Cavanal Hill Funds NCSR Certified 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: 8/31/18

Item 1. Reports to Stockholders.

(CAVANAL HILL FUNDS LOGO)

Annual Report

August 31, 2018

U.S. Treasury Fund
Government Securities Money Market Fund
Limited Duration Fund
Moderate Duration Fund
Bond Fund
Strategic Enhanced Yield Fund
Ultra Short Tax-Free Income Fund
Active Core Fund
Mid Cap Core Equity Fund
Opportunistic Fund
World Energy Fund

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Table of Contents

Management Discussion of Fund Performance
4

Statements of Assets and Liabilities
23

Statements of Operations
27

Statements of Changes in Net Assets
31

Schedules of Portfolio Investments
36

Notes to Financial Statements
72

Financial Highlights
82

Report of Independent Registered Public Accounting Firm
102

Appendix
103

Additional Fund Information
104

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 30 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 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-Q and is available 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, 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.

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Cavanal Hill Money Market Funds (Unaudited)

Investment Risks

You could lose money by investing in the Funds. Although the Funds seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

Market Conditions

Strong economic growth in the second quarter of 2018 brought trailing 12-month gross domestic product¹ growth up to 2.9%, the strongest level since the second quarter of 2015. Year-over-year core Personal Consumption Expenditure Price Index¹, the Federal Reserve Board’s (the Fed) preferred inflation gauge, also rose to 2.0% in the second quarter, its highest post-crisis reading and matching the Fed’s inflation mandate. This relatively strong economic growth combined with the increase in inflation caused yields to rise across the board.

The strong growth and inflation figures gave the Fed the green light to continue its rate hike cycle. Accordingly, the Federal Open Market Committee raised the fed funds rate three times in the 12-month period, by 25 basis (0.25%) points each time, bringing the rate to 1.75% - 2.00% by period-end. The Fed’s hiking cycle led to a strong flattening trend in the yield curve.

The Cavanal Hill U.S. Treasury Fund and the Cavanal Hill Government Securities Money Market Fund

The primary theme informing our money market strategy was that we remain in a rising interest rate environment thanks largely to the benign economic backdrop.

Accordingly, we kept maturities in our money market funds relatively short so as to quickly take advantage of interest rate increases as they occurred. In addition, the London Interbank Offered Rate (LIBOR)¹ and Treasury bill floating rate securities helped us capture higher rates as they occurred. We extended maturities slightly in a few select Treasury bonds and bills to potentially capture higher yields and to act as a bit of a hedge in case rate increases slowed down.*

One of the greatest challenges facing our market was the fact that Treasury bill and agency discount note rates were very close at times. In fact, Treasury bill yields tended to outperform discount note yields for portions of the year.

The LIBOR benchmark remains a standard benchmark for many floating rate instruments, but it is being phased out over the next few years. Ultimately, it will be replaced by the new Secured Overnight Financing Rate¹.

Outlook

Maintaining high-credit-quality and liquidity remain the primary objectives of our money market funds. Investors will likely continue to focus on the Fed and its ongoing efforts to normalize short-term interest rates. We continue to expect additional increases in rates into 2019. Against this backdrop, we will continue to position our portfolios to reflect our view of the upcoming yield environment. We believe our current maturity positioning provides us the flexibility to act quickly when additional rate hikes become imminent, adjusting each Fund’s weighted average maturity as necessary.*

*	The composition of the Fund’s portfolio is subject to change.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-800-762-7085 or visit www.cavanalhillfunds.com.

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The Cavanal Hill Limited Duration Fund (Unaudited)

Fund Goal

We pursue a strategy of broad diversification in order to benefit from investments in both corporate and government fixed-income securities as well as mortgage-backed securities (MBS) and asset-backed securities (ABS), with the Fund maintaining a dollar-weighted average duration of no longer than 3.5 years.

For the 12-month period ended August 31, 2018, the Limited Duration Fund A Shares (at NAV) returned 0.13%; Investor Shares returned 0.07%, while the Institutional Shares returned 0.37%. The Fund’s benchmark, the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index posted a total return of -0.38%.

The Fund maintained a high-quality portfolio during the year. Exposure to relatively short duration and higher-credit-quality securities benefited performance relative to the Fund’s benchmark during the 12-month period.*

Market Conditions

Strong growth in the second quarter of 2018 brought trailing 12-month gross domestic product¹ growth up to 2.9%, the strongest level since the second quarter of 2015. Year-over-year core Personal Consumption Expenditure Index¹, the Federal Reserve Board’s (the Fed) preferred inflation gauge, also rose to 2.0% in the second quarter, its highest post-crisis reading and matching the Fed’s inflation mandate. This relatively strong economic growth combined with the increase in inflation caused yields to rise across the board.

The strong growth and inflation figures gave the Fed the green light to continue its rate hike cycle. Accordingly, the Federal Open Market Committee raised the fed funds rate three times in the 12-month period, by 25 basis points (0.25%) each time, bringing the rate to 1.75% - 2.00% by period-end.

The Fed’s hiking cycle led to a strong flattening trend in the yield curve. For the 12-month period ended August 31, 2018, the 2-year Treasury yield rose 128 basis points (1.28%), the 5-year Treasury yield rose 100 basis points (1.00%), 10-year Treasury yields advanced 69 basis points (0.69%), and the 30-year Treasury yield increased 24 basis points (0.24%). The 2-year to 10-year yield spread declined 59 basis points (0.59%) over the year while the 5-year to 30-year spread fell 75 basis points (0.75%) for the period. Both levels are near the lowest yield spreads seen since 2007.

The U.S. dollar was volatile during the year, but its strength in 2018 year to date began to expose cracks in many emerging markets. The Fed’s continued hawkish stance versus other major central banks and the relatively strong performance of the U.S. economy make it difficult to imagine any significant weakness in the U.S. dollar, which opens the door to continued emerging markets weakness.

Strong economic growth, rising inflation, and an aggressive central bank led to weak fixed income returns for the period. The Bloomberg Barclays U.S. Aggregate Bond Index¹ returned -1.05% for the 12-month period ended August 31, 2018, the Bloomberg Barclay Intermediate Aggregate Index¹ fell 84 basis points (0.84%) for the period, and the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/ Government Index was down 38 basis points (0.38%).

Fund Strategy

We continued to focus on higher-quality, relatively liquid securities, including Treasury and other government-related securities and agency mortgage-backed securities.*

We maintained modestly short duration versus our benchmark along with a higher-quality bias as we continued to underweight Baa-rated securities. We also remained significantly underweighted in the corporate sector. Maintaining shorter duration and higher quality and being underweight to corporate securities all added to relative performance over the past year as rates rose and corporate bonds underperformed all other sectors except for Treasuries.*

The Fund’s A Shares (at NAV) outperformed its index by 51 basis points (0.51%) for the period. The strong performance was driven largely by the Fund’s shorter duration position and its underweight to the corporate sector. The Fund’s large allocation to the securitized sector (agency and non-agency ABS/ MBS) in the portfolio was beneficial as that sector outperformed the index significantly for the period.*

The largest detractor from absolute performance was the Fund’s allocation to corporate bonds and Treasuries, as both sectors performed poorly during the year. But because we were significantly underweight corporate bonds and modestly underweight duration, we were not hurt by these allocations as much as the indexes.*

As of August 31, 2018, 23.5% of the Fund was invested in U.S. Treasury securities, 43.1% in mortgage securities, 15.8% in corporates, and 11.1% in asset-backed securities. The Fund’s average duration was 2.51 years.*

Outlook

We believe that the shape of the yield curve provides important economic information. The flattening trend has been in place for a year and is classic late-cycle behavior. Late in the economic cycle, it is appropriate to maintain a high-quality bias and sufficient liquidity to take advantage of potential opportunities in lower-rated credit securities.

The Fed has shown little concern with the yield curve and its intention to raise rates twice more this year must be taken at face value. We believe yields in the U.S. are very attractive compared with other developed economies. With the Fed intimating two more hikes this year, in our opinion, the U.S. dollar should be well supported. We believe the strong U.S. dollar combined with weakness in commodities this year should reduce inflationary pressures and provide a strong tailwind to U.S. fixed income assets overall.

Because we believe that we are late in this economic cycle, we plan to maintain a higher-quality bias along with significant liquidity. Yield spreads on corporate bonds have widened, reflecting heightened concerns about credit risk, and we have reduced the size of our underweight, adding names that fit within our higher-quality bias while allowing us to pick up some extra yield. With the market fully pricing in a September 2018 rate hike plus a better than 50/50 chance of a December 2018 hike, we believe market expectations for Fed policy are appropriate. Accordingly, we have reduced our underweight in the two- to five-year maturity bucket.*

Gross Domestic Product (GDP) measures the market value of the goods and services produced by labor and property within the respective country/ economic region. Personal Consumption Expenditure Price Index (PCE) measures the prices paid by consumers for goods and services without the volatility caused by movements in food and energy prices to reveal underlying inflation trends. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities. MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The Bloomberg Barclays U.S. Intermediate Aggregate Bond Index represents securities in the intermediate maturity range from one year up to (but not including) 10 years. The securities in the index are SEC registered, taxable, and dollar denominated. The index covers the U.S. investment-grade fixed bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indexes that are calculated and reported on a regular basis. These indexes are unmanaged and do not reflect the fees and expenses associated with a mutual fund. An investor cannot invest directly in an index.

*	The composition of the Fund’s portfolio is subject to change.

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The Cavanal Hill Limited Duration Fund (Unaudited)

Index Description

The performance of the Limited Duration Fund is measured against the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index, an unmanaged index that is comprised of investment-grade government and corporate debt securities with maturities between one- and five-years. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

The growth of $10,000 investment chart represents a hypothetical investment in the indicated share class versus a similar investment in the Fund’s benchmark, and represents the reinvestment of distributions and capital gains.

Average Annual Total Return
For the periods ended 8/31/18	1 Year	5 Year	10 Year
A Shares (at NAV)¹	0.13%	1.14%	2.42%
A Shares (with 2.00% maximum load)¹	-1.91%	0.74%	2.21%
Investor Shares	0.07%	1.10%	2.39%
Institutional Shares	0.37%	1.37%	2.66%
ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index	-0.38%	1.27%	2.24%
Lipper Short Investment Grade Debt Funds Average²	0.62%	1.23%	2.14%

Expense Ratio
			Gross
A Shares			0.78%
Investor Shares			0.93%
Institutional Shares			0.68%

Investment performance for the Fund’s classes reflects fee waivers that have been in effect during the applicable periods. Without such waivers, the performance would have been lower. Contractual fee waivers are in effect through December 31, 2018.

The above expense ratios are from the Funds’ prospectus dated December 26, 2017. Additional information pertaining to the Funds’ expense ratios for the year ended August 31, 2018 can be found in the Financial Highlights.

Class A Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, performance quoted would be lower. This performance reflects the Fund’s no-Load Investor class (“Investor Shares”) for periods prior May 2, 2011 for the A Shares. The A Shares began presenting performance linked to the Investor Class in September of 2011. Unlike Institutional Shares, Investor Shares and A Shares bear a 12b-1 fee of 0.25%. Investor Shares and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the A Shares of the Fund been offered for periods before May 2, 2011, the performance information would have been different as a result of differing annual operating expenses.

The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

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The Cavanal Hill Moderate Duration Fund (Unaudited)

Fund Goal

For the 12-month period ended August 31, 2018, the Moderate Duration Fund A Shares (at NAV) returned -0.03%; Investor Shares returned -0.07%, while the Institutional Shares returned 0.22%. The Fund’s benchmark, the Bloomberg Barclays U.S. Intermediate Aggregate Bond Index, showed total return of -0.84%.

The Fund maintained a high-quality portfolio during the year. Exposure to relatively short duration and higher-quality securities benefited performance relative to the Fund’s benchmark during the period.*

Market Conditions

The strong growth and inflation figures gave the Fed the green light to continue its rate hike cycle. Accordingly, the Federal Open Market Committee raised the fed funds rate three times in the period, by 25 basis points (0.25%) each time, bringing the rate to 1.75% - 2.00% by the 12-month period-end.

Strong economic growth, rising inflation, and an aggressive central bank led to weak fixed income returns for the period. The Bloomberg Barclays U.S. Aggregate Bond Index¹ returned -1.05% for the 12-month period ended August 31, 2018, the Intermediate Aggregate Index fell 84 basis points (0.84%) for the period, and the ICE BofA Merrill Lynch 1-5 Year Government/Corporate Index¹ was down 38 basis points (0.38%).

Fund Strategy

We continued to focus on higher-quality, relatively liquid securities, including Treasury and other government-related securities and agency mortgage-backed securities. We maintained modestly short duration versus our benchmark along with a higher-quality bias as we continued to underweight Baa-rated securities. We also remained significantly underweighted in the corporate sector. Maintaining shorter duration and higher quality and being underweight to corporate securities all added to relative performance over the past year as rates rose and corporate bonds underperformed all other sectors except for Treasuries.*

The Fund’s A Shares (at NAV) outperformed its index by 81 basis points (0.81%) for the period. The strong performance was driven largely by the Fund’s shorter duration position and its underweight to the corporate sector. Our allocation to taxable municipals as a corporate bond proxy in the Fund continued to work well as this sector did not see the spread widening that occurred in corporates during the period.*

As of August 31, 2018, 24.8% of the Fund was invested in U.S. Treasury securities, 28.5% in mortgage securities, 8% in agency securities, 20.5% in corporates, 10.2% in taxable municipal bonds, and 4.2% in asset-backed securities. The Fund’s average duration was 3.37 years.*

Outlook

The Fed has shown little concern with the yield curve and its intention to raise rates twice more this year must be taken at face value. We believe yields in the U.S. are very attractive compared with other developed economies. With the Fed intimating two more hikes this year, the U.S. dollar should be well supported. We believe the strong U.S. dollar combined with weakness in commodities this year should reduce inflationary pressures and provide a strong tailwind to U.S. fixed income assets overall.

Gross Domestic Product (GDP) measures the market value of the goods and services produced by labor and property within the respective country/ economic region. Personal Consumption Expenditure Price Index (PCE) measures the prices paid by consumers for goods and services without the volatility caused by movements in food and energy prices to reveal underlying inflation trends. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities. MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The BofA Merrill Lynch 1-5 Year U.S. Corporate/ Government Bond Index measures the performance of investment-grade government and corporate debt securities with maturities between one- and five-years. These indexes are unmanaged and do not reflect the fees and expenses associated with a mutual fund. An investor cannot invest directly in an index.

The composition of the Fund’s portfolio is subject to change.

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The Cavanal Hill Moderate Duration Fund (Unaudited)

Index Description

The performance of the Moderate Duration Fund is measured against the Bloomberg Barclays U.S. Intermediate Aggregate Bond Index, an unmanaged index that is representative of investment-grade debt issues with maturities from one year up to (but not including) 10 years. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Average Annual Total Return
For the periods ended 8/31/18	1 Year	5 Year	10 Year
A Shares (at NAV)¹	-0.03%	1.67%	3.83%
A Shares (with 2.00% maximum load)¹	-2.00%	1.25%	3.62%
Investor Shares	-0.07%	1.63%	3.80%
Institutional Shares	0.22%	1.90%	4.07%
Bloomberg Barclays U.S. Intermediate Aggregate Bond Index	-0.84%	2.00%	3.26%
Lipper Short-Intermediate Investment Grade Debt Funds Average²	-0.23%	1.41%	2.90%

Expense Ratio
			Gross
A Shares			0.95%
Investor Shares			1.10%
Institutional Shares			0.85%

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The Cavanal Hill Bond Fund (Unaudited)

Fund Goal

We pursue a strategy of broad diversification in order to benefit from investments in both corporate and government fixed-income securities as well as mortgage-backed securities (MBS) and asset-backed securities (ABS), with the fund maintaining a dollar-weighted average maturity of three years or more, and generally no longer than 10 years.

For the 12-month period ended August 31, 2018, the Bond Fund A Shares (at NAV) returned -1.32%; the Investor Shares returned -1.33%; and the Institutional Shares returned -0.97%. The Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, showed a total return of -1.05%.

The Fund’s A Shares (at NAV) underperformed its index by 27 basis points (0.27%) for the period. The largest detractor from absolute performance was the Fund’s allocation to corporate bonds and Treasuries, as both sectors performed poorly during the year.*

Market Conditions

The strong growth and inflation figures gave the Fed the green light to continue its rate hike cycle. Accordingly, the Federal Open Market Committee raised the fed funds rate three times in the period, by 25 basis points (0.25%) each time, bringing the rate to 1.75% - 2.00% by the 12-month period-end.

Strong economic growth, rising inflation, and an aggressive central bank led to weak fixed income returns for the period. The Bloomberg Barclays U.S. Aggregate Bond Index returned -1.05% for the 12-month period ended August 31, 2018, the Intermediate Aggregate Index¹ fell 84 basis points (0.84%) for the period, and the ICE BofA Merrill Lynch 1-5 Year Government/Corporate Index¹ was down 38 basis points (0.38%).

Fund Strategy

We continued to focus on higher-quality, relatively liquid securities, including Treasury and other government-related securities and agency mortgage-backed securities.*

Our allocation to taxable municipals as a corporate bond proxy in the Fund continued to work well as this sector did not see the spread widening that occurred in corporates during the period.*

As of August 31, 2018, 31.8% of the Fund was invested in U.S. Treasury securities, 26.4% in mortgage securities, 9.4% in agency securities, 15.1% in corporates, 12.7% in municipal bonds, and 1.6% in asset-backed securities. The Fund’s average maturity was 6.36 years.*

Outlook

The Fed has shown little concern with the yield curve and its intention to raise rates twice more this year must be taken at face value. We believe yields in the U.S. are very attractive compared with other developed economies. With the Fed intimating two more hikes this year, the U.S. dollar should be well supported. We believe the strong U.S. dollar combined with weakness in commodities this year should reduce inflationary pressures and provide a strong tailwind to U.S. fixed income assets overall.

The composition of the Fund’s portfolio is subject to change.

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The Cavanal Hill Bond Fund (Unaudited)

Index Description

The performance of the Bond Fund is measured against the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index that is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Average Annual Total Return
For the periods ended 8/31/18	1 Year	5 Year	10 Year
A Shares (at NAV)¹	-1.32%	1.62%	3.86%
A Shares (with 2.00% maximum load)¹	-3.24%	1.21%	3.65%
Investor Shares	-1.33%	1.65%	3.86%
Institutional Shares	-0.97%	1.88%	4.10%
Bloomberg Barclays U.S. Aggregate Bond Index	-1.05%	2.49%	3.70%
Lipper Core Bond Funds Average²	-1.09%	2.34%	3.77%

Expense Ratio
			Gross
A Shares			0.79%
Investor Shares			0.94%
Institutional Shares			0.69%

Class A Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, performance quoted would be lower. This performance reflects the Fund’s no-Load Investor class (“Investor Shares”) for periods prior to May 2, 2011 for the A Shares. The A Shares began presenting performance linked to the Investor Class in September of 2011. Unlike Institutional Shares, Investor Shares and A Shares bear a 12b-1 fee of 0.25%. Investor Shares and Institutional Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences is reflected in the performance information. Accordingly, had the A Shares of the Fund been offered for periods before May 2, 2011, the performance information would have been different as a result of differing annual operating expenses.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

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The Cavanal Hill Strategic Enhanced Yield Fund (Unaudited)

Fund Goal

Our Strategic Enhanced Yield Fund is designed to be an opportunistic, multi-sector fixed income investment. The investment team attempts to shift allocations into areas that we believe provide the best risk/reward profiles. The Fund typically has a meaningful allocation to mortgage-backed securities and other securitized products, and the Fund has the freedom to invest in a broad range of credit ratings and durations.

From the inception date of December 26, 2017 to the period ended August 31, 2018, the Strategic Enhanced Yield Fund A Shares (at NAV) returned 1.60%; the Investor Shares returned 2.05%; and the Institutional Shares returned 1.87%. The Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index Index, showed a total return of -0.59%.

The Fund maintained a barbelled allocation during the year with a bias toward longer duration. This approach generally benefited performance as rates rose significantly in the middle of the curve during the period.*

Market Conditions

The strong growth and inflation figures gave the Fed the green light to continue its rate hike cycle. Accordingly, the Federal Open Market Committee raised the fed funds rate three times in the 12-month period, by 25 basis points (0.25%) each time, bringing the rate to 1.75% - 2.00% by the August 31, 2018 period-end.

The Fed’s hiking cycle led to a strong flattening trend in the yield curve. For the 12-month period ended August 31, 2018, the 2-year Treasury yield rose 128 basis points (1.28 %), the 5-year Treasury yield rose 100 basis points (1.00%), 10-year Treasury yields advanced 69 basis points (0.69%), and the 30-year Treasury yield increased 24 basis points (0.24%). The 2-year to 10-year yield spread declined 59 basis points (0.59%) over the year while the 5-year to 30-year spread fell 75 basis points (0.75%) for the period. Both levels are near the lowest yield spreads seen since 2007.

Fund Strategy

We had a bias toward longer duration during the period, and although rates moved higher, the long bias didn’t particularly hurt. Much of the longer duration came from the Fund’s allocation to the 30-year Treasury, and 30-year rates only rose 28 basis points (0.28%) this year. We maintained the barbelled allocation, which benefited the Fund as rates rose most significantly in the belly of the curve.*

The Fund continued to have a meaningful exposure to non-agency mortgage-backed (MBS) and asset-backed securities (ABS). This segment performed well this year, proving to be relatively immune to the increase in Treasury rates. We maintained a high-quality bias overall. Although we do own high-yield bonds, within that category we stayed at the high end of the spectrum.*

The Fund’s A Shares (at NAV) outperformed its index by 219 basis points (2.19%) since the Fund’s inception date of December 26, 2017 through period end. The relatively strong performance was driven by the portfolio’s large underweight to the corporate sector and by our large overweight to non-agency MBS and ABS.*

The largest detractor from absolute performance was our allocation to Treasuries. However, our underweight versus the index added to our benchmark-relative performance.*

As of August 31, 2018, 30.8% of the Fund was invested in U.S. Treasury securities, 39.8% in mortgage securities, 6.0% in corporates, and 15.8% in asset-backed securities. The Fund’s average maturity was 7.99 years.*

Outlook

The Fed has shown little concern with the yield curve and its could raise rates twice more this year. We believe yields in the U.S. are very attractive compared with other developed economies. With the Fed intimating two more hikes this year, the U.S. dollar should be well supported. We believe the strong U.S. dollar combined with weakness in commodities this year should reduce inflationary pressures and provide a strong tailwind to U.S. fixed income assets overall.

Because we believe that we are late in this economic cycle, we plan to maintain a higher-quality bias along with significant liquidity. Yield spreads on portions of the corporate market have widened, reflecting heightened concerns about credit risk, and we have reduced the size of our underweight, adding names that fit within our higher-quality bias while allowing us to pick up some extra yield. With the market pricing in a September 2018 rate hike plus a better than 50/50 chance of a December 2018 hike, we believe market expectations for Fed policy are appropriate. Accordingly, we have reduced our underweight in the two- to five-year maturity bucket.*

*	The composition of the Fund’s portfolio is subject to change.

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The Cavanal Hill Strategic Enhanced Yield Fund (Unaudited)

Index Description

The performance of the Strategic Enhanced Yield Fund is measured against the Bloomberg Barclays U.S. Aggregate Bond Index, an unmanaged index that is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of at least one year. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. Short-term investment-grade bonds offer less risk and generally a lower rate of return than longer-term higher yielding bonds. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of changing interest rates. High-yield bonds have a higher risk of default or other adverse credit events, but have the potential to pay higher earnings over investment-grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Aggregate Total Return
			Since
			Inception
For the periods ended 8/31/18	3 Month	YTD	(12/26/17)
A Shares (at NAV)¹	0.76%	1.59%	1.60%
A Shares (with 2.00% maximum load)¹	-1.22%	-0.40%	-0.39%
Investor Shares	0.76%	2.05%	2.05%
Institutional Shares	0.93%	1.76%	1.87%
Bloomberg Barclays U.S. Aggregate Bond Index	0.54%	-0.96%	-0.59%.
Lipper Multi-Sector Income Funds Average²	0.67%	-0.26%	-0.26%

Expense Ratio
			Gross
A Shares			2.14%
Investor Shares			2.29%
Institutional Shares			2.04%

¹	Class A Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, performance quoted would be lower.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Since inception value calculated from December 31, 2017.

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The Cavanal Hill Ultra Short Tax-Free Fund (Unaudited)

Fund Goal

The goal of our Ultra Short Tax-Free Income Fund is to generate current income that is exempt from federal income taxes by investing primarily in a diversified portfolio of municipal securities. To pursue its objective, this strategy invests in securities exempt from federal taxes and consists of a mix of Variable Rate Demand Notes (VRDN), which provide daily or weekly liquidity, as well as fixed rate paper; the Fund will have a weighted average maturity of one year or less.

From the inception date of December 26, 2017 to the period ended August 31, 2018, the Ultra Short Tax- Free Fund A Shares (at NAV) returned 0.10%; the Investor Shares returned 0.14%; and the Institutional Shares returned 0.65%. The Fund’s benchmark, the Bloomberg Barclays 1-Year Municipal Bond Index, showed a total return of 1.10%.

The Fund’s slight underperformance relative to the benchmark was due to our shorter duration strategy and to unexpectedly low VRDN rates in February and July.*

Market Conditions

Domestic economic activity has been solid since the inception of the Fund at the end of 2017. Gross domestic product¹ grew at an annual pace of 2.2% in the first quarter of 2018 and rose to 4.2% in the second quarter, the highest level since the third quarter of 2014. The employment picture continued its impressive run, as nonfarm payrolls had averaged growth of over 200,000 in 2018 while the unemployment rate fell to 3.8% in May, its lowest level since April 2000. While inflation remained relatively benign, U.S. economic strength enabled the Federal Reserve Board (the Fed) to continue to raise rates at both the March and June Federal Open Market Committee meetings (FOMC). While market participants anticipate a third hike in September, a move in December is less certain.

The short end of the muni market was affected most directly by the Fed’s moves. The best indicator of this is the SIFMA Index¹, which is an average of yields on 7-day variable rate demand notes. SIFMA hovered around 1% in February, but closed March at 1.58% and rose to 1.81% in April, the highest level since October 2008, before closing June at 1.51%. After strong demand caused VRDN rates to drop back down below 1% in July, they began to climb again and SIFMA closed the fiscal year at 1.56%.

The best opportunity in the short end of the municipal bond market came in late April/early May as yields hit their high-water mark for the year. This was primarily due to the cyclical supply/ demand imbalance, as many taxpayers use their tax-free money market funds to pay their taxes. The funds liquidate their VRDNs to raise cash to meet the redemptions and the remarketing agents raise rates to entice crossover buyers to help reduce their inventories. As a result, the SIFMA index rose to 1.81% in April and yields on 1-year fixed rate paper hovered around 1.75% for a few weeks in April and May.

Yields in the short end of the muni market fell in July because of an influx of cash via maturities, coupon payments, and calls. The demand far outweighed supply as the cash was deployed. As a result, the SIFMA index hit its lowest level of the year in July at 0.94% and yields on the 1-year fixed rate paper dropped to around 1.40% during the month.

Fund Strategy

The Fund has maintained a mix of VRDNs and fixed-rate paper since its inception. The target maturity range for the fixed-rate pieces was three- to six-months, which proved effective early in the period but held back performance in the summer months as rates fell. Overall, the Fund slightly underperformed the benchmark for the period due to its shorter duration and unexpectedly low VRDN rates during February and July.*

The Fund’s securities holdings rated AAA, AA, and A made up 7.7%, 61.2%, and 11.2% of the portfolio, respectively, as of August 31, 2018. BBB securities made up 1.1% of the portfolio. MIG1 securities made up 4.1% of the portfolio. SP-1+ securities made up 3.3% of the portfolio. Non-rated securities comprised 11.4% of the portfolio.*,**

Outlook

The Fed has reiterated its stance to continue to raise rates and market participants are anticipating a hike at the September FOMC meeting. An additional move in December is still uncertain, but the Fed’s “dot plots” indicate the tightening cycle will be maintained into 2019. The short end of the muni market should move higher in conjunction with U.S. Treasury yields.

The Fund will continue to look for opportunities in the fixed rate market and extend the average maturity when they arise. In addition, a core holding of VRDNs will capture Fed rate hikes.*

Gross Domestic Product (GDP) measures the market value of the goods and services produced by labor and property within the respective country/ economic region. Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, produced by Municipal Market Data (MMD), is a 7-day high-grade market index comprised of tax-exempt variable rated demand obligations (VRDO’s) from MMD’s extensive database. SIFMA is a leading securities industry trade group representing securities firms, banks, and asset management companies in the U.S. and Hong Kong.

*	The composition of the Fund’s portfolio is subject to change.

**	The credit-quality ratings are derived from the underlying securities of the portfolio, and are rated by Moody’s. If a rating from Moody’s is unavailable, S&P’s rating is used. If neither Moody’s nor S&P ratings are available, Fitch’s rating is used.

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The Cavanal Hill Ultra Short Tax-Free Fund (Unaudited)

Index Description

The performance of the Ultra Short Tax-Free Fund is measured against the Bloomberg Barclays 1-Year Municipal Bond Index, an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. The index does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. Short-term investment-grade bonds offer less risk and generally a lower rate of return than longer-term higher yielding bonds. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of changing interest rates. The Fund’s income may be subject to certain state and local taxes and, depending on one’s tax status, to the federal alternative minimum tax.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Aggregate Total Return
			Since
			Inception
For the periods ended 8/31/18	3 Month	YTD	(12/26/17)
A Shares (at NAV)¹	0.10%	0.10%	0.10%
A Shares (with 1.00% maximum load)¹	-0.89%	-0.89%	-0.89%
Investor Shares	0.09%	0.14%	0.14%
Institutional Shares	0.25%	0.62%	0.65%
Bloomberg Barclays 1-Year Municipal Bond Index	0.52%	1.14%	1.10%
Lipper Short Municipal Debt Funds Average²	0.47%	0.79%	0.79%

Expense Ratio
			Gross
A Shares			1.79%
Investor Shares			1.94%
Institutional Shares			1.69%

¹	Class A Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, performance quoted would be lower.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Since inception value calculated from December 31, 2017.

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The Cavanal Hill Active Core Fund (Unaudited)

Fund Goal

We seek to construct a balanced portfolio of equities and bonds that is broadly diversified to attempt to control risk. Our diversification strategy is multi-dimensional across stock and bond asset classes, growth and value styles, and small capitalization and large capitalization stocks.

For the 12-month period ended August 31, 2018, the Active Core Fund A Shares (at NAV) posted a total return of 8.41%; the C Shares returned 7.70%; the Investor Shares returned 8.46%, and the Institutional Shares returned 8.70%. The Fund’s benchmarks, the Russell 1000^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index, returned 19.82% and -1.05%, respectively.

Market Conditions

Economic growth picked up in late 2017 and ran at a faster pace well into 2018. U.S. federal tax reform helped increase company spending and put upward pressure on wages and hiring. The Federal Reserve Board (the Fed) grew more comfortable raising interest rates over the past year, which supported a stronger dollar. Both factors led to increased market volatility and were compounded by trade and tariff disputes. Oil prices rose, boosting the energy sector while the technology and consumer discretionary sectors led the market over the past year.

Concerns over trade and tariff issues weighed on markets in a variety of ways. Technology companies were worried about the availability and cost of imports and exports from China. Tariffs on certain U.S. crops had an adverse impact on food companies. Additionally, disputes with Mexico, Canada, and China weighed on U.S. automotive companies and their suppliers.

After lagging for years, small-cap stocks bounced back over the past year and led mid- and large-cap stocks. The other source of strong performance was among mega-cap growth stocks, particularly technology and consumer discretionary giants like Netflix and Amazon. Elsewhere, returns were more muted. The energy sector provided another opportunity as oil prices increased. Small-cap energy companies did especially well.

Fund Strategy

We maintained a diversified portfolio, continuing to emphasize equities, which made up approximately 50.4% of the Fund’s portfolio at the end of the 12-month period, compared with 47.6% at the end of August 2017. Fixed-income securities represented approximately 40.6% of the portfolio, compared with 40.9% at the end of August 2017. The rest of the Fund was in cash and mutual funds.*

Within the equity portfolio, we continued to invest in a variety of domestic U.S. and international stocks, including developed and emerging market stocks, all of which posted strong performance overall for the period. Within the U.S. market, small-cap stocks outperformed mid-cap and large-cap stocks, and growth stocks continued to significantly outperform value stocks. The Russell 3000^® Growth Index¹rose 27.50% versus the 13.04% gain for the Russell 3000^® Value Index¹.*

We maintained broad style exposure, investing in large- and mid-cap stocks within the core value and growth styles. We also held a modest allocation to non-U.S. stocks.*

Within fixed income, we continued to focus on higher-quality, relatively liquid securities, including Treasury and other government-related securities and agency mortgage-backed securities. We maintained modestly short duration versus our benchmark along with a higher-quality bias as we continued to underweight Baa-rated securities. We also remained significantly underweighted in the corporate sector. Maintaining shorter duration and higher quality and being underweight to corporate securities all added to relative performance over the past year as rates rose and corporate bonds underperformed all other sectors except for Treasuries.*

The largest detractor from absolute performance within fixed income was our allocation to corporate bonds and Treasuries, as both sectors performed poorly. But because we were significantly underweight corporate bonds and modestly underweight duration, we were not hurt by these allocations as much as the indexes.*

Outlook

The macroeconomic backdrop is still strong and the job market has tightened. We believe that left to its own devices, the U.S. economy should continue to run smoothly over the next six months. There are some potential risks that the Fed may raise rates too quickly but a greater challenge relates to disagreements over trade and tariffs. Companies are already mentioning negative impacts in their forward guidance. If this problem isn’t resolved or, worse, if it continues to grow, then the resulting uncertainty could put downward pressure on markets, making it harder for companies to make long-term plans.

Despite this accommodative environment, we are wary of the impact that the ongoing trade disputes may have on U.S. markets. For now, we are trying to find the right balance of cyclical themes that would benefit from a continued expansion combined with high quality, profitable companies that could hedge against market stress. We expect that higher volatility will continue over the medium term, and we are trying to position the portfolio to take advantage of shifting dynamics.

The flattening yield curve has been in place for a year and is classic late-economic cycle behavior. We believe this calls for a high-quality bias within fixed income assets and plenty of liquidity. The Fed has intimated to raise rates twice more this year, keeping U.S. yields highly attractive relative to other developed economies and providing strong support for the U.S. dollar. We believe the strong U.S. dollar and weakness in commodities should reduce inflationary pressures and provide a strong tailwind to U.S. fixed income assets. With the market fully pricing in a September 2018 rate hike plus a better than 50/50 chance of a December 2018 hike, we have reduced our underweight in the two- to five-year maturity bucket.*

Russell 3000^® Growth Index is a market capitalization weighted index based on the Russell 3000 Index. Russell 3000^® Growth Index includes companies that display signs of above average growth, exhibit higher price-to-book, and forecasted earnings. The Russell 3000^® Value Index is a market-capitalization weighted equity index maintained by the Russell Investment Group and based on the Russell 3000^® Index, included in the index are stocks from the Russell 3000 Index with lower price-to-book ratios and lower expected growth rates. These indexes are unmanaged and do not reflect the fees and expenses associated with a mutual fund. An investor cannot invest directly in an index.

*	The composition of the Fund’s portfolio is subject to change.

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The Cavanal Hill Active Core Fund (Unaudited)

Index Description

The performance of the Active Core Fund is measured against the Russell 1000^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index. The Russell 1000^® Index, which measures the performance of the large-cap segment of the U.S. equity universe, is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Index represents approximately 92% of the Russell 3000^® Index. The Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of at least one year. These indexes are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. The Fund invests in foreign and emerging market securities, which involves certain risks such as currency volatility, political and social instability, and reduced market liquidity. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments. Because an ETF charges its own fees and expenses, Fund shareholders will indirectly bear these costs. The use of leverage in an ETF can magnify any price movements, resulting in high volatility. An inverse ETF seeks to provide returns that are the opposite of the underlying referenced financial asset, index, or commodity’s returns. Exposure to commodities may subject the Fund to greater volatility than investments in traditional securities.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Average Annual Total Return
For the periods ended 8/31/18	1 Year	5 Year	10 Year
A Shares (at NAV)¹	8.41%	7.24%	6.63%
A Shares (with 2.00% maximum load)¹	6.23%	6.81%	6.42%
C Shares¹	7.70%	6.69%	6.36%
Investor Shares	8.46%	7.32%	6.67%
Institutional Shares	8.70%	7.53%	6.91%
Russell 1000^® Index	19.82%	14.36%	10.93%
Bloomberg Barclays U.S. Aggregate Bond Index	-1.05%	2.49%	3.70%
Lipper Mixed-Asset Target Allocation Moderate Funds Average²	6.50%	6.48%	5.95%

Expense Ratio
			Gross
A Shares			1.13%
C Shares			2.03%
Investor Shares			1.28%
Institutional Shares			1.03%

Class A Shares and C Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, performance quoted would be lower. Class A Shares and Class C Shares performance reflects the Fund’s no-Load Investor class (“Investor Shares”) for periods prior May 2, 2011 and December 31, 2014, respectively. The A Shares and C Shares began presenting performance linked to the Investor Class in September of 2011 and since inception, respectively. Unlike Institutional Shares, Investor Shares and A Shares bear a 12b-1 fee of 0.25%, and C Shares bear a 12b-1 fee of 1.00%. Investor Shares, Institutional Shares and C Shares are subject to a Shareholder Servicing Fee of 0.25%, whereas the Shareholder Servicing Fee for A Shares is 0.10%. As indicated in the table, A Shares are also subject to a sales charge (Load). Each of these differences are reflected in the performance information. Accordingly, had A Shares and C Shares of the Fund been offered for periods May 2, 2011 and December 31, 2014, respectively, the performance information would have been different as a result of differing annual operating expenses.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

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The Cavanal Hill Mid Cap Core Equity Fund (Unaudited)

Fund Goal

We seek to provide total return, net of taxes, by investing at least 80% of net assets in a diversified portfolio of common stocks of mid-cap U.S. companies. The Fund defines Mid Cap securities as those that are included in the Russell MidCap^® Index at the time of purchase.

For the 12-month period ended August 31, 2018, the Mid Cap Core Equity Fund’s A Shares (at NAV) posted a total return of 15.68%; the C Shares returned 13.62%; the Investor Shares returned 15.67% and the Institutional Shares posted a total return of 15.97%. The Fund’s benchmark, the Russell MidCap^® Index returned 17.89%.

