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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-06114   

Cavanal Hill Funds

(Exact name of registrant as specified in charter)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Address of principal executive offices)                                 (Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code:   1-800-762-7085   

Date of fiscal year end:   8/31   

Date of reporting period:   2/29/2020   

Item 1. Reports to Stockholders.

Midyear Report

February 29, 2020

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

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund you can call (800) 762-7085 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

Table of Contents

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A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to the portfolio securities and information during the most recent 12-month period ended June 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-PORT 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, NA, any of its affiliates or the Distributor. Shares are NOT FDIC INSURED, nor are they insured by any other government agency. An investment in the Funds involves investment risk, including possible loss of principal.

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

– 1 –

Statements of Assets and Liabilities

February 29, 2020 (Unaudited)

	U.S. Treasury Fund		Government Securities Money Market
Assets:
Investments, at cost	$	493,337,434	$	1,057,849,585
Investments, at value		493,337,434		1,057,849,585
Repurchase agreements, at value/cost		590,000,000		755,000,000
Total Investments		1,083,337,434		1,812,849,585
Cash		—		29,884,258
Interest and dividends receivable		1,729,804		2,311,177
Receivable for capital shares reinvested		109,907		238,103
Receivable for investments matured		80,000,000		—
Prepaid expenses and other assets		52,672		106,261
Total Assets		1,165,229,817		1,845,389,384
Liabilities:
Cash overdraft		109,688		—
Distributions payable		1,104,328		1,786,075
Payable for capital shares redeemed		—		29,884,096
Accrued expenses and other payables:
Investment advisory fees		56,849		69,265
Administration fees		56,849		69,265
Distribution fees		251,696		59,430
Custodian fees		11,369		13,852
Trustee fees		8,885		12,822
Fund accounting and compliance fees		28,641		34,940
Transfer agent fees		15,222		21,126
Shareholder servicing fees		257,507		101,993
Other accrued liabilities		54,688		77,946
Total Liabilities		1,955,722		32,130,810
Net Assets	$	1,163,274,095	$	1,813,258,574
Composition of Net Assets:
Shares of beneficial interest, at par	$	11,633	$	18,140
Additional paid-in capital		1,163,259,247		1,813,236,995
Total distributable earnings/(loss)		3,215		3,439
Net Assets	$	1,163,274,095	$	1,813,258,574
Net Assets:
Administrative Shares	$	991,474,964	$	569,097,300
Service Shares		30,453,785		—
Institutional Shares		91,133,182		122,290,814
Select Shares		50,212,164		898,291,817
Premier Shares		—		223,578,643
Total	$	1,163,274,095	$	1,813,258,574
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Administrative Shares		991,406,469		569,433,372
Service Shares		30,468,627		—
Institutional Shares		91,184,003		122,371,151
Select Shares		50,212,012		898,605,281
Premier Shares		—		223,617,036
Total		1,163,271,111		1,814,026,840
Net Asset Value, offering price & redemption price per share:
Administrative Shares	$	1.00	$	1.00
Service Shares	$	1.00	$	—
Institutional Shares	$	1.00	$	1.00
Select Shares	$	1.00	$	1.00
Premier Shares	$	—	$	1.00

See notes to financial statements

– 2 –

Statements of Assets and Liabilities
February 29, 2020 (Unaudited)	Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Assets:
Investments, at cost	$	111,496,831		$	25,253,005		$	91,383,166		$	11,624,534
Investments in affiliates, at cost		10,828,515			945,381			4,779,658			1,037,019
Total Investments, at cost		122,325,346			26,198,386			96,162,824			12,661,553
Investments, at value		112,779,534			25,838,110			96,904,258			12,080,922
Investments in affiliates, at value		10,828,515			945,381			4,779,658			1,037,019
Total Investments, at value		123,608,049			26,783,491			101,683,916			13,117,941
Cash		—			5			—			18,000
Interest and dividends receivable		467,921			161,790			505,698			42,124
Receivable for capital shares issued		6,478,722			2,845			138			23,530
Receivable for capital shares reinvested		76,873			28,855			42,729			12,190
Receivable for investments sold		559			3,120,000			2,394,000			—
Receivable from advisor		—			7,779			—			9,065
Prepaid expenses and other assets		28,833			24,404			27,402			21,854
Total Assets		130,660,957			30,129,169			104,653,883			13,244,704
Liabilities:
Distributions payable		218,950			49,850			184,940			23,745
Payable for investments purchased		—			292,560			1,013,881			1,118
Payable for capital shares redeemed		169,183			74,942			40,220			16,727
Accrued expenses and other payables:
Investment advisory fees		14,523			4,669			16,145			5,018
Administration fees		7,746			1,868			6,458			803
Distribution fees		940			890			317			520
Custodian fees		968			233			807			100
Trustee fees		781			136			578			51
Fund accounting and compliance fees		6,489			2,854			4,820			954
Transfer agent fees		13,852			6,557			8,787			5,983
Shareholder servicing fees		6,079			618			1,687			164
Other accrued liabilities		5,283			1,735			3,995			626
Total Liabilities		444,794			436,912			1,282,635			55,809
Net Assets	$	130,216,163		$	29,692,257		$	103,371,248		$	13,188,895
Composition of Net Assets:
Shares of beneficial interest, at par	$	134		$	28		$	104		$	13
Additional paid-in capital		135,214,862			34,430,495			102,249,675			12,722,520
Total distributable earnings/(loss)		(4,998,833	)		(4,738,266	)		1,121,469			466,362
Net Assets	$	130,216,163		$	29,692,257		$	103,371,248		$	13,188,895
Net Assets:
Investor Shares	$	3,677,918		$	4,128,496		$	1,396,874		$	2,191,474
Institutional Shares		125,563,368			25,198,527			101,918,700			10,450,766
A Shares		974,877			365,234			55,674			546,655
Total	$	130,216,163		$	29,692,257		$	103,371,248		$	13,188,895
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		377,767			383,404			139,746			205,637
Institutional Shares		12,907,595			2,339,490			10,223,478			993,877
A Shares		100,108			33,907			5,571			52,002
Total		13,385,470			2,756,801			10,368,795			1,251,516
Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.74		$	10.77		$	10.00		$	10.66
Institutional Shares	$	9.73		$	10.77		$	9.97		$	10.52
A Shares	$	9.74		$	10.77		$	9.99		$	10.51
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	$	9.94		$	10.99		$	10.19		$	10.72

See notes to financial statements

– 3 –

Statements of Assets and Liabilities
February 29, 2020 (Unaudited)	Continued

	Ultra Short Tax-Free Income Fund			Active Core Fund			Mid Cap Core Equity Fund			Opportunistic Fund
Assets:
Investments, at cost	$	28,328,728		$	36,085,909		$	871,493		$	30,238,710
Investments in affiliates, at cost		96,421			1,935,925			43,654			4,223,120
Total Investments, at cost		28,425,149			38,021,834			915,147			34,461,830
Investments, at value		28,357,973			44,501,079			908,421			29,719,398
Investments in affiliates, at value		96,421			1,776,510			43,654			4,223,120
Total Investments, at value		28,454,394			46,277,589			952,075			33,942,518
Cash		—			438			90			—
Interest and dividends receivable		170,743			144,027			867			108,558
Receivable for capital shares issued		—			6,444			66			174
Receivable for capital shares reinvested		3,580			—			—			—
Receivable for investments sold		—			495,500			—			720,000
Receivable from advisor		7,589			—			10,504			14,642
Prepaid expenses and other assets		22,072			30,802			27,618			24,892
Total Assets		28,658,378			46,954,800			991,220			34,810,784
Liabilities:
Distributions payable		20,421			—			—			—
Payable for investments purchased		1,501,852			298,492			—			2,430,209
Payable for capital shares redeemed		25,378			501,718			21,672			116,082
Accrued expenses and other payables:
Investment advisory fees		3,214			13,586			476			24,282
Administration fees		1,714			3,105			69			2,285
Distribution fees		60			1,109			53			1,206
Custodian fees		214			388			9			286
Trustee fees		119			160			5			107
Fund accounting and compliance fees		1,183			2,681			250			723
Transfer agent fees		5,418			5,937			7,561			7,878
Shareholder servicing fees		119			98			17			262
Other accrued liabilities		758			976			27			1,170
Total Liabilities		1,560,450			828,250			30,139			2,584,490
Net Assets	$	27,097,928		$	46,126,550		$	961,081		$	32,226,294
Composition of Net Assets:
Shares of beneficial interest, at par	$	27		$	36		$	1		$	26
Additional paid-in capital		27,065,063			37,442,646			864,133			35,676,842
Total distributable earnings/(loss)		32,838			8,683,868			96,947			(3,450,574	)
Net Assets	$	27,097,928		$	46,126,550		$	961,081		$	32,226,294
Net Assets:
Investor Shares	$	323,048		$	4,518,171		$	109,554		$	1,462,670
Institutional Shares		26,758,371			40,966,870			742,035			28,893,518
A Shares		16,509			595,934			109,481			1,591,477
C Shares		—			45,575			11			278,629
Total	$	27,097,928		$	46,126,550		$	961,081		$	32,226,294
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		32,293			348,941			10,630			117,113
Institutional Shares		2,672,058			3,153,239			71,949			2,286,980
A Shares		1,649			46,131			10,563			126,981
C Shares		—			3,537			1			22,890
Total		2,706,000			3,551,848			93,143			2,553,964
Net Asset Value, offering price & redemption price per share(a):
Investor Shares	$	10.00		$	12.95		$	10.31		$	12.49
Institutional Shares	$	10.01		$	12.99		$	10.31		$	12.63
A Shares	$	10.01		$	12.92		$	10.36		$	12.53
C Shares	$	—		$	12.88		$	10.12		$	12.17
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		$	13.18		$	10.57		$	12.79

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

See notes to financial statements

– 4 –

Statements of Assets and Liabilities
February 29, 2020 (Unaudited)	Concluded

	World Energy Fund
Assets:
Investments, at cost	$	14,858,942
Investments in affiliates, at cost		578,808
Total Investments, at cost		15,437,750
Investments, at value		14,183,542
Investments in affiliates, at value		578,808
Total Investments, at value		14,762,350
Interest and dividends receivable		84,552
Receivable for capital shares issued		1,673
Receivable for investments sold		509,769
Receivable from advisor		12,942
Prepaid expenses and other assets		30,858
Total Assets		15,402,144
Liabilities:
Payable for investments purchased		484,466
Payable for capital shares redeemed		38,119
Accrued expenses and other payables:
Investment advisory fees		8,041
Administration fees		1,072
Distribution fees		3,551
Custodian fees		134
Trustee fees		55
Fund accounting and compliance fees		392
Transfer agent fees		7,037
Shareholder servicing fees		480
Other accrued liabilities		566
Total Liabilities		543,913
Net Assets	$	14,858,231
Composition of Net Assets:
Shares of beneficial interest, at par	$	24
Additional paid-in capital		37,899,323
Total distributable earnings/(loss)		(23,041,116	)
Net Assets	$	14,858,231
Net Assets:
Investor Shares	$	2,485,498
Institutional Shares		7,562,485
A Shares		1,991,477
C Shares		2,818,771
Total	$	14,858,231
Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		395,145
Institutional Shares		1,200,610
A Shares		316,874
C Shares		452,870
Total		2,365,499
Net Asset Value, offering price & redemption price per share:
Investor Shares	$	6.29
Institutional Shares	$	6.30
A Shares	$	6.28
C Shares	$	6.22
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	$	6.41

See notes to financial statements

– 5 –

Statements of Operations

February 29, 2020 (Unaudited)

	U.S. Treasury Fund			Government Securities Money Market
Investment Income:
Interest income	$	9,579,173		$	13,526,442
Dividend income		1,668,995			2,043,148
Total income		11,248,168			15,569,590
Expenses:
Investment advisory fees		331,161			449,502
Administration fees		331,161			449,502
Distribution fees - Administrative Shares		1,431,070			633,100
Distribution fees - Service Shares		45,508			—
Distribution fees - Premier Shares		—			550,644
Shareholder servicing fees - Administrative Shares		1,430,653			633,099
Shareholder servicing fees - Service Shares		45,508			—
Shareholder servicing fees - Institutional Shares		108,578			164,090
Shareholder servicing fees - Select Shares		70,626			1,174,964
Shareholder servicing fees - Premier Shares		—			275,322
Fund accounting and compliance fees		147,807			204,341
Transfer agent fees		40,422			64,214
Custodian fees		66,215			89,863
Trustee fees		31,430			47,733
Professional fees		97,908			153,569
Printing fees		18,380			28,987
Registration fees		17,351			116,781
Other expenses		71,708			95,824
Total expenses before fee and expense reductions		4,285,486			5,131,535
Distribution fees waived - Administrative Shares		—			(329,209	)
Distribution fees waived - Service Shares		(27,305	)		—
Distribution fees waived - Premier Shares		—			(495,582	)
Shareholder servicing fees waived - Service Shares		(27,298	)		—
Shareholder servicing fees waived - Institutional Shares		(73,814	)		(112,684	)
Shareholder servicing fees waived - Select Shares		(70,626	)		(1,174,964	)
Shareholder servicing fees waived - Premier Shares		—			(275,322	)
Net expenses		4,086,443			2,743,774
Net investment income		7,161,725			12,825,816
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		1,065			95
Net realized/unrealized gains/(losses) on investments		1,065			95
Change in net assets resulting from operations	$	7,162,790		$	12,825,911

See notes to financial statements

– 6 –

Statements of Operations
February 29, 2020 (Unaudited)	Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Investment Income:
Interest income	$	1,576,176		$	397,311		$	1,402,691		$	165,683
Dividend income		271			56			75			41
Dividend income from affiliates		41,262			5,951			16,851			5,406
Total income		1,617,709			403,318			1,419,617			171,130
Expenses:
Investment advisory fees		89,191			28,950			101,710			26,343
Administration fees		47,569			11,580			40,684			4,215
Distribution fees - Investor Shares		5,044			5,253			1,913			2,018
Distribution fees - A Shares		1,008			461			95			620
Shareholder servicing fees - Investor Shares		5,044			5,253			1,913			2,018
Shareholder servicing fees - Institutional Shares		142,600			30,474			125,129			10,534
Shareholder servicing fees - A Shares		403			184			38			248
Fund accounting and compliance fees		29,462			14,379			23,048			5,245
Transfer agent fees		49,743			29,076			32,757			28,843
Custodian fees		5,714			1,411			4,974			504
Trustee fees		3,179			705			2,529			274
Professional fees		10,372			2,270			8,079			943
Printing fees		3,062			1,242			2,359			903
Registration fees		23,814			21,389			22,445			23,111
Other expenses		6,325			4,747			5,633			2,363
Total expenses before fee and expense reductions		422,530			157,374			373,306			108,182
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(1,158	)		(45,328	)		(479	)		(53,331	)
Administration fees waived		(1,158	)		(222	)		(479	)		(161	)
Shareholder servicing fees waived - Investor Shares		(5,044	)		(4,830	)		(1,913	)		(1,468	)
Shareholder servicing fees waived - Institutional Shares		(141,805	)		(30,474	)		(125,129	)		(10,265	)
Shareholder servicing fees waived - A Shares		(403	)		—			(38	)		(248	)
Net expenses		272,962			76,520			245,268			42,709
Net investment income		1,344,747			326,798			1,174,349			128,421
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		104,343			161,728			285,413			16,432
Change in unrealized appreciation/(depreciation) on unaffiliated investments		1,368,344			180,892			1,520,754			160,947
Net realized/unrealized gains/(losses) on investments		1,472,687			342,620			1,806,167			177,379
Change in net assets resulting from operations	$	2,817,434		$	669,418		$	2,980,516		$	305,800

See notes to financial statements

– 7 –

Statements of Operations
February 29, 2020 (Unaudited)	Continued

	Ultra Short Tax-Free Income Fund			Active Core Fund			Mid Cap Core Equity Fund			Opportunistic Fund
Investment Income:
Interest income	$	160,781		$	318,950		$	—		$	164,203
Dividend income		7			255,969			9,995			244,422
Dividend income from affiliates		4,216			19,443			313			39,880
Foreign tax withholding		—			(415	)		(5	)		—
Total income		165,004			593,947			10,303			448,505
Expenses:
Investment advisory fees		17,524			84,026			3,388			158,514
Administration fees		9,346			19,206			493			14,919
Distribution fees - Investor Shares		279			5,915			146			3,901
Distribution fees - A Shares		27			841			378			2,345
Distribution fees - C Shares		—			229			—			1,645
Shareholder servicing fees - Investor Shares		279			5,915			146			3,902
Shareholder servicing fees - Institutional Shares		28,900			53,206			1,016			39,963
Shareholder servicing fees - A Shares		11			336			151			938
Shareholder servicing fees - C Shares		—			57			—			411
Fund accounting and compliance fees		6,184			17,718			1,256			4,903
Transfer agent fees		24,055			36,304			31,575			50,992
Custodian fees		1,168			2,375			62			1,841
Trustee fees		610			1,191			28			887
Professional fees		2,041			3,790			84			2,715
Printing fees		1,035			6,232			865			5,501
Registration fees		23,020			28,639			29,929			29,335
Other expenses		1,866			3,324			1,527			5,303
Total expenses before fee and expense reductions		116,345			269,304			71,044			328,015
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(46,523	)		(1,990	)		(64,227	)		(88,568	)
Administration fees waived		(150	)		(645	)		(11	)		(1,476	)
Shareholder servicing fees waived - Investor Shares		(279	)		(5,837	)		(146	)		(3,899	)
Shareholder servicing fees waived - Institutional Shares		(28,196	)		(52,780	)		(1,016	)		(39,224	)
Shareholder servicing fees waived - A Shares		(11	)		(159	)		(151	)		(757	)
Shareholder servicing fees waived - C Shares		—			(57	)		—			(293	)
Net expenses		41,186			207,836			5,493			193,798
Net investment income		123,818			386,111			4,810			254,707
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		—			1,004,661			90,602			694,951
Net realized gains/(losses) from affiliated investments		—			(47,530	)		—			—
Change in unrealized appreciation/(depreciation) on unaffiliated investments		14,901			(914,548	)		(125,246	)		(1,565,669	)
Change in unrealized appreciation/(depreciation) on affiliated investments		—			35,555			—			—
Net realized/unrealized gains/(losses) on investments		14,901			78,138			(34,644	)		(870,718	)
Change in net assets resulting from operations	$	138,719		$	464,249		$	(29,834	)	$	(616,011	)

See notes to financial statements

– 8 –

Statements of Operations
February 29, 2020 (Unaudited)	Concluded

	World Energy Fund
Investment Income:
Interest income	$	30,059
Dividend income		271,239
Dividend income from affiliates		3,350
Foreign tax withholding		(9,454	)
Total income		295,194
Expenses:
Investment advisory fees		59,094
Administration fees		7,879
Distribution fees - Investor Shares		3,826
Distribution fees - A Shares		3,074
Distribution fees - C Shares		17,547
Shareholder servicing fees - Investor Shares		3,826
Shareholder servicing fees - Institutional Shares		13,336
Shareholder servicing fees - A Shares		1,229
Shareholder servicing fees - C Shares		4,387
Fund accounting and compliance fees		2,932
Transfer agent fees		39,779
Custodian fees		980
Trustee fees		433
Professional fees		1,269
Printing fees		3,724
Registration fees		27,364
Other expenses		3,596
Total expenses before fee and expense reductions		194,275
Investment advisory fees waived/expenses reimbursed by Investment Adviser		(62,533	)
Administration fees waived		(227	)
Shareholder servicing fees waived - Investor Shares		(2,600	)
Shareholder servicing fees waived - Institutional Shares		(12,023	)
Shareholder servicing fees waived - A Shares		(1,021	)
Shareholder servicing fees waived - C Shares		(3,167	)
Net expenses		112,704
Net investment income		182,490
Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		191,174
Change in unrealized appreciation/(depreciation) on unaffiliated investments		(812,125	)
Net realized/unrealized gains/(losses) on investments		(620,951	)
Change in net assets resulting from operations	$	(438,461	)

See notes to financial statements

– 9 –

Statements of Changes in Net Assets

		U.S. Treasury Fund						Government Securities Money Market
		Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019
From Investment Activities:
Operations:
Net investment income		$	7,161,725		$	21,088,420		$	12,825,816		$	34,363,407
Net realized gains/(losses) from investment transactions			1,065			10,772			95			—
Change in net assets resulting from operations			7,162,790			21,099,192			12,825,911			34,363,407
Distributions to Shareholders:
Administrative Shares			(5,832,387	)		(17,181,019	)		(2,955,876	)		(10,092,260	)
Service Shares			(249,577	)		(741,693	)		—			—
Institutional Shares			(641,385	)		(1,896,830	)		(948,618	)		(2,176,602	)
Select Shares			(438,855	)		(1,267,099	)		(7,274,826	)		(18,858,032	)
Premier Shares			—			—			(1,650,720	)		(3,229,224	)
Change in net assets from shareholder distributions			(7,162,204	)		(21,086,641	)		(12,830,040	)		(34,356,118	)
Change in net assets from capital transactions			65,582,535			(42,620,314	)		7,073,361			258,775,119
Change in net assets			65,583,121			(42,607,763	)		7,069,232			258,782,408
Net Assets:
Beginning of period			1,097,690,974			1,140,298,737			1,806,189,342			1,547,406,934
End of period		$	1,163,274,095		$	1,097,690,974		$	1,813,258,574		$	1,806,189,342
Capital Transactions*:
Administrative Shares
Issued			2,508,177,423			5,009,184,128			626,777,137			2,390,322,609
Reinvested			1,612			5,126			21,211			70,913
Redeemed			(2,381,587,137	)		(5,101,819,112	)		(547,631,596	)		(2,439,261,293	)
Change in Administrative Shares			126,591,898			(92,629,858	)		79,166,752			(48,867,771	)
Service Shares
Issued			38,089,971			139,916,888			—			—
Redeemed			(87,563,298	)		(93,709,639	)		—			—
Change in Service Shares			(49,473,327	)		46,207,249			—			—
Institutional Shares
Issued			89,553,294			198,383,622			545,911,631			428,071,230
Reinvested			—			—			24,504			52,215
Redeemed			(92,475,503	)		(201,567,508	)		(518,240,588	)		(435,548,474	)
Change in Institutional Shares			(2,922,209	)		(3,183,886	)		27,695,547			(7,425,029	)
Select Shares
Issued	��		41,567,452			111,932,977			800,724,539			1,817,182,763
Redeemed			(50,181,279	)		(104,946,797	)		(890,433,431	)		(1,630,173,786	)
Change in Select Shares			(8,613,827	)		6,986,180			(89,708,892	)		187,008,977
Premier Shares
Issued			—			—			467,477,418			902,526,564
Reinvested			—			—			1,567,452			3,126,897
Redeemed			—			—			(479,124,917	)		(777,593,013	)
Change in Premier Shares			—			—			(10,080,047	)		128,060,448
Change in shares:			65,582,535			(42,620,315	)		7,073,360			258,776,625

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

See notes to financial statements

– 10 –

Statements of Changes in Net Assets
	Continued

	Limited Duration Fund						Moderate Duration Fund
	Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (unaudited)				Year Ended August 31, 2019
From Investment Activities: Operations:
Net investment income	$	1,344,747		$	2,655,359		$	326,798		$	692,724
Net realized gains/(losses) from investment transactions		104,343			115,115			161,728			(137,745	)
Change in unrealized appreciation/(depreciation) on investments		1,368,344			2,574,885			180,892			997,325
Change in net assets resulting from operations		2,817,434			5,345,359			669,418			1,552,304
Distributions to Shareholders:
Investor Shares		(42,384	)		(175,084	)		(42,693	)		(99,264	)
Institutional Shares		(1,338,886	)		(2,542,628	)		(277,830	)		(578,450	)
A Shares		(8,425	)		(12,277	)		(3,743	)		(9,646	)
Change in net assets from shareholder distributions		(1,389,695	)		(2,729,989	)		(324,266	)		(687,360	)
Change in net assets from capital transactions		9,809,053			19,516,031			1,231,861			(3,368,234	)
Change in net assets		11,236,792			22,131,401			1,577,013			(2,503,290	)
Net Assets:
Beginning of period		118,979,371			96,847,970			28,115,244			30,618,534
End of period	$	130,216,163		$	118,979,371		$	29,692,257		$	28,115,244
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	491,747		$	159,347		$	281,621		$	515,655
Dividends reinvested		41,119			102,513			42,118			98,132
Cost of shares redeemed		(1,021,800	)		(4,933,689	)		(513,465	)		(1,577,844	)
Change in net assets from Investor Shares		(488,934	)		(4,671,829	)		(189,726	)		(964,057	)
Institutional Shares
Proceeds from shares issued		17,733,766			38,225,262			2,944,601			3,818,919
Dividends reinvested		425,657			767,722			139,751			279,390
Cost of shares redeemed		(8,239,489	)		(14,789,391	)		(1,643,351	)		(6,238,490	)
Change in net assets from Institutional Shares		9,919,934			24,203,593			1,441,001			(2,140,181	)
A Shares
Proceeds from shares issued		889,906			85,880			49,765			17,897
Dividends reinvested		8,420			12,258			3,743			9,610
Cost of shares redeemed		(520,273	)		(113,871	)		(72,922	)		(291,503	)
Change in net assets from A Shares		378,053			(15,733	)		(19,414	)		(263,996	)
Change in net assets resulting from capital transactions:	$	9,809,053		$	19,516,031		$	1,231,861		$	(3,368,234	)
Share Transactions:
Investor Shares
Issued		51,273			16,882			26,489			49,507
Reinvested		4,274			10,828			3,960			9,424
Redeemed		(106,464	)		(517,552	)		(48,341	)		(152,486	)
Change in Investor Shares		(50,917	)		(489,842	)		(17,892	)		(93,555	)
Institutional Shares
Issued		1,838,034			4,048,393			277,343			365,378
Reinvested		44,251			81,026			13,135			26,818
Redeemed		(858,672	)		(1,564,154	)		(154,728	)		(601,444	)
Change in Institutional Shares		1,023,613			2,565,265			135,750			(209,248	)
A Shares
Issued		92,705			9,011			4,699			1,743
Reinvested		874			1,294			352			924
Redeemed		(54,206	)		(12,101	)		(6,885	)		(28,383	)
Change in A Shares		39,373			(1,796	)		(1,834	)		(25,716	)
Change in shares:		1,012,069			2,073,627			116,024			(328,519	)

See notes to financial statements

– 11 –

Statements of Changes in Net Assets
	Continued

	Bond Fund						Strategic Enhanced Yield Fund
	Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019
From Investment Activities: Operations:
Net investment income	$	1,174,349		$	2,574,852		$	128,421		$	148,676
Net realized gains/(losses) from investment transactions		285,413			(624,074	)		16,432			142,966
Change in unrealized appreciation/(depreciation) on investments		1,520,754			7,185,953			160,947			295,407
Change in net assets resulting from operations		2,980,516			9,136,731			305,800			587,049
Distributions to Shareholders:
Investor Shares		(16,147	)		(106,237	)		(36,949	)		(26,464	)
Institutional Shares		(1,185,459	)		(2,523,607	)		(226,076	)		(110,333	)
A Shares		(802	)		(2,989	)		(12,915	)		(11,968	)
Change in net assets from shareholder distributions		(1,202,408	)		(2,632,833	)		(275,940	)		(148,765	)
Change in net assets from capital transactions		(2,330,395	)		(4,368,962	)		4,774,951			6,567,124
Change in net assets		(552,287	)		2,134,936			4,804,811			7,005,408
Net Assets:
Beginning of period		103,923,535			101,788,599			8,384,084			1,378,676
End of period	$	103,371,248		$	103,923,535		$	13,188,895		$	8,384,084
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	2,203,887		$	1,621,418		$	1,327,351		$	1,655,467
Dividends reinvested		16,123			35,051			36,130			24,981
Cost of shares redeemed		(2,698,748	)		(5,648,642	)		(726,914	)		(228,362	)
Change in net assets from Investor Shares		(478,738	)		(3,992,173	)		636,567			1,452,086
Institutional Shares
Proceeds from shares issued		7,649,807			25,953,347			5,622,682			5,533,691
Dividends reinvested		272,501			577,938			79,263			27,996
Cost of shares redeemed		(9,693,154	)		(26,910,378	)		(1,643,454	)		(497,929	)
Change in net assets from Institutional Shares		(1,770,846	)		(379,093	)		4,058,491			5,063,758
A Shares
Proceeds from shares issued		3			12			67,025			39,415
Dividends reinvested		802			2,989			12,915			11,968
Cost of shares redeemed		(81,616	)		(697	)		(47	)		(103	)
Change in net assets from A Shares		(80,811	)		2,304			79,893			51,280
Change in net assets resulting from capital transactions:	$	(2,330,395	)	$	(4,368,962	)	$	4,774,951		$	6,567,124
Share Transactions:
Investor Shares
Issued		225,931			169,129			126,751			163,718
Reinvested		1,648			3,745			3,459			2,422
Redeemed		(277,385	)		(595,195	)		(69,032	)		(22,094	)
Change in Investor Shares		(49,806	)		(422,321	)		61,178			144,046
Institutional Shares
Issued		787,734			2,807,436			541,919			551,192
Reinvested		27,941			61,833			7,696			2,760
Redeemed		(996,894	)		(2,906,379	)		(158,846	)		(49,593	)
Change in Institutional Shares		(181,219	)		(37,110	)		390,769			504,359
A Shares
Issued		1			1			6,436			3,970
Reinvested		82			319			1,255			1,188
Redeemed		(8,415	)		(73	)		(4	)		(10	)
Change in A Shares		(8,332	)		247			7,687			5,148
Change in shares:		(239,357	)		(459,184	)		459,634			653,553

