Cavanal Hill Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06114

Cavanal Hill Funds

(Exact name of registrant as specified in charter)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219
(Address of principal executive offices)	(Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 8/31

Date of reporting period: 8/31/21

Item 1. Reports to Stockholders.

Annual Report

August 31, 2021

U.S. Treasury Fund

Government Securities Money Market Fund

Limited Duration Fund

Moderate Duration Fund

Bond Fund

Strategic Enhanced Yield Fund

Ultra Short Tax-Free Income Fund

Active Core Fund

Mid Cap Diverse Leadership Fund

Opportunistic Fund

World Energy Fund

Hedged Income Fund

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

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

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

Table of Contents

Management Discussion of Fund Performance

Statements of Assets and Liabilities

Statements of Operations

Statements of Changes in Net Assets

Schedules of Portfolio Investments

Notes to the Financial Statements

Financial Highlights

Report of Independent Registered Public Accounting Firm

112

Additional Fund Information

114

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to the portfolio securities and information during the most recent 12-month period ended June 30th is available without charge, upon request, by calling 1-800-762-7085 or on the Securities and Exchange Commission’s website at http://www.sec.gov.

A complete schedule of each non-Money Market Fund’s portfolio holdings for the first and third fiscal quarter of each fiscal year is filed with the Securities and Exchange Commission on Form N-PORT. The Money Market Funds file completed Schedules of Portfolio Holdings with the Securities and Exchange Commission on Form N-NMFP. Schedules of Portfolio Holdings for the funds are available without charge on the Securities and Exchange Commission’s website at http://www.sec.gov. In addition, the schedules may be reviewed and copied at the Securities and Exchange Commission’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus or summary prospectus. An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the Fund’s prospectus or summary prospectus. To obtain a prospectus or summary prospectus, please call 1-800-762-7085. Please read the prospectus carefully before investing.

Cavanal Hill Distributors, Inc., member FINRA, serves as the distributor for the Cavanal Hill Funds.

Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, BOKF, NA, any of its affiliates or the Distributor. Shares are NOT FDIC INSURED, nor are they insured by any other government agency. An investment in the Funds involves investment risk, including possible loss of principal.

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

– 1 –

Glossary of Terms

Bloomberg 1-Year Municipal Bond Index includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years.

Bloomberg Asset-Backed Securities (ABS) Index includes pass-through, bullet, and controlled amortization structures. The ABS Index includes only the senior class of each ABS issue and the ERISA-eligible B and C tranche.

Bloomberg U.S. Aggregate Bond Index measures the investment-grade, USD-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through), ABS, and CMBS.

Bloomberg U.S. CMBS Investment Grade Index measures the market of U.S. Agency and US Non-Agency conduit and fusion CMBS deals with a minimum current deal size of $300m. The index is divided into two subcomponents: the U.S. Aggregate-eligible component, which contains bonds that are ERISA eligible under the underwriter’s exemption, and the non-US Aggregate-eligible component, which consists of bonds that are not ERISA eligible.

Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high-yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/ BB+ or below. Bonds from issuers with an emerging markets (EM) country of risk, based on Barclays EM country definition, are excluded.

Bloomberg U.S. Corporate Investment-Grade Index covers all publicly issued U.S. corporate, non-corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements, to qualify, bonds must be SEC-registered.

Bloomberg U.S. Intermediate Aggregate Bond Index is representative of investment-grade debt issues with maturities from one year up to (but not including) 10 years.

Bloomberg U.S. Mortgage-Backed Securities tracks agency mortgage pass-through securities (no longer incorporates hybrid ARM) guaranteed by Ginnie Mae (GNMA), Mae (FNMA), and Freddie Mac (FHLMC). The index is constructed by grouping individual TBA-deliverable MBS pools into aggregates or generics based on program, coupon and vintage.

Bloomberg U.S. Treasury 20+ Year Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the US Treasury with 20+ years to maturity. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index.

Bloomberg U.S. Treasury Index is an index of the public obligations of the U.S. Treasury with a remaining maturity of one year or more are non-convertible and are denominated in U.S. dollars. Securities must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, and Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment grade.

CBOE S&P 500 BuyWrite Index is designed to show the hypothetical performance of a portfolio that engages in a buywrite strategy using S&P 500 index call options.

Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte-Carlo simulations, and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus.

ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index is comprised of investment-grade government and corporate debt securities with maturities between one- and five-years.

MSCI World Energy Index captures the large- and mid-cap segments across 23 developed markets and includes securities classified in the energy sector per Global Industry Classification Standard.

Russell 1000^® Index is designed to represent the performance of companies within specific sectors of the Russell 1000^® Index. Methodology equally weights securities within each sector, mitigating security specific risk an offering balanced exposure to particular sectors.

Russell 2000^® Index is designed to represent the performance of companies within specific sectors of the Russell 2000^® Index. Methodology equally weights securities within each sector, mitigating security specific risk and offering balanced exposure to particular sectors.

Russell 3000^® Index is designed to represent the performance of companies within specific sectors of the Russell 3000^® Index. Methodology equally weights securities within each sector, mitigating security specific risk and offering balanced exposure to particular sectors.

Russell 3000^® Growth Index is a market capitalization weighted index based on the Russell 3000^® Index. The Russell 3000^® Growth Index includes companies that display signs of above average growth, exhibit higher price-to-book, and forecasted earnings.

Russell 3000^® Value Index is a market capitalization weighted equity index maintained by the Russell Investment Group and based on the Russell 3000^® Index, included in the index are stocks from the Russell 3000 with lower price-to-book ratios and lower expected growth rates.

Russell Midcap^® Index tracks the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 27% of the total market capitalization of the Russell 1000 companies.

Secured Overnight Financing Rate (SOFR) is a measure of the cost of borrowing cash overnight collateralized by Treasury securities, the benchmark is fully transaction based, founded on a robust underlying market–actual transaction level data is provided by Bank of New York Mellon and an affiliate of the Depository Trust & Clearing Corporation, DTCC Solutions LLC.

Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index is produced by Municipal Market Data (MMD), which is a 7-day high-grade market index comprised of tax-exempt variable rate demand obligations (VRDO’s) from MMD’s extensive database. SIFMA is a leading securities industry trade group representing securities firms, banks, and asset management companies in the U.S. and Hong Kong.

Standard & Poor 500 Index (S&P 500 Index) is regarded as a gauge of the U.S. equities market; this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market.

The above indices are unmanaged and do not reflect the deduction of the expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Gross Domestic Product (GDP) measures the market value of the goods and services produced by labor and property within the respective country/economic region.

Yield to Worst (YTW) is lowest potential bond yield received without the issuer defaulting, it assumes the worst-case scenario, or earliest redemption possible under terms of the bond.

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

– 2 –

Money Market Funds (Unaudited)

Investment Concerns

You could lose money by investing in the funds. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The sponsor has no legal obligation to provide financial support to the funds, and you should not expect that the sponsor will provide financial support to the funds at any time.

Market Conditions

The year was once again dominated by the ultra-low-interest-rate environment. But this time there was a glimpse of an eventual end to the dismal environment, as vaccines began to be widely distributed, with a positive effect on infection rates and global business conditions.

From an asset flow perspective, the past year saw the industry stabilize as the pandemic’s initial shock receded into the past. As of August 31, 2021, money market fund assets totaled about $4.5 trillion.

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

Near-zero interest rates continued to have an impact on portfolio management. The funds carried ample repurchase agreement (Repo) balances, which provided ready liquidity. Floating-rate notes, based on the Secured Overnight Financing Rate¹, provided a bit of yield boost in the Government Securities Money Market Fund and Treasury Bill-based floating rate notes did the same for the U.S. Treasury Fund.*

Longer-term Treasuries added some value. The classic money market fund value proposition is “safety, liquidity and yield” and all fund holdings were purchased with that proposition in mind.*

Outlook

Our working assumption is that we are closer to the end of the near-zero interest rate environment than the beginning. What is unknown, of course, is the exact timing of the beginning of the normalization process, as well as its length. Once normalization begins, Repo balances and floating-rate notes should quickly reflect the higher rates.

Safety, liquidity and yield remain of primary importance to us as we manage the Money Market Funds during an unprecedented period. We remain ready to: a) purchase longer-term securities when they offer attractive value; b) continue to have substantial positions in floating-rate notes, which typically pay a bit more than repos; and c) keep judicious portions of each fund in daily liquid assets to meet future redemptions.*

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

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

– 3 –

Limited Duration Fund (Unaudited)

Fund Goal

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

For the year ended August 31, 2021, the Limited Duration Fund A Shares (at NAV) returned 0.42%; Investor Shares returned 0.52%, while the Institutional Shares returned 0.65%. The Fund’s benchmark, the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index¹ posted a total return of 0.45%.

Market Conditions

Economic activity was remarkably strong during the period, with U.S. gross domestic product growing at a faster pace than it has in nearly 20 years. At the same time, all inflation measures also saw a dramatic increase. Against this high-growth/high-inflation backdrop, the Federal Reserve maintained a very stimulative posture, holding short rates near zero and continuing its aggressive quantitative easing measures in an attempt to return employment to its pre-pandemic levels. As measured by the unemployment rate, this aggressive Fed policy was effective over the time period, with unemployment dropping steadily.

With this macroeconomic environment, the fixed income market reacted as one might expect. Though short-term rates remained anchored due to Fed policy, rates on the long end of the curve rose significantly. Balance sheet strength and investor demand for yield both played a part in the continued tightening of credit spreads over the period.

The two keys to performance over the period were duration and credit positioning, as is often the case in the fixed income market. With higher long-term rates, it was important for investors to avoid long duration positioning. With tightening credit spreads, particularly at the lower end, the optimal strategy was to be overweight credit sectors relative to government sectors.

The strongest performance came from the high yield corporate sector, with the Bloomberg U.S. Corporate High Yield Bond Index¹ returning 10.14% for the period. This performance was driven by very large returns on the lowest-rated portions of the index.

On the investment grade side, the corporate sector was the big winner, with the corporate portion of the Bloomberg U.S. Aggregate Bond Index¹ up 2.53%. Again, it paid to have allocations at the lower end of the investment grade credit spectrum, with the Baa-rated portion of the Bloomberg U.S. Aggregate Bond Index¹ returning 4.06% for the period.

Given the strong credit environment, government sectors underperformed. Treasuries were the laggard, with the U.S. Treasury portion of the Bloomberg U.S. Aggregate Bond Index¹ falling 2.11%. As long-term rates rose, longer-duration Treasuries were hurt the most, with the Treasury 20+ year portion of the index falling 7.33%.

Fund Strategy

All four of the taxable fixed income mutual funds employed similar strategies for the period. Generically, we maintained a short duration bias along with an overweight to credit sectors, underweighting government-related sectors. This allocation was effective as long-term rates rose and credit spreads tightened during the period.*

The institutional class of the Limited Duration Fund outperformed its benchmark by 20 basis points, driven by a shorter-than-benchmark duration and an overweight to credit sectors. The Fund has a large allocation to both non-agency mortgage-backed securities and non-agency asset-backed securities, which was the largest contributor to outperformance.*

Outlook

Though economic growth and inflation figures remain robust, the rate of change in both growth and inflation has been moderating over the previous three to six months. Additionally, though the Fed will certainly remain very accommodative in the near/medium-term, its next action will likely be a tapering of its asset-purchase program.

Despite these potential headwinds, volatility is likely to be subdued in the fixed income markets. On the credit side, the market remains convinced that the Fed will again provide a backstop in the event of any substantial selling pressure. Regarding interest rates, the prospect of any rise on the short end is still very far on the horizon. With short rates certain to be pegged near zero for an extended period, we believe the chances for long rates to move up by any meaningful amount are limited as well. As growth and inflation may indeed disappoint in the coming quarters, it also seems unlikely that interest rates on the long end will fall by any material amount without some large, external shock.*

Therefore, we believe the most likely path for the fixed income markets over the next six months seems to be status quo. Credit spreads should remain very tight, with a bias to tightening further, and interest rates should remain steady, perhaps with a drift higher on the long end of the curve.*

With interest rates likely to remain steady with a bias towards higher rates on the long end, we are positioning the Fund with a shorter duration than its benchmark. Should long rates rise, we will reduce our short duration position.*

With credit spreads also likely to remain steady with a bias towards tighter spreads, we plan to maintain our overweight to credit sectors and keep our underweight to the Treasury and agency sectors.*

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 4 –

Limited Duration Fund (Unaudited)

Index Description

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

Investment Risks

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

Value of a $10,000 Investment

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

Average Annual Total Return

For the year ended 8/31/2021	1 Year	5 years	10 Year
A Shares (at NAV)¹	0.42%	2.04%	1.93%
A Shares (with 2.00% maximum load)¹	(1.59)%	1.62%	1.72%
Investor Shares	0.52%	2.01%	1.90%
Institutional Shares	0.65%	2.29%	2.16%
ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index	0.45%	2.30%	1.94%
Lipper Short Investment Grade Debt Funds Average²	1.85%	2.25%	1.86%

Expense Ratios
			Gross
A Shares			0.81%
Investor Shares			0.96%
Institutional Shares			0.71%

Investment performance for the Fund’s classes reflects fee waivers that have been in effect during the applicable periods. Without such waivers, the performance would have been lower. Contractual fee waivers are in effect through December 31, 2021.

The above expense ratios are from the Funds’ prospectus dated December 28, 2020. Additional information pertaining to the Funds’ expense ratios for the year ended August 31, 2021 can be found in the Financial Highlights.

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

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

– 5 –

Moderate Duration Fund (Unaudited)

Fund Goal

For the year ended August 31, 2021, the Moderate Duration Fund A Shares (at NAV) returned 1.11%; Investor Shares returned 1.21%, while the Institutional Shares returned 1.37%. The Fund’s benchmark, the Bloomberg U.S. Intermediate Aggregate Bond Index¹, showed total return of 0.10%.

Market Conditions

Fund Strategy

All of the taxable fixed income mutual funds employed similar strategies for the period. Generically, we maintained a short duration bias along with an overweight to credit sectors, underweighting government-related sectors. This allocation was effective as long-term rates rose and credit spreads tightened during the period.*

The Institutional Class of the Moderate Duration Fund outperformed its benchmark by 127 basis points, driven by a shorter-than-benchmark duration and an overweight to credit sectors. Large allocations to corporate bonds and taxable munis were the largest contributors to outperformance.*

Because performance for the period was so bifurcated, with credit sectors outperforming and government-backed sectors trailing, any allocation to Treasuries and agencies was a substantial drag and these securities had the greatest negative impact the Fund’s performance. The short duration position was a headwind, partly offset by the positive effect of the Fund’s overweight to corporate bonds.*

Outlook

Despite these potential headwinds volatility is likely to be subdued in the fixed income markets. On the credit side, the market remains convinced that the Fed will again provide a backstop in the event of any substantial selling pressure. Regarding interest rates, the prospect of any rise on the short end is still very far on the horizon. With short rates certain to be pegged near zero for an extended period, we believe the chances for long rates to move up by any meaningful amount are limited as well. As growth and inflation may indeed disappoint in the coming quarters, it also seems unlikely that interest rates on the long end will fall by any material amount without some large, external shock.*

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 6 –

Moderate Duration Fund (Unaudited)

Index Description

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

Investment Risks

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

Value of a $10,000 Investment

Average Annual Total Return

For the year ended 8/31/2021	1 Year	5 Years	10 Years
A Shares (at NAV)¹	1.11%	2.19%	2.93%
A Shares (with 2.00% maximum load)¹	(0.90)%	1.77%	2.72%
Investor Shares	1.21%	2.13%	2.91%
Institutional Shares	1.37%	2.40%	3.18%
Bloomberg U.S. Intermediate Aggregate Bond Index	0.10%	2.61%	2.57%
Lipper Short-Intermediate Investment Grade Debt Funds Average²	1.08%	2.38%	2.23%
Expense Ratios
			Gross
A Shares			1.15%
Investor Shares			1.30%
Institutional Shares			1.05%

– 7 –

Bond Fund (Unaudited)

Fund Goal

For the year ended August 31, 2021, the Bond Fund A Shares (at NAV) returned 0.36%; the Investor Shares returned 0.36%; and the Institutional Shares returned 0.51%. The Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, showed a total return of (0.08)%.

Market Conditions

Fund Strategy

The institutional class of the Bond Fund outperformed its benchmark by 59 basis points, driven by a shorter-than-benchmark duration and an overweight to credit sectors. The Bond Fund had large allocations to corporate bonds and taxable munis, which was the largest contributor to outperformance.*

Outlook

Though economic growth and inflation figures remain robust, the rate of change in both growth and inflation has been moderating over the previous three to six months.

Additionally, though the Fed will certainly remain very accommodative in the near/medium-term, its next action will likely be a tapering of its asset-purchase program.

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 8 –

Bond Fund (Unaudited)

Index Description

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

Investment Risks

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

Value of a $10,000 Investment

Average Annual Total Return

For the year ended 8/31/2021	1 Year	5 years	10 Year
A Shares (at NAV)¹	0.36%	2.48%	2.95%
A Shares (with 2.00% maximum load)¹	(1.68)%	2.06%	2.75%
Investor Shares	0.36%	2.42%	2.93%
Institutional Shares	0.51%	2.67%	3.18%
Bloomberg U.S. Aggregate Bond Index	(0.08)%	3.11%	3.18%
Lipper Core Bond Funds Average²	1.11%	3.32%	3.35%
Expense Ratios
			Gross
A Shares			0.84%
Investor Shares			0.99%
Institutional Shares			0.74%

– 9 –

Strategic Enhanced Yield Fund (Unaudited)

Fund Goal

We pursue a strategy of broad diversification in order to achieve optimal risk-adjusted return by tapping into multi-sector opportunities created by market inefficiencies. We focus on out-of-favor sectors, searching for individual securities that we believe are likely to outperform the market. The Fund typically has a substantial allocation to mortgage-backed securities and other securitized products. We have the freedom to invest in a broad range of credit ratings and durations.

For the year ended August 31, 2021, the Strategic Enhanced Yield Fund A Shares (at NAV) returned 0.30% the Investor Shares returned 0.22% and the Institutional Shares returned 0.55%. The Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index¹, showed a total return of (0.08)%.

Market Conditions

Fund Strategy

The institutional class of the Strategic Enhanced Yield Fund outperformed its benchmark by 63 basis points, driven by a shorter-than-benchmark duration and an overweight to credit sectors, particularly below-investment-grade bonds.*

Outlook

Though economic growth and inflation figures remain robust, the rate of change in both growth and inflation has been moderating over the previous three to six months.

Additionally, though the Fed will certainly remain very accommodative in the near/medium-term, its next action will likely be a tapering of its asset-purchase program.

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 10 –

Strategic Enhanced Yield Fund (Unaudited)

Index Description

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

Investment Risks

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

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

Value of a $10,000 Investment

Average Annual Total Return

		Since
		Inception
For the year ended 8/31/2021	1 Year	(12/26/2017)
A Shares (at NAV)¹	0.30%	4.12%
A Shares (with 2.00% maximum load)¹	(1.73)%	3.56%
Investor Shares	0.22%	4.22%
Institutional Shares	0.55%	4.38%
Bloomberg U.S. Aggregate Bond Index	(0.08)%	4.24%
Lipper Multi-Sector Income Funds Average²	6.17%	4.34%
Expense Ratios
		Gross
A Shares		1.99%
Investor Shares		2.07%
Institutional Shares		1.79%

– 11 –

Ultra Short Tax-Free Income Fund (Unaudited)

Fund Goal

We seek to generate current income that is exempt from federal income taxes by investing primarily in a diversified portfolio of municipal securities, with at least 65% of the Fund’s assets invested in securities that are rated within the three highest long-term or highest short-term rating categories at the time of purchase. The Fund normally maintains a dollar-weighted average maturity of one day to one year.

For the year ended August 31, 2021, the Ultra Short Tax-Free Fund A Shares (at NAV) returned -0.30%; the Investor Shares returned -0.30% and the Institutional Shares returned 0.01%. The Fund’s benchmark, the Bloomberg 1-Year Municipal Bond Index¹, showed a total return of 0.62%.

Market Conditions

The U.S. economy was quite strong during the period as businesses re-opened and vaccines were rolled out. An annualized 4.5% gross domestic product growth rate in the fourth quarter of 2020 was followed by growth of over 6% in each of the first two quarters of 2021. The employment situation showed marked improvement as non-farm payrolls averaged 500,000 job gains per month and the unemployment rate fell to a post-pandemic low of 5.2% in August. Although the Delta variant was certainly a drag on the rebound, the consensus is that the infection case number should be peaking soon and that the economic recovery is expected to remain on track.

While the Federal Reserve (Fed) didn’t raise the overnight lending rate during the period, it did signal that it may begin tapering its bond purchase program in the near future. Yields in the longer end could drift higher when that happens and that, in turn, may lift short rates slightly as well.

Despite a busy news cycle and a fair amount of volatility in the equity market, as well as the longer end of the bond market, the short end of the municipal bond market was fairly muted during the period. The SIFMA Index¹, which is an average of variable rate demand notes (VRDNs), ranged from 0.02% to 0.13% during the year. Investors didn’t gain much advantage in the fixed-rate market, as yields in the one-year maturity range averaged about 0.20% for the period.

The key opportunity came in the spring when yields on fixed-rate paper in the short end of the muni market hit their highest level of the year. The buying opportunity was short-lived, however, as yields drifted lower for the balance of the period.

The main challenge for investors in the short end of the muni market was the low yield environment, particularly in the summer months. Despite the low rates, demand for munis was boosted by consistent inflows into muni bond funds, which provided further downward pressure on yields.

Fund Strategy

The Fund’s primary strategy was to extend duration by buying fixed-rate bonds while reducing the portfolio’s VRDN holdings. While we achieved that objective, it wasn’t enough to lead the Fund to outperform the benchmark.*

Outlook

Rates in the short end are likely to remain relatively low with the Fed’s reiteration of not raising the overnight lending rate in the near future. One potential cause of volatility is the federal infrastructure package. Muni market participants will be paying close attention to the negotiations and the plan’s ultimate impact on supply. Although it appears that the biggest program will be in a taxable structure similar to the Build America Bond program that was used after the financial crisis, it stands to reason that there will be an increase in tax-exempt issuance once the deal is finalized.

Given the outlook of continued low rates for VRDNs as the Fed remains on hold, the Fund will continue to buy fixed-rate bonds as opportunities arise in order to extend duration.*

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 12 –

Ultra Short Tax-Free Income Fund (Unaudited)

Index Description

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

Investment Risks

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

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

Value of a $10,000 Investment

Average Annual Total Return

		Since
		Inception
For the year ended 8/31/2021	1 Year	(12/26/2017)
A Shares (at NAV)¹	(0.30)%	0.22%
A Shares (with 2.00% maximum load)¹	(1.29)%	(0.05)%
Investor Shares	(0.30)%	0.50%
Institutional Shares	0.01%	0.83%
Bloomberg 1-Year Municipal Bond Index	0.62%	1.72%
Lipper Short Municipal Debt Funds Average²	0.91%	1.70%
Expense Ratios
		Gross
A Shares		1.04%
Investor Shares		1.16%
Institutional Shares		0.92%

– 13 –

Active Core Fund (Unaudited)

Fund Goal

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

For the year ended August 31, 2021, the Active Core Fund A Shares (at NAV) posted a total return of 16.16%; the C Shares returned 15.33%; the Investor Shares returned 16.11%, and the Institutional Shares returned 16.43%. The Fund’s benchmarks, the Russell 1000^® Index¹ and the Bloomberg U.S. Aggregate Bond Index¹, returned 32.25% and (0.08)%, respectively.

Market Conditions

Economic activity, which had been dampened by the influence of COVID-19 and government efforts to slow its spread, has since picked up sharply with the announcement of vaccines and a broader reopening of the economy. Manufacturing was the first area to benefit and it was expected that the services sector would follow in short order. However, the emergence of the Delta variant of the virus slowed down efforts to a complete return to normal. Regardless, consumers have displayed a willingness to spend that has shown up in areas such as housing and used car prices. Lack of progress on additional fiscal programs, the potential for higher taxes, and uncertainty around when the Federal Reserve would remove some of its accommodative policies also began to weigh on markets after the first quarter of 2021.

Global supply chains have yet to fully recover from COVID-19 impacts. Shortages in certain products and transportation facilities helped to push the prices of many goods higher. Developments out of China and changes in the Chinese government’s policies towards business and free markets also caught markets by surprise.

Government and central bank efforts to support citizens and markets all managed to reduce risk aversion and, consequently, push the price of risk assets higher. From that perspective, it is no surprise that the riskiest parts of the stock market (small-cap and micro-cap stocks, high-beta (more volatile) stocks, and, to a lesser extent, value stocks) outperformed. Likewise, sectors that were more levered to the economy and the consumer did well. Energy, materials, financials, and consumer discretionary all benefited a great deal. More defensive sectors such as utilities and consumer staples lagged behind.

The strength and duration of the risk-on trade was difficult to manage for investors that tend to seek out higher quality or more stable companies. The path of interest rates and inflation have also been difficult to forecast with any degree of confidence.

Though short-term rates remained anchored due to Fed policy, rates on the long end of the curve rose significantly. Balance sheet strength and investor demand for yield both played a part in the continued tightening of credit spreads over the period. The two keys to fixed-income performance were duration and credit positioning, as is often the case in the fixed income market. With higher long-term rates, it was important for investors to avoid long duration positioning. With tightening credit spreads, particularly at the lower end, the optimal strategy was to be overweight credit sectors relative to government sectors.

Fund Strategy

We maintained a diversified portfolio, with approximately 54.6% of the Fund’s portfolio in equities at the end of the 12-month period, compared with 52.8% at the end of August 2020. Fixed-income securities represented approximately 37.5% of the portfolio, compared with 38.2% at the end of August 2020. The rest of the Fund was in cash and mutual funds.*

Within the equity portfolio, we continued to invest in a variety of domestic U.S. and international stocks, including developed and emerging market stocks, which continued to post strong performance. All major segments of the U.S. equity market, including growth and value stocks, and large-cap, mid-cap, and small-cap stocks, had historically high returns as they rode the tailwinds of strongly accommodative U.S. fiscal and monetary policies, in place since the COVID pandemic began in the spring of 2020. We maintained broad style exposure, investing in large- and mid-cap stocks within the core value and growth styles. We also held a modest allocation to non-U.S. stocks.*

Within fixed income, we maintained a short duration bias along with an overweight to credit sectors, underweighting government-related sectors. Because performance for the period was so bifurcated, with credit sectors outperforming and government-backed sectors trailing, any allocation to Treasuries and agencies was a substantial drag.

Outlook

The macroeconomic backdrop still has plenty of room to improve as does the employment situation. The pace of the economic recovery is likely to slow, however, resulting in diminished exuberance in equity markets. Additionally, a number of contentious issues will have to be dealt with by the U.S. government over the next few months, including legislation for the debt ceiling, the infrastructure package, and another potential spending package passed through reconciliation. The pace of market returns will likely slow and bouts of volatility may occur as progress is made (or not made) on the fiscal and monetary fronts.

We believe that the macro backdrop will slowly return to a more normal environment in the months ahead. Now that the speculative phase of this cycle appears to have dissipated, along with the potential obstacles in the coming fiscal policy and tax debates, we have lightened up on our exposure to cyclical and higher-risk segments of the market. Without a strong catalyst for even more growth, it looks like it is, again, more prudent to allocate to high-quality, attractively valued, more-profitable companies going forward.*

We foresee a status quo path as most likely for the fixed income markets over the next six months. Credit spreads should remain very tight, with a bias to tightening further, and interest rates should remain steady, perhaps with a drift higher on the long end of the curve.

With interest rates likely to remain steady with a bias towards higher rates on the long end, we are positioning the fixed income portion of the Fund with a shorter duration than its benchmark. Should long rates rise, we will reduce our short duration position.

With credit spreads also likely to remain steady with a bias towards tighter spreads, we plan to maintain our overweight to credit sectors and keep our underweight to the Treasury and agency sectors.

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 14 –

Active Core Fund (Unaudited)

Index Description

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

Investment Risks

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

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

Value of a $10,000 Investment

Average Annual Total Return

For the year ended 8/31/2021	1 Year	5 years	10 Year
A Shares (at NAV)¹	16.16%	9.24%	8.53%
A Shares (with 2.00% maximum load)¹	13.83%	8.80%	8.31%
C Shares¹	15.33%	8.45%	8.01%
Investor Shares	16.11%	9.27%	8.58%
Institutional Shares	16.43%	9.56%	8.83%
Russell 1000^® Index	32.25%	18.24%	16.40%
Bloomberg U.S. Aggregate Bond Index	(0.08)%	3.11%	3.18%
Lipper Mixed-Asset Target Allocation Moderate Funds Average²	17.73%	8.87%	8.01%
Expense Ratios
			Gross
A Shares			1.24%
C Shares			2.14%
Investor Shares			1.39%
Institutional Shares			1.14%

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

– 15 –

Mid Cap Diverse Leadership Fund (Unaudited)

Fund Goal

We seek to provide positive investment return, net of taxes, by investing at least 80% of net assets in a diversified portfolio of common stocks of mid-cap U.S. companies. The Fund defines mid-cap securities as those that are included in the Russell MidCap^® Index¹ at the time of purchase.

For the year ended August 31, 2021, the Mid Cap Diverse Leadership Fund A Shares (at NAV) returned 39.88%; C Shares returned 38.80% and Investor Shares returned 39.69%, while the Institutional Shares returned 40.08%. The Fund’s benchmark, the Russell MidCap^® Index¹, showed total return of 41.24%.

Market Conditions

Fund Strategy

The rapidly changing environment in late 2020 and early 2021 required us to be more nimble with our positioning over the past year. The announcement of a viable vaccine presaged a sharp rebound in the cyclical and consumer segments once the economy reopened. Likewise, we added to our cyclical exposure in the fourth quarter of 2020. We didn’t abandon our preference high-quality, profitable businesses, though. It took some time to play out, but the speculative fervor that the market had for high-risk assets started to fade in the first quarter of 2021 and we benefited when those more stable companies came back into favor.*

From a market cap perspective, we are in line with the benchmark. Our sector allocations varied significantly over the past 12 months; but, as a whole, we leaned on overweights to consumer discretionary, financials, and industrials. Conversely, we had underweights to utilities, materials, and health care. Overall, we benefited from the cyclical upswing in the industrials and energy area, but the materials underweight was a detractor. In total, we gained about 8 basis points (0.08%) of performance versus the benchmark from sector allocations.*

Our style allocation was a net positive for performance over the past 12 months. The path was not a straight line, but exposures to the high-quality, profitability, value, and momentum themes added nearly 162 basis points to performance. Conversely, not adding enough exposure to the highest risk assets in the market recovery hurt our performance versus the benchmark by roughly 85 basis points. In total, style allocations added about 76 basis points.*

We managed our exposure to the energy sector fairly well over the course of the pandemic and the economic reopening. That had the largest positive impact from a sector perspective, along with an overweight to industrials. The technology sector provided the most significant single-stock performers as investors continued to bid up semiconductors, data service providers, and internet companies.*

An underweight to materials and a slight overweight to real estate had the largest negative influence from a sector allocation perspective. They weren’t any big misses in terms of individual stock selection. As mentioned previously, not holding enough of the riskiest stocks hurt performance versus the benchmark. The biggest headwind to performance was inopportune Fund inflows and outflows, as well as the need to hold more cash than normal. In a market that was up roughly 40% over the past year, these influences detracted around 400 basis points.

Outlook

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 16 –

Mid Cap Diverse Leadership Fund (Unaudited)

Index Description

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

Investment Risks

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

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

Value of a $10,000 Investment

Average Annual Total Return

		Since
		Inception
For the year ended 8/31/2021	1 Year	(12/30/2016)
A Shares (at NAV)¹	39.88%	12.72%
A Shares (with 2.00% maximum load)¹	37.13%	12.25%
C Shares¹	38.80%	11.73%
Investor Shares	39.69%	12.68%
Institutional Shares	40.08%	12.95%
Russell MidCap Index	41.24%	15.75%
Lipper Mid-Cap Core Funds Average²	40.77%	11.95%
Expense Ratios
		Gross
A Shares		13.12%
C Shares		14.02%
Investor Shares		13.27%
Institutional Shares		13.02%

– 17 –

Opportunistic Fund (Unaudited)

Fund Goal

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

For the year ended August 31, 2021, the Opportunistic Fund’s A Shares (at NAV) returned 23.05%; the C Shares returned 22.11%; the Investor Shares returned 22.97%, and the Institutional Shares returned 23.27%. The Fund’s benchmarks, the S&P 500 Index¹ and the HFRX Equity Hedge Index¹, posted total returns of 31.17% and 18.37%, for the same time period.

Market Conditions

Over the past year, the economic recovery from the pandemic continued as U.S. gross domestic product remained well above trend in the first half of 2021, with annualized GDP growth of more than 6%. We expect a similar number in the second half of 2021. For context, for the decade leading to 2020, GDP growth ranged between 1.5% and 2.5%.

As people socially distanced, consumers spent primarily on goods while the service side of the economy remained below pre-COVID levels. Although travel has since rebounded, it remains below its pre-COVID levels. Meanwhile, the housing market has remained white hot with a supply/ demand imbalance and low interest rates leading to home price appreciation we haven’t seen in 15 years.

Although economic growth has been strong, it has been uneven, with some sectors unable to find labor and other sectors unable to source semiconductor chips. The auto industry’s global supply chain has been affected by this, leading to spikes in the prices of used vehicles. And with the service industry still handcuffed with COVID Delta-variant restrictions, and goods experiencing shortages, inflation has picked up significantly.

Positive vaccine data and election resolution drove a risk-on rally during the fourth quarter of 2020 and first quarter of 2021. From the second quarter on, we saw a change in sector leadership as the Delta variant took hold and more defensive sectors and stocks assumed leadership from cyclical stocks.

Fund Strategy

We believe attractive investment opportunities often arise where Wall Street research is lacking. We use bottom-up research to identify opportunities and we adjust the Fund’s level of exposure to risk assets accordingly, which can lead to fluctuations of the Fund’s net risk exposure over time. *

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

The Fund was positioned correctly for the risk-on move of the fourth quarter of 2020 and first quarter of 2021, but that same exposure became a drag in the second quarter and beyond as investors became fixated on Delta COVID case counts despite meaningfully lower hospitalization and death risk in the wake of vaccine uptake.*

The Fund outperformed its benchmark, the HFRX Equity Hedge Index¹, by roughly 500 basis points (5.0%) for the year. This resulted from being more exposed to cyclical stocks and small caps versus the Fund’s peers, which at first benefited the Fund but then became a drag on relative performance.*

Overall, stock selection in the consumer discretionary and industrials sectors contributed to the Fund’s relative performance. In contrast, the Fund’s stock selection in the health care sector detracted from relative performance. The Fund’s exposure to small-cap stocks and cyclicals was a plus from September 2020 through February 2021 but became a drag on performance from March 2021 through period end in August.*

Outlook

We continue to be positive on equities given the Federal Reserve’s continued heavy accommodation and limited yield opportunities in the bond market. The biggest risks are the impending end of the U.S. fiscal stimulus, the debt ceiling debate this fall, and the possibility of tax hikes into 2022.*

Given the Fed’s monetary policy accommodation, we are maintaining a significant exposure to equities. The Fund’s equity portion has limited active risk with regard to sector, style, and cyclicality. We still do have a significant active risk to small-cap stocks but we have taken measures to hedge that risk and accentuate opportunities to generate additional returns that we believe are present in those stocks.*

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 18 –

Opportunistic Fund (Unaudited)

Index Description

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

Investment Risks

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

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

Value of a $10,000 Investment

Average Annual Total Return

			Since
			Inception
For the year ended 8/31/2021	1 Year	5 years	(9/1/11)
A Shares (at NAV)¹	23.05%	8.89%	8.66%
A Shares (with 2.00% maximum load)¹	20.61%	8.46%	8.45%
C Shares¹	22.11%	8.06%	8.09%
Investor Shares	22.97%	8.89%	8.63%
Institutional Shares	23.27%	9.17%	8.94%
S&P 500 Index	31.17%	18.02%	16.34%
HFRX Equity Hedge Index	18.37%	5.32%	3.30%
Lipper Absolute Return Funds Average²	8.81%	4.01%	2.64%
Expense Ratios
			Gross
A Shares			1.99%
C Shares			2.89%
Investor Shares			2.13%
Institutional Shares			1.89%

– 19 –

World Energy Fund (Unaudited)

Fund Goal

We seek to provide growth and income by primarily investing net assets in a wide range of energy-related financial instruments issued in the U.S. and markets around the world.

For the year ended August 31, 2021, the World Energy Fund’s A Shares (at NAV) posted a total return of 46.33%; the C Shares returned 45.25%; the Investor Shares returned 46.49% and the Institutional Shares posted a total return of 46.78%. The Fund’s benchmarks, the S&P 500 Index¹ and the MSCI World Energy Index¹returned 31.17% and 35.47%, respectively.

Oil Market Backdrop

As people social distanced, consumers spent primarily on goods while the service side of the economy remains below pre-COVID levels. Although travel has rebounded, it also remains below its pre-COVID levels. Meanwhile, the housing market has remained white hot with a supply/ demand imbalance and low interest rates leading to home price appreciation we haven’t seen in 15 years.

Overall, economic growth has been strong but uneven, with some sectors unable to find labor and other sectors unable to source semiconductor chips. The auto industry’s global supply chain has been affected by this, leading to spikes in the prices of used vehicles. Meanwhile, consumers are sitting on an estimated $2 trillion-plus in excess savings. And with the service industry still handcuffed with COVID Delta-variant restrictions, and goods experiencing shortages, inflation has picked up significantly.

Meanwhile, the equity market has rallied and demand has recovered in the oil markets. From a trough of around 80 million barrels per day in May-June 2020, crude oil demand has rebounded, approaching 96 million barrels per day. However, demand, while rising, remains below the pre-COVID peak of 102 millions barrels per day.

OPEC¹ + Russia continues to manage supply, keeping excess barrels (nearly 5 million barrels daily) off the market. In addition, U.S. producers have been reticent to respond to higher oil prices, and U.S. production remains about 1.5 million barrels per day below pre-COVID highs. The recovery in demand coupled with restrained supply has led to sharp rises in the price of oil, boosting energy stocks.

Fund Strategy

The Fund is able to invest in a variety of instruments, including common stocks and fixed income securities. We allocate the Fund’s assets in search of the best opportunities based on our view of commodity prices and the relative attractiveness of the energy sector’s various subsectors. *

During the first half of the period, we found value in alternative energy – hydrogen, wind, and solar as well as the electric vehicle supply chain. At one point, we had nearly 30% of the Fund allocated to alternative energy, the most ever. These stocks performed exceptionally well early on. Over the course of the fiscal year, however, many of these alternative energy stocks became overvalued, leading us to decrease our allocation to alternatives, ending the period with less than 15% exposure.

Because of the global recovery in oil demand, coupled with U.S. regulations that may make it hard for companies to add resources inexpensively, existing resources are likely to increase in value. So, over the course of the year, as we sold some of our alternatives investments, we added to more fossil fuel stocks.

Additionally, early on in the fiscal year, we held more than 10% in cash and fixed income. As opportunities in equities arose, we trimmed cash and fixed income to below 7% of the portfolio. The incremental increase in equity investments was focused in fossil fuel stocks, where we continue to see value.

Among contributors to relative performance, investments in alternatives led the way during the first half of the fiscal year. Throughout the entire year, fossil fuel – specifically exploration and production (E&P) stocks and oil field service stocks – also added to performance. We also saw strong performance in refiners, which benefited from rising demand for gasoline. Leading the way were domestic E&Ps. We added significant exposure here, rising from 22% of the portfolio as the period began to 37% at period end.

Among refiners, our largest position, Marathon Petroleum, benefited from a major transaction as the firm sold its entire gas station business for more than $20 billion in cash. The proceeds were used for balance-sheet strengthening and returning capital to shareholders. As a result, the position returned 74.8% during the year.

Among detractors from relative performance, owning bonds when interest rates were rising did not help. However, bonds help protect the portfolio in times of stress and protect against unforeseen events that could hurt stock market performance, such as new COVID variants or other exogenous events. Additionally, investments in utilities were a drag on performance as investors sought more leverage to the economic recovery.

Outlook

A lot of good news is already priced in. Equities are expensive, with valuations approaching 20-year highs. However, so is fixed income, as bonds yield only 1.3% on the 10-year Treasury, with inflation running at 5%-plus. Energy markets appear undersupplied but there are risks, including uncertainties over Iran and OPEC1’s attempt to regulate supply. Another COVID variant that affects oil demand could disrupt oil prices. We remain bullish on energy prices and continue to see a Brent oil benchmark price of between $70-$90 as being warranted given the demand recovery, supply constraints, and the likelihood of an end to the pandemic within the coming year. We believe that the risk is to the upside for oil prices.

Because we are bullish on fossil fuel equities, we have nearly 50% of the fund assets in E&P companies and oil field service companies. Not only do we see the risk/reward for oil as being to the upside, we believe valuations of the equities provide a margin of safety. Oil-related stocks are pricing in lower commodity prices, and we believe that creates an opportunity.

Finally, we still see solar and electric vehicles as opportunities and have investments in both at this time. We have minimal investments in wind and hydrogen, though we see long term potential here. So, we’re watching the space carefully as we look for opportunities.

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 20 –

World Energy Fund (Unaudited)

Index Description

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

Investment Risks

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

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

Value of a $10,000 Investment

Average Annual Total Return

			Since
			Inception
For the year ended 8/31/2021	1 Year	5 years	(2/3/2014)
A Shares (at NAV)¹	46.33%	1.87%	(0.36)%
A Shares (with 2.00% maximum load)¹	43.30%	1.45%	(0.62)%
C Shares¹	45.25%	1.11%	(1.09)%
Investor Shares	46.49%	1.88%	(0.36)%
Institutional Shares	46.78%	2.14%	(0.09)%
S&P 500 Index	31.17%	18.02%	15.69%
MSCI World Energy Index	35.47%	(0.80)%	(2.46)%
Lipper Global Natural Resources Funds Average²	40.27%	2.73%	(1.66)%
Expense Ratios
			Gross
A Shares			2.06%
C Shares			2.95%
Investor Shares			2.22%
Institutional Shares			1.93%

– 21 –

Hedged Income Fund (Unaudited)

Fund Goal

We seek current income with the potential for long-term capital appreciation with less volatility than the broad equity market. The Fund invests primarily in dividend-paying equity securities and it will also seek to generate income through option premiums by writing (selling) call options. The Fund will buy index and ETF put options in order to seek to reduce volatility and provide downside market protection.

For the period from the Fund’s inception on December 28, 2020 through to August 31, 2021, the Hedged Income Fund’s A Shares (at NAV) returned 8.77%; the Investor Shares returned 8.79% and the Institutional Shares posted a total return of 9.04%. The Fund’s benchmark the CBOE S&P 500 BuyWrite Index¹ and S&P 500 Index returned 14.94% and 22.27%, respectively, during the same period.

Market Conditions

Fund Strategy

The Fund seeks to provide income in the form of dividends and covered call writing on the portfolio’s stock positions. Additionally, the Fund seeks to limit downside volatility with protective puts on broad market indexes. The Fund targets companies that have consistent and sustainable dividends, a strong track record of and future ability to increase the dividend, a proven history of predictable cash flows that increase over time, and barriers to competition.

The Fund was positioned correctly for the risk-on move of the fourth quarter of 2020 and first quarter of 2021, but that same exposure became a drag in the second quarter and beyond as investors focused on Delta COVID case counts despite meaningfully lower hospitalization and death risk in the wake of vaccine uptake.

The Fund underperformed its benchmark, the CBOE S&P 500 BuyWrite Index1, by roughly 600 basis points (6.0%) for the period from the Fund’s launch in late December to August 31, 2021. Underperformance resulted from the Fund’s options overlay as the stock market rallied, as well as the overweight to cyclical sectors that have underperformed broader equities since the end of February.

Overall, stock selection in the consumer discretionary sector contributed to the Fund’s relative performance. In contrast, the Fund’s stock selection in the technology sector and telecommunications industry detracted from performance relative to the benchmark. We were also held back by not being able to own shares in the largest companies in the broader indexes as they issue little or no dividends.*

Outlook

Given the Fed’s persistent monetary policy accommodation and seemingly limited upside pressure to interest rates, we remain bullish on equities. We are maintaining significant overweight to cyclicality, which we believe is at least somewhat hedged by the high quality bias of the portfolio’s holdings.*

For additional information, please refer to the Glossary of Terms.

The composition of the Funds’ portfolio is subject to change.