Markets were strong over this period so any cash holdings were a drag on performance. In terms of specific stocks and sectors, homebuilders and retail/apparel stocks were the primary reason for the Fund’s relative underperformance.*

Market Conditions

Within equity markets, strength came from varied segments. While growth dominated, the standout performance came from mega-cap stocks as well as small caps. Further, the past year saw a dramatic amount of return dispersion between sectors. While large-cap technology stocks were up more than 30% overall, consumer staples declined more than 2.5%. In this environment, large sector bets, right or wrong, had a major effect on performance.*

Mega-cap technology stocks represented by Facebook-Amazon-Netflix-Google (FANG) were favored by investors for most of the year simply because of their unchecked growth potential and relatively low leverage on their balance sheets. This shifted somewhat late in the period because of data and privacy concerns, trade issues, and concerns over increased government intervention and regulation. Still, this group did very well over the past year. Small caps also had a nice run. Tax reform gave them a boost along with talks of trade restrictions and tariffs, which benefited small caps as they are more domestically focused. Likewise, higher oil prices and U.S. dollar strength were a boon for them.

Fund Strategy

The Fund’s investment process is centered on evaluating fundamental factors that, in the past, have shown the ability to identify stocks that subsequently outperform. This process includes appraising each factor’s influence, the correlations between factors, and the implied risk-reward tradeoff. This information is combined to create a relative ranking of stocks with the expectation that higher-ranked stocks will outperform lower-ranked stocks.*

Our approach was to increase exposure to sectors that we believed would benefit from increased economic activity and avoid higher-yielding sectors that could be hurt by rising interest rates. From a market cap perspective, we ended the period relatively in line with the benchmark. While our sector allocations detracted from performance, with too much exposure to materials and not enough in energy, we benefited from stock picking in the industrial, energy, and financial sectors. In contrast, we struggled in consumer discretionary as retail and apparel stocks suffered from competition with Amazon. Performance along most dimensions was roughly in line with the benchmark except for stock selection within consumer discretionary.*

Underweights to utilities and real estate had the most positive influence in terms of sector allocation. These high-yield areas were hurt by the Fed raising rates. The most significant single-stock performance came from energy firms that benefited from higher oil prices, including PBF Energy, Marathon Oil, and Marathon Petroleum.*

On the flip side, an underweight to energy and an overweight to materials had the greatest negative impact. Individually, homebuilder stocks were the largest drag on performance. Even though the U.S. is low on housing supply, rising interest rates and shifting cultural norms have led to diminished housing starts. This drove down the stock prices of homebuilders NVR, PulteGroup, and D.R. Horton. Retailers Foot Locker, Ross Stores, and Ulta Beauty also struggled.*

Outlook

Despite the accommodative macroeconomic backdrop, we are wary of the impact that the ongoing trade disputes may have on U.S. markets. For now, we are trying to find the right balance of cyclical themes that would benefit from a continued expansion combined with high quality, profitable companies that could hedge against market stress. We expect that higher volatility will continue over the medium term, and we are trying to position the portfolio to take advantage of shifting dynamics. months.

*	The composition of the Fund’s portfolio is subject to change. Please refer to the Fund’s Schedule of Portfolio Investments for additional information regarding specific holdings.

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The Cavanal Hill Mid Cap Core Equity Fund (Unaudited)

Index Description

The performance of the Mid Cap Core Equity Fund is measured against the Russell Midcap^®Index, which tracks the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 27% of the total market capitalization of the Russell 1000 companies. The index is unmanaged and does not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investor cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The value of the Fund’s investments may decline due to an increase in interest rates. In general, the longer a security’s maturity, the greater the interest rate risk. The Fund’s yield may decrease due to a decline in interest rates. International investing involves increased risk and volatility. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Average Annual Total Return
		Since
		Inception
For the periods ended 8/31/18	1 Year	(12/30/16)
A Shares (at NAV)¹	15.68%	11.65%
A Shares (with 2.00% maximum load)¹	13.39%	10.34%
C Shares¹	13.62%	9.75%
Investor Shares	15.67%	11.61%
Institutional Shares	15.97%	11.78%
Russell MidCap^®Index	17.89%	16.06%
Lipper Mid-Cap Core Funds Average²	15.83%	13.16%

Expense Ratio
		Gross
A Shares		9.75%
C Shares		10.65%
Investor Shares		9.90%
Institutional Shares		9.65%

¹	Class A Shares and C Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, performance quoted would be lower.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends.

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The Cavanal Hill Opportunistic Fund (Unaudited)

Fund Goal

We pursue positive investment returns by opportunistically investing in equities, real estate investment trusts (REITs), fixed income securities, preferred stocks, ETFs (exchange traded funds, which may include leveraged and inverse ETFs), options, commodities, and money market funds. The Fund’s management team will consider all asset classes and may invest in domestic as well as international securities. The team pursues investment opportunities with the most attractive risk/return profiles.

For the 12-month period ended August 31, 2018, the Opportunistic Fund’s A Shares (at NAV) returned 9.09%; the C Shares returned 8.22%; the Investor Shares returned 9.08%, and the Institutional Shares returned 9.45%. The Fund’s benchmarks, the S&P 500 Index and the HFRX Equity Hedge Index, posted total returns of 19.66% and 5.36%, respectively.

Market Conditions

The financial markets were boosted overall by fiscal policy initiatives, such as tax reform and lower regulation, that generated earnings acceleration for a large swath of the economy. However, concerns regarding Federal Reserve Board’s (the Fed) interest rate hikes as well as trade and tariff issues led to rising volatility.

Fund Strategy

We believe attractive investment opportunities often arise from situations in which Wall Street research is either non-existent or inadequate. We rely on our bottom-up research to determine whether these securities offer attractive investment opportunities and we adjust the Fund’s level of exposure to risk assets accordingly, which can result in significant fluctuations of the Fund’s net risk exposure over time.*

We may use ETFs to hedge the Fund’s long positions, and we may use options on indices or ETFs to hedge a portion of the portfolio. When opportunities are scarce, we may also raise cash to lower our net exposure to the market. We track and modulate the Fund’s stock market exposure based on our view of market conditions and investment opportunities.*

The Fund employed a number of broad tactical themes including opportunities generated from hurricanes Harvey, Irma, and Maria. These storms created demand for portions of the economy including building products, waste management, and engineering and construction industries. Our investments in companies benefiting from rebuilding activities following the hurricanes significantly added to performance over the fiscal year.*

The Fund invests in a variety of styles, from high growth to deep value. The disparity in performance between growth and value this year had a mixed impact on our performance. The Fund typically has a large exposure to mid- and small-cap firms; these benefited more from tax reform than multinational corporations. Small caps in general outperformed the broader equity market. However, for much of the year, growth outperformed value, resulting in some of our value-focused ideas detracting from performance relative to the S&P 500.*

The Fund outperformed the HFRX Equity Hedge Index for the fiscal year with security selection providing most of the outperformance. Strong returns were generated from our investment in biopharmaceutical companies whose therapies for rare diseases are insulated from pricing pressure. Exposure to engineering and construction firms added to performance as those companies benefited from increased infrastructure spending and weather-related re-construction. Industrial holdings within the waste management industry also contributed to outperformance. We tactically increased risk exposure in health care holdings that were immune to geopolitical noise and the uncertain political environment that caused uncertainty in other economic sectors.*

A leading energy-from-waste company was a major contributor due to international growth prospects and a high, sustainable dividend payout. Similarly, a Southeastern U.S. solid waste operator profited from a strong regional economy. A biopharmaceutical firm with several promising gene therapy programs also was a top performer. Additionally, this company recently hired a CEO who is well regarded within the industry.*

Fixed income exposure moderated overall performance due to a rise in short-term interest rates. Although this allocation was attractive relative to holding cash, in an environment of higher equity markets it detracted from relative performance.*

A few building products stocks exposed to residential construction, with footprints in hurricane-affected markets including Texas, Louisiana, and Florida, disappointed. Despite strong demand, these firms struggled with cost control; as such, their earnings fell short of expectations and we sold the positions.*

Outlook

U.S. corporate earnings growth and economic growth have benefited from a more globally competitive statutory tax rate and regulatory relief. U.S. equity markets are on the cusp of the longest bull market on record; with increased capital spending incented by tax reform, they will likely set a new record this year. With the economy very close to full employment, the likelihood is rising that accelerating wage growth will lead to higher interest rates though numerous economic indicators suggest minimal near-term risk of a recession.

The Fed has raised short-term rates twice already this year and is essentially at its 2% neutral target. However, there has been increased discussion recently of further rate increases to dispel the potential for inflation to overshoot. Historically, aggressive central bank tightening is the primary factor leading to the end of an equity bull market. Geopolitical risk remains a concern within the context of a potential trade war. We believe the Trump administration’s unorthodox and unpredictable tactics may also increase the required risk premium for equity markets.

Uncertainty over the outcome of the approaching mid-term Congressional elections in the U.S. suggests limited market upside; equity market multiples may see continued pressure in the near term.

As noted, the healthy U.S. economy gives investors reason to favor equities over other assets. The outcome of the November elections will help determine the Fund’s broader asset allocation, sector, and individual security decisions. Until then, the Fund continues to seek value in merger arbitrage stocks, initial public offerings, and small-cap stocks. The Fund also continues to favor technology stocks that provide outsized growth related to demand for security, automation, and the Internet of Things.*

*	The composition of the Fund’s portfolio is subject to change.

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The Cavanal Hill Opportunistic Fund (Unaudited)

Index Description

The performance of the Opportunistic Fund is measured against the S&P 500 Index and the HFRX Equity Hedge Index. The S&P 500 is regarded as a gauge of the U.S. equities market, this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. These indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk. Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. International investing involves increased risk and volatility. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments. The ETFs in which the Funds invest are subject to the risks applicable to the types of securities and investments used by the ETFs. Because an ETF charges its own fees and expenses, Fund shareholders will indirectly bear these costs. The use of leverage in an ETF can magnify any price movements, resulting in high volatility. An inverse ETF seeks to provide returns that are the opposite of the underlying referenced financial asset, index, or commodity’s returns. Exposure to commodities may subject the Fund to greater volatility than investments in traditional securities.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Average Annual Total Return
			Since
			Inception
For the periods ended 8/31/18	1 Year	5 Year	(9/1/11)
A Shares (at NAV)¹	9.09%	7.05%	9.57%
A Shares (with 2.00% maximum load)¹	6.88%	6.63%	9.26%
C Shares¹	8.22%	6.46%	9.10%
Investor Shares	9.08%	7.03%	9.52%
Institutional Shares	9.45%	7.35%	9.86%
S&P 500 Index	19.66%	14.52%	15.81%
HFRX Equity Hedge Index	5.36%	3.01%	2.76%
Lipper Absolute Return Funds Average²	2.17%	2.73%	2.23%

Expense Ratio
			Gross
A Shares			1.74%
C Shares			2.64%
Investor Shares			1.89%
Institutional Shares			1.64%

Certain returns shown include monies received by the Fund in respect to one-time class action settlements. As a result, the Fund’s total returns for those periods were higher than they would have been had the Fund not received the payments.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Since inception value calculated from August 31, 2011.

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The Cavanal Hill World Energy Fund (Unaudited)

Fund Goal

We seek to provide growth and income by primarily investing net assets in a wide range of energy related financial instruments issued in the U.S. and markets around the world. Investments typically include a combination of common stock, bonds and exchange traded funds (“ETFs”) but may also include other asset types that are related to energy industry activities. The team pursues investment opportunities with attractive risk/return profiles.

Ability to invest in any proportion

0 to 100% Equity

0 to 100% Fixed Income

0 to 25% Master Limited Partnership

For the 12-month period ended August 31, 2018, the World Energy Fund’s A Shares (at NAV) posted a total return of 18.37%; the C Shares returned 17.51%; the Investor Shares returned 18.27% and the Institutional Shares posted a total return of 18.71%. The Fund’s benchmarks, the S&P 500 Index and the MSCI World Energy Index returned 19.66% and 22.17% respectively.

The Fund’s underperformance relative to the MSCI World Energy Index was due to our investment in fixed income assets, our allocation to alternative energy, which underperformed the benchmark, and to weakness in midstream holdings and oilfield services stocks.*

The Fund trailed the two major U.S. energy stock benchmarks, the large-cap Russell 1000^® Energy Index¹, which returned 23.59%, and the small-cap Russell 2000^® Energy Index¹, which gained 32.76%.

Oil Market Backdrop

The oil market has been undersupplied since production cuts announced by OPEC² and Russia in November 2016 took effect in 2017. Oil that had been added to global supply by Iran after sanctions against that country were lifted is starting to be removed from the market as U.S. sanctions are being re-applied. This has compounded the market undersupply. Additionally, Venezuelan oil production has declined from about 2 million barrels a day to just 1.4 million barrels as the country has descended into chaos.

Year on year, U.S. oil production has grown by 1 million barrels per day, but that volume has not been sufficient to fully offset global demand growth. Further U.S. production growth is likely to disappoint expectations as inadequate pipeline capacity, particularly in the Permian basin, creates a U.S. production bottleneck.

As a result, oil inventories have been drawing down, causing crude oil prices to rise. The prices of a barrel of West Texas Intermediate (WTI) crude oil and Brent crude have both risen by nearly 48% for the year ended August 31, 2018. In contrast, global energy stocks rose by just over 22% as reflected by the 22.17% return of the MSCI World Energy Index.

Fund Strategy

The Fund has the flexibility to invest in a variety of instruments, including common stocks, fixed income securities, and master limited partnerships. We allocate the Fund’s assets according to what we believe are the best opportunities based on our view of commodity prices and the relative attractiveness of the energy sector’s various subsectors.*

We are aggressively positioned in the Fund, with only 7% allocated to fixed income assets and cash, and alternative energy representing about 12% of Fund assets. As of fiscal year end, we are overweight offshore and international services as we tactically increased our exposure to Brent crude oil prices with positive expectations for a rebound in international markets late in 2018 and 2019.*

We continue to be overweight exploration and production companies with a focus away from the Permian basin and more on Brent-exposed markets. We are also overweight global drilling company stocks as we see high demand for high-spec rigs to support increased U.S. pad drilling activity. The Fund was underweight integrated oil and refining companies as we saw greater opportunities elsewhere.*

Our overweight to alternative energy was a drag on performance but we continue to believe alternative energy has a significant role to play in the future growth of energy supply. We remain focused on wind power and the electric vehicle supply chain. Other detractors included several midstream holdings despite increased demand for midstream services. Performance was also held back by weakness in oilfield service stocks including offshore and onshore drillers and diversified service companies.*

Our exploration and production companies performed strongly as a group over the past year. Fundamental returns on newly drilled wells are exceeding expectations in many cases as productivity in the U.S. shale continues to improve. In our stock selection, we focused on companies with management compensation plans aligned with shareholder returns, and that focus has yielded positive results as many of these stocks outperformed their peers.*

Outlook

Looking ahead toward fiscal year 2019, we believe oil prices are likely to remain at or above current levels. Narrowing our focus, however, we view light, sweet oil as slightly oversupplied in the U.S. relative to refining capacity. As a result, we expect companies that produce WTI crude oil are likely to face challenges in marketing it. In contrast, we see international crude oil producers and the service companies that work with them profiting from an international recovery in Brent oil prices. Accordingly, we are also long offshore oil producers and offshore drillers and services firms as they will stand to benefit from the expected increase in international drilling activity and healthy Brent crude market.*

Domestically, we are focused on the Niobrara, Bakken, and Anadarko basins rather than the Permian basin because of the lack of takeaway capacity from the Permian basin.*

Overall, we see oil stocks as having significantly lagged the price rebound in the commodity. Accordingly, we anticipate a rebound in stock prices as investors climb the wall of worry over OPEC and domestic production increases. We believe the long-term underinvestment in oil over the past five years has created a sustainable period in which Brent crude oil should remain priced in the $65 to $85 range for several years. If that is accurate, we believe stocks are substantially undervalued relative to the commodity and we expect an opportunity to develop as we approach calendar year 2019.

The Russell 1000^® Energy and 2000^® Energy Indexes are designed to represent the performance of companies within specific sectors of the Russell 1000^®and 2000^® Indices. These indexes are unmanaged and do not reflect the fees and expenses associated with a mutual fund. An investor cannot invest directly in an index.

2	*Organization of the Petroleum Exporting Countries (“OPEC”)* is a permanent intergovernmental organization of 14 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries.

*	The composition of the Fund’s portfolio is subject to change.

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The Cavanal Hill World Energy Fund (Unaudited)

Index Description

The World Energy Fund performance is measured against the S&P 500 Index and the MSCI World Energy Index. The S&P 500 Index is regarded as a gauge of the U.S. equities market; this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The MSCI World Energy Index captures the large- and mid-cap segments across 23 developed markets and includes securities classified in the energy sector per Global Industry Classification Standard. These indexes are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in below investment-grade fixed income securities. Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates. The Fund invests in foreign and emerging market securities, which involves certain risks such as currency volatility, political and social instability, and reduced market liquidity. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments. Concentration in energy-related industry securities may present more risks than would be the case with funds that diversify investments in numerous industries and sectors of the economy. A downturn in the energy sectors would have a larger impact on the Fund than on a fund that does not concentrate in these industries. Energy sector securities can be significantly affected by events related to political developments, energy conservation, commodity prices, and tax and government regulations. The performance of securities in the Fund may, at times, lag the performance of companies in other sectors or the broader market as a whole. Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.

For a complete description of these and other risks associated with investing in a mutual fund, please refer to the Fund’s prospectus.

Value of a $10,000 Investment

(line graph)

Average Annual Total Return
		Since
		Inception
For the periods ended 8/31/18	1 Year	(2/3/14)
A Shares (at NAV)¹	18.37%	-0.25%
A Shares (with 2.00% maximum load)¹	16.07%	-0.69%
C Shares¹	17.51%	-0.98%
Investor Shares	18.27%	-0.29%
Institutional Shares	18.71%	0.01%
S&P 500 Index	19.66%	14.16%
MSCI World Energy Index	22.17%	1.29%
Lipper Global Natural Resources Funds Average²	11.84%	-2.05%

Expense Ratio
		Gross
A Shares		1.35%
C Shares		2.25%
Investor Shares		1.50%
Institutional Shares		1.25%

¹	Class A Shares and C Shares are subject to a 1.00% Maximum Deferred Sales Charge on shares purchased without an initial sales charge and redeemed within 12 months of purchase. Performance data does not reflect the Maximum Deferred Sales Charge. If reflected, performance quoted would be lower.

²	The Lipper Mutual Funds Average is an equally weighted average of the mutual funds within their respective Lipper classification, adjusted for reinvestment of capital gains distributions and income dividends. Since inception value calculated from January 31, 2014.

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– 22 –

Statements of Assets and Liabilities

August 31, 2018

	U.S. Treasury Fund			Government Securities Money Market
Assets:
Investments, at cost	$	547,576,348		$	953,270,862
Investments, at value		547,576,348			953,270,862
Repurchase agreements, at value/cost		593,782,013			595,375,174
Total Investments		1,141,358,361			1,548,646,036
Interest and dividends receivable		933,805			1,241,989
Receivable for capital shares reinvested		337			141,777
Prepaid expenses and other assets		25,799			105,244
Total Assets		1,142,318,302			1,550,135,046

Liabilities:
Distributions payable		1,340,538			2,208,696
Accrued expenses and other payables:
Investment advisory fees		50,802			68,033
Administration fees		50,802			68,033
Distribution fees		215,688			57,227
Custodian fees		10,161			13,608
Trustee fees		6,538			8,620
Fund accounting and compliance fees		23,033			31,630
Transfer agent fees		11,029			19,566
Shareholder servicing fees		222,869			136,836
Other accrued liabilities		88,105			115,863
Total Liabilities		2,019,565			2,728,112
Net Assets	$	1,140,298,737		$	1,547,406,934

Composition of Net Assets:
Shares of beneficial interest, at par	$	11,403		$	15,482
Additional paid-in capital		1,140,297,256			1,547,941,790
Accumulated net investment income/(distributions in excess of net investment income)		1,134			285
Accumulated net realized gain/(loss) from investment transactions		(11,056	)		(550,623	)
Net Assets	$	1,140,298,737		$	1,547,406,934

Net Assets:
Administrative Shares	$	957,501,721		$	538,797,794
Service Shares		33,719,557			—
Institutional Shares		97,238,352			102,020,186
Select Shares		51,839,107			800,990,879
Premier Shares		—			105,598,075
Total	$	1,140,298,737		$	1,547,406,934

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Administrative Shares		957,444,429			539,134,391
Service Shares		33,734,705			—
Institutional Shares		97,290,098			102,100,633
Select Shares		51,839,659			801,305,196
Premier Shares		—			105,636,635
Total		1,140,308,891			1,548,176,855

Net Asset Value, offering price & redemption price per share:
Administrative Shares	$	1.00		$	1.00
Service Shares	$	1.00		$	—
Institutional Shares	$	1.00		$	1.00
Select Shares	$	1.00		$	1.00
Premier Shares	$	—		$	1.00

See notes to financial statements

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– 23 –

Statements of Assets and Liabilities
August 31, 2018	Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Assets:
Investments, at cost	$	95,857,437		$	30,033,288		$	101,898,409		$	1,273,718
Investments in affiliates, at cost		3,395,393			1,114,485			2,725,193			129,758
Total Investments, at cost		99,252,830			31,147,773			104,623,602			1,403,476
Investments, at value		93,196,911			29,440,176			98,712,794			1,273,752
Investments in affiliates, at value		3,395,393			1,114,485			2,725,193			129,758
Total Investments, at value		96,592,304			30,554,661			101,437,987			1,403,510
Cash		61,875			22,163			46,125			—
Interest and dividends receivable		332,622			136,931			488,066			5,888
Receivable for capital shares issued		73,804			9,549			55,993			7,000
Receivable for capital shares reinvested		58,681			32,516			47,987			1,639
Receivable from Advisor		—			—			—			4,474
Receivable from fees reimbursed		—			1,897			1,281			—
Prepaid expenses and other assets		21,679			3,007			21,234			17,033
Total Assets		97,140,965			30,760,724			102,098,673			1,439,544

Liabilities:
Distributions payable		189,503			56,721			209,243			3,391
Payable for investments purchased		—			—			—			50,125
Payable for capital shares redeemed		47,996			54,573			49,083			—
Accrued expenses and other payables:
Investment advisory fees		12,214			5,293			17,329			549
Administration fees		6,514			2,117			6,932			88
Distribution fees		1,971			1,299			1,230			82
Custodian fees		814			265			866			11
Trustee fees		509			238			600			4
Fund accounting and compliance fees		6,223			4,569			5,177			393
Transfer agent fees		11,292			13,265			10,963			5,071
Shareholder servicing fees		8,632			—			—			—
Other accrued liabilities		7,327			3,850			8,651			1,154
Total Liabilities		292,995			142,190			310,074			60,868
Net Assets	$	96,847,970		$	30,618,534		$	101,788,599		$	1,378,676

Composition of Net Assets:
Shares of beneficial interest, at par	$	103		$	30		$	111		$	1
Additional paid-in capital		106,063,257			36,566,866			108,949,026			1,380,457
Accumulated net investment income/(distributions in excess of net investment income)		49,411			14,637			14,644			345
Accumulated net realized gain/(loss) from investment transactions		(6,604,275	)		(5,369,887	)		(3,989,567	)		(2,161	)
Net unrealized appreciation (depreciation) on investments		(2,660,526	)		(593,112	)		(3,185,615	)		34
Net Assets	$	96,847,970		$	30,618,534		$	101,788,599		$	1,378,676

Net Assets:
Investor Shares	$	8,641,947		$	5,101,662		$	5,640,771		$	4,174
Institutional Shares		87,617,775			24,883,091			96,021,997			984,248
A Shares		588,248			633,781			125,831			390,254
Total	$	96,847,970		$	30,618,534		$	101,788,599		$	1,378,676

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		918,526			494,851			611,873			413
Institutional Shares		9,318,717			2,412,988			10,441,807			98,749
A Shares		62,531			61,457			13,656			39,167
Total		10,299,774			2,969,296			11,067,336			138,329

Net Asset Value, offering price & redemption price per share^(a):
Investor Shares	$	9.41		$	10.31		$	9.22		$	10.10
Institutional Shares	$	9.40		$	10.31		$	9.20		$	9.97
A Shares	$	9.41		$	10.31		$	9.21		$	9.96
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	$	9.60		$	10.52		$	9.40		$	10.16

(a)

Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

See notes to financial statements

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– 24 –

Statements of Assets and Liabilities
August 31, 2018	Continued

	Ultra Short Tax-Free Income Fund			Active Core Fund			Mid Cap Core Equity Fund			Opportunistic Fund
Assets:
Investments, at cost	$	12,057,845		$	41,558,977		$	1,873,212		$	45,529,345
Investments in affiliates, at cost		84,184			1,459,596			63,541			1,856,545
Total Investments, at cost		12,142,029			43,018,573			1,936,753			47,385,890
Investments, at value		12,054,885			52,042,703			2,240,740			48,440,619
Investments in affiliates, at value		84,184			1,469,545			63,541			1,856,545
Total Investments, at value		12,139,069			53,512,248			2,304,281			50,297,164
Cash		—			11,924			446			10,857
Deposits with broker for securities sold short		—			—			—			60,656
Interest and dividends receivable		41,024			150,422			2,362			134,294
Receivable for capital shares issued		—			7,172			—			13,396
Receivable for capital shares reinvested		1,296			—			—			—
Receivable for investments sold		—			—			31,493			427,138
Receivable from advisor		1,935			—			7,648			—
Prepaid expenses and other assets		17,033			23,924			11,118			26,923
Total Assets		12,200,357			53,705,690			2,357,348			50,970,428

Liabilities:
Distributions payable		10,944			—			—			—
Payable for investments purchased		510,450			7,177			—			493,269
Payable for capital shares redeemed		365			10,000			—			28,429
Accrued expenses and other payables:
Investment advisory fees		1,468			15,949			1,245			35,589
Administration fees		783			3,645			181			3,350
Distribution fees		16			1,505			269			1,375
Custodian fees		98			456			23			419
Trustee fees		63			303			18			279
Fund accounting and compliance fees		1,144			4,108			372			1,158
Transfer agent fees		7,923			12,051			10,796			15,459
Shareholder servicing fees		—			14			—			235
Other accrued liabilities		773			4,153			829			4,331
Total Liabilities		534,027			59,361			13,733			583,893
Net Assets	$	11,666,330		$	53,646,329		$	2,343,615		$	50,386,535

Composition of Net Assets:
Shares of beneficial interest, at par	$	12		$	38		$	2		$	32
Additional paid-in capital		11,665,494			41,089,910			1,963,724			44,229,739
Accumulated net investment income/(distributions in excess of net investment income)		3,781			161,506			2,573			170,754
Accumulated net realized gain/(loss) from investment transactions		3			1,901,200			9,788			3,074,736
Net unrealized appreciation (depreciation) on investments		(2,960	)		10,493,675			367,528			2,911,274
Net Assets	$	11,666,330		$	53,646,329		$	2,343,615		$	50,386,535

Net Assets:
Investor Shares	$	71,156		$	5,339,726		$	623,779		$	2,097,365
Institutional Shares		11,595,154			46,737,528			1,355,456			45,658,837
A Shares		20			1,495,741			364,368			2,032,307
C Shares		—			73,334			12			598,026
Total	$	11,666,330		$	53,646,329		$	2,343,615		$	50,386,535

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		7,128			380,332			52,430			135,912
Institutional Shares		1,159,810			3,318,647			113,692			2,925,840
A Shares		2			107,020			30,433			131,245
C Shares		—			5,247			1			39,677
Total		1,166,940			3,811,246			196,556			3,232,674

Net Asset Value, offering price & redemption price per share^(a):
Investor Shares	$	9.98		$	14.04		$	11.90		$	15.43
Institutional Shares	$	10.00		$	14.08		$	11.92		$	15.61
A Shares	$	10.01		$	13.98		$	11.97		$	15.48
C Shares	$	—		$	13.98		$	11.68		$	15.07
Maximum Sales Charge:
A Shares		1.00	%		2.00	%		2.00	%		2.00	%
Maximum Offering Price per share(net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent):
A Shares	$	10.11		$	14.27		$	12.21		$	15.80

(a)

Per share amounts may not recalculate due to rounding of net assets and shares outstanding.

See notes to financial statements

Table of Contents

– 25 –

Statements of Assets and Liabilities
August 31, 2018	Concluded

	World Energy
	Fund
Assets:
Investments, at cost	$	49,549,970
Investments in affiliates, at cost		904,508
Total Investments, at cost		50,454,478
Investments, at value		57,057,716
Investments in affiliates, at value		904,508
Total Investments, at value		57,962,224
Cash		968
Interest and dividends receivable		177,726
Receivable for capital shares issued		40,855
Prepaid expenses and other assets		15,136
Total Assets		58,196,909

Liabilities:
Payable for capital shares redeemed		52,386
Accrued expenses and other payables:
Investment advisory fees		29,766
Administration fees		3,969
Distribution fees		8,321
Custodian fees		496
Trustee fees		352
Fund accounting and compliance fees		1,383
Transfer agent fees		15,029
Shareholder servicing fees		1,125
Other accrued liabilities		6,116
Total Liabilities		118,943
Net Assets	$	58,077,966

Composition of Net Assets:
Shares of beneficial interest, at par	$	61
Additional paid-in capital		65,407,054
Accumulated net investment income/(distributions in excess of net investment income)		80,499
Accumulated net realized gain/(loss) from investment transactions		(14,917,394	)
Net unrealized appreciation (depreciation) on investments		7,507,746
Net Assets	$	58,077,966

Net Assets:
Investor Shares	$	7,964,259
Institutional Shares		37,696,377
A Shares		6,302,105
C Shares		6,115,225
Total	$	58,077,966

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		839,037
Institutional Shares		3,963,346
A Shares		664,296
C Shares		651,352
Total		6,118,031

Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.49
Institutional Shares	$	9.51
A Shares	$	9.49
C Shares	$	9.39
Maximum Sales Charge:
A Shares		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	$	9.68

See notes to financial statements

Table of Contents

– 26 –

Statements of Operations

August 31, 2018

	U.S. Treasury Fund			Government Securities Money Market
Investment Income:
Interest income	$	17,682,130		$	22,449,957
Dividend income		491,826			320,174
Total income		18,173,956			22,770,131
Expenses:
Investment advisory fees		629,773			771,982
Administration fees		629,773			771,982
Distribution fees - Administrative Shares		2,574,173			1,504,295
Distribution fees - Service Shares		78,286			—
Distribution fees - Premier Shares		—			486,613
Shareholder servicing fees - Administrative Shares		2,573,171			1,504,295
Shareholder servicing fees - Service Shares		78,286			—
Shareholder servicing fees - Institutional Shares		395,961			348,276
Shareholder servicing fees - Select Shares		100,354			1,763,921
Shareholder servicing fees - Premier Shares		—			243,307
Fund accounting and compliance fees		283,095			360,563
Transfer agent fees		62,735			148,354
Custodian fees		125,801			153,150
Trustee fees		55,747			84,872
Professional fees		211,012			326,578
Printing fees		33,925			55,426
Registration fees		29,345			237,429
Other expenses		144,500			189,927

Total expenses before fee and expense reductions		8,005,937			8,950,970

Distribution fees waived - Administrative Shares		—			(782,226	)
Distribution fees waived - Service Shares		(46,972	)		—
Distribution fees waived - Premier Shares		—			(437,954	)
Shareholder servicing fees waived - Service Shares		(46,954	)		—
Shareholder servicing fees waived - Institutional Shares		(269,199	)		(236,827	)
Shareholder servicing fees waived - Select Shares		(100,354	)		(1,763,921	)
Shareholder servicing fees waived - Premier Shares		—			(243,306	)

Net expenses		7,542,458			5,486,736

Net investment income		10,631,498			17,283,395

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(10,120	)		(6	)
Net realized/unrealized gains/(losses) on investments		(10,120	)		(6	)
Change in net assets resulting from operations	$	10,621,378		$	17,283,389

See notes to financial statements

Table of Contents

– 27 –

Statements of Operations
August 31, 2018	Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund^(a)
Investment Income:
Interest income	$	2,314,764		$	973,582		$	2,931,276		$	26,369
Dividend income		50			13			45			—
Dividend income from affiliates		35,381			8,663			38,357			530
Total income		2,350,195			982,258			2,969,678			26,899

Expenses:
Investment advisory fees		143,010			74,710			223,327			3,459
Administration fees		76,272			29,884			89,331			554
Distribution fees - Investor Shares		29,834			20,720			17,176			4
Distribution fees - A Shares		2,360			1,858			321			594
Shareholder servicing fees - Investor Shares		29,834			20,720			17,176			4
Shareholder servicing fees - Institutional Shares		206,154			70,809			261,659			1,132
Shareholder servicing fees - A Shares		944			743			128			237
Fund accounting and compliance fees		69,885			44,845			58,926			3,482
Transfer agent fees		81,677			82,570			73,925			36,165
Custodian fees		7,770			3,321			10,339			61
Trustee fees		5,263			2,317			6,269			32
Professional fees		20,333			8,633			23,680			1,254
Printing fees		7,027			4,809			6,900			996
Registration fees		41,026			59,134			41,525			43,282
Other expenses		11,760			8,023			13,989			2,042

Total expenses before fee and expense reductions		733,149			433,096			844,671			93,298

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(1,167	)		(283	)		(1,158	)		(86,051	)
Administration fees waived		(1,167	)		(283	)		(1,158	)		(8	)
Shareholder servicing fees waived - Investor Shares		(22,643	)		(17,384	)		(15,913	)		(4	)
Shareholder servicing fees waived - Institutional Shares		(204,515	)		(70,724	)		(261,606	)		(1,132	)
Shareholder servicing fees waived - A Shares		(944	)		(729	)		(128	)		(237	)

Net expenses		502,713			343,693			564,708			5,866

Net investment income		1,847,482			638,565			2,404,970			21,033

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(429,875	)		(357,171	)		(1,491,956	)		(1,615	)
Change in unrealized appreciation/(depreciation) on unaffiliated investments		(1,103,526	)		(295,595	)		(2,366,352	)		34
Net realized/unrealized gains/(losses) on investments		(1,533,401	)		(652,766	)		(3,858,308	)		(1,581	)
Change in net assets resulting from operations	$	314,081		$	(14,201	)	$	(1,453,338	)	$	19,452

(a)

For the period December 26, 2017 (commencement of operations) through August 31, 2018.

See notes to financial statements

Table of Contents

– 28 –

Statements of Operations
August 31, 2018	Continued

	Ultra Short Tax- Free Income Fund^(a)			Active Core Fund			Mid Cap Core Equity Fund			Opportunistic Fund

Investment Income:
Interest income	$	84,685		$	660,330		$	—		$	334,962
Dividend income		—			598,953			41,311			543,793
Dividend income from affiliates		1,633			30,917			646			26,221
Foreign tax withholding		—			(618	)		—			(2,498	)
Total income		86,318			1,289,582			41,957			902,478

Expenses:
Investment advisory fees		8,467			189,088			15,119			404,236
Administration fees		4,516			43,221			2,199			38,046
Distribution fees - Investor Shares		83			13,519			2,315			6,150
Distribution fees - A Shares		—			3,719			830			5,258
Distribution fees - C Shares		—			726			133			6,131
Shareholder servicing fees - Investor Shares		83			13,519			2,315			6,149
Shareholder servicing fees - Institutional Shares		14,030			117,644			3,694			105,953
Shareholder servicing fees - A Shares		—			1,620			365			2,103
Shareholder servicing fees - C Shares		—			182			33			1,533
Fund accounting and compliance fees		7,032			43,269			3,589			12,652
Transfer agent fees		36,519			81,159			66,462			98,260
Custodian fees		546			5,283			273			4,257
Trustee fees		236			2,808			144			2,493
Professional fees		1,296			10,869			1,305			9,698
Printing fees		1,168			10,459			2,033			12,023
Registration fees		43,281			49,532			78,926			52,115
Other expenses		2,374			8,662			2,295			8,106

Total expenses before fee and expense reductions		119,631			595,279			182,030			775,163

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(73,649	)		(4,846	)		(150,082	)		(828	)
Administration fees waived		(29	)		(1,386	)		(841	)		(828	)
Shareholder servicing fees waived - Investor Shares		(83	)		(13,200	)		(1,511	)		(5,192	)
Shareholder servicing fees waived - Institutional Shares		(14,030	)		(116,145	)		(3,694	)		(104,728	)
Shareholder servicing fees waived - A Shares		—			—			(365	)		(1,515	)
Shareholder servicing fees waived - C Shares		—			(157	)		(33	)		(1,160	)

Net expenses		31,840			459,545			25,504			660,912

Net investment income		54,478			830,037			16,453			241,566

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		3			2,393,315			19,657			3,182,184
Change in unrealized appreciation/(depreciation) on unaffiliated investments		(2,960	)		1,156,561			332,199			859,113
Change in unrealized appreciation/(depreciation) on affiliated investments		—			105,518			—			—
Net realized/unrealized gains/(losses) on investments		(2,957	)		3,655,394			351,856			4,041,297
Change in net assets resulting from operations	$	51,521		$	4,485,431		$	368,309		$	4,282,863

(a)

For the period December 26, 2017 (commencement of operations) through August 31, 2018.