See notes to financial statements

– 12 –

Statements of Changes in Net Assets
	Continued

	Ultra Short Tax-Free Income Fund						Active Core Fund
	Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019
From Investment Activities: Operations:
Net investment income	$	123,818		$	186,724		$	386,111		$	800,508
Net realized gains/(losses) from investment transactions		—			(114	)		957,131			2,096,219
Change in unrealized appreciation/(depreciation) on investments		14,901			17,304			(878,993	)		(1,358,927	)
Change in net assets resulting from operations		138,719			203,914			464,249			1,537,800
Distributions to Shareholders:
Investor Shares		(906	)		(839	)		(233,020	)		(337,670	)
Institutional Shares		(122,815	)		(185,894	)		(2,125,106	)		(3,052,196	)
A Shares		(87	)		(77	)		(27,149	)		(92,874	)
C Shares		—			—			(2,117	)		(4,432	)
Change in net assets from shareholder distributions		(123,808	)		(186,810	)		(2,387,392	)		(3,487,172	)
Change in net assets from capital transactions		6,357,059			9,042,524			22,097			(3,669,361	)
Change in net assets		6,371,970			9,059,628			(1,901,046	)		(5,618,733	)
Net Assets:
Beginning of period		20,725,958			11,666,330			48,027,596			53,646,329
End of period	$	27,097,928		$	20,725,958		$	46,126,550		$	48,027,596
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	207,000		$	129,217		$	137,509		$	148,519
Dividends reinvested		901			697			232,544			336,958
Cost of shares redeemed		(60,334	)		(25,798	)		(293,118	)		(983,480	)
Change in net assets from Investor Shares		147,567			104,116			76,935			(498,003	)
Institutional Shares
Proceeds from shares issued		9,208,744			13,135,209			516,472			1,188,754
Dividends reinvested		14,082			17,727			2,121,666			3,041,329
Cost of shares redeemed		(3,008,422	)		(4,235,906	)		(2,532,638	)		(6,744,012	)
Change in net assets from Institutional Shares		6,214,404			8,917,030			105,500			(2,513,929	)
A Shares
Proceeds from shares issued		4			21,301			110,089			230,245
Dividends reinvested		87			77			27,149			92,874
Cost of shares redeemed		(5,003	)		—			(291,540	)		(964,930	)
Change in net assets from A Shares		(4,912	)		21,378			(154,302	)		(641,811	)
C Shares
Proceeds from shares issued		—			—			17,084			1,667
Dividends reinvested		—			—			2,116			4,432
Cost of shares redeemed		—			—			(25,236	)		(21,717	)
Change in net assets from C Shares		—			—			(6,036	)		(15,618	)
Change in net assets resulting from capital transactions:	$	6,357,059		$	9,042,524		$	22,097		$	(3,669,361	)
Share Transactions:
Investor Shares
Issued		20,700			12,922			10,152			11,332
Reinvested		90			70			17,336			27,588
Redeemed		(6,033	)		(2,584	)		(21,880	)		(75,919	)
Change in Investor Shares		14,757			10,408			5,608			(36,999	)
Institutional Shares
Issued		919,995			1,313,082			37,937			89,417
Reinvested		1,407			1,772			157,690			247,583
Redeemed		(300,557	)		(423,451	)		(187,870	)		(510,165	)
Change in Institutional Shares		620,845			891,403			7,757			(173,165	)
A Shares
Issued		—			2,130			8,407			17,514
Reinvested		9			8			2,029			7,685
Redeemed		(500	)		—			(21,353	)		(75,171	)
Change in A Shares		(491	)		2,138			(10,917	)		(49,972	)
C Shares
Issued		—			—			1,234			126
Reinvested		—			—			159			368
Redeemed		—			—			(1,856	)		(1,741	)
Change in C Shares		—			—			(463	)		(1,247	)
Change in shares:		635,111			903,949			1,985			(261,383	)

See notes to financial statements

– 13 –

Statements of Changes in Net Assets
	Continued

	Mid Cap Core Equity Fund						Opportunistic Fund
	Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019
From Investment Activities: Operations:
Net investment income	$	4,810		$	6,355		$	254,707		$	510,021
Net realized gains/(losses) from investment transactions		90,602			62,916			694,951			(3,716,989	)
Change in unrealized appreciation/(depreciation) on investments		(125,246	)		(205,354	)		(1,565,669	)		(1,864,917	)
Change in net assets resulting from operations		(29,834	)		(136,083	)		(616,011	)		(5,071,885	)
Distributions to Shareholders:
Investor Shares		(4,591	)		(5,613	)		(17,551	)		(143,817	)
Institutional Shares		(33,771	)		(44,019	)		(220,850	)		(3,342,344	)
A Shares		(16,367	)		(12,664	)		(10,577	)		(150,601	)
C Shares		—			—			(590	)		(33,113	)
Change in net assets from shareholder distributions		(54,729	)		(62,296	)		(249,568	)		(3,669,875	)
Change in net assets from capital transactions		(259,795	)		(839,797	)		(6,759,575	)		(1,793,327	)
Change in net assets		(344,358	)		(1,038,176	)		(7,625,154	)		(10,535,087	)
Net Assets:
Beginning of period		1,305,439			2,343,615			39,851,448			50,386,535
End of period	$	961,081		$	1,305,439		$	32,226,294		$	39,851,448
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	6,826		$	19,874		$	236,347		$	2,115,616
Dividends reinvested		4,586			5,613			17,189			138,441
Cost of shares redeemed		(6,165	)		(497,751	)		(1,835,191	)		(892,198	)
Change in net assets from Investor Shares		5,247			(472,264	)		(1,581,655	)		1,361,859
Institutional Shares
Proceeds from shares issued		—			421,550			1,182,924			8,230,508
Dividends reinvested		28,214			19,231			67,998			1,377,887
Cost of shares redeemed		(27,093	)		(846,450	)		(6,100,082	)		(12,809,479	)
Change in net assets from Institutional Shares		1,121			(405,669	)		(4,849,160	)		(3,201,084	)
A Shares
Proceeds from shares issued		33,600			87,588			119,231			500,386
Dividends reinvested		5,670			3,201			10,155			150,562
Cost of shares redeemed		(305,433	)		(52,653	)		(400,572	)		(442,077	)
Change in net assets from A Shares		(266,163	)		38,136			(271,186	)		208,871
C Shares
Proceeds from shares issued		—			—			16,499			17,461
Dividends reinvested		—			—			590			33,113
Cost of shares redeemed		—			—			(74,663	)		(213,547	)
Change in net assets from C Shares		—			—			(57,574	)		(162,973	)
Change in net assets resulting from capital transactions:	$	(259,795	)	$	(839,797	)	$	(6,759,575	)	$	(1,793,327	)
Share Transactions:
Investor Shares
Issued		591			1,805			18,162			162,074
Reinvested		399			583			1,322			11,533
Redeemed		(533	)		(44,645	)		(145,407	)		(66,483	)
Change in Investor Shares		457			(42,257	)		(125,923	)		107,124
Institutional Shares
Issued		—			39,657			89,703			606,688
Reinvested		2,455			1,976			5,172			114,018
Redeemed		(2,406	)		(83,425	)		(464,926	)		(989,515	)
Change in Institutional Shares		49			(41,792	)		(370,051	)		(268,809	)
A Shares
Issued		2,938			7,837			9,216			36,850
Reinvested		490			321			778			12,528
Redeemed		(26,639	)		(4,817	)		(30,423	)		(33,213	)
Change in A Shares		(23,211	)		3,341			(20,429	)		16,165
C Shares
Issued		—			—			1,294			1,381
Reinvested		—			—			46			2,863
Redeemed		—			—			(5,890	)		(16,481	)
Change in C Shares		—			—			(4,550	)		(12,237	)
Change in shares:		(22,705	)		(80,708	)		(520,953	)		(157,757	)

See notes to financial statements

– 14 –

Statements of Changes in Net Assets
	Concluded

	World Energy Fund
	Six Months Ended February 29, 2020 (unaudited)			Year Ended August 31, 2019
From Investment Activities:
Operations:
Net investment income	$	182,490		$	667,667
Net realized gains/(losses) from investment transactions		191,174			(7,740,435	)
Change in unrealized appreciation/(depreciation) on investments		(812,125	)		(7,371,021	)
Change in net assets resulting from operations		(438,461	)		(14,443,789	)
Distributions to Shareholders:
Investor Shares		(36,119	)		(68,358	)
Institutional Shares		(149,740	)		(424,612	)
A Shares		(29,370	)		(64,428	)
C Shares		(28,085	)		(29,005	)
Change in net assets from shareholder distributions		(243,314	)		(586,403	)
Change in net assets from capital transactions		(4,874,908	)		(22,632,860	)
Change in net assets		(5,556,683	)		(37,663,052	)
Net Assets:
Beginning of period		20,414,914			58,077,966
End of period	$	14,858,231		$	20,414,914
Capital Transactions:
Investor Shares
Proceeds from shares issued	$	182,175		$	661,007
Dividends reinvested		35,500			67,407
Cost of shares redeemed		(672,909	)		(3,680,283	)
Change in net assets from Investor Shares		(455,234	)		(2,951,869	)
Institutional Shares
Proceeds from shares issued		373,447			5,042,691
Dividends reinvested		72,183			281,395
Cost of shares redeemed		(3,756,868	)		(22,109,388	)
Change in net assets from Institutional Shares		(3,311,238	)		(16,785,302	)
A Shares
Proceeds from shares issued		18,803			82,191
Dividends reinvested		29,198			64,192
Cost of shares redeemed		(432,751	)		(2,313,662	)
Change in net assets from A Shares		(384,750	)		(2,167,279	)
C Shares
Proceeds from shares issued		20,000			32,116
Dividends reinvested		27,991			28,922
Cost of shares redeemed		(771,677	)		(789,448	)
Change in net assets from C Shares		(723,686	)		(728,410	)
Change in net assets resulting from capital transactions:	$	(4,874,908	)	$	(22,632,860	)
Share Transactions:
Investor Shares
Issued		25,648			87,795
Reinvested		5,006			8,656
Redeemed		(94,558	)		(476,439	)
Change in Investor Shares		(63,904	)		(379,988	)
Institutional Shares
Issued		52,158			641,465
Reinvested		10,186			36,286
Redeemed		(522,999	)		(2,979,832	)
Change in Institutional Shares		(460,655	)		(2,302,081	)
A Shares
Issued		2,647			9,748
Reinvested		4,119			8,320
Redeemed		(60,754	)		(311,502	)
Change in A Shares		(53,988	)		(293,434	)
C Shares
Issued		2,911			3,863
Reinvested		3,994			3,931
Redeemed		(109,692	)		(103,489	)
Change in C Shares		(102,787	)		(95,695	)
Change in shares:		(681,334	)		(3,071,198	)

See notes to financial statements

– 15 –

Schedule of Portfolio Investments U.S. Treasury Fund

February 29, 2020 (Unaudited)

Principal Amount		Security Description	Amortized Cost
U.S. Treasury Obligations (30.9%)
U.S. Treasury Notes
$	80,000,000	1.38%, 9/30/20	$	79,886,265
	100,000,000	1.50%, 7/15/20		99,958,762
	70,000,000	1.56% (USBMMY3M + 5 bps), 10/31/20		69,972,956
	110,000,000	1.63% (USBMMY3M + 12 bps), 1/31/21		110,022,323
Total U.S. Treasury Obligations				359,840,306
Repurchase Agreements (50.7%)
	10,000,000	Bank of Montreal, 1.55%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,292, Collateralized by various U.S. Treasury Obligations, (0.50% - 2.75%), (5/31/23 -1/15/28), fair value of $10,200,013)		10,000,000
	10,000,000	Credit Agricole CIB, 1.55%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,292, Collateralized by U.S. Treasury Obligation, (3.13%), (8/15/44), fair value of $10,200,064)		10,000,000
	140,000,000	Fixed Income Clearing Corporation – Bank of New York Mellon, 1.58%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $140,018,433, Collateralized by U.S. Treasury Obligation, (1.75%), (6/15/22), fair value of $142,800,049)		140,000,000
	270,000,000	Fixed Income Clearing Corporation – State Street Bank & Trust Co., 1.58%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $270,035,550, Collateralized by various U.S. Treasury Obligations, (1.25% - 1.88%), (7/15/20 - 5/31/22), fair value of $275,403,238)		270,000,000

Principal Amount		Security Description	Amortized Cost
Repurchase Agreements, continued:
$	10,000,000	Goldman Sachs & Co., 1.55%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,292, Collateralized by U.S. Treasury Obligation, (0.00%), (5/15/48), fair value of $10,200,022)	$	10,000,000
	90,000,000	Mizuho Securities USA LLC, 1.58%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $90,011,850, Collateralized by U.S. Treasury Obligation, (2.25%), (11/15/25), fair value of $91,800,059)		90,000,000
	50,000,000	Nomura Securities International, Inc., 1.59%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $50,006,625, Collateralized by various U.S. Treasury Obligations, (0.00% - 2.13%), (4/15/21 - 2/15/50), fair value of $51,000,001)		50,000,000
	10,000,000	Royal Bank of Canada New York, 1.54%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,283, Collateralized by U.S. Treasury Obligation, (3.38%), (4/15/32), fair value of $10,200,036)		10,000,000
Total Repurchase Agreements				590,000,000
Investment Companies (11.5%)
	77,000,000	BlackRock Liquidity Funds T-Fund, Institutional Class, 1.47%		77,000,000
	24,000,000	Goldman Sachs Financial Square Treasury Obligations Fund, 1.47%		24,000,000
	32,497,128	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 1.48%		32,497,128
Total Investment Companies				133,497,128
Total Investments (Cost $1,083,337,434)(a) - 93.1%				1,083,337,434
Other assets in excess of liabilities — 6.9%				79,936,661
Net Assets - 100.0%			$	1,163,274,095

(a) 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

– 16 –

Schedule of Portfolio Investments Government Securities Money Market Fund

February 29, 2020 (Unaudited)

Principal Amount		Security Description	Amortized Cost
U.S. Government Agency Securities (28.5%)
Federal Home Loan Bank
$	30,000,000	1.49%, 6/23/20	$	29,857,500
	75,000,000	1.50%, 6/12/20		74,675,979
	11,000,000	1.61% (SOFR + 3 bps), 3/27/20		11,000,000
	80,000,000	1.62% (SOFR + 4 bps), 6/19/20		80,000,000
	49,000,000	1.64% (SOFR + 7 bps), 3/27/20		49,000,000
	80,000,000	1.71% (SOFR + 13 bps), 10/16/20		80,000,000
				324,533,479
Federal Home Loan Mortgage Corporation
	50,000,000	1.61% (SOFR + 3 bps), 2/24/21		50,000,000
	100,000,000	1.62% (SOFR + 4 bps), 9/10/20		100,000,000
	40,000,000	1.64% (SOFR + 6 bps), 4/6/20		40,000,000
				190,000,000
Total U.S. Government Agency Securities				514,533,479
U.S. Treasury Obligations (16.5%)
U.S. Treasury Notes
	100,000,000	1.38%, 9/30/20		99,860,620
	120,000,000	1.50%, 7/15/20		119,950,514
	80,000,000	1.63% (USBMMY3M + 12 bps), 1/31/21		80,003,435
Total U.S. Treasury Obligations				299,814,569
Repurchase Agreements (41.6%)
	10,000,000	Bank of Montreal, 1.55%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,292, Collateralized by various U.S. Treasury Obligations, (0.00% - 7.63%), (3/26/20 - 11/15/26), fair value of $10,200,025)		10,000,000
	10,000,000	Credit Agricole CIB, 1.55%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,292, Collateralized by U.S. Treasury Obligation, (3.13%), (8/15/44), fair value of $10,200,064)		10,000,000
	265,000,000	Fixed Income Clearing Corporation – Bank of New York Mellon, 1.58%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $265,034,892, Collateralized by U.S. Treasury Obligation, (0.13%), (4/15/20), fair value of $270,300,069)		265,000,000
	290,000,000	Fixed Income Clearing Corporation – State Street Bank & Trust Co., 1.58%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $290,038,183, Collateralized by various U.S. Treasury Obligations, (1.25% - 1.75%), (7/15/20 - 6/15/22), fair value of $295,807,076)		290,000,000

Principal Amount		Security Description	Amortized Cost
Repurchase Agreements, continued:
$	20,000,000	Goldman Sachs & Co., 1.56%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity  $20,002,600, Collateralized by U.S. Treasury Obligation, (0.88%), (1/15/29), fair value of $20,400,066)	$	20,000,000
	60,000,000	Mizuho Securities USA LLC, 1.58%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $60,007,900, Collateralized by various U.S. Treasury Obligations, (0.00% -2.13%), (3/12/20 - 11/30/24), fair value of $61,200,090)		60,000,000
	80,000,000	Nomura Securities International, Inc., 1.59%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $80,010,600, Collateralized by various U.S. Treasury Obligations, (0.00% - 2.13%), (12/31/22 - 8/15/47), fair value of $81,600,018)		80,000,000
	10,000,000	Royal Bank of Canada New York, 1.55%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,292, Collateralized by various U.S. Government Agency Obligations, (2.50% - 3.93%), (7/2/29 - 2/15/45), fair value of $10,203,928)		10,000,000
	10,000,000	Wells Fargo Securities LLC, 1.54%, 3/2/20, (Purchased on 2/29/20, proceeds at maturity $10,001,283, Collateralized by various U.S. Government Agency Obligations, (0.00%), (3/15/31 - 10/3/33), fair value of $10,200,084)		10,000,000
Total Repurchase Agreements				755,000,000
Investment Companies (13.4%)
	101,000,000	BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.47%		101,000,000
	101,000,000	Federated Government Obligations Fund, Premier Class, 1.50%		101,000,000
	41,501,537	Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 1.50%		41,501,537
Total Investment Companies				243,501,537
Total Investments (Cost $1,812,849,585)(a) - 100.0%				1,812,849,585
Other assets in excess of liabilities — 0.0%				408,989
Net Assets - 100.0%			$	1,813,258,574

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

SOFR	Secured Overnight Financing Rate
USBMMY3M	3 Month Treasury Bill Rate

See notes to financial statements

– 17 –

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2020 (Unaudited)

Share or Principal Amount		Security Description	Value
Asset Backed Securities (5.8%)
$	1,820,048	AccessLex Institute, Series 2007-1, Class C, 2.19% (US0003M + 40 bps), 10/25/35*	$	1,597,699
	1,300,000	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A4, 1.93% (US0001M + 30 bps), 1/25/36*		1,290,571
	712,824	Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30(a)		723,270
	1,218	Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34*(b)		1,225
	300	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32*(b)		299
	3,715	Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 1.88% (US0001M + 22 bps), 1/15/34*		3,694
	979,029	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.62%, 9/26/33*(b)		1,102,913
	457,984	Fremont Home Loan Trust, Series 2004-3, Class 10A1, 3.50% (US0001M + 188 bps), 11/25/34*		320,542
	168	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(b)		169
	694,066	New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.67%, 8/25/35*(b)		709,013
	146,119	Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32*		153,559
	5,936	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.62%, 12/25/33*(b)		6,003
	118,047	Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35*(b)		113,789
	698,625	Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34*(b)		716,455
	978,594	Sun Trust Student Loan Trust, Series 2006- 1A, Class B, 2.07% (US0003M + 27 bps), 10/28/37*(a)		870,477
Total Asset Backed Securities				7,609,678
Mortgage Backed Securities† (42.4%)
Alt-A - Adjustable Rate Mortgage Backed Securities (1.0%)
	113,346	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.67%, 2/25/36*(b)		97,768
	11,567	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.86%, 7/25/35*(b)		10,346
	20,001	Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 3.36% (12MTA + 131bps), 7/20/35*		17,017
	1,684	Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 1.73% (US0001M +10 bps), 10/25/36*		1,286
	9,383	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33*		9,476
	5,718	Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.01%, 10/25/36*(b)		5,530
	7,542	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 3.56%, 9/25/34*(b)		7,585
	29,200	Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 4.58%, 4/21/34*(b)		29,929

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Adjustable Rate Mortgage Backed Securities, continued:
$	1,067,983	Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 4.33%, 8/25/35*(b)	$	1,077,557
	39,911	Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 4.37%, 9/25/34*(b)		40,282
	24,061	Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.67%, 1/25/36*(b)		21,715
				1,318,491
Alt-A - Fixed Rate Mortgage Backed Securities (0.7%)
	15,177	Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35*		13,773
	25,281	Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36*		25,330
	382	Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19*		382
	18,473	Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35*		16,804
	21,245	Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36*		15,116
	22,166	Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36*		18,888
	22,420	Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37*		18,518
	153,288	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37*		106,887
	72,874	Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34*		74,884
	52,333	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36*		39,789
	765	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20*		797
	4,354	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34*		4,491
	396,792	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34*		410,263
	21,627	Master Alternative Loans Trust, Series 2004-1,Class 3A1, 7.00%, 1/25/34*		22,473
	3,877	Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34*		4,020
	1,689	Residential Accredit Loans, Inc., Series 2003- QS14, Class A1, 5.00%, 7/25/18*		1,681
	253	Residential Accredit Loans, Inc., Series 2004-QS13, Class CB, 5.00%, 9/25/19*		252
	6,843	Residential Accredit Loans, Inc., Series 2004- QS6, Class A1, 5.00%, 5/25/19*		6,611
	38,346	Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 6/25/36*		36,949
	44,824	Residential Asset Securitization Trust, Series2006-A9CB, Class A5, 6.00%, 9/25/36*		26,622
	33,141	Residential Asset Securitization Trust, Series2007-A5, Class 2A3, 6.00%, 5/25/37*		28,313
	18,287	Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35*		18,434
				891,277
Prime Adjustable Rate Mortgage Backed Securities (1.1%)
	11,335	Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 3.35%, 3/25/35*(b)		11,325
	6,523	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 4.11%, 5/25/35(b)		6,621

See notes to financial statements

– 18 –

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	341,176	American Home Mortgage Investment Trust,  Series 2006-2, Class 3A2, 6.70%, 6/25/36*(b)	$	112,815
	9,500	Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 3.69%, 2/25/36*(b)		8,939
	6,251	Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 3.88%, 11/20/46*(b)		6,089
	9,449	Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 4.59%, 9/25/33*(b)		9,530
	5,527	Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 4.83%, 6/25/34*(b)		5,626
	8,112	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 4.27% (H15T1Y + 230 bps), 10/25/35*		8,351
	5,633	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 4.30%, 1/25/35*(b)		5,595
	7,816	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 4.32%, 9/25/34*(b)		7,750
	22,120	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 4.58%, 10/25/36*(b)		21,769
	24,440	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.32%, 3/25/31*(b)		24,344
	15,903	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.81%, 7/25/37*(b)		14,469
	13,640	Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 4.49%, 8/25/35(b)		13,942
	247,407	Coast Savings & Loan Association, Series 1992-1, Class A, 3.04%, 7/25/22*(b)		250,976
	273	Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33*(b)		255
	3,591	Countrywide Home Loans, Series 2003-60, Class 2A1, 3.99%, 2/25/34*(b)		3,685
	12,182	Countrywide Home Loans, Series 2003-58, Class 2A2, 4.09%, 2/19/34*(b)		12,613
	10,331	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.11%, 8/25/34*(b)		10,394
	42,192	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 4.09%, 11/25/32*(b)		20,986
	34,304	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 4.17%, 11/25/34*(b)		35,667
	12,107	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 4.07%, 10/25/35*(b)		12,011
	67,645	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.89%, 11/19/35*(b)		65,072
	36,352	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 3.80%, 4/25/35*(b)		37,198
	15,854	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 4.26%, 11/25/35*(b)		15,996
	76,837	Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.87%, 1/19/35*(b)		77,570
	9,911	Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 4.35%, 12/19/35*(b)		9,863
	18,592	Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 3.48%, 9/25/36*(b)		18,693

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	28,970	Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.70%, 7/25/36*(b)	$	25,097
	43,715	Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.82%, 8/25/36*(b)		35,562
	14,493	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.92%, 8/25/34*(b)		14,796
	30,320	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 4.13%, 8/25/34*(b)		30,461
	2,624	JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 4.11%, 7/25/35*(b)		2,671
	2,827	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 4.14%, 8/25/36*(b)		2,622
	12,119	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 3.65%, 12/25/34*(b)		12,356
	1,495	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 3.93%, 2/25/34*(b)		1,521
	10,900	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 4.79%, 7/25/34*(b)		11,118
	11,833	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 4.04%, 8/25/34*(b)		12,116
	17,366	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 4.59%, 8/25/34*(b)		17,613
	37,472	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 3.82%, 12/25/34*(b)		36,890
	3,336	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 4.14%, 2/25/34*(b)		3,458
	68,652	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 4.46%, 4/25/34*(b)		69,200
	9,533	Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 3.81%, 12/27/35*(b)		9,958
	23,319	Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 3.73%, 7/25/33*(b)		23,939
	141,217	Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1, 4.01%, 9/25/37*(b)		141,713
	3,487	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.72%, 8/20/35*(b)		344
	11,519	Washington Mutual, Series 2006-AR10, Class 1A2, 3.71%, 9/25/36*(b)		11,173
	1,941	Washington Mutual, Series 2006-AR8, Class 1A1, 3.88%, 8/25/46*(b)		1,937
	6,701	Washington Mutual, Series 2004-AR3, Class A2, 4.47%, 6/25/34*(b)		6,829
	8,928	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 2.05% (US0001M + 42 bps), 7/25/44*		8,896
	70,111	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 3.27%, 11/25/36*(b)		67,971
				1,376,385
Prime Fixed Mortgage Backed Securities (19.4%)
	212,777	Agate Bay Mortgage Trust, Series 2015-7, Class A6, 3.00%, 10/25/45*(b)(c)		213,644
	1,911,055	Citigroup Mortgage Loan Trust, Inc., Series 2014-C, Class A, 3.25%, 2/25/54*(b)(c)		1,915,977

See notes to financial statements

– 19 –

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	18,067	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31*	$	18,758
	101,746	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34*		110,800
	17,439	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34*
	6,903	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19*		19,638 7,159
	89,660	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		92,744
	34,558	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33*		35,738
	23,867	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33*		24,733
	56,548	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32*		25,041
	110,981	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32*		115,351
	1,668,002	Credit Suisse Mortgage Trust, Series 2015-3, Class A9, 3.50%, 3/25/45*(b)(c)		1,720,779
	864,396	Deephaven Residential Mortgage Trust, Series 18-1A, Class A1, 2.98%, 12/25/57*(b)(c)		863,513
	1,428,432	EverBank Mortgage Loan Trust, Series 2018-1, Class A4, 3.50%, 2/25/48*(b)(c)		1,465,928
	2,624,947	Flagstar Mortgage Trust, Series 2017-1, Class 1A5, 3.50%, 3/25/47*(b)(c)		2,706,977
	101,775	Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/57*(b)(c)		102,493
	53,213	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33*		53,305
	2,074	GSR Mortgage Loan Trust, Series 2005-8F, Class 7A1, 5.50%, 10/25/20*		1,111
	26,348	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35*		19,106
	2,045,256	JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47*(b)(c)		2,087,190
	1,278,687	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(b)(c)		1,308,275
	1,263,872	JPMorgan Mortgage Trust, Series 2018-1, Class A5, 3.50%, 6/25/48*(b)(c)		1,292,309
	885,245	JPMorgan Mortgage Trust, Series 2019-2, Class A6, 4.00%, 8/25/49*(b)(c)		892,438
	12,946	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36*		10,777
	1,098,762	MFRA Trust, Series 2017-RPL1, Class A1, 2.59%, 2/25/57*(b)(c)		1,099,960
	1,272,033	Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(b)(c)		1,296,295
	2,428	Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20*		2,421
	1,122,334	PSMC Trust, Series 2018-1, Class A3, 3.50%, 2/25/48*(b)(c)		1,148,933
	9,058	Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35*		8,705

