Cavanal Hill Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number    811-06114   

Cavanal Hill Funds

(Exact name of registrant as specified in charter)

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:    8/31   

Date of reporting period:    2/28/2021   

Item 1. Reports to Stockholders.

Midyear Report

February 28, 2021

U.S. Treasury Fund

Government Securities Money Market Fund

Limited Duration Fund

Moderate Duration Fund

Bond Fund

Strategic Enhanced Yield Fund

Ultra Short Tax-Free Income Fund

Active Core Fund

Mid Cap Diverse Leadership Fund

Opportunistic Fund

World Energy Fund

Hedged Income Fund

On January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund’s website (www.cavanalhillfunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling (800) 762-7085.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund you can call (800) 762-7085 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

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6

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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.

This document may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements give our current expectations of forecasts of future events. They include statements regarding our anticipated future operating and financial performance. Although we believe the expectations and statements reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions, by inaccurate information from third parties, or by known or unknown risks and uncertainties.

- 1 -

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

			Government
	U.S. Treasury		Securities Money
	Fund		Market Fund
Assets:
Investments, at cost	$	426,296,802	$	1,115,724,225
Investments, at value		426,296,802		1,115,724,225
Repurchase agreements, at value/cost		460,000,000		895,000,000
Total Investments		886,296,802		2,010,724,225
Cash		5,000,000		—
Interest and dividends receivable		108,225		246,177
Receivable for capital shares reinvested		—		2,424
Receivable from adviser		548,599		397,019
Prepaid expenses and other assets		53,540		273,207
Total Assets		892,007,166		2,011,643,052
Liabilities:
Distributions payable		—		14,648
Payable to custodian		—		5,000,000
Accrued expenses and other payables:
Investment advisory fees		46,675		76,242
Administration fees		46,675		76,242
Distribution fees		210,301		65,858
Custodian fees		9,336		15,249
Trustee fees		1,040		2,881
Fund accounting and compliance fees		19,477		30,907
Transfer agent fees		1,694		4,835
Shareholder servicing fees		214,470		115,707
Other accrued liabilities		6,381		17,618
Total Liabilities		556,049		5,420,187
Net Assets	$	891,451,117	$	2,006,222,865
Composition of Net Assets:
Shares of beneficial interest, at par	$	8,914	$	20,070
Additional paid-in capital		891,440,225		2,006,198,929
Total distributable earnings/(loss)		1,978		3,866
Net Assets	$	891,451,117	$	2,006,222,865
Net Assets:
Administrative Shares	$	767,561,478	$	586,786,172
Service Shares		27,443,493		—
Institutional Shares		62,830,247		128,351,998
Select Shares		33,615,899		982,792,177
Premier Shares		—		308,292,518
Total	$	891,451,117	$	2,006,222,865
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Administrative Shares		767,494,037		587,122,142
Service Shares		27,458,371		—
Institutional Shares		62,881,168		128,432,306
Select Shares		33,615,793		983,105,427
Premier Shares		—		308,330,828
Total		891,449,369		2,006,990,703
Net Asset Value, offering price & redemption price per share:
Administrative Shares	$	1.00	$	1.00
Service Shares	$	1.00	$	—
Institutional Shares	$	1.00	$	1.00
Select Shares	$	1.00	$	1.00
Premier Shares	$	—	$	1.00

See notes to financial statements.

- 2 -

Statements of Assets and Liabilities
February 28, 2021 (Unaudited)	Continued

										Strategic
	Limited Duration			Moderate						Enhanced Yield
	Fund			Duration Fund			Bond Fund			Fund
Assets:
Investments, at cost	$	74,478,545		$	26,494,611		$	97,640,753		$	26,544,805
Investments in affiliates, at cost		9,493,660			483,840			4,548,351			1,025,771
Total Investments, at cost		83,972,205			26,978,451			102,189,104			27,570,576
Investments, at value		74,388,470			26,960,041			99,851,397			26,479,248
Investments in affiliates, at value		9,493,660			483,840			4,548,351			1,025,771
Total Investments, at value		83,882,130			27,443,881			104,399,748			27,505,019
Cash		—			—			96			19,000
Interest and dividends receivable		347,882			144,887			614,450			141,116
Receivable for capital shares issued		200,535			1,819			58,655			3,463
Receivable for capital shares reinvested		69,147			29,868			36,871			26,036
Receivable for investments sold		421			662,641			729,177			—
Receivable from adviser		—			7,675			—			9,539
Receivable from fees waived or reimbursed		—			33			—			—
Prepaid expenses and other assets		36,355			26,934			29,643			24,342
Total Assets		84,536,470			28,317,738			105,868,640			27,728,515
Liabilities:
Distributions payable		115,179			47,974			181,613			40,273
Payable for investments purchased		1,420,397			553,614			2,926,056			60,210
Payable for capital shares redeemed		29,641			42,930			743			81,517
Accrued expenses and other payables:
Investment advisory fees		9,372			4,680			15,786			10,681
Administration fees		4,998			1,872			6,315			1,709
Distribution fees		988			893			371			593
Custody fees		625			234			789			214
Trustee fees		239			47			367			19
Fund accounting and compliance fees		3,697			1,370			3,799			618
Transfer agent fees		7,522			2,385			6,187			1,228
Shareholder servicing fees		6,440			—			1,188			89
Other accrued liabilities		2,079			399			2,536			156
Total Liabilities		1,601,177			656,398			3,145,750			197,307
Net Assets	$	82,935,293		$	27,661,340		$	102,722,890		$	27,531,208
Composition of Net Assets:
Shares of beneficial interest, at par	$	85		$	26		$	104		$	27
Additional paid-in capital		87,477,610			32,442,490			102,386,452			27,881,248
Total distributable earnings/(loss)		(4,542,402	)		(4,781,176	)		336,334			(350,067	)
Net Assets	$	82,935,293		$	27,661,340		$	102,722,890		$	27,531,208
Net Assets:
Investor Shares	$	3,716,261		$	4,225,152		$	1,819,927		$	2,060,168
Institutional Shares		77,775,756			23,053,992			100,798,171			24,508,600
A Shares		1,443,276			382,196			104,792			962,440
Total	$	82,935,293		$	27,661,340		$	102,722,890		$	27,531,208
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		381,163			393,325			183,174			197,992
Institutional Shares		7,983,597			2,145,481			10,171,178			2,387,525
A Shares		147,981			35,566			10,548			93,795
Total		8,512,741			2,574,372			10,364,900			2,679,312
Net Asset Value, offering price & redemption price per share(a):
Investor Shares	$	9.75		$	10.74		$	9.94		$	10.41
Institutional Shares	$	9.74		$	10.75		$	9.91		$	10.27
A Shares	$	9.75		$	10.75		$	9.93		$	10.26
Maximum Sales Charge:
A Shares		2.00	%		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	$	9.95		$	10.97		$	10.13		$	10.47

See notes to financial statements.

- 3 -

Statements of Assets and Liabilities
February 28, 2021 (Unaudited)	Continued

	Ultra Short Tax-						Mid Cap Diverse			Opportunistic
	Free Income Fund			Active Core Fund			Leadership Fund			Fund
Assets:
Investments, at cost	$	35,002,459		$	36,478,888		$	699,979		$	48,852,412
Investments in affiliates, at cost		341,409			2,804,717			16,349			2,704,444
Total Investments, at cost		35,343,868			39,283,605			716,328			51,556,856
Investments, at value		35,014,835			47,382,300			972,033			55,790,254
Investments in affiliates, at value		341,409			2,775,396			16,349			2,704,444
Total Investments, at value		35,356,244			50,157,696			988,382			58,494,698
Interest and dividends receivable		115,995			149,587			1,082			206,738
Receivable for capital shares issued		—			1,177			—			121,332
Receivable for investments sold		—			1,705,924			—			2,882,015
Receivable from adviser		7,874			—			12,291			13,360
Receivable from fees waived or reimbursed		23			24			—			—
Prepaid expenses and other assets		23,735			33,983			34,457			23,733
Total Assets		35,503,871			52,048,391			1,036,212			61,741,876
Liabilities:
Payable to custodian		—			—			—			34,303
Payable for investments purchased		—			2,831,724			—			785,858
Payable for capital shares redeemed		—			—			—			489
Accrued expenses and other payables:
Investment advisory fees		4,248			13,386			458			39,130
Administration fees		2,266			3,060			67			3,683
Distribution fees		67			1,158			82			874
Custody fees		283			382			8			461
Trustee fees		70			—			1			—
Fund accounting and compliance fees		869			727			65			872
Transfer agent fees		2,454			—			1,773			—
Shareholder servicing fees		—			—			22			368
Other accrued liabilities		482			—			31			2
Total Liabilities		10,739			2,850,437			2,507			866,040
Net Assets	$	35,493,132		$	49,197,954		$	1,033,705		$	60,875,836
Composition of Net Assets:
Shares of beneficial interest, at par	$	35		$	34		$	1		$	36
Additional paid-in capital		35,486,119			35,302,522			730,266			52,715,122
Total distributable earnings/(loss)		6,978			13,895,398			303,438			8,160,678
Net Assets	$	35,493,132		$	49,197,954		$	1,033,705		$	60,875,836
Net Assets:
Investor Shares	$	332,784		$	5,112,791		$	72,910		$	1,611,349
Institutional Shares		35,143,805			43,463,637			794,539			57,382,105
A Shares		16,543			544,425			136,160			1,524,956
C Shares		—			77,101			30,096			357,426
Total	$	35,493,132		$	49,197,954		$	1,033,705		$	60,875,836
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		33,324			353,927			5,793			95,539
Institutional Shares		3,511,444			2,996,667			63,040			3,359,285
A Shares		1,655			37,787			10,747			90,059
C Shares		—			5,376			2,441			21,823
Total		3,546,423			3,393,757			82,021			3,566,706
Net Asset Value, offering price & redemption price per share(a):
Investor Shares	$	9.99		$	14.45		$	12.59		$	16.87
Institutional Shares	$	10.01		$	14.50		$	12.60		$	17.08
A Shares	$	9.99		$	14.41		$	12.67		$	16.93
C Shares	$	—		$	14.34		$	12.33		$	16.38
Maximum Sales Charge:
A Shares		1.00	%		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	$	10.09		$	14.70		$	12.93		$	17.28

(a) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

See notes to financial statements.

- 4 -

Statements of Assets and Liabilities
February 28, 2021 (Unaudited)	Concluded

	World Energy			Hedged Income
	Fund			Fund
Assets:
Investments, at cost	$	16,460,328		$	8,666,804
Investments in affiliates, at cost		1,421,243			719,776
Total Investments, at cost		17,881,571			9,386,580
Investments, at value		21,161,167			8,633,374
Investments in affiliates, at value		1,421,243			719,776
Total Investments, at value		22,582,410			9,353,150
Interest and dividends receivable		93,362			26,318
Receivable for capital shares issued		121,310			59,950
Receivable for investments sold		551,415			144,235
Receivable from adviser		12,017			5,595
Prepaid expenses and other assets		33,255			44,614
Total Assets		23,393,769			9,633,862
Liabilities:
Payable for investments purchased		1,335,912			663,667
Payable for capital shares redeemed		448			—
Accrued expenses and other payables:
Investment advisory fees		9,024			55,138
Administration fees		1,203			437
Distribution fees		3,973			99
Custody fees		150			55
Trustee fees		3			36
Fund accounting and compliance fees		267			285
Transfer agent fees		300			12,721
Shareholder servicing fees		733			—
Other accrued liabilities		39			236
Total Liabilities		1,352,052			732,674
Net Assets	$	22,041,717		$	8,901,188
Composition of Net Assets:
Shares of beneficial interest, at par	$	25		$	9
Additional paid-in capital		39,626,627			8,982,235
Total distributable earnings/(loss)		(17,584,935	)		(81,056	)
Net Assets	$	22,041,717		$	8,901,188
Net Assets:
Investor Shares	$	4,970,546		$	129,551
Institutional Shares		10,233,301			8,320,890
A Shares		3,578,821			450,747
C Shares		3,259,049			—
Total	$	22,041,717		$	8,901,188
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		566,229			13,021
Institutional Shares		1,165,374			835,555
A Shares		408,577			45,301
C Shares		375,565			—
Total		2,515,745			893,877
Net Asset Value, offering price & redemption price per share(a):
Investor Shares	$	8.78		$	9.95
Institutional Shares	$	8.78		$	9.96
A Shares	$	8.76		$	9.95
C Shares	$	8.68		$	—
Maximum Sales Charge:
A Shares		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	$	8.94		$	10.15

See notes to financial statements.

- 5 -

Statements of Operations

February 28, 2021 (Unaudited)

				Government
	U.S. Treasury			Securities Money
	Fund			Market Fund
Investment Income:
Interest income	$	541,739		$	1,090,481
Dividend income		18,258			41,214
Total income		559,997			1,131,695
Expenses:
Investment advisory fees		286,363			494,417
Administration fees		286,363			494,417
Distribution fees - Administrative Shares		1,251,817			723,417
Distribution fees - Service Shares		35,881			—
Distribution fees - Premier Shares		—			820,690
Shareholder servicing fees - Administrative Shares		1,251,362			723,417
Shareholder servicing fees - Service Shares		35,881			—
Shareholder servicing fees - Institutional Shares		99,334			177,817
Shareholder servicing fees - Select Shares		44,780			1,160,506
Shareholder servicing fees - Premier Shares		—			410,345
Fund accounting and compliance fees		126,536			219,284
Transfer agent fees		34,224			60,034
Custodian fees		57,271			98,881
Trustee fees		25,546			44,797
Professional fees		97,306			168,160
Printing fees		12,531			22,598
Registration fees		14,316			152,126
Other expenses		63,148			93,909
Total expenses before fee and expense reductions		3,722,659			5,864,815
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(3,056,146	)		(2,025,068	)
Distribution fees waived - Administrative Shares		—			(376,175	)
Distribution fees waived - Service Shares		(21,529	)		—
Distribution fees waived - Premier Shares		—			(738,623	)
Shareholder servicing fees waived - Service Shares		(21,522	)		—
Shareholder servicing fees waived - Institutional Shares		(67,528	)		(123,141	)
Shareholder servicing fees waived - Select Shares		(44,780	)		(1,160,506	)
Shareholder servicing fees waived - Premier Shares		—			(410,345	)
Net expenses		511,154			1,030,957
Net investment income		48,843			100,738
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		—			399
Net realized/unrealized gains/(losses) on investments		—			399
Change in net assets resulting from operations	$	48,843		$	101,137

See notes to financial statements.

- 6 -

Statements of Operations
February 28, 2021 (Unaudited)	Continued

										Strategic
	Limited Duration			Moderate						Enhanced Yield
	Fund			Duration Fund			Bond Fund			Fund
Investment Income:
Interest income	$	983,270		$	358,615		$	1,243,297		$	298,220
Dividend income		1			—			4,546			—
Dividend income from affiliates		143			48			118			77
Total income		983,414			358,663			1,247,961			298,297
Expenses:
Investment advisory fees		70,169			30,836			98,667			62,812
Administration fees		37,423			12,334			39,467			10,050
Distribution fees - Investor Shares		4,711			5,166			2,438			2,696
Distribution fees - A Shares		1,509			402			118			1,148
Shareholder servicing fees - Investor Shares		4,711			5,166			2,438			2,696
Shareholder servicing fees - Institutional Shares		110,728			32,977			120,777			27,562
Shareholder servicing fees - A Shares		604			161			48			459
Fund accounting and compliance fees		26,867			15,799			23,184			9,098
Transfer agent fees		50,293			30,924			32,859			32,289
Custodian fees		4,667			1,540			4,929			1,252
Trustee fees		2,116			730			2,398			580
Professional fees		7,721			2,763			9,111			2,266
Printing fees		4,683			1,691			2,731			1,465
Registration fees		24,186			17,256			16,377			21,020
Other expenses		4,408			2,019			4,269			1,637
Total expenses before fee and expense reductions		354,796			159,764			359,811			177,030
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(1,045	)		(40,199	)		(1,028	)		(47,172	)
Administration fees waived		(1,045	)		(421	)		(1,028	)		(433	)
Shareholder servicing fees waived - Investor Shares		(4,711	)		(4,942	)		(2,438	)		(2,100	)
Shareholder servicing fees waived - Institutional Shares		(96,636	)		(32,977	)		(120,777	)		(27,210	)
Shareholder servicing fees waived - A Shares		(604	)		—			(48	)		(459	)
Net expenses		250,755			81,225			234,492			99,656
Net investment income		732,659			277,438			1,013,469			198,641
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		164,268			184,573			1,431,770			(283,404	)
Change in unrealized appreciation/(depreciation) on unaffiliated investments		(541,781	)		(379,629	)		(3,329,311	)		(297,396	)
Net realized/unrealized gains/(losses) on investments		(377,513	)		(195,056	)		(1,897,541	)		(580,800	)
Change in net assets resulting from operations	$	355,146		$	82,382		$	(884,072	)	$	(382,159	)

See notes to financial statements.

- 7 -

Statements of Operations
February 28, 2021 (Unaudited)	Continued

	Ultra Short Tax-						Mid Cap Diverse			Opportunistic
	Free Income Fund			Active Core Fund			Leadership Fund			Fund
Investment Income:
Interest income	$	61,223		$	273,979		$	—		$	162,494
Dividend income		1			255,459			8,773			200,312
Dividend income from affiliates		29			3,451			1			93
Foreign tax withholding		—			(38	)		(5	)		(586	)
Total income		61,253			532,851			8,769			362,313
Expenses:
Investment advisory fees		28,342			84,407			2,854			173,774
Administration fees		15,116			19,293			415			16,355
Distribution fees - Investor Shares		561			6,231			157			1,766
Distribution fees - A Shares		20			747			164			1,758
Distribution fees - C Shares		—			350			217			1,598
Shareholder servicing fees - Investor Shares		561			6,231			157			1,766
Shareholder servicing fees - Institutional Shares		46,655			53,225			922			47,187
Shareholder servicing fees - A Shares		9			299			66			703
Shareholder servicing fees - C Shares		—			88			54			400
Fund accounting and compliance fees		7,573			17,533			1,161			5,297
Transfer agent fees		24,159			36,561			32,090			48,223
Custodian fees		1,891			2,412			52			2,039
Trustee fees		880			1,123			24			1,040
Professional fees		3,315			4,248			92			4,176
Printing fees		977			6,487			889			7,533
Registration fees		19,516			20,938			23,687			20,369
Other expenses		2,045			3,077			1,437			2,683
Total expenses before fee and expense reductions		151,620			263,250			64,438			336,667
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(38,856	)		(1,392	)		(58,481	)		(77,200	)
Administration fees waived		(161	)		(493	)		(9	)		(536	)
Shareholder servicing fees waived - Investor Shares		(561	)		(6,230	)		(157	)		(1,026	)
Shareholder servicing fees waived - Institutional Shares		(45,235	)		(52,779	)		(920	)		(46,424	)
Shareholder servicing fees waived - A Shares		(9	)		(257	)		(66	)		(566	)
Shareholder servicing fees waived - C Shares		—			(88	)		(54	)		(268	)
Net expenses		66,798			202,011			4,751			210,647
Net investment income		(5,545	)		330,840			4,018			151,666
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(80	)		3,513,671			65,736			3,371,440
Change in unrealized appreciation/(depreciation) on unaffiliated investments		(10,324	)		(571,832	)		141,083			4,961,735
Change in unrealized appreciation/(depreciation) on affiliated investments		—			137,295			—			—
Net realized/unrealized gains/(losses) on investments		(10,404	)		3,079,134			206,819			8,333,175
Change in net assets resulting from operations	$	(15,949	)	$	3,409,974		$	210,837		$	8,484,841

See notes to financial statements.

- 8 -

Statements of Operations
February 28, 2021 (Unaudited)	Concluded

	World Energy Fund		Hedged Income Fund
Investment Income:
Interest income	$	18,571	$	—
Dividend income		244,509		29,380
Dividend income from affiliates		20		8
Foreign tax withholding		(12,423)		—
Total income		250,677		29,388
Expenses:
Investment advisory fees		45,834		5,716
Administration fees		6,111		572
Distribution fees - Investor Shares		4,406		17
Distribution fees - A Shares		3,148		153
Distribution fees - C Shares		13,154		—
Shareholder servicing fees - Investor Shares		4,406		17
Shareholder servicing fees - Institutional Shares		8,255		1,617
Shareholder servicing fees - A Shares		1,259		61
Shareholder servicing fees - C Shares		3,288		—
Fund accounting and compliance fees		2,525		402
Transfer agent fees		40,571		18,765
Custodian fees		762		71
Trustee fees		375		53
Professional fees		1,455		258
Printing fees		4,578		72
Registration fees		23,618		13,596
Other expenses		2,014		1,177
Total expenses before fee and expense reductions		165,759		42,547
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(61,703)		(32,543)
Administration fees waived		(110)		(17)
Shareholder servicing fees waived - Investor Shares		(2,922)		(17)
Shareholder servicing fees waived - Institutional Shares		(7,846)		(1,617)
Shareholder servicing fees waived - A Shares		(922)		(61)
Shareholder servicing fees waived - C Shares		(2,399)		—
Net expenses		89,857		8,292
Net investment income		160,820		21,096
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		2,340,440		(68,722)
Change in unrealized appreciation/(depreciation) on unaffiliated investments		3,437,006		(33,430)
Net realized/unrealized gains/(losses) on investments		5,777,446		(102,152)
Change in net assets resulting from operations	$	5,938,266		$(81,056)

See notes to financial statements.

- 9 -

Statements of Changes in Net Assets

	U.S. Treasury Fund						Government Securities Money Market Fund
	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	48,843		$	7,540,993		$	100,738		$	14,641,916
Net realized gains/(losses) from investment transactions		—			1,065			399			95
Change in net assets resulting from operations		48,843			7,542,058			101,137			14,642,011
Distributions to Shareholders:
Administrative Shares		(41,704	)		(6,082,228	)		(28,609	)		(3,153,727	)
Service Shares		(1,220	)		(262,891	)		—			—
Institutional Shares		(3,444	)		(705,651	)		(7,071	)		(1,065,677	)
Select Shares		(2,422	)		(491,992	)		(48,640	)		(8,533,143	)
Premier Shares		—			—			(16,398	)		(1,893,585	)
Change in net assets from shareholder distributions		(48,790	)		(7,542,762	)		(100,718	)		(14,646,132	)
Change in net assets from capital transactions		(241,715,314	)		35,476,108			(36,133,979	)		236,171,204
Change in net assets		(241,715,261	)		35,475,404			(36,133,560	)		236,167,083
Net Assets:
Beginning of period		1,133,166,378			1,097,690,974			2,042,356,425			1,806,189,342
End of period	$	891,451,117		$	1,133,166,378		$	2,006,222,865		$	2,042,356,425
Capital Share Transactions*:
Administrative Shares
Issued		1,576,165,540			3,937,926,144			584,538,738			1,094,726,917
Reinvested		12			1,691			163			22,423
Redeemed		(1,796,809,815	)		(3,814,604,106	)		(605,929,826	)		(976,502,892	)
Change in Administrative Shares		(220,644,263	)		123,323,729			(21,390,925	)		118,246,448
Service Shares
Issued		34,637,845			67,156,216			—			—
Redeemed		(31,760,501	)		(122,517,143	)		—			—
Change in Service Shares		2,877,344			(55,360,927	)		—			—
Institutional Shares
Issued		99,412,124			194,460,581			165,606,847			949,629,015
Reinvested		—			—			282			28,764
Redeemed		(119,001,847	)		(206,095,902	)		(202,864,771	)		(878,643,435	)
Change in Institutional Shares		(19,589,723	)		(11,635,321	)		(37,257,642	)		71,014,344
Select Shares
Issued		29,682,013			98,247,132			1,244,398,879			1,900,133,163
Reinvested		—			—			—			—
Redeemed		(34,040,686	)		(119,098,505	)		(1,208,855,778	)		(1,940,885,010	)
Change in Select Shares		(4,358,673	)		(20,851,373	)		35,543,101			(40,751,847	)
Premier Shares
Issued		—			—			423,803,508			917,687,338
Reinvested		—			—			16,182			1,803,612
Redeemed		—			—			(436,848,204	)		(831,828,691	)
Change in Premier Shares		—			—			(13,028,514	)		87,662,259
Change in shares:		(241,715,315	)		35,476,108			(36,133,980	)		236,171,204

* Share transactions are at net assets value of $1.00 per share.

See notes to financial statements.

- 10 -

Statements of Changes in Net Assets

Continued

	Limited Duration Fund						Moderate Duration Fund
	Six Months Ended						Six Months Ended
	February 28, 2021			Year Ended			February 28, 2021			Year Ended
	(unaudited)			August 31, 2020			(unaudited)			August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	732,659		$	2,374,555		$	277,438		$	588,018
Net realized gains/(losses) from investment transactions		164,268			1,870,071			184,573			50,433
Change in unrealized appreciation/(depreciation) on investments		(541,781	)		537,347			(379,629	)		440,846
Change in net assets resulting from operations		355,146			4,781,973			82,382			1,079,297
Distributions to Shareholders:
Investor Shares		(28,468	)		(70,720	)		(32,789	)		(72,666	)
Institutional Shares		(764,081	)		(2,364,879	)		(240,862	)		(504,155	)
A Shares		(9,162	)		(15,639	)		(2,545	)		(6,420	)
Change in net assets from shareholder distributions		(801,711	)		(2,451,238	)		(276,196	)		(583,241	)
Change in net assets from capital transactions		(13,872,905	)		(24,055,343	)		(3,058,769	)		2,302,623
Change in net assets		(14,319,470	)		(21,724,608	)		(3,252,583	)		2,798,679
Net Assets:
Beginning of period		97,254,763			118,979,371			30,913,923			28,115,244
End of period	$	82,935,293		$	97,254,763		$	27,661,340		$	30,913,923
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	267,677		$	1,649,045		$	655,617		$	643,673
Dividends reinvested		27,773			68,609			32,394			71,730
Cost of shares redeemed		(503,023	)		(1,960,529	)		(269,532	)		(1,210,971	)
Change in net assets from Investor Shares		(207,573	)		(242,875	)		418,479			(495,568	)
Institutional Shares
Proceeds from shares issued		16,602,303			59,939,991			5,540,969			7,653,501
Dividends reinvested		486,339			915,095			133,257			261,975
Cost of shares redeemed		(31,251,578	)		(85,017,031	)		(9,222,209	)		(5,045,231	)
Change in net assets from Institutional Shares		(14,162,936	)		(24,161,945	)		(3,547,983	)		2,870,245
A Shares
Proceeds from shares issued		521,029			920,614			92,727			49,776
Dividends reinvested		9,162			15,634			2,544			6,420
Cost of shares redeemed		(32,587	)		(586,771	)		(24,536	)		(128,250	)
Change in net assets from A Shares		497,604			349,477			70,735			(72,054	)
Change in net assets resulting from capital transactions:	$	(13,872,905	)	$	(24,055,343	)	$	(3,058,769	)	$	2,302,623
Share Transactions:
Investor Shares
Issued		27,370			169,896			60,718			60,132
Reinvested		2,842			7,093			3,001			6,735
Redeemed		(51,434	)		(203,288	)		(24,978	)		(113,579	)
Change in Investor Shares		(21,222	)		(26,299	)		38,741			(46,712	)
Institutional Shares
Issued		1,698,319			6,203,418			512,860			721,121
Reinvested		49,792			94,455			12,344			24,573
Redeemed		(3,201,961	)		(8,744,408	)		(854,043	)		(475,114	)
Change in Institutional Shares		(1,453,850	)		(2,446,535	)		(328,839	)		270,580
A Shares
Issued		53,240			95,836			8,570			4,700
Reinvested		937			1,614			236			603
Redeemed		(3,331	)		(61,050	)		(2,271	)		(12,013	)
Change in A Shares		50,846			36,400			6,535			(6,710	)
Change in shares:		(1,424,226	)		(2,436,434	)		(283,563	)		217,158

See notes to financial statements.

- 11 -

Statements of Changes in Net Assets
	Continued

	Bond Fund						Strategic Enhanced Yield Fund
	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	1,013,469		$	2,151,012		$	198,641		$	265,197
Net realized gains/(losses) from investment transactions		1,431,770			1,405,258			(283,404	)		456,600
Change in unrealized appreciation/(depreciation) on investments		(3,329,311	)		1,539,617			(297,396	)		(63,602	)
Change in net assets resulting from operations		(884,072	)		5,095,887			(382,159	)		658,195
Distributions to Shareholders:
Investor Shares		(17,459	)		(31,513	)		(51,869	)		(52,085	)
Institutional Shares		(992,607	)		(2,175,084	)		(575,368	)		(345,397	)
A Shares		(860	)		(1,319	)		(22,531	)		(15,355	)
Change in net assets from shareholder distributions		(1,010,926	)		(2,207,916	)		(649,768	)		(412,837	)
Change in net assets from capital transactions		8,062,905			(10,256,523	)		8,657,200			11,276,493
Change in net assets		6,167,907			(7,368,552	)		7,625,273			11,521,851
Net Assets:
Beginning of period		96,554,983			103,923,535			19,905,935			8,384,084
End of period	$	102,722,890		$	96,554,983		$	27,531,208		$	19,905,935
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	20,725		$	3,692,132		$	253,357		$	2,478,161
Dividends reinvested		17,427			31,457			51,837			51,149
Cost of shares redeemed		(566,367	)		(3,240,246	)		(338,751	)		(1,921,035	)
Change in net assets from Investor Shares		(528,215	)		483,343			(33,557	)		608,275
Institutional Shares
Proceeds from shares issued		17,308,072			34,038,904			10,857,840			14,649,657
Dividends reinvested		186,897			476,616			368,281			138,783
Cost of shares redeemed		(8,950,816	)		(45,177,722	)		(3,144,158	)		(4,043,599	)
Change in net assets from Institutional Shares		8,544,153			(10,662,202	)		8,081,963			10,744,841
A Shares
Proceeds from shares issued		55,261			2,634			669,503			158,069
Dividends reinvested		860			1,318			22,530			15,355
Cost of shares redeemed		(9,154	)		(81,616	)		(83,239	)		(250,047	)
Change in net assets from A Shares		46,967			(77,664	)		608,794			(76,623	)
Change in net assets resulting from capital transactions:	$	8,062,905		$	(10,256,523	)	$	8,657,200		$	11,276,493
Share Transactions:
Investor Shares
Issued		2,056			373,979			23,693			233,483
Reinvested		1,731			3,177			4,907			4,853
Redeemed		(56,006	)		(331,315	)		(32,038	)		(181,365	)
Change in Investor Shares		(52,219	)		45,841			(3,438	)		56,971
Institutional Shares
Issued		1,721,575			3,418,390			1,029,334			1,393,747
Reinvested		18,612			48,385			35,344			13,286
Redeemed		(889,835	)		(4,550,646	)		(301,496	)		(385,798	)
Change in Institutional Shares		850,352			(1,083,871	)		763,182			1,021,235
A Shares
Issued		5,475			277			62,694			14,965
Reinvested		86			134			2,164			1,485
Redeemed		(912	)		(8,415	)		(7,875	)		(23,953	)
Change in A Shares		4,649			(8,004	)		56,983			(7,503	)
Change in shares:		802,782			(1,046,034	)		816,727			1,070,703

See notes to financial statements.

- 12 -

Statements of Changes in Net Assets
	Continued

	Ultra Short Tax-Free Income Fund						Active Core Fund
	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	(5,545	)	$	225,179		$	330,840		$	696,187
Net realized gains/(losses) from investment transactions		(80	)		—			3,513,671			2,227,143
Change in unrealized appreciation/(depreciation) on investments		(10,324	)		8,356			(434,537	)		2,173,880
Change in net assets resulting from operations		(15,949	)		233,535			3,409,974			5,097,210
Distributions to Shareholders:
Investor Shares		—			(1,689	)		(262,957	)		(257,393	)
Institutional Shares		(2,633	)		(224,088	)		(2,236,880	)		(2,392,259	)
A Shares		—			(125	)		(33,176	)		(30,359	)
C Shares		—			—			(3,522	)		(2,251	)
Change in net assets from shareholder distributions		(2,633	)		(225,902	)		(2,536,535	)		(2,682,262	)
Change in net assets from capital transactions		(3,998,443	)		18,776,566			(723,638	)		(1,394,391	)
Change in net assets		(4,017,025	)		18,784,199			149,801			1,020,557
Net Assets:
Beginning of period		39,510,157			20,725,958			49,048,153			48,027,596
End of period	$	35,493,132		$	39,510,157		$	49,197,954		$	49,048,153
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	300		$	630,837		$	44,661		$	294,829
Dividends reinvested		—			1,681			262,385			256,824
Cost of shares redeemed		(205,548	)		(269,126	)		(283,847	)		(426,157	)
Change in net assets from Investor Shares		(205,248	)		363,392			23,199			125,496
Institutional Shares
Proceeds from shares issued		1,290,004			26,004,064			142,370			924,855
Dividends reinvested		253			29,019			2,236,362			2,388,743
Cost of shares redeemed		(5,083,462	)		(7,615,050	)		(3,042,727	)		(4,665,148	)
Change in net assets from Institutional Shares		(3,793,205	)		18,418,033			(663,995	)		(1,351,550	)
A Shares
Proceeds from shares issued		10			19			14			121,917
Dividends reinvested		—			125			33,176			30,359
Cost of shares redeemed		—			(5,003	)		(124,759	)		(330,363	)
Change in net assets from A Shares		10			(4,859	)		(91,569	)		(178,087	)
C Shares
Proceeds from shares issued		—			—			5,220			32,735
Dividends reinvested		—			—			3,522			2,251
Cost of shares redeemed		—			—			(15	)		(25,236	)
Change in net assets from C Shares		—			—			8,727			9,750
Change in net assets resulting from capital transactions:	$	(3,998,443	)	$	18,776,566		$	(723,638	)	$	(1,394,391	)
Share Transactions:
Investor Shares
Issued		30			63,067			3,134			22,047
Reinvested		—			168			18,488			19,248
Redeemed		(20,573	)		(26,904	)		(20,036	)		(32,287	)
Change in Investor Shares		(20,543	)		36,331			1,586			9,008
Institutional Shares
Issued		128,871			2,597,403			9,893			68,879
Reinvested		25			2,899			156,989			178,713
Redeemed		(507,838	)		(761,129	)		(210,810	)		(352,479	)
Change in Institutional Shares		(378,942	)		1,839,173			(43,928	)		(104,887	)
A Shares
Issued		1			1			1			9,293
Reinvested		—			13			2,343			2,283
Redeemed		—			(500	)		(8,802	)		(24,379	)
Change in A Shares		1			(486	)		(6,458	)		(12,803	)
C Shares
Issued		—			—			370			2,445
Reinvested		—			—			249			169
Redeemed		—			—			(1	)		(1,856	)
Change in C Shares		—			—			618			758
Change in shares:		(399,484	)		1,875,018			(48,182	)		(107,924	)

See notes to financial statements.

