CAVANAL HILL FUNDS

Limited Duration Fund

 

Schedule of Portfolio Investments

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
  
Asset Backed Securities (18.2%) 
$1,143,192   Asset Backed Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A4, 0.75% (US0001M + 30 bps), 1/25/36, Callable 12/25/20 @ 100*  $1,131,168 
 1,377,093   Bayview Financial Mortgage Pass-Through Trust, Series 2005-C, Class M3, 1.13% (US0001M + 65 bps), 6/28/44, Callable 12/28/20 @ 100*   1,373,464 
 460,038   Cazenovia Creek Funding II LLC, Series 2018-1A, Class A, 3.56%, 7/15/30(a)   461,927 
 1,296,220   CDC Mortgage Capital Trust, Series 2002-HE1, Class A, 0.77% (US0001M + 62 bps), 1/25/33, Callable 12/25/20 @ 100*   1,284,744 
 1,503,541   CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 1.50% (US0001M + 135 bps), 10/25/37, Callable 6/25/25 @ 100*(b)   1,509,496 
 586   Citigroup Mortgage Loan Trust, Inc., Series 2005-WF1, Class A5, 5.01%, 11/25/34, Callable 12/25/20 @ 100*(c)   588 
 241   Countrywide Asset-Backed Certificates, Series 2002-S1, Class A5, 6.46%, 5/25/32, Callable 12/25/20 @ 100*(c)(d)   241 
 1,877,166   Countrywide Asset-Backed Certificates, Series 2005-12, Class M2, 0.64% (US0001M + 49 bps), 2/25/36, Callable 12/25/20 @ 100*   1,871,346 
 1,847   Countrywide Home Equity Loan Trust, Series 2004-C, Class C, 0.36% (US0001M + 22 bps), 1/15/34, Callable 12/15/20 @ 100*   1,830 
 851,189   Fannie Mae Grantor Trust, Series 2003-T4, Class 2A5, 4.67%, 9/26/33, Callable 12/26/20 @ 100*(c)(d)   946,523 
 457,984   Fremont Home Loan Trust, Series 2004-3, Class 10A1, 2.03% (US0001M + 188 bps), 11/25/34, Callable 12/25/20 @ 100*   382,272 
 941,094   Home Equity Asset Trust, Series 2005-7, Class M1, 0.60% (US0001M + 45 bps), 1/25/36, Callable 12/25/20 @ 100*   938,340 
 2,002,328   Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-C, Class 2A3, 1.01% (US0001M + 86 bps), 3/25/35, Callable 12/25/20 @ 100*   1,994,418 
 406,970   HSI Asset Securitization Corp. Trust, Series 2006-OPT4, Class 1A1, 0.32% (US0001M + 17 bps), 3/25/36, Callable 1/25/21 @ 100*   407,011 
 115   IMC Home Equity Loan Trust, Series 1998-1, Class A6, 7.02%, 6/20/29(c)(d)   116 
 428,026   New Century Home Equity Loan Trust, Series 2005-A, Class A4W, 4.72%, 8/25/35, Callable 10/25/21 @ 100*(c)(d)   433,911 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Asset Backed Securities, continued:     
$1,734,291   NovaStar Mortgage Funding Trust, Series 2003-2, Class M2, 2.93% (US0001M + 278 bps), 9/25/33, Callable 12/25/20 @ 100*  $1,766,436 
 124,503   Residential Asset Mortgage Products, Inc., Series 2002-RS2, Class AI5, 6.03%, 3/25/32, Callable 12/25/20 @ 100*   129,356 
 564,859   Residential Asset Mortgage Products, Inc., Series 2005-RS3, Class M3, 0.87% (US0001M + 72 bps), 3/25/35, Callable 12/25/20 @ 100*   564,630 
 4,892   Saxon Asset Securities Trust, Series 2003-3, Class AF6, 4.55%, 12/25/33, Callable 12/25/20 @ 100*(c)(d)   4,977 
 90,288   Soundview Home Equity Loan Trust, Series 2005-B, Class M2, 6.23%, 5/25/35, Callable 12/25/20 @ 100*(c)(d)   87,866 
 1,493,420   Structured Asset Investment Loan Trust, Series 2003-BC2, Class A1, 0.83% (US0001M + 68 bps), 4/25/33, Callable 12/25/20 @ 100*   1,486,934 
 544,107   Structured Asset Securities Corp Mortgage Pass-Through Certificates, Series 2004-6XS, Class A5A, 6.03%, 3/25/34, Callable 12/25/20 @ 100*(c)(d)   553,518 
 890,839   Sun Trust Student Loan Trust, Series 2006-1A, Class B, 0.49% (US0003M + 27 bps), 10/28/37, Callable 7/28/26 @ 100*(a)   795,052 
Total Asset Backed Securities   18,126,164 
      
Mortgage Backed Securities† (34.5%)     
Alt-A - Adjustable Rate Mortgage Backed Securities (1.0%)     
 103,542   Bear Stearns Alternative Trust, Series 2006-1, Class 21A2, 3.19%, 2/25/36, Callable 12/25/20 @ 100*(c)   86,970 
 10,106   Bear Stearns Alternative Trust, Series 2005-5, Class 26A1, 3.91%, 7/25/35, Callable 12/25/20 @ 100*(c)   8,206 
 16,605   Countrywide Alternative Loan Trust, Series 2005-24, Class 1A1, 2.05% (12MTA + 131 bps), 7/20/35, Callable 12/19/20 @ 100*   14,215 
 1,431   Deutsche Mortgage Securities, Inc., Series 2006-ABR, Class A1B1, 0.25% (US0001M + 10 bps), 10/25/36, Callable 12/25/20 @ 100*   1,071 
 5,010   Deutsche Mortgage Securities, Inc., Series 2003-4XS, Class A6A, 5.32% (US0003M + 119 bps), 10/25/33, Callable 12/25/20 @ 100*(d)   5,041 
 4,862   Deutsche Mortgage Securities, Inc., Series 2006-AB4, Class A1A, 6.01%, 10/25/36, Callable 12/25/20 @ 100*(c)   4,668 
 5,874   First Horizon Alternative Mortgage Securities, Series 2004-AA3, Class A1, 2.48%, 9/25/34, Callable 12/25/20 @ 100*(c)   5,743 

 

1

 

 

CAVANAL HILL FUNDS

Limited Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Alt-A - Adjustable Rate Mortgage Backed Securities, continued: 
$23,703   Master Adjustable Rate Mortgage Trust, Series 2004-13, Class 2A1, 3.11%, 4/21/34, Callable 12/21/20 @ 100*(c)  $23,723 
 771,862   Nomura Asset Acceptance Corp., Series 2005-AR4, Class 3A1, 3.56%, 8/25/35, Callable 12/25/20 @ 100*(c)   801,590 
 34,504   Residential Accredit Loans, Inc., Series 2004-QA4, Class NB21, 3.24%, 9/25/34, Callable 12/25/20 @ 100*(c)   34,680 
 20,236   Residential Accredit Loans, Inc., Series 2006-QA1, Class A21, 4.50%, 1/25/36, Callable 12/25/20 @ 100*(c)   17,798 
         1,003,705 
Alt-A - Fixed Rate Mortgage Backed Securities (0.8%)     
 15,177   Chaseflex Trust, Series 2005-1, Class 2A4, 5.50%, 2/25/35, Callable 12/25/20 @ 100*   13,308 
 21,567   Citigroup Mortgage Alternative Loan Trust, Series 2006-A3, Class 1A5, 6.00%, 7/25/36, Callable 1/25/21 @ 100*   21,462 
 381   Countrywide Alternative Loan Trust, Series 2004-12CB, Class 1A1, 5.00%, 7/25/19, Callable 12/25/20 @ 100*   380 
 16,515   Countrywide Alternative Loan Trust, Series 2005-J13, Class 2A3, 5.50%, 11/25/35, Callable 12/25/20 @ 100*   13,887 
 19,651   Countrywide Alternative Loan Trust, Series 2006-2CB, Class A3, 5.50%, 3/25/36, Callable 12/25/20 @ 100*   13,087 
 20,573   Countrywide Alternative Loan Trust, Series 2006-31CB, Class A16, 6.00%, 11/25/36, Callable 10/25/21 @ 100*   16,891 
 20,202   Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A4, 6.00%, 2/25/37, Callable 9/25/21 @ 100*   15,829 
 137,109   Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 5/25/21 @ 100*   88,155 
 72,809   Countrywide Alternative Loan Trust, Series 2004-J8, Class 2A1, 7.00%, 8/25/34, Callable 12/25/20 @ 100*   73,111 
 46,881   First Horizon Alternative Mortgage Securities, Series 2006-FA3, Class A6, 6.00%, 7/25/36, Callable 12/25/20 @ 100*   32,546 
 138   Master Alternative Loans Trust, Series 2004-3, Class 1A1, 5.00%, 3/25/19, Callable 12/25/20 @ 100*   141 
 749   Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 11/25/26 @ 100*   727 
 4,126   Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 12/25/20 @ 100*   4,216 
 310,510   Master Alternative Loans Trust, Series 2004-3, Class 5A1, 6.50%, 3/25/34, Callable 12/25/20 @ 100*   318,905 
 21,565   Master Alternative Loans Trust, Series 2004-1, Class 3A1, 7.00%, 1/25/34, Callable 12/25/20 @ 100*   23,264 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Alt-A - Fixed Rate Mortgage Backed Securities, continued: 
$3,396   Master Alternative Loans Trust, Series 2004-3, Class 8A1, 7.00%, 4/25/34, Callable 12/25/20 @ 100*  $3,518 
 1,615   Residential Accredit Loans, Inc., Series 2003-QS14, Class A1, 5.00%, 7/25/18, Callable 12/25/20 @ 100*   1,606 
 101   Residential Accredit Loans, Inc., Series 2004-QS13, Class CB, 5.00%, 9/25/19, Callable 12/25/20 @ 100*   100 
 5,586   Residential Accredit Loans, Inc., Series 2004-QS6, Class A1, 5.00%, 5/25/19, Callable 12/25/20 @ 100*   5,374 
 32,897   Residential Accredit Loans, Inc., Series 2006-QS6, Class 1A2, 6.00%, 6/25/36, Callable 12/25/20 @ 100*   31,941 
 43,865   Residential Asset Securitization Trust, Series 2006-A9CB, Class A5, 6.00%, 9/25/36, Callable 8/25/22 @ 100*   23,786 
 30,665   Residential Asset Securitization Trust, Series 2007-A5, Class 2A3, 6.00%, 5/25/37, Callable 6/25/27 @ 100*   25,047 
 14,460   Wells Fargo Mortgage Backed Securities Trust, Series 2005-1, Class 2A3, 5.50%, 2/25/35, Callable 12/25/20 @ 100*   13,869 
         741,150 
Prime Adjustable Rate Mortgage Backed Securities (4.4%)     
 10,451   Adjustable Rate Mortgage Trust, Series 2004-4, Class 1A1, 2.28%, 3/25/35, Callable 12/25/20 @ 100*(c)   10,458 
 4,709   Adjustable Rate Mortgage Trust, Series 2005-1, Class 2A22, 3.59%, 5/25/35(c)   4,846 
 338,165   American Home Mortgage Investment Trust, Series 2006-2, Class 3A2, 6.70%, 6/25/36, Callable 12/25/20 @ 100*(c)(d)   95,215 
 1,396,477   Banc of America Funding Trust, Series 2015-R4, Class 8A1, 0.32% (US0001M + 17 bps), 1/27/35, Callable 12/25/36 @ 100*(b)   1,387,354 
 4,937   Bank of America Mortgage Securities, Series 2006-B, Class 2A1, 2.91%, 11/20/46, Callable 12/20/20 @ 100*(c)   4,622 
 7,443   Bank of America Mortgage Securities, Series 2003-H, Class 2A3, 3.00%, 9/25/33, Callable 12/25/20 @ 100*(c)   7,353 
 4,549   Bank of America Mortgage Securities, Series 2004-E, Class 1A1, 3.41%, 6/25/34, Callable 12/25/20 @ 100*(c)   4,487 
 8,527   Bank of America Mortgage Securities, Series 2006-A, Class 2A1, 3.63%, 2/25/36, Callable 12/25/20 @ 100*(c)   8,085 
 5,957   Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 2.41% (H15T1Y + 230 bps), 10/25/35, Callable 12/25/20 @ 100*   6,055 
 7,137   Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-6, Class 1A1, 2.65%, 9/25/34, Callable 12/25/20 @ 100*(c)   6,748 

 

2

 

 

CAVANAL HILL FUNDS

Limited Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Adjustable Rate Mortgage Backed Securities, continued: 
$4,525   Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 15A1, 2.83%, 1/25/35, Callable 12/25/20 @ 100*(c)  $4,336 
 20,811   Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-4, Class 1A1, 3.37%, 10/25/36, Callable 12/25/20 @ 100*(c)   20,636 
 17,850   Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, 6.27%, 3/25/31, Callable 12/25/20 @ 100*(c)   17,880 
 14,318   Chase Mortgage Finance Corp., Series 2007-A2, Class 10A1, 3.25%, 7/25/37, Callable 10/25/24 @ 100*(c)   12,927 
 10,456   Citigroup Mortgage Loan Trust, Inc., Series 2005-3, Class 2A2A, 3.15%, 8/25/35(c)   10,554 
 122,508   Coast Savings & Loan Association, Series 1992-1, Class A, 2.61%, 7/25/22, Callable 12/25/20 @ 100*(c)   123,256 
 10,202   Countrywide Home Loans, Series 2003-58, Class 2A2, 2.96%, 2/19/34, Callable 12/19/20 @ 100*(c)   10,367 
 7,639   Countrywide Home Loans, Series 2004-12, Class 10A1, 3.05%, 8/25/34, Callable 12/25/20 @ 100*(c)   8,083 
 263   Countrywide Home Loans, Series 2003-42, Class 1A1, 3.99%, 9/25/33, Callable 12/25/20 @ 100*(c)   262 
 3,561   Countrywide Home Loans, Series 2003-60, Class 2A1, 3.99%, 2/25/34, Callable 12/25/20 @ 100*(c)   3,368 
 36,732   Credit Suisse First Boston Mortgage Securities Corp., Series 2002-AR28, Class CB3, 2.92%, 11/25/32, Callable 12/25/20 @ 100*(c)   18,218 
 29,269   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-AR7, Class 2A1, 3.29%, 11/25/34, Callable 12/25/20 @ 100*(c)   30,526 
 9,638   First Horizon Mortgage Pass-Through Trust, Series 2005-AR4, Class 2A1, 2.89%, 10/25/35, Callable 12/25/20 @ 100*(c)   9,494 
 45,964   GMAC Mortgage Corp. Loan Trust, Series 2005-AR6, Class 3A1, 3.19%, 11/19/35, Callable 12/19/20 @ 100*(c)   42,210 
 13,436   GSR Mortgage Loan Trust, Series 2005-AR7, Class 2A1, 3.83%, 11/25/35, Callable 12/25/20 @ 100*(c)   13,476 
 34,520   GSR Mortgage Loan Trust, Series 2005-AR2, Class 1A2, 3.86%, 4/25/35, Callable 12/25/20 @ 100*(c)   34,018 
 8,599   Harborview Mortgage Loan Trust, Series 2005-14, Class 3A1A, 3.02%, 12/19/35, Callable 12/19/20 @ 100*(c)   8,184 
 68,885   Harborview Mortgage Loan Trust, Series 2004-10, Class 3A1B, 3.13%, 1/19/35, Callable 12/19/20 @ 100*(c)   71,065 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Adjustable Rate Mortgage Backed Securities, continued: 
$12,850   Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 1A, 3.05%, 8/25/34, Callable 12/25/20 @ 100*(c)  $12,577 
 6,326   Indymac Index Mortgage Loan Trust, Series 2006-AR25, Class 4A2, 3.11%, 9/25/36, Callable 6/25/21 @ 100*(c)   6,767 
 26,937   Indymac Index Mortgage Loan Trust, Series 2006-AR13, Class A1, 3.16%, 7/25/36, Callable 12/25/21 @ 100*(c)   22,497 
 26,483   Indymac Index Mortgage Loan Trust, Series 2004-AR4, Class 3A, 3.17%, 8/25/34, Callable 12/25/20 @ 100*(c)   26,972 
 39,582   Indymac Index Mortgage Loan Trust, Series 2006-AR19, Class 1A2, 3.31%, 8/25/36, Callable 5/25/21 @ 100*(c)   29,724 
 1,516   JPMorgan Mortgage Trust, Series 2005-A4, Class 3A1, 3.08%, 7/25/35, Callable 12/25/20 @ 100*(c)   1,492 
 2,291   JPMorgan Mortgage Trust, Series 2006-A5, Class 3A4, 3.24%, 8/25/36, Callable 12/25/20 @ 100*(c)   2,061 
 2,060,518   LSTAR Securities Investment Trust, Series 2019-2, Class A1, 1.65% (US0001M + 150 bps), 4/1/24, Callable 2/1/23 @ 100*(b)   2,047,655 
 10,406   Merrill Lynch Mortgage Investors Trust, Series 2004-1, Class 2A2, 2.63%, 12/25/34, Callable 12/25/20 @ 100*(c)   10,472 
 1,122   Merrill Lynch Mortgage Investors Trust, Series 2004-A1, Class 2A2, 3.02%, 2/25/34, Callable 5/25/22 @ 100*(c)   1,132 
 9,317   Merrill Lynch Mortgage Investors Trust, Series 2004-A2, Class 1A, 3.35%, 7/25/34, Callable 9/25/27 @ 100*(c)   9,447 
 8,332   Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 3A, 3.03%, 8/25/34, Callable 9/25/30 @ 100*(c)   8,414 
 12,693   Morgan Stanley Mortgage Loan Trust, Series 2004-6AR, Class 2A2, 3.13%, 8/25/34, Callable 9/25/22 @ 100*(c)   12,790 
 2,908   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 3A1, 2.69%, 2/25/34, Callable 12/25/20 @ 100*(c)   2,850 
 31,826   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 1A2, 2.87%, 12/25/34, Callable 12/25/20 @ 100*(c)   30,710 
 55,894   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-4, Class 1A1, 3.68%, 4/25/34, Callable 12/25/20 @ 100*(c)   54,586 
 8,563   Structured Asset Mortgage Investments, Inc., Series 2005-AR7, Class 1A1, 3.05%, 12/27/35, Callable 12/25/20 @ 100*(c)   8,825 
 18,991   Structured Asset Securities Corp., Series 2003-24A, Class 1A3, 2.80%, 7/25/33, Callable 12/25/20 @ 100*(c)   18,998 
 2,270   Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1, 2.53%, 9/25/37, Callable 12/25/20 @ 100*(c)   2,269 

