741,142,290
947,129,704
2,554,438,267
2,171,114,695
End
of
year
..........................................................
$
1,760,417,769
$
1,741,142,290
$
2,747,357,730
$
2,554,438,267
Capital
Share
Transactions*:
Administrative
Shares
Issued
..............................................................
1,741,346,070
2,130,992,466
808,910,863
913,933,849
Reinvested
..........................................................
71,429
9,435
350,764
130,648
Redeemed
...........................................................
(1,743,629,287)
(1,401,561,228)
(827,887,371)
(977,408,473)
Change
in
Administrative
Shares
.................................
(2,211,788)
729,440,673
(18,625,744)
(63,343,976)
Service
Shares
Issued
..............................................................
—
141,263,215
(a)
—
—
Reinvested
..........................................................
—
63,835
(a)
—
—
Redeemed
...........................................................
—
(197,757,009)
(a)
—
—
Change
in
Service
Shares
........................................
—
(56,429,959)
—
—
Institutional
Shares
Issued
..............................................................
490,835,308
415,892,527
455,113,421
785,051,677
Reinvested
..........................................................
—
—
617,317
171,321
Redeemed
...........................................................
(470,685,139)
(288,694,160)
(444,125,141)
(669,123,722)
Change
in
Institutional
Shares
....................................
20,150,169
127,198,367
11,605,597
116,099,276
Select
Shares
Issued
..............................................................
51,890,968
35,397,270
1,877,629,834
1,726,084,173
Reinvested
..........................................................
—
—
5,333,228
176,563
Redeemed
...........................................................
(50,554,028)
(41,594,463)
(1,698,924,219)
(1,550,081,270)
Change
in
Select
Shares
.........................................
1,336,940
(6,197,193)
184,038,843
176,179,466
Premier
Shares
Issued
..............................................................
—
—
2,550,395,786
2,880,953,233
Reinvested
..........................................................
—
—
23,289,518
20,616,623
Redeemed
...........................................................
—
—
(2,557,784,278)
(2,747,182,749)
Change
in
Premier
Shares
........................................
—
—
15,901,026
154,387,107
Change
in
shares:
......................................................
19,275,321
794,011,888
192,919,722
383,321,873
(a)
Service
Shares
activity
is
for
the
period
September
1,
2022
to
August
1,
2023
(date
of
termination).
*
Share
transactions
are
at
net
assets
value
of
$1.00
per
share.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2024
Limited
Duration
Fund
Bond
Fund
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
From
Investment
Activities:
Operations:
Net
investment
income/(loss)
............................................
$
960,341
$
1,128,983
$
4,326,972
$
3,605,454
Net
realized
gains/(losses)
from
investment
transactions
..................
(24,482)
(810,746)
(1,803,104)
(6,997,380)
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
1,479,438
186,223
6,471,862
1,540,008
Change
in
net
assets
resulting
from
operations
..............................
2,415,297
504,460
8,995,730
(1,851,918)
Distributions
to
Shareholders:
Investor
Shares
..........................................................
(43,246)
(48,161)
(31,022)
(30,059)
Institutional
Shares
......................................................
(877,710)
(1,040,661)
(4,292,413)
(3,636,991)
A
Shares
................................................................
(61,778)
(70,171)
(1,881)
(1,551)
Change
in
net
assets
from
shareholder
distributions
.........................
(982,734)
(1,158,993)
(4,325,316)
(3,668,601)
Change
in
net
assets
from
capital
transactions
...............................
2,645,872
(10,061,434)
(2,623,095)
(3,308,660)
Change
in
net
assets
........................................................
4,078,435
(10,715,967)
2,047,319
(8,829,179)
Net
Assets:
Beginning
of
year
........................................................
34,080,952
44,796,919
121,418,782
130,247,961
End
of
year
..............................................................
$
38,159,387
$
34,080,952
$
123,466,101
$
121,418,782
Capital
Transactions:
Investor
Shares
Proceeds
from
shares
issued
............................................
$
1,534
,
715
$
4,777
$
30,291
$
29,455
Proceeds
from
merger
...................................................
988,782
(a)
—
—
—
Dividends
reinvested
....................................................
41,054
46,028
31,012
30,059
Cost
of
shares
redeemed
.................................................
(365,410)
(995,315)
(384,502)
(134,289)
Change
in
net
assets
from
Investor
Shares
............................
2
,
199
,
141
(944,510)
(323,199)
(74,775)
Institutional
Shares
Proceeds
from
shares
issued
............................................
3,873
,
150
4,226,637
22,264,520
26,442,313
Proceeds
from
merger
...................................................
5,267,351
(a)
—
—
—
Dividends
reinvested
....................................................
511,143
546,331
1,427,191
1,115,253
Cost
of
shares
redeemed
.................................................
(8,121,445)
(13,925,081)
(25,993,398)
(30,792,058)
Change
in
net
assets
from
Institutional
Shares
........................
1,530
,
199
(9,152,113)
(2,301,687)
(3,234,492)
A
Shares
Proceeds
from
shares
issued
............................................
30
,
279
21
11
18
Proceeds
from
merger
...................................................
182,898
(a)
—
—
—
Dividends
reinvested
....................................................
61,778
70,169
1,881
1,549
Cost
of
shares
redeemed
.................................................
(1,358,423)
(35,001)
(101)
(960)
Change
in
net
assets
from
A
Shares
...................................
(
1,083
,
468
)
35,189
1,791
607
Change
in
net
assets
resulting
from
capital
transactions:
.....................
$
2,645,872
$
(10,061,434)
$
(2,623,095)
$
(3,308,660)
Share
Transactions:
Investor
Shares
Issued
..................................................................
166,375
539
3,677
3,510
Issued
from
merger
......................................................
106,403
(a)
—
—
—
Reinvested
..............................................................
4,527
5,192
3,731
3,602
Redeemed
...............................................................
(40,104)
(111,850)
(46,013)
(15,966)
Change
in
Investor
Shares
............................................
237,201
(106,119)
(38,605)
(8,854)
Institutional
Shares
Issued
..................................................................
427,789
476,253
2,686,097
3,161,583
Issued
from
merger
......................................................
567,083
(a)
—
—
—
Reinvested
..............................................................
56,584
61,637
171,827
133,952
Redeemed
...............................................................
(902,155)
(1,570,311)
(3,138,276)
(3,702,411)
Change
in
Institutional
Shares
........................................
149,301
(1,032,421)
(280,352)
(406,876)
A
Shares
Issued
..................................................................
3,269
3
2
2
Issued
from
merger
......................................................
19,668
(a)
—
—
—
Reinvested
..............................................................
6,849
7,906
226
185
Redeemed
...............................................................
(150,575)
(3,958)
(13)
(116)
Change
in
A
Shares
..................................................
(120,789)
3,951
215
71
Change
in
shares:
....................................................
265,713
(1,134,589)
(318,742)
(415,659)
(a)
See
Note
8
in
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2024
Strategic
Enhanced
Yield
Fund
Ultra
Short
Tax-Free
Income
Fund
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
From
Investment
Activities:
Operations:
Net
investment
income/(loss)
............................................
$
344,554
$
304,216
$
419,293
$
325,021
Net
realized
gains/(losses)
from
investment
transactions
..................
21,618
(1,358,352)
(5)
(422)
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
473,071
804,309
21,427
218,218
Change
in
net
assets
resulting
from
operations
..............................
839,243
(249,827)
440,715
542,817
Distributions
to
Shareholders:
Investor
Shares
..........................................................
(8,248)
(18,077)
(87)
(555)
Institutional
Shares
......................................................
(330,489)
(279,906)
(418,845)
(323,394)
A
Shares
................................................................
(5,976)
(6,143)
(524)
(814)
Change
in
net
assets
from
shareholder
distributions
.........................
(344,713)
(304,126)
(419,456)
(324,763)
Change
in
net
assets
from
capital
transactions
...............................
9,313,149
(4,518,202)
(6,015,996)
(10,552,155)
Change
in
net
assets
........................................................
9,807,679
(5,072,155)
(5,994,737)
(10,334,101)
Net
Assets:
Beginning
of
year
........................................................
4,990,817
10,062,972
16,379,908
26,714,009
End
of
year
..............................................................
$
14,798,496
$
4,990,817
$
10,385,171
$
16,379,908
Capital
Transactions:
Investor
Shares
Proceeds
from
shares
issued
............................................
$
857
$
674
$
—
$
141
Dividends
reinvested
....................................................
8,247
18,076
76
556
Cost
of
shares
redeemed
.................................................
(335,849)
(168,435)
(7,210)
(95,429)
Change
in
net
assets
from
Investor
Shares
............................
(326,745)
(149,685)
(7,134)
(94,732)
Institutional
Shares
Proceeds
from
shares
issued
............................................
11,678,929
1,055,569
722,705
423,970
Dividends
reinvested
....................................................
136,555
142,063
30,184
15,507
Cost
of
shares
redeemed
.................................................
(2,166,316)
(5,548,459)
(6,762,264)
(10,868,216)
Change
in
net
assets
from
Institutional
Shares
........................
9,649,168
(4,350,827)
(6,009,375)
(10,428,739)
A
Shares
Proceeds
from
shares
issued
............................................
15
16
10
135,165
Dividends
reinvested
....................................................
5,975
6,143
524
814
Cost
of
shares
redeemed
.................................................
(15,264)
(23,849)
(21)
(164,663)
Change
in
net
assets
from
A
Shares
...................................
(9,274)
(17,690)
513
(28,684)
Change
in
net
assets
resulting
from
capital
transactions:
.....................
$
9,313,149
$
(4,518,202)
$
(6,015,996)
$
(10,552,155)
Share
Transactions:
Investor
Shares
Issued
..................................................................
90
75
—
11
Reinvested
..............................................................
962
2,062
8
56
Redeemed
...............................................................
(38,630)
(19,213)
(723)
(9,640)
Change
in
Investor
Shares
............................................
(37,578)
(17,076)
(715)
(9,573)
Institutional
Shares
Issued
..................................................................
1,356,478
122,212
71,990
42,796
Reinvested
..............................................................
15,956
16,418
3,008
1,555
Redeemed
...............................................................
(253,926)
(640,076)
(674,114)
(1,090,554)
Change
in
Institutional
Shares
........................................
1,118,508
(501,446)
(599,116)
(1,046,203)
A
Shares
Issued
..................................................................
2
2
1
13,660
Reinvested
..............................................................
700
710
52
82
Redeemed
...............................................................
(1,806)
(2,764)
(2)
(16,547)
Change
in
A
Shares
..................................................
(1,104)
(2,052)
51
(2,805)
Change
in
shares:
....................................................
1,079,826
(520,574)
(599,780)
(1,058,581)
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
August
31,
2024
World
Energy
Fund
Hedged
Income
Fund
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
Year
Ended
August
31,
2024
Year
Ended
August
31,
2023
From
Investment
Activities:
Operations:
Net
investment
income/(loss)
............................................
$
1,881,533
$
2,000,575
$
461,973
$
872,518
Net
realized
gains/(losses)
from
investment
transactions
..................
1,507,388
4,632,825
(528,132)
(2,201,772)
Change
in
unrealized
appreciation/(depreciation)
on
investments
..........
(559,180)
(1,055,466)
2,929,537
3,657,316
Change
in
net
assets
resulting
from
operations
..............................
2,829,741
5,577,934
2,863,378
2,328,062
Distributions
to
Shareholders:
Investor
Shares
..........................................................
(334,100)
(518,068)
(1,989)
(5,713)
Institutional
Shares
......................................................
(1,273,958)
(1,281,672)
(505,568)
(857,007)
A
Shares
................................................................
(50,310)
(64,703)
(11,820)
(25,272)
C
Shares
................................................................
(93,754)
(69,659)
—
—
Change
in
net
assets
from
shareholder
distributions
.........................
(1,752,122)
(1,934,102)
(519,377)
(887,992)
Change
in
net
assets
from
capital
transactions
...............................
11,858,154
10,556,016
(7,058,722)
(3,829,214)
Change
in
net
assets
........................................................
12,935,773
14,199,848
(4,714,721)
(2,389,144)
Net
Assets:
Beginning
of
year
........................................................
84,951,310
70,751,462
32,882,122
35,271,266
End
of
year
..............................................................
$
97,887,083
$
84,951,310
$
28,167,401
$
32,882,122
Capital
Transactions:
Investor
Shares
Proceeds
from
shares
issued
............................................
$
4,012,303
$
12,296,209
$
47,199
$
23,025
Dividends
reinvested
....................................................
333,603
517,565
1,989
5,713
Cost
of
shares
redeemed
.................................................
(6,777,670)
(18,723,312)
(135,358)
(180,140)
Change
in
net
assets
from
Investor
Shares
............................
(2,431,764)
(5,909,538)
(86,170)
(151,402)
Institutional
Shares
Proceeds
from
shares
issued
............................................
31,983,503
48,259,551
2,609,570
6,345,162
Dividends
reinvested
....................................................
974,384
1,044,996
90,255
161,680
Cost
of
shares
redeemed
.................................................
(20,074,485)
(33,267,016)
(9,866,348)
(9,318,096)
Change
in
net
assets
from
Institutional
Shares
........................
12,883,402
16,037,531
(7,166,523)
(2,811,254)
A
Shares
Proceeds
from
shares
issued
............................................
832,514
1,269,850
436,409
530,998
Dividends
reinvested
....................................................
49,399
64,019
11,820
25,272
Cost
of
shares
redeemed
.................................................
(862,260)
(1,931,273)
(254,258)
(1,422,828)
Change
in
net
assets
from
A
Shares
...................................
19,653
(597,404)
193,971
(866,558)
C
Shares
Proceeds
from
shares
issued
............................................
2,445,396
2,711,773
—
—
Dividends
reinvested
....................................................
93,514
69,402
—
—
Cost
of
shares
redeemed
.................................................
(1,152,047)
(1,755,748)
—
—
Change
in
net
assets
from
C
Shares
..................................
1,386,863
1,025,427
—
—
Change
in
net
assets
resulting
from
capital
transactions:
.....................
$
11,858,154
$
10,556,016
$
(7,058,722)
$
(3,829,214)
Share
Transactions:
Investor
Shares
Issued
..................................................................
292,998
946,202
4,640
2,305
Reinvested
..............................................................
23,949
43,006
192
575
Redeemed
...............................................................
(508,950)
(1,548,986)
(13,134)
(18,116)
Change
in
Investor
Shares
............................................
(192,003)
(559,778)
(8,302)
(15,236)
Institutional
Shares
Issued
..................................................................
2,339,050
3,800,588
245,726
635,288
Reinvested
..............................................................
70,030
86,749
8,666
16,188
Redeemed
...............................................................
(1,489,116)
(2,739,600)
(937,839)
(920,726)
Change
in
Institutional
Shares
........................................
919,964
1,147,737
(683,447)
(269,250)
A
Shares
Issued
..................................................................
60,886
102,933
39,760
52,101
Reinvested
..............................................................
3,550
5,360
1,131
2,528
Redeemed
...............................................................
(63,049)
(153,000)
(24,472)
(146,257)
Change
in
A
Shares
..................................................
1,387
(44,707)
16,419
(91,628)
C
Shares
Issued
..................................................................
181,652
213,818
—
—
Reinvested
..............................................................
6,725
5,843
—
—
Redeemed
...............................................................
(85,850)
(144,214)
—
—
Change
in
C
Shares
..................................................
102,527
75,447
—
—
Change
in
shares:
....................................................
831,875
618,699
(675,330)
(376,114)
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
U.S.
Treasury
Obligations
(
22
.5
%
)
U.S.
Treasury
Bills
$
150,000,000
4.78
%
,
9/12/24
.....................
$
149,761,735
50,000,000
4.79
%
,
2/20/25
.....................
48,874,356
50,000,000
4.79
%
,
7/10/25
.....................
48,001,900
50,000,000
4.84
%
,
2/13/25
.....................
48,909,510
50,000,000
4.94
%
,
9/17/24
.....................
49,883,656
50,000,000
5.03
%
,
9/24/24
.....................
49,833,058
Total
U.S.
Treasury
Obligations
(Cost
$
395,264,215
)
............
395,264,215
Repurchase
Agreements
(
68
.7
%
)
55,000,000
Bank
of
Montreal
,
5.29
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$55,032,328,
Collateralized
by
U.S.
Treasury
Obligation,
(0.00%),
(11/21/24),
fair
value
of
$56,100,022)
....................
55,000,000
60,000,000
Credit
Agricole
Cib
,
5.28
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$60,035,200,
Collateralized
by
various
U.S.
Treasury
Obligations,
(1.38%
-
4.63%),
(2/28/25
-
11/15/31),
fair
value
of
$61,200,021)
.....
60,000,000
370,000,000
Federal
Reserve
Bank
of
New
York
,
5.3
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$370,217,889,
Collateralized
by
U.S.
Treasury
Obligation,
(4.25%),
(11/15/40),
fair
value
of
$370,217,891)
....................
370,000,000
35,000,000
Fixed
Income
Clearing
Corporation
-
Bank
of
New
York
Mellon
,
5.25
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$35,020,417,
Collateralized
by
U.S.
Treasury
Obligation,
(4.50%),
(5/31/29),
fair
value
of
$35,700,028)
35,000,000
335,000,000
Fixed
Income
Clearing
Corporation
-
State
Street
Bank
&
Trust
Co.
,
5.3
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$335,197,278,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.75%
-
4.50%),
(3/31/26
-
5/31/26),
fair
value
of
$341,700,000)
....................
335,000,000
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
Repurchase
Agreements,
continued:
$
35,000,000
Goldman
Sachs
&
Co.
,
5.25
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$35,020,417,
Collateralized
by
various
U.S.
Treasury
Obligations,
(2.88%
-
4.38%),
(11/30/28
-
5/15/32),
fair
value
of
$35,700,092)
....................
$
35,000,000
80,000,000
Nomura
Securities
International,
Inc.
,
5.31
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$80,047,200,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.00%
-
2.75%),
(2/6/25
-
11/15/42),
fair
value
of
$81,653,101)
....................
80,000,000
100,000,000
Northern
Trust
Corp.
,
5.3
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$100,058,889,
Collateralized
by
various
U.S.
Treasury
Obligations,
(1.63%
-
4.50%),
(5/31/29
-
8/15/29),
fair
value
of
$102,000,000)
....................
100,000,000
140,000,000
Royal
Bank
of
Canada
,
5.27
%,
9/3/24
,
(Purchased
on
8/30/24,
proceeds
at
maturity
$140,081,978,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.00%
-
4.63%),
(10/31/24
-
8/15/54),
fair
value
of
$142,800,091)
....................
140,000,000
Total
Repurchase
Agreements
(Cost
$
1,210,000,000
)
............
1,210,000,000
Investment
Companies
(
9
.2
%
)
17,010,024
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Class
,
5
.01
%
(a)
..........
17,010,024
145,226,469
First
American
Treasury
Obligations
Fund
,
5
.17
%
(a)
.......................
145,226,469
Total
Investment
Companies
(Cost
$
162,236,493
)
..............
162,236,493
Total
Investments
(Cost
$
1,767,500,708
)
(b)
—
100
.4
%
..........
1,767,500,708
Liabilities
in
excess
of
other
assets
—
(
0
.4
)
%
................
(
7,082,939
)
Net
Assets
-
100.0%
.................................
$
1,760,417,769
(a)
Money
market
investment.
The
rate
presented
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(b)
Cost
and
value
for
federal
income
tax
and
financial
reporting
purposes
are
the
same.
Schedule
of
Portfolio
Investments
August
31,
2024
Government
Securities
Money
Market
Fund
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
U.S.
Government
Agency
Securities
(37.8%)
Federal
Farm
Credit
Banks
Funding
Corp.
$
50,000,000
4.89
%
,
7/22/25
.....................
$
49,994,844
50,000,000
4.96
%
,
8/13/25
,
Callable
2/13/25
@
100
*
...
49,991,033
45,000,000
5.01
%
,
10/2/24
.....................
44,999,731
10,000,000
5.32
%
,
12/9/24
,
Callable
9/13/24
@
100
*
...
9,869,237
100,000,000
5.36
%
(
SOFR
+
4
bps
)
,
1/28/25
..........
100,000,000
75,000,000
5.36
%
(
SOFR
+
4
bps
)
,
4/9/25
...........
75,000,000
100,000,000
5.36
%
(
SOFR
+
4
bps
)
,
5/2/25
...........
100,000,000
35,000,000
5.36
%
(
SOFR
+
4
bps
)
,
5/13/25
..........
35,000,000
50,000,000
5.36
%
(
SOFR
+
4
bps
)
,
6/6/25
...........
50,000,000
35,000,000
5.36
%
(
SOFR
+
4
bps
)
,
7/2/25
...........
35,000,000
50,000,000
5.37
%
(
SOFR
+
5
bps
)
,
2/12/25
..........
50,000,000
50,000,000
5.37
%
(
SOFR
+
5
bps
)
,
5/6/25
...........
50,000,000
50,000,000
5.37
%
(
SOFR
+
5
bps
)
,
7/23/25
..........
50,000,000
100,000,000
5.38
%
(
SOFR
+
6
bps
)
,
1/9/25
...........
100,000,000
100,000,000
5.40
%
(
SOFR
+
8
bps
)
,
9/12/24
..........
100,000,000
899,854,845
Federal
Home
Loan
Banks
20,000,000
5.35
%
,
8/28/25
,
Callable
10/28/24
@
100
*
..
20,000,000
50,000,000
5.43
%
(
SOFR
+
10
bps
)
,
11/27/24
........
50,000,000
70,000,000
Federal
Home
Loan
Mortgage
Corporation
20,965,000
5.13%,
1/27/25,
Callable
10/27/24
@
100
*
..
20,965,000
Federal
National
Mortgage
Association
50,000,000
4.62%,
6/17/25
.....................
48,408,806
Total
U.S.
Government
Agency
Securities
(Cost
$1,039,228,651)
....
1,039,228,651
U.S.
Treasury
Obligations
(12.7%)
U.S.
Treasury
Bills
200,000,000
4.78%,
9/12/24
.....................
199,681,642
50,000,000
4.78%,
2/27/25
.....................
48,834,064
50,000,000
4.94%,
9/17/24
.....................
49,883,655
50,000,000
5.13%,
10/17/24
....................
49,667,139
Total
U.S.
Treasury
Obligations
(Cost
$348,066,500)
............
348,066,500
Repurchase
Agreements
(43.3%)
35,000,000
Bank
of
Montreal,
5.29%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$35,020,572,
Collateralized
by
U.S.
Treasury
Obligation,
(0.00%),
(9/24/24),
fair
value
of
$35,700,096)
35,000,000
20,000,000
Credit
Agricole
Cib,
5.28%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$20,011,733,
Collateralized
by
U.S.
Treasury
Obligation,
(4.63%),
(11/15/26),
fair
value
of
$20,400,024)
....................
20,000,000
Shares
or
Principal
Amount
Security
Description
Amortized
Cost
or
Value
Repurchase
Agreements,
continued:
$
330,000,000
Federal
Reserve
Bank
of
New
York,
5.3%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$330,194,333,
Collateralized
by
U.S.
Treasury
Obligation,
(4.25%),
(11/15/40),
fair
value
of
$330,194,430)
....................
$
330,000,000
5,000,000
Fixed
Income
Clearing
Corporation
-
Bank
of
New
York
Mellon,
5.25%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$5,002,917,
Collateralized
by
U.S.
Treasury
Obligation,
(4.50%),
(5/31/29),
fair
value
of
$5,100,079)
5,000,000
390,000,000
Fixed
Income
Clearing
Corporation
-
State
Street
Bank
&
Trust
Co.,
5.3%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$390,229,667,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.75%
-
4.50%),
(3/31/26
-
5/31/26),
fair
value
of
$397,800,000)
....................