- 13 -

Statements of Changes in Net Assets
	Continued

	Mid Cap Diverse Leadership Fund						Opportunistic Fund
	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	4,018		$	7,216		$	151,666		$	340,944
Net realized gains/(losses) from investment transactions		65,736			96,381			3,371,440			1,416,258
Change in unrealized appreciation/(depreciation) on investments		141,083			(31,203	)		4,961,735			929,750
Change in net assets resulting from operations		210,837			72,394			8,484,841			2,686,952
Distributions to Shareholders:
Investor Shares		(12,972	)		(4,760	)		(905	)		(22,863	)
Institutional Shares		(73,342	)		(35,822	)		(39,575	)		(345,781	)
A Shares		(12,625	)		(16,549	)		(972	)		(15,173	)
C Shares		(5,232	)		—			—			(850	)
Change in net assets from shareholder distributions		(104,171	)		(57,131	)		(41,452	)		(384,667	)
Change in net assets from capital transactions		(25,036	)		(368,627	)		18,728,926			(8,450,212	)
Change in net assets		81,630			(353,364	)		27,172,315			(6,147,927	)
Net Assets:
Beginning of period		952,075			1,305,439			33,703,521			39,851,448
End of period	$	1,033,705		$	952,075		$	60,875,836		$	33,703,521
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	3,216		$	10,635		$	45,492		$	275,092
Dividends reinvested		12,885			4,755			857			22,271
Cost of shares redeemed		(81,094	)		(7,872	)		(47,401	)		(2,147,959	)
Change in net assets from Investor Shares		(64,993	)		7,518			(1,052	)		(1,850,596	)
Institutional Shares
Proceeds from shares issued		52,267			2,000			21,610,429			3,333,399
Dividends reinvested		72,961			29,937			19,860			130,583
Cost of shares redeemed		(84,604	)		(166,331	)		(2,741,271	)		(9,402,616	)
Change in net assets from Institutional Shares		40,624			(134,394	)		18,889,018			(5,938,634	)
A Shares
Proceeds from shares issued		6,371			36,837			7,052			141,516
Dividends reinvested		12,625			5,852			940			14,625
Cost of shares redeemed		(20,215	)		(306,534	)		(152,979	)		(759,223	)
Change in net assets from A Shares		(1,219	)		(263,845	)		(144,987	)		(603,082	)
C Shares
Proceeds from shares issued		55,118			24,177			250			17,800
Dividends reinvested		5,232			1			—			850
Cost of shares redeemed		(59,798	)		(2,084	)		(14,303	)		(76,550	)
Change in net assets from C Shares		552			22,094			(14,053	)		(57,900	)
Change in net assets resulting from capital transactions:	$	(25,036	)	$	(368,627	)	$	18,728,926		$	(8,450,212	)
Share Transactions:
Investor Shares
Issued		262			974			3,037			21,283
Reinvested		1,085			417			63			1,782
Redeemed		(6,420	)		(698	)		(3,302	)		(170,360	)
Change in Investor Shares		(5,073	)		693			(202	)		(147,295	)
Institutional Shares
Issued		4,433			175			1,338,254			257,624
Reinvested		6,145			2,636			1,459			10,653
Redeemed		(7,120	)		(15,129	)		(181,433	)		(724,303	)
Change in Institutional Shares		3,458			(12,318	)		1,158,280			(456,026	)
A Shares
Issued		534			3,227			490			11,094
Reinvested		1,057			510			70			1,181
Redeemed		(1,614	)		(26,741	)		(10,245	)		(59,941	)
Change in A Shares		(23	)		(23,004	)		(9,685	)		(47,666	)
C Shares
Issued		4,766			2,457			17			1,401
Reinvested		449			—			—			70
Redeemed		(5,017	)		(215	)		(1,069	)		(6,036	)
Change in C Shares		198			2,242			(1,052	)		(4,565	)
Change in shares:		(1,440	)		(32,387	)		1,147,341			(655,552	)

See notes to financial statements.

- 14 -

Statements of Changes in Net Assets
	Concluded

	World Energy Fund						Hedged Income Fund
	Six Months Ended February 28, 2021 (unaudited)			Year Ended August 31, 2020			For the period Dec. 28, 2020(a) through Feb. 28, 2021
From Investment Activities:
Operations:
Net investment income	$	160,820		$	261,421		$	21,096
Net realized gains/(losses) from investment transactions		2,340,440			(2,049,599	)		(68,722	)
Change in unrealized appreciation/(depreciation) on investments		3,437,006			1,127,108			(33,430	)
Change in net assets resulting from operations		5,938,266			(661,070	)		(81,056	)
Distributions to Shareholders:
Investor Shares		(30,662	)		(60,236	)		—
Institutional Shares		(61,783	)		(221,980	)		—
A Shares		(22,494	)		(47,674	)		—
C Shares		(17,311	)		(40,650	)		—
Change in net assets from shareholder distributions		(132,250	)		(370,540	)		—
Change in net assets from capital transactions		2,673,607			(5,821,210	)		8,982,244
Change in net assets		8,479,623			(6,852,820	)		8,901,188
Net Assets:
Beginning of period		13,562,094			20,414,914			—
End of period	$	22,041,717		$	13,562,094		$	8,901,188
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	1,592,036		$	1,029,595		$	131,065
Dividends reinvested		29,986			59,162			—
Cost of shares redeemed		(1,012,047	)		(1,073,046	)		—
Change in net assets from Investor Shares		609,975			15,711			131,065
Institutional Shares
Proceeds from shares issued		3,277,414			1,283,182			8,393,187
Dividends reinvested		33,238			112,619			—
Cost of shares redeemed		(1,775,554	)		(5,764,762	)		—
Change in net assets from Institutional Shares		1,535,098			(4,368,961	)		8,393,187
A Shares
Proceeds from shares issued		1,295,195			193,139			458,181
Dividends reinvested		22,494			47,502			—
Cost of shares redeemed		(602,319	)		(745,041	)		(189	)
Change in net assets from A Shares		715,370			(504,400	)		457,992
C Shares
Proceeds from shares issued		40,000			31,167			—
Dividends reinvested		17,234			40,505			—
Cost of shares redeemed		(244,070	)		(1,035,232	)		—
Change in net assets from C Shares		(186,836	)		(963,560	)		—
Change in net assets resulting from capital transactions:	$	2,673,607		$	(5,821,210	)	$	8,982,244
Share Transactions:
Investor Shares
Issued		217,281			181,863			13,021
Reinvested		4,551			9,458			—
Redeemed		(139,962	)		(166,011	)		—
Change in Investor Shares		81,870			25,310			13,021
Institutional Shares
Issued		397,582			221,211			835,555
Reinvested		5,188			17,880			—
Redeemed		(252,345	)		(885,407	)		—
Change in Institutional Shares		150,425			(646,316	)		835,555
A Shares
Issued		182,831			38,017			45,320
Reinvested		3,377			7,621			—
Redeemed		(81,163	)		(112,968	)		(19	)
Change in A Shares		105,045			(67,330	)		45,301
C Shares
Issued		5,432			4,883			—
Reinvested		2,562			6,364			—
Redeemed		(35,509	)		(163,824	)		—
Change in C Shares		(27,515	)		(152,577	)		—
Change in shares:		309,825			(840,913	)		893,877

(a) Commencement of operations December 28, 2020.

See notes to financial statements.

- 15 -

Schedule of Portfolio Investments U.S. Treasury Fund

February 28, 2021 (Unaudited)

Shares or Principal Amount		Security Description	Amortized Cost or Value
U.S. Treasury Obligations (28.1%)
U.S. Treasury Notes
$	100,000,000	0.10%, 3/16/21	$	99,995,375
	100,000,000	0.17% (USBMMY3M + 14 bps), 4/30/21		100,018,649
	50,000,000	2.25%, 7/31/21		50,438,010
Total U.S. Treasury Obligations (Cost $250,452,034)				250,452,034
Repurchase Agreements (51.6%)
	10,000,000	Bank of Montreal, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $10,000,008, Collateralized by various U.S. Treasury Obligations, (0.00% - 3.88%), (2/15/29 - 8/15/40), fair value of $10,200,000)		10,000,000
	10,000,000	Credit Agricole CIB, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $10,000,008, Collateralized by U.S. Treasury Obligation, (2.25%), (8/15/46), fair value of $10,200,048).		10,000,000
	165,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $165,000,138, Collateralized by various U.S. Treasury Obligations, (1.63% - 2.00%), (8/15/25 - 11/30/26), fair value of $168,300,000)		165,000,000
	160,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $160,000,133, Collateralized by various U.S. Treasury Obligations, (0.01%), (1/31/23 - 5/15/27), fair value of $163,200,176)		160,000,000

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements, continued
$	10,000,000	Goldman Sachs & Co., 0.00%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $10,000,000, Collateralized by U.S. Treasury Obligation, (0.00%), (5/20/21), fair value of $10,200,098)	$	10,000,000
	10,000,000	Mizuho Securities USA LLC, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $10,000,008, Collateralized by U.S. Treasury Obligation, (1.50%), (9/15/22), fair value of $10,200,076)		10,000,000
	50,000,000	Nomura Securities International, Inc., 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $50,000,042, Collateralized by various U.S. Treasury Obligations, (0.00% - 3.88%), (5/6/21 - 11/15/45), fair value of $51,000,076)		50,000,000
	45,000,000	RBC Dominion Securities, Inc., 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $45,000,038, Collateralized by various U.S. Treasury Obligations, (0.13% - 2.88%), (6/30/25 - 2/15/51), fair value of $45,900,064)		45,000,000
Total Repurchase Agreements (Cost $460,000,000)				460,000,000
Investment Companies (19.7%)
	84,000,000	BlackRock Liquidity Funds T-Fund, Institutional Class, 0.03%(a)		84,000,000
	91,844,768	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 0.01%(a)		91,844,768
Total Investment Companies (Cost $175,844,768)				175,844,768
Total Investments (Cost $886,296,802) - 99.4%				886,296,802
Other assets in excess of liabilities — 0.6%				5,154,315
Net Assets - 100.0%			$	891,451,117

(a) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.

USBMMY3M 3 Month Treasury Bill Rate

See notes to financial statements.

- 16 -

Schedule of Portfolio Investments	Government Securities Money Market Fund
February 28, 2021 (Unaudited)

Shares or Principal Amount		Security Description	Amortized Cost or Value
U.S. Government Agency Securities (29.4%)
Federal Farm Credit Bank
$	50,000,000	0.05% (SOFR + 2 bps), 12/30/21	$	49,997,896
	50,000,000	0.06% (SOFR + 3 bps), 1/4/22		50,000,000
	100,000,000	0.07% (SOFR + 4 bps), 8/4/21		100,000,000
	60,000,000	0.07% (SOFR + 4 bps), 8/20/21		59,997,846
	49,890,000	0.12% (SOFR + 9 bps), 7/15/21		49,890,000
	70,000,000	0.15% (SOFR + 12 bps), 6/11/21		69,999,007
				379,884,749
Federal Home Loan Bank
	70,000,000	0.19% (SOFR + 16 bps), 5/7/21		70,007,177
	70,000,000	0.26% (SOFR + 23 bps), 4/13/21		70,000,000
				140,007,177
Federal National Mortgage Association
	30,000,000	0.08% (SOFR + 5 bps), 3/4/21		30,000,000
	40,000,000	0.15% (SOFR + 12 bps), 3/16/21		40,000,000
				70,000,000
Total U.S. Government Agency Securities (Cost $589,891,926)				589,891,926
U.S. Treasury Obligations (12.0%)
U.S. Treasury Bills
	50,000,000	0.02%,3/23/21		49,999,352
	120,000,000	0.09%,7/22/21		119,955,909
				169,955,261
U.S. Treasury Notes
	70,000,000	2.25%,7/31/21		70,613,214
Total U.S. Treasury Obligations (Cost$240,568,475)				240,568,475
Repurchase Agreements (44.6%)
	130,000,000	Bank of Montreal, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $130,000,108, Collateralized by various U.S. Treasury Obligations, (0.00% - 3.88%), (3/25/21 - 2/15/51), fair value of $132,600,000)		130,000,000
	50,000,000	Credit Agricole CIB, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $50,000,042, Collateralized by U.S. Treasury Obligation, (0.13%), (4/15/21), fair value of $51,000,024).		50,000,000
	200,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $200,000,167, Collateralized by various U.S. Treasury Obligations, (1.63% - 1.88%), (4/30/22 - 11/30/26), fair value of $204,000,085)		200,000,000

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements, continued
$	125,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $125,000,104, Collateralized by various U.S. Treasury Obligations, (0.01%), (1/15/23 - 5/15/27), fair value of $127,500,118)	$	125,000,000
	60,000,000	Goldman Sachs & Co., 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $60,000,050, Collateralized by various U.S. Treasury Obligations, (1.00% - 2.88%), (11/15/46 - 2/15/49), fair value of $61,200,078)		60,000,000
	140,000,000	Mizuho Securities USA LLC, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $140,000,117, Collateralized by various U.S. Treasury Obligations, (1.38% - 2.75%), (6/30/21 - 5/15/29), fair value of $142,800,055)		140,000,000
	90,000,000	Nomura Securities International, Inc., 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $90,000,075, Collateralized by various U.S. Treasury Obligations, (0.00% - 3.38%), (4/15/21 - 2/15/50), fair value of $91,800,054)		90,000,000
	30,000,000	RBC Dominion Securities, Inc., 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $30,000,025, Collateralized by various U.S. Treasury Obligations and U.S. Government Agency, (0.00% - 4.00%), (5/15/28 - 1/20/51), fair value of $30,600,019)		30,000,000
	70,000,000	Wells Fargo Securities LLC, 0.01%, 3/1/21, (Purchased on 2/28/21, proceeds at maturity $70,000,058, Collateralized by various U.S. Government Agency Obligations, (0.00% - 1.48%), (2/26/24 - 2/18/31), fair value of $71,400,824)		70,000,000
Total Repurchase Agreements (Cost $895,000,000)				895,000,000
Investment Companies (14.2%)
	108,000,000	BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.04%(a)		108,000,000
	37,000,000	Federated Government Obligations Fund, Premier Class, 0.01%(a)		37,000,000
	140,263,824	Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 0.03%(a)		140,263,824
Total Investment Companies (Cost $285,263,824)				285,263,824
Total Investments (Cost $2,010,724,225) - 100.2%				2,010,724,225
Liabilities in excess of other assets — (0.2)%				(4,501,360)
Net Assets - 100.0%			$	2,006,222,865

(a) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.

SOFR Secured Overnight Financing Rate

See notes to financial statements. 

- 17 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2021 (Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (22.2%)
$	1,087,154	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A4, 0.42% (US0001M + 30 bps), 1/25/36, Callable 3/25/21 @ 100*	$	1,083,340
	1,002,004	Bayview Financial Mortgage Pass-Through Trust, Series 2005-C, Class M3, 1.10% (US0001M + 65 bps), 6/28/44, Callable 3/28/21 @ 100*		1,004,103
	367,860	Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30(a)		369,720
	1,155,759	CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 0.74% (US0001M + 62 bps), 1/25/33, Callable 3/25/21 @ 100*		1,148,430
	1,378,955	CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1.47% (US0001M + 135 bps), 10/25/37, Callable 9/25/24 @ 100*(b)		1,386,326
	412	Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34, Callable 3/25/21 @ 100*(c)		414
	231	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32, Callable 3/25/21 @ 100*(c)(d)		231
	1,755,026	Countrywide Asset-Backed Certificates, Series 2005-12, Class M2, 0.85% (US0001M + 49 bps), 2/25/36, Callable 3/25/21 @ 100*		1,752,297
	1,446	Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 0.33% (US0001M + 22 bps), 1/15/34, Callable 3/15/21 @ 100*		1,437
	1,022,380	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, 11/20/47, Callable 11/20/21 @ 100*(b)		1,045,292
	1,354,120	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2II, 3.08%, 7/25/47, Callable 4/25/21 @ 100*(b)		1,359,469
	807,849	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.70%, 9/26/33, Callable 3/26/21 @ 100*(c)(d)		910,656
	457,984	Fremont Home Loan Trust, Series 2004-3, Class 10A1, 2.00% (US0001M + 188 bps), 11/25/34, Callable 3/25/21 @ 100*		406,304
	727,258	Home Equity Asset Trust, Series 2005-7, Class M1, 0.57% (US0001M + 45 bps), 1/25/36, Callable 3/25/21 @ 100*		726,357
	2,002,328	Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-C, Class 2A3, 0.98% (US0001M + 86 bps), 3/25/35, Callable 3/25/21 @ 100*		1,997,122
	169,553	HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 1A1, 0.29% (US0001M + 17 bps), 3/25/36, Callable 3/25/21 @ 100*		169,608
	103	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(c)(d)		104
	340,067	New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.72%, 8/25/35, Callable 10/25/21 @ 100*(c)(d)		344,486
	1,734,291	NovaStar Mortgage Funding Trust, Series 2003-2, Class M2, 2.89% (US0001M + 278 bps), 9/25/33, Callable 3/25/21 @ 100*		1,774,145
	118,684	Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32, Callable 3/25/21 @ 100*		122,496
	129,159	Residential Asset Mortgage Products, Inc., Series 2005-RS3, Class M3, 0.60% (US0001M + 72 bps), 3/25/35, Callable 3/25/21 @ 100*		129,150

Shares or Principal Amount		Security Description	Value
Asset Backed Securities, continued
$	4,118	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.54%, 12/25/33, Callable 3/25/21 @ 100*(c)(d)	$	4,196
	79,556	Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35, Callable 3/25/21 @ 100*(c)(d)		77,780
	1,369,157	Structured Asset Investment Loan Trust, Series 2003-BC2, Class A1, 0.81% (US0001M + 68 bps), 4/25/33, Callable 3/25/21 @ 100*		1,365,360
	437,177	Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34, Callable 3/25/21 @ 100*(c)(d)		443,356
	857,872	Sun Trust Student Loan Trust, Series 2006-1A, Class B, 0.49% (US0003M + 27 bps), 10/28/37, Callable 4/28/26 @ 100*(a)		785,019
Total Asset Backed Securities (Cost $18,318,412)				18,407,198
Mortgage Backed Securities† (32.5%)
Alt-A - Adjustable Rate Mortgage Backed Securities (1.2%)
	98,475	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 2.96%, 2/25/36, Callable 3/25/21 @ 100*(c)		83,460
	10,068	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.89%, 7/25/35, Callable 3/25/21 @ 100*(c)		8,275
	15,622	Countrywide Alternative Loan Trust, Series 2005- 24, Class 1A1, 1.69% (12MTA + 131 bps), 7/20/35, Callable 3/19/21 @ 100*		13,624
	1,391	Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 0.22% (US0001M + 10 bps), 10/25/36, Callable 3/25/21 @ 100*		1,071
	4,650	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33, Callable 3/25/21 @ 100*(d)		4,677
	4,729	Deutsche Mortgage Securities, Inc., Series 2006- AB4, Class A1A, 6.00%, 10/25/36, Callable 3/25/21 @ 100*(c)		4,661
	5,762	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 2.28%, 9/25/34, Callable 3/25/21 @ 100*(c)		5,726
	22,255	Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 3.00%, 4/21/34, Callable 3/21/21 @ 100*(c)		22,636
	771,479	Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 3.30%, 8/25/35, Callable 3/25/21 @ 100*(c)		801,073
	32,955	Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 3.23%, 9/25/34, Callable 3/25/21 @ 100*(c)		33,992
	18,985	Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.27%, 1/25/36, Callable 3/25/21 @ 100*(c)		16,964
				996,159
Alt-A - Fixed Rate Mortgage Backed Securities (0.9%)
	15,112	Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35, Callable 3/25/21 @ 100*		13,265
	20,232	Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36, Callable 3/25/21 @ 100*		20,154

See notes to financial statements.

- 18 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	381	Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19, Callable 3/25/21 @ 100*	$	382
	15,175	Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35, Callable 3/25/21 @ 100*		13,457
	19,006	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36, Callable 3/25/21 @ 100*		12,349
	19,925	Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36, Callable 10/25/21 @ 100*		16,051
	19,551	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37, Callable 9/25/21 @ 100*		15,507
	135,958	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 4/25/22 @ 100*		88,860
	72,445	Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34, Callable 3/25/21 @ 100*		70,915
	45,361	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36, Callable 3/25/21 @ 100*		31,655
	138	Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19, Callable 3/25/21 @ 100*		143
	739	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 3/25/26 @ 100*		708
	3,895	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 3/25/21 @ 100*		3,980
	307,014	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 3/25/21 @ 100*		313,707
	21,565	Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34, Callable 3/25/21 @ 100*		23,266
	3,350	Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34, Callable 3/25/21 @ 100*		3,449
	1,522	Residential Accredit Loans, Inc., Series 2003- QS14, Class A1, 5.00%, 7/25/18, Callable 3/25/21@ 100*		1,512
	101	Residential Accredit Loans, Inc., Series 2004- QS13, Class CB, 5.00%, 9/25/19, Callable 3/25/21 @ 100*		101
	5,585	Residential Accredit Loans, Inc., Series 2004- QS6, Class A1, 5.00%, 5/25/19, Callable 3/25/21 @ 100*		5,265
	31,570	Residential Accredit Loans, Inc., Series 2006- QS6, Class 1A2, 6.00%, 6/25/36, Callable 3/25/21 @ 100*		30,249
	43,209	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36, Callable 1/25/24 @ 100*		22,551
	29,868	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37, Callable 10/25/21 @ 100*		24,716
Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	13,181	Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35, Callable 3/25/21 @ 100*	$	12,579
				724,821
Prime Adjustable Rate Mortgage Backed Securities (3.3%)
	9,330	Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 2.48%, 3/25/35, Callable 3/25/21 @ 100*(c)		9,372
	4,203	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 2.87%, 5/25/35(c)		4,241
	336,686	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36, Callable 3/25/21 @ 100*(c)(d)		90,584
	959,430	Banc of America Funding Trust, Series 2015-R4, Class 8A1, 0.32% (US0001M + 17 bps), 1/27/35, Callable 2/25/43 @ 100*(b)		956,376
	8,379	Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 2.69%, 2/25/36, Callable 3/25/21 @ 100*(c)		8,236
	4,869	Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 2.92%, 11/20/46, Callable 3/20/21 @ 100*(c)		4,635
	7,095	Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 3.03%, 9/25/33, Callable 3/25/21 @ 100*(c)		7,119
	4,480	Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 3.38%, 6/25/34, Callable 3/25/21 @ 100*(c)		4,520
	5,684	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 2.41% (H15T1Y + 230 bps), 10/25/35, Callable 3/25/21 @ 100*		5,794
	6,455	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 2.62%, 9/25/34, Callable 3/25/21 @ 100*(c)		6,244
	4,449	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 2.64%, 1/25/35, Callable 3/25/21 @ 100*(c)		4,368
	20,583	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 3.35%, 10/25/36, Callable 3/25/21 @ 100*(c)		20,293
	15,373	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.27%, 3/25/31, Callable 3/25/21 @ 100*(c)		15,394
	12,982	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.26%, 7/25/37, Callable 4/25/21 @ 100*(c)		12,059
	9,427	Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 3.04%, 8/25/35(c)		9,761
	82,342	Coast Savings & Loan Association, Series 1992-1, Class A, 2.58%, 7/25/22, Callable 3/25/21 @ 100*(c)		82,940
	3,503	Countrywide Home Loans, Series 2003-60, Class 2A1, 2.24%, 2/25/34, Callable 3/25/21 @ 100*(c)		3,378
	9,747	Countrywide Home Loans, Series 2003-58, Class 2A2, 2.82%, 2/19/34, Callable 3/19/21 @ 100*(c)		10,154
	6,870	Countrywide Home Loans, Series 2004-12, Class 10A1, 3.02%, 8/25/34, Callable 3/25/21 @ 100*(c)		6,684

See notes to financial statements.

- 19 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	259	Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33, Callable 3/25/21 @ 100*(c)	$	263
	32,260	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 2.99%, 11/25/32, Callable 3/25/21 @ 100*(c)		16,743
	27,699	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 3.04%, 11/25/34, Callable 3/25/21 @ 100*(c)		29,529
	8,847	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 2.92%, 10/25/35, Callable 3/25/21 @ 100*(c)		8,889
	43,749	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.04%, 11/19/35, Callable 3/19/21 @ 100*(c)		40,679
	31,806	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 2.96%, 4/25/35, Callable 3/25/21 @ 100*(c)		31,872
	11,833	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 3.26%, 11/25/35, Callable 3/25/21 @ 100*(c)		11,935
	7,573	Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 2.86%, 12/19/35, Callable 3/19/21 @ 100*(c)		7,338
	68,422	Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.00%, 1/19/35, Callable 3/19/21 @ 100*(c)		73,012
	12,709	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 2.88%, 8/25/34, Callable 3/25/21 @ 100*(c)		12,648
	26,166	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 3.02%, 8/25/34, Callable 3/25/21 @ 100*(c)		26,593
	4,265	Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 3.12%, 9/25/36, Callable 11/25/24 @ 100*(c)		4,771
	25,958	Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.15%, 7/25/36, Callable 7/25/21 @ 100*(c)		21,915
	38,963	Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.22%, 8/25/36, Callable 3/25/21 @ 100*(c)		29,615
	822	JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 2.88%, 7/25/35, Callable 3/25/21 @ 100*(c)		823
	2,117	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 3.17%, 8/25/36, Callable 3/25/21 @ 100*(c)		1,917
	1,000,000	Mello Warehouse Securitization Trust, Series 2020-2, Class E, 2.37% (US0001M + 225 bps), 11/25/53, Callable 12/25/23 @ 100*(b)		1,001,967
	10,065	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 2.25%, 12/25/34, Callable 3/25/21 @ 100*(c)		10,319
	1,065	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 2.57%, 2/25/34, Callable 7/25/22 @ 100*(c)		1,096
	9,148	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 3.35%, 7/25/34, Callable 5/25/24 @ 100*(c)		9,358
Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	8,034	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 2.78%, 8/25/34, Callable 6/25/30 @ 100*(c)	$	8,318
	12,568	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 3.04%, 8/25/34, Callable 4/25/29 @ 100*(c)		12,931
	2,883	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 2.46%, 2/25/34, Callable 3/25/21 @ 100*(c)		2,867
	26,477	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 2.60%, 12/25/34, Callable 3/25/21 @ 100*(c)		25,932
	3,946	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 3.73%, 4/25/34, Callable 3/25/21 @ 100*(c)		3,941
	8,114	Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 2.73%, 12/27/35, Callable 3/25/21 @ 100*(c)		8,455
	18,358	Structured Asset Securities Corp., Series 2003- 24A, Class 1A3, 2.34%, 7/25/33, Callable 3/25/21 @ 100*(c)		18,707
	6,725	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 0.54% (US0001M + 42 bps), 7/25/44, Callable 3/25/21 @ 100*		6,814
	55,421	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 2.63%, 11/25/36, Callable 3/25/21 @ 100*(c)		55,924
	9,548	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A2, 3.02%, 9/25/36, Callable 3/25/21 @ 100*(c)		9,299
	1,617	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 3.12%, 8/25/46, Callable 3/25/21 @ 100*(c)		1,576
	4,868	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2, 3.62%, 6/25/34, Callable 3/25/21 @ 100*(c)		5,006
				2,763,204
Prime Fixed Mortgage Backed Securities (4.2%)
	680,712	Citigroup Mortgage Loan Trust, Inc., Series 2014- C, Class A, 3.25%, 2/25/54, Callable 11/25/31 @ 100*(b)(c)		684,294
	16,356	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31, Callable 3/25/21 @ 100*		16,888
	89,614	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 1CB2, 6.75%, 8/25/34, Callable 3/25/21 @ 100*		96,752
	15,446	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 2CB3, 8.00%, 8/25/34, Callable 3/25/21 @ 100*		16,609
	3,653	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19, Callable 3/25/21 @ 100*		3,630
	80,161	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		83,442
	26,522	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 3/25/21 @ 100*		27,750

See notes to financial statements.

- 20 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Fixed Mortgage Backed Securities, continued:
$	20,946	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33, Callable 3/25/21 @ 100*	$	21,720
	46,140	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32, Callable 3/25/21 @ 100*		20,140
	227,934	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32, Callable 3/25/21 @ 100*		242,003
	33,979	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/57, Callable 4/25/23 @ 100*(b)(c)		34,204
	39,098	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33, Callable 3/25/21 @ 100*		39,289
	22,943	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35, Callable 3/25/35 @ 100*		14,283
	1,031,261	JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47, Callable 1/25/23 @ 100*(b)(c)		1,047,272
	29,029	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47, Callable 9/25/22 @ 100*(b)(c)		29,023
	11,559	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36, Callable 3/25/21 @ 100*		8,564
	703,422	MFRA Trust, Series 2017-RPL1, Class A1, 2.59%, 2/25/57, Callable 5/25/33 @ 100*(b)(c)		711,867
	2,385	Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20, Callable 3/25/21 @ 100*		2,382
	7,970	Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35, Callable 3/25/21 @ 100*		7,521
	13,958	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32, Callable 3/25/21 @ 100*		14,633
	137,257	Sequoia Mortgage Trust, Series 2018-CH1, Class A10, 4.00%, 2/25/48, Callable 9/25/22 @ 100*(b)(c)		137,790
	126,840	Sequoia Mortgage Trust, Series 2018-CH2, Class A12, 4.00%, 6/25/48, Callable 9/25/22 @ 100*(b)(c)		127,099
	86,161	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 3/25/21 @ 100*		90,086
				3,477,241
Subprime Mortgage Backed Securities (3.4%)
	368,744	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55, Callable 2/25/23 @ 100*(b)(c)		371,259
	538,811	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56, Callable 4/25/25 @ 100*(b)(c)	��	548,540
	1,059,921	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57, Callable 10/25/24 @ 100*(b)(c)		1,076,609
	759,648	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 7/25/25 @ 100*(b)(c)		782,184
				2,778,592
Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities (19.5%)
$	287,576	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42	$	282,752
	15,855	Fannie Mae, 1.70% (US0012M + 132 bps), 1/1/35, Pool #805386		16,400
	141,983	Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41		145,018
	316,050	Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40		320,567
	294,732	Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41		299,474
	242,449	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		247,985
	2,235	Fannie Mae, 2.07% (H15T1Y + 187 bps), 12/1/22, Pool #303247		2,240
	50,833	Fannie Mae, Series 2011-126, Class ED, 2.25%, 4/25/40		51,024
	153,291	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		158,144
	173,803	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c)		179,178
	5,132	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		5,141
	2,041	Fannie Mae, 2.55% (H15T1Y + 216 bps), 6/1/32, Pool #725286		2,042
	27,695	Fannie Mae, 2.67% (H15T1Y + 229 bps), 2/1/30, Pool #556998		27,607
	1,201,462	Fannie Mae, Series 18-83, Class LC, 3.00%, 11/25/48		1,249,885
	109,518	Fannie Mae, Series 2011-118, Class 10A1, 3.00%,11/25/41		116,050
	335,167	Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43		349,386
	799,419	Fannie Mae, Series 2003-W14, Class 2A, 3.99%, 1/25/43, Callable 3/25/21 @ 100*(c)		838,903
	1,936,880	Fannie Mae, Series 2003-W12, Class 3A, 4.01%, 3/25/43, Callable 3/25/21 @ 100*(c)		2,078,494
	615,473	Fannie Mae, Series 2003-W16, Class AF5, 4.40%, 11/25/33, Callable 3/25/21 @ 100*(c)(d)		685,624
	11,443	Fannie Mae, Series 2001-W4, Class AF6, 5.11%, 1/25/32, Callable 3/25/21 @ 100*(c)(d)		12,415
	2,725,000	Fannie Mae, Series 2004-W3, Class A7, 5.50%, 5/25/34, Callable 3/25/21 @ 100*		3,078,794
	393	Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22		401
	8,854	Fannie Mae, Series 2001-W2, Class AF6, 6.09%, 10/25/31, Callable 3/25/21 @ 100*(c)(d)		9,459
	8,537	Fannie Mae, Series 2001-W1, Class AF6, 6.40%, 7/25/31, Callable 3/25/21 @ 100*(c)(d)		10,615
	4	Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21		4
	108	Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22		112
	1,000	Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26		1,092
	91,084	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		92,853
	757,340	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		774,940
	3,580	Freddie Mac, 1.80% (US0006M + 154 bps), 4/1/36, Pool #1N0148		3,721

See notes to financial statements.

- 21 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	180,079	Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39	$	184,445
	242,944	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		250,233
	256,760	Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41		261,272
	299,772	Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(c)		303,607
	639,051	Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26		653,791
	218,331	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		223,713
	33,162	Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40		33,699
	292,059	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		299,836
	385,067	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		397,740
	20,050	Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41		20,207
	566,697	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		602,252
	391,347	Freddie Mac, Series T-67, Class 1A1C, 3.16%, 3/25/36, Callable 3/25/21 @ 100*(c)		417,451
	13,075	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		14,229
	6,071	Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21		6,127
	393	Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23, Callable 4/15/21 @ 100*		409
	449	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22, Callable 4/15/21 @ 100*		464
	350	Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22, Callable 4/15/21 @ 100*		363
	348,941	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		358,993
	1,889	Government National Mortgage Assoc., 2.12% (H15T1Y + 150 bps), 12/20/27, Pool #80141		1,965
	4,819	Government National Mortgage Assoc., 2.12% (H15T1Y + 150 bps), 11/20/29, Pool #876947		4,873
	343	Government National Mortgage Assoc., 2.50% (H15T1Y + 150 bps), 12/20/21, Pool #8889		345
	9,798	Government National Mortgage Assoc., 2.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916		10,112
	1,031	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/23, Pool #8123		1,039
	2,011	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/25, Pool #8580		2,067
	3,096	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/25, Pool #8585		3,191
	1,077	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 3/20/26, Pool #8832		1,092
	1,427	Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 3/20/29, Pool #80263		1,449
	984,336	Government National Mortgage Assoc., Series 2013-176, Class BE, 3.59%, 3/16/46, Callable 9/16/21 @ 100*(c)		1,065,875
	88	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		98
	56	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		60
Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	28	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320	$	28
	192	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439		196
				16,161,541
Total Mortgage Backed Securities (Cost $26,566,520)				26,901,558
Corporate Bonds (14.6%)
Banks (5.0%)
	1,450,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*		1,537,311
	1,500,000	Mizuho Financial Group, Inc., 2.95%, 2/28/22		1,538,856
	1,000,000	Mizuho Financial Group, Inc., 3.55%, 3/5/23		1,062,866
				4,139,033
Capital Markets (0.0%^)
	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (e)		20,400
Oil, Gas & Consumable Fuels (6.7%)
	2,515,000	HollyFrontier Corp., 2.63%, 10/1/23		2,589,471
	900,000	ONEOK, Inc., 2.20%, 9/15/25, Callable 8/15/25 @ 100*		924,431
	1,915,000	ONEOK, Inc., 2.75%, 9/1/24, Callable 8/1/24 @ 100*		2,013,586
				5,527,488
Tobacco (2.9%)
	2,150,000	Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100*		2,443,580
Total Corporate Bonds (Cost $12,631,780)				12,130,501
Taxable Municipal Bonds (1.3%)
Georgia (1.3%)
	1,000,000	State of Georgia, Build America Bonds, GO, Series H,4.50%,11/1/25		1,106,300
Total Taxable Municipal Bonds (Cost $1,057,581)				1,106,300
U.S. Government Agency Securities (14.1%)
Federal Farm Credit Banks
	1,000,000	1.23%, 9/10/29, Callable 9/10/21 @ 100*		976,947
	1,770,000	1.99%, 9/24/40, Callable 9/24/21 @ 100*		1,690,195
				2,667,142
Federal Home Loan Banks
	3,300,000	1.90%, 3/18/37, Callable 3/18/22 @ 100*		3,169,611
	2,800,000	2.00%, 5/4/35, Callable 5/4/21 @ 100*		2,729,537
	3,125,000	2.32%, 4/16/35, Callable 4/16/21 @ 100*		3,129,435
				9,028,583
Total U.S. Government Agency Securities (Cost $11,944,096)				11,695,725
U.S. Treasury Obligations (5.0%)
U.S. Treasury Notes
	4,000,000	1.50%, 10/31/24		4,147,188
Total U.S. Treasury Obligations (Cost $3,960,156)				4,147,188
Investment in Affiliates (11.4%)
	9,493,660	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(f)		9,493,660
Total Investment in Affiliates (Cost $9,493,660)				9,493,660
Total Investments (Cost $83,972,205) - 101.1%				83,882,130
Liabilities in excess of other assets — (1.1)%				(946,837)
Net Assets - 100.0%			$	82,935,293

See notes to financial statements.