 

3

 

 

CAVANAL HILL FUNDS

Limited Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Adjustable Rate Mortgage Backed Securities, continued: 
$7,606   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR10, Class A1B, 0.57% (US0001M + 42 bps), 7/25/44, Callable 12/25/20 @ 100*  $7,541 
 59,785   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR14, Class 1A1, 2.64%, 11/25/36, Callable 12/25/20 @ 100*(c)   59,193 
 9,898   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR10, Class 1A2, 3.04%, 9/25/36, Callable 12/25/20 @ 100*(c)   9,431 
 1,663   Washington Mutual Mortgage Pass-Through Certificates, Series 2006-AR8, Class 1A1, 3.12%, 8/25/46, Callable 12/25/20 @ 100*(c)   1,589 
 5,219   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-AR3, Class A2, 3.65%, 6/25/34, Callable 12/25/20 @ 100*(c)   5,291 
         4,367,366 
Prime Fixed Mortgage Backed Securities (4.7%)     
 929,686   Citigroup Mortgage Loan Trust, Inc., Series 2014-C, Class A, 3.25%, 2/25/54, Callable 2/25/29 @ 100*(b)(c)   936,767 
 16,714   Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class WA2, 6.50%, 6/25/31, Callable 12/25/20 @ 100*   17,229 
 92,200   Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 1CB2, 6.75%, 8/25/34, Callable 12/25/20 @ 100*   100,141 
 15,626   Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM2, Class 2CB3, 8.00%, 8/25/34, Callable 12/25/20 @ 100*   16,909 
 3,685   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-7, Class 5A1, 5.00%, 10/25/19, Callable 12/25/20 @ 100*   3,676 
 85,791   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 1A11, 6.00%, 10/25/33   89,291 
 28,638   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 12/25/20 @ 100*   29,978 
 22,287   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-1, Class 1A1, 7.00%, 2/25/33, Callable 12/25/20 @ 100*   23,113 
 47,234   Credit Suisse First Boston Mortgage Securities Corp., Series 2002-10, Class 2B1, 7.50%, 5/25/32, Callable 12/25/20 @ 100*   20,736 
 232,206   Credit Suisse First Boston Mortgage Securities Corp., Series 2002-34, Class 1A1, 7.50%, 12/25/32, Callable 12/25/20 @ 100*   245,282 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Fixed Mortgage Backed Securities, continued: 
$49,742   Galton Funding Mortgage Trust, Series 2018-1, Class A43, 3.50%, 11/25/57, Callable 7/25/25 @ 100*(b)(c)  $50,152 
 40,717   GSR Mortgage Loan Trust, Series 2003-3F, Class 2A1, 4.50%, 4/25/33, Callable 12/25/20 @ 100*   40,919 
 790   GSR Mortgage Loan Trust, Series 2005-8F, Class 7A1, 5.50%, 10/25/20, Callable 9/25/35 @ 100*   589 
 24,091   GSR Mortgage Loan Trust, Series 2005-8F, Class 3A4, 6.00%, 11/25/35, Callable 3/25/28 @ 100*   15,576 
 1,297,271   JPMorgan Mortgage Trust, Series 2017-2, Class A4, 3.00%, 5/25/47, Callable 10/25/22 @ 100*(b)(c)   1,343,557 
 287,694   JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47, Callable 9/25/22 @ 100*(b)(c)   288,296 
 11,827   Lehman Mortgage Trust, Series 2005-3, Class 1A3, 5.50%, 1/25/36, Callable 12/25/20 @ 100*   8,915 
 795,589   MFRA Trust, Series 2017-RPL1, Class A1, 2.59%, 2/25/57, Callable 1/25/32 @ 100*(b)(c)   804,864 
 2,393   Prime Mortgage Trust, Series 2005-2, Class 1A3, 5.25%, 7/25/20, Callable 12/25/20 @ 100*   2,387 
 8,232   Residential Funding Mortgage Securities I, Series 2005-S7, Class A1, 5.50%, 11/25/35, Callable 12/25/20 @ 100*   7,812 
 14,106   Residential Funding Mortgage Securities I, Series 2003-S9, Class A1, 6.50%, 3/25/32, Callable 12/25/20 @ 100*   14,798 
 266,380   Sequoia Mortgage Trust, Series 2018-CH1, Class A10, 4.00%, 2/25/48, Callable 7/25/23 @ 100*(b)(c)   268,150 
 277,488   Sequoia Mortgage Trust, Series 2018-CH2, Class A12, 4.00%, 6/25/48, Callable 1/25/23 @ 100*(b)(c)   278,515 
 90,443   Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 12/25/20 @ 100*   94,657 
         4,702,309 
Subprime Mortgage Backed Securities (3.2%)     
 450,947   Towd Point Mortgage Trust, Series 2016-1, Class A1B, 2.75%, 2/25/55, Callable 3/25/26 @ 100*(b)(c)   457,133 
 616,859   Towd Point Mortgage Trust, Series 2017-1, Class A1, 2.75%, 10/25/56, Callable 11/25/27 @ 100*(b)(c)   632,141 
 1,231,136   Towd Point Mortgage Trust, Series 2017-2, Class A1, 2.75%, 4/25/57, Callable 11/25/31 @ 100*(b)(c)   1,258,450 
 836,205   Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/28 @ 100*(b)(c)   861,408 
         3,209,132 
U.S. Government Agency Mortgage Backed Securities (20.4%)     
 324,392   Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42   320,902 
 174,631   Fannie Mae, Series 2012-31, Class PA, 2.00%, 4/25/41   178,414 

 

4

 

 

CAVANAL HILL FUNDS

Limited Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
U.S. Government Agency Mortgage Backed Securities, continued: 
$414,174   Fannie Mae, Series 2012-51, Class EB, 2.00%, 1/25/40  $420,669 
 366,667   Fannie Mae, Series 2012-96, Class PD, 2.00%, 7/25/41   372,705 
 261,722   Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42   267,763 
 97,648   Fannie Mae, Series 2011-126, Class ED, 2.25%, 4/25/40   98,325 
 162,336   Fannie Mae, Series 2013-73, Class 10A1, 2.25%, 6/25/42   167,562 
 192,215   Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(c)   195,993 
 2,642   Fannie Mae, 2.44% (H15T1Y + 187 bps), 12/1/22, Pool #303247   2,652 
 14,981   Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41   15,064 
 1,407,525   Fannie Mae, Series 18-83, Class LC, 3.00%, 11/25/48   1,461,544 
 116,397   Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41   124,318 
 391,715   Fannie Mae, Series 2014-1, Class AB, 3.00%, 6/25/43   408,565 
 28,517   Fannie Mae, 3.06% (H15T1Y + 229 bps), 2/1/30, Pool #556998   28,418 
 2,236   Fannie Mae, 3.13% (H15T1Y + 216 bps), 6/1/32, Pool #725286   2,240 
 16,081   Fannie Mae, 3.33% (US0012M + 132 bps), 1/1/35, Pool #805386   16,614 
 822,099   Fannie Mae, Series 2003-W14, Class 2A, 4.07%, 1/25/43, Callable 12/25/20 @ 100*(c)   864,543 
 2,005,351   Fannie Mae, Series 2003-W12, Class 3A, 4.14%, 3/25/43, Callable 12/25/20 @ 100*(c)   2,152,769 
 650,064   Fannie Mae, Series 2003-W16, Class AF5, 4.54%, 11/25/33, Callable 12/25/20 @ 100*(c)(d)   724,034 
 2,725,000   Fannie Mae, Series 2004-W3, Class A7, 5.50%, 5/25/34, Callable 12/25/20 @ 100*   3,086,606 
 14,578   Fannie Mae, Series 2001-W4, Class AF6, 5.61%, 1/25/32, Callable 12/25/20 @ 100*(c)(d)   15,939 
 516   Fannie Mae, Series 1992-129, Class L, 6.00%, 7/25/22   528 
 9,442   Fannie Mae, Series 2001-W2, Class AF6, 6.59%, 10/25/31, Callable 12/25/20 @ 100*(c)(d)   10,078 
 8,709   Fannie Mae, Series 2001-W1, Class AF6, 6.90%, 7/25/31, Callable 12/25/20 @ 100*(c)(d)   10,856 
 9   Fannie Mae, Series 1991-108, Class J, 7.00%, 9/25/21   9 
 132   Fannie Mae, Series 1992-195, Class C, 7.50%, 10/25/22   136 
 1,000   Fannie Mae, Series 1996-42, Class LL, 7.50%, 9/25/26   1,095 
 101,781   Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42   102,522 
 823,516   Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32   841,153 
 3,632   Freddie Mac, 1.92% (US0006M + 154 bps), 4/1/36, Pool #1N0148   3,767 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
U.S. Government Agency Mortgage Backed Securities, continued: 
$189,102   Freddie Mac, Series 3982, Class MD, 2.00%, 5/15/39  $193,376 
 277,076   Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41   285,361 
 315,168   Freddie Mac, Series 4030, Class DA, 2.00%, 2/15/41   320,857 
 232,704   Freddie Mac, Series 4079, Class WA, 2.00%, 8/15/40   233,437 
 715,421   Freddie Mac, Series 4272, Class YG, 2.00%, 11/15/26   732,594 
 248,478   Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41   254,348 
 405,651   Freddie Mac, Series 4039, Class ME, 2.00%, 12/15/40(c)   411,385 
 42,862   Freddie Mac, Series 3890, Class BA, 2.50%, 11/15/40   43,657 
 346,226   Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41   355,758 
 439,111   Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41   453,109 
 44,266   Freddie Mac, Series 4017, Class MA, 3.00%, 3/15/41   44,795 
 597,331   Freddie Mac, Series 4374, Class GA, 3.00%, 9/15/36   637,033 
 409,314   Freddie Mac, Series T-67, Class 1A1C, 3.25%, 3/25/36, Callable 12/25/20 @ 100*(c)   431,717 
 13,365   Freddie Mac, 4.00%, 9/1/33, Pool #N31025   14,322 
 18,412   Freddie Mac, Series 3688, Class HQ, 6.00%, 11/15/21   18,581 
 540   Freddie Mac, Series 1474, Class E, 7.00%, 2/15/23, Callable 1/15/21 @ 100*   564 
 574   Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22, Callable 1/15/21 @ 100*   597 
 443   Freddie Mac, Series 1312, Class I, 8.00%, 7/15/22, Callable 1/15/21 @ 100*   462 
 356,284   Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42   370,525 
 3,416,046   Government National Mortgage Assoc., Series 2013-176, Class BE, 2.76%, 3/16/46, Callable 6/16/22 @ 100*(c)   3,537,989 
 10,391   Government National Mortgage Assoc., 2.88% (H15T1Y + 150 bps), 5/20/34, Pool #80916   10,874 
 1,205   Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/23, Pool #8123   1,216 
 2,177   Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/25, Pool #8580   2,239 
 3,392   Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 1/20/25, Pool #8585   3,509 
 1,130   Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 3/20/26, Pool #8832   1,148 
 1,910   Government National Mortgage Assoc., 3.00% (H15T1Y + 150 bps), 3/20/29, Pool #80263   1,937 

 

5

 

 

CAVANAL HILL FUNDS

Limited Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
U.S. Government Agency Mortgage Backed Securities, continued: 
$538   Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/21, Pool #8889  $542 
 1,958   Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 12/20/27, Pool #80141   2,028 
 4,933   Government National Mortgage Assoc., 3.13% (H15T1Y + 150 bps), 11/20/29, Pool #876947   4,953 
 92   Government National Mortgage Assoc., 6.50%, 12/15/25, Pool #414856   102 
 61   Government National Mortgage Assoc., 7.00%, 4/20/24, Pool #1655   65 
 29   Government National Mortgage Assoc., 7.00%, 11/20/26, Pool #2320   30 
 208   Government National Mortgage Assoc., 7.50%, 3/15/24, Pool #376439   211 
         20,265,104 
Total Mortgage Backed Securities   34,288,766 
      
Corporate Bonds (11.3%)     
Banks (4.2%)     
 1,450,000   Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *   1,544,418 
 1,500,000   Mizuho Financial Group, Inc., 2.95%, 2/28/22   1,549,020 
 1,000,000   Mizuho Financial Group, Inc., 3.55%, 3/5/23   1,067,346 
         4,160,784 
Capital Markets (0.0%^)     
 2,000,000   Lehman Brothers Holdings, Inc., 6.00%, 7/19/12, MTN (e)   22,400 
Oil, Gas & Consumable Fuels (4.6%)     
 2,515,000   HollyFrontier Corp., 2.63%, 10/1/23   2,535,480 
 1,915,000   ONEOK, Inc., 2.75%, 9/1/24, Callable 8/1/24 @ 100 *   2,001,996 
         4,537,476 
Tobacco (2.5%)     
 2,150,000   Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 *   2,490,373 
Total Corporate Bonds   11,211,033 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Taxable Municipal Bonds (1.1%) 
Georgia (1.1%) 
$1,000,000   State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25  $1,118,050 
Total Taxable Municipal Bonds   1,118,050 
      
U.S. Government Agency Securities (25.5%)     
Federal Farm Credit Banks     
 3,125,000   1.22%, 5/5/28, Callable 5/5/22 @ 100 *   3,142,076 
 1,000,000   1.23%, 9/10/29, Callable 9/10/21 @ 100 *   1,000,511 
 2,045,000   1.32%, 9/9/30, Callable 9/9/21 @ 100 *   2,039,561 
 2,930,000   1.50%, 4/30/29, Callable 4/30/21 @ 100 *   2,938,617 
 3,125,000   1.68%, 4/29/30, Callable 4/29/21 @ 100 *   3,138,655 
 2,167,000   1.95%, 8/13/40, Callable 8/13/21 @ 100 *   2,124,181 
 1,770,000   1.99%, 9/24/40, Callable 9/24/21 @ 100 *   1,746,324 
         16,129,925 
Federal Home Loan Banks     
 3,300,000   1.90%, 3/18/37, Callable 3/18/22 @ 100 *   3,267,357 
 2,800,000   2.00%, 5/4/35, Callable 5/4/21 @ 100 *   2,818,598 
 3,125,000   2.32%, 4/16/35, Callable 4/16/21 @ 100 *   3,145,192 
         9,231,147 
Total U.S. Government Agency Securities   25,361,072 
      
U.S. Treasury Obligations (5.3%)     
U.S. Treasury Notes     
 5,000,000   1.50%, 10/31/24   5,239,844 
Total U.S. Treasury Obligations   5,239,844 
      
Investment in Affiliates (3.9%)     
 3,884,114   Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(f)   3,884,114 
Total Investment in Affiliates   3,884,114 
           
Total Investments (Cost 98,955,524) - 99.8%   99,229,043 
Other assets in excess of liabilities — 0.2%   217,388 
Net Assets - 100.0%  $99,446,431 

 

 

(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 November 30, 2020, illiquid securities were 1.3% 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) 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 November 30, 2020.
(d) 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 November 30, 2020.
(e) Issuer has defaulted on the payment of interest.
(f) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
* Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
^ Represents less than 0.05%.
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.