– 22 –

Hedged Income Fund (Unaudited)

Index Description

The CBOE S&P 500 BuyWrite Index is designed to show the hypothetical performance of a portfolio that engages in a buy-write strategy using S&P 500 index call options. The S&P 500 Index is regarded as a gauge of the U.S. equities market, this index includes 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also an ideal proxy for the total market. The Fund’s performance reflects the deduction of fees for these services, but does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investors cannot invest directly in an index.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in below investment-grade fixed income securities. Fixed income securities are subject to interest rate risks. The principal value of a bond falls when interest rates rise and rise when interest rates fall. Mid- and small-cap companies may be more vulnerable to adverse business or economic developments. Although intended to limit or reduce investment risk, hedging strategies may also limit or reduce the potential for profit. There is no assurance that hedging strategies will be successful. Investing in derivative instruments involves risks that may be different from or greater than the risks associated with investing directly in securities or other traditional investments. By writing covered call options, a fund will not benefit from any potential increases in the value of a fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose a fund to additional costs. Writing of covered call options are also subject to the risk that the counterparty to the transaction will not fulfill its obligations. When the Fund purchases a put option on a security or index it may lose the entire premium paid if the underlying security or index does not decrease in value. The Fund is also exposed to default by the put writer who may be unwilling or unable to perform its contractual obligations to the Fund. The fund’s investment in dividend-paying stocks could cause the fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends. Stock of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks.

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

Value of a $10,000 Investment

Average Annual Total Return

			Since
			Inception
For the periods ended 8/31/2021	3 Months	YTD	(12/28/2020)
A Shares (at NAV)¹	0.82%	8.56%	8.77%
A Shares (with 2.00% maximum load)¹	(1.20)%	6.43%	6.64%
Investor Shares	0.86%	8.57%	8.79%
Institutional Shares	0.96%	8.82%	9.04%
S&P 500 Index	7.95%	21.58%	22.27%
CBOE S&P 500 BuyWrite Index	5.50%	14.64%	14.94%
Lipper Options Arbitrage/Options Strategies Funds Average²	3.30%	9.24%	9.24%
Expense Ratios
			Gross
A Shares			1.45%
Investor Shares			1.60%
Institutional Shares			1.35%

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

– 23 –

Statements of Assets and Liabilities

August 31, 2021

			Government
		U.S. Treasury		Securities Money
		Fund		Market Fund
Assets:
Investments, at cost	$	541,051,349	$	1,224,248,089
Investments, at value		541,051,349		1,224,248,089
Repurchase agreements, at value/cost		440,000,000		630,000,000
Total Investments		981,051,349		1,854,248,089
Interest and dividends receivable		1,127		50,164
Receivable for capital shares reinvested		—		2,425
Receivable from adviser		567,126		427,762
Prepaid expenses and other assets		22,190		131,619
Total Assets		981,641,792		1,854,860,059
Liabilities:
Distributions payable		—		15,711
Accrued expenses and other payables:
Investment advisory fees		46,283		80,574
Administration fees		46,283		80,574
Distribution fees		212,892		68,092
Custodian fees		9,257		16,116
Trustee fees		4,504		8,323
Fund accounting and compliance fees		21,586		36,223
Transfer agent fees		10,496		17,321
Shareholder servicing fees		217,128		126,535
Other accrued liabilities		103,037		192,354
Total Liabilities		671,466		641,823
Net Assets	$	980,970,326	$	1,854,218,236

Composition of Net Assets:
Shares of beneficial interest, at par	$	9,810		$18,550
Additional paid-in capital		980,960,489		1,854,195,845
Total distributable earnings/(loss)		27		3,841
Net Assets	$	980,970,326	$	1,854,218,236

Net Assets:
Administrative Shares	$	882,437,694	$	578,784,613
Service Shares		34,447,475		—
Institutional Shares		60,980,457		124,349,464
Select Shares		3,104,700		865,637,441
Premier Shares		—		285,446,718
Total	$	980,970,326	$	1,854,218,236

Shares Outstanding: ($0.00001 par value per share, unlimited number of shares authorized)
Administrative Shares		882,372,050		579,120,603
Service Shares		34,462,410		—
Institutional Shares		61,031,491		124,429,772
Select Shares		3,104,579		865,950,695
Premier Shares		—		285,485,031
Total		980,970,530		1,854,986,101

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.

– 24 –

Statements of Assets and Liabilities

August 31, 2021

Continued

										Strategic
	Limited Duration			Moderate						Enhanced Yield
	Fund			Duration Fund			Bond Fund			Fund
Assets:
Investments, at cost	$	80,972,421		$	23,536,040		$	104,482,198		$	19,947,250
Investments in affiliates, at cost		4,256,770			1,478,458			2,305,878			1,318,672
Total Investments, at cost		85,229,191			25,014,498			106,788,076			21,265,922
Investments, at value		80,831,572			23,958,927			107,379,234			20,344,980
Investments in affiliates, at value		4,256,770			1,478,458			2,305,878			1,318,672
Total Investments, at value		85,088,342			25,437,385			109,685,112			21,663,652
Interest and dividends receivable		265,150			134,752			626,475			102,920
Receivable for capital shares issued		15,104			—			61			—
Receivable for capital shares reinvested		47,728			29,288			51,926			26,952
Receivable for investments sold		421			—			—			—
Receivable from adviser		—			8,412			—			9,239
Receivable from fees waived or reimbursed		—			580			—			—

Prepaid expenses and other assets		21,584			20,719			21,244			7,405
Total Assets		85,438,329			25,631,136			110,384,818			21,810,168

Liabilities:
Distributions payable		92,364			52,255			262,431			39,466
Payable for investments purchased		1,549,419			—			—			—
Payable for capital shares redeemed		199,060			2,377			119,316			121,148
Accrued expenses and other payables:
Investment advisory fees		10,737			4,349			18,687			9,461
Administration fees		5,726			1,739			7,475			1,514
Distribution fees		1,305			893			320			434
Custody fees		716			217			934			189
Trustee fees		272			58			297			51
Fund accounting and compliance fees		4,968			2,232			4,312			1,414
Transfer agent fees		11,615			4,198			7,433			6,442
Shareholder servicing fees		4,300			—			878			147
Other accrued liabilities		8,638			1,704			7,443			1,596
Total Liabilities		1,889,120			70,022			429,526			181,862
Net Assets	$	83,549,209		$	25,561,114		$	109,955,292		$	21,628,306

Composition of Net Assets:
Shares of beneficial interest, at par	$	86		$	24		$	110		$	21
Additional paid-in capital		88,557,448			30,282,322			109,160,446			21,794,774
Total distributable earnings/(loss)		(5,008,325	)		(4,721,232	)		794,736			(166,489	)
Net Assets	$	83,549,209		$	25,561,114		$	109,955,292		$	21,628,306

Net Assets:
Investor Shares	$	3,289,835		$	3,828,005		$	1,435,207		$	1,132,087
Institutional Shares		77,454,914			21,351,400			108,453,306			19,579,446
A Shares		2,804,460			381,709			66,779			916,773
Total.	$	83,549,209		$	25,561,114		$	109,955,292		$	21,628,306

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		339,323			355,465			143,866			107,870
Institutional Shares		7,995,121			1,982,104			10,898,721			1,891,004
A Shares		289,091			35,433			6,693			88,580
Total		8,623,535			2,373,002			11,049,280			2,087,454
Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.70		$	10.77		$	9.98		$	10.49
Institutional Shares	$	9.69		$	10.77		$	9.95		$	10.35
A Shares	$	9.70		$	10.77		$	9.98		$	10.35

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	$	9.90		$	10.99		$	10.18		$	10.56

See notes to financial statements.

– 25 –

Statements of Assets and Liabilities

August 31, 2021

Continued

	Ultra Short Tax-						Mid Cap Diverse			Opportunistic
	Free Income Fund			Active Core Fund			Leadership Fund			Fund
Assets:
Investments, at cost	$	36,182,352‌		$	36,299,511‌		$	1,010,527‌		$	68,797,901‌
Investments in affiliates, at cost		95,418‌			1,319,765‌			36,118‌			1,326,656‌
Total Investments, at cost		36,277,770‌			37,619,276‌			1,046,645‌			70,124,557‌
Investments, at value		36,198,690‌			49,113,050‌			1,327,224‌			75,225,755‌
Investments in affiliates, at value		95,418‌			1,296,287‌			36,118‌			1,326,656‌
Total Investments, at value		36,294,108‌			50,409,337‌			1,363,342‌			76,552,411‌
Interest and dividends receivable		144,154‌			146,655‌			825‌			419,621‌
Receivable for capital shares issued		—‌			2,813,198‌			25‌			6,658‌
Receivable for investments sold		1,300,000‌			483,096‌			—‌			2,157,845‌
Receivable from adviser		6,881‌			—‌			10,674‌			20,930‌
Receivable from fees waived or reimbursed		64‌			2‌			—‌			—‌
Prepaid expenses and other assets		7,475‌			25,200‌			15,433‌			31,421‌
Total Assets		37,752,682‌			53,877,488‌			1,390,299‌			79,188,886‌

Liabilities:
Payable for investments purchased		5,105,503			207,601			—‌			1,279,652‌
Payable for capital shares redeemed		—			2,733,800			—‌			14,327‌
Accrued expenses and other payables:
Investment advisory fees		4,308			15,025			631‌			55,330‌
Administration fees		2,298			3,434			92‌			5,208‌
Distribution fees		38			1,374			79‌			1,593‌
Custody fees		287			429			11‌			651‌
Trustee fees		77			144			3‌			228‌
Fund accounting and compliance fees		1,131			3,391			171‌			1,532‌
Transfer agent fees		3,756			6,879			5,064‌			13,389‌
Shareholder servicing fees		—			—			14‌			114‌
Other accrued liabilities		1,784			3,787			81‌			6,474‌
Total Liabilities		5,119,182			2,975,864			6,146‌			1,378,498‌
Net Assets	$	32,633,500		$	50,901,624		$	1,384,153‌		$	77,810,388‌

Composition of Net Assets:
Shares of beneficial interest, at par	$	33		$	33		$	1		$	46‌
Additional paid-in capital		32,615,787			33,130,681			917,279			69,699,513‌
Total distributable earnings/(loss)		17,680			17,770,910			466,873‌			8,110,829‌
Net Assets	$	32,633,500		$	50,901,624		$	1,384,153‌		$	77,810,388‌

Net Assets:
Investor Shares	$	104,758		$	2,956,691		$	119,197		$	4,615,528
Institutional Shares		32,512,200			47,342,569			1,090,000			71,356,201
A Shares		16,542			515,963			147,394			1,482,092
C Shares		—			86,401			27,562			356,567
Total	$	32,633,500		$	50,901,624		$	1,384,153		$	77,810,388

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		10,507			189,443			8,241			273,373
Institutional Shares		3,249,245			3,021,960			75,181			4,172,622
A Shares		1,657			33,165			10,119			87,446
C Shares		—			5,579			1,949			21,786
Total		3,261,409			3,250,147			95,490			4,555,227

Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.97		$	15.61		$	14.46		$	16.88
Institutional Shares	$	10.01		$	15.67		$	14.50		$	17.10
A Shares	$	9.98		$	15.56		$	14.57		$	16.95
C Shares	$	—		$	15.49		$	14.14		$	16.37

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	$	10.08		$	15.88		$	14.87		$	17.30

See notes to financial statements.

– 26 –

Statements of Assets and Liabilities

August 31, 2021

Concluded

	World Energy			Hedged Income
	Fund			Fund
Assets:
Investments, at cost	$	22,556,381		$	24,545,211
Investments in affiliates, at cost		439,196			524,599
Total Investments, at cost		22,995,577			25,069,810
Investments, at value		27,432,369			25,867,398
Investments in affiliates, at value		439,196			524,599
Total Investments, at value		27,871,565			26,391,997
Cash		112,770			—
Interest and dividends receivable		131,751			73,055
Receivable for capital shares issued		35,625			4,328
Receivable for investments sold		634,853			381
Receivable from adviser .		12,608			5,179
Prepaid expenses and other assets		15,709			20,498
Total Assets		28,814,881			26,495,438

Liabilities:
Written Options (Premiums received $0 and $297,653, respectively)		—			282,547
Payable to custodian		—			381
Payable for investments purchased		919,430			—
Payable for capital shares redeemed		7,929			—
Accrued expenses and other payables:
Investment advisory fees		13,683			18,013
Administration fees		1,824			1,714
Distribution fees		4,476			666
Custody fees		228			214
Trustee fees		85			34
Fund accounting and compliance fees		643			517
Transfer agent fees		10,775			2,381
Shareholder servicing fees		1			83
Other accrued liabilities		3,521			782
Total Liabilities		962,595			307,332
Net Assets	$	27,852,286		$	26,188,106

Composition of Net Assets:
Shares of beneficial interest, at par	$	31		$	24
Additional paid-in capital		45,712,789			25,203,399
Total distributable earnings/(loss)		(17,860,534	)		984,683
Net Assets	$	27,852,286		$	26,188,106

Net Assets:
Investor Shares	$	6,894,650		$	1,437,558
Institutional Shares		15,640,650			23,041,748
A Shares		2,215,640			1,708,800
C Shares		3,101,346			—
Total	$	27,852,286		$	26,188,106

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		775,875			132,970
Institutional Shares		1,758,833			2,129,244
A Shares		249,934			158,171
C Shares		353,131			—
Total		3,137,773			2,420,385

Net Asset Value, offering price & redemption price per share:
Investor Shares	$	8.89		$	10.81
Institutional Shares	$	8.89		$	10.82
A Shares	$	8.86		$	10.80
C Shares	$	8.78		$	—

Maximum Sales Charge:
A Shares		2.00	%		2.00	%

Maximum Offering Price per share (net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent):
A Shares	$	9.04		$	11.02

See notes to financial statements.

– 27 –

Statements of Operations

Year Ended August 31, 2021

				Government
	U.S. Treasury			Securities Money
	Fund			Market Fund
Investment Income:
Interest income	$	690,278		$	1,519,887‌
Dividend income		30,012‌			85,059‌
Total income		720,290‌			1,604,946‌

Expenses:		‌			‌
Investment advisory fees		542,512			980,437
Administration fees		542,512‌			980,437‌
Distribution fees - Administrative Shares		2,400,918‌			1,460,216‌
Distribution fees - Service Shares		78,009‌			—‌
Distribution fees - Premier Shares		—‌			1,518,821‌
Shareholder servicing fees - Administrative Shares		2,399,998‌			1,460,216‌
Shareholder servicing fees - Service Shares		78,009‌			—‌
Shareholder servicing fees - Institutional Shares		176,676‌			328,019‌
Shareholder servicing fees - Select Shares		56,923‌			2,354,472‌
Shareholder servicing fees - Premier Shares		—‌			759,411‌
Fund accounting and compliance fees		243,471‌			442,803‌
Transfer agent fees		73,120‌			121,310‌
Custodian fees		108,505‌			196,113‌
Trustee fees		50,653‌			93,862‌
Professional fees		195,895‌			351,734‌
Printing fees		18,983‌			37,263‌
Registration fees		30,515‌			322,240‌
Other expenses		126,722‌			188,200‌

Total expenses before fee and expense reductions		7,123,421‌			11,595,554‌

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(6,181,377	‌)		(4,720,089	‌)
Distribution fees waived - Administrative Shares		—‌			(759,306	‌)
Distribution fees waived - Service Shares		(46,805	‌)		—‌
Distribution fees waived - Premier Shares		—‌			(1,366,944‌)
Shareholder servicing fees waived - Service Shares		(46,791	‌)		—‌
Shareholder servicing fees waived - Institutional Shares		(120,099	‌)		(225,945	‌)
Shareholder servicing fees waived - Select Shares		(56,923	‌)		(2,354,472	‌)
Shareholder servicing fees waived - Premier Shares		—‌			(759,411‌	)

Net expenses		671,426‌			1,409,387‌

Net investment income/(loss)		48,864‌			195,559‌

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(1,972	‌)		399‌
Net realized/unrealized gains/(losses) on investments		(1,972	‌)		399‌
Change in net assets resulting from operations	$	46,892‌		$	195,958‌

See notes to financial statements.

– 28 –

Statements of Operations

Year Ended August 31, 2021

Continued

Strategic

Limited Duration

Moderate

Enhanced Yield

Fund

Duration Fund

Bond Fund

Fund

Investment Income:

Interest income

1,783,238‌

638,110‌

2,482,172‌

676,771‌

Dividend income

2‌

—‌

4,546‌

18,176‌

Dividend income from affiliates

325‌

96‌

351‌

153‌

Total income

1,783,565‌

638,206‌

2,487,069‌

695,100‌

Expenses:

‌

Investment advisory fees

133,864

57,402

205,764

125,759

Administration fees

71,394‌

22,961‌

82,305‌

20,122‌

Distribution fees - Investor Shares

9,091‌

10,050‌

4,276‌

4,363‌

Distribution fees - A Shares

4,500‌

882‌

216‌

2,301‌

Shareholder servicing fees - Investor Shares

9,091‌

10,050‌

4,276‌

4,363‌

Shareholder servicing fees - Institutional Shares

209,514‌

60,821‌

252,711‌

56,215‌

Shareholder servicing fees - A Shares

1,800‌

353‌

86‌

920‌

Fund accounting and compliance fees

51,776‌

30,724‌

47,423‌

19,355‌

Transfer agent fees

99,402‌

59,560‌

64,867‌

71,689‌

Custodian fees

8,847‌

2,853‌

10,244‌

2,490‌

Trustee fees

4,324‌

1,396‌

4,786‌

1,199‌

Professional fees

16,608‌

5,166‌

18,897‌

4,435‌

Printing fees

8,706‌

3,334‌

5,049‌

3,968‌

Registration fees

53,286‌

39,581‌

39,419‌

43,029‌

Other expenses

8,245‌

3,993‌

8,116‌

3,556‌

Total expenses before fee and expense reductions

690,448‌

309,126‌

748,435‌

363,764‌

Investment advisory fees waived/expenses reimbursed by Investment Adviser

(2,023‌

)

(86,395

‌)

(2,135‌

‌)

(105,294‌

‌)

Administration fees waived

(2,023

)

(642

‌)

(2,135‌

‌)

(844‌

‌)

Shareholder servicing fees waived - Investor Shares

(9,091

)

(9,610

‌)

(4,276

‌)

(3,358‌

‌)

Shareholder servicing fees waived - Institutional Shares

(195,296‌

)

(60,821‌

‌)

(252,711

‌)

(55,325

‌)

Shareholder servicing fees waived - A Shares

(1,800

)

(13

‌)

(86

‌)

(915‌

‌)

Net expenses

480,215‌

151,645‌

487,092‌

198,028‌

Net investment income/(loss)

1,303,350‌

486,561‌

1,999,977‌

497,072‌

Realized/Unrealized Gains/(Losses) on Investments:

Net realized gains/(losses) from unaffiliated investments

(140,871

)

312,998‌

1,265,527‌

(589,858

‌)

Change in unrealized appreciation/(depreciation) on unaffiliated investments

(592,555‌

)

(422,172

‌)

(2,642,919

‌)

165,891‌

Net realized/unrealized gains/(losses) on investments

(733,426

)

(109,174

‌)

(1,377,392

‌)

(423,967

‌)

Change in net assets resulting from operations

569,924‌

377,387‌

622,585‌

73,105‌

See notes to financial statements.

– 29 –

Statements of Operations

Year Ended August 31, 2021

Continued

	Ultra Short Tax- Free			Active			Mid Cap Diverse Leadership			Opportunistic
	Income Fund			Core Fund			Fund			Fund
Investment Income:
Interest income	$	111,508		$	533,306		$	—		$	477,931
Dividend income		—			441,471			10,611			595,472
Dividend income from affiliates		51			6,843			3			259
Foreign tax withholding		—			(96	)		(5	)		(2,007	)
Total income		111,559			981,524			10,609			1,071,655

Expenses:
Investment advisory fees		54,583			173,287			6,230			491,270
Administration fees		29,111			39,609			906			46,238
Distribution fees - Investor Shares		941			12,995			285			7,213
Distribution fees - A Shares		44			1,479			344			3,696
Distribution fees - C Shares		—			756			357			3,414
Shareholder servicing fees - Investor Shares		941			12,995			285			7,213
Shareholder servicing fees - Institutional Shares		89,985			109,114			2,114			132,728
Shareholder servicing fees - A Shares		19			592			137			1,479
Shareholder servicing fees - C Shares		—			189			89			853
Fund accounting and compliance fees		15,012			36,024			2,250			14,331
Transfer agent fees		49,158			74,039			65,814			106,638
Custodian fees		3,639			4,941			113			5,750
Trustee fees		1,745			2,350			52			2,658
Professional fees		6,554			9,090			221			11,608
Printing fees		2,018			14,712			2,496			15,285
Registration fees		40,504			48,798			52,634			46,807
Other expenses		4,244			6,120			2,932			5,543

Total expenses before fee and expense reductions		298,498			547,090			137,259			902,724

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(81,296	)		(3,124	)		(124,438	)		(168,440	)
Administration fees waived		(253	)		(996	)		(19	)		(1,462	)
Shareholder servicing fees waived - Investor Shares		(941	)		(12,992	)		(285	)		(6,204	)
Shareholder servicing fees waived - Institutional Shares		(87,590	)		(108,184	)		(2,112	)		(131,012	)
Shareholder servicing fees waived - A Shares		(19	)		(493	)		(137	)		(1,177	)
Shareholder servicing fees waived - C Shares		—			(189	)		(89	)		(568	)

Net expenses .		128,399			421,112			10,179			593,861

Net investment income/(loss)		(16,840	)		560,412			430			477,794

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(80	)		5,488,001			189,918			3,732,056
Change in unrealized appreciation/(depreciation) on unaffiliated investments		(6,362	)		1,338,295			185,726			4,451,747
Change in unrealized appreciation/(depreciation) on affiliated investments		—			143,138			—			—
Net realized/unrealized gains/(losses) on investments		(6,442	)		6,969,434			375,644			8,183,803
Change in net assets resulting from operations	$	(23,282	)	$	7,529,846		$	376,074		$	8,661,597

See notes to financial statements.

– 30 –

Statements of Operations

Year Ended August 31, 2021						Concluded

	World Energy			Hedged Income
	Fund			Fund^(a)
Investment Income:
Interest income	$	47,906‌		$	—‌
Dividend income		590,975‌			317,022
Dividend income from affiliates		49‌			38
Foreign tax withholding		(24,010‌	)		(2,578‌	)
Total income		614,920‌			314,482

Expenses:
Investment advisory fees		132,029‌			77,145
Administration fees		17,604‌			7,715
Distribution fees - Investor Shares		12,447‌			1,300
Distribution fees - A Shares		7,470‌			1,400
Distribution fees - C Shares		29,693‌			—
Shareholder servicing fees - Investor Shares		12,447‌			1,300
Shareholder servicing fees - Institutional Shares		27,671‌			21,408
Shareholder servicing fees - A Shares		2,988‌			560
Shareholder servicing fees - C Shares		7,423‌			—
Fund accounting and compliance fees		6,572‌			2,902
Transfer agent fees		92,630‌			32,519
Custodian fees		2,178‌			965
Trustee fees		1,006‌			388
Professional fees		4,208‌			2,655
Printing fees		10,588‌			1,251
Registration fees		50,858‌			43,446
Other expenses		4,040‌			2,396

Total expenses before fee and expense reductions		421,852‌			197,350

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(130,592‌	)		(65,702	)
Administration fees waived		(273‌	)		(168	)
Shareholder servicing fees waived - Investor Shares		(8,708‌	)		(1,136	)
Shareholder servicing fees waived - Institutional Shares		(26,049‌	)		(20,205‌	)
Shareholder servicing fees waived - A Shares		(2,612‌	)		(560	)
Shareholder servicing fees waived - C Shares		(5,419‌	)		—‌

Net expenses		248,199‌			109,579

Net investment income/(loss)		366,721			204,903

Realized/Unrealized Gains/(Losses) on Investments:		‌
Net realized gains/(losses) from unaffiliated investments		1,852,240			(484,278	)
Net realized gains/(losses) from written options contracts		—‌			46,673
Change in unrealized appreciation/(depreciation) on unaffiliated investments		3,612,155‌			1,322,187
Change in unrealized appreciation/(depreciation) on written options contracts		—‌			15,106
Net realized/unrealized gains/(losses) on investments		5,464,395‌			899,688
Change in net assets resulting from operations	$	5,831,116‌		$	1,104,591

(a) For the period December 28, 2020 (commencement of operations) through August 31, 2021.

See notes to financial statements.

– 31 –

Statements of Changes in Net Assets

August 31, 2021

	U.S. Treasury Fund						Government Securities Money Market Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2021			August 31, 2020			August 31, 2021			August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	48,864		$	7,540,993		$	195,559		$	14,641,916
Net realized gains/(losses) from investment transactions		(1,972	)		1,065			399			95
Change in net assets resulting from operations		46,892			7,542,058			195,958			14,642,011

Distributions to Shareholders:
Administrative Shares		(41,704	)		(6,082,228	)		(58,100	)		(3,153,727	)
Service Shares		(1,220	)		(262,891	)		—			—
Institutional Shares		(3,444	)		(705,651	)		(12,698	)		(1,065,677	)
Select Shares		(2,422	)		(491,992	)		(94,404	)		(8,533,143	)
Premier Shares		—			—			(30,362	)		(1,893,585	)
Change in net assets from shareholder distributions		(48,790	)		(7,542,762	)		(195,564	)		(14,646,132	)
Change in net assets from capital transactions		(152,194,154	)		35,476,108			(188,138,583	)		236,171,204
Change in net assets		(152,196,052	)		35,475,404			(188,138,189	)		236,167,083

Net Assets:
Beginning of year		1,133,166,378			1,097,690,974			2,042,356,425			1,806,189,342
End of year	$	980,970,326		$	1,133,166,378		$	1,854,218,236		$	2,042,356,425

Capital Share Transactions*:
Administrative Shares
Issued		4,606,057,041			3,937,926,144			916,035,796			1,094,726,917
Reinvested		12			1,691			329			22,423
Redeemed		(4,711,823,303	)		(3,814,604,106	)		(945,428,589	)		(976,502,892	)
Change in Administrative Shares		(105,766,250	)		123,323,729			(29,392,464	)		118,246,448
Service Shares
Issued		78,450,592			67,156,216			—			—
Redeemed		(68,569,209	)		(122,517,143	)		—			—
Change in Service Shares		9,881,383			(55,360,927	)		—			—
Institutional Shares
Issued		205,458,514			194,460,581			363,901,504			949,629,015
Reinvested		—			—			557			28,764
Redeemed		(226,897,914	)		(206,095,902	)		(405,162,237	)		(878,643,435	)
Change in Institutional Shares		(21,439,400	)		(11,635,321	)		(41,260,176	)		71,014,344
Select Shares
Issued		50,675,972			98,247,132			2,027,156,309			1,900,133,163
Redeemed		(85,545,859	)		(119,098,505	)		(2,108,767,940	)		(1,940,885,010	)
Change in Select Shares		(34,869,887	)		(20,851,373	)		(81,611,631	)		(40,751,847	)
Premier Shares
Issued		—			—			792,829,359			917,687,338
Reinvested		—			—			29,909			1,803,612
Redeemed		—			—			(828,733,579	)		(831,828,691	)
Change in Premier Shares		—			—			(35,874,311	)		87,662,259
Change in shares:		(152,194,154	)		35,476,108			(188,138,582	)		236,171,204

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

See notes to financial statements.

– 32 –

Statements of Changes in Net Assets

August 31, 2021		Continued

	Limited Duration Fund						Moderate Duration Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2021			August 31, 2020			August 31, 2021			August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	1,303,350		$	2,374,555		$	486,561		$	588,018
Net realized gains/(losses) from investment transactions		(140,871	)		1,870,071			312,998			50,433
Change in unrealized appreciation/(depreciation) on investments		(592,555	)		537,347			(422,172	)		440,846
Change in net assets resulting from operations		569,924			4,781,973			377,387			1,079,297

Distributions to Shareholders:
Investor Shares		(52,512	)		(70,720	)		(63,330	)		(72,666	)
Institutional Shares		(1,404,418	)		(2,364,879	)		(442,376	)		(504,155	)
A Shares		(25,481	)		(15,639	)		(5,552	)		(6,420	)
Change in net assets from shareholder distributions		(1,482,411	)		(2,451,238	)		(511,258	)		(583,241	)
Change in net assets from capital transactions		(12,793,067	)		(24,055,343	)		(5,218,938	)		2,302,623
Change in net assets		(13,705,554	)		(21,724,608	)		(5,352,809	)		2,798,679

Net Assets:
Beginning of year		97,254,763			118,979,371			30,913,923			28,115,244
End of year	$	83,549,209		$	97,254,763		$	25,561,114		$	30,913,923

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	555,021		$	1,649,045		$	902,876		$	643,673
Dividends reinvested		51,176			68,609			62,614			71,730
Cost of shares redeemed		(1,220,569	)		(1,960,529	)		(952,226	)	��	(1,210,971	)
Change in net assets from Investor Shares		(614,372	)		(242,875	)		13,264			(495,568	)
Institutional Shares
Proceeds from shares issued		28,467,762			59,939,991			7,093,665			7,653,501
Dividends reinvested		836,063			915,095			234,317			261,975
Cost of shares redeemed		(43,353,128	)		(85,017,031	)		(12,629,495	)		(5,045,231	)
Change in net assets from Institutional Shares		(14,049,303	)		(24,161,945	)		(5,301,513	)		2,870,245
A Shares
Proceeds from shares issued		1,906,563			920,614			92,756			49,776
Dividends reinvested		25,481			15,634			5,550			6,420
Cost of shares redeemed		(61,436	)		(586,771	)		(28,995	)		(128,250	)
Change in net assets from A Shares		1,870,608			349,477			69,311			(72,054	)
Change in net assets resulting from capital transactions:	$	(12,793,067	)	$	(24,055,343	)	$	(5,218,938	)	$	2,302,623

Share Transactions:
Investor Shares
Issued		56,914			169,896			83,767			60,132
Reinvested		5,251			7,093			5,814			6,735
Redeemed		(125,227	)		(203,288	)		(88,700	)		(113,579	)
Change in Investor Shares		(63,062	)		(26,299	)		881			(46,712	)
Institutional Shares
Issued		2,920,107			6,203,418			657,583			721,121
Reinvested		85,839			94,455			21,751			24,573
Redeemed		(4,448,272	)		(8,744,408	)		(1,171,550	)		(475,114	)
Change in Institutional Shares		(1,442,326	)		(2,446,535	)		(492,216	)		270,580
A Shares
Issued		195,637			95,836			8,573			4,700
Reinvested		2,617			1,614			515			603
Redeemed		(6,298	)		(61,050	)		(2,686	)		(12,013	)
Change in A Shares		191,956			36,400			6,402			(6,710	)
Change in shares:		(1,313,432	)		(2,436,434	)		(484,933	)		217,158

See notes to financial statements.

– 33 –

Statements of Changes in Net Assets

August 31, 2021

Continued

	Bond Fund						Strategic Enhanced Yield Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2021			August 31, 2020			August 31, 2021			August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	1,999,977		$	2,151,012		$	497,072		$	265,197
Net realized gains/(losses) from investment transactions		1,265,527			1,405,258			(589,858	)		456,600
Change in unrealized appreciation/(depreciation) on investments		(2,642,919	)		1,539,617			165,891			(63,602	)
Change in net assets resulting from operations		622,585			5,095,887			73,105			658,195

Distributions to Shareholders:
Investor Shares		(29,969	)		(31,513	)		(64,540	)		(52,085	)
Institutional Shares		(2,027,698	)		(2,175,084	)		(825,434	)		(345,397	)
A Shares		(1,514	)		(1,319	)		(31,480	)		(15,355	)
Change in net assets from shareholder distributions		(2,059,181	)		(2,207,916	)		(921,454	)		(412,837	)
Change in net assets from capital transactions		14,836,905			(10,256,523	)		2,570,720			11,276,493
Change in net assets		13,400,309			(7,368,552	)		1,722,371			11,521,851

Net Assets:
Beginning of year		96,554,983			103,923,535			19,905,935			8,384,084
End of year	$	109,955,292		$	96,554,983		$	21,628,306		$	19,905,935

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	41,484		$	3,692,132		$	294,750		$	2,478,161
Dividends reinvested		29,905			31,457			64,365			51,149
Cost of shares redeemed		(986,906	)		(3,240,246	)		(1,323,607	)		(1,921,035	)
Change in net assets from Investor Shares		(915,517	)		483,343			(964,492	)		608,275
Institutional Shares
Proceeds from shares issued		29,547,900			34,038,904			14,958,770			14,649,657
Dividends reinvested		381,885			476,616			526,427			138,783
Cost of shares redeemed		(14,186,205	)		(45,177,722	)		(12,505,491	)		(4,043,599	)
Change in net assets from Institutional Shares		15,743,580			(10,662,202	)		2,979,706			10,744,841
A Shares
Proceeds from shares issued		55,291			2,634			669,546			158,069
Dividends reinvested		1,514			1,318			31,480			15,355
Cost of shares redeemed		(47,963	)		(81,616	)		(145,520	)		(250,047	)
Change in net assets from A Shares		8,842			(77,664	)		555,506			(76,623	)
Change in net assets resulting from capital transactions:	$	14,836,905		$	(10,256,523	)	$	2,570,720		$	11,276,493

Share Transactions:
Investor Shares
Issued		4,147			373,979			27,710			233,483
Reinvested		2,987			3,177			6,112			4,853
Redeemed		(98,661	)		(331,315	)		(127,382	)		(181,365	)
Change in Investor Shares		(91,527	)		45,841			(93,560	)		56,971
Institutional Shares
Issued		2,958,738			3,418,390			1,429,340			1,393,747
Reinvested		38,292			48,385			50,755			13,286
Redeemed		(1,419,135	)		(4,550,646	)		(1,213,434	)		(385,798	)
Change in Institutional Shares		1,577,895			(1,083,871	)		266,661			1,021,235
A Shares
Issued		5,479			277			62,698			14,965
Reinvested		151			134			3,036			1,485
Redeemed		(4,836	)		(8,415	)		(13,966	)		(23,953	)
Change in A Shares		794			(8,004	)		51,768			(7,503	)
Change in shares:		1,487,162			(1,046,034	)		224,869			1,070,703

See notes to financial statements.

– 34 –

Statements of Changes in Net Assets

August 31, 2021

Continued

	Ultra Short Tax-Free Income Fund						Active Core Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2021			August 31, 2020			August 31, 2021			August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	(16,840	)	$	225,179		$	560,412		$	696,187
Net realized gains/(losses) from investment transactions		(80	)		—			5,488,001			2,227,143
Change in unrealized appreciation/(depreciation) on investments		(6,362	)		8,356			1,481,433			2,173,880
Change in net assets resulting from operations		(23,282	)		233,535			7,529,846			5,097,210

Distributions to Shareholders:
Investor Shares		—			(1,689	)		(282,730	)		(257,393	)
Institutional Shares		(2,633	)		(224,088	)		(2,458,776	)		(2,392,259	)
A Shares		—			(125	)		(35,838	)		(30,359	)
C Shares		—			—			(3,551	)		(2,251	)
Change in net assets from shareholder distributions		(2,633	)		(225,902	)		(2,780,895	)		(2,682,262	)
Change in net assets from capital transactions		(6,850,742	)		18,776,566			(2,895,480	)		(1,394,391	)
Change in net assets		(6,876,657	)		18,784,199			1,853,471			1,020,557

Net Assets:
Beginning of year		39,510,157			20,725,958			49,048,153			48,027,596
End of year	$	32,633,500		$	39,510,157		$	50,901,624		$	49,048,153

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	898		$	630,837		$	284,928		$	294,829
Dividends reinvested		—			1,681			282,086			256,824
Cost of shares redeemed		(433,780	)		(269,126	)		(3,111,432	)		(426,157	)
Change in net assets from Investor Shares		(432,882	)		363,392			(2,544,418	)		125,496
Institutional Shares
Proceeds from shares issued		2,960,837			26,004,064			3,134,759			924,855
Dividends reinvested		253			29,019			2,458,104			2,388,743
Cost of shares redeemed		(9,378,987	)		(7,615,050	)		(5,786,740	)		(4,665,148	)
Change in net assets from Institutional Shares		(6,417,897	)		18,418,033			(193,877	)		(1,351,550	)
A Shares
Proceeds from shares issued		6,457			19			402,506			121,917
Dividends reinvested		—			125			35,838			30,359
Cost of shares redeemed		(6,420	)		(5,003	)		(607,449	)		(330,363	)
Change in net assets from A Shares		37			(4,859	)		(169,105	)		(178,087	)
C Shares
Proceeds from shares issued		—			—			11,170			32,735
Dividends reinvested		—			—			3,551			2,251
Cost of shares redeemed		—			—			(2,801	)		(25,236	)
Change in net assets from C Shares		—			—			11,920			9,750
Change in net assets resulting from capital transactions:	$	(6,850,742	)	$	18,776,566		$	(2,895,480	)	$	(1,394,391	)

Share Transactions:
Investor Shares
Issued		82			63,067			18,828			22,047
Reinvested		—			168			19,800			19,248
Redeemed		(43,442	)		(26,904	)		(201,526	)		(32,287	)
Change in Investor Shares		(43,360	)		36,331			(162,898	)		9,008
Institutional Shares
Issued		295,788			2,597,403			201,305			68,879
Reinvested		25			2,899			171,711			178,713
Redeemed		(936,954	)		(761,129	)		(391,651	)		(352,479	)
Change in Institutional Shares		(641,141	)		1,839,173			(18,635	)		(104,887	)
A Shares
Issued		646			1			27,826			9,293
Reinvested		—			13			2,522			2,283
Redeemed		(643	)		(500	)		(41,428	)		(24,379	)
Change in A Shares		3			(486	)		(11,080	)		(12,803	)
C Shares
Issued		—			—			762			2,445
Reinvested		—			—			251			169
Redeemed		—			—			(192	)		(1,856	)
Change in C Shares		—			—			821			758
Change in shares:		(684,498	)		1,875,018			(191,792	)		(107,924	)

See notes to financial statements.

– 35 –

Statements of Changes in Net Assets

August 31, 2021

Continued

	Mid Cap Diverse Leadership Fund						Opportunistic Fund
	Year Ended			Year Ended			Year Ended			Year Ended
	August 31, 2021			August 31, 2020			August 31, 2021			August 31, 2020
From Investment Activities:
Operations:
Net investment income	$	430		$	7,216		$	477,794		$	340,944
Net realized gains/(losses) from investment transactions		189,918			96,381			3,732,056			1,416,258
Change in unrealized appreciation/(depreciation) on investments		185,726			(31,203	)		4,451,747			929,750
Change in net assets resulting from operations		376,074			72,394			8,661,597			2,686,952

Distributions to Shareholders:
Investor Shares		(13,093	)		(4,760	)		(11,761	)		(22,863	)
Institutional Shares		(74,855	)		(35,822	)		(303,158	)		(345,781	)
A Shares		(12,792	)		(16,549	)		(5,948	)		(15,173	)
C Shares		(5,233	)		—			(388	)		(850	)
Change in net assets from shareholder distributions		(105,973	)		(57,131	)		(321,255	)		(384,667	)
Change in net assets from capital transactions		161,977			(368,627	)		35,766,525			(8,450,212	)
Change in net assets		432,078			(353,364	)		44,106,867			(6,147,927	)

Net Assets:
Beginning of year		952,075			1,305,439			33,703,521			39,851,448
End of year	$	1,384,153		$	952,075		$	77,810,388		$	33,703,521

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	40,353		$	10,635		$	3,310,414		$	275,092
Dividends reinvested		13,004			4,755			11,444			22,271
Cost of shares redeemed		(85,076	)		(7,872	)		(294,047	)		(2,147,959	)
Change in net assets from Investor Shares		(31,719	)		7,518			3,027,811			(1,850,596	)
Institutional Shares
Proceeds from shares issued		267,454			2,000			40,860,617			3,333,399
Dividends reinvested		74,351			29,937			112,692			130,583
Cost of shares redeemed		(132,543	)		(166,331	)		(8,030,738	)		(9,402,616	)
Change in net assets from Institutional Shares		209,262			(134,394	)		32,942,571			(5,938,634	)
A Shares
Proceeds from shares issued		6,375			36,837			19,456			141,516
Dividends reinvested		12,792			5,852			5,745			14,625
Cost of shares redeemed		(28,927	)		(306,534	)		(214,387	)		(759,223	)
Change in net assets from A Shares		(9,760	)		(263,845	)		(189,186	)		(603,082	)
C Shares
Proceeds from shares issued		55,118			24,177			250			17,800
Dividends reinvested		5,232			1			387			850
Cost of shares redeemed		(66,156	)		(2,084	)		(15,308	)		(76,550	)
Change in net assets from C Shares		(5,806	)		22,094			(14,671	)		(57,900	)
Change in net assets resulting from capital transactions:	$	161,977		$	(368,627	)	$	35,766,525		$	(8,450,212	)

Share Transactions:
Investor Shares
Issued		2,993			974			194,709			21,283
Reinvested		1,095			417			692			1,782
Redeemed		(6,713	)		(698	)		(17,769	)		(170,360	)
Change in Investor Shares		(2,625	)		693			177,632			(147,295	)
Institutional Shares
Issued		20,060			175			2,451,512			257,624
Reinvested		6,251			2,636			6,889			10,653
Redeemed		(10,712	)		(15,129	)		(486,784	)		(724,303	)
Change in Institutional Shares		15,599			(12,318	)		1,971,617			(456,026	)
A Shares
Issued		534			3,227			1,210			11,094
Reinvested		1,070			510			354			1,181
Redeemed		(2,255	)		(26,741	)		(13,862	)		(59,941	)
Change in A Shares		(651	)		(23,004	)		(12,298	)		(47,666	)
C Shares
Issued		4,766			2,457			17			1,401
Reinvested		449	��		—			24			70
Redeemed		(5,509	)		(215	)		(1,130	)		(6,036	)
Change in C Shares		(294	)		2,242			(1,089	)		(4,565	)
Change in shares:		12,029			(32,387	)		2,135,862			(655,552	)

See notes to financial statements.

– 36 –

Statements of Changes in Net Assets

August 31, 2021

Concluded

	World Energy Fund						Hedged Income Fund
	Year Ended August 31, 2021			Year Ended August 31, 2020			For the period Dec. 28, 2020^(a)through Aug. 31, 2021
From Investment Activities:
Operations:
Net investment income	$	366,721		$	261,421		$	204,903
Net realized gains/(losses) from investment transactions		1,852,240			(2,049,599	)		(437,605	)
Change in unrealized appreciation/(depreciation) on investments		3,612,155			1,127,108			1,337,293
Change in net assets resulting from operations		5,831,116			(661,070	)		1,104,591

Distributions to Shareholders:
Investor Shares		(67,985	)		(60,236	)		(4,957	)
Institutional Shares		(172,313	)		(221,980	)		(109,507	)
A Shares		(47,053	)		(47,674	)		(5,444	)
C Shares		(25,498	)		(40,650	)		—
Change in net assets from shareholder distributions		(312,849	)		(370,540	)		(119,908	)
Change in net assets from capital transactions		8,771,925			(5,821,210	)		25,203,423
Change in net assets		14,290,192			(6,852,820	)		26,188,106

Net Assets:
Beginning of year		13,562,094			20,414,914			—
End of year	$	27,852,286		$	13,562,094		$	26,188,106

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	5,212,987		$	1,029,595		$	1,514,710
Dividends reinvested		66,224			59,162			4,957
Cost of shares redeemed		(2,686,075	)		(1,073,046	)		(113,901	)
Change in net assets from Investor Shares		2,593,136			15,711			1,405,766
Institutional Shares
Proceeds from shares issued		14,547,307			1,283,182			23,430,996
Dividends reinvested		113,672			112,619			26,296
Cost of shares redeemed		(7,484,500	)		(5,764,762	)		(1,316,880	)
Change in net assets from Institutional Shares		7,176,479			(4,368,961	)		22,140,412
A Shares
Proceeds from shares issued		1,852,753			193,139			1,652,709
Dividends reinvested		47,053			47,502			4,822
Cost of shares redeemed		(2,503,045	)		(745,041	)		(286	)
Change in net assets from A Shares		(603,239	)		(504,400	)		1,657,245
C Shares
Proceeds from shares issued		76,500			31,167			—
Dividends reinvested		25,382			40,505			—
Cost of shares redeemed		(496,333	)		(1,035,232	)		—
Change in net assets from C Shares		(394,451	)		(963,560	)		—
Change in net assets resulting from capital transactions:	$	8,771,925		$	(5,821,210	)	$	25,203,423

Share Transactions:
Investor Shares
Issued		609,948			181,863			143,072
Reinvested		8,505			9,458			465
Redeemed		(326,937	)		(166,011	)		(10,567	)
Change in Investor Shares		291,516			25,310			132,970
Institutional Shares
Issued		1,621,434			221,211			2,250,424
Reinvested		13,922			17,880			2,493
Redeemed		(891,472	)		(885,407	)		(123,673	)
Change in Institutional Shares		743,884			(646,316	)		2,129,244
A Shares
Issued		239,500			38,017			157,741
Reinvested		6,065			7,621			458
Redeemed		(299,163	)		(112,968	)		(28	)
Change in A Shares		(53,598	)		(67,330	)		158,171
C Shares
Issued		9,518			4,883			—
Reinvested		3,480			6,364			—
Redeemed		(62,947	)		(163,824	)		—
Change in C Shares		(49,949	)		(152,577	)		—
Change in shares:		931,853			(840,913	)		2,420,385

(a)

Commencement of operations December 28, 2020.

