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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06114

Cavanal Hill Funds

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: 8/31

Date of reporting period: 2/28/2023

Item 1. Reports to Stockholders.

Midyear Report

February 28, 2023

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

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

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

Additional Fund Information

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

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

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

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

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

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

- 1 -

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

	U.S. Treasury Fund			Government Securities Money Market Fund
Assets:
Investments, at cost	$	97,420,537		$	1,108,182,776
Investments, at value		97,420,537			1,108,182,776
Repurchase agreements, at value/cost		805,000,000			1,335,000,000
Total Investments		902,420,537			2,443,182,776
Interest and dividends receivable		677,952			7,383,985
Receivable for capital shares reinvested		763			1,692,221
Prepaid expenses and other assets		52,811			482,742
Total Assets		903,152,063			2,452,741,724

Liabilities:
Distributions payable		3,664,426			8,047,276
Accrued expenses and other payables:
Investment advisory fees		46,707			93,889
Administration fees		46,707			93,889
Distribution fees		204,988			81,420
Custodian fees		9,342			18,779
Trustee fees		2,803			7,050
Fund accounting and compliance fees		21,418			42,268
Transfer agent fees		5,281			12,108
Shareholder servicing fees		211,067			135,773
Other accrued liabilities		16,015			38,598
Total Liabilities		4,228,754			8,571,050
Net Assets	$	898,923,309		$	2,444,170,674

Composition of Net Assets:
Shares of beneficial interest, at par	$	8,989		$	24,449
Additional paid-in capital		898,916,462			2,444,152,333
Total distributable earnings/(loss)		(2,142	)		(6,108	)
Net Assets	$	898,923,309		$	2,444,170,674

Net Assets:
Administrative Shares	$	726,983,632		$	657,230,057
Service Shares		42,207,367			—
Institutional Shares		118,973,143			161,385,927
Select Shares		10,759,167			1,111,000,955
Premier Shares		—			514,553,735
Total	$	898,923,309		$	2,444,170,674

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Administrative Shares		726,982,884			657,569,161
Service Shares		42,207,505			—
Institutional Shares		118,974,277			161,466,888
Select Shares		10,759,020			1,111,319,169
Premier Shares		—			514,593,273
Total		898,923,686			2,444,948,491

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

See notes to financial statements.

- 2 -

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Assets:
Investments, at cost	$	41,558,338		$	14,937,420		$	123,630,611		$	6,458,427
Investments in affiliates, at cost		2,652,779			1,327,286			6,523,358			166,175
Total Investments,at cost		44,211,117			16,264,706			130,153,969			6,624,602
Investments, at value		37,061,921			13,653,424			111,457,055			6,388,835
Investments in affiliates, at value		2,652,778			1,327,286			6,523,358			166,175
Total Investments, at value		39,714,699			14,980,710			117,980,413			6,555,010
Cash		5,997			—			6,626			—
Interest and dividends receivable		226,583			119,267			751,149			54,710
Receivable for capital shares issued		24,832			363			212			3,765
Receivable for capital shares reinvested		54,688			18,157			88,185			12,445
Receivable for investments sold		—			1,024			—			—
Receivable from adviser		—			9,211			—			9,303
Receivable from fees waived or reimbursed		—			—			—			744
Prepaid expenses and other assets		27,767			24,757			28,648			22,322
Total Assets		40,054,566			15,153,489			118,855,233			6,658,299

Liabilities:
Distributions payable		95,963			34,576			274,695			22,188
Payable for capital shares redeemed		66,028			888			169,811			38,326
Accrued expenses and other payables:
Investment advisory fees		4,649			2,804			17,748			2,536
Administration fees		2,479			933			7,099			406
Distribution fees		838			574			216			119
Custody fees		310			116			888			51
Trustee fees		321			61			449			17
Fund accounting and compliance fees		4,859			1,559			3,873			420
Transfer agent fees		17,316			8,074			9,057			4,507
Shareholder servicing fees		861			799			942			—
Other accrued liabilities		2,823			417			2,607			171
Total Liabilities		196,447			50,801			487,385			68,741
Net Assets	$	39,858,119		$	15,102,688		$	118,367,848		$	6,589,558

Composition of Net Assets:
Shares of beneficial interest, at par	$	45		$	16		$	143		$	8
Additional paid-in capital		50,280,331			22,666,846			139,146,227			9,333,182
Total distributable earnings/(loss)		(10,422,257	)		(7,564,174	)		(20,778,522	)		(2,743,632	)
Net Assets	$	39,858,119		$	15,102,688		$	118,367,848		$	6,589,558

Net Assets:
Investor Shares	$	1,745,160		$	2,816,293		$	1,054,237		$	462,013
Institutional Shares		35,508,094			12,114,312			117,259,273			5,975,289
A Shares		2,604,865			172,083			54,338			152,256
Total	$	39,858,119		$	15,102,688		$	118,367,848		$	6,589,558

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		196,752			297,502			126,890			53,205
Institutional Shares		4,006,062			1,279,487			14,149,698			697,089
A Shares		293,508			18,169			6,540			17,766
Total		4,496,322			1,595,158			14,283,128			768,060

Net Asset Value, offering price & redemption price per share:
Investor Shares	$	8.87		$	9.47		$	8.31		$	8.68
Institutional Shares	$	8.86		$	9.47		$	8.29		$	8.57
A Shares	$	8.87		$	9.47		$	8.31		$	8.57
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	$	9.05		$	9.66		$	8.48		$	8.74

See notes to financial statements.

- 3 -

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

Continued

	Ultra Short Tax- Free Income Fund			Mid Cap Diverse Leadership Fund			Opportunistic Fund

Assets:
Investments, at cost	$	23,263,226		$	2,127,617		$	23,980,196
Investments in affiliates, at cost		80,814			65,951			2,940,967
Total Investments, at cost		23,344,040			2,193,568			26,921,163
Investments, at value		23,131,347			2,272,208			24,482,408
Investments in affiliates, at value		80,814			65,951			2,940,967
Total Investments, at value		23,212,161			2,338,159			27,423,375
Cash		—			246			—
Interest and dividends receivable		272,617			2,092			80,948
Receivable for capital shares reinvested		1,652			—			—
Receivable from adviser		8,197			11,256			14,041
Receivable from fees waived or reimbursed		180			733			770
Prepaid expenses and other assets		22,676			29,421			23,699
Total Assets		23,517,483			2,381,907			27,542,833

Liabilities:
Distributions payable		26,857			—			—
Payable for investments purchased		753,983			—			501,552
Payable for capital shares redeemed		7			—			113,031
Accrued expenses and other payables:
Investment advisory fees		2,643			988			20,695
Administration fees		1,410			144			1,948
Distribution fees		33			75			560
Custody fees		176			18			243
Trustee fees		81			5			110
Fund accounting and compliance fees		893			128			629
Transfer agent fees		6,185			6,587			9,625
Other accrued liabilities		501			19			1,131
Total Liabilities		792,769			7,964			649,524
Net Assets	$	22,724,714		$	2,373,943		$	26,893,309

Composition of Net Assets:
Shares of beneficial interest, at par	$	23		$	2		$	21
Additional paid-in capital		22,856,916			2,341,303			35,976,718
Total distributable earnings/(loss)		(132,225	)		32,638			(9,083,430	)
Net Assets	$	22,724,714		$	2,373,943		$	26,893,309

Net Assets:
Investor Shares	$	44,558		$	183,760		$	779,905
Institutional Shares		22,550,826			2,020,612			24,809,802
A Shares		129,330			158,924			1,052,974
C Shares		—			10,647			250,628
Total	$	22,724,714		$	2,373,943		$	26,893,309

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		4,495			15,373			60,515
Institutional Shares		2,263,778			168,262			1,900,632
A Shares		13,024			13,168			81,374
C Shares		—			919			20,114
Total		2,281,297			197,722			2,062,635

Net Asset Value, offering price & redemption price per share:
Investor Shares	$	9.91		$	11.95		$	12.89
Institutional Shares	$	9.96		$	12.01		$	13.05
A Shares	$	9.93		$	12.07		$	12.94
C Shares	$	—		$	11.59		$	12.46
Maximum Sales Charge:
A Shares		1.00	%		2.00	%		2.00	%
Maximum Offering Price per share (net asset value / (100%-maximum sales charge) of net asset value adjusted to the nearest cent):
A Shares	$	10.03		$	12.32		$	13.20

See notes to financial statements.

- 4 -

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

Concluded

	World Energy Fund			Hedged Income Fund
Assets:
Investments, at cost	$	80,592,641		$	35,772,413
Investments in affiliates, at cost		1,583,404			687,802
Total Investments, at cost		82,176,045			36,460,215
Investments, at value		94,300,923			36,737,813
Investments in affiliates, at value		1,583,404			687,802
Total Investments, at value		95,884,327			37,425,615
Interest and dividends receivable		316,988			130,898
Receivable for capital shares issued		140,589			—
Receivable from adviser		8,827			5,550
Receivable from fees waived or reimbursed		—			374
Prepaid expenses and other assets		36,845			25,192
Total Assets		96,387,576			37,587,629

Liabilities:
Written Options (Premiums received $0 and $1,649,781, respectively)		—			1,148,282
Payable to custodian		38,282			—
Payable for capital shares redeemed		44,119			—
Accrued expenses and other payables:
Investment advisory fees		44,997			23,107
Administration fees		5,999			2,311
Distribution fees		9,769			314
Custody fees		750			289
Trustee fees		61			6
Fund accounting and compliance fees		1,474			561
Transfer agent fees		1,785			279
Shareholder servicing fees		10,098			—
Other accrued liabilities		304			26
Total Liabilities		157,638			1,175,175
Net Assets	$	96,229,938		$	36,412,454

Composition of Net Assets:
Shares of beneficial interest, at par	$	77		$	36
Additional paid-in capital		100,817,643			37,689,962
Total distributable earnings/(loss)		(4,587,782	)		(1,277,544	)
Net Assets	$	96,229,938		$	36,412,454

Net Assets:
Investor Shares	$	28,067,524		$	274,990
Institutional Shares		60,925,250			34,803,040
A Shares		2,414,158			1,334,424
C Shares		4,823,006			—
Total	$	96,229,938		$	36,412,454

Shares Outstanding:
($0.00001 par value per share, unlimited number of shares authorized)
Investor Shares		2,231,881			27,373
Institutional Shares		4,840,755			3,463,898
A Shares		192,446			132,931
C Shares		388,212			—
Total		7,653,294			3,624,202

Net Asset Value, offering price & redemption price per share:
Investor Shares	$	12.58		$	10.05
Institutional Shares	$	12.59		$	10.05
A Shares	$	12.54		$	10.04
C Shares	$	12.42		$	—
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	$	12.80		$	10.24

See notes to financial statements.

- 5 -

Statements of Operations

February 28, 2023 (Unaudited)

	U.S. Treasury Fund			Government Securities Money Market Fund
Investment Income:
Interest income	$	18,394,810		$	39,658,572
Dividend income		2,324,990			3,741,291
Total income		20,719,800			43,399,863

Expenses:
Investment advisory fees		281,454			581,413
Administration fees		281,454			581,413
Distribution fees - Administrative Shares		1,211,859			826,529
Distribution fees - Service Shares		79,444			��
Distribution fees - Premier Shares		—			1,036,547
Shareholder servicing fees - Administrative Shares		1,210,636			819,663
Shareholder servicing fees - Service Shares		79,444			—
Shareholder servicing fees - Institutional Shares		106,688			157,068
Shareholder servicing fees - Select Shares		9,241			1,405,110
Shareholder servicing fees - Premier Shares		—			518,273
Fund accounting and compliance fees		126,865			262,222
Transfer agent fees		37,168			71,008
Custodian fees		56,295			115,960
Trustee fees		24,319			50,532
Professional fees		91,720			184,425
Printing fees		5,767			12,657
Registration fees		16,456			99,196
Other expenses		68,034			113,244

Total expenses before fee and expense reductions		3,686,844			6,835,260

Distribution fees waived - Administrative Shares		—			(429,791	)
Distribution fees waived - Service Shares		(47,667	)		—
Distribution fees waived - Premier Shares		—			(932,897	)
Shareholder servicing fees waived - Service Shares		(47,667	)		—
Shareholder servicing fees waived - Institutional Shares		(72,547	)		(106,682	)
Shareholder servicing fees waived - Select Shares		(9,241	)		(1,405,110	)
Shareholder servicing fees waived - Premier Shares		—			(518,273	)

Net expenses		3,509,722			3,442,507

Net investment income/(loss)		17,210,078			39,957,356

Realized/Unrealized Gains/(Losses) on Investments:
Net realized/unrealized gains/(losses) on investments		—			—
Change in net assets resulting from operations	$	17,210,078		$	39,957,356

See notes to financial statements.

- 6 -

Statements of Operations

February 28, 2023 (Unaudited)

Continued

	Limited Duration Fund			Moderate Duration Fund			Bond Fund			Strategic Enhanced Yield Fund
Investment Income:
Interest income	$	710,654		$	268,649		$	1,910,582		$	192,925
Dividend income from affiliates		39,754			15,695			57,898			9,667
Total income		750,408			284,344			1,968,480			202,592

Expenses:
Investment advisory fees		31,051			17,195			115,672			20,510
Administration fees		16,561			6,878			46,269			3,282
Distribution fees - Investor Shares		2,457			3,500			1,353			612
Distribution fees - A Shares		3,216			219			67			191
Shareholder servicing fees - Investor Shares		2,456			3,500			1,353			612
Shareholder servicing fees - Institutional Shares		46,079			17,774			143,168			9,452
Shareholder servicing fees - A Shares		1,286			88			27			76
Fund accounting and compliance fees		16,625			8,481			22,548			3,680
Transfer agent fees		45,673			35,688			43,187			33,014
Custodian fees		1,935			891			6,065			115
Trustee fees		1,052			365			2,659			170
Professional fees		5,059			1,615			9,496			905
Printing fees		2,222			1,134			2,123			3,844
Registration fees		23,117			21,952			24,289			21,093
Other expenses		3,499			1,907			5,486			1,648

Total expenses before fee and expense reductions		202,288			121,187			423,762			99,204

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(506	)		(55,196	)		(1,035	)		(59,386	)
Administration fees waived		(506	)		(228	)		(1,035	)		(156	)
Shareholder servicing fees waived - Investor Shares		(2,456	)		(3,490	)		(1,353	)		(575	)
Shareholder servicing fees waived - Institutional Shares		(43,974	)		(16,422	)		(142,718	)		(7,173	)
Shareholder servicing fees waived - A Shares		(356	)		(65	)		(27	)		(4	)

Net expenses		154,490			45,786			277,594			31,910

Net investment income/(loss)		595,918			238,558			1,690,886			170,682

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(451,172	)		(857,738	)		(5,374,937	)		(1,385,852	)
Change in unrealized appreciation/(depreciation) on unaffiliated investments		(213,114	)		390,149			309,457			885,745
Net realized/unrealized gains/(losses) on investments		(664,286	)		(467,589	)		(5,065,480	)		(500,107	)
Change in net assets resulting from operations	$	(68,368	)	$	(229,031	)	$	(3,374,594	)	$	(329,425	)

See notes to financial statements.

- 7 -

Statements of Operations

February 28, 2023 (Unaudited)

Continued

	Ultra Short Tax- Free Income Fund			Mid Cap Diverse Leadership Fund			Opportunistic Fund			World Energy Fund
Investment Income:
Interest income	$	179,290		$	—		$	5,822		$	104,719
Dividend income		—			17,961			328,087			1,273,663
Dividend income from affiliates		6,885			1,111			120,208			33,798
Foreign tax withholding		—			—			—			(35,187	)
Total income		186,175			19,072			454,117			1,376,993

Expenses:
Investment advisory fees		18,424			6,070			163,711			261,730
Administration fees		9,826			883			15,408			34,897
Distribution fees - Investor Shares		75			227			1,083			32,917
Distribution fees - A Shares		130			184			1,328			3,923
Distribution fees - C Shares		—			97			1,355			24,108
Shareholder servicing fees - Investor Shares		75			227			1,082			32,917
Shareholder servicing fees - Institutional Shares		30,502			2,324			45,401			66,187
Shareholder servicing fees - A Shares		52			74			531			1,569
Shareholder servicing fees - C Shares		—			24			339			6,027
Fund accounting and compliance fees		5,794			866			4,596			10,529
Transfer agent fees		32,573			39,165			51,584			46,279
Custodian fees		1,227			105			1,876			4,263
Trustee fees		534			43			805			1,839
Professional fees		2,146			170			4,133			5,684
Printing fees		910			1,043			4,453			10,374
Registration fees		20,597			26,228			31,691			28,434
Other expenses		2,190			1,644			3,548			4,322

Total expenses before fee and expense reductions		125,055			79,374			332,924			575,999

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(51,821	)		(67,279	)		(89,535	)		(51,133	)
Administration fees waived		(103	)		(14	)		(1,207	)		(465	)
Shareholder servicing fees waived - Investor Shares		(74	)		(226	)		(991	)		(22,497	)
Shareholder servicing fees waived - Institutional Shares		(29,774	)		(2,316	)		(44,590	)		(47,956	)
Shareholder servicing fees waived - A Shares		(52	)		(74	)		(367	)		—
Shareholder servicing fees waived - C Shares		—			(22	)		(200	)		(3,901	)

Net expenses		43,231			9,443			196,034			450,047

Net investment income/(loss)		142,944			9,629			258,083			926,946

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(422	)		(56,160	)		(1,427,300	)		1,898,794
Change in unrealized appreciation/(depreciation) on unaffiliated investments		103,348			151,660			122,921			(2,779,506	)
Net realized/unrealized gains/(losses) on investments		102,926			95,500			(1,304,379	)		(880,712	)
Change in net assets resulting from operations	$	245,870		$	105,129		$	(1,046,296	)	$	46,234

See notes to financial statements.

- 8 -

Statements of Operations

February 28, 2023 (Unaudited)

Concluded

	Hedged Income Fund

Investment Income:
Dividend income	$	683,109
Dividend income from affiliates		18,417
Foreign tax withholding		(1,278	)
Total income		700,248

Expenses:
Investment advisory fees		144,007
Administration fees		14,401
Distribution fees - Investor Shares		352
Distribution fees - A Shares		1,612
Shareholder servicing fees - Investor Shares		352
Shareholder servicing fees - Institutional Shares		43,038
Shareholder servicing fees - A Shares		645
Fund accounting and compliance fees		4,565
Transfer agent fees		30,872
Custodian fees		1,791
Trustee fees		740
Professional fees		2,470
Printing fees		3,145
Registration fees		20,492
Other expenses		2,506

Total expenses before fee and expense reductions		270,988

Investment advisory fees waived/expenses reimbursed by Investment Adviser		(27,733	)
Administration fees waived		(256	)
Shareholder servicing fees waived - Investor Shares		(270	)
Shareholder servicing fees waived - Institutional Shares		(42,252	)
Shareholder servicing fees waived - A Shares		(385	)

Net expenses		200,092

Net investment income/(loss)		500,156

Realized/Unrealized Gains/(Losses) on Investments:
Net realized gains/(losses) from unaffiliated investments		(2,520,944	)
Net realized gains/(losses) from written options contracts		896,195
Change in unrealized appreciation/(depreciation) on unaffiliated investments		2,539,065
Change in unrealized appreciation/(depreciation) on written options contracts		(516,556	)
Net realized/unrealized gains/(losses) on investments		397,760
Change in net assets resulting from operations	$	897,916

See notes to financial statements.

- 9 -

Statements of Changes in Net Assets

February 28, 2023 (Unaudited)

	U.S. Treasury Fund						Government Securities Money Market Fund
	Six Months Ended						Six Months Ended
	February 28, 2023			Year Ended			February 28, 2023			Year Ended
	(Unaudited)			August 31, 2022			(Unaudited)			August 31, 2022
From Investment Activities:
Operations:
Net investment income	$	17,210,078		$	2,203,508		$	39,957,356		$	7,685,925
Net realized gains/(losses) from investment transactions		—			(168	)		—			(6,707	)
Change in net assets resulting from operations		17,210,078			2,203,340			39,957,356			7,679,218

Distributions to Shareholders:
Administrative Shares		(14,576,291	)		(1,749,036	)		(10,475,609	)		(1,669,478	)
Service Shares		(1,016,235	)		(184,272	)		—			—
Institutional Shares		(1,489,479	)		(209,132	)		(2,232,966	)		(380,181	)
Select Shares		(128,086	)		(61,057	)		(19,848,698	)		(4,329,024	)
Premier Shares		—			—			(7,403,723	)		(1,306,844	)
Change in net assets from shareholder distributions		(17,210,091	)		(2,203,497	)		(39,960,996	)		(7,685,527	)
Change in net assets from capital transactions		(48,206,382	)		(33,840,465	)		273,059,619			316,902,768
Change in net assets		(48,206,395	)		(33,840,622	)		273,055,979			316,896,459

Net Assets:
Beginning of period		947,129,704			980,970,326			2,171,114,695			1,854,218,236
End of period	$	898,923,309		$	947,129,704		$	2,444,170,674		$	2,171,114,695

Capital Share Transactions*:
Administrative Shares
Issued		820,786,316			1,678,622,267			486,084,962			953,834,098
Reinvested		3,754			523			53,554			9,474
Redeemed		(924,714,238	)		(1,730,087,789	)		(495,113,237	)		(866,420,293	)
Change in Administrative Shares		(103,924,168	)		(51,464,999	)		(8,974,721	)		87,423,279
Service Shares
Issued		82,044,465			148,007,474			—			—
Redeemed		(96,266,919	)		(126,039,925	)		—			—
Change in Service Shares		(14,222,454	)		21,967,549			—			—
Institutional Shares
Issued		148,268,812			224,497,009			495,328,531			584,293,451
Reinvested		—			—			75,797			17,777
Redeemed		(78,753,137	)		(236,069,899	)		(456,097,896	)		(586,580,544	)
Change in Institutional Shares		69,515,675			(11,572,890	)		39,306,432			(2,269,316	)
Select Shares
Issued		23,277,918			157,631,817			841,248,119			1,428,279,436
Redeemed		(22,853,353	)		(150,401,941	)		(778,685,495	)		(1,245,473,587	)
Change in Select Shares		424,565			7,229,876			62,562,624			182,805,849
Premier Shares
Issued		—			—			1,478,141,007			1,052,142,156
Reinvested		—			—			7,214,783			1,287,632
Redeemed		—			—			(1,305,190,505	)		(1,004,486,832	)
Change in Premier Shares		—			—			180,165,285			48,942,956
Change in shares:		(48,206,382	)		(33,840,464	)		273,059,620			316,902,768

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

See notes to financial statements.

- 10 -

Statements of Changes in Net Assets

February 28, 2023 (Unaudited)

Continued

	Limited Duration Fund						Moderate Duration Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	595,918		$	1,020,374		$	238,558		$	376,800
Net realized gains/(losses) from investment transactions		(451,172	)		(465,156	)		(857,738	)		(265,468	)
Change in unrealized appreciation/(depreciation) on investments		(213,114	)		(4,142,455	)		390,149			(2,097,032	)
Change in net assets resulting from operations		(68,368	)		(3,587,237	)		(229,031	)		(1,985,700	)

Distributions to Shareholders:
Investor Shares		(26,146	)		(43,079	)		(36,057	)		(50,038	)
Institutional Shares		(536,064	)		(1,075,264	)		(199,418	)		(336,629	)
A Shares		(33,494	)		(44,280	)		(2,254	)		(3,815	)
Change in net assets from shareholder distributions		(595,704	)		(1,162,623	)		(237,729	)		(390,482	)
Change in net assets from capital transactions		(4,274,728	)		(34,002,430	)		(4,216,369	)		(3,399,115	)
Change in net assets		(4,938,800	)		(38,752,290	)		(4,683,129	)		(5,775,297	)

Net Assets:
Beginning of period		44,796,919			83,549,209			19,785,817			25,561,114
End of period	$	39,858,119		$	44,796,919		$	15,102,688		$	19,785,817

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	2,907		$	11,269		$	281,241		$	220,100
Dividends reinvested		25,109			41,806			36,057			50,038
Cost of shares redeemed		(586,746	)		(807,602	)		(321,749	)		(867,266	)
Change in net assets from Investor Shares		(558,730	)		(754,527	)		(4,451	)		(597,128	)
Institutional Shares
Proceeds from shares issued		3,371,899			16,752,816			1,474,298			1,883,193
Dividends reinvested		271,800			606,576			89,831			164,140
Cost of shares redeemed		(7,360,638	)		(50,654,500	)		(5,769,214	)		(4,676,574	)
Change in net assets from Institutional Shares		(3,716,939	)		(33,295,108	)		(4,205,085	)		(2,629,241	)
A Shares
Proceeds from shares issued		12			290,622			5			25
Dividends reinvested		33,494			44,279			2,254			3,815
Cost of shares redeemed		(32,565	)		(287,696	)		(9,092	)		(176,586	)
Change in net assets from A Shares		941			47,205			(6,833	)		(172,746	)
Change in net assets resulting from capital transactions:	$	(4,274,728	)	$	(34,002,430	)	$	(4,216,369	)	$	(3,399,115	)

Share Transactions:
Investor Shares
Issued		329			1,187			29,752			21,305
Reinvested		2,840			4,477			3,812			4,904
Redeemed		(65,944	)		(85,460	)		(33,982	)		(83,755	)
Change in Investor Shares		(62,775	)		(79,796	)		(418	)		(57,546	)
Institutional Shares
Issued		379,931			1,770,616			155,133			181,904
Reinvested		30,752			64,665			9,506			16,084
Redeemed		(831,890	)		(5,403,133	)		(609,001	)		(456,243	)
Change in Institutional Shares		(421,207	)		(3,567,852	)		(444,362	)		(258,255	)
A Shares
Issued		1			30,037			1			3
Reinvested		3,785			4,747			238			372
Redeemed		(3,684	)		(30,469	)		(951	)		(16,926	)
Change in A Shares		102			4,315			(712	)		(16,551	)
Change in shares:		(483,880	)		(3,643,333	)		(445,492	)		(332,352	)

See notes to financial statements.

- 11 -

Statements of Changes in Net Assets

February 28, 2023 (Unaudited)

Continued

	Bond Fund						Strategic Enhanced Yield Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	1,690,886		$	2,482,631		$	170,682		$	444,263
Net realized gains/(losses) from investment transactions		(5,374,937	)		(979,869	)		(1,385,852	)		(703,588	)
Change in unrealized appreciation/(depreciation) on investments		309,457			(15,380,049	)		885,745			(1,353,067	)
Change in net assets resulting from operations		(3,374,594	)		(13,877,287	)		(329,425	)		(1,612,392	)

Distributions to Shareholders:
Investor Shares		(14,695	)		(25,319	)		(9,632	)		(20,396	)
Institutional Shares		(1,696,450	)		(2,582,656	)		(157,932	)		(437,694	)
A Shares		(737	)		(1,520	)		(3,013	)		(6,659	)
Change in net assets from shareholder distributions		(1,711,882	)		(2,609,495	)		(170,577	)		(464,749	)
Change in net assets from capital transactions		(6,793,637	)		36,779,451			(2,973,412	)		(9,488,193	)
Change in net assets		(11,880,113	)		20,292,669			(3,473,414	)		(11,565,334	)

Net Assets:
Beginning of period		130,247,961			109,955,292			10,062,972			21,628,306
End of period	$	118,367,848		$	130,247,961		$	6,589,558		$	10,062,972

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	19,371		$	38,538		$	660		$	4,816
Dividends reinvested		14,695			25,319			9,632			20,393
Cost of shares redeemed		(66,395	)		(194,231	)		(47,485	)		(532,997	)
Change in net assets from Investor Shares		(32,329	)		(130,374	)		(37,193	)		(507,788	)

Institutional Shares
Proceeds from shares issued		14,585,281			55,317,752			553,617			4,994,688
Dividends reinvested		522,891			622,019			77,953			265,982
Cost of shares redeemed		(21,869,265	)		(19,030,180	)		(3,570,219	)		(13,511,894	)
Change in net assets from Institutional Shares		(6,761,093	)		36,909,591			(2,938,649	)		(8,251,224	)

A Shares
Proceeds from shares issued		10			29,202			10			24
Dividends reinvested		735			1,520			3,013			6,660
Cost of shares redeemed		(960	)		(30,488	)		(593	)		(735,865	)
Change in net assets from A Shares		(215	)		234			2,430			(729,181	)
Change in net assets resulting from capital transactions:	$	(6,793,637	)	$	36,779,451		$	(2,973,412	)	$	(9,488,193	)

Share Transactions:
Investor Shares
Issued		2,307			4,214			73			476
Reinvested		1,773			2,725			1,095			2,065
Redeemed		(7,900	)		(20,095	)		(5,392	)		(52,982	)
Change in Investor Shares		(3,820	)		(13,156	)		(4,224	)		(50,441	)

Institutional Shares
Issued		1,744,665			6,062,396			63,059			506,971
Reinvested		63,241			68,147			8,982			27,093
Redeemed		(2,635,596	)		(2,051,876	)		(409,516	)		(1,390,504	)
Change in Institutional Shares		(827,690	)		4,078,667			(337,475	)		(856,440	)
A Shares
Issued		1			2,954			1			3
Reinvested		88			162			347			678
Redeemed		(116	)		(3,242	)		(69	)		(71,774	)
Change in A Shares		(27	)		(126	)		279			(71,093	)
Change in shares:		(831,537	)		4,065,385			(341,420	)		(977,974	)

See notes to financial statements.

