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:      2/29/2024      

Item 1. Reports to Stockholders.

Midyear Report

February 29, 2024

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

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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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 29, 2024 (Unaudited)

	U.S. Treasury Fund			Government Securities Money Market Fund
Assets:
Investments, at cost	$	408,502,554		$	1,181,068,513
Investments, at value		408,502,554			1,181,068,513
Repurchase agreements, at value/cost		1,240,000,000			1,360,000,000
Total Investments		1,648,502,554			2,541,068,513
Cash		—			3,920
Interest and dividends receivable		911,731			7,139,014
Receivable for capital shares reinvested		980			1,969,473
Prepaid expenses and other assets		57,000			354,888
Total Assets		1,649,472,265			2,550,535,808
Liabilities:
Distributions payable		7,724,755			9,677,842
Accrued expenses and other payables:
Investment advisory fees		81,204			98,150
Administration fees		81,204			98,150
Distribution fees		357,270			319,778
Custodian fees		16,239			19,628
Trustee fees		3,146			12,624
Fund accounting and compliance fees		30,404			42,426
Transfer agent fees		3,302			25,730
Shareholder servicing fees		372,501			127,009
Other accrued liabilities		16,103			77,518
Total Liabilities		8,686,128			10,498,855
Net Assets	$	1,640,786,137		$	2,540,036,953
Composition of Net Assets:
Shares of beneficial interest, at par	$	16,408		$	25,408
Additional paid-in capital		1,640,770,990			2,540,012,342
Total distributable earnings/(loss)		(1,261	)		(797	)
Net Assets	$	1,640,786,137		$	2,540,036,953
Net Assets:
Administrative Shares	$	1,412,679,843		$	578,701,818
Institutional Shares		221,926,478			220,900,096
Select Shares		6,179,816			1,174,474,320
Premier Shares		—			565,960,719
Total	$	1,640,786,137		$	2,540,036,953
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Administrative Shares		1,412,678,321			579,040,985
Institutional Shares		221,927,600			220,980,881
Select Shares		6,179,711			1,174,791,157
Premier Shares		—			565,996,434
Total		1,640,785,632			2,540,809,457
Net Asset Value, offering price & redemption price per share:
Administrative Shares	$	1.00		$	1.00
Institutional Shares	$	1.00		$	1.00
Select Shares	$	1.00		$	1.00
Premier Shares	$	—		$	1.00

See notes to financial statements.

- 2 -

Statements of Assets and Liabilities

February 29, 2024 (Unaudited) Continued

	Limited Duration Fund			Moderate Duration  Fund			Bond Fund			Strategic Enhanced Yield Fund
Assets:
Investments, at cost	$	33,752,446		$	9,669,645		$	125,817,862		$	4,233,060
Investments in affiliates, at cost		983,196			870,576			4,817,730			26,330
Total Investments, at cost		34,735,642			10,540,221			130,635,592			4,259,390
Investments, at value		30,382,429			9,076,227			117,018,941			4,146,878
Investments in affiliates, at value		983,196			870,576			4,817,730			26,330
Total Investments, at value		31,365,625			9,946,803			121,836,671			4,173,208
Cash		2,990			1,260			2,390			481
Interest and dividends receivable		198,088			59,851			737,693			42,804
Receivable for capital shares issued		2,065			507			235,018			—
Receivable for capital shares reinvested		48,486			13,729			115,904			12,651
Receivable from adviser		—			8,510			—			8,250
Prepaid expenses and other assets		25,021			23,456			26,349			21,477
Total Assets		31,642,275			10,054,116			122,954,025			4,258,871
Liabilities:
Distributions payable		76,625			26,373			339,065			18,502
Payable for investments purchased		—			—			699,649			—
Payable for capital shares redeemed		9,606			1,061			20,694			1,732
Accrued expenses and other payables:
Investment advisory fees		3,760			1,587			18,930			1,740
Administration fees		2,006			635			7,572			278
Distribution fees		804			601			199			49
Custody fees		251			79			947			35
Trustee fees		179			52			739			22
Fund accounting and compliance fees		6,007			3,043			7,285			1,025
Transfer agent fees		12,389			9,651			14,098			9,498
Shareholder servicing fees		722			983			638			801
Other accrued liabilities		2,654			913			5,248			618
Total Liabilities		115,003			44,978			1,115,064			34,300
Net Assets	$	31,527,272		$	10,009,138		$	121,838,961		$	4,224,571
Composition of Net Assets:
Shares of beneficial interest, at par	$	35		$	10		$	146		$	5
Additional paid-in capital		41,247,550			17,436,849			142,016,092			6,964,160
Total distributable earnings/(loss)		(9,720,313	)		(7,427,721	)		(20,177,277	)		(2,739,594	)
Net Assets	$	31,527,272		$	10,009,138		$	121,838,961		$	4,224,571
Net Assets:
Investor Shares	$	1,361,486		$	2,872,204		$	947,225		$	73,469
Institutional Shares		27,457,581			6,961,899			120,835,504			4,029,897
A Shares		2,708,205			175,035			56,232			121,205
Total	$	31,527,272		$	10,009,138		$	121,838,961		$	4,224,571
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		150,352			299,039			113,408			8,466
Institutional Shares		3,034,354			724,627			14,503,338			470,794
A Shares		298,902			18,215			6,732			14,154
Total		3,483,608			1,041,881			14,623,478			493,414
Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.06		$	9.60		$	8.35		$	8.68
Institutional Shares	$	9.05		$	9.61		$	8.33		$	8.56
A Shares	$	9.06		$	9.61		$	8.35		$	8.56
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	$	9.24		$	9.81		$	8.52		$	8.73

See notes to financial statements.

- 3 -

Statements of Assets and Liabilities

February 29, 2024 (Unaudited) Concluded

	Ultra Short Tax- Free Income Fund			World Energy Fund			Hedged Income Fund
Assets:
Investments, at cost	$	12,360,494		$	71,160,418		$	25,351,673
Investments in affiliates, at cost		134,956			629,255			963,320
Total Investments, at cost		12,495,450			71,789,673			26,314,993
Investments, at value		12,366,266			82,824,563			29,379,215
Investments in affiliates, at value		134,956			629,255			963,320
Total Investments, at value		12,501,222			83,453,818			30,342,535
Cash		31			21			—
Interest and dividends receivable		154,327			496,171			78,495
Receivable for capital shares issued		—			133,893			33,433
Receivable for capital shares reinvested		2,701			—			—
Receivable for investments sold		—			2,026,418			—
Receivable from adviser		8,303			9,406			4,857
Receivable from fees waived or reimbursed		251			—			1,311
Prepaid expenses and other assets		21,749			32,950			24,352
Total Assets		12,688,584			86,152,677			30,484,983
Liabilities:
Written Options (Premiums received $0, $0 and $2,066,955, respectively)		—			—			2,356,132
Distributions payable		34,767			—			—
Payable for investments purchased		400,988			835,128			—
Payable for capital shares redeemed		71			28,190			1,025
Accrued expenses and other payables:
Investment advisory fees		1,515			40,063			17,732
Administration fees		808			5,342			1,773
Distribution fees		4			9,376			173
Custody fees		101			668			222
Trustee fees		85			159			78
Fund accounting and compliance fees		1,159			1,345			569
Transfer agent fees		12,306			5,448			5,086
Shareholder servicing fees		—			6,905			—
Other accrued liabilities		1,249			1,864			661
Total Liabilities		453,053			934,488			2,383,451
Net Assets	$	12,235,531		$	85,218,189		$	28,101,532
Composition of Net Assets:
Shares of beneficial interest, at par	$	12		$	65		$	27
Additional paid-in capital		12,230,420			88,402,268			27,845,766
Total distributable earnings/(loss)		5,099			(3,184,144	)		255,739
Net Assets	$	12,235,531		$	85,218,189		$	28,101,532
Net Assets:
Investor Shares	$	1,912		$	16,406,479		$	109,352
Institutional Shares		12,216,567			59,122,549			27,218,689
A Shares		17,052			2,489,532			773,491
C Shares		—			7,199,629			—
Total	$	12,235,531		$	85,218,189		$	28,101,532
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		191			1,253,285			10,347
Institutional Shares		1,217,124			4,513,173			2,575,766
A Shares		1,704			190,655			73,255
C Shares		—			557,075			—
Total		1,219,019			6,514,188			2,659,368
Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.99		$	13.09		$	10.57
Institutional Shares	$	10.04		$	13.10		$	10.57
A Shares	$	10.01		$	13.06		$	10.56
C Shares	$	—		$	12.92		$	—
Maximum Sales Charge:
A Shares		1.00	%		2.00	%		2.00	%
Maximum Offering Price per share(net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent):
A Shares	$	10.11		$	13.33		$	10.78

See notes to financial statements.

- 4 -

Statements of Operations

February 29, 2024 (Unaudited)

	U.S. Treasury Fund			Government Securities Money Market Fund
Investment Income:
Interest income	$	45,196,217		$	65,576,097
Dividend income		4,685,426			4,797,889
Total income		49,881,643			70,373,986
Expenses:
Investment advisory fees		464,952			654,226
Administration fees		464,952			654,226
Distribution fees - Administrative Shares		2,090,300			751,813
Distribution fees - Premier Shares		—			1,258,819
Shareholder servicing fees - Administrative Shares		2,090,300			751,813
Shareholder servicing fees - Institutional Shares		227,676			268,301
Shareholder servicing fees - Select Shares		6,752			1,621,557
Shareholder servicing fees - Premier Shares		—			629,409
Fund accounting and compliance fees		183,641			256,537
Transfer agent fees		31,862			75,277
Custodian fees		92,968			130,801
Trustee fees		36,374			47,772
Professional fees		109,111			170,793
Printing fees		14,325			15,751
Registration fees		16,291			498,682
Other expenses		87,945			119,459
Total expenses before fee and expense reductions		5,917,449			7,905,236
Shareholder servicing fees waived - Administrative Shares		(12	)		(3,615	)
Shareholder servicing fees waived - Institutional Shares		(154,821	)		(182,186	)
Shareholder servicing fees waived - Select Shares		(6,752	)		(1,621,557	)
Shareholder servicing fees waived - Premier Shares		—			(629,409	)
Net expenses		5,755,864			5,468,469
Net investment income/(loss)		44,125,779			64,905,517
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		183			—
Net realized/unrealized gains/(losses) on investments		183			—
Change in net assets resulting from operations	$	44,125,962		$	64,905,517

See notes to financial statements.

- 5 -

Statements of Operations

February 29, 2024 (Unaudited) Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Investment Income:
Interest income	$	619,029		$	189,766		$	2,262,932		$	140,492
Dividend income from affiliates		27,799			20,677			52,794			1,522
Total income		646,828			210,443			2,315,726			142,014
Expenses:
Investment advisory fees		24,601			10,972			117,937			11,811
Administration fees		13,121			4,389			47,175			1,890
Distribution fees - Investor Shares		1,684			3,556			1,194			361
Distribution fees - A Shares		3,318			214			69			155
Shareholder servicing fees - Investor Shares		1,684			3,556			1,194			361
Shareholder servicing fees - Institutional Shares		36,000			9,945			146,157			5,389
Shareholder servicing fees - A Shares		1,327			86			27			62
Fund accounting and compliance fees		18,398			10,244			25,440			3,529
Transfer agent fees		33,234			29,099			34,585			28,772
Custodian fees		1,344			541			5,818			216
Trustee fees		591			203			2,263			84
Professional fees		3,732			1,295			8,288			771
Printing fees		2,364			1,272			2,739			1,093
Registration fees		21,833			21,463			21,872			21,206
Other expenses		2,504			1,907			5,209			1,663
Total expenses before fee and expense reductions		165,735			98,742			419,967			77,363
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(328	)		(55,691	)		(487	)		(54,256	)
Administration fees waived		(328	)		(197	)		(487	)		(19	)
Shareholder servicing fees waived - Investor Shares		(1,684	)		(3,556	)		(1,194	)		(144	)
Shareholder servicing fees waived - Institutional Shares		(33,627	)		(8,657	)		(145,908	)		(4,441	)
Shareholder servicing fees waived - A Shares		—			(86	)		(27	)		(86	)
Net expenses		129,768			30,555			271,864			18,417
Net investment income/(loss)		517,060			179,888			2,043,862			123,597
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(34,888	)		(270,796	)		(1,110,469	)		(6,857	)
Change in unrealized appreciation/(depreciation) on unaffiliated investments		727,064			346,558			2,144,084			64,846
Net realized/unrealized gains/(losses) on investments		692,176			75,762			1,033,615			57,989
Change in net assets resulting from operations	$	1,209,236		$	255,650		$	3,077,477		$	181,586

See notes to financial statements.

- 6 -

Statements of Operations
February 29, 2024 (Unaudited)	Concluded

	Ultra Short Tax- Free Income Fund			World Energy Fund			Hedged Income Fund
Investment Income:
Interest income	$	245,688		$	124,958		$	—
Dividend income		—			1,158,245			478,525
Dividend income from affiliates		9,124			21,485			19,472
Foreign tax withholding		—			(18,875	)		—
Total income		254,812			1,285,813			497,997
Expenses:
Investment advisory fees		10,806			258,396			119,053
Administration fees		5,763			34,453			11,905
Distribution fees - Investor Shares		4			22,857			171
Distribution fees - A Shares		22			3,146			949
Distribution fees - C Shares		—			33,983			—
Shareholder servicing fees - Investor Shares		5			22,857			171
Shareholder servicing fees - Institutional Shares		17,983			73,166			36,085
Shareholder servicing fees - A Shares		9			1,258			379
Shareholder servicing fees - C Shares		—			8,496			—
Fund accounting and compliance fees		3,880			9,538			3,695
Transfer agent fees		28,469			42,797			28,134
Custodian fees		628			4,200			1,492
Trustee fees		278			1,526			533
Professional fees		1,736			4,760			2,034
Printing fees		1,013			17,377			4,106
Registration fees		21,177			29,849			21,285
Other expenses		2,153			4,462			2,384
Total expenses before fee and expense reductions		93,926			573,121			232,376
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(51,011	)		(51,918	)		(31,303	)
Administration fees waived		(95	)		(208	)		(148	)
Shareholder servicing fees waived - Investor Shares		(3	)		(14,196	)		(171	)
Shareholder servicing fees waived - Institutional Shares		(17,657	)		(52,029	)		(36,074	)
Shareholder servicing fees waived - A Shares		(9	)		(1,040	)		(317	)
Shareholder servicing fees waived - C Shares		—			(6,973	)		—
Net expenses		25,151			446,757			164,363
Net investment income/(loss)		229,661			839,056			333,634
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		—			228,905			84,288
Net realized gains/(losses) from written options contracts		—			—			(260,348	)
Change in unrealized appreciation/(depreciation) on unaffiliated investments		22,780			(3,768,177	)		1,493,421
Change in unrealized appreciation/(depreciation) on written options contracts		—			—			(775,964	)
Net realized/unrealized gains/(losses) on investments		22,780			(3,539,272	)		541,397
Change in net assets resulting from operations	$	252,441		$	(2,700,216	)	$	875,031

See notes to financial statements.

- 7 -

Statements of Changes in Net Assets

February 29, 2024 (Unaudited)

	U.S. Treasury Fund						Government Securities Money Market Fund
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
From Investment Activities:
Operations:
Net investment income	$	44,125,779		$	49,353,903		$	64,905,517		$	99,554,544
Net realized gains/(losses) from investment transactions		183			—			—			—
Change in net assets resulting from operations		44,125,962			49,353,903			64,905,517			99,554,544
Distributions to Shareholders:
Administrative Shares		(39,320,140	)		(41,814,990	)		(14,075,246	)		(24,553,485	)
Service Shares		—			(1,905,466	)(a)		—			—
Institutional Shares		(4,665,140	)		(5,357,370	)		(5,470,737	)		(6,201,697	)
Select Shares		(140,513	)		(275,378	)		(33,584,873	)		(47,235,533	)
Premier Shares		—			—			(11,774,690	)		(21,562,129	)
Change in net assets from shareholder distributions		(44,125,793	)		(49,353,204	)		(64,905,546	)		(99,552,844	)
Change in net assets from capital transactions		(100,356,322	)		794,011,887			(14,401,285	)		383,321,872
Change in net assets		(100,356,153	)		794,012,586			(14,401,314	)		383,323,572
Net Assets:
Beginning of period		1,741,142,290			947,129,704			2,554,438,267			2,171,114,695
End of period	$	1,640,786,137		$	1,741,142,290		$	2,540,036,953		$	2,554,438,267
Capital Share Transactions*:
Administrative Shares
Issued		982,997,754			2,130,992,466			335,534,117			913,933,849
Reinvested		6,111			9,435			79,535			130,648
Redeemed		(1,130,673,268	)		(1,401,561,228	)		(359,772,573	)		(977,408,473	)
Change in Administrative Shares		(147,669,403	)		729,440,673			(24,158,921	)		(63,343,976	)
Service Shares
Issued		—			141,263,215	(a)		—			—
Reinvested		—			63,835	(a)		—			—
Redeemed		—			(197,757,009	)(a)		—			—
Change in Service Shares		—			(56,429,959	)		—			—
Institutional Shares
Issued		245,587,926			415,892,527			245,033,398			785,051,677
Reinvested		—			—			103,025			171,321
Redeemed		(200,317,294	)		(288,694,160	)		(262,415,274	)		(669,123,722	)
Change in Institutional Shares		45,270,632			127,198,367			(17,278,851	)		116,099,276
Select Shares
Issued		12,151,549			35,397,270			839,362,093			1,726,084,173
Reinvested		—			—			1,785,278			176,563
Redeemed		(10,109,100	)		(41,594,463	)		(891,292,224	)		(1,550,081,270	)
Change in Select Shares		2,042,449			(6,197,193	)		(50,144,853	)		176,179,466
Premier Shares
Issued		—			—			1,444,143,578			2,880,953,233
Reinvested		—			—			11,484,322			20,616,623
Redeemed		—			—			(1,378,446,560	)		(2,747,182,749	)
Change in Premier Shares		—			—			77,181,340			154,387,107
Change in shares:		(100,356,322	)		794,011,888			(14,401,285	)		383,321,873

(a)	Service Shares activity is for the period September 1, 2022 to August 1, 2023 (date of termination).
*	Share transactions are at net assets value of $1.00 per share.

See notes to financial statements.

- 8 -

Statements of Changes in Net Assets
February 29, 2024 (Unaudited)	Continued

	Limited Duration Fund						Moderate Duration Fund
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
From Investment Activities:
Operations:
Net investment income/(loss)	$	517,060		$	1,128,983		$	179,888		$	455,035
Net realized gains/(losses) from investment transactions		(34,888	)		(810,746	)		(270,796	)		(1,142,596	)
Change in unrealized appreciation/(depreciation) on investments		727,064			186,223			346,558			734,169
Change in net assets resulting from operations		1,209,236			504,460			255,650			46,608
Distributions to Shareholders:
Investor Shares		(19,894	)		(48,161	)		(43,971	)		(75,801	)
Institutional Shares		(459,082	)		(1,040,661	)		(132,515	)		(372,991	)
A Shares		(37,855	)		(70,171	)		(2,646	)		(4,641	)
Change in net assets from shareholder distributions		(516,831	)		(1,158,993	)		(179,132	)		(453,433	)
Change in net assets from capital transactions		(3,246,085	)		(10,061,434	)		(2,917,924	)		(6,528,448	)
Change in net assets		(2,553,680	)		(10,715,967	)		(2,841,406	)		(6,935,273	)
Net Assets:
Beginning of period		34,080,952			44,796,919			12,850,544			19,785,817
End of period	$	31,527,272		$	34,080,952		$	10,009,138		$	12,850,544
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	2,650		$	4,777		$	83,032		$	364,691
Dividends reinvested		18,775			46,028			43,971			75,800
Cost of shares redeemed		(48,563	)		(995,315	)		(138,554	)		(419,918	)
Change in net assets from Investor Shares		(27,138	)		(944,510	)		(11,551	)		20,573
Institutional Shares
Proceeds from shares issued		1,623,772			4,226,637			367,550			2,385,512
Dividends reinvested		263,296			546,331			50,741			170,617
Cost of shares redeemed		(5,119,637	)		(13,925,081	)		(3,327,207	)		(9,096,179	)
Change in net assets from Institutional Shares		(3,232,569	)		(9,152,113	)		(2,908,916	)		(6,540,050	)
A Shares
Proceeds from shares issued		—			21			—			12
Dividends reinvested		37,855			70,169			2,647			4,641
Cost of shares redeemed		(24,233	)		(35,001	)		(104	)		(13,624	)
Change in net assets from A Shares		13,622			35,189			2,543			(8,971	)
Change in net assets resulting from capital transactions:	$	(3,246,085	)	$	(10,061,434	)	$	(2,917,924	)	$	(6,528,448	)
Share Transactions:
Investor Shares
Issued		298			539			8,719			38,462
Reinvested		2,098			5,192			4,613			7,974
Redeemed		(5,452	)		(111,850	)		(14,388	)		(44,260	)
Change in Investor Shares		(3,056	)		(106,119	)		(1,056	)		2,176
Institutional Shares
Issued		182,641			476,253			38,677			251,237
Reinvested		29,451			61,637			5,341			17,962
Redeemed		(572,586	)		(1,570,311	)		(354,849	)		(957,590	)
Change in Institutional Shares		(360,494	)		(1,032,421	)		(310,831	)		(688,391	)
A Shares
Issued		—			3			—			1
Reinvested		4,229			7,906			277			488
Redeemed		(2,684	)		(3,958	)		(11	)		(1,422	)
Change in A Shares		1,545			3,951			266			(933	)
Change in shares:		(362,005	)		(1,134,589	)		(311,621	)		(687,148	)

See notes to financial statements.

- 9 -

Statements of Changes in Net Assets
February 29, 2024 (Unaudited)	Continued

	Bond Fund						Strategic Enhanced Yield Fund
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
From Investment Activities:
Operations:
Net investment income/(loss)	$	2,043,862		$	3,605,454		$	123,597		$	304,216
Net realized gains/(losses) from investment transactions		(1,110,469	)		(6,997,380	)		(6,857	)		(1,358,352	)
Change in unrealized appreciation/(depreciation) on investments		2,144,084			1,540,008			64,846			804,309
Change in net assets resulting from operations		3,077,477			(1,851,918	)		181,586			(249,827	)
Distributions to Shareholders:
Investor Shares		(15,359	)		(30,059	)		(7,194	)		(18,077	)
Institutional Shares		(2,025,949	)		(3,636,991	)		(113,293	)		(279,906	)
A Shares		(881	)		(1,551	)		(3,110	)		(6,143	)
Change in net assets from shareholder distributions		(2,042,189	)		(3,668,601	)		(123,597	)		(304,126	)
Change in net assets from capital transactions		(615,109	)		(3,308,660	)		(824,235	)		(4,518,202	)
Change in net assets		420,179			(8,829,179	)		(766,246	)		(5,072,155	)
Net Assets:
Beginning of period		121,418,782			130,247,961			4,990,817			10,062,972
End of period	$	121,838,961		$	121,418,782		$	4,224,571		$	4,990,817
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	18,446		$	29,455		$	677		$	674
Dividends reinvested		15,359			30,059			7,194			18,076
Cost of shares redeemed		(101,437	)		(134,289	)		(285,274	)		(168,435	)
Change in net assets from Investor Shares		(67,632	)		(74,775	)		(277,403	)		(149,685	)
Institutional Shares
Proceeds from shares issued		17,360,987			26,442,313			1,015,442			1,055,569
Dividends reinvested		663,237			1,115,253			64,454			142,063
Cost of shares redeemed		(18,572,482	)		(30,792,058	)		(1,615,914	)		(5,548,459	)
Change in net assets from Institutional Shares		(548,258	)		(3,234,492	)		(536,018	)		(4,350,827	)
A Shares
Proceeds from shares issued		—			18			1			16
Dividends reinvested		881			1,549			3,109			6,143
Cost of shares redeemed		(100	)		(960	)		(13,924	)		(23,849	)
Change in net assets from A Shares		781			607			(10,814	)		(17,690	)
Change in net assets resulting from capital transactions:	$	(615,109	)	$	(3,308,660	)	$	(824,235	)	$	(4,518,202	)
Share Transactions:
Investor Shares
Issued		2,264			3,510			69			75
Reinvested		1,863			3,602			842			2,062
Redeemed		(12,575	)		(15,966	)		(32,798	)		(19,213	)
Change in Investor Shares		(8,448	)		(8,854	)		(31,887	)		(17,076	)
Institutional Shares
Issued		2,103,059			3,161,583			120,299			122,212
Reinvested		80,549			133,952			7,615			16,418
Redeemed		(2,250,782	)		(3,702,411	)		(190,238	)		(640,076	)
Change in Institutional Shares		(67,174	)		(406,876	)		(62,324	)		(501,446	)
A Shares
Issued		—			2			—			2
Reinvested		107			185			368			710
Redeemed		(13	)		(116	)		(1,649	)		(2,764	)
Change in A Shares		94			71			(1,281	)		(2,052	)
Change in shares:		(75,528	)		(415,659	)		(95,492	)		(520,574	)

See notes to financial statements.