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	14,750	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32*	$	15,251
	1,105,386	Sequoia Mortgage Trust, Series 2018-5, Class A4, 3.50%, 5/25/48*(b)(c)		1,128,185
	607,371	Sequoia Mortgage Trust, Series 2018-CH1, Class A10, 4.00%, 2/25/48*(b)(c)		614,524
	585,668	Sequoia Mortgage Trust, Series 2018-CH2, Class A12, 4.00%, 6/25/48*(b)(c)		595,543
	101,576	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29*		105,144
	719,325	Verus Securitization Trust, Series 2017-SG1A, Class A1, 2.69%, 11/25/47*(b)(c)		718,606
	1,838,927	Verus Securitization Trust, Series 2018-1, Class A1, 2.93%, 2/25/48*(b)(c)		1,839,206
	1,477,825	Verus Securitization Trust, Series 2018-INV2, Class A1FX, 4.15%, 10/25/58*(b)(c)		1,504,914
	5,272	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32*		5,369
				25,186,840
Subprime Mortgage Backed Securities (3.3%)
	809,351	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55*(b)(c)		817,655
	831,354	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56*(b)(c)		848,611
	1,586,309	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57*(b)(c)		1,611,711
	1,021,059	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(b)(c)		1,046,813
				4,324,790
U.S. Government Agency Mortgage Backed Securities (16.9%)
	402,911	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		406,242
	241,366	Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41		244,859
	564,540	Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40		569,935
	555,835	Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41		564,823
	428,738	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		434,821
	254,130	Fannie Mae, Series 2013-68, Class LE, 2.00%, 4/25/43		256,462
	286,931	Fannie Mae, Series 2011-126, Class ED, 2.25%, 4/25/40		290,178
	190,514	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		195,750
	304,265	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		308,940
	46,752	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		47,604
	2,476,572	Fannie Mae, Series 18-83, Class LC, 3.00%, 11/25/48		2,551,722
	145,564	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		153,362
	40,043	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		40,138
	549,919	Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43		572,148
	16,789	Fannie Mae, 3.33% (US0012M + 132 bps), 1/1/35, Pool #805386		17,414

See notes to financial statements

– 20 –

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	3,829	Fannie Mae, 3.69% (H15T1Y + 187 bps), 12/1/22, Pool #303247	$	3,890
	2,996	Fannie Mae, 4.16% (H15T1Y + 216 bps), 6/1/32, Pool #725286		3,098
	43,288	Fannie Mae, 4.49% (H15T1Y + 229 bps), 2/1/30, Pool #556998		44,446
	952,663	Fannie Mae, Series 2003-W14, Class 2A, 4.49%, 1/25/43*(b)		1,000,045
	715,194	Fannie Mae, Series 2003-W16, Class AF5, 4.54%, 11/25/33*(b)		785,754
	2,181,178	Fannie Mae, Series 2003-W12, Class 3A, 4.60%, 3/25/43*(b)		2,301,657
	2,725,000	Fannie Mae, Series 2004-W3, Class A7, 5.50%, 5/25/34*		3,108,957
	16,870	Fannie Mae, Series 2001-W4, Class AF6, 5.61%, 1/25/32*(b)		18,020
	1,005	Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22		1,046
	12,213	Fannie Mae, Series 2001-W2, Class AF6, 6.59%, 10/25/31*(b)		12,979
	9,885	Fannie Mae, Series 2001-W1, Class AF6, 6.90%, 7/25/31*(b)		11,823
	32	Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21		33
	217	Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22		227
	1,000	Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26		1,103
	193,561	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		197,064
	1,003,522	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		1,009,418
	217,434	Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39		220,222
	365,241	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		372,968
	521,660	Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41		528,511
	749,351	Freddie Mac, Series 4079, Class WA, 2.00%, 8/15/40		757,367
	941,352	Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26		958,223
	308,016	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		313,563
	671,974	Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(b)		678,751
	68,162	Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40		69,411
	508,813	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		523,090
	602,381	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		619,743
	36,422	Freddie Mac, Series 3752, Class JA, 2.75%, 4/15/40		36,533
	111,993	Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41		114,662
	680,776	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		721,353

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	4,094	Freddie Mac, 3.67% (US0006M + 154 bps), 4/1/36, Pool #1N0148	$	4,242
	446,259	Freddie Mac, Series T-67, Class 1A1C, 3.69%, 3/25/36*(b)		457,700
	14,329	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		15,090
	106,620	Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21		108,381
	1,000	Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32		1,005
	115	Freddie Mac, Series 180, Class H, 6.50%, 9/15/21*		115
	266	Freddie Mac, Series 1163, Class JA, 7.00%, 11/15/21*		268
	897	Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23*		946
	1,044	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22*		1,103
	721	Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22*		764
	366,408	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		372,136
	1,385	Government National Mortgage Assoc., Series 2012-14, Class PE, 3.00%, 11/20/40*		1,384
	1,078	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/21, Pool #8889		1,086
	2,300	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/27, Pool #80141		2,380
	5,263	Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 11/20/29, Pool #876947		5,305
	12,176	Government National Mortgage Assoc., 3.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916		12,708
	1,916	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 1/20/23, Pool #8123		1,948
	2,913	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 1/20/25, Pool #8580		2,991
	4,209	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 1/20/25, Pool #8585		4,322
	1,428	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 3/20/26, Pool #8832		1,443
	3,501	Government National Mortgage Assoc., 4.00% (H15T1Y + 150 bps), 3/20/29, Pool #80263		3,541
	104	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		115
	82	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		86
	32	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		32
	251	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439		257
				22,067,703
Total Mortgage Backed Securities				55,165,486

See notes to financial statements

– 21 –

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Corporate Bonds (10.3%)
Banks (4.4%)
$	1,450,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*	$	1,525,898
	1,500,000	Mizuho Financial Group, Inc., 2.95%, 2/28/22		1,543,032
	1,000,000	Mizuho Financial Group, Inc., 3.55%, 3/5/23		1,052,486
	1,500,000	Wells Fargo & Co., 2.63%, 7/22/22		1,537,594
				5,659,010
Capital Markets (0.0%)
	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (d)		25,000
Diversified Telecommunication Services (1.3%)
	1,743,000	AT&T, Inc., 2.80%, 2/17/21, Callable 1/17/21 @ 100*		1,757,132
Interactive Media & Services (2.4%)
	3,000,000	Baidu, Inc., 3.88%, 9/29/23, Callable 8/29/23 @ 100*		3,177,483
Tobacco (1.8%)
	2,150,000	Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100*		2,405,643
Trading Companies & Distributors (0.4%)
	447,000	Aviation Capital Group LLC, 7.13%, 10/15/20 (c)		461,836
Total Corporate Bonds				13,486,104
Taxable Municipal Bonds (1.0%)
Georgia (1.0%)
	1,175,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		1,294,392
Total Taxable Municipal Bonds				1,294,392

Share or Principal Amount		Security Description	Value
U.S. Government Agency Securities (3.5%)
Federal Farm Credit Bank
$	1,000,000	2.04%, 2/26/25	$	1,000,000
	3,503,000	2.23%, 10/15/26, Callable 10/15/20 @ 100*		3,517,706
Total U.S. Government Agency Securities				4,517,706
U.S. Treasury Obligations (23.6%)
U.S. Treasury Notes
	5,930,000	1.50%, 10/31/21		5,984,667
	17,925,000	1.50%, 10/31/24		18,400,433
	6,050,000	1.63%, 8/15/29		6,321,068
Total U.S. Treasury Obligations				30,706,168
Investment in Affiliates (8.3%)
	10,828,515	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(e)		10,828,515
Total Investment in Affiliates				10,828,515
Total Investments (Cost $122,325,346)(f) - 94.9%				123,608,049
Other assets in excess of liabilities — 5.1%				6,608,114
Net Assets - 100.0%			$	130,216,163

See notes to financial statements

– 22 –

Schedule of Portfolio Investments	Limited Duration Fund
February 29, 2020 (Unaudited)	Concluded

(a) Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At February 29, 2020, illiquid securities were 1.2% 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 February 29, 2020.

(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) Issuer has defaulted on the payment of interest.

(e) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

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

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

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

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

See notes to financial statements

– 23 –

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2020 (Unaudited)

Share or Principal Amount		Security Description	Value
Asset Backed Securities (7.4%)
$	315,475	AccessLex Institute, Series 2007-1, Class C, 2.19% (US0003M + 40 bps), 10/25/35*	$	276,934
	272,569	Corevest American Finance Trust, Series 2019-1, Class A, 3.32%, 3/15/52(a)		288,522
	234,299	Exeter Automobiles Receivables Trust, Series 2018-3A, Class B, 3.46%, 10/17/22*(a)		235,136
	300,000	Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46*(a)		307,109
	300,000	Santander Drive Auto Receivables Trust, Series 2017-1, Class D, 3.17%, 4/17/23*		303,813
	570,000	SLM Student Loan Trust, Series 2012-7, Class B, 3.43% (US0001M + 180 bps), 9/25/43*		566,039
	200,900	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(a)		210,129
Total Asset Backed Securities				2,187,682
Mortgage Backed Securities† (34.9%)
Alt-A - Fixed Rate Mortgage Backed Securities (2.2%)
	1,502	Bank of America Alternative Loan Trust, Series 2005-9, Class 5A1, 5.50%, 10/25/20*		1,468
	64,202	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35*		61,933
	4,314	Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35*		4,388
	14,361	Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34*		14,961
	80,678	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37*		56,256
	62,424	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.16%, 6/25/36*(b)		61,378
	11,727	Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34*		12,037
	3,768	Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19*		3,448
	18,467	Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34*		18,953
	161	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20*		167
	42,005	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		43,767
	20,312	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34*		21,092
	8,335	Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33*		8,620
	19,221	Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34*		19,879
	32,008	Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34*		33,451
	7,089	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35*(b)		7,318
	2,492	Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35*(b)		2,642
	31,785	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(b)		24,539
	90,177	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(b)		34,293
	43,553	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 3.77%, 10/25/40*(a)(b)		41,724
	218	Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18*		175

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	5,526	Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21*	$	5,256
	13,477	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		12,982
	29,934	Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36*		22,571
	45,855	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35*		37,374
	57,619	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36*		50,226
	52,535	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35*		52,963
				653,861
Prime Adjustable Rate Mortgage Backed Securities (2.1%)
	8,689	Bank of America Funding Corp., Series 2004-B, Class 5A1, 4.26%, 11/20/34*(b)		8,634
	7,014	Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 4.04%, 11/25/34*(b)		7,097
	2,820	Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 4.15%, 10/25/33*(b)		2,972
	11,571	Countrywide Home Loans, Series 2004-2, Class 2A1, 3.22%, 2/25/34*(b)		11,251
	5,739	Countrywide Home Loans, Series 2004-12, Class 10A1, 4.11%, 8/25/34*(b)		5,775
	17,031	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 3.71%, 4/25/37*(b)		15,122
	235,815	JPMorgan Mortgage Trust, Series 2014-5, Class A1, 2.96%, 10/25/29*(a)(b)		241,507
	5,462	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 3.85% (US0003M + 101 bps), 4/25/36*		5,382
	26,672	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 4.12%, 10/25/36*(b)		24,010
	261,368	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.33%, 9/25/35*(b)		251,684
	35,603	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 4.33%, 2/25/35*(b)		36,983
	1,743	Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.72%, 8/20/35*(b)		172
				610,589
Prime Fixed Mortgage Backed Securities (9.3%)
	6,878	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35*(b)		6,675
	16,022	Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37*		12,310
	8,481	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		9,029
	8,952	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34*		9,901
	4,882	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33*		5,054
	2,551	Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24*		2,540
	9,894	Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35*		8,326
	4,023	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 12/31/99*		4,156

See notes to financial statements

– 24 –

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	24,321	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33*	$	25,093
	9,058	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33*		9,368
	200,097	Credit Suisse Mortgage Trust, Series 2017-HL2, Class A3, 3.50%, 10/25/47*(a)(b)		204,474
	289,656	Credit Suisse Mortgage Trust, Series 2018-J1, Class A26, 3.50%, 2/25/48*(a)(b)		295,122
	279,348	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(a)(b)		285,374
	161,146	Flagstar Mortgage Trust, Series 2018-5, Class A7, 4.00%, 9/25/48*(a)(b)		162,603
	104,709	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56*(b)		106,635
	193,165	GSR Mortgage Loan Trust, Series 2020-PJ1, Class A6, 3.50%, 5/1/50*(b)		198,636
	219,068	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34*		226,688
	117	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19*		117
	866	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32*		896
	277,566	JPMorgan Mortgage Trust, Series 2017-4, Class A6, 3.00%, 11/25/48*(a)(b)		282,403
	284,661	Mill City Mortgage Loan Trust, Series 2019- GS1, Class A1, 2.75%, 7/25/59*(a)(b)		291,503
	26,220	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34*		28,181
	2,280	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34*		2,445
	212,832	PSMC Trust, Series 2018-2, Class A3, 3.50%, 6/25/48*(a)(b)		216,822
	54,489	Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32*		52,624
	168,150	Sequoia Mortgage Trust, Series 2017-CH1, Class A11, 3.50%, 8/25/47*(a)(b)		169,061
	117,271	Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(a)(b)		118,737
	12,603	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29*		13,046
	136	Structured Asset Securities Corp., Series 1997- 2, Class 2A4, 7.25%, 3/28/30*		142
	1,442	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33*		1,470
	660	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34*		702
				2,750,133
	Subprime Mortgage Backed Securities (1.1%)
	101,560	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(a)(b)		104,208
	221,170	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(a)(b)		229,325
				333,533
	U.S. Government Agency Mortgage Backed Securities (20.2%)
	50,364	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		50,780
	233	Fannie Mae, Series 1992-45, Class F, 1.51% (T7Y ), 4/25/22		232

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	101,112	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38	$	102,035
	297,449	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		302,166
	248,893	Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41		252,585
	71,456	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		72,470
	95,257	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		97,875
	121,706	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		123,577
	297,122	Fannie Mae, Series 2, Class JD, 2.50%, 2/25/50		305,258
	129,059	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		132,680
	23,376	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		23,802
	226,031	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		233,825
	350,408	Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44		359,288
	262,509	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		279,076
	134,647	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		141,860
	10,011	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		10,035
	266,235	Fannie Mae, Series 2012-50, Class LG, 3.00%, 9/25/40		269,965
	297,829	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		316,291
	238,672	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		268,264
	1,970	Fannie Mae, 3.86% (US0012M + 186 bps), 1/1/37, Pool #906675		2,097
	1,667	Fannie Mae, 4.02% (US0012M + 162 bps), 9/1/33, Pool #739372		1,728
	151	Fannie Mae, 6.00%, 4/1/35, Pool #735503		176
	151	Fannie Mae, Series 1990-89, Class K, 6.50%, 7/25/20		151
	1,036	Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31		1,204
	11,673	Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42*		14,003
	490	Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31*		592
	1,002	Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22		1,051
	258	Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21		268
	41	Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21		42
	274	Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21		283
	47	Fannie Mae, Series 1991-18, Class H, 8.50%, 3/25/21		48
	21	Fannie Mae, Series G-7, Class E, 8.90%, 3/25/21		21
	49	Freddie Mac, Series 1222, Class P, 1.21% (T10Y - 40 bps), 3/15/22*		49

See notes to financial statements

– 25 –

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	48,390	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42	$	49,266
	140,435	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		141,260
	300,000	Freddie Mac, 1.75%, 12/30/24*(b)		300,125
	118,219	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		120,278
	264,511	Freddie Mac, Series 4076, Class QC, 2.00%, 11/15/41		266,960
	170,963	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		174,042
	113,181	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		115,095
	305,303	Freddie Mac, Series 3908, Class B, 2.50%, 6/15/39		316,643
	217,245	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		224,922
	109,433	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		112,587
	168,609	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		179,763
	122,435	Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43		127,158
	194,767	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		206,376
	14,350	Freddie Mac, 5.37% (H15T1Y + 228 bps), 8/1/34, Pool #755230		14,907
	781	Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21*		798
	2,000	Freddie Mac, Series 2454, Class LL, 6.25%, 4/15/32		2,010
	379	Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21*		384
	1,289	Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22*		1,348
	1,211	Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24*		1,305
	51	Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21*		51
	1,482	Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26*		1,665
	188	Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21*		194
	1,638	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22*		1,715
	2,472	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22*		2,611
	33,981	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		34,125
	78,516	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		79,744
	70,406	Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40		71,184
	38,773	Government National Mortgage Assoc., Series 2010-98, Class CH, 3.00%, 10/20/39		39,561
	50,760	Government National Mortgage Assoc., Series 2010-98, Class MG, 3.00%, 8/20/39		51,920
	5,413	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		5,427
	74	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		81

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	871	Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406	$	874
	525	Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		564
	58	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		64
	133	Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187		144
	1,512	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205		1,637
	3,913	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		4,296
				6,014,861
Total Mortgage Backed Securities				10,362,977

Corporate Bonds (19.1%)

Banks (2.4%)
	385,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*	405,152
	290,000	Wells Fargo & Co., 3.00%, 10/23/26	307,198
			712,350
Beverages (1.0%)
	300,000	Keurig Dr Pepper, Inc., 3.55%, 5/25/21	307,364
Biotechnology (1.2%)
	350,000	Amgen, Inc., 2.20%, 5/11/20	350,267
Capital Markets (3.2%)
	290,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100*	311,486
	925,350	Preferred Term Securities XX, Class B2, 2.34% (US0003M + 45 bps), 3/22/38, Callable 4/9/20 @ 100*(a)	647,746
			959,232
Diversified Financial Services (1.2%)
	350,000	BP Capital Markets America, Inc., 2.75%, 5/10/23	363,521
Diversified Telecommunication Services (1.5%)
	360,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100*	445,497
Electric Utilities (1.0%)
	275,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100*	292,492
Equity Real Estate Investment Trusts (0.7%)
	210,683	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)	218,317
Food Products (1.3%)
	350,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100*	380,499
Hotels, Restaurants & Leisure (1.4%)
	420,000	Royal Caribbean Cruises, Ltd., 2.65%, 11/28/20	420,799
Industrial Conglomerates (1.3%)
	375,000	General Electric Co., 3.10%, 1/9/23	388,977
Insurance (1.1%)
	300,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)	314,526
Multiline Retail (0.5%)
	142,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100*	142,107

See notes to financial statements

– 26 –

Schedule of Portfolio Investments	Moderate Duration Fund
February 29, 2020 (Unaudited)	Concluded

Share or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Technology Hardware, Storage & Peripherals (1.3%)
$	350,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100*	$	383,136
Total Corporate Bonds				5,679,084
Taxable Municipal Bonds (10.1%)
Alabama (1.1%)
300,000		The Water Works Board City of Birmingham Revenue, 2.60%, 1/1/27		314,967
California (2.0%)
600,000		Riversid Unified School District, GO, 2.27%, 2/1/25		629,082
Missouri (0.6%)
165,000		Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously Callable @100		165,662
New York (2.2%)
300,000		New York City Housing Development Corp. Revenue, Series L, 2.84%, 11/1/28, Continuously Callable @100		322,338
300,000		New York City Transitional Finance Authority Revenue, 2.63%, 11/1/29		322,494
				644,832
Rhode Island (1.4%)
400,000		Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		430,140
Texas (1.1%)
300,000		Midland County Fresh Water Supply District No. 1 Revenue, 2.37%, 9/15/26		315,891
Wisconsin (1.7%)
465,000		Public Financial Authority Wisconsin Revenue, 4.45%, 10/1/25, Insured by: AGC		497,373
Total Taxable Municipal Bonds				2,997,947

Share or Principal Amount		Security Description	Value
U.S. Government Agency Securities (1.0%)
Federal Farm Credit Bank
$	300,000	1.94%, 4/23/24, Callable 4/23/20 @ 100*	$	300,214
Total U.S. Government Agency Securities				300,214
U.S. Treasury Obligations (13.5%)
U.S. Treasury Inflation Indexed Notes
	989,382	0.38%, 7/15/25		1,033,735
U.S. Treasury Notes
	1,866,000	1.38%, 10/15/22		1,889,762
	770,000	2.00%, 4/30/24		804,079
	267,000	2.25%, 2/15/27		288,662
				2,982,503
Total U.S. Treasury Obligations				4,016,238
Investment Companies (1.0%)
	3,122	Vanguard Intermediate-Term Corporate Bond ETF		293,968
Total Investment Companies				293,968
Investment in Affiliates (3.2%)
	945,381	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(c)		945,381
Total Investment in Affiliates				945,381
Total Investments (Cost $26,198,386)(d) - 90.2%				26,783,491
Other assets in excess of liabilities — 9.8%				2,908,766
Net Assets - 100.0%			$	29,692,257

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

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2020.

(c) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

(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.

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

AGC	Assured Guaranty Corporation
ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
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

– 27 –

Schedule of Portfolio Investments	Bond Fund
February 29, 2020 (Unaudited)

Share or
Principal
Amount		Security Description	Value
Asset Backed Securities (5.4%)
$	994,960	AccessLex Institute, Series 2007-1, Class C, 2.19% (US0003M + 40 bps), 10/25/35*	$	873,409
304,916		American Credit Acceptance Receivables Trust, Series 2017-4, Class C, 2.94%, 1/10/24*(a)		305,363
24,871		Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34*(b)		25,928
495,580		Corevest American Finance Trust, Series 2019-1, Class A, 3.32%, 3/15/52(a)		524,585
780,995		Exeter Automobiles Receivables Trust, Series 2018-3A, Class B, 3.46%, 10/17/22*(a)		783,788
1,000,000		Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46*(a)		1,023,697
109		RAAC, Series 2004-SP1, Class AI4, 5.28%, 8/25/27*(b)		109
940,500		Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44*(a)		1,002,984
45,240		Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31(a)		45,335
428,773		UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51		439,583
499,800		Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(a)		522,760
Total Asset Backed Securities				5,547,541
Mortgage Backed Securities† (34.4%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.1%)
70,943		Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.77%, 11/25/36*(b)		58,799
14,982		JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36*(b)		15,007
				73,806
Alt-A - Fixed Rate Mortgage Backed Securities (1.0%)
13,783		Bank of America Alternative Loan Trust, Series 2005-9, Class 1CB3, 5.50%, 10/25/35*		14,132
16,813		Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46*		17,482
38,521		Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35*		37,160
25,617		Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37*		15,030
69,786		Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35*		66,961
52,462		Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36*		51,571
10,514		Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34*		10,792
27,885		Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36*		21,785
191,182		Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37*		131,819
205,414		Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36*		140,941
12,019		Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33*		12,348
3,752		Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25*		3,774
26,850		Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35*		27,637
52,163		Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34*		53,804

Share or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	52,506	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*	$	54,709
20,312		Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34*		21,092
23,528		Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35*		24,689
4,205		Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33*		4,348
11,412		Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34*		11,789
19,253		Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		18,545
230,484		Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35*		205,485
130,912		Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36*		91,552
				1,037,445
Prime Adjustable Rate Mortgage Backed Securities (1.2%)
979,540		JPMorgan Mortgage Trust, Series 2014-5, Class A1, 2.96%, 10/25/29*(a)(b)		1,003,185
7,675		JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 4.33%, 6/25/36*(b)		6,816
224,360		JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 4.56%, 8/25/35*(b)		228,721
23,441		MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 3.57%, 4/25/29*(b)		23,464
6,327		Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.79%, 6/25/36*(b)		5,403
872		Wachovia Mortgage Loan Trust LLC, Series 2005-A, Class 4A2, 4.72%, 8/20/35*(b)		86
				1,267,675
Prime Fixed Mortgage Backed Securities (11.8%)
2,972		Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32*		3,070
159,381		Chaseflex Trust, Series 2006-2, Class A5, 4.58%, 9/25/36*(b)		163,403
23,065		Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		24,556
4,000		Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34*		4,099
47,607		Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35*		48,818
6,991		Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34*		7,182
7,468		Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34*		7,703
89,034		Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*		63,193
105,687		Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35*		54,932
711		Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21*.		670
1,451,949		Credit Suisse Mortgage Trust, Series 2018-J1, Class A26, 3.50%, 2/25/48*(a)(b)		1,479,339
165,774		Deephaven Residential Mortgage Trust, Series 2018-2A, Class A1, 3.48%, 4/25/58*(a)(b)		165,519
122		First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		127

See notes to financial statements

– 28 –

Schedule of Portfolio Investments	Bond Fund
February 29, 2020 (Unaudited)	Continued

Share or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	931,161	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(a)(b)	$	951,246
	393,038	Flagstar Mortgage Trust, Series 2018-5, Class A7, 4.00%, 9/25/48*(a)(b)		396,592
	2,283	GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33*(b)		2,360
	865,235	GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A, 3.75%, 10/25/57*(a)		913,664
	658,743	GSR Mortgage Loan Trust, Series 2020-PJ1, Class A6, 3.50%, 5/1/50*(b)		677,399
	775,629	JPMorgan Mortgage Trust, Series 2017-4, Class A6, 3.00%, 11/25/48*(a)(b)		789,145
	323,831	JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47*(a)(b)		331,325
	26,102	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 3.74%, 4/25/36*(b)		24,006
	28,527	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34*		29,102
	474,434	Mill City Mortgage Loan Trust, Series 2019- GS1, Class A1, 2.75%, 7/25/59*(a)(b)		485,839
	32,894	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34*		35,354
	9,421	Nomura Asset Acceptance Corp., Series 2003- A1, Class A2, 6.00%, 5/25/33*		9,832
	699,618	Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 11/25/48*(a)(b)		712,962
	712,817	PSMC Trust, Series 2018-2, Class A3, 3.50%, 6/25/48*(a)(b)		726,182
	138,412	RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32*		141,350
	747,962	Sequoia Mortgage Trust, Series 2017-7, Class A4, 3.50%, 10/25/47*(a)(b)		770,774
	644,574	Sequoia Mortgage Trust, Series 2017-CH1, Class A11, 3.50%, 8/25/47*(a)(b)		648,066
	710,394	Sequoia Mortgage Trust, Series 2018-3, Class A4, 3.50%, 3/25/48*(a)(b)		723,506
	280,933	Sequoia Mortgage Trust, Series 2018-6, Class A4, 4.00%, 7/25/48*(a)(b)		283,324
	480,995	Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(a)(b)		487,008
	37,889	TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36*		9,870
	261,128	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35*		264,093
	8,473	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34*		9,181
	59,271	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34*		63,078
	717,410	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45*(a)(b)		739,213
				12,247,082
Subprime Mortgage Backed Securities (1.5%)
	622,846	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(a)(b)		638,556

Share or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities, continued:
$	270,826	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(a)(b)	$	277,889
	626,649	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(a)(b)		649,753
				1,566,198
U.S. Government Agency Mortgage Backed Securities (18.8%)
	227,652	Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40		231,557
	168,520	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		170,059
	378,978	Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41		387,336
	703,170	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		714,321
	704,542	Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41		717,125
	385,864	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		391,339
	293,265	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		300,217
	371,154	Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41		381,268
	190,514	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		195,750
	152,133	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		154,471
	990,406	Fannie Mae, Series 2, Class JD, 2.50%, 2/25/50		1,017,527
	215,664	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		221,715
	367,052	Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42		378,431
	46,752	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		47,604
	169,523	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		175,369
	970,344	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		1,031,582
	145,564	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		153,362
	10,011	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		10,035
	715,348	Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43		748,263
	176,690	Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44		183,525
	597,740	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		634,796
	629,072	Fannie Mae, Series 2016-10, Class BA, 3.00%, 3/25/46(b)		669,363
	811,486	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		912,097
	931,055	Fannie Mae, Series 2018-M13, Class A1, 3.70%, 3/25/30(b)		1,062,870
	12,143	Fannie Mae, 3.93% (H15T1Y + 231 bps), 12/1/27, Pool #422279		12,489
	50,935	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		54,356
	343	Fannie Mae, 5.00%, 8/1/33, Pool #730856		379
	182	Fannie Mae, 5.00%, 7/1/35, Pool #832198		205
	241	Fannie Mae, 5.50%, 2/1/33, Pool #683351		270
	145	Fannie Mae, 5.50%, 9/1/34, Pool #725773		166

See notes to financial statements

– 29 –

Schedule of Portfolio Investments	Bond Fund
February 29, 2020 (Unaudited)	Continued

Share or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	2,269	Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28	$	2,536
	1,000	Fannie Mae, Series 1994-51, Class LL, 6.75%, 3/25/24		1,080
	5,106	Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23		5,404
	1,911	Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21		1,997
	36,892	Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 4.17%, 8/25/42*(b)		38,354
	17,221	Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32*(b)		18,682
	106,459	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		108,385
	236,439	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		240,556
	136,535	Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40		138,674
	219,145	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		223,781
	895,074	Freddie Mac, Series 4031, Class PA, 2.00%, 3/15/42		912,662
	851,494	Freddie Mac, Series 4137, Class GA, 2.00%, 2/15/42		865,008
	188,636	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		191,824
	762,711	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		784,112
	220,937	Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41*		229,795
	829,878	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		859,200
	466,845	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		480,301
	252,913	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		269,644
	272,030	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		284,361
	491,469	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		520,763
	194,809	Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40		209,911
	69,128	Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40		73,405
	4,563	Freddie Mac, 4.63% (H15T1Y + 213 bps), 4/1/24, Pool #409624		4,607
	1,314	Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24		1,395
	219	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		243
	1,830	Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29		2,056
	1,083	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		1,272
	12,914	Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28		14,552
	524	Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31		568
	1,729	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22*		1,811
	170,118	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		172,778
	522,243	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		553,691

