Mutual Fund Commentary

The Fund’s Institutional share class returned 31.31% during the quarter, compared with 12.15% and 27.15% for the Fund’s benchmarks, the S&P 500 Index¹ and the MSCI World Energy Index¹, respectively.

The Fund’s Institutional share class returned 0.01% in the fourth quarter, compared with the Bloomberg Barclays 1-Year Municipal Bond Index¹, which had a 0.13% return for the quarter.

The Fund’s Institutional share class returned -0.02% in the fourth quarter, compared with the Bloomberg Barclays U.S. Aggregate Bond Index¹, which had a 0.67% return for the quarter.

The Fund’s Institutional share class returned 17.05% during the quarter, compared with the average return of 4.32% for the 162 funds in Lipper Absolute Return category^†. Additionally, the Fund’s benchmarks, the S&P 500 Index¹ and the HFRX Equity Hedge Index¹, returned 12.15% and 7.77% during the period, respectively.

The Fund’s Institutional share class returned 0.65% in the fourth quarter, compared with the Bloomberg Barclays U.S. Intermediate Aggregate Bond Index¹, which had a 0.42% return for the quarter.

This commentary addresses the Cavanal Hill U.S. Treasury Fund and Government Securities Money Market Fund.

The Fund’s Institutional share class returned 18.08% in the fourth quarter, compared with the Russell MidCap^® Index¹, the Fund’s benchmark, which returned 19.91%.

The Fund’s Institutional share class returned 0.32% in the fourth quarter, compared with the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index¹, which had a 0.37% return for the quarter.

The Fund’s Institutional share class returned 0.71% in the fourth quarter, compared with the Bloomberg Barclays U.S. Aggregate Bond Index¹, which had a 0.67% return for the quarter.

The Fund’s Institutional shares returned 8.07% in the fourth quarter. The Fund’s equity benchmark, the Russell 1000® Index ¹, returned 13.69%, while its fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index ¹, returned 0.67%.