- 10 -

Statements of Changes in Net Assets

February 29, 2024 (Unaudited) Continued

	Ultra Short Tax-Free Income Fund						World Energy Fund
	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
From Investment Activities:
Operations:
Net investment income/(loss)	$	229,661		$	325,021		$	839,056		$	2,000,575
Net realized gains/(losses) from investment transactions		—			(422	)		228,905			4,632,825
Change in unrealized appreciation/(depreciation) on investments		22,780			218,218			(3,768,177	)		(1,055,466	)
Change in net assets resulting from operations		252,441			542,817			(2,700,216	)		5,577,934
Distributions to Shareholders:
Investor Shares		(56	)		(555	)		(94,836	)		(518,068	)
Institutional Shares		(229,621	)		(323,394	)		(363,578	)		(1,281,672	)
A Shares		(250	)		(814	)		(12,542	)		(64,703	)
C Shares		—			—			(11,048	)		(69,659	)
Change in net assets from shareholder distributions		(229,927	)		(324,763	)		(482,004	)		(1,934,102	)
Change in net assets from capital transactions		(4,166,891	)		(10,552,155	)		3,449,099			10,556,016
Change in net assets		(4,144,377	)		(10,334,101	)		266,879			14,199,848
Net Assets:
Beginning of period		16,379,908			26,714,009			84,951,310			70,751,462
End of period	$	12,235,531		$	16,379,908		$	85,218,189		$	84,951,310
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	—		$	141		$	1,609,055		$	12,296,209
Dividends reinvested		44			556			94,710			517,565
Cost of shares redeemed		(7,209	)		(95,429	)		(4,058,643	)		(18,723,312	)
Change in net assets from Investor Shares		(7,165	)		(94,732	)		(2,354,878	)		(5,909,538	)
Institutional Shares
Proceeds from shares issued		310,201			423,970			11,871,447			48,259,551
Dividends reinvested		14,903			15,507			282,628			1,044,996
Cost of shares redeemed		(4,485,060	)		(10,868,216	)		(7,437,123	)		(33,267,016	)
Change in net assets from Institutional Shares		(4,159,956	)		(10,428,739	)		4,716,952			16,037,531
A Shares
Proceeds from shares issued		—			135,165			181,971			1,269,850
Dividends reinvested		250			814			12,309			64,019
Cost of shares redeemed		(20	)		(164,663	)		(447,825	)		(1,931,273	)
Change in net assets from A Shares		230			(28,684	)		(253,545	)		(597,404	)
C Shares
Proceeds from shares issued		—			—			1,687,081			2,711,773
Dividends reinvested		—			—			11,014			69,402
Cost of shares redeemed		—			—			(357,525	)		(1,755,748	)
Change in net assets from C Shares		—			—			1,340,570			1,025,427
Change in net assets resulting from capital transactions:	$	(4,166,891	)	$	(10,552,155	)	$	3,449,099		$	10,556,016
Share Transactions:
Investor Shares
Issued		—			11			121,292			946,202
Reinvested		4			56			7,037			43,006
Redeemed		(723	)		(9,640	)		(312,282	)		(1,548,986	)
Change in Investor Shares		(719	)		(9,573	)		(183,953	)		(559,778	)
Institutional Shares
Issued		30,958			42,796			896,469			3,800,588
Reinvested		1,485			1,555			21,052			86,749
Redeemed		(447,117	)		(1,090,554	)		(573,345	)		(2,739,600	)
Change in Institutional Shares		(414,674	)		(1,046,203	)		344,176			1,147,737
A Shares
Issued		—			13,660			13,977			102,933
Reinvested		25			82			917			5,360
Redeemed		(2	)		(16,547	)		(33,264	)		(153,000	)
Change in A Shares		23			(2,805	)		(18,370	)		(44,707	)
C Shares
Issued		—			—			127,363			213,818
Reinvested		—			—			818			5,843
Redeemed		—			—			(27,520	)		(144,214	)
Change in C Shares		—			—			100,661			75,447
Change in shares:		(415,370	)		(1,058,581	)		242,514			618,699

See notes to financial statements.

- 11 -

Statements of Changes in Net Assets

February 29, 2024 (Unaudited) Concluded

		Hedged Income Fund
		Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
From Investment Activities:
Operations:
Net investment income/(loss)	$	333,634		$	872,518
Net realized gains/(losses) from investment transactions		(176,060	)		(2,201,772	)
Change in unrealized appreciation/(depreciation) on investments		717,457			3,657,316
Change in net assets resulting from operations		875,031			2,328,062
Distributions to Shareholders:
Investor Shares		(1,573	)		(5,713	)
Institutional Shares		(333,698	)		(857,007	)
A Shares		(7,562	)		(25,272	)
Change in net assets from shareholder distributions		(342,833	)		(887,992	)
Change in net assets from capital transactions		(5,312,788	)		(3,829,214	)
Change in net assets		(4,780,590	)		(2,389,144	)
Net Assets:
Beginning of period		32,882,122			35,271,266
End of period	$	28,101,532		$	32,882,122
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	44,952		$	23,025
Dividends reinvested		1,572			5,713
Cost of shares redeemed		(103,198	)		(180,140	)
Change in net assets from Investor Shares		(56,674	)		(151,402	)
Institutional Shares
Proceeds from shares issued		1,202,101			6,345,162
Dividends reinvested		64,516			161,680
Cost of shares redeemed		(6,365,745	)		(9,318,096	)
Change in net assets from Institutional Shares		(5,099,128	)		(2,811,254	)
A Shares
Proceeds from shares issued		2,941			530,998
Dividends reinvested		7,562			25,272
Cost of shares redeemed		(167,489	)		(1,422,828	)
Change in net assets from A Shares		(156,986	)		(866,558	)
Change in net assets resulting from capital transactions:	$	(5,312,788	)	$	(3,829,214	)
Share Transactions:
Investor Shares
Issued		4,432			2,305
Reinvested		153			575
Redeemed		(10,114	)		(18,116	)
Change in Investor Shares		(5,529	)		(15,236	)
Institutional Shares
Issued		116,051			635,288
Reinvested		6,273			16,188
Redeemed		(618,072	)		(920,726	)
Change in Institutional Shares		(495,748	)		(269,250	)
A Shares
Issued		282			52,101
Reinvested		735			2,528
Redeemed		(16,293	)		(146,257	)
Change in A Shares		(15,276	)		(91,628	)
Change in shares:		(516,553	)		(376,114	)

See notes to financial statements.

- 12 -

Schedule of Portfolio Investments	U.S. Treasury Fund
February 29, 2024 (Unaudited)

Shares or Principal Amount		Security Description	Amortized Cost or Value
U.S. Treasury Obligations (15.1%)
U.S. Treasury Bills
$	50,000,000	5.26%, 5/28/24(a)	$	49,367,806
	50,000,000	5.27%, 4/18/24(a)		49,653,000
	100,000,000	5.27%, 5/21/24(a)		98,835,625
	50,000,000	5.29%, 3/12/24(a)		49,919,868
Total U.S. Treasury Obligations (Cost $247,776,299)				247,776,299
Repurchase Agreements (75.6%)
$	35,000,000	Bank of Montreal, 5.27%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $35,005,124, Collateralized by U.S. Treasury Obligation, (0.00%), (4/16/24), fair value of $35,700,031)	$	35,000,000
	45,000,000	Credit Agricole CIB, 5.27%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $45,006,588, Collateralized by U.S. Treasury Obligation, (1.75%), (1/15/34), fair value of $45,900,000)		45,000,000
	515,000,000	Federal Reserve Bank of New York, 5.3%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $515,075,819, Collateralized by various U.S. Treasury Obligations, (0.38% - 3.13%), (5/31/24 - 2/15/42), fair value of $515,075,850)		515,000,000
	40,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 5.25%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $40,005,833, Collateralized by U.S. Treasury Obligation, (0.13%), (10/15/25), fair value of $40,800,028)		40,000,000
	295,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 5.28%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $295,043,267, Collateralized by various U.S. Treasury Obligations, (3.13% - 4.13%), (9/15/25 - 5/15/48), fair value of $300,900,162)		295,000,000

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements, continued:
$	35,000,000	Goldman Sachs & Co., 5.18%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $35,005,036, Collateralized by various U.S. Treasury Obligations, (0.00%), (8/15/46 - 11/15/46), fair value of $35,700,001)	$	35,000,000
	70,000,000	Nomura Securities International, Inc., 5.3%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $70,010,306, Collateralized by various U.S. Treasury Obligations, (3.75%), (12/31/28 - 5/31/30), fair value of $71,400,016)		70,000,000
	45,000,000	Northern Trust Corp., 5.26%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $45,006,575, Collateralized by U.S. Treasury Obligation, (5.26%), (3/1/24), fair value of $45,900,000)		45,000,000
	160,000,000	RBC Dominion Securities, Inc., 5.28%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $160,023,467, Collateralized by various U.S. Treasury Obligations, (0.25% - 3.88%), (4/15/29 - 2/15/50), fair value of $163,200,114)		160,000,000
Total Repurchase Agreements (Cost $1,240,000,000)				1,240,000,000
Investment Companies (9.8%)
	22,456,636	BlackRock Liquidity Funds T-Fund, Institutional Class, 5.21% (b)		22,456,636
	138,269,619	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 5.25% (b)		138,269,619
Total Investment Companies (Cost $160,726,255)				160,726,255
Total Investments (Cost $1,648,502,554) — 100.5%				1,648,502,554
Liabilities in excess of other assets — (0.5)%				(7,716,417	)
Net Assets - 100.0%			$	1,640,786,137

(a)	Zero coupon bond. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.

See notes to financial statements.

- 13 -

Schedule of Portfolio Investments	Government Securities Money Market Fund
February 29, 2024 (Unaudited)

Shares or Principal Amount		Security Description	Amortized Cost or Value
U.S. Government Agency Securities (35.7%)
Federal Farm Credit Banks Funding Corp.
$	45,000,000	5.00%, 10/2/24	$	44,998,154
	100,000,000	5.36% (SOFR + 4 bps), 1/28/25		100,000,000
	50,000,000	5.37% (SOFR + 5 bps), 2/12/25		50,000,000
	100,000,000	5.38% (SOFR + 6 bps), 1/9/25		100,000,000
	40,000,000	5.40% (SOFR + 8 bps), 8/14/24		40,000,000
	100,000,000	5.40% (SOFR + 8 bps), 9/12/24		100,000,000
	75,000,000	5.42% (SOFR + 10 bps), 12/6/24, Callable 6/6/24 @ 100*		75,000,000
	150,000,000	5.43% (SOFR + 11 bps), 10/16/24, Callable 4/16/24 @ 100*		150,000,000
	50,000,000	5.43% (SOFR + 11 bps), 10/30/24, Callable 4/30/24 @ 100*		50,000,000
	45,000,000	5.45%, 11/29/24, Callable 5/29/24 @ 100*		45,000,000
				754,998,154
Federal Home Loan Bank
	28,125,000	5.17%, 3/8/24		28,125,000
	50,000,000	5.42% (SOFR + 10 bps), 11/27/24		50,000,000
	50,000,000	5.43% (SOFR + 11 bps), 10/4/24, Callable 4/4/24 @ 100*		50,000,000
				128,125,000
Federal Home Loan Mortgage Corporation
	25,000,000	5.27%, 6/11/24, Callable 3/15/24 @ 100*		25,000,000
Total U.S. Government Agency Securities (Cost $908,123,154)				908,123,154
U.S. Treasury Obligations (3.9%)
U.S. Treasury Bills
	100,000,000	5.26%, 5/28/24(a)		98,735,611
Total U.S. Treasury Obligations (Cost $98,735,611)				98,735,611
Repurchase Agreements (53.5%)
	5,000,000	Bank of Montreal, 5.27%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $5,000,732, Collateralized by U.S. Treasury Obligation, (0.00%), (8/8/24), fair value of $5,100,000)		5,000,000
	5,000,000	Credit Agricole CIB, 5.27%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $5,000,732, Collateralized by U.S. Treasury Obligation, (0.13%), (1/15/31), fair value of $5,100,025)		5,000,000
	775,000,000	Federal Reserve Bank of New York, 5.3%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $775,114,097, Collateralized by various U.S. Treasury Obligations, (0.38% - 3.13%), (5/31/24 - 2/15/42), fair value of $775,114,099)		775,000,000

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements, continued:
	5,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 5.25%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $5,000,729, Collateralized by U.S. Treasury Obligation, (0.13%), (10/15/25), fair value of $5,100,047)		5,000,000
	380,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 5.28%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $380,055,733, Collateralized by various U.S. Treasury Obligations, (1.25% - 4.88%), (9/15/25 - 5/15/48), fair value of $387,600,086)		380,000,000
	5,000,000	Goldman Sachs & Co., 5.18%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $5,000,719, Collateralized by various U.S. Treasury Obligations, (0.88% - 2.88%), (1/31/25 - 5/15/32), fair value of $5,100,026)		5,000,000
	120,000,000	Nomura Securities International, Inc., 5.3%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $120,017,667, Collateralized by various U.S. Treasury Obligations, (0.25% - 4.13%), (10/31/26 - 4/15/32), fair value of $122,400,083)		120,000,000
	5,000,000	Northern Trust Corp., 5.26%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $5,000,731, Collateralized by U.S. Treasury Obligation, (5.26%), (3/1/24), fair value of $5,100,000)		5,000,000
	60,000,000	RBC Dominion Securities, Inc., 5.28%, 3/1/24, (Purchased on 2/29/24, proceeds at maturity $60,008,800, Collateralized by various U.S. Treasury Obligations, (0.00% - 6.50%), (6/30/25 - 1/20/54), fair value of $61,200,011)		60,000,000
Total Repurchase Agreements (Cost $1,360,000,000)				1,360,000,000
Investment Companies (6.9%)
	17,370,497	Federated Hermes Government Obligations Fund, Premier Class, 5.23% (b)		17,370,497
	113,729,420	Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 5.26% (b)		113,729,420
	43,109,831	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 5.25% (b)		43,109,831
Total Investment Companies (Cost $174,209,748)				174,209,748
Total Investments (Cost $2,541,068,513) — 100.0%				2,541,068,513
Liabilities in excess of other assets — 0.0%^				(1,031,560	)
Net Assets - 100.0%			$	2,540,036,953

(a)	Zero coupon bond. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.

SOFR Secured Overnight Financing Rate

See notes to financial statements.

- 14 -

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2024 (Unaudited)

Shares or Amount Principal		Security Description	Value
Asset Backed Securities (23.4%)
$	275,261	CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 6.06% (TSFR1M + 73 bps), 1/25/33, Callable 3/25/24 @ 100*	$	272,760
	545,754	CLI Funding VIII LLC, Series 2021-1A, Class B, 2.38%, 2/18/46, Callable 3/18/24 @ 100*(a)		472,708
	118	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32, Callable 3/25/24 @ 100*(b)(c)		118
	659,861	DRIVEN BRANDS FUNDING LLC, Series 2019-2A, Class A2, 3.98%, 10/20/49, Callable 10/20/24 @ 100*(a)		623,339
	806,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)		728,384
	457,984	Fremont Home Loan Trust, Series 2004-3, Class M5, 7.31% (TSFR1M + 199 bps), 11/25/34, Callable 3/25/24 @ 100*		308,009
	1,135,054	Goodgreen Trust, Series 2020-1A, Class A, 2.63%, 4/15/55, Callable 10/15/42 @ 100*(a)		928,264
	345,000	HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 5/1/24 @ 100*(a)		321,761
	7	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(b)(c)		7
	753,600	Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, 2/26/52, Callable 2/25/25 @ 100*(a)		697,492
	181,807	RAAC Trust, Series 2007-SP1, Class M1, 6.29% (TSFR1M + 97 bps), 3/25/37, Callable 3/25/24 @ 100*		180,874
	53,137	RAMP Trust, Series 2002-RS2, Class AI5, 4.80%, 3/25/32, Callable 3/25/24 @ 100*		51,642
	940	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.23%, 12/25/33, Callable 3/25/24 @ 100*(b)(c)		905
	780,667	Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 8/20/51, Callable 8/20/25 @ 100*(a)		668,058
	41,419	Soundview Home Loan Trust, Series 2005-B, Class M2, 6.22%, 5/25/35, Callable 3/25/24 @ 100*(b)(c)		37,919
	134,667	Soundview Home Loan Trust, Series 2005- OPT3, Class M1, 6.14% (TSFR1M + 82 bps), 11/25/35, Callable 3/25/24 @ 100*		131,754
	346,455	Structured Asset Investment Loan Trust, Series 2005-HE3, Class M1, 6.16% (TSFR1M + 83 bps), 9/25/35, Callable 3/25/24 @ 100*		339,478
	12,958	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34, Callable 3/25/24 @ 100*(b)(c)		12,879
	656,250	Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 5/25/46, Callable 5/25/24 @ 100*(a)		646,175
	436,039	Textainer Marine Containers VII, Ltd., Series 2020-1A, Class A, 2.73%, 8/21/45, Callable 3/20/24 @ 100*(a)		405,685
	638,625	ZAXBY’S FUNDING LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a)		560,893
Total Asset Backed Securities (Cost $8,314,657)				7,389,104

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities† (27.8%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.7%)
$	7,729	Alternative Loan Trust, Series 2005-24, Class 1A1, 6.39% (12MTA + 131 bps), 7/20/35, Callable 3/19/24 @ 100*	$	6,518
	54,879	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 4.48%, 2/25/36, Callable 3/25/24 @ 100*(b)		37,292
	8,581	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 4.53%, 7/25/35, Callable 3/25/24 @ 100*(b)		6,008
	843	Deutsche Alternative Securities Mortgage Loan Trust, Series 2006-AB4, Class A1B1, 5.54% (TSFR1M + 21 bps), 10/25/36, Callable 3/25/24 @ 100*		666
	2,880	Deutsche Alternative Securities Mortgage Loan Trust, Series 2006-AB4, Class A1A, 6.01%, 10/25/36, Callable 3/25/24 @ 100*(b)		2,367
	1,117	Deutsche Alternative Securities, Inc. Mortgage Loan Trust, Series 2003-4XS, Class A6A, 5.32%, 10/25/44, Callable 3/25/24 @ 100*(b)(c)		1,064
	1,748	First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1, 5.82%, 9/25/34, Callable 3/25/24 @ 100*(b)		1,660
	140,128	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR4, Class 3A1, 5.54%, 8/25/35, Callable 3/25/24 @ 100*(b)		139,419
	20,669	RALI Trust, Series 2004-QA4, Class NB21, 5.11%, 9/25/34, Callable 3/25/24 @ 100*(b)		19,084
	13,100	RALI Trust, Series 2006-QA1, Class A21, 5.26%, 1/25/36, Callable 3/25/24 @ 100*(b)		9,360
				223,438
Alt-A - Fixed Rate Mortgage Backed Securities (1.5%)
	9,086	Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35, Callable 3/25/24 @ 100*		6,169
	14,885	Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36, Callable 3/25/24 @ 100*		5,966
	15,424	Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36, Callable 3/25/24 @ 100*		8,794
	15,260	Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37, Callable 3/25/24 @ 100*		8,048
	111,807	Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 3/25/24 @ 100*		47,522
	53,353	Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34, Callable 3/25/24 @ 100*		46,786
	10,525	ChaseFlex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35, Callable 3/25/24 @ 100*		7,941
	12,858	CitiMortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36, Callable 3/25/24 @ 100*		11,161
	669	MASTR Alternative Loan Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20		574
	2,599	MASTR Alternative Loan Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 3/25/24 @ 100*		2,531
	237,536	MASTR Alternative Loan Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 3/25/24 @ 100*		236,694

See notes to financial statements.

- 15 -

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2024 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	16,701	MASTR Alternative Loan Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34, Callable 3/25/24 @ 100*	$	15,987
	2,399	MASTR Alternative Loan Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34, Callable 3/25/24 @ 100*		2,411
	100	RALI Trust, Series 2004-QS13, Class CB, 5.00%, 9/25/19		94
	5,559	RALI Trust, Series 2004-QS6, Class A1, 5.00%, 5/25/19		5,149
	19,194	RALI Trust, Series 2006-QS6, Class 1A2, 6.00%, 6/25/36, Callable 3/25/24 @ 100*		14,401
	40,556	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36, Callable 8/25/24 @ 100*		13,120
	23,661	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37, Callable 3/25/24 @ 100*		11,922
	6,576	Wells Fargo Alternative Loan Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35, Callable 3/25/24 @ 100*		6,322
				451,592
Prime Adjustable Rate Mortgage Backed Securities (3.6%)
	155	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 5.53%, 5/25/35(b)		154
	327,920	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36, Callable 3/25/24 @ 100*(b)(c)		47,562
	3,771	Banc of America Mortgage Trust, Series 2006-A, Class 2A1, 4.90%, 2/25/36, Callable 3/25/24 @ 100*(b)		3,300
	2,275	Banc of America Mortgage Trust, Series 2006-B, Class 2A1, 4.99%, 11/20/46, Callable 3/20/24 @ 100*(b)		1,969
	3,049	Banc of America Mortgage Trust, Series 2004-E, Class 1A1, 5.41%, 6/25/34, Callable 3/25/24 @ 100*(b)		2,841
	3,976	Banc of America Mortgage Trust, Series 2003-H, Class 2A3, 6.00%, 9/25/33, Callable 3/25/24 @ 100*(b)		3,664
	3,574	Bear Stearns ARM Trust, Series 2004-6, Class 1A1, 5.48%, 9/25/34, Callable 3/25/24 @ 100*(b)		3,282
	2,336	Bear Stearns ARM Trust, Series 2006-4, Class 1A1, 5.79%, 10/25/36, Callable 3/25/24 @ 100*(b)		2,152
	1,728	Bear Stearns ARM Trust, Series 2004-10, Class 15A1, 6.24%, 1/25/35, Callable 3/25/24 @ 100*(b)		1,672
	2,945	Bear Stearns ARM Trust, Series 2005-9, Class A1, 7.67% (H15T1Y + 230 bps), 10/25/35, Callable 3/25/24 @ 100*		2,706
	923	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 7.64%, 3/25/31, Callable 3/25/24 @ 100*(b)		916
	8,091	Chase Mortgage Finance Trust, Series 2007-A2, Class 7A1, 4.58%, 7/25/37, Callable 3/25/24 @ 100*(b)		6,252
	205	CHL Mortgage Pass-Through Trust, Series 2003-42, Class 1A1, 3.99%, 9/25/33, Callable 3/25/24 @ 100*(b)		164

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	5,926	CHL Mortgage Pass-Through Trust, Series 2003-58, Class 2A2, 6.03%, 2/19/34, Callable 3/19/24 @ 100*(b)	$	5,646
	2,928	CHL Mortgage Pass-Through Trust, Series 2003-60, Class 2A1, 6.12%, 2/25/34, Callable 3/25/24 @ 100*(b)		2,644
	3,952	Citigroup Mortgage Loan Trust, Series 2005-3, Class 2A2A, 5.32%, 8/25/35(b)		3,733
	21,323	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 4.91%, 11/25/32, Callable 3/25/24 @ 100*(b)		13,552
	17,231	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 5.12%, 11/25/34, Callable 3/25/24 @ 100*(b)		16,378
	477,622	Fannie Mae REMIC Trust, Series 2003-W14, Class 2A, 4.57%, 1/25/43, Callable 3/25/24 @ 100*(b)		454,643
	4,078	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 4.94%, 10/25/35, Callable 3/25/24 @ 100*(b)		3,724
	21,437	GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 4.26%, 11/19/35, Callable 3/19/24 @ 100*(b)		17,668
	11,516	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 4.34%, 4/25/35, Callable 3/25/24 @ 100*(b)		10,313
	3,254	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 4.70%, 11/25/35, Callable 3/25/24 @ 100*(b)		3,064
	51,757	HarborView Mortgage Loan Trust, Series 2004-10, Class 3A1B, 4.69%, 1/19/35, Callable 3/19/24 @ 100*(b)		44,572
	2,554	HarborView Mortgage Loan Trust, Series 2005- 14, Class 3A1A, 6.23%, 12/19/35, Callable 3/19/24 @ 100*(b)		2,393
	17,863	IndyMac INDX Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.82%, 7/25/36, Callable 3/25/24 @ 100*(b)		12,461
	29,498	IndyMac INDX Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.86%, 8/25/36, Callable 3/25/24 @ 100*(b)		19,742
	7,262	IndyMac INDX Mortgage Loan Trust, Series 2004-AR4, Class 1A, 4.63%, 8/25/34, Callable 3/25/24 @ 100*(b)		6,789
	14,750	IndyMac INDX Mortgage Loan Trust, Series 2004-AR4, Class 3A, 5.00%, 8/25/34, Callable 3/25/24 @ 100*(b)		13,466
	1,243	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 4.54%, 8/25/36, Callable 3/25/24 @ 100*(b)		967
	11,778	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 5.95%, 4/21/34, Callable 3/21/24 @ 100*(b)		11,069
	4,473	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 5.07%, 12/25/34, Callable 3/25/24 @ 100*(b)		4,131
	597	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 5.29%, 2/25/34, Callable 3/25/24 @ 100*(b)		535
	5,281	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 5.52%, 7/25/34, Callable 3/25/24 @ 100*(b)		4,958

See notes to financial statements.