 

6

 

 

CAVANAL HILL FUNDS

Limited Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

 

12MTA 12 Month Treasury Average
GO General Obligation
H15T1Y 1 Year Treasury Constant Maturity Rate
LIBOR London Interbank Offered Rate
MTN Medium Term Note
US0001M 1 Month US Dollar LIBOR
US0003M 3 Month US Dollar LIBOR
US0006M 6 Month US Dollar LIBOR
US0012M 12 Month US Dollar LIBOR

 

7

 

 

CAVANAL HILL FUNDS

Moderate Duration Fund

 

Schedule of Portfolio Investments

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Asset Backed Securities (8.4%) 
$450,000   AmeriCredit Automobile Receivables Trust, Series 2016-4, Class D, 2.74%, 12/8/22, Callable 6/8/21 @ 100*  $455,099 
 300,000   Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46, Callable 11/15/22 @ 100*(a)   309,051 
 289,156   Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(a)   295,657 
 175,000   Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45, Callable 11/20/23 @ 100*(a)   186,526 
 266,941   Santander Drive Auto Receivables Trust, Series 2017-1, Class D, 3.17%, 4/17/23, Callable 5/15/21 @ 100*   269,623 
 570,000   SLM Student Loan Trust, Series 2012-7, Class B, 1.95% (US0001M + 180 bps), 9/25/43, Callable 10/25/28 @ 100*   541,651 
 300,000   Vantage Data Centers LLC, Series 2020-1A, Class A2, 1.65%, 9/15/45, Callable 9/15/23 @ 100*(a)   301,307 
 320,000   VR Funding LLC, Series 2020-1A, Class A, 2.79%, 11/15/50, Callable 11/15/23 @ 100*(a)   302,287 
Total Asset Backed Securities   2,661,201 
      
Mortgage Backed Securities† (23.9%)     
Alt-A - Adjustable Rate Mortgage Backed Securities (0.7%)     
 219,941   Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.69% (US0001M + 54 bps), 8/25/35, Callable 12/25/20 @ 100*   221,886 
Alt-A - Fixed Rate Mortgage Backed Securities (1.8%)     
 539   Bank of America Alternative Loan Trust, Series 2005-9, Class 5A1, 5.50%, 10/25/20, Callable 12/25/20 @ 100*   505 
 57,631   Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 12/25/20 @ 100*   52,228 
 3,782   Countrywide Alternative Loan Trust, Series 2005-3CB, Class 1A4, 5.25%, 3/25/35, Callable 12/25/20 @ 100*   3,792 
 11,097   Countrywide Alternative Loan Trust, Series 2004-5CB, Class 1A1, 6.00%, 5/25/34, Callable 12/25/20 @ 100*   11,548 
 72,163   Countrywide Alternative Loan Trust, Series 2006-J8, Class A2, 6.00%, 2/25/37, Callable 5/25/21 @ 100*   46,398 
 57,553   Deutsche Alternative-A Securities, Inc. Mortgage Loan Trust, Series 2006-AB2, Class A3, 5.01%, 6/25/36, Callable 2/25/21 @ 100*(b)   55,794 
 11,324   Master Alternative Loans Trust, Series 2004-1, Class 4A1, 5.50%, 2/25/34, Callable 12/25/20 @ 100*   11,753 
 3,768   Master Alternative Loans Trust, Series 2004-13, Class 12A1, 5.50%, 12/25/19, Callable 12/25/20 @ 100*   3,474 
 14,320   Master Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34, Callable 12/25/20 @ 100*   14,855 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Alt-A - Fixed Rate Mortgage Backed Securities, continued: 
$157   Master Alternative Loans Trust, Series 2005-1, Class 5A1, 5.50%, 1/25/20, Callable 11/25/26 @ 100*  $153 
 33,291   Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 12/25/20 @ 100*   34,900 
 19,744   Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 12/25/20 @ 100*   20,938 
 7,539   Master Alternative Loans Trust, Series 2003-7, Class 6A1, 6.50%, 12/25/33, Callable 12/25/20 @ 100*   8,019 
 16,388   Master Alternative Loans Trust, Series 2004-4, Class 8A1, 6.50%, 5/25/34, Callable 12/25/20 @ 100*   17,175 
 28,419   Master Alternative Loans Trust, Series 2004-6, Class 6A1, 6.50%, 7/25/34, Callable 12/25/20 @ 100*   30,328 
 6,230   Nomura Asset Acceptance Corp., Series 2005-AP1, Class 2A5, 4.86%, 2/25/35, Callable 12/25/20 @ 100*(b)(c)   6,367 
 1,428   Nomura Asset Acceptance Corp., Series 2005-WF1, Class 2A5, 5.16%, 3/25/35, Callable 12/25/20 @ 100*(b)(c)   1,502 
 27,959   Nomura Asset Acceptance Corp., Series 2005-AP2, Class A5, 5.48%, 5/25/35, Callable 12/25/20 @ 100*(b)(c)   19,407 
 87,602   Nomura Asset Acceptance Corp., Series 2006-AF1, Class 1A2, 6.16%, 5/25/36, Callable 10/25/21 @ 100*(b)   29,136 
 40,592   Ocwen Residential MBS Corp., Series 1998-R1, Class B1, 3.55%, 10/25/40, Callable 12/25/20 @ 100*(a)(b)   32,230 
 2   Residential Accredit Loans, Inc., Series 2003-QS18, Class A1, 5.00%, 9/25/18, Callable 12/25/20 @ 100*   2 
 3,612   Residential Accredit Loans, Inc., Series 2006-QS18, Class 3A3, 5.75%, 12/25/21, Callable 12/25/20 @ 100*   3,504 
 11,630   Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36, Callable 12/25/20 @ 100*   11,105 
 28,181   Residential Accredit Loans, Inc., Series 2006-QS12, Class 1A2, 6.50%, 9/25/36, Callable 12/25/20 @ 100*   20,021 
 42,998   Residential Asset Securitization Trust, Series 2005-A14, Class A5, 5.50%, 12/25/35, Callable 9/25/22 @ 100*   32,078 
 51,832   Residential Asset Securitization Trust, Series 2006-A8, Class 1A1, 6.00%, 8/25/36, Callable 8/25/29 @ 100*   43,415 
 49,259   Washington Mutual Mortgage Pass-Through Certificates, Series 2005-6, Class 1CB, 6.50%, 8/25/35, Callable 12/25/20 @ 100 *   49,065 
         559,692 
Prime Adjustable Rate Mortgage Backed Securities (4.1%)     
 7,333   Bank of America Funding Corp., Series 2004-B, Class 5A1, 2.89%, 11/20/34, Callable 12/20/20 @ 100*(b)   7,142 

 

8

 

 

CAVANAL HILL FUNDS

Moderate Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Adjustable Rate Mortgage Backed Securities, continued: 
$2,431   Bear Stearns Mortgage Trust, Series 2003-7, Class 4A, 2.79%, 10/25/33, Callable 12/25/20 @ 100*(b)  $2,542 
 5,608   Bear Stearns Mortgage Trust, Series 2004-9, Class 12A3, 2.94%, 11/25/34, Callable 12/25/20 @ 100*(b)   5,829 
 4,244   Countrywide Home Loans, Series 2004-12, Class 10A1, 3.05%, 8/25/34, Callable 12/25/20 @ 100*(b)   4,491 
 11,256   Countrywide Home Loans, Series 2004-2, Class 2A1, 3.61%, 2/25/34, Callable 12/25/20 @ 100*(b)   10,379 
 12,242   HomeBanc Mortgage Trust, Series 2006-1, Class 1A1, 2.83%, 4/25/37, Callable 12/25/20 @ 100*(b)   10,824 
 21,595   JPMorgan Mortgage Trust, Series 2006-A6, Class 1A4L, 3.23%, 10/25/36, Callable 2/25/24 @ 100*(b)   18,858 
 27,256   JPMorgan Mortgage Trust, Series 2005-A1, Class 3A4, 3.29%, 2/25/35, Callable 12/25/20 @ 100*(b)   26,486 
 218,036   JPMorgan Mortgage Trust, Series 2005-A6, Class 3A3, 3.35%, 9/25/35, Callable 12/25/20 @ 100*(b)   214,686 
 4,619   JPMorgan Mortgage Trust, Series 2006-A2, Class 2A1, 3.54% (US0003M + 101 bps), 4/25/36, Callable 11/25/21 @ 100*   4,561 
 607,697   LSTAR Securities Investment Trust, Series 2019-1, Class A1, 1.85% (US0001M + 170 bps), 3/1/24, Callable 10/1/21 @ 100*(a)   601,203 
 388,775   WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.85%, 6/20/44, Callable 11/20/23 @ 100*(a)(b)   405,152 
         1,312,153 
Prime Fixed Mortgage Backed Securities (5.5%)     
 4,872   American Home Mortgage Investment Trust, Series 2005-2, Class 5A1, 5.56%, 9/25/35, Callable 12/25/20 @ 100*(b)(c)   4,699 
 15,007   Chase Mortgage Finance Corp., Series 2007-S2, Class 2A1, 5.50%, 3/25/37, Callable 12/25/20 @ 100*   10,306 
 8,130   Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35   8,585 
 8,428   Citigroup Mortgage Loan Trust, Inc., Series 2004-NCM1, Class 1A3, 6.75%, 7/25/34, Callable 11/25/21 @ 100*   9,245 
 3,880   Countrywide Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.25%, 12/25/33, Callable 12/25/20 @ 100*   3,959 
 2,159   Countrywide Home Loans, Series 2004-J6, Class 1A2, 5.25%, 8/25/24, Callable 12/25/20 @ 100*   2,153 
 8,308   Countrywide Home Loans, Series 2005-29, Class A1, 5.75%, 12/25/35, Callable 12/25/20 @ 100*   6,357 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Fixed Mortgage Backed Securities, continued: 
$4,023   Credit Suisse First Boston Mortgage Securities Corp., Series 2004-1, Class 4A1, 5.00%, 12/31/99, Callable 12/25/20 @ 100*  $4,129 
 23,871   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 8A1, 6.00%, 11/25/33, Callable 12/25/20 @ 100*   25,038 
 7,507   Credit Suisse First Boston Mortgage Securities Corp., Series 2003-8, Class 5A1, 6.50%, 4/25/33, Callable 12/25/20 @ 100*   7,858 
 133,769   Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 3/25/23 @ 100*(a)(b)   136,101 
 73,189   Galton Funding Mortgage Trust, Series 2017-1, Class A21, 3.50%, 7/25/56, Callable 10/25/24 @ 100*(a)(b)   75,241 
 169,754   GSR Mortgage Loan Trust, Series 2004-13F, Class 2A1, 4.25%, 11/25/34, Callable 12/25/20 @ 100*   175,362 
 112   GSR Mortgage Loan Trust, Series 2004-10F, Class 2A4, 5.00%, 8/25/19, Callable 12/25/20 @ 100*   112 
 846   GSR Mortgage Loan Trust, Series 2003-2F, Class 3A1, 6.00%, 3/25/32, Callable 12/25/20 @ 100*   902 
 150,089   JPMorgan Mortgage Trust, Series 2017-4, Class A5, 3.50%, 11/25/48, Callable 7/25/22 @ 100*(a)(b)   150,541 
 23,324   Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34, Callable 2/25/28 @ 100*   24,913 
 579,364   New Residential Mortgage Loan Trust, Series 2019-NQM3, Class A1, 2.80%, 7/25/49, Callable 6/25/21 @ 100*(a)(b)   586,335 
 1,874   Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.00%, 2/25/34, Callable 7/25/21 @ 100*   2,003 
 46,473   Residential Asset Mortgage Products, Inc., Series 2005-SL2, Class A3, 7.00%, 2/25/32, Callable 9/25/30 @ 100*   44,167 
 248,923   Sequoia Mortgage Trust, Series 2013-1, Class 2A1, 1.86%, 2/25/43, Callable 6/25/21 @ 100*(a)(b)   249,243 
 205,324   Sequoia Mortgage Trust, Series 2017-2, Class A4, 3.50%, 2/25/47, Callable 12/25/22 @ 100*(a)(b)   207,500 
 11,222   Structured Asset Mortgage Investments, Inc., Series 1999-2, Class 3A, 6.75%, 5/25/29, Callable 12/25/20 @ 100*   11,745 
 116   Structured Asset Securities Corp., Series 1997-2, Class 2A4, 7.25%, 3/28/30, Callable 12/28/20 @ 100*   120 
 1,118   Washington Mutual Mortgage Pass-Through Certificates, Series 2003-S11, Class 1A, 5.00%, 11/25/33, Callable 12/25/20 @ 100*   1,163 

 

9

 

 

CAVANAL HILL FUNDS

Moderate Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Fixed Mortgage Backed Securities, continued: 
$607   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 3/25/28 @ 100*  $643 
         1,748,420 
Subprime Mortgage Backed Securities (0.9%)     
 84,482   Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 8/25/28 @ 100*(a)(b)   87,726 
 186,516   Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 2/25/35 @ 100*(a)(b)   194,615 
         282,341 
           
U.S. Government Agency Mortgage Backed Securities (10.9%)     
 114   Fannie Mae, Series 1992-45, Class F, 0.64% (T7Y ), 4/25/22   114 
 40,549   Fannie Mae, Series 2013-68, Class 10A1, 1.00%, 3/25/42   40,113 
 15,929   Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38   15,959 
 228,965   Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41   235,581 
 172,841   Fannie Mae, Series 2012-8, Class KA, 2.00%, 6/25/41   177,279 
 43,620   Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42   44,627 
 1,591   Fannie Mae, 2.20% (US0012M + 162 bps), 9/1/33, Pool #739372   1,604 
 76,886   Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(b)   78,397 
 106,152   Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40   110,794 
 7,490   Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41   7,532 
 138,821   Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44   145,195 
 211,817   Fannie Mae, Series 2015-12, Class PC, 2.50%, 7/25/44   217,269 
 249,760   Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29   269,145 
 107,667   Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41   114,994 
 100,611   Fannie Mae, Series 2012-50, Class LG, 3.00%, 9/25/40   101,973 
 218,051   Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45   230,908 
 231,797   Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30   263,610 
 1,910   Fannie Mae, 3.86% (US0012M + 186 bps), 1/1/37, Pool #906675   1,913 
 130   Fannie Mae, 6.00%, 4/1/35, Pool #735503   156 
 895   Fannie Mae, Series 2001-55, Class PC, 6.50%, 10/25/31   1,046 
 10,942   Fannie Mae, Series 2003-W2, Class 1A2, 7.00%, 7/25/42, Callable 12/25/20 @ 100*   13,242 
 435   Fannie Mae, Series 2002-T1, Class A3, 7.50%, 11/25/31, Callable 12/25/20 @ 100*   532 
 615   Fannie Mae, Series 1992-31, Class M, 7.75%, 3/25/22   636 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued:    
U.S. Government Agency Mortgage Backed Securities, continued:    
$75   Fannie Mae, Series G-32, Class L, 8.00%, 10/25/21  $76 
 12   Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21   12 
 38   Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21   38 
 12   Fannie Mae, Series 1991-18, Class H, 8.50%, 3/25/21   12 
 28   Freddie Mac, Series 1222, Class P, 0.42% (T10Y - 40 bps), 3/15/22, Callable 1/15/21 @ 100*   27 
 25,445   Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42   25,630 
 115,244   Freddie Mac, Series 4220, Class KC, 1.50%, 5/15/32   117,712 
 73,461   Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40   74,379 
 164,374   Freddie Mac, Series 4076, Class QC, 2.00%, 11/15/41   166,603 
 137,917   Freddie Mac, Series 4408, Class GA, 2.00%, 9/15/41   141,175 
 84,624   Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37   86,904 
 267,870   Freddie Mac, Series 3908, Class B, 2.50%, 6/15/39   278,813 
 79,772   Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41   82,315 
 109,550   Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44   116,538 
 75,775   Freddie Mac, Series 4332, Class NH, 3.00%, 9/15/43   77,813 
 12,347   Freddie Mac, 5.37% (H15T1Y + 228 bps), 8/1/34, Pool #755230   12,422 
 318   Freddie Mac, Series 1136, Class H, 6.00%, 9/15/21, Callable 1/15/21 @ 100*   322 
 17   Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21, Callable 1/15/21 @ 100*   17 
 828   Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22, Callable 1/15/21 @ 100*   858 
 876   Freddie Mac, Series 1714, Class K, 7.00%, 4/15/24, Callable 1/15/21 @ 100*   939 
 1   Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21, Callable 1/15/21 @ 100*   1 
 1,127   Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26, Callable 1/15/21 @ 100*   1,264 
 64   Freddie Mac, Series 1119, Class H, 7.75%, 8/15/21, Callable 1/15/21 @ 100*   65 
 939   Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22, Callable 1/15/21 @ 100*   969 
 1,359   Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22, Callable 1/15/21 @ 100*   1,412 
 9,125   Government National Mortgage Assoc., Series 2013-104, Class DC, 2.00%, 4/20/40   9,214 