See notes to financial statements

Table of Contents

– 29 –

Statements of Operations
August 31, 2018	Concluded

	World Energy
	Fund
Investment Income:
Interest income	$	161,671
Dividend income		1,066,735
Dividend income from affiliates		14,248
Foreign tax withholding		(54,237	)
Total income		1,188,417

Expenses:
Investment advisory fees		342,835
Administration fees		45,712
Distribution fees - Investor Shares		22,427
Distribution fees - A Shares		19,379
Distribution fees - C Shares		63,568
Shareholder servicing fees - Investor Shares		22,427
Shareholder servicing fees - Institutional Shares		85,149
Shareholder servicing fees - A Shares		7,752
Shareholder servicing fees - C Shares		15,892
Fund accounting and compliance fees		15,414
Transfer agent fees		96,547
Custodian fees		5,587
Trustee fees		2,954
Professional fees		11,619
Printing fees		17,916
Registration fees		61,109
Other expenses		6,759

Total expenses before fee and expense reductions		843,046

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(449	)
Administration fees waived		(449	)
Shareholder servicing fees waived - Investor Shares		(15,281	)
Shareholder servicing fees waived - Institutional Shares		(66,438	)
Shareholder servicing fees waived - A Shares		(5,210	)
Shareholder servicing fees waived - C Shares		(12,925	)

Net expenses		742,294

Net investment income		446,123

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		2,501,270
Change in unrealized appreciation/(depreciation) on unaffiliated investments		5,797,620
Net realized/unrealized gains/(losses) on investments		8,298,890
Change in net assets resulting from operations	$	8,745,013

See notes to financial statements

Table of Contents

– 30 –

Statements of Changes in Net Assets

August 31, 2018

	U.S. Treasury Fund						Government Securities Money Market
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
From Investment Activities:
Operations:
Net investment income	$	10,631,498		$	1,781,726		$	17,283,395		$	4,908,713
Net realized gains/(losses) from investment transactions		(10,120	)		(936	)		(6	)		1,221
Change in net assets resulting from operations		10,621,378			1,780,790			17,283,389			4,909,934

Distributions to Shareholders:
From net investment income:
Administrative Shares		(7,909,238	)		(908,553	)		(5,306,769	)		(1,000,070	)
Service Shares		(345,379	)		(79,507	)		—			—
Institutional Shares		(1,792,864	)		(793,890	)		(1,571,051	)		(870,094	)
Select Shares		(582,939	)		—			(9,173,616	)		(2,762,605	)
Premier Shares		—			—			(1,230,984	)		(275,952	)
Change in net assets from shareholder distributions		(10,630,420	)		(1,781,950	)		(17,282,420	)		(4,908,721	)
Change in net assets from capital transactions		(157,051,595	)		(278,070,601	)		(33,603,994	)		(137,287,852	)
Change in net assets		(157,060,637	)		(278,071,761	)		(33,603,025	)		(137,286,639	)

Net Assets:
Beginning of year		1,297,359,374			1,575,431,135			1,581,009,959			1,718,296,598
End of year	$	1,140,298,737		$	1,297,359,374		$	1,547,406,934		$	1,581,009,959
Accumulated net investment income/(distributions in excess of net investment income)	$	1,134		$	55		$	285		$	(690	)

Capital Transactions*:
Administrative Shares
Issued		3,205,966,139			2,356,857,505			805,803,941			937,654,670
Reinvested		2,557			271			47,642			8,122
Redeemed		(3,305,661,848	)		(2,610,423,968	)		(953,838,261	)		(1,196,380,975	)
Change in Administrative Shares		(99,693,152	)		(253,566,192	)		(147,986,678	)		(258,718,183	)
Service Shares
Issued		88,423,606			110,834,165			—			—
Redeemed		(85,371,841	)		(124,951,984	)		—			—
Change in Service Shares		3,051,765			(14,117,819	)		—			—
Institutional Shares
Issued		395,049,099			371,657,463			919,075,704			733,021,642
Reinvested		—			47			26,554			10,114
Redeemed		(507,298,964	)		(382,044,100	)		(998,792,501	)		(1,308,596,731	)
Change in Institutional Shares		(112,249,865	)		(10,386,590	)		(79,690,243	)		(575,564,975	)
Select Shares^(a)
Issued		124,722,398			—			1,401,145,341			1,865,000,335
Redeemed		(72,882,739	)		—			(1,240,378,001	)		(1,224,462,479	)
Change in Select Shares		51,839,659			—			160,767,340			640,537,856
Premier Shares
Issued		—			—			613,187,466			381,912,490
Reinvested		—			—			1,179,591			265,885
Redeemed		—			—			(581,061,469	)		(325,720,924	)
Change in Premier Shares		—			—			33,305,588			56,457,451
Change in shares:		(157,051,593	)		(278,070,601	)		(33,603,993	)		(137,287,851	)

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

(a)

U.S Treasury Select Shares commencement of operations December 26, 2017.

See notes to financial statements

Table of Contents

– 31 –

Statements of Changes in Net Assets
August 31, 2018	Continued

	Limited Duration Fund						Moderate Duration Fund
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
From Investment Activities:
Operations:
Net investment income	$	1,847,482		$	1,217,474		$	638,565		$	646,804
Net realized gains/(losses) from investment transactions		(429,875	)		(457,115	)		(357,171	)		(2,421,943	)
Change in unrealized appreciation/(depreciation) on investments		(1,103,526	)		824,777			(295,595	)		1,917,777
Change in net assets resulting from operations		314,081			1,585,136			(14,201	)		142,638

Distributions to Shareholders:
From net investment income:
Investor Shares		(258,800	)		(281,203	)		(126,262	)		(237,695	)
Institutional Shares		(2,049,971	)		(1,288,168	)		(514,419	)		(919,501	)
A Shares		(20,810	)		(18,772	)		(11,637	)		(31,312	)
Change in net assets from shareholder distributions		(2,329,581	)		(1,588,143	)		(652,318	)		(1,188,508	)
Change in net assets from capital transactions		(174,879	)		(28,569,332	)		(14,151,023	)		(21,874,606	)
Change in net assets		(2,190,379	)		(28,572,339	)		(14,817,542	)		(22,920,476	)

Net Assets:
Beginning of year		99,038,349			127,610,688			45,436,076			68,356,552
End of year	$	96,847,970		$	99,038,349		$	30,618,534		$	45,436,076
Accumulated net investment income/(distributions in excess of net investment income)	$	49,411		$	413,900		$	14,637		$	8,193
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	1,151,657		$	3,587,397		$	738,680		$	2,975,560
Dividends reinvested		184,810			261,476			125,171			219,162
Cost of shares redeemed		(8,095,460	)		(24,961,294	)		(5,984,712	)		(6,779,150	)
Change in net assets from Investor Shares		(6,758,993	)		(21,112,421	)		(5,120,861	)		(3,584,428	)
Institutional Shares
Proceeds from shares issued		30,591,167			22,032,601			4,673,777			6,707,504
Dividends reinvested		712,098			309,827			274,041			590,719
Cost of shares redeemed		(24,093,619	)		(29,404,188	)		(13,642,778	)		(24,484,796	)
Change in net assets from Institutional Shares		7,209,646			(7,061,760	)		(8,694,960	)		(17,186,573	)
A Shares
Proceeds from shares issued		458,585			313,899			24,149			586,694
Dividends reinvested		20,793			17,759			11,637			31,670
Cost of shares redeemed		(1,104,910	)		(726,809	)		(370,988	)		(1,721,969	)
Change in net assets from A Shares		(625,532	)		(395,151	)		(335,202	)		(1,103,605	)
Change in net assets resulting from capital transactions:	$	(174,879	)	$	(28,569,332	)	$	(14,151,023	)	$	(21,874,606	)

Share Transactions:
Investor Shares
Issued		121,709			375,201			71,449			284,081
Reinvested		19,517			27,361			12,108			21,154
Redeemed		(856,142	)		(2,612,137	)		(579,102	)		(652,794	)
Change in Investor Shares		(714,916	)		(2,209,575	)		(495,545	)		(347,559	)
Institutional Shares
Issued		3,235,208			2,307,143			452,178			644,295
Reinvested		75,313			32,437			26,488			56,978
Redeemed		(2,543,990	)		(3,078,540	)		(1,318,246	)		(2,360,989	)
Change in Institutional Shares		766,531			(738,960	)		(839,580	)		(1,659,716	)
A Shares
Issued		47,900			32,858			2,334			56,053
Reinvested		2,194			1,858			1,126			3,058
Redeemed		(116,432	)		(76,247	)		(35,790	)		(165,937	)
Change in A Shares		(66,338	)		(41,531	)		(32,330	)		(106,826	)
Change in shares:		(14,723	)		(2,990,066	)		(1,367,455	)		(2,114,101	)

See notes to financial statements

Table of Contents

– 32 –

Statements of Changes in Net Assets
August 31, 2018	Continued


	Bond Fund						Strategic Enhanced Yield Fund			Ultra Short Tax-Free Income Fund
	Year Ended August 31, 2018			Year Ended August 31, 2017			For the period Dec. 26, 2017^(a) through Aug. 31, 2018			For the period Dec. 26, 2017^(a) through Aug. 31, 2018
From Investment Activities:
Operations:
Net investment income	$	2,404,970		$	1,750,965		$	21,033		$	54,478
Net realized gains/(losses) from investment transactions		(1,491,956	)		(1,017,419	)		(1,615	)		3
Change in unrealized appreciation/(depreciation) on investments		(2,366,352	)		(1,681,320	)		34			(2,960	)
Change in net assets resulting from operations		(1,453,338	)		(947,774	)		19,452			51,521

Distributions to Shareholders:
From net investment income:
Investor Shares		(149,365	)		(128,953	)		(43	)		(248	)
Institutional Shares		(2,549,345	)		(2,309,218	)		(14,512	)		(54,230	)
A Shares		(2,744	)		(2,927	)		(7,030	)		—
From net realized gains:
Investor Shares		—			(16,097	)		—			—
Institutional Shares		—			(246,614	)		—			—
A Shares		—			(349	)		—			—
Change in net assets from shareholder distributions		(2,701,454	)		(2,704,158	)		(21,585	)		(54,478	)
Change in net assets from capital transactions		(21,141,496	)		(36,479,561	)		1,380,809			11,669,287
Change in net assets		(25,296,288	)		(40,131,493	)		1,378,676			11,666,330

Net Assets:
Beginning of year		127,084,887			167,216,380			—			—
End of year	$	101,788,599		$	127,084,887		$	1,378,676		$	11,666,330
Accumulated net investment income/(distributions in excess of net investment income)	$	14,644		$	205,680		$	345		$	3,781

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	672,466		$	1,170,423		$	4,111		$	121,009
Dividends reinvested		79,156			141,945			42			145
Cost of shares redeemed		(2,157,185	)		(5,045,413	)		—			(49,990	)
Change in net assets from Investor Shares		(1,405,563	)		(3,733,045	)		4,153			71,164
Institutional Shares
Proceeds from shares issued		29,289,097			20,648,430			985,980			14,244,137
Dividends reinvested		789,135			859,091			1,485			5,760
Cost of shares redeemed		(49,768,482	)		(54,159,936	)		(2,116	)		(2,651,794	)
Change in net assets from Institutional Shares		(19,690,250	)		(32,652,415	)		985,349			11,598,103
A Shares
Proceeds from shares issued		25,434			973			384,302			20
Dividends reinvested		2,744			2,688			7,030			—
Cost of shares redeemed		(73,861	)		(97,762	)		(25	)		—
Change in net assets from A Shares		(45,683	)		(94,101	)		391,307			20
Change in net assets resulting from capital transactions:	$	(21,141,496	)	$	(36,479,561	)	$	1,380,809		$	11,669,287

Share Transactions:
Investor Shares
Issued		72,346			123,212			409			12,119
Reinvested		8,503			14,991			4			15
Redeemed		(233,956	)		(527,644	)		—			(5,006	)
Change in Investor Shares		(153,107	)		(389,441	)		413			7,128
Institutional Shares
Issued		3,146,045			2,184,292			98,814			1,424,414
Reinvested		84,798			91,207			149			576
Redeemed		(5,346,061	)		(5,691,442	)		(214	)		(265,180	)
Change in Institutional Shares		(2,115,218	)		(3,415,943	)		98,749			1,159,810
A Shares
Issued		2,758			103			38,463			2
Reinvested		295			283			707			—
Redeemed		(7,824	)		(10,407	)		(3	)		—
Change in A Shares		(4,771	)		(10,021	)		39,167			2
Change in shares:		(2,273,096	)		(3,815,405	)		138,329			1,166,940

(a)

Commencement of operations December 26, 2017.

See notes to financial statements

Table of Contents

– 33 –

Statements of Changes in Net Assets
August 31, 2018	Continued

	Active Core Fund						Mid Cap Core Equity Fund
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			For the period Dec. 30, 2016^(a) through Aug. 31, 2017
From Investment Activities:
Operations:
Net investment income	$	830,037		$	862,053		$	16,453		$	7,364
Net realized gains/(losses) from investment transactions		2,393,315			2,501,843			19,657			(10,286	)
Change in unrealized appreciation/(depreciation) on investments		1,262,079			747,894			332,199			35,329
Change in net assets resulting from operations		4,485,431			4,111,790			368,309			32,407
Distributions to Shareholders:
From net investment income:
Investor Shares		(73,639	)		(94,396	)		(3,292	)		(135	)
Institutional Shares		(755,671	)		(805,480	)		(11,969	)		(3,545	)
A Shares		(20,522	)		(20,341	)		(1,346	)		—
C Shares		(416	)		(506	)		—			—
From net realized gains:
Investor Shares		(238,064	)		(227,705	)		(191	)		—
Institutional Shares		(2,036,724	)		(1,488,395	)		(288	)		—
A Shares		(68,463	)		(42,030	)		(62	)		—
C Shares		(3,176	)		(1,877	)		—			—
Change in net assets from shareholder distributions		(3,196,675	)		(2,680,730	)		(17,148	)		(3,680	)
Change in net assets from capital transactions		(610,920	)		(10,917,808	)		(117,634	)		2,081,361
Change in net assets		677,836			(9,486,748	)		233,527			2,110,088
Net Assets:
Beginning of year		52,968,493			62,455,241			2,110,088			—
End of year	$	53,646,329		$	52,968,493		$	2,343,615		$	2,110,088
Accumulated net investment income/(distributions in excess of net investment income)	$	161,506		$	202,504		$	2,573		$	3,684
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	368,976		$	388,796		$	1,057,901		$	187,286
Dividends reinvested		310,343			320,429			3,483			135
Cost of shares redeemed		(737,797	)		(3,472,143	)		(717,263	)		—
Change in net assets from Investor Shares		(58,478	)		(2,762,918	)		344,121			187,421
Institutional Shares
Proceeds from shares issued		1,919,513			1,510,867			—			1,840,886
Dividends reinvested		2,782,049			2,290,249			6,045			2,441
Cost of shares redeemed		(5,194,005	)		(12,046,144	)		(469,009	)		(261,741	)
Change in net assets from Institutional Shares		(492,443	)		(8,245,028	)		(462,964	)		1,581,586
A Shares
Proceeds from shares issued		102,236			237,606			266,803			64,610
Dividends reinvested		88,984			62,321			1,408			—
Cost of shares redeemed		(247,576	)		(215,361	)		(9,882	)		(2,266	)
Change in net assets from A Shares		(56,356	)		84,566			258,329			62,344
C Shares
Proceeds from shares issued		125			54,000			16			250,010
Dividends reinvested		3,593			2,383			—			—
Cost of shares redeemed		(7,361	)		(50,811	)		(257,136	)		—
Change in net assets from C Shares		(3,643	)		5,572			(257,120	)		250,010
Change in net assets resulting from capital transactions:	$	(610,920	)	$	(10,917,808	)	$	(117,634	)	$	2,081,361
Share Transactions:
Investor Shares
Issued		26,693			29,185			95,660			17,915
Reinvested		22,669			24,504			309			13
Redeemed		(53,614	)		(262,299	)		(61,467	)		—
Change in Investor Shares		(4,252	)		(208,610	)		34,502			17,928
Institutional Shares
Issued		138,952			112,610			—			180,102
Reinvested		202,542			174,375			542			236
Redeemed		(374,394	)		(898,727	)		(42,188	)		(25,000	)
Change in Institutional Shares		(32,900	)		(611,742	)		(41,646	)		155,338
A Shares
Issued		7,313			17,828			25,169			6,183
Reinvested		6,520			4,774			125			—
Redeemed		(17,852	)		(16,024	)		(827	)		(217	)
Change in A Shares		(4,019	)		6,578			24,467			5,966
C Shares
Issued		9			4,036			—			24,607
Reinvested		263			183			—			—
Redeemed		(533	)		(3,770	)		(24,606	)		—
Change in C Shares		(261	)		449			(24,606	)		24,607
Change in shares:		(41,432	)		(813,325	)		(7,283	)		203,839

(a)

Commencement of operations December 30, 2016.

See notes to financial statements

Table of Contents

– 34 –

Statements of Changes in Net Assets
August 31, 2018	Concluded

	Opportunistic Fund						World Energy Fund
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
From Investment Activities:
Operations:
Net investment income	$	241,566		$	56,442		$	446,123		$	531,970
Net realized gains/(losses) from investment transactions		3,182,184			4,443,895			2,501,270			(464,282	)
Net realized (losses) from securities sold short		—			(19,974	)		—			—
Change in unrealized appreciation/(depreciation) on investments		859,113			1,392,322			5,797,620			(2,966,407	)
Change in net assets resulting from operations		4,282,863			5,872,685			8,745,013			(2,898,719	)
Distributions to Shareholders:
From net investment income:
Investor Shares		(6,346	)		(2,892	)		(33,476	)		(69,752	)
Institutional Shares		(198,767	)		(123,805	)		(253,387	)		(237,794	)
A Shares		(5,649	)		(1,473	)		(38,506	)		(56,737	)
C Shares		—			—			(6,916	)		(3,929	)
From net realized gains:
Investor Shares		(146,597	)		—			—			—
Institutional Shares		(2,040,445	)		—			—			—
A Shares		(99,993	)		—			—			—
C Shares		(30,595	)		—			—			—
From return of capital:
Investor Shares		—			—			—			(16,536	)
Institutional Shares		—			—			—			(56,375	)
A Shares		—			—			—			(13,450	)
C Shares		—			—			—			(931	)
Change in net assets from shareholder distributions		(2,528,392	)		(128,170	)		(332,285	)		(455,504	)
Change in net assets from capital transactions		4,462,459			201,203			1,572,526			(1,313,094	)
Change in net assets		6,216,930			5,945,718			9,985,254			(4,667,317	)
Net Assets:
Beginning of year		44,169,605			38,223,887			48,092,712			52,760,029
End of year	$	50,386,535		$	44,169,605		$	58,077,966		$	48,092,712
Accumulated net investment income/(distributions in excess of net investment income)	$	170,754		$	55,604		$	80,499		$	127,475
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	370,584		$	580,219		$	5,187,439		$	3,785,965
Dividends reinvested		149,017			2,722			33,143			85,633
Cost of shares redeemed		(1,543,340	)		(415,129	)		(7,889,268	)		(4,049,121	)
Change in net assets from Investor Shares		(1,023,739	)		167,812			(2,668,686	)		(177,523	)
Institutional Shares
Proceeds from shares issued		11,973,471			9,325,728			19,350,868			10,010,014
Dividends reinvested		1,829,561			45,035			164,221			165,710
Cost of shares redeemed		(7,950,375	)		(9,116,623	)		(12,040,470	)		(8,809,170	)
Change in net assets from Institutional Shares		5,852,657			254,140			7,474,619			1,366,554
A Shares
Proceeds from shares issued		420,322			473,741			4,199,302			1,419,860
Dividends reinvested		105,642			1,472			38,390			68,005
Cost of shares redeemed		(899,382	)		(758,816	)		(6,449,024	)		(2,834,177	)
Change in net assets from A Shares		(373,418	)		(283,603	)		(2,211,332	)		(1,346,312	)
C Shares
Proceeds from shares issued		125,022			97,372			208,969			666,914
Dividends reinvested		30,595			—			6,898			4,830
Cost of shares redeemed		(148,658	)		(34,518	)		(1,237,942	)		(1,827,557	)
Change in net assets from C Shares		6,959			62,854			(1,022,075	)		(1,155,813	)
Change in net assets resulting from capital transactions:	$	4,462,459		$	201,203		$	1,572,526		$	(1,313,094	)
Share Transactions:
Investor Shares
Issued		24,305			40,014			558,356			436,944
Reinvested		10,062			193			3,589			9,538
Redeemed		(100,388	)		(28,809	)		(879,232	)		(469,065	)
Change in Investor Shares		(66,021	)		11,398			(317,287	)		(22,583	)
Institutional Shares
Issued		779,146			642,581			2,073,112			1,127,071
Reinvested		122,146			3,148			17,694			18,446
Redeemed		(517,691	)		(648,326	)		(1,324,105	)		(979,160	)
Change in Institutional Shares		383,601			(2,597	)		766,701			166,357
A Shares
Issued		27,557			32,642			483,108			156,280
Reinvested		7,108			99			4,170			7,557
Redeemed		(58,662	)		(53,842	)		(671,605	)		(316,862	)
Change in A Shares		(23,997	)		(21,101	)		(184,327	)		(153,025	)
C Shares
Issued		8,356			6,773			22,514			74,862
Reinvested		2,110			—			777			544
Redeemed		(9,926	)		(2,394	)		(138,450	)		(210,511	)
Change in C Shares		540			4,379			(115,159	)		(135,105	)
Change in shares:		294,123			(7,921	)		149,928			(144,356	)

See notes to financial statements

Table of Contents

– 35 –

Schedule of Portfolio Investments	U.S. Treasury Fund
August 31, 2018

Principal Amount		Security Description	Amortized Cost

U.S. Treasury Obligations (47.3%)
U.S. Treasury Bills
$	60,000,000	1.94%, 9/6/18 (a)	$	59,984,117
	50,000,000	1.82%, 9/27/18 (a)		49,931,840
				109,915,957
U.S. Treasury Notes
	60,000,000	1.13%, 1/15/19		59,771,630
	60,000,000	1.25%, 10/31/18		59,924,825
	60,000,000	1.25%, 1/31/19		59,762,474
	150,000,000	2.15% (USBMMY3M + 6 bps), 7/31/19		150,163,382
	100,000,000	2.26% (USBMMY3M + 17 bps), 10/31/18		100,038,080
				429,660,391
Total U.S. Treasury Obligations				539,576,348

Repurchase Agreements (52.1%)
	29,982,013	Bank of Montreal, 1.90%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $29,988,343, collateralized by U.S. Treasury Obligations, (3.38%), (5/15/44), fair value of $30,581,760)		29,982,013
	293,800,000	Credit Agricole CIB, 1.94%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $293,863,330, collateralized by various U.S. Treasury Obligations, (1.63% - 3.63%), (2/15/20 - 2/15/26), fair value of $299,676,040)		293,800,000

Principal Amount		Security Description	Amortized Cost

Repurchase Agreements, continued:
$	10,000,000	Goldman Sachs & Co., 1.91%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $10,002,122, collateralized by various U.S. Treasury Obligation, (0.00% - 3.13%), (7/15/22 - 11/15/41), fair value of $10,200,002)	$	10,000,000
	150,000,000	Mizuho Securities USA LLC, 1.95%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $150,032,500, collateralized by various U.S. Treasury Obligations, (1.00% - 3.00%), (11/30/18 - 8/15/48), fair value of $153,000,001)		150,000,000
	110,000,000	Royal Bank of Canada, 1.82%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $110,022,244, collateralized by various U.S. Treasury Obligations, (1.63% - 3.13%), (8/31/22 - 11/15/41), fair value of $112,200,010)		110,000,000
Total Repurchase Agreements				593,782,013

Investment Companies (0.7%)
	4,000,000	Goldman Sachs Financial Square Treasury Obligations Fund, 1.85%		4,000,000
	4,000,000	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 1.87%		4,000,000
Total Investment Companies				8,000,000

Total Investments (Cost $1,141,358,361)(b) - 100.1%				1,141,358,361
Liabilities in excess of other assets — (0.1)%				(1,059,624	)
Net Assets - 100.0%			$	1,140,298,737

(a)

Rate represents the effective yield at purchase.

(b)

Cost and value for federal income tax and financial reporting purposes are the same.

USBMMY3M

3 Month Treasury Bill Rate

See notes to financial statements

Table of Contents

– 36 –

Schedule of Portfolio Investments	Government Securities Money Market Fund
August 31, 2018

Principal			Amortized
Amount		Security Description	Cost

U.S. Government Agency Securities (24.6%)
Federal Farm Credit Bank
$	15,000,000	1.91% (US0001M - 16 bps), 11/13/18	$	15,000,000
	30,000,000	1.93% (US0001M - 13 bps), 3/27/19		29,999,142
	30,000,000	1.96% (US0001M - 12 bps), 5/7/19		29,999,910
				74,999,052
Federal Home Loan Bank
	30,000,000	1.92% (US0001M + 15 bps), 11/14/18		30,000,000
	20,000,000	1.93% (US0001M - 14 bps), 10/12/18		20,000,000
	15,000,000	1.93% (US0001M - 13 bps), 10/10/18		14,999,922
	25,000,000	1.94% (US0001M - 14 bps), 10/5/18		25,000,000
	10,000,000	1.94% (US0001M - 14 bps), 1/2/19		10,000,000
	30,000,000	1.94% (US0001M - 14 bps), 2/1/19		30,000,000
	30,000,000	1.95% (US0001M - 13 bps), 3/1/19		30,000,000
	25,000,000	1.96% (US0001M - 11 bps), 10/11/18		25,001,261
	20,000,000	2.11% (US0003M - 23 bps), 2/13/19		20,010,281
	20,000,000	2.17% (US0003M - 16 bps), 6/12/19		20,018,057
				225,029,521
Federal Home Loan Mortgage Corp.
	80,000,000	1.86%, 10/1/18 (a)		79,872,000
Total U.S. Government Agency Securities				379,900,573

U.S. Treasury Obligations (33.5%)
U.S. Treasury Bills
	70,000,000	1.86%, 9/6/18 (a)		69,982,344
	50,000,000	1.97%, 11/8/18 (a)		49,811,574
				119,793,918
U.S. Treasury Notes
	60,000,000	1.13%, 1/15/19		59,771,630
	60,000,000	1.25%, 12/15/18		59,860,292
	60,000,000	1.25%, 1/31/19		59,762,474
	140,000,000	2.15% (USBMMY3M + 6 bps), 7/31/19		140,151,511
	80,000,000	2.26% (USBMMY3M + 17 bps), 10/31/18		80,030,464
				399,576,371
Total U.S. Treasury Obligations				519,370,289

Repurchase Agreements (38.5%)
	10,075,174	Bank of Montreal, 1.90%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $10,077,301, collateralized by various U.S. Treasury Obligations, (0.00% - 2.13%), (8/15/19 - 8/15/21), fair value of $10,276,737)		10,075,174

Principal Amount		Security Description	Amortized Cost

Repurchase Agreements, continued:
$	285,300,000	Credit Agricole CIB, 1.94%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $285,361,498, collateralized by U.S. Treasury Obligations, (3.63), (2/15/20), fair value of $291,006,083)	$	285,300,000
	40,000,000	Goldman Sachs & Co., 1.92%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $40,008,533, collateralized by various U.S. Government Agency Obligations, (0.00% - 3.17%), (9/13/18 - 2/15/46), fair value of $40,800,004)		40,000,000
	50,000,000	Mizuho Securities USA LLC, 1.95%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $50,010,833, collateralized by U.S. Treasury Obligations, (0.13%), (4/15/19), fair value of $51,000,061)		50,000,000
	80,000,000	Royal Bank of Canada, 1.83%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $80,016,267, collateralized by various U.S. Government Agency Obligations, (1.88% - 3.88%), (12/28/20-8/15/44), fair value of $81,600,063)		80,000,000
	130,000,000	Wells Fargo Securities LLC, 1.91%, 9/4/18, (Purchased on 8/31/18, proceeds at maturity $130,027,589, collateralized by various U.S. Government Agency Obligations, (0.00% - 3.00%), (11/2/18 - 1/15/36), fair value of $132,600,051)		130,000,000
Total Repurchase Agreements				595,375,174

Investment Companies (3.5%)
	2,000,000	Goldman Sachs Financial Square Treasury Obligations Fund, 1.85%		2,000,000
	2,000,000	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 1.87%		2,000,000
	50,000,000	Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 1.85%		50,000,000
Total Investment Companies				54,000,000

Total Investments (Cost $1,548,646,036)(b) - 100.1%				1,548,646,036
Liabilities in excess of other assets — (0.1)%				(1,239,102	)
Net Assets - 100.0%			$	1,547,406,934

(a)

Rate represents the effective yield at purchase.

(b)

Cost and value for federal income tax and financial reporting purposes are the same.

LIBOR

London Interbank Offered Rate

US0001M

1 Month US Dollar LIBOR

US0003M

3 Month US Dollar LIBOR

USBMMY3M

3 Month Treasury Bill Rate

See notes to financial statements

Table of Contents

– 37 –

Schedule of Portfolio Investments
August 31, 2018

Limited Duration Fund

Shares or Principal Amount		Security Description	Value

Asset Backed Securities (11.1%)
$	1,886,554	AccessLex Institute, Series 2007-1, Class C, 2.74% (US0003M + 40 bps), 10/25/35^*(a)	$	1,771,632
	21,070	Bayview Financial Acquisition Trust, Series 2003-AA, Class M2, 5.28%, 2/25/33(b)		20,997
	1,850,000	Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30(a)(c)		1,849,817
	5,138	Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34^*(d)		5,187
	558	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32^*(d)		561
	9,069	Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 2.28% (US0001M + 22 bps), 1/15/34^*		8,950
	1,305,862	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.70%, 9/26/33^*(d)		1,443,631
	493,580	Fremont Home Loan Trust, Series 2004-3, Class 10A1, 3.94% (US0001M + 188 bps), 11/25/34^*		247,636
	360	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(d)		360
	1,138,265	New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.70%, 8/25/35^*(d)		1,173,422
	404,850	Raspro Trust, Series 2005-1A, Class 10A1, 2.72% (US0003M + 40 bps), 3/23/24(b)		403,243
	177,171	Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32^*		179,439
	12	Residential Funding Mortgage Securities I, Series 2004-HS1, Class AI6, 3.64%, 3/25/34^*(d)		12
	12,052	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.81%, 12/25/33^*(d)		12,111
	165,627	Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.22%, 5/25/35^*(d)		156,040
	1,073,214	Structured Asset Investment Loan, Series 2004-10, Class A4, 3.06% (US0001M + 100 bps), 11/25/34^*		1,076,132
	1,254,557	Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34(d)		1,273,931
	1,236,070	Sun Trust Student Loan Trust, Series 2006-1A, Class B, 2.61% (US0003M + 27 bps), 10/28/37(a)(c)		1,150,542
Total Asset Backed Securities				10,773,643

Mortgage Backed Securities† (43.1%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.8%)
	13,105	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.70%, 7/25/35^*(d)		11,510
	142,907	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.90%, 2/25/36^*(d)		125,742
	27,684	Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 3.06% (12MTA + 131 bps), 7/20/35^*		22,487

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Alt-A - Adjustable Rate Mortgage Backed Securities, continued:
$	2,155	Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 2.16% (US0001M + 10 bps), 10/25/36^*	$	1,672
	24,005	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class 10A1, 5.32%, 10/25/33^*(d)		23,973
	7,311	Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.00%, 10/25/36^*(d)		6,892
	15,182	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 4.12%, 9/25/34^*(d)		15,052
	30,700	JPMorgan Re-REMIC, Series 2009-7, Class 2A1, 6.00%, 2/27/37(b)(d)		30,658
	48,501	Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 3.95%, 4/21/34^*(d)		49,801
	19,600	Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 4.54%, 8/25/35^*(d)		19,630
	319,116	RBSSP Resecuritization Trust, Series 2009-5, Class 13A4, 2.58% (US0001M + 50 bps), 8/26/37(b)		318,974
	52,839	Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 4.15%, 9/25/34^*(d)		52,611
	30,707	Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.70%, 1/25/36^*(d)		26,351
				705,353
Alt-A - Fixed Rate Mortgage Backed Securities (1.2%)
	17,292	Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35^*		16,069
	31,942	Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36^*		30,779
	12,357	Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19^*		12,434
	23,983	Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35^*		21,691
	26,364	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36^*		20,047
	26,325	Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36^*		22,633
	26,591	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37^*		22,551
	170,344	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37^*		121,721
	83,685	Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34^*		86,581
	65,098	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36^*		53,473

See notes to financial statements

Table of Contents

– 38 –

Schedule of Portfolio Investments
August 31, 2018

Limited Duration Fund
Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	16,716	Master Adjustable Rate Mortgage Trust, Series 2005-3, Class 4A1, 5.50%, 3/25/20^*	$	16,802
	57,230	Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19^*		57,148
	13,145	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20^*		13,343
	5,225	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34^*		5,476
	433,467	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34^*		457,621
	24,990	Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34^*		25,595
	5,903	Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34^*		6,295
	5,959	Residential Accredit Loans, Inc., Series 2003-QS14, Class A1, 5.00%, 7/25/18^*		5,926
	5,233	Residential Accredit Loans, Inc., Series 2004-QS13, Class CB, 5.00%, 9/25/19^*		5,244
	17,476	Residential Accredit Loans, Inc., Series 2004-QS6, Class A1, 5.00%, 5/25/19^*		17,380
	47,707	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 6/25/36^*		43,444
	583	Residential Asset Securitization Trust, Series 2003-A12, Class A1, 5.00%, 11/25/18^*		578
	47,692	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36^*		29,827
	38,723	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37^*		33,546
	27,102	Wells Fargo Alternative Loan Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35^*		25,922
				1,152,126
Prime Adjustable Rate Mortgage Backed Securities (4.0%)
	50,104	Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 3.61%, 3/25/35^*(d)		49,101
	9,303	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 4.19%, 5/25/35(d)		9,439
	345,819	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.20%, 6/25/36^*(d)		132,479
	14,539	Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 3.69%, 2/25/36^*(d)		13,580
	7,974	Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 3.87%, 11/20/36^*(d)		7,725
	6,988	Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 4.33%, 6/25/34^*(d)		6,998
	12,084	Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 4.45%, 9/25/33^*(d)		11,999
	13,955	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 3.52% (H15T1Y + 230 bps), 10/25/35^*		14,117

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	10,153	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 3.76%, 9/25/34^*(d)	$	9,690
	7,006	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 3.88%, 1/25/35^*(d)		7,311
	54,481	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 4.37%, 10/25/36^*(d)		52,319
	38,614	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.22%, 3/25/31^*(d)		38,563
	20,435	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.56%, 7/25/37^*(d)		18,188
	22,218	Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 4.35%, 8/25/35(d)		22,308
	532,054	Coast Savings & Loan Association, Series 1992-1, Class A, 2.83%, 7/25/22^*(d)		538,396
	1,324,085	COLT Morgage Loan Trust, Series 2016-7, Class A1, 3.00%, 5/25/46^*(b)(d)		1,324,049
	8,028	Countrywide Home Loans, Series 2003-60, Class 2A1, 3.62%, 2/25/34^*(d)		7,976
	16,779	Countrywide Home Loans, Series 2003-58, Class 2A2, 3.73%, 2/19/34^*(d)		16,964
	290	Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33^*(d)		266
	28,277	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.21%, 8/25/34^*(d)		27,674
	41,759	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 3.72%, 11/25/32^*(d)		17,581
	45,106	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 4.38%, 11/25/34^*(d)		46,027
	20,632	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 3.79%, 10/25/35^*(d)		19,959
	104,700	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.78%, 11/19/35^*(d)		99,126
	15,121	GS Mortgage Securities Corp., Series 2009-3R, Class 2A1, 4.52%, 7/25/35(b) (d)		15,116
	51,875	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 3.79%, 4/25/35^*(d)		52,041
	32,485	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 4.02%, 11/25/35^*(d)		32,379
	97,276	Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.81%, 1/19/35^*(d)		96,184
	15,147	Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 4.38%, 12/19/35^*(d)		15,017
	45,819	Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 3.65%, 9/25/36^*(d)		45,268

See notes to financial statements

Table of Contents

– 39 –

Schedule of Portfolio Investments
August 31, 2018

Limited Duration Fund
Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	33,945	Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.73%, 7/25/36^*(d)	$	29,505
	51,596	Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.92%, 8/25/36^*(d)		41,986
	17,593	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.94%, 8/25/34^*(d)		17,484
	39,201	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 4.24%, 8/25/34^*(d)		38,703
	4,005	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 3.95%, 8/25/36^*(d)		3,838
	4,913	JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 4.31%, 7/25/35^*(d)		5,002
	2,265	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 3.75%, 2/25/34^*(d)		2,274
	14,848	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 4.50%, 7/25/34^*(d)		14,949
	19,384	MLCC Mortgage Investors, Inc., Series 2004-1, Class 2A2, 3.99%, 12/25/34^*(d)		19,482
	25,806	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 4.34%, 8/25/34^*(d)		26,191
	22,408	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 4.58%, 8/25/34^*(d)		22,384
	54,070	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 3.93%, 12/25/34^*(d)		52,051
	40,332	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-16, Class 1A2, 3.98%, 11/25/34^*(d)		40,429
	3,590	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 4.14%, 2/25/34^*(d)		3,633
	96,284	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 4.21%, 4/25/34^*(d)		96,197
	15,776	Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 3.91%, 12/27/35^*(d)		15,870
	29,150	Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 4.34%, 7/25/33^*(d)		29,340
	488,727	Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1, 4.19%, 9/25/37^*(d)		490,911
	5,506	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.50%, 8/20/35^*(d).		974
	14,929	Washington Mutual, Series 2006-AR10, Class 1A2, 3.66%, 9/25/36^*(d)		14,442

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	2,834	Washington Mutual, Series 2006-AR8, Class 1A1, 3.90%, 8/25/46^*(d)	$	2,692
	10,499	Washington Mutual, Series 2004-AR3, Class A2, 3.95%, 6/25/34^*(d)		10,705
	13,166	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 2.48% (US0001M + 42 bps), 7/25/44^*		13,213
	101,306	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 3.08%, 11/25/36^*(d)		96,522
	37,313	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR1, Class 1A1, 3.84%, 2/25/35^*(d)		38,161
	10,487	Wells Fargo Mortgage Backed Securities Trust, Series 2004-I, Class 1A1, 3.98%, 7/25/34^*(d)		10,743
	3,333	Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR8, Class 2A4, 4.20%, 4/25/36^*(d)		3,388
	6,510	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR9, Class 3A1, 4.24%, 6/25/34^*(d)		6,718
	6,442	Wells Fargo Mortgage Backed Securities Trust, Series 2004-EE, Class 3A1, 4.24%, 12/25/34^*(d)		6,693
	17,810	Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR16, Class 1A1, 4.26%, 8/25/33^*(d)		18,139
	11,419	Wells Fargo Mortgage Backed Securities Trust, Series 2004-H, Class A1, 4.42%, 6/25/34^*(d)		11,632
				3,932,091
Prime Fixed Mortgage Backed Securities (10.2%)
	404,822	Agate Bay Mortgage Trust, Series 2015-7, Class A6, 3.00%, 10/25/45(b)(d)		399,812
	376,551	BCAP LLC Trust, Series 2013-RR2, Class 7A1, 3.00%, 7/26/36(b)(d)		377,360
	2,758,348	Citigroup Mortgage Loan Trust, Series 2014-C, Class A, 3.25%, 2/25/54(b)(d)		2,742,376
	20,511	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31^*		20,915
	118,905	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34^*		125,359
	19,442	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34^*		20,992
	861,767	COLT Morgage Loan Trust, Series 2016-1, Class A2, 3.50%, 5/25/46(b)		860,813
	16,608	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19^*		16,708
	108,348	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		109,830

See notes to financial statements

Table of Contents

– 40 –

Schedule of Portfolio Investments
August 31, 2018

Limited Duration Fund
Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	42,909	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33^*	$	43,607
	31,266	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33^*		33,437
	82,561	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32^*		53,465
	127,151	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32^*		138,327
	1,238,950	EverBank Mortgage Loan Trust, Series 2018-1, Class A4, 3.50%, 2/25/48(b) (d)		1,230,103
	32,199	First Horizon Alternative Mortgage Securities, Series 2006-FA5, Class A3, 6.25%, 8/25/36^*		24,854
	205,635	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/57(b) (d)		205,236
	59,513	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33^*		59,735
	10,313	GSR Mortgage Loan Trust, Series 2005-8F, Class 7A1, 5.50%, 10/25/20^*		10,292
	29,787	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35^*		23,481
	1,383,165	JPMorgan Mortgage Trust, Series 2018-1, Class A5, 3.50%, 6/25/48^*(b)(d)		1,368,792
	7,732	JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37(b)(d)		7,741
	16,627	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36^*		13,999
	1,212	Master Asset Securitization Trust, Series 2003-11, Class 10A1, 5.00%, 12/25/18^*		1,209
	4,345	Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20^*		4,381
	12,245	Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35^*		11,578
	21,528	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32^*		22,093
	119,090	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29^*		124,912
	1,865,971	Verus Securitization Trust, Series 2017-SG1A, Class A1, 2.69%, 11/25/47(b)(d)		1,848,447
	5,396	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32^*		5,403
	841	Washington Mutual, Series 2003-S13, Class 21A1, 4.50%, 12/25/18^*		840
	21,177	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 5A, 5.00%, 6/25/19^*		21,212