- 16 -

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2024 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	3,247	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 5.24%, 8/25/34, Callable 3/25/24 @ 100*(b)	$	3,100
	1,377	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 5.36%, 8/25/34, Callable 3/25/24 @ 100*(b)		1,295
	326,923	PNMAC GMSR ISSUER TRUST, Series 2018- GT2, Class A, 8.84% (TSFR1M + 351 bps), 8/25/25(a)		328,484
	17,492	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 5.27%, 12/25/34, Callable 3/25/24 @ 100*(b)		14,924
	793	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 6.42%, 2/25/34, Callable 3/25/24 @ 100*(b)		727
	931	Structured Asset Mortgage Investments II Trust, Series 2005-AR7, Class 1A1, 4.62%, 12/27/35, Callable 3/25/24 @ 100*(b)		919
	8,730	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-24A, Class 1A3, 6.92%, 7/25/33, Callable 3/25/24 @ 100*(b)		8,411
	37,237	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR14, Class 1A1, 4.02%, 11/25/36, Callable 3/25/24 @ 100*(b)		31,118
	1,061	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR8, Class 1A1, 4.40%, 8/25/46, Callable 3/25/24 @ 100*(b)		915
	5,694	WaMu Mortgage Pass-Through Certificates Trust, Series 2006-AR10, Class 1A2, 4.48%, 9/25/36, Callable 3/25/24 @ 100*(b)		4,630
	2,697	WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR3, Class A2, 4.56%, 6/25/34, Callable 3/25/24 @ 100*(b)		2,421
	3,524	WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR10, Class A1B, 6.28% (TSFR1M + 95 bps), 7/25/44, Callable 3/25/24 @ 100*		3,224
				1,129,250
Prime Fixed Mortgage Backed Securities (12.1%)
	368,680	Angel Oak Mortgage Trust, Series 2019-6, Class A1, 2.62%, 11/25/59, Callable 3/25/24 @ 100*(a)(b)		356,159
	3,793	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31, Callable 3/25/24 @ 100*		3,662
	50,649	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 1CB2, 6.75%, 8/25/34, Callable 3/25/24 @ 100*		49,721
	9,544	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 2CB3, 8.00%, 8/25/34, Callable 3/25/24 @ 100*		9,566
	57,421	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		52,227
	7,144	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 3/25/24 @ 100*		7,001
	13,085	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33, Callable 3/25/24 @ 100*		12,912

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	28,531	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32, Callable 3/25/24 @ 100*	$	7,378
	168,424	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32, Callable 3/25/24 @ 100*		173,126
	3,376	CSFB Mortgage-Backed Trust, Series 2004-7, Class 5A1, 5.00%, 10/25/19		3,319
	701,216	Fannie Mae REMIC Trust, Series 2004-W10, Class A6, 5.75%, 8/25/34, Callable 3/25/24 @ 100*		707,296
	316,411	GS Mortgage-Backed Securities Corp. Trust, Series 2019-PJ2, Class A8, 4.00%, 11/25/49, Callable 3/25/24 @ 100*(a)(b)		291,275
	14,255	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33, Callable 3/25/24 @ 100*		13,109
	20,143	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35, Callable 2/25/33 @ 100*		7,698
	484,717	JPMorgan Mortgage Trust, Series 2020-4, Class A3A, 2.50%, 11/25/50, Callable 10/25/39 @ 100*(a)(b)		395,407
	386,436	JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47, Callable 9/25/32 @ 100*(a)(b)		327,934
	8,683	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36, Callable 3/25/24 @ 100*		4,181
	1,343,333	NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 6.84% (TSFR1M + 151 bps), 5/25/55, Callable 5/25/24 @ 100*(a)		1,342,769
	3,755	RFMSI Trust, Series 2005-S7, Class A1, 5.50%, 11/25/35, Callable 3/25/24 @ 100*		2,758
	10,913	RFMSI Trust, Series 2003-S9, Class A1, 6.50%, 3/25/32, Callable 3/25/24 @ 100*		10,525
	44,598	Structured Asset Mortgage Investments Trust, Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 3/25/24 @ 100*		43,079
				3,821,102
Subprime Mortgage Backed Securities (0.8%)
	8,023	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56, Callable 7/25/31 @ 100*(a)(b)		7,989
	254,666	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/30 @ 100*(a)(b)		245,397
				253,386
U.S. Government Agency Mortgage Backed Securities (9.1%)
	10,379	Fannie Mae, 5.67% (RFUCCT1Y + 133 bps), 1/1/35, Pool #805386		10,361
	214	Fannie Mae, 5.98% (H15T1Y + 222 bps), 6/1/32, Pool #725286		213
	17,288	Fannie Mae, 6.29% (H15T1Y + 229 bps), 2/1/30, Pool #556998		17,197
	744,166	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.45%, 9/26/33, Callable 3/26/24 @ 100*(b)(c)		712,779
	140,203	Fannie Mae REMIC, Series 2013-68, Class NA, 1.00%, 3/25/42		115,423

See notes to financial statements.

- 17 -

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2024 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	21,586	Fannie Mae REMIC, Series 2012-31, Class PA, 2.00%, 4/25/41	$	20,978
	44	Fannie Mae REMIC, Series 2012-96, Class PD, 2.00%, 7/25/41		43
	111,874	Fannie Mae REMIC, Series 2013-18, Class NA, 2.00%, 12/25/42		96,821
	68,242	Fannie Mae REMIC, Series 2013-73, Class PD, 2.25%, 6/25/42		62,441
	65,535	Fannie Mae REMIC, Series 2013-74, Class DY, 2.25%, 6/25/42(b)		61,106
	48,743	Fannie Mae REMIC, Series 2011-118, Class NA, 3.00%, 11/25/41		45,022
	107,917	Fannie Mae REMIC, Series 2014-1, Class AB, 3.00%, 6/25/43		100,792
	410,071	Fannie Mae REMIC, Series 2018-83, Class LC, 3.00%, 11/25/48		357,290
	1,000	Fannie Mae REMIC, Series 1996-42, Class LL, 7.50%, 9/25/26		998
	277,361	Fannie Mae REMIC Trust, Series 2003-W16, Class AF5, 4.40%, 11/25/33, Callable 3/25/24 @ 100*(b)(c)		266,577
	797	Fannie Mae REMIC Trust, Series 2001-W4, Class AF6, 5.11%, 1/25/32, Callable 3/25/24 @ 100*(b)(c)		788
	2,427	Fannie Mae REMIC Trust, Series 2001-W2, Class AF6, 6.09%, 10/25/31, Callable 3/25/24 @ 100*(b)(c)		2,424
	4,410	Fannie Mae REMIC Trust, Series 2001-W1, Class AF6, 6.40%, 7/25/31, Callable 3/25/24 @ 100*(b)(c)		4,443
	1,901	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		1,818
	1,624	Freddie Mac, 7.30% (RFUCCT6M + 152 bps), 4/1/36, Pool #1N0148		1,645
	25,739	Freddie Mac REMIC, Series 4146, Class ML, 1.50%, 10/15/42		24,757
	224,031	Freddie Mac REMIC, Series 4220, Class KC, 1.50%, 5/15/32		212,513
	22,788	Freddie Mac REMIC, Series 3982, Class MD, 2.00%, 5/15/39		22,295
	100,238	Freddie Mac REMIC, Series 4019, Class GB, 2.00%, 12/15/41		91,406
	24,303	Freddie Mac REMIC, Series 4272, Class YG, 2.00%, 11/15/26		24,160
	67,282	Freddie Mac REMIC, Series 3913, Class PC, 2.50%, 3/15/41		64,826
	293,730	Freddie Mac REMIC, Series 4374, Class GA, 3.00%, 9/15/36		277,156
	312,384	Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42		269,125
	209	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 1/20/25, Pool #8580		207
	382	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 1/20/25, Pool #8585		377
	232	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 3/20/26, Pool #8832		228
	892	Government National Mortgage Assoc., 3.63% (H15T1Y + 150 bps), 3/20/29, Pool #80263		869
	733	Government National Mortgage Assoc., 3.75% (H15T1Y + 150 bps), 12/20/27, Pool #80141		725
	5,162	Government National Mortgage Assoc., 3.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916		5,129

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	35	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856	$	36
	6	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		7
				2,872,975
Total Mortgage Backed Securities (Cost $9,791,912)				8,751,743
Commercial Mortgage Backed Securities (0.1%)
Alt-A - Fixed Rate Mortgage Backed Securities (0.1%)
	24,728	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 3/10/24 @ 100*		23,803
Total Commercial Mortgage Backed Securities (Cost $24,442)				23,803
Corporate Bonds (22.5%)
Aerospace & Defense (3.0%)
	920,000	Boeing Co (The), 7.95% 8/15/24		934,290
Banks (5.8%)
	1,057,740	SouthTrust Bank, 7.74% 5/15/25		1,074,011
	800,000	Truist Financial Corp., Series N, 4.80% (H15T5Y + 300 bps), Callable 9/1/24 @ 100 *(d)		757,059
				1,831,070
Capital Markets (5.8%)
	800,000	Charles Schwab Corp (The), Series I, 4.00% (H15T5Y + 317 bps), Callable 6/1/26 @ 100 *(d)		736,823
	1,116,000	Goldman Sachs Group, Inc (The), 1.30% 11/15/24, Callable 5/15/24 @ 100 *		1,079,096
	2,000,000	Lehman Brothers Holdings, Inc., 6.00% 7/19/12, MTN (e)		2,000
				1,817,919
Financial Services (3.5%)
	1,206,000	Western Union Co (The), 1.35% 3/15/26, Callable 2/15/26 @ 100 *		1,110,606
Insurance (2.0%)
	670,000	Athene Global Funding, 1.72% 1/7/25 (a)		647,971
Tobacco (2.4%)
	806,000	BAT Capital Corp., 3.22% 9/6/26, Callable 7/6/26 @ 100 *		764,131
Total Corporate Bonds (Cost $8,252,803)				7,105,987
Taxable Municipal Bonds (0.6%)
Pennsylvania (0.6%)
	190,000	Philadelphia Authority for Industrial Development Revenue, 3.96%, 4/15/26		186,761
Total Taxable Municipal Bonds (Cost $189,839)				186,761
U.S. Government Agency Securities (12.3%)
Federal Farm Credit Banks Funding Corp.
	1,000,000	1.23%, 9/10/29, Callable 3/13/24 @ 100 *		839,136
	350,000	5.38% (SOFR + 6 bps), 10/8/24		350,047
				1,189,183

See notes to financial statements.

- 18 -

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2024 (Unaudited)	Concluded

Shares or Principal Amount		Security Description	Value
U.S. Government Agency Securities, continued:
Federal Home Loan Banks
$	35,000	0.90%, 8/27/26, Callable 5/27/24 @ 100 *	$	31,869
	250,000	1.00%, 3/29/29, Callable 3/29/24 @ 100 *(b)		218,242
	252,500	1.25%, 2/19/30, Callable 5/19/24 @ 100 *		208,179
	370,000	Series 4, 1.75%, 6/30/25, Callable 3/30/24 @ 100 *(b)		357,353
	180,000	2.10%, 11/26/31, Callable 3/13/24 @ 100 *		148,555
	300,000	4.84%, 5/15/30, Callable 5/15/25 @ 100 *		295,741
	220,000	5.40%, 2/24/28, Callable 5/24/24 @ 100 *		219,673
	350,000	5.44% (SOFR + 12 bps), 5/1/25		350,174
	400,000	5.46% (SOFR + 14 bps), 4/21/25		400,042
				2,229,828
Federal Home Loan Mortgage Corporation
	249,000	3.63%, 7/26/24, Callable 4/26/24 @ 100 *		247,253
Federal National Mortgage Association
	250,000	Series 1, 1.00%, 10/27/28, Callable 4/27/24 @ 100 *		213,831
Total U.S. Government Agency Securities (Cost $4,081,487)				3,880,095

U.S. Treasury Obligations (9.7%)
U.S. Treasury Notes
	730,000	1.50%, 2/15/30		624,122
	400,000	3.88%, 12/31/27		393,109
	942,000	4.13%, 9/30/27		933,978
	1,100,000	4.25%, 9/30/24		1,093,727
Total U.S. Treasury Obligations (Cost $3,097,306)				3,044,936
Investment in Affiliates (3.1%)
	983,196	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.20%(f)		983,196
Total Investment in Affiliates (Cost $983,196)				983,196
Total Investments (Cost $34,735,642) — 99.5%				31,365,625
Other assets in excess of liabilities — 0.5%				161,647
Net Assets - 100.0%			$	31,527,272

(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2024.
(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 29, 2024.
(d)	Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future
(e)	Issuer has defaulted on the payment of interest.
(f)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

12MTA	12 Month Treasury Average
H15T1Y	1 Year Treasury Constant Maturity Rate
H15T5Y	5 Year Treasury Constant Maturity Rate
MTN	Medium Term Note
REMIC	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
TSFR1M	CME Term Secured Overnight Financing Rate 1-Month

See notes to financial statements.

- 19 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2024 (Unaudited)

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (12.8%)
$	280,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)	$	253,036
	250,000	HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 5/1/24 @ 100*(a)		233,160
	286,807	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a)		276,598
	198,193	VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 5/15/24 @ 100*(a)		177,129
	224,996	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a)		215,617
	139,975	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(a)		120,380
Total Asset Backed Securities (Cost $1,390,540)				1,275,920

Mortgage Backed Securities† (27.3%)
Alt-A - Fixed Rate Mortgage Backed Securities (1.6%)
	2,248	Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35, Callable 3/25/24 @ 100*	1,820
	6,642	Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34, Callable 3/25/24 @ 100*	6,559
	58,846	Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 3/25/24 @ 100*	25,011
	3,647	CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-1, Class 4A1, 5.00%, 2/25/19	3,528
	6,205	MASTR Alternative Loan Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34, Callable 3/25/24 @ 100*	5,891
	5,772	MASTR Alternative Loan Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34, Callable 3/25/24 @ 100*	5,485
	140	MASTR Alternative Loan Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20	120
	11,328	MASTR Alternative Loan Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 3/25/24 @ 100*	10,718
	6,033	MASTR Alternative Loan Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33, Callable 3/25/24 @ 100*	6,090
	10,326	MASTR Alternative Loan Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34, Callable 3/25/24 @ 100*	9,976
	18,256	MASTR Alternative Loan Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34, Callable 3/25/24 @ 100*	17,629
	232	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-WF1, Class 2A5, 5.66%, 3/25/35, Callable 3/25/24 @ 100*(b)(c)	226
	19,757	RALI Trust, Series 2006-QS12, Class 1A2, 6.50%, 9/25/36, Callable 3/25/24 @ 100*	8,811
	33,711	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35, Callable 3/25/24 @ 100*	15,363
	38,901	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36, Callable 3/25/24 @ 100*	21,149

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	24,932	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-6, Class 1CB, 6.50%, 8/25/35, Callable 3/25/24 @ 100*	$	21,824
				160,200
Prime Adjustable Rate Mortgage Backed Securities (2.5%)
	3,744	Banc of America Funding Trust, Series 2004-B, Class 5A1, 5.62%, 11/20/34, Callable 3/20/24 @ 100*(b)		3,541
	2,224	Bear Stearns ARM Trust, Series 2004-9, Class 12A3, 5.33%, 11/25/34, Callable 3/25/24 @ 100*(b)		2,221
	645	Bear Stearns ARM Trust, Series 2003-7, Class 4A, 5.71%, 10/25/33, Callable 3/25/24 @ 100*(b)		644
	7,043	CHL Mortgage Pass-Through Trust, Series 2004-2, Class 2A1, 4.52%, 2/25/34, Callable 3/25/24 @ 100*(b)		5,678
	6,526	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 3.65%, 4/25/37, Callable 3/25/24 @ 100*(b)		5,527
	11,647	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 4.05%, 10/25/36, Callable 3/25/24 @ 100*(b)		8,215
	2,355	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 4.69% (US0003M + 101 bps), 4/25/36, Callable 3/25/24 @ 100*		1,998
	110,326	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.90%, 9/25/35, Callable 3/25/24 @ 100*(b)		97,184
	11,376	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 5.11%, 2/25/35, Callable 3/25/24 @ 100*(b)		10,555
	28,946	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 2.76%, 10/25/40, Callable 3/25/24 @ 100*(a)(b)		17,313
	104,699	WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.92%, 6/20/44, Callable 3/20/24 @ 100*(a)(b)		97,429
				250,305
Prime Fixed Mortgage Backed Securities (6.3%)
	1,600	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35, Callable 3/25/24 @ 100*(b)(c)		1,330
	46,016	Angel Oak Mortgage Trust, Series 2019-5, Class A1, 2.59%, 10/25/49, Callable 3/25/24 @ 100*(a)(b)		44,302
	11,942	Chase Mortgage Finance Trust, Series 2007-S2, Class 2A1, 5.50%, 3/25/37, Callable 3/25/24 @ 100*		911
	42,137	ChaseFlex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 3/25/24 @ 100*		28,563
	115	CHL Mortgage Pass-Through Trust, Series 2004-J6, Class 1A2, 5.25%, 8/25/24, Callable 3/25/24 @ 100*		115
	5,915	CHL Mortgage Pass-Through Trust, Series 2005-29, Class A1, 5.75%, 12/25/35, Callable 3/25/24 @ 100*		2,846
	3,859	Citigroup Mortgage Loan Trust, Inc., Series 2005- 1, Class 3A1, 6.50%, 4/25/35		3,710
	4,255	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM1, Class 1A3, 6.75%, 7/25/34, Callable 3/25/24 @ 100*		4,099

See notes to financial statements.

- 20 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2024 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	9,680	CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27, Class 8A1, 6.00%, 11/25/33, Callable 3/25/24 @ 100*	$	9,521
	196,924	Flagstar Mortgage Trust, Series 2021-4, Class A5, 2.50%, 6/1/51, Callable 4/25/47 @ 100*(a)(b)		170,481
	10,489	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 4/25/31 @ 100*(a)(b)		9,407
	109,783	GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3, Class A14, 3.00%, 10/25/50, Callable 4/25/43 @ 100*(a)(b)		92,432
	129,459	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34, Callable 3/25/24 @ 100*		119,593
	66	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19		65
	444	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32, Callable 3/25/24 @ 100*		430
	3,766	MASTR Alternative Loan Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19		2,784
	736	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34, Callable 3/25/24 @ 100*		700
	15,148	RAMP Trust, Series 2005-SL2, Class A3, 7.00%, 2/25/32, Callable 2/25/29 @ 100*		11,981
	5,534	Structured Asset Mortgage Investments Trust, Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 3/25/24 @ 100*		5,345
	30	Structured Asset Securities Corp. Mort Pass- Through Certificate Trust, Series 1997-2, Class 2A4, 7.25%, 3/28/30, Callable 3/28/24 @ 100*		29
	545	WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S11, Class 1A, 5.00%, 11/25/33, Callable 3/25/24 @ 100*		506
	216	WaMu Mortgage Pass-Through Certificates Trust, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 3/25/24 @ 100*		214
	139,484	Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 6/25/51, Callable 4/25/47 @ 100*(a)(b)		120,840
				630,204

Subprime Mortgage Backed Securities (0.8%)
	20,798	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 9/25/29 @ 100*(a)(b)	20,216
	58,337	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 3/25/31 @ 100*(a)(b)	56,444
			76,660
U.S. Government Agency Mortgage Backed Securities (16.1%)
	84,337	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 8/25/30	82,118
	99,914	Fannie Mae, 5.00%, 8/1/53, Pool #FS5659	96,875
	243,089	Fannie Mae, 5.50%, 3/1/53, Pool #MA4941	240,442
	1,243	Fannie Mae, 5.88% (RFUCCT1Y + 163 bps), 9/1/33, Pool #739372	1,231
	67	Fannie Mae, 6.00%, 4/1/35, Pool #735503	69
	1,603	Fannie Mae, 6.11% (RFUCCT1Y + 186 bps), 1/1/37, Pool #906675	1,600

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	222	Fannie Mae Grantor Trust, Series 2002-T1, Class A3, 7.50%, 11/25/31, Callable 3/25/24 @ 100*	$	228
	43,782	Fannie Mae REMIC, Series 2010-100, Class LA, 2.50%, 7/25/40		40,563
	46,105	Fannie Mae REMIC, Series 2014-61, Class P, 2.50%, 7/25/44		41,470
	12,534	Fannie Mae REMIC, Series 2015-12, Class PC, 2.50%, 7/25/44		12,087
	91,086	Fannie Mae REMIC, Series 2015-59, Class LM, 3.00%, 7/25/45		83,057
	140,502	Fannie Mae REMIC, Series 2023-16, Class VE, 5.50%, 3/25/34		141,284
	421	Fannie Mae REMIC, Series 2001-55, Class PC, 6.50%, 10/25/31		429
	8,016	Fannie Mae Trust, Series 2003-W2, Class 1A2, 7.00%, 7/25/42, Callable 3/25/24 @ 100*		8,259
	113,739	Freddie Mac, 5.00%, 12/1/53, Pool #SD8382		110,279
	3,188	Freddie Mac, 7.74% (H15T1Y + 237 bps), 8/1/34, Pool #755230		3,132
	31,351	Freddie Mac REMIC, Series 4220, Class KC, 1.50%, 5/15/32		29,739
	19,200	Freddie Mac REMIC, Series 4076, Class QC, 2.00%, 11/15/41		18,292
	29,567	Freddie Mac REMIC, Series 4461, Class EA, 2.00%, 7/15/37		28,251
	142,886	Freddie Mac REMIC, Series 3908, Class B, 2.50%, 6/15/39		127,905
	157,763	Freddie Mac REMIC, Series 5303, Class B, 5.50%, 6/25/45		155,749
	6	Freddie Mac REMIC, Series 1714, Class K, 7.00%, 4/15/24, Callable 3/15/24 @ 100*		6
	234	Freddie Mac REMIC, Series 1904, Class D, 7.50%, 10/15/26, Callable 3/15/24 @ 100*		235
	66,939	Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42		57,670
	230,563	Government National Mortgage Assoc., Series 2023-47, Class AQ, 5.00%, 6/20/48		228,306
	98,864	Government National Mortgage Assoc., Series 2023-186, Class MV, 5.50%, 10/20/34		99,716
	2,082	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		2,076
	23	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		24
	12	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		12
	199	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205		199
	1,122	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		1,131
				1,612,434
Total Mortgage Backed Securities (Cost $2,970,919)				2,729,803

Commercial Mortgage Backed Securities (0.2%)
Alt-A - Fixed Rate Mortgage Backed Securities (0.2%)
	16,127	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 3/10/24 @ 100*	15,524
Total Commercial Mortgage Backed Securities (Cost $15,946)			15,524

See notes to financial statements.