 

10

 

 

CAVANAL HILL FUNDS

Moderate Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued:    
U.S. Government Agency Mortgage Backed Securities, continued:    
$76,347   Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42  $79,398 
 33,853   Government National Mortgage Assoc., Series 2010-69, Class MC, 2.50%, 4/20/40   34,226 
 19,039   Government National Mortgage Assoc., Series 2010-98, Class CH, 3.00%, 10/20/39   19,408 
 34,770   Government National Mortgage Assoc., Series 2010-98, Class MG, 3.00%, 8/20/39   35,631 
 4,862   Government National Mortgage Assoc., 7.00%, 3/15/26, Pool #419128   4,881 
 60   Government National Mortgage Assoc., 7.00%, 3/20/27, Pool #2394   67 
 653   Government National Mortgage Assoc., 8.00%, 5/15/23, Pool #343406   656 
 355   Government National Mortgage Assoc., 8.00%, 10/20/24, Pool #1884   380 
 42   Government National Mortgage Assoc., 8.00%, 2/20/26, Pool #2171   46 
 35   Government National Mortgage Assoc., 8.00%, 3/20/26, Pool #2187   36 
 1,249   Government National Mortgage Assoc., 8.00%, 4/20/26, Pool #2205   1,359 
 3,470   Government National Mortgage Assoc., 8.00%, 5/20/26, Pool #2219   3,824 
         3,448,061 
Total Mortgage Backed Securities   7,572,553 
      
Corporate Bonds (28.2%)     
Banks (2.7%)     
 510,000   Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *   543,209 
 290,000   Wells Fargo & Co., 3.00%, 10/23/26   319,376 
         862,585 
Beverages (3.1%)     
 300,000   Keurig Dr Pepper, Inc., 3.55%, 5/25/21   304,641 
 350,000   Keurig Dr Pepper, Inc., 4.60%, 5/25/28, Callable 2/25/28 @ 100 *   423,648 
 240,000   PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 *   268,865 
         997,154 
Capital Markets (1.0%)     
 290,000   Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *   325,162 
Consumer Finance (2.1%)     
 650,000   Toyota Motor Credit Corp., 1.35%, 8/25/23   666,483 
Diversified Financial Services (2.2%)     
 350,000   BP Capital Markets America, Inc., 2.75%, 5/10/23   369,663 
 300,000   National Rural Utilities Cooperative Finance Corp., 3.25%, 11/1/25, Callable 8/1/25 @ 100 *   334,015 
         703,678 
Electric Utilities (1.7%)     
 275,000   Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *   301,984 
 220,000   Georgia Power Co., 2.40%, 4/1/21, Callable 3/1/21 @ 100 *   221,184 
         523,168 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Corporate Bonds, continued:    
Entertainment (1.8%)    
$215,000   The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29 @ 100 *  $223,583 
 300,000   Walt Disney Co. (The), 3.35%, 3/24/25   331,669 
         555,252 
Equity Real Estate Investment Trusts (0.5%)     
 166,828   JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (a)   170,078 
Food Products (3.4%)     
 300,000   Archer-Daniels-Midland Co., 3.25%, 3/27/30, Callable 12/27/29 @ 100 *   348,486 
 350,000   Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *   394,284 
 300,000   Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(a)   347,520 
         1,090,290 
Health Care Providers & Services (2.1%)     
 225,000   Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *   244,137 
 370,000   Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *   410,589 
         654,726 
Industrial Conglomerates (1.2%)     
 375,000   General Electric Co., 3.10%, 1/9/23   394,558 
Insurance (2.0%)     
 300,000   Jackson National Life Global Funding, 2.65%, 6/21/24 (a)   319,314 
 300,000   New York Life Global Funding, 3.25%, 8/6/21 (a)   306,216 
         625,530 
Internet & Direct Marketing Retail (1.1%)     
 335,000   Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100 *   351,715 
Media (1.0%)     
 275,000   Comcast Corp., 3.30%, 2/1/27, Callable 11/1/26 @ 100 *   310,227 
Oil, Gas & Consumable Fuels (1.2%)     
 380,000   HollyFrontier Corp., 2.63%, 10/1/23   383,094 
Technology Hardware, Storage & Peripherals (1.1%)     
 300,000   Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *   340,278 
Total Corporate Bonds   8,953,978 
      
Taxable Municipal Bonds (18.5%)     
Alabama (1.0%)     
 300,000   The Water Works Board City of Birmingham Revenue, 2.60%, 1/1/27   325,407 
California (2.0%)     
 600,000   Riverside Unified School District, GO, 2.27%, 2/1/25   630,336 
Colorado (0.9%)     
 150,000   Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 0.86%, 11/1/23   149,786 
 150,000   Colorado Housing and Finance Authority Revenue, Series I-1, Class I, 1.11%, 5/1/25   149,308 
         299,094 
Michigan (0.9%)     
 300,000   River Rouge School District, GO, 1.89%, 5/1/30, Insured by: Q-SBLF   300,714 

 

11

 

 

CAVANAL HILL FUNDS

Moderate Duration Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Taxable Municipal Bonds, continued: 
Mississippi (1.0%) 
$300,000   State of Mississippi, GO, Series A, 0.72%, 11/1/25  $300,729 
Missouri (0.5%)     
 165,000   Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously
Callable @100
   165,696 
New York (2.0%)     
 300,000   New York City Housing Development Corp. Revenue, Series L, 2.84%, 11/1/28, Continuously Callable @100   317,424 
 300,000   New York City Transitional Finance Authority Revenue, 2.63%, 11/1/29   321,249 
         638,673 
Oregon (1.0%)     
 300,000   Washington & Multnomah Counties School District No 48J Beaverton, GO, 1.64%, 6/15/29, SCH BD GTY   307,521 
Rhode Island (1.3%)     
 400,000   Rhode Island Convention Center Authority Revenue, 3.15%, 5/15/25   415,856 
Texas (3.5%)     
 500,000   Austin Community College District Revenue, 0.93%, 2/1/25   500,505 
 300,000   City of Houston TX Combined Utility System Revenue, Series D, 1.62%, 11/15/30   300,825 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Taxable Municipal Bonds, continued: 
Texas, continued: 
$300,000   Midland County Fresh Water Supply District No. 1 Revenue, 2.37%, 9/15/26  $317,022 
         1,118,352 
Utah (1.0%)     
 300,000   Utah Transit Authority Revenue, 2.04%, 12/15/31, Continuously Callable @100   302,256 
Virginia (0.9%)     
 275,000   Virginia Housing Development Authority Revenue, Series F, 1.65%, 7/1/26   279,892 
Washington (1.0%)     
 300,000   Pierce County School District No 10 Tacoma, GO, 0.53%, 12/1/23, SCH BD GTY   300,996 
Wisconsin (1.5%)     
 465,000   Public Financial Authority Wisconsin Revenue, 4.45%, 10/1/25, Insured by: AGC   489,738 
Total Taxable Municipal Bonds   5,875,260 
      
U.S. Treasury Obligations (15.2%)     
U.S. Treasury Notes     
 2,651,000   1.38%, 10/15/22   2,711,579 
 1,983,000   2.00%, 4/30/24   2,102,910 
Total U.S. Treasury Obligations   4,814,489 
      
Investment in Affiliates (5.5%)     
 1,730,648   Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)   1,730,648 
Total Investment in Affiliates   1,730,648 
           
Total Investments (Cost 30,797,929) - 99.7%   31,608,129 
Other assets in excess of liabilities — 0.3%   84,469 
Net Assets - 100.0%  $31,692,598 

 

 

(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 November 30, 2020.
(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 November 30, 2020.
(d) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
* 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.

 

 

AGC Assured Guaranty Corporation
GO General Obligation
H15T1Y 1 Year Treasury Constant Maturity Rate
LIBOR London Interbank Offered Rate
Q-SBLF Qualified School Bond Loan Fund
SCH BD GTY School Board Guaranty
T10Y 10 Year Treasury Constant Maturity Rate
T7Y 7 Year Treasury Constant Maturity Rate
US0001M 1 Month US Dollar LIBOR
US0003M 3 Month US Dollar LIBOR
US0012M 12 Month US Dollar LIBOR

 

12

 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
  
Asset Backed Securities (4.5%) 
$22,230   Bear Stearns Asset Backed Securities, Inc., Series 2003-AC7, Class A1, 5.50%, 1/25/34, Callable 12/25/20 @ 100*(a)(b)  $22,859 
 725,404   BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class B, 3.78%, 9/26/33, Callable 4/25/26 @ 100*(c)   740,389 
 1,000,000   Insite Issuer LLC, Series 2016-1A, Class A, 2.88%, 11/15/46, Callable 11/15/22 @ 100*(c)   1,030,169 
 838,062   Longtrain Leasing III LLC, Series 2015-1A, Class A2, 4.06%, 1/15/45, Callable 1/15/25 @ 100*(c)   856,905 
 53   RAAC, Series 2004-SP1, Class AI4, 5.29%, 8/25/27, Callable 12/25/20 @ 100*(a)   53 
 415,000   Sabey Data Center Issuer LLC, Series 2020-1, Class A2, 3.81%, 3/20/45, Callable 11/20/23 @ 100*(c)   442,333 
 933,375   Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, 4.54%, 2/25/44, Callable 2/25/23 @ 100*(c)   1,000,915 
 36,946   Structured Asset Securities Corp., Series 2003-AL2, Class A, 3.36%, 1/25/31, Callable 12/25/20 @ 100*(c)   36,620 
 342,824   UBS Commercial Mortgage Trust, Series 2018-C10, Class A1, 3.18%, 5/15/51, Callable 3/15/23 @ 100*   350,675 
Total Asset Backed Securities   4,480,918 
      
Mortgage Backed Securities† (19.8%)     
Alt-A - Adjustable Rate Mortgage Backed Securities (0.8%)     
 709,551   Bear Stearns Alternative-A Trust, Series 2005-7, Class 11A1, 0.69% (US0001M + 54 bps), 8/25/35, Callable 12/25/20 @ 100*   715,827 
 67,420   Bear Stearns Alternative-A Trust, Series 2006-6, Class 32A1, 3.16%, 11/25/36, Callable 5/25/27 @ 100*(a)   45,060 
 10,648   JPMorgan Alternative Loan Trust, Series 2006-S4, Class A6, 5.71%, 12/25/36, Callable 1/25/22 @ 100*(a)(b)   10,634 
         771,521 
Alt-A - Fixed Rate Mortgage Backed Securities (0.8%)     
 11,340   Bank of America Alternative Loan Trust, Series 2005-9, Class 1CB3, 5.50%, 10/25/35, Callable 12/25/20 @ 100*   11,265 
 13,639   Bank of America Alternative Loan Trust, Series 2006-4, Class CB1, 6.50%, 5/25/46, Callable 12/25/20 @ 100*   13,820 
 34,579   Chaseflex Trust, Series 2005-2, Class 1A1, 6.00%, 6/25/35, Callable 12/25/20 @ 100*   31,337 
 23,871   Chaseflex Trust, Series 2007-1, Class 1A3, 6.50%, 2/25/37, Callable 12/25/24 @ 100*   12,994 
 60,500   Countrywide Alternative Loan Trust, Series 2005-46CB, Class A3, 5.50%, 10/25/35, Callable 12/25/20 @ 100*   56,903 
 7,348   Countrywide Alternative Loan Trust, Series 2006-8T1, Class 2A3, 5.50%, 4/25/36, Callable 12/25/20 @ 100*   6,968 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Alt-A - Fixed Rate Mortgage Backed Securities, continued: 
$8,976   Countrywide Alternative Loan Trust, Series 2004-22CB, Class 1A1, 6.00%, 10/25/34, Callable 12/25/20 @ 100*  $9,315 
 26,983   Countrywide Alternative Loan Trust, Series 2006-8T1, Class 1A4, 6.00%, 4/25/36, Callable 12/25/20 @ 100*   19,328 
 176,979   Countrywide Alternative Loan Trust, Series 2007-9T1, Class 1A7, 6.00%, 5/25/37, Callable 2/25/21 @ 100*   116,006 
 188,788   Countrywide Alternative Loan Trust, Series 2006-36T2, Class 2A4, 6.25%, 12/25/36, Callable 9/25/21 @ 100*   122,873 
 8,215   Master Alternative Loans Trust, Series 2003-8, Class 3A1, 5.50%, 12/25/33, Callable 12/25/20 @ 100*   8,379 
 2,887   Master Alternative Loans Trust, Series 2004-13, Class 8A1, 5.50%, 1/25/25, Callable 12/25/20 @ 100*   2,798 
 21,602   Master Alternative Loans Trust, Series 2005-3, Class 1A1, 5.50%, 4/25/35, Callable 10/25/21 @ 100*   21,897 
 49,422   Master Alternative Loans Trust, Series 2004-3, Class 3A1, 6.00%, 4/25/34, Callable 12/25/20 @ 100*   50,501 
 41,614   Master Alternative Loans Trust, Series 2004-6, Class 10A1, 6.00%, 7/25/34, Callable 12/25/20 @ 100*   43,625 
 19,744   Master Alternative Loans Trust, Series 2004-6, Class 7A1, 6.00%, 7/25/34, Callable 12/25/20 @ 100*   20,939 
 21,948   Master Alternative Loans Trust, Series 2005-3, Class 7A1, 6.00%, 4/25/35, Callable 12/25/28 @ 100*   22,145 
 2,078   Master Alternative Loans Trust, Series 2003-7, Class 5A1, 6.25%, 11/25/33, Callable 12/25/20 @ 100*   2,167 
 9,758   Master Alternative Loans Trust, Series 2004-3, Class 2A1, 6.25%, 4/25/34, Callable 12/25/20 @ 100*   9,994 
 16,614   Residential Accredit Loans, Inc., Series 2006-QS5, Class A9, 6.00%, 5/25/36, Callable 12/25/20 @ 100*   15,864 
 213,594   Residential Asset Securitization Trust, Series 2005-A9, Class A3, 5.50%, 7/25/35, Callable 12/25/20 @ 100*   176,891 
 123,459   Residential Asset Securitization Trust, Series 2006-A2, Class A3, 6.00%, 5/25/36, Callable 4/25/22 @ 100*   77,541 
         853,550 
Prime Adjustable Rate Mortgage Backed Securities (1.8%)     
 182,861   JPMorgan Mortgage Trust, Series 2005-A6, Class 2A4, 3.01%, 8/25/35, Callable 12/25/20 @ 100*(a)   182,913 
 6,339   JPMorgan Mortgage Trust, Series 2006-A4, Class 3A1, 3.69%, 6/25/36, Callable 12/25/20 @ 100*(a)   5,333 
 1,588,540   LSTAR Securities Investment Trust, Series 2019-1, Class A1, 1.85% (US0001M + 170 bps), 3/1/24, Callable 10/1/21 @ 100*(c)   1,571,564 
 18,227   MLCC Mortgage Investors, Inc., Series 2004-HB1, Class A3, 2.15%, 4/25/29, Callable 12/25/20 @ 100*(a)   17,672 