390,000,000
5,000,000
Goldman
Sachs
&
Co.,
5.25%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$5,002,917,
Collateralized
by
U.S.
Treasury
Obligation,
(0.00%),
(8/15/39),
fair
value
of
$5,100,000)
.....................
5,000,000
130,000,000
Nomura
Securities
International,
Inc.,
5.31%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$130,076,700,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.00%
-
4.25%),
(9/3/24
-
5/15/49),
fair
value
of
$132,604,912)
....................
130,000,000
200,000,000
Northern
Trust
Corp.,
5.3%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$200,117,778,
Collateralized
by
various
U.S.
Treasury
Obligations,
(1.88%
-
4.50%),
(1/1/29
-
5/31/29),
fair
value
of
$204,000,000)
200,000,000
75,000,000
Royal
Bank
of
Canada,
5.27%,
9/3/24,
(Purchased
on
8/30/24,
proceeds
at
maturity
$75,043,917,
Collateralized
by
various
U.S.
Treasury
Obligations,
(0.00%
-
7.00%),
(9/24/24
-
8/15/54),
fair
value
of
$76,500,131)
......
75,000,000
Total
Repurchase
Agreements
(Cost
$1,190,000,000)
............
1,190,000,000
Investment
Companies
(6.2%)
149,935,565
Fidelity
Government
Portfolio,
5.24%(a)
.....
149,935,565
21,326,702
First
American
Treasury
Obligations
Fund,
5.17%(a)
.......................
21,326,702
Total
Investment
Companies
(Cost
$171,262,267)
..............
171,262,267
Total
Investments
(Cost
$2,748,557,418)(b)
—
100.0%
..........
2,748,557,418
Liabilities
in
excess
of
other
assets
—
0.0%^
................
(1,199,688)
Net
Assets
-
100.0%
.................................
$
2,747,357,730
(a)
Money
market
investment.
The
rate
presented
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(b)
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.
^
Represents
less
than
0.05%.
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Asset
Backed
Securities
(28.2%)
$
154,830
CDC
Mortgage
Capital
Trust,
Series
2002-HE1,
Class
A,
6.01%
(TSFR1M
+
73
bps),
1/25/33,
Callable
9/25/24
@
100*
.............
$
154,179
500,213
CLI
Funding
VIII
LLC,
Series
2021-1A,
Class
B,
2.38%,
2/18/46,
Callable
9/18/24
@
100*(a)
455,422
76
Countrywide
Asset-Backed
Certificates
,
Series
2002-S1,
Class
A5,
6.49
%,
5/25/32,
Callable
9/25/24
@
100*(b)(c)
...............
76
669,130
CWABS
Asset-Backed
Certificates
Trust,
Series
2007-4,
Class
A4W,
4.32%,
4/25/47,
Callable
12/25/27
@
100*(b)
................
629,850
656,415
DRIVEN
BRANDS
FUNDING
LLC,
Series
2019-2A,
Class
A2,
3.98%,
10/20/49,
Callable
10/20/24
@
100*(a)
......................
636,990
1,086,000
Flexential
Issuer,
Series
2021-1A,
Class
A2,
3.25%,
11/27/51,
Callable
11/25/25
@
100*(a)
........................
1,020,026
500,000
FMC
GMSR
Issuer
Trust,
Series
2022-GT2,
Class
A,
7.90%,
7/25/27(a)
...............
510,945
457,984
Fremont
Home
Loan
Trust,
Series
2004-3,
Class
M5,
7.27%
(TSFR1M
+
199
bps),
11/25/34,
Callable
9/25/24
@
100*
.............
308,908
1,095,992
Goodgreen
Trust,
Series
2020-1A,
Class
A,
2.63%,
4/15/55,
Callable
10/15/40
@
100*(a)
945,719
595,000
HI-FI
Music
IP
Issuer
LP,
Series
2022-1A,
Class
A2,
3.94%,
2/1/62,
Callable
11/1/24
@
100*(a)
........................
571,759
4
IMC
Home
Equity
Loan
Trus
t,
Series
1998-1,
Class
A6,
6.93
%,
6/20/29(b)(c)
........
4
745,750
Jack
in
the
Box
Funding
LLC,
Series
2022-1A,
Class
A2I,
3.45%,
2/26/52,
Callable
2/25/25
@
100*(a)
......................
706,272
286,807
Longtrain
Leasing
III
LLC,
Series
2015-1A,
Class
A2,
4.06%,
1/15/45,
Callable
1/15/25
@
100*(a)
........................
285,024
835,000
New
Economy
Assets
Phase
1
Sponsor
LLC,
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
10/20/24
@
100*(a)
..........
742,790
500,000
PNMAC
GMSR
Issuer
Trust,
Series
2024-GT1,
Class
A,
8.48%
(TSFR1M
+
320
bps),
3/25/29(a)
......................
505,550
84,193
RAAC
Trust,
Series
2007-SP1,
Class
M1,
6.25%
(TSFR1M
+
97
bps),
3/25/37,
Callable
9/25/24
@
100*
........................
84,028
47,566
RAMP
Trust,
Series
2002-RS2,
Class
AI5,
4.75%,
3/25/32,
Callable
9/25/24
@
100*
.......
47,013
711
Saxon
Asset
Securities
Trust
,
Series
2003-3,
Class
AF6,
4.22
%,
12/25/33,
Callable
9/25/24
@
100*(b)(c)
.....................
699
776,667
Sonic
Capital
LLC,
Series
2021-1A,
Class
A2I,
2.19%,
8/20/51,
Callable
8/20/25
@
100*(a)
690,486
37,301
Soundview
Home
Loan
Trus
t,
Series
2005-B,
Class
M2,
6.71
%,
5/25/35,
Callable
9/25/24
@
100*(b)(c)
.....................
34,589
98,094
Soundview
Home
Loan
Trust,
Series
2005-
OPT3,
Class
M1,
6.10%
(TSFR1M
+
82
bps),
11/25/35,
Callable
9/25/24
@
100*
......
96,568
188,409
Structured
Asset
Investment
Loan
Trust,
Series
2005-HE3,
Class
M1,
6.11%
(TSFR1M
+
83
bps),
9/25/35,
Callable
9/25/24
@
100*
...
186,302
656,250
Taco
Bell
Funding
LLC,
Series
2016-1A,
Class
A23,
4.97%,
5/25/46,
Callable
11/25/24
@
100*(a)
........................
653,607
Shares
or
Principal
Amount
Security
Description
Value
Asset
Backed
Securities,
continued:
$
405,269
Textainer
Marine
Containers
VII,
Ltd.,
Series
2020-1A,
Class
A,
2.73%,
8/21/45,
Callable
9/20/24
@
100*(a)
.................
$
386,196
190,293
VR
Funding
LLC,
Series
2020-1A,
Class
A,
2.79%,
11/15/50,
Callable
11/15/24
@
100*(a)
........................
173,003
223,738
Wendy's
Funding
LLC,
Series
2019-1A,
Class
A2I,
3.78%,
6/15/49,
Callable
9/15/24
@
100*(a)
........................
217,951
135,744
Willis
Engine
Structured
Trust
VI,
Series
2021-A,
Class
A,
3.10%,
5/15/46,
Callable
5/15/29
@
100*(a)
........................
123,499
635,350
Zaxby's
Funding
LLC,
Series
2021-1A,
Class
A2,
3.24%,
7/30/51,
Callable
7/30/25
@
100*(a)
578,406
Total
Asset
Backed
Securities
(Cost
$11,506,298)
..............
10,745,861
Mortgage
Backed
Securities†
(23.7%)
Alt-A
-
Adjustable
Rate
Mortgage
Backed
Securities
(0.2%)
7,511
Alternative
Loan
Trust,
Series
2005-24,
Class
1A1,
6.47%
(12MTA
+
131
bps),
7/20/35,
Callable
9/19/24
@
100*
.............
6,579
7,420
Bear
Stearns
Alternative
Trust,
Series
2005-5,
Class
26A1,
4.64%,
7/25/35,
Callable
9/25/24
@
100*(b)
......................
5,291
52,050
Bear
Stearns
Alternative
Trust,
Series
2006-1,
Class
21A2,
4.64%,
2/25/36,
Callable
9/25/24
@
100*(b)
......................
35,607
809
Deutsche
Alternative
Securities
Mortgage
Loan
Trust,
Series
2006-AB4,
Class
A1B1,
5.49%
(TSFR1M
+
21
bps),
10/25/36,
Callable
9/25/24
@
100*
...................
649
1,615
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A1,
5.81%,
9/25/34,
Callable
9/25/24
@
100*(b)
.....
1,642
12,765
RALI
Trust,
Series
2006-QA1,
Class
A21,
5.25%,
1/25/36,
Callable
9/25/24
@
100*(b)
.....
9,304
19,773
RALI
Trust,
Series
2004-QA4,
Class
NB21,
5.34%,
9/25/34,
Callable
9/25/24
@
100*(b)
19,358
78,430
Alt-A
-
Fixed
Rate
Mortgage
Backed
Securities
(1.6%)
2,147
Alternative
Loan
Trust,
Series
2005-3CB,
Class
1A4,
5.25%,
3/25/35,
Callable
9/25/24
@
100*
..........................
1,791
8,668
Alternative
Loan
Trust,
Series
2005-J13,
Class
2A3,
5.50%,
11/25/35,
Callable
9/25/24
@
100*
..........................
6,057
14,788
Alternative
Loan
Trust,
Series
2006-2CB,
Class
A3,
5.50%,
3/25/36,
Callable
9/25/24
@
100*
6,030
6,288
Alternative
Loan
Trust,
Series
2004-5CB,
Class
1A1,
6.00%,
5/25/34,
Callable
9/25/24
@
100*
..........................
6,412
15,313
Alternative
Loan
Trust,
Series
2006-31CB,
Class
A16,
6.00%,
11/25/36,
Callable
9/25/24
@
100*
..........................
8,846
14,919
Alternative
Loan
Trust,
Series
2006-43CB,
Class
1A4,
6.00%,
2/25/37,
Callable
9/25/24
@
100*
..........................
8,116
170,651
Alternative
Loan
Trust,
Series
2006-J8,
Class
A2,
6.00%,
2/25/37,
Callable
9/25/24
@
100*
.
72,904
52,837
Alternative
Loan
Trust,
Series
2004-J8,
Class
2A1,
7.00%,
8/25/34,
Callable
9/25/24
@
100*
.
47,905
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Alt-A
-
Fixed
Rate
Mortgage
Backed
Securities,
continued:
$
10,525
ChaseFlex
Trust,
Series
2005-1,
Class
2A4,
5.50%,
2/25/35,
Callable
9/25/24
@
100*
.
$
10,089
12,046
CitiMortgage
Alternative
Loan
Trust,
Series
2006-A3,
Class
1A5,
6.00%,
7/25/36,
Callable
9/25/24
@
100*
...................
11,001
3,449
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2004-1,
Class
4A1,
5.00%,
2/25/19
........................
3,342
2,765
Deutsche
Alternative
Securities
Mortgage
Loan
Trust,
Series
2006-AB4,
Class
A1A,
6.01%,
10/25/36,
Callable
9/25/24
@
100*(b)
....
2,377
829
Deutsche
Alternative
Securities,
Inc.
Mortgage
Loan
Trust,
Series
2003-4XS,
Class
A6A,
6.99
%,
10/25/44,
Callable
9/25/24
@
100*(b)
(c)
............................
807
4,517
MASTR
Alternative
Loan
Trust,
Series
2004-1,
Class
4A1,
5.50%,
2/25/34,
Callable
9/25/24
@
100*
........................
4,474
5,526
MASTR
Alternative
Loan
Trust,
Series
2004-4,
Class
1A1,
5.50%,
5/25/34,
Callable
9/25/24
@
100*
........................
5,432
798
MASTR
Alternative
Loan
Trust,
Series
2005-1,
Class
5A1,
5.50%,
1/25/20
...........
719
2,367
MASTR
Alternative
Loan
Trust,
Series
2004-3,
Class
3A1,
6.00%,
4/25/34,
Callable
9/25/24
@
100*
........................
2,383
10,590
MASTR
Alternative
Loan
Trust,
Series
2004-6,
Class
7A1,
6.00%,
7/25/34,
Callable
9/25/24
@
100*
........................
10,398
5,799
MASTR
Alternative
Loan
Trust,
Series
2003-7,
Class
6A1,
6.50%,
12/25/33,
Callable
9/25/24
@
100*
........................
6,109
229,035
MASTR
Alternative
Loan
Trust,
Series
2004-3,
Class
5A1,
6.50%,
3/25/34,
Callable
9/25/24
@
100*
........................
236,147
8,697
MASTR
Alternative
Loan
Trust,
Series
2004-4,
Class
8A1,
6.50%,
5/25/34,
Callable
9/25/24
@
100*
........................
8,719
17,388
MASTR
Alternative
Loan
Trust,
Series
2004-6,
Class
6A1,
6.50%,
7/25/34,
Callable
9/25/24
@
100*
........................
17,436
16,701
MASTR
Alternative
Loan
Trust,
Series
2004-1,
Class
3A1,
7.00%,
1/25/34,
Callable
9/25/24
@
100*
........................
16,616
2,223
MASTR
Alternative
Loan
Trust,
Series
2004-3,
Class
8A1,
7.00%,
4/25/34,
Callable
9/25/24
@
100*
........................
2,269
186
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2005-WF1,
Class
2A5,
5.68
%,
3/25/35,
Callable
9/25/24
@
100*(b)(c)
...
186
99
RALI
Trust,
Series
2004-QS13,
Class
CB,
5.00%,
9/25/19
........................
92
5,554
RALI
Trust,
Series
2004-QS6,
Class
A1,
5.00%,
5/25/19
........................
5,133
18,386
RALI
Trust,
Series
2006-QS6,
Class
1A2,
6.00%,
6/25/36,
Callable
9/25/24
@
100*
.......
14,320
18,896
RALI
Trust,
Series
2006-QS12,
Class
1A2,
6.50%,
9/25/36,
Callable
9/25/24
@
100*
.......
8,409
33,713
Residential
Asset
Securitization
Trust,
Series
2005-A14,
Class
A5,
5.50%,
12/25/35,
Callable
9/25/24
@
100*
.............
15,993
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
9/25/24
@
100*
...................
$
21,800
40,468
Residential
Asset
Securitization
Trust,
Series
2006-A9CB,
Class
A5,
6.00%,
9/25/36,
Callable
9/25/24
@
100*
.............
12,931
23,668
Residential
Asset
Securitization
Trust,
Series
2007-A5,
Class
2A3,
6.00%,
5/25/37,
Callable
9/25/24
@
100*
...................
12,534
22,358
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2005-6,
Class
1CB,
6.50%,
8/25/35,
Callable
9/25/24
@
100*
.............
20,296
6,266
Wells
Fargo
Alternative
Loan
Trust,
Series
2005-1,
Class
2A3,
5.50%,
2/25/35,
Callable
9/25/24
@
100*
........................
5,772
613,845
Prime
Adjustable
Rate
Mortgage
Backed
Securities
(2.6%)
3,510
Banc
of
America
Funding
Trust,
Series
2004-B,
Class
5A1,
5.91%,
11/20/34,
Callable
9/20/24
@
100*(b)
......................
3,428
3,626
Banc
of
America
Mortgage
Trust,
Series
2006-A,
Class
2A1,
4.86%,
2/25/36,
Callable
9/25/24
@
100*(b)
......................
3,289
2,232
Banc
of
America
Mortgage
Trust,
Series
2006-B,
Class
2A1,
5.04%,
11/20/46,
Callable
9/20/24
@
100*(b)
......................
2,006
3,317
Banc
of
America
Mortgage
Trust,
Series
2003-H,
Class
2A3,
7.37%,
9/25/33,
Callable
9/25/24
@
100*(b)
......................
3,151
2,518
Banc
of
America
Mortgage
Trust,
Series
2004-E,
Class
1A1,
7.38%,
6/25/34,
Callable
9/25/24
@
100*(b)
......................
2,417
2,163
Bear
Stearns
ARM
Trust,
Series
2004-9,
Class
12A3,
5.73%,
11/25/34,
Callable
9/25/24
@
100*(b)
........................
2,190
606
Bear
Stearns
ARM
Trust,
Series
2003-7,
Class
4A,
5.88%,
10/25/33,
Callable
9/25/24
@
100*(b)
619
3,023
Bear
Stearns
ARM
Trust,
Series
2004-6,
Class
1A1,
5.94%,
9/25/34,
Callable
9/25/24
@
100*(b)
........................
2,853
2,247
Bear
Stearns
ARM
Trust,
Series
2006-4,
Class
1A1,
6.55%,
10/25/36,
Callable
9/25/24
@
100*(b)
........................
2,142
1,546
Bear
Stearns
ARM
Trust,
Series
2004-10,
Class
15A1,
6.68%,
1/25/35,
Callable
9/25/24
@
100*(b)
........................
1,530
2,721
Bear
Stearns
ARM
Trust,
Series
2005-9,
Class
A1,
7.08%
(H15T1Y
+
230
bps),
10/25/35,
Callable
9/25/24
@
100*
.............
2,500
520
Bear
Stearns
Mortgage
Securities,
Inc.,
Series
1997-6,
Class
1A,
8.20%,
3/25/31,
Callable
9/25/24
@
100*(b)
.................
519
7,416
Chase
Mortgage
Finance
Trust,
Series
2007-A2,
Class
7A1,
5.31%,
7/25/37,
Callable
9/25/24
@
100*(b)
......................
5,996
6,907
CHL
Mortgage
Pass-Through
Trust,
Series
2004-2,
Class
2A1,
4.50%,
2/25/34,
Callable
9/25/24
@
100*(b)
.................
6,107
5,664
CHL
Mortgage
Pass-Through
Trust,
Series
2003-58,
Class
2A2,
6.03%,
2/19/34,
Callable
9/19/24
@
100*(b)
.................
5,540
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Prime
Adjustable
Rate
Mortgage
Backed
Securities,
continued:
$
2,819
CHL
Mortgage
Pass-Through
Trust,
Series
2003-60,
Class
2A1,
6.12%,
2/25/34,
Callable
9/25/24
@
100*(b)
.................
$
2,622
3,280
Citigroup
Mortgage
Loan
Trust,
Series
2005-3,
Class
2A2A,
6.26%,
8/25/35(b)
........
3,086
20,379
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-AR28,
Class
CB3,
5.64%,
11/25/32,
Callable
9/25/24
@
100*(b)
....
13,483
16,066
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2004-AR7,
Class
2A1,
5.94%,
11/25/34,
Callable
9/25/24
@
100*(b)
....
15,636
457,439
Fannie
Mae
REMIC
Trust,
Series
2003-W14,
Class
2A,
4.73%,
1/25/43,
Callable
9/25/24
@
100*(b)
........................
464,983
3,974
First
Horizon
Mortgage
Pass-Through
Trust,
Series
2005-AR4,
Class
2A1,
5.15%,
10/25/35,
Callable
9/25/24
@
100*(b)
....
3,683
20,563
GMACM
Mortgage
Loan
Trust,
Series
2005-AR6,
Class
3A1,
4.26%,
11/19/35,
Callable
9/19/24
@
100*(b)
......................
17,584
11,212
GSR
Mortgage
Loan
Trust,
Series
2005-AR2,
Class
1A2,
4.33%,
4/25/35,
Callable
9/25/24
@
100*(b)
......................
10,414
3,144
GSR
Mortgage
Loan
Trust,
Series
2005-AR7,
Class
2A1,
5.05%,
11/25/35,
Callable
9/25/24
@
100*(b)
......................
3,023
50,406
HarborView
Mortgage
Loan
Trust,
Series
2004-10,
Class
3A1B,
4.73%,
1/19/35,
Callable
9/19/24
@
100*(b)
......................
44,455
1,561
HarborView
Mortgage
Loan
Trust,
Series
2005-
14,
Class
3A1A,
7.20%,
12/19/35,
Callable
9/19/24
@
100*(b)
.................
1,464
6,252
HomeBanc
Mortgage
Trust,
Series
2006-1,
Class
1A1,
4.39%,
4/25/37,
Callable
9/25/24
@
100*(b)
........................
5,446
28,788
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2006-
AR19,
Class
1A2,
4.03%,
8/25/36,
Callable
9/25/24
@
100*(b)
.................
18,402
17,699
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2006-
AR13,
Class
A1,
4.28%,
7/25/36,
Callable
9/25/24
@
100*(b)
.................
11,969
6,992
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2004-AR4,
Class
1A,
5.16%,
8/25/34,
Callable
9/25/24
@
100*(b)
.................
6,698
14,385
IndyMac
INDX
Mortgage
Loan
Trust,
Series
2004-AR4,
Class
3A,
5.53%,
8/25/34,
Callable
9/25/24
@
100*(b)
.................
13,493
11,213
JPMorgan
Mortgage
Trust,
Series
2006-A6,
Class
1A4L,
4.46%,
10/25/36,
Callable
9/25/24
@
100*(b)
........................
8,214
1,154
JPMorgan
Mortgage
Trust,
Series
2006-A5,
Class
3A4,
5.09%,
8/25/36,
Callable
9/25/24
@
100*(b)
........................
903
2,232
JPMorgan
Mortgage
Trust,
Series
2006-A2,
Class
2A1,
5.20%,
4/25/36,
Callable
9/25/24
@
100*(b)
........................
1,942
97,963
JPMorgan
Mortgage
Trust,
Series
2005-A6,
Class
3A3,
5.44%,
9/25/35,
Callable
9/25/24
@
100*(b)
........................
89,995
7,691
JPMorgan
Mortgage
Trust,
Series
2005-A1,
Class
3A4,
5.51%,
2/25/35,
Callable
9/25/24
@
100*(b)
........................
7,335
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Prime
Adjustable
Rate
Mortgage
Backed
Securities,
continued:
$
10,753
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2004-13,
Class
2A1,
6.49%,
4/21/34,
Callable
9/21/24
@
100*(b)
.................
$
10,389
3,977
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-1,
Class
2A2,
5.68%,
12/25/34,
Callable
9/25/24
@
100*(b)
.................
3,756
537
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-A1,
Class
2A2,
5.99%,
2/25/34,
Callable
9/25/24
@
100*(b)
.................
509
5,059
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-A2,
Class
1A,
7.28%,
7/25/34,
Callable
9/25/24
@
100*(b)
.................
4,884
1,269
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-6AR,
Class
3A,
5.74%,
8/25/34,
Callable
9/25/24
@
100*(b)
.................
1,218
3,136
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2004-6AR,
Class
2A2,
6.66%,
8/25/34,
Callable
9/25/24
@
100*(b)
...........
3,051
27,877
Ocwen
Residential
MBS
Corp.,
Series
1998-R1,
Class
B1,
2.73%,
10/25/40,
Callable
9/25/24
@
100*(a)(b)
.....................
17,195
16,717
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-18,
Class
1A2,
5.25%,
12/25/34,
Callable
9/25/24
@
100*(b)
...........
14,689
766
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-1,
Class
3A1,
6.36%,
2/25/34,
Callable
9/25/24
@
100*(b)
...........
723
833
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR7,
Class
1A1,
4.62%,
12/27/35,
Callable
9/25/24
@
100*(b)
....
844
5,928
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificates,
Series
2003-24A,
Class
1A3,
6.41%,
7/25/33,
Callable
9/25/24
@
100*(b)
......................