- 22 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2021 (Unaudited)	Concluded

(a) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At February 28, 2021, illiquid securities were 1.4% 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 February 28, 2021.

(d)	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 February 28, 2021.
(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 February 28, 2021.
*	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.

12MTA	12 Month Treasury Average
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR
US0006M	6 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements.

- 23 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2021 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities (11.5%)
$	450,000	AmeriCredit Automobile Receivables Trust, Series 2016-4, Class D, 2.74%, 12/8/22, Callable 6/8/21 @ 100*	$	452,774
	300,808	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL4, Class A, 3.50%, 1/28/55, Callable 7/28/21 @ 100*(a)(b)		308,818
	315,250	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, 11/20/47, Callable 11/20/21 @ 100*(b)		322,315
	266,750	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2II, 3.08%, 7/25/47, Callable 4/25/21 @ 100*(b)		267,804
	289,156	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(b)		293,797
	175,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45, Callable 11/20/23 @ 100*(b)		185,059
	195,256	Santander Drive Auto Receivables Trust, Series 2017-1, Class D, 3.17%, 4/17/23, Callable 5/15/21 @ 100*		196,533
	570,000	SLM Student Loan Trust, Series 2012-7, Class B, 1.92% (US0001M + 180 bps), 9/25/43, Callable 2/25/29 @ 100*		562,957
	300,000	Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100*(b)		299,350
	301,833	VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 11/15/23 @ 100*(b)		297,215
Total Asset Backed Securities (Cost $3,144,425)				3,186,622
Mortgage Backed Securities† (25.9%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.7%)
	179,480	Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.67% (US0001M + 54 bps), 8/25/35, Callable 3/25/21 @ 100*		181,362
Alt-A - Fixed Rate Mortgage Backed Securities (1.9%)
	55,305	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 3/25/21 @ 100*		49,395
	3,601	Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35, Callable 3/25/21 @ 100*		3,596
	10,942	Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34, Callable 3/25/21 @ 100*		11,382
	71,557	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 4/25/22 @ 100*		46,768
	54,897	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 4.95%, 6/25/36, Callable 3/25/21 @ 100*(a)		54,437
	10,127	Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34, Callable 3/25/21 @ 100*		10,512
	3,768	Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19, Callable 3/25/21@ 100*		3,443
	13,382	Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34, Callable 3/25/21 @ 100*		13,873

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	155	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 3/25/26 @ 100*	$	149
	32,338	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 3/25/21 @ 100*		33,898
	19,680	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 3/25/21 @ 100*		20,707
	7,484	Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33, Callable 3/25/21 @ 100*		7,969
	15,709	Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34, Callable 3/25/21 @ 100*		16,449
	28,084	Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34, Callable 3/25/21 @ 100*		29,965
	6,054	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.85%, 2/25/35, Callable 3/25/21 @ 100*(a)(c)		6,192
	1,282	Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35, Callable 3/25/21 @ 100*(a)(c)		1,310
	26,817	Nomura Asset Acceptance Corp., Series 2005- AP2, Class A5, 5.48%, 5/25/35, Callable 3/25/21 @ 100*(a)(c)		18,064
	87,162	Nomura Asset Acceptance Corp., Series 2006- AF1, Class 1A2, 6.16%, 5/25/36, Callable 3/25/21 @ 100*(a)		27,939
	39,785	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 3.49%, 10/25/40, Callable 3/25/21 @ 100*(a)(b)		31,118
	2	Residential Accredit Loans, Inc., Series 2003- QS18, Class A1, 5.00%, 9/25/18, Callable 3/25/21 @ 100*		2
	3,181	Residential Accredit Loans, Inc., Series 2006- QS18, Class 3A3, 5.75%, 12/25/21, Callable 3/25/21 @ 100*		3,089
	10,856	Residential Accredit Loans, Inc., Series 2006- QS5, Class A9, 6.00%, 5/25/36, Callable 3/25/21 @ 100*		10,355
	27,295	Residential Accredit Loans, Inc., Series 2006- QS12, Class 1A2, 6.50%, 9/25/36, Callable 3/25/21 @ 100*		19,129
	41,674	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35, Callable 9/25/21 @ 100*		30,422
	47,533	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36, Callable 12/25/21 @ 100*		39,052
	48,819	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35, Callable 3/25/21 @ 100*		48,589
				537,804
Prime Adjustable Rate Mortgage Backed Securities (3.7%)
	6,690	Bank of America Funding Corp., Series 2004-B, Class 5A1, 2.90%, 11/20/34, Callable 3/20/21 @ 100*(a)		6,704

See notes to financial statements.

- 24 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	2,390	Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 2.74%, 10/25/33, Callable 3/25/21 @ 100*(a)	$	2,560
	5,557	Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 2.93%, 11/25/34, Callable 3/25/21 @ 100*(a)		5,936
	11,039	Countrywide Home Loans, Series 2004-2, Class 2A1, 2.64%, 2/25/34, Callable 3/25/21 @ 100*(a)		10,512
	3,816	Countrywide Home Loans, Series 2004-12, Class 10A1, 3.02%, 8/25/34, Callable 3/25/21 @ 100*(a)		3,713
	12,103	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 2.82%, 4/25/37, Callable 3/25/21 @ 100*(a)		10,847
	26,137	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 3.04%, 2/25/35, Callable 3/25/21 @ 100*(a)		25,851
	4,348	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 3.07% (US0003M + 101 bps), 4/25/36, Callable 5/25/22 @ 100*		4,303
	19,847	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 3.38%, 10/25/36, Callable 6/25/22 @ 100*(a)		17,534
	207,782	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 3.40%, 9/25/35, Callable 3/25/21 @ 100*(a)		210,536
	300,456	LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 1.62% (US0001M + 150 bps), 5/1/24(b)		300,332
	100,000	Mello Warehouse Securitization Trust, Series 2020-2, Class C, 1.42% (US0001M + 130 bps), 11/25/53, Callable 12/25/23 @ 100*		100,113
	313,987	WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.86%, 6/20/44, Callable 2/20/22 @ 100*(a)(b)		323,626
				1,022,567
Prime Fixed Mortgage Backed Securities (7.2%)
	4,483	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35, Callable 3/25/21 @ 100*(a)(c)		4,360
	328,861	Angel Oak Mortgage Trust, Series 2019-5, Class Class A1, 2.59%, 10/25/49, Callable 10/25/21 @ 100*(a)		332,053
	14,535	Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37, Callable 3/25/21 @ 100*		9,772
	8,016	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		8,405
	8,149	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34, Callable 6/25/21 @ 100*		8,529
	3,733	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33, Callable 3/25/21 @ 100*		3,827
	2,027	Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24, Callable 3/25/21 @ 100*		2,037
	7,968	Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35, Callable 3/25/21 @ 100*		5,982
Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Fixed Mortgage Backed Securities, continued:
$	4,023	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 12/31/99, Callable 3/25/21 @ 100*	$	4,140
	17,488	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33, Callable 3/25/21 @ 100*		18,322
	6,952	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 3/25/21 @ 100*		7,274
	80,855	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 3/25/23 @ 100*(a)(b)		81,940
	60,509	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 1/25/24 @ 100*(a)(b)		61,428
	340,987	GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3, Class Class A14, 3.00%, 10/25/50, Callable 7/25/23 @ 100*(a)(b)		347,474
	164,863	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34, Callable 3/25/21 @ 100*		170,270
	111	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19, Callable 3/25/21 @ 100*		111
	838	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32, Callable 3/25/21 @ 100*		877
	28,091	JPMorgan Mortgage Trust, Series 2017-4, Class A5, 3.50%, 11/25/48, Callable 9/25/22 @ 100*(a)(b)		28,090
	21,858	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34, Callable 7/25/24 @ 100*		23,288
	477,218	New Residential Mortgage Loan Trust, Series 2019-NQM3, Class A1, 2.80%, 7/25/49, Callable 6/25/21 @ 100*(a)(b)		480,098
	1,689	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34, Callable 8/25/21 @ 100*		1,721
	37,465	Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32, Callable 12/25/22 @ 100*		35,181
	201,603	Sequoia Mortgage Trust, Series 2013-1, Class 2A1, 1.85%, 2/25/43, Callable 6/25/21 @ 100*(a)(b)		201,539
	131,539	Sequoia Mortgage Trust, Series 2017-2, Class A4, 3.50%, 2/25/47, Callable 11/25/23 @ 100*(a)(b)		132,132
	10,691	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 3/25/21 @ 100*		11,178
	94	Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30, Callable 3/28/21 @ 100*		97
	1,018	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33, Callable 3/25/21 @ 100*		1,058
	598	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 4/25/28 @ 100*		636
				1,981,819

See notes to financial statements.

- 25 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount			Security Description	Value
Mortgage Backed Securities†, continued
Subprime Mortgage Backed Securities (0.9%)
$	77,495		Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 3/25/27 @ 100*(a)(b)	$	79,927
	173,713		Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 9/25/27 @ 100*(a)(b)		181,680
					261,607
U.S. Government Agency Mortgage Backed Securities (11.5%)
	83		Fannie Mae, Series 1992-45, Class F, 0.95% (T7Y),4/25/22		83
	35,947		Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		35,344
	201,237		Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		207,317
	144,207		Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41		147,753
	40,408		Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		41,331
	1,563		Fannie Mae, 2.20% (US0012M + 162 bps), 9/1/33, Pool #739372		1,576
	1,887		Fannie Mae, 2.23% (US0012M + 186 bps), 1/1/37, Pool #906675		1,889
	69,521		Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(a)		71,671
	98,025		Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		102,364
	2,566		Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		2,571
	111,662		Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		116,711
	151,619		Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44		155,159
	199,719		Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		213,907
	101,304		Fannie Mae, Series 2011-118, Class 10A1, 3.00%,11/25/41		107,346
	12,819		Fannie Mae, Series 2012-50, Class LG, 3.00%, 9/25/40		12,845
	191,869		Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		202,139
	229,389		Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		254,626
	123		Fannie Mae, 6.00%, 4/1/35, Pool #735503		147
	820		Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31		955
	10,747		Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42, Callable 3/25/21 @ 100*		12,882
	418		Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31, Callable 3/25/21 @ 100*		509
	478		Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22		492
	37		Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21		38
	6		Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21		6
	6		Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21		6
	285,000		Federal Home Loan Banks, 1.30%, 3/17/27, Callable 6/17/21 @ 100*		285,000
	21		Freddie Mac, Series 1222, Class P, 0.74% (T10Y - 40 bps), 3/15/22, Callable 4/15/21 @ 100*		21
Shares or
Principal
Amount			Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	22,771		Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42	$	23,213
	105,983		Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		108,446
	48,579		Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		49,073
	130,419		Freddie Mac, Series 4076, Class QC, 2.00%, 11/15/41		133,005
	121,184		Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		124,171
	76,968		Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		79,314
	256,434		Freddie Mac, Series 3908, Class B, 2.50%, 6/15/39		265,055
	69,954		Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		72,256
	93,894		Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		99,734
	61,842		Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43		63,573
	11,139	��	Freddie Mac, 5.37% (H15T1Y + 228 bps), 8/1/34, Pool #755230		11,224
	178		Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21, Callable 4/15/21 @ 100*		180
	4		Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21, Callable 4/15/21 @ 100*		4
	619		Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22, Callable 4/15/21 @ 100*		640
	782		Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24, Callable 4/15/21 @ 100*		836
	1,054		Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26, Callable 4/15/21 @ 100*		1,183
	36		Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21, Callable 4/15/21 @ 100*		36
	647		Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22, Callable 4/15/21 @ 100*		663
	1,062		Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22, Callable 4/15/21 @ 100*		1,099
	4,725		Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		4,771
	74,773		Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		76,927
	23,720		Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40		23,955
	13,874		Government National Mortgage Assoc., Series 2010-98, Class CH, 3.00%, 10/20/39		14,030
	30,015		Government National Mortgage Assoc., Series 2010-98, Class MG, 3.00%, 8/20/39		30,724
	4,670		Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		4,692
	58		Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		64
	578		Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406		581
	326		Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		348
	40		Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		44
	15		Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187		15

See notes to financial statements.

- 26 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	1,158	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205	$	1,254
	3,313	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		3,634
				3,169,432
Total Mortgage Backed Securities (Cost $7,084,001)				7,154,591
Corporate Bonds (31.2%)
Aerospace & Defense (1.7%)
	450,000	Boeing Co. (The), 3.25%, 2/1/28, Callable 12/1/27 @ 100*		470,529
Banks (3.1%)
	510,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*		540,709
	290,000	Wells Fargo & Co., 3.00%, 10/23/26		314,120
				854,829
Beverages (2.4%)
	350,000	Keurig Dr Pepper, Inc., 4.60%, 5/25/28, Callable 2/25/28 @ 100*		411,591
	240,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100*		255,585
				667,176
Capital Markets (1.1%)
	290,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100*		318,114
Consumer Finance (2.4%)
	650,000	Toyota Motor Credit Corp., 1.35%, 8/25/23		665,307
Diversified Financial Services (1.2%)
	300,000	National Rural Utilities Cooperative Finance Corp., 3.25%,11/1/25, Callable 8/1/25 @ 100*		327,181
Electric Utilities (1.1%)
	275,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100*		300,400
Entertainment (2.0%)
	215,000	The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29 @ 100*		216,263
	300,000	Walt Disney Co. (The), 3.35%, 3/24/25		327,056
				543,319
Equity Real Estate Investment Trusts (0.6%)
	151,900	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (b)		154,616
Food Products (2.6%)
	350,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100*		387,537
	300,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100*(b)		329,922
				717,459
Health Care Providers & Services (2.3%)
	225,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100*		235,014
	370,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100*		412,743
				647,757
Hotels, Restaurants & Leisure (1.7%)
	425,000	Hyatt Hotels Corp., 4.38%, 9/15/28, Callable 6/15/28 @ 100*		461,580
Household Durables (1.6%)
	400,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100*		438,910
Shares or
Principal
Amount		Security Description	Value
Corporate Bonds, continued
Insurance (2.2%)
$	300,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (b)	$	318,191
	300,000	New York Life Global Funding, 3.25%, 8/6/21 (b)		303,883
				622,074
Internet & Direct Marketing Retail (1.3%)
	335,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100*		357,889
Media (1.1%)
	275,000	Comcast Corp., 3.30%, 2/1/27, Callable 11/1/26 @ 100*		303,552
Oil, Gas & Consumable Fuels (1.4%)
	380,000	HollyFrontierCorp., 2.63%, 10/1/23		391,252
Technology Hardware, Storage & Peripherals (1.4%)
	350,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100*		385,882
Total Corporate Bonds (Cost $8,424,324)				8,627,826
Taxable Municipal Bonds (17.3%)
Alabama (1.2%)
	300,000	The Water Works Board City of Birmingham Revenue, 2.60%, 1/1/27		323,520
California (2.3%)
	600,000	Riverside Unified School District, GO, 2.27%, 2/1/25		637,872
Colorado (1.1%)
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 0.86%, 11/1/23.		150,369
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 1.11%, 5/1/25		149,190
				299,559
Michigan (1.1%)
	300,000	River Rouge School District, GO, 1.89%, 5/1/30, Insured by: Q-SBLF		298,728
New York (2.3%)
	300,000	New York City Housing Development Corp. Revenue, Series L, 2.84%, 11/1/28, Continuously Callable @ 100		318,954
	300,000	New York City Transitional Finance Authority Revenue, 2.63%, 11/1/29		318,609
				637,563
Rhode Island (1.5%)
	400,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		412,596
Texas (2.9%)
	500,000	Austin Community College District Revenue, 0.93%, 2/1/25		498,400
	300,000	Midland County Fresh Water Supply District No. 1 Revenue, 2.37%, 9/15/26		311,472
				809,872
Utah (1.1%)
	300,000	Utah Transit Authority Revenue, 2.04%, 12/15/31, Continuously Callable @ 100		305,181
Virginia (1.0%)
	275,000	Virginia Housing Development Authority Revenue, Series F, 1.65%, 7/1/26		280,093
Washington (1.1%)
	300,000	Pierce County School District No 10 Tacoma, GO, 0.53%, 12/1/23, SCH BD GTY		300,867

See notes to financial statements.

- 27 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2021 (Unaudited)	Concluded

Shares or
Principal
Amount		Security Description	Value
Taxable Municipal Bonds, continued
Wisconsin (1.7%)
$	465, 000	Public Financial Authority Wisconsin Revenue,  4.45%, 10/1/25, Insured by: AGC	$	485,836
Total Taxable Municipal Bonds (Cost $4,664,077)				4,791,687
U.S. Treasury Obligations (11.6%)
U.S. Treasury Notes
	1,401,000	1.38%,10/15/22		1,428,746

Shares or
Principal
Amount		Security Description	Value
U.S. Treasury Obligations, continued
U.S. Treasury Notes, continued:
$	1,683,000	2.00%,4/30/24	$	1,770,569
Total U.S. Treasury Obligations (Cost $3,177,784)				3,199,315
Investment in Affiliates (1.7%)
	483,840	Cavanal Hill Government Securities Money Market  Fund, Select Shares, 0.01%(d)		483,840
Total Investment in Affiliates (Cost $483,840)				483,840
Total Investments (Cost $26,978,451) - 99.2%				27,443,881
Other assets in excess of liabilities — 0.8%				217,459
Net Assets - 100.0%			$	27,661,340

(a) 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 February 28, 2021.

(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)	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 February 28, 2021.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.
*	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.

AGC	Assured Guaranty Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
Q-SBLF	Qualified School Bond Loan Fund
SCH BD GTY	School Board Guaranty
T10Y	10 Year Treasury Constant Maturity Rate
T7Y	7 Year Treasury Constant Maturity Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements.

- 28 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2021 (Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (7.9%)
$	740,916	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL4, Class A, 3.50%, 1/28/55, Callable 7/28/21 @ 100*(a)(b)	$	760,645
	21,671	Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34, Callable 3/25/21 @ 100*(a)(c)		22,245
	675,399	BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B, 3.78%, 9/26/33, Callable 11/25/25 @ 100*(b)		701,611
	970,000	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, 11/20/47, Callable 11/20/21 @ 100*(b)		991,738
	921,500	Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2II, 3.08%, 7/25/47, Callable 4/25/21 @ 100*(b)		925,140
	838,062	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(b)		851,514
	42	RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27, Callable 3/25/21 @ 100*(a)		42
	415,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45, Callable 11/20/23 @ 100*(b)		438,853
	931,792	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44, Callable 2/25/23 @ 100*(b)		991,412
	34,424	Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31, Callable 3/25/21 @ 100*(b)		34,294
	1,043,219	TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, 2/20/46, Callable 2/20/23 @ 100*(b).		1,032,552
	1,000,000	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, 3/20/46, Callable 4/20/23 @ 100*(b)		992,900
	313,975	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51, Callable 3/15/23 @ 100*		322,042
Total Asset Backed Securities (Cost $7,981,917)				8,064,988
Mortgage Backed Securities† (20.1%)
(0.1%)
	150,000	Mello Warehouse Securitization Trust, Series 2021-1, Class 21-C, 0.00% (US0001M + 110 bps), 2/25/55, Callable 2/25/24 @ 100*(b)		150,015
Alt-A-Adjustable Rate Mortgage Backed Securities (0.6%)
	579,020	Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.67% (US0001M + 54 bps), 8/25/35, Callable 3/25/21 @ 100*		585,091
	66,755	Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.10%, 11/25/36, Callable 8/25/28 @ 100*(a)		44,268
	9,571	JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36, Callable 10/25/21 @ 100*(a)(c)		9,636
				638,995
Alt-A-Fixed Rate Mortgage Backed Securities (0.8%)
	12,962	Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46, Callable 3/25/21 @ 100*		13,090
	33,183	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 3/25/21 @ 100*		29,637

Shares or Principal Amount		��	Security Description	Value
Mortgage Backed Securities†, continued
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	23,324		Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37, Callable 3/25/22 @ 100*	$	12,479
	57,017		Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35, Callable 3/25/21 @ 100*		52,723
	7,277		Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36, Callable 3/25/21 @ 100*		6,923
	8,523		Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34, Callable 3/25/21 @ 100*		8,843
	26,106		Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36, Callable 3/25/21 @ 100*		18,351
	175,162		Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37, Callable 12/25/21 @ 100*		112,382
	187,979		Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36, Callable 7/25/28 @ 100*		119,849
	6,023		Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33, Callable 3/25/21 @ 100*		6,109
	2,662		Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25, Callable 3/25/21 @ 100*		2,525
	21,119		Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35, Callable 8/25/25 @ 100*		21,377
	46,663		Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 3/25/21 @ 100*		47,671
	40,423		Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 3/25/21 @ 100*		42,372
	19,680		Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 3/25/21 @ 100*		20,707
	20,409		Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35, Callable 11/25/21 @ 100*		20,411
	2,047		Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33, Callable 3/25/21 @ 100*		2,134
	9,590		Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34, Callable 3/25/21 @ 100*		9,819
	15,509		Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36, Callable 3/25/21 @ 100*		14,793
	198,617		Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35, Callable 3/25/21 @ 100*		160,455
	121,590		Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36, Callable 11/25/22 @ 100*		74,694
					797,344
Prime Adjustable Rate Mortgage Backed Securities (2.3%)
	152,546		JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 2.99%, 8/25/35, Callable 3/25/21 @ 100*(a)		154,607

See notes to financial statements.

- 29 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2021 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	5,056	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 3.77%, 6/25/36, Callable 3/25/21 @ 100*(a)	$	4,111
	1,430,744	LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 1.62% (US0001M + 150 bps), 5/1/24(b)		1,430,152
	500,000	Mello Warehouse Securitization Trust, Series 2021-1, Class A, 0.00% (US0001M + 70 bps), 2/25/55, Callable 2/25/24 @ 100*(b)		496,172
	270,000	Mello Warehouse Securitization Trust, Series 2020-2, Class C, 1.42% (US0001M + 130 bps), 11/25/53, Callable 12/25/23 @ 100*(b).		270,306
	16,733	MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 1.98%, 4/25/29, Callable 3/25/21 @ 100*(a)		16,426
	4,914	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.09%, 6/25/36, Callable 3/25/21 @ 100*(a)		3,983
				2,375,757
Prime Fixed Mortgage Backed Securities (3.5%)
	2,901	Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32, Callable 3/25/21 @ 100*		2,333
	137,479	Chaseflex Trust, Series 2006-2, Class A5, 4.51%, 9/25/36, Callable 11/25/21 @ 100*(a)		137,066
	21,800	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		22,856
	3,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 3/25/21 @ 100*		3,039
	35,612	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35, Callable 3/25/21 @ 100*		36,352
	4,626	Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34, Callable 3/25/21 @ 100*		4,808
	5,459	Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34, Callable 3/25/21 @ 100*		5,707
	80,604	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37, Callable 3/25/21 @ 100*		53,480
	98,488	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35, Callable 3/25/21 @ 100*		46,370
	11	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21, Callable 3/25/21 @ 100*		11
	115	First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%,8/21/31		121
	269,518	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 3/25/23 @ 100*(a)(b)		273,134
	1,826	GMAC Mortgage Corp. Loan Trust, Series 2003- GH2, Class A4, 5.50%, 10/25/33, Callable 3/25/21 @ 100*(a)(c)		1,876
	20,181	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 2.77%, 4/25/36, Callable 7/25/21 @ 100*(a)		18,418

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Fixed Mortgage Backed Securities, continued:
$	7,352	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47, Callable 9/25/22 @ 100*(a)(b)	$	7,350
	24,136	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34, Callable 3/25/21 @ 100*		24,335
	27,423	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34, Callable 7/25/24 @ 100*		29,216
	762,483	New Residential Mortgage Loan Trust, Series 2019-NQM3, Class A1, 2.80%, 7/25/49, Callable 6/25/21 @ 100*(a)(b)		767,084
	6,479	Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33, Callable 3/25/21 @ 100*		6,612
	117,633	RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32, Callable 3/25/21 @ 100*		118,674
	460,807	Sequoia Mortgage Trust, Series 2013-1, Class 2A1, 1.85%, 2/25/43, Callable 6/25/21 @ 100*(a)(b)		460,662
	36,782	TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36, Callable 3/25/21 @ 100*		7,871
	218,280	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35, Callable 3/25/21 @ 100*		219,620
	6,722	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34, Callable 3/25/22 @ 100*		7,220
	53,735	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 4/25/28 @ 100*		57,077
	323,644	Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1, 3.50%, 7/25/49, Callable 9/25/22 @ 100*(a)(b)		331,290
	680,017	Wells Fargo Mortgage Backed Securities Trust, Series 2019-4, Class A3, 3.50%, 9/25/49, Callable 2/25/23 @ 100*(a)(b)		686,986
	301,723	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45, Callable 10/20/23 @ 100*(a)(b)		309,424
				3,638,992
Subprime Mortgage Backed Securities (1.2%)
	463,386	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 7/25/25 @ 100*(a)(b)		477,132
	206,655	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 3/25/27 @ 100*(a)(b)		213,138
	492,187	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 9/25/27 @ 100*(a)(b)		514,760
				1,205,030
U.S. Government Agency Mortgage Backed Securities (11.6%)
	165,537	Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40		169,778
	303,808	Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41		312,240
	475,725	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		490,097

See notes to financial statements.

- 30 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2021 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	477,683	Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41	$	489,023
	218,204	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		223,186
	203,365	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		210,041
	756,626	Fannie Mae, Series 2020-54, Class TA, 2.00%, 5/25/43		771,709
	269,580	Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41		278,074
	86,902	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(a)		89,589
	10,748	Fannie Mae, 2.43% (H15T1Y + 231 bps), 12/1/27, Pool #422279		10,812
	314,203	Fannie Mae, Series 2, Class JD, 2.50%, 2/25/50		327,673
	163,805	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		171,056
	252,066	Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42		261,828
	5,132	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		5,141
	83,747	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		87,533
	738,247	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		790,692
	109,518	Fannie Mae, Series 2011-118, Class 10A1, 3.00%,11/25/41		116,050
	432,542	Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43		452,882
	97,541	Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44		102,567
	385,080	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		405,691
	779,922	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		865,727
	919,846	Fannie Mae, Series 2018-M13, Class A1, 3.70%, 3/25/30(a)		1,051,100
	29,590	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		31,762
	267	Fannie Mae, 5.00%, 8/1/33, Pool #730856		309
	136	Fannie Mae, 5.00%, 7/1/35, Pool #832198		159
	198	Fannie Mae, 5.50%, 2/1/33, Pool #683351		229
	116	Fannie Mae, 5.50%, 9/1/34, Pool #725773		135
	1,914	Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28		2,149
	2,562	Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23		2,682
	852	Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21		871
	29,857	Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 3.50%, 8/25/42, Callable 3/25/21 @ 100*(a)		31,207
	14,462	Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 4.98%, 11/25/32, Callable 3/25/21 @ 100*(a)(c)		15,512
	1,000,000	Federal Home Loan Banks, 1.30%, 3/17/27, Callable 6/17/21 @ 100*		1,000,000
	50,096	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		51,069
	97,157	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		98,145

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	62,145	Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40	$	62,728
	145,766	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		150,140
	128,280	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		132,190
	437,797	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		449,455
	134,470	Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41, Callable 4/15/31 @ 100*		139,378
	298,427	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		308,248
	140,840	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		149,601
	218,912	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		232,415
	153,502	Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40		166,775
	55,750	Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40		59,673
	3,372	Freddie Mac, 3.63% (H15T1Y + 213 bps), 4/1/24, Pool #409624		3,372
	803	Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24		852
	208	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		234
	1,421	Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29		1,603
	810	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		948
	10,168	Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28		11,490
	484	Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31		527
	683	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22, Callable 4/15/21 @ 100*		701
	162,008	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		166,675
	361,633	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		381,599
	144,421	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(a)		154,862
	344,763	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		358,235
	23,390	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		24,957
	1,353	Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688		1,373
	7,846	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		8,745
	2,849	Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701		3,013
				11,886,507
Total Mortgage Backed Securities (Cost $20,222,483)				20,692,640
Corporate Bonds (32.7%)
Aerospace & Defense (1.5%)
	1,450,000	Boeing Co. (The), 3.25%, 2/1/28, Callable 12/1/27 @ 100*		1,516,148
Banks (4.5%)
	1,940,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*		2,056,816

See notes to financial statements.

- 31 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2021 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued
Banks, continued:
$	1,100,000	JPMorgan Chase & Co., 2.52% (SOFR + 204 bps), 4/22/31, Callable 4/22/30 @ 100*	$	1,123,992
	1,300,000	Wells Fargo & Co., 3.00%, 10/23/26		1,408,123
				4,588,931
Beverages (2.6%)
	1,600,000	Keurig Dr Pepper, Inc., 4.60%, 5/25/28, Callable 2/25/28 @ 100*		1,881,560
	800,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100*		851,948
				2,733,508
Capital Markets (1.4%)
	1,300,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100*		1,426,027
Diversified Financial Services (0.9%)
	850,000	KoreaDevelopmentBank, 2.75%, 3/19/23		888,618
Diversified Telecommunication Services (1.3%)
	1,520,000	AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @ 100*(b)		1,376,392
Electric Utilities (1.1%)
	1,000,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100*		1,092,365
Entertainment (0.7%)
	715,000	The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29 @ 100*		719,200
Equity Real Estate Investment Trusts (0.2%)
	227,850	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%,7/15/23(b)		231,924
Food Products (3.5%)
	1,025,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100*		1,134,930
	1,059,000	Conagra Brands, Inc., 4.60%, 11/1/25, Callable 9/1/25 @ 100*		1,214,428
	320,000	Mars, Inc., 0.88%, 7/16/26, Callable 6/16/26 @ 100*(b)		314,678
	825,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100*(b)		907,286
				3,571,322
Health Care Providers & Services (3.6%)
	700,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100*		731,155
	860,000	Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100*		897,739
	1,050,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100*		1,068,812
	890,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100*		992,814
				3,690,520
Hotels, Restaurants & Leisure (3.0%)
	1,500,000	Hyatt Hotels Corp., 4.38%, 9/15/28, Callable 6/15/28 @ 100*		1,629,105
	345,000	Royal Caribbean Cruises, 5.25%, 11/15/22		351,576
	1,000,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100*		1,063,186
				3,043,867
Household Durables (0.6%)
	620,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100*		680,310
Insurance (2.2%)
	1,100,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (b)		1,166,701

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued
Insurance, continued:
$	1,000,000	New York Life Global Funding, 2.88%, 4/10/24 (b)	$	1,069,991
				2,236,692
Internet & Direct Marketing Retail (1.0%)
	1,000,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100*		1,068,327
IT Services (1.1%)
	1,000,000	International Business Machines Corp., 3.50%, 5/15/29		1,098,910
Oil, Gas & Consumable Fuels (1.0%)
	1,000,000	HollyFrontierCorp.,2.63%,10/1/23		1,029,611
Semiconductors & Semiconductor Equipment (0.3%)
	325,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100*		331,720
Specialty Retail (1.1%)
	1,000,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100*		1,183,538
Technology Hardware, Storage & Peripherals (1.1%)
	1,000,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100*		1,102,520
Total Corporate Bonds (Cost $32,513,346)				33,610,450
Taxable Municipal Bonds (19.8%)
Georgia (1.8%)
	1,665,000	State of Georgia, Build America Bonds, GO, Series H,4.50%,11/1/25		1,841,989
Kentucky (0.8%)
	750,000	Lexington-Fayette Urban County Airport Board Corp. Revenue, 2.84%, 7/1/31		775,515
Massachusetts (1.2%)
	1,150,000	Massachusetts State College Building Authority Revenue, Series C, 2.44%, 5/1/28, ST APPROP		1,212,986
Michigan (1.5%)
	500,000	Michigan State Housing Development Authority Revenue, Series B, 2.72%, 10/1/35, Continuously Callable @ 100		506,200
	1,000,000	Michigan State Housing Development Authority Revenue, Series B, 3.49%, 12/1/40, Continuously Callable @ 100		1,020,660
				1,526,860
New York (1.3%)
	1,260,000	New York City Transitional Finance Authority Revenue, Series F-3, 3.21%, 5/1/29, Continuously Callable @ 100		1,374,811
Oklahoma (2.7%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @ 100.		538,705
	450,000	The University of Oklahoma Revenue, Series C, 2.45%, 7/1/32, Continuously Callable @ 100.		460,021
	1,650,000	University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @ 100		1,819,719
				2,818,445
Oregon (1.9%)
	1,000,000	State of Oregon, GO, Series O, 1.60%, 8/1/31, Continuously Callable @ 100		989,220
	1,000,000	State of Oregon, GO, Series O, 1.70%, 8/1/32, Continuously Callable @ 100		991,710
				1,980,930

See notes to financial statements.

- 32 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2021 (Unaudited)	Concluded

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued
Pennsylvania (1.3%)
$	1,110,000	City of Bethlehem Lehigh and Northampton Countries, GO, Series C, 5.15%, 11/1/34, Pre-refunded 11/1/24 @ 100, AGM	$	1,296,136
Texas (5.1%)
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/26, PSF-GTD		1,195,920
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/27, PSF-GTD		1,219,610
	675,000	Country of Galveston Texas, Build America Bonds, GO, 5.91%, 2/1/29		811,917
	785,000	Texas Transportation Commission State Highway Fund Revenue, 5.18%, 4/1/30		984,147
	1,000,000	Texas Transportation Commission, GO, 1.78%, 10/1/32		1,007,860
				5,219,454
Washington (2.2%)
	1,200,000	County of King WA Sewer Revenue, Series B, 1.86%, 1/1/33, Continuously Callable @ 100.		1,214,184

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued
Washington, continued:
$	1,070,000	Pierce County School District No 10 Tacoma, GO, 1.90%, 12/1/33, SCH BD GTY	$	1,066,961
Total Taxable Municipal Bonds (Cost $19,747,870)				2,281,145
				20,328,271
U.S. Treasury Obligations (16.7%)
U.S. Treasury Bonds
	3,729,000	1.13%, 5/15/40		3,157,269
	1,131,000	1.88%, 2/15/51		1,053,774
				4,211,043
U.S. Treasury Notes
	3,546,000	1.38%, 10/15/22		3,616,227
	4,547,000	2.00%, 4/30/24		4,783,586
	4,233,000	2.25%, 2/15/27		4,544,192
Total U.S. Treasury Obligations (Cost $17,175,137)				12,944,005
				17,155,048
Investment in Affiliates (4.4%)
	4,548,351	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)		4,548,351
Total Investment in Affiliates (Cost $4,548,351)				4,548,351
Total Investments (Cost $102,189,104) - 101.6%				104,399,748
Liabilities in excess of other assets — (1.6)%				(1,676,858	)
Net Assets - 100.0%			$	102,722,890

(a)	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 February 28, 2021.
(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)	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 February 28, 2021.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.
*	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.

AGM	Assured Guaranty Municipal Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
PSF-GTD	Public School Fund Guaranteed
SCH BD GTY	School Board Guaranty
SOFR	Secured Overnight Financing Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

See notes to financial statements.