- 12 -

Statements of Changes in Net Assets

February 28, 2023 (Unaudited)

Continued

	Ultra Short Tax-Free Income Fund						Mid Cap Diverse Leadership Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	142,944		$	41,768		$	9,629		$	10,013
Net realized gains/(losses) from investment transactions		(422	)		(138	)		(56,160	)		145,947
Change in unrealized appreciation/(depreciation) on investments		103,348			(251,564	)		151,660			(323,767	)
Change in net assets resulting from operations		245,870			(209,934	)		105,129			(167,807	)

Distributions to Shareholders:
Investor Shares		(250	)		(56	)		(15,823	)		(122,399	)
Institutional Shares		(141,839	)		(42,794	)		(144,335	)		(66,951	)
A Shares		(537	)		(23	)		(12,898	)		(6,006	)
C Shares		—			—			(2,103	)		(1,043	)
Change in net assets from shareholder distributions		(142,626	)		(42,873	)		(175,159	)		(196,399	)
Change in net assets from capital transactions		(4,092,539	)		(5,666,684	)		94,233			1,329,793
Change in net assets		(3,989,295	)		(5,919,491	)		24,203			965,587

Net Assets:
Beginning of period		26,714,009			32,633,500			2,349,740			1,384,153
End of period	$	22,724,714		$	26,714,009		$	2,373,943		$	2,349,740

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	27		$	89		$	10,910		$	3,155,422
Dividends reinvested		250			56			15,813			122,399
Cost of shares redeemed		(59,285	)		(383	)		(25,333	)		(3,119,269	)
Change in net assets from Investor Shares		(59,008	)		(238	)		1,390			158,552
Institutional Shares
Proceeds from shares issued		423,955			2,094,894			689,332			1,605,817
Dividends reinvested		8,412			3,420			132,139			62,749
Cost of shares redeemed		(4,550,100	)		(7,792,909	)		(729,430	)		(523,659	)
Change in net assets from Institutional Shares		(4,117,733	)		(5,694,595	)		92,041			1,144,907
A Shares
Proceeds from shares issued		108,231			29,696			5,900			24,219
Dividends reinvested		537			22			12,897			6,006
Cost of shares redeemed		(24,566	)		(1,569	)		(5,329	)		(4,902	)
Change in net assets from A Shares		84,202			28,149			13,468			25,323
C Shares
Proceeds from shares issued		—			—			—			6,210
Dividends reinvested		—			—			2,103			1,043
Cost of shares redeemed		—			—			(14,769	)		(6,242	)
Change in net assets from C Shares		—			—			(12,666	)		1,011
Change in net assets resulting from capital transactions:	$	(4,092,539	)	$	(5,666,684	)	$	94,233		$	1,329,793

Share Transactions:
Investor Shares
Issued		—			9			919			218,492
Reinvested		25			6			1,411			8,941
Redeemed		(6,013	)		(39	)		(2,094	)		(220,537	)
Change in Investor Shares		(5,988	)		(24	)		236			6,896
Institutional Shares
Issued		42,793			210,484			56,798			117,249
Reinvested		846			242			11,741			4,596
Redeemed		(457,862	)		(781,970	)		(57,527	)		(39,776	)
Change in Institutional Shares		(414,223	)		(571,244	)		11,012			82,069
A Shares
Issued		10,955			2,985			478			1,771
Reinvested		54			2			1,141			437
Redeemed		(2,471	)		(158	)		(431	)		(347	)
Change in A Shares		8,538			2,829			1,188			1,861
C Shares
Issued		—			—			—			488
Reinvested		—			—			194			78
Redeemed		—			—			(1,324	)		(466	)
Change in C Shares		—			—			(1,130	)		100
Change in shares:		(411,673	)		(568,439	)		11,306			90,926

See notes to financial statements.

- 13 -

Statements of Changes in Net Assets
February 28, 2023 (Unaudited)	Continued

	Opportunistic Fund						World Energy Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	258,083		$	446,726		$	926,946		$	1,109,112
Net realized gains/(losses) from investment transactions		(1,427,300	)		(7,952,662	)		1,898,794			2,458,560
Change in unrealized appreciation/(depreciation) on investments		122,921			(6,048,563	)		(2,779,506	)		11,611,800
Change in net assets resulting from operations		(1,046,296	)		(13,554,499	)		46,234			15,179,472

Distributions to Shareholders:
Investor Shares		(3,347	)		(49,301	)		(278,712	)		(317,594	)
Institutional Shares		(191,249	)		(2,292,163	)		(635,783	)		(541,066	)
A Shares		(4,067	)		(44,392	)		(37,741	)		(63,255	)
C Shares		(162	)		(8,783	)		(36,024	)		(42,779	)
Change in net assets from shareholder distributions		(198,825	)		(2,394,639	)		(988,260	)		(964,694	)
Change in net assets from capital transactions		(17,526,287	)		(16,196,533	)		26,420,502			28,684,398
Change in net assets		(18,771,408	)		(32,145,671	)		25,478,476			42,899,176

Net Assets:
Beginning of period		45,664,717			77,810,388			70,751,462			27,852,286
End of period	$	26,893,309		$	45,664,717		$	96,229,938		$	70,751,462

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	1,050		$	120,089		$	10,736,632		$	31,810,076
Dividends reinvested		3,348			49,301			278,471			317,360
Cost of shares redeemed		(149,485	)		(3,534,195	)		(7,473,328	)		(17,548,706	)
Change in net assets from Investor Shares		(145,087	)		(3,364,805	)		3,541,775			14,578,730
Institutional Shares
Proceeds from shares issued		6,739,041			10,231,974			34,101,347			33,008,856
Dividends reinvested		68,171			1,254,755			526,032			419,586
Cost of shares redeemed		(24,156,522	)		(24,242,171	)		(11,087,639	)		(19,436,098	)
Change in net assets from Institutional Shares		(17,349,310	)		(12,755,442	)		23,539,740			13,992,344
A Shares
Proceeds from shares issued		441			173,387			778,597			3,028,302
Dividends reinvested		3,909			44,036			37,392			63,116
Cost of shares redeemed		(10,951	)		(298,797	)		(1,592,484	)		(3,345,308	)
Change in net assets from A Shares		(6,601	)		(81,374	)		(776,495	)		(253,890	)
C Shares
Proceeds from shares issued		900			2,870			898,746			1,446,540
Dividends reinvested		162			8,783			35,891			42,590
Cost of shares redeemed		(26,351	)		(6,566	)		(819,155	)		(1,121,916	)
Change in net assets from C Shares		(25,289	)		5,087			115,482			367,214
Change in net assets resulting from capital transactions:	$	(17,526,287	)	$	(16,196,534	)	$	26,420,502		$	28,684,398

Share Transactions:
Investor Shares
Issued		81			7,187			820,704			2,778,942
Reinvested		262			3,069			23,359			28,654
Redeemed		(11,357	)		(212,100	)		(609,198	)		(1,586,455	)
Change in Investor Shares		(11,014	)		(201,844	)		234,865			1,221,141
Institutional Shares
Issued		507,438			649,147			2,677,372			2,959,442
Reinvested		5,309			77,257			44,106			38,796
Redeemed		(1,827,769	)		(1,683,372	)		(901,983	)		(1,735,811	)
Change in Institutional Shares		(1,315,022	)		(956,968	)		1,819,495			1,262,427
A Shares
Issued		34			10,885			61,551			286,867
Reinvested		305			2,735			3,166			5,923
Redeemed		(830	)		(19,201	)		(126,003	)		(288,992	)
Change in A Shares		(491	)		(5,581	)		(61,286	)		3,798
C Shares
Issued		71			189			69,317			124,853
Reinvested		13			562			3,060			3,988
Redeemed		(2,087	)		(420	)		(65,132	)		(101,005	)
Change in C Shares		(2,003	)		331			7,245			27,836
Change in shares:		(1,328,530	)		(1,164,062	)		2,000,319			2,515,202

See notes to financial statements.

- 14 -

Statements of Changes in Net Assets
February 28, 2023 (Unaudited)	Concluded

	Hedged Income Fund
	Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
From Investment Activities:
Operations:
Net investment income/(loss)	$	500,156		$	674,612
Net realized gains/(losses) from investment transactions		(1,624,749	)		(858,439	)
Change in unrealized appreciation/(depreciation) on investments		2,022,509			(1,892,903	)
Change in net assets resulting from operations		897,916			(2,076,730	)

Distributions to Shareholders:
Investor Shares		(3,314	)		(10,989	)
Institutional Shares		(443,709	)		(579,966	)
A Shares		(11,908	)		(33,527	)
Change in net assets from shareholder distributions		(458,931	)		(624,482	)
Change in net assets from capital transactions		702,203			11,784,372
Change in net assets		1,141,188			9,083,160

Net Assets:
Beginning of period		35,271,266			26,188,106
End of period	$	36,412,454		$	35,271,266

Capital Transactions:
Investor Shares
Proceeds from shares issued	$	22,915		$	211,824
Dividends reinvested		3,314			10,988
Cost of shares redeemed		(61,682	)		(1,287,615	)
Change in net assets from Investor Shares		(35,453	)		(1,064,803	)
Institutional Shares
Proceeds from shares issued		5,254,293			14,567,900
Dividends reinvested		81,688			106,536
Cost of shares redeemed		(4,170,334	)		(2,049,979	)
Change in net assets from Institutional Shares		1,165,647			12,624,457
A Shares
Proceeds from shares issued		308,430			1,118,043
Dividends reinvested		11,907			32,708
Cost of shares redeemed		(748,328	)		(926,033	)
Change in net assets from A Shares		(427,991	)		224,718
Change in net assets resulting from capital transactions	$	702,203		$	11,784,372

Share Transactions:
Investor Shares
Issued		2,293			20,287
Reinvested		339			1,063
Redeemed		(6,371	)		(123,208	)
Change in Investor Shares		(3,739	)		(101,858	)
Institutional Shares
Issued		528,114			1,399,840
Reinvested		8,307			10,323
Redeemed		(413,287	)		(198,643	)
Change in Institutional Shares		123,134			1,211,520
A Shares
Issued		30,049			108,174
Reinvested		1,210			3,174
Redeemed		(78,487	)		(89,360	)
Change in A Shares		(47,228	)		21,988
Change in shares		72,167			1,131,650

See notes to financial statements.

- 15 -

Schedule of Portfolio Investments	U.S. Treasury Fund
February 28, 2023 (Unaudited)

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements (89.6%)
$	60,000,000	Bank of Montreal, 4.45%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $60,007,417, Collateralized by various U.S. Treasury Obligations, (1.50% - 3.25%), (2/29/24 - 6/30/29), fair value of $61,200,066)	$	60,000,000
	150,000,000	Credit Agricole CIB, 4.47%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $150,018,625, Collateralized by U.S. Treasury Obligation, (0.38%), (9/30/27), fair value of $153,000,008)		150,000,000
	145,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 4.52%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $145,018,206, Collateralized by U.S. Treasury Obligation, (1.63%), (5/15/31), fair value of $147,900,015)		145,000,000
	225,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 4.53%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $225,028,313, Collateralized by various U.S. Treasury Obligations, (0.00% - 2.50%), (5/18/23 - 1/31/25), fair value of $229,500,153)		225,000,000

Shares or Principal Amount		Security Description	Amortized Cost or Value
Repurchase Agreements, continued:
$	5,000,000	Goldman Sachs & Co., 4.35%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $5,000,604, Collateralized by various U.S. Treasury Obligations, (1.63% - 2.00%), (8/15/29 - 11/15/51), fair value of $5,100,048)	$	5,000,000
	40,000,000	Nomura Securities International, Inc., 4.51%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $40,005,011, Collateralized by various U.S. Treasury Obligations, (0.00% - 0.63%), (3/21/23 - 1/15/28), fair value of $40,800,083)		40,000,000
	180,000,000	RBC Dominion Securities, Inc., 4.49%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $180,022,450, Collateralized by various U.S. Treasury Obligations, (0.00% - 6.13%), (3/14/23 - 2/15/53), fair value of $183,600,049)		180,000,000
Total Repurchase Agreements (Cost $805,000,000)				805,000,000

Investment Companies (10.8%)
	34,531,434	Goldman Sachs Financial Square Treasury Obligations Fund, 4.46%(a)		34,531,433
	62,889,104	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 4.50%(a)		62,889,104
Total Investment Companies (Cost $97,420,537)				97,420,537

Total Investments (Cost $902,420,537) — 100.4%				902,420,537
Liabilities in excess of other assets — (0.4)%				(3,497,228	)
Net Assets - 100.0%			$	898,923,309

(a)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.

See notes to financial statements.

- 16 -

Schedule of Portfolio Investments	Government Securities Money Market Fund
February 28, 2023 (Unaudited)

Shares or
Principal			Amortized
Amount		Security Description	Cost or Value
U.S. Government Agency Securities (37.5%)
Federal Farm Credit Bank
$	200,000,000	4.56% (SOFR + 1 bps), 3/3/23	$	199,999,944
	100,000,000	4.63% (SOFR + 8 bps), 10/25/23, Callable 4/25/23 @ 100 *		100,000,000
				299,999,944
Federal Farm Credit Banks Funding Corp.
	65,000,000	4.66% (SOFR + 11 bps), 11/15/23, Callable 5/15/23 @ 100 *		65,000,000
Federal Home Loan Bank
	100,000,000	4.59% (SOFR + 4 bps), 3/23/23		100,000,000
	200,000,000	4.60% (SOFR + 5 bps), 6/27/23		200,000,000
	50,000,000	4.60% (SOFR + 5 bps), 7/24/23		50,000,000
	100,000,000	4.65% (SOFR + 10 bps), 9/21/23		100,000,000
	100,000,000	5.17%, 3/8/24, Callable 8/10/23 @ 100 *		100,000,000
				550,000,000
Total U.S. Government Agency Securities (Cost $914,999,944)				914,999,944

Repurchase Agreements (54.6%)
	10,000,000	Bank of Montreal, 4.45%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $10,001,236, Collateralized by U.S. Treasury Obligation, (0.25%), (7/31/25), fair value of $10,200,064)		10,000,000
	5,000,000	Credit Agricole CIB, 4.47%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $5,000,621, Collateralized by U.S. Treasury Obligation, (4.00%), (2/15/26), fair value of $5,100,012)		5,000,000
	750,000,000	Federal Reserve Bank of New York, 4.55%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $750,094,792, Collateralized by various U.S. Treasury Obligations, (0.38% - 2.25%), (8/15/24 - 8/15/27), fair value of $750,094,853)		750,000,000
	175,000,000	Fixed Income Clearing Corporation - Bank of New York Mellon, 4.52%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $175,021,972, Collateralized by U.S. Treasury Obligation, (1.63%), (5/15/31), fair value of $178,500,024)		175,000,000

Shares or
Principal			Amortized
Amount		Security Description	Cost or Value
Repurchase Agreements, continued:
$	175,000,000	Fixed Income Clearing Corporation - State Street Bank & Trust Co., 4.53%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $175,022,021, Collateralized by various U.S. Treasury Obligations, (0.00% - 4.92%), (5/18/23 - 1/31/25), fair value of $178,500,114)	$	175,000,000
	45,000,000	Goldman Sachs & Co., 4.35%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $45,005,438, Collateralized by various U.S. Treasury Obligations, (0.00% - 2.75%), (4/30/25 - 8/15/40), fair value of $45,900,000)		45,000,000
	105,000,000	Nomura Securities International, Inc., 4.51%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $105,013,154, Collateralized by various U.S. Treasury Obligations, (0.13% - 3.88%), (4/15/23 - 2/15/53), fair value of $107,100,095)		105,000,000
	70,000,000	RBC Dominion Securities, Inc., 4.49%, 3/1/23, (Purchased on 2/28/23, proceeds at maturity $70,008,731, Collateralized by various U.S. Government Agency Obligations, (0.00% - 5.00%), (2/22/24 - 10/20/52), fair value of $71,400,015)		70,000,000
Total Repurchase Agreements (Cost $1,335,000,000)				1,335,000,000

Investment Companies (7.9%)
	119,284,726	Invesco Short-Term Investments Trust, Government & Agency Portfolio, Institutional Class, 4.51%(a)		119,284,727
	73,898,105	Invesco Short-Term Investments Trust, Treasury Portfolio, Institutional Class, 4.50%(a)		73,898,105
Total Investment Companies (Cost $193,182,832)				193,182,832

Total Investments (Cost $2,443,182,776) — 100.0%				2,443,182,776
Other assets in excess of liabilities — 0.0%^				987,898
Net Assets - 100.0%			$	2,444,170,674

(a)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.
*	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.

- 17 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2023 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities (28.8%)
$	66,796	Bayview Financial Mortgage Pass-Through Trust, Series 2005-C, Class M3, 5.28% (US0001M + 98 bps), 6/28/44, Callable 3/28/23 @ 100*	$	66,576
	534,871	CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 5.24% (US0001M + 62 bps), 1/25/33, Callable 3/25/23 @ 100*		525,377
	406,367	CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 5.97% (US0001M + 135 bps), 10/25/37, Callable 11/25/23 @ 100*(a)		404,775
	4	Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34, Callable 3/25/23 @ 100*(b)		4
	630,492	CLI Funding VIII LLC, Series 2021-1A, Class B, 2.38%, 2/18/46, Callable 3/18/23 @ 100*(a)		520,581
	217	Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 5.08%, 5/25/32, Callable 3/25/23 @ 100*(b)(c)		216
	666,753	Driven Brands Funding LLC, Series 2019-2A, Class A2, 3.98%, 10/20/49, Callable 10/20/24 @ 100*(a)		599,103
	806,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)		717,577
	457,984	Fremont Home Loan Trust, Series 2004-3, Class 10A1, 6.49% (US0001M + 188 bps), 11/25/34, Callable 3/25/23 @ 100*		353,616
	1,280,284	Goodgreen Trust, Series 2021-1A, Class A, 2.63%, 4/15/55, Callable 10/15/38 @ 100*(a)		1,072,765
	345,000	Hi-Fi Music Ip Issuer II L.P, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 5/1/23 @ 100*(a)		312,350
	15	IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(b)(c)		15
	773,225	Jack In The Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, 2/26/52, Callable 2/25/25 @ 100*(a)		683,085
	114,442	NMEF Funding LLC, Series 2021-A, Class A2, 0.81%, 12/15/27, Callable 8/15/24 @ 100*(a)		113,140
	1,448,634	NovaStar Mortgage Funding Trust, Series 2003-2, Class M2, 7.39% (US0001M + 278 bps), 9/25/33, Callable 3/25/23 @ 100*		1,459,411
	314,427	RAAC Trust, Series 2007-SP1, Class M1, 5.47% (US0001M + 86 bps), 3/25/37, Callable 3/25/23 @ 100*		311,870
	67,769	Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 4.97%, 3/25/32, Callable 3/25/23 @ 100*		61,514
	1,214	Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.25%, 12/25/33, Callable 3/25/23 @ 100*(b)(c)		1,145
	788,667	Sonic Capital LLC, Series 2021-1A, Class A2I, 2.19%, 8/20/51, Callable 8/20/25 @ 100*(a).		639,449
	48,241	Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.07%, 5/25/35, Callable 3/25/23 @ 100*(b)(c)		43,787
	221,050	Soundview Home Loan Trust, Series 2005-OPT3, Class M1, 5.32% (US0001M + 71 bps), 11/25/35, Callable 3/25/23 @ 100*		215,266
	205,068	Structured Asset Investment Loan Trust, Series 2003-BC2, Class A1, 5.30% (US0001M + 68 bps), 4/25/33, Callable 3/25/23 @ 100*		204,756

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities, continued:
$	642,291	Structured Asset Investment Loan Trust, Series 2005-HE3, Class M1, 5.34% (US0001M + 72 bps), 9/25/35, Callable 3/25/23 @ 100*	$	627,094
	110,651	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34, Callable 3/25/23 @ 100*(b)(c)		109,149
	659,750	Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 5/25/46, Callable 5/25/23 @ 100*(a)		640,763
	524,743	Textainer Marine Containers VII, Ltd., Series 2020-1A, Class A, 2.73%, 8/21/45, Callable 3/20/23 @ 100*(a)		478,161
	841,750	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a)		785,529
	645,175	ZAXBY’S Funding LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a)		536,498
Total Asset Backed Securities (Cost $12,723,700)				11,483,572

Mortgage Backed Securities† (31.4%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.8%)
	59,944	Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.76%, 2/25/36, Callable 3/25/23 @ 100*(b)		41,488
	8,969	Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 4.20%, 7/25/35, Callable 3/25/23 @ 100*(b)		6,424
	8,795	Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 4.10% (12MTA + 131 bps), 7/20/35, Callable 3/19/23 @ 100*		7,338
	952	Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 4.72% (US0001M + 10 bps), 10/25/36, Callable 3/25/23 @ 100*		801
	1,628	Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32%, 10/25/44, Callable 3/25/23 @ 100*(b)(c)		1,540
	3,248	Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.01%, 10/25/36, Callable 3/25/23 @ 100*(b)		2,859
	2,847	First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 5.10%, 9/25/34, Callable 3/25/23 @ 100*(b)		2,545
	13,552	Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 4.06%, 4/21/34, Callable 3/21/23 @ 100*(b)		12,735
	214,324	Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 4.31%, 8/25/35, Callable 3/25/23 @ 100*(b)		214,223
	23,564	Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 4.07%, 9/25/34, Callable 3/25/23 @ 100*(b)		21,480
	13,507	Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.93%, 1/25/36, Callable 3/25/23 @ 100*(b)		10,451
				321,884
Alt-A - Fixed Rate Mortgage Backed Securities (1.8%)
	10,531	Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35, Callable 3/25/23 @ 100*		8,562

See notes to financial statements.

- 18 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	14,201	Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36, Callable 3/25/23 @ 100*	$	12,574
	230,000	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 11/10/23 @ 100*		226,367
	10,442	Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35, Callable 3/25/23 @ 100*		7,394
	15,442	Countrywide Alternative Loan Trust, Series 2006- 2CB, Class A3, 5.50%, 3/25/36, Callable 3/25/23 @ 100*		6,767
	16,173	Countrywide Alternative Loan Trust, Series 2006- 31CB, Class A16, 6.00%, 11/25/36, Callable 3/25/23 @ 100*		10,003
	15,886	Countrywide Alternative Loan Trust, Series 2006- 43CB, Class 1A4, 6.00%, 2/25/37, Callable 3/25/23 @ 100*		8,990
	116,709	Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 3/25/23 @ 100*		52,909
	55,207	Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34, Callable 3/25/23 @ 100*		50,421
	104	Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19, Callable 3/25/23 @ 100*		99
	693	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 3/25/23 @ 100*		605
	2,887	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 3/25/23 @ 100*		2,844
	254,207	Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 3/25/23 @ 100*		255,878
	16,701	Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34, Callable 3/25/23 @ 100*		16,249
	2,725	Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34, Callable 3/25/23 @ 100*		2,784
	101	Residential Accredit Loans, Inc., Series 2004- QS13, Class CB, 5.00%, 9/25/19, Callable 3/25/23 @ 100*		100
	5,568	Residential Accredit Loans, Inc., Series 2004- QS6, Class A1, 5.00%, 5/25/19, Callable 3/25/23 @ 100*		5,186
	21,481	Residential Accredit Loans, Inc., Series 2006- QS6, Class 1A2, 6.00%, 6/25/36, Callable 3/25/23 @ 100*		17,394
	40,528	Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36, Callable 1/25/24 @ 100*		13,253
	24,280	Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37, Callable 3/25/23 @ 100*		13,829
	7,517	Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35, Callable 3/25/23 @ 100*		7,246
				719,454

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities (2.5%)
$	220	Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 4.37%, 5/25/35(b)	$	219
	327,920	American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36, Callable 3/25/23 @ 100*(b)(c)		54,824
	147,624	Banc of America Funding Corp., Series 2015-R3, Class 4A1, 4.77% (US0001M + 15 bps), 3/27/37(a)		147,344
	3,510	Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 3.31%, 6/25/34, Callable 3/25/23 @ 100*(b)		3,240
	4,083	Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 3.90%, 2/25/36, Callable 3/25/23 @ 100*(b)		3,633
	2,385	Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 4.00%, 11/20/46, Callable 3/20/23 @ 100*(b)		2,123
	4,641	Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 4.04%, 9/25/33, Callable 3/25/23 @ 100*(b)		4,266
	4,479	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 3.76%, 9/25/34, Callable 3/25/23 @ 100*(b)		3,979
	2,501	Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 4.25%, 1/25/35, Callable 3/25/23 @ 100*(b)		2,354
	10,309	Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 4.37%, 10/25/36, Callable 3/25/23 @ 100*(b)		9,074
	3,273	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 5.23% (H15T1Y + 230 bps), 10/25/35, Callable 3/25/23 @ 100*		3,034
	3,365	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.49%, 3/25/31, Callable 3/25/23 @ 100*(b)		3,322
	8,838	Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.77%, 7/25/37, Callable 3/25/23 @ 100*(b)		7,329
	4,537	Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 3.91%, 8/25/35(b)		4,372
	218	Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33, Callable 3/25/23 @ 100*(b)		176
	3,156	Countrywide Home Loans, Series 2003-60, Class 2A1, 4.12%, 2/25/34, Callable 3/25/23 @ 100*(b)		2,819
	6,481	Countrywide Home Loans, Series 2003-58, Class 2A2, 4.25%, 2/19/34, Callable 3/19/23 @ 100*(b)		6,179
	23,331	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 3.41%, 11/25/32, Callable 3/25/23 @ 100*(b)		12,891
	19,653	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 3.89%, 11/25/34, Callable 3/25/23 @ 100*(b)		18,802
	4,580	First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 3.98%, 10/25/35, Callable 3/25/23 @ 100*(b)		4,279
	22,959	GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.60%, 11/19/35, Callable 3/19/23 @ 100*(b)		19,311

See notes to financial statements.