Share or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	194,054	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)	$	205,050
968,814		Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		1,009,021
33,887		Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		35,882
2,199		Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688		2,301
9,997		Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		11,131
3,871		Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701		4,115
159		Government National Mortgage Assoc., 9.00%, 7/15/21, Pool #308511		159
				19,438,914
Total Mortgage Backed Securities				35,631,120
Corporate Bonds (21.1%)
Banks (4.0%)
1,320,000		Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*		1,389,093
1,315,000		BB&T Corp., 2.15%, 2/1/21, Callable 1/1/21 @ 100*		1,318,772
1,300,000		Wells Fargo & Co., 3.00%, 10/23/26		1,377,095
				4,084,960
Beverages (0.8%)
745,000		Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100*		835,483
Capital Markets (1.6%)
1,300,000		Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100*		1,396,317
200,000		Intercontinental Exchange, Inc., 3.10%, 9/15/27, Callable 6/15/27 @ 100*		216,216
				1,612,533
Diversified Financial Services (1.5%)
600,000		BP Capital Markets America, Inc., 2.75%, 5/10/23		623,178
850,000		Korea Development Bank, 2.75%, 3/19/23		884,978
				1,508,156
Diversified Telecommunication Services (1.5%)
1,250,000		AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100*		1,546,866
Electric Utilities (1.0%)
1,000,000		Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100*		1,063,608
Equity Real Estate Investment Trusts (0.3%)
316,025		JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)		327,476
Food Products (2.4%)
1,025,000		Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100*		1,114,319
1,150,000		Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100*		1,338,715
				2,453,034
Health Care Providers & Services (2.1%)
995,000		Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100*		1,023,008
1,050,000		Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100*		1,109,791
				2,132,799

See notes to financial statements

– 30 –

Schedule of Portfolio Investments	Bond Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Hotels, Restaurants & Leisure (0.4%)
$	345,000	Royal Caribbean Cruises, 5.25%, 11/15/22	$	371,099
Industrial Conglomerates (1.1%)
	1,120,000	General Electric Co., 3.10%, 1/9/23		1,161,743
Insurance (1.1%)
	1,100,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		1,153,263
IT Services (1.1%)
	1,000,000	International Business Machines Corp., 3.50%, 5/15/29		1,121,840
Multiline Retail (0.5%)
	574,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100*		574,430
Semiconductors & Semiconductor Equipment (0.3%)
	325,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100*		354,851
Technology Hardware, Storage & Peripherals (1.4%)
	1,300,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100*		1,423,077
Total Corporate Bonds				21,725,218
Taxable Municipal Bonds (9.2%)
Georgia (2.2%)
	1,955,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		2,153,648
Kentucky (0.8%)
	750,000	Lexington-Fayette Urban County Airport Board Corp. Revenue, 2.84%, 7/1/31		802,890
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		235,942
New York (1.3%)
	1,260,000	New York City Transitional Finance Authority Revenue, Series F-3, 3.21%, 5/1/29, Continuously Callable @100		1,386,731
Oklahoma (2.3%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100		552,465
	1,650,000	University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100		1,856,943
				2,409,408

Share or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Pennsylvania (1.3%)
$	1,110,000	City of Bethlehem Lehigh and Northampton Countries, GO, Series C, 5.15%, 11/1/34, Pre-refunded 11/1/24 @ 100, AGM	$	1,301,442
Utah (1.1%)
	1,175,000	Central Utah Water Conservancy District Taxable Water Conservancy Revenue, Build America Bonds, GO, 5.70%, 10/1/40, Continuously Callable @100		1,178,795
Total Taxable Municipal Bonds				9,468,856
U.S. Government Agency Securities (1.0%)
Federal Farm Credit Bank
	1,000,000	1.94%, 4/23/24, Callable 4/23/20 @ 100*		1,000,714
Total U.S. Government Agency Securities				1,000,714
U.S. Treasury Obligations (21.7%)
U.S. Treasury Bonds
	8,175,000	2.25%, 8/15/46		9,160,470
U.S. Treasury Inflation Indexed Notes
	3,816,651	0.38%, 7/15/25		3,987,748
U.S. Treasury Notes
	5,314,000	1.38%, 10/15/22		5,381,671
	3,683,000	2.25%, 2/15/27		3,981,812
				9,363,483
Total U.S. Treasury Obligations				22,511,701
Investment Companies (1.0%)
	7,710	iShares Iboxx $ Investment Grade Corporate Bond ETF		1,019,108
Total Investment Companies				1,019,108
Investment in Affiliates (4.6%)
	4,779,658	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(c)		4,779,658
Total Investment in Affiliates				4,779,658
Total Investments (Cost $96,162,824)(d) - 98.4%				101,683,916
Other assets in excess of liabilities — 1.6%				1,687,332
Net Assets - 100.0%			$	103,371,248

See notes to financial statements

– 31 –

Schedule of Portfolio Investments	Bond Fund
February 29, 2020 (Unaudited)	Concluded

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

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2020.

(c) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

(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.

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

AGM	Assured Guaranty Municipal Corporation
ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
US0003M	3 Month US Dollar LIBOR

See notes to financial statements

– 32 –

Schedule of Portfolio Investments Strategic Enhanced Yield Fund

February 29, 2020 (Unaudited)

Share or
Principal
Amount		Security Description	Value
Asset Backed Securities (4.5%)
$	34,649	Bayview Financial Mortgage Pass, Series 2005-D, Class AF4, 5.50%, 12/28/35*(a)	$	34,554
	48,824	Bayview Opportunity Master Fund Trust, Series 2017-RT1, Class A1, 3.00%, 3/28/57*(a)(b)		49,939
	39,049	Centex Home Equity Loan Trust, Series 2002-A, Class AF6, 5.54%, 1/25/32*		40,010
	65,606	Centex Home Equity Loan Trust, Series 2005-A, Class AF5, 5.78%, 1/25/35*(a)		65,723
	13,445	Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.10%, 5/25/35*(a)		13,594
	98,294	CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF4, 5.21%, 3/25/34*(a)		98,799
	50,000	GSAA Home Equity Trust, Series 2005-1, Class M1, 5.30%, 11/25/34*(a)		51,065
	37,848	Residential Asset Mortgage, Series 2004-RS12, Class MI1, 5.69%, 12/25/34*(a)		39,300
	49,423	Residential Asset Securities Corp., Series 2004-KS8, Class MI1, 5.34%, 9/25/34*(a)		51,166
	149,272	Specialty Underwriting & Residential Finance, Series 2003-BC4, Class A3B, 4.79%, 11/25/34*(a)		154,714
Total Asset Backed Securities				598,864
Mortgage Backed Securities† (40.4%)
Alt-A - Fixed Rate Mortgage Backed Securities (9.0%)
	29,671	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A1, 5.75%, 6/25/34*(a)		30,694
	23,986	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.50%, 7/25/34*		24,606
	27,483	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.50%, 8/25/34*		28,210
	133,195	Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.75%, 12/25/33*		137,089
	79,279	Countrywide Alternative Loan Trust, Series 2004-16CB, Class 4A3, 6.00%, 8/25/34*		81,323
	48,424	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34*		49,623
	16,750	MASTR Alternative Loans Trust, Series 2004-11, Class 6A1, 5.50%, 10/25/34*		17,611
	140,051	MASTR Alternative Loans Trust, Series 2004-7, Class 1A1, 5.50%, 7/25/34*		145,164
	160,404	MASTR Alternative Loans Trust, Series 2003-3, Class 2A5, 6.00%, 5/25/33*		165,484
	56,323	MASTR Alternative Loans Trust, Series 2004-5, Class 2A1, 6.00%, 6/25/34*		58,159
	311,000	Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33*		320,396
	96,000	Residential Asset Securitization Trust, Series 2003-A10, Class A2, 5.20%, 9/25/33*		96,499
	26,252	Structured Asset Securities Corp., Series 2004-4XS, Class A3A, 5.10%, 2/25/34*(a)		26,905
				1,181,763
Prime Adjustable Rate Mortgage Backed Securities (6.1%)
	69,003	Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, 3.80%, 8/25/34*(a)		70,021
	132,184	Impac Secured Assets CMN Owner Trust, Series 2003-3, Class A1, 4.89%, 8/25/33*(a)		136,800
	296,590	Sequoia Mortgage Trust, Series 2013-5, Class A1, 2.50%, 5/25/43*(a)(b)		296,411
	45,188	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 3.95%, 7/25/34*(a)		45,890

Share or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	62,191	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 3.98%, 9/25/34*(a)	$	63,533
	191,232	Winwater Mortgage Loan Trust, Series 2014-1,Class A1, 3.83%, 6/20/44*(a)(b)		197,380
				810,035
Prime Fixed Mortgage Backed Securities (16.0%)
	176,026	Alternative Loan Trust, Series 2004-18CB, Class 4A1, 5.50%, 9/25/34*		180,667
	23,155	Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34*		24,068
	11,831	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36*		12,058
	13,981	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36*		14,500
	165,000	Countrywide Home Loans, Series 2005-6, Class 1A3, 5.15%, 4/25/35*		172,010
	40,000	Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34*		41,149
	137,000	Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34*		138,671
	59,000	Countrywide Home Loans, Series 2004-9, Class A5, 5.25%, 6/25/34*		59,579
	112,000	Countrywide Home Loans, Series 2005-5, Class A4, 5.40%, 3/25/35*		114,555
	186,491	Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34*		191,612
	69,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34*		70,706
	50,000	Countrywide Home Loans, Series 2004-8, Class 1A7, 5.75%, 7/25/34*		51,423
	133,279	Credit Suisse Mortgage Trust, Series 2013-IVR2, Class AD, 1.55%, 4/25/43*(a)(b)		130,999
	91,740	Credit Suisse Mortgage Trust, Series 2015-3, Class A9, 3.50%, 3/25/45*(a)(b)		94,643
	70,080	Flagstar Mortgage Trust, Series 2017-2, Class A5, 3.50%, 10/25/47*(a)(b)		70,829
	79,300	GMAC Mortgage Loan Trust, Series 2004-J2, Class A8, 5.75%, 6/25/34*		81,728
	162,334	GSR Mortgage Loan Trust, Series 2004-10F, Class 6A1, 5.00%, 9/25/34*		165,921
	71,197	JPMorgan Mortgage Trust, Series 2017-3, Class 1A6, 3.00%, 8/25/47*(a)(b)		72,487
	50,382	JPMorgan Mortgage Trust, Series 2017-1, Class A5, 3.50%, 1/25/47*(a)(b)		51,148
	112,911	Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 4/25/43*(a)		110,548
	41,587	Sequoia Mortgage Trust, Series 2017-1, Class A4, 3.50%, 2/25/47*(a)(b)		42,626
	105,559	Verus Securitization Trust, Series 2018-INV2, Class A1FX, 4.15%, 10/25/58*(a)(b)		107,494
	99,000	WaMu Mortgage Pass, Series 2004-RS1, Class A3, 5.50%, 11/25/33*		101,609
				2,101,030
U.S. Government Agency Mortgage Backed Securities (9.3%)
	137,171	Fannie Mae, Series 2013-56, Class GM, 2.00%, 8/25/41		140,173
	300,000	Fannie Mae, 2.13%, 10/19/29*		300,144
	113,576	Fannie Mae, Series 2003-W14, Class 2A, 4.49%, 1/25/43*(a)		119,225
	208,724	Fannie Mae, Series 2003-W13, Class AF5, 4.73%, 10/25/33*(a)		221,935

See notes to financial statements

– 33 –

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 29, 2020 (Unaudited)	Concluded

Share or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	166,470	Fannie Mae, Series 2004-W3, Class A8, 5.50%, 5/25/34*	$	189,446
	81,766	Freddie Mac, Series 4664, Class TC, 3.00%, 6/15/41		83,985
	160,107	Freddie Mac, Series 2017-SC01, Class 2A, 3.50%, 12/25/46*		166,019
				1,220,927
Total Mortgage Backed Securities				5,313,755
Corporate Bonds (3.4%)
Tobacco (3.4%)
	180,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100*		228,819
	156,000	Philip Morris International, Inc., 6.38%, 5/16/38		225,183
Total Corporate Bonds				454,002
U.S. Government Agency Securities (14.7%)
Federal Farm Credit Bank
	210,000	2.23%, 10/15/26, Callable 10/15/20 @ 100*		210,882
	300,000	2.31%, 2/4/28, Callable 5/4/20 @ 100*		300,188
	350,000	2.37%, 1/13/28, Callable 1/13/21 @ 100*		352,007
	225,000	2.50%, 10/9/29, Callable 10/9/20 @ 100*		225,855
	300,000	2.88%, 12/26/31, Callable 3/26/20 @ 100*		300,133
				1,389,065
Federal Home Loan Bank
	200,000	2.75%, 10/24/30, Callable 4/24/20 @ 100*		200,175
	350,000	2.78%, 1/9/32, Callable 7/9/20 @ 100*		350,758
				550,933
Total U.S. Government Agency Securities				1,939,998

Share or
Principal
Amount		Security Description	Value
U.S. Treasury Obligations (28.6%)
U.S. Treasury Bonds
$	1,070,000	3.00%, 8/15/48	$	1,393,089
U.S. Treasury Notes
	1,035,000	1.75%, 7/31/24		1,072,317
	1,144,000	2.88%, 8/15/28		1,308,897
				2,381,214
Total U.S. Treasury Obligations				3,774,303
Investment in Affiliates (7.9%)
	1,037,019	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(c)		1,037,019
Total Investment in Affiliates				1,037,019
Total Investments (Cost $12,661,553)(d) - 99.5%				13,117,941
Other assets in excess of liabilities — 0.5%				70,954
Net Assets - 100.0%			$	13,188,895

(a) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2020.

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

(c) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

(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.

† 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.

See notes to financial statements

– 34 –

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
February 29, 2020 (Unaudited)

Share or
Principal
Amount		Security Description	Value
Municipal Bonds (104.6%)
Colorado (3.1%)
$	835,000	City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 1.18%, 11/1/40, Continuously Callable @100, Barclays Bank(a)	$	835,000
Connecticut (3.4%)
	700,000	State of Connecticut Special Tax Revenue, Series A, 5.00%, 9/1/20		714,301
	225,000	State of Connecticut, GO, Series F, 5.00%, 11/15/20		231,566
				945,867
Florida (2.0%)
	550,000	Palm Beach County Revenue, 1.18%, 7/1/32, Callable 4/1/20 @ 100, Northern Trust Co.*(a)		550,000
Georgia (1.8%)
	500,000	Georgia Private Colleges & Universities Authority Revenue, Series B-3, 1.10%, 9/1/35, Continuously Callable @100(a)		500,000
IIIinois (7.5%)
	700,000	Channahon Illinois, Morris Hospital Revenue, 1.18%, 12/1/34, Continuously Callable @100, U.S. Bank NA(a)		700,000
	695,000	IIIinois State Finance Authority Revenue, Series C, 1.15%, 2/15/33, Continuously Callable @100, Northern Trust Co.(a)		695,000
	250,000	Knox & Warren Counties Community Unit School District No 205 Galesburg, GO, Series B, 4.00%, 12/1/20		255,715
	170,000	Sycamore Park District, GO, Series A, 2.00%, 12/15/20, BAM		171,375
	200,000	Village of Morton Grove Illinois, GO, 5.00%, 12/15/20		206,448
				2,028,538
Indiana (1.5%)
	415,000	Lafayette School Corp., GO, 4.00%, 7/15/20, ST INTERCEPT		419,142
Iowa (2.6%)
	700,000	Iowa Finance Authority Revenue, 1.32%, 2/15/41, Continuously Callable @100, JPM(a)		700,000
Kansas (3.5%)
	440,000	City of Wichita Kansas, GO, Series 824, 4.50%, 6/1/20		444,004
	500,000	Riley County Unified School District No 383 Manhattan-Ogden, GO, 3.00%, 9/1/20		504,400
				948,404
Kentucky (3.0%)
	300,000	Hardin County School District Finance Corp. Revenue, Series B, 2.00%, 6/1/20, ST INTERCEPT		300,720
	135,000	Kenton County School District Finance Corp. Revenue, 2.50%, 6/1/20, ST INTERCEPT		135,489
	215,000	Letcher County School District Finance Corp. Revenue, 3.00%, 6/1/20, ST INTERCEPT		216,038
	160,000	Trigg County School District Finance Corp. Revenue, 2.25%, 11/1/20, ST INTERCEPT		161,302
				813,549
Louisiana (1.8%)
	485,000	Louisiana Public Facilities Authority Revenue, Series B-3, 1.20%, 7/1/47, Continuously Callable @100, BNY(a)		485,000

Share or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Minnesota (4.1%)
$	1,100,000	City of Minneapolis MN Revenue, Series B, 1.18%, 12/1/27, Callable 4/1/20 @ 100*(a)	$	1,100,000
Mississippi (3.0%)
	800,000	Mississippi State Business Finance Commission Gulf Opportunity Zone Revenue, Series C, 1.20%, 12/1/30, Callable 4/1/20 @ 100, GTY*(a)		800,000
Missouri (2.9%)
	800,000	Missouri Public Utilities Commission Revenue, 1.50%, 3/1/21, Continuously Callable @100		801,767
Nevada (3.7%)
	1,000,000	County of Clark Nevada Industrial Development Revenue, Series A, 1.14%, 12/1/39, Continuously Callable @100, Bank of America(a)		1,000,000
New Jersey (2.0%)
	539,000	Township of Freehold New Jersey, GO, 1.50%, 10/15/20.		540,321
New York (3.7%)
	1,000,000	Metropolitan Transportation Authority Revenue, Series A-2, 1.28%, 11/15/41, Continuously Callable @100, Bank of Montreal(a)		1,000,000
Ohio (20.1%)
	499,000	American Municipal Power, Inc. Revenue, 2.25%, 8/13/20		501,350
	215,000	American Municipal Power, Inc. Revenue, 2.25%, 1/22/21		216,664
	500,000	City of Parma Heights Ohio, GO, 2.50%, 4/9/20		500,741
	700,000	City of Vandalia Ohio, GO, 2.13%, 9/2/20		703,780
	473,435	City of Willowick Ohio, GO, 2.00%, 2/18/21		476,181
	485,000	County of Lake Ohio, GO, 2.00%, 10/15/20		488,046
	300,000	County of Lake Ohio, GO, 2.25%, 4/4/20		300,306
	500,000	County of Trumbull Ohio, GO, 2.25%, 7/23/20		502,285
	215,000	Liberty Community Infrastructure Financing Authority, 4.00%, 12/1/20		219,494
	500,000	Shelby City School District Revenue, 4.00%, 11/1/20		510,225
	350,000	Township of Liberty Ohio/Ross County, GO, 3.00%, 3/26/20		350,414
	700,000	Wickliffe Oh City School District, GO, 2.50%, 5/27/20		701,862
				5,471,348
Oklahoma (0.4%)
	115,000	Cleveland County Educational Facilities Authority Revenue, 4.00%, 9/1/20		116,732
Pennsylvania (3.7%)
	1,000,000	Philadelphia Pennsylvania, GO, Series B, 1.15%, 8/1/31, Continuously Callable @100, Barclays Bank(a)		1,000,000
South Dakota (0.4%)
	100,000	Custer School District 16-1, GO, 3.00%, 8/1/20, State Aid Withholding		100,863
Tennessee (4.8%)
	710,000	Clarksville Tennessee Public Building Authority Revenue, 1.20%, 1/1/33, Callable 4/1/20 @ 100, Bank of America*(a)		710,000
	600,000	Montgomery Country Public Building Authority Revenue, 1.20%, 2/1/36, Callable 4/1/20 @ 100, Bank of America*(a)		600,000
				1,310,000
				5,358,587

See notes to financial statements

– 35 –

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
February 29, 2020 (Unaudited)	Concluded

Share or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Texas (20.0%)
$	870,000	Austin Texas Hotel Occupancy Tax Revenue, 1.17%, 11/15/29, Continuously Callable @100, JPM(a)	$	870,000
	375,000	Cibolo Canyons Special Improvement District, GO, Series A, 5.00%, 8/15/20, AGM		381,529
	450,000	City of Houston Texas Airport System Revenue, 1.15%, 7/1/30, Continuously Callable @100, Barclays Bank(a)		450,000
	230,000	Crosby Municipal Utility District, GO, 2.00%, 8/15/20, BAM		231,040
	570,000	El Paso Downtown Development Corp. Revenue, 4.00%, 8/15/20		577,473
	215,000	Fort Bend County Municipal Utility District No 134D, GO, 4.00%, 9/1/20, AGM		218,087
	185,000	Galveston County Municipal Utility District No 14, GO, 1.75%, 10/1/20, BAM		185,808
	800,000	Gulf Coast Waste Disposal Authority Revenue, 1.35%, 6/1/20, Continuously Callable @100(a)		800,000
	285,000	Montgomery County Municipal Utility District No 18, 2.00%, 3/1/20		285,005
	125,000	Paseo del Este Municipal Utility District No 10, GO, 4.00%, 8/15/20, Capital Markets Assurance Corp		126,674
	100,000	Remington Municipal Utility District No 1, GO, 3.00%, 9/1/20, AGM		100,989
	185,000	Reunion Ranch Water Control & Improvement District, GO, 2.00%, 8/15/20, AGM		185,736
	420,000	State of Texas Revenue, 4.00%, 8/27/20		426,485
	240,000	Sunfield Municipal Utility District No 1, GO, 4.00%, 9/1/20, AGM		243,518
	275,000	Travis County Municipal Utility District No 18, GO, 2.00%, 9/1/20, BAM		276,243

Share or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Wisconsin (5.6%)
$	135,000	City of Onalaska Wisconsin, GO, 3.00%, 10/1/20.	$	136,646
	675,000	County of Green Wisconsin, GO, Series A, 3.00%, 12/1/20		685,436
	100,000	Village of Osceola Wisconsin, GO, 3.00%, 6/1/20, AGM		100,520
	150,000	Western Technical College District, GO, Series C, 3.00%, 4/1/20		150,253
	460,000	Wisconsin Health & Educational Facilities Authority Revenue, 1.25%, 3/1/36, JPM(a)		460,000
				1,532,855
Total Municipal Bonds				28,357,973
Investment in Affiliates (0.4%)
	96,421	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(b)		96,421
Total Investment in Affiliates				96,421
Total Investments (Cost $28,425,149)(c) - 105.0%				28,454,394
Liabilities in excess of other assets — (5.0)%				(1,356,466	)
Net Assets - 100.0%			$	27,097,928

(a) Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at February 29, 2020.

(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

(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.

AGM Assured Guaranty Municipal Corporation

BAM Build America Mutual Assurance Company

BNY Bank of New York Mellon

GO General Obligation

GTY Guarantor Agreement

JPM J.P. Morgan Chase Bank

LOC Letter of Credit

See notes to financial statements

– 36 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)

Share or
Principal
Amount		Security Description	Value
Common Stocks (45.8%)
Aerospace & Defense (1.1%)
	202	BWX Technologies, Inc.	$	11,078
	360	General Dynamics Corp.		57,488
	71	HEICO Corp.		7,657
	163	HEICO Corp., Class A		14,398
	506	L3Harris Technologies, Inc.		100,051
	288	Lockheed Martin Corp.		106,524
	148	Northrop Grumman Corp.		48,668
	344	Raytheon Co.		64,865
	515	Spirit AeroSystems Holdings, Inc., Class A		27,213
	20	Teledyne Technologies, Inc.(a)		6,746
	122	The Boeing Co.		33,563
	136	United Technologies Corp.		17,760
	102	Vectrus, Inc.(a)		5,313
				501,324
Air Freight & Logistics (0.1%)
	525	Expeditors International of Washington, Inc.		36,971
Airlines (0.1%)
	519	Delta Air Lines, Inc.		23,942
	527	JetBlue Airways Corp.(a)		8,316
	142	Southwest Airlines Co.		6,559
	182	United Airlines Holdings, Inc.(a)		11,209
				50,026
Auto Components (0.2%)
	1,751	BorgWarner, Inc.		55,332
	1,236	Gentex Corp.		33,001
	190	Lear Corp.		21,128
				109,461
Automobiles (0.0%)
	6	Tesla, Inc.(a)		4,008
Banks (2.4%)
	4,723	Bank of America Corp.		134,606
	221	Citigroup, Inc.		14,025
	695	Commerce Bancshares, Inc.		42,423
	443	East West Bancorp, Inc.		17,162
	57	First Citizens Bancshares, Inc.		25,839
	530	First Horizon National Corp.		7,065
	99	First Republic Bank		9,956
	3,603	JPMorgan Chase & Co.		418,343
	70	M&T Bank Corp.		9,827
	502	People’s United Financial, Inc.		7,023
	94	Preferred Bank/Los Angeles CA		4,806
	142	SVB Financial Group(a)		29,559
	424	The PNC Financial Services Group, Inc.		53,594
	1,739	Truist Financial Corp.		80,237
	1,758	U.S. Bancorp		81,642
	1,491	Umpqua Holdings Corp.		22,946
	2,881	Wells Fargo & Co.		117,689
	478	Western Alliance Bancorp		22,007
				1,098,749
Beverages (0.9%)
	230	Monster Beverage Corp.(a)		14,354
	1,735	PepsiCo, Inc.		229,072
	14	The Boston Beer Co, Inc., Class A(a)		5,191
	3,024	The Coca-Cola Co.		161,754
				410,371
Biotechnology (1.2%)
	1,063	AbbVie, Inc.		91,110
	776	Amgen, Inc.		154,991
	9	Biogen, Inc.(a)		2,776
	93	BioSpecifics Technologies Corp.(a)		5,133
	90	Eagle Pharmaceuticals, Inc.(a)		4,131

Share or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Biotechnology, continued:
	2,487	Exelixis, Inc.(a)	$	46,233
	1,743	Gilead Sciences, Inc.		120,894
	257	Ionis Pharmaceuticals, Inc.(a)		13,050
	11	Neurocrine Biosciences, Inc.(a)		1,042
	48	Regeneron Pharmaceuticals, Inc.(a)		21,339
	365	Vertex Pharmaceuticals, Inc.(a)		81,771
				542,470
Building Products (0.2%)
	401	Allegion PLC		46,111
	92	Armstrong World Industries, Inc.		9,214
	204	Builders FirstSource, Inc.(a)		4,633
	70	CSW Industrials, Inc.		4,609
	130	Lennox International, Inc.		29,656
	107	Patrick Industries, Inc.		5,653
	64	Simpson Manufacturing Co, Inc.		5,084
	60	Trex Co, Inc.(a)		5,739
				110,699
Capital Markets (1.8%)
	298	Ameriprise Financial, Inc.		42,107
	118	BlackRock, Inc.		54,635
	632	CME Group, Inc.		125,654
	78	Cohen & Steers, Inc.		4,887
	411	Evercore, Inc.		27,381
	294	GAMCO Investors, Inc., Class A		4,575
	514	Intercontinental Exchange, Inc.		45,859
	567	LPL Financial Holdings, Inc.		45,065
	63	Moody’s Corp.		15,122
	1,551	Morgan Stanley.		69,842
	79	Morningstar, Inc.		11,605
	450	MSCI, Inc., Class A.		132,947
	492	Nasdaq, Inc.		50,455
	115	Northern Trust Corp.		10,092
	350	S&P Global, Inc.		93,069
	363	SEI Investments Co.		19,860
	83	Stifel Financial Corp.		4,519
	137	T. Rowe Price Group, Inc.		16,167
	500	The Bank of New York Mellon Corp.		19,950
	717	The Charles Schwab Corp.		29,218
	33	The Goldman Sachs Group, Inc.		6,625
	166	Westwood Holdings Group, Inc.		4,213
				833,847
Chemicals (0.5%)
	498	Advanced Emissions Solutions, Inc.		4,427
	260	AdvanSix, Inc.(a)		3,778
	166	Air Products & Chemicals, Inc.		36,455
	767	Axalta Coating Systems, Ltd.(a)		19,114
	755	CF Industries Holdings, Inc.		27,829
	43	Chase Corp.		3,818
	1	Corteva, Inc.		27
	314	Dow, Inc.		12,689
	321	Ecolab, Inc.		57,925
	58	Ingevity Corp.(a)		2,612
	52	Innospec, Inc.		4,500
	61	International Flavors & Fragrances, Inc.		7,307
	301	LyondellBasell Industries NV, Class A		21,509
	138	Trinseo SA		3,019
	132	Westlake Chemical Corp.		7,375
				212,384