- 33 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 28, 2021 (Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (15.8%)
$	187,891	ABFC Trust, Series 2005-AQ1, Class A6, 4.61%, 1/25/35, Callable 3/25/21 @ 100*(a)(b)	$	194,940
	419,120	ABFC Trust, Series 2005-HE2, Class M3, 0.91% (US0001M + 78 bps), 6/25/35, Callable 3/25/21 @ 100*		419,976
	625,063	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE5, Class M1, 1.02% (US0001M + 90 bps), 8/25/34, Callable 3/25/21 @ 100*		610,692
	365,867	Bayview Commercial Asset Trust, Series 2004-3, Class A1, 0.49% (US0001M + 56 bps), 1/25/35, Callable 3/25/21 @ 100*(c)		361,974
	21,589	Bayview Financial Mortgage Pass Trust, Series 2005-D, Class AF4, 5.50%, 12/28/35, Callable 3/28/21 @ 100*(a)		21,522
	34,385	Bayview Opportunity Master Fund Trust, Series 2017-RT1, Class A1, 3.00%, 3/28/57, Callable 4/28/22 @ 100*(a)(c)		34,944
	200,418	Bear Stearns Structured Products Trust, Series 2007-EMX1, Class A2, 1.42% (US0001M + 130 bps), 3/25/37, Callable 10/25/23 @ 100*(c)		200,090
	25,653	Centex Home Equity Loan Trust, Series 2002-A, Class AF6, 5.54%, 1/25/32, Callable 3/25/21 @ 100*		26,506
	25,019	Centex Home Equity Loan Trust, Series 2005-A, Class AF5, 5.78%, 1/25/35, Callable 3/25/21 @ 100*(a)(b)		25,020
	3,186	Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.60%, 5/25/35, Callable 3/25/21 @ 100*(a)(b)		3,196
	179,217	Credit-Based Asset Servicing And Securitization LLC, Series 2005-RP2, Class M2, 1.72% (US0001M + 160 bps), 9/25/35, Callable 9/25/21 @ 100*(c)		180,832
	256,472	Credit-Based Asset Servicing And Securitization LLC, Series 2007-SP1, Class A4, 4.94%, 12/25/37, Callable 3/25/21 @ 100*(a)(b)(c).		262,214
	29,014	CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF4, 5.21%, 3/25/34, Callable 3/25/21 @ 100*(a)		29,049
	40,259	GSAA Home Equity Trust, Series 2005-1, Class M1, 5.79%, 11/25/34, Callable 3/25/21 @ 100*(a)(b)		41,014
	284,701	GSAMP Trust, Series 2006-HE1, Class M1, 0.70% (US0001M + 39 bps), 1/25/36, Callable 3/25/21 @ 100*		284,154
	218,983	MASTR Asset Backed Securities Trust, Series 2004-FRE1, Class M6, 1.52% (US0001M + 210 bps), 7/25/34, Callable 3/25/21 @ 100*.		219,204
	564,015	Morgan Stanley Dean Witter Capital I, Inc., Series 2003-NC3, Class M1, 1.47% (US0001M + 135 bps), 3/25/33, Callable 3/25/21 @ 100*.		566,368
	482,445	NovaStar Mortgage Funding Trust, Series 2003-4, Class A1, 0.86% (US0001M + 74 bps), 2/25/34, Callable 3/25/21 @ 100*		474,863
	73,267	Quest Trust, Series 2005-X1, Class M2, 1.32% (US0001M + 120 bps), 3/25/35, Callable 3/25/21 @ 100*(c)		73,325
	30,993	Residential Asset Mortgage, Series 2004-RS12, Class MI1, 5.63%, 12/25/34, Callable 3/25/21 @ 100*(a)(b)		32,067

Shares or Principal Amount		Security Description	Value
Asset Backed Securities, continued
$	49,423	Residential Asset Securities Corp., Series 2004-KS8, Class MI1, 5.34%, 9/25/34, Callable 3/25/21 @ 100*(a)	$	50,868
	100,807	Saxon Asset Securities Trust, Series 2007-1, Class A2C, 0.27% (US0001M + 15 bps), 1/25/47, Callable 1/25/29 @ 100*		99,792
	149,272	Specialty Underwriting & Residential Finance, Series 2003-BC4, Class A3B, 4.79%, 11/25/34, Callable 3/25/21 @ 100*(a)		153,630
Total Asset Backed Securities (Cost $4,304,038)				4,366,240
Mortgage Backed Securities† (22.4%)
Alt-A - Fixed Rate Mortgage Backed Securities (3.7%)
	24,233	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A1, 5.75%, 6/25/34, Callable 3/25/21 @ 100*(a)(b)		24,864
	17,931	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.50%, 7/25/34, Callable 3/25/21 @ 100*		18,499
	20,440	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.50%, 8/25/34, Callable 3/25/21 @ 100*		21,112
	108,606	Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.75%, 12/25/33, Callable 3/25/21 @ 100*		112,876
	44,039	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 4A3, 6.00%, 8/25/34, Callable 3/25/21 @ 100*		44,812
	36,655	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34, Callable 3/25/21 @ 100*		37,562
	12,342	MASTR Alternative Loans Trust, Series 2004-11, Class 6A1, 5.50%, 10/25/34, Callable 3/25/21 @ 100*		12,859
	114,542	MASTR Alternative Loans Trust, Series 2004-7, Class 1A1, 5.50%, 7/25/34, Callable 3/25/21 @ 100*		119,623
	148,709	MASTR Alternative Loans Trust, Series 2003-3, Class 2A5, 6.00%, 5/25/33, Callable 3/25/21 @ 100*		155,415
	42,991	MASTR Alternative Loans Trust, Series 2004-5, Class 2A1, 6.00%, 6/25/34, Callable 3/25/21 @ 100*		44,591
	304,000	Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33, Callable 3/25/21@ 100*		311,981
	77,000	Residential Asset Securitization Trust, Series 2003-A10, Class A2, 5.20%, 9/25/33, Callable 3/25/21@ 100*		78,284
	21,719	Structured Asset Securities Corp., Series 2004- 4XS, Class A3A, 5.18%, 2/25/34, Callable 3/25/21 @ 100*(a)(b)		22,109
				1,004,587
Prime Adjustable Rate Mortgage Backed Securities (8.2%)
	58,812	Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, 2.19%, 8/25/34, Callable 3/25/21 @ 100*(a)		60,158
	106,381	Impac Secured Assets CMN Owner Trust, Series 2003-3, Class A1, 5.06%, 8/25/33, Callable 3/25/21 @ 100*(a)		109,996

See notes to financial statements.

- 34 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 28, 2021 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	450,685	LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 1.62% (US0001M + 150 bps), 5/1/24(c)	$	450,498
	500,000	Mello Warehouse Securitization Trust, Series 2021-1, Class G, 0.00% (US0001M + 438 bps), 2/25/55, Callable 2/25/24 @ 100*(c)		500,000
	500,000	Mello Warehouse Securitization Trust, Series 2020-2, Class E, 2.37% (US0001M + 225 bps), 11/25/53, Callable 12/25/23 @ 100*(c)		500,984
	178,428	RBSSP Resecuritization Trust, Series 2011-3, Class 2A1, 0.40% (US0001M + 25 bps), 2/26/37(c)		179,081
	43,642	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 2.59%, 9/25/34, Callable 3/25/21 @ 100*(a)		44,719
	38,701	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 2.66%, 7/25/34, Callable 3/25/21 @ 100*(a)		41,373
	269,758	Terwin Mortgage Trust, Series 2006-9HGA, Class A2, 0.52% (US0001M + 20 bps), 10/25/37, Callable 3/25/21 @ 100*(c)		266,511
	100,637	WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.86%, 6/20/44, Callable 2/20/22 @ 100*(a)(c)		103,726
				2,257,046
Prime Fixed Mortgage Backed Securities (4.9%)
	157,446	Alternative Loan Trust, Series 2004-18CB, Class 4A1, 5.50%, 9/25/34, Callable 3/25/21 @ 100*		163,130
	18,975	Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34, Callable 3/25/21 @ 100*		19,472
	9,319	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36, Callable 3/25/21 @ 100*		9,430
	11,013	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36, Callable 3/25/21 @ 100*		11,358
	127,655	Countrywide Home Loans, Series 2005-6, Class 1A3, 5.15%, 4/25/35, Callable 3/25/21 @ 100*		133,400
	29,000	Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34, Callable 3/25/21 @ 100*		29,580
	95,000	Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34, Callable 3/25/21 @ 100*		99,275
	45,000	Countrywide Home Loans, Series 2004-9, Class A5, 5.25%, 6/25/34, Callable 3/25/21 @ 100*		46,210
	252,000	Countrywide Home Loans, Series 2005-5, Class A4, 5.40%, 3/25/35, Callable 3/25/21 @ 100*		263,340
	125,798	Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34, Callable 3/25/21 @ 100*		127,792
	58,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 3/25/21 @ 100*		58,748
	59,000	Countrywide Home Loans, Series 2004-8, Class 1A7, 5.75%, 7/25/34, Callable 3/25/21 @ 100*		60,439
	51,105	Credit Suisse Mortgage Trust, Series 2013-IVR2, Class AD, 1.55%, 4/25/43, Callable 1/25/23 @ 100*(a)(c)		51,219

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Fixed Mortgage Backed Securities, continued:
$	1,771	Flagstar Mortgage Trust, Series 2017-2, Class A5, 3.50%, 10/25/47(a)(c)	$	1,768
	62,870	GMAC Mortgage Loan Trust, Series 2004-J2, Class A8, 5.75%, 6/25/34, Callable 3/25/21 @ 100*		64,120
	104,160	GSR Mortgage Loan Trust, Series 2004-10F, Class 6A1, 5.00%, 9/25/34, Callable 3/25/21 @ 100*		105,824
	1,616	JPMorgan Mortgage Trust, Series 2017-3, Class 1A6, 3.00%, 8/25/47, Callable 9/25/22 @ 100*(a)(c)		1,617
	24,683	Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 4/25/43, Callable 8/25/22 @ 100*(a)		24,692
	67,000	WaMu Mortgage Pass, Series 2004-RS1, Class A3, 5.50%, 11/25/33, Callable 3/25/21 @ 100*		69,120
				1,340,534
U.S. Government Agency Mortgage Backed Securities (5.6%)
	76,553	Fannie Mae, Series 2013-56, Class GM, 2.00%, 8/25/41		78,922
	95,306	Fannie Mae, Series 2003-W14, Class 2A, 3.99%, 1/25/43, Callable 3/25/21 @ 100*(a)		100,013
	200,137	Fannie Mae, Series 2003-W13, Class AF5, 4.77%, 10/25/33, Callable 3/25/21 @ 100*(a)(b)		225,998
	153,203	Fannie Mae, Series 2004-W3, Class A8, 5.50%, 5/25/34, Callable 3/25/21 @ 100*		168,517
	203,828	Fannie Mae, Series 240, Class 11, 9.00%, 9/25/23		222,482
	233,445	Fannie Mae, Series 250, Class 11, 9.00%, 10/25/23		255,840
	131,327	Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 4.98%, 11/25/32, Callable 3/25/21 @ 100*(a)(b)		140,862
	178,000	Freddie Mac, 1.50%, 1/27/33, Callable 4/27/21 @ 100*		170,524
	9,320	Freddie Mac, Series 4664, Class TC, 3.00%, 6/15/41		9,348
	75,604	Freddie Mac, Series 2017-SC01, Class 2A, 3.50%, 12/25/46, Callable 10/25/28 @ 100*		76,144
	98,274	Government National Mortgage Assoc., Series 2013-176, Class BE, 3.59%, 3/16/46, Callable 9/16/21 @ 100*(a)		106,415
				1,555,065
Total Mortgage Backed Securities (Cost $6,072,620)				6,157,232
Corporate Bonds (30.3%)
Aerospace & Defense (3.4%)
	389,000	Boeing Co. (The), 8.75%, 9/15/31		573,410
	120,000	Lockheed Martin Corp., 2.80%, 6/15/50, Callable 12/15/49 @ 100*		114,655
	89,000	Northrop Grumman Corp., 5.25%, 5/1/50, Callable 11/1/49 @ 100*		119,815
	118,000	Raytheon Technologies Corp., 3.13%, 7/1/50, Callable 1/1/50 @ 100*		116,621
				924,501
Air Freight & Logistics (0.4%)
	92,000	FedEx Corp., 5.25%, 5/15/50, Callable 11/15/49 @ 100*		117,145

See notes to financial statements.

- 35 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 28, 2021 (Unaudited)	Concluded

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued
Airlines (1.0%)
$	284,164	American Airlines Pass-Through Trust, 4.95%, 7/15/24	$	279,185
Banks (3.0%)
	543,000	Citigroup, Inc., 4.00% (H15T5Y + 360 bps), 12/31/99, Callable 12/10/25 @ 100*		547,072
	273,000	Wells Fargo & Co., 3.90% (H15T5Y + 345 bps), 12/31/99, Callable 3/15/26 @ 100*		271,949
				819,021
Beverages (0.4%)
	108,000	Keurig Dr Pepper, Inc., 3.80%, 5/1/50, Callable 11/1/49 @ 100*		116,365
Capital Markets (4.7%)
	605,000	Goldman Sachs Group, Inc. (The), 5.00% (US0003M + 287 bps), 12/31/99, Callable 11/10/22 @ 100*		604,244
	679,000	Morgan Stanley, 4.05% (US0003M + 381 bps), 12/31/99, Callable 4/15/21 @ 100*		679,407
				1,283,651
Chemicals (2.1%)
	115,000	Dow Chemical Co. (The), 3.60%, 11/15/50, Callable 5/15/50 @ 100*		117,207
	400,000	Monsanto Co., 5.50%, 7/30/35		460,980
				578,187
Food Products (0.4%)
	129,000	Mondelez International, Inc., 2.63%, 9/4/50, Callable 3/4/50 @ 100*		114,699
Industrial Conglomerates (0.4%)
	104,000	3M Co., 3.70%, 4/15/50, Callable 10/15/49 @ 100*		117,026
IT Services (0.4%)
	100,000	International Business Machines Corp., 4.25%, 5/15/49		117,328
Oil, Gas & Consumable Fuels (5.9%)
	725,000	HollyFrontier Corp., 2.63%, 10/1/23		746,468
	287,000	HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100*		300,499
	26,000	ONEOK, Inc., 5.85%, 1/15/26, Callable 12/15/25 @ 100*		30,702
	425,000	ONEOK, Inc., 6.35%, 1/15/31, Callable 10/15/30 @ 100*		534,181
				1,611,850
Sovereign Bond (1.7%)
	450,000	International Bank for Reconstruction & Development, 2.70%, 12/28/37, Callable 12/28/22 @ 100*		459,444

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued
Specialty Retail (0.4%)
$	121,000	Lowe’s Cos., Inc., 3.00%, 10/15/50, Callable 4/15/50 @ 100*	$	114,161
Technology Hardware, Storage & Peripherals (1.0%)
	209,000	Hewlett Packard Enterprise Co., 6.35%, 10/15/45, Callable 4/15/45 @ 100*		271,959
Tobacco (5.1%)
	180,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100*		227,585
	546,000	BAT Capital Corp., 4.91%, 4/2/30, Callable 1/2/30 @ 100*		631,067
	156,000	Philip Morris International, Inc., 6.38%, 5/16/38		221,997
	227,000	Reynolds American, Inc., 8.13%, 5/1/40		327,737
				1,408,386
Total Corporate Bonds (Cost $8,416,540)				8,332,908
U.S. Government Agency Securities (14.0%)
Federal Farm Credit Banks
	1,004,000	1.95%, 8/13/40, Callable 8/13/21 @ 100*		955,970
	1,000,000	1.99%, 9/24/40, Callable 9/24/21 @ 100*		954,913
	150,000	2.00%, 5/14/40, Callable 5/14/25 @ 100*		144,076
	520,000	2.02%, 7/2/40, Callable 7/2/21 @ 100*		500,915
	230,000	2.13%, 5/21/40, Callable 5/21/21 @ 100*		225,374
				2,781,248
Federal Home Loan Banks
	375,000	1.78%, 5/4/35, Callable 5/4/23 @ 100*		374,250
	220,000	1.92%, 6/4/37, Callable 6/4/21 @ 100*		200,534
	220,000	1.95%, 6/3/36, Callable 3/17/21 @ 100*		220,000
	285,000	2.00%, 5/4/35, Callable 5/4/21 @ 100*		277,828
				1,072,612
Total U.S. Government Agency Securities (Cost $4,000,097)				3,853,860
U.S. Treasury Obligations (13.7%)
U.S. Treasury Bonds
	827,000	1.88%,2/15/51		770,531
U.S. Treasury Notes
	3,000,000	0.13%,1/31/23		2,998,477
Total U.S. Treasury Obligations (Cost $3,751,510)				3,769,008
Investment in Affiliates (3.7%)
	1,025,771	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)		1,025,771
Total Investment in Affiliates (Cost  $1,025,771)				1,025,771
Total Investments (Cost $27,570,576) - 99.9%				27,505,019
Other assets in excess of liabilities — 0.1%				26,189
Net Assets - 100.0%			$	27,531,208

(a)	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 February 28, 2021.
(b)	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 February 28, 2021.
(c)	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.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.
*	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
LIBOR	London Interbank Offered Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

See notes to financial statements.

- 36 -

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
February 28, 2021 (Unaudited)

Shares or Principal Amount		Security Description	Value
Municipal Bonds (98.6%)
Alaska (4.1%)
$	1,455,000	State of Alaska International Airports System Revenue, Series A, 0.03%, 10/1/30, Continuously Callable @ 100, LOC(a)	$	1,455,000
Colorado (4.2%)
	1,505,000	City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 0.02%, 11/1/40, Continuously Callable @ 100, Barclays Bank(a)		1,505,000
District of Columbia (3.7%)
	1,325,000	Metropolitan Washington Airports Authority Revenue, Series D-1, 0.02%, 10/1/39, Continuously Callable @ 100, LOC(a)		1,325,000
Florida (3.9%)
	1,400,000	Palm Beach County Revenue, 0.03%, 7/1/32, Callable 4/1/21 @ 100, Northern Trust Co.*(a)		1,400,000
Illinois (18.6%)
	1,400,000	Channahon Illinois, Morris Hospital Revenue, 0.02%, 12/1/34, Continuously Callable @ 100, U.S. Bank NA(a)		1,400,000
	130,000	City of Monmouth IL, GO, 4.00%, 12/1/21, BAM		133,151
	165,000	City of Waukegan IL Water & Sewer System Revenue, 4.00%, 12/30/21, AGM		169,638
	525,000	Cook County Community Unit School District No 401 Elmwood Park, GO, 3.00%, 12/1/21		535,610
	340,000	Cook County School District No 162 Matteson, GO,Series B, 3.00%, 12/1/21, BAM		346,742
	405,000	Cook County School District No 88 Bellwood, GO, 4.00%,12/1/22		429,993
	145,000	County of Du Page IL, GO, 4.00%, 7/1/21		146,824
	1,145,000	Illinois State Finance Authority Revenue, Series C, 0.02%, 2/15/33, Continuously Callable @ 100, NorthernTrustCo.(a)		1,145,000
	200,000	Kankakee & Will Counties Community Unit School District No 5, GO, 5.00%, 12/1/21, BAM		207,026
	100,000	Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, GO, 5.00%, 12/1/22, BAM		107,326
	1,300,000	Village of Brookfield IL Revenue, 0.03%, 6/1/38, Continuously Callable @ 100, Northern Trust Co.(a)		1,300,000
	170,000	West Chicago Park District, GO, Series B, 3.00%, 12/1/22, BAM		176,686
	500,000	Williamson & Johnson Counties Community Unit School District No 2 Marion, GO, 2.00%, 12/1/21, BAM		505,435
				6,603,431
Indiana (11.9%)
	1,400,000	Beech Grove Central School Building Corp. Revenue, 2.00%, 7/15/21, Continuously Callable @ 100		1,402,380
	750,000	Hamilton Southeastern Consolidated School Building Corp. Revenue, 2.00%, 7/15/21		754,035
	750,000	Hamilton Southeastern Schools, GO, Series B, 3.00%, 12/31/21, ST INTERCEPT		765,645
	400,000	Lafayette School Corp., GO, 4.00%, 7/15/21, ST INTERCEPT		405,264
	850,000	Lafayette School Corp., GO, 4.00%, 1/15/22, ST INTERCEPT		875,848
				4,203,172

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued
Kentucky (1.2%)
$	380,000	Bowling Green Independent School District Finance Corp. Revenue, 4.00%, 11/1/22, ST INTERCEPT	$	402,857
Louisiana (4.1%)
	1,460,000	Louisiana Public Facilities Authority Revenue, Series B-3, 0.02%, 7/1/47, Continuously Callable @ 100, BNY(a)		1,460,000
Minnesota (3.9%)
	1,400,000	City of Minneapolis MN Revenue, Series B, 0.04%, 12/1/27, Callable 4/1/21 @ 100*(a)		1,400,000
Mississippi (3.1%)
	600,000	County of Jackson MS Revenue, 0.01%, 6/1/23, Callable 4/1/21 @ 100*(a)		600,000
	500,000	Mississippi Business Finance Corp. Revenue, Series G, 0.01%, 11/1/35, Callable 4/1/21 @ 100*(a)		500,000
				1,100,000
Nevada (3.8%)
	1,350,000	County of Clark Nevada Industrial Development Revenue, Series A, 0.04%, 12/1/39, Continuously Callable @ 100, Bank of America(a)		1,350,000
New York (3.9%)
	1,375,000	City of New York NY, GO, Series G-4, 0.03%, 4/1/42, Continuously Callable @ 100, LOC(a).		1,375,000
Ohio (1.4%)
	500,000	American Municipal Power, Inc. Revenue, 3.00%, 4/28/21		502,094
Oregon (3.9%)
	1,400,000	State of Oregon, GO, 0.03%, 12/1/36, Continuously Callable @ 100, Unicredit SpA(a).		1,400,000
Pennsylvania (4.1%)
	125,000	City of Allentown PA, GO, 4.00%, 10/1/21, BAM		127,504
	1,300,000	Philadelphia Pennsylvania, GO, Series B, 0.02%, 8/1/31, Continuously Callable @ 100, Barclays Bank(a)		1,300,000
				1,427,504
Rhode Island (3.9%)
	1,400,000	Rhode Island Health and Educational Building Corp. Revenue, 0.02%, 9/1/43, Callable 4/1/21 @ 100, Northern Trust Co.*(a)		1,400,000
Tennessee (5.4%)
	1,200,000	Loudon Industrial Development Board Revenue, 0.03%, 6/1/23, Continuously Callable @ 100(a)		1,200,000
	700,000	Montgomery County Public Building Authority Revenue, 0.04%, 11/1/27, Callable 4/1/21 @ 100, Bank of America*(a)		700,000
				1,900,000
Texas (12.7%)
	1,520,000	Austin Texas Hotel Occupancy Tax Revenue, 0.05%, 11/15/29, Continuously Callable @ 100, JPM(a)		1,520,000
	200,000	Fort Bend County Municipal Utility District No 130, GO, 2.00%, 9/1/21, AGM		201,060
	265,000	Fort Bend County Municipal Utility District No 130, GO, 2.00%, 9/1/22, AGM		268,967
	380,000	Fort Bend County Municipal Utility District No 169, GO, 3.00%, 12/1/21, AGM		386,958
	675,000	Galveston County Municipal Utility District No 56, GO, 4.50%, 12/1/22, AGM		722,277

See notes to financial statements.

- 37 -

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
February 28, 2021 (Unaudited)	Concluded

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued
Texas, continued:
$	170,000	Grand Mission Municipal Utility District No 1, GO, 3.00%,9/1/22, AGM	$	176,695
	365,000	Harris County Municipal Utility District No 287, GO, 2.00%, 9/1/21, AGM		367,825
	570,000	Harris County Municipal Utility District No 287, GO, 2.00%, 9/1/22, AGM		583,082
	125,000	Remington Municipal Utility District No 1, GO, 4.00%,9/1/21, AGM		127,271
	150,000	Spring West Municipal Utility District, GO, 3.00%, 9/1/21, AGM		151,642
				4,505,777

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued
Wyoming (0.8%)
$	300,000	County of Lincoln Wyoming Revenue, 0.02%, 10/1/44, Continuously Callable @ 100, Exxon Mobil Corp.(a)	$	300,000
Total Municipal Bonds (Cost $35,002,459)				35,014,835
Investment in Affiliates (1.0%)
	341,409	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		341,409
Total Investment in Affiliates(Cost $341,409)				341,409
Total Investments (Cost $35,343,868) - 99.6%				35,356,244
Other assets in excess of liabilities — 0.4%				136,888
Net Assets - 100.0%			$	35,493,132

(a)	Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at February 28, 2021.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.

AGM	Assured Guaranty Municipal Corporation
BAM	Build America Mutual Assurance Company
BNY	Bank of New York Mellon
GO	General Obligation
JPM	J.P. Morgan Chase Bank
LOC	Letter of Credit

See notes to financial statements.

- 38 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Common Stocks (54.6%)
Aerospace & Defense (0.7%)
	34	BWX Technologies, Inc.	$	1,972
	319	General Dynamics Corp.		52,147
	45	HEICO Corp.		5,660
	50	HEICO Corp., Class A		5,788
	153	L3Harris Technologies, Inc.		27,832
	275	Lockheed Martin Corp.		90,819
	84	Northrop Grumman Corp.		24,499
	340	Raytheon Technologies Corp.		24,477
	31	Teledyne Technologies, Inc.(a)		11,501
	266	The Boeing Co.(a)		56,395
	40	TransDigm Group, Inc.(a)		23,067
	532	Virgin Galactic Holdings, Inc.(a)		19,806
				343,963
Air Freight & Logistics (0.1%)
	156	United Parcel Service, Inc., Class B		24,621
Airlines (1.0%)
	20,000	American Airlines Group, Inc.(a)		418,800
	682	Delta Air Lines, Inc.(a)		32,695
	955	Southwest Airlines Co.		55,514
				507,009
Auto Components (0.3%)
	1,687	BorgWarner, Inc.		75,915
	1,040	Gentex Corp.		36,795
	183	Lear Corp.		30,395
				143,105
Automobiles (0.2%)
	178	Tesla, Inc.(a)		120,239
Banks (1.7%)
	1,845	Bank of America Corp.		64,040
	721	Citigroup, Inc.		47,499
	373	East West Bancorp, Inc.		26,916
	2,486	JPMorgan Chase & Co.		365,865
	723	People’s United Financial, Inc.		12,971
	83	SVB Financial Group(a)		41,945
	167	The PNC Financial Services Group, Inc.		28,116
	1,610	Truist Financial Corp.		91,705
	2,323	U.S. Bancorp		116,150
	339	Western Alliance Bancorp		31,022
				826,229
Beverages (0.7%)
	63	Coca-Cola Consolidated, Inc.		16,169
	574	Monster Beverage Corp.(a)		50,363
	1,389	PepsiCo, Inc.		179,445
	1,988	The Coca-Cola Co.		97,392
				343,369
Biotechnology (1.0%)
	1,581	AbbVie, Inc.		170,337
	265	Amgen, Inc.		59,604
	230	Biogen, Inc.(a)		62,762
	450	Eagle Pharmaceuticals, Inc.(a)		20,025
	575	Exact Sciences Corp.(a)		78,269
	339	Exelixis, Inc.(a)		7,343
	442	Gilead Sciences, Inc.		27,139
	14	Global Blood Therapeutics, Inc.(a)		596
	172	Ionis Pharmaceuticals, Inc.(a)		9,013
	18	Moderna, Inc.(a)		2,787
	143	Neurocrine Biosciences, Inc.(a)		15,660
	34	Regeneron Pharmaceuticals, Inc.(a)		15,319
	44	Sarepta Therapeutics, Inc.(a)		3,831
	133	Vertex Pharmaceuticals, Inc.(a)		28,269
				500,954

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Building Products (0.4%)
375		Allegion PLC	$	40,793
	28	Armstrong World Industries, Inc.		2,396
191		Carrier Global Corp.		6,977
184		CSW Industrials, Inc.		23,105
164		Lennox International, Inc.		45,882
366		Patrick Industries, Inc.		28,888
245		Simpson Manufacturing Co., Inc.		23,878
				171,919
Capital Markets (2.5%)
256		Ameriprise Financial, Inc.		56,637
91		BlackRock, Inc.		63,200
513		CME Group, Inc.		102,446
307		Cohen & Steers, Inc.		19,765
1,075		Evercore, Inc.		128,753
1,057		GAMCO Investors, Inc., Class A		20,083
221		Hamilton Lane, Inc., Class A		19,757
313		Houlihan Lokey, Inc.		19,894
574		Intercontinental Exchange, Inc.		63,318
462		LPL Financial Holdings, Inc.		60,771
74		MarketAxess Holdings, Inc.		41,140
81		Moody’s Corp.		22,266
222		MSCI, Inc., Class A		92,023
458		Nasdaq, Inc.		63,337
290		PJT Partners, Inc., Class A		20,219
196		S&P Global, Inc.		64,555
315		Stifel Financial Corp.		19,240
332		StoneX Group, Inc.(a)		19,153
347		T.Rowe Price Group, Inc.		56,263
164		The Bank of New York Mellon Corp.		6,914
237		The Charles Schwab Corp.		14,628
748		The Goldman Sachs Group, Inc.		238,971
				1,213,333
Chemicals (0.9%)
578		AdvanSix, Inc.(a)		16,068
156		Air Products & Chemicals, Inc.		39,877
915		Axalta Coating Systems, Ltd.(a)		25,016
1,639		CF Industries Holdings, Inc.		74,214
146		Chase Corp.		15,721
1		Corteva, Inc		45
1,507		Dow, Inc.		89,380
205		Ecolab, Inc.		42,919
256		Hawkins, Inc.		16,026
159		Innospec, Inc.		15,971
88		International Flavors & Fragrances, Inc		11,925
465		Koppers Holdings, Inc.(a)		15,536
40		Linde PLC		9,771
913		Olin Corp.		28,248
51		PPG Industries, Inc.		6,876
5		The Scotts Miracle-Gro Co.		1,066
234		W R Grace & Co.		13,867
182		Westlake Chemical Corp.		15,577
				438,103
Commercial Services & Supplies (0.3%)
319		Cintas Corp.		103,465
451		Waste Management, Inc.		50,011
				153,476
Communications Equipment (0.6%)
172		Arista Networks, Inc.(a)		48,133
2,751		Cisco Systems, Inc.		123,437
373		Palo Alto Networks, Inc.(a)		133,650
				305,220

See notes to financial statements.

- 39 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Construction & Engineering (0.4%)
	649	Jacobs Engineering Group, Inc.	$	74,687
	681	Primoris Services Corp.		22,793
	968	Quanta Services, Inc.		81,167
	1,013	Sterling Construction Co., Inc. (a)		23,076
				201,723
Construction Materials (0.1%)
	255	Vulcan Materials Co.		42,582
Consumer Finance (0.4%)
	377	Capital One Financial Corp.		45,312
	663	Enova International, Inc.(a)		20,354
	703	Onemain Holdings, Inc.		32,978
	1,528	Synchrony Financial		59,103
	157	World Acceptance Corp.(a)		19,868
				177,615
Containers & Packaging (0.5%)
	353	Amcor PLC		3,862
	290	AptarGroup, Inc.		37,720
	485	Ball Corp.		41,414
	1,483	Berry Global Group,Inc.(a)		82,158
	10	Crown Holdings, Inc.(a)		956
	265	Packaging Corp. of America		34,985
	1,117	Silgan Holdings, Inc.		41,955
	327	UFP Technologies, Inc.(a)		16,193
				259,243
Distributors (0.1%)
	188	Genuine Parts Co.		19,806
	79	Pool Corp.		26,447
				46,253
Diversified Consumer Services (0.3%)
	195	Bright Horizons Family Solutions, Inc.(a)		31,134
	416	Chegg, Inc.(a)		40,156
	699	H&R Block, Inc.		13,442
	1,758	Perdoceo Education Corp.(a)		22,625
	1,209	Stride, Inc.(a)		29,076
	556	Terminix Global Holdings, Inc.(a)		25,026
				161,459
Diversified Financial Services (0.3%)
	377	Berkshire Hathaway, Inc., Class B(a)		90,672
	494	Jefferies Financial Group, Inc.		14,346
	499	Voya Financial, Inc.		30,080
				135,098
Diversified Telecommunication Services (0.5%)
	3,338	AT&T, Inc.		93,097
	2,929	Verizon Communications, Inc.		161,974
				255,071
Electric Utilities (0.7%)
	424	Alliant Energy Corp.		19,572
	106	American Electric Power Co., Inc.		7,934
	84	Duke Energy Corp.		7,190
	245	Exelon Corp.		9,457
	1,524	NextEra Energy, Inc.		111,983
	492	OGE Energy Corp.		14,401
	397	Otter Tail Corp.		16,086
	722	Pinnacle West Capital Corp.		50,489
	2,552	PPL Corp.		66,837
	3,000	Spark Energy, Inc., Class A		29,910
	296	Xcel Energy, Inc.		17,343
				351,202
Electrical Equipment (0.3%)
	194	Acuity Brands, Inc.		23,920
	510	Emerson Electric Co.		43,809

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Electrical Equipment, continued:
	428	Regal-Beloit Corp.	$	58,495
	76	Rockwell Automation, Inc.		18,489
	1,218	Vertiv Holdings Co.		25,493
				170,206
Electronic Equipment, Instruments & Components (0.9%)
	656	Amphenol Corp., Class A		82,446
	711	CDW Corp.		111,549
	2,401	Corning, Inc.		91,814
	509	Keysight Technologies, Inc.(a)		72,034
	1,157	Kimball Electronics, Inc.(a)		27,166
	241	National Instruments Corp.		10,700
	803	Sanmina Corp.(a)		28,603
	102	Vontier Corp.(a)		3,203
				427,515
Energy Equipment & Services (0.1%)
	572	Cactus, Inc., Class A		18,230
	1,506	National Energy Services Reunited Corp.(a)		19,954
	798	Schlumberger NV		22,272
				60,456
Entertainment (0.8%)
	1,342	Lions Gate Entertainment Corp., Class A(a)		19,486
	177	Netflix, Inc.(a)		95,376
	65	Spotify Technology SA(a)		19,980
	273	Take-Two Interactive Software, Inc.(a)		50,358
	868	The Walt Disney Co.(a)		164,087
	3,348	Zynga, Inc., Class A(a)		37,330
				386,617
Equity Real Estate Investment Trusts (2.0%)
	1,266	American Homes 4 Rent, Class A		39,423
	180	American Tower Corp.		38,903
	331	Apartment Income REIT Corp.		13,531
	869	CareTrust REIT, Inc.		19,275
	586	Corporate Office Properties Trust		15,236
	937	Crown Castle International Corp.		145,938
	1,490	CubeSmart		55,070
	881	Digital Reality Trust, Inc.		118,697
	1,154	Duke Realty Corp.		45,295
	510	EPR Properties		23,042
	20	Equinix, Inc.		12,967
	492	Equity LifeStyle Properties, Inc.		30,332
	476	Equity Residential		31,135
	391	Extra Space Storage, Inc.		49,149
	1,903	Host Hotels & Resorts, Inc.		31,571
	91	Innovative Industrial Properties, Inc.		17,745
	1,458	Lamar Advertising Co.		126,248
	374	PotlatchDeltic Corp.		18,981
	385	Prologis, Inc.		38,142
	135	PS Business Parks, Inc.		19,556
	179	Public Storage		41,875
	49	SBA Communications Corp.		12,501
	51	Simon Property Group, Inc.		5,759
	303	SL Green Realty Corp.		20,928
	399	Welltower, Inc.		27,092
				998,391
Food & Staples Retailing (0.8%)
	390	BJ’s Wholesale Club Holdings, Inc.(a)		15,670
	304	Costco Wholesale Corp.		100,624
	320	Ingles Markets, Inc., Class A		16,627
	1,316	Sysco Corp.		104,793
	169	The Kroger Co.		5,443
	161	Walgreens Boots Alliance, Inc.		7,717

See notes to financial statements.