- 19 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	15,203	GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 3.85%, 4/25/35, Callable 3/25/23 @ 100*(b)	$	13,464
	4,632	GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 3.91%, 11/25/35, Callable 3/25/23 @ 100*(b)		4,546
	54,847	Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.85%, 1/19/35, Callable 3/19/23 @ 100*(b)		47,750
	2,987	Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 4.22%, 12/19/35, Callable 3/19/23 @ 100*(b)		2,794
	18,333	Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.33%, 7/25/36, Callable 3/25/23 @ 100*(b)		13,553
	31,119	Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.47%, 8/25/36, Callable 3/25/23 @ 100*(b)		23,348
	8,079	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.70%, 8/25/34, Callable 3/25/23 @ 100*(b)		7,197
	17,901	Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 3.96%, 8/25/34, Callable 3/25/23 @ 100*(b)		16,320
	1,435	JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 3.64%, 8/25/36, Callable 3/25/23 @ 100*(b)		1,170
	456,425	LSTAR Securities Investment, Ltd., Series 2021-1, Class A, 7.46% (US0001M + 180 bps), 2/1/26, Callable 4/1/23 @ 100*(a)		451,861
	697	Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 3.54%, 2/25/34, Callable 2/25/24 @ 100*(b)		634
	5,937	Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 3.61%, 12/25/34, Callable 3/25/23 @ 100*(b)		5,516
	6,920	Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 3.73%, 7/25/34, Callable 6/25/25 @ 100*(b)		6,415
	4,425	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 3.84%, 8/25/34, Callable 5/25/23 @ 100*(b)		4,256
	1,739	Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 4.17%, 8/25/34, Callable 5/25/24 @ 100*(b)		1,660
	18,726	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 4.06%, 12/25/34, Callable 3/25/23 @ 100*(b)		16,233
	2,057	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 4.73%, 2/25/34, Callable 3/25/23 @ 100*(b)		1,904
	5,582	Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 3.51%, 12/27/35, Callable 3/25/23 @ 100*(b)		5,552
	9,630	Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 5.35%, 7/25/33, Callable 3/25/23 @ 100*(b)		9,307
	3,056	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2, 3.16%, 6/25/34, Callable 3/25/23 @ 100*(b)		2,795

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Adjustable Rate Mortgage Backed Securities, continued:
$	40,184	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 3.34%, 11/25/36, Callable 3/25/23 @ 100*(b)	$	33,908
	1,167	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 3.68%, 8/25/46, Callable 3/25/23 @ 100*(b)		1,024
	6,387	Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A2, 3.75%, 9/25/36, Callable 3/25/23 @ 100*(b)		5,590
	3,707	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 5.46% (US0001M + 84 bps), 7/25/44, Callable 3/25/23 @ 100*		3,389
				993,756
Prime Fixed Mortgage Backed Securities (12.1%)
	471,388	Angel Oak Mortgage Trust, Series 2021-5, Class A1, 0.95%, 7/25/66, Callable 9/25/23 @ 100*(a)(b)		384,437
	498,630	Angel Oak Mortgage Trust, Series 2019-6, Class A1, 2.62%, 11/25/59, Callable 3/25/23 @ 100*(a)(b)		479,061
	9,763	Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31, Callable 3/25/23 @ 100*		9,410
	59,553	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34, Callable 3/25/23 @ 100*		55,701
	9,915	Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34, Callable 3/25/23 @ 100*		9,908
	3,445	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19, Callable 3/25/23 @ 100*		3,287
	57,421	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33		53,227
	8,371	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 3/25/23 @ 100*		8,193
	14,699	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33, Callable 3/25/23 @ 100*		14,554
	33,191	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32, Callable 3/25/23 @ 100*		9,426
	176,012	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32, Callable 3/25/23 @ 100*		181,116
	577,609	GS Mortgage-Backed Securities, Series 2022- PJ1, Class A8, 2.50%, 5/28/52, Callable 7/25/49 @ 100*(a)(b)		497,195
	401,606	GS Mortgage-Backed Securities Corp. Trust, Series 2019-PJ2, Class A8, 4.00%, 11/25/49, Callable 3/25/23 @ 100*(a)(b)		374,330
	15,556	GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33, Callable 3/25/23 @ 100*		14,325
	20,228	GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35, Callable 11/25/34 @ 100*		8,640

See notes to financial statements.

- 20 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	531,413	JPMorgan Mortgage Trust, Series 2020-4, Class A3A, 2.50%, 11/25/50, Callable 9/25/36 @ 100*(a)(b)	$	438,479
	417,217	JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47, Callable 3/25/28 @ 100*(a)(b)		351,532
	9,211	Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36, Callable 3/25/23 @ 100*		4,993
	1,550,000	NewRez Warehouse Securitization Trust, Series 2021-1, Class D, 6.02% (US0001M + 140 bps), 5/25/55, Callable 5/25/24 @ 100*(a)		1,528,608
	4,220	Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35, Callable 3/25/23 @ 100*		3,358
	11,966	Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32, Callable 3/25/23 @ 100*		11,607
	57,051	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 3/25/23 @ 100*		54,757
	326,057	Verus Securitization Trust, Series 2020-1, Class A1, 2.42%, 1/25/60, Callable 3/25/23 @ 100*(a)(b)		307,626
				4,803,770
Subprime Mortgage Backed Securities (1.4%)
	90,592	Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56, Callable 9/25/31 @ 100*(a)(b)		89,251
	168,628	Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57, Callable 12/25/27 @ 100*(a)(b)		166,648
	330,673	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/30 @ 100*(a)(b)		314,389
				570,288
U.S. Government Agency Mortgage Backed Securities (12.8%)
	147,625	Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42		122,777
	36,351	Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41		34,975
	30,528	Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41		29,959
	122,308	Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42		108,027
	81,648	Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42		74,516
	81,517	Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)		76,378
	60,533	Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41		55,393
	123,075	Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43		115,808
	450,830	Fannie Mae, Series 2018-83, Class LC, 3.00%, 11/25/48		407,200
	11,120	Fannie Mae, 3.67% (US0012M + 133 bps), 1/1/35, Pool #805386		10,993
	491	Fannie Mae, 4.00% (H15T1Y + 222 bps), 6/1/32, Pool #725286		486
	555,062	Fannie Mae, Series 2003-W14, Class 2A, 4.12%, 1/25/43, Callable 3/25/23 @ 100*(b)		520,858

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	20,840	Fannie Mae, 4.29% (H15T1Y + 229 bps), 2/1/30, Pool #556998	$	20,546
	343,086	Fannie Mae, Series 2003-W16, Class AF5, 4.40%, 11/25/33, Callable 3/25/23 @ 100*(b) (c)		323,708
	1,950	Fannie Mae, Series 2001-W4, Class AF6, 5.11%, 1/25/32, Callable 3/25/23 @ 100*(b)(c)		1,941
	4,010	Fannie Mae, Series 2001-W2, Class AF6, 6.09%, 10/25/31, Callable 3/25/23 @ 100*(b)(c)		4,025
	5,525	Fannie Mae, Series 2001-W1, Class AF6, 6.40%, 7/25/31, Callable 3/25/23 @ 100*(b)(c)		5,762
	1,000	Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26		1,005
	744,166	Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.45%, 9/26/33, Callable 3/26/23 @ 100*(b)(c)		711,624
	843,623	Fannie Mae REMIC Trust, Series 2004-W10, Class A6, 5.75%, 8/25/34, Callable 3/25/23 @ 100*		839,493
	34,044	Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42		32,519
	345,978	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		324,269
	51,039	Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39		48,965
	119,803	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		108,635
	151,047	Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26		147,426
	98,109	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		93,458
	357,497	Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36		331,429
	263,826	Freddie Mac, Series T-67, Class 1A1C, 3.68%, 3/25/36, Callable 3/25/23 @ 100*(b)		256,342
	2,100	Freddie Mac, 4.00%, 9/1/33, Pool #N31025		2,027
	2,695	Freddie Mac, 4.30% (US0006M + 152 bps), 4/1/36, Pool #1N0148		2,722
	319,406	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		278,121
	637	Government National Mortgage Assoc., 2.63% (H15T1Y + 150 bps), 1/20/25, Pool #8580		631
	1,043	Government National Mortgage Assoc., 2.63% (H15T1Y + 150 bps), 1/20/25, Pool #8585		1,033
	468	Government National Mortgage Assoc., 2.63% (H15T1Y + 150 bps), 3/20/26, Pool #8832		458
	1,065	Government National Mortgage Assoc., 2.63% (H15T1Y + 150 bps), 3/20/29, Pool #80263		1,031
	1,061	Government National Mortgage Assoc., 2.75% (H15T1Y + 150 bps), 12/20/27, Pool #80141		1,037
	3,833	Government National Mortgage Assoc., 2.75% (H15T1Y + 150 bps), 11/20/29, Pool #876947		3,662
	6,101	Government National Mortgage Assoc., 2.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916		5,971
	54	Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856		56
	12	Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655		12
	19	Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320		19

See notes to financial statements.

- 21 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	25	Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439	$	25
				5,105,322
Total Mortgage Backed Securities (Cost $13,877,692)				12,514,474

Corporate Bonds (13.8%)
Aerospace & Defense (2.4%)
	920,000	Boeing Co. (The), 7.95%, 8/15/24		953,513
Banks (2.7%)
	1,057,740	Southtrust Bank/Georgia, 7.74%, 5/15/25		1,099,384
Capital Markets (2.6%)
	1,116,000	Goldman Sachs Group, Inc. (The), 1.30%, 11/15/24, Callable 5/15/23 @ 100 *		1,022,079
	2,000,000	Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (d)		7,000
				1,029,079
Insurance (1.5%)
	670,000	Athene Global Funding, 1.72%, 1/7/25 (a)		620,844
IT Services (2.7%)
	1,206,000	Western Union Co. (The), 1.35%, 3/15/26, Callable 2/15/26 @ 100 *		1,061,134
Tobacco (1.9%)
	806,000	BAT Capital Corp., 3.22%, 9/6/26, Callable 7/6/26 @ 100 *		743,306

Total Corporate Bonds (Cost $7,076,061)				5,507,260

Taxable Municipal Bonds (3.0%)
Georgia (2.4%)
	985,000	State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25		980,212
Pennsylvania (0.6%)
	250,000	Philadelphia Authority for Industrial Development Revenue, 3.96%, 4/15/26		242,830

	Total Taxable Municipal Bonds (Cost $1,280,371)			1,223,042
U.S. Government Agency Securities (7.2%)
Federal Farm Credit Banks
	1,000,000	1.23%, 9/10/29, Callable 3/14/23 @ 100 *		802,711
	400,000	4.57% (SOFR + 2 bps), 7/13/23		399,850
	475,000	4.60% (SOFR + 5 bps), 2/13/24		475,038
	350,000	4.61% (SOFR + 6 bps), 10/8/24		349,550
				2,027,149
Federal Home Loan Banks
	35,000	0.90%, 8/27/26, Callable 5/27/23 @ 100 *		30,621
	370,000	1.25%, 6/30/25, Callable 3/30/23 @ 100 *(b)		344,975
	249,000	3.63%, 7/26/24, Callable 4/26/23 @ 100 *		243,403
	220,000	5.40%, 2/24/28, Callable 5/24/23 @ 100 *		219,888
				838,887
Total U.S. Government Agency Securities (Cost $3,095,538)				2,866,036

U.S. Treasury Obligations (8.7%)
U.S. Treasury Notes
	400,000	3.88%, 12/31/27		394,094
	942,000	4.13%, 9/30/27		936,922
	2,161,000	4.25%, 9/30/24		2,136,520
Total U.S. Treasury Obligations (Cost $3,504,976)				3,467,536

Shares or
Principal
Amount		Security Description	Value
Investment in Affiliates (6.7%)
	2,652,779	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(e)	$	2,652,779
Total Investment in Affiliates (Cost $2,652,779)				2,652,779

Total Investments (Cost $44,211,117) — 99.6%				39,714,699
Other assets in excess of liabilities — 0.4%				143,420
Net Assets - 100.0%			$	39,858,119

See notes to financial statements.

- 22 -

Schedule of Portfolio Investments	Limited Duration Fund
February 28, 2023 (Unaudited)	Concluded

(a)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2023.
(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 28, 2023.
(d)	Issuer has defaulted on the payment of interest.
(e)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.
*	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
REMIC	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
US0001M	1 Month US Dollar LIBOR
US0006M	6 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements.

- 23 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2023 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities (13.9%)
$	246,875	DB Master Finance LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/51, Callable 5/20/24 @ 100*(a)	$	215,483
	280,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)		249,282
	250,000	Hi-Fi Music Ip Issuer II L.P, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 5/1/23 @ 100*(a)		226,341
	286,807	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a)		266,675
	135,720	MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/38, Callable 3/20/26 @ 100*(a)		126,942
	250,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 11/20/23 @ 100*(a)		235,402
	300,000	Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100*(a)		267,326
	225,586	VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 11/15/23 @100*(a)		187,966
	227,500	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a)		212,305
	145,337	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(a)		108,653
Total Asset Backed Securities (Cost $2,362,090)				2,096,375

Mortgage Backed Securities† (13.9%)
Alt-A - Fixed Rate Mortgage Backed Securities (2.5%)
	43,436‌	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 3/25/23 @ 100*	30,025‌
	150,000‌	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 11/10/23 @ 100*	147,631‌
	2,559‌	Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35, Callable 3/25/23@100*	2,201‌
	7,638‌	Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34, Callable 3/25/23@100*	7,522‌
	61,426	‌Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 3/25/23@100*	27,847‌
	6,406‌	Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34, Callable 3/25/23 @100*	6,136‌
	3,767‌	Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19, Callable 3/25/23@100*	2,733‌
	6,712‌	Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34, Callable 3/25/23 @100*	6,427‌
	146‌	Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 3/25/23 @100*	127‌
	12,665‌	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 3/25/23 @100*	12,001‌

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	6,354	Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33, Callable 3/25/23 @ 100*	$	6,398
	11,036	Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34, Callable 3/25/23 @ 100*		10,642
	19,606	Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34, Callable 3/25/23 @ 100*		19,053
	344	Nomura Asset Acceptance Corp., Series 2005- WF1, Class 2A5, 5.66%, 3/25/35, Callable 3/25/23 @ 100*(b)(c)		337
	31,556	Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 3.02%, 10/25/40, Callable 3/25/23 @ 100*(a)(b)		20,120
	2	Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18, Callable 3/25/23 @ 100*		2
	20,502	Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36, Callable 3/25/23 @ 100*		9,785
	33,909	Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35, Callable 3/25/23 @ 100*		17,038
	39,230	Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36, Callable 3/25/23 @ 100*		25,993
	29,824	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35, Callable 3/25/23 @ 100*		25,822
				377,840

Prime Adjustable Rate Mortgage Backed Securities (2.0%)
	4,146	Banc of America Funding Trust, Series 2004-B, Class 5A1, 4.08%, 11/20/34, Callable 3/20/23 @ 100*(b)	3,923
	2,607	Bear Stearns ARM Trust, Series 2004-9, Class 12A3, 3.84%, 11/25/34, Callable 3/25/23 @ 100*(b)	2,597
	1,102	Bear Stearns ARM Trust, Series 2003-7, Class 4A, 3.92%, 10/25/33, Callable 3/25/23 @ 100*(b)	1,103
	9,916	CHL Mortgage Pass-Through Trust, Series 2004-2, Class 2A1, 2.75%, 2/25/34, Callable 3/25/23 @ 100*(b)	8,304
	8,796	HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 2.80%, 4/25/37, Callable 3/25/23 @ 100*(b)	7,237
	2,572	JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 3.03% (US0003M + 101 bps), 4/25/36, Callable 3/25/23 @ 100*	2,189
	13,513	JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 3.64%, 10/25/36, Callable 3/25/23 @ 100*(b)	10,116
	14,137	JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 3.82%, 2/25/35, Callable 3/25/23 @ 100*(b)	13,165
	166,611	JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 4.18%, 9/25/35, Callable 3/25/23 @ 100*(b)	148,755
	108,726	WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.91%, 6/20/44, Callable 3/20/23 @ 100*(a)(b)	101,101
			298,490

See notes to financial statements.

- 24 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities (4.4%)
$	1,976	American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35, Callable 3/25/23 @ 100*(b)(c)	$	1,672
	63,933	Angel Oak Mortgage Trust, Series 2019-5, Class A1, 2.59%, 10/25/49, Callable 3/25/23 @ 100*(a)(b)		61,349
	12,093	Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37, Callable 3/25/23 @ 100*		1,135
	5,229	Citigroup Mortgage Loan Trust, Inc., Series 2005- 1, Class 3A1, 6.50%, 4/25/35		5,067
	4,973	Citigroup Mortgage Loan Trust, Inc., Series 2004- NCM1, Class 1A3, 6.75%, 7/25/34, Callable 3/25/23 @ 100*		4,800
	323	Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24, Callable 3/25/23 @ 100*		319
	6,028	Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35, Callable 3/25/23 @ 100*		3,072
	3,992	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 2/25/19, Callable 3/25/23 @ 100*		3,666
	9,954	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33, Callable 3/25/23 @ 100*		9,523
	211,836	Flagstar Mortgage Trust, Series 2021-4, Class A5, 2.50%, 6/1/51, Callable 11/25/48 @ 100*(a)(b)		183,007
	11,311	Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 9/25/31 @ 100*(a)(b)		10,309
	122,422	GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3, Class A14, 3.00%, 10/25/50, Callable 3/25/33 @ 100*(a)(b)		103,655
	131,136	GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34, Callable 3/25/23 @ 100*		122,660
	95	GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19, Callable 3/25/23 @ 100*		94
	445	GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32, Callable 3/25/23 @ 100*		426
	976	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34, Callable 3/25/23 @ 100*		943
	19,470	RAMP Trust, Series 2005-SL2, Class A3, 7.00%, 2/25/32, Callable 8/25/29 @ 100*		15,410
	7,079	Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 3/25/23 @ 100*		6,794
	39	Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30, Callable 3/28/23 @ 100*		39
	643	Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33, Callable 3/25/23 @ 100*		600
	233	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 3/25/23 @ 100*		227

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	151,299	Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 6/25/51, Callable 11/25/48 @ 100*(a)(b)	$	130,709
				665,476
Subprime Mortgage Backed Securities (0.7%)
	30,303	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 10/25/29 @ 100*(a)(b)		29,366
	80,211	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 1/25/34 @ 100*(a)(b)		76,843
				106,209
U.S. Government Agency Mortgage Backed Securities (4.3%)
	1,692	Fannie Mae, 2.11% (US0012M + 186 bps), 1/1/37, Pool #906675		1,653
	54,010	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		49,713
	50,665	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		46,149
	23,870	Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44		22,713
	103,929	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		95,447
	100,919	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 8/25/30		97,548
	1,340	Fannie Mae, 3.88% (US0012M + 163 bps), 9/1/33, Pool #739372		1,324
	79	Fannie Mae, 6.00%, 4/1/35, Pool #735503		81
	522	Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31		533
	8,441	Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42, Callable 3/25/23 @ 100*		8,804
	293	Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31, Callable 3/25/23 @ 100*		305
	48,417	Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32		45,379
	28,616	Freddie Mac, Series 4076, Class QC, 2.00%, 11/15/41		27,046
	41,813	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		39,653
	164,635	Freddie Mac, Series 3908, Class B, 2.50%, 6/15/39		147,086
	5,862	Freddie Mac, 6.29% (H15T1Y + 225 bps), 8/1/34, Pool #755230		5,722
	157	Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24, Callable 4/15/23 @ 100*		157
	434	Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26, Callable 4/15/23 @ 100*		441
	68,444	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		59,597
	24	Government National Mortgage Assoc., Series 2010-98, Class MG, 3.00%, 8/20/39		24
	3,010	Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128		3,001
	34	Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394		34
	37	Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884		37
	19	Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171		19

See notes to financial statements.

- 25 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	519	Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205	$	523
	1,914	Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219		1,936
				654,925
Total Mortgage Backed Securities (Cost $2,360,868)				2,102,940

Corporate Bonds (22.6%)
Airlines (1.3%)
	196,179	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27		194,833
Banks (3.0%)
	310,000	Bank of America Corp., 1.90% (SOFR + 153 bps), 7/23/31, Callable 7/23/30 @ 100 *		241,416
	250,000	Wells Fargo & Co., 2.88% (TSFR3M + 143 bps), 10/30/30, Callable 10/30/29 @ 100, MTN *		212,983
				454,399
Capital Markets (1.8%)
	290,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		272,193
Diversified Telecommunication Services (1.9%)
	310,000	AT&T, Inc., 4.35%, 3/1/29, Callable 12/1/28 @ 100 *		293,855
Electric Utilities (1.7%)
	275,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		252,796
Electrical Equipment (1.3%)
	250,000	Emerson Electric Co., 2.20%, 12/21/31, Callable 9/21/31 @ 100 *		200,377
Food Products (1.8%)
	300,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)		270,043
Health Care Providers & Services (3.5%)
	225,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *		193,096
	370,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *		341,368
				534,464
Household Durables (2.6%)
	400,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100 *		386,992
Insurance (1.9%)
	300,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		287,011
Semiconductors & Semiconductor Equipment (1.8%)
	301,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100 *		270,737
Total Corporate Bonds (Cost $3,933,735)				3,417,700

Shares or
Principal
Amount		Security Description	Value
Taxable Municipal Bonds (8.1%)
Arizona (1.6%)
$	250,000	City of Glendale Arizona, Certificate participation, 0.90%, 7/1/24	$	236,512
Colorado (1.9%)
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 0.86%, 11/1/23, GNMA: GOV. NATL MTGE ASSOCIATION		145,479
	150,000	Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 1.11%, 5/1/25, GNMA: GOV. NATL MTGE ASSOCIATION		137,115
				282,594
New York (1.7%)
	300,000	New York City Housing Development Corp. Revenue, Series L, 2.84%, 11/1/28, Continuously Callable @100		263,800
Rhode Island (2.5%)
	400,000	Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25		382,374
Wisconsin (0.4%)
	65,000	Public Financial Authority Revenue, 4.45%, 10/1/25, Insured by: AGC(a)		63,938
Total Taxable Municipal Bonds (Cost $1,316,125)				1,229,218
U.S. Government Agency Securities (9.7%)
Federal Farm Credit Banks
	240,000	1.32%, 9/9/30, Callable 3/14/23 @ 100 *		188,087
	250,000	2.32%, 1/26/32, Callable 3/14/23 @ 100 *		206,497
				394,584
Federal Farm Credit Banks Funding Corp.
	350,000	2.12%, 5/23/31, Callable 3/14/23 @ 100 *		289,169
Federal Home Loan Banks
	250,000	0.88%, 8/16/28, Callable 5/16/23 @ 100 *(b)		213,627
	220,000	1.25%, 3/17/31, Callable 3/17/23 @ 100 *(b)		182,461
	200,000	1.38%, 10/28/31, Callable 4/28/23 @ 100 *(b)		162,245
	225,000	2.50%, 4/25/25, Callable 4/25/23 @ 100 *(b)		218,386
				776,719
Total U.S. Government Agency Securities (Cost $1,573,789)				1,460,472

U.S. Treasury Obligations (22.2%)
U.S. Treasury Notes
	200,000	3.13%, 8/31/29		188,813
	795,000	4.13%, 9/30/27		790,714
	500,000	4.13%, 11/15/32		507,500
	1,881,000	4.25%, 9/30/24		1,859,692
Total U.S. Treasury Obligations (Cost $3,390,813)				3,346,719

Investment in Affiliates (8.8%)
	1,327,286	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(d)		1,327,286
Total Investment in Affiliates (Cost $1,327,286)				1,327,286

Total Investments (Cost $16,264,706) — 99.2%				14,980,710
Other assets in excess of liabilities — 0.8%				121,978
Net Assets - 100.0%			$	15,102,688

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

(b)	The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2023.

(c)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 28, 2023.

(d)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.

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

See notes to financial statements.

- 26 -

Schedule of Portfolio Investments	Moderate Duration Fund
February 28, 2023 (Unaudited)	Concluded

†

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

AGC	Assured Guaranty Corporation
GNMA	Government National Mortgage Association
H15T1Y	1 Year Treasury Constant Maturity Rate
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate
US0003M	3 Month US Dollar LIBOR
US0012M	12 Month US Dollar LIBOR

See notes to financial statements.

- 27 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2023 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities (13.2%)
$	825,000	Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, 1.94%, 8/15/46, Callable 8/15/24 @ 100*(a)	$	719,519
	16,683	Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34, Callable 3/25/23 @ 100*(b)(c)		14,015
	454,022	BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B, 3.78%, 9/26/33, Callable 3/25/26 @ 100*(a)		425,765
	1,100,000	CoreVest American Finance Trust, Series 2021-2, Class B, 2.38%, 7/15/54, Callable 7/15/31 @ 100*(a)		863,721
	987,500	DB Master Finance LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/51, Callable 5/20/24 @ 100*(a)		861,930
	1,250,000	Finance of America Structured Securities, Series 2023-S1, Class A1, 3.00%, 2/23/53(a)(b)		1,141,421
	1,490,000	Flexential Issuer, Series 2021-1A, Class A2, 3.25%, 11/27/51, Callable 11/25/25 @ 100*(a)		1,326,538
	1,500,000	Hi-Fi Music Ip Issuer II L.P, Series 2022-1A, Class A2, 3.94%, 2/1/62, Callable 5/1/23 @ 100*(a)		1,358,047
	965,429	Horizon Aircraft Finance III, Ltd., Series 2019-2, Class A, 3.43%, 11/15/39(a)		772,097
	664,875	Jack In The Box Funding LLC, Series 2022-1A, Class A2I, 3.45%, 2/26/52, Callable 2/25/25 @ 100*(a)		587,366
	928,477	Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a)		863,305
	597,464	MVW LLC, Series 2019-2A, Class A, 2.22%, 10/20/38, Callable 3/20/26 @ 100*(a)		558,822
	0	RAAC Trust, Series 2004-SP1, Class AI4, 5.29%, 8/25/27, Callable 3/25/23 @ 100*(b)		0
	515,000	Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 4/20/45, Callable 11/20/23 @ 100*(a)		484,928
	1,033,500	Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 1/20/50, Callable 1/20/24 @ 100*(a)		943,866
	912,000	Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44, Callable 3/25/23 @ 100*(a)		894,683
	16,854	Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31, Callable 3/25/23 @ 100*(a)		15,601
	641,525	Taco Bell Funding LLC, Series 2018-1A, Class A2II, 4.94%, 11/25/48, Callable 11/25/25 @ 100*(a)		617,771
	462,655	TRP-TRIP Rail Master Funding LLC, Series 2021-2, Class A, 2.15%, 6/19/51, Callable 6/17/23 @ 100*(a)		397,313
	88,120	VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 11/15/23 @ 100*(a)		73,424
	1,092,000	Wendy’s Funding LLC, Series 2019-1A, Class A2I, 3.78%, 6/15/49, Callable 3/15/24 @ 100*(a)		1,019,065
	652,455	Willis Engine Structured Trust III, Series 17, Class A, 4.69%, 8/15/42, Callable 7/15/27 @ 100*(a)(b)		566,480

Shares or
Principal
Amount		Security Description	Value
Asset Backed Securities, continued:
$	872,024	Willis Engine Structured Trust VI, Series 2021-A, Class A, 3.10%, 5/15/46, Callable 5/15/29 @ 100*(a)	$	651,919
	522,050	ZAXBY’S Funding LLC, Series 2021-1A, Class A2, 3.24%, 7/30/51, Callable 7/30/25 @ 100*(a)		434,113
Total Asset Backed Securities (Cost $17,535,464)				15,591,709

Mortgage Backed Securities† (10.7%)
Alt-A - Adjustable Rate Mortgage Backed Securities (0.0%^)
	53,475	Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.69%, 11/25/36, Callable 5/25/29 @ 100*(b)		28,399
	2,665	JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 6.21%, 12/25/36, Callable 3/25/23 @ 100*(b)(c)		2,556
				30,955
Alt-A - Fixed Rate Mortgage Backed Securities (1.6%)
	6,253	Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46, Callable 3/25/23 @ 100*		5,512
	26,062	Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 3/25/23 @ 100*		18,015
	20,765	Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37, Callable 3/25/23 @ 100*		8,044
	1,150,000	COMM Mortgage Trust, Series 2013-CR12, Class A4, 4.05%, 10/10/46, Callable 11/10/23 @ 100*		1,131,834
	41,627	Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35, Callable 3/25/23 @ 100*		29,983
	5,529	Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34, Callable 3/25/23 @ 100*		5,604
	21,129	Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36, Callable 3/25/23 @ 100*		10,215
	143,775	Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37, Callable 3/25/23 @ 100*		73,524
	175,008	Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36, Callable 3/25/23 @ 100*		79,728
	10,812	Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35, Callable 9/25/25 @ 100*		9,869
	34,585	Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 3/25/23 @ 100*		34,064
	12,665	Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 3/25/23 @ 100*		12,001
	13,057	Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35, Callable 9/25/25 @ 100*		10,898
	706	Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33, Callable 3/25/23 @ 100*		709
	5,328	Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34, Callable 3/25/23 @ 100*		5,271

See notes to financial statements.