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	10,614	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB4, Class 22A, 6.00%, 12/25/19^*	$	10,718
				9,938,027
Subprime Mortgage Backed Securities (6.4%)
	1,411,096	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55^*(b)(d)		1,392,769
	1,183,817	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56^*(b)(d)		1,162,134
	2,292,837	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57^*(b)(d)		2,251,170
	1,324,702	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57^*(b)(d)		1,295,618
				6,101,691
U.S. Government Agency Mortgage Backed Securities (20.5%)
	543,677	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		494,543
	355,513	Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41		342,833
	740,729	Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40		710,710
	785,943	Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41		749,513
	598,168	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		567,899
	330,250	Fannie Mae, Series 2013-68, Class LE, 2.00%, 4/25/43		314,918
	499,536	Fannie Mae, Series 2011-126, Class ED, 2.25%, 4/25/40		482,770
	251,858	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		242,223
	439,155	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(d)		424,657
	91,807	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		90,930
	205,154	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		204,153
	185,535	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		185,977
	736,390	Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43		721,125
	29,366	Fannie Mae, 3.17% (US0012M + 132 bps), 1/1/35, Pool #805386		30,422
	6,797	Fannie Mae, 3.22% (H15T1Y + 187 bps), 12/1/22, Pool #303247		6,915
	4,874	Fannie Mae, 3.76% (H15T1Y + 216 bps), 6/1/32, Pool #725286		4,988
	48,940	Fannie Mae, 4.26% (H15T1Y + 229 bps), 2/1/30, Pool #556998		49,935
	1,126,266	Fannie Mae, Series 2003-W14, Class 2A, 4.28%, 1/25/43^*(d)		1,183,291
	923,593	Fannie Mae, Series 2003-W16, Class AF5, 4.40%, 11/25/33^*(d)		953,940
	23,311	Fannie Mae, Series 2001-W4, Class AF6, 5.61%, 1/25/32^*(d)		24,031
	2,145	Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22		2,222

See notes to financial statements

Table of Contents

– 41 –

Schedule of Portfolio Investments
August 31, 2018

Limited Duration Fund
Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	24,721	Fannie Mae, Series 2001-W2, Class AF6, 6.59%, 10/25/31^*(d)	$	26,214
	13,541	Fannie Mae, Series 2001-W1, Class AF6, 6.90%, 7/25/31^*(d)		15,183
	104	Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21		108
	424	Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22		444
	1,000	Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26		1,086
	338,060	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		325,277
	1,409,322	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		1,345,972
	1,005,368	Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(d)		971,370
	287,870	Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39		277,374
	477,813	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		455,720
	800,136	Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41		776,839
	1,026,865	Freddie Mac, Series 4079, Class WA, 2.00%, 8/15/40		989,254
	428,253	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		409,294
	1,423,409	Freddie Mac, Series: 4272, Class YG, 2.00%, 11/15/26		1,387,494
	104,412	Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40		102,671
	709,847	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		689,243
	740,304	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		722,265
	710,944	Freddie Mac, Series 4564, Class 10A1, 2.50%, 3/15/46		686,420
	111,213	Freddie Mac, Series 3752, Class JA, 2.75%, 4/15/40		110,717
	32,124	Freddie Mac, Series 3724, Class NE, 3.00%, 7/15/38		32,172
	135,249	Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41		132,522
	857,463	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		845,744
	6,048	Freddie Mac, 3.64% (US0006M + 154 bps), 4/1/36, Pool #1N0148		6,249
	641,504	Freddie Mac, Series T-67, Class 1A1C, 3.67%, 3/25/36^*(d)		651,810
	21,727	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		22,113
	45,765	Freddie Mac, Series 3819, Class JP, 4.00%, 8/15/39		45,304
	626,274	Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21		639,293
	4,000	Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32		4,075

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	1,245	Freddie Mac, Series 180, Class H, 6.50%, 9/15/21^*	$	1,269
	1,006	Freddie Mac, Series 114, Class H, 6.95%, 1/15/21^*		1,024
	1,099	Freddie Mac, Series 1163, Class JA, 7.00%, 11/15/21^*		1,124
	25	Freddie Mac, Series 139, Class G, 7.00%, 4/15/21^*		25
	1,349	Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23^*		1,424
	1,000	Freddie Mac, Series 53, Class A, 7.13%, 7/20/26^*		1,050
	1,990	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22^*		2,117
	1,466	Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22^*		1,563
	392,169	Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42		346,352
	31,980	Government National Mortgage Assoc., Series 2012-14, Class PE, 3.00%, 11/20/40^*		31,739
	2,160	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/21, Pool #8889		2,167
	3,195	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/27, Pool #80141		3,291
	5,867	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 11/20/29, Pool #876947		5,852
	3,602	Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 1/20/23, Pool #8123		3,659
	4,629	Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 1/20/25, Pool #8580		4,734
	2,681	Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 3/20/26, Pool #8832		2,715
	3,983	Government National Mortgage Assoc., 3.37% (H15T1Y + 150 bps), 3/20/29, Pool #80263		3,997
	6,307	Government National Mortgage Assoc., 3.50% (H15T1Y + 150 bps), 1/20/25, Pool #8585		6,455
	16,722	Government National Mortgage Assoc., 3.62% (H15T1Y + 150 bps), 5/20/34, Pool #80916		17,325
	125	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		137
	110	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		115
	37	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		38

See notes to financial statements

Table of Contents

– 42 –

Schedule of Portfolio Investments
August 31, 2018

Limited Duration Fund
Concluded

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	332	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439	$	339
				19,898,733
Total Mortgage Backed Securities				41,728,021

Corporate Bonds (15.8%)
Banks (8.5%)
	1,450,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 ^*		1,441,122
	500,000	Export-Import Bank of Korea, 2.13%, 1/25/20		492,519
	1,050,000	Export-Import Bank of Korea, 2.25%, 1/21/20		1,037,146
	1,500,000	Korea Development Bank, 3.00%, 3/17/19		1,500,707
	1,500,000	Mizuho Financial Group, 2.95%, 2/28/22		1,471,442
	1,000,000	Mizuho Financial Group, Inc., 3.55%, 3/5/23		996,088
	1,500,000	Wells Fargo & Co., 2.63%, 7/22/22, MTN		1,452,275
				8,391,299
Capital Markets (0.1%)
	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12 (e)		59,200
Diversified Telecommunication Services (1.8%)
	1,743,000	AT&T, Inc., 2.80%, 2/17/21, Callable 1/17/21 @ 100 ^*		1,723,399
Internet Software & Services (2.8%)
	1,420,000	Baidu, Inc., 2.75%, 6/9/19		1,414,789
	1,250,000	eBay, Inc., 2.82% (US0003M + 48 bps), 8/1/19		1,252,489
				2,667,278

Shares or Principal Amount		Security Description	Value

Corporate Bonds, continued:
Multiline Retail (2.1%)
$	2,010,000	Macys Retail Holdings, Inc., 3.88%, 1/15/22, Callable 10/15/21 @ 100 ^*	$	2,002,347
Thrifts & Mortgage Finance (0.5%)
	447,000	Aviation Capital Group LLC, 7.13%, 10/15/20 (b)		479,215
Total Corporate Bonds				15,322,738

Taxable Municipal Bonds (2.7%)
Delaware (1.1%)
	1,000,000	State of Delaware, Build America Bonds, GO, Series D, 5.60%, 10/1/29, Continuously Callable @100		1,024,810
Georgia (1.6%)
	1,500,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		1,563,480
Total Taxable Municipal Bonds				2,588,290

U.S. Treasury Obligations (23.5%)
U.S. Treasury Notes
	14,000,000	1.25%, 12/15/18		13,964,864
	5,500,000	2.25%, 2/29/20		5,473,574
	3,500,000	2.25%, 2/15/27		3,345,781
				22,784,219
Total U.S. Treasury Obligations				22,784,219

Investment in Affiliates (3.5%)
	3,395,393	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(f)		3,395,393
Total Investment in Affiliates				3,395,393

Total Investments (Cost $99,252,830)(g) - 99.7%				96,592,304
Other assets in excess of liabilities — 0.3%				255,666
Net Assets - 100.0%			$	96,847,970

(a)	The Adviser has deemed these securities to be illiquid according to the policies and procedures adopted by the Board of Trustees. At August 31, 2018, illiquid securities were 4.9% of the Fund’s net assets.

(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.

(c)

Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At August 31, 2018, illiquid securities were 3.1% of the Fund’s net assets.

(d)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at August 31, 2018.

(e)	Issuer has defaulted on the payment of interest.

(f)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(g)	Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

†

Mortgage backed securities are classified based on the characteristics of their underlying collateral, the fixed vs. variable nature of the obligations, and the credit standing of the mortgagors. The fixed or variable rate nature of securities interest payments to which the fund is entitled may not coincide with the payment nature of the collateral underlying the securities.

12MTA	12 Month Treasury Average
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
Re-REMIC	Restructured Real Estate Mortgage Investment Conduits
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR
US0006M	6 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements

Table of Contents

– 43 –

Schedule of Portfolio Investments
August 31, 2018

Moderate Duration Fund

Shares or Principal Amount		Security Description	Value

Asset Backed Securities (4.2%)
$	327,003	AccessLex Institute, Series 2007-1, Class C, 2.74% (US0003M + 40 bps), 10/25/35^*(a)	$	307,083
	94,470	Aegis Asset Backed Securities Trust, Series 2004-4, Class A1, 2.78% (US0001M + 72 bps), 10/25/34^*		94,360
	6,459	Bear Stearns Asset Backed Securities, Inc., Series 2002-1, Class 1A5, 6.89%, 12/25/34^*(b)		6,637
	107,776	Raspro Trust, Series 2005-1A, Class 10A1, 2.72% (US0003M + 40 bps), 3/23/24(c)		107,348
	7	Residential Funding Mortgage Securities I, Series 2004-HS1, Class AI6, 3.64%, 3/25/34^*(b)		7
	570,000	SLM Student Loan Trust, Series 2012-7, Class B, 3.86% (US0001M + 180 bps), 9/25/43^*		571,975
	203,975	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43^*(c).		205,707
Total Asset Backed Securities				1,293,117

Mortgage Backed Securities† (28.5%)
Alt-A - Fixed Rate Mortgage Backed Securities (2.7%)
	6,605	Bank of America Alternative Loan Trust, Series 2005-9, Class 5A1, 5.50%, 10/25/20^*		6,498
	78,114	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35^*		74,859
	5,458	Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35^*		5,337
	17,499	Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34^*		17,707
	89,655	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37^*		64,063
	76,856	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.35%, 6/25/36^*(b)		73,518
	15,814	Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34^*		16,031
	7,239	Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19^*		6,783
	22,585	Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34^*		23,439
	2,759	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20^*		2,801
	60,750	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34^*		62,545
	24,877	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34^*		25,439
	8,749	Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33^*		9,148
	24,783	Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34^*		25,903
	36,401	Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34^*		36,735

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	12,805	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35^*(b)	$	12,835
	36,861	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 4.98%, 5/25/35^*(b)		27,972
	5,740	Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35^*(b)		5,948
	97,772	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36^*(b)		38,155
	50,295	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 4.21%, 10/25/40(b) (c)		49,080
	527	Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18^*		527
	12,038	Residential Accredit Loans, Inc., Series 2005-QS2, Class A1, 5.50%, 2/25/35^*		11,996
	11,272	Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21^*		10,636
	17,656	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36^*		16,315
	34,634	Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36^*		25,858
	51,067	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35^*		42,526
	72,631	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36^*		63,892
	77,160	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35^*		74,187
				830,733
Prime Adjustable Rate Mortgage Backed Securities (1.7%)
	12,699	Bank of America Funding Corp., Series 2004-B, Class 5A1, 4.03%, 11/20/34^*(b)		12,421
	14,568	Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 3.87%, 11/25/34^*(b)		14,570
	4,430	Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 3.92%, 10/25/33^*(b)		4,592
	12,294	Countrywide Home Loans, Series 2004-2, Class 2A1, 2.75%, 2/25/34^*(b)		11,740
	15,709	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.21%, 8/25/34^*(b)		15,374
	24,231	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 3.35%, 4/25/37^*(b)		21,596
	8,269	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 3.70%, 4/25/36^*(b)		7,878
	42,514	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 3.93%, 10/25/36^*(b)		38,468

See notes to financial statements

Table of Contents

– 44 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	62,841	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 4.00%, 2/25/35^*(b)	$	64,495
	362,360	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.27%, 9/25/35^*(b)		340,689
	2,753	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.50%, 8/20/35^*(b)		487
	1,885	Wells Fargo Mortgage Backed Securities Trust, Series 2004-E, Class A1, 4.35%, 5/25/34^*(b)		1,925
				534,235
Prime Fixed Mortgage Backed Securities (2.0%)
	11,796	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.06%, 9/25/35^*(b)		11,625
	19,714	Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37^*		16,447
	12,719	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		13,048
	12,420	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34^*		13,731
	7,810	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33^*		7,981
	4,602	Countrywide Home Loans, Series 2004-24CB, Class 2A1, 5.00%, 11/25/19^*		4,600
	4,323	Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24^*		4,288
	12,609	Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35^*		11,118
	1,477	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 2/25/19^*		1,505
	28,055	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33^*		29,212
	13	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-29, Class 8A1, 6.00%, 11/25/18^*		13
	11,248	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33^*		11,430
	346,412	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34		344,980
	408	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19^*		408
	919	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32^*		935
	33,727	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34^*		35,432
	3,024	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34^*		3,187
	70,984	Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32^*		69,193
	14,777	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29^*		15,499

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	188	Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30^*	$	202
	2,006	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33^*		2,026
	954	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34^*		1,034
				597,894
Subprime Mortgage Backed Securities (1.4%)
	136,854	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58(b)(c)		134,680
	290,881	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58(b)(c)		287,876
				422,556
U.S. Government Agency Mortgage Backed Securities (20.7%)
	67,960	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		61,818
	183,625	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		179,252
	407,100	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		386,230
	376,679	Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41		362,216
	99,695	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		94,650
	125,929	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		121,112
	175,663	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		169,864
	174,189	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		169,117
	45,904	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		45,465
	314,449	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		302,100
	484,948	Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44		462,753
	463	Fannie Mae, Series 1992-45, Class F, 2.83% (T7Y), 4/25/22		458
	189,767	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		188,842
	46,384	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		46,494
	386,990	Fannie Mae, Series 2012-50, Class LG, 3.00%, 9/25/40		376,983
	389,591	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		385,302
	2,079	Fannie Mae, 3.61% (US0012M + 186 bps), 1/1/37, Pool #906675		2,205
	3,028	Fannie Mae, 3.95% (US0012M + 162 bps), 9/1/33, Pool #739372		3,118
	1,305	Fannie Mae, 4.75% (H15T1Y + 250 bps), 7/1/23, Pool #224951		1,314
	196	Fannie Mae, 6.00%, 4/1/35, Pool #735503		217
	253	Fannie Mae, Series 1989-52, Class G, 6.00%, 8/25/19		254
	1,381	Fannie Mae, Series 1990-89, Class K, 6.50%, 7/25/20		1,413

See notes to financial statements

Table of Contents

– 45 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	1,709	Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31	$	1,878
	14,835	Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42^*		16,654
	666	Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31^*		752
	1,971	Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22		2,080
	808	Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21		851
	127	Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21		132
	709	Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21		743
	165	Fannie Mae, Series 1991-18, Class H, 8.50%, 3/25/21		172
	154	Fannie Mae, Series G-7, Class E, 8.90%, 3/25/21		160
	95	Fannie Mae, Series 1990-62, Class G, 9.00%, 6/25/20		98
	84,515	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		81,319
	197,223	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		188,357
	225,631	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		219,725
	237,700	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		227,177
	144,012	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		134,045
	298,413	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		287,424
	386,807	Freddie Mac, Series 4173, Class KA, 2.50%, 7/15/42		372,801
	155,179	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		151,398
	396,218	Freddie Mac, Series 4564, Class 10A1, 2.50%, 3/15/46		382,550
	107	Freddie Mac, Series 1222, Class P, 2.57% (T10Y - 40 bps), 3/15/22^*		107
	1,291	Freddie Mac, Series 3982, Class AJ, 3.00%, 6/15/36		1,291
	213,690	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		212,141
	181,932	Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43		178,189
	245,317	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		241,964
	19,507	Freddie Mac, 5.25% (H15T1Y + 228 bps), 8/1/34, Pool #755230		19,567
	2,256	Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21^*		2,316
	3,000	Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32		3,056
	1,328	Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21^*		1,368
	2,429	Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22^*		2,539

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	2,047	Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24^*	$	2,180
	577	Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21^*		595
	2,209	Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26^*		2,412
	458	Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21^*		479
	3,129	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22^*		3,310
	4,711	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22^*		5,012
	75	Freddie Mac, Series 138, Class E, 8.07%, 7/15/21^*		77
	87,243	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		85,910
	84,036	Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42		74,218
	52,866	Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40		52,157
	6,424	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		6,433
	109	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		120
	1,266	Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406		1,269
	759	Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		807
	87	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		94
	195	Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187		208
	1,984	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205		2,114
	4,944	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		5,303
	101	Government National Mortgage Assoc., 8.00%, 6/15/26, Pool #426149		101
				6,334,830
Total Mortgage Backed Securities				8,720,248

Corporate Bonds (20.5%)
Banks (3.2%)
	585,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 ^*		581,417
	440,000	Wells Fargo & Co., 3.00%, 10/23/26		411,366
				992,783
Beverages (2.0%)
	475,000	Keurig Dr Pepper, Inc., 3.55%, 5/25/21 (c).		476,042
	134,000	Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100 ^*		123,188
				599,230
Biotechnology (1.1%)
	350,000	Amgen, Inc., 2.20%, 5/11/20		345,657

See notes to financial statements

Table of Contents

– 46 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Corporate Bonds, continued:
Capital Markets (1.4%)
$	440,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 ^*	$	419,254
Diversified Telecommunication Services (1.6%)
	460,000	AT&T, Inc., 3.40%, 5/15/25, Callable 2/15/25 @ 100 ^*		437,351
	39,000	Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 10/9/18 @ 100 ^*		38,852
				476,203
Food Products (1.1%)
	350,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 ^*		340,497
Hotels, Restaurants & Leisure (1.3%)
	420,000	Royal Caribbean Cruises, Ltd., 2.65%, 11/28/20		412,931
Industrial Conglomerates (1.2%)
	375,000	General Electric Co., 3.10%, 1/9/23		370,006
Internet Software & Services (1.3%)
	400,000	eBay, Inc., 2.82% (US0003M + 48 bps), 8/1/19		400,796
Multiline Retail (0.5%)
	150,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 ^*		141,796
Oil, Gas & Consumable Fuels (1.1%)
	350,000	BP Capital Markets PLC, 2.75%, 5/10/23		340,342
Real Estate Management & Development (1.0%)
	294,723	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (c)		297,977
Technology Hardware, Storage & Peripherals (1.1%)
	350,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 ^*		340,627
Thrifts & Mortgage Finance (2.6%)
	925,872	Preferred Term Securities XX, Class B2, 2.79% (US0003M + 45 bps), 3/22/38, Callable 10/8/18 @ 100 ^*(c)		798,564
Total Corporate Bonds				6,276,663

Taxable Municipal Bonds (10.2%)
Illinois (1.6%)
	500,000	Rosemont Illinois State, GO, Series A, 2.76%, 12/1/19, Insured by: MAC		496,505
Kansas (1.5%)
	440,000	Kansas State Development Finance Authority Revenue, Series H, 4.29%, 4/15/29		452,487
Missouri (0.6%)
	165,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, 7.50%, 10/1/39, Continuously Callable @100		171,265
Rhode Island (1.3%)
	400,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		390,640

Shares or Principal Amount		Security Description	Value

Taxable Municipal Bonds, continued:
South Carolina (1.1%)
$	350,000	South Carolina Public Service Authority Revenue, Series D, 2.39%, 12/1/23	$	327,817

Texas (2.5%)
	445,000	Dallas Independent School District, Build America Bonds, GO, 6.45%, 2/15/35, Continuously Callable @100, Insured by: PSF-GTD		479,496
	310,000	University of Texas Revenue, Series B, 6.28%, 8/15/41, Continuously Callable @100		319,319
				798,815
Wisconsin (1.6%)
	465,000	Public Financial Authority Wisconsin Revenue, 4.45%, 10/1/25, Insured by: AGC		478,136
Total Taxable Municipal Bonds				3,115,665

U.S. Government Agency Securities (8.0%)
Fannie Mae
	750,000	2.00%, 7/28/21, Callable 10/28/18 @ 100 ^*(b)(d)		741,481
Freddie Mac
	1,750,000	2.00%, 11/23/21, Callable 11/23/18 @ 100 ^*(b)(d)		1,715,112
Total U.S. Government Agency Securities				2,456,593
U.S. Treasury Obligations (24.8%)
U.S. Treasury Inflation Indexed Notes
	1,113,000	0.38%, 7/15/25		1,157,434
U.S. Treasury Notes
	2,703,000	1.25%, 12/15/18		2,696,216
	1,970,000	2.25%, 2/29/20		1,960,535
	1,845,000	2.25%, 2/15/27		1,763,705
				6,420,456
Total U.S. Treasury Obligations				7,577,890

Investment in Affiliates (3.6%)
	1,114,485	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(e)		1,114,485
Total Investment in Affiliates				1,114,485

Total Investments (Cost $31,147,773)(f) - 99.8%				30,554,661
Other assets in excess of liabilities — 0.2%				63,873
Net Assets - 100.0%			$	30,618,534

See notes to financial statements

Table of Contents

– 47 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2018	Concluded

(a)

The Adviser has deemed these securities to be illiquid according to the policies and procedures adopted by the Board of Trustees. At August 31, 2018, illiquid securities were 1.0% of the Fund’s net assets.

(b)

The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at August 31, 2018.

(c)

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

(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2018.
(e)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(f)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

†

AGC	Assured Guaranty Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MAC	Municipal Assurance Corporation
PSF-GTD	Public School Fund Guaranteed
T10Y	10 Year Treasury Constant Maturity Rate
T7Y	7 Year Treasury Constant Maturity Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements

Table of Contents

– 48 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2018

Shares or Principal Amount		Security Description	Value

Asset Backed Securities (1.6%)
$	1,031,316	AccessLex Institute, Series 2007-1, Class C, 2.74% (US0003M + 40 bps), 10/25/35^*(a)	$	968,493
	12,272	Bear Stearns Asset Backed Securities, Inc., Series 2002-1, Class 1A5, 6.89%, 12/25/34^*(b)		12,610
	29,354	Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34^*(b)		29,512
	723	RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27^*(b)		727
	65,922	Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31(c)		65,064
	507,450	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43^*(c)		511,759
Total Asset Backed Securities				1,588,165

Mortgage Backed Securities† (26.4%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.1%)
	82,003	Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.75%, 11/25/36^*(b)		68,779
	26,755	JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36^*(b)		25,605
				94,384
Alt-A - Fixed Rate Mortgage Backed Securities (1.3%)
	17,600	Bank of America Alternative Loan Trust, Series 2005-9, Class 1CB3, 5.50%, 10/25/35^*		17,511
	24,039	Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46^*		24,670
	46,868	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35^*		44,915
	29,288	Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37^*		18,645
	88,828	Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35^*		83,884
	129,054	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36^*		114,294
	13,174	Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34^*		13,549
	32,730	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36^*		25,463
	245,315	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37^*		178,897
	244,966	Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36^*		174,130
	22,660	Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33^*		23,342
	5,325	Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25^*		5,388
	39,780	Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35^*		40,572

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	18,996	Master Alternative Loans Trust, Series 2004-10, Class 5A6, 5.75%, 9/25/34^*	$	19,078
	62,587	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34^*		65,598
	75,937	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34^*		78,182
	24,877	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34^*		25,439
	32,708	Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35^*		34,157
	5,869	Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33^*		6,030
	14,553	Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34^*		15,139
	25,223	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36^*		23,308
	262,857	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35^*		225,661
	143,277	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36^*		105,096
				1,362,948
Commercial Mortgage Backed Securities (0.0%)
	26,841	Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A1A, 6.25%, 12/10/49(b)		26,841
Prime Adjustable Rate Mortgage Backed Securities (0.4%)
	10,859	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 3.88%, 6/25/36^*(b)		10,074
	379,124	JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 4.61%, 8/25/35^*(b)		381,799
	30,297	MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 3.80%, 4/25/29^*(b)		29,974
	7,610	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.70%, 6/25/36^*(b)		6,729
	1,377	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.50%, 8/20/35^*(b)		244
				428,820
Prime Fixed Mortgage Backed Securities (2.8%)
	3,135	Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32^*		3,173
	188,771	Chaseflex Trust, Series 2006-2, Class A5, 4.70%, 9/25/36^*(b)		186,456
	34,590	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		35,485
	59,499	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35^*		59,612
	8,841	Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34^*		9,155
	10,604	Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34^*		10,947
	105,961	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37^*		84,817
	5,000	Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A3, 5.50%, 7/25/34^*		5,132

See notes to financial statements

Table of Contents

– 49 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	122,710	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35^*	$	69,238
	1,967	Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21^*		1,882
	132	First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		135
	2,902	GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33^*(b)		2,946
	39,468	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 3.70%, 4/25/36^*(b)		36,019
	35,242	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34^*		34,800
	3,195	JPMorgan Re-REMIC, Series 2009-7, Class 12A1, 6.25%, 1/27/37(b)(c)		3,199
	42,312	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34^*		44,451
	9,979	Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33^*		10,141
	173,693	RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32^*		174,899
	628,611	Sequoia Mortgage Trust, Series 2018-6, Class A4, 4.00%, 7/25/48(b)		632,783
	38,788	TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36^*		13,419
	324,928	Washington Mutual Mortgage Pass- Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35^*		317,318
	10,830	Washington Mutual Mortgage Pass- Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34^*		11,444
	85,725	Washington Mutual Mortgage Pass- Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34^*		92,845
	4,053	Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.00%, 12/28/37^*		4,106
	1,044,311	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45^*(b)(c)		1,026,369
				2,870,771
Subprime Mortgage Backed Securities (1.9%)
	808,068	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57^*(b)(c)		790,327
	364,944	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58(b)(c)		359,146
	824,162	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58(b)(c)		815,648
				1,965,121
U.S. Government Agency Mortgage Backed Securities (19.9%)
	314,418	Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40		301,335
	306,042	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		298,753
	459,978	Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41		429,557

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	962,385	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41	$	913,048
	1,016,578	Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41		961,023
	538,351	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		511,109
	407,144	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		381,434
	493,611	Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41		472,951
	251,858	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		242,223
	219,578	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		212,330
	291,079	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		282,604
	477,145	Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42		458,075
	91,807	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		90,930
	235,837	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		226,575
	205,154	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		204,153
	46,384	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		46,494
	958,718	Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43		939,954
	243,773	Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44		244,807
	781,906	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		773,299
	824,423	Fannie Mae, Series 2016-10, Class BA, 3.00%, 3/25/46(b)		814,407
	21,264	Fannie Mae, 3.66% (H15T1Y + 231 bps), 12/1/27, Pool #422279		21,767
	65,533	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		67,164
	83	Fannie Mae, 4.50%, 5/1/19, Pool #761398		84
	545	Fannie Mae, 5.00%, 8/1/33, Pool #730856		583
	228	Fannie Mae, 5.00%, 7/1/35, Pool #832198		243
	326	Fannie Mae, 5.50%, 2/1/33, Pool #683351		353
	190	Fannie Mae, 5.50%, 9/1/34, Pool #725773		207
	3,425	Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28		3,695
	1,000	Fannie Mae, Series 2002-21, Class LL, 6.25%, 4/25/32		1,093
	1,000	Fannie Mae, Series 1994-51, Class LL, 6.75%, 3/25/24		1,067
	9,484	Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23		10,040
	3,859	Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21		4,056
	53,035	Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 4.05%, 8/25/42^*(b)		54,048
	23,894	Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32^*(b)		24,080
	185,933	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		178,902

See notes to financial statements

Table of Contents

– 50 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	451,261	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40	$	439,449
	241,733	Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40		236,831
	95,563	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		91,144
	1,145,050	Freddie Mac, Series 4031, Class PA, 2.00%, 3/15/42		1,067,449
	1,151,422	Freddie Mac, Series 4137, Class GA, 2.00%, 2/15/42		1,084,116
	240,020	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		223,408
	1,064,060	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		1,033,175
	292,938	Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41^*		284,989
	1,139,938	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		1,097,960
	800,522	Freddie Mac, Series 4173, Class KA, 2.50%, 7/15/42		771,537
	662,002	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		645,872
	1,171,794	Freddie Mac, Series 4564, Class 10A1, 2.50%, 3/15/46		1,131,371
	2,906	Freddie Mac, Series 3982, Class AJ, 3.00%, 6/15/36		2,904
	320,535	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		318,211
	356,490	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		353,519
	619,024	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		610,564
	256,284	Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40		258,731
	89,561	Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40		90,496
	6,641	Freddie Mac, 4.00% (H15T1Y + 213 bps), 4/1/24, Pool #409624		6,662
	2,173	Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24		2,250
	235	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		255
	2,649	Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29		2,853
	1,483	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		1,661
	16,969	Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28		18,304
	579	Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31		590
	3,304	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22^*		3,495
	182,079	Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42		160,806
	716,102	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		708,438

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	255,453	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)	$	250,694
	46,727	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		47,782
	3,803	Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688		3,939
	11,451	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		12,299
	5,184	Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701		5,450
	2	Government National Mortgage Assoc., 8.00%, 6/15/26, Pool #426149		2
	1,456	Government National Mortgage Assoc., 9.00%, 7/15/21, Pool #308511		1,471
				20,141,120
Total Mortgage Backed Securities				26,890,005

Corporate Bonds (15.1%)
Banks (4.5%)
	1,320,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 ^*		1,311,917
	1,315,000	BB&T Corp., 2.15%, 2/1/21, Callable 1/1/21 @ 100, MTN ^*		1,284,326
	850,000	Korea Development Bank, 2.75%, 3/19/23		816,930
	1,300,000	Wells Fargo & Co., 3.00%, 10/23/26		1,215,399
				4,628,572
Beverages (0.8%)
	450,000	Keurig Dr. Pepper Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 ^*(c)		456,020
	434,000	Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100 ^*		398,982
				855,002
Capital Markets (1.4%)
	1,300,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 ^*		1,238,703
	200,000	Intercontinental Exchange, Inc., 3.10%, 9/15/27, Callable 6/15/27 @ 100 ^*		190,249
				1,428,952	��
Diversified Telecommunication Services (1.3%)
	1,200,000	AT&T, Inc., 3.40%, 5/15/25, Callable 2/15/25 @ 100 ^*		1,140,915
	107,000	Qwest Corp., 6.88%, 9/15/33, Callable 10/9/18 @ 100 ^*		105,951
	118,000	Qwest Corp., Series MBIA, 6.88%, 9/15/33, Callable 10/9/18 @ 100 ^*		117,553
				1,364,419
Food Products (1.0%)
	1,025,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 ^*		997,170
Health Care Providers & Services (1.1%)
	1,185,000	Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 ^*		1,117,212

See notes to financial statements

Table of Contents

– 51 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Corporate Bonds, continued:
Hotels, Restaurants & Leisure (0.4%)
$	345,000	Royal Caribbean Cruises, 5.25%, 11/15/22	$	364,253
Industrial Conglomerates (1.1%)
	1,120,000	General Electric Co., 3.10%, 1/9/23		1,105,083
IT Services (0.6%)
	600,000	International Business Machine Corp., 1.63%, 5/15/20		588,322
Multiline Retail (0.6%)
	650,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 ^*		614,449
Oil, Gas & Consumable Fuels (0.6%)
	600,000	BP Capital Markets PLC, 2.75%, 5/10/23		583,444
Real Estate Management & Development (0.4%)
	442,084	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (c)		446,966
Technology Hardware, Storage & Peripherals (1.3%)
	1,300,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 ^*		1,265,185
Total Corporate Bonds				15,359,029

Taxable Municipal Bonds (12.7%)
Georgia (2.6%)
	2,500,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		2,605,800
Kansas (1.5%)
	1,510,000	Kansas State Development Finance Authority Revenue, Series H, 4.29%, 4/15/29		1,552,854
Missouri (0.2%)
	235,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100		243,923
New York (1.2%)
	1,260,000	New York City Transitional Finance Authority Revenue, Series F-3, 3.21%, 5/1/29, Continuously Callable @100		1,201,624
Oklahoma (2.1%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100		521,265
	1,650,000	University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100		1,642,542
				2,163,807
Pennsylvania (1.1%)
	1,110,000	City of Bethlehem Lehigh and Northampton Countries, GO, Series C, 5.15%, 11/1/34, Continuously Callable @100, AGM		1,165,289

Shares or Principal Amount		Security Description	Value

Taxable Municipal Bonds, continued:
Texas (2.8%)
$	1,695,000	Dallas Independent School District, Build America Bonds, GO, 6.45%, 2/15/35, Continuously Callable @100, Insured by: PSF-GTD	$	1,826,396
	945,000	University of Texas Revenue, Series B, 6.28%, 8/15/41, Continuously Callable @100		973,407
				2,799,803
Utah (1.2%)
	1,175,000	Central Utah Water Conservancy District Taxable Water Conservancy Revenue, Build America Bonds, GO, 5.70%, 10/1/40, Continuously Callable @100		1,225,149
Total Taxable Municipal Bonds				12,958,249

U.S. Government Agency Securities (9.4%)
Fannie Mae
	1,650,000	2.00%, 7/28/21, Callable 10/28/18 @ 100 ^*(b)(d)		1,631,258
	2,000,000	2.00%, 4/28/26, Callable 10/28/18 @ 100 ^*(b)		1,986,965
				3,618,223
Freddie Mac
	1,750,000	Series 0005, 1.75%, 9/30/21, Callable 9/30/18 @ 100 ^*(b)		1,737,549
	1,670,000	1.88%, 8/25/21, Callable 11/25/18 @ 100 ^*(b)		1,637,425
	1,650,000	2.00%, 5/25/21, Callable 11/25/18 @ 100 ^*(b)(d)		1,635,236
	1,000,000	2.50%, 6/9/21, Callable 12/9/18 @ 100 ^*(b)(d)		989,988
				6,000,198
Total U.S. Government Agency Securities				9,618,421

U.S. Treasury Obligations (31.8%)
U.S. Treasury Bonds
	12,314,000	2.25%, 8/15/46		10,548,673
U.S. Treasury Inflation Indexed Notes
	4,100,000	0.38%, 7/15/25		4,263,684
U.S. Treasury Notes
	5,151,000	1.25%, 12/15/18		5,138,072
	4,126,000	1.38%, 9/30/23		3,858,455
	4,100,000	2.25%, 2/29/20		4,080,301
	4,613,000	2.25%, 2/15/27		4,409,740
				17,486,568
Total U.S. Treasury Obligations				32,298,925

Investment in Affiliates (2.7%)
	2,725,193	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(e)		2,725,193
Total Investment in Affiliates				2,725,193

Total Investments (Cost $104,623,602)(f) - 99.7%				101,437,987
Other assets in excess of liabilities — 0.3%				350,612
Net Assets - 100.0%			$	101,788,599

See notes to financial statements

Table of Contents

– 52 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2018	Concluded

(a)

(b)

(c)

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

(d)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2018.