- 21 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2024 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Corporate Bonds (18.1%)
Air Freight & Logistics (1.6%)
$	155,732	United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88% 10/15/27	$	157,176
Banks (1.3%)
	135,000	Bank of America Corp., 5.02% (SOFR + 216 bps) 7/22/33, Callable 7/22/32 @ 100 *		131,429
Capital Markets (1.3%)
	140,000	Goldman Sachs Group, Inc. (The), 3.50% 11/16/26, Callable 11/16/25 @ 100 *		134,313
Electric Utilities (2.5%)
	275,000	Entergy Mississippi LLC, Class Yes, 3.25% 12/1/27		254,609
Electrical Equipment (2.1%)
	250,000	Emerson Electric Co., 2.20% 12/21/31, Callable 9/21/31 @ 100 *		207,520
Financial Services (3.0%)
	300,000	Jackson National Life Global Funding, 2.65% 6/21/24 (a)		296,945
Household Durables (3.9%)
	400,000	Harman International Industries, Inc., 4.15% 5/15/25, Callable 2/15/25 @ 100 *		393,271
Oil, Gas & Consumable Fuels (1.0%)
	100,000	Virginia Power Fuel Securitization LLC, Series A2, 4.88% 5/1/31		99,745
Semiconductors & Semiconductor Equipment (1.4%)
	150,000	Broadcom, Inc., 4.15% 11/15/30, Callable 8/15/30 @ 100 *		140,359
Total Corporate Bonds (Cost $1,934,331)				1,815,367

Taxable Municipal Bonds (8.2%)
Arizona (2.5%)
	250,000	City of Glendale AZ, Certificate Participation, 0.90%, 7/1/24	246,108
Colorado (1.4%)
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 1.11%, 5/1/25, GNMA: GOV. NATL MTGE ASSOCIATION	143,290
Rhode Island (3.9%)
	400,000	Rhode Island Convention Center Authority Revenue, Series A, 3.15%, 5/15/25	389,477
Wisconsin (0.4%)
	45,000	Public Financial Authority Revenue, 4.45%, 10/1/25, AGM(a)	44,456
Total Taxable Municipal Bonds (Cost $844,890)			823,331
U.S. Government Agency Securities (10.8%)
Federal Farm Credit Banks Funding Corp.
	350,000	2.12%, 5/23/31, Callable 3/13/24 @ 100 *	292,363
	250,000	2.32%, 1/26/32, Callable 3/13/24 @ 100 *	209,972
			502,335
Federal Home Loan Banks
	250,000	1.25%, 8/16/28, Callable 5/16/24 @ 100 *(b)	224,306
	220,000	1.25%, 3/17/31, Callable 3/17/24 @ 100 *(b)	188,159
	200,000	Series 2, 1.50%, 10/28/31, Callable 4/28/24 @ 100 *(b)	167,658
			580,123
Total U.S. Government Agency Securities (Cost $1,160,327)			1,082,458
U.S. Treasury Obligations (13.3%)
U.S. Treasury Notes
	1,349,000	4.13%, 11/15/32	1,333,824
Total U.S. Treasury Obligations (Cost $1,352,692)			1,333,824

Shares or Principal Amount		Security Description	Value
Investment in Affiliates (8.7%)
	870,576	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.20%(d)	$	870,576
Total Investment in Affiliates (Cost $870,576)				870,576
Total Investments (Cost $10,540,221) — 99.4%				9,946,803
Other assets in excess of liabilities — 0.6%				62,335
Net Assets - 100.0%			$	10,009,138

See notes to financial statements.

- 22 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2024 (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 liquid according to the policies and procedures adopted by the Board of Trustees.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2024.
(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 29, 2024.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
*	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
GNMA	Government National Mortgage Association
H15T1Y	1 Year Treasury Constant Maturity Rate
REMIC	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
US0003M	3 Month US Dollar LIBOR

See notes to financial statements.

- 23 -

Schedule of Portfolio Investments	Bond Fund
February 29, 2024 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities (15.4%)
$	825,000	Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100*(a)	$	743,599
	1,250,000	Amur Equipment Finance Receivables IX LLC, Series 2021-1A, Class C, 1.75%, 6/21/27, Callable 11/20/24 @ 100*(a)		1,210,555
	338,831	BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B, 3.78%, 9/26/33, Callable 4/25/26 @ 100*(a)		321,911
	720,000	Compass Datacenters Issuer II LLC, Series 2024-1A, Class A1, 5.25%, 2/25/49, Callable 2/25/27 @ 100*(a)		699,649
	1,100,000	CoreVest American Finance Trust, Series 2021-2, Class B, 2.38%, 7/15/54, Callable 7/15/31 @ 100*		895,787
	1,065,000	DataBank Issuer, Series 2024-1A, Class A2, 5.30%, 1/26/54, Callable 1/25/27 @ 100*(a)		997,985
	582,895	Dext ABS LLC, Series 2023-1, Class A2, 5.99%, 3/15/32, Callable 5/15/27 @ 100*(a)		578,523
	1,086,250	DRIVEN BRANDS FUNDING LLC, Series 2022-1A, Class A2, 7.39%, 10/20/52, Callable 10/20/25 @ 100*(a)		1,101,312
	1,212,683	Finance of America Structured Securities RMF Trust, Series 2023-S1, Class A1, 3.00%, 9/25/61(a)(b)		1,133,934
	1,490,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)		1,346,516
	1,500,000	HI-FI Music IP Issuer LP, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 5/1/24 @ 100*(a)		1,398,961
	648,000	Jack in the Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, 2/26/52, Callable 2/25/25 @ 100*(a)		599,755
	928,477	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a)		895,427
	423,775	MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/38, Callable 1/20/26 @ 100*(a)		401,794
	–	RAAC Trust, Series 2004-SP1, Class AI4, 5.29%, 8/25/27, Callable 3/25/24 @ 100*(b)		–
	515,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 3/20/24 @ 100*(a)		497,666
	2,277,400	Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 1/20/50, Callable 3/20/24 @ 100*(a)		2,155,986
	638,175	Taco Bell Funding LLC, Series 2018-1A, Class A2II, 4.94%, 11/25/48, Callable 11/25/25 @ 100*(a)		622,144
	440,691	Triumph Rail Holdings LLC, Series 2021-2, Class A, 2.15%, 6/19/51, Callable 3/17/24 @ 100*(a)		397,679
	77,419	VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 5/15/24 @ 100*(a)		69,191
	1,079,981	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @  100*(a)		1,034,960
	560,803	Willis Engine Structured Trust III, Series 2017-A, Class A, 4.69%, 8/15/42, Callable 7/15/27 @ 100*(a)(b)		479,531
	839,848	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(a)		722,277

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities, continued:
$	516,750	ZAXBY’S FUNDING LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a)	$	453,853
Total Asset Backed Securities (Cost $19,879,933)				18,758,995

Mortgage Backed Securities† (21.7%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.0%^)
	49,744	Bear Stearns Alternative Trust, Series 2006-6, Class 32A1, 4.56%, 11/25/36, Callable 11/25/27 @ 100*(b)	25,304
	1,910	JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 6.21%, 12/25/36, Callable 3/25/24 @ 100*(b)(c)	1,847
			27,151
Alt-A - Fixed Rate Mortgage Backed Securities (0.3%)
	38,204	Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35, Callable 3/25/24 @ 100*	27,253
	4,629	Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34, Callable 3/25/24 @ 100*	4,586
	21,069	Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36, Callable 3/25/24 @ 100*	9,756
	138,039	Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37, Callable 3/25/24 @ 100*	66,133
	166,461	Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36, Callable 3/25/24 @ 100*	69,880
	5,058	Banc of America Alternative Loan Trust, Series 2006-4, Class 4CB1, 6.50%, 5/25/46, Callable 3/25/24 @ 100*	4,378
	16,047	Bear Stearns Asset Backed Securities Trust, Series 2003-AC7, Class A1, 5.50%, 1/25/34, Callable 3/25/24 @ 100*(b)(c)	13,584
	7,293	MASTR Alternative Loan Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35, Callable 7/25/24 @ 100*	6,483
	31,128	MASTR Alternative Loan Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 3/25/24 @ 100*	30,322
	11,328	MASTR Alternative Loan Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 3/25/24 @ 100*	10,718
	12,368	MASTR Alternative Loan Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35, Callable 3/25/24 @ 100*	9,714
	342	MASTR Alternative Loan Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33, Callable 3/25/24 @ 100*	344
	4,455	MASTR Alternative Loan Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34, Callable 3/25/24 @ 100*	4,398
	2,500	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2003-A1, Class A2, 6.00%, 5/25/33, Callable 3/25/24 @ 100*	2,424
	139,505	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-3, Class 1CB5, 5.50%, 5/25/35, Callable 3/25/24 @ 100*	116,408

See notes to financial statements.

- 24 -

Schedule of Portfolio Investments	Bond Fund
February 29, 2024 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	2,531	WaMu Mortgage Pass-Through Certificates Trust, Series 2004-CB1, Class 4A, 6.00%, 6/25/34, Callable 3/25/24 @ 100*	$	2,486
				378,867
Prime Adjustable Rate Mortgage Backed Securities (1.4%)
	378,490	GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A6, 2.50%, 2/25/52, Callable 7/25/47 @ 100*(a)(b)		329,093
	833,014	GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A8, 2.50%, 1/25/52, Callable 5/25/47 @ 100*(a)(b)		721,224
	3,201	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 4.05%, 6/25/36, Callable 3/25/24 @ 100*(b)		2,101
	89,586	JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 5.82%, 8/25/35, Callable 3/25/24 @ 100*(b)		82,607
	6,729	Merrill Lynch Mortgage Investors Trust, Series 2004-HB1, Class A3, 5.16%, 4/25/29, Callable 3/25/24 @ 100*(b)		5,868
	763,736	Starwood Mortgage Residential Trust, Series 2021-5, Class A1, 1.92%, 9/25/66, Callable 10/25/24 @ 100*(a)(b)		629,919
	3,413	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 4.77%, 6/25/36, Callable 3/25/24 @ 100*(b)		2,153
				1,772,965
Prime Fixed Mortgage Backed Securities (3.6%)
	230,497	Arroyo Mortgage Trust, Series 2019-3, Class A1, 2.96%, 10/25/48, Callable 3/25/24 @ 100*(a)(b)		212,209
	2,284	Chase Mortgage Finance Trust, Series 2002-S4, Class A23, 6.25%, 3/25/32, Callable 3/25/24 @ 100*		2,099
	79,872	ChaseFlex Trust, Series 2006-2, Class A5, 4.38%, 9/25/36, Callable 3/25/24 @ 100*(b)		68,931
	25,282	ChaseFlex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 3/25/24 @ 100*		17,138
	20,716	ChaseFlex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37, Callable 3/25/24 @ 100*		7,306
	1,000	CHL Mortgage Pass-Through Trust, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 3/25/24 @ 100*		950
	2,812	CHL Mortgage Pass-Through Trust, Series 2004-18, Class A1, 6.00%, 10/25/34, Callable 3/25/24 @ 100*		2,675
	2,793	CHL Mortgage Pass-Through Trust, Series 2004-21, Class A10, 6.00%, 11/25/34, Callable 3/25/24 @ 100*		2,658
	1,150,192	CIM Trust, Series 2021-J2, Class A4, 2.50%, 4/25/51, Callable 3/25/48 @ 100*(a)(b)		1,004,132
	10,494	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		10,089
	92,208	CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9, Class 3A1, 6.00%, 10/25/35, Callable 3/25/24 @ 100*		29,117
	91	FNT Mortgage-Backed Pass-Through Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		86
	341	GMACM Mortgage Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33, Callable 3/25/24 @ 100*(b)(c)		337

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	819,695	GS Mortgage-Backed Securities Trust, Series 2022-MM1, Class A8, 2.50%, 7/25/52, Callable 7/25/49 @ 100*(a)(b)	$	706,913
	776,717	JPMorgan Mortgage Trust, Series 2019-6, Class A5, 3.50%, 12/25/49, Callable 3/25/24 @ 100*(b)		688,138
	10,370	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 5.52%, 4/25/36, Callable 3/25/24 @ 100*(b)		8,650
	14,093	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34, Callable 3/25/24 @ 100*		12,412
	781,770	Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A10, 2.50%, 6/25/51, Callable 8/25/48 @ 100*(a)(b)		679,664
	70,790	RAAC Trust, Series 2004-SP2, Class A22, 6.00%, 1/25/32, Callable 3/25/24 @ 100*		61,527
	11,539	Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 1/25/31, Callable 3/25/24 @ 100*(a)		10,759
	36,633	TBW Mortgage-Backed Trust, Series 2006-2, Class 7A1, 7.00%, 7/25/36, Callable 3/25/24 @ 100*		4,459
	19,439	WaMu Mortgage Pass-Through Certificates Trust, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 3/25/24 @ 100*		19,241
	619,927	Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 6/25/51, Callable 4/25/47 @ 100*(a)(b)		537,069
	208,812	Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1, 3.50%, 7/25/49, Callable 3/25/24 @ 100*(a)(b)		184,745
	93,103	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45, Callable 3/20/24 @ 100*(a)(b)		83,854
				4,355,158
Subprime Mortgage Backed Securities (0.3%)
	155,346	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/30 @ 100*(a)(b)		149,692
	55,460	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 9/25/29 @ 100*(a)(b)		53,910
	165,288	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 3/25/31 @ 100*(a)(b)		159,924
				363,526
U.S. Government Agency Mortgage Backed Securities (16.1%)
	286,747	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 8/25/30		279,203
	125	Fannie Mae, 5.00%, 8/1/33, Pool #730856		124
	76	Fannie Mae, 5.00%, 7/1/35, Pool #832198		75
	1,202,853	Fannie Mae, 5.00%, 8/1/53, Pool #FS5659		1,166,262
	93	Fannie Mae, 5.50%, 2/1/33, Pool #683351		95
	62	Fannie Mae, 5.50%, 9/1/34, Pool #725773		63
	1,375,973	Fannie Mae, 5.50%, 3/1/53, Pool #MA4941		1,360,994
	6,163	Fannie Mae, 6.43% (H15T1Y + 231 bps), 12/1/27, Pool #422279		6,118
	736,531	Fannie Mae REMIC, Series 2021-52, Class JC, 1.25%, 7/25/51		608,189

See notes to financial statements.

- 25 -

Schedule of Portfolio Investments	Bond Fund
February 29, 2024 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	205,962	Fannie Mae REMIC, Series 2012-111, Class EC, 2.00%, 12/25/41	$	183,956
	92,490	Fannie Mae REMIC, Series 2013-23, Class AB, 2.00%, 2/25/43		81,536
	322,098	Fannie Mae REMIC, Series 2020-54, Class TA, 2.00%, 5/25/43		296,597
	104,350	Fannie Mae REMIC, Series 2012-30, Class CB, 2.25%, 10/25/41		96,088
	73,163	Fannie Mae REMIC, Series 2010-100, Class LA, 2.50%, 7/25/40		67,782
	136,275	Fannie Mae REMIC, Series 2012-104, Class QC, 2.50%, 5/25/42		123,543
	34,579	Fannie Mae REMIC, Series 2014-61, Class P, 2.50%, 7/25/44		31,103
	139,386	Fannie Mae REMIC, Series 2020-2, Class JD, 2.50%, 2/25/50		117,271
	151,447	Fannie Mae REMIC, Series 2014-33, Class PE, 3.00%, 4/25/43		143,582
	182,809	Fannie Mae REMIC, Series 2015-59, Class LM, 3.00%, 7/25/45		166,694
	744,032	Fannie Mae REMIC, Series 2018-94, Class ZE, 3.50%, 1/25/49		672,760
	431,134	Fannie Mae REMIC, Series 2022-35, Class CK, 4.00%, 3/25/47		406,917
	1,025,779	Fannie Mae REMIC, Series 2022-61, Class D, 4.00%, 6/25/44		984,732
	1,139,772	Fannie Mae REMIC, Series 2023-19, Class BA, 5.00%, 12/25/50		1,120,208
	1,873,361	Fannie Mae REMIC, Series 2023-16, Class VE, 5.50%, 3/25/34		1,883,785
	644	Fannie Mae REMIC, Series 1998-36, Class ZB, 6.00%, 7/18/28		647
	8,001	Fannie Mae REMIC Trust, Series 2002-W11, Class AF5, 4.98%, 11/25/32, Callable 3/25/24 @ 100*(b)(c)		7,604
	15,359	Fannie Mae Trust, Series 2003-W6, Class 6A, 4.27%, 8/25/42, Callable 3/25/24 @ 100*(b)		14,753
	1,226,405	Freddie Mac, 5.00%, 12/1/53, Pool #SD8382		1,189,093
	70	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		70
	1,177,698	Freddie Mac, 6.00%, 5/1/53, Pool #SD8325		1,183,336
	452	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		465
	60,143	Freddie Mac REMIC, Series 4019, Class GB, 2.00%, 12/15/41		54,844
	54,206	Freddie Mac REMIC, Series 4461, Class EA, 2.00%, 7/15/37		51,794
	100,856	Freddie Mac REMIC, Series 3913, Class PC, 2.50%, 3/15/41		97,174
	821,711	Freddie Mac REMIC, Series 4893, Class PD, 2.50%, 5/15/49		702,590
	80,220	Freddie Mac REMIC, Series 3721, Class PE, 3.50%, 9/15/40		75,946
	27,886	Freddie Mac REMIC, Series 3780, Class MK, 3.50%, 10/15/40		26,686
	1,150,748	Freddie Mac REMIC, Series 5384, Class A, 5.00%, 9/25/50		1,127,811
	49	Freddie Mac REMIC, Series 2610, Class VB, 5.50%, 7/15/24		49
	1,284,645	Freddie Mac REMIC, Series 5303, Class B, 5.50%, 6/25/45		1,268,242
	598	Freddie Mac REMIC, Series 2148, Class ZA, 6.00%, 4/15/29		598

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	3,936	Freddie Mac REMIC, Series 2036, Class PD, 6.50%, 3/15/28	$	3,987
	145,035	Government National Mortgage Assoc., Series 2013-69, Class NA, 2.00%, 9/20/42		124,951
	1,351,130	Government National Mortgage Assoc., 3.00%, 4/20/53, Pool #MA8796		1,192,938
	173,849	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		165,295
	73,568	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)		68,916
	7,469	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		7,268
	1,136,520	Government National Mortgage Assoc., Series 2022-205, Class UA, 5.00%, 5/20/52		1,121,534
	1,293,978	Government National Mortgage Assoc., Series 2023-47, Class AQ, 5.00%, 6/20/48		1,281,310
	2,125	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		2,140
				19,567,718
Total Mortgage Backed Securities (Cost $27,855,036)				26,465,385
Commercial Mortgage Backed Securities (1.0%)
Alt-A - Fixed Rate Mortgage Backed Securities (1.0%)
	123,640	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 3/10/24 @ 100*		119,016
	1,250,000	JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class A5, 3.72%, 3/15/50, Callable 4/15/27 @ 100*		1,173,880
Total Commercial Mortgage Backed Securities (Cost $1,278,258)				1,292,896
Corporate Bonds (17.5%)
Air Freight & Logistics (0.7%)
	896,060	United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88% 10/15/27		904,368
Banks (3.4%)
	2,475,000	Bank of America Corp., 3.31% (SOFR + 158 bps)4/22/42, Callable 4/22/41 @ 100 *		1,872,852
	1,550,000	JPMorgan Chase & Co., Class Yes, 2.52% (SOFR + 204 bps)4/22/31		1,325,101
	1,350,000	Wells Fargo & Co., 3.07% (SOFR + 253 bps)4/30/41, Callable 4/30/40 @ 100 *		996,214
				4,194,167
Beverages (0.6%)
	800,000	PepsiCo, Inc., Class Yes, 2.75% 3/19/30		714,365
Capital Markets (1.3%)
	1,600,000	Goldman Sachs Group, Inc. (The), 3.50% 11/16/26, Callable 11/16/25 @ 100 *		1,535,008
Electric Utilities (0.8%)
	1,000,000	Entergy Mississippi LLC, Class Yes, 3.25% 12/1/27		925,850
Electrical Equipment (0.8%)
	1,250,000	Emerson Electric Co., 2.20% 12/21/31, Callable 9/21/31 @ 100 *		1,037,600
Financial Services (1.5%)
	1,100,000	Jackson National Life Global Funding, 2.65% 6/21/24 (a)		1,088,799
	770,000	Western Union Co. (The), 6.20% 11/17/36		776,771
				1,865,570
Food Products (1.7%)
	1,059,000	Conagra Brands, Inc., Class Yes, 4.60% 11/1/25		1,043,186

See notes to financial statements.