- 28 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Alt-A - Fixed Rate Mortgage Backed Securities, continued:
$	442,125	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class A3, 3.96%, 8/15/46, Callable 8/15/23 @ 100*	$	439,083
				1,874,354
Prime Adjustable Rate Mortgage Backed Securities (1.6%)
	415,494	GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A6, 2.50%, 2/25/52, Callable 6/25/45 @ 100*(a)(b)		358,034
	891,755	GS Mortgage-Backed Securities Trust, Series 2021-PJ7, Class A8, 2.50%, 1/25/52, Callable 12/25/48 @ 100*(a)(b)		770,950
	3,555	JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 3.35%, 6/25/36, Callable 3/25/23 @ 100*(b)		2,544
	95,309	JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 4.21%, 8/25/35, Callable 3/25/23 @ 100*(b)		87,767
	8,376	Merrill Lynch Mortgage Investors Trust, Series 2004-HB1, Class A3, 4.40%, 4/25/29, Callable 3/25/23 @ 100*(b)		7,460
	853,246	Starwood Mortgage Residential Trust, Series 2021-5, Class A1, 1.92%, 9/25/66, Callable 10/25/24 @ 100*(a)(b)		700,671
	3,691	Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.59%, 6/25/36, Callable 3/25/23 @ 100*(b)		2,453
				1,929,879
Prime Fixed Mortgage Backed Securities (4.2%)
	273,201	Arroyo Mortgage Trust, Series 2019-3, Class A1, 2.96%, 10/25/48, Callable 3/25/23 @ 100*(a)(b)		250,101
	2,319	Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32, Callable 3/25/23 @ 100*		2,144
	94,732	Chaseflex Trust, Series 2006-2, Class A5, 4.42%, 9/25/36, Callable 3/25/23 @ 100*(b)		83,788
	1,234,806	CIM Trust, Series 2021-J2, Class A4, 2.50%, 4/25/51, Callable 9/25/46 @ 100*(a)(b)		1,067,528
	14,220	Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35		13,779
	2,000	Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 3/25/23 @ 100*		1,900
	3,114	Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34, Callable 3/25/23 @ 100*		2,968
	2,995	Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34, Callable 3/25/23 @ 100*		2,806
	92,208	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35, Callable 3/25/23 @ 100*		30,406
	99	First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31		94
	672	GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33, Callable 3/25/23 @ 100*(b)(c)		660
	884,351	GS Mortgage-Backed Securities Trust 2022-Mm1, Series 2022-MM1, Class A8, 2.50%, 7/25/52, Callable 2/25/48 @ 100*(a)(b)		760,680

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
Prime Fixed Mortgage Backed Securities, continued:
$	958,452	JPMorgan Mortgage Trust, Series 2019-6, Class A5, 3.50%, 12/25/49, Callable 2/25/27 @ 100*(b)	$	863,023
	12,227	JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 4.15%, 4/25/36, Callable 3/25/23 @ 100*(b)		10,285
	16,628	JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34, Callable 3/25/23 @ 100*		14,820
	833,134	Mello Mortgage Capital Acceptance Trust, Series 2021-MTG2, Class A10, 2.50%, 6/25/51, Callable 11/25/44 @ 100*(a)(b)		718,416
	3,460	Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33, Callable 3/25/23 @ 100*		3,327
	82,930	RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32, Callable 3/25/23 @ 100*		73,042
	36,540	TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36, Callable 3/25/23 @ 100*		5,188
	157,420	Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35, Callable 3/25/23 @ 100*		131,847
	3,083	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34, Callable 3/25/23 @ 100*		3,021
	20,958	Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 3/25/23 @ 100*		20,372
	672,442	Wells Fargo Mortgage Backed Securities Trust, Series 2021-2, Class A3, 2.50%, 6/25/51, Callable 11/25/48 @ 100*(a)(b)		580,927
	228,932	Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1, 3.50%, 7/25/49, Callable 12/25/23 @ 100*(a)(b)		205,443
	96,314	WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45, Callable 3/20/23 @ 100*(a)(b)		87,107
				4,933,672
Subprime Mortgage Backed Securities (0.4%)
	201,711	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/30 @ 100*(a)(b)		191,777
	80,808	Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 10/25/29 @ 100*(a)(b)		78,309
	227,264	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 1/25/34 @ 100*(a)(b)		217,721
				487,807
U.S. Government Agency Mortgage Backed Securities (2.9%)
	797,148	Fannie Mae, Series 2021-52, Class JC, 1.25%, 7/25/51		628,636
	236,902	Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41		212,665
	106,692	Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43		94,962
	380,300	Fannie Mae, Series 2020-54, Class TA, 2.00%, 5/25/43		346,755
	129,927	Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41		118,622

See notes to financial statements.

- 29 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	149,435	Fannie Mae, Series 2, Class JD, 2.50%, 2/25/50	$	124,260
	90,254	Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40		83,072
	153,070	Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42		139,488
	37,998	Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44		34,612
	197,687	Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43		187,161
	208,584	Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45		191,562
	343,124	Fannie Mae, Series 2018-M12, Class A1, 3.55%, 8/25/30		331,664
	7,697	Fannie Mae, 4.43% (H15T1Y + 231 bps), 12/1/27, Pool #422279		7,546
	9,980	Fannie Mae, Series 2002-W11, Class AF5, 4.98%, 11/25/32, Callable 3/25/23 @ 100*(b)(c)		9,167
	178	Fannie Mae, 5.00%, 8/1/33, Pool #730856		179
	83	Fannie Mae, 5.00%, 7/1/35, Pool #832198		83
	116	Fannie Mae, 5.50%, 2/1/33, Pool #683351		119
	73	Fannie Mae, 5.50%, 9/1/34, Pool #725773		75
	875	Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28		885
	44	Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23		44
	18,879	Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 3.74%, 8/25/42, Callable 3/25/23 @ 100*(b)		18,071
	71,882	Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41		65,181
	76,657	Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37		72,698
	147,066	Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41		140,093
	920	Freddie Mac, 3.13% (H15T1Y + 213 bps), 4/1/24, Pool #409624		907
	93,521	Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40		87,764
	33,498	Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40		31,430
	205	Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24		204
	183	Freddie Mac, 6.00%, 7/1/35, Pool #A36085		186
	804	Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29		812
	511	Freddie Mac, 6.50%, 2/1/36, Pool #G08113		532
	5,486	Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28		5,625
	148,296	Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42		129,127
	209,493	Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39		199,172
	84,562	Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(b)		80,414
	9,919	Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39		9,680
	85	Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688		85
	2,647	Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215		2,663

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities†, continued:
U.S. Government Agency Mortgage Backed Securities, continued:
$	385	Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701	$	386
				3,356,587
Total Mortgage Backed Securities (Cost $14,104,320)				12,613,254

Corporate Bonds (20.9%)
Airlines (1.8%)
	1,049,258	Alaska Airlines 2020-1, 4.80%, 8/15/27 (a)		1,015,180
	1,128,782	United Airlines Pass Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27		1,121,038
				2,136,218
Banks (3.3%)
	2,475,000	Bank of America Corp., 3.31% (SOFR + 158 bps), 4/22/42, Callable 4/22/41 @ 100 *		1,836,816
	1,350,000	JPMorgan Chase & Co., 2.52% (SOFR + 204 bps), 4/22/31, Callable 4/22/30 @ 100 *		1,115,069
	1,350,000	Wells Fargo & Co., 3.07% (SOFR + 253 bps), 4/30/41, Callable 4/30/40 @ 100 *		976,115
				3,928,000
Beverages (0.6%)
	800,000	PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 *		704,462
Capital Markets (1.3%)
	1,600,000	Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *		1,501,756
Diversified Financial Services (0.7%)
	850,000	Korea Development Bank, 2.75%, 3/19/23		849,243
Electric Utilities (0.8%)
	1,000,000	Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *		919,259
Electrical Equipment (0.9%)
	1,250,000	Emerson Electric Co., 2.20%, 12/21/31, Callable 9/21/31 @ 100 *		1,001,884
Equity Real Estate Investment Trusts (REITs) (0.9%)
	1,255,000	SBA Tower Trust, 1.88%, 1/15/26, Callable 1/15/25 @ 100 *(a)		1,110,953
Food Products (1.7%)
	1,059,000	Conagra Brands, Inc., 4.60%, 11/1/25, Callable 9/1/25 @ 100 *		1,035,755
	320,000	Mars, Inc., 0.88%, 7/16/26, Callable 6/16/26 @ 100 *(a)		277,460
	825,000	Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)		742,620
				2,055,835
Health Care Providers & Services (2.9%)
	1,000,000	Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *		858,204
	590,000	Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 *		542,798
	1,050,000	Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100 *		743,657
	1,425,000	Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *		1,314,729
				3,459,388
Household Durables (0.9%)
	1,120,000	Harman International Industries, Inc., 4.15%, 5/15/25, Callable 2/15/25 @ 100 *		1,083,578
Insurance (0.9%)
	1,100,000	Jackson National Life Global Funding, 2.65%, 6/21/24 (a)		1,052,372

See notes to financial statements.

- 30 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2023 (Unaudited)	Continued

Shares or
Principal
Amount		Security Description	Value
Corporate Bonds, continued:
Interactive Media & Services (1.0%)
$	1,300,000	Meta Platforms, Inc., 3.85%, 8/15/32, Callable 5/15/32 @ 100 *	$	1,166,955
IT Services (0.7%)
	770,000	Western Union Co. (The), 6.20%, 11/17/36		756,854
Oil, Gas & Consumable Fuels (0.7%)
	900,000	Marathon Oil Corp., 4.40%, 7/15/27, Callable 4/15/27 @ 100 *		857,665
Semiconductors & Semiconductor Equipment (1.8%)
	2,178,000	Broadcom, Inc., 4.15%, 11/15/30, Callable 8/15/30 @ 100 *		1,959,019
	325,000	Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100 *		216,234
				2,175,253
Total Corporate Bonds (Cost $29,039,604)				24,759,675

Taxable Municipal Bonds (8.6%)
Kentucky (0.5%)
	750,000	Lexington-Fayette Urban County Airport Board Corp. Revenue, 2.84%, 7/1/31		644,170
Michigan (0.1%)
	190,000	Michigan State Housing Development Authority Revenue, Series B, 2.72%, 10/1/35, Continuously Callable @100		171,022
Oklahoma (2.0%)
	500,000	Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100		470,175
	450,000	The University of Oklahoma Revenue, Series C, 2.45%, 7/1/32, Continuously Callable @100		365,592
	1,650,000	University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100		1,505,522
				2,341,289
Oregon (0.7%)
	1,000,000	State of Oregon, GO, Series O, 1.70%, 8/1/32, Continuously Callable @100		767,747
Pennsylvania (0.9%)
	1,110,000	City of Bethlehem, GO, Series C, 5.15%, 11/1/34, Pre-refunded 11/1/24 @ 100, AGM		1,109,237
Texas (3.2%)
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/26, PSF-GTD		1,003,088
	1,000,000	Arlington Independent School District, GO, 5.00%, 2/15/27, PSF-GTD		1,008,459
	1,250,000	Northwest Independent School District, GO, 1.78%, 2/15/31, Continuously Callable @100, TX PERMANENT SCHOOL FUND GUARANTEED		1,007,795
	785,000	Texas Transportation Commission State Highway Fund Revenue, 5.18%, 4/1/30		793,876
				3,813,218

Shares or
Principal
Amount		Security Description	Value
Taxable Municipal Bonds, continued:
Washington (1.2%)
$	1,200,000	County of King WA Sewer Revenue, Series B, 1.86%, 1/1/33, Continuously Callable @100	$	934,034
	585,000	Pierce County School District No 10 Tacoma, GO, 1.90%, 12/1/33, SCH BD GTY		440,936
				1,374,970
Total Taxable Municipal Bonds (Cost $11,764,247)				10,221,653

U.S. Government Agency Securities (12.7%)
Federal Farm Credit Banks
	750,000	1.32%, 9/9/30, Callable 3/14/23 @ 100 *		587,770
	1,625,000	2.00%, 9/27/33, Callable 3/14/23 @ 100 *		1,257,487
	1,565,000	2.13%, 4/19/34, Callable 3/14/23 @ 100 *		1,200,501
	1,408,000	2.15%, 3/7/36, Callable 3/14/23 @ 100 *		1,040,644
	1,350,000	2.23%, 3/12/35, Callable 3/14/23 @ 100 *		1,025,625
	1,150,000	2.32%, 1/26/32, Callable 3/14/23 @ 100 *		949,888
	1,220,000	2.75%, 2/2/37, Callable 3/14/23 @ 100 *		953,826
				7,015,741
Federal Home Loan Banks
	1,100,000	1.00%, 10/29/29, Callable 4/29/23 @ 100 *(b)		928,071
	1,000,000	1.00%, 2/11/36, Callable 5/11/23 @ 100 *(b)		727,406
	1,345,000	1.25%, 10/8/30, Callable 3/14/23 @ 100 *		1,046,624
	3,000,000	1.25%, 3/24/33, Callable 3/24/23 @ 100 *(b)		2,405,703
	1,170,000	1.50%, 2/25/36, Callable 5/25/23 @ 100 *(b)		851,537
				5,959,341
Federal Home Loan Mortgage Corporation
	882,926	Series 4893, 2.50%, 5/15/49		769,454
Federal National Mortgage Association
	852,341	Series 2018-94, 3.50%, 1/25/49		790,366
	469,818	Series 2022-35, 4.00%, 3/25/47		449,795
				1,240,161
Total U.S. Government Agency Securities (Cost $16,590,506)				14,984,697

U.S. Treasury Obligations (28.1%)
U.S. Treasury Bonds
	5,704,000	1.75%, 8/15/41		3,942,667
	10,831,000	3.13%, 8/15/44		9,241,043
				13,183,710
U.S. Treasury Notes
	3,915,000	3.13%, 8/31/29		3,696,005
	8,156,000	4.13%, 9/30/27		8,112,034
	5,233,000	4.13%, 11/15/32		5,311,495
	3,017,000	4.25%, 9/30/24		2,982,823
				20,102,357
Total U.S. Treasury Obligations (Cost $34,596,470)				33,286,067

Investment in Affiliates (5.5%)
	6,523,358	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(d)		6,523,358
Total Investment in Affiliates (Cost $6,523,358)				6,523,358

Total Investments (Cost $130,153,969) — 99.7%				117,980,413
Other assets in excess of liabilities — 0.3%				387,435
Net Assets - 100.0%			$	118,367,848

(a)

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

(b)

The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate presented is the rate in effect at February 28, 2023.

(c)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at February 28, 2023.

(d)

Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.

See notes to financial statements.

- 31 -

Schedule of Portfolio Investments	Bond Fund
February 28, 2023 (Unaudited)	Concluded

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

^	Represents less than 0.05%.

†

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

AGM	Assured Guaranty Municipal Corporation
GO	General Obligation
H15T1Y	1 Year Treasury Constant Maturity Rate
PSF-GTD	Public School Fund Guaranteed
SCH BD GTY	School Board Guaranty
SOFR	Secured Overnight Financing Rate

See notes to financial statements.

- 32 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 28, 2023 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Mortgage Backed Securities† (21.9%)
Prime Fixed Mortgage Backed Securities (3.2%)
$	355,184	Brean Asset Backed Securities Trust, Series 2021- RM1, Class M1, 1.60%, 10/25/63, Callable 9/25/27 @ 100*(a)	$	213,111
U.S. Government Agency Mortgage Backed Securities (18.7%)
	90,000	Fannie Mae, 2.13%, 4/24/26		83,811
	307,400	Fannie Mae, 4.50%, 10/1/52, Pool #MA4784		296,195
	166,760	Fannie Mae, 5.50%, 12/1/52, Pool #MA4842		166,669
	246,267	Freddie Mac, 4.00%, 11/1/52, Pool #SD8265		231,118
	208,370	Freddie Mac, 5.00%, 10/1/52, Pool #SD8258		204,855
	267,670	Government National Mortgage Assoc., 3.50%, 10/20/52, Pool #MA8345		246,117
				1,228,765
Total Mortgage Backed Securities (Cost $1,554,887)				1,441,876

Corporate Bonds (52.2%)
Aerospace & Defense (5.3%)
	180,000	Embraer Netherlands Finance BV, 5.40%, 2/1/27		171,711
	90,000	Howmet Aerospace, Inc., 5.90%, 2/1/27		89,602
	90,000	The Boeing Co., 5.04%, 5/1/27, Callable 3/1/27 @ 100 *		88,640
				349,953
Automobiles (1.7%)
	90,000	Ford Motor Co., 3.25%, 2/12/32, Callable 11/12/31 @ 100 *		68,021
	45,000	General Motors Co., 5.40%, 10/15/29, Callable 8/15/29 @ 100 *		43,264
				111,285
Banks (8.0%)
	90,000	Bank of America Corp., 3.42% (US0003M + 104 bps), 12/20/28, Callable 12/20/27 @ 100 *		81,934
	90,000	Bank of America Corp., 5.56% (US0003M + 79 bps), 3/5/24		90,000
	90,000	Citigroup, Inc., 4.60%, 3/9/26		87,624
	90,000	JPMorgan Chase & Co., 3.63%, 12/1/27, Callable 12/1/26 @ 100 *		83,990
	90,000	JPMorgan Chase & Co., 6.40%, 5/15/38		98,383
	90,000	Wachovia Corp., 5.50%, 8/1/35		88,325
				530,256
Capital Markets (5.2%)
	180,000	Morgan Stanley, 4.43% (US0003M + 163 bps), 1/23/30, Callable 1/23/29 @ 100, MTN *		169,429
	90,000	The Goldman Sachs Group, Inc., 4.25%, 10/21/25		87,170
	90,000	The Goldman Sachs Group, Inc., 5.20% (SOFR + 82 bps), 9/10/27, Callable 9/10/26 @ 100 *		88,150
				344,749
Chemicals (2.8%)
	200,000	Orbia Advance Corp. SAB de CV, 4.00%, 10/4/27, Callable 7/4/27 @ 100 *(b)		185,500
Construction Materials (3.0%)
	200,000	Celulosa Arauco y Constitucion SA, 4.50%, 8/1/24, Callable 5/1/24 @ 100 *		196,139
Diversified Telecommunication Services (2.8%)
	90,000	AT&T, Inc., 5.92% (US0003M + 118 bps), 6/12/24		90,933
	90,000	Verizon Communications, Inc., 5.96% (US0003M + 110 bps), 5/15/25, Callable 3/15/25 @ 100 *		91,395
				182,328
Health Care Providers & Services (1.3%)
	90,000	CVS Health Corp., 4.30%, 3/25/28, Callable 12/25/27 @ 100 *		86,017

Shares or
Principal
Amount		Security Description	Value
Corporate Bonds, continued:
Hotels, Restaurants & Leisure (2.9%)
$	200,000	Arcos Dorados BV, 6.13%, 5/27/29, Callable 5/27/26 @ 103 *(b)	$	190,900
Metals & Mining (6.6%)
	90,000	Cleveland-Cliffs, Inc., 4.88%, 3/1/31, Callable 3/1/26 @ 102 *(b)		81,918
	90,000	Commercial Metals Co., 3.88%, 2/15/31, Callable 2/15/26 @ 102 *		75,895
	90,000	Freeport-McMoRan, Inc., 4.25%, 3/1/30, Callable 3/1/25 @ 102 *		81,506
	200,000	Indonesia Asahan Aluminium Persero PT, 4.75%, 5/15/25, Callable 4/15/25 @ 100 *(b)		195,780
				435,099
Oil, Gas & Consumable Fuels (6.5%)
	90,000	Kinder Morgan Energy Partners LP, 5.63%, 9/1/41		82,132
	90,000	Occidental Petroleum Corp., 6.13%, 1/1/31, Callable 7/1/30 @ 100 *		90,323
	180,000	Petroleos Mexicanos, 6.50%, 3/13/27		163,756
	90,000	Range Resources Corp., 8.25%, 1/15/29, Callable 1/15/24 @ 104 *		92,362
				428,573
Road & Rail (0.6%)
	45,000	CSX Corp., 3.25%, 6/1/27, Callable 3/1/27 @ 100 *		41,959
Sovereign Bond (3.0%)
	200,000	Corp. Andina de Fomento, 4.75%, 4/1/26		196,682
Specialty Retail (0.7%)
	45,000	Lowe’s Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100 *		42,824
Technology Hardware, Storage & Peripherals (0.6%)
	45,000	Apple, Inc., 3.95%, 8/8/52, Callable 2/8/52 @ 100 *		38,156
Wireless Telecommunication Services (1.2%)
	90,000	T-Mobile USA, Inc., 3.38%, 4/15/29, Callable 4/15/24 @ 102 *		79,415
Total Corporate Bonds (Cost $3,417,776)				3,439,835

U.S. Government Agency Securities (1.3%)
Federal Home Loan Banks
	90,000	3.25%, 11/16/28		85,564
Total U.S. Government Agency Securities (Cost $85,044)				85,564

U.S. Treasury Obligations (21.6%)
U.S. Treasury Bonds
	250,000	1.88%, 2/15/51		162,373
	130,000	4.50%, 2/15/36		138,582
	220,000	4.75%, 2/15/41		240,023
				540,978
U.S. Treasury Notes
	360,000	1.13%, 2/28/27		318,699
	180,000	2.00%, 8/15/25		169,137
	170,000	2.38%, 5/15/29		153,790
	260,000	2.88%, 5/15/32		238,956
				880,582
Total U.S. Treasury Obligations (Cost $1,400,719)				1,421,560

See notes to financial statements.

- 33 -

Schedule of Portfolio Investments	Strategic Enhanced Yield Fund
February 28, 2023 (Unaudited)	Concluded

Shares or
Principal
Amount		Security Description	Value
Investment in Affiliates (2.5%)
	166,175	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(c)	$	166,175

Shares or Principal Amount	Security Description	Value

Investment in Affiliates, continued:
Total Investment in Affiliates (Cost $166,176)		$	166,175

Total Investments (Cost $6,624,602) — 99.5%			6,555,010
Other assets in excess of liabilities — 0.5%			34,548
Net Assets - 100.0%		$	6,589,558

(a)

Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed illiquid according to the policies and procedures adopted by the Board of Trustees. At February 28, 2023, illiquid securities were 3.2% of the Fund’s net assets.

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

(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.

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

†

LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate
US0003M	3 Month US Dollar LIBOR

See notes to financial statements.

- 34 -

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
February 28, 2023 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds (101.7%)
Alaska (3.1%)
$	700,000	City of Valdez Alaska Revenue, 2.03%, 12/1/29, Continuously Callable @100, Exxon Mobil Corp.(a)	$	700,000
Florida (3.3%)
	750,000	County of Palm Beach Revenue, 2.88%, 7/1/32, Callable 4/3/23 @ 100, Northern Trust Co.*(a)		750,000
Illinois (7.5%)
	300,000	Cook County School District No 81 Schiller Park, GO, 5.00%, 12/1/23		303,927
	170,000	Grundy Kendall & Will Counties Community High School District No 111 Minooka, GO, 4.00%, 5/1/23		170,139
	200,000	Henry County Community Unit School District No 229 Kewanee, GO, Series B, 3.00%, 12/1/23, AGM		199,207
	345,000	Village of Franklin Park IL, GO, 3.00%, 7/1/23, AGM		344,371
	250,000	Village of Libertyville IL, GO, Series A, 3.00%, 12/15/23		248,668
	175,000	Village of Libertyville IL, GO, Series B, 4.00%, 5/1/23		175,143
	250,000	Yorkville-Bristol Sanitation District, GO, 5.00%, 12/15/23, AGM		253,129
				1,694,584
Indiana (2.2%)
	500,000	Indianapolis-Marion County Public Library, GO, 3.00%, 7/1/23, ST INTERCEPT		498,288
Iowa (2.2%)
	510,000	East Mills Community School District, GO, 5.00%, 5/1/23, BAM		511,451
Kansas (4.0%)
	155,000	City of Olathe KS, GO, Series 233, 3.00%, 10/1/23		154,659
	750,000	Wyandotte County-Kansas City Unified Government, 4.25%, 4/1/24, Continuously Callable @100		754,049
				908,708
Kentucky (10.6%)
	885,000	Kentucky Interlocal School Transportation Association, Certificate participation, 1.25%, 3/1/23, ST INTERCEPT		884,928
	555,000	Kentucky State Property & Building Commission Revenue, 5.00%, 8/1/23		558,584
	615,000	Mason County School District Finance Corp. Revenue, 2.00%, 9/1/23, ST INTERCEPT		609,268
	355,000	Pulaski County School District Finance Corp. Revenue, 3.00%, 4/1/23, ST INTERCEPT		355,076
				2,407,856
Michigan (3.2%)
	150,000	Central Michigan University Revenue, 5.00%, 10/1/23		151,274
	295,000	Charter Township of Brownstown MI, GO, 4.00%, 5/1/23		295,290
	285,000	City of Gibraltar MI, GO, 3.00%, 11/1/23, BAM		284,136
				730,700
Mississippi (3.5%)
	800,000	Mississippi Business Finance Corp. Revenue, Series C, 2.05%, 12/1/30, Callable 4/3/23 @ 100, Chevron*(a)		800,000

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Missouri (2.1%)
$	185,000	Nixa Public Schools, Certificate participation, 4.00%, 4/1/23	$	185,222
	300,000	Polk County Reorganized School District No 1, GO, 4.00%, 3/1/23		300,006
				485,228
Nevada (2.3%)
	525,000	Washoe County School District, GO, Series A, 5.00%, 6/1/23		527,368
North Dakota (0.9%)
	200,000	City of Horace ND, GO, 3.00%, 5/1/23		199,200
Ohio (30.0%)
	180,000	American Municipal Power, Inc. Revenue, 2.00%, 3/2/23		179,983
	350,000	American Municipal Power, Inc. Revenue, 3.50%, 6/22/23		349,516
	350,000	American Municipal Power, Inc. Revenue, 4.25%, 10/27/23		350,042
	1,000,000	City of Brecksville OH, GO, 4.00%, 9/21/23		1,001,167
	300,000	City of Garfield Heights OH, GO, 3.88%, 6/15/23		299,526
	305,000	City of Huber Heights OH, GO, 5.00%, 11/14/23		307,193
	375,000	City of Trenton OH, GO, 4.00%, 11/7/23		375,123
	279,000	City of Vandalia OH, GO, 3.75%, 8/23/23		278,632
	500,000	City of Willoughby OH, GO, 5.00%, 8/10/23		503,216
	500,000	County of Lucas OH, GO, 3.88%, 10/13/23		500,925
	645,000	County of Miami OH, GO, 3.25%, 7/27/23		642,519
	600,000	County of Trumbull OH, GO, 3.63%, 7/20/23		598,851
	405,000	Township of Blendon OH, GO, 5.00%, 11/16/23		407,935
	525,000	Village of Bratenahl OH, GO, 3.25%, 8/10/23		522,182
	500,000	Village of Oakwood OH / Cuyahoga County, GO, 4.00%, 9/14/23		500,885
				6,817,695
Pennsylvania (2.6%)
	580,000	Borough of Lewistown PA, GO, 4.00%, 12/15/23, BAM		583,297
Rhode Island (1.3%)
	300,000	Rhode Island Health And Educational Building Corp., GO, 4.00%, 5/15/23, AGM		300,356
Tennessee (5.5%)
	255,000	County of Fayette TN, GO, 2.00%, 3/1/23		254,989
	1,000,000	Montgomery County Public Building Authority Revenue, 2.81%, 11/1/27, Callable 4/1/23 @ 100, Bank of America*(a)		1,000,000
				1,254,989
Texas (14.8%)
	680,000	Austin Texas Hotel Occupancy Tax Revenue, 2.77%, 11/15/29, Continuously Callable @100, JPM(a)		680,000
	195,000	Brazoria County Municipal Utility District No 28, GO, Series A, 2.00%, 9/1/23, BAM		193,111
	300,000	City of Edinburg Texas, GO, 5.00%, 3/1/23, AGM		300,015
	100,000	City of Elgin Texas, GO, 4.00%, 7/15/23, AGM		100,248
	100,000	City of Elgin Texas, GO, 4.00%, 7/15/23, AGM		100,248
	220,000	City of Talty TX, GO, 3.00%, 3/15/23, AGM		220,010
	180,000	Fort Bend County Municipal Utility District No 139, GO, 4.00%, 3/1/23, AGM		180,004
	220,000	Fulshear Municipal Utility District No 3A, GO, 4.00%, 9/1/23, AGM		220,662
	375,000	Harris County Municipal Utility District No 278, GO, 4.00%, 9/1/23, BAM		376,184
	450,000	Harris County Municipal Utility District No 449, GO, 3.00%, 9/1/23, AGM		448,758

See notes to financial statements.