- 40 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Food & Staples Retailing, continued:
	1,142	Wal-Mart Stores, Inc.	$	148,369
				399,243
Food Products (0.5%)
	152	Campbell Soup Co.		6,913
	135	General Mills, Inc.		7,426
	524	Ingredion, Inc.		47,265
	377	Kellogg Co.		21,757
	198	Lamb Weston Holdings, Inc.		15,795
	93	Lancaster Colony Corp.		16,244
	1,677	Mondelez International, Inc., Class A		89,149
	182	The Hershey Co.		26,508
				231,057
Gas Utilities (0.1%)
	86	Atmos Energy Corp.		7,276
	893	UGI Corp.		34,211
				41,487
Health Care Equipment & Supplies (1.6%)
	1,151	Abbott Laboratories		137,867
	16	ABIOMED, Inc.(a)		5,193
	83	Align Technology, Inc.(a)		47,070
	667	Baxter International, Inc.		51,819
	259	Becton Dickinson & Co.		62,458
	444	Danaher Corp.		97,534
	36	DexCom, Inc.(a)		14,320
	452	Edwards Lifesciences Corp.(a)		37,561
	692	Hill-Rom Holdings, Inc.		73,816
	749	Hologic, Inc.(a)		53,995
	153	IDEXX Laboratories, Inc.(a)		79,586
	472	Medtronic PLC		55,210
	16	ResMed, Inc.		3,084
	53	STERIS PLC		9,264
	106	Teleflex, Inc.		42,201
	39	The Cooper Cos., Inc.		15,059
	1,116	Zynex, Inc.(a)		16,204
				802,241
Health Care Providers & Services (1.2%)
	744	Adapthealth Corp.(a)		22,893
	315	AMN Healthcare Services, Inc.(a)		22,954
	434	Anthem, Inc.		131,584
	106	Chemed Corp.		47,192
	382	CVS Health Corp.		26,026
	10	Guardant Health, Inc.(a)		1,472
	36	HCA Healthcare, Inc.		6,193
	528	Joint Corp. (The)(a)		21,020
	206	Molina Healthcare, Inc.(a)		44,652
	385	National Research Corp.		19,893
	323	Quest Diagnostics, Inc.		37,335
	838	Select Medical Holdings Corp.(a)		26,523
	281	The Ensign Group, Inc.		23,048
	445	UnitedHealth Group, Inc.		147,838
				578,623
Health Care Technology (0.3%)
	779	Computer Programs & System, Inc.		24,499
	165	Teladoc Health, Inc.(a)		36,480
	342	Veeva Systems, Inc.(a)		95,798
				156,777
Hotels, Restaurants & Leisure (2.4%)
	603	Darden Restaurants, Inc.		82,810
	803	DraftKings, Inc., Class A(a)		49,409
	799	Hilton Worldwide Holdings, Inc.(a)		98,820
	181	Hyatt Hotels Corp., Class A(a)		15,919

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Hotels, Restaurants & Leisure, continued:
	168	McDonald’s Corp.	$	34,632
	22,000	Norwegian Cruise Line Holdings, Ltd.(a)		650,320
	625	Six Flags Entertainment Corp.		27,875
	1,762	Starbucks Corp.		190,349
	80	Yum China Holdings, Inc.		4,787
	119	Yum! Brands, Inc.		12,320
				1,167,241
Household Durables (0.1%)
	553	Garmin, Ltd		68,583
Household Products (0.4%)
	356	Central Garden & Pet Co.(a)		16,234
	379	Church & Dwight Co., Inc.		29,846
	511	Colgate-Palmolive Co.		38,427
	75	Kimberly-Clark Corp.		9,625
	192	The Clorox Co.		34,761
	660	The Procter & Gamble Co.		81,530
				210,423
Independent Power and Renewable Electricity Producers (0.1%)
	1,254	AES Corp.		33,306
	13	NRG Energy, Inc.		475
				33,781
Industrial Conglomerates (0.6%)
	1,069	3M Co.		187,139
	93	Carlisle Cos., Inc.		13,508
	280	Honeywell International, Inc.		56,658
	53	Roper Technologies, Inc.		20,014
				277,319
Insurance (1.2%)
	7	Alleghany Corp.		4,525
	107	AON PLC, Class A		24,365
	210	Athene Holdings, Ltd., Class A(a)		9,574
	992	Brighthouse Financial, Inc.(a)		39,571
	30	Chubb, Ltd.		4,877
	158	Cincinnati Financial Corp.		15,464
	1,224	FNF Group		46,855
	1,956	Heritage Insurance Holdings		18,993
	43	Lincoln National Corp.		2,445
	173	Marsh & McLennan Cos., Inc.		19,933
	2,071	Prudential Financial, Inc.		179,597
	395	The Allstate Corp.		42,107
	225	The Hanover Insurance Group, Inc.		25,954
	1,153	The Hartford Financial Services Group, Inc.		58,446
	216	The Progressive Corp.		18,565
	52	Travelers Companies, Inc.		7,566
	3,482	Unum Group		92,203
				611,040
Interactive Media & Services (2.1%)
	119	Alphabet, Inc., Class A(a)		240,607
	152	Alphabet, Inc., Class C(a)		309,603
	487	Bumble, Inc., Class A(a)		32,780
	710	Cargurus, Inc.(a)		18,424
	1,147	Facebook, Inc., Class A(a)		295,490
	679	Snap, Inc., Class A(a)		44,583
	742	Twitter, Inc.(a)		57,179
	497	Yelp, Inc.(a)		18,742
	735	ZoomInfo Technologies, Inc., Class A(a)		38,529
				1,055,937
Internet & Direct Marketing Retail (3.2%)
	198	Amazon.com, Inc.(a)		612,400
	313	Booking Holdings, Inc.(a)		728,824
	446	eBay, Inc.		25,163

See notes to financial statements.

- 41 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Internet & Direct Marketing Retail, continued:
	107	Etsy, Inc.(a)	$	23,569
	1,268	Expedia Group, Inc.		204,148
				1,594,104
IT Services (2.1%)
	298	Accenture PLC, Class A		74,768
	33	Akamai Technologies, Inc.(a)		3,118
	980	Alliance Data Systems Corp.		94,570
	132	Automatic Data Processing, Inc.		22,971
	90	Booz Allen Hamilton Holding Corp.		6,943
	612	CSG Systems International, Inc.		28,244
	927	DXC Technology Co.		23,379
	189	Fidelity National Information Services, Inc.		26,082
	104	Fiserv, Inc.(a)		11,998
	1,751	Hackett Group, Inc. (The)		27,351
	398	International Business Machine Corp.		47,334
	24	Jack Henry & Associates, Inc.		3,563
	185	Leidos Holdings, Inc.		16,363
	563	MasterCard, Inc., Class A		199,217
	109	Okta, Inc.(a)		28,498
	211	Paychex, Inc.		19,216
	282	Paypal Holdings, Inc.(a)		73,278
	432	The Western Union Co.		10,031
	352	TTEC Holdings, Inc.		29,617
	67	Twilio, Inc., Class A(a)		26,323
	714	VeriSign, Inc.(a)		138,537
	643	Visa, Inc., Class A		136,567
				1,047,968
Leisure Products (0.3%)
	244	Hasbro, Inc.		22,865
	743	Peloton Interactive, Inc., Class A(a)		89,509
	345	YETI Holdings, Inc.(a)		23,726
				136,100
Life Sciences Tools & Services (1.0%)
	979	Agilent Technologies, Inc.		119,507
	16	Bio-Techne Corp.		5,787
	88	Charles River Laboratories International, Inc.(a)		25,180
	86	Illumina, Inc.(a)		37,789
	515	Iqvia Holdings, Inc.(a)		99,287
	149	Medpace Holdings, Inc.(a)		24,202
	38	Mettler-Toledo International, Inc.(a)		42,410
	202	Thermo Fisher Scientific, Inc.		90,916
	156	Waters Corp.(a)		42,725
				487,803
Machinery (1.3%)
	1,741	Allison Transmission Holdings, Inc.		66,019
	120	Caterpillar, Inc.		25,906
	62	Deere & Co.		21,645
	296	DMC Global, Inc.		18,645
	145	Dover Corp.		17,873
	1,299	Fortive Corp.		85,500
	414	Graco, Inc.		28,711
	2,285	Hillenbrand, Inc.		106,161
	318	IDEX Corp.		62,064
	201	Illinois Tool Works, Inc.		40,638
	139	ITT, Inc.		11,534
	762	Meritor, Inc.(a)		23,142
	153	Omega Flex, Inc.		26,393
	91	Otis Worldwide Corp.		5,798
	75	PACCAR, Inc.		6,824
	600	The Timken Co.		47,010

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Machinery, continued:
	337	The Toro Co.	$	33,959
				627,822
Media (0.6%)
	115	Altice USA, Inc., Class A(a)		3,865
	6	Cable One, Inc.		11,489
	2,444	Comcast Corp., Class A		128,848
	1,227	DISH Network Corp., Class A(a)		38,663
	1,949	Gray Television, Inc.(a)		35,374
	1,131	Msg Networks, Inc., Class A(a)		19,182
	231	TechTarget, Inc.(a)		19,318
	2,039	TEGNA, Inc.		37,171
				293,910
Metals & Mining (0.3%)
	619	Commercial Metals Co.		15,568
	403	Newmont Mining Corp.		21,915
	168	Reliance Steel & Aluminum Co.		22,210
	825	Rio Tinto PLC ADR		72,105
				131,798
Mortgage Real Estate Investment Trusts (0.3%)
	7,095	AGNC Investment Corp.		113,733
	3,080	New Residential Investment Corp.		31,662
				145,395
Multiline Retail (0.2%)
	232	Dollar General Corp.		43,846
	300	Target Corp.		55,032
				98,878
Multi-Utilities (0.3%)
	274	Black Hills Corp.		16,210
	422	CenterPoint Energy, Inc.		8,204
	62	CMS Energy Corp.		3,355
	412	MDU Resources Group, Inc.		11,577
	275	NorthWestern Corp.		16,082
	621	Public Service Enterprise Group, Inc.		33,428
	434	WEC Energy Group, Inc.		34,998
				123,854
Oil, Gas & Consumable Fuels (1.3%)
	1,964	Antero Midstream Corp.		17,322
	727	Chevron Corp.		72,700
	1,142	Cimarex Energy Co.		66,225
	252	ConocoPhillips		13,107
	313	Diamondback Energy, Inc.		21,685
	1,468	Dorian LPG, Ltd.(a)		18,277
	709	EQT Corp.(a)		12,613
	921	Equitrans Midstream Corp.		6,659
	1,350	Exxon Mobil Corp.		73,399
	2,765	ONEOK, Inc.		122,462
	1,201	Phillips 66		99,743
	358	Pioneer Natural Resources Co.		53,188
	412	Renewable Energy Group, Inc.(a)		32,041
	1,078	World Fuel Services Corp.		33,504
				642,925
Paper & Forest Products (0.1%)
	475	Boise Cascade Co.		23,721
	386	Clearwater Paper Corp.(a)		13,514
				37,235
Personal Products (0.1%)
	63	Medifast, Inc.		15,938
	962	Nature’s Sunshine Products, Inc.(a)		15,854
	49	The Estee Lauder Cos., Inc., Class A		14,007
	177	USANA Health Sciences, Inc.(a)		17,180
				62,979

See notes to financial statements.

- 42 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Pharmaceuticals (1.6%)
	1,053	Bristol-Myers Squibb Co.	$	64,581
	773	Corcept Therapeutics, Inc.(a)		19,441
	469	Eli Lilly & Co.		96,093
	1,743	Innoviva, Inc.(a)		19,923
	1,729	Johnson & Johnson		273,977
	1,034	Merck & Co., Inc.		75,089
	4,220	Pfizer, Inc.		141,328
	298	Reata Pharmaceuticals, Inc., Class A(a)		36,433
	665	Supernus Pharmaceuticals, Inc.(a)		17,869
	84	Viatris, Inc.(a)		1,247
	358	Zoetis, Inc.		55,576
				801,557
Professional Services (0.2%)
	6	CoStar Group, Inc.(a)		4,942
	163	FTI Consulting, Inc.(a)		18,672
	472	Kforce, Inc.		24,237
	259	ManpowerGroup, Inc.		24,460
	1,434	Mastech Digital, Inc.(a)		22,944
	276	Robert Half International, Inc.		21,470
	28	Verisk Analytics, Inc., Class A		4,588
				121,313
Real Estate Management & Development (0.2%)
	605	Exp World Holdings, Inc.(a)		36,536
	969	Re/MAX Holdings, Inc.		40,427
	966	The RMR Group, Inc., Class A		38,823
				115,786
Road & Rail (0.7%)
	414	ArcBest Corp.		24,422
	328	JB Hunt Transport Services, Inc.		48,173
	594	Lyft, Inc., Class A(a)		33,086
	336	Old Dominion Freight Line, Inc.		72,163
	1,133	Uber Technologies, Inc.(a)		58,633
	436	Union Pacific Corp.		89,798
				326,275
Semiconductors & Semiconductor Equipment (2.9%)
	359	Advanced Micro Devices, Inc.(a)		30,339
	1,199	Amkor Technology, Inc.		28,644
	540	Broadcom, Inc.		253,730
	33	Entegris, Inc.		3,472
	1,279	Infineon Technologies AG ADR		55,828
	1,429	Intel Corp.		86,855
	161	KLA-Tencor Corp.		50,108
	213	Lam Research Corp.		120,812
	443	Microchip Technology, Inc.		67,615
	587	Micron Technology, Inc.(a)		53,728
	149	NVIDIA Corp.		81,738
	336	NXP Semiconductors NV		61,337
	1,405	ON Semiconductor Corp.(a)		56,579
	310	Power Integrations, Inc.		27,395
	507	Qorvo, Inc.(a)		88,588
	588	QUALCOMM, Inc.		80,080
	420	Skyworks Solutions, Inc.		74,684
	762	Texas Instruments, Inc.		131,270
	447	Xilinx, Inc.		58,244
				1,411,046
Software (3.9%)
	220	Adobe, Inc.(a)		101,127
	310	Alarm.com Holdings, Inc.(a)		27,243
	169	Appfolio, Inc., Class A(a)		27,719
	237	Aspen Technology, Inc.(a)		35,671
	1,190	Cadence Design Systems, Inc.(a)		167,897

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Software, continued:
	436	Citrix Systems, Inc.	$	58,241
	20	Crowdstrike Holdings, Inc., Class A(a)		4,320
	258	DocuSign, Inc.(a)		58,478
	250	Everbridge, Inc.(a)		38,308
	19	Fair Isaac Corp.(a)		8,694
	251	Fortinet, Inc.(a)		42,381
	396	Intuit, Inc.		154,496
	409	Manhattan Associates, Inc.(a)		50,287
	3,428	Microsoft Corp.		796,599
	1,016	Oracle Corp.		65,542
	284	Qualys, Inc.(a)		27,593
	109	RingCentral, Inc., Class A(a)		41,219
	295	salesforce.com, Inc.(a)		63,868
	14	ServiceNow, Inc.(a)		7,468
	235	Splunk, Inc.(a)		33,607
	313	Zendesk, Inc.(a)		45,742
	21	Zoom Video Communications, Inc., Class A(a)		7,846
	201	Zscaler, Inc.(a)		41,211
				1,905,557
Specialty Retail (1.5%)
	178	Asbury Automotive Group, Inc.(a)		30,162
	505	AutoNation, Inc.(a)		37,885
	55	AutoZone, Inc.(a)		63,796
	741	Best Buy Co., Inc.		74,359
	78	Burlington Stores, Inc.(a)		20,188
	980	Foot Locker, Inc.		47,128
	366	Lowe’s Cos., Inc.		58,469
	183	O’Reilly Automotive, Inc.(a)		81,861
	646	Penske Automotive Group, Inc.		43,915
	214	Ross Stores, Inc.		24,961
	577	Shoe Carnival, Inc.		28,250
	183	Sleep Number Corp.(a)		25,095
	630	The Home Depot, Inc.		162,754
	268	The TJX Cos., Inc.		17,685
	61	UltaBeauty, Inc.(a)		19,662
	138	Winmark Corp.		24,356
				760,526
Technology Hardware, Storage & Peripherals (1.7%)
	6,638	Apple, Inc.		804,924
	638	HP, Inc.		18,483
	150	NetApp, Inc.		9,390
				832,797
Textiles, Apparel & Luxury Goods (0.6%)
	74	Deckers Outdoor Corp.(a)		24,132
	2,585	Hanesbrands, Inc.		45,729
	188	Lululemon Athletica, Inc.(a)		58,596
	419	NIKE, Inc., Class B		56,473
	1,432	VF Corp.		113,314
				298,244
Thrifts & Mortgage Finance (0.1%)
	427	Axos Financial, Inc.(a)		19,757
	648	Mr Cooper Group, Inc.(a)		20,380
	913	Rocket Cos., Inc., Class A(a)		19,949
				60,086
Tobacco (0.1%)
	803	Altria Group, Inc.		35,011
	317	Philip Morris International, Inc.		26,634
				61,645
Trading Companies & Distributors (0.4%)
	1,155	Air Lease Corp.		52,968
	125	Fastenal Co.		5,796

See notes to financial statements.

- 43 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Trading Companies & Distributors, continued:
	3,309	H&E Equipment Services, Inc.	$	102,348
	241	MSC Industrial Direct Co., Inc.		20,757
	78	Watsco, Inc.		18,962
				200,831
Water Utilities (0.2%)
	218	American States Water Co.		15,925
	169	American Water Works Co., Inc.		23,978
	1,255	Consolidated Water Co., Ltd.		16,252
	1,388	Pure Cycle Corp.(a)		16,323
				72,478
Wireless Telecommunication Services (0.2%)
	620	T-Mobile US, Inc.(a)		74,381
Total Common Stocks (Cost $16,983,364)				26,872,016
Asset Backed Securities (2.4%)
$	100,000	DataBank Issuer, Series 2021-1A, Class A2,
		2.06%, 2/27/51, Callable 8/25/24 @ 100*(b)		99,981
	194,000	DB Master Finance LLC, Series 2017-1A, Class
		A2I, 3.63%, 11/20/47, Callable 11/20/21 @
		100*(b)		198,348
	70,000	Sabey Data Center Issuer LLC, Series 2020-1,
		Class A2, 3.81%, 3/20/45, Callable 11/20/23
		@ 100*(b)		74,023
	124,582	Saxon Asset Securities Trust, Series 2003-3,
		Class A5, 4.54%, 12/25/33, Callable 3/25/21
		@ 100*(c)(d)		125,631
	210,000	SLM Student Loan Trust, Series 2012-7, Class
		B, 1.92% (US0001M + 180 bps), 9/25/43,
		Callable 2/25/29 @ 100*		207,405
	196,167	Stack Infrastructure Issuer LLC, Series 2019-1A,
		Class A2, 4.54%, 2/25/44, Callable 2/25/23 @
		100*(b)		208,718
	200,000	Triton Container Finance VIII LLC, Series 2021-
		1A, Class A, 1.86%, 3/20/46, Callable 4/20/23
		@ 100*(b)		198,580
	61,722	UBS Commercial Mortgage Trust, Series 2018-
		C10, Class A1, 3.18%, 5/15/51, Callable
		3/15/23 @ 100*		63,307
Total Asset Backed Securities (Cost $1,145,355)				1,175,993
Mortgage Backed Securities† (8.9%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.3%)
	158,485	Bear Stearns Alternative-A Trust, Series 2007-2,
		Class 2A1, 2.99%, 4/25/37, Callable 2/25/22
		@ 100*(c)		141,161
	944	Deutsche Mortgage Securities, Inc., Series 2003-
		4XS, Class A6A, 5.32% (US0003M + 119
		bps), 10/25/33, Callable 3/25/21 @ 100*(d)		950
				142,111
Alt-A - Fixed Rate Mortgage Backed Securities (0.9%)
	36,817	Bank of America Alternative Loan Trust, Series
		2005-10, Class 1CB4, 5.50%, 11/25/35,
		Callable 3/25/21 @ 100*		36,903
	50,860	Citi Mortgage Alternative Loan Trust, Series
		2007-A2, Class 1A5, 6.00%, 2/25/37, Callable
		8/25/22 @ 100*		51,277
	21,271	Countrywide Alternative Loan Trust, Series 2005-
		53T2, Class 2A4, 5.50%, 11/25/35, Callable
		9/25/22 @ 100*		15,312

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	3,639	Countrywide Alternative Loan Trust, Series 2006-
		8T1, Class 2A3, 5.50%, 4/25/36, Callable
		3/25/21 @ 100*	$	3,462
	9,384	Countrywide Alternative Loan Trust, Series 2006-
		41CB, Class 2A4, 6.00%, 1/25/37, Callable
		2/25/22 @ 100*		7,318
	13,803	Countrywide Alternative Loan Trust, Series
		2004-J2, Class 2A1, 6.50%, 3/25/34, Callable
		3/25/21 @ 100*		14,145
	63,834	Deutsche Alternative-A Securities, Inc. Mortgage
		Loan Trust, Series 2006-AB2, Class A3,
		4.95%, 6/25/36, Callable 3/25/21 @ 100*(c)		63,298
	4,044	Master Alternative Loans Trust, Series 2004-6,
		Class 10A1, 6.00%, 7/25/34, Callable 3/25/21
		@ 100*		4,239
	20,595	Master Alternative Loans Trust, Series 2004-8,
		Class 5A1, 6.00%, 9/25/34, Callable 3/25/21
		@ 100*		21,419
	61,134	Master Alternative Loans Trust, Series 2004-3,
		Class 5A1, 6.50%, 3/25/34, Callable 3/25/21
		@ 100*		62,466
	22,001	Nomura Asset Acceptance Corp., Series 2005-
		AP1, Class 2A5, 4.85%, 2/25/35, Callable
		3/25/21 @ 100*(c)(d)		22,502
	15,497	Nomura Asset Acceptance Corp., Series 2005-
		AP2, Class A5, 5.48%, 5/25/35, Callable
		3/25/21 @ 100*(c)(d)		10,439
	141,263	Nomura Asset Acceptance Corp., Series 2006-
		AF1, Class 1A2, 6.16%, 5/25/36, Callable
		3/25/21 @ 100*(c)		45,281
	7,755	Residential Accredit Loans, Inc., Series 2006-
		QS5, Class A9, 6.00%, 5/25/36, Callable
		3/25/21 @ 100*		7,397
	52,965	Residential Asset Securitization Trust, Series
		2005-A9, Class A3, 5.50%, 7/25/35, Callable
		3/25/21 @ 100*		42,788
	34,740	Residential Asset Securitization Trust, Series
		2006-A2, Class A3, 6.00%, 5/25/36, Callable
		11/25/22 @ 100*		21,341
	29,711	Washington Mutual Mortgage Pass-Through
		Certificates, Series 2005-5, Class CB14,
		5.50%, 7/25/35, Callable 3/25/21 @ 100*		29,824
				459,411
Prime Adjustable Rate Mortgage Backed Securities (0.8%)
	7,142	Bear Stearns Adjustable Rate Mortgage Trust,
		Series 2004-6, Class 2A2, 3.37%, 9/25/34,
		Callable 3/25/21 @ 100*(c)		6,972
	6,623	Chase Mortgage Finance Corp., Series 2007-A2,
		Class 10A1, 3.26%, 7/25/37, Callable 4/25/21
		@ 100*(c)		6,153
	275,418	LSTAR Securities Investment, Ltd., Series 2019-4,
		Class A1, 1.62% (US0001M + 150 bps),
		5/1/24(b)		275,304
	50,000	Mello Warehouse Securitization Trust, Series
		2021-1, Class A, 0.00% (US0001M + 70 bps),
		2/25/55, Callable 2/25/24 @ 100*(b)		49,617
	50,000	Mello Warehouse Securitization Trust, Series
		2020-2, Class C, 1.42% (US0001M + 130
		bps), 11/25/53, Callable 12/25/23 @ 100*		50,057
				388,103

See notes to financial statements.

- 44 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
Prime Fixed Mortgage Backed Securities (1.3%)
$	167,051	American Home Mortgage Investment Trust,
		Series 2005-2, Class 5A4C, 5.91%, 9/25/35,
		Callable 3/25/21 @ 100*(c)(d)	$	121,663
	16,977	Banc of America Funding Trust, Series 2006-4,
		Class A14, 6.00%, 7/25/36, Callable 3/25/36
		@ 100*		16,023
	26,333	CHL Mortgage Pass-Through Trust, Series 2005-
		22, Class 2A1, 2.67%, 11/25/35, Callable
		3/25/21 @ 100*(c)		25,228
	8,767	Citigroup Mortgage Loan Trust, Inc., Series
		2005-2, Class 1A4, 3.41%, 5/25/35, Callable
		3/25/21 @ 100*(c)		9,060
	69,520	Citigroup Mortgage Loan Trust, Inc., Series 2004-
		NCM1, Class 1A2, 6.50%, 7/25/34, Callable
		5/25/21 @ 100*		72,562
	21,367	Countrywide Home Loans, Series 2005-J1, Class
		1A8, 5.50%, 2/25/35, Callable 3/25/21 @
		100*		21,811
	28,787	Countrywide Home Loans, Series 2007-J3, Class
		A10, 6.00%, 7/25/37, Callable 3/25/21 @
		100*		19,100
	42,000	Credit Suisse First Boston Mortgage Securities
		Corp., Series 2005-1, Class 2A1, 5.50%,
		2/25/35, Callable 3/25/21 @ 100*		40,435
	21,918	Credit Suisse Mortgage Capital Certificates,
		Series 2006-2, Class 3A1, 6.50%, 3/25/36,
		Callable 3/25/21 @ 100*		8,386
	57,946	Flagstar Mortgage Trust, Series 2019-2, Class
		A3, 3.50%, 12/25/49, Callable 3/25/23 @
		100*(b)(c)		58,724
	39,997	Galton Funding Mortgage Trust, Series 2017-1,
		Class A21, 3.50%, 7/25/56, Callable 1/25/24
		@ 100*(b)(c)		40,605
	11,875	Lehman Mortgage Trust, Series 2005-3, Class
		2A3, 5.50%, 1/25/36, Callable 3/25/21 @
		100*		12,411
	11,824	Residential Asset Mortgage Products, Inc., Series
		2004-SL1, Class A7, 7.00%, 11/25/31,
		Callable 8/25/21 @ 100*		12,247
	93,891	Shellpoint Co.-Originator Trust, Series 2017-1,
		Class A4, 3.50%, 4/25/47, Callable 11/25/22
		@ 100*(b)(c)		94,348
	112,220	Wells Fargo Mortgage Backed Securities Trust,
		Series 2019-4, Class A3, 3.50%, 9/25/49,
		Callable 2/25/23 @ 100*(c)		113,371
				665,974
Subprime Mortgage Backed Securities (0.5%)
	83,561	Towd Point Mortgage Trust, Series 2017-6, Class
		A1, 2.75%, 10/25/57, Callable 7/25/25 @
		100*(b)(c)		86,040
	51,664	Towd Point Mortgage Trust, Series 2018-1, Class
		A1, 3.00%, 1/25/58, Callable 3/25/27 @
		100*(b)(c)		53,285
	101,333	Towd Point Mortgage Trust, Series 2018-2, Class
		A1, 3.25%, 3/25/58, Callable 9/25/27 @
		100*(b)(c)		105,980
				245,305
U.S. Government Agency Mortgage Backed Securities (5.1%)
	47,929	Fannie Mae, Series 2013-68, Class 10A1, 1.00%,
		3/25/42		47,125

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	44,449	Fannie Mae, Series 2013-18, Class 10A1, 2.00%,
		12/25/42	$	45,464
	103,098	Fannie Mae, Series 2013-23, Class AB, 2.00%,
		2/25/43		106,482
	86,902	Fannie Mae, Series 2013-74, Class 10A1, 2.25%,
		6/25/42(c)		89,589
	80,624	Fannie Mae, Series 2011-146, Class HE, 2.50%,
		10/25/41		83,614
	1,283	Fannie Mae, Series 2012-2, Class 10A1, 2.50%,
		5/25/41		1,285
	75,054	Fannie Mae, Series 2017-43, Class PA, 2.50%,
		6/25/47		78,784
	146,223	Fannie Mae, Series 2017-M5, Class A1, 2.74%,
		4/25/29		156,610
	51,812	Fannie Mae, Series 2010-99, Class JU, 3.00%,
		8/25/40		54,339
	27,927	Fannie Mae, Series 2011-118, Class 10A1,
		3.00%, 11/25/41		29,593
	45,949	Fannie Mae, Series 2015-46, Class MD, 3.00%,
		5/25/43		46,710
	75,138	Fannie Mae, Series 2015-59, Class LM, 3.00%,
		7/25/45		79,159
	4,139	Fannie Mae, Series 18-70, Class KA, 3.50%,
		3/25/43		4,138
	201,862	Fannie Mae, Series 2018-M12, Class A1, 3.55%,
		2/25/30		224,071
	185,926	Fannie Mae, Series 2018-M13, Class A1, 3.70%,
		3/25/30(c)		212,456
	14,795	Fannie Mae, Series 2012-16, Class K, 4.00%,
		10/25/41		15,881
	11,751	Fannie Mae, 4.50%, 4/1/35, Pool #814522		13,065
	12,526	Fannie Mae, 5.50%, 10/1/35, Pool #838584		13,944
	1,050	Fannie Mae, 6.00%, 5/1/35, Pool #357778		1,237
	3,000	Fannie Mae, Series 1999-18, Class LL, 6.50%,
		4/18/29		3,337
	200,000	Federal Home Loan Banks, 1.30%, 3/17/27,
		Callable 6/17/21 @ 100*		200,000
	25,048	Freddie Mac, Series 4146, Class 10A1, 1.50%,
		10/15/42		25,535
	8,294	Freddie Mac, 1.89% (H15T1Y + 172 bps), 6/1/28,
		Pool #605508		8,336
	40,061	Freddie Mac, Series 4408, Class GA, 2.00%,
		9/15/41		41,048
	61,611	Freddie Mac, Series 4312, Class 10A1, 2.50%,
		12/15/41		63,638
	70,759	Freddie Mac, Series 4395, Class PA, 2.50%,
		4/15/37		73,661
	67,486	Freddie Mac, Series 4316, Class JY, 3.00%,
		1/15/44		71,684
	65,674	Freddie Mac, Series 4348, Class A, 3.00%,
		6/15/39		69,725
	94,281	Freddie Mac, Series 4486, Class PA, 3.00%,
		3/15/44		97,391
	131,127	Freddie Mac, Series 4668, Class KA, 3.00%,
		1/15/55		138,664
	59,846	Freddie Mac, Series 4683, Class PD, 3.00%,
		4/15/46		61,216
	920	Freddie Mac, 5.50%, 1/1/35, Pool #A30935		1,072
	2,905	Freddie Mac, Series 2302, Class J, 6.50%,
		4/15/31		3,272

See notes to financial statements.

- 45 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued
U.S. Government Agency Mortgage Backed Securities, continued:
$	5,597	Freddie Mac, Series 1443, Class I, 7.50%,
		12/15/22, Callable 4/15/21 @ 100*	$	5,831
	1,906	Government National Mortgage Assoc., Series
		2013-104, Class DC, 2.00%, 4/20/40		1,925
	68,542	Government National Mortgage Assoc., Series
		2013-69, 2.00%, 9/20/42		70,517
	138,193	Government National Mortgage Assoc., Series
		2020-5, Class PE, 3.00%, 9/20/49		141,883
	66,563	Government National Mortgage Assoc., Series
		2019-85, Class MP, 3.50%, 6/20/49		69,164
	568	Government National Mortgage Assoc., 6.00%,
		2/20/26, Pool #2166		630
	35,653	Government National Mortgage Assoc., 6.31%,
		3/20/33, Pool #612258		39,371
	4,035	Government National Mortgage Assoc., 7.00%,
		7/15/29, Pool #492747		4,439
				2,495,885
Total Mortgage Backed Securities (Cost $4,311,870)				4,396,789
Corporate Bonds (12.2%)
Aerospace & Defense (0.6%)
	275,000	Boeing Co. (The), 3.25%, 2/1/28, Callable
		12/1/27 @ 100*		287,545
Banks (2.0%)
	440,000	Bank of America Corp., 3.55% (US0003M + 78
		bps), 3/5/24, Callable 3/5/23 @ 100*		466,494
	255,000	JPMorgan Chase & Co., 2.52% (SOFR + 204
		bps), 4/22/31, Callable 4/22/30 @ 100*		260,562
	250,000	Wells Fargo & Co., 3.00%, 10/23/26		270,793
				997,849
Beverages (0.8%)
	335,000	Keurig Dr Pepper, Inc., 4.60%, 5/25/28, Callable
		2/25/28 @ 100*		393,952
Capital Markets (0.6%)
	250,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26,
		Callable 11/16/25 @ 100*		274,236
Consumer Finance (0.4%)
	200,000	Toyota Motor Credit Corp., 1.35%, 8/25/23		204,710
Diversified Financial Services (0.4%)
	160,000	National Rural Utilities Cooperative Finance Corp.,
		3.25%, 11/1/25, Callable 8/1/25 @ 100*		174,497
Diversified Telecommunication Services (0.6%)
	328,000	AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @
		100*(b)		297,011
Electric Utilities (0.9%)
	210,000	Entergy Mississippi LLC, 3.25%, 12/1/27,
		Callable 9/1/27 @ 100*		229,396
	200,000	Southern California Edison Co., 3.50%, 10/1/23,
		Callable 7/1/23 @ 100*		213,975
				443,371
Entertainment (0.3%)
	155,000	The Walt Disney Co., 2.00%, 9/1/29, Callable
		6/1/29 @ 100*		155,911
Food Products (0.4%)
	175,000	Campbell Soup Co., 3.95%, 3/15/25, Callable
		1/15/25 @ 100*		193,769
Health Care Providers & Services (1.6%)
	225,000	Advocate Health & Hospitals Corp., 2.21%,
		6/15/30, Callable 3/15/30 @ 100*		226,065
	130,000	Ascension Health, Series B, 2.53%, 11/15/29,
		Callable 8/15/29 @ 100*		135,786

Shares or
Principal
Amount		Security Description	Value
Corporate Bonds, continued
Health Care Providers & Services, continued:
$	215,000	Partners Healthcare Syst, Inc., Series 2020,
		3.19%, 7/1/49, Callable 1/1/49 @ 100*	$	218,852
	180,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28
		@ 100*		200,794
				781,497
Hotels, Restaurants & Leisure (1.2%)
	290,000	Hyatt Hotels Corp., 4.38%, 9/15/28, Callable
		6/15/28 @ 100*		314,961
	85,000	Royal Caribbean Cruises, 5.25%, 11/15/22		86,620
	190,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47
		@ 100*		202,005
				603,586
Insurance (0.4%)
	200,000	Jackson National Life Global Funding, 2.65%,
		6/21/24 (b)		212,127
Internet & Direct Marketing Retail (0.4%)
	200,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable
		11/15/27 @ 100*		213,665
Media (0.4%)
	185,000	Comcast Corp., 3.30%, 2/1/27, Callable 11/1/26
		@ 100*		204,208
Semiconductors & Semiconductor Equipment (0.2%)
	70,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @
		100*		71,447
Specialty Retail (0.5%)
	220,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable
		1/15/30 @ 100*		260,378
Technology Hardware, Storage & Peripherals (0.5%)
	200,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @
		100*		220,504
Total Corporate Bonds (Cost $5,804,219)				5,990,263
Taxable Municipal Bonds (7.8%)
Massachusetts (0.6%)
	250,000	Massachusetts State College Building Authority
		Revenue, Series C, 2.44%, 5/1/28, ST
		APPROP		263,693
Michigan (1.4%)
	240,000	County of Jackson Michigan, GO, 3.73%,
		12/1/30, Continuously Callable @ 100		259,191
	210,000	Houghton-Portage Township School District, GO,
		Series B, 2.70%, 5/1/25, Insured by: Q-SBLF		224,937
	200,000	Michigan State Housing Development Authority
		Revenue, Series B, 2.96%, 12/1/35,
		Continuously Callable @ 100		201,458
				685,586
New York (0.5%)
	225,000	New York City Housing Development Corp.
		Revenue, Class L, 2.79%, 5/1/28,
		Continuously Callable @ 100		239,420
Ohio (0.7%)
	330,000	County of Cuyahoga Ohio Revenue, 3.48%,
		7/1/32, Continuously Callable @ 100		350,117
Oklahoma (0.8%)
	200,000	The University of Oklahoma Revenue, 1.88%,
		7/1/28		201,380
	200,000	The University of Oklahoma Revenue, Series C,
		2.45%, 7/1/32, Continuously Callable @ 100		204,454
				405,834

See notes to financial statements.