5,763
36,087
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2006-AR14,
Class
1A1,
3.99%,
11/25/36,
Callable
9/25/24
@
100*(b)
....
31,252
5,395
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2006-AR10,
Class
1A2,
4.79%,
9/25/36,
Callable
9/25/24
@
100*(b)
.....
4,541
1,025
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2006-AR8,
Class
1A1,
4.89%,
8/25/46,
Callable
9/25/24
@
100*(b)
...........
936
2,422
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-AR3,
Class
A2,
5.72%,
6/25/34,
Callable
9/25/24
@
100*(b)
...........
2,228
3,368
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-AR10,
Class
A1B,
6.23%
(TSFR1M
+
95
bps),
7/25/44,
Callable
9/25/24
@
100*
........................
3,182
94,750
WinWater
Mortgage
Loan
Trust,
Series
2014-1,
Class
A1,
3.92%,
6/20/44,
Callable
9/20/24
@
100*(a)(b)
......................
90,295
984,572
Prime
Fixed
Mortgage
Backed
Securities
(7.8%)
1,409
American
Home
Mortgage
Investment
Trust
,
Series
2005-2,
Class
5A1,
6.54
%,
9/25/35,
Callable
9/25/24
@
100*(b)(c)
.........
1,199
327,920
American
Home
Mortgage
Investment
Trust,
Series
2006-2,
Class
3A2,
6.70%,
6/25/36,
Callable
9/25/24
@
100*(b)(c)
.........
47,671
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Prime
Fixed
Mortgage
Backed
Securities,
continued:
$
35,373
Angel
Oak
Mortgage
Trust,
Series
2019-5,
Class
A1,
2.59%,
10/25/49,
Callable
9/25/24
@
100*(a)(b)
......................
$
34,406
294,191
Angel
Oak
Mortgage
Trust,
Series
2019-6,
Class
A1,
2.62%,
11/25/59,
Callable
9/25/24
@
100*(a)(b)
......................
286,867
11,778
Chase
Mortgage
Finance
Trust,
Series
2007-S2,
Class
2A1,
5.50%,
3/25/37,
Callable
9/25/24
@
100*
........................
896
41,473
ChaseFlex
Trust,
Series
2005-2,
Class
1A1,
6.00%,
6/25/35,
Callable
9/25/24
@
100*
.
28,078
189
CHL
Mortgage
Pass-Through
Trust,
Series
2003-42,
Class
1A1,
3.99%,
9/25/33,
Callable
9/25/24
@
100*(b)
.................
157
5,786
CHL
Mortgage
Pass-Through
Trust,
Series
2005-29,
Class
A1,
5.75%,
12/25/35,
Callable
9/25/24
@
100*
...................
2,862
1,403
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2003-1,
Class
WA2,
6.50%,
6/25/31,
Callable
9/25/24
@
100*
...................
1,390
3,718
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-
1,
Class
3A1,
6.50%,
4/25/35
..........
3,712
2,254
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2004-
NCM1,
Class
1A3,
6.75%,
7/25/34,
Callable
9/25/24
@
100*
...................
2,300
47,198
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2004-
NCM2,
Class
1CB2,
6.75%,
8/25/34,
Callable
9/25/24
@
100*
...................
47,632
5,298
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2004-
NCM2,
Class
2CB3,
8.00%,
8/25/34,
Callable
9/25/24
@
100*
...................
5,497
57,421
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2003-23,
Class
1A11,
6.00%,
10/25/33
.......................
54,741
6,507
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2003-8,
Class
5A1,
6.50%,
4/25/33,
Callable
9/25/24
@
100*
.......
6,577
12,086
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2003-1,
Class
1A1,
7.00%,
2/25/33,
Callable
9/25/24
@
100*
.......
12,309
24,058
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-10,
Class
2B1,
7.50%,
5/25/32,
Callable
9/25/24
@
100*
.......
5,070
162,418
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.,
Series
2002-34,
Class
1A1,
7.50%,
12/25/32,
Callable
9/25/24
@
100*
......
172,350
9,498
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2003-27,
Class
8A1,
6.00%,
11/25/33,
Callable
9/25/24
@
100*
.
9,571
3,375
CSFB
Mortgage-Backed
Trust,
Series
2004-7,
Class
5A1,
5.00%,
10/25/19
..........
3,331
640,523
Fannie
Mae
REMIC
Trust,
Series
2004-W10,
Class
A6,
5.75%,
8/25/34,
Callable
9/25/24
@
100*
..........................
659,627
189,872
Flagstar
Mortgage
Trust,
Series
2021-4,
Class
A5,
2.50%,
6/1/51,
Callable
4/25/45
@
100*(a)(b)
168,671
10,290
Galton
Funding
Mortgage
Trust,
Series
2017-1,
Class
A21,
3.50%,
7/25/56,
Callable
4/25/31
@
100*(a)(b)
.....................
9,409
105,362
GS
Mortgage-Backed
Securities
Corp.
Trust,
Series
2020-PJ3,
Class
A14,
3.00%,
10/25/50,
Callable
2/25/43
@
100*(a)(b)
..
91,291
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Prime
Fixed
Mortgage
Backed
Securities,
continued:
$
291,227
GS
Mortgage-Backed
Securities
Corp.
Trust,
Series
2019-PJ2,
Class
A8,
4.00%,
11/25/49,
Callable
9/25/24
@
100*(a)(b)
.........
$
273,104
129,088
GSR
Mortgage
Loan
Trust,
Series
2004-13F,
Class
2A1,
4.25%,
11/25/34,
Callable
9/25/24
@
100*
..........................
124,320
13,477
GSR
Mortgage
Loan
Trust,
Series
2003-3F,
Class
2A1,
4.50%,
4/25/33,
Callable
9/25/24
@
100*
..........................
12,146
62
GSR
Mortgage
Loan
Trust,
Series
2004-10F,
Class
2A4,
5.00%,
8/25/19
...............
62
444
GSR
Mortgage
Loan
Trust,
Series
2003-2F,
Class
3A1,
6.00%,
3/25/32,
Callable
9/25/24
@
100*
..........................
459
20,147
GSR
Mortgage
Loan
Trust,
Series
2005-8F,
Class
3A4,
6.00%,
11/25/35,
Callable
9/25/27
@
100*
..........................
7,400
463,717
JPMorgan
Mortgage
Trust,
Series
2020-4,
Class
A3A,
2.50%,
11/25/50,
Callable
6/25/39
@
100*(a)(b)
......................
391,190
359,751
JPMorgan
Mortgage
Trust,
Series
2017-2,
Class
A4,
3.00%,
5/25/47,
Callable
8/25/28
@
100*(a)(b)
......................
313,175
8,350
Lehman
Mortgage
Trust,
Series
2005-3,
Class
1A3,
5.50%,
1/25/36,
Callable
9/25/24
@
100*
..........................
3,957
3,766
MASTR
Alternative
Loan
Trust,
Series
2004-13,
Class
12A1,
5.50%,
12/25/19
..........
2,927
694
Prime
Mortgage
Trust,
Series
2004-CL1,
Class
1A1,
6.00%,
2/25/34,
Callable
9/25/24
@
100*
..........................
680
11,929
RAMP
Trust,
Series
2005-SL2,
Class
A3,
7.00%,
2/25/32,
Callable
8/25/30
@
100*
.......
9,395
3,690
RFMSI
Trust,
Series
2005-S7,
Class
A1,
5.50%,
11/25/35,
Callable
9/25/24
@
100*
......
2,860
7,868
RFMSI
Trust,
Series
2003-S9,
Class
A1,
6.50%,
3/25/32,
Callable
9/25/24
@
100*
.......
7,830
39,714
Structured
Asset
Mortgage
Investments
Trust,
Series
1999-2,
Class
3A,
6.75%,
5/25/29,
Callable
9/25/24
@
100*
.............
40,010
12
Structured
Asset
Securities
Corp.
Mortgage
Pass-Through
Certificate
Trust,
Series
1997-2,
Class
2A4,
7.25%,
3/28/30,
Callable
9/28/24
@
100*
........................
13
529
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2003-S11,
Class
1A,
5.00%,
11/25/33,
Callable
9/25/24
@
100*
.............
510
193
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-RA1,
Class
2A,
7.00%,
3/25/34,
Callable
9/25/24
@
100*
.............
197
133,721
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2021-2,
Class
A3,
2.50%,
6/25/51,
Callable
1/25/43
@
100*(a)(b)
.........
118,887
2,964,736
Subprime
Mortgage
Backed
Securities
(0.7%)
213,807
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
2.75%,
10/25/57,
Callable
9/25/30
@
100*(a)(b)
......................
207,295
16,192
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
3.00%,
1/25/58,
Callable
9/25/28
@
100*(a)(b)
......................
15,843
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Subprime
Mortgage
Backed
Securities,
continued:
$
46,618
Towd
Point
Mortgage
Trust,
Series
2018-2,
Class
A1,
3.25%,
3/25/58,
Callable
9/25/29
@
100*(a)(b)
......................
$
45,488
268,626
U.S.
Government
Agency
Mortgage
Backed
Securities
(10.8%)
97,230
Fannie
Mae,
5.00%,
8/1/53,
Pool
#FS5659
...
96,543
232,975
Fannie
Mae,
5.50%,
3/1/53,
Pool
#MA4941
...
234,781
10,035
Fannie
Mae,
5.67%
(RFUCCT1Y
+
133
bps),
1/1/35,
Pool
#805386
...............
10,154
61
Fannie
Mae,
6.00%,
4/1/35,
Pool
#735503
...
64
1,563
Fannie
Mae,
6.11%
(RFUCCT1Y
+
186
bps),
1/1/37,
Pool
#906675
...............
1,578
99
Fannie
Mae,
6.36%
(H15T1Y
+
219
bps),
6/1/32,
Pool
#725286
....................
99
1,194
Fannie
Mae,
6.81%
(RFUCCT1Y
+
163
bps),
9/1/33,
Pool
#739372
...............
1,199
15,527
Fannie
Mae,
7.42%
(H15T1Y
+
229
bps),
2/1/30,
Pool
#556998
....................
15,693
727,354
Fannie
Mae
Grantor
Trust,
Series
2003-T4,
Class
2A5,
4.54
%,
9/26/33,
Callable
9/26/24
@
100*(b)(c)
......................
706,796
180
Fannie
Mae
Grantor
Trust,
Series
2002-T1,
Class
A3,
7.50%,
11/25/31,
Callable
9/25/24
@
100*
..........................
188
135,391
Fannie
Mae
REMIC,
Series
2013-68,
Class
NA,
1.00%,
3/25/42
...................
114,581
13,766
Fannie
Mae
REMIC,
Series
2012-31,
Class
PA,
2.00%,
4/25/41
...................
13,527
107,880
Fannie
Mae
REMIC,
Series
2013-18,
Class
NA,
2.00%,
12/25/42
..................
96,047
61,448
Fannie
Mae
REMIC,
Series
2013-73,
Class
PD,
2.25%,
6/25/42
...................
57,476
57,504
Fannie
Mae
REMIC,
Series
2013-74,
Class
DY,
2.25%,
6/25/42(b)
.................
54,566
39,136
Fannie
Mae
REMIC,
Series
2010-100,
Class
LA,
2.50%,
7/25/40
...................
37,047
43,632
Fannie
Mae
REMIC,
Series
2014-61,
Class
P,
2.50%,
7/25/44
...................
39,897
9,125
Fannie
Mae
REMIC,
Series
2015-12,
Class
PC,
2.50%,
7/25/44
...................
8,910
45,209
Fannie
Mae
REMIC,
Series
2011-118,
Class
NA,
3.00%,
11/25/41
..................
43,054
100,601
Fannie
Mae
REMIC,
Series
2014-1,
Class
AB,
3.00%,
6/25/43
...................
95,892
86,517
Fannie
Mae
REMIC,
Series
2015-59,
Class
LM,
3.00%,
7/25/45
...................
81,008
378,686
Fannie
Mae
REMIC,
Series
2018-83,
Class
LC,
3.00%,
11/25/48
..................
338,482
135,117
Fannie
Mae
REMIC,
Series
2023-16,
Class
VE,
5.50%,
3/25/34
...................
138,302
376
Fannie
Mae
REMIC,
Series
2001-55,
Class
PC,
6.50%,
10/25/31
..................
388
256,156
Fannie
Mae
REMIC
Trust,
Series
2003-W16,
Class
AF5,
4.35
%,
11/25/33,
Callable
9/25/24
@
100*(b)(c)
.....................
258,890
597
Fannie
Mae
REMIC
Trust,
Series
2001-W4,
Class
AF6,
5.15
%,
1/25/32,
Callable
9/25/24
@
100*(b)(c)
......................
593
1,893
Fannie
Mae
REMIC
Trust,
Series
2001-W2,
Class
AF6,
6.07
%,
10/25/31,
Callable
9/25/24
@
100*(b)(c)
......................
1,900
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
U.S.
Government
Agency
Mortgage
Backed
Securities,
continued:
$
4,066
Fannie
Mae
REMIC
Trust,
Series
2001-W1,
Class
AF6,
6.27
%,
7/25/31,
Callable
9/25/24
@
100*(b)(c)
......................
$
4,153
7,659
Fannie
Mae
Trust,
Series
2003-W2,
Class
1A2,
7.00%,
7/25/42,
Callable
9/25/24
@
100*
.
8,014
1,790
Freddie
Mac,
4.00%,
9/1/33,
Pool
#N31025
..
1,763
111,226
Freddie
Mac,
5.00%,
12/1/53,
Pool
#SD8382
.
110,421
1,381
Freddie
Mac,
7.15%
(RFUCCT6M
+
152
bps),
4/1/36,
Pool
#1N0148
...............
1,399
2,111
Freddie
Mac,
7.49%
(H15T1Y
+
237
bps),
8/1/34,
Pool
#755230
....................
2,159
16,585
Freddie
Mac
REMIC,
Series
4146,
Class
ML,
1.50%,
10/15/42
..................
16,168
191,590
Freddie
Mac
REMIC,
Series
4220,
Class
KC,
1.50%,
5/15/32
...................
184,510
6,407
Freddie
Mac
REMIC,
Series
3982,
Class
MD,
2.00%,
5/15/39
...................
6,363
88,540
Freddie
Mac
REMIC,
Series
4019,
Class
GB,
2.00%,
12/15/41
..................
83,037
14,860
Freddie
Mac
REMIC,
Series
4076,
Class
QC,
2.00%,
11/15/41
..................
14,395
25,136
Freddie
Mac
REMIC,
Series
4461,
Class
EA,
2.00%,
7/15/37
...................
24,427
131,555
Freddie
Mac
REMIC,
Series
3908,
Class
B,
2.50%,
6/15/39
...................
122,333
52,924
Freddie
Mac
REMIC,
Series
3913,
Class
PC,
2.50%,
3/15/41
...................
51,727
267,051
Freddie
Mac
REMIC,
Series
4374,
Class
GA,
3.00%,
9/15/36
...................
257,074
147,591
Freddie
Mac
REMIC,
Series
5303,
Class
B,
5.50%,
6/25/45
...................
149,097
168
Freddie
Mac
REMIC,
Series
1904,
Class
D,
7.50%,
10/15/26,
Callable
9/15/24
@
100*
.
169
375,546
Government
National
Mortgage
Assoc.,
Series
2013-69,
Class
NA,
2.00%,
9/20/42
.....
334,965
633
Government
National
Mortgage
Assoc.,
3.75%
(H15T1Y
+
150
bps),
12/20/27,
Pool
#80141
634
73
Government
National
Mortgage
Assoc.,
4.63%
(H15T1Y
+
150
bps),
1/20/25,
Pool
#8580
.
72
129
Government
National
Mortgage
Assoc.,
4.63%
(H15T1Y
+
150
bps),
1/20/25,
Pool
#8585
.
128
175
Government
National
Mortgage
Assoc.,
4.63%
(H15T1Y
+
150
bps),
3/20/26,
Pool
#8832
.
173
807
Government
National
Mortgage
Assoc.,
4.63%
(H15T1Y
+
150
bps),
3/20/29,
Pool
#80263
802
4,684
Government
National
Mortgage
Assoc.,
4.88%
(H15T1Y
+
150
bps),
5/20/34,
Pool
#80916
4,680
210,520
Government
National
Mortgage
Assoc.,
Series
2023-47,
Class
AQ,
5.00%,
6/20/48
.....
212,089
95,393
Government
National
Mortgage
Assoc.,
Series
2023-186,
Class
MV,
5.50%,
10/20/34
....
98,301
1,580
Government
National
Mortgage
Assoc.,
7.00%,
3/15/26,
Pool
#419128
..............
1,576
17
Government
National
Mortgage
Assoc.,
7.00%,
3/20/27,
Pool
#2394
................
18
8
Government
National
Mortgage
Assoc.,
8.00%,
2/20/26,
Pool
#2171
................
8
111
Government
National
Mortgage
Assoc.,
8.00%,
4/20/26,
Pool
#2205
................
111
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
U.S.
Government
Agency
Mortgage
Backed
Securities,
continued:
$
824
Government
National
Mortgage
Assoc.,
8.00%,
5/20/26,
Pool
#2219
................
$
828
4,139,249
Total
Mortgage
Backed
Securities
(Cost
$10,033,808)
........
9,049,458
Commercial
Mortgage
Backed
Securities
(0.1%)
U.S.
Government
Agency
Mortgage
Backed
Securities
(0.1%)
34,255
Fannie
Mae,
Series
2018-M12,
Class
A1,
3.55%,
8/25/30
........................
33,839
Total
Commercial
Mortgage
Backed
Securities
(Cost
$34,517)
...
33,839
Corporate
Bonds
(21.0%)
Air
Freight
&
Logistics
(0.3%)
130,766
United
Airlines
Pass-Through
Trust,
Series
2020-
1,
Class
A,
5.88%,
10/15/27
..........
133,198
Banks
(5.2%)
135,000
Bank
of
America
Corp.,
5.02%
(SOFR
+
216
bps),
7/22/33,
Callable
7/22/32
@
100
*
......
136,641
1,057,000
Southtrust
Bank,
7.74%,
5/15/25
.........
1,073,369
800,000
Truist
Financial
Corp.,
Series
N,
6.71%
(H15T5Y
+
300
bps),
,
Callable
3/1/25
@
100
*(d)
..
790,070
2,000,080
Capital
Markets
(5.2%)
2,000,000
Lehman
Brothers
Holdings,
Inc.,
6.00%,
7/19/12,
MTN
(e)
........................
1,000
800,000
The
Charles
Schwab
Corp.,
Series
I,
4.00%
(H15T5Y
+
317
bps),
,
Callable
6/1/26
@
100
*(d)
...........................
751,385
1,116,000
The
Goldman
Sachs
Group,
Inc.,
1.30%,
11/15/24
.......................
1,099,625
140,000
The
Goldman
Sachs
Group,
Inc.,
3.50%,
11/16/26,
Callable
11/16/25
@
100
*
.....
136,880
1,988,890
Electric
Utilities
(0.7%)
275,000
Entergy
Mississippi
LLC,
3.25%,
12/1/27,
Callable
9/1/27
@
100
*
.............
264,299
Electrical
Equipment
(0.6%)
250,000
Emerson
Electric
Co.,
2.20%,
12/21/31,
Callable
9/21/31
@
100
*
..................
216,284
Financial
Services
(3.0%)
1,206,000
The
Western
Union
Co.,
1.35%,
3/15/26,
Callable
2/15/26
@
100
*
..................
1,142,995
Insurance
(1.7%)
670,000
Athene
Global
Funding,
1.72%,
1/7/25
(a)
....
661,272
Oil,
Gas
&
Consumable
Fuels
(0.3%)
100,000
Virginia
Power
Fuel
Securitization
LLC,
Series
A-2,
4.88%,
5/1/31
................
102,516
Semiconductors
&
Semiconductor
Equipment
(0.4%)
150,000
Broadcom,
Inc.,
4.15%,
11/15/30,
Callable
8/15/30
@
100
*
..................
146,023
Specialized
REITs
(1.5%)
590,000
SBA
Tower
Trust,
1.88%,
1/15/26,
Callable
1/15/25
@
100
*(a)
................
564,633
Tobacco
(2.1%)
806,000
BAT
Capital
Corp.,
3.22%,
9/6/26,
Callable
7/6/26
@
100
*
...................
784,467
Total
Corporate
Bonds
(Cost
$9,027,793)
...................
8,004,657
Taxable
Municipal
Bonds
(0.8%)
Colorado
(0.4%)
150,000
Colorado
Housing
and
Finance
Authority
Revenue,
Series
I-1,
1.11%,
5/1/25,
GNMA
.
146,488
Shares
or
Principal
Amount
Security
Description
Value
Taxable
Municipal
Bonds,
continued:
Pennsylvania
(0.3%)
$
130,000
Philadelphia
Authority
for
Industrial
Development
Revenue,
3.96%,
4/15/26
............
$
129,130
Wisconsin
(0.1%)
45,000
Public
Financial
Authority
Revenue,
4.45%,
10/1/25,
AGM(a)
..................
44,854
Total
Taxable
Municipal
Bonds
(Cost
$325,319)
...............
320,472
U.S.
Government
Agency
Securities
(10.5%)
Federal
Farm
Credit
Banks
Funding
Corp.
1,000,000
1.23
%
,
9/10/29
,
Callable
9/13/24
@
100
*
...
870,154
350,000
2.12
%
,
5/23/31
,
Callable
9/13/24
@
100
*
...
307,626
250,000
2.32
%
,
1/26/32
,
Callable
9/13/24
@
100
*
...
219,095
350,000
5.40
%
(
SOFR
+
6
bps
)
,
10/8/24
..........
350,016
1,746,891
Federal
Home
Loan
Banks
35,000
0.90
%
,
8/27/26
,
Callable
11/27/24
@
100
*
..
32,867
250,000
1.00
%
,
3/29/29
,
Callable
9/29/24
@
100
*(b)
.
226,705
250,000
1.25
%
,
2/19/30
,
Callable
11/19/24
@
100
*
..
215,150
370,000
Series
4,
2.00
%
,
6/30/25
,
Callable
9/30/24
@
100
*(b)
........................
362,115
180,000
2.10
%
,
11/26/31
,
Callable
9/13/24
@
100
*
..
156,035
300,000
4.84
%
,
5/15/30
,
Callable
5/15/25
@
100
*
...
300,592
350,000
5.46
%
(
SOFR
+
12
bps
)
,
5/1/25
..........
350,192
400,000
5.48
%
(
SOFR
+
14
bps
)
,
4/21/25
.........
400,336
2,043,992
Federal
National
Mortgage
Association
250,000
Series
1,
1.00%,
10/27/28,
Callable
10/27/24
@
100
*
..........................
221,444
Total
U.S.
Government
Agency
Securities
(Cost
$4,160,885)
.......
4,012,327
U.S.
Treasury
Obligations
(11.5%)
U.S.
Treasury
Notes
730,000
1.50%,
2/15/30
.....................
648,816
1,150,000
3.88%,
3/31/25
.....................
1,144,681
400,000
3.88%,
12/31/27
....................
401,281
765,000
3.88%,
8/15/34
.....................
762,729
942,000
4.13%,
9/30/27
.....................
951,457
500,000
4.25%,
9/30/24
.....................
499,491
Total
U.S.
Treasury
Obligations
(Cost
$4,415,614)
..............
4,408,455
Investment
in
Affiliates
(3.7%)
1,399,907
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
5.16%(f)
..........
1,399,907
Total
Investment
in
Affiliates
(Cost
$1,399,907)
................
1,399,907
Total
Investments
(Cost
$40,904,141)(g)
—
99.5%
.............