- 35 -

Schedule of Portfolio Investments	Ultra Short Tax-Free Income Fund
February 28, 2023 (Unaudited)	Concluded

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Texas, continued:
$	250,000	Kaufman County Municipal Utility District No 14, GO, 2.00%, 3/1/23, AGM	$	249,984
	300,000	San Patricio Municipal Water District Revenue, 3.00%, 7/10/23, AGM		299,399
				3,368,623
Washington (1.5%)
	340,000	State of Washington, Certificate Participation, Series B, 5.00%, 7/1/23		341,969

Shares or
Principal
Amount		Security Description	Value
Municipal Bonds, continued:
Wisconsin (1.1%)
$	250,000	County of Eau Claire WI, GO, Series A, 4.00%, 9/1/23		251,035
Total Municipal Bonds (Cost $23,263,226)				23,131,347

Investment in Affiliates (0.4%)
	80,814	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(b)		80,814
Total Investment in Affiliates (Cost $80,814)				80,814

Total Investments (Cost $23,344,040) — 102.1%				23,212,161
Liabilities in excess of other assets — (2.1)%				(487,447	)
Net Assets - 100.0%			$	22,724,714

(a)	Interest rate is determined by the Remarketing Agent. The rate presented is the rate in effect at February 28, 2023.

(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.

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

AGM	Assured Guaranty Municipal Corporation
BAM	Build America Mutual Assurance Company
GO	General Obligation
JPM	J.P. Morgan Chase Bank

See notes to financial statements.

- 36 -

Schedule of Portfolio Investments	Mid Cap Diverse Leadership Fund
February 28, 2023 (Unaudited)

Shares or
Principal
Amount		Security Description	Value
Common Stocks (95.7%)
Aerospace & Defense (0.7%)
	334	Mercury Systems, Inc.(a)	$	17,482
Air Freight & Logistics (1.9%)
	28	Expeditors International of Washington, Inc.		2,928
	839	Gxo Logistics, Inc.(a)		41,589
				44,517
Auto Components (0.6%)
	292	BorgWarner, Inc.		14,682
Banks (3.2%)
	2,289	Regions Financial Corp.		53,380
	122	Webster Financial Corp.		6,481
	65	Wintrust Financial Corp.		5,988
	213	Zions Bancorp.		10,782
				76,631
Biotechnology (2.5%)
	136	Exact Sciences Corp.(a)		8,477
	505	Neurocrine Biosciences, Inc.(a)		52,065
				60,542
Capital Markets (5.0%)
	151	Affiliated Managers Group, Inc.		24,071
	665	Janus Henderson Group PLC.		18,261
	226	LPL Financial Holdings, Inc.		56,400
	39	MSCI, Inc.		20,364
				119,096
Chemicals (2.0%)
	52	Albemarle Corp.		13,224
	305	Celanese Corp., Class A		35,450
				48,674
Commercial Services & Supplies (0.3%)
	126	Stericycle, Inc.(a)		6,008
Communications Equipment (3.4%)
	198	Arista Networks, Inc.(a)		27,463
	987	Lumentum Holdings, Inc.(a)		53,110
				80,573
Construction & Engineering (0.4%)
	276	MDU Resources Group, Inc.		8,791
Containers & Packaging (2.7%)
	491	AptarGroup, Inc.		57,310
	106	Ball Corp.		5,958
				63,268
Diversified Financial Services (0.9%)
	272	Voya Financial, Inc.		20,261
Diversified Telecommunication Services (0.1%)
	104	Frontier Communications Parent, Inc.(a)		2,845
Electric Utilities (2.3%)
	107	Alliant Energy Corp.		5,486
	766	Xcel Energy, Inc.		49,461
				54,947
Electrical Equipment (2.6%)
	202	Acuity Brands, Inc.		39,180
	507	nVent Electric PLC		23,241
				62,421
Electronic Equipment, Instruments & Components (0.6%)
	74	CDW Corp.		14,979
Energy Equipment & Services (1.9%)
	1,447	Baker Hughes Co.		44,278
Entertainment (1.6%)
	341	Electronic Arts, Inc.		37,831
Equity Real Estate Investment Trusts (REITs) (5.1%)
	251	Essex Property Trust, Inc.		57,243
	1,573	Healthpeak Properties, Inc.		37,847
	946	Omega Healthcare Investors, Inc.		25,343
				120,433

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Food & Staples Retailing (0.6%)
	74	Casey’s General Stores, Inc.	$	15,388
Food Products (3.0%)
	325	Conagra Brands, Inc.		11,833
	276	Darling Ingredients, Inc.(a)		17,463
	646	Kellogg Co.		42,597
				71,893
Health Care Equipment & Supplies (3.6%)
	366	Hologic, Inc.(a)		29,148
	325	ICU Medical, Inc.(a)		55,458
				84,606
Health Care Providers & Services (2.4%)
	97	Encompass Health Corp.		5,482
	159	Guardant Health, Inc.(a).		4,912
	1,316	Oak Street Health, Inc.(a)		46,586
				56,980
Hotels, Restaurants & Leisure (1.9%)
	227	Aramark		8,354
	24	Chipotle Mexican Grill, Inc.(a)		35,786
				44,140
Household Products (2.0%)
	310	The Clorox Co.		48,186
Independent Power and Renewable Electricity Producers (0.7%)
	684	The AES Corp.		16,881
Insurance (6.3%)
	386	Axis Capital Holdings, Ltd.		23,438
	85	Principal Financial Group, Inc.		7,612
	63	Reinsurance Group of America, Inc.		9,102
	733	The Hartford Financial Services Group, Inc.		57,379
	1,145	Unum Group		51,010
				148,541
Internet & Direct Marketing Retail (1.5%)
	289	Etsy, Inc.(a)		35,087
IT Services (3.7%)
	442	Akamai Technologies, Inc.(a)		32,089
	1,162	Genpact, Ltd.		55,462
				87,551
Life Sciences Tools & Services (2.6%)
	239	Repligen Corp.(a)		41,674
	67	West Pharmaceutical Services, Inc.		21,241
				62,915
Machinery (4.6%)
	1,253	Gates Industrial Corp. PLC(a)		17,592
	574	Otis Worldwide Corp.		48,572
	243	The Timken Co.		20,765
	205	The Toro Co.		22,640
				109,569
Media (1.3%)
	110	New York Times Co.		4,235
	769	The Interpublic Group of Cos., Inc.		27,330
				31,565
Multiline Retail (2.0%)
	1,309	Kohl’s Corp.		36,705
	617	Nordstrom, Inc.		12,019
				48,724
Multi-Utilities (1.4%)
	480	CenterPoint Energy, Inc.		13,354
	321	Public Service Enterprise Group, Inc.		19,398
				32,752
Oil, Gas & Consumable Fuels (3.9%)
	233	Cheniere Energy, Inc.		36,660
	1,669	EQT Corp.		55,378
				92,038

See notes to financial statements.

- 37 -

Schedule of Portfolio Investments	Mid Cap Diverse Leadership Fund
February 28, 2023 (Unaudited)	Concluded

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Professional Services (3.5%)
	107	Leidos Holdings, Inc.	$	10,386
	406	ManpowerGroup, Inc.		34,461
	270	Science Applications International Corp.		28,793
	52	Verisk Analytics, Inc.		8,898
				82,538
Real Estate Management & Development (0.7%)
	97	Jones Lang LaSalle, Inc.(a)		16,923
Semiconductors & Semiconductor Equipment (0.9%)
	272	ON Semiconductor Corp.(a)		21,056
Software (6.6%)
	332	Dropbox, Inc., Class A(a)		6,773
	580	Fortinet, Inc.(a)		34,475
	184	Hubspot, Inc.(a)		71,182
	1,059	Teradata Corp.(a)		43,165
				155,595
Specialty Retail (1.2%)
	59	RH(a)		17,643
	90	Ross Stores, Inc.		9,948
				27,591

Shares or
Principal
Amount		Security Description	Value
Common Stocks, continued:
Technology Hardware, Storage & Peripherals (0.5%)
	433	HP, Inc.	$	12,782
Textiles, Apparel & Luxury Goods (1.6%)
	27	Deckers Outdoor Corp.(a)		11,241
	627	Tapestry, Inc.		27,281
				38,522
Trading Companies & Distributors (0.7%)
	379	Air Lease Corp.		16,403
Water Utilities (0.7%)
	112	American Water Works Co., Inc.		15,723
Total Common Stocks (Cost $2,127,617)				2,272,208

Investment in Affiliates (2.8%)
	65,951	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(b)		65,951
		Total Investment in Affiliates (Cost $65,951)		65,951

Total Investments (Cost $2,193,568) — 98.5%		2,338,159
Other assets in excess of liabilities — 1.5%		35,784
Net Assets - 100.0%	$	2,373,943

(a)	Non-income producing security.

(b)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.

See notes to financial statements.

- 38 -

Schedule of Portfolio Investments	Opportunistic Fund
February 28, 2023 (Unaudited)

Shares or Principal Amount	Security Description		Value
Common Stocks (48.1%)
Aerospace & Defense (2.4%)
2,274‌	General Dynamics Corp.	$	518,267‌
1,371‌	Raytheon Technologies Corp.		134,482‌
			652,749‌
Airlines (0.0%^)
10‌	Southwest Airlines Co.		336‌
Auto Components (0.3%)
9‌	BorgWarner, Inc.		453‌
28‌	Gentex Corp.		799‌
724‌	Patrick Industries, Inc.		52,743‌
295‌	XPEL, Inc.(a)		19,709‌
			73,704‌
Banks (0.2%)
17‌	East West Bancorp, Inc.		1,296‌
21‌	JPMorgan Chase & Co.		3,010‌
25‌	M&T Bank Corp.		3,882‌
655‌	OFG Bancorp.		19,925‌
436‌	Pathward Financial, Inc.		22,241‌
			50,354‌
Beverages (1.7%)
39‌	Coca-Cola Consolidated, Inc.		21,717‌
41‌	Constellation Brands, Inc., Class A		9,172‌
100‌	Monster Beverage Corp.(a)		10,176‌
1,225‌	PepsiCo, Inc.		212,574‌
3,333‌	The Coca-Cola Co		198,347‌
			451,986‌
Biotechnology (2.7%)
1,725‌	AbbVie, Inc.		265,477‌
17‌	Alnylam Pharmaceuticals, Inc.(a)		3,255‌
7‌	Biogen, Inc.(a)		1,889‌
108‌	Exact Sciences Corp.(a)		6,732‌
4‌	Neurocrine Biosciences, Inc.(a)		412‌
9,832‌	PTC Therapeutics, Inc.(a)		429,363‌
30‌	Vertex Pharmaceuticals, Inc.(a)		8,709‌
			715,837‌
Building Products (0.1%)
10‌	Allegion PLC		1,127‌
3‌	Lennox International, Inc.		765‌
261‌	Simpson Manufacturing Co, Inc.		28,151‌
			30,043‌
Capital Markets (1.5%)
547‌	Artisan Partners Asset Management, Inc., Class A		18,035‌
168‌	BlackRock, Inc.		115,824‌
194‌	Houlihan Lokey, Inc.		18,566‌
28‌	Intercontinental Exchange, Inc.		2,850‌
440‌	Moelis Co., Class A		18,845‌
1,621‌	Morgan Stanley		156,427‌
1‌	MSCI, Inc.		522‌
20‌	Nasdaq, Inc.		1,121‌
264‌	Piper Sandler Cos		39,861‌
246‌	PJT Partners, Inc., Class A		19,405‌
6‌	The Goldman Sachs Group, Inc.		2,110‌
30‌	Virtu Financial, Inc., Class A		551‌
98‌	Virtus Investment Partners, Inc.		20,622‌
			414,739‌
Chemicals (1.1%)
891‌	AdvanSix, Inc.		36,665‌
33‌	Axalta Coating Systems, Ltd.(a)		983‌
13‌	CF Industries Holdings, Inc.		1,117‌
193‌	Chase Corp.		18,902‌
23‌	Corteva, Inc.		1,433‌
3,178‌	Dow, Inc.		181,782‌

Shares or Principal Amount	Security Description		Value
Common Stocks, continued:
Chemicals, continued:
4‌	Eastman Chemical Co.	$	341‌
12‌	Ecolab, Inc.		1,912‌
441‌	Hawkins, Inc.		17,935‌
616‌	Koppers Holdings, Inc.		22,108‌
			283,178‌
Commercial Services & Supplies (0.0%^)
8‌	Cintas Corp.		3,508‌
9‌	Republic Services, Inc.		1,160‌
			4,668‌
Communications Equipment (0.6%)
77‌	Arista Networks, Inc.(a)		10,680‌
3,291‌	Cisco Systems, Inc.		159,350‌
6‌	F5, Inc.(a)		858‌
1‌	Motorola Solutions, Inc.		263‌
			171,151‌
Construction & Engineering (1.3%)
3,700‌	AECOM		319,532‌
15‌	MDU Resources Group, Inc.		478‌
6‌	Quanta Services, Inc.		968‌
741‌	Sterling Infrastructure, Inc.(a)		28,499‌
			349,477‌
Construction Materials (0.0%^)
7‌	Vulcan Materials Co.		1,266‌
Consumer Finance (0.1%)
15‌	Discover Financial Services		1,680‌
470‌	Enova International, Inc.(a)		22,912‌
19‌	OneMain Holdings, Inc.		819‌
27‌	Synchrony Financial		964‌
			26,375‌
Containers & Packaging (0.5%)
40‌	Ball Corp.		2,248‌
25‌	Berry Global Group, Inc.		1,553‌
944‌	Packaging Corp. of America		129,064‌
			132,865‌
Diversified Consumer Services (0.0%^)
4‌	Bright Horizons Family Solutions, Inc.(a)		315‌
12‌	Grand Canyon Education, Inc.(a)		1,360‌
			1,675‌
Diversified Financial Services (0.0%^)
10‌	Berkshire Hathaway, Inc., Class B(a)		3,052‌
14‌	Voya Financial, Inc.		1,043‌
			4,095‌
Diversified Telecommunication Services (0.1%)
1,066‌	Echostar Corp., Class A(a)		21,277‌
7‌	Frontier Communications Parent, Inc.(a)		192‌
			21,469‌
Electric Utilities (2.3%)
2,177‌	American Electric Power Co., Inc.		191,511‌
2,447‌	Duke Energy Corp.		230,654‌
3,608‌	FirstEnergy Corp.		142,660‌
228‌	MGE Energy, Inc.		16,138‌
73‌	NextEra Energy, Inc.		5,185‌
552‌	Otter Tail Corp.		39,131‌
41‌	PPL Corp.		1,110‌
7‌	Xcel Energy, Inc.		452‌
			626,841‌
Electrical Equipment (0.7%)
9‌	Acuity Brands, Inc.		1,745‌
199‌	Atkore, Inc.(a)		29,058‌
1,485‌	Emerson Electric Co.		122,824‌
166‌	Encore Wire Corp.		32,040‌

See notes to financial statements.

- 39 -

Schedule of Portfolio Investments	Opportunistic Fund
February 28, 2023 (Unaudited)	Continued

Shares or Principal Amount	Security Description		Value
Common Stocks, continued:
Electrical Equipment, continued:
9‌	Regal-Rexnord Corp.	$	1,419‌
15‌	Rockwell Automation, Inc.		4,424‌
			191,510‌
Electronic Equipment, Instruments & Components (0.6%)
146‌	Amphenol Corp., Class A		11,318‌
14‌	CDW Corp.		2,834‌
3,565‌	Corning, Inc.		121,032‌
66‌	Keysight Technologies, Inc.(a)		10,557‌
368‌	Sanmina Corp.(a)		22,249‌
			167,990‌
Energy Equipment & Services (0.4%)
3,187‌	Baker Hughes Co.		97,522‌
105‌	Schlumberger NV		5,587‌
			103,109‌
Entertainment (0.0%^)
5‌	Take-Two Interactive Software, Inc.(a)		548‌
21‌	The Walt Disney Co.(a)		2,092‌
			2,640‌
Equity Real Estate Investment Trusts (REITs) (0.8%)
64‌	American Homes 4 Rent, Class A		1,985‌
71‌	CubeSmart		3,336‌
16‌	Equity LifeStyle Properties, Inc.		1,096‌
11‌	Lamar Advertising Co., Class A		1,150‌
17‌	Life Storage, Inc.		2,049‌
48‌	Omega Healthcare Investors, Inc.		1,286‌
551‌	PotlatchDeltic Corp.		25,434‌
9‌	SL Green Realty Corp.		307‌
5,014‌	STAG Industrial, Inc.		168,671‌
10‌	Sun Communities, Inc.		1,431‌
676‌	Tanger Factory Outlet Centers, Inc.		12,770‌
11‌	Weyerhaeuser Co.		344‌
			219,859‌
Food & Staples Retailing (0.2%)
62‌	Albertsons Cos., Inc., Class A		1,233‌
7‌	Costco Wholesale Corp.		3,389‌
376‌	Ingles Markets, Inc., Class A		33,615‌
578‌	SpartanNash Co.		15,467‌
			53,704‌
Food Products (1.6%)
12‌	Ingredion, Inc.		1,193‌
5‌	Kellogg Co.		329‌
4,198‌	Lamb Weston Holdings, Inc.		422,487‌
91‌	Lancaster Colony Corp.		17,470‌
6‌	Post Holdings, Inc.(a)		540‌
7‌	The J M Smucker Co.		1,035‌
			443,054‌
Gas Utilities (0.1%)
138‌	Chesapeake Utilities Corp.		17,676‌
9‌	National Fuel Gas Co.		516‌
189‌	ONE Gas, Inc.		15,150‌
			33,342‌
Health Care Equipment & Supplies (0.6%)
24‌	Abbott Laboratories		2,441‌
10‌	Hologic, Inc.(a)		796‌
3‌	IDEXX Laboratories, Inc.(a)		1,420‌
32‌	Inspire Medical Systems, Inc.(a)		8,318‌
23‌	Insulet Corp.(a)		6,356‌
1,497‌	Medtronic PLC		123,952‌
14‌	QuidelOrtho Corp.(a)		1,217‌
325‌	STAAR Surgical Co.(a)		18,002‌
11‌	Stryker Corp		2,892‌

Shares or Principal Amount	Security Description		Value
Common Stocks, continued:
Health Care Equipment & Supplies, continued:
1‌	Teleflex, Inc.	$	238‌
			165,632‌
Health Care Providers & Services (2.3%)
300‌	AMN Healthcare Services, Inc.(a)		27,003‌
2,018‌	Cardinal Health, Inc.		152,783‌
2‌	Chemed Corp.		1,043‌
6‌	Elevance Health, Inc.		2,818‌
512‌	Fulgent Genetics, Inc.(a)		16,788‌
11‌	Laboratory Corp. of America Holdings		2,633‌
1,000‌	McKesson Corp.		349,810‌
479‌	National Research Corp.		21,632‌
755‌	Select Medical Holdings Corp.		20,528‌
195‌	The Ensign Group, Inc.		17,449‌
			612,487‌
Health Care Technology (0.1%)
626‌	Computer Programs & System, Inc.(a)		18,786‌
18‌	Definitive Healthcare Corp.(a)		206‌
67‌	Teladoc Health, Inc.(a)		1,775‌
8‌	Veeva Systems, Inc., Class A(a)		1,325‌
			22,092‌
Hotels, Restaurants & Leisure (0.6%)
35‌	Airbnb, Inc., Class A(a)		4,315‌
2‌	Chipotle Mexican Grill, Inc.(a)		2,982‌
2‌	Darden Restaurants, Inc.		286‌
8‌	Domino’s Pizza, Inc.		2,352‌
1,210‌	Everi Holdings, Inc.(a)		22,978‌
3‌	Expedia Group, Inc.(a)		327‌
482‌	McDonald’s Corp.		127,205‌
22‌	Starbucks Corp.		2,246‌
3‌	Vail Resorts, Inc.		700‌
			163,391‌
Household Durables (0.0%^)
19‌	Lennar Corp., Class A		1,838‌
Household Products (0.5%)
462‌	Central Garden & Pet Co.(a)		18,711‌
21‌	Church & Dwight Co., Inc.		1,760‌
5‌	The Clorox Co.		777‌
791‌	The Procter & Gamble Co.		108,810‌
			130,058‌
Independent Power and Renewable Electricity Producers (0.0%^)
68‌	The AES Corp.		1,678‌
Industrial Conglomerates (0.0%^)
14‌	Honeywell International, Inc.		2,681‌
Insurance (0.1%)
5‌	Aflac, Inc.		341‌
469‌	American Equity Investment Life Holding Co.		19,534‌
33‌	American International Group, Inc.		2,016‌
13‌	Fidelity National Financial, Inc.		518‌
22‌	Prudential Financial, Inc.		2,200‌
4‌	The Hanover Insurance Group, Inc.		558‌
14‌	The Hartford Financial Services Group, Inc.		1,096‌
56‌	Unum Group		2,495‌
			28,758‌
Interactive Media & Services (0.1%)
14‌	Alphabet, Inc., Class A(a)		1,261‌
17‌	Alphabet, Inc., Class C(a)		1,535‌
600‌	Yelp, Inc.(a)		18,012‌
			20,808‌
Internet & Direct Marketing Retail (0.0%^)
37‌	Amazon.com, Inc.(a)		3,486‌

See notes to financial statements.

- 40 -

Schedule of Portfolio Investments	Opportunistic Fund
February 28, 2023 (Unaudited)	Continued

Shares or Principal Amount	Security Description		Value
Common Stocks, continued:
Internet & Direct Marketing Retail, continued:
9‌	Etsy, Inc.(a)	$	1,093‌
			4,579‌
IT Services (0.4%)
9‌	Accenture PLC, Class A		2,390‌
393‌	CSG Systems International, Inc.		22,086‌
45‌	DXC Technology Co.(a)		1,248‌
3‌	EPAM Systems, Inc.(a)		923‌
1,119‌	International Money Express, Inc.(a)		28,590‌
9‌	Mastercard, Inc., Class A		3,198‌
1,051‌	The Hackett Group, Inc.		19,591‌
507‌	TTEC Holdings, Inc.		20,412‌
2‌	VeriSign, Inc.(a)		394‌
			98,832‌
Leisure Products (0.0%^)
11‌	Hasbro, Inc.		605‌
Life Sciences Tools & Services (0.2%)
1‌	Agilent Technologies, Inc.		142‌
6‌	Charles River Laboratories International, Inc.(a)		1,316‌
28‌	Danaher Corp.		6,931‌
38‌	IQVIA Holdings, Inc.(a)		7,922‌
88‌	Medpace Holdings, Inc.(a)		17,061‌
1‌	Mettler-Toledo International, Inc.(a)		1,434‌
201‌	Stevanato Group SpA		4,372‌
6‌	Thermo Fisher Scientific, Inc.		3,251‌
5‌	Waters Corp.(a)		1,554‌
			43,983‌
Machinery (1.3%)
38‌	Allison Transmission Holdings, Inc.		1,805‌
13‌	Graco, Inc.		904‌
3‌	IDEX Corp.		675‌
355‌	Mueller Industries, Inc.		26,259‌
1‌	Parker-Hannifin Corp.		352‌
3‌	Snap-on, Inc.		746‌
12‌	The Timken Co.		1,025‌
11‌	The Toro Co.		1,215‌
3,000‌	Westinghouse Air Brake Technologies Corp.		312,990‌
			345,971‌
Marine (0.1%)
381‌	Matson, Inc.		25,340‌
Media (0.3%)
930‌	AMC Networks, Inc., Class A(a)		20,795‌
163‌	DISH Network Corp., Class A(a)		1,860‌
392‌	John Wiley & Sons, Inc., Class A		17,440‌
407‌	TechTarget, Inc.(a)		15,356‌
58‌	The Interpublic Group of Cos., Inc.		2,061‌
968‌	Thryv Holdings, Inc.(a)		23,077‌
			80,589‌
Metals & Mining (3.8%)
372‌	Commercial Metals Co.		19,251‌
11,100‌	Freeport-McMoRan, Inc.		454,767‌
11,806‌	Newmont Corp.		514,860‌
9‌	Reliance Steel & Aluminum Co.		2,231‌
1,963‌	TimkenSteel Corp.(a)		35,903‌
			1,027,012‌
Mortgage Real Estate Investment Trusts (REITs) (0.0%^)
182‌	AGNC Investment Corp.		1,978‌
Multiline Retail (0.1%)
57‌	Dillard’s, Inc., Class A		20,315‌
Multi-Utilities (0.1%)
282‌	NorthWestern Corp.		16,294‌
33‌	Public Service Enterprise Group, Inc.		1,994‌

Shares or Principal Amount	Security Description		Value
Common Stocks, continued:
Multi-Utilities, continued:
300‌	Unitil Corp.	$	16,296‌
18‌	WEC Energy Group, Inc.		1,596‌
			36,180‌
Oil, Gas & Consumable Fuels (5.2%)
1,272‌	Callon Petroleum Co.(a)		49,303‌
5‌	Cheniere Energy, Inc.		787‌
346‌	Chord Energy Corp.		46,579‌
5,252‌	Coterra Energy, Inc.		131,142‌
9,709‌	Devon Energy Corp.		523,509‌
20‌	EQT Corp.		664‌
2,041‌	Magnolia Oil & Gas Corp., Class A		44,596‌
401‌	Matador Resources Co.		21,570‌
2,910‌	ONEOK, Inc.		190,459‌
668‌	PBF Energy, Inc., Class A		29,198‌
2,079‌	Phillips 66		213,222‌
673‌	Pioneer Natural Resources Co.		134,876‌
			1,385,905‌
Personal Products (0.1%)
150‌	Medifast, Inc.		16,820‌
345‌	USANA Health Sciences, Inc.(a)		20,969‌
			37,789‌
Pharmaceuticals (4.6%)
2,499‌	AstraZeneca PLC ADR		162,885‌
1,415‌	Innoviva, Inc.(a)		17,079‌
4,924‌	Johnson & Johnson		754,651‌
2,406‌	Merck & Co., Inc.		255,613‌
302‌	Prestige Consumer Healthcare, Inc.(a)		18,196‌
505‌	Supernus Pharmaceuticals, Inc.(a)		18,983‌
54‌	Viatris, Inc.		616‌
17‌	Zoetis, Inc.		2,839‌
			1,230,862‌
Professional Services (0.1%)
24‌	Jacobs Solutions, Inc.		2,868‌
412‌	Kforce, Inc.		25,746‌
9‌	Robert Half International, Inc.		726‌
			29,340‌
Real Estate Management & Development (0.3%)
1,152‌	Cushman & Wakefield PLC(a)		14,907‌
707‌	Marcus & Millichap, Inc.		24,300‌
1,529‌	Newmark Group, Inc., Class A		12,263‌
633‌	RE/MAX Holdings, Inc.		11,704‌
910‌	The RMR Group, Inc., Class A		25,607‌
			88,781‌
Road & Rail (0.2%)
293‌	ArcBest Corp.		28,187‌
9‌	Old Dominion Freight Line, Inc.		3,053‌
216‌	Uber Technologies, Inc.(a)		7,184‌
12‌	Union Pacific Corp.		2,487‌
			40,911‌
Semiconductors & Semiconductor Equipment (0.7%)
867‌	Amkor Technology, Inc.		22,334‌
261‌	Broadcom, Inc.		155,110‌
13‌	Microchip Technology, Inc.		1,053‌
19‌	NXP Semiconductors NV		3,391‌
21‌	Qorvo, Inc.(a)		2,119‌
8‌	Texas Instruments, Inc.		1,371‌
			185,378‌
Software (0.5%)
13‌	Cadence Design Systems, Inc.(a)		2,508‌
368‌	CommVault Systems, Inc.(a)		21,668‌
40‌	Fortinet, Inc.(a)		2,378‌

See notes to financial statements.