- 46 -

Schedule of Portfolio Investments	Active Core Fund
February 28, 2021 (Unaudited)	Concluded

Shares or
Principal
Amount		Security Description	Value
Taxable Municipal Bonds, continued
Rhode Island (0.5%)
$	225,000	Rhode Island Convention Center Authority
		Revenue, 3.15%, 5/15/25	$	232,085
Texas (2.0%)
	360,000	County of Burnet Texas, GO, 4.20%, 3/1/34, Pre-
		refunded 3/1/24 @ 100		399,679
	200,000	Northwest Independent School District, GO, Series
		A, 5.00%, 2/15/27, PSF-GTD		245,860
	350,000	Schertz-Cibolo-Universal City Independent
		School District, GO, 0.93%, 2/1/26, PSF-GTD		346,542
				992,081
Utah (0.5%)
	250,000	Utah Transit Authority Revenue, 2.04%, 12/15/31,
		Continuously Callable @ 100		254,317
Washington (0.5%)
	250,000	Pierce County School District No 10 Tacoma, GO,
		1.73%, 12/1/31, SCH BD GTY		248,575
Wisconsin (0.3%)
	140,000	Wisconsin State, Build America Bonds, GO, Series
		D, 5.10%, 5/1/41, Continuously Callable
		@ 100		141,112
Total Taxable Municipal Bonds (Cost $3,703,300)				3,812,820

Shares or
Principal
Amount		Security Description	Value
U.S. Treasury Obligations (6.6%)
U.S. Treasury Bonds
$	764,000	1.13%, 5/15/40	$	646,863
	210,000	1.88%, 2/15/51		195,661
				842,524
U.S. Treasury Notes
	1,001,000	1.38%, 10/15/22		1,020,824
	597,000	2.00%, 4/30/24		628,063
	704,000	2.25%, 2/15/27		755,755
				2,404,642
Total U.S. Treasury Obligations (Cost $3,253,453)				3,247,166
Investment Companies (3.8%)
	20,502	iShares MSCI EAFE Index Fund ETF, 2.10%(e)		1,517,353
	15,000	iShares Silver Trust, 0.74%(e)		369,900
Total Investment Companies (Cost $1,277,327)				1,887,253
Investment in Affiliates (5.7%)
	2,315,182	Cavanal Hill Government Securities Money Market
		Fund, Select Shares, 0.01%(e)		2,315,182
	52,409	Cavanal Hill World Energy Fund, Institutional
		Shares		460,214
Total Investment in Affiliates (Cost $2,804,717)				2,775,396
Total Investments (Cost $39,283,605) - 102.0%				50,157,696
Liabilities in excess of other assets — (2.0)%				(959,742	)
Net Assets - 100.0%			$	49,197,954

(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) 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 February 28, 2021.

(d) 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 February 28, 2021.

(e) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.

* 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.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
PSF-GTD	Public School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
REIT	Real Estate Investment Trust
SCH BD GTY	School Board Guaranty
SOFR	Secured Overnight Financing Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

See notes to financial statements.

- 47 -

Schedule of Portfolio Investments	Mid Cap Diverse Leadership Fund
February 28, 2021 (Unaudited)

Shares		Security Description	Value
Common Stocks (94.0%)
Airlines (1.2%)
	209	Southwest Airlines Co.	$	12,149
Auto Components (2.2%)
	180	BorgWarner, Inc.		8,100
	227	Gentex Corp.		8,031
	40	Lear Corp.		6,644
				22,775
Banks (2.0%)
	79	East West Bancorp, Inc.		5,701
	17	SVB Financial Group(a)		8,591
	73	Western Alliance Bancorp		6,680
				20,972
Biotechnology (1.0%)
	51	Exact Sciences Corp.(a)		6,942
	26	Neurocrine Biosciences, Inc.(a)		2,847
	10	Sarepta Therapeutics, Inc.(a)		871
				10,660
Building Products (1.3%)
	70	Allegion PLC		7,615
	22	Lennox International, Inc.		6,155
				13,770
Capital Markets (2.9%)
	75	LPL Financial Holdings, Inc.		9,866
	33	MSCI, Inc., Class A		13,679
	45	Nasdaq, Inc.		6,223
				29,768
Chemicals (0.5%)
	202	Axalta Coating Systems, Ltd.(a)		5,523
Commercial Services & Supplies (1.7%)
	54	Cintas Corp.		17,514
Communications Equipment (1.0%)
	37	Arista Networks, Inc.(a)		10,354
Construction & Engineering (1.2%)
	142	Quanta Services, Inc.		11,907
Construction Materials (0.7%)
	46	Vulcan Materials Co.		7,682
Consumer Finance (1.3%)
	151	Onemain Holdings, Inc.		7,083
	156	Synchrony Financial		6,034
				13,117
Containers & Packaging (2.8%)
	37	AptarGroup, Inc.		4,813
	177	Berry Global Group, Inc.(a)		9,806
	58	Packaging Corp. of America		7,657
	188	Silgan Holdings, Inc.		7,061
				29,337
Distributors (0.5%)
	17	Pool Corp.		5,691
Diversified Consumer Services (1.0%)
	30	Bright Horizons Family Solutions, Inc.(a)		4,790
	123	Terminix Global Holdings, Inc.(a)		5,536
				10,326
Diversified Financial Services (0.5%)
	93	Voya Financial, Inc.		5,606
Electric Utilities (1.1%)
	39	Alliant Energy Corp.		1,800
	267	PPL Corp.		6,993
	44	Xcel Energy, Inc.		2,578
				11,371
Electrical Equipment (1.7%)
	42	Acuity Brands, Inc.		5,178
	92	Regal-Beloit Corp.		12,574
				17,752

Shares		Security Description	Value
Common Stocks, continued
Electronic Equipment, Instruments & Components (1.7%)
	115	CDW Corp.	$	18,042
Entertainment (2.3%)
	296	Lions Gate Entertainment Corp., Class A(a)		4,298
	15	Spotify Technology SA(a)		4,611
	35	Take-Two Interactive Software, Inc.(a)		6,456
	734	Zynga, Inc., Class A(a)		8,184
				23,549
Equity Real Estate Investment Trusts (7.0%)
	272	American Homes 4 Rent, Class A		8,470
	129	Corporate Office Properties Trust		3,354
	322	CubeSmart		11,901
	253	Duke Realty Corp.		9,930
	108	Equity LifeStyle Properties, Inc.		6,658
	74	Extra Space Storage, Inc.		9,302
	275	Host Hotels & Resorts, Inc.		4,563
	85	Lamar Advertising Co.		7,360
	69	SL Green Realty Corp.		4,766
	89	Welltower, Inc.		6,043
				72,347
Food Products (1.3%)
	93	Ingredion, Inc.		8,389
	33	Kellogg Co.		1,904
	44	Lamb Weston Holdings, Inc.		3,510
				13,803
Gas Utilities (0.7%)
	180	UGI Corp.		6,896
Health Care Equipment & Supplies (4.9%)
	18	Align Technology, Inc.(a)		10,208
	74	Hill-Rom Holdings, Inc.		7,893
	156	Hologic, Inc.(a)		11,246
	24	IDEXX Laboratories, Inc.(a)		12,484
	23	Teleflex, Inc.		9,157
				50,988
Health Care Providers & Services (1.3%)
	13	Chemed Corp.		5,788
	35	Molina Healthcare, Inc.(a)		7,586
				13,374
Health Care Technology (1.6%)
	58	Veeva Systems, Inc.(a)		16,246
Hotels, Restaurants & Leisure (3.1%)
	76	Darden Restaurants, Inc.		10,437
	175	Hilton Worldwide Holdings, Inc.(a)		21,644
				32,081
Household Products (1.2%)
	74	Church & Dwight Co., Inc.		5,827
	35	The Clorox Co		6,337
				12,164
Independent Power and Renewable Electricity Producers (0.6%)
	235	AES Corp.		6,242
Insurance (5.2%)
	164	Brighthouse Financial, Inc.(a)		6,542
	33	Cincinnati Financial Corp.		3,230
	163	FNF Group		6,240
	149	Prudential Financial, Inc.		12,921
	26	The Hanover Insurance Group, Inc.		2,999
	99	The Hartford Financial Services Group, Inc.		5,018
	619	Unum Group		16,391
				53,341
Internet & Direct Marketing Retail (0.5%)
	22	Etsy, Inc.(a)		4,846
IT Services (5.2%)
	222	Alliance Data Systems Corp.		21,423
	203	DXC Technology Co.		5,120

See notes to financial statements.

- 48 -

Schedule of Portfolio Investments	Mid Cap Diverse Leadership Fund
February 28, 2021 (Unaudited)	Concluded

Shares	Security Description	Value
Common Stocks, continued
IT Services, continued:
18	Okta, Inc.(a)	$	4,706
15	Twilio, Inc., Class A(a)		5,893
83	VeriSign, Inc.(a)		16,104
			53,246
Leisure Products (0.5%)
53	Hasbro, Inc.		4,967
Life Sciences Tools & Services (2.4%)
19	Agilent Technologies, Inc.		2,319
19	Charles River Laboratories International, Inc.(a)		5,437
7	Mettler-Toledo International, Inc.(a)		7,812
34	Waters Corp.(a)		9,312
			24,880
Machinery (3.5%)
229	Allison Transmission Holdings, Inc.		8,684
90	Graco, Inc.		6,241
21	IDEX Corp.		4,099
130	The Timken Co.		10,185
74	The Toro Co.		7,457
			36,666
Media (0.2%)
1	Cable One, Inc.		1,915
Mortgage Real Estate Investment Trusts (2.4%)
1,538	AGNC Investment Corp.		24,654
Multi-Utilities (1.3%)
92	MDU Resources Group, Inc.		2,585
103	Public Service Enterprise Group, Inc.		5,545
70	WEC Energy Group, Inc.		5,645
			13,775
Oil, Gas & Consumable Fuels (0.4%)
156	EQT Corp.(a)		2,775
25	ONEOK, Inc.		1,108
Professional Services (0.6%)			3,883
13	Manpower Group, Inc.		1,228
61	Robert Half International, Inc.		4,745
			5,973
Road & Rail (1.5%)
74	Old Dominion Freight Line, Inc.		15,893
Semiconductors & Semiconductor Equipment (6.6%)
35	KLA-Tencor Corp.		10,893
87	Microchip Technology, Inc.		13,279

Shares	Security Description	Value
Common Stocks, continued
Semiconductors & Semiconductor Equipment, continued:
306	ON Semiconductor Corp.(a)	$	12,323
73	Qorvo, Inc.(a)		12,755
56	Skyworks Solutions, Inc.		9,958
70	Xilinx, Inc.		9,121
			68,329
Software (4.9%)
51	Aspen Technology,Inc.(a)		7,676
33	Cadence Design Systems, Inc.(a)		4,656
66	Citrix Systems, Inc.		8,816
19	DocuSign, Inc.(a)		4,307
54	Fortinet, Inc.(a)		9,118
55	Manhattan Associates,Inc.(a)		6,762
43	Zscaler,Inc.(a)		8,816
			50,151
Specialty Retail (5.2%)
111	AutoNation, Inc.(a)		8,327
7	AutoZone, Inc.(a)		8,119
17	Burlington Stores, Inc.(a)		4,400
209	Foot Locker, Inc.		10,051
20	O’Reilly Automotive,Inc.(a)		8,947
141	Penske Automotive Group, Inc.		9,585
14	UltaBeauty,Inc.(a)		4,513
			53,942
Textiles, Apparel & Luxury Goods (1.4%)
563	Hanesbrands, Inc.		9,959
13	Lululemon Athletica, Inc.(a)		4,052
			14,011
Trading Companies & Distributors (1.5%)
152	Air Lease Corp.		6,971
52	MSC Industrial Direct Co., Inc.		4,479
17	Watsco, Inc.		4,132
			15,582
Water Utilities (0.4%)
28	American Water Works Co., Inc.		3,973
Total Common Stocks (Cost $699,979)			972,033
Investment in Affiliates (1.6%)
16,349	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		16,349
Total Investment in Affiliates (Cost $16,349)			16,349
Total Investments (Cost $716,328) - 95.6%			988,382
Other assets in excess of liabilities — 4.4%			45,323
Net Assets - 100.0%		$	1,033,705

(a) Non-income producing security.

(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.

See notes to financial statements.

- 49 -

Schedule of Portfolio Investments	Opportunistic Fund
February 28, 2021 (Unaudited)

Shares or
Principal
Amount	Security Description	Value
Common Stocks (71.5%)
Aerospace & Defense (3.6%)
21,711	Parsons Corp.(a)	$	775,951
6,785	The Boeing Co.(a)		1,438,488
			2,214,439
Airlines (3.0%)
37,650	American Airlines Group, Inc.(a)		788,391
17,428	Southwest Airlines Co.		1,013,090
			1,801,481
Banks (2.7%)
11,025	JPMorgan Chase & Co.		1,622,549
Biotechnology (3.7%)
10,135	AbbVie, Inc.		1,091,945
8,566	Exact Sciences Corp.(a)		1,166,004
			2,257,949
Communications Equipment (1.7%)
2,884	Palo Alto Networks, Inc.(a)		1,033,366
Construction & Engineering (1.5%)
8,057	Jacobs Engineering Group, Inc.		927,199
Diversified Consumer Services (1.7%)
10,686	Chegg, Inc.(a)		1,031,520
Electronic Equipment, Instruments & Components (1.9%)
29,514	Corning, Inc.		1,128,615
Entertainment (5.6%)
7,530	Madison Square Garden Entertainment Corp.(a)		811,508
3,765	Madison Square Garden Sports Corp.(a)		724,198
4,350	The Walt Disney Co.(a)		822,324
29,175	Warner Music Group Corp., Class A		1,034,837
			3,392,867
Equity Real Estate Investment Trusts (1.9%)
13,315	Lamar Advertising Co.		1,152,946
Food & Staples Retailing (1.5%)
2,672	Costco Wholesale Corp.		884,432
Health Care Equipment & Supplies (1.3%)
23,008	Cutera, Inc.(a)		812,642
Hotels, Restaurants & Leisure (8.2%)
3,732	Airbnb, Inc., Class A(a)		770,098
31,365	Carnival Corp.(a)		839,014
51,098	Norwegian Cruise Line Holdings, Ltd.(a)		1,510,457
8,880	Penn National Gaming, Inc.(a)		1,028,126
18,820	Six Flags Entertainment Corp.		839,372
			4,987,067
Insurance (1.4%)
24,044	Arch Capital Group Ltd.(a)		861,256
Interactive Media & Services (3.4%)
12,545	Bumble, Inc., Class A(a)		844,404
18,654	Snap, Inc., Class A(a)		1,224,822
			2,069,226
Internet & Direct Marketing Retail (3.8%)
360	Amazon.com, Inc.(a)		1,113,455
7,460	Expedia Group, Inc.		1,201,060
			2,314,515
IT Services (3.1%)
3,053	Accenture PLC, Class A		765,998
13,654	GoDaddy, Inc.(a)		1,107,612
			1,873,610
Metals & Mining (2.2%)
15,435	Rio Tinto PLC ADR		1,349,019

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Multiline Retail (1.4%)
	10,432	Ollie’s Bargain Outlet Holdings, Inc.(a)	$	862,518
Oil, Gas & Consumable Fuels (2.9%)
	37,660	BP PLC ADR		919,281
	16,815	ConocoPhillips		874,548
				1,793,829
Pharmaceuticals (1.3%)
	151,240	MediWound, Ltd.(a)		774,349
Road & Rail (2.9%)
	17,412	Uber Technologies, Inc.(a)		901,071
	4,325	Union Pacific Corp.		890,777
				1,791,848
Semiconductors & Semiconductor Equipment (2.2%)
	7,294	NXP Semiconductors NV		1,331,520
Software (5.1%)
	34,730	Dropbox, Inc., Class A(a)		782,988
	3,223	RingCentral, Inc., ClassA(a)		1,218,810
	8,693	SAP SE ADR		1,072,281
				3,074,079
Textiles, Apparel & Luxury Goods (2.1%)
	4,113	Lululemon Athletica, Inc.(a)		1,281,940
Trading Companies & Distributors (1.4%)
	.28,190	H&E Equipment Services, Inc.		871,917
Total Common Stocks (Cost $37,322,676)				43,496,698
Corporate Bonds (15.8%)
Airlines (2.1%)
$	1,120,000	Delta Air Lines, Inc., 7.38%, 1/15/26, Callable 12/15/25 @ 100*		1,305,542
Hotels, Restaurants & Leisure (3.9%)
	865,000	Marriott International Inc., 3.13%, 6/15/26, Callable 3/15/26 @ 100*		906,223
	1,318,000	Royal Caribbean Cruises, Ltd., 7.50%, 10/15/27		1,493,867
				2,400,090
Machinery (2.3%)
	1,171,000	Wabtec Corp., 4.95%, 9/15/28, Callable 6/15/28 @ 100*		1,370,354
Oil, Gas & Consumable Fuels (4.2%)
	1,009,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100*		1,116,836
	1,273,000	HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100*		1,430,335
				2,547,171
Semiconductors & Semiconductor Equipment (3.3%)
	1,854,000	Marvell Technology Group, Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100*		1,994,501
Total Corporate Bonds (Cost $8,969,197)				9,617,658
Investment Companies (4.4%)
	125,460	ProShares UltraPro Short QQQ, 12.36%(b)		1,816,661
	31,245	Proshares Ultrapro Short S&P 500, 0.76%(b)		859,237
Total Investment Companies (Cost $2,560,539)				2,675,898
Investment in Affiliates (4.4%)
	2,704,444	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		2,704,444
Total Investment in Affiliates (Cost $2,704,444)				2,704,444
Total Investments (Cost $51,556,856) - 96.1%				58,494,698
Other assets in excess of liabilities — 3.9%				2,381,138
Net Assets - 100.0%			$	60,875,836

See notes to financial statements.

- 50 -

Schedule of Portfolio Investments	Opportunistic Fund
February 28, 2021 (Unaudited)	Concluded

(a) Non-income producing security.

(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.

* Represents next call date. Additional subsequent call dates and amounts may apply to this security.

ADR American Depositary Receipt

See notes to financial statements.

- 51 -

Schedule of Portfolio Investments	World Energy Fund
February 28, 2021 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Common Stocks (91.1%)
Auto Components (2.0%)
	8,000	QuantumScape Corp.(a)	$	439,440
Automobiles (2.1%)
	9,000	General Motors Co.		461,970
Chemicals (3.9%)
	1,600	Linde PLC		390,832
	31,000	Umicore SA ADR		455,080
				845,912
Electric Utilities (0.5%)
	42	ALLETE, Inc.		2,609
	22	American Electric Power Co., Inc.		1,647
	284	Duke Energy Corp.		24,308
	31	Evergy, Inc.		1,662
	62	Fortis, Inc.		2,387
	792	NextEra Energy, Inc.		58,196
	30	Otter Tail Corp.		1,216
	25	Pinnacle West Capital Corp.		1,748
	399	The Southern Co.		22,631
				116,404
Electrical Equipment (6.7%)
	12,000	Bloom Energy Corp., Class A(a)		342,360
	5,500	Plug Power, Inc.(a)		266,090
	40,000	Siemens Gamesa Renewable Energy SA ADR		296,800
	6,000	Sunrun, Inc.(a)		375,480
	3,000	Vestas Wind Systems A/S ADR		188,550
				1,469,280
Energy Equipment & Services (10.0%)
	25,012	Baker Hughes Co.		612,294
	27,948	Halliburton Co.		610,105
	343	Helmerich & Payne, Inc.		9,854
	29,778	Schlumberger NV		831,104
	7,084	Tenaris SA ADR		148,410
				2,211,767
Gas Utilities (0.1%)
	45	Atmos Energy Corp.		3,807
	20	Chesapeake Utilities Corp.		2,115
	49	National Fuel & Gas Co.		2,227
	30	Northwest Natural Holding Co.		1,440
	27	Southwest Gas Holdings, Inc.		1,683
				11,272
Independent Power and Renewable Electricity Producers (0.1%)
	169	AES Corp.		4,489
	152	Atlantica Yield PLC		5,495
	107	NRG Energy, Inc.		3,906
	63	Ormat Technologies, Inc.		5,397
	70	Sunnova Energy International, Inc.(a)		3,139
	124	Vistra Corp.		2,139
				24,565
Metals & Mining (1.6%)
	4,000	Rio Tinto PLC ADR		349,600
Multi-Utilities (0.7%)
	19	Consolidated Edison, Inc.		1,247
	729	Dominion Resources, Inc.		49,805
	32	DTE Energy Co.		3,767
	259	MDU Resources Group, Inc.		7,278
	869	National Grid PLC ADR		48,569
	275	Sempra Energy		31,895

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued
Multi-Utilities, continued:
	27	WEC Energy Group, Inc.	$	2,177
				144,738
Oil, Gas & Consumable Fuels (56.2%)
	43,720	BP PLC ADR		1,067,205
	2,520	Chevron Corp.		252,000
	9,000	Cimarex Energy Co.		521,910
	16,267	ConocoPhillips		846,047
	15,000	Devon Energy Corp.		323,100
	11,000	Diamondback Energy, Inc.		762,080
	11,250	Enbridge, Inc.		380,362
	3,084	EOG Resources, Inc.		199,103
	3,766	Exxon Mobil Corp.		204,757
	11,000	Hess Corp.		720,830
	1,191	Kinder Morgan, Inc.		17,508
	80,000	Marathon Oil Corp.		888,000
	15,680	Marathon Petroleum Corp.		856,442
	10,233	ONEOK, Inc.		453,220
	6,786	Pembina Pipeline Corp.		172,296
	7,784	Phillips 66		646,461
	5,900	Pioneer Natural Resources Co.		876,563
	17,920	Royal Dutch Shell PLC ADR, Class A		735,258
	7,557	TC Energy Corp.		316,865
	17,370	TOTAL SE ADR		805,968
	10,935	Valero Energy Corp.		841,776
	26,000	Woodside Petroleum Ltd. ADR		496,340
				12,384,091
Semiconductors & Semiconductor Equipment (5.9%)
	4,000	First Solar, Inc.(a)		324,080
	10,000	Infineon Technologies AG ADR		436,500
	3,000	NXP Semiconductors NV		547,650
				1,308,230
Water Utilities (1.3%)
	237	American States Water Co.		17,313
	1,142	American Water Works Co., Inc.		162,027
	2,597	Essential Utilities, Inc.		109,230
	24	Middlesex Water Co.		1,648
	35	SJW Group		2,193
				292,411
Total Common Stocks (Cost $15,357,878)				20,059,680
Corporate Bonds (5.0%)
Diversified Financial Services (1.1%)
$	250,000	Total Capital International SA, 2.75%, 6/19/21		251,895
Oil, Gas & Consumable Fuels (3.9%)
	250,000	Callon Petroleum Co., 6.13%, 10/1/24, Callable 4/12/21 @ 103 *		217,500
	200,000	Equinor ASA, 3.15%, 1/23/22		205,078
	200,000	Shell International Finance BV, 2.00%, 11/7/24, Callable 10/7/24 @ 100*		208,222
	200,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 9/1/24 @ 100*		218,792
				849,592
Total Corporate Bonds (Cost $1,102,450)				1,101,487
Investment in Affiliates (6.4%)
	1,421,243	Cavanal Hill Government Securities Money
		Market Fund, Select Shares, 0.01%(b)		1,421,243
Total Investment in Affiliates (Cost $1,421,243)				1,421,243
Total Investments (Cost $17,881,571) - 102.5%				22,582,410
Liabilities in excess of other assets — (2.5)%				(540,693	)
Net Assets - 100.0%			$	22,041,717

See notes to financial statements.

- 52 -

Schedule of Portfolio Investments	World Energy Fund
February 28, 2021 (Unaudited)	Concluded

The Advisor has determined that 38% of the Fund’s net assets comprise securities of issuers which are either foreign domiciled or derive more than 50% of its assets, revenue or income outside of the United States.

(a) Non-income producing security.

(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.

* Represents next call date. Additional subsequent call dates and amounts may apply to this security.

ADR American Depositary Receipt

See notes to financial statements.

- 53 -

Schedule of Portfolio Investments	Hedged Income Fund
February 28, 2021 (Unaudited)

Shares		Security Description	Value
Common Stocks (94.6%)
Beverages (6.4%)
	2,000	PepsiCo, Inc.	$	258,380
	6,300	The Coca-Cola Co.		308,637
				567,017
Biotechnology (3.4%)
	2,800	AbbVie, Inc.		301,672
Capital Markets (3.1%)
	400	BlackRock, Inc.		277,800
Chemicals (3.7%)
	5,500	Dow, Inc.		326,205
Communications Equipment (2.8%)
	5,600	Cisco Systems, Inc.		251,272
Containers & Packaging (5.5%)
	3,700	Packaging Corp. of America		488,474
Diversified Telecommunication Services (8.4%)
	13,500	AT&T, Inc.		376,515
	6,700	Verizon Communications, Inc.		370,510
				747,025
Electric Utilities (11.4%)
	4,400	American Electric Power Co., Inc.		329,340
	5,700	Duke Energy Corp.		487,863
	2,800	Pinnacle West Capital Corp.		195,804
				1,013,007
Electrical Equipment (2.4%)
	2,500	Emerson Electric Co.		214,750
Electronic Equipment, Instruments & Components (5.2%)
	12,100	Corning, Inc.		462,704
Equity Real Estate Investment Trusts (3.0%)
	1,700	Crown Castle International Corp.		264,775
Household Durables (5.1%)
	3,700	Garmin, Ltd.		458,874
Industrial Conglomerates (4.1%)
	2,100	3M Co.		367,626

Shares		Security Description	Value
Common Stocks, continued
Multiline Retail (3.5%)
	1,700	Target Corp.	$	311,848
Oil, Gas & Consumable Fuels (7.7%)
	4,900	Phillips 66		406,945
	6,000	TOTAL SEADR		278,400
				685,345
Pharmaceuticals (4.0%)
	4,700	AstraZeneca PLC ADR		227,386
	1,800	Merck & Co., Inc.		130,716
				358,102
Semiconductors & Semiconductor Equipment (8.2%)
	1,000	Broadcom, Inc.		469,870
	1,500	Texas Instruments, Inc.		258,405
				728,275
Specialty Retail (2.3%)
	800	The Home Depot, Inc.		206,672
Textiles, Apparel & Luxury Goods (1.6%)
	1,800	VF Corp.		142,434
Trading Companies & Distributors (2.8%)
	2,900	MSC Industrial Direct Co., Inc.		249,777
Total Common Stocks (Cost $8,480,181)				8,423,654
Purchased Option (2.4%)^
	214	SPDR S&P 500 ETF Trust, 0.00%		209,720
Total Purchased Option (Cost $186,623)				209,720
Investment in Affiliates (8.1%)
	719,776	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(a)		719,776
Total Investment in Affiliates (Cost $719,776)				719,776
Total Investments (Cost $9,386,580) - 105.1%				9,353,150
Liabilities in excess of other assets — (5.1)%				(451,962	)
Net Assets - 100.0%			$	8,901,188

(a) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2021.

ADR American Depositary Receipt

ETF Exchange Traded Fund

^ See Options table below for more details.

At February 28, 2021, the Fund’s exchange traded options purchased were as follows:

			Expiration		Notional
Description	Put/Call	Strike Price	Date	Contracts	Amount(a)		Fair Value
SPDR S&P 500 ETF Trust	Put	345.00 USD	6/21/21	214	$	73,830	$	209,720
Total (Cost $186,623)							$	209,720

See notes to financial statements.

- 54 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

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 February 28, 2021, 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, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Diverse Leadership Fund (formerly Mid Cap Core Equity Fund), Opportunistic 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, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Diverse Leadership Fund, Opportunistic 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 Active Core Fund, Mid Cap Diverse Leadership Fund, Opportunistic Fund, and World Energy Fund are 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 U.S. Treasury Fund is authorized to issue an unlimited number of Service Shares and 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. 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 February 28, 2021, of each Fund’s investments in the fair value hierarchy:

			LEVEL 2 -		LEVEL 3 -
	LEVEL 1 -		Other Significant		Significant
Fund	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
U.S. Treasury Fund
U.S. Treasury Obligations	$	—	$	250,452,034	$	—	$	250,452,034
Repurchase Agreements		—		460,000,000		—		460,000,000
Investment Companies		175,844,768		—		—		175,844,768
Total Investments		175,844,768		710,452,034		—		886,296,802
Government Securities Money Market Fund
U.S. Government Agency Securities		—		589,891,926		—		589,891,926
U.S. Treasury Obligations		—		240,568,475		—		240,568,475
Repurchase Agreements		—		895,000,000		—		895,000,000
Investment Companies		285,263,824		—		—		285,263,824
Total Investments		285,263,824		1,725,460,401		—		2,010,724,225

- 55 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

			LEVEL 2 -		LEVEL 3 -
	LEVEL 1 -		Other Significant		Significant
Fund	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Limited Duration Fund
Asset Backed Securities	$	—	$	18,407,198	$	—	$	18,407,198
Mortgage Backed Securities1		—		26,901,558		—		26,901,558
Corporate Bonds2		—		12,130,501		—		12,130,501
Taxable Municipal Bonds3		—		1,106,300		—		1,106,300
U.S. Government Agency Securities		—		11,695,725		—		11,695,725
U.S. Treasury Obligations		—		4,147,188		—		4,147,188
Investment in Affiliates		9,493,660		—		—		9,493,660
Total Investments		9,493,660		74,388,470		—		83,882,130
Moderate Duration Fund
Asset Backed Securities		—		3,186,622		—		3,186,622
Mortgage Backed Securities1		—		7,154,591		—		7,154,591
Corporate Bonds2		—		8,627,826		—		8,627,826
Taxable Municipal Bonds3		—		4,791,687		—		4,791,687
U.S. Treasury Obligations		—		3,199,315		—		3,199,315
Investment in Affiliates		483,840		—		—		483,840
Total Investments		483,840		26,960,041		—		27,443,881
Bond Fund
Asset Backed Securities		—		8,064,988		—		8,064,988
Mortgage Backed Securities1		—		20,692,640		—		20,692,640
Corporate Bonds2		—		33,610,450		—		33,610,450
Taxable Municipal Bonds3		—		20,328,271		—		20,328,271
U.S. Treasury Obligations		—		17,155,048		—		17,155,048
Investment in Affiliates		4,548,351		—		—		4,548,351
Total Investments		4,548,351		99,851,397		—		104,399,748
Strategic Enhanced Yield Fund
Asset Backed Securities		—		4,366,240		—		4,366,240
Mortgage Backed Securities1		—		6,157,232		—		6,157,232
Corporate Bonds2		—		8,332,908		—		8,332,908
U.S. Government Agency Securities		—		3,853,860		—		3,853,860
U.S. Treasury Obligations		—		3,769,008		—		3,769,008
Investment in Affiliates		1,025,771		—		—		1,025,771
Total Investments		1,025,771		26,479,248		—		27,505,019
Ultra Short Tax-Free Income Fund
Municipal Bonds3		—		35,014,835		—		35,014,835
Investment in Affiliates		341,409		—		—		341,409
Total Investments		341,409		35,014,835		—		35,356,244
Active Core Fund
Common Stocks2		26,872,016		—		—		26,872,016
Asset Backed Securities		—		1,175,993		—		1,175,993
Mortgage Backed Securities1		—		4,396,789		—		4,396,789
Corporate Bonds2		—		5,990,263		—		5,990,263
Taxable Municipal Bonds3		—		3,812,820		—		3,812,820
U.S. Treasury Obligations		—		3,247,166		—		3,247,166
Investment Companies		1,887,253		—		—		1,887,253
Investment in Affiliates		2,775,396		—		—		2,775,396
Total Investments		31,534,665		18,623,031		—		50,157,696
Mid Cap Diverse Leadership Fund
Common Stocks2		972,033		—		—		972,033
Investment in Affiliates		16,349		—		—		16,349
Total Investments		988,382		—		—		988,382
Opportunistic Fund
Common Stocks2		43,496,698		—		—		43,496,698
Corporate Bonds2		—		9,617,658		—		9,617,658
Investment Companies		2,675,898		—		—		2,675,898
Investment in Affiliates		2,704,444		—		—		2,704,444
Total Investments		48,877,040		9,617,658		—		58,494,698

- 56 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

			LEVEL 2 -		LEVEL 3 -
	LEVEL 1 -		Other Significant		Significant
Fund	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
World Energy Fund
Common Stocks2	$	20,059,680	$	—	$	—	$	20,059,680
Corporate Bonds2		—		1,101,487		—		1,101,487
Investment in Affiliates		1,421,243		—		—		1,421,243
Total Investments		21,480,923		1,101,487		—		22,582,410
Hedged Income Fund
Common Stocks2		8,423,654		—		—		8,423,654
Purchased Option		209,720		—		—		209,720
Investment in Affiliates		719,776		—		—		719,776
Total Investments		9,353,150		—		—		9,353,150

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.

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 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, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Diverse Leadership Fund, Opportunistic 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.

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.

Exchange-traded options and exchange-traded notes are valued at the closing price from the exchange, and are typically categorized as Level 1 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 period ending February 28, 2021.

- 57 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

Call Options:

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 options activity during the period ending February 28, 2021.

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.