 

13

 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Adjustable Rate Mortgage Backed Securities, continued: 
$5,184   Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, Class 4A1, 3.16%, 6/25/36, Callable 12/25/20 @ 100*(a)  $4,154 
         1,781,636 
Prime Fixed Mortgage Backed Securities (2.8%)     
 2,917   Chase Mortgage Finance Corp., Series 2002-S4, Class A23, 6.25%, 3/25/32, Callable 12/25/20 @ 100*   2,340 
 141,584   Chaseflex Trust, Series 2006-2, Class A5, 4.55%, 9/25/36, Callable 12/25/21 @ 100*(a)   142,711 
 22,109   Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 3A1, 6.50%, 4/25/35   23,346 
 3,000   Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 12/25/20 @ 100*   3,039 
 37,529   Countrywide Home Loans, Series 2005-J1, Class 1A8, 5.50%, 2/25/35, Callable 12/25/20 @ 100*   38,366 
 5,114   Countrywide Home Loans, Series 2004-18, Class A1, 6.00%, 10/25/34, Callable 12/25/20 @ 100*   5,319 
 6,053   Countrywide Home Loans, Series 2004-21, Class A10, 6.00%, 11/25/34, Callable 12/25/20 @ 100*   6,330 
 82,145   Countrywide Home Loans, Series 2007-J3, Class A10, 6.00%, 7/25/37, Callable 12/25/20 @ 100*   53,154 
 99,951   Credit Suisse First Boston Mortgage Securities Corp., Series 2005-9, Class 3A1, 6.00%, 10/25/35, Callable 12/25/20 @ 100*   48,968 
 407   Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 1A1, 4.50%, 10/25/21, Callable 12/25/20 @ 100*   381 
 113,801   Deephaven Residential Mortgage Trust, Series 2018-2A, Class A1, 3.48%, 4/25/58, Callable 12/25/20 @ 100*(a)(c)   116,081 
 117   First Nationwide Trust, Series 2001-3, Class 1A1, 6.75%, 8/21/31   123 
 445,897   Flagstar Mortgage Trust, Series 2019-2, Class A3, 3.50%, 12/25/49, Callable 3/25/23 @ 100*(a)(c)   453,671 
 1,921   GMAC Mortgage Corp. Loan Trust, Series 2003-GH2, Class A4, 5.50%, 10/25/33, Callable 12/25/20 @ 100*(a)(b)   1,972 
 72,859   JPMorgan Mortgage Trust, Series 2017-3, Class 1A5, 3.50%, 8/25/47, Callable 9/25/22 @ 100*(a)(c)   73,012 
 21,604   JPMorgan Mortgage Trust, Series 2006-A2, Class 3A2, 3.51%, 4/25/36, Callable 11/25/21 @ 100*(a)   19,372 
 24,927   JPMorgan Mortgage Trust, Series 2004-S2, Class 4A5, 6.00%, 11/25/34, Callable 12/25/20 @ 100*   25,108 
 29,261   Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 3A, 6.00%, 4/25/34, Callable 2/25/28 @ 100*   31,254 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Fixed Mortgage Backed Securities, continued: 
$925,688   New Residential Mortgage Loan Trust, Series 2019-NQM3, Class A1, 2.80%, 7/25/49, Callable 6/25/21 @ 100*(a)(c)  $936,825 
 6,593   Nomura Asset Acceptance Corp., Series 2003-A1, Class A2, 6.00%, 5/25/33, Callable 12/25/20 @ 100*   6,730 
 119,974   RAAC, Series 2004-SP2, Class A22, 6.00%, 1/25/32, Callable 12/25/20 @ 100*   121,185 
 12,952   Sequoia Mortgage Trust, Series 2018-6, Class A4, 4.00%, 7/25/48, Callable 4/25/22 @ 100*(a)(c)   12,948 
 36,782   TBW Mortgage Backed Pass-Through Certificates, Series 2006-2, Class 7A1, 7.00%, 7/25/36, Callable 12/25/20 @ 100*   8,214 
 227,206   Washington Mutual Mortgage Pass-Through Certificates, Series 2005-3, Class 1CB5, 5.50%, 5/25/35, Callable 12/25/20 @ 100*   228,386 
 6,815   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-CB1, Class 4A, 6.00%, 6/25/34, Callable 9/25/22 @ 100*   7,327 
 54,477   Washington Mutual Mortgage Pass-Through Certificates, Series 2004-RA1, Class 2A, 7.00%, 3/25/34, Callable 3/25/28 @ 100*   57,784 
 388,962   WinWater Mortgage Loan Trust, Series 2015-1, Class A1, 3.50%, 1/20/45, Callable 9/20/21 @ 100*(a)(c)   401,714 
         2,825,660 
Subprime Mortgage Backed Securities (1.3%)     
 510,085   Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75%, 10/25/57, Callable 9/25/28 @ 100*(a)(c)   525,459 
 225,286   Towd Point Mortgage Trust, Series 2018-1, Class A1, 3.00%, 1/25/58, Callable 8/25/28 @ 100*(a)(c)   233,935 
 528,463   Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25%, 3/25/58, Callable 2/25/35 @ 100*(a)(c)   551,410 
         1,310,804 
U.S. Government Agency Mortgage Backed Securities (12.3%)     
 182,971   Fannie Mae, Series 2010-102, Class PE, 2.00%, 9/25/40   187,903 
 26,549   Fannie Mae, Series 2012-10, Class TA, 2.00%, 3/25/38   26,598 
 346,392   Fannie Mae, Series 2012-111, Class EC, 2.00%, 12/25/41   356,006 
 541,274   Fannie Mae, Series 2012-30, Class BA, 2.00%, 6/25/41   556,913 
 581,855   Fannie Mae, Series 2012-83, Class AH, 2.00%, 11/25/41   595,188 
 235,550   Fannie Mae, Series 2013-18, Class 10A1, 2.00%, 12/25/42   240,987 
 223,131   Fannie Mae, Series 2013-23, Class AB, 2.00%, 2/25/43   231,223 
 857,943   Fannie Mae, Series 2020-54, Class TA, 2.00%, 5/25/43   875,341 

 

14

 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
U.S. Government Agency Mortgage Backed Securities, continued: 
$301,348   Fannie Mae, Series 2012-30, Class CB, 2.25%, 10/25/41  $310,736 
 96,108   Fannie Mae, Series 2013-74, Class 10A1, 2.25%, 6/25/42(a)   97,997 
 377,026   Fannie Mae, Series 2, Class JD, 2.50%, 2/25/50   393,054 
 177,386   Fannie Mae, Series 2010-100, Class LA, 2.50%, 7/25/40   185,142 
 297,025   Fannie Mae, Series 2012-111, Class QC, 2.50%, 5/25/42   308,766 
 14,981   Fannie Mae, Series 2012-2, Class 10A1, 2.50%, 5/25/41   15,064 
 104,115   Fannie Mae, Series 2014-61, Class P, 2.50%, 7/25/44   108,896 
 923,221   Fannie Mae, Series 2017-M5, Class A1, 2.74%, 4/25/29   994,875 
 116,397   Fannie Mae, Series 2011-118, Class 10A1, 3.00%, 11/25/41   124,318 
 491,727   Fannie Mae, Series 2014-33, Class PE, 3.00%, 4/25/43   515,138 
 120,393   Fannie Mae, Series 2014-72, Class KA, 3.00%, 10/25/44   126,955 
 437,627   Fannie Mae, Series 2015-59, Class LM, 3.00%, 7/25/45   463,430 
 788,110   Fannie Mae, Series 2018-M12, Class A1, 3.55%, 2/25/30   896,274 
 923,083   Fannie Mae, Series 2018-M13, Class A1, 3.82%, 3/25/30(a)   1,073,532 
 11,111   Fannie Mae, 3.93% (H15T1Y + 231 bps), 12/1/27, Pool #422279   11,158 
 36,875   Fannie Mae, Series 2012-16, Class K, 4.00%, 10/25/41   39,782 
 272   Fannie Mae, 5.00%, 8/1/33, Pool #730856   314 
 141   Fannie Mae, 5.00%, 7/1/35, Pool #832198   163 
 218   Fannie Mae, 5.50%, 2/1/33, Pool #683351   254 
 123   Fannie Mae, 5.50%, 9/1/34, Pool #725773   146 
 1,999   Fannie Mae, Series 1998-36, Class ZB, 6.00%, 7/18/28   2,243 
 2,980   Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23   3,126 
 1,125   Fannie Mae, Series 1991-171, Class J, 8.00%, 12/25/21   1,157 
 31,631   Fannie Mae Whole Loan, Series 2003-W6, Class 6A, 3.69%, 8/25/42, Callable 12/25/20 @ 100*(a)   33,145 
 15,268   Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32, Callable 12/25/20 @ 100*(a)(b)   16,363 
 55,979   Freddie Mac, Series 4146, Class 10A1, 1.50%, 10/15/42   56,387 
 146,922   Freddie Mac, Series 3936, Class LA, 2.00%, 6/15/40   148,757 
 79,979   Freddie Mac, Series 3997, Class AE, 2.00%, 4/15/40   80,789 
 166,246   Freddie Mac, Series 4019, Class GB, 2.00%, 12/15/41   171,217 
 141,040   Freddie Mac, Series 4461, Class EA, 2.00%, 7/15/37   144,840 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
U.S. Government Agency Mortgage Backed Securities, continued: 
$518,993   Freddie Mac, Series 3913, Class PC, 2.50%, 3/15/41  $533,281 
 160,485   Freddie Mac, Series 4009, Class PK, 2.50%, 6/15/41, Callable 11/15/31 @ 100*   166,250 
 340,311   Freddie Mac, Series 4312, Class 10A1, 2.50%, 12/15/41   351,160 
 164,324   Freddie Mac, Series 4316, Class JY, 3.00%, 1/15/44   174,807 
 230,741   Freddie Mac, Series 4348, Class A, 3.00%, 6/15/39   245,367 
 164,808   Freddie Mac, Series 3721, Class PE, 3.50%, 9/15/40   179,862 
 59,261   Freddie Mac, Series 3780, Class MK, 3.50%, 10/15/40   63,593 
 3,697   Freddie Mac, 3.62% (H15T1Y + 213 bps), 4/1/24, Pool #409624   3,705 
 923   Freddie Mac, Series 2610, Class VB, 5.50%, 7/15/24   980 
 211   Freddie Mac, 6.00%, 7/1/35, Pool #A36085   236 
 1,506   Freddie Mac, Series 2148, Class ZA, 6.00%, 4/15/29   1,702 
 958   Freddie Mac, 6.50%, 2/1/36, Pool #G08113   1,127 
 10,884   Freddie Mac, Series 2036, Class PD, 6.50%, 3/15/28   12,313 
 494   Freddie Mac, Series 2278, Class H, 6.50%, 1/15/31   539 
 992   Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22, Callable 1/15/21 @ 100*   1,024 
 165,418   Government National Mortgage Assoc., Series 2013-69, 2.00%, 9/20/42   172,029 
 394,627   Government National Mortgage Assoc., Series 2009-94, Class KB, 3.00%, 9/16/39   417,024 
 155,084   Government National Mortgage Assoc., Series 2011-46, Class GJ, 3.25%, 1/16/41(a)   166,705 
 461,413   Government National Mortgage Assoc., Series 2019-85, Class MP, 3.50%, 6/20/49   480,035 
 25,570   Government National Mortgage Assoc., Series 2009-93, Class HG, 4.00%, 9/16/39   27,306 
 1,562   Government National Mortgage Assoc., 7.00%, 9/15/23, Pool #347688   1,612 
 8,104   Government National Mortgage Assoc., 7.00%, 7/15/29, Pool #490215   9,101 
 3,124   Government National Mortgage Assoc., 7.50%, 11/15/23, Pool #354701   3,316 
         12,407,251 
Total Mortgage Backed Securities   19,950,422 
      
Corporate Bonds (32.4%)     
Banks (4.7%)     
 1,940,000   Bank of America Corp., 3.55% (US0003M + 78 bps), 3/5/24, Callable 3/5/23 @ 100 *   2,066,325 
 1,100,000   JPMorgan Chase & Co., 2.52% (SOFR + 204 bps), 4/22/31, Callable 4/22/30 @ 100 *   1,181,159 

 

15

 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Corporate Bonds, continued: 
Banks, continued: 
$1,300,000   Wells Fargo & Co., 3.00%, 10/23/26  $1,431,686 
         4,679,170 
Beverages (2.8%)     
 1,600,000   Keurig Dr Pepper, Inc., 4.60%, 5/25/28, Callable 2/25/28 @ 100 *   1,936,676 
 800,000   PepsiCo, Inc., 2.75%, 3/19/30, Callable 12/19/29 @ 100 *   896,218 
         2,832,894 
Capital Markets (1.5%)     
 1,300,000   Goldman Sachs Group, Inc., 3.50%, 11/16/26, Callable 11/16/25 @ 100 *   1,457,622 
Diversified Financial Services (1.5%)     
 600,000   BP Capital Markets America, Inc., 2.75%, 5/10/23   633,708 
 850,000   Korea Development Bank, 2.75%, 3/19/23   893,955 
         1,527,663 
Diversified Telecommunication Services (1.5%)     
 1,520,000   AT&T, Inc., 3.50%, 9/15/53, Callable 3/15/53 @ 100 *   1,550,687 
Electric Utilities (1.1%)     
 1,000,000   Entergy Mississippi LLC, 3.25%, 12/1/27, Callable 9/1/27 @ 100 *   1,098,124 
Entertainment (0.7%)     
 715,000   The Walt Disney Co., 2.00%, 9/1/29, Callable 6/1/29 @ 100 *   743,544 
Equity Real Estate Investment Trusts (0.3%)     
 250,242   JBG/Rockville NCI Campus LLC, Series 2010-A, 3.90%, 7/15/23 (c)   255,117 
Food Products (3.6%)     
 1,025,000   Campbell Soup Co., 3.95%, 3/15/25, Callable 1/15/25 @ 100 *   1,154,689 
 1,059,000   Conagra Brands, Inc., 4.60%, 11/1/25, Callable 9/1/25 @ 100 *   1,233,325 
 320,000   Mars, Inc., 0.88%, 7/16/26, Callable 6/16/26 @ 100 *(c)   320,139 
 825,000   Mars, Inc., 3.20%, 4/1/30, Callable 1/1/30 @ 100 *(c)   955,679 
         3,663,832 
Health Care Providers & Services (3.7%)     
 700,000   Ascension Health, Series B, 2.53%, 11/15/29, Callable 8/15/29 @ 100 *   759,537 
 860,000   Montefiore Medical Center, 2.15%, 10/20/26, Callable 4/20/26 @ 100 *   901,383 
 1,050,000   Partners Healthcare Syst, Inc., Series 2020, 3.19%, 7/1/49, Callable 1/1/49 @ 100 *   1,119,944 
 890,000   Sutter Health, 3.70%, 8/15/28, Callable 5/15/28 @ 100 *   987,633 
         3,768,497 
Hotels, Restaurants & Leisure (1.5%)     
 345,000   Royal Caribbean Cruises, 5.25%, 11/15/22   339,825 
 1,000,000   Starbucks Corp., 3.75%, 12/1/47, Callable 6/1/47 @ 100 *   1,162,515 
         1,502,340 
Industrial Conglomerates (1.2%)     
 1,120,000   General Electric Co., 3.10%, 1/9/23   1,178,413 
Insurance (2.2%)     
 1,100,000   Jackson National Life Global Funding, 2.65%, 6/21/24 (c)   1,170,819 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Corporate Bonds, continued: 
Insurance, continued: 
$1,000,000   New York Life Global Funding, 2.88%, 4/10/24 (c)  $1,074,485 
         2,245,304 
Internet & Direct Marketing Retail (1.0%)     
 1,000,000   Expedia Group, Inc., 3.80%, 2/15/28, Callable 11/15/27 @ 100 *   1,049,895 
IT Services (1.2%)     
 1,000,000   International Business Machines Corp., 3.50%, 5/15/29   1,157,084 
Oil, Gas & Consumable Fuels (1.0%)     
 1,000,000   HollyFrontier Corp., 2.63%, 10/1/23   1,008,143 
Semiconductors & Semiconductor Equipment (0.4%)     
 325,000   Intel Corp., 3.25%, 11/15/49, Callable 5/15/49 @ 100 *   374,440 
Specialty Retail (1.2%)     
 1,000,000   Lowe's Cos., Inc., 4.50%, 4/15/30, Callable 1/15/30 @ 100 *   1,236,822 
Technology Hardware, Storage & Peripherals (1.3%)     
 1,125,000   Apple, Inc., 3.20%, 5/11/27, Callable 2/11/27 @ 100 *   1,276,042 
Total Corporate Bonds   32,605,633 
      