See notes to financial statements

– 37 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Continued

Share or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Commercial Services & Supplies (0.5%)
	406	Cintas Corp.	$	108,295
	4,425	Covanta Holding Corp.		59,118
	305	IAA, Inc.(a)		13,030
	242	Kimball International, Inc., Class B		3,916
	613	Waste Management, Inc.		67,927
				252,286
Communications Equipment (0.5%)
	326	Arista Networks, Inc.(a)		62,957
	2,912	Cisco Systems, Inc.		116,277
	162	Palo Alto Networks, Inc.(a)		29,908
				209,142
Construction & Engineering (0.0%)
	272	AECOM(a)		12,224
	358	Sterling Construction Co, Inc.(a)		4,890
				17,114
Consumer Finance (0.2%)
	406	American Express Co.		44,631
	38	Credit Acceptance Corp.(a)		15,321
	190	Discover Financial Services		12,460
	226	Enova International, Inc.(a)		4,344
	437	Santander Consumer USA Holdings, Inc.		10,663
	406	Synchrony Financial		11,815
	56	World Acceptance Corp.(a)		4,374
				103,608
Containers & Packaging (0.3%)
	237	AptarGroup, Inc.		23,954
	349	Ball Corp.		24,591
	1,197	Berry Global Group, Inc.(a)		45,437
	471	Packaging Corp. of America		42,682
	112	UFP Technologies, Inc.(a)		5,525
				142,189
Distributors (0.1%)
	199	Core-Mark Holding Co, Inc.		4,579
	133	Genuine Parts Co.		11,603
	95	Pool Corp.		20,041
				36,223
Diversified Consumer Services (0.2%)
	266	Bright Horizons Family Solutions, Inc.(a)		41,801
	922	H&R Block, Inc.		19,058
	266	K12, Inc.(a)		5,288
	693	ServiceMaster Global Holdings, Inc.(a)		24,789
				90,936
Diversified Financial Services (0.4%)
	729	Berkshire Hathaway, Inc., Class B(a)		150,422
	318	Jefferies Financial Group, Inc.		6,268
	750	Voya Financial, Inc.		39,480
				196,170
Diversified Telecommunication Services (0.5%)
	3,123	AT&T, Inc.		109,992
	1,938	Verizon Communications, Inc.		104,962
				214,954
Electric Utilities (0.7%)
	246	Alliant Energy Corp.		12,822
	176	Eversource Energy		15,217
	775	Exelon Corp.		33,410
	350	NextEra Energy, Inc.		88,466
	1,533	OGE Energy Corp.		58,407
	486	Pinnacle West Capital Corp.		43,492
	93	Portland General Electric Co.		5,060
	1,970	PPL Corp.		59,120
				315,994

Share or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Electrical Equipment (0.4%)
	239	Acuity Brands, Inc.	$	24,584
	135	AMETEK, Inc.		11,610
	659	Emerson Electric Co.		42,248
	2,362	GrafTech International, Ltd.		19,274
	1,740	nVent Electric PLC		41,777
	238	Regal-Beloit Corp.		18,478
	134	Rockwell Automation, Inc.		24,589
				182,560
Electronic Equipment, Instruments & Components (0.6%)
	467	Amphenol Corp., Class A		42,815
	1,149	CDW Corp.		131,238
	2,071	Corning, Inc.		49,414
	79	Insight Enterprises, Inc.(a)		4,352
	395	Keysight Technologies, Inc.(a)		37,430
	164	Sanmina Corp.(a)		4,312
				269,561
Energy Equipment & Services (0.1%)
	170	Cactus, Inc., Class A		4,643
	1,389	Helmerich & Payne, Inc.		51,240
	581	Liberty Oilfield Services, Inc., Class A		3,887
	252	Matrix Service Co.(a)		3,044
				62,814
Entertainment (0.6%)
	146	Netflix, Inc.(a)		53,878
	1,747	The Walt Disney Co.		205,535
				259,413
Equity Real Estate Investment Trusts (2.4%)
	2,057	American Homes 4 Rent, Class A		53,256
	254	American Tower Corp.		57,607
	637	Apartment Investment & Management Co.		30,474
	75	AvalonBay Communities, Inc.		15,044
	318	Brixmor Property Group, Inc.		5,791
	1,777	Caretrust REIT, Inc.		37,086
	1,012	Columbia Property Trust, Inc.		19,086
	845	Corporate Office Properties Trust		21,412
	560	Crown Castle International Corp.		80,243
	1,703	CubeSmart		51,550
	630	Digital Reality Trust, Inc.		75,670
	446	Douglas Emmett, Inc.		17,028
	1,854	Duke Realty Corp.		60,199
	588	Equity LifeStyle Properties, Inc.		40,178
	652	Equity Residential		48,965
	39	Essex Property Trust, Inc.		11,051
	676	Extra Space Storage, Inc.		67,843
	2,776	Host Hotels & Resorts, Inc.		40,196
	461	JBG SMITH Properties		16,909
	882	Lamar Advertising Co.		73,859
	469	Lexington Realty Trust		4,864
	53	Mid-America Apartment Communities, Inc.		6,851
	1,644	Park Hotels & Resorts, Inc.		30,019
	494	Prologis, Inc.		41,634
	29	PS Business Parks, Inc.		4,308
	341	Public Storage		71,310
	162	Realty Income Corp.		11,727
	303	RLJ Lodging Trust		4,003
	59	Ryman Hospitality Properties, Inc.		4,101
	182	Simon Property Group, Inc.		22,401
	875	Site Centers Corp.		10,071
	139	SL Green Realty Corp.		10,903
	375	The GEO Group, Inc.		5,490
	411	Vici Properties, Inc.		10,300

See notes to financial statements

– 38 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Continued

Share or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Equity Real Estate Investment Trusts, continued:
	227	Weingarten Realty Investors	$	6,113
	480	Welltower, Inc.		35,914
	245	Xenia Hotels & Resorts, Inc.		3,665
				1,107,121
Food & Staples Retailing (0.6%)
	324	Costco Wholesale Corp.		91,089
	115	Ingles Markets, Inc., Class A		4,114
	110	Performance Food Group Co.(a)		4,664
	279	Sysco Corp.		18,595
	608	US Foods Holding Corp.(a)		20,453
	188	Walgreens Boots Alliance, Inc.		8,603
	1,246	Wal-Mart Stores, Inc.		134,170
				281,688
Food Products (0.8%)
	348	General Mills, Inc.		17,052
	1,305	Hormel Foods Corp.		54,288
	656	Ingredion, Inc.		54,645
	52	John B Sanfilippo & Son, Inc.		3,650
	532	Kellogg Co.		32,170
	33	Lancaster Colony Corp.		4,767
	71	McCormick & Co. , Inc/MD		10,379
	2,395	Mondelez International, Inc., Class A		126,456
	85	The Hershey Co.		12,239
	997	Tyson Foods, Inc., Class A		67,627
				383,273
Gas Utilities (0.1%)
	98	Atmos Energy Corp.		10,119
	56	Chesapeake Utilities Corp.		4,788
	58	ONE Gas, Inc.		4,764
	1,139	UGI Corp.		41,049
				60,720
Health Care Equipment & Supplies (1.7%)
	825	Abbott Laboratories.		63,550
	35	ABIOMED, Inc.(a)		5,259
	117	Align Technology, Inc.(a)		25,547
	1,102	Baxter International, Inc.		91,984
	152	Becton, Dickinson & Co.		36,149
	554	Danaher Corp.		80,097
	131	Dentsply Sirona, Inc.		6,450
	373	Edwards Lifesciences Corp.(a)		76,405
	702	Hill-Rom Holdings, Inc.		67,427
	1,007	Hologic, Inc.(a)		47,450
	57	Intuitive Surgical, Inc.(a)		30,436
	978	Medtronic PLC.		98,454
	84	ResMed, Inc.		13,353
	53	STERIS PLC.		8,407
	357	Stryker Corp.		68,041
	143	Teleflex, Inc.		47,908
	30	The Cooper Cos., Inc.		9,737
				776,654
Health Care Providers & Services (0.8%)
	32	Amedisys, Inc.(a)		5,568
	142	Anthem, Inc.		36,507
	116	Chemed Corp.		48,444
	56	HCA Healthcare, Inc.		7,113
	39	LHC Group, Inc.(a)		4,737
	66	Magellan Health, Inc.(a)		3,961
	185	Molina Healthcare, Inc.(a)		22,672
	81	National Research Corp.		4,454
	259	RadNet, Inc.(a)		5,291
	233	Select Medical Holdings Corp.(a)		5,578

Share or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Health Care Providers & Services, continued:
	121	The Ensign Group, Inc.	$	5,385
	839	UnitedHealth Group, Inc.		213,910
	48	Universal Health Services, Inc., Class B		5,940
				369,560
Health Care Technology (0.1%)
	372	Veeva Systems, Inc.(a)		52,813
Hotels, Restaurants & Leisure (1.3%)
	215	Bloomin’ Brands, Inc.		3,868
	240	Carnival Corp.		8,030
	249	Cracker Barrel Old Country Store Inc.		35,689
	734	Darden Restaurants, Inc.		71,565
	392	Dunkin’ Brands Group, Inc.		26,076
	962	Hilton Worldwide Holdings, Inc.		93,506
	86	Hyatt Hotels Corp., Class A		6,588
	153	Marriott International, Inc., Class A		18,972
	511	McDonald’s Corp.		99,221
	2,117	Starbucks Corp.		166,036
	1,278	Wendy’s Co. (The)		24,129
	300	Yum! Brands, Inc.		26,775
				580,455
Household Durables (0.1%)
	372	Garmin, Ltd.		32,881
	76	Tempur-Pedic International, Inc.(a)		5,681
				38,562
Household Products (1.1%)
	191	Central Garden & Pet Co.(a)		5,115
	536	Church & Dwight Co., Inc.		37,263
	1,001	Colgate-Palmolive Co.		67,638
	201	Kimberly-Clark Corp.		26,369
	848	The Clorox Co.		135,188
	2,004	The Procter & Gamble Co.		226,913
				498,486
Independent Power and Renewable Electricity Producers (0.0%)
	875	AES Corp.		14,639
Industrial Conglomerates (0.7%)
	1,058	3M Co.		157,895
	61	Carlisle Cos., Inc.		8,863
	874	General Electric Co.		9,509
	668	Honeywell International, Inc.		108,330
	91	Roper Technologies, Inc.		32,005
				316,602
Insurance (1.6%)
	442	Aflac, Inc.		18,940
	222	AON PLC		46,176
	109	Arthur J. Gallagher & Co.		10,626
	703	Assured Guaranty, Ltd.		28,689
	153	Athene Holdings, Ltd., Class A(a)		6,311
	1,021	Brighthouse Financial, Inc.(a)		36,593
	269	Chubb, Ltd.		39,013
	224	Cincinnati Financial Corp.		20,886
	139	Erie Indemnity Co., Class A		19,866
	1,898	FNF Group		73,566
	165	Lincoln National Corp.		7,489
	391	Marsh & McLennan Cos., Inc.		40,883
	243	National General Holdings Corp.		4,731
	338	Prudential Financial, Inc.		25,502
	629	The Allstate Corp.		66,202
	277	The Hanover Insurance Group, Inc.		32,836
	1,307	The Hartford Financial Services Group, Inc.		65,285
	974	The Progressive Corp.		71,258
	336	Travelers Companies, Inc.		40,256

See notes to financial statements

– 39 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Continued

Share or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Insurance, continued:
	179	Universal Insurance Holdings, Inc.	$	3,704
	1,945	Unum Group		45,338
	70	Willis Towers Watson PLC		13,248
				717,398
Interactive Media & Services (1.2%)
	99	Alphabet, Inc., Class A(a)		132,586
	98	Alphabet, Inc., Class C(a)		131,254
	131	Cargurus, Inc.(a)		3,339
	1,009	Facebook, Inc., Class A(a)		194,203
	70	IAC/InterActiveCorp.(a)		14,276
	709	Match Group, Inc.(a)		46,085
	632	TripAdvisor, Inc.		14,820
	376	Twitter, Inc.(a)		12,483
	153	Yelp, Inc.(a)		4,784
				553,830
Internet & Direct Marketing Retail (0.8%)
	129	Amazon.com, Inc.(a)		243,005
	31	Booking Holdings, Inc.(a)		52,565
	580	eBay, Inc.		20,091
	346	Etsy, Inc.(a)		20,002
	141	Expedia Group, Inc.		13,905
				349,568
IT Services (3.0%)
	377	Accenture PLC, Class A		68,082
	331	Automatic Data Processing, Inc.		51,219
	543	Booz Allen Hamilton Holding Corp.		38,716
	194	Broadridge Financial Solutions, Inc.		20,246
	273	Cognizant Technology Solutions Corp., Class A		16,634
	193	CoreLogic, Inc.		8,756
	91	CSG Systems International, Inc.		4,027
	123	Fidelity National Information Services, Inc.		17,186
	1,504	Fiserv, Inc.(a)		164,477
	51	FleetCor Technologies, Inc.(a)		13,555
	378	Global Payments, Inc.		69,541
	336	Hackett Group, Inc. (The)		5,174
	561	International Business Machine Corp.		73,014
	99	Jack Henry & Associates, Inc.		15,022
	121	Leidos Holdings, Inc.		12,421
	850	MasterCard, Inc., Class A		246,713
	353	Paychex, Inc.		27,350
	687	Paypal Holdings, Inc.(a)		74,189
	569	The Western Union Co.		12,740
	115	TTEC Holdings, Inc.		4,304
	1,036	VeriSign, Inc.(a)		196,581
	1,342	Visa, Inc., Class A		243,922
				1,383,869
Leisure Products (0.1%)
	303	Hasbro, Inc.		23,407
	161	YETI Holdings, Inc.(a)		4,870
				28,277
Life Sciences Tools & Services (0.8%)
	1,500	Agilent Technologies, Inc.		115,604
	14	Bio-Techne Corp.		2,644
	208	Charles River Laboratories International, Inc.(a)		32,359
	31	Illumina, Inc.(a)		8,236
	204	Iqvia Holdings, Inc.(a)		28,456
	98	Mettler-Toledo International, Inc.(a)		68,767
	105	PRA Health Sciences, Inc.(a)		9,891
	279	Thermo Fisher Scientific, Inc.		81,133
	203	Waters Corp.(a)		39,563
				386,653

Share or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Machinery (0.7%)
	1,745	Allison Transmission Holdings, Inc.	$	70,847
	144	Crane Co.		9,785
	111	DMC Global, Inc.		4,003
	634	Fortive Corp.		43,847
	418	Graco, Inc.		20,616
	1,200	Hillenbrand, Inc.		28,080
	215	IDEX Corp.		31,820
	309	Illinois Tool Works, Inc.		51,844
	142	Ingersoll-Rand PLC		18,324
	96	ITT, Inc.		5,774
	209	Meritor, Inc.(a)		4,742
	158	PACCAR, Inc.		10,570
	440	The Timken Co.		19,730
	346	The Toro Co.		24,715
				344,697
Media (0.1%)
	292	Cumulus Media, Inc., Class A(a)		3,519
	169	GCI Liberty, Inc., Class A(a)		11,679
	255	Gray Television, Inc.(a)		4,825
	81	Liberty Media Corp-Liberty SiriusXM, Class A(a)		3,618
	318	Msg Networks, Inc., Class A(a)		4,020
	130	Omnicom Group, Inc.		9,006
	165	Saga Communications, Inc., Class A		4,749
	201	TechTarget, Inc.(a)		4,649
	340	TEGNA, Inc.		4,869
				50,934
Metals & Mining (0.2%)
	375	Reliance Steel & Aluminum Co.		38,359
	233	Schnitzer Steel Industries, Inc.		3,840
	1,630	Steel Dynamics, Inc.		43,406
				85,605
Mortgage Real Estate Investment Trusts (0.0%)
	1,202	AGNC Investment Corp.		20,482
Multiline Retail (0.2%)
	449	Dollar General Corp.		67,485
	195	Kohl’s Corp.		7,634
	128	Target Corp.		13,184
				88,303
Multi-Utilities (0.4%)
	68	Black Hills Corp.		4,910
	1,061	CenterPoint Energy, Inc.		24,424
	124	Consolidated Edison, Inc.		9,774
	71	DTE Energy Co.		7,929
	440	MDU Resources Group, Inc.		12,201
	72	NorthWestern Corp.		5,064
	688	Public Service Enterprise Group, Inc.		35,301
	217	Sempra Energy		30,332
	525	WEC Energy Group, Inc.		48,474
				178,409
Oil, Gas & Consumable Fuels (0.9%)
	5,359	Cabot Oil & Gas Corp.		74,650
	448	Chevron Corp.		41,816
	911	ConocoPhillips		44,111
	1,145	Continental Resources, Inc.		21,698
	233	CVR Energy, Inc.		6,622
	149	Delek US Holdings, Inc.		3,186
	3,069	Devon Energy Corp.		49,840
	679	Exxon Mobil Corp.		34,928
	373	HollyFrontier Corp.		12,563
	417	ONEOK, Inc.		27,822
	1,041	PBF Energy, Inc., Class A		23,308

See notes to financial statements

– 40 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuel, continued:
	194	Pioneer Natural Resources Co.	$	23,819
	869	TOTAL SA ADR		37,489
	367	Valero Energy Corp.		24,314
	120	World Fuel Services Corp.		3,394
				429,560
Personal Products (0.1%)
	59	Medifast, Inc.		4,903
	127	The Estee Lauder Cos., Inc., Class A		23,318
	70	USANA Health Sciences, Inc.(a)		4,627
				32,848
Pharmaceuticals (2.4%)
	2,205	Bristol-Myers Squibb Co.		130,227
	361	Elanco Animal Health, Inc.(a)		9,891
	155	Eli Lilly & Co.		19,550
	398	Innoviva, Inc.(a)		5,361
	3,204	Johnson & Johnson		430,875
	2,433	Merck & Co., Inc.		186,270
	5,844	Pfizer, Inc.		195,307
	802	Zoetis, Inc.		106,850
				1,084,331
Professional Services (0.1%)
	168	IHS Markit, Ltd.		11,968
	130	Kforce, Inc.		3,960
	133	ManpowerGroup, Inc.		10,100
	244	Robert Half International, Inc.		12,300
	95	Verisk Analytics, Inc., Class A		14,735
				53,063
Real Estate Management & Development (0.0%)
	82	Consolidated-Tomoka Land Co.		4,716
	134	Re/MAX Holdings, Inc.		3,906
	221	The RMR Group, Inc., Class A		8,234
				16,856
Road & Rail (0.2%)
	283	Old Dominion Freight Line, Inc.		54,845
	322	Union Pacific Corp.		51,459
				106,304
Semiconductors & Semiconductor Equipment (1.7%)
	1,066	Advanced Micro Devices, Inc.(a)		48,482
	244	Applied Materials, Inc.		14,181
	391	Broadcom, Inc.		106,593
	72	Cirrus Logic, Inc.(a)		4,942
	111	Diodes, Inc.(a)		4,885
	1,004	Intel Corp.		55,742
	87	KLA-Tencor Corp.		13,373
	690	Lam Research Corp.		202,466
	517	Maxim Integrated Products, Inc.		28,756
	1,028	Micron Technology, Inc.(a)		54,032
	108	NVIDIA Corp.		29,168
	313	Qorvo, Inc.(a)		31,482
	533	QUALCOMM, Inc.		41,734
	255	Skyworks Solutions, Inc.		25,546
	904	Texas Instruments, Inc.		103,183
				764,565
Software (3.7%)
	509	Adobe, Inc.(a)		175,666
	122	Alarm.com Holdings, Inc.(a)		5,887
	1,845	Cadence Design Systems, Inc.(a)		122,028
	764	Citrix Systems, Inc.		78,990
	7	Fair Isaac Corp.(a)		2,632
	1,064	Fortinet, Inc.(a)		108,592
	522	Intuit, Inc.		138,774

Share or Principal Amount		Security Description	Value
Common Stocks, continued:
Software, continued:
	491	Manhattan Associates, Inc.(a)	$	33,074
	5,941	Microsoft Corp.		962,501
	1,031	Oracle Corp.		50,993
	125	Progress Software Corp.		4,661
	32	Proofpoint, Inc.(a)		3,413
	61	Qualys, Inc.(a)		4,891
	244	Salesforce.com, Inc.(a)		41,578
	128	Workday, Inc., Class A(a)		22,176
				1,755,856
Specialty Retail (1.1%)
	33	AutoZone, Inc.(a)		34,073
	381	Best Buy Co., Inc.		28,823
	71	Burlington Stores, Inc.(a)		15,354
	139	Genesco, Inc.(a)		4,783
	364	Lowe’s Cos., Inc.		38,791
	211	O’Reilly Automotive, Inc.(a)		77,800
	457	Ross Stores, Inc.		49,712
	145	Shoe Carnival, Inc.		4,337
	107	Sleep Number Corp.(a)		4,713
	870	The Home Depot, Inc.		189,522
	731	The TJX Cos., Inc.		43,714
	61	Ulta Beauty, Inc.(a)		15,682
	29	Winmark Corp.		5,800
				513,104
Technology Hardware, Storage & Peripherals (2.2%)
	3,557	Apple, Inc.		972,341
	91	Dell Technologies, Inc., Class C(a)		3,682
	1,230	HP, Inc.		25,571
	89	NCR Corp.(a)		2,243
	180	NetApp, Inc.		8,410
				1,012,247
Textiles, Apparel & Luxury Goods (0.3%)
	32	Deckers Outdoor Corp.(a)		5,562
	823	NIKE, Inc., Class B		73,559
	71	Oxford Industries, Inc.		4,288
	130	Ralph Lauren Corp.		13,716
	557	VF Corp.		40,104
				137,229
Thrifts & Mortgage Finance (0.0%)
	618	New York Community Bancorp, Inc.		6,681
	202	Radian Group, Inc.		4,290
				10,971
Tobacco (0.2%)
	1,592	Altria Group, Inc.		64,269
	110	Philip Morris International, Inc.		9,006
				73,275
Trading Companies & Distributors (0.3%)
	675	Fastenal Co.		23,099
	1,103	H&E Equipment Services, Inc.		26,207
	1,189	HD Supply Holdings, Inc.(a)		45,205
	641	MSC Industrial Direct Co., Inc., Class A		39,627
	72	Watsco, Inc.		11,303
				145,441
Water Utilities (0.1%)
	61	American States Water Co.		4,672
	152	American Water Works Co., Inc.		18,796
	619	Consolidated Water Co., Ltd.		10,003
				33,471
Wireless Telecommunication Services (0.1%)
	621	Telephone & Data Systems, Inc.		12,507

See notes to financial statements

– 41 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Common Stocks, continued:
Wireless Telecommunication Services, continued:
	220	T-Mobile US, Inc.(a)	$	19,835
				32,342
Total Common Stocks				21,133,335
Asset Backed Securities (2.9%)
$	194,138	AccessLex Institute, Series 2007-1, Class C, 2.19% (US0003M + 40 bps), 10/25/35*		170,421
	156,199	Exeter Automobiles Receivables Trust, Series 2018-3A, Class B, 3.46%, 10/17/22*(b)		156,758
	215,000	Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46*(b)		220,094
	139,855	Saxon Asset Securities Trust, Series 2003-3, Class A5, 4.62%, 12/25/33*(c)		143,157
	210,000	SLM Student Loan Trust, Series 2012-7, Class B, 3.43% (US0001M + 180 bps), 9/25/43*		208,540
	198,000	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44*(b)		211,155
	84,289	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51		86,414
	147,000	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 2/16/43*(b)		153,753
Total Asset Backed Securities				1,350,292
Mortgage Backed Securities† (16.2%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.3%)
	179,599	Bear Stearns Alternative-A Trust, Series 2007-2, Class 2A1, 3.42%, 4/25/37*(c)		155,509
	1,905	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33*		1,924
				157,433
Alt-A - Fixed Rate Mortgage Backed Securities (1.3%)
	47,147	Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35*		48,634
	61,683	Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37*		62,320
	23,302	Countrywide Alternative Loan Trust, Series 2005-53T2, Class 2A4, 5.50%, 11/25/35*		18,869
	26,231	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36*		25,785
	10,822	Countrywide Alternative Loan Trust, Series 2006-41CB, Class 2A4, 6.00%, 1/25/37*		9,154
	18,235	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34*		18,687
	72,586	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.16%, 6/25/36*(c)		71,371
	5,252	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34*		5,473
	32,019	Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34*		33,132
	79,011	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34*		81,693
	25,761	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35*(c)		26,595
	18,368	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35*(c)		14,180
	146,149	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36*(c)		55,579
	9,627	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36*		9,273

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	61,462	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35*	$	54,796
	37,404	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36*		26,158
	37,964	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5, Class CB14, 5.50%, 7/25/35*		37,465
				599,164
Prime Adjustable Rate Mortgage Backed Securities (0.4%)
	8,370	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 3.92%, 9/25/34*(c)		8,159
	8,114	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.81%, 7/25/37*(c)		7,382
	156,660	JPMorgan Mortgage Trust, Series 2014-5, Class A1, 2.96%, 10/25/29*(b)(c)		160,442
				175,983
Prime Fixed Mortgage Backed Securities (4.7%)
	189,868	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 9/25/35*(c)		144,929
	19,811	Banc of America Funding Trust, Series 2006-4, Class A14, 6.00%, 7/25/36*		19,179
	31,956	CHL Mortgage Pass-Through Trust 2005-22, Series 2005-22, Class 2A1, 3.57%, 11/25/35*(c)		29,413
	11,772	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 4.12%, 5/25/35*(c)		11,786
	89,941	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34*		99,253
	127,738	COLT Mortgage Loan Trust, Series 2018-2, Class A1, 3.47%, 7/27/48*(b)(c)		128,204
	28,564	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35*		29,291
	31,798	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37*		22,569
	42,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35*		41,055
	24,739	Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36*		11,926
	208,993	Credit Suisse Mortgage Trust, Series 2018-J1, Class A26, 3.50%, 2/25/48*(b)(c)		212,936
	200,200	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49*(b)(c)		204,518
	69,214	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56*(b)(c)		70,488
	143,636	GSR Mortgage Loan Trust, Series 2020-PJ1, Class A6, 3.50%, 5/1/50*(c)		147,703
	168,615	JPMorgan Mortgage Trust, Series 2017-4, Class A6, 3.00%, 11/25/48*(b)(c)		171,553
	14,452	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.50%, 1/25/36*		15,242
	204,007	Mill City Mortgage Loan Trust, Series 2019-GS1, Class A1, 2.75%, 7/25/59*(b)(c)		208,911
	139,924	Onslow Bay Financial LLC, Series 2018-EXP2, Class 1A1, 4.00%, 7/25/58*(b)(c)		142,592
	141,888	PSMC Trust, Series 2018-2, Class A3, 3.50%, 6/25/48*(b)(c)		144,548
	16,187	Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31*		17,480

See notes to financial statements

– 42 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	61,655	Sequoia Mortgage Trust, Series 2017-CH1, Class A11, 3.50%, 8/25/47*(b)(c)	$	61,989
	129,162	Sequoia Mortgage Trust, Series 2018-3, Class A4, 3.50%, 3/25/48*(b)(c)		131,547
	87,037	Sequoia Mortgage Trust, Series 2018-8, Class A4, 4.00%, 11/25/48*(b)(c)		88,125
	424	Washington Mutual, Series 2003-S4, Class 4A1, 4.00%, 2/25/32*.		432
				2,155,669
Subprime Mortgage Backed Securities (0.7%)
	112,316	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57*(b)(c)		115,149
	67,706	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58*(b)(c)		69,472
	129,016	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58*(b)(c)		133,773
				318,394
U.S. Government Agency Mortgage Backed Securities (8.8%)
	67,152	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		67,707
	50,823	Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38		51,287
	78,602	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		79,717
	148,673	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		152,197
	95,257	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		97,875
	152,133	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c)		154,471
	201,429	Fannie Mae, Series 2011-146, Class HE, 2.50%, 10/25/41		211,875
	11,688	Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41		11,901
	134,706	Fannie Mae, Series 2015-71, Class PD, 2.50%, 3/25/43		137,879
	105,465	Fannie Mae, Series 2017-43, Class PA, 2.50%, 6/25/47		111,069
	192,194	Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29		204,323
	115,776	Fannie Mae, Series 2010-99, Class JU, 3.00%, 8/25/40		121,392
	37,119	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		39,107
	5,005	Fannie Mae, Series 2011-124, Class 10A1, 3.00%, 9/25/29		5,017
	120,286	Fannie Mae, Series 2015-46, Class MD, 3.00%, 5/25/43		124,980
	116,632	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		123,863
	171,960	Fannie Mae, Series 18-70, Class KA, 3.50%, 3/25/43		176,120
	210,032	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		236,072
	188,192	Fannie Mae, Series 2018-M13, Class A1, 3.70%, 3/25/30(c)		214,836
	25,468	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		27,178
	13,521	Fannie Mae, 4.50%, 4/1/35, Pool #814522		14,902
	13,004	Fannie Mae, 5.50%, 10/1/35, Pool #838584		14,165
	1,106	Fannie Mae, 6.00%, 5/1/35, Pool #357778		1,281

