Mutual Fund Commentary

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 Institutional share class returned -0.13% in the third quarter, compared with the Russell MidCap^® Index¹, the Fund’s benchmark, which returned 0.48%.

The Fund’s Institutional share class returned -5.62% during the quarter, compared with 1.70% and -5.54% for the Fund’s benchmarks, the S&P 500 Index¹ and the MSCI World Energy Index¹, respectively.

The Fund’s Institutional share class returned -0.92% during the quarter, compared with the average return of 0.66% for the 210 funds in Lipper Absolute Return category^†.Additionally, the Fund’s benchmarks, the S&P 500 Index¹ and the HFRX Equity Hedge Index¹, returned 1.70% and 1.79% during the period, respectively.

The Fund’s Institutional shares returned 1.19% in the third quarter. The Fund’s equity benchmark, the Russell 1000^® Index¹, returned 1.42%, while its fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 2.27%.

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%.