Taxable Municipal Bonds (19.7%)     
Georgia (1.9%)     
 1,665,000   State of Georgia, Build America Bonds, GO, Series H, 4.50%, 11/1/25   1,861,553 
Kentucky (0.8%)     
 750,000   Lexington-Fayette Urban County Airport Board Corp. Revenue, 2.84%, 7/1/31   771,435 
Massachusetts (1.2%)     
 1,150,000   Massachusetts State College Building Authority Revenue, Series C, 2.44%, 5/1/28, ST APPROP   1,212,606 
Michigan (1.0%)     
 1,000,000   Michigan State Housing Development Authority Revenue, Series B, 3.49%, 12/1/40, Continuously Callable @100   1,043,510 
Missouri (0.2%)     
 235,000   Hanley Road Corridor Transnational Development Missouri Transnational Tax Revenue, Build America Bonds, GO, 7.50%, 10/1/39, Continuously
Callable @100
   235,992 
New York (1.3%)     
 1,260,000   New York City Transitional Finance Authority Revenue, Series F-3, 3.21%, 5/1/29, Continuously Callable @100   1,343,336 
Oklahoma (2.4%)     
 500,000   Grand River Dam Authority Revenue, Series B, 4.55%, 6/1/39, Continuously Callable @100   548,905 
 1,650,000   University of Oklahoma Health Sciences Center General Revenue, Series A, 3.87%, 7/1/32, Continuously Callable @100   1,873,905 
         2,422,810 
Oregon (2.0%)     
 1,000,000   State of Oregon, GO, Series O, 1.60%, 8/1/31, Continuously Callable @100   1,008,200 

 

16

 

 

CAVANAL HILL FUNDS

Bond Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Taxable Municipal Bonds, continued: 
Oregon, continued: 
$1,000,000   State of Oregon, GO, Series O, 1.70%, 8/1/32, Continuously Callable @100  $1,005,510 
         2,013,710 
Pennsylvania (1.3%)     
 1,110,000   City of Bethlehem Lehigh and Northampton Countries, GO, Series C, 5.15%, 11/1/34, Pre-refunded 11/1/24 @ 100, AGM   1,303,662 
Texas (5.3%)     
 1,000,000   Arlington Independent School District, GO, 5.00%, 2/15/26, PSF-GTD   1,199,480 
 1,000,000   Arlington Independent School District, GO, 5.00%, 2/15/27, PSF-GTD   1,227,720 
 740,000   Country of Galveston Texas, Build America Bonds, GO, 5.91%, 2/1/29   896,436 
 785,000   Texas Transportation Commission State Highway Fund Revenue, 5.18%, 4/1/30   1,008,325 
 1,000,000   Texas Transportation Commission, GO, 1.78%, 10/1/32   1,017,060 
         5,349,021 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Taxable Municipal Bonds, continued: 
Washington (2.3%) 
$1,200,000   County of King WA Sewer Revenue, Series B, 1.86%, 1/1/33, Continuously Callable @100  $1,215,204 
 1,070,000   Pierce County School District No 10 Tacoma, GO, 1.90%, 12/1/33, SCH BD GTY   1,101,308 
         2,316,512 
Total Taxable Municipal Bonds   19,874,147 
      
U.S. Treasury Obligations (17.2%)     
U.S. Treasury Bonds     
 3,115,000   2.25%, 8/15/46   3,606,221 
U.S. Treasury Notes     
 4,575,000   1.38%, 10/15/22   4,679,546 
 4,547,000   2.00%, 4/30/24   4,821,951 
 3,783,000   2.25%, 2/15/27   4,184,501 
         13,685,998 
Total U.S. Treasury Obligations   17,292,219 
      
Investment in Affiliates (5.9%)     
 5,993,284   Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)   5,993,284 
Total Investment in Affiliates   5,993,284 
           
Total Investments (Cost $95,355,465) - 99.5%(e)   100,196,623 
Other assets in excess of liabilities — 0.5%   543,838 
Net Assets - 100.0%  $100,740,461 

 

 

(a) 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 November 30, 2020.
(b) 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 November 30, 2020.
(c) 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.
(d) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
(e) Represents cost for financial reporting purposes. The cost for tax reporting purposes can be found in Note 6 in the Notes to Schedules of Portfolio Investments.
* 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.

 

 

AGM Assured Guaranty Municipal Corporation
GO General Obligation
H15T1Y 1 Year Treasury Constant Maturity Rate
LIBOR London Interbank Offered Rate
PSF-GTD Public School Fund Guaranteed
SCH BD GTY School Board Guaranty
SOFR Secured Overnight Financing Rate
US0001M 1 Month US Dollar LIBOR
US0003M 3 Month US Dollar LIBOR

 

17

 

 

 

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

 

Schedule of Portfolio Investments

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
  
Asset Backed Securities (18.0%) 
$229,332   ABFC Trust, Series 2005-AQ1, Class A6, 4.62%, 1/25/35, Callable 12/25/20 @ 100*(a)(b)  $237,558 
 479,030   ABFC Trust, Series 2005-HE2, Class M3, 0.93% (US0001M + 78 bps), 6/25/35, Callable 12/25/20 @ 100*   479,418 
 682,416   Asset Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE5, Class M1, 1.05% (US0001M + 90 bps), 8/25/34, Callable 12/25/20 @ 100*   661,569 
 376,215   Bayview Commercial Asset Trust, Series 2004-3, Class A1, 0.71% (US0001M + 56 bps), 1/25/35, Callable 12/25/20 @ 100*(c)   370,815 
 25,073   Bayview Financial Mortgage Pass Trust, Series 2005-D, Class AF4, 5.50%, 12/28/35, Callable 12/28/20 @ 100*(a)   24,913 
 39,617   Bayview Opportunity Master Fund Trust, Series 2017-RT1, Class A1, 3.00%, 3/28/57, Callable 4/28/22 @ 100*(a)(c)   40,298 
 227,376   Bear Stearns Structured Products Trust, Series 2007-EMX1, Class A2, 1.45% (US0001M + 130 bps), 3/25/37, Callable 2/25/23 @ 100*(c)   226,620 
 26,925   Centex Home Equity Loan Trust, Series 2002-A, Class AF6, 5.54%, 1/25/32, Callable 12/25/20 @ 100*   27,727 
 38,476   Centex Home Equity Loan Trust, Series 2005-A, Class AF5, 5.78%, 1/25/35, Callable 12/25/20 @ 100*(a)(b)   38,514 
 5,962   Countrywide Asset-Backed Certificates Trust, Series 2004-13, Class AF5B, 5.10%, 5/25/35, Callable 12/25/20 @ 100*(a)(b)   6,010 
 196,267   Credit-Based Asset Servicing And Securitization LLC, Series 2005-RP2, Class M2, 1.75% (US0001M + 160 bps), 9/25/35, Callable 7/25/21 @ 100*(c)   197,022 
 304,338   Credit-Based Asset Servicing And Securitization LLC, Series 2007-SP1, Class A4, 5.03%, 12/25/37, Callable 12/25/20 @ 100*(a)(b)(c)   311,623 
 40,211   CWABS Asset-Backed Certificates Trust, Series 2005-11, Class AF4, 5.21%, 3/25/34, Callable 12/25/20 @ 100*(a)   40,314 
 45,960   GSAA Home Equity Trust, Series 2005-1, Class M1, 5.29%, 11/25/34, Callable 12/25/20 @ 100*(a)(b)   46,924 
 305,287   GSAMP Trust, Series 2006-HE1, Class M1, 0.54% (US0001M + 39 bps), 1/25/36, Callable 12/25/20 @ 100*   303,988 
 305,047   MASTR Asset Backed Securities Trust, Series 2004-FRE1, Class M6, 2.25% (US0001M + 210 bps), 7/25/34, Callable 12/25/20 @ 100*   301,831 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Asset Backed Securities, continued: 
$594,592   Morgan Stanley Dean Witter Capital I, Inc., Series 2003-NC3, Class M1, 1.50% (US0001M + 135 bps), 3/25/33, Callable 12/25/20 @ 100*  $594,262 
 494,323   NovaStar Mortgage Funding Trust, Series 2003-4, Class A1, 0.89% (US0001M + 74 bps), 2/25/34, Callable 12/25/20 @ 100*   482,828 
 104,047   Quest Trust, Series 2005-X1, Class M2, 1.35% (US0001M + 120 bps), 3/25/35, Callable 12/25/20 @ 100*(c)   104,157 
 32,056   Residential Asset Mortgage, Series 2004-RS12, Class MI1, 5.64%, 12/25/34, Callable 12/25/20 @ 100*(a)(b)   33,203 
 49,423   Residential Asset Securities Corp., Series 2004-KS8, Class MI1, 5.34%, 9/25/34, Callable 12/25/20 @ 100*(a)   50,759 
 108,546   Saxon Asset Securities Trust, Series 2007-1, Class A2C, 0.30% (US0001M + 15 bps), 1/25/47, Callable 1/25/24 @ 100*   107,174 
 149,272   Specialty Underwriting & Residential Finance, Series 2003-BC4, Class A3B, 4.79%, 11/25/34, Callable 12/25/20 @ 100*(a)   154,217 
Total Asset Backed Securities   4,841,744 
      
Mortgage Backed Securities† (27.5%)     
Alt-A - Fixed Rate Mortgage Backed Securities (4.0%)     
 25,896   Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC3, Class A1, 5.75%, 6/25/34, Callable 12/25/20 @ 100*(a)(b)   26,633 
 19,895   Countrywide Alternative Loan Trust, Series 2004-16CB, Class 1A1, 5.50%, 7/25/34, Callable 12/25/20 @ 100*   20,541 
 22,035   Countrywide Alternative Loan Trust, Series 2004-16CB, Class 3A1, 5.50%, 8/25/34, Callable 12/25/20 @ 100*   22,774 
 111,189   Countrywide Alternative Loan Trust, Series 2003-22CB, Class 1A1, 5.75%, 12/25/33, Callable 12/25/20 @ 100*   115,584 
 52,080   Countrywide Alternative Loan Trust, Series 2004-16CB, Class 4A3, 6.00%, 8/25/34, Callable 12/25/20 @ 100*   53,114 
 40,382   Countrywide Alternative Loan Trust, Series 2004-J2, Class 2A1, 6.50%, 3/25/34, Callable 12/25/20 @ 100*   41,442 
 12,697   MASTR Alternative Loans Trust, Series 2004-11, Class 6A1, 5.50%, 10/25/34, Callable 8/25/21 @ 100*   13,252 
 120,618   MASTR Alternative Loans Trust, Series 2004-7, Class 1A1, 5.50%, 7/25/34, Callable 12/25/20 @ 100*   125,960 
 151,085   MASTR Alternative Loans Trust, Series 2003-3, Class 2A5, 6.00%, 5/25/33, Callable 12/25/20 @ 100*   157,962 
 47,262   MASTR Alternative Loans Trust, Series 2004-5, Class 2A1, 6.00%, 6/25/34, Callable 12/25/20 @ 100*   49,081 
 315,000   Residential Asset Securitization Trust, Series 2003-A7, Class A8, 5.00%, 7/25/33, Callable 12/25/20 @ 100*   334,241 

 

18

 

 

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Alt-A - Fixed Rate Mortgage Backed Securities, continued:    
$87,000   Residential Asset Securitization Trust, Series 2003-A10, Class A2, 5.20%, 9/25/33, Callable 12/25/20 @ 100*  $88,450 
 23,652   Structured Asset Securities Corp., Series 2004-4XS, Class A3A, 5.16%, 2/25/34, Callable 12/25/20 @ 100*(a)(b)   24,056 
         1,073,090 
Prime Adjustable Rate Mortgage Backed Securities (10.4%)    
 59,849   Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, 2.36%, 8/25/34, Callable 12/25/20 @ 100*(a)   60,044 
 115,995   Impac Secured Assets CMN Owner Trust, Series 2003-3, Class A1, 5.05%, 8/25/33, Callable 12/25/20 @ 100*(a)   120,172 
 884,703   LSTAR Securities Investment Trust, Series 2019-2, Class A1, 1.65% (US0001M + 150 bps), 4/1/24, Callable 2/1/23 @ 100*(c)   879,180 
 475,496   LSTAR Securities Investment Trust, Series 2019-1, Class A1, 1.85% (US0001M + 170 bps), 3/1/24, Callable 10/1/21 @ 100*(c)   470,415 
 479,357   LSTAR Securities Investment, Ltd., Series 2019-4, Class A1, 1.65% (US0001M + 150 bps), 5/1/24(c)   477,445 
 233,179   RBSSP Resecuritization Trust, Series 2011-3, Class 2A1, 0.40% (US0001M + 25 bps), 2/26/37(c)   232,749 
 46,680   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A2, 2.72%, 9/25/34, Callable 12/25/20 @ 100*(a)   47,379 
 39,969   Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 3A, 3.07%, 7/25/34, Callable 12/25/20 @ 100*(a)   41,672 
 339,155   Terwin Mortgage Trust, Series 2006-9HGA, Class A2, 0.35% (US0001M + 20 bps), 10/25/37, Callable 12/25/20 @ 100*(c)   333,238 
 124,607   WinWater Mortgage Loan Trust, Series 2014-1, Class A1, 3.85%, 6/20/44, Callable 11/20/23 @ 100*(a)(c)   129,856 
         2,792,150 
Prime Fixed Mortgage Backed Securities (5.7%)    
 163,047   Alternative Loan Trust, Series 2004-18CB, Class 4A1, 5.50%, 9/25/34, Callable 12/25/20 @ 100*   168,984 
 19,671   Banc of America Funding Trust, Series 2004-3, Class 1A9, 5.50%, 10/25/34, Callable 6/25/21 @ 100*   20,188 
 9,816   Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A19, 5.75%, 6/25/36, Callable 12/25/20 @ 100*   9,913 
 11,600   Citicorp Mortgage Securities Trust, Series 2006-3, Class 1A3, 6.25%, 6/25/36, Callable 12/25/20 @ 100*   11,920 
 133,791   Countrywide Home Loans, Series 2005-6, Class 1A3, 5.15%, 4/25/35, Callable 12/25/20 @ 100*   139,499 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
Prime Fixed Mortgage Backed Securities, continued:    
$30,000   Countrywide Home Loans, Series 2004-10, Class A4, 5.25%, 7/25/34, Callable 12/25/20 @ 100*  $31,331 
 111,000   Countrywide Home Loans, Series 2004-4, Class A4, 5.25%, 5/25/34, Callable 12/25/20 @ 100*   113,072 
 49,000   Countrywide Home Loans, Series 2004-9, Class A5, 5.25%, 6/25/34, Callable 12/25/20 @ 100*   50,986 
 271,000   Countrywide Home Loans, Series 2005-5, Class A4, 5.40%, 3/25/35, Callable 12/25/20 @ 100*   282,652 
 156,610   Countrywide Home Loans, Series 2004-4, Class A9, 5.50%, 5/25/34, Callable 12/25/20 @ 100*   159,030 
 59,000   Countrywide Home Loans, Series 2004-8, Class 1A3, 5.50%, 7/25/34, Callable 12/25/20 @ 100*   59,768 
 61,000   Countrywide Home Loans, Series 2004-8, Class 1A7, 5.75%, 7/25/34, Callable 12/25/20 @ 100*   62,500 
 66,627   Credit Suisse Mortgage Trust, Series 2013-IVR2, Class AD, 1.55%, 4/25/43, Callable 9/25/22 @ 100*(a)(c)   66,707 
 10,915   Flagstar Mortgage Trust, Series 2017-2, Class A5, 3.50%, 10/25/47, Callable 6/25/22 @ 100*(a)(c)   10,915 
 67,189   GMAC Mortgage Loan Trust, Series 2004-J2, Class A8, 5.75%, 6/25/34, Callable 12/25/20 @ 100*   68,616 
 128,793   GSR Mortgage Loan Trust, Series 2004-10F, Class 6A1, 5.00%, 9/25/34, Callable 12/25/20 @ 100*   130,899 
 16,019   JPMorgan Mortgage Trust, Series 2017-3, Class 1A6, 3.00%, 8/25/47, Callable 9/25/22 @ 100*(a)(c)   16,048 
 10,364   JPMorgan Mortgage Trust, Series 2017-1, Class A5, 3.50%, 1/25/47, Callable 11/25/22 @ 100*(a)(c)   10,380 
 48,251   Sequoia Mortgage Trust, Series 2013-4, Class A3, 1.55%, 4/25/43, Callable 8/25/22 @ 100*(a)   48,263 
 71,000   WaMu Mortgage Pass, Series 2004-RS1, Class A3, 5.50%, 11/25/33, Callable 12/25/20 @ 100*   73,353 
         1,535,024 
U.S. Government Agency Mortgage Backed Securities (7.4%)    
 95,939   Fannie Mae, Series 2013-56, Class GM, 2.00%, 8/25/41   98,969 
 98,010   Fannie Mae, Series 2003-W14, Class 2A, 4.07%, 1/25/43, Callable 12/25/20 @ 100*(a)   103,070 
 205,847   Fannie Mae, Series 2003-W13, Class AF5, 4.78%, 10/25/33, Callable 12/25/20 @ 100*(a)(b)   231,578 
 166,470   Fannie Mae, Series 2004-W3, Class A8, 5.50%, 5/25/34, Callable 12/25/20 @ 100*   185,475 
 234,122   Fannie Mae, Series 240, Class 11, 9.00%, 9/25/23   256,920 
 269,110   Fannie Mae, Series 250, Class 11, 9.00%, 10/25/23   296,583 