- 41 -

Schedule of Portfolio Investments	Opportunistic Fund
February 28, 2023 (Unaudited)	Continued

Shares or Principal Amount		Security Description		Value
Common Stocks, continued:
Software, continued:
	5‌	Intuit, Inc.	$	2,036‌
	8‌	Manhattan Associates, Inc.(a)		1,150‌
	20‌	Microsoft Corp.		4,988‌
	59‌	Palo Alto Networks, Inc.(a)		11,114‌
	456‌	Progress Software Corp.		26,193‌
	197‌	Qualys, Inc.(a)		23,275‌
	42‌	Splunk, Inc.(a)		4,305‌
	170‌	SPS Commerce, Inc.(a)		25,609‌
	1‌	Synopsys, Inc.(a)		364‌
	128‌	Tenable Holdings, Inc.(a)		5,661‌
	20‌	Teradata Corp.(a)		815‌
	7‌	Zscaler, Inc.(a)		918‌
				132,982‌
Specialty Retail (0.9%)
	108‌	Asbury Automotive Group, Inc.(a)		24,527‌
	16‌	AutoNation, Inc.(a)		2,184‌
	1‌	AutoZone, Inc.(a)		2,487‌
	105‌	Group 1 Automotive, Inc.		23,212‌
	11‌	Lowe’s Cos., Inc.		2,263‌
	619‌	OneWater Marine, Inc.(a)		17,221‌
	3‌	O’Reilly Automotive, Inc.(a)		2,490‌
	767‌	Shoe Carnival, Inc.		20,210‌
	374‌	The Home Depot, Inc.		110,906‌
	84‌	Winmark Corp.		24,528‌
				230,028‌
Technology Hardware, Storage & Peripherals (1.6%)
	43‌	Apple, Inc.		6,339‌
	15,222‌	Pure Storage, Inc.(a)		434,436‌
				440,775‌
Textiles, Apparel & Luxury Goods (0.0%^)
	15‌	Lululemon Athletica, Inc.(a)		4,638‌
Thrifts & Mortgage Finance (0.1%)
	881‌	NMI Holdings, Inc., Class A(a)		20,563‌
Trading Companies & Distributors (0.8%)
	18‌	Air Lease Corp.		779‌
	329‌	Boise Cascade Co.		22,737‌
	2,081‌	MSC Industrial Direct Co., Inc.		175,886‌
	551‌	Titan Machinery, Inc.(a)		25,230‌
	2‌	Watsco, Inc.		610‌
				225,242‌
Water Utilities (0.1%)
	168‌	American States Water Co.		15,002‌
	5‌	American Water Works Co., Inc.		702‌
				15,704‌
Wireless Telecommunication Services (3.0%)
	5,631‌	T-Mobile US, Inc.(a)		800,616‌
Total Common Stocks (Cost $12,450,203)				12,932,337‌

Asset Backed Securities (4.6%)
$	500,000	AFG ABS I LLC, Series 2023-1, Class C, 9.40%, 9/16/30, Callable 2/15/27 @ 100*(b)		499,855‌
377,019‌		Centex Home Equity Loan Trust, Series 2005-A, Class M3, 5.44% (US0001M + 83 bps), 1/25/35, Callable 3/25/23 @ 100*		357,350‌
394,379‌		CHEC Loan Trust, Series 2004-1, Class A3, 5.62% (US0001M + 100 bps), 7/25/34, Callable 3/25/23 @ 100*(b)		372,678‌
Total Asset Backed Securities (Cost $1,217,534)				1,229,883‌

Shares or Principal Amount		Security Description		Value
U.S. Treasury Obligations (36.1%)
U.S. Treasury Notes
$	10,000,000	0.13%, 10/15/23	$	9,698,438‌
Total U.S. Treasury Obligations (Cost $9,691,909)				9,698,438‌

Investment Companies (2.3%)
	15,000‌	AXS Short Innovation ETF		621,750‌
Total Investment Companies (Cost $620,550)				621,750‌

Investment in Affiliates (10.9%)
	2,940,967	‌Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(c)		2,940,967‌
Total Investment in Affiliates (Cost $2,940,967)				2,940,967‌

Total Investments (Cost $26,921,163) — 102.0%				27,423,375‌
Liabilities in excess of other assets — (2.0)%				(530,066‌)
Net Assets - 100.0%			$	26,893,309‌

See notes to financial statements.

- 42 -

Schedule of Portfolio Investments	Opportunistic Fund
February 28, 2023 (Unaudited)	Concluded

(a)	Non-income producing security.
(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.
*	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
LIBOR	London Interbank Offered Rate
US0001M	1 Month US Dollar LIBOR

See notes to financial statements.

- 43 -

Schedule of Portfolio Investments
February 28, 2023 (Unaudited)

World Energy Fund

Shares or Principal Amount		Security Description	Value
Common Stocks (93.0%)
Chemicals (2.0%)
	4,000	Albemarle Corp.	$	1,017,240
	40,000	Livent Corp.(a)		938,000
				1,955,240
Construction & Engineering (1.1%)
	25,000	Ameresco, Inc.(a)		1,098,750
Electric Utilities (0.1%)
	46	ALLETE, Inc.		2,815
	151	Duke Energy Corp.		14,233
	24	Eversource Energy		1,809
	79	Fortis, Inc.		3,126
	11	IDACORP, Inc.		1,137
	31	MGE Energy, Inc.		2,194
	478	NextEra Energy, Inc.		33,952
	66	Otter Tail Corp.		4,679
	209	The Southern Co.		13,180
	23	Xcel Energy, Inc.		1,485
				78,610
Electrical Equipment (0.9%)
	90,000	Vestas Wind Systems A/S ADR		848,700
Energy Equipment & Services (17.7%)
	465	Baker Hughes Co.		14,229
	85,474	Halliburton Co.		3,096,723
	70,000	Noble Corp. PLC(a)		2,918,300
	60,729	Schlumberger NV		3,231,390
	42,152	Tenaris SA ADR		1,391,438
	30,000	Valaris, Ltd.(a)		2,017,500
	65,000	Weatherford International PLC(a)		4,330,300
				16,999,880
Gas Utilities (0.0%^)
	34	Brookfield Infrastructure Corp., Class A		1,469
	20	Chesapeake Utilities Corp.		2,562
	81	National Fuel Gas Co.		4,639
				8,670
Independent Power and Renewable Electricity Producers (0.0%^)
	132	Ormat Technologies, Inc.		11,156
	15	Sunnova Energy International, Inc.(a)		267
	86	TransAlta Corp.		696
				12,119
Metals & Mining (1.9%)
	30,000	BHP Group, Ltd. ADR		1,829,100
Multi-Utilities (0.1%)
	40	CMS Energy Corp.		2,359
	496	Dominion Resources, Inc.		27,587
	61	DTE Energy Co.		6,692
	601	National Grid PLC ADR		37,809
	212	Sempra Energy		31,792
	36	WEC Energy Group, Inc.		3,192
				109,431
Oil, Gas & Consumable Fuels (67.4%)
	95,000	APA Corp.		3,646,100
	124,673	BP PLC ADR		4,937,051
	70,000	Cameco Corp.		1,913,800
	177	Canadian Natural Resources, Ltd.		10,002
	13,000	Cheniere Energy, Inc.		2,045,420
	276	Chevron Corp.		44,373
	39,202	ConocoPhillips		4,051,527
	25,000	Devon Energy Corp.		1,348,000
	13,000	Diamondback Energy, Inc.		1,827,540
	65,844	Enbridge, Inc.		2,470,467
	145,000	Eni SpA ADR		4,112,200
	90	EOG Resources, Inc.		10,172

Shares or Principal Amount		Security Description	Value
Common Stocks, continued:
Oil, Gas & Consumable Fuels, continued:
	5,561	Exxon Mobil Corp.	$	611,209
	26,000	Hess Corp.		3,502,200
	22,461	Marathon Petroleum Corp.		2,776,180
	90,000	Occidental Petroleum Corp.		5,270,400
	27,972	ONEOK, Inc.		1,830,767
	4,593	Phillips 66		471,058
	6,000	Pioneer Natural Resources Co.		1,202,460
	101,399	Shell PLC ADR		6,162,017
	130,000	Suncor Energy, Inc.		4,368,000
	22,497	TC Energy Corp.		895,606
	424	Texas Pacific Land Corp.		754,801
	12,423	The Williams Cos., Inc.		373,932
	63,386	TotalEnergies SE ADR		3,924,227
	25,302	Valero Energy Corp.		3,333,032
	120,000	Woodside Energy Group, Ltd. ADR		2,919,600
				64,812,141
Semiconductors & Semiconductor Equipment (1.7%)
	5,000	SolarEdge Technologies, Inc.(a)		1,589,600
Water Utilities (0.1%)
	282	American States Water Co.		25,183
	412	American Water Works Co., Inc.		57,837
	38	California Water Service Group		2,175
	609	Essential Utilities, Inc.		26,053
	49	Middlesex Water Co.		3,748
	11	The York Water Co.		478
				115,474
Total Common Stocks (Cost $75,562,937)				89,457,715

Corporate Bonds (5.0%)
Energy Equipment & Services (1.0%)
$	400,000	Schlumberger Holdings Corp., 3.90%, 5/17/28, Callable 2/17/28 @ 100 *(b)		375,438
	600,000	Valaris, Ltd., 8.25%, 4/30/28, Callable 4/30/23 @ 104 *		612,750
				988,188
Oil, Gas & Consumable Fuels (4.0%)
	1,100,000	Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27, Callable 9/15/27 @ 100 *		1,015,449
	725,000	Enbridge, Inc., 1.60%, 10/4/26, Callable 9/4/26 @ 100 *		636,558
	300,000	Enbridge, Inc., 4.00%, 10/1/23, Callable 7/1/23 @ 100 *		297,451
	550,000	Matador Resources Co., 5.88%, 9/15/26, Callable 3/23/23 @ 103 *		530,314
	400,000	Range Resources Corp., 8.25%, 1/15/29, Callable 1/15/24 @ 104 *		410,500
	1,100,000	Shell International Finance BV, 2.75%, 4/6/30, Callable 1/6/30 @ 100 *		964,748
				3,855,020
Total Corporate Bonds (Cost $5,029,704)				4,843,208

Investment in Affiliates (1.6%)
	1,583,404	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(c)		1,583,404
Total Investment in Affiliates (Cost $1,583,404)				1,583,404

Total Investments (Cost $82,176,045) — 99.6%				95,884,327
Other assets in excess of liabilities — 0.4%				345,611
Net Assets - 100.0%			$	96,229,938

See notes to financial statements.

- 44 -

Schedule of Portfolio Investments
February 28, 2023 (Unaudited)

World Energy Fund
Concluded

The Adviser has determined that 64.3% of the Fund’s net assets comprise securities of issuers which are either foreign domiciled or derive more than 50% of its assets, revenue or income outside of the United States.

(a)	Non-income producing security.
(b)	Represents a restricted security, purchased under Rule 144A, Section 4(2), which is exempt from registration under the Securities Act of 1933, as amended. The security has been deemed liquid according to the policies and procedures adopted by the Board of Trustees.
(c)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.
*	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
^	Represent less than 0.05%.

ADR	American Depositary Receipt

See notes to financial statements.

- 45 -

Schedule of Portfolio Investments
February 28, 2023 (Unaudited)

Hedged Income Fund

Shares		Security Description	Value
Common Stocks+ (99.9%)
Aerospace & Defense (2.7%)
	10,100	Raytheon Technologies Corp.	$	990,709
Beverages (8.7%)
	11,900	PepsiCo, Inc.		2,065,007
	18,600	The Coca-Cola Co.		1,106,886
				3,171,893
Biotechnology (6.8%)
	16,200	AbbVie, Inc.		2,493,180
Capital Markets (5.5%)
	1,200	BlackRock, Inc.		827,316
	12,200	Morgan Stanley		1,177,300
				2,004,616
Chemicals (3.7%)
	23,400	Dow, Inc.		1,338,480
Communications Equipment (3.2%)
	24,000	Cisco Systems, Inc.		1,162,080
Containers & Packaging (2.7%)
	7,100	Packaging Corp. of America		970,712
Electric Utilities (13.6%)
	22,200	American Electric Power Co., Inc.		1,952,934
	20,100	Duke Energy Corp.		1,894,626
	27,800	FirstEnergy Corp.		1,099,212
				4,946,772
Electrical Equipment (2.5%)
	11,000	Emerson Electric Co.		909,810
Electronic Equipment, Instruments & Components (2.4%)
	25,900	Corning, Inc.		879,305
Energy Equipment & Services (2.0%)
	24,200	Baker Hughes Co.		740,520
Equity Real Estate Investment Trusts (REITs) (1.9%)
	21,000	STAG Industrial, Inc.		706,440
Health Care Equipment & Supplies (1.8%)
	8,000	Medtronic PLC		662,400
Health Care Providers & Services (3.2%)
	15,500	Cardinal Health, Inc.		1,173,505

Shares		Security Description	Value
Common Stocks+, continued:
Hotels, Restaurants & Leisure (2.8%)
	3,800	McDonald’s Corp.	$	1,002,858
Household Products (2.3%)
	6,000	The Procter & Gamble Co.		825,360
Metals & Mining (1.4%)
	12,000	Newmont Corp.		523,320
Oil, Gas & Consumable Fuels (13.5%)
	38,100	Coterra Energy, Inc.		951,357
	21,100	ONEOK, Inc.		1,380,995
	15,400	Phillips 66		1,579,424
	5,000	Pioneer Natural Resources Co.		1,002,050
				4,913,826
Pharmaceuticals (9.9%)
	18,700	AstraZeneca PLC ADR		1,218,866
	22,355	Merck & Co., Inc.		2,374,995
				3,593,861
Semiconductors & Semiconductor Equipment (3.3%)
	2,000	Broadcom, Inc.		1,188,580
Specialty Retail (2.4%)
	2,900	The Home Depot, Inc.		859,966
Trading Companies & Distributors (3.6%)
	15,500	MSC Industrial Direct Co., Inc.		1,310,060
Total Common Stocks (Cost $35,201,841)				36,368,253

Purchased Options (1.0%)^
	136	American Electric Power Co., Inc.		13,600
	120	Duke Energy Corp.		13,800
	56	SPDR S&P 500 ETF Trust		342,160
Total Purchased Options (Cost $570,572)				369,560

Investment in Affiliates (1.9%)
	687,802	Cavanal Hill Government Securities Money Market Fund, Select Shares, 4.44%(a)		687,802
Total Investment in Affiliates (Cost $687,802)				687,802

Total Investments (Cost $36,460,215) — 102.8%				37,425,615
Liabilities in excess of other assets — (2.8)%				(1,013,161	)
Net Assets - 100.0%			$	36,412,454

(a)	Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at February 28, 2023.
+	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 February 28, 2023, the Fund’s exchange traded options purchased were as follows:

Description

Put/
Call

Strike Price

Expiration
Date

Contracts

Notional
Amount(a)

Fair Value

American Electric Power Co., Inc.

Put

80.00 USD

5/19/23

136

10,880

13,600

Duke Energy Corp.

Put

90.00 USD

4/21/23

120

10,800

13,800

SPDR S&P 500 ETF Trust

Put

3650.00 USD

6/30/23

204,400

342,160

Total (Cost $570,572)

369,560

See notes to financial statements.

- 46 -

Schedule of Portfolio Investments
February 28, 2023 (Unaudited)

Hedged Income Fund
Concluded

At February 28, 2023, the Fund’s exchange traded options written were as follows:

Description	Put/ Call	Strike Price	Expiration Date	Contracts	Notional Amount(a)		Fair Value
Abbvie, Inc.	Call	125.00 USD	8/18/23	6	$	750	$	(18,480	)
Abbvie, Inc.	Call	115.00 USD	1/19/24	90		10,350		(370,260	)
AstraZeneca PLC Spons ADR	Call	67.50 USD	6/16/23	187		12,623		(54,230	)
BlackRock, Inc.	Call	760.00 USD	3/31/23	12		9,120		(2,448	)
Broadcom, Inc.	Call	640.00 USD	3/31/23	20		12,800		(9,400	)
Cisco Systems, Inc.	Call	55.00 USD	3/24/23	240		13,200		(720	)
Corning, Inc.	Call	37.00 USD	3/31/23	259		9,583		(2,590	)
Dow, Inc.	Call	59.00 USD	3/24/23	114		6,726		(9,006	)
Emerson Electric Co.	Call	87.50 USD	3/17/23	110		9,625		(2,750	)
McDonald’s Corp.	Call	280.00 USD	3/17/23	38		10,640		(570	)
Merck Co., Inc.	Call	87.50 USD	6/16/23	150		13,125		(299,250	)
Merck Co., Inc.	Call	97.50 USD	6/16/23	35		3,413		(40,075	)
Morgan Stanley	Call	100.00 USD	3/31/23	122		12,200		(18,300	)
MSC Industrial Direct Co., Inc.	Call	85.00 USD	3/17/23	155		13,175		(19,375	)
ONEOK, Inc.	Call	75.00 USD	3/17/23	87		6,525		(87	)
ONEOK, Inc.	Call	60.00 USD	7/21/23	124		7,440		(102,300	)
PepsiCo, Inc.	Call	185.00 USD	4/21/23	119		22,015		(9,044	)
Phillips 66	Call	97.50 USD	5/19/23	144		14,040		(136,800	)
Phillips 66	Call	100.00 USD	5/19/23	10		1,000		(8,000	)
Raytheon Technologies COR	Call	104.00 USD	3/24/23	101		10,504		(2,525	)
STAG Industrial, Inc.	Call	35.00 USD	3/17/23	210		7,350		(6,300	)
The Coca-Cola Co.	Call	58.00 USD	3/31/23	186		10,788		(35,712	)
The Procter Gamble Co.	Call	145.00 USD	3/3/23	60		8,700		(60	)
Total (Premiums $(1,649,781))							$	(1,148,282	)

(a)

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

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

		Value
Options Written		$	(1,148,282	)

See notes to financial statements.

- 47 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

1.	Organization:

The Cavanal Hill Funds (the “Trust”) was organized on October 1, 1987, as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end investment company. The Trust meets the definition of an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. As of February 28, 2023, 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, 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, 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 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 February 28, 2023, of each Fund’s investments in the fair value hierarchy:

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
U.S. Treasury Fund
Repurchase Agreements	$	—	$	805,000,000	$	—	$	805,000,000
Investment Companies		97,420,537		—		—		97,420,537
Total Investments		97,420,537		805,000,000		—		902,420,537

Government Securities Money Market Fund
U.S. Government Agency Securities		—		914,999,944		—		914,999,944
Repurchase Agreements		—		1,335,000,000		—		1,335,000,000
Investment Companies		193,182,832		—		—		193,182,832
Total Investments		193,182,832		2,249,999,944		—		2,443,182,776

- 48 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs		LEVEL 3 - Significant Unobservable Inputs		Total
Limited Duration Fund
Asset Backed Securities	$	—	$	11,483,572	$	—	$	11,483,572
Mortgage Backed Securities¹		—		12,514,474		—		12,514,474
Corporate Bonds²		—		5,507,260		—		5,507,260
Taxable Municipal Bonds³		—		1,223,042		—		1,223,042
U.S. Government Agency Securities		—		2,866,036		—		2,866,036
U.S. Treasury Obligations		—		3,467,536		—		3,467,536
Investment in Affiliates		2,652,779		—		—		2,652,779
Total Investments		2,652,779		37,061,920		—		39,714,699

Moderate Duration Fund
Asset Backed Securities		—		2,096,375		—		2,096,375
Mortgage Backed Securities¹		—		2,102,940		—		2,102,940
Corporate Bonds²		—		3,417,700		—		3,417,700
Taxable Municipal Bonds³		—		1,229,218		—		1,229,218
U.S. Government Agency Securities		—		1,460,472		—		1,460,472
U.S. Treasury Obligations		—		3,346,719		—		3,346,719
Investment in Affiliates		1,327,286		—		—		1,327,286
Total Investments		1,327,286		13,653,424		—		14,980,710

Bond Fund
Asset Backed Securities		—		15,591,709		—		15,591,709
Mortgage Backed Securities¹		—		12,613,254		—		12,613,254
Corporate Bonds²		—		24,759,675		—		24,759,675
Taxable Municipal Bonds³		—		10,221,653		—		10,221,653
U.S. Government Agency Securities		—		14,984,697		—		14,984,697
U.S. Treasury Obligations		—		33,286,067		—		33,286,067
Investment in Affiliates		6,523,358		—		—		6,523,358
Total Investments		6,523,358		111,457,055		—		117,980,413

Strategic Enhanced Yield Fund
Mortgage Backed Securities¹		—		1,441,876		—		1,441,876
Corporate Bonds²		—		3,439,835		—		3,439,835
U.S. Government Agency Securities		—		85,564		—		85,564
U.S. Treasury Obligations		—		1,421,560		—		1,421,560
Investment in Affiliates		166,175		—		—		166,175
Total Investments		166,175		6,388,835		—		6,555,010

Ultra Short Tax-Free Income Fund
Municipal Bonds³		—		23,131,347		—		23,131,347
Investment in Affiliates		80,814		—		—		80,814
Total Investments		80,814		23,131,347		—		23,212,161

Mid Cap Diverse Leadership Fund
Common Stocks²		2,272,208		—		—		2,272,208
Investment in Affiliates		65,951		—		—		65,951
Total Investments		2,338,159		—		—		2,338,159

Opportunistic Fund
Common Stocks²		12,932,337		—		—		12,932,337
Asset Backed Securities		—		1,229,883		—		1,229,883
U.S. Treasury Obligations		—		9,698,438		—		9,698,438
Investment Companies		621,750		—		—		621,750
Investment in Affiliates		2,940,967		—		—		2,940,967
Total Investments		16,495,054		10,928,321		—		27,423,375

World Energy Fund
Common Stocks²		89,457,715		—		—		89,457,715
Corporate Bonds²		—		4,843,208		—		4,843,208
Investment in Affiliates		1,583,404		—		—		1,583,404
Total Investments		91,041,119		4,843,208		—		95,884,327

- 49 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

Fund	LEVEL 1 - Quoted Prices		LEVEL 2 - Other Significant Observable Inputs			LEVEL 3 - Significant Unobservable Inputs		Total
Hedged Income Fund
Common Stocks²	$	36,368,253	$	—		$	—	$	36,368,253
Purchased Options		—		369,560			—		369,560
Investment in Affiliates		687,802		—			—		687,802
Written Options		—		(1,148,282	)		—		(1,148,282	)
Total Investments		37,056,055		(778,722	)		—		36,277,333

1	Please see the Schedule of Portfolio investments for Mortgage Backed Securities classification.
2	Please see the Schedule of Portfolio Investments for Industry classification.
3	Please see the Schedule of Portfolio Investments for State classification.

Securities Valuation:

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

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

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

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

Securities Sold Short:

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

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

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

The Funds did not engage in short sales during the period ending February 28, 2023.

- 50 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

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 period ending February 28, 2023 detailed below.

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

Written Options Contracts—The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and is required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. For the period ended February 28, 2023, the monthly average notional amount for written options contracts was $(246) 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 February 28, 2023:

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

1,148,282

	Location of Gains/(Losses)	Realized Gains/(Losses)		Change in Net Unrealized
	on Derivatives	on Derivatives		Appreciation/Depreciation
Primary Risk Exposure	Recognized	Recognized		on Derivatives Recognized
Equity Risk
Options Contracts	Net realized gains/(losses) on written options contracts/Change in net unrealized	$	896,195	$	(516,556	)
	appreciation/depreciation on written options contracts

Security Transactions and Related Income:

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

Real Estate Investment Trusts:

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

Restricted Securities:

A restricted security is a security that has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. The illiquid, restricted securities held as of February 28, 2023 are identified below:

Acquisition

Acquisition

Principal

Fair

Security

Date

Cost

Amount

Value

Strategic Enhanced Yield Fund:

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

3/25/21

324,827

355,184

213,111

- 51 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

Repurchase Agreements:

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

Distributions to Shareholders:

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

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%
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, 2023.

- 52 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

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

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

Under a Sub-Administration Agreement, the Administrator pays Citi Fund Services Ohio, Inc. (“Citi”) to perform certain administrative duties for the Trust. Fees paid to Citi by the Administrator for sub-administration services are paid out of its administration fees and are not an additional charge to the Funds. For the period ending February 28, 2023, Citi was paid $371,833 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 period ending February 28, 2023, BOKF received $1,650,273. 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, 2023.

The Funds have entered into shareholder servicing agreements with BOKF, a broker-dealer affiliate and various service organizations. Services included in the servicing agreements are assisting in processing purchase, exchange and redemption requests; transmitting and receiving funds in connection with customer orders to purchase, exchange or redeem shares; and providing periodic statements. Shareholder servicing fees are incurred on a class level basis (where applicable). In consideration for these services, the service organizations received a fee from the Funds, computed daily and paid monthly, at an annual rate up to 0.25% for the Administrative, Institutional, Investor, Select, Service, Premier Shares and C Shares and up to 0.10% for the A Shares of the average daily net assets of the Funds’ shares held by the service organizations’ customers. For the period ending February 28, 2023, BOKF received net shareholder servicing fees of $2,148,696. 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, 2023. 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.

- 53 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

Affiliated Transactions:

A summary of each Fund’s investment in an affiliated money market fund (Government Securities Money Market Fund, Select Shares) for the period ending February 28, 2023 is noted below:

	Fair Value							Fair Value		Shares as of		Dividend
Fund	8/31/22		Purchases		Sales			2/28/23		2/28/23		Income
Limited Duration Fund	$	1,667,001	$	11,455,750	$	(10,469,972	)	$	2,652,779		2,652,779	$	39,754
Moderate Duration Fund		816,231		7,958,452		(7,447,397	)		1,327,286		1,327,286		15,695
Bond Fund		6,466,384		39,409,713		(39,352,739	)		6,523,358		6,523,358		57,898
Strategic Enhanced Yield Fund		456,996		5,800,928		(6,091,749	)		166,175		166,175		9,667
Ultra Short Tax-Free Income Fund		20,027		7,378,579		(7,317,792	)		80,814		80,814		6,885
Mid Cap Diverse Leadership Fund		40,468		752,089		(726,606	)		65,951		65,951		1,111
Opportunistic Fund		3,531,733		31,768,615		(32,359,381	)		2,940,967		2,940,967		120,208
World Energy Fund		712,430		37,090,551		(36,219,577	)		1,583,404		1,583,404		33,798
Hedged Income Fund		941,095		7,566,861		(7,820,154	)		687,802		687,802		18,417
	$	14,652,365	$	149,181,538	$	(147,805,367	)	$	16,028,536		16,028,536	$	303,433

Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities and long-term U.S. government securities) for the period ending February 28, 2023 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	31,280,211	$	70,583,000
Moderate Duration Fund		18,115,835		25,795,581
Bond Fund		134,168,444		111,325,622
Strategic Enhanced Yield Fund		10,049,110		22,422,682
Ultra Short Tax-Free Income Fund		35,822,165		42,691,735
Mid Cap Diverse Leadership Fund		4,190,402		6,224,439
Opportunistic Fund		165,932,816		212,495,585
World Energy Fund		213,524,374		158,147,901
Hedged Income Fund		27,708,239		15,934,396

Purchases and sales of long-term U.S. government securities for the period ending February 28, 2023 were as follows:

Fund	Purchases		Sales
Limited Duration Fund	$	23,714,652	$	30,478,266
Moderate Duration Fund		15,649,873		15,039,044
Bond Fund		107,773,909		71,763,642
Strategic Enhanced Yield Fund		6,381,109		7,029,930

Credit Risk and Other Risk Considerations:

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

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

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 and put options that involve risks different from, or possibly greater than, the risks associated with investing directly in securities, including leverage risk, tracking risk and counterparty default risk. The risk of potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, a fund will not benefit from any potential increases in the value of a fund asset above the exercise price, but will bear the risk of declines in the value of the asset. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put option, the Fund risks losing the entire premium

- 54 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

invested if the value of the reference index or security is above the put strike at maturity. Writing of covered call options are also subject to the risk that the counterparty to the transaction will not fulfill its obligations.