37,974,976
Other
assets
in
excess
of
liabilities
—
0.5%
.................
184,411
Net
Assets
-
100.0%
.................................
$
38,159,387
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
(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,
2024.
(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,
2024.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future
(e)
Issuer
has
defaulted
on
the
payment
of
interest.
(f)
Money
market
investment.
The
rate
presented
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(g)
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.
12MTA
12
Month
Treasury
Average
AGM
Assured
Guaranty
Municipal
Corporation
GNMA
Government
National
Mortgage
Association
H15T1Y
1 Year
Treasury
Constant
Maturity
Rate
H15T5Y
5
Year
Treasury
Constant
Maturity
Rate
MTN
Medium
Term
Note
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,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Asset
Backed
Securities
(17.8%)
$
825,000
Aligned
Data
Centers
Issuer
LLC,
Series
2021-1A,
Class
A2,
1.94%,
8/15/46,
Callable
9/15/24
@
100*(a)
........................
$
775,645
281,973
BRE
Grand
Islander
Timeshare
Issuer
LLC,
Series
2019-A,
Class
B,
3.78%,
9/26/33,
Callable
5/25/26
@
100*(a)
.................
272,943
720,000
Compass
Datacenters
Issuer
II
LLC,
Series
2024-1A,
Class
A1,
5.25%,
2/25/49,
Callable
2/25/27
@
100*(a)
.................
724,601
1,100,000
CoreVest
American
Finance
Trust,
Series
2021-2,
Class
B,
2.38%,
7/15/54,
Callable
7/15/31
@
100*(a)
........................
928,583
1,065,000
DataBank
Issuer,
Series
2024-1A,
Class
A2,
5.30%,
1/26/54,
Callable
1/25/27
@
100*(a)
1,039,686
435,399
Dext
ABS
LLC,
Series
2023-1,
Class
A2,
5.99%,
3/15/32,
Callable
5/15/27
@
100*(a)
.....
436,754
1,080,750
DRIVEN
BRANDS
FUNDING
LLC,
Series
2022-1A,
Class
A2,
7.39%,
10/20/52,
Callable
10/20/25
@
100*(a)
......................
1,094,942
1,189,719
Finance
of
America
Structured
Securities
RMF
Trust,
Series
2023-S1,
Class
A1,
3.00%,
9/25/61(a)(b)
....................
1,141,169
1,490,000
Flexential
Issuer,
Series
2021-1A,
Class
A2,
3.25%,
11/27/51,
Callable
11/25/25
@
100*(a)
........................
1,399,483
1,246,875
Hardee's
Funding
LLC,
Series
2024-1A,
Class
A2,
7.25%,
3/20/54,
Callable
3/20/29
@
100*(a)
1,290,345
1,500,000
HI-FI
Music
IP
Issuer
LP,
Series
2022-1A,
Class
A2,
3.94%,
2/1/62,
Callable
11/1/24
@
100*(a)
........................
1,441,411
641,250
Jack
in
the
Box
Funding
LLC,
Series
2022-1A,
Class
A2I,
3.45%,
2/26/52,
Callable
2/25/25
@
100*(a)
......................
607,304
928,477
Longtrain
Leasing
III
LLC,
Series
2015-1A,
Class
A2,
4.06%,
1/15/45,
Callable
1/15/25
@
100*(a)
........................
922,706
351,572
MVW
LLC,
Series
2019-2A,
Class
A,
2.22%,
10/20/38,
Callable
12/20/25
@
100*(a)
...
340,284
1,500,000
New
Economy
Assets
Phase
1
Sponsor
LLC,
Series
2021-1,
Class
B1,
2.41%,
10/20/61,
Callable
10/20/24
@
100*(a)
..........
1,334,354
–
RAAC
Trust,
Series
2004-SP1,
Class
AI4,
5.29%,
8/25/27,
Callable
9/25/24
@
100*(b)
.....
–
515,000
Sabey
Data
Center
Issuer
LLC,
Series
2020-1,
Class
A2,
3.81%,
4/20/45,
Callable
9/20/24
@
100*(a)
........................
506,513
2,265,600
Sonic
Capital
LLC,
Series
2020-1A,
Class
A2I,
3.85%,
1/20/50,
Callable
9/20/24
@
100*(a)
2,187,075
1,200,000
Switch
ABS
Issuer
LLC,
Series
2024-1A,
Class
A2,
6.28%,
3/25/54,
Callable
3/25/27
@
100*(a)
........................
1,229,212
500,000
Switch
ABS
Issuer
LLC,
Series
2024-2A,
Class
A2,
5.44%,
6/25/54,
Callable
6/25/27
@
100*(a)
........................
498,739
638,175
Taco
Bell
Funding
LLC,
Series
2018-1A,
Class
A2II,
4.94%,
11/25/48,
Callable
11/25/25
@
100*(a)
........................
635,254
425,369
Triumph
Rail
Holdings
LLC,
Series
2021-2,
Class
A,
2.15%,
6/19/51,
Callable
9/17/24
@
100*(a)
........................
394,894
71,031
VR
Funding
LLC,
Series
2020-1A,
Class
A,
2.79%,
11/15/50,
Callable
11/15/24
@
100*(a)
........................
64,577
Shares
or
Principal
Amount
Security
Description
Value
Asset
Backed
Securities,
continued:
$
1,073,942
Wendy's
Funding
LLC,
Series
2019-1A,
Class
A2I,
3.78%,
6/15/49,
Callable
9/15/24
@
100*(a)
........................
$
1,046,165
536,793
Willis
Engine
Structured
Trust
III,
Series
2017-A,
Class
A,
4.69%,
8/15/42,
Callable
7/15/27
@
100*(a)(b)
......................
493,807
814,463
Willis
Engine
Structured
Trust
VI,
Series
2021-A,
Class
A,
3.10%,
5/15/46,
Callable
5/15/29
@
100*(a)
........................
740,992
514,100
Zaxby's
Funding
LLC,
Series
2021-1A,
Class
A2,
3.24%,
7/30/51,
Callable
7/30/25
@
100*(a)
468,023
Total
Asset
Backed
Securities
(Cost
$22,543,363)
..............
22,015,461
Mortgage
Backed
Securities†
(25.0%)
Alt-A
-
Adjustable
Rate
Mortgage
Backed
Securities
(0.0%^)
49,495
Bear
Stearns
Alternative
Trust,
Series
2006-6,
Class
32A1,
4.79%,
11/25/36,
Callable
1/25/25
@
100*(b)
.................
25,698
Alt-A
-
Fixed
Rate
Mortgage
Backed
Securities
(0.3%)
37,010
Alternative
Loan
Trust,
Series
2005-46CB,
Class
A3,
5.50%,
10/25/35,
Callable
9/25/24
@
100*
..........................
26,347
48
Alternative
Loan
Trust,
Series
2006-8T1,
Class
2A3,
5.50%,
4/25/36,
Callable
9/25/24
@
100*
..........................
48
4,216
Alternative
Loan
Trust,
Series
2004-22CB,
Class
1A1,
6.00%,
10/25/34,
Callable
9/25/24
@
100*
..........................
4,319
21,069
Alternative
Loan
Trust,
Series
2006-8T1,
Class
1A4,
6.00%,
4/25/36,
Callable
9/25/24
@
100*
..........................
10,011
137,989
Alternative
Loan
Trust,
Series
2007-9T1,
Class
1A7,
6.00%,
5/25/37,
Callable
9/25/24
@
100*
..........................
67,659
166,458
Alternative
Loan
Trust,
Series
2006-36T2,
Class
2A4,
6.25%,
12/25/36,
Callable
9/25/24
@
100*
..........................
71,828
4,619
Banc
of
America
Alternative
Loan
Trust,
Series
2006-4,
Class
4CB1,
6.50%,
5/25/46,
Callable
9/25/24
@
100*
...................
4,193
15,455
Bear
Stearns
Asset
Backed
Securities
Trust,
Series
2003-AC7,
Class
A1,
6.53%,
1/25/34,
Callable
9/25/24
@
100*(b)(c)
...............
13,017
1,651
JPMorgan
Alternative
Loan
Trust,
Series
2006-S4,
Class
A6,
6.13%,
12/25/36,
Callable
9/25/24
@
100*(b)(c)
.....................
1,673
6,884
MASTR
Alternative
Loan
Trust,
Series
2005-3,
Class
1A1,
5.50%,
4/25/35,
Callable
9/25/24
@
100*
........................
6,253
28,353
MASTR
Alternative
Loan
Trust,
Series
2004-3,
Class
3A1,
6.00%,
4/25/34,
Callable
9/25/24
@
100*
........................
28,550
10,590
MASTR
Alternative
Loan
Trust,
Series
2004-6,
Class
7A1,
6.00%,
7/25/34,
Callable
9/25/24
@
100*
........................
10,398
9,819
MASTR
Alternative
Loan
Trust,
Series
2005-3,
Class
7A1,
6.00%,
4/25/35,
Callable
9/25/24
@
100*
........................
7,478
331
MASTR
Alternative
Loan
Trust,
Series
2003-7,
Class
5A1,
6.25%,
11/25/33,
Callable
9/25/24
@
100*
........................
344
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Alt-A
-
Fixed
Rate
Mortgage
Backed
Securities,
continued:
$
4,080
MASTR
Alternative
Loan
Trust,
Series
2004-3,
Class
2A1,
6.25%,
4/25/34,
Callable
9/25/24
@
100*
........................
$
4,157
2,332
Nomura
Asset
Acceptance
Corp.
Alternative
Loan
Trust,
Series
2003-A1,
Class
A2,
6.00%,
5/25/33,
Callable
9/25/24
@
100*
.......
2,328
132,533
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2005-3,
Class
1CB5,
5.50%,
5/25/35,
Callable
9/25/24
@
100*
.............
115,340
2,048
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-CB1,
Class
4A,
6.00%,
6/25/34,
Callable
9/25/24
@
100*
.............
2,057
376,000
Prime
Adjustable
Rate
Mortgage
Backed
Securities
(0.1%)
75,305
ChaseFlex
Trust,
Series
2006-2,
Class
A5,
4.37%,
9/25/36,
Callable
9/25/24
@
100*(b)
.....
67,957
2,963
JPMorgan
Mortgage
Trust,
Series
2006-A4,
Class
3A1,
4.52%,
6/25/36,
Callable
9/25/24
@
100*(b)
........................
2,021
9,830
JPMorgan
Mortgage
Trust,
Series
2006-A2,
Class
3A2,
5.71%,
4/25/36,
Callable
9/25/24
@
100*(b)
........................
8,487
80,706
JPMorgan
Mortgage
Trust,
Series
2005-A6,
Class
2A4,
6.96%,
8/25/35,
Callable
9/25/24
@
100*(b)
........................
76,224
6,072
Merrill
Lynch
Mortgage
Investors
Trust,
Series
2004-HB1,
Class
A3,
4.86%,
4/25/29,
Callable
9/25/24
@
100*(b)
.................
5,337
3,387
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2006-5,
Class
4A1,
5.14%,
6/25/36,
Callable
9/25/24
@
100*(b)
...........
2,053
162,079
Prime
Fixed
Mortgage
Backed
Securities
(4.6%)
207,841
Arroyo
Mortgage
Trust,
Series
2019-3,
Class
A1,
2.96%,
10/25/48,
Callable
9/25/24
@
100*(a)
(b)
...........................
195,854
2,264
Chase
Mortgage
Finance
Trust,
Series
2002-S4,
Class
A23,
6.25%,
3/25/32,
Callable
9/25/24
@
100*
........................
2,149
24,884
ChaseFlex
Trust,
Series
2005-2,
Class
1A1,
6.00%,
6/25/35,
Callable
9/25/24
@
100*
.
16,847
20,699
ChaseFlex
Trust,
Series
2007-1,
Class
1A3,
6.50%,
2/25/37,
Callable
9/25/24
@
100*
.
7,431
1,000
CHL
Mortgage
Pass-Through
Trust,
Series
2004-8,
Class
1A3,
5.50%,
7/25/34,
Callable
9/25/24
@
100*
...................
983
2,731
CHL
Mortgage
Pass-Through
Trust,
Series
2004-18,
Class
A1,
6.00%,
10/25/34,
Callable
9/25/24
@
100*
...................
2,697
2,710
CHL
Mortgage
Pass-Through
Trust,
Series
2004-
21,
Class
A10,
6.00%,
11/25/34,
Callable
9/25/24
@
100*
...................
2,690
1,085,276
CIM
Trust,
Series
2021-J2,
Class
A4,
2.50%,
4/25/51,
Callable
1/25/40
@
100*(a)(b)
...
971,974
10,111
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2005-
1,
Class
3A1,
6.50%,
4/25/35
..........
10,094
92,217
CSFB
Mortgage-Backed
Pass-Through
Certificates,
Series
2005-9,
Class
3A1,
6.00%,
10/25/35,
Callable
9/25/24
@
100*
......
28,330
86
FNT
Mortgage-Backed
Pass-Through
Trust,
Series
2001-3,
Class
1A1,
6.75%,
8/21/31
......
84
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
Prime
Fixed
Mortgage
Backed
Securities,
continued:
$
201
GMACM
Mortgage
Loan
Trust,
Series
2003-GH2,
Class
A4,
5.54%,
10/25/33,
Callable
9/25/24
@
100*(b)(c)
.....................
$
199
359,353
GS
Mortgage-Backed
Securities
Trust,
Series
2021-GR2,
Class
A6,
2.50%,
2/25/52,
Callable
11/25/40
@
100*(a)(b)
..............
319,293
791,292
GS
Mortgage-Backed
Securities
Trust,
Series
2021-PJ7,
Class
A8,
2.50%,
1/25/52,
Callable
2/25/43
@
100*(a)(b)
...............
703,470
778,034
GS
Mortgage-Backed
Securities
Trust,
Series
2022-MM1,
Class
A8,
2.50%,
7/25/52,
Callable
12/25/45
@
100*(a)(b)
........
689,331
653,331
JPMorgan
Mortgage
Trust,
Series
2019-6,
Class
A5,
3.50%,
12/25/49,
Callable
9/25/24
@
100*(a)(b)
......................
593,303
13,242
JPMorgan
Mortgage
Trust,
Series
2004-S2,
Class
4A5,
6.00%,
11/25/34,
Callable
9/25/24
@
100*
..........................
12,108
744,913
Mello
Mortgage
Capital
Acceptance,
Series
2021-
MTG2,
Class
A10,
2.50%,
6/25/51,
Callable
12/25/44
@
100*(a)(b)
..............
660,373
64,854
RAAC
Trust,
Series
2004-SP2,
Class
A22,
6.00%,
1/25/32,
Callable
9/25/24
@
100*
.......
58,244
733,543
Starwood
Mortgage
Residential
Trust,
Series
2021-5,
Class
A1,
1.92%,
9/25/66,
Callable
10/25/24
@
100*(a)(b)
..............
626,847
9,553
Structured
Asset
Securities
Corp.
Assistance
Loan
Trust,
Series
2003-AL2,
Class
A,
3.36%,
1/25/31,
Callable
9/25/24
@
100*(a)
.....
9,128
36,633
TBW
Mortgage-Backed
Trust,
Series
2006-2,
Class
7A1,
7.00%,
7/25/36,
Callable
9/25/24
@
100*
........................
4,190
17,345
WaMu
Mortgage
Pass-Through
Certificates
Trust,
Series
2004-RA1,
Class
2A,
7.00%,
3/25/34,
Callable
9/25/24
@
100*
.............
17,719
594,315
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2021-2,
Class
A3,
2.50%,
6/25/51,
Callable
1/25/43
@
100*(a)(b)
.........
528,388
196,550
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2019-3,
Class
A1,
3.50%,
7/25/49,
Callable
9/25/24
@
100*(a)(b)
.........
177,563
91,441
WinWater
Mortgage
Loan
Trust,
Series
2015-1,
Class
A1,
3.50%,
1/20/45,
Callable
9/20/24
@
100*(a)(b)
......................
84,404
5,723,693
Subprime
Mortgage
Backed
Securities
(0.3%)
130,422
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
2.75%,
10/25/57,
Callable
9/25/30
@
100*(a)(b)
......................
126,450
43,178
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
3.00%,
1/25/58,
Callable
9/25/28
@
100*(a)(b)
......................
42,248
132,084
Towd
Point
Mortgage
Trust,
Series
2018-2,
Class
A1,
3.25%,
3/25/58,
Callable
9/25/29
@
100*(a)(b)
......................
128,884
297,582
U.S.
Government
Agency
Mortgage
Backed
Securities
(19.7%)
1,255,330
Fannie
Mae,
4.00%,
9/1/52,
Pool
#MA4732
...
1,191,705
118
Fannie
Mae,
5.00%,
8/1/33,
Pool
#730856
...
120
72
Fannie
Mae,
5.00%,
7/1/35,
Pool
#832198
...
73
1,170,532
Fannie
Mae,
5.00%,
8/1/53,
Pool
#FS5659
...
1,162,265
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
U.S.
Government
Agency
Mortgage
Backed
Securities,
continued:
$
88
Fannie
Mae,
5.50%,
2/1/33,
Pool
#683351
...
$
89
57
Fannie
Mae,
5.50%,
9/1/34,
Pool
#725773
...
59
1,318,725
Fannie
Mae,
5.50%,
3/1/53,
Pool
#MA4941
...
1,328,948
1,165,840
Fannie
Mae,
5.50%,
2/1/54,
Pool
#CB7991
...
1,174,503
1,234
Fannie
Mae,
6.43%
(H15T1Y
+
231
bps),
12/1/27,
Pool
#422279
..............
1,230
702,318
Fannie
Mae
REMIC,
Series
2021-52,
Class
JC,
1.25%,
7/25/51
...................
578,518
191,118
Fannie
Mae
REMIC,
Series
2012-111,
Class
EC,
2.00%,
12/25/41
..................
176,347
87,885
Fannie
Mae
REMIC,
Series
2013-23,
Class
AB,
2.00%,
2/25/43
...................
79,468
293,831
Fannie
Mae
REMIC,
Series
2020-54,
Class
TA,
2.00%,
5/25/43
...................
276,280
96,205
Fannie
Mae
REMIC,
Series
2012-30,
Class
CB,
2.25%,
10/25/41
..................
90,433
65,399
Fannie
Mae
REMIC,
Series
2010-100,
Class
LA,
2.50%,
7/25/40
...................
61,908
131,044
Fannie
Mae
REMIC,
Series
2012-104,
Class
QC,
2.50%,
5/25/42
...................
121,711
32,724
Fannie
Mae
REMIC,
Series
2014-61,
Class
P,
2.50%,
7/25/44
...................
29,923
134,864
Fannie
Mae
REMIC,
Series
2020-2,
Class
JD,
2.50%,
2/25/50
...................
116,521
131,880
Fannie
Mae
REMIC,
Series
2014-33,
Class
PE,
3.00%,
4/25/43
...................
128,225
173,639
Fannie
Mae
REMIC,
Series
2015-59,
Class
LM,
3.00%,
7/25/45
...................
162,582
704,276
Fannie
Mae
REMIC,
Series
2018-94,
Class
ZE,
3.50%,
1/25/49
...................
653,782
405,311
Fannie
Mae
REMIC,
Series
2022-35,
Class
CK,
4.00%,
3/25/47
...................
394,157
945,047
Fannie
Mae
REMIC,
Series
2022-61,
Class
D,
4.00%,
6/25/44
...................
926,822
1,032,428
Fannie
Mae
REMIC,
Series
2023-19,
Class
BA,
5.00%,
12/25/50
..................
1,031,418
1,801,553
Fannie
Mae
REMIC,
Series
2023-16,
Class
VE,
5.50%,
3/25/34
...................
1,844,032
835,771
Fannie
Mae
REMIC,
Series
2024-12,
Class
BA,
5.50%,
10/25/45
..................
844,440
517
Fannie
Mae
REMIC,
Series
1998-36,
Class
ZB,
6.00%,
7/18/28
...................
523
7,415
Fannie
Mae
REMIC
Trust,
Series
2002-W11,
Class
AF5,
4.98%,
11/25/32,
Callable
9/25/24
@
100*(b)(c)
.....................
7,419
13,702
Fannie
Mae
Trust,
Series
2003-W6,
Class
6A,
4.42%,
8/25/42,
Callable
9/25/24
@
100*(b)
13,339
1,199,304
Freddie
Mac,
5.00%,
12/1/53,
Pool
#SD8382
.
1,190,626
1,116,585
Freddie
Mac,
5.50%,
5/1/54,
Pool
#SD8431
..
1,124,370
66
Freddie
Mac,
6.00%,
7/1/35,
Pool
#A36085
...
67
1,122,887
Freddie
Mac,
6.00%,
5/1/53,
Pool
#SD8325
..
1,146,457
411
Freddie
Mac,
6.50%,
2/1/36,
Pool
#G08113
..
428
53,124
Freddie
Mac
REMIC,
Series
4019,
Class
GB,
2.00%,
12/15/41
..................
49,822
46,084
Freddie
Mac
REMIC,
Series
4461,
Class
EA,
2.00%,
7/15/37
...................
44,783
79,333
Freddie
Mac
REMIC,
Series
3913,
Class
PC,
2.50%,
3/15/41
...................
77,539
803,290
Freddie
Mac
REMIC,
Series
4893,
Class
PD,
2.50%,
5/15/49
...................
706,038
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†,
continued:
U.S.
Government
Agency
Mortgage
Backed
Securities,
continued:
$
72,221
Freddie
Mac
REMIC,
Series
3721,
Class
PE,
3.50%,
9/15/40
...................
$
70,642
25,124
Freddie
Mac
REMIC,
Series
3780,
Class
MK,
3.50%,
10/15/40
..................
24,567
1,061,850
Freddie
Mac
REMIC,
Series
5384,
Class
A,
5.00%,
9/25/50
...................
1,060,292
1,201,815
Freddie
Mac
REMIC,
Series
5303,
Class
B,
5.50%,
6/25/45
...................
1,214,076
1,206,819
Freddie
Mac
REMIC,
Series
5331,
Class
BV,
5.50%,
6/25/34
...................
1,233,840
481
Freddie
Mac
REMIC,
Series
2148,
Class
ZA,
6.00%,
4/15/29
...................
486
3,292
Freddie
Mac
REMIC,
Series
2036,
Class
PD,
6.50%,
3/15/28
...................
3,356
143,591
Government
National
Mortgage
Assoc.,
Series
2013-69,
Class
NA,
2.00%,
9/20/42
.....
128,075
159,869
Government
National
Mortgage
Assoc.,
Series
2009-94,
Class
KB,
3.00%,
9/16/39
......
154,394
69,284
Government
National
Mortgage
Assoc.,
Series
2011-46,
Class
GJ,
3.25%,
1/16/41(b)
....
66,333
6,497
Government
National
Mortgage
Assoc.,
Series
2009-93,
Class
HG,
4.00%,
9/16/39
.....
6,392
1,074,264
Government
National
Mortgage
Assoc.,
Series
2022-205,
Class
UA,
5.00%,
5/20/52
.....
1,082,942
1,181,490
Government
National
Mortgage
Assoc.,
Series
2023-47,
Class
AQ,
5.00%,
6/20/48
.....
1,190,297
1,272,864
Government
National
Mortgage
Assoc.,
Series
2024-64,
Class
BQ,
5.00%,
4/20/54
.....
1,280,002
1,946
Government
National
Mortgage
Assoc.,
7.00%,
7/15/29,
Pool
#490215
..............
1,960
24,254,624
Total
Mortgage
Backed
Securities
(Cost
$31,516,406)
........
