Mutual Fund Commentary

 

The Fund’s Institutional share class returned -16.47% during the quarter, compared with the average return of -7.07% for the 194 funds in Lipper Absolute Return category^†. Additionally, the Fund’s benchmarks, the S&P 500 Index¹ and the HFRX Equity Hedge Index¹, returned -19.60% and -13.33% during the period, respectively.

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

The Fund’s Institutional share class returned -23.14% in the first quarter, compared with the Russell MidCap^® Index¹, the Fund’s benchmark, which returned -27.07%.

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 shares returned -10.52% in the first quarter. The Fund’s equity benchmark, the Russell 1000^® Index¹, returned -20.22%, while its fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index¹, returned 3.15%.

A recent conversation with J. Brian Henderson, CFA^®, president of Cavanal Hill Investment Management and Bill King, CEO of Cavanal Hill Distributors