The outbreak and spread of a novel coronavirus (COVID-19), which was declared a pandemic by the World Health Organization in March of 2020, continues to cause considerable uncertainty for global financial markets and economies. Efforts to limit the spread of COVID-19, including shut-downs, travel restrictions and quarantines resulted in lower consumer activity, diminished demand for a wide range of products and services and disruption in manufacturing and supply chains. These measures could also result in disruptions to the services provided to the Funds. Government actions to mitigate the economic impact of the pandemic led to an expansion of government deficits and debt, the consequences of which are not yet known. The ultimate extent and duration of the pandemic remains difficult to predict, as does the long-term impact on global economies, financial markets, market sectors and market participants. As the situation continues to develop, COVID-19 could adversely affect investment valuation, liquidity and performance for the Funds.

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

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, 2022, 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	$	48,886,393	$	37,970	$	(4,316,850	)	$	(4,278,880	)
Moderate Duration Fund		21,341,004		22,749		(1,676,999	)		(1,654,250	)
Bond Fund		142,323,282		55,412		(12,494,605	)		(12,439,193	)
Strategic Enhanced Yield Fund		11,187,485		5,828		(1,150,497	)		(1,144,669	)
Ultra Short Tax-Free Income Fund		27,890,383		582		(235,808	)		(235,226	)
Mid Cap Diverse Leadership Fund		2,415,147		235,795		(301,135	)		(65,340	)
Opportunistic Fund		45,422,763		2,797,611		(2,585,703	)		211,908
World Energy Fund		55,920,632		16,993,296		(2,294,950	)		14,698,346
Hedged Income Fund		37,625,818		2,536,027		(3,165,137	)		(629,110	)

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

	Distributions Paid From:
	Net								Total
	Investment		Net Long-		Total Taxable		Tax-Exempt		Distributions
2022	Income		Term Gains		Distributions		Distributions		Paid*
U.S. Treasury Fund	$	964,434	$	—	$	964,434	$	—	$	964,434
Government Securities Money Market Fund		4,399,373		399		4,399,772		—		4,399,772
Limited Duration Fund		1,166,487		—		1,166,487		—		1,166,487
Moderate Duration Fund		406,575		—		406,575		—		406,575
Bond Fund		2,595,738		—		2,595,738		—		2,595,738
Strategic Enhanced Yield Fund		468,181		—		468,181		—		468,181
Ultra Short Tax-Free Income Fund		2,238		—		2,238		26,555		28,793
Mid Cap Diverse Leadership Fund		94,051		102,348		196,399		—		196,399
Opportunistic Fund		1,285,367		1,109,272		2,394,639		—		2,394,639
World Energy Fund		964,694		—		964,694		—		964,694
Hedged Income Fund		624,482		—		624,482		—		624,482

- 55 -

Notes to the Financial Statements

February 28, 2023 (Unaudited)

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, 2022, 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	$	1,239,074	$	—	$	1,239,074	$	(1,239,063	)	$	(2,140	)	$	—		$	(2,129	)
Government Securities Money Market Fund		3,305,705		—		3,305,705		(3,301,466	)		(6,707	)		—			(2,468	)
Limited Duration Fund		142,911		—		142,911		(88,500	)		(5,533,716	)		(4,278,880	)		(9,758,185	)
Moderate Duration Fund		87,480		—		87,480		(36,162	)		(5,494,482	)		(1,654,250	)		(7,097,414	)
Bond Fund		272,471		—		272,471		(276,188	)		(3,249,136	)		(12,439,193	)		(15,692,046	)
Strategic Enhanced Yield Fund		36,111		—		36,111		(36,034	)		(1,099,038	)		(1,144,669	)		(2,243,630	)
Ultra Short Tax-Free Income Fund		14,169		—		14,169		(14,080	)		(332	)		(235,226	)		(235,469	)
Mid Cap Diverse Leadership Fund		22,138		145,870		168,008		—			—			(65,340	)		102,668
Opportunistic Fund		21,572		—		21,572		—			(8,071,789	)		211,908‌			(7,838,309	)
World Energy Fund		247,808		—		247,808		—			(18,591,910	)		14,698,346‌			(3,645,756	)
Hedged Income Fund		135,125		—		135,125		—			(1,335,105	)		(629,110	)		(1,829,090	)

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

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

At August 31, 2022, 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	$	(2,140	)	$	–		$	(2,140	)
Government Securities Money Market Fund		(6,707	)		–			(6,707	)
Limited Duration Fund		(757,390	)		(4,776,326	)		(5,533,716	)
Moderate Duration Fund		(969,611	)		(4,524,871	)		(5,494,482	)
Bond Fund		(2,134,476	)		(1,114,660	)		(3,249,136	)
Strategic Enhanced Yield Fund		(786,525	)		(312,513	)		(1,099,038	)
Ultra Short Tax-Free Income Fund		(332	)		–			(332	)
Opportunistic Fund		(8,071,789	)		–			(8,071,789	)
World Energy Fund		(18,591,910	)		–			(18,591,910	)
Hedged Income Fund		(1,335,105	)		–			(1,335,105	)

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 Regulatory Pronouncements:

The SEC adopted Rule 2a-5 under the 1940 Act. Rule 2a-5 governs fair value determinations. The Funds, as applicable, complied with Rule 2a-5 by its compliance date of September 8, 2022. Management believes this rule will not have a significant impact on the Funds’ operations and will not impact the Funds’ beginning net assets, current period results from operations, or any prior period information presented in the financial statements.

Subsequent Events:

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required as of February 28, 2023.

- 56 -

(This page is intentionally left blank.)

- 57 -

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
Six Months Ended February 28, 2023 (Unaudited)	$	1.000	$	0.015	$	0.015
Year Ended August 31, 2022		1.000		0.002		0.002
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.009		0.009
Service Shares
Six Months Ended February 28, 2023 (Unaudited)		1.000		0.016		0.016
Year Ended August 31, 2022		1.000		0.003		0.003
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.011		0.011
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		1.000		0.017		0.017
Year Ended August 31, 2022		1.000		0.003		0.003
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
Year Ended August 31, 2018		1.000		0.012		0.012
Select Shares
Six Months Ended February 28, 2023 (Unaudited)		1.000		0.017		0.017
Year Ended August 31, 2022		1.000		0.004		0.004
Year Ended August 31, 2021		1.000		—		—
Year Ended August 31, 2020		1.000		0.010		0.010
Year Ended August 31, 2019		1.000		0.020		0.020
December 26, 2017^(d) 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)

Commencement of operations.

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

- 58 -

	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)

$	(0.015	)	$	—	$	(0.015	)	$	1.000	1.48	%	$	726,984	0.68	%	3.01	%	0.68	%
	(0.002	)		—		(0.002	)		1.000	0.20	%		830,908	0.25	%	0.21	%	0.67	%
	—			—		—			1.000	—	%		882,438	0.06	%	—	%	0.68	%
	(0.010	)		—		(0.010	)		1.000	0.55	%		988,206	0.51	%	0.57	%	0.67	%
	(0.020	)		—		(0.020	)		1.000	1.63	%		864,882	0.69	%	1.62	%	0.69	%
	(0.009	)		—		(0.009	)		1.000	0.79	%		957,502	0.67	%	0.77	%	0.67	%

	(0.016	)		—		(0.016	)		1.000	1.63	%		42,207	0.38	%	3.20	%	0.68	%
	(0.003	)		—		(0.003	)		1.000	0.30	%		56,430	0.20	%	0.38	%	0.67	%
	—			—		—			1.000	—	%		34,447	0.06	%	—	%	0.68	%
	(0.010	)		—		(0.010	)		1.000	0.71	%		24,566	0.34	%	0.78	%	0.67	%
	(0.020	)		—		(0.020	)		1.000	1.93	%		79,927	0.39	%	1.93	%	0.69	%
	(0.011	)		—		(0.011	)		1.000	1.09	%		33,720	0.37	%	1.11	%	0.67	%

	(0.017	)		—		(0.017	)		1.000	1.69	%		118,973	0.26	%	3.49	%	0.43	%
	(0.003	)		—		(0.003	)		1.000	0.34	%		49,457	0.14	%	0.35	%	0.42	%
	—			—		—			1.000	—	%		60,980	0.07	%	0.01	%	0.43	%
	(0.010	)		—		(0.010	)		1.000	0.81	%		82,420	0.24	%	0.82	%	0.42	%
	(0.020	)		—		(0.020	)		1.000	2.05	%		94,055	0.27	%	2.04	%	0.44	%
	(0.012	)		—		(0.012	)		1.000	1.21	%		97,238	0.25	%	1.13	%	0.42	%

	(0.017	)		—		(0.017	)		1.000	1.73	%		10,759	0.18	%	3.47	%	0.43	%
	(0.004	)		—		(0.004	)		1.000	0.37	%		10,335	0.13	%	0.61	%	0.42	%
	—			—		—			1.000	0.01	%		3,105	0.08	%	0.01	%	0.43	%
	(0.010	)		—		(0.010	)		1.000	0.88	%		37,975	0.17	%	0.94	%	0.42	%
	(0.020	)		—		(0.020	)		1.000	2.14	%		58,826	0.19	%	2.13	%	0.44	%
	(0.010	)		—		(0.010	)		1.000	0.99	%		51,839	0.17	%	1.46	%	0.42	%

- 59 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
	Net Asset		Net
	Value,		Investment			Total from
	Beginning of		Income			Investment
	Period		(Loss)			Activities
Government Securities Money Market Fund
Administrative Shares
Six Months Ended February 28, 2023 (Unaudited)	$	1.000	$	0.016		$	0.016
Year Ended August 31, 2022		1.000		0.003			0.003
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Year Ended August 31, 2018		1.000		0.009			0.009
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		1.000		0.017	^(d)		0.017
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Year Ended August 31, 2018		1.000		0.012			0.012
Select Shares
Six Months Ended February 28, 2023 (Unaudited)		1.000		0.017	^(d)		0.017
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Year Ended August 31, 2018		1.000		0.013			0.013
Premier Shares
Six Months Ended February 28, 2023 (Unaudited)		1.000		0.017	^(d)		0.017
Year Ended August 31, 2022		1.000		0.004			0.004
Year Ended August 31, 2021		1.000		—			—
Year Ended August 31, 2020		1.000		0.010			0.010
Year Ended August 31, 2019		1.000		0.020			0.020
Year Ended August 31, 2018		1.000		0.012			0.012

(a)	Annualized for periods less than one year.

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

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

(d)	Calculated using average shares.

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

- 60 -

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)

$	(0.016	)	$	—	$	(0.016	)	$	1.000		1.58	%	$	657,230		0.55	%		3.17	%		0.68	%
	(0.003	)		—		(0.003	)		1.000		0.28	%		666,206		0.22	%		0.25	%		0.67	%
	—			—		—			1.000		0.01	%		578,785		0.07	%		0.01	%		0.69	%
	(0.010	)		—		(0.010	)		1.000		0.62	%		608,177		0.44	%		0.58	%		0.68	%
	(0.020	)		—		(0.020	)		1.000		1.77	%		489,932		0.56	%		1.77	%		0.69	%
	(0.009	)		—		(0.009	)		1.000		0.91	%		538,798		0.57	%		0.88	%		0.70	%

	(0.017	)		—		(0.017	)		1.000		1.72	%		161,386		0.26	%		3.55	%		0.43	%
	(0.004	)		—		(0.004	)		1.000		0.37	%		122,080		0.12	%		0.28	%		0.43	%
	—			—		—			1.000		0.01	%		124,349		0.08	%		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.82	%		165,610		0.25	%		0.76	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.06	%		94,595		0.27	%		2.05	%		0.44	%
	(0.012	)		—		(0.012	)		1.000		1.20	%		102,020		0.28	%		1.13	%		0.45	%

	(0.017	)		—		(0.017	)		1.000		1.76	%		1,111,001		0.18	%		3.53	%		0.43	%
	(0.004	)		—		(0.004	)		1.000		0.41	%		1,048,440		0.10	%		0.44	%		0.43	%
	—			—		—			1.000		0.01	%		865,637		0.07	%		0.01	%		0.44	%
	(0.010	)		—		(0.010	)		1.000		0.89	%		947,249		0.18	%		0.84	%		0.43	%
	(0.020	)		—		(0.020	)		1.000		2.14	%		988,003		0.19	%		2.13	%		0.44	%
	(0.013	)		—		(0.013	)		1.000		1.28	%		800,991		0.20	%		1.30	%		0.45	%

	(0.017	)		—		(0.017	)		1.000		1.74	%		514,554		0.23	%		3.57	%		0.93	%
	(0.004	)		—		(0.004	)		1.000		0.38	%		334,389		0.12	%		0.41	%		0.93	%
	—			—		—			1.000		0.01	%		285,447		0.07	%		0.01	%		0.94	%
	(0.010	)		—		(0.010	)		1.000		0.84	%		321,321		0.23	%		0.75	%		0.93	%
	(0.020	)		—		(0.020	)		1.000		2.09	%		233,659		0.24	%		2.08	%		0.94	%
	(0.012	)		—		(0.012	)		1.000		1.23	%		105,598		0.25	%		1.26	%		0.95	%

- 61 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from
	Beginning of		Income		(Losses)			Investment
	Period		(Loss)		on Investments			Activities
Limited Duration Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	9.00	$	0.12	$	(0.13	)	$	(0.01	)
Year Ended August 31, 2022		9.70		0.13		(0.68	)		(0.55	)
Year Ended August 31, 2021		9.79		0.12		(0.07	)		0.05
Year Ended August 31, 2020		9.62		0.17		0.17			0.34
Year Ended August 31, 2019		9.41		0.21		0.21			0.42
Year Ended August 31, 2018		9.61		0.16		(0.15	)		0.01
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		8.99		0.13		(0.13	)		—
Year Ended August 31, 2022		9.69		0.15		(0.68	)		(0.53	)
Year Ended August 31, 2021		9.79		0.14		(0.08	)		0.06
Year Ended August 31, 2020		9.62		0.19		0.18			0.37
Year Ended August 31, 2019		9.40		0.23		0.23			0.46
Year Ended August 31, 2018		9.60		0.19		(0.16	)		0.03
A Shares
Six Months Ended February 28, 2023 (Unaudited)		9.01		0.11		(0.14	)		(0.03	)
Year Ended August 31, 2022		9.70		0.12		(0.66	)		(0.54	)
Year Ended August 31, 2021		9.80		0.12		(0.08	)		0.04
Year Ended August 31, 2020		9.62		0.17		0.18			0.35
Year Ended August 31, 2019		9.41		0.21		0.21			0.42
Year Ended August 31, 2018		9.61		0.16		(0.15	)		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.

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

- 62 -

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

$	(0.12	)	$	—	$	(0.12	)	$	8.87		(0.13	)%	$	1,745		0.96	%		2.67	%		1.21	%		79	%
	(0.15	)		—		(0.15	)		9.00		(5.72	)%		2,336		0.82	%		1.38	%		1.08	%		49	%
	(0.14	)		—		(0.14	)		9.70		0.52	%		3,290		0.76	%		1.24	%		1.01	%		74	%
	(0.17	)		—		(0.17	)		9.79		3.62	%		3,941		0.69	%		1.76	%		0.94	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.56	%		4,126		0.74	%		2.19	%		0.98	%		34	%
	(0.21	)		—		(0.21	)		9.41		0.07	%		8,642		0.80	%		1.63	%		0.99	%		70	%

	(0.13	)		—		(0.13	)		8.86		(0.01	)%		35,508		0.72	%		2.91	%		0.96	%		79	%
	(0.17	)		—		(0.17	)		8.99		(5.51	)%		39,818		0.59	%		1.58	%		0.83	%		49	%
	(0.16	)		—		(0.16	)		9.69		0.65	%		77,455		0.52	%		1.47	%		0.76	%		74	%
	(0.20	)		—		(0.20	)		9.79		3.87	%		92,362		0.44	%		1.98	%		0.69	%		89	%
	(0.24	)		—		(0.24	)		9.62		4.94	%		114,269		0.48	%		2.45	%		0.73	%		34	%
	(0.23	)		—		(0.23	)		9.40		0.37	%		87,618		0.49	%		1.99	%		0.74	%		70	%

	(0.11	)		—		(0.11	)		8.87		(0.27	)%		2,605		1.03	%		2.61	%		1.06	%		79	%
	(0.15	)		—		(0.15	)		9.01		(5.63	)%		2,643		0.84	%		1.37	%		0.93	%		49	%
	(0.14	)		—		(0.14	)		9.70		0.42	%		2,804		0.76	%		1.22	%		0.86	%		74	%
	(0.17	)		—		(0.17	)		9.80		3.73	%		952		0.68	%		1.72	%		0.79	%		89	%
	(0.21	)		—		(0.21	)		9.62		4.57	%		585		0.72	%		2.20	%		0.83	%		34	%
	(0.21	)		—		(0.21	)		9.41		0.13	%		588		0.74	%		1.65	%		0.84	%		70	%

- 63 -

Financial Highlights

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

					Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from
	Beginning of		Income		(Losses)			Investment
	Period		(Loss)		on Investments			Activities
Moderate Duration Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	9.69	$	0.12	$	(0.22	)	$	(0.10	)
Year Ended August 31, 2022		10.77		0.15		(1.07	)		(0.92	)
Year Ended August 31, 2021		10.81		0.16		(0.03	)		0.13
Year Ended August 31, 2020		10.64		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.32			0.56
Year Ended August 31, 2018		10.48		0.16		(0.17	)		(0.01	)
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		9.70		0.14		(0.24	)		(0.10	)
Year Ended August 31, 2022		10.77		0.18		(1.07	)		(0.89	)
Year Ended August 31, 2021		10.82		0.19		(0.04	)		0.15
Year Ended August 31, 2020		10.65		0.22		0.16			0.38
Year Ended August 31, 2019		10.31		0.26		0.34			0.60
Year Ended August 31, 2018		10.48		0.19		(0.17	)		0.02
A Shares
Six Months Ended February 28, 2023 (Unaudited)		9.70		0.12		(0.23	)		(0.11	)
Year Ended August 31, 2022		10.77		0.15		(1.06	)		(0.91	)
Year Ended August 31, 2021		10.82		0.16		(0.04	)		0.12
Year Ended August 31, 2020		10.65		0.19		0.17			0.36
Year Ended August 31, 2019		10.31		0.24		0.33			0.57
Year Ended August 31, 2018		10.48		0.16		(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)

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.

- 64 -

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)

$	(0.12	)	$	—	$	(0.12	)	$	9.47		(1.01	)%	$	2,816		0.74	%		2.59	%		1.63	%		112	%
	(0.16	)		—		(0.16	)		9.69		(8.63	)%		2,888		0.74	%		1.46	%		1.53	%		29	%
	(0.17	)		—		(0.17	)		10.77		1.21	%		3,828		0.74	%		1.49	%		1.29	%		64	%
	(0.19	)		—		(0.19	)		10.81		3.40	%		3,835		0.74	%		1.79	%		1.29	%		83	%
	(0.23	)		—		(0.23	)		10.64		5.54	%		4,271		0.83	%^(e)		2.26	%		1.26	%		25	%
	(0.16	)		—		(0.16	)		10.31		(0.07	)%		5,102		1.14	%		1.49	%		1.35	%		28	%

	(0.13	)		—		(0.13	)		9.47		(0.99	)%		12,114		0.49	%		2.82	%		1.37	%		112	%
	(0.18	)		—		(0.18	)		9.70		(8.31	)%		16,715		0.49	%		1.71	%		1.29	%		29	%
	(0.20	)		—		(0.20	)		10.77		1.37	%		21,351		0.49	%		1.73	%		1.04	%		64	%
	(0.21	)		—		(0.21	)		10.82		3.66	%		26,765		0.49	%		2.02	%		1.04	%		83	%
	(0.26	)		—		(0.26	)		10.65		5.90	%		23,463		0.58	%^(e)		2.51	%		1.01	%		25	%
	(0.19	)		—		(0.19	)		10.31		0.22	%		24,883		0.85	%		1.78	%		1.10	%		28	%

	(0.12	)		—		(0.12	)		9.47		(1.11	)%		172		0.74	%		2.58	%		1.48	%		112	%
	(0.16	)		—		(0.16	)		9.70		(8.54	)%		183		0.74	%		1.44	%		1.38	%		29	%
	(0.17	)		—		(0.17	)		10.77		1.11	%		382		0.74	%		1.49	%		1.15	%		64	%
	(0.19	)		—		(0.19	)		10.82		3.40	%		314		0.74	%		1.79	%		1.14	%		83	%
	(0.23	)		—		(0.23	)		10.65		5.63	%		381		0.85	%^(e)		2.24	%		1.11	%		25	%
	(0.17	)		—		(0.17	)		10.31		(0.03	)%		634		1.10	%		1.53	%		1.20	%		28	%

- 65 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from
	Beginning of		Income		(Losses)			Investment
	Period		(Loss)		on Investments			Activities
Bond Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	8.64	$	0.11	$	(0.33	)	$	(0.22	)
Year Ended August 31, 2022		9.98		0.18		(1.33	)		(1.15	)
Year Ended August 31, 2021		10.12		0.17		(0.13	)		0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.22		0.21		0.60			0.81
Year Ended August 31, 2018		9.55		0.18		(0.31	)		(0.13	)
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		8.62		0.12		(0.33	)		(0.21	)
Year Ended August 31, 2022		9.95		0.20		(1.32	)		(1.12	)
Year Ended August 31, 2021		10.10		0.19		(0.14	)		0.05
Year Ended August 31, 2020		9.80		0.21		0.31			0.52
Year Ended August 31, 2019		9.20		0.23		0.61			0.84
Year Ended August 31, 2018		9.52		0.20		(0.29	)		(0.09	)
A Shares
Six Months Ended February 28, 2023 (Unaudited)		8.64		0.11		(0.33	)		(0.22	)
Year Ended August 31, 2022		9.98		0.18		(1.33	)		(1.15	)
Year Ended August 31, 2021		10.12		0.17		(0.13	)		0.04
Year Ended August 31, 2020		9.82		0.19		0.30			0.49
Year Ended August 31, 2019		9.21		0.21		0.62			0.83
Year Ended August 31, 2018		9.54		0.18		(0.31	)		(0.13	)

	(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.

- 66 -

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

$	(0.11	)	$	—	$	(0.11	)	$	8.31		(2.51	)%	$	1,054		0.73	%		2.68	%		0.98	%		98	%
	(0.19	)		—		(0.19	)		8.64		(11.63	)%		1,129		0.74	%		1.93	%		0.99	%		38	%
	(0.18	)		—		(0.18	)		9.98		0.36	%		1,435		0.72	%		1.70	%		0.97	%		47	%
	(0.19	)		—		(0.19	)		10.12		5.07	%		2,383		0.73	%		1.86	%		0.98	%		65	%
	(0.21	)		—		(0.21	)		9.82		8.96	%		1,862		0.77	%		2.24	%		0.99	%		33	%
	(0.20	)		—		(0.20	)		9.22		(1.33	)%		5,641		0.76	%		1.91	%		0.99	%		29	%

	(0.12	)		—		(0.12	)		8.29		(2.40	)%		117,259		0.48	%		2.93	%		0.73	%		98	%
	(0.21	)		—		(0.21	)		8.62		(11.35	)%		129,062		0.49	%		2.19	%		0.74	%		38	%
	(0.20	)		—		(0.20	)		9.95		0.51	%		108,453		0.47	%		1.95	%		0.72	%		47	%
	(0.22	)		—		(0.22	)		10.10		5.34	%		94,112		0.48	%		2.14	%		0.73	%		65	%
	(0.24	)		—		(0.24	)		9.80		9.28	%		101,925		0.49	%		2.51	%		0.74	%		33	%
	(0.23	)		—		(0.23	)		9.20		(0.97	)%		96,022		0.49	%		2.17	%		0.74	%		29	%

	(0.11	)		—		(0.11	)		8.31		(2.51	)%		54		0.73	%		2.68	%		0.83	%		98	%
	(0.19	)		—		(0.19	)		8.64		(11.63	)%		57		0.74	%		1.93	%		0.84	%		38	%
	(0.18	)		—		(0.18	)		9.98		0.36	%		67		0.72	%		1.70	%		0.82	%		47	%
	(0.19	)		—		(0.19	)		10.12		5.07	%		60		0.73	%		1.91	%		0.83	%		65	%
	(0.22	)		—		(0.22	)		9.82		9.11	%		136		0.74	%		2.27	%		0.84	%		33	%
	(0.20	)		—		(0.20	)		9.21		(1.32	)%		126		0.74	%		1.92	%		0.84	%		29	%

- 67 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
					Net
					Realized and
	Net Asset		Net		Unrealized
	Value,		Investment		Gains			Total from
	Beginning of		Income		(Losses)			Investment
	Period		(Loss)^(b)		on Investments			Activities
Strategic Enhanced Yield Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	9.19	$	0.17	$	(0.51	)	$	(0.34	)
Year Ended August 31, 2022		10.49		0.25		(1.28	)		(1.03	)
Year Ended August 31, 2021		10.82		0.18		(0.16	)		0.02
Year Ended August 31, 2020		10.70		0.19		0.28			0.47
Year Ended August 31, 2019		10.10		0.29		0.60			0.89
December 26, 2017^(f) through August 31, 2018		10.00		0.21		(0.01	)		0.20
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		9.06		0.18		(0.49	)		(0.31	)
Year Ended August 31, 2022		10.35		0.27		(1.27	)		(1.00	)
Year Ended August 31, 2021		10.67		0.21		(0.15	)		0.06
Year Ended August 31, 2020		10.56		0.21		0.27			0.48
Year Ended August 31, 2019		9.97		0.31		0.59			0.90
December 26, 2017^(f) through August 31, 2018		10.00		0.21		(0.02	)		0.19
A Shares
Six Months Ended February 28, 2023 (Unaudited)		9.07		0.17		(0.50	)		(0.33	)
Year Ended August 31, 2022		10.35		0.24		(1.25	)		(1.01	)
Year Ended August 31, 2021		10.67		0.18		(0.15	)		0.03
Year Ended August 31, 2020		10.56		0.20		0.25			0.45
Year Ended August 31, 2019		9.96		0.28		0.60			0.88
December 26, 2017^(f) through August 31, 2018		10.00		0.19		(0.03	)		0.16

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

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

- 68 -

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

$	(0.17	)	$	—		$	(0.17	)	$	8.68		(3.67	)%	$	462		1.01	%		3.95	%		2.69	%		132	%
	(0.27	)		—			(0.27	)		9.19		(9.93	)%		528		1.01	%		2.51	%		2.07	%		18	%
	(0.17	)		(0.18	)		(0.35	)		10.49		0.22	%		1,132		1.01	%		1.67	%		1.66	%		129	%
	(0.20	)		(0.15	)		(0.35	)		10.82		4.47	%		2,178		1.01	%		1.82	%		2.05	%		96	%
	(0.29	)		—			(0.29	)		10.70		8.96	%		1,546		1.01	%		2.79	%		3.16	%		59	%
	(0.10	)		—			(0.10	)		10.10		2.05	%		4		1.01	%		3.01	%		13.65	%		20	%

	(0.18	)		—			(0.18	)		8.57		(3.41	)%		5,975		0.76	%		4.19	%		2.40	%		132	%
	(0.29	)		—			(0.29	)		9.06		(9.78	)%		9,377		0.76	%		2.77	%		1.82	%		18	%
	(0.20	)		(0.18	)		(0.38	)		10.35		0.55	%		19,579		0.76	%		2.01	%		1.42	%		129	%
	(0.22	)		(0.15	)		(0.37	)		10.67		4.66	%		17,335		0.76	%		2.00	%		1.77	%		96	%
	(0.31	)		—			(0.31	)		10.56		9.21	%		6,370		0.76	%		3.02	%		3.23	%		59	%
	(0.22	)		—			(0.22	)		9.97		1.87	%		984		0.76	%		3.11	%		13.40	%		20	%

	(0.17	)		—			(0.17	)		8.57		(3.64	)%		152		1.01	%		3.95	%		2.55	%		132	%
	(0.27	)		—			(0.27	)		9.07		(9.91	)%		159		1.01	%		2.43	%		1.83	%		18	%
	(0.17	)		(0.18	)		(0.35	)		10.35		0.30	%		917		1.01	%		1.75	%		1.52	%		129	%
	(0.19	)		(0.15	)		(0.34	)		10.67		4.41	%		393		1.01	%		1.94	%		1.97	%		96	%
	(0.28	)		—			(0.28	)		10.56		9.05	%		468		1.01	%		2.82	%		4.02	%		59	%
	(0.20	)		—			(0.20	)		9.96		1.60	%		390		1.01	%		2.87	%		13.50	%		20	%

- 69 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Ultra Short Tax-Free Income Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	9.87	$	0.04		$	0.05		$	0.09
Year Ended August 31, 2022		9.97		(0.01	)^(e)		(0.09	)		(0.10	)
Year Ended August 31, 2021		10.00		(0.03	)^(e)		—			(0.03	)
Year Ended August 31, 2020		10.00		0.06			—			0.06
Year Ended August 31, 2019		9.98		0.11			0.02			0.13
December 26, 2017^(g) through August 31, 2018		10.00		0.03			(0.02	)		0.01
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		9.92		0.06			0.04			0.10
Year Ended August 31, 2022		10.01		0.01	^(e)		(0.08	)		(0.07	)
Year Ended August 31, 2021		10.01		—	^(e)		—			—
Year Ended August 31, 2020		10.01		0.09			—			0.09
Year Ended August 31, 2019		10.00		0.14			0.01			0.15
December 26, 2017^(g) through August 31, 2018		10.00		0.07			—			0.07
A Shares
Six Months Ended February 28, 2023 (Unaudited)		9.89		0.05			0.04			0.09
Year Ended August 31, 2022		9.98		—	^(e)		(0.09	)		(0.09	)
Year Ended August 31, 2021		10.01		(0.03	)^(e)		—			(0.03	)
Year Ended August 31, 2020		10.01		0.06			—			0.06
Year Ended August 31, 2019		10.01		0.03			0.01			0.04
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.