Share or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	3,000	Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29	$	3,378
	53,229	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		54,193
	56,517	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		57,535
	65,174	Freddie Mac, Series 4129, Class PA, 2.50%, 7/15/42		67,476
	96,381	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		99,159
	89,687	Freddie Mac, Series 4395, Class PA, 2.50%, 4/15/37		92,386
	121,188	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		129,204
	81,609	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		85,308
	102,382	Freddie Mac, Series 4486, Class PA, 3.00%, 3/15/44		108,048
	154,921	Freddie Mac, Series 4668, Class KA, 3.00%, 1/15/55		164,735
	9,333	Freddie Mac, 3.65% (H15T1Y + 172 bps), 6/1/28, Pool #605508		9,415
	1,151	Freddie Mac, 5.50%, 1/1/35, Pool #A30935		1,315
	11,064	Freddie Mac, Series 1443, Class I, 7.50%, 12/15/22*		11,680
	131,129	Freddie Mac Pass-Through Certificates, Series KJ17, Class A1, 2.40%, 10/25/24		135,284
	13,709	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		13,768
	71,973	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		73,098
	131,890	Government National Mortgage Assoc., Series 2016-141, Class PA, 2.25%, 8/20/46		135,514
	214,373	Government National Mortgage Assoc., Series 2020-5, Class PE, 3.00%, 9/20/49		221,469
	187,048	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		194,811
	728	Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166		796
	37,845	Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258		41,213
	4,579	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747		5,007
				4,084,006
Total Mortgage Backed Securities				7,490,649
Corporate Bonds (8.4%)
Banks (1.5%)
	440,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*		463,030
	250,000	Wells Fargo & Co., 3.00%, 10/23/26		264,826
				727,856
Beverages (0.4%)
	155,000	Keurig Dr Pepper, Inc., 4.42%, 5/25/25, Callable 3/25/25 @ 100*		173,825
Capital Markets (0.9%)
	250,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100*		268,523
	185,070	Preferred Term Securities XX, Class B2, 2.34% (US0003M + 45 bps), 3/22/38, Callable 4/9/20 @ 100*(b)		129,549
				398,072

See notes to financial statements

– 43 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Continued

Share or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Diversified Financial Services (0.7%)
$	325,000	BP Capital Markets America, Inc., 2.75%, 5/10/23	$	337,555
Diversified Telecommunication Services (0.7%)
	270,000	AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100*		334,123
Electric Utilities (0.5%)
	210,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100*		223,358
Food Products (1.0%)
	175,000	Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100*		190,250
	250,000	Conagra Brands, Inc., 4.85%, 11/1/28, Callable 8/1/28 @ 100*		291,025
				481,275
Health Care Providers & Services (0.5%)
	215,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100*		227,243
Hotels, Restaurants & Leisure (0.2%)
	85,000	Royal Caribbean Cruises, 5.25%, 11/15/22		91,430
Industrial Conglomerates (0.5%)
	230,000	General Electric Co., 3.10%, 1/9/23		238,572
Insurance (0.5%)
	200,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (b)		209,684
Multiline Retail (0.3%)
	125,000	Macys Retail Holdings, Inc., 2.88%, 2/15/23, Callable 11/15/22 @ 100*		125,094
Semiconductors & Semiconductor Equipment (0.2%)
	70,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100*		76,430
Technology Hardware, Storage & Peripherals (0.5%)
	225,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100*		246,302
Total Corporate Bonds				3,890,819
Taxable Municipal Bonds (4.6%)
Illinois (0.3%)
	150,000	Northern Illinois Municipal Power Agency Power Project Revenue, Build America Bonds Revenue, 6.29%, 1/1/21, Continuously Callable @100		150,510
Michigan (1.1%)
	240,000	County of Jackson Michigan, GO, 3.73%, 12/1/30, Continuously Callable @100		270,127
	210,000	Houghton-Portage Township School District, GO, Series B, 2.70%, 5/1/25, Insured by: Q-SBLF		221,876
				492,003
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		100,401
New York (0.5%)
	225,000	New York City Housing Development Corp., Class L, 2.79%, 5/1/28, Continuously Callable @100		240,703
Ohio (0.8%)
	330,000	County of Cuyahoga Ohio Revenue, 3.48%, 7/1/32, Continuously Callable @100		364,795

Share or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Rhode Island (0.5%)
$	225,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25	$	241,954
Texas (0.9%)
	360,000	County of Burnet Texas, GO, 4.20%, 3/1/34, Continuously Callable @100		386,197
Wisconsin (0.3%)
	140,000	Wisconsin State, Build America Bonds, GO, Series D, 5.10%, 5/1/41, Continuously Callable @100		145,531
Total Taxable Municipal Bonds				2,122,094
U.S. Government Agency Securities (1.6%)
Federal Farm Credit Bank
	250,000	1.94%, 4/23/24, Callable 4/23/20 @ 100*		250,178
Federal Farm Credit Banks Funding Corp.
	215,000	2.44%, 8/6/29, Callable 5/6/20 @ 100*		215,178
Federal Home Loan Bank
	57,143	2.67%, 3/5/29, Callable 3/16/20 @ 100*		57,145
Freddie Mac
	192,101	Series 4683, 3.00%, 4/15/46		199,450
	3,302	Series 2302, 6.50%, 4/15/31		3,672
				203,122
Total U.S. Government Agency Securities				725,623
U.S. Treasury Obligations (12.0%)
U.S. Treasury Bonds
	1,753,000	2.25%, 8/15/46		1,964,318
U.S. Treasury Inflation Indexed Notes
	836,586	0.38%, 7/15/25		874,089
U.S. Treasury Notes
	1,367,000	1.38%, 10/15/22		1,384,408
	425,000	2.00%, 4/30/24		443,810
	804,000	2.25%, 2/15/27		869,231
				2,697,449
Total U.S. Treasury Obligations				5,535,856
Investment Companies (4.9%)
	1,662	iShares Iboxx $ Investment Grade Corporate Bond ETF		219,683
	17,930	iShares MSCI EAFE Index Fund ETF		1,115,963
	22,625	iShares MSCI Emerging Markets Index Fund ETF		916,765
Total Investment Companies				2,252,411
Investment in Affiliates (3.9%)
	1,446,390	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(d)		1,446,390
	52,409	Cavanal Hill World Energy Fund, Institutional Class		330,120
Total Investment in Affiliates				1,776,510
Total Investments (Cost $38,021,834)(e) - 100.3%				46,277,589
Liabilities in excess of other assets — (0.3)%				(151,039	)
Net Assets - 100.0%			$	46,126,550

See notes to financial statements

– 44 –

Schedule of Portfolio Investments	Active Core Fund
February 29, 2020 (Unaudited)	Concluded

(a) Non-income producing security.

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

(c) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2020.

(d) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

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

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

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

ADR	American Depositary Receipt
ETF	Exchange Traded Fund
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
Q-SBLF	Qualified School Bond Loan Fund
REIT	Real Estate Investment Trust
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR

See notes to financial statements

– 45 –

Schedule of Portfolio Investments	Mid Cap Core Equity Fund
February 29, 2020 (Unaudited)

Shares		Security Description	Value
Common Stocks (94.6%)
Aerospace & Defense (1.8%)
	60	L3Harris Technologies, Inc.	$	11,864
	111	Spirit AeroSystems Holdings, Inc., Class A		5,865
				17,729
Airlines (0.2%)
	39	United Airlines Holdings, Inc.(a)		2,402
Auto Components (1.9%)
	216	BorgWarner, Inc.		6,826
	267	Gentex Corp.		7,129
	41	Lear Corp.		4,559
				18,514
Banks (2.4%)
	115	Commerce Bancshares, Inc.		7,019
	96	East West Bancorp, Inc.		3,719
	5	First Citizens Bancshares, Inc.		2,267
	24	SVB Financial Group(a)		4,996
	103	Western Alliance Bancorp		4,742
				22,743
Biotechnology (0.7%)
	384	Exelixis, Inc.(a)		7,139
Building Products (1.6%)
	72	Allegion PLC		8,279
	28	Lennox International, Inc.		6,388
				14,667
Capital Markets (3.7%)
	91	LPL Financial Holdings, Inc.		7,233
	64	MSCI, Inc., Class A		18,908
	63	Nasdaq, Inc.		6,461
	51	SEI Investments Co.		2,790
				35,392
Chemicals (0.4%)
	166	Ax alta Coating Systems, Ltd.(a)		4,137
Commercial Services & Supplies (2.0%)
	62	Cintas Corp.		16,537
	66	IAA, Inc.(a)		2,820
				19,357
Communications Equipment (1.0%)
	51	Arista Networks, Inc.(a)		9,849
Consumer Finance (0.3%)
	8	Credit Acceptance Corp.(a)		3,226
Containers & Packaging (1.9%)
	33	AptarGroup, Inc.		3,335
	155	Berry Global Group, Inc.(a)		5,884
	102	Packaging Corp. of America		9,243
				18,462
Distributors (0.4%)
	20	Pool Corp.		4,219
Diversified Consumer Services (1.1%)
	34	Bright Horizons Family Solutions, Inc.(a)		5,343
	150	ServiceMaster Global Holdings, Inc.(a)		5,366
				10,709
Diversified Financial Services (0.7%)
	128	Voya Financial, Inc.		6,738
Electric Utilities (1.8%)
	231	OGE Energy Corp.		8,801
	282	PPL Corp.		8,463
				17,264
Electrical Equipment (1.1%)
	38	Acuity Brands, Inc.		3,909
	367	GrafTech International, Ltd.		2,995
	52	Regal-Beloit Corp.		4,037
				10,941

Shares	Security Description	Value
Common Stocks, continued:
Electronic Equipment, Instruments & Components (1.5%)
128	CDW Corp.	$	14,620
Energy Equipment & Services (0.8%)
202	Helmerich & Payne, Inc.		7,452
Equity Real Estate Investment Trusts (10.7%)
445	American Homes 4 Rent, Class A		11,522
73	Apartment Investment & Management Co.		3,492
140	Columbia Property Trust, Inc.		2,640
183	Corporate Office Properties Trust		4,637
368	CubeSmart		11,139
96	Douglas Emmett, Inc.		3,665
337	Duke Realty Corp.		10,942
127	Equity LifeStyle Properties, Inc.		8,678
129	Extra Space Storage, Inc.		12,947
433	Host Hotels & Resorts, Inc.		6,270
62	JBG SMITH Properties		2,274
59	Lamar Advertising Co.		4,941
355	Park Hotels & Resorts, Inc.		6,482
189	Site Centers Corp.		2,175
30	SL Green Realty Corp.		2,353
104	Welltower, Inc.		7,781
			101,938
Food & Staples Retailing (0.3%)
88	US Foods Holding Corp.(a)		2,960
Food Products (2.9%)
244	Hormel Foods Corp.		10,151
108	Ingredion, Inc.		8,996
38	Kellogg Co.		2,298
95	Tyson Foods, Inc., Class A		6,444
			27,889
Gas Utilities (0.8%)
205	UGI Corp.		7,388
Health Care Equipment & Supplies (3.6%)
25	Align Technology, Inc.(a)		5,459
87	Hill-Rom Holdings, Inc.		8,356
218	Hologic, Inc.(a)		10,272
31	Teleflex, Inc.		10,386
			34,473
Health Care Providers & Services (1.1%)
14	Chemed Corp.		5,847
40	Molina Healthcare, Inc.(a)		4,902
			10,749
Health Care Technology (1.0%)
68	Veeva Systems, Inc.(a)		9,654
Hotels, Restaurants & Leisure (3.2%)
82	Darden Restaurants, Inc.		7,995
42	Dunkin’ Brands Group, Inc.		2,794
208	Hilton Worldwide Holdings, Inc.		20,217
			31,006
Household Products (1.3%)
84	Church & Dwight Co., Inc.		5,840
42	The Clorox Co.		6,695
			12,535
Independent Power and Renewable Electricity Producers (0.3%)
189	AES Corp.		3,162
Insurance (5.4%)
122	Assured Guaranty, Ltd.		4,979
221	Brighthouse Financial, Inc.(a)		7,921
49	Cincinnati Financial Corp.		4,569
30	Erie Indemnity Co., Class A		4,288
244	FNF Group		9,456
44	The Hanover Insurance Group, Inc.		5,216

See notes to financial statements

– 46 –

Schedule of Portfolio Investments	Mid Cap Core Equity Fund
February 29, 2020 (Unaudited)	Concluded

Shares	Security Description	Value
Common Stocks, continued:
Insurance, continued:
150	The Hartford Financial Services Group, Inc.	$	7,493
332	Unum Group		7,739
			51,661
Interactive Media & Services (1.1%)
117	Match Group, Inc.(a)		7,605
81	Twitter, Inc.(a)		2,689
			10,294
Internet & Direct Marketing Retail (0.8%)
75	Etsy, Inc.(a)		4,336
31	Expedia Group, Inc.		3,057
			7,393
IT Services (6.3%)
217	Fiserv, Inc.(a)		23,730
82	Global Payments, Inc.		15,086
110	VeriSign, Inc.(a)		20,873
			59,689
Leisure Products (0.5%)
65	Hasbro, Inc.		5,021
Life Sciences Tools & Services (3.6%)
222	Agilent Technologies, Inc.		17,110
28	Charles River Laboratories International, Inc.(a)		4,356
9	Mettler-Toledo International, Inc.(a)		6,315
36	Waters Corp.(a)		7,016
			34,797
Machinery (3.0%)
258	Allison Transmission Holdings, Inc.		10,475
31	Crane Co.		2,106
90	Graco, Inc.		4,439
14	IDEX Corp.		2,072
95	The Timken Co.		4,260
75	The Toro Co.		5,357
			28,709
Media (0.1%)
17	Liberty Media Corp-Liberty SiriusXM, Class A(a)		759
Metals & Mining (1.6%)
54	Reliance Steel & Aluminum Co		5,524
352	Steel Dynamics, Inc.		9,373
			14,897
Mortgage Real Estate Investment Trusts (0.5%)
260	AGNC Investment Corp.		4,430
Multiline Retail (0.6%)			6,012
40	Dollar General Corp.
Multi-Utilities (2.5%)
94	Center Point Energy, Inc		2,164
95	MDU Resources Group, Inc.		2,634
117	Public Service Enterprise Group, Inc.		6,003
47	Sempra Energy		6,570
74	WEC Energy Group, Inc		6,833
			24,204

Shares	Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels (3.0%)
843	Cabot Oil & Gas Corp.	$	11,743
248	Continental Resources, Inc.		4,700
188	Devon Energy Corp.		3,053
70	ONEOK, Inc.		4,670
225	PBF Energy, Inc., Class A		5,038
			29,204
Professional Services (0.3%)
53	Robert Half International, Inc.		2,672
Road & Rail (1.2%)
61	Old Dominion Freight Line, Inc.		11,822
Semiconductors & Semiconductor Equipment (3.9%)
112	Advanced Micro Devices, Inc.(a)		5,094
86	Lam Research Corp.		25,235
68	Qorvo, Inc.(a)		6,839
			37,168
Software (5.7%)
313	Cadence Design Systems, Inc.(a)		20,701
121	Citrix Systems, Inc.		12,510
159	Fortinet, Inc.(a)		16,228
63	Manhattan Associates, Inc.(a)		4,244
			53,683
Specialty Retail (1.8%)
4	AutoZone, Inc.(a)		4,130
15	Burlington Stores, Inc.(a)		3,244
18	O’Reilly Automotive, Inc.(a)		6,637
13	Ulta Beauty, Inc.(a)		3,342
			17,353
Textiles, Apparel & Luxury Goods (0.3%)
28	Ralph Lauren Corp.		2,954
Trading Companies & Distributors (1.2%)
166	HD Supply Holdings, Inc.(a)		6,311
45	MSC Industrial Direct Co., Inc., Class A		2,782
16	Watsco, Inc.		2,512
			11,605
Water Utilities (0.4%)
33	American Water Works Co., Inc.		4,081
Wireless Telecommunication Services (0.3%)
134	Telephone & Data Systems, Inc.		2,699
Total Common Stocks			908,421
Investment in Affiliates (4.5%)
43,654	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(b)		43,654
Total Investment in Affiliates			43,654
Total Investments (Cost $915,147)(c) - 99.1%			952,075
Other assets in excess of liabilities — 0.9%			9,006
Net Assets - 100.0%		$	961,081

(a) Non-income producing security.

(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

(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

– 47 –

Schedule of Portfolio Investments	Opportunistic Fund
February 29, 2020 (Unaudited)

Share or
Principal
Amount	Security Description	Value
Common Stocks (54.4%)
Aerospace & Defense (4.3%)
28,355	Kratos Defense & Security Solutions, Inc.(a)	$	461,052
2,110	Northrop Grumman Corp.		693,852
805	The Boeing Co.		221,464
			1,376,368
Banks (1.6%)
17,625	Bank of America Corp.		502,313
Biotechnology (3.0%)
5,150	AbbVie, Inc.		441,407
5,961	BioMarin Pharmaceutical, Inc.(a)		538,695
			980,102
Commercial Services & Supplies (6.8%)
19,192	Advanced Disposal Services, Inc., Class I(a)		634,488
117,022	Covanta Holding Corp.		1,563,414
			2,197,902
Communications Equipment (7.9%)
18,930	Acacia Communications, Inc.(a)		1,296,894
2,950	Palo Alto Networks, Inc.(a)		544,629
31,776	Radware, Ltd.(a)		721,951
			2,563,474
Diversified Telecommunication Services (3.3%)
30,346	AT&T, Inc.		1,068,786
Electrical Equipment (1.0%)
13,535	nVent Electric PLC		324,975
Electronic Equipment, Instruments & Components (3.3%)
12,345	FLIR Systems, Inc.		524,292
5,549	Keysight Technologies, Inc.(a)		525,823
			1,050,115
Hotels, Restaurants & Leisure (1.6%)
6,440	Royal Caribbean Cruises Ltd.		517,840
Industrial Conglomerates (1.8%)
3,878	3M Co.		578,753
Interactive Media & Services (1.4%)
32,680	Snap, Inc., Class A(a)		463,076
Internet & Direct Marketing Retail (2.3%)
400	Amazon.com, Inc.(a)		753,500
Life Sciences Tools & Services (1.2%)
117,491	Pacific Biosciences of California, Inc.(a)		399,469
Machinery (1.7%)
7,860	Fortive Corp.		543,598
Pharmaceuticals (1.4%)
157,111	MediWound, Ltd.(a)		435,197
Road & Rail (1.7%)
16,095	Uber Technologies, Inc.(a)		545,138
Semiconductors & Semiconductor Equipment (3.7%)
42,303	Everspin Technologies, Inc.(a)		156,521
8,620	Mellanox Technologies, Ltd.(a)		1,029,400
			1,185,921
Software (4.4%)
2,575	Microsoft Corp.		417,176
3,250	Splunk, Inc.(a)		478,823
6,510	Zendesk, Inc.(a)		516,307
			1,412,306
Textiles, Apparel & Luxury Goods (2.0%)
4,000	Columbia Sportswear Co.		325,200
1,807	Deckers Outdoor Corp.(a)		314,057
			639,257
Total Common Stocks			17,538,090

Share or
Principal
Amount	Security Description	Value
Convertible Preferred Stocks (7.0%)
Chemicals (2.5%)
18,000	International Flavor & Fragrances, Inc., 6.69%,	$	796,140
Household Products (4.5%)
15,537	Energizer Holdings, Inc., Series A, 1.28%,		1,460,167
Total Convertible Preferred Stocks			2,256,307
Mortgage Backed Securities† (2.9%)
Prime Fixed Mortgage Backed Securities (2.9%)
915,864	Onslow Bay Financial LLC, Series 2018-EXP2, 1A1, 4.00%, 11/25/48*(b)(c)		933,332
Total Mortgage Backed Securities			933,332
Corporate Bonds (16.6%)
Banks (1.6%)
500,000	Bank of America Corp., Series G, 2.48%
	(US0003M + 66 bps), 7/21/21, Callable 7/21/20 @ 100*		500,571
Diversified Financial Services (2.7%)
858,000	BP Capital Markets America, Inc., 4.50%, 10/1/20		872,322
Food & Staples Retailing (3.1%)
981,000	Walmart, Inc., 2.16% (US0003M + 23 bps), 6/23/21		983,168
Machinery (2.8%)
792,000	Wabtec Corp., 4.70%, 9/15/28, Callable 6/15/28 @ 100*		908,546
Oil, Gas & Consumable Fuels (2.2%)
620,000	HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100*		692,760
Semiconductors & Semiconductor Equipment (4.2%)
1,290,000	Marvell Technology Group, Ltd., 4.20%, 6/22/23, Callable 5/22/23 @ 100*		1,380,708
Total Corporate Bonds			5,338,075
U.S. Treasury Obligations (6.7%)
U.S. Treasury Notes
720,000	2.38%, 4/30/20		721,075
720,000	2.50%, 5/31/20		721,828
720,000	2.50%, 6/30/20		722,757
Total U.S. Treasury Obligations			2,165,660
Investment Companies (4.6%)
35,420	iShares Silver Trust		550,073
32,240	ProShares UltraShort S&P 500 ETF		937,861
Total Investment Companies			1,487,934
Investment in Affiliates (13.1%)
3,500,000	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(d)		3,500,000
723,120	Cavanal Hill U.S. Treasury Fund, Select Shares, 1.38%(d)		723,120
Total Investment in Affiliates			4,223,120
Total Investments (Cost $34,461,830)(e) - 105.3%			33,942,518
Liabilities in excess of other assets — (5.3)%			(1,716,224	)
Net Assets - 100%		$	32,226,294

See notes to financial statements

– 48 –

Schedule of Portfolio Investments	Opportunistic Fund
February 29, 2020 (Unaudited)	Concluded

(a) Non-income producing security.

(b) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 29, 2020.

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

(d) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

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

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

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

ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rate
US0003M	3 Month US Dollar LIBOR

See notes to financial statements

– 49 –

Schedule of Portfolio Investments	World Energy Fund
February 29, 2020 (Unaudited)

Share or
Principal
Amount	Security Description	Value
Common Stocks (82.3%)
Auto Components (3.4%)
6,500	Aptiv PLC	$	507,715
Chemicals (4.3%)
4,500	Albemarle Corp.		368,325
30,000	Livent Corp.		267,900
			636,225
Commercial Services & Supplies (3.1%)
35,000	Covanta Holding Corp.		467,600
Electric Utilities (0.8%)
42	ALLETE, Inc.		2,898
22	American Electric Power Co., Inc.		1,964
284	Duke Energy Corp.		26,043
31	Evergy, Inc.		2,026
62	Fortis, Inc.		2,509
198	NextEra Energy, Inc.		50,046
30	Otter Tail Corp.		1,458
25	Pinnacle West Capital Corp.		2,237
399	The Southern Co.		24,084
			113,265
Electrical Equipment (6.2%)
5,000	Emerson Electric Co.		320,550
18,500	Vestas Wind Systems A/S ADR		595,700
			916,250
Energy Equipment & Services (6.9%)
28,000	Baker Hughes Co.		450,520
948	Halliburton Co.		16,078
343	Helmerich & Payne, Inc.		12,653
16,214	Schlumberger, Ltd.		439,237
5,602	Tenaris SA ADR		101,956
			1,020,444
Gas Utilities (0.1%)
45	Atmos Energy Corp.		4,647
20	Chesapeake Utilities Corp.		1,710
49	National Fuel & Gas Co.		1,794
30	Northwest Natural Holding Co.		1,973
27	Southwest Gas Holdings, Inc.		1,746
			11,870
Independent Power and Renewable Electricity Producers (0.1%)
169	AES Corp.		2,827
152	Atlantica Yield PLC		4,394
107	NRG Energy, Inc.		3,553
63	Ormat Technologies, Inc.		4,390
70	Sunnova Energy International, Inc.		1,211
124	Vistra Energy Corp.		2,385
			18,760
Multi-Utilities (1.1%)
19	Consolidated Edison, Inc.		1,498
729	Dominion Resources, Inc.		56,993
32	DTE Energy Co.		3,573
259	MDU Resources Group, Inc.		7,182
869	National Grid PLC ADR		54,973
275	Sempra Energy		38,440
27	WEC Energy Group, Inc.		2,493
			165,152
Oil, Gas & Consumable Fuels (45.9%)
18,289	BP PLC ADR		572,264
1,178	Chevron Corp.		109,955
65	CNOOC, Ltd. ADR		8,991
5,800	Concho Resources, Inc.		394,516
10,561	ConocoPhillips		511,364

Share or
Principal
Amount	Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
11,991	Enbridge, Inc.	$	448,823
7,184	EOG Resources, Inc.		454,460
2,956	Exxon Mobil Corp.		152,057
877	Kinder Morgan, Inc.		16,812
18,680	Marathon Petroleum Corp.		885,805
2,072	Occidental Petroleum Corp.		67,837
6,823	ONEOK, Inc.		455,231
2,640	Pembina Pipeline Corp.		95,357
3,002	Phillips 66		224,730
4,000	Pioneer Natural Resources Co.		491,120
728	Royal Dutch Shell PLC ADR, Class A		32,054
7,617	TC Energy Corp.		398,750
13,507	TOTAL SA ADR		582,692
14,040	Valero Energy Corp.		930,149
			6,832,967
Road & Rail (3.0%)
13,000	Uber Technologies, Inc.(a)		440,310
Semiconductors & Semiconductor Equipment (5.5%)
23,000	Infineon Technologies AG ADR		477,020
3,000	NXP Semiconductors NV		341,070
			818,090
Water Utilities (1.9%)
237	American States Water Co.		18,152
1,142	American Water Works Co., Inc.		141,220
2,597	Essential Utilities, Inc.		111,697
24	Middlesex Water Co.		1,427
35	SJW Group		2,141
			274,637
Total Common Stocks			12,223,285
Corporate Bonds (10.5%)
Diversified Financial Services (1.5%)
220,000	Total Capital International SA, 2.43%, 1/10/25, Callable 10/10/24 @ 100*		228,221
Oil, Gas & Consumable Fuels (9.0%)
250,000	Callon Petroleum Co., 6.13%, 10/1/24, Callable 4/9/20 @ 105*		198,800
325,000	Chevron Corp., 2.95%, 5/16/26, Callable 2/16/26 @ 100*		347,758
350,000	Exxon Mobil Corp., 2.44%, 8/16/29, Callable 5/16/29 @ 100*		364,614
200,000	Shell International Finance BV, 2.00%, 11/7/24, Callable 10/7/24 @ 100*		203,473
200,000	Suncor Energy, Inc., 3.60%, 12/1/24, Callable 9/1/24 @ 100*		216,221
			1,330,866
Total Corporate Bonds			1,559,087
Investment Companies (2.7%)
11,000	Invesco Solar ETF		401,170
Total Investment Companies			401,170
Investment in Affiliates (3.9%)
578,808	Cavanal Hill Government Securities Money Market Fund, Select Shares, 1.41%(b)		578,808
Total Investment in Affiliates			578,808
Total Investments (Cost $15,437,750)(c) - 99.4%			14,762,350
Other assets in excess of liabilities — 0.6%			95,881
Net Assets - 100%		$	14,858,231

See notes to financial statements

– 50 –

Schedule of Portfolio Investments	World Energy Fund
February 29, 2020 (Unaudited)	Concluded

The Advisor has determined that 58.3% of the Fund’s net assets comprise securities of issuers which are either foreign domiciled or derive more than 50% of its assets, revenue or income outside of the United States.

(a) Non-income producing security.

(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 29, 2020.

(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

– 51 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

1. Organization:

The Cavanal Hill Funds (the “Trust”) was organized on October 1, 1987, as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Trust meets the definition of an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. As of February 29, 2020, 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 and Select Shares. In addition, the U.S. Treasury Fund is authorized to issue an unlimited number of Service Shares and the Government Securities Money Market Fund is authorized to issue an unlimited number of Premier Shares. Each class of shares for each of the Funds has identical rights and privileges except with respect to distribution (Rule 12b-1 of the 1940 Act) and shareholder servicing fees, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.