- 26 -

Schedule of Portfolio Investments	Bond Fund
February 29, 2024 (Unaudited)	Continued

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Food Products, continued:
$	320,000	Mars, Inc., 0.88% 7/16/26, Callable 6/16/26 @ 100 *(a)	$	290,116
	825,000	Mars, Inc., Class Yes, 3.20% 4/1/30 (a)		747,326
				2,080,628
Health Care Providers & Services (0.4%)
	450,000	Montefiore Medical Center, 2.15% 10/20/26, Callable 4/20/26 @ 100 *		428,804
Household Durables (0.9%)
	1,120,000	Harman International Industries, Inc., 4.15% 5/15/25, Callable 2/15/25 @ 100 *		1,101,160
Oil, Gas & Consumable Fuels (1.9%)
	1,200,000	Marathon Oil Corp., 4.40% 7/15/27, Callable 4/15/27 @ 100 *		1,164,449
	1,200,000	Virginia Power Fuel Securitization LLC, Series A2, 4.88% 5/1/31		1,196,942
				2,361,391
Passenger Airlines (0.8%)
	946,962	Alaska Airlines Pass-Through Trust, Series 2020-1, Class A, 4.80% 8/15/27 (a)		918,553
Semiconductors & Semiconductor Equipment (1.7%)
	2,178,000	Broadcom, Inc., 4.15% 11/15/30, Callable 8/15/30 @ 100 *		2,038,015
Specialized REITs (1.0%)
	1,255,000	SBA Tower Trust, 1.88% 1/15/26, Callable 1/15/25 @ 100 *(a)		1,169,628
Total Corporate Bonds (Cost $23,996,166)				21,275,107
Taxable Municipal Bonds (6.2%)
Georgia (1.0%)
	1,200,000	State of Georgia, GO, 4.57%, 10/1/30		1,199,135
Kentucky (0.5%)
	320,000	Lexington-Fayette Urban County Airport Board Revenue, Series A, 2.84%, 7/1/31		280,872
	430,000	Lexington-Fayette Urban County Airport Board Revenue, Series A, 2.84%, 7/1/31		372,461
				653,333
Michigan (0.1%)
	190,000	Michigan State Housing Development Authority Revenue, Series B, 2.72%, 10/1/35, Continuously Callable @100		162,072
Missouri (1.0%)
	1,250,000	Fort Zumwalt School District, GO, Series D, 5.30%, 3/1/29, ST AID DIR DEP		1,259,294
Oklahoma (2.0%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100		462,331
	1,650,000	The University of Oklahoma Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100		1,532,686
	450,000	The University of Oklahoma Revenue, Series C, 2.45%, 7/1/32, Continuously Callable @100		372,057
				2,367,074
Pennsylvania (0.9%)
	1,110,000	City of Bethlehem PA, GO, Series C, 5.15%, 11/1/34, Pre-refunded 11/1/24 @ 100, AGM		1,106,134
Texas (0.7%)
	785,000	Texas Transportation Commission State Highway Fund Revenue, Series B, 5.18%, 4/1/30		787,583
Total Taxable Municipal Bonds (Cost $8,084,900)				7,534,625

Shares or Principal Amount		Security Description	Value
U.S. Government Agency Securities (10.2%)
Federal Farm Credit Banks Funding Corp.
$	1,000,000	1.32%, 9/9/30, Callable 3/13/24 @ 100 *	$	815,373
	1,625,000	2.00%, 9/27/33, Callable 3/13/24 @ 100 *		1,269,057
	1,565,000	2.13%, 4/19/34, Callable 3/13/24 @ 100 *		1,233,488
	1,408,000	2.15%, 3/7/36, Callable 3/13/24 @ 100 *		1,059,253
	1,350,000	2.23%, 3/12/35, Callable 3/13/24 @ 100 *		1,035,672
	1,150,000	2.32%, 1/26/32, Callable 3/13/24 @ 100 *		965,871
	1,220,000	2.75%, 2/2/37, Callable 3/13/24 @ 100 *		950,738
				7,329,452
Federal Home Loan Banks
	1,000,000	1.00%, 2/11/36, Callable 5/11/24 @ 100 *(b)		740,078
	1,100,000	1.25%, 10/29/29, Callable 4/29/24 @ 100 *(b)		984,013
	3,000,000	1.25%, 3/24/33, Callable 3/24/24 @ 100 *(b)		2,465,292
	1,170,000	1.50%, 2/25/36, Callable 5/25/24 @ 100 *(b)		868,508
				5,057,891
Total U.S. Government Agency Securities (Cost $13,665,795)				12,387,343
U.S. Treasury Obligations (24.0%)
U.S. Treasury Bonds
	4,532,000	1.75%, 8/15/41		3,016,259
	16,869,000	3.13%, 8/15/44		13,675,092
				16,691,351
U.S. Treasury Notes
	2,715,000	3.13%, 8/31/29		2,561,433
	5,126,000	4.13%, 9/30/27		5,082,349
	5,026,000	4.13%, 11/15/32		4,969,457
				12,613,239
Total U.S. Treasury Obligations (Cost $31,057,774)				29,304,590
Investment in Affiliates (4.0%)
	4,817,730	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.20%(d)		4,817,730
Total Investment in Affiliates (Cost $4,817,730)				4,817,730
Total Investments (Cost $130,635,592) — 100.0%				121,836,671
Other assets in excess of liabilities — 0.0%^				2,290
Net Assets - 100.0%			$	121,838,961

See notes to financial statements.

- 27 -

Schedule of Portfolio Investments	Bond Fund
February 29, 2024 (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 liquid according to the policies and procedures adopted by the Board of Trustees.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2024.
(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 29, 2024.
(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.
†	Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

Amounts shown as “—” are either 0 or round to less than 1.

AGM	Assured Guaranty Municipal Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
REMIC	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate

See notes to financial statements.

- 28 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 29, 2024 (Unaudited)

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities† (27.0%)
Prime Fixed Mortgage Backed Securities (5.2%)
$	360,909	Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1, 1.60%, 10/25/63, Callable 9/25/27 @ 100*(a)	$	218,061
U.S. Government Agency Mortgage Backed Securities (21.8%)
	252,936	Fannie Mae, 4.50%, 10/1/52, Pool #MA4784		239,235
	—	Fannie Mae, 5.50%, 10/1/53, Pool #MA5165		—
	202,547	Freddie Mac, 4.00%, 11/1/52, Pool #SD8265		186,409
	194,988	Freddie Mac, 5.00%, 10/1/52, Pool #SD8258		189,102
	74,202	Freddie Mac, 5.50%, 4/1/53, Pool #SD8316		73,396
	47,454	Freddie Mac, 5.50%, 7/1/53, Pool #SD8342		46,931
	206,278	Government National Mortgage Assoc., 3.50%, 10/20/52, Pool #MA8345		186,577
				921,650
Total Mortgage Backed Securities (Cost $1,268,341)				1,139,711
Corporate Bonds (51.7%)
Aerospace & Defense (2.1%)
	90,000	Boeing Co. (The), Class Yes, 5.04% 5/1/27		89,166
Banks (12.4%)
	150,000	Banco GNB Sudameris SA, 7.50% (H15T5Y + 666 bps) 4/16/31, Callable 4/16/26 @ 100 *(b)		126,091
	90,000	Bank of America Corp., 3.42% (TSFR3M + 130 bps) 12/20/28, Callable 12/20/27 @ 100 *		84,118
	90,000	Citigroup, Inc., Class Yes, 4.41% (SOFR + 391 bps) 3/31/31		84,956
	90,000	JPMorgan Chase & Co., 6.40% 5/15/38		100,335
	40,000	JPMorgan Chase & Co., Class Yes, 3.63% 12/1/27		38,082
	90,000	Wachovia Corp., 5.50% 8/1/35		88,381
				521,963
Capital Markets (4.2%)
	90,000	Goldman Sachs Group, Inc. (The), 6.17% (SOFR + 82 bps) 9/10/27, Callable 9/10/26 @ 100 *		89,898
	90,000	Morgan Stanley, Class Yes, 4.43% (TSFR3M + 189 bps) 1/23/30, MTN		86,362
				176,260
Construction & Engineering (4.6%)
	200,000	Arcos Dorados BV, 6.13% 5/27/29, Callable 5/27/26 @ 103 *(b)		195,940
Diversified REITs (2.1%)
	90,000	Prologis LP, 4.75% 6/15/33, Callable 3/15/33 @ 100 *		87,251
Financial Services (1.2%)
	50,000	Ford Motor Credit Co. LLC, 6.80% 11/7/28, Callable 10/7/28 @ 100 *		51,794
Hotels, Restaurants & Leisure (1.0%)
	50,000	Grupo Posadas SAB de CV, 7.00% 12/30/27, Callable 3/19/24 @ 100 *		44,000
IT Services (4.5%)
	200,000	Sixsigma Networks Mexico SA de CV, 7.50% 5/2/25, Callable 4/8/24 @ 102 *(b)		192,000
Media (1.5%)
	70,000	Paramount Global, 4.95% 1/15/31, Callable 10/15/30 @ 100 *		61,316
Metals & Mining (3.9%)
	80,000	Cleveland-Cliffs, Inc., 6.75% 4/15/30, Callable 4/15/26 @ 103 *(b)		79,702
	50,000	Commercial Metals Co., 3.88% 2/15/31, Callable 2/15/26 @ 102 *		43,653
	45,000	Freeport-McMoRan, Inc., Class Yes, 4.25% 3/1/30		41,959
				165,314

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Oil, Gas & Consumable Fuels (8.0%)
$	90,000	Kinder Morgan Energy Partners LP, 5.63% 9/1/41	$	84,601
	90,000	Moss Creek Resources Holdings, Inc., Class Yes, 7.50% 1/15/26 (b)		89,431
	50,000	Petrobras Global Finance BV, 6.50% 7/3/33, Callable 4/3/33 @ 100 *		50,280
	70,000	Petroleos Mexicanos, 6.50% 3/13/27		65,124
	45,000	Range Resources Corp., 8.25% 1/15/29, Callable 3/22/24 @ 104 *		46,947
				336,383
Paper & Forest Products (1.0%)
	50,000	Suzano Austria GmbH, 3.75% 1/15/31, Callable 10/15/30 @ 100 *		43,750
Sovereign Bond (1.1%)
	50,000	Leviathan Bond, Ltd., 6.75% 6/30/30, Callable 12/30/29 @ 100 *(b)		45,631
Specialized REITs (2.1%)
	100,000	Iron Mountain, Inc., Class Yes, 4.50% 2/15/31 (b)		88,443
Technology Hardware, Storage & Peripherals (0.9%)
	45,000	Apple, Inc., 3.95% 8/8/52, Callable 2/8/52 @ 100 *		37,410
Wireless Telecommunication Services (1.1%)
	50,000	T-Mobile USA, Inc., 3.38% 4/15/29, Callable 4/15/24 @ 102 *		45,933
Total Corporate Bonds (Cost $2,142,101)				2,182,554
U.S. Government Agency Securities (6.3%)
Dominican Republic International Bond
	100,000	5.95%, 1/25/27 (b)		99,600
Mongolia Government International Bond
	200,000	4.45%, 7/7/31 (b)		167,072
Total U.S. Government Agency Securities (Cost $257,565)				266,672
U.S. Treasury Obligations (13.2%)
U.S. Treasury Bonds
	70,000	1.88%, 2/15/51		41,828
	110,000	3.00%, 2/15/48		85,400
	98,000	3.88%, 5/15/43		89,555
	81,000	4.50%, 2/15/36		83,772
	35,000	4.75%, 2/15/41		36,285
				336,840
U.S. Treasury Notes
	105,000	2.00%, 8/15/25		100,858
	95,000	2.88%, 5/15/32		85,812
	35,000	4.00%, 7/31/30		34,431
				221,101
Total U.S. Treasury Obligations (Cost $565,053)				557,941
Investment in Affiliates (0.6%)
	26,330	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.20%(c)		26,330
Total Investment in Affiliates (Cost $26,330)				26,330
Total Investments (Cost $4,259,390) — 98.8%				4,173,208
Other assets in excess of liabilities — 1.2%				51,363
Net Assets - 100.0%			$	4,224,571

See notes to financial statements.

- 29 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 29, 2024 (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 29, 2024, illiquid securities were 5.2% of the Fund’s net assets.
(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
*	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.

Amounts shown as “—” are either 0 or round to less than 1.

H15T5Y	5 Year Treasury Constant Maturity Rate
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate
TSFR3M	CME Term Secured Overnight Financing Rate 3-Month

See notes to financial statements.

- 30 -

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
February 29, 2024 (Unaudited)

Shares or Principal Amount		Security Description	Value
Municipal Bonds (101.1%)
Colorado (4.1%)
$	500,000	City of Colorado Springs CO Utilities System Revenue, Series C, 3.20%, 11/1/40, Continuously Callable @100(a)	$	500,000
Illinois (2.6%)
	315,000	Prospect Heights Rural Fire Protection District, GO, 5.00%, 12/15/24, AGM		318,437
Indiana (3.0%)
	365,000	New Albany-Floyd County Consolidated School Corp., GO, 5.00%, 7/15/24, ST INTERCEPT		367,061
Kansas (6.1%)
	750,000	Wyandotte County-Kansas City Unified Government, GO, Series 2023-II, 4.25%, 4/1/24, Continuously Callable @100		750,189
Minnesota (6.6%)
	400,000	Aurora Independent School District No. 2711, GO, Series A, 5.00%, 9/30/24, SD CRED PROG		401,952
	400,000	Mountain Lake Independent School District No. 173, GO, Series A, 5.00%, 9/30/24, SD CRED PROG		401,907
				803,859
Ohio (43.0%)
	200,000	American Municipal Power, Inc. Revenue, 4.50%, 6/28/24		200,344
	350,000	American Municipal Power, Inc. Revenue, 5.25%, 10/24/24		352,947
	300,000	City of Bay Village OH, GO, 4.50%, 5/31/24		300,618
	500,000	City of Lyndhurst OH, GO, 4.50%, 3/21/24(b)		500,156
	460,000	City of Newark OH, GO, Series B, 4.63%, 9/21/24		461,962
	600,000	County of Franklin OH Revenue, Series A, 3.20%, 11/15/41, Continuously Callable @100(a)		600,000
	430,000	County of Lake OH, GO, 4.63%, 7/10/24		431,466
	375,000	County of Lucas OH, GO, 4.38%, 10/11/24		377,128
	400,000	Marion Local School District, GO, 5.13%, 6/3/24		400,734
	375,000	North Ridgeville City School District, GO, 4.63%, 9/19/24, Continuously Callable @100		375,939
	400,000	Township of Columbia OH, GO, 5.00%, 11/26/24		402,193

Shares or Principal Amount		Security Description	Value
Municipal Bonds, continued:
Ohio, continued:
$	400,000	Village of Glenwillow OH, GO, Series B, 5.00%, 7/16/24	$	401,812
	455,000	Village of Oakwood OH/Cuyahoga County, GO, 5.25%, 6/13/24(b)		456,968
				5,262,267
Pennsylvania (4.9%)
	600,000	City of Philadelphia PA, GO, Series B, 3.20%, 8/1/31, Continuously Callable @100(a)		600,000
Rhode Island (4.1%)
	500,000	Rhode Island Health and Educational Building Corp. Revenue, Series B, 3.25%, 9/1/43, Callable 4/1/24 @ 100*(a)		500,000
Tennessee (3.7%)
	450,000	Montgomery County Public Building Authority Revenue, 3.40%, 11/1/27, Callable 4/1/24 @ 100*(a)		450,000
Texas (8.5%)
	580,000	City of Austin TX Revenue, Series B, 3.38%, 11/15/29, Continuously Callable @100(a)		580,000
	455,000	Fort Bend County Municipal Utility District No. 182, GO, 5.00%, 9/1/24, BAM		457,978
				1,037,978
Washington (4.9%)
	600,000	County of King WA, GO, Series B, 3.20%, 1/1/46, Continuously Callable @100(a)		600,000
Wisconsin (9.6%)
	400,000	City of Fort Atkinson WI Revenue, Series A, 5.00%, 12/1/24, Continuously Callable @100		400,974
	400,000	Madison Area Technical College WI, GO, Series 24B, 6.00%, 3/1/24		400,027
	375,000	PMA Levy & Aid Anticipation Notes Program Revenue, Series B, 5.00%, 4/3/24		375,474
				1,176,475
Total Municipal Bonds (Cost $12,360,494)				12,366,266
Investment in Affiliates (1.1%)
	134,956	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.20%(c)		134,956
Total Investment in Affiliates (Cost $134,956)				134,956
Total Investments (Cost $12,495,450) — 102.2%				12,501,222
Liabilities in excess of other assets — (2.2)%				(265,691	)
Net Assets - 100.0%			$	12,235,531

(a)	Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at February 29, 2024.
(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
*	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
GO	General Obligation
SD CRED PROG	State School District Credit Enhancement Programs
ST INCERCEPT	State Intercept

See notes to financial statements.

- 31 -

Schedule of Portfolio Investments	World Energy Fund
February 29, 2024 (Unaudited)

Shares or Principal Amount		Security Description	Value
Common Stocks (91.2%)
Aerospace & Defense (4.0%)
	34,000	BWX Technologies, Inc.	$	3,428,220
Electric Utilities (0.0%^)
	46	ALLETE, Inc.		2,605
	24	Eversource Energy		1,409
	79	Fortis, Inc.		3,048
	11	IDACORP, Inc.		969
	31	MGE Energy, Inc.		1,959
	88	NextEra Energy, Inc.		4,857
	66	Otter Tail Corp.		5,970
	23	Xcel Energy, Inc.		1,212
				22,029
Energy Equipment & Services (17.2%)
	100,000	Expro Group Holdings NV(a)		1,789,000
	667	Helmerich & Payne, Inc.		25,606
	60,000	Liberty Energy, Inc., Class A		1,282,800
	908	Noble Corp. PLC		37,963
	72,000	Schlumberger NV		3,479,760
	130,000	TechnipFMC PLC		2,819,700
	12,458	Tenaris SA ADR		438,522
	16,505	Valaris, Ltd.(a)		1,040,640
	36,000	Weatherford International PLC(a)		3,693,960
				14,607,951
Gas Utilities (0.0%^)
	34	Brookfield Infrastructure Corp., Class A		1,128
	20	Chesapeake Utilities Corp.		2,040
	81	National Fuel Gas Co.		3,948
				7,116
Independent Power and Renewable Electricity Producers (0.2%)
	2,599	Brookfield Renewable Corp., Class A		61,648
	1,024	Ormat Technologies, Inc.		66,714
	15	Sunnova Energy International, Inc.(a)		109
	86	TransAlta Corp.		591
				129,062
Metals & Mining (0.0%^)
	130	Arch Resources, Inc.		21,488
Multi-Utilities (0.0%^)
	40	CMS Energy Corp.		2,295
	61	DTE Energy Co.		6,609
	148	National Grid PLC ADR		9,866
	38	Sempra		2,683
	36	WEC Energy Group, Inc.		2,825
				24,278
Oil, Gas & Consumable Fuels (69.8%)
	3,645	BP PLC ADR		127,539
	95,229	Cameco Corp.		3,859,631
	637	Canadian Natural Resources, Ltd.		44,393
	7,507	Cheniere Energy, Inc.		1,165,086
	12,000	Chesapeake Energy Corp.		993,360
	30,326	Chevron Corp.		4,609,855
	12,000	Chord Energy Corp.		1,949,400
	30,689	ConocoPhillips		3,453,740
	18,500	Diamondback Energy, Inc.		3,376,620
	63,600	Enbridge, Inc.		2,189,112
	97,000	Eni SpA ADR		2,982,750
	330	EOG Resources, Inc.		37,772
	58,041	Exxon Mobil Corp.		6,066,445
	50,000	HF Sinclair Corp.		2,775,000
	12,097	Kinder Morgan, Inc.		210,367
	110,000	Mach Natural Resources LP		2,024,000
	93,000	Marathon Oil Corp.		2,255,250
	22,000	Marathon Petroleum Corp.		3,723,060

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	35,000	Matador Resources Co.	$	2,210,250
	27,808	ONEOK, Inc.		2,088,937
	1,020	Peabody Energy Corp.		25,265
	135,000	Permian Resources Corp.		2,100,600
	17,470	Phillips 66		2,489,650
	30,044	Shell PLC ADR		1,887,665
	33,409	TC Energy Corp.		1,321,326
	37,385	The Williams Cos., Inc.		1,343,617
	5,628	TotalEnergies SE ADR		360,586
	14,000	Valero Energy Corp.		1,980,440
	50,000	Viper Energy, Inc.		1,807,000
				59,458,716
Water Utilities (0.0%^)
	55	American States Water Co.		3,928
	34	American Water Works Co., Inc.		4,030
	38	California Water Service Group		1,744
	49	Middlesex Water Co.		2,494
	11	The York Water Co.		389
				12,585
Total Common Stocks (Cost $65,997,231)				77,711,445
Corporate Bonds (5.0%)
Energy Equipment & Services (2.0%)
$	715,000	Halliburton Co., 2.92% 3/1/30, Callable 12/1/29 @ 100 *		634,750
	400,000	Schlumberger Holdings Corp., 3.90% 5/17/28, Callable 2/17/28 @ 100 *(b)		383,494
	700,000	Valaris, Ltd., 8.38% 4/30/30, Callable 4/30/26 @ 104 *(b)		717,764
				1,736,008
Oil, Gas & Consumable Fuels (3.0%)
	725,000	Enbridge, Inc., 1.60% 10/4/26, Callable 9/4/26 @ 100 *		662,532
	700,000	Matador Resources Co., 5.88% 9/15/26, Callable 3/22/24 @ 101 *		693,094
	400,000	Range Resources Corp., 8.25% 1/15/29, Callable 3/22/24 @ 104 *		417,307
	247,500	Transocean, Inc., 8.75% 2/15/30, Callable 2/15/26 @ 104 *(b)		254,137
	506,000	Transocean, Inc., 11.50% 1/30/27, Callable 3/18/24 @ 106 *(b)		526,240
				2,553,310
Total Corporate Bonds (Cost $4,328,059)				4,289,318
Investment in Affiliates (0.7%)
	629,255	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.20% (c)		629,255
Total Investment in Affiliates (Cost $629,255)				629,255
Exchange Traded Fund (1.0%)
	30,000	Global X Uranium ETF		823,800
Total Exchange Traded Fund (Cost $835,128)				823,800
Total Investments (Cost $71,789,673) — 97.9%				83,453,818
Other assets in excess of liabilities — 2.1%				1,764,371
Net Assets - 100.0%			$	85,218,189

See notes to financial statements.

- 32 -

Schedule of Portfolio Investments	World Energy Fund
February 29, 2024 (Unaudited)	Concluded

The Adviser has determined that 50.2% of the Fund’s net assets comprise securities of issuers which are either foreign domiciled or derive more than 50% of its assets, revenue or income outside of the United States.

(a)	Non-income producing security.
(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2024.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
^	Represents less than 0.05%.

ADR	American Depositary Receipt
ETF	Exchange Traded Fund

See notes to financial statements.

- 33 -

Schedule of Portfolio Investments	Hedged Income Fund
February 29, 2024 (Unaudited)

Shares		Security Description	Value
Common Stocks+ (104.0%)
Aerospace & Defense (1.7%)
	1,700	General Dynamics Corp.	$	464,525
Banks (4.2%)
	6,300	JPMorgan Chase & Co.		1,172,178
Beverages (4.3%)
	7,300	PepsiCo, Inc.		1,206,982
Biotechnology (6.0%)
	9,600	AbbVie, Inc.		1,690,080
Broadline Retail (2.8%)
	4,400	Amazon.com, Inc.(a)		777,744
Capital Markets (5.7%)
	1,100	BlackRock, Inc.		892,474
	8,200	Morgan Stanley		705,528
				1,598,002
Chemicals (3.8%)
	18,900	Dow, Inc.		1,056,132
Communications Equipment (2.1%)
	1,800	Motorola Solutions, Inc.		594,702
Electric Utilities (2.4%)
	7,400	Duke Energy Corp.		679,542
Electrical Equipment (4.2%)
	11,000	Emerson Electric Co.		1,175,350
Energy Equipment & Services (2.5%)
	24,200	Baker Hughes Co.		716,078
Financial Services (1.8%)
	1,800	Visa, Inc., Class A		508,752
Health Care Equipment & Supplies (2.6%)
	8,700	Medtronic PLC		725,232
Health Care Providers & Services (3.1%)
	7,700	Cardinal Health, Inc.		862,246
Hotels, Restaurants & Leisure (3.4%)
	3,300	McDonald’s Corp.		964,524
Household Products (3.8%)
	6,800	The Procter & Gamble Co.		1,080,792
Industrial REITs (3.4%)
	26,000	STAG Industrial, Inc.		965,640
Interactive Media & Services (2.5%)
	5,000	Alphabet, Inc., Class C(a)		698,900

Shares		Security Description	Value
Common Stocks+, continued:
IT Services (1.9%)
	1,400	Accenture PLC, Class A	$	524,692
Oil, Gas & Consumable Fuels (9.6%)
	4,300	Diamondback Energy, Inc.		784,836
	12,000	ONEOK, Inc.		901,440
	7,100	Phillips 66		1,011,821
				2,698,097
Pharmaceuticals (7.3%)
	13,700	AstraZeneca PLC ADR		878,992
	9,200	Merck & Co., Inc.		1,169,780
				2,048,772
Semiconductors & Semiconductor Equipment (3.7%)
	800	Broadcom, Inc.		1,040,392
Software (7.2%)
	700	Intuit, Inc.		464,023
	3,800	Microsoft Corp.		1,571,832
				2,035,855
Specialty Retail (3.2%)
	2,400	The Home Depot, Inc.		913,464
Technology Hardware, Storage & Peripherals (4.3%)
	6,700	Apple, Inc.		1,211,025
Textiles, Apparel & Luxury Goods (2.8%)
	7,500	NIKE, Inc., Class B		779,475
Trading Companies & Distributors (3.7%)
	10,300	MSC Industrial Direct Co., Inc.		1,039,682
Total Common Stocks (Cost $24,903,846)				29,228,855
Purchased Options (0.6%)^
	80	PepsiCo, Inc.		5,520
	18	S&P 500 Index		144,540
	300	SPDR Dow Jones Industrial		300
Total Purchased Options (Cost $447,827)				150,360
Investment in Affiliates (3.4%)
	963,320	Cavanal Hill Government Securities Money Market Fund, Select Shares, 5.20% (b)		963,320
Total Investment in Affiliates (Cost $963,320)				963,320
Total Investments (Cost $26,314,993) — 108.0%				30,342,535
Liabilities in excess of other assets — (8.0)%				(2,241,003	)
Net Assets - 100.0%			$	28,101,532

(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 29, 2024.
+	All or a portion of each common stock has been pledged as collateral for outstanding call options written.