See notes to financial statements.

– 37 –

Schedule of Portfolio Investments	U.S. Treasury Fund
August 31, 2021

Shares or Principal Amount		Security Description	Amortized Cost or Value
U.S. Treasury Obligations (47.9%)
U.S. Treasury Bills
$	100,000,000	0.03%, 9/2/21 (a)	$	99,999,858‌
	100,000,000	0.03%, 10/28/21 (a)		99,994,459‌
	170,000,000	0.05%, 10/26/21 (a)		169,987,342‌
	100,000,000	0.05%, 11/30/21 (a)		99,987,250‌
Total U.S. Treasury Obligations (Cost $469,968,909)				469,968,909‌

Repurchase Agreements (44.9%)
	90,000,000	Bank of Montreal, 0.03%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $90,000,075, Collateralized by various U.S. Treasury Obligations, (0.00% - 1.88%), (2/15/29 - 2/15/41), fair value of $91,800,088)		90,000,000‌
	50,000,000	Credit Agricole CIB, 0.03%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $50,000,042, Collateralized by U.S. Treasury Obligation, (2.13%), (2/15/40), fair value of $51,000,141)		50,000,000‌
	100,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 0.05%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $100,000,139, Collateralized by various U.S. Treasury Obligations, (0.50% - 0.75%), (2/28/26 - 8/31/26), fair value of $102,000,010)		100,000,000‌
	60,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 0.01%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $60,000,017, Collateralized by various U.S. Treasury Obligations, (0.25% - 3.38%), (7/15/29 - 11/15/48), fair value of $61,200,191)		60,000,000‌

Shares or Principal			Amortized Cost or
Amount		Security Description	Value
Repurchase Agreements, continued:
$	10,000,000‌	Goldman Sachs & Co., 0.03%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $10,000,008, Collateralized by U.S. Treasury Obligation, (0.00%), (2/15/32), fair value of $10,200,000)	$	10,000,000‌
	45,000,000‌	Nomura Securities International, Inc., 0.04%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $45,000,050, Collateralized by various U.S. Treasury Obligations, (1.63% - 2.75%), (5/31/22 - 10/31/23), fair value of $45,900,001)		45,000,000‌
	85,000,000‌	RBC Dominion Securities, Inc., 0.03%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $85,000,071, Collateralized by various U.S. Treasury Obligations, (0.13% - 3.75%), (9/30/21 - 2/15/47), fair value of $86,700,122)		85,000,000‌
		Total Repurchase Agreements (Cost $440,000,000)		440,000,000‌

Investment Companies (7.2%)
	34,000,000‌	BlackRock Liquidity Funds T-Fund, Institutional Class, 0.01%(b)		34,000,000‌
	12,000,000‌	Goldman Sachs Financial Square Treasury Obligations Fund, 0.01%(b)		12,000,000‌
	25,082,440‌	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 0.01%(b)		25,082,440‌
Total Investment Companies (Cost $71,082,440)				71,082,440‌
Total Investments (Cost $981,051,349)(c) - 100.0%				981,051,349‌
Liabilities in excess of other assets — 0.0%^				(81,023	)
Net Assets - 100.0%			$	980,970,326‌

(a)

Zero coupon bond. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(c)

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

^	Represents less than 0.05%.

See notes to financial statements.

– 38 –

Schedule of Portfolio Investments	Government Securities Money Market Fund
August 31, 2021

Shares or Principal Amount		Security Description	Amortized Cost or Value
U.S. Government Agency Securities (30.2%)
Federal Farm Credit Bank
$	70,000,000	0.06% (SOFR + 1 bps), 7/1/22	$	70,000,000
	50,000,000	0.07% (SOFR + 2 bps), 12/30/21		49,999,169
	50,000,000	0.07% (SOFR + 3 bps), 1/4/22		50,000,000
				169,999,169
Federal Home Loan Bank
	50,000,000	0.06% (SOFR + 1 bps), 3/25/22		50,000,000
	70,000,000	0.06% (SOFR + 1 bps), 8/5/22, Callable 7/5/22 @ 100 *		70,000,000
	100,000,000	0.06% (SOFR + 1 bps), 8/15/22, Callable 7/15/22 @ 100 *		100,000,000
	170,000,000	0.06% (SOFR + 1 bps), 9/6/22		170,000,000
				390,000,000
Total U.S. Government Agency Securities (Cost $559,999,169)				559,999,169

U.S. Treasury Obligations (26.9%)
U.S. Treasury Bills
	200,000,000	0.03%, 9/2/21 (a)		199,999,717
	150,000,000	0.03%, 10/28/21 (a)		149,991,688
	100,000,000	0.05%, 10/26/21 (a)		99,993,048
	50,000,000	0.05%, 2/24/22 (a)		49,988,511
Total U.S. Treasury Obligations (Cost $499,972,964)				499,972,964

Repurchase Agreements (34.0%)
	60,000,000	Bank of Montreal, 0.03%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $60,000,050, Collateralized by various U.S. Treasury Obligations, (0.00% - 3.88%), (1/31/22 - 8/15/45), fair value of $61,200,001)		60,000,000
	65,000,000	Credit Agricole CIB, 0.03%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $65,000,054, Collateralized by U.S. Treasury Obligation, (3.63%), (4/15/28), fair value of $66,300,033)		65,000,000
	140,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 0.05%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $140,000,194, Collateralized by U.S. Treasury Obligation, (0.75%), (8/31/26), fair value of $142,800,095)		140,000,000

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements, continued:
$	70,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 0.01%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $70,000,019, Collateralized by various U.S. Treasury Obligations, (0.25% - 3.38%), (7/15/29 - 11/15/48), fair value of $71,400,122)	$	70,000,000
	10,000,000	Goldman Sachs & Co., 0.04%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $10,000,011, Collateralized by U.S. Treasury Obligation, (2.25%), (12/31/24), fair value of $10,200,053)		10,000,000
	85,000,000	Nomura Securities International, Inc., 0.04%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $85,000,094, Collateralized by various U.S. Treasury Obligations, (0.00% - 2.25%), (10/15/22 - 2/15/50), fair value of $86,700,105)		85,000,000
	140,000,000	RBC Dominion Securities, Inc., 0.03%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $140,000,117, Collateralized by various U.S. Government Agencies and U.S. Treasury Obligations, (0.00% - 5.00%), (8/31/23 - 6/20/51), fair value of $142,800,022)		140,000,000
	60,000,000	Wells Fargo Securities LLC, 0.04%, 9/1/21, (Purchased on 8/31/21, proceeds at maturity $60,000,067, Collateralized by various U.S. Government Agency Obligations, (0.00% - 3.13%), (8/22/22 - 8/17/32), fair value of $61,200,078)		60,000,000
Total Repurchase Agreements (Cost $630,000,000)				630,000,000

Investment Companies (8.9%)
	64,000,000	BlackRock Liquidity Funds FedFund Portfolio, Institutional Class, 0.03%(b)		64,000,000
	38,000,000	Federated Hermes Government Obligations Fund, Premier Class, 0.03%(b)		38,000,000
	62,275,956	Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 0.03%(b)		62,275,956
Total Investment Companies (Cost $164,275,956)				164,275,956

Total Investments (Cost $1,854,248,089)(c) - 100.0%				1,854,248,089
Liabilities in excess of other assets — 0.0%^				(29,853	)
Net Assets - 100.0%			$	1,854,218,236

(a)	Zero coupon bond. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

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

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

^	Represents less than 0.05%.

SOFR	Secured Overnight Financing Rate

See notes to financial statements.

– 39 –

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2021

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (31.7%)
$	2,291,600	AccessLex Institute, Series 2007-A, Class A3, 0.43% (US0003M + 30 bps), 5/25/36, Callable 5/25/23 @ 100*	$	2,249,871
	703,626	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A4, 0.68% (US0001M + 30 bps), 1/25/36, Callable 9/25/21 @ 100*		703,701
	509,027	Bayview Financial Mortgage Pass-Through Trust, Series 2005-C, Class M3, 1.06% (US0001M + 65 bps), 6/28/44, Callable 9/28/21 @ 100*		513,285
	974,890	CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 0.70% (US0001M + 62 bps), 1/25/33, Callable 9/25/21 @ 100*		969,295
	1,329,367	CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1.43% (US0001M + 135 bps), 10/25/37, Callable 5/25/32 @ 100*(a)		1,341,049
	162	Citigroup Mortgage Loan Trust, Inc., Series 2005- WF1, Class A5, 5.01%, 11/25/34, Callable 9/25/21 @ 100*(b)		162
	228	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32, Callable 9/25/21 @ 100*(b)(c)		227
	1,055,944	Countrywide Asset-Backed Certificates, Series 2005-12, Class M2, 0.82% (US0001M + 49 bps), 2/25/36, Callable 9/25/21 @ 100*		1,055,094
	352	Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 0.32% (US0001M + 22 bps), 1/15/34, Callable 9/15/21 @ 100*		352
	1,017,110	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, 11/20/47, Callable 11/20/21 @ 100*(a)		1,023,864
	1,364,840	Driven Brands Funding LLC, Series 2019-2A, Class A2, 3.98%, 10/20/49, Callable 10/20/24 @ 100*(a)		1,446,212
	457,984	Fremont Home Loan Trust, Series 2004-3, Class 10A1, 1.96% (US0001M + 188 bps), 11/25/34, Callable 9/25/21 @ 100*		422,587
	1,820,275	Goodgreen 2020-1 Trust, Series 2021-1A, Class A, 2.63%, 4/15/55, Callable 10/15/32 @ 100*(a)		1,865,441
	384,960	Home Equity Asset Trust, Series 2005-7, Class M1, 0.76% (US0001M + 45 bps), 1/25/36, Callable 9/25/21 @ 100*		384,755
	1,371,360	Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-C, Class 2A3, 0.94% (US0001M + 86 bps), 3/25/35, Callable 9/25/21 @ 100*		1,370,137
	75	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(b)(c)		76
	1,054,000	Lendingpoint Asset Securitization Trust, Series 2021-A, Class A, 1.00%, 12/15/28, Callable 8/15/24 @ 100*(a)		1,054,564
	437,103	Merrill Lynch Mortgage Investors Trust, Series 2005-AR1, Class M1, 0.83% (US0001M + 75 bps), 6/25/36, Callable 9/25/21 @ 100*		436,970
	131,956	New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.71%, 8/25/35, Callable 9/25/21 @ 100*(b)(c)		132,484
	1,734,291	NovaStar Mortgage Funding Trust, Series 2003-2, Class M2, 2.86% (US0001M + 278 bps), 9/25/33, Callable 9/25/21 @ 100*		1,776,221

Shares or Principal Amount		Security Description	Value
Asset Backed Securities, continued:
$	792,611	RAAC Trust, Series 2007-SP1, Class M1, 0.94% (US0001M + 86 bps), 3/25/37, Callable 9/25/21 @ 100*	$	796,936
	109,631	Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32, Callable 9/25/21 @ 100*		112,800
	2,804	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.36%, 12/25/33, Callable 9/25/21 @ 100*(b)(c)		2,842
	1,550,000	Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 8/20/51, Callable 8/20/25 @ 100*(a)		1,549,659
	69,381	Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35, Callable 9/25/21 @ 100*(b)(c)		68,068
	1,033,209	Structured Asset Investment Loan Trust, Series 2003-BC2, Class A1, 0.76% (US0001M + 68 bps), 4/25/33, Callable 9/25/21 @ 100*		1,031,255
	1,410,217	Structured Asset Investment Loan Trust, Series 2005-HE3, Class M1, 0.80% (US0001M + 72 bps), 9/25/35, Callable 9/25/21 @ 100*		1,406,542
	372,704	Structured Asset Securities Corp Mortgage Pass- Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34, Callable 9/25/21 @ 100*(b)(c)		376,441
	796,403	Sun Trust Student Loan Trust, Series 2006- 1A, Class B, 0.40% (US0003M + 27 bps), 10/28/37, Callable 1/28/26 @ 100*(d)		732,226
	1,340,500	Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 5/25/46, Callable 5/25/23 @ 100*(a)		1,441,373
	640,634	Textainer Marine Containers VII, Ltd., Series 2020-1A, Class A, 2.73%, 8/21/45, Callable 8/20/22 @ 100*(a)		652,982
	874,125	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a)		928,670
	655,000	ZAXBY’S Funding LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a)		672,407
Total Asset Backed Securities (Cost $26,488,399)				26,518,548

Mortgage Backed Securities† (35.3%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.8%)
	90,172	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.06%, 2/25/36, Callable 9/25/21 @ 100*(b)		75,503
	9,699	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.98%, 7/25/35, Callable 9/25/21 @ 100*(b)		8,081
	14,395	Countrywide Alternative Loan Trust, Series 2005- 24, Class 1A1, 1.41% (12MTA + 131 bps), 7/20/35, Callable 9/19/21 @ 100*		12,461
	1,235	Deutsche Mortgage Securities, Inc., Series 2006- ABR, Class A1B1, 0.18% (US0001M + 10 bps), 10/25/36, Callable 9/25/21 @ 100*		963
	3,616	Deutsche Mortgage Securities, Inc., Series 2003- 4XS, Class A6A, 5.32%, 10/25/33, Callable 9/25/21 @ 100*(b)(c)		3,624
	4,205	Deutsche Mortgage Securities, Inc., Series 2006- AB4, Class A1A, 6.00%, 10/25/36, Callable 9/25/21 @ 100*(b)		4,154

See notes to financial statements.

– 40 –

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Adjustable Rate Mortgage Backed Securities, continued:
$	4,283	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 2.27%, 9/25/34, Callable 9/25/21 @ 100*(b)	$	4,258
	18,711	Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 2.66%, 4/21/34, Callable 9/21/21 @ 100*(b)		18,767
	439,127	Nomura Asset Acceptance Corp., Series 2005- AR4, Class 3A1, 3.11%, 8/25/35, Callable 9/25/21 @ 100*(b)		472,243
	30,534	Residential Accredit Loans, Inc., Series 2004- QA4, Class NB21, 3.17%, 9/25/34, Callable 9/25/21 @ 100*(b)		31,456
	17,083	Residential Accredit Loans, Inc., Series 2006- QA1, Class A21, 4.30%, 1/25/36, Callable 9/25/21 @ 100*(b)		15,284
				646,794
Alt-A - Fixed Rate Mortgage Backed Securities (0.8%)
	11,860	Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35, Callable 9/25/21 @ 100*..		10,272
	18,366	Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36, Callable 9/25/21 @ 100*		18,262
	376	Countrywide Alternative Loan Trust, Series 2004- 12CB, Class 1A1, 5.00%, 7/25/19, Callable 9/25/21 @ 100*		375
	13,664	Countrywide Alternative Loan Trust, Series 2005- J13, Class 2A3, 5.50%, 11/25/35, Callable 9/25/21 @ 100*		11,924
	18,100	Countrywide Alternative Loan Trust, Series 2006- 2CB, Class A3, 5.50%, 3/25/36, Callable 9/25/21 @ 100*		11,484
	18,432	Countrywide Alternative Loan Trust, Series 2006- 31CB, Class A16, 6.00%, 11/25/36, Callable 9/25/21 @ 100*		14,621
	18,219	Countrywide Alternative Loan Trust, Series 2006- 43CB, Class 1A4, 6.00%, 2/25/37, Callable 9/25/21 @ 100*		13,834
	131,593	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 11/25/21 @ 100*		84,073
	65,569	Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34, Callable 9/25/21 @ 100*		63,965
	41,054	First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36, Callable 9/25/21 @ 100* . .		27,222
	138	Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19, Callable 9/25/21 @ 100*		145
	728	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 12/25/24 @ 100*		720
	3,572	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 9/25/21 @ 100*		3,627
	297,366	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 9/25/21 @ 100*		301,622
	21,565	Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34, Callable 9/25/21 @ 100*		22,405

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	3,172	Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34, Callable 9/25/21 @ 100*	$	3,245
	1,522	Residential Accredit Loans, Inc., Series 2003- QS14, Class A1, 5.00%, 7/25/18, Callable 9/25/21 @ 100*		1,370
	101	Residential Accredit Loans, Inc., Series 2004- QS13, Class CB, 5.00%, 9/25/19, Callable 9/25/21 @ 100*		105
	5,581	Residential Accredit Loans, Inc., Series 2004- QS6, Class A1, 5.00%, 5/25/19, Callable 9/25/21 @ 100*		5,248
	27,384	Residential Accredit Loans, Inc., Series 2006- QS6, Class 1A2, 6.00%, 6/25/36, Callable 9/25/21 @ 100*		26,324
	42,236	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36, Callable 3/25/23 @ 100*		21,756
	27,007	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37, Callable 9/25/21 @ 100*		21,671
	12,237	Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35, Callable 9/25/21 @ 100*		12,083
				676,353

Prime Adjustable Rate Mortgage Backed Securities (3.6%)
	1,796	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 2.71%, 5/25/35(b)		1,811
	333,733	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36, Callable 9/25/21 @ 100*(b)(c)		84,078
	23,930	Banc of America Funding Trust, Series 2015-R4, Class 8A1, 0.26% (US0001M + 17 bps), 1/27/35, Callable 11/25/60 @ 100*(a)		23,911
	4,313	Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 2.25%, 6/25/34, Callable 9/25/21 @ 100*(b)		4,368
	6,062	Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 2.39%, 9/25/33, Callable 9/25/21 @ 100*(b)		6,092
	6,540	Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 2.66%, 2/25/36, Callable 9/25/21 @ 100*(b)		6,480
	3,911	Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 3.03%, 11/20/46, Callable 9/20/21 @ 100*(b)		3,748
	5,217	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 2.31%, 9/25/34, Callable 9/25/21 @ 100*(b)		5,033
	4,722	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 2.38% (H15T1Y + 230 bps), 10/25/35, Callable 9/25/21 @ 100*		4,824
	4,316	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 2.50%, 1/25/35, Callable 9/25/21 @ 100*(b)		4,249
	14,481	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 2.92%, 10/25/36, Callable 9/25/21 @ 100*(b)		14,233
	11,181	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.28%, 3/25/31, Callable 9/25/21 @ 100*(b)		11,184

See notes to financial statements

– 41 –

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	11,696	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 2.88%, 7/25/37, Callable 9/25/21 @ 100*(b)	$	10,921
	6,970	Citigroup Mortgage Loan Trust, Inc., Series 2005- 3, Class 2A2A, 2.77%, 8/25/35(b)		7,218
	40,137	Coast Savings & Loan Association, Series 1992- 1, Class A, 2.53%, 7/25/22, Callable 9/25/21 @ 100*(b)		40,298
	3,406	Countrywide Home Loans, Series 2003-60, Class 2A1, 2.24%, 2/25/34, Callable 9/25/21 @ 100*(b)		3,285
	8,199	Countrywide Home Loans, Series 2003-58, Class 2A2, 2.60%, 2/19/34, Callable 9/19/21 @ 100*(b)		8,493
	2,660	Countrywide Home Loans, Series 2004-12, Class 10A1, 2.70%, 8/25/34, Callable 9/25/21 @ 100*(b)		2,702
	239	Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33, Callable 9/25/21 @ 100*(b)		243
	30,807	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 2.58%, 11/25/32, Callable 9/25/21 @ 100*(b)		16,372
	27,193	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 2.93%, 11/25/34, Callable 9/25/21 @ 100*(b)		28,499
	7,887	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 2.87%, 10/25/35, Callable 9/25/21 @ 100*(b)		7,944
	43,508	GMAC Mortgage Corp. Loan Trust, Series 2005- AR6, Class 3A1, 3.00%, 11/19/35, Callable 9/19/21 @ 100*(b)		43,681
	8,780	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 2.80%, 11/25/35, Callable 9/25/21 @ 100*(b)		8,891
	25,560	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 2.93%, 4/25/35, Callable 9/25/21 @ 100*(b)		25,663
	6,765	Harborview Mortgage Loan Trust, Series 2005- 14, Class 3A1A, 2.55%, 12/19/35, Callable 9/19/21 @ 100*(b)		6,545
	67,309	Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.03%, 1/19/35, Callable 9/19/21 @ 100*(b)		72,394
	11,769	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 2.73%, 8/25/34, Callable 9/25/21 @ 100*(b)		11,729
	23,888	Indymac Index Mortgage Loan Trust, Series 2006- AR13, Class A1, 2.91%, 7/25/36, Callable 1/25/22 @ 100*(b)		21,074
	22,349	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 2.94%, 8/25/34, Callable 9/25/21 @ 100*(b)		22,473
	167	Indymac Index Mortgage Loan Trust, Series 2006- AR25, Class 4A2, 2.94%, 9/25/36, Callable 9/25/21 @ 100*(b)		167
	35,367	Indymac Index Mortgage Loan Trust, Series 2006- AR19, Class 1A2, 3.02%, 8/25/36, Callable 9/25/21 @ 100*(b)		26,415

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	277	JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 2.76%, 7/25/35, Callable 9/25/21 @ 100*(b)	$	277
	1,858	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 2.82%, 8/25/36, Callable 9/25/21 @ 100*(b)		1,675
	752,025	LSTAR Securities Investment, Ltd., Series 2021-1, Class A, 1.90% (US0001M + 180 bps), 2/1/26, Callable 2/1/23 @ 100*(a)		752,381
	600,000	Mello Warehouse Securitization Trust, Series 2021-2, Class C, 1.18% (US0001M + 110 bps), 4/25/55, Callable 4/25/24 @ 100*(a)		599,173
	1,000,000	Mello Warehouse Securitization Trust, Series 2020-2, Class E, 2.33% (US0001M + 225 bps), 11/25/53, Callable 12/25/23 @ 100*(a)		997,147
	9,034	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 2.08%, 12/25/34, Callable 9/25/21 @ 100*(b)		9,227
	888	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 2.30%, 2/25/34, Callable 7/25/26 @ 100*(b)		913
	8,356	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 2.57%, 7/25/34, Callable 3/25/22 @ 100*(b)		8,574
	12,178	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 2.53%, 8/25/34, Callable 10/25/28 @ 100*(b)		12,501
	5,947	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 2.55%, 8/25/34, Callable 6/25/22 @ 100*(b)		6,130
	2,811	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 2.43%, 2/25/34, Callable 9/25/21 @ 100*(b)		2,777
	23,247	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 2.65%, 12/25/34, Callable 9/25/21 @ 100*(b)		22,818
	7,557	Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 2.60%, 12/27/35, Callable 9/25/21 @ 100*(b)		7,886
	12,777	Structured Asset Securities Corp., Series 2003- 24A, Class 1A3, 2.48%, 7/25/33, Callable 9/25/21 @ 100*(b)		13,362
	5,516	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 0.92% (US0001M + 84 bps), 7/25/44, Callable 9/25/21 @ 100*		5,525
	4,001	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2, 2.59%, 6/25/34, Callable 9/25/21 @ 100*(b)		4,115
	50,297	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 2.61%, 11/25/36, Callable 9/25/21 @ 100*(b)		50,055
	1,391	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 2.83%, 8/25/46, Callable 9/25/21 @ 100*(b)		1,386
	8,522	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A2, 2.91%, 9/25/36, Callable 9/25/21 @ 100*(b)		8,425
				3,039,365

See notes to financial statements

– 42 –

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities (12.4%)
$	1,577,274	Angel Oak Mortgage Trust, Series 2019-6, Class A1, 2.62%, 11/25/59, Callable 12/25/21 @ 100*(a)(b)	$	1,582,964
	2,415,693	Brean Asset Backed Securities Trust, Series RM1, Class A, 1.40%, 10/25/63, Callable 9/25/27 @ 100*(a)(b)		2,316,987
	14,220	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31, Callable 9/25/21 @ 100*		14,619
	75,572	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 1CB2, 6.75%, 8/25/34, Callable 9/25/21 @ 100*		80,454
	13,079	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM2, Class 2CB3, 8.00%, 8/25/34, Callable 9/25/21 @ 100*		13,545
	3,585	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19, Callable 9/25/21 @ 100*		3,569
	75,221	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		78,206
	13,521	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 9/25/21 @ 100*		14,097
	19,803	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33, Callable 9/25/21 @ 100*		20,421
	42,721	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32, Callable 9/25/21 @ 100*		18,440
	219,514	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32, Callable 9/25/21 @ 100*		230,918
	18,762	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33, Callable 9/25/21 @ 100*		18,674
	21,513	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35, Callable 8/25/35 @ 100*		12,745
	1,004,587	JPMorgan Mortgage Trust, Series 2020-4, Class A3A, 2.50%, 11/25/50, Callable 9/25/23 @ 100*(a)(b)		1,016,988
	669,197	JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47, Callable 10/25/23 @ 100*(a)(b)		678,997
	10,873	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36, Callable 9/25/21 @ 100*		8,191
	1,550,000	NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 1.48% (US0001M + 140 bps), 5/25/55, Callable 5/25/24 @ 100*(a)		1,552,081
	6,657	Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35, Callable 9/25/21 @ 100*		6,484
	13,430	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32, Callable 9/25/21 @ 100*		13,958
	1,249,058	Starwood Mortgage Residential Trust, Series 2018-IMC2, Class A1, 4.12%, 10/25/48, Callable 12/25/21 @ 100*(a)(b)		1,263,360

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	76,231	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 9/25/21 @ 100*	$	79,223
	1,287,071	Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 1/25/60, Callable 9/25/22 @ 100*(a)(b)		1,303,850
				10,328,771
Subprime Mortgage Backed Securities (2.1%)
	49,047	Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55, Callable 10/25/22 @ 100*(a)(b)		49,041
	371,204	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56, Callable 4/25/25 @ 100*(a)(b)		376,485
	733,053	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57, Callable 5/25/25 @ 100*(a)(b)		742,395
	602,426	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/26 @ 100*(a)(b)		613,548
				1,781,469
U.S. Government Agency Mortgage Backed Securities (15.6%)
	226,367	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		224,193
	15,342	Fannie Mae, 1.70% (US0012M + 132 bps), 1/1/35, Pool #805386		15,869
	104,301	Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41		106,112
	189,378	Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40		191,154
	170,746	Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41		172,598
	196,399	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		200,987
	1,320	Fannie Mae, 2.09% (H15T1Y + 192 bps), 12/1/22, Pool #303247		1,322
	125,326	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		129,058
	140,354	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		144,921
	1,498	Fannie Mae, 2.28% (H15T1Y + 216 bps), 6/1/32, Pool #725286		1,499
	26,026	Fannie Mae, 2.29% (H15T1Y + 229 bps), 2/1/30, Pool #556998		25,936
	90,809	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		97,069
	227,065	Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43		235,900
	874,854	Fannie Mae, Series 2018-83, Class LC, 3.00%, 11/25/48		909,755
	1,748,426	Fannie Mae, Series 2003-W12, Class 3A, 3.82%, 3/25/43, Callable 9/25/21 @ 100*(b)		1,872,866
	720,088	Fannie Mae, Series 2003-W14, Class 2A, 3.85%, 1/25/43, Callable 9/25/21 @ 100*(b)		753,039
	533,456	Fannie Mae, Series 2003-W16, Class AF5, 4.40%, 11/25/33, Callable 9/25/21 @ 100*(b) (c)		592,895
	6,239	Fannie Mae, Series 2001-W4, Class AF6, 5.11%, 1/25/32, Callable 9/25/21 @ 100*(b)(c)		6,676
	2,382,095	Fannie Mae, Series 2004-W3, Class A7, 5.50%, 5/25/34, Callable 9/25/21 @ 100*		2,688,909

See notes to financial statements.

– 43 –

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	152	Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22	$	154
	7,665	Fannie Mae, Series 2001-W2, Class AF6, 6.09%, 10/25/31, Callable 9/25/21 @ 100*(b)(c)		8,181
	8,158	Fannie Mae, Series 2001-W1, Class AF6, 6.40%, 7/25/31, Callable 9/25/21 @ 100*(b)(c)		10,057
	64	Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22		65
	1,000	Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26		1,081
	744,166	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.68%, 9/26/33, Callable 9/26/21 @ 100*(b)(c)		834,635
	74,316	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		75,708
	639,661	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		650,800
	3,459	Freddie Mac, 1.77% (US0006M + 154 bps), 4/1/36, Pool #1N0148		3,593
	154,147	Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(b)		155,391
	141,663	Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39		144,860
	189,490	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		195,232
	106,400	Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41		107,437
	480,711	Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26		488,860
	164,845	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		168,896
	17,073	Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40		17,237
	206,410	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		210,873
	274,122	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		281,996
	5,088	Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41		5,096
	512,205	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		543,989
	350,622	Freddie Mac, Series T-67, Class 1A1C, 3.01%, 3/25/36, Callable 9/25/21 @ 100*(b)		377,205
	3,037	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		3,254
	241	Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21		242
	209	Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23, Callable 9/15/21 @ 100*		215
	214	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22, Callable 9/15/21 @ 100*		218
	185	Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22, Callable 9/15/21 @ 100*		189
	8,552	Government National Mortgage Assoc., 1.87% (H15T1Y + 150 bps), 5/20/34, Pool #80916		8,811
	632	Government National Mortgage Assoc., 2.00% (H15T1Y + 150 bps), 1/20/23, Pool #8123		637
	1,608	Government National Mortgage Assoc., 2.00% (H15T1Y + 150 bps), 1/20/25, Pool #8580		1,644
	858	Government National Mortgage Assoc., 2.00% (H15T1Y + 150 bps), 3/20/26, Pool #8832		867

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	1,338	Government National Mortgage Assoc., 2.00% (H15T1Y + 150 bps), 3/20/29, Pool #80263	$	1,357
	338,699	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		352,971
	1,638	Government National Mortgage Assoc., 2.13% (H15T1Y + 150 bps), 12/20/27, Pool #80141		1,700
	4,580	Government National Mortgage Assoc., 2.13% (H15T1Y + 150 bps), 11/20/29, Pool #876947		4,619
	102	Government National Mortgage Assoc., 2.50% (H15T1Y + 150 bps), 12/20/21, Pool #8889		102
	2,555	Government National Mortgage Assoc., 2.50% (H15T1Y + 150 bps), 1/20/25, Pool #8585		2,621
	80	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		90
	46	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		49
	26	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		26
	161	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439		163
				13,031,879
Total Mortgage Backed Securities (Cost $29,315,632)				29,504,631

Corporate Bonds (15.7%)
Aerospace & Defense (1.3%)
	920,000	Boeing Co. (The), 7.95%, 8/15/24		1,099,721
Banks (4.9%)
	1,450,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		1,514,158
	1,500,000	Mizuho Financial Group, Inc., 2.95%, 2/28/22		1,519,860
	1,000,000	Mizuho Financial Group, Inc., 3.55%, 3/5/23		1,047,123
				4,081,141
Capital Markets (0.0%)
	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (e)		13,600
Oil, Gas & Consumable Fuels (6.6%)
	2,515,000	HollyFrontier Corp., 2.63%, 10/1/23		2,594,671
	900,000	ONEOK, Inc., 2.20%, 9/15/25, Callable 8/15/25 @ 100 *		925,354
	1,915,000	ONEOK, Inc., 2.75%, 9/1/24, Callable 8/1/24 @ 100 *		2,008,321
				5,528,346
Tobacco (2.9%)
	2,150,000	Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 *		2,432,209
Total Corporate Bonds (Cost $13,709,228).				13,155,017

Taxable Municipal Bonds (2.0%)
Georgia (2.0%)
	1,545,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25. .		1,675,762
Total Taxable Municipal Bonds (Cost $1,643,815)				1,675,762

U.S. Government Agency Securities (2.7%)
Federal Farm Credit Banks
	1,000,000	1.23%, 9/10/29, Callable 9/14/21 @ 100 *		987,746
Federal Home Loan Banks
	1,240,000	0.40%, 8/26/26, Callable 11/26/21 @ 100 *(b)		1,240,472
Total U.S. Government Agency Securities (Cost $2,240,000)				2,228,218

See notes to financial statements.

– 44 –

Schedule of Portfolio Investments	Limited Duration Fund
August 31, 2021	Concluded

Shares or Principal Amount		Security Description	Value
U.S. Treasury Obligations (9.3%)
U.S. Treasury Notes
$	4,169,000	0.50%, 2/28/26	$	4,131,544
	3,500,000	1.50%, 10/31/24		3,617,852
Total U.S. Treasury Obligations (Cost $7,575,347)				7,749,396

Investment in Affiliates (5.1%)
	4,256,770	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(f)		4,256,770
Total Investment in Affiliates (Cost $4,256,770)				4,256,770

Total Investments (Cost $85,229,191)(g) - 101.8%				85,088,342
Liabilities in excess of other assets — (1.8)%				(1,539,133	)
Net Assets - 100.0%			$	83,549,209

(a)

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

(b)

The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at August 31, 2021.

(c)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2021.

(d)

Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At August 31, 2021, illiquid securities were 0.9% of the Fund’s net assets.

(e)

Issuer has defaulted on the payment of interest.

(f)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(g)

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

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

†

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

12MTA	12 Month Treasury Average
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
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.

– 45 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2021

Shares or Principal Amount		Security Description	Value
Asset Backed Securities (11.5%)
$	245,008	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL4, Class A, 3.50%, 1/28/55, Callable 9/28/21 @ 100*(a)(b)	$	249,624
	365,583	CLI Funding VI LLC, Series 2020-3A, Class A, 2.07%, 10/18/45, Callable 11/18/22 @ 100*(b)		369,859
	313,625	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, 11/20/47, Callable 11/20/21 @ 100*(b)		315,707
	274,313	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, 4/25/51, Callable 10/25/25 @ 100*(b)		285,068
	289,156	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(b)		293,758
	175,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 11/20/23 @ 100*(b)		186,026
	257,933	Textainer Marine Containers VII, Ltd., Series 2A, Class A, 2.23%, 4/20/46, Callable 4/20/23 @ 100*(b)		260,895
	300,000	Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100*(b)		300,404
	275,293	VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 11/15/23 @ 100*(b)		276,399
	236,250	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(b)		250,992
	153,852	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(b)		157,631
		Total Asset Backed Securities (Cost $2,914,814)		2,946,363

Mortgage Backed Securities† (18.2%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.4%)
	87,515	Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.62% (US0001M + 54 bps), 8/25/35, Callable 9/25/21 @ 100*		87,998
Alt-A - Fixed Rate Mortgage Backed Securities (1.9%)
	51,925	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 9/25/21 @ 100*		45,424
	3,228	Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35, Callable 9/25/21 @ 100*		3,172
	9,878	Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34, Callable 9/25/21 @ 100*		10,197
	69,260	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 11/25/21 @ 100*		44,249
	49,351	Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 4.93%, 6/25/36, Callable 9/25/21 @ 100*(a)		49,343
	8,703	Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34, Callable 9/25/21 @ 100*		8,996
	3,768	Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19, Callable 9/25/21 @ 100*		3,578

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	11,451	Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34, Callable 9/25/21 @ 100*	$	11,802
	153	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 12/25/24 @ 100*		151
	27,029	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 9/25/21 @ 100*		28,194
	16,986	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 9/25/21 @ 100*		17,763
	7,079	Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33, Callable 9/25/21 @ 100*		7,480
	14,398	Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34, Callable 9/25/21 @ 100*		14,984
	26,233	Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34, Callable 9/25/21 @ 100*		27,759
	3,474	Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 5.36%, 2/25/35, Callable 9/25/21 @ 100*(a)(c)		3,560
	24,712	Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35, Callable 9/25/21 @ 100*(a)(c)		16,339
	844	Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.66%, 3/25/35, Callable 9/25/21 @ 100*(a)(c)		857
	85,098	Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36, Callable 9/25/21 @ 100*(a)		26,684
	37,517	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 3.38%, 10/25/40, Callable 9/25/21 @ 100*(a)(b)		28,779
	2	Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18, Callable 9/25/21 @ 100*		2
	2,109	Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21, Callable 9/25/21 @ 100*		2,002
	9,334	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36, Callable 9/25/21 @ 100*		8,918
	23,749	Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36, Callable 9/25/21 @ 100*		15,643
	38,976	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35, Callable 7/25/22 @ 100*		27,731
	43,302	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36, Callable 11/25/25 @ 100*		37,440
	44,132	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35, Callable 9/25/21 @ 100*		44,145
				485,192

See notes to financial statements.

– 46 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities (3.3%)
$	5,979	Bank of America Funding Corp., Series 2004-B, Class 5A1, 2.78%, 11/20/34, Callable 9/20/21 @ 100*(a)	$	6,037
	4,506	Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 2.74%, 11/25/34, Callable 9/25/21 @ 100*(a)		4,811
	1,831	Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 2.75%, 10/25/33, Callable 9/25/21 @ 100*(a)		1,972
	10,758	Countrywide Home Loans, Series 2004-2, Class 2A1, 2.65%, 2/25/34, Callable 9/25/21 @ 100*(a)		10,294
	1,478	Countrywide Home Loans, Series 2004-12, Class 10A1, 2.70%, 8/25/34, Callable 9/25/21 @ 100*(a)		1,501
	10,234	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 2.02%, 4/25/37, Callable 9/25/21 @ 100*(a)		9,217
	19,458	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 2.65%, 2/25/35, Callable 9/25/21 @ 100*(a)		19,294
	3,615	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 2.75% (US0003M + 101 bps), 4/25/36, Callable 9/25/21 @ 100*		3,559
	196,388	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 3.20%, 9/25/35, Callable 9/25/21 @ 100*(a)		201,108
	17,788	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 3.27%, 10/25/36, Callable 9/25/21 @ 100*(a)		15,293
	249,727	LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 2.60% (US0001M + 150 bps), 5/1/24(b)		247,870
	100,000	Mello Warehouse Securitization Trust, Series 2020-2, Class C, 1.38% (US0001M + 130 bps), 11/25/53, Callable 12/25/23 @ 100*(b)		99,705
	229,774	WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.85%, 6/20/44, Callable 7/20/22 @ 100*(a)(b)		231,791
				852,452
Prime Fixed Mortgage Backed Securities (4.1%)
	3,486	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35, Callable 9/25/21 @ 100*(a)(c)		3,369
	209,791	Angel Oak Mortgage Trust, Series 2019-5, Class A1, 2.59%, 10/25/49, Callable 10/25/21 @ 100*(a)(b)		210,168
	13,610	Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37, Callable 9/25/21 @ 100*		8,874
	5,740	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		6,089
	7,474	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34, Callable 9/25/21 @ 100*		7,849
	3,187	Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33, Callable 9/25/21 @ 100*		3,244
	1,131	Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24, Callable 9/25/21 @ 100*		1,134

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	7,019	Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35, Callable 9/25/21 @ 100*	$	4,988
	4,023	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 12/31/99, Callable 9/25/21 @ 100*		4,058
	10,627	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33, Callable 9/25/21 @ 100*		10,969
	3,544	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 9/25/21 @ 100*		3,695
	247,279	Flagstar Mortgage Trust, Series 2021-4, Class A5, 2.50%, 6/1/51, Callable 6/25/45 @ 100*(a)(b)		253,200
	14,679	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 5/25/24 @ 100*(a) (b)		14,693
	38,124	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 4/25/23 @ 100*(a)(b)		38,542
	215,789	GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3, Class A14, 3.00%, 10/25/50, Callable 9/25/24 @ 100*(a)(b)		219,683
	159,902	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34, Callable 9/25/21 @ 100*		161,832
	106	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19, Callable 9/25/21 @ 100*		106
	618	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32, Callable 9/25/21 @ 100*		655
	17,891	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34, Callable 3/25/25 @ 100*		19,027
	1,423	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34, Callable 9/25/21 @ 100*		1,444
	30,119	Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32, Callable 12/25/24 @ 100*		27,755
	19,323	Sequoia Mortgage Trust, Series 2017-2, Class A4, 3.50%, 2/25/47, Callable 3/25/23 @ 100*(a) (b)		19,320
	9,459	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 9/25/21 @ 100*		9,830
	75	Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30, Callable 9/28/21 @ 100*		78
	822	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33, Callable 9/25/21 @ 100*		851
	580	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 5/25/28 @ 100*		622
				1,032,075
Subprime Mortgage Backed Securities (0.8%)
	61,033	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 7/25/24 @ 100*(a)(b)		62,383

See notes to financial statements.

– 47 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Subprime Mortgage Backed Securities, continued:
$	143,909	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 11/25/25 @ 100*(a)(b)	$	148,205
				210,588
U.S. Government Agency Mortgage Backed Securities (7.7%)
	28,296	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		28,024
	39	Fannie Mae, Series 1992-45, Class F, 1.05% (T7Y ), 4/25/22		39
	1,505	Fannie Mae, 1.98% (US0012M + 162 bps), 9/1/33, Pool #739372		1,517
	153,207	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		157,657
	52,988	Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41		53,675
	32,733	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		33,498
	1,839	Fannie Mae, 2.23% (US0012M + 186 bps), 1/1/37, Pool #906675		1,842
	56,142	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(a)		57,968
	83,945	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		87,836
	85,957	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		89,590
	78,936	Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44		80,245
	83,998	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		89,788
	151,602	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		160,223
	223,999	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		250,549
	109	Fannie Mae, 6.00%, 4/1/35, Pool #735503		125
	730	Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31		839
	10,050	Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42, Callable 9/25/21 @ 100*		12,052
	385	Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31, Callable 9/25/21 @ 100*		449
	124	Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22		125
	8	Freddie Mac, Series 1222, Class P, 0.82% (T10Y - 40 bps), 3/15/22, Callable 9/15/21 @ 100*		8
	18,579	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		18,927
	89,515	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		91,074
	10,297	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		10,320
	74,093	Freddie Mac, Series 4076, Class QC, 2.00%, 11/15/41		75,323
	91,497	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		93,745
	65,249	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		66,551
	226,049	Freddie Mac, Series 3908, Class B, 2.50%, 6/15/39		237,507
	49,799	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		51,229

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	71,518	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44	$	75,809
	22,105	Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43		22,426
	9,982	Freddie Mac, 5.37% (H15T1Y + 228 bps), 8/1/34, Pool #755230		10,083
	3	Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21, Callable 9/15/21 @ 100*		3
	342	Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22, Callable 9/15/21 @ 100*		350
	606	Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24, Callable 9/15/21 @ 100*		642
	884	Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26, Callable 9/15/21 @ 100*		985
	204	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22, Callable 9/15/21 @ 100*		207
	506	Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22, Callable 9/15/21 @ 100*		515
	82	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		82
	72,578	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		75,637
	5,337	Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40		5,346
	4,051	Government National Mortgage Assoc., Series 2010-98, Class CH, 3.00%, 10/20/39		4,063
	21,247	Government National Mortgage Assoc., Series 2010-98, Class MG, 3.00%, 8/20/39		21,640
	4,278	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		4,294
	51	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		56
	241	Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		254
	37	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		40
	14	Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187		14
	970	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205		1,044
	2,975	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		3,238
				1,977,453
Total Mortgage Backed Securities (Cost $4,619,393)				4,645,758

Corporate Bonds (28.7%)
Aerospace & Defense (1.9%)
	450,000	Boeing Co. (The), 3.25%, 2/1/28, Callable 12/1/27 @ 100 *		482,821
Airlines (1.1%)
	241,144	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29		269,031
Banks (3.3%)
	510,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		532,566
	290,000	Wells Fargo & Co., 3.00%, 10/23/26		313,592
				846,158
Capital Markets (1.2%)
	290,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		315,736

See notes to financial statements.