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 year, 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. The illiquid, restricted securities held as of February 28, 2021 are identified below:

	Acquisition	Acquisition		Principal		Fair
Security	Date	Cost		Amount		Value
Limited Duration Fund:
Cazenovia Creek Funding II LLC, Series 2018-1A, A, 3.56%, 7/15/30	8/22/18	$	367,824	$	367,860	$	369,720
Sun Trust Student Loan Trust, Series 2006-1A, B, 0.49%, 10/28/37	5/26/17 and 4/11/18		787,330		857,872		785,019

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.

Distributions to Shareholders:

Distributions from net investment income are declared daily and paid monthly for the Money Market Funds, Limited Duration Fund, Moderate 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 Active Core Fund, Hedged Income Fund, Mid Cap Diverse Leadership Fund, Opportunistic Fund, 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.

- 58 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

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:

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%
Moderate Duration Fund		0.20%		0.49%
Bond Fund		0.20%
Strategic Enhanced Yield Fund		0.50%		0.76%
Ultra Short Tax-Free Income Fund		0.15%		0.35%
Active Core Fund		0.35%
Mid Cap Diverse Leadership Fund		0.55%		0.81%
Opportunistic Fund		0.85%		1.00%
World Energy Fund		0.60%		0.90%
Hedged Income Fund		0.80%		1.10%

* 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, 2021.

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:

Fund	Annual Administration Fee (as a percentage of net assets)
U.S. TreasuryFund		0.05%
Government Securities Money Market Fund		0.05%
Limited Duration Fund		0.08%
Moderate Duration Fund		0.08%
Bond Fund		0.08%
Strategic Enhanced Yield Fund		0.08%
Ultra Short Tax-Free Income Fund		0.08%
Active Core Fund		0.08%
Mid Cap Diverse Leadership Fund		0.08%
Opportunistic Fund		0.08%
World Energy Fund		0.08%
Hedged Income Fund		0.08%

Investment Sub-Advisory Services are provided to the Hedged Income Fund by Lavaca Capital, LLC (“Lavaca” or the “Sub-Adviser”) pursuant to an Investment Sub-Advisory Agreement. The Sub-Adviser, subject to the general supervision of the Board, is responsible for providing hedging services to the Hedged Income Fund. The Sub-Adviser is paid half of the fees payable to the Adviser for the services provided to the Hedged Income 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 period ending February 28, 2021, Citi was paid $375,256 by the Administrator. Citi serves the Trust as fund accountant and makes an employee available to serve as the Funds’ Chief Compliance Officer (the “CCO”). Citi receives additional fees for its services as fund accountant and CCO which are paid by the Funds.

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.

- 59 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

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, Service 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 period ending February 28, 2021, BOKF received $1,616,475 under the agreement. CHD contractually agreed to waive 0.15% of such fee paid by the Service Shares and 0.45% of such fee paid by the Premier Shares of the Money Market Funds and 0.13% of such fee paid by the Administrative Shares of the Government Securities Money Market Fund through December 31, 2021.

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, Service, Premier Shares 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 period ending February 28, 2021, BOKF received net shareholder servicing fees of $2,072,067. For shareholder purchases made through BOKF, BOKF has contractually agreed to waive 0.25%, 0.15%, 0.17% and 0.25% of such fees paid by the Select, Service, 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, 2021. 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. 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 period ending February 28, 2021 is noted below:

Fund	Fair Value 8/31/20		Purchases		Sales			Net Realized Gains/ (Losses)		Net Change in Unrealized Appreciation/ Depreciation		Fair Value 2/28/21		Shares as of 2/28/21		Dividend Income
Limited Duration Fund	$	6,439,763	$	36,714,894	$	(33,660,997	)	$	—		—	$	9,493,660		9,493,660	$	143
Moderate Duration Fund		3,443,883		9,759,171		(12,719,214	)		—		—		483,840		483,840		48
Bond Fund		2,590,008		25,449,778		(23,491,435	)		—		—		4,548,351		4,548,351		118
Strategic Enhanced Yield Fund		2,048,668		14,709,145		(15,732,042	)		—		—		1,025,771		1,025,771		77
Ultra Short Tax-Free Income Fund		1,847,685		10,122,721		(11,628,997	)		—		—		341,409		341,409		29
Active Core Fund		1,213,800		7,631,273		(6,529,891	)		—		—		2,315,182		2,315,182		61
Mid Cap Diverse Leadership Fund		37,581		238,015		(259,247	)		—		—		16,349		16,349		1
Opportunistic Fund		2,970,000		41,646,293		(41,911,849	)		—		—		2,704,444		2,704,444		93
World Energy Fund		330,331		7,079,050		(5,988,138	)		—		—		1,421,243		1,421,243		20
Hedged Income Fund		—		6,578,240		(5,858,464	)		—		—		719,776		719,776		8
	$	20,921,719	$	159,928,580	$	(157,780,274	)	$	—	$	—	$	23,070,025	$	23,070,025	$	598

A summary of the Opportunistic Fund’s investment in an affiliated money market fund for the period ending February 28, 2021 is noted below:

	Fair Value							Net Realized Gains/		Net Change in Unrealized Appreciation/		Fair Value		Shares as of		Dividend
Fund	8/31/20		Purchases		Sales			(Losses)		Depreciation		2/28/21		2/28/21		Income
U.S. Treasury Fund, Select Shares	$	47,026	$	3,368	$	(50,394	)	$	—	$	—	$	—		—	$	—
	$	47,026	$	3,368	$	(50,394	)	$	—	$	—	$	—		—	$	—

A summary of the Active Core Fund’s investment in an affiliated fund for the period ending February 28, 2021 is noted below:

Fund	Fair Value 8/31/20		Purchases		Sales		Net Realized Gains/ (Losses)		Net Change in Unrealized Appreciation/ Depreciation		Fair Value 2/28/21		Shares as of 2/28/21		Dividend Income
World Energy Fund, Institutional Shares	$	322,919	$	—	$	—	$	—	$	137,295	$	460,214	$	460,214	$	3,390
	$	322,919	$	—	$	—	$	—	$	137,295	$	460,214	$	460,214	$	3,390

- 60 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

4. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities and long-term U.S. government securities) for the period ending February 28, 2021 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	49,069,718	$	79,650,654
Moderate Duration Fund		19,246,610		14,812,675
Bond Fund		58,737,839		48,172,958
Strategic Enhanced Yield Fund		37,542,442		21,749,407
Ultra Short Tax-Free Income Fund		37,591,787		39,483,435
Active Core Fund		28,377,248		33,977,253
Mid Cap Diverse Leadership Fund		538,240		721,052
Opportunistic Fund		125,000,015		96,756,030
World Energy Fund		24,915,886		22,092,515
Hedged Income Fund		12,233,661		144,235
Purchases and sales of long-term U.S. government securities for the period ending February 28, 2021 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	9,625,163	$	50,165,101
Moderate Duration Fund		1,511,742		4,151,753
Bond Fund		9,896,230		16,297,968
Strategic Enhanced Yield Fund		10,350,360		15,545,670
Active Core Fund		2,241,021		2,870,643

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, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund and Active Core 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.

Mid Cap Diverse Leadership Fund invests primarily in a diversified portfolio of common stocks of Mid Cap U.S. companies which may be subject to higher price volatility and lower trade volumes; as such, the fund’s share price can fall because of weakness in the stock markets, a particular industry, or specific holdings. Stock markets can decline for many reasons, including adverse political or economic developments, changes in investor psychology, or heavy institutional selling.

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 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 call option, the Fund risks losing the entire premium invested if the value of the reference index or security is below (above) the call 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.

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. COVID-19 and the response to it has had, and likely will continue to have, a significant economic impact, as financial markets across the globe are experiencing severe distress. Contemporaneous with the onset of the COVID-19 pandemic in the US, oil experienced shocks to supply and demand, impacting the price and volatility of oil. The full impact of the coronavirus outbreak is difficult to predict. Long-term negative impacts to the worldwide economy, individual countries, the financial markets, market sectors and market participants could be significant. The underlying assumptions and expectations of the Funds could become outdated or inaccurate unexpectedly. These conditions could adversely affect Fund investment valuation, liquidity and performance in unforeseen and significant ways.

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.

- 61 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

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, 2020, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/ (depreciation) were as follows:

								Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation/
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Limited Duration Fund	$	97,429,961	$	2,251,576	$	(1,794,165	)	$	457,411
Moderate Duration Fund		30,470,093		998,357		(119,056	)		879,301
Bond Fund		93,467,542		5,868,126		(689,363	)		5,178,763
Strategic Enhanced Yield Fund		20,820,712		265,080		(34,574	)		230,506
Ultra Short Tax-Free Income Fund		40,687,649		22,744		(44	)		22,700
Active Core Fund		37,789,812		12,067,022		(935,443	)		11,131,579
Mid Cap Diverse Leadership Fund		846,167		163,898		(60,192	)		103,706
Opportunistic Fund		32,836,589		2,897,150		(1,045,603	)		1,851,547
World Energy Fund		13,818,644		2,144,803		(2,455,201	)		(310,398	)

The tax characteristics of distributions paid to shareholders during the latest tax fiscal year ended August 31, 2020 were as follows:

	Distributions Paid From:
2020	Net Investment Income		Net Long- Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
U.S. Treasury Fund	$	8,983,294	$	781	$	8,984,075	$	—	$	8,984,075
Government Securities Money Market Fund		17,477,016		89		17,477,105		—		17,477,105
Limited Duration Fund		2,569,656		—		2,569,656		—		2,569,656
Moderate Duration Fund		601,754		—		601,754		—		601,754
Bond Fund		2,262,323		—		2,262,323		—		2,262,323
Strategic Enhanced Yield Fund		393,891		12,483		406,374		—		406,374
Ultra Short Tax-Free Income Fund		8,431		—		8,431		233,197		241,628
Active Core Fund		756,474		1,925,788		2,682,262		—		2,682,262
Mid Cap Diverse Leadership Fund		6,964		50,167		57,131		—		57,131
Opportunistic Fund		384,667		—		384,667		—		384,667
World Energy Fund		370,540		—		370,540		—		370,540

* 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.

As of August 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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	$	12,723	$	—	$	12,723	$	(10,798	)	$	—		$	—	$	1,925
Government Securities Money Market Fund		38,897		—		38,897		(35,450	)		—			—		3,447
Limited Duration Fund		191,526		—		191,526		(139,049	)		(4,605,725	)		457,411		(4,095,837	)
Moderate Duration Fund.		81,033		—		81,033		(37,620	)		(5,510,076	)		879,301		(4,587,362	)
Bond Fund		190,189		—		190,189		(158,692	)		(2,978,928	)		5,178,763		2,231,332
Strategic Enhanced Yield Fund		468,910		7,094		476,004		(24,650	)		—			230,506		681,860
Ultra Short Tax-Free Income Fund		8,958		—		8,958		(5,984	)		(114	)		22,700		25,560
Active Core Fund		126,842		1,763,538		1,890,380		—			—			11,131,579		13,021,959
Mid Cap Diverse Leadership Fund		23,626		69,440		93,066		—			—			103,706		196,772
Opportunistic Fund		34,462		—		34,462		—			(2,168,719	)		1,851,547		(282,710	)
World Energy Fund		37,382		—		37,382		—			(23,117,935)			(310,398)		(23,390,951)

* 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 sales and the difference between book and tax amortization methods for premium and market discounts.

- 62 -

Notes to the Financial Statements

February 28, 2021 (Unaudited)

At August 31, 2020, 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:
	Short-Term		Long-Term
Fund	Amount		Amount		Total
Limited Duration Fund	$	–	$	4,605,725	$	4,605,725
Moderate Duration Fund		1,002,566		4,507,510		5,510,076
Bond Fund		1,262,808		1,716,120		2,978,928
Ultra Short Tax-Free Income Fund		114		–		114
Opportunistic Fund		2,168,719		–		2,168,719
World Energy Fund		22,322,693		795,242		23,117,935

To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.

During the year ended August 31, 2020, the following Funds had utilized capital loss carryforwards to offset capital gains:

Fund	Amount
U.S. Treasury Fund	$	284
Government Securities Money Market Fund		6
Limited Duration Fund		1,792,393
Moderate Duration Fund		10,586
Bond Fund		1,463,234
Opportunistic Fund		1,540,148

7. 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 February 28, 2021.

- 63 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

				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
Six Months Ended February 28, 2021 (unaudited)	$	1.000	$	—	$	—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.009		0.009
Year Ended August 31, 2017		1.000		0.001		0.001
Year Ended August 31, 2016		1.000		—		—
Service Shares
Six Months Ended February 28, 2021 (unaudited)		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.011		0.011
Year Ended August 31, 2017		1.000		0.003		0.003
Year Ended August 31, 2016		1.000		—		—
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.012		0.012
Year Ended August 31, 2017		1.000		0.004		0.004
Year Ended August 31, 2016		1.000		—		—
Select Shares
Six Months Ended February 28, 2021 (unaudited)		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
December 27, 2017(e) through August 31, 2018		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) Reflects a voluntary waiver of certain fund expenses in effect during the period relating to the enhancement of certain annualized net yields for the fund. For the period ended February 28, 2021, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.59%, 0.29%, 0.16%, and 0.09% for Administrative Shares, Service Shares, Institutional Shares, and Select Shares, respectively. For the year ended August 31, 2020, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.16%, 0.03%, and 0.01% for Administrative Shares, Service Shares, and Institutional Shares, respectively.

(e) Commencement of operations December 28, 2020.

Amounts designated as “—” are 0 or have been rounded to 0.

- 64 -

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)
$	—		$	—	$	—		$	1.000		—	%	$	767,561		0.09	%(d)		0.01	%		0.67	%
	(0.010	)		—		(0.010	)		1.000		0.55	%		988,206		0.51	%(d)		0.57	%		0.67	%
	(0.020	)		—		(0.020	)		1.000		1.63	%		864,882		0.69	%		1.62	%		0.69	%
	(0.009	)		—		(0.090	)		1.000		0.79	%		957,502		0.67	%		0.77	%		0.67	%
	(0.001	)		—		(0.001	)		1.000		0.08	%		1,057,228		0.53	%		0.08	%		0.73	%
	—			—		—			1.000		0.01	%		1,310,795		0.22	%		0.01	%		0.79	%
	—			—		—			1.000		—	%		27,443		0.09	%		0.01	%		0.67	%
	(0.010	)		—		(0.010	)		1.000		0.71	%		24,566		0.34	%		0.78	%		0.67	%
	(0.020	)		—		(0.020	)		1.000		1.93	%		79,927		0.39	%		1.93	%		0.69	%
	(0.011	)		—		(0.011	)		1.000		1.09	%		33,720		0.37	%		1.11	%		0.67	%
	(0.003	)		—		(0.003	)		1.000		0.25	%		30,662		0.37	%		0.22	%		0.73	%
	—			—		—			1.000		0.01	%		44,780		0.23	%		—	%		0.79	%
	—			—		—			1.000		—	%		62,830		0.09	%(d)		0.01	%		0.42	%
	(0.010	)		—		(0.010	)		1.000		0.81	%		82,420		0.24	%(d)		0.82	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.05	%		94,055		0.27	%		2.04	%		0.44	%
	(0.012	)		—		(0.012	)		1.000		1.21	%		97,238		0.25	%		1.13	%		0.42	%
	(0.004	)		—		(0.004	)		1.000		0.35	%		209,469		0.27	%		0.35	%		0.48	%
	—			—		—			1.000		0.03	%		219,856		0.21	%		0.02	%		0.54	%
	—			—		—			1.000		0.01	%		33,616		0.09	%(d)		0.01	%		0.42	%
	(0.010	)		—		(0.010	)		1.000		0.88	%		37,975		0.17	%		0.94	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		58,826		0.19	%		2.13	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.99	%		51,839		0.17	%		1.46	%		0.42	%

- 65 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

				Change in Net Assets
				Resulting From Operations:
		Net Asset		Net
		Value,		Investment		Total from
		Beginning of		Income		Investment
		Period		(Loss)		Activities
Government Securities Money Market Fund
Administrative Shares
Six Months Ended February 28, 2021 (unaudited)	$	1.000	$	—	$	—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.009		0.009
Year Ended August 31, 2017		1.000		0.001		0.001
Year Ended August 31, 2016		1.000		—		—
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.012		0.012
Year Ended August 31, 2017		1.000		0.004		0.004
Year Ended August 31, 2016		1.000		—		—
Select Shares
Six Months Ended February 28, 2021 (unaudited)		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.013		0.013
September 20, 2016(e) through August 31, 2017		1.000		0.005		0.005
Premier Shares
Six Months Ended February 28, 2021 (unaudited)		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.012		0.012
Year Ended August 31, 2017		1.000		0.004		0.004
Year Ended August 31, 2016		1.000		—		—

(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) Reflects a voluntary waiver of certain fund expenses in effect during the period relating to the enhancement of certain annualized net yields for the fund. For the period ended February 28, 2021, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.45%, 0.16%, 0.08%, and 0.13% for Administrative Shares, Institutional Shares, Select Shares, and Premier Shares, respectively. For the year ended August 31, 2020, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.11% and 0.01% for Administrative Shares and Institutional Shares, respectively. The reduction in the ratio of net expenses to average net assets for Select Shares and Premier Shares was less than 0.005%.

(e) Commencement of operations December 28, 2020.

Amounts designated as “—” are 0 or have been rounded to 0.

- 66 -

Less Dividends From:															Ratios/Supplemental Data:(a)
																		Ratio of Net
			Distributions															Investment
Dividends			from Net					Net Asset							Ratio of Net			Income			Ratio of Gross
from Net			Realized		Total			Value, End					Net Assets End		Expenses to			(Loss) to			Expenses to
Investment			Gains from		Dividends and			of		Total			of Period		Average Net			Average			Average
Income			Investments		Distributions			Period		Return(b)			(000s)		Assets			Net Assets			Net Assets(c)
$	—		$	—	$	—		$	1.000		—	%	$	586,786		0.10	%(d)		0.01	%		0.69	%
	(0.010	)		—		(0.010	)		1.000		0.62	%		608,177		0.44	%(d)		0.58	%		0.68	%
	(0.020	)		—		(0.020	)		1.000		1.77	%		489,932		0.56	%		1.77	%		0.69	%
	(0.009	)		—		(0.009	)		1.000		0.91	%		538,798		0.57	%		0.88	%		0.70	%
	(0.001	)		—		(0.001	)		1.000		0.14	%		686,821		0.49	%		0.13	%		0.72	%
	—			—		—			1.000		0.01	%		945,475		0.27	%		0.01	%		0.80	%
	—			—		—			1.000		—	%		128,352		0.11	%(d)		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.82	%		165,610		0.25	%(d)		0.76	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.06	%		94,595		0.27	%		2.05	%		0.44	%
	(0.012	)		—		(0.012	)		1.000		1.20	%		102,020		0.28	%		1.13	%		0.45	%
	(0.004	)		—		(0.004	)		1.000		0.38	%		181,637		0.27	%		0.32	%		0.47	%
	—			—		—			1.000		0.05	%		756,948		0.24	%		0.04	%		0.55	%
	—			—		—			1.000		0.01	%		982,792		0.10	%(d)		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.89	%		947,249		0.18	%(d)		0.84	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		988,003		0.19	%		2.13	%		0.44	%
	(0.013	)		—		(0.013	)		1.000		1.28	%		800,991		0.20	%		1.30	%		0.45	%
	(0.005	)		—		(0.005	)		1.000		0.45	%		640,260		0.19	%		0.48	%		0.47	%
	—			—		—			1.000		—	%		308,293		0.10	%(d)		0.01	%		0.94	%
	(0.010	)		—		(0.010	)		1.000		0.84	%		321,321		0.23	%(d)		0.75	%		0.93	%
	(0.020	)		—		(0.020	)		1.000		2.09	%		233,659		0.24	%		2.08	%		0.94	%
	(0.012	)		—		(0.012	)		1.000		1.23	%		105,598		0.25	%		1.26	%		0.95	%
	(0.004	)		—		(0.004	)		1.000		0.41	%		72,292		0.24	%		0.43	%		0.97	%
	—			—		—			1.000		0.07	%		15,874		0.22	%		0.06	%		1.05	%

- 67 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			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
Six Months Ended February 28, 2021 (unaudited)	$	9.79	$	0.07	$	(0.04	)	$	0.03
Year Ended August 31, 2020		9.62		0.17		0.17			0.34
Year Ended August 31, 2019		9.41		0.21		0.21			0.42
Year Ended August 31, 2018		9.61		0.16		(0.15	)		0.01
Year Ended August 31, 2017		9.60		0.08		0.05			0.13
Year Ended August 31, 2016		9.60		0.08		0.03			0.11
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		9.79		0.08		(0.05	)		0.03
Year Ended August 31, 2020		9.62		0.19		0.18			0.37
Year Ended August 31, 2019		9.40		0.23		0.23			0.46
Year Ended August 31, 2018		9.60		0.19		(0.16	)		0.03
Year Ended August 31, 2017		9.59		0.11		0.05			0.16
Year Ended August 31, 2016		9.59		0.11		0.03			0.14
A Shares
Six Months Ended February 28, 2021 (unaudited)		9.80		0.07		(0.05	)		0.02
Year Ended August 31, 2020		9.62		0.17		0.18			0.35
Year Ended August 31, 2019		9.41		0.21		0.21			0.42
Year Ended August 31, 2018		9.61		0.16		(0.15	)		0.01
Year Ended August 31, 2017		9.60		0.09		0.05			0.14
Year Ended August 31, 2016		9.60		0.08		0.04			0.12

(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) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

Amounts designated as “—” are 0 or have been rounded to 0.

- 68 -

Less Dividends From:															Ratios/Supplemental Data:(a)
																		Ratio of Net
			Distributions															Investment
Dividends			from Net					Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized		Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from		Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments		Distributions			Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	(0.07	)	$	—	$	(0.07	)	$	9.75		0.34	%	$	3,716		0.74	%		1.36	%		1.00	%		55	%
	(0.17	)		—		(0.17	)		9.79		3.62	%		3,941		0.69	%		1.76	%		0.94	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.56	%		4,126		0.74	%		2.19	%		0.98	%		34	%
	(0.21	)		—		(0.21	)		9.41		0.07	%		8,642		0.80	%		1.63	%		0.99	%		70	%
	(0.12	)		—		(0.12	)		9.61		1.37	%		15,691		0.74	%		0.89	%		1.08	%		69	%
	(0.11	)		—		(0.11	)		9.60		1.19	%		36,878		0.69	%		0.87	%		1.29	%		80	%
	(0.08	)		—		(0.08	)		9.74		0.35	%		77,776		0.52	%		1.58	%		0.75	%		55	%
	(0.20	)		—		(0.20	)		9.79		3.87	%		92,362		0.44	%		1.98	%		0.69	%		89	%
	(0.24	)		—		(0.24	)		9.62		4.94	%		114,269		0.48	%		2.45	%		0.73	%		34	%
	(0.23	)		—		(0.23	)		9.40		0.37	%		87,618		0.49	%		1.99	%		0.74	%		70	%
	(0.15	)		—		(0.15	)		9.60		1.68	%		82,109		0.43	%		1.22	%		0.83	%		69	%
	(0.14	)		—		(0.14	)		9.59		1.48	%		89,098		0.39	%		1.16	%		1.04	%		80	%
	(0.07	)		—		(0.07	)		9.75		0.24	%		1,443		0.74	%		1.37	%		0.85	%		55	%
	(0.17	)		—		(0.17	)		9.80		3.73	%		952		0.68	%		1.72	%		0.79	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.57	%		585		0.72	%		2.20	%		0.83	%		34	%
	(0.21	)		—		(0.21	)		9.41		0.13	%		588		0.74	%		1.65	%		0.84	%		70	%
	(0.13	)		—		(0.13	)		9.61		1.43	%		1,238		0.68	%		0.97	%		0.93	%		69	%
	(0.12	)		—		(0.12	)		9.60		1.23	%		1,635		0.64	%		0.96	%		1.14	%		80	%

- 69 -

Financial Highlights 

For a share of capital stock outstanding throughout the periods indicated.

					Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from
	Beginning of		Income		(Losses)			Investment
	Period		(Loss)		on Investments			Activities
Moderate Duration Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	10.81	$	0.09	$	(0.08	)	$	0.01
Year Ended August 31, 2020		10.64		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.32			0.56
Year Ended August 31, 2018		10.48		0.16		(0.17	)		(0.01	)
Year Ended August 31, 2017		10.60		0.09		(0.02	)		0.07
Year Ended August 31, 2016		10.53		0.14		0.08			0.22
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		10.82		0.10		(0.08	)		0.02
Year Ended August 31, 2020		10.65		0.22		0.16			0.38
Year Ended August 31, 2019		10.31		0.26		0.34			0.60
Year Ended August 31, 2018		10.48		0.19		(0.17	)		0.02
Year Ended August 31, 2017		10.60		0.12		(0.02	)		0.10
Year Ended August 31, 2016		10.53		0.17		0.08			0.25
A Shares
Six Months Ended February 28, 2021 (unaudited)		10.82		0.09		(0.08	)		0.01
Year Ended August 31, 2020		10.65		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.33			0.57
Year Ended August 31, 2018		10.48		0.16		(0.16	)		—
Year Ended August 31, 2017		10.58		0.10		(0.01	)		0.09
Year Ended August 31, 2016		10.52		0.15		0.06			0.21

(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) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(e) The net expense ratio shown for the period reflects the expense limitation agreement which became effective on December 26, 2018.

Amounts designated as “—” are 0 or have been rounded to 0.

- 70 -

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)
$	(0.08	)	$	—	$	(0.08	)	$	10.74		0.13	%	$	4,225		0.74	%		1.59	%		1.25	%		51	%
	(0.19	)		—		(0.19	)		10.81		3.40	%		3,835		0.74	%		1.79	%		1.29	%		83	%
	(0.23	)		—		(0.23	)		10.64		5.54	%		4,271		0.83	%(e)		2.26	%		1.26	%		25	%
	(0.16	)		—		(0.16	)		10.31		(0.07	)%		5,102		1.14	%		1.49	%		1.35	%		28	%
	(0.19	)		—		(0.19	)		10.48		0.69	%		10,375		0.89	%		0.93	%		1.24	%		87	%
	(0.15	)		—		(0.15	)		10.60		2.09	%		14,176		0.79	%		1.24	%		1.34	%		129	%
	(0.09	)		—		(0.09	)		10.75		0.16	%		23,054		0.49	%		1.83	%		1.00	%		51	%
	(0.21	)		—		(0.21	)		10.82		3.66	%		26,765		0.49	%		2.02	%		1.04	%		83	%
	(0.26	)		—		(0.26	)		10.65		5.90	%		23,463		0.58	%(e)		2.51	%		1.01	%		25	%
	(0.19	)		—		(0.19	)		10.31		0.22	%		24,883		0.85	%		1.78	%		1.10	%		28	%
	(0.22	)		—		(0.22	)		10.48		0.99	%		34,078		0.60	%		1.22	%		0.99	%		87	%
	(0.18	)		—		(0.18	)		10.60		2.39	%		52,057		0.49	%		1.52	%		1.09	%		129	%
	(0.08	)		—		(0.08	)		10.75		0.13	%		382		0.74	%		1.59	%		1.10	%		51	%
	(0.19	)		—		(0.19	)		10.82		3.40	%		314		0.74	%		1.79	%		1.14	%		83	%
	(0.23	)		—		(0.23	)		10.65		5.63	%		381		0.85	%(e)		2.24	%		1.11	%		25	%
	(0.17	)		—		(0.17	)		10.31		(0.03	)%		634		1.10	%		1.53	%		1.20	%		28	%
	(0.19	)		—		(0.19	)		10.48		0.92	%		983		0.85	%		0.93	%		1.09	%		87	%
	(0.15	)		—		(0.15	)		10.58		2.03	%		2,123		0.74	%		1.30	%		1.19	%		129	%

- 71 -

Financial Highlights 

For a share of capital stock outstanding throughout the periods indicated.

					Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from
	Beginning of		Income		(Losses)			Investment
	Period		(Loss)		on Investments			Activities
Bond Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	10.12	$	0.09	$	(0.18	)	$	(0.09	)
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.22		0.21		0.60			0.81
Year Ended August 31, 2018		9.55		0.18		(0.31	)		(0.13	)
Year Ended August 31, 2017		9.77		0.09		(0.15	)		(0.06	)
Year Ended August 31, 2016		9.56		0.15		0.24			0.39
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		10.10		0.10		(0.19	)		(0.09	)
Year Ended August 31, 2020		9.80		0.21		0.31			0.52
Year Ended August 31, 2019		9.20		0.23		0.61			0.84
Year Ended August 31, 2018		9.52		0.20		(0.29	)		(0.09	)
Year Ended August 31, 2017		9.75		0.12		(0.16	)		(0.04	)
Year Ended August 31, 2016		9.54		0.18		0.23			0.41
A Shares
Six Months Ended February 28, 2021 (unaudited)		10.12		0.09		(0.19	)		(0.10	)
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.21		0.21		0.62			0.83
Year Ended August 31, 2018		9.54		0.18		(0.31	)		(0.13	)
Year Ended August 31, 2017		9.75		0.09		(0.13	)		(0.04	)
Year Ended August 31, 2016		9.55		0.15		0.23			0.38

(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) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

Amounts designated as “—” are 0 or have been rounded to 0.

- 72 -

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)
$	(0.09	)	$	—		$	(0.09	)	$	9.94		(0.90	)%	$	1,820		0.72	%		1.80	%		0.97	%		50	%
	(0.19	)		—			(0.19	)		10.12		5.07	%		2,383		0.73	%		1.86	%		0.98	%		65	%
	(0.21	)		—			(0.21	)		9.82		8.96	%		1,862		0.77	%		2.24	%		0.99	%		33	%
	(0.20	)		—			(0.20	)		9.22		(1.33	)%		5,641		0.76	%		1.91	%		0.99	%		29	%
	(0.14	)		(0.02	)		(0.16	)		9.55		(0.57	)%		7,305		0.71	%		1.01	%		1.06	%		79	%
	(0.18	)		—			(0.18	)		9.77		4.11	%		11,279		0.68	%		1.52	%		1.26	%		107	%
	(0.10	)		—			(0.10	)		9.91		(0.88	)%		100,798		0.47	%		2.06	%		0.72	%		50	%
	(0.22	)		—			(0.22	)		10.10		5.34	%		94,112		0.48	%		2.14	%		0.73	%		65	%
	(0.24	)		—			(0.24	)		9.80		9.28	%		101,925		0.49	%		2.51	%		0.74	%		33	%
	(0.23	)		—			(0.23	)		9.20		(0.97	)%		96,022		0.49	%		2.17	%		0.74	%		29	%
	(0.17	)		(0.02	)		(0.19	)		9.52		(0.41	)%		119,604		0.44	%		1.28	%		0.81	%		79	%
	(0.20	)		—			(0.20	)		9.75		4.39	%		155,660		0.41	%		1.79	%		1.01	%		107	%
	(0.09	)		—			(0.09	)		9.93		(1.00	)%		105		0.72	%		1.82	%		0.82	%		50	%
	(0.19	)		—			(0.19	)		10.12		5.07	%		60		0.73	%		1.91	%		0.83	%		65	%
	(0.22	)		—			(0.22	)		9.82		9.11	%		136		0.74	%		2.27	%		0.84	%		33	%
	(0.20	)		—			(0.20	)		9.21		(1.32	)%		126		0.74	%		1.92	%		0.84	%		29	%
	(0.15	)		(0.02	)		(0.17	)		9.54		(0.45	)%		176		0.69	%		1.03	%		0.91	%		79	%
	(0.18	)		—			(0.18	)		9.75		4.02	%		277		0.66	%		1.62	%		1.11	%		107	%

- 73 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Strategic Enhanced Yield Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	10.82	$	0.07	(e)	$	(0.23	)	$	(0.16	)
Year Ended August 31, 2020		10.70		0.19	(e)		0.28			0.47
Year Ended August 31, 2019		10.10		0.29	(e)		0.60			0.89
December 26, 2017 (f) through August 31, 2018		10.00		0.21	(e)		(0.01	)		0.20
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		10.67		0.08	(e)		(0.22	)		(0.14	)
Year Ended August 31, 2020		10.56		0.21	(e)		0.27			0.48
Year Ended August 31, 2019		9.97		0.31	(e)		0.59			0.90
December 26, 2017 (f) through August 31, 2018		10.00		0.21	(e)		(0.02	)		0.19
A Shares
Six Months Ended February 28, 2021 (unaudited)		10.67		0.07	(e)		(0.23	)		(0.16	)
Year Ended August 31, 2020		10.56		0.20	(e)		0.25			0.45
Year Ended August 31, 2019		9.96		0.28	(e)		0.60			0.88
December 26, 2017 (f) through August 31, 2018		10.00		0.19	(e)		(0.03	)		0.16

(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) 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.

(f) Commencement of operations December 28, 2020.

Amounts designated as “—” are 0 or have been rounded to 0.

- 74 -

Less Dividends From:																Ratios/Supplemental Data:(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	(0.07	)	$	(0.18	)	$	(0.25	)	$	10.41		(1.51	)%	$	2,060		1.01	%		1.35	%		1.62	%		92	%
	(0.20	)		(0.15	)		(0.35	)		10.82		4.47	%		2,178		1.01	%		1.82	%		2.05	%		96	%
	(0.29	)		—			(0.29	)		10.70		8.96	%		1,546		1.01	%		2.79	%		3.16	%		59	%
	(0.10	)		—			(0.10	)		10.10		2.05	%		4		1.01	%		3.01	%		13.65	%		20	%
	(0.08	)		(0.18	)		(0.26	)		10.27		(1.32	)%		24,509		0.76	%		1.61	%		1.38	%		92	%
	(0.22	)		(0.15	)		(0.37	)		10.67		4.66	%		17,335		0.76	%		2.00	%		1.77	%		96	%
	(0.31	)		—			(0.31	)		10.56		9.21	%		6,370		0.76	%		3.02	%		3.23	%		59	%
	(0.22	)		—			(0.22	)		9.97		1.87	%		984		0.76	%		3.11	%		13.40	%		20	%
	(0.07	)		(0.18	)		(0.25	)		10.26		(1.54	)%		962		1.01	%		1.34	%		1.47	%		92	%
	(0.19	)		(0.15	)		(0.34	)		10.67		4.41	%		393		1.01	%		1.94	%		1.97	%		96	%
	(0.28	)		—			(0.28	)		10.56		9.05	%		468		1.01	%		2.82	%		4.02	%		59	%
	(0.20	)		—			(0.20	)		9.96		1.60	%		390		1.01	%		2.87	%		13.50	%		20	%

- 75 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Ultra Short Tax-Free Income Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	10.00	$	(0.01	)(e)	$	—		$	(0.01	)
Year Ended August 31, 2020		10.00		0.06			—			0.06
Year Ended August 31, 2019		9.98		0.11			0.02			0.13
December 26, 2017(g) through August 31, 2018		10.00		0.03			(0.02	)		0.01
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		10.01		—	(e)		—			—
Year Ended August 31, 2020		10.01		0.09			—			0.09
Year Ended August 31, 2019		10.00		0.14			0.01			0.15
December 26, 2017(g) through August 31, 2018		10.00		0.07			—			0.07
A Shares
Six Months Ended February 28, 2021 (unaudited)		10.01		(0.01	)(e)		(0.01	)		(0.02	)
Year Ended August 31, 2020		10.01		0.06			—			0.06
Year Ended August 31, 2019		10.01		0.03			0.01			0.04
December 26, 2017(g) through August 31, 2018		10.00		—			0.01			0.01

(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) 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.