30,839,676
Commercial
Mortgage
Backed
Securities
(1.1%)
Alt-A
-
Fixed
Rate
Mortgage
Backed
Securities
(1.0%)
1,250,000
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP5,
Class
A5,
3.72%,
3/15/50,
Callable
4/15/27
@
100*
.............
1,206,007
U.S.
Government
Agency
Mortgage
Backed
Securities
(0.1%)
116,469
Fannie
Mae,
Series
2018-M12,
Class
A1,
3.55%,
8/25/30
........................
115,052
Total
Commercial
Mortgage
Backed
Securities
(Cost
$1,274,371)
.
1,321,059
Corporate
Bonds
(19.1%)
Air
Freight
&
Logistics
(0.6%)
752,407
United
Airlines
Pass-Through
Trust,
Series
2020-
1,
Class
A,
5.88%,
10/15/27
..........
766,403
Banks
(3.5%)
2,475,000
Bank
of
America
Corp.,
3.31%
(SOFR
+
158
bps),
4/22/42,
Callable
4/22/41
@
100
*
......
1,958,824
1,550,000
JPMorgan
Chase
&
Co.,
2.52%
(SOFR
+
204
bps),
4/22/31,
Callable
4/22/30
@
100
*
..
1,390,833
1,350,000
Wells
Fargo
&
Co.,
3.07%
(SOFR
+
253
bps),
4/30/41,
Callable
4/30/40
@
100
*
......
1,033,565
4,383,222
Beverages
(0.6%)
800,000
PepsiCo,
Inc.,
2.75%,
3/19/30,
Callable
12/19/29
@
100
*
........................
741,158
Capital
Markets
(1.0%)
1,200,000
Morgan
Stanley,
4.89%
(SOFR
+
208
bps),
7/20/33,
Callable
7/20/32
@
100
*
......
1,197,454
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Corporate
Bonds,
continued:
Electric
Utilities
(1.9%)
$
1,000,000
Entergy
Mississippi
LLC,
3.25%,
12/1/27,
Callable
9/1/27
@
100
*
.............
$
961,088
1,420,000
Texas
Electric
Market
Stabilization
Funding
N
LLC,
Series
A-3,
5.06%,
8/1/46
(a)
......
1,405,652
2,366,740
Electrical
Equipment
(0.9%)
1,250,000
Emerson
Electric
Co.,
2.20%,
12/21/31,
Callable
9/21/31
@
100
*
..................
1,081,419
Financial
Services
(0.7%)
770,000
The
Western
Union
Co.,
6.20%,
11/17/36
....
808,031
Food
Products
(1.7%)
1,059,000
Conagra
Brands,
Inc.,
4.60%,
11/1/25,
Callable
9/1/25
@
100
*
...................
1,055,270
320,000
Mars,
Inc.,
0.88%,
7/16/26,
Callable
6/16/26
@
100
*(a)
........................
299,652
825,000
Mars,
Inc.,
3.20%,
4/1/30,
Callable
1/1/30
@
100
*(a)
...........................
773,446
2,128,368
Health
Care
Providers
&
Services
(0.9%)
375,000
Montefiore
Medical
Center,
2.15%,
10/20/26,
Callable
4/20/26
@
100
*
............
361,956
860,000
UnitedHealth
Group,
Inc.,
3.50%,
8/15/39,
Callable
2/15/39
@
100
*
............
722,946
1,084,902
Household
Durables
(0.9%)
1,120,000
Harman
International
Industries,
Inc.,
4.15%,
5/15/25,
Callable
2/15/25
@
100
*
......
1,112,152
Oil,
Gas
&
Consumable
Fuels
(2.6%)
790,000
Evergy
Missouri
West
Storm
Funding
I
LLC,
Series
A-1,
5.10%,
12/1/38
...........
812,925
1,200,000
Marathon
Oil
Corp.,
4.40%,
7/15/27,
Callable
4/15/27
@
100
*(a)
................
1,195,458
1,200,000
Virginia
Power
Fuel
Securitization
LLC,
Series
A-2,
4.88%,
5/1/31
................
1,230,193
3,238,576
Passenger
Airlines
(0.7%)
895,813
Alaska
Airlines
Pass-Through
Trust,
Series
2020,
4.80%,
8/15/27
(a)
.................
885,950
Semiconductors
&
Semiconductor
Equipment
(1.7%)
2,178,000
Broadcom,
Inc.,
4.15%,
11/15/30,
Callable
8/15/30
@
100
*
..................
2,120,247
Specialized
REITs
(1.4%)
1,780,000
SBA
Tower
Trust,
1.88%,
1/15/26,
Callable
1/15/25
@
100
*(a)
................
1,703,468
Total
Corporate
Bonds
(Cost
$25,516,104)
..................
23,618,090
Taxable
Municipal
Bonds
(7.9%)
Georgia
(1.0%)
1,200,000
State
of
Georgia,
GO,
Series
BABS,
4.57%,
10/1/30
........................
1,207,945
Indiana
(0.9%)
1,025,000
Indiana
Finance
Authority
Revenue,
Series
B,
6.60%,
2/1/39
....................
1,175,336
Kentucky
(0.6%)
320,000
Lexington-Fayette
Urban
County
Airport
Board
Revenue,
Series
A,
2.84%,
7/1/31
.......
291,109
430,000
Lexington-Fayette
Urban
County
Airport
Board
Revenue,
Series
A,
2.84%,
7/1/31
.......
394,213
685,322
Shares
or
Principal
Amount
Security
Description
Value
Taxable
Municipal
Bonds,
continued:
Michigan
(0.1%)
$
190,000
Michigan
State
Housing
Development
Authority
Revenue,
Series
B,
2.72%,
10/1/35,
Continuously
Callable
@
100
..........
$
168,115
Oklahoma
(1.7%)
500,000
Grand
River
Dam
Authority
Revenue,
4.55%,
6/1/39,
Continuously
Callable
@
100
.....
484,555
1,650,000
The
University
of
Oklahoma
Revenue,
3.87%,
7/1/32,
Continuously
Callable
@
100
.....
1,612,482
2,097,037
Pennsylvania
(0.9%)
1,110,000
City
of
Bethlehem
PA,
GO,
Series
C,
5.15%,
11/1/34,
Pre-refunded
11/1/24
@
100,
AGM
1,109,084
Texas
(2.7%)
785,000
Texas
Department
of
Transportation
State
Highway
Fund
Revenue,
5.18%,
4/1/30
..........
798,536
1,164,048
Texas
Natural
Gas
Securitization
Finance
Corp.
Revenue,
5.10%,
4/1/35
.............
1,195,685
1,300,000
Texas
Natural
Gas
Securitization
Finance
Corp.
Revenue,
5.17%,
4/1/41
.............
1,342,583
3,336,804
Total
Taxable
Municipal
Bonds
(Cost
$10,008,389)
.............
9,779,643
U.S.
Government
Agency
Securities
(6.6%)
Federal
Farm
Credit
Banks
Funding
Corp.
1,000,000
1.32
%
,
9/9/30
,
Callable
9/13/24
@
100
*
....
852,246
1,625,000
2.00
%
,
9/27/33
,
Callable
9/13/24
@
100
*
...
1,340,467
1,408,000
2.15
%
,
3/7/36
,
Callable
9/13/24
@
100
*
....
1,106,713
1,350,000
2.23
%
,
3/12/35
,
Callable
9/13/24
@
100
*
...
1,094,453
1,150,000
2.32
%
,
1/26/32
,
Callable
9/13/24
@
100
*
...
1,007,837
1,220,000
2.75
%
,
2/2/37
,
Callable
9/13/24
@
100
*
....
1,015,726
6,417,442
Federal
Home
Loan
Banks
1,000,000
1.00
%
,
2/11/36
,
Callable
11/11/24
@
100
*(b)
787,109
1,170,000
1.50
%
,
2/25/36
,
Callable
11/25/24
@
100
*(b)
918,906
1,706,015
Total
U.S.
Government
Agency
Securities
(Cost
$8,639,224)
.......
8,123,457
U.S.
Treasury
Obligations
(21.3%)
U.S.
Treasury
Bonds
4,532,000
1.75
%
,
8/15/41
.....................
3,156,467
19,465,000
3.13
%
,
8/15/44
.....................
16,345,278
19,501,745
U.S.
Treasury
Notes
1,715,000
3.13
%
,
8/31/29
.....................
1,666,028
5,026,000
4.13
%
,
11/15/32
....................
5,121,023
6,787,051
Total
U.S.
Treasury
Obligations
(Cost
$26,959,468)
.............
26,288,796
Investment
in
Affiliates
(0.9%)
1,066,727
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
5.16%(d)
.........
1,066,727
Total
Investment
in
Affiliates
(Cost
$1,066,727)
................
1,066,727
Total
Investments
(Cost
$127,524,052)(e)
—
99.7%
............
123,052,909
Other
assets
in
excess
of
liabilities
—
0.3%
.................
413,192
Net
Assets
-
100.0%
.................................
$
123,466,101
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
(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,
2024.
(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,
2024.
(d)
Money
market
investment.
The
rate
presented
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(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.
Amounts
shown
as
“—“
are
either
0
or
round
to
less
than
1.
AGM
Assured
Guaranty
Municipal
Corporation
GO
General
Obligation
H15T1Y
1 Year
Treasury
Constant
Maturity
Rate
REMIC
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
Schedule
of
Portfolio
Investments
August
31,
2024
Strategic
Enhanced
Yield
Fund
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Mortgage
Backed
Securities†
(21.9%)
Prime
Fixed
Mortgage
Backed
Securities
(1.9%)
$
364,291
Brean
Asset
Backed
Securities
Trust,
Series
2021-
RM1,
Class
M1,
1.60%,
10/25/63,
Callable
9/25/27
@
100*(a)
.................
$
282,351
U.S.
Government
Agency
Mortgage
Backed
Securities
(20.0%)
201,270
Fannie
Mae,
3.00%,
6/1/52,
Pool
#MA4624
...
178,687
222,160
Fannie
Mae,
3.50%,
7/1/52,
Pool
#CB4115
...
204,616
109,824
Fannie
Mae,
3.50%,
10/1/52,
Pool
#MA4782
..
101,142
223,368
Fannie
Mae,
4.00%,
9/1/52,
Pool
#MA4732
...
212,047
117,382
Fannie
Mae,
4.00%,
5/1/53,
Pool
#MA5027
...
111,403
242,233
Fannie
Mae,
4.50%,
10/1/52,
Pool
#MA4784
..
235,988
276,964
Fannie
Mae,
4.50%,
11/1/52,
Pool
#CB5266
..
269,741
103,489
Fannie
Mae,
4.50%,
11/1/52,
Pool
#MA4805
..
100,790
151,920
Fannie
Mae,
5.00%,
4/1/53,
Pool
#CB6599
...
150,820
256,283
Fannie
Mae,
5.00%,
7/1/53,
Pool
#MA5071
...
254,513
97,325
Fannie
Mae,
5.50%,
5/1/54,
Pool
#MA5353
...
98,003
120,160
Freddie
Mac,
3.00%,
6/1/52,
Pool
#SD8220
..
106,797
196,622
Freddie
Mac,
4.00%,
11/1/52,
Pool
#SD8265
.
186,604
129,696
Freddie
Mac,
4.00%,
1/1/53,
Pool
#SD8286
..
123,101
53,231
Freddie
Mac,
4.50%,
10/1/52,
Pool
#SD8257
.
51,875
187,494
Freddie
Mac,
5.00%,
10/1/52,
Pool
#SD8258
.
186,459
71,132
Freddie
Mac,
5.50%,
4/1/53,
Pool
#SD8316
..
71,663
198,240
Government
National
Mortgage
Assoc.,
3.50%,
10/20/52,
Pool
#MA8345
............
184,563
135,272
Government
National
Mortgage
Assoc.,
5.50%,
4/20/53,
Pool
#MA8801
.............
136,347
2,965,159
Total
Mortgage
Backed
Securities
(Cost
$3,253,917)
.........
3,247,510
Corporate
Bonds
(44.2%)
Aerospace
&
Defense
(1.7%)
200,000
Rolls-Royce
PLC,
5.75%,
10/15/27,
Callable
7/15/27
@
100
*(b)
................
205,068
45,000
The
Boeing
Co.,
5.04%,
5/1/27,
Callable
3/1/27
@
100
*
........................
45,056
250,124
Banks
(6.8%)
150,000
Banco
GNB
Sudameris
SA,
7.50%
(H15T5Y
+
666
bps),
4/16/31,
Callable
4/16/26
@
100
*(b)
.
142,482
90,000
Bank
of
America
Corp.,
3.42%
(TSFR3M
+
130
bps),
12/20/28,
Callable
12/20/27
@
100
*
.
86,777
140,000
Citigroup,
Inc.,
4.41%
(SOFR
+
391
bps),
3/31/31,
Callable
3/31/30
@
100
*
......
137,707
110,000
JPMorgan
Chase
&
Co.,
3.63%,
12/1/27,
Callable
12/1/26
@
100
*
..................
107,566
90,000
JPMorgan
Chase
&
Co.,
6.40%,
5/15/38
....
104,240
130,000
Truist
Financial
Corp.,
4.92%
(SOFR
+
224
bps),
7/28/33,
Callable
7/28/32
@
100,
MTN
*
..
125,779
90,000
Wachovia
Corp.,
5.50%,
8/1/35
..........
92,583
100,000
Wells
Fargo
&
Co.,
5.57%
(SOFR
+
174
bps),
7/25/29,
Callable
7/25/28
@
100
*
......
103,262
100,000
Wells
Fargo
&
Co.,
6.85%
(H15T5Y
+
277
bps),
12/31/99,
Callable
9/15/29
@
100
*
.....
102,643
1,003,039
Broadline
Retail
(1.2%)
200,000
MercadoLibre,
Inc.,
3.13%,
1/14/31,
Callable
10/14/30
@
100
*
.................
178,166
Capital
Markets
(3.0%)
100,000
International
Bank
for
Reconstruction
&
Development,
4.50%,
8/28/34,
Callable
8/28/27
@
100
*
..................
99,355
140,000
Morgan
Stanley,
4.43%
(TSFR3M
+
189
bps),
1/23/30,
Callable
1/23/29
@
100
*
......
139,123
Shares
or
Principal
Amount
Security
Description
Value
Corporate
Bonds,
continued:
Capital
Markets,
continued:
$
120,000
Morgan
Stanley,
5.25%
(SOFR
+
187
bps),
4/21/34,
Callable
4/21/33
@
100
*
......
$
122,113
90,000
The
Goldman
Sachs
Group,
Inc.,
6.19%
(SOFR
+
82
bps),
9/10/27,
Callable
9/10/26
@
100
*
89,795
450,386
Construction
&
Engineering
(1.4%)
200,000
Arcos
Dorados
BV,
6.13%,
5/27/29,
Callable
5/27/26
@
103
*(b)
................
199,930
Consumer
Finance
(2.3%)
70,000
Ally
Financial,
Inc.,
6.99%
(SOFR
+
326
bps),
6/13/29,
Callable
6/13/28
@
100
*
......
74,242
120,000
American
Express
Co.,
5.10%
(SOFR
+
100
bps),
2/16/28,
Callable
2/16/27
@
100
*
......
121,581
140,000
Hyundai
Capital
America,
6.50%,
1/16/29,
Callable
12/16/28
@
100
*(b)
..........
149,201
345,024
Containers
&
Packaging
(1.2%)
200,000
Ardagh
Metal
Packaging
Finance
USA
LLC/
Ardagh
Metal
Packaging
Finance
PLC,
3.25%,
9/1/28,
Callable
10/7/24
@
102
*(b)
.....
181,472
Diversified
REITs
(0.6%)
90,000
Prologis
LP,
4.75%,
6/15/33,
Callable
3/15/33
@
100
*
..........................
90,031
Diversified
Telecommunication
Services
(0.6%)
90,000
Verizon
Communications,
Inc.,
4.02%,
12/3/29,
Callable
9/3/29
@
100
*
.............
88,109
Electrical
Equipment
(0.5%)
80,000
Vertiv
Group
Corp.,
4.13%,
11/15/28,
Callable
11/15/24
@
102
*(b)
...............
76,781
Financial
Services
(2.7%)
150,000
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust,
3.30%,
1/30/32,
Callable
10/30/31
@
100
*
.................
133,404
250,000
Ford
Motor
Credit
Co.
LLC,
6.80%,
11/7/28,
Callable
10/7/28
@
100
*
............
263,467
396,871
Food
Products
(1.5%)
200,000
Minerva
Luxembourg
SA,
8.88%,
9/13/33,
Callable
9/13/28
@
104
*(b)
..........
215,912
Health
Care
Equipment
&
Supplies
(0.7%)
100,000
GE
HealthCare
Technologies,
Inc.,
5.91%,
11/22/32,
Callable
8/22/32
@
100
*
.....
106,599
Hotels,
Restaurants
&
Leisure
(1.7%)
200,000
Alsea
SAB
de
CV,
7.75%,
12/14/26,
Callable
10/7/24
@
104
*(b)
................
203,535
50,000
Grupo
Posadas
SAB
de
CV,
7.00%,
12/30/27,
Callable
9/17/24
@
100
*(b)(c)
.........
45,418
248,953
IT
Services
(1.3%)
200,000
Sixsigma
Networks
Mexico
SA
de
CV,
7.50%,
5/2/25,
Callable
9/10/24
@
100
*(b)
.....
199,652
Marine
Transportation
(1.1%)
200,000
Hidrovias
International
Finance
SARL,
4.95%,
2/8/31,
Callable
2/8/26
@
102
*(b)
......
166,158
Media
(0.4%)
70,000
Paramount
Global,
4.95%,
1/15/31,
Callable
10/15/30
@
100
*
.................
65,152
Metals
&
Mining
(3.2%)
200,000
Alcoa
Nederland
Holding
BV,
5.50%,
12/15/27,
Callable
10/7/24
@
101
*(b)
..........
199,587
Schedule
of
Portfolio
Investments
August
31,
2024
Strategic
Enhanced
Yield
Fund
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Corporate
Bonds,
continued:
Metals
&
Mining,
continued:
$
80,000
Cleveland-Cliffs,
Inc.,
6.75%,
4/15/30,
Callable
4/15/26
@
103
*(b)
................
$
81,089
100,000
Commercial
Metals
Co.,
3.88%,
2/15/31,
Callable
2/15/26
@
102
*
..................
90,709
100,000
Freeport-McMoRan,
Inc.,
4.25%,
3/1/30,
Callable
3/1/25
@
102
*
...................
97,128
468,513
Oil,
Gas
&
Consumable
Fuels
(3.3%)
80,000
Civitas
Resources,
Inc.,
8.63%,
11/1/30,
Callable
11/1/26
@
104
*(b)
................
86,960
90,000
Kinder
Morgan
Energy
Partners
LP,
5.63%,
9/1/41
.........................
88,538
100,000
Moss
Creek
Resources
Holdings,
Inc.,
8.25%,
9/1/31,
Callable
9/1/27
@
104
*(b)
......
101,160
50,000
Petrobras
Global
Finance
BV,
6.50%,
7/3/33,
Callable
4/3/33
@
100
*
.............
51,818
120,000
Petroleos
Mexicanos,
6.50%,
3/13/27
......
115,497
45,000
Range
Resources
Corp.,
8.25%,
1/15/29,
Callable
9/23/24
@
104
*
..................
46,639
490,612
Pharmaceuticals
(1.9%)
200,000
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV,
5.13%,
4/30/31,
Callable
4/30/26
@
103
*(b)
...........................
187,289
100,000
Viatris,
Inc.,
2.70%,
6/22/30,
Callable
3/22/30
@
100
*
..........................
88,032
275,321
Sovereign
Bond
(2.5%)
100,000
Dominican
Republic
International
Bond,
5.95%,
1/25/27
(b)
......................
100,600
100,000
Leviathan
Bond,
Ltd.,
6.75%,
6/30/30,
Callable
12/30/29
@
100
*(b)
...............
92,250
200,000
Panama
Government
International
Bond,
3.16%,
1/23/30,
Callable
10/23/29
@
100
*
.....
173,761
366,611
Specialized
REITs
(0.6%)
100,000
Iron
Mountain,
Inc.,
4.50%,
2/15/31,
Callable
2/15/26
@
102
*(b)
................
93,872
Technology
Hardware,
Storage
&
Peripherals
(0.7%)
120,000
Apple,
Inc.,
3.95%,
8/8/52,
Callable
2/8/52
@
100
*
..........................
103,621
Textiles,
Apparel
&
Luxury
Goods
(1.5%)
200,000
3R
Lux
SARL,
9.75%,
2/5/31,
Callable
2/5/27
@
105
*(b)
........................
215,938
Wireless
Telecommunication
Services
(1.8%)
100,000
Sprint
Capital
Corp.,
8.75%,
3/15/32
.......
123,386
150,000
T-Mobile
USA,
Inc.,
3.38%,
4/15/29,
Callable
9/17/24
@
102
*
..................
142,547
265,933
Total
Corporate
Bonds
(Cost
$6,338,553)
...................
6,542,780
Shares
or
Principal
Amount
Security
Description
Value
U.S.
Treasury
Obligations
(28.9%)
U.S.
Treasury
Bonds
$
170,000
1.88
%
,
2/15/51
.....................
$
105,148
100,000
1.88
%
,
11/15/51
....................
61,543
335,000
3.00
%
,
2/15/48
.....................
268,602
70,000
3.63
%
,
2/15/44
.....................
63,623
352,000
3.88
%
,
5/15/43
.....................
332,984
206,000
4.50
%
,
2/15/36
.....................
218,416
150,000
4.63
%
,
5/15/44
.....................
156,516
315,000
4.75
%
,
2/15/41
.....................
339,179
195,000
5.25
%
,
11/15/28
....................
206,395
1,752,406
U.S.
Treasury
Notes
400,000
1.63
%
,
5/15/31
.....................
348,656
100,000
2.00
%
,
8/15/25
.....................
97,770
270,000
2.88
%
,
5/15/32
.....................
252,671
335,000
4.00
%
,
7/31/30
.....................
338,730
140,000
4.13
%
,
9/30/27
.....................
141,405
1,120,000
4.38
%
,
5/15/34
.....................
1,161,300
170,000
4.63
%
,
4/30/29
.....................
176,342
2,516,874
Total
U.S.
Treasury
Obligations
(Cost
$4,145,057)
..............
4,269,280
Investment
in
Affiliates
(6.1%)
895,853
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
5.16%(d)
.........
895,853
Total
Investment
in
Affiliates
(Cost
$895,853)
.................
895,853
Total
Investments
(Cost
$14,633,380)(e)
—
101.1%
............
14,955,423
Liabilities
in
excess
of
other
assets
—
(1.1)%
................
(156,927)
Net
Assets
-
100.0%
.................................
$
14,798,496
Schedule
of
Portfolio
Investments
August
31,
2024
Strategic
Enhanced
Yield
Fund
See
notes
to
financial
statements.
(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,
2024,
illiquid
securities
were
1.9%
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)
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,
2024.
(d)
Money
market
investment.
The
rate
presented
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(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.
†
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.
H15T5Y
5
Year
Treasury
Constant
Maturity
Rate
MTN
Medium
Term
Note
SOFR
Secured
Overnight
Financing
Rate
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3-Month
Schedule
of
Portfolio
Investments
August
31,
2024
Ultra
Short
Tax-Free
Income
Fund
See
notes
to
financial
statements.
Shares
or
Principal
Amount
Security
Description
Value
Municipal
Bonds
(102.4%)
Colorado
(4.8%)
$
500,000
City
of
Colorado
Springs
CO
Utilities
System
Revenue,
Series
C,
2.93%,
11/1/40,
Continuously
Callable
@
100(a)
........