– 48 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Diversified Financial Services (1.3%)
$	300,000	National Rural Utilities Cooperative Finance Corp., 3.25%, 11/1/25, Callable 8/1/25 @ 100 *	$	325,673
Electric Utilities (1.2%)
	275,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		298,495
Entertainment (2.1%)
	215,000	The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29 @ 100 *		219,238
	300,000	Walt Disney Co. (The), 3.35%, 3/24/25		325,500
				544,738
Equity Real Estate Investment Trusts (0.5%)
	121,641	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (b)		123,376
Food Products (1.3%)
	300,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(b)		331,892
Health Care Providers & Services (2.6%)
	225,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *		238,089
	370,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *		416,754
				654,843
Hotels, Restaurants & Leisure (1.8%)
	425,000	Hyatt Hotels Corp., 4.38%, 9/15/28, Callable 6/15/28 @ 100 *		464,857
Household Durables (1.7%)
	400,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100 *		441,050
Insurance (1.2%)
	300,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (b)		314,846
Internet & Direct Marketing Retail (1.4%)
	335,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100 *		362,530
Multiline Retail (1.0%)
	235,000	Target Corp., 2.25%, 4/15/25, Callable 3/15/25 @ 100 *		247,082
Oil, Gas & Consumable Fuels (1.5%)
	380,000	HollyFrontier Corp., 2.63%, 10/1/23		392,038
Semiconductors & Semiconductor Equipment (2.1%)
	475,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100 *		534,401
Technology Hardware, Storage & Peripherals (1.5%)
	350,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *		387,242
Total Corporate Bonds (Cost $7,146,918)				7,336,809

Taxable Municipal Bonds (19.7%)
Alabama (1.2%)
	300,000	The Water Works Board City of Birmingham Revenue, 2.60%, 1/1/27		323,689
Arizona (1.0%)
	250,000	City of Glendale Arizona, Certificate participation, 0.90%, 7/1/24		251,458
California (2.5%)
	600,000	Riverside Unified School District, GO, 2.27%, 2/1/25		632,033
Colorado (1.2%)
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 0.86%, 11/1/23, GNMA: GOV. NATL MTGE ASSOCIATION		150,767

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Colorado, continued:
$	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 1.11%, 5/1/25, GNMA: GOV. NATL MTGE ASSOCIATION	$	150,480
				301,247
Georgia (1.0%)
	250,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		271,159
New York (2.5%)
	300,000	New York City Housing Development Corp. Revenue, Series L, 2.84%, 11/1/28, Continuously Callable @100		318,625
	300,000	New York City Transitional Finance Authority Revenue, 2.63%, 11/1/29		323,578
				642,203
Rhode Island (1.7%)
	400,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		431,255
Texas (3.2%)
	500,000	Austin Community College District Revenue, 0.93%, 2/1/25		501,108
	300,000	Midland County Fresh Water Supply District No. 1 Revenue, 2.37%, 9/15/26		318,996
				820,104
Utah (1.2%)
	300,000	Utah Transit Authority Revenue, 2.04%, 12/15/31, Continuously Callable @100		306,971
Virginia (1.1%)
	275,000	Virginia Housing Development Authority Revenue, Series F, 1.65%, 7/1/26, HUD: US DEPT OF HSG AND URBAN DEV		280,335
Washington (1.2%)
	300,000	Pierce County School District No. 10 Tacoma, GO, 0.53%, 12/1/23, SCH BD GTY		301,394
Wisconsin (1.9%)
	465,000	Public Financial Authority Wisconsin Revenue, 4.45%, 10/1/25, Insured by: AGC		480,004
Total Taxable Municipal Bonds (Cost $4,881,304)				5,041,852

U.S. Government Agency Securities (2.1%)
Federal Home Loan Banks
	250,000	0.63%, 8/16/28, Callable 11/16/21 @ 100 *(a)		249,545
	285,000	1.30%, 3/17/27, Callable 9/17/21 @ 100 *		285,135
Total U.S. Government Agency Securities (Cost $535,000)				534,680

U.S. Treasury Obligations (13.5%)
U.S. Treasury Notes
	2,193,000	2.00%, 4/30/24		2,290,400
	1,082,000	2.25%, 2/15/27		1,163,065
Total U.S. Treasury Obligations (Cost $3,438,611)				3,453,465

Investment in Affiliates (5.8%)
	1,478,458	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)		1,478,458
Total Investment in Affiliates (Cost $1,478,458)				1,478,458

Total Investments (Cost $25,014,498)(e) - 99.5%				25,437,385
Other assets in excess of liabilities — 0.5%				123,729
Net Assets - 100.0%			$	25,561,114

See notes to financial statements.

– 49 –

Schedule of Portfolio Investments	Moderate Duration Fund
August 31, 2021	Concluded

(a)

(b)

(c)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2021.

(d)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(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.

†

AGC	Assured Guaranty Corporation
GNMA	Government National Mortgage Association
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
SCH BD GTY	School Board Guaranty
T10Y	10 Year Treasury Constant Maturity Rate
T7Y	7 Year Treasury Constant Maturity Rate
US0001M	1 Month US Dollar LIBOR
US0003M	3 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements.

– 50 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2021

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities (11.8%)
$	825,000	Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100*(a)	$	828,849
	603,476	Bayview Opportunity Master Fund IVb Trust, Series 2017-SPL4, Class A, 3.50%, 1/28/55, Callable 9/28/21 @ 100*(a)(b)		614,845
	20,419	Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34, Callable 9/25/21 @ 100*(b)(c)		20,607
	590,174	BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B, 3.78%, 9/26/33, Callable 4/25/26 @ 100*(a)		615,429
	1,100,000	CoreVest American Finance Trust, Series 2021-2, Class B, 2.38%, 7/15/54(a)		1,097,264
	965,000	DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, 11/20/47, Callable 11/20/21 @ 100*(a)		971,408
	838,062	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a)		851,401
	3	RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27, Callable 9/25/21 @ 100*(b)		3
	415,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 11/20/23 @ 100*(a)		441,147
	926,250	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44, Callable 2/25/23 @ 100*(a)		977,743
	29,075	Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31, Callable 9/25/21 @ 100*(a)		29,002
	389,000	Taco Bell Funding LLC, Series 2018-1A, Class A2II, 4.94%, 11/25/48, Callable 11/25/25 @ 100*(a)		433,365
	914,192	Textainer Marine Containers VIII, Ltd., Series 2A-A, Class A, 2.10%, 9/20/45, Callable 9/20/22 @ 100*(a)		928,356
	1,002,531	TIF Funding II LLC, Series 2021-1A, Class A, 1.65%, 2/20/46, Callable 2/20/23 @ 100*(a)		993,908
	964,583	Triton Container Finance VIII LLC, Series 2021-1A, Class A, 1.86%, 3/20/46, Callable 4/20/23 @ 100*(a)		966,135
	497,003	TRP-TRIP Rail Master Funding LLC, Series 2021-2, Class A, 2.15%, 6/19/51, Callable 6/17/22 @ 100*(a)		500,009
	244,662	UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51, Callable 3/15/23 @ 100*		249,354
	1,134,000	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a)		1,204,762
	674,962	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(a)		691,541
	530,000	ZAXBY’S Funding LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a)		544,085
Total Asset Backed Securities (Cost$12,857,267)				12,959,213

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities† (15.9%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.3%)
$	282,332	Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.62% (US0001M + 54 bps), 8/25/35, Callable 9/25/21 @ 100*	$	283,889
	62,073	Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.06%, 11/25/36, Callable 5/25/25 @ 100*(b)		41,181
	5,878	JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 6.21%, 12/25/36, Callable 9/25/21 @ 100*(b)(c)		5,981
				331,051
Alt-A - Fixed Rate Mortgage Backed Securities (1.6%)
	10,013	Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46, Callable 9/25/21 @ 100*		9,989
	31,155	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 9/25/21 @ 100*		27,255
	22,018	Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37, Callable 9/25/21 @ 100*		11,985
	50,786	Countrywide Alternative Loan Trust, Series 2005- 46CB, Class A3, 5.50%, 10/25/35, Callable 9/25/21 @ 100*		46,868
	6,966	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36, Callable 9/25/21 @ 100*		6,652
	7,362	Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34, Callable 9/25/21 @ 100*		7,601
	24,523	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36, Callable 9/25/21 @ 100*		16,794
	159,117	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37, Callable 9/25/21 @ 100*		104,839
	182,136	Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36, Callable 4/25/22 @ 100*		114,757
	525	Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33, Callable 9/25/21 @ 100*		525
	1,559	Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25, Callable 9/25/21 @ 100*		1,414
	17,348	Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35, Callable 10/25/26 @ 100*		17,479
	42,794	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 9/25/21 @ 100*		43,447
	33,787	Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 9/25/21 @ 100*		35,242
	16,986	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 9/25/21 @ 100*		17,763
	16,513	Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35, Callable 12/25/27 @ 100*		16,452
	1,990	Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33, Callable 9/25/21 @ 100*		2,066

See notes to financial statements.

– 51 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2021	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	8,921	Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34, Callable 9/25/21 @ 100*	$	9,054
	963,115	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A3, 3.96%, 8/15/46, Callable 5/15/23 @ 100*		997,215
	13,334	Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36, Callable 9/25/21 @ 100*		12,740
	191,552	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35, Callable 9/25/21 @ 100*		153,587
	112,704	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36, Callable 10/25/21 @ 100*		70,234
				1,723,958
Prime Adjustable Rate Mortgage Backed Securities (3.5%)
	500,000	GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A6, 2.50%, 2/25/52, Callable 9/25/33 @ 100*(a)(b)		512,390
	1,058,873	GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A8, 2.50%, 1/25/52, Callable 12/25/42 @ 100*(a)(b)		1,079,397
	135,515	JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 2.56%, 8/25/35, Callable 9/25/21 @ 100*(b)		137,365
	4,324	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 2.97%, 6/25/36, Callable 9/25/21 @ 100*(b)		3,555
	1,189,176	LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 2.60% (US0001M + 150 bps), 5/1/24(a)		1,180,334
	500,000	Mello Warehouse Securitization Trust, Series 2021-1, Class A, 0.79% (US0001M + 70 bps), 2/25/55, Callable 2/25/24 @ 100*(a)		500,000
	150,000	Mello Warehouse Securitization Trust, Series 2021-1, Class 21-C, 1.19% (US0001M + 110 bps), 2/25/55, Callable 2/25/24 @ 100*(a)		149,724
	270,000	Mello Warehouse Securitization Trust, Series 2020-2, Class C, 1.38% (US0001M + 130 bps), 11/25/53, Callable 12/25/23 @ 100*(a)		269,203
	14,156	MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 1.92%, 4/25/29, Callable 9/25/21 @ 100*(b)		13,868
	4,125	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 2.73%, 6/25/36, Callable 9/25/21 @ 100*(b)		3,189
				3,849,025
Prime Fixed Mortgage Backed Securities (2.4%)
	557,459	Arroyo Mortgage Trust, Series 2019-3, Class A1, 2.96%, 10/25/48, Callable 7/25/22 @ 100*(a)(b)		565,241
	2,863	Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32, Callable 9/25/21 @ 100*		2,359
	123,081	Chaseflex Trust, Series 2006-2, Class A5, 4.45%, 9/25/36, Callable 9/25/21 @ 100*(b)		123,649
	15,611	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		16,559

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	2,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 9/25/21 @ 100*	$	2,017
	29,998	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35, Callable 9/25/21 @ 100*		30,472
	3,829	Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34, Callable 9/25/21 @ 100*		3,952
	3,921	Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34, Callable 9/25/21 @ 100*		4,090
	73,538	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37, Callable 9/25/21 @ 100*		46,576
	93,618	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35, Callable 9/25/21 @ 100*		41,120
	111	First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		116
	48,931	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 5/25/24 @ 100*(a)(b)		48,976
	1,576	GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33, Callable 9/25/21 @ 100*(b)(c)		1,635
	17,040	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 2.56%, 4/25/36, Callable 9/25/21 @ 100*(b)		15,596
	21,485	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34, Callable 9/25/21 @ 100*		21,485
	940,385	Mello Mortgage Capital Acceptance Trust, Series 2021-MTG2, Class A10, 2.50%, 6/1/51, Callable 5/25/33 @ 100*(a)(b)		963,233
	22,445	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34, Callable 3/25/25 @ 100*		23,871
	4,169	Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33, Callable 9/25/21 @ 100*		4,216
	104,637	RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32, Callable 9/25/21 @ 100*		104,070
	36,782	TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36, Callable 9/25/21 @ 100*		7,358
	196,548	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%,5/25/35, Callable 9/25/21 @ 100*		195,979
	5,484	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34, Callable 9/25/21 @ 100*		5,769
	52,076	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 5/25/28 @ 100*		55,898
	178,634	Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1, 3.50%, 7/25/49, Callable 9/25/23 @ 100*(a)(b)		180,262
	30,122	Wells Fargo Mortgage Backed Securities Trust, Series 2019-4, Class A3, 3.50%, 9/25/49, Callable 5/25/23 @ 100*(a)(b)		30,109

See notes to financial statements.

– 52 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2021	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	167,810	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45, Callable 10/20/21 @ 100*(a)(b)	$	170,101
				2,664,709
Subprime Mortgage Backed Securities (0.9%)
	367,480	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/26 @ 100*(a)(b)		374,264
	162,754	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 7/25/24 @ 100*(a)(b)		166,355
	407,743	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 11/25/25 @ 100*(a)(b)		419,915
				960,534
U.S. Government Agency Mortgage Backed Securities (7.2%)
	138,627	Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40		142,321
	247,657	Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41		254,148
	362,182	Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41		372,700
	344,672	Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41		352,593
	176,759	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		180,889
	154,911	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		160,233
	602,220	Fannie Mae, Series 2020-54, Class TA, 2.00%, 5/25/43		617,346
	208,518	Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41		215,070
	70,177	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		72,461
	9,999	Fannie Mae, 2.43% (H15T1Y + 231 bps), 12/1/27, Pool #422279		10,065
	192,793	Fannie Mae, Series 2, Class JD, 2.50%, 2/25/50		196,931
	140,276	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		146,779
	216,398	Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42		224,813
	64,468	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		67,192
	90,809	Fannie Mae, Series 2011-118, Class 10A1, 3.00%,11/25/41		97,069
	331,705	Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43		345,170
	65,916	Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44		68,744
	304,265	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		321,566
	761,597	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		851,866
	764,202	Fannie Mae, Series 2018-M13, Class A1, 3.82%, 3/25/30(b)		866,803
	20,340	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		21,546
	13,167	Fannie Mae, Series 2002-W11, Class AF5, 4.98%, 11/25/32, Callable 9/25/21 @ 100*(b) (c)		14,100
	237	Fannie Mae, 5.00%, 8/1/33, Pool #730856		270

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	116	Fannie Mae, 5.00%, 7/1/35, Pool #832198	$	132
	163	Fannie Mae, 5.50%, 2/1/33, Pool #683351		189
	101	Fannie Mae, 5.50%, 9/1/34, Pool #725773		117
	1,446	Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28		1,608
	1,500	Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23		1,556
	289	Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21		290
	26,731	Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 3.27%, 8/25/42, Callable 9/25/21 @ 100*(b)		27,847
	40,874	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		41,640
	20,594	Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40		20,640
	27,690	Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40		27,809
	113,694	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		117,140
	108,749	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		110,918
	2,726	Freddie Mac, 2.25% (H15T1Y + 213 bps), 4/1/24, Pool #409624		2,733
	309,408	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		316,099
	101,204	Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41, Callable 7/15/31 @ 100*		104,683
	212,445	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		218,547
	107,277	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		113,713
	192,721	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		203,649
	131,578	Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40		141,251
	48,228	Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40		51,673
	564	Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24		595
	202	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		227
	1,232	Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29		1,382
	706	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		819
	8,732	Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28		9,835
	216	Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22, Callable 9/15/21 @ 100*		219
	157,253	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		163,880
	310,325	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		326,626
	118,395	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)		126,850
	167,305	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		173,703
	18,339	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		19,465
	1,031	Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688		1,042

See notes to financial statements.

– 53 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2021	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	3,369	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215	$	3,666
	2,252	Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701		2,346
				7,933,564
Total Mortgage Backed Securities (Cost $17,158,642)				17,462,841

Corporate Bonds (33.1%)
Aerospace & Defense (1.4%)
	1,450,000	Boeing Co. (The), 3.25%, 2/1/28, Callable 12/1/27 @ 100*		1,555,757
Airlines (1.0%)
	970,139	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29		1,082,332
Banks (4.2%)
	1,940,000	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *		2,025,839
	1,100,000	JPMorgan Chase & Co., 2.52% (SOFR + 204 bps), 4/22/31, Callable 4/22/30 @ 100 *		1,138,494
	1,300,000	Wells Fargo & Co., 3.00%, 10/23/26		1,405,756
				4,570,089
Beverages (0.8%)
	800,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100*		866,765
Capital Markets (2.2%)
	1,300,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		1,415,369
	1,000,000	LSEGA Financing PLC, 1.38%, 4/6/26, Callable 3/6/26 @ 100 *(a)		1,004,201
				2,419,570
Diversified Financial Services (0.8%)
	850,000	Korea Development Bank, 2.75%, 3/19/23		880,438
Diversified Telecommunication Services (1.4%)
	1,520,000	AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @ 100 *(a)		1,558,362

Electric Utilities (1.0%)
	1,000,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		1,085,437
Entertainment (0.7%)
	715,000	The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29 @ 100*		729,096
Equity Real Estate Investment Trusts (0.2%)
	182,462	JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)		185,064
Food Products (2.2%)
	1,059,000	Conagra Brands, Inc., 4.60%, 11/1/25, Callable 9/1/25 @ 100*		1,195,754
	320,000	Mars, Inc., 0.88%, 7/16/26, Callable 6/16/26 @ 100 *(a)		315,579
	825,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)		912,703
				2,424,036
Health Care Providers & Services (3.6%)
	1,000,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *		1,058,172
	795,000	Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 *		825,307
	1,050,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100 *		1,129,595

Shares or
Principal
Amount		Security Description	Value
Corporate Bonds, continued:
Health Care Providers & Services, continued:
$	890,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100*	$	1,002,463
				4,015,537
Hotels, Restaurants & Leisure (2.8%)
	1,500,000	Hyatt Hotels Corp., 4.38%, 9/15/28, Callable 6/15/28 @ 100*		1,640,673
	345,000	Royal Caribbean Cruises, 5.25%, 11/15/22		353,194
	1,000,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100*		1,116,937
				3,110,804
Household Durables (0.6%)
	620,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100 *		683,627
Insurance (1.0%)
	1,100,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		1,154,437
Internet & Direct Marketing Retail (1.0%)
	1,000,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100*		1,082,178
IT Services (1.0%)
	1,000,000	International Business Machines Corp., 3.50%, 5/15/29		1,120,523
Multiline Retail (1.0%)
	1,000,000	Target Corp., 2.25%, 4/15/25, Callable 3/15/25 @ 100*		1,051,412
Oil, Gas & Consumable Fuels (1.9%)
	1,000,000	HollyFrontier Corp., 2.63%, 10/1/23		1,031,679
	900,000	Marathon Oil Corp., 4.40%, 7/15/27, Callable 4/15/27 @ 100*		1,017,388
				2,049,067
Semiconductors & Semiconductor Equipment (2.2%)
	1,875,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100*		2,109,478
	325,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100*		346,702
				2,456,180
Specialty Retail (1.1%)
	1,000,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100*		1,187,182
Technology Hardware, Storage & Peripherals (1.0%)
	1,000,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100*		1,106,406
Total Corporate Bonds (Cost $34,904,307)				36,374,299

Taxable Municipal Bonds (18.5%)
Georgia (1.6%)
	1,665,000	State of Georgia, Build America Bonds, GO, Series H,4.50%,11/1/25		1,805,918
Kentucky (0.7%)
	750,000	Lexington-Fayette Urban County Airport Board Corp. Revenue, 2.84%, 7/1/31		781,984
Massachusetts (1.1%)
	1,150,000	Massachusetts State College Building Authority Revenue, Series C, 2.44%, 5/1/28, ST APPROP		1,227,876
Michigan (1.4%)
	500,000	Michigan State Housing Development Authority Revenue, Series B, 2.72%, 10/1/35, Continuously Callable @ 100		512,114

See notes to financial statements.

– 54 –

Schedule of Portfolio Investments	Bond Fund
August 31, 2021	Concluded

Shares or
Principal
Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Michigan, continued:
$	1,000,000	Michigan State Housing Development Authority Revenue, Series B, 3.49%, 12/1/40, Continuously Callable @ 100	$	1,055,852
				1,567,966
New York (1.3%)
	1,260,000	New York City Transitional Finance Authority Revenue, Series F-3, 3.21%, 5/1/29, Continuously Callable @ 100		1,374,649
Oklahoma (2.6%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @ 100		543,148
	450,000	The University of Oklahoma Revenue, Series C, 2.45%, 7/1/32, Continuously Callable @ 100		463,725
	1,650,000	University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @ 100		1,862,600
				2,869,473
Oregon (1.8%)
	1,000,000	State of Oregon, GO, Series O, 1.60%, 8/1/31, Continuously Callable @ 100		1,005,060
	1,000,000	State of Oregon, GO, Series O, 1.70%, 8/1/32, Continuously Callable @ 100		1,008,684
				2,013,744
Pennsylvania (1.2%)
	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		1,269,871
Texas (4.7%)
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/26, PSF-GTD		1,182,202
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/27, PSF-GTD		1,211,512

Shares or
Principal
Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Texas, continued:
$	675,000	Country of Galveston Texas, Build America Bonds, GO,5.91%,2/1/29	$	801,059
	785,000	Texas Transportation Commission State Highway Fund Revenue, 5.18%, 4/1/30		972,915
	1,000,000	Texas Transportation Commission, GO, 1.78%, 10/1/32		1,007,264
				5,174,952
Washington (2.1%)
	1,200,000	County of King WA Sewer Revenue, Series B, 1.86%, 1/1/33, Continuously Callable @ 100		1,205,037
	1,070,000	Pierce County School District No 10 Tacoma, GO, 1.90%, 12/1/33, SCH BD GTY		1,084,442
				2,289,479
Total Taxable Municipal Bonds (Cost $19,680,115)				20,375,912

U.S. Government Agency Securities (2.8%)
Federal Home Loan Banks
	2,075,000	0.63%, 8/26/26, Callable 11/26/21 @ 100 *(b)		2,072,818
	1,000,000	1.30%, 3/17/27, Callable 9/17/21 @ 100 *		1,000,474
Total U.S. Government Agency Securities (Cost $3,075,000)				3,073,292

U.S. Treasury Obligations (15.6%)
U.S. Treasury Notes
	3,255,000	1.13%, 2/15/31		3,212,787
	4,557,000	1.38%, 10/15/22		4,621,795
	4,547,000	2.00%, 4/30/24		4,748,951
	4,233,000	2.25%, 2/15/27		4,550,144
Total U.S. Treasury Obligations (Cost $16,806,867)				17,133,677

Investment in Affiliates (2.1%)
	2,305,878	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)		2,305,878
Total Investment in Affiliates (Cost $2,305,878)				2,305,878

Total Investments (Cost $106,788,076)(e) - 99.8%				109,685,112
Other assets in excess of liabilities — 0.2%				270,180
Net Assets - 100.0%			$	109,955,292

	(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
	(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at August 31, 2021.
	(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2021.
	(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.
	(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.

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

See notes to financial statements.

– 55 –

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
August 31, 2021

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities (17.7%)
$	375,000	AB Issuer LLC, Series 2021-1, Class A2, 3.73%, 7/30/51(a)	$	385,483
	116,828	ABFC Trust, Series 2005-AQ1, Class A6, 4.56%, 1/25/35, Callable 9/25/21 @ 100*(b)(c)		120,909
	181,149	ABFC Trust, Series 2005-HE2, Class M3, 0.86% (US0001M + 78 bps), 6/25/35, Callable 9/25/21 @ 100*		182,347
	600,000	Amur Equipment Finance Receivables LLC, Series 2021-1A, Class E, 4.13%, 3/20/28, Callable 1/20/25 @ 100*(d)		601,281
	316,165	Bayview Commercial Asset Trust, Series 2004-3, Class A1, 0.64% (US0001M + 56 bps), 1/25/35, Callable 9/25/21 @ 100*(a)		313,778
	15,671	Bayview Financial Mortgage Pass Trust, Series 2005-D, Class AF4, 5.50%, 12/28/35, Callable 9/28/21 @ 100*(b)		15,635
	25,525	Bayview Opportunity Master Fund Trust, Series 2017-RT1, Class A1, 3.00%, 3/28/57, Callable 4/28/22 @ 100*(a)(b)		25,846
	93,711	Bear Stearns Structured Products Trust, Series 2007-EMX1, Class A2, 1.38% (US0001M + 130 bps), 3/25/37, Callable 8/25/26 @ 100*(a)		93,642
	22,519	Centex Home Equity Loan Trust, Series 2002-A, Class AF6, 5.54%, 1/25/32, Callable 9/25/21 @ 100*		23,102
	103,349	Credit-Based Asset Servicing And Securitization LLC, Series 2005-RP2, Class M2, 2.48% (US0001M + 160 bps), 9/25/35, Callable 9/25/21 @ 100*(a)		104,822
	163,643	Credit-Based Asset Servicing And Securitization LLC, Series 2007-SP1, Class A4, 4.84%, 12/25/37, Callable 9/25/21 @ 100*(a)(b)(c)		165,544
	28,813	GSAA Home Equity Trust, Series 2005-1, Class M1, 5.80%, 11/25/34, Callable 9/25/21 @ 100*(b)(c)		29,178
	212,081	GSAMP Trust, Series 2006-HE1, Class M1, 0.67% (US0001M + 39 bps), 1/25/36, Callable 9/25/21 @ 100*		212,159
	27,616	MASTR Asset Backed Securities Trust, Series 2004-FRE1, Class M6, 2.18% (US0001M + 210 bps), 7/25/34, Callable 9/25/21 @ 100*		27,630
	466,053	Morgan Stanley Dean Witter Capital I, Inc., Series 2003-NC3, Class M1, 1.43% (US0001M + 135 bps), 3/25/33, Callable 9/25/21 @ 100*		469,250
	289,275	Neighborly Issuer LLC, Series 2021-1A, Class A2, 3.58%, 4/30/51, Callable 10/30/26 @ 100*(a)		299,565
	440,364	NovaStar Mortgage Funding Trust, Series 2003-4, Class A1, 0.82% (US0001M + 74 bps), 2/25/34, Callable 9/25/21 @ 100*		435,912
	23,264	Quest Trust, Series 2005-X1, Class M2, 1.28% (US0001M + 120 bps), 3/25/35, Callable 9/25/21 @ 100*(a)		23,272
	24,687	Residential Asset Mortgage, Series 2004-RS12, Class MI1, 5.65%, 12/25/34, Callable 9/25/21 @ 100*(b)(c)		25,484
	45,195	Residential Asset Securities Corp., Series 2004- KS8, Class MI1, 5.34%, 9/25/34, Callable 9/25/21 @ 100*(b)		46,278
	62,067	Saxon Asset Securities Trust, Series 2007-1, Class A2C, 0.23% (US0001M + 15 bps), 1/25/47, Callable 5/25/25 @ 100*		61,673

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities, continued:
$	149,272	Specialty Underwriting & Residential Finance, Series 2003-BC4, Class A3B, 4.79%, 11/25/34, Callable 9/25/21 @ 100*(b)	$	153,159
Total Asset Backed Securities (Cost $3,759,216)				3,815,949

Mortgage Backed Securities† (32.4%)
Alt-A - Fixed Rate Mortgage Backed Securities (4.1%)
	20,235	Bear Stearns Asset-Backed Securities Trust, Series 2004-AC3, Class A1, 5.25%, 6/25/34, Callable 9/25/21 @ 100*(b)(c)		20,861
	13,671	Countrywide Alternative Loan Trust, Series 2004- 16CB, Class 1A1, 5.50%, 7/25/34, Callable 9/25/21 @ 100*		14,035
	15,429	Countrywide Alternative Loan Trust, Series 2004- 16CB, Class 3A1, 5.50%, 8/25/34, Callable 9/25/21 @ 100*		15,839
	98,004	Countrywide Alternative Loan Trust, Series 2003- 22CB, Class 1A1, 5.75%, 12/25/33, Callable 9/25/21 @ 100*		101,383
	35,953	Countrywide Alternative Loan Trust, Series 2004- 16CB, Class 4A3, 6.00%, 8/25/34, Callable 9/25/21 @ 100*		36,445
	33,532	Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34, Callable 9/25/21 @ 100*		34,270
	11,905	MASTR Alternative Loans Trust, Series 2004-11, Class 6A1, 5.50%, 10/25/34, Callable 9/25/21 @ 100*		12,402
	96,572	MASTR Alternative Loans Trust, Series 2004-7, Class 1A1, 5.50%, 7/25/34, Callable 9/25/21 @ 100*		100,336
	134,878	MASTR Alternative Loans Trust, Series 2003-3, Class 2A5, 6.00%, 5/25/33, Callable 9/25/21 @ 100*		140,185
	34,236	MASTR Alternative Loans Trust, Series 2004-5, Class 2A1, 6.00%, 6/25/34, Callable 9/25/21 @ 100*		35,320
	278,000	Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33, Callable 9/25/21 @ 100*		284,949
	66,000	Residential Asset Securitization Trust, Series 2003-A10, Class A2, 5.20%, 9/25/33, Callable 9/25/21 @ 100*		66,747
	20,852	Structured Asset Securities Corp., Series 2004- 4XS, Class A3A, 5.14%, 2/25/34, Callable 9/25/21 @ 100*(b)(c)		21,024
				883,796
Prime Adjustable Rate Mortgage Backed Securities (14.7%)
	54,151	Citigroup Mortgage Loan Trust, Inc., Series 2004- UST1, Class A5, 1.97%, 8/25/34, Callable 9/25/21 @ 100*(b)		55,479
	99,035	Impac Secured Assets CMN Owner Trust, Series 2003-3, Class A1, 5.14%, 8/25/33, Callable 9/25/21 @ 100*(b)		102,667
	374,591	LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 2.60% (US0001M + 150 bps), 5/1/24(a)		371,805
	706,400	LSTAR Securities Investment, Ltd., Series 2019-3, Class A2, 3.60% (US0001M + 250 bps), 4/1/24, Callable 5/1/23 @ –*(a)		758,774

See notes to financial statements

– 56 –

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
August 31, 2021	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	534,839	LSTAR Securities Investment, Ltd., Series 2019-4, Class A2, 3.60% (US0001M + 250 bps), 5/1/24(a)	$	576,205
	500,000	Mello Warehouse Securitization Trust, Series 2020-2, Class E, 2.33% (US0001M + 225 bps), 11/25/53, Callable 12/25/23 @ 100*(a)		498,574
	500,000	Mello Warehouse Securitization Trust, Series 2021-1, Class G, 4.47% (US0001M + 438 bps), 2/25/55, Callable 2/25/24 @ 100*(a)		499,999
	118,148	RBSSP Resecuritization Trust, Series 2011-3, Class 2A1, 0.34% (US0001M + 25 bps), 2/26/37(a)		118,508
	34,133	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 2.45%, 9/25/34, Callable 9/25/21 @ 100*(b)		34,935
	34,655	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 2.62%, 7/25/34, Callable 9/25/21 @ 100*(b)		37,266
	48,642	Terwin Mortgage Trust, Series 2006-9HGA, Class A2, 0.49% (US0001M + 20 bps), 10/25/37, Callable 9/25/21 @ 100*(a)		48,508
	73,646	WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.85%, 6/20/44, Callable 7/20/22 @ 100*(a)(b)		74,292
				3,177,012
Prime Fixed Mortgage Backed Securities (8.9%)
	127,246	Alternative Loan Trust, Series 2004-18CB, Class 4A1, 5.50%, 9/25/34, Callable 9/25/21 @ 100*		131,168
	12,193	Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34, Callable 9/25/21 @ 100*		12,445
	346,767	Brean Asset Backed Securities Trust, Series 2021- RM1, Class M1, 1.60%, 10/25/63, Callable 9/25/27 @ 100*(d)		317,102
	8,526	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36, Callable 9/25/21 @ 100*		8,491
	10,075	Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36, Callable 9/25/21 @ 100*		10,260
	111,563	Countrywide Home Loans, Series 2005-6, Class 1A3, 5.15%, 4/25/35, Callable 9/25/21 @ 100*		113,979
	24,000	Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34, Callable 9/25/21 @ 100*		24,596
	82,000	Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34, Callable 9/25/21 @ 100*		84,422
	39,000	Countrywide Home Loans, Series 2004-9, Class A5, 5.25%, 6/25/34, Callable 9/25/21 @ 100*		40,755
	197,000	Countrywide Home Loans, Series 2005-5, Class A4, 5.40%, 3/25/35, Callable 9/25/21 @ 100*		201,909
	105,790	Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34, Callable 9/25/21 @ 100*		106,462
	47,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 9/25/21 @ 100*		47,391
	46,000	Countrywide Home Loans, Series 2004-8, Class 1A7, 5.75%, 7/25/34, Callable 9/25/21 @ 100*		46,720

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	61,290	GMAC Mortgage Loan Trust, Series 2004-J2, Class A8, 5.75%, 6/25/34, Callable 9/25/21 @ 100*	$	62,301
	95,221	GSR Mortgage Loan Trust, Series 2004-10F, Class 6A1, 5.00%, 9/25/34, Callable 9/25/21 @ 100*		96,365
	255,000	Mello Warehouse Securitization Trust, Series 2021-2, Class F, 4.83% (US0001M + 475 bps), 4/25/55, Callable 4/25/24 @ 100*(a)		254,665
	315,000	NewRez Warehouse Securitization Trust, Series 2021-1, Class F, 5.33% (US0001M + 525 bps), 5/25/55, Callable 5/25/24 @ 100*(a)		315,811
	56,000	WaMu Mortgage Pass-Through Certificate, Series 2004-RS1, Class A3, 5.50%, 11/25/33, Callable 9/25/21 @ 100*		57,402
				1,932,244
U.S. Government Agency Mortgage Backed Securities (4.7%)
	67,265	Fannie Mae, Series 2013-56, Class GM, 2.00%, 8/25/41		69,343
	85,848	Fannie Mae, Series 2003-W14, Class 2A, 3.85%, 1/25/43, Callable 9/25/21 @ 100*(b)		89,777
	180,949	Fannie Mae, Series 2003-W13, Class AF5, 4.79%, 10/25/33, Callable 9/25/21 @ 100*(b)		203,676
	119,568	Fannie Mae, Series 2002-W11, Class AF5, 4.98%, 11/25/32, Callable 9/25/21 @ 100*(b)		128,043
	135,643	Fannie Mae, Series 2004-W3, Class A8, 5.50%, 5/25/34, Callable 9/25/21 @ 100*		149,139
	145,088	Fannie Mae, Series 240, Class 11, 9.00%, 9/25/23		155,559
	166,155	Fannie Mae, Series 240, Class 11, 9.00%, 9/25/23		178,768
	47,929	Freddie Mac, Series 2017-SC01, Class 2A, 3.50%, 12/25/46, Callable 6/25/27 @ 100*		48,287
				1,022,592
Total Mortgage Backed Securities (Cost $6,857,932)				7,015,644

Corporate Bonds (27.8%)

Aerospace & Defense (2.7%)

	389,000	The Boeing Co., 8.75%, 9/15/31	584,164
Airlines (2.5%)
	373,130	Alaska Airlines Pass Through Trust, Class B, 8.00%, 2/15/27(a)	420,153
	122,657	American Airlines Pass-Through Trust, Class A, 4.95%, 7/15/24	125,363
			545,516
Banks (3.9%)
	543,000	Citigroup, Inc., 4.00% (H15T5Y + 360 bps), 12/31/99, Callable 12/10/25 @ 100*	563,362
	273,000	Wells Fargo & Co., 3.90% (H15T5Y + 345 bps), 12/31/99, Callable 3/15/26 @ 100*	283,317
			846,679
Capital Markets (2.4%)
	500,000	The Goldman Sachs Group, Inc., 3.80% (H15T5Y + 297 bps), 12/31/99, Callable 5/10/26 @ 100*	511,500
Chemicals (2.2%)
	400,000	Monsanto Co., 5.50%, 7/30/35	469,361

– 57 –

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
August 31, 2021	Concluded

Shares or
Principal
Amount		Security Description	Value
Corporate Bonds, continued:
Oil, Gas & Consumable Fuels (4.1%)
$	287,000	HollyFrontier Corp., 4.50%, 10/1/30, Callable 7/1/30 @ 100*	$	308,585
	26,000	ONEOK, Inc., 5.85%, 1/15/26, Callable 12/15/25 @ 100*		30,538
	425,000	ONEOK, Inc., 6.35%, 1/15/31, Callable 10/15/30 @ 100*		547,516
				886,639
Sovereign Bond (2.1%)
	450,000	International Bank for Reconstruction & Development, 2.70%, 12/28/37, Callable 12/28/22 @ 100*		451,691
Technology Hardware, Storage & Peripherals (1.3%)
	209,000	Hewlett Packard Enterprise Co., 6.35%, 10/15/45, Callable 4/15/45 @ 100*		288,780
Tobacco (6.6%)
	180,000	Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100*		233,949
	546,000	BAT Capital Corp., 4.91%, 4/2/30, Callable 1/2/30 @ 100*		633,040

Shares or
Principal
Amount		Security Description	Value
Corporate Bonds, continued:
Tobacco, continued:
$	156,000	Philip Morris International, Inc., 6.38%, 5/16/38	$	222,321
	227,000	Reynolds American, Inc., 8.13%, 5/1/40		333,772
				1,423,082
Total Corporate Bonds (Cost $5,862,270)				6,007,412

U.S. Treasury Obligations (11.1%)

U.S. Treasury Bonds
	930,000	1.88%, 2/15/51	917,358
U.S. Treasury Notes
	1,500,000	0.50%, 2/28/26	1,486,523
Total U.S. Treasury Obligations (Cost $2,381,158)			2,403,881

Investment Companies (5.1%)

	12,511			iShares IBoxx High Yield Corporate Bond ETF			1,102,094
Total Investment Companies (Cost $1,086,674)							1,102,094

Investment in Affiliates (6.1%)

	1,318,672	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(e)		1,318,672
Total Investment in Affiliates (Cost $1,318,672)				1,318,672

Total Investments (Cost $21,265,922)(f) - 100.2%				21,663,652
Liabilities in excess of other assets — (0.2)%				(35,346	)
Net Assets - 100.0%			$	21,628,306

(a)

(b)

(c)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2021.

(d)

Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At August 31, 2021, illiquid securities were 4.3% of the Fund’s net assets.

(e)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(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.

†

ETF	Exchange Traded Fund
H15T5Y	5 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
US0001M	1 Month US Dollar LIBOR

See notes to financial statements

– 58 –

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
August 31, 2021

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds (110.9%)
Colorado (4.6%)
$	1,505,000	City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 0.01%, 11/1/40, Continuously Callable @ 100, Barclays Bank(a)	$	1,505,000
Florida (4.3%)
	1,400,000	Palm Beach County Revenue, 0.03%, 7/1/32, Callable 10/1/21 @ 100, Northern Trust Co.*(a)		1,400,000
Illinois (21.4%)
	1,400,000	Channahon Illinois, Morris Hospital Revenue, 0.01%, 12/1/34, Continuously Callable @ 100, U.S. Bank NA(a)		1,400,000
	130,000	City of Monmouth IL, GO, 4.00%, 12/1/21, BAM		131,154
	165,000	City of Waukegan IL Water & Sewer System Revenue, 4.00%, 12/30/21, AGM		167,008
	525,000	Cook County Community Unit School District No 401 Elmwood Park, GO, 3.00%, 12/1/21		528,656
	340,000	Cook County School District No 162 Matteson, GO, Series B, 3.00%, 12/1/21, BAM		342,249
	405,000	Cook County School District No 88 Bellwood, GO, 4.00%, 12/1/22, BAM		423,342
	130,000	Henry County Community Unit School District No 229 Kewanee, GO, Series B, 3.00%, 12/1/22, AGM		134,354
	200,000	Henry County Community Unit School District No 229 Kewanee, GO, Series B, 3.00%, 12/1/23, AGM		211,677
	200,000	Kankakee & Will Counties Community Unit School District No 5, GO, 5.00%, 12/1/21, BAM		202,305
	100,000	Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, GO, 5.00%, 12/1/22, BAM		105,785
	1,300,000	Village of Brookfield IL Revenue, 0.02%, 6/1/38, Continuously Callable @ 100, Northern Trust Co.(a)		1,300,000
	345,000	Village of Franklin Park IL, GO, 3.00%, 7/1/23, AGC		361,491
	125,000	Village of Libertyville IL, GO, Series A, 3.00%, 12/15/21		125,845
	230,000	Village of Libertyville IL, GO, Series A, 3.00%, 12/15/22		237,788
	250,000	Village of Libertyville IL, GO, Series A, 3.00%, 12/15/23		264,641
	175,000	Village of Libertyville IL, GO, Series B, 4.00%, 5/1/22		179,078
	175,000	Village of Libertyville IL, GO, Series B, 4.00%, 5/1/23		185,366
	170,000	West Chicago Park District, GO, Series B, 3.00%, 12/1/22, BAM		175,933
	500,000	Williamson & Johnson Counties Community Unit School District No 2 Marion, GO, 2.00%, 12/1/21, BAM		501,886
				6,978,558
Indiana (6.5%)
	500,000	Brownsburg 1999 School Building Corp. Revenue, 1.50%, 5/13/22, Continuously Callable @ 100		500,700
	750,000	Hamilton Southeastern Schools, GO, Series B, 3.00%, 12/31/21, ST INTERCEPT		756,427

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Indiana, continued:
$	850,000	Lafayette School Corp., GO, 4.00%, 1/15/22, ST INTERCEPT	$	861,273
				2,118,400
Kansas (0.8%)
	265,000	County of Pottawatomie KS, GO, Series A, 4.00%, 10/1/22		275,246
Kentucky (10.8%)
	380,000	Bowling Green Independent School District Finance Corp. Revenue, 4.00%, 11/1/22, ST INTERCEPT		395,576
	380,000	County of Madison KY, GO, Series B, 5.00%, 3/1/22		389,033
	200,000	Kentucky Association of Counties Finance Corp. Revenue, 2.00%, 2/1/23		204,642
	1,000,000	Kentucky Interlocal School Transportation Association, 1.25%, 3/1/23, STATE INTERCEPT PROG FOR HIGHER ED		1,012,741
	395,000	Leslie County School District Finance Corp. Revenue, 1.00%, 12/1/22, ST INTERCEPT		398,594
	485,000	Mason County School District Finance Corp. Revenue, 2.00%, 9/1/22, ST INTERCEPT		493,483
	615,000	Mason County School District Finance Corp. Revenue, 2.00%, 9/1/23, ST INTERCEPT		635,995
				3,530,064
Lousiana (1.0%)
	325,000	Lafourche Parish School Board, GO, 5.00%, 3/1/22		332,543
Massachusetts (1.0%)
	311,735	Town of Sherborn MA, GO, 1.00%, 8/24/22		314,094
Michigan (1.0%)
	295,000	Charter Township of Brownstown MI, GO, 4.00%, 5/1/23		313,247
Minnesota (4.3%)
	1,400,000	City of Minneapolis MN Revenue, Series B, 0.03%, 12/1/27, Callable 10/1/21 @ 100, WELLS FARGO*(a)		1,400,000
Mississippi (2.5%)
	800,000	County of Jackson MS Revenue, 0.01%, 6/1/23, Callable 10/1/21 @ 100*(a)		800,000
Missouri (3.0%)
	150,000	City of Sikeston MO Revenue, 3.00%, 6/1/22		153,059
	225,000	County of Dunklin MO Revenue, 3.00%, 12/1/21		226,445
	200,000	County of Dunklin MO Revenue, 3.00%, 12/1/22		206,610
	200,000	Nixa Public Schools, 4.00%, 4/1/22		204,260
	185,000	Nixa Public Schools, 4.00%, 4/1/23		195,547
				985,921
North Dakota (0.6%)
	200,000	City of Horace ND, GO, 3.00%, 5/1/23		207,794
Pennsylvania (2.3%)
	580,000	Borough of Lewistown PA, GO, 4.00%, 12/15/23, BAM		627,474
	125,000	City of Allentown PA, GO, 4.00%, 10/1/21, BAM		125,373
				752,847
Rhode Island (4.3%)
	1,400,000	Rhode Island Health and Educational Building Corp. Revenue, 0.02%, 9/1/43, Callable 10/1/21 @ 100, Northern Trust Co.*(a)		1,400,000
Tennessee (10.0%)
	255,000	County of Fayette TN, GO, 2.00%, 3/1/23		261,566
	500,000	County of Hawkins TN, GO, 3.00%, 3/1/22		506,792

See notes to financial statements

– 59 –

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
August 31, 2021	Concluded

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Tennessee, continued:
$	1,200,00	Loudon Industrial Development Board Revenue, 0.02%, 6/1/23, Continuously Callable @ 100, CITI: CITIGROUP(a)	$	1,200,000
	1,300,000	Montgomery County Public Building Authority Revenue, 0.05%, 11/1/27, Callable 10/1/21 @ 100, Bank of America*(a)		1,300,000
				3,268,358
Texas (25.6%)
	1,020,000	Austin Texas Hotel Occupancy Tax Revenue, 0.03%, 11/15/29, Continuously Callable @ 100, JPM(a)		1,020,000
	195,000	Brazoria County Municipal Utility District No 28, GO, Series A, 2.00%, 9/1/23, BAM		201,308
	420,000	Broaddus Independent School District, GO, Series A, 4.00%, 2/15/23, PSF-GTD		442,672
	215,000	City of Austin Texas Revenue, 5.00%, 11/15/22, Continuously Callable @ 100, AGC		217,137
	100,000	City of Elgin Texas, GO, 4.00%, 7/15/22, AGC		103,248
	100,000	City of Elgin Texas, GO, 4.00%, 7/15/22, AGC		103,248
	100,000	City of Elgin Texas, GO, 4.00%, 7/15/23, AGC		106,817
	100,000	City of Elgin Texas, GO, 4.00%, 7/15/23, AGC		106,817
	270,000	City of Gonzales Texas, GO, 4.00%, 3/1/22		275,104
	400,000	East Cedar Creek Fresh Water Supply District Revenue, 3.00%, 1/1/23, AGM		414,276
	200,000	Fort Bend County Municipal Utility District No 130, GO, 2.00%, 9/1/21, AGM		200,008
	265,000	Fort Bend County Municipal Utility District No 130, GO, 2.00%, 9/1/22, AGM		269,380
	165,000	Fort Bend County Municipal Utility District No 139, GO, 4.00%, 3/1/22, AGC		168,036
	180,000	Fort Bend County Municipal Utility District No 139, GO, 4.00%, 3/1/23, AGC		189,676
	380,000	Fort Bend County Municipal Utility District No 169, GO, 3.00%, 12/1/21, AGM		382,580
	220,000	Fulshear Municipal Utility District No 3A, GO, 4.00%, 9/1/23, AGM		235,863
	675,000	Galveston County Municipal Utility District No 56, GO, 4.50%, 12/1/22, AGM		710,202