 

19

 

 

CAVANAL HILL FUNDS

Strategic Enhanced Yield Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Mortgage Backed Securities†, continued: 
U.S. Government Agency Mortgage Backed Securities, continued:    
$138,650   Fannie Mae Whole Loan, Series 2002-W11, Class AF5, 5.48%, 11/25/32, Callable 12/25/20 @ 100*(a)(b)  $148,594 
 178,000   Freddie Mac, 1.50%, 1/27/33, Callable 1/27/21 @ 100*   176,396 
 25,654   Freddie Mac, Series 4664, Class TC, 3.00%, 6/15/41   25,813 
 97,380   Freddie Mac, Series 2017-SC01, Class 2A, 3.50%, 12/25/46, Callable 2/25/26 @ 100*   99,878 
 341,052   Government National Mortgage Assoc., Series 2013-176, Class BE, 2.76%, 3/16/46, Callable 6/16/22 @ 100*(a)   353,227 
         1,976,503 
Total Mortgage Backed Securities  7,376,767 
     
Corporate Bonds (13.8%)    
Aerospace & Defense (1.5%)    
 120,000   Lockheed Martin Corp., 2.80%, 6/15/50, Callable 12/15/49 @ 100 *   130,856 
 89,000   Northrop Grumman Corp., 5.25%, 5/1/50, Callable 11/1/49 @ 100 *   134,292 
 118,000   Raytheon Technologies Corp., 3.13%, 7/1/50, Callable 1/1/50 @ 100 *   132,996 
         398,144 
Air Freight & Logistics (0.5%)    
 92,000   FedEx Corp., 5.25%, 5/15/50, Callable 11/15/49 @ 100 *   131,050 
Beverages (0.5%)    
 108,000   Keurig Dr Pepper, Inc., 3.80%, 5/1/50, Callable 11/1/49 @ 100 *   129,128 
Chemicals (0.5%)    
 115,000   Dow Chemical Co. (The), 3.60%, 11/15/50, Callable 5/15/50 @ 100 *   128,005 
Food Products (0.5%)    
 129,000   Mondelez International, Inc., 2.63%, 9/4/50, Callable 3/4/50 @ 100 *   131,315 
Industrial Conglomerates (0.5%)    
 104,000   3M Co., 3.70%, 4/15/50, Callable 10/15/49 @ 100 *   130,103 
IT Services (0.5%)    
 100,000   International Business Machines Corp., 4.25%, 5/15/49   132,963 
Oil, Gas & Consumable Fuels (2.8%)    
 725,000   HollyFrontier Corp., 2.63%, 10/1/23   730,904 
 26,000   ONEOK, Inc., 5.85%, 1/15/26, Callable 12/15/25 @ 100 *   30,377 
         761,281 
Sovereign Bond (1.7%)    
 450,000   International Bank for Reconstruction & Development, 2.70%, 12/28/37, Callable 12/28/22 @ 100 *   465,723 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Corporate Bonds, continued: 
Specialty Retail (0.5%)    
$121,000   Lowe's Cos., Inc., 3.00%, 10/15/50, Callable 4/15/50 @ 100 *  $129,950 
 Tobacco (4.3%)         
 180,000   Altria Group, Inc., 5.95%, 2/14/49, Callable 8/14/48 @ 100 *   256,780 
 546,000   BAT Capital Corp., 4.91%, 4/2/30, Callable 1/2/30 @ 100 *   657,101 
 156,000   Philip Morris International, Inc., 6.38%, 5/16/38   239,538 
         1,153,419 
Total Corporate Bonds  3,691,081 
     
U.S. Government Agency Securities (16.2%)    
Federal Farm Credit Banks    
 1,004,000   1.95%, 8/13/40, Callable 8/13/21 @ 100 *   984,161 
 1,000,000   1.99%, 9/24/40, Callable 9/24/21 @ 100 *   986,623 
 150,000   2.00%, 5/14/40, Callable 5/14/25 @ 100 *   151,474 
 520,000   2.02%, 7/2/40, Callable 7/2/21 @ 100 *   516,548 
 400,000   2.12%, 6/4/40, Callable 6/4/21 @ 100 *   400,503 
 230,000   2.13%, 5/21/40, Callable 5/21/21 @ 100 *   230,386 
         3,269,695 
Federal Home Loan Banks    
 375,000   1.78%, 5/4/35, Callable 5/4/23 @ 100 *   360,884 
 220,000   1.92%, 6/4/37, Callable 6/4/21 @ 100 *   218,440 
 220,000   1.95%, 6/3/36, Callable 12/15/20 @ 100 *   213,853 
 285,000   2.00%, 5/4/35, Callable 5/4/21 @ 100 *   286,893 
         1,080,070 
Total U.S. Government Agency Securities  4,349,765 
     
U.S. Treasury Obligations (13.1%)    
U.S. Treasury Bonds    
 1,000,000   1.13%, 5/15/40   962,344 
 1,050,000   1.25%, 5/15/50   968,789 
         1,931,133 
U.S. Treasury Notes    
 1,500,000   1.50%, 10/31/24   1,571,953 
Total U.S. Treasury Obligations  3,503,086 
     
Investment in Affiliates (11.0%)    
 2,940,763   Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(d)   2,940,763 
Total Investment in Affiliates  2,940,763 
           
Total Investments (Cost $26,497,472) - 99.6%  26,703,206 
Other assets in excess of liabilities — 0.4%  116,757 
Net Assets - 100.0% $26,819,963 

 

 

(a) 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 November 30, 2020.
(b) 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 November 30, 2020.
(c) 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.
(d) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
* 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.

  

 

LIBOR London Interbank Offered Rate
US0001M 1 Month US Dollar LIBOR
 

  

20

 

 

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

 

Schedule of Portfolio Investments

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
  
Municipal Bonds (103.5%) 
Alaska (3.8%) 
$1,455,000   State of Alaska International Airports System Revenue, Series A, 0.12%, 10/1/30, Continuously Callable @100, LOC(a)  $1,455,000 
Colorado (3.9%)    
 1,505,000   City of Colorado Springs, Colorado Variable Rate Demand Utilities System Improvement Revenue, Series C, 0.11%, 11/1/40, Continuously Callable @100, Barclays Bank(a)   1,505,000 
District of Columbia (3.5%)    
 1,325,000   Metropolitan Washington Airports Authority Revenue, Series D-1, 0.12%, 10/1/39, Continuously Callable @100, LOC(a)   1,325,000 
Florida (3.7%)    
 1,400,000   Palm Beach County Revenue, 0.11%, 7/1/32, Callable 1/4/21 @ 100, Northern Trust Co.*(a)   1,400,000 
Illinois (18.1%)    
 1,400,000   Channahon Illinois, Morris Hospital Revenue, 0.11%, 12/1/34, Continuously Callable @100, U.S. Bank NA(a)   1,400,000 
 130,000   City of Monmouth IL, GO, 4.00%, 12/1/21, BAM   134,177 
 165,000   City of Waukegan IL Water & Sewer System Revenue, 4.00%, 12/30/21, AGM   170,999 
 525,000   Cook County Community Unit School District No 401 Elmwood Park, GO, 3.00%, 12/1/21   538,787 
 340,000   Cook County School District No 162 Matteson, GO, Series B, 3.00%, 12/1/21, BAM   348,928 
 145,000   County of Du Page IL, GO, 4.00%, 7/1/21   148,187 
 1,245,000   Illinois State Finance Authority Revenue, Series C, 0.10%, 2/15/33, Continuously Callable @100, Northern Trust Co.(a)   1,245,000 
 200,000   Kankakee & Will Counties Community Unit School District No 5, GO, 5.00%, 12/1/21, BAM   209,230 
 250,000   Knox & Warren Counties Community Unit School District No 205 Galesburg, GO, Series B, 4.00%, 12/1/20   250,024 
 100,000   Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, GO, 5.00%, 12/1/22, BAM   108,327 
 170,000   Sycamore Park District, GO, Series A, 2.00%, 12/15/20, BAM   170,114 
 1,300,000   Village of Brookfield IL Revenue, 0.12%, 6/1/38, Continuously Callable @100, Northern Trust Co.(a)   1,300,000 
 200,000   Village of Morton Grove Illinois, GO, 5.00%, 12/15/20   200,368 
 170,000   West Chicago Park District, GO, Series B, 3.00%, 12/1/22, BAM   177,638 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Municipal Bonds, continued: 
Illinois, continued:    
$500,000   Williamson & Johnson Counties Community Unit School District No 2 Marion, GO, 2.00%, 12/1/21, BAM  $507,150 
         6,908,929 
Indiana (11.1%)    
 1,400,000   Beech Grove Central School Building Corp. Revenue, 2.00%, 7/15/21, Continuously Callable @100   1,407,056 
 750,000   Hamilton Southeastern Consolidated School Building Corp. Revenue, 2.00%, 7/15/21   755,850 
 750,000   Hamilton Southeastern Schools, GO, Series B, 3.00%, 12/31/21, ST INTERCEPT   770,183 
 400,000   Lafayette School Corp., GO, 4.00%, 7/15/21, ST INTERCEPT   408,772 
 850,000   Lafayette School Corp., GO, 4.00%, 1/15/22, ST INTERCEPT   883,167 
         4,225,028 
Iowa (0.8%)    
 300,000   Iowa Finance Authority Revenue, Series S, 0.12%, 2/15/41, Continuously Callable @100, JPM(a)   300,000 
Kentucky (1.0%)    
 380,000   Bowling Green Independent School District Finance Corp. Revenue, 4.00%, 11/1/22, ST INTERCEPT   405,376 
Louisiana (3.8%)    
 1,460,000   Louisiana Public Facilities Authority Revenue, Series B-3, 0.10%, 7/1/47, Continuously Callable @100, BNY(a)   1,460,000 
Minnesota (3.7%)    
 1,400,000   City of Minneapolis MN Revenue, Series B, 0.11%, 12/1/27, Callable 1/4/21 @ 100*(a)   1,400,000 
Mississippi (3.1%)    
 700,000   County of Jackson MS Revenue, 0.10%, 6/1/23, Callable 1/4/21 @ 100*(a)   700,000 
 500,000   Mississippi Business Finance Corp. Revenue, Series G, 0.10%, 11/1/35, Callable 1/4/21 @ 100*(a)   500,000 
         1,200,000 
Missouri (2.4%)    
 915,000   County of Jackson MO Revenue, 5.00%, 12/1/20, ST APPROP CITY APPROP   915,095 
Nevada (3.5%)    
 1,350,000   County of Clark Nevada Industrial Development Revenue, Series A, 0.13%, 12/1/39, Continuously Callable @100, Bank of America(a)   1,350,000 
New York (3.6%)    
 1,375,000   City of New York NY, GO, Series G-4, 0.12%, 4/1/42, Continuously Callable @100, LOC(a)   1,375,000 
Ohio (3.7%) 
 215,000   American Municipal Power, Inc. Revenue, 2.25%, 1/22/21   215,600 
 500,000   American Municipal Power, Inc. Revenue, 3.00%, 4/28/21   505,440 
 473,435   City of Willowick Ohio, GO, 2.00%, 2/18/21   475,002 

 

21

 

 

CAVANAL HILL FUNDS

Ultra Short Tax-Free Income Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares or
Principal
Amount
   Security Description  Value 
         
Municipal Bonds, continued: 
Ohio, continued: 
$215,000   Liberty Community Infrastructure Financing Authority, 4.00%, 12/1/20  $215,019 
         1,411,061 
Oregon (3.7%)    
 1,400,000   State of Oregon, GO, 0.10%, 12/1/36, Continuously Callable @100, Unicredit SpA(a)   1,400,000 
Pennsylvania (3.7%)    
 125,000   City of Allentown PA, GO, 4.00%, 10/1/21, BAM   128,557 
 1,300,000   Philadelphia Pennsylvania, GO, Series B, 0.10%, 8/1/31, Continuously Callable @100, Barclays Bank(a)   1,300,000 
         1,428,557 
Rhode Island (3.7%)    
 1,400,000   Rhode Island Health and Educational Building Corp. Revenue, 0.10%, 9/1/43, Callable 1/4/21 @ 100*(a)   1,400,000 
Tennessee (8.4%)    
 1,325,000   Clarksville Tennessee Public Building Authority Revenue, 0.12%, 11/1/35, Callable 1/1/21 @ 100, Bank of America*(a)   1,325,000 
 1,200,000   Loudon Industrial Development Board Revenue, 0.12%, 6/1/23, Continuously Callable @100(a)   1,200,000 
 700,000   Montgomery County Public Building Authority Revenue, 0.13%, 11/1/27, Callable 1/1/21 @ 100*(a)   700,000 
         3,225,000 
Texas (10.9%)    
 1,170,000   Austin Texas Hotel Occupancy Tax Revenue, 0.13%, 11/15/29, Continuously Callable @100, JPM(a)   1,170,000 
 200,000   Fort Bend County Municipal Utility District No 130, GO, 2.00%, 9/1/21, AGM   201,558 

 

Shares or
Principal
Amount
   Security Description  Value 
         
Municipal Bonds, continued:    
Texas, continued:    
$265,000   Fort Bend County Municipal Utility District No 130, GO, 2.00%, 9/1/22, AGM  $269,577 
 380,000   Fort Bend County Municipal Utility District No 169, GO, 3.00%, 12/1/21, AGM   389,207 
 675,000   Galveston County Municipal Utility District No 56, GO, 4.50%, 12/1/22, AGM   729,013 
 170,000   Grand Mission Municipal Utility District No 1, GO, 3.00%, 9/1/22, AGM   177,779 
 365,000   Harris County Municipal Utility District No 287, GO, 2.00%, 9/1/21, AGM   369,187 
 570,000   Harris County Municipal Utility District No 287, GO, 2.00%, 9/1/22, AGM   585,156 
 125,000   Remington Municipal Utility District No 1, GO, 4.00%, 9/1/21, AGM   128,391 
 150,000   Spring West Municipal Utility District, GO, 3.00%, 9/1/21, AGM   152,441 
         4,172,309 
Wisconsin (1.8%)    
 675,000   County of Green Wisconsin, GO, Series A, 3.00%, 12/1/20   675,048 
Wyoming (1.6%)    
 600,000   County of Lincoln Wyoming Revenue, 0.12%, 10/1/44, Continuously Callable @100, Exxon Mobil Corp.(a)   600,000 
Total Municipal Bonds  39,536,403 
     