ADR	American Depositary Receipt
^	See Options table below for more details.

See notes to financial statements.

- 34 -

Schedule of Portfolio Investments	Hedged Income Fund
February 29, 2024 (Unaudited)	Concluded

At February 29, 2024, the Fund’s exchange traded options purchased were as follows:

Description	Put/ Call	Strike Price	Expiration Date	Contracts		Notional Amount(a)		Fair Value
PepsiCo, Inc.	Put	155.00 USD	4/19/24		80	$	12,400	$	5,520
S&P 500 Index	Put	500.00 USD	12/20/24		18		9,000		144,540
SPDR Dow Jones Industrial	Put	315.00 USD	3/15/24		300		94,500		300
Total (Cost $447,827)								$	150,360

At February 29, 2024, the Fund’s exchange traded options written were as follows:

Description	Put/ Call	Strike Price	Expiration Date	Contracts		Notional Amount(a)		Fair Value
Abbvie, Inc.	Call	115.00 USD	3/15/24		48	$	5,520	$	(282,240	)
Abbvie, Inc.	Call	125.00 USD	4/19/24		6		750		(29,580	)
Abbvie, Inc.	Call	115.00 USD	5/17/24		42		4,830		(249,060	)
Accenture PLC	Call	410.00 USD	4/19/24		7		2,870		(2,380	)
Alphabet, Inc.	Call	160.00 USD	3/22/24		20		3,200		(200	)
Amazon Com, Inc.	Call	180.00 USD	3/1/24		12		2,160		(156	)
Amazon Com, Inc.	Call	190.00 USD	3/15/24		9		1,710		(315	)
Apple, Inc.	Call	205.00 USD	3/22/24		15		3,075		(105	)
AstraZeneca PLC ADR	Call	70.00 USD	3/29/24		69		4,830		(621	)
BlackRock, Inc.	Call	800.00 USD	3/22/24		10		8,000		(20,900	)
Broadcom, Inc.	Call	700.00 USD	4/19/24		8		5,600		(477,120	)
Cardinal Health, Inc.	Call	80.00 USD	6/21/24		77		6,160		(236,390	)
Diamondback Energy, Inc.	Call	170.00 USD	3/15/24		22		3,740		(25,454	)
Dow, Inc.	Call	57.00 USD	3/22/24		95		5,415		(5,890	)
Dow, Inc.	Call	58.00 USD	3/29/24		89		5,162		(3,649	)
Emerson Electric Co.	Call	101.00 USD	3/22/24		55		5,555		(31,900	)
Home Depot, Inc.	Call	345.00 USD	4/19/24		10		3,450		(36,150	)
Home Depot, Inc.	Call	330.00 USD	5/17/24		12		3,960		(65,040	)
Intuit, Inc.	Call	720.00 USD	3/15/24		2		1,440		(274	)
JPMorgan Chase Co.	Call	190.00 USD	3/22/24		32		6,080		(4,800	)
JPMorgan Chase Co.	Call	200.00 USD	4/19/24		16		3,200		(1,808	)
McDonald S Corp.	Call	285.00 USD	4/19/24		11		3,135		(13,211	)
McDonald S Corp.	Call	305.00 USD	4/19/24		17		5,185		(3,672	)
Merck Co., Inc.	Call	90.00 USD	5/17/24		92		8,280		(338,560	)
Microsoft Corp.	Call	445.00 USD	3/15/24		8		3,560		(224	)
MSC Industrial Direct Co., Inc.	Call	90.00 USD	3/15/24		103		9,270		(91,670	)
Nike, Inc.	Call	115.00 USD	3/15/24		38		4,370		(190	)
ONEOK, Inc.	Call	60.00 USD	3/15/24		120		7,200		(166,800	)
Phillips 66	Call	105.00 USD	5/17/24		71		7,455		(263,410	)
Procter Gamble Co.	Call	165.00 USD	3/22/24		29		4,785		(841	)
Procter Gamble Co.	Call	165.00 USD	4/5/24		34		5,610		(1,972	)
Stag Industrial, Inc.	Call	40.00 USD	3/15/24		130		5,200		(650	)
Visa, Inc.	Call	290.00 USD	3/15/24		9		2,610		(900	)
Total (Premiums $(2,066,955))								$	(2,356,132	)

(a) Notional amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

Balances Reported in the Statements of Assets and Liabilities for Options Written

	Value
Options Written	$	(2,356,132	)

See notes to financial statements.

- 35 -

Notes to the Financial Statements

February 29, 2024 (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 29, 2024, the Trust offered shares of U.S. Treasury Fund and Government Securities Money Market Fund (each referred to as a “Money Market Fund” and collectively, the “Money Market Funds”), Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, World Energy Fund, and Hedged Income Fund (each referred to as a “Fund” and collectively, “the Funds”). Each Fund is registered as a diversified portfolio of the Trust, with the exception of the Hedged Income Fund, which is non-diversified. The Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, World Energy Fund, and Hedged Income Fund are each authorized to issue an unlimited number of shares in three classes of shares: No-Load Investor Shares (the “Investor Shares”), Institutional Shares, and A Shares. The World Energy Fund is also authorized to issue an unlimited number of C Shares. The Money Market Funds are authorized to issue an unlimited number of shares in the following classes: Administrative Shares, Institutional Shares, and Select Shares. In addition, the Government Securities Money Market Fund is authorized to issue an unlimited number of Premier Shares. Each class of shares for each of the Funds has identical rights and privileges except with respect to distribution (Rule 12b-1 of the 1940 Act) and shareholder servicing fees, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

Fair Value Measurements:

The Trust has a three-tier fair value hierarchy that is dependent upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted prices in active markets for identical assets

● Level 2 – other observable significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

● Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2 in the fair value hierarchy.

When determining the fair value of the Funds’ investments, additional consideration is given to those assets or liabilities that have experienced a significant decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly. In cases where market prices for portfolio securities are not readily available or where prices provided by pricing services are believed not to reflect current value, a Pricing Committee established by the Board of Trustees (the “Board”) determines in good faith, subject to Trust procedures, the fair value of such portfolio securities in accordance with Rule 2a-5 under the 1940 Act. Examples of the types of securities that may be fair valued include securities halted or suspended from trading, thinly traded or illiquid securities, high-yield securities and fixed-income securities held in amounts less than their normal unit of trading.

The following is a summary categorization, as of February 29, 2024, 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	$	—	$	247,776,299	$	—	$	247,776,299
Repurchase Agreements		—		1,240,000,000		—		1,240,000,000
Investment Companies		160,726,255		—		—		160,726,255
Total Investments		160,726,255		1,487,776,299		—		1,648,502,554
Government Securities Money Market Fund
U.S. Government Agency Securities		—		908,123,154		—		908,123,154
U.S. Treasury Obligations		—		98,735,611		—		98,735,611
Repurchase Agreements		—		1,360,000,000		—		1,360,000,000
Investment Companies		174,209,748		—		—		174,209,748
Total Investments		174,209,748		2,366,858,765		—		2,541,068,513

- 36 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

			LEVEL 2 -			LEVEL 3 -
	LEVEL 1 -		Other Significant			Significant
Fund	Quoted Prices		Observable Inputs			Unobservable Inputs		Total
Limited Duration Fund
Asset Backed Securities	$	—	$	7,389,104		$	—	$	7,389,104
Mortgage Backed Securities1		—		8,751,743			—		8,751,743
Commercial Mortgage Backed Securities		—		23,803			—		23,803
Corporate Bonds2		—		7,105,987			—		7,105,987
Taxable Municipal Bonds3		—		186,761			—		186,761
U.S. Government Agency Securities		—		3,880,095			—		3,880,095
U.S. Treasury Obligations		—		3,044,936			—		3,044,936
Investment in Affiliates		983,196		—			—		983,196
Total Investments		983,196		30,382,429			—		31,365,625
Moderate Duration Fund
Asset Backed Securities		—		1,275,920			—		1,275,920
Mortgage Backed Securities1		—		2,729,803			—		2,729,803
Commercial Mortgage Backed Securities		—		15,524			—		15,524
Corporate Bonds2		—		1,815,367			—		1,815,367
Taxable Municipal Bonds3		—		823,331			—		823,331
U.S. Government Agency Securities		—		1,082,458			—		1,082,458
U.S. Treasury Obligations		—		1,333,824			—		1,333,824
Investment in Affiliates		870,576		—			—		870,576
Total Investments		870,576		9,076,227			—		9,946,803
Bond Fund
Asset Backed Securities		—		18,758,995			—		18,758,995
Mortgage Backed Securities1		—		26,465,385			—		26,465,385
Commercial Mortgage Backed Securities		—		1,292,896			—		1,292,896
Corporate Bonds2		—		21,275,107			—		21,275,107
Taxable Municipal Bonds3		—		7,534,625			—		7,534,625
U.S. Government Agency Securities		—		12,387,343			—		12,387,343
U.S. Treasury Obligations		—		29,304,590			—		29,304,590
Investment in Affiliates		4,817,730		—			—		4,817,730
Total Investments		4,817,730		117,018,941			—		121,836,671
Strategic Enhanced Yield Fund
Mortgage Backed Securities1		—		1,139,711			—		1,139,711
Corporate Bonds2		—		2,182,554			—		2,182,554
U.S. Government Agency Securities		—		266,672			—		266,672
U.S. Treasury Obligations		—		557,941			—		557,941
Investment in Affiliates		26,330		—			—		26,330
Total Investments		26,330		4,146,878			—		4,173,208
Ultra Short Tax-Free Income Fund
Municipal Bonds3		—		12,366,266			—		12,366,266
Investment in Affiliates		134,956		—			—		134,956
Total Investments		134,956		12,366,266			—		12,501,222
World Energy Fund
Common Stocks2		77,711,445		—			—		77,711,445
Corporate Bonds2		—		4,289,318			—		4,289,318
Investment in Affiliates		629,255		—			—		629,255
Exchange Traded Fund		823,800		—			—		823,800
Total Investments		79,164,500		4,289,318			—		83,453,818
Hedged Income Fund
Common Stocks2		29,228,855		—			—		29,228,855
Purchased Options		—		150,360			—		150,360
Investment in Affiliates		963,320		—			—		963,320
Written Options		—		(2,356,132	)		—		(2,356,132	)
Total Investments		30,192,175		(2,205,772	)		—		27,986,403

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.

- 37 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

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, 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.

Options are generally valued at the average of the closing bid and ask quotations on the principal exchange on which the option is traded, which are then typically categorized as Level 1 in the fair value hierarchy. For options where market quotations are not readily available, fair value procedures as described below may be applied.

Other assets and securities for which market quotations are not readily available, or are deemed unreliable are valued at fair value as determined in good faith by the Trustees or persons acting on the behalf of the Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price at the close of the exchange. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

Securities Sold Short:

The Funds may enter into short sales. Short sales are transactions in which a fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund.

Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends that accrue during the period of the loan. Dividends declared on open short positions are recorded on ex-date as dividend expense. To borrow the security, the Fund also may be required to pay a fee, which is shown as interest expense. The Fund records a liability for securities sold short and records an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet the margin requirements, until the short position is closed. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, is recognized upon the close of a short sale.

None of the Funds shall sell securities short (unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short or has segregated with the Custodian an amount of cash or liquid assets to cover the short position), however, this policy does not prevent the Funds from entering into short positions in foreign currency, futures contracts, options, forward contracts, swaps, caps, floors, collars and other financial instruments.

The Funds did not engage in short sales during the period ending February 29, 2024.

Options Contracts:

Each of the Funds, except U.S. Treasury Fund and the Government Securities Money Market Fund, may write (sell) covered call options and purchase options to hedge (or reduce) its exposure to a portfolio asset or risk, to obtain leverage for the portfolio, to manage cash and/or as a substitute for taking a position in the reference asset or to gain exposure to certain asset classes. An option gives the purchaser of the option the right to buy, and a writer has the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is consideration for undertaking the obligations under the option contract. Options purchased by the Fund will be valued at the last sale price, or in the absence of such a price, at the latest available bid price. The Funds may also purchase index options. Index options (or options on securities indices) are similar in many respects to options on securities, except that an index option gives the holder the right to receive, upon exercise, cash instead of securities, if the closing value of the securities index upon which the option is based is greater than the exercise price of the option.

Purchasing options is a specialized investment technique that entails the possibility of a complete loss of the amounts paid as premiums to writers of options. The Funds can purchase options and index options provided that their total investment in such options immediately after such purchase does not exceed 5% of its total assets.

- 38 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

The Hedged Income Fund engaged in purchased and written options activity during the period ending February 29, 2024 detailed below.

Purchased Options Contracts—The Fund pays a premium which is included in “Investments, at value” on the Statements of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options Contracts—The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. For the period ended February 29, 2024, the monthly average notional amount for written options contracts was $(160) thousand. Realized gains and losses are reported as “Net realized gains/(losses) from written options contracts” on the Statements of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Statement of Assets and Liabilities for Hedged Income Fund, categorized by risk exposure, as of February 29, 2024:

	Asset Derivatives			Liability Derivatives
	Statement of Assets			Statement of Assets
Primary Risk Exposure	and Liabilities Location	Total Fair Value		and Liabilities Location	Total Fair Value
Equity Risk
Options Contracts		$	—	Written Options Contracts	$	2,356,132
Hedged Income Fund

Primary Risk Exposure	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized
Equity Risk
Options Contracts	Change in unrealized appreciation/(depreciation) on written options contracts	$	—	$	(755,964	)
Hedged Income Fund

Security Transactions and Related Income:

For all purposes other than financial reporting, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium and accretion of discount. Dividend income is recorded on the ex-dividend date or for certain foreign dividends, when the Funds become aware of such dividends declared. Gains or losses realized from sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

Real Estate Investment Trusts:

Some of the Variable Net Asset Value Funds may invest in real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the period, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT. A REIT may focus on particular types of projects, such as apartment complexes or shopping centers, or on particular geographic regions, or both. An investment in a REIT may be subject to certain risks similar to those associated with direct ownership of real estate, including: declines in the value of real estate; risks related to general and local economic conditions, overbuilding and competition; increases in property taxes and operating expenses; and variations in rental income.

Restricted Securities:

A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. Illiquid, restricted securities held as of February 29, 2024 are identified below:

Security	Acquisition Date	Acquisition Cost		Principal Amount		Fair Value
Strategic Enhanced Yield Fund:
Brean Asset Backed Securities Trust, Series 2021-RM1, M1, 1.60%, 10/25/63, Callable 9/25/27 @ 100	03/25/21	$	330,551	$	360,909	$	218,061

- 39 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

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 World Energy Fund and Hedged Income Fund. Net realized capital gains, if any, are declared and distributed at least annually.

The character of income and gains distributed is determined in accordance with income tax regulations which may differ from U.S. GAAP. These “book/ tax” differences are either considered temporary or permanent in nature. To the extent that these differences are permanent in nature (e.g., reclassification of bond discount and premium, gain/loss on principal payments from mortgage-backed securities, and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment. Temporary differences do not require reclassification (e.g., wash sales). To the extent that distributions from net investment income and net realized gains exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital.

Allocations:

Expenses that directly relate to a specific Fund are charged directly to that Fund. Class-specific expenses are charged directly to the class incurring the expense. Other operating expenses of the Funds are prorated to each Fund on the basis of relative net assets or another appropriate method. Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis.

3. Fees and Transactions with Related and Other Parties:

The Adviser, a wholly-owned subsidiary of BOKF, NA (“BOKF”), serves as the Funds’ investment adviser. Under the terms of the Investment Advisory Agreement between the Adviser and the Trust, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund according to the following schedule:

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%
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, 2024.

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. Treasury Fund	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%
World Energy Fund	0.08%
Hedged Income Fund	0.08%

- 40 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

Investment Sub-Advisory Services are provided to the Hedged Income Fund by Lavaca Capital, LLC (“Lavaca”) pursuant to an Investment Sub-Advisory Agreement. Lavaca, subject to the general supervision of the Board, is responsible for providing hedging services to the Hedged Income Fund. Lavaca is paid half of the fees payable to the Adviser for the services provided to the Hedged Income Fund.

Investment Sub-Advisory Services are provided to the Strategic Enhanced Yield Fund by LM Capital Group, LLC (“LM Capital”) pursuant to an Investment Sub-Advisory Agreement. LM Capital is paid 40% of the fee payable to the Adviser for the services provided to the Strategic Enhanced Yield Fund.

Under a Sub-Administration Agreement, the Administrator pays Citi Fund Services Ohio, Inc. (“Citi”) to perform certain administrative duties for the Trust. Fees paid to Citi by the Administrator for sub-administration services are paid out of its administration fees and are not an additional charge to the Funds. For the period ending February 29, 2024, Citi was paid $336,847 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.

FIS Investor Services, LLC (“FIS”) serves as transfer agent to the Trust and receives a fee for its services as transfer agent.

Certain officers of the Trust are affiliated with Citi, the Adviser, the distributor (see below) and/or BOKF. These persons are paid no fees directly by the Trust for serving as officers of the Trust.

Cavanal Hill Distributors, Inc. (“CHD”), an affiliate of the Adviser, provides distribution services to the Funds pursuant to a Distribution Agreement between the Trust and CHD. The Trust has adopted a Distribution and Shareholder Services Plan in accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds are authorized to pay or reimburse CHD a periodic amount, calculated at an annual rate not to exceed 0.25% of the average daily net asset value of the Administrative, Investor, and A Shares, 0.50% of the Premier Shares, and 1.00% of the C Shares, and may be used by CHD to pay banks, including BOKF, broker dealers and other institutions. For the period ending February 29, 2024, BOKF received $2,860,010 under the agreement.

The Funds have entered into shareholder servicing agreements with BOKF, a broker-dealer affiliate and various service organizations. Services included in the servicing agreements are assisting in processing purchase, exchange and redemption requests; transmitting and receiving funds in connection with customer orders to purchase, exchange or redeem shares; and providing periodic statements. Shareholder servicing fees are incurred on a class level basis (where applicable). In consideration for these services, the service organizations received a fee from the Funds, computed daily and paid monthly, at an annual rate up to 0.25% for the Administrative, Institutional, Investor, Select, Premier and C Shares and up to 0.10% for the A Shares of the average daily net assets of the Funds’ shares held by the service organizations’ customers. For the period ending February 29, 2024, BOKF received net shareholder servicing fees of $2,995,074. For shareholder purchases made through BOKF, BOKF has contractually agreed to waive 0.25%, 0.17% and 0.25% of such fees paid by the Select, Institutional and Premier Shares, respectively, of the Money Market Funds and 0.25%, 0.25%, 0.10% and 0.25% of such fees paid by the Institutional, Investor, A, and C Shares, respectively, of the Variable Net Asset Value Funds through December 31, 2024. The affiliate waivers result in reduction of the Shareholder Servicing Fee paid by all affiliated purchasers of a class.

From time to time, the Funds’ service providers may provide fee reductions and waivers in order to assist one or more of the Funds in maintaining more competitive expense ratios. Such reductions may be contractual, as disclosed in the Funds’ statutory prospectus, or voluntary and, as such, may occur on an ad hoc basis. No such reductions are subject to recoupment in subsequent fiscal periods, and voluntary reductions and waivers may be terminated at any time. 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 29, 2024 is noted below:

	Fair Value							Fair Value		Shares as of		Dividend
Fund	8/31/23		Purchases		Sales			2/29/24		2/29/24		Income
Limited Duration Fund	$	1,777,121	$	5,400,459	$	(6,194,384	)	$	983,196		983,196	$	27,799
Moderate Duration Fund		865,097		2,816,931		(2,811,452	)		870,576		870,576		20,677
Bond Fund		1,364,029		25,485,405		(22,031,704	)		4,817,730		4,817,730		52,794
Strategic Enhanced Yield Fund		124,636		1,807,612		(1,905,918	)		26,330		26,330		1,522
Ultra Short Tax-Free Income Fund		1,569		7,984,909		(7,851,522	)		134,956		134,956		9,124
World Energy Fund		241,697		15,702,731		(15,315,173	)		629,255		629,255		21,485
Hedged Income Fund		464,620		7,434,367		(6,935,667	)		963,320		963,320		19,472
	$	4,838,769	$	66,632,414	$	(63,045,820	)	$	8,425,363		8,425,363	$	152,873

- 41 -

Notes to the Financial Statements

February 29, 2024 (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 29, 2024 were as follows:

Fund	Purchases		Sales
U.S. Treasury Fund	$	—	$	—
Government Securities Money Market Fund		—		—
Limited Duration Fund		1,799,274		4,159,843
Moderate Duration Fund		1,707,460		4,584,132
Bond Fund		19,528,262		23,049,626
Strategic Enhanced Yield Fund		1,466,827		2,213,402
Ultra Short Tax-Free Income Fund		7,456,423		16,850,000
World Energy Fund		87,957,927		85,890,157
Hedged Income Fund		10,027,067		15,612,188

Purchases and sales of long-term U.S. government securities for the period ending February 29, 2024 were as follows:

Fund	Purchases		Sales
U.S. Treasury Fund	$	—	$	—
Government Securities Money Market Fund		—		—
Limited Duration Fund		—		2,330,275
Moderate Duration Fund		1,481,480		2,945,492
Bond Fund		14,164,844		18,180,137
Strategic Enhanced Yield Fund		1,198,568		1,361,654
Ultra Short Tax-Free Income Fund		—		—
World Energy Fund		—		—
Hedged Income Fund		—		—

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 and Strategic Enhanced Yield Fund are each invested in mortgage-related, fixed-income instruments. Mortgage-backed securities are subject to prepayment risk and credit risk of mortgagors and may be sensitive to changes in prevailing interest rates. When interest rates rise, the value of fixed-income securities generally declines.

The World Energy Fund’s concentration in securities in energy-related industries may present more risks than would be the case with funds that diversify investments in numerous industries and sectors of the economy. Energy-related securities can be significantly affected by world events relating to political developments, energy conservation, commodity prices, and tax and government regulations. The Fund is also subject to foreign investment risk which is associated with higher transaction costs, delayed settlements, currency controls or adverse economic and political developments. Foreign securities may be affected by incomplete or inaccurate financial information on companies. There is a risk of loss attributable to social upheavals, unfavorable governmental or political actions, seizure of foreign deposits, changes in tax or trade statutes, and governmental collapse and war. These risks are more significant in emerging markets.