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Texas, continued:
$	170,000	Grand Mission Municipal Utility District No 1, GO, 3.00%, 9/1/22, AGM	$	174,604
	375,000	Harris County Municipal Utility District NO 278, GO, 4.00%, 9/1/23, BAM		402,040
	365,000	Harris County Municipal Utility District NO 278, GO, 4.00%, 9/1/23, BAM		365,015
	570,000	Harris County Municipal Utility District No 287, GO, 2.00%, 9/1/22, AGM		579,765
	200,000	Harris County Municipal Utility District No 449, GO, 3.00%, 9/1/22, AGM		205,335
	450,000	Harris County Municipal Utility District No 449, GO, 3.00%, 9/1/23, AGM		473,132
	250,000	Kaufman County Municipal Utility District No 14, GO, 2.00%, 3/1/23, AGM		255,868
	125,000	Remington Municipal Utility District No 1, GO, 4.00%, 9/1/21, AGM		125,011
	300,000	San Patricio Municipal Water District Revenue, 3.00%, 7/10/23, AGM		314,530
	165,000	Sienna Plantation Municipal Utility District No 12, GO, 3.00%, 9/1/22, AGC		169,569
	150,000	Spring West Municipal Utility District, GO, 3.00%, 9/1/21, AGM		150,010
				8,361,251
Virginia (1.2%)
	405,000	Virginia Resources Authority Revenue, Series B, 5.00%, 11/1/24, Continuously Callable @ 100		408,251
Wisconsin (5.7%)
	830,000	City of Park Falls WI Water & Sewer System Revenue, 3.00%, 3/1/22		840,320
	1,000,000	Milwaukee & Ozaukee County Joint School District No 2 Fox Point & Bayside Revenue, 1.00%, 8/30/22		1,006,796
				1,847,116
Total Municipal Bonds (Cost $36,182,352)				36,198,690

Investment in Affiliates (0.3%)
	95,418	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		95,418

Total Investment in Affiliates (Cost $95,418)				95,418

Total Investments (Cost $36,277,770)(c) - 111.2%				36,294,108
Liabilities in excess of other assets — (11.2)%				(3,660,608	)
Net Assets - 100.0%			$	32,633,500

(a)

Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at August 31, 2021.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(c)

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

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

AGC	Assured Guaranty Corporation
AGM	Assured Guaranty Municipal Corporation
BAM	Build America Mutual Assurance Company
GO	General Obligation
JPM	J.P. Morgan Chase Bank
PSF-GTD	Public School Fund Guaranteed

See notes to financial statements

– 60 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021

Shares or Principal Amount		Security Description		Value
Common Stocks (54.6%)
Aerospace & Defense (0.7%)
	307‌	General Dynamics Corp.	$	61,495‌
	368‌	Hexcel Corp.(a)		20,869‌
	163‌	L3Harris Technologies, Inc.		37,981‌
	251‌	Lockheed Martin Corp.		90,310‌
	48‌	Northrop Grumman Corp		17,650‌
	62‌	Raytheon Technologies Corp		5,255‌
	32‌	Teledyne Technologies, Inc.(a)		14,828‌
	243‌	The Boeing Co.(a)		53,338‌
	40‌	TransDigm Group, Inc.(a)		24,299‌
	1,179‌	Virgin Galactic Holdings,Inc.(a)		31,963‌
				357,988‌
Air Freight & Logistics (0.1%)
	352‌	Atlas Air Worldwide Holdings, Inc.(a)		25,756‌
	71‌	United Parcel Service, Inc., Class B		13,890‌
				39,646‌
Airlines (0.8%)
	19,000‌	American Airlines Group, Inc.(a)		378,860‌
	401‌	Southwest Airlines Co.(a)		19,962‌
				398,822‌
Auto Components (0.2%)
	1,145‌	BorgWarner, Inc.		48,868‌
	827‌	Gentex Corp.		25,471‌
	56‌	Lear Corp.		8,957‌
	369‌	XPEL, Inc.(a)		28,037‌
				111,333‌
Automobiles (0.3%)
	214‌	Tesla, Inc.(a)		157,444‌
Banks (1.6%)
	1,890‌	Bank of America Corp.		78,908‌
	740‌	Citigroup, Inc.		53,213‌
	302‌	East West Bancorp, Inc.		22,149‌
	577‌	Hilltop Holdings, Inc.		19,312‌
	2,095‌	JPMorgan Chase & Co.		335,095‌
	738‌	People’s United Financial, Inc.		12,125‌
	66‌	SVB Financial Group(a)		36,927‌
	170‌	The PNC Financial Services Group, Inc.		32,487‌
	1,779‌	Truist Financial Corp.		101,510‌
	2,079‌	U.S. Bancorp		119,314‌
	272‌	Western Alliance Bancorp		26,536‌
				837,576‌
Beverages (0.7%)
	50‌	Coca-Cola Consolidated, Inc.		20,308‌
	119‌	Keurig Dr Pepper, Inc.		4,245‌
	632‌	Monster Beverage Corp.(a)		61,664‌
	1,239‌	PepsiCo, Inc.		193,767‌
	1,740‌	The Coca-Cola Co.		97,980‌
				377,964‌
Biotechnology (1.0%)
	1,373‌	AbbVie, Inc.		165,831‌
	101‌	Amgen, Inc.		22,779‌
	274‌	Biogen, Inc.(a)		92,861‌
	584‌	Exact Sciences Corp.(a)		60,958‌
	312‌	Exelixis, Inc.(a)		5,981‌
	576‌	Gilead Sciences, Inc.		41,921‌
	40‌	Moderna, Inc.(a)		15,068‌
	120‌	Neurocrine Biosciences, Inc.(a)		11,424‌
	84‌	Novavax, Inc.(a)		20,037‌
	17‌	Regeneron Pharmaceuticals, Inc.(a)		11,448‌
	335‌	Sage Therapeutics, Inc.(a)		15,480‌
	19‌	United Therapeutics Corp.(a)		4,083‌

Shares or Principal Amount		Security Description		Value
Common Stocks, continued:
Biotechnology, continued:
	121‌	Vertex Pharmaceuticals, Inc.(a)	$	24,235‌
				492,106‌
Building Products (0.3%)
	255‌	Allegion PLC		36,718‌
	150‌	Carrier Global Corp.		8,640‌
	140‌	Lennox International, Inc.		46,925‌
	395‌	Patrick Industries, Inc.		32,236‌
	236‌	Simpson Manufacturing Co, Inc.		26,703‌
	38‌	Trane Technologies PLC		7,543‌
				158,765
Capital Markets (2.5%)
	261‌	Ameriprise Financial, Inc.		71,230‌
	79‌	BlackRock, Inc.		74,520‌
	492‌	CME Group, Inc.		99,246‌
	292‌	Cohen & Steers, Inc.		25,611‌
	514‌	Cowen, Inc., Class A		18,525‌
	394‌	Evercore, Inc.		55,018‌
	895‌	GAMCO Investors, Inc., Class A		24,442‌
	248‌	Hamilton Lane, Inc., Class A		21,345‌
	289‌	Houlihan Lokey, Inc.		26,068‌
	452‌	Intercontinental Exchange, Inc.		54,028‌
	387‌	LPL Financial Holdings, Inc.		57,218‌
	79‌	Moody’s Corp		30,081‌
	199‌	MSCI, Inc., Class A		126,281‌
	411‌	Nasdaq, Inc.		80,466‌
	307‌	PJT Partners, Inc., Class A		24,247‌
	229‌	S&P Global, Inc.		101,635‌
	322‌	StoneX Group, Inc.(a)		22,440‌
	363‌	T. Rowe Price Group, Inc.		81,265‌
	636‌	The Goldman Sachs Group, Inc.		262,992‌
				1,256,658
Chemicals (0.9%)
	566‌	AdvanSix, Inc.(a)		20,659‌
	178‌	Air Products & Chemicals, Inc.		47,973‌
	479‌	Axalta Coating Systems, Ltd.(a)		14,629‌
	1,556‌	CF Industries Holdings, Inc.		70,673‌
	180‌	Chase Corp.		20,610‌
	1‌	Corteva, Inc.		44‌
	773‌	Dow, Inc.		48,622‌
	224‌	Ecolab, Inc.		50,481‌
	553‌	Hawkins, Inc.		20,948‌
	181‌	Innospec, Inc.		16,941‌
	538‌	Koppers Holdings, Inc.(a)		17,700‌
	720‌	Olin Corp.		35,885‌
	156‌	PPG Industries, Inc.		24,890‌
	1,030‌	The Mosaic Co.		33,145‌
	90‌	The Sherwin-Williams Co.		27,330‌
	187‌	Westlake Chemical Corp.		16,334‌
				466,864
Commercial Services & Supplies (0.4%)
	281‌	Cintas Corp		111,211‌
	35‌	Copart, Inc.(a)		5,051‌
	36‌	Republic Services, Inc		4,469‌
	408‌	Waste Management, Inc		63,285‌
				184,016
Communications Equipment (0.9%)
	138‌	Arista Networks, Inc.(a)		50,995‌
	542‌	Cambium Networks Corp.(a)		20,309‌
	3,652‌	Cisco Systems, Inc.		215,541‌
	26‌	Motorola Solutions, Inc.		6,350‌

See notes to financial statements.

– 61 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description		Value
Common Stocks, continued:
Communications Equipment, continued:
	334‌	Palo Alto Networks, Inc.(a)	$	153,987‌
				447,182‌
Construction & Engineering (0.4%)
	614‌	Jacobs Engineering Group, Inc.		82,866‌
	810‌	Primoris Services Corp.		20,817‌
	851‌	Quanta Services, Inc.		86,887‌
	1,040‌	Sterling Construction Co, Inc.(a)		23,982‌
				214,552‌
Construction Materials (0.1%)
	175‌	Vulcan Materials Co.		32,538‌
Consumer Finance (0.5%)
	384‌	Capital One Financial Corp.		63,733‌
	595‌	Enova International, Inc.(a)		19,623‌
	560‌	Onemain Holdings, Inc.		32,385‌
	1,903‌	Synchrony Financial		94,674‌
	124‌	Upstart Holdings, Inc.(a)		28,411‌
	143‌	World Acceptance Corp.(a)		27,151‌
				265,977
Containers & Packaging (0.4%)
	169‌	AptarGroup, Inc.		22,781‌
	485‌	Ball Corp.		46,541‌
	1,178‌	Berry Global Group, Inc.(a)		79,126‌
	216‌	Packaging Corp. of America		32,767‌
	477‌	Silgan Holdings, Inc.		20,239‌
	319‌	UFP Technologies, Inc.(a)		22,327‌
				223,781‌
Distributors (0.1%)
	193‌	Genuine Parts Co.		23,583‌
	41‌	Pool Corp.		20,266‌
				43,849
Diversified Consumer Services (0.2%)
	110‌	Bright Horizons Family Solutions, Inc.(a)		16,033‌
	476‌	Chegg, Inc.(a)		39,613‌
	155‌	H&R Block, Inc.		3,976‌
	452‌	Terminix Global Holdings, Inc.(a)		18,817‌
				78,439‌
Diversified Financial Services (0.5%)
	583‌	Berkshire Hathaway, Inc., Class B(a)		166,604‌
	2,036‌	Jefferies Financial Group, Inc.		75,250‌
	350‌	Voya Financial, Inc.		22,743‌
				264,597
Diversified Telecommunication Services (0.3%)
	860‌	AT&T, Inc.		23,581‌
	2,623‌	Verizon Communications, Inc.		144,265‌
				167,846
Electric Utilities (0.6%)
	250‌	Exelon Corp.		12,255‌
	230‌	MGE Energy, Inc.		18,524‌
	1,113‌	NextEra Energy, Inc.		93,481‌
	214‌	OGE Energy Corp.		7,578‌
	378‌	Otter Tail Corp.		20,741‌
	686‌	Pinnacle West Capital Corp.		52,753‌
	376‌	Portland General Electric Co.		19,307‌
	2,357‌	PPL Corp.		69,178‌
	165‌	Xcel Energy, Inc.		11,344‌
				305,161
Electrical Equipment (0.7%)
	157‌	Acuity Brands, Inc.		28,971‌
	40‌	AMETEK, Inc.		5,439‌
	323‌	Atkore, Inc.(a)		29,965‌
	65‌	Eaton Corp. PLC		10,943‌

Shares or Principal Amount		Security Description		Value
Common Stocks, continued:
Electrical Equipment, continued:
	518‌	Emerson Electric Co.	$	54,649‌
	318‌	Generac Holdings, Inc.(a)		138,960‌
	274‌	Plug Power, Inc.(a)		7,140‌
	384‌	Regal-Beloit Corp.		57,377‌
	129‌	Vertiv Holdings Co.		3,634‌
				337,078‌
Electronic Equipment, Instruments & Components (1.0%)
	1,347‌	Amphenol Corp., Class A		103,221‌
	586‌	CDW Corp.		117,557‌
	2,933‌	Corning, Inc.		117,291‌
	650‌	Keysight Technologies, Inc.(a)		116,597‌
	1,207‌	Kimball Electronics, Inc.(a)		29,173‌
	614‌	Sanmina Corp.(a)		24,241‌
	9‌	Zebra Technologies Corp.(a)		5,284‌
				513,364‌
Energy Equipment & Services (0.2%)
	523‌	Cactus, Inc., Class A		19,618‌
	1,464‌	National Energy Services Reunited Corp.(a)		16,616‌
	2,699‌	Schlumberger NV		75,680‌
				111,914‌
Entertainment (0.6%)
	491‌	Activision Blizzard, Inc.		40,444‌
	289‌	Madison Square Garden Entertainment Corp.(a)		23,175‌
	111‌	Netflix, Inc.(a)		63,180‌
	52‌	Spotify Technology SA(a)		12,186‌
	245‌	Take-Two Interactive Software, Inc.(a)		39,499‌
	626‌	The Walt Disney Co.(a)		113,494‌
	2,689‌	Zynga, Inc., Class A(a)		23,797‌
				315,775‌
Equity Real Estate Investment Trusts (2.1%)
	1,019‌	American Homes 4 Rent, Class A		42,737‌
	125‌	American Tower Corp.		36,521‌
	733‌	CareTrust REIT, Inc.		16,119‌
	715‌	Crown Castle International Corp.		139,203‌
	782‌	CubeSmart		41,837‌
	871‌	Digital Reality Trust, Inc.		142,766‌
	927‌	Duke Realty Corp.		48,677‌
	5‌	Equinix, Inc.		4,217‌
	394‌	Equity LifeStyle Properties, Inc.		33,518‌
	314‌	Equity Residential		26,398‌
	318‌	Extra Space Storage, Inc.		59,437‌
	2,643‌	Getty Realty Corp.		83,598‌
	646‌	Host Hotels & Resorts, Inc.(a)		10,698‌
	1,317‌	Lamar Advertising Co.		149,914‌
	304‌	Potlatch Deltic Corp.		15,793‌
	427‌	Prologis, Inc.		57,500‌
	108‌	PS Business Parks, Inc.		16,981‌
	184‌	Public Storage		59,544‌
	50‌	SBA Communications Corp.		17,948‌
	245‌	SL Green Realty Corp.		17,170‌
	318‌	Welltower, Inc.		27,834‌
				1,048,410‌
Food & Staples Retailing (0.7%)
	455‌	BJ’s Wholesale Club Holdings, Inc.(a)		25,780‌
	235‌	Costco Wholesale Corp.		107,040‌
	334‌	Ingles Markets, Inc., Class A		22,675‌
	1,257‌	Walmart, Inc.		186,162‌
				341,657‌
Food Products (0.4%)
	94‌	Archer-Daniels-Midland Co.		5,640‌
	39‌	Darling Ingredients, Inc.(a)		2,906‌

See notes to financial statements.

– 62 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description		Value
Common Stocks, continued:
Food Products, continued:
	105‌	General Mills, Inc.	$	6,070‌
	397‌	Ingredion, Inc.		34,880‌
	297‌	Kellogg Co.		18,753‌
	159‌	Lamb Weston Holdings, Inc.		10,359‌
	110‌	Lancaster Colony Corp.		19,496‌
	1,038‌	Mondelez International, Inc., Class A		64,429‌
	179‌	The Hershey Co.		31,808‌
	141‌	The JM Smucker Co.		17,437‌
				211,778
Gas Utilities (0.1%)
	158‌	Chesapeake Utilities Corp.		20,651‌
	649‌	UGI Corp.		30,055‌
				50,706
Health Care Equipment & Supplies (2.1%)
	1,492‌	Abbott Laboratories		188,544‌
	360‌	Baxter International, Inc.		27,439‌
	48‌	Becton Dickinson & Co.		12,082‌
	218‌	Boston Scientific Corp.(a)		9,843‌
	670‌	Danaher Corp.		217,187‌
	480‌	Edwards Lifesciences Corp.(a)		56,246‌
	706‌	Hill-Rom Holdings, Inc.		102,779‌
	258‌	Hologic, Inc.(a)		20,421‌
	124‌	IDEXX Laboratories, Inc.(a)		83,546‌
	314‌	Inari Medical, Inc.(a)		25,704‌
	19‌	Intuitive Surgical, Inc.(a)		20,018‌
	1,075‌	Medtronic PLC		143,491‌
	789‌	Quidel Corp.(a)		101,742‌
	39‌	ResMed, Inc.		11,331‌
	26‌	Stryker Corp.		7,205‌
	32‌	Teleflex, Inc.		12,655‌
	40‌	The Cooper Cos., Inc.		18,028‌
	12‌	West Pharmaceutical Services, Inc.		5,419‌
				1,063,680
Health Care Providers & Services (1.7%)
	233‌	AMN Healthcare Services, Inc.(a)		26,450‌
	469‌	Anthem, Inc.		175,936‌
	94‌	Chemed Corp.		44,810‌
	388‌	CVS Health Corp.		33,519‌
	33‌	HCA Healthcare, Inc.		8,348‌
	1,164‌	InfuSystem Holdings, Inc.(a)		16,587‌
	300‌	Joint Corp. (The)(a)		30,651‌
	402‌	Laboratory Corp. of America Holdings(a)		121,959‌
	174‌	Molina Healthcare, Inc.(a)		46,766‌
	446‌	National Research Corp.		24,084‌
	518‌	Owens & Minor, Inc.		19,311‌
	512‌	Quest Diagnostics, Inc.		78,249‌
	544‌	Select Medical Holdings Corp.		18,806‌
	263‌	The Ensign Group, Inc.		21,479‌
	459‌	UnitedHealth Group, Inc.		191,068‌
				858,023
Health Care Technology (0.3%)
	52‌	Cerner Corp		3,970‌
	656‌	Computer Programs & System, Inc.(a)		23,334‌
	202��	Teladoc Health, Inc.(a)		29,173‌
	279‌	Veeva Systems, Inc.(a)		92,622‌
				149,099‌
Hotels, Restaurants & Leisure (1.8%)
	253‌	Airbnb, Inc., Class A(a)		39,213‌
	536‌	Darden Restaurants, Inc.		80,748‌
	803‌	DraftKings, Inc., Class A(a)		47,610‌
	113‌	Hilton Worldwide Holdings, Inc.(a)		14,109‌

Shares or Principal Amount		Security Description		Value
Common Stocks, continued:
Hotels, Restaurants & Leisure, continued:
	298‌	McDonald’s Corp.	$	70,763‌
	17,000‌	Norwegian Cruise Line Holdings, Ltd.(a)		439,280‌
	1,454‌	Starbucks Corp.		170,830‌
	177‌	Wingstop, Inc.		30,432‌
	72‌	Yum China Holdings, Inc.		4,432‌
	170‌	Yum! Brands, Inc.		22,275‌
				919,692
Household Durables (0.2%)
	551‌	Garmin, Ltd		96,111‌
	127‌	Lennar Corp., Class A		13,628‌
				109,739
Household Products (0.5%)
	388‌	Central Garden & Pet Co.(a)		17,867‌
	272‌	Church & Dwight Co., Inc.		22,756‌
	471‌	Colgate-Palmolive Co		36,714‌
	57‌	Kimberly-Clark Corp		7,855‌
	132‌	The Clorox Co		22,183‌
	909‌	The Procter & Gamble Co		129,433‌
				236,808
Independent Power and Renewable Electricity Producers (0.0%^)
	888‌	AES Corp.		21,197‌
Industrial Conglomerates (0.7%)
	1,097‌	3M Co		213,630‌
	93‌	Carlisle Cos., Inc.		19,599‌
	359‌	Honeywell International, Inc.		83,256‌
	73‌	Roper Technologies, Inc.		35,279‌
				351,764
Insurance (1.0%)
	217‌	Athene Holdings, Ltd., Class A(a)		14,532‌
	336‌	Brighthouse Financial, Inc.(a)		16,451‌
	130‌	Cincinnati Financial Corp.		16,042‌
	617‌	FNF Group		30,128‌
	2,604‌	Heritage Insurance Holdings		18,228‌
	85‌	Marsh & McLennan Cos., Inc.		13,362‌
	1,914‌	Prudential Financial, Inc.		202,654‌
	335‌	The Allstate Corp.		45,319‌
	159‌	The Hanover Insurance Group, Inc.		22,468‌
	1,074‌	The Hartford Financial Services Group, Inc.		72,194‌
	187‌	The Progressive Corp.		18,016‌
	2,196‌	Unum Group		58,458‌
				527,852
Interactive Media & Services (2.4%)
	126‌	Alphabet, Inc., Class A(a)		364,638‌
	147‌	Alphabet, Inc., Class C(a)		427,658‌
	1,001‌	Cargurus, Inc.(a)		30,410‌
	983‌	Facebook, Inc., Class A(a)		372,931‌
	475‌	Snap, Inc., Class A(a)		36,152‌
				1,231,789‌
Internet & Direct Marketing Retail (1.6%)
	182‌	Amazon.com, Inc.(a)		631,684‌
	226‌	eBay, Inc.		17,343‌
	388‌	Etsy, Inc.(a)		83,909‌
	460‌	Expedia Group, Inc.(a)		66,470‌
	13‌	Wayfair, Inc., Class A(a)		3,650‌
				803,056
IT Services (1.9%)
	443‌	Accenture PLC, Class A		149,096‌
	678‌	Alliance Data Systems Corp.		66,518‌
	95‌	Automatic Data Processing, Inc.		19,859‌
	82‌	Booz Allen Hamilton Holding Corp.		6,717‌
	64‌	Cognizant Technology Solutions Corp., Class A		4,884‌

See notes to financial statements.

– 63 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
IT Services, continued:
	603‌	CSG Systems International, Inc.	$ 29,071‌
	744‌	DXC Technology Co.(a)	27,320‌
	279‌	Fidelity National Information Services, Inc.	35,648‌
	103‌	Fiserv, Inc.(a)	12,132‌
	1,456‌	Hackett Group, Inc. (The)	28,537‌
	248‌	International Business Machines Corp.	34,804‌
	21‌	Jack Henry & Associates, Inc.	3,704‌
	189‌	Leidos Holdings, Inc.	18,543‌
	390‌	MasterCard, Inc., Class A	135,030‌
	69‌	Okta, Inc.(a)	18,188‌
	185‌	Paychex, Inc.	21,177‌
	200‌	Paypal Holdings, Inc.(a)	57,732‌
	812‌	Teradata Corp.(a)	44,408‌
	436‌	The Western Union Co	9,435‌
	237‌	TTEC Holdings, Inc.	24,994‌
	507‌	VeriSign, Inc.(a)	109,644‌
	557‌	Visa, Inc., Class A	127,609‌
			985,050‌
Leisure Products (0.2%)
	194‌	Hasbro, Inc.	19,072‌
	588‌	Peloton Interactive, Inc., Class A(a)	58,912‌
			77,984‌
Life Sciences Tools & Services (1.1%)
	171‌	Agilent Technologies, Inc.	30,005‌
	15‌	Bio-Techne Corp.	7,487‌
	70‌	Charles River Laboratories International, Inc.(a)	31,070‌
	50‌	Illumina, Inc.(a)	22,858‌
	493‌	Iqvia Holdings, Inc.(a)	128,047‌
	128‌	Medpace Holdings, Inc.(a)	23,341‌
	31‌	Mettler-Toledo International, Inc.(a)	48,138‌
	380‌	Thermo Fisher Scientific, Inc.	210,881‌
	125‌	Waters Corp.(a)	51,753‌
			553,580‌
Machinery (1.1%)
	1,149‌	Allison Transmission Holdings, Inc.	42,490‌
	56‌	Caterpillar, Inc.	11,809‌
	36‌	Deere & Co.	13,609‌
	355‌	DMC Global, Inc.(a)	14,260‌
	148‌	Dover Corp.	25,805‌
	1,747‌	Fortive Corp.	129,051‌
	331‌	Graco, Inc.	25,957‌
	1,749‌	Hillenbrand, Inc.	81,189‌
	304‌	IDEX Corp.	68,096‌
	183‌	Illinois Tool Works, Inc.	42,613‌
	142‌	ITT, Inc.	13,585‌
	174‌	Omega Flex, Inc.	26,448‌
	74‌	Otis Worldwide Corp.	6,824‌
	21‌	Parker-Hannifin Corp.	6,230‌
	77‌	Snap-on, Inc.	17,321‌
	21‌	Stanley Black & Decker, Inc.	4,059‌
	336‌	The Timken Co.	24,710‌
	269‌	The Toro Co.	29,574‌
			583,630‌
Marine (0.1%)
	415‌	Matson, Inc.	32,856‌
Media (1.1%)
	108‌	Altice USA, Inc., Class A(a)	2,963‌
	396‌	AMC Networks, Inc., Class A(a)	18,822‌
	6‌	Cable One, Inc.	12,597‌
	4,600‌	Comcast Corp., Class A	279,128‌
	1,101‌	DISH Network Corp., Class A(a)	47,993‌

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Media, continued:
	5,778‌	Entravision Communications Corp., Class A	$ 40,273‌
	396‌	TechTarget, Inc.(a)	33,494‌
	1,393‌	TEGNA, Inc.	24,684‌
	2,701‌	ViacomCBS, Inc., Class B	111,956‌
			571,910‌
Metals & Mining (0.4%)
	568‌	Commercial Metals Co.	18,528‌
	435‌	Newmont Mining Corp.	25,226‌
	286‌	Nucor Corp.	33,622‌
	472‌	Reliance Steel & Aluminum Co.	70,819‌
	945‌	Rio Tinto PLC ADR	70,941‌
			219,136‌
Mortgage Real Estate Investment Trusts (0.2%)
	5,044‌	AGNC Investment Corp.	82,268‌

Multiline Retail (0.3%)
	205‌	Dollar General Corp.	45,697‌
	344‌	Target Corp.	84,961‌
			130,658‌
Multi-Utilities (0.3%)
	427‌	CenterPoint Energy, Inc.	10,713‌
	333‌	MDU Resources Group, Inc.	10,713‌
	290‌	NorthWestern Corp.	18,444‌
	611‌	Public Service Enterprise Group, Inc.	39,067‌
	3,369‌	Via Renewables, Inc.	37,733‌
	377‌	WEC Energy Group, Inc.	35,619‌
			152,289‌
Oil, Gas & Consumable Fuels (1.5%)
	1,981‌	Antero Midstream Corp.	19,037‌
	105‌	Cheniere Energy, Inc.(a)	9,183‌
	744‌	Chevron Corp.	71,997‌
	864‌	Cimarex Energy Co.	55,486‌
	1,207‌	ConocoPhillips	67,025‌
	685‌	Diamondback Energy, Inc.	52,841‌
	1,500‌	Dorian LPG, Ltd.(a)	19,830‌
	33‌	EOG Resources, Inc.	2,228‌
	560‌	EQT Corp.(a)	10,265‌
	1,471‌	Exxon Mobil Corp.	80,199‌
	300‌	Kinder Morgan, Inc.	4,881‌
	1,501‌	Magnolia Oil & Gas Corp., Class A	23,536‌
	2,557‌	Occidental Petroleum Corp.	65,689‌
	1,950‌	ONEOK, Inc.	102,414‌
	1,314‌	Phillips 66	93,412‌
	397‌	Pioneer Natural Resources Co.	59,419‌
	637‌	Renewable Energy Group, Inc.(a).	30,844‌
	632‌	World Fuel Services Corp.	20,451‌
			788,737‌
Paper & Forest Products (0.1%)
	407‌	Boise Cascade Co.	23,545‌
	639‌	Clearwater Paper Corp.(a)	20,761‌
	258‌	Louisiana-Pacific Corp.	16,368‌
			60,674‌
Personal Products (0.1%)
	68‌	Medifast, Inc.	15,497‌
	1,043‌	Nature’s Sunshine Products, Inc.	17,856‌
	16‌	The Estee Lauder Cos., Inc., Class A	5,448‌
	202‌	USANA Health Sciences, Inc.(a)	19,600‌
			58,401‌
Pharmaceuticals (1.5%)
	689‌	Bristol-Myers Squibb Co.	46,067‌
	1,015‌	Corcept Therapeutics, Inc.(a)	21,599‌
	201	Eli Lilly & Co	51,916‌

See notes to financial statements.

– 64 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Pharmaceuticals, continued:
	1,675‌	Innoviva, Inc.(a)	$ 25,561‌
	2,124‌	Johnson & Johnson	367,728‌
	863‌	Merck & Co., Inc.	65,838‌
	2,175‌	Pfizer, Inc.	100,202‌
	728‌	Supernus Pharmaceuticals, Inc.(a)	20,042‌
	383‌	Zoetis, Inc.	78,346‌
			777,299‌
Professional Services (0.2%)
	55‌	CoStar Group, Inc.(a)	4,661‌
	138‌	FTI Consulting, Inc.(a)	19,280‌
	34‌	IHS Markit, Ltd.	4,100‌
	417‌	Kforce, Inc.	24,361‌
	250‌	ManpowerGroup, Inc.	30,355‌
	225‌	Robert Half International, Inc.	23,265‌
	27‌	Verisk Analytics, Inc., Class A	5,448‌
			111,470‌
Real Estate Management & Development (0.3%)
	1,005‌	ExpWorldHoldings,Inc.	46,079‌
	984‌	Re/MAX Holdings, Inc.	32,954‌
	961‌	Realogy Holdings Corp.(a)	16,866‌
	859‌	The RMR Group, Inc., Class A	39,806‌
			135,705‌
Road & Rail (0.7%)
	373‌	ArcBest Corp.	24,890‌
	228‌	CSX Corp.	7,417‌
	334‌	JB Hunt Transport Services, Inc.	59,252‌
	24‌	Norfolk Southern Corp.	6,085‌
	289‌	Old Dominion Freight Line, Inc.	83,440‌
	139‌	Ryder System, Inc.	11,049‌
	1,350‌	Uber Technologies, Inc.(a)	52,839‌
	458‌	Union Pacific Corp.	99,313‌
			344,285‌
Semiconductors & Semiconductor Equipment (2.7%)
	325‌	Advanced Micro Devices, Inc.(a)	35,984‌
	1,183‌	Amkor Technology, Inc.	32,497‌
	23‌	Analog Devices, Inc.	3,748‌
	434‌	Applied Materials, Inc.	58,646‌
	456‌	Broadcom, Inc.	226,728‌
	30‌	Entegris, Inc.	3,604‌
	1,279‌	Infineon Technologies AG ADR	54,473‌
	1,964‌	Intel Corp.	106,174‌
	203‌	Lam Research Corp.	122,778‌
	119‌	Marvell Technology, Inc.	7,282‌
	301‌	.Microchip Technology, Inc.	47,365‌
	682‌	Micron Technology, Inc.(a)	50,263‌
	748‌	NVIDIA Corp.	167,440‌
	249‌	NXP Semiconductors NV	53,567‌
	1,124‌	ON Semiconductor Corp.(a)	49,861‌
	769‌	Qorvo, Inc.(a)	144,595‌
	109‌	QUALCOMM, Inc.	15,989‌
	670‌	Texas Instruments, Inc.	127,910‌
	317‌	Xilinx, Inc.	49,322‌
			1,358,226‌
Software (4.5%)
	287‌	Adobe, Inc.(a)	190,482‌
	327‌	Alarm.com Holdings, Inc.(a)	27,576‌
	691‌	Anaplan,Inc.(a)	41,446‌
	191‌	AspenTechnology,Inc.(a)	24,735‌
	1,009‌	Cadence Design Systems, Inc.(a)	164,951‌
	292‌	Citrix Systems, Inc.	30,038‌
	19‌	Crowdstrike Holdings, Inc., Class A(a)	5,339‌

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Software, continued:
	199‌	DocuSign, Inc.(a)	$	58,952‌
	291‌	Everbridge, Inc.(a)		45,678‌
	172‌	Fair Isaac Corp.(a)		79,075‌
	204‌	Fortinet, Inc.(a)		64,289‌
	394‌	Intuit, Inc.		223,047‌
	351‌	Manhattan Associates, Inc.(a)		57,209‌
	3,152‌	MicrosoftCorp.		951,526‌
	517‌	Mimecast,Ltd.(a)		36,092‌
	1,036‌	Oracle Corp.		92,339‌
	261‌	Qualys, Inc.(a)		30,636‌
	97‌	RingCentral, Inc., Class A(a)		24,469‌
	33‌	salesforce.com, Inc.(a)		8,754‌
	13‌	ServiceNow, Inc.(a)		8,367‌
	233‌	Zendesk, Inc.(a)		28,799‌
	210‌	Zoom Video Communications, Inc., Class A(a)		60,795‌
	161‌	Zscaler,Inc.(a)		44,813‌
				2,299,407‌
Specialty Retail (1.7%)
	177‌	Asbury Automotive Group, Inc.(a)		32,964‌
	725‌	AutoNation, Inc.(a)		79,090‌
	51‌	AutoZone, Inc.(a)		79,007‌
	704‌	estBuyCo.,Inc.		82,023‌
	792‌	Foot Locker, Inc.		44,898‌
	163‌	Group 1 Automotive, Inc.		26,967‌
	27‌	Lithia Motors, Inc., Class Class A		8,945‌
	203‌	Lowe’s Cos., Inc.		41,390‌
	680‌	OneWater Marine, Inc.		27,533‌
	157‌	O’Reilly Automotive, Inc.(a)		93,271‌
	238‌	Penske Automotive Group, Inc.		21,403‌
	72‌	Ross Stores, Inc.		8,525‌
	1,004‌	Shoe Carnival, Inc.		38,433‌
	234‌	SleepNumberCorp.(a)		21,647‌
	343‌	The Home Depot, Inc.		111,880‌
	80‌	The TJX Cos., Inc.		5,818‌
	50‌	Ulta Beauty, Inc.(a)		19,365‌
	518‌	Williams-Sonoma, Inc.		96,711‌
	133‌	Winmark Corp.		27,881‌
				867,751‌
Technology Hardware, Storage & Peripherals (1.5%)
	4,555‌	Apple, Inc.		691,586‌
	653‌	HP, Inc.		19,420‌
	139‌	NetApp, Inc.		12,361‌
	1,843‌	Pure Storage, Inc.(a)		47,605‌
				770,972‌
Textiles, Apparel & Luxury Goods (0.6%)
	2,073‌	Hanesbrands, Inc.		38,724‌
	141‌	Lululemon Athletica, Inc.(a)		56,424‌
	324‌	NIKE, Inc., Class B		53,376‌
	113‌	Ralph Lauren Corp.		13,123‌
	1,599‌	VF Corp.		122,275‌
				283,922‌
Thrifts & Mortgage Finance (0.0%^)
	456‌	Axos Financial,Inc.(a)		22,107‌

Tobacco (0.2%)
	378‌	Altria Group, Inc.		18,987‌
	596‌	Philip Morris International, Inc.		61,388‌
				80,375‌
Trading Companies & Distributors (0.5%)
	754‌	Air Lease Corp.		29,964‌
	94‌	Fastenal Co.		5,250‌
	3,142‌	H&E Equipment Services, Inc.		106,985‌

See notes to financial statements.

– 65 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Trading Companies & Distributors, continued:
	1,162	‌MSC Industrial Direct Co., Inc.	$ 97,852‌
	63	‌Watsco, Inc.	17,540‌
			257,591‌
Water Utilities (0.1%)
	234	‌American States Water Co.	21,577‌
	107‌	American Water Works Co., Inc.	19,501‌
			41,078‌
Wireless Telecommunication Services (0.1%)
	500‌	T-Mobile US, Inc.(a)	68,510‌
Total Common Stocks (Cost$16,279,079)			27,802,356‌

Asset Backed Securities (4.3%)
$	200,000	Amur Equipment Finance Receivables IX LLC, Series 1A, Class C, 1.75%, 6/21/27, Callable 1/20/25 @ 100*(b)	202,199‌
	142,667	‌CLI Funding VI LLC, Series 2020-3A, Class A, 2.07%, 10/18/45, Callable 11/18/22 @ 100*(b)	144,335‌
	100,000	DataBank Issuer, Series 2021-1A, Class A2, 2.06%, 2/27/51, Callable 8/25/24 @ 100*(b)	100,381‌
	193,000	‌DB Master Finance LLC, Series 2017-1A, Class A2I, 3.63%, 11/20/47, Callable 11/20/21 @ 100*(b)	194,282‌
	199,500‌	Domino’s Pizza Master Issuer LLC, Series 2021-1A, Class A2I, 2.66%, 4/25/51, Callable 10/25/25 @ 100*(b)	207,322‌
	70,000	‌Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 11/20/23 @ 100*(b)	74,410‌
	110,448	‌Saxon Asset Securities Trust, Series 2003-3, Class A5, 4.36%, 12/25/33, Callable 9/25/21 @ 100*(c)(d)	110,726‌
	195,000	‌Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44, Callable 2/25/23 @ 100*(b)	205,841‌
	77,800	‌Taco Bell Funding LLC, Series 2018-1A, Class A2II, 4.94%, 11/25/48, Callable 11/25/25 @ 100*(b)	86,673‌
	182,838	‌Textainer Marine Containers VIII, Ltd., Series 2A- A, Class A, 2.10%, 9/20/45, Callable 9/20/22 @ 100*(b)	185,671‌
	192,917	‌Triton Container Finance VIII LLC, Series 2021- 1A, Class A, 1.86%, 3/20/46, Callable 4/20/23 @ 100*(b)	193,227‌
	198,801	‌TRP-TRIP Rail Master Funding LLC, Series 2021- 2, Class A, 2.15%, 6/19/51, Callable 6/17/22 @ 100*(b)	200,003‌
	48,096	‌UBS Commercial Mortgage Trust, Series 2018- C10, Class A1, 3.18%, 5/15/51, Callable 3/15/23@ 100*	49,018‌
	129,037‌	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(b)	132,206‌
	95,000‌	ZAXBY’S Funding LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(b)	97,525‌
Total Asset Backed Securities(Cost$2,149,661)			2,183,819‌

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities† (6.2%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.2%)
$	148,403	B‌ear Stearns Alternative-A Trust, Series 2007-2, Class 2A1, 2.90%, 4/25/37, Callable 9/25/24 @ 100*(c)	$ 125,958‌
	734	Deutsche Mortgage Securities, Inc., Series 2003- 4XS, Class A6A, 5.32%, 10/25/33, Callable 9/25/21 @ 100*(c)(d)	736‌
			126,694‌
Alt-A - Fixed Rate Mortgage Backed Securities (0.8%)
	30,117	‌Bank of America Alternative Loan Trust, Series 2005-10, Class 1CB4, 5.50%, 11/25/35, Callable 9/25/21 @ 100*	29,945‌
	45,558	‌Citi Mortgage Alternative Loan Trust, Series 2007-A2, Class 1A5, 6.00%, 2/25/37, Callable 1/25/22@ 100*	46,435‌
	20,060	‌Countrywide Alternative Loan Trust, Series 2005- 53T2, Class 2A4, 5.50%, 11/25/35, Callable 8/25/22@ 100*	14,416‌
	3,484	‌Countrywide Alternative Loan Trust, Series 2006- 8T1, Class 2A3, 5.50%, 4/25/36, Callable 9/25/21@ 100*	3,326‌
	8,662	‌Countrywide Alternative Loan Trust, Series 2006- 41CB, Class 2A4, 6.00%, 1/25/37, Callable 9/25/21@ 100*	6,582‌
	12,627	‌Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34, Callable 9/25/21@ 100*	12,905‌
	57,384	‌Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 4.93%, 6/25/36, Callable 9/25/21 @ 100*(c)	57,375‌
	3,380	‌Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 9/25/21 @ 100*	3,526‌
	17,736	‌Master Alternative Loans Trust, Series 2004-8, Class 5A1, 6.00%, 9/25/34, Callable 9/25/21 @ 100*	18,393‌
	59,213	‌Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 9/25/21 @ 100*	60,060‌
	12,627	‌Nomura Asset Acceptance Corp., Series 2005- AP1, Class 2A5, 5.36%, 2/25/35, Callable 9/25/21 @ 100*(c)(d)	12,938‌
	14,280	‌Nomura Asset Acceptance Corp., Series 2005- AP2, Class A5, 5.48%, 5/25/35, Callable 9/25/21 @ 100*(c)(d)	9,442‌
	137,917‌	Nomura Asset Acceptance Corp., Series 2006- AF1, Class 1A2, 6.16%, 5/25/36, Callable 9/25/21 @ 100*(c)	43,247‌
	6,667‌	Residential Accredit Loans, Inc., Series 2006- QS5, Class A9, 6.00%, 5/25/36, Callable 9/25/21@ 100*	6,370‌
	51,081‌	Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35, Callable 9/25/21@ 100*	40,957‌
	32,201‌	Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36, Callable 10/25/21@ 100*	20,067‌
	26,713‌	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-5, Class CB14, 5.50%, 7/25/35, Callable 9/25/21 @ 100*	26,625‌
			412,609‌

See notes to financial statements.