(e)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(f)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

†

AGM	Assured Guaranty Municipal Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
PSF-GTD	Public School Fund Guaranteed
Re-REMIC	Restructured Real Estate Mortgage Investment Conduits
US0003M	3 Month US Dollar LIBOR

See notes to financial statements

Table of Contents

– 53 –

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
August 31, 2018

Shares or Principal Amount		Security Description	Value

Asset Backed Securities (15.8%)
$	37,987	Bayview Financial Mortgage Pass, Series 2005-D, Class AF4, 5.50%, 12/28/35^*(a)	$	38,282
	25,906	Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.10%, 5/25/35(a)		26,191
	15,608	Credit-Based Asset Servicing & Securitization LLC, Series 2005-CB6, Class A4, 3.79%, 6/25/35^*(a)		15,557
	26,091	Equity One Mortgage Pass, Series 2003-4, Class AF5, 6.20%, 10/25/34^*(a)		26,070
	19,089	GMAC Mortgage Home Loan Trust, Series 2003-HE2, Class A4, 5.12%, 4/25/33(a)		19,081
	50,000	GSAA Home Equity Trust, Series 2005-1, Class M1, 5.29%, 11/25/34(a)		50,322
	37,794	Residential Asset Securities Corp., Series 2004-KS8, Class MI1, 5.34%, 9/25/34^*(a)		38,770
	3,817	Residential Funding Mortgage Securities II, Series 2001-HI3, Class AI7, 7.56%, 7/25/26^*(a)		3,797
Total Asset Backed Securities				218,070

Mortgage Backed Securities† (39.8%)
Alt-A - Fixed Rate Mortgage Backed Securities (12.9%)
	25,896	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A1, 5.75%, 6/25/34^*(a)		26,116
	18,819	Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.75%, 12/25/33^*		19,283
	30,987	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 4A3, 6.00%, 8/25/34^*		31,878
	30,122	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34^*		31,092
	35,000	Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33^*		35,503
	32,925	Structured Asset Securities Corp., Series 2004-4XS, Class A3A, 5.25%, 2/25/34^*(a)		33,305
				177,177
Prime Adjustable Rate Mortgage Backed Securities (5.0%)
	18,944	Citigroup Mortgage Loan Trust, Inc., Series 2004-RR2, Class A2, 4.16%, 5/25/34(a) (b)		19,336
	49,876	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 4.28%, 7/25/34^*(a)		49,686
				69,022
Prime Fixed Mortgage Backed Securities (21.9%)
	28,027	Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34^*		29,386

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	15,288	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36^*	$	15,330
	18,067	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36^*		18,704
	32,000	Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34		32,845
	31,000	Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34^*		31,857
	40,398	Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34^*		41,438
	14,000	Countrywide Home Loans Mortgage Pass, Series 2004-9, Class A5, 5.25%, 6/25/34^*		14,264
	39,000	Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A3, 5.50%, 7/25/34^*		40,032
	23,000	Countrywide Home Loans Mortgage Pass, Series 2004-8, Class 1A7, 5.75%, 7/25/34^*		23,872
	38,838	GMAC Mortgage Loan Trust, Series 2004- J2, Class A8, 5.75%, 6/25/34^*		39,777
	14,000	WaMu Mortgage Pass, Series 2004-RS1, Class A3, 5.50%, 11/25/33^*		14,262
				301,767
Total Mortgage Backed Securities				547,966

Corporate Bonds (6.0%)
Diversified Telecommunication Services (2.3%)
	32,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100 ^*		31,789
Food Products (2.3%)
	33,000	Campbell Soup Co., 4.15%, 3/15/28, Callable 12/15/27 @ 100 ^*		31,811
Specialty Retail (1.4%)
	25,000	Bed Bath & Beyond, Inc., 5.17%, 8/1/44, Callable 2/1/44 @ 100 ^*		18,957
Total Corporate Bonds				82,557
U.S. Treasury Obligations (30.8%)
U.S. Treasury Bonds
	220,000	2.25%, 8/15/46		188,462
U.S. Treasury Notes
	80,000	1.25%, 12/15/18		79,799
	40,000	1.38%, 9/30/23		37,406
	125,000	2.25%, 2/15/27		119,492
				236,697
Total U.S. Treasury Obligations				425,159

Investment in Affiliates (9.4%)
	129,758	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(c)		129,758
Total Investment in Affiliates				129,758

Total Investments (Cost $1,403,476)(d) - 101.8%				1,403,510
Liabilities in excess of other assets — (1.8)%				(24,834	)
Net Assets - 100.0%			$	1,378,676

See notes to financial statements

Table of Contents

– 54 –

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
August 31, 2018	Concluded

(a)

(b)

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

(c)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(d)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

†

See notes to financial statements

Table of Contents

– 55 –

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
August 31, 2018

Shares or Principal Amount		Security Description	Value

Municipal Bonds (103.4%)
Alaska (3.4%)
$	400,000	Valdez Alaska Marine Terminal Revenue, Series C, 1.52%, 12/1/29, Continuously Callable @100, Insured by: GTY(a)	$	400,000
Colorado (3.9%)
	450,000	City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 1.54%, 11/1/40, Continuously Callable @100, Barclays Bank(a)		450,000
Florida (4.8%)
	450,000	Palm Beach County Revenue, 1.57%, 7/1/32, Callable 10/1/18 @ 100^*(a)		450,000
	100,000	St Lucie County School Board Revenue, 5.00%, 10/1/18, AGM		100,297
				550,297
Illinois (7.5%)
	200,000	Channahon Illinois, Morris Hospital Revenue, 1.56%, 12/1/34, Continuously Callable @100(a)		200,000
	200,000	City of East Moline Rock Island Country, Illinois, GO, Series B, 2.40%, 1/15/19		200,318
	50,000	DuPage Country Illinois Community Unit School District no 200 Wheaton- Warrenville, GO, Series A, 4.00%, 10/1/18, AGM		50,104
	200,000	Joliet Park District, Illinois, GO, Series B, 4.00%, 2/1/19		201,408
	100,000	McHenry & Lake Counties Community Consolidated School District No 26, GO, Series A, 6.00%, 2/1/19, AGM		101,736
	125,000	Village of Villa Park Dupage Country Illinois S, GO, Series B, 3.00%, 12/15/18		125,375
				878,941
Indiana (4.3%)
	500,000	Vanderburgh County Redevelopment District Revenue, 3.25%, 7/1/19		502,950
Lousiana (3.3%)
	385,000	Louisiana Public Facilities Authority Revenue, Series B-3, 1.55%, 7/1/47, Continuously Callable @100, BNY(a)		385,000
Michigan (0.2%)
	25,000	City of Royal Oak Building Authority Country of Oakland Revenue, 3.00%, 9/1/18		25,001
Minnesota (0.9%)
	100,000	Westbrook, Minnesota, GO, Series A, 4.60%, 2/1/29, Continuously Callable @100		101,108
Mississippi (3.4%)
	400,000	Mississippi State Business Finance Commission Gulf Opportunity Zone Revenue, Series C, 1.54%, 12/1/30, Callable 10/1/18 @ 100, Insured by: GTY^*(a)		400,000

Shares or Principal Amount		Security Description	Value

Municipal Bonds, continued:
Missouri (3.8%)
$	440,000	Health and Educational Facilities Authority of the State of Missouri Revenue, 1.59%, 2/1/31, Continuously Callable @100, BAM(a)	$	440,000
Nevada (2.6%)
	300,000	County of Clark Nevada Industrial Development Revenue, Series A, 1.61%, 12/1/39, Continuously Callable @100, BAM(a)		300,000
North Carolina (4.0%)
	475,000	North Carolina State Medical Care Commission Health Care Facilities Revenue, Series B, 1.54%, 10/1/38, Continuously Callable @100(a)		475,000
Ohio (13.6%)
	300,000	City of Elyria, Ohio, Revenue, 4.00%, 12/1/18		301,584
	110,000	City of Huron, Ohio, GO, 2.00%, 12/1/18		110,121
	400,000	City of Moraine, Ohio, GO, 3.00%, 6/26/19		402,068
	475,000	City of Seven Hills, Ohio, GO, 2.88%, 4/10/19		476,952
	300,000	County of Perry, Ohio, GO, 3.63%, 8/21/19		304,341
				1,595,066
Oklahoma (1.1%)
	130,000	Caddo County Governmental Building Authority Revenue, 5.00%, 9/1/19		133,335
Oregon (3.9%)
	450,000	Salem Hospital Facility Authority Revenue, Series B, 1.55%, 8/15/34, Continuously Callable @100(a)		450,000
Pennsylvania (7.3%)
	350,000	Boyertown Area School District, GO, 2.00%, 11/1/18, BAM		350,235
	505,000	Philadelphia Pennsylvania, GO, Series B, 1.53%, 8/1/31, Continuously Callable @100, Barclays Bank(a)		505,000
				855,235
South Carolina (0.9%)
	100,000	South Carolina Transportation Infrastructure Bank Revenue, Series B, 5.00%, 10/1/18		100,279

Tennessee (4.7%)
	350,000	Clarksville Tennessee Public Building Authority Revenue, 1.55%, 1/1/33, Callable 10/1/18 @ 100, BAM^*(a)		350,000
	200,000	Montgomery Country Public Building Authority Revenue, 1.55%, 2/1/36, Callable 10/1/18 @ 100^*(a)		200,000
				550,000
Texas (15.6%)
	25,000	City of Port Arthur, Texas, GO, 3.00%, 2/15/19, BAM		25,140
	445,000	City of Sachse Texas, GO, 5.13%, 2/15/28, Pre-refunded 2/15/19 @100, AGC		452,035
	290,000	Clear Brook City Municipal Utility District, GO, 4.00%, 2/1/19, AGM		292,514

See notes to financial statements

Table of Contents

– 56 –

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
August 31, 2018	Concluded

Shares or Principal Amount		Security Description	Value

Municipal Bonds, continued:
Texas, continued:
$	280,000	Fort Bend County Municipal Utility District, GO, 2.00%, 9/1/18, BAM	$	280,003
	250,000	Gulf Coast Waste Disposal Authority Revenue, 1.52%, 6/1/20, Continuously Callable @100(a)		250,000
	500,000	State of Texas Revenue, 4.00%, 8/29/19		510,526
				1,810,218
Utah (4.3%)
	500,000	Emery County Utah Pollution Control Revenue, 1.58%, 11/1/24, Continuously Callable @100, CIBC(a)		500,000
Washington (2.8%)
	320,000	City of Edmonds Washington Water & Sewer Revenue, 4.00%, 12/1/18		321,846
Wisconsin (5.4%)
	50,000	City of Algoma, Kewaunee Country, Wisconsin, GO, Series A, 4.00%, 4/1/19		50,609

Shares or Principal Amount		Security Description	Value

Municipal Bonds, continued:
Wisconsin, continued:
$	100,000	Madison Metropolitan School District Revenue, 2.00%, 9/6/18	$	100,000
	480,000	Wisconsin Health & Educational Facilities Authority Revenue, 1.55%, 3/1/36, Callable 10/1/18 @ 100^*(a)		480,000
				630,609
Wyoming (1.7%)
	200,000	County of Lincoln Wyoming Revenue, 1.52%, 10/1/44, Continuously Callable @100, Exxon Mobil Corp.(a)		200,000
Total Municipal Bonds				12,054,885

Investment in Affiliates (0.7%)
	84,184	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(b)		84,184
Total Investment in Affiliates				84,184

Total Investments (Cost $12,142,029)(c) - 104.1%				12,139,069
Liabilities in excess of other assets — (4.1)%				(472,739	)
Net Assets - 100.0%			$	11,666,330

(a)

Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at August 31, 2018.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(c)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

AGC

Assured Guaranty Corporation

AGM

Assured Guaranty Municipal Corporation

BAM

Build America Mutual Assurance Company

CIBC

Canadian Imperial Bank of Commerce

General Obligation

GTY

Guarantor Agreement

See notes to financial statements

Table of Contents

– 57 –

Schedule of Portfolio Investments

Active Core Fund

August 31, 2018

Shares or Principal Amount		Security Description	Value

Common Stocks (50.4%)
Aerospace & Defense (1.6%)
	1,684	BWX Technologies, Inc.	$	103,263
	615	General Dynamics Corp.		118,941
	654	L3 Technologies, Inc.		139,774
	296	Lockheed Martin Corp		94,841
	307	Northrop Grumman Corp.		91,636
	637	Raytheon Co.		127,043
	843	Spirit AeroSystems Holdings, Inc., Class A		72,077
	30	TransDigm Group, Inc.(a)		10,500
	812	United Technologies Corp.		106,940
				865,015
Air Freight & Logistics (0.2%)
	256	Expeditors International of Washington, Inc.		18,760
	133	FedEx Corp.		32,445
	431	United Parcel Service, Inc., Class B		52,961
				104,166
Airlines (0.3%)
	811	Alaska Air Group, Inc.		54,734
	1,330	Delta Air Lines, Inc.		77,779
	835	JetBlue Airways Corp.(a)		15,932
	315	Southwest Airlines Co.		19,310
	201	United Continental Holdings, Inc.(a)		17,571
				185,326
Auto Components (0.4%)
	160	Aptiv PLC		14,082
	1,174	Gentex Corp.		27,448
	694	Lear Corp.		112,566
	1,052	The Goodyear Tire & Rubber Co.		23,870
	594	Visteon Corp.(a)		65,572
				243,538
Automobiles (0.1%)
	1,369	Ford Motor Co.		12,978
	473	Thor Industries, Inc.		45,143
				58,121
Banks (2.7%)
	3,909	Bank of America Corp.		120,905
	253	BankUnited, Inc.		9,814
	1,461	BB&T Corp.		75,475
	375	Citigroup, Inc.		26,715
	1,447	Citizens Financial Group, Inc.		59,559
	583	Comerica, Inc.		56,831
	845	Commerce Bancshares, Inc.		60,046
	444	Cullen/Frost Bankers, Inc.		49,235
	686	East West Bancorp, Inc.		43,486
	739	First Horizon National Corp.		13,612
	100	First Republic Bank/CA		10,159
	815	HSBC Holdings PLC ADR		35,868
	508	IBERIABANK Corp.		44,018
	2,427	JPMorgan Chase & Co.		278,086
	91	M&T Bank Corp.		16,121
	2,368	Old National Bancorp, Inc.		48,070
	183	PacWest Bancorp		9,240
	2,149	People’s United Financial, Inc.		39,778
	187	SVB Financial Group(a)		60,354
	734	The PNC Financial Services Group, Inc.		105,358
	2,619	U.S. Bancorp		141,714
	3,258	Umpqua Holdings Corp.		69,721
	838	Wells Fargo & Co.		49,006
	544	Western Alliance Bancorp(a)		31,362
				1,454,533

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Beverages (0.7%)
	173	Brown-Forman Corp., Class B	$	9,034
	100	Constellation Brands, Inc., Class A		20,820
	249	Monster Beverage Corp.(a)		15,162
	1,482	PepsiCo, Inc.		165,998
	3,152	The Coca-Cola Co.		140,485
				351,499
Biotechnology (0.9%)
	485	AbbVie, Inc.		46,550
	342	Amgen, Inc.		68,335
	274	Biogen, Inc.(a)		96,856
	303	BioMarin Pharmaceutical, Inc.(a)		30,294
	573	Celgene Corp.(a)		54,120
	1,226	Exelixis, Inc.(a)		23,037
	666	Gilead Sciences, Inc.		50,436
	48	Regeneron Pharmaceuticals, Inc.(a)		19,524
	720	United Therapeutics Corp.(a)		88,553
				477,705
Building Products (0.4%)
	882	Allegion PLC		76,928
	363	Lennox International, Inc.		80,880
				157,808
Capital Markets (2.1%)
	669	Ameriprise Financial, Inc.		94,971
	93	BlackRock, Inc.		44,553
	141	CBOE Holdings, Inc.		14,213
	701	CME Group, Inc.		122,486
	1,724	E*Trade Financial Corp.(a)		101,475
	332	Eaton Vance Corp.		17,506
	121	FactSet Research Systems, Inc.		27,756
	359	Intercontinental Exchange, Inc.		27,367
	1,435	Invesco, Ltd.		34,584
	478	LPL Financial Holdings, Inc.		31,663
	194	Moody’s Corp.		34,536
	1,461	Morgan Stanley		71,341
	507	MSCI, Inc., Class A		91,392
	1,286	Nasdaq, Inc.		122,735
	95	Northern Trust Corp.		10,209
	111	Raymond James Financial, Inc.		10,327
	646	S&P Global, Inc.		133,753
	709	SEI Investments Co.		44,724
	147	T. Rowe Price Group, Inc.		17,036
	129	The Goldman Sachs Group, Inc.		30,677
	822	Virtu Financial, Inc., Class A		17,920
				1,101,224
Chemicals (0.7%)
	136	Air Products & Chemicals, Inc.		22,615
	752	Axalta Coating Systems, Ltd.(a)		22,936
	84	Celanese Corp., Class A		9,814
	880	CF Industries Holdings, Inc		45,716
	204	Chemours Co.		8,894
	226	DowDuPont, Inc.		15,849
	89	Eastman Chemical Co.		8,636
	413	Ecolab, Inc.		62,148
	117	International Flavors & Fragrances, Inc.		15,244
	643	LyondellBasell Industries NV, Class A		72,519
	160	The Scotts Miracle-Gro Co.		11,955
	23	The Sherwin-Williams Co.		10,478
	558	Westlake Chemical Corp.		52,770
				359,574

See notes to financial statements

Table of Contents

– 58 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Commercial Services & Supplies (0.6%)
	444	Cintas Corp.	$	94,736
	214	Copart, Inc.(a)		13,762
	4,234	Covanta Holding Corp		74,730
	138	Republic SVCS, Inc.		10,124
	1,293	Waste Management, Inc.		117,534
				310,886
Communications Equipment (1.3%)
	1,121	Arista Networks, Inc.(a)		335,156
	3,858	Cisco Systems, Inc.		184,297
	385	Commscope Holding Co., Inc.(a)		12,201
	616	Harris Corp.		100,106
	189	Motorola Solutions, Inc.		24,260
	150	Palo Alto Networks, Inc.(a)		34,673
				690,693
Construction & Engineering (0.1%)
	840	AECOM Technology Corp.(a)		28,258
Consumer Finance (0.1%)
	147	American Express Co.		15,579
	715	Santander Consumer USA Holdings, Inc.		15,430
				31,009
Containers & Packaging (0.4%)
	269	AptarGroup, Inc.		28,167
	271	Bemis Co., Inc.		13,355
	1,655	Berry Plastics Group, Inc.(a)		78,993
	938	Packaging Corp. of America		103,105
				223,620
Diversified Consumer Services (0.1%)
	987	ServiceMaster Global Holdings, Inc.(a)		59,486
Diversified Financial Services (0.2%)
	561	Berkshire Hathaway, Inc., Class B(a)		117,092
Diversified Telecommunication Services (0.7%)
	6,093	AT&T, Inc.		194,610
	2,891	Verizon Communications, Inc.		157,184
				351,794
Electric Utilities (0.9%)
	527	Alliant Energy Corp.		22,577
	444	Duke Energy Corp.		36,071
	1,627	Edison International		106,943
	201	Eversource Energy		12,548
	845	Exelon Corp.		36,935
	742	NextEra Energy, Inc.		126,214
	378	Pinnacle West Capital Corp.		29,692
	2,761	PPL Corp.		82,112
	1,001	Xcel Energy, Inc.		48,098
				501,190
Electrical Equipment (0.5%)
	143	AMETEK, Inc.		11,005
	266	Eaton Corp. PLC		22,115
	2,385	Emerson Electric Co.		183,001
	450	Keurig Dr Pepper, Inc.		10,260
	1,493	nVent Electric PLC		41,938
	170	Regal-Beloit Corp.		14,229
	56	Rockwell Automation, Inc.		10,134
				292,682
Electronic Equipment, Instruments & Components (0.6%)
	183	Amphenol Corp., Class A		17,308
	1,538	CDW Corp		134,667
	2,621	Corning, Inc.		87,830
	708	Keysight Technologies, Inc.(a)		45,942
	1,038	Trimble Inc.(a)		43,700
				329,447

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Energy Equipment & Services (0.2%)
	1,021	RPC, Inc.	$	13,967
	807	Schlumberger, Ltd.		50,970
	1,033	Technipfmc PLC		31,641
				96,578
Equity Real Estate Investment Trusts (1.9%)
	1,347	American Homes 4 Rent, Class A		31,250
	191	American Tower Corp.		28,482
	703	Apartment Investment & Management Co., Class A		30,791
	706	Apple Hospitality REIT, Inc.		12,461
	87	AvalonBay Communities, Inc.		15,946
	98	Boston Properties, Inc.		12,784
	1,362	Brixmor Property Group, Inc.		24,816
	1,142	Chesapeake Lodging Trust		37,583
	943	Crown Castle International Corp.		107,531
	2,262	CubeSmart		69,104
	370	Digital Reality Trust, Inc.		45,984
	470	Douglas Emmett, Inc.		18,358
	2,244	Duke Realty Corp.		63,932
	49	Equinix, Inc.		21,370
	305	Equity LifeStyle Properties, Inc.		29,548
	1,005	Equity Residential		68,089
	41	Essex Property Trust, Inc.		10,097
	728	Extra Space Storage, Inc.		67,129
	464	Host Hotels & Resorts, Inc.		9,990
	703	Lamar Advertising Co.		54,166
	90	Mid-America Apartment Communities, Inc.		9,320
	1,786	Prologis, Inc.		119,984
	136	Public Storage		28,911
	176	Realty Income Corp.		10,308
	192	Regency Centers Corp.		12,678
	193	Simon Property Group, Inc.		35,325
	148	SL Green Realty Corp.		15,451
	128	Vornado Realty Trust		9,856
	298	Weingarten Realty Investors		9,217
	476	Weyerhaeuser Co.		16,522
				1,026,983
Food & Staples Retailing (0.8%)
	402	Costco Wholesale Corp.		93,718
	726	Sysco Corp.		54,319
	1,140	US Foods Holding Corp.(a)		37,153
	147	Walgreens Boots Alliance, Inc.		10,078
	2,325	Wal-Mart Stores, Inc.		222,875
				418,143
Food Products (1.0%)
	339	Archer-Daniels-Midland Co.		17,086
	222	Campbell Soup Co.		8,758
	1,891	Hormel Foods Corp.		74,033
	846	Kellogg Co.		60,734
	76	McCormick & Co.		9,491
	2,479	Mondelez International, Inc., Class A		105,903
	1,507	Pinnacle Foods, Inc.		100,095
	522	The Kraft Heinz Co.		30,417
	2,412	Tyson Foods, Inc., Class A		151,497
				558,014
Gas Utilities (0.2%)
	208	Atmos Energy Corp.		19,184
	1,353	UGI Corp.		73,129
				92,313

See notes to financial statements

Table of Contents

– 59 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Health Care Equipment & Supplies (1.8%)
	1,275	Abbott Laboratories	$	85,221
	370	ABIOMED, Inc.(a)		150,435
	26	Align Technology, Inc.(a)		10,049
	2,100	Baxter International, Inc.		156,178
	765	Danaher Corp.		79,208
	614	Edwards Lifesciences Corp.(a)		88,563
	475	Hill-Rom Holdings, Inc.		46,203
	3,299	Hologic, Inc.(a)		131,168
	51	IDEXX Laboratories, Inc.(a)		12,956
	68	Intuitive Surgical, Inc.(a)		38,080
	844	Medtronic PLC		81,370
	86	ResMed, Inc.		9,581
	211	Stryker Corp.		35,750
	222	Teleflex, Inc.		54,929
				979,691
Health Care Providers & Services (1.6%)
	199	Aetna, Inc.		39,854
	605	Anthem, Inc.		160,162
	537	Centene Corp.(a)		78,660
	77	Cigna Corp.		14,502
	171	HCA Healthcare, Inc.		22,933
	196	Henry Schein, Inc.(a)		15,225
	264	Humana, Inc.		87,981
	204	Quest Diagnostics, Inc.		22,436
	1,175	UnitedHealth Group, Inc.		315,440
	339	Well Care Health Plans, Inc.(a)		102,571
				859,764
Health Care Technology (0.2%)
	199	Cerner Corp.(a)		12,957
	754	Veeva Systems, Inc.(a)		78,687
				91,644
Hotels, Restaurants & Leisure (1.0%)
	240	Aramark		9,859
	651	Carnival Corp.		40,030
	985	Darden Restaurants, Inc.		114,300
	276	Dunkin’ Brands Group, Inc.		20,118
	161	Hilton Worldwide Holdings, Inc.		12,497
	159	Hyatt Hotels Corp., Class A		12,300
	236	Las Vegas Sands Corp.		15,439
	690	McDonald’s Corp.		111,939
	645	Norwegian Cruise Line Holdings, Ltd.(a)		34,578
	1,065	Six Flags Entertainment Corp.		71,941
	1,023	Starbucks Corp.		54,679
	442	Wyndham Worldwide Corp.		19,536
	203	Yum! Brands, Inc.		17,639
				534,855
Household Durables (0.8%)
	2,606	D.R. Horton, Inc.		115,993
	632	Garmin, Ltd.		43,064
	1,156	Leggett & Platt, Inc.		52,529
	56	NVR, Inc.(a)		149,433
	974	Pulte Homes, Inc.		27,223
	413	Toll Brothers, Inc.		14,963
				403,205
Household Products (1.0%)
	560	Church & Dwight Co., Inc.		31,685
	1,738	Colgate-Palmolive Co.		115,421
	618	Energizer Holdings, Inc.		39,299
	223	Kimberly-Clark Corp.		25,765
	831	The Clorox Co.		120,478
	2,256	The Procter & Gamble Co.		187,135
				519,783

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Independent Power & Renewable Electricity Producers (0.0%)
	937	AES Corp.	$	12,612
Industrial Conglomerates (0.5%)
	618	3M Co.		130,348
	138	Carlisle Cos., Inc.		17,500
	713	Honeywell International, Inc.		113,410
	63	Roper Technologies, Inc.		18,797
				280,055
Insurance (0.8%)
	484	Aflac, Inc.		22,380
	149	AON PLC		21,688
	893	Assured Guaranty, Ltd.		36,380
	209	Athene Holdings, Ltd.(a)		10,379
	66	Chubb, Ltd.		8,926
	238	Cincinnati Financial Corp.		18,247
	364	First American Financial		20,697
	1,589	FNF Group		63,719
	229	Lincoln National Corp.		15,018
	621	Marsh & McLennan Cos., Inc.		52,555
	225	Principal Financial Group, Inc.		12,418
	361	Prudential Financial, Inc.		35,468
	840	The Allstate Corp.		84,479
	162	The Hanover Insurance Group, Inc.		19,843
	461	The Hartford Financial Services Group, Inc.		23,221
	513	The Progressive Corp.		34,643
				480,061
Internet & Direct Marketing Retail (1.1%)
	163	Amazon.com, Inc.(a)		328,071
	30	Booking Holdings, Inc.(a)		58,547
	540	Expedia, Inc.		70,470
	387	Netflix, Inc.(a)		142,292
				599,380
Internet Software & Services (1.8%)
	105	Alphabet, Inc., Class A(a)		129,339
	113	Alphabet, Inc., Class C(a)		137,655
	2,622	Facebook, Inc., Class A(a)		460,764
	1,249	Twitter, Inc.(a)		43,940
	908	VeriSign, Inc.(a)		144,018
	581	Zillow Group, Inc., Class A(a)		27,946
				943,662
IT Services (2.2%)
	403	Accenture PLC, Class A		68,135
	365	Automatic Data Processing, Inc.		53,564
	773	Broadridge Financial Solutions, Inc.		104,463
	359	Cognizant Technology Solutions Corp., Class A		28,156
	169	Euronet Worldwide, Inc.(a)		16,528
	481	Fidelity National Information Services, Inc.		52,030
	2,084	Fiserv, Inc.(a)		166,866
	99	Global Payments, Inc.		12,333
	87	Jack Henry & Associates, Inc.		13,784
	162	Leidos Holdings, Inc.		11,465
	781	MasterCard, Inc., Class A		168,352
	675	Paychex, Inc.		49,444
	733	Paypal Holdings, Inc.(a)		67,678
	1,271	The Western Union Co.		24,047
	926	Total System Services, Inc.		89,952
	1,590	Visa, Inc., Class A		233,556
	179	Worldpay, Inc., Class A(a)		17,433
				1,177,786

See notes to financial statements

Table of Contents

– 60 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Leisure Products (0.1%)
	636	Hasbro, Inc.	$	63,161
Life Sciences Tools & Services (0.6%)
	285	Agilent Technologies, Inc.		19,249
	387	Charles River Laboratories International, Inc.(a)		47,798
	127	Illumina, Inc.(a)		45,063
	73	Mettler-Toledo International, Inc.(a)		42,666
	408	Thermo Fisher Scientific, Inc.		97,553
	248	Waters Corp.(a)		46,991
				299,320
Machinery (0.5%)
	1,518	Allison Transmission Holdings, Inc.		75,384
	161	Crane Co.		14,696
	693	Fortive Corp.		58,198
	337	Illinois Tool Works, Inc.		46,803
	82	Parker-Hannifin Corp.		14,399
	70	Stanley Black & Decker, Inc.		9,837
	320	The Timken Co.		15,568
	383	The Toro Co.		23,283
				258,168
Media (0.7%)
	822	Comcast Corp., Class A		30,406
	194	GCI Liberty, Inc., Class A(a)		9,522
	141	Omnicom Group, Inc.		9,774
	863	The Interpublic Group of Cos., Inc.		20,151
	173	The Madison Square Garden Co., Class A(a)		52,236
	1,784	The Walt Disney Co.		199,843
	863	Twenty-First Century Fox, Inc., Class A		39,180
				361,112
Metals & Mining (0.5%)
	413	Compass Minerals International, Inc.		25,833
	337	Newmont Mining Corp.		10,457
	824	Reliance Steel & Aluminum Co.		72,421
	3,284	Steel Dynamics, Inc.		150,178
				258,889
Mortgage Real Estate Investment Trusts (0.1%)
	1,419	AGNC Investment Corp.		26,990
	1,165	Annaly Capital Management, Inc.		12,372
				39,362
Multiline Retail (0.2%)
	169	Dollar General Corp.		18,206
	170	Dollar Tree, Inc.(a)		13,687
	1,531	Nordstrom, Inc.		96,223
				128,116
Multi-Utilities (0.4%)
	1,283	CenterPoint Energy, Inc.		35,655
	199	Consolidated Edison, Inc.		15,707
	409	Dominion Resources, Inc.		28,945
	115	DTE Energy Co.		12,781
	426	MDU Resources Group, Inc.		11,881
	191	Public Service Enterprise Group, Inc.		9,999
	194	Sempra Energy		22,520
	1,051	WEC Energy Group, Inc.		71,026
				208,514
Oil, Gas & Consumable Fuels (3.1%)
	542	Anadarko Petroleum Corp.		34,905
	163	Andeavor		24,905
	1,544	Chevron Corp.		182,902
	129	ConocoPhillips		9,472

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	705	Continental Resources, Inc.(a)	$	46,495
	414	EOG Resources, Inc.		48,947
	3,870	Exxon Mobil Corp.		310,259
	3,985	HollyFrontier Corp.		296,963
	1,314	Marathon Oil Corp.		28,264
	1,286	Marathon Petroleum Corp.		105,825
	440	Murphy Oil Corp.		13,565
	1,396	Occidental Petroleum Corp.		111,499
	1,013	ONEOK, Inc.		66,767
	2,348	PBF Energy, Inc.		121,908
	368	Phillips 66		43,612
	173	Pioneer Natural Resources Co		30,223
	775	SM Energy Co.		23,320
	3,055	The Williams Cos., Inc.		90,397
	748	TOTAL SA ADR		46,930
	538	Valero Energy Corp.		63,419
				1,700,577
Paper & Forest Products (0.1%)
	592	Domtar Corp.		30,133
Personal Products (0.0%)
	137	The Estee Lauder Cos., Inc., Class A		19,196
Pharmaceuticals (1.9%)
	1,628	Bristol-Myers Squibb Co.		98,575
	946	Eli Lilly & Co.		99,945
	3,126	Johnson & Johnson		421,042
	1,348	Merck & Co., Inc.		92,459
	5,846	Pfizer, Inc.		242,726
	989	Zoetis, Inc.		89,603
				1,044,350
Professional Services (0.2%)
	22	CoStar Group, Inc.(a)		9,728
	74	Equifax, Inc.		9,914
	243	IHS Markit, Ltd.(a)		13,365
	181	ManpowerGroup, Inc.		16,965
	732	Robert Half International, Inc.		57,227
	99	Verisk Analytics, Inc., Class A(a)		11,790
				118,989
Real Estate Management & Development (0.1%)
	487	CBRE Group, Inc., Class A(a)		23,770
	1,439	Realogy Holdings Corp.		30,781
				54,551
Road & Rail (0.4%)
	311	Old Dominion Freight Line, Inc.		47,396
	119	Ryder System, Inc.		9,144
	338	Schneider National, Inc., Class B		9,143
	877	Union Pacific Corp.		132,094
				197,777
Semiconductors & Semiconductor Equipment (2.0%)
	357	Analog Devices, Inc.		35,289
	553	Applied Materials, Inc.		23,790
	147	Broadcom, Inc.		32,197
	3,604	Intel Corp.		174,542
	1,252	Lam Research Corp.		216,710
	3,883	Micron Technology, Inc.(a)		203,935
	465	NVIDIA Corp.		130,516
	483	NXP Semiconductors NV(a)		44,987
	2,023	ON Semiconductor Corp.(a)		43,171
	768	QUALCOMM, Inc.		52,769
	110	Skyworks Solutions, Inc.		10,043
	961	Texas Instruments, Inc.		108,016
	152	Xilinx, Inc.		11,830
				1,087,795

See notes to financial statements

Table of Contents

– 61 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Software (2.1%)
	447	Activision Blizzard, Inc.	$	32,229
	672	Adobe Systems, Inc.(a)		177,078
	53	ANSYS, Inc.(a)		9,857
	749	Cadence Design Systems, Inc.(a)		35,233
	584	Electronic Arts, Inc.(a)		66,231
	1,370	Fortinet, Inc.(a)		114,751
	248	Intuit, Inc.		54,429
	329	Manhattan Associates, Inc.(a)		19,079
	3,149	Microsoft Corp.		353,726
	732	Oracle Corp.		35,561
	454	Salesforce.com, Inc.(a)		69,317
	1,205	Take-Two Interactive Software(a)		160,940
				1,128,431
Specialty Retail (1.1%)
	712	Best Buy Co., Inc.		56,647
	228	Burlington Stores, Inc.(a)		38,345
	626	Lowe’s Cos., Inc.		68,078
	71	O’Reilly Automotive, Inc.(a)		23,815
	1,005	Ross Stores, Inc.		96,259
	1,146	The Home Depot, Inc.		230,081
	400	The TJX Cos., Inc.		43,988
	486	Williams-Sonoma, Inc.		34,132
				591,345
Technology Hardware, Storage & Peripherals (2.5%)
	5,210	Apple, Inc.		1,185,953
	4,719	HP, Inc.		116,323
	461	NetApp, Inc.		40,019
				1,342,295
Textiles, Apparel & Luxury Goods (0.4%)
	821	NIKE, Inc., Class B		67,486
	1,468	Tapestry, Inc.		74,413
	592	VF Corp.		54,541
				196,440
Thrifts & Mortgage Finance (0.1%)
	858	New York Community Bancorp, Inc.		9,241
	2,620	Oritani Financial Corp.		42,444
				51,685
Tobacco (0.4%)
	2,639	Altria Group, Inc.		154,434
	1,112	Philip Morris International, Inc.		86,614
				241,048
Trading Companies & Distributors (0.3%)
	354	Fastenal Co.		20,659
	952	H&E Equipment Services, Inc.		33,139
	1,384	HD Supply Holdings, Inc.(a)		63,097
	233	MSC Industrial Direct Co., Inc., Class A		19,917
	29	W.W. Grainger, Inc.		10,268
	79	Watsco, Inc.		13,824
				160,904
Water Utilities (0.0%)
	269	American Water Works Co., Inc.		23,546
Wireless Telecommunication Services (0.1%)
	656	T-Mobile US, Inc.(a)		43,322
Total Common Stocks				27,018,221

Asset Backed Securities (1.5%)
$	201,232	AccessLex Institute, Series 2007-1, Class C, 2.74% (US0003M + 40 bps), 10/25/35^*(b)		188,974

Shares or Principal Amount		Security Description	Value

Asset Backed Securities, continued:
$	92,854	Aegis Asset Backed Securities Trust, Series 2004-4, Class A1, 2.78% (US0001M + 72 bps), 10/25/34^*	$	92,746
	174,371	Saxon Asset Securities Trust, Series 2003- 3, Class A5, 4.81%, 12/25/33^*(c)		174,031
	210,000	SLM Student Loan Trust, Series 2012-7, Class B, 3.86% (US0001M + 180 bps), 9/25/43^*		210,728
	149,250	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43^*(d)		150,517
Total Asset Backed Securities				816,996

Mortgage Backed Securities† (10.1%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.3%)
	220,316	Bear Stearns Alternative-A Trust, Series 2007-2, Class 2A1, 3.93%, 4/25/37^*(c)		178,560
	4,875	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class 10A1, 5.32%, 10/25/33^*(c)		4,868
				183,428
Alt-A - Fixed Rate Mortgage Backed Securities (1.5%)
	59,782	Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35^*		59,248
	79,075	Bank of America Alternative Loan Trust, Series 2004-10, Class 1CB1, 6.00%, 11/25/34^*		82,982
	79,118	Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37^*		76,561
	27,899	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A4, 5.50%, 11/25/35^*		21,520
	64,527	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36^*		57,147
	12,865	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 2A4, 6.00%, 1/25/37^*		11,465
	24,645	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34^*		25,439
	766	Countrywide Alternative Loan Trust, Series 2005-J3, Class 3A1, 6.50%, 9/25/34^*		763
	89,368	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.35%, 6/25/36^*(c)		85,487
	7,596	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34^*		7,820
	53,977	Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34^*		54,460
	86,314	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34^*		91,124
	46,535	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35^*(c)		46,645
	21,301	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 4.98%, 5/25/35^*(c)		16,164

See notes to financial statements

Table of Contents

– 62 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	158,459	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36^*(c)	$	61,838
	1,944	Residential Accredit Loans, Inc., Series 2004-QS9, Class A1, 5.00%, 6/25/19^*		1,942
	12,611	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36^*		11,654
	70,096	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35^*		60,177
	40,936	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36^*		30,027
	49,250	Washington Mutual Mortgage Pass- Through Certificates, Series 2005-5, Class CB14, 5.50%, 7/25/35^*		46,257
				848,720
Prime Adjustable Rate Mortgage Backed Securities (0.0%)
	13,544	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 4.26%, 9/25/34^*(c)		11,883
	10,426	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.56%, 7/25/37^*(c)		9,280
				21,163
Prime Fixed Mortgage Backed Securities (1.2%)
	222,491	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.41%, 9/25/35^*(c)		181,241
	30,487	Banc of America Funding Trust, Series 2006-4, Class A14, 6.00%, 7/25/36^*		28,573
	19,578	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 3.86%, 5/25/35^*(c)		19,708
	115,620	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34^*		129,840
	42,488	Countrywide Home Loans, Series 2005-22, Class 2A1, 3.51%, 11/25/35^*(c)		37,843
	1,972	Countrywide Home Loans, Series 2004- 24CB, Class 2A1, 5.00%, 11/25/19^*		1,971
	35,699	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35^*		35,767
	37,844	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37^*		30,292
	42,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35^*		39,931
	27,304	Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36^*		15,496
	402	GSR Mortgage Loan Trust, Series 2006-10F, Class 5A1, 6.00%, 1/25/27^*		1,544
	21,647	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.50%, 1/25/36^*		20,563
	18,481	Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31^*		19,715

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	74,340	Structured Asset Securities Corp., Series 2005-3, Class 1A8, 5.75%, 3/25/35^*	$	70,892
	434	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32^*		435
	11,127	Wells Fargo Mortgage Backed Securities Trust, Series 2006-11, Class A8, 6.00%, 9/25/36^*		10,665
				644,476
Subprime Mortgage Backed Securities (0.8%)
	145,717	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57^*(c)(d)		142,518
	91,236	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58(c)(d)		89,787
	169,680	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58(c)(d)		167,927
				400,232
U.S. Government Agency Mortgage Backed Securities (6.3%)
	90,613	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		82,424
	92,298	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		90,100
	109,664	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		104,115
	206,405	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		193,371
	125,929	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		121,112
	219,578	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c)		212,330
	22,952	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		22,733
	188,528	Fannie Mae, Series 2015-71, Class PD, 2.50%, 3/25/43		182,661
	166,148	Fannie Mae, Series 2017-43, Class PA, 2.50%, 6/25/47		161,089
	137,681	Fannie Mae, Series 2010-99, Class JU, 3.00%, 8/25/40		136,021
	52,314	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		52,059
	23,192	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		23,247
	152,567	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		150,888
	27,058	Fannie Mae, 4.00%, 4/1/25, Pool #AD3828		27,712
	32,766	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		33,582
	17,501	Fannie Mae, 4.50%, 4/1/35, Pool #814522		18,262
	20,428	Fannie Mae, 5.50%, 10/1/35, Pool #838584		21,908
	1,593	Fannie Mae, 6.00%, 5/1/35, Pool #357778		1,735
	4,000	Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29		4,300
	92,967	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		89,451
	78,579	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		75,100

See notes to financial statements

Table of Contents

– 63 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2018	Continued

Shares or Principal Amount		Security Description	Value

Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	89,524	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42	$	86,227
	136,671	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		133,341
	119,772	Freddie Mac, Series 4395, Class PA, 2.50%, 4/15/37		116,559
	182,654	Freddie Mac, Series 4564, Class 10A1, 2.50%, 3/15/46		176,353
	10,768	Freddie Mac, 2.94% (H15T1Y + 172 bps), 6/1/28, Pool #605508		10,796
	1,356	Freddie Mac, Series 3982, Class AJ, 3.00%, 6/15/36		1,355
	153,590	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		152,476
	106,947	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		106,056
	175,901	Freddie Mac, Series 4486, Class PA, 3.00%, 3/15/44		173,910
	19	Freddie Mac, 5.00%, 9/1/18, Pool #E99582		19
	1,456	Freddie Mac, 5.50%, 1/1/35, Pool #A30935		1,580
	20,000	Freddie Mac, Series 1443, Class I, 7.50%, 12/15/22^*		21,108
	215,475	Freddie Mac Pass-Through Certificates, Series KJ17, Class A1, 2.40%, 10/25/24		210,238
	35,198	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		34,660
	77,033	Government National Mortgage Assoc., Series 2013-69, Class 10A1, 2.00%, 9/20/42		68,033
	183,377	Government National Mortgage Assoc., Series 2016-141, Class PA, 2.25%, 8/20/46		177,373
	949	Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166		1,016
	40,866	Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258		44,763
	1,802	Government National Mortgage Assoc., 7.00%, 1/15/26, Pool #421420		1,817
	8,159	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747		8,638
				3,330,518
Total Mortgage Backed Securities				5,428,537