$
500,000
Florida
(1.9%)
200,000
County
of
Palm
Beach
FL
Revenue,
3.03%,
7/1/32,
Callable
10/1/24
@
100,
Northern
Trust
Co.*(a)
.....................
200,000
Illinois
(6.9%)
400,000
Illinois
Finance
Authority
Revenue,
2.60%,
11/1/38,
Continuously
Callable
@
100(a)
..
400,000
315,000
Prospect
Heights
Rural
Fire
Protection
District,
GO,
5.00%,
12/15/24,
AGM
...........
316,366
716,366
Indiana
(3.8%)
400,000
Danville
Multi
School
Building
Corp.
Revenue,
4.50%,
12/15/24,
ST
INTERCEPT
.......
401,237
Iowa
(2.9%)
300,000
Iowa
Finance
Authority
Revenue,
Series
E,
2.40%,
2/15/41,
Continuously
Callable
@
100(a)
..
300,000
Lousiana
(2.9%)
300,000
East
Baton
Rouge
Parish
Industrial
Development
Board,
Inc.
Revenue,
Series
A,
3.24%,
8/1/35,
Continuously
Callable
@
100(a)
........
300,000
Minnesota
(7.7%)
400,000
Aurora
Independent
School
District
No.
2711,
GO,
Series
A,
5.00%,
9/30/24,
SD
CRED
PROG
.
400,294
400,000
Mountain
Lake
Independent
School
District
No.
173,
GO,
Series
A,
5.00%,
9/30/24,
SD
CRED
PROG
.........................
400,288
800,582
Mississippi
(1.9%)
200,000
Mississippi
Business
Finance
Corp.
Revenue,
Series
G,
2.65%,
11/1/35,
Callable
10/1/24
@
100*(a)
........................
200,000
North
Carolina
(2.9%)
300,000
North
Carolina
Medical
Care
Commission
Revenue,
Series
B,
3.00%,
11/1/34,
Continuously
Callable
@
100(a)
........
300,000
Ohio
(31.5%)
350,000
American
Municipal
Power,
Inc.
Revenue,
5.25%,
10/24/24
.......................
350,699
460,000
City
of
Newark
OH,
GO,
Series
B,
4.63%,
9/21/24
460,191
Shares
or
Principal
Amount
Security
Description
Value
Municipal
Bonds,
continued:
Ohio,
continued:
$
400,000
City
of
Parma
OH,
GO,
5.25%,
7/31/25(b)
....
$
406,014
400,000
City
of
Warrensville
Heights
OH,
GO,
4.50%,
6/25/25(b)
......................
402,223
500,000
County
of
Franklin
OH
Revenue,
2.77%,
11/15/41,
Continuously
Callable
@
100(a)
.
500,000
375,000
County
of
Lucas
OH,
GO,
4.38%,
10/11/24
...
375,438
375,000
North
Ridgeville
City
School
District,
GO,
4.63%,
9/19/24,
Continuously
Callable
@
100
....
375,144
400,000
Township
of
Columbia
OH,
GO,
5.00%,
11/26/24
400,778
3,270,487
Pennsylvania
(4.8%)
500,000
City
of
Philadelphia
PA,
GO,
Series
B,
2.93%,
8/1/31,
Continuously
Callable
@
100(a)
...
500,000
Rhode
Island
(4.8%)
500,000
Rhode
Island
Health
and
Educational
Building
Corp.
Revenue,
Series
B,
2.85%,
9/1/43,
Callable
10/1/24
@
100*(a)
...........
500,000
Tennessee
(6.2%)
280,000
Clarksville
Public
Building
Authority
Revenue,
3.37%,
1/1/33,
Callable
10/1/24
@
100*(a)
280,000
360,000
Montgomery
County
Public
Building
Authority
Revenue,
3.02%,
11/1/27,
Callable
10/1/24
@
100*(a)
........................
360,000
640,000
Texas
(9.0%)
480,000
City
of
Austin
TX
Revenue,
Series
B,
2.92%,
11/15/29,
Continuously
Callable
@
100(a)
.
480,000
455,000
Fort
Bend
County
Municipal
Utility
District
No.
182,
GO,
5.00%,
9/1/24,
BAM
.........
455,011
935,011
Washington
(3.9%)
400,000
County
of
King
WA,
GO,
Series
B,
2.45%,
1/1/46,
Continuously
Callable
@
100(a)
........
400,000
Wisconsin
(3.9%)
400,000
Cambridge
School
District
Revenue,
4.50%,
9/3/25
.........................
401,577
Wyoming
(2.6%)
270,000
County
of
Lincoln
WY
Revenue,
3.24%,
10/1/44,
Continuously
Callable
@
100(a)
........
270,000
Total
Municipal
Bonds
(Cost
$10,630,841)
..................
10,635,260
Investment
in
Affiliates
(0.3%)
32,154
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
5.16%(c)
.........
32,154
Total
Investment
in
Affiliates
(Cost
$32,154)
..................
32,154
Total
Investments
(Cost
$10,662,995)(d)
—
102.7%
............
10,667,414
Liabilities
in
excess
of
other
assets
—
(2.7)%
................
(282,243)
Net
Assets
-
100.0%
.................................
$
10,385,171
(a)
Interest
rate
is
determined
by
the
Remarketing
Agent. The
rate
presented
is
the
rate
in
effect
at
August
31,
2024.
(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
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(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.
Schedule
of
Portfolio
Investments
August
31,
2024
Ultra
Short
Tax-Free
Income
Fund
See
notes
to
financial
statements.
AGM
Assured
Guaranty
Municipal
Corporation
BAM
Build
America
Mutual
Assurance
Company
GO
General
Obligation
SD
CRED
PROG
State
School
District
Credit
Enhancement
Programs
ST
INTERCEPT
State
Intercept
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
20
Shares
or
Principal
Amount
Security
Description
Value
Common
Stocks
(91.9%)
Aerospace
&
Defense
(5.2%)
28,000
BWX
Technologies,
Inc.
................
$
2,884,000
7,000
Curtiss-Wright
Corp.
..................
2,211,020
5,095,020
Communications
Equipment
(1.6%)
4,500
Arista
Networks,
Inc.(a)
................
1,590,210
Construction
&
Engineering
(1.6%)
30,000
Fluor
Corp.(a)
......................
1,502,100
Electric
Utilities
(0.0%^)
44
ALLETE,
Inc.
.......................
2,796
33
Constellation
Energy
Corp.
..............
6,491
133
Fortis,
Inc.
ADR
.....................
5,852
60
Genie
Energy,
Ltd.,
Class
B
..............
1,005
54
MGE
Energy,
Inc.
....................
4,682
15
NRG
Energy,
Inc.
....................
1,275
78
Otter
Tail
Corp.
......................
6,595
55
The
Southern
Co.
....................
4,752
33,448
Electrical
Equipment
(8.3%)
80,000
Bloom
Energy
Corp.,
Class
A(a)
..........
952,800
13,000
GE
Vernova
,
Inc.(a)
...................
2,613,000
65,000
NuScale
Power
Corp.(a)
................
534,950
40,000
nVent
Electric
PLC
...................
2,718,400
15,000
Vertiv
Holdings
Co.,
Class
A
.............
1,245,450
8,064,600
Electronic
Equipment,
Instruments
&
Components
(1.9%)
45,000
Corning,
Inc.
.......................
1,883,250
Energy
Equipment
&
Services
(16.2%)
349
Baker
Hughes
Co.
....................
12,275
180,000
Expro
Group
Holdings
NV(a)
.............
3,574,800
310
Halliburton
Co.
.....................
9,638
298
Helmerich
&
Payne,
Inc.
................
9,724
60,428
Noble
Corp.
PLC
....................
2,305,328
65,495
Schlumberger
NV
....................
2,881,125
130,000
TechnipFMC
PLC
....................
3,489,200
4,383
Tenaris
SA
ADR
.....................
130,131
219
Valaris
,
Ltd.(a)
......................
13,372
33,000
Weatherford
International
PLC
............
3,463,020
15,888,613
Gas
Utilities
(0.1%)
408
Atmos
Energy
Corp.
..................
53,342
115
National
Fuel
Gas
Co.
.................
6,872
176
Southwest
Gas
Holdings,
Inc.
............
12,799
476
UGI
Corp.
.........................
11,857
84,870
Independent
Power
and
Renewable
Electricity
Producers
(0.1%)
1,811
Brookfield
Renewable
Corp.,
Class
A
.......
51,596
109
Central
Puerto
SA
ADR,
Class
A
..........
996
666
Ormat
Technologies,
Inc.
...............
49,637
9
Vistra
Corp.
........................
769
102,998
Multi-Utilities
(0.0%^)
22
CMS
Energy
Corp.
...................
1,493
35
Consolidated
Edison,
Inc.
...............
3,555
6
DTE
Energy
Co.
.....................
750
117
National
Grid
PLC
ADR(a)
..............
7,792
23
Public
Service
Enterprise
Group,
Inc.
.......
1,857
10
WEC
Energy
Group,
Inc.
................
930
16,377
Oil,
Gas
&
Consumable
Fuels
(56.8%)
101,740
Cameco
Corp.
ADR
...................
4,155,062
Shares
or
Principal
Amount
Security
Description
Value
Common
Stocks,
continued:
Oil,
Gas
&
Consumable
Fuels,
continued:
950
Canadian
Natural
Resources,
Ltd.
..........
$
34,400
11,650
Cheniere
Energy,
Inc.
..................
2,158,279
45,000
Chesapeake
Energy
Corp.
...............
3,352,050
289
Chevron
Corp.
......................
42,758
10,521
ConocoPhillips
.....................
1,197,185
123
CONSOL
Energy,
Inc.
.................
12,580
180,000
Coterra
Energy,
Inc.
...................
4,379,400
21,000
Diamondback
Energy,
Inc.
..............
4,097,310
54,085
Enbridge,
Inc.
......................
2,173,135
20,000
Eni
SpA
ADR
.......................
651,400
256
EOG
Resources,
Inc.
..................
32,978
23,320
Exxon
Mobil
Corp.
...................
2,750,361
944
Imperial
Oil
Ltd.
.....................
71,017
120,000
Mach
Natural
Resources
LP
.............
2,318,400
20,186
Marathon
Petroleum
Corp.
..............
3,575,344
65,000
Matador
Resources
Co.
................
3,686,800
16,067
ONEOK,
Inc.
.......................
1,483,948
525
Peabody
Energy
Corp.
.................
12,290
8,529
Pembina
Pipeline
Corp.
ADR
............
343,548
240,000
Permian
Resources
Corp.
...............
3,417,600
3,825
Phillips
66
........................
536,686
40,535
Shell
PLC
ADR
......................
2,904,738
615
Targa
Resources
Corp.
.................
90,343
14,686
TC
Energy
Corp.
ADR
.................
680,549
1,554
Texas
Pacific
Land
Corp.
...............
1,350,255
50,958
The
Williams
Cos.,
Inc.
................
2,332,348
30,000
TotalEnergies
SE
ADR
.................
2,070,000
21,050
Valero
Energy
Corp.
..................
3,088,666
55,000
Viper
Energy,
Inc.
....................
2,618,000
55,617,430
Water
Utilities
(0.1%)
64
American
States
Water
Co.
..............
5,211
138
American
Water
Works
Co.,
Inc.
...........
19,751
67
California
Water
Service
Group
...........
3,707
44
Consolidated
Water
Co.,
Ltd.
.............
1,221
177
Essential
Utilities,
Inc.
.................
6,901
20
The
York
Water
Co.
...................
780
37,571
Total
Common
Stocks
(Cost
$75,062,039)
...................
89,916,487
Corporate
Bonds
(4.6%)
Energy
Equipment
&
Services
(1.8%)
$
715,000
Halliburton
Co.,
2.92%,
3/1/30,
Callable
12/1/29
@
100
*
........................
656,217
400,000
Schlumberger
Holdings
Corp.,
3.90%,
5/17/28,
Callable
2/17/28
@
100
*(b)
..........
393,173
700,000
Valaris
,
Ltd.,
8.38%,
4/30/30,
Callable
4/30/26
@
104
*(b)
........................
730,215
1,779,605
Oil,
Gas
&
Consumable
Fuels
(2.8%)
725,000
Enbridge,
Inc.,
1.60%,
10/4/26,
Callable
9/4/26
@
100
*
........................
683,092
700,000
Matador
Resources
Co.,
5.88%,
9/15/26,
Callable
9/15/24
@
100
*
..................
700,004
400,000
Range
Resources
Corp.,
8.25%,
1/15/29,
Callable
9/23/24
@
104
*
..................
414,572
922,250
Transocean,
Inc.,
8.75%,
2/15/30,
Callable
2/15/26
@
104
*(b)
................
974,206
2,771,874
Total
Corporate
Bonds
(Cost
$4,500,015)
...................
4,551,479
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
The
Adviser
has
determined
that
47.4%
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.
Shares
or
Principal
Amount
Security
Description
Value
Investment
in
Affiliates
(1.1%)
1,050,382
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
5.16%(c)
.........
$
1,050,382
Total
Investment
in
Affiliates
(Cost
$1,050,382)
................
1,050,382
Exchange
Traded
Fund
(2.1%)
18,000
Global
X
Uranium
ETF
.................
466,200
11,500
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF
...........................
1,604,710
Total
Exchange
Traded
Fund
(Cost
$2,103,681)
................
2,070,910
Total
Investments
(Cost
$82,716,117)(d)
—
99.7%
.............
97,589,258
Other
assets
in
excess
of
liabilities
—
0.3%
.................
297,825
Net
Assets
-
100.0%
.................................
$
97,887,083
(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
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(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.
^
Represents
less
than
0.05%.
ADR
American
Depositary
Receipt
ETF
Exchange
Traded
Fund
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
Shares
Security
Description
Value
Common
Stocks
(103.0%)
Aerospace
&
Defense
(1.8%)
1,700
General
Dynamics
Corp.+
...............
$
508,912
Banks
(5.0%)
6,300
JPMorgan
Chase
&
Co.+
...............
1,416,240
Beverages
(3.0%)
4,800
PepsiCo,
Inc.+
......................
829,824
Biotechnology
(3.4%)
4,800
AbbVie,
Inc.+
.......................
942,288
Broadline
Retail
(3.7%)
5,900
Amazon.com,
Inc.+(a)
.................
1,053,150
Capital
Markets
(6.5%)
1,100
BlackRock,
Inc.+
.....................
991,991
8,200
Morgan
Stanley+
....................
849,602
1,841,593
Chemicals
(3.6%)
18,900
Dow,
Inc.+
.........................
1,012,662
Communications
Equipment
(2.8%)
1,800
Motorola
Solutions,
Inc.+
...............
795,672
Electric
Utilities
(3.0%)
7,400
Duke
Energy
Corp.+
..................
843,230
Electrical
Equipment
(4.1%)
11,000
Emerson
Electric
Co.+
.................
1,159,290
Entertainment
(1.3%)
3,900
The
Walt
Disney
Co.+
.................
352,482
Financial
Services
(1.8%)
1,800
Visa,
Inc.,
Class
A+
...................
497,466
Health
Care
Equipment
&
Supplies
(2.7%)
8,700
Medtronic
PLC+
.....................
770,646
Health
Care
Providers
&
Services
(3.1%)
7,700
Cardinal
Health,
Inc.+
.................
867,944
Hotels,
Restaurants
&
Leisure
(2.7%)
2,600
McDonald's
Corp.+
...................
750,516
Household
Products
(1.8%)
3,000
The
Procter
&
Gamble
Co.+
.............
514,620
Industrial
REITs
(2.3%)
16,000
STAG
Industrial,
Inc.+
.................
649,280
Insurance
(1.7%)
4,000
Prudential
Financial,
Inc.+
..............
484,640
Shares
Security
Description
Value
Common
Stocks,
continued:
Interactive
Media
&
Services
(4.9%)
5,800
Alphabet,
Inc.,
Class
C+
................
$
957,638
800
Meta
Platforms,
Inc.,
Class
A+
............
417,048
1,374,686
IT
Services
(1.7%)
1,400
Accenture
PLC,
Class
A+
...............
478,730
Oil,
Gas
&
Consumable
Fuels
(6.5%)
4,300
Diamondback
Energy,
Inc.+
..............
838,973
7,100
Phillips
66+
........................
996,201
1,835,174
Pharmaceuticals
(7.4%)
11,400
AstraZeneca
PLC
ADR+
................
998,868
9,200
Merck
&
Co.,
Inc.+
...................
1,089,740
2,088,608
Semiconductors
&
Semiconductor
Equipment
(8.0%)
8,000
Broadcom,
Inc.+
.....................
1,302,560
8,000
NVIDIA
Corp.+
......................
954,960
2,257,520
Software
(7.2%)
700
Intuit,
Inc.+
........................
441,182
3,800
Microsoft
Corp.+
....................
1,585,132
2,026,314
Specialty
Retail
(3.2%)
2,400
The
Home
Depot,
Inc.+
................
884,400
Technology
Hardware,
Storage
&
Peripherals
(6.8%)
8,400
Apple,
Inc.+
........................
1,923,600
Trading
Companies
&
Distributors
(3.0%)
10,300
MSC
Industrial
Direct
Co.,
Inc.+
..........
847,072
Total
Common
Stocks
(Cost
$23,151,499)
...................
29,006,559
Purchased
Option
(0.7%)^
18
S&P
500
Index
......................
188,154
Total
Purchased
Option
(Cost
$216,250)
....................
188,154
Investment
in
Affiliates
(1.2%)
344,418
Cavanal
Hill
Government
Securities
Money
Market
Fund,
Select
Shares,
5.16%(b)
.........
344,418
Total
Investment
in
Affiliates
(Cost
$344,418)
.................
344,418
Total
Investments
(Cost
$23,712,167)(c)
—
104.9%
............
29,539,131
Liabilities
in
excess
of
other
assets
—
(4.9)%
................
(1,371,730)
Net
Assets
-
100.0%
.................................
$
28,167,401
(a)
Non-income
producing
security.
(b)
Money
market
investment.
The
rate
presented
on
the
Schedule
of
Portfolio
Investments
is
the
rate
in
effect
at
August
31,
2024.
(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.
+
All
or
a
portion
of
each
common
stock
has
been
pledged
as
collateral
for
outstanding
call
options
written.
ADR
American
Depositary
Receipt
^
See
Options
table
below
for
more
details.
Schedule
of
Portfolio
Investments
August
31,
2024
See
notes
to
financial
statements.
At
August
31,
2024,
the
Fund's
exchange
traded
options
purchased
were
as
follows:
Description
Put/
Call
Strike
Price
Expiration
Date
Contracts
Notional
Amount(a)
Fair
Value
S&P
500
Index
Put
5000.00
USD
6/20/25
18
$
90,000
$
188,154
Total
(Cost
$216,250)
$
188,154
At
August
31,
2024,
the
Fund's
exchange
traded
options
written
were
as
follows:
Description
Put/
Call
Strike
Price
Expiration
Date
Contracts
Notional
Amount(a)
Fair
Value
AbbVie,
Inc.
Call
185.00
USD
9/20/24
24
$
4,440
$
(27,840)
AbbVie,
Inc.
Call
185.00
USD
11/15/24
24
4,440
(34,200)
Accenture
PLC
Call
365.00
USD
10/18/24
7
2,555
(2,940)
Alphabet,
Inc.
Call
185.00
USD
9/27/24
13
2,405
(260)
Amazon.com,
Inc.
Call
205.00
USD
10/18/24
30
6,150
(1,680)
Apple,
Inc.
Call
200.00
USD
9/20/24
40
8,000
(120,720)
Apple,
Inc.
Call
215.00
USD
10/18/24
1
215
(1,805)
AstraZeneca
PLC
ADR
Call
82.50
USD
9/20/24
69
5,693
(34,845)
BlackRock,
Inc.
Call
920.00
USD
9/20/24
6
5,520
(3,900)
Broadcom,
Inc.
Call
70.00
USD
9/20/24
53
3,710
(481,770)
Broadcom,
Inc.
Call
190.00
USD
9/20/24
27
5,130
(2,700)
Cardinal
Health,
Inc.
Call
80.00
USD
9/20/24
77
6,160
(238,700)
Diamondback
Energy,
Inc.
Call
170.00
USD
11/15/24
22
3,740
(59,400)
Emerson
Electric
Co.
Call
105.00
USD
9/20/24
55
5,775
(11,715)
Intuit,
Inc.
Call
740.00
USD
9/20/24
2
1,480
(20)
JPMorgan
Chase
&
Co.
Call
205.00
USD
9/20/24
32
6,560
(61,600)
JPMorgan
Chase
&
Co.
Call
225.00
USD
9/20/24
26
5,850
(10,192)
McDonald's
Corp.
Call
285.00
USD
9/20/24
16
4,560
(9,440)
McDonald's
Corp.
Call
300.00
USD
9/20/24
5
1,500
(320)
Medtronic
PLC
Call
91.00
USD
9/20/24
40
3,640
(1,000)
Merck
&
Co.,
Inc.
Call
90.00
USD
9/20/24
92
8,280
(258,060)
Meta
Platforms,
Inc.
Call
590.00
USD
9/20/24
4
2,360
(148)
Microsoft
Corp.
Call
450.00
USD
9/20/24
10
4,500
(370)
Motorola
Solutions,
Inc.
Call
440.00
USD
9/20/24
10
4,400
(6,900)
MSC
Industrial
Direct
Co.,
Inc.
Call
95.00
USD
9/20/24
103
9,785
(515)
PepsiCo,
Inc.
Call
180.00
USD
9/20/24
15
2,700
(285)
PepsiCo,
Inc.
Call
185.00
USD
10/18/24
28
5,180
(2,016)
Phillips
66
Call
160.00
USD
9/20/24
71
11,360
(426)
The
Home
Depot,
Inc.
Call
340.00
USD
10/18/24
12
4,080
(38,940)
The
Home
Depot,
Inc.
Call
395.00
USD
10/18/24
10
3,950
(2,250)
The
Procter
&
Gamble
Co.
Call
180.00
USD
9/20/24
15
2,700
(165)
The
Procter
&
Gamble
Co.
Call
175.00
USD
9/27/24
10
1,750
(1,100)
Total
(Premiums
$(1,620,502))
$
(1,416,222)
(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
Options
Written
Value
Options
Written
$
(1,416,222)
Notes
to
the
Financial
Statements
August
31,
2024
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,
2024
,
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
Fund,
and
Hedged
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
Income
Fund,
which
is
non-diversified.
The
Limited
Duration
Fund,
Bond
Fund,
Strategic
Enhanced
Yield
Fund,
Ultra
Short
Tax-Free
Income
Fund,
World
Energy
Fund,
and
Hedged
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
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
that
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,
2024
,
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
...............................
$
—
$
395,264,215
$
—
$
395,264,215
Repurchase
Agreements
................................
—
1,210,000,000
—
1,210,000,000
Investment
Companies
.................................
162,236,493
—
—
162,236,493
Total
Investments
.....................................
162,236,493
1,605,264,215
—
1,767,500,708
Government
Securities
Money
Market
Fund
U.S.
Government
Agency
Securities
.........................
—
1,039,228,651
—
1,039,228,651
U.S.
Treasury
Obligations
...............................
—
348,066,500
—
348,066,500
Repurchase
Agreements
................................
—
1,190,000,000
—
1,190,000,000
Investment
Companies
.................................
171,262,267
—
—
171,262,267
Total
Investments
.....................................