(f) The net expense ratio shown for the period reflects the expense limitation agreement in effect as of December 26, 2018 and the higher limit in effect prior to that date.

(g) Commencement of operations December 28, 2020.

Amounts designated as “—” are 0 or have been rounded to 0.

- 76 -

Less Dividends From:															Ratios/Supplemental Data:(a)
																		Ratio of Net
			Distributions															Investment
Dividends			from Net					Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized		Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from		Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments		Distributions			Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	—		$	—	$	—		$	9.99		(0.10	)%	$	333		0.60	%		(0.27	)%		1.05	%		108	%
	(0.06	)		—		(0.06	)		10.00		0.64	%		539		0.60	%		0.53	%		1.16	%		129	%
	(0.11	)		—		(0.11	)		10.00		1.35	%		175		0.66	%(f)		1.12	%		1.59	%		135	%
	(0.03	)		—		(0.03	)		9.98		0.14	%		71		0.81	%		0.71	%		2.36	%		155	%
	—			—		—			10.01		0.01	%		35,144		0.35	%		(0.03	)%		0.80	%		108	%
	(0.09	)		—		(0.09	)		10.01		0.89	%		38,955		0.35	%		0.81	%		0.92	%		129	%
	(0.14	)		—		(0.14	)		10.01		1.50	%		20,529		0.41	%(f)		1.38	%		1.34	%		135	%
	(0.07	)		—		(0.07	)		10.00		0.65	%		11,595		0.56	%		0.96	%		2.11	%		155	%
	—			—		—			9.99		(0.20	)%		17		0.60	%		(0.27	)%		0.90	%		108	%
	(0.06	)		—		(0.06	)		10.01		0.64	%		17		0.60	%		0.65	%		1.04	%		129	%
	(0.04	)		—		(0.04	)		10.01		0.36	%		21		0.66	%(f)		1.07	%		1.44	%		135	%
	—			—		—			10.01		0.10	%		—		0.81	%		0.71	%		2.21	%		155	%

- 77 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains		Total from
	Beginning of		Income		(Losses)		Investment
	Period		(Loss)		on Investments		Activities
Active Core Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	14.21	$	0.09	$	0.91	$	1.00
Year Ended August 31, 2020		13.49		0.17		1.30		1.47
Year Ended August 31, 2019		14.04		0.19		0.21		0.40
Year Ended August 31, 2018		13.72		0.18		0.95		1.13
Year Ended August 31, 2017		13.35		0.17		0.76		0.93
Year Ended August 31, 2016		13.38		0.23		0.58		0.81
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		14.26		0.10		0.91		1.01
Year Ended August 31, 2020		13.54		0.20		1.30		1.50
Year Ended August 31, 2019		14.08		0.23		0.22		0.45
Year Ended August 31, 2018		13.76		0.22		0.94		1.16
Year Ended August 31, 2017		13.39		0.20		0.77		0.97
Year Ended August 31, 2016		13.39		0.23		0.61		0.84
A Shares
Six Months Ended February 28, 2021 (unaudited)		14.17		0.09		0.91		1.00
Year Ended August 31, 2020		13.45		0.16		1.30		1.46
Year Ended August 31, 2019		13.98		0.16		0.23		0.39
Year Ended August 31, 2018		13.67		0.18		0.94		1.12
Year Ended August 31, 2017		13.31		0.17		0.76		0.93
Year Ended August 31, 2016		13.32		0.20		0.60		0.80
C Shares
Six Months Ended February 28, 2021 (unaudited)		14.13		0.06		0.88		0.94
Year Ended August 31, 2020		13.43		0.08		1.28		1.36
Year Ended August 31, 2019		13.98		0.09		0.21		0.30
Year Ended August 31, 2018		13.65		0.07		0.96		1.03
Year Ended August 31, 2017		13.31		0.08		0.74		0.82
Year Ended August 31, 2016		13.31		0.10		0.61		0.71

(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) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

Amounts designated as “—” are 0 or have been rounded to 0.

- 78 -

Less Dividends From:																Ratios/Supplemental Data:(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	(0.11	)	$	(0.65	)	$	(0.76	)	$	14.45		7.15	%	$	5,113		1.05	%		1.16	%		1.31	%		60	%
	(0.19	)		(0.56	)		(0.75	)		14.21		11.29	%		5,006		1.10	%		1.26	%		1.35	%		65	%
	(0.19	)		(0.76	)		(0.95	)		13.49		3.67	%		4,632		1.10	%		1.44	%		1.36	%		41	%
	(0.19	)		(0.62	)		(0.81	)		14.04		8.46	%		5,340		1.07	%		1.32	%		1.32	%		37	%
	(0.17	)		(0.39	)		(0.56	)		13.72		7.24	%		5,275		0.98	%		1.28	%		1.37	%		55	%
	(0.22	)		(0.62	)		(0.84	)		13.35		6.36	%		7,921		0.88	%		1.52	%		1.52	%		69	%
	(0.12	)		(0.65	)		(0.77	)		14.50		7.20	%		43,464		0.80	%		1.40	%		1.06	%		60	%
	(0.22	)		(0.56	)		(0.78	)		14.26		11.54	%		43,347		0.85	%		1.51	%		1.10	%		65	%
	(0.23	)		(0.76	)		(0.99	)		13.54		4.00	%		42,574		0.85	%		1.69	%		1.11	%		41	%
	(0.22	)		(0.62	)		(0.84	)		14.08		8.70	%		46,738		0.81	%		1.57	%		1.07	%		37	%
	(0.21	)		(0.39	)		(0.60	)		13.76		7.50	%		46,101		0.73	%		1.52	%		1.12	%		55	%
	(0.22	)		(0.62	)		(0.84	)		13.39		6.62	%		53,077		0.62	%		1.79	%		1.27	%		69	%
	(0.11	)		(0.65	)		(0.76	)		14.41		7.17	%		544		1.05	%		1.16	%		1.16	%		60	%
	(0.18	)		(0.56	)		(0.74	)		14.17		11.26	%		627		1.12	%		1.24	%		1.20	%		65	%
	(0.16	)		(0.76	)		(0.92	)		13.45		3.59	%		767		1.17	%		1.38	%		1.21	%		41	%
	(0.19	)		(0.62	)		(0.81	)		13.98		8.41	%		1,496		1.17	%		1.22	%		1.17	%		37	%
	(0.18	)		(0.39	)		(0.57	)		13.67		7.20	%		1,518		0.98	%		1.28	%		1.22	%		55	%
	(0.19	)		(0.62	)		(0.81	)		13.31		6.33	%		1,391		0.87	%		1.57	%		1.37	%		69	%
	(0.08	)		(0.65	)		(0.73	)		14.34		6.73	%		77		1.80	%		0.41	%		2.06	%		60	%
	(0.10	)		(0.56	)		(0.66	)		14.13		10.42	%		67		1.85	%		0.48	%		2.10	%		65	%
	(0.09	)		(0.76	)		(0.85	)		13.43		2.87	%		54		1.85	%		0.69	%		2.11	%		41	%
	(0.08	)		(0.62	)		(0.70	)		13.98		7.70	%		73		1.84	%		0.54	%		2.07	%		37	%
	(0.09	)		(0.39	)		(0.48	)		13.65		6.32	%		75		1.73	%		0.57	%		2.12	%		55	%
	(0.09	)		(0.62	)		(0.71	)		13.31		5.61	%		67		1.62	%		0.78	%		2.27	%		69	%

- 79 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Mid Cap Diverse Leadership Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	11.40	$	0.03	(e)	$	2.33		$	2.36
Year Ended August 31, 2020		11.24		0.06	(e)		0.58			0.64
Year Ended August 31, 2019		11.90		0.03	(e)		(0.29	)		(0.26	)
Year Ended August 31, 2018		10.33		0.05	(e)		1.57			1.62
December 30, 2016(f) through August 31, 2017		10.00		0.07			0.32			0.39
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		11.41		0.05	(e)		2.32			2.37
Year Ended August 31, 2020		11.25		0.08	(e)		0.60			0.68
Year Ended August 31, 2019		11.92		0.06	(e)		(0.29	)		(0.23	)
Year Ended August 31, 2018		10.36		0.08	(e)		1.57			1.65
December 30, 2016(f) through August 31, 2017		10.00		0.04			0.34			0.38
A Shares
Six Months Ended February 28, 2021 (unaudited)		11.46		0.04	(e)		2.34			2.38
Year Ended August 31, 2020		11.31		0.06	(e)		0.58			0.64
Year Ended August 31, 2019		11.97		0.03	(e)		(0.28	)		(0.25	)
Year Ended August 31, 2018		10.39		0.05	(e)		1.58			1.63
December 30, 2016(f) through August 31, 2017		10.00		0.02			0.37			0.39
C Shares
Six Months Ended February 28, 2021 (unaudited)		11.20		(0.01	)(e)		2.29			2.28
Year Ended August 31, 2020		11.06		(0.03	)(e)		0.60			0.57
Year Ended August 31, 2019		11.68		—	(e)		(0.25	)		(0.25	)
Year Ended August 31, 2018		10.28		—	(e)		1.40			1.40
December 30, 2016(f) through August 31, 2017		10.00		0.02			0.26			0.28

(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) 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.

(f) Commencement of operations December 28, 2020.

Amounts designated as “—” are 0 or have been rounded to 0.

- 80 -

Less Dividends From:																Ratios/Supplemental Data:(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	(0.06	)	$	(1.11	)	$	(1.17	)	$	12.59		21.44	%	$	73		1.06	%		0.59	%		12.56	%		56	%
	(0.05	)		(0.43	)		(0.48	)		11.40		5.73	%		124		1.06	%		0.51	%		13.27	%		90	%
	(0.03	)		(0.37	)		(0.40	)		11.24		(1.59	)%		114		1.06	%		0.27	%		8.26	%		106	%
	(0.05	)		—			(0.05	)		11.90		15.67	%		624		1.06	%		0.45	%		5.32	%		74	%
	(0.06	)		—			(0.06	)		10.33		3.84	%		185		1.06	%		0.72	%		16.40	%		45	%
	(0.07	)		(1.11	)		(1.18	)		12.60		21.51	%		795		0.81	%		0.88	%		12.31	%		56	%
	(0.09	)		(0.43	)		(0.52	)		11.41		6.05	%		680		0.81	%		0.76	%		13.02	%		90	%
	(0.07	)		(0.37	)		(0.44	)		11.25		(1.32	)%		809		0.81	%		0.53	%		9.22	%		106	%
	(0.09	)		—			(0.09	)		11.92		15.97	%		1,355		0.81	%		0.73	%		7.35	%		74	%
	(0.02	)		—			(0.02	)		10.36		3.84	%		1,610		0.81	%		0.81	%		9.65	%		45	%
	(0.06	)		(1.11	)		(1.17	)		12.67		21.49	%		136		1.06	%		0.62	%		12.41	%		56	%
	(0.06	)		(0.43	)		(0.49	)		11.46		5.62	%		123		1.06	%		0.51	%		13.12	%		90	%
	(0.04	)		(0.37	)		(0.41	)		11.31		(1.50	)%		382		1.06	%		0.28	%		10.07	%		106	%
	(0.05	)		—			(0.05	)		11.97		15.68	%		364		1.06	%		0.46	%		6.24	%		74	%
	—			—			—			10.39		3.90	%		62		1.06	%		0.45	%		14.98	%		45	%
	(0.04	)		(1.11	)		(1.15	)		12.33		21.04	%		30		1.81	%		(0.12	)%		13.31	%		56	%
	—			(0.43	)		(0.43	)		11.20		5.12	%		25		1.81	%		(0.24	)%		14.02	%		90	%
	—			(0.37	)		(0.37	)		11.06		(1.51	)%		—		1.81	%		—	%		2.06	%		106	%
	—			—			—			11.68		13.62	%		—		1.81	%		—	%		27.23	%		74	%
	—			—			—			10.28		2.80	%		253		1.81	%		3.73	%		25.73	%		45	%

- 81 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Opportunistic Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	13.78	$	0.04	(e)	$	3.06		$	3.10
Year Ended August 31, 2020		12.83		0.11			0.96			1.07
Year Ended August 31, 2019		15.43		0.13			(1.65	)		(1.52	)
Year Ended August 31, 2018		14.90		0.04	(e)		1.28			1.32
Year Ended August 31, 2017		12.86		(0.02	)		2.08			2.06
Year Ended August 31, 2016		13.66		0.03			(0.47	)		(0.44	)
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		13.95		0.06	(e)		3.09			3.15
Year Ended August 31, 2020		12.98		0.13			0.99			1.12
Year Ended August 31, 2019		15.61		0.17			(1.68	)		(1.51	)
Year Ended August 31, 2018		15.05		0.08	(e)		1.30			1.38
Year Ended August 31, 2017		12.99		0.03			2.08			2.11
Year Ended August 31, 2016		13.78		0.06			(0.47	)		(0.41	)
A Shares
Six Months Ended February 28, 2021 (unaudited)		13.83		0.04	(e)		3.07			3.11
Year Ended August 31, 2020		12.88		0.10			0.96			1.06
Year Ended August 31, 2019		15.48		0.13			(1.65	)		(1.52	)
Year Ended August 31, 2018		14.95		0.04	(e)		1.28			1.32
Year Ended August 31, 2017		12.90		(0.01	)		2.07			2.06
Year Ended August 31, 2016		13.70		0.03			(0.47	)		(0.44	)
C Shares
Six Months Ended February 28, 2021 (unaudited)		13.42		(0.02	)(e)		2.98			2.96
Year Ended August 31, 2020		12.51		0.02			0.92			0.94
Year Ended August 31, 2019		15.07		0.02			(1.60	)		(1.58	)
Year Ended August 31, 2018		14.65		(0.08	)(e)		1.25			1.17
Year Ended August 31, 2017		12.73		(0.02	)		1.94			1.92
Year Ended August 31, 2016		13.60		0.01			(0.54	)		(0.53	)

(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) 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.

(f) The net expense ratio shown for the period reflects the expense limitation agreement which became effective on December 26, 2018.

Amounts designated as “—” are 0 or have been rounded to 0.

- 82 -

Less Dividends From:																Ratios/Supplemental Data:(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	(0.01	)	$	—		$	(0.01	)	$	16.87		22.51	%	$	1,611		1.25	%		0.50	%		1.88	%		245	%
	(0.12	)		—			(0.12	)		13.78		8.46	%		1,319		1.25	%		0.83	%		2.01	%		240	%
	(0.15	)		(0.93	)		(1.08	)		12.83		(9.28	)%		3,118		1.37	%(f)		0.97	%		1.89	%		183	%
	(0.04	)		(0.75	)		(0.79	)		15.43		9.08	%		2,097		1.64	%		0.25	%		1.85	%		157	%
	(0.02	)		—			(0.02	)		14.90		15.99	%		3,009		1.60	%		(0.10	)%		1.81	%		227	%
	(0.02	)		(0.34	)		(0.36	)		12.86		(3.33	)%		2,451		1.45	%		0.22	%		1.66	%		266	%
	(0.02	)		—			(0.02	)		17.08		22.60	%		57,382		1.00	%		0.76	%		1.62	%		245	%
	(0.15	)		—			(0.15	)		13.95		8.74	%		30,697		1.00	%		1.03	%		1.77	%		240	%
	(0.19	)		(0.93	)		(1.12	)		12.98		(9.10	)%		34,492		1.13	%(f)		1.22	%		1.64	%		183	%
	(0.07	)		(0.75	)		(0.82	)		15.61		9.45	%		45,659		1.35	%		0.55	%		1.60	%		157	%
	(0.05	)		—			(0.05	)		15.05		16.27	%		38,266		1.31	%		0.18	%		1.56	%		227	%
	(0.04	)		(0.34	)		(0.38	)		12.99		(3.03	)%		33,056		1.16	%		0.45	%		1.41	%		266	%
	(0.01	)		—			(0.01	)		16.93		22.51	%		1,525		1.25	%		0.50	%		1.73	%		245	%
	(0.11	)		—			(0.11	)		13.83		8.37	%		1,380		1.25	%		0.79	%		1.87	%		240	%
	(0.15	)		(0.93	)		(1.08	)		12.88		(9.24	)%		1,898		1.37	%(f)		0.98	%		1.74	%		183	%
	(0.04	)		(0.75	)		(0.79	)		15.48		9.09	%		2,032		1.63	%		0.26	%		1.70	%		157	%
	(0.01	)		—			(0.01	)		14.95		15.96	%		2,321		1.56	%		(0.06	)%		1.66	%		227	%
	(0.02	)		(0.34	)		(0.36	)		12.90		(3.29	)%		2,275		1.41	%		0.17	%		1.51	%		266	%
	—			—			—			16.38		22.06	%		357		2.00	%		(0.25	)%		2.62	%		245	%
	(0.03	)		—			(0.03	)		13.42		7.58	%		307		2.00	%		0.03	%		2.77	%		240	%
	(0.05	)		(0.93	)		(0.98	)		12.51		(9.95	)%		343		2.15	%(f)		0.19	%		2.64	%		183	%
	—			(0.75	)		(0.75	)		15.07		8.22	%		598		2.41	%		(0.52	)%		2.60	%		157	%
	—			—			—			14.65		15.08	%		573		2.34	%		(0.84	)%		2.56	%		227	%
	—			(0.34	)		(0.34	)		12.73		(3.99	)%		442		2.18	%		(0.55	)%		2.41	%		266	%

- 83 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
World Energy Fund
Investor Shares
Six Months Ended February 28, 2021 (unaudited)	$	6.16	$	0.07		$	2.61		$	2.68
Year Ended August 31, 2020		6.71		0.10			(0.51	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.82	)		(2.67	)
Year Ended August 31, 2018		8.06		0.06	(f)		1.41			1.47
Year Ended August 31, 2017		8.63		0.08			(0.58	)		(0.50	)
Year Ended August 31, 2016		8.58		0.10			0.04			0.14
Institutional Shares
Six Months Ended February 28, 2021 (unaudited)		6.16		0.07			2.61			2.68
Year Ended August 31, 2020		6.72		0.13			(0.53	)		(0.40	)
Year Ended August 31, 2019		9.51		0.17			(2.83	)		(2.66	)
Year Ended August 31, 2018		8.07		0.09	(f)		1.42			1.51
Year Ended August 31, 2017		8.65		0.11			(0.59	)		(0.48	)
Year Ended August 31, 2016		8.59		0.12			0.05			0.17
A Shares
Six Months Ended February 28, 2021 (unaudited)		6.15		0.07			2.60			2.67
Year Ended August 31, 2020		6.70		0.11			(0.52	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.83	)		(2.68	)
Year Ended August 31, 2018		8.06		0.07	(f)		1.41			1.48
Year Ended August 31, 2017		8.63		0.09			(0.59	)		(0.50	)
Year Ended August 31, 2016		8.59		0.10			0.03			0.13
C Shares
Six Months Ended February 28, 2021 (unaudited)		6.10		0.05			2.57			2.62
Year Ended August 31, 2020		6.64		0.05			(0.51	)		(0.46	)
Year Ended August 31, 2019		9.39		0.09			(2.79	)		(2.70	)
Year Ended August 31, 2018		8.00		—	(f)		1.40			1.40
Year Ended August 31, 2017		8.57		0.02			(0.58	)		(0.56	)
Year Ended August 31, 2016		8.53		0.05			0.03			0.08

(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) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(e) The net expense ratio shown for the period reflects the expense limitation agreement which became effective on December 26, 2018.

(f) Calculated using average shares.

Amounts designated as “—” are 0 or have been rounded to 0.

- 84 -

Less Dividends From:															Ratios/Supplemental Data:(a)
																		Ratio of Net
			Distributions															Investment
Dividends			from Net					Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized		Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from		Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments		Distributions			Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	(0.06	)	$	—	$	(0.06	)	$	8.78		43.81	%	$	4,971		1.15	%		2.13	%		2.16	%		148	%
	(0.14	)		—		(0.14	)		6.16		(6.19	)%		2,984		1.15	%		1.68	%		2.18	%		191	%
	(0.11	)		—		(0.11	)		6.71		(28.27	)%		3,079		1.25	%(e)		1.56	%		1.68	%		145	%
	(0.04	)		—		(0.04	)		9.49		18.27	%		7,964		1.39	%		0.66	%		1.56	%		130	%
	(0.06	)		—		(0.07	)		8.06		(5.87	)%		9,316		1.33	%		0.90	%		1.53	%		103	%
	(0.09	)		—		(0.09	)		8.63		1.66	%		10,177		1.29	%		1.22	%		1.55	%		150	%
	(0.06	)		—		(0.06	)		8.78		43.96	%		10,233		0.90	%		2.40	%		1.91	%		148	%
	(0.16	)		—		(0.16	)		6.16		(5.91	)%		6,254		0.90	%		1.82	%		1.89	%		191	%
	(0.13	)		—		(0.13	)		6.72		(28.12	)%		11,163		0.97	%(e)		1.88	%		1.43	%		145	%
	(0.07	)		—		(0.07	)		9.51		18.71	%		37,696		1.12	%		0.97	%		1.31	%		130	%
	(0.08	)		—		(0.10	)		8.07		(5.69	)%		25,809		1.01	%		1.24	%		1.28	%		103	%
	(0.11	)		—		(0.11	)		8.65		2.09	%		26,214		0.96	%		1.48	%		1.30	%		150	%
	(0.06	)		—		(0.06	)		8.76		43.75	%		3,579		1.15	%		2.00	%		2.01	%		148	%
	(0.14	)		—		(0.14	)		6.15		(6.13	)%		1,867		1.15	%		1.66	%		2.02	%		191	%
	(0.11	)		—		(0.11	)		6.70		(28.35	)%		2,485		1.21	%(e)		1.67	%		1.53	%		145	%
	(0.05	)		—		(0.05	)		9.49		18.37	%		6,302		1.34	%		0.72	%		1.41	%		130	%
	(0.06	)		—		(0.07	)		8.06		(5.84	)%		6,836		1.26	%		0.96	%		1.38	%		103	%
	(0.09	)		—		(0.09	)		8.63		1.59	%		8,644		1.22	%		1.26	%		1.40	%		150	%
	(0.04	)		—		(0.04	)		8.68		43.24	%		3,259		1.90	%		1.37	%		2.91	%		148	%
	(0.08	)		—		(0.08	)		6.10		(6.89	)%		2,458		1.90	%		0.87	%		2.91	%		191	%
	(0.05	)		—		(0.05	)		6.64		(28.82	)%		3,688		1.95	%(e)		0.97	%		2.43	%		145	%
	(0.01	)		—		(0.01	)		9.39		17.51	%		6,115		2.11	%		(0.05	)%		2.31	%		130	%
	(0.01	)		—		(0.01	)		8.00		(6.59	)%		6,131		2.01	%		0.23	%		2.28	%		103	%
	(0.04	)		—		(0.04	)		8.57		0.99	%		7,726		1.97	%		0.52	%		2.30	%		150	%

- 85 -

Financial Highlights

For a share of capital stock outstanding throughout the periods indicated.

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Hedged Income Fund
Investor Shares
December 28, 2020(e) through February 28, 2021 (unaudited)	$	10.00	$	0.05	(f)	$	(0.10	)	$	(0.05	)
Institutional Shares
December 28, 2020(e) through February 28, 2021 (unaudited)		10.00		0.05	(f)		(0.09	)		(0.04	)
A Shares
December 28, 2020(e) through February 28, 2021 (unaudited)		10.00		0.03	(f)		(0.08	)		(0.05	)

(a) Not annualized for periods less than one year.

(b) Annualized for periods less than one year, except for Portfolio Turnover.

(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) Commencement of operations December 28, 2020.

(f) Calculated using average shares.

Amounts designated as “—” are 0 or have been rounded to 0.

- 86 -

Less Dividends From:													Ratios/Supplemental Data:(a)
																Ratio of Net
		Distributions														Investment
Dividends		from Net				Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net		Realized		Total		Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment		Gains from		Dividends and		of		Sales			of Period		Average Net			Average			Average			Portfolio
Income		Investments		Distributions		Period		Charge)(b)			(000s)		Assets			Net Assets			Net Assets(c)			Turnover(d)
$	—	$	—	$	—	$	9.95		(0.50	)%	$	130		1.35	%		2.67	%		10.14	%		4	%
	—		—		—		9.96		(0.40	)%		8,321		1.10	%		2.95	%		5.35	%		4	%
	—		—		—		9.95		(0.50	)%		451		1.35	%		1.92	%		9.74	%		4	%

- 87 -

Additional Fund Information

February 28, 2021 (Unaudited)

U.S. Treasury Fund:

	Percentage of
Security Allocation	Net Assets
U.S. Treasury Obligations		28.1	%
Repurchase Agreements		51.6	%
Investment Companies		19.7	%
Other assets in excess of liabilities		0.6	%
Total		100.0	%

Government Securities Money Market Fund:

	Percentage of
Security Allocation	Net Assets
U.S. Government Agency Securities		29.4	%
U.S. Treasury Obligations		12.0	%
Repurchase Agreements		44.6	%
Investment Companies		14.2	%
Liabilities in excess of other assets		(0.2	)%
Total		100.0	%

Limited Duration Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		22.2	%
Mortgage Backed Securities		32.5	%
Corporate Bonds		14.6	%
Taxable Municipal Bonds		1.3	%
U.S. Government Agency Securities		14.1	%
U.S. Treasury Obligations		5.0	%
Investment in Affiliates		11.4	%
Liabilities in excess of other assets		(1.1	)%
Total		100.0	%

Moderate Duration Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		11.5	%
Mortgage Backed Securities		25.9	%
Corporate Bonds		31.2	%
Taxable Municipal Bonds		17.3	%
U.S. Treasury Obligations		11.6	%
Investment in Affiliates		1.7	%
Other assets in excess of liabilities		0.8	%
Total		100.0	%

Bond Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		7.9	%
Mortgage Backed Securities		20.1	%
Corporate Bonds		32.7	%
Taxable Municipal Bonds		19.8	%
U.S. Treasury Obligations		16.7	%
Investment in Affiliates		4.4	%
Liabilities in excess of other assets		(1.6	)%
Total		100.0	%

Strategic Enhanced Yield Fund: 

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		15.8	%
Mortgage Backed Securities		22.4	%
Corporate Bonds		30.3	%
U.S. Government Agency Securities		14.0	%
U.S. Treasury Obligations		13.7	%
Investment in Affiliates		3.7	%
Other assets in excess of liabilities		0.1	%
Total		100.0	%

Ultra Short Tax-Free Income Fund:

	Percentage of
Security Allocation	Net Assets
Municipal Bonds		98.6	%
Investment in Affiliates		1.0	%
Other assets in excess of liabilities		0.4	%
Total		100.0	%

Active Core Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		54.6	%
Asset Backed Securities		2.4	%
Mortgage Backed Securities		8.9	%
Corporate Bonds		12.2	%
Taxable Municipal Bonds		7.8	%
U.S. Treasury Obligations		6.6	%
Investment Companies		3.8	%
Investment in Affiliates		5.7	%
Liabilities in excess of other assets		(2.0	)%
Total		100.0	%

Mid Cap Diverse Leadership Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		94.0	%
Investment in Affiliates		1.6	%
Other assets in excess of liabilities		4.4	%
Total		100.0	%

Opportunistic Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		71.5	%
Corporate Bonds		15.8	%
Investment Companies		4.4	%
Investment in Affiliates		4.4	%
Other assets in excess of liabilities		3.9	%
Total		100.0	%

World Energy Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		91.1	%
Corporate Bonds		5.0	%
Investment in Affiliates		6.4	%
Liabilities in excess of other assets		(2.5	)%
Total		100.0	%

Hedged Income Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		94.6	%
Purchased Option		2.4	%
Investment in Affiliates		8.1	%
Liabilities in excess of other assets		(5.1	)%
Total		100.0	%

- 88 -

Additional Fund Information	Continued
February 28, 2021 (Unaudited)

As a shareholder of the Cavanal Hill Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; and exchange fees; (2) ongoing costs, including management fees; distribution fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Cavanal Hill Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2020 through February 28, 2021.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the table under the heading entitled “Expense Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/20		2/28/21		9/1/20 - 2/28/21		9/1/20 - 2/28/21
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,000.00	$	0.45		0.09	%
Service Shares		1,000.00		1,000.00		0.45		0.09	%
Institutional Shares		1,000.00		1,000.00		0.45		0.09	%
Select Shares		1,000.00		1,000.10		0.45		0.09	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,000.00		0.50		0.10	%
Institutional Shares		1,000.00		1,000.00		0.55		0.11	%
Select Shares		1,000.00		1,000.10		0.50		0.10	%
Premier Shares		1,000.00		1,000.00		0.50		0.10	%
Limited Duration Fund
Investor Shares		1,000.00		1,003.40		3.68		0.74	%
Institutional Shares		1,000.00		1,003.50		2.58		0.52	%
A Shares		1,000.00		1,002.40		3.67		0.74	%
Moderate Duration Fund
Investor Shares		1,000.00		1,001.30		3.67		0.74	%
Institutional Shares		1,000.00		1,001.60		2.43		0.49	%
A Shares		1,000.00		1,001.30		3.67		0.74	%
Bond Fund
Investor Shares		1,000.00		991.00		3.55		0.72	%
Institutional Shares		1,000.00		991.20		2.32		0.47	%
A Shares		1,000.00		990.00		3.55		0.72	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		984.90		4.97		1.01	%
Institutional Shares		1,000.00		986.80		3.74		0.76	%
A Shares		1,000.00		984.60		4.97		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		999.00		2.97		0.60	%
Institutional Shares		1,000.00		1,000.10		1.74		0.35	%
A Shares		1,000.00		998.00		2.97		0.60	%
Active Core Fund
Investor Shares		1,000.00		1,071.50		5.39		1.05	%
Institutional Shares		1,000.00		1,072.00		4.11		0.80	%
A Shares		1,000.00		1,071.70		5.39		1.05	%
C Shares		1,000.00		1,067.30		9.23		1.80	%
Mid Cap Diverse Leadership Fund
Investor Shares		1,000.00		1,214.40		5.82		1.06	%
Institutional Shares		1,000.00		1,215.10		4.45		0.81	%
A Shares		1,000.00		1,214.90		5.82		1.06	%
C Shares		1,000.00		1,210.40		9.92		1.81	%
Opportunistic Fund
Investor Shares		1,000.00		1,225.10		6.90		1.25	%
Institutional Shares		1,000.00		1,226.00		5.52		1.00	%
A Shares		1,000.00		1,225.10		6.90		1.25	%
C Shares		1,000.00		1,220.60		11.01		2.00	%

- 89 -

Additional Fund Information	Continued
February 28, 2021 (Unaudited)

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/20		2/28/21		9/1/20 - 2/28/21		9/1/20 - 2/28/21
World Energy Fund
Investor Shares		1,000.00		1,438.10		6.95		1.15	%
Institutional Shares		1,000.00		1,439.60		5.44		0.90	%
A Shares		1,000.00		1,437.50		6.95		1.15	%
C Shares		1,000.00		1,432.40		11.46		1.90	%
Hedged Income Fund**
Investor Shares		1,000.00		1,000.00		2.33		1.35	%
Institutional Shares		1,000.00		1,000.00		1.90		1.10	%
A Shares		1,000.00		1,000.00		2.33		1.35	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).

** Expenses are equal to the annualized expense ratio multiplied by the average account value over the period multiplied by 63/365 (to reflect the stub period from commencement of operations 12/28/2020 through 2/28/2021).

- 90 -

Additional Fund Information	Continued
February 28, 2021 (Unaudited)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each of the Cavanal Hill Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expense may not be used to estimate actual ending account balance or expense you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/20		2/28/21		9/1/20 - 2/28/21		9/1/20 - 2/28/21
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,024.35	$	0.45		0.09	%
Service Shares		1,000.00		1,024.35		0.45		0.09	%
Institutional Shares		1,000.00		1,024.35		0.45		0.09	%
Select Shares		1,000.00		1,024.35		0.45		0.09	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,024.30		0.50		0.10	%
Institutional Shares		1,000.00		1,024.25		0.55		0.11	%
Select Shares		1,000.00		1,024.30		0.50		0.10	%
Premier Shares		1,000.00		1,024.30		0.50		0.10	%
Limited Duration Fund
Investor Shares		1,000.00		1,021.12		3.71		0.74	%
Institutional Shares		1,000.00		1,022.22		2.61		0.52	%
A Shares		1,000.00		1,021.12		3.71		0.74	%
Moderate Duration Fund
Investor Shares		1,000.00		1,021.12		3.71		0.74	%
Institutional Shares		1,000.00		1,022.36		2.46		0.49	%
A Shares		1,000.00		1,021.12		3.71		0.74	%
Bond Fund
Investor Shares		1,000.00		1,021.22		3.61		0.72	%
Institutional Shares		1,000.00		1,022.46		2.36		0.47	%
A Shares		1,000.00		1,021.22		3.61		0.72	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		1,019.79		5.06		1.01	%
Institutional Shares		1,000.00		1,021.03		3.81		0.76	%
A Shares		1,000.00		1,019.79		5.06		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,021.82		3.01		0.60	%
Institutional Shares		1,000.00		1,023.06		1.76		0.35	%
A Shares		1,000.00		1,021.82		3.01		0.60	%
Active Core Fund
Investor Shares		1,000.00		1,019.59		5.26		1.05	%
Institutional Shares		1,000.00		1,020.83		4.01		0.80	%
A Shares		1,000.00		1,019.59		5.26		1.05	%
C Shares		1,000.00		1,015.87		9.00		1.80	%
Mid Cap Diverse Leadership Fund
Investor Shares		1,000.00		1,019.54		5.31		1.06	%
Institutional Shares		1,000.00		1,020.78		4.06		0.81	%
A Shares		1,000.00		1,019.54		5.31		1.06	%
C Shares		1,000.00		1,015.82		9.05		1.81	%
Opportunistic Fund
Investor Shares		1,000.00		1,018.60		6.26		1.25	%
Institutional Shares		1,000.00		1,019.84		5.01		1.00	%
A Shares		1,000.00		1,018.60		6.26		1.25	%
C Shares		1,000.00		1,014.88		9.99		2.00	%

- 91 -

Additional Fund Information

February 28, 2021 (Unaudited)

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/20		2/28/21		9/1/20 - 2/28/21		9/1/20 - 2/28/21
World Energy Fund
Investor Shares		1,000.00		1,019.09		5.76		1.15	%
Institutional Shares		1,000.00		1,020.33		4.51		0.90	%
A Shares		1,000.00		1,019.09		5.76		1.15	%
C Shares		1,000.00		1,015.37		9.49		1.90	%
Hedged Income Fund
Investor Shares		1,000.00		1,018.10		6.76		1.35	%
Institutional Shares		1,000.00		1,019.34		5.51		1.10	%
A Shares		1,000.00		1,018.10		6.76		1.35	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period).

- 92 -

 

SemiAnn-02/21

Item 2. Code of Ethics.

Not applicable - only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable - only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable - only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Included as part of the report to stockholders under Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Nomination Committee will consider and evaluate nominee candidates properly submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources.

Item 11. 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 these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable - Only for annual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

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/ Bill King
	Bill King, President (Principal Executive Officer)

Date     April 27, 2021    

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/ Bill King
	Bill King, President (Principal Executive Officer)

Date     April 27, 2021    

By (Signature and Title)*	/s/ Joel B. Engle
	Joel B. Engle, Treasurer (Principal Financial Officer)

Date     April 27, 2021