Corporate Bonds (6.4%)
Banks (1.2%)
	440,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 ^*		437,305
	250,000	Wells Fargo & Co., 3.00%, 10/23/26		233,731
				671,036
Beverages (0.3%)
	85,000	Keurig Dr. Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100 ^*(d)		86,137
	88,000	Molson Coors Brewing Co., 3.00%, 7/15/26, Callable 4/15/26 @ 100 ^*		80,900
				167,037

Shares or Principal Amount		Security Description	Value

Corporate Bonds, continued:
Capital Markets (0.4%)
$	250,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 ^*	$	238,212
Diversified Telecommunication Services (0.5%)
	270,000	AT&T, Inc., 3.40%, 5/15/25, Callable 2/15/25 @ 100 ^*		256,706
Food Products (0.3%)
	175,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 ^*		170,249
Hotels, Restaurants & Leisure (0.2%)
	85,000	Royal Caribbean Cruises, 5.25%, 11/15/22		89,744
Industrial Conglomerates (0.4%)
	230,000	General Electric Co., 3.10%, 1/9/23		226,937
Internet Software & Services (0.6%)
	300,000	eBay, Inc., 2.82% (US0003M + 48 bps), 8/1/19		300,597
IT Services (0.9%)
	500,000	International Business Machine Corp., 1.63%, 5/15/20		490,268
Multiline Retail (0.3%)
	150,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100 ^*		141,796
Oil, Gas & Consumable Fuels (0.6%)
	325,000	BP Capital Markets PLC, 2.75%, 5/10/23		316,031
Technology Hardware, Storage & Peripherals (0.4%)
	225,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 ^*		218,974
Thrifts & Mortgage Finance (0.3%)
	185,174	Preferred Term Securities XX, Class B2, 2.79% (US0003M + 45 bps), 3/22/38, Callable 10/8/18 @ 100 ^*(d)		159,713
Total Corporate Bonds				3,447,300

Taxable Municipal Bonds (5.3%)
Illinois (0.9%)
	150,000	Northern Illinois Municipal Power Agency Power Project Revenue, Build America Bonds, GO, 6.29%, 1/1/21, Continuously Callable @100		151,365
	300,000	Rosemont Illinois State, GO, Series A, 2.76%, 12/1/19, Insured by: MAC		297,903
				449,268
Kansas (0.5%)
	250,000	Kansas State Development Finance Authority Revenue, Series H, 4.29%, 4/15/29		257,095
Michigan (0.8%)
	240,000	County of Jackson Michigan, GO, 3.73%, 12/1/30, Continuously Callable @100		239,390
	210,000	Houghton-Portage Township School District, GO, Series B, 2.70%, 5/1/25, Insured by: Q-SBLF		200,955
				440,345
Missouri (0.2%)
	100,000	Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100		103,797

See notes to financial statements

Table of Contents

– 64 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2018	Concluded

Shares or Principal Amount		Security Description	Value

Taxable Municipal Bonds, continued:
Ohio (0.6%)
$	330,000	County of Cuyahoga Ohio Revenue, 3.48%, 7/1/32, Continuously Callable @100	$	324,299
Rhode Island (0.4%)
	225,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		219,735
South Carolina (0.4%)
	220,000	South Carolina Public Service Authority Revenue, Series D, 2.39%, 12/1/23		206,056
Texas (1.2%)
	360,000	County of Burnet TX, GO, 4.20%, 3/1/34, Continuously Callable @100		363,125
	300,000	Dallas Independent School District, Build America Bonds, GO, 6.45%, 2/15/35, Continuously Callable @100, Insured by: PSF-GTD		323,256
				686,381
Wisconsin (0.3%)
	140,000	Wisconsin State, Build America Bonds, GO, Series D, 5.10%, 5/1/41, Continuously Callable @100		146,427
Total Taxable Municipal Bonds				2,833,403

U.S. Government Agency Securities (3.5%)
Fannie Mae
	250,000	2.00%, 7/28/21, Callable 10/28/18 @ 100 ^*(c)(e)		247,160
	185,000	2.50%, 12/27/32, Callable 9/27/18 @ 100 ^*(c)		179,001
				426,161
Freddie Mac
	500,000	1.88%, 8/25/21, Callable 11/25/18 @ 100 ^*(c)		490,247
	250,000	2.00%, 5/25/21, Callable 11/25/18 @ 100 ^*(c)(e)		247,763
	250,000	2.00%, 11/23/21, Callable 11/23/18 @ 100 ^*(c)(e)		245,016

Shares or Principal Amount		Security Description	Value

U.S. Government Agency Securities, continued:
Freddie Mac, continued:
$	250,000	2.50%, 6/9/21, Callable 12/9/18 @ 100 ^*(c)(e)	$	247,497
	220,000	3.00%, 3/8/28 (c)		214,771
	4,674	Series 2302, 6.50%, 4/15/31		5,164
				1,450,458
Total U.S. Government Agency Securities				1,876,619

U.S. Treasury Obligations (13.8%)
U.S. Treasury Bonds
	2,737,000	2.25%, 8/15/46		2,344,626
U.S. Treasury Inflation Indexed Notes
	876,000	0.38%, 7/15/25		910,972
U.S. Treasury Notes
	1,314,000	1.25%, 12/15/18		1,310,703
	1,095,000	1.38%, 9/30/23		1,023,996
	876,000	2.25%, 2/29/20		871,791
	985,000	2.25%, 2/15/27		941,598
				4,148,088
Total U.S. Treasury Obligations				7,403,686

Investment Companies (6.0%)
	17,930	iShares MSCI EAFE Index Fund ETF		1,207,406
	36,055	iShares MSCI Emerging Markets Index Fund ETF		1,556,495
	4,000	SPDR Gold Trust ETF		454,040
Total Investment Companies				3,217,941

Investment in Affiliates (2.7%)
	771,330	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(f)		771,330
	73,409	Cavanal Hill World Energy Fund, Institutional Class		698,215
Total Investment in Affiliates				1,469,545

Total Investments (Cost $43,018,573)(g) - 99.7%				53,512,248
Other assets in excess of liabilities — 0.3%				134,081
Net Assets - 100.0%			$	53,646,329

(a)

Non-income producing security.

(b)

The Adviser has deemed these securities to be illiquid according to the policies and procedures adopted by the Board of Trustees. At August 31, 2018, illiquid securities were 0.4% of the Fund’s net assets.

(c)

(d)

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.

(e)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2018.

(f)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(g)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

†

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MAC	Municipal Assurance Corporation

PSF-GTD	Public School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

See notes to financial statements

Table of Contents

– 65 –

Schedule of Portfolio Investments

Mid Cap Core Equity Fund

August 31, 2018

Shares		Security Description	Value

Common Stocks (95.6%)
Aerospace & Defense (3.4%)
	350	BWX Technologies, Inc.	$	21,462
	158	L3 Technologies, Inc.		33,768
	276	Spirit AeroSystems Holdings, Inc., Class A		23,598
				78,828
Airlines (0.6%)
	85	Alaska Air Group, Inc.		5,737
	90	United Continental Holdings, Inc.(a)		7,867
				13,604
Auto Components (1.9%)
	132	Lear Corp.		21,411
	477	The Goodyear Tire & Rubber Co.		10,823
	121	Visteon Corp.(a)		13,357
				45,591
Automobiles (0.4%)
	100	Thor Industries, Inc.		9,544
Banks (3.6%)
	92	Comerica, Inc.		8,968
	293	Commerce Bancshares, Inc.		20,821
	161	Cullen/Frost Bankers, Inc.		17,853
	229	East West Bancorp, Inc.		14,516
	25	SVB Financial Group(a)		8,069
	246	Western Alliance Bancorp(a)		14,182
				84,409
Biotechnology (1.1%)
	312	Exelixis, Inc.(a)		5,862
	163	United Therapeutics Corp.(a)		20,048
				25,910
Building Products (1.9%)
	203	Allegion PLC		17,706
	113	Lennox International, Inc.		25,178
				42,884
Capital Markets (5.6%)
	781	E*Trade Financial Corp.(a)		45,970
	150	Eaton Vance Corp.		7,910
	55	FactSet Research Systems, Inc.		12,616
	217	LPL Financial Holdings, Inc.		14,374
	120	MSCI, Inc., Class A		21,631
	195	Nasdaq, Inc.		18,611
	205	SEI Investments Co.		12,931
				134,043
Chemicals (0.8%)
	340	Axalta Coating Systems, Ltd.(a)		10,370
	90	Westlake Chemical Corp.		8,511
				18,881
Commercial Services & Supplies (1.3%)
	144	Cintas Corp.		30,725
Communications Equipment (4.4%)
	203	Arista Networks, Inc.(a)		60,693
	174	Commscope Holding Co., Inc.(a)		5,514
	237	Harris Corp.		38,515
				104,722
Containers & Packaging (2.1%)
	72	AptarGroup, Inc.		7,539
	354	Berry Plastics Group, Inc.(a)		16,896
	232	Packaging Corp. of America		25,502
				49,937
Diversified Consumer Services (0.9%)
	349	ServiceMaster Global Holdings, Inc.(a)		21,034
Electric Utilities (2.1%)
	446	Edison International		29,315
	643	PPL Corp.		19,123
				48,438

Shares		Security Description	Value

Common Stocks, continued:
Electrical Equipment (0.3%)
	75	Regal-Beloit Corp.	$	6,278
Electronic Equipment, Instruments & Components (1.1%)
	289	CDW Corp.		25,305
Energy Equipment & Services (0.3%)
	463	RPC, Inc.		6,334
Equity Real Estate Investment Trusts (6.5%)
	609	American Homes 4 Rent, Class A		14,129
	162	Apartment Investment & Management Co., Class A		7,096
	319	Apple Hospitality REIT, Inc.		5,630
	840	CubeSmart		25,661
	212	Douglas Emmett, Inc.		8,281
	730	Duke Realty Corp.		20,797
	137	Equity LifeStyle Properties, Inc.		13,273
	284	Extra Space Storage, Inc.		26,187
	131	Lamar Advertising Co.		10,094
	147	Prologis, Inc.		9,875
	85	Regency Centers Corp.		5,613
	66	SL Green Realty Corp.		6,890
				153,526
Food & Staples Retailing (0.4%)
	283	US Foods Holding Corp.(a)		9,223
Food Products (3.5%)
	543	Hormel Foods Corp.		21,258
	84	Kellogg Co.		6,030
	388	Pinnacle Foods, Inc.		25,771
	447	Tyson Foods, Inc., Class A		28,077
				81,136
Gas Utilities (1.2%)
	500	UGI Corp.		27,025
Health Care Equipment & Supplies (5.1%)
	114	ABIOMED, Inc.(a)		46,350
	40	Edwards Lifesciences Corp.(a)		5,770
	111	Hill-Rom Holdings, Inc.		10,797
	983	Hologic, Inc.(a)		39,084
	80	Teleflex, Inc.		19,794
				121,795
Health Care Providers & Services (1.9%)
	87	Henry Schein, Inc.(a)		6,758
	55	Quest Diagnostics, Inc.		6,049
	106	Well Care Health Plans, Inc.(a)		32,072
				44,879
Health Care Technology (0.7%)
	161	Veeva Systems, Inc.(a)		16,802
Hotels, Restaurants & Leisure (0.9%)
	67	Darden Restaurants, Inc.		7,775
	72	Hilton Worldwide Holdings, Inc.		5,589
	118	Six Flags Entertainment Corp.		7,970
				21,334
Household Durables (3.0%)
	646	D.R. Horton, Inc.		28,753
	11	NVR, Inc.(a)		29,353
	441	Pulte Homes, Inc.		12,326
				70,432
Household Products (0.9%)
	253	Church & Dwight Co., Inc.		14,315
	43	The Clorox Co.		6,234
				20,549
Independent Power & Renewable Electricity Producers (0.2%)
	425	AES Corp.		5,721
Insurance (2.3%)
	278	Assured Guaranty, Ltd.		11,326
	107	Cincinnati Financial Corp.		8,204

See notes to financial statements

Table of Contents

– 66 –

Schedule of Portfolio Investments	Mid Cap Core Equity Fund
August 31, 2018	Concluded

Shares		Security Description	Value

Common Stocks, continued:
Insurance, continued:
	331	FNF Group	$	13,273
	102	Principal Financial Group, Inc.		5,629
	72	The Hanover Insurance Group, Inc.		8,819
	105	The Hartford Financial Services Group, Inc.		5,289
				52,540
Internet & Direct Marketing Retail (0.6%)
	109	Expedia, Inc.		14,225
Internet Software & Services (2.0%)
	171	Twitter, Inc.(a)		6,016
	263	VeriSign, Inc.(a)		41,714
				47,730
IT Services (5.4%)
	146	Broadridge Financial Solutions, Inc.		19,730
	75	Euronet Worldwide, Inc.(a)		7,335
	52	Fidelity National Information Services, Inc.		5,625
	546	Fiserv, Inc.(a)		43,718
	215	Paychex, Inc.		15,749
	370	Total System Services, Inc.		35,942
				128,099
Leisure Products (0.9%)
	203	Hasbro, Inc.		20,160
Life Sciences Tools & Services (1.3%)
	128	Agilent Technologies, Inc.		8,645
	62	Charles River Laboratories International, Inc.(a)		7,658
	75	Waters Corp.(a)		14,211
				30,514
Machinery (2.5%)
	687	Allison Transmission Holdings, Inc.		34,117
	72	Crane Co.		6,572
	145	The Timken Co.		7,054
	173	The Toro Co.		10,517
				58,260
Media (0.7%)
	52	The Madison Square Garden Co., Class A(a)		15,701
Metals & Mining (2.3%)
	170	Reliance Steel & Aluminum Co.		14,941
	832	Steel Dynamics, Inc.		38,048
				52,989
Mortgage Real Estate Investment Trusts (0.8%)
	641	AGNC Investment Corp.		12,192
	526	Annaly Capital Management, Inc.		5,586
				17,778
Multiline Retail (0.3%)
	76	Dollar Tree, Inc.(a)		6,119
Multi-Utilities (1.2%)
	203	CenterPoint Energy, Inc.		5,641
	192	MDU Resources Group, Inc.		5,355
	86	Sempra Energy		9,983
	97	WEC Energy Group, Inc.		6,555
				27,534

Shares		Security Description	Value

Common Stocks, continued:
Oil, Gas & Consumable Fuels (4.7%)
	766	HollyFrontier Corp.	$	57,083
	200	Murphy Oil Corp.		6,166
	154	ONEOK, Inc.		10,150
	634	PBF Energy, Inc.		32,917
	197	The Williams Cos., Inc.		5,829
				112,145
Paper & Forest Products (0.4%)
	166	Domtar Corp.		8,449
Professional Services (1.1%)
	331	Robert Half International, Inc.		25,878
Real Estate Management & Development (0.8%)
	219	CBRE Group, Inc., Class A(a)		10,689
	340	Realogy Holdings Corp.		7,273
				17,962
Road & Rail (0.9%)
	141	Old Dominion Freight Line, Inc.		21,488
Semiconductors & Semiconductor Equipment (2.5%)
	58	Analog Devices, Inc.		5,733
	253	Lam Research Corp.		43,792
	415	ON Semiconductor Corp.(a)		8,856
				58,381
Software (4.5%)
	338	Cadence Design Systems, Inc.(a)		15,900
	303	Fortinet, Inc.(a)		25,379
	148	Manhattan Associates, Inc.(a)		8,583
	427	Take-Two Interactive Software(a)		57,029
				106,891
Specialty Retail (2.7%)
	203	Best Buy Co., Inc.		16,151
	104	Burlington Stores, Inc.(a)		17,490
	143	Ross Stores, Inc.		13,697
	220	Williams-Sonoma, Inc.		15,451
				62,789
Trading Companies & Distributors (1.3%)
	325	HD Supply Holdings, Inc.(a)		14,817
	105	MSC Industrial Direct Co., Inc., Class A		8,975
	36	Watsco, Inc.		6,300
				30,092
Water Utilities (0.3%)
	70	American Water Works Co., Inc.		6,127
Total Common Stocks				2,240,740
Investment in Affiliates (2.7%)
	63,541	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(b)		63,541
Total Investment in Affiliates				63,541

Total Investments (Cost $1,936,753)(c) - 98.3%				2,304,281
Other assets in excess of liabilities — 1.7%				39,334
Net Assets - 100.0%			$	2,343,615

(a)

Non-income producing security.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(c)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

See notes to financial statements

Table of Contents

– 67 –

Schedule of Portfolio Investments

Opportunistic Fund

August 31, 2018

Shares or Principal Amount		Security Description	Value

Common Stocks (72.9%)
Aerospace & Defense (3.6%)
	2,110	Northrop Grumman Corp.	$	629,814
	8,860	Rockwell Collins, Inc.		1,204,517
				1,834,331
Airlines (2.8%)
	13,735	Delta Air Lines, Inc.		803,222
	10,305	Southwest Airlines Co.		631,697
				1,434,919
Banks (12.6%)
	21,040	Citigroup, Inc.		1,498,889
	13,133	Comerica, Inc.		1,280,204
	6,435	Cullen/Frost Bankers, Inc.		713,577
	9,519	IBERIABANK Corp.		824,821
	46,025	Old National Bancorp, Inc.		934,308
	37,443	Southern National Bancorp of Virginia, Inc.		657,125
	4,940	Texas Capital Banshares, Inc.(a)		439,166
				6,348,090
Biotechnology (4.8%)
	5,768	Bluebird Bio, Inc.(a)		970,754
	11,190	Esperion Therapeutics, Inc.(a)		553,793
	11,810	Gilead Sciences, Inc.		894,371
				2,418,918
Chemicals (2.2%)
	16,270	Axalta Coating Systems, Ltd.(a)		496,235
	21,515	Braskem SA ADR		624,365
				1,120,600
Commercial Services & Supplies (5.2%)
	40,305	Advanced Disposal Services, Inc., Class I(a)		1,075,337
	88,705	Covanta Holding Corp.		1,565,644
				2,640,981
Communications Equipment (1.1%)
	20,000	Radware, Ltd.(a)		554,000
Construction & Engineering (1.5%)
	62,925	Construction Partners, Inc.(a)		764,539
Construction Materials (3.3%)
	22,110	US Concrete, Inc.(a)		1,065,702
	5,200	Vulcan Materials Co.		576,160
				1,641,862
Diversified Telecommunication Services (3.3%)
	51,401	AT&T, Inc.		1,641,748
Energy Equipment & Services (3.3%)
	110,760	Nabors Industries, Ltd.		683,389
	15,090	Schlumberger, Ltd.		953,084
				1,636,473
Food Products (1.4%)
	10,217	Pinnacle Foods, Inc.		678,613
Health Care Providers & Services (3.1%)
	34,300	Envision Healthcare Corp.(a)		1,555,848
Hotels, Restaurants & Leisure (1.5%)
	11,515	Six Flags Entertainment Corp.		777,838
Internet & Direct Marketing Retail (1.4%)
	5,420	Expedia, Inc.		707,310
Internet Software & Services (3.4%)
	846	Alphabet, Inc., Class C(a)^		1,030,589
	3,609	Spotify Technology SA(a)		683,978
				1,714,567

Shares or Principal Amount		Security Description	Value

Common Stocks, continued:
Metals & Mining (1.0%)
	55,885	SSR Mining, Inc.(a)	$	486,200
Oil, Gas & Consumable Fuels (1.5%)
	12,050	TOTAL SA ADR		756,017
Pharmaceuticals (5.6%)
	9,330	AbbVie, Inc.		895,493
	45,770	Adamas Pharmaceuticals, Inc.(a)		1,054,084
	141,823	MediWound, Ltd.(a)		886,394
				2,835,971
Semiconductors & Semiconductor Equipment (4.0%)
	47,351	Everspin Technologies, Inc.(a)		437,997
	17,140	NXP Semiconductors NV(a)		1,596,420
				2,034,417
Software (2.5%)
	6,670	Activision Blizzard, Inc.		480,907
	20,250	Rapid7, Inc.(a)		772,538
				1,253,445
Specialty Retail (1.6%)
	7,400	Lowe’s Cos., Inc.		804,750
Technology Hardware, Storage & Peripherals (1.2%)
	23,465	HP, Inc.		578,412
Trading Companies & Distributors (0.9%)
	18,530	GMS, Inc.(a)		460,470
Total Common Stocks				36,680,319

Corporate Bonds (21.3%)
Banks (5.9%)
$	500,000	Bank of America Corp., Series G, 3.01% (US0003M + 66 bps), 7/21/21, Callable 7/21/20 @ 100 ^*		503,142
	2,000,000	SunTrust Bank/Atlanta GA, Series B, 2.59% (US0003M + 30 bps), 1/29/21, Callable 1/29/20 @ 100 ^*		1,983,364
	500,000	US Bancorp, 2.98% (US0003M + 64 bps), 1/24/22, Callable 12/23/21 @ 100 MTN ^*		503,193
				2,989,699
Energy Equipment & Services (1.9%)
	978,400	Unit Corp., 6.63%, 5/15/21, Callable 10/9/18 @ 101 ^*		977,177
Food & Staples Retailing (2.0%)
	981,000	Walmart, Inc., 2.57% (US0003M + 23 bps), 6/23/21		987,204
Household Durables (3.1%)
	1,519,000	Century Communities, Inc., 6.88%, 5/15/22, Callable 10/9/18 @ 103 ^*		1,555,152
Oil, Gas & Consumable Fuels (1.7%)
	858,000	BP Capital Markets PLC, 4.50%, 10/1/20		882,384
Semiconductors & Semiconductor (2.6%)
	1,290,000	Marvell Technology Group, Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100 ^*		1,295,552
Software (2.1%)
	1,090,000	Microsoft Corp., 2.38%, 5/1/23, Callable 2/1/23 @ 100 ^*		1,057,820
Technology Hardware, Storage & Peripherals (2.1%)
	1,090,000	Apple, Inc., 2.40%, 5/3/23		1,054,949
Total Corporate Bonds				10,799,937

See notes to financial statements

Table of Contents

– 68 –

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2018	Concluded

Shares or Principal Amount		Security Description	Value

U.S. Treasury Obligations (1.9%)
U.S. Treasury Notes
	965,000	2.25%, 2/29/20	$	960,363
Total U.S. Treasury Obligations				960,363

Investment in Affiliates (3.7%)
	1,856,545	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(b)		1,856,545
Total Investment in Affiliates				1,856,545

Total Investments (Cost $47,385,890)(c) - 99.8%				50,297,164
Other assets in excess of liabilities — 0.2%				89,371
Net Assets - 100%			$	50,386,535

(a)

Non-income producing security.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(c)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

All or a portion of the shares have been committed as collateral for short positions.

ADR

American Depositary Receipt

LIBOR

London Interbank Offered Rate

MTN

Medium Term Note

US0003M

3 Month US Dollar LIBOR

See notes to financial statements

Table of Contents

– 69 –

Schedule of Portfolio Investments

World Energy Fund

August 31, 2018

Shares or Principal Amount		Security Description	Value

Common Stocks (91.1%)
Auto Components (3.9%)
	13,000	Aptiv PLC	$	1,144,130
	10,000	Visteon Corp.(a)		1,103,900
				2,248,030
Chemicals (5.2%)
	13,000	Albemarle Corp.		1,241,760
	10,000	FMC Corp.		854,500
	13,000	W.R. Grace & Co.		918,580
				3,014,840
Commercial Services & Supplies (1.3%)
	44,000	Covanta Holding Corp.		776,600
Electric Utilities (0.5%)
	68	ALLETE, Inc.		5,105
	1,055	Duke Energy Corp.		85,708
	220	Korea Electric Power Corp. ADR		2,996
	720	NextEra Energy, Inc.		122,473
	47	Otter Tail Corp.		2,251
	121	Pampa Energia SA ADR(a)		3,683
	1,518	The Southern Co.		66,458
				288,674
Electrical Equipment (3.3%)
	29,000	TPI Composites, Inc.(a)		812,870
	47,000	Vestas Wind Systems A/S ADR		1,086,405
				1,899,275
Energy Equipment & Services (15.2%)
	195,000	Ensco PLC ADR, Class A		1,333,800
	1,286	Halliburton Co		51,299
	1,273	Helmerich & Payne, Inc.		83,471
	110,000	Nabors Industries, Ltd.		678,700
	2,598	Patterson-UTI Energy, Inc.		44,504
	28,556	Schlumberger, Ltd.		1,803,597
	54,000	Technipfmc PLC		1,654,020
	34,022	Tenaris SA ADR		1,141,098
	50,000	Transocean, Ltd.(a)		605,500
	55,000	Unit Corp.(a)		1,445,949
				8,841,938
Gas Utilities (0.2%)
	548	Atmos Energy Corp.		50,542
	28	Chesapeake Utilities Corp.		2,408
	346	National Fuel & Gas Co.		19,213
	39	New Jersey Resources Corp.		1,778
	84	ONE Gas, Inc.		6,597
	43	Spire, Inc.		3,206
	696	UGI Corp.		37,619
				121,363
Independent Power & Renewable Electricity Producers (0.6%)
	6,594	AES Corp.		88,755
	701	Atlantica Yield PLC		14,465
	3,171	NRG Energy, Inc.		112,222
	308	Ormat Technologies, Inc.		16,216
	5,326	Vistra Energy Corp.(a)		125,374
				357,032
Multi-Utilities (0.6%)
	46	Consolidated Edison, Inc.		3,631
	1,766	Dominion Resources, Inc.		124,981
	53	DTE Energy Co		5,890
	171	MDU Resources Group, Inc.		4,769
	2,201	National Grid PLC ADR		116,653
	715	Sempra Energy		82,997
	35	Vectren Corp.		2,492
	40	WEC Energy Group, Inc.		2,703
				344,116

Shares or Principal Amount			Security Description	Value

Common Stocks, continued:
Oil, Gas & Consumable Fuels (58.2%)
	37,000		Anadarko Petroleum Corp.	$	2,382,800
	6,951		BP PLC ADR		298,059
	6,018		Chevron Corp.		712,892
	182		CNOOC, Ltd. ADR		32,343
	30,480		ConocoPhillips		2,238,146
	28,700		Continental Resources, Inc.(a)		1,892,765
	38,309		Enbridge, Inc.		1,309,019
	130,000		Encana Corp.		1,725,100
	10,000		Energen Corp.(a)		775,500
	12,237		EOG Resources, Inc.		1,446,781
	19,829		Exxon Mobil Corp.		1,589,691
	392		HollyFrontier Corp.		29,212
	5,345		Kinder Morgan, Inc.		94,607
	120,000		Marathon Oil Corp.		2,581,199
	17,689		Marathon Petroleum Corp.		1,455,628
	52,000		Noble Energy, Inc.		1,545,440
	7,348		Occidental Petroleum Corp.		586,885
	28,000	��	Parsley Energy, Inc., Class A(a)		777,560
	6,301		Pembina Pipeline Corp.		214,990
	14,911		Phillips 66		1,767,103
	8,000		Pioneer Natural Resources Co.		1,397,600
	1,210		Royal Dutch Shell PLC ADR, Class A		78,928
	32,000		Suncor Energy, Inc.		1,317,760
	28,941		TOTAL SA ADR		1,815,758
	35,973		TransCanada Corp.		1,532,450
	17,952		Valero Energy Corp.		2,116,182
	25,000		Viper Energy Partners LP		972,750
	22,000		Whiting Petroleum Corp.(a)		1,120,020
					33,807,168
Trading Companies & Distributors (1.8%)
	50,000		MRC Global, Inc.(a)		1,030,500
Water Utilities (0.3%)
	233		American States Water Co.		14,080
	1,175		American Water Works Co., Inc.		102,848
	1,166		Aqua America, Inc.		43,352
	24		Connecticut Water Service, Inc.		1,644
					161,924
Total Common Stocks					52,891,460

Corporate Bonds (5.4%)
Energy Equipment & Services (3.8%)
$	510,000		Diamond Offshore Drilling, Inc., 4.88%, 11/1/43, Callable 5/1/43 @ 100 ^*		363,375
	421,000		Ensco PLC, 8.00%, 1/31/24, Callable 10/31/23 @ 100 ^*		417,843
	395,000		National Oilwell Varco, Inc., 2.60%, 12/1/22, Callable 9/1/22 @ 100 ^*		378,558
	675,000		Transocean, Inc., 6.80%, 3/15/38		556,031
	700,000		Weatherford International PLC, 5.95%, 4/15/42, Callable 10/17/41 @ 100 ^*		491,750
					2,207,557
Oil, Gas & Consumable Fuels (1.6%)
	400,000		Diamondback Energy, Inc., 5.38%, 5/31/25, Callable 5/31/20 @ 104 ^*		409,000
	500,000		Whiting Petroleum Corp., 6.63%, 1/15/26, Callable 10/15/25 @ 100 ^*		519,999
					928,999
Total Corporate Bonds					3,136,556

See notes to financial statements

Table of Contents

– 70 –

Schedule of Portfolio Investments	World Energy Fund
August 31, 2018	Concluded

Shares or Principal Amount		Security Description	Value

Investment Companies (1.8%)
	70,000	United States Oil Fund LP ETF	$	1,029,700
Total Investment Companies				1,029,700

Investment in Affiliates (1.5%)
	904,508	Cavanal Hill Government Securities Money Market Fund, Institutional Shares, 1.80%(b)	$	904,508
Total Investment in Affiliates			$	904,508

Total Investments (Cost $50,454,478)(c) - 99.8%				57,962,224
Other assets in excess of liabilities — 0.2%				115,742
Net Assets - 100%			$	58,077,966

The Advisor has determined that 51.2% 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)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2018.

(c)

Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Financial Statements.

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

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

See notes to financial statements

Table of Contents

– 71 –

Notes to Financial Statements

August 31, 2018

1.	Organization:

The Cavanal Hill Funds (the “Trust”) was organized on October 1, 1987, as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Trust meets the definition of an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. As of August 31, 2018, the Trust offered shares of U.S. Treasury Fund and Government Securities Money Market Fund (each referred to as a “Money Market Fund” and collectively, the “Money Market Funds”), Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy Fund (each referred to as a “Fund” and collectively, “the Funds”). Each Fund is registered as a diversified portfolio of the Trust. The Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy Fund are each authorized to issue an unlimited number of shares in three classes of shares: No-Load Investor Shares (the “Investor Shares”), Institutional Shares and A Shares. The Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy Fund are also authorized to issue an unlimited number of C Shares. The Money Market Funds are authorized to issue an unlimited number of shares in the following classes: Administrative Shares, Institutional Shares, Select Shares and Premier Shares. In addition, the U.S. Treasury Fund is authorized to issue an unlimited number of Service Shares. As of August 31, 2018, the Premier Shares of U.S. Treasury Fund were not offered for sale. Each class of shares for each of the Funds has identical rights and privileges except with respect to distribution (Rule 12b-1 of the 1940 Act) and shareholder servicing fees, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.

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

2.	Significant Accounting Policies:

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

Fair Value Measurements:

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

●

Level 1 – quoted prices in active markets for identical assets

●

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

●

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

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

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

Table of Contents

– 72 –

Notes to Financial Statements

August 31, 2018

The following is a summary categorization, as of August 31, 2018, of each Fund’s investments in the fair value hierarchy:

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
U.S. Treasury Fund
U.S. Treasury Obligations	$	—	$	539,576,348	$	—	$	539,576,348
Repurchase Agreements		—		593,782,013		—		593,782,013
Investment Companies		8,000,000		—		—		8,000,000
Total Investments		8,000,000		1,133,358,361		—		1,141,358,361

Government Securities Money Market
U.S. Government Agency Securities		—		379,900,573		—		379,900,573
U.S. Treasury Obligations		—		519,370,289		—		519,370,289
Repurchase Agreements		—		595,375,174		—		595,375,174
Investment Companies		54,000,000		—		—		54,000,000
Total Investments		54,000,000		1,494,646,036		—		1,548,646,036

Limited Duration Fund
Asset Backed Securities		—		10,773,643		—		10,773,643
Mortgage Backed Securities¹		—		41,728,021		—		41,728,021
Corporate Bonds²		—		15,322,738		—		15,322,738
Taxable Municipal Bonds³		—		2,588,290		—		2,588,290
U.S. Treasury Obligations		—		22,784,219		—		22,784,219
Investment in Affiliates		3,395,393		—		—		3,395,393
Total Investments		3,395,393		93,196,911		—		96,592,304

Moderate Duration Fund
Asset Backed Securities		—		1,293,117		—		1,293,117
Mortgage Backed Securities¹		—		8,720,248		—		8,720,248
Corporate Bonds²		—		6,276,663		—		6,276,663
Taxable Municipal Bonds³		—		3,115,665		—		3,115,665
U.S. Government Agency Securities		—		2,456,593		—		2,456,593
U.S. Treasury Obligations		—		7,577,890		—		7,577,890
Investment in Affiliates		1,114,485		—		—		1,114,485
Total Investments		1,114,485		29,440,176		—		30,554,661

Bond Fund
Asset Backed Securities		—		1,588,165		—		1,588,165
Mortgage Backed Securities¹		—		26,890,005		—		26,890,005
Corporate Bonds²		—		15,359,029		—		15,359,029
Taxable Municipal Bonds³		—		12,958,249		—		12,958,249
U.S. Government Agency Securities		—		9,618,421		—		9,618,421
U.S. Treasury Obligations		—		32,298,925		—		32,298,925
Investment in Affiliates		2,725,193		—		—		2,725,193
Total Investments		2,725,193		98,712,794		—		101,437,987

Strategic Enhanced Yield Fund
Asset Backed Securities		—		218,070		—		218,070
Mortgage Backed Securities¹		—		547,966		—		547,966
Corporate Bonds²		—		82,557		—		82,557
U.S. Treasury Obligations		—		425,159		—		425,159
Investment in Affiliates		129,758		—		—		129,758
Total Investments		129,758		1,273,752		—		1,403,510

Ultra Short Tax-Free Income Fund
Municipal Bonds³		—		12,054,885		—		12,054,885
Investment in Affiliates		84,184		—		—		84,184
Total Investments		84,184		12,054,885		—		12,139,069

Active Core Fund
Common Stocks²		27,018,221		—		—		27,018,221
Asset Backed Securities		—		816,996		—		816,996
Mortgage Backed Securities¹		—		5,428,537		—		5,428,537
Corporate Bonds²		—		3,447,300		—		3,447,300
Taxable Municipal Bonds³		—		2,833,403		—		2,833,403
U.S. Government Agency Securities		—		1,876,619		—		1,876,619
U.S. Treasury Obligations		—		7,403,686		—		7,403,686
Investment Companies		3,217,941		—		—		3,217,941
Investment in Affiliates		1,469,545		—		—		1,469,545
Total Investments		31,705,707		21,806,541		—		53,512,248

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Notes to Financial Statements

August 31, 2018

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Mid Cap Core Equity Fund
Common Stocks²	$	2,240,740	$	—	$	—	$	2,240,740
Investment in Affiliates		63,541		—		—		63,541
Total Investments		2,304,281		—		—		2,304,281

Opportunistic Fund
Common Stocks²		36,680,319		—		—		36,680,319
Corporate Bonds²		—		10,799,937		—		10,799,937
U.S. Treasury Obligations		—		960,363		—		960,363
Investment in Affiliates		1,856,545		—		—		1,856,545
Total Investments		38,536,864		11,760,300		—		50,297,164

World Energy Fund
Common Stocks²		52,891,460		—		—		52,891,460
Corporate Bonds²		—		3,136,556		—		3,136,556
Exchange Traded Fund		1,029,700		—		—		1,029,700
Investment in Affiliates		904,508		—		—		904,508
Total Investments		54,825,668		3,136,556		—		57,962,224

Please see the Schedule of Portfolio investments for Mortgage Backed Securities classification.

Please see the Schedule of Portfolio Investments for Industry classification.

Please see the Schedule of Portfolio Investments for State classification.

The Funds determine transfers between fair value hierarchy levels based on valuations at the reporting period end. As of the years ended August 31, 2017 and 2018, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value. There were no significant transfers between Levels 1 and 2 as of August 31, 2018, based on levels assigned to securities on August 31, 2017.

Securities Valuation:

The Money Market Funds, which operate as government funds, are eligible and have elected to use the amortized cost method of valuation pursuant to Rule 2a-7 under the 1940 Act. This involves valuing an instrument at its cost initially and thereafter assuming a constant accretion or amortization to maturity of any discount or premium, respectively, regardless of the impact of fluctuating interest rates on the market value of the instrument. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Money Market Fund would receive if it sold the investment. The value of securities in the Money Market Funds can be expected to vary inversely with changes in prevailing interest rates.

The following is an overview of how securities are valued in the Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy Fund (the “Variable Net Asset Value Funds”).

Equity securities are valued at the closing price on the exchange or market where the security is principally traded (except for those traded on NASDAQ, which will be valued at the NASDAQ Official Closing Price). If there have been no sales for the day on any exchange or market, the security is valued at the latest available bid price on the exchange or market where the security is principally traded. Equity securities are typically categorized as Level 1 in the fair value hierarchy.

Fixed-income securities are valued using matrix pricing as determined by an independent pricing service approved by the Board. Fixed-income securities are valued using various inputs including new issue data, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data and industry and market events, and are typically categorized as Level 2 in the fair value hierarchy. In addition to the inputs noted for fixed-income securities, asset-backed and mortgage-backed securities are valued using principal payment and collateral performance information, and are typically categorized as Level 2 in the fair value hierarchy.

Short-term fixed-income securities purchased with 60 days or fewer to maturity and of sufficient credit quality are generally valued at amortized cost, which approximates current value, and are typically categorized as Level 2 in the fair value hierarchy.

Open-end mutual fund investments and exchange-traded funds are valued at the most recently calculated net asset value, and are typically categorized as Level 1 in the fair value hierarchy

Repurchase agreements are valued at original cost, and are typically categorized as Level 2 in the fair value hierarchy.

Exchange-traded options and exchange-traded notes are valued at the closing price from the exchange, and are typically categorized as Level 1 in the fair value hierarchy.

Securities Sold Short:

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

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

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Notes to Financial Statements

August 31, 2018

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 August 31, 2018.

Purchased Call Options:

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

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

The Opportunistic Fund engaged in limited purchase options activity during the period ending August 31, 2018; no purchased options were held as of August 31, 2018.

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. 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.