Hedged Income Fund invests primarily in dividend paying equity securities, with at least 80% of its net assets in income generating equity securities and equity-related instruments traded on U.S. exchanges. The Fund is subject to market risk in which market value of a security may move up and down, sometimes rapidly and unpredictably. The Fund also invests in call and put options that involve risks different from, or possibly greater than, the risks associated with investing directly in securities, including leverage risk, tracking risk and counterparty default risk. The risk of potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, a fund will not benefit from any potential increases in the value of a fund asset above the exercise price, but will bear the risk of declines in the value of the asset. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put option, the Fund risks losing the entire premium invested if the value of the reference index or security is above the put strike at maturity. Writing of covered call options are also subject to the risk that the counterparty to the transaction will not fulfill its obligations.

London Interbank Offering Rate (“LIBOR”) Risk: Certain investments held by the Funds may pay or receive interest at floating rates based on LIBOR. The United Kingdom Financial Conduct Authority has announced that it will stop compelling banks to submit rates for many LIBOR settings after December 31, 2021, and for certain other commonly-used U.S. dollar LIBOR settings after June 30, 2023. The transition away from LIBOR could result in increased volatility and uncertainty in markets tied to LIBOR. The elimination of LIBOR may adversely affect the market for, or value of, specific securities or payments linked to LIBOR rates, the availability or terms of borrowing or refinancing, or the effectiveness of hedging strategies. To the extent that the Fund’s investments have maturities which extend beyond 2023, the applicable interest rates might be subject to change if there is a transition from the LIBOR reference rate. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., SOFR) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

- 42 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

6. Federal Income Taxes:

It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code, and to make distributions from net investment income and from net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provisions for federal income taxes are required in the financial statements.

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by tax authorities (i.e., the last three tax year ends and any interim tax period since then, as applicable). Management has determined that there are no uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Funds’ financial statements.

The Funds may be subject to foreign taxes on dividends and realized capital gains. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

At August 31, 2023, the cost basis of securities including derivatives for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) were as follows:

Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Limited Duration Fund	$	38,017,891	$	24,155	$	(4,117,315	)	$	(4,093,160	)
Moderate Duration Fund		13,655,794		12,509		(924,589	)		(912,080	)
Bond Fund		131,712,599		59,877		(10,967,738	)		(10,907,861	)
Strategic Enhanced Yield Fund		5,110,813		29,695		(202,312	)		(172,617	)
Ultra Short Tax-Free Income Fund		17,512,145		931		(17,938	)		(17,007	)
World Energy Fund		70,345,907		16,080,073		(1,877,616	)		14,202,457
Hedged Income Fund		31,705,848		4,419,565		(1,473,258	)		2,946,307

The tax characteristics of distributions paid to shareholders during fiscal years ending August 31, 2023 and 2022 were as follows:

	Distributions Paid From:
2023	Net Investment Income		Net Long- Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
U.S. Treasury Fund	$	43,519,384	$	—	$	43,519,384	$	—	$	43,519,384
Government Securities Money Market Fund		93,050,842		—		93,050,842		—		93,050,842
Limited Duration Fund		1,154,466		—		1,154,466		—		1,154,466
Moderate Duration Fund		455,511		—		455,511		—		455,511
Bond Fund.		3,606,324		—		3,606,324		—		3,606,324
Strategic Enhanced Yield Fund		318,413		—		318,413		—		318,413
Ultra Short Tax-Free Income Fund		13,947		—		13,947		290,692		304,639
World Energy Fund		1,934,102		—		1,934,102		—		1,934,102
Hedged Income Fund		887,992		—		887,992		—		887,992

* Total distributions paid may differ from that disclosed in the Statements of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

	Distributions Paid From:
2022	Net Investment Income		Net Long- Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
U.S. Treasury Fund	$	964,434	$	—	$	964,434	$	—	$	964,434
Government Securities Money Market Fund		4,399,373		399		4,399,772		—		4,399,772
Limited Duration Fund		1,166,487		—		1,166,487		—		1,166,487
Moderate Duration Fund		406,575		—		406,575		—		406,575
Bond Fund		2,595,738		—		2,595,738		—		2,595,738
Strategic Enhanced Yield Fund		468,181		—		468,181		—		468,181
Ultra Short Tax-Free Income Fund		—		—		—		26,555		26,555
World Energy Fund		964,694		—		964,694		—		964,694
Hedged Income Fund		624,482		—		624,482		—		624,482

* 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.

- 43 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

As of August 31, 2023, 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	$	7,073,594	$	—	$	7,073,594	$	(7,072,884	)	$	(2,140	)	$	—		$	(1,430	)
Government Securities Money Market Fund		9,809,407		—		9,809,407		(9,803,468	)		(6,707	)		—			(768	)
Limited Duration Fund		148,000		—		148,000		(93,027	)		(6,374,531	)		(4,093,160	)		(10,412,718	)
Moderate Duration Fund		87,422		—		87,422		(34,084	)		(6,645,498	)		(912,079	)		(7,504,239	)
Bond Fund		333,712		—		333,712		(338,464	)		(10,299,949	)		(10,907,861	)		(21,212,565	)
Strategic Enhanced Yield Fund		21,914		—		21,914		(21,747	)		(2,625,134	)		(172,617	)		(2,797,583	)
Ultra Short Tax-Free Income Fund		34,551		—		34,551		(34,204	)		(754	)		(17,008	)		(17,415	)
World Energy Fund		314,282		—		314,282		—			(14,518,661	)		14,202,457			(1,924	)
Hedged Income Fund		119,651		—		119,651		—			(2,985,701	)		2,946,307			80,257

*	See below for post-October losses and capital loss carryforwards.
**	The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sale, straddles, and the difference between book and tax amortization methods for premium and market discounts.

At August 31, 2023, 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:

Fund	Short-Term Amount			Long-Term Amount			Total
U.S. Treasury Fund	$	(2,140	)	$	–		$	(2,140	)
Government Securities Money Market Fund		(6,707	)		–			(6,707	)
Limited Duration Fund		(843,364	)		(5,531,167	)		(6,374,531	)
Moderate Duration Fund		(1,275,254	)		(5,370,244	)		(6,645,498	)
Bond Fund		(4,634,832	)		(5,665,117	)		(10,299,949	)
Strategic Enhanced Yield Fund		(941,005	)		(1,684,129	)		(2,625,134	)
Ultra Short Tax-Free Income Fund		(332	)		(422	)		(754	)
World Energy Fund		(14,518,661	)		–			(14,518,661	)
Hedged Income Fund		(2,614,822	)		(370,879	)		(2,985,701	)

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.

- 44 -

Notes to the Financial Statements

February 29, 2024 (Unaudited)

7. Recent Regulatory Pronouncements:

Effective January 24, 2023, the SEC adopted rule and form amendments that require open-end management investment companies to transmit concise and visually engaging annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a tailored shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. Management is currently evaluating the effect of these amendments on the shareholder reports for the Funds.

8. Recent Accounting Pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 (“ASU 2020-04”), Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit LIBOR quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts is a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. In December 2022, FASB deferred ASU 2020-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have significant impact on the Funds’ financial statements and various filings.

In June 2022, the FASB issued Accounting Standard Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Funds are currently evaluating the impact, if any, of these amendments on the financial statements.

9. Subsequent Events:

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required as of February 29, 2024.

- 45 -

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 29, 2024 (Unaudited)	$	1.000	$	0.023		$	0.023
Year Ended August 31, 2023		1.000		0.037	(d)		0.037
Year Ended August 31, 2022		1.000		0.002			0.002
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		1.000		0.026			0.026
Year Ended August 31, 2023		1.000		0.041	(d)		0.041
Year Ended August 31, 2022		1.000		0.003			0.003
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Select Shares
Six Months Ended February 29, 2024 (Unaudited)		1.000		0.026			0.026
Year Ended August 31, 2023		1.000		0.042	(d)		0.042
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020

(a)	Annualized for periods less than one year.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Calculated using average shares.

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

- 46 -

Less Dividends From:															Ratios/Supplemental Data:(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average  Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets(c)
$	(0.023	)	$	—	$	(0.023	)	$	1.000		2.37	%	$	1,412,680		0.66	%		4.71	%		0.66	%
	(0.037	)		—		(0.037	)		1.000		3.72	%		1,560,349		0.67	%		3.79	%		0.67	%
	(0.002	)		—		(0.002	)		1.000		0.20	%		830,908		0.25	%		0.21	%		0.67	%
	—			—		—			1.000		—	%		882,438		0.06	%		—	%		0.68	%
	(0.010	)		—		(0.010	)		1.000		0.55	%		988,206		0.51	%		0.57	%		0.67	%
	(0.020	)		—		(0.020	)		1.000		1.63	%		864,882		0.69	%		1.62	%		0.69	%
	(0.026	)		—		(0.026	)		1.000		2.58	%		221,926		0.24	%		5.13	%		0.41	%
	(0.041	)		—		(0.041	)		1.000		4.15	%		176,656		0.25	%		4.34	%		0.42	%
	(0.003	)		—		(0.003	)		1.000		0.34	%		49,457		0.14	%		0.35	%		0.42	%
	—			—		—			1.000		—	%		60,980		0.07	%		0.01	%		0.43	%
	(0.010	)		—		(0.010	)		1.000		0.81	%		82,420		0.24	%		0.82	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.05	%		94,055		0.27	%		2.04	%		0.44	%
	(0.026	)		—		(0.026	)		1.000		2.62	%		6,180		0.16	%		5.21	%		0.41	%
	(0.042	)		—		(0.042	)		1.000		4.23	%		4,137		0.17	%		4.08	%		0.42	%
	(0.004	)		—		(0.004	)		1.000		0.37	%		10,335		0.13	%		0.61	%		0.42	%
	—			—		—			1.000		0.01	%		3,105		0.08	%		0.01	%		0.43	%
	(0.010	)		—		(0.010	)		1.000		0.88	%		37,975		0.17	%		0.94	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		58,826		0.19	%		2.13	%		0.44	%

- 47 -

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
Government Securities Money Market Fund
Administrative Shares
Six Months Ended February 29, 2024 (Unaudited)	$	1.000	$	0.023		$	0.023
Year Ended August 31, 2023		1.000		0.038	(d)		0.038
Year Ended August 31, 2022		1.000		0.003			0.003
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		1.000		0.025			0.025
Year Ended August 31, 2023		1.000		0.041	(d)		0.041
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Select Shares
Six Months Ended February 29, 2024 (Unaudited)		1.000		0.026			0.026
Year Ended August 31, 2023		1.000		0.042	(d)		0.042
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Premier Shares
Six Months Ended February 29, 2024 (Unaudited)		1.000		0.023			0.023
Year Ended August 31, 2023		1.000		0.041	(d)		0.041
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020

(a)	Annualized for periods less than one year.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Calculated using average shares.

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

- 48 -

	Less Dividends From:													Ratios/Supplemental Data:(a)
																Ratio of Net
				Distributions												Investment		Ratio of
	Dividends			from Net					Net Asset					Ratio of Net		Income		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)
$	(0.023	)	$	—	$	(0.023	)	$	1.000	2.35	%	$	578,702	0.70	%	4.69	%	0.70	%
	(0.038	)		—		(0.038	)		1.000	3.87	%		602,861	0.58	%	3.79	%	0.69	%
	(0.003	)		—		(0.003	)		1.000	0.28	%		666,206	0.22	%	0.25	%	0.67	%
	—			—		—			1.000	0.01	%		578,785	0.07	%	0.01	%	0.69	%
	(0.010	)		—		(0.010	)		1.000	0.62	%		608,177	0.44	%	0.58	%	0.68	%
	(0.020	)		—		(0.020	)		1.000	1.77	%		489,932	0.56	%	1.77	%	0.69	%
	(0.025	)		—		(0.025	)		1.000	2.57	%		220,900	0.28	%	5.11	%	0.45	%
	(0.041	)		—		(0.041	)		1.000	4.19	%		238,179	0.27	%	4.25	%	0.44	%
	(0.004	)		—		(0.004	)		1.000	0.37	%		122,080	0.12	%	0.28	%	0.43	%
	—			—		—			1.000	0.01	%		124,349	0.08	%	0.01	%	0.44	%
	(0.010	)		—		(0.010	)		1.000	0.82	%		165,610	0.25	%	0.76	%	0.43	%
	(0.020	)		—		(0.020	)		1.000	2.06	%		94,595	0.27	%	2.05	%	0.44	%
	(0.026	)		—		(0.026	)		1.000	2.61	%		1,174,474	0.20	%	5.19	%	0.45	%
	(0.042	)		—		(0.042	)		1.000	4.27	%		1,224,619	0.19	%	4.19	%	0.44	%
	(0.004	)		—		(0.004	)		1.000	0.41	%		1,048,440	0.10	%	0.44	%	0.43	%
	—			—		—			1.000	0.01	%		865,637	0.07	%	0.01	%	0.44	%
	(0.010	)		—		(0.010	)		1.000	0.89	%		947,249	0.18	%	0.84	%	0.43	%
	(0.020	)		—		(0.020	)		1.000	2.14	%		988,003	0.19	%	2.13	%	0.44	%
	(0.023	)		—		(0.023	)		1.000	2.35	%		565,961	0.70	%	4.69	%	0.95	%
	(0.041	)		—		(0.041	)		1.000	4.14	%		488,779	0.33	%	4.21	%	0.94	%
	(0.004	)		—		(0.004	)		1.000	0.38	%		334,389	0.12	%	0.41	%	0.93	%
	—			—		—			1.000	0.01	%		285,447	0.07	%	0.01	%	0.94	%
	(0.010	)		—		(0.010	)		1.000	0.84	%		321,321	0.23	%	0.75	%	0.93	%
	(0.020	)		—		(0.020	)		1.000	2.09	%		233,659	0.24	%	2.08	%	0.94	%

- 49 -

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 29, 2024 (Unaudited)	$	8.87	$	0.13		$	0.19		$	0.32
Year Ended August 31, 2023		9.00		0.24	(e)		(0.12	)		0.12
Year Ended August 31, 2022		9.70		0.13			(0.68	)		(0.55	)
Year Ended August 31, 2021		9.79		0.12			(0.07	)		0.05
Year Ended August 31, 2020		9.62		0.17			0.17			0.34
Year Ended August 31, 2019		9.41		0.21			0.21			0.42
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		8.86		0.14			0.19			0.33
Year Ended August 31, 2023		8.99		0.26	(e)		(0.12	)		0.14
Year Ended August 31, 2022		9.69		0.15			(0.68	)		(0.53	)
Year Ended August 31, 2021		9.79		0.14			(0.08	)		0.06
Year Ended August 31, 2020		9.62		0.19			0.18			0.37
Year Ended August 31, 2019		9.40		0.23			0.23			0.46
A Shares
Six Months Ended February 29, 2024 (Unaudited)		8.87		0.13			0.19			0.32
Year Ended August 31, 2023		9.01		0.23	(e)		(0.13	)		0.10
Year Ended August 31, 2022		9.70		0.12			(0.66	)		(0.54	)
Year Ended August 31, 2021		9.80		0.12			(0.08	)		0.04
Year Ended August 31, 2020		9.62		0.17			0.18			0.35
Year Ended August 31, 2019		9.41		0.21			0.21			0.42

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(e)	Calculated using average shares.

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

- 50 -

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)
$	(0.13	)	$	—	$	(0.13	)	$	9.06		3.65	%	$	1,361		0.99	%		2.96	%		1.24	%		6	%
	(0.25	)		—		(0.25	)		8.87		1.33	%		1,360		0.95	%		2.67	%		1.20	%		21	%
	(0.15	)		—		(0.15	)		9.00		(5.72	)%		2,336		0.82	%		1.38	%		1.08	%		49	%
	(0.14	)		—		(0.14	)		9.70		0.52	%		3,290		0.76	%		1.24	%		1.01	%		74	%
	(0.17	)		—		(0.17	)		9.79		3.62	%		3,941		0.69	%		1.76	%		0.94	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.56	%		4,126		0.74	%		2.19	%		0.98	%		34	%
	(0.14	)		—		(0.14	)		9.05		3.77	%		27,458		0.76	%		3.20	%		0.99	%		6	%
	(0.27	)		—		(0.27	)		8.86		1.56	%		30,082		0.71	%		2.92	%		0.95	%		21	%
	(0.17	)		—		(0.17	)		8.99		(5.51	)%		39,818		0.59	%		1.58	%		0.83	%		49	%
	(0.16	)		—		(0.16	)		9.69		0.65	%		77,455		0.52	%		1.47	%		0.76	%		74	%
	(0.20	)		—		(0.20	)		9.79		3.87	%		92,362		0.44	%		1.98	%		0.69	%		89	%
	(0.24	)		—		(0.24	)		9.62		4.94	%		114,269		0.48	%		2.45	%		0.73	%		34	%
	(0.13	)		—		(0.13	)		9.06		3.60	%		2,708		1.09	%		2.86	%		1.09	%		6	%
	(0.24	)		—		(0.24	)		8.87		1.13	%		2,638		1.03	%		2.61	%		1.05	%		21	%
	(0.15	)		—		(0.15	)		9.01		(5.63	)%		2,643		0.84	%		1.37	%		0.93	%		49	%
	(0.14	)		—		(0.14	)		9.70		0.42	%		2,804		0.76	%		1.22	%		0.86	%		74	%
	(0.17	)		—		(0.17	)		9.80		3.73	%		952		0.68	%		1.72	%		0.79	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.57	%		585		0.72	%		2.20	%		0.83	%		34	%

- 51 -

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
Moderate Duration Fund
Investor Shares
Six Months Ended February 29, 2024 (Unaudited)	$	9.49	$	0.16	$	0.10		$	0.26
Year Ended August 31, 2023		9.69		0.27		(0.22	)		0.05
Year Ended August 31, 2022		10.77		0.15		(1.07	)		(0.92	)
Year Ended August 31, 2021		10.81		0.16		(0.03	)		0.13
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
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		9.49		0.17		0.11			0.28
Year Ended August 31, 2023		9.70		0.29		(0.22	)		0.07
Year Ended August 31, 2022		10.77		0.18		(1.07	)		(0.89	)
Year Ended August 31, 2021		10.82		0.19		(0.04	)		0.15
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
A Shares
Six Months Ended February 29, 2024 (Unaudited)		9.50		0.16		0.10			0.26
Year Ended August 31, 2023		9.70		0.27		(0.22	)		0.05
Year Ended August 31, 2022		10.77		0.15		(1.06	)		(0.91	)
Year Ended August 31, 2021		10.82		0.16		(0.04	)		0.12
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

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(e)	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.

- 52 -

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)
$	(0.15	)	$	—	$	(0.15	)	$	9.60		2.72	%	$	2,872		0.74	%		3.11	%		1.99	%		17	%
	(0.25	)		—		(0.25	)		9.49		0.59	%		2,849		0.74	%		2.68	%		1.70	%		61	%
	(0.16	)		—		(0.16	)		9.69		(8.63	)%		2,888		0.74	%		1.46	%		1.53	%		29	%
	(0.17	)		—		(0.17	)		10.77		1.21	%		3,828		0.74	%		1.49	%		1.29	%		64	%
	(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	)		9.61		2.96	%		6,962		0.49	%		3.36	%		1.74	%		17	%
	(0.28	)		—		(0.28	)		9.49		0.74	%		9,831		0.49	%		2.91	%		1.45	%		61	%
	(0.18	)		—		(0.18	)		9.70		(8.31	)%		16,715		0.49	%		1.71	%		1.29	%		29	%
	(0.20	)		—		(0.20	)		10.77		1.37	%		21,351		0.49	%		1.73	%		1.04	%		64	%
	(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	%
	(0.15	)		—		(0.15	)		9.61		2.72	%		175		0.74	%		3.11	%		1.84	%		17	%
	(0.25	)		—		(0.25	)		9.50		0.59	%		170		0.74	%		2.68	%		1.55	%		61	%
	(0.16	)		—		(0.16	)		9.70		(8.54	)%		183		0.74	%		1.44	%		1.38	%		29	%
	(0.17	)		—		(0.17	)		10.77		1.11	%		382		0.74	%		1.49	%		1.15	%		64	%
	(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	%

- 53 -

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 29, 2024 (Unaudited)	$	8.28	$	0.13	$	0.07		$	0.20
Year Ended August 31, 2023		8.64		0.23		(0.35	)		(0.12	)
Year Ended August 31, 2022		9.98		0.18		(1.33	)		(1.15	)
Year Ended August 31, 2021		10.12		0.17		(0.13	)		0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.22		0.21		0.60			0.81
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		8.26		0.14		0.07			0.21
Year Ended August 31, 2023		8.62		0.25		(0.35	)		(0.10	)
Year Ended August 31, 2022		9.95		0.20		(1.32	)		(1.12	)
Year Ended August 31, 2021		10.10		0.19		(0.14	)		0.05
Year Ended August 31, 2020		9.80		0.21		0.31			0.52
Year Ended August 31, 2019		9.20		0.23		0.61			0.84
A Shares
Six Months Ended February 29, 2024 (Unaudited)		8.28		0.13		0.07			0.20
Year Ended August 31, 2023		8.64		0.23		(0.35	)		(0.12	)
Year Ended August 31, 2022		9.98		0.18		(1.33	)		(1.15	)
Year Ended August 31, 2021		10.12		0.17		(0.13	)		0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.21		0.21		0.62			0.83

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Not annualized for periods less than one year.
(c)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

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

- 54 -

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)
$	(0.13	)	$	—	$	(0.13	)	$	8.35		2.47	%	$	947		0.71	%		3.22	%		0.96	%		17	%
	(0.24	)		—		(0.24	)		8.28		(1.42	)%		1,009		0.72	%		2.76	%		0.97	%		59	%
	(0.19	)		—		(0.19	)		8.64		(11.63	)%		1,129		0.74	%		1.93	%		0.99	%		38	%
	(0.18	)		—		(0.18	)		9.98		0.36	%		1,435		0.72	%		1.70	%		0.97	%		47	%
	(0.19	)		—		(0.19	)		10.12		5.07	%		2,383		0.73	%		1.86	%		0.98	%		65	%
	(0.21	)		—		(0.21	)		9.82		8.96	%		1,862		0.77	%		2.24	%		0.99	%		33	%
	(0.14	)		—		(0.14	)		8.33		2.60	%		120,836		0.46	%		3.47	%		0.71	%		17	%
	(0.26	)		—		(0.26	)		8.26		(1.19	)%		120,355		0.47	%		3.02	%		0.72	%		59	%
	(0.21	)		—		(0.21	)		8.62		(11.35	)%		129,062		0.49	%		2.19	%		0.74	%		38	%
	(0.20	)		—		(0.20	)		9.95		0.51	%		108,453		0.47	%		1.95	%		0.72	%		47	%
	(0.22	)		—		(0.22	)		10.10		5.34	%		94,112		0.48	%		2.14	%		0.73	%		65	%
	(0.24	)		—		(0.24	)		9.80		9.28	%		101,925		0.49	%		2.51	%		0.74	%		33	%
	(0.13	)		—		(0.13	)		8.35		2.47	%		56		0.71	%		3.23	%		0.81	%		17	%
	(0.24	)		—		(0.24	)		8.28		(1.42	)%		55		0.72	%		2.77	%		0.82	%		59	%
	(0.19	)		—		(0.19	)		8.64		(11.63	)%		57		0.74	%		1.93	%		0.84	%		38	%
	(0.18	)		—		(0.18	)		9.98		0.36	%		67		0.72	%		1.70	%		0.82	%		47	%
	(0.19	)		—		(0.19	)		10.12		5.07	%		60		0.73	%		1.91	%		0.83	%		65	%
	(0.22	)		—		(0.22	)		9.82		9.11	%		136		0.74	%		2.27	%		0.84	%		33	%