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

2. Significant Accounting Policies:

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

Fair Value Measurements:

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

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

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

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

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

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

The following is a summary categorization, as of February 29, 2020, of each Fund’s investments in the fair value hierarchy:

			LEVEL 2 -		LEVEL 3 -
	LEVEL 1 -		Other Significant		Significant
Fund	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
U.S. Treasury Fund
U.S. Treasury Obligations	$	—	$	359,840,306	$	—	$	359,840,306
Repurchase Agreements		—		590,000,000		—		590,000,000
Investment Companies		133,497,128		—		—		133,497,128
Total Investments		133,497,128		949,840,306		—		1,083,337,434
Government Securities Money Market
U.S. Government Agency Securities		—		514,533,479		—		514,533,479
U.S. Treasury Obligations		—		299,814,569		—		299,814,569
Repurchase Agreements		—		755,000,000		—		755,000,000
Investment Companies		243,501,537		—		—		243,501,537
Total Investments		243,501,537		1,569,348,048		—		1,812,849,585

– 52 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

			LEVEL 2 -		LEVEL 3 -
	LEVEL 1 -		Other Significant		Significant
Fund	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Limited Duration Fund
Asset Backed Securities	$	—	$	7,609,678	$	—	$	7,609,678
Mortgage Backed Securities1		—		55,165,486		—		55,165,486
Corporate Bonds2		—		13,486,104		—		13,486,104
Taxable Municipal Bonds3		—		1,294,392		—		1,294,392
U.S. Government Agency Securities		—		4,517,706		—		4,517,706
U.S. Treasury Obligations		—		30,706,168		—		30,706,168
Investment in Affiliates		10,828,515		—		—		10,828,515
Total Investments		10,828,515		112,779,534		—		123,608,049
Moderate Duration Fund
Asset Backed Securities		—		2,187,682		—		2,187,682
Mortgage Backed Securities1		—		10,362,977		—		10,362,977
Corporate Bonds2		—		5,679,084		—		5,679,084
Taxable Municipal Bonds3		—		2,997,947		—		2,997,947
U.S. Government Agency Securities		—		300,214		—		300,214
U.S. Treasury Obligations		—		4,016,238		—		4,016,238
Investment Companies		293,968		—		—		293,968
Investment in Affiliates		945,381		—		—		945,381
Total Investments		1,239,349		25,544,142		—		26,783,491
Bond Fund
Asset Backed Securities		—		5,547,541		—		5,547,541
Mortgage Backed Securities1		—		35,631,120		—		35,631,120
Corporate Bonds2		—		21,725,218		—		21,725,218
Taxable Municipal Bonds3		—		9,468,856		—		9,468,856
U.S. Government Agency Securities		—		1,000,714		—		1,000,714
U.S. Treasury Obligations		—		22,511,701		—		22,511,701
Investment Companies		1,019,108		—		—		1,019,108
Investment in Affiliates		4,779,658		—		—		4,779,658
Total Investments		5,798,766		95,885,150		—		101,683,916
Strategic Enhanced Yield Fund
Asset Backed Securities		—		598,864		—		598,864
Mortgage Backed Securities1		—		5,313,755		—		5,313,755
Corporate Bonds2		—		454,002		—		454,002
U.S. Government Agency Securities		—		1,939,998		—		1,939,998
U.S. Treasury Obligations		—		3,774,303		—		3,774,303
Investment in Affiliates		1,037,019		—		—		1,037,019
Total Investments		1,037,019		12,080,922		—		13,117,941
Ultra Short Tax-Free Income Fund
Municipal Bonds3		—		28,357,973		—		28,357,973
Investment in Affiliates		96,421		—		—		96,421
Total Investments		96,421		28,357,973		—		28,454,394
Active Core Fund
Common Stocks2		21,133,335		—		—		21,133,335
Asset Backed Securities		—		1,350,292		—		1,350,292
Mortgage Backed Securities1		—		7,490,649		—		7,490,649
Corporate Bonds2		—		3,890,819		—		3,890,819
Taxable Municipal Bonds3		—		2,122,094		—		2,122,094
U.S. Government Agency Securities		—		725,623		—		725,623
U.S. Treasury Obligations		—		5,535,856		—		5,535,856
Investment Companies		2,252,411		—		—		2,252,411
Investment in Affiliates		1,776,510		—		—		1,776,510
Total Investments		25,162,256		21,115,333		—		46,277,589
Mid Cap Core Equity Fund
Common Stocks2		908,421		—		—		908,421
Investment in Affiliates		43,654		—		—		43,654
Total Investments		952,075		—		—		952,075

– 53 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

			LEVEL 2 -		LEVEL 3 -
	LEVEL 1 -		Other Significant		Significant
Fund	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Opportunistic Fund
Common Stocks2	$	17,538,090	$	—	$	—	$	17,538,090
Convertible Preferred Stocks		2,256,307		—		—		2,256,307
Mortgage Backed Securities1		—		933,332		—		933,332
Corporate Bonds2		—		5,338,075		—		5,338,075
U.S. Treasury Obligations		—		2,165,660		—		2,165,660
Investment Companies		1,487,934		—		—		1,487,934
Investment in Affiliates		4,223,120		—		—		4,223,120
Total Investments		25,505,451		8,437,067		—		33,942,518
World Energy Fund
Common Stocks2		12,223,285		—		—		12,223,285
Corporate Bonds2		—		1,559,087		—		1,559,087
Investment Companies		401,170		—		—		401,170
Investment in Affiliates		578,808		—		—		578,808
Total Investments		13,203,263		1,559,087		—		14,762,350

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

2 Please see the Schedule of Portfolio Investments for Industry classification.

3 Please see the Schedule of Portfolio Investments for State classification.

Securities Valuation:

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

The following is an overview of how securities are valued in the Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap 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.

– 54 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

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

The Funds did not engage in short sales during the period ending February 29, 2020.

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 Funds did not engage in purchased options activity during the period ending February 29, 2020.

Security Transactions and Related Income:

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

Real Estate Investment Trusts:

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

Restricted Securities:

A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. The illiquid, restricted securities held as of February 29, 2020 are identified below:

	Acquisition	Acquisition		Principal		Fair
Security	Date	Cost		Amount		Value
Limited Duration Fund:
Cazenovia Creek Funding II LLC, Series 2018-1A, A, 3.56%, 7/15/30	08/22/18	$	1,849,817	$	712,824	$	723,270
Sun Trust Student Loan Trust, Series 2006-1A, B, 2.07%, 10/28/37	05/26/17 and 4/11/18		1,378,135		978,594		870,477

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.

– 55 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

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.

Allocations:

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

3. Fees and Transactions with Related and Other Parties:

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

Fund	Annual Advisory Fee (as a percentage of net assets)	Annual Expense Limitations*
U.S. Treasury Fund	0.05%
Government Securities Money Market Fund	0.05%
Limited Duration Fund	0.15%
Moderate Duration Fund	0.20%	0.49%
Bond Fund	0.20%
Strategic Enhanced Yield Fund	0.50%	0.76%
Ultra Short Tax-Free Income Fund	0.15%	0.35%
Active Core Fund	0.35%
Mid Cap Core Equity Fund	0.55%	0.81%
Opportunistic Fund	0.85%	1.00%
World Energy Fund	0.60%	0.90%

* The Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed the percentage of average daily net assets, plus class-specific fees, through December 31, 2020.

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 period ending February 29, 2020, Citi was paid $361,088 by the Administrator. Citi serves the Trust as fund accountant and makes an employee available to serve as the Funds’ Chief Compliance Officer (the “CCO”). Citi receives additional fees for its services as fund accountant and CCO which are paid by the Funds.

BOKF serves the Trust as custodian for which it is paid a fee of up to 0.01% of each Fund’s average daily net assets. As custodian, BOKF is also entitled to any out-of-pocket expenses incurred.

– 56 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

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

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

Cavanal Hill Distributors, Inc. (“CHD”), an affiliate of the Adviser, provides distribution services to the Funds pursuant to a Distribution Agreement between the Trust and CHD. The Trust has adopted a Distribution and Shareholder Services Plan in accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds are authorized to pay or reimburse CHD a periodic amount, calculated at an annual rate not to exceed 0.25% of the average daily net asset value of the Administrative, Investor, Service and A Shares, 0.50% of the Premier Shares, and 1.00% of the C Shares, and may be used by CHD to pay banks, including BOKF, broker dealers and other institutions. For the period ending February 29, 2020, BOKF received $1,755,563 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, 2020.

The Funds have entered into shareholder servicing agreements with BOKF, a broker-dealer affiliate and various service organizations. Services included in the servicing agreements are assisting in processing purchase, exchange and redemption requests; transmitting and receiving funds in connection with customer orders to purchase, exchange or redeem shares; and providing periodic statements. Shareholder servicing fees are incurred on a class level basis (where applicable). In consideration for these services, the service organizations received a fee from the Funds, computed daily and paid monthly, at an annual rate up to 0.25% for the Administrative, Institutional, Investor, Select, Service, Premier Shares and C Shares and up to 0.10% for the A Shares of the average daily net assets of the Funds’ shares held by the service organizations’ customers. For the period ending February 29, 2020, BOKF received net shareholder servicing fees of $2,163,758. 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, 2020. The affiliate waivers result in reduction of the Shareholder Servicing Fee paid by all affiliated purchasers of a class.

From time to time, the Funds’ service providers may provide fee reductions and waivers in order to assist one or more of the Funds in maintaining more competitive expense ratios. Such reductions may be contractual, as disclosed in the Funds’ statutory prospectus, or voluntary and, as such, may occur on an ad hoc basis. No such reductions are subject to recoupment in subsequent fiscal periods, and voluntary reductions and waivers may be terminated at any time. Amounts reduced or waived under these arrangements are identified on the accompanying Statements of Operations.

Affiliated Transactions:

A summary of each Fund’s investment in an affiliated money market fund (Government Securities Money Market Fund, Select Shares) for the period ending February 29, 2020 is noted below:

Fund	Fair Value 8/31/19		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 2/29/20		Shares as of 2/29/20		Dividend Income		Net Realized Gains/ (Losses)
Limited Duration Fund	$	5,044,235	$	31,289,745	$	(25,505,465	)	$	—	$	10,828,515		10,828,515	$	41,262	$	—
Moderate Duration Fund		1,055,296		7,683,922		(7,793,837	)		—		945,381		945,381		5,951		—
Bond Fund		1,405,699		23,056,189		(19,682,230	)		—		4,779,658		4,779,658		16,851		—
Strategic Enhanced Yield Fund		766,036		6,365,435		(6,094,452	)		—		1,037,019		1,037,019		5,406		—
Ultra Short Tax-Free Income Fund		123,186		14,309,757		(14,336,522	)		—		96,421		96,421		4,216		—
Active Core Fund		2,249,789		6,695,714		(7,499,113	)		—		1,446,390		1,446,390		12,442		—
Mid Cap Core Equity Fund		51,148		170,185		(177,679	)		—		43,654		43,654		313		—
Opportunistic Fund		5,329,540		17,356,600		(19,186,140	)		—		3,500,000		3,500,000		30,131		—
World Energy Fund		531,505		3,950,402		(3,903,099	)		—		578,808		578,808		3,350		—
	$	16,556,434	$	110,877,949	$	(104,178,537	)	$	—	$	23,255,846		23,255,846	$	119,922	$	—

A summary of the Opportunistic Fund’s investment in an affiliated fund for the period ending February 29, 2020 is noted below:

Fund	Fair Value 8/31/19		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 2/29/20		Shares as of 2/29/20		Dividend Income		Net Realized Gains/ (Losses)
U.S. Treasury Fund, Institutional Shares	$	5,329,000	$	—	$	(5,329,000	)	$	—	$	—		—	$	5,187	$	—
U.S. Treasury Fund, Select Shares		—		5,498,396		(4,775,276	)		—		723,120		723,120		4,562		—
	$	5,329,000	$	5,498,396	$	(10,104,276	)	$	—	$	723,120		723,120	$	9,749	$	—

A summary of the Active Core Fund’s investment in an affiliated fund for the period ending February 29, 2020 is noted below:

Fund	Fair Value 8/31/19		Purchases		Sales			Net Change in Unrealized Appreciation/ (Depreciation)		Fair Value 2/29/20		Shares as of 2/29/20		Dividend Income		Net Realized Gains/ (Losses)
World Energy Fund, Institutional Shares	$	493,296	$	—	$	(151,201	)	$	35,555	$	330,120		52,409	$	7,001	$	(47,530	)
	$	493,296	$	—	$	(151,201	)	$	35,555	$	330,120		52,409	$	7,001	$	(47,530	)

– 57 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

4. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities and long-term U.S. government securities) for the period ending February 29, 2020 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	6,767,264	$	12,098,443
Moderate Duration Fund		4,524,773		1,928,951
Bond Fund		9,980,858		4,936,298
Strategic Enhanced Yield Fund		1,368,726		752,272
Ultra Short Tax-Free Income Fund		15,077,039		12,320,000
Active Core Fund		9,698,718		9,327,878
Mid Cap Core Equity Fund		530,020		818,818
Opportunistic Fund		21,316,811		19,343,923
World Energy Fund		15,789,679		20,781,236

Purchases and sales of long-term U.S. government securities for the period ending February 29, 2020 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	37,065,916	$	28,033,100
Moderate Duration Fund		5,564,393		7,105,685
Bond Fund		11,356,685		15,649,524
Strategic Enhanced Yield Fund		4,544,909		984,979
Active Core Fund		3,115,633		2,870,920

5. Credit Risk and Other Risk Considerations:

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

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

Mid Cap 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.

6. Federal Income Taxes:

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

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

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

– 58 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

At February 29, 2020, 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 Fund	$	122,319,675	$	2,959,176	$	(1,670,802	)	$	1,288,374
Moderate Duration Fund		26,158,294		910,917		(285,720	)		625,197
Bond Fund		96,414,288		5,824,743		(555,115	)		5,269,628
Strategic Enhanced Yield Fund		12,662,366		465,207		(9,632	)		455,575
Ultra Short Tax-Free Income Fund		28,425,149		29,245		—			29,245
Active Core Fund		38,171,498		9,220,483		(1,114,392	)		8,106,091
Mid Cap Core Equity Fund		946,729		102,159		(96,813	)		5,346
Opportunistic Fund		34,454,379		1,591,635		(2,103,496	)		(511,861	)
World Energy Fund		16,236,682		676,831		(2,151,163	)		(1,474,332	)

The tax characteristics of distributions paid to shareholders during the latest tax fiscal year ended August 31, 2019 were as follows:

	Distributions Paid From:
2019	Net Investment Income		Net Long- Term Gains		Total Taxable Distributions		Tax-Exempt Distributions		Total Distributions Paid*
U.S. Treasury Fund	$	20,975,068	$	—	$	20,975,068	$	—	$	20,975,068
Government Securities Money Market Fund		33,698,534		—		33,698,534		—		33,698,534
Limited Duration Fund		2,662,026		—		2,662,026		—		2,662,026
Moderate Duration Fund		687,948		—		687,948		—		687,948
Bond Fund		2,628,976		—		2,628,976		—		2,628,976
Strategic Enhanced Yield Fund		133,968		—		133,968		—		133,968
Ultra Short Tax-Free Income Fund		18,068		—		18,068		157,976		176,044
Active Core Fund		817,820		2,669,352		3,487,172		—		3,487,172
Mid Cap Core Equity Fund		9,453		52,843		62,296		—		62,296
Opportunistic Fund		1,740,711		1,929,164		3,669,875		—		3,669,875
World Energy Fund		586,403		—		586,403		—		586,403

* 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, 2019, 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	$	1,455,024	$	—	$	1,455,024	$	(1,452,111	)	$	(284	)	$	—		$	2,629
Government Securities Money Market Fund		2,873,997		—		2,873,997		(2,866,423	)		(6	)		—			7,568
Limited Duration Fund		308,093		—		308,093		(257,466	)		(6,398,118	)		(79,081	)		(6,426,572	)
Moderate Duration Fund		74,284		—		74,284		(56,133	)		(5,520,662	)		419,093			(5,083,418	)
Bond Fund		237,785		—		237,785		(213,099	)		(4,442,162	)		3,760,837			(656,639	)
Strategic Enhanced Yield Fund		147,178		12,482		159,660		(18,188	)		—			295,030			436,502
Ultra Short Tax-Free Income Fund		25,408		—		25,408		(21,710	)		(115	)		14,344			17,927
Active Core Fund		162,628		1,501,276		1,663,904		—			—			8,943,107			10,607,011
Mid Cap Core Equity Fund		892		49,725		50,617		—			—			130,893			181,510
Opportunistic Fund		78,186		—		78,186		—			(3,716,989	)		1,053,808			(2,584,995	)
World Energy Fund		124,692		—		124,692		—			(21,339,884	)		(1,144,149	)		(22,359,341	)

* 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. Excludes unrealized depreciation on securities sold short.

– 59 –

Notes to Financial Statements

February 29, 2020 (Unaudited)

At August 31, 2019, the following Funds had capital loss carryforwards as summarized in the tables below.

Capital loss carryforwards not subject to expiration:

	Short-Term		Long-Term
Fund	Amount		Amount		Total
U.S. Treasury Fund	$	284	$	—	$	284
Government Securities Money Market Fund		6		—		6
Limited Duration Fund		—		6,398,118		6,398,118
Moderate Duration Fund		1,002,314		4,518,348		5,520,662
Bond Fund		1,028,046		3,414,116		4,442,162
Ultra Short Tax-Free Income Fund		115		—		115
Opportunistic Fund		3,716,989		—		3,716,989
World Energy Fund		21,319,748		20,136		21,339,884

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

During the year ended August 31, 2019, the following Funds had utilized capital loss carryforwards to offset capital gains:

Fund	Amount
U.S. Treasury Fund	$	10,772
Limited Duration Fund		138,410
Bond Fund		39,307
Strategic Enhanced Yield Fund		858

7. Recent Accounting Pronouncements:

In March 2017, FASB issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 changed the amortization period for purchased non-contingently callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. ASU 2017-08 does not require an accounting change for securities held at a discount, which continues to accrete to maturity. The Funds have adopted ASU 2017-08 on a modified retrospective basis as of September 1, 2019. The adoption of ASU 2017-08 did not have a significant impact on the amortized cost of investments as of September 1, 2019, and had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

8. Subsequent Events:

The coronavirus outbreak is impacting the global economy and the market environment. The full impact of the coronavirus outbreak is difficult to predict. To date, the coronavirus has resulted in border closures, healthcare challenges, quarantines, cancellations, disruptions to supply chains, significant unemployment, as well as general concern and uncertainty. Long-term negative impacts to the worldwide economy, individual countries, the financial markets and market participants could be significant. These conditions could adversely affect Fund investment valuation and performance in unforeseen ways.

– 60 –

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See notes to financial statements

– 61 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:				Less Dividends From:
										Distributions
	Net Asset		Net				Dividends			from Net
	Value,		Investment		Total from		from Net			Realized		Total
	Beginning of		Income		Investment		Investment			Gains from		Dividends and
	Period		(Loss)		Activities		Income			Investments		Distributions
U.S. Treasury Fund
Administrative Shares
Six Months Ended February 29, 2020 (unaudited)	$	1.000	$	0.010	$	0.010	$	(0.010	)	$	—	$	(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
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		—		—		—			—		—
Service Shares
Six Months Ended February 29, 2020 (unaudited)		1.000		0.010		0.010		(0.010	)		—		(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
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		—		—		—			—		—
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		1.000		0.010		0.010		(0.010	)		—		(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
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		—		—		—			—		—
Select Shares
Six Months Ended February 29, 2020 (unaudited)		1.000		0.010		0.010		(0.010	)		—		(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
December 26, 2017(d) through August 31, 2018		1.000		0.010		0.010		(0.010	)		—		(0.010	)

(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.

– 62 –

							Ratios/Supplemental Data:(b)
							Ratio of Net			Ratio of Net
Net Asset							Expenses to			Investment Income			Ratio of Gross
Value, End of		Total			Net Assets End		Average Net			(Loss) to Average			Expenses to Average
Period		Return(a)			of Period (000s)		Assets			Net Assets			Net Assets(c)
$	1.000		0.52	%	$	991,475		0.68	%		1.02	%		0.68	%
	1.000		1.63	%		864,882		0.69	%		1.62	%		0.69	%
	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		—	%		1,299,328		0.07	%		—	%		0.86	%
	1.000		0.67	%		30,454		0.38	%		1.37	%		0.68	%
	1.000		1.93	%		79,927		0.39	%		1.93	%		0.69	%
	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		—	%		42,966		0.07	%		—	%		0.86	%
	1.000		0.73	%		91,133		0.26	%		1.48	%		0.43	%
	1.000		2.05	%		94,055		0.27	%		2.04	%		0.44	%
	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		—	%		110,133		0.07	%		—	%		0.61	%
	1.000		0.77	%		50,212		0.18	%		1.55	%		0.43	%
	1.000		2.14	%		58,826		0.19	%		2.13	%		0.44	%
	1.000		0.99	%		51,839		0.17	%		1.46	%		0.42	%

– 63 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:				Less Dividends From:
										Distributions
	Net Asset		Net				Dividends			from Net
	Value,		Investment		Total from		from Net			Realized		Total
	Beginning of		Income		Investment		Investment			Gains from		Dividends and
	Period		(Loss)		Activities		Income			Investments		Distributions
Government Securities Money Market Fund
Administrative Shares
Six Months Ended February 29, 2020 (unaudited)	$	1.000	$	0.010	$	0.010	$	(0.010	)		—	$	(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
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		—		—		—			—		—
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		1.000		0.010		0.010		(0.010	)		—		(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
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		—		—		—			—		—
Select Shares
Six Months Ended February 29, 2020 (unaudited)		1.000		0.010		0.010		(0.010	)		—		(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
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
Six Months Ended February 29, 2020 (unaudited)		1.000		0.010		0.010		(0.010	)		—		(0.010	)
Year Ended August 31, 2019		1.000		0.020		0.020		(0.020	)		—		(0.020	)
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		—		—		—			—		—

(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.

– 64 –

							Ratios/Supplemental Data:(b)
							Ratio of Net			Ratio of Net
Net Asset							Expenses to			Investment Income				Ratio of Gross
Value, End of		Total			Net Assets End		Average Net			(Loss) to Average				Expenses to Average
Period		Return(a)			of Period (000s)		Assets			Net Assets				Net Assets(c)
$	1.000		0.58	%	$	569,097		0.56	%		1.17	%			0.69	%
	1.000		1.77	%		489,932		0.56	%		1.77	%			0.69	%
	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		0.73	%		122,291		0.27	%		1.45	%			0.44	%
	1.000		2.06	%		94,595		0.27	%		2.05	%			0.44	%
	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		0.77	%		898,292		0.19	%		1.55	%			0.44	%
	1.000		2.14	%		988,003		0.19	%		2.13	%			0.44	%
	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		0.75	%		223,579		0.24	%		1.50	%			0.94	%
	1.000		2.09	%		233,659		0.24	%		2.08	%			0.94	%
	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	%

– 65 –

Financial Highlights

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

			Change in Net Assets Resulting From
			Operations:							Less Dividends From:
					Net Realized
					and								Distributions
	Net Asset		Net		Unrealized					Dividends			from Net
	Value,		Investment		Gains			Total from		from Net			Realized		Total
	Beginning of		Income		(Losses) on			Investment		Investment			Gains from		Dividends and
	Period		(Loss)		Investments			Activities		Income			Investments		Distributions
Limited Duration Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	9.62	$	0.10	$	0.12		$	0.22	$	(0.10	)	$	—	$	(0.10	)
Year Ended August 31, 2019		9.41		0.21		0.21			0.42		(0.21	)		—		(0.21	)
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	)
Institutional Shares
Six Months Ended February 29, 2020(unaudited)		9.62		0.11		0.11			0.22		(0.11	)		—		(0.11	)
Year Ended August 31, 2019		9.40		0.23		0.23			0.46		(0.24	)		—		(0.24	)
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	)
A Shares
Six Months Ended February 29, 2020 (unaudited)		9.62		0.10		0.12			0.22		(0.10	)		—		(0.10	)
Year Ended August 31, 2019		9.41		0.21		0.21			0.42		(0.21	)		—		(0.21	)
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	)

(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.

– 66 –

							Ratios/Supplemental Data:(b)
										Ratio of Net
										Investment			Ratio of
							Ratio of Net			Income			Gross
Net Asset		Total Return			Net Assets		Expenses to			(Loss) to			Expenses to
Value, End		(Excludes Sales			End of Period		Average Net			Average Net			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Assets			Assets(c)			Turnover(d)
$	9.74		2.31	%	$	3,678		0.70	%		2.03	%		0.95	%		37	%
	9.62		4.56	%		4,126		0.74	%		2.19	%		0.98	%		34	%
	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	%
	9.73		2.33	%		125,563		0.45	%		2.28	%		0.70	%		37	%
	9.62		4.94	%		114,269		0.48	%		2.45	%		0.73	%		34	%
	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	%
	9.74		2.31	%		975		0.70	%		2.01	%		0.80	%		37	%
	9.62		4.57	%		585		0.72	%		2.20	%		0.83	%		34	%
	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	%

– 67 –

Financial Highlights 

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

			Change in Net Assets Resulting From
			Operations:								Less Dividends From:
					Net Realized
					and									Distributions
	Net Asset		Net		Unrealized						Dividends			from Net
	Value,		Investment		Gains			Total from			from Net			Realized		Total
	Beginning of		Income		(Losses) on			Investment			Investment			Gains from		Dividends and
	Period		(Loss)		Investments			Activities			Income			Investments		Distributions
Moderate Duration Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	10.64	$	0.11	$	0.13		$	0.24		$	(0.11	)	$	—	$	(0.11	)
Year Ended August 31, 2019		10.31		0.24		0.32			0.56			(0.23	)		—		(0.23	)
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	)
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		10.65		0.12		0.12			0.24			(0.12	)		—		(0.12	)
Year Ended August 31, 2019		10.31		0.26		0.34			0.60			(0.26	)		—		(0.26	)
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	)
A Shares
Six Months Ended February 29, 2020 (unaudited)		10.65		0.11		0.12			0.23			(0.11	)		—		(0.11	)
Year Ended August 31, 2019		10.31		0.24		0.33			0.57			(0.23	)		—		(0.23	)
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	)

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

(f) 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.  

– 68 –

							Ratios/Supplemental Data:(b)
										Ratio of Net			Ratio of
		Total Return					Ratio of Net			Investment			Gross
Net Asset		(Excludes			Net Assets		Expenses to			Income (Loss)			Expenses to
Value, End		Sales			End of Period		Average Net			to Average Net			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Assets			Assets(c)			Turnover(d)
$	10.77		2.25	%	$	4,128		0.74	%		2.05	%		1.30	%		34	%
	10.64		5.54	%		4,271		0.83	%(e)		2.26	%		1.26	%		25	%
	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	%(f)		17,009		0.78	%(f)		1.18	%(f)		1.55	%		57	%
	10.77		2.28	%		25,199		0.49	%		2.30	%		1.05	%		34	%
	10.65		5.90	%		23,463		0.58	%(e)		2.51	%		1.01	%		25	%
	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	%
	10.77		2.15	%		365		0.74	%		2.05	%		1.15	%		34	%
	10.65		5.63	%		381		0.85	%(e)		2.24	%		1.11	%		25	%
	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	%

– 69 –

Financial Highlights 

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

			Change in Net Assets Resulting From
			Operations:								Less Dividends From:
					Net Realized
					and									Distributions
	Net Asset		Net		Unrealized						Dividends			from Net
	Value,		Investment		Gains			Total from			from Net			Realized			Total
	Beginning of		Income		(Losses) on			Investment			Investment			Gains from			Dividends and
	Period		(Loss)		Investments			Activities			Income			Investments			Distributions
Bond Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	9.82	$	0.10	$	0.18		$	0.28		$	(0.10	)	$	—		$	(0.10	)
Year Ended August 31, 2019		9.22		0.21		0.60			0.81			(0.21	)		—			(0.21	)
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	)
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		9.80		0.11		0.17			0.28			(0.11	)		—			(0.11	)
Year Ended August 31, 2019		9.20		0.23		0.61			0.84			(0.24	)		—			(0.24	)
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	)
A Shares
Six Months Ended February 29, 2020  (unaudited)		9.82		0.10		0.17			0.27			(0.10	)		—			(0.10	)
Year Ended August 31, 2019		9.21		0.21		0.62			0.83			(0.22	)		—			(0.22	)
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	)

(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.