Restricted Securities:

A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. The illiquid, restricted securities held as of August 31, 2018 are identified below:

Security	Acquisition Date	Acquisition Cost		Principal Amount		Fair Value
Limited Duration Fund:
Cazenovia Creek Funding II LLC, Series 2018-1A, A, 3.56%, 7/15/30	8/22/18	$	1,849,817	$	1,850,000	$	1,849,817
Sun Trust Student Loan Trust, Series 2006-1A, B, 2.61%, 10/28/37	5/26/17 and 4/11/18		1,378,135		1,236,070		1,150,542

Repurchase Agreements:

The Funds may invest in repurchase agreements with financial institutions such as member banks of the Federal Deposit Insurance Corporation (FDIC) or from registered broker/dealers that Cavanal Hill Investment Management, Inc. (the “Adviser”) deems creditworthy under guidelines approved by the Board, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying securities collateral. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by each Fund’s custodian, another qualified sub-custodian, or in the Federal Reserve book-entry system. Master Repurchase Agreements (“MRA”) permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset receivables under the MRA with collateral posted by the counterparty and create one net payment due to or from the Fund. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives securities as collateral with a market value in excess of the repurchase price to be received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund would recognize a liability with respect to such excess collateral to reflect the Fund’s obligation under bankruptcy law to return the excess to the counterparty.

Distributions to Shareholders:

Distributions from net investment income are declared daily and paid monthly for the Money Market Funds, Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund and Ultra Short Tax-Free Income Fund. Distributions from net investment income are declared and paid quarterly for the Active Core Fund, Mid Cap Core Equity Fund, Opportunistic Fund, and World Energy 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.

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Notes to Financial Statements

August 31, 2018

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)
U.S. Treasury Fund	0.05	%
Government Securities Money Market Fund	0.05	%
Limited Duration Fund	0.15	%
Moderate Duration Fund	0.20	%
Bond Fund	0.20	%
Strategic Enhanced Yield Fund	0.50	%*
Ultra Short Tax-Free Income Fund	0.15	%**
Active Core Fund	0.35	%
Mid Cap Core Equity Fund	0.55	%***
Opportunistic Fund	0.85	%
World Energy Fund	0.60	%

The Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.76% of average daily net assets, plus class-specific fees, through December 31, 2018.

The Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.56% of average daily net assets, plus class-specific fees, through December 31, 2018.

***

The Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed 0.81% of average daily net assets, plus class-specific fees, through December 31, 2018.

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	%
Active Core Fund	0.08	%
Mid Cap Core Equity Fund	0.08	%
Opportunistic Fund	0.08	%
World Energy Fund	0.08	%

Under a Sub-Administration Agreement, the Administrator pays Citi Fund Services Ohio, Inc. (“Citi”) to perform certain administrative duties for the Trust. Fees paid to Citi by the Administrator for sub-administration services are paid out of its administration fees and are not an additional charge to the Funds. For the year ending August 31, 2018, Citi was paid $642,273 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 a fee for its services as fund accountant and CCO.

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.

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Notes to Financial Statements

August 31, 2018

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

Cavanal Hill Distributors, Inc. (“CHD”), an affiliate of the Adviser, provides distribution services to the Funds pursuant to a Distribution Agreement between the Trust and CHD. The Trust has adopted a Distribution and Shareholder Services Plan in accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds are authorized to pay or reimburse CHD a periodic amount, calculated at an annual rate not to exceed 0.25% of the average daily net asset value of the Administrative, Investor, Service and A Shares, 0.50% of the Premier Shares, and 1.00% of the C Shares, and may be used by CHD to pay banks, including BOKF, broker dealers and other institutions. For the year ending August 31, 2018, BOKF received $3,336,613 under the agreement. CHD contractually agreed to waive 0.15% of such fee paid by the Service Shares and 0.45% of such fee paid by the Premier Shares of the Money Market Funds and 0.13% of such fee paid by the Administrative Shares of the Government Securities Money Market Fund through December 31, 2018.

The Funds have entered into shareholder servicing agreements with BOKF, a broker-dealer affiliate and various service organizations. Services included in the servicing agreements are assisting in processing purchase, exchange and redemption requests; transmitting and receiving funds in connection with customer orders to purchase, exchange or redeem shares; and providing periodic statements. Shareholder servicing fees are incurred on a class level basis (where applicable). In consideration for these services, the service organizations received a fee from the Funds, computed daily and paid monthly, at an annual rate up to 0.25% for the Administrative, Institutional, Investor, Select, Service, Premier Shares and C Shares and up to 0.10% for the A Shares of the average daily net assets of the Funds’ shares held by the service organizations’ customers. For the year ending August 31, 2018, BOKF received net shareholder servicing fees of $4,335,027. For shareholder purchases made through BOKF, BOKF has contractually agreed to waive 0.25%, 0.15%, 0.17% and 0.25% of such fees paid by the Select, Service, Institutional and Premier Shares, respectively, of the Money Market Funds and 0.25%, 0.25%, 0.10% and 0.25% of such fees paid by the Institutional, Investor, A, and C Shares, respectively, of the Variable Net Asset Value Funds through December 31, 2018. 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 Statement of Operations.

Affiliated Transactions:

A summary of each Fund’s investment in Government Securities Money Market Fund, Institutional Class for the year ending August 31, 2018 is noted below:

Fund	Fair Value 8/31/17		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 8/31/18		Shares as of 8/31/18		Dividend Income		Net Realized Gains/ (Losses)
Limited Duration Fund	$	3,234,090	$	61,534,789	$	(61,373,486	)	$	—	$	3,395,393		3,395,393	$	35,381	$	—
Moderate Duration Fund		1,047,828		16,341,511		(16,274,854	)		—		1,114,485		1,114,485		8,663		—
Bond Fund		3,946,284		46,087,086		(47,308,177	)		—		2,725,193		2,725,193		38,357		—
Strategic Enhanced Yield Fund		—		918,837		(789,079	)		—		129,758		129,758		530		—
Ultra Short Tax-Free Income Fund		—		4,714,547		(4,630,363	)		—		84,184		84,184		1,633		—
Active Core Fund		1,509,372		12,611,829		(13,349,871	)		—		771,330		771,330		25,923		—
Mid Cap Core Equity Fund		277,391		1,505,908		(1,719,758	)		—		63,541		63,541		646		—
Opportunistic Fund		4,172,662		46,850,735		(49,166,852	)		—		1,856,545		1,856,545		25,973		—
World Energy Fund		1,169,730		25,935,044		(26,200,266	)		—		904,508		904,508		14,248		—
	$	15,357,357	$	216,500,286	$	(220,812,706	)	$	—	$	11,044,937		11,044,937	$	151,354	$	—

A summary of the Active Core Fund’s investment in an affiliated fund (World Energy Fund, Institutional Class) for the period ending August 31, 2018 is noted below:

Fund

Fair Value

8/31/17

Purchases

Sales

Net Change in Unrealized Appreciation/ (Depreciation)

Fair Value

8/31/18

as of

8/31/18

Dividend

Income

Net

Realized

Gains/

(Losses)

Active Core Fund

592,698

—

105,517

698,215

73,409

4,994

—

592,698

—

105,517

698,215

73,409

4,994

—

A summary of the Opportunistic Fund’s investment in an affiliated fund (U.S. Treasury Fund, Institutional Class) for the period ending August 31, 2018 is noted below:

Fund

Fair Value

8/31/17

Purchases

Sales

Net Change in Unrealized Appreciation/ (Depreciation)

Fair Value

8/31/18

as of

8/31/18

Dividend

Income

Net

Realized

Gains/ (Losses)

Opportunistic Fund

374,113

—

(374,113

)

—

248

—

374,113

—

(374,113

)

—

248

—

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Notes to Financial Statements

August 31, 2018

Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities and long-term U.S. government securities) for the year ending August 31, 2018 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	38,135,388	$	14,684,607
Moderate Duration Fund		6,807,828		3,395,614
Bond Fund		19,786,425		4,522,975
Strategic Enhanced Yield Fund		923,938		111,638
Ultra Short Tax-Free Income Fund		14,937,940		6,411,000
Active Core Fund		15,463,519		14,926,067
Mid Cap Core Equity Fund		1,953,390		2,079,889
Opportunistic Fund		71,996,475		69,589,138
World Energy Fund		74,491,316		72,410,044

Purchases and sales of long-term U.S. government securities for the year ending August 31, 2018 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	19,284,776	$	50,431,899
Moderate Duration Fund		2,918,745		20,487,072
Bond Fund		10,037,430		44,495,933
Strategic Enhanced Yield Fund		423,372		40,292
Active Core Fund		3,481,021		6,302,752
Opportunistic Fund		1,917,598		956,707

Credit Risk and Other Risk Considerations:

Ultra Short Tax-Free Income Fund invests primarily in debt instruments of municipal issuers. The issuers’ ability to meet their obligations may be affected by economic developments in a specific industry, sector or locale.

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

Mid Cap Core Equity Fund invests primarily in a diversified portfolio of common stocks of Mid Cap U.S. companies which are subject to foreign investment risk; as with stock, fund’s share price can fall because of weakness in the stock markets, a particular industry, or specific holdings. Stock markets can decline for many reasons, including adverse political or economic developments, changes in investor psychology, or heavy institutional selling.

The World Energy Fund’s concentration in securities in energy-related industries may present more risks than would be the case with funds that diversify investments in numerous industries and sectors of the economy. Energy-related securities can be significantly affected by events relating to political developments, energy conservation, commodity prices, and tax and government regulations.

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, 2018, the cost basis 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	$	99,286,887	$	302,171	$	(2,996,754	)	$	(2,694,583	)
Moderate Duration Fund		31,093,317		139,482		(678,138	)		(538,656	)
Bond Fund		104,642,349		239,121		(3,443,483	)		(3,204,362	)
Strategic Enhanced Yield Fund		1,404,778		8,906		(10,174	)		(1,268	)
Ultra Short Tax-Free Income Fund		12,142,029		1,027		(3,987	)		(2,960	)
Active Core Fund		43,185,793		11,300,135		(973,680	)		10,326,455
Mid Cap Core Equity Fund		1,952,441		411,876		(60,036	)		351,840
Opportunistic Fund		47,377,768		3,530,326		(610,930	)		2,919,396
World Energy Fund		50,931,805		8,840,853		(1,810,434	)		7,030,419

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Notes to Financial Statements

August 31, 2018

The tax characteristics of distributions paid to shareholders during the fiscal years ending August 31, 2018 and 2017 were as follows:

	Distributions Paid From:
2018	Net Investment Income		Net Long-Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
U.S. Treasury Fund	$	9,776,979	$	—	$	9,776,979	$	—	$	9,776,979
Government Securities Money Market Fund		15,905,245		—		15,905,245		—		15,905,245
Limited Duration Fund		2,278,075		—		2,278,075		—		2,278,075
Moderate Duration Fund		645,477		—		645,477		—		645,477
Bond Fund		2,687,602		—		2,687,602		—		2,687,602
Strategic Enhanced Yield Fund		18,194		—		18,194		—		18,194
Ultra Short Tax-Free Income Fund		2,491		—		2,491		41,044		43,535
Active Core Fund		852,946		2,343,729		3,196,675		—		3,196,675
Mid Cap Core Equity Fund		16,803		345		17,148		—		17,148
Opportunistic Fund		1,850,264		678,128		2,528,392		—		2,528,392
World Energy Fund		332,285		—		332,285		—		332,285

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:
2017	Net Investment Income		Net Long-Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Return of Capital		Total Distributions Paid*
U.S. Treasury Fund	$	1,321,732	$	—	$	1,321,732	$	—	$	—	$	1,321,732
Government Securities Money Market Fund		4,154,714		—		4,154,714		—		—		4,154,714
Limited Duration Fund		1,588,660		—		1,588,660		—		—		1,588,660
Moderate Duration Fund		1,211,375		—		1,211,375		—		—		1,211,375
Bond Fund		2,528,019		224,419		2,752,438		—		—		2,752,438
Active Core Fund		957,826		1,722,904		2,680,730		—		—		2,680,730
Mid Cap Core Equity Fund		3,680		—		3,680		—		—		3,680
Opportunistic Fund		128,170		—		128,170		—		—		128,170
World Energy Fund		368,212		—		368,212		—		87,292		455,504

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

As of August 31, 2018, 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	$	1,341,672	$	—	$	1,341,672	$	(1,340,538	)	$	(11,056	)	$	—		$	(9,922	)
Government Securities Money Market Fund		2,208,981		—		2,208,981		(2,208,696	)		(550,623	)		—			(550,338	)
Limited Duration Fund		238,914		—		238,914		(189,503	)		(6,570,218	)		(2,694,583	)		(9,215,390	)
Moderate Duration Fund		71,358		—		71,358		(56,721	)		(5,424,343	)		(538,656	)		(5,948,362	)
Bond Fund		223,887		—		223,887		(209,243	)		(3,970,820	)		(3,204,362	)		(7,160,538	)
Strategic Enhanced Yield Fund		3,735		—		3,735		(3,391	)		(858	)		(1,268	)		(1,782	)
Ultra Short Tax-Free Income Fund		14,725		3		14,728		(10,944	)		—			(2,960	)		824
Active Core Fund		176,543		2,053,383		2,229,926		—			—			10,326,455			12,556,381
Mid Cap Core Equity Fund		2,573		25,476		28,049		—			—			351,840			379,889
Opportunistic Fund		1,308,204		1,929,164		3,237,368		—			—			2,919,396			6,156,764
World Energy Fund		80,499		—		80,499		—			(14,440,067	)		7,030,419			(7,329,149	)

See below for post-October losses and capital loss carryforwards.

The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discounts.

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Notes to Financial Statements

August 31, 2018

Under current tax laws, net capital losses realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year. As of August 31, 2018, there were no post-October capital losses.

At August 31, 2018, the following Funds had capital loss carryforwards as summarized in the tables below.

Capital loss carryforwards subject to expiration:

Fund	Amount		Expires
Government Securities Money Market Fund	$	550,617		2019
Limited Duration Fund		173,448		2019

Capital loss carryforwards not subject to expiration:

Fund	Short-Term Amount		Long-Term Amount		Total
U.S. Treasury Fund	$	11,056	$	—	$	11,056
Government Securities Money Market Fund		6		—		6
Limited Duration Fund		138,410		6,258,360		6,396,770
Moderate Duration Fund		989,634		4,434,709		5,424,343
Bond Fund		1,067,353		2,903,467		3,970,820
Strategic Enhanced Yield Fund		858		—		858
World Energy Fund		14,440,067		—		14,440,067

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. Capital loss carryforwards that are not subject to expiration must be utilized before those that are subject to expiration.

Recent Accounting Pronouncements:

In March 2017, FASB issued Accounting Standards Update No. 2017-08 “Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”), which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08 and its impact on the financial statements and related disclosures has not yet been determined.

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, “Fair Value Measurements” (ASU 2018-13). This update makes certain removals from, changes to and additions to existing disclosure requirements for fair value measurement. ASU 2018-13 does not change fair value measurements already required or permitted by existing standards. ASU 2018-13 is effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management does not believe that adoption of ASU 2018-13 will materially impact the Funds’ financial statements.

Subsequent Events:

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.

Based on this evaluation, no additional disclosures and/or adjustments were required as of August 31, 2018.

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Financial Highlights

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

			Change in Net Assets Resulting From Operations:				Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Total from Investment Activities		Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions
U.S. Treasury Fund
Administrative Shares
Year Ended August 31, 2018	$	1.000	$	0.009	$	0.009	$	(0.009	)	$	—	$	(0.009	)
Year Ended August 31, 2017		1.000		0.001		0.001		(0.001	)		—		(0.001	)
Year Ended August 31, 2016		1.000		—		—		—			—		—
Year Ended August 31, 2015		1.000		—		—		—			—		—
Year Ended August 31, 2014		1.000		—		—		—			—		—
Service Shares
Year Ended August 31, 2018		1.000		0.011		0.011		(0.011	)		—		(0.011	)
Year Ended August 31, 2017		1.000		0.003		0.003		(0.003	)		—		(0.003	)
Year Ended August 31, 2016		1.000		—		—		—			—		—
Year Ended August 31, 2015		1.000		—		—		—			—		—
Year Ended August 31, 2014		1.000		—		—		—			—		—
Institutional Shares
Year Ended August 31, 2018		1.000		0.012		0.012		(0.012	)		—		(0.012	)
Year Ended August 31, 2017		1.000		0.004		0.004		(0.004	)		—		(0.004	)
Year Ended August 31, 2016		1.000		—		—		—			—		—
Year Ended August 31, 2015		1.000		—		—		—			—		—
Year Ended August 31, 2014		1.000		—		—		—			—		—
Select Shares
December 26, 2017^(d) through August 31, 2018		1.000		0.010		0.010		(0.010	)		—		(0.010	)

Government Securities Money Market Fund
Administrative Shares
Year Ended August 31, 2018		1.000		0.009		0.009		(0.009	)		—		(0.009	)
Year Ended August 31, 2017		1.000		0.001		0.001		(0.001	)		—		(0.001	)
Year Ended August 31, 2016		1.000		—		—		—			—		—
Year Ended August 31, 2015		1.000		—		—		—			—		—
Year Ended August 31, 2014		1.000		—		—		—			—		—
Institutional Shares
Year Ended August 31, 2018		1.000		0.012		0.012		(0.012	)		—		(0.012	)
Year Ended August 31, 2017		1.000		0.004		0.004		(0.004	)		—		(0.004	)
Year Ended August 31, 2016		1.000		—		—		—			—		—
Year Ended August 31, 2015		1.000		—		—		—			—		—
Year Ended August 31, 2014		1.000		—		—		—			—		—
Select Shares
Year Ended August 31, 2018		1.000		0.013		0.013		(0.013	)		—		(0.013	)
September 15, 2016^(d) through August 31, 2017		1.000		0.005		0.005		(0.005	)		—		(0.005	)
Premier Shares
Year Ended August 31, 2018		1.000		0.012		0.012		(0.012	)		—		(0.012	)
Year Ended August 31, 2017		1.000		0.004		0.004		(0.004	)		—		(0.004	)
Year Ended August 31, 2016		1.000		—		—		—			—		—
Year Ended August 31, 2015		1.000		—		—		—			—		—
Year Ended August 31, 2014		1.000		—		—		—			—		—

(a)

Not annualized for periods less than one year.

(b)

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)

Commencement of operations.

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

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							Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return^(a)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)

$	1.000		0.79	%	$	957,502		0.67	%		0.77	%		0.67	%
	1.000		0.08	%		1,057,228		0.53	%		0.08	%		0.73	%
	1.000		0.01	%		1,310,795		0.22	%		0.01	%		0.79	%
	1.000		0.00	%		1,299,328		0.07	%		—	%		0.86	%
	1.000		0.00	%		941,223		0.07	%		—	%		0.86	%

	1.000		1.09	%		33,720		0.37	%		1.11	%		0.67	%
	1.000		0.25	%		30,662		0.37	%		0.22	%		0.73	%
	1.000		0.01	%		44,780		0.23	%		—	%		0.79	%
	1.000		0.00	%		42,966		0.07	%		—	%		0.86	%
	1.000		0.00	%		49,967		0.07	%		—	%		0.86	%

	1.000		1.21	%		97,238		0.25	%		1.13	%		0.42	%
	1.000		0.35	%		209,469		0.27	%		0.35	%		0.48	%
	1.000		0.03	%		219,856		0.21	%		0.02	%		0.54	%
	1.000		0.00	%		110,133		0.07	%		—	%		0.61	%
	1.000		0.00	%		138,842		0.07	%		—	%		0.61	%

	1.000		0.99	%		51,839		0.17	%		1.46	%		0.42	%


	1.000		0.91	%		538,798		0.57	%		0.88	%		0.70	%
	1.000		0.14	%		686,821		0.49	%		0.13	%		0.72	%
	1.000		0.01	%		945,475		0.27	%		0.01	%		0.80	%
	1.000		0.01	%		942,950		0.10	%		0.01	%		0.86	%
	1.000		0.01	%		722,168		0.10	%		0.01	%		0.86	%

	1.000		1.20	%		102,020		0.28	%		1.13	%		0.45	%
	1.000		0.38	%		181,637		0.27	%		0.32	%		0.47	%
	1.000		0.05	%		756,948		0.24	%		0.04	%		0.55	%
	1.000		0.01	%		583,051		0.10	%		0.01	%		0.61	%
	1.000		0.01	%		473,727		0.10	%		0.01	%		0.61	%

	1.000		1.28	%		800,991		0.20	%		1.30	%		0.45	%
	1.000		0.45	%		640,260		0.19	%		0.48	%		0.47	%

	1.000		1.23	%		105,598		0.25	%		1.26	%		0.95	%
	1.000		0.41	%		72,292		0.24	%		0.43	%		0.97	%
	1.000		0.07	%		15,874		0.22	%		0.06	%		1.05	%
	1.000		0.01	%		3,365		0.10	%		0.01	%		1.11	%
	1.000		0.01	%		196		0.10	%		0.01	%		1.11	%

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Financial Highlights

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

			Change in Net Assets Resulting From Operations:							Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions
Limited Duration Fund
Investor Shares
Year Ended August 31, 2018	$	9.61	$	0.16	$	(0.15	)	$	0.01	$	(0.21	)	$	—	$	(0.21	)
Year Ended August 31, 2017		9.60		0.08		0.05			0.13		(0.12	)		—		(0.12	)
Year Ended August 31, 2016		9.60		0.08		0.03			0.11		(0.11	)		—		(0.11	)
Year Ended August 31, 2015		9.62		0.08		(0.01	)		0.07		(0.09	)		—		(0.09	)
Year Ended August 31, 2014		9.51		0.07		0.14			0.21		(0.10	)		—		(0.10	)
Institutional Shares
Year Ended August 31, 2018		9.60		0.19		(0.16	)		0.03		(0.23	)		—		(0.23	)
Year Ended August 31, 2017		9.59		0.11		0.05			0.16		(0.15	)		—		(0.15	)
Year Ended August 31, 2016		9.59		0.11		0.03			0.14		(0.14	)		—		(0.14	)
Year Ended August 31, 2015		9.61		0.10		(0.01	)		0.09		(0.11	)		—		(0.11	)
Year Ended August 31, 2014		9.51		0.10		0.12			0.22		(0.12	)		—		(0.12	)
A Shares
Year Ended August 31, 2018		9.61		0.16		(0.15	)		0.01		(0.21	)		—		(0.21	)
Year Ended August 31, 2017		9.60		0.09		0.05			0.14		(0.13	)		—		(0.13	)
Year Ended August 31, 2016		9.60		0.08		0.04			0.12		(0.12	)		—		(0.12	)
Year Ended August 31, 2015		9.62		0.08		(0.01	)		0.07		(0.09	)		—		(0.09	)
Year Ended August 31, 2014		9.51		0.08		0.13			0.21		(0.10	)		—		(0.10	)

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

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

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							Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)


$	9.41		0.07	%	$	8,642		0.80	%		1.63	%		0.99	%		70	%
	9.61		1.37	%		15,691		0.74	%		0.89	%		1.08	%		69	%
	9.60		1.19	%		36,878		0.69	%		0.87	%		1.29	%		80	%
	9.60		0.71	%		44,030		0.67	%		0.82	%		1.42	%		39	%
	9.62		2.21	%		41,940		0.67	%		0.79	%		1.41	%		48	%

	9.40		0.37	%		87,618		0.49	%		1.99	%		0.74	%		70	%
	9.60		1.68	%		82,109		0.43	%		1.22	%		0.83	%		69	%
	9.59		1.48	%		89,098		0.39	%		1.16	%		1.04	%		80	%
	9.59		0.97	%		105,478		0.42	%		1.06	%		1.17	%		39	%
	9.61		2.36	%		118,684		0.41	%		1.01	%		1.16	%		48	%

	9.41		0.13	%		588		0.74	%		1.65	%		0.84	%		70	%
	9.61		1.43	%		1,238		0.68	%		0.97	%		0.93	%		69	%
	9.60		1.23	%		1,635		0.64	%		0.96	%		1.14	%		80	%
	9.60		0.72	%		7,996		0.67	%		0.81	%		1.27	%		39	%
	9.62		2.22	%		7,970		0.66	%		0.68	%		1.26	%		48	%

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Financial Highlights

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

			Change in Net Assets Resulting From Operations:								Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions
Moderate Duration Fund
Investor Shares
Year Ended August 31, 2018	$	10.48	$	0.16	$	(0.17	)	$	(0.01	)	$	(0.16	)	$	—	$	(0.16	)
Year Ended August 31, 2017		10.60		0.09		(0.02	)		0.07			(0.19	)		—		(0.19	)
Year Ended August 31, 2016		10.53		0.14		0.08			0.22			(0.15	)		—		(0.15	)
Year Ended August 31, 2015		10.54		0.12		(0.01	)		0.11			(0.12	)		—		(0.12	)
Year Ended August 31, 2014		10.22		0.09		0.36			0.45			(0.13	)		—		(0.13	)
Institutional Shares
Year Ended August 31, 2018		10.48		0.19		(0.17	)		0.02			(0.19	)		—		(0.19	)
Year Ended August 31, 2017		10.60		0.12		(0.02	)		0.10			(0.22	)		—		(0.22	)
Year Ended August 31, 2016		10.53		0.17		0.08			0.25			(0.18	)		—		(0.18	)
Year Ended August 31, 2015		10.55		0.15		(0.02	)		0.13			(0.15	)		—		(0.15	)
Year Ended August 31, 2014		10.23		0.11		0.37			0.48			(0.16	)		—		(0.16	)
A Shares
Year Ended August 31, 2018		10.48		0.16		(0.16	)		—			(0.17	)		—		(0.17	)
Year Ended August 31, 2017		10.58		0.10		(0.01	)		0.09			(0.19	)		—		(0.19	)
Year Ended August 31, 2016		10.52		0.15		0.06			0.21			(0.15	)		—		(0.15	)
Year Ended August 31, 2015		10.54		0.12		(0.02	)		0.10			(0.12	)		—		(0.12	)
Year Ended August 31, 2014		10.22		0.09		0.37			0.46			(0.14	)		—		(0.14	)

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

During the year ended August 30, 2015, the Investor Class received monies related to a correction of an error. The corresponding impact to the total return, net expenses to average net assets ratio and net investment income to average net assets ratio was 0.09%, (0.07)% and 0.07%, respectively, for Moderate Duration Fund.

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

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										Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)


$	10.31		(0.07	)%	$	5,102		1.14	%		1.49	%		1.35	%		28	%
	10.48		0.69	%		10,375		0.89	%		0.93	%		1.24	%		87	%
	10.60		2.09	%		14,176		0.79	%		1.24	%		1.34	%		129	%
	10.53		1.04	%^(e)		17,009		0.78	%^(e)		1.18	%^(e)		1.55	%		57	%
	10.54		4.47	%		19,477		0.92	%		0.76	%		1.61	%		70	%

	10.31		0.22	%		24,883		0.85	%		1.78	%		1.10	%		28	%
	10.48		0.99	%		34,078		0.60	%		1.22	%		0.99	%		87	%
	10.60		2.39	%		52,057		0.49	%		1.52	%		1.09	%		129	%
	10.53		1.24	%		28,295		0.60	%		1.37	%		1.30	%		57	%
	10.55		4.74	%		20,608		0.66	%		1.00	%		1.36	%		70	%

	10.31		(0.03	)%		634		1.10	%		1.53	%		1.20	%		28	%
	10.48		0.92	%		983		0.85	%		0.93	%		1.09	%		87	%
	10.58		2.03	%		2,123		0.74	%		1.30	%		1.19	%		129	%
	10.52		0.99	%		17,489		0.85	%		1.15	%		1.40	%		57	%
	10.54		4.49	%		3,181		0.91	%		0.77	%		1.46	%		70	%

Table of Contents

– 87 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:								Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments			Total Dividends and Distributions
Bond Fund
Investor Shares
Year Ended August 31, 2018	$	9.55	$	0.18	$	(0.31	)	$	(0.13	)	$	(0.20	)	$	—		$	(0.20	)
Year Ended August 31, 2017		9.77		0.09		(0.15	)		(0.06	)		(0.14	)		(0.02	)		(0.16	)
Year Ended August 31, 2016		9.56		0.15		0.24			0.39			(0.18	)		—			(0.18	)
Year Ended August 31, 2015		9.57		0.15		—			0.15			(0.16	)		—			(0.16	)
Year Ended August 31, 2014		9.32		0.16		0.26			0.42			(0.17	)		—			(0.17	)
Institutional Shares
Year Ended August 31, 2018		9.52		0.20		(0.29	)		(0.09	)		(0.23	)		—			(0.23	)
Year Ended August 31, 2017		9.75		0.12		(0.16	)		(0.04	)		(0.17	)		(0.02	)		(0.19	)
Year Ended August 31, 2016		9.54		0.18		0.23			0.41			(0.20	)		—			(0.20	)
Year Ended August 31, 2015		9.57		0.18		(0.02	)		0.16			(0.19	)		—			(0.19	)
Year Ended August 31, 2014		9.32		0.19		0.26			0.45			(0.20	)		—			(0.20	)
A Shares
Year Ended August 31, 2018		9.54		0.18		(0.31	)		(0.13	)		(0.20	)		—			(0.20	)
Year Ended August 31, 2017		9.75		0.09		(0.13	)		(0.04	)		(0.15	)		(0.02	)		(0.17	)
Year Ended August 31, 2016		9.55		0.15		0.23			0.38			(0.18	)		—			(0.18	)
Year Ended August 31, 2015		9.58		0.16		(0.02	)		0.14			(0.17	)		—			(0.17	)
Year Ended August 31, 2014		9.33		0.16		0.26			0.42			(0.17	)		—			(0.17	)

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

During the year ended August 31, 2015, the Investor Class received monies related to a correction of an error. The corresponding impact to the total return, net expenses to average net assets ratio and net investment income to average net assets ratio was 0.10%, (0.16)% and 0.16%, respectively, for Bond Fund.

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

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– 88 –

							Ratios/Supplemental Data:^(b)

Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)

$	9.22		(1.33	)%	$	5,641		0.76	%		1.91	%		0.99	%		29	%
	9.55		(0.57	)%		7,305		0.71	%		1.01	%		1.06	%		79	%
	9.77		4.11	%		11,279		0.68	%		1.52	%		1.26	%		107	%
	9.56		1.61	%^(e)		8,167		0.54	%^(e)		1.82	%^(e)		1.43	%		83	%
	9.57		4.58	%		6,988		0.78	%		1.70	%		1.48	%		60	%

	9.20		(0.97	)%		96,022		0.49	%		2.17	%		0.74	%		29	%
	9.52		(0.41	)%		119,604		0.44	%		1.28	%		0.81	%		79	%
	9.75		4.39	%		155,660		0.41	%		1.79	%		1.01	%		107	%
	9.54		1.68	%		99,270		0.48	%		1.90	%		1.18	%		83	%
	9.57		4.84	%		65,616		0.53	%		1.93	%		1.23	%		60	%

	9.21		(1.32	)%		126		0.74	%		1.92	%		0.84	%		29	%
	9.54		(0.45	)%		176		0.69	%		1.03	%		0.91	%		79	%
	9.75		4.02	%		277		0.66	%		1.62	%		1.11	%		107	%
	9.55		1.42	%		1,058		0.73	%		1.68	%		1.28	%		83	%
	9.58		4.58	%		505		0.78	%		1.62	%		1.33	%		60	%

Table of Contents

– 89 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:								Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions
Strategic Enhanced Yield Fund
Investor Shares
December 26, 2017^(e) through August 31, 2018	$	10.00	$	0.21	^(f)	$	(0.01	)	$	0.20	$	(0.10	)	$	—	$	(0.10	)
Institutional Shares
December 26, 2017^(e) through August 31, 2018		10.00		0.21	^(f)		(0.02	)		0.19		(0.22	)		—		(0.22	)
A Shares
December 26, 2017^(e) through August 31, 2018		10.00		0.19	^(f)		(0.03	)		0.16		(0.20	)		—		(0.20	)

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

Commencement of operations.

(f)

Calculated using average shares

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

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– 90 –

							Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)

$	10.10		2.05	%	$	4		1.01	%		3.01	%		13.65	%		20	%

	9.97		1.87	%		984		0.76	%		3.11	%		13.40	%		20	%

	9.96		1.60	%		390		1.01	%		2.87	%		13.50	%		20	%

Table of Contents

– 91 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:							Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions
Ultra Short Tax-Free Income Fund
Investor Shares
December 26, 2017^(e) through August 31, 2018	$	10.00	$	0.03	$	(0.02	)	$	0.01	$	(0.03	)	$	—	$	(0.03	)
Institutional Shares
December 26, 2017^(e) through August 31, 2018		10.00		0.07		—			0.07		(0.07	)		—		(0.07	)
A Shares
December 26, 2017^(e) through August 31, 2018		10.00		—		0.01			0.01		—			—		—

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

Commencement of operations.

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

Table of Contents

– 92 –

							Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)

$	9.98		0.14	%	$	71		0.81	%		0.71	%		2.36	%		155	%

	10.00		0.65	%		11,595		0.56	%		0.96	%		2.11	%		155	%

	10.01		0.10	%		—		0.81	%		0.71	%		2.21	%		155	%

Table of Contents

– 93 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:								Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments			Total Dividends and Distributions
Active Core Fund
Investor Shares
Year Ended August 31, 2018	$	13.72	$	0.18	$	0.95		$	1.13		$	(0.19	)	$	(0.62	)	$	(0.81	)
Year Ended August 31, 2017		13.35		0.17		0.76			0.93			(0.17	)		(0.39	)		(0.56	)
Year Ended August 31, 2016		13.38		0.23		0.58			0.81			(0.22	)		(0.62	)		(0.84	)
Year Ended August 31, 2015		14.29		0.20		(0.10	)		0.10			(0.19	)		(0.82	)		(1.01	)
Year Ended August 31, 2014		13.45		0.22		1.65			1.87			(0.22	)		(0.81	)		(1.03	)
Institutional Shares
Year Ended August 31, 2018		13.76		0.22		0.94			1.16			(0.22	)		(0.62	)		(0.84	)
Year Ended August 31, 2017		13.39		0.20		0.77			0.97			(0.21	)		(0.39	)		(0.60	)
Year Ended August 31, 2016		13.39		0.23		0.61			0.84			(0.22	)		(0.62	)		(0.84	)
Year Ended August 31, 2015		14.33		0.23		(0.12	)		0.11			(0.23	)		(0.82	)		(1.05	)
Year Ended August 31, 2014		13.49		0.25		1.65			1.90			(0.25	)		(0.81	)		(1.06	)
A Shares
Year Ended August 31, 2018		13.67		0.18		0.94			1.12			(0.19	)		(0.62	)		(0.81	)
Year Ended August 31, 2017		13.31		0.17		0.76			0.93			(0.18	)		(0.39	)		(0.57	)
Year Ended August 31, 2016		13.32		0.20		0.60			0.80			(0.19	)		(0.62	)		(0.81	)
Year Ended August 31, 2015		14.27		0.20		(0.13	)		0.07			(0.20	)		(0.82	)		(1.02	)
Year Ended August 31, 2014		13.43		0.22		1.65			1.87			(0.22	)		(0.81	)		(1.03	)
C Shares
Year Ended August 31, 2018		13.65		0.07		0.96			1.03			(0.08	)		(0.62	)		(0.70	)
Year Ended August 31, 2017		13.31		0.08		0.74			0.82			(0.09	)		(0.39	)		(0.48	)
Year Ended August 31, 2016		13.31		0.10		0.61			0.71			(0.09	)		(0.62	)		(0.71	)
December 31, 2014^(f) through August 31, 2015		13.59		0.10		(0.34	)		(0.24	)		(0.04	)		—			(0.04	)

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

During the year ended August 31, 2015, the Investor Class received monies related to a correction of an error. The corresponding impact to the total return, net expenses to average net assets ratio and net investment income to average net assets ratio was 0.14%, (0.18)% and 0.18%, respectively, for Active Core Fund.

(f )

Commencement of operations.

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

Table of Contents

– 94 –

							Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)

$	14.04		8.46	%	$	5,340		1.07	%		1.32	%		1.32	%		37	%
	13.72		7.24	%		5,275		0.98	%		1.28	%		1.37	%		55	%
	13.35		6.36	%		7,921		0.88	%		1.52	%		1.52	%		69	%
	13.38		0.59	%^(e)		11,490		0.74	%^(e)		1.57	%^(e)		1.70	%		60	%
	14.29		14.40	%		12,019		0.93	%		1.52	%		1.67	%		62	%

	14.08		8.70	%		46,738		0.81	%		1.57	%		1.07	%		37	%
	13.76		7.50	%		46,101		0.73	%		1.52	%		1.12	%		55	%
	13.39		6.62	%		53,077		0.62	%		1.79	%		1.27	%		69	%
	13.39		0.63	%		52,775		0.71	%		1.61	%		1.45	%		60	%
	14.33		14.65	%		56,056		0.68	%		1.78	%		1.42	%		62	%

	13.98		8.41	%		1,496		1.17	%		1.22	%		1.17	%		37	%
	13.67		7.20	%		1,518		0.98	%		1.28	%		1.22	%		55	%
	13.31		6.33	%		1,391		0.87	%		1.57	%		1.37	%		69	%
	13.32		0.32	%		421		0.99	%		1.34	%		1.58	%		60	%
	14.27		14.42	%		243		0.93	%		1.50	%		1.52	%		62	%

	13.98		7.70	%		73		1.84	%		0.54	%		2.07	%		37	%
	13.65		6.32	%		75		1.73	%		0.57	%		2.12	%		55	%
	13.31		5.61	%		67		1.62	%		0.78	%		2.27	%		69	%

	13.31		(1.80	)%		55		1.86	%		0.45	%		2.60	%		60	%

Table of Contents

– 95 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:							Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions
Mid Cap Core Equity Fund
Investor Shares
Year Ended August 31, 2018	$	10.33	$	0.05	^(f)	$	1.57	$	1.62	$	(0.05	)	$	—	$	(0.05	)
December 30, 2016^(e) through August 31, 2017		10.00		0.07			0.32		0.39		(0.06	)		—		(0.06	)
Institutional Shares
Year Ended August 31, 2018		10.36		0.08	^(f)		1.57		1.65		(0.09	)		—		(0.09	)
December 30, 2016^(e) through August 31, 2017		10.00		0.04			0.34		0.38		(0.02	)		—		(0.02	)
A Shares
Year Ended August 31, 2018		10.39		0.05	^(f)		1.58		1.63		(0.05	)		—		(0.05	)
December 30, 2016^(e) through August 31, 2017		10.00		0.02			0.37		0.39		—			—		—
C Shares
Year Ended August 31, 2018		10.28		—	^(f)		1.40		1.40		—			—		—
December 30, 2016^(e) through August 31, 2017		10.00		0.02			0.26		0.28		—			—		—

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

Commencement of operations.

(f)

Calculated using average shares.