Investment in Affiliates (0.1%)    
 33,057   Cavanal Hill Government Securities Money Market Fund, Select Shares, 0.01%(b)   33,057 
Total Investment in Affiliates  33,057 
           
Total Investments (Cost $39,552,035) - 103.6%  39,569,460 
Liabilities in excess of other assets — (3.6)%  (1,390,446)
Net Assets - 100.0% $38,179,014 
           
(a) Interest rate is determined by the Remarketing Agent.  The rate presented is the rate in effect at November 30, 2020.
(b) Money market investment. The rate presented on the Schedule of Portfolio Investments is the rate in effect at November 30, 2020.
* 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
BNY Bank of New York Mellon
GO General Obligation
JPM J.P. Morgan Chase Bank
LOC Letter of Credit

  

22

 

 

CAVANAL HILL FUNDS

Active Core Fund

 

Schedule of Portfolio Investments

 

November 30, 2020

(Unaudited)

 

 

Shares   Security Description  Value 
  
Common Stocks (52.1%) 
Aerospace & Defense (0.7%)    
 347   General Dynamics Corp.  $51,824 
 83   HEICO Corp.   10,257 
 80   HEICO Corp., Class A   8,860 
 193   L3Harris Technologies, Inc.   37,054 
 298   Lockheed Martin Corp.   108,770 
 83   Northrop Grumman Corp.   25,088 
 340   Raytheon Technologies Corp.   24,385 
 25   Teledyne Technologies, Inc.(a)   9,449 
 116   TransDigm Group, Inc.   67,186 
 226   Vectrus, Inc.(a)   10,773 
         353,646 
Air Freight & Logistics (0.2%)    
 472   United Parcel Service, Inc., Class B   80,745 
Airlines (0.1%)    
 1,042   Southwest Airlines Co.   48,286 
Auto Components (0.3%)    
 1,670   BorgWarner, Inc.   64,879 
 1,136   Gentex Corp.   37,034 
 199   Lear Corp.   28,447 
         130,360 
Automobiles (0.2%)    
 201   Tesla, Inc.(a)   114,088 
Banks (1.2%)    
 1,558   Bank of America Corp.   43,873 
 665   Citigroup, Inc.   36,622 
 406   East West Bancorp, Inc.   17,344 
 2,453   JPMorgan Chase & Co.   289,160 
 585   People's United Financial, Inc.   7,254 
 90   SVB Financial Group(a)   31,037 
 135   The PNC Financial Services Group, Inc.   18,640 
 1,379   Truist Financial Corp.   64,013 
 1,906   U.S. Bancorp   82,358 
 370   Western Alliance Bancorp   18,970 
         609,271 
Beverages (1.0%)    
 36   Coca-Cola Consolidated, Inc.   9,421 
 323   Monster Beverage Corp.(a)   27,384 
 101   National Beverage Corp.(a)   9,901 
 1,824   PepsiCo, Inc.   263,075 
 3,288   The Coca-Cola Co.   169,661 
         479,442 
Biotechnology (1.0%)    
 1,200   AbbVie, Inc.   125,496 
 335   Alexion Pharmaceuticals, Inc.(a)   40,907 
 667   Amgen, Inc.   148,101 
 187   Biogen, Inc.(a)   44,912 
 232   Eagle Pharmaceuticals, Inc.(a)   10,556 
 257   Exelixis, Inc.(a)   4,924 
 506   Gilead Sciences, Inc.   30,699 
 133   Ionis Pharmaceuticals, Inc.(a)   6,720 
 135   Neurocrine Biosciences, Inc.(a)   12,817 
 60   Regeneron Pharmaceuticals, Inc.(a)   30,962 
 194   Vertex Pharmaceuticals, Inc.(a)   44,183 
         500,277 
Building Products (0.3%)    
 447   Allegion PLC   50,976 
 289   Builders FirstSource, Inc.(a)   10,812 
 460   Carrier Global Corp.   17,512 
 101   CSW Industrials, Inc.   10,836 
 173   Lennox International, Inc.   49,795 

 

Shares   Security Description  Value 
         
Common Stocks, continued: 
Building Products, continued:    
 234   Patrick Industries, Inc.  $14,751 
 117   Simpson Manufacturing Co, Inc.   10,752 
         165,434 
Capital Markets (2.0%)    
 226   Ameriprise Financial, Inc.   41,864 
 114   BlackRock, Inc.   79,612 
 436   CME Group, Inc.   76,313 
 139   Cohen & Steers, Inc.   9,837 
 921   Evercore, Inc.   83,746 
 708   GAMCO Investors, Inc., Class A   10,110 
 139   Hamilton Lane, Inc., Class A   9,713 
 155   Houlihan Lokey, Inc.   10,041 
 825   Intercontinental Exchange, Inc.   87,046 
 448   LPL Financial Holdings, Inc.   40,665 
 19   MarketAxess Holdings, Inc.   10,244 
 85   Moody's Corp.   23,999 
 17   Morningstar, Inc.   3,402 
 224   MSCI, Inc., Class A   91,710 
 444   Nasdaq, Inc.   56,828 
 142   PJT Partners, Inc., Class A   9,838 
 170   S&P Global, Inc.   59,803 
 139   Stifel Financial Corp.   9,633 
 161   StoneX Group, Inc.(a)   9,921 
 297   T. Rowe Price Group, Inc.   42,593 
 396   The Bank of New York Mellon Corp.   15,491 
 571   The Charles Schwab Corp.   27,853 
 678   The Goldman Sachs Group, Inc.   156,333 
         966,595 
Chemicals (0.7%)    
 446   AdvanSix, Inc.(a)   7,925 
 155   Air Products & Chemicals, Inc.   43,422 
 999   Axalta Coating Systems, Ltd.(a)   28,581 
 1,404   CF Industries Holdings, Inc.   52,369 
 77   Chase Corp.   8,158 
 1   Corteva, Inc.   38 
 1,291   Dow, Inc.   68,436 
 242   Ecolab, Inc.   53,760 
 158   Hawkins, Inc.   7,929 
 96   Innospec, Inc.   7,900 
 88   International Flavors & Fragrances, Inc.   9,865 
 291   Koppers Holdings, Inc.(a)   7,877 
 124   PPG Industries, Inc.   18,200 
 15   The Sherwin-Williams Co.   11,215 
 149   Westlake Chemical Corp.   11,197 
         336,872 
Commercial Services & Supplies (0.6%)    
 342   Cintas Corp.   121,513 
 5,628   Covanta Holding Corp.   69,787 
 432   IAA, Inc.(a)   25,885 
 560   Waste Management, Inc.   66,713 
         283,898 
Communications Equipment (0.5%)    
 188   Arista Networks, Inc.(a)   50,892 
 2,777   Cisco Systems, Inc.   119,467 
 282   Palo Alto Networks, Inc.(a)   82,885 
         253,244 
Construction & Engineering (0.3%)    
 695   Jacobs Engineering Group, Inc.   74,949 
 440   Primoris Services Corp.   10,670 
 968   Quanta Services, Inc.   66,153 
 673   Sterling Construction Co, Inc.(a)   10,761 
         162,533 

 

23

 

 

CAVANAL HILL FUNDS

Active Core Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares   Security Description  Value 
         
Common Stocks, continued: 
Construction Materials (0.1%) 
 19   Martin Marietta Materials, Inc.  $5,047 
 299   Vulcan Materials Co.   41,755 
         46,802 
Consumer Finance (0.3%)    
 323   Capital One Financial Corp.   27,662 
 39   Credit Acceptance Corp.(a)   11,641 
 460   Enova International, Inc.(a)   9,618 
 767   Onemain Holdings, Inc.   29,905 
 1,444   Synchrony Financial   43,999 
 88   World Acceptance Corp.(a)   9,936 
         132,761 
Containers & Packaging (0.6%)    
 851   Amcor PLC   9,642 
 284   AptarGroup, Inc.   35,875 
 659   Ball Corp.   63,271 
 1,725   Berry Global Group, Inc.(a)   91,425 
 468   Packaging Corp. of America   60,840 
 1,193   Silgan Holdings, Inc.   40,323 
 179   UFP Technologies, Inc.(a)   7,888 
         309,264 
Distributors (0.1%)    
 152   Genuine Parts Co.   14,952 
 86   Pool Corp.   29,766 
         44,718 
Diversified Consumer Services (0.2%)    
 207   Bright Horizons Family Solutions, Inc.(a)   35,213 
 698   H&R Block, Inc.   13,122 
 635   K12, Inc.(a)   14,815 
 1,037   Perdoceo Education Corp.(a)   11,760 
 608   Terminix Global Holdings, Inc.(a)   29,810 
         104,720 
Diversified Financial Services (0.3%)    
 363   Berkshire Hathaway, Inc., Class B(a)   83,095 
 400   Jefferies Financial Group, Inc.   9,092 
 632   Voya Financial, Inc.   36,422 
         128,609 
Diversified Telecommunication Services (0.7%)    
 2,683   AT&T, Inc.   77,136 
 4,462   Verizon Communications, Inc.   269,550 
         346,686 
Electric Utilities (0.9%)    
 441   Alliant Energy Corp.   23,197 
 254   American Electric Power Co., Inc.   21,562 
 203   Duke Energy Corp.   18,810 
 198   Exelon Corp.   8,132 
 1,931   NextEra Energy, Inc.   142,102 
 1,595   OGE Energy Corp.   51,662 
 202   Otter Tail Corp.   8,044 
 618   Pinnacle West Capital Corp.   50,583 
 193   Portland General Electric Co.   7,986 
 2,469   PPL Corp.   70,169 
 818   Spark Energy, Inc., Class A   7,591 
 452   Xcel Energy, Inc.   30,447 
         440,285 
Electrical Equipment (0.3%)    
 212   Acuity Brands, Inc.   25,168 
 413   Emerson Electric Co.   31,727 
 467   Regal-Beloit Corp.   55,592 
 95   Rockwell Automation, Inc.   24,278 
         136,765 

 

Shares   Security Description  Value 
         
Common Stocks, continued:    
Electronic Equipment, Instruments & Components (0.8%)    
 419   Amphenol Corp., Class A  $54,810 
 984   CDW Corp.   128,402 
 2,024   Corning, Inc.   75,738 
 555   Keysight Technologies, Inc.(a)   66,622 
 913   Kimball Electronics, Inc.(a)   14,069 
 195   National Instruments Corp.   7,299 
 438   Sanmina Corp.(a)   13,935 
 382   Vontier Corp.(a)   12,671 
         373,546 
Energy Equipment & Services (0.1%)    
 383   Cactus, Inc., Class A   8,886 
 921   Matrix Service Co.(a)   8,823 
 1,084   National Energy Services Reunited Corp.(a)   9,474 
 646   Schlumberger NV   13,430 
         40,613 
Entertainment (0.8%)    
 59   Electronic Arts, Inc.(a)   7,537 
 252   Netflix, Inc.(a)   123,657 
 71   Spotify Technology SA(a)   20,687 
 340   Take-Two Interactive Software, Inc.(a)   61,373 
 1,070   The Walt Disney Co.   158,371 
         371,625 
Equity Real Estate Investment Trusts (2.1%)    
 1,936   American Homes 4 Rent, Class A   55,602 
 389   American Tower Corp.   89,937 
 363   Apartment Investment & Management Co.   11,017 
 445   CareTrust REIT, Inc.   8,646 
 639   Corporate Office Properties Trust   17,017 
 1,095   Crown Castle International Corp.   183,489 
 1,627   CubeSmart   52,926 
 834   Digital Reality Trust, Inc.   112,381 
 1,259   Duke Realty Corp.   47,917 
 47   Equinix, Inc.   32,796 
 537   Equity LifeStyle Properties, Inc.   31,463 
 418   Equity Residential   24,211 
 430   Extra Space Storage, Inc.   48,474 
 1,886   Host Hotels & Resorts, Inc.   26,461 
 56   Innovative Industrial Properties, Inc.   8,605 
 1,358   Lamar Advertising Co.   108,110 
 193   PotlatchDeltic Corp.   8,982 
 327   Prologis, Inc.   32,716 
 66   PS Business Parks, Inc.   8,699 
 130   Public Storage   29,180 
 70   SBA Communications Corp.   20,103 
 124   Simon Property Group, Inc.   10,239 
 329   SL Green Realty Corp.   19,049 
 435   Welltower, Inc.   27,396 
         1,015,416 
Food & Staples Retailing (1.2%)    
 529   Costco Wholesale Corp.   207,246 
 255   Ingles Markets, Inc., Class A   9,585 
 1,502   Sysco Corp.   107,078 
 407   The Kroger Co.   13,431 
 389   Walgreens Boots Alliance, Inc.   14,786 
 1,455   Wal-Mart Stores, Inc.   222,310 
         574,436 
Food Products (0.8%)    
 499   Campbell Soup Co.   24,960 
 326   General Mills, Inc.   19,827 
 1,033   Hormel Foods Corp.   48,737 

24

 

 

CAVANAL HILL FUNDS

Active Core Fund

 

Schedule of Portfolio Investments, Continued

 

November 30, 2020

(Unaudited)

 

Shares   Security Description  Value 
         
Common Stocks, continued: 
Food Products, continued: 
 544   Ingredion, Inc.  $41,970 
 128   John B Sanfilippo & Son, Inc.   9,499 
 544   Kellogg Co.   34,767 
 216   Lamb Weston Holdings, Inc.   15,634 
 56   Lancaster Colony Corp.   9,482 
 2,786   Mondelez International, Inc., Class A   160,056 
 310   The Hershey Co.   45,846 
         410,778 
Gas Utilities (0.1%)    
 86   Atmos Energy Corp.   8,247 
 1,105   UGI Corp.   39,205 
         47,452 
Health Care Equipment & Supplies (1.4%)    
 1,096   Abbott Laboratories   118,609 
 90   Align Technology, Inc.(a)   43,316 
 591   Baxter International, Inc.   44,957 
 222   Becton Dickinson & Co.   52,135 
 265   Danaher Corp.   59,527 
 424   Edwards Lifesciences Corp.(a)   35,569 
 788   Hill-Rom Holdings, Inc.   74,750 
 789   Hologic, Inc.(a)   54,544 
 187   IDEXX Laboratories, Inc.(a)   86,203 
 416   Medtronic PLC   47,299 
 43   STERIS PLC   8,334 
 115   Teleflex, Inc.   44,016 
 31   The Cooper Cos., Inc.   10,392 
 791   Zynex, Inc.(a)   11,042 
         690,693 
Health Care Providers & Services (1.3%)    
 431   Adapthealth Corp.(a)   12,870 
 192   AMN Healthcare Services, Inc.(a)   12,511 
 421   Anthem, Inc.   131,150 
 189   Centene Corp.(a)   11,652 
 108   Chemed Corp.   51,651 
 172   CVS Health Corp.   11,660 
 106   HCA Healthcare, Inc.   15,911 
 418   Joint Corp. (The)(a)   10,492 
 281   Molina Healthcare, Inc.(a)   57,360 
 206   National Research Corp.   10,570 
 277   Quest Diagnostics, Inc.   34,342 
 520   Select Medical Holdings Corp.(a)   12,532 
 179   The Ensign Group, Inc.   12,865 
 733   UnitedHealth Group, Inc.   246,537 
         632,103 
Health Care Technology (0.3%)    
 443   Computer Programs & System, Inc.   12,594 
 401   Veeva Systems, Inc.(a)   111,025 
         123,619 
Hotels, Restaurants & Leisure (1.0%)    
 7   Chipotle Mexican Grill, Inc.(a)   9,026 
 587   Darden Restaurants, Inc.   63,384 
 59   Domino's Pizza, Inc.   23,162 
 873   Hilton Worldwide Holdings, Inc.   90,469 
 147   Hyatt Hotels Corp., Class A   10,580 
 147   McDonald's Corp.   31,964 
 506   Six Flags Entertainment Corp.   15,549 
 2,109   Starbucks Corp.   206,724 
 129   Wendy's Co. (The)   2,837 
 192   Yum China Holdings, Inc.   10,825 
 119   Yum! Brands, Inc.   12,590 
         477,110 

 

Shares   Security Description  Value