171,262,267
2,577,295,151
—
2,748,557,418
Notes
to
the
Financial
Statements
August
31,
2024
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
Fund,
and
Hedged
Income
Fund
(the
“Variable
Net
Asset
Value
Funds”).
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.
Fund
LEVEL
1
-
Quoted
Prices
LEVEL
2
-
Other
Significant
Observable
Inputs
LEVEL
3
-
Significant
Unobservable
Inputs
Total
Limited
Duration
Fund
Asset
Backed
Securities
.................................
$
—
$
10,745,861
$
—
$
10,745,861
Mortgage
Backed
Securities
1
.............................
—
9,049,458
—
9,049,458
Commercial
Mortgage
Backed
Securities
.....................
—
33,839
—
33,839
Corporate
Bonds
2
.....................................
—
8,004,657
—
8,004,657
Taxable
Municipal
Bonds
3
...............................
—
320,472
—
320,472
U.S.
Government
Agency
Securities
.........................
—
4,012,327
—
4,012,327
U.S.
Treasury
Obligations
...............................
—
4,408,455
—
4,408,455
Investment
in
Affiliates
.................................
1,399,907
—
—
1,399,907
Total
Investments
.....................................
1,399,907
36,575,069
—
37,974,976
Bond
Fund
Asset
Backed
Securities
.................................
—
22,015,461
—
22,015,461
Mortgage
Backed
Securities
1
.............................
—
30,839,676
—
30,839,676
Commercial
Mortgage
Backed
Securities
.....................
—
1,321,059
—
1,321,059
Corporate
Bonds
2
.....................................
—
23,618,090
—
23,618,090
Taxable
Municipal
Bonds
3
...............................
—
9,779,643
—
9,779,643
U.S.
Government
Agency
Securities
.........................
—
8,123,457
—
8,123,457
U.S.
Treasury
Obligations
...............................
—
26,288,796
—
26,288,796
Investment
in
Affiliates
.................................
1,066,727
—
—
1,066,727
Total
Investments
.....................................
1,066,727
121,986,182
—
123,052,909
Strategic
Enhanced
Yield
Fund
Mortgage
Backed
Securities
1
.............................
—
3,247,510
—
3,247,510
Corporate
Bonds
2
.....................................
—
6,542,780
—
6,542,780
U.S.
Treasury
Obligations
...............................
—
4,269,280
—
4,269,280
Investment
in
Affiliates
.................................
895,853
—
—
895,853
Total
Investments
.....................................
895,853
14,059,570
—
14,955,423
Ultra
Short
Tax-Free
Income
Fund
Municipal
Bonds
3
.....................................
—
10,635,260
—
10,635,260
Investment
in
Affiliates
.................................
32,154
—
—
32,154
Total
Investments
.....................................
32,154
10,635,260
—
10,667,414
World
Energy
Fund
Common
Stocks
2
.....................................
89,916,487
—
—
89,916,487
Corporate
Bonds
2
.....................................
—
4,551,479
—
4,551,479
Investment
in
Affiliates
.................................
1,050,382
—
—
1,050,382
Exchange
Traded
Fund
.................................
2,070,910
—
—
2,070,910
Total
Investments
.....................................
93,037,779
4,551,479
—
97,589,258
Hedged
Income
Fund
Common
Stocks
2
.....................................
29,006,559
—
—
29,006,559
Purchased
Options
....................................
188,154
—
—
188,154
Investment
in
Affiliates
.................................
344,418
—
—
344,418
Written
Options
......................................
(1,416,222)
—
—
(1,416,222)
Total
Investments
.....................................
28,122,909
—
—
28,122,909
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,
2024
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
average
of
the
closing
bid
and
ask
quotations
on
the
principal
exchange
on
which
the
option
is
traded,
which
are
then
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
ending
August
31,
2024
.
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
its
total
assets.
The
Hedged
Income
Fund
engaged
in
purchased
and
written
options
activity
during
the
year
ending
August
31,
2024
,
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
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,
2024
,
the
monthly
average
notional
amount
for
written
options
contracts
was
$(154)
thousand.
Realized
gains
and
losses
are
reported
as
“Net
realized
gains/(losses)
from
written
options
contracts”
on
the
Statements
of
Operations.
Notes
to
the
Financial
Statements
August
31,
2024
Summary
of
Derivative
Instruments
The
following
is
a
summary
of
the
fair
values
of
derivative
instruments
on
the
Statement
of
Assets
and
Liabilities
for
Hedged
Income
Fund,
categorized
by
risk
exposure,
as
of
August
31,
2024
:
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.
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.
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,
2024
,
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
Fund
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
Fund,
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
Fund.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
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
Fund
receives
securities
as
collateral
with
a
market
value
in
excess
of
the
repurchase
price
to
be
received
by
the
Fund
upon
the
maturity
of
the
transaction.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
the
Fund
would
recognize
a
liability
with
respect
to
such
excess
collateral
to
reflect
the
Fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
Asset
Derivatives
Liability
Derivatives
Primary
Risk
Exposure
Statement
of
Assets
and
Liabilities
Location
Total
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Total
Fair
Value
Equity
Risk
Options
Contracts
$—
Written
Options
Contracts
$1,416,222
Hedged
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
811,171
282,507
Options
Contracts
Change
in
unrealized
appreciation/(depreciation)
on
written
options
contracts
$(811,171)
$(282,507)
Hedged
Income
Fund
Security
Acquisition
Date
Acquisition
Cost
Principal
Amount
Fair
Value
Strategic
Enhanced
Yield
Fund:
Brean
Asset
Backed
Securities
Trust,
Series
2021-RM1,
M1,
1.60%,
10/25/63,
Callable
9/25/27
@
100
.......................................................
03/25/21
$333,454
$364,291
$282,351
Notes
to
the
Financial
Statements
August
31,
2024
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
Fund
and
Hedged
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,
2025.
**
Effective
August
5,
2024,
the
annual
expense
limitation
was
changed
to
0.50%.
Prior
to
August
5,
2024,
there
was
not
an
expense
limitation
for
Limited
Duration
Fund.
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
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
Income
Fund.
Lavaca
is
paid
half
of
the
fees
payable
to
the
Adviser
for
the
services
provided
to
the
Hedged
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.
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
ending
August
Fund
Annual
Advisory
Fee
(as
a
percentage
of
net
assets)
Annual
Expense
Limitations*
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
Fund
.....................................................................................................................
0.60%
0.90%
Hedged
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
Fund
................................................................................................................................................................................
0.08%
Hedged
Income
Fund
.............................................................................................................................................................................
0.08%
Notes
to
the
Financial
Statements
August
31,
2024
31,
2024
,
Citi
was
paid
$658,097
by
the
Administrator.
Citi
serves
the
Trust
as
fund
accountant
and
prior
to
July
31,
2024,
made
an
employee
available
to
serve
as
the
Funds’
Chief
Compliance
Officer
(the
“CCO”)
for
which
Citi
received
additional
fees
for
services
as
CCO.
Citi
receives
additional
fees
for
its
services
as
fund
accountant
which
are
paid
by
the
Funds.
Pursuant
to
a
services
agreement
effective
July
31,
2024,
the
Trust
pays
PINE
Advisors
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,
2024,
PINE
received
$21,949
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-
pocket
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
Citi,
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
ending
August
31,
2024
,
BOKF
received
$5,539,860
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
received
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
ending
August
31,
2024
,
BOKF
received
net
shareholder
servicing
fees
of
$5,823,240.
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,
2024.
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
ending
August
31,
2024
,
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
ending
August
31,
2024
were
as
follows:
Fund
Fair
Value
8/31/23
Purchases
Sales
Net
Realized
Gains/
(Losses)
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
8/31/24
Shares
as
of
8/31/24
Dividend
Income
Limited
Duration
Fund
........
$
1,777,121
$
15,000,928
$
(15,378,142)
$
—
$
—
$
1,399,907
$
1,399,907
$
60,831
Bond
Fund
...............
1,364,029
42,257,658
(42,554,960)
—
—
1,066
,
727
1,066
,
727
107
,
515
Strategic
Enhanced
Yield
Fund
..
124,636
12,010,126
(11,238,909)
—
—
895
,
853
895
,
853
11
,
499
Ultra
Short
Tax-Free
Income
Fund
1,569
12,814,683
(12,784,098)
—
—
32,154
32,154
15,745
World
Energy
Fund
..........
241,697
38,711,245
(37,902,560)
—
—
1,050,382
1,050,382
54,053
Hedged
Income
Fund
........
464,620
12,909,193
(13,029,395)
—
—
344,418
344,418
37,125
$
3,973,672
$
133,703,833
$
(132,888,064)
$
—
$
—
$
4,789,441
$
4,789,441
$
286
,768
Fund
Purchases
Sales
Limited
Duration
Fund
............................................................................
4
,
7
4
8
,
337
5
,
133
,
617
Bond
Fund
....................................................................................
17
,
886
,
624
11
,
712
,
916
Strategic
Enhanced
Yield
Fund
......................................................................
5
,
126
,
932
1
,
811
,
164
Ultra
Short
Tax-Free
Income
Fund
....................................................................
12
,
358
,
831
20,635
,000
World
Energy
Fund
..............................................................................
153
,
960
,
719
142
,
630
,
376
Hedged
Income
Fund
............................................................................
13,337,417
20
,
346
,
458
Notes
to
the
Financial
Statements
August
31,
2024
Purchases
and
sales
of
long-term
U.S.
government
securities
for
the
year
ending
August
31,
2024
,
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
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
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
are
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,
202
4
,
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
............................................................................
767
,
660
3,
836
,
344
Bond
Fund
....................................................................................
24,211
,
697
32,
629
,
369
Strategic
Enhanced
Yield
Fund
......................................................................
7
,
3
9
6
,
919
2
,
013
,
151
Fund
Tax
Cost
of
Securities
Unrealized
Appreciation
Unrealized
Depreciation
Net
Unrealized
Appreciation/
(Depreciation)
U.S.
Treasury
Fund
..............................
$
1,767,500,708
$
—
$
—
$
—
Government
Securities
Money
Market
.................
2,748,557,418
—
—
—
Limited
Duration
Fund
............................
40,877,075
377,473
(3,279,572)
(2,902,099)
Bond
Fund
....................................
127,673,466
821,756
(5,442,313)
(4,620,557)
Strategic
Enhanced
Yield
Fund
......................
14,
647
,
548
368,033
(60,158)
307,875
Ultra
Short
Tax-Free
Income
Fund
....................
10,662
,
995
4,461
(42)
4,419
World
Energy
Fund
..............................
83,406
,
857
15,463
,
330
(1,280,929)
14
,
182
,
401
Hedged
Income
Fund
............................
22,137
,
354
6,432
,
563
(447,008)
5,9
85
,
555
Notes
to
the
Financial
Statements
August
31,
2024
The
tax
characteristics
of
distributions
paid
to
shareholders
during
fiscal
years
ending
August
31,
2024,
and
2023,
were
as
follows:
As
of
August
31,
2024
,
the
components
of
accumulated
earnings/(deficit)
on
a
tax
basis
were
as
follows:
Distributions
Paid
From:
2024
Net
Investment
Income
Net
Long-
Term
Gains
Total
Taxable
Distributions
Tax-Exempt
Distributions
Total
Distributions
Paid*
U.S.
Treasury
Fund
.............................
$
84,832,858
$
—
$
84,832,858
$
—
$
84
,832,858
Government
Securities
Money
Market
Fund
............
129,751,367
—
129,751,367
—
129,751,367
Limited
Duration
Fund
...........................
975,762
—
975,762
—
975,762
Bond
Fund
...................................
4,280,968
—
4,280,968
—
4,280,968
Strategic
Enhanced
Yield
Fund
.....................
313,224
—
313,224
—
313,224
Ultra
Short
Tax-Free
Income
Fund
...................
14,421
—
14,421
409,923
424,344
World
Energy
Fund
.............................
1,752,122
—
1,752,122
—
1,752,122
Hedged
Income
Fund
...........................
519,377
—
519,377
—
519,377
*
Total
distributions
paid
may
differ
from
that
disclosed
in
the
Statements
of
Changes
in
Net
Assets
because
distributions
are
recognized
when
actually
paid
for
tax
purposes.
Distributions
Paid
From:
2023
Net
Investment
Income
Net
Long-
Term
Gains
Total
Taxable
Distributions
Tax-Exempt
Distributions
Total
Distributions
Paid*
U.S.
Treasury
Fund
.............................
$
43,519,384
$
—
$
43,519,384
$
—
$
43,519,384
Government
Securities
Money
Market
Fund
............
93,050,842
—
93,050,842
—
93,050,842
Limited
Duration
Fund
...........................
1,154,466
—
1,154,466
—
1,154,466
Bond
Fund
...................................
3,606,324
—
3,606,324
—
3,606,324
Strategic
Enhanced
Yield
Fund
.....................
318,413
—
318,413
—
318,413
Ultra
Short
Tax-Free
Income
Fund
...................
13,947
—
13,947
290,692
304,639
World
Energy
Fund
.............................
1,934,102
—
1,934,102
—
1,934,102
Hedged
Income
Fund
...........................
887,992
—
887,992
—
887,992
*
Total
distributions
paid
may
differ
from
that
disclosed
in
the
Statements
of
Changes
in
Net
Assets
because
distributions
are
recognized
when
actually
paid
for
tax
purposes.
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
.................
$
7,223,729
$
—
$
7,223,729
$
(7,223,035)
$
(1,967)
$
—
$
(1,273)
Government
Securities
Money
Market
Fund
11,467,9
50
—
11,467,9
50
(11,462,266
)
(6,707)
—
(1,023)
Limited
Duration
Fund
...............
155,808
—
155,808
(99,999)
(13,370,021)
(2,902,099)
(16,216,311)
Bond
Fund
.......................
378,908
—
378,908
(382,813)
(11,917,689)
(4,620,557)
(16,542,151)
Strategic
Enhanced
Yield
Fund
.........
53,24
4
—
53,24
4
(53,236)
(2,610,93
6
)
307,875
(2,303,053)
Ultra
Short
Tax-Free
Income
Fund
.......
29,500
—
29,500
(29,316)
(759)
4,419
3,844
World
Energy
Fund
.................
156,193
—
156,193
—
(13,262
,
899
)
14
,
182
,
401
1,075,695
Hedged
Income
Fund
...............
62,247
—
62,247
—
(3,399,344)
5,985,55
5
2,648,45
8
*
See
below
for
post-October
losses
and
capital
loss
carryforwards.
**
The
differences
between
book-basis
and
tax-basis
unrealized
appreciation/(depreciation)
is
attributable
primarily
to
tax
deferral
of
losses
on
wash
sale,
straddles,
and
the
difference
between
book
and
tax
amortization
methods
for
premium
and
market
discounts.
Notes
to
the
Financial
Statements
August
31,
2024
At
August
31,
2024
,
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
CLCF
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.
The
following
permanent
differences
between
net
asset
components
for
financial
reporting
and
tax
purposes
were
reclassified
at
the
end
of
the
fiscal
year
(in
U.S.
dollars):
The
primary
differences
are
due
to
capital
losses
carried
over
from
business
combinations.
These
reclassifications
have
no
impact
on
the
net
asset
value
of
the
Funds.
7.
Recent
Accounting
Pronouncements:
In
March
2020,
the
Financial
Accounting
Standards
Board
(“FASB”)
issued
Accounting
Standards
Update
(“ASU”)
No.
2020-04
(“ASU
2020-04”),
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
LIBOR
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
is
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2020-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
As
of
August
31,
2024,
the
Funds
did
not
hold
any
securities
which
referenced
LIBOR-based
benchmarks.
Management
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
In
June
2022,
the
FASB
issued
Accounting
Standard
Update
2022-03,
which
amends
Fair
Value
Measurement
(Topic
820):
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions
(“ASU
2022-03”).
ASU
2022-03
clarifies
guidance
for
fair
value
measurement
of
an
equity
security
subject
to
a
contractual
sale
restriction
and
establishes
new
disclosure
requirements
for
such
equity
securities.
ASU
2022-03
is
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
for
interim
periods
within
those
fiscal
years,
with
early
adoption
permitted.
The
Funds
are
currently
evaluating
the
impact,
if
any,
of
these
amendments
on
the
financial
statements.
8.
Business
Combinations:
In
April
2024,
the
Board
of
the
Trust
approved
Cavanal
Hill’s
proposal
to
merge
Moderate
Duration
Fund
(the
“Target
Fund”)
into
Limited
Duration
Fund
(the
“Acquiring
Fund”),
the
accounting
survivor.
The
Agreement
and
Plan
of
Reorganization
were
approved
by
the
Board
on
April
25,
2024.
The
investment
objective
and
principal
investment
strategy
of
the
Target
Fund
were
materially
similar
to
those
of
the
Acquiring
Fund.
The
purpose
of
the
transaction
was
to
increase
operational
efficiencies
with
a
larger
combined
asset
base.
The
transaction
was
effective
after
the
close
of
business
on
August
2,
2024.
The
Acquiring
Fund
acquired
all
of
the
assets
and
assumed
all
of
the
liabilities
of
the
Target
Fund
as
shown
in
the
table
below.
The
transaction
was
structured
to
qualify
as
a
tax-free
reorganization
under
the
Code.
Pursuant
to
the
Agreement
and
Plan
of
Reorganization,
shareholders
of
the
Target
Fund
received
a
number
of
shares
of
the
corresponding
class
in
the
Acquiring
Fund,
with
a
value
equal
to
their
holdings
in
the
Target
Fund
as
of
the
close
of
business
on
August
2,
2024.
The
investment
portfolio
of
the
Target
Fund,
with
a
fair
value
of
approximately
$6,404,878
and
identified
cost
of
approximately
$6,716,400
as
of
the
date
of
the
reorganization,
was
the
principal
asset
acquired
by
the
Acquiring
Fund.
For
financial
statement
purposes,
assets
received
and
shares
issued
by
the
Acquiring
Fund
were
recorded
at
fair
value;
however,
the
cost
basis
of
the
investments
received
from
the
Target
Fund
was
carried
forward
to
align
ongoing
reporting
of
the
Acquiring
Fund’s
realized
and
unrealized
gains
and
losses
with
amounts
distributable
to
shareholders
for
tax
purposes.
Fund
Short-Term
Amount
Long-Term
Amount
Total
U.S.
Treasury
Fund
.......................................................
$
1,967
$
–
$
1,967
Government
Securities
Money
Market
Fund
......................................
6,707
–
6,707
Limited
Duration
Fund
.....................................................
2,106,305
11,263,716
13,370,021
*
Bond
Fund
.............................................................
4,688,428
7,229,261
11,917,689
Strategic
Enhanced
Yield
Fund
...............................................
926,21
1
1,684,725
2,610,93
6
Ultra
Short
Tax-Free
Income
Fund
.............................................
337
422
759
World
Energy
Fund
.......................................................
13,262
,
899
–
13,
262
,
899
Hedged
Income
Fund
.....................................................
2,824,422
574,922
3,399,344
*
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.
Limited
Duration
Fund
Paid-in
c
apital
..............................................................................................
$
6,924,634
Total
distributable
earnings/(loss)
.................................................................................
(6,924,634)
Notes
to
the
Financial
Statements
August
31,
2024
Expenses
related
to
reorganization
were
incurred
by
the
Adviser.
Expenses
incurred
by
the
Funds
in
the
ordinary
course
during
the
Reorganization
continue
to
be
treated
as
a
Fund
expense
in
accordance
with
the
Funds’
advisory
contracts.
Assuming
the
reorganization
had
been
completed
on
September
1,
2023,
the
beginning
of
the
annual
reporting
period,
the
pro
forma
results
of
operations
of
the
Acquiring
Fund,
post
reorganization
for
the
year
ended
August
31,
2024,
are
as
follows:
Because
the
combined
investment
portfolios
have
been
managed
as
a
single
integrated
portfolio
since
the
reorganization
was
completed,
it
is
not
practicable
to
separate
the
amounts
of
revenue
and
earnings
of
the
Target
Fund
that
have
been
included
in
the
Statements
of
Operations
of
the
Acquiring
Fund,
post
reorganization
since
August
2,
2024.
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,
2024
.
Fund
Shares
Outstanding
Net
Assets
Net
Asset
Value
Per
Share
Net
Unrealized
Appreciation/
(Depreciation)
Target
Fund
Moderate
Duration
Fund
.............................
$
(311,522
)
Investor
Shares
.................................
100,416.500
$
988,782
$
9.85
Institutional
Shares
...............................
535,142.024
5,267,351
9.84
A
Shares
......................................
18,576.543
182,898
9.85
Acquiring
Fund
Limited
Duration
Fund
...............................
(2,581,031)
Investor
Shares
.................................
283,245.000
2,632,207
9.29
Institutional
Shares
...............................
2,
979,744.996
27,677,794
9.29
A
Shares
......................................
156,493.836
1,455,279
9.30
Post
Reorganization
Limited
Duration
Fund
...............................
(2,892,553
)
Investor
Shares
.................................
389,647.700
3,620,988
9.29
Institutional
Shares
...............................
3,546,828.387
32,945,145
9.29
A
Shares
......................................
176,162.072
1,638,177
9.30
Net
investment
income
(loss)
$
1,274,529
Net
realized/unrealized
gains
(losses)
1,779,777
Change
in
net
assets
resulting
from
operations
$
3,054,306
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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,
2024
................................
$
1.000
$
0.047
$
0.047
Year
Ended
August
31,
2023
................................
1.000
0.037
(d)
0.037
Year
Ended
August
31,
2022
................................
1.000
0.002
0.002
Year
Ended
August
31,
2021
................................
1.000
—
—
Year
Ended
August
31,
2020
................................
1.000
0.010
0.010
Institutional
Shares
Year
Ended
August
31,
2024
................................
1.000
0.051
0.051
Year
Ended
August
31,
2023
................................
1.000
0.041
(d)
0.041
Year
Ended
August
31,
2022
................................
1.000
0.003
0.003
Year
Ended
August
31,
2021
................................
1.000
—
—
Year
Ended
August
31,
2020
................................
1.000
0.010
0.010
Select
Shares
Year
Ended
August
31,
2024
................................
1.000
0.052
0.052
Year
Ended
August
31,
2023
................................
1.000
0.042
(d)
0.042
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
Year
Ended
August
31,
2021
................................
1.000
—
—
Year
Ended
August
31,
2020
................................
1.000
0.010
0.010
(a)
Annualized
for
periods
less
than
one
year.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(d)
Calculated
using
average
shares.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
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
(c)
$
(0.047)
$
—
$
(0.047)
$
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%
—
—
—
1.000
—%
882,438
0.06%
—%
0.68%
(0.010)
—
(0.010)
1.000
0.55%
988,206
0.51%
0.57%
0.67%
(0.051)
—
(0.051)
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%
—
—
—
1.000
—%
60,980
0.07%
0.01%
0.43%
(0.010)
—
(0.010)
1.000
0.81%
82,420
0.24%
0.82%
0.42%
(0.052)
—
(0.052)
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%
—
—
—
1.000
0.01%
3,105
0.08%
0.01%
0.43%
(0.010)
—
(0.010)
1.000
0.88%
37,975
0.17%
0.94%
0.42%
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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,
2024
................................
$
1.000
$
0.047
$
0.047
Year
Ended
August
31,
2023
................................
1.000
0.038
(d)
0.038
Year
Ended
August
31,
2022
................................
1.000
0.003
0.003
Year
Ended
August
31,
2021
................................
1.000
—
—
Year
Ended
August
31,
2020
................................
1.000
0.010
0.010
Institutional
Shares
Year
Ended
August
31,
2024
................................
1.000
0.051
0.051
Year
Ended
August
31,
2023
................................