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

Table of Contents

– 96 –

							Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)

$	11.90		15.67	%	$	624		1.06	%		0.45	%		5.32	%		74	%

	10.33		3.84	%		185		1.06	%		0.72	%		16.40	%		45	%

	11.92		15.97	%		1,355		0.81	%		0.73	%		7.35	%		74	%

	10.36		3.84	%		1,610		0.81	%		0.81	%		9.65	%		45	%

	11.97		15.68	%		364		1.06	%		0.46	%		6.24	%		74	%

	10.39		3.90	%		62		1.06	%		0.45	%		14.98	%		45	%

	11.68		13.62	%		—		1.81	%		—	%		27.23	%		74	%

	10.28		2.80	%		253		1.81	%		3.73	%		25.73	%		45	%

Table of Contents

– 97 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:									Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments			Total Dividends and Distributions
Opportunistic Fund
Investor Shares
Year Ended August 31, 2018	$	14.90	$	0.04	^(e)	$	1.28		$	1.32		$	(0.04	)	$	(0.75	)	$	(0.79	)
Year Ended August 31, 2017		12.86		(0.02	)		2.08			2.06			(0.02	)		—			(0.02	)
Year Ended August 31, 2016		13.66		0.03			(0.47	)		(0.44	)		(0.02	)		(0.34	)		(0.36	)
Year Ended August 31, 2015		13.85		(0.02	)		0.21			0.19			—			(0.38	)		(0.38	)
Year Ended August 31, 2014		12.85		(0.01	)		1.71			1.70			—			(0.70	)		(0.70	)
Institutional Shares
Year Ended August 31, 2018		15.05		0.08	^(e)		1.30			1.38			(0.07	)		(0.75	)		(0.82	)
Year Ended August 31, 2017		12.99		0.03			2.08			2.11			(0.05	)		—			(0.05	)
Year Ended August 31, 2016		13.78		0.06			(0.47	)		(0.41	)		(0.04	)		(0.34	)		(0.38	)
Year Ended August 31, 2015		13.95		(0.01	)		0.23			0.22			(0.01	)		(0.38	)		(0.39	)
Year Ended August 31, 2014		12.91		0.02			1.74			1.76			(0.02	)		(0.70	)		(0.72	)
A Shares
Year Ended August 31, 2018		14.95		0.04	^(e)		1.28			1.32			(0.04	)		(0.75	)		(0.79	)
Year Ended August 31, 2017		12.90		(0.01	)		2.07			2.06			(0.01	)		—			(0.01	)
Year Ended August 31, 2016		13.70		0.03			(0.47	)		(0.44	)		(0.02	)		(0.34	)		(0.36	)
Year Ended August 31, 2015		13.89		(0.02	)		0.21			0.19			—			(0.38	)		(0.38	)
Year Ended August 31, 2014		12.88		—			1.72			1.72			(0.01	)		(0.70	)		(0.71	)
C Shares
Year Ended August 31, 2018		14.65		(0.08	)^(e)		1.25			1.17			—			(0.75	)		(0.75	)
Year Ended August 31, 2017		12.73		(0.02	)		1.94			1.92			—			—			—
Year Ended August 31, 2016		13.60		0.01			(0.54	)		(0.53	)		—			(0.34	)		(0.34	)
December 31, 2014^(f) through August 31, 2015		13.60		(0.01	)		0.01			—			—			—			—

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

Calculated using average shares.

(f)

Commencement of operations.

Amounts designated as “-“ are $0 or have been rounded to $0.

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										Ratios/Supplemental Data:^(b)
Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)

$	15.43		9.08	%	$	2,097		1.64	%		0.25	%		1.85	%		157	%
	14.90		15.99	%		3,009		1.60	%		(0.10	)%		1.81	%		227	%
	12.86		(3.33	)%		2,451		1.45	%		0.22	%		1.66	%		266	%
	13.66		1.35	%		1,292		1.77	%		(0.31	)%		2.49	%		249	%
	13.85		13.32	%		1,409		1.87	%		(0.15	)%		2.48	%		276	%

	15.61		9.45	%		45,659		1.35	%		0.55	%		1.60	%		157	%
	15.05		16.27	%		38,266		1.31	%		0.18	%		1.56	%		227	%
	12.99		(3.03	)%		33,056		1.16	%		0.45	%		1.41	%		266	%
	13.78		1.55	%		23,034		1.52	%		(0.03	)%		2.31	%		249	%
	13.95		13.76	%		12,831		1.57	%		0.16	%		2.23	%		276	%

	15.48		9.09	%		2,032		1.63	%		0.26	%		1.70	%		157	%
	14.95		15.96	%		2,321		1.56	%		(0.06	)%		1.66	%		227	%
	12.90		(3.29	)%		2,275		1.41	%		0.17	%		1.51	%		266	%
	13.70		1.34	%		3,400		1.77	%		(0.31	)%		2.33	%		249	%
	13.89		13.42	%		4,851		1.82	%		(0.10	)%		2.33	%		276	%

	15.07		8.22	%		598		2.41	%		(0.52	)%		2.60	%		157	%
	14.65		15.08	%		573		2.34	%		(0.84	)%		2.56	%		227	%
	12.73		(3.99	)%		442		2.18	%		(0.55	)%		2.41	%		266	%

	13.60		0.00	%		186		2.52	%		(0.85	)%		3.42	%		249	%

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Financial Highlights

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

			Change in Net Assets Resulting From Operations:									Less Dividends From:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments			Return of Capital
World Energy Fund
Investor Shares
Year Ended August 31, 2018	$	8.06	$	0.06	^(f)	$	1.41		$	1.47		$	(0.04	)	$	—		$	—
Year Ended August 31, 2017		8.63		0.08			(0.58	)		(0.50	)		(0.06	)		—			(0.01	)
Year Ended August 31, 2016		8.58		0.10			0.04			0.14			(0.09	)		—			—
Year Ended August 31, 2015		11.61		0.07			(2.98	)		(2.91	)		(0.06	)		(0.06	)		—
February 4, 2014^(e) through August 31, 2014		10.00		0.06			1.59			1.65			(0.04	)		—			—
Institutional Shares
Year Ended August 31, 2018		8.07		0.09	^(f)		1.42			1.51			(0.07	)		—			—
Year Ended August 31, 2017		8.65		0.11			(0.59	)		(0.48	)		(0.08	)		—			(0.02	)
Year Ended August 31, 2016		8.59		0.12			0.05			0.17			(0.11	)		—			—
Year Ended August 31, 2015		11.62		0.10			(2.98	)		(2.88	)		(0.08	)		(0.07	)		—
February 4, 2014^(e) through August 31, 2014		10.00		0.07			1.59			1.66			(0.04	)		—			—
A Shares
Year Ended August 31, 2018		8.06		0.07	^(f)		1.41			1.48			(0.05	)		—			—
Year Ended August 31, 2017		8.63		0.09			(0.59	)		(0.50	)		(0.06	)		—			(0.01	)
Year Ended August 31, 2016		8.59		0.10			0.03			0.13			(0.09	)		—			—
Year Ended August 31, 2015		11.61		0.08			(2.98	)		(2.90	)		(0.06	)		(0.06	)		—
February 4, 2014^(e) through August 31, 2014		10.00		0.06			1.59			1.65			(0.04	)		—			—
C Shares
Year Ended August 31, 2018		8.00		—	^(f)		1.40			1.40			(0.01	)		—			—
Year Ended August 31, 2017		8.57		0.02			(0.58	)		(0.56	)		(0.01	)		—			—
Year Ended August 31, 2016		8.53		0.05			0.03			0.08			(0.04	)		—			—
Year Ended August 31, 2015		11.58		0.04			(3.00	)		(2.96	)		(0.03	)		(0.06	)		—
February 4, 2014^(e) through August 31, 2014		10.00		0.04			1.56			1.60			(0.02	)		—			—

(a)

Not annualized for periods less than one year.

(b)

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

(c)

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

(d)

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

(e)

Commencement of operations.

(f)

Calculated using average shares.

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

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										Ratios/Supplemental Data:^(b)
Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(a)			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)

$	(0.04	)	$	9.49		18.27	%	$	7,964		1.39	%		0.66	%		1.56	%		130	%
	(0.07	)		8.06		(5.87	)%		9,316		1.33	%		0.90	%		1.53	%		103	%
	(0.09	)		8.63		1.66	%		10,177		1.29	%		1.22	%		1.55	%		150	%
	(0.12	)		8.58		(25.17	)%		6,419		1.28	%		0.85	%		1.71	%		167	%

	(0.04	)		11.61		16.51	%		5,234		1.06	%		1.19	%		1.51	%		71	%

	(0.07	)		9.51		18.71	%		37,696		1.12	%		0.97	%		1.31	%		130	%
	(0.10	)		8.07		(5.69	)%		25,809		1.01	%		1.24	%		1.28	%		103	%
	(0.11	)		8.65		2.09	%		26,214		0.96	%		1.48	%		1.30	%		150	%
	(0.15	)		8.59		(24.96	)%		28,873		1.00	%		1.15	%		1.46	%		167	%

	(0.04	)		11.62		16.66	%		21,322		0.81	%		1.41	%		1.26	%		71	%

	(0.05	)		9.49		18.37	%		6,302		1.34	%		0.72	%		1.41	%		130	%
	(0.07	)		8.06		(5.84	)%		6,836		1.26	%		0.96	%		1.38	%		103	%
	(0.09	)		8.63		1.59	%		8,644		1.22	%		1.26	%		1.40	%		150	%
	(0.12	)		8.59		(25.07	)%		11,901		1.26	%		0.88	%		1.56	%		167	%

	(0.04	)		11.61		16.49	%		9,134		1.06	%		1.14	%		1.36	%		71	%

	(0.01	)		9.39		17.51	%		6,115		2.11	%		(0.05	)%		2.31	%		130	%
	(0.01	)		8.00		(6.59	)%		6,131		2.01	%		0.23	%		2.28	%		103	%
	(0.04	)		8.57		0.99	%		7,726		1.97	%		0.52	%		2.30	%		150	%
	(0.09	)		8.53		(25.68	)%		7,217		2.04	%		0.09	%		2.46	%		167	%

	(0.02	)		11.58		16.01	%		5,073		1.81	%		0.36	%		2.26	%		71	%

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Report of Independent Registered Public Accounting Firm

August 31, 2018

To the Shareholders and Board of Trustees of

Cavanal Hill Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Funds listed in the Appendix (individually a “Fund”, and collectively the “Funds”) including the schedules of portfolio investments, as of August 31, 2018, the related statements of operations, the statements of changes in net assets, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods listed in the Appendix. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2018, the results of its operations, the changes in its net assets, and the financial highlights for the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2018, by correspondence with custodians and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Cavanal Hill Funds investment companies since 1990.

Columbus, Ohio

October 26, 2018

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Appendix

Fund	Financial Statement	Period

U.S Treasury Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Five years ended August 31, 2018.

Government Securities Money Market Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Five years ended August 31, 2018.

Limited Duration Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Five years ended August 31, 2018.

Moderate Duration Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Five years ended August 31, 2018.

Bond Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Five years ended August 31, 2018.

Strategic Enhanced Yield Fund
	Statement of Operations	For the period December 26, 2017 (commencement of operations) through August 31, 2018.
	Statement of Changes in Net Assets	For the period December 26, 2017 (commencement of operations) through August 31, 2018.
	Financial Highlights	For the period December 26, 2017 (commencement of operations) through August 31, 2018.

Ultra Short Tax-Free Income Fund
	Statement of Operations	For the period December 26, 2017 (commencement of operations) through August 31, 2018.
	Statement of Changes in Net Assets	For the period December 26, 2017 (commencement of operations) through August 31, 2018.
	Financial Highlights	For the period December 26, 2017 (commencement of operations) through August 31, 2018.

Active Core Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Five years ended August 31, 2018.

Mid Cap Core Equity Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	For the year ended August 31, 2018 and for the period December 30, 2016 (commencement of operations) through August 31, 2017.
	Financial Highlights	For the year ended August 31, 2018 and for the period December 30, 2016 (commencement of operations) through August 31, 2017.

Opportunistic Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Five years ended August 31, 2018.

World Energy Fund
	Statement of Operations	Year ended August 31, 2018.
	Statements of Changes in Net Assets	Two years ended August 31, 2018.
	Financial Highlights	Four years ended August 31, 2018 and for the period February 4, 2014 (commencement of operations) through August 31, 2014.

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Additional Fund Information (Unaudited)	Continued
August 31, 2018

Notification of Sources of Distributions Pursuant to Rule 19a-1 under the Investment Company Act of 1940:

As noted in the table below, during the fiscal year ending August 31, 2018, certain Funds made distributions to shareholders from net income in excess of that which was earned for book purposes (capital sources).* Distributions are not anticipated to exceed earnings for U.S. income tax purposes. As of August 31, 2018, the sources of these distributions were as follows (amounts represent dollars per share):

	Investor Shares			Institutional Shares			Class A
Fund	Net Income	Capital Sources	Total Distributions	Net Income	Capital Sources	Total Distributions	Net Income	Capital Sources	Total Distributions
Limited Duration Fund	0.19942	0.00601	0.20543	0.22768	0.00687	0.23455	0.20498	0.00618	0.21116
Moderate Duration Fund	0.16015	0.00138	0.16153	0.18997	0.00163	0.19160	0.16415	0.00141	0.16556
Bond Fund	0.19568	0.00681	0.20249	0.21932	0.00763	0.22695	0.19722	0.00686	0.20408
Strategic Enhanced Yield Fund	0.10221	0.00268	0.10489	0.20951	0.00550	0.21501	0.19285	0.00506	0.19791

Capital gains and losses from periodic repayment of bond principal are recognized as income for book purposes but, for U.S. income tax purposes, are distributed to shareholders from net capital gains. Final 2018 tax information for the Funds will be mailed to shareholders next year by January 31, 2019. Accordingly, shareholders should not use the information provided in this notice for tax reporting purposes.

Other Federal Income Tax Information:

For the year ended August 31, 2018, a portion of the ordinary income distributions paid by the Funds may be qualified dividend income. The Funds intend to designate the maximum amount allowable. Complete information will be reported in conjunction with the 2018 Form 1099-DIV.

For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ended August 31, 2018, qualify for the corporate dividends received deduction for the following Funds:

Fund			Percentage
Active Core Fund			55.08%
Mid Cap Core Equity Fund			100.00%
Opportunistic Fund			21.02%
World Energy Fund			100.00%

For the year ended August 31, 2018, the following Funds paid dividends, a portion of which may be subject to a maximum tax rate of 23.8%:

Fund			Percentage
Active Core Fund			64.97%
Mid Cap Core Equity Fund			100.00%
Opportunistic Fund			24.52%
World Energy Fund			100.00%

The Ultra Short Tax-Free Income Fund designated $41,044 of its income distributions as tax-exempt distributions for the year ended August 31, 2018.

The accompanying table below details distributions designated from long-term capital gains for the following funds for the fiscal year ended August 31, 2018:

Fund*	Amount
Active Core Fund	$	2,343,729
Mid Cap Core Equity Fund		345
Opportunistic Fund		678,128

Long-term capital gain distributions are subject to a federal tax rate of 20%.

For the year ended August 31, 2018, certain Funds designate the maximum amount allowable but not less than the following amounts as a short-term capital gain dividend in accordance with Section 871(k)(2) and 881(e) of the Internal Revenue Code:

Fund	Amount
Active Core Fund	$	2,698
Mid Cap Core Equity Fund		639
Opportunistic Fund		1,675,737

For the year ended August 31, 2018, certain Funds designate the maximum amount allowable but not less than the following amounts as interest-related dividends in accordance with Section 871(k)(1) and 881(e) of the Internal Revenue Code:

Fund	Amount
U.S. Treasury Fund	$	9,502,087
Government Securities Money Market Fund		15,654,738
Limited Duration Fund		2,278,075
Moderate Duration Fund		645,477
Bond Fund		2,339,212
Strategic Enhanced Yield Fund		18,194
Active Core Fund		408,844
Mid Cap Core Equity Fund		295
Opportunistic Fund		115,225
World Energy Fund		31,979

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Additional Fund Information (Unaudited)	Continued
August 31, 2018

REVIEW AND APPROVAL OF THE FUNDS’ ADVISORY AGREEMENT

The Trust’s investment advisory agreement (the “Advisory Agreement”) with Cavanal Hill Investment Management, Inc. (the “Adviser”) was formally considered and approved by the Board of Trustees at meetings held on July 30-31, 2018. The Trustees reviewed extensive material throughout the year in connection with their consideration of the Advisory Agreement. It was noted that the contractual investment advisory fee had been lowered and the contractual advisory fee waivers had been eliminated in 2016. In connection with such approval, the Trustees, reviewed data produced by an independent provider of mutual fund data (as assembled by the Funds’ sub-administrator) which provided comparisons to industry averages for comparable funds for advisory fees and total fund expenses. The information provided to the Trustees at the meeting also included a report from an independent evaluator of brokerage practices and best execution. The Board was assisted in its review by independent legal counsel, as well as Counsel to the Funds, which provided a memorandum detailing the legal standards for review of the Advisory Agreement. The Board received a detailed presentation by the Adviser, which included a fund-by-fund analysis of performance and profitability. The Board also deliberated outside the presence of management and the Adviser.

In their deliberations, each Trustee attributed different weights to various factors involved in an analysis of whether the Investment Advisory Agreement should be amended and continued, and no factor alone was considered determinative. The Trustees, including a majority of independent Trustees, determined that the overall arrangement between the Trust and the Adviser, as provided in the Advisory Agreement, was fair and reasonable and that the continuance of the Advisory Agreement, as so amended, was in the best interests of each Fund and its shareholders.

The matters addressed below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent, and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Board meetings, as well as materials furnished specifically in connection with the annual review process. The Adviser’s senior management and portfolio managers presented information to the Trustees at Board meetings and discussed the Funds’ performance and the Funds’ investment objectives, strategies and outlook. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of investment personnel of the Adviser responsible for the day-to-day management of each Fund. The Trustees also considered the Adviser’s research and portfolio management capabilities, oversight of day-to-day Fund operations, including fund accounting and administration, shareholder communications, regulatory and other reporting, and assistance in meeting legal and regulatory requirements. Materials provided throughout the year covered matters such as compliance of portfolio managers and other management personnel with the code of ethics and the adherence to fair pricing procedures. Consideration was given to the overall performance of the Adviser in light of the economy. The Trustees concluded that the nature, extent, and quality of services under the Advisory Agreement were appropriate and consistent with industry norms.

Investment Performance

Investment performance reports and related financial information for the Funds were discussed throughout the year and were presented in association with the renewal. The Trustees considered performance results of each Fund in absolute terms and relative to each Fund’s peer group as reported by Lipper. One, three, five and ten-year performance data was presented. The Trustees discussed with the Adviser the performance goals and the actual results achieved in managing the Funds as well as the effect of market conditions on the Funds. All share classes of the U.S. Treasury Fund were in the third quartile for the one, three, five and ten-year periods ending May 31, 2018, with the exception of the one and five-year performance of the Institutional share class, which was in the second percentile. April 11, 2018 marked the one-year anniversary of the U.S. Treasury Fund Administrative share class operating without fee waivers. The Government Securities Administrative, Institutional, Premier and Select share classes were in the second quartile for the one, three, five and ten-year periods ending May 31, 2018, with the exception of the ten-year period for the Administrative share class, which was in the third quartile. The Limited Duration Institutional share class was in the second quartile for the one, three, five and ten-year periods ending May 31, 2018. The Limited Duration Investor and A share classes were in the third quartile for the one, three, five and ten-year period ending May 31, 2018. The Moderate Duration Institutional share class was in the top quartile for the one, five and ten-year periods ending May 31, 2018. The Moderate Duration Investor and A share classes were in the second quartile for the one, five and ten-year periods ending May 31, 2018. For the three-year period ended May 31, 2018, the Moderate Duration Institutional share class was in the second quartile and the Investor and A share classes were in the third quartile. For the one-year period ended May 31, 2018, all share classes of the Bond Fund in the second quartile. All share classes of the Bond Fund were in the fourth quartile for the three and five-year periods ended May 31, 2018. For the ten-year period ended May 31, 2018, the performance of the Bond Fund Investor and Institutional share classes was in the third quartile. Performance information was not yet available for the Ultra Short Tax-Free Income or the Strategic Enhanced Yield share classes as neither had a full year of activity as of May 31, 2018. All share classes of the Opportunistic Fund were in the top quartile for the one, three and five-year periods ending May 31, 2018. All share classes of the Active Core were in the second quartile for the one and three-year period ending May 31, 2018. For the five and ten-year period, the Active Core share classes were in the second quartile of the period ending May 31, 2018. The World Energy Institutional share class performance was in the second quartile, with the other share classes in the third quartile for the period ending May 31, 2018. The World Energy Fund’s performance was in line with its Lipper peer group which is the Global Natural Resources peer group. Lipper does not have an Energy category, so consideration is also given to fund performance as compared to the Morningstar Energy category, where it is a 4-star fund. The one-year ending May 31, 2018 performance for the Mid Cap Core Equity share classes was in in the third percentile, other than the C share class, which was in the fourth percentile. Over the years, the Funds have received twelve Lipper Fund Awards in recognition of their outstanding performance. Based on their review, and in light of market conditions, the Trustees were satisfied that the performance of each of the Funds was within an acceptable range.

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Additional Fund Information (Unaudited)	Continued
August 31, 2018

Cost of Services and Profits Realized by Cavanal Hill Investment Management, Inc. and its Affiliates

The Trustees also considered peer group comparable information with respect to the investment advisory fees charged by the Adviser to each of the Funds. Information on voluntary fee waivers was presented and considered. The Trustees reviewed administration, custody and distributor fees received, respectively, by the Adviser and its affiliates, BOKF, NA and Cavanal Hill Distributors, Inc. and selling agreement fees earned by BOKF, NA and BOKFS, Inc. The Trustees also considered the fallout benefits to the Adviser of soft dollars based on presentations to the Board. The Trustees also reviewed profitability information provided by the Adviser with respect to investment advisory, administration, distribution and custody services to each Fund. The Trustees recognized that the data presented was not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. In reviewing the analysis, attention was given to the methodology followed in allocating costs to the Funds, it being recognized that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. In reviewing and discussing such analysis, management discussed with the Trustees its belief that costs incurred in establishing and maintaining the infrastructure necessary to support mutual fund operations conducted by the Adviser affect the expenses allocated to the Funds in determining its profitability, as well as the fact that the level of profits, to a certain extent, reflected operational cost savings and efficiencies initiated by management. The Trustees also took into account the need to meet regulatory and compliance requirements resulting from the Sarbanes-Oxley Act, SEC and other regulatory requirements. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts, because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, and numerous assumptions regarding allocations. However, the Lipper peer group report reflected that investment advisory fees charged by the Adviser were generally in line with median fees. With the exception of the Opportunistic Fund, the investment advisory fees, net of waivers and expenses, with respect to the Funds, were below the median for all fund classes. The Trustees analyzed the fees paid to the Adviser in light of performance and the services provided, and in light of profitability to the Adviser. Based on their review, the Trustees concluded that the fees paid to, and the profitability of, Cavanal Hill Investment Management, Inc. under the Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

Economies of Scale

Finally, the Trustees considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Trust’s assets. The Trustees concluded that the Funds had not yet attained sufficient size to realize material economies of scale. The Trustees further concluded that current asset levels of the Funds did not warrant formal contractual breakpoints. The Trustees determined that their review of potential economies of scale supported their decision to approve the Advisory Agreement.

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Additional Fund Information (Unaudited)	Continued
August 31, 2018

U.S. Treasury Fund:

Security Allocation	Percentage of Net Assets
U.S. Treasury Obligations		47.3	%
Repurchase Agreements		52.1	%
Investment Companies		0.7	%
Liabilities in excess of other assets		(0.1	)%
Total		100.0	%

Government Securities Money Market Fund:

Security Allocation	Percentage of Net Assets
U.S. Government Agency Securities		24.6	%
U.S. Treasury Obligations		33.5	%
Repurchase Agreements		38.5	%
Investment Companies		3.5	%
Liabilities in excess of other assets		(0.1	)%
Total		100.0	%

Limited Duration Fund:


Security Allocation	Percentage of Net Assets
Asset Backed Securities		11.1	%
Mortgage Backed Securities		43.1	%
Corporate Bonds		15.8	%
Taxable Municipal Bonds		2.7	%
U.S. Treasury Obligations		23.5	%
Investment in Affiliates		3.5	%
Liabilities in excess of other assets		0.3	%
Total		100.0	%

Moderate Duration Fund:

Security Allocation	Percentage of Net Assets
Asset Backed Securities		4.2	%
Mortgage Backed Securities		28.5	%
Corporate Bonds		20.5	%
Taxable Municipal Bonds		10.2	%
U.S. Government Agency Securities		8.0	%
U.S. Treasury Obligations		24.8	%
Investment in Affiliates		3.6	%
Other assets in excess of liabilities		0.2	%
Total		100.0	%

Bond Fund:

Security Allocation	Percentage of Net Assets
Asset Backed Securities		1.6	%
Mortgage Backed Securities		26.4	%
Corporate Bonds		15.1	%
Taxable Municipal Bonds		12.7	%
U.S. Government Agency Securities		9.4	%
U.S. Treasury Obligations		31.8	%
Investment in Affiliates		2.7	%
Other assets in excess of liabilities		0.3	%
Total		100.0	%

Strategic Enhanced Yield Fund:

Security Allocation	Percentage of Net Assets
Asset Backed Securities		15.8	%
Mortgage Backed Securities		39.8	%
Corporate Bonds		6.0	%
U.S. Treasury Obligations		30.8	%
Investment in Affiliates		9.4	%
Liabilities in excess of other assets		(1.8	)%
Total		100.0	%

Ultra Short Tax-Free Income Fund:

Security Allocation	Percentage of Net Assets
Municipal Bonds		103.4	%
Investment in Affiliates		0.7	%
Liabilities in excess of other assets		(4.1	)%
Total		100.0	%

Active Core Fund:

Security Allocation	Percentage of Net Assets
Common Stocks		50.4	%
Asset Backed Securities		1.5	%
Mortgage Backed Securities		10.1	%
Corporate Bonds		6.4	%
Taxable Municipal Bonds		5.3	%
U.S. Government Agency Securities		3.5	%
U.S. Treasury Obligations		13.8	%
Investment Companies		6.0	%
Investment in Affiliates		2.7	%
Other assets in excess of liabilities		0.3	%
Total		100.0	%

Mid Cap Core Equity Fund:

Security Allocation	Percentage of Net Assets
Common Stocks		95.6	%
Investment in Affiliates		2.7	%
Other assets in excess of liabilities		1.7	%
Total		100.0	%

Opportunistic Fund:

Security Allocation	Percentage of Net Assets
Common Stocks		72.9	%
Corporate Bonds		21.3	%
U.S. Treasury Obligations		1.9	%
Investment in Affiliates		3.7	%
Other assets in excess of liabilities		0.2	%
Total		100.0	%

World Energy Fund:

Security Allocation	Percentage of Net Assets
Common Stocks		91.1	%
Corporate Bonds		5.4	%
Investment Companies		1.8	%
Investment in Affiliates		1.5	%
Other assets in excess of liabilities		0.2	%
Total		100.0	%

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Additional Fund Information (Unaudited)	Continued
August 31, 2018

Trustees and Officers of Cavanal Hill Funds

The following table sets forth certain information about each of the Trust’s Officers.

Name and Age	Position(s) Held with the Trust	Term of Office; and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held By Trustee
Joel B. Engle (1965)	Treasurer	Indefinite, 1/17 — Present	From 2007 to present, SVP of Citi Fund Services Ohio, Inc.	N/A	N/A

James L. Huntzinger (1950)	President, Assistant Secretary	Indefinite, 6/08 — Present	From 2002 to present, Chief Investment Officer for BOK Financial	N/A	N/A


Charles Booth (1960)	Chief Compliance Officer, Anti- Money Laundering Officer and Disaster Recovery Plan Business Operations Manager	Indefinite, 5/15 — Present	From 2007 to present, Director of Citi Fund Services Ohio, Inc., CCO Services. From 1988 to present, Account Manager, Manager of Financial Administration, SVP of Compliance of Citi Fund Services Ohio, Inc.	N/A	N/A

Cheryl Briggs (1960)	Assistant Vice President and Secretary	Indefinite 4/15 — Present	From March 2015 to present, Officer, Cavanal Hill Funds Administrator. From November 2008 to March 2015, Executive Assistant for Institutional Wealth Management at BOKF	N/A	N/A

For interested officers, Mr. Huntzinger and Ms. Briggs positions held with affiliated persons or principal underwriters of the Trust are provided above. For interested Trustees, the information is listed in the following table:

Name		Positions Held With Affiliated Persons Or Principal Underwriters Of The Funds
Scott Grauer (1964)		BOK Financial, Executive Vice President, Wealth Management Division; BOKFS, Chief Executive Officer. Mr. Grauer is also Chairman of the Board of BOKFS, Cavanal Hill Investment Management, Inc. and affiliated advisers, MBM and The Milestone Group and serves in an officer capacity or as a member of the board for other BOK Financial subsidiaries.

The following table sets forth certain information about each of the Trust’s Trustees.

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Additional Fund Information (Unaudited)	Continued
August 31, 2018

Trustees and Officers of Cavanal Hill Funds

Name and Age	Position(s) Held with the Trust	Term of Office; and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held By Trustee During The Past 5 Years*
Independent Trustees:
William H. Wilson Jr. (1958 )	Trustee, Chairman	Indefinite, 5/08—Present	Ownership interest and/or executive positions with Sage Partners and Lonestar Ecology	11	None

Jennifer Wheeler (1972 )	Trustee	Indefinite, 11/16—Present	Counsel to the American Fidelity Insurance Company	11	N/A

Interested Trustees:

Scott Grauer** (1964)	Trustee	Indefinite, 1/10—Present	From July 2008 to present, Executive Vice President, Wealth Management Division, BOK Financial; from 1991 to present, CEO, BOKFS, Inc.	11	None

Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Mr. Grauer is treated by the Funds as an “interested person” (as defined in Section 2(a)(19) of the 1940 Act) of the Funds. Mr. Grauer is an “interested person” because he is an Executive Vice President of BOK Financial, the indirect parent of Cavanal Hill Investment Management, Inc. and the Chief Investment Officer of BOKFS, Inc., the distributor of the Trust. Mr. Grauer is also Chairman of the Board of BOKFS, Cavanal Hill Investment Management, Inc. and affiliated advisers, MBM and The Milestone Group and serves in an officer capacity as a member of the board for other BOK Financial subsidiaries.

The Funds’ Statement of Additional Information includes additional information about the Trustees and Officers. The Statement of Additional Information may be obtained by calling 1-800-762-7085.

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Additional Fund Information (Unaudited)	Continued
August 31, 2018

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 March 1, 2018 through August 31, 2018.

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 “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value 3/1/18		Ending Account Value 8/31/18		Expenses Paid During Period 3/1/18 - 8/31/18		Expense Ratio During Period* 3/1/18 - 8/31/18
U.S. Treasury Fund¹
Administrative Shares	$	1,000.00	$	1,005.40	$	3.44		0.68	%
Service Shares		1,000.00		1,006.90		1.92		0.38	%
Institutional Shares		1,000.00		1,007.50		1.32		0.26	%
Select Shares		1,000.00		1,007.90		0.91		0.18	%
Government Securities Money Market Fund¹
Administrative Shares		1,000.00		1,006.00		2.88		0.57	%
Institutional Shares		1,000.00		1,007.50		1.42		0.28	%
Select Shares		1,000.00		1,007.90		1.01		0.20	%
Premier Shares		1,000.00		1,007.70		1.27		0.25	%
Limited Duration Fund¹
Investor Shares		1,000.00		1,009.00		3.95		0.78	%
Institutional Shares		1,000.00		1,010.60		2.38		0.47	%
A Shares		1,000.00		1,009.40		3.65		0.72	%
Moderate Duration Fund¹
Investor Shares		1,000.00		1,009.40		5.57		1.10	%
Institutional Shares		1,000.00		1,010.80		4.05		0.80	%
A Shares		1,000.00		1,009.60		5.37		1.06	%
Bond Fund¹
Investor Shares		1,000.00		1,011.20		3.90		0.77	%
Institutional Shares		1,000.00		1,012.60		2.54		0.50	%
A Shares		1,000.00		1,010.20		3.80		0.75	%
Strategic Enhanced Yield Fund¹
Investor Shares		1,000.00		1,026.70		5.16		1.01	%
Institutional Shares		1,000.00		1,023.20		3.88		0.76	%
A Shares		1,000.00		1,020.90		5.14		1.01	%
Ultra Short Tax-Free Income Fund¹
Investor Shares		1,000.00		1,002.40		4.09		0.81	%
Institutional Shares		1,000.00		1,005.00		2.83		0.56	%
A Shares		1,000.00		1,001.00		4.09		0.81	%
Active Core Fund¹
Investor Shares		1,000.00		1,038.90		5.14		1.00	%
Institutional Shares		1,000.00		1,040.00		3.81		0.74	%
A Shares		1,000.00		1,038.30		6.17		1.20	%
C Shares		1,000.00		1,035.20		9.23		1.80	%
Mid Cap Core Equity Fund¹
Investor Shares		1,000.00		1,080.70		5.56		1.06	%
Institutional Shares		1,000.00		1,081.60		4.25		0.81	%
A Shares		1,000.00		1,080.10		5.56		1.06	%
C Shares		1,000.00		1,067.60		9.43		1.81	%
Opportunistic Fund¹
Investor Shares		1,000.00		1,036.10		7.60		1.48	%
Institutional Shares		1,000.00		1,038.60		6.11		1.19	%
A Shares		1,000.00		1,036.20		7.65		1.49	%
C Shares		1,000.00		1,032.20		11.63		2.27	%
World Energy Fund¹
Investor Shares		1,000.00		1,101.70		6.67		1.26	%
Institutional Shares		1,000.00		1,102.30		5.46		1.03	%
A Shares		1,000.00		1,102.30		6.57		1.24	%
C Shares		1,000.00		1,096.90		10.62		2.01	%

Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period).

Annualized.

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Additional Fund Information (Unaudited)	Concluded
August 31, 2018

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 expenses may not be used to estimate the actual ending account balance or expenses 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 3/1/18		Ending Account Value 8/31/18		Expenses Paid During Period 3/1/18 - 8/31/18		Expense Ratio During Period* 3/1/18 - 8/31/18
U.S. Treasury Fund¹
Administrative Shares	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Service Shares		1,000.00		1,023.29		1.94		0.38	%
Institutional Shares		1,000.00		1,023.89		1.33		0.26	%
Select Shares		1,000.00		1,024.30		0.92		0.18	%
Government Securities Money Market Fund¹
Administrative Shares		1,000.00		1,022.33		2.91		0.57	%
Institutional Shares		1,000.00		1,023.79		1.43		0.28	%
Select Shares		1,000.00		1,024.20		1.02		0.20	%
Premier Shares		1,000.00		1,023.95		1.28		0.25	%
Limited Duration Fund¹
Investor Shares		1,000.00		1,021.27		3.97		0.78	%
Institutional Shares		1,000.00		1,022.84		2.40		0.47	%
A Shares		1,000.00		1,021.58		3.67		0.72	%
Moderate Duration Fund¹
Investor Shares		1,000.00		1,019.66		5.60		1.10	%
Institutional Shares		1,000.00		1,021.17		4.08		0.80	%
A Shares		1,000.00		1,019.86		5.40		1.06	%
Bond Fund¹
Investor Shares		1,000.00		1,021.32		3.92		0.77	%
Institutional Shares		1,000.00		1,022.68		2.55		0.50	%
A Shares		1,000.00		1,021.42		3.82		0.75	%
Strategic Enhanced Yield Fund¹
Investor Shares		1,000.00		1,020.11		5.14		1.01	%
Institutional Shares		1,000.00		1,021.37		3.87		0.76	%
A Shares		1,000.00		1,020.11		5.14		1.01	%
Ultra Short Tax-Free Income Fund¹
Investor Shares		1,000.00		1,021.12		4.13		0.81	%
Institutional Shares		1,000.00		1,022.38		2.85		0.56	%
A Shares		1,000.00		1,021.12		4.13		0.81	%
Active Core Fund¹
Investor Shares		1,000.00		1,020.16		5.09		1.00	%
Institutional Shares		1,000.00		1,021.48		3.77		0.74	%
A Shares		1,000.00		1,019.16		6.11		1.20	%
C Shares		1,000.00		1,016.13		9.15		1.80	%
Mid Cap Core Equity Fund¹
Investor Shares		1,000.00		1,019.86		5.40		1.06	%
Institutional Shares		1,000.00		1,021.12		4.13		0.81	%
A Shares		1,000.00		1,019.86		5.40		1.06	%
C Shares		1,000.00		1,016.08		9.20		1.81	%
Opportunistic Fund¹
Investor Shares		1,000.00		1,017.74		7.53		1.48	%
Institutional Shares		1,000.00		1,019.21		6.06		1.19	%
A Shares		1,000.00		1,017.69		7.58		1.49	%
C Shares		1,000.00		1,013.76		11.52		2.27	%
World Energy Fund¹
Investor Shares		1,000.00		1,018.85		6.41		1.26	%
Institutional Shares		1,000.00		1,020.01		5.24		1.03	%
A Shares		1,000.00		1,018.95		6.31		1.24	%
C Shares		1,000.00		1,015.07		10.21		2.01	%

Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 184/365 (to reflect the one-half year period).

Annualized.

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(CAVANAL HILL LOGO)

Ann-08/18

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as an Exhibit.

(b) During the period covered by the report, with respect to the registrant's code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is William H. Wilson Jr. who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.


	*2018*	*2017*
(a) Audit Fees	$146,800	$140,150
(b) Audit-Related Fees	$44,600	$40,487
(c) Tax Fees*	$53,970	$50,145
(d) All Other Fees	$ -	$ -

*Related to preparation of federal income, excise tax returns, state tax return and review of capital gain distribution calculations.

4(e)(1)

The Audit Committee may pre-approve at any regularly scheduled Audit Committee meeting audit, audit-related, tax and other non-audit services to be rendered or that may be rendered by the Auditor to the Funds and certain non-audit services to be rendered by the Auditor to the Advisor which require pre-approval by the Audit Committee. In connection with such pre-approvals, the Auditor, or a Fund officer, with the assistance of the Auditor, shall provide the Audit Committee with a report containing information about each type of service to be pre-approved at the meeting.

4(e)(2)

2018 – 0%

2017 – 0%

4(f) Not Applicable

4(g)

2018 – $98,570

2017 – $90,632

4(h) Not Applicable

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a) The schedules of investments are included as part of the report to shareholders filed under Item 1 of this form.

(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)

The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(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/ James L. Huntzinger

James L. Huntzinger, President (Principal Executive Officer)

Date 10/29/2018

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/ James L. Huntzinger

James L. Huntzinger, President (Principal Executive Officer)

Date 10/29/2018

By (Signature and Title)*

/s/ Joel B. Engle

Joel B. Engle, Treasurer (Principal Financial Officer)

Date 10/29/2018

Cavanal Hill Funds N-CSRCertified annual shareholder report (management investment company)