- 55 -

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 29, 2024 (Unaudited)	$	8.58	$	0.21	$	0.10		$	0.31
Year Ended August 31, 2023		9.19		0.36		(0.61	)		(0.25	)
Year Ended August 31, 2022		10.49		0.25		(1.28	)		(1.03	)
Year Ended August 31, 2021		10.82		0.18		(0.16	)		0.02
Year Ended August 31, 2020		10.70		0.19		0.28			0.47
Year Ended August 31, 2019		10.10		0.29		0.60			0.89
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		8.47		0.22		0.09			0.31
Year Ended August 31, 2023		9.06		0.38		(0.59	)		(0.21	)
Year Ended August 31, 2022		10.35		0.27		(1.27	)		(1.00	)
Year Ended August 31, 2021		10.67		0.21		(0.15	)		0.06
Year Ended August 31, 2020		10.56		0.21		0.27			0.48
Year Ended August 31, 2019		9.97		0.31		0.59			0.90
A Shares
Six Months Ended February 29, 2024 (Unaudited)		8.47		0.21		0.09			0.30
Year Ended August 31, 2023		9.07		0.36		(0.60	)		(0.24	)
Year Ended August 31, 2022		10.35		0.24		(1.25	)		(1.01	)
Year Ended August 31, 2021		10.67		0.18		(0.15	)		0.03
Year Ended August 31, 2020		10.56		0.20		0.25			0.45
Year Ended August 31, 2019		9.96		0.28		0.60			0.88

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Calculated using average shares.
(c)	Not annualized for periods less than one year.
(d)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

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

- 56 -

Less Dividends From:																Ratios/Supplemental Data:(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments			Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)(c)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets(d)			Portfolio Turnover(e)
$	(0.21	)	$	—		$	(0.21	)	$	8.68		3.71	%	$	73		1.01	%		5.01	%		3.51	%		32	%
	(0.36	)		—			(0.36	)		8.58		(2.69	)%		346		1.01	%		4.11	%		2.99	%		159	%
	(0.27	)		—			(0.27	)		9.19		(9.93	)%		528		1.01	%		2.51	%		2.07	%		18	%
	(0.17	)		(0.18	)		(0.35	)		10.49		0.22	%		1,132		1.01	%		1.67	%		1.66	%		129	%
	(0.20	)		(0.15	)		(0.35	)		10.82		4.47	%		2,178		1.01	%		1.82	%		2.05	%		96	%
	(0.29	)		—			(0.29	)		10.70		8.96	%		1,546		1.01	%		2.79	%		3.16	%		59	%
	(0.22	)		—			(0.22	)		8.56		3.74	%		4,030		0.76	%		5.27	%		3.27	%		32	%
	(0.38	)		—			(0.38	)		8.47		(2.31	)%		4,514		0.76	%		4.34	%		2.74	%		159	%
	(0.29	)		—			(0.29	)		9.06		(9.78	)%		9,377		0.76	%		2.77	%		1.82	%		18	%
	(0.20	)		(0.18	)		(0.38	)		10.35		0.55	%		19,579		0.76	%		2.01	%		1.42	%		129	%
	(0.22	)		(0.15	)		(0.37	)		10.67		4.66	%		17,335		0.76	%		2.00	%		1.77	%		96	%
	(0.31	)		—			(0.31	)		10.56		9.21	%		6,370		0.76	%		3.02	%		3.23	%		59	%
	(0.21	)		—			(0.21	)		8.56		3.61	%		121		1.01	%		5.02	%		3.37	%		32	%
	(0.36	)		—			(0.36	)		8.47		(2.66	)%		131		1.01	%		4.13	%		2.84	%		159	%
	(0.27	)		—			(0.27	)		9.07		(9.91	)%		159		1.01	%		2.43	%		1.83	%		18	%
	(0.17	)		(0.18	)		(0.35	)		10.35		0.30	%		917		1.01	%		1.75	%		1.52	%		129	%
	(0.19	)		(0.15	)		(0.34	)		10.67		4.41	%		393		1.01	%		1.94	%		1.97	%		96	%
	(0.28	)		—			(0.28	)		10.56		9.05	%		468		1.01	%		2.82	%		4.02	%		59	%

- 57 -

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
Ultra Short Tax-Free Income Fund
Investor Shares
Six Months Ended February 29, 2024 (Unaudited)	$	9.97	$	0.15		$	0.02		$	0.17
Year Ended August 31, 2023		9.87		0.11	(e)		0.12			0.23
Year Ended August 31, 2022		9.97		(0.01	)(e)		(0.09	)		(0.10	)
Year Ended August 31, 2021		10.00		(0.03	)(e)		—			(0.03	)
Year Ended August 31, 2020		10.00		0.06			—			0.06
Year Ended August 31, 2019		9.98		0.11			0.02			0.13
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		10.02		0.16			0.02			0.18
Year Ended August 31, 2023		9.92		0.15	(e)		0.11			0.26
Year Ended August 31, 2022		10.01		0.01	(e)		(0.08	)		(0.07	)
Year Ended August 31, 2021		10.01		—	(e)		—			—
Year Ended August 31, 2020		10.01		0.09			—			0.09
Year Ended August 31, 2019		10.00		0.14			0.01			0.15
A Shares
Six Months Ended February 29, 2024 (Unaudited)		9.99		0.15			0.02			0.17
Year Ended August 31, 2023		9.89		0.12	(e)		0.11			0.23
Year Ended August 31, 2022		9.98		—	(e)		(0.09	)		(0.09	)
Year Ended August 31, 2021		10.01		(0.03	)(e)		—			(0.03	)
Year Ended August 31, 2020		10.01		0.06			—			0.06
Year Ended August 31, 2019		10.01		0.03			0.01			0.04

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

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

(c) During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.

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

(e) Calculated using average shares.

(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.

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

- 58 -

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)
$	(0.15	)	$	—	$	(0.15	)	$	9.99		1.71	%	$	2		0.59	%		2.84	%		1.51	%		64	%
	(0.13	)		—		(0.13	)		9.97		2.37	%		9		0.60	%		1.15	%		1.35	%		96	%
	—			—		—			9.87		(0.95	)%		103		0.60	%		(0.10	)%		1.28	%		96	%
	—			—		—			9.97		(0.30	)%		105		0.60	%		(0.28	)%		1.07	%		130	%
	(0.06	)		—		(0.06	)		10.00		0.64	%		539		0.60	%		0.53	%		1.16	%		129	%
	(0.11	)		—		(0.11	)		10.00		1.35	%		175		0.66	%(f)		1.12	%		1.59	%		135	%
	(0.16	)		—		(0.16	)		10.04		1.82	%		12,217		0.35	%		3.20	%		1.31	%		64	%
	(0.16	)		—		(0.16	)		10.02		2.63	%		16,354		0.35	%		1.51	%		1.10	%		96	%
	(0.02	)		—		(0.02	)		9.92		(0.74	)%		26,566		0.35	%		0.14	%		1.03	%		96	%
	—			—		—			10.01		0.01	%		32,512		0.35	%		(0.04	)%		0.82	%		130	%
	(0.09	)		—		(0.09	)		10.01		0.89	%		38,955		0.35	%		0.81	%		0.92	%		129	%
	(0.14	)		—		(0.14	)		10.01		1.50	%		20,529		0.41	%(f)		1.38	%		1.34	%		135	%
	(0.15	)		—		(0.15	)		10.01		1.69	%		17		0.60	%		2.97	%		1.42	%		64	%
	(0.13	)		—		(0.13	)		9.99		2.37	%		17		0.60	%		1.17	%		1.20	%		96	%
	—			—		—			9.89		(0.85	)%		44		0.60	%		(0.04	)%		1.16	%		96	%
	—			—		—			9.98		(0.30	)%		17		0.60	%		(0.28	)%		0.92	%		130	%
	(0.06	)		—		(0.06	)		10.01		0.64	%		17		0.60	%		0.65	%		1.04	%		129	%
	(0.04	)		—		(0.04	)		10.01		0.36	%		21		0.66	%(f)		1.07	%		1.44	%		135	%

- 59 -

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
World Energy Fund
Investor Shares
Six Months Ended February 29, 2024 (Unaudited)	$	13.55	$	0.12		$	(0.51	)	$	(0.39	)
Year Ended August 31, 2023		12.52		0.28	(e)		1.02			1.30
Year Ended August 31, 2022		8.89		0.20	(e)		3.62			3.82
Year Ended August 31, 2021		6.16		0.13			2.71			2.84
Year Ended August 31, 2020		6.71		0.10			(0.51	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.82	)		(2.67	)
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		13.56		0.14			(0.52	)		(0.38	)
Year Ended August 31, 2023		12.53		0.31	(e)		1.03			1.34
Year Ended August 31, 2022		8.89		0.23	(e)		3.63			3.86
Year Ended August 31, 2021		6.16		0.14			2.72			2.86
Year Ended August 31, 2020		6.72		0.13			(0.53	)		(0.40	)
Year Ended August 31, 2019		9.51		0.17			(2.83	)		(2.66	)
A Shares
Six Months Ended February 29, 2024 (Unaudited)		13.52		0.12			(0.51	)		(0.39	)
Year Ended August 31, 2023		12.49		0.28	(e)		1.03			1.31
Year Ended August 31, 2022		8.86		0.20	(e)		3.62			3.82
Year Ended August 31, 2021		6.15		0.13			2.70			2.83
Year Ended August 31, 2020		6.70		0.11			(0.52	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.83	)		(2.68	)
C Shares
Six Months Ended February 29, 2024 (Unaudited)		13.39		0.08			(0.53	)		(0.45	)
Year Ended August 31, 2023		12.37		0.19	(e)		1.01			1.20
Year Ended August 31, 2022		8.78		0.13	(e)		3.57			3.70
Year Ended August 31, 2021		6.10		0.08			2.67			2.75
Year Ended August 31, 2020		6.64		0.05			(0.51	)		(0.46	)
Year Ended August 31, 2019		9.39		0.09			(2.79	)		(2.70	)

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

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

(c) During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.

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

(e) Calculated using average shares.

(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.

- 60 -

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	)	$	13.09		(2.92	)%	$	16,406		1.15	%		1.78	%		1.45	%		101	%
	(0.27	)		—		(0.27	)		13.55		10.72	%		19,478		1.15	%		2.31	%		1.46	%		166	%
	(0.19	)		—		(0.19	)		12.52		43.38	%		25,003		1.15	%		1.99	%		1.57	%		192	%
	(0.11	)		—		(0.11	)		8.89		46.49	%		6,895		1.15	%		1.69	%		1.96	%		174	%
	(0.14	)		—		(0.14	)		6.16		(6.19	)%		2,984		1.15	%		1.68	%		2.18	%		191	%
	(0.11	)		—		(0.11	)		6.71		(28.27	)%		3,079		1.25	%(f)		1.56	%		1.68	%		145	%
	(0.08	)		—		(0.08	)		13.10		(2.80	)%		59,123		0.90	%		2.10	%		1.20	%		101	%
	(0.31	)		—		(0.31	)		13.56		11.02	%		56,537		0.90	%		2.49	%		1.21	%		166	%
	(0.22	)		—		(0.22	)		12.53		43.81	%		37,866		0.90	%		2.16	%		1.34	%		192	%
	(0.13	)		—		(0.13	)		8.89		46.78	%		15,641		0.90	%		1.88	%		1.69	%		174	%
	(0.16	)		—		(0.16	)		6.16		(5.91	)%		6,254		0.90	%		1.82	%		1.89	%		191	%
	(0.13	)		—		(0.13	)		6.72		(28.12	)%		11,163		0.97	%(f)		1.88	%		1.43	%		145	%
	(0.07	)		—		(0.07	)		13.06		(2.92	)%		2,490		1.15	%		1.81	%		1.30	%		101	%
	(0.28	)		—		(0.28	)		13.52		10.77	%		2,826		1.15	%		2.23	%		1.31	%		166	%
	(0.19	)		—		(0.19	)		12.49		43.54	%		3,170		1.15	%		1.88	%		1.47	%		192	%
	(0.12	)		—		(0.12	)		8.86		46.33	%		2,216		1.15	%		1.54	%		1.83	%		174	%
	(0.14	)		—		(0.14	)		6.15		(6.13	)%		1,867		1.15	%		1.66	%		2.02	%		191	%
	(0.11	)		—		(0.11	)		6.70		(28.35	)%		2,485		1.21	%(f)		1.67	%		1.53	%		145	%
	(0.02	)		—		(0.02	)		12.92		(3.34	)%		7,200		1.90	%		1.19	%		2.20	%		101	%
	(0.18	)		—		(0.18	)		13.39		9.93	%		6,110		1.90	%		1.55	%		2.21	%		166	%
	(0.11	)		—		(0.11	)		12.37		42.42	%		4,713		1.90	%		1.13	%		2.35	%		192	%
	(0.07	)		—		(0.07	)		8.78		45.25	%		3,101		1.90	%		0.94	%		2.74	%		174	%
	(0.08	)		—		(0.08	)		6.10		(6.89	)%		2,458		1.90	%		0.87	%		2.91	%		191	%
	(0.05	)		—		(0.05	)		6.64		(28.82	)%		3,688		1.95	%(f)		0.97	%		2.43	%		145	%

- 61 -

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)(b)			on Investments			Activities
Hedged Income Fund
Investor Shares
Six Months Ended February 29, 2024 (Unaudited)	$	10.35	$	0.10		$	0.22		$	0.32
Year Ended August 31, 2023		9.93		0.23	(b)		0.42			0.65
Year Ended August 31, 2022		10.81		0.19	(b)		(0.88	)		(0.69	)
December 28, 2020(f) through August 31, 2021		10.00		0.14			0.74			0.88
Institutional Shares
Six Months Ended February 29, 2024 (Unaudited)		10.35		0.12			0.22			0.34
Year Ended August 31, 2023		9.93		0.25	(b)		0.42			0.67
Year Ended August 31, 2022		10.82		0.23	(b)		(0.91	)		(0.68	)
December 28, 2020(f) through August 31, 2021		10.00		0.15			0.75			0.90
A Shares
Six Months Ended February 29, 2024 (Unaudited)		10.35		0.10			0.21			0.31
Year Ended August 31, 2023		9.91		0.23	(b)		0.43			0.66
Year Ended August 31, 2022		10.80		0.20	(b)		(0.90	)		(0.70	)
December 28, 2020(f) through August 31, 2021		10.00		0.14			0.74			0.88

(a)	Annualized for periods less than one year, except for Portfolio Turnover.
(b)	Calculated using average shares.
(c)	Not annualized for periods less than one year.
(d)	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.
(f)	Commencement of operations.

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

- 62 -

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)(c)			(000s)		Assets			Net Assets			Net Assets(d)			Turnover(e)
$	(0.10	)	$	—	$	(0.10	)	$	10.57		3.16	%	$	109		1.35	%		1.95	%		1.81	%		33	%
	(0.23	)		—		(0.23	)		10.35		6.61	%		164		1.35	%		2.24	%		1.79	%		30	%
	(0.19	)		—		(0.19	)		9.93		(6.47	)%		309		1.35	%		1.86	%		1.98	%		18	%
	(0.07	)		—		(0.07	)		10.81		8.79	%		1,438		1.35	%		1.90	%		2.26	%		23	%
	(0.12	)		—		(0.12	)		10.57		3.29	%		27,219		1.10	%		2.26	%		1.56	%		33	%
	(0.25	)		—		(0.25	)		10.35		6.92	%		31,802		1.10	%		2.47	%		1.54	%		30	%
	(0.21	)		—		(0.21	)		9.93		(6.31	)%		33,178		1.10	%		2.21	%		1.69	%		18	%
	(0.08	)		—		(0.08	)		10.82		9.04	%		23,042		1.10	%		2.14	%		2.01	%		23	%
	(0.10	)		—		(0.10	)		10.56		3.07	%		773		1.35	%		2.01	%		1.66	%		33	%
	(0.22	)		—		(0.22	)		10.35		6.71	%		916		1.35	%		2.24	%		1.64	%		30	%
	(0.19	)		—		(0.19	)		9.91		(6.51	)%		1,785		1.35	%		1.94	%		1.75	%		18	%
	(0.08	)		—		(0.08	)		10.80		8.77	%		1,709		1.35	%		1.88	%		2.11	%		23	%

- 63 -

Additional Fund Information (Unaudited)

February 29, 2024

U.S. Treasury Fund:
	Percentage of
Security Allocation		Net Assets
U.S. Treasury Obligations		15.1	%
Repurchase Agreements		75.6	%
Investment Companies		9.8	%
Other assets in excess of liabilities		(0.5	)%
Total		100.0	%
Government Securities Money Market Fund:
		Percentage of
Security Allocation		Net Assets
U.S. Government Agency Securities		35.7	%
U.S. Treasury Obligations		3.9	%
Repurchase Agreements		53.5	%
Investment Companies		6.9	%
Total		100.0	%
Limited Duration Fund:
		Percentage of
Security Allocation		Net Assets
Asset Backed Securities		23.4	%
Mortgage Backed Securities		27.8	%
Commercial Mortgage Backed Securities		0.1	%
Corporate Bonds		22.5	%
Taxable Municipal Bonds		0.6	%
U.S. Government Agency Securities		12.3	%
U.S. Treasury Obligations		9.7	%
Investment in Affiliates		3.1	%
Other assets in excess of liabilities		0.5	%
Total		100.0	%
Moderate Duration Fund:
		Percentage of
Security Allocation		Net Assets
Asset Backed Securities		12.8	%
Mortgage Backed Securities		27.3	%
Commercial Mortgage Backed Securities		0.2	%
Corporate Bonds		18.1	%
Taxable Municipal Bonds		8.2	%
U.S. Government Agency Securities		10.8	%
U.S. Treasury Obligations		13.3	%
Investment in Affiliates		8.7	%
Other assets in excess of liabilities		0.6	%
Total		100.0	%
Bond Fund:
		Percentage of
Security Allocation		Net Assets
Asset Backed Securities		15.4	%
Mortgage Backed Securities		21.7	%
Commercial Mortgage Backed Securities		1.0	%
Corporate Bonds		17.5	%
Taxable Municipal Bonds		6.2	%
U.S. Government Agency Securities		10.2	%
U.S. Treasury Obligations		24.0	%
Investment in Affiliates		4.0	%
Total		100.0	%
Strategic Enhanced Yield Fund:
		Percentage of
Security Allocation		Net Assets
Mortgage Backed Securities		27.0	%
Corporate Bonds		51.7	%
U.S. Government Agency Securities		6.3	%
U.S. Treasury Obligations		13.2	%
Investment in Affiliates		0.6	%
Other assets in excess of liabilities		1.2	%
Total		100.0	%
Ultra Short Tax-Free Income Fund:
		Percentage of
Security Allocation		Net Assets
Municipal Bonds		101.1	%
Investment in Affiliates		1.1	%
Other assets in excess of liabilities		(2.2	)%
Total		100.0	%
World Energy Fund:
		Percentage of
Security Allocation		Net Assets
Common Stocks		91.2	%
Corporate Bonds		5.0	%
Investment in Affiliates		0.7	%
Exchange Traded Fund		1.0	%
Other assets in excess of liabilities		2.1	%
Total		100.0	%
Hedged Income Fund:
		Percentage of
Security Allocation		Net Assets
Common Stocks		104.0	%
Purchased Options		0.6	%
Investment in Affiliates		3.4	%
Other assets in excess of liabilities		(8.0	)%
Total		100.0	%

- 64 -

Additional Fund Information (Unaudited)	Continued
February 29, 2024

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, 2023 through February 29, 2024.

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 Account Value 9/1/23		Ending Account Value 2/29/24		Expenses Paid During Period 9/1/23 - 2/29/24		Expense Ratio During Period* 9/1/23 - 2/29/24
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,023.70	$	3.32		0.66	%
Institutional Shares		1,000.00		1,025.80		1.21		0.24	%
Select Shares		1,000.00		1,026.20		0.81		0.16	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,023.50		3.52		0.70	%
Institutional Shares		1,000.00		1,025.70		1.41		0.28	%
Select Shares		1,000.00		1,026.10		1.01		0.20	%
Premier Shares		1,000.00		1,023.50		3.52		0.70	%
Limited Duration Fund
Investor Shares		1,000.00		1,036.50		5.01		0.99	%
Institutional Shares		1,000.00		1,037.70		3.85		0.76	%
A Shares		1,000.00		1,036.00		5.52		1.09	%
Moderate Duration Fund
Investor Shares		1,000.00		1,027.20		3.73		0.74	%
Institutional Shares		1,000.00		1,029.60		2.47		0.49	%
A Shares		1,000.00		1,027.20		3.73		0.74	%
Bond Fund
Investor Shares		1,000.00		1,024.70		3.57		0.71	%
Institutional Shares		1,000.00		1,026.00		2.32		0.46	%
A Shares		1,000.00		1,024.70		3.57		0.71	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		1,037.10		5.12		1.01	%
Institutional Shares		1,000.00		1,037.40		3.85		0.76	%
A Shares		1,000.00		1,036.10		5.11		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,017.10		2.96		0.59	%
Institutional Shares		1,000.00		1,018.20		1.76		0.35	%
A Shares		1,000.00		1,016.90		3.01		0.60	%
World Energy Fund
Investor Shares		1,000.00		970.80		5.64		1.15	%
Institutional Shares		1,000.00		972.00		4.41		0.90	%
A Shares		1,000.00		970.80		5.64		1.15	%
C Shares		1,000.00		966.60		9.29		1.90	%
Hedged Income Fund
Investor Shares		1,000.00		1,031.60		6.82		1.35	%
Institutional Shares		1,000.00		1,032.90		5.56		1.10	%
A Shares		1,000.00		1,030.70		6.82		1.35	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).

- 65 -

Additional Fund Information (Unaudited)	Concluded
February 29, 2024

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 Account Value 9/1/23		Ending Account  Value 2/29/24		Expenses Paid During Period 9/1/23 - 2/29/24		Expense Ratio During Period* 9/1/23 - 2/29/24
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,021.58	$	3.32		0.66	%
Institutional Shares		1,000.00		1,023.67		1.21		0.24	%
Select Shares		1,000.00		1,024.07		0.81		0.16	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,021.38		3.52		0.70	%
Institutional Shares		1,000.00		1,023.47		1.41		0.28	%
Select Shares		1,000.00		1,023.87		1.01		0.20	%
Premier Shares		1,000.00		1,021.38		3.52		0.70	%
Limited Duration Fund
Investor Shares		1,000.00		1,019.94		4.97		0.99	%
Institutional Shares		1,000.00		1,021.08		3.82		0.76	%
A Shares		1,000.00		1,019.44		5.47		1.09	%
Moderate Duration Fund
Investor Shares		1,000.00		1,021.18		3.72		0.74	%
Institutional Shares		1,000.00		1,022.43		2.46		0.49	%
A Shares		1,000.00		1,021.18		3.72		0.74	%
Bond Fund
Investor Shares		1,000.00		1,021.33		3.57		0.71	%
Institutional Shares		1,000.00		1,022.58		2.31		0.46	%
A Shares		1,000.00		1,021.33		3.57		0.71	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		1,019.84		5.07		1.01	%
Institutional Shares		1,000.00		1,021.08		3.82		0.76	%
A Shares		1,000.00		1,019.84		5.07		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,021.93		2.97		0.59	%
Institutional Shares		1,000.00		1,023.12		1.76		0.35	%
A Shares		1,000.00		1,021.88		3.02		0.60	%
World Energy Fund
Investor Shares		1,000.00		1,019.14		5.77		1.15	%
Institutional Shares		1,000.00		1,020.39		4.52		0.90	%
A Shares		1,000.00		1,019.14		5.77		1.15	%
C Shares		1,000.00		1,015.42		9.52		1.90	%
Hedged Income Fund
Investor Shares		1,000.00		1,018.15		6.77		1.35	%
Institutional Shares		1,000.00		1,019.39		5.52		1.10	%
A Shares		1,000.00		1,018.15		6.77		1.35	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).

- 66 -

Semi-Ann-02/24

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 24, 2024      

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Bill King
	Bill King, President (Principal Executive Officer)

Date       April 24, 2024      

By (Signature and Title)*	/s/ Denise Lewis
	Denise Lewis, Treasurer (Principal Financial Officer)

Date       April 19, 2024