- 70 -

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)

$	(0.05	)	$	—	$	(0.05	)	$	9.91		0.87	%	$	45		0.60	%		0.84	%		1.42	%		153	%
	—			—		—			9.87		(0.95	)%		103		0.60	%		(0.10	)%		1.28	%		96	%
	—			—		—			9.97		(0.30	)%		105		0.60	%		(0.28	)%		1.07	%		130	%
	(0.06	)		—		(0.06	)		10.00		0.64	%		539		0.60	%		0.53	%		1.16	%		129	%
	(0.11	)		—		(0.11	)		10.00		1.35	%		175		0.66	%^(f)		1.12	%		1.59	%		135	%
	(0.03	)		—		(0.03	)		9.98		0.14	%		71		0.81	%		0.71	%		2.36	%		155	%

	(0.06	)		—		(0.06	)		9.96		0.99	%		22,551		0.35	%		1.17	%		1.02	%		153	%
	(0.02	)		—		(0.02	)		9.92		(0.74	)%		26,566		0.35	%		0.14	%		1.03	%		96	%
	—			—		—			10.01		0.01	%		32,512		0.35	%		(0.04	)%		0.82	%		130	%
	(0.09	)		—		(0.09	)		10.01		0.89	%		38,955		0.35	%		0.81	%		0.92	%		129	%
	(0.14	)		—		(0.14	)		10.01		1.50	%		20,529		0.41	%^(f)		1.38	%		1.34	%		135	%
	(0.07	)		—		(0.07	)		10.00		0.65	%		11,595		0.56	%		0.96	%		2.11	%		155	%

	(0.05	)		—		(0.05	)		9.93		0.87	%		129		0.60	%		1.02	%		1.38	%		153	%
	—			—		—			9.89		(0.85	)%		44		0.60	%		(0.04	)%		1.06	%		96	%
	—			—		—			9.98		(0.30	)%		17		0.60	%		(0.28	)%		0.92	%		130	%
	(0.06	)		—		(0.06	)		10.01		0.64	%		17		0.60	%		0.65	%		1.04	%		129	%
	(0.04	)		—		(0.04	)		10.01		0.36	%		21		0.66	%^(f)		1.07	%		1.44	%		135	%
	—			—		—			10.01		0.10	%		—		0.81	%		0.71	%		2.21	%		155	%

- 71 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Mid Cap Diverse Leadership Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	12.55	$	0.04		$	0.47		$	0.51
Year Ended August 31, 2022		14.46		0.02	^(e)		(1.32	)		(1.30	)
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
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		12.61		0.06			0.47			0.53
Year Ended August 31, 2022		14.50		0.07	^(e)		(1.33	)		(1.26	)
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
A Shares
Six Months Ended February 28, 2023 (Unaudited)		12.66		0.04			0.48			0.52
Year Ended August 31, 2022		14.57		0.03	^(e)		(1.34	)		(1.31	)
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
C Shares
Six Months Ended February 28, 2023 (Unaudited)		12.22		(0.01	)		0.47			0.46
Year Ended August 31, 2022		14.14		(0.07	)^(e)		(1.29	)		(1.36	)
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

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

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

- 72 -

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)

$	(0.03	)	$	(1.08	)	$	(1.11	)	$	11.95		4.68	%	$	184		1.03	%		0.67	%		7.41	%		192	%
	(0.05	)		(0.56	)		(0.61	)		12.55		(9.32	)%		190		1.06	%		0.11	%		6.36	%		171	%
	(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	%

	(0.05	)		(1.08	)		(1.13	)		12.01		4.82	%		2,021		0.81	%		0.92	%		7.15	%		192	%
	(0.07	)		(0.56	)		(0.63	)		12.61		(9.05	)%		1,983		0.81	%		0.48	%		6.11	%		171	%
	(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	%

	(0.03	)		(1.08	)		(1.11	)		12.07		4.72	%		159		1.06	%		0.64	%		7.30	%		192	%
	(0.04	)		(0.56	)		(0.60	)		12.66		(9.33	)%		152		1.06	%		0.20	%		6.21	%		171	%
	(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	%

	(0.01	)		(1.08	)		(1.09	)		11.59		4.37	%		11		1.81	%		(0.10	)%		8.16	%		192	%
	—			(0.56	)		(0.56	)		12.22		(9.97	)%		25		1.81	%		(0.55	)%		7.11	%		171	%
	(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	%

- 73 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
						Net
						Realized and
	Net Asset		Net			Unrealized
	Value,		Investment			Gains			Total from
	Beginning of		Income			(Losses)			Investment
	Period		(Loss)			on Investments			Activities
Opportunistic Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	13.30	$	0.08		$	(0.44	)	$	(0.36	)
Year Ended August 31, 2022		16.88		0.07	^(e)		(3.16	)		(3.09	)
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
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		13.48		0.09	^(e)		(0.45	)		(0.36	)
Year Ended August 31, 2022		17.10		0.10	^(e)		(3.19	)		(3.09	)
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		15.05		0.08	^(e)		1.30			1.38
A Shares
Six Months Ended February 28, 2023 (Unaudited)		13.35		0.07			(0.43	)		(0.36	)
Year Ended August 31, 2022		16.95		0.07	^(e)		(3.18	)		(3.11	)
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
C Shares
Six Months Ended February 28, 2023 (Unaudited)		12.86		0.03			(0.42	)		(0.39	)
Year Ended August 31, 2022		16.37		(0.05	)^(e)		(3.06	)		(3.11	)
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

	(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.

- 74 -

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

$	(0.05	)	$	—		$	(0.05	)	$	12.89		(2.70	)%	$	780		1.25	%		1.11	%		1.98	%		533	%
	(0.11	)		(0.38	)		(0.49	)		13.30		(18.75	)%		951		1.25	%		0.44	%		1.77	%		260	%
	(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	%

	(0.07	)		—			(0.07	)		13.05		(2.66	)%		24,810		1.00	%		1.36	%		1.72	%		533	%
	(0.15	)		(0.38	)		(0.53	)		13.48		(18.53	)%		43,336		1.00	%		0.68	%		1.52	%		260	%
	(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	)		12.94		(2.70	)%		1,053		1.25	%		1.12	%		1.83	%		533	%
	(0.11	)		(0.38	)		(0.49	)		13.35		(18.79	)%		1,093		1.25	%		0.44	%		1.62	%		260	%
	(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	)		12.46		(3.05	)%		251		2.00	%		0.37	%		2.73	%		533	%
	(0.02	)		(0.38	)		(0.40	)		12.86		(19.41	)%		285		2.00	%		(0.31	)%		2.52	%		260	%
	(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	%

- 75 -

Financial Highlights

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

			Change in Net Assets Resulting From Operations:
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities
World Energy Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	12.52	$	0.13		$	0.07		$	0.20
Year Ended August 31, 2022		8.89		0.20	^(e)		3.62			3.82
Year Ended August 31, 2021		6.16		0.13			2.71			2.84
Year Ended August 31, 2020		6.71		0.10			(0.51	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.82	)		(2.67	)
Year Ended August 31, 2018		8.06		0.06	^(e)		1.41			1.47
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		12.53		0.14			0.08			0.22
Year Ended August 31, 2022		8.89		0.23	^(e)		3.63			3.86
Year Ended August 31, 2021		6.16		0.14			2.72			2.86
Year Ended August 31, 2020		6.72		0.13			(0.53	)		(0.40	)
Year Ended August 31, 2019		9.51		0.17			(2.83	)		(2.66	)
Year Ended August 31, 2018		8.07		0.09	^(e)		1.42			1.51
A Shares
Six Months Ended February 28, 2023 (Unaudited)		12.49		0.13			0.06			0.19
Year Ended August 31, 2022		8.86		0.20	^(e)		3.62			3.82
Year Ended August 31, 2021		6.15		0.13			2.70			2.83
Year Ended August 31, 2020		6.70		0.11			(0.52	)		(0.41	)
Year Ended August 31, 2019		9.49		0.15			(2.83	)		(2.68	)
Year Ended August 31, 2018		8.06		0.07	^(e)		1.41			1.48
C Shares
Six Months Ended February 28, 2023 (Unaudited)		12.37		0.08			0.06			0.14
Year Ended August 31, 2022		8.78		0.13	^(e)		3.57			3.70
Year Ended August 31, 2021		6.10		0.08			2.67			2.75
Year Ended August 31, 2020		6.64		0.05			(0.51	)		(0.46	)
Year Ended August 31, 2019		9.39		0.09			(2.79	)		(2.70	)
Year Ended August 31, 2018		8.00		—	^(e)		1.40			1.40

	(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.

- 76 -

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

$	(0.14	)	$	—	$	(0.14	)	$	12.58		1.67	%	$	28,068		1.15	%		2.10	%		1.43	%		185	%
	(0.19	)		—		(0.19	)		12.52		43.38	%		25,003		1.15	%		1.99	%		1.57	%		192	%
	(0.11	)		—		(0.11	)		8.89		46.49	%		6,895		1.15	%		1.69	%		1.96	%		174	%
	(0.14	)		—		(0.14	)		6.16		(6.19	)%		2,984		1.15	%		1.68	%		2.18	%		191	%
	(0.11	)		—		(0.11	)		6.71		(28.27	)%		3,079		1.25	%^(f)		1.56	%		1.68	%		145	%
	(0.04	)		—		(0.04	)		9.49		18.27	%		7,964		1.39	%		0.66	%		1.56	%		130	%

	(0.16	)		—		(0.16	)		12.59		1.80	%		60,925		0.90	%		2.19	%		1.18	%		185	%
	(0.22	)		—		(0.22	)		12.53		43.81	%		37,866		0.90	%		2.16	%		1.34	%		192	%
	(0.13	)		—		(0.13	)		8.89		46.78	%		15,641		0.90	%		1.88	%		1.69	%		174	%
	(0.16	)		—		(0.16	)		6.16		(5.91	)%		6,254		0.90	%		1.82	%		1.89	%		191	%
	(0.13	)		—		(0.13	)		6.72		(28.12	)%		11,163		0.97	%^(f)		1.88	%		1.43	%		145	%
	(0.07	)		—		(0.07	)		9.51		18.71	%		37,696		1.12	%		0.97	%		1.31	%		130	%

	(0.14	)		—		(0.14	)		12.54		1.60	%		2,414		1.15	%		2.08	%		1.31	%		185	%
	(0.19	)		—		(0.19	)		12.49		43.54	%		3,170		1.15	%		1.88	%		1.47	%		192	%
	(0.12	)		—		(0.12	)		8.86		46.33	%		2,216		1.15	%		1.54	%		1.83	%		174	%
	(0.14	)		—		(0.14	)		6.15		(6.13	)%		1,867		1.15	%		1.66	%		2.02	%		191	%
	(0.11	)		—		(0.11	)		6.70		(28.35	)%		2,485		1.21	%^(f)		1.67	%		1.53	%		145	%
	(0.05	)		—		(0.05	)		9.49		18.37	%		6,302		1.34	%		0.72	%		1.41	%		130	%

	(0.09	)		—		(0.09	)		12.42		1.21	%		4,823		1.90	%		1.31	%		2.19	%		185	%
	(0.11	)		—		(0.11	)		12.37		42.42	%		4,713		1.90	%		1.13	%		2.35	%		192	%
	(0.07	)		—		(0.07	)		8.78		45.25	%		3,101		1.90	%		0.94	%		2.74	%		174	%
	(0.08	)		—		(0.08	)		6.10		(6.89	)%		2,458		1.90	%		0.87	%		2.91	%		191	%
	(0.05	)		—		(0.05	)		6.64		(28.82	)%		3,688		1.95	%^(f)		0.97	%		2.43	%		145	%
	(0.01	)		—		(0.01	)		9.39		17.51	%		6,115		2.11	%		(0.05	)%		2.31	%		130	%

- 77 -

Financial Highlights

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

			Change in Net Assets
			Resulting From Operations:
						Net
							Realized and
		Net Asset		Net			Unrealized
		Value,		Investment			Gains			Total from
		Beginning of		Income			(Losses)			Investment
		Period		(Loss)^(b)			on Investments			Activities
Hedged Income Fund
Investor Shares
Six Months Ended February 28, 2023 (Unaudited)	$	9.93	$	0.13		$	0.10		$	0.23
Year Ended August 31, 2022		10.81		0.19	^(b)		(0.88	)		(0.69	)
December 28, 2020^(f) through August 31, 2021		10.00		0.14			0.74			0.88
Institutional Shares
Six Months Ended February 28, 2023 (Unaudited)		9.93		0.14			0.11			0.25
Year Ended August 31, 2022		10.82		0.23	^(b)		(0.91	)		(0.68	)
December 28, 2020^(f) through August 31, 2021		10.00		0.15			0.75			0.90
A Shares
Six Months Ended February 28, 2023 (Unaudited)		9.91		0.12	^(b)		0.11			0.23
Year Ended August 31, 2022		10.80		0.20	^(b)		(0.90	)		(0.70	)
December 28, 2020^(f) through August 31, 2021		10.00		0.14			0.74			0.88

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

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

- 78 -

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

$	(0.11	)	$	—	$	(0.11	)	$	10.05		2.40	%	$	275		1.35	%		2.53	%		1.75	%		45	%
	(0.19	)		—		(0.19	)		9.93		(6.47	)%		309		1.35	%		1.86	%		1.98	%		18	%
	(0.07	)		—		(0.07	)		10.81		8.79	%		1,438		1.35	%		1.90	%		2.26	%		23	%

	(0.13	)		—		(0.13	)		10.05		2.56	%		34,803		1.10	%		2.79	%		1.50	%		45	%
	(0.21	)		—		(0.21	)		9.93		(6.31	)%		33,178		1.10	%		2.21	%		1.69	%		18	%
	(0.08	)		—		(0.08	)		10.82		9.04	%		23,042		1.10	%		2.14	%		2.01	%		23	%

	(0.10	)		—		(0.10	)		10.04		2.39	%		1,334		1.35	%		2.51	%		1.60	%		45	%
	(0.19	)		—		(0.19	)		9.91		(6.51	)%		1,785		1.35	%		1.94	%		1.75	%		18	%
	(0.08	)		—		(0.08	)		10.80		8.77	%		1,709		1.35	%		1.88	%		2.11	%		23	%

- 79 -

Additional Fund Information (Unaudited)

February 28, 2023 (Unaudited)

U.S. Treasury Fund:
	Percentage of
Security Allocation	Net Assets
Repurchase Agreements		89.6	%
Investment Companies		10.8	%
Liabilities in excess of other assets		(0.4	)%
Total		100.0	%

Government Securities Money Market Fund:
		Percentage of
Security Allocation		Net Assets
U.S. Government Agency Securities		37.5	%
Repurchase Agreements		54.6	%
Investment Companies		7.9	%
Total		100.0	%

Limited Duration Fund:
		Percentage of
Security Allocation		Net Assets
Asset Backed Securities		28.8	%
Mortgage Backed Securities		31.4	%
Corporate Bonds		13.8	%
Taxable Municipal Bonds		3.0	%
U.S. Government Agency Securities		7.2	%
U.S. Treasury Obligations		8.7	%
Investment in Affiliates		6.7	%
Other assets in excess of liabilities		0.4	%
Total		100.0	%

Moderate Duration Fund:
		Percentage of
Security Allocation		Net Assets
Asset Backed Securities		13.9	%
Mortgage Backed Securities		13.9	%
Corporate Bonds		22.6	%
Taxable Municipal Bonds		8.1	%
U.S. Government Agency Securities		9.7	%
U.S. Treasury Obligations		22.2	%
Investment in Affiliates		8.8	%
Other assets in excess of liabilities		0.8	%
Total		100.0	%

Bond Fund:
		Percentage of
Security Allocation		Net Assets
Asset Backed Securities		13.2	%
Mortgage Backed Securities		10.7	%
Corporate Bonds		20.9	%
Taxable Municipal Bonds		8.6	%
U.S. Government Agency Securities		12.7	%
U.S. Treasury Obligations		28.1	%
Investment in Affiliates		5.5	%
Other assets in excess of liabilities		0.3	%
Total		100.0	%

Strategic Enhanced Yield Fund:
		Percentage of
Security Allocation		Net Assets
Mortgage Backed Securities		21.9	%
Corporate Bonds		52.2	%
U.S. Government Agency Securities		1.3	%
U.S. Treasury Obligations		21.6	%
Investment in Affiliates		2.5	%
Other assets in excess of liabilities		0.5	%
Total		100.0	%

Ultra Short Tax-Free Income Fund:
		Percentage of
Security Allocation		Net Assets
Municipal Bonds		101.7	%
Investment in Affiliates		0.4	%
Liabilities in excess of other assets		(2.1	)%
Total		100.0	%

Mid Cap Diverse Leadership Fund:
		Percentage of
Security Allocation		Net Assets
Common Stocks		95.7	%
Investment in Affiliates		2.8	%
Other assets in excess of liabilities		1.5	%
Total		100.0	%

Opportunistic Fund:
		Percentage of
Security Allocation		Net Assets
Common Stocks		48.1	%
Asset Backed Securities		4.6	%
U.S. Treasury Obligations		36.1	%
Investment Companies		2.3	%
Investment in Affiliates		10.9	%
Liabilities in excess of other assets		(2.0	)%
Total		100.0	%

World Energy Fund:
		Percentage of
Security Allocation		Net Assets
Common Stocks		93.0	%
Corporate Bonds		5.0	%
Investment in Affiliates		1.6	%
Other assets in excess of liabilities		0.4	%
Total		100.0	%

Hedged Income Fund:
		Percentage of
Security Allocation		Net Assets
Common Stocks		99.9	%
Purchased Options		1.0	%
Investment in Affiliates		1.9	%
Liabilities in excess of other assets		(2.8	)%
Total		100.0	%

- 80 -

Additional Fund Information (Unaudited)	Continued
February 28, 2023 (Unaudited)

As a shareholder of the Cavanal Hill Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; and exchange fees; (2) ongoing costs, including management fees; distribution fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Cavanal Hill Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2022 through February 28, 2023.

Actual Expenses

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

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/22		2/28/23		9/1/22 - 2/28/23		9/1/22 - 2/28/23
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,014.80	$	3.40		0.68	%
Service Shares		1,000.00		1,016.30		1.90		0.38	%
Institutional Shares		1,000.00		1,016.90		1.30		0.26	%
Select Shares		1,000.00		1,017.30		0.90		0.18	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,015.80		2.75		0.55	%
Institutional Shares		1,000.00		1,017.20		1.30		0.26	%
Select Shares		1,000.00		1,017.60		0.90		0.18	%
Premier Shares		1,000.00		1,017.40		1.15		0.23	%
Limited Duration Fund
Investor Shares		1,000.00		998.70		4.76		0.96	%
Institutional Shares		1,000.00		999.90		3.57		0.72	%
A Shares		1,000.00		997.30		5.10		1.03	%
Moderate Duration Fund
Investor Shares		1,000.00		989.90		3.65		0.74	%
Institutional Shares		1,000.00		990.10		2.42		0.49	%
A Shares		1,000.00		988.90		3.65		0.74	%
Bond Fund
Investor Shares		1,000.00		974.90		3.57		0.73	%
Institutional Shares		1,000.00		976.00		2.35		0.48	%
A Shares		1,000.00		974.90		3.57		0.73	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		963.30		4.92		1.01	%
Institutional Shares		1,000.00		965.90		3.70		0.76	%
A Shares		1,000.00		963.60		4.92		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,008.70		2.99		0.60	%
Institutional Shares		1,000.00		1,009.90		1.74		0.35	%
A Shares		1,000.00		1,008.70		2.99		0.60	%
Mid Cap Diverse Leadership Fund
Investor Shares		1,000.00		1,046.80		5.23		1.03	%
Institutional Shares		1,000.00		1,048.20		4.11		0.81	%
A Shares		1,000.00		1,047.20		5.38		1.06	%
C Shares		1,000.00		1,043.70		9.17		1.81	%
Opportunistic Fund
Investor Shares		1,000.00		973.00		6.11		1.25	%
Institutional Shares		1,000.00		973.40		4.89		1.00	%
A Shares		1,000.00		973.00		6.11		1.25	%
C Shares		1,000.00		969.50		9.77		2.00	%

- 81 -

Additional Fund Information (Unaudited)	Continued
February 28, 2023 (Unaudited)

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/22		2/28/23		9/1/22 - 2/28/23		9/1/22 - 2/28/23
World Energy Fund
Investor Shares		1,000.00		1,016.70		5.75		1.15	%
Institutional Shares		1,000.00		1,018.00		4.50		0.90	%
A Shares		1,000.00		1,016.00		5.75		1.15	%
C Shares		1,000.00		1,012.10		9.48		1.90	%
Hedged Income Fund
Investor Shares		1,000.00		1,024.00		6.77		1.35	%
Institutional Shares		1,000.00		1,025.60		5.52		1.10	%
A Shares		1,000.00		1,023.90		6.77		1.35	%

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

- 82 -

Additional Fund Information (Unaudited)	Continued
February 28, 2023 (Unaudited)

Hypothetical Example for Comparison Purposes

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

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

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/22		2/28/23		9/1/22 - 2/28/23		9/1/22 - 2/28/23
U.S. Treasury Fund
Administrative Shares	$	1,000.00	$	1,021.42	$	3.41		0.68	%
Service Shares		1,000.00		1,022.91		1.91		0.38	%
Institutional Shares		1,000.00		1,023.51		1.30		0.26	%
Select Shares		1,000.00		1,023.90		0.90		0.18	%
Government Securities Money Market Fund
Administrative Shares		1,000.00		1,022.07		2.76		0.55	%
Institutional Shares		1,000.00		1,023.51		1.30		0.26	%
Select Shares		1,000.00		1,023.90		0.90		0.18	%
Premier Shares		1,000.00		1,023.65		1.15		0.23	%
Limited Duration Fund
Investor Shares		1,000.00		1,020.03		4.81		0.96	%
Institutional Shares		1,000.00		1,021.22		3.61		0.72	%
A Shares		1,000.00		1,019.69		5.16		1.03	%
Moderate Duration Fund
Investor Shares		1,000.00		1,021.12		3.71		0.74	%
Institutional Shares		1,000.00		1,022.36		2.46		0.49	%
A Shares		1,000.00		1,021.12		3.71		0.74	%
Bond Fund
Investor Shares		1,000.00		1,021.17		3.66		0.73	%
Institutional Shares		1,000.00		1,022.41		2.41		0.48	%
A Shares		1,000.00		1,021.17		3.66		0.73	%
Strategic Enhanced Yield Fund
Investor Shares		1,000.00		1,019.79		5.06		1.01	%
Institutional Shares		1,000.00		1,021.03		3.81		0.76	%
A Shares		1,000.00		1,019.79		5.06		1.01	%
Ultra Short Tax-Free Income Fund
Investor Shares		1,000.00		1,021.82		3.01		0.60	%
Institutional Shares		1,000.00		1,023.06		1.76		0.35	%
A Shares		1,000.00		1,021.82		3.01		0.60	%
Mid Cap Diverse Leadership Fund
Investor Shares		1,000.00		1,019.69		5.16		1.03	%
Institutional Shares		1,000.00		1,020.78		4.06		0.81	%
A Shares		1,000.00		1,019.54		5.31		1.06	%
C Shares		1,000.00		1,015.82		9.05		1.81	%
Opportunistic Fund
Investor Shares		1,000.00		1,018.60		6.26		1.25	%
Institutional Shares		1,000.00		1,019.84		5.01		1.00	%
A Shares		1,000.00		1,018.60		6.26		1.25	%
C Shares		1,000.00		1,014.88		9.99		2.00	%
World Energy Fund
Investor Shares		1,000.00		1,019.09		5.76		1.15	%
Institutional Shares		1,000.00		1,020.33		4.51		0.90	%
A Shares		1,000.00		1,019.09		5.76		1.15	%
C Shares		1,000.00		1,015.37		9.49		1.90	%

- 83 -

Additional Fund Information (Unaudited)	Concluded
February 28, 2023 (Unaudited)

	Beginning		Ending Account		Expenses Paid		Expense Ratio
	Account Value		Value		During Period		During Period*
	9/1/22		2/28/23		9/1/22 - 2/28/23		9/1/22 - 2/28/23
Hedged Income Fund
Investor Shares		1,000.00		1,018.10		6.76		1.35	%
Institutional Shares		1,000.00		1,019.34		5.51		1.10	%
A Shares		1,000.00		1,018.10		6.76		1.35	%

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

- 84 -

SemiAnn-02/23

Item 2. Code of Ethics.

Not applicable - only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable - only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable - only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

(Registrant)

Cavanal Hill Funds

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

Date April 26, 2023

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

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

Date April 26, 2023

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

Date April 26, 2023

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