– 66 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities (0.9%)
$	5,882	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 2A2, 3.36%, 9/25/34, Callable 9/25/21 @ 100*(c)	$	5,755‌
	5,967	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 2.88%, 7/25/37, Callable 9/25/21 @ 100*(c)		5,572‌
	100,000	GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A6, 2.50%, 2/25/52, Callable 9/25/33 @ 100*(b)(c)		102,478‌
	228,916	LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 2.60% (US0001M + 150 bps), 5/1/24(b)		227,214‌
	50,000	Mello Warehouse Securitization Trust, Series 2021-1, Class A, 0.79% (US0001M + 70 bps), 2/25/55, Callable 2/25/24 @ 100*(b)		50,000‌
	50,000	Mello Warehouse Securitization Trust, Series 2020-2, Class C, 1.38% (US0001M + 130 bps), 11/25/53, Callable 12/25/23 @ 100*(b)		49,853‌
				440,872‌
Prime Fixed Mortgage Backed Securities (0.7%)
	154,548	American Home Mortgage Investment Trust, Series 2005-2, Class 5A4C, 5.91%, 9/25/35, Callable 9/25/21 @ 100*(c)(d)		110,678‌
	15,633	Banc of America Funding Trust, Series 2006-4, Class A14, 6.00%, 7/25/36, Callable 4/25/36 @ 100*		14,838‌
	23,484	CHL Mortgage Pass-Through Trust, Series 2005-22, Class 2A1, 2.58%, 11/25/35, Callable 9/25/21 @ 100*(c)		22,399‌
	7,747	Citigroup Mortgage Loan Trust, Inc., Series 2005-2, Class 1A4, 2.58%, 5/25/35, Callable 9/25/21 @ 100*(c)		7,840‌
	63,516	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A2, 6.50%, 7/25/34, Callable 9/25/21@ 100*		66,619‌
	17,999	Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35, Callable 9/25/21 @ 100*		18,283‌
	26,264	Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37, Callable 9/25/21 @ 100*		16,634‌
	42,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-1, Class 2A1, 5.50%, 2/25/35, Callable 9/25/21 @ 100		40,480‌
	20,864	Credit Suisse Mortgage Capital Certificates, Series 2006-2, Class 3A1, 6.50%, 3/25/36, Callable 9/25/21 @ 100*		6,910‌
	10,520	Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 5/25/24 @ 100*(b) (c		10,530‌
	25,201	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 4/25/23 @ 100*(b)(c		25,477‌
	10,259	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.50%, 1/25/36, Callable 9/25/21 @ 100*		10,709‌
	9,730	Residential Asset Mortgage Products, Inc., Series 2004-SL1, Class A7, 7.00%, 11/25/31, Callable 9/25/21 @ 100		9,849‌

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	4,971	Wells Fargo Mortgage Backed Securities Trust, Series 2019-4, Class A3, 3.50%, 9/25/49, Callable 5/25/23 @ 100*(b)(c)	$	4,969‌
				366,215‌
Subprime Mortgage Backed Securities (0.4%)
	66,267	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/26 @ 100*(b)(c)		67,490‌
	40,689	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 7/25/24 @ 100*(b)(c)		41,589‌
	83,947	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 11/25/25 @ 100*(b)(c)		86,453‌
				195,532‌
U.S. Government Agency Mortgage Backed Securities (3.2%)
	37,728	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		37,365‌
	36,007	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		36,848‌
	78,534	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		81,231‌
	70,177	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c)		72,461‌
	47,436	Fannie Mae, Series 2011-146, Class HE, 2.50%, 10/25/41		48,897‌
	52,388	Fannie Mae, Series 2017-43, Class PA, 2.50%, 6/25/47		54,908‌
	32,825	Fannie Mae, Series 2010-99, Class JU, 3.00%, 8/25/40		34,078‌
	23,156	Fannie Mae, Series 2011-118, Class 10A1, 3.00%,11/25/41		24,752‌
	16,202	Fannie Mae, Series 2015-46, Class MD, 3.00%, 5/25/43		16,325‌
	59,369	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		62,744‌
	197,119	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30		220,483‌
	154,466	Fannie Mae, Series 2018-M13, Class A1, 3.82%, 3/25/30(c)		175,205‌
	10,170	Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41		10,773‌
	10,647	Fannie Mae, 4.50%, 4/1/35, Pool #814522		11,771‌
	12,275	Fannie Mae, 5.50%, 10/1/35, Pool #838584		13,689‌
	799	Fannie Mae, 6.00%, 5/1/35, Pool #357778		909‌
	3,000	Fannie Mae, Series 1999-18, Class LL, 6.50%, 4/18/29		3,350‌
	20,437	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		20,820‌
	7,746	Freddie Mac, 1.89% (H15T1Y + 172 bps), 6/1/28, Pool #605508		7,786‌
	30,247	Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41		30,990‌
	43,860	Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41		45,119‌
	61,033	Freddie Mac, Series 4395, Class PA, 2.50%, 4/15/37		63,803‌
	51,404	Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44		54,488‌
	57,816	Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39		61,095‌

See notes to financial statements.

– 67 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Continued

Shares or Principal Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	74,272‌	Freddie Mac, Series 4486, Class PA, 3.00%, 3/15/44	$	76,562‌
	112,505‌	Freddie Mac, Series 4668, Class KA, 3.00%, 1/15/55		119,033‌
	36,779‌	Freddie Mac, Series 4683, Class PD, 3.00%, 4/15/46		37,419‌
	891‌	Freddie Mac,5.50%,1/1/35,Pool#A30935		1,031‌
	2,667‌	Freddie Mac, Series 2302, Class J, 6.50%, 4/15/31		3,016‌
	3,355‌	Freddie Mac, Series 1443, Class I, 7.50%, 12/15/22, Callable 9/15/21 @ 100*		3,457‌
	33‌	Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40		33‌
	66,530‌	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		69,334‌
	60,874‌	Government National Mortgage Assoc., Series 2020-5,Class PE, 3.00%, 9/20/49		62,301‌
	32,301‌	Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49		33,537‌
	483‌	Government National Mortgage Assoc., 6.00%, 2/20/26, Pool #2166		535‌
	34,500‌	Government National Mortgage Assoc., 6.31%, 3/20/33, Pool #612258		38,116‌
	3,697‌	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #492747		4,037‌
				1,638,301‌
Total Mortgage Backed Securities (Cost $3,139,180)				3,180,223‌
Corporate Bonds (12.7%)
Aerospace & Defense (0.6%)
	275,000‌	Boeing Co. (The), 3.25%, 2/1/28, Callable 12/1/27@ 100*		295,057
Airlines (0.4%)
	166,946‌	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 4/15/29		186,252‌
Banks (2.0%)
	440,000‌	Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100*		459,468‌
	255,000‌	JPMorgan Chase & Co., 2.52% (SOFR + 204 bps), 4/22/31, Callable 4/22/30 @ 100*		263,924‌
	250,000‌	Wells Fargo & Co., 3.00%, 10/23/26		270,338‌
				993,730‌
Capital Markets (0.9%)
	2,114‌	GAMCO Investors, Inc., 4.00%, 6/15/23, Callable 10/8/21@ 100*		2,114‌
	250,000‌	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		272,186‌
	200,000‌	LSEGA Financing PLC, 1.38%, 4/6/26, Callable 3/6/26@ 100*(b)		200,840‌
				475,140‌
Consumer Finance (0.4%)
	200,000‌	Toyota Motor Credit Corp., 1.35%, 8/25/23		203,828‌
Diversified Financial Services (0.3%)
	160,000‌	National Rural Utilities Cooperative Finance Corp., 3.25%,11/1/25, Callable 8/1/25@ 100*		173,692‌
Diversified Telecommunication Services (0.7%)
	328,000‌	AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @ 100 *(b)		336,278‌
Electric Utilities (0.9%)
	210,000‌	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		227,942‌

Shares or Principal Amount		Security Description	Value
Corporate Bonds, continued:
Electric Utilities, continued:
$	200,000	Southern California Edison Co., 3.50%, 10/1/23, Callable 7/1/23 @ 100 *		$ 210,864‌
				438,806‌
Entertainment (0.3%)
	155,000	The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29@ 100*		158,056‌

Health Care Providers & Services (1.6%)
	225,000	Advocate Health & Hospitals Corp., 2.21%, 6/15/30, Callable 3/15/30 @ 100 *		231,625‌
	130,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *		137,562‌
	215,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100 *		231,298‌
	180,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100*		202,745‌
				803,230‌
Hotels, Restaurants & Leisure (1.2%)
	290,000	Hyatt Hotels Corp., 4.38%, 9/15/28, Callable 6/15/28@ 100*		317,197‌
	85,000	Royal Caribbean Cruises, 5.25%, 11/15/22		87,019‌
	190,000	Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100*		212,218‌
				616,434‌
Insurance (0.4%)
	200,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (b)		209,898‌
Internet & Direct Marketing Retail (0.4%)
	200,000	Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27@ 100*		216,436‌
Multiline Retail (0.4%)
	185,000	Target Corp., 2.25%, 4/15/25, Callable 3/15/25 @ 100*		194,511‌
Oil, Gas & Consumable Fuels (0.4%)
	180,000	Marathon Oil Corp., 4.40%, 7/15/27, Callable 4/15/27@ 100*		203,478‌
Semiconductors & Semiconductor Equipment (0.9%)
	335,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30@ 100*		376,894‌
	70,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100*		74,674‌
				451,568‌
Specialty Retail (0.5%)
	220,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30@ 100*		261,180‌
Technology Hardware, Storage & Peripherals (0.4%)
	200,000	Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100*		221,281‌
Total Corporate Bonds (Cost $6,171,804)				6,438,855‌

Taxable Municipal Bonds (6.8%)
Massachusetts (0.5%)
	250,000	Massachusetts State College Building Authority Revenue, Series C, 2.44%, 5/1/28, ST APPROP		266,929‌
Michigan (1.4%)
	240,000	County of Jackson Michigan, GO, 3.73%, 12/1/30, Continuously Callable @ 100		264,862‌
	210,000	Houghton-Portage Township School District, GO, Series B, 2.70%, 5/1/25, Insured by: Q-SBLF		223,101‌

See notes to financial statements.

– 68 –

Schedule of Portfolio Investments	Active Core Fund
August 31, 2021	Concluded

	Shares or Principal Amount	Security Description		Value
Taxable Municipal Bonds, continued:
Michigan, continued:
$	200,000‌	Michigan State Housing Development Authority Revenue, Series B, 2.96%, 12/1/35, Continuously Callable @ 100	$	207,490‌
				695,453‌
New York (0.5%)
	225,000‌	New York City Housing Development Corp. Revenue, Class L, 2.79%, 5/1/28, Continuously Callable @ 100		239,171‌
Ohio (0.7%)
	330,000‌	County of Cuyahoga Ohio Revenue, 3.48%, 7/1/32, Continuously Callable @ 100		360,742‌
Oklahoma (0.8%)
	200,000‌	The University of Oklahoma Revenue, 1.88%, 7/1/28		205,897‌
	200,000‌	The University of Oklahoma Revenue, Series C, 2.45%, 7/1/32, Continuously Callable @ 100		206,100‌
				411,997‌
Rhode Island (0.5%)
	225,000‌	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		242,581‌
Texas (1.4%)
	360,000‌	County of Burnet Texas, GO, 4.20%, 3/1/34, Pre- refunded 3/1/24 @ 100		392,852‌
	350,000‌	Schertz-Cibolo-Universal City Independent School District, GO, 0.93%, 2/1/26, PSF-GTD		351,028‌
				743,880‌
Utah (0.5%)
	250,000‌	Utah Transit Authority Revenue, 2.04%, 12/15/31, Continuously Callable @ 100		255,809‌

Shares or Principal Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Washington (0.5%)
$	250,000‌	Pierce County School District No 10 Tacoma, GO, 1.73%, 12/1/31, SCH BD GTY	$	253,051‌
		Total Taxable Municipal Bonds (Cost$3,309,326)		3,469,613‌

U.S. Government Agency Securities (1.1%)
Federal Home Loan Banks
	350,000‌	0.63%, 8/26/26, Callable 11/26/21 @ 100 *(c)		349,632‌
	200,000‌	1.30%, 3/17/27, Callable 9/17/21 @ 100 *		200,095‌
		Total U.S. Government Agency Securities (Cost $550,000)		549,727‌

U.S. Treasury Obligations (6.4%)
U.S. Treasury Notes
	667,000‌	1.13%,2/15/31		658,350‌
	1,189,000‌	1.38%,10/15/22		1,205,906‌
	597,000‌	2.00%,4/30/24		623,515‌
	704,000‌	2.25%,2/15/27		756,745‌
		Total U.S. Treasury Obligations (Cost $3,185,650)		3,244,516‌

Investment Companies (4.4%)
	19,002‌	iShares MSCI EAFE Index Fund ETF		1,532,321‌
	14,000‌	iShares MSCI Eurozone ETF		711,620‌
		Total Investment Companies (Cost $1,514,811)		2,243,941

Investment in Affiliates (2.5%)
	830,230‌	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(e)		830,230‌
	52,409‌	Cavanal Hill World Energy Fund, Institutional Shares		466,057‌
		Total Investmentin Affiliates (Cost $1,319,765)		1,296,287‌

		Total Investments (Cost $37,619,276)(f) - 99.0%		50,409,337‌
		Other assets in excess of liabilities — 1.0%		492,287‌
		Net Assets - 100.0%	$	50,901,624‌

(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 August 31, 2021.

(d)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at August 31, 2021.

(e)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(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.

Represent less than 0.05%.

†

ADR	American Depositary Receipt

ETF	Exchange Traded Fund

GO	General Obligation

H15T1Y

1 Year Treasury Constant Maturity Rate

LIBOR

London Interbank Offered Rate

PSF-GTD

Public School Fund Guaranteed

Q-SBLF

Qualified School Bond Loan Fund

REIT	Real Estate Investment Trust

SCH BD GTY

School Board Guaranty

SOFR	Secured Overnight Financing Rate

US0001M

1 Month US Dollar LIBOR

US0003M

3 Month US Dollar LIBOR

See notes to financial statements.

– 69 –

Schedule of Portfolio Investments	Mid Cap Diverse Leadership Fund
August 31, 2021

Shares		Security Description		Value
Common Stocks (95.9%)
Airlines (1.4%)
	591‌		American Airlines Group, Inc.(a)	$	11,785‌
	500‌		JetBlue Airways Corp.(a)		7,565‌
					19,350‌
Auto Components (1.8%)
	209‌		Borg Warner, Inc.		8,920‌
	267‌		Gentex Corp.		8,224‌
	47‌		Lear Corp.		7,517‌
					24,661‌
Banks (2.0%)
	94‌		East West Bancorp, Inc.		6,894‌
	21‌		SVB Financial Group(a)		11,749‌
	85‌		Western Alliance Bancorp		8,293‌
					26,936‌
Biotechnology (1.0%)
	61‌		Exact Sciences Corp.(a)		6,367‌
	32‌		Neurocrine Biosciences, Inc.(a)		3,046‌
	56‌		Sarepta Therapeutics, Inc.(a)		4,375‌
					13,788‌
Capital Markets (3.5%)
	91‌		LPL Financial Holdings, Inc.		13,454‌
	38‌		MSCI, Inc., Class A		24,114‌
	52‌		Nasdaq, Inc.		10,181‌
					47,749‌
Chemicals (3.5%)
	101‌		Albemarle Corp.		23,911‌
	239‌		Axalta Coating Systems, Ltd.(a)		7,299‌
	45‌		Celanese Corp., Class A		7,137‌
	327‌		The Mosaic Co.		10,523‌
					48,870‌
Commercial Services & Supplies (0.4%)
	77‌		Stericycle, Inc.(a)		5,359‌
Communications Equipment (1.2%)
	44‌		Arista Networks,Inc.(a)		16,259‌
Construction & Engineering (1.2%)
	167‌		Quanta Services, Inc.		17,051‌
Construction Materials (0.7%)
	55‌		Vulcan Materials Co.		10,226‌
Consumer Finance (0.7%)
	186‌		Synchrony Financial		9,253‌
Containers & Packaging (1.4%)
	50‌		Aptar Group, Inc.		6,740‌
	181‌		Berry Global Group, Inc.(a)		12,158‌
					18,898‌
Diversified Consumer Services (0.4%)
	135‌		Terminix Global Holdings, Inc.(a)		5,620‌
Diversified Financial Services (0.5%)
	108‌		Voya Financial, Inc.		7,018‌
Diversified Telecommunication Services (0.1%)
	141‌		Lumen Technologies, Inc.		1,734‌
Electric Utilities (1.1%)
	45‌		Alliant Energy Corp.		2,735‌
	316‌		PPL Corp.		9,275‌
	53‌		Xcel Energy, Inc.		3,644‌
					15,654‌
Electrical Equipment (2.9%)
	50‌		Acuity Brands, Inc.		9,227‌
	33‌		Generac Holdings, Inc.(a)		14,420‌
	181‌		nVent Electric PLC		6,219‌
	67‌		Regal-Beloit Corp.		10,011‌
					39,877‌
Electronic Equipment, Instruments & Components (1.9%)
	134‌		CDW Corp.		26,882‌

	Shares	Security Description		Value
Common Stocks, continued:
Energy Equipment & Services (2.3%)
	1,406‌	Baker Hughes Co.	$	32,029‌
Entertainment (1.0%)
	42‌	Take-Two Interactive Software, Inc.(a)		6,771‌
	862‌	Zynga, Inc., Class A(a)		7,629‌
				14,400‌
Equity Real Estate Investment Trusts (7.2%)
	233‌	Cube Smart		12,465‌
	299‌	Duke Realty Corp.		15,700‌
	130‌	Equity LifeStyle Properties, Inc.		11,059‌
	88‌	Extra Space Storage, Inc.		16,448‌
	84‌	Lamar Advertising Co.		9,562‌
	82‌	SL Green Realty Corp.		5,747‌
	638‌	VICI Properties, Inc.		19,721‌
	99‌	Welltower, Inc.		8,665‌
				99,367‌
Food Products (0.9%)
	72‌	Ingredion, Inc.		6,326‌
	39‌	Kellogg Co		2,462‌
	51‌	Lamb Weston Holdings, Inc.		3,323‌
				12,111‌
Health Care Equipment & Supplies (5.6%)
	75‌	Hill-Rom Holdings, Inc.		10,918‌
	180‌	Hologic, Inc.(a)		14,247‌
	29‌	IDEXX Laboratories, Inc.(a)		19,539‌
	28‌	Teleflex, Inc.		11,073‌
	48‌	West Pharmaceutical Services, Inc.		21,678‌
				77,455‌
Health Care Providers & Services (0.8%)
	40‌	Molina Healthcare, Inc.(a)		10,751‌
Hotels, Restaurants & Leisure (2.9%)
	90‌	Darden Restaurants, Inc.		13,559‌
	211‌	Hilton Worldwide Holdings, Inc.(a)		26,345‌
				39,904‌
Household Products (1.0%)
	87‌	Church & Dwight Co., Inc.		7,278‌
	40‌	The Clorox Co.		6,722‌
				14,000‌
Independent Power and Renewable Electricity Producers (0.5%)
	275‌	AES Corp.		6,564‌
Insurance (3.0%)
	105‌	Brighthouse Financial, Inc.(a)		5,141‌
	191‌	FNF Group		9,326‌
	24‌	Reinsurance Group of America, Inc.		2,780‌
	31‌	The Hanover Insurance Group, Inc.		4,381‌
	115‌	The Hartford Financial Services Group, Inc.		7,730‌
	450‌	Unum Group		11,979‌
				41,337‌
Internet & Direct Marketing Retail (2.3%)
	144‌	Etsy, Inc.(a)		31,141‌
IT Services (6.6%)
	202‌	Alliance Data Systems Corp.		19,818‌
	160‌	Booz Allen Hamilton Holding Corp.		13,106‌
	240‌	DXC Technology Co.(a)		8,813‌
	93‌	Leidos Holdings, Inc.		9,124‌
	49‌	MongoDB, Inc.(a)		19,200‌
	22‌	Okta, Inc.(a)		5,799‌
	72‌	Science Applications International Corp.		6,064‌
	169‌	Teradata Corp.(a)		9,243‌
Leisure Products (0.4%)				91,167‌
	60‌	Hasbro, Inc.		5,899‌
Life Sciences Tools & Services (2.7%)
	23‌	Charles River Laboratories International, Inc.(a)		10,208‌

See notes to financial statements.

– 70 –

Schedule of Portfolio Investments	Mid Cap Diverse Leadership Fund
August 31, 2021	Concluded

Shares		Security Description	Value
Common Stocks, continued:
Life Sciences Tools & Services, continued:
	7	Mettler-Toledo International, Inc.(a)	$	10,870
	40	Waters Corp.(a)		16,561
				37,639
Machinery (2.7%)
	204	Allison Transmission Holdings, Inc.		7,544
	105	Graco, Inc.		8,234
	25	IDEX Corp.		5,600
	100	The Timken Co.		7,354
	82	The Toro Co.		9,015
				37,747
Media (0.6%)
	4	Cable One, Inc.		8,398
Mortgage Real Estate Investment Trusts (2.5%)
	1,857	AGNC Investment Corp.		30,288
	452	Annaly Capital Management, Inc.		3,928
				34,216
Multiline Retail (0.4%)
	179	Nordstrom, Inc.(a)		5,121
Multi-Utilities (1.4%)
	107	MDU Resources Group, Inc.		3,442
	121	Public Service Enterprise Group, Inc.		7,737
	83	WEC Energy Group, Inc.		7,842
				19,021
Oil, Gas & Consumable Fuels (1.5%)
	1,050	EQT Corp.(a)		19,247
	31	ONEOK, Inc.		1,628
				20,875
Personal Products (0.8%)
	1,097	Coty, Inc.(a)		10,718
Professional Services (1.7%)
	44	ManpowerGroup, Inc.		5,343
	515	Nielsen Holdings PLC		11,052
	71	Robert Half International, Inc.		7,341
				23,736
Road & Rail (1.8%)
	88	Old Dominion Freight Line, Inc.		25,407
Semiconductors & Semiconductor Equipment (3.7%)
	277	Cree, Inc.(a)		23,539

Shares		Security Description	Value
Common Stocks, continued:
Semiconductors & Semiconductor Equipment, continued:
	360	ON Semiconductor Corp.(a)	$	15,970
	79	Xilinx, Inc.		12,292
				51,801
Software (5.9%)
	77	Citrix Systems, Inc.		7,921
	23	DocuSign, Inc.(a)		6,814
	64	Fortinet, Inc.(a)		20,169
	53	Manhattan Associates, Inc.(a)		8,638
	75	New Relic, Inc.(a)		5,998
	104	Proofpoint, Inc.(a)		18,294
	51	Zscaler, Inc.(a)		14,195
				82,029
Specialty Retail (2.8%)
	7	AutoZone, Inc.(a)		10,844
	247	Foot Locker, Inc.		14,002
	24	O’Reilly Automotive, Inc.(a)		14,258
				39,104
Technology Hardware, Storage & Peripherals (2.8%)
	164	HP, Inc.		4,878
	536	Western Digital Corp.(a)		33,875
				38,753
Textiles, Apparel & Luxury Goods (3.2%)
	666	Hanesbrands, Inc.		12,441
	81	Lululemon Athletica, Inc.(a)		32,414
				44,855
Trading Companies & Distributors (0.7%)
	132	Air Lease Corp.		5,246
	60	MSC Industrial Direct Co., Inc.		5,052
				10,298
Water Utilities (0.5%)
	34	American Water Works Co., Inc.		6,196
Total Common Stocks (Cost $1,010,527)				1,327,224

Investment in Affiliates (2.6%)
	36,118	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		36,118
Total Investment in Affiliates (Cost $36,118)				36,118
Total Investments (Cost $1,046,645)(c) - 98.5%				1,363,342
Other assets in excess of liabilities — 1.5%				20,811
Net Assets - 100.0%			$	1,384,153

(a)

Non-income producing security.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(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.

– 71 –

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2021

Shares or Principal Amount		Security Description	Value
Common Stocks (77.9%)
Aerospace & Defense (2.5%)
	29,411	Parsons Corp.(a)	$	1,042,032
	4,063	The Boeing Co.(a)		891,828
				1,933,860
Banks (2.0%)
	9,956	JPMorgan Chase & Co.		1,592,462
Biotechnology (3.5%)
	12,896	AbbVie, Inc.		1,557,579
	3,400	Biogen, Inc.(a)		1,152,294
				2,709,873
Capital Markets (1.4%)
	10,875	Morgan Stanley		1,135,676
Communications Equipment (1.5%)
	4,745	Motorola Solutions, Inc.		1,158,824
Construction & Engineering (1.7%)
	19,710	AECOM(a)		1,292,188
Electronic Equipment, Instruments & Components (1.5%)
	29,093	Corning, Inc.		1,163,429
Food & Staples Retailing (3.1%)
	14,950	Sysco Corp.		1,190,768
	8,155	Walmart, Inc.		1,207,755
				2,398,523
Health Care Equipment & Supplies (4.4%)
	9,992	Abbott Laboratories		1,262,689
	13,595	Inari Medical, Inc.(a)		1,112,887
	8,155	Medtronic PLC		1,088,529
				3,464,105
Hotels, Restaurants & Leisure (1.6%)
	8,118	Airbnb, Inc., Class A(a)		1,258,209
Industrial Conglomerates (1.5%)
	5,978	3M Co.		1,164,156
Interactive Media & Services (4.5%)
	5,859	Facebook, Inc., Class A(a)		2,222,787
	34,000	Vimeo, Inc.(a)		1,296,080
				3,518,867
Internet & Direct Marketing Retail (5.0%)
	1,120	Amazon.com, Inc.(a)		3,887,285
IT Services (1.7%)
	3,887	Accenture PLC, Class A		1,308,209
Life Sciences Tools & Services (1.4%)
	44,195	Stevanato Group SpA(a)		1,094,268
Machinery (1.6%)
	13,595	Westinghouse Air Brake Technologies Corp.		1,220,695
Media (2.1%)
	26,779	Comcast Corp., Class A		1,624,950
Metals & Mining (1.5%)
	30,525	Haynes International, Inc.		1,198,106
Oil, Gas & Consumable Fuels (2.6%)
	47,919	BP PLC ADR		1,172,099
	13,943	Marathon Petroleum Corp.		826,401
				1,998,500
Pharmaceuticals (5.3%)
	252,542	MediWound, Ltd.(a)		919,253
	16,995	Merck & Co., Inc.		1,296,548
	30,595	Organon & Co.		1,036,865
	19,715	Pfizer, Inc.		908,270
				4,160,936
Real Estate Management & Development (1.9%)
	79,811	Cushman & Wakefield PLC(a)		1,447,771
Road & Rail (2.5%)
	18,630	Uber Technologies, Inc.(a)		729,178

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Road & Rail, continued:
	5,504	Union Pacific Corp.	$	1,193,488
				1,922,666
Semiconductors & Semiconductor Equipment (2.6%)
	9,282	NXP Semiconductors NV		1,996,837
Software (9.7%)
	44,090	American Software, Inc., Class A		1,118,563
	26,085	Anaplan, Inc.(a)		1,564,578
	48,918	Dropbox, Inc., Class A(a)		1,551,190
	67,864	E2open Parent Holdings, Inc.(a)		810,296
	5,440	Everbridge, Inc.(a)		853,917
	5,435	Microsoft Corp.		1,640,718
				7,539,262
Technology Hardware, Storage & Peripherals (7.9%)
	21,242	Apple, Inc.		3,225,173
	15,285	NetApp, Inc.		1,359,295
	59,754	Pure Storage, Inc.(a)		1,543,446
				6,127,914
Textiles, Apparel & Luxury Goods (1.5%)
	2,720	Deckers Outdoor Corp.(a)		1,138,184
Wireless Telecommunication Services (1.4%)
	8,155	T-Mobile US, Inc.(a)		1,117,398
Total Common Stocks (Cost $54,838,984)				60,573,153

Corporate Bonds (17.3%)
Airlines (2.8%)
$	1,851,000	Delta Air Lines, Inc., 7.38%, 1/15/26, Callable 12/15/25 @ 100 *		2,179,448
Hotels, Restaurants & Leisure (4.7%)
	1,161,000	Marriott International, Inc., 3.13%, 6/15/26, Callable 3/15/26 @ 100 *		1,240,474
	2,079,000	Royal Caribbean Cruises, Ltd., 7.50%, 10/15/27		2,413,802
				3,654,276
Machinery (2.3%)
	1,554,000	Wabtec Corp., 4.95%, 9/15/28, Callable 6/15/28 @ 100 *		1,812,080
Oil, Gas & Consumable Fuels (7.5%)
	1,280,000	Hess Corp., 4.30%, 4/1/27, Callable 1/1/27 @ 100 *		1,422,326
	2,041,000	HollyFrontier Corp., 5.88%, 4/1/26, Callable 1/1/26 @ 100 *		2,343,175
	2,057,000	Matador Resources Co., 5.88%, 9/15/26, Callable 9/23/21 @ 104 *		2,069,136
				5,834,637
Total Corporate Bonds (Cost $12,793,724)				13,480,441

Investment Companies (1.5%)
	40,785	Global X Autonomous & Electric Vehicles ETF		1,172,161
Total Investment Companies (Cost $1,165,193)				1,172,161

Investment in Affiliates (1.7%)
	1,326,656	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)		1,326,656
Total Investment in Affiliates (Cost $1,326,656)				1,326,656

Total Investments (Cost $70,124,557)(c) - 98.4%				76,552,411
Other assets in excess of liabilities — 1.6%				1,257,977
Net Assets - 100.0%			$	77,810,388

See notes to financial statements.

– 72 –

Schedule of Portfolio Investments	Opportunistic Fund
August 31, 2021	Concluded

(a)

Non-income producing security.

(b)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(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.

– 73 –

Schedule of Portfolio Investments	World Energy Fund
August 31, 2021

Shares or
Principal
Amount		Security Description	Value
Common Stocks (92.3%)
Auto Components (1.6%)
	3,000‌	Aptiv PLC(a)	$	456,570‌
Automobiles (2.0%)
	11,500‌	General Motors Co.(a)		563,615‌
Chemicals (2.0%)
	34,000‌	Umicore SA ADR		556,240‌
Electric Utilities (0.5%)
	42‌	ALLETE, Inc.		2,832‌
	22‌	American Electric Power Co., Inc.		1,971‌
	316‌	Duke Energy Corp.		33,073‌
	31‌	Evergy, Inc.		2,122‌
	62‌	Fortis, Inc.		2,841‌
	874‌	NextEra Energy, Inc.		73,407‌
	30‌	Otter Tail Corp.		1,646‌
	25‌	Pinnacle West Capital Corp.		1,922‌
	443‌	The Southern Co.		29,118‌
				148,932‌
Electrical Equipment (2.6%)
	13,300‌	Sunrun, Inc.(a)		588,525‌
	10,000‌	Vestas Wind Systems A/S ADR		134,700‌
				723,225‌
Energy Equipment & Services (11.7%)
	42,000‌	Baker Hughes Co.		956,760‌
	45,053‌	Halliburton Co.		900,159‌
	381‌	Helmerich & Payne, Inc.		10,257‌
	43,125‌	Schlumberger NV		1,209,225‌
	9,009‌	Tenaris SA ADR		181,261‌
				3,257,662‌
Gas Utilities (0.0%^)
	45‌	Atmos Energy Corp.		4,388‌
	20‌	Chesapeake Utilities Corp.		2,614‌
	49‌	National Fuel & Gas Co.		2,539‌
	30‌	Northwest Natural Holding Co.		1,544‌
	27‌	Southwest Gas Holdings, Inc.		1,898‌
				12,983‌
Independent Power and Renewable Electricity Producers (0.1%)
	188‌	AES Corp.		4,488‌
	152‌	Atlantica Yield PLC		5,717‌
	114‌	NRG Energy, Inc.		5,206‌
	63‌	Ormat Technologies, Inc.		4,481‌
	70‌	Sunnova Energy International, Inc.(a)		2,534‌
	138‌	Vistra Corp.		2,634‌
				25,060‌
Metals & Mining (3.0%)
	11,500‌	Freeport-McMoRan, Inc.		418,485‌
	5,500‌	Rio Tinto PLC ADR		412,885‌
				831,370‌
Multi-Utilities (0.6%)
	19‌	Consolidated Edison, Inc.		1,433‌
	810‌	Dominion Resources, Inc.		63,050‌
	32‌	DTE Energy Co.		3,851‌
	259‌	MDU Resources Group, Inc.		8,332‌
	940‌	National Grid PLC ADR		60,997‌
	303‌	Sempra Energy		40,105‌
	27‌	WEC Energy Group, Inc.		2,551‌
				180,319‌
Oil, Gas & Consumable Fuels (64.8%)
	48,000‌	APA Corp.		935,040‌
	54,191‌	BPPLCADR		1,325,512‌
	3,196‌	Chevron Corp.		309,277‌
	9,000‌	Cimarex Energy Co.		577,980‌
	11,279‌	ConocoPhillips		626,323‌

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	33,000‌	Continental Resources, Inc.	$	1,296,240‌
	40,000‌	Devon Energy Corp.		1,182,000‌
	14,900‌	Diamondback Energy, Inc.		1,149,386‌
	16‌	DT Midstream, Inc.(a)		743‌
	14,489‌	Enbridge, Inc.		569,563‌
	3,293‌	EOG Resources, Inc.		222,343‌
	4,775‌	Exxon Mobil Corp.		260,333‌
	105,000‌	Galp Energia SGPS SA ADR		530,250‌
	12,900‌	Hess Corp.		886,875‌
	1,535‌	Kinder Morgan, Inc.		24,974‌
	40,000‌	Magnolia Oil & Gas Corp., Class A		627,200‌
	78,100‌	Marathon Oil Corp.		917,675‌
	25,755‌	Marathon Petroleum Corp.		1,526,499‌
	13,179‌	ONEOK, Inc.		692,161‌
	43,000‌	Ovintiv, Inc.		1,172,180‌
	8,741‌	Pembina Pipeline Corp.		266,163‌
	4,814‌	Phillips 66		342,227‌
	5,000‌	Pioneer Natural Resources Co.		748,350‌
	1,151‌	Royal Dutch Shell PLC ADR, Class A		45,764‌
	9,733‌	TC Energy Corp.		462,123‌
	20,600‌	Total Energies SE ADR		912,374‌
	6,415‌	Valero Energy Corp.		425,379‌
				18,034,934‌
Semiconductors & Semiconductor Equipment (1.9%)
	2,400‌	NXP Semiconductors NV		516,312‌
Water Utilities (1.5%)
	263‌	American States Water Co.		24,251‌
	1,267‌	American Water Works Co., Inc.		230,911‌
	2,885‌	Essential Utilities, Inc.		143,183‌
	24‌	Middlesex Water Co.		2,626‌
	35‌	SJW Group		2,426‌
				403,397‌
Total Common Stocks (Cost $20,832,676)				25,710,619‌

Corporate Bonds (5.0%)
Oil, Gas & Consumable Fuels (5.0%)
$	200,000‌	Apache Corp., 4.38%, 10/15/28, Callable 7/15/28 @ 100*		215,798‌
	450,000‌	Callon Petroleum Co., 6.13%, 10/1/24, Callable 10/8/21@ 102*		434,250‌
	300,000‌	CNX Resources Corp., 6.00%, 1/15/29, Callable 1/15/24 @ 105 *(b)		312,399‌
	200,000‌	Matador Resources Co., 5.88%, 9/15/26, Callable 9/23/21@ 104*		201,180‌
	200,000‌	Suncor Energy, Inc., 3.60%, 12/1/24		215,603‌
				1,379,230‌
Total Corporate Bonds (Cost $1,385,681)				1,379,230‌

Investment Companies (1.2%)
	4,000‌	Invesco Solar ETF		342,520‌
Total Investment Companies (Cost $338,024)				342,520‌

Investment in Affiliates (1.6%)
	439,196‌	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(c)		439,196‌
Total Investment in Affiliates (Cost $439,196)				439,196‌

Total Investments (Cost $22,995,577)(d) - 100.1%				27,871,565‌
Liabilities in excess of other assets — (0.1)%				(19,279‌)
Net Assets - 100.0%			$	27,852,286‌

See notes to financial statements.

– 74 –

Schedule of Portfolio Investments	World Energy Fund
August 31, 2021	Concluded

The Advisor has determined that 43.8% 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)

(c)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(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.

Represent less than 0.05%.

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

See notes to financial statements.

– 75 –

Schedule of Portfolio Investments	Hedged Income Fund
August 31, 2021

Shares		Security Description	Value
Common Stocks+ (97.9%)
Beverages (6.3%)
	5,400‌	PepsiCo, Inc.	$	844,506‌
	14,400‌	The Coca-Cola Co.		810,864‌
				1,655,370‌
Biotechnology (4.1%)
	8,800‌	AbbVie, Inc.		1,062,864‌
Capital Markets (7.3%)
	1,200‌	BlackRock, Inc.		1,131,948‌
	7,400‌	Morgan Stanley		772,782‌
				1,904,730‌
Chemicals (3.9%)
	16,100‌	Dow, Inc.		1,012,690‌
Communications Equipment (3.7%)
	16,400‌	Cisco Systems, Inc.		967,928‌
Containers & Packaging (2.8%)
	4,800‌	Packaging Corp. of America		728,160‌
Diversified Telecommunication Services (6.3%)
	18,400‌	AT&T, Inc.		504,528‌
	20,800‌	Verizon Communications, Inc.		1,144,000‌
				1,648,528‌
Electric Utilities (10.4%)
	8,700‌	American Electric Power Co., Inc.		779,259‌
	12,400‌	Duke Energy Corp.		1,297,784‌
	8,500‌	Pinnacle West Capital Corp.		653,650‌
				2,730,693‌
Electrical Equipment (2.9%)
	7,300‌	Emerson Electric Co.		770,150‌
Electronic Equipment, Instruments & Components (2.6%)
	16,900‌	Corning, Inc.		675,831‌
Equity Real Estate Investment Trusts (7.3%)
	4,300‌	Crown Castle International Corp.		837,167‌
	25,600‌	STAG Industrial, Inc.		1,081,600‌
				1,918,767‌
Health Care Equipment & Supplies (2.5%)
	4,900‌	Medtronic PLC		654,052‌
Household Durables (2.8%)
	4,200‌	Garmin, Ltd.		732,606‌

Shares		Security Description	Value
Common Stocks+, continued:
Industrial Conglomerates (4.2%)
	5,600‌	3M Co.	$	1,090,544‌
Multiline Retail (2.5%)
	2,700‌	Target Corp.		666,846‌
Oil, Gas & Consumable Fuels (8.6%)
	11,100‌	ONEOK, Inc.		582,972‌
	13,000‌	Phillips 66		924,170‌
	16,900‌	Total Energies SE ADR		748,501‌
				2,255,643‌
Pharmaceuticals (5.5%)
	12,600‌	AstraZeneca PLC ADR		734,328‌
	9,400‌	Merck & Co., Inc.		717,126‌
				1,451,454‌
Semiconductors & Semiconductor Equipment (6.1%)
	2,200‌	Broadcom, Inc.		1,093,862‌
	2,600‌	Texas Instruments, Inc.		496,366‌
				1,590,228‌
Specialty Retail (2.6%)
	2,100‌	The Home Depot, Inc.		684,978‌
Textiles, Apparel & Luxury Goods (2.1%)
	7,300‌	VF Corp.		558,231‌
Trading Companies & Distributors (3.4%)
	10,500‌	MSC Industrial Direct Co., Inc.		884,205‌
Total Common Stocks (Cost $24,107,486)				25,644,498‌

Purchased Options(0.9%)^
	547‌	SPDR S&P 500 ETF Trust		214,424‌
	13‌	SPDR S&P 500 ETF Trust		8,476‌
Total Purchased Options (Cost $437,725)				222,900‌

Investment in Affiliates (2.0%)
	524,599‌	Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(a)		524,599‌
Total Investment in Affiliates (Cost $524,599)				524,599‌

Total Investments (Cost $25,069,810)(b) - 100.8%				26,391,997‌
Liabilities in excess of other assets — (0.8)%				(203,891‌)
Net Assets - 100.0%			$	26,188,106‌

(a)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at August 31, 2021.

(b)

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

All or a portion of each common stock has been pledged as collateral for outstanding call options written.

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

See Options table below for more details.

At August 31, 2021, the Fund’s exchange traded options purchased were as follows:

Put/

Expiration

Notional

Description

Call

Strike Price

Date

Contracts

Amount(a)

Fair Value

SPDR S&P 500 ETF Trust

Put

380.00 USD

12/17/21

547

207,860‌

214,424‌

SPDR S&P 500 ETF Trust

Put

390.00 USD

1/21/22

5,070‌

8,476‌

Total (Cost $437,725)

222,900‌

See notes to financial statements.

– 76 –

Schedule of Portfolio Investments	Hedged Income Fund
August 31, 2021	Concluded

At August 31, 2021, the Fund’s exchange traded options written were as follows:

Description	Put/ Call	Strike Price	Expiration Date	Contracts		Notional Amount(a)		Fair Value

3M Co.	Call	205.00 USD	9/10/21		54	$	11,070	$	(324	)
Abbvie, Inc.	Call	120.00 USD	9/17/21		72		8,640		(15,840	)
American Electric Power Co., Inc.	Call	92.50 USD	9/17/21		85		7,863		(1,445	)
AstraZeneca PLC-Spons ADR	Call	60.00 USD	9/17/21		120		7,200		(3,600	)
At&T, Inc.	Call	30.00 USD	9/17/21		180		5,400		(360	)
BlackRock, Inc.	Call	950.00 USD	9/17/21		12		11,400		(10,320	)
Broadcom, Inc.	Call	510.00 USD	9/17/21		22		11,220		(15,400	)
Cisco Systems, Inc.	Call	58.00 USD	9/10/21		160		9,280		(18,240	)
Corning, Inc.	Call	44.00 USD	9/17/21		165		7,260		(990	)
Crown Castle International Corp.	Call	195.00 USD	10/15/21		33		6,435		(14,520	)
Dow, Inc.	Call	67.50 USD	9/17/21		155		10,463		(1,705	)
Duke Energy Corp.	Call	105.00 USD	10/15/21		115		12,075		(28,175	)
Emerson Electric Co.	Call	106.00 USD	9/10/21		71		7,526		(6,106	)
Garmin, Ltd.	Call	160.00 USD	9/17/21		40		6,400		(54,960	)
Medtronic PLC	Call	135.00 USD	9/17/21		48		6,480		(4,752	)
Merck & Co., Inc.	Call	79.00 USD	9/10/21		61		4,819		(610	)
Morgan Stanley	Call	106.00 USD	9/10/21		72		7,632		(5,472	)
MSC Industrial Direct Co., Inc.	Call	90.00 USD	9/17/21		101		9,090		(1,515	)
ONEOK, Inc.	Call	57.50 USD	9/17/21		106		6,095		(954	)
Packaging Corp. of America	Call	155.00 USD	9/17/21		45		6,975		(6,210	)
PepsiCo, Inc.	Call	155.00 USD	9/17/21		22		3,410		(4,070	)
PepsiCo, Inc.	Call	160.00 USD	10/8/21		4		640		(396	)
PepsiCo, Inc.	Call	155.00 USD	11/19/21		28		4,340		(12,600	)
Phillips 66	Call	82.50 USD	9/17/21		123		10,148		(1,230	)
Pinnacle West Capital Corp.	Call	85.00 USD	9/17/21		83		7,055		(415	)
STAG Industrial, Inc.	Call	40.00 USD	10/15/21		244		9,760		(63,440	)
STAG Industrial, Inc.	Call	45.00 USD	10/15/21		12		540		(240	)
Target Corp.	Call	265.00 USD	9/10/21		26		6,890		(234	)
Texas Instruments, Inc.	Call	195.00 USD	9/17/21		25		4,875		(3,225	)
The Coca-Cola Co.	Call	58.00 USD	9/10/21		141		8,178		(564	)
The Home Depot, Inc.	Call	340.00 USD	9/17/21		20		6,800		(1,220	)
TotalEnergies SE - Spon ADR	Call	50.00 USD	9/17/21		165		8,250		(495	)
Verizon Communications, Inc.	Call	57.50 USD	9/17/21		170		9,775		(850	)
VF Corp.	Call	87.50 USD	9/17/21		69		6,038		(2,070	)
Total (Premiums $(297,653))								$	(282,547	)

(a)

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

Balances Reported in the Statement of Assets and Liabilities for Options Written			Value
Options Written		$	(282,547‌)

See notes to financial statements.

– 77 –

Notes to the Financial Statements

August 31, 2021

Organization:

The Cavanal Hill Funds (the “Trust”) was organized on October 1, 1987, as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Trust meets the definition of an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. As of August 31, 2021, the Trust offered shares of U.S. Treasury Fund and Government Securities Money Market Fund (each referred to as a “Money Market Fund” and collectively, the “Money Market Funds”), Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Diverse Leadership Fund, Opportunistic Fund, World Energy Fund, and Hedged Income Fund (each referred to as a “Fund” and collectively, “the Funds”). Each Fund is registered as a diversified portfolio of the Trust, with the exception of the Hedged Income Fund, which is non-diversified. The Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund, Ultra Short Tax-Free Income Fund, Active Core Fund, Mid Cap Diverse Leadership Fund, Opportunistic Fund, World Energy Fund, and Hedged Income Fund are each authorized to issue an unlimited number of shares in three classes of shares: No-Load Investor Shares (the “Investor Shares”), Institutional Shares and A Shares. The Active Core Fund, Mid Cap Diverse Leadership Fund, Opportunistic Fund, and World Energy Fund are also authorized to issue an unlimited number of C Shares. The Money Market Funds are authorized to issue an unlimited number of shares in the following classes: Administrative Shares, Institutional Shares and Select Shares. In addition, the U.S. Treasury Fund is authorized to issue an unlimited number of Service Shares and the Government Securities Money Market Fund is authorized to issue an unlimited number of Premier Shares. Each class of shares for each of the Funds has identical rights and privileges except with respect to distribution (Rule 12b-1 of the 1940 Act) and shareholder servicing fees, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.