– 70 –

							Ratios/Supplemental Data:(b)
										Ratio of Net			Ratio of
		Total Return					Ratio of Net			Investment			Gross
Net Asset		(Excludes			Net Assets		Expenses to			Income (Loss)			Expenses to
Value, End		Sales			End of Period		Average Net			to Average Net			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Assets			Assets(c)			Turnover(d)
$	10.00		2.91	%	$	1,397		0.73	%		2.06	%		0.98	%		21	%
	9.82		8.96	%		1,862		0.77	%		2.24	%		0.99	%		33	%
	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	%
	9.97		2.94	%		101,919		0.48	%		2.32	%		0.73	%		21	%
	9.80		9.28	%		101,925		0.49	%		2.51	%		0.74	%		33	%
	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	%
	9.99		2.80	%		56		0.73	%		2.08	%		0.83	%		21	%
	9.82		9.11	%		136		0.74	%		2.27	%		0.84	%		33	%
	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	%

– 71 –

Financial Highlights

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

			Change in Net Assets Resulting From
			Operations:								Less Dividends From:
														Distributions
	Net Asset		Net			Net Realized					Dividends			from Net
	Value,		Investment			and Unrealized			Total from		from Net			Realized			Total
	Beginning of		Income			Gains (Losses)			Investment		Investment			Gains from			Dividends and
	Period		(Loss)			on Investments			Activities		Income			Investments			Distributions
Strategic Enhanced Yield Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	10.70	$	0.12		$	0.10		$	0.22	$	(0.12	)	$	(0.14	)	$	(0.26	)
Year Ended August 31, 2019		10.10		0.29	(e)		0.60			0.89		(0.29	)		—			(0.29	)
December 26, 2017(f)through August 31, 2018		10.00		0.21	(e)		(0.01	)		0.20		(0.10	)		—			(0.10	)
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		10.56		0.13			0.11			0.24		(0.13	)		(0.15	)		(0.28	)
Year Ended August 31, 2019		9.97		0.31	(e)		0.59			0.90		(0.31	)		—			(0.31	)
December 26, 2017(f)through August 31, 2018		10.00		0.21	(e)		(0.02	)		0.19		(0.22	)		—			(0.22	)
A Shares
Six Months Ended February 29, 2020 (unaudited)		10.56		0.12			0.09			0.21		(0.12	)		(0.14	)		(0.26	)
Year Ended August 31, 2019		9.96		0.28	(e)		0.60			0.88		(0.28	)		—			(0.28	)
December 26, 2017(f)through August 31, 2018		10.00		0.19	(e)		(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) Calculated using average shares.

(f) Commencement of operations.

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

– 72 –

							Ratios/Supplemental Data:(b)
					Net					Ratio of Net
		Total Return			Assets		Ratio of Net			Investment			Ratio of Gross
Net Asset		(Excludes			End of		Expenses to			Income (Loss)			Expenses to
Value, End		Sales			Period		Average Net			to Average			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Net Assets			Assets(c)			Turnover(d)
$	10.66		2.16	%	$	2,191		1.01	%		2.24	%		2.26	%		18	%
	10.70		8.96	%		1,546		1.01	%		2.79	%		3.16	%		59	%
	10.10		2.05	%		4		1.01	%		3.01	%		13.65	%		20	%
	10.52		2.30	%		10,451		0.76	%		2.48	%		2.01	%		18	%
	10.56		9.21	%		6,370		0.76	%		3.02	%		3.23	%		59	%
	9.97		1.87	%		984		0.76	%		3.11	%		13.40	%		20	%
	10.51		2.08	%		547		1.01	%		2.24	%		2.12	%		18	%
	10.56		9.05	%		468		1.01	%		2.82	%		4.02	%		59	%
	9.96		1.60	%		390		1.01	%		2.87	%		13.50	%		20	%

– 73 –

Financial Highlights

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

			Change in Net Assets Resulting From
			Operations:							Less Dividends From:
													Distributions
	Net Asset		Net		Net Realized					Dividends			from Net
	Value,		Investment		and Unrealized			Total from		from Net			Realized		Total
	Beginning of		Income		Gains (Losses)			Investment		Investment			Gains from		Dividends and
	Period		(Loss)		on Investments			Activities		Income			Investments		Distributions
Ultra Short Tax-Free Income Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	10.00	$	0.04	$	—		$	0.04	$	(0.04	)	$	—	$	(0.04	)
Year Ended August 31, 2019		9.98		0.11		0.02			0.13		(0.11	)		—		(0.11	)
December 26, 2017(f)through August 31, 2018		10.00		0.03		(0.02	)		0.01		(0.03	)		—		(0.03	)
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		10.01		0.05		—			0.05		(0.05	)		—		(0.05	)
Year Ended August 31, 2019		10.00		0.14		0.01			0.15		(0.14	)		—		(0.14	)
December 26, 2017(f)through August 31, 2018		10.00		0.07		—			0.07		(0.07	)		—		(0.07	)
A Shares
Six Months Ended February 29, 2020 (unaudited)		10.01		0.04		—			0.04		(0.04	)		—		(0.04	)
Year Ended August 31, 2019		10.01		0.03		0.01			0.04		(0.04	)		—		(0.04	)
December 26, 2017(f)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) The net expense ratio shown for the period reflects the current expense limitation in effect as of December 26, 2018 and the higher limit in effect prior to that date.

(f) Commencement of operations.

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

– 74 –

							Ratios/Supplemental Data:(b)
					Net					Ratio of Net
		Total Return			Assets		Ratio of Net			Investment			Ratio of Gross
Net Asset		(Excludes			End of		Expenses to			Income (Loss)			Expenses to
Value, End		Sales			Period		Average Net			to Average			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Net Assets			Assets(c)			Turnover(d)
$	10.00		0.41	%	$	323		0.60	%		0.81	%		1.16	%		77	%
	10.00		1.35	%		175		0.66	%(e)		1.12	%		1.59	%		135	%
	9.98		0.14	%		71		0.81	%		0.71	%		2.36	%		155	%
	10.01		0.53	%		26,758		0.35	%		1.06	%		0.91	%		77	%
	10.01		1.50	%		20,529		0.41	%(e)		1.38	%		1.34	%		135	%
	10.00		0.65	%		11,595		0.56	%		0.96	%		2.11	%		155	%
	10.01		0.41	%		17		0.60	%		0.83	%		1.02	%		77	%
	10.01		0.36	%		21		0.66	%(e)		1.07	%		1.44	%		135	%
	10.01		0.10	%		—		0.81	%		0.71	%		2.21	%		155	%

– 75 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:								Less Dividends From:
														Distributions
	Net Asset		Net		Net Realized						Dividends			from Net
	Value,		Investment		and Unrealized			Total from			from Net			Realized			Total
	Beginning of		Income		Gains (Losses)			Investment			Investment			Gains from			Dividends and
	Period		(Loss)		on Investments			Activities			Income			Investments			Distributions
Active Core Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	13.49	$	0.09	$	0.05		$	0.14		$	(0.12	)	$	(0.56	)	$	(0.68	)
Year Ended August 31, 2019		14.04		0.19		0.21			0.40			(0.19	)		(0.76	)		(0.95	)
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	)
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		13.54		0.11		0.03			0.14			(0.13	)		(0.56	)		(0.69	)
Year Ended August 31, 2019		14.08		0.23		0.22			0.45			(0.23	)		(0.76	)		(0.99	)
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	)
A Shares
Six Months Ended February 29, 2020 (unaudited)		13.45		0.08		0.05			0.13			(0.10	)		(0.56	)		(0.66	)
Year Ended August 31, 2019		13.98		0.16		0.23			0.39			(0.16	)		(0.76	)		(0.92	)
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	)
C Shares
Six Months Ended February 29, 2020 (unaudited)		13.43		0.04		0.04			0.08			(0.07	)		(0.56	)		(0.63	)
Year Ended August 31, 2019		13.98		0.09		0.21			0.30			(0.09	)		(0.76	)		(0.85	)
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.

– 76 –

							Ratios/Supplemental Data:(b)
					Net					Ratio of Net
		Total Return			Assets		Ratio of Net			Investment			Ratio of Gross
Net Asset		(Excludes			End of		Expenses to			Income (Loss)			Expenses to
Value, End		Sales			Period		Average Net			to Average			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Net Assets			Assets(c)			Turnover(d)
$	12.95		0.87	%	$	4,518		1.09	%		1.39	%		1.35	%		27	%
	13.49		3.67	%		4,632		1.10	%		1.44	%		1.36	%		41	%
	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	%
	12.99		0.92	%		40,967		0.84	%		1.64	%		1.10	%		27	%
	13.54		4.00	%		42,574		0.85	%		1.69	%		1.11	%		41	%
	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	%
	12.92		0.87	%		596		1.14	%		1.31	%		1.20	%		27	%
	13.45		3.59	%		767		1.17	%		1.38	%		1.21	%		41	%
	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	%
	12.88		0.42	%		46		1.84	%		0.58	%		2.10	%		27	%
	13.43		2.87	%		54		1.85	%		0.69	%		2.11	%		41	%
	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	%

– 77 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:									Less Dividends From:
															Distributions
	Net Asset		Net			Net Realized						Dividends			from Net
	Value,		Investment			and Unrealized			Total from			from Net			Realized			Total
	Beginning of		Income			Gains (Losses)			Investment			Investment			Gains from			Dividends and
	Period		(Loss)			on Investments			Activities			Income			Investments			Distributions
Mid Cap Core Equity Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	11.24	$	0.04		$	(0.50	)	$	(0.46	)	$	(0.04	)	$	(0.43	)	$	(0.47	)
Year Ended August 31, 2019		11.90		0.03	(e)		(0.29	)		(0.26	)		(0.03	)		(0.37	)		(0.40	)
Year Ended August 31, 2018		10.33		0.05	(e)		1.57			1.62			(0.05	)		—			(0.05	)
December 30, 2016(f) through August 31, 2017		10.00		0.07			0.32			0.39			(0.06	)		—			(0.06	)
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		11.25		0.05			(0.51	)		(0.46	)		(0.05	)		(0.43	)		(0.48	)
Year Ended August 31, 2019		11.92		0.06	(e)		(0.29	)		(0.23	)		(0.07	)		(0.37	)		(0.44	)
Year Ended August 31, 2018		10.36		0.08	(e)		1.57			1.65			(0.09	)		—			(0.09	)
December 30, 2016(f) through August 31, 2017		10.00		0.04			0.34			0.38			(0.02	)		—			(0.02	)
A Shares
Six Months Ended February 29, 2020 (unaudited)		11.31		0.04			(0.52	)		(0.48	)		(0.04	)		(0.43	)		(0.47	)
Year Ended August 31, 2019		11.97		0.03	(e)		(0.28	)		(0.25	)		(0.04	)		(0.37	)		(0.41	)
Year Ended August 31, 2018		10.39		0.05	(e)		1.58			1.63			(0.05	)		—			(0.05	)
December 30, 2016(f) through August 31, 2017		10.00		0.02			0.37			0.39			—			—			—
C Shares
Six Months Ended February 29, 2020 (unaudited)		11.06		—			(0.51	)		(0.51	)		—			(0.43	)		(0.43	)
Year Ended August 31, 2019		11.68		—	(e)		(0.25	)		(0.25	)		—			(0.37	)		(0.37	)
Year Ended August 31, 2018		10.28		—	(e)		1.40			1.40			—			—			—
December 30, 2016(f) through August 31, 2017		10.00		0.02			0.26			0.28			—			—			—

(a) 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.

– 78 –

							Ratios/Supplemental Data:(b)
					Net					Ratio of Net
		Total Return			Assets		Ratio of Net			Investment			Ratio of Gross
Net Asset		(Excludes			End of		Expenses to			Income (Loss)			Expenses to
Value, End		Sales			Period		Average Net			to Average			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Net Assets			Assets(c)			Turnover(d)
$	10.31		(4.53	)%	$	110		1.06	%		0.61	%		11.94	%		47	%
	11.24		(1.59	)%		114		1.06	%		0.27	%		8.26	%		106	%
	11.90		15.67	%		624		1.06	%		0.45	%		5.32	%		74	%
	10.33		3.84	%		185		1.06	%		0.72	%		16.40	%		45	%
	10.31		(4.48	)%		742		0.81	%		0.86	%		11.68	%		47	%
	11.25		(1.32	)%		809		0.81	%		0.53	%		9.22	%		106	%
	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	%
	10.36		(4.69	)%		109		1.06	%		0.64	%		11.15	%		47	%
	11.31		(1.50	)%		382		1.06	%		0.28	%		10.07	%		106	%
	11.97		15.68	%		364		1.06	%		0.46	%		6.24	%		74	%
	10.39		3.90	%		62		1.06	%		0.45	%		14.98	%		45	%
	10.12		(5.02	)%		—		1.81	%		(1.64	)%		2.06	%		47	%
	11.06		(1.51	)%		—		1.81	%		—	%		2.06	%		106	%
	11.68		13.62	%		—		1.81	%		—	%		27.23	%		74	%
	10.28		2.80	%		253		1.81	%		3.73	%		25.73	%		45	%

– 79 –

Financial Highlights

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

			Change in Net Assets Resulting From
			Operations:									Less Dividends From:
															Distributions
	Net Asset		Net			Net Realized						Dividends			from Net
	Value,		Investment			and Unrealized			Total from			from Net			Realized			Total
	Beginning		Income			Gains (Losses)			Investment			Investment			Gains from			Dividends and
	of Period		(Loss)			on Investments			Activities			Income			Investments			Distributions
Opportunistic Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	12.83	$	0.08		$	(0.35	)	$	(0.27	)	$	(0.07	)	$	—		$	(0.07	)
Year Ended August 31, 2019		15.43		0.13			(1.65	)		(1.52	)		(0.15	)		(0.93	)		(1.08	)
Year Ended August 31, 2018		14.90		0.04	(f)		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	)
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		12.98		0.10			(0.36	)		(0.26	)		(0.09	)		—			(0.09	)
Year Ended August 31, 2019		15.61		0.17			(1.68	)		(1.51	)		(0.19	)		(0.93	)		(1.12	)
Year Ended August 31, 2018		15.05		0.08	(f)		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	)
A Shares
Six Months Ended February 29, 2020 (unaudited)		12.88		0.08			(0.36	)		(0.28	)		(0.07	)		—			(0.07	)
Year Ended August 31, 2019		15.48		0.13			(1.65	)		(1.52	)		(0.15	)		(0.93	)		(1.08	)
Year Ended August 31, 2018		14.95		0.04	(f)		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	)
C Shares
Six Months Ended February 29, 2020 (unaudited)		12.51		0.03			(0.35	)		(0.32	)		(0.02	)		—			(0.02	)
Year Ended August 31, 2019		15.07		0.02			(1.60	)		(1.58	)		(0.05	)		(0.93	)		(0.98	)
Year Ended August 31, 2018		14.65		(0.08	)(f)		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(g) 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) The net expense ratio shown for the period reflects the current expense limitation which became effective on December 26, 2018.

(f) Calculated using average shares.

(g) Commencement of operations.

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

– 80 –

							Ratios/Supplemental Data:(b)
										Ratio of Net
		Total Return					Ratio of Net			Investment			Ratio of Gross
Net Asset		(Excludes			Net Assets		Expenses to			Income (Loss)			Expenses to
Value, End		Sales			End of Period		Average Net			to Average			Average Net			Portfolio
of Period		Charge)(a)			(000s)		Assets			Net Assets			Assets(c)			Turnover(d)
$	12.49		(2.11	)%	$	1,463		1.25	%		1.15	%		1.98	%		63	%
	12.83		(9.28	)%		3,118		1.37	%(e)		0.97	%		1.89	%		183	%
	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	%
	12.63		(2.03	)%		28,894		1.00	%		1.41	%		1.73	%		63	%
	12.98		(9.10	)%		34,492		1.13	%(e)		1.22	%		1.64	%		183	%
	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	%
	12.53		(2.17	)%		1,591		1.25	%		1.16	%		1.83	%		63	%
	12.88		(9.24	)%		1,898		1.37	%(e)		0.98	%		1.74	%		183	%
	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	%
	12.17		(2.55	)%		279		2.00	%		0.42	%		2.73	%		63	%
	12.51		(9.95	)%		343		2.15	%(e)		0.19	%		2.64	%		183	%
	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		—	%		186		2.52	%		(0.85	)%		3.42	%		249	%

– 81 –

Financial Highlights

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

			Change in Net Assets Resulting From
			Operations:									Less Dividends From:
															Distributions
	Net Asset		Net			Net Realized						Dividends			from Net
	Value,		Investment			and Unrealized			Total from			from Net			Realized
	Beginning		Income			Gains (Losses)			Investment			Investment			Gains from			Return of
	of Period		(Loss)			on Investments			Activities			Income			Investments			Capital
World Energy Fund
Investor Shares
Six Months Ended February 29, 2020 (unaudited)	$	6.71	$	0.07		$	(0.41	)	$	(0.34	)	$	(0.08	)	$	—		$	—
Year Ended August 31, 2019		9.49		0.15			(2.82	)		(2.67	)		(0.11	)		—			—
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	)		—
Institutional Shares
Six Months Ended February 29, 2020 (unaudited)		6.72		0.08			(0.40	)		(0.32	)		(0.10	)		—			—
Year Ended August 31, 2019		9.51		0.17			(2.83	)		(2.66	)		(0.13	)		—			—
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	)		—
A Shares
Six Months Ended February 29, 2020 (unaudited)		6.70		0.07			(0.41	)		(0.34	)		(0.08	)		—			—
Year Ended August 31, 2019		9.49		0.15			(2.83	)		(2.68	)		(0.11	)		—			—
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	)		—
C Shares
Six Months Ended February 29, 2020 (unaudited)		6.64		0.04			(0.41	)		(0.37	)		(0.05	)		—			—
Year Ended August 31, 2019		9.39		0.09			(2.79	)		(2.70	)		(0.05	)		—			—
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	)		—

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

(f) Calculated using average shares.

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

– 82 –

											Ratios/Supplemental Data:(b)
														Ratio of Net
						Total Return					Ratio of Net			Investment			Ratio of Gross
Total				Net Asset		(Excludes			Net Assets		Expenses to			Income (Loss)			Expenses to
Dividends and			Value, End			Sales			End of Period		Average Net			to Average			Average Net			Portfolio
Distributions				of Period		Charge)(a)			(000s)		Assets			Net Assets			Assets(c)			Turnover(d)
$	(0.08	)		$	6.29		(5.16	)%	$	2,486		1.15	%		1.89	%		2.00	%		85	%
	(0.11	)			6.71		(28.27	)%		3,079		1.25	%(e)		1.56	%		1.68	%		145	%
	(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	%
	(0.10	)			6.30		(4.99	)%		7,562		0.90	%		2.08	%		1.75	%		85	%
	(0.13	)			6.72		(28.12	)%		11,163		0.97	%(e)		1.88	%		1.43	%		145	%
	(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	%
	(0.08	)			6.28		(5.18	)%		1,991		1.15	%		1.89	%		1.85	%		85	%
	(0.11	)			6.70		(28.35	)%		2,485		1.21	%(e)		1.67	%		1.53	%		145	%
	(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	%
	(0.05	)			6.22		(5.60	)%		2,819		1.90	%		1.14	%		2.75	%		85	%
	(0.05	)			6.64		(28.82	)%		3,688		1.95	%(e)		0.97	%		2.43	%		145	%
	(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	%

– 83 –

Additional Fund Information

February 29, 2020 (Unaudited)

U.S. Treasury Fund:

	Percentage of
Security Allocation	Net Assets
U.S. Treasury Obligations		30.9	%
Repurchase Agreements		50.7	%
Investment Companies		11.5	%
Other assets in excess of liabilities		6.9	%
Total		100.0	%

Government Securities Money Market Fund:

	Percentage of
Security Allocation	Net Assets
U.S. Government Agency Securities		28.5	%
U.S. Treasury Obligations		16.5	%
Repurchase Agreements		41.6	%
Investment Companies		13.4	%
Other assets in excess of liabilities		0.0	%
Total		100.0	%

Limited Duration Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		5.8	%
Mortgage Backed Securities		42.4	%
Corporate Bonds		10.3	%
Taxable Municipal Bonds		1.0	%
U.S. Government Agency Securities		3.5	%
U.S. Treasury Obligations		23.6	%
Investment in Affiliates		8.3	%
Other assets in excess of liabilities		5.1	%
Total		100.0	%

Moderate Duration Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		7.4	%
Mortgage Backed Securities		34.9	%
Corporate Bonds		19.1	%
Taxable Municipal Bonds		10.1	%
U.S. Government Agency Securities		1.0	%
U.S. Treasury Obligations		13.5	%
Investment Companies		1.0	%
Investment in Affiliates		3.2	%
Other assets in excess of liabilities		9.8	%
Total		100.0	%

Bond Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		5.4	%
Mortgage Backed Securities		34.4	%
Corporate Bonds		21.1	%
Taxable Municipal Bonds		9.2	%
U.S. Government Agency Securities		1.0	%
U.S. Treasury Obligations		21.7	%
Investment Companies		1.0	%
Investment in Affiliates		4.6	%
Other assets in excess of liabilities		1.6	%
Total		100.0	%

Strategic Enhanced Yield Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities		4.5	%
Mortgage Backed Securities		40.4	%
Corporate Bonds		3.4	%
U.S. Government Agency Securities		14.7	%
U.S. Treasury Obligations		28.6	%
Investment in Affiliates		7.9	%
Other assets in excess of liabilities		0.5	%
Total		100.0	%

Ultra Short Tax-Free Income Fund:

	Percentage of
Security Allocation	Net Assets
Municipal Bonds		104.6	%
Investment in Affiliates		0.4	%
Liabilities in excess of other assets		(5.0	)%
Total		100.0	%

Active Core Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		45.8	%
Asset Backed Securities		2.9	%
Mortgage Backed Securities		16.2	%
Corporate Bonds		8.4	%
Taxable Municipal Bonds		4.6	%
U.S. Government Agency Securities		1.6	%
U.S. Treasury Obligations		12.0	%
Investment Companies		4.9	%
Investment in Affiliates		3.9	%
Liabilities in excess of other assets		(0.3	)%
Total		100.0	%

Mid Cap Core Equity Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		94.6	%
Investment in Affiliates		4.5	%
Other assets in excess of liabilities		0.9	%
Total		100.0	%

Opportunistic Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		54.4	%
Convertible Preferred Stocks		7.0	%
Mortgage Backed Securities		2.9	%
Corporate Bonds		16.6	%
U.S. Treasury Obligations		6.7	%
Investment Companies		4.6	%
Investment in Affiliates		13.1	%
Liabilities in excess of other assets		(5.3	)%
Total		100.0	%

World Energy Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks		82.3	%
Corporate Bonds		10.5	%
Investment Companies		2.7	%
Investment in Affiliates		3.9	%
Other assets in excess of liabilities		0.6	%
Total		100.0	%

– 84 –

Additional Fund Information	Continued
February 29, 2020 (Unaudited)

As a shareholder of the Cavanal Hill Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; and exchange fees; (2) ongoing costs, including management fees; distribution fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Cavanal Hill Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2019 through February 29, 2020.

Actual Expenses

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

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/19		2/29/20		9/1/19 - 2/29/20		9/1/19 - 2/29/20
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,005.20	$	3.39		0.68	%
Service Shares		1,000.00		1,006.70		1.90		0.38	%
Institutional Shares		1,000.00		1,007.30		1.30		0.26	%
Select Shares		1,000.00		1,007.70		0.90		0.18	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,005.80		2.79		0.56	%
Institutional Shares		1,000.00		1,007.30		1.35		0.27	%
Select Shares		1,000.00		1,007.70		0.95		0.19	%
Premier Shares		1,000.00		1,007.50		1.20		0.24	%
Limited Duration Fund
Investor Shares		1,000.00		1,023.10		3.52		0.70	%
Institutional Shares		1,000.00		1,023.30		2.26		0.45	%
A Shares		1,000.00		1,023.10		3.52		0.70	%
Moderate Duration Fund
Investor Shares		1,000.00		1,022.50		3.72		0.74	%
Institutional Shares		1,000.00		1,022.80		2.46		0.49	%
A Shares		1,000.00		1,021.50		3.72		0.74	%
Bond Fund
Investor Shares		1,000.00		1,029.10		3.68		0.73	%
Institutional Shares		1,000.00		1,029.40		2.42		0.48	%
A Shares		1,000.00		1,028.00		3.68		0.73	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		1,021.60		5.08		1.01	%
Institutional Shares		1,000.00		1,023.00		3.82		0.76	%
A Shares		1,000.00		1,020.80		5.07		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,004.10		2.99		0.60	%
Institutional Shares		1,000.00		1,005.30		1.75		0.35	%
A Shares		1,000.00		1,004.10		2.99		0.60	%
Active Core Fund
Investor Shares		1,000.00		1,008.70		5.44		1.09	%
Institutional Shares		1,000.00		1,009.20		4.20		0.84	%
A Shares		1,000.00		1,008.70		5.69		1.14	%
C Shares		1,000.00		1,004.20		9.17		1.84	%
Mid Cap Core Equity Fund
Investor Shares		1,000.00		954.70		5.15		1.06	%
Institutional Shares		1,000.00		955.20		3.94		0.81	%
A Shares		1,000.00		953.10		5.15		1.06	%
C Shares		1,000.00		949.80		8.80		1.81	%
Opportunistic Fund
Investor Shares		1,000.00		978.90		6.15		1.25	%
Institutional Shares		1,000.00		979.70		4.92		1.00	%
A Shares		1,000.00		978.30		6.15		1.25	%
C Shares		1,000.00		974.50		9.82		2.00	%
World Energy Fund
Investor Shares		1,000.00		948.40		5.57		1.15	%
Institutional Shares		1,000.00		950.10		4.36		0.90	%
A Shares		1,000.00		948.20		5.57		1.15	%
C Shares		1,000.00		944.00		9.18		1.90	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period).

– 85 –

Additional Fund Information	Concluded
February 29, 2020 (Unaudited)

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each of the Cavanal Hill Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate 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		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/19		2/29/20		9/1/19 - 2/29/20		9/1/19 - 2/29/20
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,021.48	$	3.42		0.68	%
Service Shares		1,000.00		1,022.97		1.91		0.38	%
Institutional Shares		1,000.00		1,023.57		1.31		0.26	%
Select Shares		1,000.00		1,023.97		0.91		0.18	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,022.08		2.82		0.56	%
Institutional Shares		1,000.00		1,023.52		1.36		0.27	%
Select Shares		1,000.00		1,023.92		0.96		0.19	%
Premier Shares		1,000.00		1,023.67		1.21		0.24	%
Limited Duration Fund
Investor Shares		1,000.00		1,021.38		3.52		0.70	%
Institutional Shares		1,000.00		1,022.63		2.26		0.45	%
A Shares		1,000.00		1,021.38		3.52		0.70	%
Moderate Duration Fund
Investor Shares		1,000.00		1,021.18		3.72		0.74	%
Institutional Shares		1,000.00		1,022.43		2.46		0.49	%
A Shares		1,000.00		1,021.18		3.72		0.74	%
Bond Fund
Investor Shares		1,000.00		1,021.23		3.67		0.73	%
Institutional Shares		1,000.00		1,022.48		2.41		0.48	%
A Shares		1,000.00		1,021.23		3.67		0.73	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		1,019.84		5.07		1.01	%
Institutional Shares		1,000.00		1,021.08		3.82		0.76	%
A Shares		1,000.00		1,019.84		5.07		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,021.88		3.02		0.60	%
Institutional Shares		1,000.00		1,023.12		1.76		0.35	%
A Shares		1,000.00		1,021.88		3.02		0.60	%
Active Core Fund
Investor Shares		1,000.00		1,019.44		5.47		1.09	%
Institutional Shares		1,000.00		1,020.69		4.22		0.84	%
A Shares		1,000.00		1,019.19		5.72		1.14	%
C Shares		1,000.00		1,015.71		9.22		1.84	%
Mid Cap Core Equity Fund
Investor Shares		1,000.00		1,019.59		5.32		1.06	%
Institutional Shares		1,000.00		1,020.84		4.07		0.81	%
A Shares		1,000.00		1,019.59		5.32		1.06	%
C Shares		1,000.00		1,024.86		9.10		1.81	%
Opportunistic Fund
Investor Shares		1,000.00		1,018.65		6.27		1.25	%
Institutional Shares		1,000.00		1,019.89		5.02		1.00	%
A Shares		1,000.00		1,018.65		6.27		1.25	%
C Shares		1,000.00		1,014.92		10.02		2.00	%
World Energy Fund
Investor Shares		1,000.00		1,019.14		5.77		1.15	%
Institutional Shares		1,000.00		1,020.39		4.52		0.90	%
A Shares		1,000.00		1,019.14		5.77		1.15	%
C Shares		1,000.00		1,015.42		9.52		1.90	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period multiplied by 182/366 (to reflect the one-half year period).

– 86 –

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– 87 –

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– 88 –

SemiAnn-02/20

Item 2. Code of Ethics.

Not applicable - only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable - only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable - only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)          Cavanal Hill Funds          

By (Signature and Title)*	/s/ James L. Huntzinger
	James L. Huntzinger, President (Principal Executive Officer)

Date    April 23, 2020    

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    April 23, 2020    

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

Date    April 23, 2020