1.000
0.041
(d)
0.041
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
Year
Ended
August
31,
2021
................................
1.000
—
—
Year
Ended
August
31,
2020
................................
1.000
0.010
0.010
Select
Shares
Year
Ended
August
31,
2024
................................
1.000
0.052
0.052
Year
Ended
August
31,
2023
................................
1.000
0.042
(d)
0.042
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
Year
Ended
August
31,
2021
................................
1.000
—
—
Year
Ended
August
31,
2020
................................
1.000
0.010
0.010
Premier
Shares
Year
Ended
August
31,
2024
................................
1.000
0.047
0.047
Year
Ended
August
31,
2023
................................
1.000
0.041
(d)
0.041
Year
Ended
August
31,
2022
................................
1.000
0.004
0.004
Year
Ended
August
31,
2021
................................
1.000
—
—
Year
Ended
August
31,
2020
................................
1.000
0.010
0.010
(a)
Annualized
for
periods
less
than
one
year.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(d)
Calculated
using
average
shares.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
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
(c)
$
(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%
—
—
—
1.000
0.01%
578,785
0.07%
0.01%
0.69%
(0.010)
—
(0.010)
1.000
0.62%
608,177
0.44%
0.58%
0.68%
(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%
—
—
—
1.000
0.01%
124,349
0.08%
0.01%
0.44%
(0.010)
—
(0.010)
1.000
0.82%
165,610
0.25%
0.76%
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%
—
—
—
1.000
0.01%
865,637
0.07%
0.01%
0.44%
(0.010)
—
(0.010)
1.000
0.89%
947,249
0.18%
0.84%
0.43%
(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%
—
—
—
1.000
0.01%
285,447
0.07%
0.01%
0.94%
(0.010)
—
(0.010)
1.000
0.84%
321,321
0.23%
0.75%
0.93%
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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,
2024
.....................................
$
8.87
$
0.25
$
0.43
$
0.68
Year
Ended
August
31,
2023
.....................................
9.00
0.24
(e)
(0.12)
0.12
Year
Ended
August
31,
2022
.....................................
9.70
0.13
(0.68)
(0.55)
Year
Ended
August
31,
2021
.....................................
9.79
0.12
(0.07)
0.05
Year
Ended
August
31,
2020
.....................................
9.62
0.17
0.17
0.34
Institutional
Shares
Year
Ended
August
31,
2024
.....................................
8.86
0.27
0.43
0.70
Year
Ended
August
31,
2023
.....................................
8.99
0.26
(e)
(0.12)
0.14
Year
Ended
August
31,
2022
.....................................
9.69
0.15
(0.68)
(0.53)
Year
Ended
August
31,
2021
.....................................
9.79
0.14
(0.08)
0.06
Year
Ended
August
31,
2020
.....................................
9.62
0.19
0.18
0.37
A
Shares
Year
Ended
August
31,
2024
.....................................
8.87
0.24
0.43
0.67
Year
Ended
August
31,
2023
.....................................
9.01
0.23
(e)
(0.13)
0.10
Year
Ended
August
31,
2022
.....................................
9.70
0.12
(0.66)
(0.54)
Year
Ended
August
31,
2021
.....................................
9.80
0.12
(0.08)
0.04
Year
Ended
August
31,
2020
.....................................
9.62
0.17
0.18
0.35
(a)
Annualized
for
periods
less
than
one
year,
except
for
Portfolio
Turnover.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(d)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
(e)
Calculated
using
average
shares.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
(b)
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
(c)
Portfolio
Turnover
(d)
$
(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%
(0.14)
—
(0.14)
9.70
0.52%
3,290
0.76%
1.24%
1.01%
74%
(0.17)
—
(0.17)
9.79
3.62%
3,941
0.69%
1.76%
0.94%
89%
(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%
(0.16)
—
(0.16)
9.69
0.65%
77,455
0.52%
1.47%
0.76%
74%
(0.20)
—
(0.20)
9.79
3.87%
92,362
0.44%
1.98%
0.69%
89%
(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%
(0.14)
—
(0.14)
9.70
0.42%
2,804
0.76%
1.22%
0.86%
74%
(0.17)
—
(0.17)
9.80
3.73%
952
0.68%
1.72%
0.79%
89%
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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,
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)
Year
Ended
August
31,
2021
.....................................
10.12
0.17
(0.13)
0.04
Year
Ended
August
31,
2020
.....................................
9.82
0.19
0.30
0.49
Institutional
Shares
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)
Year
Ended
August
31,
2021
.....................................
10.10
0.19
(0.14)
0.05
Year
Ended
August
31,
2020
.....................................
9.80
0.21
0.31
0.52
A
Shares
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)
Year
Ended
August
31,
2021
.....................................
10.12
0.17
(0.13)
0.04
Year
Ended
August
31,
2020
.....................................
9.82
0.19
0.30
0.49
(a)
Annualized
for
periods
less
than
one
year,
except
for
Portfolio
Turnover.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(d)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
(b)
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
(c)
Portfolio
Turnover
(d)
$
(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%
(0.18)
—
(0.18)
9.98
0.36%
1,435
0.72%
1.70%
0.97%
47%
(0.19)
—
(0.19)
10.12
5.07%
2,383
0.73%
1.86%
0.98%
65%
(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%
(0.20)
—
(0.20)
9.95
0.51%
108,453
0.47%
1.95%
0.72%
47%
(0.22)
—
(0.22)
10.10
5.34%
94,112
0.48%
2.14%
0.73%
65%
(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%
(0.18)
—
(0.18)
9.98
0.36%
67
0.72%
1.70%
0.82%
47%
(0.19)
—
(0.19)
10.12
5.07%
60
0.73%
1.91%
0.83%
65%
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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)
(b)
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
Total
from
Investment
Activities
Strategic
Enhanced
Yield
Fund
Investor
Shares
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)
Year
Ended
August
31,
2021
.....................................
10.82
0.18
(0.16)
0.02
Year
Ended
August
31,
2020
.....................................
10.70
0.19
0.28
0.47
Institutional
Shares
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)
Year
Ended
August
31,
2021
.....................................
10.67
0.21
(0.15)
0.06
Year
Ended
August
31,
2020
.....................................
10.56
0.21
0.27
0.48
A
Shares
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)
Year
Ended
August
31,
2021
.....................................
10.67
0.18
(0.15)
0.03
Year
Ended
August
31,
2020
.....................................
10.56
0.20
0.25
0.45
(a)
Annualized
for
periods
less
than
one
year,
except
for
Portfolio
Turnover.
(b)
Calculated
using
average
shares.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(e)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
(c)
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
(d)
Portfolio
Turnover
(e)
$
(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%
(0.17)
(0.18)
(0.35)
10.49
0.22%
1,132
1.01%
1.67%
1.66%
129%
(0.20)
(0.15)
(0.35)
10.82
4.47%
2,178
1.01%
1.82%
2.05%
96%
(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%
(0.20)
(0.18)
(0.38)
10.35
0.55%
19,579
0.76%
2.01%
1.42%
129%
(0.22)
(0.15)
(0.37)
10.67
4.66%
17,335
0.76%
2.00%
1.77%
96%
(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%
(0.17)
(0.18)
(0.35)
10.35
0.30%
917
1.01%
1.75%
1.52%
129%
(0.19)
(0.15)
(0.34)
10.67
4.41%
393
1.01%
1.94%
1.97%
96%
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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
Ultra
Short
Tax-Free
Income
Fund
Investor
Shares
Year
Ended
August
31,
2024
.....................................
$
9.97
$
0.29
(e)
$
0.04
$
0.33
Year
Ended
August
31,
2023
.....................................
9.87
0.11
(e)
0.12
0.23
Year
Ended
August
31,
2022
.....................................
9.97
(0.01)
(e)
(0.09)
(0.10)
Year
Ended
August
31,
2021
.....................................
10.00
(0.03)
(e)
—
(0.03)
Year
Ended
August
31,
2020
.....................................
10.00
0.06
—
0.06
Institutional
Shares
Year
Ended
August
31,
2024
.....................................
10.02
0.33
(e)
0.02
0.35
Year
Ended
August
31,
2023
.....................................
9.92
0.15
(e)
0.11
0.26
Year
Ended
August
31,
2022
.....................................
10.01
0.01
(e)
(0.08)
(0.07)
Year
Ended
August
31,
2021
.....................................
10.01
—
(e)
—
—
Year
Ended
August
31,
2020
.....................................
10.01
0.09
—
0.09
A
Shares
Year
Ended
August
31,
2024
.....................................
9.99
0.31
(e)
0.02
0.33
Year
Ended
August
31,
2023
.....................................
9.89
0.12
(e)
0.11
0.23
Year
Ended
August
31,
2022
.....................................
9.98
—
(e)
(0.09)
(0.09)
Year
Ended
August
31,
2021
.....................................
10.01
(0.03)
(e)
—
(0.03)
Year
Ended
August
31,
2020
.....................................
10.01
0.06
—
0.06
(a)
Annualized
for
periods
less
than
one
year,
except
for
Portfolio
Turnover.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(d)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
(e)
Calculated
using
average
shares.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
(b)
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
(c)
Portfolio
Turnover
(d)
$
(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%
—
—
—
9.97
(0.30)%
105
0.60%
(0.28)%
1.07%
130%
(0.06)
—
(0.06)
10.00
0.64%
539
0.60%
0.53%
1.16%
129%
(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%
—
—
—
10.01
0.01%
32,512
0.35%
(0.04)%
0.82%
130%
(0.09)
—
(0.09)
10.01
0.89%
38,955
0.35%
0.81%
0.92%
129%
(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%
—
—
—
9.98
(0.30)%
17
0.60%
(0.28)%
0.92%
130%
(0.06)
—
(0.06)
10.01
0.64%
17
0.60%
0.65%
1.04%
129%
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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
Fund
Investor
Shares
Year
Ended
August
31,
2024
.....................................
$
13.55
$
0.27
$
0.23
$
0.50
Year
Ended
August
31,
2023
.....................................
12.52
0.28
(e)
1.02
1.30
Year
Ended
August
31,
2022
.....................................
8.89
0.20
(e)
3.62
3.82
Year
Ended
August
31,
2021
.....................................
6.16
0.13
2.71
2.84
Year
Ended
August
31,
2020
.....................................
6.71
0.10
(0.51)
(0.41)
Institutional
Shares
Year
Ended
August
31,
2024
.....................................
13.56
0.30
0.23
0.53
Year
Ended
August
31,
2023
.....................................
12.53
0.31
(e)
1.03
1.34
Year
Ended
August
31,
2022
.....................................
8.89
0.23
(e)
3.63
3.86
Year
Ended
August
31,
2021
.....................................
6.16
0.14
2.72
2.86
Year
Ended
August
31,
2020
.....................................
6.72
0.13
(0.53)
(0.40)
A
Shares
Year
Ended
August
31,
2024
.....................................
13.52
0.27
0.22
0.49
Year
Ended
August
31,
2023
.....................................
12.49
0.28
(e)
1.03
1.31
Year
Ended
August
31,
2022
.....................................
8.86
0.20
(e)
3.62
3.82
Year
Ended
August
31,
2021
.....................................
6.15
0.13
2.70
2.83
Year
Ended
August
31,
2020
.....................................
6.70
0.11
(0.52)
(0.41)
C
Shares
Year
Ended
August
31,
2024
.....................................
13.39
0.18
0.20
0.38
Year
Ended
August
31,
2023
.....................................
12.37
0.19
(e)
1.01
1.20
Year
Ended
August
31,
2022
.....................................
8.78
0.13
(e)
3.57
3.70
Year
Ended
August
31,
2021
.....................................
6.10
0.08
2.67
2.75
Year
Ended
August
31,
2020
.....................................
6.64
0.05
(0.51)
(0.46)
(a)
Annualized
for
periods
less
than
one
year,
except
for
Portfolio
Turnover.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(d)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
(e)
Calculated
using
average
shares.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
(b)
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
(c)
Portfolio
Turnover
(d)
$
(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%
(0.11)
—
(0.11)
8.89
46.49%
6,895
1.15%
1.69%
1.96%
174%
(0.14)
—
(0.14)
6.16
(6.19)%
2,984
1.15%
1.68%
2.18%
191%
(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%
(0.13)
—
(0.13)
8.89
46.78%
15,641
0.90%
1.88%
1.69%
174%
(0.16)
—
(0.16)
6.16
(5.91)%
6,254
0.90%
1.82%
1.89%
191%
(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%
(0.12)
—
(0.12)
8.86
46.33%
2,216
1.15%
1.54%
1.83%
174%
(0.14)
—
(0.14)
6.15
(6.13)%
1,867
1.15%
1.66%
2.02%
191%
(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%
(0.07)
—
(0.07)
8.78
45.25%
3,101
1.90%
0.94%
2.74%
174%
(0.08)
—
(0.08)
6.10
(6.89)%
2,458
1.90%
0.87%
2.91%
191%
For
a
share
of
capital
stock
outstanding
throughout
the
periods
indicated.
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)
(b)
Net
Realized
and
Unrealized
Gains
(Losses)
on
Investments
Total
from
Investment
Activities
Hedged
Income
Fund
Investor
Shares
Year
Ended
August
31,
2024
.....................................
$
10.35
$
0.15
(b)
$
0.93
$
1.08
Year
Ended
August
31,
2023
.....................................
9.93
0.23
(b)
0.42
0.65
Year
Ended
August
31,
2022
.....................................
10.81
0.19
(b)
(0.88)
(0.69)
December
28,
2020
(f)
through
August
31,
2021
.........................
10.00
0.14
0.74
0.88
Institutional
Shares
Year
Ended
August
31,
2024
.....................................
10.35
0.17
(b)
0.93
1.10
Year
Ended
August
31,
2023
.....................................
9.93
0.25
(b)
0.42
0.67
Year
Ended
August
31,
2022
.....................................
10.82
0.23
(b)
(0.91)
(0.68)
December
28,
2020
(f)
through
August
31,
2021
.........................
10.00
0.15
0.75
0.90
A
Shares
Year
Ended
August
31,
2024
.....................................
10.35
0.14
(b)
0.92
1.06
Year
Ended
August
31,
2023
.....................................
9.91
0.23
(b)
0.43
0.66
Year
Ended
August
31,
2022
.....................................
10.80
0.20
(b)
(0.90)
(0.70)
December
28,
2020
(f)
through
August
31,
2021
.........................
10.00
0.14
0.74
0.88
(a)
Annualized
for
periods
less
than
one
year,
except
for
Portfolio
Turnover.
(b)
Calculated
using
average
shares.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
During
the
period,
certain
fees
were
waived.
If
such
fee
waivers
had
not
occurred,
the
ratios
would
have
been
as
indicated.
(e)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund,
as
a
whole,
without
distinguishing
between
the
classes
of
shares
issued.
(f)
Commencement
of
operations.
Less
Dividends
From:
Ratios/Supplemental
Data
:
(a)
Dividends
from
Net
Investment
Income
Distributions
from
Net
Realized
Gains
from
Investments
Total
Dividends
and
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(Excludes
Sales
Charge)
(c)
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
(d)
Portfolio
Turnover
(e
)
$
(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%
(0.07)
—
(0.07)
10.81
8.79%
1,438
1.35%
1.90%
2.26%
23%
(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%
(0.08)
—
(0.08)
10.82
9.04%
23,042
1.10%
2.14%
2.01%
23%
(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%
(0.08)
—
(0.08)
10.80
8.77%
1,709
1.35%
1.88%
2.11%
23%
Report
of
Independent
Registered
Public
Accounting
Firm
August
31,
2024
To
the
Shareholders
and
Board
of
Trustees
of
Cavanal
Hill
Funds:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
the
Cavanal
Hill
Funds
listed
in
the
Appendix
(collectively,
the
Funds),
including
the
schedules
of
portfolio
investments,
as
of
August 31, 2024,
the
related
statements
of
operations,
the
statements
of
changes
in
net
assets,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
each
of
the
years
or
periods
listed
in
the
Appendix.
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, 2024,
the
results
of
their
operations,
the
changes
in
their
net
assets,
and
the
financial
highlights
for
each
of
the
years
or
periods
listed
in
the
Appendix,
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, 2024,
by
correspondence
with
custodians
and
brokers
or
by
other
appropriate
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
28,
2024
Fund
Financial
Statement
Period
U.S.
Treasury
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Five
years
ended
August
31,
2024.
Government
Securities
Money
Market
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Five
years
ended
August
31,
2024.
Limited
Duration
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Five
years
ended
August
31,
2024.
Bond
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Five
years
ended
August
31,
2024.
Strategic
Enhanced
Yield
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Five
years
ended
August
31,
2024.
Ultra
Short
Tax-Free
Income
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Five
years
ended
August
31,
2024.
World
Energy
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Five
years
ended
August
31,
2024.
Hedged
Income
Fund
Statement
of
Operations
Statements
of
Changes
in
Net
Assets
Financial
Highlights
Year
ended
August
31,
2024.
Two
years
ended
August
31,
2024.
Three
years
ended
August
31,
2024
and
for
the
period
December
28,
2020
(commencement
of
operations)
through
August
31,
2021.
Additional
Fund
Information
(Unaudited)
August
31,
2024
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
ending
August
31,
2024,
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,
2024,
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
2024
tax
information
for
the
Funds
will
be
mailed
to
shareholders
next
year
by
January
31,
2025.
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,
2024,
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
2023
Form
1099-DIV.
For
corporate
shareholders,
the
following
percentage
of
the
total
ordinary
income
distributions
paid
during
the
fiscal
year
ended
August
31,
2024,
qualify
for
the
corporate
dividends
received
deduction
for
the
following
Funds:
For
the
year
ended
August
31,
2024,
the
following
Funds
paid
dividends,
a
portion
of
which
may
be
subject
to
a
maximum
tax
rate
of
23.8%:
The
Ultra
Short
Tax-Free
Income
Fund
designated
$409,923
of
its
income
distributions
as
tax-exempt
distributions
for
the
year
ended
August
31,
2024.
For
the
year
ended
August
31,
2024,
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
Bond
Fund
–
Investor
Shares
...................................................
0.27904
0.00020
0.27924
Bond
Fund
–
Institutional
Shares
................................................
0.29905
0.00021
0.29926
Bond
Fund
–
Class
A
........................................................
0.27928
0.00020
0.27948
Fund
Percentage
World
Energy
Fund
.......................................................................................
94.12
%
Fund
Percentage
World
Energy
Fund
.......................................................................................
100.00
%
Fund
Amount
U.S.
Treasury
Fund
.......................................................................................
$
84,819,302
Government
Securities
Money
Market
Fund
......................................................................
129,
445
,
180
Limited
Duration
Fund
.....................................................................................
949,703
Bond
Fund
.............................................................................................
3,986,305
Strategic
Enhanced
Yield
Fund
...............................................................................
241,614
Ultra
Short
Tax-Free
Income
Fund
.............................................................................
13,233
World
Energy
Fund
.......................................................................................
169,199
Hedged
Income
Fund
.....................................................................................
21,506
Additional
Fund
Information
(Unaudited)
August
31,
2024
REVIEW
AND
APPROVAL
OF
THE
FUNDS’
ADVISORY
AGREEMENT
The
Trust’s
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
25,
2024.
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
Cavanal
Hill
Government
Securities
Money
Market
Fund
ended
the
period
at
$2,762,671,434.23,
up
7%
from
a
year
earlier;
the
Cavanal
Hill
US
Treasury
Fund
totaled
$1,574,486,458.03,
a
6%
decline.
Lipper
peer
group
rankings
for
the
Cavanal
Hill
Government
Securities
Money
Market
Fund
were
as
follows:
Administrative
Class,
78;
Institutional
Class,
52;
Premier
Class,
89;
Select
Class,
41.
Peer
rankings
for
the
Cavanal
Hill
US
Treasury
Fund
were
as
follows:
Administrative
Class,
84;
Institutional
Class,
54;
Select
Class,
32.
The
Limited
Duration
Fund
Institutional
share
class
was
in
the
43rd
percentile
in
its
peer
group
for
the
one-year
period.
A
greater
allocation
to
credit,
particularly
in
asset-
backed
securities,
was
positive
for
the
Fund,
as
was
a
slightly
longer
duration
exposure
versus
peers
in
the
2nd
half
of
the
year.
However,
an
underweight
to
corporate
bonds
detracted
from
performance.
The
Moderate
Duration
Fund
(merged
out
of
existence
in
July
2024)
Institutional
share
class
was
in
the
65th
percentile
in
its
Lipper
peer
group
for
the
one-year
period.
The
Fund’s
duration,
at
the
very
high
end
of
its
peer
group,
hurt
its
performance
and
was
a
key
factor
in
deciding
to
merge
the
Fund
out
of
existence.
The
Bond
Fund
Institutional
share
class
was
in
the
40th
percentile
for
the
one-year
period.
An
overweight
to
asset-backed
securities,
as
well
as
to
taxable
municipals,
was
beneficial
to
the
Fund
as
credit
was
strong.
Duration
extension
of
the
Fund
was
well
timed,
enhancing
performance.
The
Strategic
Enhanced
Yield
Fund’s
YTD
return
was
0.41%,
which
significantly
outperformed
the
benchmark
return
of
-1.70%.
The
Fund’s
shorter
duration
target
reduced
the
negative
effects
of
rising
interest
rates,
while
the
Emerging
Market
Debt
and
High
Yield
Securities
were
positive
contributors
to
the
Fund’s
positive
return.
The
Fund’s
Treasury
holdings
increased
throughout
the
year
but
are
still
underweighted
against
the
benchmark’s
treasury
allocation,
with
the
Emerging
Market
Debt
and
High
Yield
Securities
sectors
accounting
for
more
than
25%
of
the
Fund’s
portfolio.
The
Ultra
Short
Tax-Free
Income
Fund
was
in
the
29th
percentile
of
the
Lipper
Short
Municipal
Fund
group
for
the
year.
The
Fund's
outperformance
was
due
to
the
short
duration;
the
investment
mix
of
variable
rate
demand
notes
(VRDNs)
and
fixed
rate
paper
positively
impacted
performance,
as
rates
in
the
short
end
of
the
muni
market
rose
throughout
the
period.
As
of
May
31,
2024,
the
Institutional
class
shares
of
the
World
Energy
Fund
had
a
Morningstar
percentile
ranking
of
45th
for
the
one-year
period.
Over
a
longer-term
horizon,
the
Fund
ranks
#1
for
the
ten-year
period
in
Morningstar
as
of
May
31,
2024.
The
Fund
is
categorized
in
the
Global
Natural
Resources
category
as
Lipper
does
not
have
an
energy
category.
In
2024,
the
Fund
won
the
2024
5-year
LSEG
Lipper
Fund
award
for
the
Global
Natural
Resources
category
and,
as
of
May
31,
2024,
the
Fund
was
a
5-star
Morningstar
Fund.
The
Hedged
Income
Fund
performance
is
equally
reflective
of
both
Lavaca
and
Cavanal
Hill
Investment
Management.
The
Fund’s
trailing
1-year
return
as
of
5/31/24
was
12.34%,
which
outperformed
the
benchmark
(CBOE
S&P
500
BuyWrite
Monthly
Index)
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.
Accordingly,
the
Fund’s
standard
deviation
of
daily
returns
was
0.47%
compared
with
0.72%
for
the
S&P
500
Index.
Additional
Fund
Information
(Unaudited)
August
31,
2024
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
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.
(b) The Financial Highlights are included as a 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. Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
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)(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 November 26, 2024
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 November 26, 2024
By (Signature and Title) /s/ Jerica Newbill
Jerica Newbill, Treasurer (Principal Financial Officer)
Date November 26, 2024