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

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 August 31, 2021, of each Fund’s investments in the fair value hierarchy:

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
US Treasury Fund
US Treasury Obligations	$	—	$	469,968,909	$	—	$	469,968,909
Repurchase Agreements		—		440,000,000		—		440,000,000
Investment Companies		71,082,440		—		—		71,082,440
Total Investments		71,082,440		909,968,909		—		981,051,349

Government Securities Money Market Fund
US Government Agency Securities		—		559,999,169		—		559,999,169
US Treasury Obligations		—		499,972,964		—		499,972,964
Repurchase Agreements		—		630,000,000		—		630,000,000
Investment Companies		164,275,956		—		—		164,275,956
Total Investments		164,275,956		1,689,972,133		—		1,854,248,089

– 78 –

Notes to the Financial Statements

August 31, 2021

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Limited Duration Fund
Asset Backed Securities	$	—	$	26,518,548	$	—	$	26,518,548
Mortgage Backed Securities¹		—		29,504,631		—		29,504,631
Corporate Bonds²		—		13,155,017		—		13,155,017
Taxable Municipal Bonds³		—		1,675,762		—		1,675,762
US Government Agency Securities		—		2,228,218		—		2,228,218
US Treasury Obligations		—		7,749,396		—		7,749,396
Investment in Affiliates		4,256,770		—		—		4,256,770
Total Investments		4,256,770		80,831,572		—		85,088,342

Moderate Duration Fund
Asset Backed Securities		—		2,946,363		—		2,946,363
Mortgage Backed Securities¹		—		4,645,758		—		4,645,758
Corporate Bonds²		—		7,336,809		—		7,336,809
Taxable Municipal Bonds³		—		5,041,852		—		5,041,852
US Government Agency Securities		—		534,680		—		534,680
US Treasury Obligations		—		3,453,465		—		3,453,465
Investment in Affiliates		1,478,458		—		—		1,478,458
Total Investments		1,478,458		23,958,927		—		25,437,385

Bond Fund
Asset Backed Securities		—		12,959,213		—		12,959,213
Mortgage Backed Securities¹		—		17,462,841		—		17,462,841
Corporate Bonds²		—		36,374,299		—		36,374,299
Taxable Municipal Bonds³		—		20,375,912		—		20,375,912
US Government Agency Securities		—		3,073,292		—		3,073,292
US Treasury Obligations		—		17,133,677		—		17,133,677
Investment in Affiliates		2,305,878		—		—		2,305,878
Total Investments		2,305,878		107,379,234		—		109,685,112

Strategic Enhanced Yield Fund
Asset Backed Securities		—		3,815,949		—		3,815,949
Mortgage Backed Securities¹		—		7,015,644		—		7,015,644
Corporate Bonds²		—		6,007,412		—		6,007,412
US Treasury Obligations		—		2,403,881		—		2,403,881
Investment Companies		1,102,094		—		—		1,102,094
Investment in Affiliates		1,318,672		—		—		1,318,672
Total Investments		2,420,766		19,242,886		—		21,663,652

Ultra Short Tax-Free Income Fund
Municipal Bonds³		—		36,198,690		—		36,198,690
Investment in Affiliates		95,418		—		—		95,418
Total Investments		95,418		36,198,690		—		36,294,108

Active Core Fund
Common Stocks²		27,802,356		—		—		27,802,356
Asset Backed Securities		—		2,183,819		—		2,183,819
Mortgage Backed Securities¹		—		3,180,223		—		3,180,223
Corporate Bonds²		—		6,438,855		—		6,438,855
Taxable Municipal Bonds³		—		3,469,613		—		3,469,613
US Government Agency Securities		—		549,727		—		549,727
US Treasury Obligations		—		3,244,516		—		3,244,516
Investment Companies		2,243,941		—		—		2,243,941
Investment in Affiliates		1,296,287		—		—		1,296,287
Total Investments		31,342,584		19,066,753		—		50,409,337

Mid Cap Diverse Leadership Fund
Common Stocks²		1,308,930		18,294		—		1,327,224
Investment in Affiliates		36,118		—		—		36,118
Total Investments		1,345,048		18,294		—		1,363,342

Opportunistic Fund
Common Stocks²		60,573,153		—		—		60,573,153
Corporate Bonds²		—		13,480,441		—		13,480,441
Investment Companies		1,172,161		—		—		1,172,161
Investment in Affiliates		1,326,656		—		—		1,326,656
Total Investments		63,071,970		13,480,441		—		76,552,411

– 79 –

Notes to the Financial Statements

August 31, 2021

Fund	LEVEL 1 - Quoted Prices			LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
World Energy Fund
Common Stocks²	$	25,710,619		$	—	$	—	$	25,710,619
Corporate Bonds²		—			1,379,230		—		1,379,230
Investment Companies		342,520			—		—		342,520
Investment in Affiliates		439,196			—		—		439,196
Total Investments		26,492,335			1,379,230		—		27,871,565

Hedged Income Fund
Common Stocks²		25,644,498			—		—		25,644,498
Purchased Options		222,900			—		—		222,900
Investment in Affiliates		524,599			—		—		524,599
Written Options		(282,547	)		—		—		(282,547	)
Total Investments		26,109,450			—		—		26,109,450

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

Please see the Schedule of Portfolio Investments for Industry classification.

Please see the Schedule of Portfolio Investments for State classification.

Securities Valuation:

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

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

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

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

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

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

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

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

Securities Sold Short:

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

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

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

– 80 –

Notes to the Financial Statements

August 31, 2021

The Funds did not engage in short sales during the year ending August 31, 2021.

Options Contracts:

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

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

The Hedged Income Fund engaged in purchased and written options activity during the year ending August 31, 2021 detailed below.

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

Written Options Contracts—The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. For the period ended August 31, 2021, the monthly average notional amount for written options contracts was $(118.6) thousand. Realized gains and losses are reported as “Net realized gains/(losses) from written options contracts” on the Statements of Operations.

Summary of Derivative Instruments

The following is a summary of the fair values of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of August 31, 2021:

Asset Derivatives

Liability Derivatives

Statement of Assets

Primary Risk Exposure

and Liabilities Location

Total Fair Value

and Liabilities Location

Total Fair Value

Equity Risk

Options Contracts

—

Written Options Contracts

282,547‌

Primary Risk Exposure Equity Risk	Location of Gains/(Losses) on Derivatives Recognized	Realized Gains/(Losses) on Derivatives Recognized		Change in Net Unrealized Appreciation/Depreciation on Derivatives Recognized

Options Contracts	Change in unrealized appreciation/(depreciation) on written options contracts	$	46,673	$	15,106

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.

– 81 –

Notes to the Financial Statements

August 31, 2021

Restricted Securities:

A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. The illiquid, restricted securities held as of August 31, 2021 are identified below:

Acquisition

Principal

Fair

Security

Acquisition Date

Cost

Amount

Value

Limited Duration Fund:

Sun Trust Student Loan Trust, Series 2006-1A, B, 0.40%, 10/28/37

5/26/17 and 4/11/18

742,248‌ $

796,403‌

732,226‌

Strategic Enhanced Yield Fund:

Amur Equipment Finance Receivables LLC, Series 2021-1A, E, 4.13%, 3/20/28

4/14/21

599,953‌

600,000‌

601,281‌

Brean Asset Backed Securities Trust, Series 2021-RM1, M1, 1.60%, 10/25/63

3/25/21

316,409‌

346,767‌

317,102‌

Repurchase Agreements:

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

Distributions to Shareholders:

Distributions from net investment income are declared daily and paid monthly for the Money Market Funds, Limited Duration Fund, Moderate Duration Fund, Bond Fund, Strategic Enhanced Yield Fund and Ultra Short Tax-Free Income Fund. Distributions from net investment income are declared and paid quarterly for the Active Core Fund, Hedged Income Fund, Mid Cap Diverse Leadership Fund, Opportunistic Fund, World Energy Fund, and Hedged Income Fund. Net realized capital gains, if any, are declared and distributed at least annually.

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

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:

	Annual Advisory Fee
	(as a percentage of net	Annual Expense
Fund	assets)	Limitations*
U.S. Treasury Fund	0.05%
Government Securities Money Market Fund	0.05%
Limited Duration Fund	0.15%
Moderate Duration Fund	0.20%	0.49%
Bond Fund	0.20%
Strategic Enhanced Yield Fund	0.50%	0.76%
Ultra Short Tax-Free Income Fund	0.15%	0.35%
Active Core Fund	0.35%
Mid Cap Diverse Leadership Fund	0.55%	0.81%
Opportunistic Fund	0.85%	1.00%
World Energy Fund	0.60%	0.90%
Hedged Income Fund	0.80%	1.10%

The Adviser has contractually agreed to waive fees or reimburse expenses so that expenses do not exceed the percentage of average daily net assets, plus class-specific fees, through December 31, 2021.

– 82 –

Notes to the Financial Statements

August 31, 2021

The Adviser serves as the Funds’ administrator. Under the terms of the Administration Agreement between the Adviser and the Trust, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund according to the following schedule:

		Annual Administration Fee
		(as a percentage of net
Fund		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 Diverse Leadership Fund		0.08%
Opportunistic Fund		0.08%
World Energy Fund		0.08%
Hedged Income Fund		0.08%

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

Under a Sub-Administration Agreement, the Administrator pays Citi Fund Services Ohio, Inc. (“Citi”) to perform certain administrative duties for the Trust. Fees paid to Citi by the Administrator for sub-administration services are paid out of its administration fees and are not an additional charge to the Funds. For the year ending August 31, 2021, Citi was paid $771,537 by the Administrator. Citi serves the Trust as fund accountant and makes an employee available to serve as the Funds’ Chief Compliance Officer (the “CCO”). Citi receives additional fees for its services as fund accountant and CCO which are paid by the Funds.

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

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

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

Cavanal Hill Distributors, Inc. (“CHD”), an affiliate of the Adviser, provides distribution services to the Funds pursuant to a Distribution Agreement between the Trust and CHD. The Trust has adopted a Distribution and Shareholder Services Plan in accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds are authorized to pay or reimburse CHD a periodic amount, calculated at an annual rate not to exceed 0.25% of the average daily net asset value of the Administrative, Investor, Service and A Shares, 0.50% of the Premier Shares, and 1.00% of the C Shares, and may be used by CHD to pay banks, including BOKF, broker dealers and other institutions. For the year ending August 31, 2021, BOKF received $3,139,466 under the agreement. CHD contractually agreed to waive 0.15% of such fee paid by the Service Shares and 0.45% of such fee paid by the Premier Shares of the Money Market Funds and 0.13% of such fee paid by the Administrative Shares of the Government Securities Money Market Fund through December 31, 2021.

The Funds have entered into shareholder servicing agreements with BOKF, a broker-dealer affiliate and various service organizations. Services included in the servicing agreements are assisting in processing purchase, exchange and redemption requests; transmitting and receiving funds in connection with customer orders to purchase, exchange or redeem shares; and providing periodic statements. Shareholder servicing fees are incurred on a class level basis (where applicable). In consideration for these services, the service organizations received a fee from the Funds, computed daily and paid monthly, at an annual rate up to 0.25% for the Administrative, Institutional, Investor, Select, Service, Premier Shares and C Shares and up to 0.10% for the A Shares of the average daily net assets of the Funds’ shares held by the service organizations’ customers. For the year ending August 31, 2021, BOKF received net shareholder servicing fees of $4,041,201. For shareholder purchases made through BOKF, BOKF has contractually agreed to waive 0.25%, 0.15%, 0.17% and 0.25% of such fees paid by the Select, Service, Institutional and Premier Shares, respectively, of the Money Market Funds and 0.25%, 0.25%, 0.10% and 0.25% of such fees paid by the Institutional, Investor, A, and C Shares, respectively, of the Variable Net Asset Value Funds through December 31, 2021. The affiliate waivers result in reduction of the Shareholder Servicing Fee paid by all affiliated purchasers of a class.

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

– 83 –

Notes to the Financial Statements

August 31, 2021

Affiliated Transactions:

A summary of each Fund’s investment in an affiliated money market fund (Government Securities Money Market Fund, Select Shares) for the year ending August 31, 2021 is noted below:

								Net		Net Change
								Realized		in Unrealized
	Fair Value							Gains/		Appreciation/		Fair Value		Shares as of		Dividend
Fund	8/31/20		Purchases		Sales			(Losses)		Depreciation		8/31/21		8/31/21		Income
Limited Duration Fund	$	6,439,763	$	74,172,711	$	(76,355,704	)	$	—	$	—	$	4,256,770		4,256,770	$	325
Moderate Duration Fund		3,443,883		17,053,711		(19,019,136	)		—		—		1,478,458		1,478,458		96
Bond Fund		2,590,008		46,186,121		(46,470,251	)		—		—		2,305,878		2,305,878		351
Strategic Enhanced Yield Fund		2,048,668		27,606,156		(28,336,152	)		—		—		1,318,672		1,318,672		153
Ultra Short Tax-Free Income Fund		1,847,685		21,147,050		(22,899,317	)		—		—		95,418		95,418		51
Active Core Fund		1,213,800		13,892,267		(14,275,837	)		—		—		830,230		830,230		119
Mid Cap Diverse Leadership Fund		37,581		544,626		(546,089	)		—		—		36,118		36,118		3
Opportunistic Fund		2,970,000		81,417,590		(83,060,934	)		—		—		1,326,656		1,326,656		259
World Energy Fund		330,331		19,260,121		(19,151,256	)		—		—		439,196		439,196		49
Hedged Income Fund		—		20,846,552		(20,321,953	)		—		—		524,599		524,599		38
	$	20,921,719	$	322,126,905	$	(330,436,629	)	$	—	$	—	$	12,611,995		12,611,995	$	1,444

A summary of the Opportunistic Fund’s investment in an affiliated money market fund for the year ending August 31, 2021 is noted below:

								Net		Net Change
								Realized		in Unrealized
	Fair Value							Gains/		Appreciation/		Fair Value		Shares as of		Dividend
Fund	8/31/20		Purchases		Sales			(Losses)		Depreciation		8/31/21		8/31/21		Income
U.S. Treasury Fund, Select Shares	$	47,026	$	7,503,648	$	(7,550,674	)	$	—	$	—	$	—	$	—	$	—
	$	47,026		7,503,648	$	(7,550,674	)	$	—	$	—	$	—	$	—	$	—

A summary of the Active Core Fund’s investment in an affiliated fund for the year ending August 31, 2021 is noted below:

							Net		Net Change
							Realized		in Unrealized
	Fair Value						Gains/		Appreciation/		Fair Value		Shares as of		Dividend
Fund	8/31/20		Purchases		Sales		(Losses)		Depreciation		8/31/21		8/31/21		Income
World Energy Fund, Institutional Shares	$	322,919	$	—	$	—	$	—	$	143,138	$	466,057	$	52,409	$	6,724
	$	322,919	$	—	$	—	$	—	$	143,138	$	466,057	$	52,409	$	6,724

Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities and long-term U.S. government securities) for the year ending August 31, 2021 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	51,142,456	$	32,076,903
Moderate Duration Fund		13,356,577		13,141,325
Bond Fund		45,093,030		28,309,081
Strategic Enhanced Yield Fund		19,162,953		10,133,404
Ultra Short Tax-Free Income Fund		43,053,820		44,783,435
Active Core Fund		26,303,770		30,803,009
Mid Cap Diverse Leadership Fund		886,842		842,366
Opportunistic Fund		180,843,938		145,366,189
World Energy Fund		45,469,279		36,604,567
Hedged Income Fund		27,186,723		3,084,024

Purchases and sales of long-term U.S. government securities for the year ending August 31, 2021 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	12,263,292	$	40,844,264
Moderate Duration Fund		4,008,183		6,720,311
Bond Fund		14,196,622		17,801,319
Strategic Enhanced Yield Fund		12,739,203		19,974,532
Active Core Fund		2,843,727		3,376,284

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.

– 84 –

Notes to the Financial Statements

August 31, 2021

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

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

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

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

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

Federal Income Taxes:

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

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

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

At August 31, 2021, the cost basis of securities including derivatives for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) were as follows:

								Net Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation/
Fund	Securities		Appreciation		Depreciation			(Depreciation)
Limited Duration Fund	$	85,224,173	$	1,395,570	$	(1,531,401	)	$	(135,831	)
Moderate Duration Fund		24,986,385		568,024		(117,024	)		451,000
Bond Fund		106,748,328		3,189,419		(252,635	)		2,936,784
Strategic Enhanced Yield Fund		21,266,723		438,598		(41,669	)		396,929
Ultra Short Tax-Free Income Fund		36,277,770		19,064		(2,726	)		16,338
Active Core Fund		37,766,840		13,293,915		(651,418	)		12,642,497
Mid Cap Diverse Leadership Fund		1,065,654		340,737		(43,049	)		297,688
Opportunistic Fund		70,411,066		7,302,391		(1,161,046	)		6,141,345
World Energy Fund		24,679,285		5,052,101		(1,859,821	)		3,192,280
Hedged Income Fund		25,116,027		1,823,399		(532,324	)		1,291,075

– 85 –

Notes to the Financial Statements

August 31, 2021

The tax characteristics of distributions paid to shareholders during fiscal years ending August 31, 2021 and 2020 were as follows:

	Distributions Paid From:
	Net Investment		Net Long-		Total Taxable		Tax-Exempt		Total Distributions
2021	Income		Term Gains		Distributions		Distributions		Paid*
U.S. Treasury Fund	$	59,587	$	—	$	59,587	$	—	$	59,587
Government Securities Money Market Fund		215,303		—		215,303		—		215,303
Limited Duration Fund		1,529,096		—		1,529,096		—		1,529,096
Moderate Duration Fund		496,622		—		496,622		—		496,622
Bond Fund		1,955,442		—		1,955,442		—		1,955,442
Strategic Enhanced Yield Fund		899,544		7,094		906,638		—		906,638
Ultra Short Tax-Free Income Fund		—		—		—		8,617		8,617
Active Core Fund		693,107		2,087,788		2,780,895		—		2,780,895
Mid Cap Diverse Leadership Fund		35,700		70,273		105,973		—		105,973
Opportunistic Fund		321,255		—		321,255		—		321,255
World Energy Fund		312,849		—		312,849		—		312,849
Hedged Income Fund		119,908		—		119,908		—		119,908

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

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

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

As of August 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed															Total
	Ordinary		Undistributed							Accumulated			Unrealized			Accumulated
	Income/Tax		Long-Term		Accumulated		Distributions			Capital and			Appreciation/			Earnings/
Fund	Exempt Income		Capital Gains		Earnings		Payable			Other Losses*			(Depreciation)**			(Deficit)
U.S. Treasury Fund	$	1,999	$	—	$	1,999	$	—		$	(1,972	)	$	—		$	27
Government Securities Money Market Fund		19,153		399		19,552		(15,711	)		—			—			3,841
Limited Duration Fund		146,114		—		146,114		(92,364	)		(4,926,244	)		(135,831	)		(5,008,325	)
Moderate Duration Fund		103,492		—		103,492		(52,255	)		(5,223,469	)		451,000			(4,721,232	)
Bond Fund		312,044		—		312,044		(262,431	)		(2,191,661	)		2,936,784			794,736
Strategic Enhanced Yield Fund		39,542		—		39,542		(39,466	)		(563,494	)		396,929			(166,489	)
Ultra Short Tax-Free Income Fund		1,536		—		1,536		—			(194	)		16,338			17,680
Active Core Fund		1,045,499		4,082,914		5,128,413		—			—			12,642,497			17,770,910
Mid Cap Diverse Leadership Fund		78,996		90,189		169,185		—			—			297,688			466,873
Opportunistic Fund		860,212		1,109,272		1,969,484		—			—			6,141,345			8,110,829
World Energy Fund		103,403		—		103,403		—			(21,156,217	)		3,192,280			(17,860,534	)
Hedged Income Fund		84,995		—		84,995		—			(386,470	)		1,291,075			989,600

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

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

– 86 –

Notes to the Financial Statements

August 31, 2021

At August 31, 2021, the following Funds had capital loss carryforwards as summarized in the tables below. The Board does not intend to authorize a distribution of any realized gain for the Funds until any applicable CLCF has been offset.

Capital loss carryforwards not subject to expiration:

	Short-Term			Long-Term
Fund	Amount			Amount			Total
U.S. Treasury Fund	$	(1,972	)	$	–		$	(1,972	)
Limited Duration Fund		(140,097	)		(4,786,147	)		(4,926,244	)
Moderate Duration Fund		(919,491	)		(4,303,978	)		(5,223,469	)
Bond Fund		(1,756,577	)		(435,084	)		(2,191,661	)
Strategic Enhanced Yield Fund		(538,498	)		(24,996	)		(563,494	)
Ultra Short Tax-Free Income Fund		(194	)		–			(194	)
World Energy Fund		(20,943,404	)		(212,813	)		(21,156,217	)
Hedged Income Fund		(386,470	)		–			(386,470	)

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.

Recent Accounting Pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848) —Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” and in January 2021, the FASB issued ASU No. 2021-01 (“ASU 2021-01”), “Reference Rate Reform (Topic 848) —Scope, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 on the Funds’ investments, derivatives and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform. Management is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

Subsequent Events:

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required as of August 31, 2021.

– 87 –

Financial Highlights

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

				Change in Net Assets
				Resulting From Operations:
		Net Asset		Net
		Value,		Investment		Total from
		Beginning of		Income		Investment
		Period		(Loss)		Activities
U.S. Treasury Fund
Administrative Shares
Year Ended August 31, 2021	$	1.000	$	—	$	—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.009		0.009
Year Ended August 31, 2017		1.000		0.001		0.001
Service Shares
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.011		0.011
Year Ended August 31, 2017		1.000		0.003		0.003
Institutional Shares
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.012		0.012
Year Ended August 31, 2017		1.000		0.004		0.004
Select Shares
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
December 26, 2017^(e) through August 31, 2018		1.000		0.010		0.010

(a)

Annualized for periods less than one year.

(b)

Not annualized for periods less than one year.

(c)

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

(d)

Reflects a voluntary waiver of certain fund expenses in effect during the period relating to the enhancement of certain annualized net yields for the fund. For the year ended August 31, 2021, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.62%, 0.32%, 0.19%, and 0.10% for Administrative Shares, Service Shares, Institutional Shares, and Select Shares, respectively. For the year ended August 31, 2020, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.16%, 0.03%, and 0.01% for Administrative Shares, Service Shares, and Institutional Shares, respectively.

(e)

Commencement of operations.

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

– 88 –

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)

$	—		$	—	$	—		$	1.000		—	%	$	882,438		0.06	%^(d)		—	%		0.68	%
	(0.010	)		—		(0.010	)		1.000		0.55	%		988,206		0.51	%^(d)		0.57	%		0.67	%
	(0.020	)		—		(0.020	)		1.000		1.63	%		864,882		0.69	%		1.62	%		0.69	%
	(0.009	)		—		(0.009	)		1.000		0.79	%		957,502		0.67	%		0.77	%		0.67	%
	(0.001	)		—		(0.001	)		1.000		0.08	%		1,057,228		0.53	%		0.08	%		0.73	%

	—			—		—			1.000		—	%		34,447		0.06	%^(d)		—	%		0.68	%
	(0.010	)		—		(0.010	)		1.000		0.71	%		24,566		0.34	%^(d)		0.78	%		0.67	%
	(0.020	)		—		(0.020	)		1.000		1.93	%		79,927		0.39	%		1.93	%		0.69	%
	(0.011	)		—		(0.011	)		1.000		1.09	%		33,720		0.37	%		1.11	%		0.67	%
	(0.003	)		—		(0.003	)		1.000		0.25	%		30,662		0.37	%		0.22	%		0.73	%

	—			—		—			1.000		—	%		60,980		0.07	%^(d)		0.01	%		0.43	%
	(0.010	)		—		(0.010	)		1.000		0.81	%		82,420		0.24	%^(d)		0.82	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.05	%		94,055		0.27	%		2.04	%		0.44	%
	(0.012	)		—		(0.012	)		1.000		1.21	%		97,238		0.25	%		1.13	%		0.42	%
	(0.004	)		—		(0.004	)		1.000		0.35	%		209,469		0.27	%		0.35	%		0.48	%

	—			—		—			1.000		0.01	%		3,105		0.08	%^(d)		0.01	%		0.43	%
	(0.010	)		—		(0.010	)		1.000		0.88	%		37,975		0.17	%		0.94	%		0.42	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		58,826		0.19	%		2.13	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.99	%		51,839		0.17	%		1.46	%		0.42	%

– 89 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Total from Investment Activities
Government Securities Money Market Fund
Administrative Shares
Year Ended August 31, 2021	$	1.000	$	—	$	—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.009		0.009
Year Ended August 31, 2017		1.000		0.001		0.001
Institutional Shares
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.012		0.012
Year Ended August 31, 2017		1.000		0.004		0.004
Select Shares
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.013		0.013
September 15, 2016^(e) through August 31, 2017		1.000		0.005		0.005
Premier Shares
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.012		0.012
Year Ended August 31, 2017		1.000		0.004		0.004

(a)

Annualized for periods less than one year.

(b)

Not annualized for periods less than one year.

(c)

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

(d)

Reflects a voluntary waiver of certain fund expenses in effect during the period relating to the enhancement of certain annualized net yields for the fund. For the year ended August 31, 2021, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.49%, 0.19%, 0.12%, and 0.16% for Administrative Shares, Institutional Shares, Select Shares, and Premier Shares, respectively. For the year ended August 31, 2020, the effect of such voluntary waivers was a reduction in the ratio of net expenses to average net assets equivalent to 0.11% and 0.01% for Administrative Shares and Institutional Shares, respectively. The reduction in the ratio of net expenses to average net assets for Select Shares and Premier Shares was less than 0.005%.

(e)

Commencement of operations.

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

– 90 –

Less Dividends From:															Ratios/Supplemental Data:^(a)
																		Ratio of Net
			Distributions															Investment
Dividends			from Net					Net Asset							Ratio of Net			Income			Ratio of Gross
from Net			Realized		Total			Value, End					Net Assets End		Expenses to			(Loss) to			Expenses to
Investment			Gains from		Dividends and			of		Total			of Period		Average Net			Average			Average
Income			Investments		Distributions			Period		Return^(b)			(000s)		Assets			Net Assets			Net Assets^(c)

$	—		$	—	$	—		$	1.000		0.01	%	$	578,785		0.07	%^(d)		0.01	%		0.69	%
	(0.010	)		—		(0.010	)		1.000		0.62	%		608,177		0.44	%^(d)		0.58	%		0.68	%
	(0.020	)		—		(0.020	)		1.000		1.77	%		489,932		0.56	%		1.77	%		0.69	%
	(0.009	)		—		(0.009	)		1.000		0.91	%		538,798		0.57	%		0.88	%		0.70	%
	(0.001	)		—		(0.001	)		1.000		0.14	%		686,821		0.49	%		0.13	%		0.72	%

	—			—		—			1.000		0.01	%		124,349		0.08	%^(d)		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.82	%		165,610		0.25	%^(d)		0.76	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.06	%		94,595		0.27	%		2.05	%		0.44	%
	(0.012	)		—		(0.012	)		1.000		1.20	%		102,020		0.28	%		1.13	%		0.45	%
	(0.004	)		—		(0.004	)		1.000		0.38	%		181,637		0.27	%		0.32	%		0.47	%

	—			—		—			1.000		0.01	%		865,637		0.07	%^(d)		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.89	%		947,249		0.18	%^(d)		0.84	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		988,003		0.19	%		2.13	%		0.44	%
	(0.013	)		—		(0.013	)		1.000		1.28	%		800,991		0.20	%		1.30	%		0.45	%
	(0.005	)		—		(0.005	)		1.000		0.45	%		640,260		0.19	%		0.48	%		0.47	%

	—			—		—			1.000		0.01	%		285,447		0.07	%^(d)		0.01	%		0.94	%
	(0.010	)		—		(0.010	)		1.000		0.84	%		321,321		0.23	%^(d)		0.75	%		0.93	%
	(0.020	)		—		(0.020	)		1.000		2.09	%		233,659		0.24	%		2.08	%		0.94	%
	(0.012	)		—		(0.012	)		1.000		1.23	%		105,598		0.25	%		1.26	%		0.95	%
	(0.004	)		—		(0.004	)		1.000		0.41	%		72,292		0.24	%		0.43	%		0.97	%

– 91 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Limited Duration Fund
Investor Shares
Year Ended August 31, 2021	$	9.79	$	0.12	$	(0.07	)	$	0.05
Year Ended August 31, 2020		9.62		0.17		0.17			0.34
Year Ended August 31, 2019		9.41		0.21		0.21			0.42
Year Ended August 31, 2018		9.61		0.16		(0.15	)		0.01
Year Ended August 31, 2017		9.60		0.08		0.05			0.13
Institutional Shares
Year Ended August 31, 2021		9.79		0.14		(0.08	)		0.06
Year Ended August 31, 2020		9.62		0.19		0.18			0.37
Year Ended August 31, 2019		9.40		0.23		0.23			0.46
Year Ended August 31, 2018		9.60		0.19		(0.16	)		0.03
Year Ended August 31, 2017		9.59		0.11		0.05			0.16
A Shares
Year Ended August 31, 2021		9.80		0.12		(0.08	)		0.04
Year Ended August 31, 2020		9.62		0.17		0.18			0.35
Year Ended August 31, 2019		9.41		0.21		0.21			0.42
Year Ended August 31, 2018		9.61		0.16		(0.15	)		0.01
Year Ended August 31, 2017		9.60		0.09		0.05			0.14

(a)

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

(b)

Not annualized for periods less than one year.

(c)

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

(d)

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

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

– 92 –

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)

$	(0.14	)	$	—	$	(0.14	)	$	9.70		0.52	%	$	3,290		0.76	%		1.24	%		1.01	%		74	%
	(0.17	)		—		(0.17	)		9.79		3.62	%		3,941		0.69	%		1.76	%		0.94	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.56	%		4,126		0.74	%		2.19	%		0.98	%		34	%
	(0.21	)		—		(0.21	)		9.41		0.07	%		8,642		0.80	%		1.63	%		0.99	%		70	%
	(0.12	)		—		(0.12	)		9.61		1.37	%		15,691		0.74	%		0.89	%		1.08	%		69	%

	(0.16	)		—		(0.16	)		9.69		0.65	%		77,455		0.52	%		1.47	%		0.76	%		74	%
	(0.20	)		—		(0.20	)		9.79		3.87	%		92,362		0.44	%		1.98	%		0.69	%		89	%
	(0.24	)		—		(0.24	)		9.62		4.94	%		114,269		0.48	%		2.45	%		0.73	%		34	%
	(0.23	)		—		(0.23	)		9.40		0.37	%		87,618		0.49	%		1.99	%		0.74	%		70	%
	(0.15	)		—		(0.15	)		9.60		1.68	%		82,109		0.43	%		1.22	%		0.83	%		69	%

	(0.14	)		—		(0.14	)		9.70		0.42	%		2,804		0.76	%		1.22	%		0.86	%		74	%
	(0.17	)		—		(0.17	)		9.80		3.73	%		952		0.68	%		1.72	%		0.79	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.57	%		585		0.72	%		2.20	%		0.83	%		34	%
	(0.21	)		—		(0.21	)		9.41		0.13	%		588		0.74	%		1.65	%		0.84	%		70	%
	(0.13	)		—		(0.13	)		9.61		1.43	%		1,238		0.68	%		0.97	%		0.93	%		69	%

– 93 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
Moderate Duration Fund
Investor Shares
Year Ended August 31, 2021	$	10.81	$	0.16	$	(0.03	)	$	0.13
Year Ended August 31, 2020		10.64		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.32			0.56
Year Ended August 31, 2018		10.48		0.16		(0.17	)		(0.01	)
Year Ended August 31, 2017		10.60		0.09		(0.02	)		0.07
Institutional Shares
Year Ended August 31, 2021		10.82		0.19		(0.04	)		0.15
Year Ended August 31, 2020		10.65		0.22		0.16			0.38
Year Ended August 31, 2019		10.31		0.26		0.34			0.60
Year Ended August 31, 2018		10.48		0.19		(0.17	)		0.02
Year Ended August 31, 2017		10.60		0.12		(0.02	)		0.10
A Shares
Year Ended August 31, 2021		10.82		0.16		(0.04	)		0.12
Year Ended August 31, 2020		10.65		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.33			0.57
Year Ended August 31, 2018		10.48		0.16		(0.16	)		—
Year Ended August 31, 2017		10.58		0.10		(0.01	)		0.09

(a)

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

(b)

Not annualized for periods less than one year.

(c)

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

(d)

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

(e)

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

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

– 94 –

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)

$	(0.17	)	$	—	$	(0.17	)	$	10.77		1.21	%	$	3,828		0.74	%		1.49	%		1.29	%		64	%
	(0.19	)		—		(0.19	)		10.81		3.40	%		3,835		0.74	%		1.79	%		1.29	%		83	%
	(0.23	)		—		(0.23	)		10.64		5.54	%		4,271		0.83	%^(e)		2.26	%		1.26	%		25	%
	(0.16	)		—		(0.16	)		10.31		(0.07	)%		5,102		1.14	%		1.49	%		1.35	%		28	%
	(0.19	)		—		(0.19	)		10.48		0.69	%		10,375		0.89	%		0.93	%		1.24	%		87	%

	(0.20	)		—		(0.20	)		10.77		1.37	%		21,351		0.49	%		1.73	%		1.04	%		64	%
	(0.21	)		—		(0.21	)		10.82		3.66	%		26,765		0.49	%		2.02	%		1.04	%		83	%
	(0.26	)		—		(0.26	)		10.65		5.90	%		23,463		0.58	%^(e)		2.51	%		1.01	%		25	%
	(0.19	)		—		(0.19	)		10.31		0.22	%		24,883		0.85	%		1.78	%		1.10	%		28	%
	(0.22	)		—		(0.22	)		10.48		0.99	%		34,078		0.60	%		1.22	%		0.99	%		87	%

	(0.17	)		—		(0.17	)		10.77		1.11	%		382		0.74	%		1.49	%		1.15	%		64	%
	(0.19	)		—		(0.19	)		10.82		3.40	%		314		0.74	%		1.79	%		1.14	%		83	%
	(0.23	)		—		(0.23	)		10.65		5.63	%		381		0.85	%^(e)		2.24	%		1.11	%		25	%
	(0.17	)		—		(0.17	)		10.31		(0.03	)%		634		1.10	%		1.53	%		1.20	%		28	%
	(0.19	)		—		(0.19	)		10.48		0.92	%		983		0.85	%		0.93	%		1.09	%		87	%

– 95 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from
	Beginning of		Income		(Losses) on			Investment
	Period		(Loss)		Investments			Activities
Bond Fund
Investor Shares
Year Ended August 31, 2021	$	10.12	$	0.17	$	(0.13	)	$	0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.22		0.21		0.60			0.81
Year Ended August 31, 2018		9.55		0.18		(0.31	)		(0.13	)
Year Ended August 31, 2017		9.77		0.09		(0.15	)		(0.06	)
Institutional Shares
Year Ended August 31, 2021		10.10		0.19		(0.14	)		0.05
Year Ended August 31, 2020		9.80		0.21		0.31			0.52
Year Ended August 31, 2019		9.20		0.23		0.61			0.84
Year Ended August 31, 2018		9.52		0.20		(0.29	)		(0.09	)
Year Ended August 31, 2017		9.75		0.12		(0.16	)		(0.04	)
A Shares
Year Ended August 31, 2021		10.12		0.17		(0.13	)		0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.21		0.21		0.62			0.83
Year Ended August 31, 2018		9.54		0.18		(0.31	)		(0.13	)
Year Ended August 31, 2017		9.75		0.09		(0.13	)		(0.04	)

(a)

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

(b)

Not annualized for periods less than one year.

(c)

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

(d)

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

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

– 96 –

Less Dividends From:																Ratios/Supplemental Data:^(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)^(b)			(000s)		Assets			Net Assets			Net Assets^(c)			Turnover^(d)

$	(0.18	)	$	—		$	(0.18	)	$	9.98		0.36	%	$	1,435		0.72	%		1.70	%		0.97	%		47	%
	(0.19	)		—			(0.19	)		10.12		5.07	%		2,383		0.73	%		1.86	%		0.98	%		65	%
	(0.21	)		—			(0.21	)		9.82		8.96	%		1,862		0.77	%		2.24	%		0.99	%		33	%
	(0.20	)		—			(0.20	)		9.22		(1.33	)%		5,641		0.76	%		1.91	%		0.99	%		29	%
	(0.14	)		(0.02	)		(0.16	)		9.55		(0.57	)%		7,305		0.71	%		1.01	%		1.06	%		79	%

	(0.20	)		—			(0.20	)		9.95		0.51	%		108,453		0.47	%		1.95	%		0.72	%		47	%
	(0.22	)		—			(0.22	)		10.10		5.34	%		94,112		0.48	%		2.14	%		0.73	%		65	%
	(0.24	)		—			(0.24	)		9.80		9.28	%		101,925		0.49	%		2.51	%		0.74	%		33	%
	(0.23	)		—			(0.23	)		9.20		(0.97	)%		96,022		0.49	%		2.17	%		0.74	%		29	%
	(0.17	)		(0.02	)		(0.19	)		9.52		(0.41	)%		119,604		0.44	%		1.28	%		0.81	%		79	%

	(0.18	)		—			(0.18	)		9.98		0.36	%		67		0.72	%		1.70	%		0.82	%		47	%
	(0.19	)		—			(0.19	)		10.12		5.07	%		60		0.73	%		1.91	%		0.83	%		65	%
	(0.22	)		—			(0.22	)		9.82		9.11	%		136		0.74	%		2.27	%		0.84	%		33	%
	(0.20	)		—			(0.20	)		9.21		(1.32	)%		126		0.74	%		1.92	%		0.84	%		29	%
	(0.15	)		(0.02	)		(0.17	)		9.54		(0.45	)%		176		0.69	%		1.03	%		0.91	%		79	%

– 97 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Strategic Enhanced Yield Fund
Investor Shares
Year Ended August 31, 2021	$	10.82	$	0.18	^(e)	$	(0.16	)	$	0.02
Year Ended August 31, 2020		10.70		0.19	^(e)		0.28			0.47
Year Ended August 31, 2019		10.10		0.29	^(e)		0.60			0.89
December 26, 2017 ^(f) through August 31, 2018		10.00		0.21	^(e)		(0.01	)		0.20
Institutional Shares
Year Ended August 31, 2021		10.67		0.21	^(e)		(0.15	)		0.06
Year Ended August 31, 2020		10.56		0.21	^(e)		0.27			0.48
Year Ended August 31, 2019		9.97		0.31	^(e)		0.59			0.90
December 26, 2017 ^(f) through August 31, 2018		10.00		0.21	^(e)		(0.02	)		0.19
A Shares										0.03
Year Ended August 31, 2021		10.67		0.18	^(e)		(0.15	)
Year Ended August 31, 2020		10.56		0.20	^(e)		0.25			0.45
Year Ended August 31, 2019		9.96		0.28	^(e)		0.60			0.88
December 26, 2017 ^(f) through August 31, 2018		10.00		0.19	^(e)		(0.03	)		0.16

(a)

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

(b)

Not annualized for periods less than one year.

(c)

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

(d)

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

(e)

Calculated using average shares.

(f)

Commencement of operations.

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

– 98 –

Less Dividends From:																Ratios/Supplemental Data:^(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)^(b)			(000s)		Assets			Net Assets			Net Assets^(c)			Turnover^(d)

$	(0.17	)	$	(0.18	)	$	(0.35	)	$	10.49		0.22	%	$	1,132		1.01	%		1.67	%		1.66	%		129	%
	(0.20	)		(0.15	)		(0.35	)		10.82		4.47	%		2,178		1.01	%		1.82	%		2.05	%		96	%
	(0.29	)		—			(0.29	)		10.70		8.96	%		1,546		1.01	%		2.79	%		3.16	%		59	%
	(0.10	)		—			(0.10	)		10.10		2.05	%		4		1.01	%		3.01	%		13.65	%		20	%

	(0.20	)		(0.18	)		(0.38	)		10.35		0.55	%		19,579		0.76	%		2.01	%		1.42	%		129	%
	(0.22	)		(0.15	)		(0.37	)		10.67		4.66	%		17,335		0.76	%		2.00	%		1.77	%		96	%
	(0.31	)		—			(0.31	)		10.56		9.21	%		6,370		0.76	%		3.02	%		3.23	%		59	%
	(0.22	)		—			(0.22	)		9.97		1.87	%		984		0.76	%		3.11	%		13.40	%		20	%

	(0.17	)		(0.18	)		(0.35	)		10.35		0.30	%		917		1.01	%		1.75	%		1.52	%		129	%
	(0.19	)		(0.15	)		(0.34	)		10.67		4.41	%		393		1.01	%		1.94	%		1.97	%		96	%
	(0.28	)		—			(0.28	)		10.56		9.05	%		468		1.01	%		2.82	%		4.02	%		59	%
	(0.20	)		—			(0.20	)		9.96		1.60	%		390		1.01	%		2.87	%		13.50	%		20	%

– 99 –

Financial Highlights

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

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

(a)

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

(b)

Not annualized for periods less than one year.

(c)

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

(d)

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

(e)

Calculated using average shares.

(f)

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

(g)

Commencement of operations.

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

– 100 –

Less Dividends From:																Ratios/Supplemental Data:^(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized		Total				Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from		Dividends and				of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments		Distributions				Period		Charge)^(b)			(000s)		Assets			Net Assets			Net Assets^(c)			Turnover^(d)

$	—		$	—	$	—		��	$	9.97		(0.30	)%	$	105		0.60	%		(0.28	)%		1.07	%		130	%
	(0.06	)		—		(0.06	)			10.00		0.64	%		539		0.60	%		0.53	%		1.16	%		129	%
	(0.11	)		—		(0.11	)			10.00		1.35	%		175		0.66	%^(f)		1.12	%		1.59	%		135	%
	(0.03	)		—		(0.03	)			9.98		0.14	%		71		0.81	%		0.71	%		2.36	%		155	%

	—			—		—				10.01		0.01	%		32,512		0.35	%		(0.04	)%		0.82	%		130	%
	(0.09	)		—		(0.09	)			10.01		0.89	%		38,955		0.35	%		0.81	%		0.92	%		129	%
	(0.14	)		—		(0.14	)			10.01		1.50	%		20,529		0.41	%^(f)		1.38	%		1.34	%		135	%
	(0.07	)		—		(0.07	)			10.00		0.65	%		11,595		0.56	%		0.96	%		2.11	%		155	%

	—			—		—				9.98		(0.30	)%		17		0.60	%		(0.28	)%		0.92	%		130	%
	(0.06	)		—		(0.06	)			10.01		0.64	%		17		0.60	%		0.65	%		1.04	%		129	%
	(0.04	)		—		(0.04	)			10.01		0.36	%		21		0.66	%^(f)		1.07	%		1.44	%		135	%
	—			—		—				10.01		0.10	%		—		0.81	%		0.71	%		2.21	%		155	%

– 101 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
					Net
	Net Asset		Net		Realized and
	Value,		Investment		Unrealized		Total from
	Beginning of		Income		Gains (Losses)		Investment
Active Core Fund	Period		(Loss)		on Investments		Activities
Investor Shares
Year Ended August 31, 2021	$	14.21	$	0.14	$	2.07	$	2.21
Year Ended August 31, 2020		13.49		0.17		1.30		1.47
Year Ended August 31, 2019		14.04		0.19		0.21		0.40
Year Ended August 31, 2018		13.72		0.18		0.95		1.13
Year Ended August 31, 2017		13.35		0.17		0.76		0.93
Institutional Shares
Year Ended August 31, 2021		14.26		0.17		2.08		2.25
Year Ended August 31, 2020		13.54		0.20		1.30		1.50
Year Ended August 31, 2019		14.08		0.23		0.22		0.45
Year Ended August 31, 2018		13.76		0.22		0.94		1.16
Year Ended August 31, 2017		13.39		0.20		0.77		0.97
A Shares
Year Ended August 31, 2021		14.17		0.14		2.06		2.20
Year Ended August 31, 2020		13.45		0.16		1.30		1.46
Year Ended August 31, 2019		13.98		0.16		0.23		0.39
Year Ended August 31, 2018		13.67		0.18		0.94		1.12
Year Ended August 31, 2017		13.31		0.17		0.76		0.93
C Shares
Year Ended August 31, 2021		14.13		0.06		2.03		2.09
Year Ended August 31, 2020		13.43		0.08		1.28		1.36
Year Ended August 31, 2019		13.98		0.09		0.21		0.30
Year Ended August 31, 2018		13.65		0.07		0.96		1.03
Year Ended August 31, 2017		13.31		0.08		0.74		0.82

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

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

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

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

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

– 102 –

Less Dividends From:																Ratios/Supplemental Data:^(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)^(b)			(000s)		Assets			Net Assets			Net Assets^(c)			Turnover^(d)

$	(0.16	)	$	(0.65	)	$	(0.81	)	$	15.61		16.11	%	$	2,957		1.07	%		0.91	%		1.32	%		61	%
	(0.19	)		(0.56	)		(0.75	)		14.21		11.29	%		5,006		1.10	%		1.26	%		1.35	%		65	%
	(0.19	)		(0.76	)		(0.95	)		13.49		3.67	%		4,632		1.10	%		1.44	%		1.36	%		41	%
	(0.19	)		(0.62	)		(0.81	)		14.04		8.46	%		5,340		1.07	%		1.32	%		1.32	%		37	%
	(0.17	)		(0.39	)		(0.56	)		13.72		7.24	%		5,275		0.98	%		1.28	%		1.37	%		55	%

	(0.19	)		(0.65	)		(0.84	)		15.67		16.43	%		47,343		0.82	%		1.16	%		1.07	%		61	%
	(0.22	)		(0.56	)		(0.78	)		14.26		11.54	%		43,347		0.85	%		1.51	%		1.10	%		65	%
	(0.23	)		(0.76	)		(0.99	)		13.54		4.00	%		42,574		0.85	%		1.69	%		1.11	%		41	%
	(0.22	)		(0.62	)		(0.84	)		14.08		8.70	%		46,738		0.81	%		1.57	%		1.07	%		37	%
	(0.21	)		(0.39	)		(0.60	)		13.76		7.50	%		46,101		0.73	%		1.52	%		1.12	%		55	%

	(0.16	)		(0.65	)		(0.81	)		15.56		16.16	%		516		1.07	%		0.91	%		1.17	%		61	%
	(0.18	)		(0.56	)		(0.74	)		14.17		11.26	%		627		1.12	%		1.24	%		1.20	%		65	%
	(0.16	)		(0.76	)		(0.92	)		13.45		3.59	%		767		1.17	%		1.38	%		1.21	%		41	%
	(0.19	)		(0.62	)		(0.81	)		13.98		8.41	%		1,496		1.17	%		1.22	%		1.17	%		37	%
	(0.18	)		(0.39	)		(0.57	)		13.67		7.20	%		1,518		0.98	%		1.28	%		1.22	%		55	%

	(0.08	)		(0.65	)		(0.73	)		15.49		15.33	%		86		1.82	%		0.16	%		2.07	%		61	%
	(0.10	)		(0.56	)		(0.66	)		14.13		10.42	%		67		1.85	%		0.48	%		2.10	%		65	%
	(0.09	)		(0.76	)		(0.85	)		13.43		2.87	%		54		1.85	%		0.69	%		2.11	%		41	%
	(0.08	)		(0.62	)		(0.70	)		13.98		7.70	%		73		1.84	%		0.54	%		2.07	%		37	%
	(0.09	)		(0.39	)		(0.48	)		13.65		6.32	%		75		1.73	%		0.57	%		2.12	%		55	%

– 103 –

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value, Beginning		Investment			Gains			Total from
	of		Income			(Losses) on			Investment
	Period		(Loss)			Investments			Activities
Mid Cap Diverse Leadership Fund
Investor Shares
Year Ended August 31, 2021	$	11.40	$	(0.01	)^(e)	$	4.26		$	4.25
Year Ended August 31, 2020		11.24		0.06	^(e)		0.58			0.64
Year Ended August 31, 2019		11.90		0.03	^(e)		(0.29	)		(0.26	)
Year Ended August 31, 2018		10.33		0.05	^(e)		1.57			1.62
December 30, 2016^(f) through August 31, 2017		10.00		0.07			0.32			0.39
Institutional Shares
Year Ended August 31, 2021		11.41		0.01	^(e)		4.29			4.30
Year Ended August 31, 2020		11.25		0.08	^(e)		0.60			0.68
Year Ended August 31, 2019		11.92		0.06	^(e)		(0.29	)		(0.23	)
Year Ended August 31, 2018		10.36		0.08	^(e)		1.57			1.65
December 30, 2016^(f) through August 31, 2017		10.00		0.04			0.34			0.38
A Shares
Year Ended August 31, 2021		11.46		(0.02	)^(e)		4.32			4.30
Year Ended August 31, 2020		11.31		0.06	^(e)		0.58			0.64
Year Ended August 31, 2019		11.97		0.03	^(e)		(0.28	)		(0.25	)
Year Ended August 31, 2018		10.39		0.05	^(e)		1.58			1.63
December 30, 2016^(f) through August 31, 2017		10.00		0.02			0.37			0.39
C Shares
Year Ended August 31, 2021		11.20		(0.10	)^(e)		4.19			4.09
Year Ended August 31, 2020		11.06		(0.03	)^(e)		0.60			0.57
Year Ended August 31, 2019		11.68		—	^(e)		(0.25	)		(0.25	)
Year Ended August 31, 2018		10.28		—	^(e)		1.40			1.40
December 30, 2016^(f) through August 31, 2017		10.00		0.02			0.26			0.28

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

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

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

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

(e)	Calculated using average shares.

