Mutual Fund Commentary

The Fund’s Investor share class returned 3.09% in the second quarter, compared with the Russell MidCap^® Index¹, the Fund’s benchmark, which returned 4.13%.

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

The Fund’s Investor share class returned -0.08% during the quarter, compared with the average return of 1.25% for the 219 funds in Lipper Absolute Return category^†. Additionally, the Fund’s benchmarks, the S&P 500 Index¹ and the HFRX Equity Hedge Index¹, returned 4.30% and 0.08% during the period, respectively.

The Fund’s Investor share class returned 2.79% during the second quarter, compared with the Bloomberg Barclays U.S. Aggregate Bond Index¹, which returned 3.08%.

 

The Fund’s Investor share class returned -5.98% during the quarter, compared with 4.30% and -1.32% for the Fund’s benchmarks, the S&P 500 Index¹ and the MSCI World Energy Index¹, respectively.

The Fund’s Investor shares returned 2.93% in the second quarter. The Fund’s equity benchmark, the Russell 1000^® Index¹, returned 4.25%, while its fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 3.08%.

This commentary addresses the Cavanal Hill Bond Fund, Moderate Duration Fund (formerly named the Intermediate Bond Fund), and Limited Duration Fund (formerly named the Short-Term Income Fund).

The Fund’s Investor share class returned 10.86% during the quarter, compared with the average return of 3.80% for the 220 funds in Lipper Absolute Return category^†. Additionally, the Fund’s benchmarks, the S&P 500 Index¹ and the HFRX Equity Hedge Index¹, returned 13.65% and 5.95% during the period, respectively.

The Fund’s Investor share class returned 13.05% during the quarter, compared with 13.65% and 14.69% for the Fund’s benchmarks, the S&P 500 Index¹ and the MSCI World Energy Index¹, respectively.