(f)	Commencement of operations.

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

– 104 –

Less Dividends From:																Ratios/Supplemental Data:^(a)
																			Ratio of Net
			Distributions																Investment
Dividends			from Net						Net Asset		Total Return			Net Assets		Ratio of Net			Income			Ratio of Gross
from Net			Realized			Total			Value, End		(Excludes			End		Expenses to			(Loss) to			Expenses to
Investment			Gains from			Dividends and			of		Sales			of Period		Average Net			Average			Average			Portfolio
Income			Investments			Distributions			Period		Charge)^(b)			(000s)		Assets			Net Assets			Net Assets ^(c)			Turnover^(d)

$	(0.08	)	$	(1.11	)	$	(1.19	)	$	14.46		39.69	%	$	119		1.06	%		(0.09	)%		12.28	%		79	%
	(0.05	)		(0.43	)		(0.48	)		11.40		5.73	%		124		1.06	%		0.51	%		13.27	%		90	%
	(0.03	)		(0.37	)		(0.40	)		11.24		(1.59	)%		114		1.06	%		0.27	%		8.26	%		106	%
	(0.05	)		—			(0.05	)		11.90		15.67	%		624		1.06	%		0.45	%		5.32	%		74	%
	(0.06	)		—			(0.06	)		10.33		3.84	%		185		1.06	%		0.72	%		16.40	%		45	%

	(0.10	)		(1.11	)		(1.21	)		14.50		40.08	%		1,090		0.81	%		0.12	%		12.03	%		79	%
	(0.09	)		(0.43	)		(0.52	)		11.41		6.05	%		680		0.81	%		0.76	%		13.02	%		90	%
	(0.07	)		(0.37	)		(0.44	)		11.25		(1.32	)%		809		0.81	%		0.53	%		9.22	%		106	%
	(0.09	)		—			(0.09	)		11.92		15.97	%		1,355		0.81	%		0.73	%		7.35	%		74	%
	(0.02	)		—			(0.02	)		10.36		3.84	%		1,610		0.81	%		0.81	%		9.65	%		45	%

	(0.08	)		(1.11	)		(1.19	)		14.57		39.88	%		147		1.06	%		(0.12	)%		12.13	%		79	%
	(0.06	)		(0.43	)		(0.49	)		11.46		5.62	%		123		1.06	%		0.51	%		13.12	%		90	%
	(0.04	)		(0.37	)		(0.41	)		11.31		(1.50	)%		382		1.06	%		0.28	%		10.07	%		106	%
	(0.05	)		—			(0.05	)		11.97		15.68	%		364		1.06	%		0.46	%		6.24	%		74	%
	—			—			—			10.39		3.90	%		62		1.06	%		0.45	%		14.98	%		45	%

	(0.04	)		(1.11	)		(1.15	)		14.14		38.80	%		28		1.81	%		(0.79	)%		13.03	%		79	%
	—			(0.43	)		(0.43	)		11.20		5.12	%		25		1.81	%		(0.24	)%		14.02	%		90	%
	—			(0.37	)		(0.37	)		11.06		(1.51	)%		—		1.81	%		—%			2.06	%		106	%
	—			—			—			11.68		13.62	%		—		1.81	%		—%			27.23	%		74	%
	—			—			—			10.28		2.80	%		253		1.81	%		3.73	%		25.73	%		45	%

– 105 –

Financial Highlights

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

				Change in Net Assets
				Resulting From Operations:
							Net
							Realized and
		Net Asset		Net			Unrealized
		Value,		Investment			Gains			Total from
		Beginning of		Income			(Losses)			Investment
		Period		(Loss)			on Investments			Activities
Opportunistic Fund
Investor Shares
Year Ended August 31, 2021	$	13.78	$	0.10	^(e)	$	3.06		$	3.16
Year Ended August 31, 2020		12.83		0.11			0.96			1.07
Year Ended August 31, 2019		15.43		0.13			(1.65	)		(1.52	)
Year Ended August 31, 2018		14.90		0.04	^(e)		1.28			1.32
Year Ended August 31, 2017		12.86		(0.02	)		2.08			2.06
Institutional Shares
Year Ended August 31, 2021		13.95		0.14	^(e)		3.10			3.24
Year Ended August 31, 2020		12.98		0.13			0.99			1.12
Year Ended August 31, 2019		15.61		0.17			(1.68	)		(1.51	)
Year Ended August 31, 2018		15.61		0.08	^(e)		1.30			1.38
Year Ended August 31, 2017		12.99		0.03			2.08			2.11
A Shares
Year Ended August 31, 2021		13.83		0.09	^(e)		3.10			3.19
Year Ended August 31, 2020		12.88		0.10			0.96			1.06
Year Ended August 31, 2019		15.48		0.13			(1.65	)		(1.52	)
Year Ended August 31, 2018		14.95		0.04	^(e)		1.28			1.32
Year Ended August 31, 2017		12.90		(0.01	)		2.07			2.06
C Shares
Year Ended August 31, 2021		13.42		(0.03	)^(e)		3.00			2.97
Year Ended August 31, 2020		12.51		0.02			0.92			0.94
Year Ended August 31, 2019		15.07		0.02			(1.60	)		(1.58	)
Year Ended August 31, 2018		14.65		(0.08	)^(e)		1.25			1.17
Year Ended August 31, 2017		12.73		(0.02	)		1.94			1.92

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

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

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

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

(e)	Calculated using average shares.

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

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

– 106 –

	Less Dividends From:														Ratios/Supplemental Data:^(a)
																	Ratio of Net
				Distributions													Investment		Ratio of
	Dividends			from Net						Net Asset	Total Return			Net Assets	Ratio of Net		Income		Gross
	from Net			Realized			Total			Value, End	(Excludes			End	Expenses to		(Loss) to		Expenses to
	Investment			Gains from			Dividends and			of	Sales			of Period	Average Net		Average		Average		Portfolio
	Income			Investments			Distributions			Period	Charge)^(b)			(000s)	Assets		Net Assets		Net Assets^(c)		Turnover^(d)

$	(0.06	)	$	—		$	(0.06	)	$	16.88	22.97	%	$	4,616	1.25	%	0.59	%	1.77	%	265	%
	(0.12	)		—			(0.12	)		13.78	8.46	%		1,319	1.25	%	0.83	%	2.01	%	240	%
	(0.15	)		(0.93	)		(1.08	)		12.83	(9.28	)%		3,118	1.37	%^(f)	0.97	%	1.89	%	183	%
	(0.04	)		(0.75	)		(0.79	)		15.43	9.08	%		2,097	1.64	%	0.25	%	1.85	%	157	%
	(0.02	)		—			(0.02	)		14.90	15.99	%		3,009	1.60	%	(0.10	)%	1.81	%	227	%

	(0.09	)		—			(0.09	)		17.10	23.27	%		71,356	1.00	%	0.85	%	1.54	%	265	%
	(0.15	)		—			(0.15	)		13.95	8.74	%		30,697	1.00	%	1.03	%	1.77	%	240	%
	(0.19	)		(0.93	)		(1.12	)		12.98	(9.10	)%		34,492	1.13	%^(f)	1.22	%	1.64	%	183	%
	(0.07	)		(0.75	)		(0.82	)		15.61	9.45	%		45,659	1.35	%	0.55	%	1.60	%	157	%
	(0.05	)		—			(0.05	)		15.05	16.27	%		38,266	1.31	%	0.18	%	1.56	%	227	%

	(0.07	)		—			(0.07	)		16.95	23.05	%		1,482	1.25	%	0.55	%	1.66	%	265	%
	(0.11	)		—			(0.11	)		13.83	8.37	%		1,380	1.25	%	0.79	%	1.87	%	240	%
	(0.15	)		(0.93	)		(1.08	)		12.88	(9.24	)%		1,898	1.37	%^(f)	0.98	%	1.74	%	183	%
	(0.04	)		(0.75	)		(0.79	)		15.48	9.09	%		2,032	1.63	%	0.26	%	1.70	%	157	%
	(0.01	)		—			(0.01	)		14.95	15.96	%		2,321	1.56	%	(0.06	)%	1.66	%	227	%

	(0.02	)		—			(0.02	)		16.37	22.11	%		357	2.00	%	(0.20	)%	2.56	%	265	%
	(0.03	)		—			(0.03	)		13.42	7.58	%		307	2.00	%	0.03	%	2.77	%	240	%
	(0.05	)		(0.93	)		(0.98	)		12.51	(9.95	)%		343	2.15	%^(f)	0.19	%	2.64	%	183	%
	—			(0.75	)		(0.75	)		15.07	8.22	%		598	2.41	%	(0.52	)%	2.60	%	157	%
	—			—			—			14.65	15.08	%		573	2.34	%	(0.84	)%	2.56	%	227	%

– 107 –

Financial Highlights

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

				Change in Net Assets
				Resulting From Operations:
							Net
							Realized and
		Net Asset		Net			Unrealized
		Value,		Investment			Gains			Total from
		Beginning of		Income			(Losses)			Investment
		Period		(Loss)			on Investments			Activities
World Energy Fund
Investor Shares
Year Ended August 31, 2021	$	6.16	$	0.13		$	2.71		$	2.84
Year Ended August 31, 2020		6.71		0.10			(0.51	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.82	)		(2.67	)
Year Ended August 31, 2018		8.06		0.06	^(f)		1.41			1.47
Year Ended August 31, 2017		8.63		0.08			(0.58	)		(0.50	)
Institutional Shares
Year Ended August 31, 2021		6.16		0.14			2.72			2.86
Year Ended August 31, 2020		6.72		0.13			(0.53	)		(0.40	)
Year Ended August 31, 2019		9.51		0.17			(2.83	)		(2.66	)
Year Ended August 31, 2018		8.07		0.09	^(f)		1.42			1.51
Year Ended August 31, 2017		8.65		0.11			(0.59	)		(0.48	)
A Shares
Year Ended August 31, 2021		6.15		0.13			2.70			2.83
Year Ended August 31, 2020		6.70		0.11			(0.52	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.83	)		(2.68	)
Year Ended August 31, 2018		8.06		0.07	^(f)		1.41			1.48
Year Ended August 31, 2017		8.63		0.09			(0.59	)		(0.50	)
C Shares
Year Ended August 31, 2021		6.10		0.08			2.67			2.75
Year Ended August 31, 2020		6.64		0.05			(0.51	)		(0.46	)
Year Ended August 31, 2019		9.39		0.09			(2.79	)		(2.70	)
Year Ended August 31, 2018		8.00		—	^(f)		1.40			1.40
Year Ended August 31, 2017		8.57		0.02			(0.58	)		(0.56	)

(a)

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

(b)

Not annualized for periods less than one year.

(c)

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

(d)

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

(e)

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

(f)

Calculated using average shares.

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

– 108 –

Less Dividends From:																		Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Return of Capital			Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)

$	(0.11	)	$	—	$	—		$	(0.11	)	$	8.89		46.49	%	$	6,895		1.15	%		1.69	%		1.96	%		174	%
	(0.14	)		—		—			(0.14	)		6.16		(6.19	)%		2,984		1.15	%		1.68	%		2.18	%		191	%
	(0.11	)		—		—			(0.11	)		6.71		(28.27	)%		3,079		1.25	%^(e)		1.56	%		1.68	%		145	%
	(0.04	)		—		—			(0.04	)		9.49		18.27	%		7,964		1.39	%		0.66	%		1.56	%		130	%
	(0.06	)		—		(0.01	)		(0.07	)		8.06		(5.87	)%		9,316		1.33	%		0.90	%		1.53	%		103	%

	(0.13	)		—		—			(0.13	)		8.89		46.78	%		15,641		0.90	%		1.88	%		1.69	%		174	%
	(0.16	)		—		—			(0.16	)		6.16		(5.91	)%		6,254		0.90	%		1.82	%		1.89	%		191	%
	(0.13	)		—		—			(0.13	)		6.72		(28.12	)%		11,163		0.97	%^(e)		1.88	%		1.43	%		145	%
	(0.07	)		—		—			(0.07	)		9.51		18.71	%		37,696		1.12	%		0.97	%		1.31	%		130	%
	(0.08	)		—		(0.02	)		(0.10	)		8.07		(5.69	)%		25,809		1.01	%		1.24	%		1.28	%		103	%

	(0.12	)		—		—			(0.12	)		8.86		46.33	%		2,216		1.15	%		1.54	%		1.83	%		174	%
	(0.14	)		—		—			(0.14	)		6.15		(6.13	)%		1,867		1.15	%		1.66	%		2.02	%		191	%
	(0.11	)		—		—			(0.11	)		6.70		(28.35	)%		2,485		1.21	%^(e)		1.67	%		1.53	%		145	%
	(0.05	)		—		—			(0.05	)		9.49		18.37	%		6,302		1.34	%		0.72	%		1.41	%		130	%
	(0.06	)		—		(0.01	)		(0.07	)		8.06		(5.84	)%		6,836		1.26	%		0.96	%		1.38	%		103	%

	(0.07	)		—		—			(0.07	)		8.78		45.25	%		3,101		1.90	%		0.94	%		2.74	%		174	%
	(0.08	)		—		—			(0.08	)		6.10		(6.89	)%		2,458		1.90	%		0.87	%		2.91	%		191	%
	(0.05	)		—		—			(0.05	)		6.64		(28.82	)%		3,688		1.95	%^(e)		0.97	%		2.43	%		145	%
	(0.01	)		—		—			(0.01	)		9.39		17.51	%		6,115		2.11	%		(0.05	)%		2.31	%		130	%
	(0.01	)		—		—			(0.01	)		8.00		(6.59	)%		6,131		2.01	%		0.23	%		2.28	%		103	%

– 109 –

Financial Highlights

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

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities
Hedged Income Fund
Investor Shares
December 28, 2020^(e) through August 31, 2021	$	10.00	$	0.14	^(f)	$	0.74	$	0.88
Institutional Shares
December 28, 2020^(e) through August 31, 2021		10.00		0.15	^(f)		0.75		0.90
A Shares
December 28, 2020^(e) through August 31, 2021		10.00		0.14	^(f)		0.74		0.88

(a)

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

(b)

Not annualized for periods less than one year.

(c)

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

(d)

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

(e)

Commencement of operations.

(f)

Calculated using average shares.

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

– 110 –

Less Dividends From:															Ratios/Supplemental Data:^(a)
Dividends from Net Investment Income			Distributions from Net Realized Gains from Investments		Total Dividends and Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)^(b)			Net Assets End of Period (000s)		Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Gross Expenses to Average Net Assets^(c)			Portfolio Turnover^(d)

$	(0.07	)	$	—	$	(0.07	)	$	10.81		8.79	%	$	1,438		1.35	%		1.90	%		2.26	%		23	%

	(0.08	)		—		(0.08	)		10.82		9.04	%		23,042		1.10	%		2.14	%		2.01	%		23	%

	(0.08	)		—		(0.08	)		10.80		8.77	%		1,709		1.35	%		1.88	%		2.11	%		23	%

– 111 –

KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Cavanal Hill Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Funds listed in the Appendix (collectively, the “Funds”) including the schedules of portfolio investments, as of August 31, 2021, the related statements of operations, the statements of changes in net assets, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods listed in the Appendix. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2021, the results of their operations, the changes in their net assets, and the financial highlights for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of August 31, 2021, by correspondence with custodians and brokers or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

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

Columbus, Ohio

October 26, 2021

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

– 112 –

Appendix

Fund	Financial Statement	Period

U.S. Treasury Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

Government Securities Money Market Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

Limited Duration Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

Moderate Duration Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

Bond Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

Strategic Enhanced Yield Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Three years ended August 31, 2021 and for the period December 26, 2017 (commencement of operations) through August 31, 2018.

Ultra Short Tax-Free Income Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Three years ended August 31, 2021 and for the period December 26, 2017 (commencement of operations) through August 31, 2018.

Active Core Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

Mid Cap Diverse Leadership Fund
(formerly Mid Cap Core Equity Fund)	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Four years ended August 31, 2021 and for the period December 30, 2016 (commencement of operations) through August 31, 2017.

Opportunistic Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

World Energy Fund
	Statement of Operations	Year ended August 31, 2021.
	Statements of Changes in Net Assets	Two years ended August 31, 2021.
	Financial Highlights	Five years ended August 31, 2021.

Hedged Income Fund
	Statement of Operations	For the period December 28, 2020 (commencement of operations) through August 31, 2021.
	Statements of Changes in Net Assets	For the period December 28, 2020 (commencement of operations) through August 31, 2021.
	Financial Highlights	For the period December 28, 2020 (commencement of operations) through August 31, 2021

– 113 –

Additional Fund Information (Unaudited)

August 31, 2021

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

As noted in the table below, during the fiscal year ending August 31, 2021, certain Funds made distributions to shareholders from net income in excess of that which was earned for book purposes (capital sources).* Distributions are not anticipated to exceed earnings for U.S. income tax purposes. As of August 31, 2021, the sources of these distributions were as follows (amounts represent dollars per share):

	Investor Shares						Institutional Shares						Class A
	Net		Capital		Total		Net		Capital		Total		Net		Capital		Total
Fund	Income		Sources		Distributions		Income		Sources		Distributions		Income		Sources		Distributions
Limited Duration Fund		0.12831		0.01198		0.14029		0.14915		0.01392		0.16307		0.12847		0.01199		0.14046
Bond Fund		0.17284		0.00236		0.17520		0.19706		0.00269		0.19975		0.17290		0.00236		0.17526

Capital gains and losses from periodic repayment of bond principal are recognized as income for book purposes but, for U.S. income tax purposes, are distributed to shareholders from net capital gains. 'Final 2021 tax information for the Funds will be mailed to shareholders next year by January 31, 2022. Accordingly, shareholders should not use the information provided in this notice for tax reporting purposes.

Other Federal Income Tax Information:

For the year ended August 31, 2021, a portion of the ordinary income distributions paid by the Funds may be qualified dividend income. The Funds intend to designate the maximum amount allowable. Complete information will be reported in conjunction with the 2021 Form 1099-DIV.

For corporate shareholders, the following percentage of the total ordinary income distributions paid during the fiscal year ended August 31, 2021, qualify for the corporate dividends received deduction for the following Funds:

Fund	Percentage
Active Core Fund		27.53	%
Mid Cap Diverse Leadership Fund		33.16	%
Opportunistic Fund		29.61	%
World Energy Fund		88.55	%
Hedged Income Fund		100.00	%

For the year ended August 31, 2021, the following Funds paid dividends, a portion of which may be subject to a maximum tax rate of 23.8%:

Fund	Percentage
Active Core Fund		30.77	%
Mid Cap Diverse Leadership Fund		33.25	%
Opportunistic Fund		48.85	%
World Energy Fund		100.00	%
Hedged Income Fund		100.00	%

The Ultra Short Tax-Free Income Fund designated $8,617 of its income distributions as tax-exempt distributions for the year ended August 31, 2021.

The accompanying table below details distributions designated from long-term capital gains for the following funds for the fiscal year ended August 31, 2021:

Fund*			Amount
Strategic Enhanced Yield Fund			7,094‌
Active Core Fund			2,087,788‌
Mid Cap Diverse Leadership Fund			70,273‌

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

For the year ended August 31, 2021, certain Funds designate the maximum amount allowable but not less than the following amounts as a short-term capital gain dividend in accordance with Section 871(k)(2) and 881(e) of the Internal Revenue Code:

Fund	Amount
Strategic Enhanced Yield Fund	$	444,081
Active Core Fund	$	49,753
Mid Cap Diverse Leadership Fund	$	31,062

– 114 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

For the year ended August 31, 2021, certain Funds designate the maximum amount allowable but not less than the following amounts as interest-related dividends in accordance with Section 871(k)(1) and 881(e) of the Internal Revenue Code:

Fund		Amount
U.S. Treasury Fund	$	58,467‌
Government Securities Money Market Fund		205,736‌
Limited Duration Fund		1,479,659‌
Moderate Duration Fund		418,644‌
Bond Fund		1,616,267‌
Strategic Enhanced Yield Fund		452,344‌
Active Core Fund		63,733‌
Mid Cap Diverse Leadership Fund		10‌
Opportunistic Fund		132,164‌
World Energy Fund		14,538‌

– 115 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

REVIEW AND APPROVAL OF THE FUNDS’ ADVISORY AGREEMENT

The Trust’s investment advisory agreement (the “Advisory Agreement”) with Cavanal Hill Investment Management, Inc. (the “Adviser”) was formally considered and approved by the Board of Trustees at a meeting held on July 29, 2021. The Trustees reviewed extensive material throughout the year in connection with their consideration of the Advisory Agreement. In connection with such approval, the Trustees, reviewed data produced by an independent provider of mutual fund data (as assembled by the Funds’ sub-administrator) which provided comparisons to industry averages for comparable funds for advisory fees and total fund expenses. The information provided to the Trustees at the meeting also included a report from an independent evaluator of brokerage practices and best execution. The Board was assisted in its review by independent legal counsel, as well as Counsel to the Funds, which provided a memorandum detailing the legal standards for review of the Advisory Agreement. The Board received a detailed presentation by the Adviser, which included a fund-by-fund analysis of performance and profitability. The Board also deliberated outside the presence of management and the Adviser.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

Investment Performance

Investment performance reports and related financial information for the Funds were discussed throughout the year and were presented in association with the renewal. The Trustees considered performance results of each Fund in absolute terms and relative to each Fund’s peer group as reported by Lipper. One, three, five and ten-year performance data was presented. The Trustees discussed with the Adviser the performance goals and the actual results achieved in managing the Funds as well as the effect of market conditions on the Funds.

All classes of the Cavanal Hill Government Securities Money Market Fund were in the upper third of their Lipper peer groups for the year. The Institutional, Select and Administrative classes of the Cavanal Hill U.S. Treasury Fund were also in the upper third of their Lipper peers’ groups, while the Service Class was in the upper half.

The Limited Duration Fund Institutional share class was in the 87th percentile in its peer group for the one-year period. The relatively conservative positioning of the fund was the primary reason for the underperformance as higher-risk securities performed very well during the time period. The Moderate Duration Fund Institutional share class was in the 47th percentile in its peer group for the one-year period. The fund’s large allocations to the corporate and taxable municipal sectors helped it keep pace with its peers as both sectors performed well over the time period. The Bond Fund Institutional share class was in the 68th percentile for the one-year period. Though the fund was heavily-weighted in both the corporate and taxable municipal sectors, the peer group was very aggressively positioned and allocations to high-risk securities were rewarded. The Strategic Enhanced Yield Fund Institutional share class was in the 98th percentile for the one-year period. The fund was hindered by both its conservative credit positioning as well as its longer-duration as interest rates rose significantly during the time period. The Ultra Short Tax-Free Income Fund was in the 98th percentile of the Lipper Short Municipal Fund group for the year. The Fund’s underperformance was due to the short duration, the investment mix of variable rate demand notes (VRDNs) and fixed rate paper negatively impacted performance, as rates in the short end of the muni market declined throughout of the period.

The Institutional class shares of the Opportunistic Fund had Lipper rankings in the top quintile for the 1-year, 3-year, and 5-year periods. The Institutional class shares of the Active Core Fund had a Lipper ranking of 58th for the 1-year period. Longer term performance remained strong as the Active Core Fund’s Lipper rankings were 27th and 36th for the respective 3- and 5-year periods. The Institutional class shares of the World Energy Fund had a Morningstar ranking of 39th. The World Energy Fund was the #1 Fund in the category for both the 3- and 5-year periods. Lipper does not have an Energy category, so the World Energy Fund’s performance was compared to the Morningstar Energy category. As of May 31, 2021, the fund was a 5-star Morningstar fund. The Mid Cap Diverse Leadership Fund was positioned in higher quality, less volatile stocks compared to the Lipper peer group where many peers have greater exposure to small caps and lower quality stocks. The fund’s more conservative approach and lack of small cap stocks during this period hindered performance, especially after the arrival of a viable COVID-19 vaccine. The institutional share class ranks at the 69th percentile for the 1-year period. As of May 31, 2020, the fund was a 4-star Morningstar fund. Over the years, the Funds have received numerous Lipper Fund Awards in recognition of outstanding performance. Based on their review, and in light of market conditions, the Trustees were satisfied that the performance of each of the Funds was within an acceptable range.

– 116 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

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

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

Economies of Scale

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

– 117 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

OPERATION AND IMPLEMENTATION OF THE LIQUIDITY RISK MANAGEMENT PROGRAM

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the Cavanal Hill Funds (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust, exclusive of the money market funds (each a “Fund” and collectively the “Funds”), which is reasonably designed to assess and manage the Funds’ liquidity risk. Liquidity risk is the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) previously approved the Program and the designation of the Cavanal Hill Liquidity Risk Management Oversight Committee as the Administrator of the Program, subject to the oversight of the Board. The Cavanal Hill Liquidity Risk Management Oversight Committee includes investment, compliance and administration representatives.

The Administrator provided its annual report, dated June 1, 2021 (“Liquidity Report”) to the Board in board meeting materials for the Trust’s July 29, 2021 board meeting. The liquidity Report assessed the adequacy and effectiveness of the Program. The Liquidity Report addressed the key components of the Program, including (i) the Fund’s investment strategy and liquidity of investments during both normal and reasonably foreseeable stressed conditions (including market volatility related to COVID-19), (ii) short-term and long-term cash flow projections, (iii) any liquidity events or applicable highly liquid investment minimums and (iv) classification of portfolio holdings into one of four liquidity categories. The Administrator also reported on filings of Forms N-PORT and N-Liquid with the SEC, including confirmation that none of the Funds exceeded the 15% illiquid security limit.

As reflected in the Liquidity Report, the Program is operating as intended and is an effective tool in implementing the requirements of the Liquidity Rule. Each Fund’s liquidity risk continues to be appropriate in light of the Fund’s investment objective and strategies. No changes to the Program were recommended.

– 118 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

U.S. Treasury Fund:

Security Allocation	Percentage of Net Assets
U.S. Treasury Obligations		47.9	%
Repurchase Agreements		44.9	%
Investment Companies		7.2	%
Total		100.0	%

Government Securities Money Market Fund:

	Percentage of
Security Allocation	Net Assets
U.S. Government Agency Securities	30.2	%
U.S. Treasury Obligations	26.9	%
Repurchase Agreements	34.0	%
Investment Companies	8.9	%
Total	100.0	%

Limited Duration Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities	31.7	%
Mortgage Backed Securities	35.3	%
Corporate Bonds	15.7	%
Taxable Municipal Bonds	2.0	%
U.S. Government Agency Securities	2.7	%
U.S. Treasury Obligations	9.3	%
Investment in Affiliates	5.1	%
Liabilities in excess of other assets	(1.8	)%
Total	100.0	%

Moderate Duration Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities	11.5	%
Mortgage Backed Securities	18.2	%
Corporate Bonds	28.7	%
Taxable Municipal Bonds	19.7	%
U.S. Government Agency Securities	2.1	%
U.S. Treasury Obligations	13.5	%
Investment in Affiliates	5.8	%
Other assets in excess of liabilities	0.5	%
Total	100.0	%

Bond Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities	11.8	%
Mortgage Backed Securities	15.9	%
Corporate Bonds	33.1	%
Taxable Municipal Bonds	18.5	%
U.S. Government Agency Securities	2.8	%
U.S. Treasury Obligations	15.6	%
Investment in Affiliates	2.1	%
Other assets in excess of liabilities	0.2	%
Total	100.0	%

Strategic Enhanced Yield Fund:

	Percentage of
Security Allocation	Net Assets
Asset Backed Securities	17.7	%
Mortgage Backed Securities	32.4	%
Corporate Bonds	27.8	%
U.S. Treasury Obligations	11.1	%
Investment Companies	5.1	%
Investment in Affiliates	6.1	%
Liabilities in excess of other assets	(0.2	)%
Total	100.0	%

Ultra Short Tax-Free Income Fund:

	Percentage of
Security Allocation	Net Assets
Municipal Bonds		110.9	%
Investment in Affiliates		0.3	%
Liabilities in excess of other assets		(11.2	)%
Total		100.0	%

Active Core Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks	54.6	%
Asset Backed Securities	4.3	%
Mortgage Backed Securities	6.2	%
Corporate Bonds	12.7	%
Taxable Municipal Bonds	6.8	%
U.S. Government Agency Securities	1.1	%
U.S. Treasury Obligations	6.4	%
Investment Companies	4.4	%
Investment in Affiliates	2.5	%
Other assets in excess of liabilities	1.0	%
Total	100.0	%

Mid Cap Diverse Leadership Fund :

	Percentage of
Security Allocation	Net Assets
Common Stocks	95.9	%
Investment in Affiliates	2.6	%
Other assets in excess of liabilities	1.5	%
Total	100.0	%

Opportunistic Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks	77.9	%
Corporate Bonds	17.3	%
Investment Companies	1.5	%
Investment in Affiliates	1.7	%
Other assets in excess of liabilities	1.6	%
Total	100.0	%

World Energy Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks	92.3	%
Corporate Bonds	5.0	%
Investment Companies	1.2	%
Investment in Affiliates	1.6	%
Liabilities in excess of other assets	(0.1	)%
Total	100.0	%

Hedged Income Fund:

	Percentage of
Security Allocation	Net Assets
Common Stocks	97.9	%
Purchased Options	0.9	%
Investment in Affiliates	2.0	%
Liabilities in excess of other assets	(0.8	)%
Total	100.0	%

– 119 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

Trustees and Officers of Cavanal Hill Funds

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

Name and Age	Position(s) Held with the Trust	Term of Office; and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of  Portfolios in Fund Complex Overseen	Other Directorships Held By Trustee
Officers
Bill King (1959)	President, Assistant Secretary	Indefinite, 5/20 — Present	From 2016 to present, President and CEO of Cavanal Hill Distributors, Inc. Since 2013, national sales manager of Cavanal Hill Investment Management, Inc.	N/A	N/A

Joel B. Engle (1965)	Treasurer	Indefinite, 1/17 — Present	From 2007 to present, SVP of Citi Fund Services Ohio, Inc.	N/A	N/A

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

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

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

Name

Positions Held With Affiliated Persons Or Principal Underwriters Of The Funds

Scott Grauer

(1964)

BOK Financial, Executive Vice President, Wealth Management Division; BOKFS, Chief Executive Officer. Mr. Grauer is also Chairman of the Board of BOKFS, CHD, CHIM and affiliated advisers, BOK Financial Asset Management and BOK Financial Private Wealth, Inc., and serves as an officer or as a member of the board for other BOK Financial subsidiaries.

– 120 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

Trustees and Officers of Cavanal Hill Funds

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

Name and Age	Position(s) Held with the Trust	Term of Office; and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of  Portfolios in Fund Complex Overseen	Other Directorships Held By Trustee During The Past 5 Years*
Independent Trustees:
William H. Wilson Jr. (1958)	Trustee, Chairman	Indefinite, 5/08—Present	Ownership interest and/or executive positions with Sage Partners and Lonestar Ecology	12	N/A

Jennifer Wheeler (1972)	Trustee	Indefinite, 11/16—Present	Counsel to the American Fidelity Insurance Company; Shareholder, McAfee & Taft	12	N/A

Interested Trustees:
Scott Grauer** (1964)	Trustee	Indefinite, 1/10—Present	From July 2008 to present, Executive Vice President, Wealth Management Division, BOKF; from 1991 to present, CEO, BOK Financial Securities, Inc.	12	None

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

Mr. Grauer is treated by the Funds as an “interested person” (as defined in Section 2(a)(19) of the 1940 Act) of the Funds. Mr. Grauer is an “interested person” because he is an Executive Vice President of BOK Financial, the parent of Cavanal Hill Distributors, Inc. (“CHD”) and the indirect parent of Cavanal Hill Investment Management, Inc. (“CHIM”). Mr. Grauer is also Chairman of the Board of BOKFS, CHD, CHIM and affiliated advisers, BOK Financial Asset Management, Inc. and BOK Financial Private Wealth, and serves as an officer or as a member of the board for other BOK Financial subsidiaries.

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

– 121 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

As a shareholder of the Cavanal Hill Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; and exchange fees; (2) ongoing costs, including management fees; distribution fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Cavanal Hill Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2021 through August 31, 2021.

Actual Expenses

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

Beginning
Account Value
3/1/21

Ending
Account Value
8/31/21

Expenses Paid
During Period
3/1/21- 8/31/21

Expense Ratio
During Period
3/1/21 - 8/31/21

U.S. Treasury Fund

Administrative Shares

1,000.00‌

0.15‌

0.03

Service Shares

1,000.00‌

0.15‌

0.03

Institutional Shares

1,000.00‌

0.15‌

0.03

Select Shares

1,000.00‌

0.15‌

0.03

Government Securities Money Market Fund

Administrative Shares

1,000.00‌

1,000.10‌

0.20‌

0.04

Institutional Shares

1,000.00‌

0.20‌

0.04

Select Shares

1,000.00‌

0.20‌

0.04

Premier Shares

1,000.00‌

1,000.10‌

0.20‌

0.04

Limited Duration Fund

Investor Shares

1,000.00‌

1,001.80‌

3.89‌

0.77

Institutional Shares

1,000.00‌

1,003.00‌

2.63‌

0.52

A Shares

1,000.00‌

1,001.80‌

3.89‌

0.77

Moderate Duration Fund

Investor Shares

1,000.00‌

1,010.70‌

3.75‌

0.74

Institutional Shares

1,000.00‌

1,012.00‌

2.48‌

0.49

A Shares

1,000.00‌

1,009.80‌

3.75‌

0.74

Bond Fund

Investor Shares

1,000.00‌

1,012.70‌

3.65‌

0.72

Institutional Shares

1,000.00‌

1,014.00‌

2.39‌

0.47

A Shares

1,000.00‌

1,013.70‌

3.65‌

0.72

Strategic Enhanced Yield Fund

Investor Shares

1,000.00‌

1,017.60‌

5.14‌

1.01

Institutional Shares

1,000.00‌

1,019.00‌

3.87‌

0.76

A Shares

1,000.00‌

1,018.70‌

5.14‌

1.01

Ultra Short Tax-Free Income Fund

Investor Shares

1,000.00‌

998.00‌

3.02‌

0.60

Institutional Shares

1,000.00‌

1.76‌

0.35

A Shares

1,000.00‌

999.00‌

3.02‌

0.60

Active Core Fund

Investor Shares

1,000.00‌

1,083.60‌

5.67‌

1.08

Institutional Shares

1,000.00‌

1,086.10‌

4.36‌

0.83

A Shares

1,000.00‌

1,083.90‌

5.78‌

1.10

C Shares

1,000.00‌

1,080.60‌

9.60‌

1.83

Mid Cap Diverse Leadership Fund

Investor Shares

1,000.00‌

1,150.40‌

5.75‌

1.06

Institutional Shares

1,000.00‌

1,152.90‌

4.40‌

0.81

A Shares

1,000.00‌

1,151.30‌

5.75‌

1.06

C Shares

1,000.00‌

1,146.80‌

9.79‌

1.81

Opportunistic Fund

Investor Shares

1,000.00‌

1,003.80‌

6.31‌

1.25

Institutional Shares

1,000.00‌

1,005.50‌

5.05‌

1.00

A Shares

1,000.00‌

1,004.40‌

6.32‌

1.25

C Shares

1,000.00‌

1,000.50‌

10.08‌

2.00

– 122 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

	Beginning Account Value 3/1/21		Ending Account Value 8/31/21		Expenses Paid During Period 3/1/21 - 8/31/21		Expense Ratio During Period* 3/1/21 - 8/31/21
World Energy Fund
Investor Shares		1,000.00‌		1,018.60‌		5.85		1.15	%
Institutional Shares		1,000.00‌		1,019.60‌		4.58		0.90	%
A Shares		1,000.00‌		1,018.00‌		5.85		1.15	%
C Shares		1,000.00‌		1,014.00‌		9.65		1.90	%
Hedged Income Fund
Investor Shares		1,000.00‌		1,093.40‌		7.12		1.35	%
Institutional Shares		1,000.00‌		1,094.70‌		5.81		1.10	%
A Shares		1,000.00‌		1,093.20‌		7.12		1.35	%

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

– 123 –

Additional Fund Information (Unaudited)

Continued

August 31, 2021

Hypothetical Example for Comparison Purposes

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

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

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period

During Period*

3/1/21

8/31/21

3/1/21 - 8/31/21

U.S. Treasury Fund

Administrative Shares

1,000.00‌

1,025.05‌

0.15‌

0.03

Service Shares

1,000.00‌

1,025.05‌

0.15‌

0.03

Institutional Shares

1,000.00‌

1,025.05‌

0.15‌

0.03

Select Shares

1,000.00‌

1,025.05‌

0.15‌

0.03

Government Securities Money Market Fund

Administrative Shares

1,000.00‌

1,025.00‌

0.20‌

0.04

Institutional Shares

1,000.00‌

1,025.00‌

0.20‌

0.04

Select Shares

1,000.00‌

1,025.00‌

0.20‌

0.04

Premier Shares

1,000.00‌

1,025.00‌

0.20‌

0.04

Limited Duration Fund

Investor Shares

1,000.00‌

1,021.32‌

3.92‌

0.77

Institutional Shares

1,000.00‌

1,022.58‌

2.65‌

0.52

A Shares

1,000.00‌

1,021.32‌

3.92‌

0.77

Moderate Duration Fund

Investor Shares

1,000.00‌

1,021.48‌

3.77‌

0.74

Institutional Shares

1,000.00‌

1,022.74‌

2.50‌

0.49

A Shares

1,000.00‌

1,021.48‌

3.77‌

0.74

Bond Fund

Investor Shares

1,000.00‌

1,021.58‌

3.67‌

0.72

Institutional Shares

1,000.00‌

1,022.84‌

2.40‌

0.47

A Shares

1,000.00‌

1,021.58‌

3.67‌

0.72

Strategic Enhanced Yield Fund

Investor Shares

1,000.00‌

1,020.11‌

5.14‌

1.01

Institutional Shares

1,000.00‌

1,021.37‌

3.87‌

0.76

A Shares

1,000.00‌

1,020.11‌

5.14‌

1.01

Ultra Short Tax-Free Income Fund

Investor Shares

1,000.00‌

1,022.18‌

3.06‌

0.60

Institutional Shares

1,000.00‌

1,023.44‌

1.79‌

0.35

A Shares

1,000.00‌

1,022.18‌

3.06‌

0.60

Active Core Fund

Investor Shares

1,000.00‌

1,019.76‌

5.50‌

1.08

Institutional Shares

1,000.00‌

1,021.02‌

4.23‌

0.83

A Shares

1,000.00‌

1,019.66‌

5.60‌

1.10

C Shares

1,000.00‌

1,015.98‌

9.30‌

1.83

Mid Cap Diverse Leadership Fund

Investor Shares

1,000.00‌

1,019.86‌

5.40‌

1.06

Institutional Shares

1,000.00‌

1,021.12‌

4.13‌

0.81

A Shares.

1,000.00‌

1,019.86‌

5.40‌

1.06

C Shares

1,000.00‌

1,016.08‌

9.20‌

1.81

Opportunistic Fund

Investor Shares

1,000.00‌

1,018.90‌

6.36‌

1.25

Institutional Shares

1,000.00‌

1,020.16‌

5.09‌

1.00

A Shares

1,000.00‌

1,018.90‌

6.36‌

1.25

C Shares

1,000.00‌

1,015.12‌

10.16‌

2.00

– 124 –

Additional Fund Information (Unaudited)	Concluded
August 31, 2021

Beginning

Ending

Expenses Paid

Expense Ratio

Account Value

During Period

During Period*

3/1/21

8/31/21

3/1/21 - 8/31/21

World Energy Fund

Investor Share

1,000.00‌

1,019.41‌

5.85‌

1.15

Institutional Shares

1,000.00‌

1,020.67‌

4.58‌

0.90

A Shares

1,000.00‌

1,019.41‌

��

5.85‌

1.15

C Shares

1,000.00‌

1,015.63‌

9.65‌

1.90

Hedged Income Fund

Investor Shares

1,000.00‌

1,018.40‌

6.87‌

1.35

Institutional Shares

1,000.00‌

1,019.66‌

5.60‌

1.10

A Shares

1,000.00‌

1,018.40‌

6.87‌

1.35

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

– 125 –

Ann-08/21

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

	2021		2020
(a) Audit Fees	$	179,300	$	160,900
(b) Audit-Related Fees	$	40,000	$	39,000
(c) Tax Fees*	$	55,590	$	48,600
(d) All Other Fees	$	-	$	-

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

4(e)(1)

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

4(e)(2)

2021 – 100%

2020 – 100%

4(f) Not Applicable

4(g)

2021 – $95,590

2020 – $87,600

4(h) Not Applicable

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable

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

Not applicable

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1).

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

(a)(2)

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

(a)(3)

Not applicable.

(b)

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

SIGNATURES

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

(Registrant) Cavanal Hill Funds

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

Date October 28, 2021

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

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

Date October 28, 2021

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

Date October 28, 2021

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